TREASURY
BULLETIN
DECEMBER - 1946
LIBRARY ROOM 5013
DEC 18 1946
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
December 1946
Table of Contents
Articles:
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.
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td>Articles:</td><td></td></tr><tr><td>The role of the savings bond program in today's economy (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>The economic problems of world peace and security (speech by the Secretary of the Treasury)</td><td>A-3</td></tr><tr><td>Other speeches by Treasury officials</td><td>A-5</td></tr><tr><td>Report on the assets and liabilities of all active banks in the United States - December 31, 1939 through June 30, 1946</td><td>A-6</td></tr><tr><td>Treasury market financing</td><td>A-16</td></tr><tr><td>Federal Home Loan Bank financing</td><td>A-18</td></tr></table>
Statistical section:
<table><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>46</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>59</td></tr><tr><td>Internal revenue statistics</td><td>66</td></tr><tr><td>Monetary statistics</td><td>71</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>76</td></tr></table>
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">1946</th></tr><tr><th>Articles</th><th>Dec.</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></tr><tr><td>The role of the savings bonds program in today's economy (speech by Secretary Snyder).</td><td>4-1</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>The economic problems of world peace and security (speech by Secretary Snyder).</td><td>4-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td></td><td>4-1</td><td>4-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ranking and Government (speech by Under Secretary Gardner).</td><td></td><td></td><td>4-1</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></td><td>4-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Price Control Act, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-5</td><td>4-12</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></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the reduction of the debt limitations, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-4</td><td></td><td></td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-7</td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td><td></td></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td><td></td></tr><tr><td>Our system of government has stood the test (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-5</td><td></td></tr><tr><td>Transition from war to peace and prosperity (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-1</td></tr><tr><td>Other speeches by Treasury officials.</td><td>4-5</td><td>4-9</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>4-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td></td><td></td><td></td><td></td><td></td><td>4-9</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-18</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal wartime financing and growth of liquid assets.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-11</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>4-1</td><td></td></tr><tr><td>Sale 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>4-22</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></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-27</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>4-28</td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-June 30, 1946.</td><td>4-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-December 31, 1945.</td><td></td><td></td><td></td><td></td><td>4-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual income tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns for 1944 with adjusted gross income under $25,000 (sample survey):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-10</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>4-21</td><td>4-21</td></tr><tr><td>Marital and dependency status and number of employers.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Publication of Statistics of Income for 1942, Part I.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>4-26</td><td></td></tr><tr><td>Preliminary statistics for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-23</td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>4-17</td><td></td><td></td><td>4-6</td></tr><tr><td>Federal land bank financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank financing.</td><td>4-18</td><td>4-6</td><td>4-5</td><td>4-1</td><td>4-2</td><td>4-8</td><td>4-16</td><td>4-13</td><td>4-32</td><td>4-21</td><td>4-28</td><td>4-5</td></tr><tr><td>Treasury market financing.</td><td>4-16</td><td>4-6</td><td>4-5</td><td>4-1</td><td>4-2</td><td>4-8</td><td>4-16</td><td>4-13</td><td>4-32</td><td>4-21</td><td>4-28</td><td>4-5</td></tr></table>
(Continued on following page)
December 1946
111
Cumulative Table of Contents - (Continued)
<table><tr><th colspan="2">Issue and page number</th><th colspan="12">1946</th></tr><tr><th></th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sep.</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Summary by major classifications</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of general expenditures</td><td>7</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></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>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></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc. (net)</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><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>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></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>11</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></tr><tr><td>Means of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</td><td>12</td><td>12</td><td>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></tr><tr><td>Social Security Act</td><td>13</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></tr><tr><td>Railroad Retirement Act</td><td>13</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></tr><tr><td>Railroad Unemployment Insurance Act</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement of trust accounts:</td><td>14</td><td>14</td><td>14</td><td>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></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</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></tr><tr><td>Railroad Retirement Account</td><td>14</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></tr><tr><td>Unemployment Trust Fund</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Appropriations and set contract authorisations for the war activities</td><td></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></tr><tr><td>Cash income and outgo of the Treasury</td><td>15</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></tr><tr><td>Analysis by major classifications</td><td>15</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></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>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></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>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></tr><tr><td>Analysis of changes in balance of General Fund</td><td>18</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></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>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td>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 1936-1946</td><td>20</td><td>21</td><td>21</td><td>22-23</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></tr><tr><td>Fiscal years 1937-1946</td><td>21</td><td>22</td><td>22</td><td>23-24</td><td>24-25</td><td>25-26</td><td>25-26</td><td>25-26</td><td>25-26</td><td>25-26</td><td>25-26</td><td>25-26</td></tr><tr><td>Monthly data</td><td>22</td><td>23</td><td>23</td><td>24-25</td><td>25-26</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td></tr><tr><td>Chart</td><td>23</td><td>24</td><td>24</td><td>25</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></tr><tr><td>Special issues</td><td>24</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></tr><tr><td>Guaranteed obligations held by 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>Computed interest charge and computed interest rate</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statutory limitation - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><td>28</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>28</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>28</td></tr><tr><td>February 28, 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>28</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><td>28</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>28</td><td>28</td><td>28</td><td>28</td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td>27</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>27</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>25</td><td>25</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>25</td><td>25</td><td>25</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 31, 1946</td><td>26</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></tr><tr><td>Issuance and retirement of the public debt</td><td>26</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></tr><tr><td>Composition of the interest-bearing public debt</td><td>26-29</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></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States</td><td>27-29</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>31</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>32-33</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th colspan="2">Issue and page number</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sep.</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></tr><tr><td colspan="2">Public debt and guaranteed obligations of United States Government (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td>Summary of sales and redemptions, by series.</td><td>34</td><td>33</td><td>32</td><td>35</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>35</td><td>36-37</td></tr><tr><td></td><td>History of sales and redemptions.</td><td>35-37</td><td>34-36</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>37-39</td><td>36-37</td></tr><tr><td></td><td>Sales by series, classified by denominations.</td><td>38</td><td>37</td><td>37</td><td>39</td><td>40</td><td>40</td><td>40</td><td>40</td><td>40</td><td>40</td><td>40</td><td>38</td></tr><tr><td></td><td>Number of pieces sold, classified by denominations.</td><td>39</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>41</td><td>38</td></tr><tr><td></td><td>Sales by series, classified by States.</td><td>40-41</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>42-43</td><td>39-40</td></tr><tr><td></td><td>Redemptions of series A-B, classified by States.</td><td>42</td><td>41</td><td>41</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>41</td></tr><tr><td>Treasury notes - tax and savings series:</td><td>Summary of sales and redemptions, by series.</td><td>43</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>45</td><td>42-43</td></tr><tr><td></td><td>Sales, classified by:</td><td>43</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>45</td><td>44</td></tr><tr><td></td><td>Denomination.</td><td>44</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>46</td><td>44</td></tr><tr><td></td><td>Type of purchaser.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps:</td><td>Summary of sales and redemptions.</td><td>45</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>47</td><td>45</td></tr><tr><td></td><td>Sales, classified by denominations.</td><td>45</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>47</td><td>45</td></tr><tr><td colspan="2">Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Summary distribution, by holders.</td><td>47</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></tr><tr><td></td><td>Estimated ownership by various classes of banks and non-bank investors.</td><td>48</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></tr><tr><td></td><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>48</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></tr><tr><td colspan="2">Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing 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></tr><tr><td></td><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td></tr><tr><td></td><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>49-53</td><td></td></tr><tr><td></td><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></td><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td>51-55</td><td></td><td></td><td></td></tr><tr><td></td><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></tr><tr><td></td><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>April 30, 1946.</td><td></td><td></td><td></td><td></td><td>50-54</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><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></td><td>June 30, 1946.</td><td></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></tr><tr><td></td><td>July 31, 1946.</td><td></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></td><td>August 31, 1946.</td><td>49-53</td><td></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>September 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 colspan="2">Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td></td><td></td></tr><tr><td></td><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>June 30, 1946.</td><td></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></tr><tr><td></td><td>September 30, 1946.</td><td>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Prices and yields of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>November 30, 1945.</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><td></td></tr><tr><td></td><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></td><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td><td></td><td></td></tr><tr><td></td><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></td><td>March 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>April 30, 1946.</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><td></td></tr><tr><td></td><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></td><td>June 28, 1946.</td><td></td><td></td><td>54-56</td><td>54-56</td><td>61-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>July 31, 1946.</td><td></td><td></td><td>54-56</td><td>61-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>August 30, 1946.</td><td>60-62</td><td></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>September 30, 1946.</td><td></td><td>51</td><td>57</td><td>64</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td></tr><tr><td colspan="2">Chart showing yield structure of Treasury bonds and notes.</td><td>53</td><td>51</td><td>57</td><td>64</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td></tr><tr><td colspan="2">Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Yields beginning with 1937.</td><td>58</td><td>58</td><td>59</td><td>65</td><td>61</td><td>66</td><td>61</td><td>61</td><td>66</td><td>59</td><td>59</td><td>60</td></tr><tr><td></td><td>Chart.</td><td>65</td><td>59</td><td>59</td><td>66</td><td>62</td><td>67</td><td>62</td><td>62</td><td>67</td><td>60</td><td>60</td><td>60</td></tr></table>
(Continued on following page)
December 1946
V
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number 1946</th></tr><tr><th></th><th>Dec.</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></tr><tr><td>Corporations and certain other agencies of the U. S. Government Assets, liabilities, and capital: December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>65, 73-77</td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td>61</td><td>65-69</td><td></td><td>69, 73-77</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>61</td><td>65-69</td><td></td><td></td><td>70-72</td><td></td><td></td><td>70-72</td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan: 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>March 31, 1946</td><td></td><td></td><td>62-64</td><td></td><td></td><td></td><td>70-72</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>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></td><td>64-69</td><td></td><td></td><td>62-67</td></tr><tr><td>First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td>60-69</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>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds: First three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td>68-73</td></tr><tr><td>First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td>76-81</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes</td><td></td><td></td><td>82</td><td></td><td></td><td>76</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></tr><tr><td>Collections of internal revenue: Summary data</td><td>67</td><td>61</td><td>84</td><td>69</td><td>64</td><td>78</td><td>79</td><td>64</td><td>71</td><td>79</td><td>62</td><td>75</td></tr><tr><td>Chart</td><td>68</td><td>62</td><td>85</td><td>70</td><td>65</td><td>79</td><td>80</td><td>65</td><td>78</td><td>80</td><td>63</td><td>76</td></tr><tr><td>Comparative details for current period</td><td>69-70</td><td>63-54</td><td>85-87</td><td>71-72</td><td>65-67</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></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></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></td><td></td><td>69-70</td><td></td><td>67-68</td><td></td></tr><tr><td>December 31, 1945</td><td></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></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>72</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></tr><tr><td>Coin 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>69</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>71</td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td>68</td><td></td><td>71</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>72</td><td>68</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></tr><tr><td>September 30, 1946</td><td>72</td><td>68</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></tr><tr><td>Treasury gold receipts, for recent quarterly period</td><td>73</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></tr><tr><td>Monetary stocks of gold and silver</td><td>74</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></tr><tr><td>Components of silver monetary stock</td><td>75</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seigniorage on silver, by type</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></tr><tr><td>Historical summary of net capital movement since 1935</td><td>71-79</td><td>73-75</td><td>91-96</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></tr><tr><td>Summary by countries</td><td>80-87</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></tr><tr><td>Details: July 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>92-94</td><td>103-105</td></tr><tr><td>August 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</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>105-107</td><td></td><td></td><td></td></tr><tr><td>October 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>91-96</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>107-109</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>85-87</td><td>91-99</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>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 1946</td><td></td><td></td><td>103-105</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>84-86</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1946</td><td>85-90</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></tr><tr><td>July 1946</td><td></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></tr><tr><td>Position in foreign currencies</td><td>91-97</td><td>87-93</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></tr></table>
December 1946
A-1
The Role of the Savings Bond Program in Today's Economy
The following address was delivered by Secretary Snyder at a savings bond rally sponsored by the Federal Reserve Bank of St. Louis at St. Louis, Missouri on October 23, 1946.
The savings bond program of the Treasury Department is very close to my heart. It is a program that I am always happy to discuss.
But, first, I want to express my sincere appreciation of what you people and the organizations which you represent are doing to forward this program, and to thank the business concerns of this community which are continuing active payroll savings plans. Often at considerable expense to themselves, these concerns are performing a patriotic service and, at the same time, are doing their employees a real favor.
The Treasury Department has two main objectives in promoting the sale of savings bonds. The first is to continue and, if possible, to further the wide distribution in the ownership of the public debt. In doing this, we maintain an important element of stability in our economy.
We all have many ties linking us with our country. We are citizens and we are taxpayers. Most of us are voters. Many of us have fought as soldiers. When we are also bondholders it adds another strong, enduring tie to those already existing. It gives us another common interest. It makes for better citizenship and for a more thoughtful consideration of national problems. Keeping the ownership of the public debt widely distributed is, therefore, one of the major objectives of the savings bond program.
The second major objective of the savings bond program is to aid in combating inflation. It does this by drawing purchasing power off the market at a time when goods are scarce - saving it for a time when they will be abundant. The purchase of savings bonds defers spending from the present, when it would contribute to inflationary pressures, to the future, when it will help to maintain full employment.
Buying bonds now is like storing up the waters of a spring freshet behind an irrigation dam; so that, instead of washing out the bare plowed fields in the springtime, they will make the fields of the summer even greener.
The purchase of savings bonds also helps to combat inflation by making possible the retirement of additional amounts of bank-held debt. As you know, the Government no longer needs the net proceeds of savings bond sales to help finance a deficit. The accounts of the United States are now more than balanced on a cash basis. Every additional dollar which we raise by the sale of savings bonds, therefore, makes possible the retirement of another dollar of bank-held debt.
These, then, are the two primary objectives of the savings bond program: to maintain a widespread distribution of the public debt, and to aid in our fight against inflation. Some dollars, I think you will agree, are much more important than others in attaining these objectives; and, almost without exception, it is the hard-to-get money which is the most important. That is why we need salesmen and sales promotion. That is why it is taking, and why it will continue to take, plenty of hard work to maintain our savings bond record.
The over-all record of savings bond sales and redemptions is very good. Cash sales of all series of savings bonds in the first nine months of this year amounted to $5,900 million and exceeded redemptions by about $900 million. For E bonds only, the record is also good; but not as good as for all series. Cash sales of E bonds during the first nine months of the year amounted to $3,500 million, and fell short of redemptions by about $800 million - a record which I consider remarkably good, especially in view of the period which we have been through, and of the predictions, which all of you heard, about the flood of savings bond redemptions which would follow the end of the war.
But I should like to go further than the fine over-all record, which has been built up, in large part, by high sales of series F and G bonds. It has also been helped by the continued high sales of $1,000 denomination E bonds - which are bought, for the most part, by individuals with high incomes.
Sales of smaller denomination bonds have
A-2
Treasury Bulletin
fallen off more than the over-all figures, and it is the sales of these bonds which count the most in the terms of either of our major objectives - that of combating inflation or that of maintain-ing a widespread ownership of the public debt.
Our most powerful instrument for selling bonds to the small investor is the payroll savings plan. Experience has demonstrated that most people can save money month after month only if they participate in some type of regular savings plan. The payroll savings plan provides the most convenient method of buying savings bonds - and, in addition, assures their purchase in advance of expenditures on consumers' goods.
I think that you will be interested in some of the results of an analysis which we have made of the present status of the payroll savings plan. Total participation in the plan has fallen from a high of about 27 million persons during the war to about 7-1/2 million at the present time; but the average deduction has continued about the same, amounting now to around $18.50 a month. This means that many of the employees with smaller deductions have dropped out of the plan altogether.
There have been many causes for the decrease in employee participation. A sharp decrease, of course, was to be expected after the end of the war. But there are also important causes which you can do something about. A major one is labor turnover. When a man changes jobs, his old payroll savings allotment is automatically canceled. It requires a conscious effort — and often a real sales job — to get him back on the payroll savings plan at his new place of employment. This is one of the ways in which you are now helping the most, and in which, I am sure, you will help.
There are plenty of reasons, based on legitimate self-interest, why every worker should want to get on the payroll savings plan, or to increase his allotment if he is already a participant.
The most powerful of these reasons is also the most general one. A reserve accumulated in the form of series E savings bonds, payable on demand, gives protection, so far as it can be provided financially, against misfortune in whatever form it may strike. Every person has a greater peace of mind when he knows that he has, or is accumulating, such a reserve.
has shown that the most common reason given for buying savings bonds is still, "to provide for a rainy day."
But savings bonds provide more than security; they also provide opportunity.
They provide family opportunity - opportunity to provide a reserve for educating our children, or for purchasing a home or a farm.
They provide individual opportunity - opportunity to accumulate the capital necessary to go into business for one's self, or for further education or travel.
Savings bonds represent the ideal way of holding purchasing power in reserve. Today we are confronted with shortages on every side. But in the years to come, goods will be available in greater variety and for immediate delivery. We shall be able to get what we want when we want it. This is worth saving for. It is worth buying bonds for.
In conclusion, I leave this message with you. The savings bond program, backed so oneself, is doing well. It is having its effect in the battle against inflation, and is helping to maintain a widespread ownership of the public debt. Naturally, we want to better. We want to increase small bond sales - to bring in more and more of those hard-to-get dollars, which count the most.
The E bond is a good investment - and you are doing a favor to the one you urge to buy. You are contributing to the future well-being of the individual, and to the economic stability of our Nation.
The experience of the war period, and the period that lies between VJ-Day and the present hour, has taught the Treasury Department that it can always rely on your group for fine, effective cooperation. For the good deeds of the past, and for your continuing efforts in the future, I again extend my personal thanks and the thanks of your Government.
In your own plants, through your business connections, and through your influence in widespread communities, I know I can count on you to again work with us in this renewed bond drive - particularly in promoting the payroll savings plan.
December 1946
A-3
The Economic Problems of World Peace and Security
The following address was delivered by Secretary Snyder before the Foreign Policy Association at Philadelphia, Pennsylvania on November 9, 1946.
It is a pleasure to have this opportunity to discuss with you some of the problems that confront this nation in our efforts toward world recovery, prosperity, and lasting peace.
The American people, and the world, have cause to be grateful to organizations such as yours dedicated to increased international understanding. Undoubtedly, our own national security, and the salvation of all nations, is dependent upon a full comprehension of world interests.
The winning of a military victory over our enemies was but a milepost along the road to a world of peace and security, and we are fully determined to persist in our course until the final goal is realized.
I believe that we have in our present degree of accomplishment much cause for gratification. Real progress toward writing the peace treaties has been made. Despite the conflicts of interest and of temperament, and of political philosophies, the nations are endeavoring with all sincerity to attain a practical understanding among peoples.
Our own country has a vital stake in the creation of a sound and stable economy throughout the world.
Just as a whole city may be engulfed in an epidemic from disease bred in some blighted slums, so the whole world can be engulfed by the germ of strife bred in the environs of a morally or economically blighted people. We have seen it happen before, and we have not been able to save ourselves from its consequences.
For the sake of world peace, and that means for our own sake, we must continue to throw the power and the prestige, and the material forces of this nation into the cooperative effort toward world security.
For the prosperity of our own industry and labor, we must bend every effort toward a prosperous world, one in which the interchange of goods and services will benefit all.
In our search for peace and security we must
deal with both political and economic stability. President Truman has set forth clearly the policies of this nation in the international political field. These policies, ably pursued by Secretary Byrnes and our other representatives in the United Nations, are above party or faction. They have received, and will continue to receive, the full support of the American people.
Today, I should like to deal primarily with the problems of economic stability.
I am convinced that you cannot be stable on the one hand and static on the other. The history of this critical era will contain no brighter chapter than that which details how the great and small nations, in the midst of a war for survival, had the wisdom to plan cooperatively for the difficult days to follow the armistice.
The people of the United States can be proud that our nation took the lead in this program, and that they themselves, and a Congress rising above political divisions, gave effect to it.
Nor would I overlook the moral accomplishment that witnessed not one, but all the United Nations assuming each a share of the responsibilities for revival and reconstruction.
We were faced with the necessity of taking immediate, concrete steps to aid a world sick from devastation, hunger and exhaustion. We can be proud of our contribution, greater than that of any other nation, to this obligation.
New life had to be injected into world productive capacity, both industrial and agricultural, that had been crippled through destruction and deterioration. Transportation and shipping facilities had to be restored, and the enormous damage to all types of public and private property had to be repaired. The adoption of such a course was absolutely necessary for the protection of our own economy. America must maintain her merchant marine and she must unalteringly support her foreign trade.
Initial steps toward foreign rehabilitation were taken by the United States through the ex-
A-4
Treasury Bulletin
tension of credits, directly as in the case of that voted by the Congress to Great Britain, and to other nations through the medium of the Export-Import Bank.
And now, ready to take over the longer range financing of reconstruction, ready because of the serious study given before the end of hostilities, is the International Bank for Reconstruction and Development.
Positive steps are necessary to enable the world to gain its maximum development through a free exchange of trade, and the International Monetary Fund is now preparing to facilitate that development. The trade provisions of the Anglo-American Financial Agreement, and other efforts in the same field, such as the International Trade Organization, will contribute further to the expanding flow of commerce.
These cooperative efforts should not only assist immeasurably in the restoration of our world patient, but should afford real protection against recurring disaster. Certainly in such a summary we should mention the permanent United Nations organization which we hope will be the medium for carrying out these same goals in the political realm.
The United States has been in the forefront of the effort at building a stable economic world. And we must continue to exert that leadership.
It was recently my pleasure to preside, as Chairman, at the Annual Meeting of the Boards of Governors of the International Bank for Reconstruction and Development and of the International Monetary Fund.
Each of these institutions has distinct functions, but both have the common objective of a balanced world economy.
The International Bank will assume the immediate function of supplying capital for the reconstruction of war-devastated areas, and the more enduring function of stimulating the flow of international capital for development purposes.
Through my personal acquaintance with the Governors, the President, and the executive staff of the Bank, I have become fully confident that its operations will be sound and will produce the
maximum of benefits. This is most important, for the trend of private investment in the future, much larger in scope, will necessarily inherit the results of our actions now.
The International Monetary Fund provides one of our principal hopes of promoting common standards of fair practice in the commercial relations of nations.
We have attached the greatest importance to the program of building a sound basis for world trade, since it is the only alternative to uncontrolled currency restrictions and discriminating trade practices, both of which are ruinous to economic stability and world prosperity. Such methods restrict rather than expand the benefits of productivity. They breed distrust and discontent that undermine our whole processes of international cooperation and threaten the peace.
No one is inclined to believe that the dollars made available to the world through our contribution to UNRRA, our subscriptions to the Fund and Bank, and our investments in direct credits, will, alone, bring us a new world in which every-one is prosperous.
We have simply taken the basic steps necessary to permit the orderly development of world economy. The life blood of its full development will be, as it has been in the past, free enterprise and private capital venture.
Once the institutions we have helped to create, and our direct advances and relief expenditures have given new life to the productive capacity of the world, and have created fair practices under which its maximum development can be achieved - then we will have the ideal foundation for the free operation of enterprise and capital.
Obviously the United States must be the major source of such private capital for several years, since virtually all creditor nations have been devastated by war. This prospect offers a challenge to the ability of our capital to function intelligently and flexibly. Unless it avoids the mistakes of the past we will have wasted not only our resources, but a critical opportunity and responsibility. We must remember that unproductive capital impoverishes both the lender and the borrower.
December 1946
A-5
Our contributions to these international cooperative enterprises for world recovery and progress constitute a beginning, rather than the fulfillment of our aims.
We must guard against that quality of impatience in our American character which might impel us into a "what's the use" psychology. We must not drift into a new isolationism of frustration under which this richest and most powerful nation will let its potential for world leadership be curbed or its influence for world betterment be dissipated.
Impatience for getting on with the job has contributed much to our material progress as a nation. But we should never have any illusions about the extent of time and effort necessary to cure the ills of a war-wrecked universe. We must display forbearance, we must strive for sympathy and understanding with our neighbors. Above all, we must not become discouraged.
Another danger we American people have to combat is the temptation to concentrate our attention, and our energies, on our own domestic affairs, to the exclusion of international responsibilities. It is true that we can meet those responsibilities only if we remain strong and healthy at home. But we must not entirely lose sight of the rest of the world in our preoccupation with political and economic complications here.
No one would deny that we do have problems at home, serious ones, such as those involving labor and management, annoying ones, such as our temporary shortages of this or that.
But along with our amazingly rapid recons-version to peace, in the swelling tide of produc-tion, in the record level of employment, and in the greatest material prosperity we or any other
Other Speeches by Treasury Officials
On October 23, 1946 Secretary Snyder addressed the Chamber of Commerce of St. Louis, Missouri. He urged that the unity of purpose which carried us to military victory be continued towards building a stable economy and a genuine
nation has ever achieved, we must find time to consider our international responsibilities.
Actually we cannot separate our concern for a stable economy at home from our concern for a stable world economy. A continuing prosperity in these United States in the long run will contribute more decidedly to world health than all the steps we have taken thus far.
There are many elements of strength in our present situation that hold forth a promise of continued full production and wide distribution of goods, and of an expanding trade for a long period ahead. Current record earnings and the accumulated savings of our people represent a tremendous purchasing power. There is the demand for consumer goods, a vast, unsatisfied demand at home and throughout the world. There is the great potential expansion of our facilities for providing products and services for our own country and for export.
As I have said before, I do not believe there is reason for a depression psychology. Most of our so-called obstacles to continuing economic well being will disappear if we will but submerge immediate self-interests and concentrate on long-range advantages.
If we can match the elements of material stamina that exist in our country with an equal moral stamina, there need be no interruption of our era of progress. Then, our American system of democracy and free enterprise will carry us forward to new heights of prosperity at home, and to new heights of opportunity in the community of nations.
I have a firm belief that the same system of free enterprise that made our own country strong and prosperous holds the greatest promise to the world for prosperity and peace.
world peace.
Copies of this speech are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
A-6
Treasury Bulletin
Report on Assets and Liabilities of All Active Banks
in the United States December 31, 1939 through June 30, 1946
On October 18, 1946, the Comptroller of the Currency released the regular semi-annual report on assets and liabilities of all active banks 1/ in the United States and possessions as of June 30, 1946. The data, which covers a total of 14,626 banks, were compiled from call reports of national banks and from information provided by State bank supervisory authorities on banks under their supervision. Historical data from previous semi-annual and annual reports of the Comptroller of the Currency have been used in the preparation of this article.
The current report on bank assets and liabilities as of June 30, 1946 shows the first conclusive effects of the termination of the war on the banking structure. The most important development during the first six months of 1946 was the introduction of the debt pay-off program of the Treasury Department in contrast with the borrowing program which had been carried on previously. This program of cash pay-offs has had a direct bearing on United States Government depositions in commercial banks as well as on bank holdings of Federal securities. In addition, the change in the Government's financing program was reflected in some of the other asset and liability items. The most significant developments in the last six months and during the war years may be summarized in the following statements:
(1) Total assets of all active banks showed their first decline since the beginning of the war during January through June 1946. They dropped $5.6 billion from the December 1945 all-time peak to a new total of $172.7 billion as of June 30, 1946.
(2) The decline in total assets was reflected almost entirely in decreases in bank holdings of United States Government securities. On the liability side
The term "all active banks", as used by the Comptroller of the Currency, comprises the two classes of commercial banks (national banks and State commercial banks), mutual savings banks, and private banks, but does not include Federal Reserve Banks. This difference from the concept used in the "Treasury Bulletin" tables on ownership of United States Government securities (page 48 in this issue), in which the term "banks" is used to cover commercial banks and Federal Reserve Banks with mutual savings banks treated as a nonbank investor group. All figures compiled by the Comptroller of the Currency are shown at book values while the figures on bank ownership of the debt in the "Bulletin" tables are shown at par value.
of the balance sheet, the decline occurred in United States Government deposits. The Treasury's debt reduction program involved the use of Federal Government deposits in commercial banks in order to make the cash pay-offs on maturing securities.
(3) The Federal Government's debt pay-off program was also reflected in changes in loans and discounts. During the first six months of 1946 loans to carry securities, which had been increasing during the war in connection with the various war loans, began to decline. Consumer, real estate, and business loans, on the other hand, showed substantial increases as durable goods reached the market, the demand for homes increased, and the re conversion to civilian production took place.
(4) For the six and one-half year period since December 31, 1939, the two classes of commercial banks (national banks and State commercial banks) showed significantly greater increases in assets than mutual savings banks. During the six months ending June 30, 1946, however, mutual savings banks continued their growth while assets of commercial banks were declining.
(5) During the first six months of 1946, while United States Government deposits were decreasing, some of the other depository items continued to increase. Thus, a $11.2 billion decline in United States Government deposits was in part
December 1946
A-7
offset by a $7.0 billion increase in time and demand deposits of individuals, partnerships, and corporations, and deposits of States and political subdivisions.
(6) The ratio of capital accounts to total deposits for all active banks has declined during the period from December 31, 1939 through June 30, 1946. The ratio of capital accounts to deposits minus cash and United States Government securities, however, has risen.
Bank Assets
First decline in assets since beginning of war occurred during January-June 1946. The latest report on bank assets and liabilities indicates that during the first six months of 1946 bank assets showed their first decrease since the beginning of the defense and war periods. This new trend reflected primarily the Federal Government's debt reduction program which was started on March 1, 1946. The Government's cash balance had been built up considerably as a result of over-subscriptions in the Seventh War Loan and the Victory Loan. Meanwhile, the budgetary outlook of the Federal Government had improved substantially, making it possible for the Treasury to use some of the funds to pay off a large part of maturing securities each month beginning March 1, 1946.
During the six months January through June 1946, total assets of all active banks declined $5.6 billion from the all-time reported peak of $178.4 billion on December 31, 1945 to a new total of $172.7 billion as of June 30, 1946. The two classes of commercial banks (national banks and State commercial banks) reflected this change in trend by showing a comparable decline in assets resulting primarily from reductions in holdings of United States Government securities on the asset side and United States Government deposits on the liability side of the balance sheet. Mutual savings banks, on the other hand, had an increase in assets during the period at a rate consistent with that shown during previous six-month periods. These banks had practically no deposits of the United States Government to be drawn on for the pay-off program. The following table presents a distribution of total bank assets by classes of banks as of June 30, 1945, December 31, 1945, and June 30, 1946.
<table><tr><th>Class of banks</th><th colspan="3">Total assets</th></tr><tr><th></th><th>June 30, 1945</th><th>Dec. 31, 1945</th><th>June 30, 1946</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>National banks</td><td>81.8</td><td>90.5</td><td>86.0</td></tr><tr><td>State commercial banks</td><td>65.1</td><td>70.6</td><td>68.4</td></tr><tr><td>Mutual savings banks</td><td>15.9</td><td>17.0</td><td>18.0</td></tr><tr><td>Private banks</td><td>0.2</td><td>0.3</td><td>0.3</td></tr><tr><td>Total</td><td>163.0</td><td>178.4</td><td>172.7</td></tr><tr><th colspan="4">Percentage change</th></tr><tr><td colspan="4">From June 30, 1945 - Dec. 31, 1945</td><td>From Dec.31, 1945 - June 30, 1946</td></tr><tr><td>National banks</td><td colspan="2">+11</td><td colspan="2">-5</td></tr><tr><td>State commercial banks</td><td colspan="2">+8</td><td colspan="2">-3</td></tr><tr><td>Mutual savings banks</td><td colspan="2">+7</td><td colspan="2">+6</td></tr><tr><td>Private banks</td><td colspan="2">+11</td><td colspan="2">+1</td></tr><tr><td>Total</td><td colspan="2">+9</td><td colspan="2">-3</td></tr></table>
Bank holdings of United States Government securities show downward trend. The Federal Government's debt reduction program was responsible for significant changes in the various asset items, and particularly United States Government securities, during the six months ending June 30, 1946. Bank holdings of United States Government securities showed a decline of $5.4 billion in the first six months of 1946 from the peak on December 31, 1945. The following table presents a distribution of the various asset items as of June 30, 1945, December 31, 1945, and June 30, 1946.
<table><tr><th>Assets</th><th>June 30, 1945</th><th>Dec. 31, 1945</th><th>June 30, 1946</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>94.2</td><td>101.9</td><td>96.5</td></tr><tr><td>Loans and discounts</td><td>28.1</td><td>30.5</td><td>31.7</td></tr><tr><td>Other securities</td><td>8.0</td><td>8.5</td><td>9.2</td></tr><tr><td>Interbank and reserve balances</td><td>29.2</td><td>33.6</td><td>31.7</td></tr><tr><td>Other assets</td><td>3.4</td><td>3.8</td><td>3.6</td></tr><tr><td>Total assets</td><td>163.0</td><td>178.4</td><td>172.7</td></tr></table>
Decline in Government securities concentrated in commercial banks. This declining trend was reflected completely in the holdings of Federal securities by national banks and state commercial banks. These banks owned a large proportion of the maturing securities paid off in cash, and in addition liquidated Government security
A-8
Treasury Bulletin
holdings in the market by sales to other investors. Thus, in the first six months of 1946, national bank holdings of United States Government securities declined $4.0 billion, while holdings of State commercial banks dropped $2.2 billion.
In contrast to this, mutual savings banks continued to increase their holdings of United States Government securities during the first six months of 1946, even after the Federal Government started its debt reduction program. From December 31, 1945 to June 30, 1946, Federal security holdings of mutual savings banks increased by $0.8 billion. Their increased holdings resulted from purchases in the market from other investors as well as from deferred purchases made in the Victory Loan.
Other asset items also affected by debt reduction program. Bank loans were also affected by the Government debt pay-off program during the first six months of 1946 as reflected in declining loans to carry securities. During the period of large-scale war financing, bank loans for the purpose of purchasing and carrying securities were made in substantial number and amount.
Consumer, business, and real estate loans showed the beginning of peacetime financing as more consumer goods became available in the first half of 1946. During the six months January through June 1946 loans of all types rose by $1.2 billion.
Other securities, comprising State and local and miscellaneous securities, in the first six months of 1946 also showed a new growth which had started very slowly early in 1944. For the period they had an increase of $0.6 billion.
Total assets increased 123% from December 31, 1939 through June 30, 1946. The change in total assets over the recent six-month period, although an important departure from trend, did not make a deep inroad in the increases over the six and one-half year period since December 31, 1939. For convenience this date is used to represent the beginning of the defense period. For the six and one-half years, total assets of all active banks increased by $95.1 billion. They rose from $77.5 billion at the beginning of the period to $172.7 billion at the end, a total per-
centage increase of 123%. The table below shows the distribution of total assets by classes of banks as of December 31, 1939 and June 30, 1946.
<table><tr><th>Class of banks</th><th colspan="2">Total assets</th><th colspan="2">Change</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>National banks</td><td>35.3</td><td>86.0</td><td>+50.7</td><td>+143</td></tr><tr><td>State commercial banks</td><td>29.5</td><td>68.4</td><td>+38.9</td><td>+132</td></tr><tr><td>Mutual savings banks</td><td>11.9</td><td>18.0</td><td>+6.2</td><td>+52</td></tr><tr><td>Private banks</td><td>0.9</td><td>0.3</td><td>-0.6</td><td>-68</td></tr><tr><td>Total</td><td>77.6</td><td>172.7</td><td>+95.1</td><td>+123</td></tr></table>
Heaviest growth in commercial banks over 6-1/2 year period. As the above table shows, the heaviest growth of bank assets occurred in the two classes of commercial banks (national banks and State commercial banks). The increases of over 130% in the assets of these two classes of banks are largely a reflection of the rise in demand deposits over the period, since commercial banks hold all of the demand deposits (with negligible exceptions). This increasing trend, as described above, has been reversed in the last six months.
Mutual savings banks, as the table shows, had a much smaller increase in assets (52%) over the six and one-half year period. This was due to two factors: (1) the deposits held by this class of bank are almost exclusively time deposits, which increased at a materially slower rate than demand deposits during the early war years; and (2) these banks are concentrated in the northeastern part of the country, where wartime business expansion did not reach the levels of other regions. For the last six months, however, savings bank assets have continued their upward trend while the assets of commercial banks were declining because of withdrawals of Government deposits.
The decline in assets of private banks during the last six and one-half years resulted primarily from a decrease in the number of banks in that class as some of the larger ones shifted into the commercial bank category.
December 1946
A-9
<table><tr><td>United States Government</td></tr><tr><td>security holdings multiplied 5 times. Over the six and one-half year period, December 31, 1939 to June 30, 1946, United States Government securities showed the most substantial increases among the various asset items. Federal securities held by all active banks increased by $77.1 billion or 396% during the period (Chart 1). United States Government securities accounted for four-fifths of the increase of $95.1 billion in total assets. As a proportion of total assets of all active banks, Federal securities rose from 25% on December 31, 1939 to 56% on June 30, 1946. The following table presents the major asset items as of December 31, 1939 and June 30, 1946, and the change over the period.</td></tr></table>
<table><tr><th>Assets</th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Change Amount</th><th>Per- cent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>19.4</td><td>96.5</td><td>+77.1</td><td>+396</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>31.7</td><td>+9.3</td><td>+42</td></tr><tr><td>Other securities</td><td>9.3</td><td>9.2</td><td>-0.1</td><td>-1</td></tr><tr><td>Interbank and reserve balances</td><td>22.2</td><td>31.7</td><td>+9.5</td><td>+43</td></tr><tr><td>Other assets</td><td>4.2</td><td>3.5</td><td>-0.7</td><td>-15</td></tr><tr><td>Total assets</td><td>77.6</td><td>172.7</td><td>+95.1</td><td>+123</td></tr></table>
Striking similarity in growth of Federal securities of national vs. State commercial banks. United States Government securities held by the two classes of commercial banks, national banks and State commercial banks, have followed a strikingly similar course during the period from December 31, 1939 through June 30, 1946. They had almost parallel increases in Government securities of 423% and 451% for national banks and State commercial banks, respectively. Federal securities accounted for 76% of the total increase in national bank assets while for State commercial banks this ratio was 79%. As a proportion of total assets of each of these classes of banks, United States Government security holdings again showed corresponding changes for the six and one-half year period.
national banks, Government securities rose from 26% to 55% of total assets from December 31, 1939 through June 30, 1946, while in the case of State commercial banks this relationship was 23% at the beginning and 55% at the end of the period.
Mutual savings bank holdings of United States Government securities showed a greater increase over the six and one-half year period than occurred in their total assets ($8.3 billion as against $6.2 billion). A decline of $2.2 billion in the other asset items held by mutual savings banks, therefore, accounted for about one-fourth of the growth in Government securities. As a proportion of total mutual savings bank assets, Federal securities accounted for 26% as of December 31, 1939 and 63% as of June 30, 1946.
Other investments showed divergent trends. Over the six and one-half year period to June 30, 1946, loans and discounts of all active banks showed an increase of 42% while State and local and other securities showed practically no change. Loans and discounts showed an increase of $9.3 billion over the six and one-half year period. In relation to total assets, loans and discounts accounted for 2% at the beginning of the period as compared with 18% at the end.
State and local, corporate, and other secu-
A-10
Treasury Bulletin
rities amounted to about $9.0 billion at the beginning and end of the period. They made up 18% of total assets as of December 31, 1939 and dropped to 5% as of June 30, 1946. After having declined by almost $2.0 billion from 1939 through 1943, these other securities have since been increasing steadily. As of June 30, 1946, other securities had finally reached almost the same level as at the beginning of the six and one-half year period.
More detailed data on assets are given in Tables 1, 2, and 3 at the end of this article.
Bank Liabilities and Capital Accounts
United States Government
deposits almost cut in half in first 6 months of 1946. On the liability side of the balance sheet for all active banks, the most significant development during the six months ending June 30, 1946 was the decline of United States Government deposits as a result of the Federal Government's debt reduction program. The following table presents the major liability items as of June 30, 1945, December 31, 1945, and June 30, 1946.
<table><tr><th>Liabilities and capital accounts</th><th>June 30, 1945</th><th>Dec. 31, 1945</th><th>June 30, 1946</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td></tr><tr><td>Demand..................</td><td>66.7</td><td>73.9</td><td>76.9</td></tr><tr><td>Time....................</td><td>41.3</td><td>45.3</td><td>48.5</td></tr><tr><td>U. S. Government and postal savings deposits........</td><td>24.5</td><td>24.8</td><td>13.6</td></tr><tr><td>Deposits of States and political subdivisions......</td><td>5.4</td><td>5.8</td><td>6.7</td></tr><tr><td>Deposits of banks....</td><td>12.6</td><td>14.1</td><td>12.4</td></tr><tr><td>Other deposits and miscellaneous liabilities........</td><td>2.2</td><td>3.8</td><td>3.5</td></tr><tr><td>Total liabilities....</td><td>152.9</td><td>167.7</td><td>161.5</td></tr><tr><td>Capital accounts......</td><td>10.2</td><td>10.6</td><td>11.2</td></tr><tr><td>Total liabilities and capital accounts....</td><td>163.0</td><td>178.4</td><td>172.7</td></tr></table>
As the table shows, during the first six months of 1946, United States Government deposits declined from $24.8 billion to $13.6 billion, as withdrawals were made for the purpose of paying off maturing securities, as well as for net operating outlays. The $11.2 billion decline in United States Government deposits was to a large extent offset by increases in other deposit items during the first six months of 1946. Thus, time and demand deposits of individuals, partnerships, and corporations rose by about $3.0 billion each, while deposits of States and political subdivisions rose by $0.9 billion.
Increase in liabilities concentrated in deposits over 6-1/2 year period. For the six and one-half year period from December 31, 1939 through June 30, 1946, the varicus deposit items on the liability side of the balance sheet accounted for most of the $95.1 billion increase in total assets and liabilities. Demand deposits of individuals, partnerships, and corporations rose from $28.2 billion to $76.9 billion, an increase of $48.7 billion or 173%. For the same period, time deposits increased from $25.4 billion to $48.5 billion, a rise of $23.1 billion or 91% (Chart 2).
Analysis of data on time and demand deposits of individuals, partnerships, and corporations even further back than 1939 shows that their re-
December 1946
A-11
relationship has been changed more sharply than the later evidence indicates. Chart 3 presents figures on demand and time deposits back to June 30, 1931. From that date through June 30, 1938 time deposits were consistently larger than demand deposits, although the difference was gradually narrowed throughout this period. It was with the beginning of defense and wartime expansion, however, that this historical trend was reversed and demand deposits began to increase at a significantly greater rate than time deposits.
The following table presents a distribution of the major liability items as of December 31, 1939 and June 30, 1946 and the change over the period.
<table><tr><th>Liabilities and capital accounts</th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Change Amount</th><th>Per-cent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand:</td><td>28.2</td><td>76.9</td><td>+48.7</td><td>+173</td></tr><tr><td>Time:</td><td>25.4</td><td>48.5</td><td>+23.1</td><td>+91</td></tr><tr><td>U. S. Government and postal savings deposits.</td><td>0.9</td><td>13.6</td><td>+12.6</td><td>+1,390</td></tr><tr><td>Deposits of States and political subdivisions...</td><td>3.5</td><td>6.7</td><td>+3.2</td><td>+90</td></tr><tr><td>Deposits of banks</td><td>9.9</td><td>12.4</td><td>+2.5</td><td>+25</td></tr><tr><td>Other deposits and miscellaneous liabilities</td><td>1.3</td><td>3.5</td><td>+2.2</td><td>+164</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>161.5</td><td>+92.2</td><td>+133</td></tr><tr><td>Capital accounts...</td><td>8.3</td><td>11.2</td><td>+2.9</td><td>+35</td></tr><tr><td>Total liabilities and capital accounts.........</td><td>77.6</td><td>172.7</td><td>+95.1</td><td>+123</td></tr></table>
Three major classes of banks share differently in deposit increase. As mentioned previously, the two classes of commercial banks, national banks and State commercial banks, hold all but negligible amounts of the demand deposits in the country. Of the total increase of $16.7 billion in demand deposits of individuals, partner-
ships, and corporations, national banks accounted for 57% and State commercial banks for the remainder.
The distribution of time deposits of individuals, partnerships, and corporations among the three major classes of banks changed substantially during the six and one-half year period. Mutual savings banks, at the beginning of the period, held the largest portion (41%) of the time deposits in the country. By June 30, 1946, this percentage had declined to 33%. Time deposits in national banks, on the other hand, increased from 30% to 35% of total time deposits, and those in State commercial banks rose from 28% to 31%. Of the total increase in time deposits since December 31, 1939, 41% went to national banks, 34% to State commercial banks, and 25% to mutual savings banks.
The change in the distribution of time deposits between commercial banks and mutual savings banks is due primarily to their geographic location. Mutual savings banks showed the smallest increases because they are concentrated in the northeastern states, which were least affected by wartime financial and industrial expansion. The data presented in the article "Geographic Distribution of Bank Deposits" in the May 1945 "Treasury Bulletin," show the importance of location in the matter of bank deposit increases
A-12
Treasury Bulletin
during the war period.
Table 3 at the end of this article presents a distribution of the various liability items by classes of banks as of December 31, 1939 and June 30, 1946.
Capital accounts show 35% increase. Capital accounts increased from $8.3 billion to $11.2 billion over the six and one-half year period, a rise of $2.9 billion or 35%. Of the capital stock items, common stock showed an increase of $0.4 billion while capital notes and debentures and preferred stock declined $0.3 billion.
plus, undivided profits, and reserves showed an increase of $2.3 billion.
The ratio of capital accounts to total deposits changed from 1 to 8.27 on December 31, 1939 to 1 to 14.35 on June 30, 1946. If total deposits are offset by cash and United States Government securities, the ratio of capital to remaining deposits becomes 1 to 3.10 for December 31, 1939 and 1 to 2.75 for June 30, 1946.
The accompanying tables 1, 2, and 3 give more detailed data on liabilities and capital accounts.
December 1946
A-13
Table 1.- Assets and Liabilities of All Active Banks in the United States
December 31, 1939 through June 30, 1946
<table><tr><th></th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><th></th><th>Dec. 31</th><th>Dec. 31</th><th>Dec. 31</th><th>Dec. 31</th><th>Dec. 31</th><th>Dec. 31</th><th>Dec. 31</th><th>June 30</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,956</td><td>14,885</td><td>14,722</td><td>14,621</td><td>14,579</td><td>14,598</td><td>14,626</td></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><th>Assets</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>9,102</td><td>9,437</td><td>9,718</td><td>9,373</td><td>8,941</td><td>8,735</td><td>8,980</td><td>10,146</td></tr><tr><td>Other loans, including overdrafts</td><td>13,273</td><td>14,531</td><td>17,120</td><td>14,628</td><td>14,733</td><td>17,367</td><td>21,487</td><td>21,587</td></tr><tr><td>Total loans and discounts</td><td>22,375</td><td>23,967</td><td>26,838</td><td>24,001</td><td>23,675</td><td>26,102</td><td>30,467</td><td>31,693</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>1,446</td><td>16,789</td><td>21,070</td><td>43,185</td><td>63,690</td><td>85,411</td><td>101,879</td><td>96,470</td></tr><tr><td>Guaranteed obligations</td><td>4,002</td><td>4,240</td><td>4,484</td><td>2,874</td><td>2,569</td><td>1,004</td><td>25</td><td>27</td></tr><tr><td>Total</td><td>1,447</td><td>21,029</td><td>25,554</td><td>46,059</td><td>66,259</td><td>86,415</td><td>101,904</td><td>96,497</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,008</td><td>4,740</td><td>4,197</td><td>3,926</td><td>3,564</td><td>3,659</td><td>4,083</td><td>4,165</td></tr><tr><td>Other bonds, notes, and debentures</td><td>4,618</td><td>4,416</td><td>4,165</td><td>3,755</td><td>3,352</td><td>3,383</td><td>3,990</td><td>4,522</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>721</td><td>744</td><td>674</td><td>631</td><td>551</td><td>554</td><td>538</td><td>538</td></tr><tr><td>Total securities</td><td>28,796</td><td>30,529</td><td>34,589</td><td>54,371</td><td>73,726</td><td>94,011</td><td>110,516</td><td>105,722</td></tr><tr><td>Total loans, discounts, and securities</td><td>51,170</td><td>54,496</td><td>61,428</td><td>78,373</td><td>97,401</td><td>120,113</td><td>140,983</td><td>137,416</td></tr><tr><td>Currency and coin</td><td>1,197</td><td>1,407</td><td>1,545</td><td>1,464</td><td>1,612</td><td>1,801</td><td>2,025</td><td>1,729</td></tr><tr><td>Balance with other banks, including reserve balances 2/</td><td>22,198</td><td>26,846</td><td>25,942</td><td>27,372</td><td>27,000</td><td>29,176</td><td>33,590</td><td>31,732</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,252</td><td>1,224</td><td>1,209</td><td>1,190</td><td>1,128</td><td>1,066</td><td>1,020</td><td>1,017</td></tr><tr><td>Real estate owned other than bank premises</td><td>1,056</td><td>930</td><td>706</td><td>530</td><td>332</td><td>168</td><td>73</td><td>51</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>160</td><td>144</td><td>133</td><td>122</td><td>102</td><td>86</td><td>77</td><td>74</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>131</td><td>104</td><td>84</td><td>46</td><td>49</td><td>68</td><td>70</td><td>104</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>150</td><td>420</td><td>163</td><td>173</td><td>220</td><td>261</td><td>296</td><td>580</td></tr><tr><td>Other assets</td><td>261</td><td></td><td>242</td><td>273</td><td>278</td><td>209</td><td>212</td><td></td></tr><tr><td>Total assets</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>152,947</td><td>178,351</td><td>172,702</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28,212</td><td>33,636</td><td>37,805</td><td>47,969</td><td>59,385</td><td>65,316</td><td>73,932</td><td>76,905</td></tr><tr><td>Time</td><td>25,406</td><td>26,072</td><td>26,963</td><td>26,704</td><td>30,725</td><td>37,829</td><td>45,292</td><td>48,481</td></tr><tr><td>Total</td><td>53,618</td><td>59,708</td><td>63,369</td><td>74,673</td><td>90,110</td><td>102,545</td><td>119,224</td><td>125,386</td></tr><tr><td>U. S. Government and postal savings</td><td>910</td><td>805</td><td>1,948</td><td>8,507</td><td>10,532</td><td>20,326</td><td>24,779</td><td>13,558</td></tr><tr><td>States and political subdivisions</td><td>3,512</td><td>3,939</td><td>4,303</td><td>4,523</td><td>4,972</td><td>5,196</td><td>5,821</td><td>6,680</td></tr><tr><td>Banks 2/</td><td>9,902</td><td>10,973</td><td>11,015</td><td>11,324</td><td>11,032</td><td>12,264</td><td>14,090</td><td>12,364</td></tr><tr><td>Other deposits (certified and cashiers' checks, etc.)</td><td>624</td><td>982</td><td>1,098</td><td>1,240</td><td>1,590</td><td>1,380</td><td>2,616</td><td>2,361</td></tr><tr><td>Total deposits 2/</td><td>68,566</td><td>76,408</td><td>82,233</td><td>100,266</td><td>118,336</td><td>142,311</td><td>166,530</td><td>160,349</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>26</td><td>25</td><td>23</td><td>19</td><td>52</td><td>126</td><td>227</td><td>94</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>150</td><td>121</td><td>101</td><td>52</td><td>60</td><td>78</td><td>87</td><td>123</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>73</td><td>609</td><td>98</td><td>58</td><td>45</td><td>48</td><td>59</td><td></td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>88</td><td></td><td>124</td><td>138</td><td>208</td><td>294</td><td>383</td><td>959</td></tr><tr><td>Other liabilities</td><td>378</td><td></td><td>380</td><td>405</td><td>375</td><td>398</td><td>453</td><td></td></tr><tr><td>Total liabilities</td><td>69,280</td><td>77,162</td><td>82,959</td><td>100,938</td><td>119,076</td><td>143,254</td><td>167,739</td><td>161,525</td></tr><tr><th>Capital Accounts</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>142</td><td>123</td><td>108</td><td>99</td><td>90</td><td>82</td><td>72</td><td>78</td></tr><tr><td>Preferred stock</td><td>381</td><td>348</td><td>312</td><td>281</td><td>254</td><td>207</td><td>163</td><td>127</td></tr><tr><td>Common stock</td><td>2,503</td><td>2,600</td><td>2,614</td><td>2,606</td><td>2,668</td><td>2,764</td><td>2,952</td><td>3,052</td></tr><tr><td>Surplus</td><td>3,451</td><td>3,561</td><td>3,704</td><td>3,770</td><td>4,105</td><td>4,489</td><td>5,004</td><td>5,216</td></tr><tr><td>Undivided profits</td><td>1,148</td><td>1,187</td><td>1,248</td><td>1,323</td><td>1,370</td><td>1,574</td><td>1,781</td><td>2,030</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>571</td><td>591</td><td>508</td><td>527</td><td>559</td><td>577</td><td>639</td><td>680</td></tr><tr><td>Total capital accounts</td><td>8,295</td><td>8,410</td><td>8,495</td><td>8,605</td><td>9,046</td><td>9,693</td><td>10,612</td><td>11,177</td></tr><tr><td>Total liabilities and capital accounts</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>152,947</td><td>178,351</td><td>172,702</td></tr></table>
Sources: 1/ Reports of the Comptroller of the Currency. Includes territories and insular possessions. (Banks in Guam and the Philippines were excluded from the data from December 31, 1942 through December 31, 1944 and 1945 respectively.) Excludes assets and liabilities of trust departments and of so-called private banks not reporting
2/ Commencing with December 31, 1942, reciprocal interbank demand balances with banks in the United States have been excluded. For December 31, 1941 and prior dates, demand balances were reported gross.
A-14
Treasury Bulletin
Table 2.- Assets and Liabilities of All Active Banks in the United States 1/ Classified by Kind of Bank, June 30, 1946
<table><tr><th></th><th>Total all banks 2/</th><th>National banks</th><th>State commercial banks 1/</th><th>Mutual savings banks</th><th>Private banks 2/</th></tr><tr><td>Number of banks</td><td>14,626</td><td>5,018</td><td>9,039</td><td>533</td><td>36</td></tr><tr><td colspan="6">(In millions of dollars)</td></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>10,146</td><td>2,748</td><td>3,115</td><td>4,280</td><td>3</td></tr><tr><td>Other loans, including rediscoutes and overdrafts</td><td>21,547</td><td>11,750</td><td>9,669</td><td>66</td><td>62</td></tr><tr><td>Total loans and discounts</td><td>31,693</td><td>14,498</td><td>12,785</td><td>4,346</td><td>64</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>96,470</td><td>47,465</td><td>37,499</td><td>11,428</td><td>78</td></tr><tr><td>Guaranteed obligations</td><td>27</td><td>7</td><td>17</td><td>3</td><td></td></tr><tr><td>Total</td><td>96,497</td><td>47,473</td><td>37,515</td><td>11,431</td><td>78</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,165</td><td>2,454</td><td>1,598</td><td>63</td><td>50</td></tr><tr><td>Other bonds, notes, and debentures</td><td>4,522</td><td>1,946</td><td>1,469</td><td>1,081</td><td>6</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>538</td><td>144</td><td>218</td><td>170</td><td>5</td></tr><tr><td>Total securities</td><td>105,722</td><td>52,017</td><td>40,820</td><td>12,746</td><td>139</td></tr><tr><td>Total loans, discounts, and securities</td><td>137,416</td><td>66,515</td><td>53,605</td><td>17,092</td><td>204</td></tr><tr><td>Currency and coin</td><td>1,729</td><td>806</td><td>837</td><td>85</td><td>2</td></tr><tr><td>Balance with other banks, including reserve balances 4/</td><td>31,732</td><td>17,856</td><td>13,157</td><td>660</td><td>58</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,017</td><td>496</td><td>427</td><td>93</td><td></td></tr><tr><td>Real estate owned other than bank premises</td><td>51</td><td>10</td><td>22</td><td>18</td><td></td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>74</td><td>47</td><td>22</td><td>5</td><td></td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>104</td><td>58</td><td>35</td><td>-</td><td>11</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>580</td><td>205</td><td>306</td><td>68</td><td>1</td></tr><tr><td>Other assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>172,702</td><td>85,993</td><td>68,411</td><td>18,021</td><td>276</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>76,905</td><td>42,560</td><td>34,181</td><td>11</td><td>154</td></tr><tr><td>Time</td><td>46,481</td><td>17,174</td><td>15,054</td><td>16,229</td><td>23</td></tr><tr><td>Total</td><td>125,386</td><td>59,734</td><td>49,235</td><td>16,240</td><td>177</td></tr><tr><td>U.S. Government and postal savings</td><td>13,558</td><td>7,696</td><td>5,860</td><td>2</td><td></td></tr><tr><td>States and political subdivisions</td><td>6,680</td><td>1,007</td><td>2,669</td><td>2</td><td>2</td></tr><tr><td>Banks 4/</td><td>12,364</td><td>7,817</td><td>4,490</td><td></td><td>57</td></tr><tr><td>Other Deposits (certified and cashiers' checks, etc.)</td><td>2,361</td><td>1,241</td><td>1,114</td><td>3</td><td>2</td></tr><tr><td>Total deposits 4/</td><td>160,349</td><td>80,495</td><td>63,368</td><td>16,248</td><td>238</td></tr><tr><td>Bills payable, rediscoutes, and other liabilities for borrowed money</td><td>94</td><td>24</td><td>67</td><td>1</td><td>2</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>123</td><td>71</td><td>40</td><td>-</td><td>12</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>959</td><td>529</td><td>370</td><td>58</td><td>2</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other liabilities</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>161,525</td><td>81,119</td><td>63,845</td><td>16,307</td><td>254</td></tr><tr><td><b>Capital Accounts</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>72</td><td>-</td><td>68</td><td>5</td><td>-</td></tr><tr><td>Preferred stock</td><td>127</td><td>47</td><td>80</td><td>-</td><td>-</td></tr><tr><td>Common stock</td><td>3,052</td><td>1,636</td><td>1,409</td><td>-</td><td>7</td></tr><tr><td>Surplus</td><td>5,216</td><td>2,100</td><td>1,946</td><td>1,157</td><td>12</td></tr><tr><td>Undivided profits</td><td>2,030</td><td>789</td><td>750</td><td>490</td><td></td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>680</td><td>301</td><td>314</td><td>62</td><td>3</td></tr><tr><td>Total capital accounts</td><td>11,177</td><td>4,874</td><td>4,566</td><td>1,714</td><td>23</td></tr><tr><td>Total liabilities and capital accounts</td><td>172,702</td><td>85,993</td><td>68,411</td><td>18,021</td><td>276</td></tr></table>
Source: Report of the Comptroller of the Currency. * Less than $500,000. 1/ Includes territories and insular possessions. All items are shown at book value. 2/ Excludes assets and liabilities of trust departments and
or so-called private banks not reporting to State bank supervisors.
3/ Includes trust companies and stock saving banks.
4/ Excludes reciprocal interbank demand balances with banks in the United States.
