LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
CCPY No.2
TREASURY BULLETIN
LIBRARY
ROOM 5013
MAR 4 - 1947
TREASURY DEPARTMENT
FEBRUARY-1947
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
February 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>Treasury market financing</td><td>A-1</td></tr><tr><td>Comparison of individual income tax effective rates and liabilities - revenue acts of 1913-1945</td><td>A-5</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>75</td></tr><tr><td>Monetary statistics</td><td>80</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>87</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th colspan="2">19h7</th><th colspan="10">19b6</th></tr><tr><th>Articles</th><th>Feb.</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></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 bonde program in today's economy (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 economic problems of world peace and security (speech by Secretary Snyder).</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><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</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><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>A-1</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></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and proeperity (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>A-5</td><td></td><td></td><td></td><td></td></tr><tr><td>Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-12</td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinoon on the reduction of the debt limitation, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-4</td><td></td><td></td><td></td></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>A-7</td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Our system of government has stood the test (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</td><td></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>Comparison of individual income tax effective rates and liabilities - revenue acts of 1913-19h5.</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, ficeal year 1946.</td><td></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></tr><tr><td>Bank purchases of restricted Treasury bonde.</td><td></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></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>Aesets and liabilities of all active banks in the United States: December 31, 1939-June 30, 1946.</td><td></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></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>Statistice of income: Individual income tax returns: Returns for 1944 with adjusted gross income under $25,000 (sample survey):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-10</td></tr><tr><td>Income and tax liability.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td></tr><tr><td>Marital and dependency status and number of employees.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td></tr><tr><td>Publication of Statistice of Income for 1942, Part I.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable exeeese profits tax returns: Complete returns for 1943.</td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><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>Federal land bank financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-17</td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank financing.</td><td></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></tr><tr><td>Treasury market financing.</td><td>A-1</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></tr></table>
(Continued on following page)
February 1947
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1947</th><th colspan="10">Issue and page number</th></tr><tr><th></th><th>Feb.</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></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></td><td>5</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</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>5</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>7</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>7</td><td>8</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>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>8</td><td>8</td><td>8</td><td>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></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc. (est.)</td><td>9</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></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</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>11</td><td>12</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></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>12</td><td>13</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>13</td><td>14</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>13</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td><b>Statement of trust accounts:</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>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</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>14</td><td>15</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>14</td><td>15</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></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><b>Cash income and outgo 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>Analysis by major classifications</td><td>15</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></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940</td><td>15</td><td>15</td><td>15</td><td>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></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>17</td><td>18</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>18</td><td>19</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><b>Public debt and guaranteed obligations:</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>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></td><td></td><td></td><td></td><td></td><td></td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Fiscal years 1937-1946</td><td>20</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></tr><tr><td>Monthly date</td><td>21</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></tr><tr><td>Chart</td><td>22</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></tr><tr><td>Special issues</td><td>23</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></tr><tr><td>Guaranteed obligations held by the Treasury</td><td>23</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></tr><tr><td>Computed interest charge and computed interest rate</td><td>24</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></tr><tr><td><b>Statutory limitation - condition, as of:</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>28</td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</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>27</td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td>27</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td></td><td></td><td>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946</td><td>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td>25</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></tr><tr><td>Issuance and retirement of the public debt</td><td>26</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></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</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></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>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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>31</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>32-33</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th colspan="14">Issue and page number</th></tr><tr><th></th><th colspan="3">1947</th><th colspan="11">1946</th></tr><tr><th></th><th>Feb.</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></tr><tr><td colspan="15">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><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>34</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></tr><tr><td>History of sales and redemptions</td><td>35-37</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></tr><tr><td>Sales by series, classified by denominations</td><td>38</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></tr><tr><td>Number of pieces sold, classified by denominations</td><td>39</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></tr><tr><td>Sales by series, classified by States</td><td>40-41</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></tr><tr><td>Redemptions of series A-E, classified by States</td><td>42</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></tr><tr><td>Treasury notes - 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><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>43</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></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><td></td></tr><tr><td>Denomination</td><td>43</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></tr><tr><td>Type of purchaser</td><td>44</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></tr><tr><td>United States saving 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><td></td></tr><tr><td>Summary of sales and redemptions</td><td>45</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></tr><tr><td>Sales, classified by denominations</td><td>45</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></tr><tr><td colspan="15">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders</td><td>47</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></tr><tr><td>Estimated ownership by various classes of banks and non-bank investors</td><td>48</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>48</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></tr><tr><td colspan="15">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><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>51-55</td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</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>51-55</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>50-54</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>48-52</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>49-53</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></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></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 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>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><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></td><td>56-60</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</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><td></td></tr><tr><td>September 30, 1946</td><td></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></tr><tr><td colspan="15">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 United States 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>62-64</td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</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><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></td><td>57-59</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>62-64</td><td></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></td><td>54-56</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></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>October 31, 1946</td><td></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></tr><tr><td>November 30, 1946</td><td>55-57</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></tr><tr><td>December 31, 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>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></tr><tr><td>Average yield 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>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></tr><tr><td>Chart</td><td>60</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></tr></table>
(Continued on following page)
February 1947
V
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="3">1947</th><th colspan="9">1946</th></tr><tr><th></th><th>Feb.</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></tr><tr><td colspan="13">Corporations and certain other agencies of the United States Government</td></tr><tr><td>Assets, liabilities, and capital: December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69, 73-77</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>69, 73-77</td><td></td><td></td><td></td></tr><tr><td>June 30, 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>September 30, 1946</td><td></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></tr><tr><td>Loans outstanding, classified by type of loans: December 31, 1945</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><td>70-72</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>62-64</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td>63-65</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense: First six months, fiscal year 1946</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 nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td>62-67</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 three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds: First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></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></tr><tr><td>Fiscal year 1946</td><td></td><td>68-73</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 three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes</td><td>74</td><td>71</td><td></td><td>82</td><td></td><td></td><td>76</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data</td><td>76</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></tr><tr><td>Chart</td><td>77</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>76</td><td>80</td></tr><tr><td>Comparative details for current periods</td><td>78-79</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></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Funds: December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td>66-67</td><td></td><td>69-70</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>81-82</td><td></td><td></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></tr><tr><td>Cold assets and liabilities of the Treasury</td><td>83</td><td>78</td><td>72</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to: March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td><td></td><td></td><td>71</td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td>68</td><td></td><td>71</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td>83</td><td></td><td>72</td><td></td><td>74</td><td></td><td></td><td>84</td><td></td><td>84</td><td></td><td>84</td></tr><tr><td>December 31, 1946</td><td>83</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>84</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></tr><tr><td>Monetary stocks of gold and silver</td><td>84</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></tr><tr><td>Components of silver monetary stock</td><td>85</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>86</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></tr><tr><td>Seigniorage on silver, by types</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>88-90</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>88-90</td><td>89</td><td>76</td><td>87</td><td>89</td></tr><tr><td>Summary by countries</td><td>91-98</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></tr><tr><td>Details: September 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>October 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>November 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td></tr><tr><td>December 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January-February 1946</td><td></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></tr><tr><td>March 1946</td><td></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></tr><tr><td>April 1946</td><td></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></tr><tr><td>May 1946</td><td></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></tr><tr><td>June 1946</td><td></td><td></td><td>84-86</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>September 1946</td><td>99-101</td><td></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>102-108</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></tr></table>
February 1947
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Treasury Market Financing
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.
Refunding During December
On December 18, 1946, Secretary of the Treasury Snyder announced the offering of a new one-year 7 3/4% certificate issue in exchange, par for par, for an issue of 7 3/4% certificates of indebtedness maturing on January 1, 1947, outstanding in the amount of $3,330 million. Cash subscriptions were not received.
The new certificates were dated January 1, 1947 and will mature January 1, 1948. They will bear interest at the rate of 7.5% per annum which will be subject to all Federal income taxes. Interest will be payable with the principal at maturity.
Subscription books were opened on December 18 and closed at the end of business on December 20, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which they were held open through December 23. The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Exchanges amounted to $3,134 million, leaving $196 million to be paid in cash.
Reports to the Treasury on the ownership of Government securities indicate that on November 30, 1946 about 70% of the maturing issue was owned by banks.
Payment of 3% Conversion Bonds
On January 1, 1947, there was also a maturity of 35 conversion bonds in the amount of $13 million. These bonds were issued in 1917 and were exempt from all Federal income taxes. The issue was paid off in cash.
Calender Year 1946 Summary
Financing operations in the calendar year 1946 followed two distinct trends, divided between a small increase in the public debt until February 28, and a steady decline in the debt from March 1 through December 31. The change in trend from an increasing to a declining debt reflected primarily the introduction by the Treasury of a debt pay-off program on March 1, 1946.
On December 31, 1945, when the Victory Loan was closing, the total public debt, including guaranteed obligations, stood at $278.7 billion 1/. By the end of the calendar year 1946 the debt was reduced by $19.2 billion to $259.5 billion.
There follows an analysis of the financing operations in (1) the first two months of the year, January and February 1946, when the debt increased, and (2) the last ten months of the year, March through December 1946, when the debt was reduced.
Period of increasing debt, January-February 1946. During the first two months of the calendar year 1946 the public debt increased from $278.7 billion to $279.8 billion. The outstanding debt on February 28, the end of the two-month period, represented the all-time peak. This increase in the debt was made up of final payments on deferred institutional purchases in the Victory Loan, as well as the continuing sale of savings bonds and the sale of special issues to Federal agencies and trust funds.
There was a maturity of 0.90% Treasury notes in January and of 7/8% certificates of indebtedness in February for which exchange offerings of new 7/8% one-year certificate issues were made. The notes were actually a part of the regular series of 7/8% certificates maturing on the last of each month, but were issued for a 13-month period to prevent two issues from maturing on the same date. The exchanges in these two months accounted for 98% of the total maturities of $8.5 billion, with $.2 billion paid in cash. There was also a maturity in January 1946 of a 3% conversion bond issue outstanding in the amount of $16 million which was paid in cash.
Period of reduction in the debt, March-December 1946. On February 28, 1946, when the peak of the debt was reached, the cash balance of the Treasury stood at $26.0 billion, having been
Throughout this article, guaranteed securities in the hands of the public (amounting to $339 million on December 31, 1946) are included with the figures on direct public debt.
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Treasury Bulletin
built up to this total from over-subscriptions to Victory Loan securities. Meanwhile, the budgetary outlook of the Government reached a more favorable status than was expected on V-J Day, as expenditures of the Federal Government declined sharply while receipts were maintained at a level almost as high as that of the war period.
The Treasury Department at this time introduced a program of paying in cash some part of the securities maturing in each month, using the cash balance as the source of funds. From March 1, when the program was started, through December 31, the Treasury paid in cash $23.2 billion, or more than half, on the maturities totaling $44.9 billion. Exchange offerings of new issues of one-year 7/8% certificates were made for the remainder.
In all, five small issues (about $1½ billion or less) and one large issue ($3.3 billion) were paid off in full. Another large issue ($3.8 billion) was offered an exchange security in full. The eight remaining maturities (ranging from $2.5 billion to $4.9 billion) were divided between limited amounts of exchanges and cash pay-offs.
The determination of the particular treatment in each case was based on such factors as (1) the size of the issue, (2) its ownership distribution between bank and nonbank investors, (3) the condition of the Government securities market, and (4) the probable effect of the handling on the volume of bank reserves. Cash pay-offs resulted in a strain on bank reserves in varying amounts depending on the distribution of pay-offs between Federal Reserve Banks, commercial banks, and nonbank investors. Pay-offs to the Federal Reserve Banks withdrew reserves of commercial banks dollar for dollar (unless offset by market purchases of securities by the Federal Reserve); while pay-offs to nonbank investors increased reserve requirements to the extent the funds were placed in commercial bank deposits. Pay-offs to commercial banks did not affect aggregate bank reserves either way.
The following table presents details on the maturities each month from March 1, 1946 through the end of the calendar year.
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>Sep.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>
From February 28, 1946 to December 31, 1946 the public debt had been reduced by the net amount of $20.3 billion - to $259.5 billion at the end of the calendar year from the peak of $279.8 billion. The difference between this decline in the debt and the total of cash payments of $23.2 billion was accounted for by other public debt transactions such as the sale of savings bonds and special issues.
Composition of the debt - December 1945 and December 1946. During the calendar year 1946, the composition of the public debt showed significant changes, primarily because of the debt pay-off program but also as a result of other public debt operations. The following table shows the composition of the debt as of December 31, 1945, February 28, 1946, and December 31, 1946
February 1947
A-3
Composition of the Gross Public Debt
December 31, 1945, February 28, 1946, and December 31, 1946
<table><tr><th></th><th>Dec. 31, 1945</th><th>Feb. 28, 1946</th><th>Dec. 31, 1946</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Treasury bills</td><td>17.0</td><td>17.0</td><td>17.0</td></tr><tr><td>Certificates and 0.90% Treasury notes</td><td>46.5</td><td>46.3</td><td>30.0</td></tr><tr><td>Other Treasury notes</td><td>14.6</td><td>14.6</td><td>10.1</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td></tr><tr><td>Bank eligible</td><td>68.2</td><td>68.2</td><td>69.7 3/4</td></tr><tr><td>Bank restricted 2/4</td><td>52.2</td><td>53.4</td><td>49.6 3/4</td></tr><tr><td>Savings bonds</td><td>48.2</td><td>48.7</td><td>49.8</td></tr><tr><td>Saving notes</td><td>8.2</td><td>8.0</td><td>5.7</td></tr><tr><td>Special issues</td><td>20.0</td><td>20.9</td><td>24.6</td></tr><tr><td>Other 4/4</td><td>3.7</td><td>2.5</td><td>3.0</td></tr><tr><td>Total</td><td>278.7</td><td>279.8</td><td>259.5</td></tr></table>
<table><tr><th></th><th colspan="3">(In percent)</th></tr><tr><td>Treasury bills</td><td>6.1</td><td>6.1</td><td>6.6</td></tr><tr><td>Certificates and 0.90% Treasury notes</td><td>16.7</td><td>16.6</td><td>11.6</td></tr><tr><td>Other Treasury notes</td><td>5.3</td><td>5.2</td><td>3.9</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td></tr><tr><td>Bank eligible</td><td>24.5</td><td>24.4</td><td>26.9 3/4</td></tr><tr><td>Bank restricted 2/3</td><td>18.7</td><td>19.1</td><td>19.1 3/4</td></tr><tr><td>Saving bonds</td><td>17.3</td><td>17.4</td><td>19.2</td></tr><tr><td>Saving notes</td><td>3.0</td><td>2.9</td><td>2.2</td></tr><tr><td>Special issues</td><td>7.2</td><td>7.5</td><td>9.5</td></tr><tr><td>Other 4/5</td><td>1.3</td><td>.9</td><td>1.1</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Outstanding certificates and 0.90% notes declined from $46.5 billion on December 31, 1945 to $33.0 billion on December 31, 1946, reflecting the fact that most of the maturing issues on which payments were made in cash were certificates of indebtedness. While certificates were declining due to the program of cash payments, some other securities, particularly savings bonds and special issues, were increasing. The growth in savings bonds represented the continuing sale of savings bonds which exceeded redemptions by a good margin. Sales of special issues to Federal agencies and trust funds continued at a rate comparable to that of the war period due to the growth of various insurance funds during the calendar year 1946.
The fact that the securities maturing during 1946 were largely certificates of indebtedness ($46.5 billion or 87% of $53.4 billion) has contributed to furthering the Treasury policy of
1/ Includes guaranteed securities in the hands of the public.
2/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates. See footnote 2 on page 21 of this issue.
3/ On September 15, 1916, a bank resticted Treasury bond
3/ On September 15, 1946, a bank restricted Treasury bond, in the amount of $3.3 billion, became eligible for bank ownership.
Comprises primarily armed forces leave bonds, debt bearing no interest, and guaranteed obligations. For details see table on page 21 of this issue.
minimizing bank ownership of the debt while emphasizing ownership by nonbank investors. The maturing certificates were to a large extent held by banks, and the cash payments have thus had the direct effect of lowering commercial bank ownership of securities. At the same time, banks have sold additional securities in the market in order to maintain reserve balances.
Ownership of the debt. The distribution of the ownership of the debt indicates further the effect of the debt pay-off program. Ownership estimates for November 30, 1946, the latest date for which complete ownership data are available, show that 96% of the decline in the interest-bearing debt from December 31, 1945, occurred in the holdings of Federal securities by commercial banks and Federal Reserve Banks. The following table presents ownership figures as of December 31, 1945, February 28, 1946, and November 30, 1946. The table on page 48 of the statistical section of this issue presents further historical data.
Estimated Ownership of Interest-Bearing Public Debt 1/
December 31, 1945, February 28, 1946, and November 30, 1946
<table><tr><th></th><th>Dec. 31, 1945</th><th>Feb. 28, 1946</th><th>Nov. 30, 1946</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>90.6</td><td>93.2</td><td>76.5</td></tr><tr><td>Federal Reserve Banks.</td><td>24.3</td><td>22.9</td><td>23.9</td></tr><tr><td>Total banks.</td><td>114.8</td><td>116.1</td><td>100.4</td></tr><tr><td>Nonbank investors.</td><td></td><td></td><td></td></tr><tr><td>Individuals.</td><td>63.5</td><td>63.5</td><td>63.1</td></tr><tr><td>Insurance companies</td><td>24.4</td><td>24.8</td><td>25.3</td></tr><tr><td>Mutual savings banks.</td><td>10.7</td><td>11.1</td><td>11.7</td></tr><tr><td>Other corporations and associations</td><td>29.3</td><td>28.3</td><td>24.0</td></tr><tr><td>State and local governments.</td><td>6.5</td><td>6.7</td><td>6.2</td></tr><tr><td>Federal agencies and trust funds.</td><td>27.0</td><td>28.0</td><td>30.6</td></tr><tr><td>Total nonbank investors.</td><td>161.4</td><td>162.4</td><td>160.9</td></tr><tr><td>Total all inventors.</td><td>276.2</td><td>278.5</td><td>261.3</td></tr></table>
The table shows that three of the nonbank investor groups, namely, individuals, State and local governments, and other corporations and associations, showed declines in their holdings since December 31, 1945. While the decline for the first two groups was negligible, that for
1/ Includes guaranteed securities in the hands of the public.
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Treasury Bulletin
other corporations and associations is estimated at $5.3 billion. This decline reflected corporate needs for funds for reconversion purposes and the payment of 1945 taxes.
Three of the nonbank groups, on the other hand, showed increases in their holdings of Federal securities. These groups were insurance companies, mutual savings banks, and Federal agencies and trust funds. The growth in holdings of insurance companies and mutual savings banks was made up of deferred purchases in the Victory
Loan and purchases of securities from other investors in the market.
Federal agencies and trust funds continued to show increases in their holdings, mostly of special issues from the Treasury. These special issues are, for the most part, provided by statute as investments for Federal trust funds. Social insurance and military insurance funds account for more than 4/5 of the total holdings of securities by Federal agencies and trust funds.
February 1947
A-5
Comparison of Individual Income Tax Effective Rates and Liabilities Revenue Acts of 1913-1945
The following tables present comparisons of Federal individual income tax liability and effective rates of tax for selected levels of net income under the Revenue Acts of 1913 through 1945, and brief historical summaries covering the relevant statutory changes affecting the computations. Tables 1 and 2 compare effective rates of individual income tax and tax liabilities for selected amounts of net income under the Revenue Acts of 1913-1945, for a single
person with no dependents, a married person with no dependents, and a married person with two dependents. Table 3 shows the personal exemptions and credits for dependents under the various revenue acts. Table 4 gives summary information with respect to the normal tax rates, and Table 5 shows the surtax rates and cumulative surtax by net income classes under the Revenue Acts of 1913-1945. Table 6 shows the earned income credit allowed.
Table 1.- Comparison of Effective Rate of Individual Income Tax under the Revenue Acts of 1913-1945
Part A - Single Person - No Dependents
(In percent)
<table><tr><th>Revenue Act</th><th>Income year</th><th>$525</th><th>$600</th><th>$800</th><th>$900</th><th>$1,000</th><th>$2,000</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.5</td><td>.6</td><td>.7</td></tr><tr><td>1916</td><td>1916</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>1.0</td><td>1.3</td><td>1.4</td></tr><tr><td>1917</td><td>1917</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>1.3</td><td>2.4</td><td>2.8</td><td>3.4</td><td>4.0</td></tr><tr><td>1918</td><td>1918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.0</td><td>4.0</td><td>4.8</td><td>6.2</td><td>8.1</td><td>9.5</td></tr><tr><td>1921</td><td>1919-1920 1921</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>2.7</td><td>3.2</td><td>4.2</td><td>5.6</td><td>6.7</td></tr><tr><td>1922</td><td>1922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>2.7</td><td>3.2</td><td>4.2</td><td>5.6</td><td>6.7</td></tr><tr><td>1923</td><td>1923</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>2.0</td><td>2.4</td><td>3.0</td><td>3.9</td><td>4.5</td></tr><tr><td>1924</td><td>1924</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>1.0</td><td>1.2</td><td>1.5</td><td>1.9</td><td>2.1</td></tr><tr><td>1926</td><td>1925-1927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.6</td><td>.8</td><td>.9</td><td>1.3</td><td>1.5</td></tr><tr><td>1928</td><td>1928, 1930-1931 1929</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.6</td><td>.8</td><td>.9</td><td>1.3</td><td>1.5</td></tr><tr><td>1932</td><td>1932-1933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>2.7</td><td>3.2</td><td>4.0</td><td>5.3</td><td>6.0</td></tr><tr><td>1934</td><td>1934-1935</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>2.3</td><td>2.8</td><td>3.6</td><td>4.7</td><td>5.6</td></tr><tr><td>1936,1938</td><td>1936-1939</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>2.3</td><td>2.8</td><td>3.6</td><td>4.7</td><td>5.6</td></tr><tr><td>1940</td><td>1940 1/</td><td>-</td><td>-</td><td>.4</td><td>.04</td><td>.4</td><td>2.2</td><td>2.8</td><td>3.4</td><td>4.3</td><td>5.6</td><td>6.9</td></tr><tr><td>1941</td><td>1941</td><td>-</td><td>-</td><td>1.2</td><td>1.2</td><td>2.1</td><td>5.9</td><td>7.4</td><td>9.7</td><td>10.8</td><td>12.9</td><td>14.9</td></tr><tr><td>1942</td><td>1942 2/</td><td>-</td><td>2.5</td><td>6.5</td><td>7.9</td><td>8.9</td><td>13.7</td><td>15.7</td><td>16.8</td><td>19.6</td><td>21.8</td><td>23.9</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/ 1944-1945 1946</td><td>1.1 .9</td><td>2.8 3.2</td><td>7.8 8.6 7.1</td><td>9.4 10.2 8.4</td><td>10.7 11.5 9.5</td><td>16.7 17.3 14.3</td><td>19.1 19.5 16.2</td><td>22.1 22.1 18.4</td><td>23.4 23.3 19.5</td><td>25.7 25.4 21.5</td><td>27.8 27.6 23.5</td></tr></table>
<table><tr><th>Revenue Aot</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>.8</td><td>.9</td><td>1.1</td><td>1.5</td><td>2.0</td><td>2.5</td><td>5.0</td><td>6.0</td><td>6.8</td></tr><tr><td>1916</td><td>1916</td><td>1.6</td><td>1.7</td><td>2.0</td><td>2.7</td><td>3.3</td><td>3.9</td><td>8.6</td><td>10.0</td><td>13.8</td></tr><tr><td>1917</td><td>1917</td><td>5.1</td><td>6.1</td><td>7.3</td><td>10.4</td><td>13.3</td><td>16.2</td><td>38.5</td><td>47.5</td><td>62.6</td></tr><tr><td>1918</td><td>1918</td><td>11.9</td><td>13.8</td><td>15.4</td><td>22.3</td><td>28.8</td><td>35.2</td><td>68.6</td><td>70.3</td><td>75.7</td></tr><tr><td>1918</td><td>1919-1920</td><td>8.7</td><td>10.4</td><td>11.8</td><td>18.5</td><td>25.0</td><td>31.3</td><td>60.7</td><td>66.3</td><td>71.7</td></tr><tr><td>1921</td><td>1921</td><td>8.7</td><td>10.4</td><td>11.8</td><td>18.5</td><td>25.0</td><td>31.3</td><td>60.7</td><td>66.3</td><td>71.7</td></tr><tr><td></td><td>1922</td><td>7.6</td><td>9.0</td><td>10.6</td><td>17.4</td><td>23.9</td><td>30.2</td><td>52.1</td><td>55.1</td><td>57.4</td></tr><tr><td></td><td>1923</td><td>5.7</td><td>6.8</td><td>7.9</td><td>13.1</td><td>17.9</td><td>22.7</td><td>39.1</td><td>41.3</td><td>43.1</td></tr><tr><td>1924</td><td>1924</td><td>3.9</td><td>5.2</td><td>6.5</td><td>12.3</td><td>17.6</td><td>22.7</td><td>39.9</td><td>43.0</td><td>45.4</td></tr><tr><td>1926</td><td>1925-1927</td><td>2.6</td><td>3.5</td><td>4.9</td><td>9.9</td><td>13.6</td><td>16.1</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>2.6</td><td>3.5</td><td>4.4</td><td>9.3</td><td>13.2</td><td>15.8</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td></td><td>1929</td><td>1.9</td><td>2.8</td><td>3.7</td><td>6.5</td><td>12.3</td><td>14.9</td><td>22.2</td><td>23.1</td><td>23.8</td></tr><tr><td>1932</td><td>1932-1933</td><td>7.6</td><td>9.0</td><td>10.6</td><td>17.4</td><td>23.9</td><td>30.2</td><td>52.7</td><td>57.1</td><td>61.6</td></tr><tr><td>1934</td><td>1934-1935</td><td>7.4</td><td>9.2</td><td>11.2</td><td>18.7</td><td>25.2</td><td>31.4</td><td>53.0</td><td>57.2</td><td>61.9</td></tr><tr><td>1936,1938</td><td>1936-1939</td><td>7.4</td><td>9.2</td><td>11.2</td><td>18.7</td><td>26.0</td><td>33.4</td><td>61.0</td><td>68.0</td><td>75.8</td></tr><tr><td>1940</td><td>1940 1/</td><td>9.8</td><td>13.7</td><td>17.0</td><td>29.4</td><td>38.0</td><td>44.3</td><td>66.2</td><td>71.8</td><td>78.3</td></tr><tr><td>1941</td><td>1941</td><td>20.0</td><td>24.6</td><td>28.9</td><td>41.8</td><td>48.6</td><td>53.2</td><td>69.1</td><td>73.3</td><td>78.5</td></tr><tr><td>1942</td><td>1942 2/</td><td>29.1</td><td>34.1</td><td>38.5</td><td>51.6</td><td>59.2</td><td>64.6</td><td>82.9</td><td>85.5</td><td>87.5</td></tr><tr><td>1944 4/</td><td>1943 2/3/</td><td>33.1</td><td>38.1</td><td>42.6</td><td>56.1</td><td>64.0</td><td>69.7</td><td>88.4</td><td>90.05/</td><td>90.05/</td></tr><tr><td>1945</td><td>1944-1945</td><td>32.9</td><td>37.9</td><td>42.4</td><td>55.9</td><td>64.0</td><td>69.9</td><td>88.9</td><td>90.05/</td><td>90.05/</td></tr><tr><td></td><td>1946</td><td>28.5</td><td>33.2</td><td>37.5</td><td>50.3</td><td>58.0</td><td>63.5</td><td>81.6</td><td>84.0</td><td>85.55/</td></tr></table>
(Continued on following page)
A-6
Treasury Bulletin
Table 1.- Comparison of Effective Rate of Individual Income Tax under the Revenue Acts of 1913-1945 - (Continued)
Part B - Married Person - No Dependents
(In percent)
<table><tr><th>Revenue Act</th><th>Income year</th><th>$600</th><th>$800</th><th>$1,000</th><th>$2,000</th><th>$2,500</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>.3</td><td>.5</td><td>.6</td></tr><tr><td>1916</td><td>1916</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.7</td><td>1.0</td><td>1.2</td></tr><tr><td>1917</td><td>1917</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.7</td><td>1.6</td><td>2.2</td><td>2.9</td><td>3.6</td></tr><tr><td>1918</td><td>1918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>2.0</td><td>3.6</td><td>4.2</td><td>6.6</td><td>8.3</td></tr><tr><td>1921</td><td>1919-1920</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>1.3</td><td>2.4</td><td>2.8</td><td>4.6</td><td>5.9</td></tr><tr><td>1921</td><td>1921</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>2.0</td><td>2.8</td><td>4.6</td><td>5.9</td></tr><tr><td>1922</td><td>1922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>2.0</td><td>2.7</td><td>4.3</td><td>5.2</td></tr><tr><td>1923</td><td>1923</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>1.5</td><td>2.0</td><td>3.2</td><td>3.9</td></tr><tr><td>1924</td><td>1924</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.8</td><td>.9</td><td>1.3</td><td>1.7</td></tr><tr><td>1926</td><td>1925-1927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.5</td><td>.7</td><td>1.0</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.5</td><td>.7</td><td>1.0</td></tr><tr><td>1929</td><td>1929</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.2</td><td>.3</td><td>.5</td></tr><tr><td>1932</td><td>1932-1933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>2.0</td><td>2.3</td><td>3.8</td><td>4.8</td></tr><tr><td>1934</td><td>1934-1935</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>1.6</td><td>1.9</td><td>3.1</td><td>4.2</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>1.6</td><td>1.9</td><td>3.1</td><td>4.2</td></tr><tr><td>1940</td><td>1940 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>1.0</td><td>2.2</td><td>2.5</td><td>4.0</td><td>5.3</td></tr><tr><td>1941</td><td>1941</td><td>-</td><td>-</td><td>-</td><td>2.1</td><td>3.6</td><td>4.6</td><td>7.5</td><td>8.7</td><td>10.9</td><td>13.1</td></tr><tr><td>1942</td><td>1942 2/</td><td>-</td><td>-</td><td>-</td><td>7.0</td><td>9.3</td><td>10.8</td><td>14.9</td><td>16.5</td><td>19.2</td><td>21.5</td></tr><tr><td>1943</td><td>1943 2/ 3/</td><td>.2</td><td>1.0</td><td>1.5</td><td>9.4</td><td>11.9</td><td>13.5</td><td>17.9</td><td>19.6</td><td>22.3</td><td>24.7</td></tr><tr><td>1944 4/</td><td>1944-1945</td><td>.5</td><td>1.1</td><td>1.5</td><td>12.3</td><td>14.4</td><td>15.8</td><td>19.5</td><td>21.1</td><td>23.6</td><td>25.9</td></tr><tr><td>1945</td><td>1946</td><td>-</td><td>-</td><td>-</td><td>9.5</td><td>11.4</td><td>12.7</td><td>16.0</td><td>17.4</td><td>19.7</td><td>21.9</td></tr></table>
<table><tr><th>Revenue Act</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>.7</td><td>.8</td><td>1.0</td><td>1.5</td><td>2.0</td><td>2.5</td><td>5.0</td><td>6.0</td><td>6.8</td></tr><tr><td>1916</td><td>1916</td><td>1.5</td><td>1.6</td><td>1.9</td><td>2.6</td><td>3.3</td><td>3.9</td><td>8.6</td><td>10.3</td><td>13.8</td></tr><tr><td>1917</td><td>1917</td><td>4.9</td><td>5.9</td><td>7.1</td><td>10.4</td><td>13.2</td><td>16.2</td><td>38.5</td><td>47.5</td><td>62.8</td></tr><tr><td>1918</td><td>1918</td><td>11.1</td><td>13.2</td><td>14.9</td><td>22.1</td><td>28.6</td><td>35.0</td><td>64.6</td><td>70.3</td><td>75.7</td></tr><tr><td>1919-1920</td><td>1919-1920</td><td>8.2</td><td>10.0</td><td>11.5</td><td>18.4</td><td>24.8</td><td>31.2</td><td>60.6</td><td>66.3</td><td>71.7</td></tr><tr><td>1921</td><td>1921</td><td>8.2</td><td>10.0</td><td>11.5</td><td>18.4</td><td>24.8</td><td>31.2</td><td>60.6</td><td>66.3</td><td>71.7</td></tr><tr><td>1922</td><td>1922</td><td>7.1</td><td>8.6</td><td>10.2</td><td>17.3</td><td>23.8</td><td>30.1</td><td>52.1</td><td>55.1</td><td>57.4</td></tr><tr><td>1923</td><td>1923</td><td>5.3</td><td>6.5</td><td>7.7</td><td>13.0</td><td>17.8</td><td>22.6</td><td>39.1</td><td>41.3</td><td>43.1</td></tr><tr><td>1924</td><td>1924</td><td>3.4</td><td>4.9</td><td>6.3</td><td>12.2</td><td>17.5</td><td>22.6</td><td>39.9</td><td>43.0</td><td>45.4</td></tr><tr><td>1925-1927</td><td>1925-1927</td><td>2.1</td><td>3.1</td><td>4.6</td><td>9.8</td><td>13.5</td><td>16.1</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>2.1</td><td>3.1</td><td>4.1</td><td>9.2</td><td>13.1</td><td>15.8</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td>1929</td><td>1929</td><td>1.5</td><td>2.5</td><td>3.5</td><td>8.4</td><td>12.2</td><td>14.9</td><td>22.2</td><td>23.1</td><td>23.8</td></tr><tr><td>1932</td><td>1932-1933</td><td>6.8</td><td>8.4</td><td>10.1</td><td>17.2</td><td>23.7</td><td>30.1</td><td>52.7</td><td>57.1</td><td>61.8</td></tr><tr><td>1934</td><td>1934-1935</td><td>6.2</td><td>7.9</td><td>10.0</td><td>17.7</td><td>24.3</td><td>30.6</td><td>52.8</td><td>57.1</td><td>61.8</td></tr><tr><td>1936,1938</td><td>1936-1939</td><td>6.2</td><td>7.9</td><td>10.0</td><td>17.7</td><td>25.0</td><td>32.5</td><td>60.8</td><td>67.9</td><td>75.8</td></tr><tr><td>1940</td><td>1940 1/</td><td>8.4</td><td>11.7</td><td>15.4</td><td>28.3</td><td>37.0</td><td>43.5</td><td>66.0</td><td>71.8</td><td>78.3</td></tr><tr><td>1941</td><td>1941</td><td>18.3</td><td>23.1</td><td>27.5</td><td>40.9</td><td>48.0</td><td>52.7</td><td>69.0</td><td>73.3</td><td>78.5</td></tr><tr><td>1942</td><td>1942 2/</td><td>27.0</td><td>32.3</td><td>36.9</td><td>50.7</td><td>58.4</td><td>64.1</td><td>82.8</td><td>85.4</td><td>87.5</td></tr><tr><td>1943 2/ 3/</td><td>1943-1945</td><td>30.2</td><td>35.5</td><td>40.1</td><td>54.2</td><td>62.6</td><td>68.6</td><td>88.1</td><td>89.9 5/</td><td>90.0 5/</td></tr><tr><td>1944 4/</td><td>1944-1945</td><td>31.3</td><td>36.6</td><td>41.2</td><td>55.2</td><td>63.5</td><td>69.4</td><td>88.8</td><td>90.0 5/</td><td>90.0 5/</td></tr><tr><td>1945</td><td>1946</td><td>27.0</td><td>32.0</td><td>36.3</td><td>49.6</td><td>57.5</td><td>63.1</td><td>81.5</td><td>84.0 5/</td><td>85.5 5/</td></tr></table>
(Continued on following page)
February 1947
A-7
Table 1.- Comparison of Effective Rate of Individual Income Tax under the Revenue Acts of 1913-1945 - (Continued)
Part C - Married Person - Two Dependents
(In percent)
<table><tr><th>Revenue Act</th><th>Income year</th><th>$600</th><th>$800</th><th>$1,000</th><th>$2,000</th><th>$2,500</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913<br>1916<br>1917</td><td>3/1/13-12/31/15<br>1916<br>1917</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>.1</td><td>-<br>-<br>.4</td><td>.2<br>.4<br>1.3</td><td>.3<br>.7<br>1.9</td><td>.5<br>1.0<br>2.7</td><td>.6<br>1.2<br>3.4</td></tr><tr><td>1918</td><td>1918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>1.2</td><td>3.1</td><td>3.8</td><td>6.0</td><td>7.8</td></tr><tr><td>1921</td><td>1919-1920<br>1921</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>.2<br>-</td><td>.8<br>-</td><td>2.1<br>1.4</td><td>2.6<br>2.0</td><td>4.2<br>3.3</td><td>5.6<br>5.3</td></tr><tr><td>1922<br>1923<br>1924</td><td>1922<br>1923<br>1924</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>1.4<br>1.0<br>.5</td><td>2.1<br>1.6<br>.7</td><td>3.5<br>2.6<br>1.0</td><td>4.6<br>3.4<br>1.4</td></tr><tr><td>1926<br>1928</td><td>1925-1927<br>1928, 1930-1931<br>1929</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>.2<br>.2<br>.1</td><td>.3<br>.3<br>.1</td><td>.5<br>.5<br>.2</td><td>.8<br>.8<br>.4</td></tr><tr><td>1932<br>1934<br>1936, 1938</td><td>1932-1933<br>1934-1935<br>1936-1939</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>1.4<br>1.0<br>1.0</td><td>1.8<br>1.4<br>1.4</td><td>3.0<br>2.3<br>2.3</td><td>4.2<br>3.4<br>3.4</td></tr><tr><td>1940<br>1941<br>1942</td><td>1940 1/<br>1941<br>1942 2/</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>.7</td><td>-<br>-<br>4.0</td><td>.5<br>4.0</td><td>1.9<br>6.4</td><td>1.5<br>5.4<br>11.8</td><td>1.9<br>6.6<br>13.5</td><td>3.1<br>9.0<br>16.5</td><td>4.4<br>11.2<br>19.1</td></tr><tr><td>1944 4/<br>1945</td><td>1943 2/ 3/<br>1944-1945<br>1946</td><td>.2<br>.5<br>-</td><td>.9<br>1.1<br>-</td><td>1.4<br>1.5<br>-</td><td>2.9<br>2.3<br>-</td><td>6.4<br>6.4<br>3.8</td><td>8.9<br>9.2<br>6.3</td><td>14.6<br>15.1<br>11.8</td><td>16.3<br>16.8<br>13.3</td><td>19.4<br>19.8<br>16.2</td><td>22.1<br>22.5<br>18.6</td></tr></table>
<table><tr><th>Revenue Act</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>.7</td><td>.8</td><td>1.0</td><td>1.5</td><td>2.0</td><td>2.5</td><td>5.0</td><td>6.0</td><td>6.8</td></tr><tr><td>1916</td><td>1916</td><td>1.5</td><td>1.6</td><td>1.9</td><td>2.6</td><td>3.3</td><td>3.9</td><td>8.6</td><td>10.3</td><td>13.8</td></tr><tr><td>1917</td><td>1917</td><td>4.8</td><td>5.8</td><td>7.1</td><td>10.3</td><td>13.2</td><td>16.2</td><td>38.5</td><td>47.5</td><td>62.8</td></tr><tr><td>1918</td><td>1918</td><td>10.8</td><td>12.9</td><td>14.7</td><td>22.0</td><td>28.6</td><td>35.0</td><td>64.6</td><td>70.3</td><td>75.7</td></tr><tr><td>1921</td><td>1919-1920</td><td>8.0</td><td>9.8</td><td>11.4</td><td>18.3</td><td>24.8</td><td>31.2</td><td>60.6</td><td>66.3</td><td>71.7</td></tr><tr><td>1921</td><td>1921</td><td>7.8</td><td>9.4</td><td>11.3</td><td>18.3</td><td>24.8</td><td>31.1</td><td>60.6</td><td>66.3</td><td>71.7</td></tr><tr><td>1922</td><td>1922</td><td>6.6</td><td>8.3</td><td>10.0</td><td>17.2</td><td>23.7</td><td>30.1</td><td>52.1</td><td>55.1</td><td>57.4</td></tr><tr><td>1924</td><td>1923</td><td>5.0</td><td>6.2</td><td>7.5</td><td>12.9</td><td>17.8</td><td>22.6</td><td>39.1</td><td>41.3</td><td>43.1</td></tr><tr><td>1924</td><td>1924</td><td>3.2</td><td>4.7</td><td>6.1</td><td>12.1</td><td>17.5</td><td>22.5</td><td>39.9</td><td>43.0</td><td>45.4</td></tr><tr><td>1926</td><td>1925-1927</td><td>1.9</td><td>3.0</td><td>4.5</td><td>9.7</td><td>13.4</td><td>16.0</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>1.9</td><td>3.0</td><td>4.0</td><td>9.1</td><td>13.1</td><td>15.7</td><td>23.2</td><td>24.1</td><td>24.8</td></tr><tr><td>1929</td><td>1929</td><td>1.3</td><td>2.4</td><td>3.4</td><td>8.3</td><td>12.2</td><td>14.9</td><td>22.2</td><td>23.1</td><td>23.8</td></tr><tr><td>1932</td><td>1932-1933</td><td>6.4</td><td>8.1</td><td>9.8</td><td>17.1</td><td>23.6</td><td>30.0</td><td>52.7</td><td>57.1</td><td>61.8</td></tr><tr><td>1934</td><td>1934-1935</td><td>5.5</td><td>7.3</td><td>9.3</td><td>17.2</td><td>23.9</td><td>30.2</td><td>52.7</td><td>57.1</td><td>61.8</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>5.5</td><td>7.3</td><td>9.3</td><td>17.2</td><td>24.5</td><td>32.0</td><td>60.7</td><td>67.8</td><td>75.8</td></tr><tr><td>1940</td><td>1940 1/</td><td>7.5</td><td>10.7</td><td>14.3</td><td>27.5</td><td>36.4</td><td>42.9</td><td>65.9</td><td>71.7</td><td>78.3</td></tr><tr><td>1941</td><td>1941</td><td>16.5</td><td>21.4</td><td>25.9</td><td>39.9</td><td>47.3</td><td>52.2</td><td>68.9</td><td>73.2</td><td>78.4</td></tr><tr><td>1942</td><td>1942 2/</td><td>25.1</td><td>30.4</td><td>35.3</td><td>49.7</td><td>57.7</td><td>63.5</td><td>82.7</td><td>85.3</td><td>87.5</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/</td><td>28.0</td><td>33.5</td><td>38.3</td><td>52.8</td><td>61.6</td><td>67.8</td><td>88.0</td><td>89.9 5/</td><td>90.0 5/</td></tr><tr><td>1945</td><td>1944-1945</td><td>28.4</td><td>33.9</td><td>38.8</td><td>53.7</td><td>62.4</td><td>68.6</td><td>88.6</td><td>90.0 5/</td><td>90.0 5/</td></tr><tr><td></td><td>1946</td><td>24.3</td><td>29.5</td><td>34.1</td><td>48.2</td><td>56.4</td><td>62.3</td><td>81.3</td><td>83.9</td><td>85.5 5/</td></tr></table>
Note
Maximum earned net income assumed.
1/ Includes defense tax.
2/ Tax liabilities for the years 1942 and 1943 are unadjusted for transition to current payment basis.
3/ Includes net Victory tax. Computed by assuming that deductions are 10% of Victory tax net income; i.e., that Victory tax net income is ten-ninths of selected
net income.
4/ Individual Income Tax Act of 1944.
5/ Taking into account maximum effective rate limitation of 90%.
6/ Taking into account maximum effective rate limitation of 85.5%.
A-8
Treasury Bulletin
Table 2.- Comparison of Individual Income Tax Liability under the Revenue Acts of 1913-1945
Part A - Single Person - No Dependents
<table><tr><th>Revenue Act</th><th>Income year</th><th>$525</th><th>$600</th><th>$800</th><th>$900</th><th>$1,000</th><th>$2,000</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$20</td><td>$30</td><td>$50</td><td>$70</td></tr><tr><td>1916</td><td>1916</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>60</td><td>100</td><td>140</td></tr><tr><td>1917</td><td>1917</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$20</td><td>$40</td><td>120</td><td>170</td><td>275</td><td>395</td></tr><tr><td>1918</td><td>1918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>60</td><td>120</td><td>240</td><td>370</td><td>650</td><td>950</td></tr><tr><td>1921</td><td>1919-1920</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>80</td><td>160</td><td>250</td><td>450</td><td>670</td></tr><tr><td>1921</td><td>1921</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>80</td><td>160</td><td>250</td><td>450</td><td>670</td></tr><tr><td></td><td>1922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>80</td><td>160</td><td>240</td><td>400</td><td>600</td></tr><tr><td>1924</td><td>1923</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>60</td><td>120</td><td>180</td><td>315</td><td>450</td></tr><tr><td>1924</td><td>1924</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>30</td><td>60</td><td>90</td><td>150</td><td>225</td></tr><tr><td>1926</td><td>1925-1927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>17</td><td>40</td><td>56</td><td>101</td><td>154</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>17</td><td>40</td><td>56</td><td>101</td><td>154</td></tr><tr><td></td><td>1929</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>6</td><td>13</td><td>22</td><td>52</td><td>90</td></tr><tr><td>1932</td><td>1932-1933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>80</td><td>160</td><td>240</td><td>420</td><td>600</td></tr><tr><td>1934</td><td>1934-1935</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>68</td><td>140</td><td>216</td><td>378</td><td>560</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>68</td><td>140</td><td>216</td><td>378</td><td>560</td></tr><tr><td>1940</td><td>1940 1/</td><td>-</td><td>-</td><td>-</td><td>$0.44</td><td>$4</td><td>44</td><td>84</td><td>172</td><td>255</td><td>449</td><td>686</td></tr><tr><td>1941</td><td>1941</td><td>-</td><td>-</td><td>$3</td><td>11</td><td>21</td><td>117</td><td>221</td><td>483</td><td>649</td><td>1,031</td><td>1,493</td></tr><tr><td>1942</td><td>1942 2/</td><td>-</td><td>$15</td><td>52</td><td>71</td><td>89</td><td>273</td><td>472</td><td>920</td><td>1,174</td><td>1,742</td><td>2,390</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/</td><td>-</td><td>17</td><td>62</td><td>85</td><td>107</td><td>333</td><td>574</td><td>1,105</td><td>1,401</td><td>2,052</td><td>2,783</td></tr><tr><td>1945</td><td>1944-1945</td><td>$6</td><td>23</td><td>69</td><td>92</td><td>115</td><td>345</td><td>585</td><td>1,105</td><td>1,395</td><td>2,035</td><td>2,755</td></tr><tr><td></td><td>1946</td><td>5</td><td>19</td><td>57</td><td>76</td><td>95</td><td>285</td><td>485</td><td>922</td><td>1,169</td><td>1,720</td><td>2,347</td></tr></table>
<table><tr><th>Revenue Act</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>$120</td><td>$170</td><td>$270</td><td>$770</td><td>$1,520</td><td>$2,520</td><td>$25,020</td><td>$60,020</td><td>$340,020</td></tr><tr><td>1916</td><td>1916</td><td>240</td><td>340</td><td>490</td><td>1,340</td><td>2,490</td><td>3,940</td><td>42,940</td><td>102,940</td><td>687,940</td></tr><tr><td>1917</td><td>1917</td><td>770</td><td>1,220</td><td>1,820</td><td>5,220</td><td>9,970</td><td>16,220</td><td>192,720</td><td>475,220</td><td>3,140,220</td></tr><tr><td>1918</td><td>1918</td><td>1,790</td><td>2,750</td><td>3,840</td><td>11,150</td><td>21,590</td><td>35,150</td><td>323,150</td><td>703,150</td><td>3,783,150</td></tr><tr><td>1918</td><td>1919-1920</td><td>1,310</td><td>2,070</td><td>2,960</td><td>9,270</td><td>18,710</td><td>31,270</td><td>303,270</td><td>663,270</td><td>3,583,270</td></tr><tr><td>1921</td><td>1921</td><td>1,310</td><td>2,070</td><td>2,960</td><td>9,270</td><td>18,710</td><td>31,270</td><td>303,270</td><td>663,270</td><td>3,583,270</td></tr><tr><td>1922</td><td>1922</td><td>1,140</td><td>1,800</td><td>2,640</td><td>8,720</td><td>17,910</td><td>30,220</td><td>260,720</td><td>550,720</td><td>2,870,720</td></tr><tr><td>1923</td><td>1923</td><td>855</td><td>1,350</td><td>1,920</td><td>6,540</td><td>13,433</td><td>22,665</td><td>195,540</td><td>413,040</td><td>2,153,040</td></tr><tr><td>1924</td><td>1924</td><td>585</td><td>1,045</td><td>1,635</td><td>6,165</td><td>13,215</td><td>22,645</td><td>199,645</td><td>429,645</td><td>2,269,645</td></tr><tr><td>1925-1927</td><td>1925-1927</td><td>386</td><td>694</td><td>1,234</td><td>4,954</td><td>10,184</td><td>16,134</td><td>116,134</td><td>241,134</td><td>1,241,134</td></tr><tr><td>1928</td><td>1926, 1930-1931</td><td>386</td><td>694</td><td>1,099</td><td>4,644</td><td>9,894</td><td>15,844</td><td>115,844</td><td>240,844</td><td>1,240,844</td></tr><tr><td>1929</td><td>1929</td><td>285</td><td>555</td><td>922</td><td>4,250</td><td>9,230</td><td>14,930</td><td>110,930</td><td>230,930</td><td>1,190,930</td></tr><tr><td>1932</td><td>1932-1933</td><td>1,140</td><td>1,800</td><td>2,640</td><td>8,720</td><td>17,910</td><td>30,220</td><td>263,720</td><td>571,220</td><td>3,091,220</td></tr><tr><td>1934</td><td>1934-1935</td><td>1,104</td><td>1,834</td><td>2,804</td><td>9,334</td><td>18,684</td><td>31,404</td><td>264,844</td><td>572,324</td><td>3,092,314</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>1,104</td><td>1,834</td><td>2,804</td><td>9,334</td><td>19,484</td><td>33,354</td><td>305,224</td><td>680,184</td><td>3,790,164</td></tr><tr><td>1940</td><td>1940 1/</td><td>1,476</td><td>2,666</td><td>4,253</td><td>14,709</td><td>28,481</td><td>44,268</td><td>330,933</td><td>718,404</td><td>3,917,390</td></tr><tr><td>1941</td><td>1941</td><td>2,994</td><td>4,929</td><td>7,224</td><td>20,882</td><td>36,487</td><td>53,214</td><td>345,654</td><td>733,139</td><td>3,923,124</td></tr><tr><td>1942</td><td>1942 2/</td><td>4,366</td><td>6,816</td><td>9,626</td><td>25,811</td><td>44,366</td><td>64,641</td><td>414,616</td><td>854,616</td><td>4,374,616</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/</td><td>4,968</td><td>7,626</td><td>10,644</td><td>28,058</td><td>48,001</td><td>69,665</td><td>441,863</td><td>899,500 5/</td><td>4,499,500 5/</td></tr><tr><td>1945</td><td>1944-1945</td><td>4,930</td><td>7,580</td><td>10,590</td><td>27,945</td><td>48,000</td><td>69,870</td><td>444,350</td><td>900,000 5/</td><td>4,500,000 5/</td></tr><tr><td></td><td>1946</td><td>4,270</td><td>6,645</td><td>9,362</td><td>25,137</td><td>43,477</td><td>63,541</td><td>407,897</td><td>840,147 2/</td><td>4,275,000 6/</td></tr></table>
(Continued on following page)
February 1947
A-9
Table 2.- Comparison of Individual Income Tax Liability under
the Revenue Acts of 1913-1945 - (Continued)
Part B - Married Person - No Dependents
<table><tr><th>Revenue Act</th><th>Income year</th><th>$600</th><th>$800</th><th>$1,000</th><th>$2,000</th><th>$2,500</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913<br>1916<br>1917</td><td>3/1/13-12/31/15<br>1916<br>1917</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>$10<br>$10</td><td>-<br>-<br>$20</td><td>$10<br>20<br>80</td><td>$20<br>40<br>130</td><td>$40<br>80<br>235</td><td>$60<br>120<br>355</td></tr><tr><td>1918<br>1921</td><td>1918<br>1919-1920<br>1921</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>30<br>20<br>-</td><td>60<br>40<br>20</td><td>180<br>120<br>100</td><td>250<br>170<br>170</td><td>530<br>370<br>370</td><td>830<br>590<br>590</td></tr><tr><td>1924</td><td>1922<br>1923<br>1924</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>20<br>15<br>8</td><td>100<br>75<br>38</td><td>160<br>120<br>53</td><td>340<br>255<br>105</td><td>520<br>390<br>165</td></tr><tr><td>1926<br>1928</td><td>1925-1927<br>1928, 1930-1931<br>1929</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>17<br>17<br>6</td><td>28<br>28<br>10</td><td>56<br>56<br>22</td><td>101<br>101<br>52</td></tr><tr><td>1932<br>1934<br>1936, 1938</td><td>1932-1933<br>1934-1935<br>1936-1939</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>-<br>-<br>-</td><td>20<br>8<br>8</td><td>100<br>80<br>80</td><td>140<br>116<br>116</td><td>300<br>248<br>248</td><td>480<br>415<br>415</td></tr><tr><td>1940<br>1941<br>1942</td><td>1940 1/<br>1941<br>1942 2/<br>1943 2/ 3/<br>1944-1945<br>1945 4/<br>1946</td><td>-<br>-<br>$1<br>3<br>-</td><td>-<br>-<br>$8<br>9<br>-</td><td>-<br>-<br>$15<br>15<br>-</td><td>$42<br>140<br>188<br>245<br>190</td><td>11<br>90<br>232<br>297<br>360<br>285</td><td>31<br>138<br>324<br>405<br>475<br>380</td><td>110<br>375<br>746<br>894<br>975<br>798</td><td>150<br>521<br>992<br>1,173<br>1,265<br>1,045</td><td>317<br>873<br>1,532<br>1,780<br>1,885<br>1,577</td><td>528<br>1,305<br>2,152<br>2,467<br>2,585<br>2,185</td></tr></table>
<table><tr><th>Revenue Act</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>$110</td><td>$160</td><td>$260</td><td>$760</td><td>$1,510</td><td>$2,510</td><td>$25,010</td><td>$60,010</td><td>$340,010</td></tr><tr><td>1916</td><td>1916</td><td>220</td><td>320</td><td>470</td><td>1,320</td><td>2,470</td><td>3,920</td><td>42,920</td><td>102,920</td><td>687,920</td></tr><tr><td>1917</td><td>1917</td><td>730</td><td>1,180</td><td>1,780</td><td>5,180</td><td>9,930</td><td>16,180</td><td>192,680</td><td>475,180</td><td>3,140,180</td></tr><tr><td>1918</td><td>1918</td><td>1,670</td><td>2,630</td><td>3,720</td><td>11,030</td><td>21,470</td><td>35,030</td><td>323,030</td><td>703,030</td><td>3,783,030</td></tr><tr><td>1921</td><td>1919-1920 1921</td><td>1,230 1,230</td><td>1,990 1,990</td><td>2,880 2,880</td><td>9,190 9,190</td><td>18,630 18,630</td><td>31,190 31,190</td><td>303,190 303,190</td><td>663,190 663,190</td><td>3,583,190 3,583,190</td></tr><tr><td>1922</td><td>1922</td><td>1,060</td><td>1,720</td><td>2,560</td><td>8,640</td><td>17,830</td><td>30,140</td><td>260,640</td><td>550,640</td><td>2,870,640</td></tr><tr><td>1924</td><td>1923 1924</td><td>795 515</td><td>1,290 975</td><td>1,920 1,565</td><td>6,480 6,095</td><td>13,373 13,145</td><td>22,605 22,575</td><td>195,480 199,575</td><td>412,980 429,575</td><td>2,152,980 2,269,575</td></tr><tr><td>1926</td><td>1925-1927</td><td>311</td><td>619</td><td>1,159</td><td>4,879</td><td>10,109</td><td>16,059</td><td>116,059</td><td>241,059</td><td>1,241,059</td></tr><tr><td>1928</td><td>1928, 1930-1931 1929</td><td>311 225</td><td>619 495</td><td>1,024 862</td><td>4,589 4,190</td><td>9,819 9,170</td><td>15,769 14,870</td><td>115,769 110,870</td><td>240,769 230,870</td><td>1,240,769 1,190,870</td></tr><tr><td>1932</td><td>1932-1933</td><td>1,020</td><td>1,680</td><td>2,520</td><td>8,600</td><td>17,790</td><td>30,100</td><td>263,600</td><td>571,100</td><td>3,091,100</td></tr><tr><td>1934</td><td>1934-1935</td><td>924</td><td>1,589</td><td>2,489</td><td>8,869</td><td>18,239</td><td>30,594</td><td>261,944</td><td>571,394</td><td>3,091,369</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>924</td><td>1,589</td><td>2,489</td><td>8,869</td><td>18,779</td><td>32,469</td><td>304,144</td><td>679,044</td><td>3,788,994</td></tr><tr><td>1940</td><td>1940 1/</td><td>1,258</td><td>2,336</td><td>3,843</td><td>14,128</td><td>27,768</td><td>43,476</td><td>330,156</td><td>717,584</td><td>3,916,548</td></tr><tr><td>1941</td><td>1941</td><td>2,739</td><td>4,614</td><td>6,864</td><td>20,439</td><td>35,999</td><td>52,704</td><td>345,084</td><td>732,554</td><td>3,922,524</td></tr><tr><td>1942</td><td>1942 2/</td><td>4,052</td><td>6,452</td><td>9,220</td><td>25,328</td><td>43,820</td><td>64,060</td><td>414,000</td><td>854,000</td><td>4,374,000</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/ 1944-1945</td><td>4,533 4,695 4,047</td><td>7,100 7,315 6,394</td><td>10,035 10,295 9,082</td><td>27,075 27,585 24,795</td><td>46,955 47,595 43,092</td><td>68,584 69,435 63,128</td><td>440,747 443,895 407,465</td><td>899,000 900,000 839,715</td><td>4,499,000 4,500,000 4,275,000</td></tr><tr><td>1945</td><td>1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6/</td></tr></table>
(Continued on following page)
A-10
Treasury Bulletin
Table 2.- Comparison of Individual Income Tax Liability under the Revenue Acts of 1913-1945 - (Continued)
Part C - Married Person - Two Dependents
<table><tr><th>Revenue Aot</th><th>Income year</th><th>$600</th><th>$800</th><th>$1,000</th><th>$2,000</th><th>$2,500</th><th>$3,000</th><th>$5,000</th><th>$6,000</th><th>$8,000</th><th>$10,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$10</td><td>$20</td><td>$40</td><td>$60</td></tr><tr><td>1916</td><td>1916</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>40</td><td>80</td><td>120</td></tr><tr><td>1917</td><td>1917</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$2</td><td>$12</td><td>64</td><td>114</td><td>219</td><td>339</td></tr><tr><td>1918</td><td>1918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>36</td><td>156</td><td>226</td><td>482</td><td>782</td></tr><tr><td></td><td>1919-1920</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>24</td><td>104</td><td>154</td><td>338</td><td>558</td></tr><tr><td>1921</td><td>1921</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>118</td><td>266</td><td>526</td></tr><tr><td></td><td>1922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>128</td><td>276</td><td>456</td></tr><tr><td></td><td>1923</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td><td>96</td><td>207</td><td>342</td></tr><tr><td>1924</td><td>1924</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>41</td><td>81</td><td>141</td></tr><tr><td>1926</td><td>1925-1927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>19</td><td>42</td><td>83</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>19</td><td>42</td><td>83</td></tr><tr><td></td><td>1929</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>6</td><td>14</td><td>40</td></tr><tr><td>1932</td><td>1932-1933</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>108</td><td>236</td><td>416</td></tr><tr><td>1934</td><td>1934-1935</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>84</td><td>184</td><td>343</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>84</td><td>184</td><td>343</td></tr><tr><td>1940</td><td>1940 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>114</td><td>246</td><td>440</td></tr><tr><td>1941</td><td>1941</td><td>-</td><td>-</td><td>-</td><td>$13</td><td>12</td><td>58</td><td>271</td><td>397</td><td>717</td><td>1,117</td></tr><tr><td>1942</td><td>1942 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>191</td><td>592</td><td>810</td><td>1,322</td><td>1,914</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/ 1944-1945</td><td>$1</td><td>$7</td><td>$14</td><td>58</td><td>159</td><td>267</td><td>730</td><td>979</td><td>1,553</td><td>2,208</td></tr><tr><td>1945</td><td>1946</td><td>3</td><td>9</td><td>15</td><td>45</td><td>160</td><td>275</td><td>755</td><td>1,005</td><td>1,585</td><td>2,245</td></tr><tr><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>95</td><td>190</td><td>589</td><td>798</td><td>1,292</td><td>1,862</td></tr></table>
<table><tr><th>Revenue Act</th><th>Income year</th><th>$15,000</th><th>$20,000</th><th>$25,000</th><th>$50,000</th><th>$75,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>$5,000,000</th></tr><tr><td>1913</td><td>3/1/13-12/31/15</td><td>$110</td><td>$160</td><td>$260</td><td>$760</td><td>$1,510</td><td>$2,510</td><td>$25,010</td><td>$60,010</td><td>$340,010</td></tr><tr><td>1916</td><td>1916</td><td>220</td><td>320</td><td>470</td><td>1,320</td><td>2,470</td><td>3,920</td><td>42,920</td><td>102,920</td><td>687,920</td></tr><tr><td>1917</td><td>1917</td><td>714</td><td>1,164</td><td>1,764</td><td>5,164</td><td>9,914</td><td>16,164</td><td>192,664</td><td>475,164</td><td>3,140,164</td></tr><tr><td>1918</td><td>1918</td><td>1,622</td><td>2,582</td><td>3,672</td><td>10,982</td><td>21,422</td><td>34,982</td><td>322,982</td><td>702,982</td><td>3,782,982</td></tr><tr><td>1921</td><td>1919-1920</td><td>1,198</td><td>1,958</td><td>2,848</td><td>9,158</td><td>18,598</td><td>31,158</td><td>303,158</td><td>663,158</td><td>3,583,158</td></tr><tr><td>1921</td><td>1921</td><td>1,166</td><td>1,886</td><td>2,816</td><td>9,126</td><td>18,566</td><td>31,126</td><td>303,126</td><td>663,126</td><td>3,583,126</td></tr><tr><td>1922</td><td>1922</td><td>996</td><td>1,656</td><td>2,496</td><td>8,576</td><td>17,766</td><td>30,076</td><td>260,576</td><td>550,576</td><td>2,870,576</td></tr><tr><td>1923</td><td>1923</td><td>747</td><td>1,242</td><td>1,872</td><td>6,432</td><td>13,325</td><td>22,557</td><td>195,432</td><td>412,932</td><td>2,152,932</td></tr><tr><td>1924</td><td>1924</td><td>475</td><td>935</td><td>1,525</td><td>6,055</td><td>13,105</td><td>22,535</td><td>199,535</td><td>429,535</td><td>2,269,535</td></tr><tr><td>1926</td><td>1925-1927</td><td>281</td><td>589</td><td>1,129</td><td>4,849</td><td>10,079</td><td>16,029</td><td>116,029</td><td>241,029</td><td>1,241,029</td></tr><tr><td>1928</td><td>1928, 1930-1931</td><td>281</td><td>589</td><td>994</td><td>4,559</td><td>9,789</td><td>15,739</td><td>115,739</td><td>240,739</td><td>1,240,739</td></tr><tr><td>1929</td><td>1929</td><td>201</td><td>471</td><td>838</td><td>4,166</td><td>9,146</td><td>14,846</td><td>110,846</td><td>230,846</td><td>1,190,846</td></tr><tr><td>1932</td><td>1932-1933</td><td>956</td><td>1,616</td><td>2,456</td><td>8,536</td><td>17,726</td><td>30,036</td><td>263,536</td><td>571,036</td><td>3,091,036</td></tr><tr><td>1934</td><td>1934-1935</td><td>831</td><td>1,469</td><td>2,327</td><td>8,621</td><td>17,895</td><td>30,162</td><td>263,464</td><td>570,898</td><td>3,090,865</td></tr><tr><td>1936, 1938</td><td>1936-1939</td><td>831</td><td>1,469</td><td>2,327</td><td>8,621</td><td>18,403</td><td>31,997</td><td>303,568</td><td>678,436</td><td>3,788,370</td></tr><tr><td>1940</td><td>1940 1/</td><td>1,118</td><td>2,143</td><td>3,571</td><td>13,741</td><td>27,293</td><td>42,948</td><td>329,637</td><td>717,036</td><td>3,915,986</td></tr><tr><td>1941</td><td>1941</td><td>2,475</td><td>4,287</td><td>6,480</td><td>19,967</td><td>35,479</td><td>52,160</td><td>344,476</td><td>731,930</td><td>3,921,884</td></tr><tr><td>1942</td><td>1942 2/</td><td>3,758</td><td>6,088</td><td>8,814</td><td>24,845</td><td>43,274</td><td>63,479</td><td>413,384</td><td>853,384</td><td>4,373,384</td></tr><tr><td>1944 4/</td><td>1943 2/ 3/</td><td>4,207</td><td>6,693</td><td>9,574</td><td>26,392</td><td>46,209</td><td>67,803</td><td>439,931</td><td>898,800 5/</td><td>4,498,800 5/</td></tr><tr><td>1945</td><td>1944-1945</td><td>4,265</td><td>6,785</td><td>9,705</td><td>26,865</td><td>46,785</td><td>68,565</td><td>442,985</td><td>900,000 5/</td><td>4,500,000 5/</td></tr><tr><td></td><td>1946</td><td>3,639</td><td>5,890</td><td>8,522</td><td>24,111</td><td>42,323</td><td>62,301</td><td>406,600</td><td>838,850</td><td>4,275,000 6/</td></tr></table>
Note: Maximum earned net income assumed.
