LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
MARCH - 1947
LIBRARY ROOM 5013 MAR 3 1 1947
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
March 1947
1
Table of Contents
Pago
Cumulative table of contents 11
Articles:
An inventory of our national situation (speech by the Secretary of the Treasury) A-1
Other speeches by Treasury officials A-4
Treasury market financing A-4
Statistical section:
Summary of fiscal statistics 1
Receipts and expenditures 4
General fund of the Treasury 16
Public debt and guaranteed obligations of the United States Government 19
Ownership of United States Government securities 46
Prices and yields of Government securities (including securities issued by Federal agencies) 59
Internal revenue statistics 66
Monetary statistics 71
Capital movements between the United States and foreign countries and net position in foreign currencies 76
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="12">Issue and page number</th></tr><tr><th colspan="3">1947</th><th colspan="9">1946</th></tr><tr><th></th><th>Mar.</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></tr><tr><td>An inventory of our national situation (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>A prosperous America of tomorrow (speech by Secretary Snyder).</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The role of the savings bonds program in today's economy (speech by Secretary Snyder).</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The economic problems of world peace and security (speech by Secretary Snyder).</td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></td><td>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</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></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</td><td></td><td></td></tr><tr><td>Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-12</td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-4</td><td></td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td></tr><tr><td>Other speeches by Treasury officials.</td><td>A-4</td><td></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></tr><tr><td>Comparison of individual income tax effective rates and liabilities - revenue acts of 1913-1945.</td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-9</td><td></td><td></td><td></td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</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></td><td></td><td>A-11</td></tr><tr><td>Assets and liabilities of all active banks in the United States: December 31, 1939-June 30, 1946. December 31, 1939-December 31, 1945.</td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td><td></td><td></td><td>A-11</td><td></td><td></td></tr><tr><td>Statistic of income: Individual income tax returns: Returns for 1944 with adjusted gross income under $25,000 (example survey): Marital and dependency status and number of employers.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td></tr><tr><td>Corporation income and taxable excess profits tax returns: Complete returns for 1943. Preliminary statistics for 1943.</td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-20</td></tr><tr><td>Federal land bank financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-17</td><td></td><td></td></tr><tr><td>Federal Home Loan Bank financing.</td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-4</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></tr></table>
(Continued on following page)
March 1947
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1947</th><th colspan="10">Issue end page number</th></tr><tr><th></th><th>Mar.</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures</td><td></td><td></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>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946.</td><td>5</td><td>5</td><td>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></tr><tr><td>Summary by major classifications</td><td>5</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></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>6</td><td>7</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>7</td><td>8</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>7</td><td>8</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>8</td><td>9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc., (net)</td><td>9</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></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>9</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></tr><tr><td>Trust account, etc., receipts and expenditures</td><td>10</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></tr><tr><td>Means of financing cash requirements</td><td>11</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></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</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></tr><tr><td>Social Security Act</td><td>13</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></tr><tr><td>Railroad Retirement Act</td><td>13</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></tr><tr><td>Railroad Unemployment Insurance Act</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement of trust accounts:</td><td>14</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></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>14</td><td>15</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>14</td><td>15</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>14</td><td>15</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></td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td>15</td><td>15</td><td>15</td><td>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></tr><tr><td>Analysis by major classifications</td><td>15</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></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1941</td><td>15</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></tr><tr><td>General Fund of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in general fund</td><td>17</td><td>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></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>18</td><td>19</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years 1936-1945</td><td>20</td><td>20</td><td>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></tr><tr><td>Fiscal years 1937-1946</td><td>21</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></tr><tr><td>Monthly data</td><td>22</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></tr><tr><td>Chart</td><td>23</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></tr><tr><td>Special issues</td><td>23</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></tr><tr><td>Guaranteed obligations held by the Treasury</td><td>24</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></tr><tr><td>Computed interest charge and computed interest rate</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statutory limitation - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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></td><td>28</td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>27</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>25</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></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>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td></td><td>25</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></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement of the public debt</td><td>26</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></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</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></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>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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="2">1947</th><th colspan="9">Issue and page number</th></tr><tr><th>Mar.</th><th>Feb. Jan.</th><th>Dec. Nov.</th><th>Oct. Sept.</th><th>Aug. July</th><th>June</th><th>May</th><th>Apr.</th></tr><tr><td colspan="11">Public debt and guaranteed obligations of United States Government (continued)</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>30</td><td>29</td><td>29</td><td>31</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>31</td><td>30</td><td>30</td><td>32</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>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></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></tr><tr><td>Summary of sales and redemptions, by series.</td><td>34</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></tr><tr><td>History of sales and redemptions.</td><td>35-37</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></tr><tr><td>Sales by series, classified by denominations.</td><td>38</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>39</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></tr><tr><td>Sales by series, classified by States.</td><td>40-41</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></tr><tr><td>Redemptions of series A-E, classified by States.</td><td>42</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></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></tr><tr><td>Summary of sales and redemptions, by series.</td><td>43</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></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></tr><tr><td>Denomination.</td><td>43</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></tr><tr><td>Type of purchaser.</td><td>44</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></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</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></tr><tr><td>Sales, classified by denominations.</td><td>45</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></tr><tr><td colspan="11">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>47</td><td>46</td><td>46</td><td>48</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>48</td><td>47</td><td>47</td><td>49</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 1938.</td><td>48</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></tr><tr><td>Treasury Survey of Ownership of 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></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></tr><tr><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td></tr><tr><td>April 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>50-54</td><td></td><td></td><td></td><td></td><td></td></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></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></tr><tr><td>August 31, 1946.</td><td></td><td></td><td>49-53</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></tr><tr><td>October 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></tr><tr><td>November 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></tr><tr><td>December 31, 1946.</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-59</td><td></td><td>56-60</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></tr><tr><td>September 30, 1946.</td><td></td><td></td><td>54-58</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>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="11">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the 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></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>57-59</td><td>57-59</td></tr><tr><td>March 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></tr><tr><td>April 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td>57-59</td><td>62-64</td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td>57-59</td><td></td></tr><tr><td>June 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>61-63</td><td></td><td></td></tr><tr><td>July 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td></tr><tr><td>August 30, 1946.</td><td></td><td></td><td></td><td></td><td>54-56</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>54-56</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>50-52</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></td><td>55-57</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>50-52</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></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>63</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1938.</td><td>64</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></tr><tr><td>Chart.</td><td>65</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></tr></table>
(Continued on following page)
March 1947
v
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="3">1947</th><th colspan="9">Issue and pago number 1946</th></tr><tr><th></th><th>Mar.</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></tr><tr><td colspan="12"><b>Corporations and certain other agencies of the United States Government</b></td></tr><tr><td>Assets, liabilities, and capital: 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 loan: March 31, 1946....................</td><td></td><td></td><td></td><td>52-64</td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946....................</td><td></td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>64-69</td><td></td><td></td><td></td><td>64-69</td><td></td></tr><tr><td>First nine months, fiscal year 1946....................</td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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 1947....................</td><td></td><td></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>76-81</td><td></td><td></td><td>70-75</td><td></td><td>70-75</td><td></td></tr><tr><td>First nine months, fiscal year 1946....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946....................</td><td></td><td>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 1947....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes....................</td><td></td><td>74</td><td>71</td><td></td><td></td><td>82</td><td></td><td></td><td>76</td><td></td><td></td><td></td></tr><tr><td colspan="12"><b>Internal revenue statistics</b></td></tr><tr><td>Collections of internal revenue: Summary data....................</td><td>67</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></tr><tr><td>Chart....................</td><td>68</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>78</td></tr><tr><td>Comparative details for current periods....................</td><td>69-70</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></tr><tr><td colspan="12"><b>Monetary statistics</b></td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: December 31, 1945....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td>69-70</td><td></td></tr><tr><td>March 31, 1946....................</td><td></td><td></td><td></td><td>66-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946....................</td><td></td><td>81-82</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>72</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></tr><tr><td>Cold assets and liabilities of the Treasury....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: Marob 31, 1946....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td><td></td></tr><tr><td>June 30, 1946....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946....................</td><td></td><td>83</td><td></td><td>68</td><td></td><td></td><td>74</td><td></td><td></td><td>84</td><td></td><td></td></tr><tr><td>December 31, 1946....................</td><td>72</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods....................</td><td>72</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></tr><tr><td>Monetary stocks of gold and silver....................</td><td>73</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></tr><tr><td>Components of silver monetary stock....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices....................</td><td>73</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></tr><tr><td>Seignorage on silver, by type....................</td><td>74</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></tr><tr><td>Money in circulation....................</td><td>75</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></tr><tr><td colspan="12"><b>Capital movements between the United States and foreign countries</b></td></tr><tr><td>Historical summary of net capital movement since 1935....................</td><td>77-79</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>88-89</td><td>89</td><td>76</td><td>87</td></tr><tr><td>Summary by countries....................</td><td>80-87</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></tr><tr><td>Details: October 1945....................</td><td></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></tr><tr><td>November 1945....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-96</td><td></td></tr><tr><td>December 1945....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td><td></td><td></td></tr><tr><td>January-February 1946....................</td><td></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></tr><tr><td>March 1946....................</td><td></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></tr><tr><td>April 1946....................</td><td></td><td></td><td></td><td></td><td>103-105</td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1946....................</td><td></td><td></td><td></td><td></td><td>84-86</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1946....................</td><td></td><td></td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1946....................</td><td></td><td></td><td>94-96</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></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></tr><tr><td>September 1946....................</td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1946....................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies....................</td><td>91-97</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></tr></table>
March 1947
A-1
An Inventory of Our National Situation
The following address was delivered by Secretary Snyder before the San Francisco Chamber of Commerce at San Francisco, California on February 10, 1947.