December 1946
A-15
Table 3.- Summary of Assets and Liabilities of All Active Banks in the United States 1, Classified by Kind of Bank, December 31, 1939 and June 30, 1946
<table><tr><th></th><th colspan="2">Total all banks 2/</th><th colspan="2">National banks</th><th colspan="2">State commercial banks 3/</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks 2/</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Dec. 31, 1939</th><th>June 30, 1946</th><th>Dec. 31, 1939</th><th>June 30, 1946</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,626</td><td>5,193</td><td>5,018</td><td>9,290</td><td>9,039</td><td>551</td><td>533</td><td>62</td><td>36</td></tr><tr><td colspan="11">(In billions of dollars)</td></tr><tr><th>Assets</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>19.4</td><td>96.5</td><td>9.1</td><td>47.5</td><td>6.8</td><td>37.5</td><td>3.1</td><td>11.4</td><td>0.5</td><td>0.1</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>31.7</td><td>9.0</td><td>14.5</td><td>8.3</td><td>12.8</td><td>4.9</td><td>4.3</td><td>0.1</td><td>0.1</td></tr><tr><td>Other securities</td><td>9.3</td><td>9.2</td><td>3.7</td><td>4.5</td><td>3.3</td><td>3.3</td><td>2.2</td><td>1.3</td><td>0.1</td><td>0.1</td></tr><tr><td>Interbank and reserve balances 4/</td><td>22.2</td><td>31.7</td><td>11.9</td><td>17.9</td><td>9.3</td><td>13.2</td><td>0.8</td><td>0.7</td><td>0.2</td><td>0.1</td></tr><tr><td>Other assets</td><td>4.2</td><td>3.6</td><td>1.6</td><td>1.6</td><td>1.7</td><td>1.5</td><td>0.9</td><td>0.3</td><td>*</td><td>*</td></tr><tr><td>Total assets</td><td>77.6</td><td>172.7</td><td>35.3</td><td>86.0</td><td>29.5</td><td>68.4</td><td>11.9</td><td>18.0</td><td>0.9</td><td>0.3</td></tr><tr><th>Liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Deposits of individuals, partnerships, and corporations: Demand</td><td>28.2 25.4</td><td>76.9 48.5</td><td>14.9 7.7</td><td>42.6 17.2</td><td>12.7 7.1</td><td>34.2 15.1</td><td>10.5</td><td>16.2</td><td>0.5</td><td>0.2</td></tr><tr><td>U. S. Government and postal savings deposits</td><td>0.9</td><td>13.6</td><td>0.6</td><td>7.7</td><td>0.3</td><td>5.9</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Deposits of states and political subdivisions</td><td>3.5</td><td>6.7</td><td>2.1</td><td>4.0</td><td>1.4</td><td>2.7</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Interbank deposits 4/</td><td>9.9</td><td>12.4</td><td>5.9</td><td>7.8</td><td>3.8</td><td>4.5</td><td>*</td><td>*</td><td>0.2</td><td>0.1</td></tr><tr><td>Other deposits and miscellaneous liabilities</td><td>1.3</td><td>3.5</td><td>0.7</td><td>1.9</td><td>0.6</td><td>1.6</td><td>*</td><td>0.1</td><td>*</td><td>*</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>161.5</td><td>31.9</td><td>81.1</td><td>26.1</td><td>63.8</td><td>10.5</td><td>16.3</td><td>0.8</td><td>0.7</td></tr><tr><th>Capital Accounts</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Total capital accounts</td><td>8.3</td><td>11.2</td><td>3.4</td><td>4.9</td><td>3.5</td><td>4.6</td><td>1.3</td><td>1.7</td><td>0.1</td><td>*</td></tr><tr><td>Total liabilities and capital accounts</td><td>77.6</td><td>172.7</td><td>35.3</td><td>86.0</td><td>29.5</td><td>68.4</td><td>11.9</td><td>18.0</td><td>0.9</td><td>0.3</td></tr></table>
Source: Reports of the Comptroller of the Currency.
• Less than $50,000,000.
1/ Includes territories and insular possessions. All items are shown at book value.
2/ Excludes assets and liabilities of trust departments of
so-called private banks not reporting to State bank supervisors. 3/ Includes trust companies and stock savings banks. 4/ Excludes reciprocal interbank demand balances with banks in the United States for June 30, 1946.
A-16
Treasury Bulletin
Treasury Market Financing in October
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 30 and 31. Details of weekly Treasury bill offerings are shown on pages 32 and 33.
Cash Pay-Off and Refunding
On October 21, 1946 Secretary of the Treasury Snyder announced that payment would be made in cash for about $2,000 million of the $3,778 million of 7½% certificates of indebtedness maturing on November 1, 1946. At the same time the Secretary announced that an offering of a new, one-year 7½% certificate was being made, par for par, in exchange for the remainder of the maturity. Cash subscriptions were not received.
The new certificates were dated November 1, 1946 and will mature November 1, 1947. They will bear interest at the rate of 7½% per annum, which will be subject to all Federal income taxes. Following the procedure instituted recently, Secretary Snyder announced that interest in the new certificates will be paid in full 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 October 21 and closed at the end of business on October 23, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books remained open through October 24.
On October 31, the Secretary of the Treasury announced that exchange subscriptions for the new issue aggregated $3,432 million. Subscriptions in amounts of $25,000 or less were allotted in full in the amount of $11 million. Subscriptions in amounts over $25,000 were allotted 51% 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 $1,774 million, with $2,004 million paid off in cash.
Reports to the Treasury on the ownership of Government securities indicate that on September 30, 1946 about two-thirds of the $3.8 billion of maturing certificates was owned by reporting commercial banks and Federal Reserve Banks.
ownership figures for September 30, are the latest available.
Total Cash Pay-Offs to Date
With the payment in cash of $2.0 billion on the November 1, 1946 maturing certificates, the total of cash pay-offs since February 28, 1946 has amounted to $19.5 billion, or more than 50% of the $37.9 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-November 1946
<table><tr><th>1946</th><th>Amount maturing or called</th><th colspan="2">Cash pay-off</th></tr><tr><th></th><th></th><th>Amount</th><th>Percent of amount maturing or called</th></tr><tr><td colspan="2">(In billions of dollars)</td><td colspan="2">(Percent)</td></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>November.........</td><td>3.8</td><td>2.0</td><td>53</td></tr><tr><td>Total.........</td><td>37.9</td><td>19.5</td><td>51</td></tr></table>
Net Decline in the Public Debt
By November 1, 1946, the public debt had been reduced by the net amount of $17.7 billion from its peak of $279.8 billion on February 28, 1946 to a new total of $262.0 billion. The net decline in the debt was about $1.8 billion less than the total cash pay-offs of $19.5 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 agencies and trust funds. The following table presents a reconciliation of cash pay-offs and the net decline in the debt from February 28, 1946 to November 1, 1946. Figures for September 30, 1946, are also shown since this is the latest date for which the ownership data presented in the next section are available.
December 1946
A-17
Composition of Gross Public Debt and Guaranteed Obligations 1/ February 28-November 1, 1946
<table><tr><th></th><th>Feb. 28, 1946</th><th>Sept. 30, 1946</th><th>Nov. 1, 1946</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Marketable interest-bearing public debt:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17.0</td><td>17.0</td><td>17.0</td></tr><tr><td>Certificates of indebtedness and 0.90% notes</td><td>46.3</td><td>34.5</td><td>30.5</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>49.6 2/</td><td>49.6 2/</td></tr><tr><td>Bank eligible</td><td>68.2</td><td>69.7 2/</td><td>69.7 2/</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>184.3</td><td>180.3</td></tr><tr><td>Net change from Feb. 28 (cash pay-offs)</td><td></td><td>-15.5</td><td>-19.5</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>49.6</td></tr><tr><td>Savings notes</td><td>8.0</td><td>6.1</td><td>6.0</td></tr><tr><td>Special issues</td><td>20.9</td><td>23.9</td><td>24.0</td></tr><tr><td>All other 4/</td><td>2.3</td><td>1.9</td><td>2.0</td></tr><tr><td>Subtotal</td><td>80.0</td><td>81.4</td><td>81.7</td></tr><tr><td>Net change from Feb. 28</td><td></td><td>+1.5</td><td>+1.8</td></tr><tr><td>Total public debt and guaranteed obligations 1/</td><td>279.3</td><td>265.8</td><td>262.0</td></tr><tr><td>Net change in debt from Feb. 28</td><td></td><td>-14.0</td><td>-17.7</td></tr><tr><td>Cash balance</td><td>26.0</td><td>10.2</td><td>6.1</td></tr></table>
As the table shows, the cash balance of the Treasury declined from $26.9 billion on February 28, 1946 to $6.1 billion on November 1, 1946, a decrease of $19.8 billion. The reduction in the debt during the period accounted for $17.7 billion of the decline while net outlays of the Federal Government made up the remainder.
Ownership of the Debt
Recent figures on the distribution of the ownership of the debt indicate that the reduction program has been effective in furthering the Treasury policy of reducing bank ownership of the debt. From February 28 to September 30, more than 90% of the reduction in the interest-bearing debt was reflected in the holdings of securities
by banks. The latest complete ownership data available are for September 30.
The following table presents the estimated distribution of the ownership of the interest-bearing debt as of February 28, 1946 and September 30, 1946 and the change over the period. Further historical data are presented on page 48 of the statistical section of this issue.
Estimated Ownership of the Interest-Bearing Public Debt and Guaranteed Obligations 1/ February 28-September 30, 1946
<table><tr><th></th><th>Feb. 28, 1946</th><th>Sept. 30, 1946</th><th>Change</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Banka:</td><td></td><td></td><td></td></tr><tr><td>Commercial banks....</td><td>92.5</td><td>78.7</td><td>-13.9</td></tr><tr><td>Federal Reserve Banks</td><td>22.9</td><td>24.0</td><td>+1.1</td></tr><tr><td>Total banks......</td><td>115.4</td><td>102.7</td><td>-12.7</td></tr><tr><td>Nonbank investors:</td><td></td><td></td><td></td></tr><tr><td>Individuals......</td><td>63.7</td><td>63.0</td><td>-.7</td></tr><tr><td>Insurance companies</td><td>24.8</td><td>25.4</td><td>+0.6</td></tr><tr><td>Mutual savings banks</td><td>11.1</td><td>11.7</td><td>+0.6</td></tr><tr><td>Other corporations and associations.</td><td>29.0</td><td>25.4</td><td>-3.7</td></tr><tr><td>State and local governments</td><td>6.4</td><td>6.0</td><td>-0.4</td></tr><tr><td>Federal agencies and trust funds......</td><td>28.0</td><td>30.4</td><td>+2.4</td></tr><tr><td>Total nonbank investors.</td><td>163.0</td><td>161.9</td><td>-1.1</td></tr><tr><td>Total interest-bearing debt.</td><td>278.5</td><td>264.6</td><td>-13.8</td></tr></table>
Although nonbank investors as a whole showed only a negligible reduction in their holdings of Federal securities over the period, the various nonbank investor groups showed diverse trends. Of the six major nonbank groups three showed increases in their Federal security holdings and three had decreases. Of the three which showed increases, namely, insurance companies, mutual savings banks and Federal agencies and trust funds, the only major growth occurred in the securities held by Federal agencies. The $2.4 billion increase in their holdings reflected primarily the purchase of special issues by (1) the Federal old-age and survivors insurance trust fund, and (2) military life insurance funds.
The three nonbank investor groups which showed declines in their holdings since February 28 were individuals, other corporations and associations, and State and local governments.
1/ Excludes guaranteed securities held by the Treasury.
2/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates. See footnote 2 on page 21 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.
4/ Includes matured debt, excess profits tax refund bonds, depositary bonds, armed forces leave bonds, and guaranteed obligations.
1/ Excludes guaranteed securities held by the Treasury.
Treasury Bulletin
A-18
The decreases shown by the first and third groups were negligible, while corporate holdings declined by $3.7 billion. This decline, of which about half occurred in their holdings of savings notes, reflected payments on heavy 1945 tax liabilities and the need to raise funds for reconn
version and expansion.
Individuals continue to be the largest non-bank holders of the Federal debt, accounting for $63 billion or about one-fourth of the total.
Federal Home Loan Bank Financing
On October 15, 1946, the Federal Home Loan Bank Administration made an offering of $140 million of 1-1/4% consolidated Federal Home Loan Bank bonds due to mature in 1-1/2 years. This was the first bond offering made by that agency. Previously, funds were raised from time to time by the issuance of consolidated debentures. The new bonds, which are non-callable, were dated October 15, 1946 and will mature April 15, 1948. They were offered at 99-7/8% of par and accrued interest. Interest on the bonds will be payable on April 15 and October 15 and will be subject to Federal income taxes. It was announced that the offering was heavily oversubscribed during the day on October 15.
The proceeds from the sale of the new bond issue were used to refund two issues of consol-dated debentures maturing on October 15 and to raise some additional funds. The two maturities comprised $67 million of .90% debentures dated April 15, 1946 and $35 million of 1% debentures dated August 15, 1946. The latter issue replaced a similar issue of debentures in the same amount
which was dated July 1 and matured on August 15, 1946. The additional $38 million of funds raised will be used to provide credit resources to member institutions and for other purposes.
The new bonds are the joint and several obligations of the eleven Federal Home Loan Banks and are not guaranteed by the United States Government either as to principal or interest. The Federal Home Loan Banks are instrumentalities of the United States and are under the supervision of the Federal Home Loan Bank Administration, National Housing Agency.
The official announcement of the Federal Home Loan Bank Administration stated that the bonds are legal for investment by savings banks, insurance companies, trustees, and other fiduciaries under the laws of many States.
A nation-wide selling group of securities dealers assisted in the distribution of the new bonds, which were offered through the fiscal agent of the Federal Home Loan Banks.
December 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 4 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</th><th>Estimated</th><th>Change</th></tr><tr><th>Receipts:</th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>Actual 1946 to estimated 1947</th></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>9,213</td><td>9,209</td><td>7,956</td><td>-1,253</td><td>35,173</td><td>30,885</td><td>27,445</td><td>-3,440</td></tr><tr><td>Employment taxes</td><td>497</td><td>496</td><td>528</td><td>+32</td><td>1,780</td><td>1,701</td><td>1,866</td><td>+165</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>2,607</td><td>2,857</td><td>2,783</td><td>+74</td><td>6,949</td><td>7,725</td><td>7,746</td><td>+21</td></tr><tr><td>Customs</td><td>105</td><td>131</td><td>171</td><td>+41</td><td>355</td><td>435</td><td>463</td><td>+28</td></tr><tr><td>Other receipts 3/</td><td>631</td><td>1,115</td><td>971</td><td>-138</td><td>3,483</td><td>3,493</td><td>3,398</td><td>-95</td></tr><tr><td>Total receipts</td><td>13,053</td><td>13,808</td><td>12,416</td><td>-1,392</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>395</td><td>396</td><td>421</td><td>+25</td><td>1,283</td><td>1,201</td><td>1,329</td><td>+128</td></tr><tr><td>Net receipts</td><td>12,657</td><td>13,412</td><td>11,995</td><td>-1,417</td><td>46,457</td><td>43,038</td><td>39,590</td><td>-3,448</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>16,010</td><td>14,055</td><td>1,975</td><td>-12,080</td><td>50,337</td><td>27,800</td><td>8,000</td><td>-19,800</td></tr><tr><td>Spy Department</td><td>10,036</td><td>7,660</td><td>2,042</td><td>-5,618</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>70</td><td>+70</td><td></td><td></td><td>2,418</td><td>+2,418</td></tr><tr><td>Bonds</td><td></td><td></td><td>9</td><td>+9</td><td></td><td></td><td>3,410</td><td>-2,171</td></tr><tr><td>Cash</td><td>3,202</td><td>2,502</td><td>1,185</td><td>-1,317</td><td>9,645</td><td>5,581</td><td>18,978</td><td>-29,564</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>29,248</td><td>24,217</td><td>5,281</td><td>-18,936</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 6/ 1/</td><td>400</td><td>760</td><td>2,252</td><td>+1,492</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>877</td><td>1,074</td><td>1,179</td><td>+105</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>454</td><td>996</td><td>753</td><td>-243</td><td>1,707</td><td>3,027</td><td>1,857</td><td>-1,170</td></tr><tr><td>Total</td><td>1,732</td><td>2,830</td><td>4,183</td><td>+1,354</td><td>7,384</td><td>12,002</td><td>13,062</td><td>+1,060</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Erection Woods Agreement 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>3,093</td><td>+2,260</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>174</td><td>325</td><td>+151</td><td>-</td><td>674</td><td>-</td><td>-</td></tr><tr><td>Export-import Bank - capital stock</td><td>-</td><td>-</td><td>600</td><td>+600</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Credit to United Kingdom</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>174</td><td>925</td><td>+751</td><td>-</td><td>833</td><td>3,093</td><td>+2,260</td></tr><tr><td>Aid to agriculture 9/</td><td>189</td><td>116</td><td>1,159</td><td>+1,044</td><td>762</td><td>980</td><td>5,737</td><td>+2,095</td></tr><tr><td>Social security programs 5/ 9/</td><td>426</td><td>431</td><td>480</td><td>+49</td><td>815</td><td>852</td><td>-</td><td>-</td></tr><tr><td>Public works</td><td>128</td><td>132</td><td>403</td><td>+272</td><td>323</td><td>407</td><td>-</td><td>-</td></tr><tr><td>Other general expenditures 6/</td><td>500</td><td>573</td><td>753</td><td>+180</td><td>1,093</td><td>1,403</td><td>160</td><td>+160</td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government corporations (wholly owned), etc. (net):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>295</td><td>225</td><td>-9</td><td>-235</td><td>472</td><td>328</td><td>509</td><td>+1,814</td></tr><tr><td>War and defense activities</td><td>-70</td><td>-111</td><td>-6</td><td>-106</td><td>-286</td><td>-23</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>318</td><td>88</td><td>-747</td><td>-834</td><td>470</td><td>-1,044</td><td>-</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>-266</td><td>-180</td><td>-127</td><td>+53</td><td>-662</td><td>-566</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>297</td><td>21</td><td>-889</td><td>-910</td><td>-7</td><td>-1,305</td><td>509</td><td>+1,814</td></tr><tr><td>Total</td><td>32,480</td><td>28,494</td><td>12,296</td><td>-16,198</td><td>100,397</td><td>63,714</td><td>41,579</td><td>-22,175</td></tr><tr><td>Total expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>19,822</td><td>15,082</td><td>301</td><td>-14,782</td><td>53,941</td><td>20,676</td><td>1,949</td><td>-18,721</td></tr></table><table><tr><td>Source:</td><td>Daily Treasury Statement, except as noted.</td><td>6/</td><td>Includes transfers to trust accounts, etc.</td></tr><tr><td>1/</td><td>Based upon the 1947 Budget document as revised August 3, 1946.</td><td>7/</td><td>Expenditures for "Aid to agriculture" in fiscal year 1947 include $921 million for restoration of capital impairment affected by the cancellation of notes pursuant to the Act of July 20, 1946.</td></tr><tr><td>2/</td><td>Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.</td><td>8/</td><td>Includes expenditures for public works undertaken by Veterans' Administration, except for the estimated fiscal year 1947, figures for which are not yet available.</td></tr><tr><td>3/</td><td>Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war-rates, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,065 million. These figures include so-called voluntary returns.</td><td>9/</td><td>Include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and excludes refunds of taxes under the social security program. For discussion of excess profits tax refund bonds, see following chapter. Table J.</td></tr><tr><td>4/</td><td>Administrative expenses in carrying out provisions of Act are included in miscellaneous war and defense activities except for the estimated fiscal year 1947, amounts for which are included in the</td><td>10/</td><td>Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Senate, Congress, and General Services Administration, War</td></tr></table>
5/ Classification changed to reflect expenditures of surplus property disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other."
6) 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 20.
7) Includes expenditures for public works undertaken by Veterans' Administration, except for the estimated fiscal year 1947, figures for which are not yet available.
8) Includes amounts transferred to public debt accounts to cover interest and sinking profit on government bonds and excludes refunds of taxes under the social security program. For discussion of excess profits tax refund bonds, see following chapter, Table 3.
9) Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Bureau for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act, which are included in "Miscellaneous war and defense activities."
December 1946
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first 4 months, fiscal years 1945 to 1947</th><th colspan="4">End of fiscal years, 1945 to 1947</th></tr><tr><th>Oct. 31, 1944</th><th>Oct. 31, 1945</th><th>Oct. 31, 1946</th><th>Change Oct. 31, 1945 to Oct. 31, 1946</th><th>Actual June 30, 1945</th><th>Estimated June 30, 1946</th><th>Estimated June 30, 1947</th><th>Change Actual June 30, 1946 to estimated June 30, 1947</th></tr><tr><td colspan="9">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><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>145,008</td><td>182,790</td><td>182,318</td><td>-472</td><td>181,319</td><td>189,606</td><td></td><td></td></tr><tr><td>Non-marketable</td><td>47,430</td><td>56,072</td><td>56,081</td><td>+9</td><td>56,226</td><td>56,173</td><td></td><td></td></tr><tr><td>Total public issues</td><td>192,438</td><td>238,862</td><td>238,400</td><td>-463</td><td>237,545</td><td>245,779</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Special issues</td><td>16,170</td><td>20,577</td><td>24,015</td><td>+3,438</td><td>18,812</td><td>22,332</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>208,608</td><td>259,439</td><td>262,415</td><td>+2,975</td><td>256,357</td><td>268,111</td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,636</td><td>2,378 2/</td><td>1,117</td><td>-1,261</td><td>2,326</td><td>1,311</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>210,244</td><td>261,817</td><td>263,532</td><td>+1,714</td><td>258,682</td><td>269,422</td><td>261,000</td><td>-8,422</td></tr><tr><td colspan="9">Securities guaranteed by the United States 3/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>1,193</td><td>39</td><td>14</td><td>+4</td><td>31</td><td>43</td><td></td><td></td></tr><tr><td>Non-marketable</td><td>287</td><td>502</td><td>334</td><td>-168</td><td>375</td><td>424</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,480</td><td>541</td><td>378</td><td>-163</td><td>409</td><td>467</td><td></td><td></td></tr><tr><td>Matured debt</td><td>83</td><td>17</td><td>8</td><td>-9</td><td>24</td><td>10</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,563</td><td>558</td><td>386</td><td>-172</td><td>433</td><td>476</td><td></td><td></td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>211,807</td><td>262,376</td><td>263,918</td><td>+1,542</td><td>259,115</td><td>269,898</td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement, except as noted. n.a. Not available. 1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Includes prepayments on securities.
3/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 4 months, fiscal years 1945 to 1947</th><th colspan="3">Complete fiscal years, 1945 to 1947</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th>Actual 1945</th><th>1946</th><th>Estimated 1/ 1947</th></tr><tr><td colspan="7">Amount required to be financed</td></tr><tr><td>Net budgetary deficit</td><td>19,823</td><td>15,082</td><td>301</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>5,890</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>-</td><td>-</td><td>524</td><td>479</td></tr><tr><td>Total amount required to be financed</td><td>19,823</td><td>15,082</td><td>6,191</td><td>58,470</td><td>21,200</td><td>10,850</td></tr><tr><td colspan="7">Means of financing</td></tr><tr><td>Net increase in public debt</td><td>9,241</td><td>3,135</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>10,178</td><td>11,885</td><td>6,168</td><td>-</td><td>10,460</td><td>10,850</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>404</td><td>62</td><td>24</td><td>791</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>19,823</td><td>15,082</td><td>6,191</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/ Compriees trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment
on gold, coiniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
December 1946
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="6">Expenditures 1/</th><th rowspan="2">Government corporations (wholly owned), etc. (net) 1/</th><th rowspan="2">Net budgetary deficit 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Loss not appropriables to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War and defense activities 5/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1937</td><td>5,298</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,117</td><td>6,641</td><td>929</td><td>608</td><td>3/</td><td>3,149</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>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>3,542</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273</td><td>538</td><td>5,387</td><td>8,938</td><td>7,109</td><td>1,657</td><td>332</td><td>3/</td><td>3,611</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079</td><td>6,301</td><td>331</td><td>3/</td><td>5,103</td></tr><tr><td>1942</td><td>11,658</td><td>12,993</td><td>189</td><td>286</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</td><td>1,103</td><td>22,282</td><td>76,179</td><td>5,635</td><td>72,109</td><td>435</td><td>3/</td><td>55,897</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292</td><td>1,260</td><td>40,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>3/</td><td>49,595</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483</td><td>1,283</td><td>46,457</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,046</td><td>-7</td><td>53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>20,676</td></tr><tr><td>1945-October</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>52</td><td>2,530</td><td>5,695</td><td>787</td><td>5,126</td><td>38</td><td>-255</td><td>3,165</td></tr><tr><td>November</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>2,374</td><td>4,581</td><td>430</td><td>4,226</td><td>-</td><td>-74</td><td>2,208</td></tr><tr><td>December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>4,118</td><td>5,013</td><td>1,201</td><td>4,245</td><td>-</td><td>-432</td><td>895</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>30</td><td>3,819</td><td>4,860</td><td>791</td><td>3,417</td><td>684</td><td>-31</td><td>1,042</td></tr><tr><td>February</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,678</td><td>3,435</td><td>660</td><td>2,702</td><td>148</td><td>-75</td><td>-243</td></tr><tr><td>March</td><td>5,752</td><td>5,583</td><td>42</td><td>138</td><td>135</td><td>5,747</td><td>3,645</td><td>2,028</td><td>2,570</td><td>23</td><td>-57</td><td>-1,902</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>179</td><td>57</td><td>2,677</td><td>4,258</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>1,591</td></tr><tr><td>May</td><td>2,938</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>3,644</td><td>2,634</td><td>1,190</td><td>631</td><td>-870</td><td>1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>599</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>-1,753</td></tr><tr><td>October</td><td>2,617</td><td>2,290</td><td>45</td><td>341</td><td>73</td><td>2,544</td><td>2,965</td><td>1,494</td><td>1,481</td><td>48</td><td>-59</td><td>420</td></tr></table>
Source: Early Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ For further details, see Table 6.
8/ Total expenditures less net receipts.
9/ For expenditures of Government corporations, etc. (net) see table on "Trust Accounts, Etc. Receipts and Expenditures" showing transactions in checking accounts of Government agencies, etc. (net).
10/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; $1 million in the fiscal year 1943. Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
11/ 
12/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposit is not available on the basis of Daily Treasury Statements. On the basis of current contracts, the following amounts are due: fiscal year 1943, $558 million; fiscal year 1944, $2,335 million; fiscal year 1945, $2,001 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 profit taxes</th><th colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Withheld by employers 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>98</td><td>*</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,560</td><td>-</td><td>2,560</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 5/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,395</td></tr><tr><td>1941</td><td>12,362</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>1,960</td><td>-</td><td>1,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>1,847</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>1,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,595</td><td>8,193</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>7,175</td></tr><tr><td>1945-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>2,583</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td></tr><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td></tr><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>619</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>612</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>142</td><td>285</td><td>269</td><td>11</td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>850</td><td>2,142</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>914</td><td>974</td><td>67</td><td>62</td><td>2</td><td>2</td><td>695</td></tr><tr><td>August</td><td>2,494</td><td>1,513</td><td>1,070</td><td>413</td><td>302</td><td>284</td><td>10</td><td>8</td><td>679</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>656</td></tr><tr><td>October</td><td>2,230</td><td>1,404</td><td>557</td><td>847</td><td>74</td><td>70</td><td>2</td><td>2</td><td>752</td></tr></table>
Source: Daily Treasury Statement.
4 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.
For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act. 5/ includes less than $500 thousand in receipts from "Agricultural Adjustment taxes".
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general 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 2/</th><th>Total</th><th>Aid to agriculture 2/5/</th><th>Social security program 2/5/</th><th>Public works 1/</th><th>Departmental out otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>860</td><td>56</td><td>5,136</td><td>971</td><td>184</td><td>1,024</td><td>510</td><td>365</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,288</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>736</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>5,035</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>6,119</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,449</td><td>912</td><td>529</td><td>413</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,701</td><td>2,472 12/</td><td>753 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>1,141 15/</td></tr><tr><td>1945-October</td><td>787</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400</td><td>35</td><td>73</td><td>37</td><td>68</td><td>14/</td><td>14/</td><td>188</td></tr><tr><td>November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148</td><td>20</td><td>31</td><td>19</td><td>66</td><td>14/</td><td>14/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>14/</td><td>14/</td><td>10</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>51</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</td><td>14/</td><td>14/</td><td>13</td></tr><tr><td>February</td><td>560</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>10</td><td>50</td><td>25</td><td>65</td><td>14/</td><td>14/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 13/</td><td>32</td><td>32</td><td>77</td><td>14/</td><td>14/</td><td>111</td></tr><tr><td>April</td><td>1,490</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>61</td><td>16</td><td>75</td><td>14/</td><td>14/</td><td>111</td></tr><tr><td>May</td><td>1,400</td><td>1,015</td><td>415</td><td>106</td><td>494</td><td>185</td><td>23</td><td>42</td><td>50</td><td>65</td><td>14/</td><td>14/</td><td>216</td></tr><tr><td>June</td><td>3,066</td><td>2,407</td><td>496</td><td>1,395</td><td>516</td><td>660</td><td>77</td><td>23</td><td>56</td><td>73</td><td>14/</td><td>14/</td><td>431</td></tr><tr><td>July</td><td>2,694</td><td>1,074</td><td>463</td><td>249</td><td>361</td><td>1,620</td><td>1,024 16/</td><td>98</td><td>67</td><td>118</td><td>14/</td><td>14/</td><td>311 17/</td></tr><tr><td>August</td><td>1,274</td><td>883</td><td>512</td><td>122</td><td>189</td><td>451</td><td>58</td><td>46</td><td>101</td><td>104</td><td>14/</td><td>14/</td><td>191</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>484</td><td>618</td><td>95</td><td>492</td><td>29</td><td>46</td><td>96</td><td>105</td><td>14/</td><td>14/</td><td>216 17/</td></tr><tr><td>October</td><td>1,494</td><td>785</td><td>518</td><td>160</td><td>108</td><td>709</td><td>148</td><td>71</td><td>139</td><td>104</td><td>14/</td><td>14/</td><td>347 17/</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500 thousand.
2/ Internal expense figures include expenditures for revolving funds; back figures have been revised accordingly.
3/ Includes public works undertaken by the Veterans' Administration. Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover the issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Ex- ceed profits tax refund bonds were formerly issued to corpora- tions entitling them to a post-war credit equal to 10% of the ex- cess profits tax paid. The Tax Adjustment Act of 1915 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 to chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstand- ing excess profits tax refund bonds may be redeemed at the option of the holder for an amount equal to 10% of such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works.
6/ Includes railroad retirement and railroad unemployment activities and excludes certain automobile highway, when such redemp- tment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow in the Social security program.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Admin- istration. Excludes certain expenditures for public works in con- nection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, depart-
ment expenditures under the Social security program and the Department of Agriculture departmental expenditures. Beginning July 1946, includes expenditures formerly classified as departmental. 
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6. 
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and Capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, Disaster Loan Corporation, and Export-Import Bank of Washington. 
11/ Gross expenditures have been reduced $31.5 million representing the retirement of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1945, page 9, footnote 12. 
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1945 and 1946. 
13/ Includes $900 million for Commodity Credit Corporation - postwar price support of agriculture. 
14/ Classified as miscellaneous expenditures commencing July 1, 1945. 
15/ Expenditures during the fiscal year 1945 include $674 million for Export-Import Bank of Washington - capital stock, and $193 million for International Bank under Bretton Woods Agreements Act. 
16/ Includes $900 million for restoration of capital impairment of Commodity Credit Corporation effective by cancellation of notes pursuant to the act of July 20, 1945. 
17/ Includes expenditures of $300 million during July 1946, $100 million during September 1946, and $200 million during October 1946 for credit to United Kingdom. Also includes $100 million during August 1946, $100 million during September 1946, and $125 million during October 1946 for Export-Import Bank of Washington - capital stock.
December 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 Depart-ment</th><th>Very Depart-ment</th><th>Armed Force Leave Act of 1946 1/</th><th>Agri- cultural Depart-ment</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>Sectional Housing Agency 2/</th><th>Selective Service (admit- trative)</th><th>Treasury Depart-ment</th><th>United States Maritime Commis- sion</th><th>War Ship- ping Admi.</th><th>Aid to China</th><th>United Nations Relief and Rehabili- tation</th><th>Surplus property and de- disposal agen- cies</th><th>Other war and de- fense ac- tivities expendi- tures 1/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>551</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>630</td><td>573</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,691</td><td>667</td><td>892</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>99</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>108</td><td>-</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>195</td></tr><tr><td>1944</td><td>87,039</td><td>49,282</td><td>26,518</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>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>-</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>61</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>11</td><td>105</td><td>1,022</td></tr><tr><td>1946</td><td>48,582</td><td>27,800</td><td>15,161</td><td>-</td><td>1,081</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>660</td><td>105</td><td>611</td></tr><tr><td>1946-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>4,286</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>145 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>35</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>0</td><td>3</td><td>40</td><td>35</td><td>112</td><td>-</td><td>60</td><td>-</td><td>50</td></tr><tr><td>February</td><td>2,702</td><td>1,588</td><td>883</td><td>-</td><td>62</td><td>4</td><td>6</td><td>2</td><td>5</td><td>41</td><td>73</td><td>72</td><td>2</td><td>74</td><td>1</td><td>39</td></tr><tr><td>March</td><td>2,550</td><td>1,582</td><td>734</td><td>-</td><td>29</td><td>4</td><td>5</td><td>13</td><td>3</td><td>44</td><td>16</td><td>78</td><td>14</td><td>118</td><td>1</td><td>36</td></tr><tr><td>April</td><td>2,560</td><td>1,420</td><td>858</td><td>-</td><td>10</td><td>5</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</td><td>63</td><td>-</td><td>57</td><td>5</td><td>33</td></tr><tr><td>May</td><td>2,182</td><td>1,282</td><td>640</td><td>-</td><td>3</td><td>4</td><td>5</td><td>5</td><td>4</td><td>26</td><td>50</td><td>47</td><td>-</td><td>96</td><td>36</td><td>33</td></tr><tr><td>June</td><td>2,442</td><td>1,465</td><td>590</td><td>-</td><td>131</td><td>2</td><td>4</td><td>3</td><td>3</td><td>24</td><td>4</td><td>37</td><td>-</td><td>91</td><td>53</td><td>40</td></tr><tr><td>July</td><td>1,190</td><td>300</td><td>519</td><td>-</td><td>12</td><td>2</td><td>7</td><td>4</td><td>4</td><td>29</td><td>4</td><td>34</td><td>-</td><td>169</td><td>27</td><td>73</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>35</td><td>1</td><td>40</td><td>-</td><td>169</td><td>23</td><td>4</td></tr><tr><td>September</td><td>1,100</td><td>384</td><td>446</td><td>-</td><td>2</td><td>2</td><td>3</td><td>3</td><td>4</td><td>16</td><td>18</td><td>61</td><td>-</td><td>108</td><td>29</td><td>53</td></tr><tr><td>October</td><td>1,481</td><td>616</td><td>485</td><td>70</td><td>7</td><td>3</td><td>1</td><td>4</td><td>4</td><td>17</td><td>22</td><td>6</td><td>-</td><td>198</td><td>26</td><td>24</td></tr></table>
Daily Treasury Statement.
Less than $500 thousand.
1/ Administrative expense to carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments.
2/ Includes war public housing functions.
3/ Includes war expenditures of Commerce, Justice, Interior, and State Departments; Office of Service Connexion; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such expenditures are reflected with the respective departments.
4/ Classification changed. Reflects expenditures for the fiscal year 1946 under "War activities." Prior year expenditures are included.
5/ Payment of $170 million was made on Dec. 29, 1945, by the Federal Surplus Commodities Corporation of the Department of Agriculture to the Commonwealth of Puerto Rico for reimbursement for agricultural commodities procured in connection with the land-lease program and reflected in previous expenditures by the Commodity Credit Corporation. 
6/ Total payments for the fiscal year 1946 amounted to $957 million. 
Effective September 1, 1946, expenditures of the War Shipping Administration were 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 8, 1946.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(in millions of dollars)
<table><tr><th>Finacial year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1937</td><td>608</td><td>551</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>-</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>1945-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>604</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>200</td><td>162</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>95</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>631</td><td>226</td><td>174</td><td>223</td><td>-</td><td>8</td></tr><tr><td>August</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>32</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>48</td><td>4</td><td>44</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Additional transactions are shown in Table J.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on social security progress. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.
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 Soothing Administration</th><th>Federal Public Housing Authority</th><th>Hose Owners' Loan Corporations</th><th>Reconstruction Finance Corporation 1/ Var and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1945</td><td>-7</td><td>471 2/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 2/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-199</td></tr><tr><td>1945-October</td><td>-255</td><td>-62</td><td>-1</td><td>-2</td><td>*</td><td>-23</td><td>34</td><td>-165</td><td>-4</td><td>-31</td></tr><tr><td>November</td><td>-74</td><td>-47</td><td>-10</td><td>-2</td><td>-2</td><td>-21</td><td>-76</td><td>118</td><td>*</td><td>-34</td></tr><tr><td>December</td><td>-432</td><td>-394</td><td>9</td><td>5</td><td>5</td><td>-21</td><td>15</td><td>-34</td><td>1</td><td>-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>-24</td><td>-96</td><td>28</td><td>*</td><td>2</td></tr><tr><td>April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-32</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>47</td><td>13</td><td>3</td><td>-14</td></tr><tr><td>August</td><td>136</td><td>145</td><td>-15</td><td>11</td><td>2</td><td>-22</td><td>64</td><td>-14</td><td>-2</td><td>-14</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><tr><td>October</td><td>-59</td><td>13</td><td>-54</td><td>-2</td><td>*</td><td>-18</td><td>3</td><td>8</td><td>3</td><td>-12</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Payments of $957 million have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the land-lease program and
reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,132 million. 1/ Represents payment to Commodity Credit Corporation under act of February 18, 1946. 4/ The act of July 1945, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $921 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly owned), etc. (est.).
Table 7.
- Total Budgetary Receipts and Expenditures by Months, Beginning with 1937
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>118</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,660</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>269</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>344</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>6,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>995</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>26,554</td></tr><tr><td>1944</td><td>2,147</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,282</td><td>6,247</td><td>2,553</td><td>5,168</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,021</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,095</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,178</td><td>2,544</td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1937</td><td>539</td><td>446</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>467</td><td>635</td><td>7,758</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>717</td><td>646</td><td>830</td><td>8,997</td></tr><tr><td>1939</td><td>596</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,895</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,567</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>8,127</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,959</td><td>8,282</td><td>8,625</td><td>8,100</td><td>8,344</td><td>7,402</td><td>8,137</td><td>7,946</td><td>8,420</td><td>97,578</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>491</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,847</td></tr><tr><td>1939</td><td>185</td><td>205</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>412</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>1,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,995</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>2,952</td><td>4,172</td><td>5,342</td><td>2,318</td><td>3,937</td><td>1,716</td><td>1,976</td><td>6,134</td><td>5,706</td><td>3,004</td><td>53,551</td></tr><tr><td>1945</td><td>4,683</td><td>3,514</td><td>2,373</td><td>4,978</td><td>6,028</td><td>3,838</td><td>6,126</td><td>4,293</td><td>1,497</td><td>3,166</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>420</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/ Excludes public debt retirements.
3/ Total expenditures less net receipts.
December 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-16B-1
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. Net receipts (+) or net expenditures (-)</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>+12</td><td>761</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+84</td><td>+1</td><td>530</td><td>529</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>+1</td><td>580</td><td>577</td><td>-</td><td>+1</td><td>995</td><td>997</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>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-1,506</td><td>+9</td><td>940</td><td>911</td><td>+11</td><td>46</td><td>36</td><td>1,244</td><td>1,241</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,661</td><td>+6</td><td>1,190</td><td>1,185</td><td>+1</td><td>316</td><td>120</td><td>1,390</td><td>1,404</td><td>+4</td><td>217</td><td>217</td></tr><tr><td>1944</td><td>+1,051</td><td>+6</td><td>1,351</td><td>1,357</td><td>+11</td><td>905</td><td>833</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>1,508</td><td>1,508</td><td>+1</td><td>124</td><td>123</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>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1946-October</td><td>+417</td><td>+27</td><td>52</td><td>25</td><td>-7</td><td>89</td><td>96</td><td>+25</td><td>13</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>276</td><td>+7</td><td>85</td><td>93</td><td>+10</td><td>174</td><td>+2</td><td>21</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>12</td><td>+1</td><td>172</td><td>172</td></tr><tr><td>1946-January</td><td>-307</td><td>+27</td><td>95</td><td>18</td><td>+90</td><td>691</td><td>601</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>-1</td><td>37</td><td>38</td></tr><tr><td>March</td><td>-295</td><td>-184</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>55</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>+88</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>1</td><td>38</td><td>37</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>167</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>+84</td><td>+28</td><td>61</td><td>33</td><td>+147</td><td>277</td><td>130</td><td>+11</td><td>149</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>1</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>1</td><td>1</td><td>1</td></tr><tr><td>October</td><td>+156</td><td>+46</td><td>73</td><td>26</td><td>-1</td><td>44</td><td>45</td><td>+1</td><td>42</td><td>41</td><td>1</td><td>44</td><td>44</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Selignorage on silver</th><th>Special deposit accounts and miscellaneous funds 2/</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Total</th><th>Issue of obligations (net) 3/</th><th>Other transactions (net)</th><th></th></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-</td><td>+314</td><td>n.a.</td><td>n.a.</td><td>-</td></tr><tr><td>1938</td><td>+4</td><td>323</td><td>321</td><td>-51</td><td>+90</td><td>-</td><td>+204</td><td>n.a.</td><td>n.a.</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>319</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>+768</td><td>+1,166</td><td>-137</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>566</td><td>371</td><td>*</td><td>+19</td><td>+16</td><td>+31</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>+99</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+241</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>-</td></tr><tr><td>1944</td><td>+123</td><td>820</td><td>919</td><td>*</td><td>-</td><td>+201</td><td>-1,443</td><td>-2,874</td><td>-1,529</td><td>-</td></tr><tr><td>1945</td><td>+650</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-1,553</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>-95</td><td>-</td><td>-</td></tr><tr><td>1945-October</td><td>+48</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>+151</td><td>+9</td><td>+9</td><td>-</td><td>-</td></tr><tr><td>May</td><td>*</td><td>295</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>-17</td><td>-93</td><td>-93</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-156</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><tr><td>October</td><td>-3</td><td>111</td><td>114</td><td>*</td><td>-</td><td>+95</td><td>+22</td><td>+22</td><td>-</td><td>+36</td></tr></table>
Daily Treasury Statement.
Source: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
n.s. Not available.
* Less than $500 thousand.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special
deposits (net), and, during the fiscal years1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
December 1946
11
Means of Financing Cash Requirements
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditures is trust accounts, etc. 2/</th><th>Total amount financed</th><th>increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust /accounts, etc. 2/</th></tr><tr><td>1937</td><td>3,140</td><td>3,140</td><td>-</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>622</td><td>-</td><td>1,384</td><td>730</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>-</td><td>-</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>742</td><td>148</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>-</td><td>-</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>49,599</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-October</td><td>3,368</td><td>3,165</td><td>203</td><td>-</td><td>-</td><td>3,368</td><td>-</td><td>3,321</td><td>47</td></tr><tr><td>November</td><td>3,890</td><td>2,208</td><td>-</td><td>1,632</td><td>-</td><td>3,890</td><td>3,524</td><td>-</td><td>315</td></tr><tr><td>December</td><td>12,773</td><td>895</td><td>-</td><td>11,558</td><td>319</td><td>12,773</td><td>12,773</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>1,349</td><td>1,042</td><td>-</td><td>534</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>-</td><td>36</td><td>327</td><td>327</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,593</td><td>-1,902</td><td>3,201</td><td>-</td><td>295</td><td>1,593</td><td>-</td><td>1,593</td><td>-</td></tr><tr><td>April</td><td>3,705</td><td>1,591</td><td>2,114</td><td>-</td><td>-</td><td>3,705</td><td>-</td><td>3,433</td><td>272</td></tr><tr><td>May</td><td>2,447</td><td>1,131</td><td>1,316</td><td>-</td><td>-</td><td>2,447</td><td>-</td><td>2,398</td><td>48</td></tr><tr><td>June</td><td>4,298</td><td>873</td><td>3,161</td><td>-</td><td>265</td><td>4,298</td><td>-</td><td>4,298</td><td>-</td></tr><tr><td>July</td><td>2,257</td><td>1,105</td><td>1,152</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,209</td><td>48</td></tr><tr><td>August</td><td>1,223</td><td>499</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>989</td><td>234</td></tr><tr><td>September</td><td>868</td><td>-1,723</td><td>2,177</td><td>-</td><td>414</td><td>868</td><td>-</td><td>868</td><td>-</td></tr><tr><td>October</td><td>2,257</td><td>420</td><td>1,837</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,102</td><td>156</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and beginning with fiscal year 1945, includes Government corporations (wholly owned), etc. (set).
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">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old Age and Survivors Insurance Trust Fund $</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) $1</th><th>Federal Unemployment Tax Act (Unemployment insurance) $2</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>517.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.1</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.7</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,281.0</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-October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr><tr><td>November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>238.9</td><td>13.1</td></tr><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>305.5</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>13.5</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>269.1</td><td>15.0</td></tr><tr><td>June</td><td>8.1</td><td>6.5</td><td>1.4</td><td>2.8</td><td>5.3</td></tr><tr><td>July</td><td>64.6</td><td>62.1</td><td>2.2</td><td>61.3</td><td>1.2</td></tr><tr><td>August</td><td>294.3</td><td>284.3</td><td>10.0</td><td>281.4</td><td>11.9</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><tr><td>October</td><td>72.2</td><td>70.0</td><td>2.2</td><td>72.6</td><td>-.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 5/</th><th colspan="7">Expenditures</th><th rowspan="2">Department of Labor</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th colspan="3">Social Security Administration</th><th>Public Health Service</th><th colspan="2">Children's Bureau 1/</th><th>U.S. Employment Service 3/</th></tr><tr><th></th><th></th><th></th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to blind</th><th>Unemployment compensation administration</th><th>Public health work 6/</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th></th><th></th></tr><tr><td>1938</td><td>312.5</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>41.0</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>494.8</td><td>31.5</td><td>463.6</td><td>299.1</td><td>63.2</td><td>7.1</td><td>65.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.9</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.8</td><td>31.5</td><td>473.6</td><td>369.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>3.5</td><td>357.6</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>35.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>6.2</td><td>326.1</td></tr><tr><td>1946-October</td><td>72.0</td><td>3.1</td><td>68.5</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td></td><td>1.2</td><td>1.1</td><td>1.2</td><td>66.6</td><td></td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>1.5</td><td>1.2</td><td></td><td>1.3</td><td>1.3</td><td>1.1</td><td>17.8</td><td></td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>1.8</td><td>1.1</td><td></td><td>1.6</td><td>1.6</td><td>1.1</td><td>32.4</td><td></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>1.7</td><td>1.7</td><td>1.1</td><td>48.0</td><td></td></tr><tr><td>February</td><td>45.9</td><td>3.0</td><td>46.4</td><td>38.9</td><td>5.8</td><td>1.7</td><td>2.8</td><td></td><td>1.8</td><td>1.8</td><td>1.1</td><td>11.8</td><td></td></tr><tr><td>March</td><td>31.1</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>1.6</td><td>1.0</td><td></td><td>1.1</td><td>1.1</td><td>1.1</td><td>14.1</td><td></td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.5</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td></td><td>1.9</td><td>1.7</td><td>1.3</td><td>58.5</td><td></td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>1.9</td><td>1.3</td><td></td><td>1.9</td><td>1.3</td><td>1.3</td><td>26.1</td><td></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>1.2</td><td>6.3</td><td></td><td>1.2</td><td>1.1</td><td>1.2</td><td>16.9</td><td></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>1.8</td><td>1.1</td><td>1.2</td><td>94.1</td><td></td></tr><tr><td>August</td><td>45.5</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>1.8</td><td>1.8</td><td>1.2</td><td>34.1</td><td></td></tr><tr><td>September</td><td>45.8</td><td>1.7</td><td>43.2</td><td>33.7</td><td>6.1</td><td>1.0</td><td>1.2</td><td></td><td>1.5</td><td>1.1</td><td>1.2</td><td>35.8</td><td></td></tr><tr><td>October</td><td>70.3</td><td>1.9</td><td>66.9</td><td>41.9</td><td>11.0</td><td>1.4</td><td>11.0</td><td></td><td>1.6</td><td>1.6</td><td>1.4</td><td>70.7</td><td></td></tr></table>
Source: 
* Daily Treasury Statement.
* Less than $50 thousand.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund, equivalent amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
4/ Includes an adjustment of $1,879 thousand on account of overstatement of reimbursements to General Fund in September.
5/ 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 other administrative agencies. The balance of the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses of the Bureau of Internal Revenue. Principally for the following agencies: Bureau of Internal Revenue and Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency. Beginning July 1, 1940, except payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 1941. Includes expenditures under Social Security Act by the Department of Labor. Beginning July 1, 1940, except payments. Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946. Covered by appropriations by Congress. Secretary's Appropriation for Fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal Government's tax for 1936 collected under the Social Security Act.
December 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>Receipts Carriers' Taxing Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1938</td><td>150.1</td><td>189.0</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>2.5</td><td>120.7</td><td>*</td><td>2.1</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>1.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.6</td></tr><tr><td>1946-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><tr><td>October</td><td>2.1</td><td>44.3</td><td>.3</td><td>44.0</td><td>*</td><td>42.1</td></tr></table>
Source: Daily Treasury Statement. * Less than $50 thousand. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 1/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 1/</th><th>Excess of expenditures 2/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.1</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>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1946</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1945-October</td><td>.*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1946-January</td><td>.*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>April</td><td>.*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.7</td></tr><tr><td>July</td><td>.*</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr><tr><td>August</td><td>.*</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>September</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>-3.3</td></tr><tr><td>October</td><td>.*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr></table>
Daily Treasury Statement. Less than $50 thousand. Operated as Railroad Unemployment Insurance Administration Fund. Represents 100% 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 through amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
$6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="2">Receipts</th><th colspan="4">Expenses</th><th colspan="2">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</th></tr><tr><th></th><th></th><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>782.7</td><td>765.0</td><td>17.7</td><td>9.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1939</td><td>1,199.5</td><td>1,155.0</td><td>44.6</td><td>15.3</td><td>19.3</td><td>-</td><td>-</td><td>1,150.3</td><td>1,177.2</td><td>1.9</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>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>2,380.5</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>3,267.2</td><td>3,201.6</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>492.4</td><td>359.1</td><td>53.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>28.5</td></tr><tr><td>1944</td><td>6,216.0</td><td>5,111.4</td><td>404.7</td><td>665.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.3</td><td>21.4</td></tr><tr><td>1945</td><td>7,598.8</td><td>7,023.3</td><td>528.5</td><td>635.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,566.3</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,614.4</td><td>7,548.7</td><td>45.2</td></tr><tr><td>1946-August</td><td>9,282.5</td><td>8,606.2</td><td>676.3</td><td>1,366.9</td><td>1,171.9</td><td>192.3</td><td>2.7</td><td>7,935.5</td><td>7,948.7</td><td>31.0</td></tr><tr><td>September</td><td>9,300.0</td><td>8,614.5</td><td>685.5</td><td>1,140.2</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></tr><tr><td>October</td><td>9,370.0</td><td>8,694.5</td><td>685.6</td><td>1,440.7</td><td>1,239.1</td><td>194.5</td><td>7.1</td><td>7,929.3</td><td>7,828.7</td><td>94.3</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>46.3</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $50 thousand.
1/ Include 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, sales rise 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>Unexpended balance</th></tr><tr><th></th><th colspan="3"></th><th colspan="4">In General Fund</th><th>in disturbing officer's account</th></tr><tr><td>1938</td><td>117.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>261.6</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>75.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>319.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>690.9</td><td>639.4</td><td>11.6</td><td>596.1</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>675.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,216.1</td><td>1,116.9</td><td>27.2</td><td>831.0</td><td>331.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.1</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1946-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>133.4</td><td>16.0</td></tr><tr><td>October</td><td>2,078.7</td><td>2,016.1</td><td>62.6</td><td>1,160.8</td><td>917.8</td><td>812.5</td><td>89.3</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>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></th><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from States</th><th>Transfers from Railroad Unemployment Insurance Administration Fund</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account</th><th>Railroad unemployment insurance account</th><th>Total</th><th>Investment</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposited by States</th><th>1/</th><th>3/</th><th>1/</th><th></th><th>With-drawals by States</th><th>3/</th><th>Benefit payments</th><th>1/</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In di-purcuring off-car's account 2/</th></tr><tr><td>1936</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>-</td><td>116.8</td><td>631.8</td><td>1,138.7</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.1</td><td>3,150.1</td><td>3,133.0</td><td>7.8</td></tr><tr><td>1942</td><td>5,255.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>17.4</td><td>261.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,378.5</td><td>4,367.0</td><td>14.0</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>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>45.8</td><td>5,478.6</td><td>5,470.0</td><td>8.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,268.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.2</td><td>7,307.2</td><td>7.8</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>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td></tr><tr><td>1946</td><td>10,958.4</td><td>9,550.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-August</td><td>11,226.6</td><td>9,798.2</td><td>619.5</td><td>106.8</td><td>56.9</td><td>645.2</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></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>649.0</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></tr><tr><td>October</td><td>11,312.8</td><td>9,846.7</td><td>651.2</td><td>106.9</td><td>56.9</td><td>645.1</td><td>3,821.1</td><td>3,637.1</td><td>106.9</td><td>77.0</td><td>7,691.8</td><td>7,664.0</td><td>22.5</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. 
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 
5/ For railroad unemployment benefits and refunds.
December 1946
15
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></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>Sep.</th><th>Oct.</th></tr><tr><td><b>CASH INCOME</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>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit tax</td><td>1,593</td><td>1,524</td><td>3,366</td><td>2,795</td><td>2,730</td><td>1,838</td><td>1,603</td><td>1,407</td><td>3,392</td><td>1,489</td><td>1,513</td><td>3,590</td><td>1,804</td></tr><tr><td>Employment taxes</td><td>58</td><td>257</td><td>66</td><td>51</td><td>310</td><td>97</td><td>65</td><td>299</td><td>73</td><td>67</td><td>202</td><td>85</td><td>74</td></tr><tr><td>Miscellaneous internal revenue</td><td>689</td><td>252</td><td>516</td><td>695</td><td>584</td><td>649</td><td>612</td><td>615</td><td>615</td><td>695</td><td>679</td><td>656</td><td>752</td></tr><tr><td>Customs</td><td>36</td><td>35</td><td>32</td><td>42</td><td>33</td><td>12</td><td>45</td><td>42</td><td>35</td><td>44</td><td>40</td><td>42</td><td>45</td></tr><tr><td>Other</td><td>204</td><td>190</td><td>133</td><td>305</td><td>158</td><td>137</td><td>377</td><td>648</td><td>362</td><td>256</td><td>182</td><td>147</td><td>341</td></tr><tr><td>Subtotal</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>4,481</td><td>2,617</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>42</td><td>184</td><td>37</td><td>33</td><td>158</td><td>16</td><td>39</td><td>200</td><td>37</td><td>40</td><td>209</td><td>40</td><td>42</td></tr><tr><td>Other trust funds and accounts</td><td>282</td><td>295</td><td>257</td><td>162</td><td>245</td><td>153</td><td>162</td><td>294</td><td>221</td><td>112</td><td>91</td><td>177</td><td>144</td></tr><tr><td>Subtotal</td><td>324</td><td>478</td><td>295</td><td>195</td><td>403</td><td>189</td><td>201</td><td>494</td><td>259</td><td>152</td><td>300</td><td>217</td><td>186</td></tr><tr><td>Total cash income</td><td>2,905</td><td>3,087</td><td>4,407</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,015</td><td>4,698</td><td>2,803</td></tr><tr><td><b>CASH OUTGO</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>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>World defense activities</td><td>5,126</td><td>4,226</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,550</td><td>2,560</td><td>2,182</td><td>2,442</td><td>1,190</td><td>1,509</td><td>1,100</td><td>1,411</td></tr><tr><td>Veterans' Administration</td><td>133</td><td>142</td><td>162</td><td>230</td><td>255</td><td>318</td><td>606</td><td>115</td><td>496</td><td>453</td><td>512</td><td>424</td><td>518</td></tr><tr><td>Public works</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><td>139</td></tr><tr><td>Aid to agriculture</td><td>35</td><td>20</td><td>26</td><td>46</td><td>40</td><td>62</td><td>78</td><td>75</td><td>82</td><td>103</td><td>58</td><td>35</td><td>55</td></tr><tr><td>Social security program</td><td>73</td><td>31</td><td>57</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>56</td><td>71</td></tr><tr><td>Interest on the public debt</td><td>142</td><td>57</td><td>759</td><td>181</td><td>87</td><td>596</td><td>140</td><td>75</td><td>913</td><td>178</td><td>85</td><td>587</td><td>119</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><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>34</td><td>-76</td><td>15</td><td>4</td><td>31</td><td>-96</td><td>85</td><td>148</td><td>-1</td><td>43</td><td>54</td><td>-110</td><td>3</td></tr><tr><td>Other</td><td>3</td><td>114</td><td>-36</td><td>-37</td><td>41</td><td>41</td><td>-1</td><td>-111</td><td>-2</td><td>-32</td><td>-74</td><td>7</td><td>8</td></tr><tr><td>Commodity Credit Corporation</td><td>-62</td><td>148</td><td>401</td><td>2</td><td>-53</td><td>-132</td><td>-4</td><td>146</td><td>-154</td><td>38</td><td>165</td><td>54</td><td>13</td></tr><tr><td>Other</td><td>-57</td><td>-65</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>56</td><td>34</td></tr><tr><td>Other</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><td>435</td></tr><tr><td>Subtotal</td><td>5,621</td><td>4,575</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><td>2,805</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund</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><td>66</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></tr><tr><td>Fund</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><td>36</td></tr><tr><td>Railroad Retirement Account</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><td>14</td></tr><tr><td>Other</td><td>237</td><td>129</td><td>214</td><td>534</td><td>377</td><td>185</td><td>418</td><td>430</td><td>37</td><td>-115</td><td>-91</td><td>210</td><td>-76</td></tr><tr><td>Subtotal</td><td>383</td><td>272</td><td>363</td><td>711</td><td>555</td><td>360</td><td>107</td><td>577</td><td>177</td><td>22</td><td>53</td><td>322</td><td>14</td></tr><tr><td>Redemption of adjusted service bonds</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><td>1</td></tr><tr><td>Reduction of excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>879</td><td>94</td><td>33</td><td>27</td><td>14</td><td>9</td><td>8</td><td>6</td><td>4</td><td>4</td></tr><tr><td>Total cash outgo</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>2,923</td><td>2,928</td><td>2,988</td><td>2,850</td></tr><tr><td><b>EXCESS OF CASH OUTGO</b></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><td>17</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on revenues, expenditures, or other accounts appearing in the Daily Treasury Statement and in other tables in the Treasury Bulletin. For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1946. 
