TREASURY DEPARTMENT
LILY AFFY
ROOM 2013
TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
1reas. HT 10 1A2 C.2
TREASURY BULLETIN
JANUARY-1947
LIBRARY ROOM 5030 JUN 21 1972 TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
January 1947
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td>Articles:</td><td></td></tr><tr><td>A prosperous America of tomorrow (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>Other speeches by Treasury officials</td><td>A-3</td></tr><tr><td>Treasury market financing</td><td>A-4</td></tr><tr><td>Corporation income and taxable excess profits tax returns for 1943</td><td>A-7</td></tr><tr><td>Statistical section:</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures and appropriations</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>16</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>19</td></tr><tr><td>Ownership of United States Government securities</td><td>46</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>54</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>61</td></tr><tr><td>Internal revenue statistics</td><td>72</td></tr><tr><td>Monetary statistics</td><td>77</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>82</td></tr></table>
Note:
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2"></th><th colspan="13">Issues and page number</th></tr><tr><th colspan="2">1947</th><th colspan="11">1946</th></tr><tr><th></th><th>Jan.</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></tr><tr><td>Articles</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>A prosperous America of tomorrow (speech by Secretary Snyder).</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The role of the savings bonds program in today's economy (speech by Secretary Snyder).</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The economic problems of world peace and security (speech by Secretary Snyder).</td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td></td><td></td><td>A-1</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></td><td>A-1</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></td><td>A-1</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></td><td>A-1</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></td><td>A-5</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>A-12</td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-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>A-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></td><td>A-1</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></td><td>A-1</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>A-5</td><td></td></tr><tr><td>Other speeches by Treasury officials.</td><td>A-3</td><td>A-5</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1946.</td><td></td><td></td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-9</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</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></td><td>A-11</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></td><td>A-1</td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-22</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></td><td>A-27</td></tr><tr><td>Continuation of the savings bond program.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-28</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></td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-11</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 (example survey):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and tax liability.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-10</td><td></td></tr><tr><td>Marital and dependency status and number of employers.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</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>A-21</td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Complete returns for 1943.</td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>A-26</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></td><td></td><td></td><td>A-23</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>A-17</td><td></td></tr><tr><td>Federal Home Loan Bank financing.</td><td></td><td>A-18</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 market financing.</td><td>A-4</td><td>A-16</td><td>A-6</td><td>A-5</td><td>A-1</td><td>A-2</td><td>A-8</td><td>A-16</td><td>A-13</td><td>A-32</td><td>A-21</td><td>A-28</td></tr></table>
(Continued on following page)
January 1947
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Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1947</th><th colspan="11">Issue and page number 1946</th></tr><tr><th></th><th>Jan.</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></tr><tr><td><b>Summary of fiscal statistics</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></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><b>Receipts and expenditures and appropriations</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></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td>5</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>6</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>6</td><td>6</td><td>6</td><td>6</td><td>7</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of general expenditures</td><td>7</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></tr><tr><td>Analysis of expenditures for war activities</td><td>7</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></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfer to trust accounts, etc.</td><td>8</td><td>8</td><td>8</td><td>8</td><td>9</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</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>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></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</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>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></tr><tr><td>Means of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Social security program</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></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td>12</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>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></tr><tr><td>Railroad Retirement Act</td><td>13</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></tr><tr><td>Railroad Unemployment Insurance Act</td><td>13</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></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</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>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></tr><tr><td>Unemployment Trust Fund</td><td>14</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></tr><tr><td>Appropriations and net contract authorizations for the war activities program</td><td></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></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>15</td><td>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></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1, 1940</td><td>15</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></tr><tr><td><b>General Fund of the Treasury</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></tr><tr><td>Assets, liabilities, and balance in general fund</td><td>17</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></tr><tr><td>Analysis of changes in balance of general fund</td><td>18</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></tr><tr><td><b>Public debt and guaranteed obligations of United States Government</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></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years 1936-1945</td><td>20</td><td>20</td><td>21</td><td>21</td><td>22-23</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Fiscal years 1937-1946</td><td>21</td><td>21</td><td>22</td><td>22</td><td>23-24</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td></tr><tr><td>Monthly data</td><td>22</td><td>22</td><td>23</td><td>23</td><td>25</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Chart</td><td>23</td><td>23</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></tr><tr><td>Special issues</td><td>23</td><td>23</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></tr><tr><td>Guaranteed obligations held by the Treasury</td><td>24</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></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>28</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></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>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>28</td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td></td><td></td><td></td></tr><tr><td>April 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td></td><td></td><td></td></tr><tr><td>July 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>27</td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td>25</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></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946</td><td>25</td><td>25</td><td>26</td><td>26</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></tr><tr><td>Issuance and retirement of the public debt</td><td>26</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></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</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></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States</td><td>27-29</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>31</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>32-33</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th>1947</th><th colspan="11">1946</th></tr><tr><th></th><th>Jan.</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></tr><tr><td colspan="13">Public debt and guaranteed obligations of United States Government (continued)</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>34</td><td>34</td><td>33</td><td>33</td><td>35</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td></tr><tr><td>History of sales and redemptions</td><td>35-37</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>36-37</td></tr><tr><td>Sales by series, classified by denominations</td><td>38</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>38</td></tr><tr><td>Number of pieces sold, classified by denominations</td><td>39</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></td></tr><tr><td>Sales by series, classified by States</td><td>40-41</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>39-40</td></tr><tr><td>Redemptions of series A-E, classified by States</td><td>42</td><td>42</td><td>41</td><td>41</td><td>43</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>41</td></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>43</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>42-43</td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination</td><td>43</td><td>43</td><td>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>44</td></tr><tr><td>Type of purchaser</td><td>44</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>44</td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions</td><td>45</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>45</td></tr><tr><td>Sales, classified by denominations</td><td>45</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>45</td></tr><tr><td colspan="13">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders</td><td>47</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></tr><tr><td>Estimated ownership by various classes of banks and non-bank investors</td><td>48</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>48</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></tr><tr><td colspan="13">Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>49-53</td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</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>51-55</td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>50-54</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>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946</td><td></td><td></td><td>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td>48-52</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>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>October 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>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>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>56-60</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>56-60</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>55-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><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="13">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public market-able 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>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>55-57</td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td></tr><tr><td>March 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td></tr><tr><td>June 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946</td><td></td><td></td><td></td><td></td><td>61-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 30, 1946</td><td></td><td></td><td>54-56</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></td><td>54-56</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>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>November 30, 1946</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>58</td><td>63</td><td>57</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td>59</td><td>64</td><td>58</td><td>58</td><td>65</td><td>61</td><td>61</td><td>66</td><td>61</td><td>61</td><td>66</td><td>59</td></tr><tr><td>Chart</td><td>60</td><td>65</td><td>59</td><td>59</td><td>66</td><td>62</td><td>62</td><td>67</td><td>62</td><td>62</td><td>67</td><td>60</td></tr></table>
(Continued on following page)
January 1947
Cumulative Table of Contents - (Continued)
<table><tr><th colspan="14">Issue and pege number</th></tr><tr><th rowspan="2">Corporations and certain other agencies of the United States Government</th><th colspan="2">1947</th><th colspan="12">1946</th></tr><tr><th>Jan.</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></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69,73-71</td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69,73-77</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td>61,65-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td>62,66-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td>62-64</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>64-69</td><td></td><td>64-69</td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</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><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td>76-81</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>76</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td>71</td><td></td><td>82</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotee</td><td></td><td></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="14">Internal revenue etatistic</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td>73</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>77</td><td>79</td><td>62</td></tr><tr><td>Chart</td><td>74</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></tr><tr><td>Comparative detail for current periods</td><td>75-76</td><td>69-70</td><td>63-64</td><td>86-87</td><td>71-72</td><td>66-67</td><td>80-81</td><td>81-82</td><td>66-67</td><td>79-80</td><td>81-82</td><td>64-65</td></tr><tr><td colspan="14">Monetary etatistic</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>67-68</td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td>69-70</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td>66-67</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>78</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></tr><tr><td>Gold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>71</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>68</td><td></td><td>74</td><td></td><td>84</td><td>84</td><td>71</td><td>82</td><td>84</td><td>69</td></tr><tr><td>September 30, 1946</td><td>78</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></tr><tr><td>Treasury gold receipts, for recent quarterly period</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>Monetary stocks of gold and silver</td><td>78</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></tr><tr><td>Components of silver monetary stock</td><td>79</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>79</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></tr><tr><td>Seigniorage on silver, by types</td><td>80</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></tr><tr><td>Money in circulation</td><td>81</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></tr><tr><td colspan="14">Capital movements between the United Statee and foreign countries</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>83-85</td><td>77-79</td><td>73-75</td><td>94-96</td><td>79-81</td><td>76-78</td><td>88-89</td><td>89</td><td>76</td><td>87</td><td>89</td><td>74</td></tr><tr><td>Summary by countries</td><td>86-93</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></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>92-94</td></tr><tr><td>August 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td><td></td></tr><tr><td>September 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>105-107</td><td></td><td></td></tr><tr><td>October 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td><td></td><td>94-96</td><td></td><td></td><td></td></tr><tr><td>November 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1945</td><td></td><td></td><td></td><td></td><td></td><td>94-99</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></td><td>85-87</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 1946</td><td></td><td></td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 1946</td><td></td><td></td><td>103-105</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>81-86</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1946</td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1946</td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies</td><td>97-103</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></tr></table>
January 1947
A-1
A Prosperous America of Tomorrow
The following address was delivered by Secretary Snyder before The Economic Club at New York, New York on November 20, 1946.
It is a pleasure to meet here with the Economic Club of New York, and to have the privilege of talking with so many of the business, industrial, and professional leaders of this great community.
Mr. Riehle tells me that this meeting marks the beginning of the fortieth year of the Economic Club. I want to congratulate you on having achieved this milepost of service in the cause of further enlightenment of public opinion.
We all have a community of interest in our efforts to insure a healthy domestic economy, to maintain a sound Government financial program, to insure stability of our currency, and to stimulate expansion of our world trade.
Upon a successful solution of the problems before us today depends, to such an important extent, the fashion in which we build our "America of Tomorrow."
During recent months, the attention of the American people has been centered on politics. But the outcome of the recent election, has not changed the necessity for a bi-partisan approach to our basic problems.
Whatever happens in elections, the administration of public affairs cannot be halted for a day, for a month, or for a year. It is vital that the operations of Government proceed on a sensible and efficient basis, with full cooperation between the various elements.
The difficulties we will encounter in the solving of troublesome issues remain the same. And the solution to these questions cannot be found by any one man, or by any one group of men.
President Truman has pledged the best efforts of his administration toward such cooperation, and the response to his plea for unity of effort has been most gratifying.
"Facts are facts." Whatever has taken place politically, the bright aspects of our national material progress are still bright.
Many problems remain to be solved, and I would not belittle their importance and significance. But I would remind you that it is against the background of an America flourishing as it has never flourished before in its history that we must solve these problems.
It is of extreme importance that the Legislative and the Executive branches work out a program of cooperation to assure our present state
of full production, full employment, and high national income; to maintain our standard of living, and our continued prosperity.
Let me repeat the one fact of which we must not lose sight. This country is now experiencing the greatest period of prosperity in its history.
It is important that we focus our attention on this fact - because it is the key to the formulation of our fiscal program.
Consideration must be given our present prosperity when we come to determine the level of taxes which may be maintained at this time without imposing undue restraints upon enterprise. The amount of our revenues will, in turn, determine the surplus that can be applied to the reduction of our public debt.
On the fiscal side of the picture, one of the most important problems is the maintaining of the integrity of our currency. It is vital to us domestically, and it is extremely important to us in the foreign field.
When I took office as Secretary of the Treasury, I stated that it is the responsibility of the Government to reduce its expenditures in every possible way, and to achieve a balanced budget. I would add that it is imperative that we reduce our debt burden now, while we are experiencing great prosperity. We must approach this issue with the same courage that we have other important problems of the past.
Aside from its relation to our fiscal policies, there are other urgent reasons why we should keep firmly in mind the fact of our present economic well-being. We need to guard against the developing depression psychology, in this country, which might, if unrestrained, see us literally talk ourselves into at least a temporary period of hard times.
I believe you will agree that a man perfectly well might find himself in a hospital in short order if his friends should start collectively feeling his pulse at frequent intervals, running apprehensive hands over his brow, and telling him again and again how wretched he looked. He would be a strong minded man indeed if he didn't get sick under such treatment.
I do not see how a fair appraisal of "America Today" can justify any feeling that a material recession in "America Tomorrow" is inevitable.
Treasury Bulletin
A-2
We now have the highest level of employment ever experienced in peacetime in the history of this country. We have the huge accumulation of personal savings; the unprecedented demand for goods and services. Indices of material production, carloadings, electric power, and the like, bear eloquent testimony to our progress since the cessation of hostilities.
Freight carloadings late in October rose to the highest level since October 1930, when the average per-car capacity was much smaller than it is now.
Industrial production has risen to a peace-time high. The Federal Reserve Board's adjusted index of production for September stands at 177% of the 1935-39 average.
Steel ingot production in November has risen above 91% of capacity - a new post-war high.
Electric power output in the first week of this month rose to the highest level on record, although the seasonal peak has not yet been reached.
Textile production in September equalled the pre-actime peak reached earlier this year, with output at 165% of the 1935-39 average.
More and more durable consumer goods are reaching the market in quantities exceeding those of before the war - in September, shipments of washing machines, vacuum cleaners, electric ranges, radios and gas ranges were from 20 to 50% above prewar levels.
Private building construction is at the highest level since the '20's. The output of many building materials reached new postwar highs in September; some reached all-time highs.
The production of lumber products in September was 135% of the 1935-39 average.
Civilian employment has increased 4 million since the end of the war, and was approximately 7.4 million in October.
And yet there exists the greatest demand for every product of the manufacturer and the farmer. Our present production, despite its record volume, still is insufficient to meet that demand.
I am not trying to paint an over-optimistic picture. As scarce items begin to reappear in volume, there will be less of a rush to purchase at an appears today. But even with liberal allowance for this factor, I feel that we can be assured of continued prosperous business for some years to come - if we have continued cooperation in all fields - Government, management, capital,
labor, and agriculture.
And in addition there is the foreign demand for our products, the greatest ever, a demand which we have not even begun to meet. Reestablishment of world shipping, with our own Merchant Marine playing an important role, will provide a vast outlet for our farms and factories.
With our full support and leadership, the nations have set out to create a favorable atmosphere for expanding world trade. The mechanisms set up to expedite world reconstruction and development are now functioning, and from these cooperative endeavors we shall be in a position to profit greatly in both a material and a moral sense.
It is not necessary to detail the causes and manifestations of the depression of the '30's in refusing any similarity between present conditions and the economic trends of the '20's.
But, fully as important as the vastly improved economic and financial situation of this year 1946, as compared with 1929, is this significant factor. Out of the new social consciousness of the American people have been created safeguards and supports that have basically strengthened the foundations of our economy.
I am confident that these social gains made in recent years will go a long way in preventing any future recession from reaching such proportions as the last economic breakdown.
To cite one example, I am sure that there is no one here tonight who would be willing to give up the safeguards provided for the savings of our people by the Federal Deposit Insurance legislation.
The near collapse of our banking system was one of the most serious developments of the depression of the '30's. By contrast, our banks are today in a very sound position. We can count among our very real assets the confidence of the people in our banking structure.
Economists agree that the marked decline in farm incomes was one of the major causes of the last depression. Today, farm incomes is not only at record levels, but preventive measures have been provided to check any downward trend that might develop.
Not only is employment now at a peacetime peak, but through the provisions of the Social Security legislation, we have Federally sponsored State unemployment insurance. With this protection there is no danger of a sudden and far
A-3
January 1947
reaching ourtainment of individual income.
I am sure that none of us would want to abandon the Social Security program.
Another cause for economic assurance is found in the operations of the Securities and Exchange Commission. Through its protective services, investors in securities are more certain of the soundness of their investments today.
There have, perhaps, been excesses of speculation in some areas; but, due to safeguards established, the overexpansion of credit in this field during inflationary times has been held to a minimum.
The liquid assets of individuals are now about $190 billion - an all time high. This compares with less than $70 billion at the end of 1941. These assets are more widely distributed than ever before, which is another important factor in our economic well-being.
The net working capital of American corporations nearly doubled during the war years, and was estimated at $54 billion at the end of June - a record high.
In the realm of unsatisfied production demand, the present shortage of housing looms large. It will take years to fill this demand. This housing shortage, moreover, is matched by a large volume of private funds ready to be used in the building program. We have provided machinery, such as Federal Housing Administration and
the Home Loan Bank System, to bring builders and lenders together.
I would not discount those problems that are still to be met in our transition from war to peace. Foremost among them is the fact that we still are faced with a great number of shortages in materials, and certain production limitations which, in the face of excess demands, cause inflationary trends to persist.
It is still essential that consumer, distributor, and producer alike exercise restraint until the rising tide of production can assure adequate supplies of all goods at fair prices.
But, as a people, we have cause for gratification that we have emerged from the war years with renewed faith in the fundamental principle of a free enterprise system. It is under such a system, I believe, that the individual has the greatest opportunity for prosperity and common service.
I am certain that if we could detach ourselves from our immediate surroundings, and get an objective view of America, we would see a really powerful and magnificently prosperous country, the like of which has never been seen in the world.
Let us combine all of our advantages into a driving force to insure a rich and prosperous "America of Tomorrow".
Other Speeches by Treasury Officials
On November 20, 1946, Edward H. Foley, Jr., Assistant Secretary of the Treasury, spoke at a Savings/Bond Rally before the Federal Reserve Industrial Dinner Meeting at Des Moines, Iowa, on "The Present Day Objectives of the Payroll Savings Plan." The meeting was one of a series throughout the country sponsored by the Federal Reserve Banks, in cooperation with the Treasury Department's savings bond drive which opened on Armistice Day and closed on Pearl Harbor Day.
On November 21, 1946, Mr. Foley addressed the Fifty-Fourth Annual Convention of the United States Savings and Loan League at Milwaukee, Wisconsin. The subject of Mr. Foley's speech was "The Role of Savings and Loan Associations in the Post War Economy."
Copies of these speeches are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
A-4
Treasury Bulletin
Treasury Market Financing in November
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 Payment and Refunding
On November 18, 1946, Secretary of the Treasury Snyder announced the offering of an issue of one-year 7/8% certificates of indebtedness in exchange for the certificates maturing on December 1, outstanding in the amount of $3.8 billion. Cash subscriptions were not accepted. At the same time the Secretary announced that payment would be made in cash for the 1-1/2% Treasury notes in the amount of $3.3 billion maturing on December 15. Total maturities in December aggregated $7.0 billion.
On the basis of reports to the Treasury on the ownership of the debt, about 80% of the maturing certificate issue was owned by nonbank investors as of October 31, 1946, the latest date for which data are available. It should be noted that this issue was sold during the Victory Loan and was, therefore, more widely held by nonbank investors, particularly industrial and commercial businesses, than most of the certificate issues. The maturing note issue, on the other hand, was primarily concentrated in the holdings of reporting commercial banks and Federal Reserve Banks. As of October 31, 1946 about 72% of the note issue was held by banks.
The Treasury decision to refund the entire certificate issue while paying off in cash the entire note issue, has worked directly toward reducing bank ownership of the debt. The table in the next column presents a summary of the ownership distribution of the two maturing issues as of October 31, 1946.
The new certificates were dated December 1, 1946 and will mature December 1, 1947. They will bear interest at the rate of 7½ per annum, which will be subject to all Federal income taxes. Interest will be payable in full with the principal at maturity.
The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000,
Ownership Distribution of Issues Maturing in December 1946 As of October 31, 1946
<table><tr><th>Maturing issues</th><th>Total outstanding</th><th colspan="2">Held by</th></tr><tr><th></th><th></th><th>Reporting banks 1/</th><th>All others</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>7/8% certificates of indebtedness due 12/1/46</td><td>3,768</td><td>750</td><td>3,018</td></tr><tr><td>1-1/2% Treasury notes due 12/15/46</td><td>3,261</td><td>2,344</td><td>917</td></tr><tr><td>Total</td><td>7,029</td><td>3,094</td><td>3,935</td></tr><tr><td colspan="4">(in percent)</td></tr><tr><td>7/8% certificates of indebtedness due 12/1/46</td><td>100</td><td>20</td><td>80</td></tr><tr><td>1-1/2% Treasury notes due 12/15/46</td><td>100</td><td>72</td><td>28</td></tr><tr><td>Total</td><td>100</td><td>44</td><td>56</td></tr></table>
$100,000, and $1,000,000. Subscription books were closed on November 20, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which they remained open through November 21.
On the basis of final reports, exchanges amounted to $3,281 million, leaving $487 million of the maturing certificate issue to be paid in cash.
Cash Payment on Maturing Issues to Date
With the cash payment of $5 billion on the certificates maturing December 1 and $3.3 billion on the notes maturing December 15, payments in cash on maturing issues totaled $23.2 billion since February 28, 1946, the peak of the debt. This was more than 50% of the $44.9 billion of securities maturing or called for payment during the period. The remainder was exchanged for new issues of certificates.
1/ Includes (1) 7,350 commercial banks holding approximately 95% of the United States obligations held by all commercial banks in the United States, and (2) Federal Reserve Banks.
January 1947
A-5
The following table presents details by type of issue maturing or called in each month starting with March 1, 1946.
Disposition of Maturing or Called Securities March-December 1946
<table><tr><th>1946</th><th>Issue</th><th>Total amount maturing or called</th><th colspan="2">Disposition</th></tr><tr><th></th><th></th><th>(In billions of dollars)</th><th>Cash payment</th><th>Amount exchanged</th></tr><tr><td>Mar. 1</td><td>7/8% certificates of indebtedness</td><td>4.1</td><td>1.0</td><td>3.1</td></tr><tr><td>Mar.15</td><td>1% Treasury notes</td><td>1.3</td><td>1.3</td><td>-</td></tr><tr><td>Mar.15</td><td>3-3/4% Treasury bonds</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>Apr. 1</td><td>7/8% certificates of indebtedness</td><td>4.8</td><td>2.0</td><td>2.8</td></tr><tr><td>May 1</td><td>7/8% certificates of indebtedness</td><td>1.6</td><td>1.6</td><td>-</td></tr><tr><td>June 1</td><td>7/8% certificates of indebtedness</td><td>4.8</td><td>2.0</td><td>2.8</td></tr><tr><td>June 15</td><td>3% Treasury bonds</td><td>1.0</td><td>1.0</td><td>-</td></tr><tr><td>June 15</td><td>3-1/8% Treasury bonds</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>July 1</td><td>0.90% Treasury notes</td><td>4.9</td><td>2.0</td><td>2.9</td></tr><tr><td>Aug. 1</td><td>7/8% certificates of indebtedness</td><td>2.5</td><td>1.2</td><td>1.2</td></tr><tr><td>Sept.1</td><td>7/8% certificates of indebtedness</td><td>4.3</td><td>2.0</td><td>2.3</td></tr><tr><td>Oct. 1</td><td>7/8% certificates of indebtedness</td><td>3.4</td><td>2.0</td><td>1.4</td></tr><tr><td>Nov. 1</td><td>7/8% certificates of indebtedness</td><td>3.8</td><td>2.0</td><td>1.8</td></tr><tr><td>Dec. 1</td><td>7/8% certificates of indebtedness</td><td>3.8</td><td>.5</td><td>3.3</td></tr><tr><td>Dec.15</td><td>1-1/2% Treasury notes</td><td>3.3</td><td>3.3</td><td>-</td></tr><tr><td></td><td>Total</td><td>44.9</td><td>23.2</td><td>21.7</td></tr></table>
Net Change in the Debt
At the end of 1945, with the Victory Loan closing, the total public debt, including guaranteed obligations, stood at $278.7 billion. This was increased to $279.8 billion by February 28, 1946, the peak of the public debt. The increase was made up of final deferred payments on institutional purchases in the Victory Loan, as well as continuing savings bonds sales and sales of special issues.
By December 16, 1946, the public debt had been reduced to $259.1 billion. The payments in cash of $23.2 billion described above were offset in part by $2.6 billion of other public debt transactions, making a net reduction in the debt of $20.7 billion for the period.
The figures are analyzed in the following table.
Reconciliation of Cash Payments on Maturities and Net Change in the Debt 2/Feb. 28 through Nov. 30 and Dec. 16, 1946
<table><tr><th></th><th>Nov. 30, 1946</th><th>Dec. 16, 1946</th></tr><tr><td colspan="3">(In billions of dollars)</td></tr><tr><td>Reduction in debt from February 28:</td><td></td><td></td></tr><tr><td>Debt outstanding February 28, 1946</td><td>279.8</td><td>279.8</td></tr><tr><td>Debt outstanding end of period</td><td>262.6</td><td>259.1</td></tr><tr><td>Net change in the debt</td><td>-17.1</td><td>-20.7</td></tr><tr><td>Reconciliation:</td><td></td><td></td></tr><tr><td>Cash payments on maturities</td><td>-19.5</td><td>-23.2</td></tr><tr><td>Less: Net change by other public debt transactions:</td><td></td><td></td></tr><tr><td>Savings bonds</td><td>+1.0</td><td>+1.0</td></tr><tr><td>Savings notes</td><td>-2.1</td><td>-2.2</td></tr><tr><td>Special issues</td><td>+3.4</td><td>+3.4</td></tr><tr><td>Other debt items</td><td>+1.1</td><td>+1.3</td></tr><tr><td>Total other transactions</td><td>+2.4</td><td>+2.6</td></tr><tr><td>Net change in the debt</td><td>-17.1</td><td>-20.7</td></tr></table>
Ownership of the Debt
The Treasury program of debt pay-offs has helped substantially in reducing bank ownership of the debt. From February 28, 1946 to October 31, 1946, the interest-bearing debt declined $15.7 billion, of which 90% occurred in bank holdings.
The table on the following page presents the estimated distribution of the ownership of the interest-bearing debt as of February 28, 1946 and October 31, 1946, the latest date for which complete ownership data are available. Further historical data are presented on page 48 of the statistical section of this issue.
As the table shows, three of the nonbank investor groups showed increases while three showed decreases in their holdings of Federal securities. The three which showed increases were insurance companies, mutual savings banks, and Federal agencies and trust funds. The growth in the holdings of insurance companies and mutual savings banks was made up of purchases from other
2/ Comprises gross public debt and guaranteed obligations not held by the Treasury.
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Treasury Bulletin
Estimated Ownership of the Interest-Bearing Public Debt 3/
February 28, 1946 and October 31, 1946
investor groups in the market. The increase in holdings of Federal securities by Federal agencies and trust funds resulted from purchases of special issues from the Treasury, as military and social insurance funds continued to be built up.
<table><tr><th></th><th>Feb. 28, 1946</th><th>Oct. 31, 1946</th><th>Change</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Banks:</td><td></td><td></td><td></td></tr><tr><td>Commercial banks</td><td>93.2</td><td>78.4</td><td>-14.8</td></tr><tr><td>Federal Reserve Banks</td><td>22.9</td><td>23.5</td><td>+0.6</td></tr><tr><td>Total banks</td><td>116.1</td><td>102.0</td><td>-14.1</td></tr><tr><td>Nonbank investors:</td><td></td><td></td><td></td></tr><tr><td>Individuals</td><td>63.5</td><td>62.8</td><td>-0.7</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>26.3</td><td>24.2</td><td>-2.1</td></tr><tr><td>State and local governments</td><td>6.7</td><td>6.3</td><td>-0.4</td></tr><tr><td>Federal agencies and trust funds</td><td>28.0</td><td>30.4</td><td>+2.5</td></tr><tr><td>Total nonbank investors</td><td>162.4</td><td>160.8</td><td>-1.5</td></tr><tr><td>Total interest-bearing debt</td><td>278.5</td><td>262.8</td><td>-15.7</td></tr></table>
The three nonbank groups which showed declines in their Federal security holdings were individuals, other corporations and associations, and State and local governments. The declines in holdings of individuals and State and local governments, as the table shows, were negligible. Other corporations and associations, however, showed a decline of $4.1 billion in their holdings of Federal securities, made up in large part of a substantial decrease in savings notes. This decline reflected primarily their need for funds for reconversion purposes as well as for payment in 1946 of their 1945 tax liabilities.
3/ Comprises interest-bearing public debt and guaranteed obligations not held by the Treasury.
January 1947
A-7
Corporation Income and Taxable Excess Profits Tax Returns for 1943
The first, second, and third of a series of tabulations which will appear in the report "Statistics of Income for 1943, Part 2" have recently been made public by Secretary Snyder. 1/ These tabulations contain data compiled from the basic corporation income tax returns (Form 1120 covering income and declared value excess-profits tax liability) and the excess profits tax returns 2/ (Form 1121). This article presents a summary of the data in the three releases. In addition, it includes a section showing the effects on "Statistics of Income" data for 1942 and 1943, of the renegotiation of war contracts which took place after the tax returns for those years were filed. These are the first compilations on renegotiation to be made available. The complete report "Statistics of Income for 1943, Part 2" will be released at some future date and will include more complete renegotiation data.
Net income and compiled net profit. The returns for all corporations reported net income 3/ (loss deficit) of $27.8 billion for 1943. Compiled net profit of all corporations (net income plus interest on wholly or partially tax-exempt Government securities) totaled $28.1 billion for 1943, an increase of 20% over the compiled net profit for 1942. Compiled net profit after taxes 4/ aggregated $12.2 billion, a rise of 10% over 1942. Compiled net profit after taxes and dividends 5/ rose from $5.5 billion to $6.5 billion from 1942 to 1943, an increase of 18%.
The following table presents a summary for 1942 and 1943 of compiled net profit before and after taxes and dividends paid.
1/ Treasury Department, Press Service Nos. 8-120, 8-121, and 8-122, dated October 18, October 22, and October 29, 1946, respectively.
2/ The excess profits tax covered by Form 1121 was a wartime measure designed in general to tax wartime increases in corporate earnings at special rates. This should not be confused with the declared value excess-profit tax which was introduced into the tax structure in 1933 as a corollary measure to the capital stock tax and which is covered in the basic corporation income tax return, Form 1120.
3/ Net income or deficit as used throughout this article is the amount reported for declared value excess-profits tax computation adjusted by excluding the net operating loss deduction. Net income for declared value excess-profit tax computation includes inter-corporate dividends received. (See line 31 of Form 1120 facsimile).
4/ Income tax, declared value excess-profit tax, and excess profits tax.
5/ Dividends paid in cash and assets other than the corporation's own stock.
<table><tr><th></th><th>1942</th><th>1943</th><th colspan="2">Increase (+) or decrease (-)</th></tr><tr><th></th><th colspan="2">(In billions of dollars)</th><th>Amount</th><th>Per-cent</th></tr><tr><td>1. Net income (less deficit)</td><td>23.1</td><td>27.8</td><td>+4.7</td><td>+20</td></tr><tr><td>2. Interest wholly tax-exempt or subject to sur-tax only</td><td>.3</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>3. Compiled net profit</td><td>23.4</td><td>28.1</td><td>+4.7</td><td>+20</td></tr><tr><td>4. Total tax liability</td><td>12.3</td><td>15.9</td><td>+3.7</td><td>+30</td></tr><tr><td>5. Compiled net profit less total taxes</td><td>11.1</td><td>12.2</td><td>+1.1</td><td>+10</td></tr><tr><td>6. Dividends paid (in cash and assets other than own stock)</td><td>5.6</td><td>5.7</td><td>+1</td><td>+2</td></tr><tr><td>7. Compiled net profit less taxes and dividends</td><td>5.5</td><td>6.5</td><td>+1.0</td><td>+18</td></tr></table>
Table I, Part A at the end of this article gives detailed data on compiled receipts and deductions by major industrial divisions. A fac-simile of page 1 and the upper half of page 2 of the basic corporation income tax return (Form 1120) is reproduced on page A-17.
Income and taxable excess profits tax returns. The total number of corporation income tax returns filed declined from 479,677 for 1942 to 455,894 for 1943, or by 5%. For the same period, however, the number of returns reporting net income showed an increase of 5% while the net income reported increased by $4.7 billion or by 19%. The corporate income tax liability increased from $4.4 billion to $4.6 billion.
The total number of taxable excess profits tax returns filed increased from 54,002 in 1942 to 68,202 for 1943, or by 26%. During the same period, adjusted excess profits net income (the excess profits tax base) rose from $10.5 billion to $14.6 billion, or by 39%, and the excess profits tax liability 7/ from $7.9 billion to $11.3 billion.
6/ That corporate income tax liability rose by only a fraction of the increase in corporate net income is explained by the fact that net income subject to excess profits tax is excluded from the income tax base.
All excess profits tax figures are net of the postwar refund of 10% of excess profits tax.
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Treasury Bulletin
The following table presents a summary of the number of corporate income tax returns and taxable excess profits tax returns, net income and tax liability for 1942 and 1943 and the change over the period.
<table><tr><th></th><th>1942</th><th>1943</th><th colspan="2">Increase (+) or decrease (-)</th></tr><tr><th></th><th></th><th></th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">Basic corporation income tax return (Form 1120):</td></tr><tr><td>Number of returns:</td><td></td><td></td><td></td><td></td></tr><tr><td>With net income $/....</td><td>269,942</td><td>263,735</td><td>+13,793</td><td>+5</td></tr><tr><td>With no net income $/....</td><td>172,723</td><td>136,786</td><td>-35,937</td><td>-21</td></tr><tr><td>Inactive corporations....</td><td>37,012</td><td>35,373</td><td>-1,639</td><td>-4</td></tr><tr><td>Total............</td><td>479,677</td><td>435,894</td><td>-23,783</td><td>-5</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td colspan="5">Net incomes, deficit, and tax:</td></tr><tr><td>Returns with net income $/</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income $/</td><td>24,052</td><td>28,718</td><td>+4,666</td><td>+19</td></tr><tr><td>Income tax $/</td><td>4,405</td><td>4,634</td><td>+229</td><td>+5</td></tr><tr><td>Returns with no net income:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deficit $/...</td><td>1,001</td><td>899</td><td>-102</td><td>-10</td></tr><tr><td colspan="5">Taxable excess profits tax return (Form 1121):</td></tr><tr><td>Number of returns</td><td>54,002</td><td>68,202</td><td>+14,200</td><td>+26</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Excess profits net income 10/.</td><td>17,044</td><td>22,307</td><td>+5,223</td><td>+31</td></tr><tr><td>Adjusted excess profits net income 11/......</td><td>10,495</td><td>14,553</td><td>+4,058</td><td>+39</td></tr><tr><td>Excess profits tax after credits 12/....</td><td>7,852</td><td>11,291</td><td>+3,440</td><td>+44</td></tr></table>
8/ Net income or deficit as used throughout this article is the amount reported for declared value excess-profit tax computation adjusted by excluding the net operating loss deduction. Net income for declared value excess-profits tax computation includes inter-corporate dividends received. (See line J of Form 1120, facsimile.)
9/ Includes the declared value excess-profits tax which is reported on Form 1120 together with the basic corporation income tax. The declared value excess-profits tax was introduced into the tax structure in 1933 as a corollary measure to the capital stock tax and is covered in Form 1120 with the basic corporate income tax. The amount involved in this tax is negligible.
10/ Excess profits net income is obtained from net income by making certain adjustments, consisting principally of the exclusion of long-term capital gains and losses, dividends received, and the declared value excess-profit tax, and the inclusion of the net operating loss deduction.
11/ Excess profits net income less the sum of the specific exemption, the excess profits credit, and the unused excess profits credit adjustment.
12/ The excess profits tax covered by Form 1121 was a wartime measure designed in general to tax wartime increases in corporate earnings at special rates. This should not be confused with the declared value excess-profits tax.
Table 1, Part B, at the end of this article, gives more detailed data on income and excess profits taxes by major industrial groups. Table 1, Part C, presents amilar data by net income and deficit classes.
Effect of renegotiation on "Statistics of Income" data. The provisions relating to renegotiation of war contracts required the determination either by agreement or order of excessive profits derived from the performance of contracts made with the various contracting Government departments during the war. Title VII, the Revenue Act of 1943 lists the various factors which should be considered in the determination of excessive profits. "Statistics of Income" data reflect the reductions in profits determined before the filing of returns but do not show the effects of renegotiation after the returns have been filed. Changes resulting from the renegotiation of war contracts are, however, recorded as settlements are reached. The effect upon "Statistics of Income" data of renegotiation settlements reached (1) to December 31, 1945 with respect to the tax year 1942, and (2) to October 31, 1946 with respect to the tax year 1943, is summarized in the following table.
<table><tr><th></th><th>1942</th><th>1943</th><th colspan="2">Increase</th></tr><tr><th></th><th></th><th></th><th>Amount</th><th>Per-cent</th></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Net income 13/</td><td>24,052</td><td>28,718</td><td>+4,666</td><td>+19</td></tr><tr><td>Excessive profits eliminated by renegotiation determined after filing of returns</td><td>1,783</td><td>2,893</td><td>-</td><td>-</td></tr><tr><td>Net income after renegotiation</td><td>22,269</td><td>25,825</td><td>+3,556</td><td>+16</td></tr><tr><td>Tax liability: 13/</td><td></td><td></td><td></td><td></td></tr><tr><td>Incomes taxes 14/</td><td>4,405</td><td>4,634</td><td>+229</td><td>+5</td></tr><tr><td>Excess profits tax, after credits</td><td>7,852</td><td>11,291</td><td>+3,440</td><td>+44</td></tr><tr><td>Total tax</td><td>12,256</td><td>15,926</td><td>+3,669</td><td>+30</td></tr><tr><td>Tax reduction resulting from renegotiation determined after the filing of returns:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax 14/</td><td>65</td><td>87</td><td>-</td><td>-</td></tr><tr><td>Excess profits tax</td><td>1,251</td><td>2,054</td><td>-</td><td>-</td></tr><tr><td>Total tax reduction</td><td>1,316</td><td>2,141</td><td>-</td><td>-</td></tr><tr><td>Tax liability after renegotiation:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax 14/</td><td>4,340</td><td>4,547</td><td>+207</td><td>+5</td></tr><tr><td>Excess profits tax, after credits</td><td>6,601</td><td>9,237</td><td>+2,636</td><td>+40</td></tr><tr><td>Total tax</td><td>10,940</td><td>13,785</td><td>+2,845</td><td>+26</td></tr></table>
13/ These figures reflect the effects of renegotiation before the filing of tax returns.
14/ Include the declared value excess-profits tax which is reported on Form 1120 together with the basic corporation income tax. The amount involved in the former tax is negligible.
January 1947
A-9
More detailed tables will be shown in the final "Statistics of Income" reports which will be published at some future date.
Balance sheet data. Balance sheet data were filed by almost all net income corporations, as well as by a large proportion of corporations with no net income.
Total assets of $389.5 billion were reported on 366,870 corporate returns with balance sheets. This represented a decline of 5% from 1942 in the number of returns with balance sheets but an increase of 8% in the total assets reported.
For nonfinancial corporations 15/ alone, total assets of $195.0 billion were reported in 1943, an increase of about 6% over 1942. Balance sheet figures for nonfinancial corporations are presented in the following table for 1942 and 1943.
<table><tr><th></th><th>1942</th><th>1943</th><th colspan="2">Increase (+) or decrease (-)</th></tr><tr><th></th><th></th><th></th><th>Amount</th><th>Percent</th></tr><tr><td>Number of nonfinancial corporate returns with balance sheets: 15/</td><td></td><td></td><td></td><td></td></tr><tr><td>With net income...</td><td>187,994</td><td>192,970</td><td>+4,976</td><td>+3</td></tr><tr><td>With no net income</td><td>80,674</td><td>61,008</td><td>-19,666</td><td>-24</td></tr><tr><td>Total</td><td>268,668</td><td>253,978</td><td>-14,690</td><td>-6</td></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 16/</td><td>15.6</td><td>19.6</td><td>+3.9</td><td>+25</td></tr><tr><td>Notes and accounts receivable (less reserve)</td><td>23.0</td><td>23.7</td><td>+.7</td><td>+3</td></tr><tr><td>Inventories</td><td>26.8</td><td>27.1</td><td>+.4</td><td>+1</td></tr><tr><td>Investments, Government obligations</td><td>7.6</td><td>12.4</td><td>+4.8</td><td>+62</td></tr><tr><td>Other investments</td><td>23.2</td><td>24.2</td><td>+1.0</td><td>+5</td></tr><tr><td>Other assets</td><td>88.3</td><td>87.9</td><td>-</td><td>*</td></tr><tr><td>Total assets</td><td>184.5</td><td>195.0</td><td>+10.4</td><td>+6</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable</td><td>15.1</td><td>15.9</td><td>+.8</td><td>+5</td></tr><tr><td>Bonds, notes, mortgages payable</td><td>38.8</td><td>38.0</td><td>-</td><td>-2</td></tr><tr><td>Other liabilities</td><td>21.8</td><td>25.6</td><td>+3.9</td><td>+18</td></tr><tr><td>Capital stock</td><td>63.7</td><td>63.7</td><td>*</td><td>*</td></tr><tr><td>Surplus reserves</td><td>8.5</td><td>10.4</td><td>+1.9</td><td>+23</td></tr><tr><td>Surplus and undivided profits less deficit</td><td>36.8</td><td>41.4</td><td>+4.6</td><td>+13</td></tr><tr><td>Total liabilities</td><td>184.5</td><td>195.0</td><td>+10.4</td><td>+6</td></tr></table>
Less than $50 million, or .5%
15/ Finance, insurance, and real estate (including lessors of real property) returns are excluded because balance sheet data of such corporations have a different significance from those of industrial and commercial corporations.
16/ Includes bank deposits.
Table 2, Part A, at the end of this article, presents more detailed balance sheet data by major industrial divisions. Table 2, Part B gives similar data by total assets classes.
Coverage of the data. The data presented in these tabulations are from returns for (1) the calendar year ending December 31, 1943, (2) a fiscal year ending within the period July, 1943 through June 1944, and (3) a part year with the greater portion of the accounting period in 1943.
The figures were tabulated from corporation income and declared value excess-profits tax returns (Form 1120) and corporation excess profits tax returns (Form 1121). Two special forms were tabulated with Form 1120 as follows: (1) life insurance company income tax returns (Form 1120L), and (2) mutual insurance company income tax returns (Form 1120M). Returns filed by foreign corporations engaged in business within the United States are also included. Amended returns and tentative returns are not included.
The statistics are compiled from the returns as filed, prior to revisions that may be made as a result of audit by the Bureau of Internal Revenue, and prior to changes which may result from (1) carry-backs of losses and unused excess-profits credits, (2) relief granted under section 722 of the Internal Revenue Code which covers inadequate base period income, (3) renegotiation of war contracts after the returns are filed, or (4) recomputation of amortization of emergency facilities.
Similar coverage applied to the 1942 data presented.
Comparability of data between 1942 and 1943. For most of the 1943 tax returns filed, the tax liability was computed under the same provisions that were in effect for 1942. The provisions of the Revenue Act of 1942 continued in effect for the returns for (1) the calendar year 1943, (2) a fiscal year ending in the period July through November 1943, and (3) a part year beginning and ending in 1943.
In the case of returns for fiscal years ending in the period January through June 1944, and returns for part years ending in 1944 with the greater part of the accounting period falling in 1943, the tax liability was affected by certain changes in the law introduced by the Revenue Act of 1943, which may be summarized as follows:
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Treasury Bulletin
(1) The excess profits tax rate was increased from 90 to 95% of adjusted excess profits net income.
(2) The percentage of invested capital allowed as a credit under the invested capital method 17/ was reduced as follows:
| Invested capital | Percentage allowed as a credit under the Revenue Act of -- | 1942 | 1943 |
| --- | --- | --- | --- |
| First $5,000,000... | 8 | 8 | 
| Next 5,000,000... | 7 | 6 | 
| Next 190,000,000... | 6 | 5 | 
| Over 200,000,000... | 5 | 5 | 
(3) The excess profits tax law was changed to provide for an increase in the specific exemption from $5,000 to $10,000 for purposes of determining adjusted excess profits net income. The amount of income subject to excess profits tax, which is a credit against net income is
17/ No change was made in the average base period earnings method of computing excess profits credit.
arriving at normal-tax net income and surtax net income, was thereby decreased by $5,000.
(4) Corporations filing returns for the periods outlined above (taxable years beginning in 1943 and ending in 1944) were, therefore, affected by the above changes in the computation of both their income and excess profits tax liability. They were required to compute two tentative taxes, one under the 1942 Act and the other under the 1943 Act, and prorate each on the basis of the number of days in 1943 and the number in 1944, respectively. The prorated portions of the two tentative taxes were then combined to determine the actual liability, which was the amount tabulated as shown in this report. Amounts tabulated from these returns for all items other than the tax liability (e.g., net income) were the amounts used in computing the tentative tax for 1943.
January 1947
A-11
Table 1.- Corporation Income Tax Returns for 1943
Part A.- Compiled Receipts and Deductions, by Major Industrial Divisions
<table><tr><th></th><th>All industrial divisions</th><th>Mining and quarrying</th><th>Manufac- turing</th><th>Public utilities</th><th>Trade</th><th>Service</th><th>Finance, insurance, real estate, and lessors of real property</th><th>Coop- erative</th><th>Agri- culture, forestry, and fishery</th><th>Nature of business not allocable</th></tr><tr><td>Number of returns 1/</td><td>420,521</td><td>8,133</td><td>78,716</td><td>19,279</td><td>120,880</td><td>35,594</td><td>133,655</td><td>12,128</td><td>6,884</td><td>5,252</td></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross sales 2/</td><td>200,619.0</td><td>3,258.3</td><td>136,989.7</td><td>1,816.8</td><td>56,323.0</td><td>832.4</td><td>61.0</td><td>491.1</td><td>699.1</td><td>147.6</td></tr><tr><td>Gross receipts from operations 3/</td><td>39,765.1</td><td>322.0</td><td>7,913.5</td><td>18,625.3</td><td>1,195.0</td><td>4,132.9</td><td>3,637.0</td><td>3,756.2</td><td>126.4</td><td>56.7</td></tr><tr><td>Interest on Government obligations (less amortizable bond premium):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly taxable</td><td>664.5</td><td>2.5</td><td>52.2</td><td>13.1</td><td>11.2</td><td>1.4</td><td>582.6</td><td>1.0</td><td>.4</td><td>.1</td></tr><tr><td>Subject to declared value</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>excess-profit tax and surtax</td><td>352.8</td><td>1.1</td><td>10.3</td><td>2.3</td><td>1.4</td><td>.3</td><td>336.6</td><td>.2</td><td>.6</td><td>.1</td></tr><tr><td>Subject to surtax only</td><td>29.3</td><td>.1</td><td>.8</td><td>.1</td><td>.2</td><td>.1</td><td>28.1</td><td>.1</td><td>.1</td><td>.1</td></tr><tr><td>Wholly tax-exempt</td><td>277.9</td><td>.7</td><td>11.0</td><td>4.4</td><td>1.8</td><td>.2</td><td>259.0</td><td>.3</td><td>.2</td><td>.1</td></tr><tr><td>Other interest</td><td>2,237.5</td><td>6.7</td><td>117.7</td><td>112.6</td><td>47.4</td><td>7.8</td><td>1,937.5</td><td>2.3</td><td>2.7</td><td>2.9</td></tr><tr><td>Rents and royalties 4/</td><td>2,358.5</td><td>50.3</td><td>309.5</td><td>338.5</td><td>135.8</td><td>88.8</td><td>1,400.8</td><td>13.2</td><td>14.1</td><td>7.6</td></tr><tr><td>Net capital gain</td><td>294.3</td><td>30.2</td><td>89.6</td><td>21.7</td><td>18.0</td><td>7.5</td><td>105.7</td><td>11.0</td><td>7.2</td><td>3.5</td></tr><tr><td>Net gain, sales other than capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>assts 5/</td><td>130.4</td><td>3.9</td><td>8.6</td><td>5.8</td><td>7.8</td><td>2.9</td><td>96.3</td><td>1.8</td><td>2.4</td><td>.9</td></tr><tr><td>Dividends, domestic corporations</td><td>1,334.4</td><td>25.2</td><td>311.7</td><td>322.8</td><td>46.8</td><td>23.2</td><td>590.8</td><td>7.8</td><td>4.3</td><td>1.8</td></tr><tr><td>Dividends, foreign corporations</td><td>133.5</td><td>.4</td><td>85.2</td><td>5.2</td><td>23.1</td><td>2.8</td><td>16.6</td><td>.1</td><td>.1</td><td>.1</td></tr><tr><td>Other receipts</td><td>1,575.2</td><td>30.1</td><td>659.6</td><td>69.0</td><td>537.9</td><td>57.4</td><td>147.4</td><td>57.6</td><td>10.6</td><td>5.7</td></tr><tr><td>Total compiled receipts 6/</td><td>249,772.5</td><td>3,731.4</td><td>146,559.4</td><td>21,337.6</td><td>58,349.6</td><td>5,157.6</td><td>9,199.6</td><td>4,342.6</td><td>867.7</td><td>226.9</td></tr><tr><td>Deductions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of goods sold 7/</td><td>152,368.2</td><td>2,224.8</td><td>103,269.0</td><td>1,023.6</td><td>44,404.8</td><td>472.8</td><td>37.9</td><td>373.3</td><td>448.9</td><td>113.0</td></tr><tr><td>Cost of operations</td><td>22,070.5</td><td>209.6</td><td>5,775.2</td><td>10,081.3</td><td>601.1</td><td>2,040.8</td><td>103.3</td><td>3,189.7</td><td>51.5</td><td>18.3</td></tr><tr><td>Compensation of officers</td><td>3,745.2</td><td>52.9</td><td>1,582.9</td><td>188.9</td><td>1,099.9</td><td>227.1</td><td>446.1</td><td>144.4</td><td>26.1</td><td>16.9</td></tr><tr><td>Rent paid on business property</td><td>2,382.6</td><td>19.0</td><td>519.8</td><td>661.0</td><td>757.4</td><td>227.5</td><td>168.9</td><td>14.5</td><td>11.6</td><td>2.9</td></tr><tr><td>Repairs 8/</td><td>2,305.3</td><td>55.6</td><td>1,861.5</td><td>37.9</td><td>144.0</td><td>69.6</td><td>103.8</td><td>19.1</td><td>11.8</td><td>2.0</td></tr><tr><td>Bad debts</td><td>418.2</td><td>5.5</td><td>93.2</td><td>37.5</td><td>101.5</td><td>12.8</td><td>148.9</td><td>5.5</td><td>4.5</td><td>8.8</td></tr><tr><td>Interest paid</td><td>2,330.9</td><td>32.3</td><td>429.5</td><td>1,034.8</td><td>113.9</td><td>55.3</td><td>640.5</td><td>10.4</td><td>10.7</td><td>3.6</td></tr><tr><td>Taxes paid 9/</td><td>5,699.2</td><td>121.2</td><td>2,913.1</td><td>1,324.8</td><td>536.3</td><td>139.3</td><td>590.7</td><td>45.8</td><td>21.6</td><td>6.2</td></tr><tr><td>Contributions or gifts</td><td>159.2</td><td>2.3</td><td>92.6</td><td>11.6</td><td>33.4</td><td>4.2</td><td>11.6</td><td>2.5</td><td>.7</td><td>.2</td></tr><tr><td>Depreciation</td><td>3,916.5</td><td>145.9</td><td>1,826.1</td><td>1,059.4</td><td>296.9</td><td>144.6</td><td>366.8</td><td>43.3</td><td>28.8</td><td>4.7</td></tr><tr><td>Depletion</td><td>643.9</td><td>24.3</td><td>368.9</td><td>22.9</td><td>1.8</td><td>.2</td><td>23.0</td><td>.4</td><td>1.8</td><td>.5</td></tr><tr><td>Amortization 10/</td><td>690.6</td><td>7.4</td><td>533.7</td><td>143.5</td><td>3.1</td><td>.9</td><td>.8</td><td>1.0</td><td>.1</td><td>.1</td></tr><tr><td>Net loss, sales other than capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>assts 5/</td><td>583.9</td><td>14.8</td><td>116.3</td><td>113.9</td><td>37.3</td><td>21.3</td><td>267.1</td><td>2.1</td><td>7.1</td><td>3.9</td></tr><tr><td>Other deductions</td><td>24,331.5</td><td>276.7</td><td>10,583.6</td><td>1,137.4</td><td>7,124.2</td><td>1,194.3</td><td>3,625.8</td><td>222.8</td><td>128.8</td><td>38.0</td></tr><tr><td>Total compiled deductions</td><td>221,646.0</td><td>3,392.4</td><td>129,965.7</td><td>16,838.6</td><td>55,255.6</td><td>4,610.9</td><td>6,535.1</td><td>4,074.9</td><td>753.7</td><td>219.1</td></tr><tr><td>Compiled net profit or loss</td><td>28,126.5</td><td>339.0</td><td>16,593.7</td><td>4,499.1</td><td>3,093.9</td><td>546.7</td><td>2,664.5</td><td>267.8</td><td>114.1</td><td>7.8</td></tr><tr><td>Net income or deficit</td><td>27,819.2</td><td>338.2</td><td>16,581.9</td><td>4,494.5</td><td>3,091.9</td><td>546.4</td><td>2,377.4</td><td>267.4</td><td>113.8</td><td>7.7</td></tr><tr><td>Net operating loss deduction 11/</td><td>225.0</td><td>7.2</td><td>79.5</td><td>36.1</td><td>33.5</td><td>18.9</td><td>37.7</td><td>4.8</td><td>4.3</td><td>2.9</td></tr><tr><td>Income subject to excess profits tax 12/</td><td>14,366.7</td><td>86.3</td><td>10,458.9</td><td>1,751.8</td><td>1,523.9</td><td>253.5</td><td>69.2</td><td>173.4</td><td>44.2</td><td>5.5</td></tr><tr><td>Taxes:</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 tax</td><td>4,479.2</td><td>99.5</td><td>2,266.1</td><td>997.4</td><td>538.5</td><td>106.1</td><td>404.9</td><td>36.1</td><td>25.8</td><td>4.7</td></tr><tr><td>Declared value excess-profit tax</td><td>154.9</td><td>.7</td><td>114.3</td><td>3.6</td><td>25.2</td><td>2.8</td><td>3.1</td><td>3.4</td><td>1.6</td><td>.1</td></tr><tr><td>Excess profits tax 13/</td><td>11,291.5</td><td>69.7</td><td>8,162.7</td><td>1,406.6</td><td>1,219.2</td><td>202.6</td><td>56.1</td><td>135.2</td><td>35.1</td><td>4.1</td></tr><tr><td>Total tax</td><td>15,925.6</td><td>169.8</td><td>10,543.1</td><td>2,407.7</td><td>1,782.9</td><td>311.5</td><td>464.1</td><td>174.6</td><td>62.6</td><td>9.3</td></tr><tr><td>Compiled net profit less total tax</td><td>12,200.9</td><td>169.1</td><td>6,050.6</td><td>2,091.4</td><td>1,311.1</td><td>235.2</td><td>2,200.4</td><td>93.1</td><td>51.5</td><td>-1.6</td></tr><tr><td>Dividends paid:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and assets other than own stock</td><td>5,727.7</td><td>200.4</td><td>2,631.7</td><td>1,175.8</td><td>543.4</td><td>105.6</td><td>1,001.9</td><td>31.3</td><td>31.1</td><td>6.4</td></tr><tr><td>Corporations's own stock</td><td>224.8</td><td>5.4</td><td>114.4</td><td>7.1</td><td>30.6</td><td>3.0</td><td>61.0</td><td>1.9</td><td>.7</td><td>.9</td></tr></table>
Note: See page A-14 for footnotes.
Treasury Bulletin
A-12
Table 1.-Corporation Income Tax Returns for 1943 - (Continued) Part B.-Number of Returns, Net Income, and Taxes, by Major Industrial Groups
<table><tr><th colspan="2">Major industrial group 1/</th><th>Total number of returns</th><th>Total compiled receipts</th><th>Number of returns</th><th>Net income 15/</th><th>Income subject to excise tax 15/</th><th>Income tax 15/</th><th>Declared value excise profit tax</th><th>Excess-over-profit tax 15/</th><th>Dividends paid in cash and checks other than own stock</th><th>Dividends paid in cash and checks other than own stock</th><th>Total compiled receipts 15/</th><th>Return with no net income 15/</th></tr><tr><td colspan="2">All industrial groups</td><td>455,894</td><td>283,735</td><td>283,735</td><td>28,718.0</td><td>14,366.7</td><td>15,925.6</td><td>154.9</td><td>11,291.5</td><td>5,631.0</td><td>136,786</td><td>8,915.6</td><td>898.7</td></tr><tr><td>Mining and quarrying:</td><td>Antihalite mining, lignite, peat, etc.</td><td>1,886</td><td>250</td><td>250</td><td>129.5</td><td>31.7</td><td>56.6</td><td>.1</td><td>1.1</td><td>61.7</td><td>747</td><td>76.8</td><td>13.3</td></tr><tr><td></td><td>Bituminous coal</td><td>145</td><td>74</td><td>74</td><td>10.3</td><td>1.4</td><td>4.1</td><td>.3</td><td>21.5</td><td>24.0</td><td>648</td><td>62.7</td><td>7.0</td></tr><tr><td></td><td>Crude petroleum and natural gas</td><td>1,763</td><td>975</td><td>975</td><td>103.2</td><td>26.6</td><td>49.2</td><td>.2</td><td>4.0</td><td>60.4</td><td>1,799</td><td>149.4</td><td>20.0</td></tr><tr><td></td><td>Nonpetroleum mining and quarrying</td><td>1,553</td><td>1,963</td><td>1,963</td><td>95.9</td><td>10.0</td><td>34.6</td><td>.1</td><td>12.7</td><td>19.7</td><td>1,634</td><td>49.1</td><td>5.0</td></tr><tr><td></td><td>Mining and quarrying not else-where</td><td>694</td><td>26</td><td>26</td><td>1.7</td><td>1.0</td><td>2.4</td><td>.7</td><td>.8</td><td>.6</td><td>149</td><td>2.0</td><td>1.2</td></tr><tr><td colspan="2">Total mining and quarrying</td><td>10,124</td><td>4,031</td><td>4,031</td><td>387.6</td><td>66.3</td><td>169.8</td><td>.7</td><td>69.7</td><td>193.3</td><td>4,102</td><td>509.4</td><td>49.4</td></tr><tr><td>Manufacturing:</td><td>Food and kindred products</td><td>2,328</td><td>1,270</td><td>1,270</td><td>1,311.4</td><td>500.1</td><td>638.4</td><td>8.5</td><td>403.4</td><td>247.4</td><td>1,749</td><td>420.6</td><td>12.3</td></tr><tr><td></td><td>Beverages</td><td>2,032</td><td>1,307</td><td>1,307</td><td>1,311.4</td><td>171.7</td><td>209.5</td><td>1.2</td><td>136.0</td><td>61.5</td><td>384</td><td>56.1</td><td>2.8</td></tr><tr><td></td><td>Tobacco manufactures</td><td>820</td><td>742</td><td>742</td><td>184.1</td><td>49.5</td><td>92.1</td><td>.8</td><td>182.5</td><td>43.5</td><td>53</td><td>32.3</td><td>1.5</td></
Note: See page A-14 for footnotes.