It is a real privilege to be the guest of the San Francisco Chamber of Commerce, and to meet so many of the leaders of this great community.
In the whole remarkable record of American mobilization for war, there is no brighter chapter than that written here in the San Francisco Bay area.
Your attainments have been tremendous - the outpourings of ships, and steel, and petroleum, and all the other products of your industries and resources have been a most vital contribution.
I congratulate you men who have figured so prominently in the planning and in the accomplishments. I know that you are pressing forward toward new fields of development. The spirit, and the courage, and the ingenuity of the West, so evident during the war years, will carry you forward to new prominence in the peacetime economy of the nation.
As Secretary of the Treasury, I share your pride in the record of San Francisco's industrial progress. The Treasury itself has an industrial enterprise here which has set up some new records of production in recent years. Unlike most of you here, we do not have any competition in our field or at least we should not have. Mr. Neal Callaghan, our superintendent, tells me the San Francisco Mint, to meet the needs of our expanding economy, during the past five years turned out more than a billion and a half coins.
So you see, making money is big business.
San Francisco is the center of our western activities in the collection of internal revenue and customs duties. You are the headquarters city for all of our important law enforcement agencies, such as the United States Secret Service, the Bureau of Narcotics, and the Intelligence and Alcohol Tax Units of the Bureau of Internal Revenue.
The Treasury has further community of interest with you in your capacity as one of the great financial centers of the West.
The past few weeks have been a period of inventory-taking for business and industry. I trust that those of you who have been engaged in this annual appraisal of results of the past and of prospects for the future have found the answer pleasing in both respects.
It seems to me this is a good time for us to take an inventory of our national situation. May I point out today some of the assets of our economy as we enter this year 1947.
President Truman in transmitting the report of his Council of Economic Advisers to the Congress, said:
"As the year 1947 opens, America has never been so strong or so prosperous. Nor have our prospects ever been brighter."
Yet in the minds of a great many there is a fear of another depression, the loss of our jobs, our farms, our businesses.
"But America was not built on fear. America was built on courage, on imagination, and an unbeatable determination to do the job at hand."
There is no need for unreasoning fear today. Nineteen hundred and forty-seven is not 1929. To recognize this fact, we have only to prod our memories a little, to recall some of the first symptoms, the causes, the manifestations of the depression of the late '20's and early '30's.
In those unhappy days, there was the collapse of farm incomes, which led to fading demand for goods, resulting in slowdowns in production and employment. Consumer buying was reduced further and further. In those days we had a collapse of the speculative securities with the demoralizing collapse of the banking system.
Today, however, not only farm income, but our national income and our productive level are at the highest ever achieved in peacetime. Employment is at an unprecedented level. Our banking system has never been stronger; speculation on borrowed money has been kept under restraint.
A-2
Treasury Bulletin
Not only are the characteristics of that earlier depression almost entirely lacking, but out of our new social consciousness there have been established safeguards to mitigate the effects of any recession that might develop during the processes of economic adjustment. These are cushions which should operate to prevent any temporary slackening of business tempo from reaching disastrous proportions.
Let us examine a few of these bulwarks protecting our economy.
Today, we have functioning the mechanisms to prevent any ruinous collapse of farm prices.
Today, through the provisions of the Social Security legislation, we have unemployment insurance which guarantees that never again will there be any sudden curtailment of individual income on a mass scale.
Now, we have the safeguards surrounding the savings of the people under the Federal Deposit Insurance legislation. This we can count as a very real asset in sustaining the confidence of the people in our banking system.
Furthermore, through the operations of the Securities and Exchange Commission, investors in securities are more certain of the soundness of their investments.
These products of economic statesmanship are tough and sturdy girders beneath the floor of our business structure. There are other elements. Particularly important are the accumulated savings of the people and of industries. Tens of millions of citizens have invested in United States Savings Bonds. The liquid assets of individuals at the end of December were estimated at $191 billion, an all-time high, and compare with less than $70 billion in 1941. These assets are more widely distributed than before the war. The net working capital of American corporations nearly doubled during the war years, and the latest estimate places the total at a record high of $55 billion. They hold cash and United States securities alone totaling $40 billion - more than twice the prewar figure.
There is no dearth of funds for employment, either in the acquisition of consumer goods, or for the financing of production and expansion of industry.
Not only do we have the means to attain continued prosperity, but we have the stimulus. There is, despite current high production levels, an unsatisfied demand for virtually all kinds of goods. Our nationwide housing shortage is one of our critical problems, but this shortage will serve as a most important stimulant to business and employment. It will take years to fill this demand, and as you know, high construction levels spread demand throughout a multitude of supplying industries. As new homes are occupied, there is a call for furniture and furnishings, and many other related items.
And let us not overlook the record-breaking foreign demand for our goods.
And let me list as one of the most important assets we have in this year 1947, the sheer physical volume of our production of goods and services. Equally important is the spirit, the ability, and courage, and energy, and ingenuity of our people that was demonstrated in our attainment of production for victory, in our amazingly speedy reconversion and in our steadily expanding output of peacetime goods.
Let us look at the picture in some detail.
Indices of industrial production, carloadings, electric power, and the like, bear eloquent testimony to our progress since the cessation of hostilities.
Freight carloadings in mid-January exceeded those for the corresponding period in every year since 1930, when the average per-car capacity was much smaller than it is now.
Industrial production continues at peacetime high levels. The Federal Reserve Board's adjusted index of production for December stood at 179% of the 1935-39 average.
Steel ingot production in January had risen to 93% of capacity - a new postwar high.
Electric power output in the week of December 21, rose to the highest level on record.
Production of soft coal in January reached the highest level in twenty years.
More and more durable consumer goods are reaching the market in quantities exceeding those
March 1947
A-3
of before the war - shipments of washing machines, vacuum cleaners, electric ranges, and radios are from 59% to 68% above prewar levels. The shipment of mechanical refrigerators and the production of passenger automobiles are approaching prewar volume.