2/ Beginning October 1946, excludes bonds issued under Armed Forces Leave Act of 1946. 
3/ Congress Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
5/ Consists of Department of Agriculture expenditure, exempt forest roads and trails which are included in public works. Excludes non-exchange transactions under transfers to trust accounts, etc.
5/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
7/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps" as, and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
8/ Beginning July 1946, 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>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>4,75</td><td>724</td><td>1,640</td><td>5,40</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,723</td><td>5,937</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>4,698</td><td>2,803</td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,279</td><td>1,250</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,401</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>57,999</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>8,570</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,661</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>6,448</td><td>6,009</td><td>4,811</td><td>5,303</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>4,353</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</td><td>2,890</td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,882</td></tr><tr><td>1942</td><td>1,965</td><td>1,519</td><td>-27</td><td>3,148</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,523</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,106</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,540</td><td>46,965</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>35,937</td></tr><tr><td>1946</td><td>1,637</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>47</td><td></td><td></td><td></td></tr></table>
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
December 1946
17
Assets of the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>111</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>2,078</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>1,143</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>1,018</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-October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr><tr><td>November</td><td>14,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,044</td><td>275</td></tr><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>259</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr><tr><td>May</td><td>18,859</td><td>407</td><td>1,230</td><td>16,949</td><td>273</td></tr><tr><td>June</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>July</td><td>12,444</td><td>404</td><td>702</td><td>10,961</td><td>377</td></tr><tr><td>August</td><td>11,431</td><td>416</td><td>872</td><td>9,842</td><td>301</td></tr><tr><td>September</td><td>10,524</td><td>429</td><td>1,445</td><td>8,377</td><td>273</td></tr><tr><td>October</td><td>8,393</td><td>422</td><td>773</td><td>6,936</td><td>262</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>303</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>1945-October</td><td>13,307</td><td>494</td><td>12,813</td></tr><tr><td>November</td><td>14,849</td><td>404</td><td>14,445</td></tr><tr><td>December</td><td>26,520</td><td>517</td><td>26,003</td></tr><tr><td>1946-January</td><td>25,851</td><td>424</td><td>25,427</td></tr><tr><td>February</td><td>26,414</td><td>453</td><td>25,961</td></tr><tr><td>March</td><td>24,743</td><td>376</td><td>24,367</td></tr><tr><td>April</td><td>21,293</td><td>359</td><td>20,935</td></tr><tr><td>May</td><td>18,859</td><td>323</td><td>18,536</td></tr><tr><td>June</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>July</td><td>12,444</td><td>415</td><td>12,029</td></tr><tr><td>August</td><td>11,431</td><td>391</td><td>11,040</td></tr><tr><td>September</td><td>10,524</td><td>353</td><td>10,171</td></tr><tr><td>October</td><td>8,393</td><td>323</td><td>8,070</td></tr></table>
Source: Daily Treasury Statement.
Treasury Bulletin
18
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Miscal 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>19</td><td>16</td><td>34</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>*</td><td>20</td><td>11</td><td>-218</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,906</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>-69,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>304</td><td>-1,403</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>1,569</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,576</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-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>12,173</td><td>-319</td><td>-228</td><td>*</td><td>21</td><td>-101</td><td>-10</td><td>-</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,042</td><td>772</td><td>-307</td><td>-229</td><td>*</td><td>43</td><td>-167</td><td>46</td><td>-</td></tr><tr><td>February</td><td>534</td><td>243</td><td>327</td><td>-36</td><td>83</td><td>*</td><td>30</td><td>-138</td><td>-11</td><td>-</td></tr><tr><td>March</td><td>-1,593</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>*</td><td>21</td><td>-47</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,114</td><td>272</td><td>91</td><td>*</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,116</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>314</td></tr><tr><td>August</td><td>-969</td><td>-109</td><td>-728</td><td>234</td><td>70</td><td>*</td><td>-</td><td>94</td><td>42</td><td>81</td></tr><tr><td>September</td><td>-868</td><td>1,731</td><td>-2,177</td><td>-414</td><td>-447</td><td>*</td><td>-</td><td>102</td><td>19</td><td>-44</td></tr><tr><td>October</td><td>-2,101</td><td>-420</td><td>-1,837</td><td>156</td><td>44</td><td>*</td><td>-</td><td>55</td><td>22</td><td>36</td></tr></table>
Source: Daily Treasury Statement.
Sote: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
Less than $500 thousand.
1/ This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law and beginning with fiscal year 1945 includes Government corporations (wholly owned) etc. (net).
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust and accounts. (See footnote h.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 8.)
h/ Comprises Public Works Administration revolving fund, special de
5/ Begins with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). Represents outstanding debt. See Note.
6/ Includes inactive gold in the amount of $1,087 million.
7/ 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 public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
December 1946
19
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
20
Treasury Bulletin
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></table>
Public debt and guaranteed obligations l/
<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 debt</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,665</td><td>4,853</td><td>5,850</td><td>5,938</td><td>6,360</td><td>4,599</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>269,998</td><td></td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,303</td><td>1,155</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,864</td><td>11,774</td><td>17,042</td><td>17,879</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td><td>34,808</td></tr><tr><td>Treasury notes</td><td>10,617</td><td>9,117</td><td>7,283</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,158</td><td>17,405</td><td>23,497</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,559</td></tr><tr><td>Treasury bonds - bank eligible</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,559</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,854</td></tr><tr><td>Postal savings and other bonds</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>180</td></tr><tr><td>Total marketable issues</td><td>33,054</td><td>32,311</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>800</td><td>1,238</td><td>1,858</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586 1/2</td><td>49,035 3/4</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td><td>6,711</td></tr><tr><td>Adjusted service bonds</td><td>389</td><td>319</td><td>287</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>205</td><td>197</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td><td>245,779</td></tr><tr><td>Special issues</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td><td>22,332</td></tr><tr><td>Total interest-bearing debt</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><td>268,111</td></tr><tr><td>Matured debt on which interest has ceased</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</td><td>376</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td><td>584</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td><td>935</td></tr><tr><td>Total public debt outstanding</td><td>36,425</td><td>37,155</td><td>40,440</td><td>42,968</td><td>48,951</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,582</td><td>269,422</td></tr></table>
Guaranteed obligations
<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>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation........</td><td>1,922</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>34</td></tr><tr><td>Federal Housing Administration............</td><td>-</td><td>1</td><td>3</td><td>6</td><td>17</td><td>21</td><td>23</td><td>-</td><td>43</td></tr><tr><td>Federal Public Housing Authority........</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></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>1,953</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>Matured debt on which interest has ceased.</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed obligations outstanding.</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td></tr></table>
(Continued on following page)
December 1946
21
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="4">1945</th><th colspan="10">1946</th></tr><tr><th></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><th>Oct. 31</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>259,439</td><td>262,849</td><td>275,694</td><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td></tr><tr><td>Guaranteed obligations</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>567</td><td>324</td><td>370</td><td>391</td><td>378</td></tr><tr><td>Total</td><td>259,980</td><td>263,386</td><td>276,246</td><td>278,001</td><td>278,451</td><td>275,290</td><td>273,244</td><td>271,983</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td><td>262,792</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,125</td></tr><tr><td>Total outstanding</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><td>263,918</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,026</td><td>17,026</td><td>17,037</td><td>17,042</td><td>17,038</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><td>16,987</td></tr><tr><td>Certificates of indebtedness</td><td>35,021</td><td>35,021</td><td>38,195</td><td>42,502</td><td>41,813</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><td>32,478</td></tr><tr><td>Treasury notes</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>13,352</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 2/.</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><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</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>65,804</td><td>65,804</td><td>65,804</td><td>69,686</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</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><td>179</td></tr><tr><td>Total marketable issues</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>193,487</td><td>189,506</td><td>187,596</td><td>186,350</td><td>184,338</td><td>182,318</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 1/.</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><td>49,624</td></tr><tr><td>Treasury notes - tax and savings series 3/.</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>6,688</td><td>6,096</td><td>6,003</td></tr><tr><td>Depositary bonds</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>420</td><td>400</td><td>385</td><td>383</td></tr><tr><td>Armed forces leave 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>70</td></tr><tr><td>Total non-marketable issues</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><td>56,081</td></tr><tr><td>Total public issues</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><td>238,400</td></tr><tr><td>Special issues</td><td>20,577</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,997</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><td>24,015</td></tr><tr><td>Total interest-bearing debt</td><td>259,439</td><td>262,849</td><td>275,694</td><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td></tr><tr><td>Prepayments on securities</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><td></td></tr><tr><td>Matured debt on which interest has ceased</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><td>241</td></tr><tr><td>Debt bearing on 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 sterling stamps</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><td>83</td></tr><tr><td>Excess profits tax refund bonds</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><td>35</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>632</td><td>625</td><td>622</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><td>564</td></tr><tr><td>Other debt bearing on interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing on interest</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><td>876</td></tr><tr><td>Total public debt outstanding</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,838</td><td>272,533</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</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>44</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></tr><tr><td>Commodit O-edit Corporation</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>428</td><td>281</td><td>326</td><td>347</td><td>334</td></tr><tr><td>Total interest-bearing debt</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><td>378</td></tr><tr><td>Matured debt on which interest has ceased</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><td>8</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>385</td></tr></table>
<table><tr><td>1/</td><td>Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.</td></tr><tr><td>2/</td><td>Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with the exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, A-9, A-10.)</td></tr></table>
<table><tr><td>3/</td><td>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.</td></tr><tr><td>4/</td><td>Demand obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations in the Daily Treasury Statement.</td></tr><tr><td>5/</td><td>Consolidate of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.</td></tr><tr><td>6/</td><td>Includes prepayments on securities.</td></tr></table>
22
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
8-462-C
December 1946
23
Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>Outstanding at end of fiscal year or month</th><th>Total</th><th>Federal Deposit Insurance Corporation</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government Life Insurance Fund</th><th>Government Retirement Funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/3</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Other 3/</th></tr><tr><td>1937</td><td>1,558</td><td>95</td><td>267</td><td>-</td><td>500</td><td>316</td><td>-</td><td>30</td><td>-</td><td>312</td><td>36</td></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>395</td><td>-</td><td>85</td><td>66</td><td>872</td><td>26</td></tr><tr><td>1939</td><td>3,770</td><td>101</td><td>1,177</td><td>-</td><td>537</td><td>473</td><td>-</td><td>128</td><td>67</td><td>1,267</td><td>20</td></tr><tr><td>1940</td><td>4,775</td><td>56</td><td>1,738</td><td>-</td><td>524</td><td>559</td><td>-</td><td>97</td><td>79</td><td>1,710</td><td>11</td></tr><tr><td>1941</td><td>6,120</td><td>90</td><td>2,381</td><td>5</td><td>531</td><td>656</td><td>3</td><td>88</td><td>74</td><td>2,273</td><td>19</td></tr><tr><td>1942</td><td>7,885</td><td>95</td><td>3,133</td><td>5</td><td>537</td><td>796</td><td>39</td><td>56</td><td>92</td><td>3,114</td><td>18</td></tr><tr><td>1943</td><td>10,871</td><td>103</td><td>4,044</td><td>106</td><td>538</td><td>1,076</td><td>352</td><td>199</td><td>178</td><td>4,257</td><td>18</td></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>4,766</td><td>27</td><td>502</td><td>1,469</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>5,308</td><td>37</td><td>569</td><td>1,858</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>15</td></tr><tr><td>1946</td><td>22,132</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,280</td><td>782</td><td>687</td><td>6,699</td><td>12</td></tr><tr><td>1946-October</td><td>20,577</td><td>152</td><td>5,581</td><td>39</td><td>600</td><td>2,160</td><td>3,742</td><td>638</td><td>669</td><td>6,923</td><td>13</td></tr><tr><td>November</td><td>20,710</td><td>152</td><td>5,566</td><td>40</td><td>602</td><td>2,161</td><td>3,802</td><td>728</td><td>657</td><td>6,988</td><td>13</td></tr><tr><td>December</td><td>20,000</td><td>10</td><td>5,416</td><td>44</td><td>605</td><td>2,165</td><td>3,850</td><td>456</td><td>644</td><td>6,798</td><td>13</td></tr><tr><td>1946-January</td><td>20,655</td><td>65</td><td>5,406</td><td>45</td><td>606</td><td>2,138</td><td>4,450</td><td>506</td><td>668</td><td>6,748</td><td>12</td></tr><tr><td>February</td><td>20,897</td><td>70</td><td>5,406</td><td>45</td><td>606</td><td>2,144</td><td>4,680</td><td>530</td><td>665</td><td>6,748</td><td>12</td></tr><tr><td>March</td><td>21,135</td><td>85</td><td>5,586</td><td>46</td><td>612</td><td>2,106</td><td>4,785</td><td>592</td><td>642</td><td>6,668</td><td>12</td></tr><tr><td>April</td><td>21,224</td><td>85</td><td>5,581</td><td>46</td><td>612</td><td>2,089</td><td>4,935</td><td>608</td><td>667</td><td>6,588</td><td>12</td></tr><tr><td>May</td><td>21,461</td><td>85</td><td>5,581</td><td>47</td><td>612</td><td>2,090</td><td>5,100</td><td>628</td><td>654</td><td>6,573</td><td>12</td></tr><tr><td>June</td><td>22,132</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,280</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>July</td><td>21,046</td><td>174</td><td>5,910</td><td>50</td><td>889</td><td>2,404</td><td>5,310</td><td>816</td><td>810</td><td>6,649</td><td>12</td></tr><tr><td>August</td><td>21,143</td><td>174</td><td>5,910</td><td>50</td><td>939</td><td>2,399</td><td>5,520</td><td>844</td><td>795</td><td>6,764</td><td>26</td></tr><tr><td>September</td><td>21,854</td><td>174</td><td>6,200</td><td>52</td><td>1,012</td><td>2,388</td><td>5,570</td><td>870</td><td>782</td><td>6,779</td><td>26</td></tr><tr><td>October</td><td>24,015</td><td>179</td><td>6,190</td><td>53</td><td>1,135</td><td>2,379</td><td>5,595</td><td>890</td><td>812</td><td>6,754</td><td>26</td></tr></table>
Source: Daily Treasury Statement.
1/ These securities are included in the detailed statement of the public debt on pages 20 and 21.
2/ Includes Canal Zone, Postal Savings System.
3/ Includes Adjusted Service Certificate Fund, Mutual Mortgage Insurance Fund, and War Housing Insurance Fund.
Guaranteed Obligations Held by the Treasury 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,031</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-October</td><td>12,269</td><td>1,588</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</td><td>57</td></tr><tr><td>February</td><td>11,508</td><td>1,191</td><td>50</td><td>383</td><td>830</td><td>8,998</td><td>57</td></tr><tr><td>March</td><td>11,282</td><td>1,069</td><td>37</td><td>383</td><td>807</td><td>8,930</td><td>57</td></tr><tr><td>April</td><td>11,373</td><td>1,105</td><td>27</td><td>383</td><td>780</td><td>9,021</td><td>57</td></tr><tr><td>May</td><td>11,645</td><td>1,259</td><td>19</td><td>383</td><td>763</td><td>9,164</td><td>57</td></tr><tr><td>June</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr><tr><td>July</td><td>10,871</td><td>500</td><td>6</td><td>360</td><td>713</td><td>9,235</td><td>57</td></tr><tr><td>August</td><td>10,826</td><td>500</td><td>-</td><td>360</td><td>694</td><td>9,215</td><td>57</td></tr><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><tr><td>October</td><td>10,709</td><td>504</td><td>-</td><td>360</td><td>656</td><td>9,132</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.
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>2.494</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>5,438</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>1,044</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>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>266,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>266,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1945-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>941</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>276,296</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>1.369</td></tr><tr><td>March</td><td>275,290</td><td>5,445</td><td>1.978</td><td>274,748</td><td>5,438</td><td>1.979</td><td>542</td><td>7</td><td>1.353</td></tr><tr><td>April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr><tr><td>May</td><td>271,983</td><td>5,424</td><td>1.994</td><td>271,440</td><td>5,417</td><td>1.996</td><td>542</td><td>7</td><td>1.348</td></tr><tr><td>June</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>July</td><td>267,353</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>1.217</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><tr><td>October</td><td>262,792</td><td>5,349</td><td>2.035</td><td>262,415</td><td>5,343</td><td>2.036</td><td>378</td><td>6</td><td>1.497</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-B are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaran- teed as to interest only, are not included in this table.
December 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 guaranteed obligations held by the Secretary of the Treasury), shall not ex
ced in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of October 31, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation 1/:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>262,589</td></tr><tr><td>Guaranteed securities 2/.</td><td>386</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>262,975</td></tr><tr><td>Balance issuable under such authority.</td><td>12,025</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the total public debt and guaranteed securities 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, October 31, 1946
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td colspan="4">Public debt and guaranteed obligations outstanding:</td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,987</td><td>-</td><td>16,987</td></tr><tr><td>Certificates of indebtedness</td><td>32,478</td><td>-</td><td>32,478</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>-</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>-</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>179</td><td>179</td></tr><tr><td>Total marketable issues</td><td>182,139</td><td>179</td><td>182,318</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>49,624</td><td>-</td><td>49,624</td></tr><tr><td>Treasury savings notes</td><td>6,003</td><td>-</td><td>6,003</td></tr><tr><td>Depository bonds</td><td>383</td><td>-</td><td>383</td></tr><tr><td>Armed forces leave bonds</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Total non-marketable issues</td><td>56,081</td><td>-</td><td>56,081</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>24,015</td><td>-</td><td>24,015</td></tr><tr><td>Total interest-bearing securities</td><td>262,236</td><td>179</td><td>262,415</td></tr><tr><td>Matured securities on which interest has ceased</td><td>236</td><td>6</td><td>241</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>83</td><td>-</td><td>83</td></tr><tr><td>Excess profit tax refund bonds</td><td>35</td><td>-</td><td>35</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>758</td><td>758</td></tr><tr><td>Total obligations bearing no interest</td><td>118</td><td>758</td><td>876</td></tr><tr><td>Total public debt</td><td>262,589</td><td>943</td><td>263,532</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>378</td><td>-</td><td>378</td></tr><tr><td>Matured debt</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total guaranteed securities</td><td>386</td><td>-</td><td>386</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>262,975</td><td>943</td><td>263,918</td></tr></table>
Source: Public Debt Service.
1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21.
2/ Consists of United States notes (less gold reserve); deposits for
3/ Excludes guaranteed securities held by the Treasury.
Treasury Bulletin
26
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="7">Public debt receipts (Issueure of public debt)</th><th colspan="5">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>Armed forces leave bonds</th><th>Excess profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,685</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>4,775</td><td>-</td><td>13</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,011</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>-</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>42,568</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</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>48,561</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,104</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,582</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>-</td><td>34,183</td><td>14,110</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>88</td><td>-</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-October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</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>-</td><td>19</td><td>-</td><td>180</td><td>7,043</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>-</td><td>-</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>-</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,726</td><td>-</td><td>3,332</td><td>107</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,500</td><td>6,376</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,285</td><td>-</td><td>4,954</td><td>31</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,043</td><td>6,138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,133</td><td>372</td><td>12,044</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>-</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>118</td></tr><tr><td>May</td><td>272,583</td><td>-1,316</td><td>7,669</td><td>7,395</td><td>-</td><td>-</td><td>-</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>-</td><td>2,775</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,775</td><td>11,331</td></tr><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,916</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>2,916</td><td>63</td></tr><tr><td>August</td><td>267,546</td><td>-174</td><td>9,019</td><td>7,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,223</td><td>422</td><td>9,743</td><td>8,496</td><td>-</td><td>1,223</td><td>24</td></tr><tr><td>September</td><td>265,369</td><td>-2,177</td><td>8,818</td><td>6,024</td><td>-</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><tr><td>October</td><td>263,532</td><td>-1,837</td><td>9,025</td><td>7,283</td><td>-</td><td>-</td><td>70</td><td>-</td><td>1,440</td><td>232</td><td>10,862</td><td>9,351</td><td>-</td><td>1,440</td><td>71</td></tr></table>
Source: Daily Treasury Statement. * Less than $500 thousand. 1/ Exclude certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="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>Bills</th><th colspan="4">Special issues</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th colspan="2">Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></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><td></td><td></td><td></td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td><td></td><td></td><td></td></tr><tr><td>1939</td><td>39,886</td><td>25,411</td><td>2,151</td><td>7,283</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td><td></td><td></td><td></td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.1</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td><td></td><td></td><td></td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td><td></td><td></td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td><td></td><td></td></tr><tr><td>1944</td><td>199,543</td><td>79,140</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>11,774</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td><td></td><td></td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td><td></td><td></td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td><td></td><td></td></tr><tr><td>1945-October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.5</td><td>7.9</td><td></td><td></td></tr><tr><td>November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td><td></td><td></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><td></td><td></td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td><td></td><td></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>41,913</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td><td></td><td></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><td></td><td></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>21,204</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><td></td><td></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><td></td><td></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><td></td><td></td></tr><tr><td>July</td><td>267,039</td><td>119,502</td><td>49,730</td><td>13,351</td><td>6,669</td><td>37,720</td><td>17,023</td><td>23,045</td><td>100.0</td><td>44.8</td><td>18.6</td><td>5.0</td><td>2.5</td><td>14.1</td><td>6.4</td><td>8.6</td><td></td><td></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><td></td><td></td></tr><tr><td>September</td><td>284,217</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><td></td><td></td></tr><tr><td>October</td><td>262,415</td><td>119,502</td><td>50,078</td><td>13,351</td><td>6,003</td><td>32,478</td><td>16,987</td><td>24,015</td><td>100.0</td><td>45.5</td><td>19.1</td><td>5.1</td><td>2.3</td><td>12.4</td><td>6.5</td><td>9.1</td><td></td><td></td></tr></table>
Source: Daily Treasury Statement
December 1946
27
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of October 31, 1946
(in millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial 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-Nov.</td><td>Treasury bills 7/8% Certificate - 11/1/46</td><td>5,240 3,778</td><td></td><td></td><td>Various 12/1/45</td><td>taxable taxable</td><td></td></tr><tr><td>Dec.</td><td>Treasury bills 7/8% Certificate - 12/1/46</td><td>5,233 3,768</td><td></td><td></td><td>Various 12/3/45 6/5/42</td><td>taxable taxable taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 12/15/46</td><td>3,261</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>21,269</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>Treasury bills 3% Converen bond - 1/1/47</td><td>6,525 13</td><td></td><td></td><td>Various 1/1/17</td><td>taxable wholly</td><td></td></tr><tr><td></td><td>7/8% Certificate - 1/1/47</td><td>3,330</td><td></td><td></td><td>1/1/45</td><td>taxable</td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td></td><td></td><td>2/1/46</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/47</td><td>3,133</td><td></td><td></td><td>3/1/46 6/26/46</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 3/15/47</td><td>1,948</td><td></td><td></td><td></td><td></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</td><td>2,341</td><td></td><td></td><td>9/1/46 7/12/43</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/47</td><td>2,707</td><td></td><td></td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 9/15/47</td><td>1,687</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td>1,440</td><td>759</td><td></td><td>10/16/22 10/1/46</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>38,514</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td>1,223</td><td></td><td>3/15/41 3/15/36</td><td>taxable partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>1,51</td><td></td><td></td><td>3/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/48</td><td>3,748</td><td></td><td></td><td>3/15/44</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>7,261</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td>2,098</td><td></td><td></td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 12/15/49-52</td><td>1,186</td><td></td><td></td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>1,186</td><td></td><td></td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>6,682</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td></td><td></td><td>3/15/41 10/15/42</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 3/15/50-52</td><td>1,963</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/4% 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% Treasury bond - 9/15/50-52</td><td>1,939</td><td></td><td></td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury bond - 12/15/50</td><td>2,635</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>2,635</td><td>8,088</td><td>1,587</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 1/
As of October 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 5/</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</td><td>- 3/15/46-51</td><td></td><td>1,223</td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>- 6/15/49-51</td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td></td></tr><tr><td>Sept.</td><td>2-3/4 Treasury bond</td><td>- 9/15/49-51</td><td>7,986</td><td>1,292</td><td>5/15/42 9/15/36</td><td>taxable taxable</td><td></td></tr><tr><td>Dec</td><td>2-1/2 Treasury bond</td><td>- 12/15/49-51</td><td>1,118</td><td>2,098</td><td>7/15/42 12/22/39</td><td>partially taxable</td><td></td></tr><tr><td>2-1/4 Treasury bond</td><td>- 12/15/51-55</td><td>510</td><td></td><td></td><td>12/15/41</td><td>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</td><td>- 3/15/50-52</td><td>1,024</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable taxable</td><td></td></tr><tr><td>June</td><td>2-1/2 Treasury bond</td><td>- 6/15/52-54</td><td>5,825</td><td></td><td>6/25/44</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/4 Treasury bond</td><td>- 9/15/50-52</td><td>1,501</td><td>1,186</td><td>9/15/38 9/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Oct</td><td>4-1/4 Treasury bond</td><td>- 10/15/47-52</td><td>759</td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/8 Treasury bond</td><td>- 12/15/49-52</td><td>8,662</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June</td><td>2-1/2 Treasury bond</td><td>- 6/15/53-55</td><td>725</td><td></td><td>10/7/40</td><td>partially</td><td></td></tr><tr><td>Sept</td><td>2-1/2 Treasury bond</td><td>- 9/15/51-53</td><td>7,986</td><td></td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec</td><td>2-1/2 Treasury bond</td><td>- 12/15/49-53</td><td>1,786</td><td>1,118</td><td>12/15/36 12/22/39</td><td>partially partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar</td><td>2-1/2 Treasury bond</td><td>- 3/15/52-54</td><td>1,024</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>- 6/15/51-54</td><td>1,627</td><td>1,627</td><td>6/15/36</td><td>partially taxable</td><td></td></tr><tr><td>Sept</td><td>2-1/4 Treasury bond</td><td>- 9/15/52-54</td><td>581</td><td>582</td><td>6/25/44 7/22/40</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/2 Treasury bond</td><td>- 12/15/52-54</td><td>681</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar</td><td>2-7/8 Treasury bond</td><td>- 3/15/55-60</td><td>2,611</td><td></td><td>3/15/35</td><td>partially</td><td></td></tr><tr><td>June</td><td>2-1/4 Treasury bond</td><td>- 6/15/52-55</td><td>1,501</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>2-1/2 Treasury bond</td><td>- 9/15/51-55</td><td>755</td><td>755</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/2 Treasury bond</td><td>- 12/15/51-55</td><td>510</td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar</td><td>2-1/2 Treasury bond</td><td>- 3/15/56-58</td><td>1,449</td><td></td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June</td><td>2-1/4 Treasury bond</td><td>- 6/15/54-56</td><td>681</td><td></td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td>Sept</td><td>2-3/4 Treasury bond</td><td>- 9/15/56-59</td><td>982</td><td>982</td><td>9/15/36 9/21/44</td><td>partially 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</td><td>- 3/15/56-58</td><td>1,449</td><td></td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June</td><td>2-3/4 Treasury bond</td><td>- 6/15/58-63</td><td>919</td><td>1,449</td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June</td><td>2-1/4 Treasury bond</td><td>- 6/15/59-62</td><td>5,284</td><td></td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept</td><td>2-3/4 Treasury bond</td><td>- 9/15/56-59</td><td>982</td><td>982</td><td>9/15/36 9/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Dec</td><td>2-1/4 Treasury bond</td><td>- 12/15/59-62</td><td>3,470</td><td>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)
December 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of October 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 5/</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....</td><td>2-1/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>......</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>......</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1961-June...</td><td>3% Panama Canal bond- 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June...</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>.....</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1963-June...</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>2,631</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June...</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June...</td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>7,961</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>11,689</td><td>2,118</td><td>11/15/45</td><td>.....</td><td>12/15/62</td></tr><tr><td></td><td></td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td>1969-June...</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June...</td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>.....</td><td>7,961</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>.....</td><td>11,689</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first maturity and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and
surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 21. On September 15, 1946 this bond issue became eligible for bank ownership since the specific period of restriction had elapsed.
30
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allot-ment ratio</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>Cash</th><th>Exchange</th><th>For each exchange for other securities</th><th></th></tr><tr><td colspan="8">(in millions of dollars)</td></tr><tr><td>4/14/46</td><td>6/12/46</td><td>5th War Loan securities: 3/2-1/2% Trea. bond- 3/15/65-70 5/... (6/26/46) 1-1/4% Trea. note- 3/15/47 (6/26/46) 7/8% Certificate- 6/1/45 (6/26/46)</td><td>25 yr.9 m (20 yr.9 m) 6/10 yr 2 yr.9 m 11 m</td><td>2,909 5,825 1,948 4,770</td><td>-</td><td>2,909 5,825 1,948 4,770</td><td>100 100 100 100</td></tr><tr><td>7/20/46 8/20/46 8/24/46 9/20/46</td><td>7/20/46 8/20/46 8/24/46 9/25/46</td><td>1/8% Certificate - 8/1/45 (9/1/46) 1% Trea. note - 3/15/46 7/8% Certificate - 10/1/45</td><td>1 yr 1 yr.6m 1 yr</td><td>-</td><td>2,511 3,694 788</td><td>2,511 3,694 788</td><td>100 100 100</td></tr><tr><td>10/23/46</td><td>11/20/46</td><td>6th War Loan securities: 3/2-1/2% Trea. bond- 3/15/66-71 5/... (12/1/46) 1-1/4% Trea. note- 9/15/47 (12/1/46) 7/8% Certificate - 12/1/45</td><td>26 yr.3 m (21 yr.3 m) 10 yr 2 yr.9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>-</td><td>3,448 7,922 1,550 4,395</td><td>100 100 100 100</td></tr><tr><td>11/17/46 11/17/46</td><td>11/20/46 11/20/46</td><td>.90% Trea. note - 1/1/46 (12/1/46) 2-1/2% Trea. bond - 3/15/66-71 5/... (12/1/46) 1-1/4% Trea. note - 9/15/47 8/1/46 (12/1/46)</td><td>1 yr.1 m 26 yr.3 m (21 yr.3 m) 9/10 yr 2 yr.9m 9/1</td><td>-</td><td>3,416 73 740 137 5,043 4,117 4,811 1,579</td><td>3,416 73 740 137 5,043 4,117 4,811 1,579</td><td>100 100 100 100 100 100 100 100</td></tr><tr><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>7/8% Certificate - 2/1/46 (3/1/45) 1/8% Certificate - 3/1/46 (3/1/45) 7/8% Certificate - 4/1/46 (5/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr 1 yr 1 yr 1 yr</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/2-1/2% Trea. bond- 6/15/67-72 5/... (6/1/45) 2-1/2% Trea. bond- 6/15/65-62 5/... (6/1/45) 1-1/2% Trea. bond-12/15/50 (6/1/45) 7/8% Certificate - 6/1/45</td><td>27 yr (22 yr) 17 yr 5 yr.6 m 1 yr</td><td>7,957 5,284 2,515 4,799</td><td>-</td><td>7,957 5,284 2,515 4,799</td><td>100 100 100 100</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Trea. note - 7/1/46 (6/1/45) 1/8% Certificate - 8/1/46 (8/1/45) 7/8% Certificate - 9/1/46 (9/1/45)</td><td>1 yr.1 m 1 yr 1 yr</td><td>-</td><td>4,910 2,470 4,336</td><td>4,910 2,470 4,336</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/2-1/2% Trea. bond-12/15/67-72 5/... (11/15/45) 2-1/2% Trea. bond-12/15/65-62 5/... (11/15/45) 7/8% Certificate - 12/1/46 (12/3/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m 1 yr</td><td>11,689 3,470 3,768</td><td>-</td><td>11,689 3,470 3,768</td><td>100 100 100</td></tr><tr><td>9/24/45 11/19/45 12/17/45</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate - 10/1/46 (10/1/45) 7/8% Certificate - 11/1/46 (12/1/45) 7/8% Certificate - 1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>-</td><td>3,440 3,778 3,330</td><td>3,440 3,778 3,330</td><td>100 100 100</td></tr><tr><td>1/23/46 3/18/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46</td><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 11/18/46</td><td>7/8% Certificate - 2/1/47 (2/1/46) 7/8% Certificate - 3/1/47 (3/1/46) 7/8% Certificate - 4/1/47 (4/1/46) 7/8% Certificate - 5/1/47 (6/1/46) 7/8% Certificate - 7/1/47 (7/1/46) 7/8% Certificate - 8/1/47 (8/1/46) 7/8% Certificate - 9/1/47 (9/1/46) 7/8% Certificate - 10/1/47 (10/1/46) 7/8% Certificate - 11/1/47 (11/1/46) 7/8% Certificate - 12/1/47 (12/1/46)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>-</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432</td><td>100 76 59 66 62 52 56 44 51</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>n.s.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
n.a. Not available.
1/ In the case of the respecing of a previously offered security, interest to first call and to maturity are calculated from the date interest commences on the respecing.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of non-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.
December 1946
31
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition of offers by Treasury</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</td><td>7/8%</td><td>Certificate - 8/1/44</td><td>2,515</td><td>-</td><td>2,515</td><td>2,511</td><td>34</td><td>99</td><td>7/8% Certificate - 8/1/45</td></tr><tr><td>9/1/44</td><td>3/4%</td><td>Treas. note - 9/15/44</td><td>635</td><td>-</td><td>635</td><td>602</td><td>13</td><td>95</td><td>1%</ Treas. note - 3/15/46</td></tr><tr><td>9/15/44</td><td>14%</td><td>Treas. note - 9/15/44</td><td>283</td><td>-</td><td>283</td><td>185</td><td>98</td><td>66</td><td></td></tr><tr><td colspan="3">Totals for exchange transaction of 9/15/44</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44</td><td>7/8%</td><td>Certificate - 10/1/44</td><td>3,519</td><td>-</td><td>3,519</td><td>3,492</td><td>27</td><td>99</td><td>7/8% Certificate - 10/1/45</td></tr><tr><td>12/1/44</td><td>7/8%</td><td>Certificate - 12/1/44</td><td>3,510</td><td>-</td><td>3,510</td><td>3,416</td><td>124</td><td>96</td><td>30% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>14%</td><td>Treas. bond - 12/15/44-54</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 - 3/15/65-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note</td><td>Certificate - 2/1/45 Treas. note - 2/15/45</td><td>5,048 412</td><td>-</td><td>5,048 412</td><td>4,619 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="3">Totals for exchange transaction of 2/1/45</td><td>5,460</td><td>-</td><td>5,460</td><td>5,014</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>3/4% 1-1/4%</td><td>Treas. note - 3/1/45 Treas. note - 3/15/45</td><td>2,127 718</td><td>-</td><td>2,127 718</td><td>2,109 493</td><td>18 285</td><td>99 69</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</td><td>Certificate - 4/1/45 Certificate - 5/1/45</td><td>4,451 1,615</td><td>-</td><td>4,451 1,615</td><td>4,417 1,579</td><td>304 35</td><td>93 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% ROLD bond</td><td>Certificate - 6/1/45 bond - 6/1/45-47</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="3">Totals for exchange transaction of 6/1/45</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45</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 Treas. bond - 9/15/45-47</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="3">Totals for exchange transaction of 9/1/45</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45</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 Treas. note - 12/15/45 Treas. bond - 12/15/45</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="3">Totals for exchange transaction of 12/1/45</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Conversion bond - 1/1/46</td><td>16</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46 2/1/46</td><td>30% 7/8%</td><td>Treas. note - 1/1/46 Certificate - 2/1/46</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</td><td>4,117</td><td>-</td><td>4,117</td><td>3,133</td><td>984</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46 4/1/46 5/1/46</td><td>3-1/4% 1% 7/8%</td><td>Treas. bond - 3/15/46-56 Treas. note - 3/15/46 Certificate - 4/1/46 Certificate - 5/1/46</td><td>489 1,291 4,811 1,579</td><td>-</td><td>489 1,291 4,811 1,579</td><td>3,133 2,320 2,320</td><td>- - -</td><td>3/ 3/ 3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>6/1/46 6/15/46</td><td>7/8% 3-1/8%</td><td>Certificate - 6/1/46 Treas. bond - 6/15/46-48 Treas. bond - 6/15/46-49</td><td>4,799 1,036 819</td><td>-</td><td>4,799 1,036 819</td><td>2,775 1,036 819</td><td>- - -</td><td>3/ 3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>7/1/46 8/1/46 9/1/46 10/1/46 11/1/46 12/1/46 12/15/46</td><td>30% 7/8% 7/8% 7/8% 7/8% 7/8% 1-1/2%</td><td>Treas. note - 7/1/46 Certificate - 8/1/46 Certificate - 9/1/46 Certificate - 10/1/46 Certificate - 11/1/46 Certificate - 12/1/46 Treas. note - 12/15/46</td><td>4,910 2,470 4,736 3,440 2,003 3,778 3,768 3,261</td><td>-</td><td>4,910 2,470 4,736 3,440 2,003 3,778 3,768 3,261</td><td>2,916 1,223 2,342 2,140 1,775 n.a. n.a.</td><td>2,916 1,223 2,342 2,140 1,775</td><td>3/ 3/ 3/ 3/ 3/ 7/8% 7/8%</td><td>7/8% Certificate - 7/1/47 7/8% Certificate - 8/1/47 7/8% Certificate - 9/1/47 7/8% Certificate - 10/1/47 7/8% Certificate - 11/1/47 7/8% Certificate - 12/1/47</td></tr></table>
Source: Bureau of the Public Debt. n.a. Not available. 1/ Original call and maturity dates are used. 2/ Bank restricted issue. 3/ Prior to the refunding operation of March 1, 1946, maturing
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.
32
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th>Date of issue</th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bids accepted on competitive basis</th><th>Amount on fixed-price basis 1/</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><td>1945-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>1,295.1</td><td>54.9</td><td>1,310.6</td><td>17,024.9</td></tr><tr><td>Oct. 18</td><td>Jan. 17</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,028.5</td></tr><tr><td>Oct. 25</td><td>Jan. 24</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1</td><td>Jan. 31</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8</td><td>Feb. 7</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15</td><td>Feb. 14</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,252.8</td><td>62.9</td><td>1,316.5</td><td>17,021.9</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>17,019.8</td></tr><tr><td>Nov. 29</td><td>Feb. 28</td><td>91</td><td>2,154.7</td><td>1,315.0</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>1,255.7</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>1,252.1</td><td>54.4</td><td>1,306.7</td><td>17,013.3</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>17,017.1</td></tr><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10</td><td>Apr. 11</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24</td><td>Apr. 25</td><td>91</td><td>2,014.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31</td><td>May 2</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><tr><td>Feb. 7</td><td>May 9</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,315.7</td><td>17,039.7</td></tr><tr><td>Feb. 14</td><td>May 16</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21</td><td>May 23</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28</td><td>May 31</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr><tr><td>Mar. 7</td><td>June 6</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14</td><td>June 13</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21</td><td>June 20</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,018.2</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>17,055.3</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>1,315.1</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>1,951.0</td><td>1,308.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16</td><td>Aug. 15</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23</td><td>Aug. 22</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6</td><td>Sept. 5</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13</td><td>Sept. 12</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.4</td></tr><tr><td>June 20</td><td>Sept. 19</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27</td><td>Sept. 26</td><td>91</td><td>1,894.8</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>17,034.7</td></tr><tr><td>July 12</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>17,033.8</td></tr><tr><td>July 25</td><td>Oct. 24</td><td>91</td><td>1,787.8</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>1,824.0</td><td>1,315.4</td><td>1,279.8</td><td>35.5</td><td>1,308.2</td><td>17,027.0</td></tr><tr><td>Aug. 15</td><td>Nov. 14</td><td>91</td><td>1,816.5</td><td>1,313.7</td><td>1,275.6</td><td>38.2</td><td>1,301.3</td><td>17,039.4</td></tr><tr><td>Aug. 22</td><td>Nov. 21</td><td>91</td><td>1,803.9</td><td>1,308.4</td><td>1,272.3</td><td>36.0</td><td>1,313.7</td><td>17,034.0</td></tr><tr><td>Aug. 29</td><td>Nov. 29</td><td>92</td><td>1,804.8</td><td>1,302.2</td><td>1,274.5</td><td>27.7</td><td>1,312.5</td><td>17,037.8</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><tr><td>Oct. 3</td><td>1947-Jan. 2</td><td>91</td><td>1,880.5</td><td>1,306.9</td><td>1,283.1</td><td>23.8</td><td>1,307.7</td><td>17,006.2</td></tr><tr><td>Oct. 10</td><td>Jan. 9</td><td>91</td><td>1,891.6</td><td>1,306.4</td><td>1,275.2</td><td>31.2</td><td>1,315.1</td><td>16,997.5</td></tr><tr><td>Oct. 17</td><td>Jan. 16</td><td>91</td><td>1,804.7</td><td>1,306.6</td><td>1,272.4</td><td>34.2</td><td>1,310.6</td><td>16,993.5</td></tr><tr><td>Oct. 24</td><td>Jan. 23</td><td>91</td><td>1,790.7</td><td>1,302.0</td><td>1,271.0</td><td>31.0</td><td>1,305.1</td><td>16,990.3</td></tr><tr><td>Oct. 31</td><td>Jan. 30</td><td>91</td><td>1,794.5</td><td>1,303.3</td><td>1,273.8</td><td>29.4</td><td>1,306.1</td><td>16,987.4</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding.
Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
December 1946
33
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of lease</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th>High Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Low Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1945-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>Sov. 23</td><td>99.906</td><td>0.376</td><td>99.908</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 29</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 6</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 13</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>1946-Jan. 3</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 10</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 17</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 24</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 31</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 28</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Mar. 7</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 14</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 4</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Apr. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 23</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.906</td><td>0.376</td><td>99.908 2/</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>June 6</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 13</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 27</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><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>Sept. 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>Sept. 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>Sept. 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>Sept. 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><tr><td>Oct. 3</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. 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>Oct. 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>Oct. 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>Oct. 31</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</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 fee(s)
2/ Except $100 thousand at 99.925.
3/ Except $500 thousand at 99.930.
34
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all
subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and bonds of series B began to mature in January 1946. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of October 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">(in millions of dollars)</td></tr><tr><td>Matured series: Series A</td><td>204</td><td>52</td><td>255</td><td>241</td><td>14</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B</td><td>370</td><td>92</td><td>461</td><td>328</td><td>-</td><td>131</td><td>71.06</td></tr><tr><td>Series C</td><td>1,010</td><td>209</td><td>1,219</td><td>292</td><td>-</td><td>927</td><td>23.96</td></tr><tr><td>Series D</td><td>2,365</td><td>331</td><td>2,695</td><td>474</td><td>-</td><td>2,222</td><td>17.58</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>631</td><td>4,376</td><td>1,094</td><td>-</td><td>3,282</td><td>25.00</td></tr><tr><td>Series E</td><td>43,482</td><td>1,013</td><td>44,495</td><td>14,261</td><td>-</td><td>30,234</td><td>32.05</td></tr><tr><td>Series F</td><td>3,248</td><td>77</td><td>3,325</td><td>380</td><td>-</td><td>2,945</td><td>11.42</td></tr><tr><td>Series G</td><td>14,073</td><td>-</td><td>14,073</td><td>910</td><td>-</td><td>13,163</td><td>6.47</td></tr><tr><td>Total, Series E, F, and G</td><td>60,803</td><td>1,090</td><td>61,893</td><td>15,551</td><td>-</td><td>46,342</td><td>25.13</td></tr><tr><td>Total, Series B-G</td><td>64,548</td><td>1,722</td><td>66,269</td><td>16,645</td><td>-</td><td>49,624</td><td>25.12</td></tr><tr><td>Total, Series A-G</td><td>64,752</td><td>1,773</td><td>66,525</td><td>16,886</td><td>14</td><td>49,624</td><td>-</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.
December 1946
35
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(in millions of dollars)</td></tr></table>
All series
<table><tr><td>Total, inception to Oct. 31, 1946</td><td>64,752</td><td>1,773</td><td>66,525</td><td>16,886</td><td>a.a.</td><td>a.a.</td><td>14</td><td>49,624</td><td>-</td></tr><tr><td>Piscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>1,318</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>811</td><td>7</td><td>-</td><td>21,255</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>18,891</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>6,579</td><td>138</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>3,095</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,351</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,311</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>464</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>h1</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-October</td><td>624</td><td>37</td><td>661</td><td>616</td><td>607</td><td>9</td><td>-</td><td>46,785</td><td>1.32</td></tr><tr><td>November</td><td>1,184</td><td>36</td><td>1,220</td><td>513</td><td>524</td><td>10</td><td>-</td><td>47,473</td><td>1.06</td></tr><tr><td>December</td><td>1,294</td><td>57</td><td>1,310</td><td>559</td><td>549</td><td>11</td><td>u1</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>48,568</td><td>1.29</td></tr><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>566</td><td>552</td><td>13</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>620</td><td>15</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>45</td><td>713</td><td>621</td><td>605</td><td>15</td><td>21</td><td>48,828</td><td>1.27</td></tr><tr><td>May</td><td>594</td><td>45</td><td>639</td><td>552</td><td>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>505</td><td>14</td><td>18</td><td>49,035</td><td>1.06</td></tr><tr><td>July</td><td>753</td><td>67</td><td>820</td><td>537</td><td>n.a.</td><td>n.a.</td><td>17</td><td>49,320</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>45</td><td>635</td><td>478</td><td>n.a.</td><td>n.a.</td><td>16</td><td>49,477</td><td>.97</td></tr><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>October</td><td>519</td><td>48</td><td>567</td><td>489</td><td>n.a.</td><td>n.a.</td><td>14</td><td>49,624</td><td>.98</td></tr></table>
Series A-D
<table><tr><td>Total, inception to Oct. 31, 1946....</td><td>3,949</td><td>683</td><td>4,632</td><td>1,335</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,282</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940.................</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941.....................</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,690</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>242</td><td>67</td><td>18</td><td>3,369</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>999</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>11</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-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>.94</td></tr><tr><td>June......................</td><td>*</td><td>9</td><td>9</td><td>28</td><td>21</td><td>6</td><td>16</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>.85</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>3,301</td><td>.79</td></tr><tr><td>October...................</td><td>-</td><td>7</td><td>7</td><td>33</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,282</td><td>.99</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>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and G</td></tr><tr><td>Total, inception to Oct. 31, 1946...</td><td>60,803</td><td>1,090</td><td>61,893</td><td>15,551</td><td>n.a.</td><td>n.a.</td><td>h6,312</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>6,684</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>11,828</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,196</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,534</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>11,017</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,904</td><td>1,902</td><td>2</td><td>23,745</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-October</td><td>624</td><td>30</td><td>654</td><td>596</td><td>591</td><td>5</td><td>h3,235</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>h3,938</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>h4,706</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>h5,126</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>h5,247</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>h5,308</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>h5,424</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>h5,524</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>483</td><td>8</td><td>h5,670</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>h5,974</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>h6,152</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>h6,257</td><td>.98</td></tr><tr><td>October</td><td>519</td><td>41</td><td>560</td><td>456</td><td>n.a.</td><td>n.a.</td><td>h6,312</td><td>.98</td></tr><tr><td colspan="9">Series I</td></tr><tr><td>Total, inception to Oct. 31, 1946...</td><td>43,482</td><td>1,013</td><td>44,495</td><td>14,261</td><td>14,186</td><td>116</td><td>30,234</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,680</td><td>118</td><td>11,798</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>269</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>28,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843 r</td><td>69 r</td><td>30,358</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>-</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-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>1.28</td></tr><tr><td>November</td><td>855</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>611</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</td><td>8</td><td>30,425</td><td>1.94</td></tr><tr><td>June</td><td>321</td><td>52</td><td>373</td><td>439</td><td>432 r</td><td>8 r</td><td>30,358</td><td>1.45</td></tr><tr><td>July</td><td>386</td><td>46</td><td>433</td><td>442</td><td>435</td><td>7</td><td>30,349</td><td>1.46</td></tr><tr><td>August</td><td>347</td><td>34</td><td>381</td><td>397</td><td>393</td><td>4</td><td>30,333</td><td>1.31</td></tr><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><tr><td>October</td><td>327</td><td>38</td><td>365</td><td>410</td><td>405</td><td>5</td><td>30,234</td><td>1.35</td></tr></table>
(Continued on following page)
December 1946
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series P</td></tr><tr><td>Total, inception to Oct. 31, 1946</td><td>3,248</td><td>77</td><td>3,325</td><td>380</td><td>n.a.</td><td>n.a.</td><td>2,945</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>439</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>651</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-October</td><td>8</td><td>2</td><td>10</td><td>10</td><td>10</td><td>*</td><td>2,674</td><td>.37</td></tr><tr><td>November</td><td>54</td><td>2</td><td>56</td><td>10</td><td>10</td><td>*</td><td>2,720</td><td>.37</td></tr><tr><td>December</td><td>63</td><td>3</td><td>66</td><td>13</td><td>13</td><td>*</td><td>2,793</td><td>.46</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>.56</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>15</td><td>*</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>29</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>23</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,932</td><td>.53</td></tr><tr><td>October</td><td>24</td><td>3</td><td>27</td><td>14</td><td>n.a.</td><td>n.a.</td><td>2,945</td><td>.46</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Total, inception to Oct. 31, 1946</td><td>14,073</td><td>-</td><td>14,073</td><td>910</td><td>910</td><td>-</td><td>13,163</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,851</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>12,116</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,659</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-October</td><td>107</td><td>-</td><td>107</td><td>21</td><td>23</td><td>-</td><td>10,717</td><td>.22</td></tr><tr><td>November</td><td>255</td><td>-</td><td>265</td><td>36</td><td>26</td><td>-</td><td>10,955</td><td>.24</td></tr><tr><td>December</td><td>262</td><td>-</td><td>262</td><td>31</td><td>31</td><td>-</td><td>11,186</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>-</td><td>278</td><td>33</td><td>33</td><td>-</td><td>11,432</td><td>.28</td></tr><tr><td>February</td><td>225</td><td>-</td><td>225</td><td>30</td><td>30</td><td>-</td><td>11,628</td><td>.26</td></tr><tr><td>March</td><td>228</td><td>-</td><td>228</td><td>37</td><td>37</td><td>-</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>-</td><td>250</td><td>31</td><td>31</td><td>-</td><td>12,038</td><td>.26</td></tr><tr><td>May</td><td>229</td><td>-</td><td>229</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>.37</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><tr><td>October</td><td>169</td><td>-</td><td>169</td><td>33</td><td>33</td><td>-</td><td>13,163</td><td>.25</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. r Revised.
Less than $500 thousand. 1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th>Period</th><th colspan="10">Sales in millions of dollars at issue price</th><th colspan="5">Percentage distribution of sales</th></tr><tr><th></th><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 1/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/3</th><th>$50</th><th>$100 and $200 1/3</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="12">Series E</td><td colspan="5">Series F and 0</td></tr><tr><td>Total, inception through Oct. 31, 1946.</td><td>45,482</td><td>141</td><td>14,123</td><td>5,858</td><td>8,854</td><td>234</td><td>5,371</td><td>8,902</td><td></td><td></td><td>100.0</td><td>32.7</td><td>13.5</td><td>20.9</td><td>32.9</td><td></td></tr><tr><td colspan="12">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td></td></tr><tr><td>1942</td><td>3,526</td><td></td><td>616</td><td>342</td><td>83</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>2,588</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>11,953</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td></td><td>1,358</td><td>2,100</td><td></td><td></td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td></td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td></td><td></td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td><td></td></tr><tr><td colspan="12">Calendar years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>1,145</td><td></td><td>114</td><td>93</td><td>258</td><td></td><td>229</td><td>450</td><td></td><td></td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td></td></tr><tr><td>1942</td><td>5,989</td><td></td><td>1,769</td><td>712</td><td>1,338</td><td></td><td>856</td><td>1,313</td><td></td><td></td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td></td></tr><tr><td>1943</td><td>10,344</td><td></td><td>1,719</td><td>1,390</td><td>2,169</td><td></td><td>1,253</td><td>1,815</td><td></td><td></td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td></td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,281</td><td>1,791</td><td>2,706</td><td></td><td>1,446</td><td>2,163</td><td></td><td></td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td></td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td></td><td></td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td></td></tr><tr><td colspan="12">Months:</td><td colspan="5"></td></tr><tr><td>1945-Oct.</td><td>510</td><td>7</td><td>214</td><td>87</td><td>91</td><td>*</td><td>41</td><td>70</td><td></td><td></td><td>100.0</td><td>41.2</td><td>17.0</td><td>18.0</td><td>21.8</td><td></td></tr><tr><td>Nov.</td><td>865</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td></td><td></td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td><td></td></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>136</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>39.3</td><td></td></tr><tr><td>1946-Jan.</td><td>941</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td></td><td></td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><td></td></tr><tr><td>Feb.</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td></td><td></td><td>100.0</td><td>35.8</td><td>13.9</td><td>16.8</td><td>33.5</td><td></td></tr><tr><td>Mar.</td><td>371</td><td>4</td><td>117</td><td>49</td><td>51</td><td>11</td><td>39</td><td>98</td><td></td><td></td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td><td></td></tr><tr><td>Apr.</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td></td><td></td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td></td></tr><tr><td>May</td><td>345</td><td>2</td><td>100</td><td>42</td><td>48</td><td>10</td><td>41</td><td>101</td><td></td><td></td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.8</td><td>41.2</td><td></td></tr><tr><td>June</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td></td><td></td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td></td></tr><tr><td>July</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td></td><td></td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</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>24.9</td><td>10.8</td><td>17.3</td><td>47.0</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>45</td><td>103</td><td></td><td></td><td>100.0</td><td>24.0</td><td>10.7</td><td>17.5</td><td>47.8</td><td></td></tr><tr><td>Oct.</td><td>327</td><td>2</td><td>77</td><td>35</td><td>46</td><td>9</td><td>45</td><td>112</td><td></td><td></td><td>100.0</td><td>24.0</td><td>10.7</td><td>17.5</td><td>47.8</td><td></td></tr><tr><td>Total, inception through Oct. 31, 1946.</td><td>17,321</td><td></td><td>19</td><td>502</td><td>1,171</td><td>5,225</td><td>3,338</td><td>7,066</td><td></td><td></td><td>100.0</td><td>1.1</td><td>2.9</td><td>37.0</td><td>60.0</td><td></td></tr><tr><td colspan="12">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>461</td><td></td><td>6</td><td>6</td><td>13</td><td></td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td>*</td><td>1.2</td><td>2.7</td><td>23.7</td><td>72.1</td><td></td></tr><tr><td>1942</td><td>2,467</td><td></td><td>1</td><td>71</td><td>141</td><td></td><td>102</td><td>702</td><td>498</td><td>1,093</td><td>100.0</td><td>*</td><td>2.9</td><td>34.1</td><td>61.0</td><td></td><td></td></tr><tr><td>1943</td><td>5,517</td><td></td><td>4</td><td>106</td><td>229</td><td></td><td>229</td><td>1,016</td><td>696</td><td>1,366</td><td>100.0</td><td>-1</td><td>3.0</td><td>38.4</td><td>61.5</td><td></td><td></td></tr><tr><td>1944</td><td>3,678</td><td></td><td>6</td><td>134</td><td>291</td><td></td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>-2</td><td>3.6</td><td>39.3</td><td>56.9</td><td></td><td></td></tr><tr><td>1945</td><td>5,337</td><td></td><td>5</td><td>109</td><td>255</td><td></td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>-2</td><td>3.3</td><td>37.9</td><td>56.6</td><td></td><td></td></tr><tr><td>1946</td><td>2,873</td><td></td><td>2</td><td>61</td><td>179</td><td></td><td>179</td><td>896</td><td>555</td><td>1,179</td><td>100.0</td><td>-1</td><td>2.1</td><td>37.4</td><td>60.4</td><td></td><td></td></tr><tr><td colspan="12">Calendar years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>1,393</td><td></td><td>26</td><td>26</td><td>57</td><td></td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td></td><td>1.8</td><td>29.5</td><td>58.6</td><td></td><td></td></tr><tr><td>1942</td><td>3,158</td><td></td><td>3</td><td>98</td><td>190</td><td></td><td>190</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>-1</td><td>3.1</td><td>34.8</td><td>62.0</td><td></td><td></td></tr><tr><td>1943</td><td>3,385</td><td></td><td>5</td><td>123</td><td>267</td><td></td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>-1</td><td>3.6</td><td>40.9</td><td>55.4</td><td></td><td></td></tr><tr><td>1944</td><td>3,664</td><td></td><td>6</td><td>131</td><td>293</td><td></td><td>293</td><td>1,119</td><td>670</td><td>1,405</td><td>100.0</td><td>-2</td><td>3.6</td><td>38.5</td><td>57.7</td><td></td><td></td></tr><tr><td>1945</td><td>3,115</td><td></td><td>4</td><td>64</td><td>215</td><td></td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>1</td><td>2.7</td><td>36.8</td><td>60.4</td><td></td><td></td></tr><tr><td colspan="12">Months:</td><td colspan="5"></td></tr><tr><td>1945-Oct.</td><td>115</td><td>*</td><td>1</td><td>10</td><td>9</td><td></td><td>9</td><td>45</td><td>23</td><td>34</td><td>100.0</td><td>-1</td><td>3.2</td><td>47.3</td><td>49.4</td><td></td><td></td></tr><tr><td>Nov.</td><td>319</td><td>*</td><td>10</td><td>10</td><td>28</td><td></td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>-1</td><td>3.2</td><td>47.8</td><td>48.9</td><td></td><td></td></tr><tr><td>Dec.</td><td>345</td><td>*</td><td>8</td><td>22</td><td>103</td><td></td><td>103</td><td>62</td><td>62</td><td>148</td><td>100.0</td><td>-1</td><td>2.5</td><td>36.4</td><td>61.0</td><td></td><td></td></tr><tr><td>1946-Jan.</td><td>319</td><td>*</td><td>5</td><td>16</td><td>86</td><td></td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>-1</td><td>1.6</td><td>32.0</td><td>66.1</td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>255</td><td>*</td><td>4</td><td>11</td><td>63</td><td></td><td>63</td><td>83</td><td>135</td><td>100.0</td><td>*</td><td>1.4</td><td>29.2</td><td>69.4</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>255</td><td>*</td><td>4</td><td>13</td><td>72</td><td></td><td>72</td><td>56</td><td>119</td><td>100.0</td><td>*</td><td>1.4</td><td>33.9</td><td>65.6</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>280</td><td>*</td><td>4</td><td>14</td><td>81</td><td></td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>*</td><td>1.5</td><td>33.9</td><td>64.7</td><td></td><td></td><td></td></tr><tr><td>May</td><td>250</td><td>*</td><td>3</td><td>13</td><td>77</td><td></td><td>77</td><td>72</td><td>103</td><td>100.0</td><td>*</td><td>1.5</td><td>33.7</td><td>64.9</td><td></td><td></td><td></td></tr><tr><td>June</td><td>290</td><td>*</td><td>5</td><td>22</td><td>122</td><td></td><td>122</td><td>84</td><td>134</td><td>100.0</td><td>*</td><td>1.5</td><td>39.1</td><td>59.4</td><td></td><td></td><td></td></tr><tr><td>July</td><td>267</td><td>*</td><td>4</td><td>15</td><td>85</td><td></td><td>85</td><td>95</td><td>83</td><td>100.0</td><td>*</td><td>1.6</td><td>41.4</td><td>57.0</td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>245</td><td>*</td><td>3</td><td>12</td><td>66</td><td></td><td>66</td><td>62</td><td>62</td><td>100.0</td><td>*</td><td>1.8</td><td>42.2</td><td>56.0</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>185</td><td>*</td><td>3</td><td>14</td><td>71</td><td></td><td>71</td><td>61</td><td>61</td><td>100.0</td><td>*</td><td>1.9</td><td>43.8</td><td>54.3</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>193</td><td>*</td><td>4</td><td>14</td><td>71</td><td></td><td>71</td><td>61</td><td>61</td><td>100.0</td><td>*</td><td>1.9</td><td>43.8</td><td>54.3</td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
* Less than $500 thousand or less than .05 percent.