(Continued on following page)
January 1947
A-13
- (Continued)
e Tax Returns for 1943
Table 1.- Corporation Income
Part B.- Number of Returns, Net Income, and Taxes, by Major Industrial Groups - (Continued)
<table><tr><th>Major industrial group 14/</th><th>Total number of returns 16/</th><th>Number of returns 5/</th><th>Total compiled receipts 9/</th><th>Net income 15/</th><th>Income subject to excise- profit tax 12/</th><th>Return with net income 15/</th><th>Taxes</th><th>Dividends paid in cash and assets other than own stock 13/</th><th>Number of returns 6/</th><th>Return with no net income 15/</th></tr><tr><td>Public utilities:</td><td>13,759</td><td>6,798</td><td>13,370.7</td><td>2,900.5</td><td>1,323.1</td><td>1,655.3</td><td>3.0</td><td>1,060.7</td><td>4,013</td><td>106.5</td></tr><tr><td>Transportation.</td><td>3,291</td><td>2,131</td><td>4,573.1</td><td>1,029.5</td><td>230.5</td><td>459.1</td><td>1.3</td><td>161.4</td><td>1,284</td><td>1.5</td></tr><tr><td>Other public utilities.</td><td>20,679</td><td>13,170</td><td>20,426.9</td><td>4,616.3</td><td>1,751.8</td><td>2,407.7</td><td>3.6</td><td>1,406.6</td><td>6,109</td><td>121.8</td></tr><tr><td>Total public utilities.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trade:</td><td>32,349</td><td>27,551</td><td>27,151.6</td><td>1,216.0</td><td>621.0</td><td>628.6</td><td>9.7</td><td>494.8</td><td>6,897</td><td>26.5</td></tr><tr><td>Wholesale.</td><td>14,210</td><td>10,478</td><td>14,242.6</td><td>1,694.5</td><td>198.9</td><td>248.8</td><td>12.8</td><td>641.9</td><td>15,995</td><td>28.1</td></tr><tr><td>Retail not allocable.</td><td>124,122</td><td>94,044</td><td>56,132.3</td><td>3,156.5</td><td>1,523.9</td><td>1,782.9</td><td>25.2</td><td>1,219.2</td><td>26,236</td><td>64.6</td></tr><tr><td>Total trade.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service:</td><td>4,521</td><td>2,271</td><td>809.0</td><td>96.7</td><td>32.5</td><td>45.9</td><td>1.5</td><td>26.1</td><td>1,389</td><td>14.4</td></tr><tr><td>Hotels and other lodging places.</td><td>7,169</td><td>3,875</td><td>718.2</td><td>54.5</td><td>15.1</td><td>23.1</td><td>1.4</td><td>12.1</td><td>2,733</td><td>5.9</td></tr><tr><td>Personal service.</td><td>3,398</td><td>1,718</td><td>114.7</td><td>8.6</td><td>2.2</td><td>3.5</td><td>1.1</td><td>1.7</td><td>1,571</td><td>2.4</td></tr><tr><td>Automobile repair service and miscellaneous repair service.</td><td>1,501</td><td>1,032</td><td>135.1</td><td>14.9</td><td>9.7</td><td>9.0</td><td>1.1</td><td>7.6</td><td>1,708</td><td>2.4</td></tr><tr><td>Motion picture, motion picture house, and other service not allocable.</td><td>4,768</td><td>1,701</td><td>1,321.5</td><td>262.2</td><td>137.5</td><td>142.0</td><td>1.4</td><td>102.6</td><td>1,228</td><td>5.4</td></tr><tr><td>Other service not allocable.</td><td>4,112</td><td>1,870</td><td>379.2</td><td>45.3</td><td>25.1</td><td>26.2</td><td>1.3</td><td>15.3</td><td>2,922</td><td>8.7</td></tr><tr><td>Total service.</td><td>38,768</td><td>21,603</td><td>4,553.7</td><td>594.9</td><td>253.5</td><td>311.5</td><td>2.8</td><td>202.6</td><td>13,991</td><td>48.4</td></tr><tr><td>Finance, insurance, real estate, and lease of real property.</td><td>35,111</td><td>23,231</td><td>3,041.5</td><td>1,033.8</td><td>12.4</td><td>206.3</td><td>1.5</td><td>9.9</td><td>2,877</td><td>98.1</td></tr><tr><td>Finance, carrying, agent, etc.</td><td>7,909</td><td>5,136</td><td>3,491.4</td><td>1,387.5</td><td>26.1</td><td>132.3</td><td>1.1</td><td>21.1</td><td>2,418</td><td>97.1</td></tr><tr><td>Real estate, including lessors.</td><td>91,788</td><td>43,290</td><td>1,327.3</td><td>259.2</td><td>15.0</td><td>80.9</td><td>1.3</td><td>14.5</td><td>43,049</td><td>194.4</td></tr><tr><td>Lessors of real property, except buildings.</td><td>7,381</td><td>3,299</td><td>202.3</td><td>106.3</td><td>12.6</td><td>44.6</td><td>1.2</td><td>10.6</td><td>3,355</td><td>19.9</td></tr><tr><td>Total finance, insurance, real estate, and lease of real property.</td><td>142,189</td><td>74,956</td><td>8,062.4</td><td>2,786.7</td><td>69.2</td><td>464.1</td><td>3.1</td><td>56.1</td><td>58,699</td><td>409.4</td></tr><tr><td>Construction:</td><td>6,128</td><td>3,150</td><td>2,855.4</td><td>218.5</td><td>128.6</td><td>130.1</td><td>2.4</td><td>100.4</td><td>2,219</td><td>212</td></tr><tr><td>General contractors.</td><td>6,287</td><td>4,289</td><td>1,002.6</td><td>75.7</td><td>44.5</td><td>44.2</td><td>1.0</td><td>34.6</td><td>2,316</td><td>5.9</td></tr><tr><td>Special trade contractors.</td><td>210</td><td>47</td><td>12.5</td><td>1.7</td><td>1.3</td><td>1.4</td><td>1.0</td><td>1.2</td><td>56</td><td>1.3</td></tr><tr><td>Construction not allocable.</td><td>13,325</td><td>7,477</td><td>3,873.6</td><td>294.6</td><td>173.4</td><td>174.6</td><td>3.4</td><td>135.2</td><td>4,651</td><td>27.1</td></tr><tr><td>Total construction.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agriculture, forestry, and fishery:</td><td>6,593</td><td>3,894</td><td>725.3</td><td>120.9</td><td>42.6</td><td>59.9</td><td>1.5</td><td>33.9</td><td>2,395</td><td>12.8</td></tr><tr><td>Forestry.</td><td>433</td><td>208</td><td>17.1</td><td>4.1</td><td>1.4</td><td>1.6</td><td>1.0</td><td>1.1</td><td>170</td><td>1.2</td></tr><tr><td>Fishery.</td><td>269</td><td>150</td><td>22.8</td><td>3.2</td><td>1.1</td><td>1.6</td><td>1.0</td><td>1.1</td><td>90</td><td>1.2</td></tr><tr><td>Total agriculture, forestry, and fishery.</td><td>7,295</td><td>4,252</td><td>765.2</td><td>128.2</td><td>44.2</td><td>62.6</td><td>1.6</td><td>35.1</td><td>2,632</td><td>14.4</td></tr><tr><td>Nature of business not allocable.</td><td>17,915</td><td>1,897</td><td>201.4</td><td>25.0</td><td>5.5</td><td>9.3</td><td>1.3</td><td>4.3</td><td>3,355</td><td>17.4</td></tr></table>
Note: See page A-14 for footnotes.
A-14
Treasury Bulletin
Table 1.- Corporation Income Tax Returns for 1943 - (Continued)
Part C.- Number of Returns, Net Income, and Taxes, by Net Income and Deficit Classes
<table><tr><th rowspan="2">Net income or deficit classes 15/</th><th colspan="7">Returns with net income 15/</th><th colspan="2">Returns with no net income 15/</th></tr><tr><th>Number of returns</th><th>Net income 15/</th><th>Income subject to excess profits tax 12/</th><th>Total tax</th><th>Income tax</th><th>Declared value excess-profit tax</th><th>Excess profits tax 13/</th><th>Number of returns</th><th>Deficit 15/</th></tr><tr><td colspan="2">(In thousands of dollars)</td><td colspan="6">(In millions of dollars)</td><td colspan="2">(In millions of dollars)</td></tr><tr><td>Under 1.......</td><td>62,933</td><td>25.5</td><td>5.1</td><td>4.9</td><td>.2</td><td>84,297</td><td>23.0</td></tr><tr><td>1 under 2.......</td><td>29,718</td><td>43.5</td><td>.1</td><td>9.3</td><td>8.8</td><td>.4</td><td>16,605</td><td>23.8</td></tr><tr><td>2 under 3.......</td><td>21,048</td><td>52.2</td><td>.2</td><td>11.7</td><td>11.0</td><td>.5</td><td>8,304</td><td>20.4</td></tr><tr><td>3 under 4.......</td><td>16,777</td><td>58.5</td><td>.3</td><td>13.6</td><td>12.7</td><td>.6</td><td>5,081</td><td>17.6</td></tr><tr><td>4 under 5.......</td><td>15,837</td><td>71.5</td><td>.3</td><td>17.0</td><td>16.0</td><td>.8</td><td>3,516</td><td>15.7</td></tr><tr><td>5 under 10.......</td><td>40,570</td><td>290.8</td><td>11.0</td><td>76.3</td><td>64.1</td><td>3.0</td><td>8,230</td><td>57.7</td></tr><tr><td>10 under 15.......</td><td>19,829</td><td>243.2</td><td>30.3</td><td>77.6</td><td>50.1</td><td>2.5</td><td>3,373</td><td>41.1</td></tr><tr><td>15 under 20.......</td><td>12,095</td><td>209.2</td><td>39.2</td><td>74.7</td><td>40.3</td><td>2.2</td><td>1,739</td><td>30.0</td></tr><tr><td>20 under 25.......</td><td>8,478</td><td>190.0</td><td>45.2</td><td>73.5</td><td>34.5</td><td>1.8</td><td>1,173</td><td>26.2</td></tr><tr><td>25 under 50.......</td><td>20,294</td><td>715.5</td><td>232.3</td><td>323.9</td><td>131.4</td><td>6.3</td><td>2,302</td><td>79.5</td></tr><tr><td>50 under 100.......</td><td>13,840</td><td>977.2</td><td>409.9</td><td>515.9</td><td>179.4</td><td>7.8</td><td>1,174</td><td>81.0</td></tr><tr><td>100 under 250.......</td><td>11,158</td><td>1,748.6</td><td>868.8</td><td>997.6</td><td>293.2</td><td>12.5</td><td>651</td><td>98.7</td></tr><tr><td>250 under 500.......</td><td>4,860</td><td>1,700.1</td><td>925.9</td><td>1,001.3</td><td>260.3</td><td>12.0</td><td>218</td><td>73.8</td></tr><tr><td>500 under 1,000.......</td><td>2,852</td><td>1,983.6</td><td>1,079.4</td><td>1,160.1</td><td>303.5</td><td>13.0</td><td>73</td><td>50.7</td></tr><tr><td>1,000 under 5,000.......</td><td>2,665</td><td>5,395.7</td><td>3,026.3</td><td>3,192.6</td><td>790.9</td><td>31.5</td><td>45</td><td>101.3</td></tr><tr><td>5,000 under 10,000.......</td><td>391</td><td>2,745.9</td><td>1,510.9</td><td>1,599.9</td><td>407.4</td><td>17.5</td><td>2</td><td>12.0</td></tr><tr><td>10,000 and over.......</td><td>390</td><td>12,266.9</td><td>6,186.5</td><td>6,775.2</td><td>1,870.5</td><td>42.1</td><td>3</td><td>146.4</td></tr><tr><td>Tax on returns with no net income.......</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.1</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Total.......</td><td>283,735</td><td>28,718.0</td><td>14,366.7</td><td>15,925.6</td><td>4,479.2</td><td>154.9</td><td>11,291.5</td><td>136,786</td><td>898.7</td></tr><tr><td>No income data (inactive corporations).......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35,373</td><td>-</td></tr></table>
1/ Number of returns excludes returns of inactive corporations.
2/ "Gross sales" consists of amounts received for goods, less returns and allowances, in transactions where inventories are an income-determining factor. For "Cost of goods sold," see "Deductions."
3/ "Gross receipts from operations" consists of amounts received from transactions in which inventories are not an income-determining factor. For "Cost of operations," see "Deductions."
4/ Amount shown as "Rents and royalties" consists of gross amounts received. The amounts of depreciation, repairs, interest, taxes, and other expenses, which are deductible from the gross amount received for rents, and the amount of depletion, which is deductible from the gross amount of royalties received, are included in the respective deduction items.
5/ "Net gain or loss, sales other than capital assets" is the net amount of gain or loss arising from the sale or exchange of depreciable property and real property used in trade or business. If such property has been held for more than 6 months, special treatment of the gain or loss is provided.
6/ "Total compiled receipts" excludes nontaxable income other than tax-exempt interest received on certain Government obligations.
7/ Where the amount reported as "Cost of goods sold" or "Cost of operations" includes items of deductions such as depreciation, taxes, etc., these items ordinarily are not transferred to their specific headings. However, an exception is made with respect to amortization of emergency facilities reported in costs, such amount being transferred to "Amortization."
8/ Amount shown as "Repairs" is the cost of incidental repairs, including labor and supplies, which do not add materially to the value of the property or appreciably prolong its life.
9/ The item "Taxes paid" excludes (1) Federal income tax and Federal excise profits taxes, (2) estate, inheritance, legacy, succession, and gift taxes, (3) income taxes paid to a foreign country or possession of the United States if any portion is claimed as a tax credit, (4) taxes assessed against local benefits, (5) Federal taxes paid on tax-free covenant bonds, and (6) taxes reported in "Cost of goods sold" and "Cost of operations." 
10/ Amount shown as "Amortization" is the deduction provided by the Second Revenue Act of 1940 with respect to the amortization of the cost of emergency facilities necessary for national defense. 
11/ In general, the net operating loss carry-over is the sum of the net operating loases, if any, for the two preceding taxable years. 
12/ Income subject to excess profits tax" is, in general, equal to the adjusted excess profits net income. 
13/ The excess profits tax shown is that imposed by section 710 of the Internal Revenue Code as amended and should not be confused with the declared value excess-profits tax. The amount shown is the excess profits tax liability reported on corporation excess profits tax returns, less the credit for debt retirement and the net postwar refund. 
14/ The industrial classification is based on the business activity reported on the return. When multiple businesses are reported on a return, the classification is determined by the business activity which accounts for the largest percentage of total receipts. Therefore, the industrial groups do not reflect pure industry classifications. 
15/ "Net income" or "Deficit" is the amount reported for declared value excess-profits tax computation adjusted by excluding net operating loss deduction (items 31 and 27, respectively, page 1, Form 1120). 
16/ Total number of returns includes returns of inactive corporations.
January 1947
A-15
Table 2.- Corporation Income Tax Returns with Balance Sheets for 1943
Part A.- Assets and Liabilities by Major Industrial Divisions
<table><tr><th></th><th colspan="2">All industrial divisions</th><th colspan="2">Mining and quarrying</th><th colspan="2">Manufacturing</th><th colspan="2">Public utilities</th><th colspan="2">Trade</th></tr><tr><th></th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th></tr><tr><td>Number of returns with balance sheets 1/</td><td>260,341</td><td>106,529</td><td>3,700</td><td>3,336</td><td>58,683</td><td>14,466</td><td>11,758</td><td>4,469</td><td>87,281</td><td>20,386</td></tr><tr><td>Assets:</td><td colspan="10">(In millions of dollars)</td></tr><tr><td>Cash 2/</td><td>47,613.1</td><td>2,658.4</td><td>471.1</td><td>45.4</td><td>11,584.8</td><td>167.6</td><td>3,028.3</td><td>102.2</td><td>3,029.0</td><td>123.4</td></tr><tr><td>Notes and accounts receivable (less reserve)</td><td>42,844.7</td><td>2,883.7</td><td>401.6</td><td>74.4</td><td>14,665.2</td><td>344.9</td><td>2,282.6</td><td>108.2</td><td>4,284.1</td><td>210.4</td></tr><tr><td>Inventories</td><td>26,452.1</td><td>735.1</td><td>246.5</td><td>34.7</td><td>18,768.4</td><td>386.3</td><td>955.7</td><td>35.4</td><td>5,835.0</td><td>197.0</td></tr><tr><td>Investments, Government obligations 3/</td><td>82,406.7</td><td>4,248.6</td><td>362.8</td><td>11.6</td><td>9,115.6</td><td>36.7</td><td>777.2</td><td>26.9</td><td>1,631.5</td><td>28.9</td></tr><tr><td>Other investments</td><td>67,869.1</td><td>4,195.2</td><td>548.1</td><td>90.4</td><td>9,221.3</td><td>127.1</td><td>11,234.4</td><td>132.7</td><td>1,775.0</td><td>60.0</td></tr><tr><td>Gross capital assets (except land) 4/</td><td>124,654.6</td><td>11,696.8</td><td>4,454.1</td><td>1,352.7</td><td>48,510.6</td><td>1,339.0</td><td>53,161.7</td><td>2,096.0</td><td>5,062.2</td><td>358.0</td></tr><tr><td>Less reserves</td><td>43,878.8</td><td>3,320.8</td><td>2,324.8</td><td>645.1</td><td>24,013.5</td><td>563.1</td><td>11,158.5</td><td>397.3</td><td>2,479.0</td><td>154.1</td></tr><tr><td>Land</td><td>6,407.1</td><td>2,169.3</td><td>97.4</td><td>46.6</td><td>1,699.6</td><td>64.4</td><td>391.3</td><td>24.6</td><td>819.1</td><td>55.2</td></tr><tr><td>Other assets</td><td>9,126.7</td><td>762.0</td><td>127.3</td><td>39.8</td><td>3,226.1</td><td>86.4</td><td>1,993.3</td><td>116.1</td><td>619.8</td><td>33.3</td></tr><tr><td>Total assets 5/</td><td>363,495.2</td><td>26,028.4</td><td>4,384.0</td><td>1,049.6</td><td>92,778.2</td><td>1,989.5</td><td>62,665.8</td><td>2,244.7</td><td>20,576.8</td><td>912.1</td></tr><tr><td>Liabilities:</td><td colspan="10"></td></tr><tr><td>Accounts payable</td><td>15,860.8</td><td>1,634.4</td><td>265.2</td><td>104.1</td><td>9,096.9</td><td>245.1</td><td>1,637.6</td><td>204.9</td><td>3,209.3</td><td>205.4</td></tr><tr><td>Bonds, notes, mortgages payable:</td><td colspan="10"></td></tr><tr><td>Maturity less than 1 year</td><td>5,612.3</td><td>1,157.5</td><td>98.3</td><td>79.6</td><td>2,976.7</td><td>221.1</td><td>322.9</td><td>67.7</td><td>931.7</td><td>79.2</td></tr><tr><td>Maturity 1 year or more</td><td>38,634.2</td><td>7,100.5</td><td>361.8</td><td>216.2</td><td>6,144.0</td><td>428.8</td><td>21,794.1</td><td>1,068.9</td><td>1,177.3</td><td>134.1</td></tr><tr><td>Other liabilities</td><td>166,094.3</td><td>9,765.0</td><td>328.9</td><td>88.9</td><td>14,802.9</td><td>164.4</td><td>6,660.2</td><td>412.3</td><td>2,021.7</td><td>89.8</td></tr><tr><td>Capital stock, preferred</td><td>13,762.2</td><td>1,379.8</td><td>154.0</td><td>42.6</td><td>5,740.2</td><td>134.7</td><td>4,101.2</td><td>164.8</td><td>1,169.9</td><td>42.4</td></tr><tr><td>Capital stock, common</td><td>58,898.1</td><td>6,138.1</td><td>1,508.9</td><td>571.3</td><td>21,444.2</td><td>688.8</td><td>18,679.3</td><td>647.3</td><td>5,425.6</td><td>387.8</td></tr><tr><td>Surplus reserves</td><td>11,908.6</td><td>500.6</td><td>209.4</td><td>22.4</td><td>7,445.0</td><td>45.6</td><td>1,353.5</td><td>45.1</td><td>940.4</td><td>13.1</td></tr><tr><td>Surplus and undivided profits 6/</td><td>59,407.4</td><td>3,390.0</td><td>1,712.0</td><td>263.0</td><td>25,787.2</td><td>410.1</td><td>9,533.1</td><td>201.6</td><td>6,087.6</td><td>186.3</td></tr><tr><td>Less deficit 7/</td><td>4,682.6</td><td>5,037.4</td><td>254.5</td><td>338.6</td><td>659.1</td><td>349.1</td><td>1,416.6</td><td>568.0</td><td>386.7</td><td>225.9</td></tr><tr><td>Total liabilities 5/</td><td>363,495.2</td><td>26,028.4</td><td>4,384.0</td><td>1,049.6</td><td>92,778.2</td><td>1,989.5</td><td>62,665.8</td><td>2,244.7</td><td>20,576.8</td><td>912.1</td></tr></table>
Table 2.- Corporation Income Tax Returns with Balance Sheets for 1943 - (Continued) Part A.- Assets and Liabilities by Major Industrial Divisions - (Continued)
<table><tr><th colspan="9">Major industrial divisions - (Continued)</th></tr><tr><th></th><th colspan="2">Service</th><th colspan="2">Finance, insurance, real estate, and lessors of real property</th><th colspan="2">Construction</th><th colspan="2">Agriculture, forestry, and fishery</th><th>Nature of business not allocable</th></tr><tr><th></th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th><th>Net income</th><th>No net income</th></tr><tr><td>Number of returns with balance sheets 1/</td><td>19,343</td><td>10,456</td><td>67,371</td><td>45,521</td><td>6,927</td><td>3,780</td><td>3,673</td><td>1,884</td><td>1,605</td><td>2,231</td></tr><tr><td>Assets:</td><td colspan="10">(In millions of dollars)</td></tr><tr><td>Cash 2/</td><td>480.5</td><td>49.5</td><td>28,600.6</td><td>2,113.0</td><td>279.5</td><td>35.1</td><td>106.5</td><td>11.0</td><td>32.7</td><td>11.2</td></tr><tr><td>Notes and accounts receivable (less reserve)</td><td>366.3</td><td>60.6</td><td>20,095.8</td><td>1,929.9</td><td>574.6</td><td>103.8</td><td>106.6</td><td>18.6</td><td>68.0</td><td>32.8</td></tr><tr><td>Inventories</td><td>329.0</td><td>22.5</td><td>31.6</td><td>19.5</td><td>129.9</td><td>16.9</td><td>140.6</td><td>19.3</td><td>15.4</td><td>3.5</td></tr><tr><td>Investments, Government obligations 3/</td><td>174.4</td><td>10.0</td><td>70,130.4</td><td>4,115.5</td><td>126.7</td><td>10.6</td><td>69.3</td><td>2.0</td><td>18.7</td><td>6.4</td></tr><tr><td>Other investments</td><td>525.7</td><td>46.0</td><td>44,227.5</td><td>3,608.6</td><td>127.1</td><td>26.5</td><td>136.0</td><td>43.1</td><td>73.9</td><td>60.8</td></tr><tr><td>Gross capital assets (except land) 4/</td><td>2,503.5</td><td>596.2</td><td>9,813.4</td><td>5,665.6</td><td>426.4</td><td>97.3</td><td>621.4</td><td>120.1</td><td>101.2</td><td>72.8</td></tr><tr><td>Lease reserves</td><td>1,120.1</td><td>243.2</td><td>2,230.1</td><td>1,225.8</td><td>229.4</td><td>44.0</td><td>287.0</td><td>33.0</td><td>36.0</td><td>15.2</td></tr><tr><td>Land</td><td>471.2</td><td>123.0</td><td>2,603.6</td><td>1,757.1</td><td>44.0</td><td>13.6</td><td>250.1</td><td>58.2</td><td>30.7</td><td>26.7</td></tr><tr><td>Other assets</td><td>154.3</td><td>34.2</td><td>2,889.4</td><td>418.3</td><td>73.7</td><td>13.1</td><td>32.0</td><td>7.6</td><td>10.6</td><td>13.1</td></tr><tr><td>Total assets 5/</td><td>3,884.8</td><td>698.8</td><td>176,162.4</td><td>18,401.6</td><td>1,552.5</td><td>273.0</td><td>1,175.5</td><td>246.9</td><td>315.2</td><td>212.3</td></tr><tr><td>Liabilities:</td><td colspan="10"></td></tr><tr><td>Aoounts payable</td><td>324.6</td><td>101.2</td><td>999.6</td><td>633.5</td><td>216.0</td><td>62.1</td><td>77.9</td><td>37.2</td><td>33.7</td><td>41.0</td></tr><tr><td>Bonds, notes, mortgages payable:</td><td colspan="10"></td></tr><tr><td>Maturity less than 1 year</td><td>95.3</td><td>52.3</td><td>1,010.8</td><td>597.4</td><td>104.5</td><td>26.9</td><td>55.8</td><td>18.6</td><td>16.2</td><td>14.7</td></tr><tr><td>Maturity 1 year or more</td><td>840.7</td><td>281.6</td><td>6,090.9</td><td>4,825.3</td><td>70.1</td><td>45.3</td><td>109.7</td><td>48.9</td><td>45.4</td><td>51.3</td></tr><tr><td>Other liabilities</td><td>398.6</td><td>119.4</td><td>141,435.9</td><td>8,803.1</td><td>343.1</td><td>36.8</td><td>70.6</td><td>19.0</td><td>32.4</td><td>31.2</td></tr><tr><td>Capital stock, preferred</td><td>223.0</td><td>45.4</td><td>2,280.1</td><td>909.6</td><td>37.4</td><td>11.3</td><td>41.5</td><td>11.7</td><td>14.7</td><td>17.3</td></tr><tr><td>Capital stock, common</td><td>887.7</td><td>214.1</td><td>10,071.4</td><td>3,252.7</td><td>282.7</td><td>83.3</td><td>479.8</td><td>129.3</td><td>118.5</td><td>163.6</td></tr><tr><td>Surplus reserves</td><td>188.3</td><td>16.0</td><td>1,653.1</td><td>346.3</td><td>53.0</td><td>6.8</td><td>52.3</td><td>1.3</td><td>13.2</td><td>3.9</td></tr><tr><td>Surplus and undivided profits 6/</td><td>1,131.3</td><td>146.6</td><td>14,193.6</td><td>2,006.4</td><td>468.8</td><td>53.5</td><td>384.6</td><td>70.0</td><td>109.1</td><td>52.5</td></tr><tr><td>Less deficit 7/</td><td>204.6</td><td>277.9</td><td>1,573.2</td><td>2,972.7</td><td>23.2</td><td>53.0</td><td>96.7</td><td>89.0</td><td>68.1</td><td>163.2</td></tr><tr><td>Total liabilities 5/</td><td>3,884.8</td><td>698.8</td><td>176,162.4</td><td>18,401.6</td><td>1,552.5</td><td>273.0</td><td>1,175.5</td><td>246.9</td><td>315.2</td><td>212.3</td></tr></table>
Note: See page A-16 for footnotes.
A-16
Treasury Bulletin
Table 2.- Corporation Income Tax Returns with Balance Sheets for 1943 - (Continued)
Part B.- Assets and Liabilities by Total Asset Classes
<table><tr><th></th><th>Total</th><th>Under 50</th><th>50 under 100</th><th>100 under 250</th><th>250 under 500</th><th>500 under 1,000</th><th>1,000 under 5,000</th><th>5,000 under 10,000</th><th>10,000 under 50,000</th><th>50,000 under 100,000</th><th>100,000 and over</th></tr><tr><td>Number of returns with balance assets 1/</td><td>366,870</td><td>181,961</td><td>56,579</td><td>56,105</td><td>26,757</td><td>17,893</td><td>20,737</td><td>3,232</td><td>2,719</td><td>396</td><td>491</td></tr><tr><td colspan="12">(In millions of dollars)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 2/</td><td>50,271.5</td><td>577.7</td><td>541.9</td><td>1,089.9</td><td>1,236.0</td><td>1,922.3</td><td>7,291.0</td><td>3,539.4</td><td>7,966.0</td><td>3,767.3</td><td>22,340.0</td></tr><tr><td>Notes and accounts receivable (less reserve)</td><td>45,728.4</td><td>670.7</td><td>716.2</td><td>1,507.8</td><td>1,585.1</td><td>2,115.5</td><td>6,664.4</td><td>3,049.4</td><td>6,756.5</td><td>2,945.1</td><td>19,717.7</td></tr><tr><td>Inventories</td><td>27,187.2</td><td>572.3</td><td>605.7</td><td>1,260.0</td><td>1,294.3</td><td>1,516.8</td><td>4,245.4</td><td>2,022.5</td><td>4,669.6</td><td>2,129.3</td><td>8,871.4</td></tr><tr><td>Investments, Government obligations 3/</td><td>86,655.3</td><td>51.5</td><td>100.9</td><td>356.7</td><td>671.6</td><td>1,575.8</td><td>8,914.4</td><td>5,168.7</td><td>12,309.5</td><td>6,072.9</td><td>51,433.1</td></tr><tr><td>Other investments</td><td>72,064.4</td><td>154.7</td><td>205.6</td><td>561.2</td><td>802.6</td><td>1,185.5</td><td>5,340.6</td><td>3,000.7</td><td>9,427.5</td><td>3,896.6</td><td>47,489.4</td></tr><tr><td>Gross capital assets (except land) 4/</td><td>136,351.5</td><td>1,989.9</td><td>2,164.8</td><td>4,718.8</td><td>4,492.0</td><td>5,180.9</td><td>13,939.9</td><td>7,137.3</td><td>18,888.0</td><td>10,402.7</td><td>67,437.2</td></tr><tr><td>Less reserves</td><td>47,199.6</td><td>910.6</td><td>884.9</td><td>1,922.2</td><td>1,841.7</td><td>2,192.8</td><td>5,906.8</td><td>2,879.7</td><td>7,539.6</td><td>3,206.9</td><td>19,914.3</td></tr><tr><td>Land</td><td>8,576.3</td><td>301.5</td><td>438.9</td><td>974.4</td><td>887.5</td><td>936.2</td><td>2,063.2</td><td>781.7</td><td>1,138.8</td><td>349.5</td><td>704.6</td></tr><tr><td>Other assets</td><td>9,888.7</td><td>150.9</td><td>146.8</td><td>308.7</td><td>290.8</td><td>365.7</td><td>1,058.6</td><td>576.7</td><td>1,598.4</td><td>951.2</td><td>4,441.0</td></tr><tr><td>Total assets 5/</td><td>389,523.6</td><td>3,558.5</td><td>4,035.8</td><td>8,855.3</td><td>9,418.2</td><td>12,606.0</td><td>43,610.6</td><td>22,396.7</td><td>55,214.7</td><td>27,307.7</td><td>202,520.1</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable</td><td>17,495.2</td><td>746.9</td><td>550.6</td><td>1,003.0</td><td>881.6</td><td>942.5</td><td>2,363.9</td><td>1,031.6</td><td>2,529.6</td><td>1,102.9</td><td>6,342.6</td></tr><tr><td>Bonds, notes, mortgages payable:</td><td></td><td></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 less than 1 year</td><td>6,769.8</td><td>279.7</td><td>242.1</td><td>480.8</td><td>466.0</td><td>551.6</td><td>1,440.4</td><td>595.0</td><td>1,233.7</td><td>425.5</td><td>1,054.9</td></tr><tr><td>Maturity 1 year or more</td><td>43,734.6</td><td>610.2</td><td>761.7</td><td>1,802.7</td><td>1,655.3</td><td>1,682.2</td><td>3,929.9</td><td>1,760.5</td><td>5,003.0</td><td>3,965.2</td><td>22,564.0</td></tr><tr><td>Other liabilities</td><td>175,859.3</td><td>374.1</td><td>347.6</td><td>852.6</td><td>1,461.3</td><td>3,304.1</td><td>17,571.5</td><td>9,562.1</td><td>23,339.1</td><td>11,275.9</td><td>107,771.0</td></tr><tr><td>Capital stock, preferred</td><td>15,142.0</td><td>120.2</td><td>128.3</td><td>342.4</td><td>403.7</td><td>547.7</td><td>1,763.4</td><td>827.6</td><td>2,695.3</td><td>1,649.2</td><td>6,664.3</td></tr><tr><td>Capital stock, common</td><td>65,036.2</td><td>2,013.3</td><td>1,615.2</td><td>3,000.4</td><td>2,692.7</td><td>3,005.6</td><td>7,724.3</td><td>3,617.3</td><td>8,367.3</td><td>4,118.3</td><td>28,881.8</td></tr><tr><td>Surplus reserves</td><td>12,409.2</td><td>26.2</td><td>41.2</td><td>141.3</td><td>221.5</td><td>343.0</td><td>1,413.8</td><td>849.2</td><td>2,578.4</td><td>1,165.0</td><td>5,629.7</td></tr><tr><td>Surplus and undivided profits 6/</td><td>62,797.4</td><td>747.7</td><td>917.1</td><td>2,160.9</td><td>2,368.8</td><td>2,999.4</td><td>9,155.3</td><td>4,779.8</td><td>10,838.8</td><td>4,017.1</td><td>24,812.5</td></tr><tr><td>Lease deficit 7/</td><td>9,720.1</td><td>1,359.6</td><td>568.0</td><td>928.9</td><td>732.7</td><td>770.1</td><td>1,751.7</td><td>626.4</td><td>1,370.6</td><td>411.4</td><td>1,200.6</td></tr><tr><td>Total liabilities 5/</td><td>389,523.6</td><td>3,558.5</td><td>4,035.8</td><td>8,855.3</td><td>9,418.2</td><td>12,606.0</td><td>43,610.6</td><td>22,396.7</td><td>55,214.7</td><td>27,307.7</td><td>202,520.1</td></tr></table>
1/ "Number of returns with balance sheets" excludes returns of inactive corporations and returns of active corporations for which balance sheet data are lacking.
2/ Amount shown as "Cash" includes bank deposits.
3/ Amount shown as "Investments, Government obligations" consists of obligations of the United States or agency or instrumentality thereof as well as obligations of States, Territories, and political subdivisions thereof, the District of Columbia, and United States possessions.
4/ Amount shown as "Capital assets" consists of (1) depreciable tangible assets such as buildings, fixed mechanical equipment, manufacturing facilities, transportation facilities, and furniture and fixtures, (2) depletable tangible assets - natural resources, and (3) intangible as
5/ Assets and liabilities are tabulated as of December 31, 1943, or close of fiscal year nearest thereto. Total assets classes are based on the net amount of total assets after reserves for depreciation, depletion, amortization, and bad debts.
6/ Amount shown as "Surplus and undivided profits" consists of paid-in or capital surplus and earned surplus and undivided profits.
7/ Amount shown as "Deficit" consists of negative amounts of earned surplus and undivided profits.
Form 1120 Treasury Department Internal Revenue Service
UNITED STATES CORPORATION INCOME AND DECLARED VALUE EXCESS-PROFITS TAX RETURN
1943
For Calendar Year 1943 or fiscal year beginning 1943, and ending
<table><tr><th colspan="4">PRIEST PRIMACY CORPORATION'S NAME AND ADDRESS</th></tr><tr><td>Serial No.</td><td>(Center) state</td><td>Cash</td><td>Chk. M. O.</td></tr><tr><td>(District)</td><td>(Name)</td><td>First Printer</td><td></td></tr><tr><td colspan="4">(Give and address)</td></tr><tr><td colspan="2">End of business</td><td colspan="2">Business group serial number (from Instruction 9)</td></tr><tr><td>(Ct. or state)</td><td>(Date)</td><td>1</td><td>2</td></tr><tr><th colspan="2">NORMAL-TAX NET INCOME COMPUTATION</th><th colspan="2">GROSS INCOME</th></tr><tr><td>Item (from Instructions)</td><td>Gross</td><td>Allowance and adjustments</td><td>Less</td></tr><tr><td>1. Gross sales (where inventories are not on Schedule A)</td><td>3</td><td>8</td><td>1</td></tr><tr><td>2. Less Cost of goods sold</td><td></td><td></td><td>4</td></tr><tr><td>3. Gross profit (where inventories are not Schedule B)</td><td>5</td><td>9</td><td>2</td></tr><tr><td>4. Less Cost of operations (From Schedule B)</td><td></td><td></td><td>5</td></tr><tr><td>5. Gross profit where inventories are not on Schedule B</td><td>6</td><td>10</td><td>3</td></tr><tr><td>6. Interest on loans, mortgage bonds, bank deposits, etc.</td><td>7</td><td>11</td><td>4</td></tr><tr><td>7. Interest on corporation bonds, etc.</td><td>8</td><td>12</td><td>5</td></tr><tr><td>8. Interest on loans, bank deposits, etc. (From Schedule C)</td><td>9</td><td>13</td><td>6</td></tr><tr><td>9. Income from sale or exchange of capital assets (From Schedule C)</td><td>10</td><td>14</td><td>7</td></tr><tr><td>10. Rental</td><td>11</td><td>15</td><td>8</td></tr><tr><td>11. Net gain from sale or exchange of capital assets</td><td>12</td><td>16</td><td>9</td></tr><tr><td>12. Net gain (or loss) from sale or exchange of property other than capital assets</td><td>13</td><td>17</td><td>10</td></tr><tr><td>13. Dividends (From Schedule E)</td><td>14</td><td>18</td><td>11</td></tr><tr><td>14. Other income (State nature)</td><td>15</td><td>19</td><td>12</td></tr><tr><th colspan="2">DEDUCTIONS</th><th colspan="2">Gross</th></tr><tr><td>15. Compensation of officers (From Schedule F)</td><td>16</td><td>20</td><td>13</td></tr><tr><td>16. Salaries and wages (not deducted elsewhere)</td><td>17</td><td>21</td><td>14</td></tr><tr><td>17. Rent</td><td>18</td><td>22</td><td>15</td></tr><tr><td>18. Bad debts</td><td>19</td><td>23</td><td>16</td></tr><tr><td>19. Interest (From Schedule II) (Debtors declared value exceeds profits tax as item 31)</td><td>20</td><td>24</td><td>17</td></tr><tr><td>20. Taxes (From Schedule III) (Debtors declared value exceeds profits tax as item 31)</td><td>21</td><td>25</td><td>18</td></tr><tr><td>21. Losses by fire, storm, shipwreck, or other casualty, of theft (Schedule F)</td><td>22</td><td>26</td><td>19</td></tr><tr><td>22. Depreciation of plant and equipment (Schedule G)</td><td>23</td><td>27</td><td>20</td></tr><tr><td>23. Depreciation of mining, oil and gas wells, timber, etc. (Schedule G)</td><td>24</td><td>28</td><td>21</td></tr><tr><td>24. Depreciation of fixtures, machinery, and equipment (Schedule G)</td><td>25</td><td>29</td><td>22</td></tr><tr><td>25. Other deductions (Schedule G)</td><td>26</td><td>30</td><td>23</td></tr><tr><td>26. Total deductions (Add all items 15 to 26)</td><td>27</td><td>31</td><td>24</td></tr><tr><td>27. Net income (or loss) (Item 15 to 14 minus Item 27)</td><td>28</td><td>32</td><td>25</td></tr><tr><td>28. Less interest on certain obligations of the United States and its instrumentalities issued prior to March 1, 1941 (From Schedule G)</td><td>29</td><td>33</td><td>26</td></tr><tr><td>29. Less interest on certain obligations of the United States and its instrumentalities issued prior to March 1, 1941 (From Schedule G)</td><td>30</td><td>34</td><td>27</td></tr><tr><td>30. Less dividends declared (Schedule G)</td><td>31</td><td>35</td><td>28</td></tr><tr><td>31. Adjusted net income (Item 29 to 22)</td><td>32</td><td>36</td><td>29</td></tr><tr><td>32. Less income tax (or tax credit) (From Form 1251)</td><td>33</td><td>37</td><td>30</td></tr><tr><td>33. Normal net income</td><td>34</td><td>38</td><td>31</td></tr><tr><th colspan="2">TOTAL INCOME AND DECLARED VALUE EXCESS-PROFIT TAXES</th><th colspan="2">Gross</th></tr><tr><td>34. Total income (line 28 or 36)</td><td>35</td><td>40</td><td>32</td></tr><tr><td>35. Total declared value (line 28 or 36)</td><td>36</td><td>41</td><td>33</td></tr><tr><td>36. Less income tax (or tax credit) (From Form 1251)</td><td>37</td><td>42</td><td>34</td></tr><tr><td>37. Normal net income</td><td>38</td><td>43</td><td>35</td></tr><tr><td>38. Less income tax (or tax credit) (From Form 1251)</td><td>39</td><td>44</td><td>36</td></tr><tr><td>39. Total declared value (line 28 or 36)</td><td>40</td><td>45</td><td>37</td></tr><tr><td>40. Total income and declared value excess-profits tax (line 39 or 41)</td><td>41</td><td></td><td>38</td></tr></table>
<table><tr><td colspan="4">DECLARED VALUE EXCESS-PROFITS TAX COMPUTATION</td></tr><tr><td>Line</td><td colspan="3">Net Income (for declared value excess-profits tax computation (Item 31, page 1))</td></tr><tr><td>1</td><td colspan="3">$</td></tr><tr><td>2</td><td>Value of declared value excess-profits tax (Item 31, page 1)</td><td colspan="2">$</td></tr><tr><td>3</td><td>Value of declared value excess-profits tax (Item 31, page 1) multiplied by 5 percent</td><td colspan="2">$</td></tr><tr><td>4</td><td>Balance subject to declared value excess-profits tax (Item 37, Schedule 35, page 1)</td><td colspan="2">$</td></tr><tr><td>5</td><td>Balance subject to declared value excess-profits tax (Item 37, Schedule 35, page 1) multiplied by 16.5 percent</td><td colspan="2">$</td></tr><tr><td>6</td><td>Amount taxable at 6 percent (6 months of line 5, but not more than line 9, and line 4)</td><td colspan="2">$</td></tr><tr><td>7</td><td>Balance taxable at 13.5 percent (total of line 6, column 3, and line 7, column 3)</td><td colspan="2">$</td></tr><tr><td>8</td><td>Total declared value excess-profits tax (total of line 5, column 3, and line 7, column 3)</td><td colspan="2">$</td></tr><tr><td colspan="4">(See Computation Instructions)</td></tr><tr><td colspan="4">INCOME TAX COMPUTATION (See Computation Instructions)</td></tr><tr><td>9</td><td>Normal tax (Item 40, page 1)</td><td colspan="2">$</td></tr><tr><td>10</td><td>Portion of line 9 (not in excess of $5,000) and tax at 16 percent</td><td colspan="2">$</td></tr><tr><td>11</td><td>Portion of line 9 (in excess of $5,000 and not in excess of $20,000) and tax at 17 percent</td><td colspan="2">$</td></tr><tr><td>12</td><td>Portion of line 9 (in excess of $20,000 and not in excess of $25,000) and tax at 19 percent</td><td colspan="2">$</td></tr><tr><td>13</td><td>Portion of line 9 (in excess of $25,000 and not in excess of $31,125) and tax at 21 percent</td><td colspan="2">$</td></tr><tr><td>14</td><td>Total normal tax (total tax in columns 10, 11, 12, and 13)</td><td colspan="2">$</td></tr><tr><td>15</td><td>Subtotal: corporation with profits (Item 14) (16 percent of total normal tax declared)</td><td colspan="2">$</td></tr><tr><td>16</td><td>Normal tax (24 percent of line 15)</td><td colspan="2">$</td></tr><tr><td colspan="4">TOTAL COMPUTATION</td></tr><tr><td>17</td><td>Net income (Item 35, page 1)</td><td colspan="2">$</td></tr><tr><td>18</td><td>Income subject to excess-profits tax (Item 8)</td><td colspan="2">$</td></tr><tr><td>19</td><td>Dividends received (10 percent of line 18) (subtract from line 17)</td><td colspan="2">$</td></tr><tr><td>20</td><td>Dividends paid on entire preferred stock (Item 19)</td><td colspan="2">$</td></tr><tr><td>21</td><td>Subtotal net income</td><td colspan="2">$</td></tr><tr><td>22</td><td>Portion of line 21 (not in excess of $25,000) and tax at 12 percent in the case of a consolidated return (for 20.5 percent in the case of a consolidated return)</td><td colspan="2">$</td></tr><tr><td>23</td><td>Portion of line 21 (in excess of $25,000) and tax at 22 percent (for 20.5 percent in the case of a consolidated return)</td><td colspan="2">$</td></tr><tr><td>24</td><td>Total surplus to column 3 of line 22 and 23</td><td colspan="2">$</td></tr><tr><td colspan="4">CORPORATIONS WITH BUNYAT NET INCOME (15 percent of consolidated return, 18 percent of the consolidated return, whichever is applicable)</td></tr><tr><td>25</td><td>Subtotal net income (line 21 above)</td><td colspan="2">$</td></tr><tr><td>26</td><td>Subtotal (18 percent of line 25) (in the case of a consolidated return)</td><td colspan="2">$</td></tr><tr><td>27</td><td>Total normal and surplus (line 14 or 16, plus line 26)</td><td colspan="2">$</td></tr><tr><td>28</td><td>Total tax (line 27 or line 23, Schedule 1)</td><td colspan="2">$</td></tr></table>
Facsimile of Form 1120
January 1947
A-17
January 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First 5 months, fiscal years 1945 to 1947</th><th colspan="6">Complete fiscal years, 1945 to 1948</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>Change 1946 to 1947</th><th>Actual 1945</th><th>Actual 1946</th><th>Estimated 1/ 1947</th><th>Estimated 1/ 1948</th><th>Actual 1946 to estimated 1947</th><th>Estimated 1947 to estimated 1948</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>10,713</td><td>10,733</td><td>9,399</td><td>-1,334</td><td>35,173</td><td>30,885</td><td>27,134</td><td>26,661</td><td>-3,751</td><td>-473</td></tr><tr><td>Employment taxes</td><td>790</td><td>753</td><td>818</td><td>+65</td><td>1,780</td><td>1,701</td><td>1,941</td><td>2,681</td><td>+240</td><td>+740</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>3,114</td><td>3,459</td><td>3,452</td><td>-7</td><td>6,949</td><td>7,725</td><td>8,013</td><td>6,847</td><td>+288</td><td>-1,166</td></tr><tr><td>Customs</td><td>132</td><td>166</td><td>216</td><td>+51</td><td>355</td><td>435</td><td>496</td><td>517</td><td>+61</td><td>+21</td></tr><tr><td>Other receipts 3/</td><td>810</td><td>1,306</td><td>1,169</td><td>-137</td><td>3,483</td><td>3,493</td><td>4,001</td><td>3,011</td><td>+508</td><td>-990</td></tr><tr><td>Total receipts</td><td>15,558</td><td>16,417</td><td>15,055</td><td>-1,362</td><td>47,740</td><td>44,239</td><td>41,585</td><td>39,717</td><td>-2,654</td><td>-1,868</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>661</td><td>631</td><td>696</td><td>+65</td><td>1,283</td><td>1,201</td><td>1,355</td><td>1,987</td><td>+154</td><td>+632</td></tr><tr><td>Net receipts</td><td>14,898</td><td>15,786</td><td>14,359</td><td>-1,427</td><td>46,457</td><td>43,038</td><td>40,230</td><td>37,730</td><td>-2,808</td><td>-2,500</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>19,989</td><td>16,607</td><td>2,644</td><td>-13,963</td><td>50,337</td><td>27,800</td><td>7,654</td><td>7,367</td><td>-20,146</td><td>-287</td></tr><tr><td>Navy Department</td><td>12,613</td><td>8,899</td><td>2,356</td><td>-6,543</td><td>30,047</td><td>15,161</td><td>5,116</td><td>4,420</td><td>-10,045</td><td>-696</td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>-</td><td>311</td><td>+311</td><td>-</td><td>-</td><td>1,900</td><td>250</td><td>+1,900</td><td>-1,650</td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>14</td><td>+14</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>4,047</td><td>2,937</td><td>1,392</td><td>-1,545</td><td>9,045</td><td>5,581</td><td>3,456</td><td>1,542</td><td>-2,125</td><td>-1,914</td></tr><tr><td>Total</td><td>36,649</td><td>28,443</td><td>6,717</td><td>-21,726</td><td>90,029</td><td>48,542</td><td>18,126</td><td>13,579</td><td>-30,416</td><td>-4,547</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 4/ 5/</td><td>491</td><td>902</td><td>2,767</td><td>+1,865</td><td>2,060</td><td>4,253</td><td>7,518</td><td>7,001</td><td>+3,265</td><td>-517</td></tr><tr><td>Interest on the public debt</td><td>933</td><td>1,158</td><td>1,284</td><td>+126</td><td>3,617</td><td>4,722</td><td>4,950</td><td>5,000</td><td>+228</td><td>+50</td></tr><tr><td>Refunds of taxes and duties</td><td>582</td><td>1,052</td><td>808</td><td>-244</td><td>1,707</td><td>3,027</td><td>2,117</td><td>2,040</td><td>-910</td><td>-77</td></tr><tr><td>Total</td><td>2,006</td><td>3,111</td><td>4,859</td><td>+1,747</td><td>7,384</td><td>12,002</td><td>14,585</td><td>14,041</td><td>+2,583</td><td>-544</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bretton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>159</td><td>+159</td><td>-</td><td>159</td><td>476</td><td>-</td><td>+317</td><td>-476</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>950</td><td>-</td><td>+950</td><td>-950</td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>174</td><td>325</td><td>+151</td><td>-</td><td>674</td><td>325</td><td>-</td><td>-349</td><td>-325</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>600</td><td>+600</td><td>-</td><td>-</td><td>1,500</td><td>1,200</td><td>+1,500</td><td>-300</td></tr><tr><td>Total</td><td>-</td><td>174</td><td>1,084</td><td>+910</td><td>-</td><td>833</td><td>3,251</td><td>1,200</td><td>+2,418</td><td>-2,051</td></tr><tr><td>Aid to agriculture 4/</td><td>169</td><td>136</td><td>1,196 6/</td><td>+1,060</td><td>762</td><td>980</td><td>1,680</td><td>1,720</td><td>+700</td><td>+40</td></tr><tr><td>Social security program 4/ 7/</td><td>466</td><td>462</td><td>544</td><td>+81</td><td>815</td><td>852</td><td>1,234</td><td>1,308</td><td>+382</td><td>+74</td></tr><tr><td>Public works</td><td>153</td><td>151</td><td>472</td><td>+321</td><td>323</td><td>407</td><td>1,257</td><td>1,469</td><td>+850</td><td>+212</td></tr><tr><td>Other general expenditures 4/</td><td>568</td><td>651</td><td>871</td><td>+220</td><td>1,093</td><td>1,403</td><td>2,555</td><td>3,356</td><td>+1,152</td><td>+802</td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>25</td><td>+10</td><td>+15</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></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></tr><tr><td>War and defense activities</td><td>451</td><td>149</td><td>-27</td><td>-176</td><td>472</td><td>328</td><td>161</td><td>781</td><td>-144</td><td>+620</td></tr><tr><td>Other</td><td>-84</td><td>7</td><td>15</td><td>+8</td><td>-288</td><td>-23</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>386</td><td>39</td><td>-799</td><td>-839</td><td>470</td><td>-1,044</td><td>-790</td><td>-494</td><td>+254</td><td>+296</td></tr><tr><td>Other</td><td>-336</td><td>-249</td><td>-105</td><td>+143</td><td>-662</td><td>-566</td><td>454</td><td>543</td><td>+1,020</td><td>+89</td></tr><tr><td>Total</td><td>416</td><td>-54</td><td>-917</td><td>-804</td><td>-7</td><td>-1,305</td><td>-175</td><td>829</td><td>+1,130</td><td>+1,004</td></tr><tr><td>Total expenditures</td><td>40,426</td><td>33,075</td><td>14,825</td><td>-18,250</td><td>100,397</td><td>63,714</td><td>42,523</td><td>37,528</td><td>-21,191</td><td>-4,995</td></tr><tr><td>Net budgetary deficit (-) or surplus (+)</td><td>-25,529</td><td>-17,290</td><td>-466</td><td>+16,824</td><td>-53,941</td><td>-20,676</td><td>-2,293</td><td>+202</td><td>+18,383</td><td>+2,495</td></tr></table>
1/ Based upon the 1948 Budget document, Appendix 7.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, mamufacturers' and retailers' excise taxes, and estate taxes.
3/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war-rants, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated at $408 million for fiscal year 1947 and $193 million for fiscal year 1948. These figures include so-called voluntary returns.
4/ Includes transfer to trust accounts, etc.
5/ Includes expenditures for public works undertaken by Veterans' Administration.
6/ Includes $921 million for restoration of capital impairment of Commodity Credit Corporation.
7/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.
January 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 5 months, fiscal years 1945 to 1947</th><th colspan="4">End of fiscal years, 1945 to 1948</th></tr><tr><th></th><th>Nov. 30, 1944</th><th>Nov. 30, 1945</th><th>Nov. 30, 1946</th><th>Change Nov. 30, 1945 to Nov. 30, 1946</th><th>Actual June 30, 1945</th><th>June 30, 1946</th><th>Estimated 1/ June 30, 1947</th><th>June 30, 1948</th><th>Change 1/ Actual 1946 to estimated 1947</th><th>Estimated 1947 to estimated 1948</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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</td><td>145,183</td><td>185,112</td><td>180,328</td><td>-4,785</td><td>181,319</td><td>189,606</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>49,008</td><td>57,028</td><td>56,343</td><td>-685</td><td>56,226</td><td>56,173</td><td></td><td></td><td></td><td></td></tr><tr><td>Total public issues</td><td>194,192</td><td>242,140</td><td>236,671</td><td>-5,469</td><td>237,545</td><td>245,779</td><td>n.a.</td><td>n.e.</td><td>n.a.</td><td>n.e.</td></tr><tr><td>Special issues</td><td>16,583</td><td>20,710</td><td>24,254</td><td>+3,545</td><td>18,812</td><td>22,332</td><td></td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>210,774</td><td>262,849</td><td>260,925</td><td>-1,925</td><td>256,357</td><td>268,111</td><td></td><td></td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>4,230 2/</td><td>2,492</td><td>1,352</td><td>-1,141</td><td>2,326</td><td>1,311</td><td></td><td></td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>215,005</td><td>265,342</td><td>262,277</td><td>-3,065</td><td>258,682</td><td>269,422</td><td>260,400</td><td>260,200</td><td>-9,022</td><td>-200</td></tr><tr><td>Securities guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-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</td><td>1,193</td><td>39</td><td>45</td><td>+6</td><td>34</td><td>43</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>277</td><td>497</td><td>317</td><td>-180</td><td>375</td><td>424</td><td></td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,470</td><td>536</td><td>362</td><td>-175</td><td>409</td><td>467</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Matured debt</td><td>63</td><td>16</td><td>8</td><td>-8</td><td>24</td><td>10</td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,533</td><td>553</td><td>370</td><td>-183</td><td>433</td><td>476</td><td>428</td><td>397</td><td>-48</td><td>-31</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>216,537</td><td>265,894</td><td>262,646</td><td>-3,248</td><td>259,115</td><td>269,898</td><td>260,828</td><td>260,597</td><td>-9,070</td><td>-231</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available. 1/ Based upon the 1948 Budget document.
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 5 months, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years,1945 to 1948</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>1948</th></tr><tr><td>Amount required to be financed</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>25,529</td><td>17,290</td><td>466</td><td>53,941</td><td>20,676</td><td>2,293</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>-</td><td>7,145</td><td>-</td><td>-</td><td>9,022</td><td>200</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><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>407</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>25,529</td><td>17,290</td><td>7,611</td><td>58,470</td><td>21,200</td><td>11,722</td><td>614</td></tr><tr><td>Means of financing</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>202</td></tr><tr><td>Net increase in public debt</td><td>14,001</td><td>6,660</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>10,366</td><td>10,253</td><td>7,573</td><td>-</td><td>10,460</td><td>11,722</td><td>411</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>1,161</td><td>377</td><td>38</td><td>791</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>25,529</td><td>17,290</td><td>7,611</td><td>58,470</td><td>21,200</td><td>11,722</td><td>614</td></tr></table>
Source: Daily Treasury Statement except as noted.
1/ Based upon the 1948 Budget document.
2/ Comprises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment
on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July 1946, a clearing account for outstanding checks.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
January 1947
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="2">Losses</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War and defense activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Government corporations (wholly owned), etc. (net) 7/</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,641</td><td>929</td><td>608</td><td>9/</td><td>3,140</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>9/</td><td>1,384</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>9/</td><td>3,542</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 10/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>9/</td><td>3,611</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 10/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 11/</td><td>6,301</td><td>331</td><td>9/</td><td>5,103</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 10/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>9/</td><td>19,598</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 10/ 12/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>9/</td><td>55,597</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 12/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>9/</td><td>49,595</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 12/</td><td>1,283</td><td>46,457</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,646</td><td>-7</td><td>53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493 12/</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>20,676</td></tr><tr><td>1945-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>4,205</td><td>-</td><td>-432</td><td>895</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>30</td><td>3,819</td><td>4,860</td><td>791</td><td>3,417</td><td>684</td><td>-31</td><td>1,042</td></tr><tr><td>February</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,678</td><td>3,435</td><td>660</td><td>2,702</td><td>148</td><td>-75</td><td>-243</td></tr><tr><td>March</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>15</td><td>5,747</td><td>3,845</td><td>2,028</td><td>2,550</td><td>23</td><td>-757</td><td>-1,902</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</td><td>57</td><td>2,677</td><td>4,268</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>1,591</td></tr><tr><td>May</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>265</td><td>2,733</td><td>3,864</td><td>1,400</td><td>2,182</td><td>95</td><td>187</td><td>1,131</td></tr><tr><td>June</td><td>4,482</td><td>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,352</td><td>3,066</td><td>2,442</td><td>5</td><td>-161</td><td>873</td></tr><tr><td>July</td><td>2,600</td><td>2,251</td><td>44</td><td>305</td><td>61</td><td>2,539</td><td>3,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>199</td></tr><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>-1,723</td></tr><tr><td>October</td><td>2,617</td><td>2,230</td><td>45</td><td>341</td><td>73</td><td>2,544</td><td>2,955</td><td>1,494</td><td>1,481</td><td>48</td><td>-59</td><td>420</td></tr><tr><td>November</td><td>2,639</td><td>2,403</td><td>45</td><td>192</td><td>275</td><td>2,304</td><td>2,529</td><td>1,094</td><td>1,436</td><td>27</td><td>-28</td><td>165</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ For further details, see Table 6.
8/ Total expenditures less net receipts.
9/ For expenditures of Government corporations, etc. (net) see table on "Trust Accounts, Etc. Receipts and Expenditures" showing transactions in checking accounts of Government agencies, etc. (net).
10/ includes recoveries of U. S. investments in capital funds. Such recoveries totaled $34 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942, and $10 million in the fiscal year 1943.
11/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
12/ includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th><th>Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employer 2/</th><th>Other 3/</th><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 5/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,332</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>153</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1945-November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td></tr><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td></tr><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>649</td></tr><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>642</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>442</td><td>285</td><td>269</td><td>11</td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>650</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>514</td><td>974</td><td>67</td><td>62</td><td>2</td><td>2</td><td>695</td></tr><tr><td>August</td><td>2,494</td><td>1,513</td><td>1,070</td><td>443</td><td>302</td><td>284</td><td>10</td><td>8</td><td>678</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><tr><td>November</td><td>2,403</td><td>1,444</td><td>1,111</td><td>332</td><td>290</td><td>275</td><td>9</td><td>5</td><td>669</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ For further details, see chapter entitled "Internal Revenue Statistics".
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
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. Includes less than $500 thousand in receipts from "Agricultural Adjustment taxes".
Treasury Bulletin
6
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administrative, 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 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 1/</th><th>Departmental not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>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>14/</td><td>14/</td><td>1,141 15/</td></tr><tr><td>1945-November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148</td><td>20</td><td>31</td><td>19</td><td>66</td><td>14/</td><td>14/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>14/</td><td>14/</td><td>10</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>53</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</td><td>14/</td><td>14/</td><td>13</td></tr><tr><td>February</td><td>660</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>40</td><td>50</td><td>25</td><td>65</td><td>14/</td><td>14/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 13/</td><td>32</td><td>32</td><td>77</td><td>14/</td><td>14/</td><td>111</td></tr><tr><td>April</td><td>1,490</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>67</td><td>36</td><td>75</td><td>14/</td><td>14/</td><td>111</td></tr><tr><td>May</td><td>1,400</td><td>1,015</td><td>415</td><td>106</td><td>494</td><td>385</td><td>23</td><td>42</td><td>40</td><td>65</td><td>14/</td><td>14/</td><td>216</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>471</td></tr><tr><td>July</td><td>2,694</td><td>1,074</td><td>463</td><td>249</td><td>361</td><td>1,620</td><td>1,024 16/</td><td>98</td><td>67</td><td>118</td><td>14/</td><td>14/</td><td>311 17/</td></tr><tr><td>August</td><td>1,274</td><td>823</td><td>512</td><td>122</td><td>189</td><td>451</td><td>58</td><td>46</td><td>101</td><td>104</td><td>14/</td><td>14/</td><td>141 17/</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>484</td><td>648</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>48</td><td>71</td><td>139</td><td>104</td><td>14/</td><td>14/</td><td>347 17/</td></tr><tr><td>November</td><td>1,094</td><td>649</td><td>488</td><td>105</td><td>55</td><td>446</td><td>37</td><td>64</td><td>68</td><td>104</td><td>14/</td><td>14/</td><td>173 17/</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500 thousand.
2/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
3/ Includes public works undertaken by the Veteran's Administration.
4/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
5/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social security program.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, depart-
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 $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
14/ Classified as miscellaneous expenditures commencing July 1, 1945.
15/ Expenditures during the fiscal year 1946 include $674 million for Export-Import Bank of Washington - capital stock, and $159 million for International Bank under Bretton Woods Agreements Act.
16/ Includes $921 million for restoration of capital impairment of Commodity Credit Corporation effected by cancellation of notes pursuant to the act of July 20, 1945.
17/ Includes the following expenditures: Credit to United Kingdom - $300 million in July 1946, $100 million in September 1946, and $200 million in October 1946; Export-Import Bank of Washington - capital stock - $100 million in August 1946, $100 million in September 1946, and $125 million in October 1946; and International Bank under Bretton Woods Agreements Act - $159 million in November 1946.