1/ Includes defense tax.
2/ Tax liabilities for the years 1942 and 1943 are unadjusted for transition to current payment basis.
3/ Includes net Victory tax. Computed by assuming that deductions are 10% of Victory tax net income; i.e., that Victory tax net income is ten-ninths of ascertained
4/ Individual Income Tax Act of 1944. 5/ Taking into account maximum effective rate limitation of 90%. 6/ Taking into account maximum effective rate limitation of 85.5%.
February 1947
A-11
Table 3.- Personal Exemption and Credit for Dependents Allowed under the Revenue Acts of 1913-1945
<table><tr><th>Revenue Act</th><th>Income year</th><th colspan="3">Personal exemption and credit for dependents</th></tr><tr><th></th><th></th><th>Single person</th><th>Married person or head of family 1/</th><th>Credit for each dependent</th></tr><tr><td>1913</td><td>Mar. 1, 1913-Dec. 31, 1915</td><td>$3,000</td><td>$4,000</td><td>-</td></tr><tr><td>1916</td><td>1916</td><td>3,000</td><td>4,000</td><td>-</td></tr><tr><td>1917</td><td>1917</td><td>1,000</td><td>2,000</td><td>$200</td></tr><tr><td>1918</td><td>1918-1920</td><td>1,000</td><td>2,000</td><td>200</td></tr><tr><td>1921</td><td>1921-1923</td><td>1,000</td><td>2,500 2/</td><td>400</td></tr><tr><td>1924</td><td>1924</td><td>1,000</td><td>2,500</td><td>400</td></tr><tr><td>1926</td><td>1925-1927</td><td>1,500</td><td>3,500</td><td>400</td></tr><tr><td>1928</td><td>1928-1931</td><td>1,500</td><td>3,500</td><td>400</td></tr><tr><td>1932</td><td>1932-1933</td><td>1,000</td><td>2,500</td><td>400</td></tr><tr><td>1934</td><td>1934-1935</td><td>1,000</td><td>2,500</td><td>400</td></tr><tr><td>1936</td><td>1936-1937</td><td>1,000</td><td>2,500</td><td>400</td></tr><tr><td>1938</td><td>1938-1939</td><td>1,000</td><td>2,500</td><td>400</td></tr><tr><td>1940</td><td>1940</td><td>800</td><td>2,000</td><td>400</td></tr><tr><td>1941</td><td>1941</td><td>750</td><td>1,500</td><td>400</td></tr><tr><td>1942</td><td>1942-1943</td><td>500</td><td>1,200</td><td>350</td></tr><tr><td>1944 3/</td><td>1944-1945</td><td>500 4/</td><td>1,000 4/</td><td>500 4/</td></tr><tr><td>1945 5/</td><td>1946-</td><td>500</td><td>1,000</td><td>500</td></tr></table>
1/ Subsequent to the Revenue Act of 1913, and prior to the Individual Income Tax Act of 1944, the personal exemption allowed to married persons was also allowed to heads of families.
2/ For net incomes in excess of $5,000, personal exemption was $2,000.
3/ Individual Income Tax Act of 1944.
4/ Surtax exemptions. For surtax, each taxpayer was al-
owed an exemption of $500, plus $500 for his spouse, and $500 for each dependent. The normal-tax exemption was $500. However, if husband and wife combined their income in a joint return, the normal-tax exemption was $500 plus the amount of the smaller of the two incomes but not more than $1,000 for both. The Revenue Act of 1945 made the surtax exemptions applicable to the normal tax.
Table 4.- Normal Tax Rates under the Revenue Acts of 1913-1945
<table><tr><th>Revenue Act</th><th>Income year</th><th>Net income subject to tax</th><th>Rate (percent)</th></tr><tr><td>1913<br>1916</td><td>Mar. 1, 1913-Dec. 31, 1915<br>1916</td><td>All<br>All</td><td>1<br>2</td></tr><tr><td>1917</td><td>1917</td><td>First $2,000<br>Balance over $2,000</td><td>2<br>4</td></tr><tr><td>1918</td><td>1918</td><td>First $4,000<br>Balance over $4,000</td><td>6<br>12</td></tr><tr><td>1919, 1920</td><td>1919, 1920</td><td>First $4,000<br>Balance over $4,000</td><td>4<br>8</td></tr><tr><td>1921</td><td>1921-1923</td><td>First $4,000<br>Balance over $4,000</td><td>4 1/8<br>1 1/8</td></tr><tr><td>1924</td><td>1924</td><td>First $4,000<br>Second $4,000<br>Balance over $8,000</td><td>2<br>4<br>6</td></tr><tr><td>1926, 1928</td><td>1925-1931</td><td>First $4,000<br>Second $4,000<br>Balance over $8,000</td><td>1 1/3<br>2/3<br>5 2/3</td></tr><tr><td>1932</td><td>1932, 1933</td><td>First $4,000<br>Balance over $4,000</td><td>4<br>8</td></tr><tr><td>1934-1941</td><td>1934-1941</td><td>All</td><td>4 2/3</td></tr><tr><td>1942</td><td>1942, 1943</td><td>All</td><td>6 4/3</td></tr><tr><td>1944-1945</td><td>1944-1946</td><td>All</td><td>3 5/3</td></tr></table>
1/ Tax for 1923, computed at these rates, was reduced 25% by credit or refund under Section 1200 (a), Revenue Act of 1924.
2/ Rates for 1929 reduced to 1/2, 2%, and 4%, respectively, by Joint Resolution of Congress, No. 133, approved by the President December 16, 1929.
3/ For 1940 the sum of the normal tax and surtax was increased by the defense tax of 10% of the amount of the tax limited, however, to 10% of the excess of the net income over the sum of the normal tax and surtax.
4/ For 1943 individuals were also subject to the Victory tax. For Victory tax, every individual taxpayer was allowed an exemption of $624, regardless of marital status. However, in the case of a husband and wife filing a joint return, if the Victory tax net income of one
spouse was less than $624, the total exemption was limited to $624 plus the Victory tax net income of such spouse. The tax was 5% of Victory tax net income, less a credit of 25% of the tax if single, or 40% if married, plus in either case 2% for each dependent. The amount of the credit was limited, however, to $500 if single, or $1,000 if married, plus in either case $100 for each dependent. As a means of effecting an annual limitation of 90% on the combined individual income tax and Victory tax, the gross Victory tax (before deduction of credits against the tax) was limited to the amount by which 90% of net income exceeded the regular income tax liability. Tax for 1946, computed at this rate, was reduced by 5% under the Revenue Act of 1945.
A-12
Treasury Bulletin
Table 5.- Individual Surtax Rates and Total Surtax under the Revenue Acts of 1913-1945
<table><tr><th colspan="2">Net income subject to surtax 1/</th><th>Act of Oct. 3, 1913 (income tax)</th><th colspan="2">1916</th><th colspan="2">1917</th><th colspan="2">1918</th><th colspan="2">1921</th></tr><tr><th>Exceeding</th><th>Equaling</th><th>Income years Mar. 1, 1913, through Dec. 31, 1915</th><th>Income year 1916</th><th>Rate (percent)</th><th>Total surtax</th><th>Income year 1917</th><th>Rate 2/ (percent)</th><th>Total surtax</th><th>Income years 1918 through 1920</th><th>Act of 1921</th><th>Income year 1921</th><th>Income years 1922, 1923 3/</th><th>Rate (percent)</th><th>Total surtax</th></tr><tr><td>0</td><td>2</td><td>Rate (percent)</td><td>Total surtax</td><td>Rate (percent)</td><td>Total surtax</td><td>Rate (percent)</td><td>Total surtax</td><td>Rate (percent)</td><td>Total surtax</td><td>Rate (percent)</td><td>Total surtax</td></tr><tr><td>2</td><td>4</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>4</td><td>5</td><td>......</td><td>......</td><td>......</td><td>......</td><td>1</td><td>$10</td><td>1</td><td>$10</td><td>......</td><td>......</td><td>......</td></tr><tr><td>5</td><td>6</td><td>......</td><td>......</td><td>......</td><td>......</td><td>1</td><td>25</td><td>2</td><td>40</td><td>1</td><td>$15</td><td>......</td></tr><tr><td>6</td><td>7.5</td><td>......</td><td>......</td><td>......</td><td>......</td><td>2</td><td>35</td><td>2</td><td>50</td><td>1</td><td>20</td><td>......</td></tr><tr><td>7.5</td><td>8</td><td>......</td><td>......</td><td>......</td><td>......</td><td>2</td><td>75</td><td>3</td><td>110</td><td>1</td><td>40</td><td>......</td></tr><tr><td>8</td><td>10</td><td>......</td><td>......</td><td>......</td><td>......</td><td>3</td><td>135</td><td>4</td><td>190</td><td>2</td><td>80</td><td>......</td></tr><tr><td>10</td><td>12</td><td>......</td><td>......</td><td>......</td><td>......</td><td>3</td><td>150</td><td>5</td><td>215</td><td>3</td><td>95</td><td>......</td></tr><tr><td>12</td><td>12.5</td><td>......</td><td>......</td><td>......</td><td>......</td><td>4</td><td>170</td><td>5</td><td>240</td><td>3</td><td>110</td><td>......</td></tr><tr><td>12.5</td><td>13</td><td>......</td><td>......</td><td>......</td><td>......</td><td>4</td><td>210</td><td>6</td><td>290</td><td>4</td><td>140</td><td>......</td></tr><tr><td>13</td><td>14</td><td>......</td><td>......</td><td>......</td><td>......</td><td>4</td><td>250</td><td>6</td><td>350</td><td>4</td><td>180</td><td>......</td></tr><tr><td>14</td><td>15</td><td>......</td><td>......</td><td>......</td><td>......</td><td>5</td><td>300</td><td>6</td><td>410</td><td>4</td><td>220</td><td>......</td></tr><tr><td>15</td><td>16</td><td>......</td><td>......</td><td>......</td><td>......</td><td>5</td><td>400</td><td>7</td><td>550</td><td>5</td><td>320</td><td>......</td></tr><tr><td>16</td><td>18</td><td>......</td><td>......</td><td>......</td><td>......</td><td>5</td><td>500</td><td>8</td><td>710</td><td>6</td><td>440</td><td>......</td></tr><tr><td>18</td><td>20</td><td>......</td><td>......</td><td>1</td><td>$20</td><td>8</td><td>660</td><td>9</td><td>890</td><td>8</td><td>600</td><td>......</td></tr><tr><td>20</td><td>22</td><td>1</td><td>$40</td><td>1</td><td>$40</td><td>8</td><td>820</td><td>10</td><td>1,090</td><td>9</td><td>780</td><td>......</td></tr><tr><td>22</td><td>24</td><td>1</td><td>60</td><td>1</td><td>60</td><td>8</td><td>980</td><td>11</td><td>1,310</td><td>10</td><td>980</td><td>......</td></tr><tr><td>24</td><td>26</td><td>1</td><td>80</td><td>1</td><td>80</td><td>8</td><td>1,140</td><td>12</td><td>1,550</td><td>11</td><td>1,200</td><td>......</td></tr><tr><td>26</td><td>28</td><td>1</td><td>100</td><td>1</td><td>100</td><td>8</td><td>1,300</td><td>13</td><td>1,810</td><td>12</td><td>1,440</td><td>......</td></tr><tr><td>28</td><td>30</td><td>1</td><td>120</td><td>1</td><td>120</td><td>8</td><td>1,460</td><td>14</td><td>2,090</td><td>13</td><td>1,700</td><td>......</td></tr><tr><td>30</td><td>32</td><td>1</td><td>140</td><td>1</td><td>140</td><td>8</td><td>1,620</td><td>15</td><td>2,390</td><td>15</td><td>2,000</td><td>......</td></tr><tr><td>32</td><td>34</td><td>1</td><td>160</td><td>1</td><td>160</td><td>8</td><td>1,780</td><td>16</td><td>2,710</td><td>15</td><td>2,300</td><td>......</td></tr><tr><td>34</td><td>36</td><td>1</td><td>180</td><td>1</td><td>180</td><td>8</td><td>1,940</td><td>17</td><td>3,050</td><td>16</td><td>2,620</td><td>......</td></tr><tr><td>36</td><td>38</td><td>1</td><td>200</td><td>1</td><td>200</td><td>8</td><td>2,100</td><td>18</td><td>3,410</td><td>17</td><td>2,960</td><td>......</td></tr><tr><td>38</td><td>40</td><td>1</td><td>220</td><td>1</td><td>240</td><td>12</td><td>2,340</td><td>19</td><td>3,790</td><td>18</td><td>3,320</td><td>......</td></tr><tr><td>40</td><td>42</td><td>1</td><td>240</td><td>2</td><td>280</td><td>12</td><td>2,580</td><td>20</td><td>4,190</td><td>19</td><td>3,700</td><td>......</td></tr><tr><td>42</td><td>44</td><td>1</td><td>260</td><td>2</td><td>320</td><td>12</td><td>2,820</td><td>21</td><td>4,610</td><td>20</td><td>4,100</td><td>......</td></tr><tr><td>44</td><td>46</td><td>1</td><td>280</td><td>2</td><td>360</td><td>12</td><td>3,060</td><td>22</td><td>5,050</td><td>21</td><td>4,520</td><td>......</td></tr><tr><td>46</td><td>48</td><td>1</td><td>300</td><td>2</td><td>400</td><td>12</td><td>3,300</td><td>23</td><td>5,510</td><td>22</td><td>4,960</td><td>......</td></tr><tr><td>48</td><td>50</td><td>1</td><td>340</td><td>2</td><td>440</td><td>12</td><td>3,540</td><td>24</td><td>5,990</td><td>23</td><td>5,420</td><td>......</td></tr><tr><td>50</td><td>52</td><td>1</td><td>380</td><td>2</td><td>480</td><td>12</td><td>3,780</td><td>25</td><td>6,490</td><td>24</td><td>5,900</td><td>......</td></tr><tr><td>52</td><td>54</td><td>1</td><td>420</td><td>2</td><td>520</td><td>12</td><td>4,020</td><td>26</td><td>7,010</td><td>25</td><td>6,400</td><td>......</td></tr><tr><td>54</td><td>56</td><td>1</td><td>460</td><td>2</td><td>560</td><td>12</td><td>4,260</td><td>27</td><td>7,550</td><td>26</td><td>6,920</td><td>......</td></tr><tr><td>56</td><td>58</td><td>1</td><td>500</td><td>2</td><td>600</td><td>12</td><td>4,500</td><td>28</td><td>8,110</td><td>27</td><td>7,460</td><td>......</td></tr><tr><td>58</td><td>60</td><td>1</td><td>540</td><td>3</td><td>660</td><td>17</td><td>4,840</td><td>29</td><td>8,690</td><td>28</td><td>8,020</td><td>......</td></tr><tr><td>60</td><td>62</td><td>1</td><td>580</td><td>3</td><td>720</td><td>17</td><td>5,180</td><td>30</td><td>9,290</td><td>29</td><td>8,600</td><td>......</td></tr><tr><td>62</td><td>64</td><td>1</td><td>620</td><td>3</td><td>780</td><td>17</td><td>5,520</td><td>31</td><td>9,910</td><td>30</td><td>9,200</td><td>......</td></tr><tr><td>64</td><td>66</td><td>1</td><td>660</td><td>3</td><td>840</td><td>17</td><td>5,860</td><td>32</td><td>10,550</td><td>31</td><td>9,820</td><td>......</td></tr><tr><td>66</td><td>68</td><td>1</td><td>700</td><td>3</td><td>900</td><td>17</td><td>6,200</td><td>33</td><td>11,210</td><td>32</td><td>10,460</td><td>......</td></tr><tr><td>68</td><td>70</td><td>1</td><td>740</td><td>3</td><td>960</td><td>17</td><td>6,540</td><td>34</td><td>11,890</td><td>33</td><td>11,120</td><td>......</td></tr><tr><td>70</td><td>72</td><td>1</td><td>780</td><td>3</td><td>1,020</td><td>17</td><td>6,880</td><td>35</td><td>12,590</td><td>34</td><td>11,300</td><td>......</td></tr><tr><td>72</td><td>74</td><td>1</td><td>800</td><td>3</td><td>1,050</td><td>17</td><td>7,050</td><td>36</td><td>12,950</td><td>35</td><td>12,150</td><td>......</td></tr><tr><td>74</td><td>76</td><td>1</td><td>830</td><td>3</td><td>1,080</td><td>17</td><td>7,220</td><td>37</td><td>13,310</td><td>35</td><td>12,500</td><td>......</td></tr><tr><td>76</td><td>78</td><td>1</td><td>890</td><td>3</td><td>1,140</td><td>17</td><td>7,560</td><td>38</td><td>14,050</td><td>36</td><td>13,220</td><td>......</td></tr><tr><td>78</td><td>80</td><td>1</td><td>950</td><td>3</td><td>1,200</td><td>17</td><td>7,900</td><td>39</td><td>14,810</td><td>37</td><td>13,960</td><td>......</td></tr><tr><td>80</td><td>82</td><td>1</td><td>1,010</td><td>3</td><td>1,280</td><td>22</td><td>8,340</td><td>40</td><td>15,590</td><td>38</td><td>14,720</td><td>......</td></tr><tr><td>82</td><td>84</td><td>1</td><td>1,070</td><td>3</td><td>1,360</td><td>22</td><td>8,780</td><td>41</td><td>16,390</td><td>39</td><td>15,500</td><td>......</td></tr><tr><td>84</td><td>86</td><td>1</td><td>1,130</td><td>3</td><td>1,440</td><td>22</td><td>9,220</td><td>42</td><td>17,210</td><td>40</td><td>16,300</td><td>......</td></tr><tr><td>86</td><td>88</td><td>1</td><td>1,190</td><td>3</td><td>1,520</td><td>22</td><td>9,660</td><td>43</td><td>18,050</td><td>41</td><td>17,120</td><td>......</td></tr><tr><td>88</td><td>90</td><td>1</td><td>1,250</td><td>3</td><td>1,600</td><td>22</td><td>10,100</td><td>44</td><td>18,910</td><td>42</td><td>17,960</td><td>......</td></tr><tr><td>90</td><td>92</td><td>1</td><td>1,310</td><td>3</td><td>1,680</td><td>22</td><td>10,540</td><td>45</td><td>19,790</td><td>43</td><td>18,420</td><td>......</td></tr><tr><td>92</td><td>94</td><td>1</td><td>1,370</td><td>3</td><td>1,760</td><td>22</td><td>10,980</td><td>46</td><td>20,690</td><td>44</td><td>18,700</td><td>......</td></tr><tr><td>94</td><td>96</td><td>1</td><td>1,430</td><td>3</td><td>1,840</td><td>22</td><td>11,420</td><td>47</td><td>21,610</td><td>45</td><td>20,600</td><td>......</td></tr><tr><td>96</td><td>98</td><td>1</td><td>1,490</td><td>3</td><td>1,920</td><td>22</td><td>11,860</td><td>48</td><td>22,550</td><td>46</td><td>21,520</td><td>......</td></tr><tr><td>98</td><td>100</td><td>1</td><td>1,550</td><td>3</td><td>2,000</td><td>22</td><td>12,300</td><td>49</td><td>23,510</td><td>47</td><td>22,560</td><td>......</td></tr><tr><td>100</td><td>150</td><td>1</td><td>3,550</td><td>4</td><td>4,500</td><td>27</td><td>12,300</td><td>52</td><td>49,510</td><td>48</td><td>46,460</td><td>......</td></tr><tr><td>150</td><td>200</td><td>1</td><td>5,550</td><td>4</td><td>7,500</td><td>31</td><td>41,300</td><td>56</td><td>77,510</td><td>49</td><td>70,960</td><td>......</td></tr><tr><td>200</td><td>250</td><td>1</td><td>7,550</td><td>4</td><td>11,000</td><td>37</td><td>59,800</td><td>60</td><td>107,510</td><td>50</td><td>95,960</td><td>......</td></tr><tr><td>250</td><td>300</td><td>1</td><td>10,050</td><td>5</td><td>15,000</td><td>42</td><td>80,800</td><td>60</td><td>137,510</td><td>50</td><td>120,960</td><td>......</td></tr><tr><td>300</td><td>400</td><td>1</td><td>15,050</td><td>5</td><td>24,000</td><td>46</td><td>126,800</td><td>63</td><td>200,510</td><td>50</td><td>170,960</td><td>......</td></tr><tr><td>400</td><td>500</td><td>1</td><td>20,050</td><td>5</td><td>33,000</td><td>46</td><td>172,800</td><td>63</td><td>263,510</td><td>50</td><td>220,960</td><td>......</td></tr><tr><td>500</td><td>750</td><td>1</td><td>35,050</td><td>6</td><td>58,000</td><td>50</td><td>297,800</td><td>64</td><td>423,510</td><td>50</td><td>345,960</td><td>......</td></tr><tr><td>750</td><td>1,000</td><td>1</td><td>50,050</td><td>6</td><td>83,000</td><td>55</td><td>435,300</td><td>64</td><td>583,510</td><td>50</td><td>470,960</td><td>......</td></tr><tr><td>1,000</td><td>1,500</td><td>1</td><td>80,050</td><td>6</td><td>138,000</td><td>61</td><td>750,300</td><td>65</td><td>908,510</td><td>50</td><td>720,960</td><td>......</td></tr><tr><td>1,500</td><td>2,000</td><td>1</td><td>110,050</td><td>6</td><td>198,000</td><td>62</td><td>1,050,300</td><td>65</td><td>1,233,510</td><td>50</td><td>970,960</td><td>......</td></tr><tr><td>2,000</td><td>5,000</td><td>1</td><td>290,050</td><td>6</td><td>588,000</td><td>63</td><td>2,940,300</td><td>65</td><td>3,183,510</td><td>50</td><td>2,470,960</td><td>......</td></tr><tr><td>5,000</td><td>......</td><td>1</td><td>......</td><td>6</td><td>......</td><td>63</td><td>......</td><td>65</td><td>......</td><td>50</td><td>......</td><td>......</td></tr></table>
(Continued on following page)
February 1947
A-13
Table 5.- Individual Surtax Rates and Total Surtax under the Revenue Acts of 1913-1945 - (Continued)
<table><tr><th colspan="2">Net income subject to surtax</th><th colspan="8">Revenue Act of -</th></tr><tr><th>Exceeding</th><th>Equaling</th><th>1924</th><th colspan="2">1926</th><th colspan="2">1932</th><th colspan="2">1934</th><th colspan="2">1936 and 1938</th></tr><tr><th></th><th></th><th>Income year 1924</th><th colspan="2">Income years 1925 through 1927</th><th colspan="2">Income years 1932, 1933</th><th colspan="2">Income years 1934, 1935</th><th colspan="2">Income years 1936 through 1938 and Int. Rev. Code Income year 1939</th></tr><tr><th>Thousands of dollars</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th></tr><tr><td>0</td><td>2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2</td><td>4</td><td></td><td></td><td></td><td></td><td></td><td>4</td><td>$40</td><td>4</td><td>$40</td></tr><tr><td>4</td><td>5</td><td></td><td></td><td></td><td></td><td></td><td>4</td><td>80</td><td>4</td><td>80</td></tr><tr><td>5</td><td>6</td><td></td><td></td><td></td><td>1</td><td>$15</td><td>5</td><td>155</td><td>5</td><td>155</td></tr><tr><td>6.5</td><td>7.5</td><td></td><td></td><td></td><td>1</td><td>20</td><td>5</td><td>180</td><td>5</td><td>180</td></tr><tr><td>7.5</td><td>8</td><td></td><td></td><td></td><td>1</td><td>40</td><td>6</td><td>300</td><td>6</td><td>300</td></tr><tr><td>8</td><td>10</td><td>1</td><td>$20</td><td>1</td><td>$20</td><td>2</td><td>80</td><td>7</td><td>440</td><td>7</td><td>440</td></tr><tr><td>10</td><td>12</td><td>1</td><td>25</td><td>1</td><td>25</td><td>3</td><td>95</td><td>8</td><td>480</td><td>8</td><td>480</td></tr><tr><td>12</td><td>12.5</td><td>1</td><td>30</td><td>1</td><td>30</td><td>3</td><td>110</td><td>8</td><td>520</td><td>8</td><td>520</td></tr><tr><td>12.5</td><td>13</td><td>1</td><td>40</td><td>1</td><td>50</td><td>3</td><td>140</td><td>8</td><td>600</td><td>8</td><td>600</td></tr><tr><td>13</td><td>14</td><td>1</td><td>60</td><td>2</td><td>60</td><td>4</td><td>140</td><td>9</td><td>690</td><td>9</td><td>690</td></tr><tr><td>14</td><td>15</td><td>2</td><td>80</td><td>2</td><td>80</td><td>4</td><td>220</td><td>9</td><td>780</td><td>9</td><td>780</td></tr><tr><td>15</td><td>16</td><td>2</td><td>140</td><td>3</td><td>140</td><td>5</td><td>320</td><td>11</td><td>1,000</td><td>11</td><td>1,000</td></tr><tr><td>16</td><td>18</td><td>3</td><td>220</td><td>4</td><td>220</td><td>6</td><td>420</td><td>13</td><td>1,260</td><td>13</td><td>1,260</td></tr><tr><td>18</td><td>20</td><td>4</td><td>320</td><td>5</td><td>320</td><td>8</td><td>600</td><td>15</td><td>1,560</td><td>15</td><td>1,560</td></tr><tr><td>20</td><td>22</td><td>5</td><td>440</td><td>6</td><td>440</td><td>9</td><td>780</td><td>17</td><td>1,900</td><td>17</td><td>1,900</td></tr><tr><td>22</td><td>24</td><td>6</td><td>580</td><td>7</td><td>580</td><td>10</td><td>930</td><td>17</td><td>2,240</td><td>17</td><td>2,240</td></tr><tr><td>24</td><td>26</td><td>7</td><td>740</td><td>7</td><td>720</td><td>11</td><td>1,200</td><td>19</td><td>2,620</td><td>19</td><td>2,620</td></tr><tr><td>26</td><td>28</td><td>8</td><td>920</td><td>8</td><td>880</td><td>12</td><td>1,440</td><td>19</td><td>3,000</td><td>19</td><td>3,000</td></tr><tr><td>28</td><td>30</td><td>9</td><td>1,120</td><td>8</td><td>1,040</td><td>13</td><td>1,700</td><td>19</td><td>3,380</td><td>19</td><td>3,380</td></tr><tr><td>30</td><td>32</td><td>10</td><td>1,320</td><td>9</td><td>1,280</td><td>15</td><td>2,000</td><td>21</td><td>3,800</td><td>21</td><td>3,800</td></tr><tr><td>32</td><td>34</td><td>11</td><td>1,540</td><td>9</td><td>1,400</td><td>15</td><td>2,300</td><td>21</td><td>4,220</td><td>21</td><td>4,220</td></tr><tr><td>34</td><td>36</td><td>11</td><td>1,780</td><td>10</td><td>1,600</td><td>16</td><td>2,620</td><td>21</td><td>4,640</td><td>21</td><td>4,640</td></tr><tr><td>36</td><td>38</td><td>12</td><td>2,040</td><td>10</td><td>1,800</td><td>17</td><td>2,960</td><td>24</td><td>5,120</td><td>24</td><td>5,120</td></tr><tr><td>38</td><td>40</td><td>13</td><td>2,300</td><td>11</td><td>2,020</td><td>18</td><td>3,320</td><td>24</td><td>5,600</td><td>24</td><td>5,600</td></tr><tr><td>40</td><td>42</td><td>14</td><td>2,580</td><td>11</td><td>2,240</td><td>19</td><td>3,700</td><td>24</td><td>6,080</td><td>24</td><td>6,080</td></tr><tr><td>42</td><td>44</td><td>15</td><td>2,880</td><td>12</td><td>2,480</td><td>20</td><td>4,100</td><td>27</td><td>6,620</td><td>27</td><td>6,620</td></tr><tr><td>44</td><td>46</td><td>16</td><td>3,200</td><td>12</td><td>2,720</td><td>21</td><td>4,520</td><td>27</td><td>7,160</td><td>27</td><td>7,160</td></tr><tr><td>46</td><td>48</td><td>17</td><td>3,540</td><td>13</td><td>2,980</td><td>22</td><td>4,960</td><td>27</td><td>7,700</td><td>27</td><td>7,700</td></tr><tr><td>48</td><td>50</td><td>18</td><td>3,900</td><td>13</td><td>3,240</td><td>23</td><td>5,420</td><td>30</td><td>8,300</td><td>31</td><td>8,320</td></tr><tr><td>50</td><td>52</td><td>19</td><td>4,280</td><td>14</td><td>3,520</td><td>24</td><td>5,900</td><td>30</td><td>8,900</td><td>31</td><td>8,940</td></tr><tr><td>52</td><td>54</td><td>19</td><td>4,660</td><td>14</td><td>3,800</td><td>25</td><td>6,400</td><td>30</td><td>9,500</td><td>31</td><td>9,560</td></tr><tr><td>54</td><td>56</td><td>20</td><td>5,060</td><td>15</td><td>4,100</td><td>26</td><td>6,920</td><td>33</td><td>10,160</td><td>35</td><td>10,260</td></tr><tr><td>56</td><td>58</td><td>21</td><td>5,480</td><td>15</td><td>4,400</td><td>27</td><td>7,460</td><td>33</td><td>10,820</td><td>35</td><td>10,960</td></tr><tr><td>58</td><td>60</td><td>21</td><td>5,900</td><td>16</td><td>4,720</td><td>28</td><td>8,020</td><td>33</td><td>11,480</td><td>35</td><td>11,660</td></tr><tr><td>60</td><td>62</td><td>22</td><td>6,340</td><td>16</td><td>5,040</td><td>29</td><td>8,600</td><td>36</td><td>12,200</td><td>39</td><td>12,440</td></tr><tr><td>62</td><td>64</td><td>23</td><td>6,800</td><td>17</td><td>5,380</td><td>30</td><td>9,200</td><td>36</td><td>12,920</td><td>39</td><td>13,220</td></tr><tr><td>64</td><td>66</td><td>24</td><td>7,280</td><td>17</td><td>5,720</td><td>31</td><td>9,820</td><td>36</td><td>13,640</td><td>39</td><td>14,000</td></tr><tr><td>66</td><td>68</td><td>25</td><td>7,780</td><td>17</td><td>6,060</td><td>32</td><td>10,460</td><td>39</td><td>14,420</td><td>43</td><td>14,860</td></tr><tr><td>68</td><td>70</td><td>26</td><td>8,300</td><td>18</td><td>6,420</td><td>33</td><td>11,120</td><td>39</td><td>15,200</td><td>43</td><td>15,720</td></tr><tr><td>70</td><td>72</td><td>26</td><td>8,820</td><td>18</td><td>6,780</td><td>34</td><td>11,800</td><td>39</td><td>15,980</td><td>43</td><td>16,580</td></tr><tr><td>72</td><td>74</td><td>27</td><td>9,090</td><td>18</td><td>6,960</td><td>35</td><td>12,150</td><td>42</td><td>16,400</td><td>47</td><td>17,050</td></tr><tr><td>74</td><td>76</td><td>27</td><td>9,360</td><td>18</td><td>7,140</td><td>35</td><td>12,500</td><td>42</td><td>16,820</td><td>47</td><td>17,520</td></tr><tr><td>76</td><td>78</td><td>28</td><td>9,920</td><td>18</td><td>7,500</td><td>36</td><td>13,220</td><td>42</td><td>17,660</td><td>47</td><td>18,460</td></tr><tr><td>78</td><td>80</td><td>28</td><td>10,480</td><td>19</td><td>7,860</td><td>37</td><td>13,960</td><td>45</td><td>18,500</td><td>47</td><td>19,400</td></tr><tr><td>80</td><td>82</td><td>29</td><td>11,060</td><td>19</td><td>8,240</td><td>38</td><td>14,720</td><td>45</td><td>19,400</td><td>51</td><td>20,420</td></tr><tr><td>82</td><td>84</td><td>30</td><td>11,660</td><td>19</td><td>8,620</td><td>39</td><td>15,500</td><td>45</td><td>20,300</td><td>51</td><td>21,440</td></tr><tr><td>84</td><td>86</td><td>31</td><td>12,280</td><td>19</td><td>9,000</td><td>40</td><td>16,300</td><td>45</td><td>21,200</td><td>51</td><td>22,460</td></tr><tr><td>86</td><td>88</td><td>31</td><td>12,900</td><td>19</td><td>9,380</td><td>41</td><td>17,120</td><td>45</td><td>22,100</td><td>51</td><td>23,480</td></tr><tr><td>88</td><td>90</td><td>32</td><td>13,540</td><td>19</td><td>9,760</td><td>42</td><td>17,960</td><td>45</td><td>23,000</td><td>51</td><td>24,500</td></tr><tr><td>90</td><td>92</td><td>33</td><td>14,200</td><td>19</td><td>10,140</td><td>43</td><td>18,820</td><td>50</td><td>24,000</td><td>55</td><td>25,600</td></tr><tr><td>92</td><td>94</td><td>34</td><td>14,880</td><td>19</td><td>10,520</td><td>44</td><td>19,700</td><td>50</td><td>25,000</td><td>55</td><td>26,700</td></tr><tr><td>94</td><td>96</td><td>35</td><td>15,580</td><td>19</td><td>10,900</td><td>45</td><td>20,600</td><td>50</td><td>26,000</td><td>55</td><td>27,800</td></tr><tr><td>96</td><td>98</td><td>36</td><td>16,300</td><td>19</td><td>11,280</td><td>46</td><td>21,520</td><td>50</td><td>27,000</td><td>55</td><td>28,900</td></tr><tr><td>98</td><td>100</td><td>36</td><td>17,020</td><td>19</td><td>11,660</td><td>47</td><td>22,460</td><td>50</td><td>28,000</td><td>55</td><td>30,000</td></tr><tr><td>100</td><td>150</td><td>37</td><td>35,520</td><td>20</td><td>21,660</td><td>48</td><td>46,460</td><td>52</td><td>54,000</td><td>58</td><td>59,000</td></tr><tr><td>150</td><td>200</td><td>37</td><td>54,020</td><td>20</td><td>31,660</td><td>49</td><td>70,960</td><td>53</td><td>80,500</td><td>60</td><td>89,000</td></tr><tr><td>200</td><td>250</td><td>38</td><td>73,020</td><td>20</td><td>41,660</td><td>50</td><td>95,960</td><td>54</td><td>107,500</td><td>62</td><td>120,000</td></tr><tr><td>250</td><td>300</td><td>38</td><td>92,020</td><td>20</td><td>51,660</td><td>50</td><td>120,960</td><td>54</td><td>134,500</td><td>64</td><td>152,000</td></tr><tr><td>300</td><td>400</td><td>39</td><td>131,020</td><td>20</td><td>71,660</td><td>51</td><td>171,960</td><td>55</td><td>189,500</td><td>66</td><td>218,000</td></tr><tr><td>400</td><td>500</td><td>39</td><td>170,020</td><td>20</td><td>91,660</td><td>52</td><td>223,960</td><td>56</td><td>245,500</td><td>68</td><td>286,000</td></tr><tr><td>500</td><td>750</td><td>40</td><td>270,020</td><td>20</td><td>141,660</td><td>53</td><td>356,460</td><td>57</td><td>388,000</td><td>70</td><td>461,000</td></tr><tr><td>750</td><td>1,000</td><td>40</td><td>370,020</td><td>20</td><td>191,660</td><td>54</td><td>491,460</td><td>58</td><td>533,000</td><td>72</td><td>641,000</td></tr><tr><td>1,000</td><td>1,500</td><td>40</td><td>570,020</td><td>20</td><td>291,660</td><td>55</td><td>766,460</td><td>59</td><td>828,000</td><td>73</td><td>1,006,000</td></tr><tr><td>1,500</td><td>2,000</td><td>40</td><td>770,020</td><td>20</td><td>391,660</td><td>55</td><td>1,041,460</td><td>59</td><td>1,123,000</td><td>73</td><td>1,371,000</td></tr><tr><td>2,000</td><td>5,000</td><td>40</td><td>1,970,020</td><td>20</td><td>991,660</td><td>55</td><td>2,691,460</td><td>59</td><td>2,893,000</td><td>74</td><td>3,591,000</td></tr><tr><td>5,000</td><td></td><td>40</td><td></td><td>20</td><td></td><td>55</td><td></td><td>59</td><td></td><td>75</td><td></td></tr></table>
(Continued on following page)
A-14
Treasury Bulletin
Table 5.- Individual Surtax Rates and Total Surtax under the Revenue Acts of 1913-1945 - (Continued)
<table><tr><th colspan="2">Net income subject to surtax 1/</th><th colspan="6">Revenue Act of -</th></tr><tr><th>Exceeding</th><th>Equaling</th><th>1940 4/</th><th>1941</th><th>1942</th><th>1944 5/</th><th>1945</th></tr><tr><th colspan="2">Income year 1940</th><th colspan="2">Income year 1941</th><th colspan="2">Income years 1942, 1943</th><th colspan="2">Income years 1944, 1945</th><th colspan="2">Income year 1946</th></tr><tr><th>Thousands of dollars</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate (percent)</th><th>Total surtax</th><th>Rate 6/ (percent)</th><th>Total surtax</th><th>Rate 6/ (percent)</th><th>Total tentative surtax 1/</th></tr><tr><td>0</td><td>2</td><td>......</td><td>6</td><td>$120</td><td>13</td><td>$260</td><td>20</td><td>$400</td><td>17</td><td>$340</td></tr><tr><td>2</td><td>4</td><td>......</td><td>9</td><td>300</td><td>16</td><td>580</td><td>22</td><td>840</td><td>19</td><td>720</td></tr><tr><td>4</td><td>5</td><td>40</td><td>13</td><td>310</td><td>20</td><td>780</td><td>26</td><td>1,100</td><td>23</td><td>950</td></tr><tr><td>5</td><td>6</td><td>80</td><td>13</td><td>560</td><td>20</td><td>980</td><td>26</td><td>1,360</td><td>23</td><td>1,180</td></tr><tr><td>6</td><td>7.5</td><td>170</td><td>17</td><td>815</td><td>24</td><td>1,340</td><td>30</td><td>1,810</td><td>27</td><td>1,585</td></tr><tr><td>7.5</td><td>8</td><td>200</td><td>17</td><td>900</td><td>24</td><td>1,460</td><td>30</td><td>1,960</td><td>27</td><td>1,720</td></tr><tr><td>8</td><td>10</td><td>360</td><td>21</td><td>1,320</td><td>28</td><td>2,020</td><td>34</td><td>2,640</td><td>31</td><td>2,340</td></tr><tr><td>10</td><td>12</td><td>560</td><td>25</td><td>1,820</td><td>32</td><td>2,660</td><td>38</td><td>3,400</td><td>35</td><td>3,040</td></tr><tr><td>12</td><td>12.5</td><td>620</td><td>29</td><td>1,965</td><td>36</td><td>2,840</td><td>43</td><td>3,615</td><td>40</td><td>3,240</td></tr><tr><td>12.5</td><td>13</td><td>680</td><td>29</td><td>2,110</td><td>36</td><td>3,020</td><td>43</td><td>3,830</td><td>40</td><td>3,440</td></tr><tr><td>13</td><td>14</td><td>800</td><td>29</td><td>2,400</td><td>36</td><td>3,380</td><td>43</td><td>4,260</td><td>40</td><td>3,840</td></tr><tr><td>14</td><td>15</td><td>950</td><td>32</td><td>2,780</td><td>40</td><td>3,780</td><td>47</td><td>4,730</td><td>44</td><td>4,280</td></tr><tr><td>15</td><td>16</td><td>1,100</td><td>32</td><td>3,040</td><td>40</td><td>4,180</td><td>47</td><td>5,200</td><td>44</td><td>4,720</td></tr><tr><td>16</td><td>18</td><td>1,460</td><td>35</td><td>3,740</td><td>43</td><td>5,040</td><td>50</td><td>6,200</td><td>47</td><td>5,660</td></tr><tr><td>18</td><td>20</td><td>1,880</td><td>38</td><td>4,500</td><td>46</td><td>5,960</td><td>53</td><td>7,260</td><td>50</td><td>6,660</td></tr><tr><td>20</td><td>22</td><td>2,360</td><td>41</td><td>5,320</td><td>49</td><td>6,940</td><td>56</td><td>8,380</td><td>53</td><td>7,720</td></tr><tr><td>22</td><td>24</td><td>2,900</td><td>44</td><td>6,800</td><td>52</td><td>7,980</td><td>59</td><td>9,560</td><td>56</td><td>8,840</td></tr><tr><td>24</td><td>26</td><td>3,440</td><td>44</td><td>7,080</td><td>52</td><td>9,020</td><td>59</td><td>10,740</td><td>56</td><td>9,960</td></tr><tr><td>26</td><td>28</td><td>4,040</td><td>47</td><td>8,020</td><td>55</td><td>10,120</td><td>62</td><td>11,980</td><td>59</td><td>11,140</td></tr><tr><td>28</td><td>30</td><td>4,640</td><td>47</td><td>8,960</td><td>55</td><td>11,220</td><td>62</td><td>13,220</td><td>59</td><td>12,320</td></tr><tr><td>30</td><td>32</td><td>5,240</td><td>47</td><td>9,900</td><td>55</td><td>12,320</td><td>62</td><td>14,460</td><td>59</td><td>13,500</td></tr><tr><td>32</td><td>34</td><td>5,900</td><td>50</td><td>10,900</td><td>58</td><td>13,480</td><td>65</td><td>15,760</td><td>62</td><td>14,740</td></tr><tr><td>34</td><td>36</td><td>6,560</td><td>50</td><td>11,900</td><td>58</td><td>14,640</td><td>65</td><td>17,060</td><td>62</td><td>15,980</td></tr><tr><td>36</td><td>38</td><td>7,220</td><td>53</td><td>12,900</td><td>58</td><td>15,800</td><td>65</td><td>18,360</td><td>62</td><td>17,220</td></tr><tr><td>38</td><td>40</td><td>7,940</td><td>53</td><td>13,960</td><td>61</td><td>17,020</td><td>69</td><td>19,740</td><td>66</td><td>18,540</td></tr><tr><td>40</td><td>42</td><td>8,660</td><td>53</td><td>15,020</td><td>61</td><td>18,240</td><td>69</td><td>21,120</td><td>66</td><td>19,860</td></tr><tr><td>42</td><td>44</td><td>9,380</td><td>55</td><td>16,080</td><td>61</td><td>19,460</td><td>69</td><td>22,500</td><td>66</td><td>21,180</td></tr><tr><td>44</td><td>46</td><td>10,180</td><td>55</td><td>17,180</td><td>63</td><td>20,720</td><td>72</td><td>23,940</td><td>69</td><td>22,560</td></tr><tr><td>46</td><td>48</td><td>10,980</td><td>55</td><td>18,280</td><td>63</td><td>21,980</td><td>72</td><td>25,380</td><td>69</td><td>23,940</td></tr><tr><td>48</td><td>50</td><td>11,780</td><td>55</td><td>19,380</td><td>63</td><td>23,240</td><td>72</td><td>26,820</td><td>69</td><td>25,320</td></tr><tr><td>50</td><td>52</td><td>12,660</td><td>57</td><td>20,520</td><td>66</td><td>24,560</td><td>75</td><td>28,320</td><td>72</td><td>26,760</td></tr><tr><td>52</td><td>54</td><td>13,540</td><td>57</td><td>21,660</td><td>66</td><td>25,880</td><td>75</td><td>29,820</td><td>72</td><td>28,200</td></tr><tr><td>54</td><td>56</td><td>14,420</td><td>57</td><td>22,800</td><td>66</td><td>27,200</td><td>75</td><td>31,320</td><td>72</td><td>29,640</td></tr><tr><td>56</td><td>58</td><td>15,300</td><td>57</td><td>23,940</td><td>66</td><td>28,520</td><td>75</td><td>32,820</td><td>72</td><td>31,080</td></tr><tr><td>58</td><td>60</td><td>16,180</td><td>57</td><td>25,080</td><td>66</td><td>29,840</td><td>75</td><td>34,320</td><td>72</td><td>32,520</td></tr><tr><td>60</td><td>62</td><td>17,120</td><td>59</td><td>26,260</td><td>69</td><td>31,220</td><td>78</td><td>35,880</td><td>75</td><td>34,020</td></tr><tr><td>62</td><td>64</td><td>18,060</td><td>59</td><td>27,440</td><td>69</td><td>32,600</td><td>78</td><td>37,440</td><td>75</td><td>35,520</td></tr><tr><td>64</td><td>66</td><td>19,000</td><td>59</td><td>28,620</td><td>69</td><td>33,980</td><td>78</td><td>39,000</td><td>75</td><td>37,020</td></tr><tr><td>66</td><td>68</td><td>19,940</td><td>59</td><td>29,800</td><td>69</td><td>35,360</td><td>78</td><td>40,560</td><td>75</td><td>38,520</td></tr><tr><td>68</td><td>70</td><td>20,880</td><td>59</td><td>30,980</td><td>69</td><td>36,740</td><td>78</td><td>42,120</td><td>75</td><td>40,020</td></tr><tr><td>70</td><td>72</td><td>21,880</td><td>61</td><td>32,200</td><td>72</td><td>38,180</td><td>81</td><td>43,740</td><td>78</td><td>41,580</td></tr><tr><td>72</td><td>74</td><td>22,880</td><td>61</td><td>33,420</td><td>72</td><td>39,620</td><td>81</td><td>45,360</td><td>78</td><td>43,140</td></tr><tr><td>74</td><td>75</td><td>23,780</td><td>61</td><td>34,030</td><td>72</td><td>40,340</td><td>81</td><td>46,170</td><td>78</td><td>43,920</td></tr><tr><td>75</td><td>76</td><td>23,880</td><td>61</td><td>34,640</td><td>72</td><td>41,060</td><td>81</td><td>46,980</td><td>78</td><td>44,700</td></tr><tr><td>76</td><td>78</td><td>24,880</td><td>61</td><td>35,860</td><td>72</td><td>42,500</td><td>81</td><td>48,600</td><td>78</td><td>46,260</td></tr><tr><td>78</td><td>80</td><td>25,880</td><td>61</td><td>37,080</td><td>72</td><td>43,940</td><td>81</td><td>50,220</td><td>78</td><td>47,820</td></tr><tr><td>80</td><td>82</td><td>26,940</td><td>63</td><td>38,340</td><td>75</td><td>45,440</td><td>84</td><td>51,900</td><td>81</td><td>49,440</td></tr><tr><td>82</td><td>84</td><td>28,000</td><td>63</td><td>39,600</td><td>75</td><td>46,940</td><td>84</td><td>53,580</td><td>81</td><td>51,060</td></tr><tr><td>84</td><td>86</td><td>29,060</td><td>63</td><td>40,860</td><td>75</td><td>48,440</td><td>84</td><td>55,260</td><td>81</td><td>52,680</td></tr><tr><td>86</td><td>88</td><td>30,120</td><td>63</td><td>42,120</td><td>75</td><td>49,940</td><td>84</td><td>56,940</td><td>81</td><td>54,300</td></tr><tr><td>88</td><td>90</td><td>31,180</td><td>63</td><td>43,380</td><td>75</td><td>51,440</td><td>84</td><td>58,620</td><td>81</td><td>55,920</td></tr><tr><td>90</td><td>92</td><td>32,300</td><td>64</td><td>44,660</td><td>77</td><td>52,980</td><td>87</td><td>60,360</td><td>84</td><td>57,600</td></tr><tr><td>92</td><td>94</td><td>33,420</td><td>64</td><td>45,940</td><td>77</td><td>54,520</td><td>87</td><td>62,100</td><td>84</td><td>59,280</td></tr><tr><td>94</td><td>96</td><td>34,540</td><td>64</td><td>47,220</td><td>77</td><td>56,060</td><td>87</td><td>63,840</td><td>84</td><td>60,960</td></tr><tr><td>96</td><td>98</td><td>35,660</td><td>64</td><td>48,500</td><td>77</td><td>57,600</td><td>87</td><td>65,580</td><td>84</td><td>62,640</td></tr><tr><td>98</td><td>100</td><td>36,780</td><td>64</td><td>49,780</td><td>77</td><td>59,140</td><td>87</td><td>67,320</td><td>84</td><td>64,320</td></tr><tr><td>100</td><td>150</td><td>65,780</td><td>65</td><td>82,280</td><td>79</td><td>98,640</td><td>89</td><td>111,820</td><td>86</td><td>107,320</td></tr><tr><td>150</td><td>200</td><td>95,780</td><td>66</td><td>115,280</td><td>81</td><td>139,140</td><td>90</td><td>156,820</td><td>87</td><td>150,820</td></tr><tr><td>200</td><td>250</td><td>126,780</td><td>67</td><td>148,780</td><td>82</td><td>180,140</td><td>91</td><td>202,320</td><td>88</td><td>194,820</td></tr><tr><td>250</td><td>300</td><td>158,780</td><td>69</td><td>183,280</td><td>82</td><td>221,140</td><td>91</td><td>247,820</td><td>88</td><td>238,820</td></tr><tr><td>300</td><td>400</td><td>224,780</td><td>71</td><td>254,280</td><td>82</td><td>303,140</td><td>91</td><td>338,820</td><td>88</td><td>326,820</td></tr><tr><td>400</td><td>500</td><td>292,780</td><td>72</td><td>326,280</td><td>82</td><td>385,140</td><td>91</td><td>429,820</td><td>88</td><td>414,820</td></tr><tr><td>500</td><td>750</td><td>467,780</td><td>73</td><td>508,780</td><td>82</td><td>590,140</td><td>91</td><td>657,320</td><td>88</td><td>634,820</td></tr><tr><td>750</td><td>1,000</td><td>647,780</td><td>74</td><td>693,780</td><td>82</td><td>795,140</td><td>91</td><td>884,620</td><td>88</td><td>854,820</td></tr><tr><td>1,000</td><td>1,500</td><td>1,012,780</td><td>75</td><td>1,068,780</td><td>82</td><td>1,205,140</td><td>91</td><td>1,339,820</td><td>88</td><td>1,294,820</td></tr><tr><td>1,500</td><td>2,000</td><td>1,377,780</td><td>75</td><td>1,443,780</td><td>82</td><td>1,615,140</td><td>91</td><td>1,794,820</td><td>88</td><td>1,734,820</td></tr><tr><td>2,000</td><td>5,000</td><td>3,597,780</td><td>77</td><td>3,723,780</td><td>82</td><td>4,075,140</td><td>91</td><td>4,524,820</td><td>88</td><td>4,374,820</td></tr><tr><td>5,000</td><td>......</td><td>75</td><td>......</td><td>82</td><td>......</td><td>91</td><td>......</td><td>88</td><td>......</td></tr></table>
1/ For 1913 through 1917, the surtax was called "additional tax." Prior to 1934, the entire net income was subject to surtax; for 1934 and thereafter, there is allowed as a credit in arriving at net income subject to surtax, the sum of the personal exemption and credit for dependents.