1/ Sale of $10 denomination Series E bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorised in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
December 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">(Thousands of pieces sold) Denominations</th></tr><tr><th>$10 1/2</th><th>$25 2/2</th><th>$50</th><th>$100</th><th>$200 1/2</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through October 31, 1946</td><td>1,074,046</td><td>18,818</td><td>753,222</td><td>156,205</td><td>118,048</td><td>1,562</td><td>14,322</td><td>11,869</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>95,967</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>25,828</td><td>22,851</td><td>......</td><td>2,686</td><td>1,975</td><td>......</td><td>......</td></tr><tr><td>1944</td><td>305,986</td><td>......</td><td>221,284</td><td>43,800</td><td>34,447</td><td>......</td><td>3,725</td><td>2,730</td><td>......</td><td>......</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td>......</td><td>3,535</td><td>2,800</td><td>......</td><td>......</td></tr><tr><td>1946</td><td>165,039</td><td>8,905</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>17,842</td><td>......</td><td>2,282</td><td>1,751</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>270,068</td><td>......</td><td>198,333</td><td>37,060</td><td>28,915</td><td>......</td><td>3,340</td><td>2,420</td><td>......</td><td>......</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>......</td><td>3,856</td><td>2,884</td><td>......</td><td>......</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>......</td><td>......</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-October</td><td>16,040</td><td>904</td><td>11,404</td><td>2,313</td><td>1,214</td><td>2</td><td>109</td><td>94</td><td>......</td><td>......</td></tr><tr><td>November</td><td>17,364</td><td>785</td><td>11,207</td><td>2,511</td><td>1,849</td><td>365</td><td>330</td><td>317</td><td>......</td><td>......</td></tr><tr><td>December</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>330</td><td>......</td><td>......</td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>......</td><td>......</td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>......</td><td>......</td></tr><tr><td>March</td><td>9,081</td><td>509</td><td>6,245</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>5,322</td><td>1,128</td><td>537</td><td>68</td><td>110</td><td>134</td><td>......</td><td>......</td></tr><tr><td>June</td><td>6,846</td><td>299</td><td>4,606</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>126</td><td>185</td><td>......</td><td>......</td></tr><tr><td>August</td><td>6,847</td><td>276</td><td>4,512</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>196</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>October</td><td>6,227</td><td>233</td><td>4,094</td><td>933</td><td>639</td><td>61</td><td>119</td><td>149</td><td>......</td><td>......</td></tr><tr><td colspan="11">Series F and G</td></tr><tr><td>Total, inception through October 31, 1946</td><td>15,857</td><td>......</td><td>1,022</td><td>......</td><td>5,382</td><td>......</td><td>2,496</td><td>5,525</td><td>714</td><td>757</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>......</td><td>72</td><td>......</td><td>60</td><td>......</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>......</td><td>216</td><td>......</td><td>774</td><td>......</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>......</td><td>303</td><td>......</td><td>1,149</td><td>......</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>......</td><td>291</td><td>......</td><td>1,425</td><td>......</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>......</td><td>125</td><td>......</td><td>1,156</td><td>......</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,314</td><td>......</td><td>......</td><td>......</td><td>647</td><td>......</td><td>369</td><td>931</td><td>116</td><td>125</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>......</td><td>156</td><td>......</td><td>277</td><td>......</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>......</td><td>270</td><td>......</td><td>1,077</td><td>......</td><td>419</td><td>971</td><td>117</td><td>140</td></tr><tr><td>1943</td><td>3,624</td><td>......</td><td>225</td><td>......</td><td>1,317</td><td>......</td><td>665</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,822</td><td>......</td><td>324</td><td>......</td><td>1,994</td><td>......</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>......</td><td>224</td><td>......</td><td>899</td><td>......</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-October</td><td>116</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>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>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>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>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>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>5</td><td>......</td><td>42</td><td>......</td><td>29</td><td>81</td><td>12</td><td>13</td></tr><tr><td>May</td><td>171</td><td>3</td><td>......</td><td>39</td><td>......</td><td>26</td><td>79</td><td>11</td><td>11</td></tr><tr><td>June</td><td>160</td><td>3</td><td>......</td><td>36</td><td>......</td><td>25</td><td>74</td><td>11</td><td>11</td></tr><tr><td>July</td><td>259</td><td>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>3</td><td>......</td><td>41</td><td>......</td><td>32</td><td>87</td><td>12</td><td>9</td></tr><tr><td>September</td><td>146</td><td>3</td><td>......</td><td>35</td><td>......</td><td>25</td><td>68</td><td>9</td><td>6</td></tr><tr><td>October</td><td>157</td><td>3</td><td>......</td><td>38</td><td>......</td><td>28</td><td>73</td><td>9</td><td>6</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks 1/ Sale of $10 denomination Series E bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series I bonds began in October 1945.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through October 31, 1946</th><th colspan="5">1945</th><th colspan="7">1946</th></tr><tr><th></th><th></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><th>October</th></tr><tr><td>Alabama</td><td>51,664</td><td>4,576</td><td>12,029</td><td>15,701</td><td>10,848</td><td>3,644</td><td>3,658</td><td>3,585</td><td>3,327</td><td>3,958</td><td>3,458</td><td>3,516</td><td>3,358</td><td>3,381</td></tr><tr><td>Arizona</td><td>156,108</td><td>1,297</td><td>3,314</td><td>4,926</td><td>2,661</td><td>1,225</td><td>1,239</td><td>1,227</td><td>1,006</td><td>1,323</td><td>1,324</td><td>1,266</td><td>1,028</td><td>1,159</td></tr><tr><td>Arkansas</td><td>278,533</td><td>2,373</td><td>5,827</td><td>6,517</td><td>4,910</td><td>2,228</td><td>2,351</td><td>2,291</td><td>2,015</td><td>2,197</td><td>2,217</td><td>1,973</td><td>2,118</td><td>2,179</td></tr><tr><td>California</td><td>3,505,946</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>28,904</td><td>29,592</td><td>26,581</td><td>23,253</td><td>25,856</td></tr><tr><td>Colorado</td><td>333,046</td><td>1,260</td><td>8,572</td><td>7,335</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>3,307</td><td>3,868</td><td>3,056</td></tr><tr><td>Connecticut</td><td>811,267</td><td>6,354</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,854</td><td>5,089</td><td>5,059</td><td>5,084</td><td>4,557</td><td>4,890</td><td>4,784</td></tr><tr><td>Delaware</td><td>104,106</td><td>1,057</td><td>1,932</td><td>1,996</td><td>1,938</td><td>752</td><td>1,019</td><td>710</td><td>835</td><td>961</td><td>756</td><td>854</td><td>604</td><td>801</td></tr><tr><td>Dist. of Columbia</td><td>527,792</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>9,384</td><td>6,122</td><td>6,979</td><td>6,265</td><td>6,205</td><td>5,694</td><td>6,356</td></tr><tr><td>Florida</td><td>535,700</td><td>6,771</td><td>8,415</td><td>11,326</td><td>10,335</td><td>4,580</td><td>4,997</td><td>4,811</td><td>4,505</td><td>4,856</td><td>4,470</td><td>3,607</td><td>3,882</td><td>4,133</td></tr><tr><td>Georgia</td><td>543,837</td><td>6,128</td><td>9,376</td><td>10,947</td><td>11,394</td><td>4,809</td><td>4,476</td><td>4,474</td><td>4,077</td><td>3,949</td><td>4,495</td><td>4,010</td><td>4,070</td><td>4,145</td></tr><tr><td>Idaho</td><td>140,024</td><td>1,089</td><td>3,309</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>866</td><td>858</td><td>921</td><td>940</td><td>720</td><td>828</td><td>952</td></tr><tr><td>Illinois</td><td>3,126,406</td><td>35,617</td><td>58,518</td><td>68,804</td><td>58,136</td><td>33,920</td><td>34,573</td><td>33,329</td><td>29,463</td><td>29,096</td><td>30,891</td><td>29,193</td><td>25,844</td><td>28,046</td></tr><tr><td>Indiana</td><td>1,147,473</td><td>13,284</td><td>20,604</td><td>22,688</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>8,346</td><td>8,771</td></tr><tr><td>Iowa</td><td>961,088</td><td>6,591</td><td>27,024</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td><td>9,750</td><td>8,803</td><td>9,222</td><td>10,089</td><td>10,394</td><td>8,654</td><td>8,354</td></tr><tr><td>Kansas</td><td>596,363</td><td>4,751</td><td>15,630</td><td>14,678</td><td>9,854</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,845</td><td>5,804</td><td>5,704</td><td>4,970</td><td>5,392</td></tr><tr><td>Kentucky</td><td>465,087</td><td>4,253</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>3,653</td><td>3,526</td></tr><tr><td>Louisiana</td><td>494,590</td><td>4,749</td><td>7,720</td><td>9,370</td><td>7,088</td><td>4,316</td><td>4,097</td><td>4,040</td><td>3,662</td><td>4,137</td><td>3,710</td><td>3,490</td><td>3,324</td><td>3,166</td></tr><tr><td>Maloo</td><td>196,443</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>1,904</td><td>1,267</td><td>1,358</td><td>1,208</td></tr><tr><td>Maryland</td><td>578,041</td><td>6,117</td><td>9,590</td><td>9,978</td><td>13,979</td><td>4,714</td><td>4,491</td><td>5,012</td><td>4,267</td><td>4,482</td><td>4,338</td><td>3,848</td><td>3,938</td><td>3,999</td></tr><tr><td>Massachusetts</td><td>1,465,875</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>10,024</td><td>10,189</td></tr><tr><td>Michigan</td><td>2,330,948</td><td>18,635</td><td>34,151</td><td>34,696</td><td>28,392</td><td>11,810</td><td>15,618</td><td>15,350</td><td>12,957</td><td>11,581</td><td>11,217</td><td>15,572</td><td>13,967</td><td>14,285</td></tr><tr><td>Minnesota</td><td>904,341</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><td>7,548</td></tr><tr><td>Mississippi</td><td>301,640</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><td>1,892</td></tr><tr><td>Missouri</td><td>1,070,371</td><td>9,897</td><td>22,267</td><td>24,525</td><td>16,789</td><td>10,090</td><td>10,474</td><td>10,274</td><td>9,895</td><td>10,041</td><td>10,808</td><td>9,326</td><td>9,008</td><td>9,127</td></tr><tr><td>Montana</td><td>205,492</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><td>1,965</td></tr><tr><td>Nebraska</td><td>465,258</td><td>3,774</td><td>13,282</td><td>13,387</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><td>5,079</td></tr><tr><td>Nevada</td><td>53,025</td><td>649</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td>395</td><td>404</td><td>388</td><td>346</td><td>312</td><td>320</td></tr><tr><td>New Hampshire</td><td>125,625</td><td>1,320</td><td>2,525</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>945</td><td>777</td><td>888</td><td>866</td></tr><tr><td>New Jersey</td><td>1,598,170</td><td>14,676</td><td>27,599</td><td>31,167</td><td>22,087</td><td>12,635</td><td>13,943</td><td>12,377</td><td>11,771</td><td>12,983</td><td>13,166</td><td>11,122</td><td>10,760</td><td>11,425</td></tr><tr><td>New Mexico</td><td>101,337</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><td>786</td></tr><tr><td>New York</td><td>5,284,413</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>43,375</td><td>37,993</td><td>35,557</td><td>39,004</td></tr><tr><td>North Carolina</td><td>574,108</td><td>5,204</td><td>12,965</td><td>15,838</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,101</td><td>4,238</td><td>4,894</td><td>4,652</td><td>3,646</td><td>4,926</td><td>4,768</td></tr><tr><td>North Dakota</td><td>206,762</td><td>1,560</td><td>12,467</td><td>4,702</td><td>2,641</td><td>1,729</td><td>1,909</td><td>1,946</td><td>1,494</td><td>1,785</td><td>1,901</td><td>1,882</td><td>1,741</td><td>2,423</td></tr><tr><td>Ohio</td><td>2,625,581</td><td>25,767</td><td>46,972</td><td>51,775</td><td>39,909</td><td>22,562</td><td>23,434</td><td>21,423</td><td>21,706</td><td>23,224</td><td>19,828</td><td>21,832</td><td>18,383</td><td>18,601</td></tr><tr><td>Oklahoma</td><td>500,351</td><td>4,136</td><td>11,604</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>3,969</td><td>4,596</td></tr><tr><td>Oregon</td><td>595,812</td><td>3,937</td><td>11,456</td><td>13,201</td><td>5,628</td><td>3,651</td><td>3,387</td><td>3,117</td><td>3,136</td><td>3,275</td><td>3,346</td><td>3,094</td><td>3,107</td><td>3,149</td></tr><tr><td>Pennsylvania</td><td>3,273,715</td><td>38,282</td><td>58,341</td><td>69,156</td><td>53,504</td><td>28,681</td><td>30,314</td><td>29,703</td><td>27,446</td><td>28,391</td><td>28,440</td><td>26,970</td><td>24,776</td><td>26,201</td></tr><tr><td>Rhode Island</td><td>245,561</td><td>2,262</td><td>3,826</td><td>4,874</td><td>4,626</td><td>1,841</td><td>1,901</td><td>1,497</td><td>1,793</td><td>1,890</td><td>1,635</td><td>1,395</td><td>1,617</td><td>1,526</td></tr><tr><td>South Carolina</td><td>285,900</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><td>2,247</td></tr><tr><td>South Dakota</td><td>193,246</td><td>1,331</td><td>7,361</td><td>5,566</td><td>2,746</td><td>1,825</td><td>2,222</td><td>2,154</td><td>2,464</td><td>2,534</td><td>2,254</td><td>2,568</td><td>2,043</td><td>2,315</td></tr><tr><td>Tennessee</td><td>535,316</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>3,931</td><td>4,314</td><td>3,666</td><td>4,086</td><td>3,758</td></tr><tr><td>Texas</td><td>1,733,430</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><td>10,650</td></tr><tr><td>Utah</td><td>193,621</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><td>1,073</td></tr><tr><td>Vermont</td><td>71,928</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>639</td><td>528</td><td>572</td><td>469</td></tr><tr><td>Virginia</td><td>754,316</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><td>5,513</td></tr><tr><td>Washington</td><td>885,250</td><td>9,656</td><td>17,660</td><td>16,790</td><td>12,350</td><td>6,667</td><td>5,890</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><td>5,497</td></tr><tr><td>West Virginia</td><td>362,814</td><td>4,472</td><td>7,098</td><td>8,061</td><td>7,495</td><td>3,563</td><td>3,843</td><td>4,153</td><td>3,075</td><td>3,544</td><td>4,043</td><td>3,226</td><td>3,751</td><td>3,359</td></tr><tr><td>Wisconsin</td><td>959,276</td><td>8,620</td><td>20,363</td><td>22,578</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,634</td><td>7,636</td><td>8,554</td><td>8,531</td><td>9,128</td><td>7,974</td><td>8,207</td></tr><tr><td>Wyoming</td><td>87,685</td><td>766</td><td>2,228</td><td>2,158</td><td>1,350</td><td>784</td><td>784</td><td>723</td><td>694</td><td>713</td><td>735</td><td>733</td><td>658</td><td>703</td></tr><tr><td>Alaska</td><td>28,914</td><td>202</td><td>620</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><td>267</td></tr><tr><td>Guam</td><td>26,992</td><td>592</td><td>992</td><td>502</td><td>500</td><td>299</td><td>297</td><td>246</td><td>258</td><td>233</td><td>227</td><td>268</td><td>215</td><td>318</td></tr><tr><td>Hawaii</td><td>251,373</td><td>5,000</td><td>7,000</td><td>2,570</td><td>1,828</td><td>710</td><td>985</td><td>1,363</td><td>1,237</td><td>1,075</td><td>1,461</td><td>1,077</td><td>1,180</td><td>909</td></tr><tr><td>Puerto Rico</td><td>35,603</td><td>700</td><td>743</td><td>1,285</td><td>653</td><td>238</td><td>266</td><td>225</td><td>305</td><td>212</td><td>128</td><td>240
Source: Daily Treasury Statement and reports of Federal Reserve Banks. p Preliminary. r Revised.
December 1946
41
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 incetption through October 31, 1946</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><th>Oct.</th></tr><tr><td>Alabama</td><td>129,644</td><td>796</td><td>2,600</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>1,468</td><td>1,299</td></tr><tr><td>Arizona</td><td>39,729</td><td>102</td><td>802</td><td>1,101</td><td>633</td><td>441</td><td>409</td><td>412</td><td>417</td><td>884</td><td>571</td><td>342</td><td>367</td><td></td></tr><tr><td>Arkansas</td><td>78,715</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><td>587</td></tr><tr><td>California</td><td>1,118,285</td><td>6,089</td><td>21,371</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>16,761</td><td>12,876</td><td>12,631</td></tr><tr><td>Colorado</td><td>141,069</td><td>27</td><td>4,546</td><td>2,333</td><td>2,200</td><td>1,883</td><td>2,138</td><td>2,221</td><td>1,975</td><td>2,961</td><td>3,229</td><td>88</td><td>4,052</td><td>2,189</td></tr><tr><td>Connecticut</td><td>343,421</td><td>1,696</td><td>4,266</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>2,699</td><td>2,530</td></tr><tr><td>Delaware</td><td>66,771</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><td>587</td></tr><tr><td>Dist. of Columbia</td><td>147,931</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>2,831</td><td>2,563</td><td>1,718</td><td>1,460</td></tr><tr><td>Florida</td><td>187,822</td><td>1,361</td><td>3,314</td><td>3,216</td><td>3,511</td><td>2,871</td><td>3,158</td><td>3,900</td><td>3,762</td><td>3,244</td><td>4,465</td><td>2,850</td><td>2,935</td><td>2,625</td></tr><tr><td>Georgia</td><td>166,831</td><td>1,168</td><td>2,450</td><td>2,371</td><td>2,573</td><td>1,216</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><td>2,059</td></tr><tr><td>Idaho</td><td>38,025</td><td>239</td><td>779</td><td>257</td><td>586</td><td>265</td><td>705</td><td>859</td><td>752</td><td>629</td><td>432</td><td>529</td><td>395</td><td>603</td></tr><tr><td>Illinois</td><td>1,307,770</td><td>9,409</td><td>25,384</td><td>18,810</td><td>31,088</td><td>19,851</td><td>22,613</td><td>20,078</td><td>18,789</td><td>24,266</td><td>27,431</td><td>18,324</td><td>14,066</td><td>15,091</td></tr><tr><td>Indiana</td><td>387,298</td><td>3,191</td><td>9,168</td><td>6,728</td><td>8,213</td><td>5,378</td><td>7,086</td><td>6,030</td><td>5,741</td><td>8,839</td><td>8,971</td><td>6,190</td><td>5,305</td><td>5,359</td></tr><tr><td>Iowa</td><td>393,420</td><td>2,320</td><td>11,180</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><td>6,357</td></tr><tr><td>Kansas</td><td>189,906</td><td>1,756</td><td>6,363</td><td>3,692</td><td>3,623</td><td>4,105</td><td>3,876</td><td>3,061</td><td>2,589</td><td>3,673</td><td>4,046</td><td>2,131</td><td>3,094</td><td>2,595</td></tr><tr><td>Kentucky</td><td>210,557</td><td>1,714</td><td>3,802</td><td>2,605</td><td>2,045</td><td>5,014</td><td>3,331</td><td>3,705</td><td>3,693</td><td>5,281</td><td>5,535</td><td>3,735</td><td>2,578</td><td>2,860</td></tr><tr><td>Louisiana</td><td>174,282</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>2,063</td><td>2,048</td><td>2,791</td><td>2,912</td><td>1,662</td><td>1,727</td><td>1,711</td></tr><tr><td>Maine</td><td>104,635</td><td>442</td><td>1,899</td><td>1,541</td><td>2,301</td><td>1,843</td><td>1,206</td><td>1,744</td><td>1,569</td><td>1,527</td><td>2,114</td><td>1,629</td><td>861</td><td>820</td></tr><tr><td>Maryland</td><td>254,394</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><td>2,504</td></tr><tr><td>Massachusetts</td><td>851,218</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><td>6,289</td></tr><tr><td>Michigan</td><td>499,219</td><td>3,172</td><td>10,835</td><td>12,288</td><td>9,193</td><td>6,733</td><td>5,988</td><td>6,461</td><td>6,481</td><td>9,400</td><td>8,770</td><td>7,339</td><td>4,998</td><td>5,830</td></tr><tr><td>Minnesota</td><td>361,309</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><td>4,707</td></tr><tr><td>Mississippi</td><td>90,179</td><td>497</td><td>1,644</td><td>1,650</td><td>1,342</td><td>1,100</td><td>1,043</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><td>871</td></tr><tr><td>Missouri</td><td>463,163</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><td>5,924</td></tr><tr><td>Montana</td><td>95,844</td><td>501</td><td>1,600</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><td>570</td></tr><tr><td>Nebraska</td><td>171,518</td><td>1,109</td><td>5,067</td><td>4,021</td><td>3,594</td><td>2,900</td><td>4,424</td><td>3,442</td><td>3,440</td><td>2,747</td><td>3,844</td><td>3,180</td><td>3,106</td><td>2,923</td></tr><tr><td>Nevada</td><td>17,594</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>266</td><td>422</td><td>290</td><td>155</td><td>168</td></tr><tr><td>New Hampshire</td><td>71,124</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><td>384</td></tr><tr><td>New Jersey</td><td>546,752</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><td>6,656</td></tr><tr><td>New Mexico</td><td>33,924</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><td>968</td></tr><tr><td>New York</td><td>2,825,181</td><td>16,743</td><td>44,262</td><td>34,370</td><td>50,872</td><td>46,564</td><td>45,537</td><td>45,362</td><td>44,943</td><td>50,082</td><td>42,144</td><td>36,236</td><td>24,003</td><td>27,704</td></tr><tr><td>North Carolina</td><td>197,184</td><td>1,414</td><td>3,487</td><td>3,435</td><td>2,816</td><td>2,830</td><td>3,068</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><td>2,957</td></tr><tr><td>North Dakota</td><td>65,367</td><td>451</td><td>2,426</td><td>1,248</td><td>1,108</td><td>850</td><td>1,268</td><td>1,231</td><td>958</td><td>853</td><td>1,264</td><td>946</td><td>988</td><td>1,335</td></tr><tr><td>Ohio</td><td>946,174</td><td>9,984</td><td>16,984</td><td>15,504</td><td>24,383</td><td>13,890</td><td>15,394</td><td>17,712</td><td>15,584</td><td>20,095</td><td>23,515</td><td>14,429</td><td>10,682</td><td>11,593</td></tr><tr><td>Oklahoma</td><td>120,715</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><td>1,334</td></tr><tr><td>Oregon</td><td>140,167</td><td>701</td><td>2,708</td><td>2,658</td><td>1,894</td><td>1,783</td><td>1,767</td><td>1,700</td><td>1,443</td><td>1,668</td><td>2,316</td><td>1,834</td><td>2,211</td><td>1,624</td></tr><tr><td>Pennsylvania</td><td>1,398,901</td><td>8,769</td><td>24,029</td><td>20,108</td><td>20,886</td><td>19,834</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><td>15,872</td></tr><tr><td>Rhode Island</td><td>135,319</td><td>960</td><td>1,987</td><td>1,573</td><td>2,172</td><td>2,440</td><td>2,057</td><td>2,322</td><td>2,140</td><td>2,727</td><td>5,550</td><td>2,274</td><td>1,574</td><td>834</td></tr><tr><td>South Carolina</td><td>93,210</td><td>566</td><td>1,994</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><td>1,236</td></tr><tr><td>South Dakota</td><td>53,128</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>681</td><td>999</td><td>1,271</td></tr><tr><td>Tennessee</td><td>170,567</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><td>1,618</td></tr><tr><td>Texas</td><td>473,644</td><td>2,926</td><td>10,921</td><td>8,028</td><td>7,113</td><td>5,131</td><td>6,429</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><td>4,979</td></tr><tr><td>Utah</td><td>35,231</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>466</td><td>247</td></tr><tr><td>Vermont</td><td>39,022</td><td>189</td><td>607</td><td>493</td><td>990</td><td>540</td><td>563</td><td>508</td><td>786</td><td>457</td><td>1,001</td><td>611</td><td>379</td><td>271</td></tr><tr><td>Virginia</td><td>231,489</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><td>3,303</td></tr><tr><td>Washington</td><td>236,231</td><td>1,467</td><td>5,402</td><td>4,446</td><td>3,946</td><td>3,503</td><td>3,581</td><td>2,604</td><td>2,820</td><td>2,865</td><td>4,894</td><td>2,674</td><td>2,451</td><td>3,039</td></tr><tr><td>West Virginia</td><td>87,290</td><td>991</td><td>1,750</td><td>1,743</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><td>1,865</td></tr><tr><td>Wisconsin</td><td>427,030</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>1,696</td><td>7,003</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,487</td><td>5,709</td></tr><tr><td>Wyoming</td><td>27,827</td><td>220</td><td>781</td><td>634</td><td>426</td><td>347</td><td>173</td><td>316</td><td>516</td><td>385</td><td>445</td><td>399</td><td>583</td><td>283</td></tr><tr><td>Alaska</td><td>5,291</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><td>1</td></tr><tr><td>Canal Zone</td><td>6,226</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><td>31</td></tr><tr><td>Idaho</td><td>53,867</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>482</td><td>555</td><td>901</td><td>465</td><td>536</td><td>461</td></tr><tr><td>Puerto Rico</td><td>13,518</td><td>50</td><td>500</td><td>140</td><td>126</td><td>23</td><td>4</td><td>38</td><td>76</td><td>26</td><td>2</td><td>19</td><td>1</td><td>28</td></tr><tr><td>Virgin Islands</td><td>812</td><td>-</td><td>8</td><td>20</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other possessions</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to commercial or bank</td><td>895,480</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><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+83,464</td><td>+1,763</td><td>-3,248</td><td>-4,758</td><td>+8,714</td><td>+8,914</td><td>-14,283</td><td>+8,599</td><td>-19,3
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 30, footnote 9); from June 16 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page 4-22).
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1945-Oct. 1946</th><th>1945 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><th>Oct</th><th>P</th></tr><tr><td>Alabama</td><td>153,573</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>7,153</td><td>6,316</td><td>5,358</td><td>5,853</td><td>5,644</td><td>5,528</td><td>4,889</td><td></td></tr><tr><td>Arizona</td><td>51,887</td><td>2,456</td><td>2,308</td><td>2,493</td><td>2,826</td><td>2,698</td><td>3,008</td><td>2,594</td><td>2,467</td><td>2,201</td><td>1,911</td><td>2,041</td><td>2,036</td><td>2,174</td><td></td></tr><tr><td>Arkansas</td><td>82,628</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><td>3,020</td><td></td></tr><tr><td>California</td><td>1,060,583</td><td>51,387</td><td>49,250</td><td>50,602</td><td>58,213</td><td>52,179</td><td>55,872</td><td>52,133</td><td>48,855</td><td>37,698</td><td>42,835</td><td>45,601</td><td>40,927</td><td>34,882</td><td>P</td></tr><tr><td>Colorado</td><td>91,246</td><td>4,954</td><td>3,987</td><td>4,128</td><td>5,346</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,596</td><td>4,357</td><td>3,964</td><td>4,064</td><td>4,818</td><td>3,706</td><td></td></tr><tr><td>Connecticut</td><td>180,373</td><td>9,556</td><td>8,282</td><td>8,461</td><td>8,578</td><td>8,212</td><td>9,625</td><td>9,410</td><td>8,504</td><td>7,336</td><td>7,506</td><td>7,017</td><td>7,141</td><td>6,380</td><td></td></tr><tr><td>Delaware</td><td>25,764</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>1,181</td><td>1,160</td><td>1,082</td><td>1,117</td><td>1,089</td><td></td></tr><tr><td>District of Columbia</td><td>125,230</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>5,358</td><td>5,647</td><td>6,475</td><td>4,890</td><td>4,834</td><td>6,077</td><td>4,234</td><td></td></tr><tr><td>Florida</td><td>178,283</td><td>8,820</td><td>8,590</td><td>8,733</td><td>10,252</td><td>8,654</td><td>7,475</td><td>10,206</td><td>8,556</td><td>7,145</td><td>7,109</td><td>6,969</td><td>7,042</td><td>6,932</td><td></td></tr><tr><td>Georgia</td><td>156,662</td><td>8,209</td><td>7,012</td><td>7,153</td><td>8,977</td><td>7,474</td><td>8,525</td><td>6,628</td><td>4,480</td><td>7,506</td><td>7,465</td><td>6,214</td><td>6,384</td><td>5,702</td><td></td></tr><tr><td>Idaho</td><td>33,204</td><td>1,481</td><td>1,309</td><td>1,580</td><td>1,776</td><td>1,871</td><td>2,083</td><td>2,021</td><td>1,857</td><td>1,594</td><td>1,376</td><td>1,516</td><td>1,488</td><td>1,307</td><td></td></tr><tr><td>Illinois</td><td>83,192</td><td>39,566</td><td>35,175</td><td>36,800</td><td>41,292</td><td>38,926</td><td>38,658</td><td>39,837</td><td>38,296</td><td>35,391</td><td>35,892</td><td>34,530</td><td>34,057</td><td>31,943</td><td></td></tr><tr><td>Indiana</td><td>341,611</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>13,403</td><td>12,653</td><td>12,185</td><td>11,926</td><td>11,032</td><td>10,728</td><td></td></tr><tr><td>Iowa</td><td>194,282</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>8,490</td><td>8,011</td><td>7,514</td><td>8,255</td><td>7,796</td><td></td></tr><tr><td>Kansas</td><td>131,448</td><td>5,853</td><td>5,377</td><td>5,432</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,875</td><td>6,519</td><td>6,078</td><td>4,171</td><td>6,277</td><td>7,030</td><td>5,050</td><td></td></tr><tr><td>Kentucky</td><td>137,229</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>5,035</td><td>4,994</td><td></td></tr><tr><td>Louisiana</td><td>175,814</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><td>4,964</td><td></td></tr><tr><td>Maine</td><td>44,533</td><td>2,254</td><td>2,041</td><td>2,183</td><td>1,993</td><td>1,673</td><td>2,186</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><td>1,892</td><td></td></tr><tr><td>Maryland</td><td>146,883</td><td>7,685</td><td>6,573</td><td>6,626</td><td>7,124</td><td>5,980</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>5,948</td><td>7,148</td><td></td></tr><tr><td>Massachusetts</td><td>322,371</td><td>16,305</td><td>13,796</td><td>14,709</td><td>14,822</td><td>14,443</td><td>15,926</td><td>15,366</td><td>14,557</td><td>12,997</td><td>13,621</td><td>12,139</td><td>12,583</td><td>13,324</td><td></td></tr><tr><td>Michigan</td><td>718,487</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><td>23,555</td><td></td></tr><tr><td>Minnesota</td><td>220,332</td><td>10,370</td><td>9,026</td><td>9,279</td><td>12,120</td><td>7,237</td><td>12,204</td><td>11,812</td><td>11,370</td><td>10,272</td><td>10,211</td><td>9,176</td><td>8,755</td><td>9,228</td><td></td></tr><tr><td>Mississippi</td><td>71,395</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><td>2,957</td><td></td></tr><tr><td>Missouri</td><td>306,460</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>15,953</td><td>13,127</td><td>12,934</td><td>11,682</td><td>12,424</td><td>13,124</td><td>11,160</td><td></td></tr><tr><td>Montana</td><td>40,535</td><td>1,728</td><td>1,584</td><td>1,738</td><td>2,439</td><td>1,990</td><td>1,916</td><td>2,817</td><td>2,352</td><td>2,117</td><td>2,062</td><td>1,930</td><td>1,888</td><td>1,750</td><td></td></tr><tr><td>Nebraska</td><td>55,833</td><td>4,325</td><td>4,061</td><td>4,062</td><td>4,628</td><td>4,587</td><td>6,102</td><td>4,925</td><td>4,911</td><td>4,456</td><td>3,555</td><td>2,878</td><td>6,080</td><td>3,776</td><td></td></tr><tr><td>Nevada</td><td>15,888</td><td>738</td><td>720</td><td>766</td><td>888</td><td>777</td><td>838</td><td>772</td><td>704</td><td>885</td><td>638</td><td>691</td><td>566</td><td>706</td><td></td></tr><tr><td>New Hampshire</td><td>28,090</td><td>1,477</td><td>1,266</td><td>1,375</td><td>1,247</td><td>1,113</td><td>1,338</td><td>1,433</td><td>1,428</td><td>1,227</td><td>1,313</td><td>1,198</td><td>1,199</td><td>1,295</td><td></td></tr><tr><td>New Jersey</td><td>373,758</td><td>18,579</td><td>17,971</td><td>19,332</td><td>19,015</td><td>17,162</td><td>19,230</td><td>18,787</td><td>16,854</td><td>14,821</td><td>13,596</td><td>14,438</td><td>15,243</td><td>10,153</td><td></td></tr><tr><td>New Mexico</td><td>30,622</td><td>1,633</td><td>1,369</td><td>1,368</td><td>1,769</td><td>1,044</td><td>1,874</td><td>1,572</td><td>1,525</td><td>1,497</td><td>914</td><td>1,402</td><td>1,427</td><td>1,262</td><td></td></tr><tr><td>New York</td><td>1,063,774</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>44,950</td><td>39,204</td><td>38,554</td><td>47,404</td><td>25,399</td><td></td></tr><tr><td>North Carolina</td><td>147,466</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><td>4,378</td><td></td></tr><tr><td>North Dakota</td><td>29,379</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>1,049</td><td>1,384</td><td>1,231</td><td>1,277</td><td></td></tr><tr><td>Ohio</td><td>728,290</td><td>37,282</td><td>31,694</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td><td>33,928</td><td>30,276</td><td>27,980</td><td>29,087</td><td>26,463</td><td>25,313</td><td>24,805</td><td></td></tr><tr><td>Oklahoma</td><td>148,302</td><td>7,168</td><td>6,666</td><td>6,252</td><td>9,650</td><td>7,724</td><td>8,466</td><td>7,024</td><td>7,123</td><td>6,373</td><td>6,182</td><td>5,900</td><td>6,019</td><td>5,345</td><td></td></tr><tr><td>Oregon</td><td>160,983</td><td>7,717</td><td>7,007</td><td>7,300</td><td>8,691</td><td>7,530</td><td>8,329</td><td>8,153</td><td>7,429</td><td>6,589</td><td>6,543</td><td>6,260</td><td>5,047</td><td>3,757</td><td></td></tr><tr><td>Pennsylvania</td><td>875,183</td><td>45,691</td><td>39,991</td><td>37,828</td><td>41,090</td><td>35,886</td><td>51,015</td><td>44,385</td><td>42,175</td><td>36,386</td><td>35,883</td><td>33,857</td><td>32,432</td><td>34,486</td><td></td></tr><tr><td>Rhode Island</td><td>59,224</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>2,404</td><td>2,315</td><td>2,315</td><td>2,046</td><td>2,185</td><td>2,316</td><td></td></tr><tr><td>South Carolina</td><td>72,943</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>2,043</td><td>2,699</td><td>2,723</td><td>2,061</td><td></td></tr><tr><td>South Dakota</td><td>30,851</td><td>1,329</td><td>1,338</td><td>1,302</td><td>1,773</td><td>1,307</td><td>1,901</td><td>1,844</td><td>1,597</td><td>1,588</td><td>1,418</td><td>1,407</td><td>1,419</td><td>1,276</td><td></td></tr><tr><td>Tennessee</td><td>195,859</td><td>9,397</td><td>5,967</td><td>7,425</td><td>7,679</td><td>7,262</td><td>8,021</td><td>7,309</td><td>6,495</td><td>5,386</td><td>6,934</td><td>5,595</td><td>5,981</td><td>5,827</td><td></td></tr><tr><td>Texas</td><td>507,309</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><td>19,420</td><td></td></tr><tr><td>Utah</td><td>53,698</td><td>2,610</td><td>2,883</td><td>2,805</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>2,143</td><td>2,070</td><td></td></tr><tr><td>Vermont</td><td>13,530</td><td>755</td><td>623</td><td>655</td><td>522</td><td>536</td><td>719</td><td>726</td><td>8,164</td><td>8,930</td><td>6,673</td><td>7,254</td><td>8,540</td><td>5,518</td><td></td></tr><tr><td>Virginia</td><td>192,710</td><td>10,185</td><td>9,085</td><td>9,170</td><td>10,421</td><td>7,823</td><td>11,345</td><td>8,168</td><td>8,104</td><td>8,990</td><td>6,651</td><td>7,254</td><td>8,540</td><td>5,518</td><td></td></tr><tr><td>Washington</td><td>232,385</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><td>8,254</td><td></td></tr><tr><td>West Virginia</td><td>106,061</td><td>5,989</td><td>4,910</td><td>4,647</td><td>5,470</td><td>4,060</td><td>6,277</td><td>5,614</td><td>5,758</td><td>4,696</td><td>3,837</td><td>4,010</td><td>4,161</td><td>3,731</td><td></td></tr><tr><td>Wisconsin</td><td>224,782</td><td>10,796</td><td>9,324</td><td>10,315</td><td>10,855</td><td>10,090</td><td>10,991</td><td>11,125</td><td>10,729</td><td>10,094</td><td>9,698</td><td>9,195</td><td>8,858</td><td>8,522</td><td></td></tr><tr><td>Wyoming</td><td>20,344</td><td>947</td><td>794</td><td>832</td><td>1,153</td><td>963</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td><td>820</td><td>634</td><td>1,356</td><td>785</td><td></td></tr><tr><td>Alaska</td><td>6,019</td><td>318</td><td>268</td><td>268</td><td>299</td><td>220</td><td>325</td><td>305</td><td>318</td><td>265</td><td>248</td><td>316</td><td>244</td><td>216</td><td></td></tr><tr><td>Canal Zone</td><td>2,847</td><td></td><td></td><td></td><td></td><td></td><td>361</td><td>332</td><td>476</td><td>464</td><td>358</td><td>303</td><td>238</td><td>307</td><td></td></tr><tr><td>Hawaii</td><td>55,385</td><td>3,871</td><td>3,506</td><td>3,164</td><td>3,359</td><td>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. Preliminary. Less than $500.
December 1946
43
Sales and Redemptions of Treasury Savings Notes
Treasury savings notes were issued in three series, series A from August 1, 1941 through June 22, 1943, series B from August 1, 1941 through September 12, 1942, and series C which have been on continuous sale since September 14, 1942. All of series A and B and some of series C notes have matured.
Series C notes are sold at par, and accrue in value each month, yielding 1.07% per annum if held to maturity (3 years from date of issue). These notes may be used in payment of taxes any time after 2 months after issue, or may be redeemed for cash any time after 6 months after issue. For details concerning features, investment yield, and tax payment or redemption values, see "Treasury Bulletin" for October 1945, pages A-4 and A-5. For details concerning the features of series A
and B notes, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes turned in for redemption (either for cash or for tax payment) are included in the figures on redemptions. Matured notes outstanding are reflected in the interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement. For sales and redemptions of series A and B notes by fiscal years and months, see "Treasury Bulletin" for February 1946, pages 42 and 43.
Table 1.- Summary of Sales and Redemptions, by Series, as of October 31, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>399</td><td>63 1/2</td><td>336</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>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>27,962</td><td>21,953</td><td>4,439</td><td>17,513</td><td>6</td><td>6,003</td></tr><tr><td>Total</td><td>33,313</td><td>27,295</td><td>4,685</td><td>22,610</td><td>15</td><td>6,003</td></tr></table>
Source: Daily Treasury Statement
1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>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>9,148</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>513</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>5,525</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>9,714</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-October</td><td>136</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>8,041</td></tr><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,114</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><tr><td>October</td><td>184</td><td>276</td><td>137</td><td>139</td><td>6</td><td>6,003</td></tr></table>
Source: Daily Treasury Statement.
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>P Fiscal year or month</th><th>Total all denominations</th><th colspan="8">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,525.5</td><td>5.4</td><td>13.8</td><td>102.7</td><td>160.3</td><td>617.4</td><td>1,120.8</td><td>588.0</td><td>917.0</td></tr><tr><td>1945-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>63.0</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>22.2</td><td>49.4</td><td>13.5</td><td>67.0</td></tr><tr><td>March</td><td>178.7</td><td>.3</td><td>.6</td><td>3.6</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>7.6</td><td>36.7</td><td>90.8</td><td>66.0</td><td>92.0</td></tr><tr><td>May</td><td>198.4</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>52.0</td></tr><tr><td>June</td><td>184.0</td><td>.3</td><td>.6</td><td>5.0</td><td>8.1</td><td>39.5</td><td>67.4</td><td>17.0</td><td>46.0</td></tr><tr><td>July p</td><td>300.5</td><td>.4</td><td>1.0</td><td>8.2</td><td>13.2</td><td>64.6</td><td>110.0</td><td>27.0</td><td>76.0</td></tr><tr><td>August p</td><td>188.4</td><td>.3</td><td>.6</td><td>5.7</td><td>8.3</td><td>40.5</td><td>69.0</td><td>17.0</td><td>77.0</td></tr><tr><td>September p</td><td>246.2</td><td>.3</td><td>.7</td><td>5.2</td><td>9.0</td><td>40.2</td><td>93.0</td><td>34.5</td><td>65.0</td></tr><tr><td>October p</td><td>183.5</td><td>.3</td><td>.6</td><td>5.0</td><td>8.0</td><td>39.4</td><td>67.2</td><td>17.0</td><td>46.0</td></tr></table>
Source: Daily Treasury Statement, Public Debt Service, and reports from Federal Reserve Banks. Preliminary.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th>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></th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>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>134.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1946</td><td>3,529.5</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-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><tr><td>October</td><td>183.5</td><td>19.3</td><td>164.2</td><td>100.0</td><td>10.5</td><td>89.5</td></tr></table>
Sources: Daily Treasury Statement and reports from Federal Reserve Banks.
December 1946
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4/</td><td>590,268 4/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>429,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>177,598</td><td>-18,920</td><td>258,411</td><td>287,331</td><td>231,553</td><td>55,778</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1946</td><td>95,976</td><td>-81,622</td><td>109,852</td><td>191,474</td><td>130,422</td><td>61,052</td><td>100.0</td><td>68.1</td><td>31.9</td></tr><tr><td>1945-October</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><tr><td>December</td><td>133,229</td><td>-6,128</td><td>5,259</td><td>11,387</td><td>7,990</td><td>3,397</td><td>100.0</td><td>70.2</td><td>29.8</td></tr><tr><td>1946-January</td><td>120,201</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>1,273</td><td>10,523</td><td>6,151</td><td>4,373</td><td>100.0</td><td>61.5</td><td>36.5</td></tr><tr><td>March</td><td>116,335</td><td>-4,519</td><td>3,647</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,986</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><tr><td>October</td><td>82,988</td><td>-2,296</td><td>2,205</td><td>4,501</td><td>2,444</td><td>2,057</td><td>100.0</td><td>54.3</td><td>45.7</td></tr></table>
Source: Daily Treasury Statement.
Note: 1/ See "Treasury Bulletin", July 1946 for back figures.
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.
1/ Net of sales less redemptions. See footnote 1.
2/ 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>333,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,574</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1946</td><td>109,852</td><td>22,680</td><td>56,115</td><td>9,619</td><td>15,755</td><td>5,683</td><td>100.0</td><td>20.6</td><td>51.1</td><td>8.8</td><td>14.3</td><td>5.2</td></tr><tr><td>1945-October</td><td>10,587</td><td>2,565</td><td>5,422</td><td>827</td><td>1,303</td><td>470</td><td>100.0</td><td>24.2</td><td>51.2</td><td>7.8</td><td>12.1</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>999</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,043</td><td>398</td><td>632</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.7</td><td>13.8</td><td>4.7</td></tr><tr><td>March</td><td>9,847</td><td>2,502</td><td>4,868</td><td>806</td><td>1,218</td><td>453</td><td>100.0</td><td>25.4</td><td>49.4</td><td>8.2</td><td>12.4</td><td>4.6</td></tr><tr><td>April</td><td>9,309</td><td>2,128</td><td>4,612</td><td>810</td><td>1,316</td><td>443</td><td>100.0</td><td>22.9</td><td>49.5</td><td>8.7</td><td>14.1</td><td>4.8</td></tr><tr><td>May</td><td>6,362</td><td>1,364</td><td>3,157</td><td>617</td><td>864</td><td>360</td><td>100.0</td><td>21.4</td><td>49.6</td><td>9.7</td><td>13.6</td><td>5.7</td></tr><tr><td>June</td><td>3,598</td><td>552</td><td>1,828</td><td>357</td><td>602</td><td>259</td><td>100.0</td><td>15.3</td><td>50.8</td><td>9.9</td><td>16.8</td><td>7.2</td></tr><tr><td>July</td><td>3,283</td><td>443</td><td>1,638</td><td>312</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>3,674</td><td>183</td><td>1,847</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>1,103</td><td>264</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><tr><td>October</td><td>2,205</td><td>394</td><td>1,059</td><td>221</td><td>380</td><td>150</td><td>100.0</td><td>17.9</td><td>48.1</td><td>10.0</td><td>17.2</td><td>6.8</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
December 1946
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 3/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount outstanding</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>36,576</td><td>4,666</td><td>1,791</td><td>*</td><td>2,616</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,895</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>18,091</td><td>3,213</td><td>1</td><td>10,871</td><td>7,149</td><td>114,141</td><td>88,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,334</td><td>6,105</td><td>17</td><td>18,612</td><td>21,792</td><td>209,630</td><td>151,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,061</td><td>56,145</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1945-Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>23,276</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,637</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,041</td><td>7,012</td><td>29</td><td>20,000</td><td>24,262</td><td>224,390</td><td>167,505</td><td>56,885</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</td><td>169,884</td><td>57,175</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</td><td>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,601</td><td>223,975</td><td>167,455</td><td>56,520</td><td>542</td><td>8</td><td>-</td><td>32</td><td>501</td></tr><tr><td>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>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>-</td><td>33</td><td>492</td></tr><tr><td>May.</td><td>271,440</td><td>28,520</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,546</td><td>56,442</td><td>542</td><td>9</td><td>-</td><td>33</td><td>500</td></tr><tr><td>June.</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,142</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July.</td><td>267,039</td><td>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>Aug.</td><td>266,359</td><td>30,054</td><td>6,575</td><td>35</td><td>23,443</td><td>23,946</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>325</td></tr><tr><td>Sept.</td><td>264,217</td><td>30,369</td><td>6,480</td><td>35</td><td>23,854</td><td>24,049</td><td>209,759</td><td>153,809</td><td>55,950</td><td>391</td><td>9</td><td>-</td><td>34</td><td>347</td></tr><tr><td>Oct.</td><td>262,415</td><td>30,408 p</td><td>6,357 p</td><td>35 p</td><td>24,015</td><td>23,518</td><td>208,489 p</td><td>152,444 p</td><td>56,046 p</td><td>378</td><td>9 p</td><td>-</td><td>34 p</td><td>334</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. Preliminary. * Less than $500 thousand.
1/ Excludes obligations held by the Treasury and matured securities.
2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
3/ Stated as of close of previous month.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 2/</th><th>State and local governments 6/</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.6</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>68.5</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>67.1</td><td>56.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</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>September</td><td>260.2</td><td>107.1</td><td>83.7</td><td>23.3</td><td>153.1</td><td>59.5</td><td>22.5</td><td>10.0</td><td>28.9</td><td>5.5</td><td>26.6</td></tr><tr><td>October</td><td>260.0</td><td>107.7</td><td>84.4</td><td>23.3</td><td>152.3</td><td>59.3</td><td>22.4</td><td>10.0</td><td>28.3</td><td>5.5</td><td>26.8</td></tr><tr><td>November</td><td>263.4</td><td>109.3</td><td>85.9</td><td>23.5</td><td>154.0</td><td>62.0</td><td>22.2</td><td>9.8</td><td>27.8</td><td>5.3</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.4</td><td>10.7</td><td>29.9</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January</td><td>278.0</td><td>115.3</td><td>92.0</td><td>23.3</td><td>162.7</td><td>63.7</td><td>24.7</td><td>10.9</td><td>29.3</td><td>6.4</td><td>27.7</td></tr><tr><td>February</td><td>278.5</td><td>115.4</td><td>92.5</td><td>22.9</td><td>163.0</td><td>63.7</td><td>24.5</td><td>11.1</td><td>29.0</td><td>6.4</td><td>28.0</td></tr><tr><td>March</td><td>275.3</td><td>111.5</td><td>89.0</td><td>22.5</td><td>163.7</td><td>63.8</td><td>25.0</td><td>11.2</td><td>29.2</td><td>6.4</td><td>28.2</td></tr><tr><td>April</td><td>273.2</td><td>111.3</td><td>88.6</td><td>22.7</td><td>161.9</td><td>63.3</td><td>25.0</td><td>11.3</td><td>27.7</td><td>6.3</td><td>28.3</td></tr><tr><td>May</td><td>272.0</td><td>109.8</td><td>86.9</td><td>22.9</td><td>162.2</td><td>63.2</td><td>25.2</td><td>11.3</td><td>27.5</td><td>6.3</td><td>28.5</td></tr><tr><td>June</td><td>268.6</td><td>107.1</td><td>81.3</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>106.6</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</td><td>266.7</td><td>104.3</td><td>80.4</td><td>23.9</td><td>162.4</td><td>63.1</td><td>25.2</td><td>11.7</td><td>26.1</td><td>6.1</td><td>30.1</td></tr><tr><td>September p.</td><td>264.6</td><td>102.7</td><td>78.7</td><td>24.0</td><td>161.9</td><td>63.0</td><td>25.4</td><td>11.7</td><td>25.4</td><td>6.0</td><td>30.4</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/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(in millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-1.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.5</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-1.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.1</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>-1.5</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>4.8</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>-67.3</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>-</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-15.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.5</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</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.
December 1946
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946
The tables in Section I present summary data as of September 30, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the
amount of such securities owned by all banks and insurance companies in the United States. Section II presents summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debentures and Federal Home Loan Bank debentures.
Section I
Securities Issued or Guaranteed by the United States Government
Table 1. - Summary:
All Interest-Bearing Securities
(in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="7">Held by investors covered in Treasury Survey</th></tr><tr><th>7,355 commercial banks 2/</th><th>31 stock savings banks</th><th>510 mutual savings banks</th><th>311 life insurance companies</th><th>612 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>184,382</td><td>71,905</td><td>485</td><td>11,449</td><td>21,560</td><td>2,869</td><td>30,538</td><td>45,574</td></tr><tr><td>Non-marketable securities 1/</td><td>56,373</td><td>1,326</td><td>11</td><td>244</td><td>119</td><td>210</td><td>35</td><td>54,081</td></tr><tr><td>Total public securities</td><td>240,755</td><td>73,231</td><td>497</td><td>11,693</td><td>21,680</td><td>3,079</td><td>30,573</td><td>99,655</td></tr><tr><td>Special issues</td><td>23,854</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23,854</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>264,608</td><td>73,231</td><td>497</td><td>11,693</td><td>21,680</td><td>3,079</td><td>54,427</td><td>99,655</td></tr></table>
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.