January 1947
7
Budgetary Receipts and Expenditures - (Continued
Table 4.- Analysis of Expenditures for War and Defense Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Heavy Department</th><th>Armed Forces Leave Act of 1946 1/ Bonds Cash</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 2/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other war and defense expenditures 3/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>-</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>-</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</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>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>4/</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</td><td>1,041</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,367</td><td>120</td><td>684</td><td>106</td><td>611</td></tr><tr><td>1945-November</td><td>4,226</td><td>2,552</td><td>1,239</td><td>-</td><td>74</td><td>2</td><td>7</td><td>-1</td><td>5</td><td>57</td><td>67</td><td>150</td><td>-</td><td>13</td><td>2</td><td>59</td></tr><tr><td>December</td><td>4,245</td><td>2,476</td><td>990</td><td>-</td><td>445 5/</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>*</td><td>46</td></tr><tr><td>1946-January</td><td>3,417</td><td>1,519</td><td>1,566</td><td>-</td><td>10</td><td>3</td><td>7</td><td>*</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>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>2</td><td>6</td><td>-2</td><td>5</td><td>41</td><td>-73</td><td>72</td><td>2</td><td>74</td><td>3</td><td>39</td></tr><tr><td>March</td><td>2,550</td><td>1,482</td><td>734</td><td>-</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>1,242</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>79</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>-3</td><td>40</td><td>-</td><td>169</td><td>23</td><td>*</td></tr><tr><td>September</td><td>1,100</td><td>384</td><td>486</td><td>-</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>6</td><td>-</td><td>108</td><td>29</td><td>53</td></tr><tr><td>October</td><td>1,481</td><td>616</td><td>485</td><td>70</td><td>3</td><td>1</td><td>4</td><td>4</td><td>3</td><td>17</td><td>22</td><td>6</td><td>-</td><td>198</td><td>26</td><td>24</td></tr><tr><td>November</td><td>1,436</td><td>669</td><td>314</td><td>240</td><td>5</td><td>2</td><td>4</td><td>28</td><td>3</td><td>10</td><td>38</td><td>5/</td><td>-</td><td>87</td><td>24</td><td>7</td></tr></table>
Source: Daily Treasury Statement.
* Loses than $500 thousand.
1/ Administrative expenses in 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, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter each expenditures are reflected within the respective departments.
4/ Classification changed to reflect expenditures for the fiscal year 1946 under "War activities". Prior year expenditures are included
5/ Payment of $370 million was made on Dec. 29, 1945, by the Federal Surplus Commodities Corporation of the Department of Agriculture to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the land-lease program and reflected in previous expenditures by the Commodity Credit Corporation. Total payments for the fiscal year 1946 amounted to $957 million. 6/ Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, public law 492, approved July 8, 1946.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>*</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-November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>684</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>200</td><td>162</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>95</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>631</td><td>226</td><td>174</td><td>223</td><td>-</td><td>8</td></tr><tr><td>August</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>November</td><td>27</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. * Less than $500 thousand. 1/ Additional transactions are shown in Table 3. 2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on social security program.
4/ 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 Sousing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1945</td><td>-7</td><td>471 2/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 2/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1945-November</td><td>-74</td><td>-47</td><td>-10</td><td>-2</td><td>-2</td><td>-21</td><td>-76</td><td>118</td><td>*</td><td>-34</td></tr><tr><td>December</td><td>-432</td><td>-394</td><td>9</td><td>5</td><td>5</td><td>-21</td><td>15</td><td>-34</td><td>1</td><td>-18</td></tr><tr><td>1946-January</td><td>-31</td><td>2</td><td>2</td><td>-2</td><td>*</td><td>-22</td><td>-4</td><td>24</td><td>3</td><td>-34</td></tr><tr><td>February</td><td>-75</td><td>-53</td><td>-9</td><td>-1</td><td>-1</td><td>-21</td><td>31</td><td>-33</td><td>-1</td><td>12</td></tr><tr><td>March</td><td>-757</td><td>-631 3/</td><td>-39</td><td>-5</td><td>9</td><td>-24</td><td>-96</td><td>28</td><td>*</td><td>2</td></tr><tr><td>April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-22</td><td>85</td><td>-1</td><td>-3</td><td>-21</td></tr><tr><td>May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>148</td><td>-11</td><td>-1</td><td>-3</td></tr><tr><td>June</td><td>-161</td><td>-151</td><td>20</td><td>-3</td><td>3</td><td>-25</td><td>-1</td><td>-2</td><td>1</td><td>-2</td></tr><tr><td>July</td><td>-870</td><td>-959 4/</td><td>64</td><td>*</td><td>-2</td><td>-18</td><td>43</td><td>13</td><td>3</td><td>-14</td></tr><tr><td>August</td><td>136</td><td>145</td><td>-15</td><td>11</td><td>2</td><td>-22</td><td>54</td><td>-34</td><td>-2</td><td>-4</td></tr><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><tr><td>November</td><td>-28</td><td>-52</td><td>53</td><td>4</td><td>*</td><td>-16</td><td>-18</td><td>21</td><td>-2</td><td>-17</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Includes transactions on account of RPC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Payments of $957 million have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the lead-lease program and
3/ Represents payment to Commodity Credit Corporation under act of February 18, 1946.
4/ The act of July 20, 1946, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation to the amount of $921 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly owned), etc. (net).
Table 7.
Total Budgetary Receipts and Expenditures by Months, Beginning with 1937
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>Mey</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>387</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</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>5,787</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,304</td><td></td><td></td></tr></table>
Budgetary expenditures 2/
<table><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>97,578</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td></td><td></td></tr></table>
Net budgetary deficit $/
<table><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,937</td><td>5,776</td><td>1,976</td><td>6,134</td><td>5,706</td><td>3,004</td><td>53,157</td></tr><tr><td>1945</td><td>4,683</td><td>3,514</td><td>2,373</td><td>4,972</td><td>6,028</td><td>3,838</td><td>6,126</td><td>4,293</td><td>1,497</td><td>3,165</td><td>2,208</td><td>895</td><td>43,594</td></tr><tr><td>1946</td><td>1,042</td><td>-243</td><td>-1,902</td><td>1,591</td><td>1,131</td><td>873</td><td>1,105</td><td>499</td><td>-1,723</td><td>420</td><td>165</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
January 1947
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
8-168-1
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+855</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>831</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,861</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+791</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,349</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1945-November</td><td>+315</td><td>+226</td><td>235</td><td>9</td><td>-1</td><td>85</td><td>86</td><td>+10</td><td>184</td><td>174</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>December</td><td>-319</td><td>-264</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>+30</td><td>92</td><td>72</td><td>+1</td><td>*</td><td>-1</td></tr><tr><td>1946-January</td><td>-307</td><td>+27</td><td>45</td><td>18</td><td>+90</td><td>693</td><td>603</td><td>+11</td><td>96</td><td>85</td><td>-1</td><td>37</td><td>38</td></tr><tr><td>February</td><td>-36</td><td>+169</td><td>196</td><td>28</td><td>-56</td><td>194</td><td>250</td><td>+21</td><td>158</td><td>137</td><td>*</td><td>*</td><td>*</td></tr><tr><td>March</td><td>-295</td><td>-184</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>53</td><td>+1</td><td>*</td><td>*</td></tr><tr><td>April</td><td>+272</td><td>+32</td><td>57</td><td>25</td><td>+48</td><td>223</td><td>175</td><td>+6</td><td>40</td><td>33</td><td>+1</td><td>38</td><td>37</td></tr><tr><td>May</td><td>+48</td><td>+234</td><td>265</td><td>31</td><td>-55</td><td>135</td><td>190</td><td>+2</td><td>200</td><td>197</td><td>*</td><td>*</td><td>1</td></tr><tr><td>June</td><td>-265</td><td>-251</td><td>109</td><td>361</td><td>+11</td><td>174</td><td>163</td><td>-15</td><td>105</td><td>121</td><td>+1</td><td>18</td><td>17</td></tr><tr><td>July</td><td>+48</td><td>+28</td><td>61</td><td>33</td><td>+147</td><td>277</td><td>130</td><td>+11</td><td>49</td><td>39</td><td>-2</td><td>165</td><td>167</td></tr><tr><td>August</td><td>+234</td><td>+246</td><td>283</td><td>37</td><td>-161</td><td>53</td><td>214</td><td>-10</td><td>209</td><td>218</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>September</td><td>-414</td><td>-313</td><td>13</td><td>325</td><td>+4</td><td>74</td><td>70</td><td>-15</td><td>44</td><td>59</td><td>*</td><td>*</td><td>*</td></tr><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>*</td><td>44</td><td>44</td></tr><tr><td>November</td><td>+15</td><td>+239</td><td>275</td><td>36</td><td>-12</td><td>58</td><td>70</td><td>*</td><td>155</td><td>155</td><td>*</td><td>*</td><td>*</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1937</td><td>+20</td><td>858</td><td>638</td><td>-99</td><td>+40</td><td>-</td><td>+314</td><td>n.a.</td><td>n.e.</td><td>-</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>+204</td><td>n.a.</td><td>n.e.</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>+768</td><td>+1,106</td><td>-337</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>-</td><td>+49</td><td>+16</td><td>+34</td><td>+288</td><td>-254</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>-</td><td>+20</td><td>+11</td><td>-218</td><td>+852</td><td>-1,069</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+39</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>698</td><td>567</td><td>-</td><td>-</td><td>+241</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>-</td><td>-</td><td>+204</td><td>-1,103</td><td>-2,874</td><td>-1,529</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-1,553</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>-</td><td>+288</td><td>-647</td><td>-95</td><td>-95</td><td>-</td><td>-</td></tr><tr><td>1945-November</td><td>+81</td><td>194</td><td>113</td><td>-</td><td>+17</td><td>+4</td><td>-24</td><td>-24</td><td>-</td><td>-</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>-</td><td>+21</td><td>-101</td><td>-10</td><td>-10</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>-</td><td>+43</td><td>-167</td><td>+46</td><td>+46</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-51</td><td>168</td><td>219</td><td>-</td><td>+30</td><td>-138</td><td>-11</td><td>-11</td><td>-</td><td>-</td></tr><tr><td>March</td><td>+1</td><td>58</td><td>57</td><td>-</td><td>+21</td><td>-87</td><td>-4</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+3</td><td>66</td><td>63</td><td>-</td><td>+37</td><td>+153</td><td>-9</td><td>-9</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>255</td><td>255</td><td>-</td><td>-</td><td>-190</td><td>+57</td><td>+57</td><td>-</td><td>-</td></tr><tr><td>June</td><td>+121</td><td>292</td><td>171</td><td>-</td><td>-</td><td>-37</td><td>-93</td><td>-93</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-165</td><td>309</td><td>474</td><td>-</td><td>-</td><td>-174</td><td>-114</td><td>-114</td><td>-</td><td>+318</td></tr><tr><td>August</td><td>-5</td><td>55</td><td>60</td><td>-</td><td>-</td><td>+94</td><td>+42</td><td>+42</td><td>-</td><td>+27</td></tr><tr><td>September</td><td>-164</td><td>141</td><td>306</td><td>-</td><td>-</td><td>+102</td><td>+19</td><td>+19</td><td>-</td><td>-48</td></tr><tr><td>October</td><td>-3</td><td>111</td><td>114</td><td>-</td><td>-</td><td>+55</td><td>+22</td><td>+22</td><td>-</td><td>+36</td></tr><tr><td>November</td><td>-68</td><td>69</td><td>136</td><td>-</td><td>-</td><td>-119</td><td>-22</td><td>-22</td><td>-</td><td>-4</td></tr></table>
Source: Daily Treasury Statement. Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5. n.s. Not available. 1/ Less than $500 thousand. 1/ Includes Government Retirement funds, etc. (See footnote 2.) 2/ Comprises Public Works Administration revolving fund, special
deposite (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
January 1947
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 2/</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>-</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>-</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>-</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>-</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>-</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,470</td><td>53,941</td><td>-</td><td>4,529</td><td>-</td><td>58,470</td><td>57,679</td><td>-</td><td>791</td></tr><tr><td>1946</td><td>21,200</td><td>20,676</td><td>-</td><td>-</td><td>524</td><td>21,200</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>1945-November</td><td>3,840</td><td>2,208</td><td>-</td><td>1,632</td><td>-</td><td>3,840</td><td>3,524</td><td>-</td><td>315</td></tr><tr><td>December</td><td>12,773</td><td>895</td><td>-</td><td>11,558</td><td>319</td><td>12,773</td><td>12,773</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>1,349</td><td>1,042</td><td>-</td><td>-</td><td>307</td><td>1,349</td><td>772</td><td>577</td><td>-</td></tr><tr><td>February</td><td>327</td><td>-243</td><td>-</td><td>534</td><td>36</td><td>327</td><td>327</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,593</td><td>-1,902</td><td>3,201</td><td>-</td><td>295</td><td>1,593</td><td>-</td><td>1,593</td><td>-</td></tr><tr><td>April</td><td>3,705</td><td>1,591</td><td>2,114</td><td>-</td><td>-</td><td>3,705</td><td>-</td><td>3,433</td><td>272</td></tr><tr><td>May</td><td>2,447</td><td>1,131</td><td>1,316</td><td>-</td><td>-</td><td>2,447</td><td>-</td><td>2,398</td><td>48</td></tr><tr><td>June</td><td>4,298</td><td>873</td><td>3,161</td><td>-</td><td>265</td><td>4,298</td><td>-</td><td>4,298</td><td>-</td></tr><tr><td>July</td><td>2,257</td><td>1,105</td><td>1,152</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,209</td><td>48</td></tr><tr><td>August</td><td>1,223</td><td>499</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>989</td><td>234</td></tr><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>2,101</td><td>156</td></tr><tr><td>November</td><td>1,420</td><td>165</td><td>1,255</td><td>-</td><td>-</td><td>1,420</td><td>-</td><td>1,405</td><td>15</td></tr></table>
Source: Daily Treasury Statement. Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and beginning with fiscal year 1945, includes Government corporations
2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1945-November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>234.9</td><td>13.1</td></tr><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>31.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr><tr><td>April</td><td>63.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</td></tr><tr><td>May</td><td>280.1</td><td>268.9</td><td>11.2</td><td>265.1</td><td>15.0</td></tr><tr><td>June</td><td>8.1</td><td>6.5</td><td>1.4</td><td>2.8</td><td>5.3</td></tr><tr><td>July</td><td>64.5</td><td>62.3</td><td>2.2</td><td>61.3</td><td>3.2</td></tr><tr><td>August</td><td>294.3</td><td>284.3</td><td>10.0</td><td>283.4</td><td>11.0</td></tr><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 4/</td></tr><tr><td>November</td><td>285.5</td><td>276.2</td><td>9.3</td><td>274.9</td><td>10.6</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="10">Expenditures Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 9/</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work 6/</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>U. S. Employment Service 8/</th></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 10/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>30.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>-</td><td>6.2</td><td>326.1</td></tr><tr><td>1945-November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>-</td><td>.5</td><td>17.8</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</td><td>1.4</td><td>9.5</td><td>-</td><td>.7</td><td>.5</td><td>.2</td><td>-</td><td>.2</td><td>48.0</td></tr><tr><td>February</td><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>.7</td><td>2.8</td><td>-</td><td>.8</td><td>.7</td><td>.1</td><td>-</td><td>1.1</td><td>-60.8</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>.6</td><td>1.0</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>.9</td><td>.7</td><td>.3</td><td>-</td><td>.4</td><td>58.5</td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>.9</td><td>1.3</td><td>-</td><td>.9</td><td>.3</td><td>-</td><td>-</td><td>.4</td><td>26.1</td></tr><tr><td>June</td><td>22.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.5</td><td>.2</td><td>6.3</td><td>-</td><td>.2</td><td>.1</td><td>.1</td><td>-</td><td>.5</td><td>16.8</td></tr><tr><td>July</td><td>97.3</td><td>3.0</td><td>94.0</td><td>63.1</td><td>12.8</td><td>1.5</td><td>16.0</td><td>-</td><td>-</td><td>.1</td><td>.2</td><td>-</td><td>.3</td><td>94.1</td></tr><tr><td>August</td><td>45.3</td><td>2.0</td><td>42.8</td><td>33.7</td><td>6.3</td><td>1.0</td><td>1.1</td><td>-</td><td>.8</td><td>.8</td><td>.2</td><td>-</td><td>.4</td><td>34.3</td></tr><tr><td>September</td><td>45.8</td><td>1.7</td><td>43.2</td><td>33.7</td><td>6.7</td><td>1.0</td><td>1.2</td><td>-</td><td>.5</td><td>.1</td><td>-</td><td>-</td><td>1.0</td><td>39.5</td></tr><tr><td>October</td><td>70.3</td><td>1.9</td><td>66.9</td><td>41.2</td><td>11.0</td><td>1.4</td><td>11.0</td><td>-</td><td>.6</td><td>.6</td><td>.4</td><td>-</td><td>1.5</td><td>70.7</td></tr><tr><td>November</td><td>63.2</td><td>1.5</td><td>61.1</td><td>47.4</td><td>10.3</td><td>1.3</td><td>1.1</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>-</td><td>.6</td><td>52.7</td></tr></table>
Source: Daily Treasury Statement.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table 1.
4/ Includes an adjustment of $3,879 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 administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
6/ Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 1946.
7/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
8/ Classified as "Executive Office, Office for Emergency Management. War Manpower Commission" through July 31, 1946.
9/ Covered by appropriations by Congress.
10/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
January 1947
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>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1945-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>.6</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>-7.1</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><tr><td>November</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-4.5</td></tr></table>
Source: Daily Treasury Statement. Less than $50 thousand. 1/ Includes only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 3/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1946</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1945-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>.1</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>.1</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>.1</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr><tr><td>August</td><td>.1</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>.1</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>November</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employees subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
Treasury Bulletin
14
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
<table><tr><th colspan="10">(Cumulative from organization - In millions of dollars)</th></tr><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>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</th><th>Investments</th><th>Unexpended balance In General Fund</th><th>in disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1946-September</td><td>9,300.0</td><td>8,614.5</td><td>685.5</td><td>1,403.2</td><td>1,205.3</td><td>193.3</td><td>4.7</td><td>7,896.8</td><td>7,838.7</td><td>1.5</td><td>56.6</td></tr><tr><td>October</td><td>9,370.0</td><td>8,684.5</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>54.3</td><td>46.3</td></tr><tr><td>November</td><td>9,646.2</td><td>8,960.7</td><td>685.6</td><td>1,477.5</td><td>1,272.7</td><td>195.8</td><td>9.1</td><td>8,168.7</td><td>7,828.7</td><td>295.3</td><td>44.7</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Under provisions of the Labor-Federal Security Act, 1947, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Account
<table><tr><th colspan="8">(Cumulative from organization - In millions of dollars)</th></tr><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>258.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>679.4</td><td>11.5</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1940-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>1,150.8</td><td>917.8</td><td>812.5</td><td>89.3</td><td>16.0</td></tr><tr><td>November</td><td>2,078.8</td><td>2,016.1</td><td>62.7</td><td>1,174.2</td><td>904.6</td><td>799.0</td><td>89.2</td><td>16.4</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
Cumulative from organization - In millions of dollars
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</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>Investments</th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>15.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,119.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,357.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>45.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>3.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,301.2</td><td>7.8</td><td>3.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1946-September</td><td>11,270.4</td><td>9,806.6</td><td>651.1</td><td>106.8</td><td>56.9</td><td>3,754.9</td><td>3,574.9</td><td>106.8</td><td>73.2</td><td>7,515.5</td><td>7,489.0</td><td>20.4</td><td>6.0</td></tr><tr><td>October</td><td>11,312.8</td><td>9,848.7</td><td>651.2</td><td>106.9</td><td>56.9</td><td>3,821.1</td><td>3,637.1</td><td>106.9</td><td>77.0</td><td>7,491.8</td><td>7,464.0</td><td>22.5</td><td>5.2</td></tr><tr><td>November</td><td>11,468.2</td><td>10,003.0</td><td>652.3</td><td>106.9</td><td>56.9</td><td>3,876.3</td><td>3,685.8</td><td>106.9</td><td>80.6</td><td>7,591.9</td><td>7,564.0</td><td>23.3</td><td>4.7</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.)
1 Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to accounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
For railroad unemployment benefits and refunds.
January 1947
15
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classification
(In millions of dollars)
<table><tr><th></th><th colspan="2">1945</th><th colspan="10">1946</th></tr><tr><th></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>Nov.</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></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes.</td><td>1,524</td><td>3,366</td><td>2,755</td><td>2,790</td><td>4,878</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>1,401</td><td>1,446</td></tr><tr><td>Employment taxes.</td><td>257</td><td>66</td><td>51</td><td>310</td><td>97</td><td>65</td><td>285</td><td>73</td><td>67</td><td>302</td><td>85</td><td>74</td><td>290</td></tr><tr><td>Miscellaneous internal revenue</td><td>602</td><td>516</td><td>685</td><td>584</td><td>649</td><td>642</td><td>615</td><td>615</td><td>695</td><td>679</td><td>656</td><td>752</td><td>669</td></tr><tr><td>Customs.</td><td>35</td><td>32</td><td>42</td><td>33</td><td>42</td><td>45</td><td>42</td><td>35</td><td>44</td><td>40</td><td>42</td><td>45</td><td>45</td></tr><tr><td>Other.</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><td>191</td></tr><tr><td>Subtotal.</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><td>2,639</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>184</td><td>37</td><td>33</td><td>158</td><td>36</td><td>39</td><td>200</td><td>37</td><td>40</td><td>209</td><td>40</td><td>42</td><td>155</td></tr><tr><td>Other trust funds and accounts.</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>114</td><td>97</td></tr><tr><td>Subtotal</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><td>253</td></tr><tr><td>Total cash income.</td><td>3,087</td><td>4,407</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,016</td><td>4,698</td><td>2,803</td><td>2,892</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></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities 2/.</td><td>4,226</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,590</td><td>2,560</td><td>2,182</td><td>2,442</td><td>1,190</td><td>1,509</td><td>1,100</td><td>1,411</td><td>1,196</td></tr><tr><td>Veterans' Administration.</td><td>142</td><td>162</td><td>220</td><td>255</td><td>318</td><td>406</td><td>415</td><td>496</td><td>463</td><td>512</td><td>484</td><td>518</td><td>488</td></tr><tr><td>Public works 3/.</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><td>68</td></tr><tr><td>Aid to agriculture 4/.</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><td>43</td></tr><tr><td>Social security program 5/.</td><td>31</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td><td>42</td><td>23</td><td>98</td><td>46</td><td>46</td><td>71</td><td>64</td></tr><tr><td>Interest on the public debt 6/.</td><td>57</td><td>756</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><td>66</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>-76</td><td>15</td><td>1</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><td>-18</td></tr><tr><td>Other.</td><td>114</td><td>-34</td><td>-37</td><td>-41</td><td>-4</td><td>-1</td><td>-11</td><td>-2</td><td>-32</td><td>-34</td><td>7</td><td>8</td><td>20</td></tr><tr><td>Commodity Credit Corporation.</td><td>-48</td><td>-401</td><td>2</td><td>-53</td><td>-132</td><td>-4</td><td>146</td><td>-154</td><td>-38</td><td>145</td><td>54</td><td>13</td><td>-52</td></tr><tr><td>Other.</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>46</td><td>34</td><td>10</td></tr><tr><td>Other 7/.</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><td>83</td></tr><tr><td>Subtotal</td><td>4,535</td><td>4,938</td><td>4,035</td><td>3,269</td><td>3,774</td><td>4,035</td><td>3,790</td><td>4,860</td><td>2,892</td><td>2,868</td><td>2,661</td><td>2,805</td><td>1,969</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>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><td>55</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</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><td>36</td></tr><tr><td>Railroad Retirement Account.</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><td>13</td></tr><tr><td>Other 8/.</td><td>129</td><td>214</td><td>534</td><td>377</td><td>185</td><td>-48</td><td>420</td><td>37</td><td>-115</td><td>-81</td><td>210</td><td>-76</td><td>206</td></tr><tr><td>Subtotal.</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>40</td><td>308</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>4</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds.</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><td>3</td></tr><tr><td>Total cash outgo.</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><td>2,276</td></tr><tr><td>EXCESS OF CASH OUTGO</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>47</td><td>-616</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Beginning October 1946, excludes bonds issued under Armed Forces Leave Act of 1946.
3/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
4. Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. Excludes non-cash transactions.
5. Includes transactions under transfers to trust accounts, etc. Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
1. Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
5. 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>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,035</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>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,016</td><td>4,698</td><td>2,803</td><td>2,892</td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,479</td><td>1,973</td><td>2,778</td><td>20,801</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>4,798</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,241</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>7,998</td><td>7,854</td><td>6,648</td><td>6,009</td><td>4,811</td><td>5,303</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>4,383</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</td><td>2,850</td><td>2,276</td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>1,174</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>2,847</td><td>2,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,987</td><td>4,141</td><td>1,052</td><td>3,104</td><td>1,724</td><td>896</td><td>36,537</td></tr><tr><td>1946</td><td>1,637</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>-616</td><td></td><td></td></tr></table>
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
January 1947
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>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,143</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>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>1945-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>120</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>12,144</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><tr><td>November</td><td>6,965</td><td>415</td><td>824</td><td>5,487</td><td>239</td></tr></table>
Source:
Daily Treasury Statement.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>1945-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>18,359</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><tr><td>November</td><td>6,965</td><td>300</td><td>6,665</td></tr></table>
Source:
Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Mecal year or month</th><th>Total change in General Fund balanco</th><th>General and special accounts and Government corporations, (wholly owned), etc. (net) 1/</th><th>Public debt accounts</th><th colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Soligniorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Checking accounts of Government agencies, etc. 5/</th><th>Cioaring account 6/</th></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 8/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 8/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 8/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,528</td><td>136</td><td>37</td><td>-</td><td>49</td><td>16</td><td>34</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>-</td><td>20</td><td>11</td><td>-218</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>-</td><td>14</td><td>39</td><td>-3,625</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>-</td><td>-</td><td>241</td><td>-2,194</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>-</td><td>-</td><td>204</td><td>-4,403</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,911</td><td>57,679</td><td>791</td><td>675</td><td>-</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,160</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>-</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1945-November</td><td>1,632</td><td>-2,208</td><td>3,524</td><td>315</td><td>318</td><td>-</td><td>17</td><td>4</td><td>-24</td><td>-</td></tr><tr><td>December</td><td>11,558</td><td>-895</td><td>12,773</td><td>-319</td><td>-228</td><td>-</td><td>21</td><td>-101</td><td>-10</td><td>-</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,042</td><td>772</td><td>-307</td><td>-229</td><td>-</td><td>43</td><td>-167</td><td>46</td><td>-</td></tr><tr><td>February</td><td>534</td><td>243</td><td>327</td><td>-36</td><td>83</td><td>-</td><td>30</td><td>-138</td><td>-11</td><td>-</td></tr><tr><td>March</td><td>-1,593</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>-</td><td>21</td><td>-87</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,114</td><td>272</td><td>91</td><td>-</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,316</td><td>48</td><td>181</td><td>-</td><td>-</td><td>-190</td><td>57</td><td>-</td></tr><tr><td>June</td><td>-4,294</td><td>-873</td><td>-3,161</td><td>-265</td><td>-135</td><td>-</td><td>-</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-2,209</td><td>-1,105</td><td>-1,152</td><td>48</td><td>18</td><td>-</td><td>-</td><td>-174</td><td>-114</td><td>318</td></tr><tr><td>August</td><td>-989</td><td>-499</td><td>-724</td><td>234</td><td>70</td><td>-</td><td>-</td><td>94</td><td>42</td><td>27</td></tr><tr><td>September</td><td>-664</td><td>1,723</td><td>-2,177</td><td>-414</td><td>-487</td><td>-</td><td>-</td><td>102</td><td>19</td><td>-48</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><tr><td>November</td><td>-1,405</td><td>-165</td><td>-1,255</td><td>15</td><td>160</td><td>-</td><td>-</td><td>-119</td><td>-22</td><td>-4</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Less than $500 thousand.
2/ 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. (acct).
3/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
4/ 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.)
5/ Beginning with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (acct).
6/ Represents outstanding checks, see Note.
7/ Includes inactive gold in the amount of $1,087 million.
8/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
January 1947
19
PUBL IC
DEBT
AND GUARANTEED
OBLIGATIONS
OF
TH
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 1/
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public debt</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>269,898</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,864</td><td>14,734</td><td>17,041</td><td>17,039</td></tr><tr><td>Certificates of indebtedness.........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,361</td><td>28,822</td><td>34,136</td><td>34,804</td></tr><tr><td>Treasury notes....................</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td><td>18,251</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>53,459</td></tr><tr><td>Treasury bonds - bank eligible......</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,854</td></tr><tr><td>Postal savings and other bonds......</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>180</td></tr><tr><td>Total marketable issues............</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds................</td><td>800</td><td>1,238</td><td>1,968</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,565 1/2</td><td>49,035 1/2</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>329</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td><td>-</td></tr><tr><td>Depository bonds..................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues........</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues................</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td><td>245,779</td></tr><tr><td>Special issues....................</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td><td>22,332</td></tr><tr><td>Total interest-bearing debt.........</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><td>268,111</td></tr><tr><td>Matured debt on which interest has ceased...</td><td>119</td><td>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 (loss gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.........</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td><td>584</td></tr><tr><td>Other debt bearing no interest......</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest......</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td><td>935</td></tr><tr><td>Total public debt outstanding......</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td><td>269,422</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debts</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>812</td><td>812</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></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>43</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td></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 Corporations 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)
January 1947
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="3">1945</th><th colspan="10">1946</th></tr><tr><th></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><th>Nov. 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>260,925</td></tr><tr><td>Guaranteed obligations</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><td>352</td></tr><tr><td>Total</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><td>261,286</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,360</td></tr><tr><td>Total outstanding</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><td>262,646</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>17,026</td><td>17,037</td><td>17,042</td><td>17,032</td><td>17,047</td><td>17,054</td><td>17,041</td><td>17,039</td><td>17,023</td><td>17,024</td><td>17,007</td><td>16,987</td><td>17,000</td></tr><tr><td>Certificates of indebtedness.</td><td>35,021</td><td>38,155</td><td>41,502</td><td>41,113</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><td>30,475</td></tr><tr><td>Treasury notes.</td><td>23,498</td><td>22,957</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td><td>18,261</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 2/.</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><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>68,748</td><td>68,207</td><td>68,207</td><td>68,207</td><td>67,718</td><td>67,718</td><td>67,718</td><td>65,864</td><td>65,864</td><td>65,864</td><td>69,686</td><td>69,686</td><td>69,586</td></tr><tr><td>Postal savings and other bonds.</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><td>179</td></tr><tr><td>Total marketable issues.</td><td>185,112</td><td>198,778</td><td>199,633</td><td>199,810</td><td>197,063</td><td>195,079</td><td>193,487</td><td>189,606</td><td>187,596</td><td>186,350</td><td>184,338</td><td>182,318</td><td>180,328</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>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><td>49,709</td></tr><tr><td>Treasury notes - tax and savings series 3/.</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><td>5,978</td></tr><tr><td>Depositary bonds.</td><td>497</td><td>497</td><td>474</td><td>471</td><td>451</td><td>436</td><td>429</td><td>427</td><td>410</td><td>400</td><td>385</td><td>383</td><td>345</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>70</td><td>70</td><td>311</td></tr><tr><td>Total non-marketable issues.</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><td>56,343</td></tr><tr><td>Total public issues.</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><td>236,671</td></tr><tr><td>Special issues.</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td><td>21,135</td><td>21,224</td><td>21,481</td><td>22,332</td><td>23,045</td><td>23,443</td><td>23,854</td><td>24,015</td><td>24,254</td></tr><tr><td>Total interest-bearing debt.</td><td>262,840</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><td>260,925</td></tr><tr><td>Prepayments on securities.</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><td>-</td></tr><tr><td>Metured debt on which interest has ceased.</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><td>236</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>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><td>82</td></tr><tr><td>Excess profits tax refund bonds.</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><td>32</td></tr><tr><td>Special notes of the United States: International Bank for Reconstruction and Development series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>248</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>625</td><td>621</td><td>614</td><td>607</td><td>602</td><td>596</td><td>589</td><td>584</td><td>579</td><td>574</td><td>569</td><td>562</td><td>557</td></tr><tr><td>Other debt bearing no interest.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.</td><td>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><td>1,116</td></tr><tr><td>Total public debt outstanding.</td><td>265,342</td><td>278,115</td><td>278,387</td><td>279,214</td><td>276,012</td><td>273,898</td><td>272,583</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td><td>262,277</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration.....</td><td>39</td><td>41</td><td>39</td><td>39</td><td>40</td><td>41</td><td>42</td><td>43</td><td>43</td><td>43</td><td>44</td><td>45</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation y/.....</td><td>497</td><td>512</td><td>506</td><td>499</td><td>501</td><td>492</td><td>500</td><td>424</td><td>281</td><td>326</td><td>347</td><td>334</td><td>317</td></tr><tr><td>Total interest-bearing debt.........</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><td>362</td></tr><tr><td>Matured debt on which interest has ceased.....</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><td>8</td></tr><tr><td>Total guaranteed obligations outstanding.....</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>386</td><td>370</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through 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.)
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Demand obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations in the Daily Treasury Statement.
5/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
6/ Includes prepayments on securities.
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
B-462-C
January 1947
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/</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>38</td></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>396</td><td>-</td><td>45</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>58</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>589</td><td>1,868</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>15</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>1945-November</td><td>20,710</td><td>152</td><td>5,566</td><td>40</td><td>602</td><td>2,163</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>2,166</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>2,148</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>655</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>21,481</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>6,673</td><td>12</td></tr><tr><td>June</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>July</td><td>23,045</td><td>174</td><td>5,910</td><td>50</td><td>889</td><td>2,404</td><td>5,330</td><td>816</td><td>810</td><td>6,649</td><td>12</td></tr><tr><td>August</td><td>23,443</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>796</td><td>6,784</td><td>26</td></tr><tr><td>September</td><td>23,854</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><tr><td>November</td><td>24,254</td><td>179</td><td>6,190</td><td>54</td><td>1,207</td><td>2,387</td><td>5,645</td><td>908</td><td>799</td><td>6,854</td><td>31</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
(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>Teensense Valley Authority</th></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>*</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr><tr><td>1945-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>666</td><td>9,132</td><td>57</td></tr><tr><td>November</td><td>10,685</td><td>500</td><td>-</td><td>360</td><td>642</td><td>9,126</td><td>57</td></tr></table>
Source: Daily Treasury Statement. Lose 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 rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,119</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,044</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1945-November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr><tr><td>February</td><td>278,451</td><td>5,487</td><td>1.970</td><td>277,912</td><td>5,479</td><td>1.972</td><td>539</td><td>7</td><td>1.349</td></tr><tr><td>March</td><td>275,290</td><td>5,445</td><td>1.978</td><td>274,748</td><td>5,438</td><td>1.979</td><td>542</td><td>7</td><td>1.353</td></tr><tr><td>April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr><tr><td>May</td><td>271,983</td><td>5,424</td><td>1.994</td><td>271,440</td><td>5,417</td><td>1.996</td><td>542</td><td>7</td><td>1.348</td></tr><tr><td>June</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>July</td><td>267,363</td><td>5,368</td><td>2.008</td><td>267,039</td><td>5,363</td><td>2.008</td><td>324</td><td>5</td><td>1.618</td></tr><tr><td>August</td><td>266,729</td><td>5,371</td><td>2.014</td><td>266,359</td><td>5,366</td><td>2.015</td><td>370</td><td>6</td><td>1.517</td></tr><tr><td>September</td><td>264,608</td><td>5,358</td><td>2.025</td><td>264,217</td><td>5,353</td><td>2.026</td><td>391</td><td>6</td><td>1.473</td></tr><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><tr><td>November</td><td>261,286</td><td>5,344</td><td>2.046</td><td>260,925</td><td>5,339</td><td>2.046</td><td>362</td><td>5</td><td>1.520</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
2/ Quaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
January 1947
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-
ceed 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 November 30, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended....................</td><td>$275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation 1/:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended....................</td><td>$261,338</td></tr><tr><td>Guaranteed securities 2/....................................................</td><td>370</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation....................</td><td>261,708</td></tr><tr><td>Balance issuable under such authority....................................</td><td>13,292</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, November 30, 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>Public debt and guaranteed obligations outstanding:</td><td></td><td></td><td></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>17,000</td><td>-</td><td>17,000</td></tr><tr><td>Certificates of indebtedness</td><td>30,475</td><td>-</td><td>30,475</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>-</td><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 1/</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>180,148</td><td>179</td><td>180,328</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>49,709</td><td>-</td><td>49,709</td></tr><tr><td>Treasury savings notes</td><td>5,978</td><td>-</td><td>5,978</td></tr><tr><td>Depository bonds</td><td>345</td><td>-</td><td>345</td></tr><tr><td>Armed forces leave bonds</td><td>311</td><td>-</td><td>311</td></tr><tr><td>Total non-marketable issues</td><td>56,343</td><td>-</td><td>56,343</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>24,254</td><td>-</td><td>24,254</td></tr><tr><td>Total interest-bearing securities</td><td>260,746</td><td>179</td><td>260,925</td></tr><tr><td>Matured securities on which interest has ceased</td><td>231</td><td>6</td><td>236</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>82</td><td>-</td><td>82</td></tr><tr><td>Excess profit tax refund bonds</td><td>32</td><td>-</td><td>32</td></tr><tr><td>Special Notes of the United States: International Bank for Reconstruction and Development Series</td><td>248</td><td>-</td><td>248</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>754</td><td>754</td></tr><tr><td>Total obligations bearing no interest</td><td>362</td><td>754</td><td>1,116</td></tr><tr><td>Total public debt</td><td>261,338</td><td>938</td><td>262,277</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>362</td><td>-</td><td>362</td></tr><tr><td>Matured debt</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total guaranteed securities</td><td>370</td><td>-</td><td>370</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>261,708</td><td>938</td><td>262,646</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
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest. 1/ Excludes guaranteed securities held by the Treasury.
26
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
Public debt receipts
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding at 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 (Issueance of public debt)</th><th colspan="7">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificate of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>Special notes of the United States International Bank for Reconstruction and Development series</th><th>Discuss profit tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificate of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>-</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>1,567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,521</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>2,812</td><td>3,151</td><td>10,633</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</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>-</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>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1945-November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,969</td><td>484</td><td>-</td><td>-</td><td>-</td><td>19</td><td>180</td><td>-</td><td>7,643</td><td>7,596</td><td>-</td><td>47</td><td>800</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,948</td><td>22,300</td><td>484</td><td>-</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>107</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>-</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>31</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>133</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,133</td><td>372</td><td>12,814</td><td>9,578</td><td>-</td><td>3,133</td><td>118</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>-</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>17</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>-</td><td>-1</td><td>2,775</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>2,775</td><td>63</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>-</td><td>2,916</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,916</td><td>24</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>-</td><td>1,223</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>1,223</td><td>14</td></tr><tr><td>August</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>2,341</td><td>455</td><td>9,743</td><td>8,496</td><td>-</td><td>2,341</td><td>71</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>-</td><td>-</td><td>1,440</td><td>232</td><td>10,995</td><td>8,610</td><td>-</td><td>1,440</td><td>14</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>-</td><td>1,775</td><td>252</td><td>9,696</td><td>7,908</td><td>-</td><td>1,775</td><td>-</td></tr><tr><td>November</td><td>262,277</td><td>-1,255</td><td>8,441</td><td>5,925</td><td>-</td><td>-</td><td>240</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Less than $500 thousand. Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="3">Public issues</th><th colspan="3">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>Special issues</th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificates of indebtedness</th><th>Bills</th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>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></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>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></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,694</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>1945-November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,413</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,184</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,135</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>6.2</td><td>7.7</td></tr><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,408</td><td>17,054</td><td>21,224</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>6.2</td><td>7.8</td></tr><tr><td>May</td><td>271,440</td><td>121,357</td><td>49,345</td><td>18,261</td><td>7,127</td><td>36,828</td><td>17,041</td><td>21,451</td><td>100.0</td><td>44.7</td><td>18.2</td><td>6.7</td><td>2.6</td><td>13.6</td><td>6.3</td><td>7.9</td></tr><tr><td>June</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.2</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>17,024</td><td>23,045</td><td>100.0</td><td>44.8</td><td>18.6</td><td>5.0</td><td>2.5</td><td>14.1</td><td>6.4</td><td>8.6</td></tr><tr><td>August</td><td>266,359</td><td>119,502</td><td>49,878</td><td>13,351</td><td>6,688</td><td>36,473</td><td>17,024</td><td>23,443</td><td>100.0</td><td>44.9</td><td>18.7</td><td>5.0</td><td>2.5</td><td>13.7</td><td>6.4</td><td>8.8</td></tr><tr><td>September</td><td>264,217</td><td>119,502</td><td>49,930</td><td>13,351</td><td>6,096</td><td>34,478</td><td>17,007</td><td>23,854</td><td>100.0</td><td>45.2</td><td>19.0</td><td>5.1</td><td>2.3</td><td>13.0</td><td>6.4</td><td>9.0</td></tr><tr><td>October</td><td>262,425</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></tr><tr><td>November</td><td>260,925</td><td>119,502</td><td>50,365</td><td>13,351</td><td>5,978</td><td>30,475</td><td>17,000</td><td>24,254</td><td>100.0</td><td>45.8</td><td>19.3</td><td>5.1</td><td>2.3</td><td>11.7</td><td>6.5</td><td>9.3</td></tr></table>
Source: Daily Treasury Statement.
January 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1/ As of November 30, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial bank 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-Dec.</td><td>Treasury bills 7/8% Certificate - 12/1/46 Treasury note - 12/15/46</td><td>5,223 3,768 3,261</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>Total</td><td>12,252</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>Treasury bills 3% Conversion bond - 1/1/47 7/8% Certificate - 1/1/47</td><td>6,525 13 3,330</td><td></td><td></td><td>Various 1/1/17 1/1/46</td><td>taxable wholly taxable</td><td></td></tr><tr><td>Feb.</td><td>Treasury bills 7/8% Certificate - 2/1/47</td><td>5,252 4,954</td><td></td><td></td><td>Various 2/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/47 1-1/4% Treasury note - 3/15/47</td><td>3,133 1,948</td><td></td><td></td><td>3/1/46 6/26/44</td><td>taxable taxable</td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/47</td><td>2,820</td><td></td><td></td><td>4/1/46</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/47</td><td>2,775</td><td></td><td></td><td>6/1/46</td><td>taxable</td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td></td><td></td><td>7/1/46</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/47</td><td>1,223</td><td></td><td></td><td>8/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate - 9/1/47 1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,341 2,701 1,687</td><td></td><td></td><td>9/1/46 7/12/43 12/1/44</td><td>taxable taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52 7/8% Certificate - 10/1/47</td><td>1,440 759</td><td></td><td></td><td>10/16/22 10/1/46</td><td>partially taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/47</td><td>1,775</td><td></td><td></td><td>11/1/46</td><td>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>45,540</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>1,115 1,223</td><td></td><td></td><td>3/15/41 3/16/36</td><td>taxable partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>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 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td>2,098 491 1,786</td><td></td><td></td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td></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 2% Treasury bond - 3/15/50-52</td><td>1,115 1,963</td><td></td><td>1,115</td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>4,939</td><td></td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>2,635 571</td><td></td><td></td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td></td><td>Total</td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of November 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Mixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>....</td><td>....</td><td>1,223</td><td>3/16/36</td><td>partially</td><td>....</td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/49-51</td><td>....</td><td>....</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% Treasury bond - 9/15/51-53</td><td>....</td><td>1,627</td><td>1,292</td><td>5/15/42 9/15/43</td><td>taxable taxable</td><td>....</td></tr><tr><td></td><td>2% Treasury bond - 9/15/51-55</td><td>....</td><td>7,985</td><td>....</td><td>9/15/31</td><td>partially</td><td>....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/51-53</td><td>....</td><td>1,118</td><td>2,098</td><td>7/15/42 12/22/39</td><td>taxable partially</td><td>....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-55</td><td>....</td><td>510</td><td>....</td><td>12/15/41</td><td>taxable</td><td>....</td></tr><tr><td></td><td>Total</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% Treasury bond - 3/15/50-52</td><td>....</td><td>....</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>....</td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>....</td><td>1,024</td><td>....</td><td>3/31/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/52-54</td><td>....</td><td>5,825</td><td>....</td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td>....</td></tr><tr><td>Sept....</td><td>2-1/4% Treasury bond - 9/15/50-52</td><td>....</td><td>1,501</td><td>1,186</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td>....</td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td>....</td><td>....</td><td>4,939</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Oct....</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td>....</td><td>....</td><td>759</td><td>10/16/22</td><td>partially</td><td>....</td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>....</td><td>8,662</td><td>491</td><td>12/15/34 12/11/44</td><td>partially taxable</td><td>....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td>....</td><td>....</td><td>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>17,012</td><td>9,338</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1953-June....</td><td>2% Treasury bond - 6/15/53-55</td><td>....</td><td>725</td><td>....</td><td>10/7/40</td><td>partially</td><td>....</td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/51-53</td><td>....</td><td>....</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>....</td><td>....</td><td>1,786</td><td>12/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>....</td><td>....</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>725</td><td>10,890</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>....</td><td>....</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td>....</td><td>....</td><td>1,627</td><td>6/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54</td><td>....</td><td>....</td><td>5,825</td><td>6/26/44</td><td>taxable</td><td>....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>....</td><td>681</td><td>....</td><td>7/22/40</td><td>partially</td><td>....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/52-54</td><td>....</td><td>....</td><td>8,662</td><td>12/11/44</td><td>taxable</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>681</td><td>17,138</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>....</td><td>2,611</td><td>....</td><td>3/15/35</td><td>partially</td><td>....</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>....</td><td>....</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td>....</td><td>....</td><td>725</td><td>10/17/40</td><td>partially</td><td>....</td></tr><tr><td>Sept....</td><td>3% Treasury bond - 9/15/51-55</td><td>....</td><td>....</td><td>755</td><td>9/15/31</td><td>partially</td><td>....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/51-55</td><td>....</td><td>....</td><td>510</td><td>12/15/41</td><td>taxable</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>2,611</td><td>3,491</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1956-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>....</td><td>1,449</td><td>....</td><td>6/21/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>....</td><td>....</td><td>681</td><td>7/22/40</td><td>partially</td><td>....</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>....</td><td>982</td><td>....</td><td>9/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>....</td><td>3,823</td><td>....</td><td>2/11/44</td><td>taxable</td><td>5/</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>6,253</td><td>681</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>....</td><td>....</td><td>1,449</td><td>6/21/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>....</td><td>919</td><td>....</td><td>6/15/38</td><td>partially</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>919</td><td>1,449</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1959-June....</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>....</td><td>5,284</td><td>....</td><td>6/11/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>....</td><td>....</td><td>982</td><td>9/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>....</td><td>....</td><td>3,823</td><td>2/11/44</td><td>taxable</td><td>5/</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>....</td><td>3,470</td><td>....</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>8,754</td><td>4,804</td><td>....</td><td>....</td><td>....</td></tr></table>
(Continued on following page)
January 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of November 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year end 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 issue 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issue</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8% Treasury bond - 3/15/55-60......... 2-3/4% Treasury bond - 12/15/60-65.........</td><td></td><td>1,485</td><td>2,611</td><td>3/15/35 12/15/38</td><td>partially partially</td><td>.........</td></tr><tr><td></td><td>Total........................................</td><td></td><td>1,485</td><td>2,611</td><td>.........</td><td>.........</td><td>.........</td></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......... 2-1/2% Treasury bond - 6/15/62-67.........</td><td></td><td>2,118</td><td>5,284</td><td>6/1/45 5/5/42</td><td>taxable taxable</td><td>6/15/52 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......... 2-1/2% Treasury bond - 12/15/63-68.........</td><td></td><td>2,831</td><td>919</td><td>6/15/38 12/1/42</td><td>partially taxable</td><td>......... 12/1/52</td></tr><tr><td>Dec....</td><td>Total........................................</td><td></td><td>2,831</td><td>919</td><td>.........</td><td>.........</td><td>.........</td></tr><tr><td>1964-June...</td><td>2-1/2% Treasury bond - 6/15/64-69......... 2-1/2% Treasury bond - 12/15/64-69.........</td><td></td><td>3,761 3,838</td><td>.........</td><td>4/15/43 9/15/43</td><td>taxable taxable</td><td>4/15/53 9/15/53</td></tr><tr><td>Dec....</td><td>Total........................................</td><td></td><td>7,600</td><td>.........</td><td>.........</td><td>.........</td><td>.........</td></tr><tr><td>1965-Mar.... Dec....</td><td>2-1/2% Treasury bond - 3/15/65-70......... 2-3/4% Treasury bond - 12/15/60-55.........</td><td></td><td>5,197 1,485</td><td>.........</td><td>2/1/44 12/15/38</td><td>taxable partially</td><td>2/1/54</td></tr><tr><td></td><td>Total........................................</td><td></td><td>5,197</td><td>1,485</td><td>.........</td><td>.........</td><td>.........</td></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......... 2-1/2% Treasury bond - 6/15/67-72.........</td><td></td><td>2,118</td><td>2,118</td><td>5/5/42 6/1/45</td><td>taxable taxable</td><td>5/5/52 6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72.........</td><td></td><td>2,716</td><td>.........</td><td>10/20/41</td><td>taxable</td><td>.........</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72.........</td><td></td><td>11,689</td><td>.........</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total........................................</td><td></td><td>22,372</td><td>2,118</td><td>.........</td><td>.........</td><td>.........</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68.........</td><td></td><td>2,831</td><td>.........</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......... 2-1/2% Treasury bond - 12/15/64-69.........</td><td></td><td>3,761 3,838</td><td>.........</td><td>4/15/43 9/15/43</td><td>taxable taxable</td><td>4/15/53 9/15/53</td></tr><tr><td>Dec....</td><td>Total........................................</td><td></td><td>7,600</td><td>.........</td><td>.........</td><td>.........</td><td>.........</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70.........</td><td></td><td>5,197</td><td>.........</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>3,481</td><td>.........</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>7,967</td><td>.........</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72.........</td><td></td><td>2,716</td><td>.........</td><td>10/20/41</td><td>taxable</td><td>.........</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72.........</td><td></td><td>11,689</td><td>.........</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total........................................</td><td></td><td>22,372</td><td>.........</td><td>.........</td><td>.........</td><td>.........</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and
surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 21.
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 colspan="2">Amount of subscription tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/2-1/2% Treas. bond- 3/15/65-70 4/5/(2/1/44) 2% Treas. bond- 6/15/52-54 (6/26/44) 1-1/4% Treas. note- 3/15/47 (6/26/44) 7/8% Certificate- 6/1/45 (6/26/44)</td><td>25 yr.9 m (20 yr.9 m) 5/10 yr. (8 yr.) 2 yr.9 m 11 m</td><td>2,909 5,825 1,948 4,770</td><td>- - - -</td><td>2,909 5,825 1,948 4,770</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45 (8/1/44) 7/8% Certificate - 9/1/45 (9/1/44) 1% Treas. note - 3/15/46 5/ (11/1/41) 7/8% Certificate - 10/1/45 (10/1/44)</td><td>1 yr 1 yr 1 yr.6 m 1 yr</td><td>- 2,511 3,694 788 -</td><td>- - - -</td><td>- 2,511 3,694 788 -</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/2-1/2% Treas. bond- 3/15/66-72 4/ (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr. (8 yr.) 2 yr.9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44 11/17/44</td><td>11/20/44 11/20/44</td><td>.90% Treas. note - 1/1/46 (12/1/44) 2-1/2% Treas. bond - 3/15/66-71 8/ 4/ (12/1/44) 2% Treas. bond - 12/15/52-54 8/ (12/1/44) 1-1/4% Treas. note - 9/15/47 8/ (12/1/44)</td><td>1 yr.1 m (21 yr.3 m) 26 yr.3 m (8 yr.) 10 yr. (8 yr.) 2 yr.9 m 9/</td><td>- 3,416 73 740 137 -</td><td>- - - - -</td><td>- 3,416 73 740 137 -</td><td>- - - - -</td><td>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 (2/1/45) 7/8% Certificate - 3/1/46 (3/1/45) 7/8% Certificate - 4/1/46 (4/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr 1 yr 1 yr 1 yr</td><td>- 5,043 4,117 4,811 1.579</td><td>- - - -</td><td>- 5,043 4,117 4,811 1.579</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/2-1/2% Treas. bond- 6/15/67-72 4/ (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 5/ (6/1/45) 1-1/2% Treas. bond-12/15/50 (6/1/45) 7/8% Certificate- 6/1/46 (6/1/45)</td><td>27 yr (22 yr) 11 yr (14 yr) 5 yr.6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46 (6/1/45) 7/8% Certificate - 8/1/46 (8/1/45) 7/8% Certificate - 9/1/46 (9/1/45)</td><td>1 yr.1 m 1 yr 1 yr</td><td>- 4,910 2,470 4,336</td><td>- - -</td><td>- 4,910 2,470 4,336</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/2-1/2% Treas. bond-12/15/67-72 4/ (11/15/45) 2-1/4% Treas. bond-12/15/59-62 4/ (11/15/45) 7/8% Certificate- 12/1/46 (12/1/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>- - -</td><td>11,689 3,470 3,768</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45 11/19/45 12/17/45</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate - 10/1/46 (10/1/45) 7/8% Certificate - 11/1/46 (11/1/45) 7/8% Certificate - 1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>- 3,440 3,778 3,330</td><td>- - -</td><td>- 3,440 3,778 3,330</td><td>- - -</td><td>100 100 100</td></tr><tr><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46</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 10/21/46 11/18/46 12/18/46</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 - 6/1/47 (6/1/46) 7/8% Certificate - 7/1/47 (7/1/46) 7/8% Certificate - 8/1/47 (8/1/46) 7/8% Certificate - 9/1/47 (9/1/46) 7/8% Certificate - 10/1/47 (10/1/46) 7/8% Certificate - 11/1/47 (11/1/46) 7/8% Certificate - 12/1/47 (12/1/46) 7/8% Certificate - 1/1/48 (1/1/47)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- 4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432 3,281 n.a.</td><td>- - - - - - - - - -</td><td>- 4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432 3,281 n.a.</td><td>- - - - - - - - - -</td><td>100 76 59 66 62 52 56 44 51 100 100</td></tr></table>
ources: Bureau of the Public Debt.
e. Not available.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Coneslate of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury invest-
ment accounts.