2/ These rates are a combination of the additional tax rates provided by the Revenue Acts of 1916 and 1917.
3/ Tax for 1923, computed at these rates, was reduced 25% by credit or refund under section 1200 (a), Revenue Act of 1924.
4/ For 1940 there is superimposed upon the total tax, the defense tax, which is 10% of the total tax.
fense tax is computed on the total tax before applying any credits, and is limited to an amount not more than 10% of the net income in excess of the total tax computed without regard to the defense tax. Individual Income Tax Act of 1944. 5/ The combined normal tax and surtax (before deduction of credits for foreign taxes, taxes withheld at source, and taxes withheld on wages) was limited to 90% of net income for the taxable years 1944 and 1945 and to 85.5% for the taxable year 1946. 1/ The total tentative surtax is reduced by 5% to determine the surtax.
February 1947
A-15
Table 6.- Earned Income Credit under the Revenue Acts of 1913-1945
<table><tr><th>Revenue Act</th><th>Income year</th><th>Kind of credit</th><th>Earned net income 1/</th><th>Limit of credit</th></tr><tr><td>1913-21</td><td>1913-23</td><td>None.</td><td></td><td></td></tr><tr><td>1924</td><td>1924</td><td>Against tax.</td><td>All net income up to $5,000, whether earned or not, and up to $10,000, if earned.</td><td>25% of normal tax on earned net income. (Cannot exceed 25% of normal tax on entire net income.)</td></tr><tr><td>1926</td><td>1925-27</td><td>Against tax.</td><td>All net income up to $5,000, whether earned or not, and up to $20,000, if earned.</td><td>25% of total tax on earned net income. (Cannot exceed the sum of 25% of normal tax on entire net income and 25% of surtax on earned net income.)</td></tr><tr><td>1928</td><td>1928-31</td><td>Against tax.</td><td>All net income up to $5,000, whether earned or not, and up to $30,000, if earned.</td><td>25% of total tax on earned net income. (Cannot exceed the sum of 25% of normal tax on entire net income and 25% of surtax on earned net income.)</td></tr><tr><td>1932</td><td>1932-33</td><td>None.</td><td></td><td>-</td></tr><tr><td>1934-42</td><td>1934-43</td><td>Against net income.</td><td>All net income up to $3,000, whether earned or not, and up to $14,000, if earned.</td><td>10% of the earned net income, but not in excess of 10% of the entire net income.</td></tr><tr><td>1943-45</td><td>1944-46</td><td>None.</td><td></td><td></td></tr></table>
1/ "Earned income" means wages, salaries, professional fees, and other amounts received as compensation for personal services actually rendered; and in the case
of a taxpayer engaged in trade or business, a reasonable allowance as compensation, not in excess of 20% of his share of the net profits.
February 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 6 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 colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>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 profits taxes</td><td>15,060</td><td>14,099</td><td>12,285</td><td>-1,814</td><td>37,173</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>850</td><td>819</td><td>904</td><td>+85</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>3,653</td><td>3,975</td><td>4,174</td><td>+199</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>160</td><td>197</td><td>260</td><td>+63</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>1,254</td><td>1,448</td><td>1,945</td><td>+97</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>20,977</td><td>20,339</td><td>19,168</td><td>-1,371</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>Loss:</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>663</td><td>635</td><td>702</td><td>+67</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>20,314</td><td>19,903</td><td>18,466</td><td>-1,437</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>24,183</td><td>19,084</td><td>3,309</td><td>-15,774</td><td>50,337</td><td>27,800</td><td>7,634</td><td>7,367</td><td>-20,146</td><td>-287</td></tr><tr><td>Navy Department</td><td>15,052</td><td>9,889</td><td>2,775</td><td>-7,115</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 19461</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>604</td><td>+604</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>42</td><td>+42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous war and defense activities</td><td>4,917</td><td>3,715</td><td>1,567</td><td>-2,148</td><td>9,645</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>44,152</td><td>32,688</td><td>8,297</td><td>-24,391</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>586</td><td>1,064</td><td>3,347</td><td>+2,283</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>1,493</td><td>1,975</td><td>2,236</td><td>+261</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>677</td><td>1,095</td><td>897</td><td>-238</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>2,756</td><td>4,134</td><td>6,440</td><td>+2,307</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 Wood's Agreement 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>+158</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>+909</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>196</td><td>162</td><td>1,235</td><td>+1,073</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/ 6/</td><td>500</td><td>499</td><td>591</td><td>+92</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>183</td><td>189</td><td>586</td><td>+397</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>640</td><td>728</td><td>1,126</td><td>+398</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.:</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>165</td><td>-221</td><td>-386</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>-108</td><td>-28</td><td>41</td><td>+68</td><td>-288</td><td>-23</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>446</td><td>-355</td><td>-671</td><td>-316</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>-369</td><td>-268</td><td>-22</td><td>+247</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>420</td><td>-486</td><td>-873</td><td>-387</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>48,846</td><td>38,088</td><td>18,487</td><td>-19,601</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>-28,532</td><td>-18,185</td><td>-21</td><td>-18,164</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>
Source: Daily Treasury Statement, except as noted.
* 1/ Based upon the 1948 Budget document, Appendix 7.
2/ Includes chiefly alcoholic beverages taxes, tobacco taxes, manufacturers' 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 warrants, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated
at $108 million for fiscal year 1947 and $193 million for fiscal year 1948. These figures include so-called voluntary returns. Includes transfers to trust accounts, etc. Includes expenditures for public works undertaken by Veterans' Administration. 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.
February 1947
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 6 months, fiscal years 1945 to 1947</th><th colspan="6">End of fiscal years, 1945 to 1948</th></tr><tr><th></th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1946</th><th>Change Dec. 31, 1945 to Dec. 31, 1946</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1948</th><th>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>161,648</td><td>198,778</td><td>176,613</td><td>-22,165</td><td>181,319</td><td>189,606</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>50,917</td><td>56,915</td><td>56,451</td><td>-463</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>212,565</td><td>255,693</td><td>233,064</td><td>-22,629</td><td>237,545</td><td>245,779</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Special issues</td><td>16,326</td><td>20,000</td><td>24,585</td><td>+4,585</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>228,891</td><td>275,694</td><td>257,649</td><td>-18,044</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>1,739</td><td>2,421</td><td>1,500</td><td>-921</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>230,630</td><td>278,115</td><td>259,149</td><td>-18,965</td><td>258,662</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 2/</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>1,194</td><td>41</td><td>45</td><td>+4</td><td>34</td><td>43</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>275</td><td>512</td><td>286</td><td>-226</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>553</td><td>331</td><td>-222</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>44</td><td>15</td><td>8</td><td>-7</td><td>24</td><td>10</td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,514</td><td>567</td><td>339</td><td>-229</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>232,144</td><td>278,682</td><td>259,487</td><td>-19,194</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/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 6 months, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years, 1945 to 1948</th></tr><tr><th></th><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>28,532</td><td>18,185</td><td>21</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>10,273</td><td>-</td><td>-</td><td>9,022</td><td>200</td></tr><tr><td>Net increase in General Fund balance</td><td>2,067</td><td>1,306</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>442</td><td>-</td><td>524</td><td>407</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>30,600</td><td>19,491</td><td>10,736</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>29,627</td><td>19,432</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>-</td><td>-</td><td>10,736</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>973</td><td>58</td><td>-</td><td>791</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>30,600</td><td>19,491</td><td>10,736</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), loanment
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
February 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="5">Pocespite</th><th colspan="5">Expenditurees 1/</th><th rowspan="2">Net budgetary deficit 3/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Loss not appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Total expenditures</th><th>General 4/</th><th>War and defense activities 2/</th><th>Transfere to trust accounts, etc. 5/</th><th>Government corporations (wholly owned), etc. (nat.) 1/</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>7,806</td><td>6,641</td><td>929</td><td>608</td><td>-371</td><td>2,777 r</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>7,031r</td><td>5,985</td><td>1,029</td><td>225</td><td>-208</td><td>1,477 r</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>9,027r</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>3,862 r</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>9,297r</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>3,910 r</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 2/</td><td>661</td><td>13,765r</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>1,094</td><td>6,158 r</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>34,290r</td><td>6,005</td><td>26,011</td><td>381</td><td>1,893</td><td>21,491 r</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 8/11/</td><td>1,103</td><td>79,702r</td><td>5,635</td><td>72,109</td><td>435</td><td>1,523</td><td>57,420 r</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>95,573r</td><td>6,149</td><td>87,039</td><td>556</td><td>1,829</td><td>51,424 r</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>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>41,239</td><td>40,310</td><td>435</td><td>3,493 11/</td><td>1,201</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-December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>4,118</td><td>5,013</td><td>1,201</td><td>4,245</td><td>-432</td><td>895</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>12</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>499</td></tr><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>-1,723</td></tr><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>2,965</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>2,364</td><td>2,529</td><td>1,094</td><td>1,436</td><td>27</td><td>-28</td><td>165</td></tr><tr><td>December</td><td>4,113</td><td>3,693</td><td>43</td><td>377</td><td>6</td><td>4,107</td><td>3,662</td><td>2,017</td><td>1,580</td><td>21</td><td>45</td><td>-445</td></tr></table>
Source:
Daily Treasury Statement. Revised to include the net expenditures (other than sales and redemptions of obligations in the market) of Government corporations (wholly owned), etc. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law. For further details, see Table 2. For explanation see tables which follow entitled "Social Security Program". For further details, see Table 3. For further details, see Table 4. For further details, see Table 5. For further details, see Table 6. Total expenditures less net receipts. Includes recoveries of U.S. investments in capital funds.
recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million. Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Total</th><th>Withheld by employers 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td></td><td colspan="3"></td><td colspan="3">Federal Insurance Contributions Act (Old-age insurance)</td><td>Federal Unemployment Tax Act (Unemployment insurance)</td><td></td></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>150</td><td>2,181 2/</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 2/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,347</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1945-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>679</td></tr><tr><td>September</td><td>4,291</td><td>3,550</td><td>705</td><td>2,845</td><td>85</td><td>8</td><td>1</td><td>76</td><td>656</td></tr><tr><td>October</td><td>2,230</td><td>1,404</td><td>557</td><td>847</td><td>74</td><td>70</td><td>2</td><td>2</td><td>752</td></tr><tr><td>November</td><td>2,403</td><td>1,444</td><td>1,111</td><td>332</td><td>290</td><td>276</td><td>9</td><td>5</td><td>669</td></tr><tr><td>December</td><td>3,693</td><td>2,886</td><td>766</td><td>2,120</td><td>86</td><td>7</td><td>1</td><td>78</td><td>722</td></tr></table>
source
Daily Treasury Statement. Less than $500 thousand. For further details, see chapter entitled "Internal Revenue Statistics". Exclude receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profit taxes. 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".
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 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>Department not otherwise classified 8/</th><th>Civilian Conservation Corps 2/</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1946</td><td>15,559</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-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>431</td></tr><tr><td>July</td><td>2,694</td><td>1,074</td><td>463</td><td>249</td><td>361</td><td>1,620</td><td>1,024 16/</td><td>98</td><td>67</td><td>118</td><td>14/</td><td>14/</td><td>311 17/</td></tr><tr><td>August</td><td>1,274</td><td>823</td><td>512</td><td>122</td><td>189</td><td>451</td><td>58</td><td>46</td><td>101</td><td>104</td><td>14/</td><td>14/</td><td>141</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>434</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><tr><td>December</td><td>2,017</td><td>1,561</td><td>560</td><td>952</td><td>49</td><td>456</td><td>39</td><td>48</td><td>114</td><td>134</td><td>14/</td><td>14/</td><td>121</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 Veterans' Administration. Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and excludes 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), relocation 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-
2/ 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, 1946.
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.
February 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 Depart-ment</th><th>War Depart-ment</th><th>Heavy Depart-ment</th><th>Armed Forces Leave Act of 1946 1/ Bonds Cash</th><th>Agricul-ture Depart-ment</th><th>Fed-eral Secu-rities Agency</th><th>Fed-eral Works Agency 2/</th><th>National Housing Agency</th><th>Selective Service (adminis-trative)</th><th>Treasury Depart-ment</th><th>United States Maritime Commis-sion</th><th>War Ship- ping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabil-itation</th><th>Surplus property disposal agencies</th><th>Other war and de-fense eco-nomic expendi-tures 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>131</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>3,287</td><td>2,042</td><td>140</td><td>114</td><td>1/</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>664</td><td>106</td><td>611</td></tr><tr><td>1945-December....</td><td>4,245</td><td>2,476</td><td>990</td><td>-</td><td>445 2/</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><tr><td>December...........</td><td>1,580</td><td>665</td><td>419</td><td>293</td><td>28</td><td>-39</td><td>1</td><td>-1</td><td>5</td><td>3</td><td>4</td><td>28</td><td>5/</td><td>-</td><td>91</td><td>40</td><td>42</td></tr></table>
Source: Daily Treasury Statement.
* Less 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 such 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
2/ 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 re- flected 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 S. 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 employee 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-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><tr><td>December</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ 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 Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1937</td><td>-371</td><td>-112</td><td>-3</td><td>-</td><td>-</td><td>40</td><td>2/</td><td>-329</td><td>2</td><td>30</td></tr><tr><td>1938</td><td>-208</td><td>-184</td><td>-1</td><td>-</td><td>1</td><td>-43</td><td>2/</td><td>-9</td><td>34</td><td>-5</td></tr><tr><td>1939</td><td>320</td><td>136</td><td>2</td><td>-</td><td>55</td><td>-60</td><td>2/</td><td>247</td><td>*</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>*</td><td>-5</td><td>17</td><td>-40</td><td>2/</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>*</td><td>-8</td><td>233</td><td>-239</td><td>2/</td><td>725</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>*</td><td>-5</td><td>46</td><td>-256</td><td>2/</td><td>1,936</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>*</td><td>-6</td><td>-3</td><td>-363</td><td>2/</td><td>2,462</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>*</td><td>-2</td><td>15</td><td>-396</td><td>2/</td><td>2,435</td><td>-1</td><td>-446</td></tr><tr><td>1945</td><td>-7</td><td>471 3/</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 3/</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-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 5/</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 2/</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>-1</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><tr><td>December</td><td>45</td><td>128</td><td>107</td><td>-2</td><td>4</td><td>-15</td><td>-194</td><td>26</td><td>*</td><td>-10</td></tr></table>
Source: Daily Treasury Statement.
Lease than $500 thousand.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defence Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Division between expenditures for War and defense activities and other not available.
3/ 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 agricultur
commodities procured in connection with the land-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,182 million. 4/ Represents payment to Commodity Credit Corporation under act of February 18, 1946. 5/ The act of July 20, 1946, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $921 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (vbully owned), etc. (net).
February 1947
9
Table 7. - Total Budgetary Receipts and Expenditures by Months, Beginning with 1937
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Sov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,634</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>6,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>601</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,364</td><td>4,107</td><td>41,601</td></tr><tr><td colspan="14">Budgetary expenditures excluding net expenditures of Government corporations (wholly owned), etc. 2/</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td>4,514</td><td>2,796</td><td>2,851</td><td>3,023</td><td>2,557</td><td>3,618</td><td>45,804</td></tr><tr><td colspan="14">Budgetary expenditures including net expenditures of Government corporations (wholly owned), etc. 2/ 3/</td></tr><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</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>6,821</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>3,662</td><td>44,113</td></tr><tr><td colspan="14">Net budgetary deficit excluding net expenditures of Government corporations (wholly owned), etc. 4/</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>1,058</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>5,780</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>58,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,502</td></tr><tr><td>1946</td><td>1,073</td><td>-168</td><td>-1,146</td><td>1,573</td><td>944</td><td>1,034</td><td>1,975</td><td>363</td><td>-1,627</td><td>479</td><td>193</td><td>-490</td><td>4,204</td></tr><tr><td colspan="14">Net budgetary deficit including net expenditures of Government corporations (wholly owned), etc. 3/ 4/</td></tr><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</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>-445</td><td>2,512</td></tr></table>
Source: Daily Treasury Statement. 1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Monthly figures for the period January 1937 through June 1938 are not presently available. 4/ Total expenditures less net receipts.
Treasury Bulletin
10
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>-96 r</td><td>-</td><td>267</td><td>-</td><td>-</td><td>-</td><td>294</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+46 r</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>+12</td><td>763</td><td>+2</td><td>148</td></tr><tr><td>1939</td><td>+1,204 r</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>+1</td><td>838</td><td>+2</td><td>109</td></tr><tr><td>1940</td><td>+435 r</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>+1</td><td>959</td><td>+2</td><td>123</td></tr><tr><td>1941</td><td>+906 r</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>+4</td><td>1,114</td><td>+11</td><td>127</td></tr><tr><td>1942</td><td>-1,613 r</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>+1,244</td><td>1,243</td></tr><tr><td>1943</td><td>-338 r</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></tr><tr><td>1944</td><td>-2,222 r</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></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></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></tr><tr><td>1945-December</td><td>-319</td><td>-264</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>-30</td><td>42</td></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></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></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></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></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></tr><tr><td>June</td><td>-265</td><td>-251</td><td>109</td><td>361</td><td>+11</td><td>174</td><td>163</td><td>-16</td><td>105</td></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></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></tr><tr><td>September</td><td>-114</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></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></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></tr><tr><td>December</td><td>-180</td><td>-269</td><td>17</td><td>286</td><td>+11</td><td>63</td><td>52</td><td>-7</td><td>53</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60</td><td>*</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
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 rowspan="2">Sales and re-demptions of obligations of Government, etc., in the market (net) 3/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-57 r</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>+4 r</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>-16 r</td><td>+1,106</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+61 r</td><td>+288</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+4 r</td><td>+852</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+116 r</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+264 r</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+503 r</td><td>-2,874</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>-</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1945-December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-101</td><td>-10</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>-</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>-</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>-</td></tr><tr><td>April</td><td>+3</td><td>66</td><td>62</td><td>*</td><td>+37</td><td>+153</td><td>-9</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>-</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>-</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>+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>+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>+44</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>+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>-4</td></tr><tr><td>December</td><td>-16</td><td>62</td><td>78</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>+36</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
r Revised to exclude the net expenditures (other than sales and redemptions of obligations in the market) of Government corporations (wholly owned), etc.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, specific
deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
February 1947
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1937</td><td>2,777 r</td><td>2,777 r</td><td>-</td><td>-</td><td>-</td><td>2,777 r</td><td>2,646</td><td>128</td><td>3 r</td></tr><tr><td>1938</td><td>1,177 r</td><td>1,177 r</td><td>-</td><td>-</td><td>-</td><td>1,177 r</td><td>740</td><td>338</td><td>98 r</td></tr><tr><td>1939</td><td>4,484 r</td><td>3,862 r</td><td>-</td><td>622</td><td>-</td><td>4,484 r</td><td>3,275</td><td>-</td><td>1,210 r</td></tr><tr><td>1940</td><td>3,910 r</td><td>3,910 r</td><td>-</td><td>-</td><td>-</td><td>3,910 r</td><td>2,528</td><td>947</td><td>435 r</td></tr><tr><td>1941</td><td>6,900 r</td><td>6,158 r</td><td>-</td><td>742</td><td>- r</td><td>6,900 r</td><td>5,994</td><td>-</td><td>906 r</td></tr><tr><td>1942</td><td>23,461</td><td>21,491 r</td><td>-</td><td>358</td><td>1,613 r</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>57,420 r</td><td>-</td><td>6,515</td><td>338 r</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>51,424 r</td><td>-</td><td>10,662</td><td>2,222 r</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-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>114</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><tr><td>December</td><td>3,163</td><td>-445</td><td>3,128</td><td>-</td><td>480</td><td>3,163</td><td>-</td><td>3,163</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
r Revised to adjust for the transfer of the net expenditures (other than sales and redemptions of obligations in the market) of Government corporations (wholly owned), etc. from the classification trust accounts to budgetary accounts.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes
Government corporations (wholly owned), etc., (net). Comprises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market, 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="4">Receipts</th></tr><tr><th>Totals</th><th colspan="2">Gross receipts</th><th>Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th></tr><tr><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th></th><th></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>1,279.5</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-December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>31.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr><tr><td>April</td><td>63.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</td></tr><tr><td>May</td><td>280.1</td><td>268.9</td><td>11.2</td><td>265.1</td><td>15.0</td></tr><tr><td>June</td><td>8.1</td><td>6.6</td><td>1.4</td><td>2.8</td><td>5.3</td></tr><tr><td>July</td><td>64.6</td><td>62.3</td><td>2.2</td><td>61.3</td><td>3.2</td></tr><tr><td>August</td><td>894.3</td><td>884.3</td><td>10.0</td><td>883.4</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>-1.4</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><tr><td>December</td><td>8.0</td><td>7.2</td><td>.8</td><td>5.9</td><td>2.0</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="9">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 2/</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>Children's Bureau 7/ Services for crippled children</th><th>Child welfare services</th><th>Department of Labor 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>11.9</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>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>*</td><td>6.2</td><td>326.1</td></tr><tr><td>1945-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>32.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>.6</td><td>1.0</td><td>-</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>.9</td><td>.7</td><td>.3</td><td>*</td><td>.4</td><td>58.5</td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>.9</td><td>1.3</td><td>-</td><td>.9</td><td>.3</td><td>*</td><td>*</td><td>.4</td><td>26.1</td></tr><tr><td>June</td><td>22.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.5</td><td>.2</td><td>6.3</td><td>-</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>16.8</td></tr><tr><td>July</td><td>97.3</td><td>3.0</td><td>94.0</td><td>63.1</td><td>12.8</td><td>1.8</td><td>16.0</td><td>-</td><td>*</td><td>.1</td><td>.2</td><td>*</td><td>.3</td><td>94.1</td></tr><tr><td>August</td><td>45.3</td><td>2.0</td><td>42.8</td><td>33.7</td><td>6.3</td><td>1.0</td><td>.1</td><td>-</td><td>.8</td><td>.8</td><td>.2</td><td>*</td><td>.4</td><td>34.1</td></tr><tr><td>September</td><td>45.8</td><td>1.7</td><td>43.2</td><td>33.7</td><td>6.7</td><td>1.0</td><td>1.2</td><td>-</td><td>.5</td><td>.1</td><td>*</td><td>*</td><td>1.0</td><td>39.8</td></tr><tr><td>October</td><td>70.3</td><td>1.9</td><td>66.9</td><td>41.9</td><td>11.0</td><td>1.4</td><td>11.0</td><td>-</td><td>.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><tr><td>December</td><td>46.9</td><td>1.9</td><td>44.3</td><td>33.4</td><td>7.2</td><td>.9</td><td>2.0</td><td>-</td><td>.2</td><td>.4</td><td>.2</td><td>*</td><td>.7</td><td>44.8</td></tr></table>
Sources: Daily Treasury Statement.
* Less than $50 thousand.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title II of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 5 of Section 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 I.
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.
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 1943.
Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
February 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>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-December</td><td>58.5</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-58.2</td></tr><tr><td>1946-January</td><td>5.1</td><td>37.4</td><td>.3</td><td>37.0</td><td>.1</td><td>32.3</td></tr><tr><td>February</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-3.2</td></tr><tr><td>March</td><td>64.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.3</td></tr><tr><td>April</td><td>1.3</td><td>39.0</td><td>.2</td><td>38.0</td><td>.8</td><td>37.7</td></tr><tr><td>May</td><td>5.3</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-5.1</td></tr><tr><td>June</td><td>65.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.0</td></tr><tr><td>July</td><td>2.3</td><td>165.5</td><td>.2</td><td>165.2</td><td>*</td><td>163.2</td></tr><tr><td>August</td><td>7.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-7.4</td></tr><tr><td>September</td><td>75.5</td><td>.4</td><td>.3</td><td>-</td><td>*</td><td>-75.2</td></tr><tr><td>October</td><td>2.1</td><td>44.3</td><td>.3</td><td>44.0</td><td>*</td><td>42.1</td></tr><tr><td>November</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-4.5</td></tr><tr><td>December</td><td>77.8</td><td>.5</td><td>.5</td><td>-</td><td>*</td><td>-77.3</td></tr></table>
Source: Daily Treasury Statement. * Less than $50 thousand. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3. - Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th 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 5/</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-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>4</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.7</td></tr><tr><td>July</td><td>*</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr><tr><td>August</td><td>*</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>September</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>-3.3</td></tr><tr><td>October</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>November</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr><tr><td>December</td><td>3.5</td><td>.4</td><td>.4</td><td>-</td><td>-3.1</td></tr></table>
Source: Dally Treasury Statement.
* Less than $50 thousand.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivor's Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance 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>1.1</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>7,519.8</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-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>46.1</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><tr><td>December</td><td>9,664.7</td><td>8,967.8</td><td>696.5</td><td>1,514.9</td><td>1,306.2</td><td>197.0</td><td>11.6</td><td>8,149.8</td><td>8,078.7</td><td>19.2</td><td>51.8</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (r) of the Social Security Act amendments of 1939.
3/ Under provisions of the Labor-Federal Security Act, 1947, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Account
(Cumulative from organization - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>261.8</td><td>1.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1946-October</td><td>2,078.7</td><td>2,016.1</td><td>62.6</td><td>1,160.5</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><tr><td>December</td><td>2,079.0</td><td>2,016.1</td><td>62.9</td><td>1,187.5</td><td>891.5</td><td>785.5</td><td>89.3</td><td>16.7</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="6">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 2/</th><th>Transfers from Rail-road Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Rail-road Unemployment Insurance Account 1/</th><th>Railroad Unemployment Insurance Account</th><th>Total</th><th>Investments in General Fund (Special Deposit Account) 5/</th><th>lo dis-bursing officer's account 5/</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>82.6</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>131.5</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>198.9</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>274.3</td><td>105.9</td><td>281.4</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>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>377.9</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>502.5</td><td>106.3</td><td>501.5</td><td>2,302.1</td><td>2,152.4</td><td>106.3</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>645.1</td><td>2,373.4</td><td>2,222.5</td><td>106.7</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>683.6</td><td>106.9</td><td>654.3</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-October</td><td>11,312.8</td><td>9,848.7</td><td>651.2</td><td>106.9</td><td>649.1</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>649.1</td><td>3,876.3</td><td>3,688.8</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><tr><td>December</td><td>11,521.5</td><td>10,019.8</td><td>683.6</td><td>106.9</td><td>654.3</td><td>3,936.2</td><td>3,744.1</td><td>106.9</td><td>85.2</td><td>7,585.3</td><td>7,564.0</td><td>13.7</td><td>7.6</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employee who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
February 1947
15
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="6">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>Deo.</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>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></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>3,366</td><td>2,755</td><td>2,790</td><td>4,838</td><td>1,603</td><td>1,407</td><td>3,392</td><td>1,489</td><td>1,513</td><td>3,550</td><td>1,404</td><td>1,444</td><td>2,884</td></tr><tr><td>Employment taxes</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><td>66</td></tr><tr><td>Miscellaneous internal revenue</td><td>526</td><td>645</td><td>584</td><td>649</td><td>642</td><td>615</td><td>615</td><td>695</td><td>679</td><td>656</td><td>752</td><td>669</td><td>722</td></tr><tr><td>Customs</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><td>43</td></tr><tr><td>Other</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><td>370</td></tr><tr><td>Subtotal</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><td>4,107</td></tr><tr><td>Trust funds, etc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>37</td><td>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><td>48</td></tr><tr><td>Other trust funds and accounts</td><td>257</td><td>162</td><td>245</td><td>153</td><td>162</td><td>294</td><td>221</td><td>112</td><td>91</td><td>177</td><td>144</td><td>97</td><td>102</td></tr><tr><td>Subtotal</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><td>150</td></tr><tr><td>Total cash income</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><td>4,257</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities 2/</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,550</td><td>2,560</td><td>2,182</td><td>2,442</td><td>1,190</td><td>1,509</td><td>1,100</td><td>1,411</td><td>1,196</td><td>1,286</td></tr><tr><td>Veterans' Administration</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>404</td><td>518</td><td>488</td><td>560</td></tr><tr><td>Public works 3/</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><td>114</td></tr><tr><td>Aid to agriculture 4/</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><td>45</td></tr><tr><td>Social security program 5/</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><td>48</td></tr><tr><td>Interest on the public debt 6/</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><td>876</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><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>15</td><td>-4</td><td>31</td><td>-96</td><td>85</td><td>148</td><td>-1</td><td>43</td><td>54</td><td>-110</td><td>3</td><td>-18</td><td>26</td></tr><tr><td>Other</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><td>-194</td></tr><tr><td>Commodity Credit Corporation</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><td>128</td></tr><tr><td>Other</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><td>71</td></tr><tr><td>Other 7/</td><td>124</td><td>199</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><td>304</td></tr><tr><td>Subtotal</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><td>3,265</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund</td><td>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><td>60</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>36</td></tr><tr><td>Railroad Retirement Account</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><td>13</td></tr><tr><td>Other 8/</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>200</td><td>262</td></tr><tr><td>Subtotal</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>304</td><td>371</td></tr><tr><td>Redemption of adjusted service bonds</td><td>3</td><td>3</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Redemption of s. 935 profit tax refund bonds</td><td>-</td><td>979</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><td>3</td></tr><tr><td>Redemption of Armed forces leave bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Total cash outgo</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><td>3,643</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>-614</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 Leasing 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.
1/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. Excludes non-cash transactions.
2/ Excludes transactions under transfers to trust accounts, etc.
3/ 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.
8/ Beginning July 1946, includes clearing account for outstanding checks.
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</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>4,257</td><td>45,751</td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,557</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>7,998</td><td>7,854</td><td>6,648</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>3,643</td><td>44,925</td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,665</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,987</td><td>4,141</td><td>1,051</td><td>3,104</td><td>1,724</td><td>896</td><td>36,557</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>-614</td><td>-827</td></tr></table>
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
February 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 deposit 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>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>1945-December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,044</td><td>275</td></tr><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>259</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>17,502</td><td>253</td></tr><tr><td>May</td><td>18,859</td><td>407</td><td>1,230</td><td>16,949</td><td>273</td></tr><tr><td>June</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>July</td><td>12,444</td><td>404</td><td>702</td><td>10,961</td><td>377</td></tr><tr><td>August</td><td>11,431</td><td>416</td><td>872</td><td>9,842</td><td>301</td></tr><tr><td>September</td><td>10,524</td><td>429</td><td>1,445</td><td>8,377</td><td>273</td></tr><tr><td>October</td><td>8,393</td><td>422</td><td>773</td><td>6,936</td><td>262</td></tr><tr><td>November</td><td>6,965</td><td>416</td><td>824</td><td>5,487</td><td>239</td></tr><tr><td>December</td><td>3,920</td><td>408</td><td>682</td><td>2,570</td><td>260</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>2,612</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-December</td><td>26,520</td><td>517</td><td>26,003</td></tr><tr><td>1946-January</td><td>25,851</td><td>424</td><td>25,427</td></tr><tr><td>February</td><td>26,414</td><td>453</td><td>25,961</td></tr><tr><td>March</td><td>24,743</td><td>376</td><td>24,367</td></tr><tr><td>April</td><td>21,293</td><td>359</td><td>20,935</td></tr><tr><td>May</td><td>18,859</td><td>323</td><td>18,536</td></tr><tr><td>June</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>July</td><td>12,444</td><td>415</td><td>12,029</td></tr><tr><td>August</td><td>11,431</td><td>391</td><td>11,040</td></tr><tr><td>September</td><td>10,524</td><td>353</td><td>10,171</td></tr><tr><td>October</td><td>8,393</td><td>323</td><td>8,070</td></tr><tr><td>November</td><td>6,965</td><td>300</td><td>6,665</td></tr><tr><td>December</td><td>3,920</td><td>418</td><td>3,502</td></tr></table>
Source: Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, (wholly owned), etc.(net) 1/</th><th>Public debt accounts</th><th>Total</th><th>Trust accounts 2/</th><th>Increase on gold 3/</th><th>Seignorage as silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Clearing accounts of Government agencies, etc. 5/</th><th>Clearing account 6/</th></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 8/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 8/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 8/</td><td>884</td><td>29</td><td>-3</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>6,315</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>-49,995</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>204</td><td>-4,403</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-324</td><td>-30</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1945-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>-1,993</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>*</td><td>21</td><td>-87</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,114</td><td>272</td><td>91</td><td>*</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,316</td><td>48</td><td>181</td><td>*</td><td>-</td><td>-190</td><td>57</td><td>-</td></tr><tr><td>June</td><td>-4,298</td><td>-873</td><td>-3,161</td><td>-265</td><td>-135</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-2,209</td><td>-1,105</td><td>-1,152</td><td>18</td><td>18</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>318</td></tr><tr><td>August</td><td>-989</td><td>-499</td><td>-724</td><td>234</td><td>70</td><td>*</td><td>-</td><td>94</td><td>42</td><td>27</td></tr><tr><td>September</td><td>-868</td><td>1,721</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><tr><td>December</td><td>-3,163</td><td>445</td><td>-3,128</td><td>-430</td><td>-281</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>34</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/ This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law and beginning with fiscal year 1945 includes Government corporations (wholly owned) etc. (net).
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 8.)
4/ Comprises Public Works Administration revolving fund, special de-
2/ Beginning with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). 6/ Represents outstanding checks, see Note. 7/ Includes inactive gold in the amount of $1,087 million. 8/ Expenditures for the retirement of national bank notes from increase on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increase on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increase in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reasons stated above.
February 1947
19
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
20
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1937-1946
(In millions of dollars)
<table><tr><th></th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th></tr></table>
Public debt and guaranteed obligations /
<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 debt</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,375</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><td>268,111</td></tr><tr><td>Guaranteed obligations</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td><td>467</td></tr><tr><td>Total</td><td>40,465</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><td>268,578</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td><td>1,321</td></tr><tr><td>Total outstanding</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td><td>269,898</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>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>17,042</td><td>17,039</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td><td>34,804</td></tr><tr><td>Treasury notes</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 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><td></td></tr><tr><td>U. S. savings bonds</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,585 3/</td><td>49,035 3/</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td><td>6,711</td></tr><tr><td>Adjusted service bonds</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,520</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>18,512</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><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</td></tr><tr><td>Excess profit tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td></tr><tr><td>United States notes (less gold 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><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance 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><td>-</td></tr><tr><td>Total marketable issues</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td><td>43</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td><td>424</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td><td>424</td></tr><tr><td>Total interest-bearing debt</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td><td>467</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td><td>10</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td><td>476</td></tr></table>
(Continued on following page)
February 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="2">1945</th><th colspan="11">1946</th></tr><tr><th></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><th>Dec. 31</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>275,694</td><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td><td>271,410</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><td>257,649</td></tr><tr><td>Guaranteed obligations</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><td>311</td></tr><tr><td>Total</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><td>257,980</td></tr><tr><td>Metured debt and debt bearing no interest</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>1,350</td><td>1,507</td></tr><tr><td>Total outstanding</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><td>259,487</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,037</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><td>17,033</td></tr><tr><td>Certificates of indebtedness</td><td>38,155</td><td>41,502</td><td>41,413</td><td>40,399</td><td>38,408</td><td>36,828</td><td>34,804</td><td>37,720</td><td>36,473</td><td>34,478</td><td>32,478</td><td>10,475</td><td>29,987</td></tr><tr><td>Treasury notes</td><td>22,967</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td><td>18,261</td><td>13,351</td><td>13,351</td><td>13,351</td><td>17,351</td><td>13,351</td><td>10,090</td></tr><tr><td>Treasury bonds - bank restricted</td><td>52,215</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>49,616</td><td>49,516</td></tr><tr><td>Treasury bonds - bank eligible</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>69,686</td><td>69,586</td></tr><tr><td>Postal savings and other bonds</td><td>136</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><td>179</td></tr><tr><td>Total marketable issues</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>180,128</td><td>175,613</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</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><td>49,776</td></tr><tr><td>Treasury notes - tax and savings series</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>6,095</td><td>6,003</td><td>6,973</td><td>5,725</td></tr><tr><td>Depository bonds</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>135</td><td>383</td><td>448</td><td>149</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>311</td><td>602</td></tr><tr><td>Total non-marketable issues</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><td>56,451</td></tr><tr><td>Total public issues</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><td>237,064</td></tr><tr><td>Special issues</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>23,143</td><td>23,854</td><td>24,015</td><td>24,254</td><td>24,585</td></tr><tr><td>Total interest-bearing debt</td><td>275,694</td><td>277,456</td><td>277,912</td><td>274,743</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,352</td><td>264,217</td><td>262,415</td><td>260,925</td><td>257,649</td></tr><tr><td>Prepayment on securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased</td><td>343</td><td>260</td><td>232</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><td>395</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 saving stamps</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><td>79</td></tr><tr><td>Excess profits tax refund bonds</td><td>1,128</td><td>240</td><td>114</td><td>109</td><td>82</td><td>67</td><td>58</td><td>50</td><td>44</td><td>19</td><td>35</td><td>12</td><td>29</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>248</td><td>248</td></tr><tr><td>United States notes (lees 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>131</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>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><td>552</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>2,078</td><td>1,171</td><td>1,063</td><td>1,013</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><td>1,105</td></tr><tr><td>Total public debt outstanding</td><td>278,115</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,898</td><td>272,583</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,354</td><td>263,532</td><td>262,277</td><td>259,149</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>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>44</td><td>45</td><td>46</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/......</td><td>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><td>286</td></tr><tr><td>Total interest-bearing debt......</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><td>311</td></tr><tr><td>Matured debt on which interest has ceased....</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><td>8</td></tr><tr><td>Total guaranteed obligations outstanding....</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><td>339</td></tr></table>
Source: Daily Treasury Statement.
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 an-logs 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.)
1/ 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.
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
February 1947
23
Special Issues to United States Government Agencies and Trust Funds 1/
(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 Fund</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>88</td><td>74</td><td>2,273</td><td>19</td></tr><tr><td>1942</td><td>7,885</td><td>95</td><td>3,133</td><td>5</td><td>537</td><td>796</td><td>39</td><td>56</td><td>92</td><td>3,114</td><td>18</td></tr><tr><td>1943</td><td>10,871</td><td>103</td><td>4,044</td><td>106</td><td>538</td><td>1,076</td><td>352</td><td>199</td><td>178</td><td>4,257</td><td>18</td></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>4,766</td><td>27</td><td>502</td><td>1,469</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>5,308</td><td>37</td><td>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-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>990</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><tr><td>December</td><td>24,585</td><td>189</td><td>6,440</td><td>56</td><td>1,236</td><td>2,381</td><td>5,675</td><td>938</td><td>785</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>Tennessee Valley Authority</th><th>Export-Import Bank of Washington</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><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><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><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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</td></tr><tr><td>1945-December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>804</td><td>9,126</td><td>57</td><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</td></tr><tr><td>October</td><td>10,709</td><td>504</td><td>-</td><td>360</td><td>656</td><td>9,132</td><td>57</td><td>-</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><td>-</td></tr><tr><td>December</td><td>10,693</td><td>652</td><td>-</td><td>360</td><td>622</td><td>8,976</td><td>56</td><td>26</td></tr></table>
Source: Daily Treasury Statement. * Less than $500 thousand.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
24
Treasury Bulletin
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th 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>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</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-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><tr><td>December</td><td>257,980</td><td>5,304</td><td>2.056</td><td>257,649</td><td>5,299</td><td>2.057</td><td>331</td><td>5</td><td>1.580</td></tr></table>
Source: Daily Treasury Statement.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used.
For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
February 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-
deed 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 December 31, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation 1/:</td><td></td></tr><tr><td>U.S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>258,215</td></tr><tr><td>Guaranteed securities 2/.</td><td>339</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>258,554</td></tr><tr><td>Balance issuable under such authority.</td><td>16,446</td></tr></table>
Source: Public Debt Service. / 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, December 31, 1946
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td>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>17,033</td><td>-</td><td>17,033</td></tr><tr><td>Certificates of indebtedness</td><td>29,987</td><td>-</td><td>29,987</td></tr><tr><td>Treasury notes</td><td>10,090</td><td>-</td><td>10,090</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>176,433</td><td>179</td><td>176,613</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>49,776</td><td>-</td><td>49,776</td></tr><tr><td>Treasury savings notes</td><td>5,725</td><td>-</td><td>5,725</td></tr><tr><td>Depository bonds</td><td>349</td><td>-</td><td>349</td></tr><tr><td>Armed forces leave bonds</td><td>602</td><td>-</td><td>602</td></tr><tr><td>Total non-marketable issues</td><td>56,451</td><td>-</td><td>56,451</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>24,585</td><td>-</td><td>24,585</td></tr><tr><td>Total interest-bearing securities</td><td>257,470</td><td>179</td><td>257,649</td></tr><tr><td>Matured securities on which interest has ceased</td><td>389</td><td>6</td><td>395</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>79</td><td>-</td><td>79</td></tr><tr><td>Excess profits tax refund bonds</td><td>29</td><td>-</td><td>29</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>748</td><td>748</td></tr><tr><td>Total obligations bearing no interest</td><td>356</td><td>748</td><td>1,105</td></tr><tr><td>Total public debt</td><td>258,215</td><td>933</td><td>259,149</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>331</td><td>-</td><td>331</td></tr><tr><td>Matured debt</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total guaranteed securities</td><td>339</td><td>-</td><td>339</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>258,554</td><td>933</td><td>259,487</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 an interest. 3/ Excludes guaranteed securities held by the Treasury.
26
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt out-standing end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="7">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>Special notes of the United States International Bank for reconstruction and Development series</th><th>Excess profit tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>19,509</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>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</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>40,140</td><td>3,275</td><td>13,084</td><td>7,145</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>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</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>38,358</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>4,491</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>4,491</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>121,460</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-December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>*</td><td>-</td><td>-</td><td>-4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>107</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>31</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>3,133</td><td>372</td><td>12,844</td><td>9,578</td><td>-</td><td>3,133</td><td>133</td></tr><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>118</td></tr><tr><td>May</td><td>272,583</td><td>-1,316</td><td>7,669</td><td>7,395</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>-</td><td>17</td></tr><tr><td>June</td><td>269,422</td><td>-3,161</td><td>21,024</td><td>6,067</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,775</td><td>11,331</td></tr><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,916</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>2,916</td><td>63</td></tr><tr><td>August</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,374</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>1,223</td><td>422</td><td>9,743</td><td>8,496</td><td>-</td><td>1,223</td><td>24</td></tr><tr><td>September</td><td>265,369</td><td>-2,177</td><td>8,818</td><td>6,024</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-1</td><td>2,341</td><td>455</td><td>10,995</td><td>8,610</td><td>-</td><td>2,341</td><td>44</td></tr><tr><td>October</td><td>263,532</td><td>-1,837</td><td>9,025</td><td>7,283</td><td>-</td><td>*</td><td>70</td><td>-</td><td>*</td><td>1,440</td><td>232</td><td>10,862</td><td>9,351</td><td>-</td><td>1,440</td><td>71</td></tr><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>1,775</td><td>252</td><td>9,696</td><td>7,908</td><td>-</td><td>1,775</td><td>14</td></tr><tr><td>December</td><td>259,149</td><td>-3,128</td><td>10,200</td><td>6,271</td><td>-</td><td>*</td><td>293</td><td>-</td><td>*</td><td>3,281</td><td>355</td><td>13,328</td><td>10,023</td><td>-</td><td>3,281</td><td>24</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="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>Certificate of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,895</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>1945-December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,413</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,184</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,135</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>6.2</td><td>7.7</td></tr><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,408</td><td>17,054</td><td>21,224</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>6.2</td><td>7.8</td></tr><tr><td>May</td><td>271,440</td><td>121,357</td><td>49,345</td><td>18,261</td><td>7,127</td><td>36,828</td><td>17,041</td><td>21,481</td><td>100.0</td><td>44.7</td><td>18.2</td><td>6.7</td><td>2.6</td><td>13.6</td><td>6.3</td><td>7.9</td></tr><tr><td>June</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>July</td><td>267,039</td><td>119,502</td><td>49,730</td><td>13,351</td><td>6,669</td><td>37,720</td><td>17,023</td><td>23,045</td><td>100.0</td><td>44.8</td><td>18.6</td><td>5.0</td><td>2.5</td><td>14.1</td><td>6.4</td><td>8.6</td></tr><tr><td>August</td><td>266,359</td><td>119,502</td><td>49,878</td><td>13,351</td><td>6,688</td><td>36,473</td><td>17,024</td><td>23,443</td><td>100.0</td><td>44.9</td><td>18.7</td><td>5.0</td><td>2.5</td><td>13.7</td><td>6.4</td><td>8.8</td></tr><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>262,415</td><td>119,502</td><td>50,078</td><td>13,351</td><td>6,003</td><td>32,478</td><td>16,987</td><td>24,015</td><td>100.0</td><td>45.5</td><td>19.1</td><td>5.1</td><td>2.3</td><td>12.4</td><td>6.5</td><td>9.1</td></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><tr><td>December</td><td>257,649</td><td>119,502</td><td>50,726</td><td>10,690</td><td>5,725</td><td>29,987</td><td>17,033</td><td>24,585</td><td>100.0</td><td>46.4</td><td>19.7</td><td>3.9</td><td>2.2</td><td>11.6</td><td>6.6</td><td>9.6</td></tr></table>
Source: Daily Treasury Statement.
February 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1/
As of December 31, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1947-Jan.</td><td>Treasury bills 3/4 Conversion bond - 1/1/47</td><td>6,525</td><td></td><td></td><td>Various 1/1/17</td><td>taxable wholly</td><td></td></tr><tr><td></td><td>7/8% Certificate - 1/1/47</td><td>3,330</td><td></td><td></td><td>1/1/46</td><td>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>Treasury bills 7/8% Certificate - 3/1/47</td><td>5,256</td><td></td><td></td><td>Various 3/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 3/15/47</td><td>3,133 1,948</td><td></td><td></td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/47</td><td>2,820</td><td></td><td></td><td>4/1/46</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/47</td><td>2,775</td><td></td><td></td><td>6/1/46</td><td>taxable</td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td></td><td></td><td>7/1/46</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/47</td><td>1,223</td><td></td><td></td><td>8/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate - 9/1/47</td><td>2,341</td><td></td><td></td><td>9/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/47</td><td>2,707</td><td></td><td></td><td>7/12/43</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 9/15/47</td><td>1,687</td><td></td><td></td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td></td><td>759</td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td></td><td>7/8% Certificate - 10/1/47</td><td>1,440</td><td></td><td></td><td>10/1/46</td><td>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>7/8% Certificate - 12/1/47</td><td>3,281</td><td></td><td></td><td>12/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>54,077</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td></td><td>1,115</td><td></td><td>3/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td>1,223</td><td></td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>451</td><td></td><td></td><td>3/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/48</td><td>3,748</td><td></td><td></td><td>3/15/44</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td></td><td>2,098</td><td></td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>3-1/8% Treasury bond - 12/15/49-52</td><td></td><td>491</td><td></td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>1,786</td><td></td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td></td><td></td><td>1,115</td><td>3/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 3/15/50-52</td><td></td><td>1,963</td><td></td><td>10/19/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td>1,186</td><td></td><td>9/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td></td><td>4,939</td><td></td><td>4/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td></td><td>571</td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td></td><td></td><td>6/1/45</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr><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</td><td>taxable</td><td></td></tr><tr><td></td><td>2-3/4% Treasury bond - 6/15/51-54</td><td></td><td>1,627</td><td></td><td>6/15/36</td><td>partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td></td><td>1,292</td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/51-53</td><td></td><td>7,986</td><td></td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td></td><td>3/2% Treasury bond - 9/15/51-55</td><td></td><td>755</td><td></td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td></td><td></td><td>2,098</td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td>1,118</td><td></td><td>12/22/39</td><td>partially</td><td></td></tr><tr><td></td><td>2% 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>Total</td><td></td><td></td><td>11,996</td><td>5,628</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 December 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>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</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>1,501</td><td>.....</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>.....</td><td>.....</td><td>1,186</td><td>9/15/38</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>4/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>.....</td><td>.....</td><td>759</td><td>10/16/22</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>.....</td><td>.....</td><td>491</td><td>12/15/34</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>8,662</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</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>10/1/40</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></td><td>Total</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>2-1/4% 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>12/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</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>10/1/40</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></td><td>Total</td><td>.....</td><td>2,611</td><td>3,491</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>.....</td><td>681</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>6,253</td><td>681</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>.....</td><td>1,449</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>919</td><td>1,449</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>982</td><td>9/15/36</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>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>8,754</td><td>4,804</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
February 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of December 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1961-June.</td><td>3% Panama Canal bond- 6/1/61.</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June.</td><td>2-1/4% Treasury bond - 6/15/59-62.</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67.</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec..</td><td>2-1/4% Treasury bond - 12/15/59-62.</td><td>.....</td><td>.....</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1963-June.</td><td>2-3/4% Treasury bond - 6/15/58-63.</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/63-68.</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June.</td><td>2-1/2% Treasury bond - 6/15/64-69.</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/64-69.</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar..</td><td>2-1/2% Treasury bond - 3/15/65-70.</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec..</td><td>2-3/4% Treasury bond - 12/15/60-65.</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1966-Mar..</td><td>2-1/2% Treasury bond - 3/15/66-71.</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June..</td><td>2-1/2% Treasury bond - 6/15/62-67.</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/67-72.</td><td>.....</td><td>7,967</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/67-72.</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/67-72.</td><td>.....</td><td>11,689</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1968-Dec..</td><td>2-1/2% Treasury bond - 12/15/63-68.</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td>1969-June..</td><td>2-1/2% Treasury bond - 6/15/64-69.</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/64-69.</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar..</td><td>2-1/2% Treasury bond - 3/15/65-70.</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar..</td><td>2-1/2% Treasury bond - 3/15/66-71.</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June..</td><td>2-1/2% Treasury bond - 6/15/67-72.</td><td>.....</td><td>.....</td><td>7,967</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/67-72.</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/67-72.</td><td>.....</td><td>.....</td><td>11,689</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Exclude (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 subscrip- tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allot- ment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>For cash</th><th>In ex- change for other securities</th><th></th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/</td><td></td><td colspan="3">(In millions of dollars)</td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 3/15/65-70 3/ 5/....(2/1/44)</td><td>25 yr.9 m (20 yr.9 m) 6/</td><td>2,909</td><td>2,909 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2% Treas. bond- 6/15/52-54 ....(6/26/44)</td><td>10 yr (8 yr)</td><td>5,825</td><td>5,825 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/4% Treas. note- 3/15/47....(5/26/44)</td><td>2 yr.9 m</td><td>1,948</td><td>1,948 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 6/1/45......(6/26/44)</td><td>11 m</td><td>4,770</td><td>4,770 3/</td><td>-</td><td>100</td></tr><tr><td>7/20/44</td><td>7/20/44</td><td>7/8% Certificate - 8/1/45</td><td>1 yr</td><td>-</td><td>2,511</td><td>2,511</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Certificate - 9/1/45</td><td>1 yr</td><td>-</td><td>3,694</td><td>3,694</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note - 3/15/46 5/</td><td>1 yr.6 m 7/</td><td>-</td><td>788</td><td>788</td><td>100</td></tr><tr><td>9/20/44</td><td>9/25/44</td><td>7/8% Certificate - 10/1/45</td><td>1 yr</td><td>-</td><td>3,492</td><td>3,492</td><td>100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/</td><td></td><td colspan="3"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 3/15/66-71 3/....(12/1/44)</td><td>26 yr.3 m (21 yr.3 m)</td><td>3,448</td><td>3,448 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2% Treas. bond-12/15/52-54....(12/1/44)</td><td>10 yr (8 yr)</td><td>7,922</td><td>7,922 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/4% Treas. note- 9/15/47....(12/1/44)</td><td>2 yr.9 m</td><td>1,550</td><td>1,550 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 12/1/45......(12/1/44)</td><td>1 yr</td><td>4,395</td><td>4,395 3/</td><td>-</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>.90% Treas. note - 1/1/46</td><td>1 yr.1 m</td><td>-</td><td>3,416</td><td>3,416</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/2% Treas. bond - 3/15/65-71 3/....(12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 9/</td><td>-</td><td>33</td><td>33</td><td>100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>2% Treas. bond- 12/15/52-54 3/....(12/1/44)</td><td>10 yr (8 yr) 9/</td><td>-</td><td>740</td><td>740</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>1-1/4% Treas. note - 9/15/47 3/....(12/1/44)</td><td>2 yr.9 m 9/</td><td>-</td><td>137</td><td>137</td><td>100</td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate - 2/1/46</td><td>1 yr</td><td>-</td><td>5,043</td><td>5,043</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate - 3/1/46</td><td>1 yr</td><td>-</td><td>4,147</td><td>4,147</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate - 4/1/46</td><td>1 yr</td><td>-</td><td>4,811</td><td>4,811</td><td>100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/</td><td></td><td colspan="3"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond- 6/15/67-72 4/....(6/1/45)</td><td>27 yr (22 yr)</td><td>7,967</td><td>7,967 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2-1/4% Treas. bond- 6/15/59-62 4/....(6/1/45)</td><td>17 yr (14 yr)</td><td>5,284</td><td>5,284 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>1-1/2% Treas. bond-12/15/50</td><td>5 yr.6 m</td><td>2,635</td><td>2,635 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 6/1/46</td><td>1 yr</td><td>4,799</td><td>4,799 3/</td><td>-</td><td>100</td></tr><tr><td>5/21/45</td><td>5/21/45</td><td>.90% Treas. note - 7/1/46</td><td>1 yr.1 m</td><td>-</td><td>4,910</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>7/23/45</td><td>7/8% Certificate - 8/1/46</td><td>1 yr</td><td>-</td><td>2,470</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>8/20/45</td><td>7/8% Certificate - 9/1/46</td><td>1 yr</td><td>-</td><td>4,336</td><td>4,336</td><td>100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/</td><td></td><td colspan="3"></td><td></td></tr><tr><td></td><td></td><td>2-1/2% Treas. bond-12/15/67-72 4/....(11/15/45)</td><td>27 yr.1 m (22 yr.1 m)</td><td>11,689</td><td>11,689 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>2-1/4% Treas. bond-12/15/59-62 4/....(11/15/45)</td><td>17 yr.1 m (14 yr.1 m)</td><td>3,470</td><td>3,470 3/</td><td>-</td><td>100</td></tr><tr><td></td><td></td><td>7/8% Certificate- 12/1/46</td><td>1 yr</td><td>3,768</td><td>3,768 3/</td><td>-</td><td>100</td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate - 10/1/46</td><td>1 yr</td><td>-</td><td>3,440</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>11/19/45</td><td>7/8% Certificate - 11/1/46</td><td>11 m</td><td>-</td><td>3,778</td><td>3,778</td><td>100</td></tr><tr><td>12/17/45</td><td>12/17/45</td><td>7/8% Certificate - 1/1/47</td><td>1 yr</td><td>-</td><td>3,330</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>1/21/46</td><td>7/8% Certificate - 2/1/47</td><td>1 yr</td><td>-</td><td>4,954</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>2/18/46</td><td>7/8% Certificate - 3/1/47</td><td>1 yr</td><td>-</td><td>4,106</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>3/20/46</td><td>7/8% Certificate - 4/1/47</td><td>1 yr</td><td>-</td><td>4,742</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>5/20/46</td><td>7/8% Certificate - 6/1/47</td><td>1 yr</td><td>-</td><td>4,168</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>6/14/46</td><td>7/8% Certificate - 7/1/47</td><td>1 yr</td><td>-</td><td>4,673</td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>7/17/46</td><td>7/8% Certificate - 8/1/47</td><td>1 yr</td><td>-</td><td>2,307</td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>8/19/46</td><td>7/8% Certificate - 9/1/47</td><td>1 yr</td><td>-</td><td>4,145</td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>9/18/46</td><td>7/8% Certificate - 10/1/47</td><td>1 yr</td><td>-</td><td>3,203</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>10/21/46</td><td>7/8% Certificate - 11/1/47</td><td>1 yr</td><td>-</td><td>3,432</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>11/18/46</td><td>7/8% Certificate - 12/1/47</td><td>1 yr</td><td>-</td><td>3,281</td><td>3,281</td><td>100</td></tr><tr><td>12/18/46</td><td>12/18/46</td><td>7/8% Certificate - 1/1/48</td><td>1 yr</td><td>-</td><td>3,134</td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>1/20/47</td><td>7/8% Certificate - 2/1/48</td><td>1 yr</td><td>-</td><td>a.a.</td><td>a.a.</td><td>a.a.</td></tr></table>
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U.S. Government agencies and trust funds.