The output of many building materials has reached new postwar highs; some reached all-time highs during 1946.
The production of lumber and lumber products in December was 142% of the 1935-39 average.
Civilian employment has increased three million since the end of the war, and was approximately 56.3 million in December.
I would not discount the fact that we have some liabilities on our national ledger. There has been inflationary excesses in some areas that will have to be corrected.
The year just past was marked by labor-management strife. Prosperity demands a high degree of cooperation. It seems to me that in recent weeks there has been evidence of a happier, more cooperative, more realistic approach in labor-management relations.
This Administration has gone a long way toward relaxing the controls over our economy demanded by the war emergency. It is the President's purpose to remove all remaining controls as rapidly as possible. From now on, it is largely up to us, all of us. We shall need to exercise restraint, whether we are consumers, or producers, or distributors.
There is another problem we face as a nation, a problem that is closely related to our general economy, and which is of primary importance to the business community. That is the problem of our national debt, and its management.
It is of primary importance that we reduce
our Government expenditures, now, to the utmost compatible with our national security, our economic well-being, and the fulfillment of our just obligations. Already, from a wartime high of $100 billion a year, we have reduced expenditures to an annual rate of $42 billion for fiscal year 1947. This curtailment of spending by almost 60% does not represent the attainment of a goal.
Budget proposals for the next fiscal year contemplate a further reduction, and it is the policy of the Administration to continue this economy program as rapidly as the liquidation of war and its aftermath permit.
It is essential that we establish our national budget on a soundly balanced basis, and begin now to apply a surplus of receipts over expenditures to the retirement of our large public debt. In this present state of extraordinary prosperity, sound business principles demand that we give priority to the debt liquidation program.
I believe this would be a greater contribution to national fiscal soundness than major tax reductions now. We should maintain tax rates high enough to effect as rapid a reduction in the public debt as is consistent with the maintenance of a high-production, high-employment economy. When the time comes when some reduction in the tax rates should be possible, I believe these reductions should be concentrated in those areas where they will be most useful in maintaining purchasing power and in providing the incentives necessary for a continued high level of production throughout the economy.
Gentlemen, let me conclude. I believe an objective appraisal of our assets and our problems will reveal a magnificently prosperous nation. With all of our advantages, the American system of free enterprise is capable of developing a driving force that will carry us on to even greater national well-being.
A-4
Treasury Bulletin
Other Speeches by Treasury Officials
Secretary Snyder addressed a meeting of the Bankers' Club of Pittsburgh on January 24, 1947. He spoke about the assistance given to the Treasury by the banks of this country, emphasizing the effective cooperation extended to the law enforcement agencies.
On February 8, 1947, Secretary Snyder spoke before the Colorado Mining Association at Denver, on coinage, precious metals, the use of Government owned silver in industrial plants, and the achievements of the metals mining industry.
On January 31, 1947, Mr. Edward H. Foley, Jr., Assistant Secretary of the Treasury, spoke before the Association of American Railroads at Chicago, Illinois. Mr. Foley explained the importance to the railroads of the sale of United States savings bonds through the payroll savings plan.
Copies of these speeches are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
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.
Cash Payment and Refunding
On January 20, 1947, Secretary of the Treasury Snyder announced the offering of new one-year 7/8% certificates of indebtedness in exchange for all except $1 billion of the certificates maturing on February 1, 1947, with the remaining $1 billion to be paid in cash. The maturing certificates were outstanding in the amount of $4,954 million. Subscriptions were received subject to allotment on an equal percentage basis, except that subscriptions in amounts up to $25,000 were allotted in full. Cash subscriptions were not received.
Treasury reports on the ownership of Government securities indicate that on December 31, 1946 about 70% of the $5.0 billion of maturing certificates was owned by reporting commercial banks and the Federal Reserve Banks. The ownership figures for December 31 are the latest available.
The new certificates were dated February 1, 1947 and will mature February 1, 1948. Interest at the rate of 7.5% per annum will be payable with the principal at maturity, and will be subject to all Federal income taxes.
Subscription books were opened on January 20 and closed at the end of business on January 22,
except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books were held open through January 23. The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
On January 30, 1947, the Secretary of the Treasury announced that subscriptions for the new issue aggregated $4,801 million. Subscriptions in amounts of $25,000 or less were allotted in full in an amount of $46 million. Subscriptions in amounts of over $25,000 were allotted 82% on a straight percentage basis, but not less than $25,000 to any one subscriber and with adjustments to the next highest thousand where necessary. Total allotments amounted to $3,947 million leaving $1,007 million to be paid off in cash.
The pay-off of $1.0 billion follows the refunding of 94% of the $3.3 billion of certificates which matured in January. For the ten months before that the Treasury had followed a program of paying in cash some portion of the securities maturing during each month. The "Treasury Market Financing" article, published in the February 1947 issue of the "Treasury Bulletin," presented an analysis of financing operations during the calendar year 1946.
March 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 7 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/ Actual 1946 to estimated 1947</th><th colspan="2">Estimated 1947 to estimated 1948</th></tr><tr><th>Receipts:</th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>1948</th><th></th><th></th><th></th><th></th></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>17,182</td><td>16,854</td><td>14,949</td><td>-1,906</td><td>35,173</td><td>30,885</td><td>27,134</td><td>26,661</td><td>-3,751</td><td></td><td>-473</td><td></td></tr><tr><td>Employment taxes</td><td>897</td><td>870</td><td>962</td><td>+92</td><td>1,780</td><td>1,701</td><td>1,941</td><td>2,681</td><td>+280</td><td></td><td>+740</td><td></td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>4,225</td><td>4,620</td><td>4,867</td><td>+247</td><td>6,949</td><td>7,725</td><td>8,013</td><td>6,847</td><td>+288</td><td></td><td>-1,166</td><td></td></tr><tr><td>Customs</td><td>196</td><td>239</td><td>307</td><td>+68</td><td>355</td><td>435</td><td>496</td><td>517</td><td>+61</td><td></td><td>+21</td><td></td></tr><tr><td>Other receipts 3/</td><td>1,763</td><td>1,802</td><td>1,943</td><td>+141</td><td>3,483</td><td>3,493</td><td>4,001</td><td>3,011</td><td>+508</td><td></td><td>-990</td><td></td></tr><tr><td>Total receipts</td><td>24,564</td><td>24,387</td><td>23,028</td><td>-1,359</td><td>47,740</td><td>44,239</td><td>41,585</td><td>39,717</td><td>-2,654</td><td></td><td>-1,868</td><td></td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>694</td><td>665</td><td>742</td><td>+77</td><td>1,283</td><td>1,201</td><td>1,355</td><td>1,987</td><td>+154</td><td></td><td>+632</td><td></td></tr><tr><td>Net receipts</td><td>23,870</td><td>23,722</td><td>22,286</td><td>-1,436</td><td>46,457</td><td>43,038</td><td>40,230</td><td>37,730</td><td>-2,808</td><td></td><td>-2,500</td><td></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><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><td></td><td></td></tr><tr><td>War Department</td><td>28,477</td><td>20,603</td><td>3,953</td><td>-16,650</td><td>50,337</td><td>27,800</td><td>7,654</td><td>7,367</td><td>-20,146</td><td></td><td>-287</td><td></td></tr><tr><td>Navy