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 19
7/ Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
9/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
January 1947
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 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>Ex- changed</th><th>Turned in for cash</th><th>Percent ex- changed</th><th></th></tr><tr><td>8/1/44 9/1/44</td><td>7/8% 7/8%</td><td>Certificate - 8/1/44.........(8/2/43) Certificate - 9/1/44.........(9/15/43)</td><td>2,545 4,122</td><td>- 4,122</td><td>2,545 3,694</td><td>2,511 3,694</td><td>34 428</td><td>99 90</td><td>7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1%</td><td>Treas. note - 9/15/44.........(1/31/41) Treas. note - 9/15/44.........(12/22/39)</td><td>635 283</td><td>- 283</td><td>635 185</td><td>602 185</td><td>33 98</td><td>95 65</td><td>1% Treas. note - 3/15/46</td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 9/15/44</td><td>918</td><td>-</td><td>918</td><td>785</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44.........(10/15/43) Certificate - 12/1/44.........(12/1/43)</td><td>3,519 3,540</td><td>- 3,540</td><td>3,519 3,416</td><td>3,492 3,416</td><td>27 124</td><td>99 96</td><td>7/8% Certificate - 10/1/45 90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4%</td><td>Treas. bond - 12/15/44-54.........(12/15/24)</td><td>1,037</td><td>- 1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note</td><td>Certificate - 2/1/45.........(2/1/44) Treas. note - 2/15/45.........(7/21/41)</td><td>5,048 412</td><td>- 412</td><td>5,048 395</td><td>4,649 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td></td><td>Totals for exchange transaction of 2/1/45</td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4%</td><td>Treas. note - 3/1/45.........(2/1/44) Treas. note - 3/15/45.........(3/15/40) Treas. note - 3/15/45.........(9/25/42)</td><td>2,127 718 1,606</td><td>- 718 1,606</td><td>2,109 493 1,546</td><td>18 225 60</td><td>99 69 96</td><td>99 7/8% Certificate - 3/1/46</td></tr><tr><td></td><td></td><td>Total for exchange transaction of 3/1/45</td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</td><td>Certificate - 4/1/45.........(4/1/44) Certificate - 5/1/45.........(5/1/44)</td><td>4,877 1,615</td><td>- 1,615</td><td>4,811 1,579</td><td>66 35</td><td>99 98</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% 1-1/2% HOLL bond</td><td>Certificate - 6/1/45.........(6/26/44) HOLL bond - 6/1/45-47.........(6/1/39)</td><td>4,770 755</td><td>- 755</td><td>4,170 723</td><td>583 32</td><td>88 96</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td></td><td></td><td>Total for exchange transaction of 6/1/45</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45.........(8/1/44)</td><td>2,511</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 Treas. bond</td><td>Certificate - 9/1/45.........(9/1/44) Treas. bond - 9/15/45-47.........(9/16/35)</td><td>3,694 1,214</td><td>- 1,214</td><td>3,429 907</td><td>265 307</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td></td><td>Total for exchange transaction of 9/1/45</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45.........(10/1/44)</td><td>3,492</td><td>- 3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% 3/4% 2-1/2%</td><td>Certificate - 12/1/45.........(12/1/44) Treas. note - 12/15/45.........(12/18/40) Treas. bond - 12/15/45.........(12/15/37)</td><td>4,395 531 541</td><td>- 531 541</td><td>2,932 438 408</td><td>1,463 93 133</td><td>67 82 75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td></td><td>Total for exchange transaction of 12/1/45</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond</td><td>bond - 1/1/46.........(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/1/46 2/1/46</td><td>.90% 7/8%</td><td>Treas. note - 1/1/46.........(12/1/44) Certificate - 2/1/46.........(2/1/45)</td><td>3,416 5,043</td><td>- 5,043</td><td>3,416 4,954</td><td>3,330 85</td><td>98 93</td><td>7/8% Certificate - 1/1/47 7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46 3/15/46</td><td>7/8% 3-3/4%</td><td>Certificate - 3/1/46.........(3/1/45) Treas. bond - 3/15/46-56.........(3/15/26) Treas. note - 3/15/46.........(11/1/41)</td><td>4,147 489 1,291</td><td>1,014 489 1,291</td><td>3,133 - -</td><td>3,133 - -</td><td>- - -</td><td>3/ 7/8% Certificate - 3/1/47</td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% 7/8%</td><td>Certificate - 4/1/46.........(4/1/45) Certificate - 5/1/46.........(5/1/45)</td><td>4,811 1,579</td><td>1,991 1,579</td><td>2,820 -</td><td>2,820 -</td><td>- -</td><td>3/ 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.........(6/1/45) Treas. bond - 6/15/46-48.........(6/15/34) Treas. bond - 6/15/46-49.........(6/15/31)</td><td>4,799 1,036 819</td><td>2,025 1,036 819</td><td>2,775 - -</td><td>2,775 - -</td><td>- - -</td><td>3/ 7/8% Certificate - 6/1/47</td></tr><tr><td>7/1/46 8/1/46 9/1/46</td><td>.90% 7/8% 7/8%</td><td>Treas. note - 7/1/46.........(6/1/45) Certificate - 8/1/46.........(8/1/45) Certificate - 9/1/46.........(9/1/45)</td><td>4,910 2,470 4,336</td><td>1,994 1,246 1,995</td><td>2,916 1,223 2,341</td><td>2,916 1,223 2,341</td><td>- - -</td><td>3/ 7/8% Certificate - 7/1/47 3/ 7/8% Certificate - 8/1/47 3/ 7/8% Certificate - 9/1/47</td></tr><tr><td>10/1/46 11/1/46 12/1/46</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 10/1/46.........(10/1/45) Certificate - 11/1/46.........(12/1/45) Certificate - 12/1/46.........(12/3/45)</td><td>3,440 3,778 3,768</td><td>2,000 2,003 3,768</td><td>1,440 1,775 3,281</td><td>1,440 1,775 3,281</td><td>487 - -</td><td>3/ 7/8% Certificate - 10/1/47 3/ 7/8% Certificate - 11/1/47 7/8% Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2%</td><td>Treas. note - 12/15/46.........(6/5/42)</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/1/47</td><td>3% Conversion bond</td><td>bond - 1/1/47.........(1/1/17) Certificate - 1/1/47.........(11/1/46)</td><td>13 3,330</td><td>13 -</td><td>3,330 -</td><td>n.a. n.a.</td><td>n.a. n.a.</td><td>7/8% Certificate - 1/1/48</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 rowspan="2">Date of issue</th><th colspan="7">Descriptioa of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1945-Nov. 1</td><td>1946-Jan. 31</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8</td><td>Feb. 7</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15</td><td>Feb. 14</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23</td><td>Feb. 21</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29</td><td>Feb. 28</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6</td><td>Mar. 7</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13</td><td>Mar. 14</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20</td><td>Mar. 21</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27</td><td>Mar. 28</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10</td><td>Apr. 11</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24</td><td>Apr. 25</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31</td><td>May 2</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><tr><td>Feb. 7</td><td>May 9</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,316.7</td><td>17,039.7</td></tr><tr><td>Feb. 14</td><td>May 16</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21</td><td>May 23</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28</td><td>May 31</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr><tr><td>Mar. 7</td><td>June 6</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14</td><td>June 13</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21</td><td>June 20</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28</td><td>June 27</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4</td><td>July 5</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11</td><td>July 11</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18</td><td>July 18</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25</td><td>July 25</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><tr><td>May 2</td><td>Aug. 1</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9</td><td>Aug. 8</td><td>91</td><td>1,961.0</td><td>1,308.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16</td><td>Aug. 15</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23</td><td>Aug. 22</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6</td><td>Sept. 5</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13</td><td>Sept. 12</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.4</td></tr><tr><td>June 20</td><td>Sept. 19</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27</td><td>Sept. 26</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr><tr><td>July 5</td><td>Oct. 3</td><td>90</td><td>1,803.5</td><td>1,307.7</td><td>1,278.1</td><td>29.7</td><td>1,312.0</td><td>17,034.7</td></tr><tr><td>July 11</td><td>Oct. 10</td><td>91</td><td>1,892.0</td><td>1,315.1</td><td>1,278.1</td><td>37.0</td><td>1,317.1</td><td>17,032.8</td></tr><tr><td>July 18</td><td>Oct. 17</td><td>91</td><td>1,895.0</td><td>1,310.6</td><td>1,270.2</td><td>40.5</td><td>1,310.3</td><td>17,033.2</td></tr><tr><td>July 25</td><td>Oct. 24</td><td>91</td><td>1,767.8</td><td>1,305.1</td><td>1,269.8</td><td>35.3</td><td>1,315.3</td><td>17,023.0</td></tr><tr><td>Aug. 1</td><td>Oct. 31</td><td>91</td><td>1,796.3</td><td>1,306.1</td><td>1,272.2</td><td>33.9</td><td>1,309.2</td><td>17,019.9</td></tr><tr><td>Aug. 8</td><td>Nov. 7</td><td>91</td><td>1,824.0</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>17,023.8</td></tr><tr><td>Sept. 5</td><td>Dec. 5</td><td>91</td><td>1,812.3</td><td>1,309.0</td><td>1,281.0</td><td>28.0</td><td>1,312.9</td><td>17,019.8</td></tr><tr><td>Sept. 12</td><td>Dec. 12</td><td>91</td><td>1,802.0</td><td>1,305.3</td><td>1,270.7</td><td>34.6</td><td>1,310.1</td><td>17,015.0</td></tr><tr><td>Sept. 19</td><td>Dec. 19</td><td>91</td><td>1,777.3</td><td>1,304.8</td><td>1,270.2</td><td>34.6</td><td>1,310.4</td><td>17,009.5</td></tr><tr><td>Sept. 26</td><td>Dec. 26</td><td>91</td><td>1,831.0</td><td>1,303.4</td><td>1,273.5</td><td>30.0</td><td>1,305.9</td><td>17,007.0</td></tr><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>1,754.5</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><tr><td>Nov. 7</td><td>Feb. 6</td><td>91</td><td>1,805.1</td><td>1,312.2</td><td>1,282.8</td><td>29.4</td><td>1,315.4</td><td>16,984.3</td></tr><tr><td>Nov. 14</td><td>Feb. 13</td><td>91</td><td>1,755.9</td><td>1,313.7</td><td>1,291.9</td><td>21.8</td><td>1,313.7</td><td>16,984.3</td></tr><tr><td>Nov. 21</td><td>Feb. 20</td><td>91</td><td>1,826.8</td><td>1,313.7</td><td>1,279.9</td><td>33.8</td><td>1,308.4</td><td>16,989.6</td></tr><tr><td>Nov. 29</td><td>Feb. 27</td><td>90</td><td>1,799.6</td><td>1,312.5</td><td>1,286.2</td><td>26.3</td><td>1,302.2</td><td>16,999.8</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
January 1947
33
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1945-Nov. 1.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 8.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 15.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 23.</td><td>99.905</td><td>0.375</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>0.364</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><tr><td>Nov. 7.</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>Nov. 14.</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>Nov. 21.</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>Nov. 29.</td><td>99.906</td><td>0.376</td><td>99.907</td><td>0.372</td><td>99.906</td><td>0.376</td></tr></table>
Sources: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount baile. 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 2; 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 C outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of November 30, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th colspan="2">(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series: Series A.................</td><td>204</td><td>52</td><td>255</td><td>242</td><td>14</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B.................</td><td>370</td><td>92</td><td>462</td><td>347</td><td>-</td><td>115</td><td>75.03</td></tr><tr><td>Series C.................</td><td>1,010</td><td>211</td><td>1,222</td><td>294</td><td>-</td><td>928</td><td>24.06</td></tr><tr><td>Series D.................</td><td>2,365</td><td>334</td><td>2,698</td><td>478</td><td>-</td><td>2,220</td><td>17.73</td></tr><tr><td>Total, Series B, C, and D....</td><td>3,745</td><td>637</td><td>4,382</td><td>1,119</td><td>-</td><td>3,263</td><td>25.53</td></tr><tr><td>Series E.................</td><td>43,776</td><td>1,054</td><td>44,830</td><td>14,597 2/</td><td>-</td><td>30,233</td><td>32.56</td></tr><tr><td>Series F.................</td><td>3,268</td><td>80</td><td>3,349</td><td>397</td><td>-</td><td>2,952</td><td>11.84</td></tr><tr><td>Series O.................</td><td>14,211</td><td>-</td><td>14,211</td><td>950</td><td>-</td><td>13,262</td><td>6.68</td></tr><tr><td>Total, Series E, F, and O....</td><td>61,256</td><td>1,134</td><td>62,389</td><td>15,943</td><td>-</td><td>46,446</td><td>25.55</td></tr><tr><td>Total, Series B-O.........</td><td>65,000</td><td>1,771</td><td>66,771</td><td>17,062</td><td>-</td><td>49,709</td><td>25.55</td></tr><tr><td>Total, Series A-O.........</td><td>65,204</td><td>1,822</td><td>67,027</td><td>17,304</td><td>14</td><td>49,709</td><td>1/</td></tr></table>
Source: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
January 1947
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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td colspan="10">All series</td></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>65,204</td><td>1,822</td><td>67,027</td><td>11,304</td><td>n.a.</td><td>n.a.</td><td>14</td><td>49,709</td><td>-</td></tr><tr><td colspan="10">Fiscal years:</td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>811</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td colspan="10">Calendar years:</td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td colspan="10">Months:</td></tr><tr><td>1945-November</td><td>1,184</td><td>36</td><td>1,220</td><td>533</td><td>524</td><td>10</td><td>-</td><td>47,473</td><td>1.12</td></tr><tr><td>December</td><td>1,254</td><td>57</td><td>1,310</td><td>559</td><td>549</td><td>11</td><td>41</td><td>48,183</td><td>1.16</td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>613</td><td>16</td><td>30</td><td>48,588</td><td>1.29</td></tr><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>565</td><td>552</td><td>13</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>620</td><td>15</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>45</td><td>713</td><td>621</td><td>605</td><td>15</td><td>21</td><td>48,828</td><td>1.27</td></tr><tr><td>May</td><td>594</td><td>45</td><td>639</td><td>552</td><td>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>49,120</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>49,177</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><tr><td>November</td><td>453</td><td>49</td><td>502</td><td>418</td><td>n.a.</td><td>n.a.</td><td>14</td><td>49,709</td><td>.84</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>3,949</td><td>689</td><td>4,637</td><td>1,361</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,263</td><td>-</td></tr><tr><td colspan="10">Fiscal years:</td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>106</td><td>106</td><td>309</td><td>242</td><td>67</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td colspan="10">Calendar years:</td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td colspan="10">Months:</td></tr><tr><td>1945-November</td><td>-</td><td>6</td><td>6</td><td>23</td><td>18</td><td>5</td><td>-</td><td>3,534</td><td>.64</td></tr><tr><td>December</td><td>-</td><td>9</td><td>9</td><td>25</td><td>20</td><td>5</td><td>41</td><td>3,477</td><td>.71</td></tr><tr><td>1946-January</td><td>-</td><td>16</td><td>16</td><td>42</td><td>33</td><td>9</td><td>30</td><td>3,462</td><td>1.21</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>29</td><td>22</td><td>6</td><td>26</td><td>3,446</td><td>.82</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>7</td><td>23</td><td>3,425</td><td>.89</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>7</td><td>21</td><td>3,403</td><td>.90</td></tr><tr><td>May</td><td>-</td><td>6</td><td>6</td><td>29</td><td>22</td><td>6</td><td>19</td><td>3,382</td><td>.84</td></tr><tr><td>June</td><td>-</td><td>9</td><td>9</td><td>28</td><td>21</td><td>6</td><td>18</td><td>3,365</td><td>.82</td></tr><tr><td>July</td><td>(*)</td><td>16</td><td>16</td><td>37</td><td>n.a.</td><td>n.a.</td><td>17</td><td>3,346</td><td>1.09</td></tr><tr><td>August</td><td>-</td><td>9</td><td>9</td><td>30</td><td>n.a.</td><td>n.a.</td><td>16</td><td>3,325</td><td>.89</td></tr><tr><td>September</td><td>-</td><td>7</td><td>7</td><td>26</td><td>n.a.</td><td>n.a.</td><td>15</td><td>3,307</td><td>.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><tr><td>November</td><td>-</td><td>6</td><td>6</td><td>26</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,263</td><td>.78</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>Redemptions 1/ Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and G</td></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>61,256</td><td>1,134</td><td>62,389</td><td>15,943</td><td>n.a.</td><td>n.a.</td><td>46,446</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</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>18,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,267</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>1,184</td><td>30</td><td>1,214</td><td>511</td><td>506</td><td>5</td><td>43,938</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>529</td><td>5</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>581</td><td>7</td><td>45,126</td><td>1.30</td></tr><tr><td>February</td><td>622</td><td>35</td><td>557</td><td>537</td><td>530</td><td>7</td><td>45,247</td><td>1.19</td></tr><tr><td>March</td><td>626</td><td>39</td><td>665</td><td>604</td><td>596</td><td>8</td><td>45,308</td><td>1.33</td></tr><tr><td>April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>581</td><td>8</td><td>45,424</td><td>1.30</td></tr><tr><td>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>516</td><td>8</td><td>45,534</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>483</td><td>8</td><td>45,670</td><td>1.08</td></tr><tr><td>July</td><td>753</td><td>51</td><td>804</td><td>500</td><td>n.a.</td><td>n.a.</td><td>45,974</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>36</td><td>626</td><td>449</td><td>n.a.</td><td>n.a.</td><td>46,152</td><td>.97</td></tr><tr><td>September</td><td>494</td><td>47</td><td>541</td><td>455</td><td>n.a.</td><td>n.a.</td><td>46,257</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>46,342</td><td>.98</td></tr><tr><td>November</td><td>453</td><td>44</td><td>496</td><td>392</td><td>n.a.</td><td>n.a.</td><td>46,446</td><td>.84</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>43,776</td><td>1,054</td><td>44,830</td><td>14,597</td><td>14,475</td><td>122</td><td>30,233</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>470</td><td>5</td><td>30,263</td><td>1.97</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>1.99</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535</td><td>7</td><td>30,870</td><td>1.75</td></tr><tr><td>February</td><td>367</td><td>33</td><td>400</td><td>492</td><td>486</td><td>6</td><td>30,778</td><td>1.60</td></tr><tr><td>March</td><td>371</td><td>36</td><td>407</td><td>550</td><td>543</td><td>8</td><td>30,635</td><td>1.80</td></tr><tr><td>April</td><td>368</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>1.84</td></tr><tr><td>June</td><td>321</td><td>52</td><td>373</td><td>439</td><td>432</td><td>8</td><td>30,358</td><td>1.85</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><tr><td>November</td><td>294</td><td>40</td><td>334</td><td>336</td><td>329</td><td>7</td><td>30,233</td><td>1.11</td></tr></table>
(Continued on following page)
January 1947
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td></td><td colspan="7">(in millions of dollars)</td><td></td></tr></table>
<table><tr><th colspan="9">Series 7</th></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>3,268</td><td>80</td><td>3,349</td><td>397</td><td>n.a.</td><td>n.a.</td><td>2,952</td><td>-</td></tr><tr><th>Fiscal years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>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><th>Calendar years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>995</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><th>Months:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-December</td><td>54</td><td>2</td><td>56</td><td>10</td><td>10</td><td>*</td><td>2,720</td><td>.37</td></tr><tr><td>December</td><td>83</td><td>3</td><td>86</td><td>13</td><td>13</td><td>*</td><td>2,793</td><td>.48</td></tr><tr><td>1946-January</td><td>40</td><td>4</td><td>44</td><td>14</td><td>13</td><td>*</td><td>2,823</td><td>.48</td></tr><tr><td>February</td><td>30</td><td>2</td><td>32</td><td>15</td><td>15</td><td>*</td><td>2,841</td><td>.52</td></tr><tr><td>March</td><td>27</td><td>3</td><td>30</td><td>16</td><td>16</td><td>*</td><td>2,855</td><td>.57</td></tr><tr><td>April</td><td>29</td><td>3</td><td>32</td><td>13</td><td>13</td><td>*</td><td>2,874</td><td>.46</td></tr><tr><td>May</td><td>24</td><td>3</td><td>27</td><td>17</td><td>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>.55</td></tr><tr><td>July</td><td>31</td><td>5</td><td>36</td><td>18</td><td>n.a.</td><td>n.a.</td><td>2,914</td><td>.60</td></tr><tr><td>August</td><td>25</td><td>3</td><td>28</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,925</td><td>.58</td></tr><tr><td>September</td><td>20</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>November</td><td>20</td><td>3</td><td>23</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,952</td><td>.57</td></tr></table>
<table><tr><th colspan="8">Series 0</th></tr><tr><td>Total, inception to Nov. 30, 1946...</td><td>14,211</td><td>-</td><td>14,211</td><td>950</td><td>950</td><td>-</td><td>13,262</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>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-September</td><td>265</td><td>-</td><td>265</td><td>26</td><td>26</td><td>-</td><td>10,955</td><td>.24</td></tr><tr><td>December</td><td>262</td><td>-</td><td>262</td><td>31</td><td>31</td><td>-</td><td>11,186</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>-</td><td>278</td><td>33</td><td>33</td><td>-</td><td>11,432</td><td>.28</td></tr><tr><td>February</td><td>225</td><td>-</td><td>225</td><td>30</td><td>30</td><td>-</td><td>11,628</td><td>.26</td></tr><tr><td>March</td><td>228</td><td>-</td><td>228</td><td>37</td><td>37</td><td>-</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>-</td><td>250</td><td>31</td><td>31</td><td>-</td><td>12,038</td><td>.26</td></tr><tr><td>May</td><td>225</td><td>-</td><td>225</td><td>37</td><td>37</td><td>-</td><td>12,226</td><td>.30</td></tr><tr><td>June</td><td>226</td><td>-</td><td>226</td><td>36</td><td>36</td><td>-</td><td>12,416</td><td>.29</td></tr><tr><td>July</td><td>335</td><td>-</td><td>335</td><td>40</td><td>40</td><td>-</td><td>12,711</td><td>.32</td></tr><tr><td>August</td><td>217</td><td>-</td><td>217</td><td>34</td><td>34</td><td>-</td><td>12,895</td><td>.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><tr><td>November</td><td>139</td><td>-</td><td>139</td><td>40</td><td>40</td><td>-</td><td>13,262</td><td>.30</td></tr></table>
Source: Daily Treasury Statement.
n.a. Not available.
Less than $500 thousand. 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 rowspan="2">Period</th><th colspan="9">Sales in millions of dollars at issue price</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 1/2/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2/ and $25 2/</th><th>$50 and $200 1/2/</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="11">Series E</td><td colspan="5"></td></tr><tr><td>Total, inception through Nov. 30, 1946.</td><td>43,776</td><td>142</td><td>14,190</td><td>5,889</td><td>8,896</td><td>242</td><td>5,412</td><td>9,004</td><td>.....</td><td>.....</td><td>100.0</td><td>32.6</td><td>13.5</td><td>20.9</td><td>33.0</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>203</td><td>.....</td><td>14</td><td>13</td><td>61</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></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></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></tr><tr><td>1944</td><td>11,320</td><td>.....</td><td>4,149</td><td>1,642</td><td>2,584</td><td>.....</td><td>1,397</td><td>2,048</td><td>.....</td><td>.....</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td>.....</td><td>1,326</td><td>2,100</td><td>.....</td><td>.....</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td></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></tr><tr><td colspan="11">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></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></tr><tr><td>1943</td><td>10,344</td><td>.....</td><td>3,719</td><td>1,390</td><td>2,169</td><td>.....</td><td>1,253</td><td>1,815</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>.....</td><td>1,446</td><td>2,163</td><td>.....</td><td>.....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,642</td><td>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></tr><tr><td colspan="11">Months:</td><td colspan="5"></td></tr><tr><td>1945-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></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td>.....</td><td>.....</td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td></tr><tr><td>1946-Jan.</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td>.....</td><td>.....</td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td></tr><tr><td>Feb.</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td>.....</td><td>.....</td><td>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td></tr><tr><td>Mar.</td><td>371</td><td>4</td><td>117</td><td>49</td><td>54</td><td>11</td><td>39</td><td>98</td><td>.....</td><td>.....</td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td></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></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></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></tr><tr><td>July</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>.....</td><td>.....</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td></tr><tr><td>Aug.</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td>.....</td><td>.....</td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td></tr><tr><td>Sept.</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td>.....</td><td>.....</td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td></tr><tr><td>Oct.</td><td>327</td><td>2</td><td>77</td><td>35</td><td>48</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></tr><tr><td>Nov.</td><td>294</td><td>1</td><td>67</td><td>31</td><td>42</td><td>8</td><td>41</td><td>102</td><td>.....</td><td>.....</td><td>100.0</td><td>23.4</td><td>10.7</td><td>17.1</td><td>48.8</td></tr><tr><td colspan="11">Series F and G</td><td colspan="5"></td></tr><tr><td>Total, inception through Nov. 30, 1946.</td><td>17,480</td><td>.....</td><td>19</td><td>.....</td><td>505</td><td>.....</td><td>1,182</td><td>5,282</td><td>3,374</td><td>7,118</td><td>100.0</td><td>.1</td><td>.....</td><td>2.9</td><td>37.0</td><td>60.0</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>461</td><td>.....</td><td>.....</td><td>6</td><td>.....</td><td>.....</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td>.....</td><td>.....</td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1942</td><td>2,467</td><td>.....</td><td>1</td><td>71</td><td>.....</td><td>.....</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>100.0</td><td>.....</td><td>.....</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943</td><td>3,517</td><td>.....</td><td>4</td><td>106</td><td>.....</td><td>.....</td><td>229</td><td>1,016</td><td>696</td><td>1,866</td><td>100.0</td><td>.....</td><td>.....</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>.....</td><td>6</td><td>134</td><td>.....</td><td>.....</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>.....</td><td>.....</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>.....</td><td>5</td><td>109</td><td>.....</td><td>.....</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>.....</td><td>.....</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>.....</td><td>2</td><td>61</td><td>.....</td><td>.....</td><td>179</td><td>896</td><td>555</td><td>1,179</td><td>100.0</td><td>.....</td><td>.....</td><td>2.1</td><td>37.4</td><td>60.4</td></tr><tr><td colspan="11">Calendar years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>1,393</td><td>.....</td><td>.....</td><td>26</td><td>.....</td><td>.....</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td>.....</td><td>.....</td><td>1.3</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td>.....</td><td>.....</td><td>98</td><td>.....</td><td>.....</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.....</td><td>.....</td><td>3.1</td><td>31.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>.....</td><td>.....</td><td>123</td><td>.....</td><td>.....</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>.....</td><td>.....</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,664</td><td>.....</td><td>.....</td><td>131</td><td>.....</td><td>.....</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>.....</td><td>.....</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>.....</td><td>.....</td><td>84</td><td>.....</td><td>.....</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.....</td><td>.....</td><td>2.7</td><td>36.3</td><td>60.4</td></tr><tr><td colspan="11">Months:</td><td colspan="5"></td></tr><tr><td>1945-Nov.</td><td>319</td><td>.....</td><td>.....</td><td>10</td><td>.....</td><td>.....</td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>.....</td><td>.....</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td>.....</td><td>.....</td><td>8</td><td>.....</td><td>.....</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>.....</td><td>.....</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td>.....</td><td>.....</td><td>5</td><td>.....</td><td>.....</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>.....</td><td>.....</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>11</td><td>63</td><td>43</td><td>135</td><td>100.0</td><td>.....</td><td>.....</td><td>1.4</td><td>29.2</td><td>69.4</td></tr><tr><td>Mar.</td><td>255</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>13</td><td>72</td><td>48</td><td>119</td><td>100.0</td><td>.....</td><td>.....</td><td>1.4</td><td>33.0</td><td>65.6</td></tr><tr><td>Apr.</td><td>280</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>.....</td><td>.....</td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May</td><td>250</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>13</td><td>77</td><td>53</td><td>103</td><td>100.0</td><td>.....</td><td>.....</td><td>1.5</td><td>35.9</td><td>62.6</td></tr><tr><td>June</td><td>250</td><td>.....</td><td>.....</td><td>3</td><td>.....</td><td>.....</td><td>12</td><td>72</td><td>54</td><td>108</td><td>100.0</td><td>.....</td><td>.....</td><td>1.4</td><td>33.7</td><td>64.9</td></tr><tr><td>July</td><td>367</td><td>.....</td><td>.....</td><td>5</td><td>.....</td><td>.....</td><td>22</td><td>122</td><td>84</td><td>134</td><td>100.0</td><td>.....</td><td>.....</td><td>1.5</td><td>39.1</td><td>59.4</td></tr><tr><td>Aug.</td><td>243</td><td>.....</td><td>.....</td><td>3</td><td>.....</td><td>.....</td><td>15</td><td>85</td><td>55</td><td>83</td><td>100.0</td><td>.....</td><td>.....</td><td>1.6</td><td>41.4</td><td>57.0</td></tr><tr><td>Sept.</td><td>185</td><td>.....</td><td>.....</td><td>3</td><td>.....</td><td>.....</td><td>12</td><td>66</td><td>42</td><td>62</td><td>100.0</td><td>.....</td><td>.....</td><td>1.8</td><td>42.2</td><td>56.0</td></tr><tr><td>Oct.</td><td>193</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>14</td><td>71</td><td>44</td><td>61</td><td>100.0</td><td>.....</td><td>.....</td><td>1.9</td><td>43.8</td><td>54.3</td></tr><tr><td>Nov.</td><td>159</td><td>.....</td><td>.....</td><td>3</td><td>.....</td><td>.....</td><td>11</td><td>57</td><td>36</td><td>51</td><td>100.0</td><td>.....</td><td>.....</td><td>1.9</td><td>43.0</td><td>55.1</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.
January 1947
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">Denominations (Thousands of pieces sold)</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through November 30, 1946....................</td><td>1,079,516</td><td>18,996</td><td>756,815</td><td>157,041</td><td>118,611</td><td>1,615</td><td>14,432</td><td>12,005</td><td>......</td><td>......</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941....................</td><td>1,905</td><td>......</td><td>767</td><td>353</td><td>552</td><td>......</td><td>108</td><td>125</td><td>......</td><td>......</td></tr><tr><td>1942....................</td><td>55,967</td><td>......</td><td>32,832</td><td>9,107</td><td>10,837</td><td>......</td><td>1,698</td><td>1,493</td><td>......</td><td>......</td></tr><tr><td>1943....................</td><td>215,709</td><td>......</td><td>159,369</td><td>28,828</td><td>22,851</td><td>......</td><td>2,686</td><td>1,975</td><td>......</td><td>......</td></tr><tr><td>1944....................</td><td>305,986</td><td>......</td><td>221,284</td><td>43,800</td><td>34,447</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>8,505</td><td>112,071</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,065</td><td>2,121</td><td>......</td><td>......</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941....................</td><td>13,219</td><td>......</td><td>6,077</td><td>2,485</td><td>3,446</td><td>......</td><td>612</td><td>600</td><td>......</td><td>......</td></tr><tr><td>1942....................</td><td>135,227</td><td>......</td><td>94,354</td><td>18,999</td><td>17,842</td><td>......</td><td>2,282</td><td>1,751</td><td>......</td><td>......</td></tr><tr><td>1943....................</td><td>270,058</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-November............</td><td>17,364</td><td>785</td><td>11,207</td><td>2,511</td><td>1,849</td><td>365</td><td>330</td><td>317</td><td>......</td><td>......</td></tr><tr><td>December................</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td>......</td><td>......</td></tr><tr><td>1946-January............</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>......</td><td>......</td></tr><tr><td>February................</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>......</td><td>......</td></tr><tr><td>March....................</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td>......</td><td>......</td></tr><tr><td>April....................</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td>......</td><td>......</td></tr><tr><td>May......................</td><td>7,730</td><td>299</td><td>5,352</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>......</td><td>......</td></tr><tr><td>June.....................</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td>......</td><td>......</td></tr><tr><td>July.....................</td><td>7,216</td><td>343</td><td>4,756</td><td>1,008</td><td>706</td><td>72</td><td>146</td><td>185</td><td>......</td><td>......</td></tr><tr><td>August..................</td><td>6,847</td><td>276</td><td>4,572</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>156</td><td>......</td><td>......</td></tr><tr><td>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>November................</td><td>5,471</td><td>178</td><td>3,593</td><td>836</td><td>553</td><td>53</td><td>110</td><td>136</td><td>......</td><td>......</td></tr></table>
<table><tr><th colspan="9">Series F and G</th></tr><tr><td>Total, inception through November 30, 1946</td><td>15,987</td><td>1,025</td><td>5,413</td><td>2,479</td><td>5,585</td><td>722</td><td>763</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>60</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>72</td><td>774</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>216</td><td>1,149</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>303</td><td>1,425</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>291</td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,314</td><td>125</td><td>647</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></tr><tr><td>1941</td><td>901</td><td>277</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>156</td><td>1,077</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>270</td><td>1,317</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>325</td><td>1,394</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>224</td><td>899</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></tr><tr><td>1945-November</td><td>343</td><td>21</td><td>109</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>90</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>55</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>38</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>38</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>42</td><td>29</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>171</td><td>5</td><td>39</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>36</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>55</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>41</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>35</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>38</td><td>28</td><td>73</td><td>9</td><td>6</td></tr><tr><td>November</td><td>130</td><td>4</td><td>31</td><td>23</td><td>59</td><td>7</td><td>5</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. 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.
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, inceptions through November 30, 1946</th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th></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><th>November</th></tr><tr><td>Alabama</td><td>520,696</td><td>12,029</td><td>15,701</td><td>10,848</td><td>3,644</td><td>3,658</td><td>3,586</td><td>3,321</td><td>3,558</td><td>3,458</td><td>3,536</td><td>3,354</td><td>3,383</td><td>3,032</td></tr><tr><td>Arizona</td><td>157,158</td><td>3,314</td><td>4,924</td><td>2,661</td><td>1,215</td><td>1,239</td><td>1,227</td><td>1,006</td><td>1,323</td><td>1,224</td><td>1,268</td><td>1,028</td><td>1,155</td><td>1,050</td></tr><tr><td>Arkansas</td><td>280,438</td><td>5,827</td><td>6,617</td><td>4,910</td><td>2,228</td><td>2,351</td><td>2,291</td><td>2,015</td><td>2,197</td><td>2,217</td><td>1,973</td><td>2,118</td><td>2,179</td><td>1,905</td></tr><tr><td>California</td><td>3,529,164</td><td>60,472</td><td>73,966</td><td>54,984</td><td>28,180</td><td>29,627</td><td>28,750</td><td>25,199</td><td>28,494</td><td>29,542</td><td>26,581</td><td>23,253</td><td>25,884</td><td>23,218</td></tr><tr><td>Colorado</td><td>336,452</td><td>8,572</td><td>7,535</td><td>5,797</td><td>2,738</td><td>3,487</td><td>3,251</td><td>2,958</td><td>3,333</td><td>3,161</td><td>3,207</td><td>3,868</td><td>3,066</td><td>3,004</td></tr><tr><td>Connecticut</td><td>815,665</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,089</td><td>5,059</td><td>5,084</td><td>4,557</td><td>4,890</td><td>4,784</td><td>4,394</td></tr><tr><td>Delaware</td><td>104,732</td><td>1,932</td><td>1,996</td><td>1,938</td><td>791</td><td>1,019</td><td>710</td><td>835</td><td>961</td><td>765</td><td>854</td><td>664</td><td>803</td><td>627</td></tr><tr><td>Diet. of Columbia</td><td>531,048</td><td>13,856</td><td>18,747</td><td>8,192</td><td>6,399</td><td>8,693</td><td>6,851</td><td>6,122</td><td>6,979</td><td>6,265</td><td>6,206</td><td>5,694</td><td>6,356</td><td>5,789</td></tr><tr><td>Florida</td><td>539,215</td><td>8,415</td><td>11,326</td><td>10,335</td><td>4,560</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>3,682</td><td>4,133</td><td>3,515</td></tr><tr><td>Georgia</td><td>547,860</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>4,499</td><td>4,010</td><td>4,070</td><td>4,145</td><td>4,023</td></tr><tr><td>Idaho</td><td>141,021</td><td>3,309</td><td>5,035</td><td>1,404</td><td>482</td><td>875</td><td>866</td><td>868</td><td>921</td><td>940</td><td>720</td><td>825</td><td>952</td><td>997</td></tr><tr><td>Illinois</td><td>3,153,801</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>26,046</td><td>27,395</td></tr><tr><td>Indiana</td><td>1,156,174</td><td>20,604</td><td>22,684</td><td>17,411</td><td>9,726</td><td>9,998</td><td>9,888</td><td>8,706</td><td>9,313</td><td>9,705</td><td>8,986</td><td>8,346</td><td>8,771</td><td>8,701</td></tr><tr><td>Iowa</td><td>971,508</td><td>27,024</td><td>48,979</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>8,454</td><td>8,364</td><td>10,420</td></tr><tr><td>Kansas</td><td>601,592</td><td>15,630</td><td>18,678</td><td>9,854</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,845</td><td>5,804</td><td>5,764</td><td>4,970</td><td>5,392</td><td>5,229</td></tr><tr><td>Kentucky</td><td>468,333</td><td>7,338</td><td>9,005</td><td>9,682</td><td>4,492</td><td>4,851</td><td>4,095</td><td>3,782</td><td>4,518</td><td>4,638</td><td>4,059</td><td>3,654</td><td>3,526</td><td>3,246</td></tr><tr><td>Louisiana</td><td>497,892</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>3,164</td><td>3,302</td></tr><tr><td>Maine</td><td>197,659</td><td>3,446</td><td>4,154</td><td>2,463</td><td>1,425</td><td>1,536</td><td>1,367</td><td>1,384</td><td>1,606</td><td>1,504</td><td>1,267</td><td>1,358</td><td>1,208</td><td>1,216</td></tr><tr><td>Maryland</td><td>581,624</td><td>9,550</td><td>9,978</td><td>13,979</td><td>4,714</td><td>4,491</td><td>5,012</td><td>4,267</td><td>4,482</td><td>4,338</td><td>3,848</td><td>3,938</td><td>3,999</td><td>3,583</td></tr><tr><td>Massachusetts</td><td>1,475,174</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>11,474</td><td>12,095</td><td>10,578</td><td>9,343</td><td>10,014</td><td>10,189</td><td>9,299</td></tr><tr><td>Michigan</td><td>2,343,972</td><td>34,151</td><td>44,696</td><td>28,392</td><td>14,810</td><td>19,618</td><td>15,350</td><td>12,957</td><td>14,581</td><td>14,217</td><td>15,572</td><td>13,987</td><td>14,285</td><td>13,030</td></tr><tr><td>Minnesota</td><td>911,885</td><td>23,154</td><td>28,623</td><td>12,578</td><td>7,235</td><td>7,721</td><td>7,504</td><td>7,129</td><td>7,343</td><td>8,072</td><td>8,658</td><td>7,087</td><td>7,548</td><td>7,451</td></tr><tr><td>Mississippi</td><td>303,370</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><td>1,730</td></tr><tr><td>Missouri</td><td>1,079,210</td><td>22,267</td><td>24,925</td><td>16,789</td><td>10,050</td><td>10,479</td><td>10,274</td><td>9,855</td><td>10,041</td><td>10,808</td><td>9,326</td><td>9,008</td><td>9,127</td><td>8,840</td></tr><tr><td>Montana</td><td>207,449</td><td>8,200</td><td>1,800</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>1,443</td><td>1,815</td><td>1,965</td><td>1,997</td></tr><tr><td>Nebraska</td><td>470,383</td><td>13,282</td><td>13,321</td><td>8,143</td><td>4,415</td><td>6,463</td><td>5,973</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><td>5,125</td></tr><tr><td>Florida</td><td>53,400</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>348</td><td>346</td><td>312</td><td>320</td><td>375</td></tr><tr><td>New Hampshire</td><td>126,331</td><td>2,525</td><td>2,473</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><td>707</td></tr><tr><td>New Jersey</td><td>1,608,448</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><td>10,314</td></tr><tr><td>New Mexico</td><td>102,120</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><td>783</td></tr><tr><td>New York</td><td>5,518,345</td><td>103,318</td><td>132,671</td><td>76,449</td><td>45,439</td><td>46,233</td><td>43,972</td><td>40,701</td><td>41,369</td><td>43,376</td><td>37,993</td><td>35,557</td><td>39,064</td><td>33,932</td></tr><tr><td>North Carolina</td><td>578,623</td><td>12,668</td><td>15,836</td><td>9,046</td><td>4,789</td><td>5,476</td><td>5,101</td><td>4,338</td><td>4,894</td><td>4,652</td><td>3,646</td><td>4,926</td><td>4,768</td><td>4,514</td></tr><tr><td>North Dakota</td><td>209,332</td><td>18,467</td><td>4,702</td><td>2,641</td><td>1,729</td><td>1,509</td><td>1,546</td><td>1,494</td><td>1,785</td><td>1,904</td><td>1,882</td><td>1,741</td><td>2,423</td><td>2,570</td></tr><tr><td>Ohio</td><td>2,644,370</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>18,603</td><td>18,789</td></tr><tr><td>Oklahoma</td><td>304,898</td><td>11,844</td><td>13,054</td><td>10,630</td><td>4,291</td><td>4,639</td><td>3,774</td><td>4,096</td><td>4,345</td><td>4,682</td><td>5,011</td><td>3,965</td><td>4,596</td><td>4,547</td></tr><tr><td>Oregon</td><td>558,898</td><td>11,456</td><td>13,201</td><td>5,626</td><td>3,651</td><td>3,387</td><td>3,117</td><td>3,136</td><td>3,275</td><td>3,348</td><td>3,254</td><td>3,107</td><td>3,149</td><td>3,086</td></tr><tr><td>Pennsylvania</td><td>3,297,864</td><td>58,341</td><td>69,156</td><td>53,564</td><td>28,681</td><td>30,314</td><td>29,703</td><td>27,446</td><td>28,391</td><td>28,440</td><td>26,970</td><td>24,776</td><td>26,203</td><td>28,149</td></tr><tr><td>Rhode Island</td><td>247,023</td><td>3,826</td><td>4,874</td><td>4,626</td><td>1,881</td><td>1,901</td><td>1,497</td><td>1,793</td><td>1,890</td><td>1,635</td><td>1,355</td><td>1,617</td><td>1,526</td><td>1,462</td></tr><tr><td>South Carolina</td><td>287,828</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><td>1,928</td></tr><tr><td>South Dakota</td><td>195,691</td><td>7,361</td><td>5,566</td><td>2,746</td><td>1,826</td><td>2,222</td><td>2,168</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><td>2,445</td></tr><tr><td>Tennessee</td><td>538,628</td><td>8,957</td><td>11,158</td><td>9,453</td><td>4,606</td><td>4,306</td><td>4,042</td><td>3,898</td><td>3,941</td><td>4,314</td><td>3,666</td><td>4,086</td><td>3,768</td><td>3,313</td></tr><tr><td>Texas</td><td>1,744,499</td><td>33,377</td><td>35,043</td><td>34,145</td><td>13,352</td><td>13,394</td><td>12,709</td><td>12,579</td><td>12,476</td><td>13,883</td><td>11,911</td><td>11,705</td><td>10,660</td><td>11,069</td></tr><tr><td>Utah</td><td>195,061</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><td>1,439</td></tr><tr><td>Vermont</td><td>72,465</td><td>1,397</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>536</td><td>491</td><td>635</td><td>528</td><td>572</td><td>469</td><td>538</td></tr><tr><td>Virginia</td><td>759,997</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><td>5,682</td></tr><tr><td>Washington</td><td>890,229</td><td>17,660</td><td>16,790</td><td>12,350</td><td>6,657</td><td>5,850</td><td>6,222</td><td>5,727</td><td>6,089</td><td>5,716</td><td>5,361</td><td>5,920</td><td>5,497</td><td>4,979</td></tr><tr><td>West Virginia</td><td>366,327</td><td>7,098</td><td>8,063</td><td>7,495</td><td>3,563</td><td>3,843</td><td>4,153</td><td>3,075</td><td>3,544</td><td>4,043</td><td>3,226</td><td>3,751</td><td>3,359</td><td>3,513</td></tr><tr><td>Wisconsin</td><td>963,454</td><td>20,263</td><td>22,678</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,636</td><td>8,554</td><td>8,531</td><td>9,128</td><td>7,974</td><td>8,207</td><td>8,178</td></tr><tr><td>Wyoming</td><td>88,476</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><td>791</td></tr><tr><td>Alaska</td><td>29,153</td><td>642</td><td>505</td><td>422</td><td>141</td><td>144</td><td>212</td><td>178</td><td>278</td><td>239</td><td>178</td><td>161</td><td>207</td><td>239</td></tr><tr><td>Canal Zone</td><td>26,860</td><td>425</td><td>992</td><td>500</td><td>299</td><td>257</td><td>246</td><td>258</td><td>233</td><td>227</td><td>268</td><td>215</td><td>318</td><td>268</td></tr><tr><td>Hawaii</td><td>252,132</td><td>7,000</td><td>2,570</td><td>1,824</td><td>710</td><td>982</td><td>1,363</td><td>1,383</td><td>1,075</td><td>1,461</td><td>1,077</td><td>1,180</td><td>905</td><td>759</td></tr><tr><td>Puerto Rico</td><td>35,731</td><td>743</td><td>1,285</td><td>653</td><td>238</td><td>260</td><td>223</td><td>305</td><td>212</td><td>128</td><td>240</td><td>76</td><td>141</td><
Sources: Daily Treasury Statement and reports of Federal Reserve Banks p Preliminary. r Revised.
January 1947
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, inception through November 30, 1946</th><th colspan="4">1945</th><th colspan="8">1946</th><th>Nov. p.</th></tr><tr><th></th><th></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></th></tr><tr><td>Alabama</td><td>131,203</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>1,498</td><td>1,299</td><td>1,558</td></tr><tr><td>Arizona</td><td>40,337</td><td>802</td><td>1,101</td><td>633</td><td>441</td><td>409</td><td>411</td><td>417</td><td>478</td><td>884</td><td>571</td><td>342</td><td>367</td><td>608</td></tr><tr><td>Arkansas</td><td>79,539</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><td>824</td></tr><tr><td>California</td><td>1,130,238</td><td>21,377</td><td>20,391</td><td>18,347</td><td>16,232</td><td>16,509</td><td>16,722</td><td>15,501</td><td>15,080</td><td>25,547</td><td>16,767</td><td>12,876</td><td>12,637</td><td>11,952</td></tr><tr><td>Colorado</td><td>142,383</td><td>4,548</td><td>2,333</td><td>2,200</td><td>1,883</td><td>2,198</td><td>2,221</td><td>1,975</td><td>2,961</td><td>3,229</td><td>88</td><td>4,052</td><td>2,329</td><td>1,314</td></tr><tr><td>Connecticut</td><td>345,389</td><td>4,246</td><td>4,354</td><td>7,059</td><td>6,911</td><td>5,308</td><td>5,450</td><td>4,492</td><td>3,825</td><td>4,937</td><td>4,020</td><td>2,699</td><td>2,530</td><td>1,967</td></tr><tr><td>Delaware</td><td>67,184</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>869</td><td>1,137</td><td>495</td><td>583</td><td>413</td></tr><tr><td>Dist. of Columbia</td><td>149,591</td><td>2,582</td><td>2,253</td><td>2,331</td><td>1,225</td><td>2,442</td><td>2,208</td><td>1,906</td><td>2,596</td><td>2,893</td><td>2,563</td><td>1,718</td><td>1,460</td><td>1,660</td></tr><tr><td>Florida</td><td>190,178</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><td>2,355</td></tr><tr><td>Georgia</td><td>168,133</td><td>2,450</td><td>2,371</td><td>2,573</td><td>1,276</td><td>2,710</td><td>2,435</td><td>1,970</td><td>2,559</td><td>2,489</td><td>2,439</td><td>2,003</td><td>2,059</td><td>1,302</td></tr><tr><td>Idaho</td><td>38,533</td><td>779</td><td>557</td><td>586</td><td>265</td><td>705</td><td>859</td><td>752</td><td>629</td><td>432</td><td>529</td><td>395</td><td>603</td><td>505</td></tr><tr><td>Illinois</td><td>1,321,471</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><td>13,702</td></tr><tr><td>Indiana</td><td>391,617</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><td>4,319</td></tr><tr><td>Iowa</td><td>399,523</td><td>11,780</td><td>7,608</td><td>7,859</td><td>5,734</td><td>8,937</td><td>7,158</td><td>7,031</td><td>7,135</td><td>8,601</td><td>6,201</td><td>5,169</td><td>6,387</td><td>6,103</td></tr><tr><td>Kansas</td><td>192,630</td><td>6,363</td><td>3,652</td><td>3,623</td><td>4,105</td><td>3,876</td><td>3,061</td><td>2,529</td><td>3,673</td><td>4,046</td><td>2,131</td><td>3,054</td><td>2,595</td><td>2,724</td></tr><tr><td>Kentucky</td><td>212,298</td><td>3,802</td><td>2,605</td><td>2,845</td><td>5,014</td><td>3,331</td><td>3,705</td><td>3,693</td><td>5,281</td><td>5,536</td><td>3,715</td><td>2,578</td><td>2,860</td><td>1,741</td></tr><tr><td>Louisiana</td><td>175,746</td><td>3,186</td><td>2,959</td><td>2,158</td><td>1,981</td><td>2,635</td><td>2,083</td><td>2,048</td><td>2,791</td><td>2,912</td><td>1,662</td><td>1,727</td><td>1,711</td><td>1,464</td></tr><tr><td>Maine</td><td>105,230</td><td>1,859</td><td>1,541</td><td>2,301</td><td>1,843</td><td>1,206</td><td>1,744</td><td>1,569</td><td>1,527</td><td>2,114</td><td>1,629</td><td>861</td><td>820</td><td>595</td></tr><tr><td>Maryland</td><td>257,310</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><td>2,916</td></tr><tr><td>Massachusetts</td><td>856,116</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>11,429</td><td>19,858</td><td>12,175</td><td>6,527</td><td>6,289</td><td>5,198</td></tr><tr><td>Michigan</td><td>504,367</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><td>5,148</td></tr><tr><td>Minnesota</td><td>345,737</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><td>4,428</td></tr><tr><td>Misissippi</td><td>91,037</td><td>1,844</td><td>1,650</td><td>1,342</td><td>1,100</td><td>1,083</td><td>1,158</td><td>1,360</td><td>1,226</td><td>1,978</td><td>1,092</td><td>1,052</td><td>871</td><td>858</td></tr><tr><td>Missouri</td><td>468,534</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><td>5,371</td></tr><tr><td>Montana</td><td>56,120</td><td>1,800</td><td>900</td><td>937</td><td>580</td><td>1,011</td><td>936</td><td>587</td><td>706</td><td>986</td><td>918</td><td>762</td><td>570</td><td>876</td></tr><tr><td>Nebraska</td><td>174,269</td><td>5,067</td><td>4,021</td><td>3,594</td><td>2,900</td><td>4,424</td><td>3,442</td><td>3,440</td><td>2,747</td><td>3,848</td><td>3,180</td><td>3,106</td><td>2,923</td><td>2,751</td></tr><tr><td>Nevada</td><td>17,474</td><td>374</td><td>212</td><td>264</td><td>76</td><td>202</td><td>316</td><td>192</td><td>268</td><td>422</td><td>290</td><td>155</td><td>168</td><td>80</td></tr><tr><td>New Hampshire</td><td>71,733</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>159</td><td>1,383</td><td>754</td><td>534</td><td>384</td><td>609</td></tr><tr><td>New Jersey</td><td>551,997</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>6,625</td><td>5,235</td></tr><tr><td>New Mexico</td><td>34,254</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>486</td><td>330</td></tr><tr><td>New York</td><td>2,847,188</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><td>22,008</td></tr><tr><td>North Carolina</td><td>199,337</td><td>3,487</td><td>3,439</td><td>2,816</td><td>2,830</td><td>3,088</td><td>3,413</td><td>3,491</td><td>4,131</td><td>3,653</td><td>3,276</td><td>2,201</td><td>2,561</td><td>2,154</td></tr><tr><td>North Dakota</td><td>66,650</td><td>2,426</td><td>1,248</td><td>1,108</td><td>850</td><td>1,288</td><td>1,231</td><td>958</td><td>853</td><td>1,264</td><td>946</td><td>988</td><td>1,335</td><td>1,283</td></tr><tr><td>Ohio</td><td>955,253</td><td>16,984</td><td>15,504</td><td>24,383</td><td>13,890</td><td>15,394</td><td>17,772</td><td>15,584</td><td>20,095</td><td>23,515</td><td>14,429</td><td>10,682</td><td>11,593</td><td>9,079</td></tr><tr><td>Oklahoma</td><td>121,974</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><td>1,260</td></tr><tr><td>Oregon</td><td>141,757</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><td>1,589</td></tr><tr><td>Pennsylvania</td><td>1,409,658</td><td>24,029</td><td>20,108</td><td>20,886</td><td>19,454</td><td>25,584</td><td>27,459</td><td>35,803</td><td>27,321</td><td>33,133</td><td>22,594</td><td>15,557</td><td>15,832</td><td>14,757</td></tr><tr><td>Rhode Island</td><td>136,387</td><td>1,927</td><td>1,573</td><td>2,172</td><td>2,440</td><td>2,057</td><td>2,322</td><td>2,148</td><td>2,727</td><td>5,550</td><td>2,274</td><td>1,574</td><td>824</td><td>1,068</td></tr><tr><td>South Carolina</td><td>94,251</td><td>1,954</td><td>1,328</td><td>1,219</td><td>992</td><td>1,464</td><td>1,786</td><td>1,737</td><td>1,722</td><td>2,183</td><td>1,182</td><td>1,160</td><td>1,236</td><td>1,041</td></tr><tr><td>South Dakota</td><td>54,285</td><td>2,184</td><td>1,331</td><td>1,049</td><td>824</td><td>916</td><td>971</td><td>1,263</td><td>1,514</td><td>1,169</td><td>883</td><td>999</td><td>1,271</td><td>1,157</td></tr><tr><td>Tennessee</td><td>172,460</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><td>1,893</td></tr><tr><td>Taxes</td><td>477,357</td><td>10,921</td><td>8,028</td><td>7,113</td><td>5,131</td><td>6,425</td><td>5,615</td><td>5,306</td><td>7,151</td><td>6,918</td><td>6,456</td><td>5,209</td><td>4,979</td><td>3,713</td></tr><tr><td>Utah</td><td>35,674</td><td>586</td><td>504</td><td>780</td><td>338</td><td>314</td><td>601</td><td>510</td><td>517</td><td>507</td><td>403</td><td>486</td><td>247</td><td>443</td></tr><tr><td>Vermont</td><td>39,292</td><td>807</td><td>493</td><td>990</td><td>540</td><td>563</td><td>508</td><td>786</td><td>457</td><td>1,001</td><td>611</td><td>379</td><td>271</td><td>270</td></tr><tr><td>Virginia</td><td>234,543</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><td>3,055</td></tr><tr><td>Washington</td><td>238,655</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><td>2,424</td></tr><tr><td>West Virginia</td><td>88,361</td><td>1,750</td><td>1,741</td><td>1,532</td><td>1,260</td><td>794</td><td>1,332</td><td>1,368</td><td>1,552</td><td>2,306</td><td>1,421</td><td>1,121</td><td>1,465</td><td>1,111</td></tr><tr><td>Wisconsin</td><td>432,487</td><td>10,717</td><td>8,610</td><td>9,203</td><td>5,962</td><td>8,125</td><td>7,656</td><td>7,003</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,487</td><td>5,709</td><td>5,468</td></tr><tr><td>Wyoming</td><td>28,305</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>523</td><td>283</td><td>478</td></tr><tr><td>Alecks</td><td>5,313</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><td>22</td></tr><tr><td>Canal Zone</td><td>6,244</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>51</td><td>18</td></tr><tr><td>Guam</td><td>54,045</td><td>517</td><td>1,018</td><td>700</td><td>1,748</td><td>543</td><td>505</td><td>422</td><td>555</td><td>901</td><td>465</td><td>536</td><td>407</td><td>179</td></tr><tr><td>Puerto Rico</td><td>13,523</td><td>500</td><td>140</td><td>126</td><td>23</td><td>4</td><td>38</td><td>16</td><td>26</td><td>2</td><td>19</td><td>1</td><td>28</td><td>6</td></tr><tr><td>Virgin Islands</td><td>812</td><td>8</td><td>20</td><td>16</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></tr><tr><td>Other possessions</td><td>903</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><td>1</td><td>1</td><td>1</td></tr><tr><td>Sales to commercial banks</td><td>895,480</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><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Preliminary.
Less than $500.
1/ State figures exclude sales of Series F and O bonds to commercial banks. Commercial banks were permitted to purchase Series F and O
bonds under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page 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. 1944-Nov. 1946</th><th>1945</th><th colspan="10">1946</th><th>Nov. P</th></tr><tr><th></th><th></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>158,450</td><td>6,991</td><td>7,354</td><td>7,892</td><td>8,532</td><td>7,927</td><td>7,163</td><td>6,316</td><td>5,368</td><td>5,853</td><td>5,544</td><td>5,528</td><td>4,889</td><td>4,877</td></tr><tr><td>Arizona</td><td>53,640</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>1,753</td></tr><tr><td>Arkansas</td><td>85,154</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>2,526</td></tr><tr><td>California</td><td>1,092,750</td><td>49,254</td><td>50,602</td><td>58,213</td><td>52,179</td><td>55,872</td><td>52,193</td><td>48,865</td><td>37,698</td><td>42,836</td><td>42,601</td><td>40,927</td><td>34,882</td><td>32,163</td></tr><tr><td>Colorado</td><td>97,059</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>2,812</td></tr><tr><td>Connecticut</td><td>187,015</td><td>8,282</td><td>8,461</td><td>8,578</td><td>8,212</td><td>9,625</td><td>9,440</td><td>8,604</td><td>7,336</td><td>7,506</td><td>7,017</td><td>7,141</td><td>6,380</td><td>6,648</td></tr><tr><td>Delaware</td><td>26,616</td><td>1,130</td><td>1,110</td><td>1,286</td><td>1,181</td><td>1,372</td><td>1,329</td><td>1,222</td><td>1,141</td><td>1,160</td><td>1,082</td><td>1,117</td><td>1,089</td><td>892</td></tr><tr><td>District of Columbia</td><td>129,901</td><td>5,741</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td><td>5,647</td><td>6,475</td><td>4,890</td><td>4,834</td><td>6,037</td><td>4,234</td><td>4,671</td></tr><tr><td>Florida</td><td>185,030</td><td>8,550</td><td>8,733</td><td>10,252</td><td>8,654</td><td>7,475</td><td>10,206</td><td>8,556</td><td>7,145</td><td>7,109</td><td>6,969</td><td>7,042</td><td>6,932</td><td>6,747</td></tr><tr><td>Georgia</td><td>161,989</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>5,327</td></tr><tr><td>Idaho</td><td>34,354</td><td>1,309</td><td>1,580</td><td>1,776</td><td>1,871</td><td>2,083</td><td>2,021</td><td>1,867</td><td>1,594</td><td>1,376</td><td>1,516</td><td>1,488</td><td>1,307</td><td>1,150</td></tr><tr><td>Illinois</td><td>862,103</td><td>35,175</td><td>36,800</td><td>41,292</td><td>38,926</td><td>38,658</td><td>39,897</td><td>38,296</td><td>35,391</td><td>35,892</td><td>34,530</td><td>34,057</td><td>31,943</td><td>27,911</td></tr><tr><td>Indiana</td><td>351,154</td><td>14,710</td><td>14,762</td><td>16,183</td><td>15,155</td><td>14,792</td><td>14,200</td><td>13,428</td><td>12,653</td><td>12,188</td><td>11,926</td><td>11,032</td><td>10,728</td><td>9,543</td></tr><tr><td>Iowa</td><td>200,687</td><td>8,032</td><td>7,858</td><td>10,119</td><td>11,811</td><td>10,795</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>6,445</td></tr><tr><td>Kansas</td><td>135,932</td><td>5,377</td><td>5,432</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,885</td><td>6,619</td><td>6,078</td><td>4,171</td><td>6,277</td><td>7,030</td><td>5,090</td><td>4,804</td></tr><tr><td>Kentucky</td><td>141,446</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>4,221</td></tr><tr><td>Louisiana</td><td>140,131</td><td>6,557</td><td>6,508</td><td>7,051</td><td>6,209</td><td>6,719</td><td>6,332</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>4,317</td></tr><tr><td>Meine</td><td>46,226</td><td>2,041</td><td>2,189</td><td>1,993</td><td>1,673</td><td>2,146</td><td>2,299</td><td>2,160</td><td>1,892</td><td>2,027</td><td>1,762</td><td>1,913</td><td>1,892</td><td>1,693</td></tr><tr><td>Maryland</td><td>151,835</td><td>6,673</td><td>6,626</td><td>7,124</td><td>5,940</td><td>7,378</td><td>7,369</td><td>6,578</td><td>6,681</td><td>6,155</td><td>6,134</td><td>5,348</td><td>7,148</td><td>4,952</td></tr><tr><td>Massachusetts</td><td>334,233</td><td>13,796</td><td>14,705</td><td>14,822</td><td>14,443</td><td>15,926</td><td>15,366</td><td>14,557</td><td>12,597</td><td>13,621</td><td>12,139</td><td>12,583</td><td>13,324</td><td>11,862</td></tr><tr><td>Michigan</td><td>738,532</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>20,045</td></tr><tr><td>Minnesota</td><td>228,151</td><td>9,262</td><td>9,279</td><td>12,120</td><td>7,237</td><td>12,244</td><td>11,812</td><td>11,370</td><td>10,272</td><td>10,211</td><td>9,176</td><td>8,755</td><td>9,228</td><td>7,819</td></tr><tr><td>Misissippi</td><td>74,070</td><td>3,292</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,432</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>2,967</td><td>2,675</td></tr><tr><td>Misouri</td><td>316,821</td><td>13,746</td><td>14,016</td><td>17,790</td><td>14,835</td><td>17,256</td><td>15,853</td><td>13,127</td><td>12,934</td><td>11,682</td><td>12,424</td><td>13,124</td><td>11,160</td><td>10,360</td></tr><tr><td>Montana</td><td>42,286</td><td>1,584</td><td>1,738</td><td>2,439</td><td>1,990</td><td>1,916</td><td>2,847</td><td>2,362</td><td>2,117</td><td>2,062</td><td>1,930</td><td>1,888</td><td>1,750</td><td>1,750</td></tr><tr><td>Nebraska</td><td>99,161</td><td>4,061</td><td>4,062</td><td>4,628</td><td>4,587</td><td>6,102</td><td>4,985</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>3,328</td></tr><tr><td>Nevada</td><td>16,333</td><td>720</td><td>766</td><td>888</td><td>777</td><td>838</td><td>772</td><td>764</td><td>485</td><td>638</td><td>691</td><td>968</td><td>706</td><td>465</td></tr><tr><td>New Hampshire</td><td>29,184</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>1,094</td></tr><tr><td>New Jersey</td><td>389,142</td><td>17,971</td><td>19,332</td><td>19,016</td><td>17,162</td><td>19,231</td><td>18,787</td><td>16,854</td><td>14,821</td><td>13,596</td><td>14,438</td><td>15,343</td><td>10,153</td><td>15,374</td></tr><tr><td>New Mexico</td><td>31,631</td><td>1,369</td><td>1,368</td><td>1,769</td><td>1,644</td><td>1,874</td><td>1,572</td><td>1,925</td><td>1,497</td><td>914</td><td>1,402</td><td>1,427</td><td>1,262</td><td>1,008</td></tr><tr><td>New York</td><td>1,112,371</td><td>48,379</td><td>54,804</td><td>61,425</td><td>52,211</td><td>53,901</td><td>54,747</td><td>51,692</td><td>44,960</td><td>39,204</td><td>38,554</td><td>47,404</td><td>25,359</td><td>48,597</td></tr><tr><td>North Carolina</td><td>152,406</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>4,941</td></tr><tr><td>North Dakota</td><td>30,547</td><td>1,184</td><td>1,153</td><td>1,718</td><td>927</td><td>1,807</td><td>1,807</td><td>1,781</td><td>1,690</td><td>1,649</td><td>1,384</td><td>1,231</td><td>1,277</td><td>1,168</td></tr><tr><td>Ohio</td><td>750,099</td><td>31,664</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td><td>33,928</td><td>30,276</td><td>27,980</td><td>29,087</td><td>26,463</td><td>25,313</td><td>24,805</td><td>21,809</td></tr><tr><td>Oklahoma</td><td>152,952</td><td>6,666</td><td>6,252</td><td>9,650</td><td>7,724</td><td>8,486</td><td>7,034</td><td>7,152</td><td>6,373</td><td>6,382</td><td>5,900</td><td>6,049</td><td>5,345</td><td>4,650</td></tr><tr><td>Oregon</td><td>165,876</td><td>7,007</td><td>7,200</td><td>8,691</td><td>7,530</td><td>8,329</td><td>8,163</td><td>7,429</td><td>6,689</td><td>6,543</td><td>6,260</td><td>5,647</td><td>3,757</td><td>4,893</td></tr><tr><td>Pennsylvania</td><td>903,060</td><td>39,991</td><td>37,828</td><td>41,050</td><td>35,886</td><td>51,015</td><td>44,385</td><td>41,175</td><td>36,386</td><td>35,883</td><td>33,257</td><td>32,432</td><td>34,486</td><td>27,878</td></tr><tr><td>Rhode Island</td><td>61,191</td><td>2,731</td><td>2,836</td><td>2,622</td><td>2,184</td><td>2,776</td><td>2,600</td><td>2,494</td><td>2,315</td><td>2,315</td><td>2,046</td><td>2,185</td><td>2,316</td><td>1,967</td></tr><tr><td>South Carolina</td><td>75,368</td><td>3,649</td><td>3,773</td><td>3,955</td><td>3,190</td><td>4,123</td><td>3,272</td><td>2,929</td><td>2,974</td><td>2,643</td><td>2,699</td><td>2,723</td><td>2,061</td><td>2,425</td></tr><tr><td>South Dakota</td><td>31,993</td><td>1,338</td><td>1,302</td><td>1,773</td><td>1,207</td><td>1,901</td><td>1,844</td><td>1,697</td><td>1,588</td><td>1,418</td><td>1,407</td><td>1,419</td><td>1,276</td><td>1,132</td></tr><tr><td>Tennessee</td><td>161,635</td><td>6,967</td><td>7,425</td><td>7,679</td><td>7,262</td><td>8,021</td><td>7,309</td><td>6,495</td><td>5,386</td><td>6,934</td><td>5,595</td><td>5,981</td><td>5,827</td><td>4,776</td></tr><tr><td>Texas</td><td>523,932</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>16,623</td></tr><tr><td>Utah</td><td>55,757</td><td>2,483</td><td>2,505</td><td>2,651</td><td>2,764</td><td>3,117</td><td>3,176</td><td>2,787</td><td>2,505</td><td>2,403</td><td>2,444</td><td>2,143</td><td>2,070</td><td>2,959</td></tr><tr><td>Vermont</td><td>14,111</td><td>682</td><td>665</td><td>622</td><td>536</td><td>719</td><td>726</td><td>757</td><td>729</td><td>673</td><td>678</td><td>650</td><td>658</td><td>580</td></tr><tr><td>Virginia</td><td>199,481</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>8,543</td><td>5,518</td><td>6,772</td></tr><tr><td>Washington</td><td>240,039</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>7,653</td></tr><tr><td>West Virginia</td><td>109,666</td><td>4,910</td><td>4,647</td><td>5,470</td><td>4,040</td><td>6,277</td><td>5,614</td><td>5,758</td><td>4,696</td><td>3,837</td><td>4,010</td><td>4,162</td><td>3,734</td><td>3,606</td></tr><tr><td>Wisconsin</td><td>232,373</td><td>9,324</td><td>10,315</td><td>10,859</td><td>10,050</td><td>10,591</td><td>11,125</td><td>10,729</td><td>10,054</td><td>9,658</td><td>9,195</td><td>8,898</td><td>8,524</td><td>7,992</td></tr><tr><td>Wyoming</td><td>21,093</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>749</td></tr><tr><td>Aleka</td><td>6,219</td><td>268</td><td>268</td><td>299</td><td>220</td><td>325</td><td>305</td><td>318</td><td>265</td><td>244</td><td>316</td><td>244</td><td>216</td><td>200</td></tr><tr><td>Canal Zone</td><td>3,181</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>335</td></tr><tr><td>Hawaii</td><td>56,076</td><td>3,506</td><td>3,164</td><td>3,359</td><td>3,719</td><td>2,442</td><td>2,730</td><td>2,068</td><td>1,592</td><td>1,468</td><td>2,633</td><td>1,861</td><td>1,459</td><td>691</td></tr><tr><td>Puerto Rico</td><td>15,015</td><td>593</td><td>732</td><td>654</td><td>593</td><td>1,367</td><td>786</td><td>972</td><td>796</td><td>473</td><td>67
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.