3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury invest-
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 1944.
7/ Interest commenced on September 15, 1944.
8/ This is the same security that was offered in the Sixth War Loan.
9/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
February 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 re-funding for exchange transaction, or of retire- ment for cash transection</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount out- standing</th><th colspan="2">Disposition of offer by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retire- ment</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 4,122</td><td>2,511 3,694</td><td>34 428</td><td>99 90</td><td>7/8% 7/8%</td></tr><tr><td>9/15/44</td><td>3 1/4% 1%</td><td>Treas. note - 9/15/44............(12/22/39) Treas. note - 9/15/44............(12/22/39)</td><td>635 283</td><td>- 283</td><td>635 283</td><td>602 185</td><td>33 98</td><td>95 66</td><td>1%</td></tr><tr><td colspan="4">Totals for exchange transaction of 9/15/44...</td><td>918</td><td>918</td><td>788</td><td>130</td><td>86</td><td>Treas. note - 3/15/46</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 3,540</td><td>3,492 3,416</td><td>27 124</td><td>99 96</td><td>7/8% 90%</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% 2-1/2% Treas. note - 9/15/47 Treas. bond - 3/15/65-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8%</td><td>Certificate - 2/1/45............(2/1/44) CCC note - 2/15/45............(7/21/41)</td><td>5,048 412</td><td>- 412</td><td>5,048 412</td><td>4,649 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 2/1/45...</td><td>5,460</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>- 1,606</td><td>2,127 718 1,606</td><td>2,109 493 1,546</td><td>18 225 60</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 3/1/45...</td><td>4,451</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>4,877 1,615</td><td>4,811 1,579</td><td>66 35</td><td>99 98</td><td>7/8% 7/8%</td></tr><tr><td>6/1/45</td><td>7/8% 1-1/2%</td><td>Certificate - 6/1/45............(6/26/44) HOIC bond - 6/1/45-47.........(6/1/39)</td><td>4,770 755</td><td>- 755</td><td>4,770 755</td><td>4,187 783</td><td>583 32</td><td>88 96</td><td>90% Treas. note - 7/1/46</td></tr><tr><td colspan="4">Totals for exchange transection of 6/1/45...</td><td>5,525</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% 2-3/1%</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>3,694 1,214</td><td>3,429 907</td><td>265 307</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td colspan="4">Totals for exchange transection of 9/1/45...</td><td>4,908</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>- 541</td><td>4,395 531 541</td><td>2,932 438 408</td><td>1,463 93 133</td><td>67 82 75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td colspan="4">Totals for exchange transection of 12/1/45...</td><td>5,467</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Conversion bond - 1/1/46............(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46 2/1/46</td><td>.90% 7/8%</td><td>Treas. note - 1/1/46............(12/1/44) Certificate - 2/1/46............(2/1/45)</td><td>3,416 5,043</td><td>- 5,043</td><td>3,416 5,043</td><td>3,330 4,954</td><td>85 89</td><td>98 98</td><td>7/8% 7/8% Certificate - 1/1/47 Certificate - 2/1/47</td></tr><tr><td>3/1/46</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)</td><td>4,114 489</td><td>1,014 489</td><td>3,133</td><td>3,133</td><td>-</td><td>3/ 7/8%</td><td>Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>1%</td><td>Treas. note - 3/15/46............(11/1/41)</td><td>1,291</td><td>1,291</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% 7/8%</td><td>Certificate - 4/1/46............(4/1/45) Certificate - 5/1/46............(5/1/45)</td><td>1,811 1,579</td><td>1,991 1,579</td><td>2,820</td><td>2,820</td><td>-</td><td>3/ 7/8%</td><td>Certificate - 4/1/47</td></tr><tr><td>6/1/46</td><td>7/8%</td><td>Certificate - 6/1/46............(6/1/45)</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>3/ 7/8%</td><td>Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3-1/8%</td><td>Treas. bond - 6/15/46-48.........(6/15/34)</td><td>1,036</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46 8/1/46 9/1/46 10/1/46 11/1/46 12/1/46 12/15/46</td><td>.90% 7/8% 7/8% 7/8% 7/8% 7/8% 1-1/2%</td><td>Treas. note - 7/1/46............(6/1/45) Certificate - 8/1/46............(8/1/45) Certificate - 9/1/46............(9/1/45) Certificate - 10/1/46............(10/1/45) Certificate - 11/1/46............(12/1/45) Certificate - 12/1/46............(12/1/35) Treas. note - 12/15/46............(6/5/42)</td><td>4,910 2,470 4,336 3,440 3,778 3,768 3,261</td><td>1,994 1,246 1,995 2,000 2,003 2,003 3,261</td><td>2,916 1,223 2,341 1,440 1,775 3,768 3,261</td><td>2,916 1,223 2,341 1,440 1,775 3,768 3,261</td><td>2,915 1,223 2,341 1,440 1,775 3,768 3,261</td><td>3/ 7/8% 7/8% 7/8% 7/8% 7/8% 87/ 7/8%</td><td>Certificate - 7/1/47 Certificate - 8/1/47 Certificate - 9/1/47 Certificate - 10/1/47 Certificate - 11/1/47 Certificate - 12/1/47</td></tr><tr><td>1/1/47 2/1/47</td><td>3% 7/8%</td><td>Conversion bond - 1/1/47............(1/1/17) Certificate - 2/1/47............(2/1/46)</td><td>13 4,954</td><td>13 1,000p</td><td>3,330 3,954p</td><td>n.e.</td><td>196</td><td>94 3/</td><td>7/8% Certificate - 1/1/48 Certificate - 2/1/48</td></tr></table>
Source: Bureau of the Public Debt. n.e. Not available. p Preliminary. 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="5">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><td>1945-Dec. 6.........</td><td>1946-Mar. 7.........</td><td>91</td><td>2,163.0</td><td>Total amount</td><td>Amount on competitive basis</td><td>Amount on fixed-price basis 1/</td><td></td></tr><tr><td>Dec. 13.........</td><td>Mar. 14.........</td><td>91</td><td>2,085.4</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. 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. 9.........</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><tr><td>Dec. 5.........</td><td>Mar. 6.........</td><td>91</td><td>1,786.9</td><td>1,315.5</td><td>1,289.7</td><td>25.9</td><td>1,309.0</td><td>17,006.4</td></tr><tr><td>Dec. 12.........</td><td>Mar. 13.........</td><td>91</td><td>1,817.1</td><td>1,314.8</td><td>1,287.2</td><td>27.6</td><td>1,305.3</td><td>17,015.9</td></tr><tr><td>Dec. 19.........</td><td>Mar. 20.........</td><td>91</td><td>1,784.1</td><td>1,308.9</td><td>1,282.3</td><td>26.6</td><td>1,304.8</td><td>17,020.0</td></tr><tr><td>Dec. 26.........</td><td>Mar. 27.........</td><td>91</td><td>1,841.5</td><td>1,316.6</td><td>1,291.5</td><td>25.0</td><td>1,303.4</td><td>17,033.1</td></tr></table>
1/ Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
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
February 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-Dec. 6</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 13</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>1946-Jan. 3</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 10</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 17</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 24</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 31</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 28</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Mar. 7</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 14</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 4</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Apr. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 23</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.906</td><td>0.376</td><td>99.908 1/</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><tr><td>Dec. 5</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>Dec. 12</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. 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>Dec. 26</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis. 2/ Except $100 thousand at 99.925. 3/ Except $500 thousand at 99.930.
34
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all
subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and series B bonds in 1946. Series C bonds began to mature in January 1947. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of December 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th></tr><tr><td>Matured series:</td><td></td><td></td></tr><tr><td>Series A.................</td><td>204</td><td>52</td></tr><tr><td>Series B..................</td><td>370</td><td>93</td></tr><tr><td>Total, Series A and B.....</td><td>574</td><td>145</td></tr><tr><td>Unmatured series:</td><td></td><td></td></tr><tr><td>Series C..................</td><td>1,010</td><td>215</td></tr><tr><td>Series D..................</td><td>2,365</td><td>338</td></tr><tr><td>Total, Series C and D.....</td><td>3,375</td><td>553</td></tr><tr><td>Series E..................</td><td>44,146</td><td>1,108</td></tr><tr><td>Series F..................</td><td>3,297</td><td>85</td></tr><tr><td>Series G..................</td><td>14,389</td><td>-</td></tr><tr><td>Total, Series E, F, and G..</td><td>61,832</td><td>1,193</td></tr><tr><td>Total, Series C-G.........</td><td>65,207</td><td>1,746</td></tr><tr><td>Total, Series A-G.........</td><td>65,781</td><td>1,891</td></tr></table>
<table><tr><th rowspan="2">Sales plus accrued discount (in millions of dollars)</th><th rowspan="2">Redemptions</th><th colspan="2">Amounts outstanding</th><th rowspan="2">Percent of redemptions to sales plus accrued discount</th></tr><tr><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>255 463</td><td>243 389</td><td>13 75</td><td>-</td><td>1/1/</td></tr><tr><td>718</td><td>631</td><td>87</td><td>-</td><td>1/</td></tr><tr><td>1,225 2,703</td><td>296 484</td><td>-</td><td>929 2,219</td><td>24.18 17.90</td></tr><tr><td>3,928</td><td>780</td><td>-</td><td>3,148</td><td>19.86</td></tr><tr><td>45,254 3,382 14,389</td><td>14,991 414 992</td><td>- -</td><td>30,263 2,969 13,397</td><td>33.13 12.24 6.89</td></tr><tr><td>63,025</td><td>16,397</td><td>-</td><td>46,628</td><td>26.02</td></tr><tr><td>66,953</td><td>17,177</td><td>-</td><td>49,776</td><td>25.66</td></tr><tr><td>67,671</td><td>17,808</td><td>87</td><td>49,776</td><td>-</td></tr></table>
e: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
February 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 Dec. 31, 1946</td><td>65,781</td><td>1,891</td><td>67,671</td><td>17,808</td><td>a.a.</td><td>a.a.</td><td>87</td><td>49,776</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>5,998</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>14,606</td><td>-</td></tr><tr><td>1945</td><td>18,891</td><td>387</td><td>15,778</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>166</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>27,353</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</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>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>n.a.</td><td>a.a.</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td colspan="10">Months:</td></tr><tr><td>1945-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>536</td><td>14</td><td>19</td><td>48,917</td><td>1.13</td></tr><tr><td>June</td><td>571</td><td>64</td><td>635</td><td>519</td><td>505</td><td>14</td><td>18</td><td>49,035</td><td>1.06</td></tr><tr><td>July</td><td>753</td><td>67</td><td>820</td><td>537</td><td>n.a.</td><td>n.a.</td><td>17</td><td>49,320</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>45</td><td>635</td><td>478</td><td>n.a.</td><td>n.a.</td><td>16</td><td>49,477</td><td>.97</td></tr><tr><td>September</td><td>494</td><td>54</td><td>548</td><td>482</td><td>n.a.</td><td>n.a.</td><td>15</td><td>49,545</td><td>.97</td></tr><tr><td>October</td><td>519</td><td>48</td><td>567</td><td>489</td><td>n.a.</td><td>a.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>December</td><td>576</td><td>68</td><td>645</td><td>504</td><td>n.a.</td><td>n.a.</td><td>87</td><td>49,776</td><td>1.01</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to Dec. 31, 1946</td><td>3,949</td><td>698</td><td>4,646</td><td>1,411</td><td>n.a.</td><td>n.a.</td><td>87</td><td>3,148</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>1946</td><td>*</td><td>107</td><td>107</td><td>390</td><td>n.a.</td><td>n.a.</td><td>87</td><td>3,148</td><td>-</td></tr><tr><td colspan="10">Months:</td></tr><tr><td>1945-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>3,429</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>a.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>a.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>a.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>a.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>a.a.</td><td>14</td><td>3,263</td><td>.78</td></tr><tr><td>December</td><td>*</td><td>9</td><td>9</td><td>30</td><td>n.a.</td><td>n.a.</td><td>87</td><td>3,148</td><td>1.56</td></tr></table>
(Continued on following page)
Treasury Bulletin
36
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 1/</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr></table>
Series K, F, and G
<table><tr><td>Total, inception to Dec. 31, 1946....</td><td>61,832</td><td>1,193</td><td>63,025</td><td>16,397</td><td>a.a.</td><td>a.a.</td><td>46,628</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>17,688</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>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>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>a.a.</td><td>a.a.</td><td>46,628</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-December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>529</td><td>5</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>581</td><td>7</td><td>45,126</td><td>1.30</td></tr><tr><td>February</td><td>622</td><td>35</td><td>657</td><td>537</td><td>530</td><td>7</td><td>45,247</td><td>1.19</td></tr><tr><td>March</td><td>626</td><td>39</td><td>665</td><td>604</td><td>596</td><td>8</td><td>45,308</td><td>1.33</td></tr><tr><td>April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>581</td><td>8</td><td>45,424</td><td>1.30</td></tr><tr><td>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>516</td><td>8</td><td>45,531</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>a.a.</td><td>n.a.</td><td>45,974</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>36</td><td>626</td><td>449</td><td>n.a.</td><td>n.a.</td><td>46,152</td><td>.97</td></tr><tr><td>September</td><td>494</td><td>47</td><td>541</td><td>455</td><td>n.a.</td><td>n.a.</td><td>46,237</td><td>.98</td></tr><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>December</td><td>576</td><td>59</td><td>636</td><td>453</td><td>n.a.</td><td>n.a.</td><td>46,628</td><td>.97</td></tr></table>
Series 1
<table><tr><td>Total, inception to Dec. 31, 1946...</td><td>44,146</td><td>1,108</td><td>45,254</td><td>14,991</td><td>14,860</td><td>131</td><td>30,263</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>6,223</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>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,343</td><td>80</td><td>30,263</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-December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>485</td><td>5</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535</td><td>7</td><td>30,870</td><td>1.75</td></tr><tr><td>February</td><td>367</td><td>33</td><td>400</td><td>492</td><td>486</td><td>6</td><td>30,778</td><td>1.60</td></tr><tr><td>March</td><td>371</td><td>36</td><td>407</td><td>550</td><td>543</td><td>8</td><td>30,635</td><td>1.80</td></tr><tr><td>April</td><td>388</td><td>36</td><td>424</td><td>546</td><td>538</td><td>8</td><td>30,513</td><td>1.79</td></tr><tr><td>May</td><td>345</td><td>37</td><td>381</td><td>469</td><td>462</td><td>8</td><td>30,425</td><td>1.54</td></tr><tr><td>June</td><td>321</td><td>52</td><td>373</td><td>439</td><td>432</td><td>8</td><td>30,358</td><td>1.45</td></tr><tr><td>July</td><td>386</td><td>46</td><td>433</td><td>442</td><td>435</td><td>7</td><td>30,349</td><td>1.46</td></tr><tr><td>August</td><td>347</td><td>34</td><td>381</td><td>397</td><td>393</td><td>4</td><td>30,333</td><td>1.31</td></tr><tr><td>September</td><td>309</td><td>43</td><td>352</td><td>406</td><td>402</td><td>5</td><td>30,279</td><td>1.34</td></tr><tr><td>October</td><td>327</td><td>38</td><td>365</td><td>410</td><td>405</td><td>5</td><td>30,234</td><td>1.35</td></tr><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><tr><td>December</td><td>370</td><td>55</td><td>424</td><td>394</td><td>386</td><td>8</td><td>30,263</td><td>1.30</td></tr></table>
(Continued on following page)
February 1947
37
Sales and Redemptions of United States Savings Bonds - (Continued
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th colspan="9">(In millions of dollars)</th></tr><tr><th colspan="9">Series P</th></tr><tr><td>Total, inception to Dec. 31, 1946...</td><td>3,297</td><td>85</td><td>3,382</td><td>414</td><td>n.a.</td><td>n.a.</td><td>2,969</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>*</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>a.a.</td><td>a.a.</td><td>2,969</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-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>a.a.</td><td>a.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>a.a.</td><td>a.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>a.a.</td><td>a.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>a.a.</td><td>a.e.</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>a.a.</td><td>a.e.</td><td>2,952</td><td>.57</td></tr><tr><td>December</td><td>29</td><td>5</td><td>34</td><td>17</td><td>a.a.</td><td>a.e.</td><td>2,969</td><td>.58</td></tr><tr><th colspan="9">Series G</th></tr><tr><td>Total, inception to Dec. 31, 1946...</td><td>14,389</td><td>-</td><td>14,389</td><td>992</td><td>992</td><td>-</td><td>13,397</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>12,816</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>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-December</td><td>262</td><td>-</td><td>262</td><td>31</td><td>31</td><td>-</td><td>11,186</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>-</td><td>278</td><td>33</td><td>33</td><td>-</td><td>11,432</td><td>.28</td></tr><tr><td>February</td><td>225</td><td>-</td><td>225</td><td>30</td><td>30</td><td>-</td><td>11,628</td><td>.26</td></tr><tr><td>March</td><td>228</td><td>-</td><td>228</td><td>37</td><td>37</td><td>-</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>-</td><td>250</td><td>31</td><td>31</td><td>-</td><td>12,038</td><td>.26</td></tr><tr><td>May</td><td>225</td><td>-</td><td>225</td><td>37</td><td>37</td><td>-</td><td>12,226</td><td>.30</td></tr><tr><td>June</td><td>226</td><td>-</td><td>226</td><td>36</td><td>36</td><td>-</td><td>12,416</td><td>.29</td></tr><tr><td>July</td><td>335</td><td>-</td><td>335</td><td>40</td><td>40</td><td>-</td><td>12,711</td><td>.32</td></tr><tr><td>August</td><td>217</td><td>-</td><td>217</td><td>34</td><td>34</td><td>-</td><td>12,895</td><td>.27</td></tr><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><tr><td>December</td><td>178</td><td>-</td><td>178</td><td>42</td><td>42</td><td>-</td><td>13,397</td><td>.31</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available.
Less than $500 thousand. 1/ Beginning October 1944 series F redemptions include unclassified redemptions which contain a part 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="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/2</th><th>$50</th><th>$100</th><th>$200 3/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/2</th><th>$50 and $100</th><th>$200 3/3 and $500</th><th>$1,000 and $5,000</th><th>$10,000</th></tr><tr><td colspan="12">Series E</td><td colspan="4"></td></tr><tr><td>Total, inception through Dec. 31, 1946.</td><td>44,146</td><td>144</td><td>14,263</td><td>5,925</td><td>8,949</td><td>253</td><td>5,467</td><td>9,145</td><td></td><td></td><td>100.0</td><td>32.6</td><td>13.4</td><td>20.9</td><td>33.1</td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td></td></tr><tr><td>1942</td><td>3,526</td><td></td><td>616</td><td>342</td><td>813</td><td></td><td>637</td><td>1,119</td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</td><td></td></tr><tr><td>1943</td><td>8,271</td><td></td><td>2,988</td><td>1,081</td><td>1,714</td><td></td><td>1,007</td><td>1,881</td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td></td></tr><tr><td>1944</td><td>11,820</td><td></td><td>4,119</td><td>1,642</td><td>2,584</td><td></td><td>1,397</td><td>2,048</td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td></td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td></td><td>1,326</td><td>2,100</td><td></td><td></td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td></td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td></td><td></td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td></td><td>114</td><td>93</td><td>258</td><td></td><td>229</td><td>450</td><td></td><td></td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td></td></tr><tr><td>1942</td><td>5,989</td><td></td><td>1,769</td><td>712</td><td>1,318</td><td></td><td>656</td><td>1,313</td><td></td><td></td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td></td></tr><tr><td>1943</td><td>10,314</td><td></td><td>3,719</td><td>1,390</td><td>2,169</td><td></td><td>1,253</td><td>1,815</td><td></td><td></td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td></td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,201</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>34.1</td><td>14.5</td><td>21.9</td><td>29.2</td><td></td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,203</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td></td><td></td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td></td></tr><tr><td>1946</td><td>4,466</td><td>31</td><td>1,177</td><td>516</td><td>637</td><td>138</td><td>564</td><td>1,402</td><td></td><td></td><td>100.0</td><td>27.1</td><td>11.6</td><td>17.4</td><td>43.9</td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-Dec....</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td></td><td></td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td><td></td></tr><tr><td>1946-Jan....</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td></td><td></td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><td></td></tr><tr><td>Feb....</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td></td><td></td><td>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td><td></td></tr><tr><td>Mar....</td><td>371</td><td>4</td><td>117</td><td>49</td><td>54</td><td>11</td><td>39</td><td>98</td><td></td><td></td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td><td></td></tr><tr><td>Apr....</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td></td><td></td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td></td></tr><tr><td>May....</td><td>345</td><td>2</td><td>100</td><td>42</td><td>48</td><td>10</td><td>41</td><td>101</td><td></td><td></td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.3</td><td>41.2</td><td></td></tr><tr><td>June....</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td></td><td></td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td></td></tr><tr><td>July....</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td></td><td></td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td></td></tr><tr><td>Aug....</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td></td><td></td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td><td></td></tr><tr><td>Sep....</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td></td><td></td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td><td></td></tr><tr><td>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><td></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><td></td></tr><tr><td>Dec....</td><td>370</td><td>1</td><td>73</td><td>36</td><td>53</td><td>11</td><td>55</td><td>141</td><td></td><td></td><td>100.0</td><td>20.0</td><td>9.6</td><td>17.4</td><td>53.0</td><td></td></tr><tr><td colspan="12">Series F and O</td><td colspan="4"></td></tr><tr><td>Total, inception through Dec. 31, 1946.</td><td>17,686</td><td></td><td>19</td><td>509</td><td>1,193</td><td>5,351</td><td>3,418</td><td>7,197</td><td></td><td></td><td>100.0</td><td>.1</td><td>2.9</td><td>37.0</td><td>60.0</td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>462</td><td></td><td></td><td>6</td><td>13</td><td>96</td><td>81</td><td>263</td><td></td><td></td><td>100.0</td><td></td><td>1.2</td><td>23.7</td><td>75.1</td><td></td></tr><tr><td>1942</td><td>2,467</td><td></td><td>1</td><td>71</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td></td><td></td><td>100.0</td><td></td><td>2.9</td><td>34.2</td><td>63.0</td><td></td></tr><tr><td>1943</td><td>3,517</td><td></td><td>4</td><td>106</td><td>229</td><td>1,016</td><td>696</td><td>1,566</td><td></td><td></td><td>100.0</td><td>.1</td><td>3.0</td><td>35.4</td><td>61.5</td><td></td></tr><tr><td>1944</td><td>3,678</td><td></td><td>6</td><td>174</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td></td><td></td><td>100.0</td><td>.2</td><td>3.6</td><td>39.3</td><td>56.9</td><td></td></tr><tr><td>1945</td><td>3,337</td><td></td><td>5</td><td>109</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td></td><td></td><td>100.0</td><td>.2</td><td>3.3</td><td>37.9</td><td>58.6</td><td></td></tr><tr><td>1946</td><td>2,873</td><td></td><td>2</td><td>61</td><td>179</td><td>901</td><td>556</td><td>1,172</td><td></td><td></td><td>100.0</td><td>.1</td><td>2.1</td><td>37.6</td><td>60.2</td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td></td><td></td><td>26</td><td>57</td><td>355</td><td>279</td><td>676</td><td></td><td></td><td>100.0</td><td></td><td>1.8</td><td>29.6</td><td>68.6</td><td></td></tr><tr><td>1942</td><td>3,168</td><td></td><td>3</td><td>98</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td></td><td></td><td>100.0</td><td>.1</td><td>3.1</td><td>34.8</td><td>62.0</td><td></td></tr><tr><td>1943</td><td>3,385</td><td></td><td>5</td><td>123</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td></td><td></td><td>100.0</td><td>.2</td><td>3.6</td><td>40.9</td><td>55.4</td><td></td></tr><tr><td>1944</td><td>3,664</td><td></td><td>6</td><td>131</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td></td><td></td><td>100.0</td><td>.2</td><td>3.6</td><td>38.5</td><td>57.7</td><td></td></tr><tr><td>1945</td><td>3,115</td><td></td><td>4</td><td>84</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td></td><td></td><td>100.0</td><td>.1</td><td>2.7</td><td>36.8</td><td>60.4</td><td></td></tr><tr><td>1946</td><td>2,962</td><td></td><td>1</td><td>47</td><td>164</td><td>922</td><td>611</td><td>1,216</td><td></td><td></td><td>100.0</td><td></td><td>1.6</td><td>36.7</td><td>61.7</td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-Dec....</td><td>345</td><td></td><td></td><td>8</td><td>22</td><td>103</td><td>62</td><td>148</td><td></td><td></td><td>100.0</td><td>.1</td><td>2.5</td><td>36.4</td><td>61.0</td><td></td></tr><tr><td>1946-Jan....</td><td>319</td><td></td><td></td><td>5</td><td>16</td><td>86</td><td>52</td><td>159</td><td></td><td></td><td>100.0</td><td>.1</td><td>1.6</td><td>32.0</td><td>66.3</td><td></td></tr><tr><td>Feb....</td><td>255</td><td></td><td></td><td>4</td><td>11</td><td>63</td><td>43</td><td>135</td><td></td><td></td><td>100.0</td><td></td><td>1.4</td><td>29.2</td><td>69.4</td><td></td></tr><tr><td>Mar....</td><td>255</td><td></td><td></td><td>4</td><td>13</td><td>72</td><td>48</td><td>119</td><td></td><td></td><td>100.0</td><td></td><td>1.4</td><td>33.0</td><td>65.6</td><td></td></tr><tr><td>Apr....</td><td>280</td><td></td><td></td><td>4</td><td>14</td><td>81</td><td>56</td><td>125</td><td></td><td></td><td>100.0</td><td></td><td>1.4</td><td>37.9</td><td>60.7</td><td></td></tr><tr><td>May....</td><td>250</td><td></td><td></td><td>4</td><td>13</td><td>77</td><td>53</td><td>103</td><td></td><td></td><td>100.0</td><td></td><td>1.5</td><td>35.9</td><td>62.6</td><td></td></tr><tr><td>June r....</td><td>250</td><td></td><td></td><td>4</td><td>13</td><td>75</td><td>55</td><td>104</td><td></td><td></td><td>100.0</td><td></td><td>1.4</td><td>35.3</td><td>63.3</td><td></td></tr><tr><td>July r....</td><td>367</td><td></td><td></td><td>5</td><td>20</td><td>120</td><td>83</td><td>138</td><td></td><td></td><td>100.0</td><td></td><td>1.4</td><td>38.3</td><td>60.3</td><td></td></tr><tr><td>Aug r....</td><td>243</td><td></td><td></td><td>4</td><td>15</td><td>84</td><td>54</td><td>86</td><td></td><td></td><td>100.0</td><td></td><td>1.6</td><td>40.6</td><td>57.8</td><td></td></tr><tr><td>Sep....</td><td>185</td><td></td><td></td><td>3</td><td>12</td><td>66</td><td>42</td><td>62</td><td></td><td></td><td>100.0</td><td></td><td>1.8</td><td>42.2</td><td>56.0</td><td></td></tr><tr><td>Oct....</td><td>193</td><td></td><td></td><td>4</td><td>14</td><td>71</td><td>44</td><td>61</td><td></td><td></td><td>100.0</td><td></td><td>1.9</td><td>43.8</td><td>54.3</td><td></td></tr><tr><td>Nov....</td><td>159</td><td></td><td></td><td>3</td><td>11</td><td>57</td><td>36</td><td>51</td><td></td><td></td><td>100.0</td><td></td><td>1.9</td><td>43.0</td><td>55.1</td><td></td></tr><tr><td>Dec....</td><td>207</td><td></td><td></td><td>4</td><td>13</td><td>71</td><td>46</td><td>73</td><td></td><td></td><td>100.0</td><td></td><td>1.8</td><td>41.0</td><td>57.2</td><td></td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revised. Loss than $500 thousand or less than .05 percent. Sale of $10 denomination Series E bonds was authorized beginning
2/ Sale of $25 denomination Series I bonds was authorised in December 1941.
3/ Sale of $200 denomination Series I bonds began in October 1945.
February 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 denomination</th><th colspan="8">(Thousands of pieces sold) Denomination</th></tr><tr><th>$10 1/2</th><th>$25 2/2</th><th>$50</th><th>$100</th><th>$200 1/2</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series I</td></tr><tr><td>Total, inception through December 31, 1946</td><td>1,085,620</td><td>19,154</td><td>760,694</td><td>157,989</td><td>119,324</td><td>1,687</td><td>14,578</td><td>12,193</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>270,068</td><td>....</td><td>198,333</td><td>37,060</td><td>28,915</td><td>....</td><td>3,340</td><td>2,420</td><td>....</td><td>....</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>....</td><td>3,856</td><td>2,884</td><td>....</td><td>....</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>....</td><td>....</td></tr><tr><td>1946</td><td>93,502</td><td>4,191</td><td>62,769</td><td>13,757</td><td>8,492</td><td>918</td><td>1,505</td><td>1,570</td><td>....</td><td>....</td></tr><tr><td>Months: 1945-December</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td>....</td><td>....</td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>....</td><td>....</td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>....</td><td>....</td></tr><tr><td>March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td>....</td><td>....</td></tr><tr><td>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td>....</td><td>....</td></tr><tr><td>May</td><td>7,730</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>....</td><td>....</td></tr><tr><td>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td>....</td><td>....</td></tr><tr><td>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>563</td><td>53</td><td>110</td><td>136</td><td>....</td><td>....</td></tr><tr><td>December</td><td>6,104</td><td>158</td><td>3,879</td><td>948</td><td>713</td><td>72</td><td>146</td><td>186</td><td>....</td><td>....</td></tr><tr><td colspan="11">Series F and O</td></tr><tr><td>Total, inception through December 31, 1946</td><td>16,141</td><td>....</td><td>1,029</td><td>....</td><td>5,452</td><td>....</td><td>2,502</td><td>5,656</td><td>731</td><td>771</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>....</td><td>....</td><td>....</td><td>60</td><td>....</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>....</td><td>72</td><td>....</td><td>774</td><td>....</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>....</td><td>216</td><td>....</td><td>1,149</td><td>....</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>....</td><td>303</td><td>....</td><td>1,425</td><td>....</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>....</td><td>291</td><td>....</td><td>1,156</td><td>....</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946 r.</td><td>2,323</td><td>....</td><td>126</td><td>....</td><td>649</td><td>....</td><td>371</td><td>937</td><td>117</td><td>124</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>....</td><td>....</td><td>....</td><td>277</td><td>....</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>....</td><td>156</td><td>....</td><td>1,077</td><td>....</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>....</td><td>270</td><td>....</td><td>1,317</td><td>....</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>....</td><td>325</td><td>....</td><td>1,394</td><td>....</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>....</td><td>224</td><td>....</td><td>899</td><td>....</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>1946</td><td>2,085</td><td>....</td><td>55</td><td>....</td><td>488</td><td>....</td><td>337</td><td>951</td><td>127</td><td>127</td></tr><tr><td>Months: 1945-December</td><td>298</td><td>....</td><td>22</td><td>....</td><td>90</td><td>....</td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td>....</td><td>10</td><td>....</td><td>55</td><td>....</td><td>33</td><td>89</td><td>11</td><td>17</td></tr><tr><td>February</td><td>155</td><td>....</td><td>5</td><td>....</td><td>38</td><td>....</td><td>23</td><td>65</td><td>9</td><td>14</td></tr><tr><td>March</td><td>164</td><td>....</td><td>5</td><td>....</td><td>38</td><td>....</td><td>26</td><td>74</td><td>10</td><td>12</td></tr><tr><td>April</td><td>184</td><td>....</td><td>5</td><td>....</td><td>42</td><td>....</td><td>29</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>171</td><td>....</td><td>5</td><td>....</td><td>39</td><td>....</td><td>26</td><td>79</td><td>11</td><td>11</td></tr><tr><td>June r.</td><td>167</td><td>....</td><td>4</td><td>....</td><td>37</td><td>....</td><td>26</td><td>78</td><td>11</td><td>11</td></tr><tr><td>July r.</td><td>254</td><td>....</td><td>4</td><td>....</td><td>55</td><td>....</td><td>41</td><td>123</td><td>17</td><td>14</td></tr><tr><td>August r.</td><td>181</td><td>....</td><td>3</td><td>....</td><td>42</td><td>....</td><td>30</td><td>86</td><td>11</td><td>9</td></tr><tr><td>September</td><td>146</td><td>....</td><td>3</td><td>....</td><td>35</td><td>....</td><td>25</td><td>68</td><td>9</td><td>6</td></tr><tr><td>October</td><td>157</td><td>....</td><td>3</td><td>....</td><td>38</td><td>....</td><td>28</td><td>73</td><td>9</td><td>6</td></tr><tr><td>November</td><td>130</td><td>....</td><td>4</td><td>....</td><td>31</td><td>....</td><td>23</td><td>59</td><td>7</td><td>5</td></tr><tr><td>December</td><td>161</td><td>....</td><td>4</td><td>....</td><td>39</td><td>....</td><td>27</td><td>74</td><td>10</td><td>8</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revised. 1/ Sale of $10 denomination Series B bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total Inception through December 31 1946</th><th>1945 December</th><th>1945 January</th><th>1945 February</th><th>1945 March</th><th>1945 April</th><th>1946 May</th><th>1946 June</th><th>1946 July</th><th>1946 August</th><th>1946 September</th><th>1946 October</th><th>1946 November</th><th>1946 December</th></tr><tr><td>Alabama</td><td>524,250</td><td>15,701</td><td>10,848</td><td>3,644</td><td>3,658</td><td>3,586</td><td>3,327</td><td>3,558</td><td>3,458</td><td>3,536</td><td>3,354</td><td>3,383</td><td>3,032</td><td>3,554</td></tr><tr><td>Arizona</td><td>158,314</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><td>1,156</td></tr><tr><td>Arkansas</td><td>282,858</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><td>2,420</td></tr><tr><td>California</td><td>3,555,750</td><td>73,966</td><td>54,984</td><td>28,180</td><td>29,527</td><td>28,750</td><td>25,199</td><td>28,494</td><td>29,521</td><td>26,581</td><td>23,253</td><td>25,884</td><td>23,218</td><td>26,586</td></tr><tr><td>Colorado</td><td>300,047</td><td>7,575</td><td>5,797</td><td>2,738</td><td>3,187</td><td>3,361</td><td>2,958</td><td>3,333</td><td>3,161</td><td>3,207</td><td>3,868</td><td>7,066</td><td>3,004</td><td>3,598</td></tr><tr><td>Connecticut</td><td>820,699</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,029</td><td>5,059</td><td>5,084</td><td>4,557</td><td>4,890</td><td>4,784</td><td>4,398</td><td>5,034</td></tr><tr><td>Delaware</td><td>105,529</td><td>1,996</td><td>1,938</td><td>751</td><td>1,019</td><td>710</td><td>835</td><td>961</td><td>765</td><td>854</td><td>664</td><td>803</td><td>627</td><td>797</td></tr><tr><td>Diet. of Columbia</td><td>536,967</td><td>12,747</td><td>8,192</td><td>6,995</td><td>8,691</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><td>5,919</td></tr><tr><td>Florida</td><td>533,652</td><td>11,326</td><td>10,335</td><td>4,580</td><td>4,997</td><td>4,811</td><td>4,505</td><td>4,856</td><td>4,470</td><td>3,607</td><td>3,882</td><td>4,133</td><td>3,515</td><td>4,437</td></tr><tr><td>Georgia</td><td>553,257</td><td>10,947</td><td>11,394</td><td>4,809</td><td>4,476</td><td>4,474</td><td>4,077</td><td>3,949</td><td>4,495</td><td>4,010</td><td>4,070</td><td>4,145</td><td>4,023</td><td>5,397</td></tr><tr><td>Idaho</td><td>142,077</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>866</td><td>868</td><td>921</td><td>940</td><td>720</td><td>828</td><td>952</td><td>997</td><td>1,056</td></tr><tr><td>Illinois</td><td>3,183,640</td><td>68,804</td><td>58,136</td><td>13,920</td><td>13,573</td><td>13,729</td><td>29,463</td><td>29,096</td><td>30,891</td><td>29,193</td><td>25,844</td><td>28,046</td><td>27,395</td><td>29,839</td></tr><tr><td>Indiana</td><td>1,165,337</td><td>22,684</td><td>17,411</td><td>9,726</td><td>9,938</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><td>9,164</td></tr><tr><td>Iowa</td><td>984,723</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td><td>9,750</td><td>8,803</td><td>9,222</td><td>10,089</td><td>10,394</td><td>8,454</td><td>8,364</td><td>10,420</td><td>13,215</td></tr><tr><td>Kansas</td><td>608,019</td><td>14,678</td><td>9,854</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,815</td><td>5,804</td><td>5,764</td><td>4,970</td><td>5,392</td><td>5,229</td><td>6,427</td></tr><tr><td>Kentucky</td><td>472,009</td><td>9,005</td><td>9,642</td><td>4,492</td><td>4,851</td><td>4,095</td><td>3,782</td><td>4,518</td><td>4,638</td><td>4,059</td><td>3,654</td><td>3,526</td><td>3,246</td><td>3,677</td></tr><tr><td>Louisiana</td><td>501,028</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><td>3,136</td></tr><tr><td>Maine</td><td>198,983</td><td>4,154</td><td>2,465</td><td>1,425</td><td>1,536</td><td>1,367</td><td>1,384</td><td>1,606</td><td>1,504</td><td>1,267</td><td>1,358</td><td>1,208</td><td>1,216</td><td>1,324</td></tr><tr><td>Maryland</td><td>585,504</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><td>3,880</td></tr><tr><td>Massachusetts</td><td>1,485,605</td><td>27,840</td><td>26,731</td><td>12,878</td><td>13,358</td><td>11,123</td><td>11,478</td><td>12,095</td><td>10,578</td><td>9,343</td><td>10,014</td><td>10,189</td><td>9,299</td><td>10,430</td></tr><tr><td>Michigan</td><td>2,358,964</td><td>44,696</td><td>28,392</td><td>14,810</td><td>15,618</td><td>15,350</td><td>12,957</td><td>14,581</td><td>14,217</td><td>15,572</td><td>13,987</td><td>14,285</td><td>13,030</td><td>14,992</td></tr><tr><td>Minnesota</td><td>920,703</td><td>22,623</td><td>12,578</td><td>7,235</td><td>7,721</td><td>7,504</td><td>7,125</td><td>7,343</td><td>8,072</td><td>8,658</td><td>7,087</td><td>7,548</td><td>7,451</td><td>8,818</td></tr><tr><td>Mississippi</td><td>105,412</td><td>7,196</td><td>4,820</td><td>2,150</td><td>2,401</td><td>2,351</td><td>2,040</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><td>2,042</td></tr><tr><td>Missouri</td><td>1,090,307</td><td>24,525</td><td>16,789</td><td>10,050</td><td>10,474</td><td>10,274</td><td>9,855</td><td>10,041</td><td>10,808</td><td>9,326</td><td>9,008</td><td>9,127</td><td>8,840</td><td>11,097</td></tr><tr><td>Montana</td><td>209,758</td><td>3,800</td><td>3,258</td><td>1,716</td><td>1,728</td><td>1,733</td><td>1,577</td><td>1,588</td><td>2,058</td><td>1,483</td><td>1,815</td><td>1,965</td><td>1,997</td><td>2,270</td></tr><tr><td>Nebraska</td><td>476,188</td><td>13,327</td><td>8,143</td><td>4,115</td><td>6,463</td><td>6,973</td><td>5,557</td><td>4,608</td><td>5,319</td><td>5,782</td><td>5,227</td><td>5,079</td><td>5,125</td><td>5,805</td></tr><tr><td>Nevada</td><td>53,745</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td>395</td><td>404</td><td>388</td><td>346</td><td>312</td><td>320</td><td>375</td><td>345</td></tr><tr><td>New Hampshire</td><td>127,187</td><td>2,175</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><td>856</td></tr><tr><td>New Jersey</td><td>1,621,348</td><td>31,167</td><td>22,087</td><td>12,615</td><td>13,943</td><td>12,377</td><td>11,711</td><td>12,981</td><td>13,166</td><td>11,122</td><td>10,760</td><td>11,425</td><td>10,314</td><td>12,864</td></tr><tr><td>New Mexico</td><td>103,048</td><td>2,273</td><td>1,662</td><td>947</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><td>928</td></tr><tr><td>New York</td><td>5,365,316</td><td>132,671</td><td>76,489</td><td>45,439</td><td>46,233</td><td>43,972</td><td>40,701</td><td>41,369</td><td>43,376</td><td>37,993</td><td>35,557</td><td>39,064</td><td>33,932</td><td>46,972</td></tr><tr><td>North Carolina</td><td>584,137</td><td>15,838</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,101</td><td>4,338</td><td>4,894</td><td>4,652</td><td>3,646</td><td>4,926</td><td>4,768</td><td>4,514</td><td>5,515</td></tr><tr><td>North Dakota</td><td>212,136</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><td>2,804</td></tr><tr><td>Ohio</td><td>2,664,495</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><td>20,125</td></tr><tr><td>Oklahoma</td><td>511,277</td><td>15,054</td><td>10,630</td><td>4,251</td><td>4,639</td><td>3,774</td><td>4,096</td><td>4,345</td><td>4,622</td><td>5,011</td><td>3,965</td><td>4,596</td><td>4,547</td><td>6,379</td></tr><tr><td>Oregon</td><td>562,250</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><td>3,352</td></tr><tr><td>Pennsylvania</td><td>3,325,071</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>24,149</td><td>27,207</td></tr><tr><td>Rhode Island</td><td>248,742</td><td>4,874</td><td>4,626</td><td>1,841</td><td>1,901</td><td>1,497</td><td>1,793</td><td>1,890</td><td>1,635</td><td>1,355</td><td>1,617</td><td>1,526</td><td>1,462</td><td>1,719</td></tr><tr><td>South Carolina</td><td>289,914</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><td>2,086</td></tr><tr><td>South Dakota</td><td>199,361</td><td>5,566</td><td>2,746</td><td>1,826</td><td>2,222</td><td>2,164</td><td>2,464</td><td>2,534</td><td>2,254</td><td>2,568</td><td>2,043</td><td>2,315</td><td>2,445</td><td>3,670</td></tr><tr><td>Tennessee</td><td>542,718</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><td>4,089</td></tr><tr><td>Texas</td><td>1,757,877</td><td>35,043</td><td>34,145</td><td>13,332</td><td>13,394</td><td>12,709</td><td>12,379</td><td>12,476</td><td>13,883</td><td>11,911</td><td>11,705</td><td>10,660</td><td>11,069</td><td>13,378</td></tr><tr><td>Utah</td><td>196,310</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><td>1,250</td></tr><tr><td>Vermont</td><td>73,075</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>576</td><td>491</td><td>615</td><td>528</td><td>572</td><td>469</td><td>538</td><td>509</td></tr><tr><td>Virginia</td><td>768,102</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><td>8,105</td></tr><tr><td>Washington</td><td>896,279</td><td>16,790</td><td>12,350</td><td>6,657</td><td>5,850</td><td>6,222</td><td>5,721</td><td>6,089</td><td>5,716</td><td>5,361</td><td>5,520</td><td>5,497</td><td>4,979</td><td>6,049</td></tr><tr><td>West Virginia</td><td>371,126</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><td>4,799</td></tr><tr><td>Wisconsin</td><td>972,170</td><td>22,678</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,536</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><td>8,716</td></tr><tr><td>Wyoming</td><td>89,379</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>731</td><td>658</td><td>703</td><td>791</td><td>903</td></tr><tr><td>Alaska</td><td>29,385</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>151</td><td>207</td><td>239</td><td>278</td></tr><tr><td>Canal Zone</td><td>27,139</td><td>992</td><td>500</td><td>299</td><td>257</td><td>246</td><td>258</td><td>231</td><td>227</td><td>268</td><td>215</td><td>318</td><td>268</td><td>278</td></tr><tr><td>Hawaii</td><td>253,430</td><td>2,570</td><td>1,824</td><td>710</td><td>985</td><td>1,363</td><td>1,383</td><td>1,075</td><td>1,461</td><td>1,077</td><td>1,180</td><td>905</td><td>759</td><td>1,258</td></tr><tr><td>Fuerto Rico</td><td>35,831</td><td>1,285</td><td>653</td><td>238</td><td>266</td><td>223</td><td>305</td><td>212</td><td>128</td><td>240</td><td>76</td><td>141</td><td>128</td><td>100</td></tr><tr><
Source: Daily Treasury Statement and reports of Federal Reserve Banks. p Preliminary.
February 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 December 31, 1946</th><th>1945</th><th colspan="12">1946</th></tr><tr><th></th><th></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><th>Dec.</th></tr><tr><td>Alabama</td><td>132,827</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><td>1,624</td></tr><tr><td>Arizona</td><td>40,850</td><td>1,101</td><td>633</td><td>441</td><td>409</td><td>411</td><td>417</td><td>884</td><td>571</td><td>342</td><td>367</td><td>608</td><td>513</td><td></td></tr><tr><td>Arkansas</td><td>80,777</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><td>1,238</td></tr><tr><td>California</td><td>1,144,097</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><td>13,860</td></tr><tr><td>Colorado</td><td>144,133</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><td>1,750</td></tr><tr><td>Connecticut</td><td>347,649</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>8,937</td><td>4,020</td><td>2,699</td><td>2,530</td><td>1,967</td><td>2,260</td></tr><tr><td>Delaware</td><td>67,532</td><td>1,778</td><td>2,222</td><td>1,148</td><td>1,607</td><td>1,006</td><td>931</td><td>1,180</td><td>889</td><td>1,137</td><td>495</td><td>583</td><td>413</td><td>342</td></tr><tr><td>Dist. of Columbia</td><td>151,255</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><td>1,664</td></tr><tr><td>Florida</td><td>193,384</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><td>3,207</td></tr><tr><td>Georgia</td><td>170,294</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><td>2,162</td></tr><tr><td>Idaho</td><td>39,309</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><td>775</td></tr><tr><td>Illinois</td><td>1,337,509</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><td>16,037</td></tr><tr><td>Indiana</td><td>397,581</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><td>5,964</td></tr><tr><td>Iowa</td><td>408,361</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><td>8,838</td></tr><tr><td>Kansas</td><td>195,738</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><td>3,109</td></tr><tr><td>Kentucky</td><td>215,260</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><td>2,962</td></tr><tr><td>Louisiana</td><td>177,361</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><td>1,615</td></tr><tr><td>Maine</td><td>106,376</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><td>1,146</td></tr><tr><td>Maryland</td><td>259,927</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><td>2,617</td></tr><tr><td>Massachusetts</td><td>863,420</td><td>12,420</td><td>19,876</td><td>17,079</td><td>17,912</td><td>20,792</td><td>20,107</td><td>11,425</td><td>19,858</td><td>12,175</td><td>6,527</td><td>6,289</td><td>5,198</td><td>7,004</td></tr><tr><td>Michigan</td><td>511,413</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><td>7,046</td></tr><tr><td>Minnesota</td><td>350,479</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><td>4,742</td></tr><tr><td>Mississippi</td><td>92,142</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><td>1,105</td></tr><tr><td>Missouri</td><td>475,689</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><td>7,154</td></tr><tr><td>Montana</td><td>56,935</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><td>814</td></tr><tr><td>Nebraska</td><td>177,908</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><td>3,639</td></tr><tr><td>Nevada</td><td>17,736</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><td>262</td></tr><tr><td>New Hampshire</td><td>72,423</td><td>824</td><td>1,298</td><td>1,643</td><td>1,570</td><td>1,231</td><td>1,305</td><td>759</td><td>1,383</td><td>754</td><td>534</td><td>384</td><td>609</td><td>689</td></tr><tr><td>New Jersey</td><td>558,172</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><td>6,176</td></tr><tr><td>New Mexico</td><td>34,650</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><td>396</td></tr><tr><td>New York</td><td>2,874,770</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><td>27,582</td></tr><tr><td>North Carolina</td><td>202,243</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>2,567</td><td>2,154</td><td>2,912</td></tr><tr><td>North Dakota</td><td>67,681</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><td>1,031</td></tr><tr><td>Ohio</td><td>966,982</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><td>11,730</td></tr><tr><td>Oklahoma</td><td>125,294</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><td>3,320</td></tr><tr><td>Oregon</td><td>143,566</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><td>1,809</td></tr><tr><td>Pennsylvania</td><td>1,426,177</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><td>16,519</td></tr><tr><td>Rhode Island</td><td>137,421</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><td>1,033</td></tr><tr><td>South Carolina</td><td>95,486</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><td>1,234</td></tr><tr><td>South Dakota</td><td>55,805</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><td>1,521</td></tr><tr><td>Tennessee</td><td>174,861</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><td>2,401</td></tr><tr><td>Texas</td><td>482,974</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><td>5,617</td></tr><tr><td>Utah</td><td>36,406</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><td>731</td></tr><tr><td>Vermont</td><td>39,759</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><td>467</td></tr><tr><td>Virginia</td><td>238,784</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><td>4,241</td></tr><tr><td>Washington</td><td>242,308</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><td>3,653</td></tr><tr><td>West Virginia</td><td>90,598</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>1,423</td><td>1,121</td><td>1,465</td><td>1,111</td><td>2,237</td></tr><tr><td>Wisconsin</td><td>438,402</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><td>5,914</td></tr><tr><td>Wyoming</td><td>28,926</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><td>621</td></tr><tr><td>Alaska</td><td>5,316</td><td>37</td><td>19</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><td>3</td></tr><tr><td>Canel Zone</td><td>6,276</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><td>32</td></tr><tr><td>Hawaii</td><td>54,404</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><td>354</td></tr><tr><td>Puerto Rico</td><td>13,551</td><td>140</td><td>126</td><td>23</td><td>4</td><td>38</td><td>76</td><td>26</td><td>2</td><td>19</td><td>1</td><td>28</td><td>6</td><td>28</td></tr><tr><td>Virgin Islands</td><td>812</td><td>20</td><td>*</td><td>*</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 possessions</td><td>903</td><td>*</td><td>*</td><td>20</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Sales to commercial banks 1/</td><td>895,480</td><td>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><td>*</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>19,913</td><td>4,758</td><td>8,714</td><td>8,914</td><td>14,283</td><td>8,599</td><td>19,310</td><td>40,071</td><td
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
p Preliminary.
* Less than $500.
1/ State figures exclude sales of Series P and G bonds to commercial banks. Commercial banks were permitted to purchase Series P and G
bonds under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page A-22).
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-Dec. 1946</th><th>1945</th><th colspan="10">1946</th></tr><tr><th></th><th></th><th>Doc.</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>Alabama</td><td>163,675</td><td>7,354</td><td>7,892</td><td>8,532</td><td>7,927</td><td>7,163</td><td>6,316</td><td>5,368</td><td>5,853</td><td>5,644</td><td>5,528</td><td>4,889</td><td>4,877</td><td>5,225</td></tr><tr><td>Arizona</td><td>55,823</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><td>2,183</td></tr><tr><td>Arkansas</td><td>87,966</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><td>2,812</td></tr><tr><td>California</td><td>1,128,862</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><td>36,112</td></tr><tr><td>Colorado</td><td>101,981</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><td>4,922</td></tr><tr><td>Connecticut</td><td>193,774</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>6,642</td><td>6,759</td></tr><tr><td>Delaware</td><td>27,639</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>852</td><td>1,023</td></tr><tr><td>District of Columbia</td><td>135,269</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><td>5,368</td></tr><tr><td>Florida</td><td>192,464</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><td>7,434</td></tr><tr><td>Georgia</td><td>168,027</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><td>6,038</td></tr><tr><td>Idaho</td><td>35,642</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><td>1,288</td></tr><tr><td>Illinois</td><td>894,286</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><td>32,183</td></tr><tr><td>Iowa</td><td>361,647</td><td>14,761</td><td>16,183</td><td>15,155</td><td>14,792</td><td>14,200</td><td>13,428</td><td>12,653</td><td>12,188</td><td>11,926</td><td>11,032</td><td>10,728</td><td>9,543</td><td>10,493</td></tr><tr><td>Kansas</td><td>208,076</td><td>7,858</td><td>10,119</td><td>11,811</td><td>10,785</td><td>9,271</td><td>9,525</td><td>8,490</td><td>8,011</td><td>7,514</td><td>8,255</td><td>7,796</td><td>6,445</td><td>7,389</td></tr><tr><td>Kentucky</td><td>146,576</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><td>5,130</td></tr><tr><td>Louisiana</td><td>144,725</td><td>6,508</td><td>7,051</td><td>6,209</td><td>6,719</td><td>6,231</td><td>5,943</td><td>5,298</td><td>5,352</td><td>4,734</td><td>5,397</td><td>4,964</td><td>4,317</td><td>4,594</td></tr><tr><td>Maine</td><td>48,169</td><td>2,189</td><td>1,993</td><td>1,673</td><td>2,146</td><td>2,259</td><td>2,160</td><td>1,892</td><td>2,027</td><td>1,762</td><td>1,913</td><td>1,892</td><td>1,693</td><td>1,943</td></tr><tr><td>Maryland</td><td>157,851</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><td>6,016</td></tr><tr><td>Massachusetts</td><td>348,465</td><td>14,105</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><td>14,232</td></tr><tr><td>Michigan</td><td>760,734</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><td>22,202</td></tr><tr><td>Minnesota</td><td>236,653</td><td>9,279</td><td>12,120</td><td>7,237</td><td>12,241</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><td>8,502</td></tr><tr><td>Mississippi</td><td>76,690</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,431</td><td>3,505</td><td>3,312</td><td>2,535</td><td>3,422</td><td>2,722</td><td>2,893</td><td>2,967</td><td>2,675</td><td>2,620</td></tr><tr><td>Missouri</td><td>327,537</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><td>10,716</td></tr><tr><td>Montana</td><td>44,049</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><td>1,764</td></tr><tr><td>Nebraska</td><td>102,988</td><td>4,062</td><td>4,628</td><td>4,587</td><td>6,102</td><td>4,925</td><td>4,911</td><td>4,456</td><td>3,555</td><td>2,878</td><td>6,080</td><td>3,776</td><td>3,328</td><td>3,827</td></tr><tr><td>Nevada</td><td>16,889</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>568</td><td>706</td><td>465</td><td>556</td></tr><tr><td>New Hampshire</td><td>30,498</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><td>1,314</td></tr><tr><td>New Jersey</td><td>404,328</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><td>15,186</td></tr><tr><td>New Mexico</td><td>33,100</td><td>1,368</td><td>1,769</td><td>1,644</td><td>1,874</td><td>1,572</td><td>1,525</td><td>1,497</td><td>914</td><td>1,402</td><td>1,427</td><td>1,262</td><td>1,008</td><td>1,469</td></tr><tr><td>New York</td><td>1,160,069</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><td>47,698</td></tr><tr><td>North Carolina</td><td>158,163</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><td>5,757</td></tr><tr><td>North Dakota</td><td>31,606</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><td>1,059</td></tr><tr><td>Ohio</td><td>774,261</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><td>24,163</td></tr><tr><td>Oklahoma</td><td>158,533</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><td>5,580</td></tr><tr><td>Oregon</td><td>170,876</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><td>5,000</td></tr><tr><td>Pennsylvania</td><td>936,919</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><td>33,899</td></tr><tr><td>Rhode Island</td><td>63,327</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><td>2,136</td></tr><tr><td>South Carolina</td><td>77,874</td><td>3,773</td><td>3,955</td><td>3,180</td><td>4,123</td><td>3,272</td><td>2,929</td><td>2,974</td><td>2,643</td><td>2,699</td><td>2,723</td><td>2,061</td><td>2,425</td><td>2,506</td></tr><tr><td>South Dakota</td><td>33,144</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><td>1,151</td></tr><tr><td>Tennessee</td><td>166,792</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><td>5,157</td></tr><tr><td>Texas</td><td>543,203</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><td>19,271</td></tr><tr><td>Utah</td><td>58,073</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>2,059</td><td>2,316</td></tr><tr><td>Vermont</td><td>14,883</td><td>665</td><td>622</td><td>536</td><td>719</td><td>726</td><td>757</td><td>719</td><td>673</td><td>678</td><td>650</td><td>658</td><td>580</td><td>772</td></tr><tr><td>Virginia</td><td>207,319</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><td>7,838</td></tr><tr><td>Washington</td><td>248,450</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><td>8,411</td></tr><tr><td>West Virginia</td><td>113,764</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>4,161</td><td>3,734</td><td>3,606</td><td>4,098</td></tr><tr><td>Wicacoia</td><td>240,816</td><td>10,315</td><td>10,855</td><td>10,050</td><td>10,591</td><td>11,125</td><td>10,729</td><td>10,054</td><td>9,658</td><td>9,195</td><td>8,858</td><td>8,524</td><td>7,592</td><td>8,443</td></tr><tr><td>Wyoming</td><td>21,924</td><td>832</td><td>1,153</td><td>953</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td><td>820</td><td>634</td><td>1,356</td><td>785</td><td>749</td><td>831</td></tr><tr><td>Alaska</td><td>6,398</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><td>179</td></tr><tr><td>Canal Zone</td><td>3,543</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><td>362</td></tr><tr><td>Hawaii</td><td>58,535</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><td>2,459</td></tr><tr><td>Puerto Rico</td><td>15,946</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>677</td><td>447</td><td>468</td><td>665</td><td>931</td></tr><tr><td>Virgilo Island</td><td>457</td><td>25</td><td>37</td><td>21</td><td>45</td><td>10</td><td>19</td><td>24</td><td>10</td><td>24</td><td>33</td><td>13</td><td>18</td><td>5</td></tr><tr><td>Other possessions</td
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States loasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. p Preliminary.