4/ C.C.C. demand obligations in the amount of $347 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 O
ERSHIP 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="4">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="3">Banke 1/</th><th>Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banke</th></tr><tr><td></td><td>7,355 commercial banks</td><td>3k stock savings banks</td><td>5l0 mutual savings banks</td><td>311 life insurance companies</td><td>602 fire, casualty, and marine insurance companies</td><td></td></tr><tr><td></td><td>2/</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Par values - in millions of dollars
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>17,007</td><td>938</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,715</td><td>1,352</td></tr><tr><td>Certificates of indebtedness.</td><td>34,478</td><td>14,505</td><td>27</td><td>261</td><td>420</td><td>185</td><td>7,972</td><td>11,108</td></tr><tr><td>Treasury notes.</td><td>13,351</td><td>8,674</td><td>33</td><td>254</td><td>456</td><td>173</td><td>676</td><td>3,087</td></tr><tr><td>Treasury bonds - bank restricted b/.</td><td>49,636</td><td>1,363</td><td>204</td><td>7,797</td><td>16,543</td><td>1,054</td><td>4,972</td><td>17,663</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>69,686</td><td>46,399</td><td>220</td><td>3,133</td><td>4,129</td><td>1,416</td><td>2,159</td><td>12,232</td></tr><tr><td>Postal savings and other bonds.</td><td>179</td><td>15</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>127</td></tr><tr><td>Guaranteed by United States 5/.</td><td>44</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total.</td><td>184,382</td><td>71,905</td><td>485</td><td>11,449</td><td>21,560</td><td>2,869</td><td>30,538</td><td>45,574</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>61,218</td><td>21,353</td><td>55</td><td>483</td><td>869</td><td>311</td><td>23,098</td><td>15,048</td></tr><tr><td>1 to 5 years.</td><td>39,404</td><td>28,222</td><td>75</td><td>965</td><td>1,470</td><td>652</td><td>1,378</td><td>6,641</td></tr><tr><td>5 to 10 years.</td><td>28,910</td><td>17,516</td><td>126</td><td>2,135</td><td>2,330</td><td>634</td><td>783</td><td>5,387</td></tr><tr><td>10 to 15 years.</td><td>11,208</td><td>2,118</td><td>85</td><td>2,401</td><td>1,043</td><td>657</td><td>314</td><td>4,589</td></tr><tr><td>15 to 20 years.</td><td>21,227</td><td>138</td><td>71</td><td>2,792</td><td>9,676</td><td>256</td><td>2,812</td><td>5,481</td></tr><tr><td>Over 20 years.</td><td>22,372</td><td>2,546</td><td>71</td><td>2,670</td><td>6,159</td><td>358</td><td>2,144</td><td>8,424</td></tr><tr><td>Various (Federal Housing Administration debentures).</td><td>44</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total.</td><td>184,382</td><td>71,905</td><td>485</td><td>11,449</td><td>21,560</td><td>2,869</td><td>30,538</td><td>45,574</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes.</td><td>179</td><td>15</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>127</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>16,079</td><td>12,861</td><td>91</td><td>82</td><td>166</td><td>617</td><td>1,390</td><td>2,873</td></tr><tr><td>Subject to Federal income taxes 1/.</td><td>166,124</td><td>59,030</td><td>395</td><td>11,367</td><td>21,394</td><td>2,251</td><td>29,112</td><td>42,575</td></tr><tr><td>Total.</td><td>184,382</td><td>71,905</td><td>485</td><td>11,449</td><td>21,560</td><td>2,869</td><td>30,538</td><td>45,574</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, September 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,355 commercial banks 2/</th><th>3¼ stock savings banks</th><th>5¼o mutual savings banks</th><th>311 life insurance companies</th><th>6¼2 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Percentage distribution by classes of securities
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>9.2</td><td>1.3</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>48.2</td><td>3.0</td></tr><tr><td>Certificates of indebtedness........</td><td>18.7</td><td>20.2</td><td>5.5</td><td>2.3</td><td>1.9</td><td>6.5</td><td>26.1</td><td>28.4</td></tr><tr><td>Treasury notes....................</td><td>7.2</td><td>12.1</td><td>6.8</td><td>2.2</td><td>2.1</td><td>6.0</td><td>2.2</td><td>6.8</td></tr><tr><td>Treasury bonds - bank restricted b/.</td><td>26.9</td><td>1.9</td><td>42.1</td><td>68.1</td><td>76.7</td><td>38.1</td><td>16.3</td><td>38.8</td></tr><tr><td>Treasury bonds - bank eligible.....</td><td>37.8</td><td>64.5</td><td>45.2</td><td>27.4</td><td>19.1</td><td>49.4</td><td>7.1</td><td>26.8</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><td>.3</td></tr><tr><td>Guaranteed by United States 5/......</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>33.2</td><td>29.7</td><td>11.4</td><td>4.2</td><td>4.0</td><td>10.9</td><td>75.6</td><td>33.0</td></tr><tr><td>1 to 5 years....................</td><td>21.4</td><td>19.2</td><td>15.5</td><td>8.4</td><td>6.8</td><td>22.7</td><td>4.5</td><td>14.6</td></tr><tr><td>5 to 10 years....................</td><td>15.7</td><td>24.4</td><td>26.0</td><td>16.6</td><td>10.8</td><td>22.1</td><td>2.6</td><td>12.8</td></tr><tr><td>10 to 15 years....................</td><td>6.1</td><td>2.9</td><td>17.6</td><td>21.0</td><td>4.8</td><td>22.9</td><td>1.0</td><td>10.1</td></tr><tr><td>15 to 20 years....................</td><td>11.5</td><td>.2</td><td>14.7</td><td>24.4</td><td>44.9</td><td>8.9</td><td>9.2</td><td>12.0</td></tr><tr><td>Over 20 years....................</td><td>12.1</td><td>3.5</td><td>14.6</td><td>23.3</td><td>28.6</td><td>12.5</td><td>7.0</td><td>18.5</td></tr><tr><td>Various (Federal Housing Administration debentures)....</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes.....</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/.</td><td>9.8</td><td>17.9</td><td>18.7</td><td>.7</td><td>.8</td><td>21.5</td><td>4.6</td><td>6.1</td></tr><tr><td>Subject to Federal income taxes 2/.........</td><td>90.1</td><td>82.1</td><td>81.3</td><td>99.3</td><td>99.2</td><td>78.5</td><td>95.3</td><td>93.4</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>5.5</td><td>*</td><td>*</td><td>*</td><td>86.5</td><td>7.9</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>42.1</td><td>.1</td><td>.8</td><td>1.2</td><td>23.1</td><td>32.2</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>65.0</td><td>.2</td><td>1.9</td><td>3.4</td><td>5.1</td><td>23.1</td></tr><tr><td>Treasury bonds - bank restricted</td><td>100.0</td><td>2.7</td><td>.4</td><td>15.7</td><td>33.3</td><td>10.0</td><td>35.6</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>66.6</td><td>.3</td><td>4.5</td><td>5.9</td><td>3.1</td><td>17.6</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.1</td><td>*</td><td>.2</td><td>.2</td><td>20.0</td><td>71.2</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>26.9</td><td>2.3</td><td>7.8</td><td>29.1</td><td>1.8</td><td>21.2</td></tr><tr><td>Total</td><td>100.0</td><td>39.0</td><td>.3</td><td>6.2</td><td>11.7</td><td>1.6</td><td>24.7</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>100.0</td><td>34.9</td><td>.1</td><td>.8</td><td>1.4</td><td>.5</td><td>37.7</td><td>24.6</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.6</td><td>.2</td><td>2.4</td><td>3.7</td><td>1.7</td><td>3.5</td><td>16.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>60.6</td><td>.4</td><td>7.4</td><td>8.1</td><td>2.2</td><td>2.7</td><td>18.6</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>18.9</td><td>.8</td><td>21.4</td><td>9.3</td><td>5.9</td><td>2.8</td><td>40.9</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>13.2</td><td>45.6</td><td>1.2</td><td>13.2</td><td>25.8</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.4</td><td>.3</td><td>11.9</td><td>27.5</td><td>1.6</td><td>9.6</td><td>37.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>26.9</td><td>2.3</td><td>7.8</td><td>29.1</td><td>1.8</td><td>21.2</td><td>11.0</td></tr><tr><td>Total</td><td>100.0</td><td>39.0</td><td>.3</td><td>6.2</td><td>11.7</td><td>1.6</td><td>16.6</td><td>24.7</td></tr><tr><th>Tax status:</th><th>5/</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.1</td><td>*</td><td>.2</td><td>.2</td><td>.3</td><td>20.0</td><td>71.2</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>71.1</td><td>.5</td><td>.5</td><td>.9</td><td>3.4</td><td>7.7</td><td>15.9</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>35.5</td><td>.2</td><td>6.8</td><td>12.9</td><td>1.4</td><td>17.5</td><td>25.6</td></tr><tr><td>Total</td><td>100.0</td><td>39.0</td><td>.3</td><td>6.2</td><td>11.7</td><td>1.6</td><td>16.6</td><td>24.7</td></tr></table>
(Continued on following page)
December 1946
51
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, September 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(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="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 1/</th></tr><tr><th>7,355 commercial banks 2/</th><th>1/ stock savings banks</th><th>5/0 mutual savings banks</th><th>1/1 life insurance companies</th><th>6/2 fire, casualty, and marine insurance companies</th></tr><tr><td>Treasury bills..................... (taxable)</td><td>17,007</td><td>938</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,715</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$ October 1946...... (taxable)</td><td>3,440</td><td>1,767</td><td>3</td><td>27</td><td>6</td><td>12</td><td>865</td><td>760</td></tr><tr><td>7/8$ November 1946...... (taxable)</td><td>3,778</td><td>1,725</td><td>3</td><td>35</td><td>51</td><td>25</td><td>730</td><td>1,209</td></tr><tr><td>7/8$ December 1946...... (taxable)</td><td>3,768</td><td>676</td><td>2</td><td>14</td><td>10</td><td>21</td><td>44</td><td>3,001</td></tr><tr><td>7/8$ January 1947...... (taxable)</td><td>3,330</td><td>1,934</td><td>2</td><td>33</td><td>152</td><td>15</td><td>407</td><td>787</td></tr><tr><td>7/8$ February 1947...... (taxable)</td><td>4,954</td><td>2,062</td><td>4</td><td>44</td><td>77</td><td>24</td><td>1,619</td><td>1,065</td></tr><tr><td>7/8$ March 1947...... (taxable)</td><td>3,133</td><td>1,795</td><td>2</td><td>21</td><td>45</td><td>28</td><td>530</td><td>712</td></tr><tr><td>7/8$ April 1947...... (taxable)</td><td>2,820</td><td>1,260</td><td>2</td><td>17</td><td>9</td><td>9</td><td>822</td><td>700</td></tr><tr><td>7/8$ June 1947...... (taxable)</td><td>2,775</td><td>750</td><td>2</td><td>18</td><td>27</td><td>25</td><td>874</td><td>1,479</td></tr><tr><td>7/8$ July 1947...... (taxable)</td><td>2,916</td><td>1,254</td><td>2</td><td>17</td><td>41</td><td>12</td><td>853</td><td>656</td></tr><tr><td>7/8$ August 1947...... (taxable)</td><td>1,223</td><td>553</td><td>2</td><td>13</td><td>*</td><td>6</td><td>436</td><td>213</td></tr><tr><td>7/8$ September 1947...... (taxable)</td><td>2,341</td><td>729</td><td>2</td><td>21</td><td>2</td><td>8</td><td>1,092</td><td>486</td></tr><tr><td>Total certificates of indebtedness</td><td>34,478</td><td>14,505</td><td>27</td><td>261</td><td>420</td><td>185</td><td>7,972</td><td>11,108</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>2,109</td><td>3</td><td>84</td><td>154</td><td>26</td><td>350</td><td>535</td></tr><tr><td>1-1/4% March 1947...... (taxable)</td><td>1,948</td><td>913</td><td>12</td><td>57</td><td>277</td><td>37</td><td>4</td><td>668</td></tr><tr><td>1-1/4% September 1947...... (taxable)</td><td>1,687</td><td>804</td><td>9</td><td>43</td><td>13</td><td>40</td><td>10</td><td>768</td></tr><tr><td>1-1/2% September 1947...... (taxable)</td><td>2,707</td><td>2,070</td><td>4</td><td>57</td><td>4</td><td>22</td><td>12</td><td>539</td></tr><tr><td>1-1/2% September 1948...... (taxable)</td><td>3,748</td><td>2,778</td><td>5</td><td>33</td><td>7</td><td>47</td><td>301</td><td>578</td></tr><tr><td>Total Treasury notes......</td><td>13,351</td><td>8,674</td><td>33</td><td>254</td><td>456</td><td>173</td><td>676</td><td>3,087</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 4/ 2-1/8% June 1959-62...... (taxable)</td><td>5,284</td><td>108</td><td>40</td><td>1,182</td><td>622</td><td>286</td><td>219</td><td>2,228</td></tr><tr><td>2-1/4% December 1959-62...... (taxable)</td><td>3,470</td><td>305</td><td>25</td><td>607</td><td>332</td><td>225</td><td>3</td><td>1,972</td></tr><tr><td>2-1/2% June 1962-67...... (taxable)</td><td>2,118</td><td>7</td><td>4</td><td>434</td><td>1,093</td><td>45</td><td>193</td><td>342</td></tr><tr><td>2-1/2% December 1963-68...... (taxable)</td><td>2,831</td><td>1</td><td>4</td><td>547</td><td>1,353</td><td>53</td><td>260</td><td>613</td></tr><tr><td>2-1/2% June 1964-69...... (taxable)</td><td>3,761</td><td>4</td><td>17</td><td>749</td><td>1,589</td><td>40</td><td>392</td><td>971</td></tr><tr><td>2-1/2% December 1964-69...... (taxable)</td><td>3,838</td><td>4</td><td>16</td><td>543</td><td>1,595</td><td>51</td><td>478</td><td>1,151</td></tr><tr><td>2-1/2% March 1965-70...... (taxable)</td><td>5,197</td><td>62</td><td>17</td><td>312</td><td>2,461</td><td>47</td><td>818</td><td>1,481</td></tr><tr><td>2-1/2% March 1966-71...... (taxable)</td><td>3,481</td><td>61</td><td>13</td><td>207</td><td>1,585</td><td>21</td><td>671</td><td>923</td></tr><tr><td>2-1/2% June 1967-72...... (taxable)</td><td>7,967</td><td>121</td><td>24</td><td>1,076</td><td>1,167</td><td>99</td><td>891</td><td>2,585</td></tr><tr><td>2-1/2% December 1967-72...... (taxable)</td><td>11,689</td><td>692</td><td>45</td><td>1,540</td><td>2,745</td><td>227</td><td>1,047</td><td>5,351</td></tr><tr><td>Total bank restricted 4/......</td><td>49,636</td><td>1,363</td><td>204</td><td>7,797</td><td>16,543</td><td>1,094</td><td>4,972</td><td>17,661</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>293</td><td>*</td><td>13</td><td>11</td><td>22</td><td>70</td><td>150</td></tr><tr><td>2% December 1947...... (partially)</td><td>101</td><td>538</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>141</td></tr><tr><td>2% March 1948-50...... (taxable)</td><td>1,115</td><td>775</td><td>1</td><td>74</td><td>42</td><td>10</td><td>40</td><td>174</td></tr><tr><td>2-3/4% March 1948-51...... (partially)</td><td>1,223</td><td>853</td><td>2</td><td>7</td><td>5</td><td>29</td><td>155</td><td>73</td></tr><tr><td>1-3/4% June 1948...... (taxable)</td><td>3,062</td><td>2,335</td><td>4</td><td>71</td><td>49</td><td>34</td><td>24</td><td>644</td></tr><tr><td>2-1/2% September 1948...... (partially)</td><td>451</td><td>378</td><td>1</td><td>1</td><td>*</td><td>9</td><td>-</td><td>81</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, September 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Far values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Sold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,355 commercial banks 2/</th><th>3½ stock savings banks</th><th>5½O mutual savings banks</th><th>311 life insurance companies</th><th>6½2 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2½ December 1948-50... (partially)</td><td>571</td><td>499</td><td>*</td><td>2</td><td>*</td><td>12</td><td>44</td><td>54</td></tr><tr><td>2½ June 1949-51... (taxable)</td><td>1,014</td><td>744</td><td>1</td><td>53</td><td>100</td><td>9</td><td>8</td><td>98</td></tr><tr><td>2½ September 1949-51... (taxable)</td><td>1,292</td><td>1,027</td><td>2</td><td>34</td><td>94</td><td>23</td><td>1</td><td>112</td></tr><tr><td>2-1/8 December 1949-51... (taxable)</td><td>2,098</td><td>1,567</td><td>5</td><td>57</td><td>126</td><td>22</td><td>10</td><td>120</td></tr><tr><td>1-1/8 December 1949-52... (partially)</td><td>1,491</td><td>1,313</td><td>1</td><td>4</td><td>11</td><td>17</td><td>*</td><td>51</td></tr><tr><td>2-1/2% December 1949-52... (partially)</td><td>1,185</td><td>*</td><td>2</td><td>5</td><td>3</td><td>36</td><td>223</td><td>202</td></tr><tr><td>2½ March 1950-52... (taxable)</td><td>1,963</td><td>1,535</td><td>5</td><td>70</td><td>157</td><td>26</td><td>3</td><td>166</td></tr><tr><td>2½ September 1950-52... (taxable)</td><td>4,939</td><td>3,387</td><td>8</td><td>179</td><td>313</td><td>69</td><td>46</td><td>937</td></tr><tr><td>2-1/2% September 1950-52... (partially)</td><td>1,186</td><td>1,030</td><td>2</td><td>9</td><td>3</td><td>42</td><td>90</td><td>10</td></tr><tr><td>1-1/2% December 1950... (taxable)</td><td>2,635</td><td>1,687</td><td>3</td><td>16</td><td>*</td><td>22</td><td>*</td><td>906</td></tr><tr><td>2-3/8% June 1951-54... (partially)</td><td>1,621</td><td>1,249</td><td>9</td><td>6</td><td>2</td><td>41</td><td>148</td><td>172</td></tr><tr><td>2½ September 1951-53... (taxable)</td><td>7,986</td><td>5,482</td><td>23</td><td>327</td><td>547</td><td>131</td><td>111</td><td>1,364</td></tr><tr><td>3% September 1951-55... (partially)</td><td>755</td><td>422</td><td>*</td><td>4</td><td>1</td><td>30</td><td>71</td><td>227</td></tr><tr><td>2½ December 1951-53... (taxable)</td><td>510</td><td>380</td><td>2</td><td>11</td><td>24</td><td>6</td><td>9</td><td>79</td></tr><tr><td>2-1/4% December 1951-53... (partially)</td><td>1,118</td><td>916</td><td>2</td><td>1</td><td>3</td><td>28</td><td>98</td><td>69</td></tr><tr><td>2-1/2% March 1952-54... (taxable)</td><td>1,024</td><td>566</td><td>*</td><td>197</td><td>40</td><td>13</td><td>58</td><td>150</td></tr><tr><td>2½ June 1952-54... (taxable)</td><td>5,825</td><td>4,155</td><td>19</td><td>243</td><td>383</td><td>88</td><td>6</td><td>932</td></tr><tr><td>2½ December 1952-54... (taxable)</td><td>8,662</td><td>5,870</td><td>23</td><td>506</td><td>581</td><td>142</td><td>10</td><td>1,529</td></tr><tr><td>2-1/4% June 1952-55... (taxable)</td><td>1,501</td><td>980</td><td>3</td><td>143</td><td>130</td><td>21</td><td>67</td><td>157</td></tr><tr><td>2½ June 1953-55... (partially)</td><td>125</td><td>639</td><td>*</td><td>1</td><td>2</td><td>24</td><td>14</td><td>45</td></tr><tr><td>2-1/4% June 1954-56... (partially)</td><td>681</td><td>539</td><td>2</td><td>3</td><td>1</td><td>32</td><td>35</td><td>68</td></tr><tr><td>2-7/8% March 1955-60... (partially)</td><td>2,611</td><td>1,446</td><td>31</td><td>7</td><td>20</td><td>79</td><td>249</td><td>779</td></tr><tr><td>2-1/2% March 1956-58... (taxable)</td><td>1,449</td><td>786</td><td>9</td><td>71</td><td>350</td><td>11</td><td>51</td><td>171</td></tr><tr><td>2-3/8% September 1956-59... (partially)</td><td>982</td><td>708</td><td>16</td><td>5</td><td>14</td><td>48</td><td>60</td><td>130</td></tr><tr><td>2-1/4% September 1956-59... (taxable)</td><td>3,823</td><td>531</td><td>18</td><td>945</td><td>784</td><td>140</td><td>126</td><td>1,278</td></tr><tr><td>2-3/8% June 1958-61... (partially)</td><td>919</td><td>662</td><td>12</td><td>5</td><td>52</td><td>53</td><td>43</td><td>93</td></tr><tr><td>2-3/8% December 1960-65... (partially)</td><td>1,485</td><td>1,044</td><td>9</td><td>6</td><td>38</td><td>93</td><td>50</td><td>246</td></tr><tr><td>2-1/2% September 1967-72... (taxable)</td><td>2,716</td><td>1,733</td><td>3</td><td>55</td><td>246</td><td>32</td><td>206</td><td>442</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,399</td><td>220</td><td>3,133</td><td>4,129</td><td>1,416</td><td>2,159</td><td>12,232</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>47,762</td><td>424</td><td>10,930</td><td>20,672</td><td>2,510</td><td>7,130</td><td>29,895</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds... (wholly)</td><td>116</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>66</td></tr><tr><td>Panama Canal bonds... (wholly)</td><td>50</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>49</td></tr><tr><td>Conversion bonds... (wholly)</td><td>13</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>127</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 6/... (partially)</td><td>36</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>(taxable)</td><td>7</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>1</td><td>9</td><td>5</td></tr><tr><td>Total public marketable securities</td><td>184,182</td><td>71,905</td><td>485</td><td>11,449</td><td>21,560</td><td>2,869</td><td>30,538</td><td>45,574</td></tr></table>
Note: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-53.
* Less than $500 thousand or less than .05%.
1/Securities held in trust departments are excluded.
2/Includes trust companies.
3/This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/Issues which commercial banks may not acquire prior to a specified
5/ 5/ 2/ date (with minor exceptions). See footnote 2, page 21. Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to immunity from Federal income taxes, or 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 rate except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from 35 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 1/ 2/ Includes an estimated amount of Federal Housing Administration debentures. 5/ Actual figures by tax status are available only for total amount outstanding.
December 1946
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3. - Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</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 1/</th></tr><tr><th>7,355 commercial banks 1/</th><th>3¼ stock savings banks</th><th>5¼ mutual savings banks</th><th>311 life insurance companies</th><th>6¼ fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-............ (6/)</td><td>3,307</td><td>175</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,116</td></tr><tr><td>Series F............ (taxable)</td><td>30,279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,278</td></tr><tr><td>Series F............ (taxable)</td><td>2,932</td><td>221</td><td>1</td><td>10</td><td>16</td><td>25</td><td>1</td><td>2,658</td></tr><tr><td>Series G............ (taxable)</td><td>13,026</td><td>478</td><td>6</td><td>228</td><td>100</td><td>171</td><td>12</td><td>12,031</td></tr><tr><td>Total United States savings bonds</td><td>49,565</td><td>874</td><td>8</td><td>244</td><td>119</td><td>203</td><td>14</td><td>48,084</td></tr><tr><td>Treasury savings notes............ (taxable)</td><td>6,096</td><td>90</td><td>3</td><td>*</td><td>*</td><td>6</td><td>21</td><td>5,974</td></tr><tr><td>Depository bonds............ (taxable)</td><td>385</td><td>362</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>23</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>347</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>56,373</td><td>1,126</td><td>11</td><td>244</td><td>119</td><td>210</td><td>35</td><td>54,081</td></tr></table>
Less than $500 thousand.
1/ Federal securities fall into three broad groups with respect to position of Federal income taxes on income derived therefrom.
"Exempt" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
2/ Securities held in trust departments are excluded.
1/ Includes trust companies.
4. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
5. Underwriting large bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6. Series B-D savings bonds sold prior to March 1, 1941 are partially taxable; the sold value of the bonds which are taxable.
7. Guaranteed securities held by the Treasury are not included.
8. C.C.C. demand obligations in the amount of $147 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th></tr><tr><th>7,355 commercial banks 2/</th><th>34 stock savings banks</th><th>510 mutual savings banks</th><th>311 life insurance companies</th><th>612 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other forestore 3/</th></tr><tr><td>Federal Land Bank bonds 1-1/2% October 1948-50......(taxable) 1-1/4% May 1950-52......(taxable) 1-1/2% January 1951-53......(taxable) 2-1/4% February 1953-55......(taxable)</td><td>176 213 214 114</td><td>151 152 179 91</td><td>1 - - -</td><td>4 1 2</td><td>- - 1</td><td>1 - 1 4</td><td>- - -</td><td>23 56 34 18</td></tr><tr><td>Total Federal land bank bonds</td><td>717</td><td>573</td><td>1</td><td>7</td><td>1</td><td>4</td><td>-</td><td>131</td></tr><tr><td>Federal Intermediate Credit Bank debentures</td><td>311</td><td>266</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>39</td></tr><tr><td>Federal Home Loan Bank debentures</td><td>102</td><td>90</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,131</td><td>931</td><td>1</td><td>10</td><td>1</td><td>6</td><td>-</td><td>181</td></tr></table>
Less than $500 thousand. 1/ The income from "Wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "Taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
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 7,355 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,583 consumer commercial banks</th></tr><tr><th>Total 4,772 member commercial banks</th><th colspan="5">Central Reserve City banks</th></tr><tr><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>351 Reserve City banks</th><th>4,372 country banks</th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>71,905</td><td>63,854</td><td>17,317</td><td>14,122</td><td>3,195</td><td>23,932</td><td>22,605</td><td>8,051</td></tr><tr><td>Non-marketable securities</td><td>1,326</td><td>1,024</td><td>89</td><td>67</td><td>22</td><td>217</td><td>718</td><td>302</td></tr><tr><td>Total public securities</td><td>73,231</td><td>64,878</td><td>17,406</td><td>14,189</td><td>3,217</td><td>24,149</td><td>23,324</td><td>8,353</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES
AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total 7,355 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th>Total 4,9 Central Reserve City banks</th><th>Central Reserve City banks 37 New York City banks</th><th>Central Reserve City banks 12 Chicago banks</th><th>351 Reserve City banks</th><th>4,372 country banks</th><th>2,553 nonmember commercial banks</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>938</td><td>827</td><td>198</td><td>167</td><td>31</td><td>378</td><td>251</td><td>110</td></tr><tr><td>Treasury bills</td><td>14,505</td><td>12,574</td><td>3,089</td><td>2,287</td><td>802</td><td>5,098</td><td>4,386</td><td>1,931</td></tr><tr><td>Certificates of indebtedness</td><td>8,674</td><td>7,621</td><td>1,796</td><td>1,501</td><td>295</td><td>3,000</td><td>2,824</td><td>1,053</td></tr><tr><td>Treasury notes</td><td>1,363</td><td>1,017</td><td>18</td><td>12</td><td>6</td><td>169</td><td>830</td><td>346</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>46,399</td><td>41,795</td><td>12,214</td><td>10,153</td><td>2,060</td><td>15,279</td><td>14,302</td><td>4,604</td></tr><tr><td>Treasury bonds - bank eligible</td><td>15</td><td>10</td><td>1</td><td>1</td><td>-</td><td>3</td><td>7</td><td>5</td></tr><tr><td>Postal savings and other bonds</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Guaranteed by United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>71,905</td><td>63,854</td><td>17,317</td><td>14,122</td><td>3,195</td><td>23,932</td><td>22,605</td><td>8,051</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>21,353</td><td>18,610</td><td>4,568</td><td>3,511</td><td>1,057</td><td>7,594</td><td>6,447</td><td>2,743</td></tr><tr><td>1 to 5 years</td><td>28,222</td><td>25,454</td><td>7,943</td><td>6,630</td><td>1,312</td><td>9,226</td><td>8,285</td><td>2,769</td></tr><tr><td>5 to 10 years</td><td>17,516</td><td>15,655</td><td>4,118</td><td>3,517</td><td>541</td><td>5,717</td><td>5,819</td><td>1,861</td></tr><tr><td>10 to 15 years</td><td>2,118</td><td>1,904</td><td>478</td><td>253</td><td>226</td><td>794</td><td>632</td><td>214</td></tr><tr><td>15 to 20 years</td><td>138</td><td>97</td><td>4</td><td>3</td><td>1</td><td>10</td><td>81</td><td>31</td></tr><tr><td>Over 20 years</td><td>2,546</td><td>2,124</td><td>204</td><td>146</td><td>58</td><td>587</td><td>1,333</td><td>422</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total</td><td>71,905</td><td>63,854</td><td>17,317</td><td>14,122</td><td>3,195</td><td>23,932</td><td>22,605</td><td>8,051</td></tr><tr><td>Tax status: 4/</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>15</td><td>10</td><td>*</td><td>*</td><td>*</td><td>3</td><td>7</td><td>5</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>12,861</td><td>12,188</td><td>4,559</td><td>3,537</td><td>1,022</td><td>5,268</td><td>2,360</td><td>673</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>59,030</td><td>51,657</td><td>12,757</td><td>10,585</td><td>2,173</td><td>18,661</td><td>20,239</td><td>7,373</td></tr><tr><td>Total</td><td>71,905</td><td>63,854</td><td>17,317</td><td>14,122</td><td>3,195</td><td>23,932</td><td>22,605</td><td>8,051</td></tr></table>
(Continued on following page)
December 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,355 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,583 nonmember commercial banks</th></tr><tr><th>Total 4,712 member commercial banks</th><th colspan="4">Central Reserve City banks</th></tr><tr><td></td><td></td><td>Total 49 Central Reserve City banks</td><td>37 New York City banks</td><td>12 Chicago banks</td><td>152 Reserve City banks</td><td>4,372 country banks</td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td>1.3</td><td>1.3</td><td>1.1</td><td>1.2</td><td>1.0</td><td>1.6</td><td>1.1</td><td>1.4</td></tr><tr><td>Treasury bills</td><td>20.2</td><td>19.7</td><td>17.8</td><td>16.2</td><td>25.1</td><td>21.3</td><td>19.4</td><td>24.0</td></tr><tr><td>Certificates of indebtedness</td><td>12.1</td><td>11.9</td><td>10.4</td><td>10.6</td><td>9.2</td><td>12.5</td><td>12.5</td><td>13.1</td></tr><tr><td>Treasury notes</td><td>1.9</td><td>1.6</td><td>-1</td><td>-1</td><td>-2</td><td>-7</td><td>3.7</td><td>4.3</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>64.5</td><td>65.5</td><td>70.5</td><td>71.3</td><td>64.5</td><td>63.8</td><td>63.3</td><td>57.2</td></tr><tr><td>Treasury bonds - bank eligible</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</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>Guaranteed by United States 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call oblesses:</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>29.7</td><td>29.1</td><td>26.4</td><td>28.9</td><td>33.1</td><td>31.7</td><td>28.5</td><td>34.1</td></tr><tr><td>1 to 5 years</td><td>39.2</td><td>39.9</td><td>45.9</td><td>46.9</td><td>41.1</td><td>38.5</td><td>36.7</td><td>38.4</td></tr><tr><td>5 to 10 years</td><td>24.4</td><td>28.5</td><td>23.8</td><td>25.3</td><td>16.9</td><td>23.9</td><td>25.7</td><td>23.1</td></tr><tr><td>10 to 15 years</td><td>2.9</td><td>3.0</td><td>2.8</td><td>1.8</td><td>7.1</td><td>3.3</td><td>2.8</td><td>2.7</td></tr><tr><td>15 to 20 years</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td></tr><tr><td>Over 20 years</td><td>3.5</td><td>3.3</td><td>1.2</td><td>1.0</td><td>1.8</td><td>2.5</td><td>5.9</td><td>5.2</td></tr><tr><td>Various (Federal Housing Administra- tion detentures)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status:</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>17.9</td><td>19.1</td><td>25.3</td><td>25.0</td><td>32.0</td><td>22.0</td><td>10.4</td><td>8.5</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>82.1</td><td>80.9</td><td>73.7</td><td>75.0</td><td>68.0</td><td>78.0</td><td>89.5</td><td>91.6</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><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>88.2</td><td>21.2</td><td>17.8</td><td>3.3</td><td>40.3</td><td>26.8</td><td>11.8</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>86.7</td><td>21.3</td><td>15.8</td><td>5.5</td><td>35.1</td><td>30.2</td><td>13.3</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>87.9</td><td>20.7</td><td>17.3</td><td>3.8</td><td>34.6</td><td>32.6</td><td>12.1</td></tr><tr><td>Treasury bonds - bank restricted 2/.</td><td>100.0</td><td>74.6</td><td>1.3</td><td>.9</td><td>.4</td><td>12.4</td><td>60.9</td><td>25.4</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>90.1</td><td>26.3</td><td>21.9</td><td>4.8</td><td>32.9</td><td>30.8</td><td>9.9</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>69.0</td><td>2.6</td><td>.1</td><td>2.6</td><td>19.1</td><td>67.2</td><td>31.0</td></tr><tr><td>Guaranteed by United States 3/.</td><td>100.0</td><td>91.8</td><td>9.7</td><td>9.7</td><td>-</td><td>41.2</td><td>41.0</td><td>8.2</td></tr><tr><td>Total</td><td>100.0</td><td>88.8</td><td>24.1</td><td>19.6</td><td>4.8</td><td>33.3</td><td>31.4</td><td>11.2</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>87.2</td><td>21.4</td><td>16.4</td><td>5.0</td><td>35.6</td><td>30.2</td><td>12.8</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>90.2</td><td>28.1</td><td>23.5</td><td>4.7</td><td>32.7</td><td>29.4</td><td>9.8</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.4</td><td>23.5</td><td>20.4</td><td>3.1</td><td>32.6</td><td>33.2</td><td>10.6</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>89.9</td><td>22.6</td><td>11.9</td><td>10.7</td><td>37.5</td><td>29.8</td><td>10.1</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>70.6</td><td>2.6</td><td>2.0</td><td>.7</td><td>7.4</td><td>60.5</td><td>29.4</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>83.4</td><td>8.0</td><td>5.7</td><td>2.3</td><td>23.0</td><td>52.4</td><td>16.6</td></tr><tr><td>Various (Federal Housing Administra- tion debentures)</td><td>100.0</td><td>91.8</td><td>9.7</td><td>9.7</td><td>-</td><td>41.2</td><td>41.0</td><td>8.2</td></tr><tr><td>Total</td><td>100.0</td><td>88.8</td><td>24.1</td><td>19.6</td><td>4.8</td><td>33.3</td><td>31.4</td><td>11.2</td></tr><tr><th>Tax status:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>69.0</td><td>2.6</td><td>.1</td><td>2.6</td><td>19.1</td><td>47.2</td><td>31.0</td></tr><tr><td>Partially exempt from Federal income taxes 2/</td><td>100.0</td><td>98.8</td><td>35.5</td><td>27.5</td><td>7.9</td><td>41.0</td><td>18.3</td><td>5.2</td></tr><tr><td>Subject to Federal income taxes 3/</td><td>100.0</td><td>87.5</td><td>21.6</td><td>17.9</td><td>3.7</td><td>31.6</td><td>34.3</td><td>12.5</td></tr><tr><td>Total</td><td>100.0</td><td>88.8</td><td>24.1</td><td>19.6</td><td>4.8</td><td>33.3</td><td>31.4</td><td>11.2</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING (Per values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 1,355 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,583 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>351 Reserve City banks</th><th>1,372 country banks</th><th></th></tr><tr><td>Treasury bills ............. (taxable)</td><td>938</td><td>827</td><td>198</td><td>167</td><td>31</td><td>378</td><td>251</td><td>110</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% October 1946 ........ (taxable)</td><td>1,167</td><td>1,549</td><td>497</td><td>331</td><td>166</td><td>555</td><td>497</td><td>218</td></tr><tr><td>7/8% November 1946 ........ (taxable)</td><td>1,125</td><td>1,511</td><td>467</td><td>367</td><td>100</td><td>603</td><td>462</td><td>193</td></tr><tr><td>7/8% December 1946 ........ (taxable)</td><td>676</td><td>565</td><td>146</td><td>118</td><td>29</td><td>189</td><td>230</td><td>110</td></tr><tr><td>7/8% January 1947 ........ (taxable)</td><td>1,934</td><td>1,725</td><td>422</td><td>335</td><td>87</td><td>751</td><td>551</td><td>210</td></tr><tr><td>7/8% February 1947 ........ (taxable)</td><td>2,062</td><td>1,817</td><td>483</td><td>340</td><td>142</td><td>753</td><td>581</td><td>244</td></tr><tr><td>7/8% March 1947 ........ (taxable)</td><td>1,195</td><td>1,527</td><td>296</td><td>201</td><td>95</td><td>641</td><td>590</td><td>268</td></tr><tr><td>7/8% April 1947 ........ (taxable)</td><td>1,260</td><td>1,060</td><td>183</td><td>142</td><td>40</td><td>435</td><td>443</td><td>200</td></tr><tr><td>7/8% June 1947 ........ (taxable)</td><td>1,750</td><td>636</td><td>153</td><td>118</td><td>35</td><td>270</td><td>213</td><td>114</td></tr><tr><td>7/8% July 1947 ........ (taxable)</td><td>1,254</td><td>1,095</td><td>245</td><td>193</td><td>52</td><td>478</td><td>372</td><td>160</td></tr><tr><td>7/8% August 1947 ........ (taxable)</td><td>553</td><td>455</td><td>69</td><td>41</td><td>28</td><td>173</td><td>212</td><td>98</td></tr><tr><td>7/8% September 1947 ........ (taxable)</td><td>729</td><td>613</td><td>129</td><td>101</td><td>28</td><td>250</td><td>235</td><td>116</td></tr><tr><td>Total certificates of indebtedness</td><td>14,505</td><td>12,574</td><td>3,089</td><td>2,287</td><td>802</td><td>5,098</td><td>4,366</td><td>1,931</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>2,109</td><td>1,912</td><td>611</td><td>513</td><td>98</td><td>778</td><td>522</td><td>197</td></tr><tr><td>1-1/4% March 1947 ........ (taxable)</td><td>913</td><td>799</td><td>119</td><td>56</td><td>63</td><td>352</td><td>388</td><td>113</td></tr><tr><td>1-1/4% September 1947 ........ (taxable)</td><td>804</td><td>648</td><td>91</td><td>63</td><td>27</td><td>236</td><td>321</td><td>157</td></tr><tr><td>1-1/2% September 1947 ........ (taxable)</td><td>2,070</td><td>1,841</td><td>459</td><td>424</td><td>35</td><td>749</td><td>632</td><td>229</td></tr><tr><td>1-1/2% September 1948 ........ (taxable)</td><td>2,778</td><td>2,421</td><td>516</td><td>444</td><td>72</td><td>885</td><td>1,021</td><td>357</td></tr><tr><td>Total Treasury notes</td><td>8,674</td><td>7,621</td><td>1,796</td><td>1,501</td><td>295</td><td>3,000</td><td>2,824</td><td>1,053</td></tr><tr><td>Treasury boonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1950-52 ........ (taxable)</td><td>108</td><td>74</td><td>3</td><td>1</td><td>1</td><td>10</td><td>61</td><td>34</td></tr><tr><td>2-1/4% December 1959-62 ........ (taxable)</td><td>305</td><td>227</td><td>5</td><td>2</td><td>1</td><td>50</td><td>174</td><td>78</td></tr><tr><td>2-1/2% June 1962-67 ........ (taxable)</td><td>7</td><td>4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>3</td></tr><tr><td>2-1/2% December 1963-68 ........ (taxable)</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>2-1/2% June 1964-69 ........ (taxable)</td><td>4</td><td>3</td><td>2</td><td>2</td><td>*</td><td>*</td><td>1</td><td>1</td></tr><tr><td>2-1/2% December 1964-69 ........ (taxable)</td><td>4</td><td>2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>2</td></tr><tr><td>2-1/2% March 1965-70 ........ (taxable)</td><td>62</td><td>43</td><td>1</td><td>*</td><td>*</td><td>3</td><td>39</td><td>19</td></tr><tr><td>2-1/2% March 1966-71 ........ (taxable)</td><td>61</td><td>46</td><td>1</td><td>*</td><td>1</td><td>6</td><td>39</td><td>15</td></tr><tr><td>2-1/2% June 1967-72 ........ (taxable)</td><td>121</td><td>95</td><td>1</td><td>1</td><td>*</td><td>9</td><td>46</td><td>26</td></tr><tr><td>2-1/2% December 1967-72 ........ (taxable)</td><td>692</td><td>525</td><td>9</td><td>6</td><td>2</td><td>90</td><td>426</td><td>167</td></tr><tr><td>Total bank restricted</td><td>1,363</td><td>1,017</td><td>18</td><td>12</td><td>6</td><td>169</td><td>830</td><td>346</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>293</td><td>286</td><td>189</td><td>162</td><td>26</td><td>69</td><td>28</td><td>1</td></tr><tr><td>2% December 1947 ........ (partially)</td><td>538</td><td>512</td><td>171</td><td>127</td><td>44</td><td>230</td><td>112</td><td>26</td></tr><tr><td>2% March 1948-50 ........ (taxable)</td><td>775</td><td>715</td><td>296</td><td>266</td><td>30</td><td>237</td><td>182</td><td>60</td></tr><tr><td>2-3/4% March 1948-51 ........ (partially)</td><td>853</td><td>822</td><td>375</td><td>337</td><td>38</td><td>343</td><td>105</td><td>31</td></tr><tr><td>1-3/4% June 1948 ........ (taxable)</td><td>2,335</td><td>2,101</td><td>677</td><td>465</td><td>212</td><td>709</td><td>715</td><td>234</td></tr><tr><td>2-1/2% September 1948 ........ (partially)</td><td>378</td><td>364</td><td>152</td><td>106</td><td>46</td><td>149</td><td>64</td><td>14</td></tr><tr><td>2% December 1948-50 ........ (partially)</td><td>459</td><td>417</td><td>166</td><td>140</td><td>26</td><td>198</td><td>73</td><td>22</td></tr><tr><td>2% June 1949-51 ........ (taxable)</td><td>744</td><td>666</td><td>176</td><td>162</td><td>15</td><td>230</td><td>259</td><td>18</td></tr><tr><td>2% September 1949-51 ........ (taxable)</td><td>1,027</td><td>948</td><td>320</td><td>200</td><td>120</td><td>357</td><td>271</td><td>79</td></tr></table>
(Continued on following page)
December 1946
57
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued) Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,355 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,543 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 1/9 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>351 Reserve City banks</th><th>4,372 country banks</th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2 1/4% December 1949-51.... (taxable)</td><td>1,567</td><td>1,415</td><td>323</td><td>238</td><td>86</td><td>569</td><td>522</td><td>153</td></tr><tr><td>1-1/8% December 1949-52.... (partially)</td><td>368</td><td>356</td><td>155</td><td>115</td><td>40</td><td>165</td><td>36</td><td>13</td></tr><tr><td>2-1/2% December 1949-53.... (partially)</td><td>1,313</td><td>1,257</td><td>464</td><td>412</td><td>52</td><td>569</td><td>204</td><td>56</td></tr><tr><td>2 1/4% March 1950-52.... (taxable)</td><td>1,535</td><td>1,355</td><td>348</td><td>305</td><td>43</td><td>513</td><td>494</td><td>180</td></tr><tr><td>2 1/2% September 1950-52.... (taxable)</td><td>3,387</td><td>3,035</td><td>1,020</td><td>893</td><td>127</td><td>993</td><td>1,022</td><td>352</td></tr><tr><td>1-1/2% September 1950-52.... (partially)</td><td>1,030</td><td>952</td><td>352</td><td>308</td><td>43</td><td>388</td><td>213</td><td>78</td></tr><tr><td>1-1/4% December 1950-53.... (taxable)</td><td>1,687</td><td>1,379</td><td>94</td><td>62</td><td>32</td><td>450</td><td>835</td><td>308</td></tr><tr><td>2-1/4% June 1951-54.... (partially)</td><td>1,249</td><td>1,207</td><td>557</td><td>510</td><td>47</td><td>847</td><td>204</td><td>42</td></tr><tr><td>2 1/4% September 1951-53.... (taxable)</td><td>5,482</td><td>4,826</td><td>1,426</td><td>1,250</td><td>177</td><td>1,575</td><td>1,825</td><td>656</td></tr><tr><td>2 1/2% September 1951-55.... (partially)</td><td>422</td><td>398</td><td>166</td><td>129</td><td>36</td><td>132</td><td>101</td><td>24</td></tr><tr><td>2 1/4% December 1951-53.... (taxable)</td><td>380</td><td>317</td><td>61</td><td>61</td><td>0</td><td>79</td><td>177</td><td>63</td></tr><tr><td>2-1/4% December 1951-53.... (partially)</td><td>916</td><td>873</td><td>244</td><td>173</td><td>73</td><td>445</td><td>184</td><td>43</td></tr><tr><td>2-1/2% March 1952-54.... (taxable)</td><td>566</td><td>508</td><td>173</td><td>142</td><td>31</td><td>151</td><td>184</td><td>57</td></tr><tr><td>2 1/4% June 1952-54.... (taxable)</td><td>4,155</td><td>3,674</td><td>921</td><td>504</td><td>17</td><td>1,264</td><td>1,488</td><td>481</td></tr><tr><td>2 1/4% December 1952-54.... (taxable)</td><td>5,670</td><td>5,180</td><td>1,176</td><td>1,124</td><td>52</td><td>1,647</td><td>2,156</td><td>691</td></tr><tr><td>2-1/4% June 1952-55.... (taxable)</td><td>980</td><td>856</td><td>205</td><td>174</td><td>31</td><td>277</td><td>373</td><td>125</td></tr><tr><td>2 1/4% June 1953-55.... (partially)</td><td>639</td><td>598</td><td>150</td><td>74</td><td>75</td><td>289</td><td>159</td><td>41</td></tr><tr><td>2-1/4% June 1954-56.... (partially)</td><td>539</td><td>500</td><td>134</td><td>95</td><td>39</td><td>242</td><td>124</td><td>39</td></tr><tr><td>2-1/4% March 1955-56.... (partially)</td><td>1,446</td><td>1,366</td><td>562</td><td>458</td><td>105</td><td>578</td><td>226</td><td>79</td></tr><tr><td>2-1/4% March 1956-58.... (taxable)</td><td>786</td><td>693</td><td>202</td><td>194</td><td>7</td><td>168</td><td>324</td><td>92</td></tr><tr><td>2-1/4% September 1956-59.... (partially)</td><td>708</td><td>653</td><td>250</td><td>143</td><td>108</td><td>272</td><td>130</td><td>55</td></tr><tr><td>2-1/4% September 1956-59.... (taxable)</td><td>531</td><td>437</td><td>40</td><td>37</td><td>3</td><td>104</td><td>291</td><td>95</td></tr><tr><td>2-1/4% June 1958-53.... (partially)</td><td>662</td><td>613</td><td>196</td><td>113</td><td>83</td><td>277</td><td>146</td><td>42</td></tr><tr><td>2-1/4% December 1950-65.... (partially)</td><td>1,044</td><td>984</td><td>277</td><td>137</td><td>146</td><td>456</td><td>251</td><td>60</td></tr><tr><td>2-1/4% September 1967-72.... (taxable)</td><td>1,733</td><td>1,505</td><td>195</td><td>139</td><td>55</td><td>458</td><td>622</td><td>229</td></tr><tr><td>Total bank eligible</td><td>46,399</td><td>41,795</td><td>12,214</td><td>10,153</td><td>2,060</td><td>15,279</td><td>14,302</td><td>4,604</td></tr><tr><td>Total Treasury bonds</td><td>47,762</td><td>42,812</td><td>12,232</td><td>10,166</td><td>2,066</td><td>15,448</td><td>15,132</td><td>4,950</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds..... (wholly)</td><td>13</td><td>9</td><td>*</td><td>-</td><td>*</td><td>2</td><td>7</td><td>4</td></tr><tr><td>Panama Canal bonds..... (wholly)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Converseo bonds..... (wholly)</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td><td>1</td></tr><tr><td>Total postal savings and other bonds</td><td>15</td><td>10</td><td>*</td><td>*</td><td>*</td><td>3</td><td>7</td><td>5</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>Federal Housing Administration debentures..... 6/</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>71,905</td><td>63,854</td><td>17,317</td><td>14,122</td><td>3,195</td><td>23,532</td><td>22,605</td><td>8,051</td></tr></table>
Less than $500 thousand or less than .05%.
1/ Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21.
3/ Guaranteed securities held by the Treasury are not included.
4/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
*Wholly* tax-exempt securities are exempt from both the normal and
"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. Includes an estimated amount of Federal Housing Administration debentures. Actual figures by tax status are unavailable.
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par valuee 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,355 commercial banks 2/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,583 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>351 Reserve City banks</th><th>4,372 country banks</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.................h/ (taxable)</td><td>175</td><td>118</td><td>1</td><td>*</td><td>*</td><td>8</td><td>109</td><td>57</td></tr><tr><td>Series F................. (taxable)</td><td>221</td><td>144</td><td>1</td><td>*</td><td>1</td><td>13</td><td>130</td><td>77</td></tr><tr><td>Series O................. (taxable)</td><td>478</td><td>344</td><td>3</td><td>1</td><td>2</td><td>27</td><td>314</td><td>134</td></tr><tr><td>Total United States savings bonds.........</td><td>874</td><td>605</td><td>4</td><td>2</td><td>3</td><td>47</td><td>554</td><td>269</td></tr><tr><td>Treasury savings notes................. (taxable)</td><td>90</td><td>80</td><td>52</td><td>39</td><td>13</td><td>11</td><td>17</td><td>10</td></tr><tr><td>Depository bonds................. (taxable)</td><td>362</td><td>338</td><td>33</td><td>26</td><td>7</td><td>158</td><td>147</td><td>24</td></tr><tr><td>Total public non-marketable securities.........</td><td>1,326</td><td>1,024</td><td>89</td><td>67</td><td>22</td><td>217</td><td>718</td><td>302</td></tr></table>
1/ Less than $500 thousand.
1/ United States savings bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and curtax 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 or principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 3/ Includes trust companies but excludes securities held in trust departments. 4/ Series B-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on or after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,355 commercial banks 2/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,583 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 45 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>351 Reserve City banks</th><th>h.372 country banks</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>151</td><td>136</td><td>17</td><td>14</td><td>3</td><td>57</td><td>63</td><td>15</td></tr><tr><td>1-1/4 May 1950-52..... (taxable)</td><td>152</td><td>128</td><td>11</td><td>6</td><td>5</td><td>48</td><td>69</td><td>24</td></tr><tr><td>1-1/4 January 1951-53..... (taxable)</td><td>179</td><td>160</td><td>25</td><td>22</td><td>3</td><td>70</td><td>65</td><td>19</td></tr><tr><td>2-1/4 February 1953-55..... (taxable)</td><td>91</td><td>78</td><td>9</td><td>4</td><td>5</td><td>31</td><td>39</td><td>13</td></tr><tr><td>Total Federal Land Book bonds</td><td>573</td><td>502</td><td>63</td><td>46</td><td>16</td><td>205</td><td>235</td><td>71</td></tr><tr><td>Federal Intermediate Credit Bank debentures</td><td>268</td><td>256</td><td>82</td><td>65</td><td>17</td><td>125</td><td>50</td><td>12</td></tr><tr><td>Federal Home Loan Bank debentures</td><td>90</td><td>87</td><td>45</td><td>31</td><td>14</td><td>34</td><td>9</td><td>3</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>931</td><td>846</td><td>189</td><td>142</td><td>47</td><td>364</td><td>293</td><td>85</td></tr></table>
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
2/ Includes trust companies but excludes securities held in trust departments.
December 1946
59
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
60
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
October 31, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1966 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 Sept.30, 1966</th><th>Yield to earliest call 3/</th><th>Change in yield from Sept.30, 1966</th><th>Yield to maturity 2/</th><th>Date of Issue</th><th>High</th><th>Price Date</th><th>Low</th><th>Price Date</th><th>High</th><th>Price Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2% - 3/15/68-50</td><td>101.11</td><td>101.13</td><td>101.12</td><td>.02</td><td>.99%</td><td>-.10%</td><td>1.58%</td><td>3/15/61</td><td>104.05</td><td>8/2/61</td><td>100.22</td><td>2/25/61</td><td>102.12</td><td>3/11</td><td>101.10</td><td>10/5</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/68</td><td>101.04</td><td>101.06</td><td>101.05</td><td>.03</td><td>1.03</td><td>-.09</td><td>1.03</td><td>12/1/62</td><td>102.02</td><td>3/2/62</td><td>100.01</td><td>12/23/62</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% - 6/15/69-51</td><td>102.06</td><td>102.08</td><td>102.07</td><td>.03</td><td>1.14</td><td>-.06</td><td>1.50</td><td>1/15/62</td><td>103.22</td><td>7/7/62</td><td>100.06</td><td>8/5/62</td><td>103.22</td><td>3/7</td><td>102.04</td><td>10/8</td></tr><tr><td>1,292</td><td>2% - 9/15/69-51</td><td>102.13</td><td>102.15</td><td>102.14</td><td>.05</td><td>1.13</td><td>-.08</td><td>1.48</td><td>5/15/62</td><td>103.28</td><td>3/2/62</td><td>100.04</td><td>10/6/62</td><td>103.28</td><td>3/2</td><td>102.09</td><td>10/8</td></tr><tr><td>2,098</td><td>2% - 12/15/69-51</td><td>102.14</td><td>102.16</td><td>102.15</td><td>.02</td><td>1.19</td><td>-.04</td><td>1.50</td><td>7/15/62</td><td>104.00</td><td>3/2/62</td><td>100.03</td><td>8/5/62</td><td>104.00</td><td>3/2</td><td>102.12</td><td>10/19</td></tr><tr><td>1,963</td><td>2% - 3/15/50-52</td><td>102.15</td><td>102.17</td><td>102.16</td><td>.02</td><td>1.24</td><td>-.06</td><td>1.51</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>104.01</td><td>3/11</td><td>102.12</td><td>10/26</td></tr><tr><td>4,339</td><td>2-1/4% - 9/15/50-52</td><td>102.19</td><td>102.21</td><td>102.20</td><td>.05</td><td>1.30</td><td>-.05</td><td>1.53</td><td>6/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.15</td><td>10/19</td></tr><tr><td>2,639</td><td>1-1/2% - 12/15/50</td><td>101.04</td><td>101.06</td><td>101.05</td><td>.05</td><td>1.21</td><td>-.05</td><td>1.21</td><td>6/15/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>8/21/45</td><td>102.15</td><td>3/11</td><td>101.00</td><td>9/30</td></tr><tr><td>7,988</td><td>2% - 9/15/51-53</td><td>102.23</td><td>102.25</td><td>102.24</td><td>.01</td><td>1.41</td><td>-.02</td><td>1.58</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>104.18</td><td>3/11</td><td>102.19</td><td>10/19</td></tr><tr><td>510</td><td>2% - 12/15/51-55</td><td>102.28</td><td>102.30</td><td>102.29</td><td>.02</td><td>1.41</td><td>-.02</td><td>1.66</td><td>12/15/41</td><td>104.25</td><td>3/11/46</td><td>100.01</td><td>12/5/41</td><td>104.25</td><td>3/11</td><td>102.25</td><td>9/19</td></tr><tr><td>1,024</td><td>2-1/2% - 3/15/52-54</td><td>105.01</td><td>105.03</td><td>105.02</td><td>-.03</td><td>1.52</td><td>+.01</td><td>1.76</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>107.14</td><td>3/11</td><td>104.31</td><td>10/29</td></tr><tr><td>5,825</td><td>2% - 6/15/52-55</td><td>102.26</td><td>102.28</td><td>102.27</td><td>.01</td><td>1.47</td><td>-.01</td><td>1.60</td><td>6/25/42</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/42</td><td>104.27</td><td>2/18</td><td>102.30</td><td>9/19</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>103.29</td><td>103.31</td><td>103.30</td><td>.00</td><td>1.52</td><td>-.01</td><td>1.76</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/9</td><td>101.25</td><td>9/19</td></tr><tr><td>8,662</td><td>2% - 12/15/52-54</td><td>102.28</td><td>102.30</td><td>102.29</td><td>.00</td><td>1.50</td><td>-.01</td><td>1.62</td><td>12/1/41</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/41</td><td>105.00</td><td>3/11</td><td>102.21</td><td>9/19</td></tr><tr><td>1,449</td><td>2-1/2% - 3/15/56-58</td><td>106.31</td><td>107.01</td><td>107.00</td><td>.04</td><td>1.69</td><td>-.02</td><td>1.82</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>110.22</td><td>2/8</td><td>106.30</td><td>9/19</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>105.00</td><td>105.02</td><td>105.01</td><td>.09</td><td>1.69</td><td>-.04</td><td>1.81</td><td>2/1/41</td><td>107.16</td><td>1/6/46</td><td>100.01</td><td>2/29/41</td><td>107.16</td><td>1/6</td><td>104.09</td><td>9/19</td></tr><tr><td>2,716</td><td>2-1/2% - 9/15/57-72</td><td>105.22</td><td>105.24</td><td>105.23</td><td>.18</td><td>2.16</td><td>-.03</td><td>2.21</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>109.18</td><td>4/6</td><td>104.22</td><td>9/19</td></tr><tr><td colspan="18">Treasury bonds - bank restricted 5/</td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>102.01</td><td>102.03</td><td>102.02</td><td>.17</td><td>2.06</td><td>-.05</td><td>2.09</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>104.20</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>3,470</td><td>2-1/4% - 12/15/59-62</td><td>102.01</td><td>102.03</td><td>102.02</td><td>.17</td><td>2.07</td><td>-.05</td><td>2.10</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.11</td><td>12/11/45</td><td>104.21</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2% - 6/15/62-67</td><td>104.26</td><td>104.28</td><td>104.27</td><td>.17</td><td>2.13</td><td>-.04</td><td>2.21</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>4/6</td><td>103.24</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2% - 12/15/62-68</td><td>104.98</td><td>104.10</td><td>104.09</td><td>.16</td><td>2.20</td><td>-.03</td><td>2.25</td><td>12/1/42</td><td>108.05</td><td>4/6/46</td><td>100.00</td><td>2/17/42</td><td>108.05</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2% - 6/15/64-69</td><td>103.29</td><td>103.31</td><td>103.30</td><td>.19</td><td>2.23</td><td>-.04</td><td>2.28</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.20</td><td>3/2/43</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2% - 12/15/64-69</td><td>103.26</td><td>103.28</td><td>103.27</td><td>.18</td><td>2.24</td><td>-.04</td><td>2.29</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.24</td><td>4/6</td><td>102.21</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2% - 3/15/65-70</td><td>103.25</td><td>103.27</td><td>103.26</td><td>.21</td><td>2.25</td><td>-.04</td><td>2.29</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/15/44</td><td>107.23</td><td>4/6</td><td>102.13</td><td>1/2</td></tr><tr><td>1,481</td><td>2-1/2% - 3/15/66-71</td><td>103.23</td><td>103.25</td><td>103.24</td><td>.22</td><td>2.26</td><td>-.05</td><td>2.30</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.05</td><td>12/15/44</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2% - 6/15/67-72</td><td>102.22</td><td>102.24</td><td>102.23</td><td>.22</td><td>2.33</td><td>-.05</td><td>2.36</td><td>6/1/44</td><td>106.15</td><td>4/6/46</td><td>100.21</td><td>9/23/44</td><td>106.15</td><td>4/6</td><td>102.16</td><td>1/3</td></tr><tr><td>11,689</td><td>2-1/2% - 12/15/67-72</td><td>102.22</td><td>102.24</td><td>102.23</td><td>.22</td><td>2.34</td><td>-.04</td><td>2.36</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td colspan="18">Treasury notes</td></tr><tr><td>3,261</td><td>1-1/2% - 3/15/67</td><td>100.02</td><td>100.03</td><td>100.02</td><td>-.02</td><td>.97</td><td>+.09</td><td>.97</td><td>6/5/42</td><td>101.00</td><td>4/4/46</td><td>100.01</td><td>1/2/42</td><td>100.20</td><td>2/25</td><td>100.02</td><td>10/31</td></tr><tr><td>1,988</td><td>1-1/4% - 3/15/47</td><td>100.04</td><td>100.05</td><td>100.04</td><td>-.01</td><td>.91</td><td>.00</td><td>.91</td><td>6/26/44</td><td>100.20</td><td>3/5/46</td><td>100.04</td><td>10/31/44</td><td>100.17</td><td>2/18</td><td>100.04</td><td>10/31</td></tr><tr><td>2,707</td><td>1-1/2% - 3/15/47</td><td>100.17</td><td>100.18</td><td>100.18</td><td>.00</td><td>.85</td><td>-.06</td><td>.85</td><td>7/12/43</td><td>101.06</td><td>3/5/46</td><td>100.16</td><td>10/13/43</td><td>101.02</td><td>3/1</td><td>100.18</td><td>10/31</td></tr><tr><td>1,687</td><td>1-1/4% - 3/15/47</td><td>100.10</td><td>100.11</td><td>100.10</td><td>.00</td><td>.89</td><td>-.03</td><td>.89</td><td>12/1/43</td><td>100.23</td><td>2/15/46</td><td>100.06</td><td>12/27/43</td><td>100.23</td><td>2/16</td><td>100.16</td><td>10/31</td></tr><tr><td>3,748</td><td>1-1/2% - 3/15/48</td><td>100.27</td><td>100.29</td><td>100.28</td><td>.04</td><td>1.03</td><td>-.08</td><td>1.03</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/6/44</td><td>101.22</td><td>3/2</td><td>100.24</td><td>10/2</td></tr><tr><td colspan="18">Certificates of indebtedness 5/</td></tr><tr><td>3,778</td><td>7/8% - 11/1/66</td><td>.698</td><td>.701</td><td>.700</td><td>.700</td><td>.700</td><td>1/1</td><td>1/1</td><td>12/1/45</td><td>.424</td><td>10/22/46</td><td>.574</td><td>10/30/45</td><td>.424</td><td>10/22</td><td>.874</td><td>10/26</td></tr><tr><td>3,758</td><td>7/8% - 12/1/66</td><td>.669</td><td>.674</td><td>.673</td><td>-.18%</td><td>.700</td><td>-</td><td>.700</td><td>12/3/45</td><td>.634</td><td>10/31/46</td><td>.844</td><td>8/12/45</td><td>.634</td><td>10/31</td><td>.844</td><td>8/13</td></tr><tr><td>3,330</td><td>7/8% - 1/1/67</td><td>.804</td><td>.778</td><td>.794</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>1/1/46</td><td>.754</td><td>3/1/46</td><td>.844</td><td>12/29/45</td><td>.754</td><td>3/1</td><td>.844</td><td>3/3</td></tr><tr><td>4,394</td><td>7/8% - 2/1/67</td><td>.804</td><td>.782</td><td>.794</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>2/1/46</td><td>.754</td><td>3/1/46</td><td>.844</td><td>10/3/46</td><td>.754</td><td>3/1</td><td>.844</td><td>10/3</td></tr><tr><td>3,133</td><td>7/8% - 3/1/67</td><td>.824</td><td>.805</td><td>.814</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>3/1/46</td><td>.774</td><td>3/1/46</td><td>.844</td><td>10/5/46</td><td>.774</td><td>3/1</td><td>.844</td><td>10/5</td></tr><tr><td>2,820</td><td>7/8% - 4/1/67</td><td>.824</td><td>.804</td><td>.814</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>4/1/46</td><td>.804</td><td>10/23/46</td><td>.844</td><td>10/5/46</td><td>.804</td><td>10/23</td><td>.844</td><td>10/5</td></tr><tr><td>2,175</td><td>7/8% - 5/1/67</td><td>.824</td><td>.814</td><td>.824</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>5/1/46</td><td>.824</td><td>10/23/46</td><td>.854</td><td>9/27/46</td><td>.824</td><td>10/23</td><td>.854</td><td>9/27</td></tr><tr><td>2,916</td><td>7/8% - 6/1/67</td><td>.824</td><td>.814</td><td>.824</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.824</td><td>10/23/46</td><td>.854</td><td>10/2/46</td><td>.824</td><td>10/23</td><td>.854</td><td>10/2</td></tr><tr><td>1,223</td><td>7/8% - 8/1/67</td><td>.834</td><td>.814</td><td>.824</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>8/1/46</td><td>.824</td><td>10/31/46</td><td>.854</td><td>9/30/46</td><td>.824</td><td>10/31</td><td>.854</td><td>9/30</td></tr><tr><td>2,341</td><td>7/8% - 9/1/67</td><td>.854</td><td>.834</td><td>.844</td><td
(Continued on following page)
December 1946
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies October 31, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/-(Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept. 30, 1946</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept. 30, 1946</th></tr><tr><td>$1,315</td><td>11/7/46</td><td>8/8/46</td><td>.375$</td><td>.20$</td><td>.29$</td><td>-.05$</td><td>$1,303</td><td>12/26/46</td><td>9/26/46</td><td>.375$</td><td>.32$</td><td>.35$</td><td>-.01$</td></tr><tr><td>1,314</td><td>11/11/46</td><td>8/15/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.01$</td><td>1,307</td><td>1/2/47</td><td>10/3/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,308</td><td>11/21/46</td><td>8/22/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04$</td><td>1,306</td><td>1/9/47</td><td>10/10/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,302</td><td>11/29/46</td><td>8/29/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.05$</td><td>1,307</td><td>1/16/47</td><td>10/17/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>12/5/46</td><td>9/5/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02$</td><td>1,302</td><td>1/23/47</td><td>10/21/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,305</td><td>12/12/46</td><td>9/12/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02$</td><td>1,303</td><td>1/30/47</td><td>10/31/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,305</td><td>12/19/46</td><td>9/19/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01$</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th colspan="6">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Sept.30, 1946</th><th>Yield to maturity 3/</th><th>Date of issue</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% - 10/15/47-52</td><td>103.11</td><td>103.12</td><td>103.12</td><td>-.08</td><td>.69%</td><td>-.05%</td><td>3.61%</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>103.12</td><td>10/31</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>101.12</td><td>101.14</td><td>101.13</td><td>-.03</td><td>.7%</td><td>-.01</td><td>.7%</td><td>12/15/38</td><td>107.20</td><td>12/17/40</td><td>99.14</td><td>9/25/39</td><td>102.22</td><td>1/30</td><td>101.13</td><td>10/31</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>102.20</td><td>102.22</td><td>102.21</td><td>-.02</td><td>.80</td><td>-.07</td><td>2.11</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>104.13</td><td>1/29</td><td>102.21</td><td>10/31</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>103.05</td><td>103.07</td><td>103.06</td><td>.00</td><td>.78</td><td>-.07</td><td>.78</td><td>3/25/35</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>104.24</td><td>3/11</td><td>103.05</td><td>10/30</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>102.14</td><td>102.15</td><td>102.15</td><td>-.02</td><td>.82</td><td>-.02</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>102.15</td><td>10/31</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>106.23</td><td>106.25</td><td>106.24</td><td>-.03</td><td>.93</td><td>-.02</td><td>1.95</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>108.30</td><td>1/28</td><td>106.23</td><td>10/30</td></tr><tr><td>1,785</td><td>2-1/2% - 12/15/49-53</td><td>104.24</td><td>104.26</td><td>104.25</td><td>-.01</td><td>.94</td><td>-.03</td><td>1.78</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>1/8/37</td><td>106.18</td><td>3/12</td><td>104.24</td><td>10/30</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>105.17</td><td>105.19</td><td>105.18</td><td>-.02</td><td>1.03</td><td>-.01</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>105.18</td><td>10/31</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>107.11</td><td>107.13</td><td>107.12</td><td>-.01</td><td>1.11</td><td>-.02</td><td>1.73</td><td>6/15/35</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>1/1/37</td><td>109.27</td><td>1/28</td><td>107.13</td><td>10/30</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>108.29</td><td>108.31</td><td>108.30</td><td>.00</td><td>1.11</td><td>-.03</td><td>1.90</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>111.21</td><td>1/15</td><td>108.29</td><td>10/29</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>105.17</td><td>105.19</td><td>105.18</td><td>-.02</td><td>1.13</td><td>-.03</td><td>1.43</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>10/29</td></tr><tr><td>725</td><td>2% - 6/15/51-55</td><td>105.10</td><td>105.12</td><td>105.11</td><td>-.03</td><td>1.16</td><td>-.02</td><td>1.34</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>1/12</td><td>105.06</td><td>9/20</td></tr><tr><td>681</td><td>2-1/4% - 6/15/51-56</td><td>107.04</td><td>107.06</td><td>107.05</td><td>-.06</td><td>1.26</td><td>-.04</td><td>1.45</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>10/12</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/52-60</td><td>111.30</td><td>112.00</td><td>111.31</td><td>1.17</td><td>1.36</td><td>-.07</td><td>1.86</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>116.13</td><td>1/26</td><td>111.20</td><td>9/30</td></tr><tr><td>982</td><td>2-3/4% - 9/15/55-59</td><td>112.15</td><td>112.17</td><td>112.16</td><td>-.28</td><td>1.39</td><td>-.10</td><td>1.67</td><td>9/15/36</td><td>115.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td></td><td></td><td></td><td></td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>112.31</td><td>113.01</td><td>113.00</td><td>1.29</td><td>1.53</td><td>-.08</td><td>1.84</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>112.00</td><td>10/2</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65</td><td>114.20</td><td>114.22</td><td>114.21</td><td>1.05</td><td>1.59</td><td>-.09</td><td>1.84</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>113.11</td><td>10/2</td></tr><tr><td colspan="18">Other bonds 2/</td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>100.08</td><td>100.08</td><td>100.08</td><td>-.10</td><td>1.48</td><td>1.73</td><td>1.48</td><td>1/1/17</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.30</td><td>1/5</td><td>100.08</td><td>10/31</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>125.16</td><td>127.00</td><td>126.08</td><td>-1.24</td><td>1.06</td><td>1.11</td><td>1.06</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>126.08</td><td>10/31</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 
2/ Prices represent the mean closing price on the Australian market in the current quarter, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. When issued, prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the later of the two. 