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
January 1947
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 yields, and tax payment or redemption values, see "Treasury Bulletin" for October 1945, pages A-4 and A-5. For details concerning the features of series A
and B notes, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes turned in for redemption (either for cash or for tax payment) are included in the figures on redemptions. Matured notes outstanding are reflected in the interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement. For sales and redemptions of series A and B notes by fiscal years and months, see "Treasury Bulletin" for February 1946, pages 42 and 43.
Table 1.- Summary of Sales and Redemptions, by Series, as of November 30, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>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>28,129</td><td>22,145</td><td>4,579</td><td>17,565</td><td>6</td><td>5,978</td></tr><tr><td>Total</td><td>33,479</td><td>27,487</td><td>4,825</td><td>22,662</td><td>15</td><td>5,978</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,304</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>704</td><td>423</td><td>295</td><td>128</td><td>-</td><td>9,058</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,043</td></tr><tr><td>March</td><td>179</td><td>662</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,144</td></tr><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr><tr><td>June</td><td>184</td><td>602</td><td>171</td><td>430</td><td>9</td><td>6,711</td></tr><tr><td>July</td><td>300</td><td>345</td><td>154</td><td>190</td><td>8</td><td>6,669</td></tr><tr><td>August</td><td>188</td><td>170</td><td>100</td><td>70</td><td>8</td><td>6,688</td></tr><tr><td>September</td><td>248</td><td>841</td><td>407</td><td>435</td><td>7</td><td>6,096</td></tr><tr><td>October</td><td>184</td><td>276</td><td>137</td><td>139</td><td>6</td><td>6,003</td></tr><tr><td>November</td><td>166</td><td>132</td><td>140</td><td>52</td><td>6</td><td>5,978</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>Fiscal year or month</th><th>Total all denominations</th><th colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,525.5</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-November</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.6</td><td>52.3</td><td>162.7</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>165.0</td><td>51.5</td><td>197.0</td></tr><tr><td>1946-January</td><td>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.0</td></tr><tr><td>March</td><td>178.7</td><td>.3</td><td>.6</td><td>3.8</td><td>5.3</td><td>22.4</td><td>57.4</td><td>46.0</td><td>43.0</td></tr><tr><td>April</td><td>299.0</td><td>.3</td><td>.7</td><td>5.1</td><td>7.8</td><td>36.7</td><td>90.8</td><td>66.0</td><td>92.0</td></tr><tr><td>May</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</td><td>300.5</td><td>.3</td><td>.7</td><td>5.4</td><td>10.1</td><td>38.8</td><td>82.7</td><td>33.5</td><td>129.0</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>47.0</td></tr><tr><td>September p</td><td>248.2</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>6.0</td><td>39.4</td><td>67.2</td><td>17.0</td><td>46.0</td></tr><tr><td>November p</td><td>166.4</td><td>.2</td><td>.4</td><td>3.0</td><td>5.5</td><td>21.5</td><td>45.8</td><td>19.0</td><td>71.0</td></tr></table>
Source: Daily Treasury Statement, Public Debt Service, and reports from Federal Reserve Banks. p. Preliminary.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1946</td><td>3,525.5</td><td>270.7</td><td>3,254.8</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>1945-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>163.5</td><td>19.3</td><td>164.2</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>November</td><td>166.4</td><td>18.3</td><td>148.1</td><td>100.0</td><td>11.0</td><td>89.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
January 1947
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 earnings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4</td><td>590,268 1/2</td><td>514,647</td><td>474,168</td><td>70,480 5/8</td><td>100.0</td><td>87.1</td><td>12.9 5/8</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1946</td><td>95,976</td><td>-81,622</td><td>109,852</td><td>191,474</td><td>130,422</td><td>61,052</td><td>100.0</td><td>68.1</td><td>31.9</td></tr><tr><td>1945-November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><tr><td>December</td><td>133,229</td><td>-6,128</td><td>5,259</td><td>11,387</td><td>7,990</td><td>3,397</td><td>100.0</td><td>70.2</td><td>29.8</td></tr><tr><td>1946-January</td><td>120,204</td><td>-13,024</td><td>3,689</td><td>16,713</td><td>11,229</td><td>5,484</td><td>100.0</td><td>67.2</td><td>32.8</td></tr><tr><td>February</td><td>116,855</td><td>-3,350</td><td>7,273</td><td>10,623</td><td>6,751</td><td>3,873</td><td>100.0</td><td>63.5</td><td>36.5</td></tr><tr><td>March</td><td>112,335</td><td>-4,519</td><td>9,847</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,271</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr><tr><td>August</td><td>87,750</td><td>-4,239</td><td>1,674</td><td>5,912</td><td>3,289</td><td>2,623</td><td>100.0</td><td>55.6</td><td>44.4</td></tr><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><tr><td>November</td><td>81,701</td><td>-1,287</td><td>2,019</td><td>3,306</td><td>1,739</td><td>1,567</td><td>100.0</td><td>52.6</td><td>47.4</td></tr></table>
Source: Daily Treasury Statement.
Note: See "Treasury Bulletin", July 1946 for back figures.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Net of sales less redemptions. See footnote 1.
4/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
5/ Includes minor amounts which were exchanged for postal savings certificates. Those aggregated $55 thousand for the period July 1, 1942 through October 31, 1942.
Table 2.- Sales, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1946</td><td>109,552</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-November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.7</td><td>13.8</td><td>4.7</td></tr><tr><td>March</td><td>9,847</td><td>2,502</td><td>4,868</td><td>806</td><td>1,218</td><td>453</td><td>100.0</td><td>25.4</td><td>49.4</td><td>8.2</td><td>12.4</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>423</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>1,674</td><td>183</td><td>843</td><td>182</td><td>331</td><td>135</td><td>100.0</td><td>10.9</td><td>50.5</td><td>10.9</td><td>19.7</td><td>8.0</td></tr><tr><td>September</td><td>2,240</td><td>316</td><td>1,103</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><tr><td>November</td><td>2,019</td><td>364</td><td>982</td><td>210</td><td>323</td><td>140</td><td>100.0</td><td>18.0</td><td>48.7</td><td>10.4</td><td>16.0</td><td>6.9</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
January 1947
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="3">End of fiscal year or month</th><th rowspan="3">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 colspan="2">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 2/</th></tr><tr><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 unmatured outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,152</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1945-Nov</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,041</td><td>7,012</td><td>29</td><td>20,000</td><td>24,262</td><td>224,390</td><td>167,505</td><td>56,886</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</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>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July</td><td>267,039</td><td>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>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>326</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>209,799</td><td>153,809</td><td>55,990</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>30,426</td><td>6,375</td><td>35</td><td>24,015</td><td>23,518</td><td>208,471</td><td>152,426</td><td>56,046</td><td>378</td><td>9</td><td>-</td><td>34</td><td>334</td></tr><tr><td>Nov</td><td>260,925</td><td>30,608p</td><td>6,318p</td><td>36p</td><td>24,254</td><td>23,944</td><td>206,373p</td><td>150,065p</td><td>56,307p</td><td>362</td><td>9p</td><td>-</td><td>35p</td><td>317</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 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6 r</td><td>.4 r</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>2.5 r</td><td>.4 r</td><td>7.1</td></tr><tr><td>December</td><td>90.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3 r</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5 r</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>10.9 r</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6 r</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>13.6 r</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7 r</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>17.9 r</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9 r</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>23.7 r</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0 r</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.5 r</td><td>11.2</td><td>4.6</td><td>12.1 r</td><td>1.0 r</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>15.5 r</td><td>1.5 r</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.7 r</td><td>2.0 r</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>20.0 r</td><td>2.1 r</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>23.3 r</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>25.8 r</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>107.3 r</td><td>84.0 r</td><td>23.3</td><td>152.9 r</td><td>59.4 r</td><td>22.5</td><td>10.0</td><td>28.8 r</td><td>5.5</td><td>26.6</td></tr><tr><td>October</td><td>260.0</td><td>108.0 r</td><td>84.7 r</td><td>23.3</td><td>152.0 r</td><td>59.2 r</td><td>22.4</td><td>10.0</td><td>28.1 r</td><td>5.5</td><td>26.8</td></tr><tr><td>November</td><td>263.4</td><td>109.7 r</td><td>86.2 r</td><td>23.5</td><td>153.7 r</td><td>61.9 r</td><td>22.8</td><td>9.8</td><td>27.5 r</td><td>5.5 r</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.8 r</td><td>90.6 r</td><td>24.3</td><td>161.4 r</td><td>63.5 r</td><td>24.4</td><td>10.7</td><td>29.3 r</td><td>6.5 r</td><td>27.0</td></tr><tr><td>1946-January</td><td>278.0</td><td>115.9 r</td><td>92.6 r</td><td>23.3</td><td>162.1 r</td><td>63.5 r</td><td>24.7</td><td>10.9</td><td>28.6 r</td><td>6.7 r</td><td>27.7</td></tr><tr><td>February</td><td>278.5</td><td>116.1 r</td><td>93.2 r</td><td>22.9</td><td>162.4 r</td><td>63.5 r</td><td>24.8</td><td>11.1</td><td>28.3 r</td><td>6.7 r</td><td>28.0</td></tr><tr><td>March</td><td>275.3</td><td>112.3 r</td><td>89.7 r</td><td>22.6</td><td>163.0 r</td><td>63.6 r</td><td>25.0</td><td>11.2</td><td>28.4 r</td><td>6.7 r</td><td>28.2</td></tr><tr><td>April</td><td>273.2</td><td>112.0 r</td><td>89.3 r</td><td>22.7</td><td>161.2 r</td><td>63.1 r</td><td>25.0</td><td>11.3</td><td>26.8 r</td><td>6.7 r</td><td>28.3</td></tr><tr><td>May</td><td>272.0</td><td>110.6 r</td><td>87.7 r</td><td>22.9</td><td>161.4 r</td><td>63.0 r</td><td>25.2</td><td>11.3</td><td>26.6 r</td><td>6.6 r</td><td>28.5</td></tr><tr><td>June</td><td>265.6</td><td>107.9 r</td><td>84.1 r</td><td>23.8</td><td>160.7 r</td><td>62.8 r</td><td>25.3</td><td>11.5</td><td>25.6 r</td><td>6.5 r</td><td>29.1</td></tr><tr><td>July</td><td>267.4</td><td>106.4 r</td><td>82.8 r</td><td>23.6</td><td>161.0 r</td><td>62.9 r</td><td>25.4</td><td>11.6</td><td>25.1 r</td><td>6.4 r</td><td>29.7</td></tr><tr><td>August</td><td>266.7</td><td>105.2 r</td><td>81.2 r</td><td>23.9</td><td>161.5 r</td><td>62.9 r</td><td>25.4</td><td>11.7</td><td>25.1 r</td><td>6.4 r</td><td>30.1</td></tr><tr><td>September</td><td>264.6</td><td>103.6 r</td><td>79.5 r</td><td>24.0</td><td>161.0 r</td><td>62.7 r</td><td>25.4</td><td>11.7</td><td>24.5 r</td><td>6.3 r</td><td>30.4</td></tr><tr><td>October p</td><td>262.8</td><td>102.0</td><td>78.4</td><td>23.5</td><td>160.8</td><td>62.8</td><td>25.4</td><td>11.7</td><td>24.2</td><td>6.3</td><td>30.4</td></tr></table>
Preliminary. Revised. 1/ United States savings bonds, Series A-D, E and I are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 1/ Consols 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 1/
(in millions of dollars)
<table><tr><th></th><th colspan="10">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.9</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-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>-57.6</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.
49
January 1947
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, October 31, 1946
The tables in Section I present summary data as of October 31, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the
amount of such securities owned by all banks and insurance companies in the United States. Section II presents summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debentures and Federal Home Loan Bank bonds.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investore covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><th></th><th></th><th>7,350 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>308 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></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>182,362</td><td>70,804</td><td>483</td><td>11,487</td><td>21,451</td><td>2,901</td><td>29,902</td><td>45,243</td></tr><tr><td>Non-marketable securities 4/.</td><td>56,415</td><td>1,320</td><td>11</td><td>244</td><td>120</td><td>211</td><td>35</td><td>54,140</td></tr><tr><td>Total public securities.</td><td>238,777</td><td>72,124</td><td>495</td><td>11,731</td><td>21,601</td><td>3,111</td><td>29,937</td><td>99,384</td></tr><tr><td>Special issues.</td><td>24,015</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24,015</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/.</td><td>262,792</td><td>72,124</td><td>495</td><td>11,731</td><td>21,601</td><td>3,111</td><td>53,952</td><td>99,384</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Included trust companies.
1/ 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. b/ C.C.C. demand obligations in the amount of $334 million held by all commercial banks are shown only in total amount outstanding. 5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,350 commercial banks 2/</th><th>34 stock saving banks</th><th>540 mutual savings banks</th><th>308 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></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><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><td></td></tr><tr><td>Treasury bills</td><td>16,987</td><td>1,125</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,601</td><td>1,260</td><td>17</td></tr><tr><td>Certificates of indebtedness</td><td>32,478</td><td>13,318</td><td>25</td><td>252</td><td>326</td><td>195</td><td>7,516</td><td>10,845</td><td>3,245</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>8,436</td><td>33</td><td>273</td><td>459</td><td>177</td><td>729</td><td>3,245</td><td>3,245</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>49,636</td><td>1,343</td><td>205</td><td>7,910</td><td>16,592</td><td>1,111</td><td>4,914</td><td>17,562</td><td>17,562</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>46,616</td><td>219</td><td>3,048</td><td>4,091</td><td>1,417</td><td>2,097</td><td>12,199</td><td>12,199</td></tr><tr><td>Postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>1</td><td>36</td><td>127</td><td>127</td></tr><tr><td>Guaranteed by United States 5/</td><td>44</td><td>11</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td><td>5</td></tr><tr><td>Total</td><td>182,362</td><td>70,864</td><td>483</td><td>11,487</td><td>21,481</td><td>2,901</td><td>29,902</td><td>45,243</td><td>45,243</td></tr><tr><td>Call classes:</td><td></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><td></td></tr><tr><td>Within 1 year</td><td>59,957</td><td>20,478</td><td>53</td><td>495</td><td>790</td><td>348</td><td>22,650</td><td>15,143</td><td>15,143</td></tr><tr><td>1 to 5 years</td><td>38,615</td><td>27,854</td><td>74</td><td>976</td><td>1,404</td><td>637</td><td>1,305</td><td>6,335</td><td>6,335</td></tr><tr><td>5 to 10 years</td><td>28,910</td><td>17,719</td><td>127</td><td>2,046</td><td>2,292</td><td>626</td><td>732</td><td>5,368</td><td>5,368</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,128</td><td>85</td><td>2,445</td><td>1,044</td><td>660</td><td>314</td><td>4,531</td><td>4,531</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>135</td><td>72</td><td>2,630</td><td>9,691</td><td>259</td><td>2,751</td><td>5,488</td><td>5,488</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,539</td><td>71</td><td>2,691</td><td>6,188</td><td>370</td><td>2,140</td><td>8,374</td><td>8,374</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>44</td><td>11</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td><td>5</td></tr><tr><td>Total</td><td>182,362</td><td>70,864</td><td>483</td><td>11,487</td><td>21,481</td><td>2,901</td><td>29,902</td><td>45,243</td><td>45,243</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Usually exempt from Federal income taxes</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>1</td><td>36</td><td>127</td><td>127</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>18,079</td><td>12,954</td><td>91</td><td>78</td><td>161</td><td>607</td><td>1,337</td><td>2,850</td><td>2,850</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>164,104</td><td>57,895</td><td>392</td><td>11,409</td><td>21,319</td><td>2,293</td><td>28,529</td><td>42,267</td><td>42,267</td></tr><tr><td>Total</td><td>182,362</td><td>70,864</td><td>483</td><td>11,487</td><td>21,481</td><td>2,901</td><td>29,902</td><td>45,243</td><td>45,243</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, October 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2. - Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,350 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>308 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><th colspan="9">Percentage distribution by classes of securities</th></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.3</td><td>1.6</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>48.8</td><td>2.8</td></tr><tr><td>Certificates of indebtedness</td><td>17.8</td><td>18.8</td><td>5.1</td><td>2.2</td><td>1.5</td><td>6.7</td><td>25.1</td><td>24.0</td></tr><tr><td>Treasury notes</td><td>7.3</td><td>11.9</td><td>6.7</td><td>2.4</td><td>2.1</td><td>6.1</td><td>2.4</td><td>7.2</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>27.2</td><td>1.9</td><td>42.4</td><td>68.9</td><td>77.2</td><td>38.3</td><td>16.4</td><td>38.8</td></tr><tr><td>Treasury bonds - bank eligible</td><td>38.2</td><td>65.8</td><td>45.4</td><td>26.5</td><td>19.0</td><td>48.8</td><td>7.0</td><td>27.0</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>32.9</td><td>28.9</td><td>11.0</td><td>4.3</td><td>3.7</td><td>12.0</td><td>75.7</td><td>33.5</td></tr><tr><td>1 to 5 years</td><td>21.2</td><td>39.3</td><td>15.4</td><td>8.5</td><td>6.8</td><td>22.0</td><td>4.4</td><td>14.0</td></tr><tr><td>5 to 10 years</td><td>15.9</td><td>25.0</td><td>26.2</td><td>17.8</td><td>10.7</td><td>21.6</td><td>2.4</td><td>11.9</td></tr><tr><td>10 to 15 years</td><td>6.1</td><td>3.0</td><td>17.6</td><td>21.3</td><td>4.9</td><td>22.8</td><td>1.1</td><td>10.0</td></tr><tr><td>15 to 20 years</td><td>11.6</td><td>.2</td><td>14.9</td><td>24.6</td><td>45.1</td><td>8.9</td><td>9.2</td><td>12.1</td></tr><tr><td>Over 20 years</td><td>12.3</td><td>3.6</td><td>14.7</td><td>23.4</td><td>28.8</td><td>12.7</td><td>7.2</td><td>18.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>9.9</td><td>18.3</td><td>18.9</td><td>.7</td><td>.8</td><td>20.9</td><td>4.5</td><td>6.3</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>90.0</td><td>81.7</td><td>81.1</td><td>99.3</td><td>99.2</td><td>79.0</td><td>95.4</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><tr><th colspan="9">Percentage distribution by groups of investors</th></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>6.6</td><td>*</td><td>*</td><td>*</td><td>*</td><td>86.0</td><td>7.4</td></tr><tr><td>Certificate of indebtedness</td><td>100.0</td><td>41.0</td><td>.1</td><td>.8</td><td>1.0</td><td>.6</td><td>23.1</td><td>33.4</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>63.2</td><td>.2</td><td>2.0</td><td>3.4</td><td>1.3</td><td>5.5</td><td>24.3</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>100.0</td><td>2.7</td><td>.4</td><td>15.9</td><td>33.4</td><td>2.2</td><td>9.9</td><td>35.5</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>66.9</td><td>.3</td><td>4.1</td><td>5.9</td><td>2.0</td><td>3.0</td><td>17.5</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.4</td><td>*</td><td>*</td><td>.3</td><td>.3</td><td>20.1</td><td>70.9</td></tr><tr><td>Guaranteed by United States 5/</td><td>100.0</td><td>26.4</td><td>2.6</td><td>7.8</td><td>28.9</td><td>1.8</td><td>21.2</td><td>11.4</td></tr><tr><td>Total</td><td>100.0</td><td>38.9</td><td>.3</td><td>6.3</td><td>11.8</td><td>1.6</td><td>16.4</td><td>24.8</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>34.2</td><td>.1</td><td>.8</td><td>1.7</td><td>.6</td><td>37.8</td><td>25.3</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>72.1</td><td>.2</td><td>2.5</td><td>3.8</td><td>1.6</td><td>3.4</td><td>16.4</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>61.3</td><td>.4</td><td>7.1</td><td>7.9</td><td>2.2</td><td>2.5</td><td>18.6</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.0</td><td>.8</td><td>21.8</td><td>9.3</td><td>5.9</td><td>2.8</td><td>40.4</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>13.3</td><td>45.7</td><td>1.2</td><td>13.0</td><td>25.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.3</td><td>.3</td><td>12.0</td><td>27.7</td><td>1.7</td><td>9.6</td><td>37.4</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>26.4</td><td>2.6</td><td>7.8</td><td>28.9</td><td>1.8</td><td>21.2</td><td>11.4</td></tr><tr><td>Total</td><td>100.0</td><td>38.9</td><td>.3</td><td>6.3</td><td>11.8</td><td>1.6</td><td>16.4</td><td>24.8</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.4</td><td>*</td><td>*</td><td>.3</td><td>.3</td><td>20.1</td><td>70.9</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>71.7</td><td>.5</td><td>.4</td><td>.9</td><td>3.1</td><td>7.4</td><td>15.8</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>35.3</td><td>.2</td><td>7.0</td><td>13.0</td><td>1.4</td><td>17.4</td><td>25.8</td></tr><tr><td>Total</td><td>100.0</td><td>38.9</td><td>.3</td><td>6.3</td><td>11.8</td><td>1.6</td><td>16.4</td><td>24.8</td></tr></table>
(Continued on following page)
January 1947
51
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, October 31, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th colspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,350 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>108 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>16,987</td><td>1,125</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,601</td><td>1,260</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% November 1946.....(taxable)</td><td>3,778</td><td>1,788</td><td>3</td><td>25</td><td>51</td><td>24</td><td>741</td><td>1,146</td></tr><tr><td>7/8% December 1946.....(taxable)</td><td>3,768</td><td>710</td><td>2</td><td>14</td><td>10</td><td>22</td><td>44</td><td>2,966</td></tr><tr><td>7/8% January 1947.....(taxable)</td><td>3,330</td><td>1,927</td><td>2</td><td>36</td><td>66</td><td>17</td><td>412</td><td>871</td></tr><tr><td>7/8% February 1947.....(taxable)</td><td>4,958</td><td>1,994</td><td>4</td><td>45</td><td>71</td><td>26</td><td>1,714</td><td>1,099</td></tr><tr><td>7/8% March 1947.....(taxable)</td><td>3,133</td><td>1,756</td><td>2</td><td>22</td><td>47</td><td>29</td><td>540</td><td>738</td></tr><tr><td>7/8% April 1947.....(taxable)</td><td>2,820</td><td>1,210</td><td>2</td><td>19</td><td>9</td><td>13</td><td>833</td><td>733</td></tr><tr><td>7/8% June 1947.....(taxable)</td><td>2,775</td><td>752</td><td>2</td><td>24</td><td>26</td><td>25</td><td>458</td><td>1,486</td></tr><tr><td>7/8% July 1947.....(taxable)</td><td>2,916</td><td>1,204</td><td>2</td><td>20</td><td>41</td><td>14</td><td>882</td><td>752</td></tr><tr><td>7/8% August. 1947.....(taxable)</td><td>1,223</td><td>554</td><td>2</td><td>15</td><td>*</td><td>5</td><td>432</td><td>215</td></tr><tr><td>7/8% September 1947.....(taxable)</td><td>2,341</td><td>742</td><td>2</td><td>20</td><td>2</td><td>11</td><td>1,082</td><td>482</td></tr><tr><td>7/8% October 1947.....(taxable)</td><td>1,440</td><td>681</td><td>1</td><td>12</td><td>2</td><td>8</td><td>377</td><td>357</td></tr><tr><td>Total certificates of indebtedness.....</td><td>32,478</td><td>13,318</td><td>25</td><td>252</td><td>326</td><td>195</td><td>7,516</td><td>10,846</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>1,949</td><td>3</td><td>90</td><td>154</td><td>27</td><td>403</td><td>635</td></tr><tr><td>1-1/4% March 1947.....(taxable)</td><td>1,948</td><td>895</td><td>12</td><td>45</td><td>277</td><td>37</td><td>6</td><td>679</td></tr><tr><td>1-1/4% September 1947.....(taxable)</td><td>1,687</td><td>765</td><td>9</td><td>43</td><td>12</td><td>39</td><td>10</td><td>809</td></tr><tr><td>1-1/2% September 1947.....(taxable)</td><td>2,707</td><td>2,072</td><td>4</td><td>57</td><td>9</td><td>26</td><td>12</td><td>528</td></tr><tr><td>1-1/2% September 1948.....(taxable)</td><td>3,748</td><td>2,755</td><td>5</td><td>37</td><td>7</td><td>48</td><td>301</td><td>595</td></tr><tr><td>Total Treasury notes.....</td><td>13,351</td><td>8,436</td><td>33</td><td>273</td><td>459</td><td>177</td><td>729</td><td>3,245</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62.....(taxable)</td><td>5,284</td><td>101</td><td>40</td><td>1,810</td><td>626</td><td>291</td><td>219</td><td>2,198</td></tr><tr><td>2-1/4% December 1959-62.....(taxable)</td><td>3,470</td><td>305</td><td>25</td><td>625</td><td>330</td><td>225</td><td>3</td><td>1,956</td></tr><tr><td>2-1/2% June 1962-67.....(taxable)</td><td>2,118</td><td>7</td><td>4</td><td>429</td><td>1,094</td><td>46</td><td>195</td><td>344</td></tr><tr><td>2-1/2% December 1963-68.....(taxable)</td><td>2,831</td><td>1</td><td>5</td><td>548</td><td>1,352</td><td>54</td><td>260</td><td>610</td></tr><tr><td>2-1/2% June 1964-69.....(taxable)</td><td>3,761</td><td>3</td><td>17</td><td>754</td><td>1,592</td><td>40</td><td>387</td><td>969</td></tr><tr><td>2-1/2% December 1964-69.....(taxable)</td><td>3,838</td><td>4</td><td>16</td><td>552</td><td>1,595</td><td>50</td><td>458</td><td>1,163</td></tr><tr><td>2-1/2% March 1965-70.....(taxable)</td><td>5,197</td><td>61</td><td>17</td><td>333</td><td>2,471</td><td>47</td><td>781</td><td>1,487</td></tr><tr><td>2-1/2% March 1966-71.....(taxable)</td><td>3,481</td><td>59</td><td>13</td><td>215</td><td>1,585</td><td>21</td><td>671</td><td>915</td></tr><tr><td>2-1/2% June 1967-72.....(taxable)</td><td>7,967</td><td>111</td><td>24</td><td>1,096</td><td>3,104</td><td>100</td><td>891</td><td>2,581</td></tr><tr><td>2-1/2% December 1967-72.....(taxable)</td><td>11,689</td><td>690</td><td>44</td><td>1,549</td><td>2,782</td><td>235</td><td>1,050</td><td>5,339</td></tr><tr><td>Total bank restricted 1/.....</td><td>49,636</td><td>1,343</td><td>205</td><td>7,910</td><td>16,592</td><td>1,111</td><td>4,914</td><td>17,562</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>339</td><td>*</td><td>7</td><td>11</td><td>23</td><td>70</td><td>309</td></tr><tr><td>2% December 1947-50.....(partially)</td><td>701</td><td>539</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>140</td></tr><tr><td>2% March 1948-50.....(taxable)</td><td>1,115</td><td>764</td><td>1</td><td>78</td><td>41</td><td>12</td><td>40</td><td>179</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>1,223</td><td>858</td><td>2</td><td>7</td><td>5</td><td>28</td><td>155</td><td>169</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>3,062</td><td>2,284</td><td>4</td><td>80</td><td>43</td><td>34</td><td>25</td><td>586</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>62</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, October 31, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table
Public Marketable Interest-Bearing Securities - (Continued)
PART 9 - DI
TRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Bald by investore covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banke</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,350 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>308 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">Treasury bonds-(continued)</td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/ December 1948-50....(partially)</td><td>571</td><td>467</td><td>*</td><td>2</td><td>*</td><td>12</td><td>44</td><td>46</td></tr><tr><td>2/ June 1949-51....(taxable)</td><td>1,014</td><td>732</td><td>1</td><td>56</td><td>100</td><td>8</td><td>8</td><td>109</td></tr><tr><td>2/ September 1949-51....(taxable)</td><td>1,292</td><td>1,035</td><td>2</td><td>33</td><td>94</td><td>23</td><td>1</td><td>104</td></tr><tr><td>2/ December 1949-51....(taxable)</td><td>2,098</td><td>1,566</td><td>5</td><td>57</td><td>128</td><td>23</td><td>1</td><td>317</td></tr><tr><td>3-1/2/ December 1949-52....(partially)</td><td>491</td><td>365</td><td>1</td><td>4</td><td>11</td><td>16</td><td>40</td><td>54</td></tr><tr><td>2-1/2/ December 1949-53....(partially)</td><td>1,786</td><td>1,315</td><td>3</td><td>5</td><td>3</td><td>38</td><td>223</td><td>200</td></tr><tr><td>2/ March 1950-52....(taxable)</td><td>1,963</td><td>1,548</td><td>5</td><td>71</td><td>157</td><td>25</td><td>3</td><td>154</td></tr><tr><td>2/ September 1950-52....(taxable)</td><td>4,339</td><td>3,396</td><td>8</td><td>176</td><td>315</td><td>70</td><td>46</td><td>928</td></tr><tr><td>2-1/2/ September 1950-52....(partially)</td><td>1,186</td><td>1,020</td><td>2</td><td>10</td><td>3</td><td>41</td><td>90</td><td>20</td></tr><tr><td>1-1/2/ December 1950....(taxable)</td><td>2,635</td><td>1,690</td><td>3</td><td>16</td><td>*</td><td>25</td><td>*</td><td>901</td></tr><tr><td>2-3/4/ June 1951-54....(partially)</td><td>1,627</td><td>1,253</td><td>9</td><td>6</td><td>2</td><td>40</td><td>145</td><td>173</td></tr><tr><td>2/ September 1951-53....(taxable)</td><td>7,986</td><td>5,473</td><td>23</td><td>330</td><td>549</td><td>132</td><td>111</td><td>1,368</td></tr><tr><td>2/ September 1951-55....(partially)</td><td>755</td><td>416</td><td>*</td><td>5</td><td>*</td><td>30</td><td>71</td><td>233</td></tr><tr><td>2/ December 1951-55....(taxable)</td><td>510</td><td>382</td><td>2</td><td>10</td><td>23</td><td>7</td><td>9</td><td>77</td></tr><tr><td>2-1/4/ December 1951-53....(partially)</td><td>1,118</td><td>919</td><td>2</td><td>2</td><td>3</td><td>26</td><td>98</td><td>68</td></tr><tr><td>2-1/2/ March 1952-54....(taxable)</td><td>1,024</td><td>571</td><td>*</td><td>197</td><td>38</td><td>14</td><td>55</td><td>149</td></tr><tr><td>2/ June 1952-54....(taxable)</td><td>5,825</td><td>4,130</td><td>19</td><td>243</td><td>384</td><td>88</td><td>7</td><td>955</td></tr><tr><td>2/ December 1952-54....(taxable)</td><td>8,662</td><td>5,888</td><td>23</td><td>497</td><td>583</td><td>141</td><td>11</td><td>1,519</td></tr><tr><td>2-1/4/ June 1952-55....(taxable)</td><td>1,501</td><td>958</td><td>3</td><td>190</td><td>133</td><td>21</td><td>67</td><td>168</td></tr><tr><td>2/ June 1953-55....(partially)</td><td>725</td><td>643</td><td>*</td><td>1</td><td>2</td><td>23</td><td>14</td><td>42</td></tr><tr><td>2-1/4/ June 1954-56....(partially)</td><td>681</td><td>537</td><td>2</td><td>1</td><td>1</td><td>31</td><td>35</td><td>73</td></tr><tr><td>2-7/8/ March 1955-60....(partially)</td><td>2,611</td><td>1,467</td><td>32</td><td>7</td><td>19</td><td>78</td><td>200</td><td>807</td></tr><tr><td>2-1/2/ March 1956-58....(taxable)</td><td>1,449</td><td>781</td><td>9</td><td>76</td><td>349</td><td>12</td><td>49</td><td>172</td></tr><tr><td>2-3/4/ September 1956-59....(partially)</td><td>982</td><td>716</td><td>16</td><td>8</td><td>10</td><td>44</td><td>60</td><td>128</td></tr><tr><td>2-1/4/ September 1956-59....(taxable)</td><td>3,823</td><td>726</td><td>18</td><td>854</td><td>748</td><td>140</td><td>127</td><td>1,210</td></tr><tr><td>2-3/4/ June 1958-63....(partially)</td><td>919</td><td>661</td><td>12</td><td>5</td><td>52</td><td>53</td><td>43</td><td>94</td></tr><tr><td>2-3/4/ December 1960-65....(partially)</td><td>1,485</td><td>1,060</td><td>9</td><td>5</td><td>38</td><td>91</td><td>50</td><td>233</td></tr><tr><td>2-1/2/ September 1967-72....(taxable)</td><td>2,716</td><td>1,738</td><td>3</td><td>46</td><td>242</td><td>34</td><td>199</td><td>454</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,616</td><td>219</td><td>3,048</td><td>4,091</td><td>1,417</td><td>2,097</td><td>12,199</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>47,959</td><td>424</td><td>10,958</td><td>20,683</td><td>2,527</td><td>7,012</td><td>29,760</td></tr><tr><td colspan="9">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds....(wholly)</td><td>116</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>36</td><td>66</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds....(wholly)</td><td>13</td><td>1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>1</td><td>36</td><td>127</td></tr><tr><td colspan="9">Guaranteed securities 5/</td></tr><tr><td>Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>7 36</td><td>11</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total guaranteed securities</td><td>44</td><td>11</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>182,362</td><td>70,864</td><td>483</td><td>11,487</td><td>21,481</td><td>2,901</td><td>29,902</td><td>45,243</td></tr></table>
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 52-63.
Less than $500 thousand or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rate. "Taxable" securities are subject to both normal and surtax rates.
7/ Includes an estimated amount of Federal Housing Administration debentures.
8/ Actual figures by tax status are available only for total amount outstanding.
January 1947
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, October 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,350 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>308 life insurance companies</th><th>646 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D..................... (6/)</td><td>3,282</td><td>174</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,092</td></tr><tr><td>Series I..................... (taxable)</td><td>30,234</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,233</td></tr><tr><td>Series F..................... (taxable)</td><td>2,949</td><td>220</td><td>1</td><td>12</td><td>16</td><td>25</td><td>1</td><td>2,671</td></tr><tr><td>Series O..................... (taxable)</td><td>13,163</td><td>478</td><td>6</td><td>227</td><td>101</td><td>172</td><td>12</td><td>12,166</td></tr><tr><td>Total United States savings bonds</td><td>49,624</td><td>872</td><td>8</td><td>244</td><td>120</td><td>204</td><td>14</td><td>48,162</td></tr><tr><td>Treasury savings notes............ (taxable)</td><td>6,003</td><td>92</td><td>3</td><td>*</td><td>*</td><td>6</td><td>21</td><td>5,890</td></tr><tr><td>Depository bonds................ (taxable)</td><td>383</td><td>356</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>Armed Forces Leave bonds......... (taxable)</td><td>70</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70</td></tr><tr><td>Guaranteed securities 7/</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>334</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>56,415</td><td>1,320</td><td>11</td><td>244</td><td>120</td><td>211</td><td>35</td><td>54,140</td></tr></table>
Less than $500 thousand.
1/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4) This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
5) United States savings bonds, Series B-D, F, and F are shown at current redemption values. They were reported at maturity values by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6) Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7) Guaranteed securities held by the Treasury are not included.
8) C.O.C. demand obligations in the amount of $334 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 4/</th></tr><tr><th></th><th></th><th>7,350 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>302 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal Land Bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1948-50.........(taxable)</td><td>176</td><td>147</td><td>1</td><td>*</td><td>*</td><td>1</td><td>-</td><td>27</td></tr><tr><td>1-1/4 May 1950-52.........(taxable)</td><td>211</td><td>153</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>53</td></tr><tr><td>1-1/24 January 1951-53.........(taxable)</td><td>214</td><td>179</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>34</td></tr><tr><td>2-1/4 February 1953-55.........(taxable)</td><td>114</td><td>92</td><td>*</td><td>3</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal Land Bank bonds</td><td>715</td><td>571</td><td>1</td><td>8</td><td>1</td><td>4</td><td>-</td><td>131</td></tr><tr><td>Federal Intermediate Credit Bank debentures.........(taxable)</td><td>307</td><td>269</td><td>-</td><td>2</td><td>-</td><td>3</td><td>-</td><td>33</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4 April 1948.........(taxable)</td><td>140</td><td>103</td><td>*</td><td>3</td><td>-</td><td>*</td><td>-</td><td>34</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,163</td><td>942</td><td>1</td><td>13</td><td>1</td><td>7</td><td>-</td><td>198</td></tr></table>
Less than $500 thousand. 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
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
January 1947
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies November 30, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTE, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-econde)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-econds)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Oct. 31, 1946</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16"><b>Treasury bonds - bank eligible</b></td></tr><tr><td>$1,115 2/4</td><td>- 3/15/48-50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.05</td><td>1.04%</td><td>+.05%</td><td>1.62%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.12</td><td>3/11</td><td>101.07</td><td>11/30</td></tr><tr><td>3,062 1-3/4</td><td>- 6/15/48</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.04</td><td>1.07</td><td>+.04</td><td>1.07</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>3/2</td><td>101.01</td><td>11/30</td></tr><tr><td>1,014 2/4</td><td>- 6/15/49-51</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.08</td><td>1.21</td><td>+.07</td><td>1.55</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>3/7</td><td>101.31</td><td>11/30</td></tr><tr><td>1,292 2/4</td><td>- 9/15/49-51</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.09</td><td>1.21</td><td>+.08</td><td>1.53</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>3/2</td><td>102.05</td><td>11/30</td></tr><tr><td>2,098 2/4</td><td>-12/15/49-51</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.07</td><td>1.24</td><td>+.05</td><td>1.53</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2</td><td>102.08</td><td>11/30</td></tr><tr><td>1,963 2/4</td><td>- 3/15/50-52</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.09</td><td>1.31</td><td>+.07</td><td>1.56</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>102.07</td><td>11/30</td></tr><tr><td>4,939 2/4</td><td>- 9/15/50-52</td><td>102.10</td><td>102.12</td><td>102.11</td><td>-.09</td><td>1.36</td><td>+.06</td><td>1.57</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.11</td><td>11/30</td></tr><tr><td>2,635 1-1/2</td><td>-12/15/50</td><td>100.30</td><td>101.00</td><td>100.31</td><td>-.06</td><td>1.25</td><td>+.04</td><td>1.29</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>8/21/45</td><td>102.15</td><td>3/11</td><td>100.31</td><td>11/30</td></tr><tr><td>7,986 2/4</td><td>- 9/15/51-53</td><td>102.10</td><td>102.12</td><td>102.11</td><td>-.13</td><td>1.49</td><td>+.08</td><td>1.63</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>102.11</td><td>11/30</td></tr><tr><td>510 2/4</td><td>-12/15/51-55</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.13</td><td>1.48</td><td>+.07</td><td>1.70</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>104.26</td><td>3/11</td><td>102.16</td><td>11/30</td></tr><tr><td>1,024 2-1/2</td><td>- 3/15/52-54</td><td>104.18</td><td>104.20</td><td>104.19</td><td>-.15</td><td>1.59</td><td>+.07</td><td>1.82</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>104.19</td><td>11/30</td></tr><tr><td>5,825 2/4</td><td>- 6/15/52-54</td><td>102.11</td><td>102.13</td><td>102.12</td><td>-.15</td><td>1.55</td><td>+.08</td><td>1.66</td><td>6/26/41</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/21/41</td><td>104.27</td><td>2/18</td><td>102.12</td><td>11/30</td></tr><tr><td>1,501 2-1/4</td><td>- 6/15/52-55</td><td>103.12</td><td>103.14</td><td>103.13</td><td>-.17</td><td>1.60</td><td>+.08</td><td>1.82</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>103.13</td><td>11/30</td></tr><tr><td>8,662 2/4</td><td>-12/15/52-54</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.16</td><td>1.58</td><td>+.08</td><td>1.68</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>102.13</td><td>11/30</td></tr><tr><td>1,449 2-1/2</td><td>- 3/15/56-58</td><td>106.07</td><td>106.09</td><td>106.08</td><td>-.24</td><td>1.77</td><td>+.08</td><td>1.88</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>106.08</td><td>11/30</td></tr><tr><td>3,823 2-1/4</td><td>- 9/15/56-59</td><td>104.13</td><td>104.15</td><td>104.14</td><td>-.19</td><td>1.75</td><td>+.06</td><td>1.86</td><td>2/1/41</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/41</td><td>107.16</td><td>4/6</td><td>104.08</td><td>9/9</td></tr><tr><td>2,716 2-1/2</td><td>- 9/15/67-72</td><td>104.29</td><td>104.31</td><td>104.30</td><td>-.25</td><td>2.20</td><td>+.04</td><td>2.25</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="16"><b>Treasury bonds - bank restricted 5/</b></td></tr><tr><td>5,284 2-1/4</td><td>- 6/15/59-62</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.20</td><td>2.12</td><td>+.06</td><td>2.14</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 2-1/4</td><td>-12/15/59-62</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.20</td><td>2.12</td><td>+.05</td><td>2.14</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.14</td><td>12/11/45</td><td>104.21</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118 2-1/2</td><td>- 6/15/62-67</td><td>104.06</td><td>104.08</td><td>104.07</td><td>-.20</td><td>2.18</td><td>+.05</td><td>2.24</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 2-1/2</td><td>-12/15/63-68</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.18</td><td>2.24</td><td>+.04</td><td>2.28</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/42</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761 2-1/2</td><td>- 6/15/61-69</td><td>103.09</td><td>103.11</td><td>103.10</td><td>-.20</td><td>2.27</td><td>+.04</td><td>2.31</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838 2-1/2</td><td>-12/15/66-69</td><td>103.07</td><td>103.09</td><td>103.08</td><td>-.19</td><td>2.28</td><td>+.04</td><td>2.32</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 2-1/2</td><td>- 3/15/65-70</td><td>103.06</td><td>103.08</td><td>103.07</td><td>-.19</td><td>2.28</td><td>+.03</td><td>2.32</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>107.23</td><td>4/6</td><td>102.13</td><td>1/2</td></tr><tr><td>3,481 2-1/2</td><td>- 3/15/66-71</td><td>103.05</td><td>103.07</td><td>103.06</td><td>-.18</td><td>2.29</td><td>+.03</td><td>2.33</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>7,967 2-1/2</td><td>- 6/15/67-72</td><td>102.00</td><td>102.02</td><td>102.01</td><td>-.22</td><td>2.37</td><td>+.04</td><td>2.39</td><td>6/1/45</td><td>105.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,689 2-1/2</td><td>-12/15/67-72</td><td>102.00</td><td>102.02</td><td>102.01</td><td>-.22</td><td>2.38</td><td>+.04</td><td>2.39</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td colspan="16"><b>Treasury notes</b></td></tr><tr><td>3,261 1-1/2</td><td>B-12/15/46 6/</td><td>.95%</td><td>.85%</td><td>.90%</td><td>–</td><td>–</td><td>–</td><td>–</td><td>6/15/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>100.20</td><td>2/25</td><td>100.01</td><td>11/19</td></tr><tr><td>1,948 1-1/4</td><td>B- 3/15/47</td><td>100.02</td><td>100.03</td><td>100.03</td><td>-.01</td><td>.92</td><td>+.05</td><td>.92</td><td>6/26/41</td><td>100.20</td><td>3/5/45</td><td>100.03</td><td>11/30/45</td><td>100.17</td><td>2/18</td><td>100.03</td><td>11/30</td></tr><tr><td>2,707 1-1/2</td><td>A- 9/15/47</td><td>100.14</td><td>100.15</td><td>100.15</td><td>-.02</td><td>.90</td><td>+.03</td><td>.90</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.15</td><td>11/30/46</td><td>101.02</td><td>3/1</td><td>100.15</td><td>11/30</td></tr><tr><td>1,687 1-1/4</td><td>C- 9/15/47</td><td>100.08</td><td>100.09</td><td>100.08</td><td>-.02</td><td>.91</td><td>+.04</td><td>.91</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>2/16</td><td>100.08</td><td>11/30</td></tr><tr><td>3,748 1-1/2</td><td>A- 9/15/48</td><td>100.24</td><td>100.25</td><td>100.24</td><td>-.03</td><td>1.07</td><td>+.04</td><td>1.07</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/8/44</td><td>101.22</td><td>3/2</td><td>100.24</td><td>10/2</td></tr><tr><td colspan="16"><b>Certificate of indebtedness 7/</b></td></tr><tr><td>3,768 7/8</td><td>K- 12/1/46 8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>12/13/45</td><td>.20%</td><td>11/19/46</td><td>.87%</td><td>11/27/46</td><td>.20%</td><td>11/19</td><td>.87%</td><td>11/27</td></tr><tr><td>3,330 7/8</td><td>A- 1/1/47</td><td>.85%</td><td>.80%</td><td>.82%</td><td>+.00%</td><td>–</td><td>–</td><td>–</td><td>1/1/46</td><td>.76%</td><td>3/4/46</td><td>.85%</td><td>12/29/45</td><td>.76%</td><td>3/4</td><td>.84%</td><td>9/9</td></tr><tr><td>1,954 7/8</td><td>B- 2/1/47</td><td>.85%</td><td>.82%</td><td>.84%</td><td>+.00%</td><td>–</td><td>–</td><td>–</td><td>2/1/46</td><td>.76%</td><td>3/4/46</td><td>.84%</td><td>11/30/46</td><td>.76%</td><td>3/4</td><td>.84%</td><td>11/30</td></tr><tr><td>3,133 7/8</td><td>C- 3/1/47</td><td>.84%</td><td>.82%</td><td>.83%</td><td>+.02%</td><td>–</td><td>–</td><td>–</td><td>3/1/46</td><td>.77%</td><td>3/4/46</td><td>.84%</td><td>11/18/46</td><td>.77%</td><td>3/4</td><td>.84%</td><td>11/18</td></tr><tr><td>2,820 7/8</td><td>D- 4/1/47</td><td>.84%</td><td>.82%</td><td>.83%</td><td>+.02%</td><td>–</td><td>–</td><td>–</td><td>4/1/46</td><td>.80%</td><td>10/23/46</td><td>.84%</td><td>11/18/46</td><td>.80%</td><td>10/23</td><td>.84%</td><td>11/18</td></tr><tr><td>2,775 7/8</td><td>E- 6/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.02%</td><td>–</td><td>–</td><td>–</td><td>6/1/46</td><td>.80%</td><td>10/23/46</td><td>.85%</td><td>9/27/46</td><td>.80%</td><td>10/23</td><td>.85%</td><td>9/27</td></tr><tr><td>2,916 7/8</td><td>F- 7/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.02%</td><td>–</td><td>–</td><td>–</td><td>7/1/46</td><td>.82%</td><td>10/23/46</td><td>.85%</td><td>11/30/46</td><td>.82%</td><td>10/23</td><td>.85%</td><td>11/30</td></tr><tr><td>1,223 7/8</td><td>G- 8/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.02%</td><td>–</td><td>–</td><td>–</td><td>8/1/46</td><td>.82%</td><td>11/4/46</td><td>.85%</td><td>9/30/46</td><td>.82%</td><td>11/4</td><td>.85%</td><td>9/30</td></tr><tr><td>2,341 7/8</td><td>H- 9/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.01%</td><td>–</td><td>–</td><td>–</td><td>9/1/46</td><td>.82%</td><td>10/23/46</td><td>.85%</td><td>11/30/46</td><td>.82%</td><td>10/23</td><td>.85%</td><td>11/30</td></tr><tr><td>1,440 7/8</td><td>J- 10/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.01%</td><td>–</td><td>–</td><td>–</td><td
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies November 30, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government1-(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 Oct. 31, 1946</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1946</th></tr><tr><td>$1,309</td><td>12/5/46</td><td>9/5/46</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,302</td><td>1/23/47</td><td>10/24/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,305</td><td>12/12/46</td><td>9/12/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,303</td><td>1/30/47</td><td>10/31/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,305</td><td>12/19/46</td><td>9/19/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,312</td><td>2/6/47</td><td>11/7/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,303</td><td>12/26/46</td><td>9/26/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,314</td><td>2/13/47</td><td>11/14/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,307</td><td>1/2/47</td><td>10/3/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,314</td><td>2/20/47</td><td>11/21/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,306</td><td>1/9/47</td><td>10/10/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,312</td><td>2/27/47</td><td>11/29/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,307</td><td>1/16/47</td><td>10/17/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-eighths)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-eighths)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-eighths)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Oct. 31, 1946</th><th>Yield to maturity 3/</th><th></th><th>Eigh</th><th>Price</th><th>Date</th><th>Low</th><th>Price</th><th>Date</th><th>High</th><th>Price</th><th>Date</th><th>Low</th><th>Price</th><th>Date</th></tr><tr><td colspan="19">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% -10/15/47-52</td><td>103.01</td><td>103.02</td><td>103.02</td><td>-.09</td><td>.70</td><td>-.01</td><td>3.67</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>103.02</td><td>11/30</td></tr><tr><td>701</td><td>2% -12/15/47</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.04</td><td>.76</td><td>+.02</td><td>.76</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>102.22</td><td>1/30</td><td>101.09</td><td>11/30</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>102.14</td><td>102.16</td><td>102.15</td><td>-.06</td><td>.81</td><td>+.01</td><td>2.14</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>102.15</td><td>11/30</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>102.31</td><td>103.01</td><td>103.00</td><td>-.06</td><td>.80</td><td>+.02</td><td>.80</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>104.24</td><td>3/11</td><td>103.00</td><td>11/30</td></tr><tr><td>571</td><td>2% -12/15/48-50</td><td>102.08</td><td>102.10</td><td>102.09</td><td>-.06</td><td>.87</td><td>+.05</td><td>1.42</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>102.09</td><td>11/30</td></tr><tr><td>491</td><td>3-1/8% -12/15/49-52</td><td>106.14</td><td>106.16</td><td>106.15</td><td>-.09</td><td>.96</td><td>+.03</td><td>1.98</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>106.15</td><td>11/30</td></tr><tr><td>1,786</td><td>2-1/2% -12/15/49-53</td><td>104.15</td><td>104.17</td><td>104.16</td><td>-.09</td><td>.99</td><td>+.05</td><td>1.82</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>106.18</td><td>3/12</td><td>104.16</td><td>11/30</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>105.11</td><td>105.13</td><td>105.12</td><td>-.06</td><td>1.05</td><td>+.02</td><td>1.53</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>105.12</td><td>11/30</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>107.04</td><td>107.06</td><td>107.05</td><td>-.07</td><td>1.13</td><td>+.02</td><td>1.73</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.27</td><td>1/28</td><td>107.05</td><td>11/30</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>108.20</td><td>108.22</td><td>108.21</td><td>-.09</td><td>1.14</td><td>+.03</td><td>1.92</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>108.21</td><td>11/30</td></tr><tr><td>1,118</td><td>2-1/4% -12/15/51-53</td><td>105.11</td><td>105.13</td><td>105.12</td><td>-.06</td><td>1.15</td><td>+.02</td><td>1.44</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>107.25</td><td>3/12</td><td>105.12</td><td>11/30</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>104.31</td><td>105.01</td><td>105.00</td><td>-.11</td><td>1.20</td><td>+.04</td><td>1.38</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>105.00</td><td>11/30</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>106.22</td><td>106.24</td><td>106.23</td><td>-.14</td><td>1.31</td><td>+.05</td><td>1.49</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>106.23</td><td>11/30</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>111.11</td><td>111.13</td><td>111.12</td><td>-.19</td><td>1.42</td><td>+.06</td><td>1.90</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>116.02</td><td>1/12</td><td>111.12</td><td>11/30</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>111.23</td><td>111.25</td><td>111.24</td><td>-.24</td><td>1.46</td><td>+.07</td><td>1.72</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26</td><td>111.20</td><td>9/30</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>112.16</td><td>112.18</td><td>112.17</td><td>-.15</td><td>1.56</td><td>+.03</td><td>1.87</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>114.03</td><td>114.05</td><td>114.04</td><td>-.17</td><td>1.62</td><td>+.03</td><td>1.87</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="19">Other bonds 10/</td></tr><tr><td>13</td><td>3% Convertion -1/1/47</td><td>100.04</td><td>-</td><td>100.04</td><td>-.04</td><td>1.46</td><td>-.02</td><td>1.46</td><td>1/1/17</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.20</td><td>1/5</td><td>100.04</td><td>11/30</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>126.16</td><td>128.00</td><td>127.08</td><td>+1.00</td><td>.98</td><td>-.08</td><td>.98</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>11/9</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in cases of recurrence, are the latest dates.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified
6/ Quoted at a yield basis beginning November 20, 1946; prior thereto quoted on a price basis. Price history ends November 19, 1946.
7/ Quoted on a yield basis.
8/ Not quoted on November 29 and 30, 1946; quoted on a price basis at par from November 20 through November 27, 1946; prior thereto quoted on a yield basis.
9/ For amount of this security issued on November 1, 1946, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed Obligations of the United States Government."
10/ Excludes postal savings bonds.
January 1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Oct. 31, 1946</th><th>Yield to maturity 2/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16">Taxable securities</td></tr><tr><td rowspan="2">$140</td><td>Federal Home Loan Bank bonds</td><td>99.29</td><td>99.31</td><td>99.30</td><td>.00</td><td>1.30%</td><td>+0.01%</td><td>1.30%</td><td>10/15/46</td><td>99.30</td><td>11/26/46</td><td>99.28</td><td>10/14/46</td><td>99.30</td><td>11/26</td><td>99.28</td><td>10/14</td></tr><tr><td>1-1/4% - 4/15/48</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>38</td><td>Federal intermediate Credit Bank debentures 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>3/1/46</td><td>100.00</td><td>11/27/45</td><td>100.00</td><td>11/27/46</td><td>100.00</td><td>11/27</td><td>100.00</td><td>11/27</td></tr><tr><td>39</td><td>.825% - 12/2/46</td><td>100.00</td><td>1/2/47</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>4/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>22</td><td>.90% - 2/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>24</td><td>.90% - 3/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>6/3/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.95</td><td>7/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>8/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>9/3/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td></td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>11/1/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30/46</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>176</td><td>Federal Land Bank bonds 5/</td><td>100.02</td><td>100.06</td><td>100.04</td><td>-.04</td><td>1.45</td><td>+0.06</td><td>1.47</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.04</td><td>11/30/46</td><td>101.10</td><td>3/6</td><td>100.04</td><td>11/30</td></tr><tr><td>211</td><td>1-1/2% - 10/1/48-50</td><td>99.00</td><td>99.04</td><td>99.02</td><td>-.04</td><td>1.53</td><td>+0.04</td><td>1.43</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.01</td><td>11/27/46</td><td>100.02</td><td>4/17</td><td>99.01</td><td>11/27</td></tr><tr><td>210</td><td>1-1/2% - 1/1/51-53</td><td>99.28</td><td>99.26</td><td>99.24</td><td>-.04</td><td>1.56</td><td>+0.03</td><td>1.54</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.24</td><td>11/30/46</td><td>101.22</td><td>3/11</td><td>99.24</td><td>11/30</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>102.24</td><td>103.00</td><td>102.28</td><td>-.09</td><td>1.76</td><td>+0.05</td><td>1.87</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>102.28</td><td>11/30</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities except Federal intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu
1/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
2/ Not quoted on November 29 and 30, 1946.
3/ Includes issues completely held by Farm Credit Administration agencies.
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES NOV. 30,1946
Based an Mean of Closing Bid and Asked Quatatians
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 on 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
January 1947
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>...</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>...</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td>...</td><td>3.14</td><td>May.</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>...</td><td>3.15</td><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>...</td><td>3.12</td><td>July.</td><td>1.98</td><td>...</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>...</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.53</td><td>...</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>...</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.63</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.43</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>...</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>...</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>...</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>...</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td>...</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td>...</td><td>2.57</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td><td>May.</td><td>...</td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.53</td><td>June.</td><td>...</td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td>...</td><td>2.35</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td><td>July.</td><td>...</td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.48</td><td>2.57</td><td>August.</td><td>...</td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>Sept.</td><td>...</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td>...</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td>...</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1945-June 7.</td><td>...</td><td>2.17</td><td>2.44</td><td>1946-Aug. 2.</td><td>...</td><td>2.23</td><td>2.43</td><td>1946-Oct. 5.</td><td>...</td><td>2.26</td><td>2.49</td></tr><tr><td>14.</td><td>...</td><td>2.15</td><td>2.42</td><td>9.</td><td>...</td><td>2.22</td><td>2.41</td><td>11.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>21.</td><td>...</td><td>2.16</td><td>2.40</td><td>16.</td><td>...</td><td>2.23</td><td>2.41</td><td>19.</td><td>...</td><td>2.26</td><td>2.51</td></tr><tr><td>28.</td><td>...</td><td>2.16</td><td>2.40</td><td>23.</td><td>...</td><td>2.24</td><td>2.41</td><td>26.</td><td>...</td><td>2.26</td><td>2.51</td></tr><tr><td>July 5.</td><td>...</td><td>2.14</td><td>2.40</td><td>Sept. 6.</td><td>...</td><td>2.27</td><td>2.49</td><td>Nov. 2.</td><td>...</td><td>2.23</td><td>2.52</td></tr><tr><td>12.</td><td>...</td><td>2.17</td><td>2.41</td><td>13.</td><td>...</td><td>2.29</td><td>2.49</td><td>9.</td><td>...</td><td>2.24</td><td>2.51</td></tr><tr><td>19.</td><td>...</td><td>2.19</td><td>2.42</td><td>17.</td><td>...</td><td>2.30</td><td>2.50</td><td>16.</td><td>...</td><td>2.26</td><td>2.49</td></tr><tr><td>26.</td><td>...</td><td>2.21</td><td>2.42</td><td>20.</td><td>...</td><td>2.28</td><td>2.49</td><td>23.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>27.</td><td>...</td><td>...</td><td>...</td><td>27.</td><td>...</td><td>...</td><td>...</td><td>30.</td><td>...</td><td>2.28</td><td>2.51</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1946-Nov. 1.</td><td>...</td><td>2.23</td><td>2.52</td><td>1946-Nov. 11.</td><td>...</td><td>2.24</td><td>2.51</td><td>1946-Nov. 21.</td><td>...</td><td>2.26</td><td>2.52</td></tr><tr><td>2.</td><td>...</td><td>2.23</td><td>2.52</td><td>12.</td><td>...</td><td>2.24</td><td>2.52</td><td>22.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>4.</td><td>...</td><td>2.23</td><td>2.52</td><td>13.</td><td>...</td><td>2.25</td><td>2.50</td><td>23.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>5.</td><td>...</td><td>2.23</td><td>2.52</td><td>14.</td><td>...</td><td>2.26</td><td>2.49</td><td>25.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>6.</td><td>...</td><td>2.24</td><td>2.51</td><td>15.</td><td>...</td><td>2.26</td><td>2.49</td><td>26.</td><td>...</td><td>2.27</td><td>2.52</td></tr><tr><td>7.</td><td>...</td><td>2.24</td><td>2.51</td><td>16.</td><td>...</td><td>2.26</td><td>2.53</td><td>27.</td><td>...</td><td>2.27</td><td>2.51</td></tr><tr><td>8.</td><td>...</td><td>2.24</td><td>2.51</td><td>18.</td><td>...</td><td>2.26</td><td>2.53</td><td>28.</td><td>...</td><td>2.28</td><td>2.51</td></tr><tr><td>9.</td><td>...</td><td>2.24</td><td>2.51</td><td>19.</td><td>...</td><td>2.26</td><td>2.52</td><td>29.</td><td>...</td><td>2.28</td><td>2.51</td></tr><tr><td>20.</td><td>...</td><td>...</td><td>...</td><td>20.</td><td>...</td><td>2.26</td><td>2.52</td><td>30.</td><td>...</td><td>2.28</td><td>2.51</td></tr></table><p>Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.</p><p>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 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those of which interest is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those of the interest on which is subject to both the normal and surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussions of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.</p><p>2/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.</p><p>3/ 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.</p><p>4/ On days when the exchanges are closed, the date and prices of the previous day are used.</p><p>5/ Closed.</p><p>6/ Holiday.</p>
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly Series v
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
Treasury Bulletin
60
January 1947
61
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
62
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government
Quarterly data relating to corporations in which the United States has a proprietary interest, direct or indirect, and certain other agencies are published in three sections. Section I contains data on assets, liabilities, and capital; section II, data on income and expense; and section III, data on sources and applica-
tion of funds.
The tables in section I are compiled from mid-month "Daily Treasury Statements." The tables in sections II and III are obtained from reports of the corporations and other agencies, adjusted by the Treasury Department.