Department</td><td>17,591</td><td>11,455</td><td>3,128</td><td>-8,327</td><td>30,047</td><td>15,161</td><td>5,116</td><td>4,420</td><td>-10,045</td><td></td><td>-696</td><td></td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>-</td><td>881</td><td>+881</td><td>-</td><td>-</td><td>1,900</td><td>250</td><td>+1,900</td><td></td><td>-1,650</td><td></td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>62</td><td>+62</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>5,635</td><td>4,046</td><td>1,684</td><td>-2,362</td><td>9,645</td><td>5,581</td><td>3,456</td><td>1,542</td><td>-2,125</td><td></td><td>-1,914</td><td></td></tr><tr><td>Total</td><td>51,703</td><td>36,104</td><td>9,708</td><td>-26,396</td><td>90,029</td><td>48,542</td><td>18,126</td><td>13,579</td><td>-30,416</td><td></td><td>-4,547</td><td></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><td></td><td></td></tr><tr><td>Veterans' Administration 4/ 5/</td><td>699</td><td>1,930</td><td>3,923</td><td>+1,992</td><td>2,060</td><td>4,253</td><td>7,518</td><td>7,001</td><td>+3,265</td><td></td><td>-517</td><td></td></tr><tr><td>Interest on the public debt</td><td>1,684</td><td>2,284</td><td>2,579</td><td>+296</td><td>3,617</td><td>4,722</td><td>4,950</td><td>5,000</td><td>+228</td><td></td><td>+50</td><td></td></tr><tr><td>Refunds of taxes and duties</td><td>777</td><td>1,149</td><td>925</td><td>-223</td><td>1,707</td><td>3,027</td><td>2,117</td><td>2,040</td><td>-910</td><td></td><td>-77</td><td></td></tr><tr><td>Total</td><td>3,160</td><td>5,363</td><td>7,427</td><td>+2,065</td><td>7,384</td><td>12,002</td><td>14,585</td><td>14,041</td><td>+2,583</td><td></td><td>-544</td><td></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><td></td><td></td></tr><tr><td>Bratton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>159</td><td>+159</td><td>-</td><td>159</td><td>476</td><td>-</td><td>+317</td><td></td><td>-476</td><td></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></td><td>-950</td><td></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></td><td>-325</td><td></td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>800</td><td>+800</td><td>-</td><td>-</td><td>1,500</td><td>1,200</td><td>+1,500</td><td></td><td>-300</td><td></td></tr><tr><td>Total</td><td>-</td><td>174</td><td>1,284</td><td>+1,109</td><td>-</td><td>833</td><td>3,251</td><td>1,200</td><td>+2,418</td><td></td><td>-2,051</td><td></td></tr><tr><td>Aid to agriculture 6/</td><td>247</td><td>180</td><td>1,301</td><td>+1,120</td><td>762</td><td>980</td><td>1,680</td><td>1,720</td><td>+700</td><td></td><td>+40</td><td></td></tr><tr><td>Social security program 6/ 6/</td><td>588</td><td>601</td><td>704</td><td>+103</td><td>815</td><td>852</td><td>1,234</td><td>1,308</td><td>+382</td><td></td><td>+74</td><td></td></tr><tr><td>Public works</td><td>214</td><td>219</td><td>684</td><td>+466</td><td>323</td><td>407</td><td>1,257</td><td>1,469</td><td>+850</td><td></td><td>+212</td><td></td></tr><tr><td>Other general expenditures 7/</td><td>716</td><td>824</td><td>1,256</td><td>+432</td><td>1,093</td><td>1,403</td><td>2,555</td><td>3,356</td><td>+1,152</td><td></td><td>+802</td><td></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></td><td>+15</td><td></td></tr><tr><td>Government corporations (wholly owned), etc. (net):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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></tr><tr><td>War and defense activities</td><td>518</td><td>161</td><td>-322</td><td>-483</td><td>472</td><td>328</td><td></td><td>161</td><td></td><td>-144</td><td>+620</td><td></td></tr><tr><td>Other</td><td>-114</td><td>-3</td><td>82</td><td>+85</td><td>-288</td><td>-23</td><td></td><td>781</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>468</td><td>-353</td><td>-570</td><td>-218</td><td>470</td><td>-1,044</td><td>-790</td><td>-494</td><td>+254</td><td></td><td>+296</td><td></td></tr><tr><td>Other</td><td>-414</td><td>-322</td><td>46</td><td>+368</td><td>-662</td><td>-566</td><td>454</td><td>543</td><td>+1,020</td><td></td><td>+89</td><td></td></tr><tr><td>Total</td><td>457</td><td>-517</td><td>-765</td><td>-248</td><td>-7</td><td>-1,305</td><td>-175</td><td>829</td><td>+1,130</td><td></td><td>+1,004</td><td></td></tr><tr><td>Total expenditures</td><td>57,086</td><td>42,949</td><td>21,600</td><td>-21,348</td><td>100,397</td><td>63,714</td><td>42,523</td><td>37,528</td><td>-21,191</td><td></td><td>-4,995</td><td></td></tr><tr><td>Net budgetary deficit (-) or surplus (+)</td><td>-33,215</td><td>-19,227</td><td>+685</td><td>-19,912</td><td>-53,941</td><td>-20,676</td><td>-2,293</td><td>+202</td><td>-18,383</td><td></td><td>-2,495</td><td></td></tr></table>
Daily Treasury Statement, except as noted.
* Less than $500,000.
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 war-rante, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated.
at $408 million for fiscal year 1947 and $193 million for fiscal year 1948. These figures include so-called voluntary returns, Includes transfers to trust accounts, etc. 5/ Includes expenditures for public works undertaken by Veterans' Administration. 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 the Social Security Act.
March 1947
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 7 months, fiscal years 1945 to 1947</th><th colspan="5">End of fiscal years, 1945 to 1948</th></tr><tr><th></th><th>Jan. 31, 1945</th><th>Jan. 31, 1946</th><th>Jan. 31, 1947</th><th>Change Jan. 31, 1946 to Jan. 31, 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>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 colspan="11">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>162,261</td><td>199,633</td><td>176,444</td><td>-23,189</td><td>181,319</td><td>189,606</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>51,723</td><td>57,168</td><td>57,157</td><td>-11</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>213,984</td><td>256,801</td><td>233,601</td><td>-23,200</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>16,688</td><td>20,655</td><td>24,777</td><td>+4,122</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>230,672</td><td>277,456</td><td>258,378</td><td>-19,078</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>1,736</td><td>1,431</td><td>1,399</td><td>-32</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>232,408</td><td>278,887</td><td>259,776</td><td>-19,110</td><td>258,682</td><td>269,422</td><td>260,400</td><td>260,200</td><td>-9,022</td><td>-200</td></tr><tr><td colspan="11">Securities guaranteed by the United States 2/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>1,197</td><td>39</td><td>46</td><td>+7</td><td>34</td><td>43</td><td></td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>300</td><td>506</td><td>217</td><td>-290</td><td>375</td><td>424</td><td></td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,496</td><td>545</td><td>262</td><td>-283</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>34</td><td>13</td><td>7</td><td>-5</td><td>24</td><td>10</td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,530</td><td>558</td><td>270</td><td>-288</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>233,938</td><td>279,445</td><td>260,046</td><td>-19,398</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.e. 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 7 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><b>Amount required to be financed</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>33,215</td><td>19,227</td><td>-</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>9,046</td><td>-</td><td>-</td><td>9,022</td><td>200</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>729</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>249</td><td>566</td><td>-</td><td>524</td><td>407</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>33,215</td><td>20,204</td><td>10,212</td><td>58,470</td><td>21,200</td><td>11,722</td><td>614</td></tr><tr><td><b>Means of financing</b></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>685</td><td>-</td><td>-</td><td>-</td><td>202</td></tr><tr><td>Net increase in public debt</td><td>31,404</td><td>20,204</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>563</td><td>-</td><td>9,526</td><td>-</td><td>10,460</td><td>11,722</td><td>411</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>1,248</td><td>-</td><td>-</td><td>791</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>33,215</td><td>20,204</td><td>10,212</td><td>58,470</td><td>21,200</td><td>11,722</td><td>614</td></tr></table>
Source: Daily Treasury Statement except as noted.
1/ Based upon the 1948 Budget document.