3/ Management convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. 
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ Quoted on a yield basis.
7/ Not quoted on October 31, 1946; quoted on a price basis at per from October 23 through October 30, 1946; prior thereto quoted on a yield basis.
8/ For amount of this security issued on November 1, 1945, 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.
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
October 31, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price date (Price decimals are thirty-secondes)</th><th colspan="2">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-secondes)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-secondes)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Sept.30, 1946</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>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><td colspan="15">Federal Home Loan Bank bonds</td></tr><tr><td>$100</td><td>1-1/4% - 4/15/48</td><td>99.29</td><td>99.31</td><td>99.30</td><td>-</td><td>1.29%</td><td>-</td><td>1.29%</td><td>10/15/46</td><td>99.30</td><td>10/31/46</td><td>99.28</td><td>10/14/46</td><td>99.30</td><td>10/31</td><td>99.28</td><td>10/14</td></tr><tr><td colspan="15">Federal Intermediate Credit Bank debentures 3/1</td></tr><tr><td>31</td><td>7.8% - 11/1/46</td><td>1/8%</td><td>-</td><td>1/8%</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.825</td><td>.000</td><td>1.825</td><td>2/1/46</td><td>100.00</td><td>10/30/46</td><td>100.00</td><td>10/30</td><td>100.00</td><td>10/30</td></tr><tr><td>38</td><td>7.825% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.875</td><td>.000</td><td>1.875</td><td>3/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>39</td><td>7.8% - 1/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>4/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>22</td><td>.90% - 2/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>24</td><td>.90% - 3/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.95</td><td>6/3/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.95</td><td>7/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>8/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>9/3/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>10/31/46</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td colspan="15">Federal Land Bank bonds 5/1</td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.06</td><td>100.10</td><td>100.08</td><td>-.02</td><td>1.37</td><td>+.03</td><td>1.43</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.08</td><td>10/31/46</td><td>101.10</td><td>3/6</td><td>100.08</td><td>10/31</td></tr><tr><td>211</td><td>1-1/4% - 5/1/50-52</td><td>99.04</td><td>99.08</td><td>99.06</td><td>-.05</td><td>1.49</td><td>+.05</td><td>1.50</td><td>5/1/46</td><td>100.02</td><td>9/17/46</td><td>99.06</td><td>10/31/46</td><td>100.02</td><td>9/17</td><td>99.06</td><td>10/31</td></tr><tr><td>214</td><td>1-1/2% - 1/1/51-53</td><td>93.26</td><td>93.30</td><td>93.28</td><td>-.03</td><td>1.53</td><td>+.02</td><td>1.52</td><td>1/2/46</td><td>101.22</td><td>3/31/46</td><td>99.28</td><td>10/31/46</td><td>101.22</td><td>3/31</td><td>99.28</td><td>10/31</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.02</td><td>103.08</td><td>103.05</td><td>-.07</td><td>1.71</td><td>+.02</td><td>1.84</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>103.05</td><td>10/31</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When closed" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to mat-
3/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on October 31, 1946.
5/ Excludes issues completely held by Farm Credit Administration agencies.
December 1946
63
YIELDS OF TREASURY SECURITIES
OCT. 31, 1946
Based on Mean of Closing Bid and Asked Quotations
Explanation. The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
64
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series 3/
<table><tr><td>1935-Jan</td><td>2.69</td><td>3.17</td><td>1941-Jan</td><td>2.12</td><td>2.57</td><td>1946-Jan</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb</td><td>2.68</td><td>3.15</td><td>Feb</td><td>2.22</td><td>2.71</td><td>Feb</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>2.75</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May</td><td>2.56</td><td>3.14</td><td>May</td><td>2.04</td><td>2.75</td><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June</td><td>2.58</td><td>3.15</td><td>June</td><td>2.01</td><td>2.70</td><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July</td><td>2.58</td><td>3.12</td><td>July</td><td>1.98</td><td>2.66</td><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct</td><td>2.52</td><td>3.06</td><td>Oct</td><td>1.98</td><td>2.61</td><td>Oct</td><td>1.93</td><td>2.48</td><td>2.53</td></tr><tr><td>Nov</td><td>2.56</td><td>3.04</td><td>Nov</td><td>1.95</td><td>2.54</td><td>Nov</td><td>1.90</td><td>2.48</td><td>2.51</td></tr><tr><td>Dec</td><td>2.56</td><td>3.02</td><td>Dec</td><td>2.06</td><td>2.57</td><td>Dec</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan</td><td>2.54</td><td>2.96</td><td>1942-Jan</td><td>2.10</td><td>2.45</td><td>1945-Jan</td><td>1.81</td><td>2.44</td><td>2.38</td></tr><tr><td>Feb</td><td>2.52</td><td>2.90</td><td>Feb</td><td>2.17</td><td>2.38</td><td>Feb</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.36</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.35</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.41</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May</td><td>2.27</td><td>2.86</td><td>May</td><td>2.06</td><td>2.45</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June</td><td>2.22</td><td>2.78</td><td>June</td><td>2.04</td><td>2.43</td><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July</td><td>2.23</td><td>2.76</td><td>July</td><td>2.04</td><td>2.46</td><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct</td><td>2.60</td><td>3.14</td><td>Oct</td><td>2.09</td><td>2.45</td><td>Oct</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov</td><td>2.46</td><td>2.93</td><td>Nov</td><td>2.10</td><td>2.47</td><td>Nov</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec</td><td>2.35</td><td>2.86</td><td>Dec</td><td>2.13</td><td>2.49</td><td>Dec</td><td></td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan</td><td>2.30</td><td>2.81</td><td>1943-Jan</td><td>2.11</td><td>2.45</td><td>1946-Jan</td><td></td><td>2.21</td><td>2.43</td></tr><tr><td>Feb</td><td>2.29</td><td>2.79</td><td>Feb</td><td>2.11</td><td>2.46</td><td>Feb.</td><td></td><td>2.12</td><td>2.35</td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>Mar.</td><td></td><td>2.09</td><td>2.35</td></tr><tr><td>Apr</td><td>2.25</td><td>2.74</td><td>Apr</td><td>2.05</td><td>2.48</td><td>Apr</td><td></td><td>2.08</td><td>2.37</td></tr><tr><td>May</td><td>2.39</td><td>2.87</td><td>May</td><td>1.96</td><td>2.46</td><td>May</td><td></td><td>2.19</td><td>2.44</td></tr><tr><td>June</td><td>2.40</td><td>2.93</td><td>June</td><td>1.91</td><td>2.45</td><td>June</td><td></td><td>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>2.45</td><td>July</td><td></td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>August</td><td></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>2.48</td><td>Sept.</td><td></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>2.48</td><td>Oct</td><td></td><td>2.26</td><td>2.51</td></tr><tr><td>Nov</td><td>2.09</td><td>2.65</td><td>Nov</td><td>1.94</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2.01</td><td>2.59</td><td>Dec</td><td>1.95</td><td>2.49</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1946-May</td><td>11......</td><td>2.18</td><td>2.14</td><td>1946-July</td><td>5......</td><td>2.14</td><td>2.10</td><td>1946-Sept. 6......</td><td>2.27</td><td>2.19</td></tr><tr><td></td><td>16......</td><td>2.20</td><td>2.13</td><td></td><td>12......</td><td>2.17</td><td>2.11</td><td>13......</td><td>2.29</td><td>2.19</td></tr><tr><td></td><td>18......</td><td>2.17</td><td>2.15</td><td></td><td>19......</td><td>2.19</td><td>2.12</td><td>20......</td><td>2.30</td><td>2.20</td></tr><tr><td></td><td>24......</td><td>2.19</td><td>2.14</td><td></td><td>26......</td><td>2.21</td><td>2.12</td><td>27......</td><td>2.28</td><td>2.19</td></tr><tr><td></td><td>31......</td><td>2.17</td><td>2.11</td><td>Aug. 2......</td><td></td><td>2.23</td><td>2.13</td><td>Oct. 5......</td><td>2.26</td><td>2.19</td></tr><tr><td>June 7......</td><td>2.17</td><td>2.14</td><td>9......</td><td></td><td>2.22</td><td>2.14</td><td>11......</td><td>2.27</td><td>2.22</td></tr><tr><td></td><td>14......</td><td>2.15</td><td>2.12</td><td></td><td>16......</td><td>2.22</td><td>2.14</td><td>19......</td><td>2.26</td><td>2.21</td></tr><tr><td></td><td>21......</td><td>2.16</td><td>2.10</td><td></td><td>23......</td><td>2.24</td><td>2.14</td><td>26......</td><td>2.26</td><td>2.21</td></tr><tr><td></td><td>28......</td><td>2.16</td><td>2.10</td><td></td><td>30......</td><td>2.25</td><td>2.16</td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1946-Oct.</td><td>1</td><td>2.28</td><td>2.49</td><td>1946-Oct. 11</td><td>2.27</td><td>2.52</td><td>1946-Oct. 21</td><td>2.26</td><td>2.51</td></tr><tr><td></td><td>2</td><td>2.27</td><td>2.49</td><td>12</td><td>2.27</td><td>2.51</td><td>22</td><td>2.26</td><td>2.51</td></tr><tr><td></td><td>3</td><td>2.27</td><td>2.49</td><td>14</td><td>2.27</td><td>2.51</td><td>23</td><td>2.26</td><td>2.51</td></tr><tr><td></td><td>4</td><td>2.26</td><td>2.49</td><td>15</td><td>2.27</td><td>2.51</td><td>24</td><td>2.26</td><td>2.50</td></tr><tr><td></td><td>5</td><td>2.26</td><td>2.49</td><td>16</td><td>2.26</td><td>2.51</td><td>25</td><td>2.26</td><td>2.51</td></tr><tr><td></td><td>7</td><td>2.26</td><td>2.51</td><td>17</td><td>2.26</td><td>2.51</td><td>26</td><td>2.26</td><td>2.51</td></tr><tr><td></td><td>8</td><td>2.27</td><td>2.51</td><td>18</td><td>2.26</td><td>2.51</td><td>28</td><td>2.26</td><td>2.52</td></tr><tr><td></td><td>9</td><td>2.27</td><td>2.51</td><td>19</td><td>2.26</td><td>2.51</td><td>29</td><td>2.26</td><td>2.52</td></tr><tr><td></td><td>10</td><td>2.27</td><td>2.52</td><td></td><td></td><td></td><td>30</td><td>2.25</td><td>2.52</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>31</td><td>2.24</td><td>2.52</td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1933. On days when sales took place on the Exchange, these were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the New York Curb sale is used. Monthly and weekly date 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" for March 1944, page 64. The partially tax-exempt series was discontinued on December 15, 1945 because the war tax was any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the
Case of partially tax-exempt Treasury and United States savings bonds. Interest derived from $5,000 of principal amount owned by any shareholder is exempt from the curtail rate of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and curtail rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average maturity Bulletin No. January 1945, page 55; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
Monthly averages of daily figures. Prior to April 1, 1938, corporate average maturity figures were given.
The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2.
On or after when the exchanges are closed, the date and prices of the previous day are used.
Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series v
December 1946
65
Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
220-D
66
Treasury Bulletin
INTERNAL REVENUE STATISTICS
December 1946
67
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 colspan="3">Income and profits taxes</th><th colspan="5">Employment taxes</th></tr><tr><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th>Total income and profits taxes</th><th>Individual 3/</th><th>Corporation income and excess profit 1/</th><th>Miscellaneous taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 1/</th></tr><tr><td>1937</td><td>1,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,715</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,679,318</td><td>+30,470</td><td>5,043,848</td><td>2,529,030</td><td>1,289,312</td><td>1,239,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,354</td><td>2,185,111</td><td>1,028,813</td><td>1,120,941</td><td>31,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>103,427</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>1,082,017</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>100,658</td><td>177,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,059,315</td><td>8,005,884</td><td>3,252,800</td><td>4,687,162</td><td>56,521</td><td>1,185,362</td><td>895,336</td><td>119,517</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,529,912</td><td>9,584,715</td><td>84,211</td><td>1,498,705</td><td>1,131,346</td><td>156,308</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,021,802</td><td>18,361,005</td><td>14,609,394</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>266,011</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>19,031,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,471</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>784,258</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>1,388,732</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>213,343</td><td>197,320</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>580,112</td><td>2,142,651</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>3,451,394</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>836,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr><tr><td>February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>19,633</td></tr><tr><td>April</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td>1,477</td></tr><tr><td>May</td><td>2,307,793</td><td>-266,165</td><td>2,573,957</td><td>1,662,967</td><td>1,140,591</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>49,850</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>521,111</td><td>4,095</td><td>115,696</td><td>109,360</td><td>3,269</td><td>2,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,165,649</td><td>1,415,371</td><td>346,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td>32,674</td></tr><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>1,669,891</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td>50,188</td></tr></table>
Miscellaneous Internal Revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>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 g</th></tr><tr><td>1937</td><td>2,148,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>60,919</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>557,669</td><td>557,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,336,821</td><td>127,203</td><td>160,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,851</td><td>147,540</td></tr><tr><td>1940</td><td>2,359,041</td><td>132,739</td><td>360,071</td><td>624,094</td><td>608,073</td><td>38,581</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>165,653</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>283,900</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>447,936</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>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,804</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></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>138,497</td><td>100,738</td><td>5,500</td><td>93,471</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>239,586</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>101,580</td></tr><tr><td>1945-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>536,692</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>68,471</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>614,468</td><td>1,158</td><td>66,599</td><td>214,065</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</td></tr><tr><td>May</td><td>641,121</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>119,250</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>130,952</td><td>110,815</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>7,528</td><td>143,051</td><td>135,011</td></tr><tr><td>September</td><td>646,393</td><td>230</td><td>42,845</td><td>226,205</td><td>101,834</td><td>6,531</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 certain trust accounts for territories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1947.
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.
h/ 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 Carrière 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.
68
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
U Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
8-165-6
December 1946
69
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: 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>2,225,757</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>169</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>3,874,879</td><td>1,162,276</td><td>1,277,325</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>4,421,582</td><td>3,901,917</td><td>1,003,572</td><td>925,160</td><td>758,229</td><td>656,087</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 profits taxes (Second Revenues Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>2,241,688</td><td>1,511,350</td><td>1,584,363</td><td>977,784</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</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>Deemed value:</td><td>143,798</td><td>91,130</td><td>23,357</td><td>18,333</td><td>11,020</td><td>10,047</td></tr><tr><td>Vision Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>143,978</td><td>91,165</td><td>23,365</td><td>18,343</td><td>11,022</td><td>10,052</td></tr><tr><td>Total income and profits taxes</td><td>35,061,526</td><td>31,258,138</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 3/</td><td>1,301,931</td><td>1,237,855</td><td>351,289</td><td>355,188</td><td>3,352</td><td>5,225</td></tr><tr><td>Unemployment insurance 3/</td><td>186,489</td><td>178,745</td><td>14,561</td><td>13,257</td><td>619</td><td>1,624</td></tr><tr><td>Total Social Security taxes</td><td>1,488,420</td><td>1,416,570</td><td>365,793</td><td>368,356</td><td>1,971</td><td>7,117</td></tr><tr><td>Railroad retirement 3/</td><td>284,758</td><td>284,258</td><td>71,158</td><td>85,229</td><td>33,368</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>453,884</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>6,782</td><td>230</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>148,194</td><td>172,957</td><td>31,472</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>1,644</td><td>533</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>199,691</td><td>143,080</td><td>25,029</td><td>35,201</td><td>8,509</td><td>11,738</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>356,777</td><td>444,578</td><td>124,443</td><td>142,776</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>8,461</td><td>12,722</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>269</td><td>985</td><td>81</td><td>466</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,290</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>8,308</td><td>8,061</td><td>4,486</td><td>5,632</td><td>208</td><td>262</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>5</td><td>25</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>1,265</td></tr><tr><td>Floor taxes</td><td>87,343</td><td>696</td><td>304</td><td>319</td><td>66</td><td>196</td></tr><tr><td>Fermented malt liquors (special taxes)</td><td>638,682</td><td>650,814</td><td>186,893</td><td>178,917</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>2,566,162</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>3,830</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>42</td><td>5</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>94,029</td></tr><tr><td>Souff</td><td>7,741</td><td>7,173</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>3,341</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>116</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8</td><td>3</td><td>2</td><td>1</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>Boots, 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>24,052</td><td>30,350</td><td>5,937</td><td>5,592</td><td>1,601</td><td>1,958</td></tr><tr><td>Sales</td><td>7,493</td><td>9,766</td><td>2,105</td><td>2,395</td><td>871</td><td>870</td></tr><tr><td>Playing cards</td><td>25</td><td>149</td><td>3</td><td>280</td><td>1</td><td>140</td></tr><tr><td>Silver bullion sales or transfers</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,576</td><td>16,849</td><td>21,374</td><td>5,500</td><td>6,631</td></tr></table>
(Continued on following page)
70
Treasury Bulletin
Detailed Analysis of Internal Reven
Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th>Fiscal years 1945</th><th>Fiscal years 1946</th><th>First 3 months Fiscal year 1946</th><th>First 3 months Fiscal year 1947</th><th>September 1945</th><th>September 1946</th></tr><tr><td>Miscellaneous internal revenue (continued); Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>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>Gasolines</td><td>405,953</td><td>405,695</td><td>110,556</td><td>116,494</td><td>18,232</td><td>40,675</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>20,615</td><td>41,834</td><td>6,356</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>35,546</td><td>599</td><td>10,984</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,400</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>3,719</td><td>4,985</td></tr><tr><td>Electric gas, and oil appliances</td><td>12,070</td><td>25,432</td><td>3,596</td><td>13,197</td><td>4,859</td><td>4,859</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,181</td><td>2,890</td><td>5,234</td><td>1,560</td><td>966</td></tr><tr><td>Electric signs (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>104</td><td>282</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>302</td><td>1,773</td><td>111</td><td>507</td></tr><tr><td>Mechanical refrigerator, air-conditioners, etc.</td><td>1,577</td><td>9,229</td><td>785</td><td>7,948</td><td>204</td><td>2,307</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>2,782</td><td>1,524</td><td>813</td><td>790</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>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>5,243</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>43,208</td><td>52,203</td><td>10,829</td><td>15,165</td></tr><tr><td> luggage - retailers' excise (effective 4/1/44)</td><td>71,851</td><td>81,423</td><td>17,007</td><td>20,959</td><td>3,889</td><td>5,551</td></tr><tr><td>luggage - manufacturers' excise (repealed as of 11/1/44)</td><td>6</td><td>15</td><td>7</td><td>6</td><td>*</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>2</td><td>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>228</td><td>125</td><td>24</td><td>4</td><td>28</td><td>1</td></tr><tr><td>Sporting goods</td><td>4,248</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>86,515</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>*</td><td>1</td><td>*</td></tr><tr><td>Firearms, 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>1,206,516</td><td>1,414,717</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>30</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></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>208,018</td><td>234,393</td><td>52,299</td><td>64,159</td><td>14,025</td><td>21,241</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>185,689</td><td>31,481</td><td>40,923</td><td>7,084</td><td>12,741</td></tr><tr><td>Transportation of oil by pipe lines</td><td>15,286</td><td>14,824</td><td>3,739</td><td>3,789</td><td>1,201</td><td>1,198</td></tr><tr><td>Transportation of persons, seats, carth's</td><td>234,182</td><td>226,780</td><td>60,450</td><td>68,460</td><td>16,614</td><td>23,595</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>53,916</td><td>63,183</td><td>14,255</td><td>19,173</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>128,701</td><td>115,960</td><td>113,895</td><td>232</td><td>2,122</td><td>7</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>170</td><td>*</td><td>8</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>1,885</td><td>1,959</td><td>551</td><td>556</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>313,191</td><td>79,756</td><td>100,621</td><td>25,106</td><td>32,756</td></tr><tr><td>Admissions to cabarets, room gardens, etc.</td><td>56,877</td><td>72,077</td><td>16,256</td><td>17,724</td><td>4,486</td><td>5,401</td></tr><tr><td>Club dues and initiation fees</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>Bowling alleys, pool tables, etc.</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>Coin operated devices</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>Adulterated and processed or renovated butter</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>mixed flour & filled cheese</td><td>58</td><td>44</td><td>37</td><td>22</td><td>*</td><td>18</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,903</td><td>4,932</td><td>1,583</td><td>1,919</td><td>196</td><td>238</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>756</td><td>694</td><td>192</td><td>268</td><td>16</td><td>14</td></tr><tr><td>Coconut and other vegetable oil processed</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>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>3</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>2</td><td>9</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,410,428</td><td>1,489,925</td><td>452,699</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>7,722,953</td><td>2,146,405</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>10,294,458</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>-72,524</td><td>+108,215</td><td>+725,043</td><td>+680,214</td></tr><tr><td>Total receipts 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>
Source: (1) Total receipts from internal revenue. Daily Treasury Statement; (2) Detailed collections by type of tax. Reports of collections made by collectors of internal revenue. * Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ 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 depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
1/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
b/ 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 periods January 1, 1945 through April 30, 1945.
2/ Represents collections under the Federal Insurance Contributions Act.
3/ Represents collections under the Federal Unemployment Tax Act.
4/ Represents collections under the Carriers' Taxing Act of 1937.
5/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
December 1946
71
MONETARY STATISTICS
72
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>682.4</td></tr><tr><td>1939</td><td>17,613.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,735.1</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>22,726.7</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-October</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>165.9</td></tr><tr><td>February</td><td>20,232.2</td><td>18,099.7</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>March</td><td>20,256.1</td><td>18,125.7</td><td>156.0</td><td>1,800.0</td><td>174.4</td></tr><tr><td>April</td><td>20,250.9</td><td>18,147.2</td><td>156.0</td><td>1,800.0</td><td>147.7</td></tr><tr><td>May</td><td>20,241.9</td><td>18,142.5</td><td>156.0</td><td>1,800.0</td><td>143.3</td></tr><tr><td>June</td><td>20,269.9</td><td>18,153.3</td><td>156.0</td><td>1,800.0</td><td>160.6</td></tr><tr><td>July</td><td>20,266.7</td><td>18,155.6</td><td>156.0</td><td>1,800.0</td><td>155.1</td></tr><tr><td>August</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</td><td>20,305.3</td><td>18,144.8</td><td>156.0</td><td>1,800.0</td><td>204.5</td></tr><tr><td>October P</td><td>20,402.3</td><td>18,278.1</td><td>156.0</td><td>1,800.0</td><td>168.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Hoosier. Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold C-
2/ Reserve against United States notes and Treasury notes of 1890.
3/ Excludes gold in active portion of Exchange Stabilisation Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Cold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1941 - Jan.-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June....</td><td>30.92</td><td>229.75</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June....</td><td>30.92</td><td>17.60</td><td>1.43</td><td>49.95</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-186.27</td></tr><tr><td>July-Sept....</td><td>5.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June....</td><td>-7.11 3/</td><td>-819.55</td><td>.31</td><td>-826.35</td></tr><tr><td>July-Sept....</td><td>-5.61 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar....</td><td>-17.89 3/</td><td>-163.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept....</td><td>-18.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar....</td><td>-24.15 3/</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June....</td><td>-31.56 3/</td><td>44.77</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept....</td><td>-13.61 3/</td><td>50.95</td><td>-2.00 4/</td><td>35.34</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
4/ Excess of sales over receipts.
Monetary Stocks of Gold and Silver
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29 per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937.</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938.</td><td>12,961.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939.</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940.</td><td>19,961.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941.</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942.</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943.</td><td>22,361.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944.</td><td>20,173.1</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-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>3,559.2</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.</td><td>20,305.3</td><td>3,508.7</td><td>14.7</td></tr><tr><td>October p....</td><td>20,402.3</td><td>3,511.0</td><td>14.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
December 1946
73
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">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 rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1937</td><td>936.8</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>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>584.7</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-October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>-</td><td>228.3</td><td>133.5</td><td>811.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</td><td>1,771.7</td><td>355.8</td><td>13.4</td><td>-</td><td>157.7</td><td>138.2</td><td>848.6</td><td>3,508.3</td></tr><tr><td>February</td><td>1,818.5</td><td>355.3</td><td>17.0</td><td>.1</td><td>139.4</td><td>138.7</td><td>848.9</td><td>3,508.3</td></tr><tr><td>March</td><td>1,850.8</td><td>354.5</td><td>17.7</td><td>.3</td><td>127.1</td><td>139.4</td><td>850.1</td><td>3,508.4</td></tr><tr><td>April</td><td>1,909.0</td><td>353.6</td><td>17.0</td><td>.1</td><td>105.7</td><td>140.3</td><td>852.3</td><td>3,508.5</td></tr><tr><td>May</td><td>1,909.0</td><td>352.1</td><td>15.2</td><td>.6</td><td>104.5</td><td>141.9</td><td>851.5</td><td>3,508.7</td></tr><tr><td>June</td><td>1,909.1</td><td>350.9</td><td>13.3</td><td>.6</td><td>102.3</td><td>142.7</td><td>865.6</td><td>3,508.4</td></tr><tr><td>July</td><td>1,909.1</td><td>349.4</td><td>11.5</td><td>.6</td><td>101.1</td><td>144.1</td><td>871.3</td><td>3,508.7</td></tr><tr><td>August</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>3,508.7</td></tr><tr><td>September</td><td>1,909.1</td><td>346.5</td><td>10.8</td><td>.7</td><td>97.9</td><td>147.0</td><td>881.8</td><td>3,508.7</td></tr><tr><td>October p</td><td>1,909.1</td><td>345.7</td><td>11.2</td><td>.2</td><td>96.4</td><td>147.9</td><td>885.5</td><td>3,511.0</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 mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.3</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-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>2.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
Less than 50,000 ounces or $50 thousand.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 7b.
2/ Acquired at 64.54 cents per fine ounce until April 9, 1935; at
71.11 cents per fine ounce from that date until April 23, 1935; at 77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1945; and at 50.5 cents per fine ounce since July 2, 1946. 
Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 
Acquired at various prices averaging approximately 51 cents per ounce.
74
Treasury Bulletin
Seignorage 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>Wisc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>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>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>56.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>581.5</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.1</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>960.5</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>162.1</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>53.6</td><td>588.3</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>588.3</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>66.4</td><td>588.3</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-October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>66.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>177.6</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>981.7</td><td>279.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>66.2</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.8</td><td>224.7</td></tr><tr><td>April</td><td>441.1</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>185.9</td></tr><tr><td>May</td><td>446.1</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>184.9</td></tr><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</td></tr><tr><td>July</td><td>457.5</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>178.8</td></tr><tr><td>August</td><td>464.7</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>175.2</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><tr><td>October</td><td>476.7</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>170.2</td></tr></table>
Source: Daily Treasury Statement.
1/ Those 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 obsolescence thereon changes.
December 1946
75
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="8">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>Metlocal 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>5,931</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</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>7,846</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>591</td><td>126</td></tr><tr><td>1945</td><td>26,786</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-October</td><td>28,049</td><td>26,791</td><td>51</td><td>1,796</td><td>1</td><td>316</td><td>24,008</td><td>506</td><td>118</td></tr><tr><td>November</td><td>28,211</td><td>26,948</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,136</td><td>499</td><td>118</td></tr><tr><td>December</td><td>28,515</td><td>27,240</td><td>51</td><td>1,872</td><td>1</td><td>316</td><td>24,388</td><td>494</td><td>117</td></tr><tr><td>1946-January</td><td>27,917</td><td>26,657</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,867</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,858</td><td>484</td><td>116</td></tr><tr><td>March</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>116</td></tr><tr><td>April</td><td>27,885</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,685</td><td>473</td><td>115</td></tr><tr><td>May</td><td>28,120</td><td>26,829</td><td>50</td><td>2,018</td><td>1</td><td>317</td><td>23,861</td><td>468</td><td>114</td></tr><tr><td>June</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>July</td><td>28,254</td><td>26,943</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,010</td><td>458</td><td>113</td></tr><tr><td>August</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</td><td>28,507</td><td>27,175</td><td>50</td><td>2,009</td><td>1</td><td>315</td><td>24,237</td><td>451</td><td>112</td></tr><tr><td>October p.</td><td>28,604</td><td>27,260</td><td>50</td><td>1,987</td><td>1</td><td>314</td><td>24,352</td><td>444</td><td>111</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><td>1937</td><td>523</td><td>38</td><td>342</td><td>144</td><td>$49.88</td></tr><tr><td>1938</td><td>527</td><td>19</td><td>342</td><td>146</td><td>$9.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>$3.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>$9.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>$2.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>$1.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>$27.64</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>785</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-October</td><td>1,252</td><td>132</td><td>818</td><td>303</td><td>$200.08 r</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>$201.29</td></tr><tr><td>1946-January</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>$198.58</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>$199.51</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</td><td>1,332</td><td>144</td><td>862</td><td>325</td><td>$201.69</td></tr><tr><td>October p.</td><td>1,344</td><td>145</td><td>871</td><td>328</td><td>$202.25</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. Preliminary. Revised. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
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.
76
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES
AND FOREIGN COUNTRIES AND NET POSITION
IN FOREIGN CURRENCIES
December 1946
77
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>Short-term banking funds</th><th>Brokerage balance</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>1,110,686</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>1,225,722</td><td>428,112</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,625</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>1,135,485</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>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-July 31, 1946)</td><td>-325,823</td><td>-163,475</td><td>-3,133</td><td>-292,582</td><td>133,367</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1946)</td><td>8,476,991</td><td>6,723,775</td><td>140,945</td><td>506,145</td><td>1,106,126</td></tr><tr><td>1945-July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,350</td><td>81,132</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,469</td><td>-13,202</td><td>-1,529</td></tr><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,368</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,616</td><td>-15,985</td><td>36,455</td></tr><tr><td>December</td><td>4,837</td><td>-9,591</td><td>5,075</td><td>19,659</td><td>-10,206</td></tr><tr><td>1946-January</td><td>20,049</td><td>76,683</td><td>-8,932</td><td>-172,787</td><td>125,085</td></tr><tr><td>February</td><td>-47,726 r</td><td>-62,276 r</td><td>-1,210</td><td>46,447</td><td>-30,687</td></tr><tr><td>March</td><td>-44,334 r</td><td>-28,782 r</td><td>5,956</td><td>-27,330</td><td>5,822</td></tr><tr><td>April</td><td>-56,412 r</td><td>-47,033 r</td><td>1,793</td><td>-14,326</td><td>3,154</td></tr><tr><td>May</td><td>-268,552 r</td><td>-284,907 r</td><td>-742</td><td>-11,009</td><td>28,106</td></tr><tr><td>June</td><td>-86,800 r</td><td>-62,939 r</td><td>446</td><td>-4,719</td><td>-19,588</td></tr><tr><td>July</td><td>157,952</td><td>245,779</td><td>-444</td><td>-108,858</td><td>21,475</td></tr></table>
Revised to include Italian special deposit accounts with the Secretary of the Treasury, and the transactions of the United Nations Relief and Rehabilitation Administration, the International
Monetary Fund, and the International Bank for Reconstruction and Development ant previously reported.
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th>Deposits of</th><th>Other</th><th></th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>78,579</td><td>128,951</td><td>161,263</td><td>1,301,142</td><td>1,126,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>612,614</td><td>140,911</td><td>96,786</td><td>1,523,317</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>654,990</td><td>152,437</td><td>116,917</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>2,803,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,571,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,236</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>85,318</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>56,603</td><td>105,521</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,644</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>6,883,068</td><td>4,946,524</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1945-July</td><td>325,243</td><td>49,899</td><td>96,020</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>306,460</td><td>50,727</td><td>120,218</td><td>6,660,933</td><td>4,863,683</td><td>1,777,064</td><td>20,186</td><td>6,354,771</td></tr><tr><td>September</td><td>270,226</td><td>39,372</td><td>95,415</td><td>6,795,993</td><td>4,937,844</td><td>1,854,814</td><td>21,717</td><td>6,510,467</td></tr><tr><td>October</td><td>259,952</td><td>42,606</td><td>95,742</td><td>6,952,486</td><td>4,997,303</td><td>1,930,564</td><td>23,619</td><td>6,692,514</td></tr><tr><td>November</td><td>311,320</td><td>43,596</td><td>90,377</td><td>6,861,428</td><td>4,938,255</td><td>1,895,283</td><td>27,890</td><td>6,570,108</td></tr><tr><td>December</td><td>392,766</td><td>47,489</td><td>100,267</td><td>6,883,068</td><td>4,946,524</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,196</td><td>6,993,209</td><td>5,027,036</td><td>1,944,872</td><td>21,301</td><td>6,585,923</td></tr><tr><td>February</td><td>406,801</td><td>49,218</td><td>102,208</td><td>6,931,448</td><td>4,964,752</td><td>1,943,274</td><td>23,422</td><td>6,524,647</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>6,927,795</td><td>4,959,697</td><td>1,943,576</td><td>24,582</td><td>6,495,865</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,533</td><td>6,883,102</td><td>4,927,985</td><td>1,926,596</td><td>28,521</td><td>6,448,832</td></tr><tr><td>May</td><td>450,703</td><td>57,964</td><td>217,396</td><td>6,654,628</td><td>4,760,488</td><td>1,863,228</td><td>30,912</td><td>6,163,925</td></tr><tr><td>June</td><td>511,024</td><td>58,460</td><td>228,236</td><td>6,612,010</td><td>4,752,835</td><td>1,820,061</td><td>29,114</td><td>6,100,986</td></tr><tr><td>July</td><td>561,416</td><td>108,706</td><td>236,539</td><td>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>25,415</td><td>6,346,765</td></tr></table>
Revised to include Italian special deposit accounts with the Secretary of the Treasury, and the transactions of the United Nations Relief and Rehabilitation Administration, the International Monetary
Fund, and the International Bank for Reconstruction and Development not previously reported.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable to foreign banks</th><th>Other</th><th>Total</th><th>Payable to depositors of foreigners</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>611,469</td><td>587,333</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-11,588</td><td>1,866</td><td>51,019</td><td>358,023</td><td>373,407</td><td>19,683</td><td>4,933</td><td>422,142</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>49,301</td><td>269,770</td><td>143,682</td><td>143,119</td><td>16,973</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>-18,504</td><td>75,159</td><td>300,020</td><td>374,100</td><td>-94,806</td><td>20,385</td><td>328,968</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>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,266</td><td>58,120</td><td>47,336</td><td>116,904</td><td>160,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,792</td><td>1,409</td><td>-3,515</td><td>19,988</td><td>-259,114</td><td>-433,999</td><td>185,611</td><td>-11,372</td><td>283,582</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,507</td><td>385,365</td><td>-5,102</td><td>583,371</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,013</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>1148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,879,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,301</td></tr><tr><td>1946 (Jan. 1, 1946-July 31, 1946)</td><td>-168,690</td><td>-61,217</td><td>-136,872</td><td>28,839</td><td>-19,825</td><td>48,567</td><td>-68,381</td><td>-131</td><td>-188,475</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1946)</td><td>519,067</td><td>245,330</td><td>-137,411</td><td>411,148</td><td>6,179,708</td><td>4,384,960</td><td>1,825,870</td><td>-31,122</td><td>6,698,775</td></tr><tr><td>1945-July</td><td>49,795</td><td>10,864</td><td>29,993</td><td>6,938</td><td>175,230</td><td>-70,632</td><td>245,388</td><td>474</td><td>225,025</td></tr><tr><td>August</td><td>18,783</td><td>-868</td><td>-24,198</td><td>43,849</td><td>76,149</td><td>58,942</td><td>16,096</td><td>1,151</td><td>94,932</td></tr><tr><td>September</td><td>16,234</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>-162,266</td></tr><tr><td>December</td><td>-61,446</td><td>-3,893</td><td>-9,830</td><td>-47,723</td><td>21,640</td><td>8,369</td><td>15,615</td><td>-2,344</td><td>-39,806</td></tr><tr><td>1946-January</td><td>-13,520</td><td>-2,635</td><td>-8,129</td><td>-2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>4,245</td><td>76,683</td></tr><tr><td>February</td><td>-515</td><td>906</td><td>6,128</td><td>-7,549</td><td>-61,761</td><td>-62,884</td><td>-1,598</td><td>2,121</td><td>-62,216</td></tr><tr><td>March</td><td>-25,129</td><td>-4,115</td><td>-9,808</td><td>-11,206</td><td>-3,653</td><td>-5,055</td><td>302</td><td>1,100</td><td>-28,182</td></tr><tr><td>April</td><td>-2,340</td><td>-8,739</td><td>10,545</td><td>-4,146</td><td>44,693</td><td>-31,712</td><td>-16,980</td><td>3,999</td><td>-47,031</td></tr><tr><td>May</td><td>-56,413</td><td>4,108</td><td>-115,865</td><td>55,524</td><td>-228,474</td><td>-167,497</td><td>-63,368</td><td>2,391</td><td>-284,907</td></tr><tr><td>June</td><td>-20,361</td><td>-496</td><td>-10,840</td><td>-8,985</td><td>-42,618</td><td>2,347</td><td>-43,167</td><td>-1,198</td><td>-62,939</td></tr><tr><td>July</td><td>-50,392</td><td>-50,246</td><td>-8,303</td><td>8,157</td><td>296,171</td><td>271,414</td><td>22,456</td><td>-3,699</td><td>245,719</td></tr></table>
Revised to include Italian special deposit accounts with the Secretary of the Treasury, and the transactions of the United Nations Relief and Rehabilitation Administration, the International Monetary
Fund, and the International Bank for Reconstruction and Development not previously reported.
December 1946
79
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. 25, 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>1,300,119</td><td>1,142,921</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>505,022</td><td>751,084</td><td>-246,062</td></tr><tr><td>1941</td><td>146,039</td><td>358,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>330,991</td><td>582,946</td><td>-251,955</td></tr><tr><td>1942</td><td>95,383</td><td>75,488</td><td>20,895</td><td>154,218</td><td>138,514</td><td>15,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,619</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,918</td><td>365,171</td><td>27,747</td></tr><tr><td>1944</td><td>135,853</td><td>171,132</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,376</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,171</td><td>393,190</td><td>-15,673</td><td>637,394</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1946-July 31, 1946)</td><td>226,648</td><td>286,928</td><td>-60,280</td><td>291,781</td><td>524,083</td><td>-232,702</td><td>518,429</td><td>811,011</td><td>-292,582</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>11,782,385</td><td>11,276,240</td><td>506,145</td></tr><tr><td>1945-July</td><td>17,830</td><td>21,532</td><td>-3,702</td><td>24,896</td><td>26,738</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>24,812</td><td>-4,788</td><td>32,539</td><td>44,109</td><td>-11,570</td></tr><tr><td>September</td><td>20,404</td><td>29,529</td><td>-9,125</td><td>23,451</td><td>27,528</td><td>-4,077</td><td>43,855</td><td>57,057</td><td>-13,202</td></tr><tr><td>October</td><td>25,324</td><td>43,024</td><td>-16,700</td><td>31,019</td><td>37,587</td><td>-6,568</td><td>57,343</td><td>80,711</td><td>-23,368</td></tr><tr><td>November</td><td>33,084</td><td>47,622</td><td>-14,538</td><td>29,318</td><td>30,765</td><td>-1,447</td><td>62,402</td><td>78,387</td><td>-15,985</td></tr><tr><td>December</td><td>30,180</td><td>41,569</td><td>-11,389</td><td>61,925</td><td>30,877</td><td>31,048</td><td>92,105</td><td>72,446</td><td>19,659</td></tr><tr><td>1946-January</td><td>47,553</td><td>94,182</td><td>-7,224</td><td>49,320</td><td>214,883</td><td>-165,563</td><td>95,878</td><td>269,666</td><td>-173,787</td></tr><tr><td>February</td><td>38,842</td><td>42,780</td><td>-3,938</td><td>69,777</td><td>19,392</td><td>50,385</td><td>108,619</td><td>62,172</td><td>46,447</td></tr><tr><td>March</td><td>23,984</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>94,183</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>40,346</td><td>44,101</td><td>-3,755</td><td>73,899</td><td>88,225</td><td>-14,326</td></tr><tr><td>May</td><td>31,784</td><td>39,660</td><td>-7,876</td><td>35,566</td><td>38,699</td><td>-3,133</td><td>67,350</td><td>78,359</td><td>-11,009</td></tr><tr><td>June</td><td>27,392</td><td>34,546</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><tr><td>July</td><td>23,555</td><td>31,959</td><td>-8,404</td><td>16,436</td><td>116,870</td><td>-100,434</td><td>39,971</td><td>148,829</td><td>-108,858</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 colspan="2">Total</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>Purchases</th><th>Sales</th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>719,180</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>445,947</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>23,275</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,642</td><td>391,949</td><td>77,693</td></tr><tr><td>1943</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>1944</td><td>37,388</td><td>51,789</td><td>-14,401</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,491</td><td>402,058</td><td>-46,567</td></tr><tr><td>1945 (Jan. 1, 1945-July 31, 1946)</td><td>38,699</td><td>47,835</td><td>-9,136</td><td>446,713</td><td>304,210</td><td>142,503</td><td>485,412</td><td>352,045</td><td>133,367</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>5,880,082</td><td>4,773,956</td><td>1,106,126</td></tr><tr><td>1945-July</td><td>2,303</td><td>2,040</td><td>263</td><td>30,921</td><td>27,363</td><td>3,558</td><td>33,224</td><td>29,403</td><td>3,821</td></tr><tr><td>August</td><td>2,605</td><td>2,182</td><td>423</td><td>11,169</td><td>26,868</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>25,146</td><td>55,877</td><td>-28,431</td><td>31,071</td><td>61,758</td><td>-30,687</td></tr><tr><td>March</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>21,434</td><td>7,813</td><td>33,175</td><td>27,353</td><td>5,822</td></tr><tr><td>April</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,995</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr><tr><td>May</td><td>7,765</td><td>9,252</td><td>-1,487</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>27,875</td><td>28,106</td></tr><tr><td>June</td><td>5,221</td><td>6,232</td><td>-1,011</td><td>25,904</td><td>44,081</td><td>-18,577</td><td>30,125</td><td>50,313</td><td>-19,588</td></tr><tr><td>July</td><td>4,845</td><td>4,116</td><td>729</td><td>108,919</td><td>88,173</td><td>20,746</td><td>113,764</td><td>92,289</td><td>21,475</td></tr></table>
n.a. Not available.
1/ Adjusted for the inclusion on July 1 of $14,787 thousand representing the sale of Province of Ontario Bonds.
2/ Adjusted for the inclusion of $2,564 thousand representing redemption on July 1 of Province of Cordoba Bonds.
80
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)
<table><tr><th></th><th colspan="6">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>July</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>8,728</td><td>-56,184</td><td>-72,093</td><td>-8,936</td><td>-49,061</td><td>3,809</td><td>-34,226</td><td>-53,553</td><td>-85,679</td><td>-9,572</td><td>-123,667</td><td>-100,467</td><td>270,616</td></tr><tr><td>France</td><td>20,696</td><td>-42,548</td><td>-35,906</td><td>46,934</td><td>-41,088</td><td>-5,580</td><td>89,394</td><td>-21,942</td><td>-16,533</td><td>-61,838</td><td>10,872</td><td>-31,605</td><td>-13,090</td></tr><tr><td>Belgium</td><td>8,570</td><td>-979</td><td>69,123</td><td>-22,522</td><td>-12,135</td><td>2,672</td><td>-1,616</td><td>-18,227</td><td>-2,496</td><td>6,643</td><td>1,350</td><td>-4,023</td><td>-7,324</td></tr><tr><td>Denmark</td><td>49</td><td>521</td><td>2,374</td><td>1,785</td><td>1,227</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>1,265</td><td>1,841</td></tr><tr><td>Finland</td><td>-24</td><td>144</td><td>1,168</td><td>-437</td><td>-466</td><td>-560</td><td>-189</td><td>-136</td><td>694</td><td>-578</td><td>425</td><td>-3,126</td><td>861</td></tr><tr><td>Germany</td><td>34</td><td>116</td><td>173</td><td>163</td><td>-86</td><td>415</td><td>-815</td><td>-216</td><td>-171</td><td>20</td><td>-123</td><td>94</td><td>322</td></tr><tr><td>Greece</td><td>3,870</td><td>2,807</td><td>2,930</td><td>2,905</td><td>3,456</td><td>-231</td><td>815</td><td>26,223</td><td>5,209</td><td>626</td><td>-613</td><td>-2,785</td><td>-8,038</td></tr><tr><td>Italy 1/</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>194</td><td>143</td><td>22,191 1/</td><td>6,683 1/</td><td>4,758 1/</td><td>26,510</td></tr><tr><td>Luxembourg</td><td>3,554</td><td>72</td><td>114</td><td>-84</td><td>186</td><td>367</td><td>-22</td><td>194</td><td>113</td><td>-390</td><td>67</td><td>276</td><td>551</td></tr><tr><td>Netherlands</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>-101,814</td><td>-14,444</td><td>-22,537</td></tr><tr><td>Norway</td><td>-4,441</td><td>-7,022</td><td>-2,786</td><td>-1,786</td><td>299</td><td>1,714</td><td>-6,677</td><td>-4,930</td><td>-2,715</td><td>-8,586</td><td>835</td><td>-1,101</td><td>-12,490</td></tr><tr><td>Portugal</td><td>5,999</td><td>-7,371</td><td>6,439</td><td>-319</td><td>3,240</td><td>-687</td><td>-232</td><td>-2,292</td><td>131</td><td>4,199</td><td>-310</td><td>-633</td><td>-1,187</td></tr><tr><td>Rumania</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><td>896</td></tr><tr><td>Spain</td><td>3,214</td><td>3,008</td><td>-7,280</td><td>-6,251</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><td>-6,574</td></tr><tr><td>Sweden</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><td>7,564</td></tr><tr><td>Switzerland</td><td>10,251</td><td>5,665</td><td>2,775</td><td>6,809</td><td>4,611</td><td>12,512</td><td>6,269</td><td>2,524</td><td>-2,262</td><td>1,555</td><td>-4,975</td><td>11,558</td><td>3,968</td></tr><tr><td>U. S. S. R.</td><td>1,470</td><td>3,396</td><td>-374</td><td>-965</td><td>401</td><td>3,230</td><td>1,737</td><td>-1,271</td><td>-3,543</td><td>19,963</td><td>12,540</td><td>2,101</td><td>-9,317</td></tr><tr><td>Yugoslavia</td><td>503</td><td>56</td><td>-206</td><td>14</td><td>199</td><td>150</td><td>578</td><td>217</td><td>852</td><td>128</td><td>1,923</td><td>2,815</td><td>8,543</td></tr><tr><td>Other Europe</td><td>-6,806</td><td>1,694</td><td>-2,219</td><td>-240</td><td>473</td><td>-625</td><td>1,514</td><td>1,509</td><td>801</td><td>128</td><td>1,923</td><td>2,815</td><td>2,531</td></tr><tr><td>Total Europe</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>-77,001</td><td>-99,922</td><td>-32,113</td><td>-200,900</td><td>-143,946</td><td>235,972</td></tr><tr><td>Canada</td><td>84,727</td><td>80,399</td><td>28,036</td><td>7,997</td><td>15,177</td><td>-38,599</td><td>-53,142</td><td>14,396</td><td>13,474</td><td>-22,784</td><td>-41,500</td><td>-12,205</td><td>-34,449</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>3,369</td><td>-3,747</td><td>1,747</td><td>809</td><td>8,184</td><td>-4,648</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,266</td><td>16,389</td><td>27,111</td><td>-368</td></tr><tr><td>Bolivia</td><td>-1,639</td><td>866</td><td>-95</td><td>-628</td><td>-1,388</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><td>473</td></tr><tr><td>Brazil</td><td>21,839</td><td>1,573</td><td>21,356</td><td>2,411</td><td>2,262</td><td>7,098</td><td>-4,867</td><td>5,081</td><td>11,176</td><td>-9,016</td><td>15,754</td><td>1,444</td><td>12,886</td></tr><tr><td>Chile</td><td>-3,584</td><td>2,089</td><td>-2,623</td><td>1,413</td><td>8,685</td><td>-4,076</td><td>457</td><td>-681</td><td>-1,820</td><td>-3,551</td><td>-2,831</td><td>2,952</td><td>3,661</td></tr><tr><td>Colombia</td><td>6,748</td><td>7,062</td><td>3,460</td><td>-7,149</td><td>-3,529</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><td>10,905</td></tr><tr><td>Costa Rica</td><td>496</td><td>-958</td><td>-1,159</td><td>471</td><td>720</td><td>-305</td><td>-1,039</td><td>-332</td><td>687</td><td>-271</td><td>1,060</td><td>-463</td><td>-580</td></tr><tr><td>Cuba</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><td>1,841</td></tr><tr><td>French West Indies and</td><td></td><td></td><td></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>2,242</td><td>-1,276</td><td>164</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><td>663</td></tr><tr><td>Honduras West Indies</td><td>12,035</td><td>-17,438</td><td>5,223</td><td>-5,253</td><td>-54,311</td><td>3,024</td><td>14,564</td><td>5,229</td><td>16,898</td><td>-16,156</td><td>-1,188</td><td>11,652</td><td>-5,341</td></tr><tr><td>and Surinam</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Peru</td><td>2,565</td><td>38</td><td>1,204</td><td>1,073</td><td>-2,024</td><td>-1,669</td><td>-7,285</td><td>1,958</td><td>-2,338</td><td>1,133</td><td>-2,594</td><td>-2,446</td><td>-2,113</td></tr><tr><td>Paraguay</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><td>-1,893</td></tr><tr><td>Peru</td><td>-592</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><td>-1,185</td></tr><tr><td>Venezuela</td><td>8,358</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>-3,857</td><td>-4,098</td></tr><tr><td>Other Latin America</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>10,664</td><td>-390</td></tr><tr><td>Total Latin America</td><td>57,822</td><td>-19,529</td><td>21,644</td><td>-9,095</td><td>-68,206</td><td>1,922</td><td>6,697</td><td>5,641</td><td>40,733</td><td>9,408</td><td>30,608</td><td>40,119</td><td>14,501</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 and Manchuria 2/</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><td>-51,991</td></tr><tr><td>French Indo-China</td><td>7</td><td>37</td><td>53</td><td>-177</td><td>-220</td><td>75</td><td>410</td><td>6,336</td><td>3,222</td><td>1,020</td><td>1,024</td><td>4,538</td><td>3,502</td></tr><tr><td>Rong Kong</td><td>-71</td><td>-246</td><td>149</td><td>-143</td><td>h24</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>2,287</td><td>-4,713</td></tr><tr><td>Iodo, Burma, and Ceylon</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><td>-4,404</td></tr><tr><td>British Malaya</td><td>339</td><td>2</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><td>5,638</td></tr><tr><td>Southern East Indies</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>-3,417</td><td>12,244</td></tr><tr><td>Philippines Islands</td><td>2,441</td><td>-14,360</td><td>54,137</td><td>-2,243</td><td>18,419</td><td>-1,175</td><td>8,128</td><td>-9,357</td><td>-32,774</td><td>17,768</td><td>-37,842</td><td>-74,535</td><td>-24,861</td></tr><tr><td>Turkey</td><td>-861</td><td>403</td><td>-928</td><td>658</td><td>-3,284</td><td>4,923</td><td>5,752</td><td>4,809</td><td>3,965</td><td>1,117</td><td>5,033</td><td>-2,170</td><td>-4,720</td></tr><tr><td>Other Asia</td><td>497</td><td>4,060</td><td>13,345</td><td>-1,299</td><td>-1,318</td><td>4,314</td><td>-2,707</td><td>2,985</td><td>7,429</td><td>-4,828</td><td>5,155</td><td>-412</td><td>2,112</td></tr><tr><td>Total Asia</td><td>43</td><td>63,226</td><td>77,528</td><td>5,011</td><td>2,572</td><td>12,964</td><td>-3,596</td><td>-15,633</td><td>-44,309</td><td>6,943</td><td>-45,568</td><td>-117,198</td><td>-68,212</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>-4,009</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><td>3,340</td></tr><tr><td>New Zealand</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><td>-1,616</td></tr><tr><td>Egypt and Anglo-Egyptian</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sudan</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><td>91</td></tr><tr><td>French Morocco</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><td>213</td></tr><tr><td>Union of South Africa</td><td>950</td><td>1,224</td><td>3,116</td><td>5,585</td><td>727</td><td>-1,473</td><td>-312</td><td>2,466</td><td>-153</td><td>-1,453</td><td>1,187</td><td>794</td><td>-2,352</td></tr><tr><td>All other</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><td>359</td></tr><tr><td>Total other countries</td><td>-664</td><td>13,320</td><td>14,224</td><td>28,374</td><td>-11,581</td><td>-4,560</td><td>-1,049</td><td>7,616</td><td>-5,085</td><td>1,622</td><td>-5,896</td><td>542</td><td>102</td></tr><tr><td>International 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unidentified</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><td>672</td></tr><tr><td>Grand total</td><td>224,913</td><td>56,350</td><td>116,732</td><td>71,193</td><td>-332,120</td><td>4,837</td><td>20,049</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-86,800</td><td>157,922</td></tr></table>
1/ Revised to include Italian special deposit accounts with the Secretary of the Treasury.
2/ Beginning July 1946 Manchuria is included with China instead of Japan.
3/ Includes the transactions of the United Nations Relief and Rehabilitation Administration, the International Monetary Fund, and the International Bank for Reconstruction and Development not previously reported.