Section I - Assets, Liabilities, and Capital as of September 30, 1946
Table 1.- Summary
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td>Capital</td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>1,156.9</td><td>848.8</td><td>308.1</td><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Deposits with Government corporations and agencies</td><td>243.0</td><td>243.0</td><td>-</td><td>Government corporations and agencies</td><td>444.2</td><td>265.7</td><td>178.5</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td>Other</td><td>24,096.0</td><td>-1,487.9</td><td>25,583.9</td></tr><tr><td>Government corporations and agencies</td><td>11,470.9</td><td>749.5</td><td>10,721.3</td><td>Total United States interest</td><td>24,540.2</td><td>-1,222.2</td><td>25,762.4</td></tr><tr><td>Others, less reserves</td><td>5,949.2</td><td>4,541.6</td><td>1,407.7</td><td>Private interests</td><td>495.7</td><td>495.7</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td>Total capital</td><td>25,035.8</td><td>-726.6</td><td>25,762.4</td></tr><tr><td>Government corporations and agencies</td><td>1,379.4</td><td>1,112.8</td><td>266.6</td><td>Total liabilities and capital</td><td>43,151.1</td><td>15,848.3</td><td>27,302.8</td></tr><tr><td>Others, less reserves</td><td>767.7</td><td>304.1</td><td>463.6</td><td>Analysis of investment of United States</td><td></td><td></td><td></td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td>Paid-in capital</td><td>41,720.8</td><td>5,051.2</td><td>36,669.5</td></tr><tr><td>Government corporations and agencies</td><td>35.4</td><td>9.9</td><td>25.5</td><td>Treasury loans to Government corporations</td><td>-</td><td>10,721.1</td><td>-10,721.1</td></tr><tr><td>Others, less reserves</td><td>109.4</td><td>65.8</td><td>43.6</td><td>Total investment of United States</td><td>41,720.8</td><td>15,772.3</td><td>25,948.4</td></tr><tr><td>Advances to contractors and agents</td><td>311.0</td><td>148.4</td><td>162.5</td><td>Earned surplus (or deficit [-])</td><td>-17,180.6</td><td>-6,273.4</td><td>-10,907.2</td></tr><tr><td>Commodities, supplies, and materials</td><td>1,428.6</td><td>1,346.7</td><td>81.9</td><td>(United States share)</td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td>Book value of United States interest, including interagency items</td><td>24,540.2</td><td>9,498.9</td><td>15,041.3</td></tr><tr><td>Public debt obligations of United States</td><td>1,835.6</td><td>1,718.6</td><td>117.0</td><td>Interagency items:</td><td></td><td></td><td></td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>9.2</td><td>9.2</td><td>-</td><td>Amounts due to:</td><td></td><td></td><td></td></tr><tr><td>Other securities, less reserves</td><td>390.2</td><td>227.3</td><td>162.9</td><td>Government corporations</td><td>1,485.1</td><td>1,004.4</td><td>480.7</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>16,973.5</td><td>4,052.0</td><td>12,921.5</td><td>Certain other Government agencies</td><td>74.8</td><td>68.5</td><td>6.3</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>29.6</td><td>11.4</td><td>18.1</td><td>Government agencies not required to report</td><td>830.4</td><td>673.0</td><td>157.4</td></tr><tr><td>Deferred charges</td><td>159.1</td><td>42.8</td><td>116.4</td><td>Total interagency liabilities</td><td>2,390.2</td><td>1,745.9</td><td>644.3</td></tr><tr><td>Undistributed charges</td><td>299.2</td><td>122.1</td><td>177.1</td><td>Amounts due from:</td><td></td><td></td><td></td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>444.2</td><td>265.7</td><td>178.5</td><td>Interagency proprietary interests</td><td>444.2</td><td>-265.7</td><td>-178.5</td></tr><tr><td>Other assets</td><td>159.0</td><td>28.6</td><td>130.4</td><td>Government corporations</td><td>-1,072.9</td><td>-1,004.4</td><td>-68.5</td></tr><tr><td>Total assets</td><td>43,151.1</td><td>15,848.3</td><td>27,302.8</td><td>Certain other Government agencies</td><td>-486.9</td><td>-480.7</td><td>-6.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td>Government agencies not required to report</td><td>-857.1</td><td>-639.4</td><td>-217.6</td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td>Total interagency assets</td><td>-2,861.0</td><td>-2,390.2</td><td>-470.9</td></tr><tr><td>Government corporations and agencies</td><td>400.7</td><td>365.3</td><td>35.4</td><td>Book value of United States interest after exclusion of interagency items</td><td>24,069.3</td><td>8,854.6</td><td>15,214.7</td></tr><tr><td>Others</td><td>778.3</td><td>642.5</td><td>135.8</td><td>Contingent liabilities</td><td></td><td></td><td></td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td>Guaranteed loans</td><td>26.5</td><td>-</td><td>26.5</td></tr><tr><td>Government corporations and agencies</td><td>35.9</td><td>34.5</td><td>1.4</td><td>Other</td><td>244.7</td><td>240.5</td><td>4.2</td></tr><tr><td>Others</td><td>202.9</td><td>201.1</td><td>1.8</td><td>Total liabilities</td><td>18,115.3</td><td>16,574.9</td><td>1,540.4</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>1,194.6</td><td>1,065.0</td><td>129.7</td><td></td><td></td><td></td><td></td></tr><tr><td>Others</td><td>321.2</td><td>298.3</td><td>22.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Boarde, debentures, and notes payable to 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>10,721.1</td><td>10,721.1</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to U. S. Treasury</td><td>9.2</td><td>-</td><td>9.2</td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>749.8</td><td>281.1</td><td>468.7</td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed 2/</td><td>376.8</td><td>342.5</td><td>34.3</td><td></td><td></td><td></td><td></td></tr><tr><td>Others</td><td>1,250.4</td><td>1,250.4</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>1,352.6</td><td>42.0</td><td>90.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed 2/</td><td>606.0</td><td>352.9</td><td>253.2</td><td></td><td></td><td></td><td></td></tr><tr><td>Deferred credits</td><td>173.0</td><td>173.0</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Undistributed credits</td><td>1,162.8</td><td>804.8</td><td>358.0</td><td></td><td></td><td></td><td></td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>Total liabilities</td><td>18,115.3</td><td>16,574.9</td><td>1,540.4</td><td></td><td></td><td></td></tr><tr><td>Other liabilities (including liability reserve)</td><td></td><td></td><td></td><td>Guaranteed loans</td><td>26.5</td><td>-</td><td>26.5</td></tr><tr><td>Total liabilities</td><td>18,115.3</td><td>16,574.9</td><td>1,540.4</td><td>Other</td><td>244.7</td><td>240.5</td><td>4.2</td></tr></table>
Note: See page 71 for footnotes.
January 1947
63
Corporations and Certain Other Agencies of the United States Government - (Continued
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 2.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Type of Loan for Recent Quarterly Periods
(in millions of dollars)
<table><tr><th></th><th colspan="2">1945</th><th colspan="2">1946</th><th>Change Sept. 30, 1945-Sept. 30, 1946</th></tr><tr><th></th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th>June 30</th><th>Sept. 30</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations.</td><td>279.3</td><td>229.4</td><td>276.0</td><td>330.9</td><td>317.9</td><td>+38.6</td></tr><tr><td>Cooperative associations.</td><td>129.8</td><td>162.3</td><td>143.9</td><td>118.4</td><td>150.7</td><td>+20.9</td></tr><tr><td>Crop, livestock, and commodity loans.</td><td>259.3</td><td>274.2</td><td>216.6</td><td>227.1</td><td>198.3</td><td>-61.1</td></tr><tr><td>Farm mortgage loans.</td><td>1,838.7</td><td>1,757.2</td><td>1,714.2</td><td>1,695.0</td><td>1,647.2</td><td>-191.5</td></tr><tr><td>Loans held by lending agencies.</td><td>148.3</td><td>197.5</td><td>118.6</td><td>9.0</td><td>20.2</td><td>-128.1</td></tr><tr><td>Other.</td><td>441.1</td><td>454.6</td><td>465.2</td><td>492.8 r</td><td>525.4</td><td>+84.3</td></tr><tr><td>Total.</td><td>3,096.6</td><td>3,075.2</td><td>2,934.5</td><td>2,873.2 r</td><td>2,859.7</td><td>-236.9</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations.</td><td>0</td><td>598.0</td><td>545.3</td><td>497.4 r</td><td>458.7</td><td>-188.1</td></tr><tr><td>Mortgage loans.</td><td>046.2</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Reconditioning loans.</td><td>314.4</td><td>297.7</td><td>280.1</td><td>261.8</td><td>245.3</td><td>-69.2</td></tr><tr><td>Other.</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Total.</td><td>961.3</td><td>895.8</td><td>825.5</td><td>759.1 r</td><td>704.0</td><td>-257.3</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads.</td><td>231.7</td><td>223.2</td><td>195.8</td><td>195.1 r</td><td>171.2</td><td>-60.5</td></tr><tr><td>Ship construction and reconditioning.</td><td>6.7</td><td>6.7</td><td>3.0</td><td>2.9</td><td>2.8</td><td>-4.0</td></tr><tr><td>Other.</td><td>178.1</td><td>225.3</td><td>196.6</td><td>192.7 r</td><td>179.6</td><td>+1.6</td></tr><tr><td>Total.</td><td>416.5</td><td>455.2</td><td>395.4</td><td>390.7 r</td><td>353.5</td><td>-62.9</td></tr><tr><td>To aid States, Territories, etc.</td><td>484.2</td><td>483.6</td><td>478.4</td><td>471.1 r</td><td>462.8</td><td>-21.3</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank.</td><td>42.8</td><td>40.2</td><td>24.7</td><td>22.0 r</td><td>19.8</td><td>-22.9</td></tr><tr><td>Insurance companies.</td><td>33.7</td><td>33.9</td><td>33.2</td><td>33.2</td><td>3.7</td><td>-30.0</td></tr><tr><td>Mortgage loan companies.</td><td>97.9</td><td>192.8</td><td>151.8</td><td>201.9</td><td>232.9</td><td>+135.0</td></tr><tr><td>Total.</td><td>174.3</td><td>266.8</td><td>209.7</td><td>257.1 r</td><td>256.5</td><td>+82.1</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held by lending agencies.</td><td>88.4</td><td>102.9</td><td>109.9</td><td>125.9</td><td>152.8</td><td>+64.4</td></tr><tr><td>Other.</td><td>432.4</td><td>422.7</td><td>545.3</td><td>862.7 r</td><td>1,479.4</td><td>+1,046.9</td></tr><tr><td>Total.</td><td>520.8</td><td>525.6</td><td>655.2</td><td>988.6 r</td><td>1,632.1</td><td>+1,111.4</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified).</td><td>36.9</td><td>35.7</td><td>36.4</td><td>34.0 r</td><td>34.7</td><td>-2.2</td></tr><tr><td>Other.</td><td>323.5</td><td>187.7</td><td>200.5</td><td>150.5 r</td><td>143.7</td><td>-179.8</td></tr><tr><td>Total.</td><td>360.5</td><td>223.3</td><td>236.9</td><td>184.5 r</td><td>178.5</td><td>-182.0</td></tr><tr><td>Total loans.</td><td>6,014.1</td><td>5,925.5</td><td>5,775.6</td><td>5,924.3 r</td><td>6,447.1</td><td>+433.0</td></tr></table>
Note: See page 71 for footnotes.
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, September 30, 1945 and September 30, 1946
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to mid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management: Smaller War Plants Corporation</td><td>34.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.2</td><td>-</td></tr><tr><td>Department of Agriculture: Commodity Credit Corporation</td><td>256.7</td><td>29.1</td><td>256.7</td><td>29.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration: Banks for cooperatives</td><td>127.9</td><td>203.8</td><td>127.9</td><td>203.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>279.5</td><td>320.5</td><td>279.5</td><td>320.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>1,108.4</td><td>1,026.1</td><td>1,108.4</td><td>1,026.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>10.2</td><td>3.3</td><td>10.2</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>291.0</td><td>167.6</td><td>291.0</td><td>167.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce: Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State: Office of Inter-American Affairs: Prenciaradio, Inc.</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>227.1</td><td>983.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>13.3</td><td>7.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates: Reconstruction Finance Corporation</td><td>1,049.3</td><td>802.4</td><td>.3</td><td>.1</td><td>12.2</td><td>10.7</td><td>254.2</td><td>293.6</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>9.3</td><td>5.9</td><td>-</td><td>-</td><td>9.2</td><td>5.9</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>48.0</td><td>14.0</td><td>-</td><td>-</td><td>30.9</td><td>4.5</td><td>-</td><td>-</td></tr><tr><td>Defense Supplies Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rubber Development Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>2.4</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks</td><td>99.8</td><td>234.8</td><td>-</td><td>-</td><td>908.0</td><td>682.1</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>908.0</td><td>682.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates: Federal Public Housing Authority</td><td>288.1</td><td>279.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homee Corporation</td><td>.9</td><td>.8</td><td>-</td><td>-</td><td>.9</td><td>.8</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.3</td><td>.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>2.7</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>.6</td></tr><tr><td>Total loans of Government corporations</td><td>4,757.4</td><td>4,762.8</td><td>2,074.3</td><td>1,750.7</td><td>961.3</td><td>704.0</td><td>290.5</td><td>294.2</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture: Farm Credit Administration 3/4/</td><td>143.5</td><td>130.9</td><td>143.5</td><td>130.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration 4/</td><td>485.6</td><td>484.7</td><td>485.6</td><td>484.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>388.3</td><td>489.2</td><td>388.3</td><td>489.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 5/</td><td>12.9</td><td>11.5</td><td>5.0</td><td>4.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 6/</td><td>76.8</td><td>78.7</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency: Federal Housing Administration</td><td>19.1</td><td>24.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>6.7</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.7</td><td>2.8</td></tr><tr><td>Other 4/ 7/</td><td>123.7</td><td>461.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>119.0</td><td>56.5</td></tr><tr><td>Total loans of certain other Government agencies</td><td>1,256.6</td><td>1,684.4</td><td>1,022.3</td><td>1,109.0</td><td>-</td><td>-</td><td>125.7</td><td>99.3</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>6,014.1</td><td>6,447.1</td><td>3,096.6</td><td>2,859.7</td><td>961.3</td><td>704.0</td><td>416.5</td><td>353.5</td></tr></table>
Note: See page 71 for footnotes.
(To be continued on following page)
January 1947
65
orporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, September 30, 1945 and September 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management: Smaller War Plants Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Agriculture: Commodity Credit Corporation. Farm Credit Administration: Banks for cooperatives: Federal intermediate credit banks. Federal land banks. Regional Agricultural Credit Corporation of Washington, D. C. Federal Farm Mortgage Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce: Inland Waterways Corporation.</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State: Office of Inter-American Affairs: Prencinradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td><td>-</td></tr><tr><td>Import-Export Bank of Washington. Federal Deposit Insurance Corporation.</td><td>-</td><td>-</td><td>-</td><td>7.4</td><td>226.9</td><td>982.6 8/</td><td>.2</td><td>3</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates: Reconstruction Finance Corporation. Disaster Loan Corporation. Federal National Mortgage Association. The RFC Mortgage Company. Defense Supplies Corporation. Rubber Development Corporation. U. S. Commercial Company.</td><td>120.1</td><td>105.9</td><td>61.3</td><td>14.3</td><td>291.5</td><td>247.9</td><td>309.7</td><td>129.9</td></tr><tr><td>National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks. Home Owners' Loan Corporation. Federal Public Housing Authority and affiliate: Federal Public Housing Authority. Defense Homes Corporation.</td><td>-</td><td>-</td><td>99.8</td><td>234.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority.</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of Government corporations.</td><td>407.4</td><td>384.1</td><td>174.3</td><td>256.5</td><td>520.8</td><td>1,232.1</td><td>328.7</td><td>141.1</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture: Farm Credit Administration 3/ 4/. Farm Security Administration 4/ Rural Electrification Administration.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 5/. Federal Works Agency 5/.</td><td>76.8</td><td>78.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.0</td><td>7.7</td></tr><tr><td>National Housing Agency: Federal Housing Administration.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.1</td><td>24.7</td></tr><tr><td>United States Maritime Commission.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>400.0</td><td>4.7</td><td>5.0</td></tr><tr><td>Other 4/ 7/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of certain other Government agencies.</td><td>76.8</td><td>78.7</td><td>-</td><td>-</td><td>400.0</td><td>-</td><td>31.3</td><td>37.4</td></tr><tr><td>Corporations and certain other agencies</td><td>484.2</td><td>462.8</td><td>174.3</td><td>256.5</td><td>520.8</td><td>1,632.1</td><td>360.5</td><td>178.5</td></tr><tr><td>Total loans.</td><td>484.2</td><td>462.8</td><td>174.3</td><td>256.5</td><td>520.8</td><td>1,632.1</td><td>360.5</td><td>178.5</td></tr></table>
Note: See page 71 for footnotes.
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 4.- Corporations
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Offices of the President Office for Emergency Management</th><th>Commodity Credit Corporation 10/</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th></th><th>Smaller War Plants Corp.</th><th></th><th>Banks for cooperatives</th><th>Farm Credit Administration (continued on following page) Federal intermediates credit banks</th><th>Federal land banks 11/</th><th>Production credit corporations</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>848.3</td><td>-</td><td>913.4</td><td>22.1</td><td>21.9</td><td>41.1</td><td>.7</td></tr><tr><td>Deposits with other Government corporations and agencies.</td><td>243.0</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>749.6</td><td>-</td><td>-</td><td>-</td><td>20.5</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves.</td><td>4,541.6</td><td>-</td><td>28.7</td><td>203.2</td><td>320.5</td><td>959.212/13/</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>1,112.8</td><td>163.1 14/</td><td>486.2</td><td>*</td><td>-</td><td>.9</td><td>-</td></tr><tr><td>Others, less reserves.</td><td>304.1</td><td>-</td><td>218.9</td><td>*</td><td>.3</td><td>1.9</td><td>*</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>9.9</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>*</td><td>-</td></tr><tr><td>Others, less reserves.</td><td>65.8</td><td>-</td><td>.5</td><td>1.0</td><td>2.3</td><td>14.1</td><td>.3</td></tr><tr><td>Advances to contractors and agents.</td><td>148.4</td><td>-</td><td>56.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials.</td><td>1,346.7</td><td>-</td><td>577.3 15/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>1,718.6</td><td>-</td><td>-</td><td>42.8</td><td>43.2</td><td>138.8</td><td>68.0</td></tr><tr><td>Securities of Government agencies guaranteed by United States.</td><td>9.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves.</td><td>227.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47.8</td></tr><tr><td>Land, structures, and equipment, less reserves.</td><td>4,052.0</td><td>-</td><td>4.8</td><td>.1</td><td>-</td><td>5.3</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves.</td><td>11.4</td><td>-</td><td>-</td><td>*</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Deferred charges.</td><td>42.8</td><td>-</td><td>-</td><td>.1</td><td>.2</td><td>.7</td><td>.1</td></tr><tr><td>Undistributed charges.</td><td>122.1</td><td>-</td><td>9.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations.</td><td>265.7</td><td>-</td><td>4.4</td><td>*</td><td>-</td><td>1.6</td><td>-</td></tr><tr><td>Other assets.</td><td>28.6</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>.1</td></tr><tr><td>Total assets.</td><td>15,848.3</td><td>163.1</td><td>1,900.0</td><td>269.3</td><td>409.0</td><td>1,164.2</td><td>116.9</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>365.3</td><td>-</td><td>18.2</td><td>-</td><td>-</td><td>.6</td><td>-</td></tr><tr><td>Others.</td><td>642.5</td><td>-</td><td>466.3</td><td>*</td><td>.1</td><td>1.7</td><td>*</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>34.5</td><td>-</td><td>.1</td><td>.1</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Others.</td><td>201.1</td><td>-</td><td>53.7</td><td>*</td><td>1.1</td><td>4.1</td><td>*</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies.</td><td>1,065.0</td><td>-</td><td>357.1</td><td>*</td><td>*</td><td>.1</td><td>*</td></tr><tr><td>Others.</td><td>298.8</td><td>-</td><td>133.0</td><td>*</td><td>.3</td><td>22.8</td><td>.1</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td>10,721.1</td><td>-</td><td>500.0</td><td>20.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>281.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/.</td><td>342.5</td><td>-</td><td>333.9 16/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td>1,250.4</td><td>-</td><td>-</td><td>25.4</td><td>314.6</td><td>807.8</td><td>-</td></tr><tr><td>Guaranteed securities.</td><td>42.0</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.8</td><td>-</td></tr><tr><td>Not guaranteed 2/.</td><td>352.9</td><td>-</td><td>22.9</td><td>.1</td><td>*</td><td>5.6</td><td>-</td></tr><tr><td>Deferred credits.</td><td>173.0</td><td>-</td><td>20.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed credits.</td><td>804.8</td><td>-</td><td>693.8</td><td>-</td><td>.1</td><td>1.9</td><td>*</td></tr><tr><td>Obligations to purchase loans held by lending agencies.</td><td>16,574.9</td><td>-</td><td>2,599.3</td><td>46.2</td><td>316.3</td><td>845.5</td><td>.1</td></tr><tr><td>Total liabilities.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock.</td><td>2,639.1</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>39.9</td><td>101.2</td></tr><tr><td>Paid-in surplus.</td><td>1,562.5</td><td>-</td><td>1,322.2 17/</td><td>-</td><td>-</td><td>36.9</td><td>-</td></tr><tr><td>Expanded appropriations.</td><td>849.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-6,273.4</td><td>-36.9</td><td>-2,121.5</td><td>35.5</td><td>32.7</td><td>-</td><td>15.6</td></tr><tr><td>Total United States owned.</td><td>-1,222.2</td><td>163.1</td><td>-699.3</td><td>214.0</td><td>92.7</td><td>76.8</td><td>116.8</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock.</td><td>293.0</td><td>-</td><td>-</td><td>7.6</td><td>-</td><td>64.0</td><td>-</td></tr><tr><td>Earned surplus.</td><td>202.6</td><td>-</td><td>-</td><td>1.5</td><td>-</td><td>178.0</td><td>-</td></tr><tr><td>Total privately owned.</td><td>495.7</td><td>-</td><td>-</td><td>9.2</td><td>-</td><td>241.9</td><td>-</td></tr><tr><td>Total capital.</td><td>-726.6</td><td>163.1</td><td>-699.3</td><td>223.1</td><td>92.7</td><td>318.8</td><td>116.8</td></tr><tr><td>Total liabilities and capital.</td><td>15,848.3</td><td>163.1</td><td>1,900.0</td><td>269.3</td><td>409.0</td><td>1,164.2</td><td>116.9</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/.</td><td>9,498.9</td><td>163.1</td><td>-199.3</td><td>214.0</td><td>92.7</td><td>76.8</td><td>116.8</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations.</td><td>-265.7</td><td>-163.1</td><td>4.5</td><td>20.6</td><td>-20.6</td><td>.3</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations.</td><td>-378.6</td><td>-</td><td>-115.4</td><td>*</td><td>*</td><td>-.4</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items.</td><td>8,854.6</td><td>-</td><td>-310.2</td><td>234.5</td><td>72.2</td><td>76.6</td><td>116.9</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>240.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 71 for footnotes.
(Continued on following page)
January 1947
67
Corporations and Certain Other Agencies of the United States Government - (Continued) Section 1 - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th></tr><tr><th></th><th>Farm Credit Admin. (cont'd)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Vetrerays Corporation 19/</th><th>The Virgin Islands Company 20/</th><th>Federal Prisoo Industries, Inc.</th><th>21/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>12.7</td><td>8.5</td><td>5.0</td><td>2.7</td><td>1.5</td><td>.1</td><td>9.5</td><td>7.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>138.4 12/13/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.6</td><td>13.0</td><td>-</td><td>.1</td><td>.3</td><td>1.4</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>.7</td><td>2.7</td><td>-</td><td>.4</td><td>.1</td><td>.1</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>7.4</td><td>-</td><td>.4</td><td>.7</td><td>4.7</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>4.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14.7</td><td>.3</td><td>4.1</td><td>.5</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>.5</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Deferred charges</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>14.9</td><td>152.1</td><td>28.2</td><td>2.7</td><td>21.5</td><td>1.6</td><td>19.9</td><td>8.5</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>.3</td><td>6.1</td><td>-</td><td>.7</td><td>-</td><td>.5</td><td>9.6</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.7</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.4</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>-</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed credit</td><td>.1</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total liabilities</td><td>.6</td><td>7.6</td><td>6.2</td><td>-</td><td>1.2</td><td>.7</td><td>1.2</td><td>9.6</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>44.0</td><td>70.0</td><td>-</td><td>12.0</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Paid-in surplus</td><td>21.8 22/</td><td>-</td><td>40.0</td><td>-</td><td>10.5</td><td>-</td><td>4.5</td><td>7.9 23/</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>58.3</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-7.6</td><td>100.5</td><td>-88.0 24/</td><td>2.7</td><td>-2.1</td><td>-</td><td>13.8</td><td>-67.9</td></tr><tr><td>Total United States owned</td><td>14.3</td><td>144.5</td><td>22.0</td><td>2.7</td><td>20.4</td><td>.9</td><td>18.7</td><td>-1.1</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>14.3</td><td>144.5</td><td>22.0</td><td>2.7</td><td>20.4</td><td>.9</td><td>18.7</td><td>-1.1</td></tr><tr><td>Total liabilities and capital</td><td>14.9</td><td>152.1</td><td>28.2</td><td>2.7</td><td>21.5</td><td>1.6</td><td>19.9</td><td>8.5</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>14.3</td><td>144.5</td><td>22.0</td><td>2.7</td><td>20.4</td><td>.9</td><td>18.7</td><td>-1.1</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>-.3</td><td>-13.0</td><td>-</td><td>-</td><td>-.4</td><td>.1</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>.1</td><td>.7</td><td>.1</td><td>-</td><td>-</td><td>.2</td><td>-1.1</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14.4</td><td>145.0</td><td>9.1</td><td>2.7</td><td>20.4</td><td>.7</td><td>17.8</td><td>-1.0</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 71 for footnotes.
(Continued on following page)
Treasury Bulletin
68
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th>War Department</th><th></th><th></th><th colspan="5">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 25/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>*</td><td>84.1</td><td>11.5</td><td>16.3</td><td>-</td><td>*</td><td>.6</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>7.3</td><td>.3</td><td>234.1</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>945.1 8/</td><td>2.1</td><td>729.1</td><td>5.9</td><td>14.0</td><td>*</td></tr><tr><td>Others, less reserves</td><td>-</td><td>*</td><td>.1</td><td>737.4</td><td>*</td><td>*</td><td>233.7</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.1</td><td>.1</td><td>.1</td><td>210.5</td><td>*</td><td>*</td><td>2.3</td></tr><tr><td>Others, less reserves</td><td>-</td><td>*</td><td>-</td><td>66.7</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>5.5</td><td>5.8</td><td>9.0</td><td>*</td><td>.1</td><td>.6</td></tr><tr><td>Others, less reserves</td><td>*</td><td>-</td><td>-</td><td>27.0</td><td>*</td><td>.1</td><td>*</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>.1</td><td>90.3</td><td>*</td><td>*</td><td>1.0</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>681.5 15/</td><td>-</td><td>-</td><td>60.3 15/</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>-</td><td>1,030.1</td><td>48.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>8.6</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>164.3</td><td>-</td><td>6.8</td><td>.2</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>*</td><td>3.5</td><td>2,975.2</td><td>-</td><td>2.2</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>-</td><td>-</td><td>3.8</td><td>-</td><td>*</td><td>6.6</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>-</td><td>33.6</td><td>-</td><td>.1</td><td>2.0</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>108.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>*</td><td>-</td><td>165.7</td><td>-</td><td>-</td><td>5.9 26/</td></tr><tr><td>Other assets</td><td>-</td><td>1,034.7</td><td>1,053.4</td><td>6,082.6</td><td>13.9</td><td>32.3</td><td>547.4</td></tr><tr><td>Total assets</td><td>.3</td><td>1,034.7</td><td>1,053.4</td><td>6,082.6</td><td>13.9</td><td>32.3</td><td>547.4</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>*</td><td>264.3</td><td>*</td><td>*</td><td>80.3</td></tr><tr><td>Others</td><td>-</td><td>*</td><td>.5</td><td>132.7</td><td>*</td><td>*</td><td>18.6</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>23.8</td><td>-</td><td>*</td><td>7.4</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>-</td><td>136.1</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>.1</td><td>548.3</td><td>-</td><td>-</td><td>158.3</td></tr><tr><td>Others</td><td>-</td><td>.3</td><td>.5</td><td>61.1</td><td>.2</td><td>.4</td><td>1.4</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td>9,129.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>208.1</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>27.3</td><td>10.3</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Deferred credits</td><td>-</td><td>-</td><td>-</td><td>309.1</td><td>*</td><td>.1</td><td>3.9</td></tr><tr><td>Undistributed credit</td><td>-</td><td>152.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>-</td><td>152.8</td><td>.1</td><td>87.5</td><td>.1</td><td>.1</td><td>20.0</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>-</td><td>153.2</td><td>28.5</td><td>10,702.4</td><td>.3</td><td>3.5</td><td>498.1</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>875.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>6.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>6.5</td><td>735.6 27/</td><td>16.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>.2</td><td>-</td><td>-</td><td>-4,963.9 28/</td><td>2.6</td><td>3.8</td><td>43.3 29/</td></tr><tr><td>Total United States owned</td><td>.3</td><td>881.5</td><td>885.6</td><td>-4,619.8</td><td>13.6</td><td>28.8</td><td>49.3</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>881.5</td><td>1,024.9</td><td>-4,619.8</td><td>13.6</td><td>28.8</td><td>49.3</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>1,034.7</td><td>1,053.4</td><td>6,082.6</td><td>13.9</td><td>32.3</td><td>547.4</td></tr><tr><td>Analyse of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 18/</td><td>.3</td><td>881.5</td><td>885.6</td><td>4,509.5</td><td>13.6</td><td>28.8</td><td>49.3</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>*</td><td>-</td><td>74.1</td><td>-7.3</td><td>2.5</td><td>-111.9</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>*</td><td>.1</td><td>-352.0</td><td>-6</td><td>-8.7</td><td>97.7</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>881.6</td><td>885.7</td><td>4,231.6</td><td>5.7</td><td>22.5</td><td>35.1</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>7.0 8/</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr></table>
Note: See page 71 for footnotes
(Continued on following page)
January 1947
69
orporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Co-operatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 30/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="9">Assets</td></tr><tr><td>Cash 1/</td><td>20.1</td><td>1.3</td><td>21.1</td><td>10.9</td><td>1.0</td><td>11.0</td><td></td><td>21.5</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>1.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from: Government corporations and agencies</td><td>234.8</td><td>-</td><td>669.3 13/</td><td>279.0 2/</td><td>.8</td><td>-</td><td>.1</td><td>1.0</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>669.3 13/</td><td>279.0 2/</td><td>.8</td><td>-</td><td>.1</td><td>1.0</td></tr><tr><td>Accounts and notes receivable from: Government corporations and agencies</td><td>.1</td><td>.2</td><td>.2</td><td>.3</td><td>.1</td><td>1.0</td><td>-</td><td>1.7</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>2.5</td><td>.2</td><td>.3</td><td>.1</td><td>1.0</td><td>-</td><td>1.5</td></tr><tr><td>Accrued assets: Government corporations and agencies</td><td>.6</td><td>1.1</td><td>1.9</td><td>2.4</td><td>.1</td><td>.1</td><td>-</td><td>.3</td></tr><tr><td>Others, less reserves</td><td>.6</td><td>1.1</td><td>1.9</td><td>2.4</td><td>.1</td><td>.1</td><td>-</td><td>.3</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td><td>6.2</td><td>-</td><td>8.0</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td><td>6.2</td><td>-</td><td>8.0</td></tr><tr><td>Investments: Public debt obligations of United States</td><td>130.1</td><td>168.0</td><td>17.0</td><td>7.9</td><td>-</td><td>20.1</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>-</td><td>-</td><td>15.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>15.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>.4</td><td>.1</td><td>2.4</td><td>227.2</td><td>58.2</td><td>28.8</td><td>.1</td><td>723.4</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>.1</td><td>.1</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>.1</td><td>.5</td><td>.3</td><td>.1</td><td>-</td><td>.1</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>.2</td><td>1.7</td><td>-</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>385.8</td><td>173.0</td><td>828.3</td><td>533.0</td><td>61.5</td><td>68.7</td><td>.2</td><td>761.7</td></tr><tr><td colspan="9">Liabilities</td></tr><tr><td>Accounts payable to: Government corporations and agencies</td><td>-</td><td>-</td><td>.7</td><td>.1</td><td>.2</td><td>.8</td><td>-</td><td>.1</td></tr><tr><td>Others</td><td>.1</td><td>.1</td><td>.7</td><td>.1</td><td>.2</td><td>1.0</td><td>-</td><td>3.3</td></tr><tr><td>Accrued liabilities: Government corporations and agencies</td><td>.4</td><td>.1</td><td>1.7</td><td>.9</td><td>.2</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Others</td><td>.4</td><td>.1</td><td>1.7</td><td>.9</td><td>.2</td><td>.4</td><td>-</td><td>4.5</td></tr><tr><td>Trust and deposit liabilities to: Government corporations and agencies</td><td>.6</td><td>.1</td><td>.1</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Others</td><td>54.6</td><td>.1</td><td>20.5</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Bonds, debentures, and notes payable: 2/ Government corporations and agencies</td><td>-</td><td>-</td><td>675.0</td><td>360.0</td><td>-</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>360.0</td><td>47.6</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>5.3</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities</td><td>102.0</td><td>-</td><td>5.3</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>102.0</td><td>2.9</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Deferred credits</td><td>-</td><td>-</td><td>.8</td><td>1.9</td><td>-</td><td>7.9</td><td>-</td><td>-</td></tr><tr><td>Undistributed credits</td><td>-</td><td>-</td><td>.8</td><td>1.9</td><td>-</td><td>7.9</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>-</td><td>.1</td><td>.2</td><td>-</td><td>.4</td><td>.4</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>.4</td><td>.4</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>156.9</td><td>3.0</td><td>704.8</td><td>365.0</td><td>49.0</td><td>10.5</td><td>-</td><td>67.4</td></tr><tr><td colspan="9">Capital</td></tr><tr><td>U. S. owned: Capital stock</td><td>123.7</td><td>100.0</td><td>200.0</td><td>1.0</td><td>10.0</td><td>7.0</td><td>.1</td><td>39.5</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>.3</td><td>659.1</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>75.0</td><td>-</td><td>-</td><td>-</td><td>-4.7</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-</td><td>70.0 31/</td><td>-76.5</td><td>-20.8</td><td>2.4</td><td>51.2</td><td>-1.1</td><td>-</td></tr><tr><td>Total United States owned</td><td>123.7</td><td>170.0</td><td>123.5</td><td>170.1</td><td>12.4</td><td>58.2</td><td>.2</td><td>691.9</td></tr><tr><td>Privately owned: Capital stock</td><td>82.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>21.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>103.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>228.9</td><td>170.0</td><td>123.5</td><td>170.1</td><td>12.4</td><td>58.2</td><td>.2</td><td>691.9</td></tr><tr><td>Total liabilities and capital</td><td>385.8</td><td>173.0</td><td>828.3</td><td>533.0</td><td>61.5</td><td>68.7</td><td>.2</td><td>761.1</td></tr><tr><td colspan="9">Analysis of investment of United States</td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>123.7</td><td>170.0</td><td>798.5</td><td>530.1</td><td>12.4</td><td>58.2</td><td>.2</td><td>750.7</td></tr><tr><td>Interagency items (net), amounts due to (or from [-])</td><td>-</td><td>-</td><td>-100.0</td><td>-</td><td>46.7</td><td>.2</td><td>-</td><td>1.8</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-100.0</td><td>-</td><td>46.7</td><td>.2</td><td>-</td><td>1.8</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>.4</td><td>.1</td><td>1.6</td><td>.7</td><td>.1</td><td>-1.5</td><td>-</td><td>-1.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>123.6</td><td>170.0</td><td>700.1</td><td>530.8</td><td>59.2</td><td>58.0</td><td>.2</td><td>751.1</td></tr><tr><td colspan="9">Contingent liabilities</td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>233.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 71 for footnotes.
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of September 30, 1946 - (Continued)
Table 5.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior 5/</th><th>Federal Works Agency 6/</th><th>National Housing Agency</th><th colspan="2">United States Maritime Commission</th><th>Other 4/ 13/</th></tr><tr><th></th><th></th><th>Farm Credit Administration 3/ 4/</th><th>Farm Security Administration 1/</th><th>Rural Electrification Administration</th><th></th><th></th><th>Federal Housing Administration</th><th>United States Maritime Commission Activities</th><th>War Shipping Administration Activities 32/</th><th></th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>308.1</td><td>2.2</td><td>52.5</td><td>6.6</td><td>.1</td><td>1.6</td><td>33.8</td><td>101.0</td><td>97.2</td><td>13.0</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>10,721.1 13/ 459.4</td></tr><tr><td>Government corporations and agencies</td><td>10,721.3</td><td>-</td><td>-</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Others, less reserves</td><td>1,407.7</td><td>18.5</td><td>324.4</td><td>488.7</td><td>10.5</td><td>78.7</td><td>24.7</td><td>2.8</td><td>-</td><td></td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>266.6</td><td>*</td><td>37.6</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>167.5</td><td>61.0</td><td>.3</td></tr><tr><td>Others, less reserves</td><td>463.6</td><td>1.6</td><td>.8</td><td>-</td><td>.1</td><td>1.9</td><td>*</td><td>160.1</td><td>283.6</td><td>15.6</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>25.5</td><td>-</td><td>.2</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.4</td></tr><tr><td>Others, less reserves</td><td>43.6</td><td>-</td><td>37.6</td><td>4.5</td><td>.2</td><td>.1</td><td>.7</td><td>*</td><td>-</td><td>.6</td></tr><tr><td>Advances to contractors and agents</td><td>162.5</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>76.3</td><td>86.3</td></tr><tr><td>Commodities, supplies, and materials</td><td>81.9</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>.1</td><td>68.7</td><td>12.3</td><td>.8</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>117.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>117.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>162.9</td><td>-</td><td>-</td><td>-</td><td>*</td><td>144.4</td><td>.7</td><td>2.7</td><td>7,765.8</td><td>160.2</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,921.5</td><td>-</td><td>15.8</td><td>.2</td><td>13.2</td><td>144.4</td><td>.7</td><td>3,299.7</td><td>-</td><td>1,681.8</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>18.1</td><td>1.2</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>14.2</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Deferred charges</td><td>116.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.3</td><td>68.7</td><td>6.3</td></tr><tr><td>Undistributed charges</td><td>177.1</td><td>-</td><td>5.1</td><td>-</td><td>-</td><td>*</td><td>*</td><td>9.5</td><td>155.9</td><td>6.6</td></tr><tr><td>Capital stock of Government corporations</td><td>178.5</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>45.3</td><td>-</td><td>62.7</td><td>6.9</td><td>-</td></tr><tr><td>Other assets</td><td>130.4</td><td>-</td><td>15.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>27,302.8</td><td>202.1</td><td>491.8</td><td>500.3</td><td>24.0</td><td>272.1</td><td>191.3</td><td>3,895.8</td><td>8,547.8</td><td>13,177.6</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>35.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>14.8</td><td>20.6</td><td>*</td></tr><tr><td>Others</td><td>135.8</td><td>-</td><td>*</td><td>*</td><td>.2</td><td>-</td><td>5.9</td><td>2.5</td><td>113.1</td><td>14.1</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>1.4</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>.9</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>129.7</td><td>-</td><td>.7</td><td>.1</td><td>.1</td><td>1.7</td><td>.6</td><td>47.6</td><td>53.2</td><td>25.6</td></tr><tr><td>Others</td><td>22.4</td><td>*</td><td>5.6</td><td>*</td><td>*</td><td>*</td><td>3.2</td><td>10.4</td><td>-</td><td>3.2</td></tr><tr><td>Bonds, debentures, and notes payable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>9.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>468.7</td><td>-</td><td>126.2</td><td>342.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>34.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>90.6</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>90.2</td><td>.4</td></tr><tr><td>Undistributed credits</td><td>253.2</td><td>2.2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>34.1</td><td>212.0</td><td>4.8</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>358.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>96.7</td><td>231.0</td><td>30.3</td></tr><tr><td>Total liabilities</td><td>1,540.4</td><td>2.2</td><td>133.9</td><td>342.6</td><td>.2</td><td>1.7</td><td>54.1</td><td>206.2</td><td>720.1</td><td>79.3</td></tr><tr><td>Proprietary interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expanded appropriations</td><td>36,669.5</td><td>698.0</td><td>904.2</td><td>166.6</td><td>81.5</td><td>2,152.1</td><td>81.6</td><td>4,305.7 35/</td><td>15,234.4 36/</td><td>13,045.3</td></tr><tr><td>Excess of income (or expense [-]) 37/</td><td>-10,907.2</td><td>-498.1</td><td>-546.4</td><td>-8.9</td><td>-57.8</td><td>-1,681.7</td><td>55.6 38/</td><td>-616.1</td><td>-7,406.7</td><td>52.9</td></tr><tr><td>Total proprietary interest</td><td>25,762.4</td><td>199.8</td><td>357.8</td><td>157.7</td><td>23.8</td><td>270.4</td><td>137.2</td><td>3,689.6</td><td>7,827.7</td><td>13,098.2</td></tr><tr><td>Total liabilities and proprietary interest</td><td>27,302.8</td><td>202.1</td><td>491.8</td><td>500.3</td><td>24.0</td><td>272.1</td><td>191.3</td><td>3,895.8</td><td>8,547.8</td><td>13,177.6</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 39/</td><td>15,041.3</td><td>199.8</td><td>357.8</td><td>157.7</td><td>23.8</td><td>270.4</td><td>137.2</td><td>3,689.6</td><td>7,827.7</td><td>2,377.1</td></tr><tr><td>interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Certain other Government agencies, excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-1.3</td><td>*</td></tr><tr><td>Government corporations and those Government agencies not required to report</td><td>173.5</td><td>-178.5</td><td>90.6</td><td>342.3</td><td>.1</td><td>1.5</td><td>9.8</td><td>-106.4</td><td>14.1</td><td>-1.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>15,214.7</td><td>21.3</td><td>448.4</td><td>500.0</td><td>23.9</td><td>272.0</td><td>147.0</td><td>3,584.6</td><td>7,640.5</td><td>2,377.1</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>26.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>26.5</td></tr><tr><td>Other</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.2</td><td>-</td><td>-</td></tr></table>
Note: See page 71 for footnotes.
January 1947
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Footnotes to Section I
Revised.
1/ Excludes unexpended balances of appropriated funds.
2/ Includes notes for short-term borrowings.
3/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4/ Pursuant to Public Law 731, approved August 14, 1946, Emergency Crop and Feed Loans, Farm Security Administration, and certain activities now reported by Federal Public Housing Authority, Farm Security Administration program, are to be transferred not later than October 31, 1946, to the Farmers' Home Administration.
5/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section (in liquidation), and Puerto Rico Reconstruction Administration.
6/ Consists of Bureau of Community Facilities and Public Works Administration.
7/ Consists of Federal Public Housing Authority - Farm Security Administration program, House conversion program, and Public war housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II); Treasury Department miscellaneous loans; and War Department - guaranteed loans (World War II).
8/ Includes participation by other agencies of $7.0 million in loans of Export-Import Bank of Washington.
9/ Loan commitments amount to $335.4 million against which advances of $277.6 million have been made, leaving commitments to purchase loans of $57.9 million.
10/ Data included in this statement for certain supply operations are as of July 31, 1946.
11/ Includes the Federal Land Banks of Springfield, Mass., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kans., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the U. S. Government.
12/ Includes real estate sales contracts.
13/ The reserve for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
14/ Represents excess of assets over liabilities transferred to R.F.C.
15/ Net of reserves for losses as follows: Commodity Credit Corporation, $53.2 million; R.F.C., $100.9 million; and U. S. Commercial Company, $5.6 million.
16/ Includes $323.4 million guaranteed obligations arising from drafts and invoices paid by commercial banks.
17/ Public Law 519, July 24, 1946, authorized the Secretary of the Treasury to cancel notes in the amount of $921.5 million, pursuant to Act of March 3, 1938, as amended. Cancellation of this amount was effected on July 25, 1946.
18/ Consists of paid-in capital (U. S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U. S. share).
19/ Figures are as of August 31, 1946, the latest available, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
20/ Figures are as of June 30, 1946, the latest available.
21/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Pramuniradio, Inc.
22/ Represents advances from R.F.C. for the payment of operating expenses.
23/ Net of return of excess funds pursuant to Public Law 301, approved
February 18, 1946, and Public Law 391, approved May 27, 1946. Includes deficit resulting from administrative and operating expenses in the amount of $0.6 million.
Consists of U. S. Commercial Company and War Damage Corporation. By action of the Board of Directors of R.V.C., effective as of July 1, 1946, all assets and liabilities of Rubber Development Corporation were transferred to R.V.C.
Net of $108.9 million reserve for losses against other assets of U. S. Commercial Company.
The surplus is not available by law for dividend distribution and is considered by the corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
Includes unreserved surplus of R.V.C., $521.2 million, and deficit of merged war affiliates, $5,438.2 million.
Pursuant to Public Law 370, approved April 30, 1946, War Damage Corporation was prohibited from paying compensation for war damages in the Philippines, except to the extent provided in its policies of insurance issued in consideration of premiums paid therefor. Net earnings previously reported as deferred credits are now shown as earned surplus.
Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 5.
The surplus is considered by the corporation as available for future insurance losses and related expenses with respect to insured institutions.
Pursuant to Public Law 492, approved July 8, 1946, transferred to U. S. Maritime Commission for purposes of liquidation by December 31, 1946. Figures are as of August 31, 1946, with exception of those of land-lease and UNRRA activities.
Consists of Federal Public Housing Authority - Homes conversion program; Farm Security Administration program; Public war housing program, and Veterans' housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; and War Department - guaranteed loans (World War II).
Represents obligations of Government corporations as follows: Commodity Credit Corporation, $500.0 million; Federal Public Housing Authority, $360.0 million; Home Owners' Loan Corporation, $575.0 million R.V.C., $9,129.3 million; and Tennessee Valley Authority, $56.3 million.
Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required.
Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
Represents excess of expenditures incurred pursuant to legislation for such activities as: construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence homesteads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others.
Includes $79.5 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund.
Consists of paid-in capital (U. S. owned), less Treasury loans to Government corporations, plus excess of income (or expense).
72
Treasury Bulletin
INTERNAL REVENUE STATISTICS
January 1947
73
Summary of Internal Revenue Collections 1/
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 1/</th></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,332</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>5,152,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,018</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,162</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-221,755</td><td>22,358,724</td><td>16,298,888</td><td>6,629,932</td><td>9,581,715</td><td>81,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,314</td><td>137,452</td><td>1,738,772</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,051,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,155</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1945-October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,142,631</td><td>12,817</td><td>39,012</td><td>4,855</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,384</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>816,516</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>3,102,106</td><td>3,206,274</td><td>2,539,049</td><td>363,553</td><td>3,672</td><td>259,140</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>64,965</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>-265,165</td><td>2,573,957</td><td>1,662,967</td><td>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,277</td></tr><tr><td>June</td><td>4,080,492</td><td>+578,579</td><td>3,501,813</td><td>2,836,577</td><td>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,690</td></tr><tr><td>July</td><td>2,250,898</td><td>-330,568</td><td>2,581,465</td><td>1,757,352</td><td>1,232,143</td><td>521,114</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>8,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,769,649</td><td>1,415,371</td><td>346,082</td><td>4,195</td><td>280,853</td><td>239,705</td><td>8,475</td><td>32,678</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><tr><td>October</td><td>2,230,473</td><td>-536,355</td><td>2,766,827</td><td>1,875,687</td><td>1,296,145</td><td>575,406</td><td>4,136</td><td>128,534</td><td>122,433</td><td>2,961</td><td>3,140</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</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td></tr><tr><td>1940</td><td>2,359,041</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,894</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-October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td></tr><tr><td>November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,438</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,736</td><td>7,952</td><td>135,869</td><td>120,821</td></tr><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>97,306</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</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>214,151</td><td>112,601</td><td>8,486</td><td>123,387</td><td>119,260</td></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td></tr><tr><td>July</td><td>708,417</td><td>236</td><td>74,257</td><td>238,881</td><td>96,264</td><td>7,215</td><td>148,437</td><td>143,125</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>6,631</td><td>140,722</td><td>127,927</td></tr><tr><td>October</td><td>762,606</td><td>48</td><td>56,613</td><td>251,328</td><td>124,560</td><td>8,093</td><td>163,161</td><td>158,803</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limit-
ing provisions of the Vinson Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taring 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.
74
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
January 1947
75
Detailed Analysis of Internal Revenue Collections1/
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 4 months</th><th>October 1945</th><th>October 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>3,836,343</td><td>3,288,245</td><td>1,094,442</td><td>1,062,478</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>58</td><td>174</td><td>4</td><td>2</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,567,147</td><td>8,430,377</td><td>1,788,413</td><td>1,742,892</td><td>271,412</td><td>195,498</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>84,110</td><td>139,673</td><td>22,933</td><td>37,168</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>5,708,925</td><td>5,170,984</td><td>1,388,792</td><td>1,296,145</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,421,682</td><td>3,901,917</td><td>1,194,795</td><td>1,144,531</td><td>191,223</td><td>219,371</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>146,481</td><td>112,925</td><td>24,146</td><td>12,359</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>2,662,499</td><td>1,855,037</td><td>420,811</td><td>343,676</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>4,003,775</td><td>3,112,492</td><td>636,181</td><td>575,406</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>143,798</td><td>91,130</td><td>29,333</td><td>22,469</td><td>5,975</td><td>4,136</td></tr><tr><td>Vinson Act</td><td>180</td><td>35</td><td>10</td><td>10</td><td>3</td><td></td></tr><tr><td>Unjust enrichment</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total miscellaneous profit taxes</td><td>143,978</td><td>91,165</td><td>29,343</td><td>22,479</td><td>5,978</td><td>4,136</td></tr><tr><td>Total income and profits taxes</td><td>35,061,526</td><td>31,258,138</td><td>9,742,043</td><td>8,305,955</td><td>2,030,951</td><td>1,875,687</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 5/</td><td>1,307,931</td><td>1,237,825</td><td>447,996</td><td>477,621</td><td>96,706</td><td>122,433</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>18,098</td><td>16,329</td><td>3,595</td><td>2,961</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>466,094</td><td>493,950</td><td>100,301</td><td>125,394</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>73,137</td><td>88,468</td><td>1,969</td><td>3,140</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>539,231</td><td>582,418</td><td>102,270</td><td>128,534</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>350,617</td><td>575</td><td>30,015</td><td>48</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>191,745</td><td>227,986</td><td>43,592</td><td>55,029</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>4,086</td><td>3,704</td><td>800</td><td>1,584</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>35,381</td><td>49,458</td><td>10,351</td><td>14,256</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>518,101</td><td>608,947</td><td>161,324</td><td>164,270</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>12,497</td><td>18,157</td><td>4,046</td><td>5,435</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>446</td><td>1,313</td><td>197</td><td>328</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>12,935</td><td>23,769</td><td>4,310</td><td>6,860</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>4,712</td><td>5,906</td><td>226</td><td>274</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</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>283</td><td>268</td><td>79</td><td>73</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>3,898</td><td>4,931</td><td>1,211</td><td>1,389</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>393</td><td>210</td><td>89</td><td>(-109)</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>247,768</td><td>237,359</td><td>60,875</td><td>58,442</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>1,832</td><td>2,240</td><td>90</td><td>110</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,864</td><td>2,526,162</td><td>838,251</td><td>952,560</td><td>242,799</td><td>251,328</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>13,071</td><td>16,573</td><td>4,047</td><td>5,139</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>24</td><td>24</td><td>7</td><td>8</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>166</td><td>3</td><td>1</td><td>(-39)</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>377,985</td><td>399,130</td><td>109,693</td><td>114,723</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>2,543</td><td>2,338</td><td>681</td><td>686</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>17,634</td><td>14,040</td><td>4,926</td><td>3,928</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>1,027</td><td>164</td><td>228</td><td>114</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>3</td><td></td><td>2</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>412,452</td><td>432,274</td><td>119,584</td><td>124,560</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>12,747</td><td>17,367</td><td>3,943</td><td>4,259</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,369</td><td>7,844</td><td>8,219</td><td>1,907</td><td>2,627</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>2,976</td><td>3,294</td><td>871</td><td>899</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>65</td><td>587</td><td>63</td><td>307</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>23,633</td><td>29,467</td><td>6,784</td><td>8,093</td></tr></table>
(Continued on following page)
76
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 4 months</th><th>October 1945</th><th>October 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,855</td><td>74,602</td><td>32,811</td><td>28,095</td><td>7,001</td><td>6,040</td></tr><tr><td>Gasolines</td><td>405,553</td><td>405,695</td><td>154,369</td><td>155,731</td><td>43,813</td><td>39,237</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>28,616</td><td>57,427</td><td>8,031</td><td>15,593</td></tr><tr><td>Floor taxes on tires and tubes</td><td>*</td><td>19</td><td>37</td><td>*</td><td>37</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>15,771</td><td>15,704</td><td>3,517</td><td>5,068</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>2,707</td><td>51,010</td><td>544</td><td>15,164</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>23,155</td><td>28,520</td><td>6,198</td><td>8,750</td></tr><tr><td>Electrical energy</td><td>57,004</td><td>59,112</td><td>19,673</td><td>20,535</td><td>7,116</td><td>5,144</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>5,242</td><td>18,439</td><td>1,646</td><td>5,245</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>6,285</td><td>6,498</td><td>3,395</td><td>1,264</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>17</td><td>13</td><td>(-91)</td><td>1</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>1,358</td><td>16,821</td><td>439</td><td>4,996</td></tr><tr><td>Photograph records</td><td>2,015</td><td>3,902</td><td>729</td><td>2,023</td><td>221</td><td>522</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>459</td><td>2,564</td><td>157</td><td>791</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>1,066</td><td>10,674</td><td>242</td><td>2,826</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>3,518</td><td>2,584</td><td>733</td><td>1,061</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>4,322</td><td>7,688</td><td>1,205</td><td>1,582</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>17,981</td><td>22,093</td><td>8,091</td><td>10,041</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>59,569</td><td>71,300</td><td>16,361</td><td>19,097</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>81,423</td><td>23,811</td><td>27,839</td><td>6,804</td><td>7,280</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>7</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>4</td><td>6</td><td>2</td><td>*</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>6,177</td><td>11,604</td><td>(-1,293)</td><td>2,981</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>24</td><td>5</td><td>*</td><td>1</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>2,011</td><td>5,359</td><td>528</td><td>1,145</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>27,676</td><td>29,736</td><td>7,676</td><td>7,651</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>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>3,132</td><td>5,232</td><td>1,398</td><td>3,008</td><td>507</td><td>737</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>*</td><td>71</td><td>(-584)</td><td>19</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>3</td><td>19</td><td>1</td><td>16</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>438,829</td><td>595,371</td><td>122,295</td><td>163,161</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937 (expired 8/23/43)</td><td>35</td><td>34</td><td>15</td><td>3</td><td>2</td><td>*</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>20,560</td><td>21,292</td><td>4,087</td><td>5,006</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>76,546</td><td>90,935</td><td>24,246</td><td>26,777</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,689</td><td>48,235</td><td>58,430</td><td>16,754</td><td>17,507</td></tr><tr><td>Transportation of oil by pipe line</td><td>15,286</td><td>14,824</td><td>5,213</td><td>5,325</td><td>1,415</td><td>1,566</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,790</td><td>84,288</td><td>96,341</td><td>24,018</td><td>27,882</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>76,435</td><td>88,915</td><td>22,519</td><td>25,732</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>128,701</td><td>115,960</td><td>114,754</td><td>256</td><td>899</td><td>24</td></tr><tr><td>Use of hoists (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>174</td><td>2</td><td>4</td><td>1</td></tr><tr><td>Leasee of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>2,555</td><td>2,707</td><td>671</td><td>748</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>115,451</td><td>142,861</td><td>35,696</td><td>42,210</td></tr><tr><td>Admissions to cabs, roof garde, etc.</td><td>56,877</td><td>72,077</td><td>23,150</td><td>24,082</td><td>6,694</td><td>6,357</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>5,404</td><td>7,475</td><td>1,172</td><td>1,676</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,036</td><td>3,418</td><td>221</td><td>190</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>12,707</td><td>15,994</td><td>614</td><td>915</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>58</td><td>44</td><td>34</td><td>23</td><td>(-3)</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>1,971</td><td>2,284</td><td>388</td><td>365</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>756</td><td>694</td><td>249</td><td>294</td><td>57</td><td>26</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>1,874</td><td>4,216</td><td>585</td><td>1,788</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>4</td><td>*</td><td>1</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>2</td><td>10</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>592,699</td><td>564,866</td><td>140,039</td><td>158,803</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>2,852,312</td><td>2,806,804</td><td>705,907</td><td>762,606</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>13,133,585</td><td>11,695,177</td><td>2,839,127</td><td>2,766,827</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-571,411</td><td>-428,139</td><td>-498,887</td><td>-536,355</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>12,562,174</td><td>11,267,038</td><td>2,340,240</td><td>2,230,473</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
1/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $708,605 thousand for the period, January 1, 1945 through April 30, 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
January 1947
77
MONETARY STATISTICS
78
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 Stabilisation Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1945-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</td><td>20,401.9</td><td>18,278.1</td><td>156.0</td><td>1,800.0</td><td>167.8</td></tr><tr><td>November p</td><td>20,470.2</td><td>18,359.1</td><td>156.0</td><td>1,800.0</td><td>155.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p 1/ Preliminary. Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cer
2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilisation Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($15 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1945-November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March</td><td>20,256.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April</td><td>20,250.9</td><td>3,508.5</td><td>14.8</td></tr><tr><td>May</td><td>20,241.9</td><td>3,508.7</td><td>14.8</td></tr><tr><td>June</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>July</td><td>20,266.7</td><td>3,508.7</td><td>14.8</td></tr><tr><td>August</td><td>20,260.0</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</td><td>20,401.9</td><td>3,594.4</td><td>15.0</td></tr><tr><td>November p</td><td>20,470.2</td><td>3,595.4</td><td>14.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
January 1947
79
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>938.8</td><td>503.7</td><td>3.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>61.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>458.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>557.3</td><td>4,517.6</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>664.7</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>3,870.5</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-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>3,908.5</td></tr><tr><td>May</td><td>1,909.0</td><td>352.1</td><td>15.2</td><td>.6</td><td>104.5</td><td>141.8</td><td>857.5</td><td>3,908.7</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>3,908.4</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>3,908.7</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>3,908.7</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>3,908.7</td></tr><tr><td>October</td><td>1,909.1</td><td>345.6</td><td>10.9</td><td>.2</td><td>96.4</td><td>148.0</td><td>889.0</td><td>3,594.4</td></tr><tr><td>November p.</td><td>1,909.1</td><td>344.8</td><td>8.9</td><td>.1</td><td>96.7</td><td>148.7</td><td>890.9</td><td>3,595.4</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 recoining of subsidiary silver coins or for recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="7">Silver acquired by mint and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>-</td><td>-</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>-</td><td>-</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>-</td><td>-</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>-</td><td>-</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1945-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>-</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>1946-January</td><td>2.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.2</td></tr><tr><td>February</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>October</td><td>2.9</td><td>.8</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>.8</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
Less than 50,000 ounces or $50 thousand.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at
71.11 cents per fine ounce from that date until April 23, 1935; at 77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.04 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, 1946; and at 90.5 cents per fine ounce since July 2, 1946. 3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938. 4/ Acquired at various prices averaging approximately 51 cents per ounce.
Treasury Bulletin
80
Signiorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>14.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1945-November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</td></tr><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.2</td><td>224.7</td></tr><tr><td>April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr><tr><td>May</td><td>446.4</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>184.9</td></tr><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</td></tr><tr><td>July</td><td>457.8</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>178.8</td></tr><tr><td>August</td><td>464.7</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>175.3</td></tr><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><tr><td>November</td><td>481.6</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>170.6</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential silver price thereon changes.
January 1947
81
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,444</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,566</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-November</td><td>28,211</td><td>26,948</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,136</td><td>499</td><td>118</td></tr><tr><td>December</td><td>28,515</td><td>27,240</td><td>51</td><td>1,872</td><td>1</td><td>316</td><td>24,388</td><td>494</td><td>117</td></tr><tr><td>1946-January</td><td>27,917</td><td>26,657</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,867</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,868</td><td>484</td><td>116</td></tr><tr><td>March</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>116</td></tr><tr><td>April</td><td>27,885</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,685</td><td>473</td><td>115</td></tr><tr><td>May</td><td>28,120</td><td>26,829</td><td>50</td><td>2,018</td><td>1</td><td>317</td><td>23,861</td><td>468</td><td>114</td></tr><tr><td>June</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>July</td><td>28,254</td><td>26,943</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,010</td><td>458</td><td>113</td></tr><tr><td>August</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</td><td>28,600</td><td>27,855</td><td>50</td><td>1,987</td><td>1</td><td>314</td><td>24,347</td><td>444</td><td>111</td></tr><tr><td>November p</td><td>28,855</td><td>27,502</td><td>49</td><td>2,005</td><td>1</td><td>318</td><td>24,577</td><td>440</td><td>111</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minow coin</th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.96</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.57</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-November</td><td>1,263</td><td>133</td><td>825</td><td>305</td><td>201.06 r</td></tr><tr><td>December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>203.29</td></tr><tr><td>1946-January</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>198.58</td></tr><tr><td>February</td><td>1,264</td><td>136</td><td>820</td><td>307</td><td>198.33</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</td><td>1,345</td><td>145</td><td>872</td><td>328</td><td>202.22</td></tr><tr><td>November p</td><td>1,353</td><td>146</td><td>877</td><td>330</td><td>203.89</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p Preliminary. r Revised. 1/ 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.