February 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 December 31, 1940
(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>64 1/</td><td>336</td><td>6</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,943</td><td>182 1/</td><td>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>28,485</td><td>22,700</td><td>4,782</td><td>17,918</td><td>63</td><td>5,725</td></tr><tr><td>Total</td><td>33,839</td><td>28,042</td><td>5,028</td><td>23,014</td><td>72</td><td>5,725</td></tr></table>
Source: Daily Treasury Statement. 1/ Include 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>10,058</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>5,904</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,739</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,043</td></tr><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,144</td></tr><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr><tr><td>June</td><td>184</td><td>602</td><td>171</td><td>430</td><td>9</td><td>6,711</td></tr><tr><td>July</td><td>300</td><td>345</td><td>154</td><td>190</td><td>8</td><td>6,669</td></tr><tr><td>August</td><td>188</td><td>170</td><td>100</td><td>70</td><td>8</td><td>6,688</td></tr><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>192</td><td>140</td><td>52</td><td>6</td><td>5,978</td></tr><tr><td>December</td><td>360</td><td>555</td><td>203</td><td>352</td><td>63</td><td>5,725</td></tr></table>
Source: Daily Treasury Statement.
Treasury Bulletin
44
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>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-December</td><td>598.0</td><td>.7</td><td>2.5</td><td>17.1</td><td>32.4</td><td>111.8</td><td>185.0</td><td>51.5</td><td>197.0</td></tr><tr><td>1946-January</td><td>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.0</td></tr><tr><td>March</td><td>178.7</td><td>.3</td><td>.6</td><td>3.8</td><td>5.3</td><td>22.4</td><td>57.4</td><td>46.0</td><td>43.0</td></tr><tr><td>April</td><td>299.0</td><td>.3</td><td>.7</td><td>5.1</td><td>7.8</td><td>36.7</td><td>90.8</td><td>66.0</td><td>92.0</td></tr><tr><td>May</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>92.0</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</td><td>188.4</td><td>.2</td><td>.4</td><td>3.1</td><td>6.2</td><td>25.5</td><td>53.6</td><td>17.5</td><td>82.0</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>8.0</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><tr><td>December p</td><td>359.5</td><td>.3</td><td>.8</td><td>6.0</td><td>11.8</td><td>48.8</td><td>102.3</td><td>33.5</td><td>156.0</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-December</td><td>598.0</td><td>40.6</td><td>557.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>1946-January</td><td>301.8</td><td>20.4</td><td>281.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>February</td><td>181.0</td><td>9.9</td><td>171.1</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><tr><td>May</td><td>198.4</td><td>19.8</td><td>178.6</td><td>100.0</td><td>10.0</td><td>90.0</td></tr><tr><td>June</td><td>184.0</td><td>14.1</td><td>169.9</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>July</td><td>300.5</td><td>31.6</td><td>268.9</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>August</td><td>188.4</td><td>10.8</td><td>177.6</td><td>100.0</td><td>5.7</td><td>94.3</td></tr><tr><td>September</td><td>248.2</td><td>15.4</td><td>232.8</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>October</td><td>183.5</td><td>19.3</td><td>164.2</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><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><tr><td>December</td><td>359.5</td><td>19.8</td><td>339.8</td><td>100.0</td><td>5.5</td><td>94.5</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
February 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 outstading 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 earning bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States earning bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4/</td><td>590,268 1/</td><td>544,547</td><td>474,168</td><td>70,480 1/</td><td>100.0</td><td>87.1</td><td>12.9 1/</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-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>11,289</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><tr><td>December</td><td>79,321</td><td>-2,380</td><td>2,589</td><td>4,969</td><td>2,524</td><td>2,445</td><td>100.0</td><td>50.8</td><td>49.2</td></tr></table>
Source: Daily Treasury Statement.
Note: See "Treasury Bulletin", July 1946 for back figures.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Net of sales less redemptions. See footnote 1.
4/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
5/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $55 thousand for the period July 1, 1942 through October 31, 1942.
Table 2.- Sales, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1943</td><td>550,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1946</td><td>109,852</td><td>22,680</td><td>56,115</td><td>9,619</td><td>15,755</td><td>5,683</td><td>100.0</td><td>20.6</td><td>51.1</td><td>8.8</td><td>14.3</td><td>5.2</td></tr><tr><td>1945-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>372</td><td>632</td><td>218</td><td>100.0</td><td>12.9</td><td>49.9</td><td>11.3</td><td>19.3</td><td>6.6</td></tr><tr><td>August</td><td>1,674</td><td>183</td><td>843</td><td>182</td><td>331</td><td>135</td><td>100.0</td><td>10.9</td><td>50.5</td><td>10.9</td><td>19.7</td><td>8.0</td></tr><tr><td>September</td><td>2,240</td><td>316</td><td>1,103</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>5.9</td></tr><tr><td>December</td><td>2,589</td><td>369</td><td>1,249</td><td>253</td><td>442</td><td>275</td><td>100.0</td><td>14.3</td><td>48.2</td><td>9.8</td><td>17.1</td><td>10.6</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
February 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="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Total amount unmatured outstanding</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,515</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,835</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>6,753</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-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>23,143</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>6,180</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>30,600</td><td>6,310</td><td>36</td><td>24,254</td><td>23,944</td><td>206,380</td><td>150,073</td><td>56,307</td><td>362</td><td>9</td><td>-</td><td>35</td><td>317</td></tr><tr><td>Dec....</td><td>257,649</td><td>30,911p</td><td>6,290p</td><td>36p</td><td>24,585</td><td>23,350</td><td>203,389p</td><td>146,977p</td><td>56,416p</td><td>331</td><td>9p</td><td>-</td><td>36p</td><td>286</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 rowspan="2">End of month</th><th rowspan="2">Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investore</th></tr><tr><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individ- uals 4/</th><th>Insurance companies</th><th>Mutual earnings banks</th><th>Other corpo- rations and associa- tions 5/</th><th>State and local govern- ments 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</td><td>.4</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</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</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</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</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</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</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</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</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</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</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</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</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</td><td>1.5</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</td><td>2.0</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</td><td>2.1</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</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</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</td><td>84.0</td><td>23.3</td><td>152.9</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.8</td><td>5.5</td><td>26.6</td></tr><tr><td>November</td><td>263.4</td><td>109.7</td><td>86.2</td><td>23.5</td><td>153.7</td><td>61.9</td><td>22.2</td><td>9.8</td><td>27.5</td><td>5.5</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.8</td><td>90.6</td><td>24.3</td><td>161.4</td><td>63.5</td><td>24.4</td><td>10.7</td><td>29.3</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-January</td><td>278.0</td><td>115.9</td><td>92.6</td><td>23.3</td><td>162.1</td><td>63.5</td><td>24.7</td><td>10.9</td><td>28.6</td><td>6.7</td><td>27.7</td></tr><tr><td>February</td><td>278.5</td><td>116.1</td><td>93.2</td><td>22.9</td><td>162.4</td><td>63.5</td><td>24.8</td><td>11.1</td><td>28.3</td><td>6.7</td><td>28.0</td></tr><tr><td>March</td><td>275.3</td><td>112.3</td><td>89.7</td><td>22.6</td><td>163.0</td><td>63.6</td><td>25.0</td><td>11.2</td><td>28.4</td><td>6.7</td><td>28.2</td></tr><tr><td>April</td><td>273.2</td><td>112.0</td><td>89.3</td><td>22.7</td><td>161.2</td><td>63.1</td><td>25.0</td><td>11.3</td><td>26.8</td><td>6.7</td><td>28.3</td></tr><tr><td>May</td><td>272.0</td><td>110.6</td><td>87.7</td><td>22.9</td><td>161.4</td><td>63.0</td><td>25.2</td><td>11.3</td><td>26.6</td><td>6.6</td><td>28.5</td></tr><tr><td>June</td><td>268.6</td><td>107.9</td><td>84.1</td><td>23.8</td><td>160.7</td><td>62.8</td><td>25.3</td><td>11.5</td><td>25.6</td><td>6.5</td><td>29.1</td></tr><tr><td>July</td><td>267.4</td><td>106.4</td><td>82.8</td><td>23.6</td><td>161.0</td><td>62.9</td><td>25.4</td><td>11.6</td><td>25.1</td><td>6.4</td><td>29.7</td></tr><tr><td>August</td><td>266.7</td><td>105.2</td><td>81.2</td><td>23.9</td><td>161.5</td><td>62.9</td><td>25.4</td><td>11.7</td><td>25.1</td><td>6.4</td><td>30.1</td></tr><tr><td>September</td><td>264.6</td><td>103.6</td><td>79.5</td><td>24.0</td><td>161.0</td><td>62.7</td><td>25.4</td><td>11.7</td><td>24.5</td><td>6.3</td><td>30.4</td></tr><tr><td>October</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><tr><td>November p.</td><td>261.3</td><td>100.4</td><td>76.5</td><td>23.9</td><td>160.9</td><td>63.1</td><td>25.3</td><td>11.7</td><td>24.0</td><td>6.2</td><td>30.6</td></tr></table>
Excludes securities held in trust departments.
Includes partnerships and personal trust accounts.
Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Preliminary. United States savings bonds, Series A-D, E and F are included at current redemption values. Guaranteed securities held by the Treasury are excluded. Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(in millions of dollars)
<table><tr><th></th><th colspan="12">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>-1.7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.5</td><td>-15.3</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.5</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-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>-20.3</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.
February 1947
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, November 30, 1946
The tables in Section I present summary data as of November 30, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the
amount of such securities owned by all banks and insurance companies in the United States.
Section II presenta summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debenturea 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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,148 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>Public securities: Marketable securities.......</td><td>180,372</td><td>69,047</td><td>482</td><td>11,459</td><td>21,381</td><td>2,902</td><td>30,264</td><td>44,837</td></tr><tr><td>Non-marketable securities 4/....................</td><td>56,660</td><td>1,282</td><td>11</td><td>245</td><td>120</td><td>209</td><td>35</td><td>54,441</td></tr><tr><td>Total public securities....................</td><td>237,032</td><td>70,329</td><td>494</td><td>11,704</td><td>21,501</td><td>3,111</td><td>30,299</td><td>99,279</td></tr><tr><td>Special issues............................</td><td>24,254</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24,254</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/....................</td><td>261,286</td><td>70,329</td><td>494</td><td>11,704</td><td>21,501</td><td>3,111</td><td>54,553</td><td>99,279</td></tr></table>
1/ Securities held in trust departments are excluded. 
2/ Includes trust companies. 
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
C.C.C. demand obligations in the amount of $317 million held by all commercial banks are shown only in total amount outstanding
Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="4">Held by investore 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 1/</th></tr><tr><th></th><th></th><th>7,348 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td colspan="8">Per values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,000</td><td>847</td><td>1</td><td>1</td><td></td><td></td><td>15,031</td><td>1,121</td></tr><tr><td>Certificates of indebtedness</td><td>30,475</td><td>11,807</td><td>24</td><td>210</td><td>296</td><td>182</td><td>7,387</td><td>10,569</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>8,323</td><td>30</td><td>263</td><td>471</td><td>177</td><td>849</td><td>1,238</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>49,636</td><td>1,323</td><td>206</td><td>7,899</td><td>16,630</td><td>1,138</td><td>4,905</td><td>17,535</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>46,719</td><td>220</td><td>3,084</td><td>3,971</td><td>1,404</td><td>2,047</td><td>12,241</td></tr><tr><td>Postal savings and other bonds</td><td>179</td><td>15</td><td></td><td>1</td><td>1</td><td></td><td>36</td><td>127</td></tr><tr><td>Guaranteed by United States 5/</td><td>45</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>6</td></tr><tr><td>Total</td><td>180,372</td><td>69,047</td><td>482</td><td>11,459</td><td>21,381</td><td>2,902</td><td>30,264</td><td>44,837</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>57,966</td><td>18,605</td><td>53</td><td>440</td><td>770</td><td>329</td><td>23,042</td><td>14,727</td></tr><tr><td>1 to 5 years</td><td>38,645</td><td>27,801</td><td>74</td><td>1,016</td><td>1,377</td><td>645</td><td>1,374</td><td>6,428</td></tr><tr><td>5 to 10 years</td><td>28,910</td><td>17,795</td><td>126</td><td>2,039</td><td>2,272</td><td>624</td><td>717</td><td>5,337</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,129</td><td>85</td><td>2,463</td><td>1,043</td><td>663</td><td>314</td><td>4,509</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>134</td><td>72</td><td>2,819</td><td>9,698</td><td>265</td><td>2,742</td><td>5,497</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,571</td><td>71</td><td>2,679</td><td>6,208</td><td>375</td><td>2,136</td><td>8,333</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>45</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>6</td></tr><tr><td>Total</td><td>180,372</td><td>69,047</td><td>482</td><td>11,459</td><td>21,381</td><td>2,902</td><td>30,264</td><td>44,837</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>179</td><td>15</td><td></td><td>1</td><td>1</td><td></td><td>36</td><td>127</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>18,079</td><td>13,003</td><td>93</td><td>73</td><td>152</td><td>611</td><td>1,292</td><td>2,855</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>162,114</td><td>56,029</td><td>389</td><td>11,386</td><td>21,228</td><td>2,290</td><td>28,936</td><td>41,855</td></tr><tr><td>Total</td><td>180,372</td><td>69,047</td><td>482</td><td>11,459</td><td>21,381</td><td>2,902</td><td>30,264</td><td>44,837</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. November 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,348 commercial banks 2/</th><th>31 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th></tr></table>
Percentage distribution by classes of securities
<table><tr><td>types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.4</td><td>1.2</td><td>.1</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>49.7</td><td>2.5</td></tr><tr><td>Certificates of indebtedness</td><td>16.9</td><td>17.1</td><td>5.0</td><td>1.8</td><td>1.4</td><td>6.3</td><td>24.4</td><td>23.6</td></tr><tr><td>Treasury notes</td><td>7.4</td><td>12.1</td><td>6.3</td><td>2.3</td><td>2.2</td><td>6.1</td><td>2.8</td><td>7.2</td></tr><tr><td>Treasury bonds - bank restricted ½</td><td>27.5</td><td>1.9</td><td>42.8</td><td>68.9</td><td>77.8</td><td>39.2</td><td>16.2</td><td>39.1</td></tr><tr><td>Treasury bonds - bank eligible</td><td>38.6</td><td>67.7</td><td>45.6</td><td>26.9</td><td>18.6</td><td>48.4</td><td>6.8</td><td>27.3</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 5</td><td>&#8226;</td><td>&#8226;</td><td>.2</td><td>&#8226;</td><td>.1</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</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>32.1</td><td>26.9</td><td>11.0</td><td>3.8</td><td>3.6</td><td>11.3</td><td>76.1</td><td>32.8</td></tr><tr><td>1 to 5 years</td><td>21.4</td><td>40.3</td><td>15.4</td><td>8.9</td><td>6.4</td><td>22.2</td><td>4.3</td><td>14.3</td></tr><tr><td>5 to 10 years</td><td>16.0</td><td>25.8</td><td>26.1</td><td>17.8</td><td>10.6</td><td>21.5</td><td>2.4</td><td>11.9</td></tr><tr><td>10 to 15 years</td><td>6.2</td><td>3.1</td><td>17.7</td><td>21.5</td><td>4.9</td><td>22.9</td><td>1.0</td><td>10.1</td></tr><tr><td>15 to 20 years</td><td>11.8</td><td>.2</td><td>15.0</td><td>24.6</td><td>45.4</td><td>9.1</td><td>9.1</td><td>12.1</td></tr><tr><td>Over 20 years</td><td>12.4</td><td>3.7</td><td>14.7</td><td>23.4</td><td>29.0</td><td>12.9</td><td>7.1</td><td>18.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>&#8226;</td><td>&#8226;</td><td>.2</td><td>&#8226;</td><td>.1</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</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>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>&#8226;</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/.</td><td>10.0</td><td>18.8</td><td>19.3</td><td>.6</td><td>.7</td><td>21.1</td><td>4.3</td><td>6.4</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>89.9</td><td>81.1</td><td>80.7</td><td>99.4</td><td>99.3</td><td>78.9</td><td>95.6</td><td>93.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>5.0</td><td>*</td><td>*</td><td>*</td><td>88.4</td><td>6.6</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>38.7</td><td>.1</td><td>.7</td><td>1.0</td><td>.6</td><td>24.2</td><td>34.7</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>62.3</td><td>.2</td><td>2.0</td><td>3.5</td><td>1.3</td><td>6.4</td><td>24.3</td></tr><tr><td>Treasury bonds - bank restricted 1/.</td><td>100.0</td><td>2.7</td><td>.4</td><td>15.9</td><td>33.5</td><td>2.3</td><td>9.9</td><td>35.3</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.0</td><td>.3</td><td>4.4</td><td>5.7</td><td>2.0</td><td>2.9</td><td>17.6</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>70.8</td></tr><tr><td>Guaranteed by United States 2/.</td><td>100.0</td><td>26.8</td><td>2.6</td><td>7.6</td><td>28.2</td><td>1.7</td><td>20.6</td><td>12.6</td></tr><tr><td>Total</td><td>100.0</td><td>38.3</td><td>.3</td><td>6.4</td><td>11.9</td><td>1.6</td><td>16.8</td><td>24.9</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>100.0</td><td>32.1</td><td>.1</td><td>.8</td><td>1.3</td><td>.6</td><td>39.8</td><td>25.4</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.9</td><td>.2</td><td>2.6</td><td>3.6</td><td>1.7</td><td>3.4</td><td>16.6</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>61.6</td><td>.4</td><td>7.1</td><td>7.9</td><td>2.2</td><td>2.5</td><td>18.5</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.0</td><td>.8</td><td>22.0</td><td>9.3</td><td>5.9</td><td>2.8</td><td>40.2</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>12.9</td><td>25.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.5</td><td>.3</td><td>12.0</td><td>27.7</td><td>1.7</td><td>9.5</td><td>37.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>26.8</td><td>2.6</td><td>7.6</td><td>28.2</td><td>1.7</td><td>20.6</td><td>12.6</td></tr><tr><td>Total</td><td>100.0</td><td>38.3</td><td>.3</td><td>6.4</td><td>11.9</td><td>1.6</td><td>16.8</td><td>24.9</td></tr><tr><td>Tax status: 6/</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>70.8</td></tr><tr><td>Partially exempt from Federal income taxes 1/.</td><td>100.0</td><td>71.9</td><td>.5</td><td>.4</td><td>.8</td><td>3.4</td><td>7.1</td><td>15.8</td></tr><tr><td>Subject to Federal income tax
(Continued on following page)
February 1947
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, November 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued) Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,348 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>641 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills.........(taxable)</td><td>17,000</td><td>847</td><td>1</td><td>1</td><td>*</td><td>*</td><td>15,031</td><td>1,121</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 December 1946....(taxable)</td><td>3,768</td><td>731</td><td>2</td><td>12</td><td>10</td><td>17</td><td>96</td><td>2,930</td></tr><tr><td>7/8 January 1947....(taxable)</td><td>3,330</td><td>1,840</td><td>3</td><td>35</td><td>68</td><td>17</td><td>412</td><td>955</td></tr><tr><td>7/8 February 1947....(taxable)</td><td>4,954</td><td>1,911</td><td>4</td><td>44</td><td>76</td><td>28</td><td>1,097</td><td>1,194</td></tr><tr><td>7/8 March 1947....(taxable)</td><td>3,133</td><td>1,657</td><td>2</td><td>16</td><td>47</td><td>31</td><td>570</td><td>812</td></tr><tr><td>7/8 April 1947....(taxable)</td><td>2,820</td><td>1,177</td><td>2</td><td>11</td><td>9</td><td>11</td><td>844</td><td>766</td></tr><tr><td>7/8 June 1947....(taxable)</td><td>2,775</td><td>729</td><td>2</td><td>17</td><td>26</td><td>26</td><td>475</td><td>1,500</td></tr><tr><td>7/8 July 1947....(taxable)</td><td>2,916</td><td>1,116</td><td>2</td><td>20</td><td>41</td><td>14</td><td>962</td><td>761</td></tr><tr><td>7/8 August 1947....(taxable)</td><td>1,223</td><td>548</td><td>2</td><td>10</td><td>*</td><td>5</td><td>432</td><td>226</td></tr><tr><td>7/8 September 1947....(taxable)</td><td>2,341</td><td>696</td><td>2</td><td>20</td><td>2</td><td>11</td><td>1,091</td><td>519</td></tr><tr><td>7/8 October 1947....(taxable)</td><td>1,440</td><td>664</td><td>1</td><td>12</td><td>2</td><td>9</td><td>381</td><td>370</td></tr><tr><td>7/8 November 1947....(taxable)</td><td>1,775</td><td>739</td><td>2</td><td>14</td><td>14</td><td>14</td><td>426</td><td>566</td></tr><tr><td>Total certificates of indebtedness</td><td>30,475</td><td>11,807</td><td>24</td><td>210</td><td>296</td><td>182</td><td>7,387</td><td>10,569</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>1,966</td><td>3</td><td>77</td><td>139</td><td>27</td><td>523</td><td>526</td></tr><tr><td>1-1/4 March 1947....(taxable)</td><td>1,948</td><td>879</td><td>12</td><td>47</td><td>278</td><td>37</td><td>4</td><td>692</td></tr><tr><td>1-1/4 September 1947....(taxable)</td><td>1,687</td><td>776</td><td>9</td><td>42</td><td>14</td><td>33</td><td>10</td><td>804</td></tr><tr><td>1-1/2 September 1947....(taxable)</td><td>2,707</td><td>1,978</td><td>5</td><td>54</td><td>32</td><td>26</td><td>12</td><td>601</td></tr><tr><td>1-1/2 September 1948....(taxable)</td><td>3,748</td><td>2,724</td><td>2</td><td>43</td><td>8</td><td>55</td><td>301</td><td>616</td></tr><tr><td>Total Treasury notes</td><td>13,351</td><td>8,323</td><td>30</td><td>263</td><td>471</td><td>177</td><td>849</td><td>3,238</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4 June 1959-62....(taxable)</td><td>5,284</td><td>94</td><td>40</td><td>1,808</td><td>629</td><td>290</td><td>219</td><td>2,204</td></tr><tr><td>2-1/4 December 1959-62....(taxable)</td><td>3,470</td><td>301</td><td>25</td><td>644</td><td>327</td><td>229</td><td>3</td><td>1,941</td></tr><tr><td>2-1/2 June 1962-67....(taxable)</td><td>2,118</td><td>7</td><td>4</td><td>411</td><td>1,097</td><td>46</td><td>192</td><td>361</td></tr><tr><td>2-1/2 December 1963-68....(taxable)</td><td>2,831</td><td>1</td><td>6</td><td>549</td><td>1,352</td><td>54</td><td>260</td><td>609</td></tr><tr><td>2-1/2 June 1964-69....(taxable)</td><td>3,761</td><td>2</td><td>17</td><td>752</td><td>1,596</td><td>40</td><td>387</td><td>967</td></tr><tr><td>2-1/2 December 1964-69....(taxable)</td><td>3,838</td><td>4</td><td>16</td><td>548</td><td>1,595</td><td>54</td><td>451</td><td>1,170</td></tr><tr><td>2-1/2 March 1965-70....(taxable)</td><td>5,197</td><td>60</td><td>17</td><td>345</td><td>2,474</td><td>48</td><td>780</td><td>1,474</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>1,584</td><td>22</td><td>671</td><td>917</td></tr><tr><td>2-1/2 June 1967-72....(taxable)</td><td>7,967</td><td>110</td><td>24</td><td>1,096</td><td>3,166</td><td>122</td><td>891</td><td>2,558</td></tr><tr><td>2-1/2 December 1967-72....(taxable)</td><td>11,689</td><td>685</td><td>45</td><td>1,532</td><td>2,810</td><td>231</td><td>1,050</td><td>5,335</td></tr><tr><td>Total bank restricted 4/</td><td>49,636</td><td>1,323</td><td>206</td><td>7,899</td><td>16,630</td><td>1,138</td><td>4,905</td><td>17,535</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>337</td><td>*</td><td>10</td><td>11</td><td>23</td><td>40</td><td>337</td></tr><tr><td>2/ December 1947....(partially)</td><td>701</td><td>535</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>144</td></tr><tr><td>2/ March 1948-50....(taxable)</td><td>1,115</td><td>795</td><td>1</td><td>78</td><td>5</td><td>12</td><td>40</td><td>185</td></tr><tr><td>2-3/4 March 1948-51....(partially)</td><td>1,223</td><td>853</td><td>2</td><td>7</td><td>5</td><td>28</td><td>155</td><td>174</td></tr><tr><td>1-3/4 June 1948....(taxable)</td><td>3,062</td><td>2,260</td><td>4</td><td>81</td><td>48</td><td>35</td><td>25</td><td>609</td></tr><tr><td>2-1/2 September 1948....(partially)</td><td>451</td><td>375</td><td>3</td><td>1</td><td>*</td><td>7</td><td>*</td><td>54</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, November 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(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">Bonds by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>1,348 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued) 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>459</td><td>1</td><td>2</td><td>*</td><td>12</td><td>44</td><td>53</td></tr><tr><td>2/ June 1949-51....(taxable)</td><td>1,014</td><td>782</td><td>1</td><td>66</td><td>52</td><td>9</td><td>8</td><td>96</td></tr><tr><td>2/ September 1949-51....(taxable)</td><td>1,292</td><td>1,035</td><td>2</td><td>35</td><td>83</td><td>22</td><td>1</td><td>114</td></tr><tr><td>2/ December 1949-51....(taxable)</td><td>2,098</td><td>1,577</td><td>5</td><td>55</td><td>128</td><td>22</td><td>1</td><td>309</td></tr><tr><td>3-1/8/ December 1949-52....(partially)</td><td>491</td><td>368</td><td>1</td><td>4</td><td>11</td><td>16</td><td>40</td><td>51</td></tr><tr><td>2-1/2/ December 1949-53....(partially)</td><td>1,786</td><td>1,309</td><td>3</td><td>5</td><td>3</td><td>37</td><td>223</td><td>207</td></tr><tr><td>2/ March 1950-52....(taxable)</td><td>1,963</td><td>1,548</td><td>5</td><td>70</td><td>157</td><td>25</td><td>3</td><td>154</td></tr><tr><td>2/ September 1950-52....(taxable)</td><td>4,939</td><td>3,367</td><td>8</td><td>178</td><td>327</td><td>72</td><td>46</td><td>942</td></tr><tr><td>2-1/2/ September 1950-52....(partially)</td><td>1,186</td><td>1,028</td><td>2</td><td>7</td><td>2</td><td>42</td><td>90</td><td>16</td></tr><tr><td>1-1/2/ December 1950....(taxable)</td><td>2,635</td><td>1,676</td><td>3</td><td>19</td><td>*</td><td>25</td><td>*</td><td>912</td></tr><tr><td>2-3/4/ June 1951-54....(partially)</td><td>1,627</td><td>1,254</td><td>9</td><td>6</td><td>1</td><td>40</td><td>145</td><td>171</td></tr><tr><td>2/ September 1951-53....(taxable)</td><td>7,986</td><td>5,442</td><td>23</td><td>354</td><td>548</td><td>135</td><td>111</td><td>1,373</td></tr><tr><td>3/ September 1951-55....(partially)</td><td>755</td><td>411</td><td>*</td><td>4</td><td>*</td><td>31</td><td>71</td><td>238</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>5</td><td>27</td><td>98</td><td>65</td></tr><tr><td>2-1/2/ March 1952-54....(taxable)</td><td>1,024</td><td>576</td><td>*</td><td>195</td><td>38</td><td>14</td><td>55</td><td>145</td></tr><tr><td>2/ June 1952-54....(taxable)</td><td>5,825</td><td>4,128</td><td>20</td><td>239</td><td>384</td><td>88</td><td>7</td><td>960</td></tr><tr><td>2/ December 1952-54....(taxable)</td><td>8,662</td><td>5,850</td><td>23</td><td>501</td><td>582</td><td>137</td><td>10</td><td>1,559</td></tr><tr><td>2-1/4/ June 1952-55....(taxable)</td><td>1,501</td><td>957</td><td>2</td><td>162</td><td>133</td><td>24</td><td>67</td><td>156</td></tr><tr><td>2/ June 1953-55....(partially)</td><td>725</td><td>645</td><td>*</td><td>1</td><td>2</td><td>24</td><td>14</td><td>40</td></tr><tr><td>2-1/4/ June 1954-56....(partially)</td><td>681</td><td>548</td><td>2</td><td>1</td><td>1</td><td>32</td><td>27</td><td>69</td></tr><tr><td>2-7/8/ March 1955-60....(partially)</td><td>2,611</td><td>1,498</td><td>32</td><td>7</td><td>15</td><td>78</td><td>192</td><td>788</td></tr><tr><td>2-1/2/ March 1956-58....(taxable)</td><td>1,449</td><td>776</td><td>9</td><td>77</td><td>349</td><td>12</td><td>49</td><td>176</td></tr><tr><td>2-3/4/ September 1956-59....(partially)</td><td>982</td><td>727</td><td>16</td><td>2</td><td>7</td><td>49</td><td>60</td><td>121</td></tr><tr><td>2-1/4/ September 1956-59....(taxable)</td><td>3,823</td><td>789</td><td>18</td><td>840</td><td>733</td><td>132</td><td>129</td><td>1,181</td></tr><tr><td>2-3/4/ June 1958-63....(partially)</td><td>919</td><td>660</td><td>12</td><td>5</td><td>52</td><td>52</td><td>43</td><td>95</td></tr><tr><td>2-3/4/ December 1960-65....(partially)</td><td>1,485</td><td>1,074</td><td>9</td><td>6</td><td>35</td><td>92</td><td>50</td><td>221</td></tr><tr><td>2-1/2/ September 1967-72....(taxable)</td><td>2,716</td><td>1,777</td><td>1</td><td>51</td><td>232</td><td>22</td><td>194</td><td>439</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,719</td><td>220</td><td>3,084</td><td>3,971</td><td>1,404</td><td>2,047</td><td>12,241</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,043</td><td>426</td><td>10,983</td><td>20,601</td><td>2,541</td><td>6,952</td><td>29,777</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>116</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>36</td><td>65</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds....(wholly)</td><td>13</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>*</td><td>36</td><td>127</td></tr><tr><td>Guaranteed securities 5/ Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>7 38</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>45</td><td>12</td><td>1</td><td>3</td><td>13</td><td>1</td><td>9</td><td>6</td></tr><tr><td>Total public marketable securities</td><td>180,372</td><td>69,047</td><td>482</td><td>11,459</td><td>21,361</td><td>2,902</td><td>30,264</td><td>44,837</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%. Securities held in trust departments are excluded. Includes trust companies. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section. Issues which commercial banks may not acquire prior to a specified
5/ date (with minor exceptions). See footnote 2, page 21.
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 curtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the curtax rates. "Taxable" securities are subject to both normal and curtax rates.
1/ Includes an estimated amount of Federal Housing Administration debentures.
8/ Actual figures by tax status are available only for total amount outstanding.
February 1947
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, November 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</th><th>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>7,348 commercial banks 1/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.... (6/)</td><td>3,263</td><td>172</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,075</td></tr><tr><td>Series E.... (taxable)</td><td>30,233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,232</td></tr><tr><td>Series F.... (taxable)</td><td>2,952</td><td>222</td><td>1</td><td>8</td><td>15</td><td>25</td><td>1</td><td>2,680</td></tr><tr><td>Series G.... (taxable)</td><td>13,262</td><td>478</td><td>6</td><td>231</td><td>101</td><td>171</td><td>12</td><td>12,263</td></tr><tr><td>Total United States savings bonds</td><td>49,709</td><td>871</td><td>8</td><td>245</td><td>120</td><td>202</td><td>14</td><td>48,249</td></tr><tr><td>Treasury savings notes.... (taxable)</td><td>5,978</td><td>92</td><td>3</td><td>*</td><td>*</td><td>6</td><td>21</td><td>5,855</td></tr><tr><td>Depository bonds.... (taxable)</td><td>345</td><td>319</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Armed Forces Leave bonds.... (taxable)</td><td>311</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>311</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.... (taxable)</td><td>317</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>56,660</td><td>1,282</td><td>11</td><td>245</td><td>120</td><td>209</td><td>35</td><td>54,441</td></tr></table>
Less than $500 thousand.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Holly" 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.
Securities held in trust departments are excluded.
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, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6/ Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $317 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 2/</th></tr><tr><th>7,348 commercial banks 1/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>Federal Land Bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% October 1948-50......(taxable)</td><td>176</td><td>151</td><td>1</td><td>*</td><td>*</td><td>2</td><td>-</td><td>22</td></tr><tr><td>1-1/4% May 1950-52......(taxable)</td><td>211</td><td>154</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>52</td></tr><tr><td>1-1/2% January 1951-53......(taxable)</td><td>211</td><td>178</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>32</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>114</td><td>90</td><td>*</td><td>3</td><td>1</td><td>1</td><td>-</td><td>18</td></tr><tr><td>Total Federal Land Bank bonds</td><td>711</td><td>573</td><td>1</td><td>8</td><td>1</td><td>4</td><td>-</td><td>124</td></tr><tr><td>Federal intermediate Credit Bank debentures......(taxable)</td><td>317</td><td>274</td><td>-</td><td>2</td><td>-</td><td>3</td><td>-</td><td>36</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4% April 1948......(taxable)</td><td>140</td><td>100</td><td>*</td><td>5</td><td>-</td><td>*</td><td>-</td><td>35</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,168</td><td>947</td><td>1</td><td>15</td><td>1</td><td>8</td><td>-</td><td>196</td></tr></table>
Less than $500 thousand.
1/ The income from "Wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "Taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
February 1947
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies December 31, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-secondes)</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-secondes)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1946</th><th>Yield to earliest call 1/</th><th>Change in yield from Nov. 30, 1946</th><th>Yield to maturity 3/</th><th></th><th>High</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="2">Treasury bonds - bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$1,115 2 3/4</td><td>- 3/15/48-50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>.00</td><td>.97%</td><td>-.07%</td><td>1.61%</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>101.06</td><td>12/12</td><td></td><td></td><td></td><td></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>.00</td><td>1.03</td><td>-.04</td><td>1.03</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>100.31</td><td>12/3</td><td></td><td></td><td></td><td></td></tr><tr><td>1,014 2</td><td>- 6/15/49-51</td><td>102.03</td><td>102.05</td><td>102.04</td><td>-.05</td><td>1.12</td><td>-.09</td><td>1.50</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>101.30</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>1,292 2</td><td>- 9/15/49-51</td><td>102.08</td><td>102.10</td><td>102.09</td><td>+.04</td><td>1.14</td><td>-.07</td><td>1.50</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/5/42</td><td>103.28</td><td>3/2</td><td>102.03</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>2,098 2</td><td>-12/15/49-51</td><td>102.15</td><td>102.17</td><td>102.16</td><td>+.08</td><td>1.14</td><td>-.10</td><td>1.47</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2</td><td>102.06</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>1,963 2</td><td>- 3/15/50-52</td><td>102.15</td><td>102.17</td><td>102.16</td><td>+.09</td><td>1.20</td><td>-.11</td><td>1.50</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>102.05</td><td>12/3</td><td></td><td></td><td></td><td></td></tr><tr><td>4,939 2</td><td>- 9/15/50-52</td><td>102.17</td><td>102.19</td><td>102.18</td><td>+.07</td><td>1.29</td><td>-.07</td><td>1.53</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>102.09</td><td>12/3</td><td></td><td></td><td></td><td></td></tr><tr><td>2,635 1-1/2</td><td>-12/15/50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>+.08</td><td>1.18</td><td>-.07</td><td>1.18</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>12/3/46</td><td>102.15</td><td>3/11</td><td>100.29</td><td>12/3</td><td></td><td></td><td></td><td></td></tr><tr><td>7,986 2</td><td>- 9/15/51-53</td><td>102.24</td><td>102.26</td><td>102.25</td><td>+.14</td><td>1.39</td><td>-.10</td><td>1.56</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>102.09</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>510 2</td><td>-12/15/51-55</td><td>102.29</td><td>102.31</td><td>102.30</td><td>+.14</td><td>1.38</td><td>-.10</td><td>1.65</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>102.14</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>1,024 2-1/2</td><td>- 3/15/52-54</td><td>105.02</td><td>105.04</td><td>105.03</td><td>+.16</td><td>1.46</td><td>-.11</td><td>1.74</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>104.16</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>5,825 2</td><td>- 6/15/52-54</td><td>102.26</td><td>102.28</td><td>102.27</td><td>+.15</td><td>1.46</td><td>-.09</td><td>1.59</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>104.27</td><td>2/18</td><td>102.09</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>1,501 2-1/4</td><td>- 6/15/52-55</td><td>101.28</td><td>103.30</td><td>103.29</td><td>+.16</td><td>1.50</td><td>-.10</td><td>1.75</td><td>2/25/42</td><td>136.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/9</td><td>103.10</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>8,662 2</td><td>-12/15/52-54</td><td>102.28</td><td>102.30</td><td>102.29</td><td>+.16</td><td>1.49</td><td>-.09</td><td>1.61</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>105.00</td><td>3/11</td><td>102.10</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>1,449 2-1/2</td><td>- 3/15/56-58</td><td>107.03</td><td>107.05</td><td>107.04</td><td>+.28</td><td>1.66</td><td>-.11</td><td>1.79</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>106.05</td><td>12/2</td><td></td><td></td><td></td><td></td></tr><tr><td>3,821 2-1/4</td><td>- 9/15/56-59</td><td>105.07</td><td>105.09</td><td>105.08</td><td>+.26</td><td>1.66</td><td>-.09</td><td>1.79</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>107.16</td><td>4/6</td><td>104.08</td><td>9/9</td><td></td><td></td><td></td><td></td></tr><tr><td>2,716 2-1/2</td><td>- 9/15/67-72</td><td>106.07</td><td>106.09</td><td>106.08</td><td>+.10</td><td>2.13</td><td>-.07</td><td>2.18</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><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Treasury bonds - bank restricted 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5,284 2-1/4</td><td>- 6/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>+.25</td><td>2.05</td><td>-.07</td><td>2.08</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><td></td><td></td><td></td><td></td></tr><tr><td>3,470 2-1/4</td><td>-12/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>+.25</td><td>2.05</td><td>-.07</td><td>2.09</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><td></td><td></td><td></td><td></td></tr><tr><td>2,118 2-1/2</td><td>- 6/15/62-67</td><td>104.31</td><td>105.01</td><td>105.00</td><td>+.25</td><td>2.12</td><td>-.06</td><td>2.20</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><td></td><td></td><td></td><td></td></tr><tr><td>2,831 2-1/2</td><td>-12/15/63-68</td><td>104.17</td><td>104.19</td><td>104.18</td><td>+.27</td><td>2.18</td><td>-.06</td><td>2.24</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td><td></td><td></td><td></td><td></td></tr><tr><td>3,761 2-1/2</td><td>- 6/15/64-69</td><td>104.03</td><td>104.05</td><td>104.04</td><td>+.26</td><td>2.21</td><td>-.06</td><td>2.26</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><td></td><td></td><td></td><td></td></tr><tr><td>3,838 2-1/2</td><td>-12/15/64-69</td><td>104.01</td><td>104.03</td><td>104.02</td><td>+.26</td><td>2.22</td><td>-.06</td><td>2.27</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><td></td><td></td><td></td><td></td></tr><tr><td>5,197 2-1/2</td><td>- 3/15/65-70</td><td>104.00</td><td>104.02</td><td>104.01</td><td>+.26</td><td>2.23</td><td>-.05</td><td>2.28</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><td></td><td></td><td></td><td></td></tr><tr><td>3,481 2-1/2</td><td>- 3/15/66-71</td><td>104.00</td><td>104.02</td><td>104.01</td><td>+.27</td><td>2.24</td><td>-.05</td><td>2.28</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><td></td><td></td><td></td><td></td></tr><tr><td>7,967 2-1/2</td><td>- 6/15/67-72</td><td>102.28</td><td>102.30</td><td>102.29</td><td>+.28</td><td>2.32</td><td>-.05</td><td>2.35</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td><td></td><td></td><td></td><td></td></tr><tr><td>11,689 2-1/2</td><td>-12/15/67-72</td><td>102.28</td><td>102.30</td><td>102.29</td><td>+.28</td><td>2.32</td><td>-.06</td><td>2.35</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><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>100.02</td><td>-.001</td><td>.85</td><td>-.07</td><td>.85</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.02</td><td>12/31/46</td><td>100.17</td><td>2/18</td><td>100.01</td><td>12/31</td><td></td><td></td><td></td><td></td></tr><tr><td>2,701 1-1/2</td><td>A- 9/15/47</td><td>100.13</td><td>100.14</td><td>100.14</td><td>-.01</td><td>.87</td><td>-.03</td><td>.87</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.14</td><td>12/31/46</td><td>101.02</td><td>3/1</td><td>100.14</td><td>12/31</td><td></td><td></td><td></td><td></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>.00</td><td>.87</td><td>-.04</td><td>.87</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.05</td><td>12/27/44</td><td>100.23</td><td>2/16</td><td>100.08</td><td>12/31</td><td></td><td></td><td></td><td></td></tr><tr><td>3,748 1-1/2</td><td>A- 9/15/48</td><td>100.26</td><td>100.27</td><td>100.26</td><td>-.02</td><td>1.01</td><td>-.06</td><td>1.01</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>100.23</td><td>12/12</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Certificates of indebtedness 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3,330 7/8</td><td>A- 1/1/47</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/1/46</td><td>.30%</td><td>12/19/46</td><td>.87%</td><td>12/30/46</td><td>.70%</td><td>12/19</td><td>.87%</td><td>12/30</td><td></td><td></td><td></td><td></td></tr><tr><td>4,954 7/8</td><td>B- 2/1/47</td><td>.80%</td><td>.74%</td><td>.77%</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>2/1/46</td><td>.76%</td><td>12/21/46</td><td>.84%</td><td>11/30/46</td><td>.76%</td><td>12/21</td><td>.84%</td><td>11/30</td><td></td><td></td><td></td><td></td></tr><tr><td>5,133 7/8</td><td>C- 3/1/47</td><td>.80%</td><td>.77%</td><td>.78%</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>3/1/46</td><td>.77%</td><td>3/1/46</td><td>.84%</td><td>11/18/46</td><td>.77%</td><td>3/4</td><td>.84%</td><td>11/18</td><td></td><td></td><td></td><td></td></tr><tr><td>2,820 7/8</td><td>D- 4/1/47</td><td>.80%</td><td>.78%</td><td>.79%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>4/1/46</td><td>.78%</td><td>12/19/46</td><td>.84%</td><td>11/18/46</td><td>.78%</td><td>12/19</td><td>.84%</td><td>11/18</td><td></td><td></td><td></td><td></td></tr><tr><td>2,775 7/8</td><td>E- 6/1/47</td><td>.84%</td><td>.82%</td><td>.83%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.80%</td><td>10/23/46</td><td>.85%</td><td>12/12/46</td><td>.80%</td><td>10/23</td><td>.85%</td><td>12/12</td><td></td><td></td><td></td><td></td></tr><tr><td>2,916 7/8</td><td>F- 7/1/47</td><td>.84%</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 December 31, 1946 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1946</th></tr><tr><td>$1,307</td><td>1/2/47</td><td>10/3/46</td><td>9/</td><td>9/</td><td>9/</td><td>9/</td><td>$1,314</td><td>2/20/47</td><td>11/21/46</td><td>.375</td><td>.324</td><td>.35</td><td>-.016</td></tr><tr><td>1,306</td><td>1/9/47</td><td>10/10/46</td><td>.375</td><td>.204</td><td>.293</td><td>-.058</td><td>1,313</td><td>2/27/47</td><td>11/29/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td></tr><tr><td>1,307</td><td>1/16/47</td><td>10/17/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,316</td><td>3/6/47</td><td>12/5/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,302</td><td>1/23/47</td><td>10/24/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,315</td><td>3/13/47</td><td>12/12/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,303</td><td>1/30/47</td><td>10/31/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,309</td><td>3/20/47</td><td>12/19/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,312</td><td>2/6/47</td><td>11/7/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,317</td><td>3/27/47</td><td>12/26/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,314</td><td>2/13/47</td><td>11/14/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>10/</td><td>4/3/47</td><td>1/2/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Woma</th><th>Change in mean from Nov. 30, 1946</th><th>Yield to earliest call 1/</th><th>Change in yield from Nov. 30, 1946</th><th>Yield to maturity 1/</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="17">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% -10/15/47-52</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.10</td><td>.72</td><td>+.02</td><td>3.72</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>102.24</td><td>12/31</td></tr><tr><td>701</td><td>2-1/2% -12/15/47</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.02</td><td>.71</td><td>-.05</td><td>.71</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>101.07</td><td>12/31</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>102.10</td><td>102.12</td><td>102.11</td><td>-.04</td><td>.78</td><td>-.03</td><td>2.16</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>102.11</td><td>12/31</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.05</td><td>.81</td><td>+.01</td><td>.81</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>7/11</td><td>102.27</td><td>12/31</td></tr><tr><td>571</td><td>2-1/2% -12/15/48-50</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.01</td><td>.83</td><td>-.04</td><td>1.41</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>102.07</td><td>12/18</td></tr><tr><td>491</td><td>3-1/8% -12/15/49-52</td><td>106.12</td><td>106.14</td><td>106.13</td><td>-.02</td><td>.92</td><td>-.04</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>106.13</td><td>12/31</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>.00</td><td>.95</td><td>-.04</td><td>1.81</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>104.14</td><td>12/3</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>105.10</td><td>105.12</td><td>105.11</td><td>-.01</td><td>1.02</td><td>-.03</td><td>1.52</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>105.10</td><td>12/3</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>107.03</td><td>107.05</td><td>107.04</td><td>-.01</td><td>1.11</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>107.03</td><td>12/24</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>108.17</td><td>108.19</td><td>108.18</td><td>-.03</td><td>1.12</td><td>-.02</td><td>1.93</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>108.18</td><td>12/31</td></tr><tr><td>1,118</td><td>2-1/4% -12/15/51-53</td><td>105.14</td><td>105.16</td><td>105.15</td><td>+.03</td><td>1.11</td><td>-.04</td><td>1.42</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>105.11</td><td>12/3</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>105.06</td><td>105.08</td><td>105.07</td><td>+.07</td><td>1.16</td><td>-.04</td><td>1.34</td><td>10/17/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>107.25</td><td>1/12</td><td>104.30</td><td>12/2</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>106.31</td><td>107.01</td><td>107.00</td><td>+.09</td><td>1.26</td><td>-.05</td><td>1.45</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>109.29</td><td>3/12</td><td>106.21</td><td>12/2</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>111.26</td><td>111.28</td><td>111.27</td><td>+.15</td><td>1.34</td><td>-.08</td><td>1.86</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>116.02</td><td>1/12</td><td>111.69</td><td>12/2</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>112.19</td><td>112.21</td><td>112.20</td><td>+.28</td><td>1.36</td><td>-.10</td><td>1.64</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26</td><td>111.19</td><td>12/2</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>113.09</td><td>113.11</td><td>113.10</td><td>+.25</td><td>1.48</td><td>-.08</td><td>1.81</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>114.26</td><td>114.28</td><td>114.27</td><td>+.23</td><td>1.56</td><td>-.06</td><td>1.82</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="17">Other bonds 11/</td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>-.04</td><td>-</td><td>-</td><td>-</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>100.00</td><td>12/31</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>.00</td><td>.97</td><td>-.01</td><td>.97</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>
Excludes Federal Housing Administration docketures (the only interest-bearing public marketable guaranteed securities outstanding). Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 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. Included in the Average Yield of Long-Term Taxable Treasury Bonds. Issues which commercial banks may not acquire prior to a specified
6/ Quoted on a yield basis.
Not quoted on December 31, 1946; quoted on a price basis at par from December 20 through December 30, 1946; prior thereto quoted on a yield basis.
8/ For amount of this security issued on January 1, 1947, 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."
Not quoted on December 31, 1946.
9/ This security was issued on January 2, 1947, in the amount of $1,311 million.
10/ Excludes postal savings bonds.
February 1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
December 31, 1946 - (Continued)
Table II - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Nov. 30, 1946</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th colspan="16">Taxable securities</th></tr><tr><td colspan="16">Federal Home Loan Bank bonds</td></tr><tr><td>$140</td><td>1-1/4% - 4/15/48</td><td>99.31</td><td>100.01</td><td>100.00</td><td>.02</td><td>1.25%</td><td>-.05%</td><td>1.25%</td><td>10/15/46</td><td>100.00</td><td>12/31/46</td><td>99.28</td><td>10/14/46</td><td>100.00</td><td>12/31</td><td>99.28</td><td>10/14</td></tr><tr><td colspan="16">Federal Home Loan Bank notes</td></tr><tr><td>29</td><td>1.1% - 2/17/47</td><td>1/</td><td>3/</td><td>3/</td><td>3/</td><td>1/</td><td>3/</td><td>1/</td><td>12/16/46</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 colspan="16">Federal Intermediate Credit Bank debentures 1/</td></tr><tr><td>39</td><td>7.5% - 1/2/47</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>4/1/46</td><td>100.00</td><td>12/30/46</td><td>100.00</td><td>12/30/46</td><td>100.00</td><td>12/30</td><td>100.00</td><td>12/30</td></tr><tr><td>22</td><td>.90% - 2/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>24</td><td>.90% - 3/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td>100.00</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>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td>13</td><td>1.00% - 9/2/47</td><td>100.00</td><td>100.00</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>12/2/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31/46</td><td>100.00</td><td>12/31</td><td>100.00</td><td>12/31</td></tr><tr><td colspan="16">Federal Land Bank bonds 6/</td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.04</td><td>100.08</td><td>100.06</td><td>.02</td><td>1.39</td><td>-.04</td><td>1.45</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.04</td><td>12/11/46</td><td>101.10</td><td>3/6</td><td>100.04</td><td>12/11</td></tr><tr><td>208</td><td>1-1/4% - 5/1/50-52</td><td>99.00</td><td>99.04</td><td>99.02</td><td>.00</td><td>1.54</td><td>-.01</td><td>1.43</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.00</td><td>12/2/46</td><td>100.02</td><td>4/17</td><td>99.00</td><td>12/2</td></tr><tr><td>208</td><td>1-1/2% - 1/1/51-53</td><td>99.24</td><td>99.28</td><td>99.26</td><td>.02</td><td>1.55</td><td>-.01</td><td>1.53</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.22</td><td>12/3/46</td><td>101.22</td><td>3/11</td><td>99.22</td><td>12/3</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.00</td><td>103.06</td><td>103.03</td><td>.07</td><td>1.71</td><td>-.05</td><td>1.84</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td><td>105.31</td><td>3/12</td><td>102.24</td><td>12/7</td></tr><tr><td colspan="16">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.</td></tr><tr><td colspan="16">2/ Dates of highs and lows, in case of recurrence, are the latest dates.</td></tr><tr><td colspan="16">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.</td></tr><tr><td colspan="16">4/ Security not quoted since date of issue.</td></tr><tr><td colspan="16">5/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.</td></tr><tr><td colspan="16">6/ Not quoted on December 31, 1946.</td></tr><tr><td colspan="16">7/ Excludes issues completely held by Farm Credit Administration agencies.</td></tr></table>
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES DEC. 31,1946
Bosed on Mean of Closing Bid and Asked Quotations
Explanation. The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below The smooth curves for the various classes of points are fitted by eye Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
February 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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Monthly series 3/
<table><tr><td>1936-Jan.</td><td>2.69</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>2.76</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>3.14</td><td>May.</td><td>2.04</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>3.15</td><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>3.12</td><td>July.</td><td>1.98</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</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>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</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>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</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>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</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>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>Dec.</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>2.61</td><td>1943-Jan.</td><td>2.11</td><td>2.46</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>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>Feb.</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>Mar.</td><td>....</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>Apr.</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>May.</td><td>....</td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>June.</td><td>....</td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>July.</td><td>....</td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>August.</td><td>....</td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>Sept.</td><td>....</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>Oct.</td><td>....</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>2.55</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>Nov.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>Dec.</td><td>....</td><td>2.24</td><td>2.55</td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1946-July</td><td>5</td><td>2.14</td><td>2.40</td><td>1946-Sept. 6</td><td>2.27</td><td>2.49</td><td>1946-Nov. 2</td><td>2.23</td><td>2.52</td></tr><tr><td>12</td><td>2.17</td><td>2.41</td><td>13</td><td>2.29</td><td>2.49</td><td>9</td><td>2.24</td><td>2.51</td></tr><tr><td>19</td><td>2.19</td><td>2.42</td><td>20</td><td>2.30</td><td>2.50</td><td>16</td><td>2.26</td><td>2.49</td></tr><tr><td>26</td><td>2.21</td><td>2.42</td><td>27</td><td>2.28</td><td>2.49</td><td>23</td><td>2.27</td><td>2.52</td></tr><tr><td>Aug.</td><td>2</td><td>2.23</td><td>2.43</td><td>Oct. 5</td><td>2.26</td><td>2.49</td><td>Dec. 7</td><td>2.25</td><td>2.55</td></tr><tr><td>9</td><td>2.22</td><td>2.44</td><td>11</td><td>2.27</td><td>2.52</td><td>14</td><td>2.23</td><td>2.57</td></tr><tr><td>16</td><td>2.23</td><td>2.44</td><td>19</td><td>2.26</td><td>2.51</td><td>21</td><td>2.23</td><td>2.56</td></tr><tr><td>23</td><td>2.24</td><td>2.44</td><td>26</td><td>2.26</td><td>2.51</td><td>28</td><td>2.22</td><td>2.55</td></tr><tr><td>30</td><td>2.25</td><td>2.46</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1946-Dec.</td><td></td><td>2.29</td><td>2.51</td><td>1946-Dec.</td><td></td><td>2.25</td><td>2.56</td><td>1946-Dec.</td><td>23</td><td></td><td>2.23</td><td>2.56</td></tr><tr><td>2</td><td></td><td>2.28</td><td>2.51</td><td>12</td><td></td><td>2.24</td><td>2.58</td><td>24</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>3</td><td></td><td>2.27</td><td>2.52</td><td>13</td><td></td><td>2.23</td><td>2.57</td><td>25</td><td></td><td>6/</td><td>6/</td></tr><tr><td>4</td><td></td><td>2.27</td><td>2.52</td><td>14</td><td></td><td></td><td></td><td>26</td><td></td><td>2.22</td><td>2.56</td></tr><tr><td>5</td><td></td><td>2.26</td><td>2.55</td><td>15</td><td></td><td>2.24</td><td>2.57</td><td>27</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>6</td><td></td><td>2.25</td><td>2.55</td><td>16</td><td></td><td>2.23</td><td>2.57</td><td>28</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>7</td><td></td><td></td><td></td><td>17</td><td></td><td>2.23</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>8</td><td></td><td>2.25</td><td>2.55</td><td>18</td><td></td><td>2.23</td><td>2.57</td><td>29</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>9</td><td></td><td>2.25</td><td>2.56</td><td>19</td><td></td><td>2.23</td><td>2.57</td><td>30</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>10</td><td></td><td>2.25</td><td>2.56</td><td>20</td><td></td><td>2.23</td><td>2.56</td><td>31</td><td></td><td>2.22</td><td>2.55</td></tr><tr><td>11</td><td></td><td>2.25</td><td>2.56</td><td>21</td><td></td><td>2.23</td><td>2.56</td><td></td><td></td><td></td><td></td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the
case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. 2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. 3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. 4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2. 5/ On days when the exchanges are closed, the date and prices of the previous day are used. 6/ Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
220-D
Treasury Bulletin
60
February 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
Section II - Income and Expense for the Three Months Ended September 30, 1946
Table 1. - Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>53,290</td><td>41,059</td><td>12,232</td></tr><tr><td>Interest or dividends on investments</td><td>38,209</td><td>11,100</td><td>27,109</td></tr><tr><td>Guaranty and insurance premiums</td><td>52,574</td><td>42,844</td><td>9,730</td></tr><tr><td>Sales of commodities or services</td><td>693,569</td><td>693,558</td><td>11</td></tr><tr><td>Rents and royalties</td><td>30,655</td><td>3,130</td><td>27,526</td></tr><tr><td>Other interest and rental income</td><td>1,170</td><td>1,034</td><td>136</td></tr><tr><td>Premiums, fees, and assessments</td><td>799</td><td>799</td><td>-</td></tr><tr><td>Program operations income</td><td>272,567</td><td>1,844</td><td>270,723</td></tr><tr><td>Miscellaneous</td><td>3,789</td><td>3,594</td><td>195</td></tr><tr><td>Total operating income</td><td>1,146,621</td><td>798,960</td><td>347,661</td></tr><tr><td><b>Operating expense</b></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>35,241</td><td>33,055</td><td>2,186</td></tr><tr><td>Guaranty and insurance losses</td><td>10,633</td><td>10,633</td><td>-</td></tr><tr><td>Cost of sales</td><td>639,211</td><td>639,211</td><td>-</td></tr><tr><td>General overhead expense</td><td>52,069</td><td>21,868</td><td>30,200</td></tr><tr><td>Depreciation and obsolescence</td><td>3,938</td><td>669</td><td>3,269</td></tr><tr><td>Program operations expense</td><td>337,674</td><td>8,456</td><td>329,219</td></tr><tr><td>Maintenance and operation of properties</td><td>8,645</td><td>410</td><td>8,235</td></tr><tr><td>Miscellaneous</td><td>4,658</td><td>4,658</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,092,069</td><td>718,960</td><td>373,109</td></tr><tr><td>Net operating income (or loss [-])</td><td>54,552</td><td>80,000</td><td>-25,448</td></tr><tr><td><b>Non-operating income (or loss [-])</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-17,772</td><td>-13,656</td><td>-4,114</td></tr><tr><td>Loans receivable charged off</td><td>-2,836</td><td>-1,130</td><td>-1,706</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-612</td><td>232</td><td>-844</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-7,063</td><td>-3,254</td><td>-3,809</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-26,150</td><td>-200</td><td>-25,950</td></tr><tr><td>Miscellaneous</td><td>-8,978</td><td>-7,978</td><td>-1,000</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-63,410</td><td>-25,988</td><td>-37,422</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-8,858</td><td>54,012</td><td>-62,870</td></tr><tr><td><b>Adjustment of valuation reserve</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>2,134</td><td>1,373</td><td>761</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>1,932</td><td>101</td><td>1,831</td></tr><tr><td>Other reserves</td><td>-1,052</td><td>-913</td><td>-139</td></tr><tr><td>Net adjustment of valuation reserves</td><td>3,013</td><td>561</td><td>2,453</td></tr><tr><td>Net income (or loss [-])</td><td>-5,845</td><td>54,573</td><td>-60,417</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit [-])</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1946</td><td>-17,716,086 r</td><td>-6,905,994 r</td><td>10,810,091 r 1/</td></tr><tr><td>Net income (or loss [-]) for the three months ended Sept.30,1946</td><td>-5,845</td><td>54,573</td><td>-60,417</td></tr><tr><td>Surplus adjustments</td><td>-154,474</td><td>-126,361</td><td>-28,113</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) Sept. 30, 1946</td><td>-17,876,404</td><td>-6,977,782</td><td>-10,898,622 1/</td></tr></table>
Note: See page 74 for footnotes.