2/ Comprises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment
on gold, seigniorage on silver, miscellaneous funds and ac- counts, and beginning with July 1946, a clearing account for outstanding checks.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES
March 1947
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="6">Expenditures 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>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War and defense activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Government corporations (volly owned), etc. 7/</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>7,803</td><td>6,641</td><td>929</td><td>608</td><td>-371</td><td>2,777</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,031</td><td>5,985</td><td>1,029</td><td>225</td><td>-208</td><td>1,177</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 2/</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>3,910</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>7,607</td><td>13,762</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>1,054</td><td>6,158</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 2/</td><td>869</td><td>12,799</td><td>34,290</td><td>6,005</td><td>26,011</td><td>381</td><td>1,893</td><td>21,491</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 3/11/</td><td>1,103</td><td>22,280</td><td>79,702</td><td>5,635</td><td>72,109</td><td>435</td><td>1,523</td><td>57,420</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>44,149</td><td>95,573</td><td>6,149</td><td>87,039</td><td>556</td><td>1,829</td><td>51,424</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>46,457</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,646</td><td>-7</td><td>53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493 11/</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>20,676</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,511</td><td>42</td><td>354</td><td>30</td><td>3,819</td><td>4,860</td><td>791</td><td>3,417</td><td>684</td><td>-21</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>-370</td><td>1,107</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>492</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>430</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>-145</td></tr><tr><td>1947-January</td><td>3,800</td><td>3,415</td><td>47</td><td>398</td><td>40</td><td>3,800</td><td>3,113</td><td>1,523</td><td>1,412</td><td>71</td><td>108</td><td>-706</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ For further details, see Table 6.
8/ Total expenditures less net receipts.
9/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 mil-
lion in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. 10/ Receipts from reductions in capital stock and paid-in surplus available to be reissued under existing law are included as negative items under expenditures. Such reductions totaled $115 million. 11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profit taxes</th><th>Total</th><th colspan="2">Employment taxes</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th><th>Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers 2/</th><th>Other 3/</th><th></th><th colspan="2">Social security taxes 4/</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 5/2</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 5/2</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>3,847</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td></tr><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td></tr><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>619</td></tr><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>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>670</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>10</td><td>712</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><tr><td>1947-January</td><td>3,415</td><td>2,664</td><td>546</td><td>2,117</td><td>58</td><td>42</td><td>14</td><td>1</td><td>693</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
2/ Includes unjust enrichment tax.
1/ 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.
2/ Includes less than $500 thousand in receipts from "Agricultural Adjustment taxes."
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 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>International Finance 8/</th><th>Civilian Conservation Corps 9/</th><th>Direct and work relief 9/</th><th>Other 3/</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>-</td><td>386</td><td>1,895</td><td>678</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>-</td><td>326</td><td>1,476</td><td>622</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>-</td><td>290</td><td>2,242</td><td>642</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>-</td><td>283</td><td>1,573</td><td>685</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 10/</td><td>847</td><td>457</td><td>738</td><td>-</td><td>257</td><td>1,374</td><td>654</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>-</td><td>163</td><td>970</td><td>673</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>-</td><td>18</td><td>299</td><td>712</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>-</td><td>*</td><td>17</td><td>758</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</td><td>763</td><td>497</td><td>323</td><td>-</td><td>*</td><td>*</td><td>890</td></tr><tr><td>1946</td><td>14,559</td><td>10,620</td><td>2,871</td><td>4,722</td><td>3,027</td><td>3,938</td><td>998 11/</td><td>550</td><td>407</td><td>833</td><td>-</td><td>-</td><td>1,151</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>-</td><td>-</td><td>-</td><td>96</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>-</td><td>-</td><td>-</td><td>79</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 11/</td><td>32</td><td>32</td><td>100</td><td>-</td><td>-</td><td>88</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>100</td><td>-</td><td>-</td><td>86</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>200</td><td>-</td><td>-</td><td>81</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>258</td><td>-</td><td>-</td><td>246</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</td><td>98</td><td>67</td><td>300</td><td>-</td><td>-</td><td>130</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>100</td><td>-</td><td>-</td><td>146</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>484</td><td>648</td><td>95</td><td>492</td><td>29</td><td>46</td><td>96</td><td>200</td><td>-</td><td>-</td><td>121</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>325</td><td>-</td><td>-</td><td>127</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>159</td><td>-</td><td>-</td><td>118</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>-</td><td>-</td><td>-</td><td>255</td></tr><tr><td>1947-January</td><td>1,523</td><td>960</td><td>549</td><td>343</td><td>68</td><td>563</td><td>65</td><td>69</td><td>98</td><td>200</td><td>-</td><td>-</td><td>130</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500 thousand.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trellis which are included in Public works. In fiscal year 1945 and in July 1946 there are included $257 million and $921 million, respectively, for restoration of capital impairment of Commodity Credit Corporation.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social security program.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Consists of payments under Bretton Woods Agreements Act - International Bank; credit to United Kingdom; and Export-Import Bank of Washington - capital stock.
2/ Classified as Other expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
10/ 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.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
March 1947
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War and Defense Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Armed Forces Leave Act of 1946 1/ Bonds Cash</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency 2/</th><th>National Housing Agency</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other war and defense activities expenditures 3/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</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><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><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><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>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>-</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>39</td><td>1,430</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>-</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>4</td><td>1,022</td></tr><tr><td>1946</td><td>43,542</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>693</td><td>694</td><td>1,367</td><td>120</td><td>664</td><td>106</td><td>611</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>2</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>2/</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>5/</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>2/</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>4</td><td>28</td><td>2/</td><td>-</td><td>91</td><td>40</td><td>42</td></tr><tr><td>1947-January</td><td>1,412</td><td>644</td><td>353</td><td>278</td><td>20</td><td>-98</td><td>1</td><td>2</td><td>33</td><td>2</td><td>5</td><td>•</td><td>2/</td><td>-</td><td>102</td><td>45</td><td>25</td></tr></table>
Daily Treasury Statement. Loose than $500 thousand. 1/ Administrative expenses in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments. 2/ Includes var public housing functions. 3/ Includes var 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. Classification changed to reflect expenditures for the fiscal year 1946 under "War activities". Prior year expenditures are included under "General". Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, public law 492, approved July 8, 1946.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/2/</th><th>Social security program 1/3/</th><th>Government employees' retirement funds (U.S. share)</th><th>Aid to agriculture 1/4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>*</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>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><tr><td>1947-January</td><td>71</td><td>27</td><td>44</td><td>-</td><td>-</td><td>-</td></tr></table>
Sources: Daily Treasury Statement.
• Less than $500 thousand.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on social security program
5/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
g
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6. - Analysis of Expenditures of Government Corporations (Wholly Owned), Etc. (Net)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>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>-353</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>-346</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 1/</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>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 1/</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>-4</td></tr><tr><td>September</td><td>-96</td><td>54</td><td>-30</td><td>-3</td><td>1</td><td>-16</td><td>-110</td><td>7</td><td>2</td><td>-2</td></tr><tr><td>October</td><td>-59</td><td>13</td><td>-54</td><td>-2</td><td>-</td><td>-18</td><td>3</td><td>8</td><td>3</td><td>-12</td></tr><tr><td>November</td><td>-28</td><td>-52</td><td>53</td><td>4</td><td>-</td><td>-16</td><td>-18</td><td>21</td><td>-2</td><td>-17</td></tr><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><tr><td>1947-January</td><td>108</td><td>101</td><td>78</td><td>-</td><td>-1</td><td>-19</td><td>-102</td><td>41</td><td>1</td><td>8</td></tr></table>
Source: Daily Treasury Statement.
• Less than $500 thousand.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metala Reserve, Office of Rubber Reserve, Office of Defense Plante, Office of Defense 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 is reimbursement for agricultural
commodities procured in connection with the lend-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,102 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 (wholly owned), etc. (net).