$2
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
January 1947
83
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve-month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I.- Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1935)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</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>533,373</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>13,312</td><td>27,767</td><td>77,596</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>-45,617</td></tr><tr><td>1946 (Jan. 1, 1946-Aug. 31, 1946)</td><td>-476,545</td><td>-322,591</td><td>2,703</td><td>-306,569</td><td>149,912</td></tr><tr><td>Total(Jan. 2, 1935-Aug. 31, 1946)</td><td>8,326,269</td><td>6,504,659</td><td>146,781</td><td>492,158</td><td>1,122,671</td></tr><tr><td>1945-August</td><td>56,350</td><td>81,132</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,469</td><td>-13,202</td><td>-1,529</td></tr><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,368</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr><tr><td>December</td><td>4,837</td><td>-9,691</td><td>5,075</td><td>19,659</td><td>-10,206</td></tr><tr><td>1946-January</td><td>20,049</td><td>76,683</td><td>-8,932</td><td>-172,787</td><td>125,085</td></tr><tr><td>February</td><td>-47,726</td><td>-62,276</td><td>-1,210</td><td>46,447</td><td>-30,687</td></tr><tr><td>March</td><td>-44,334</td><td>-28,782</td><td>5,956</td><td>-27,330</td><td>5,822</td></tr><tr><td>April</td><td>-56,412</td><td>-47,033</td><td>1,793</td><td>-14,326</td><td>3,154</td></tr><tr><td>May</td><td>-268,552</td><td>-284,907</td><td>-742</td><td>-11,009</td><td>28,106</td></tr><tr><td>June</td><td>-86,800</td><td>-62,939</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><tr><td>August</td><td>-150,722</td><td>-159,116</td><td>5,836</td><td>-13,987</td><td>16,545</td></tr></table>
84
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="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,725</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,112</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1945-August</td><td>306,460</td><td>50,727</td><td>135,515</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>6,354,473</td></tr><tr><td>September</td><td>270,226</td><td>39,772</td><td>93,815</td><td>136,639</td><td>6,780,693</td><td>4,894,102</td><td>1,864,814</td><td>21,777</td><td>6,510,467</td></tr><tr><td>October</td><td>259,952</td><td>42,606</td><td>95,742</td><td>121,604</td><td>6,952,486</td><td>4,997,303</td><td>1,930,504</td><td>24,619</td><td>6,692,534</td></tr><tr><td>November</td><td>331,320</td><td>43,596</td><td>90,437</td><td>197,287</td><td>6,861,428</td><td>4,938,255</td><td>1,895,283</td><td>27,890</td><td>6,530,108</td></tr><tr><td>December</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,396</td><td>247,766</td><td>6,993,209</td><td>5,027,036</td><td>1,944,872</td><td>21,301</td><td>6,586,923</td></tr><tr><td>February</td><td>406,801</td><td>49,218</td><td>102,268</td><td>255,315</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>266,521</td><td>6,927,795</td><td>4,959,697</td><td>1,943,576</td><td>24,522</td><td>6,495,865</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</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>490,703</td><td>57,964</td><td>217,396</td><td>215,343</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>224,328</td><td>6,612,010</td><td>4,762,835</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>216,171</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><tr><td>August</td><td>580,150</td><td>108,093</td><td>231,855</td><td>240,202</td><td>6,767,799</td><td>4,949,745</td><td>1,790,877</td><td>27,177</td><td>6,187,649</td></tr></table>
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="4">Short-term claims</th><th colspan="4">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 loans in foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposit of foreigners</th><th>Other</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>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1935-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>489,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,737</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946 (Jan. 1, 1946-Aug. 31, 1946)</td><td>-187,384</td><td>-60,604</td><td>-131,588</td><td>4,808</td><td>-135,207</td><td>-16,817</td><td>-120,021</td><td>1,631</td><td>-322,591</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1946)</td><td>500,333</td><td>245,943</td><td>-132,727</td><td>387,117</td><td>6,064,326</td><td>4,319,456</td><td>1,774,230</td><td>-29,360</td><td>6,564,659</td></tr><tr><td>1945-August</td><td>18,783</td><td>-868</td><td>-24,198</td><td>43,849</td><td>76,149</td><td>58,942</td><td>16,056</td><td>1,151</td><td>94,932</td></tr><tr><td>September</td><td>36,234</td><td>10,955</td><td>26,403</td><td>-1,124</td><td>119,760</td><td>30,419</td><td>87,750</td><td>1,591</td><td>155,994</td></tr><tr><td>October</td><td>10,274</td><td>-2,834</td><td>-1,927</td><td>15,035</td><td>171,793</td><td>103,201</td><td>65,750</td><td>2,842</td><td>182,067</td></tr><tr><td>November</td><td>-71,368</td><td>-990</td><td>5,305</td><td>-75,683</td><td>-91,058</td><td>-59,048</td><td>-35,281</td><td>3,271</td><td>-162,426</td></tr><tr><td>December</td><td>-61,446</td><td>-3,893</td><td>-9,830</td><td>-47,723</td><td>21,640</td><td>8,369</td><td>15,615</td><td>-2,344</td><td>-39,806</td></tr><tr><td>1946-January</td><td>-13,520</td><td>-2,635</td><td>-8,129</td><td>-2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>-4,245</td><td>76,683</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>-62,284</td><td>-1,598</td><td>2,121</td><td>-62,276</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>-28,782</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>-47,033</td></tr><tr><td>May</td><td>-56,433</td><td>4,108</td><td>-115,865</td><td>55,324</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>-20,321</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>-1,798</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>277,414</td><td>22,456</td><td>-3,699</td><td>245,779</td></tr><tr><td>August</td><td>-18,734</td><td>613</td><td>4,684</td><td>-24,031</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-159,116</td></tr></table>
January 1947
85
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>a.a.</td><td>a.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>a.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,753</td><td>244,628</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,112,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940).</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>906,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941.</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942.</td><td>96,353</td><td>75,488</td><td>20,865</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943.</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944.</td><td>136,853</td><td>171,332</td><td>-34,579</td><td>513,598</td><td>268,244</td><td>245,314</td><td>640,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945.</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1946-Aug. 31, 1946).</td><td>252,519</td><td>312,095</td><td>-59,576</td><td>301,321</td><td>548,314</td><td>-246,993</td><td>553,840</td><td>860,409</td><td>-306,569</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1946).</td><td>a.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>11,817,796</td><td>11,325,638</td><td>492,158</td></tr><tr><td>1945-September.</td><td>12,915</td><td>19,597</td><td>-6,782</td><td>19,624</td><td>24,412</td><td>-4,788</td><td>32,539</td><td>44,109</td><td>-11,570</td></tr><tr><td>October.</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>November.</td><td>26,324</td><td>43,024</td><td>-16,700</td><td>31,019</td><td>37,687</td><td>-6,668</td><td>57,343</td><td>80,711</td><td>-23,368</td></tr><tr><td>December.</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>1946-January.</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>February.</td><td>47,558</td><td>54,782</td><td>-7,224</td><td>49,320</td><td>214,883</td><td>-165,563</td><td>96,878</td><td>269,665</td><td>-172,787</td></tr><tr><td>March.</td><td>38,842</td><td>42,780</td><td>-3,938</td><td>69,177</td><td>19,392</td><td>50,385</td><td>108,619</td><td>62,172</td><td>46,447</td></tr><tr><td>April.</td><td>23,984</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>44,163</td><td>-12,237</td><td>65,930</td><td>93,260</td><td>-27,330</td></tr><tr><td>May.</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>June.</td><td>31,784</td><td>39,660</td><td>-7,876</td><td>35,566</td><td>38,699</td><td>-3,133</td><td>67,350</td><td>78,399</td><td>-11,049</td></tr><tr><td>July.</td><td>27,392</td><td>34,946</td><td>-7,154</td><td>38,390</td><td>35,955</td><td>2,435</td><td>65,782</td><td>70,901</td><td>4,719</td></tr><tr><td>August.</td><td>23,535</td><td>31,959</td><td>-8,424</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><tr><td></td><td>25,871</td><td>29,167</td><td>704</td><td>9,580</td><td>24,231</td><td>-14,691</td><td>35,411</td><td>49,398</td><td>-13,987</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Set foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,296</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940).</td><td>n.a.</td><td>a.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,747</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>a.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>a.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>131,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>a.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Aug. 31, 1946).</td><td>43,431</td><td>52,891</td><td>-9,460</td><td>517,607</td><td>358,235</td><td>159,372</td><td>561,038</td><td>411,126</td><td>149,912</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 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>5,955,708</td><td>4,833,037</td><td>1,122,671</td></tr><tr><td>1945-September</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>29,050</td><td>-15,276</td></tr><tr><td>October</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>November</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>December</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>1946-January</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>February</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>March</td><td>9,625</td><td>7,881</td><td>-2,256</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,071</td><td>61,758</td><td>-30,687</td></tr><tr><td>April</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>May</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,955</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr><tr><td>June</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>July</td><td>5,221</td><td>6,232</td><td>-1,011</td><td>25,504</td><td>44,081</td><td>-18,577</td><td>30,725</td><td>50,313</td><td>-19,588</td></tr><tr><td>August</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>92,889</td><td>21,475</td></tr><tr><td>Set available</td><td>4,732</td><td>5,056</td><td>-324</td><td>70,894</td><td>54,025</td><td>16,869</td><td>75,626</td><td>59,051</td><td>16,545</td></tr></table>
N.A. Not Available.
Treasury Bulletin
86
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="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-56,184</td><td>-72,093</td><td>-8,936</td><td>-49,063</td><td>3,809</td><td>-34,226</td><td>-53,553</td><td>-85,679</td><td>-9,572</td><td>-123,667</td><td>-100,467</td><td>270,616</td><td>-131,824</td></tr><tr><td>France</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><td>-26,226</td></tr><tr><td>Belgium</td><td>-979</td><td>69,123</td><td>-22,522</td><td>-12,135</td><td>2,672</td><td>-1,616</td><td>-18,227</td><td>-2,496</td><td>8,643</td><td>1,350</td><td>-4,023</td><td>-7,324</td><td>-9,370</td></tr><tr><td>Denmark</td><td>521</td><td>2,334</td><td>1,785</td><td>4,227</td><td>3,361</td><td>13,082</td><td>1,369</td><td>2,554</td><td>3,147</td><td>2,244</td><td>1,265</td><td>1,843</td><td>1,754</td></tr><tr><td>Finland</td><td>44</td><td>1,168</td><td>-437</td><td>-1466</td><td>-560</td><td>-189</td><td>4,030</td><td>694</td><td>-578</td><td>425</td><td>-3,126</td><td>861</td><td>1,588</td></tr><tr><td>Germany</td><td>116</td><td>173</td><td>163</td><td>-86</td><td>289</td><td>-93</td><td>-156</td><td>-171</td><td>20</td><td>-123</td><td>94</td><td>322</td><td>-12</td></tr><tr><td>Greece</td><td>2,807</td><td>2,930</td><td>2,505</td><td>3,456</td><td>-234</td><td>-845</td><td>-210</td><td>5,205</td><td>526</td><td>-619</td><td>-2,786</td><td>-8,038</td><td>-4,469</td></tr><tr><td>Italy</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>26,223</td><td>2,705</td><td>22,797</td><td>6,683</td><td>4,758</td><td>26,510</td><td>4,210</td></tr><tr><td>Luxembourg</td><td>72</td><td>114</td><td>-84</td><td>186</td><td>367</td><td>-22</td><td>194</td><td>143</td><td>-350</td><td>67</td><td>276</td><td>551</td><td>-349</td></tr><tr><td>Netherlands</td><td>2,003</td><td>31</td><td>5,754</td><td>2,434</td><td>13,472</td><td>-1,340</td><td>-12,628</td><td>10,765</td><td>-8,371</td><td>-101,834</td><td>-14,444</td><td>-22,537</td><td>-11,705</td></tr><tr><td>Norway</td><td>-7,022</td><td>-2,786</td><td>-1,786</td><td>299</td><td>1,714</td><td>-8,677</td><td>-4,930</td><td>-2,715</td><td>-8,526</td><td>835</td><td>1,101</td><td>-12,490</td><td>-6,788</td></tr><tr><td>Portugal</td><td>-7,371</td><td>6,439</td><td>-319</td><td>3,240</td><td>-687</td><td>-328</td><td>-2,292</td><td>131</td><td>4,199</td><td>-310</td><td>-833</td><td>-1,187</td><td>2,578</td></tr><tr><td>Rumania</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><td>-1,327</td></tr><tr><td>Spain</td><td>3,008</td><td>-7,280</td><td>-8,251</td><td>6,914</td><td>1,886</td><td>5,095</td><td>781</td><td>-2,129</td><td>990</td><td>-1,273</td><td>-3,942</td><td>-6,574</td><td>-1,505</td></tr><tr><td>Sweden</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><td>-6,014</td></tr><tr><td>Switzerland</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>3,988</td><td>11,513</td></tr><tr><td>U. S. S. R.</td><td>3,396</td><td>-374</td><td>-965</td><td>401</td><td>3,230</td><td>1,737</td><td>-1,271</td><td>-3,543</td><td>19,965</td><td>12,540</td><td>2,101</td><td>-9,317</td><td>-2,284</td></tr><tr><td>Yugoslavia</td><td>-56</td><td>106</td><td>14</td><td>199</td><td>350</td><td>578</td><td>195</td><td>217</td><td>852</td><td>-428</td><td>170</td><td>845</td><td>4,666</td></tr><tr><td>Other Europe</td><td>1,694</td><td>-2,219</td><td>-240</td><td>479</td><td>-625</td><td>1,534</td><td>1,509</td><td>801</td><td>124</td><td>1,923</td><td>2,815</td><td>2,533</td><td>2,404</td></tr><tr><td>Total Europe</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><td>-177,400</td></tr><tr><td>Canada</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><td>-55,248</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-3,747</td><td>1,747</td><td>809</td><td>8,384</td><td>-4,648</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,268</td><td>16,389</td><td>27,111</td><td>-368</td><td>65,338</td></tr><tr><td>Bolivia</td><td>866</td><td>-95</td><td>-628</td><td>-1,988</td><td>-1,296</td><td>-1,401</td><td>165</td><td>-1,004</td><td>-1,020</td><td>118</td><td>-2,312</td><td>473</td><td>467</td></tr><tr><td>Brazil</td><td>1,573</td><td>21,356</td><td>2,411</td><td>2,262</td><td>7,098</td><td>-4,867</td><td>5,081</td><td>11,176</td><td>-5,016</td><td>15,754</td><td>1,444</td><td>12,886</td><td>11,618</td></tr><tr><td>Chile</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><td>-10,731</td></tr><tr><td>Colombie</td><td>7,062</td><td>3,460</td><td>-7,149</td><td>-3,629</td><td>-1,993</td><td>2,961</td><td>-2,108</td><td>-4,896</td><td>-4,785</td><td>-3,749</td><td>-4,875</td><td>10,905</td><td>-8,789</td></tr><tr><td>Costa Rica</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><td>-7,935</td></tr><tr><td>Cuba</td><td>-521</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><td>18,007</td></tr><tr><td>French West Indies and Guiana</td><td>-1,276</td><td>364</td><td>-308</td><td>-690</td><td>428</td><td>47</td><td>-54</td><td>-576</td><td>34</td><td>428</td><td>11</td><td>663</td><td>-450</td></tr><tr><td>Mexico</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><td>2,251</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>18</td><td>1,204</td><td>1,073</td><td>-2,024</td><td>-3,669</td><td>-7,285</td><td>1,958</td><td>-2,338</td><td>1,133</td><td>-2,554</td><td>-2,446</td><td>-2,113</td><td>4,044</td></tr><tr><td>Panama</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><td>2,411</td></tr><tr><td>Peru</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><td>-454</td></tr><tr><td>Venezuela</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><td>8,790</td></tr><tr><td>Other Latin America</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>-350</td><td>-4,435</td></tr><tr><td>Total Latin America</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><td>80,132</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</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>-51,993</td><td>-60,905</td></tr><tr><td>French Indo-China</td><td>37</td><td>53</td><td>-77</td><td>-220</td><td>725</td><td>410</td><td>6,336</td><td>3,222</td><td>220</td><td>1,024</td><td>4,538</td><td>3,502</td><td>7,771</td></tr><tr><td>Hong Kong</td><td>-246</td><td>149</td><td>-143</td><td>424</td><td>5,221</td><td>2,747</td><td>1,616</td><td>2,175</td><td>1,512</td><td>-1,601</td><td>2,227</td><td>-4,713</td><td>-13</td></tr><tr><td>India, Burma, and Ceylon</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><td>-6,148</td></tr><tr><td>British Malaya</td><td>2</td><td>4</td><td>67</td><td>46</td><td>173</td><td>442</td><td>-197</td><td>-77</td><td>189</td><td>-359</td><td>440</td><td>-1,015</td><td>9,684</td></tr><tr><td>Japan</td><td>-391</td><td>261</td><td>-53</td><td>-150</td><td>45</td><td>73</td><td>-147</td><td>-45</td><td>-141</td><td>8</td><td>-140</td><td>5,638</td><td>4,236</td></tr><tr><td>Netherlands East Indies</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><td>1,235</td></tr><tr><td>Philippine Islands</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>-24,863</td><td>-16,146</td></tr><tr><td>Turkey</td><td>443</td><td>-928</td><td>658</td><td>-3,284</td><td>4,923</td><td>5,752</td><td>4,809</td><td>3,965</td><td>1,117</td><td>5,033</td><td>-2,770</td><td>-4,720</td><td>-1,620</td></tr><tr><td>Other Asia</td><td>4,060</td><td>13,315</td><td>-1,299</td><td>-1,318</td><td>4,314</td><td>-2,707</td><td>2,985</td><td>7,429</td><td>-4,828</td><td>5,755</td><td>-472</td><td>2,112</td><td>-4,840</td></tr><tr><td>Total Asia</td><td>63,226</td><td>77,528</td><td>5,011</td><td>2,572</td><td>12,564</td><td>-3,596</td><td>-15,653</td><td>-48,309</td><td>6,543</td><td>-45,568</td><td>-117,198</td><td>-66,212</td><td>-66,746</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>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><td>-11,484</td></tr><tr><td>New Zealand</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><td>-1,375</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>97</td><td>1,061</td></tr><tr><td>French Morocco</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>273</td><td>246</td></tr><tr><td>Union of South Africa</td><td>1,224</td><td>3,116</td><td>-1,586</td><td>727</td><td>-1,471</td><td>-312</td><td>2,466</td><td>-153</td><td>-1,453</td><td>1,187</td><td>794</td><td>-2,351</td><td>3,297</td></tr><tr><td>All other</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>559</td><td>-1,547</td></tr><tr><td>Total other countries</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>302</td><td>-9,800</td></tr><tr><td>International</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><td>80,329</td></tr><tr><td>Unidentified</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><td>-1,989</td></tr><tr><td>Grand total</td><td>56,350</td><td>116,732</td><td>71,193</td><td>-132,120</td><td>4,837</td><td>20,049</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-86,800</td><td>157,952</td><td>-150,722</td></tr></table>
January 1947
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-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><td>-125,793</td></tr><tr><td>France</td><td>-42,284</td><td>-43,280</td><td>47,152</td><td>-33,141</td><td>-17,196</td><td>88,551</td><td>-17,529</td><td>-16,282</td><td>-38,802</td><td>13,857</td><td>-33,759</td><td>-13,222</td><td>-24,094</td></tr><tr><td>Belgium</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><td>-9,153</td></tr><tr><td>Denmark</td><td>736</td><td>2,405</td><td>1,731</td><td>4,259</td><td>3,090</td><td>13,154</td><td>1,466</td><td>2,668</td><td>3,111</td><td>2,206</td><td>1,136</td><td>560</td><td>1,547</td></tr><tr><td>Finland</td><td>45</td><td>482</td><td>-473</td><td>-483</td><td>-662</td><td>-191</td><td>4,005</td><td>679</td><td>-556</td><td>417</td><td>-3,136</td><td>828</td><td>1,591</td></tr><tr><td>Germany</td><td>99</td><td>13</td><td>191</td><td>-167</td><td>80</td><td>-57</td><td>-138</td><td>-158</td><td>21</td><td>-125</td><td>-150</td><td>80</td><td>32</td></tr><tr><td>Greece</td><td>2,664</td><td>2,926</td><td>2,584</td><td>2,304</td><td>-246</td><td>-857</td><td>-346</td><td>5,238</td><td>918</td><td>-638</td><td>-2,842</td><td>-8,676</td><td>-4,490</td></tr><tr><td>Italy</td><td>4,401</td><td>4,591</td><td>3,724</td><td>3,160</td><td>5,021</td><td>742</td><td>26,299</td><td>2,993</td><td>22,799</td><td>6,587</td><td>5,061</td><td>26,653</td><td>4,382</td></tr><tr><td>Luxembourg</td><td>85</td><td>-42</td><td>-43</td><td>170</td><td>-745</td><td>30</td><td>35</td><td>-4</td><td>-301</td><td>18</td><td>562</td><td>314</td><td>-179</td></tr><tr><td>Setherlands</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><td>-8,932</td></tr><tr><td>Norway</td><td>-9,116</td><td>-2,758</td><td>-1,700</td><td>253</td><td>1,629</td><td>-8,086</td><td>-5,628</td><td>-2,979</td><td>-8,693</td><td>1,374</td><td>308</td><td>-12,466</td><td>-6,500</td></tr><tr><td>Portugal</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><td>2,502</td></tr><tr><td>Romania</td><td>401</td><td>-455</td><td>-</td><td>14</td><td>36</td><td>17</td><td>-78</td><td>4</td><td>692</td><td>194</td><td>-135</td><td>866</td><td>-2,353</td></tr><tr><td>Spain</td><td>2,927</td><td>-7,292</td><td>-8,216</td><td>6,913</td><td>-234</td><td>5,177</td><td>708</td><td>-2,144</td><td>913</td><td>-1,388</td><td>-3,963</td><td>-12,839</td><td>-1,626</td></tr><tr><td>Sweden</td><td>9,796</td><td>5,891</td><td>14,203</td><td>3,251</td><td>-6,955</td><td>3,596</td><td>-1,048</td><td>-7,894</td><td>-6,312</td><td>-4,573</td><td>-6,851</td><td>10,653</td><td>-5,996</td></tr><tr><td>Switzerland</td><td>6,931</td><td>3,153</td><td>6,426</td><td>6,937</td><td>12,981</td><td>7,951</td><td>2,034</td><td>4,295</td><td>2,336</td><td>-2,647</td><td>10,785</td><td>4,027</td><td>24,262</td></tr><tr><td>U. S. S. R.</td><td>3,388</td><td>-374</td><td>-966</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>2,017</td><td>-9,301</td><td>-2,282</td></tr><tr><td>Yugoslavia</td><td>-57</td><td>103</td><td>14</td><td>218</td><td>295</td><td>614</td><td>196</td><td>214</td><td>914</td><td>-416</td><td>173</td><td>844</td><td>466</td></tr><tr><td>Other Europe</td><td>1,754</td><td>-2,174</td><td>-361</td><td>-66</td><td>-432</td><td>2,651</td><td>1,873</td><td>2,836</td><td>2,220</td><td>3,800</td><td>5,011</td><td>3,562</td><td>2,416</td></tr><tr><td>Total Europe</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><td>-154,201</td></tr><tr><td>Canada</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><td>-66,054</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>-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><td>25,818</td></tr><tr><td>Bolivia</td><td>875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,240</td><td>-1,234</td><td>-2</td><td>-1,074</td><td>-1,011</td><td>104</td><td>-2,294</td><td>208</td><td>410</td></tr><tr><td>Brazil</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><td>12,141</td></tr><tr><td>Chile</td><td>1,945</td><td>-2,418</td><td>1,027</td><td>7,472</td><td>-4,541</td><td>-138</td><td>-1,120</td><td>-1,612</td><td>-3,525</td><td>-4,720</td><td>2,662</td><td>3,392</td><td>-11,320</td></tr><tr><td>Colombia</td><td>7,097</td><td>3,476</td><td>-7,675</td><td>-3,778</td><td>-2,743</td><td>2,579</td><td>-2,409</td><td>-5,108</td><td>-4,969</td><td>-4,107</td><td>-5,198</td><td>10,782</td><td>-9,163</td></tr><tr><td>Costa Rica</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><td>-7,939</td></tr><tr><td>Cuba</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><td>18,682</td></tr><tr><td>French West Indies and Guiana</td><td>-1,229</td><td>364</td><td>-308</td><td>-690</td><td>444</td><td>52</td><td>-65</td><td>-524</td><td>38</td><td>420</td><td>-9</td><td>663</td><td>-421</td></tr><tr><td>Mexico</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>-1,880</td><td>5,734</td></tr><tr><td>Betherlands West Indies and Surinam</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><td>-481</td></tr><tr><td>Panama</td><td>-1,563</td><td>1,335</td><td>1,330</td><td>115</td><td>-2,108</td><td>-137</td><td>-2,821</td><td>3,619</td><td>864</td><td>-1,422</td><td>-2,465</td><td>-2,118</td><td>-252</td></tr><tr><td>Peru</td><td>2,809</td><td>656</td><td>3,803</td><td>2,941</td><td>-2,241</td><td>-1,881</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td>341</td><td>623</td><td>-1,240</td><td>-663</td></tr><tr><td>Venezuela</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><td>8,650</td></tr><tr><td>Other Latin America</td><td>-1,024</td><td>-7,016</td><td>-1,883</td><td>-1,655</td><td>354</td><td>9,446</td><td>-751</td><td>10,158</td><td>-4,398</td><td>13,506</td><td>7,194</td><td>947</td><td>-3,925</td></tr><tr><td>Total Latin America</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><td>37,771</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>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><td>-59,614</td></tr><tr><td>French Indo-China</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><td>7,771</td></tr><tr><td>Bang Kong</td><td>-214</td><td>144</td><td>-151</td><td>396</td><td>5,218</td><td>2,824</td><td>1,682</td><td>2,316</td><td>1,528</td><td>-1,471</td><td>2,310</td><td>-4,641</td><td>106</td></tr><tr><td>India, Burma, and Ceylon</td><td>641</td><td>10,581</td><td>5,278</td><td>1,422</td><td>-1,619</td><td>-4,462</td><td>8,344</td><td>-10,931</td><td>8,563</td><td>3,562</td><td>-2,236</td><td>-4,936</td><td>-6,302</td></tr><tr><td>British Malaya</td><td>2</td><td>4</td><td>67</td><td>46</td><td>173</td><td>442</td><td>-197</td><td>-75</td><td>191</td><td>-359</td><td>443</td><td>-1,015</td><td>9,681</td></tr><tr><td>Japan</td><td>-391</td><td>265</td><td>-49</td><td>-81</td><td>63</td><td>70</td><td>-130</td><td>-48</td><td>-141</td><td>8</td><td>-141</td><td>5,639</td><td>4,225</td></tr><tr><td>Netherlands East Indies</td><td>-3,872</td><td>-9,494</td><td>5,155</td><td>-680</td><td>9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td><td>3,076</td><td>1,545</td><td>-3,424</td><td>14,251</td><td>5,790</td></tr><tr><td>Philippines Islands</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>-74,654</td><td>-25,038</td><td>-16,128</td></tr><tr><td>Turkey</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><td>-1,567</td></tr><tr><td>Other Asia</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>2,247</td><td>-4,784</td></tr><tr><td>Total Asia</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><td>-60,822</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>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>3,329</td><td>4,967</td></tr><tr><td>New Zealand</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><td>-1,369</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2,693</td><td>32</td><td>3,859</td><td>2,270</td><td>-831</td><td>582</td><td>173</td><td>-621</td><td>-1,033</td><td>-1,125</td><td>892</td><td>46</td><td>1,044</td></tr><tr><td>French Morocco</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><td>224</td></tr><tr><td>Union of South Africa</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><td>3,353</td></tr><tr><td>All other</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><td>-1,873</td></tr><tr><td>Total other countries</td><td>13,024</td><td>14,190</td><td>28,068</td><td>-11,079</td><td>-4,117</td><td>-1,054</td><td>7,784</td><td>-4,928</td><td>1,807</td><td>-6,039</td><td>450</td><td>183</td><td>6,750</td></tr><tr><td>International</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><td>30,329</td></tr><tr><td>Unidentified</td><td>-696</td><td>742</td><td>458</td><td>553</td><td>-928</td><td>-491</td><td>1,071</td><td>427</td><td>2,973</td><td>-2,232</td><td>460</td><td>669</td><td>-1,989</td></tr><tr><td>Grand total</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><td>-159,116</td></tr></table>
88
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="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-290</td><td>823</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>-396</td><td>309</td></tr><tr><td>France</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><td>-700</td></tr><tr><td>Belgium</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><td>277</td></tr><tr><td>Denmark</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><td>-12</td></tr><tr><td>Finland</td><td>-</td><td>1</td><td>-</td><td>5</td><td>13</td><td>46</td><td>-16</td><td>-20</td><td>-33</td><td>-</td><td>2</td><td>-1</td><td>-</td></tr><tr><td>Germany</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><td>-24</td></tr><tr><td>Greece</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>-14</td><td>9</td></tr><tr><td>Italy</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><td>-61</td></tr><tr><td>Luxembourg</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><td>-125</td></tr><tr><td>Netherlands</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><td>-363</td></tr><tr><td>Norway</td><td>205</td><td>94</td><td>-35</td><td>131</td><td>555</td><td>-390</td><td>64</td><td>13</td><td>-42</td><td>-180</td><td>364</td><td>-412</td><td>39</td></tr><tr><td>Portugal</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><td>95</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Spain</td><td>-3</td><td>18</td><td>2</td><td>3</td><td>35</td><td>34</td><td>39</td><td>-37</td><td>-14</td><td>-6</td><td>1</td><td>8</td><td>2</td></tr><tr><td>Sweden</td><td>-38</td><td>-67</td><td>-33</td><td>99</td><td>92</td><td>77</td><td>-134</td><td>263</td><td>-14</td><td>-56</td><td>-115</td><td>102</td><td>129</td></tr><tr><td>Switzerland</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><td>2,189</td></tr><tr><td>U. S. S. R.</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><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>4</td><td>1</td><td>-</td></tr><tr><td>Other Europe</td><td>43</td><td>1</td><td>336</td><td>1,100</td><td>-35</td><td>-109</td><td>119</td><td>2</td><td>41</td><td>144</td><td>-63</td><td>-21</td><td>101</td></tr><tr><td>Total Europe</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><td>1,868</td></tr><tr><td>Canada</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><td>-712</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>3,296</td></tr><tr><td>Bolivia</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><td>-5</td></tr><tr><td>Brazil</td><td>36</td><td>-7</td><td>1,096</td><td>-186</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td><td>-737</td></tr><tr><td>Chile</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><td>381</td></tr><tr><td>Colombia</td><td>-30</td><td>-70</td><td>118</td><td>5</td><td>41</td><td>142</td><td>-41</td><td>-1</td><td>70</td><td>-4</td><td>54</td><td>-55</td><td>83</td></tr><tr><td>Costa Rica</td><td>48</td><td>-49</td><td>6</td><td>9</td><td>-36</td><td>21</td><td>6</td><td>38</td><td>-22</td><td>50</td><td>-21</td><td>-7</td><td>-</td></tr><tr><td>Cuba</td><td>-275</td><td>498</td><td>-442</td><td>35</td><td>-579</td><td>278</td><td>-665</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td><td>142</td><td>-551</td></tr><tr><td>French West Indies and Guiana</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><td>-6</td></tr><tr><td>Mexico</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><td>-2,831</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>85</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><td>4,533</td></tr><tr><td>Panama</td><td>434</td><td>441</td><td>334</td><td>249</td><td>939</td><td>237</td><td>132</td><td>-143</td><td>511</td><td>-123</td><td>780</td><td>196</td><td>102</td></tr><tr><td>Peru</td><td>-18</td><td>-9</td><td>172</td><td>-23</td><td>55</td><td>207</td><td>379</td><td>-32</td><td>253</td><td>201</td><td>-92</td><td>75</td><td>-139</td></tr><tr><td>Venezuela</td><td>-212</td><td>482</td><td>-957</td><td>1,518</td><td>-907</td><td>877</td><td>-1,284</td><td>219</td><td>512</td><td>1,134</td><td>106</td><td>659</td><td>43</td></tr><tr><td>Other Latin America</td><td>-51</td><td>40</td><td>-86</td><td>368</td><td>894</td><td>-1,457</td><td>-545</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td><td>138</td></tr><tr><td>Total Latin America</td><td>4</td><td>2,187</td><td>-35</td><td>2,418</td><td>-984</td><td>-438</td><td>-1,550</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,675</td><td>4,307</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>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><td>378</td></tr><tr><td>French Indo-China</td><td>-6</td><td>6</td><td>8</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</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>-22</td><td>69</td></tr><tr><td>India, Burma, and Ceylon</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><td>139</td></tr><tr><td>British Malaya</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>-3</td><td>-</td><td>19</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>-7</td></tr><tr><td>Philippines Islands</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><td>-213</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</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><td>83</td></tr><tr><td>Total Asia</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><td>468</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>17</td><td>-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>33</td><td>-53</td></tr><tr><td>New Zealand</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><td>-5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>16</td></tr><tr><td>French Morocco</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><td>1</td></tr><tr><td>Union of South Africa</td><td>33</td><td>2</td><td>-1</td><td>-11</td><td>-6</td><td>4</td><td>13</td><td>-13</td><td>-4</td><td>-12</td><td>13</td><td>56</td><td>-31</td></tr><tr><td>All other</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><td>-23</td></tr><tr><td>Total other countries</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><td>-95</td></tr><tr><td>Uoidentified</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><td>-</td></tr><tr><td>Grand total</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><td>5,836</td></tr></table>
January 1947
89
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="5">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-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><td>-6,340</td></tr><tr><td>France</td><td>-557</td><td>7,427</td><td>-347</td><td>-7,821</td><td>11,256</td><td>62</td><td>-8,890</td><td>344</td><td>-3,210</td><td>-2,934</td><td>2,095</td><td>-22</td><td>-1,132</td></tr><tr><td>Belgium</td><td>-195</td><td>138</td><td>604</td><td>742</td><td>411</td><td>-393</td><td>-8</td><td>-195</td><td>-615</td><td>475</td><td>798</td><td>71</td><td>2494</td></tr><tr><td>Denmark</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><td>219</td></tr><tr><td>Finland</td><td>-1</td><td>685</td><td>36</td><td>12</td><td>89</td><td>-44</td><td>41</td><td>35</td><td>11</td><td>8</td><td>8</td><td>34</td><td>-3</td></tr><tr><td>Germany</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><td>-29</td></tr><tr><td>Greece</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><td>18</td></tr><tr><td>Italy</td><td>-25</td><td>8</td><td>104</td><td>-349</td><td>607</td><td>18</td><td>-74</td><td>-298</td><td>-64</td><td>70</td><td>-243</td><td>-186</td><td>-210</td></tr><tr><td>Luxembourg</td><td>-313</td><td>78</td><td>-63</td><td>-60</td><td>1,074</td><td>3</td><td>141</td><td>71</td><td>82</td><td>48</td><td>-71</td><td>-2</td><td>-45</td></tr><tr><td>Sweden</td><td>-200</td><td>-2,820</td><td>-2,127</td><td>-2,233</td><td>-517</td><td>-4,442</td><td>-522</td><td>-2,306</td><td>-248</td><td>-446</td><td>-1,273</td><td>-506</td><td>-2,410</td></tr><tr><td>Norway</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>333</td><td>-327</td></tr><tr><td>Portugal</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><td>-19</td></tr><tr><td>Buania</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><td>1,023</td></tr><tr><td>Spain</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><td>119</td></tr><tr><td>Sweden</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><td>-147</td></tr><tr><td>Switzerland</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><td>-11,938</td></tr><tr><td>U. S. R.</td><td>6</td><td>2</td><td>-</td><td>2</td><td>-</td><td>1</td><td>-</td><td>100</td><td>-91</td><td>-</td><td>3</td><td>5</td><td>-2</td></tr><tr><td>Yugoslavia</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><td>-</td></tr><tr><td>Other Europe</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><td>-53</td></tr><tr><td>Total Europe</td><td>-2,063</td><td>1,875</td><td>-7,726</td><td>-16,856</td><td>6,461</td><td>-17,646</td><td>-6,464</td><td>-17,751</td><td>-12,265</td><td>-11,291</td><td>-3,558</td><td>-5,995</td><td>-25,067</td></tr><tr><td>Canada</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><td>11,518</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>240</td><td>104</td><td>12</td><td>12,073</td><td>1,529</td><td>22</td><td>1,288</td><td>122</td><td>3,223</td><td>1,923</td><td>3,115</td><td>1,142</td><td>16,224</td></tr><tr><td>Bolivia</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><td>62</td></tr><tr><td>Brazil</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><td>214</td></tr><tr><td>Chile</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>1,835</td><td>632</td><td>18</td><td>208</td></tr><tr><td>Colombia</td><td>-5</td><td>54</td><td>408</td><td>144</td><td>709</td><td>240</td><td>338</td><td>213</td><td>114</td><td>362</td><td>269</td><td>178</td><td>291</td></tr><tr><td>Costa Rica</td><td>-7</td><td>-17</td><td>-19</td><td>31</td><td>-25</td><td>21</td><td>9</td><td>-3</td><td>-19</td><td>-3</td><td>11</td><td>4</td><td>4</td></tr><tr><td>Cuba</td><td>879</td><td>-431</td><td>-50</td><td>94</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><td>-124</td></tr><tr><td>French West Indies and Guiana</td><td>-47</td><td>-693</td><td>-4,051</td><td>-592</td><td>-1,118</td><td>4,884</td><td>5,838</td><td>3,499</td><td>43</td><td>665</td><td>-3,283</td><td>-2,789</td><td>-652</td></tr><tr><td>Mexico</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sotherlands West Indies and Surinam</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><td>-8</td></tr><tr><td>Panama</td><td>-1,616</td><td>-858</td><td>-2,667</td><td>-585</td><td>2,234</td><td>523</td><td>-996</td><td>-243</td><td>3,737</td><td>-1,431</td><td>-2,324</td><td>29</td><td>2,561</td></tr><tr><td>Peru</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><td>348</td></tr><tr><td>Venezuela</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><td>97</td></tr><tr><td>Other Latin America</td><td>917</td><td>2,118</td><td>2,763</td><td>365</td><td>8,573</td><td>2,004</td><td>894</td><td>-1,120</td><td>1,919</td><td>-11,214</td><td>3,366</td><td>-963</td><td>-648</td></tr><tr><td>Total Latin America</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><td>38,554</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</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><td>-1,669</td></tr><tr><td>French Indo-China</td><td>-</td><td>18</td><td>-64</td><td>23</td><td>-3</td><td>250</td><td>-131</td><td>-103</td><td>-94</td><td>-183</td><td>-126</td><td>-130</td><td>-188</td></tr><tr><td>Hong Kong</td><td>-34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-80</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-50</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>15</td></tr><tr><td>British Malaya</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><td>-8</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sotherlands East Indies</td><td>-</td><td>-15</td><td>-9,232</td><td>-1,004</td><td>-</td><td>-399</td><td>-58</td><td>459</td><td>-195</td><td>3</td><td>-2</td><td>-2,007</td><td>-4,548</td></tr><tr><td>Philippine Islands</td><td>-137</td><td>-63</td><td>-313</td><td>-715</td><td>-627</td><td>-822</td><td>-854</td><td>-452</td><td>-368</td><td>-195</td><td>-45</td><td>108</td><td>195</td></tr><tr><td>Turkey</td><td>1</td><td>6</td><td>-1</td><td>-5</td><td>19</td><td>-31</td><td>-5</td><td>46</td><td>49</td><td>-57</td><td>33</td><td>40</td><td>-53</td></tr><tr><td>Other Asia</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><td>-139</td></tr><tr><td>Total Asia</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><td>-6,392</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>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><td>-16,398</td></tr><tr><td>New Zealand</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>4</td><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-1</td></tr><tr><td>French Morocco</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><td>21</td></tr><tr><td>Union of South Africa</td><td>-35</td><td>-</td><td>-4</td><td>-10</td><td>-29</td><td>-37</td><td>7</td><td>-1</td><td>-87</td><td>-7</td><td>-44</td><td>-119</td><td>-25</td></tr><tr><td>All other</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><td>349</td></tr><tr><td>Total other countries</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><td>-16,055</td></tr><tr><td>Uididentified</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><td>-</td></tr><tr><td>Grand total</td><td>-26,846</td><td>-24,731</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><td>2,558</td></tr></table>
90
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
(Politics at end of month in thousands of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>31,602</td><td>24,871</td><td>21,500</td><td>25,947</td><td>25,439</td><td>25,850</td><td>26,325</td><td>28,585</td><td>31,633</td><td>32,571</td><td>30,456</td><td>75,784</td><td>65,834</td></tr><tr><td>France</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><td>3,064</td></tr><tr><td>Belgium</td><td>708</td><td>531</td><td>529</td><td>602</td><td>631</td><td>1,781</td><td>2,593</td><td>3,582</td><td>4,591</td><td>4,952</td><td>7,707</td><td>8,830</td><td>9,073</td></tr><tr><td>Denmark</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>164</td><td>343</td></tr><tr><td>Pioland</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><td>3,971</td></tr><tr><td>Germany</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><td>33,852</td></tr><tr><td>Greece</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><td>2,089</td></tr><tr><td>Italy</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><td>8,791</td></tr><tr><td>Luxembourg</td><td>69</td><td>69</td><td>69</td><td>69</td><td>68</td><td>78</td><td>85</td><td>72</td><td>72</td><td>72</td><td>64</td><td>69</td><td>72</td></tr><tr><td>Netherlande</td><td>448</td><td>577</td><td>636</td><td>36,493</td><td>36,333</td><td>35,731</td><td>36,091</td><td>35,767</td><td>43,360</td><td>118,488</td><td>119,365</td><td>119,641</td><td>121,516</td></tr><tr><td>Sorway</td><td>61</td><td>65</td><td>74</td><td>84</td><td>31,590</td><td>64</td><td>4,235</td><td>6,288</td><td>195</td><td>1,176</td><td>274</td><td>554</td><td>472</td></tr><tr><td>Portugal</td><td>282</td><td>256</td><td>216</td><td>390</td><td>467</td><td>410</td><td>411</td><td>433</td><td>398</td><td>552</td><td>521</td><td>687</td><td>743</td></tr><tr><td>Romania</td><td>28</td><td>37</td><td>28</td><td>27</td><td>64</td><td>29</td><td>30</td><td>30</td><td>145</td><td>73</td><td>58</td><td>61</td><td>33</td></tr><tr><td>Spain</td><td>1,437</td><td>942</td><td>1,012</td><td>864</td><td>1,602</td><td>1,830</td><td>1,360</td><td>1,512</td><td>1,441</td><td>2,091</td><td>2,917</td><td>4,208</td><td>3,327</td></tr><tr><td>Svdeen</td><td>1,498</td><td>331</td><td>532</td><td>1,011</td><td>915</td><td>1,133</td><td>1,102</td><td>1,280</td><td>2,419</td><td>2,958</td><td>5,552</td><td>7,642</td><td>5,489</td></tr><tr><td>Switzerland</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><td>4,687</td></tr><tr><td>U. S. E.</td><td>18</td><td>72</td><td>6</td><td>82</td><td>16</td><td>11</td><td>18</td><td>11</td><td>8</td><td>14</td><td>8</td><td>15</td><td>12</td></tr><tr><td>Yugoslavia</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><td>6</td></tr><tr><td>Other Europe</td><td>4,907</td><td>5,110</td><td>4,982</td><td>4,993</td><td>4,693</td><td>4,765</td><td>4,878</td><td>4,875</td><td>5,001</td><td>5,060</td><td>4,953</td><td>4,980</td><td>4,307</td></tr><tr><td>Total Europe</td><td>79,145</td><td>71,681</td><td>69,763</td><td>109,558</td><td>140,714</td><td>115,842</td><td>120,192</td><td>126,057</td><td>134,796</td><td>215,312</td><td>221,231</td><td>276,849</td><td>267,683</td></tr><tr><td>Canada</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><td>43,563</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><td></td></tr><tr><td>Argentina</td><td>11,008</td><td>12,604</td><td>10,844</td><td>20,525</td><td>20,956</td><td>24,156</td><td>17,981</td><td>24,732</td><td>26,768</td><td>20,421</td><td>20,417</td><td>27,891</td><td>25,578</td></tr><tr><td>Bolivia</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>1,865</td><td>2,729</td><td>2,862</td><td>1,975</td><td>3,059</td><td>4,439</td><td>3,240</td></tr><tr><td>Brazil</td><td>24,352</td><td>21,730</td><td>18,181</td><td>22,032</td><td>24,654</td><td>26,803</td><td>29,671</td><td>29,980</td><td>31,877</td><td>30,901</td><td>28,396</td><td>28,631</td><td>41,287</td></tr><tr><td>Chile</td><td>6,336</td><td>7,475</td><td>6,797</td><td>7,179</td><td>6,590</td><td>6,999</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,728</td><td>8,024</td><td>7,473</td><td>10,553</td></tr><tr><td>Colombia</td><td>17,105</td><td>16,688</td><td>14,194</td><td>19,402</td><td>16,823</td><td>17,504</td><td>18,067</td><td>20,110</td><td>19,953</td><td>21,244</td><td>23,189</td><td>21,304</td><td>22,587</td></tr><tr><td>Costa Rica</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><td>9,846</td></tr><tr><td>Cuba</td><td>14,491</td><td>18,303</td><td>16,993</td><td>27,246</td><td>33,315</td><td>33,865</td><td>32,936</td><td>37,124</td><td>22,904</td><td>27,582</td><td>29,336</td><td>25,689</td><td>15,596</td></tr><tr><td>French West Indies and Guiana</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><td>205</td></tr><tr><td>Mexico</td><td>8,696</td><td>9,015</td><td>9,670</td><td>10,606</td><td>11,002</td><td>10,945</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><td>17,186</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>353</td></tr><tr><td>Panama</td><td>840</td><td>764</td><td>823</td><td>979</td><td>1,076</td><td>1,927</td><td>2,789</td><td>2,875</td><td>1,135</td><td>1,145</td><td>1,780</td><td>1,628</td><td>1,347</td></tr><tr><td>Peru</td><td>1,946</td><td>1,317</td><td>1,342</td><td>1,660</td><td>1,943</td><td>3,319</td><td>3,504</td><td>3,803</td><td>3,646</td><td>3,845</td><td>3,488</td><td>3,378</td><td>3,598</td></tr><tr><td>Venezuela</td><td>5,224</td><td>5,224</td><td>5,670</td><td>6,057</td><td>6,051</td><td>6,570</td><td>6,861</td><td>7,699</td><td>7,392</td><td>7,719</td><td>7,909</td><td>8,136</td><td>8,074</td></tr><tr><td>Other Latin America</td><td>23,720</td><td>24,072</td><td>29,446</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><td>25,832</td></tr><tr><td>Total Latin America</td><td>116,578</td><td>121,570</td><td>113,963</td><td>145,628</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><td>185,282</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</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><td>28,581</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>1</td><td>190</td><td>1</td><td>1</td><td>19</td><td>176</td><td>19</td><td>46</td><td>20</td><td>58</td><td>19</td></tr><tr><td>Hong Kong</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><td>2,935</td></tr><tr><td>India, Burma, and Ceylon</td><td>15,021</td><td>8,047</td><td>7,155</td><td>7,052</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><td>10,782</td></tr><tr><td>British Malaya</td><td>142</td><td>140</td><td>140</td><td>139</td><td>135</td><td>149</td><td>333</td><td>235</td><td>190</td><td>336</td><td>88</td><td>1,680</td><td>129</td></tr><tr><td>Japan</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><td>300</td></tr><tr><td>Netherlands East Indies</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>1,171</td><td>1,258</td></tr><tr><td>Philippine Islands</td><td>26,022</td><td>13,577</td><td>13,024</td><td>13,658</td><td>13,847</td><td>18,499</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,696</td><td>16,667</td><td>18,543</td><td>19,204</td></tr><tr><td>Turkey</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><td>914</td></tr><tr><td>Other Asia</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><td>3,868</td></tr><tr><td>Total Asia</td><td>60,711</td><td>30,797</td><td>37,314</td><td>29,148</td><td>29,869</td><td>40,551</td><td>43,575</td><td>53,599</td><td>57,133</td><td>54,410</td><td>56,236</td><td>57,143</td><td>67,990</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>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>2,874</td><td>2,887</td></tr><tr><td>New Zealand</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><td>1,240</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>438</td></tr><tr><td>French Morocco</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><td>36</td></tr><tr><td>Union of South Africa</td><td>4,398</td><td>4,522</td><td>4,149</td><td>5,001</td><td>4,743</td><td>4,959</td><td>5,319</td><td>5,821</td><td>6,650</td><td>7,797</td><td>8,453</td><td>8,035</td><td>8,060</td></tr><tr><td>All other</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><td>2,661</td></tr><tr><td>Total other countries</td><td>8,229</td><td>7,319</td><td>6,874</td><td>8,555</td><td>9,702</td><td>10,560</td><td>10,315</td><td>10,608</td><td>11,345</td><td>12,814</td><td>15,226</td><td>14,723</td><td>15,322</td></tr><tr><td>Unidentified</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><td>310</td></tr><tr><td><b>Grand total</b></td><td>306,460</td><td>270,226</td><td>259,952</td><td>331,320</td><td>392,766</td><td>406,286</td><td>406,801</td><td>431,930</td><td>434,270</td><td>490,703</td><td>511,024</td><td>561,416</td><td>580,150</td></tr></table>
January 1947
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>823,952</td><td>746,157</td><td>740,221</td><td>699,617</td><td>701,694</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>661,071</td><td>525,326</td></tr><tr><td>France</td><td>356,684</td><td>313,417</td><td>360,321</td><td>327,256</td><td>310,040</td><td>398,293</td><td>380,567</td><td>364,453</td><td>305,782</td><td>319,659</td><td>285,961</td><td>275,207</td><td>250,769</td></tr><tr><td>Belgium</td><td>149,908</td><td>218,615</td><td>195,602</td><td>182,997</td><td>185,029</td><td>184,865</td><td>167,558</td><td>166,263</td><td>176,442</td><td>177,786</td><td>175,748</td><td>169,008</td><td>160,098</td></tr><tr><td>Denmark</td><td>14,420</td><td>16,825</td><td>20,070</td><td>24,327</td><td>25,921</td><td>40,083</td><td>41,555</td><td>44,243</td><td>47,375</td><td>48,554</td><td>49,745</td><td>50,361</td><td>52,087</td></tr><tr><td>Finland</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><td>13,142</td></tr><tr><td>Germany</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><td>6,467</td></tr><tr><td>Greece</td><td>63,171</td><td>66,097</td><td>68,669</td><td>70,977</td><td>70,790</td><td>69,964</td><td>69,666</td><td>74,932</td><td>76,617</td><td>75,514</td><td>72,277</td><td>64,143</td><td>60,095</td></tr><tr><td>Italy</td><td>53,886</td><td>58,479</td><td>61,980</td><td>65,360</td><td>70,371</td><td>71,108</td><td>97,480</td><td>100,507</td><td>123,446</td><td>130,491</td><td>136,954</td><td>165,511</td><td>174,344</td></tr><tr><td>Luxembourg</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><td>22,756</td></tr><tr><td>Netherlands</td><td>217,968</td><td>220,563</td><td>228,051</td><td>269,642</td><td>281,567</td><td>293,914</td><td>282,182</td><td>294,959</td><td>294,909</td><td>258,366</td><td>256,090</td><td>234,137</td><td>227,080</td></tr><tr><td>Norway</td><td>187,118</td><td>184,364</td><td>182,673</td><td>182,936</td><td>216,071</td><td>176,459</td><td>175,002</td><td>174,016</td><td>159,290</td><td>161,645</td><td>161,051</td><td>148,865</td><td>142,283</td></tr><tr><td>Portugal</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><td>50,202</td></tr><tr><td>Rumania</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><td>8,489</td></tr><tr><td>Spain</td><td>40,376</td><td>32,589</td><td>24,443</td><td>31,208</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,363</td><td>36,205</td><td>35,467</td><td>32,330</td><td>20,732</td><td>18,225</td></tr><tr><td>Sweden</td><td>194,338</td><td>199,062</td><td>213,466</td><td>217,196</td><td>210,145</td><td>213,959</td><td>212,880</td><td>205,164</td><td>199,991</td><td>195,957</td><td>191,700</td><td>204,443</td><td>196,294</td></tr><tr><td>Switzerland</td><td>273,781</td><td>277,668</td><td>284,420</td><td>289,966</td><td>304,228</td><td>315,457</td><td>316,218</td><td>321,155</td><td>324,414</td><td>323,231</td><td>332,538</td><td>336,746</td><td>359,032</td></tr><tr><td>U. S. S. R.</td><td>25,724</td><td>25,404</td><td>24,373</td><td>24,848</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>59,499</td><td>50,205</td><td>47,320</td></tr><tr><td>Yugoslavia</td><td>5,113</td><td>5,216</td><td>5,229</td><td>5,441</td><td>5,735</td><td>6,349</td><td>6,555</td><td>6,766</td><td>7,675</td><td>7,257</td><td>7,429</td><td>8,275</td><td>8,739</td></tr><tr><td>Other Europe</td><td>46,922</td><td>44,951</td><td>44,462</td><td>44,317</td><td>43,675</td><td>46,398</td><td>44,384</td><td>51,217</td><td>53,563</td><td>57,422</td><td>62,326</td><td>65,915</td><td>67,638</td></tr><tr><td>Total Europe</td><td>2,538,551</td><td>2,501,012</td><td>2,544,956</td><td>2,529,334</td><td>2,582,962</td><td>2,655,350</td><td>2,588,818</td><td>2,512,425</td><td>2,502,544</td><td>2,393,247</td><td>2,257,416</td><td>2,554,375</td><td>2,391,008</td></tr><tr><td>Canada</td><td>1,449,866</td><td>1,492,073</td><td>1,551,790</td><td>1,545,733</td><td>1,522,155</td><td>1,350,718</td><td>1,349,736</td><td>1,359,712</td><td>1,344,138</td><td>1,288,229</td><td>1,263,755</td><td>1,284,303</td><td>1,219,566</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</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><td>147,879</td></tr><tr><td>Bolivia</td><td>18,045</td><td>17,858</td><td>17,879</td><td>15,041</td><td>14,498</td><td>13,598</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><td>11,499</td></tr><tr><td>Brazil</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>231,004</td><td>255,861</td></tr><tr><td>Chile</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><td>53,863</td></tr><tr><td>Colombia</td><td>90,188</td><td>93,247</td><td>83,078</td><td>84,508</td><td>75,155</td><td>82,446</td><td>80,604</td><td>77,539</td><td>72,413</td><td>69,597</td><td>66,344</td><td>75,241</td><td>67,361</td></tr><tr><td>Costa Rica</td><td>7,031</td><td>6,246</td><td>6,631</td><td>7,079</td><td>6,889</td><td>5,953</td><td>5,693</td><td>6,297</td><td>6,005</td><td>6,901</td><td>6,730</td><td>6,754</td><td>6,536</td></tr><tr><td>Cuba</td><td>156,936</td><td>154,476</td><td>145,374</td><td>136,461</td><td>128,293</td><td>122,222</td><td>120,488</td><td>139,473</td><td>152,692</td><td>163,653</td><td>169,636</td><td>167,024</td><td>175,613</td></tr><tr><td>French West Indies and Guiana</td><td>7,335</td><td>7,820</td><td>7,329</td><td>6,634</td><td>7,120</td><td>7,234</td><td>7,098</td><td>6,582</td><td>6,627</td><td>7,029</td><td>6,985</td><td>7,647</td><td>7,413</td></tr><tr><td>Mexico</td><td>158,720</td><td>164,449</td><td>164,306</td><td>111,818</td><td>116,368</td><td>125,881</td><td>128,287</td><td>140,729</td><td>122,317</td><td>119,765</td><td>137,075</td><td>135,301</td><td>143,070</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>14,106</td></tr><tr><td>Panama</td><td>87,813</td><td>89,072</td><td>90,461</td><td>90,732</td><td>88,721</td><td>89,435</td><td>87,476</td><td>91,181</td><td>90,325</td><td>88,913</td><td>87,083</td><td>84,813</td><td>84,280</td></tr><tr><td>Peru</td><td>38,770</td><td>38,797</td><td>42,625</td><td>45,904</td><td>43,926</td><td>43,421</td><td>45,019</td><td>41,875</td><td>39,780</td><td>40,320</td><td>40,586</td><td>39,236</td><td>38,793</td></tr><tr><td>Venezuela</td><td>43,041</td><td>44,327</td><td>48,452</td><td>38,323</td><td>49,688</td><td>35,950</td><td>42,374</td><td>41,304</td><td>49,477</td><td>50,339</td><td>46,060</td><td>42,328</td><td>50,916</td></tr><tr><td>Other Latin America</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><td>169,367</td></tr><tr><td>Total Latin America</td><td>1,087,358</td><td>1,110,567</td><td>1,097,740</td><td>1,045,743</td><td>1,046,442</td><td>1,050,940</td><td>1,043,489</td><td>1,093,952</td><td>1,077,721</td><td>1,108,072</td><td>1,151,271</td><td>1,174,354</td><td>1,226,557</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</td><td>578,666</td><td>588,461</td><td>591,685</td><td>581,380</td><td>582,276</td><td>756,258</td><td>737,967</td><td>732,087</td><td>711,030</td><td>695,384</td><td>657,045</td><td>611,924</td><td>561,842</td></tr><tr><td>French Indo-China</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><td>54,956</td></tr><tr><td>Hong Kong</td><td>21,738</td><td>21,882</td><td>21,731</td><td>22,115</td><td>27,355</td><td>30,467</td><td>31,828</td><td>34,801</td><td>36,426</td><td>35,360</td><td>37,755</td><td>33,238</td><td>34,117</td></tr><tr><td>India, Burma, and Ceylon</td><td>25,250</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,380</td><td>29,367</td><td>35,729</td><td>25,654</td><td>34,620</td><td>37,585</td><td>36,097</td><td>33,161</td><td>28,275</td></tr><tr><td>British Malaya</td><td>918</td><td>920</td><td>987</td><td>1,032</td><td>1,201</td><td>1,657</td><td>1,644</td><td>1,471</td><td>1,617</td><td>1,804</td><td>1,599</td><td>2,176</td><td>10,306</td></tr><tr><td>Japan</td><td>3,941</td><td>4,214</td><td>4,158</td><td>4,077</td><td>4,137</td><td>3,983</td><td>3,853</td><td>3,805</td><td>3,661</td><td>3,670</td><td>3,526</td><td>9,165</td><td>13,390</td></tr><tr><td>Netherlands East Indies</td><td>108,775</td><td>99,296</td><td>104,447</td><td>103,758</td><td>113,726</td><td>110,013</td><td>100,745</td><td>99,028</td><td>102,084</td><td>103,645</td><td>100,222</td><td>114,263</td><td>120,140</td></tr><tr><td>Philippine Islands</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>442,366</td><td>466,899</td></tr><tr><td>Turkey</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>66,061</td><td>66,918</td><td>71,998</td><td>69,278</td><td>64,474</td><td>62,926</td></tr><tr><td>Other Asia</td><td>74,195</td><td>76,685</td><td>83,747</td><td>72,997</td><td>77,959</td><td>75,119</td><td>78,385</td><td>86,336</td><td>81,924</td><td>87,369</td><td>86,817</td><td>89,466</td><td>84,631</td></tr><tr><td>Total Asia</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><td>1,437,482</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>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><td>33,645</td></tr><tr><td>New Zealand</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><td>5,198</td></tr><tr><td>Egypt and
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>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><td>1,381</td></tr><tr><td>France</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>268</td><td>287</td><td>254</td></tr><tr><td>Belgium</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><td>104</td></tr><tr><td>Denmark</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>50</td><td>60</td><td>70</td></tr><tr><td>Finland</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><td>7</td></tr><tr><td>Germany</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><td>1</td></tr><tr><td>Greece</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><td>2</td></tr><tr><td>Italy</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>1</td><td>1</td><td>1</td></tr><tr><td>Luxembourg</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><td>130</td></tr><tr><td>Netherlands</td><td>201</td><td>187</td><td>177</td><td>159</td><td>144</td><td>635</td><td>568</td><td>502</td><td>466</td><td>386</td><td>252</td><td>276</td><td>185</td></tr><tr><td>Norway</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><td>8</td></tr><tr><td>Portugal</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>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Rumania</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><td>62</td></tr><tr><td>Spain</td><td>1,143</td><td>904</td><td>797</td><td>686</td><td>869</td><td>1,179</td><td>1,036</td><td>1,071</td><td>920</td><td>1,058</td><td>825</td><td>847</td><td>660</td></tr><tr><td>Sweden</td><td>1,460</td><td>427</td><td>427</td><td>425</td><td>429</td><td>409</td><td>409</td><td>404</td><td>353</td><td>320</td><td>275</td><td>233</td><td>193</td></tr><tr><td>Switzerland</td><td>-</td><td>-</td><td>-</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. 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>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><td>3,056</td></tr><tr><td>Total Europe</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><td>5,676</td></tr><tr><td>Canada</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><td>1,440</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>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><td>1,707</td></tr><tr><td>Bolivia</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><td>808</td></tr><tr><td>Brazil</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><td>98</td></tr><tr><td>Chile</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>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Colombia</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>4,442</td><td>5,707</td><td>5,025</td><td>5,258</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</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><td>1,524</td></tr><tr><td>French West Indies and Guiana</td><td>19</td><td>22</td><td>19</td><td>21</td><td>15</td><td>13</td><td>30</td><td>4</td><td>3</td><td>1</td><td>1</td><td>1</td><td>91</td></tr><tr><td>Mexico</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><td>82</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>30</td></tr><tr><td>Panama</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><td>1,717</td></tr><tr><td>Peru</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><td>4,801</td></tr><tr><td>Venezuela</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><td>17,627</td></tr><tr><td>Other 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>Total Latino America</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><td>6,556</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>Chino and Manchuria</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>5,472</td><td>6,792</td><td>6,460</td></tr><tr><td>French Indo-China</td><td>12</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>1</td><td>1</td><td>1</td></tr><tr><td>Hong Kong</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><td>90</td></tr><tr><td>Iodin, Burma, and Ceylon</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><td>1</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>46</td><td>88</td><td>14</td><td>3</td><td>148</td><td>85</td><td>346</td><td>5</td><td>6</td><td>6</td><td>4</td><td>1</td></tr><tr><td>Netherlands East Indies</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><td>5</td></tr><tr><td>Philippine Islands</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><td>5</td></tr><tr><td>Turkey</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><td>6,556</td></tr><tr><td>Other Asia</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><td>70</td></tr><tr><td>Total other countries</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</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>Other countries</td><td>34,083</td><td>33,102</td><td>34,702</td><td>34,010</td><td>36,397</td><td>40,665</td><td>40,531</td><td>35,936</td><td>36,445</td><td>35,315</td><td>37,675</td><td>36,655</td><td>32,985</td></tr><tr><td>Australia</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><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>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><td>19</td></tr><tr><td>French Morocco</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Union of South Africa</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><td>38</td></tr><tr><td>All other</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><td>70</td></tr><tr><td>Total other countries</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</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>Uidentified</td><td>34,083</td><td>33,102</td><td>34,702</td><td>34,010</td><td>36,397</td><td>40,665</td><td>40,531</td><td>35,936</td><td>36,445</td><td>35,315</td><td>37,675</td><td>36,655</td><td>32,985</td></tr><tr><td>Grand total</td><td>34,083</td><td>33,102</td><td>34,702</td><td>34,010</td><td>36,397</td><td>40,665</td><td>40,531</td><td>35,936</td><td>36,445</td><td>35,315</td><td>37,675</td><td>36,655</td><td>32,985</td></tr></table>
January 1947
93
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