February 1947
63
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation (in liquidation)</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks</th><th>Production credit corporations</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>41,059</td><td>-</td><td>1,324</td><td>999</td><td>1,324</td><td>10,386</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>11,100</td><td>-</td><td>-</td><td>253</td><td>260</td><td>776</td><td>431</td></tr><tr><td>Quaranty and insurance premiums</td><td>42,844</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>693,558</td><td>-</td><td>586,457</td><td>14</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>3,130</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>1,034</td><td>-</td><td>437</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>799</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>1,844</td><td>-</td><td>605</td><td>-</td><td>-</td><td>47</td><td>-</td></tr><tr><td>Miscellaneous</td><td>3,594</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>798,960</td><td>-</td><td>588,823</td><td>1,269</td><td>1,584</td><td>11,209</td><td>431</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>33,055</td><td>-</td><td>1,679</td><td>73</td><td>810</td><td>3,221</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>10,633</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>639,211</td><td>-</td><td>551,254</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>21,868</td><td>-</td><td>658</td><td>343</td><td>400</td><td>3,417</td><td>388</td></tr><tr><td>Depreciation and obsolescence</td><td>669</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>8,456</td><td>-</td><td>1,029</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>410</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>4,658</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>718,960</td><td>-</td><td>554,620</td><td>416</td><td>1,224</td><td>6,638</td><td>388</td></tr><tr><td>Net operating income (or lose [-])</td><td>80,000</td><td>-</td><td>34,202</td><td>853</td><td>360</td><td>4,571</td><td>43</td></tr><tr><td>Non-operating income (or lose [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-13,658</td><td>-</td><td>1,265</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-1,130</td><td>-</td><td>-820</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Gain (or lose [-]) on acquired security or collateral</td><td>232</td><td>-</td><td>-</td><td>-</td><td>-</td><td>203</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-3,254</td><td>-</td><td>-3,758</td><td>33</td><td>-</td><td>170</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-200</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-15</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-7,978</td><td>-</td><td>-</td><td>2</td><td>-</td><td>21</td><td>-9</td></tr><tr><td>Net non-operating income (or lose [-])</td><td>-25,988</td><td>-</td><td>-3,314</td><td>33</td><td>3</td><td>380</td><td>-9</td></tr><tr><td>Net income (or lose [-]) before adjustment of valuation reserves</td><td>54,012</td><td>-</td><td>30,888</td><td>885</td><td>363</td><td>4,952</td><td>34</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>1,373</td><td>-</td><td>-</td><td>6</td><td>-</td><td>5,414</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>101</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Other reserves</td><td>-913</td><td>-</td><td>-2,568</td><td>1</td><td>5</td><td>33</td><td>2</td></tr><tr><td>Net adjustment of valuation reserves</td><td>561</td><td>-</td><td>-2,568</td><td>5</td><td>5</td><td>5,512</td><td>2</td></tr><tr><td>Net income (or lose [-])</td><td>54,573</td><td>-</td><td>28,320 5/</td><td>890</td><td>368</td><td>10,463</td><td>36</td></tr><tr><td>Analysis of unpreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unpreserved earned surplus (or deficit [-]), June 30, 1946</td><td>-6,905,994 r</td><td>-37,070 r</td><td>-2,149,836 r</td><td>30,036</td><td>23,286</td><td>83,911</td><td>15,558</td></tr><tr><td>Net income (or lose [-]) for three months ended Sept. 30, 1946</td><td>54,573</td><td>-</td><td>28,320</td><td>890</td><td>368</td><td>10,463</td><td>36</td></tr><tr><td>Surplus adjustments</td><td>-126,361</td><td>134 6/</td><td>-</td><td>-50</td><td>-</td><td>-184</td><td>-</td></tr><tr><td>Unpreserved earned surplus (or deficit [-]), Sept. 30, 1946</td><td>-6,977,782</td><td>-36,936</td><td>-2,121,515</td><td>30,876</td><td>23,654</td><td>94,190</td><td>15,595</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Waterways Corporation</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th><th></th></tr><tr><th colspan="9">Operating income and expense</th></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>42</td><td>2,179</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>-</td><td>-</td><td>13,788</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>5,202</td><td>-</td><td>21</td><td>-</td><td>2,133</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>1</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1,185</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>43</td><td>2,191</td><td>19,002</td><td>-</td><td>1,235</td><td>-</td><td>2,133</td><td>6</td></tr><tr><td colspan="9">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>10,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>5,084</td><td>-</td><td>-</td><td>-</td><td>1,830</td><td>-</td></tr><tr><td>General overhead expense</td><td>127</td><td>988</td><td>1,056 10/10</td><td>-</td><td>105</td><td>-</td><td>77 4/4</td><td>1,049</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>976</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>241</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>127</td><td>1,026</td><td>16,728</td><td>-</td><td>1,446</td><td>-</td><td>1,907</td><td>1,049</td></tr><tr><td>Net operating income (or loss[-])</td><td>-84</td><td>1,165</td><td>2,274</td><td>-</td><td>-211</td><td>-</td><td>226</td><td>-1,043</td></tr><tr><td colspan="9">Non-operating income (or loss[-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,398</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-</td><td>67</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-181</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>-181</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-2,397</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>-265</td><td>1,257</td><td>2,274</td><td>-</td><td>-211</td><td>-</td><td>236</td><td>-3,440</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>192</td><td>-118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-6</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>195</td><td>-73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss[-])</td><td>-70</td><td>1,184</td><td>2,274</td><td>-</td><td>-211</td><td>-</td><td>236</td><td>-3,440</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit[-])</td></tr><tr><td>Unreserved earned surplus (or deficit[-])</td><td>-7,483</td><td>99,349</td><td>-90,300</td><td>2,673</td><td>-2,222</td><td>-</td><td>13,683</td><td>-64,420</td></tr><tr><td>June 30, 1946</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss[-]) for three months ended Sept. 30, 1946</td><td>-70</td><td>1,184</td><td>2,274</td><td>-</td><td>-211</td><td>-</td><td>236</td><td>-3,440</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-79</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit[-]) Sept. 30, 1946</td><td>-7,553</td><td>100,532</td><td>-88,027</td><td>2,705</td><td>-2,433</td><td>-</td><td>13,840</td><td>-67,861</td></tr></table>
Note. See page 74 for footnotes.
(Continued on following page)
February 1947
65
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th>War Department</th><th></th><th colspan="6">Federal Loan Agency</th></tr><tr><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th></th><th></th><th></th><th>Exclusive of Merged War Affiliates</th><th>Merged War Affiliates</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 11/</th></tr><tr><td colspan="9">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>5,546</td><td>-</td><td>8,224</td><td>18</td><td>73</td><td>153</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>1</td><td>-</td><td>6,021</td><td>1,535</td><td>-</td><td>4</td><td>55</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>27,298</td><td>42</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75,761</td><td>*</td><td>7</td><td>1,950</td></tr><tr><td>Rente and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>1</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>580</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>12</td><td>44</td><td>*</td><td>-</td><td>-</td><td>15</td><td>710</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>10</td><td>*</td><td>2,618</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>2</td><td>5,558</td><td>33,376</td><td>9,801</td><td>78,396</td><td>77</td><td>240</td><td>3,243</td></tr><tr><td colspan="9">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>-</td><td>1,264</td><td>22,013</td><td>-</td><td>-</td><td>515</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>52</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67,814</td><td>-</td><td>-</td><td>1,885</td></tr><tr><td>General overhead expense</td><td>5</td><td>147</td><td>1,201</td><td>5,397</td><td>20</td><td>71</td><td>110</td><td>722</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>*</td><td>-</td><td>-</td><td>4/</td><td>-</td><td>33</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>179</td><td>4,142</td><td>-</td><td>6</td><td>39</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>5</td><td>147</td><td>1,204</td><td>6,843</td><td>93,990</td><td>71</td><td>150</td><td>3,211</td></tr><tr><td>Net operating income (or loss [-])</td><td>-2</td><td>5,411</td><td>32,172</td><td>2,959</td><td>-15,594</td><td>6</td><td>91</td><td>32</td></tr><tr><td colspan="9">Non-operating income (or loss[-])</td></tr><tr><td>Direct grante, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-11,250</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-336</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose[-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Gain (or lose[-]) on sale of miscellaneous assets</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-8,302</td><td>-</td><td>*</td><td>1</td></tr><tr><td>Net non-operating income (or loses[-])</td><td>2</td><td>-</td><td>-</td><td>-336</td><td>-19,592</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Net income (or lose[-]) before adjustment of valuation reserves</td><td>-1</td><td>5,411</td><td>32,172</td><td>2,622</td><td>-35,146</td><td>7</td><td>91</td><td>32</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-4,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,606</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-4,159</td><td>-</td><td>-</td><td>1,606</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose[-])</td><td>-1</td><td>1,252</td><td>32,172</td><td>2,622</td><td>-33,539</td><td>7</td><td>91</td><td>32</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit[-])</td></tr><tr><td>Unreserved earned surplus (or deficit[-]), June 30, 1946</td><td>94</td><td>5,282</td><td>124,275 r</td><td>518,607 r</td><td>-5,454,925 r</td><td>287 r</td><td>3,708 r</td><td>42,316 r</td></tr><tr><td>Net income (or lose[-]) for three months ended Sept. 30, 1946</td><td>-1</td><td>1,252</td><td>32,178</td><td>2,622</td><td>-33,539</td><td>7</td><td>91</td><td>32</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-124,269</td><td>*</td><td>277</td><td>-</td><td>-</td><td>-1,143</td></tr><tr><td>Unreserved earned surplus (or deficit[-]), Sept. 30, 1946</td><td>93</td><td>6,535</td><td>32,178</td><td>521,230</td><td>-5,488,188</td><td>294</td><td>3,799</td><td>41,205</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II
- Income and Expense for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">National Bousing Agency</th></tr><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliates</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banke</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 12/</th><th>Defense Homes Corporation</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>974</td><td>-</td><td>7,955</td><td>1,846</td><td>8</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Interest or dividende on investments</td><td>632</td><td>982</td><td>35</td><td>49</td><td>-</td><td>61</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>1,716</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>9,759</td><td>-</td><td>12,139</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>19</td><td>1,466</td><td>1,325</td><td>-</td><td>-</td><td>87</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>*</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>4</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>961</td></tr><tr><td>Total operating income</td><td>1,606</td><td>2,701</td><td>8,009</td><td>3,360</td><td>1,647</td><td>9,820</td><td>-</td><td>13,197</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>328</td><td>-</td><td>1,763</td><td>900</td><td>297</td><td>-</td><td>-</td><td>155</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>66</td><td>6,697</td><td>-</td><td>4,581</td></tr><tr><td>General overhead expense</td><td>238</td><td>136</td><td>1,323</td><td>449</td><td>26</td><td>2,793</td><td>1</td><td>650</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>13</td><td>-</td><td>334</td><td>158</td><td>1</td><td>4</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>834</td><td>-</td><td>-</td><td>5,617</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>9</td><td>160</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>132</td><td>*</td><td>-</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>698</td><td>106</td><td>3,108</td><td>1,649</td><td>1,557</td><td>9,648</td><td>1</td><td>11,002</td></tr><tr><td>Net operating income (or lose [-])</td><td>908</td><td>2,595</td><td>4,900</td><td>1,711</td><td>90</td><td>172</td><td>-1</td><td>2,195</td></tr><tr><td>Non-operating income (or lose [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-1,275</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose [-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-38</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose [-]) on sale of miscellaneous assets</td><td>249</td><td>23</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>303</td><td>-2</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or lose [-])</td><td>245</td><td>23</td><td>265</td><td>-1,276</td><td>27</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserve</td><td>1,153</td><td>2,618</td><td>5,165</td><td>434</td><td>117</td><td>169</td><td>-1</td><td>2,195</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose [-])</td><td>1,153</td><td>2,618</td><td>5,201</td><td>434</td><td>117</td><td>169</td><td>-1</td><td>2,195 13/</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946</td><td>8,410</td><td>-</td><td>-81,686</td><td>-30,755</td><td>2,319</td><td>45,777</td><td>-7</td><td>-6,860</td></tr><tr><td>Net income (or lose [-]) for three months ended Sept. 30, 1946</td><td>1,153</td><td>2,618</td><td>5,201</td><td>434</td><td>117</td><td>169</td><td>-1</td><td>2,195 13/</td></tr><tr><td>Surplus adjustments</td><td>1</td><td>-751</td><td>-</td><td>-74</td><td>*</td><td>-143</td><td>-110</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), Sept. 30, 1946</td><td>9,564</td><td>1,867</td><td>-76,485</td><td>-30,395</td><td>2,436</td><td>45,804</td><td>-119</td><td>-4,666</td></tr></table>
Note: See page 74 for footnotes.
February 1947
67
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Three Months Ended September 30, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior 16/</th><th>Federal Works Agency 17/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>War Shipping Administration activities 18/</th><th>Other 15/ 12/</th></tr><tr><th></th><th></th><th>Farm Credit Administration 14/ 15/</th><th>Farm Security Administration 15/</th><th>Rural Electrification Administration</th><th></th><th></th><th>Federal Housing Administration</th><th>United States Maritime Commission activities</th><th></th><th></th></tr><tr><td colspan="11">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>12,232</td><td>845</td><td>8,348</td><td>2,257</td><td>148</td><td>521</td><td>36</td><td>-</td><td>-</td><td>76</td></tr><tr><td>Interest or dividends on investments</td><td>27,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>767</td><td>-</td><td>-</td><td>26,342</td></tr><tr><td>Guaranty and insurance premiums</td><td>9,730</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,590</td><td>-</td><td>-</td><td>140</td></tr><tr><td>Sales of commodities or services</td><td>11</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>27,526</td><td>-</td><td>71</td><td>-</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,368</td></tr><tr><td>Other interest and rental income</td><td>136</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>117</td><td>-</td><td>9</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>270,723</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>140</td><td>204</td><td>270,519</td><td>37</td></tr><tr><td>Miscellaneous</td><td>195</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>347,661</td><td>845</td><td>8,428</td><td>2,257</td><td>250</td><td>521</td><td>10,533</td><td>336</td><td>270,519</td><td>53,973</td></tr><tr><td colspan="11">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>2,186</td><td>-</td><td>404</td><td>1,429</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>30,200</td><td>4,569</td><td>8,324</td><td>1,473</td><td>211</td><td>58</td><td>3,520</td><td>5,556</td><td>3,217</td><td>3,271</td></tr><tr><td>Depreciation and obsolescence</td><td>3,259</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>3,269</td></tr><tr><td>Program operations expense</td><td>329,219</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>390</td><td>324,956</td><td>3,873</td></tr><tr><td>Maintenance and operation of properties</td><td>8,235</td><td>-</td><td>94</td><td>-</td><td>-</td><td>-</td><td>-</td><td>109</td><td>-</td><td>8,031</td></tr><tr><td>Miscellaneous</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 operating expense</td><td>373,109</td><td>4,569</td><td>9,022</td><td>2,902</td><td>211</td><td>58</td><td>3,673</td><td>6,055</td><td>328,173</td><td>18,444</td></tr><tr><td>Net operating income (or loss [-])</td><td>-25,448</td><td>-3,724</td><td>-594</td><td>-545</td><td>39</td><td>463</td><td>6,860</td><td>-5,720</td><td>-57,654</td><td>35,529</td></tr><tr><td colspan="11">Non-operating income (or loss [-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-4,114</td><td>1</td><td>-50</td><td>-</td><td>-</td><td>-4,062</td><td>-</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-1,706</td><td>-1,528</td><td>-175</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-844</td><td>-10</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-829</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>-3,809</td><td>-</td><td>-3,183</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-23</td><td>-</td><td>-606</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-25,950</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25,947</td></tr><tr><td>Miscellaneous</td><td>-1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-929</td><td>-</td><td>-71</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-37,422</td><td>-1,537</td><td>-3,413</td><td>-</td><td>-3</td><td>-4,062</td><td>-826</td><td>-955</td><td>-</td><td>-26,626</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-62,870</td><td>-5,261</td><td>-4,008</td><td>-445</td><td>36</td><td>-3,599</td><td>6,033</td><td>-6,675</td><td>-57,654</td><td>8,903</td></tr><tr><td colspan="11">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>762</td><td>4,000</td><td>-3,239</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>1,831</td><td>13</td><td>-15</td><td>-</td><td>-</td><td>-</td><td>1,818</td><td>-</td><td>-</td><td>-124</td></tr><tr><td>Other reserves</td><td>-139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>2,453</td><td>4,013</td><td>-3,255</td><td>-</td><td>-</td><td>-</td><td>1,818</td><td>-</td><td>-</td><td>-124</td></tr><tr><td>Net income (or loss [-])</td><td>-60,417</td><td>-1,248</td><td>-7,262</td><td>-645</td><td>36</td><td>-3,599</td><td>7,852</td><td>-6,675</td><td>-57,654</td><td>8,779</td></tr><tr><td colspan="11">Analysis of earned surplus (or deficit[-])</td></tr><tr><td>Earned surplus (or deficit[-]), June 30, 1946</td><td>-10,810,091r</td><td>-496,071</td><td>-539,120</td><td>-8,226</td><td>-49,156r</td><td>-1,877,542</td><td>48,393</td><td>-605,315r</td><td>-7,350,681</td><td>67,628r</td></tr><tr><td>Net income (or loss [-]) for three months ended Sept. 30, 1946</td><td>-60,417</td><td>-1,248</td><td>-7,262</td><td>-645</td><td>36</td><td>-3,599</td><td>7,852</td><td>-6,675</td><td>-57,654</td><td>0,779</td></tr><tr><td>Surplus adjustments</td><td>-28,113</td><td>-827</td><td>-</td><td>-9</td><td>-82</td><td>-521</td><td>-679</td><td>-4,114</td><td>1,660</td><td>-23,502</td></tr><tr><td>Earned surplus (or deficit[-]), Sept. 30, 1946</td><td>-10,898,622</td><td>-498,146</td><td>-546,383</td><td>-8,881</td><td>-49,202</td><td>-1,981,662</td><td>55,565</td><td>-616,104</td><td>-7,406,711</td><td>52,995</td></tr></table>
Note: See page 74 for footnotes.
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued) Section III - Sources and Application of Funds for the Three Months Ended September 30, 1946
Table 1. - Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>318,000</td><td>318,000</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>120,448</td><td>42,966</td><td>77,482</td></tr><tr><td>From public</td><td>365,281</td><td>364,889</td><td>392</td></tr><tr><td>Total borrowings</td><td>803,729</td><td>725,855</td><td>77,874</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>1,121,457</td><td>1,121,457</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>304</td><td>304</td><td>-</td></tr><tr><td>By public</td><td>8,755</td><td>8,755</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>1,130,515</td><td>1,130,515</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-288,699</td><td>10,174</td><td>-298,873</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>63,443</td><td>63,433</td><td>10</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>11,085</td><td>10,823</td><td>262</td></tr><tr><td>Total sale or collection of investments</td><td>74,528</td><td>74,256</td><td>273</td></tr><tr><td>Repayments on loans</td><td>2,056,532 1/2</td><td>740,811</td><td>1,315,721 1/2</td></tr><tr><td>Sale of acquired security or collateral</td><td>15,463</td><td>10,494</td><td>4,969</td></tr><tr><td>Decrease in working capital and deferred items</td><td>162,803</td><td>128,132</td><td>34,671</td></tr><tr><td>Funds provided by profit on operations</td><td>140,084</td><td>94,164</td><td>45,920</td></tr><tr><td>Other sources</td><td>34,457</td><td>7,843</td><td>26,614</td></tr><tr><td>Total funds provided</td><td>4,129,413</td><td>2,922,245</td><td>1,207,168</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,269,026 1/2</td><td>1,269,026 1/2</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>42,120</td><td>37,962</td><td>4,158</td></tr><tr><td>To public</td><td>286,181</td><td>286,180</td><td>1</td></tr><tr><td>Total repayment of borrowings</td><td>1,597,327</td><td>1,593,168</td><td>4,159</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>6,897</td><td>6,526</td><td>371</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>6,737</td><td>6,737</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>13,634</td><td>13,263</td><td>371</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>131,467</td><td>117,467</td><td>14,000</td></tr><tr><td>Securities of Government corporations and agencies</td><td>632</td><td>632</td><td>-</td></tr><tr><td>Other securities</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>132,101</td><td>118,100</td><td>14,000</td></tr><tr><td>Loans made</td><td>1,615,542</td><td>825,986</td><td>789,556</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>3,730</td><td>955</td><td>2,775</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>115,497</td><td>6,424</td><td>109,073</td></tr><tr><td>Increase in working capital and deferred items</td><td>379,005</td><td>259,759</td><td>119,246</td></tr><tr><td>Funds applied to loss on operations</td><td>109,346</td><td>33,695</td><td>75,651</td></tr><tr><td>Other applications</td><td>163,232</td><td>70,895</td><td>92,337</td></tr><tr><td>Total funds applied</td><td>4,129,413</td><td>2,922,245</td><td>1,207,168</td></tr><tr><td><b>Adjustments of net income (or loss [−])</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [−])</td><td>-5,845</td><td>54,573</td><td>-60,417</td></tr><tr><td>Depreciation and obsolescence</td><td>7,138</td><td>3,869</td><td>3,269</td></tr><tr><td>Assets charged off</td><td>30,409</td><td>2,533</td><td>27,876</td></tr><tr><td>Capital gains [−] and losses</td><td>4,095</td><td>-315</td><td>4,410</td></tr><tr><td>Adjustments of valuation reserves</td><td>-7,400</td><td>-4,982</td><td>-2,418</td></tr><tr><td>Other adjustments</td><td>2,341</td><td>4,792</td><td>-2,451</td></tr><tr><td>Funds provided by profit on operations</td><td>140,084</td><td>94,164</td><td>45,920</td></tr><tr><td>Funds applied to loss on operations</td><td>109,346</td><td>33,695</td><td>75,651</td></tr></table>
Note: See page 74 for footnotes.
February 1947
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation 2/ (in liquidation)</th><th>Commodity Credit Corporation 3/</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 4/</th><th>Production credit corporations</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>318,000</td><td>-</td><td>209,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>42,966</td><td>-</td><td>-</td><td>8,912</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>364,809</td><td>-</td><td>147,546</td><td>25,450</td><td>121,825</td><td>68</td><td>-</td></tr><tr><td>Total borrowings</td><td>725,855</td><td>-</td><td>356,546</td><td>34,362</td><td>121,825</td><td>68</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>1,121,457</td><td>-</td><td>921,457</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>8,755</td><td>-</td><td>-</td><td>3,007</td><td>-</td><td>2,561</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>1,130,515</td><td>-</td><td>921,457</td><td>3,007</td><td>-</td><td>2,561</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>10,174</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>63,433</td><td>-</td><td>-</td><td>11,554</td><td>-</td><td>4,337</td><td>268</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>10,823</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td></tr><tr><td>Total sale or collection of investments</td><td>74,256</td><td>-</td><td>-</td><td>11,554</td><td>-</td><td>4,337</td><td>451</td></tr><tr><td>Repayments on loans</td><td>740,811</td><td>-</td><td>34,358</td><td>89,681</td><td>215,834</td><td>63,336</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>10,494</td><td>-</td><td>-</td><td>-</td><td>-</td><td>689</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>128,132</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,442</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>94,164</td><td>-</td><td>30,776</td><td>859</td><td>363</td><td>4,579</td><td>31</td></tr><tr><td>Other sources</td><td>7,843</td><td>134</td><td>2,743</td><td>-</td><td>5 2/</td><td>980 2/</td><td>3 2/</td></tr><tr><td>Total funds provided</td><td>2,922,245</td><td>134</td><td>1,345,880</td><td>139,463</td><td>338,027</td><td>84,991</td><td>487</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,269,026 1/</td><td>-</td><td>1,010,000 1/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>37,962</td><td>-</td><td>-</td><td>3,943</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>286,180</td><td>-</td><td>89,057</td><td>-</td><td>118,070</td><td>42,957</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>1,593,168</td><td>-</td><td>1,099,057</td><td>3,943</td><td>118,070</td><td>42,957</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>6,526</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>6,737</td><td>-</td><td>-</td><td>1,839</td><td>-</td><td>4,389</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>13,263</td><td>-</td><td>-</td><td>1,839</td><td>-</td><td>4,468</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>117,457</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,096</td><td>452</td></tr><tr><td>Securities of Government corporations and agencies</td><td>632</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>118,100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,096</td><td>452</td></tr><tr><td>Loans made</td><td>825,986</td><td>-</td><td>16,148</td><td>131,027</td><td>208,955</td><td>30,239</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>955</td><td>-</td><td>-</td><td>3</td><td>-</td><td>208</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>6,424</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>259,759</td><td>134</td><td>226,465</td><td>2,646</td><td>10,671</td><td>-</td><td>35</td></tr><tr><td>Funds applied to loss on operations</td><td>33,695</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>70,895</td><td>-</td><td>4,210</td><td>5</td><td>331 2/</td><td>1,007 2/</td><td>-</td></tr><tr><td>Total funds applied</td><td>2,922,245</td><td>134</td><td>1,345,880</td><td>139,463</td><td>338,027</td><td>84,991</td><td>487</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>54,573</td><td>-</td><td>28,320</td><td>890</td><td>368</td><td>10,463</td><td>36</td></tr><tr><td>Depreciation and obsolescence</td><td>3,869</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Assets charged off</td><td>2,533</td><td>-</td><td>585</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains [-] and losses</td><td>-315</td><td>-</td><td>-</td><td>-33</td><td>-</td><td>-372</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-4,982</td><td>-</td><td>-779</td><td>-4</td><td>-5</td><td>-5,512</td><td>-2</td></tr><tr><td>Other adjustments</td><td>4,792</td><td>-</td><td>2,549</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>94,164</td><td>-</td><td>30,776</td><td>859</td><td>363</td><td>4,579</td><td>34</td></tr><tr><td>Funds applied to loss on operations</td><td>33,695</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Waterways Corporation 6/</th><th>The Virgin Islands Company 1/</th><th>Federal Prison Industries, Inc.</th><th>9/</th></tr><tr><th>Sources of funds</th><td>Agricultural Credit Corporation of Washington,D.C.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>304</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>107</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>411</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>1,118</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>1,118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>191</td><td>-</td><td>-</td><td>-</td><td>150</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>191</td><td>-</td><td>-</td><td>-</td><td>150</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>622</td><td>20,628</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>10</td></tr><tr><td>Sale of acquired security or collateral</td><td>5</td><td>378</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>-</td><td>2,283</td><td>32</td><td>88</td><td>-</td><td>283</td><td>3,471</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>1,236</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td></tr><tr><td>Other sources</td><td>11 5/</td><td>*</td><td>-</td><td>-</td><td>4</td><td>-</td><td>3</td><td>2</td></tr><tr><td>Total funds provided</td><td>830</td><td>22,242</td><td>3,402</td><td>32</td><td>255</td><td>-</td><td>286</td><td>3,905</td></tr><tr><th>Application of funds</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>12,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>441</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>12,441</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>5,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>447 2/</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>5,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>447</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>190</td><td>-</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>190</td><td>-</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>238</td><td>2,700</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>12</td><td>167</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>2</td><td>-</td><td>12</td><td>-</td><td>30</td><td>15</td></tr><tr><td>Increase in working capital and deferred items</td><td>311</td><td>934</td><td>3,400</td><td>32</td><td>-</td><td>-</td><td>176</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>79</td><td>-</td><td>-</td><td>-</td><td>91</td><td>-</td><td>90</td><td>3,443</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>830</td><td>22,242</td><td>3,402</td><td>32</td><td>255</td><td>-</td><td>286</td><td>3,905</td></tr><tr><th>Adjustments of net income (or loss [-])</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-70</td><td>1,194</td><td>2,274</td><td>-</td><td>-211</td><td>-</td><td>236</td><td>-3,440</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>10</td><td>-</td><td>120</td><td>-</td><td>46</td><td>-</td></tr><tr><td>Assets charged off</td><td>185</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Capital gain[-] and losses</td><td>-</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Adjustments of valuation reserve</td><td>-195</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>1,236</td><td>2,283</td><td>32</td><td>-</td><td>-</td><td>283</td><td>10</td></tr><tr><td>Funds applied to loss on operations</td><td>79</td><td>-</td><td>-</td><td>-</td><td>91</td><td>-</td><td>-</td><td>3,443</td></tr></table>
Note: See page 74 for footnotes
(Continued on following page)
February 1947
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">War Department</th><th rowspan="2">Export-Import Bank of Washington</th><th rowspan="2">Federal Deposit Insurance Corporation</th><th colspan="4">Federal Loan Agency</th></tr><tr><th>Reconstruction Finance Corporation and certain affiliates</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 10/</th></tr><tr><th colspan="8">Sources of funds</th></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>109,000</td><td>-</td><td>175</td><td>33,859</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>109,000</td><td>-</td><td>175</td><td>33,859</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>200,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>200,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>7,848</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>16</td><td>-</td><td>-</td><td>7,848</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>8,634 11/</td><td>1,688</td><td>203,586</td><td>475</td><td>2,165</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>2,528</td><td>6,630</td><td>-</td><td>45</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>16,481</td><td>18,345</td><td>76,761</td><td>-</td><td>355</td><td>429</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>5,411</td><td>32,200</td><td>-</td><td>7</td><td>124</td><td>480</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>1,323</td><td>-</td><td>124</td><td>539</td></tr><tr><td>Total funds provided</td><td>16</td><td>230,526</td><td>54,761</td><td>405,148</td><td>482</td><td>2,987</td><td>35,301</td></tr><tr><th colspan="8">Application of funds</th></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>185,026 1/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,214</td><td>29,922</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>185,026</td><td>-</td><td>2,214</td><td>29,922</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>54,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>632</td><td>1</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>54,000</td><td>-</td><td>-</td><td>632</td><td>1</td></tr><tr><td>Loans made</td><td>-</td><td>230,525 11/</td><td>312</td><td>128,401</td><td>12</td><td>118</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>448</td><td>22</td><td>-</td><td>24</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>1</td><td>-</td><td>1,404</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>14</td><td>-</td><td>-</td><td>-</td><td>470</td><td>-</td><td>875</td></tr><tr><td>Funds applied to loss on operations</td><td>2</td><td>-</td><td>-</td><td>28,487</td><td>-</td><td>-</td><td>1,591</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>1</td><td>61,807</td><td>-</td><td>-</td><td>2,919</td></tr><tr><td>Total funds applied</td><td>16</td><td>230,526</td><td>54,761</td><td>405,148</td><td>482</td><td>2,987</td><td>35,301</td></tr><tr><th colspan="8">Adjustments of net income (or loss [-])</th></tr><tr><td>Net income (or loss [-])</td><td>-1</td><td>1,252</td><td>32,172</td><td>-30,917</td><td>7</td><td>91</td><td>32</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>24</td><td>-</td><td>33</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>1,722</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains [-] and losses</td><td>-2</td><td>-</td><td>-</td><td>392</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>4,159</td><td>20</td><td>-2,810</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>8</td><td>3,102</td><td>-</td><td>-</td><td>-1,143</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>5,411</td><td>32,200</td><td>-</td><td>7</td><td>124</td><td>480</td></tr><tr><td>Funds applied to loss on operations</td><td>2</td><td>-</td><td>-</td><td>28,487</td><td>-</td><td>-</td><td>1,591</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
72
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I
I - Sources and Application of Funds for the Three Months Ended September 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperative, Inc.</th><th>Tennessee Valley Authority</th></tr><tr><th></th><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 12/</th><th>Defense Homes Corporation</th><th></th><th></th><th></th></tr><tr><td colspan="10">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td></td><td>70,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td></td><td>70,000</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td></td><td>3,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td></td><td>3,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td></td><td>-</td><td>-</td><td>-</td><td>1,275</td><td>-</td><td>-</td><td>-</td><td>7,781</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>44,178</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>1,715</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>2,792</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td></td><td>44,178</td><td>1,023</td><td>2,792</td><td>-</td><td>-</td><td>1,715</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td></td><td>44,866</td><td>-</td><td>53,712</td><td>1,030</td><td>9</td><td>-</td><td>*</td><td>160</td></tr><tr><td>Sale of acquired security or collateral</td><td></td><td>-</td><td>*</td><td>220</td><td>-</td><td>42</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td></td><td>342</td><td>-</td><td>3,375</td><td>-</td><td>440</td><td>327</td><td>1</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>952</td><td>2,595</td><td>5,162</td><td>639</td><td>1,462</td><td>-</td><td>-</td><td>5,369</td></tr><tr><td>Other sources</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>514</td></tr><tr><td>Total funds provided</td><td></td><td>163,419</td><td>3,618</td><td>65,261</td><td>2,944</td><td>1,974</td><td>2,042</td><td>1</td><td>13,824</td></tr><tr><td colspan="10">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td></td><td>-</td><td>-</td><td>62,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,883</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td></td><td>35,000</td><td>-</td><td>655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td></td><td>35,000</td><td>-</td><td>62,655</td><td>-</td><td>1,883</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td></td><td>509</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td></td><td>509</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>51,576</td><td>3,000</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td></td><td>51,576</td><td>3,000</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td></td><td>76,333</td><td>-</td><td>535</td><td>444</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td></td><td>-</td><td>*</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td></td><td>-</td><td>618</td><td>-</td><td>609</td><td>64</td><td>11</td><td>*</td><td>4,259</td></tr><tr><td>Increase in working capital and deferred items</td><td></td><td>-</td><td>-</td><td>-</td><td>1,891</td><td>-</td><td>1,526</td><td>-</td><td>9,562</td></tr><tr><td>Funds applied to loss on operations</td><td></td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>505</td><td>1</td><td>3</td></tr><tr><td>Other applications</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td></td><td>163,419</td><td>3,618</td><td>65,261</td><td>2,944</td><td>1,974</td><td>2,042</td><td>1</td><td>13,824</td></tr><tr><td colspan="10">Adjustments of net income (or loss[-])</td></tr><tr><td>Net income (or loss[-])</td><td></td><td>1,153</td><td>2,613</td><td>5,201</td><td>434</td><td>117</td><td>169</td><td>-1</td><td>2,195</td></tr><tr><td>Depreciation and obsolescence</td><td></td><td>48</td><td>1</td><td>13</td><td>-</td><td>334</td><td>158</td><td>-</td><td>3,125</td></tr><tr><td>Assets charged off</td><td></td><td>-249</td><td>-23</td><td>-52</td><td>-</td><td>25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains[-] and losses</td><td></td><td>-</td><td>-</td><td>38</td><td>-</td><td>-35</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td></td><td>-</td><td>-1</td><td>-38</td><td>*</td><td>*</td><td>-</td><td>-110</td><td>50</td></tr><tr><td>Other adjustments</td><td></td><td>-</td><td>-</td><td>-</td><td>205</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>952</td><td>2,595</td><td>5,162</td><td>639</td><td>440</td><td>327</td><td>-</td><td>5,369</td></tr><tr><td>Funds applied to loss on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr></table>
Note: See page 74 for footnotes.
February 1947
73
Corporations and Certain Other Agencies of the United States Government - (Continued
Section III
Sources and Application of Funds for the Three Months Ended September 30, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior 15/</th><th>Federal Works Agency 16/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>War Shipping Administration activities 17/</th><th>Other 14/ 15/</th></tr><tr><th>Sources of funds</th><th></th><th>Farm Credit Administration 13/14/</th><th>Farm Security Administration 14/</th><th>Rural Electrification Administration</th><th></th><th></th><th>Federal Housing Administration</th><th>United States Maritime Commission activities</th><th></th><th></th></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government corporations</td><td>77,482</td><td>-</td><td>36,850</td><td>40,000</td><td>-</td><td>-</td><td>632</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>392</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>77,874</td><td>-</td><td>36,850</td><td>40,000</td><td>-</td><td>-</td><td>1,024</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-298,873</td><td>-1,750</td><td>8,933</td><td>2,368</td><td>59</td><td>1,746</td><td>-</td><td>21,986</td><td>128,064</td><td>-460,280</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations</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 securities</td><td>262</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>261</td></tr><tr><td>Total sale or collection of investments</td><td>273</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>261</td></tr><tr><td>Repayments on loans</td><td>1,315,721 1/</td><td>8,248</td><td>27,186</td><td>3,196</td><td>188</td><td>1,960</td><td>970</td><td>-</td><td>-</td><td>1,273,972 1/</td></tr><tr><td>Sale of acquired security or collateral</td><td>4,969</td><td>58</td><td>625</td><td>-</td><td>-</td><td>-</td><td>4,283</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Decrease in working capital and deferred items</td><td>34,671</td><td>*</td><td>-</td><td>-</td><td>116</td><td>-</td><td>6,505</td><td>24,820</td><td>2,209</td><td>1,021</td></tr><tr><td>Funds provided by profit on operations</td><td>45,920</td><td>18</td><td>-</td><td>-</td><td>36</td><td>167</td><td>6,862</td><td>-</td><td>-</td><td>38,837</td></tr><tr><td>Other sources</td><td>26,614</td><td>-</td><td>12,749</td><td>3</td><td>*</td><td>1,280</td><td>9</td><td>10,702</td><td>563</td><td>1,308</td></tr><tr><td>Total funds provided</td><td>1,207,168</td><td>6,575</td><td>86,343</td><td>45,567</td><td>400</td><td>5,152</td><td>19,666</td><td>57,508</td><td>130,836</td><td>855,120</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government corporations</td><td>4,158</td><td>-</td><td>-</td><td>4,158</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>4,159</td><td>-</td><td>-</td><td>4,158</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>371</td><td>-</td><td>2</td><td>11</td><td>-</td><td>209</td><td>3</td><td>-</td><td>-</td><td>145</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>14,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations</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 securities</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 purchase of investments</td><td>14,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>789,556</td><td>834</td><td>27,434</td><td>39,221</td><td>289</td><td>191</td><td>2,799</td><td>-</td><td>-</td><td>718,788</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>2,775</td><td>2</td><td>590</td><td>-</td><td>-</td><td>-</td><td>2,182</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>109,073</td><td>-</td><td>9,046</td><td>12</td><td>31</td><td>445</td><td>-</td><td>46,719</td><td>11,001</td><td>41,818</td></tr><tr><td>Increase in working capital and deferred items</td><td>119,246</td><td>1,169</td><td>48,531</td><td>1,507</td><td>-</td><td>21</td><td>-</td><td>-</td><td>56,034</td><td>68,018</td></tr><tr><td>Funds applied to lose on operations</td><td>75,651</td><td>3,743</td><td>675</td><td>645</td><td>-</td><td>3,765</td><td>-</td><td>10,789</td><td>63,801</td><td>16,351</td></tr><tr><td>Other applications</td><td>92,337</td><td>827</td><td>64</td><td>14</td><td>79</td><td>521</td><td>679</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>1,207,168</td><td>6,575</td><td>86,343</td><td>45,567</td><td>400</td><td>5,152</td><td>19,666</td><td>57,508</td><td>130,836</td><td>855,120</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-60,417</td><td>-1,248</td><td>-7,262</td><td>-645</td><td>36</td><td>-3,599</td><td>7,852</td><td>-6,675</td><td>-57,654</td><td>8,779</td></tr><tr><td>Depreciation and obsolescence</td><td>3,269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,269</td></tr><tr><td>Assets charged off</td><td>27,876</td><td>1,541</td><td>175</td><td>-</td><td>3</td><td>-</td><td>829</td><td>-</td><td>-</td><td>26,157</td></tr><tr><td>Capital gain, [-] and lease</td><td>4,410</td><td>-3</td><td>3,188</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>396</td></tr><tr><td>Adjustments of valuation reserves</td><td>-2,418</td><td>-4,013</td><td>3,224</td><td>-</td><td>-</td><td>-</td><td>-1,818</td><td>-</td><td>-</td><td>150</td></tr><tr><td>Other adjustments</td><td>-2,451</td><td>-1</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-4,114</td><td>1,620</td><td>46</td></tr><tr><td>Funds provided by profit on operations</td><td>45,920</td><td>18</td><td>-</td><td>-</td><td>36</td><td>167</td><td>6,862</td><td>-</td><td>-</td><td>38,837</td></tr><tr><td>Funds applied to loss on operations</td><td>75,651</td><td>3,743</td><td>675</td><td>645</td><td>-</td><td>3,765</td><td>-</td><td>10,789</td><td>56,034</td><td>-</td></tr></table>
Note: See page 74 for footnotes.
74
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Footnotes to Section II
Revised. 
Less than $500.
Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit. This figure differs from that shown in the Assets and Liabilities Statement because figures for Puerto Rican Hurricane Relief Loan Section for the quarter ended September 30, 1946, are not available.
Data included in this statement for certain supply operations are as of July 31, 1946.
Includes the Federal Land Banks of Springfield, Mass., Baltimore, Md., Columbia, S.C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kane., Houston, Tex., Berkeley, Calif. and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government.
Depreciation charges for the period included within various operating expense accounts.
Includes indirect grants, subsidies, and contributions.
Represents adjustment by Treasury Department to give effect to net realisation of liquidation of corporation by R.P.C. pursuant to E.O. 9665 dated December 27, 1945.
Figures are as of August 31, 1946, the latest available, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
Information is not available.
Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Preamcinnade, Inc.
Represents administrative expenses paid from General Fund appropriations.
Includes U. S. Commercial Company and War Damage Corporation. By Action of the Board of Directors of R.P.C., effective as of July 1, 1946, all assets and liabilities of Rubber Development Corporation
12/ Figures represent activities under the U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
13/ The net income from power operations has been reduced by the act outlay for nonrevenue producing programs such as flood control, navigation, and experimental projects.
14/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
15/ 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.
16/ Consists of Indian Loans and Puerto Rico Reconstruction Administration. Information not available for Puerto Rican Hurricane Relief Loan Section.
17/ Consists of Bureau of Community Facilities and Public Works Administration.
18/ Pursuant to Public Law 492, approved July 8, 1946, transferred to United States 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.
19/ 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; War Department - guaranteed loans (World War II).
Footnotes to Section III
Less than $500.
1/ Includes repayment by cancellation of notes of R.F.C. - $26 thousand, and C.C.C. - $921,457 thousand.
2/ Statement has been constructed by the Treasury Department to give effect to liquidation activities by R.F.C. pursuant to E.O. 9665, dated December 27, 1945.
3/ Data included in this statement for certain supply operations are as of July 31, 1946.
4/ 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 United States Government.
5/ Figures are shown net.
6/ Figures are as of August 31, 1946, the latest available and include Warrier River Terminal Company, Inc., a wholly owned subsidiary.
7/ Information is not available.
8/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Frenclaredio, Inc.
9/ Represents deposits of excess funds pursuant to Public Law 391, approved May 27, 1946.
10/ Includes U. S. Commercial Company and War Damage Corporation. By action of the Board of Directors of R.F.C., effective as of July 1, 1946, all assets and liabilities of Rubber Development Corporation were transferred to R.F.C.
11/ Excludes transactions in guaranteed loans held by lending agencies.
12/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
13/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
14/ 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 Farmere' Home Administration.
15/ Consists of Indian Loans and Puerto Rico Reconstruction Administra-tion. Information not available for Puerto Rican Hurricane Relief Loan Section.
16/ Consists of Bureau of Community Facilities and Public Works Admin-istration.
17/ Pursuant to Public Law 492, approved July 5, 1946, transferred to United States Maritime Commission for purposes of liquidation by December 31, 1946. Figures are as of August 31, 1946, with excep-tion of those of land-lease and UNRRA activities.
18/ Consists of Federal Public Housing Authority - Homes conversion pro-gram, Farm Security Administration program, Public war housing pro-gram, and Veterans' housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II).
February 1947
75
INTERNAL
REVENUE
STATISTICS
76
Treasury Bulletin
Summary of Internal Revenue Collections
In thousands of dollar
<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 profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profit taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxes</th><th>Social Security tax 5/</th><th>Unemployment insurance 5/</th><th>Railroad retirement 7/</th></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,302</td><td>2,179,928</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>297</td></tr><tr><td>1938</td><td>5,674,314</td><td>+33,470</td><td>5,763,814</td><td>2,729,030</td><td>1,226,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,470</td></tr><tr><td>1939</td><td>5,161,731</td><td>-1,133</td><td>5,162,354</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>131,167</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>122,045</td></tr><tr><td>1941</td><td>7,351,675</td><td>+17,141</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>4,687,452</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>22,143,960</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,545</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>14,629,334</td><td>137,552</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,893,235</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>-351,935</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1945-November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,119</td><td>243,343</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>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,384</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>836,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr><tr><td>February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April</td><td>2,310,093</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td>1,477</td></tr><tr><td>May</td><td>2,307,793</td><td>-266,165</td><td>2,573,957</td><td>1,662,967</td><td>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,277</td></tr><tr><td>June</td><td>4,030,492</td><td>+578,679</td><td>3,501,813</td><td>2,836,577</td><td>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,690</td></tr><tr><td>July</td><td>2,250,898</td><td>-330,568</td><td>2,581,465</td><td>1,757,352</td><td>1,232,143</td><td>521,114</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>2,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,765,649</td><td>1,415,371</td><td>346,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td>38,674</td></tr><tr><td>September</td><td>4,291,209</td><td>+680,214</td><td>3,610,995</td><td>2,907,267</td><td>1,227,325</td><td>1,669,891</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td>50,188</td></tr><tr><td>October</td><td>2,230,473</td><td>-536,355</td><td>2,766,887</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><tr><td>November</td><td>2,402,752</td><td>-91,636</td><td>2,494,389</td><td>1,572,063</td><td>1,323,237</td><td>245,523</td><td>3,304</td><td>261,935</td><td>227,403</td><td>9,053</td><td>25,473</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturere' and retaiere' excise taxes</th><th>Miscellaneous taxes</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,588</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>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>143,925</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>403,501</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>2,309,864</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-November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,438</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,736</td><td>7,952</td><td>135,869</td><td>120,821</td></tr><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>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>143,126</td></tr><tr><td>August</td><td>689,388</td><td>62</td><td>57,974</td><td>236,146</td><td>109,617</td><td>7,528</td><td>143,051</td><td>135,011</td></tr><tr><td>September</td><td>646,393</td><td>230</td><td>42,845</td><td>226,205</td><td>101,834</td><td>6,631</td><td>140,722</td><td>127,927</td></tr><tr><td>October</td><td>762,606</td><td>18</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><tr><td>November</td><td>660,390</td><td>35</td><td>48,865</td><td>242,473</td><td>105,991</td><td>6,926</td><td>146,763</td><td>109,337</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for ter- ritories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excesses of tax, the profit limit-
2/ 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 Carriere Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividende tax imposed by the Act of June 16, 1933.
February 1947
77
COLLECTIONS OF INTERNAL REVENUE
as miscellaneous profits taxes
B-165-G
Office of the Secretary of the Treasury, Division of Research and Statistics
78
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 5 months</th><th rowspan="2">November 1945</th><th rowspan="2">November 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current tax Payment Act of 1943 2/.</td><td>10,263,418</td><td>9,857,466</td><td>5,241,747</td><td>4,531,079</td><td>1,405,404</td><td>1,242,834</td></tr><tr><td>Revenue Act of 1942.</td><td>802</td><td>123</td><td>71</td><td>180</td><td>13</td><td>6</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 1/2</td><td>8,430,377</td><td>1,829,506</td><td>1,790,342</td><td>41,093</td><td>47,450</td></tr><tr><td>Back.</td><td>202,947</td><td>416,571</td><td>104,168</td><td>172,621</td><td>20,058</td><td>32,948</td></tr><tr><td>Total individual income taxes.</td><td>19,034,313</td><td>18,704,536</td><td>7,175,492</td><td>6,194,221</td><td>1,466,566</td><td>1,323,237</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>1,300,124</td><td>1,248,053</td><td>105,329</td><td>103,522</td></tr><tr><td>Back.</td><td>458,034</td><td>738,032</td><td>176,897</td><td>131,883</td><td>30,417</td><td>18,959</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>2,910,078</td><td>1,978,078</td><td>247,579</td><td>123,042</td></tr><tr><td>Total corporation taxes.</td><td>15,883,235</td><td>12,462,437</td><td>4,387,099</td><td>3,358,015</td><td>383,325</td><td>245,523</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>35,467</td><td>25,486</td><td>6,135</td><td>3,017</td></tr><tr><td>Vinson Act.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment.</td><td>180</td><td>35</td><td>24</td><td>296</td><td>14</td><td>287</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>143,978</td><td>91,165</td><td>35,491</td><td>25,783</td><td>6,149</td><td>3,304</td></tr><tr><td>Total income and profits taxes.</td><td>35,061,526</td><td>31,258,138</td><td>11,598,084</td><td>9,878,019</td><td>1,856,041</td><td>1,572,063</td></tr><tr><td colspan="7">Employment taxes:</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/.</td><td>1,307,931</td><td>1,237,825</td><td>645,916</td><td>705,030</td><td>197,920</td><td>227,409</td></tr><tr><td>Unemployment insurance 6/.</td><td>186,489</td><td>178,745</td><td>28,088</td><td>25,382</td><td>9,990</td><td>9,053</td></tr><tr><td>Total Social Security taxes.</td><td>1,494,420</td><td>1,416,570</td><td>674,004</td><td>730,412</td><td>207,910</td><td>236,462</td></tr><tr><td>Railroad retirement 7/.</td><td>284,758</td><td>284,258</td><td>108,570</td><td>113,941</td><td>35,433</td><td>25,473</td></tr><tr><td>Total employment taxes.</td><td>1,779,177</td><td>1,700,828</td><td>782,573</td><td>844,353</td><td>243,343</td><td>261,935</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Capital stock tax.</td><td>371,999</td><td>352,121</td><td>350,818</td><td>610</td><td>201</td><td>35</td></tr><tr><td>State tax.</td><td>596,137</td><td>629,601</td><td>235,413</td><td>276,283</td><td>43,668</td><td>48,297</td></tr><tr><td>Gift tax.</td><td>46,918</td><td>47,232</td><td>4,842</td><td>4,272</td><td>756</td><td>568</td></tr><tr><td colspan="7">Alcoholic beverage taxes:</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>199,691</td><td>143,080</td><td>46,308</td><td>62,762</td><td>10,928</td><td>13,304</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>1,284,613</td><td>1,603,497</td><td>669,327</td><td>773,842</td><td>151,226</td><td>164,896</td></tr><tr><td>Distilled spirits rectification tax.</td><td>32,549</td><td>41,880</td><td>17,241</td><td>22,755</td><td>4,745</td><td>4,598</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>2,122</td><td>2,594</td><td>724</td><td>1,775</td><td>278</td><td>462</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>45,269</td><td>58,250</td><td>18,401</td><td>30,054</td><td>5,465</td><td>6,284</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>4,890</td><td>6,098</td><td>178</td><td>192</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>6</td><td>25</td><td>4</td><td>2</td><td>(-2)</td><td>1</td></tr><tr><td>Cane stamps for distilled spirits bottled in bond.</td><td>886</td><td>840</td><td>350</td><td>377</td><td>68</td><td>109</td></tr><tr><td>Cotaltor stamps.</td><td>11,213</td><td>13,309</td><td>5,185</td><td>6,153</td><td>1,287</td><td>1,222</td></tr><tr><td>Floor taxes.</td><td>83,343</td><td>696</td><td>593</td><td>186</td><td>200</td><td>(-24)</td></tr><tr><td>Fermented malt liquors.</td><td>638,682</td><td>650,824</td><td>302,909</td><td>288,703</td><td>55,140</td><td>51,344</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>3,130</td><td>3,106</td><td>1,905</td><td>2,324</td><td>72</td><td>84</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>2,309,864</td><td>2,526,162</td><td>1,067,837</td><td>1,195,032</td><td>229,586</td><td>242,473</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigare (large).</td><td>36,593</td><td>41,384</td><td>16,717</td><td>21,473</td><td>3,646</td><td>4,900</td></tr><tr><td>Cigare (small).</td><td>80</td><td>70</td><td>31</td><td>30</td><td>7</td><td>5</td></tr><tr><td>Cigarettes (large).</td><td>695</td><td>172</td><td>167</td><td>7</td><td>2</td><td>-</td></tr><tr><td>Cigarettes (small).</td><td>836,058</td><td>1,072,799</td><td>466,907</td><td>496,067</td><td>88,922</td><td>96,937</td></tr><tr><td>Snuff.</td><td>7,741</td><td>7,373</td><td>3,218</td><td>2,931</td><td>675</td><td>593</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>49,574</td><td>41,961</td><td>21,836</td><td>17,538</td><td>4,201</td><td>3,498</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,390</td><td>1,757</td><td>1,231</td><td>220</td><td>204</td><td>57</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>1</td></tr><tr><td>Total tobacco taxes.</td><td>932,145</td><td>1,165,519</td><td>510,109</td><td>538,265</td><td>97,657</td><td>105,991</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issue of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>16,504</td><td>21,584</td><td>3,157</td><td>4,217</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>24,852</td><td>30,369</td><td>10,690</td><td>10,000</td><td>2,846</td><td>1,781</td></tr><tr><td>Playing cards.</td><td>7,493</td><td>9,766</td><td>3,925</td><td>4,037</td><td>949</td><td>742</td></tr><tr><td>Silver bulldog sales or transfers.</td><td>25</td><td>149</td><td>99</td><td>771</td><td>33</td><td>186</td></tr><tr><td>Total stamp taxes.</td><td>65,528</td><td>87,676</td><td>31,218</td><td>36,393</td><td>7,585</td><td>6,926</td></tr></table>
(Continued on following page)
February 1947
79
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 5 months</th><th rowspan="2">November 1945</th><th rowspan="2">November 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th></tr><tr><td>Miscellaneous internal revenue (continued): Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>38,831</td><td>35,104</td><td>6,020</td><td>7,009</td></tr><tr><td>Gasolines</td><td>405,563</td><td>405,695</td><td>193,256</td><td>190,159</td><td>38,887</td><td>34,427</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>37,053</td><td>70,845</td><td>8,407</td><td>13,418</td></tr><tr><td>Floor taxes on tires and tubes</td><td>*</td><td>19</td><td>6</td><td>*</td><td>(-31)</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>17,828</td><td>19,254</td><td>2,057</td><td>3,550</td></tr><tr><td>Other automobiles and motorcycle</td><td>2,558</td><td>25,893</td><td>2,908</td><td>68,386</td><td>201</td><td>17,375</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>28,228</td><td>35,814</td><td>5,073</td><td>7,294</td></tr><tr><td>Electric energy</td><td>57,004</td><td>59,112</td><td>24,246</td><td>24,804</td><td>4,573</td><td>4,269</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>6,814</td><td>23,413</td><td>1,601</td><td>1,975</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>7,598</td><td>8,066</td><td>1,313</td><td>1,569</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>35</td><td>78</td><td>18</td><td>65</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>1,730</td><td>21,691</td><td>371</td><td>4,871</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>951</td><td>2,511</td><td>222</td><td>1,930</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>592</td><td>3,203</td><td>133</td><td>639</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>1,602</td><td>13,423</td><td>536</td><td>2,749</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>4,487</td><td>3,510</td><td>968</td><td>926</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 machine</td><td>10,120</td><td>15,792</td><td>5,632</td><td>9,160</td><td>1,310</td><td>1,472</td></tr><tr><td>Purs - retailers' excise</td><td>79,418</td><td>91,706</td><td>27,890</td><td>31,415</td><td>9,908</td><td>9,323</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>74,695</td><td>86,705</td><td>15,126</td><td>15,405</td></tr><tr><td>Luggage - retailers' excise (effective 1/1/41)</td><td>73,851</td><td>81,423</td><td>29,914</td><td>33,702</td><td>6,103</td><td>5,862</td></tr><tr><td>Luggage - manufacturers' excise (repealed as of 1/1/41)</td><td>6</td><td>15</td><td>7</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>5</td><td>8</td><td>1</td><td>2</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>7,811</td><td>14,300</td><td>1,633</td><td>2,697</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>24</td><td>8</td><td>-</td><td>4</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>2,592</td><td>6,588</td><td>581</td><td>1,229</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>34,336</td><td>35,941</td><td>6,660</td><td>6,205</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>1,503</td><td>3,926</td><td>105</td><td>918</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>*</td><td>96</td><td>-</td><td>26</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>11</td><td>14</td><td>8</td><td>(-5)</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>550,614</td><td>742,134</td><td>111,785</td><td>146,763</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>16</td><td>6</td><td>1</td><td>3</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>25,978</td><td>25,861</td><td>5,417</td><td>4,569</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td>208,018</td><td>234,393</td><td>95,264</td><td>106,007</td><td>18,719</td><td>15,072</td></tr><tr><td>wires, etc.</td><td>133,569</td><td>145,689</td><td>58,341</td><td>67,679</td><td>10,106</td><td>9,249</td></tr><tr><td>Local telephone service</td><td>16,286</td><td>14,824</td><td>6,495</td><td>6,537</td><td>1,282</td><td>1,212</td></tr><tr><td>Transportation of oil by pipe lines</td><td>234,182</td><td>226,750</td><td>102,313</td><td>113,438</td><td>18,025</td><td>17,096</td></tr><tr><td>Transportation of persons, seats, berths</td><td>221,088</td><td>220,121</td><td>95,800</td><td>109,866</td><td>19,364</td><td>20,951</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>128,701</td><td>115,960</td><td>115,216</td><td>280</td><td>422</td><td>24</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>175</td><td>2</td><td>1</td><td>-</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>7,311</td><td>7,857</td><td>3,167</td><td>3,284</td><td>611</td><td>577</td></tr><tr><td>Leases of safe-deposit boxes</td><td>300,589</td><td>343,191</td><td>145,508</td><td>174,291</td><td>30,056</td><td>31,430</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>56,877</td><td>72,077</td><td>29,488</td><td>29,045</td><td>6,339</td><td>4,963</td></tr><tr><td>Admissions to cabalets, rock gardens, etc.</td><td>14,160</td><td>18,899</td><td>6,781</td><td>9,194</td><td>1,377</td><td>1,719</td></tr><tr><td>Club dues and initiation fees</td><td>4,160</td><td>4,011</td><td>3,135</td><td>3,575</td><td>99</td><td>158</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>19,100</td><td>17,092</td><td>13,187</td><td>16,552</td><td>480</td><td>558</td></tr><tr><td>Coin operated devices</td><td>58</td><td>44</td><td>34</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour &amp; filled cheeses</td><td>5,501</td><td>4,932</td><td>2,309</td><td>2,650</td><td>338</td><td>366</td></tr><tr><td>Oleomargarines, including special taxes</td><td>756</td><td>691</td><td>275</td><td>319</td><td>26</td><td>24</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>6,208</td><td>6,268</td><td>2,644</td><td>5,578</td><td>770</td><td>1,362</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>16</td><td>6</td><td>3</td><td>4</td><td>-</td><td>-</td></tr><tr><td>National Firearms Act</td><td>180</td><td>171</td><td>5</td><td>11</td><td>3</td><td>2</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>1,430,428</td><td>1,489,925</td><td>706,136</td><td>674,204</td><td>113,438</td><td>109,317</td></tr><tr><td>Total miscellaneous taxes</td><td>6,959,634</td><td>7,712,953</td><td>3,456,986</td><td>3,467,194</td><td>604,675</td><td>660,390</td></tr><tr><td>Total miscellaneous internal revenue</td><td>43,800,338</td><td>40,671,919</td><td>15,837,643</td><td>14,189,566</td><td>2,704,058</td><td>2,494,389</td></tr><tr><td>Total internal revenue collections</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-892,313</td><td>-519,775</td><td>-320,902</td><td>-91,636</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>14,945,330</td><td>13,669,790</td><td>2,383,156</td><td>2,402,752</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 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.