December 1946
81
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>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><th>July</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>13,177</td><td>-54,769</td><td>-71,064</td><td>-2,565</td><td>-45,051</td><td>8,585</td><td>-29,060</td><td>-49,021</td><td>-79,000</td><td>-3,387</td><td>-119,998</td><td>-97,186</td><td>280,684</td></tr><tr><td>France</td><td>26,721</td><td>-42,284</td><td>-43,280</td><td>47,152</td><td>-33,142</td><td>-17,196</td><td>88,523</td><td>-17,529</td><td>-16,282</td><td>-58,802</td><td>13,857</td><td>-33,759</td><td>-11,222</td></tr><tr><td>Belgium</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><td>-7,863</td></tr><tr><td>Denmark</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><td>560</td></tr><tr><td>Finland</td><td>-32</td><td>45</td><td>482</td><td>-473</td><td>-483</td><td>-682</td><td>-191</td><td>4,005</td><td>679</td><td>-556</td><td>417</td><td>-3,136</td><td>624</td></tr><tr><td>Germany</td><td>26</td><td>99</td><td>13</td><td>191</td><td>-167</td><td>80</td><td>-57</td><td>-218</td><td>-158</td><td>21</td><td>-125</td><td>-150</td><td>-181</td></tr><tr><td>Greece</td><td>1,925</td><td>2,604</td><td>2,926</td><td>2,584</td><td>2,304</td><td>-246</td><td>-857</td><td>-316</td><td>5,238</td><td>918</td><td>-638</td><td>-2,842</td><td>-8,676</td></tr><tr><td>Italy 1/</td><td>5,599</td><td>4,401</td><td>1,592</td><td>3,724</td><td>5,160</td><td>5,021</td><td>142</td><td>26,991</td><td>2,993</td><td>22,799</td><td>6,587</td><td>5,063</td><td>26,653</td></tr><tr><td>Luxembourg</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>-2,991</td><td>-301</td><td>18</td><td>563</td><td>314</td></tr><tr><td>Netherlands</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><td>-22,229</td></tr><tr><td>Norway</td><td>-4,332</td><td>-9,116</td><td>-2,758</td><td>-1,700</td><td>253</td><td>1,629</td><td>-8,086</td><td>-5,628</td><td>-2,979</td><td>-6,693</td><td>1,374</td><td>308</td><td>-12,466</td></tr><tr><td>Portugal</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><td>-1,104</td></tr><tr><td>Rumania</td><td>30</td><td>401</td><td>-455</td><td>14</td><td>16</td><td>17</td><td>17</td><td>-78</td><td>4</td><td>692</td><td>194</td><td>-113</td><td>666</td></tr><tr><td>Spain</td><td>5,058</td><td>2,927</td><td>-7,252</td><td>-8,216</td><td>6,913</td><td>-234</td><td>5,177</td><td>708</td><td>-2,144</td><td>913</td><td>-1,388</td><td>-3,963</td><td>-12,829</td></tr><tr><td>Sweden</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>-4,571</td><td>-6,851</td><td>10,651</td></tr><tr><td>Switzerland</td><td>9,127</td><td>6,931</td><td>3,157</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><td>4,027</td></tr><tr><td>U. S. S. R.</td><td>1,470</td><td>3,368</td><td>-374</td><td>-965</td><td>399</td><td>3,230</td><td>1,736</td><td>-1,271</td><td>-3,643</td><td>20,056</td><td>12,540</td><td>2,077</td><td>-9,301</td></tr><tr><td>Yugoslavia</td><td>-503</td><td>-57</td><td>-51</td><td>103</td><td>218</td><td>295</td><td>614</td><td>195</td><td>234</td><td>416</td><td>173</td><td>844</td><td>824</td></tr><tr><td>Other Europe</td><td>-5,221</td><td>1,794</td><td>-2,174</td><td>-361</td><td>-66</td><td>-432</td><td>2,651</td><td>1,873</td><td>2,836</td><td>2,220</td><td>3,800</td><td>5,011</td><td>1,562</td></tr><tr><td>Total Europe</td><td>93,675</td><td>-78,933</td><td>-30,075</td><td>45,862</td><td>-54,817</td><td>21,872</td><td>97,260</td><td>-70,882</td><td>82,258</td><td>18,620</td><td>-189,813</td><td>-141,730</td><td>241,321</td></tr><tr><td>Canada</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><td>31,854</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>311</td></tr><tr><td>Bolivia</td><td>-2,089</td><td>875</td><td>-72</td><td>-537</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><td>208</td></tr><tr><td>Brazil</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><td>11,983</td></tr><tr><td>Chile</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>-1,120</td><td>-1,612</td><td>-3,525</td><td>-4,120</td><td>2,662</td><td>3,392</td><td></td></tr><tr><td>Colombia</td><td>6,552</td><td>1,097</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><td>10,782</td></tr><tr><td>Costa Rica</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><td>-577</td></tr><tr><td>Cuba</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><td>1,035</td></tr><tr><td>Cuban West Indies and Guiana</td><td>2,282</td><td>-1,229</td><td>364</td><td>-308</td><td>-690</td><td>414</td><td>52</td><td>-65</td><td>-524</td><td>38</td><td>420</td><td>-9</td><td>663</td></tr><tr><td>Mexico</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><td>-1,680</td></tr><tr><td>Mexico and Surinam</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><td>-2,090</td></tr><tr><td>Panama</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>-1,137</td><td>-2,821</td><td>3,619</td><td>884</td><td>-1,422</td><td>-2,465</td><td>-2,118</td></tr><tr><td>Peru</td><td>-77</td><td>2,809</td><td>656</td><td>3,803</td><td>2,942</td><td>-2,241</td><td>-1,881</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td>343</td><td>623</td><td>-1,240</td></tr><tr><td>Venezuela</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><td>-3,959</td></tr><tr><td>Other Latin America</td><td>158</td><td>-1,024</td><td>-7,016</td><td>-1,883</td><td>-1,625</td><td>394</td><td>9,446</td><td>-151</td><td>10,158</td><td>-4,398</td><td>13,506</td><td>7,134</td><td>947</td></tr><tr><td>Total Latin America</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><td>17,457</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 and Manchuria 2/</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><td>-40,250</td></tr><tr><td>French Indo-China</td><td>7</td><td>43</td><td>47</td><td>-84</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><td>3,632</td></tr><tr><td>Hong Kong</td><td>-78</td><td>-214</td><td>244</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><td>-4,641</td></tr><tr><td>India, Burma, and Ceylon</td><td>3,203</td><td>641</td><td>10,581</td><td>5,278</td><td>1,422</td><td>-1,619</td><td>-4,462</td><td>6,344</td><td>-10,931</td><td>8,563</td><td>3,562</td><td>-2,236</td><td>-4,936</td></tr><tr><td>British Malaya and Singapore</td><td>-39</td><td>2</td><td>265</td><td>47</td><td>467</td><td>313</td><td>432</td><td>-230</td><td>-748</td><td>-141</td><td>-395</td><td>-143</td><td>5,639</td></tr><tr><td>Netherlands East Indies</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>3,176</td><td>1,545</td><td>-3,424</td><td>14,251</td></tr><tr><td>Philippine Islands</td><td>2,573</td><td>-14,184</td><td>54,120</td><td>-1,761</td><td>18,883</td><td>-647</td><td>9,010</td><td>-8,725</td><td>-33,159</td><td>18,475</td><td>-37,414</td><td>-74,694</td><td>-25,038</td></tr><tr><td>Turkey</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><td>-4,760</td></tr><tr><td>Other Asia</td><td>436</td><td>4,053</td><td>13,249</td><td>-1,482</td><td>-1,311</td><td>4,300</td><td>-2,662</td><td>2,907</td><td>7,452</td><td>-5,004</td><td>5,744</td><td>-444</td><td>2,287</td></tr><tr><td>Total Asia</td><td>-11,418</td><td>64,049</td><td>77,765</td><td>10,757</td><td>4,304</td><td>24,762</td><td>174,728</td><td>-14,578</td><td>-48,004</td><td>10,153</td><td>-40,894</td><td>-116,073</td><td>-54,871</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-4,029</td><td>825</td><td>1,176</td><td>512</td><td>980</td><td>-1,985</td><td>245</td><td>-3,216</td><td>-1,285</td><td>2,183</td><td>-3,149</td><td>422</td><td>3,129</td></tr><tr><td>New Zealand</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>2,745</td><td>-1,622</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-207</td><td>2,693</td><td>32</td><td>3,859</td><td>2,270</td><td>-831</td><td>562</td><td>173</td><td>-621</td><td>-1,033</td><td>-1,125</td><td>892</td><td>18</td></tr><tr><td>French Morocco</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><td>271</td></tr><tr><td>Union of South Africa</td><td>-844</td><td>1,226</td><td>3,114</td><td>-1,581</td><td>748</td><td>-1,436</td><td>-279</td><td>2,446</td><td>-139</td><td>-1,362</td><td>1,206</td><td>825</td><td>-2,288</td></tr><tr><td>All other</td><td>4,041</td><td>6,336</td><td>10,276</td><td>22,969</td><td>-17,194</td><td>-464</td><td>-1,119</td><td>8,089</td><td>-2,923</td><td>930</td><td>-5,067</td><td>-3,167</td><td>447</td></tr><tr><td>Total other countries</td><td>-627</td><td>13,024</td><td>14,190</td><td>28,068</td><td>-11,019</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><td>183</td></tr><tr><td>International 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-16,208</td><td>54,346</td><td>-22,076</td><td>-3,064</td><td>145,409</td><td>9,166</td></tr><tr><td>Unidentified</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>-2,328</td><td>460</td><td>669</td></tr><tr><td>Grand total</td><td>231,025</td><td>81,132</td><td>125,994</td><td>146,467</td><td>-157,226</td><td>-9,691</td><td>76,683</td><td>-62,276</td><td>28,782</td><td>-47,033</td><td>284,907</td><td>-62,939</td><td>245,779</td></tr></table>
1/ Revised to include Italian special deposit accounts with the Secretary of the Treasury.
2/ Beginning July 1946 Manchuria is included with China instead of Japan.
3/ Includes the transactions of the United Nations Relief and Rehabilita-
tion administration, the International Monetary Fund, and the Inter-national Bank for Reconstruction and Development not previously re-ported.
82
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="7">1946</th></tr><tr><th></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><th>July</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-3,128</td><td>-290</td><td>523</td><td>28</td><td>250</td><td>497</td><td>1,484</td><td>-587</td><td>-697</td><td>-804</td><td>-96</td><td>187</td><td>-196</td></tr><tr><td>France</td><td>-23</td><td>293</td><td>-53</td><td>129</td><td>-126</td><td>360</td><td>781</td><td>477</td><td>-595</td><td>174</td><td>-51</td><td>59</td><td>154</td></tr><tr><td>Belgium</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><td>468</td></tr><tr><td>Denmark</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><td>7</td></tr><tr><td>Finland</td><td>5</td><td>-1</td><td>1</td><td>-</td><td>5</td><td>13</td><td>46</td><td>-16</td><td>-20</td><td>-33</td><td>-</td><td>2</td><td>-1</td></tr><tr><td>Germany</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>-3</td><td>10</td></tr><tr><td>Greece</td><td>12</td><td>1</td><td>-10</td><td>11</td><td>3</td><td>33</td><td>9</td><td>-2</td><td>-39</td><td>-</td><td>1</td><td>-</td><td>-114</td></tr><tr><td>Italy</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>-60</td><td>43</td></tr><tr><td>Luxembourg</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><td>239</td></tr><tr><td>Netherlands</td><td>677</td><td>173</td><td>385</td><td>452</td><td>-1,067</td><td>1,904</td><td>-9,847</td><td>-14</td><td>-30</td><td>-480</td><td>283</td><td>-18</td><td>198</td></tr><tr><td>Norway</td><td>-46</td><td>206</td><td>94</td><td>-35</td><td>131</td><td>595</td><td>-390</td><td>64</td><td>13</td><td>-42</td><td>-180</td><td>364</td><td>-412</td></tr><tr><td>Portugal</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><td>-60</td></tr><tr><td>Romania</td><td>1</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-</td><td>2</td><td>-</td><td>-6</td><td>1</td><td>8</td></tr><tr><td>Spain</td><td>5</td><td>-3</td><td>-18</td><td>2</td><td>3</td><td>35</td><td>34</td><td>19</td><td>-37</td><td>-14</td><td>-56</td><td>-115</td><td>102</td></tr><tr><td>Sweden</td><td>-42</td><td>-38</td><td>-67</td><td>-33</td><td>99</td><td>92</td><td>77</td><td>-134</td><td>263</td><td>-14</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</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><td>341</td></tr><tr><td>U. S. R.</td><td>-</td><td>2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-21</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-11</td><td>-</td><td>-</td><td>-</td><td>h</td><td>1</td></tr><tr><td>Other Europe</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>-65</td><td>-21</td></tr><tr><td>Total Europe</td><td>-2,024</td><td>626</td><td>2,761</td><td>309</td><td>1,038</td><td>6,105</td><td>-7,992</td><td>345</td><td>87</td><td>-1,228</td><td>204</td><td>1,342</td><td>646</td></tr><tr><td>Canada</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><td>1,264</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>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><td>-1,821</td></tr><tr><td>Bolivia</td><td>-1</td><td>-22</td><td>-7</td><td>10</td><td>-49</td><td>61</td><td>-166</td><td>118</td><td>39</td><td>-13</td><td>-2</td><td>-19</td><td>10</td></tr><tr><td>Brazil</td><td>-357</td><td>36</td><td>-7</td><td>1,096</td><td>-185</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td></tr><tr><td>Chile</td><td>33</td><td>239</td><td>-148</td><td>-15</td><td>-100</td><td>18</td><td>-110</td><td>-9</td><td>-235</td><td>-518</td><td>-6</td><td>-342</td><td>251</td></tr><tr><td>Colombia</td><td>-34</td><td>-30</td><td>-70</td><td>118</td><td>5</td><td>41</td><td>142</td><td>-81</td><td>-1</td><td>70</td><td>-4</td><td>54</td><td>-55</td></tr><tr><td>Costa Rica</td><td>24</td><td>46</td><td>-49</td><td>6</td><td>9</td><td>-36</td><td>21</td><td>6</td><td>38</td><td>-82</td><td>50</td><td>-21</td><td>-7</td></tr><tr><td>Cuba</td><td>-317</td><td>-275</td><td>498</td><td>-442</td><td>35</td><td>-579</td><td>278</td><td>-655</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td><td>142</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>11</td><td>-52</td><td>-5</td><td>8</td><td>3</td><td>-</td></tr><tr><td>Mexico</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><td>-672</td></tr><tr><td>Netherlands West Indies and Burinam</td><td>104</td><td>86</td><td>52</td><td>454</td><td>12</td><td>-609</td><td>-3</td><td>44</td><td>-8</td><td>-11</td><td>-13</td><td>-20</td><td>1</td></tr><tr><td>Panama</td><td>-376</td><td>134</td><td>441</td><td>334</td><td>249</td><td>939</td><td>237</td><td>132</td><td>-113</td><td>511</td><td>-123</td><td>780</td><td>196</td></tr><tr><td>Peru</td><td>-586</td><td>-18</td><td>-9</td><td>172</td><td>-25</td><td>55</td><td>207</td><td>379</td><td>32</td><td>253</td><td>201</td><td>-92</td><td>75</td></tr><tr><td>Venezuela</td><td>-295</td><td>-212</td><td>482</td><td>-957</td><td>1,518</td><td>-907</td><td>877</td><td>-1,284</td><td>219</td><td>512</td><td>1,174</td><td>106</td><td>659</td></tr><tr><td>Other Latin America</td><td>-21</td><td>-51</td><td>40</td><td>-86</td><td>358</td><td>894</td><td>-1,457</td><td>-545</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td></tr><tr><td>Total Latin America</td><td>-1,792</td><td>4</td><td>2,187</td><td>-35</td><td>2,418</td><td>-984</td><td>-458</td><td>-1,550</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,675</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 and Manchuria 1/</td><td>-233</td><td>381</td><td>-75</td><td>424</td><td>-278</td><td>258</td><td>-20</td><td>-76</td><td>-345</td><td>550</td><td>-409</td><td>345</td><td>-637</td></tr><tr><td>French Indo-China</td><td>-</td><td>-5</td><td>6</td><td>8</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>-82</td></tr><tr><td>India, Burma, and Ceylon</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><td>-228</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>-3</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-9</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>112</td><td>-112</td><td>153</td><td>-152</td><td>-</td><td>1</td><td>-1</td><td>2</td><td>3</td><td>-</td><td>-1</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-28</td><td>-39</td><td>80</td><td>-169</td><td>251</td><td>99</td><td>-60</td><td>222</td><td>837</td><td>-339</td><td>-233</td><td>164</td><td>67</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</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><td>-59</td></tr><tr><td>Total Asia</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><td>-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></tr><tr><td>Australia</td><td>82</td><td>17</td><td>-35</td><td>9</td><td>7</td><td>11</td><td>29</td><td>22</td><td>11</td><td>-37</td><td>21</td><td>-12</td><td>31</td></tr><tr><td>New Zealand</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><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>6</td></tr><tr><td>French Morocco</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><td>1</td></tr><tr><td>Union of South Africa</td><td>-</td><td>33</td><td>2</td><td>-11</td><td>-6</td><td>-</td><td>4</td><td>13</td><td>-13</td><td>-4</td><td>-12</td><td>13</td><td>56</td></tr><tr><td>All other</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><td>99</td></tr><tr><td>Total other countries</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><td>197</td></tr><tr><td>Unidentified</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><td>3</td></tr><tr><td>Grand total</td><td>-4,689</td><td>2,064</td><td>5,469</td><td>-227</td><td>4,636</td><td>5,075</td><td>-8,932</td><td>-1,210</td><td>5,956</td><td>1,793</td><td>-742</td><td>446</td><td>-444</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
December 1946
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="6">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>July</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-1,321</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><td>-9,672</td></tr><tr><td>France</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>-2,334</td><td>2,095</td><td>-22</td></tr><tr><td>Belgium</td><td>-82</td><td>-195</td><td>138</td><td>604</td><td>742</td><td>113</td><td>-393</td><td>-8</td><td>-195</td><td>-619</td><td>475</td><td>798</td><td>71</td></tr><tr><td>Denmark</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><td>1,276</td></tr><tr><td>Finland</td><td>3</td><td>-1</td><td>685</td><td>35</td><td>12</td><td>89</td><td>144</td><td>41</td><td>35</td><td>11</td><td>8</td><td>8</td><td>34</td></tr><tr><td>Germany</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>247</td><td>232</td></tr><tr><td>Greece</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><td>652</td></tr><tr><td>Italy</td><td>-384</td><td>-25</td><td>8</td><td>104</td><td>-349</td><td>507</td><td>18</td><td>-74</td><td>-298</td><td>-64</td><td>70</td><td>-243</td><td>-186</td></tr><tr><td>Luxembourg</td><td>50</td><td>-333</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><td>-2</td></tr><tr><td>Netherlands</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>-146</td><td>-1,273</td><td>-506</td></tr><tr><td>Norway</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><td>384</td></tr><tr><td>Portugal</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><td>-23</td></tr><tr><td>Rumanie</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><td>30</td></tr><tr><td>Spaio</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><td>6,307</td></tr><tr><td>Sveden</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><td>-3,191</td></tr><tr><td>Switzerland</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><td>-380</td></tr><tr><td>U. S. R.</td><td></td><td>6</td><td>2</td><td></td><td>2</td><td></td><td>1</td><td></td><td>100</td><td></td><td>-91</td><td>3</td><td>5</td></tr><tr><td>Yugoslavia</td><td>-1</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><td></td></tr><tr><td>Other Europe</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><td>-1,008</td></tr><tr><td>Total Europe</td><td>-6,541</td><td>-2,063</td><td>1,875</td><td>-7,726</td><td>-16,856</td><td>6,463</td><td>-17,646</td><td>-6,464</td><td>-17,751</td><td>-12,265</td><td>-11,291</td><td>-3,558</td><td>-5,995</td></tr><tr><td>Canada</td><td>-5,721</td><td>-24,253</td><td>-16,487</td><td>-58,222</td><td>25,934</td><td>-446</td><td>139,826</td><td>12,470</td><td>-5,957</td><td>-4,959</td><td>39,684</td><td>-23,214</td><td>-67,567</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>Argentine</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>182</td><td>3,223</td><td>1,923</td><td>3,115</td><td>1,182</td></tr><tr><td>Bolivia</td><td>451</td><td>13</td><td>-16</td><td>-1</td><td>-248</td><td>-117</td><td>-1</td><td>49</td><td>31</td><td>4</td><td>16</td><td>1</td><td>255</td></tr><tr><td>Brasil</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><td>1,023</td></tr><tr><td>Chile</td><td>23</td><td>-95</td><td>-57</td><td>401</td><td>1,313</td><td>447</td><td>705</td><td>448</td><td>27</td><td>492</td><td>1,895</td><td>632</td><td>18</td></tr><tr><td>Colombia</td><td>230</td><td>-5</td><td>54</td><td>408</td><td>144</td><td>709</td><td>280</td><td>338</td><td>213</td><td>114</td><td>362</td><td>269</td><td>178</td></tr><tr><td>Costa Rica</td><td>-19</td><td>-7</td><td>-17</td><td>-19</td><td>31</td><td>-65</td><td>21</td><td>9</td><td>-3</td><td>-19</td><td>-3</td><td>11</td><td>4</td></tr><tr><td>Cuba</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><td>664</td></tr><tr><td>French West Indies and Guiana</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><td></td></tr><tr><td>Mexico</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><td>-2,789</td></tr><tr><td>Setherlands West Indies and Surinam</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><td>-24</td></tr><tr><td>Panama</td><td>-1,212</td><td>-1,616</td><td>-858</td><td>-2,667</td><td>-585</td><td>2,234</td><td>523</td><td>-936</td><td>-243</td><td>3,137</td><td>-1,431</td><td>-2,324</td><td>29</td></tr><tr><td>Peru</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><td>-20</td></tr><tr><td>Veocuia</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><td>-798</td></tr><tr><td>Other Latin America</td><td>173</td><td>937</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><td>-963</td></tr><tr><td>Total Latin America</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><td>-1,281</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 and Manchuria 1/.</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><td>-11,106</td></tr><tr><td>French Indo-China</td><td>2</td><td>-34</td><td>18</td><td>-64</td><td>23</td><td>-3</td><td>-250</td><td>-80</td><td>-103</td><td>-94</td><td>-183</td><td>-126</td><td>-50</td></tr><tr><td>Hong Kong</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-131</td><td></td><td></td><td></td><td></td><td>-130</td></tr><tr><td>Iodie, Burma, and Ceylon</td><td>-12</td><td>-33</td><td>-40</td><td>-39</td><td>-2</td><td>-42</td><td>66</td><td>180</td><td>15</td><td>30</td><td>119</td><td>125</td><td>760</td></tr><tr><td>British Malaya</td><td></td><td></td><td>-4</td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-8</td><td>2</td><td>-2</td><td></td><td></td><td>-1</td></tr><tr><td>Japan</td><td></td><td></td><td>-15</td><td>-9,232</td><td>-1,004</td><td></td><td>-199</td><td>-56</td><td>459</td><td>-195</td><td>3</td><td>-2</td><td>-2,007</td></tr><tr><td>Setherlands East Indies</td><td>-104</td><td>-137</td><td>-63</td><td>-313</td><td>-735</td><td>-627</td><td>-822</td><td>-854</td><td>-452</td><td>-368</td><td>-195</td><td>-46</td><td>104</td></tr><tr><td>Philippine Islands</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>86</td><td>49</td><td>-57</td><td>33</td><td>40</td></tr><tr><td>Turkey</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><td>-76</td></tr><tr><td>Other Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Asia</td><td>11,766</td><td>-1,322</td><td>-175</td><td>-6,191</td><td>-1,557</td><td>-12,533</td><td>-178,162</td><td>-1,375</td><td>-862</td><td>-3,964</td><td>-3,968</td><td>-1,812</td><td>-12,462</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>-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>91</td><td>-22</td></tr><tr><td>New Zealand</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>7</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>45</td></tr><tr><td>French Morocco</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><td>1</td></tr><tr><td>Union of South Africa</td><td>-106</td><td>-35</td><td>-4</td><td>-10</td><td>-29</td><td>-37</td><td>7</td><td>-1</td><td>-67</td><td>-7</td><td>-44</td><td>-119</td></tr><tr><td>All other</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>-46</td><td>13</td></tr><tr><td>Total other countries</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><td>-78</td></tr><tr><td>Unidecified</td><td>-1</td><td></td><td>-1</td><td></td><td></td><td></td><td></td><td>-6</td><td>1</td><td></td><td></td><td>19</td><td></td></tr><tr><td>Grand total</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><td>-87,383</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
84
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 colspan="6">1945</th><th colspan="7">1946</th></tr><tr><th></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><th>July</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>24,833</td><td>31,602</td><td>28,871</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><td>75,784</td></tr><tr><td>France</td><td>1,230</td><td>1,234</td><td>1,247</td><td>999</td><td>1,075</td><td>1,055</td><td>757</td><td>660</td><td>728</td><td>859</td><td>879</td><td>980</td><td>3,408</td></tr><tr><td>Belgium</td><td>759</td><td>706</td><td>531</td><td>529</td><td>602</td><td>631</td><td>1,181</td><td>2,593</td><td>3,582</td><td>4,591</td><td>4,952</td><td>7,107</td><td>8,830</td></tr><tr><td>Denmark</td><td>8</td><td>9</td><td>9</td><td>1,523</td><td>1,521</td><td>25</td><td>1,033</td><td>1,039</td><td>1,059</td><td>1,080</td><td>53</td><td>108</td><td>154</td></tr><tr><td>Finland</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><td>4,296</td></tr><tr><td>Germany</td><td>33,866</td><td>33,866</td><td>33,850</td><td>33,854</td><td>33,854</td><td>33,853</td><td>33,854</td><td>33,855</td><td>33,856</td><td>33,842</td><td>33,852</td><td>33,851</td><td>33,853</td></tr><tr><td>Greece</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>1,105</td><td>1,647</td></tr><tr><td>Italy</td><td>345</td><td>344</td><td>346</td><td>123</td><td>343</td><td>333</td><td>328</td><td>401</td><td>435</td><td>575</td><td>1,033</td><td>2,435</td><td>4,339</td></tr><tr><td>Luxembourg</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><td>59</td></tr><tr><td>Netherlands</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>39,767</td><td>43,360</td><td>118,488</td><td>119,365</td><td>119,641</td></tr><tr><td>Norway</td><td>40,462</td><td>61</td><td>65</td><td>74</td><td>84</td><td>31,590</td><td>64</td><td>4,235</td><td>6,228</td><td>195</td><td>1,176</td><td>274</td><td>554</td></tr><tr><td>Portugal</td><td>282</td><td>282</td><td>296</td><td>216</td><td>390</td><td>367</td><td>410</td><td>411</td><td>433</td><td>398</td><td>552</td><td>521</td><td>687</td></tr><tr><td>Romania</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><td>61</td></tr><tr><td>Spain</td><td>922</td><td>1,437</td><td>942</td><td>1,012</td><td>854</td><td>1,602</td><td>1,830</td><td>1,360</td><td>1,512</td><td>1,441</td><td>2,091</td><td>2,917</td><td>4,208</td></tr><tr><td>Sweden</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>5,558</td><td>7,642</td></tr><tr><td>Switzerland</td><td>3,648</td><td>1,976</td><td>2,710</td><td>3,036</td><td>1,645</td><td>2,926</td><td>6,204</td><td>4,931</td><td>5,573</td><td>6,496</td><td>7,960</td><td>6,482</td><td>6,663</td></tr><tr><td>U. S. A.</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>24</td><td>8</td><td>15</td></tr><tr><td>Yugoslavia</td><td>15</td><td>15</td><td>15</td><td>14</td><td>8</td><td>7</td><td>7</td><td>17</td><td>14</td><td>9</td><td>7</td><td>6</td><td>8</td></tr><tr><td>Other Europe</td><td>4,910</td><td>4,907</td><td>5,110</td><td>4,982</td><td>4,903</td><td>4,633</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><td>4,980</td></tr><tr><td>Total Europe</td><td>112,978</td><td>79,145</td><td>71,681</td><td>69,753</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><td>276,849</td></tr><tr><td>Canada</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><td>42,246</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>14,149</td><td>11,108</td><td>12,804</td><td>10,844</td><td>20,525</td><td>20,956</td><td>28,156</td><td>17,981</td><td>29,132</td><td>26,168</td><td>20,421</td><td>20,417</td><td>27,891</td></tr><tr><td>Bolivia</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><td>4,439</td></tr><tr><td>Brazil</td><td>26,896</td><td>24,352</td><td>21,730</td><td>18,181</td><td>22,032</td><td>28,654</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><td>28,631</td></tr><tr><td>Chile</td><td>8,359</td><td>6,336</td><td>7,475</td><td>6,737</td><td>7,179</td><td>6,590</td><td>6,999</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,728</td><td>8,024</td><td>7,473</td></tr><tr><td>Colombia</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>21,189</td><td>21,189</td><td>21,304</td></tr><tr><td>Costa Rica</td><td>1,225</td><td>1,206</td><td>1,514</td><td>1,415</td><td>1,183</td><td>1,237</td><td>1,382</td><td>1,469</td><td>1,421</td><td>1,359</td><td>1,242</td><td>1,524</td><td>2,125</td></tr><tr><td>Cuba</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>37,128</td><td>22,904</td><td>27,582</td><td>29,336</td><td>25,689</td></tr><tr><td>French West Indies and Guiana</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><td>18</td></tr><tr><td>Mexico</td><td>10,238</td><td>8,698</td><td>9,015</td><td>9,670</td><td>10,606</td><td>11,002</td><td>10,545</td><td>13,883</td><td>14,252</td><td>14,111</td><td>13,528</td><td>15,045</td><td>15,151</td></tr><tr><td>Netherlands East Indies and Surinam</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><td>458</td></tr><tr><td>Panama</td><td>1,080</td><td>840</td><td>764</td><td>823</td><td>979</td><td>1,076</td><td>1,327</td><td>2,789</td><td>2,875</td><td>1,135</td><td>1,145</td><td>1,180</td><td>1,628</td></tr><tr><td>Peru</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>3,046</td><td>3,845</td><td>3,488</td><td>3,378</td></tr><tr><td>Venezuela</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>7,398</td><td>7,719</td><td>7,909</td><td>8,136</td></tr><tr><td>Other Latin America</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><td>24,029</td></tr><tr><td>Total Latin America</td><td>109,847</td><td>116,578</td><td>120,570</td><td>111,563</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><td>170,350</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 and Manchuria 1/.</td><td>1,042</td><td>1,066</td><td>1,077</td><td>1,176</td><td>1,702</td><td>982</td><td>7,693</td><td>9,741</td><td>22,844</td><td>25,610</td><td>22,587</td><td>23,920</td><td>19,049</td></tr><tr><td>French Indo-China</td><td>2</td><td>1</td><td>2</td><td>1</td><td>130</td><td>1</td><td>1</td><td>19</td><td>176</td><td>19</td><td>46</td><td>20</td><td>58</td></tr><tr><td>Hong Kong</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><td>2,162</td></tr><tr><td>India, Burma, and Ceylon</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><td>9,366</td></tr><tr><td>British Malaya</td><td>140</td><td>142</td><td>140</td><td>180</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><td>1,680</td></tr><tr><td>Japan</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><td>300</td></tr><tr><td>Netherlands East Indies</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><td>1,371</td></tr><tr><td>Philippine Islands</td><td>13,943</td><td>26,022</td><td>13,577</td><td>13,024</td><td>13,658</td><td>13,847</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,667</td><td>16,567</td><td>18,543</td></tr><tr><td>Turkey</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><td>895</td></tr><tr><td>Other Asia</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><td>3,919</td></tr><tr><td>Total Asia</td><td>47,671</td><td>60,711</td><td>30,797</td><td>37,314</td><td>29,148</td><td>29,859</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><td>57,143</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>2,073</td><td>980</td><td>741</td><td>738</td><td>907</td><td>1,682</td><td>2,086</td><td>1,787</td><td>1,317</td><td>1,453</td><td>1,790</td><td>1,904</td><td>2,819</td></tr><tr><td>New Zealand</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>579</td><td>1,102</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>250</td></tr><tr><td>French Morocco</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><td>112</td></tr><tr><td>Union of South Africa</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>7,197</td><td>8,453</td><td>8,035</td></tr><tr><td>All other</td><td>1,378</td><td>1,484</td><td>1,352</td><td>1,214</td><td>1,676</td><td>2,243</td><td>2,618</td><td>2,198</td><td>2,514</td><td>2,397</td><td>2,389</td><td>3,840</td><td>2,350</td></tr><tr><td>Total other countries</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>10,550</td><td>10,315</td><td>10,608</td><td>11,345</td><td>12,814</td><td>15,226</td><td>14,723</td></tr><tr><td>Uidestified</td><td>296</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><td>105</td></tr><tr><td>Grand total</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>405,286</td><td>405,801</td><td>431,930</td><td>434,270</td><td>490,703</td><td>511,024</td><td>561,416</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
December 1946
85
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>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><th>July</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>671,992</td><td>823,992</td><td>746,157</td><td>740,221</td><td>699,617</td><td>707,694</td><td>679,045</td><td>630,499</td><td>553,759</td><td>553,420</td><td>434,360</td><td>335,099</td><td>661,011</td></tr><tr><td>France</td><td>398,964</td><td>356,684</td><td>313,417</td><td>360,321</td><td>327,256</td><td>310,404</td><td>398,293</td><td>380,567</td><td>364,453</td><td>305,782</td><td>319,659</td><td>285,961</td><td>275,207</td></tr><tr><td>Belgium</td><td>150,538</td><td>149,908</td><td>218,515</td><td>195,602</td><td>182,997</td><td>185,029</td><td>184,805</td><td>167,558</td><td>166,263</td><td>176,442</td><td>177,786</td><td>175,748</td><td>169,008</td></tr><tr><td>Denmark</td><td>13,683</td><td>14,420</td><td>16,825</td><td>20,010</td><td>24,327</td><td>25,921</td><td>40,083</td><td>41,555</td><td>44,243</td><td>47,375</td><td>48,594</td><td>49,745</td><td>50,361</td></tr><tr><td>Finland</td><td>6,627</td><td>6,671</td><td>7,153</td><td>6,679</td><td>6,202</td><td>5,538</td><td>6,606</td><td>10,737</td><td>11,244</td><td>10,116</td><td>11,907</td><td>11,179</td><td>11,874</td></tr><tr><td>Germany</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>6,354</td><td>6,436</td></tr><tr><td>Greece</td><td>60,507</td><td>63,171</td><td>66,097</td><td>68,669</td><td>70,977</td><td>70,790</td><td>69,904</td><td>69,666</td><td>74,932</td><td>76,677</td><td>75,514</td><td>72,217</td><td>64,146</td></tr><tr><td>Italy</td><td>49,466</td><td>53,886</td><td>58,079</td><td>61,980</td><td>65,360</td><td>70,171</td><td>71,108</td><td>97,460</td><td>100,507</td><td>123,446</td><td>130,491</td><td>136,954</td><td>165,511</td></tr><tr><td>Luxembourg</td><td>22,857</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><td>22,932</td></tr><tr><td>Netherlands</td><td>215,807</td><td>217,968</td><td>220,563</td><td>228,051</td><td>269,642</td><td>281,567</td><td>293,914</td><td>282,182</td><td>294,999</td><td>294,909</td><td>268,366</td><td>256,090</td><td>234,137</td></tr><tr><td>Norway</td><td>236,535</td><td>187,118</td><td>184,304</td><td>182,673</td><td>182,936</td><td>216,072</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><td>148,805</td></tr><tr><td>Portugal</td><td>46,385</td><td>39,040</td><td>45,464</td><td>45,166</td><td>48,497</td><td>47,881</td><td>47,481</td><td>45,254</td><td>45,378</td><td>49,667</td><td>49,488</td><td>48,582</td><td>47,644</td></tr><tr><td>Romania</td><td>9,281</td><td>9,682</td><td>9,236</td><td>9,227</td><td>9,240</td><td>9,313</td><td>9,291</td><td>9,218</td><td>9,222</td><td>10,029</td><td>10,151</td><td>10,001</td><td>10,870</td></tr><tr><td>Spain</td><td>36,934</td><td>40,376</td><td>32,589</td><td>24,443</td><td>31,208</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,363</td><td>36,805</td><td>35,467</td><td>32,330</td><td>20,710</td></tr><tr><td>Sweden</td><td>183,704</td><td>194,138</td><td>193,062</td><td>211,466</td><td>211,196</td><td>210,185</td><td>213,939</td><td>212,880</td><td>203,164</td><td>199,957</td><td>195,957</td><td>191,700</td><td>204,443</td></tr><tr><td>Switzerland</td><td>268,522</td><td>273,781</td><td>277,608</td><td>284,420</td><td>289,966</td><td>302,228</td><td>315,457</td><td>316,218</td><td>321,155</td><td>324,414</td><td>323,231</td><td>332,538</td><td>336,746</td></tr><tr><td>U. S. S. R.</td><td>22,318</td><td>25,704</td><td>25,404</td><td>24,373</td><td>24,848</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>59,499</td><td>50,205</td></tr><tr><td>Yugoslavia</td><td>5,170</td><td>5,113</td><td>5,216</td><td>5,229</td><td>5,442</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><td>8,275</td></tr><tr><td>Other Europe</td><td>45,171</td><td>46,922</td><td>44,931</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><td>69,915</td></tr><tr><td>Total Europe</td><td>2,051,317</td><td>2,538,551</td><td>2,501,012</td><td>2,594,956</td><td>2,589,931</td><td>2,582,962</td><td>2,655,350</td><td>2,588,818</td><td>2,512,425</td><td>2,502,548</td><td>2,393,247</td><td>2,257,436</td><td>2,554,175</td></tr><tr><td>Canada</td><td>1,349,750</td><td>1,449,868</td><td>1,492,073</td><td>1,551,790</td><td>1,545,733</td><td>1,522,155</td><td>1,350,118</td><td>1,349,736</td><td>1,359,712</td><td>1,304,138</td><td>1,248,229</td><td>1,263,755</td><td>1,284,303</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>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><td>124,374</td></tr><tr><td>Bolivia</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><td>12,288</td></tr><tr><td>Brazil</td><td>164,390</td><td>162,971</td><td>181,504</td><td>179,157</td><td>185,603</td><td>195,138</td><td>192,252</td><td>199,622</td><td>210,631</td><td>206,827</td><td>222,014</td><td>218,846</td><td>231,064</td></tr><tr><td>Chile</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><td>62,103</td></tr><tr><td>Colombia</td><td>82,323</td><td>90,188</td><td>93,247</td><td>83,018</td><td>84,508</td><td>79,186</td><td>82,446</td><td>80,604</td><td>77,339</td><td>72,413</td><td>69,597</td><td>68,384</td><td>75,241</td></tr><tr><td>Cuba</td><td>8,049</td><td>7,031</td><td>5,284</td><td>6,631</td><td>7,079</td><td>6,889</td><td>5,953</td><td>5,693</td><td>6,297</td><td>6,005</td><td>6,901</td><td>6,730</td><td>6,794</td></tr><tr><td>Cuba</td><td>153,894</td><td>156,936</td><td>154,476</td><td>145,374</td><td>135,461</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>169,536</td><td>167,024</td></tr><tr><td>French West Indies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guiana</td><td>8,606</td><td>7,335</td><td>7,820</td><td>7,329</td><td>6,631</td><td>7,120</td><td>7,274</td><td>7,098</td><td>6,582</td><td>6,627</td><td>7,029</td><td>6,985</td><td>7,647</td></tr><tr><td>Mexico</td><td>177,209</td><td>158,720</td><td>164,449</td><td>164,306</td><td>111,818</td><td>116,368</td><td>125,681</td><td>128,287</td><td>140,789</td><td>122,317</td><td>119,765</td><td>137,075</td><td>135,301</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>14,692</td></tr><tr><td>Panama</td><td>89,616</td><td>87,813</td><td>89,012</td><td>90,464</td><td>90,138</td><td>88,721</td><td>87,815</td><td>87,436</td><td>91,811</td><td>90,325</td><td>88,913</td><td>87,083</td><td>84,613</td></tr><tr><td>Paraguay</td><td>35,789</td><td>38,710</td><td>38,397</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>40,566</td><td>39,236</td></tr><tr><td>Venezuela</td><td>50,213</td><td>47,041</td><td>44,327</td><td>45,452</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><td>42,328</td></tr><tr><td>Other Latin America</td><td>134,947</td><td>145,278</td><td>138,614</td><td>138,105</td><td>138,334</td><td>144,764</td><td>150,316</td><td>145,988</td><td>156,300</td><td>152,393</td><td>160,508</td><td>168,637</td><td>171,489</td></tr><tr><td>Total Latin America</td><td>1,100,725</td><td>1,087,358</td><td>1,110,567</td><td>1,097,740</td><td>1,045,745</td><td>1,046,442</td><td>1,090,940</td><td>1,043,489</td><td>1,093,932</td><td>1,077,717</td><td>1,108,012</td><td>1,151,271</td><td>1,174,354</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 and Manchuria</td><td>501,114</td><td>578,566</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><td>611,924</td></tr><tr><td>French Indo-China</td><td>27,518</td><td>27,560</td><td>27,607</td><td>27,523</td><td>27,500</td><td>28,036</td><td>28,196</td><td>34,550</td><td>37,928</td><td>37,991</td><td>39,042</td><td>43,554</td><td>47,224</td></tr><tr><td>Hong Kong</td><td>21,948</td><td>21,718</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><td>33,238</td></tr><tr><td>India, Burma, and Ceylon</td><td>24,099</td><td>25,250</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,180</td><td>29,367</td><td>36,729</td><td>25,694</td><td>34,620</td><td>37,585</td><td>36,097</td><td>33,161</td></tr><tr><td>British Malaya</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>1,805</td><td>3,661</td><td>3,670</td><td>3,586</td><td>2,165</td></tr><tr><td>Japan</td><td>112,646</td><td>108,775</td><td>99,296</td><td>104,947</td><td>103,758</td><td>113,765</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><td>114,263</td></tr><tr><td>Netherlands East Indies</td><td>528,775</td><td>540,470</td><td>612,145</td><td>645,431</td><td>659,748</td><td>629,175</td><td>642,797</td><td>635,693</td><td>598,421</td><td>617,014</td><td>580,211</td><td>505,528</td><td>482,366</td></tr><tr><td>Philippine Islands</td><td>50,833</td><td>51,178</td><td>50,475</td><td>50,464</td><td>47,186</td><td>52,477</td><td>57,275</td><td>62,184</td><td>66,067</td><td>66,918</td><td>71,998</td><td>69,278</td><td>64,474</td></tr><tr><td>Turkey</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>81,369</td><td>86,817</td><td>89,466</td></tr><tr><td>Other Asia</td><td>1,341,802</td><td>1,432,691</td><td>1,510,542</td><td>1,563,416</td><td>1,554,354</td><td>1,549,722</td><td>1,735,132</td><td>1,723,578</td><td>1,685,598</td><td>1,699,285</td><td>1,655,668</td><td>1,541,421</td><td>1,487,457</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>27,827</td><td>27,559</td><td>28,496</td><td>29,005</td><td>30,154</td><td>28,944</td><td>29,593</td><td>26,078</td><td>24,323</td><td>26,642</td><td>23,830</td><td>24,366</td><td>28,665</td></tr><tr><td>New Zealand</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><td>6,429</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>
3/ Includes the dollar balances of the United Nations Relief and Rehabilitation Administration, the International Monetary Fund, and the International Bank for Reconstruction and Development.
1/ Revised to include Italian special deposit accounts with the Secretary of the Treasury.
2/ Beginning July 1946 Manchuria is included with China instead of Japan.
86
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>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><th>July</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,461</td><td>898</td><td>842</td><td>874</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><td>2,016</td></tr><tr><td>France</td><td>314</td><td>374</td><td>317</td><td>294</td><td>255</td><td>398</td><td>331</td><td>334</td><td>347</td><td>337</td><td>267</td><td>266</td><td>287</td></tr><tr><td>Belgium</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><td>110</td></tr><tr><td>Denmark</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><td>60</td></tr><tr><td>Finland</td><td>5</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><td>7</td></tr><tr><td>Germany</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><td>7</td></tr><tr><td>Greece</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><td>1</td><td>1</td><td>1</td></tr><tr><td>Italy</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><td>2</td></tr><tr><td>Luxembourg</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>11</td><td>11</td></tr><tr><td>Netherlands</td><td>208</td><td>144</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><td>127</td></tr><tr><td>Norway</td><td>221</td><td>201</td><td>187</td><td>177</td><td>150</td><td>144</td><td>615</td><td>568</td><td>502</td><td>466</td><td>386</td><td>252</td><td>276</td></tr><tr><td>Portugal</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><td>8</td></tr><tr><td>Buenaire</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><td>-</td></tr><tr><td>Spain</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><td>157</td></tr><tr><td>Sweden</td><td>1,015</td><td>1,143</td><td>904</td><td>797</td><td>685</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><td>847</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></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</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>351</td><td>320</td><td>275</td><td>233</td></tr><tr><td>Total Europe</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><td>4,130</td></tr><tr><td>Canada</td><td>6,987</td><td>6,438</td><td>6,154</td><td>7,366</td><td>7,455</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><td>5,382</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>1,627</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><td>3,211</td></tr><tr><td>Bolivia</td><td>-</td><td>-</td><td>5</td><td>3</td><td>5</td><td>4</td><td>149</td><td>40</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</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><td>1,649</td></tr><tr><td>Chile</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><td>1,199</td></tr><tr><td>Colombia</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><td>141</td></tr><tr><td>Costa Rica</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><td>-</td></tr><tr><td>Cuba</td><td>4,423</td><td>4,700</td><td>4,420</td><td>4,909</td><td>5,025</td><td>5,548</td><td>4,859</td><td>5,331</td><td>4,056</td><td>4,224</td><td>4,448</td><td>5,707</td><td>5,025</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>38</td><td>43</td><td>38</td><td>33</td><td>33</td></tr><tr><td>Mexico</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><td>2,172</td></tr><tr><td>Netherlands West Indies and Surinam</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>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Panama</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><td>48</td></tr><tr><td>Peru</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>337</td><td>301</td><td>117</td><td>3</td><td>4</td><td>5</td></tr><tr><td>Venezuela</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><td>1,792</td></tr><tr><td>Other Latin America</td><td>3,691</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>4,154</td><td>4,585</td><td>4,556</td><td>4,784</td></tr><tr><td>Total Latin America</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><td>20,060</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>Chica and Manchuria 1/.</td><td>5,562</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><td>6,792</td></tr><tr><td>French Indo-China</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><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></tr><tr><td>India, Burma, and Ceylon</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><td>224</td></tr><tr><td>British Malaya</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><td>1</td></tr><tr><td>Japan</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><td>1</td></tr><tr><td>Netherlands East Indies</td><td>52</td><td>-</td><td>46</td><td>88</td><td>14</td><td>3</td><td>148</td><td>85</td><td>146</td><td>5</td><td>6</td><td>6</td><td>4</td></tr><tr><td>Philippine Islands</td><td>-</td><td>-</td><td>-</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></tr><tr><td>Other Asia</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><td>5</td></tr><tr><td>Total Asia</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><td>7,026</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>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><td>13</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></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>19</td></tr><tr><td>French Morocco</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><td>-</td></tr><tr><td>Union of South Africa</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><td>-</td></tr><tr><td>All other</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><td>25</td></tr><tr><td>Total other countries</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><td>57</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>35,211</td><td>34,083</td><td>33,102</td><td>34,702</td><td>34,010</td><td>36,197</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><td>36,695</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
December 1946
87
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
(Poetice at end of month in thousands of dollars)
<table><tr><th></th><th colspan="6">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>July</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,948</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>5,795</td><td>5,270</td><td>5,023</td><td>5,107</td><td>4,902</td></tr><tr><td>France</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><td>10,738</td></tr><tr><td>Belgium</td><td>1,714</td><td>1,903</td><td>1,606</td><td>1,480</td><td>1,260</td><td>1,531</td><td>1,672</td><td>1,543</td><td>1,523</td><td>1,559</td><td>1,505</td><td>1,466</td><td>1,926</td></tr><tr><td>Denmark</td><td>201</td><td>187</td><td>217</td><td>219</td><td>163</td><td>274</td><td>241</td><td>240</td><td>167</td><td>166</td><td>161</td><td>161</td><td>146</td></tr><tr><td>Finland</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><td>2</td></tr><tr><td>Germany</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>316</td><td>396</td></tr><tr><td>Greece</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><td>12</td></tr><tr><td>Italy</td><td>172</td><td>179</td><td>179</td><td>190</td><td>191</td><td>235</td><td>217</td><td>215</td><td>254</td><td>216</td><td>712</td><td>282</td><td>125</td></tr><tr><td>Luxembourg</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>899</td><td>768</td><td>769</td><td>943</td><td>782</td></tr><tr><td>Netherlands</td><td>18,110</td><td>18,219</td><td>18,596</td><td>19,052</td><td>17,984</td><td>19,859</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><td>9,968</td></tr><tr><td>Borog</td><td>696</td><td>875</td><td>955</td><td>910</td><td>1,023</td><td>1,563</td><td>1,664</td><td>1,661</td><td>1,608</td><td>1,530</td><td>1,270</td><td>1,500</td><td>1,112</td></tr><tr><td>Portugal</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>143</td><td>69</td><td>63</td><td>90</td><td>30</td></tr><tr><td>Romania</td><td>59</td><td>59</td><td>59</td><td>59</td><td>59</td><td>59</td><td>43</td><td>43</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td></tr><tr><td>Spain</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><td>111</td></tr><tr><td>Sweden</td><td>463</td><td>473</td><td>429</td><td>368</td><td>441</td><td>512</td><td>549</td><td>484</td><td>671</td><td>647</td><td>574</td><td>528</td><td>612</td></tr><tr><td>Switzerland</td><td>22,199</td><td>22,552</td><td>23,508</td><td>22,687</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><td>29,399</td></tr><tr><td>U. S. S. R.</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><td>49</td></tr><tr><td>Yugoslavia</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>44</td><td>49</td></tr><tr><td>Other Europe</td><td>207</td><td>277</td><td>245</td><td>581</td><td>1,679</td><td>1,048</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><td>1,565</td></tr><tr><td>Total Europe</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><td>62,052</td></tr><tr><td>Canada</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>6,947</td><td>5,805</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</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>5,076</td><td>4,785</td><td>5,390</td><td>6,469</td><td>6,229</td><td>6,400</td><td>5,750</td></tr><tr><td>Bolivia</td><td>80</td><td>58</td><td>56</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><td>40</td></tr><tr><td>Brazil</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>1,740</td><td>1,541</td><td>1,436</td><td>1,443</td><td>929</td><td>1,609</td><td>1,425</td></tr><tr><td>Chile</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>743</td><td>620</td><td>604</td><td>555</td></tr><tr><td>Colombia</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>267</td><td>254</td></tr><tr><td>Costa Rica</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><td>59</td></tr><tr><td>Cuba</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><td>845</td></tr><tr><td>French West Indies and Guiana</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>14</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Mexico</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><td>4,883</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>175</td></tr><tr><td>Panama</td><td>5,176</td><td>5,660</td><td>6,163</td><td>6,505</td><td>6,758</td><td>7,838</td><td>7,969</td><td>7,998</td><td>7,887</td><td>8,249</td><td>7,970</td><td>8,716</td><td>8,905</td></tr><tr><td>Peru</td><td>108</td><td>91</td><td>132</td><td>104</td><td>140</td><td>150</td><td>181</td><td>186</td><td>118</td><td>187</td><td>274</td><td>183</td><td>259</td></tr><tr><td>Venezuela</td><td>1,337</td><td>1,112</td><td>1,743</td><td>2,115</td><td>2,580</td><td>2,632</td><td>2,348</td><td>2,103</td><td>2,133</td><td>2,405</td><td>2,553</td><td>2,875</td><td>2,964</td></tr><tr><td>Other Latin America</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>1,966</td><td>1,522</td><td>1,111</td><td>1,000</td><td>1,075</td><td>969</td></tr><tr><td>Total Latin America</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><td>26,684</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 and Manchuria 1/</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><td>1,980</td></tr><tr><td>French Indo-China</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>64</td><td>117</td><td>95</td></tr><tr><td>India, Burma, and Ceylon</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><td>31</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>2</td><td>2</td></tr><tr><td>Japan</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><td>26</td></tr><tr><td>Netherland East Indies</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><td>11</td></tr><tr><td>Philippine Islands</td><td>1,350</td><td>1,269</td><td>1,395</td><td>1,268</td><td>1,445</td><td>1,537</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><td>2,192</td></tr><tr><td>Turkey</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><td>1</td></tr><tr><td>Other Asia</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>325</td><td>301</td><td>230</td><td>170</td></tr><tr><td>Total Asia</td><td>2,237</td><td>2,389</td><td>2,468</td><td>2,904</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>4,679</td><td>4,510</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>65</td><td>81</td><td>45</td><td>42</td><td>48</td><td>56</td><td>84</td><td>106</td><td>111</td><td>71</td><td>93</td><td>79</td><td>111</td></tr><tr><td>New Zealand</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><td>44</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>140</td><td>150</td></tr><tr><td>French Morocco</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><td>86</td></tr><tr><td>Union of South Africa</td><td>8</td><td>41</td><td>43</td><td>42</td><td>31</td><td>25</td><td>29</td><td>42</td><td>27</td><td>23</td><td>11</td><td>24</td><td>80</td></tr><tr><td>All other</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>1,096</td><td>832</td><td>879</td><td>891</td><td>970</td><td>1,050</td><td>1,132</td></tr><tr><td>Total other countries</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>1,352</td><td>1,420</td><td>1,603</td></tr><tr><td>Unidentified</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><td>74</td></tr><tr><td>Grand total</td><td>85,400</td><td>86,336</td><td>90,824</td><td>92,197</td><td>96,141</td><td>101,603</td><td>98,939</td><td>97,595</td><td>98,956</td><td>101,258</td><td>99,185</td><td>102,192</td><td>100,728</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of July 1946
Table 1.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>75,784</td><td>70,237</td><td>58,550</td><td>5,561</td><td>6,126</td><td>5,937</td><td>2,367</td><td>1,927</td><td>1,233</td></tr><tr><td>France</td><td>3,408</td><td>261</td><td>183</td><td>39</td><td>59</td><td>3,127</td><td>2,575</td><td>6</td><td>546</td></tr><tr><td>Belgium</td><td>8,830</td><td>150</td><td>106</td><td>8</td><td>34</td><td>8,680</td><td>9</td><td>3,896</td><td>4,773</td></tr><tr><td>Denmark</td><td>164</td><td>73</td><td>56</td><td>16</td><td>1</td><td>91</td><td>-</td><td>62</td><td>29</td></tr><tr><td>Finland</td><td>4,296</td><td>2</td><td>1</td><td>-</td><td>1</td><td>4,294</td><td>1,482</td><td>2,247</td><td>565</td></tr><tr><td>Germany</td><td>33,853</td><td>53</td><td>6</td><td>28</td><td>17</td><td>33,800</td><td>20,556</td><td>67</td><td>13,177</td></tr><tr><td>Greece</td><td>1,047</td><td>12</td><td>-</td><td>8</td><td>4</td><td>1,635</td><td>421</td><td>-</td><td>1,214</td></tr><tr><td>Italy</td><td>4,339</td><td>235</td><td>19</td><td>209</td><td>7</td><td>4,104</td><td>312</td><td>29</td><td>3,763</td></tr><tr><td>Luxembourg</td><td>69</td><td>1</td><td>1</td><td>-</td><td>-</td><td>68</td><td>-</td><td>-</td><td>68</td></tr><tr><td>Netherlands</td><td>119,641</td><td>251</td><td>203</td><td>43</td><td>5</td><td>119,390</td><td>110,056</td><td>102</td><td>9,232</td></tr><tr><td>Norway</td><td>554</td><td>122</td><td>79</td><td>15</td><td>28</td><td>412</td><td>15</td><td>172</td><td>245</td></tr><tr><td>Portugal</td><td>687</td><td>234</td><td>232</td><td>-</td><td>2</td><td>453</td><td>74</td><td>-</td><td>379</td></tr><tr><td>Romania</td><td>61</td><td>3</td><td>-</td><td>3</td><td>-</td><td>58</td><td>1</td><td>-</td><td>57</td></tr><tr><td>Spain</td><td>4,208</td><td>134</td><td>11</td><td>29</td><td>94</td><td>4,074</td><td>1,352</td><td>4</td><td>2,718</td></tr><tr><td>Sweden</td><td>7,642</td><td>1,498</td><td>1,218</td><td>276</td><td>4</td><td>6,144</td><td>394</td><td>4,709</td><td>1,081</td></tr><tr><td>Switzerland</td><td>6,663</td><td>1,083</td><td>276</td><td>796</td><td>11</td><td>5,580</td><td>207</td><td>-</td><td>5,373</td></tr><tr><td>U. S. R.</td><td>15</td><td>10</td><td>10</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Yugoslavia</td><td>8</td><td>3</td><td>3</td><td>1</td><td>3</td><td>5</td><td>1</td><td>-</td><td>4</td></tr><tr><td>Other Europe</td><td>4,980</td><td>241</td><td>192</td><td>37</td><td>12</td><td>4,739</td><td>1,341</td><td>-</td><td>3,358</td></tr><tr><td>Total Europe</td><td>276,849</td><td>74,623</td><td>61,147</td><td>7,068</td><td>6,408</td><td>202,826</td><td>141,183</td><td>13,223</td><td>47,820</td></tr><tr><td>Canada</td><td>42,246</td><td>20,843</td><td>15,334</td><td>3,497</td><td>2,012</td><td>21,403</td><td>3,842</td><td>2,474</td><td>15,087</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>27,891</td><td>1,083</td><td>230</td><td>708</td><td>145</td><td>26,808</td><td>18,580</td><td>1,801</td><td>6,427</td></tr><tr><td>Bolivia</td><td>4,199</td><td>-</td><td>27</td><td>1</td><td>-</td><td>4,199</td><td>2,256</td><td>-</td><td>2,181</td></tr><tr><td>Brazil</td><td>28,631</td><td>28</td><td>-</td><td>-</td><td>-</td><td>28,603</td><td>3,242</td><td>1,281</td><td>24,080</td></tr><tr><td>Chile</td><td>7,473</td><td>4</td><td>2</td><td>1</td><td>2</td><td>7,469</td><td>117</td><td>1,033</td><td>6,319</td></tr><tr><td>Colombia</td><td>21,304</td><td>84</td><td>-</td><td>83</td><td>1</td><td>21,220</td><td>7,108</td><td>2,301</td><td>11,811</td></tr><tr><td>Costa Rica</td><td>2,125</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2,124</td><td>720</td><td>87</td><td>1,317</td></tr><tr><td>Cuba</td><td>25,689</td><td>229</td><td>229</td><td>-</td><td>-</td><td>25,460</td><td>18,620</td><td>2,478</td><td>4,162</td></tr><tr><td>French West Indies and Guiana</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Mexico</td><td>15,451</td><td>1,416</td><td>1,177</td><td>128</td><td>111</td><td>13,735</td><td>1,809</td><td>1,289</td><td>10,637</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>458</td><td>3</td><td>-</td><td>-</td><td>3</td><td>455</td><td>46</td><td>-</td><td>409</td></tr><tr><td>Panama</td><td>1,628</td><td>1</td><td>1</td><td>-</td><td>1</td><td>1,627</td><td>1</td><td>3</td><td>1,624</td></tr><tr><td>Peru</td><td>3,374</td><td>61</td><td>13</td><td>-</td><td>68</td><td>3,297</td><td>166</td><td>8</td><td>3,123</td></tr><tr><td>Venezuela</td><td>8,136</td><td>63</td><td>61</td><td>2</td><td>-</td><td>8,073</td><td>3,511</td><td>-</td><td>4,562</td></tr><tr><td>Other Latin America</td><td>24,029</td><td>425</td><td>400</td><td>-</td><td>25</td><td>23,604</td><td>14,168</td><td>596</td><td>8,840</td></tr><tr><td>Total Latin America</td><td>170,350</td><td>3,416</td><td>2,139</td><td>922</td><td>357</td><td>166,932</td><td>70,545</td><td>10,877</td><td>85,510</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 and Manchuria</td><td>19,049</td><td>261</td><td>223</td><td>4</td><td>34</td><td>18,788</td><td>7,045</td><td>2,357</td><td>9,386</td></tr><tr><td>French Indo-China</td><td>98</td><td>1</td><td>1</td><td>-</td><td>1</td><td>57</td><td>-</td><td>-</td><td>57</td></tr><tr><td>Hong Kong</td><td>2,162</td><td>516</td><td>355</td><td>128</td><td>33</td><td>1,646</td><td>479</td><td>213</td><td>954</td></tr><tr><td>India, Burma, and Ceylon</td><td>9,366</td><td>5,329</td><td>1,456</td><td>3,827</td><td>46</td><td>4,037</td><td>1,659</td><td>995</td><td>1,383</td></tr><tr><td>British Malaya</td><td>1,680</td><td>3</td><td>3</td><td>1</td><td>-</td><td>1,677</td><td>1,548</td><td>48</td><td>81</td></tr><tr><td>Japan</td><td>300</td><td>3</td><td>2</td><td>-</td><td>-</td><td>297</td><td>282</td><td>-</td><td>15</td></tr><tr><td>Netherlands East Indies</td><td>1,171</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1,166</td><td>-</td><td>1,114</td><td>52</td></tr><tr><td>Philippine Islands</td><td>18,543</td><td>745</td><td>692</td><td>-</td><td>53</td><td>17,798</td><td>4,783</td><td>2,212</td><td>6,803</td></tr><tr><td>Turkey</td><td>895</td><td>7</td><td>1</td><td>7</td><td>11</td><td>888</td><td>177</td><td>-</td><td>711</td></tr><tr><td>Other Asia</td><td>3,919</td><td>146</td><td>135</td><td>-</td><td>-</td><td>3,773</td><td>400</td><td>-</td><td>3,371</td></tr><tr><td>Total Asia</td><td>57,143</td><td>7,016</td><td>2,871</td><td>3,967</td><td>178</td><td>50,127</td><td>20,375</td><td>6,539</td><td>22,813</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>2,874</td><td>1,206</td><td>1,043</td><td>129</td><td>34</td><td>1,668</td><td>385</td><td>535</td><td>748</td></tr><tr><td>New Zealand</td><td>1,102</td><td>499</td><td>439</td><td>53</td><td>7</td><td>603</td><td>-</td><td>29</td><td>574</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>250</td><td>21</td><td>3</td><td>3</td><td>15</td><td>229</td><td>4</td><td>-</td><td>225</td></tr><tr><td>French Morocco</td><td>112</td><td>-</td><td>-</td><td>-</td><td>-</td><td>112</td><td>4</td><td>-</td><td>108</td></tr><tr><td>U. of South Africa</td><td>8,035</td><td>1,059</td><td>110</td><td>439</td><td>510</td><td>6,976</td><td>-</td><td>203</td><td>6,773</td></tr><tr><td>All other</td><td>2,350</td><td>17</td><td>8</td><td>-</td><td>9</td><td>2,333</td><td>201</td><td>13</td><td>2,119</td></tr><tr><td>Total other countries</td><td>14,723</td><td>2,802</td><td>1,603</td><td>624</td><td>575</td><td>11,981</td><td>594</td><td>780</td><td>10,547</td></tr><tr><td>Unidentified</td><td>105</td><td>4</td><td>-</td><td>-</td><td>4</td><td>101</td><td>-</td><td>-</td><td>101</td></tr><tr><td>Grand total</td><td>561,416</td><td>108,706</td><td>83,094</td><td>16,078</td><td>9,534</td><td>452,710</td><td>236,539</td><td>34,293</td><td>181,878</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan
December 1946
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of July 1946 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="5">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/o 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>661,072</td><td>649,136</td><td>630,046</td><td>2,585</td><td>14,976</td><td>1,533</td><td>11,935</td><td>8,079</td><td>3,915</td></tr><tr><td>France</td><td>275,207</td><td>274,923</td><td>237,798</td><td>746</td><td>35,398</td><td>881</td><td>384</td><td>225</td><td>11</td></tr><tr><td>Belgium</td><td>169,008</td><td>168,926</td><td>157,662</td><td>520</td><td>9,603</td><td>941</td><td>82</td><td>17</td><td>6</td></tr><tr><td>Denmark</td><td>50,361</td><td>50,361</td><td>49,677</td><td>19</td><td>502</td><td>163</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>11,874</td><td>11,871</td><td>11,321</td><td>8</td><td>-</td><td>542</td><td>3</td><td>3</td><td>2</td></tr><tr><td>Germany</td><td>6,436</td><td>6,426</td><td>6,288</td><td>80</td><td>14</td><td>44</td><td>10</td><td>8</td><td>2</td></tr><tr><td>Oresea</td><td>64,143</td><td>64,116</td><td>60,374</td><td>396</td><td>358</td><td>2,988</td><td>27</td><td>25</td><td>2</td></tr><tr><td>Italy 1/2</td><td>165,511</td><td>165,500</td><td>164,653</td><td>246</td><td>456</td><td>145</td><td>11</td><td>11</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,932</td><td>22,932</td><td>22,136</td><td>3</td><td>193</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>231,117</td><td>233,522</td><td>219,527</td><td>107</td><td>13,844</td><td>44</td><td>615</td><td>49</td><td>566</td></tr><tr><td>Norway</td><td>148,865</td><td>148,862</td><td>11,033</td><td>52</td><td>76,402</td><td>1,375</td><td>3</td><td>3</td><td>476</td></tr><tr><td>Portugal</td><td>47,644</td><td>47,166</td><td>46,049</td><td>694</td><td>13</td><td>450</td><td>478</td><td>2</td><td>-</td></tr><tr><td>Rumania</td><td>10,870</td><td>10,870</td><td>10,841</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spaia</td><td>20,732</td><td>20,640</td><td>20,303</td><td>225</td><td>100</td><td>12</td><td>92</td><td>90</td><td>2</td></tr><tr><td>Sweden</td><td>204,443</td><td>204,276</td><td>80,830</td><td>12,276</td><td>110,000</td><td>1,170</td><td>167</td><td>133</td><td>34</td></tr><tr><td>Switzerland</td><td>136,746</td><td>136,427</td><td>113,813</td><td>5,307</td><td>15,048</td><td>2,259</td><td>319</td><td>90</td><td>229</td></tr><tr><td>U.S.S.R.</td><td>50,205</td><td>50,205</td><td>50,058</td><td>115</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,275</td><td>8,275</td><td>8,232</td><td>22</td><td>20</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>65,915</td><td>65,867</td><td>65,477</td><td>109</td><td>160</td><td>121</td><td>48</td><td>42</td><td>6</td></tr><tr><td>Total Europe</td><td>2,554,375</td><td>2,540,201</td><td>2,225,315</td><td>23,999</td><td>277,585</td><td>12,701</td><td>14,174</td><td>720</td><td>5,149</td></tr><tr><td>Canada</td><td>1,284,303</td><td>1,279,902</td><td>345,743</td><td>1,334</td><td>932,625</td><td>200</td><td>4,401</td><td>351</td><td>4,044</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>124,374</td><td>124,353</td><td>116,986</td><td>3,099</td><td>3,885</td><td>383</td><td>21</td><td>4</td><td>17</td></tr><tr><td>Bolivia</td><td>12,288</td><td>12,285</td><td>12,285</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brasil</td><td>231,064</td><td>231,031</td><td>214,074</td><td>13,295</td><td>-</td><td>3,662</td><td>33</td><td>33</td><td>-</td></tr><tr><td>Chile</td><td>62,103</td><td>62,098</td><td>61,083</td><td>948</td><td>-</td><td>67</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Colombia</td><td>75,241</td><td>75,238</td><td>74,847</td><td>390</td><td>-</td><td>1</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,754</td><td>6,754</td><td>6,338</td><td>416</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>167,024</td><td>167,024</td><td>163,270</td><td>2,733</td><td>1,004</td><td>17</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,647</td><td>7,647</td><td>7,633</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>135,301</td><td>135,270</td><td>132,842</td><td>2,325</td><td>20</td><td>83</td><td>31</td><td>5</td><td>26</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>14,692</td><td>14,692</td><td>12,681</td><td>23</td><td>2,011</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>84,813</td><td>84,812</td><td>65,869</td><td>23</td><td>18,920</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>39,236</td><td>39,234</td><td>31,005</td><td>1,936</td><td>140</td><td>73</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Venezuela</td><td>42,328</td><td>42,328</td><td>41,958</td><td>362</td><td>7</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>171,489</td><td>171,485</td><td>153,022</td><td>2,021</td><td>15,387</td><td>1,055</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Total Latin America</td><td>1,174,354</td><td>1,174,254</td><td>1,099,973</td><td>27,555</td><td>41,374</td><td>5,342</td><td>100</td><td>52</td><td>48</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 and Manchuria 2/1</td><td>611,924</td><td>610,889</td><td>215,160</td><td>4,173</td><td>379,332</td><td>11,224</td><td>1,095</td><td>437</td><td>598</td></tr><tr><td>French Indo-China</td><td>47,224</td><td>47,224</td><td>32,435</td><td>11</td><td>14,753</td><td>25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>33,238</td><td>28,860</td><td>27,937</td><td>222</td><td>580</td><td>121</td><td>4,378</td><td>4,378</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,161</td><td>32,830</td><td>31,170</td><td>1,523</td><td>50</td><td>87</td><td>331</td><td>22</td><td>232</td></tr><tr><td>British Malaya</td><td>2,176</td><td>2,134</td><td>1,345</td><td>208</td><td>476</td><td>5</td><td>42</td><td>42</td><td>77</td></tr><tr><td>Japan</td><td>9,165</td><td>9,129</td><td>8,316</td><td>456</td><td>22</td><td>235</td><td>36</td><td>24</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>114,261</td><td>114,261</td><td>44,687</td><td>19</td><td>69,543</td><td>12</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Philippines Islands</td><td>482,366</td><td>482,208</td><td>476,029</td><td>2,837</td><td>554</td><td>2,788</td><td>158</td><td>158</td><td>-</td></tr><tr><td>Turkey</td><td>64,014</td><td>64,014</td><td>59,936</td><td>531</td><td>-</td><td>1,366</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>89,466</td><td>89,351</td><td>78,276</td><td>814</td><td>13,760</td><td>501</td><td>115</td><td>115</td><td>-</td></tr><tr><td>Total Asia</td><td>1,487,457</td><td>1,481,360</td><td>975,080</td><td>10,844</td><td>479,070</td><td>16,366</td><td>6,097</td><td>5,178</td><td>232</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>28,565</td><td>28,437</td><td>25,714</td><td>1,951</td><td>507</td><td>265</td><td>228</td><td>18</td><td>3</td></tr><tr><td>New Zealand</td><td>6,429</td><td>6,385</td><td>6,220</td><td>165</td><td>-</td><td>-</td><td>44</td><td>38</td><td>6</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17,743</td><td>17,685</td><td>14,257</td><td>291</td><td>-</td><td>3,137</td><td>58</td><td>-</td><td>58</td></tr><tr><td>French Morocco</td><td>11,457</td><td>11,457</td><td>10,486</td><td>31</td><td>-</td><td>940</td><td>40</td><td>19</td><td>21</td></tr><tr><td>Union of South Africa</td><td>10,055</td><td>10,015</td><td>9,930</td><td>53</td><td>15</td><td>17</td><td>273</td><td>41</td><td>232</td></tr><tr><td>All other</td><td>93,481</td><td>93,208</td><td>85,671</td><td>242</td><td>5,901</td><td>394</td><td>273</td><td>41</td><td>232</td></tr><tr><td>Total other countries</td><td>167,830</td><td>167,187</td><td>153,278</td><td>2,733</td><td>6,423</td><td>4,753</td><td>643</td><td>116</td><td>3</td></tr><tr><td>Total international</td><td>219,927</td><td>219,927</td><td>219,921</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>19,935</td><td>19,935</td><td>19,392</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,908,181</td><td>6,882,766</td><td>5,040,249</td><td>65,978</td><td>1,737,177</td><td>19,362</td><td>25,415</td><td>6,417</td><td>8,546</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>10,952</td></tr></table>
1/ Includes Italian special deposit accounts with the Secretary of the Treasury. 2/ Beginning July 1946 Manchuria is included with China instead of Japan.