(Portion at end of month in thousands of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>3,095</td><td>3,862</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><td>4,576</td></tr><tr><td>France</td><td>9,516</td><td>9,406</td><td>9,512</td><td>9,347</td><td>9,850</td><td>10,504</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><td>10,005</td></tr><tr><td>Belgium</td><td>1,503</td><td>1,606</td><td>1,480</td><td>1,260</td><td>1,531</td><td>1,672</td><td>1,543</td><td>1,523</td><td>1,559</td><td>1,444</td><td>1,466</td><td>1,926</td><td>2,197</td></tr><tr><td>Denmark</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>1148</td><td>146</td></tr><tr><td>Finland</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>3</td><td>2</td><td>2</td></tr><tr><td>Germany</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>326</td><td>302</td></tr><tr><td>Greece</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><td>21</td></tr><tr><td>Italy</td><td>179</td><td>179</td><td>190</td><td>191</td><td>275</td><td>247</td><td>245</td><td>254</td><td>316</td><td>342</td><td>282</td><td>325</td><td>264</td></tr><tr><td>Luxembourg</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>543</td><td>782</td><td>657</td></tr><tr><td>Netherlands</td><td>18,219</td><td>18,596</td><td>19,052</td><td>17,984</td><td>19,859</td><td>10,117</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><td>9,608</td></tr><tr><td>Norway</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><td>1,060</td></tr><tr><td>Portugal</td><td>185</td><td>171</td><td>160</td><td>116</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><td>125</td></tr><tr><td>Romania</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><td>48</td></tr><tr><td>Spain</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><td>113</td></tr><tr><td>Sweden</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><td>646</td></tr><tr><td>Switzerland</td><td>22,552</td><td>23,508</td><td>22,887</td><td>23,637</td><td>25,965</td><td>26,274</td><td>26,689</td><td>27,920</td><td>27,720</td><td>28,088</td><td>29,036</td><td>29,399</td><td>31,401</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</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>48</td><td>49</td><td>49</td></tr><tr><td>Other Europe</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><td>1,626</td></tr><tr><td>Total Europe</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><td>62,846</td></tr><tr><td>Canada</td><td>5,242</td><td>5,326</td><td>5,615</td><td>6,872</td><td>7,696</td><td>8,386</td><td>7,437</td><td>6,907</td><td>7,322</td><td>6,919</td><td>6,347</td><td>5,805</td><td>5,387</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>4,207</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>5,590</td><td>6,469</td><td>6,229</td><td>6,400</td><td>5,750</td><td>7,275</td></tr><tr><td>Bolivia</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><td>35</td></tr><tr><td>Brazil</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>1,649</td><td>1,425</td><td>746</td></tr><tr><td>Chile</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><td>545</td></tr><tr><td>Colombia</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><td>294</td></tr><tr><td>Costa Rica</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><td>59</td></tr><tr><td>Cuba</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><td>527</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>14</td><td>-</td><td>-</td><td>3</td><td>1</td><td>1</td><td>33</td></tr><tr><td>Mexico</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>4,483</td><td>1,004</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>294</td><td>349</td><td>500</td><td>614</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><td>4,798</td></tr><tr><td>Panama</td><td>5,660</td><td>6,163</td><td>6,505</td><td>6,798</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><td>9,041</td></tr><tr><td>Peru</td><td>91</td><td>132</td><td>104</td><td>140</td><td>140</td><td>181</td><td>186</td><td>118</td><td>187</td><td>274</td><td>183</td><td>259</td><td>145</td></tr><tr><td>Venezuela</td><td>1,112</td><td>1,743</td><td>2,115</td><td>2,640</td><td>2,632</td><td>2,348</td><td>2,103</td><td>2,133</td><td>2,405</td><td>2,563</td><td>2,875</td><td>2,964</td><td>2,932</td></tr><tr><td>Other Latin America</td><td>828</td><td>940</td><td>1,016</td><td>828</td><td>1,095</td><td>1,746</td><td>1,956</td><td>1,522</td><td>1,111</td><td>1,000</td><td>1,075</td><td>969</td><td>1,124</td></tr><tr><td>Total Latin America</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><td>28,558</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</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><td>2,026</td></tr><tr><td>French Indo-China</td><td>6</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>57</td><td>48</td><td>52</td><td>44</td><td>47</td><td>47</td><td>89</td><td>13</td><td>61</td><td>84</td><td>117</td><td>95</td><td>164</td></tr><tr><td>India, Burma, and Ceylon</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>33</td><td>38</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>2</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>33</td><td>24</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>44</td></tr><tr><td>Netherlands East Indies</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><td>4</td></tr><tr><td>Philippine Islands</td><td>1,269</td><td>1,395</td><td>1,268</td><td>1,445</td><td>1,533</td><td>1,618</td><td>1,777</td><td>2,875</td><td>2,195</td><td>1,963</td><td>2,127</td><td>2,192</td><td>1,976</td></tr><tr><td>Turkey</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><td>1</td></tr><tr><td>Other Asia</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><td>253</td></tr><tr><td>Total Asia</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>4,879</td><td>4,510</td><td>4,508</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>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><td>58</td></tr><tr><td>New Zealand</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><td>33</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>166</td></tr><tr><td>French Morocco</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><td>87</td></tr><tr><td>Union of South Africa</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><td>49</td></tr><tr><td>All other</td><td>1,673</td><td>1,922</td><td>1,887</td><td>2,078</td><td>934</td><td>1,056</td><td>832</td><td>879</td><td>891</td><td>970</td><td>1,050</td><td>1,132</td><td>1,122</td></tr><tr><td>Total other countries</td><td>1,963</td><td>2,178</td><td>2,137</td><td>2,327</td><td>1,225</td><td>1,389</td><td>1,198</td><td>1,273</td><td>1,288</td><td>1,362</td><td>1,420</td><td>1,603</td><td>1,521</td></tr><tr><td>Unidentified</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><td>74</td></tr><tr><td>Grand total</td><td>86,336</td><td>90,824</td><td>92,197</td><td>96,141</td><td>103,603</td><td>98,939</td><td>97,595</td><td>98,956</td><td>101,258</td><td>99,386</td><td>102,192</td><td>100,728</td><td>102,894</td></tr></table>
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of August 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>65,834</td><td>61,676</td><td>49,954</td><td>4,349</td><td>7,373</td><td>4,158</td><td>1,100</td><td>1,623</td><td>1,429</td></tr><tr><td>France</td><td>3,064</td><td>206</td><td>119</td><td>41</td><td>46</td><td>2,858</td><td>2,268</td><td>6</td><td>584</td></tr><tr><td>Belgium</td><td>9,073</td><td>228</td><td>217</td><td>8</td><td>3</td><td>8,845</td><td>137</td><td>2,551</td><td>6,157</td></tr><tr><td>Denmark</td><td>343</td><td>59</td><td>40</td><td>17</td><td>2</td><td>284</td><td>-</td><td>165</td><td>119</td></tr><tr><td>Finland</td><td>3,973</td><td>3</td><td>2</td><td>-</td><td>1</td><td>3,970</td><td>1,814</td><td>1,537</td><td>619</td></tr><tr><td>Germany</td><td>33,852</td><td>51</td><td>6</td><td>28</td><td>17</td><td>33,801</td><td>20,556</td><td>67</td><td>13,178</td></tr><tr><td>Greece</td><td>2,089</td><td>26</td><td>-</td><td>8</td><td>18</td><td>2,063</td><td>891</td><td>7</td><td>1,105</td></tr><tr><td>Italy</td><td>8,791</td><td>243</td><td>20</td><td>209</td><td>14</td><td>8,548</td><td>1,505</td><td>34</td><td>6,989</td></tr><tr><td>Luxembourg</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72</td><td>8</td><td>-</td><td>64</td></tr><tr><td>Netherlands</td><td>121,516</td><td>298</td><td>250</td><td>44</td><td>4</td><td>121,218</td><td>110,506</td><td>99</td><td>10,613</td></tr><tr><td>Norway</td><td>472</td><td>121</td><td>67</td><td>15</td><td>39</td><td>351</td><td>-</td><td>170</td><td>131</td></tr><tr><td>Portugal</td><td>743</td><td>210</td><td>204</td><td>4</td><td>2</td><td>533</td><td>50</td><td>-</td><td>483</td></tr><tr><td>Rumania</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td><td>1</td><td>-</td><td>32</td></tr><tr><td>Spain</td><td>3,327</td><td>160</td><td>15</td><td>5</td><td>140</td><td>3,167</td><td>503</td><td>4</td><td>2,655</td></tr><tr><td>Sweden</td><td>5,489</td><td>1,413</td><td>1,002</td><td>360</td><td>51</td><td>4,076</td><td>126</td><td>2,852</td><td>1,098</td></tr><tr><td>Switzerland</td><td>4,687</td><td>926</td><td>542</td><td>370</td><td>14</td><td>3,761</td><td>293</td><td>-</td><td>3,468</td></tr><tr><td>U. S. S. R.</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>6</td><td>3</td><td>-</td><td>-</td><td>3</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>4,307</td><td>255</td><td>205</td><td>30</td><td>20</td><td>4,052</td><td>1,515</td><td>-</td><td>2,537</td></tr><tr><td>Total Europe</td><td>267,683</td><td>65,890</td><td>52,655</td><td>5,488</td><td>7,747</td><td>201,793</td><td>141,365</td><td>9,115</td><td>51,313</td></tr><tr><td>Canada</td><td>43,563</td><td>27,076</td><td>18,511</td><td>6,550</td><td>2,015</td><td>16,487</td><td>2,537</td><td>1,574</td><td>12,376</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>25,578</td><td>1,044</td><td>303</td><td>691</td><td>50</td><td>24,534</td><td>15,189</td><td>2,013</td><td>6,732</td></tr><tr><td>Bolivia</td><td>3,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,240</td><td>424</td><td>-</td><td>2,816</td></tr><tr><td>Brazil</td><td>41,287</td><td>83</td><td>81</td><td>1</td><td>1</td><td>41,204</td><td>7,250</td><td>1,904</td><td>32,050</td></tr><tr><td>Chile</td><td>10,553</td><td>3</td><td>1</td><td>-</td><td>2</td><td>10,550</td><td>261</td><td>2,197</td><td>8,092</td></tr><tr><td>Colombia</td><td>22,587</td><td>85</td><td>-</td><td>54</td><td>1</td><td>22,502</td><td>6,973</td><td>2,511</td><td>13,018</td></tr><tr><td>Costa Rica</td><td>9,846</td><td>1</td><td>-</td><td>1</td><td>-</td><td>9,845</td><td>8,240</td><td>9</td><td>1,590</td></tr><tr><td>Cuba</td><td>15,596</td><td>296</td><td>295</td><td>-</td><td>1</td><td>15,300</td><td>1,398</td><td>2,134</td><td>11,768</td></tr><tr><td>French West Indies and Guiana</td><td>205</td><td>-</td><td>-</td><td>-</td><td>-</td><td>205</td><td>-</td><td>-</td><td>205</td></tr><tr><td>Mexico</td><td>17,186</td><td>1,494</td><td>1,278</td><td>166</td><td>50</td><td>15,692</td><td>1,856</td><td>2,166</td><td>11,670</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>353</td><td>10</td><td>-</td><td>-</td><td>10</td><td>343</td><td>-</td><td>-</td><td>343</td></tr><tr><td>Panama</td><td>1,347</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,346</td><td>21</td><td>17</td><td>1,308</td></tr><tr><td>Peru</td><td>3,593</td><td>32</td><td>5</td><td>-</td><td>27</td><td>3,566</td><td>253</td><td>47</td><td>3,266</td></tr><tr><td>Venezuela</td><td>8,074</td><td>130</td><td>87</td><td>40</td><td>3</td><td>7,944</td><td>3,168</td><td>35</td><td>4,741</td></tr><tr><td>Other Latin America</td><td>25,832</td><td>161</td><td>132</td><td>-</td><td>29</td><td>25,671</td><td>14,271</td><td>448</td><td>10,952</td></tr><tr><td>Total Latin America</td><td>135,282</td><td>3,340</td><td>2,182</td><td>983</td><td>175</td><td>181,942</td><td>59,310</td><td>14,031</td><td>103,551</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 Manchurie</td><td>28,581</td><td>2,482</td><td>2,435</td><td>4</td><td>43</td><td>26,099</td><td>13,251</td><td>2,941</td><td>9,907</td></tr><tr><td>French Indo-China</td><td>19</td><td>1</td><td>-</td><td>-</td><td>1</td><td>18</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Hong Kong</td><td>2,935</td><td>572</td><td>346</td><td>128</td><td>98</td><td>2,363</td><td>1,244</td><td>216</td><td>903</td></tr><tr><td>India, Burma, and Ceylon</td><td>10,782</td><td>4,934</td><td>1,247</td><td>3,637</td><td>50</td><td>5,843</td><td>3,674</td><td>742</td><td>1,432</td></tr><tr><td>British Malaya</td><td>129</td><td>14</td><td>14</td><td>-</td><td>-</td><td>115</td><td>21</td><td>55</td><td>39</td></tr><tr><td>Japan</td><td>300</td><td>3</td><td>2</td><td>1</td><td>-</td><td>297</td><td>262</td><td>-</td><td>15</td></tr><tr><td>Netherlands East Indies</td><td>1,258</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1,253</td><td>-</td><td>1,204</td><td>49</td></tr><tr><td>Philippine Islands</td><td>19,204</td><td>230</td><td>141</td><td>-</td><td>89</td><td>18,974</td><td>9,099</td><td>2,782</td><td>7,153</td></tr><tr><td>Turkey</td><td>914</td><td>7</td><td>-</td><td>7</td><td>-</td><td>907</td><td>69</td><td>-</td><td>838</td></tr><tr><td>Other Asia</td><td>3,868</td><td>167</td><td>150</td><td>-</td><td>17</td><td>3,701</td><td>553</td><td>-</td><td>3,148</td></tr><tr><td>Total Asia</td><td>67,990</td><td>8,415</td><td>4,340</td><td>3,777</td><td>298</td><td>59,575</td><td>28,193</td><td>7,830</td><td>23,502</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>2,887</td><td>1,561</td><td>1,492</td><td>32</td><td>37</td><td>1,326</td><td>82</td><td>528</td><td>716</td></tr><tr><td>New Zealand</td><td>1,240</td><td>448</td><td>436</td><td>3</td><td>9</td><td>792</td><td>-</td><td>35</td><td>757</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>433</td><td>8</td><td>2</td><td>-</td><td>6</td><td>430</td><td>5</td><td>117</td><td>308</td></tr><tr><td>French Morocco</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>8</td><td>-</td><td>28</td></tr><tr><td>Union of South Africa</td><td>8,060</td><td>1,339</td><td>490</td><td>347</td><td>502</td><td>6,721</td><td>-</td><td>180</td><td>6,541</td></tr><tr><td>All other</td><td>2,661</td><td>16</td><td>2</td><td>14</td><td>-</td><td>2,645</td><td>355</td><td>-</td><td>2,290</td></tr><tr><td>Total other countries</td><td>15,322</td><td>3,372</td><td>2,422</td><td>382</td><td>568</td><td>11,950</td><td>450</td><td>860</td><td>10,640</td></tr><tr><td>Unidentified</td><td>310</td><td>-</td><td>-</td><td>-</td><td>-</td><td>310</td><td>-</td><td>-</td><td>310</td></tr><tr><td>Grand total</td><td>580,150</td><td>108,093</td><td>80,110</td><td>17,180</td><td>10,803</td><td>472,057</td><td>231,855</td><td>33,510</td><td>206,692</td></tr></table>
January 1947
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of August 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="4">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>525,328</td><td>513,188</td><td>493,808</td><td>2,032</td><td>13,724</td><td>3,624</td><td>12,140</td><td>258</td><td>6,212</td><td>5,670</td></tr><tr><td>France</td><td>250,769</td><td>250,334</td><td>214,291</td><td>424</td><td>34,585</td><td>1,034</td><td>435</td><td>164</td><td>257</td><td>14</td></tr><tr><td>Belgium</td><td>160,098</td><td>159,927</td><td>149,181</td><td>756</td><td>9,561</td><td>429</td><td>171</td><td>47</td><td>3</td><td>121</td></tr><tr><td>Denmark</td><td>52,087</td><td>52,087</td><td>51,406</td><td>119</td><td>369</td><td>193</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>13,142</td><td>13,139</td><td>12,689</td><td>-</td><td>14</td><td>450</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,467</td><td>6,452</td><td>6,334</td><td>71</td><td>14</td><td>33</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>60,095</td><td>60,068</td><td>55,992</td><td>399</td><td>358</td><td>3,319</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>174,344</td><td>174,333</td><td>173,512</td><td>206</td><td>490</td><td>125</td><td>11</td><td>9</td><td>-</td><td>2</td></tr><tr><td>Luxembourg</td><td>22,756</td><td>22,756</td><td>21,963</td><td>-</td><td>793</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>227,080</td><td>226,495</td><td>210,704</td><td>92</td><td>15,644</td><td>55</td><td>585</td><td>27</td><td>-</td><td>558</td></tr><tr><td>Norway</td><td>142,283</td><td>142,282</td><td>69,574</td><td>128</td><td>71,402</td><td>1,178</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>50,202</td><td>49,716</td><td>48,404</td><td>949</td><td>13</td><td>350</td><td>486</td><td>4</td><td>-</td><td>482</td></tr><tr><td>Romania</td><td>8,489</td><td>8,489</td><td>8,460</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>18,225</td><td>18,100</td><td>17,585</td><td>411</td><td>100</td><td>4</td><td>125</td><td>123</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>196,294</td><td>196,101</td><td>83,811</td><td>11,526</td><td>100,500</td><td>264</td><td>193</td><td>124</td><td>-</td><td>69</td></tr><tr><td>Switzerland</td><td>359,032</td><td>358,645</td><td>336,951</td><td>5,292</td><td>13,982</td><td>2,420</td><td>387</td><td>122</td><td>-</td><td>265</td></tr><tr><td>U. S. S. R.</td><td>47,920</td><td>47,920</td><td>47,780</td><td>57</td><td>-</td><td>83</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,739</td><td>8,738</td><td>8,677</td><td>41</td><td>20</td><td>104</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>67,658</td><td>67,639</td><td>67,293</td><td>81</td><td>161</td><td>-</td><td>19</td><td>5</td><td>-</td><td>14</td></tr><tr><td>Total Europe</td><td>2,391,008</td><td>2,376,409</td><td>2,078,415</td><td>22,613</td><td>261,716</td><td>13,665</td><td>14,599</td><td>925</td><td>6,472</td><td>7,202</td></tr><tr><td>Canada</td><td>1,219,566</td><td>1,214,759</td><td>304,777</td><td>1,621</td><td>906,327</td><td>2,034</td><td>4,807</td><td>728</td><td>6</td><td>4,073</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>147,879</td><td>147,841</td><td>141,255</td><td>2,564</td><td>3,885</td><td>137</td><td>38</td><td>28</td><td>-</td><td>10</td></tr><tr><td>Bolivia</td><td>11,499</td><td>11,499</td><td>11,491</td><td>8</td><td>-</td><td>-</td><td>9</td><td>7</td><td>-</td><td>2</td></tr><tr><td>Brazil</td><td>255,861</td><td>255,852</td><td>235,932</td><td>16,646</td><td>-</td><td>3,274</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>53,863</td><td>53,859</td><td>53,275</td><td>516</td><td>-</td><td>68</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>67,361</td><td>67,360</td><td>66,449</td><td>910</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,536</td><td>6,532</td><td>5,970</td><td>562</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Cuba</td><td>175,613</td><td>175,612</td><td>173,253</td><td>1,613</td><td>789</td><td>17</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>French West Indies and Guiana</td><td>7,413</td><td>7,412</td><td>7,411</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>143,070</td><td>143,031</td><td>141,087</td><td>1,884</td><td>20</td><td>40</td><td>39</td><td>6</td><td>-</td><td>33</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>14,106</td><td>14,106</td><td>12,094</td><td>-</td><td>2,011</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>84,280</td><td>84,279</td><td>65,339</td><td>20</td><td>18,920</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>38,793</td><td>38,794</td><td>34,079</td><td>1,262</td><td>3,440</td><td>3</td><td>9</td><td>5</td><td>-</td><td>4</td></tr><tr><td>Venezuela</td><td>50,916</td><td>50,916</td><td>50,842</td><td>66</td><td>7</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>169,367</td><td>169,059</td><td>151,236</td><td>1,412</td><td>15,327</td><td>1,084</td><td>308</td><td>307</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,226,557</td><td>1,226,142</td><td>1,149,713</td><td>27,464</td><td>44,339</td><td>4,626</td><td>415</td><td>359</td><td>-</td><td>56</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</td><td>561,842</td><td>561,041</td><td>178,037</td><td>4,599</td><td>373,821</td><td>4,584</td><td>801</td><td>216</td><td>-</td><td>585</td></tr><tr><td>French Indo-China</td><td>54,956</td><td>54,956</td><td>40,176</td><td>-</td><td>14,753</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>34,117</td><td>29,222</td><td>28,281</td><td>300</td><td>500</td><td>141</td><td>4,895</td><td>4,885</td><td>-</td><td>10</td></tr><tr><td>India, Burma, and Ceylon</td><td>28,275</td><td>27,948</td><td>25,253</td><td>2,522</td><td>50</td><td>123</td><td>327</td><td>68</td><td>174</td><td>85</td></tr><tr><td>British Malaya</td><td>10,306</td><td>10,306</td><td>10,137</td><td>161</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>13,390</td><td>13,356</td><td>12,643</td><td>456</td><td>22</td><td>235</td><td>34</td><td>22</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>120,140</td><td>120,138</td><td>54,907</td><td>294</td><td>64,925</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>466,899</td><td>466,695</td><td>460,149</td><td>3,254</td><td>554</td><td>2,738</td><td>204</td><td>104</td><td>-</td><td>100</td></tr><tr><td>Turkey</td><td>62,926</td><td>62,926</td><td>60,969</td><td>565</td><td>-</td><td>1,392</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>84,631</td><td>84,631</td><td>69,763</td><td>606</td><td>13,760</td><td>502</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,437,482</td><td>1,431,219</td><td>940,315</td><td>12,757</td><td>468,385</td><td>9,762</td><td>6,263</td><td>5,297</td><td>174</td><td>792</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>33,645</td><td>33,303</td><td>29,633</td><td>2,838</td><td>507</td><td>325</td><td>342</td><td>6</td><td>1</td><td>335</td></tr><tr><td>New Zealand</td><td>5,198</td><td>5,124</td><td>4,828</td><td>296</td><td>-</td><td>-</td><td>74</td><td>22</td><td>-</td><td>52</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>18,979</td><td>18,921</td><td>14,931</td><td>339</td><td>-</td><td>3,651</td><td>58</td><td>-</td><td>-</td><td>58</td></tr><tr><td>French Morocco</td><td>11,605</td><td>11,605</td><td>10,599</td><td>29</td><td>-</td><td>977</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>13,433</td><td>13,104</td><td>13,009</td><td>38</td><td>30</td><td>27</td><td>329</td><td>291</td><td>-</td><td>38</td></tr><tr><td>All other</td><td>91,919</td><td>91,629</td><td>85,118</td><td>213</td><td>6,001</td><td>297</td><td>290</td><td>85</td><td>-</td><td>205</td></tr><tr><td>Total other countries</td><td>174,779</td><td>173,686</td><td>158,118</td><td>3,753</td><td>6,538</td><td>5,277</td><td>1,093</td><td>404</td><td>1</td><td>688</td></tr><tr><td>International</td><td>300,256</td><td>300,256</td><td>300,256</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>18,151</td><td>18,151</td><td>18,151</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,767,799</td><td>6,740,622</td><td>4,949,745</td><td>68,208</td><td>1,687,305</td><td>35,364</td><td>27,177</td><td>7,713</td><td>6,553</td><td>12,811</td></tr></table>
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of August 1946 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>5,393</td><td>4,248</td><td>2,610</td><td>1,638</td><td>1,145</td><td>321</td><td>824</td><td>11,733</td><td>4,769</td><td>2,510</td><td>2,259</td><td>6,964</td><td>497</td><td>6,467</td></tr><tr><td>France</td><td>1,338</td><td>1,284</td><td>1,009</td><td>275</td><td>54</td><td>11</td><td>43</td><td>2,770</td><td>1,718</td><td>1,519</td><td>199</td><td>1,052</td><td>57</td><td>995</td></tr><tr><td>Belgium</td><td>591</td><td>533</td><td>222</td><td>311</td><td>58</td><td>7</td><td>51</td><td>1,085</td><td>220</td><td>204</td><td>16</td><td>865</td><td>520</td><td>345</td></tr><tr><td>Denmark</td><td>308</td><td>212</td><td>199</td><td>13</td><td>96</td><td>31</td><td>65</td><td>89</td><td>58</td><td>36</td><td>22</td><td>31</td><td>-</td><td>31</td></tr><tr><td>Finland</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6</td><td>6</td><td>4</td><td>2</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>15</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>80</td><td>69</td><td>69</td><td>-</td><td>11</td><td>11</td><td>-</td><td>68</td><td>45</td><td>45</td><td>-</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Italy</td><td>130</td><td>116</td><td>91</td><td>25</td><td>14</td><td>-</td><td>14</td><td>340</td><td>148</td><td>129</td><td>19</td><td>192</td><td>-</td><td>192</td></tr><tr><td>Luxembourg</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>60</td><td>53</td><td>44</td><td>9</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Netherlands</td><td>540</td><td>507</td><td>474</td><td>33</td><td>33</td><td>11</td><td>22</td><td>2,950</td><td>1,199</td><td>1,071</td><td>128</td><td>1,751</td><td>2</td><td>1,749</td></tr><tr><td>Norway</td><td>993</td><td>465</td><td>337</td><td>128</td><td>528</td><td>37</td><td>491</td><td>1,320</td><td>732</td><td>696</td><td>36</td><td>588</td><td>5</td><td>583</td></tr><tr><td>Portugal</td><td>45</td><td>43</td><td>11</td><td>32</td><td>2</td><td>-</td><td>2</td><td>64</td><td>25</td><td>12</td><td>13</td><td>39</td><td>-</td><td>39</td></tr><tr><td>Romania</td><td>1,024</td><td>900</td><td>900</td><td>-</td><td>124</td><td>124</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>181</td><td>174</td><td>163</td><td>11</td><td>7</td><td>7</td><td>7</td><td>62</td><td>28</td><td>22</td><td>6</td><td>34</td><td>-</td><td>34</td></tr><tr><td>Sweden</td><td>108</td><td>97</td><td>93</td><td>4</td><td>11</td><td>7</td><td>4</td><td>255</td><td>189</td><td>189</td><td>-</td><td>66</td><td>2</td><td>64</td></tr><tr><td>Switzerland</td><td>7,281</td><td>6,121</td><td>5,033</td><td>1,088</td><td>1,160</td><td>241</td><td>919</td><td>22,219</td><td>12,567</td><td>4,522</td><td>8,045</td><td>9,652</td><td>469</td><td>9,183</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>10</td><td>-</td><td>10</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Other Europe</td><td>200</td><td>196</td><td>165</td><td>31</td><td>4</td><td>3</td><td>1</td><td>253</td><td>210</td><td>152</td><td>58</td><td>43</td><td>3</td><td>40</td></tr><tr><td>Total Europe</td><td>18,255</td><td>15,006</td><td>11,415</td><td>3,591</td><td>3,249</td><td>804</td><td>2,445</td><td>43,322</td><td>22,004</td><td>11,173</td><td>10,831</td><td>21,318</td><td>1,562</td><td>19,756</td></tr><tr><td>Canada</td><td>36,138</td><td>7,722</td><td>4,407</td><td>3,315</td><td>28,416</td><td>2,665</td><td>25,751</td><td>24,620</td><td>10,265</td><td>4,369</td><td>5,896</td><td>14,333</td><td>3,031</td><td>11,324</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>41,974</td><td>2,119</td><td>2,105</td><td>14</td><td>39,855</td><td>241</td><td>39,614</td><td>5,750</td><td>1,860</td><td>1,014</td><td>846</td><td>3,890</td><td>55</td><td>3,835</td></tr><tr><td>Bolivia</td><td>68</td><td>-</td><td>-</td><td>-</td><td>68</td><td>-</td><td>68</td><td>6</td><td>5</td><td>5</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Brazil</td><td>743</td><td>313</td><td>295</td><td>18</td><td>430</td><td>40</td><td>390</td><td>529</td><td>292</td><td>249</td><td>43</td><td>237</td><td>3</td><td>234</td></tr><tr><td>Chile</td><td>498</td><td>137</td><td>183</td><td>4</td><td>311</td><td>47</td><td>264</td><td>290</td><td>228</td><td>228</td><td>-</td><td>62</td><td>21</td><td>41</td></tr><tr><td>Colombia</td><td>394</td><td>63</td><td>63</td><td>-</td><td>331</td><td>40</td><td>291</td><td>103</td><td>101</td><td>100</td><td>1</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Costa Rica</td><td>22</td><td>21</td><td>21</td><td>-</td><td>1</td><td>1</td><td>-</td><td>18</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>2,248</td><td>1,361</td><td>1,241</td><td>120</td><td>887</td><td>288</td><td>599</td><td>2,372</td><td>2,194</td><td>2,097</td><td>97</td><td>178</td><td>53</td><td>125</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>23</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,457</td><td>1,114</td><td>1,040</td><td>74</td><td>343</td><td>59</td><td>284</td><td>2,109</td><td>1,785</td><td>1,642</td><td>143</td><td>324</td><td>12</td><td>312</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>107</td><td>107</td><td>107</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>101</td><td>97</td><td>4</td><td>14</td><td>12</td><td>2</td></tr><tr><td>Panama</td><td>3,727</td><td>3,363</td><td>1,503</td><td>1,860</td><td>364</td><td>57</td><td>307</td><td>1,166</td><td>762</td><td>721</td><td>41</td><td>404</td><td>156</td><td>248</td></tr><tr><td>Peru</td><td>455</td><td>442</td><td>184</td><td>258</td><td>13</td><td>9</td><td>4</td><td>107</td><td>75</td><td>73</td><td>2</td><td>32</td><td>2</td><td>30</td></tr><tr><td>Venezuela</td><td>458</td><td>338</td><td>338</td><td>-</td><td>120</td><td>68</td><td>52</td><td>361</td><td>356</td><td>353</td><td>3</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,541</td><td>1,060</td><td>1,060</td><td>-</td><td>481</td><td>271</td><td>210</td><td>2,199</td><td>1,318</td><td>1,276</td><td>42</td><td>871</td><td>82</td><td>789</td></tr><tr><td>Total Latin America</td><td>53,692</td><td>10,488</td><td>8,140</td><td>2,348</td><td>43,204</td><td>1,121</td><td>42,083</td><td>15,138</td><td>9,119</td><td>7,896</td><td>1,222</td><td>6,020</td><td>402</td><td>5,618</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</td><td>1,300</td><td>1,133</td><td>1,083</td><td>50</td><td>167</td><td>113</td><td>54</td><td>2,969</td><td>2,620</td><td>1,115</td><td>1,505</td><td>349</td><td>11</td><td>338</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>197</td><td>197</td><td>150</td><td>47</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>60</td><td>60</td><td>60</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>25</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>4</td><td>1</td><td>3</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Netherlands East Indies</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,563</td><td>4,550</td><td>43</td><td>4,507</td><td>13</td><td>-</td><td>13</td></tr><tr><td>Philippine Islands</td><td>305</td><td>41</td><td>41</td><td>-</td><td>264</td><td>-</td><td>264</td><td>110</td><td>77</td><td>45</td><td>32</td><td>33</td><td>31</td><td>2</td></tr><tr><td>Turkey</td><td>3</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>3</td><td>56</td><td>32</td><td>32</td><td>-</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Other Asia</td><td>143</td><td>52</td><td>36</td><td>16</td><td>91</td><td>4</td><td>87</td><td>282</td><td>101</td><td>88</td><td>13</td><td>181</td><td>13</td><td>168</td></tr><tr><td>Total Asia</td><td>1,844</td><td>1,319</td><td>1,253</td><td>66</td><td>525</td><td>117</td><td>408</td><td>8,236</td><td>7,631</td><td>1,504</td><td>6,127</td><td>605</td><td>55</td><td>550</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>149</td><td>25</td><td>25</td><td>-</td><td>124</td><td>-</td><td>124</td><td>16,547</td><td>40</td><td>31</td><td>9</td><td>16,507</td><td>1</td><td>16,506</td></tr><tr><td>New Zealand</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><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>16</td><td>16</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>French Morocco</td><td>22</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>15</td><td>15</td><td>-</td><td>17</td><td>5</td><td>12</td></tr><tr><td>All other</td><td>913</td><td>805</td><td>585</td><td>220</td><td>108</td><td>25</td><td>83</td><td>564</td><td>307</td><td>161</td><td>146</td><td>257</td><td>-</td><td>257</td></tr><tr><td>Total other countries</td><td>1,108</td><td>876</td><td>656</td><td>220</td><td>232</td><td>25</td><td>207</td><td>17,163</td><td>380</td><td>225</td><td>155</td><td>16,783</td><td>6</td><td>16,777</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>111,037</td><td>35,411</td><td>25,871</td><td>9,540</td><td>75,626</td><td>4,732</td><td>70,894</td><td>108,479</td><td>49,398</td><td>25,167</td><td>24,231</td><td>59,081</td><td>5,056</td><td>54,025</td></tr></table>
January 1947
97
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="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>6,993</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>-209</td><td>-2,159</td><td>10,489</td><td>9,623</td></tr><tr><td>France</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><td>-108</td></tr><tr><td>Belgium</td><td>-351</td><td>-352</td><td>-334</td><td>-231</td><td>-205</td><td>-251</td><td>-165</td><td>-72</td><td>-99</td><td>-322</td><td>-145</td><td>27</td><td>110</td></tr><tr><td>Germany</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><td>-13</td></tr><tr><td>Italy</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><td>-57</td></tr><tr><td>Netherlands</td><td>-771</td><td>-801</td><td>-769</td><td>-613</td><td>-677</td><td>-356</td><td>-310</td><td>-6</td><td>8</td><td>15</td><td>33</td><td>192</td><td>202</td></tr><tr><td>Portugal</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><td>76</td></tr><tr><td>Spain</td><td>-92</td><td>-94</td><td>-99</td><td>-103</td><td>-96</td><td>-68</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td><td>-74</td><td>-120</td></tr><tr><td>Sweden</td><td>-8</td><td>-2</td><td>-273</td><td>-285</td><td>-114</td><td>-35</td><td>-81</td><td>56</td><td>87</td><td>-133</td><td>196</td><td>423</td><td>112</td></tr><tr><td>Switzerland</td><td>-45</td><td>39</td><td>24</td><td>359</td><td>56</td><td>228</td><td>88</td><td>264</td><td>138</td><td>132</td><td>132</td><td>237</td><td>225</td></tr><tr><td>Other Europe</td><td>-15</td><td>-50</td><td>-57</td><td>-54</td><td>231</td><td>-41</td><td>1</td><td>-52</td><td>-</td><td>31</td><td>16</td><td>131</td><td>175</td></tr><tr><td><b>Total Europe</b></td><td>5,448</td><td>-581</td><td>-2,162</td><td>-2,248</td><td>-588</td><td>-1,784</td><td>-3,429</td><td>-2,220</td><td>-835</td><td>-782</td><td>-2,080</td><td>11,369</td><td>10,185</td></tr><tr><td><b>Canada</b></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><td>9,397</td></tr><tr><td><b>Latino America</b></td><td>481</td><td>672</td><td>446</td><td>224</td><td>-144</td><td>-79</td><td>283</td><td>237</td><td>565</td><td>361</td><td>484</td><td>1,101</td><td>1,411</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</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><td>-12</td></tr><tr><td>Hong Kong</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><td>-3,576</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>-15</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>-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><td>-1,052</td></tr><tr><td><b>Total Asia</b></td><td>-2,285</td><td>-2,283</td><td>-2,406</td><td>-2,443</td><td>-2,859</td><td>-3,991</td><td>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td><td>-5,920</td><td>-5,148</td><td>-4,655</td></tr><tr><td><b>All other</b></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><td>1,340</td></tr><tr><td><b>Grand total</b></td><td>9,061</td><td>2,181</td><td>-260</td><td>-1,271</td><td>2,513</td><td>-149</td><td>-3,467</td><td>-1,854</td><td>-663</td><td>689</td><td>-2,196</td><td>17,516</td><td>17,678</td></tr></table>
98
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>Spaio</th><th>Sweden</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total: 1945-September</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>19,421</td><td>12,901</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>November</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>17</td></tr><tr><td>December</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>21,309</td><td>16,539</td><td>16,532</td><td>-</td><td>-</td><td>68</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>24,178</td><td>18,755</td><td>18,650</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>July</td><td>51,390</td><td>44,858</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>August</td><td>47,152</td><td>40,258</td><td>40,041</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>188</td></tr><tr><td>From foreign customers: 1945-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>-</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>2,267</td><td>950</td><td>840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>2,227</td><td>453</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,550</td><td>480</td><td>480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,072</td><td>313</td><td>313</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>548</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,488</td><td>388</td><td>367</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>July</td><td>1,643</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>August</td><td>2,116</td><td>820</td><td>808</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td></tr><tr><td>From domestic customers: 1945-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>19,957</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>-</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>1</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>17,719</td><td>10,991</td><td>10,740</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>18,640</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>14,350</td><td>14,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>22,695</td><td>17,275</td><td>17,267</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>20,761</td><td>16,463</td><td>16,446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>22,690</td><td>18,367</td><td>18,283</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>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>August</td><td>45,046</td><td>39,438</td><td>39,233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>178</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total: 1945-September</td><td>16,983</td><td>11,531</td><td>10,532</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>2</td><td>-</td></tr><tr><td>October</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>412</td><td>35</td><td>1</td><td>350</td></tr><tr><td>November</td><td>28,802</td><td>19,985</td><td>18,989</td><td>2</td><td>51</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>354</td></tr><tr><td>December</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>1946-January</td><td>37,241</td><td>23,613</td><td>22,843</td><td>6</td><td>51</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>150</td></tr><tr><td>February</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>73</td></tr><tr><td>March</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>20</td></tr><tr><td>April</td><td>49,539</td><td>40,404</td><td>40,221</td><td>9</td><td>52</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>120</td></tr><tr><td>May</td><td>44,433</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>June</td><td>52,636</td><td>40,900</td><td>40,447</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>401</td></tr><tr><td>July</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>August</td><td>96,494</td><td>84,343</td><td>83,283</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>863</td></tr><tr><td>To foreign customers: 1945-September</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,000</td><td>1,645</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>November</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>December</td><td>2,593</td><td>1,017</td><td>916</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>1946-January</td><td>2,327</td><td>1,115</td><td>942</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>432</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>1,034</td><td>1,002</td><td>832</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>130</td></tr><tr><td>May</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>June</td><td>1,284</td><td>1,280</td><td>879</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td>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>569</td></tr><tr><td>August</td><td>4,520</td><td>4,020</td><td>3,568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>452</td></tr><tr><td>To domestic customers: 1945-September</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>4</td></tr><tr><td>November</td><td>28,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>8</td></tr><tr><td>December</td><td>26,633</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td></tr><tr><td>1946-January</td><td>34,914</td><td>22,498</td><td>21,902</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>26</td></tr><tr><td>February</td><td>40,273</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td></tr><tr><td>March</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>April</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>-</td></tr><tr><td>May</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>June</td><td>51,352</td><td>39,620</td><td>39,558</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><tr><td>August</td><td>91,974</td><td>80,323</td><td>79,715</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>411</td></tr></table>
(Continued on following page)
January 1947
99
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th colspan="5">Asia</th><th>All other</th></tr><tr><th></th><th>Switzerland</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>China and Manchuria</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th></th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>October</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,618</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>103</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>627</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td>-</td><td>556</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td>-</td><td>663</td><td>52</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,567</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>379</td><td>52</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>171</td><td>60</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td>-</td><td>834</td><td>24</td></tr><tr><td>July</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>August</td><td>-</td><td>7</td><td>2,544</td><td>1,376</td><td>2,283</td><td>20</td><td>1,158</td><td>-</td><td>1,105</td><td>701</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-September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>17</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>65</td></tr><tr><td>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>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>73</td><td>4</td><td>997</td><td>380</td><td>61</td><td>-</td><td>556</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>4</td><td>703</td><td>380</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td>April</td><td>-</td><td>-</td><td>105</td><td>-</td><td>954</td><td>-</td><td>675</td><td>-</td><td>279</td><td>52</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410</td><td>-</td><td>241</td><td>-</td><td>169</td><td>52</td></tr><tr><td>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>252</td><td>122</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>19</td><td>1,155</td><td>-</td><td>440</td><td>-</td><td>715</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-September</td><td>-</td><td>3</td><td>1,192</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>October</td><td>-</td><td>4</td><td>4,666</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,601</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>97</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>779</td><td>-</td><td>142</td><td>-</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,462</td><td>938</td><td>1,020</td><td>-</td><td>920</td><td>-</td><td>100</td><td>-</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>765</td><td>18</td><td>745</td><td>-</td><td>2</td><td>8</td></tr><tr><td>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>August</td><td>-</td><td>7</td><td>2,544</td><td>1,357</td><td>1,128</td><td>20</td><td>718</td><td>-</td><td>390</td><td>579</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-September</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>355</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>8,569</td><td>827</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>102</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,967</td><td>662</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>582</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>172</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,249</td><td>218</td><td>1,778</td><td>19</td><td>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>395</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr><tr><td>July</td><td>-</td><td>67</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4</td><td>4,616</td><td>1,793</td></tr><tr><td>August</td><td>-</td><td>46</td><td>4,596</td><td>1,865</td><td>3,553</td><td>19</td><td>21</td><td>4</td><td>3,509</td><td>2,137</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-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>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>840</td><td>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>840</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>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>282</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>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>10</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>4</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><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>500</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-September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>7,729</td><td>109</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>9,829</td><td>1,072</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,127</td><td>420</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>429</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>139</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,239</td><td>192</td><td>1,778</td><td>19</td><td>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>391</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr><tr><td>July</td><td>-</td><td>47</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4</td><td>4,616</td><td>1,793</td></tr><tr><td>August</td><td>-</td><td>46</td><td>4,596</td><td>1,365</td><td>3,553</td><td>19</td><td>21</td><td>4</td><td>3,509</td><td>2,137</td></tr></table>
100
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Mother-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-September</td><td>72,184</td><td>39,946</td><td>33,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>Spot</td><td>7,306</td><td>5,809</td><td>5,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Forward</td><td>79,194</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>October</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Forward</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>November</td><td>98,936</td><td>54,562</td><td>42,821</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Spot</td><td>9,527</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>1946-January</td><td>11,118</td><td>5,777</td><td>5,698</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>105,317</td><td>66,691</td><td>57,714</td><td>582</td><td>599</td><td>3</td><td>-</td><td>315</td><td>409</td><td>335</td></tr><tr><td>Forward</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>20</td><td>-</td><td>573</td><td>821</td><td>356</td></tr><tr><td>Spot</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>March</td><td>138,241</td><td>69,819</td><td>57,369</td><td>1,113</td><td>654</td><td>25</td><td>-</td><td>163</td><td>1,732</td><td>329</td></tr><tr><td>Spot</td><td>13,002</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>17</td><td>-</td><td>626</td><td>1,024</td><td>359</td></tr><tr><td>Spot</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>10</td><td>-</td><td>206</td><td>1,654</td><td>370</td></tr><tr><td>May</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>Spot</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>209,795</td><td>114,571</td><td>123,091</td><td>2,282</td><td>1,201</td><td>49</td><td>-</td><td>485</td><td>1,329</td><td>410</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>136,613</td><td>75,813</td><td>62,113</td><td>2,001</td><td>1,669</td><td>113</td><td>-</td><td>309</td><td>923</td><td>294</td></tr><tr><td>Spot</td><td>20,086</td><td>15,233</td><td>15,216</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-September</td><td>36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>Spot</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>Spot</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>November</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Spot</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>Forward</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>65,161</td><td>39,315</td><td>29,490</td><td>859</td><td>537</td><td>-</td><td>-</td><td>368</td><td>543</td><td>453</td></tr><tr><td>Spot</td><td>7,229</td><td>2,783</td><td>2,704</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>1</td><td>-</td><td>224</td><td>407</td><td>320</td></tr><tr><td>Forward</td><td>7,102</td><td>4,490</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>95,259</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>20</td><td>-</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>-</td><td>-</td><td>6</td><td>-</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>163</td><td>1,706</td><td>302</td></tr><tr><td>Spot</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>12</td><td>-</td><td>624</td><td>973</td><td>352</td></tr><tr><td>Spot</td><td>7,257</td><td>4,165</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>May</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>10</td><td>-</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>Spot</td><td>10,889</td><td>6,601</td><td>6,580</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>154,151</td><td>117,485</td><td>97,964</td><td>2,026</td><td>1,159</td><td>49</td><td>-</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>Spot</td><td>30,633</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>82,573</td><td>49,620</td><td>37,440</td><td>1,582</td><td>1,485</td><td>113</td><td>-</td><td>286</td><td>831</td><td>220</td></tr><tr><td>Spot</td><td>13,566</td><td>9,810</td><td>9,798</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</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="10">Purchases from others:</td></tr><tr><td>1945-September</td><td>35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td></tr><tr><td>Spot</td><td>2,523</td><td>2,060</td><td>2,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>31,106</td><td>12,210</td><td>11,439</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>40</td><td>89</td></tr><tr><td>Spot</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,934</td><td>12,274</td><td>11,144</td><td>83</td><td>210</td><td>-</td><td>-</td><td>5</td><td>29</td><td>38</td></tr><tr><td>November</td><td>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>2</td><td>2</td><td>4</td></tr><tr><td>December</td><td>3,412</td><td>2,214</td><td>2,214</td><td>49</td><td>26</td><td>-</td><td>-</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><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>-</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Spot</td><td>32,133</td><td>13,998</td><td>13,588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>March</td><td>5,765</td><td>3,888</td><td>3,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>21</td><td>-</td><td>-</td><td>26</td><td>27</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>5</td><td>-</td><td>2</td><td>51</td><td>17</td></tr><tr><td>Spot</td><td>56,329</td><td>28,190</td><td>27,413</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>47,957</td><td>19,485</td><td>18,827</td><td>112</td><td>103</td><td>8</td><td>-</td><td>-</td><td>5</td><td>58</td></tr><tr><td>June</td><td>3,009</td><td>1,718</td><td>1,650</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>55,644</td><td>27,085</td><td>25,127</td><td>256</td><td>42</td><td>-</td><td>-</td><td>-</td><td>135</td><td>38</td></tr><tr><td>July</td><td>14,179</td><td>12,175</td><td>11,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>August</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
January 1947
101
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-September</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>1,309</td><td>4,435</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>-</td><td>161</td></tr><tr><td>Forward</td><td>1,826</td><td>5,564</td><td>174</td><td>31,203</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>5,646</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>Spot</td><td>1,322</td><td>6,093</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>Forward</td><td>17</td><td>-</td><td>-</td><td>7,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,534</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>Forward</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>3,875</td><td>-</td><td>3,875</td><td>6,624</td></tr><tr><td>1946-January</td><td>75</td><td>-</td><td>-</td><td>4,497</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>Spot</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,785</td></tr><tr><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>February</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>4,452</td><td>537</td><td>1,864</td><td>-</td><td>1,864</td><td>-</td></tr><tr><td>Forward</td><td>2,209</td><td>5,990</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,856</td></tr><tr><td>March</td><td>78</td><td>-</td><td>-</td><td>3,581</td><td>248</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>Spot</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,708</td><td>4,895</td><td>7,240</td><td>-</td><td>7,240</td><td>10,613</td></tr><tr><td>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>April</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>Spot</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>Forward</td><td>5,371</td><td>9,600</td><td>753</td><td>37,396</td><td>6,528</td><td>8,422</td><td>-</td><td>8,422</td><td>12,878</td></tr><tr><td>May</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>Spot</td><td>2,871</td><td>4,952</td><td>562</td><td>34,647</td><td>6,748</td><td>6,689</td><td>-</td><td>6,689</td><td>12,716</td></tr><tr><td>Forward</td><td>10</td><td>-</td><td>-</td><td>3,168</td><td>500</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td colspan="10">Purchases from banks</td></tr><tr><td>1945-September</td><td>539</td><td>4,939</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>-</td><td>1,270</td><td>1,795</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80</td></tr><tr><td>Forward</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td>October</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>Spot</td><td>1,222</td><td>9,480</td><td>168</td><td>13,662</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><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>November</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>Spot</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>Forward</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>December</td><td>75</td><td>-</td><td>-</td><td>3,602</td><td>-</td><td>844</td><td>9</td><td>834</td><td>-</td></tr><tr><td>1946-January</td><td>1,850</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td>Spot</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>Forward</td><td>2,219</td><td>6,702</td><td>543</td><td>28,038</td><td>3,365</td><td>6,580</td><td>-</td><td>6,580</td><td>1,893</td></tr><tr><td>February</td><td>-</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>Spot</td><td>2,047</td><td>9,470</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>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>March</td><td>2,953</td><td>9,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</td><td>-</td></tr><tr><td>Forward</td><td>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>April</td><td>21</td><td>-</td><td>-</td><td>2,725</td><td>-</td><td>1,563</td><td>-</td><td>1,563</td><td>-</td></tr><tr><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>3,775</td></tr><tr><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>May</td><td>2,453</td><td>4,858</td><td>350</td><td>19,443</td><td>4,756</td><td>6,009</td><td>-</td><td>6,009</td><td>2,745</td></tr><tr><td>June</td><td>10</td><td>-</td><td>-</td><td>2,571</td><td>-</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>126</td><td>37</td><td>66</td><td>11,843</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,640</td></tr><tr><td>July</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,868</td></tr><tr><td>August</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>September</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td>October</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>-</td><td>242</td><td>4,803</td></tr><tr><td>November</td><td>30</td><td>35</td><td>68</td><td>11,580</td><td>850</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td>December</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>1946-January</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,254</td></tr><tr><td>February</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>March</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>April</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>340</td><td>-</td><td>340</td><td>9,103</td></tr><tr><td>May</td><td>417</td><td>-</td><td>-</td><td>856</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr><tr><td>June</td><td>424</td><td>94</td><td>212</td><td>15,204</td><td>1,992</td><td>680</td><td>-</td><td>680</td><td>9,971</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>597</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</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)
102
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: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-September Spot</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>Forward</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October Spot</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Forward</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>November Spot</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>1</td><td>148</td><td>552</td><td>642</td></tr><tr><td>Forward</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td><td>-</td></tr><tr><td>December Spot</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>Forward</td><td>19,340</td><td>7,964</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January Spot</td><td>96,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>-</td><td>2</td><td>49</td><td>575</td><td>504</td></tr><tr><td>Forward</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February Spot</td><td>98,862</td><td>64,621</td><td>55,683</td><td>598</td><td>517</td><td>-</td><td>4</td><td>272</td><td>373</td><td>335</td></tr><tr><td>Forward</td><td>19,294</td><td>12,200</td><td>12,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March Spot</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>2</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>Forward</td><td>23,695</td><td>14,958</td><td>14,937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April Spot</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>-</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>Forward</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>May Spot</td><td>124,190</td><td>75,340</td><td>61,123</td><td>1,489</td><td>1,119</td><td>-</td><td>16</td><td>617</td><td>1,008</td><td>370</td></tr><tr><td>Forward</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>June Spot</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>-</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><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><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>Forward</td><td>75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>August Spot</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>1</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>Forward</td><td>24,874</td><td>19,078</td><td>18,991</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1945-September Spot</td><td>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>Forward</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October Spot</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>Forward</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November Spot</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>-</td><td>-</td><td>136</td><td>433</td></tr><tr><td>Forward</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December Spot</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>Forward</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January Spot</td><td>37,088</td><td>19,137</td><td>16,195</td><td>82</td><td>17</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>Forward</td><td>6,220</td><td>3,980</td><td>3,877</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February Spot</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>-</td><td>-</td><td>1</td><td>67</td><td>229</td></tr><tr><td>Forward</td><td>7,919</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March Spot</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>-</td><td>-</td><td>5</td><td>590</td><td>215</td></tr><tr><td>Forward</td><td>13,510</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April Spot</td><td>56,615</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>Forward</td><td>10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May Spot</td><td>52,157</td><td>31,548</td><td>26,453</td><td>438</td><td>424</td><td>-</td><td>3</td><td>5</td><td>681</td><td>228</td></tr><tr><td>Forward</td><td>9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June Spot</td><td>53,182</td><td>30,367</td><td>26,585</td><td>246</td><td>165</td><td>-</td><td>-</td><td>135</td><td>475</td><td>191</td></tr><tr><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><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td>Forward</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>August Spot</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>Forward</td><td>14,639</td><td>12,231</td><td>12,211</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td colspan="11">Sales to others:</td></tr><tr><td>1945-September Spot</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td>Forward</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October Spot</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>-</td><td>-</td><td>15</td><td>359</td><td>87</td></tr><tr><td>Forward</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>November Spot</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>135</td><td>-</td><td>-</td><td>145</td><td>416</td><td>209</td></tr><tr><td>Forward</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>December Spot</td><td>50,934</td><td>32,935</td><td>25,681</td><td>226</td><td>289</td><td>-</td><td>-</td><td>64</td><td>302</td><td>75</td></tr><tr><td>Forward</td><td>11,081</td><td>2,852</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January Spot</td><td>59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td>Forward</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February Spot</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>4</td><td>271</td><td>306</td><td>106</td></tr><tr><td>Forward</td><td>11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March Spot</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>-</td><td>21</td><td>259</td><td>273</td><td>143</td></tr><tr><td>Forward</td><td>10,185</td><td>6,488</td><td>6,488</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April Spot</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>-</td><td>26</td><td>155</td><td>265</td><td>98</td></tr><tr><td>Forward</td><td>9,380</td><td>4,980</td><td>4,959</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>May Spot</td><td>72,013</td><td>43,792</td><td>34,670</td><td>1,051</td><td>695</td><td>-</td><td>13</td><td>612</td><td>327</td><td>142</td></tr><tr><td>Forward</td><td>7,615</td><td>3,011</td><td>2,997</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>June Spot</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>512</td><td>-</td><td>12</td><td>50</td><td>1,128</td><td>165</td></tr><tr><td>Forward</td><td>14,091</td><td>5,845</td><td>5,845</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>90,194</td><td>60,775</td><td>46,625</td><td>1,601</td><td>773</td><td>-</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td>Forward</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td></tr><tr><td>August Spot</td><td>70,211</td><td>38,593</td><td>30,432</td><td>1,135</td><td>1,120</td><td>-</td><td>17</td><td>283</td><td>329</td><td>211</td></tr><tr><td>Forward</td><td>10,235</td><td>6,847</td><td>6,780</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr></table>
(Continued on following page)
January 1947
103
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-September Spot</td><td>661</td><td>4,489</td><td>147</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>October Spot</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td>Forward</td><td>336</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>November Spot</td><td>1,347</td><td>5,723</td><td>264</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td>Forward</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December Spot</td><td>1,132</td><td>5,725</td><td>1,654</td><td>23,472</td><td>3,445</td><td>2,800</td><td>-</td><td>2,800</td><td>3,859</td></tr><tr><td>Forward</td><td>52</td><td>-</td><td>662</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>1946-January Spot</td><td>1,751</td><td>5,384</td><td>214</td><td>29,616</td><td>4,510</td><td>4,795</td><td>-</td><td>4,795</td><td>4,528</td></tr><tr><td>Forward</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February Spot</td><td>1,982</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>9</td><td>6,272</td><td>4,177</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>March Spot</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td>Forward</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>1,752</td><td>-</td></tr><tr><td>April 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>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 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>6,599</td></tr><tr><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 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>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 Spot</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,659</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td>Forward</td><td>1,161</td><td>-</td><td>114</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>1,743</td><td>1,868</td></tr><tr><td>August Spot</td><td>3,111</td><td>4,965</td><td>560</td><td>33,219</td><td>6,390</td><td>7,016</td><td>-</td><td>7,016</td><td>6,348</td></tr><tr><td>Forward</td><td>23</td><td>-</td><td>-</td><td>4,342</td><td>645</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td colspan="10">Sales to banks:</td></tr><tr><td>1945-September Spot</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October Spot</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,112</td></tr><tr><td>Forward</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>November Spot</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td>Forward</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December Spot</td><td>667</td><td>1,018</td><td>488</td><td>12,456</td><td>593</td><td>250</td><td>-</td><td>250</td><td>2,278</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January 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>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 Spot</td><td>1,076</td><td>1,046</td><td>36</td><td>7,838</td><td>614</td><td>1,577</td><td>-</td><td>1,577</td><td>2,403</td></tr><tr><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 Spot</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td>Forward</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>April 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>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 Spot</td><td>1,516</td><td>877</td><td>923</td><td>14,673</td><td>927</td><td>991</td><td>-</td><td>991</td><td>4,018</td></tr><tr><td>Forward</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June Spot</td><td>1,072</td><td>1,408</td><td>90</td><td>17,058</td><td>1,274</td><td>534</td><td>-</td><td>534</td><td>3,939</td></tr><tr><td>Forward</td><td>264</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 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>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>August Spot</td><td>1,928</td><td>1,544</td><td>98</td><td>15,217</td><td>1,663</td><td>431</td><td>-</td><td>431</td><td>4,044</td></tr><tr><td>Forward</td><td>7</td><td>-</td><td>-</td><td>1,846</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Sales to others:</td></tr><tr><td>1945-September Spot</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,877</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>October Spot</td><td>996</td><td>4,556</td><td>136</td><td>15,403</td><td>2,759</td><td>1,113</td><td>-</td><td>1,113</td><td>2,523</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>56</td><td>-</td></tr><tr><td>November 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>Forward</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December 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>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>65</td></tr><tr><td>1946-January Spot</td><td>852</td><td>4,073</td><td>165</td><td>15,841</td><td>3,633</td><td>4,187</td><td>-</td><td>4,187</td><td>1,837</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>787</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February Spot</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>4,695</td><td>1,774</td></tr><tr><td>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 Spot</td><td>1,243</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>1,222</td><td>-</td></tr><tr><td>April Spot</td><td>1,169</td><td>4,623</td><td>473</td><td>23,201</td><td>4,195</td><td>6,718</td><td>-</td><td>6,718</td><td>2,074</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>May 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>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 Spot</td><td>1,237</td><td>4,108</td><td>326</td><td>17,948</td><td>4,626</td><td>7,028</td><td>-</td><td>7,028</td><td>1,862</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>677</td><td>1,726</td><td>-</td><td>1,726</td><td>33</td></tr><tr><td>July 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>Forward</td><td>744</td><td>-</td><td>76</td><td>2,893</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr><tr><td>August Spot</td><td>1,183</td><td>3,421</td><td>462</td><td>18,002</td><td>4,727</td><td>6,585</td><td>-</td><td>6,585</td><td>2,304</td></tr><tr><td>Forward</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</td><td>425</td><td>384</td></tr></table>