80
Treasury Bulletin
MONETARY STATISTICS
February 1947
81
Balance Sheet of the Exchange Stabilization Fund
As of June 30, 1946 and September 30, 1946
<table><tr><th></th><th>June 30, 1946</th><th>September 30, 1946</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold....................</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account......</td><td>1,687,057.54</td><td>1,578,982.16</td></tr><tr><td>Federal Reserve Bank of New York, special account.....</td><td>194,374,299.94</td><td>147,999,636.33</td></tr><tr><td>Disbursing officers' balances and advance accounts....</td><td>25,873.62</td><td>35,105.06</td></tr><tr><td>Total cash.....................................</td><td>$1,996,087,231.10</td><td>$1,949,613,723.55</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)....................</td><td>71,362,261.18</td><td>113,290,619.22</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs.................................</td><td>$29,238.06</td><td>$401,217.24</td></tr><tr><td>French francs.................................</td><td>7.49</td><td>7.49</td></tr><tr><td>Belgas........................................</td><td>363.08</td><td>363.08</td></tr><tr><td>Sterling......................................</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other.....................................</td><td>3,905,971.35</td><td>3,507,089.88</td></tr><tr><td>Total due from foreign banks.....................</td><td>3,938,560.03</td><td>3,911,657.74</td></tr><tr><td>Due from the Government of the Republic of Cuba.....</td><td>-</td><td>5,012,495.66</td></tr><tr><td>Investments in United States Government securities (Schedule 2)....................</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)............</td><td>82,936.12</td><td>83,446.55</td></tr><tr><td>Other accounts (deferred charges)..................</td><td>24.98</td><td>24.42</td></tr><tr><td>Commodity sales contracts (deferred charges)........</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets.....................................</td><td>$2,091,473,649.31</td><td>$2,091,914,603.14</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.................................</td><td>$1,476.72</td><td>$24,104.21</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds....................</td><td>1,942.17</td><td>3,461.25</td></tr><tr><td>Withholding taxes.................................</td><td>23,545.10</td><td>30,737.73</td></tr><tr><td>Miscellaneous.....................................</td><td>337,475.40</td><td>321,678.41</td></tr><tr><td>Total accounts payable............................</td><td>$364,439.39</td><td>$379,981.60</td></tr><tr><td>Reserve for expenses and contingencies (net)........</td><td>12,203,560.70</td><td>12,429,896.48</td></tr><tr><td>Capital account.....................................</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct = Subscription to International Monetary Fund....................</td><td>275,000.00</td><td>275,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)....................</td><td>79,180,649.22</td><td>79,379,725.06</td></tr><tr><td>Total liabilities and capital......................</td><td>$2,091,473,649.31</td><td>$2,091,914,603.14</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury
for 1940." Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin."
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1946</th><th colspan="2">September 30, 1946</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>1,178,735.090</td><td>$41,255,728.21</td><td>3,196,950.603</td><td>$111,893,271.15</td></tr><tr><td>U. S. Assay Office, New York</td><td>860,186.663</td><td>30,106,532.97</td><td>39,924.231</td><td>1,397,348.07</td></tr><tr><td>Total</td><td>2,038,921.753</td><td>$71,362,261.18</td><td>3,236,874.834</td><td>$113,290,619.22</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
82
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued) Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1946</th><th colspan="4">September 30, 1946</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2% Treasury bonds, 1965-70...</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$10,359.12</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72...</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>73,087.43</td></tr><tr><td>Total United States Government securities</td><td>$20,000,000</td><td>$20,000,000</td><td>........</td><td>$82,936.12</td><td>$20,000,000</td><td>$20,000,000</td><td>........</td><td>$83,446.55</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through September 30, 1946</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>29,074,704.72</td><td>29,432,152.49</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profit on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profit on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,198,066.90</td><td>5,323,577.33</td></tr><tr><td>Miscellaneous profits</td><td>750,398.69</td><td>750,431.78</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td><b>Total earnings</b></td><td><b>$83,240,065.77</b></td><td><b>$83,723,057.06</b></td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through September 30, 1946</th></tr><tr><td>Salaries</td><td>$2,584,401.41</td><td>$2,826,328.66</td></tr><tr><td>Travel</td><td>118,521.85</td><td>128,117.88</td></tr><tr><td>Subsistence</td><td>111,282.81</td><td>132,479.41</td></tr><tr><td>Telephone and telegraph</td><td>451,317.50</td><td>458,278.28</td></tr><tr><td>Stationery, etc.</td><td>27,399.96</td><td>27,622.80</td></tr><tr><td>All other</td><td>766,493.02</td><td>770,504.97</td></tr><tr><td>Total administrative expenses</td><td>$4,059,416.55</td><td>$4,343,332.00</td></tr></table>
February 1947
83
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>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>1946 p.</td><td>20,528.8</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.2</td></tr><tr><td>1945-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</td><td>20,469.6</td><td>18,359.0</td><td>156.0</td><td>1,800.0</td><td>154.5</td></tr><tr><td>December p.</td><td>20,528.8</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cen
1/ tificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in motive portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1945-December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March</td><td>20,256.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April</td><td>20,250.9</td><td>3,508.5</td><td>14.8</td></tr><tr><td>May</td><td>20,241.9</td><td>3,508.7</td><td>14.8</td></tr><tr><td>June</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>July</td><td>20,266.7</td><td>3,508.7</td><td>14.8</td></tr><tr><td>August</td><td>20,280.0</td><td>3,508.7</td><td>14.7</td></tr><tr><td>September</td><td>20,305.3</td><td>3,508.7</td><td>14.7</td></tr><tr><td>October</td><td>20,401.9</td><td>3,594.4</td><td>15.0</td></tr><tr><td>November</td><td>20,469.6</td><td>3,511.7</td><td>14.6</td></tr><tr><td>December p</td><td>20,528.8</td><td>3,514.9</td><td>14.6</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, December 31, 1946
<table><tr><th></th><th>Allocations of increment</th><th>Chargee against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,852,641.55</td><td>322,480.38</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,196,387.46</td><td>-</td><td>8,196,387.46</td></tr><tr><td>Total increment</td><td>$2,818,921,782.61</td><td>$2,674,786,917.97</td><td>$144,134,864.64</td></tr></table>
84
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>637.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>772.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946p</td><td>1,911.2</td><td>343.4</td><td>13.9</td><td>-</td><td>93.0</td><td>150.1</td><td>901.3</td><td>3,514.9</td></tr><tr><td>1945-December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</td><td>1,771.7</td><td>355.8</td><td>13.4</td><td>-</td><td>157.7</td><td>138.2</td><td>848.6</td><td>3,508.3</td></tr><tr><td>February</td><td>1,818.5</td><td>355.3</td><td>17.0</td><td>.1</td><td>139.4</td><td>138.7</td><td>848.9</td><td>3,508.3</td></tr><tr><td>March</td><td>1,850.8</td><td>354.5</td><td>17.7</td><td>.3</td><td>127.1</td><td>139.4</td><td>850.1</td><td>3,508.4</td></tr><tr><td>April</td><td>1,909.0</td><td>353.6</td><td>17.0</td><td>.1</td><td>105.7</td><td>140.3</td><td>852.3</td><td>3,508.5</td></tr><tr><td>May</td><td>1,909.0</td><td>352.1</td><td>15.2</td><td>.6</td><td>104.5</td><td>141.8</td><td>857.5</td><td>3,508.7</td></tr><tr><td>June</td><td>1,909.1</td><td>350.9</td><td>13.3</td><td>.6</td><td>102.3</td><td>142.7</td><td>865.6</td><td>3,508.4</td></tr><tr><td>July</td><td>1,909.1</td><td>349.4</td><td>11.5</td><td>.6</td><td>101.1</td><td>144.1</td><td>871.3</td><td>3,508.7</td></tr><tr><td>August</td><td>1,909.1</td><td>347.9</td><td>13.4</td><td>.6</td><td>99.1</td><td>145.7</td><td>875.5</td><td>3,508.7</td></tr><tr><td>September</td><td>1,909.1</td><td>346.3</td><td>10.8</td><td>.7</td><td>97.9</td><td>147.0</td><td>881.8</td><td>3,508.7</td></tr><tr><td>October</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</td><td>1,909.1</td><td>344.6</td><td>7.5</td><td>.1</td><td>96.7</td><td>148.9</td><td>895.7</td><td>3,511.7</td></tr><tr><td>December p</td><td>1,911.2</td><td>343.4</td><td>13.9</td><td>-</td><td>93.0</td><td>150.1</td><td>901.3</td><td>3,514.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. * Less than $50 thousand. 1/ Valued at $1.29 per ounce.
2/ Valued at $1.38 per ounce.
3/ Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>24.6</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>35.9</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>5.3</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-November</td><td>2.7</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>December</td><td>2.0</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>1946-January</td><td>2.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.2</td></tr><tr><td>February</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>November</td><td>2.6</td><td>1.6</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>1.4</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 7.
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 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 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. 1/ Acquired at various prices averaging approximately 51 cents per ounce.
February 1947
85
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="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 and July 31,1946)</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>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5 3/</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1945-December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.8</td><td>224.7</td></tr><tr><td>April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr><tr><td>May</td><td>446.4</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>184.9</td></tr><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</td></tr><tr><td>July</td><td>457.8</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>178.8</td></tr><tr><td>August</td><td>464.6</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>175.3</td></tr><tr><td>September</td><td>470.6</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>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><tr><td>December</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5 3/</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</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 silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
3/ Includes $600 thousand which represents seigniorage on silver received under the Act of July 31, 1946.
Treasury Bulletin
86
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-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>27,255</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</td><td>28,861</td><td>27,506</td><td>49</td><td>2,006</td><td>1</td><td>319</td><td>24,580</td><td>440</td><td>111</td></tr><tr><td>December p</td><td>28,953</td><td>27,592</td><td>49</td><td>2,009</td><td>1</td><td>316</td><td>24,673</td><td>434</td><td>110</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$30.05 r</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>$49.77 r</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>$53.84 r</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>$59.46 r</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>$91.95 r</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>$127.63 r</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>$162.98 r</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>$191.56 r</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-December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>$203.07 r</td></tr><tr><td>1946-January</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>$198.68</td></tr><tr><td>February</td><td>1,264</td><td>136</td><td>820</td><td>307</td><td>$198.83</td></tr><tr><td>March</td><td>1,269</td><td>137</td><td>824</td><td>309</td><td>$198.16</td></tr><tr><td>April</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>$198.08</td></tr><tr><td>May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>$199.61</td></tr><tr><td>June</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>$200.34</td></tr><tr><td>July</td><td>1,311</td><td>142</td><td>849</td><td>320</td><td>$200.23</td></tr><tr><td>August</td><td>1,319</td><td>143</td><td>853</td><td>323</td><td>$201.42</td></tr><tr><td>September</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</td><td>1,355</td><td>146</td><td>878</td><td>331</td><td>$203.93</td></tr><tr><td>December p</td><td>1,361</td><td>148</td><td>882</td><td>331</td><td>$204.44</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. 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
the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
February 1947
87
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES
AND FOREIGN COUNTRIES AND NET POSITION
IN FOREIGN CURRENCIES
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve-month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I.- Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</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>-89,427</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>-243,322</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,999</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,329</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>-113,103</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Sept.30, 1946)</td><td>-570,909</td><td>-435,576</td><td>6,361</td><td>-320,432</td><td>178,738</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1946)</td><td>8,231,905</td><td>6,451,674</td><td>250,439</td><td>478,895</td><td>1,151,497</td></tr><tr><td>1945-September</td><td>116,732</td><td>125,994</td><td>3,469</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>5,073</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>-268,592</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>-108,058</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>16,543</td></tr><tr><td>September</td><td>-94,364</td><td>-112,985</td><td>3,658</td><td>-13,863</td><td>28,826</td></tr></table>
February 1947
89
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 et 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>Payable in dollars 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>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,993,087</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>60,829</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>3,678,519</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>34,397</td><td>86,379</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,839</td><td>100,267</td><td>245,010</td><td>6,883,063</td><td>4,946,624</td><td>1,910,898</td><td>25,586</td><td>6,490,302</td></tr><tr><td>1945-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>95,782</td><td>121,604</td><td>6,952,486</td><td>4,997,303</td><td>1,930,564</td><td>24,619</td><td>6,692,534</td></tr><tr><td>November</td><td>331,320</td><td>43,596</td><td>90,437</td><td>197,287</td><td>6,861,428</td><td>4,938,255</td><td>1,895,283</td><td>27,890</td><td>6,530,108</td></tr><tr><td>December</td><td>392,766</td><td>47,439</td><td>100,267</td><td>245,010</td><td>6,883,063</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>6,448,932</td></tr><tr><td>May</td><td>490,703</td><td>57,964</td><td>217,396</td><td>215,343</td><td>6,554,688</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><tr><td>September</td><td>614,608</td><td>106,196</td><td>276,116</td><td>232,296</td><td>6,689,272</td><td>4,794,640</td><td>1,861,115</td><td>27,517</td><td>6,074,604</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 rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</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></td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td></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></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></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></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></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></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></td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td></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></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></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-Sept.30, 1946)</td><td>-221,842</td><td>-58,707</td><td>-175,849</td><td>12,714</td><td></td><td>-213,734</td><td>-171,922</td><td>-43,783</td><td>1,971</td><td>-435,576</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1946)</td><td>465,875</td><td>247,840</td><td>-176,988</td><td>395,023</td><td></td><td>5,985,799</td><td>4,164,351</td><td>1,850,468</td><td>-29,020</td><td>6,451,674</td></tr><tr><td>1945-September</td><td>36,234</td><td>10,955</td><td>26,403</td><td>-1,124</td><td></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></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></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></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></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></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></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></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></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></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></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>-24,032</td><td></td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-159,116</td></tr><tr><td>September</td><td>-34,458</td><td>1,897</td><td>-44,261</td><td>7,906</td><td></td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,985</td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,112,923</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.e.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1946-Sept.30, 1946)</td><td>284,595</td><td>348,799</td><td>-64,204</td><td>318,310</td><td>574,538</td><td>-256,228</td><td>602,905</td><td>923,337</td><td>-320,432</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>n.a.</td><td>n.a.</td><td>11,866,861</td><td>11,388,566</td><td>478,295</td></tr><tr><td>1945-September</td><td>20,404</td><td>29,529</td><td>-9,125</td><td>23,451</td><td>27,528</td><td>-4,077</td><td>43,855</td><td>57,057</td><td>-13,202</td></tr><tr><td>October</td><td>26,324</td><td>43,024</td><td>-16,700</td><td>31,019</td><td>37,687</td><td>-6,668</td><td>57,343</td><td>80,711</td><td>-23,368</td></tr><tr><td>November</td><td>33,084</td><td>47,622</td><td>-14,538</td><td>29,318</td><td>30,765</td><td>-1,447</td><td>62,402</td><td>78,387</td><td>-15,985</td></tr><tr><td>December</td><td>30,180</td><td>41,569</td><td>-11,389</td><td>61,925</td><td>30,877</td><td>31,048</td><td>92,105</td><td>72,446</td><td>19,659</td></tr><tr><td>1946-January</td><td>47,558</td><td>54,782</td><td>-7,224</td><td>49,320</td><td>214,883</td><td>-165,563</td><td>96,878</td><td>269,665</td><td>-172,787</td></tr><tr><td>February</td><td>38,842</td><td>42,780</td><td>-3,938</td><td>69,777</td><td>19,392</td><td>50,385</td><td>108,619</td><td>62,172</td><td>46,447</td></tr><tr><td>March</td><td>23,984</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>54,183</td><td>-12,237</td><td>65,930</td><td>93,260</td><td>-27,330</td></tr><tr><td>April</td><td>33,553</td><td>44,124</td><td>-10,571</td><td>40,346</td><td>44,101</td><td>-3,755</td><td>73,899</td><td>88,225</td><td>-14,326</td></tr><tr><td>May</td><td>31,784</td><td>39,660</td><td>-7,876</td><td>35,566</td><td>38,699</td><td>-3,133</td><td>67,350</td><td>78,359</td><td>-11,009</td></tr><tr><td>June</td><td>27,392</td><td>34,546</td><td>-7,154</td><td>38,390</td><td>35,955</td><td>2,435</td><td>65,782</td><td>70,501</td><td>-4,719</td></tr><tr><td>July</td><td>23,535</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>August</td><td>25,871</td><td>25,167</td><td>704</td><td>9,540</td><td>24,231</td><td>-14,691</td><td>35,411</td><td>49,398</td><td>-13,987</td></tr><tr><td>September</td><td>32,076</td><td>36,704</td><td>-4,628</td><td>16,989</td><td>26,224</td><td>-9,235</td><td>49,065</td><td>62,928</td><td>-13,863</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 purchase</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</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-Sept.30, 1946)</td><td>50,641</td><td>57,310</td><td>-6,669</td><td>572,873</td><td>387,466</td><td>185,407</td><td>623,514</td><td>444,776</td><td>178,738</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>6,018,184</td><td>4,866,687</td><td>1,151,497</td></tr><tr><td>1945-September</td><td>2,421</td><td>2,094</td><td>327</td><td>13,562</td><td>15,418</td><td>-1,856</td><td>15,983</td><td>17,512</td><td>-1,529</td></tr><tr><td>October</td><td>3,533</td><td>4,333</td><td>-800</td><td>13,482</td><td>64,361</td><td>-50,879</td><td>17,015</td><td>68,694</td><td>-51,679</td></tr><tr><td>November</td><td>4,397</td><td>8,216</td><td>-3,819</td><td>63,464</td><td>23,190</td><td>40,274</td><td>67,861</td><td>31,406</td><td>36,455</td></tr><tr><td>December</td><td>5,354</td><td>11,150</td><td>-5,796</td><td>17,584</td><td>21,994</td><td>-4,410</td><td>22,938</td><td>33,144</td><td>-10,206</td></tr><tr><td>1946-January</td><td>6,788</td><td>9,781</td><td>-2,993</td><td>162,145</td><td>33,067</td><td>128,078</td><td>167,933</td><td>42,848</td><td>125,085</td></tr><tr><td>February</td><td>5,625</td><td>7,881</td><td>-2,256</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,072</td><td>61,758</td><td>-30,687</td></tr><tr><td>March</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>21,434</td><td>7,813</td><td>33,175</td><td>27,353</td><td>5,822</td></tr><tr><td>April</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,955</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr><tr><td>May</td><td>7,765</td><td>9,252</td><td>-1,487</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>27,875</td><td>28,106</td></tr><tr><td>June</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>July</td><td>4,845</td><td>4,116</td><td>729</td><td>108,919</td><td>88,173</td><td>20,746</td><td>113,764</td><td>92,889</td><td>21,475</td></tr><tr><td>August</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>59,081</td><td>16,545</td></tr><tr><td>September</td><td>7,210</td><td>4,419</td><td>2,791</td><td>55,266</td><td>29,231</td><td>26,035</td><td>62,476</td><td>33,650</td><td>28,826</td></tr></table>
n.a.: Not available.
February 1947
91
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="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td>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>-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><td>40,932</td></tr><tr><td>France</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><td>27,882</td></tr><tr><td>Belgium</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><td>938</td></tr><tr><td>Denmark</td><td>2,334</td><td>1,785</td><td>4,227</td><td>3,362</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><td>5,093</td></tr><tr><td>Finland</td><td>1,168</td><td>-437</td><td>-466</td><td>-560</td><td>-189</td><td>4,030</td><td>694</td><td>-578</td><td>425</td><td>-3,126</td><td>861</td><td>1,588</td><td>896</td></tr><tr><td>Germany</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><td>-267</td></tr><tr><td>Greece</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><td>-6,142</td></tr><tr><td>Italy</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>4,110</td><td>2,422</td></tr><tr><td>Luxembourg</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><td>-1,029</td></tr><tr><td>Netherlands</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>-14,144</td><td>-22,537</td><td>-11,705</td><td>-6,500</td></tr><tr><td>Norway</td><td>-2,786</td><td>-1,786</td><td>299</td><td>1,714</td><td>-8,577</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><td>-1,326</td></tr><tr><td>Portugal</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><td>-1,397</td></tr><tr><td>Rumania</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><td>193</td></tr><tr><td>Spain</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><td>246</td></tr><tr><td>Sweden</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>7,504</td><td>-6,014</td><td>-13,384</td></tr><tr><td>Switzerland</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><td>-6,572</td></tr><tr><td>U. S. S. R.</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><td>-10,454</td></tr><tr><td>Yugoslavia</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>166</td><td>-275</td></tr><tr><td>Other Europe</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>2,464</td><td>6,000</td></tr><tr><td>Total Europe</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><td>37,256</td></tr><tr><td>Canada</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><td>-45,839</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>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><td>11,472</td></tr><tr><td>Bolivia</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>457</td><td>2,625</td></tr><tr><td>Brazil</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><td>-20,807</td></tr><tr><td>Chile</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><td>-6,329</td></tr><tr><td>Colombia</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><td>-2,635</td></tr><tr><td>Costa Rica</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><td>8,374</td></tr><tr><td>Cuba</td><td>-6,205</td><td>-8,284</td><td>-29,077</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><td>-19,022</td></tr><tr><td>French West Indies and Guiana</td><td>304</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><td>596</td></tr><tr><td>Mexico</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>6,810</td><td>2,113</td></tr><tr><td>Netherlands West Indies and Surinam</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>-515</td><td>-778</td></tr><tr><td>Panama</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><td>615</td></tr><tr><td>Peru</td><td>512</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><td>1,254</td></tr><tr><td>Venezuela</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>-1,504</td><td>8,964</td><td>1,720</td><td>-3,857</td><td>-4,098</td><td>8,790</td><td>2,805</td></tr><tr><td>Other Latin America</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><td>-1,739</td></tr><tr><td>Total Latin America</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><td>-21,456</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>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><td>-42,690</td></tr><tr><td>French Indo-China</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><td>-12,020</td></tr><tr><td>Hong Kong</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><td>3,446</td></tr><tr><td>India, Burma, and Ceylon</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>-10,668</td><td>8,589</td><td>3,587</td><td>-1,932</td><td>4,404</td><td>-6,148</td><td>6,282</td></tr><tr><td>British Malaya</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><td>-1,091</td></tr><tr><td>Japan</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><td>-3,840</td></tr><tr><td>Netherlands East Indies</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><td>-3,218</td></tr><tr><td>Philippine Islands</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><td>-295</td></tr><tr><td>Turkey</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><td>-1,913</td></tr><tr><td>Other Asia</td><td>13,315</td><td>-1,299</td><td>-1,318</td><td>4,324</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><td>4,177</td></tr><tr><td>Total Asia</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>-68,212</td><td>-66,746</td><td>-59,516</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</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><td>16,856</td></tr><tr><td>New Zealand</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><td>333</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>1,063</td><td>1,331</td></tr><tr><td>French Morocco</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><td>1,783</td></tr><tr><td>Uganda of South Africa</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><td>11,235</td></tr><tr><td>All other</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><td>-5,860</td></tr><tr><td>Total other countries</td><td>14,224</td><td>28,374</td><td>-11,581</td><td>4,560</td><td>-1,049</td><td>7,615</td><td>-5,085</td><td>1,622</td><td>-5,896</td><td>542</td><td>302</td><td>-9,800</td><td>25,678</td></tr><tr><td>International</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><td>250,861</td></tr><tr><td>Unidentified</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><td>-281,348</td></tr><tr><td>Grand total</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><td>-94,364</td></tr></table>
r Hevleed.
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued
Table 2.- Net Movement of Short-Term Banking Funds
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td><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>-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><td>45,5kg</td></tr><tr><td>France</td><td>-43,280</td><td>47,152</td><td>-33,141</td><td>-17,196</td><td>88,551</td><td>-17,529</td><td>-16,282</td><td>-58,802</td><td>13,857</td><td>-33,759</td><td>-13,222</td><td>-24,094</td><td>24,378</td></tr><tr><td>Belgium</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><td>775</td></tr><tr><td>Denmark</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><td>4,854</td></tr><tr><td>Finland</td><td>1,482</td><td>1,473</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>1,531</td><td>891</td></tr><tr><td>Germany</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><td>-21</td></tr><tr><td>Greece</td><td>2,926</td><td>2,584</td><td>2,304</td><td>-246</td><td>-857</td><td>-346</td><td>5,238</td><td>518</td><td>-638</td><td>-2,842</td><td>-8,676</td><td>4,490</td><td>-6,190</td></tr><tr><td>Italy</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>4,381</td><td>2,593</td></tr><tr><td>Luxembourg</td><td>12</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><td>-1,073</td></tr><tr><td>Netherlands</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><td>-2,581</td></tr><tr><td>Norway</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><td>-1,755</td></tr><tr><td>Portugal</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><td>-1,368</td></tr><tr><td>Romania</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><td>208</td></tr><tr><td>Spain</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>-12,889</td><td>-1,626</td><td>357</td></tr><tr><td>Sweden</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><td>-13,165</td></tr><tr><td>Switzerland</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><td>-8,739</td></tr><tr><td>U. S. S. R.</td><td>-374</td><td>-965</td><td>399</td><td>3,230</td><td>1,736</td><td>-1,271</td><td>-3,643</td><td>20,056</td><td>12,540</td><td>2,077</td><td>-9,301</td><td>-2,282</td><td>-10,452</td></tr><tr><td>Yugoslavia</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><td>-275</td></tr><tr><td>Other Europe</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><td>5,805</td></tr><tr><td>Total Europe</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><td>40,249</td></tr><tr><td>Canada</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><td>-48,808</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>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><td>801</td></tr><tr><td>Bolivia</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><td>2,647</td></tr><tr><td>Brazil</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><td>-20,790</td></tr><tr><td>Chile</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><td>-6,581</td></tr><tr><td>Colombia</td><td>3,476</td><td>-7,675</td><td>-3,778</td><td>-2,743</td><td>2,579</td><td>-2,405</td><td>-5,108</td><td>-4,969</td><td>-4,107</td><td>-5,198</td><td>10,782</td><td>-9,163</td><td>-3,366</td></tr><tr><td>Costa Rica</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><td>8,326</td></tr><tr><td>Cuba</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>4,289</td><td>1,035</td><td>18,682</td><td>-20,553</td></tr><tr><td>French West Indies and Guiana</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><td>588</td></tr><tr><td>Mexico</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><td>-5,724</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-380</td></tr><tr><td>Panama</td><td>1,335</td><td>1,330</td><td>115</td><td>-2,108</td><td>-137</td><td>-2,821</td><td>3,619</td><td>884</td><td>-1,422</td><td>-2,465</td><td>-2,118</td><td>-252</td><td>1,510</td></tr><tr><td>Peru</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><td>950</td></tr><tr><td>Venezuela</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><td>2,625</td></tr><tr><td>Other Latin America</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><td>-3,207</td></tr><tr><td>Total Latin America</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>37,271</td><td>-43,154</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>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><td>-42,597</td></tr><tr><td>French Indo-China</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>280</td><td>1,024</td><td>4,538</td><td>3,632</td><td>7,771</td><td>-12,020</td></tr><tr><td>Hong Kong</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><td>3,442</td></tr><tr><td>India, Burma, and Ceylon</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><td>6,600</td></tr><tr><td>British Malaya</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><td>-1,079</td></tr><tr><td>Japan</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><td>-3,853</td></tr><tr><td>Netherlands East Indies</td><td>-9,494</td><td>5,155</td><td>-680</td><td>9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td><td>3,076</td><td>1,545</td><td>-3,414</td><td>14,251</td><td>5,790</td><td>8,856</td></tr><tr><td>Philippine Islands</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><td>962</td></tr><tr><td>Turkey</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>1,760</td><td>-1,567</td><td>-1,937</td></tr><tr><td>Other Asia</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><td>4,118</td></tr><tr><td>Total Asia</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><td>45,744</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>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><td>5,885</td></tr><tr><td>New Zealand</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><td>364</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>1,048</td><td>1,335</td></tr><tr><td>French Morocco</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><td>1,813</td></tr><tr><td>Union of South Africa</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><td>11,401</td></tr><tr><td>All other</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><td>-5,827</td></tr><tr><td>Total other countries</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>6,350</td><td>14,972</td></tr><tr><td><b>International</b></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><td>250,861</td></tr><tr><td><b>Unidentified</b></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><td>-281,361</td></tr><tr><td><b>Grand total</b></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><td>-112,985</td></tr></table>
February 1947
93
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="4">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td><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>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><td>-611</td></tr><tr><td>France</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><td>-1,636</td></tr><tr><td>Belgium</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><td>-41</td></tr><tr><td>Denmark</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><td>104</td></tr><tr><td>Finland</td><td>1</td><td>5</td><td>13</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><td>1</td></tr><tr><td>Germany</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><td>-257</td></tr><tr><td>Greece</td><td>-10</td><td>11</td><td>3</td><td>33</td><td>9</td><td>-2</td><td>-39</td><td>62</td><td>1</td><td>-60</td><td>-114</td><td>9</td><td>-14</td></tr><tr><td>Italy</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><td>-196</td></tr><tr><td>Luxembourg</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><td>38</td></tr><tr><td>Netherlands</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>-353</td><td>-72</td></tr><tr><td>Norway</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>764</td><td>-412</td><td>39</td><td>434</td></tr><tr><td>Portugal</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><td>-24</td></tr><tr><td>Romania</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><td>-5</td></tr><tr><td>Spain</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><td>-156</td></tr><tr><td>Sweden</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><td>-94</td></tr><tr><td>Switzerland</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><td>991</td></tr><tr><td>U. S. S. R.</td><td>-2</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-21</td><td>-</td><td>-4</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>4</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</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><td>220</td></tr><tr><td>Total Europe</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>1,312</td><td>646</td><td>1,858</td><td>-1,312</td></tr><tr><td>Canada</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><td>103</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>160</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><td>-272</td></tr><tr><td>Bolivia</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><td>2</td></tr><tr><td>Brazil</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><td>77</td></tr><tr><td>Chile</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><td>-71</td></tr><tr><td>Colombia</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><td>21</td></tr><tr><td>Costa Rica</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><td>35</td></tr><tr><td>Cuba</td><td>498</td><td>-412</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><td>-65</td></tr><tr><td>French West Indies and Guiana</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><td>8</td></tr><tr><td>Mexico</td><td>504</td><td>-104</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>1,788</td><td>6,399</td></tr><tr><td>Netherlands West Indies and Surinam</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>-26</td><td>-79</td></tr><tr><td>Panama</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><td>-1,628</td></tr><tr><td>Paru</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><td>29</td></tr><tr><td>Venezuela</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><td>84</td></tr><tr><td>Other Latin America</td><td>40</td><td>-86</td><td>368</td><td>894</td><td>-1,457</td><td>-515</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td><td>138</td><td>939</td></tr><tr><td>Total Latin America</td><td>2,187</td><td>-35</td><td>2,418</td><td>-984</td><td>-438</td><td>-1,590</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,675</td><td>4,307</td><td>5,479</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>-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><td>923</td></tr><tr><td>French Indo-China</td><td>6</td><td>8</td><td>-8</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><td>31</td></tr><tr><td>Hong Kong</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><td>31</td></tr><tr><td>India, Burma, and Ceylon</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><td>-209</td></tr><tr><td>British Malaya</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><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-9</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>19</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>1</td></tr><tr><td>Philippine Islands</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><td>-1,341</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</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><td>-44</td></tr><tr><td>Total Asia</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><td>-679</td></tr><tr><td><b>Other Countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-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><td>68</td></tr><tr><td>New Zealand</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><td>-28</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>24</td></tr><tr><td>French Morocco</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><td>-4</td></tr><tr><td>Union of South Africa</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><td>-70</td></tr><tr><td>All other</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><td>19</td></tr><tr><td>Total other countries</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><td>9</td></tr><tr><td>Unidentified</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><td>18</td></tr><tr><td>Grand total</td><td>5,169</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><td>3,658</td></tr></table>
r Bevisad.
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="4">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-1,852</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>-6,310</td><td>-4,006</td></tr><tr><td>France</td><td>7,427</td><td>-347</td><td>-7,821</td><td>11,256</td><td>62</td><td>-1,890</td><td>344</td><td>-3,210</td><td>-2,934</td><td>2,095</td><td>-22</td><td>-1,432</td><td>4,680</td></tr><tr><td>Belgium</td><td>138</td><td>604</td><td>742</td><td>413</td><td>-393</td><td>-8</td><td>-195</td><td>-615</td><td>475</td><td>798</td><td>71</td><td>249</td><td>204</td></tr><tr><td>Denmark</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><td>135</td></tr><tr><td>Finland</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><td>4</td></tr><tr><td>Germany</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>-20</td><td>13</td></tr><tr><td>Greece</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>12</td><td>525</td></tr><tr><td>Italy</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><td>25</td></tr><tr><td>Luxembourg</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><td>6</td></tr><tr><td>Netherlands</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><td>-3,847</td></tr><tr><td>Norway</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>388</td><td>-327</td><td>-5</td></tr><tr><td>Portugal</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><td>-5</td></tr><tr><td>Rumanie</td><td>-6</td><td>15</td><td>6</td><td>2</td><td>-2</td><td>34</td><td>52</td><td>91</td><td>121</td><td>20</td><td>30</td><td>1,023</td><td>-10</td></tr><tr><td>Spain</td><td>-6</td><td>-37</td><td>-2</td><td>2,085</td><td>-116</td><td>34</td><td>16</td><td>-62</td><td>-175</td><td>243</td><td>6,307</td><td>119</td><td>45</td></tr><tr><td>Sweden</td><td>57</td><td>-3</td><td>-425</td><td>-383</td><td>-3,175</td><td>2,643</td><td>-7,753</td><td>-732</td><td>-2,558</td><td>-408</td><td>-380</td><td>-14,938</td><td>1,176</td></tr><tr><td>Switzerland</td><td>-1,573</td><td>897</td><td>-3,187</td><td>-2,614</td><td>-1,681</td><td>-68</td><td>100</td><td>-91</td><td>3</td><td>7</td><td>5</td><td>-2</td><td>-2</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>-</td><td>2</td><td>35</td><td>1</td><td>-</td><td>3</td><td>-62</td><td>-12</td><td>-7</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Yugoslavia</td><td>3</td><td>-</td><td>-</td><td>35</td><td>-37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</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><td>-25</td></tr><tr><td>Total Europe</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><td>-1,681</td></tr><tr><td>Canada</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><td>2,866</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>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>36,224</td><td>10,943</td></tr><tr><td>Bolivia</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><td>-24</td></tr><tr><td>Brazil</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><td>-94</td></tr><tr><td>Chile</td><td>-57</td><td>401</td><td>1,313</td><td>447</td><td>705</td><td>448</td><td>27</td><td>492</td><td>1,895</td><td>632</td><td>18</td><td>208</td><td>323</td></tr><tr><td>Colombia</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><td>710</td></tr><tr><td>Costa Rica</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><td>13</td></tr><tr><td>Cuba</td><td>-431</td><td>-50</td><td>54</td><td>1,966</td><td>-66</td><td>1,617</td><td>-79</td><td>-143</td><td>152</td><td>336</td><td>664</td><td>-124</td><td>1,596</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-5</td><td>-</td><td>-</td><td>1</td><td>-</td><td>17</td><td>-</td><td>-23</td><td>-</td></tr><tr><td>Mexico</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><td>1,438</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-319</td></tr><tr><td>Panama</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><td>733</td></tr><tr><td>Peru</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>106</td><td>-20</td><td>348</td><td>275</td><td>275</td></tr><tr><td>Venezuela</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><td>96</td></tr><tr><td>Other Latin America</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><td>529</td></tr><tr><td>Total Latin America</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><td>16,219</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>-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><td>-1,016</td></tr><tr><td>French Indo-China</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>250</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-130</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>18</td><td>-64</td><td>23</td><td>-3</td><td>-80</td><td>-131</td><td>-103</td><td>-94</td><td>-183</td><td>-126</td><td>-50</td><td>-188</td><td>-27</td></tr><tr><td>Iadie, Burma, and Ceylon</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><td>-109</td></tr><tr><td>British Malaya</td><td>-2</td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-3</td><td>2</td><td>-2</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>13</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>Netherlands East Indies</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><td>-12,075</td></tr><tr><td>Philippine Islands</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><td>84</td></tr><tr><td>Turkey</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><td>24</td></tr><tr><td>Other Asia</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><td>-15</td></tr><tr><td>Total Asia</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><td>-13,133</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>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><td>10,901</td></tr><tr><td>New Zealand</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><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-29</td></tr><tr><td>French Morocco</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><td>-26</td></tr><tr><td>Union of South Africa</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><td>-96</td></tr><tr><td>All other</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>-446</td><td>13</td><td>349</td><td>-52</td></tr><tr><td>Total other countries</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><td>10,697</td></tr><tr><td>Unidentified</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><td>-5</td></tr><tr><td>Grand total</td><td>-14,731</td><td>-75,047</td><td>20,470</td><td>9,453</td><td>-47,702</td><td>15,760</td><td>-21,508</td><td>-11,172</td><td>17,097</td><td>-24,307</td><td>-87,383</td><td>2,558</td><td>14,963</td></tr></table>
February 1947
95
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
(Portion 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>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td><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>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><td>65,271</td></tr><tr><td>France</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>940</td><td>3,408</td><td>3,054</td><td>2,977</td></tr><tr><td>Belgium</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><td>6,868</td></tr><tr><td>Denmark</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><td>195</td></tr><tr><td>Finland</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>3,973</td><td>1,514</td></tr><tr><td>Germany</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><td>33,855</td></tr><tr><td>Greece</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><td>12,571</td></tr><tr><td>Italy</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><td>10,717</td></tr><tr><td>Luxembourg</td><td>69</td><td>69</td><td>69</td><td>68</td><td>72</td><td>85</td><td>72</td><td>72</td><td>72</td><td>64</td><td>69</td><td>72</td><td>64</td></tr><tr><td>Netherlands</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><td>136,013</td></tr><tr><td>Norway</td><td>65</td><td>74</td><td>84</td><td>31,590</td><td>64</td><td>4,235</td><td>6,228</td><td>195</td><td>1,176</td><td>274</td><td>554</td><td>472</td><td>708</td></tr><tr><td>Portugal</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><td>982</td></tr><tr><td>Rumania</td><td>37</td><td>28</td><td>27</td><td>64</td><td>25</td><td>30</td><td>30</td><td>145</td><td>73</td><td>58</td><td>61</td><td>33</td><td>36</td></tr><tr><td>Spain</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><td>3,641</td></tr><tr><td>Sveden</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><td>5,470</td></tr><tr><td>Switzerland</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><td>5,463</td></tr><tr><td>U. S. S. R.</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><td>9</td></tr><tr><td>Yugoslavia</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><td>6</td></tr><tr><td>Other Europe</td><td>5,110</td><td>4,982</td><td>4,903</td><td>4,693</td><td>4,765</td><td>4,878</td><td>4,875</td><td>5,001</td><td>5,060</td><td>4,953</td><td>4,980</td><td>4,307</td><td>5,511</td></tr><tr><td>Total Europe</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><td>293,871</td></tr><tr><td>Canada</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><td>50,320</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>12,804</td><td>10,844</td><td>20,525</td><td>20,956</td><td>24,156</td><td>17,981</td><td>24,732</td><td>26,768</td><td>20,421</td><td>20,417</td><td>27,891</td><td>25,578</td><td>21,408</td></tr><tr><td>Bolivia</td><td>1,138</td><td>1,796</td><td>1,249</td><td>1,346</td><td>1,678</td><td>1,465</td><td>2,729</td><td>2,862</td><td>1,975</td><td>3,059</td><td>4,439</td><td>3,240</td><td>2,617</td></tr><tr><td>Brazil</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><td>37,177</td></tr><tr><td>Chile</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><td>14,492</td></tr><tr><td>Colombia</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><td>23,815</td></tr><tr><td>Costa Rica</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>9,845</td><td>1,671</td></tr><tr><td>Cuba</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><td>21,138</td></tr><tr><td>French West Indies and Guiana</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><td>10</td></tr><tr><td>Mexico</td><td>9,015</td><td>9,670</td><td>10,606</td><td>11,002</td><td>10,545</td><td>13,883</td><td>14,252</td><td>14,111</td><td>13,528</td><td>15,045</td><td>15,151</td><td>17,186</td><td>22,031</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>357</td></tr><tr><td>Panama</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><td>928</td></tr><tr><td>Peru</td><td>1,317</td><td>1,342</td><td>1,680</td><td>1,943</td><td>3,319</td><td>3,504</td><td>3,803</td><td>3,646</td><td>3,845</td><td>3,488</td><td>3,378</td><td>3,598</td><td>2,967</td></tr><tr><td>Venezuela</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><td>6,984</td></tr><tr><td>Other Latin America</td><td>24,072</td><td>25,446</td><td>27,330</td><td>33,406</td><td>29,512</td><td>25,935</td><td>26,089</td><td>26,580</td><td>21,189</td><td>22,124</td><td>24,029</td><td>25,832</td><td>27,011</td></tr><tr><td>Total Latin America</td><td>120,570</td><td>113,563</td><td>145,828</td><td>158,916</td><td>164,729</td><td>161,190</td><td>178,441</td><td>166,122</td><td>158,030</td><td>164,724</td><td>170,350</td><td>185,282</td><td>182,607</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>1,077</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><td>34,668</td></tr><tr><td>French Indo-China</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><td>19</td></tr><tr><td>Soog Kong</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><td>3,244</td></tr><tr><td>India, Burma, and Ceylon</td><td>8,047</td><td>7,155</td><td>7,051</td><td>7,489</td><td>7,938</td><td>6,956</td><td>6,812</td><td>7,215</td><td>6,618</td><td>7,366</td><td>9,366</td><td>10,782</td><td>11,743</td></tr><tr><td>British Malaya</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><td>152</td></tr><tr><td>Japan</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><td>300</td></tr><tr><td>Netherlands East Indies</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><td>1,160</td></tr><tr><td>Philippine Ielands</td><td>13,577</td><td>13,024</td><td>13,658</td><td>13,847</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,696</td><td>16,667</td><td>18,543</td><td>19,204</td><td>16,569</td></tr><tr><td>Turkey</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><td>918</td></tr><tr><td>Other Asia</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><td>3,928</td></tr><tr><td>Total Asia</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><td>72,701</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>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><td>3,291</td></tr><tr><td>Sov Zealand</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><td>1,192</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>330</td></tr><tr><td>French Morocco</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><td>36</td></tr><tr><td>Union of South Africa</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><td>7,731</td></tr><tr><td>All other</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><td>2,482</td></tr><tr><td>Total other countries</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><td>15,068</td></tr><tr><td>Ucidentified</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><td>41</td></tr><tr><td>Grand total</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><td>614,608</td></tr></table>
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="4">1945</th><th colspan="9">1946</th><th></th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td>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>746,157</td><td>740,221</td><td>699,617</td><td>707,694</td><td>679,045</td><td>630,499</td><td>553,759</td><td>553,420</td><td>434,360</td><td>335,059</td><td>661,071</td><td>525,328</td><td>570,314</td></tr><tr><td>France</td><td>313,417</td><td>360,321</td><td>327,256</td><td>310,040</td><td>398,293</td><td>380,667</td><td>364,453</td><td>305,782</td><td>319,659</td><td>285,961</td><td>275,207</td><td>250,769</td><td>275,520</td></tr><tr><td>Belgium</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><td>158,668</td></tr><tr><td>Denmark</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>45,554</td><td>49,745</td><td>50,361</td><td>52,087</td><td>56,793</td></tr><tr><td>Holland</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>13,182</td><td>13,574</td></tr><tr><td>Germany</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><td>6,447</td></tr><tr><td>Greece</td><td>66,097</td><td>68,669</td><td>70,977</td><td>70,790</td><td>69,904</td><td>69,666</td><td>74,932</td><td>76,677</td><td>75,514</td><td>72,277</td><td>64,143</td><td>60,095</td><td>64,387</td></tr><tr><td>Italy</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>174,314</td><td>178,863</td></tr><tr><td>Luxembourg</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><td>21,675</td></tr><tr><td>Netherlands</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>268,366</td><td>256,090</td><td>234,137</td><td>227,080</td><td>238,996</td></tr><tr><td>Norway</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>148,855</td><td>142,283</td><td>140,764</td></tr><tr><td>Portugal</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><td>49,073</td></tr><tr><td>Rumanie</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><td>8,700</td></tr><tr><td>Spain</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><td>18,896</td></tr><tr><td>Sweden</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><td>183,110</td></tr><tr><td>Switzerland</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><td>351,069</td></tr><tr><td>U. S. S. R.</td><td>25,404</td><td>24,373</td><td>24,848</td><td>28,012</td><td>29,783</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>47,920</td><td>37,465</td></tr><tr><td>Iugoslavia</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><td>8,484</td></tr><tr><td>Other Europe</td><td>44,951</td><td>44,462</td><td>44,317</td><td>43,675</td><td>45,398</td><td>48,384</td><td>51,211</td><td>53,563</td><td>57,422</td><td>62,326</td><td>65,915</td><td>67,658</td><td>74,667</td></tr><tr><td>Total Europe</td><td>2,501,012</td><td>2,544,956</td><td>2,529,934</td><td>2,582,962</td><td>2,655,350</td><td>2,588,818</td><td>2,512,425</td><td>2,502,544</td><td>2,393,247</td><td>2,257,436</td><td>2,554,375</td><td>2,391,008</td><td>2,457,445</td></tr><tr><td>Canada</td><td>1,492,073</td><td>1,551,790</td><td>1,545,733</td><td>1,522,155</td><td>1,350,718</td><td>1,349,736</td><td>1,359,712</td><td>1,344,138</td><td>1,248,229</td><td>1,263,755</td><td>1,284,303</td><td>1,219,566</td><td>1,177,515</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>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><td>144,510</td></tr><tr><td>Bolivia</td><td>17,858</td><td>17,879</td><td>15,631</td><td>14,498</td><td>13,596</td><td>13,381</td><td>13,571</td><td>12,693</td><td>11,910</td><td>10,700</td><td>12,288</td><td>11,499</td><td>13,523</td></tr><tr><td>Brazil</td><td>181,504</td><td>179,157</td><td>185,603</td><td>195,138</td><td>192,252</td><td>199,622</td><td>210,631</td><td>206,827</td><td>222,014</td><td>218,846</td><td>231,064</td><td>255,861</td><td>230,961</td></tr><tr><td>Chile</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><td>51,221</td></tr><tr><td>Colombia</td><td>92,247</td><td>83,078</td><td>84,508</td><td>79,186</td><td>82,446</td><td>80,604</td><td>77,539</td><td>72,413</td><td>69,597</td><td>66,344</td><td>75,241</td><td>67,361</td><td>65,223</td></tr><tr><td>Costa Rica</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>6,291</td><td>6,005</td><td>6,901</td><td>6,730</td><td>6,754</td><td>6,536</td><td>6,687</td></tr><tr><td>Cuba</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><td>160,602</td></tr><tr><td>French West Indies and Guiana</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><td>7,806</td></tr><tr><td>Mexico</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><td>142,191</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>13,730</td></tr><tr><td>Panama</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><td>85,371</td></tr><tr><td>Peru</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><td>39,113</td></tr><tr><td>Venezuela</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><td>52,451</td></tr><tr><td>Other Latin America</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><td>167,339</td></tr><tr><td>Total Latin America</td><td>1,110,567</td><td>1,097,740</td><td>1,045,743</td><td>1,046,442</td><td>1,050,940</td><td>1,043,489</td><td>1,093,952</td><td>1,077,717</td><td>1,108,072</td><td>1,151,271</td><td>1,174,354</td><td>1,226,557</td><td>1,180,728</td></tr><tr><td>Aole</td><td></td><td></td><td></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 Manchurie</td><td>588,461</td><td>591,685</td><td>581,380</td><td>582,276</td><td>756,258</td><td>737,967</td><td>732,087</td><td>717,030</td><td>695,304</td><td>657,045</td><td>611,924</td><td>561,042</td><td>525,332</td></tr><tr><td>French Indo-China</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>31,991</td><td>39,042</td><td>43,554</td><td>47,224</td><td>54,956</td><td>42,936</td></tr><tr><td>Hong Kong</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><td>37,868</td></tr><tr><td>India, Burma, and Ceylon</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,380</td><td>29,367</td><td>36,729</td><td>25,654</td><td>34,620</td><td>37,585</td><td>36,097</td><td>33,161</td><td>28,275</td><td>35,836</td></tr><tr><td>British Malaya</td><td>920</td><td>987</td><td>1,032</td><td>1,201</td><td>1,657</td><td>1,644</td><td>1,471</td><td>1,617</td><td>1,404</td><td>1,599</td><td>2,176</td><td>10,306</td><td>9,290</td></tr><tr><td>Japan</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><td>9,537</td></tr><tr><td>Netherlands East Indies</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><td>128,898</td></tr><tr><td>Philippine Islands</td><td>612,145</td><td>615,431</td><td>659,748</td><td>629,175</td><td>642,797</td><td>635,693</td><td>598,421</td><td>617,014</td><td>580,211</td><td>505,528</td><td>482,366</td><td>466,899</td><td>465,226</td></tr><tr><td>Turkey</td><td>50,475</td><td>50,464</td><td>47,186</td><td>52,477</td><td>57,275</td><td>62,184</td><td>66,067</td><td>66,918</td><td>71,998</td><td>69,278</td><td>64,474</td><td>62,926</td><td>60,993</td></tr><tr><td>Other Asia</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><td>80,573</td></tr><tr><td>Total Asia</td><td>1,510,542</td><td>1,553,416</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><td>1,396,449</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>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><td>39,940</td></tr><tr><td>New Zealand</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><td>5,514</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>
February 1947
97
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="4">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td><b>Europs</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>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><td>1,267</td></tr><tr><td>France</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><td>379</td></tr><tr><td>Belgium</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><td>107</td></tr><tr><td>Denmark</td><td>57</td><td>7</td><td>29</td><td>9</td><td>126</td><td>107</td><td>109</td><td>82</td><td>78</td><td>80</td><td>60</td><td>70</td><td>-</td></tr><tr><td>Finland</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><td>131</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Italy</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><td>94</td></tr><tr><td>Luxembourg</td><td>43</td><td>31</td><td>12</td><td>12</td><td>12</td><td>12</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</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><td>139</td></tr><tr><td>Norway</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><td>346</td></tr><tr><td>Portugal</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><td>8</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>69</td><td>70</td><td>69</td><td>66</td><td>1</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>211</td></tr><tr><td>Sweden</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><td>58</td></tr><tr><td>Switzerland</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><td>959</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>2</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>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><td>2</td></tr><tr><td>Total Europe</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><td>3,670</td></tr><tr><td>Canada</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><td>5,632</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</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><td>1,104</td></tr><tr><td>Bolivia</td><td>5</td><td>3</td><td>54</td><td>-</td><td>149</td><td>40</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</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><td>1,635</td></tr><tr><td>Chile</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><td>874</td></tr><tr><td>Colombia</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><td>82</td></tr><tr><td>Costa Rica</td><td>8</td><td>8</td><td>11</td><td>30</td><td>23</td><td>19</td><td>21</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Cuba</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><td>5,763</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>43</td><td>38</td><td>33</td><td>33</td><td>71</td><td>30</td></tr><tr><td>Mexico</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><td>1,683</td></tr><tr><td>Netherlands West Indies and Surinam</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>-</td><td>-</td><td>1</td><td>91</td><td>-</td></tr><tr><td>Panama</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><td>39</td></tr><tr><td>Peru</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><td>27</td></tr><tr><td>Venezuela</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><td>1,859</td></tr><tr><td>Other Latino America</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><td>4,227</td></tr><tr><td>Total Latino America</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><td>17,326</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>5,371</td><td>5,389</td><td>5,386</td><td>5,669</td><td>6,089</td><td>6,090</td><td>5,815</td><td>6,051</td><td>6,272</td><td>6,472</td><td>6,792</td><td>6,460</td><td>5,225</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></tr><tr><td>Hong Kong</td><td>218</td><td>150</td><td>137</td><td>134</td><td>131</td><td>108</td><td>70</td><td>40</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>294</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>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>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</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><td>676</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>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><td>3</td></tr><tr><td>Total Asia</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><td>6,198</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>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><td>4</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>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>15</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td></tr><tr><td>All other</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><td>40</td></tr><tr><td>Total other countries</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><td>143</td></tr><tr><td>Uidentified</td><td>10</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</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><td>32,969</td></tr></table>
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="4">1945</th><th colspan="8">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,862</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><td>3,851</td></tr><tr><td>France</td><td>9,406</td><td>9,512</td><td>9,347</td><td>9,850</td><td>10,564</td><td>11,044</td><td>10,462</td><td>10,626</td><td>10,505</td><td>10,565</td><td>10,738</td><td>10,005</td><td>8,454</td></tr><tr><td>Belgium</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><td>2,159</td></tr><tr><td>Denmark</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>148</td><td>146</td><td>180</td></tr><tr><td>Finland</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><td>3</td></tr><tr><td>Germany</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><td>169</td></tr><tr><td>Greece</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><td>21</td></tr><tr><td>Italy</td><td>179</td><td>190</td><td>191</td><td>235</td><td>247</td><td>245</td><td>254</td><td>316</td><td>342</td><td>282</td><td>325</td><td>264</td><td>160</td></tr><tr><td>Luxembourg</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><td>695</td></tr><tr><td>Netherlands</td><td>18,596</td><td>19,052</td><td>17,984</td><td>19,859</td><td>10,137</td><td>10,028</td><td>9,986</td><td>9,491</td><td>9,779</td><td>9,795</td><td>9,968</td><td>9,608</td><td>9,545</td></tr><tr><td>Norway</td><td>955</td><td>910</td><td>1,023</td><td>1,563</td><td>1,654</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><td>1,655</td></tr><tr><td>Portugal</td><td>171</td><td>160</td><td>146</td><td>145</td><td>201</td><td>125</td><td>143</td><td>69</td><td>63</td><td>90</td><td>30</td><td>125</td><td>101</td></tr><tr><td>Rumania</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><td>43</td></tr><tr><td>Spain</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><td>173</td></tr><tr><td>Sweeden</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><td>548</td></tr><tr><td>Switzerland</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><td>32,691</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>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</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><td>47</td></tr><tr><td>Other Europe</td><td>245</td><td>581</td><td>1,679</td><td>1,648</td><td>1,519</td><td>1,638</td><td>1,635</td><td>1,625</td><td>1,736</td><td>1,628</td><td>1,565</td><td>1,626</td><td>1,655</td></tr><tr><td>Total Europe</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><td>62,148</td></tr><tr><td>Canada</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><td>5,446</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>4,519</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><td>6,667</td></tr><tr><td>Bolivia</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><td>37</td></tr><tr><td>Brazil</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><td>751</td></tr><tr><td>Chile</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><td>540</td></tr><tr><td>Colombia</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><td>299</td></tr><tr><td>Costa Rica</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><td>97</td></tr><tr><td>Cuba</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><td>967</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>14</td><td>-</td><td>-</td><td>3</td><td>1</td><td>1</td><td>33</td><td>-</td></tr><tr><td>Mexico</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>5,563</td><td>12,121</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>349</td><td>800</td><td>814</td><td>199</td><td>194</td><td>255</td><td>221</td><td>209</td><td>193</td><td>173</td><td>175</td><td>239</td><td>69</td></tr><tr><td>Panama</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><td>7,370</td></tr><tr><td>Peru</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><td>171</td></tr><tr><td>Venezuela</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><td>3,158</td></tr><tr><td>Other Latin America</td><td>940</td><td>1,016</td><td>828</td><td>1,095</td><td>1,746</td><td>1,566</td><td>1,522</td><td>1,111</td><td>1,000</td><td>1,075</td><td>969</td><td>1,124</td><td>1,489</td></tr><tr><td>Total Latin America</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>26,561</td><td>28,212</td><td>26,684</td><td>28,558</td><td>33,736</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>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><td>1,714</td></tr><tr><td>French Indo China</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><td>-</td></tr><tr><td>Hong Kong</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><td>195</td></tr><tr><td>India, Burma, and Ceylon</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><td>33</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>2</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>33</td><td>24</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>44</td><td>44</td></tr><tr><td>Netherlands East Indies</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><td>5</td></tr><tr><td>Philippine Islands</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><td>1,310</td></tr><tr><td>Turkey</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><td>1</td></tr><tr><td>Other Asia</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><td>207</td></tr><tr><td>Total Asia</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><td>3,511</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>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><td>117</td></tr><tr><td>New Zealand</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>39</td><td>12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>186</td></tr><tr><td>French Morocco</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><td>83</td></tr><tr><td>Union of South Africa</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><td>62</td></tr><tr><td>All other</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><td>1,183</td></tr><tr><td>Total other countries</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><td>1,603</td></tr><tr><td>Unidentified</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><td>92</td></tr><tr><td>Grand total</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><td>106,536</td></tr></table>
r Revived.