March 1947
9
Table 7.- Total Budgetary Receipts and Expenditures by Months, Beginning with 1938
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,349</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</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>1947</td><td>3,820</td><td></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>
Budgetary expenditures excluding net expenditures of Government corporations (wholly owned), etc. 2/
<table><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>45,304</td></tr><tr><td>1947</td><td>3,005</td><td></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>
Budgetary expenditures including net expenditures of Government corporations (wholly owned), etc. 2/3/
<table><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>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td></td><td></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>
Net budgetary deficit excluding net expenditures of Government corporations (wholly owned), etc. 4/
<table><tr><td>1938</td><td>1yd</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</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>44,505</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>1947</td><td>-814</td><td></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>
Net budgetary deficit including net expenditures of Government corporations (wholly owned), etc. 3/4
<table><tr><td>1944</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>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>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>4,999</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>-706</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-1,723</td><td>420</td><td>165</td><td>-445</td><td>2,512</td></tr><tr><td>1947</td><td></td><td></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>
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 1938 through June 1944 are not presently available.
4/ Total expenditures less net receipts.
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>-96</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>148</td><td>146</td></tr><tr><td>1938</td><td>+46</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1940</td><td>+435</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>127</td><td>116</td></tr><tr><td>1941</td><td>+906</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>+4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>+1,613</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-2,222</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+791</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,349</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1946-January</td><td>-307</td><td>+27</td><td>45</td><td>18</td><td>+90</td><td>693</td><td>603</td><td>+11</td><td>96</td><td>85</td><td>-1</td><td>37</td><td>38</td></tr><tr><td>February</td><td>-36</td><td>+169</td><td>196</td><td>28</td><td>-56</td><td>194</td><td>250</td><td>+21</td><td>158</td><td>137</td><td>*</td><td>*</td><td>*</td></tr><tr><td>March</td><td>-295</td><td>-184</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>53</td><td>+1</td><td>*</td><td>*</td></tr><tr><td>April</td><td>+272</td><td>+32</td><td>57</td><td>25</td><td>+48</td><td>223</td><td>175</td><td>+6</td><td>40</td><td>33</td><td>+1</td><td>38</td><td>37</td></tr><tr><td>May</td><td>+48</td><td>+234</td><td>265</td><td>31</td><td>-55</td><td>135</td><td>190</td><td>+2</td><td>200</td><td>197</td><td>*</td><td>*</td><td>1</td></tr><tr><td>June</td><td>-265</td><td>-251</td><td>109</td><td>361</td><td>+11</td><td>174</td><td>163</td><td>-16</td><td>105</td><td>121</td><td>+1</td><td>18</td><td>17</td></tr><tr><td>July</td><td>+48</td><td>+28</td><td>61</td><td>33</td><td>+147</td><td>277</td><td>130</td><td>+11</td><td>49</td><td>39</td><td>-2</td><td>165</td><td>167</td></tr><tr><td>August</td><td>+234</td><td>+246</td><td>283</td><td>37</td><td>-161</td><td>53</td><td>214</td><td>-10</td><td>209</td><td>218</td><td>-1</td><td>*</td><td>1</td></tr><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><td>59</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+156</td><td>+46</td><td>73</td><td>26</td><td>-1</td><td>44</td><td>45</td><td>+1</td><td>42</td><td>41</td><td>*</td><td>44</td><td>44</td></tr><tr><td>November</td><td>+15</td><td>+239</td><td>275</td><td>36</td><td>-12</td><td>58</td><td>70</td><td>*</td><td>155</td><td>155</td><td>*</td><td>*</td><td>*</td></tr><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><td>60</td><td>*</td><td>*</td><td>*</td></tr><tr><td>1947-January</td><td>-125</td><td>+38</td><td>74</td><td>36</td><td>-2</td><td>70</td><td>72</td><td>+9</td><td>101</td><td>91</td><td>+1</td><td>44</td><td>43</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th rowspan="2">Sales and re- demptions of obligations of Government corporations, 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</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</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</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</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</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</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</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</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>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>63</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>-48</td></tr><tr><td>October</td><td>-3</td><td>111</td><td>114</td><td>*</td><td>-</td><td>+55</td><td>+22</td><td>+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>+34</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945,
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
March 1947
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 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</td><td>2,777</td><td>-</td><td>-</td><td>-</td><td>2,777</td><td>2,646</td><td>128</td><td>3</td></tr><tr><td>1938</td><td>1,177</td><td>1,177</td><td>-</td><td>-</td><td>-</td><td>1,177</td><td>740</td><td>338</td><td>98</td></tr><tr><td>1939</td><td>4,484</td><td>3,862</td><td>-</td><td>622</td><td>-</td><td>4,484</td><td>3,275</td><td>-</td><td>1,210</td></tr><tr><td>1940</td><td>3,910</td><td>3,910</td><td>-</td><td>-</td><td>-</td><td>3,910</td><td>2,528</td><td>947</td><td>435</td></tr><tr><td>1941</td><td>6,900</td><td>6,158</td><td>-</td><td>742</td><td>-</td><td>6,900</td><td>5,994</td><td>-</td><td>906</td></tr><tr><td>1942</td><td>23,461</td><td>21,491</td><td>-</td><td>358</td><td>1,613</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</td><td>-</td><td>6,515</td><td>338</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</td><td>-</td><td>10,662</td><td>2,222</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>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>35</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>411</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><tr><td>1947-January</td><td>628</td><td>-706</td><td>-</td><td>1,210</td><td>125</td><td>628</td><td>628</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
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).
2/ 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 1945, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>31.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr><tr><td>April</td><td>63.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</td></tr><tr><td>May</td><td>280.1</td><td>268.9</td><td>11.2</td><td>265.1</td><td>15.0</td></tr><tr><td>June</td><td>8.1</td><td>6.6</td><td>1.4</td><td>2.8</td><td>5.3</td></tr><tr><td>July</td><td>64.6</td><td>62.3</td><td>2.2</td><td>61.3</td><td>3.2</td></tr><tr><td>August</td><td>294.3</td><td>284.3</td><td>10.0</td><td>283.4</td><td>11.0</td></tr><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>-14 1/</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><tr><td>1947-January</td><td>56.7</td><td>42.3</td><td>14.4</td><td>40.4</td><td>16.2</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 5/</th><th colspan="10">Grants to States</th><th rowspan="2">Refund of taxes</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th colspan="4">Social Security Administration</th><th>Public Health Service</th><th colspan="3">Children's Bureau 1/</th><th>Department of Labor</th></tr><tr><th></th><th></th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work 6/</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>U. B. Employment Service 8/</th><th></th><th></th></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 10/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>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>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>.6</td><td>.7</td><td>.1</td><td>-</td><td>1.1</td><td>-60.8</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>.6</td><td>1.0</td><td>-</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>.9</td><td>.7</td><td>.3</td><td>*</td><td>.4</td><td>58.5</td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>.9</td><td>1.3</td><td>-</td><td>.9</td><td>.3</td><td>*</td><td>*</td><td>.4</td><td>26.1</td></tr><tr><td>June</td><td>22.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.5</td><td>.2</td><td>6.3</td><td>-</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>16.8</td></tr><tr><td>July</td><td>97.3</td><td>3.0</td><td>94.0</td><td>63.1</td><td>12.8</td><td>1.8</td><td>16.0</td><td>-</td><td>*</td><td>.1</td><td>.2</td><td>*</td><td>.3</td><td>94.1</td></tr><tr><td>August</td><td>45.3</td><td>2.0</td><td>42.8</td><td>33.7</td><td>6.3</td><td>1.0</td><td>.1</td><td>-</td><td>.8</td><td>.8</td><td>.2</td><td>*</td><td>.4</td><td>34.3</td></tr><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><tr><td>1947-January</td><td>68.4</td><td>2.2</td><td>65.2</td><td>46.7</td><td>9.8</td><td>1.5</td><td>5.5</td><td>-</td><td>.8</td><td>.6</td><td>.3</td><td>*</td><td>1.0</td><td>52.2</td></tr></table>
Less than $50 thousand.