1/ Includes the dollar balances of the United Nations Relief and Rehabilitation Administration, the International Monetary Fund, and the International Bank for Reconstruction and Development.
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of July 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>Total purchases</th><th colspan="3">Purchases by "foreigners"</th><th colspan="3">Sales by "foreigners"</th></tr><tr><th></th><th></th><th>Domestic securities</th><th colspan="2">Foreign securities</th><th>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>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></tr><tr><td>United Kingdom</td><td>2,186</td><td>949</td><td>646</td><td>103</td><td>1,237</td><td>667</td><td>570</td><td>11,858</td><td>8,174</td><td>2,338</td><td>5,836</td></tr><tr><td>France</td><td>1,067</td><td>938</td><td>126</td><td>212</td><td>129</td><td>13</td><td>116</td><td>1,089</td><td>872</td><td>579</td><td>293</td></tr><tr><td>Belgium</td><td>740</td><td>217</td><td>200</td><td>17</td><td>523</td><td>13</td><td>523</td><td>669</td><td>615</td><td>594</td><td>21</td></tr><tr><td>Denmark</td><td>1,298</td><td>376</td><td>372</td><td>4</td><td>922</td><td>-</td><td>922</td><td>22</td><td>19</td><td>19</td><td>3</td></tr><tr><td>Finland</td><td>34</td><td>21</td><td>-</td><td>21</td><td>34</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>232</td><td>21</td><td>-</td><td>21</td><td>211</td><td>-</td><td>211</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>656</td><td>649</td><td>170</td><td>479</td><td>7</td><td>7</td><td>4</td><td>1,328</td><td>1,111</td><td>229</td><td>882</td></tr><tr><td>Italy</td><td>1,142</td><td>948</td><td>58</td><td>890</td><td>194</td><td>-</td><td>194</td><td>76</td><td>74</td><td>28</td><td>46</td></tr><tr><td>Luxembourg</td><td>74</td><td>74</td><td>57</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>443</td><td>367</td><td>336</td><td>31</td><td>76</td><td>1</td><td>75</td><td>949</td><td>824</td><td>642</td><td>182</td></tr><tr><td>Norway</td><td>1,012</td><td>479</td><td>332</td><td>167</td><td>533</td><td>4</td><td>529</td><td>624</td><td>350</td><td>251</td><td>99</td></tr><tr><td>Portugal</td><td>58</td><td>48</td><td>48</td><td>-</td><td>10</td><td>-</td><td>10</td><td>81</td><td>73</td><td>73</td><td>8</td></tr><tr><td>Romania</td><td>30</td><td>30</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>6,322</td><td>22</td><td>20</td><td>2</td><td>6,300</td><td>1</td><td>6,299</td><td>15</td><td>14</td><td>14</td><td>1</td></tr><tr><td>Sweden</td><td>230</td><td>167</td><td>167</td><td>-</td><td>63</td><td>4</td><td>59</td><td>3,421</td><td>3,118</td><td>107</td><td>3,011</td></tr><tr><td>Switzerland</td><td>9,561</td><td>8,869</td><td>5,016</td><td>3,853</td><td>692</td><td>86</td><td>606</td><td>9,941</td><td>9,097</td><td>7,890</td><td>1,207</td></tr><tr><td>U. S. S. R.</td><td>5</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tuvalu</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>100</td><td>98</td><td>95</td><td>3</td><td>2</td><td>-</td><td>2</td><td>1,108</td><td>1,071</td><td>70</td><td>1,001</td></tr><tr><td>Total Europe</td><td>25,190</td><td>14,252</td><td>8,213</td><td>5,979</td><td>10,938</td><td>783</td><td>10,155</td><td>31,185</td><td>25,416</td><td>12,838</td><td>12,578</td></tr><tr><td>Canada</td><td>108,100</td><td>12,482</td><td>4,500</td><td>7,982</td><td>96,218</td><td>2,699</td><td>93,519</td><td>176,261</td><td>93,476</td><td>5,055</td><td>88,421</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>3,876</td><td>2,861</td><td>2,624</td><td>237</td><td>1,015</td><td>106</td><td>909</td><td>2,734</td><td>1,564</td><td>1,482</td><td>82</td></tr><tr><td>Brazil</td><td>557</td><td>350</td><td>330</td><td>20</td><td>497</td><td>8</td><td>489</td><td>302</td><td>218</td><td>218</td><td>84</td></tr><tr><td>Chile</td><td>515</td><td>353</td><td>330</td><td>23</td><td>162</td><td>7</td><td>155</td><td>497</td><td>347</td><td>280</td><td>67</td></tr><tr><td>Colombia</td><td>357</td><td>18</td><td>18</td><td>-</td><td>335</td><td>-</td><td>335</td><td>175</td><td>42</td><td>42</td><td>133</td></tr><tr><td>Costa Rica</td><td>54</td><td>54</td><td>54</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>37</td><td>37</td><td>13</td></tr><tr><td>Cuba</td><td>3,324</td><td>2,441</td><td>1,925</td><td>516</td><td>883</td><td>275</td><td>608</td><td>2,660</td><td>2,414</td><td>2,238</td><td>176</td></tr><tr><td>French West Indies and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guiana</td><td>1,081</td><td>754</td><td>664</td><td>90</td><td>327</td><td>49</td><td>278</td><td>1,870</td><td>1,811</td><td>1,775</td><td>36</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><td>59</td></tr><tr><td>Netherlands West Indies and</td><td>73</td><td>73</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Buriname</td><td>2,244</td><td>1,538</td><td>1,390</td><td>148</td><td>706</td><td>337</td><td>369</td><td>2,215</td><td>1,735</td><td>1,469</td><td>266</td></tr><tr><td>Panama</td><td>119</td><td>117</td><td>99</td><td>18</td><td>2</td><td>2</td><td>139</td><td>139</td><td>139</td><td>93</td><td>46</td></tr><tr><td>Paraguay</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>611</td><td>590</td><td>408</td><td>182</td><td>21</td><td>21</td><td>241</td><td>1,409</td><td>1,248</td><td>332</td><td>916</td></tr><tr><td>Other Latin America</td><td>2,222</td><td>1,621</td><td>1,552</td><td>69</td><td>601</td><td>360</td><td>241</td><td>3,185</td><td>2,909</td><td>1,282</td><td>1,627</td></tr><tr><td>Total Latin America</td><td>16,708</td><td>10,430</td><td>9,527</td><td>1,303</td><td>5,878</td><td>1,282</td><td>4,996</td><td>17,989</td><td>15,008</td><td>11,745</td><td>3,262</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria 1/</td><td>1,047</td><td>678</td><td>497</td><td>181</td><td>369</td><td>2</td><td>367</td><td>12,153</td><td>11,769</td><td>1,575</td><td>10,194</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>130</td><td>130</td><td>130</td><td>130</td></tr><tr><td>Hong Kong</td><td>2</td><td>2</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>52</td><td>52</td><td>42</td><td>10</td></tr><tr><td>India, Burma, and Ceylon</td><td>768</td><td>768</td><td>224</td><td>544</td><td>-</td><td>-</td><td>-</td><td>8</td><td>8</td><td>8</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>118</td><td>118</td><td>18</td><td>100</td><td>-</td><td>-</td><td>-</td><td>2,125</td><td>2,119</td><td>19</td><td>2,100</td></tr><tr><td>Philippines Islands</td><td>329</td><td>328</td><td>122</td><td>206</td><td>1</td><td>1</td><td>1</td><td>221</td><td>187</td><td>142</td><td>85</td></tr><tr><td>Turkey</td><td>60</td><td>57</td><td>47</td><td>10</td><td>3</td><td>3</td><td>3</td><td>20</td><td>8</td><td>8</td><td>12</td></tr><tr><td>Other Asia</td><td>245</td><td>126</td><td>82</td><td>44</td><td>119</td><td>32</td><td>87</td><td>321</td><td>201</td><td>147</td><td>54</td></tr><tr><td>Total Asia</td><td>2,569</td><td>2,015</td><td>990</td><td>1,085</td><td>494</td><td>37</td><td>457</td><td>15,031</td><td>14,475</td><td>1,942</td><td>12,533</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>167</td><td>71</td><td>52</td><td>19</td><td>96</td><td>7</td><td>89</td><td>149</td><td>141</td><td>142</td><td>1</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>3</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>105</td><td>105</td><td>70</td><td>35</td><td>-</td><td>-</td><td>-</td><td>60</td><td>60</td><td>46</td><td>14</td></tr><tr><td>French Morocco</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>4</td><td>12</td></tr><tr><td>Uoins of South Africa</td><td>42</td><td>42</td><td>9</td><td>33</td><td>-</td><td>-</td><td>-</td><td>161</td><td>161</td><td>140</td><td>21</td></tr><tr><td>All other</td><td>230</td><td>97</td><td>97</td><td>-</td><td>133</td><td>37</td><td>96</td><td>217</td><td>71</td><td>46</td><td>146</td></tr><tr><td>Total other countries</td><td>568</td><td>332</td><td>245</td><td>87</td><td>236</td><td>44</td><td>192</td><td>646</td><td>456</td><td>378</td><td>176</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>192</td></tr><tr><td>Grand total</td><td>153,735</td><td>39,971</td><td>23,535</td><td>16,436</td><td>113,764</td><td>4,845</td><td>108,919</td><td>241,116</td><td>148,829</td><td>31,959</td><td>116,870</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><td>92,289</td><td>4,116</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><td>68,171</td><td></td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
December 1946
91
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="7">1946</th></tr><tr><th></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><th>July</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>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><td>10,489</td></tr><tr><td>France</td><td>-171</td><td>-170</td><td>-168</td><td>-164</td><td>-182</td><td>-90</td><td>-40</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td></tr><tr><td>Belgium</td><td>-331</td><td>-351</td><td>-352</td><td>-314</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><td>27</td></tr><tr><td>Germany</td><td>-</td><td>-28</td><td>-28</td><td>-29</td><td>-28</td><td>-28</td><td>-27</td><td>-27</td><td>-27</td><td>-27</td><td>-26</td><td>-26</td><td>-25</td></tr><tr><td>Italy</td><td>-19</td><td>-62</td><td>-60</td><td>-61</td><td>-61</td><td>-61</td><td>-64</td><td>-64</td><td>-64</td><td>-54</td><td>-53</td><td>-53</td><td>-53</td></tr><tr><td>Netherlands</td><td>-808</td><td>-771</td><td>-801</td><td>-769</td><td>-613</td><td>-677</td><td>-156</td><td>-310</td><td>-6</td><td>8</td><td>15</td><td>33</td><td>192</td></tr><tr><td>Portugal</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><td>133</td></tr><tr><td>Spain</td><td>-90</td><td>-92</td><td>-94</td><td>-99</td><td>-103</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td><td>-74</td></tr><tr><td>Sweden</td><td>356</td><td>-8</td><td>-2</td><td>-273</td><td>-205</td><td>-114</td><td>-35</td><td>-81</td><td>56</td><td>87</td><td>-133</td><td>196</td><td>421</td></tr><tr><td>Switzerland</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>204</td><td>138</td><td>132</td><td>132</td><td>237</td></tr><tr><td>Other Europe</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>11</td><td>16</td><td>131</td></tr><tr><td>Total Europe</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>-1,424</td><td>-2,220</td><td>-835</td><td>-782</td><td>-2,080</td><td>11,369</td></tr><tr><td>Canada</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><td>9,426</td></tr><tr><td>Latin America</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>184</td><td>1,101</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 and Manchuria 1/.</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><td>-12</td></tr><tr><td>Hong Kong</td><td>-2,123</td><td>-2,122</td><td>-2,122</td><td>-2,120</td><td>-2,138</td><td>-2,536</td><td>-3,297</td><td>-4,537</td><td>-4,515</td><td>-3,683</td><td>-3,673</td><td>-3,598</td><td>-3,093</td></tr><tr><td>Japan</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><td>-15</td></tr><tr><td>Other Asia</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><td>-2,028</td></tr><tr><td>Total Asia</td><td>-2,110</td><td>-2,285</td><td>-2,283</td><td>-2,406</td><td>-2,443</td><td>-2,859</td><td>-3,993</td><td>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td><td>-5,920</td><td>-5,148</td></tr><tr><td>All other</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><td>768</td></tr><tr><td>Grand total</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>-1,467</td><td>-1,854</td><td>-663</td><td>689</td><td>-2,196</td><td>17,516</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan.
92
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>Vacuum</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</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>1945-August</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>19,422</td><td>12,901</td><td>12,800</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>17</td></tr><tr><td>November</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td><td>-</td></tr><tr><td>December</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>85</td></tr><tr><td>1946-January</td><td>20,190</td><td>12,181</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>February</td><td>20,433</td><td>14,563</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>March</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>21,369</td><td>16,512</td><td>16,512</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>May</td><td>28,178</td><td>18,775</td><td>18,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>51,390</td><td>44,868</td><td>44,425</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</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><td></td></tr><tr><td>1945-August</td><td>2,906</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>2,339</td><td>619</td><td>619</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>November</td><td>2,043</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>2,857</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>1451</td><td>1451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,550</td><td>1480</td><td>1480</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>78</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>-</td></tr><tr><td>May</td><td>548</td><td>86</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</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>-</td></tr><tr><td>July</td><td>1,043</td><td>646</td><td>646</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-August</td><td>5,988</td><td>4,668</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>9,486</td><td>9,386</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>12,783</td><td>12,663</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>1</td><td>17</td></tr><tr><td>December</td><td>16,676</td><td>11,441</td><td>11,350</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>-</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>85</td></tr><tr><td>February</td><td>18,640</td><td>12,301</td><td>12,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>19,361</td><td>14,391</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>16,845</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>July</td><td>49,747</td><td>44,222</td><td>43,779</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td>10,404</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>812</td><td>-</td><td>1</td><td>-</td></tr><tr><td>1945-August</td><td>16,983</td><td>11,531</td><td>10,832</td><td>2</td><td>51</td><td>-</td><td>10</td><td>812</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>24,769</td><td>16,661</td><td>15,758</td><td>2</td><td>59</td><td>-</td><td>10</td><td>812</td><td>35</td><td>1</td><td>350</td></tr><tr><td>October</td><td>28,802</td><td>19,385</td><td>18,989</td><td>2</td><td>51</td><td>-</td><td>11</td><td>381</td><td>158</td><td>1</td><td>194</td></tr><tr><td>November</td><td>29,226</td><td>19,668</td><td>18,967</td><td>2</td><td>51</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>December</td><td>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>184</td><td>1</td><td>150</td></tr><tr><td>1946-January</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>184</td><td>1</td><td>73</td></tr><tr><td>February</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>20</td></tr><tr><td>March</td><td>49,579</td><td>40,461</td><td>40,221</td><td>9</td><td>52</td><td>-</td><td>18</td><td>5</td><td>37</td><td>1</td><td>120</td></tr><tr><td>April</td><td>44,833</td><td>38,535</td><td>38,348</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>May</td><td>58,636</td><td>40,900</td><td>40,447</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>401</td></tr><tr><td>June</td><td>105,310</td><td>92,280</td><td>90,958</td><td>19</td><td>42</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>1,081</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><td></td></tr><tr><td>1945-August</td><td>931</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,958</td><td>1,582</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td></tr><tr><td>October</td><td>2,000</td><td>1,649</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>November</td><td>2,354</td><td>1,594</td><td>1,195</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>December</td><td>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>-</td></tr><tr><td>1946-January</td><td>2,327</td><td>1,135</td><td>941</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td></tr><tr><td>February</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>April</td><td>1,031</td><td>1,002</td><td>832</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>180</td></tr><tr><td>May</td><td>754</td><td>128</td><td>591</td><td>-</td><td>50</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>679</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td>July</td><td>2,666</td><td>2,666</td><td>2,098</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</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><td></td></tr><tr><td>1945-August</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>-</td><td>10</td><td>812</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>812</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>812</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>381</td><td>195</td><td>1</td><td>8</td></tr><tr><td>December</td><td>28,933</td><td>18,551</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>8</td></tr><tr><td>1946-January</td><td>39,914</td><td>22,498</td><td>21,902</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>184</td><td>1</td><td>36</td></tr><tr><td>February</td><td>48,273</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td></tr><tr><td>March</td><td>42,361</td><td>35,385</td><td>35,333</td><td>-</td><td>5</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>39,566</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><tr><td>July</td><td>102,644</td><td>89,614</td><td>88,860</td><td>19</td><td>39</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>516</td></tr></table>
(Continued on following page)
December 1946
93
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>Contract as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>China and Manchuria</th><th>Asia Hong Kong</th><th>Japan</th><th>Other Asia</th><th>All other</th></tr><tr><th></th><th>Switzerland</th><th>Other Europe</th><th></th><th></th><th></th><th>1/</th><th></th><th></th><th></th><th></th></tr><tr><td colspan="11">Currency ef:</td></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td></td><td></td><td>1,858</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td></td><td>83</td><td>5</td></tr><tr><td>1945-August</td><td>190</td><td>2</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td></td><td>96</td><td>149</td></tr><tr><td>September</td><td></td><td>1</td><td>5,156</td><td>7</td><td>1,230</td><td>380</td><td>824</td><td></td><td>26</td><td>111</td></tr><tr><td>October</td><td></td><td>1</td><td>5,618</td><td>1,534</td><td>1,204</td><td>380</td><td>824</td><td></td><td></td><td>75</td></tr><tr><td>November</td><td></td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td></td><td></td><td>103</td></tr><tr><td>December</td><td></td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td></td><td>627</td><td>65</td></tr><tr><td>1946-January</td><td></td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td></td><td>556</td><td>65</td></tr><tr><td>February</td><td></td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td></td><td>663</td><td>52</td></tr><tr><td>March</td><td></td><td>7</td><td>3,957</td><td>938</td><td>1,974</td><td></td><td>1,595</td><td></td><td>379</td><td>52</td></tr><tr><td>April</td><td></td><td>7</td><td>3,238</td><td>237</td><td>1,175</td><td></td><td>985</td><td></td><td>171</td><td>60</td></tr><tr><td>May</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>874</td><td>24</td></tr><tr><td>June</td><td></td><td>19</td><td>2,497</td><td>857</td><td>2,552</td><td>190</td><td>1,028</td><td></td><td>1,334</td><td>616</td></tr><tr><td>July</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-August</td><td>190</td><td></td><td>537</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></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>190</td><td></td><td>1,230</td><td>380</td><td>824</td><td></td><td>26</td><td></td></tr><tr><td>November</td><td></td><td></td><td>17</td><td></td><td>1,204</td><td>380</td><td>824</td><td></td><td></td><td></td></tr><tr><td>December</td><td></td><td></td><td>148</td><td></td><td>1,204</td><td>380</td><td>824</td><td></td><td></td><td>65</td></tr><tr><td>1946-January</td><td></td><td></td><td>73</td><td></td><td>1,774</td><td>380</td><td>854</td><td></td><td>530</td><td></td></tr><tr><td>February</td><td></td><td></td><td></td><td>4</td><td>997</td><td>380</td><td>61</td><td></td><td>596</td><td></td></tr><tr><td>March</td><td></td><td></td><td>105</td><td></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>610</td><td></td><td>241</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>July</td><td></td><td></td><td></td><td></td><td>875</td><td>10</td><td>613</td><td></td><td>852</td><td>122</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-August</td><td></td><td>2</td><td>1,321</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5</td></tr><tr><td>September</td><td></td><td>3</td><td>1,192</td><td>3</td><td></td><td></td><td></td><td></td><td></td><td>20</td></tr><tr><td>October</td><td></td><td>4</td><td>4,666</td><td>3</td><td></td><td></td><td></td><td></td><td></td><td>131</td></tr><tr><td>November</td><td></td><td>6</td><td>5,601</td><td>1,534</td><td></td><td></td><td></td><td></td><td></td><td>35</td></tr><tr><td>December</td><td></td><td>6</td><td>3,666</td><td>1,531</td><td></td><td></td><td></td><td></td><td></td><td>38</td></tr><tr><td>1946-January</td><td></td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td></td><td>136</td><td></td><td>97</td><td>65</td></tr><tr><td>February</td><td></td><td>1</td><td>4,415</td><td>1,531</td><td>125</td><td></td><td>328</td><td></td><td></td><td>65</td></tr><tr><td>March</td><td></td><td>7</td><td>3,100</td><td>988</td><td>933</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>3,268</td><td>237</td><td>769</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>1,498</td><td>322</td><td>904</td><td></td><td>272</td><td></td></tr><tr><td>July</td><td></td><td>19</td><td>2,497</td><td>857</td><td>1,677</td><td>180</td><td>415</td><td></td><td>1,082</td><td>494</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td></td><td></td><td>3,978</td><td>591</td><td>294</td><td>19</td><td></td><td></td><td>231</td><td>2</td></tr><tr><td>1945-August</td><td>220</td><td>2</td><td>4,179</td><td>392</td><td>302</td><td>19</td><td></td><td></td><td>279</td><td>29</td></tr><tr><td>September</td><td>30</td><td>5</td><td>7,556</td><td>395</td><td>163</td><td>19</td><td></td><td></td><td>140</td><td>25</td></tr><tr><td>October</td><td>30</td><td>6</td><td>8,077</td><td>656</td><td>56</td><td>19</td><td></td><td></td><td>33</td><td>18</td></tr><tr><td>November</td><td></td><td>6</td><td>8,969</td><td>827</td><td>60</td><td>19</td><td></td><td></td><td>37</td><td>102</td></tr><tr><td>December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td></td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td></td><td>1,892</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></td><td>1,782</td><td>93</td></tr><tr><td>March</td><td></td><td>7</td><td>4,908</td><td>982</td><td>2,054</td><td>19</td><td>379</td><td></td><td>1,692</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></td><td>2,451</td><td>64</td></tr><tr><td>May</td><td></td><td>6</td><td>5,249</td><td>218</td><td>1,778</td><td>19</td><td></td><td></td><td>1,799</td><td>93</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>63</td><td></td><td>3,228</td><td>61</td></tr><tr><td>July</td><td></td><td>47</td><td>5,285</td><td>1,290</td><td>4,702</td><td>19</td><td></td><td></td><td>4,616</td><td>1,793</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-August</td><td></td><td></td><td>9</td><td>335</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September</td><td></td><td></td><td>9</td><td>387</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October</td><td></td><td></td><td>228</td><td>395</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November</td><td></td><td></td><td>680</td><td>562</td><td></td><td></td><td></td><td></td><td></td><td>18</td></tr><tr><td>December</td><td></td><td></td><td></td><td>718</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td></td><td></td><td>640</td><td>372</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February</td><td></td><td></td><td>650</td><td>242</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March</td><td></td><td></td><td></td><td>153</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April</td><td></td><td></td><td>10</td><td>32</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td></td><td></td><td></td><td>26</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>13</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td></td><td></td><td></td><td>60</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-August</td><td>220</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td></td><td></td><td>231</td><td>2</td></tr><tr><td>September</td><td>30</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td></td><td></td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,555</td><td></td><td>163</td><td>19</td><td></td><td></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>55</td><td>19</td><td></td><td></td><td>37</td><td>18</td></tr><tr><td>December</td><td></td><td>6</td><td>7,129</td><td>109</td><td>60</td><td>19</td><td></td><td></td><td>37</td><td>64</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></td><td>1,292</td><td>74</td></tr><tr><td>February</td><td></td><td>1</td><td>8,127</td><td>430</td><td>2,022</td><td>19</td><td>277</td><td></td><td>1,782</td><td>93</td></tr><tr><td>March</td><td></td><td>7</td><td>4,508</td><td>429</td><td>2,054</td><td>19</td><td>379</td><td></td><td>1,692</td><td>85</td></tr><tr><td>April</td><td></td><td>7</td><td>5,967</td><td>139</td><td>2,853</td><td>19</td><td>379</td><td></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></td><td>1,795</td><td>93</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>63</td><td></td><td>3,228</td><td>61</td></tr><tr><td>July</td><td></td><td>47</td><td>5,285</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td></td><td>4,616</td><td>1,793</td></tr></table>
1/ Beginning July 1946 Manchuria is included with China instead of Japan
94
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in
the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th>Transactions during month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-August</td><td>58,112</td><td>32,782</td><td>23,856</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>Spot</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>Forward</td><td>72,184</td><td>39,946</td><td>31,149</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>September</td><td>7,306</td><td>5,809</td><td>5,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spot</td><td>79,149</td><td>38,096</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>Forward</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Spot</td><td>14,823</td><td>6,169</td><td>6,042</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>110</td><td>-</td></tr><tr><td>Forward</td><td>98,936</td><td>54,552</td><td>42,821</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>594</td><td>601</td></tr><tr><td>November</td><td>101,507</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>Spot</td><td>11,118</td><td>5,777</td><td>5,698</td><td>4</td><td>-</td><td>-</td><td>3</td><td>315</td><td>1409</td><td>335</td></tr><tr><td>Forward</td><td>105,317</td><td>65,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>20</td><td>-</td><td>573</td><td>821</td><td>356</td></tr><tr><td>Spot</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Forward</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>-</td><td>25</td><td>-</td><td>163</td><td>1,732</td><td>329</td></tr><tr><td>March</td><td>138,241</td><td>69,813</td><td>57,369</td><td>1,113</td><td>654</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>13,082</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>17</td><td>-</td><td>626</td><td>1,024</td><td>369</td></tr><tr><td>Forward</td><td>123,496</td><td>73,010</td><td>59,076</td><td>1,192</td><td>898</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>April</td><td>12,989</td><td>8,597</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>10</td><td>206</td><td>1,691</td><td>370</td></tr><tr><td>Spot</td><td>129,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>149</td><td>485</td><td>1,329</td><td>410</td></tr><tr><td>May</td><td>209,795</td><td>144,571</td><td>123,091</td><td>2,282</td><td>1,201</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>44,812</td><td>37,888</td><td>37,403</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-August</td><td>31,652</td><td>18,995</td><td>10,498</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Spot</td><td>2,896</td><td>1,674</td><td>1,674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>36,594</td><td>19,575</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>September</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spot</td><td>48,043</td><td>29,646</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>Forward</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>56,188</td><td>37,813</td><td>29,231</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>Spot</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>Forward</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>368</td><td>543</td><td>453</td></tr><tr><td>Spot</td><td>65,161</td><td>39,315</td><td>29,150</td><td>859</td><td>537</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>7,229</td><td>2,783</td><td>2,704</td><td>4</td><td>1</td><td>224</td><td>-</td><td>407</td><td>320</td></tr><tr><td>1946-January</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>7,102</td><td>4,490</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>95,259</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>Spot</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>163</td><td>6</td><td>302</td></tr><tr><td>March</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>4</td><td>-</td><td>1,706</td><td>-</td></tr><tr><td>Spot</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>April</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>10</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>Spot</td><td>7,257</td><td>4,155</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>81,782</td><td>47,698</td><td>35,406</td><td>1,276</td><td>676</td><td>10</td><td>198</td><td>1,194</td><td>372</td></tr><tr><td>Spot</td><td>10,889</td><td>6,160</td><td>6,580</td><td>1</td><td>-</td><td>49</td><td>485</td><td>-</td><td>-</td></tr><tr><td>June</td><td>154,151</td><td>117,486</td><td>97,964</td><td>2,026</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>30,533</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Purchases from others:</td></tr><tr><td>1945-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>21</td><td>11</td></tr><tr><td>Spot</td><td>2,089</td><td>1,429</td><td>1,429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>1</td></tr><tr><td>Forward</td><td>35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>1</td><td>-</td><td>3</td></tr><tr><td>September</td><td>2,523</td><td>2,060</td><td>2,060</td><td>-</td><td>-</td><td>-</td><td>40</td><td>29</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,106</td><td>12,210</td><td>11,139</td><td>84</td><td>55</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>-</td><td>-</td><td>5</td><td>29</td><td>38</td></tr><tr><td>Spot</td><td>27,934</td><td>12,274</td><td>11,104</td><td>83</td><td>210</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>4</td></tr><tr><td>Spot</td><td>36,270</td><td>13,459</td><td>11,990</td><td>298</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>3,412</td><td>2,214</td><td>2,214</td><td>49</td><td>26</td><td>3</td><td>44</td><td>56</td></tr><tr><td>Spot</td><td>42,447</td><td>18,839</td><td>18,140</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>3,889</td><td>2,994</td><td>2,994</td><td>54</td><td>93</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Spot</td><td>32,133</td><td>13,998</td><td>13,548</td><td>-</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>February</td><td>2,390</td><td>2,062</td><td>2,062</td><td>74</td><td>35</td><td>-</td><td>-</td><td>26</td><td>27</td></tr><tr><td>Spot</td><td>41,817</td><td>18,485</td><td>17,431</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>5,765</td><td>3,888</td><td>3,888</td><td>101</td><td>135</td><td>-</td><td>-</td><td>51</td><td>17</td></tr><tr><td>Spot</td><td>52,412</td><td>24,110</td><td>25,129</td><td>-</td><td>-</td><td>5</td><td>2</td><td>5</td><td>58</td></tr><tr><td>April</td><td>6,788</td><td>5,129</td><td>5,129</td><td>262</td><td>119</td><td>-</td><td>8</td><td>-</td><td>38</td></tr><tr><td>Spot</td><td>56,329</td><td>28,190</td><td>27,113</td><td>112</td><td>103</td><td>-</td><td>-</td><td>135</td><td>-</td></tr><tr><td>May</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>47,957</td><td>19,485</td><td>18,827</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>3,009</td><td>1,718</td><td>1,650</td><td>256</td><td>42</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>55,644</td><td>27,085</td><td>25,127</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>14,179</td><td>12,175</td><td>11,690</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
December 1946
95
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)
Currency of:
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>Japan 1/</th><th>Other Asia</th></tr></table>
Purchases
<table><tr><td>Total purchases:</td><td>1945-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>-</td><td>865</td><td>4,101</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,836</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td></td><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>-</td><td>1,305</td><td>4,435</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>181</td><td>-</td></tr><tr><td></td><td>October</td><td>Spot</td><td>1,826</td><td>5,564</td><td>174</td><td>31,805</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>5,846</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td></td><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>-</td><td>1,188</td><td>5,778</td></tr><tr><td></td><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>-</td><td>-</td></tr><tr><td></td><td>December</td><td>Spot</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,531</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</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>-</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>-</td><td>844</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,786</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,421</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>2,481</td><td>6,931</td><td>616</td><td>43,375</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,152</td><td>5,17</td><td>1,854</td><td>-</td><td>1,854</td><td>-</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>-</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>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,708</td><td>4,895</td><td>7,240</td><td>-</td><td>7,240</td><td>10,613</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,306</td><td>114</td><td>912</td><td>-</td><td>912</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>2,867</td><td>5,502</td><td>375</td><td>38,895</td><td>6,414</td><td>7,281</td><td>-</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>-</td><td>1,903</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>5,371</td><td>9,600</td><td>753</td><td>37,996</td><td>6,528</td><td>8,422</td><td>-</td><td>8,422</td><td>12,878</td></tr><tr><td></td><td>Forward</td><td>417</td><td>-</td><td>-</td><td>3,468</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>Purchases from banks:</td><td>1945-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>-</td><td>768</td><td>1,771</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,176</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td></td><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>-</td><td>1,270</td><td>1,795</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>994</td><td>-</td><td>40</td><td>-</td><td>40</td><td>-</td></tr><tr><td></td><td>October</td><td>Spot</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,174</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td></td><td>November</td><td>Spot</td><td>1,222</td><td>5,480</td><td>168</td><td>13,852</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,136</td></tr><tr><td></td><td></td><td>Forward</td><td>17</td><td>-</td><td>-</td><td>2,278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><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>-</td><td>2,353</td><td>1,320</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,914</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>1946-January</td><td>Spot</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>-</td><td>3,633</td><td>1,821</td></tr><tr><td></td><td>Forward</td><td>75</td><td>-</td><td>-</td><td>3,502</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>1,890</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,093</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</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>-</td><td>6,580</td><td>1,893</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>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>-</td><td>7,574</td><td>1,632</td></tr><tr><td></td><td>Forward</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,765</td><td>3,704</td><td>6,737</td><td>-</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>-</td><td>432</td><td>-</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>-</td><td>6,820</td><td>1,992</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>-</td><td>1,563</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>4,194</td><td>9,480</td><td>563</td><td>19,558</td><td>5,355</td><td>7,977</td><td>-</td><td>7,977</td><td>3,175</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,582</td><td>-</td><td>1,658</td><td>-</td><td>1,658</td><td>680</td></tr><tr><td>Purchases from others:</td><td>1945-August</td><td>Spot</td><td>38</td><td>228</td><td>91</td><td>9,391</td><td>855</td><td>97</td><td>-</td><td>97</td><td>2,330</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>September</td><td>Spot</td><td>126</td><td>37</td><td>66</td><td>11,441</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,640</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>159</td><td>3</td><td>-</td><td>-</td><td>-</td><td>101</td></tr><tr><td></td><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>-</td><td>63</td><td>2,868</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><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>-</td><td>10</td><td>4,442</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,845</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>December</td><td>Spot</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,561</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>242</td><td>4,803</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>90</td><td>35</td><td>68</td><td>11,590</td><td>880</td><td>732</td><td>-</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>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>262</td><td>229</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>-</td><td>643</td><td>6,382</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>162</td><td>120</td><td>103</td><td>17,395</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,294</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>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>99</td><td>47</td><td>175</td><td>17,942</td><td>1,191</td><td>503</td><td>-</td><td>503</td><td>8,503</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>646</td><td>114</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>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>-</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>-</td><td>340</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>445</td><td>-</td><td>445</td><td>9,103</td></tr><tr><td></td><td>Forward</td><td>417</td><td>-</td><td>-</td><td>886</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr></table>
(Continued on following page)
96
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of:</th></tr><tr><th colspan="8">Europe (continued on following page)</th></tr><tr><td></td><td></td><td>Total Europe</td><td>United Kingdom</td><td>France</td><td>Belgium</td><td>Germany</td><td>Italy</td><td>Nether-lands</td><td>Portugal</td><td>Spain</td></tr></table>
<table><tr><th colspan="10">Sales</th></tr><tr><td>Total sales: 1945-August</td><td>Spot</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>2</td><td>650</td><td>340</td></tr><tr><td></td><td>Forward</td><td>6,298</td><td>3,156</td><td>3,139</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September</td><td>Spot</td><td>75,930</td><td>46,878</td><td>40,421</td><td>118</td><td>267</td><td>17</td><td>533</td><td>238</td></tr><tr><td></td><td>Forward</td><td>9,626</td><td>5,119</td><td>5,418</td><td></td><td></td><td></td><td></td><td>1</td></tr><tr><td>October</td><td>Spot</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td></td><td>797</td><td>518</td></tr><tr><td></td><td>Forward</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td></td><td></td><td>35</td><td></td></tr><tr><td>November</td><td>Spot</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>148</td><td>552</td><td>642</td></tr><tr><td></td><td>Forward</td><td>17,775</td><td>9,091</td><td>8,958</td><td></td><td></td><td>1</td><td>124</td><td></td></tr><tr><td>December</td><td>Spot</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>64</td><td>615</td><td>595</td></tr><tr><td></td><td>Forward</td><td>19,340</td><td>7,904</td><td>7,209</td><td></td><td></td><td></td><td>41</td><td></td></tr><tr><td>1946-January</td><td>Spot</td><td>95,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>2</td><td>575</td><td>506</td></tr><tr><td></td><td>Forward</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td></td><td>49</td><td></td><td></td></tr><tr><td>February</td><td>Spot</td><td>98,862</td><td>64,621</td><td>55,683</td><td>598</td><td>517</td><td>4</td><td>373</td><td>335</td></tr><tr><td></td><td>Forward</td><td>19,294</td><td>12,200</td><td>12,200</td><td></td><td></td><td>272</td><td></td><td></td></tr><tr><td>March</td><td>Spot</td><td>121,158</td><td>68,372</td><td>55,312</td><td>739</td><td>729</td><td>21</td><td>863</td><td>758</td></tr><tr><td></td><td>Forward</td><td>23,695</td><td>14,958</td><td>14,937</td><td></td><td>2</td><td>26</td><td></td><td></td></tr><tr><td>April</td><td>Spot</td><td>130,055</td><td>66,797</td><td>56,299</td><td>1,118</td><td>680</td><td>16</td><td>1,738</td><td>347</td></tr><tr><td></td><td>Forward</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td></td><td>26</td><td>12</td><td></td></tr><tr><td>May</td><td>Spot</td><td>128,190</td><td>75,340</td><td>61,123</td><td>1,489</td><td>1,119</td><td>16</td><td>1,008</td><td>370</td></tr><tr><td></td><td>Forward</td><td>16,965</td><td>10,223</td><td>10,077</td><td></td><td></td><td>12</td><td>14</td><td></td></tr><tr><td>June</td><td>Spot</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>12</td><td>1,603</td><td>395</td></tr><tr><td></td><td>Forward</td><td>23,010</td><td>12,120</td><td>11,856</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>Spot</td><td>159,030</td><td>107,104</td><td>87,358</td><td>2,202</td><td>1,073</td><td>52</td><td>1,205</td><td>393</td></tr><tr><td></td><td>Forward</td><td>75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td></td><td>64</td><td></td></tr><tr><th colspan="10">Sales to banks: 1945-August</th></tr><tr><td>Spot</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td></td><td></td><td>343</td><td>276</td></tr><tr><td>Forward</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>Spot</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></tr><tr><td></td><td>Forward</td><td>4,806</td><td>3,905</td><td>3,905</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October</td><td>Spot</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>2</td><td>438</td><td>431</td></tr><tr><td></td><td>Forward</td><td>8,129</td><td>4,423</td><td>4,077</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November</td><td>Spot</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>71</td><td>3</td><td>135</td><td>433</td></tr><tr><td></td><td>Forward</td><td>8,010</td><td>5,208</td><td>5,208</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December</td><td>Spot</td><td>34,499</td><td>18,922</td><td>15,951</td><td>290</td><td>75</td><td></td><td>313</td><td>520</td></tr><tr><td></td><td>Forward</td><td>8,259</td><td>5,112</td><td>4,720</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td>Spot</td><td>37,088</td><td>19,137</td><td>16,195</td><td>82</td><td>17</td><td>27</td><td>288</td><td>329</td></tr><tr><td></td><td>Forward</td><td>6,220</td><td>3,980</td><td>3,877</td><td>4</td><td></td><td></td><td>67</td><td>229</td></tr><tr><td>February</td><td>Spot</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>1</td><td>67</td><td>229</td></tr><tr><td></td><td>Forward</td><td>7,919</td><td>6,110</td><td>6,110</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March</td><td>Spot</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>5</td><td>590</td><td>215</td></tr><tr><td></td><td>Forward</td><td>13,510</td><td>8,470</td><td>8,451</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April</td><td>Spot</td><td>56,615</td><td>29,515</td><td>25,028</td><td>447</td><td>179</td><td></td><td>1,473</td><td>249</td></tr><tr><td></td><td>Forward</td><td>10,219</td><td>7,161</td><td>7,060</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>Spot</td><td>52,157</td><td>31,518</td><td>26,453</td><td>438</td><td>424</td><td>3</td><td>681</td><td>228</td></tr><tr><td></td><td>Forward</td><td>9,349</td><td>7,428</td><td>7,080</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>Spot</td><td>53,182</td><td>30,357</td><td>26,585</td><td>246</td><td>165</td><td></td><td>475</td><td>191</td></tr><tr><td></td><td>Forward</td><td>8,919</td><td>6,275</td><td>6,011</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>33</td><td>930</td><td>210</td></tr><tr><td></td><td>Forward</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td></td><td>40</td><td>20</td><td></td></tr><tr><th colspan="10">Sales to others: 1945-August</th></tr><tr><td>Spot</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td></td><td>2</td><td>307</td><td>64</td></tr><tr><td>Forward</td><td>4,118</td><td>1,415</td><td>1,398</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September</td><td>Spot</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td></td><td>362</td><td>49</td></tr><tr><td></td><td>Forward</td><td>4,820</td><td>1,514</td><td>1,513</td><td></td><td></td><td></td><td></td><td>1</td></tr><tr><td>October</td><td>Spot</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></tr><tr><td></td><td>Forward</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td></td><td></td><td>35</td><td></td></tr><tr><td>November</td><td>Spot</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>135</td><td>145</td><td>416</td><td>209</td></tr><tr><td></td><td>Forward</td><td>9,765</td><td>3,843</td><td>3,718</td><td></td><td></td><td>1</td><td>124</td><td></td></tr><tr><td>December</td><td>Spot</td><td>50,934</td><td>32,935</td><td>25,041</td><td>226</td><td>289</td><td>64</td><td>302</td><td>75</td></tr><tr><td></td><td>Forward</td><td>11,081</td><td>2,852</td><td>2,489</td><td></td><td></td><td></td><td>41</td><td></td></tr><tr><td>1946-January</td><td>Spot</td><td>59,608</td><td>34,110</td><td>27,123</td><td>185</td><td>566</td><td>2</td><td>347</td><td>175</td></tr><tr><td></td><td>Forward</td><td>17,552</td><td>9,174</td><td>9,117</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February</td><td>Spot</td><td>61,925</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>21</td><td>306</td><td>106</td></tr><tr><td></td><td>Forward</td><td>11,175</td><td>6,090</td><td>6,090</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March</td><td>Spot</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>21</td><td>273</td><td>143</td></tr><tr><td></td><td>Forward</td><td>10,185</td><td>6,488</td><td>6,488</td><td></td><td>2</td><td>259</td><td></td><td></td></tr><tr><td>April</td><td>Spot</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>26</td><td>265</td><td>98</td></tr><tr><td></td><td>Forward</td><td>9,380</td><td>4,980</td><td>4,959</td><td>9</td><td></td><td></td><td>12</td><td></td></tr><tr><td>May</td><td>Spot</td><td>72,033</td><td>43,792</td><td>34,670</td><td>1,051</td><td>695</td><td>13</td><td>327</td><td>142</td></tr><tr><td></td><td>Forward</td><td>7,616</td><td>3,011</td><td>2,997</td><td></td><td></td><td></td><td>14</td><td></td></tr><tr><td>June</td><td>Spot</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>512</td><td>12</td><td>1,128</td><td>165</td></tr><tr><td></td><td>Forward</td><td>14,091</td><td>5,845</td><td>5,805</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>Spot</td><td>90,194</td><td>50,775</td><td>46,625</td><td>1,601</td><td>773</td><td>19</td><td>276</td><td>183</td></tr><tr><td></td><td>Forward</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>284</td><td>44</td><td></td></tr></table>
(Continued on following page)
December 1946
97
Position
n 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">Canada</th><th colspan="3">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>Japan 1/</th><th>Other Asia</th></tr><tr><td colspan="13">Sales</td></tr><tr><td>Total sales: 1945-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>985</td><td>3,358</td></tr><tr><td></td><td>Forward</td><td>661</td><td>17</td><td>147</td><td>2,991</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>-</td><td>4,489</td><td>-</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td></td><td>Forward</td><td>1,746</td><td>-</td><td>180</td><td>4,052</td><td>88</td><td>87</td><td>-</td><td>87</td><td>20</td></tr><tr><td>October</td><td>Spot</td><td>1,346</td><td>5,579</td><td>-</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td></td><td>Forward</td><td>8</td><td>264</td><td>-</td><td>6,956</td><td>137</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>November</td><td>Spot</td><td>1,347</td><td>5,723</td><td>-</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td></td><td>Forward</td><td>8</td><td>8328</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>1,859</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>2,800</td><td>65</td></tr><tr><td></td><td>Forward</td><td>52</td><td>662</td><td>-</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>122</td><td>122</td></tr><tr><td>1946-January</td><td>Spot</td><td>1,751</td><td>5,384</td><td>214</td><td>29,516</td><td>4,510</td><td>4,795</td><td>-</td><td>4,795</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>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot</td><td>1,982</td><td>4,653</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>9</td><td>6,272</td><td>4,177</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>March</td><td>Spot</td><td>2,319</td><td>6,759</td><td>670</td><td>41,492</td><td>4,387</td><td>5,445</td><td>-</td><td>5,445</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>1,752</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>7,372</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>2,162</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>7,537</td><td>6,999</td></tr><tr><td></td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>6,139</td><td>123</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>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>7,562</td><td>5,801</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>1,859</td><td>33</td></tr><tr><td>July</td><td>Spot</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,559</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td></td><td>Forward</td><td>1,161</td><td>114</td><td>-</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>1,743</td><td>1,866</td></tr><tr><td colspan="13">Sales to banks: 1945-August</td></tr><tr><td></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>209</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><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>170</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><td>-</td></tr><tr><td>October</td><td>Spot</td><td>750</td><td>1,023</td><td>44</td><td>15,793</td><td>387</td><td>218</td><td>-</td><td>218</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>3</td><td>-</td><td>3</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>689</td><td>1,200</td><td>84</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td></td><td>Forward</td><td>8</td><td>-</td><td>-</td><td>2,752</td><td>-</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>250</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><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>608</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><td>-</td></tr><tr><td>February</td><td>Spot</td><td>1,076</td><td>1,046</td><td>35</td><td>7,838</td><td>614</td><td>1,577</td><td>-</td><td>1,577</td><td>2,403</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</td><td>431</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td></td><td>Forward</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>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>654</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><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>991</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><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>534</td><td>3,939</td></tr><tr><td></td><td>Forward</td><td>254</td><td>-</td><td>-</td><td>2,458</td><td>53</td><td>133</td><td>-</td><td>133</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,968</td><td>1,326</td><td>148</td><td>15,793</td><td>1,191</td><td>1,102</td><td>-</td><td>1,102</td><td>4,411</td></tr><tr><td></td><td>Forward</td><td>417</td><td>-</td><td>38</td><td>2,452</td><td>103</td><td>94</td><td>-</td><td>94</td><td>297</td></tr><tr><td colspan="13">Sales to others: 1945-August</td></tr><tr><td></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>776</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>110</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>1,104</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>47</td><td>20</td></tr><tr><td>October</td><td>Spot</td><td>996</td><td>4,556</td><td>135</td><td>15,403</td><td>2,759</td><td>1,113</td><td>-</td><td>1,113</td><td>2,523</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,185</td><td>56</td><td>56</td><td>-</td><td>56</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>658</td><td>4,523</td><td>200</td><td>11,625</td><td>4,178</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>395</td><td>-</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>2,550</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>122</td><td>59</td></tr><tr><td>1946-January</td><td>Spot</td><td>852</td><td>4,073</td><td>165</td><td>15,811</td><td>3,533</td><td>4,187</td><td>-</td><td>4,187</td><td>1,837</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>187</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,485</td><td>4,704</td><td>9</td><td>4,695</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>1,577</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>1,045</td><td>-</td><td>1,045</td><td>2,105</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>128</td><td>1,222</td><td>-</td><td>1,222</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>1,169</td><td>4,621</td><td>473</td><td>23,201</td><td>4,195</td><td>6,718</td><td>-</td><td>6,718</td><td>2,074</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,212</td><td>26</td><td>2,162</td><td>-</td><td>2,162</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>6,546</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>307</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>1,028</td><td>-</td><td>1,028</td><td>1,852</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>1,726</td><td>33</td></tr><tr><td>July</td><td>Spot</td><td>2,444</td><td>8,170</td><td>400</td><td>15,395</td><td>4,468</td><td>7,079</td><td>-</td><td>7,079</td><td>2,477</td></tr><tr><td></td><td>Forward</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr></table>
1
Beginning with July 1946 Manchuria is included with China instead of Japan.
Treas. HJ 10 .A2 1946 c.2
U.S. Treasury Dept.
Treasury Bulletin