February 1947
99
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of September 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 rowspan="2"></th><th rowspan="2">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>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>65,271</td><td>54,969</td><td>41,870</td><td>5,522</td><td>7,577</td><td>10,302</td><td>6,774</td><td>1,454</td><td>2,074</td></tr><tr><td>France</td><td>2,977</td><td>352</td><td>96</td><td>70</td><td>186</td><td>2,625</td><td>1,924</td><td>-</td><td>701</td></tr><tr><td>Belgium</td><td>6,868</td><td>140</td><td>83</td><td>8</td><td>49</td><td>5,728</td><td>114</td><td>1,311</td><td>5,304</td></tr><tr><td>Denmark</td><td>195</td><td>56</td><td>34</td><td>21</td><td>1</td><td>139</td><td>-</td><td>51</td><td>63</td></tr><tr><td>Finland</td><td>3,514</td><td>2</td><td>1</td><td>-</td><td>1</td><td>3,512</td><td>2,244</td><td>1,268</td><td>20</td></tr><tr><td>Germany</td><td>33,855</td><td>51</td><td>6</td><td>28</td><td>17</td><td>33,804</td><td>20,556</td><td>77</td><td>13,181</td></tr><tr><td>Greece</td><td>12,571</td><td>26</td><td>-</td><td>8</td><td>18</td><td>12,545</td><td>11,401</td><td>7</td><td>1,137</td></tr><tr><td>Italy</td><td>10,717</td><td>237</td><td>21</td><td>209</td><td>7</td><td>10,480</td><td>3,559</td><td>297</td><td>7,024</td></tr><tr><td>Luxembourg</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td><td>-</td><td>64</td></tr><tr><td>Netherlande</td><td>136,013</td><td>326</td><td>246</td><td>51</td><td>29</td><td>135,687</td><td>120,422</td><td>171</td><td>15,094</td></tr><tr><td>Norway</td><td>708</td><td>109</td><td>56</td><td>15</td><td>38</td><td>599</td><td>2</td><td>311</td><td>286</td></tr><tr><td>Portugal</td><td>982</td><td>154</td><td>191</td><td>-</td><td>3</td><td>788</td><td>352</td><td>-</td><td>436</td></tr><tr><td>Rumanie</td><td>36</td><td>3</td><td>-</td><td>3</td><td>-</td><td>33</td><td>1</td><td>-</td><td>32</td></tr><tr><td>Spain</td><td>3,641</td><td>132</td><td>16</td><td>29</td><td>93</td><td>3,509</td><td>415</td><td>-</td><td>3,094</td></tr><tr><td>Sweden</td><td>5,470</td><td>2,480</td><td>2,053</td><td>370</td><td>57</td><td>2,990</td><td>79</td><td>1,741</td><td>1,170</td></tr><tr><td>Switzerland</td><td>5,463</td><td>795</td><td>287</td><td>489</td><td>19</td><td>4,668</td><td>3,437</td><td>-</td><td>1,231</td></tr><tr><td>U. S. S. R.</td><td>9</td><td>9</td><td>9</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>5,511</td><td>239</td><td>168</td><td>37</td><td>14</td><td>5,272</td><td>1,967</td><td>-</td><td>3,305</td></tr><tr><td>Total Europe</td><td>293,871</td><td>60,123</td><td>45,151</td><td>6,860</td><td>8,112</td><td>233,748</td><td>173,248</td><td>6,657</td><td>53,843</td></tr><tr><td>Canada</td><td>50,320</td><td>29,079</td><td>20,442</td><td>6,880</td><td>1,757</td><td>21,241</td><td>6,673</td><td>1,461</td><td>13,107</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>Argentinea</td><td>21,408</td><td>1,278</td><td>544</td><td>676</td><td>58</td><td>20,130</td><td>10,975</td><td>2,450</td><td>6,705</td></tr><tr><td>Bolivia</td><td>2,617</td><td>-</td><td>-</td><td>1</td><td>-</td><td>2,617</td><td>799</td><td>-</td><td>1,818</td></tr><tr><td>Brazil</td><td>37,177</td><td>72</td><td>68</td><td>1</td><td>3</td><td>37,105</td><td>5,499</td><td>2,081</td><td>29,525</td></tr><tr><td>Chile</td><td>14,492</td><td>1</td><td>1</td><td>-</td><td>-</td><td>14,491</td><td>229</td><td>3,348</td><td>10,914</td></tr><tr><td>Colombia</td><td>23,815</td><td>107</td><td>-</td><td>57</td><td>50</td><td>23,708</td><td>7,346</td><td>3,928</td><td>12,434</td></tr><tr><td>Costa Rica</td><td>1,671</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,671</td><td>116</td><td>13</td><td>1,540</td></tr><tr><td>Cuba</td><td>21,138</td><td>382</td><td>303</td><td>79</td><td>-</td><td>20,756</td><td>6,486</td><td>2,159</td><td>12,111</td></tr><tr><td>French West Indies and Guiana</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>10</td></tr><tr><td>Mexico</td><td>22,031</td><td>2,304</td><td>1,842</td><td>33</td><td>429</td><td>19,727</td><td>5,722</td><td>1,905</td><td>12,100</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>357</td><td>29</td><td>15</td><td>-</td><td>14</td><td>328</td><td>-</td><td>-</td><td>328</td></tr><tr><td>Panama</td><td>928</td><td>1</td><td>1</td><td>-</td><td>1</td><td>927</td><td>-</td><td>20</td><td>907</td></tr><tr><td>Peru</td><td>2,968</td><td>40</td><td>8</td><td>-</td><td>32</td><td>2,928</td><td>1,048</td><td>36</td><td>1,844</td></tr><tr><td>Venezuela</td><td>6,984</td><td>91</td><td>85</td><td>3</td><td>3</td><td>6,893</td><td>2,914</td><td>-</td><td>3,979</td></tr><tr><td>Other Latin America</td><td>27,011</td><td>93</td><td>66</td><td>-</td><td>27</td><td>26,918</td><td>16,836</td><td>602</td><td>9,480</td></tr><tr><td>Total Latin America</td><td>182,607</td><td>4,398</td><td>2,932</td><td>849</td><td>617</td><td>178,209</td><td>57,972</td><td>16,542</td><td>103,695</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>34,668</td><td>2,631</td><td>2,589</td><td>4</td><td>38</td><td>32,031</td><td>22,672</td><td>2,756</td><td>6,609</td></tr><tr><td>French Indo-China</td><td>15</td><td>1</td><td>-</td><td>-</td><td>1</td><td>18</td><td>-</td><td>178</td><td>18</td></tr><tr><td>Bong Kong</td><td>3,244</td><td>877</td><td>643</td><td>127</td><td>107</td><td>2,367</td><td>1,196</td><td>-</td><td>993</td></tr><tr><td>India, Burma, and Ceylon</td><td>11,743</td><td>4,528</td><td>985</td><td>3,525</td><td>18</td><td>7,215</td><td>5,224</td><td>717</td><td>1,274</td></tr><tr><td>British Malaya</td><td>152</td><td>-</td><td>-</td><td>-</td><td>-</td><td>152</td><td>-</td><td>37</td><td>115</td></tr><tr><td>Japan</td><td>300</td><td>3</td><td>2</td><td>1</td><td>-</td><td>297</td><td>282</td><td>-</td><td>15</td></tr><tr><td>Netherlande East Indies</td><td>1,160</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1,155</td><td>-</td><td>1,104</td><td>51</td></tr><tr><td>Philippine Ielande</td><td>15,569</td><td>173</td><td>98</td><td>-</td><td>75</td><td>16,396</td><td>8,193</td><td>2,929</td><td>5,274</td></tr><tr><td>Turkey</td><td>918</td><td>8</td><td>-</td><td>7</td><td>1</td><td>910</td><td>56</td><td>-</td><td>854</td></tr><tr><td>Other Asia</td><td>3,928</td><td>178</td><td>151</td><td>-</td><td>27</td><td>3,750</td><td>308</td><td>-</td><td>3,442</td></tr><tr><td>Total Asia</td><td>72,701</td><td>8,404</td><td>4,473</td><td>3,664</td><td>267</td><td>64,297</td><td>37,931</td><td>7,721</td><td>18,645</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>3,297</td><td>1,891</td><td>1,848</td><td>4</td><td>39</td><td>1,406</td><td>110</td><td>596</td><td>700</td></tr><tr><td>New Zealand</td><td>1,192</td><td>435</td><td>426</td><td>3</td><td>6</td><td>757</td><td>3</td><td>157</td><td>597</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>330</td><td>7</td><td>3</td><td>-</td><td>4</td><td>323</td><td>2</td><td>-</td><td>321</td></tr><tr><td>French Morocco</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>3</td><td>-</td><td>33</td></tr><tr><td>Union of South Africa</td><td>7,731</td><td>1,840</td><td>99</td><td>287</td><td>1,454</td><td>5,801</td><td>-</td><td>180</td><td>5,711</td></tr><tr><td>All other</td><td>2,482</td><td>15</td><td>1</td><td>-</td><td>18</td><td>2,463</td><td>174</td><td>-</td><td>2,289</td></tr><tr><td>Total other countries</td><td>15,068</td><td>4,192</td><td>2,377</td><td>294</td><td>1,521</td><td>10,876</td><td>292</td><td>933</td><td>9,651</td></tr><tr><td>Unidentified</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>-</td><td>41</td></tr><tr><td>Grand total</td><td>614,608</td><td>106,196</td><td>75,375</td><td>18,547</td><td>12,274</td><td>508,412</td><td>276,116</td><td>33,314</td><td>196,982</td></tr></table>
100
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of September 1946 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and 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>570,314</td><td>557,949</td><td>534,072</td><td>1,689</td><td>14,717</td><td>7,471</td><td>12,365</td><td>19</td><td>7,107</td><td>5,239</td></tr><tr><td>France</td><td>275,520</td><td>275,206</td><td>240,457</td><td>498</td><td>30,771</td><td>3,480</td><td>314</td><td>219</td><td>85</td><td>10</td></tr><tr><td>Belgium</td><td>158,668</td><td>158,468</td><td>146,680</td><td>1,640</td><td>9,792</td><td>356</td><td>200</td><td>64</td><td>16</td><td>120</td></tr><tr><td>Denmark</td><td>56,793</td><td>56,789</td><td>56,087</td><td>162</td><td>367</td><td>173</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>13,574</td><td>13,571</td><td>13,139</td><td>2</td><td>-</td><td>430</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,447</td><td>6,431</td><td>6,314</td><td>71</td><td>14</td><td>32</td><td>16</td><td>14</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>64,387</td><td>64,360</td><td>60,369</td><td>403</td><td>358</td><td>3,230</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>178,863</td><td>178,837</td><td>167,947</td><td>193</td><td>10,496</td><td>201</td><td>26</td><td>25</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>21,675</td><td>21,675</td><td>20,884</td><td>-</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>238,996</td><td>238,918</td><td>224,251</td><td>391</td><td>13,856</td><td>420</td><td>78</td><td>45</td><td>-</td><td>33</td></tr><tr><td>Norway</td><td>140,764</td><td>140,756</td><td>77,383</td><td>126</td><td>62,401</td><td>846</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>49,073</td><td>48,612</td><td>47,351</td><td>856</td><td>3</td><td>402</td><td>461</td><td>1</td><td>-</td><td>460</td></tr><tr><td>Rumanie</td><td>8,700</td><td>8,700</td><td>8,671</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>18,896</td><td>18,806</td><td>18,391</td><td>310</td><td>100</td><td>5</td><td>90</td><td>88</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>183,110</td><td>183,087</td><td>77,290</td><td>12,252</td><td>90,500</td><td>3,045</td><td>23</td><td>-</td><td>-</td><td>23</td></tr><tr><td>Switzerland</td><td>351,069</td><td>350,605</td><td>329,264</td><td>5,442</td><td>11,732</td><td>4,167</td><td>464</td><td>101</td><td>-</td><td>363</td></tr><tr><td>U. S. S. R.</td><td>37,465</td><td>37,465</td><td>37,360</td><td>23</td><td>-</td><td>82</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,464</td><td>8,463</td><td>8,440</td><td>21</td><td>-</td><td>2</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>74,667</td><td>74,654</td><td>74,232</td><td>156</td><td>160</td><td>106</td><td>13</td><td>2</td><td>-</td><td>11</td></tr><tr><td>Total Europe</td><td>2,457,145</td><td>2,443,352</td><td>2,118,582</td><td>24,264</td><td>246,058</td><td>24,448</td><td>14,093</td><td>618</td><td>7,208</td><td>6,267</td></tr><tr><td>Canada</td><td>1,177,515</td><td>1,173,132</td><td>319,638</td><td>1,067</td><td>852,271</td><td>156</td><td>4,383</td><td>274</td><td>6</td><td>4,103</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>144,510</td><td>144,482</td><td>137,790</td><td>2,685</td><td>3,885</td><td>122</td><td>28</td><td>18</td><td>-</td><td>10</td></tr><tr><td>Bolivia</td><td>13,523</td><td>13,523</td><td>13,522</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>230,961</td><td>230,882</td><td>217,755</td><td>11,585</td><td>-</td><td>1,542</td><td>79</td><td>59</td><td>-</td><td>20</td></tr><tr><td>Chile</td><td>51,221</td><td>51,217</td><td>49,558</td><td>1,631</td><td>-</td><td>28</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>65,223</td><td>65,221</td><td>64,025</td><td>1,195</td><td>-</td><td>1</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,687</td><td>6,683</td><td>6,425</td><td>258</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Cuba</td><td>160,602</td><td>160,602</td><td>158,989</td><td>867</td><td>729</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,806</td><td>7,806</td><td>7,806</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>142,191</td><td>141,402</td><td>139,733</td><td>1,130</td><td>500</td><td>39</td><td>789</td><td>181</td><td>-</td><td>608</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>13,730</td><td>13,730</td><td>12,522</td><td>-</td><td>1,207</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>85,371</td><td>85,370</td><td>66,798</td><td>2</td><td>18,570</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>39,113</td><td>39,107</td><td>32,060</td><td>1,122</td><td>5,925</td><td>-</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>52,451</td><td>52,451</td><td>51,885</td><td>558</td><td>7</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>167,339</td><td>167,021</td><td>142,292</td><td>1,165</td><td>22,827</td><td>737</td><td>318</td><td>315</td><td>-</td><td>3</td></tr><tr><td>Total Latin America</td><td>1,180,728</td><td>1,179,497</td><td>1,101,160</td><td>22,199</td><td>53,650</td><td>2,488</td><td>1,231</td><td>585</td><td>-</td><td>646</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 Manchurie</td><td>525,332</td><td>524,584</td><td>154,573</td><td>3,200</td><td>362,934</td><td>3,877</td><td>748</td><td>177</td><td>-</td><td>572</td></tr><tr><td>Freoch Indo-China</td><td>42,936</td><td>42,936</td><td>27,775</td><td>2</td><td>15,133</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>37,868</td><td>32,437</td><td>31,226</td><td>475</td><td>542</td><td>244</td><td>5,381</td><td>5,381</td><td>-</td><td>-</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>35,836</td><td>35,465</td><td>32,836</td><td>2,461</td><td>50</td><td>118</td><td>371</td><td>35</td><td>150</td><td>186</td></tr><tr><td>British Malaya</td><td>9,250</td><td>9,208</td><td>8,355</td><td>631</td><td>222</td><td>-</td><td>42</td><td>42</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>9,537</td><td>9,503</td><td>8,789</td><td>457</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>128,898</td><td>128,896</td><td>51,046</td><td>241</td><td>77,597</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>465,226</td><td>464,830</td><td>459,313</td><td>1,657</td><td>532</td><td>3,328</td><td>396</td><td>296</td><td>-</td><td>100</td></tr><tr><td>Turkey</td><td>60,993</td><td>60,993</td><td>59,176</td><td>483</td><td>-</td><td>1,334</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>80,573</td><td>80,573</td><td>65,849</td><td>495</td><td>13,760</td><td>469</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,396,449</td><td>1,389,475</td><td>898,938</td><td>10,102</td><td>470,792</td><td>9,643</td><td>6,974</td><td>5,955</td><td>150</td><td>869</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>39,940</td><td>39,496</td><td>36,330</td><td>2,434</td><td>502</td><td>230</td><td>444</td><td>3</td><td>4</td><td>437</td></tr><tr><td>New Zealand</td><td>5,514</td><td>5,498</td><td>5,199</td><td>299</td><td>-</td><td>-</td><td>16</td><td>13</td><td>-</td><td>3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>20,207</td><td>20,035</td><td>15,960</td><td>349</td><td>-</td><td>3,726</td><td>172</td><td>-</td><td>-</td><td>172</td></tr><tr><td>French Morocco</td><td>13,418</td><td>13,418</td><td>12,619</td><td>66</td><td>-</td><td>733</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>24,505</td><td>24,491</td><td>14,376</td><td>85</td><td>10,030</td><td>-</td><td>14</td><td>14</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>85,913</td><td>85,723</td><td>79,200</td><td>401</td><td>5,901</td><td>221</td><td>190</td><td>-</td><td>-</td><td>190</td></tr><tr><td>Total other countries</td><td>189,497</td><td>188,661</td><td>163,684</td><td>3,634</td><td>16,433</td><td>4,910</td><td>836</td><td>30</td><td>4</td><td>802</td></tr><tr><td>International</td><td>269,012</td><td>269,012</td><td>144,012</td><td>-</td><td>125,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>18,626</td><td>18,626</td><td>18,626</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,689,272</td><td>6,661,755</td><td>4,794,640</td><td>61,266</td><td>1,764,204</td><td>41,645</td><td>27,517</td><td>7,462</td><td>7,368</td><td>12,687</td></tr></table>
February 1947
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1
I - Details for Month of September 1946 - (Continued)
Table 3.
Purchases and Sales of Long-Term Securities by Foreigners as Reported
by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,686</td><td>1,118</td><td>920</td><td>198</td><td>2,768</td><td>491</td><td>2,277</td><td>7,892</td><td>4,039</td><td>3,424</td><td>615</td><td>3,853</td><td>391</td><td>3,462</td></tr><tr><td>France</td><td>6,750</td><td>6,500</td><td>1,045</td><td>5,455</td><td>250</td><td>-</td><td>250</td><td>2,070</td><td>1,871</td><td>1,146</td><td>725</td><td>199</td><td>21</td><td>178</td></tr><tr><td>Belgium</td><td>450</td><td>363</td><td>358</td><td>5</td><td>87</td><td>2</td><td>85</td><td>246</td><td>226</td><td>223</td><td>3</td><td>20</td><td>-</td><td>20</td></tr><tr><td>Denmark</td><td>309</td><td>37</td><td>27</td><td>10</td><td>272</td><td>-</td><td>272</td><td>174</td><td>130</td><td>28</td><td>102</td><td>44</td><td>-</td><td>44</td></tr><tr><td>Finland</td><td>4</td><td>14</td><td>1</td><td>13</td><td>4</td><td>-</td><td>4</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>14</td><td>14</td><td>1</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>63</td><td>63</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>134</td><td>76</td><td>29</td><td>47</td><td>58</td><td>-</td><td>58</td><td>109</td><td>51</td><td>26</td><td>25</td><td>58</td><td>-</td><td>58</td></tr><tr><td>Luxembourg</td><td>6</td><td>2</td><td>2</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>890</td><td>839</td><td>535</td><td>304</td><td>51</td><td>7</td><td>44</td><td>4,737</td><td>3,602</td><td>3,133</td><td>469</td><td>1,135</td><td>498</td><td>637</td></tr><tr><td>Norway</td><td>999</td><td>390</td><td>295</td><td>95</td><td>609</td><td>-</td><td>609</td><td>1,004</td><td>705</td><td>624</td><td>81</td><td>299</td><td>24</td><td>275</td></tr><tr><td>Portugal</td><td>26</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td><td>31</td><td>28</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Spain</td><td>61</td><td>51</td><td>36</td><td>15</td><td>10</td><td>-</td><td>10</td><td>16</td><td>5</td><td>5</td><td>-</td><td>11</td><td>5</td><td>6</td></tr><tr><td>Sweden</td><td>565</td><td>420</td><td>412</td><td>8</td><td>145</td><td>-</td><td>145</td><td>690</td><td>566</td><td>537</td><td>29</td><td>124</td><td>31</td><td>93</td></tr><tr><td>Switzerland</td><td>9,446</td><td>7,326</td><td>6,158</td><td>1,168</td><td>2,120</td><td>127</td><td>1,993</td><td>8,270</td><td>7,174</td><td>5,825</td><td>1,349</td><td>1,096</td><td>103</td><td>993</td></tr><tr><td>U. S. S. R.</td><td>11</td><td>4</td><td>-</td><td>4</td><td>11</td><td>-</td><td>11</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>4</td><td>4</td><td>-</td><td>4</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>197</td><td>183</td><td>183</td><td>-</td><td>14</td><td>3</td><td>11</td><td>222</td><td>198</td><td>134</td><td>64</td><td>24</td><td>11</td><td>13</td></tr><tr><td>Total Europe</td><td>23,815</td><td>17,412</td><td>10,090</td><td>7,322</td><td>6,403</td><td>634</td><td>5,769</td><td>25,496</td><td>18,623</td><td>15,158</td><td>3,465</td><td>6,873</td><td>1,084</td><td>5,789</td></tr><tr><td>Canada</td><td>42,914</td><td>13,794</td><td>5,194</td><td>8,600</td><td>29,120</td><td>4,727</td><td>24,393</td><td>40,048</td><td>17,410</td><td>7,958</td><td>9,452</td><td>22,638</td><td>2,622</td><td>19,816</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>16,193</td><td>4,406</td><td>4,359</td><td>47</td><td>11,787</td><td>233</td><td>11,554</td><td>5,250</td><td>2,955</td><td>2,819</td><td>136</td><td>2,295</td><td>40</td><td>2,255</td></tr><tr><td>Bolivia</td><td>23</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47</td><td>47</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>880</td><td>451</td><td>433</td><td>18</td><td>429</td><td>32</td><td>397</td><td>974</td><td>887</td><td>827</td><td>60</td><td>87</td><td>33</td><td>54</td></tr><tr><td>Chile</td><td>715</td><td>514</td><td>457</td><td>57</td><td>201</td><td>26</td><td>175</td><td>392</td><td>363</td><td>361</td><td>2</td><td>29</td><td>4</td><td>29</td></tr><tr><td>Colombia</td><td>195</td><td>57</td><td>57</td><td>-</td><td>738</td><td>32</td><td>706</td><td>85</td><td>81</td><td>76</td><td>5</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Costa Rica</td><td>71</td><td>68</td><td>68</td><td>-</td><td>3</td><td>3</td><td>-</td><td>58</td><td>58</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>4,450</td><td>3,425</td><td>3,237</td><td>188</td><td>1,025</td><td>756</td><td>269</td><td>2,854</td><td>2,435</td><td>2,361</td><td>74</td><td>419</td><td>209</td><td>210</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,042</td><td>1,196</td><td>984</td><td>212</td><td>846</td><td>327</td><td>519</td><td>604</td><td>531</td><td>477</td><td>54</td><td>73</td><td>-</td><td>73</td></tr><tr><td>Netherlands West Indies and Srinam</td><td>37</td><td>37</td><td>25</td><td>12</td><td>-</td><td>-</td><td>-</td><td>356</td><td>192</td><td>182</td><td>10</td><td>164</td><td>4</td><td>160</td></tr><tr><td>Panama</td><td>3,233</td><td>2,877</td><td>2,707</td><td>170</td><td>356</td><td>132</td><td>224</td><td>2,500</td><td>2,304</td><td>2,241</td><td>63</td><td>196</td><td>25</td><td>171</td></tr><tr><td>Peru</td><td>368</td><td>358</td><td>346</td><td>12</td><td>10</td><td>8</td><td>2</td><td>93</td><td>93</td><td>93</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>895</td><td>750</td><td>544</td><td>206</td><td>145</td><td>145</td><td>-</td><td>799</td><td>799</td><td>677</td><td>122</td><td>367</td><td>118</td><td>249</td></tr><tr><td>Other Latin America</td><td>2,342</td><td>2,071</td><td>2,051</td><td>20</td><td>271</td><td>131</td><td>140</td><td>1,813</td><td>1,446</td><td>1,429</td><td>17</td><td>367</td><td>118</td><td>249</td></tr><tr><td>Total Latin America</td><td>32,044</td><td>16,233</td><td>15,291</td><td>942</td><td>15,811</td><td>1,825</td><td>13,986</td><td>15,825</td><td>12,191</td><td>11,648</td><td>543</td><td>3,634</td><td>433</td><td>3,201</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>908</td><td>857</td><td>837</td><td>20</td><td>51</td><td>4</td><td>47</td><td>1,924</td><td>1,648</td><td>1,386</td><td>262</td><td>276</td><td>56</td><td>220</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td><td>26</td><td>21</td><td>5</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Hong Kong</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td><td>26</td><td>21</td><td>5</td><td>3</td><td>3</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>287</td><td>287</td><td>287</td><td>-</td><td>-</td><td>-</td><td>-</td><td>396</td><td>344</td><td>1</td><td>343</td><td>52</td><td>-</td><td>52</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,076</td><td>12,073</td><td>62</td><td>12,011</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Philippine Islands</td><td>233</td><td>182</td><td>134</td><td>48</td><td>51</td><td>8</td><td>43</td><td>149</td><td>136</td><td>130</td><td>6</td><td>13</td><td>3</td><td>10</td></tr><tr><td>Turkey</td><td>30</td><td>30</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Other Asia</td><td>173</td><td>93</td><td>46</td><td>47</td><td>80</td><td>12</td><td>68</td><td>188</td><td>129</td><td>100</td><td>29</td><td>59</td><td>10</td><td>49</td></tr><tr><td>Total Asia</td><td>1,647</td><td>1,465</td><td>1,350</td><td>115</td><td>182</td><td>24</td><td>158</td><td>14,780</td><td>14,368</td><td>1,712</td><td>12,656</td><td>412</td><td>75</td><td>337</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>10,963</td><td>20</td><td>20</td><td>-</td><td>10,943</td><td>-</td><td>10,943</td><td>60</td><td>38</td><td>15</td><td>23</td><td>22</td><td>-</td><td>22</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>48</td><td>48</td><td>38</td><td>10</td><td>-</td><td>-</td><td>-</td><td>77</td><td>71</td><td>71</td><td>-</td><td>6</td><td>5</td><td>1</td></tr><tr><td>French Morocco</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td><td>31</td><td>31</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Union of South Africa</td><td>37</td><td>27</td><td>27</td><td>-</td><td>10</td><td>-</td><td>10</td><td>133</td><td>80</td><td>66</td><td>14</td><td>53</td><td>-</td><td>53</td></tr><tr><td>All other</td><td>66</td><td>59</td><td>59</td><td>-</td><td>7</td><td>-</td><td>7</td><td>118</td><td>108</td><td>40</td><td>68</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Total other countries</td><td>11,121</td><td>161</td><td>151</td><td>10</td><td>10,960</td><td>-</td><td>10,960</td><td>424</td><td>331</td><td>223</td><td>108</td><td>93</td><td>5</td><td>88</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</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>Grand total</td><td>111,541</td><td>49,065</td><td>32,076</td><td>16,989</td><td>62,476</td><td>7,210</td><td>55,266</td><td>96,578</td><td>62,928</td><td>36,704</td><td>26,224</td><td>33,850</td><td>4,419</td><td>29,231</td></tr></table>
102
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(in thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="4">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th></tr><tr><td>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>930</td><td>-396</td><td>-1,082</td><td>429</td><td>-1,131</td><td>-2,773</td><td>-2,201</td><td>-727</td><td>-289</td><td>-2,159</td><td>10,489</td><td>9,623</td><td>5,195</td></tr><tr><td>France</td><td>-168</td><td>-164</td><td>-182</td><td>-90</td><td>-140</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td><td>-108</td><td>-167</td></tr><tr><td>Belgium</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><td>-25</td></tr><tr><td>Germany</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><td>-12</td></tr><tr><td>Italy</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><td>-72</td></tr><tr><td>Netherlands</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><td>204</td></tr><tr><td>Portugal</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><td>43</td></tr><tr><td>Spain</td><td>-94</td><td>-99</td><td>-103</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td><td>-74</td><td>-120</td><td>-86</td></tr><tr><td>Sweden</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><td>1,294</td></tr><tr><td>Switzerland</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><td>229</td></tr><tr><td>Other Europe</td><td>-50</td><td>-57</td><td>-54</td><td>231</td><td>-41</td><td>1</td><td>-52</td><td>-</td><td>31</td><td>36</td><td>131</td><td>135</td><td>160</td></tr><tr><td>Total Europe</td><td>-581</td><td>-2,162</td><td>-2,248</td><td>-588</td><td>-1,784</td><td>-3,424</td><td>-2,220</td><td>-835</td><td>-782</td><td>-2,080</td><td>11,369</td><td>10,185</td><td>6,763</td></tr><tr><td>Canada</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><td>10,135</td></tr><tr><td>Latin America</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><td>919</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>-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><td>45</td></tr><tr><td>Hong Kong</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><td>-3,383</td></tr><tr><td>Japan</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><td>-15</td></tr><tr><td>Other Asia</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><td>-1,011</td></tr><tr><td>Total Asia</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><td>-4,364</td></tr><tr><td>All other</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><td>2,005</td></tr><tr><td>Grand total</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><td>15,458</td></tr></table>
February 1947
103
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="9">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="12">Purchase contracts</td></tr><tr><td>Total: 1945-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>14,563</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>16,549</td><td>16,532</td><td>-</td><td>-</td><td>-</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>68</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>44,668</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>47,162</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>September</td><td>45,503</td><td>37,378</td><td>37,211</td><td>3</td><td>-</td><td>5</td><td>-</td><td>-</td><td>32</td><td>-</td><td>80</td></tr><tr><td>From foreign customers: 1945-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>543</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>September</td><td>1,942</td><td>640</td><td>605</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td></tr><tr><td>From domestic customers: 1945-October</td><td>17,082</td><td>12,282</td><td>12,181</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>19,953</td><td>12,783</td><td>12,663</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</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>September</td><td>43,561</td><td>36,738</td><td>36,606</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80</td></tr><tr><td colspan="12">Sales contracts</td></tr><tr><td>Total: 1945-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>45,833</td><td>38,535</td><td>38,348</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>137</td></tr><tr><td>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>September</td><td>89,762</td><td>77,177</td><td>76,310</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>118</td><td>1</td><td>644</td></tr><tr><td>To foreign customers: 1945-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>941</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td></tr><tr><td>February</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>April</td><td>1,034</td><td>1,002</td><td>832</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120</td></tr><tr><td>May</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>June</td><td>1,284</td><td>1,280</td><td>879</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td>July</td><td>2,666</td><td>2,666</td><td>2,098</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</td></tr><tr><td>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>September</td><td>1,310</td><td>680</td><td>588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>60</td></tr><tr><td>To domestic customers: 1945-October</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>4</td></tr><tr><td>November</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>8</td></tr><tr><td>December</td><td>26,633</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td></tr><tr><td>1946-January</td><td>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>42,451</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>April</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>-</td></tr><tr><td>May</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>June</td><td>51,352</td><td>39,620</td><td>39,568</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><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><tr><td>September</td><td>88,452</td><td>76,497</td><td>75,722</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>86</td><td>1</td><td>584</td></tr></table>
(Continued on following page)
104
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latia America</th><th colspan="5">Asia</th><th>All other</th></tr><tr><th></th><th>Switzer-land</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>China 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>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>1945-October</td><td>-</td><td>6</td><td>5,618</td><td>1,534</td><td>1,204</td><td>380</td><td>824</td><td></td><td>-</td><td>35</td></tr><tr><td>November</td><td>-</td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td></td><td>-</td><td>103</td></tr><tr><td>December</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td></td><td>627</td><td>65</td></tr><tr><td>1946-January</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td></td><td>556</td><td>65</td></tr><tr><td>February</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td></td><td>663</td><td>52</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,567</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>April</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>May</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td></td><td>834</td><td>24</td></tr><tr><td>June</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,552</td><td>190</td><td>1,028</td><td></td><td>1,334</td><td>616</td></tr><tr><td>July</td><td>-</td><td>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>August</td><td>31</td><td>16</td><td>3,179</td><td>1,374</td><td>3,039</td><td>-</td><td>1,849</td><td></td><td>1,190</td><td>533</td></tr><tr><td>September</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From foreign customers:</td><td></td><td></td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td></td><td>26</td><td>-</td></tr><tr><td>1945-October</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>November</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td></td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>73</td><td>4</td><td>1,774</td><td>380</td><td>864</td><td></td><td>530</td><td>65</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>-</td><td>4</td><td>997</td><td>380</td><td>61</td><td></td><td>556</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>105</td><td>-</td><td>703</td><td>380</td><td>182</td><td></td><td>521</td><td>52</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>-</td><td>954</td><td>-</td><td>675</td><td></td><td>279</td><td>52</td></tr><tr><td>April</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>May</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>June</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>July</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>August</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,181</td><td>-</td><td>676</td><td></td><td>505</td><td>104</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>-</td></tr><tr><td>From domestic customers:</td><td></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>1945-October</td><td>-</td><td>6</td><td>5,501</td><td>1,534</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>35</td></tr><tr><td>November</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>38</td></tr><tr><td>December</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>1946-January</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>142</td><td>65</td></tr><tr><td>February</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>100</td><td>-</td></tr><tr><td>March</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>2</td><td>8</td></tr><tr><td>April</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>-</td><td>-</td></tr><tr><td>May</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>June</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>July</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>August</td><td>31</td><td>16</td><td>3,179</td><td>1,357</td><td>1,858</td><td>-</td><td>1,173</td><td></td><td>685</td><td>429</td></tr><tr><td>September</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</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>1945-October</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>November</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>December</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>1946-January</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>February</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>March</td><td>-</td><td>7</td><td>5,987</td><td>171</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>April</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>May</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>June</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>July</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>August</td><td>31</td><td>25</td><td>5,593</td><td>1,904</td><td>3,160</td><td>19</td><td>21</td><td>117</td><td>3,003</td><td>1,928</td></tr><tr><td>September</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To foreign customers:</td><td></td><td></td><td>228</td><td>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-October</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>November</td><td>-</td><td>-</td><td>840</td><td>718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>-</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>10</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>-</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>500</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>130</td><td>-</td><td>-</td><td>-</td><td>130</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td>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>1945-October</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>November</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>December</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>1946-January</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>February</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>March</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>April</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>May</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>June</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>July</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><tr><td>August</td><td>31</td><td>25</td><td>5,593</td><td>1,404</td><td>3,030</td><td>19</td><td>21</td><td>117</td><td>2,873</td><td>1,928</td></tr><tr><td>September</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
February 1947
105
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Mother-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-October</td><td>79,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>Spot</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>November</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Spot</td><td>98,936</td><td>54,562</td><td>42,821</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Forward</td><td>9,527</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>Spot</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>Forward</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>February</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>Spot</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>20</td><td>573</td><td>821</td><td>356</td></tr><tr><td>Forward</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>-</td><td>25</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>Forward</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>-</td><td>17</td><td>626</td><td>1,024</td><td>369</td></tr><tr><td>April</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Spot</td><td>129,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>-</td><td>10</td><td>206</td><td>1,654</td><td>370</td></tr><tr><td>Forward</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>209,795</td><td>144,571</td><td>123,091</td><td>2,282</td><td>1,201</td><td>-</td><td>49</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>Forward</td><td>136,613</td><td>75,813</td><td>62,113</td><td>2,001</td><td>1,669</td><td>-</td><td>113</td><td>309</td><td>923</td><td>294</td></tr><tr><td>June</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>Spot</td><td>134,646</td><td>77,268</td><td>60,724</td><td>1,858</td><td>764</td><td>-</td><td>25</td><td>120</td><td>3,008</td><td>307</td></tr><tr><td>Forward</td><td>22,356</td><td>17,545</td><td>17,409</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td colspan="11">Purchases from banke:</td></tr><tr><td>1945-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>Forward</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>1946-January</td><td>7,102</td><td>4,490</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>95,259</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>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>Forward</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>-</td><td>1</td><td>163</td><td>1,706</td><td>302</td></tr><tr><td>March</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>Spot</td><td>7,257</td><td>4,165</td><td>4,186</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Forward</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>-</td><td>10</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>May</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>117,486</td><td>97,964</td><td>2,026</td><td>1,159</td><td>-</td><td>49</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>Forward</td><td>82,573</td><td>49,620</td><td>37,440</td><td>1,582</td><td>1,485</td><td>-</td><td>113</td><td>268</td><td>831</td><td>220</td></tr><tr><td>July</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>August</td><td>82,326</td><td>48,948</td><td>35,175</td><td>1,740</td><td>664</td><td>-</td><td>23</td><td>117</td><td>2,966</td><td>280</td></tr><tr><td>Spot</td><td>15,099</td><td>12,299</td><td>12,244</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Forward</td><td colspan="10">-</td></tr><tr><td colspan="11">Purchases from others:</td></tr><tr><td>1945-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>29</td></tr><tr><td>Spot</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,934</td><td>12,274</td><td>11,144</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>Forward</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>42,447</td><td>18,839</td><td>18,140</td><td>49</td><td>26</td><td>-</td><td>-</td><td>3</td><td>44</td><td>56</td></tr><tr><td>Spot</td><td>3,889</td><td>2,994</td><td>2,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>1946-January</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>Spot</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>Forward</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>-</td><td>21</td><td>-</td><td>26</td><td>27</td></tr><tr><td>March</td><td>6,788</td><td>5,129</td><td>5,129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>56,327</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>-</td><td>5</td><td>2</td><td>51</td><td>17</td></tr><tr><td>Spot</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>Forward</td><td>47,957</td><td>19,485</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>-</td><td>8</td><td>5</td><td>58</td></tr><tr><td>May</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>June</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>Spot</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>Forward</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>21</td><td>92</td><td>74</td><td>3</td></tr><tr><td>July</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>-</td></tr><tr><td>August</td><td>52,320</td><td>28,320</td><td>25,549</td><td>118</td><td>100</td><td>-</td><td>2</td><td>3</td><td>42</td><td>27</td></tr><tr><td>Spot</td><td>7,257</td><td>5,246</td><td>5,245</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td colspan="10">-</td></tr></table>
(Continued on following page)
106
Treasury Bulletin
Position
in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.
Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands
of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><th colspan="10">Purchases</th></tr><tr><td>Total purchases: 1945-October</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>1,826</td><td>5,364</td><td>174</td><td>31,505</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,646</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>November</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>Spot</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>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</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>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,534</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>1946-January</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>3,875</td><td>-</td><td>3,875</td><td>6,624</td></tr><tr><td>Spot</td><td>75</td><td>-</td><td>-</td><td>4,497</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>Forward</td><td>1,784</td><td>5,553</td><td>174</td><td>29,106</td><td>5,352</td><td>3,031</td><td>-</td><td>3,031</td><td>6,624</td></tr><tr><td>February</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,018</td><td>9</td><td>5,029</td><td>6,786</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>5,018</td><td>9</td><td>5,029</td><td>6,786</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>March</td><td>2,181</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>2,181</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>Forward</td><td>-</td><td>-</td><td>-</td><td>4,452</td><td>537</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>April</td><td>2,209</td><td>5,390</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td>Spot</td><td>2,209</td><td>5,390</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td>Forward</td><td>78</td><td>-</td><td>-</td><td>3,581</td><td>248</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>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>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>June</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>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>Forward</td><td>21</td><td>-</td><td>-</td><td>3,306</td><td>370</td><td>1,903</td><td>-</td><td>1,903</td><td>-</td></tr><tr><td>July</td><td>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>Spot</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>Forward</td><td>117</td><td>-</td><td>-</td><td>3,458</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>August</td><td>2,877</td><td>4,932</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>Spot</td><td>2,877</td><td>4,932</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>September</td><td>4,664</td><td>5,470</td><td>328</td><td>34,699</td><td>5,768</td><td>7,893</td><td>-</td><td>7,893</td><td>9,018</td></tr><tr><td>Spot</td><td>4,664</td><td>5,470</td><td>328</td><td>34,699</td><td>5,768</td><td>7,893</td><td>-</td><td>7,893</td><td>9,018</td></tr><tr><td>Forward</td><td>21</td><td>-</td><td>-</td><td>3,054</td><td>347</td><td>1,404</td><td>-</td><td>1,404</td><td>6</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-October</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>Spot</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,174</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>November</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><td>Spot</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><td>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>December</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>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>Forward</td><td>-</td><td>-</td><td>-</td><td>2,914</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>1946-January</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>-</td><td>3,633</td><td>1,821</td></tr><tr><td>Spot</td><td>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>Forward</td><td>75</td><td>-</td><td>-</td><td>3,602</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>February</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>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>Forward</td><td>-</td><td>-</td><td>-</td><td>1,093</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>March</td><td>2,219</td><td>6,702</td><td>543</td><td>28,038</td><td>3,365</td><td>6,580</td><td>-</td><td>6,580</td><td>1,893</td></tr><tr><td>Spot</td><td>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>Forward</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>April</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td>Spot</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td>Forward</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td>Spot</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</td><td>-</td></tr><tr><td>June</td><td>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>Spot</td><td>2,727</td><td>5,350</td><td>295</td><td>20,188</td><td>5,284</td><td>6,820</td><td>-</td><td>6,820</td><td>1,992</td></tr><tr><td>Forward</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>July</td><td>4,194</td><td>9,480</td><td>963</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>Spot</td><td>4,194</td><td>9,480</td><td>963</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>August</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>Spot</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>Forward</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>September</td><td>2,703</td><td>5,070</td><td>210</td><td>19,515</td><td>4,131</td><td>7,112</td><td>-</td><td>7,112</td><td>2,620</td></tr><tr><td>Spot</td><td>2,703</td><td>5,070</td><td>210</td><td>19,515</td><td>4,131</td><td>7,112</td><td>-</td><td>7,112</td><td>2,620</td></tr><tr><td>Forward</td><td>20</td><td>-</td><td>-</td><td>1,733</td><td>79</td><td>962</td><td>-</td><td>962</td><td>6</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1945-October</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>Spot</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,868</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>-</td><td>10</td><td>4,442</td></tr><tr><td>Spot</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>-</td><td>10</td><td>4,442</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,845</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</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>Spot</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>-</td><td>242</td><td>4,803</td></tr><tr><td>Spot</td><td>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>Forward</td><td>-</td><td>-</td><td>-</td><td>995</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td>Spot</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>328</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</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>Spot</td><td>262</td><td>229</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>-</td><td>643</td><td>6,382</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>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>8,234</td></tr><tr><td>Spot</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,234</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,411</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>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>Spot</td><td>99</td><td>47</td><td>175</td><td>17,942</td><td>1,191</td><td>503</td><td>-</td><td>503</td><td>8,503</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>546</td><td>114</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>June</td><td>140</td><td>152</td><td>80</td><td>
(Continued on following page)
February 1947
107
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>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-October</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Spot</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Forward</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>November</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>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>December</td><td>96,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>-</td><td>2</td><td>49</td><td>575</td><td>504</td></tr><tr><td>Spot</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>1946-January</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>-</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>February</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>Spot</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>Forward</td><td>124,190</td><td>75,330</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>March</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>April</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>23,010</td><td>12,120</td><td>11,856</td><td>-</td><td>-</td><td>-</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>Forward</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>May</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>-</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>June</td><td>24,874</td><td>19,078</td><td>18,991</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td>Spot</td><td>133,078</td><td>81,287</td><td>65,960</td><td>1,878</td><td>889</td><td>-</td><td>37</td><td>110</td><td>3,030</td><td>294</td></tr><tr><td>July</td><td>26,815</td><td>20,195</td><td>20,118</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>August</td><td colspan="10">Sales to banks: 1945-October</td></tr><tr><td>Spot</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>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</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>Spot</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>December</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>1946-January</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>February</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>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>March</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>April</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>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>May</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>June</td><td>8,919</td><td>6,275</td><td>6,011</td><td>-</td><td>-</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td>Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>July</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>August</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Spot</td><td>14,639</td><td>12,231</td><td>12,211</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>64,725</td><td>41,149</td><td>33,361</td><td>453</td><td>305</td><td>-</td><td>13</td><td>19</td><td>2,763</td><td>89</td></tr><tr><td>September</td><td>18,001</td><td>14,987</td><td>14,955</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Forward</td><td colspan="10">Sales to others: 1945-October</td></tr><tr><td>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</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>135</td><td>-</td><td>-</td><td>145</td><td>416</td><td>209</td></tr><tr><td>Spot</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Forward</td><td>50,934</td><td>32,935</td><td>25,641</td><td>226</td><td>289</td><td>-</td><td>-</td><td>64</td><td>302</td><td>75</td></tr><tr><td>December</td><td>11,081</td><td>2,852</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td>Spot</td><td>59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>4</td><td>271</td><td>306</td><td>106</td></tr><tr><td>February</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>March</td><td>10,185</td><td>6,488</td><td>6,486</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>April</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>Spot</td><td>72,033</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>May</td><td>7,616</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</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>Spot</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</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>234</td><td>276</td><td>183</td></tr><tr><td>August</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>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><tr><td>September</td><td>68,353</td><td>40,138</td><td>32,599</td><td>1,425</td><td>584</td><td>-</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>Spot</td><td>8,814</td><td>5,208</td><td>5,163</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
108
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Svedea</th><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><th colspan="10">Sales</th></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-October</td><td>Spot....................</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td></td><td>Forward....................</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>November</td><td>Spot....................</td><td>1,347</td><td>5,723</td><td>264</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td></td><td>Forward....................</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot....................</td><td>1,132</td><td>5,725</td><td>1,654</td><td>23,472</td><td>3,445</td><td>2,800</td><td>-</td><td>2,800</td><td>3,859</td></tr><tr><td></td><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</td><td>Spot....................</td><td>1,751</td><td>5,384</td><td>214</td><td>29,616</td><td>4,510</td><td>4,795</td><td>-</td><td>4,795</td><td>4,928</td></tr><tr><td></td><td>Forward....................</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot....................</td><td>1,982</td><td>4,663</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></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>March</td><td>Spot....................</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td></td><td>Forward....................</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>1,752</td><td>-</td></tr><tr><td>April</td><td>Spot....................</td><td>2,145</td><td>5,704</td><td>585</td><td>44,875</td><td>4,827</td><td>7,372</td><td>-</td><td>7,372</td><td>6,184</td></tr><tr><td></td><td>Forward....................</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>May</td><td>Spot....................</td><td>3,129</td><td>5,245</td><td>1,224</td><td>29,480</td><td>5,234</td><td>7,537</td><td>-</td><td>7,537</td><td>6,599</td></tr><tr><td></td><td>Forward....................</td><td>132</td><td>-</td><td>-</td><td>6,139</td><td>123</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>June</td><td>Spot....................</td><td>2,309</td><td>5,516</td><td>416</td><td>35,016</td><td>5,900</td><td>7,562</td><td>-</td><td>7,562</td><td>5,801</td></tr><tr><td></td><td>Forward....................</td><td>264</td><td>-</td><td>-</td><td>8,468</td><td>330</td><td>1,859</td><td>-</td><td>1,859</td><td>33</td></tr><tr><td>July</td><td>Spot....................</td><td>4,412</td><td>9,496</td><td>943</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></td><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</td><td>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></td><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>September</td><td>Spot....................</td><td>3,316</td><td>5,470</td><td>303</td><td>31,523</td><td>6,124</td><td>8,877</td><td>-</td><td>8,877</td><td>5,267</td></tr><tr><td></td><td>Forward....................</td><td>35</td><td>-</td><td>-</td><td>5,334</td><td>460</td><td>427</td><td>-</td><td>427</td><td>399</td></tr><tr><th colspan="10">Sales to banks:</th></tr><tr><td>1945-October</td><td>Spot....................</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,112</td></tr><tr><td></td><td>Forward....................</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>November</td><td>Spot....................</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td></td><td>Forward....................</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot....................</td><td>667</td><td>1,018</td><td>488</td><td>12,456</td><td>593</td><td>250</td><td>-</td><td>250</td><td>2,278</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>Spot....................</td><td>899</td><td>1,311</td><td>49</td><td>13,775</td><td>877</td><td>608</td><td>-</td><td>608</td><td>2,691</td></tr><tr><td></td><td>Forward....................</td><td>99</td><td>-</td><td>-</td><td>2,058</td><td>182</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot....................</td><td>1,076</td><td>1,046</td><td>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></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</td><td>431</td><td>-</td></tr><tr><td>March</td><td>Spot....................</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td></td><td>Forward....................</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>April</td><td>Spot....................</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td></td><td>Forward....................</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot....................</td><td>1,516</td><td>877</td><td>923</td><td>14,673</td><td>927</td><td>991</td><td>-</td><td>991</td><td>4,018</td></tr><tr><td></td><td>Forward....................</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot....................</td><td>1,072</td><td>1,408</td><td>90</td><td>17,068</td><td>1,274</td><td>534</td><td>-</td><td>534</td><td>3,939</td></tr><tr><td></td><td>Forward....................</td><td>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</td><td>Spot....................</td><td>1,968</td><td>1,326</td><td>148</td><td>15,793</td><td>1,191</td><td>1,102</td><td>-</td><td>1,102</td><td>4,411</td></tr><tr><td></td><td>Forward....................</td><td>417</td><td>-</td><td>38</td><td>2,452</td><td>103</td><td>94</td><td>-</td><td>94</td><td>297</td></tr><tr><td>August</td><td>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></td><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>September</td><td>Spot....................</td><td>2,237</td><td>1,871</td><td>38</td><td>16,211</td><td>2,176</td><td>1,855</td><td>-</td><td>1,855</td><td>3,334</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>2,854</td><td>-</td><td>160</td><td>-</td><td>160</td><td>-</td></tr><tr><th colspan="10">Sales to others:</th></tr><tr><td>1945-October</td><td>Spot....................</td><td>996</td><td>4,556</td><td>136</td><td>15,403</td><td>2,759</td><td>1,113</td><td>-</td><td>1,113</td><td>2,523</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>56</td><td>-</td></tr><tr><td>November</td><td>Spot....................</td><td>658</td><td>4,523</td><td>200</td><td>11,625</td><td>4,178</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot....................</td><td>465</td><td>4,707</td><td>1,166</td><td>11,016</td><td>2,852</td><td>2,550</td><td>-</td><td>2,550</td><td>1,581</td></tr><tr><td></td><td>Forward....................</td><td>52</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>1946-January</td><td>Spot....................</td><td>832</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></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>6,115</td><td>787</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot....................</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>4,695</td><td>1,774</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>3,059</td><td>630</td><td>1,577</td><td>-</td><td>1,577</td><td>19</td></tr><tr><td>March</td><td>Spot....................</td><td>1,243</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>488</td><td>1,222</td><td>-</td><td>1,222</td><td>-</td></tr><tr><td>April</td><td>Spot....................</td><td>1,169</td><td>4,623</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></td><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</td><td>Spot....................</td><td>1,613</td><td>4,368</td><td>301</td><td>14,807</td><td>4,307</td><td>6,546</td><td>-</td><td>6,546</td><td>2,581</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>June</td><td>Spot....................</td><td>1,237</td><td>4,108</td><td>326</td><td>17,948</td><td>4,626</td><td>7,028</td><td>-</td><td>7,028</td><td>1,862</td></tr><tr><td></td><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>477</td><td>1,726</td><td>-</td><td>1,726</td><td>33</td></tr><tr><td>July</td><td>Spot....................</td><td>2,444</td><td>8,170</td><td>400</td><td>15,395</td><td>4,468</td><td>7,079</td><td>-</td><td>7,079</td><td>2,477</td></tr><tr><td></td><td>Forward....................</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr><tr><td>August</td><td>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></td><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><tr><td>September</td><td>Spot....................</td><td>1,079</td><td>3,599</td><td>265</td><td>15,312</td><td>3,948</td><td>7,022</td><td>-</td><td>7,022</td><td>1,933</td></tr><tr><td></td><td>Forward....................</td><td>35</td><td>-</td><td>-</td><td>2,480</td><td>460</td><td>267</td><td>-</td><td>267</td><td>399</td></tr></table>