Formerly Title VIII of the Social Security Act.
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 3 of Section I).
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.
Includes an adjustment of $3,879 thousand on account of overstatement of reimbursements to General Fund in September.
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 1944.
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, appropriates $41 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
March 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>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><tr><td>1947-January</td><td>1.5</td><td>44.4</td><td>.4</td><td>44.0</td><td>*</td><td>42.9</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
1/ Includes only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3. Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 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>-1.6</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>1946-January</td><td>*</td><td>.2</td><td>.2</td><td>.</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.7</td></tr><tr><td>July</td><td>*</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr><tr><td>August</td><td>*</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>September</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>-3.3</td></tr><tr><td>October</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><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><tr><td>1947-January</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1. Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="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>Beinbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>1.1</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>5.5</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>5,416.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,335.8</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>7,611.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1946-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>696.8</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><tr><td>1947-January</td><td>9,740.6</td><td>9,010.1</td><td>730.5</td><td>1,553.0</td><td>1,340.4</td><td>198.8</td><td>13.8</td><td>8,187.5</td><td>8,078.7</td><td>56.4</td><td>52.4</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
3 Under provisions of the Labor-Federal Security Act, 1947, sales- rles for the Bureau of Old-Age and Survivors Insurance are pay- able 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="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</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-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><tr><td>1947-January</td><td>2,079.2</td><td>2,016.1</td><td>63.2</td><td>1,200.9</td><td>878.3</td><td>815.0</td><td>45.3</td><td>18.0</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from States</th><th>Transfers from Railroad Unemployment Insurance Administration Fund</th><th>Interest on investments</th><th>Total expenditure</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account</th><th>Railroad Unemployment Account</th><th>Total</th><th>Investments</th><th>Ucexpended balance</th><th>In dis-bursing offi- cer's account</th></tr><tr><th></th><th></th><th>Deposite by States</th><th>2/</th><th>3/</th><th>4/</th><th></th><th></th><th>With-drals by States</th><th>3/</th><th>Benefit payments</th><th>1/</th><th></th><th>In General Fund (Special Deposit Account)</th><th>5/</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><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>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>82.5</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>11.4</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><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>17.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>29.1</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</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>38.0</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</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>47.6</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</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>-</td><td>-</td><td>-</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.3</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1946-November</td><td>11,468.2</td><td>10,003.0</td><td>652.3</td><td>106.9</td><td>56.9</td><td>644.1</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>56.9</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><tr><td>1947-January</td><td>11,622.0</td><td>10,057.0</td><td>683.6</td><td>107.0</td><td>56.9</td><td>717.6</td><td>4,012.4</td><td>3,814.5</td><td>107.0</td><td>90.9</td><td>7,609.6</td><td>7,579.0</td><td>23.3</td><td>7.3</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employee and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
March 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>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>Jan</th></tr><tr><td colspan="14">1946</td><td>1947</td></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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>2,886</td><td>2,604</td></tr><tr><td>Employment taxes</td><td>51</td><td>310</td><td>97</td><td>65</td><td>235</td><td>73</td><td>67</td><td>302</td><td>85</td><td>74</td><td>290</td><td>86</td><td>58</td></tr><tr><td>Miscellaneous internal revenue</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><td>693</td></tr><tr><td>Customs</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><td>47</td></tr><tr><td>Other</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><td>353</td></tr><tr><td>Subtotal</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><td>3,825</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>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><td>37</td></tr><tr><td>Other trust funds and accounts</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>143</td><td>97</td><td>102</td><td>95</td></tr><tr><td>Subtotal</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><td>133</td></tr><tr><td>Total cash income</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>3,948</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>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><td>1,134</td></tr><tr><td>Veterans' Administration</td><td>220</td><td>255</td><td>318</td><td>406</td><td>415</td><td>496</td><td>463</td><td>512</td><td>484</td><td>518</td><td>488</td><td>560</td><td>549</td></tr><tr><td>Public works 3/</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><td>98</td></tr><tr><td>Aid to agriculture 4/</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><td>72</td></tr><tr><td>Social security program 5/</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><td>69</td></tr><tr><td>Interest on the public debt 6/</td><td>181</td><td>87</td><td>595</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><td>188</td></tr><tr><td>Government corporations (wholly owned), etc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(net):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>-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><td>-102</td></tr><tr><td>Other</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><td>-4</td></tr><tr><td>Commodity Credit Corporation</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><td>101</td></tr><tr><td>Other</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><td>59</td></tr><tr><td>Other 1/</td><td>159</td><td>186</td><td>342</td><td>612</td><td>577</td><td>921</td><td>791</td><td>335</td><td>317</td><td>435</td><td>83</td><td>304</td><td>398</td></tr><tr><td>Subtotal</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><td>2,564</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>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><td>76</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>36</td></tr><tr><td>Railroad Retirement Account</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><td>13</td></tr><tr><td>Other 8/</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><td>128</td></tr><tr><td>Subtotal</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><td>254</td></tr><tr><td>Redemption of adjusted service bonds</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><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds</td><td>879</td><td>94</td><td>33</td><td>27</td><td>14</td><td>9</td><td>8</td><td>6</td><td>4</td><td>4</td><td>3</td><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>-</td></tr><tr><td>Total cash outgo</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>2,983</td><td>2,850</td><td>2,276</td><td>3,643</td><td>2,827</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>-1,121</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 Leases Act of 1946.
3/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
4/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. Excludes non-cash transactions.
5/ Excludes transactions under transfer to trust accounts, etc.
6/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
7/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps," 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.
Table 2.- Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Caleodar 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>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>1947</td><td>3,948</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 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>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</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>1947</td><td>2,827</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess 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>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>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,987</td><td>4,141</td><td>1,051</td><td>3,104</td><td>1,724</td><td>296</td><td>36,537</td></tr><tr><td>1946</td><td>1,637</td><td>-356</td><td>-1,782</td><td>1,237</td><td>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td><td>47</td><td>-616</td><td>-614</td><td>-827</td></tr><tr><td>1947</td><td>-1,121</td><td></td><td></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>
16
Treasury Bulletin
GENERAL
FUND
O F
THE
TREASURY
March 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>Deposite in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</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>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>259</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr><tr><td>May</td><td>18,859</td><td>407</td><td>1,230</td><td>16,949</td><td>273</td></tr><tr><td>June</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>July</td><td>12,444</td><td>404</td><td>702</td><td>10,961</td><td>377</td></tr><tr><td>August</td><td>11,431</td><td>416</td><td>872</td><td>9,842</td><td>301</td></tr><tr><td>September</td><td>10,524</td><td>429</td><td>1,445</td><td>8,377</td><td>273</td></tr><tr><td>October</td><td>8,393</td><td>422</td><td>773</td><td>6,936</td><td>262</td></tr><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><tr><td>1947-January</td><td>5,102</td><td>393</td><td>1,620</td><td>2,736</td><td>353</td></tr></table>
Source: Daily Treasury Statement.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>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><tr><td>1947-January</td><td>5,102</td><td>391</td><td>4,711</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.(not 1)</th><th>Public debt accounts</th><th colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increase on gold 3/</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Checking accounts of Government agencies, etc. 5/</th><th>Clearing account 6/</th></tr><tr><td>1937</td><td>-128</td><td>-2,778 7/</td><td>2,746 8/</td><td>-96</td><td>19</td><td>-99</td><td>40</td><td>-57</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,176</td><td>792 8/</td><td>46</td><td>11</td><td>-51</td><td>90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,862</td><td>3,280 8/</td><td>1,204</td><td>29</td><td>-5</td><td>90</td><td>-16</td><td>1,106</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,910</td><td>2,528</td><td>435</td><td>37</td><td>*</td><td>49</td><td>61</td><td>288</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>-6,158</td><td>5,994</td><td>906</td><td>37</td><td>*</td><td>20</td><td>-4</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,491</td><td>23,461</td><td>-1,613</td><td>66</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,424</td><td>64,307</td><td>-2,222</td><td>148</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,042</td><td>772</td><td>-307</td><td>-229</td><td>*</td><td>43</td><td>-167</td><td>46</td><td>-</td></tr><tr><td>February</td><td>534</td><td>243</td><td>327</td><td>-36</td><td>83</td><td>*</td><td>30</td><td>-138</td><td>-11</td><td>-</td></tr><tr><td>March</td><td>-1,593</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>*</td><td>21</td><td>-87</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,114</td><td>272</td><td>91</td><td>*</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,316</td><td>48</td><td>181</td><td>*</td><td>-</td><td>-190</td><td>57</td><td>-</td></tr><tr><td>June</td><td>-4,298</td><td>-873</td><td>-3,161</td><td>-265</td><td>-135</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-2,209</td><td>-1,105</td><td>-1,152</td><td>48</td><td>18</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>318</td></tr><tr><td>August</td><td>-989</td><td>-499</td><td>-724</td><td>234</td><td>70</td><td>*</td><td>-</td><td>94</td><td>42</td><td>27</td></tr><tr><td>September</td><td>-268</td><td>1,723</td><td>-2,177</td><td>-414</td><td>-487</td><td>*</td><td>-</td><td>102</td><td>19</td><td>-48</td></tr><tr><td>October</td><td>-2,101</td><td>-420</td><td>-1,837</td><td>156</td><td>44</td><td>*</td><td>-</td><td>55</td><td>22</td><td>36</td></tr><tr><td>November</td><td>-1,405</td><td>-165</td><td>-1,255</td><td>15</td><td>160</td><td>*</td><td>-</td><td>-119</td><td>-22</td><td>-4</td></tr><tr><td>December</td><td>-3,163</td><td>445</td><td>-3,128</td><td>-480</td><td>-281</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>34</td></tr><tr><td>1947-January</td><td>1,210</td><td>706</td><td>628</td><td>-125</td><td>51</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>-56</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-
poises (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 in the column "Trust accounts". 
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 increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
March 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>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>255,357</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>255,766</td><td>268,578</td></tr><tr><td>Natured 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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,902</td><td>1,603</td><td>2,908</td><td>11,661</td><td>14,734</td><td>17,041</td><td>17,039</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,135</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>26,552</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,864</td></tr><tr><td>Postal savings and other bonds.</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>180</td></tr><tr><td>Total marketable issues.</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.</td><td>800</td><td>1,238</td><td>1,958</td><td>2,909</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,955 1/2</td><td>49,035 1/2</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td><td>6,711</td></tr><tr><td>Adjusted service bonds.</td><td>389</td><td>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>Depositary bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues.</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues.</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td><td>245,779</td></tr><tr><td>Special issues.</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td><td>22,332</td></tr><tr><td>Total interest-bearing debt.</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><td>268,111</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</td><td>376</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td></tr><tr><td>United States notes (less gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>320</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>5</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>1,953</td><td>1,533</td><td>755</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td><td>43</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</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>Natured debt on which interest has ceased</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td><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)
March 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="11">1946</th><th>1947</th></tr><tr><th></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><th>Jan. 31</th></tr></table>
Public debt and guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><td></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>277,456</td><td>271,912</td><td>274,744</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td><td>260,925</td></tr><tr><td>Guaranteed Obligations</td><td>545</td><td>539</td><td>542</td><td>533</td><td>542</td><td>467</td><td>324</td><td>370</td><td>391</td><td>378</td><td>362</td></tr><tr><td>Total</td><td>278,001</td><td>276,451</td><td>275,290</td><td>273,244</td><td>271,983</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td><td>262,792</td><td>261,286</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,444</td><td>1,313</td><td>1,275</td><td>1,199</td><td>1,153</td><td>1,321</td><td>1,240</td><td>1,196</td><td>1,160</td><td>1,125</td><td>1,360</td></tr><tr><td>Total outstanding</td><td>279,445</td><td>279,764</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td><td>268,603</td><td>267,924</td><td>265,768</td><td>263,918</td><td>262,646</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>259,487</td><td>260,046</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</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><td>17,074</td></tr><tr><td>Certificates of indebtedness</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>30,475</td><td>29,987</td><td>29,791</td></tr><tr><td>Treasury notes</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td><td>18,261</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td><td>13,351</td><td>10,090</td><td>10,090</td></tr><tr><td>Treasury bonds - bank restricted 2/.</td><td>53,151</td><td>53,427</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</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>69,686</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</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><td>166</td></tr><tr><td>Total marketable issues</td><td>199,533</td><td>199,810</td><td>197,063</td><td>195,079</td><td>193,487</td><td>189,606</td><td>187,996</td><td>186,350</td><td>184,338</td><td>182,318</td><td>180,328</td><td>176,613</td><td>176,044</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><td></td></tr><tr><td>U. S. savings bonds 3/.</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>49,417</td><td>49,515</td><td>49,624</td><td>49,709</td><td>49,776</td><td>50,343</td></tr><tr><td>Treasury notes - savings series 3/.</td><td>8,107</td><td>8,043</td><td>7,365</td><td>7,144</td><td>7,127</td><td>6,711</td><td>6,669</td><td>6,688</td><td>6,096</td><td>6,003</td><td>5,978</td><td>5,725</td><td>5,990</td></tr><tr><td>Depository bonds</td><td>474</td><td>471</td><td>451</td><td>436</td><td>429</td><td>427</td><td>410</td><td>400</td><td>385</td><td>383</td><td>345</td><td>349</td><td>351</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>70</td><td>311</td><td>602</td><td>873</td></tr><tr><td>Total non-marketable issues</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><td>57,157</td></tr><tr><td>Total public issues</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>233,064</td><td>233,601</td></tr><tr><td>Special issues</td><td>20,655</td><td>20,897</td><td>21,135</td><td>21,224</td><td>21,481</td><td>22,332</td><td>23,045</td><td>23,443</td><td>23,854</td><td>24,015</td><td>24,254</td><td>24,585</td><td>24,177</td></tr><tr><td>Total interest-bearing debt</td><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,419</td><td>260,925</td><td>257,649</td><td>258,378</td></tr><tr><td>Prepayments 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>260</td><td>238</td><td>244</td><td>209</td><td>191</td><td>376</td><td>313</td><td>285</td><td>262</td><td>241</td><td>236</td><td>395</td><td>307</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><td></td></tr><tr><td>United States savings stamps</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><td>76</td></tr><tr><td>Excess profit tax refund bonds</td><td>240</td><td>143</td><td>109</td><td>82</td><td>67</td><td>58</td><td>50</td><td>44</td><td>39</td><td>35</td><td>32</td><td>29</td><td>26</td></tr><tr><td>Special notes of the United States: Inter- national 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>248</td><td>248</td><td>248</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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><td>548</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>0</td></tr><tr><td>Total debt bearing no interest</td><td>1,171</td><td>1,063</td><td>1,019</td><td>979</td><td>951</td><td>935</td><td>918</td><td>902</td><td>890</td><td>876</td><td>1,116</td><td>1,105</td><td>1,092</td></tr><tr><td>Total public debt outstanding</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>265,369</td><td>263,532</td><td>262,277</td><td>259,149</td><td>259,776</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><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>Federal Housing Administration</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>49</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>506</td><td>699</td><td>901</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>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>331</td></tr><tr><td>Natured debt on which interest has ceased</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>7</td></tr><tr><td>Total guaranteed obligations outstanding</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><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>270</td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See
"Treasury Bulletin" July 1946, 4-9, 4-10.) 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. Demand obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations in the Daily Treasury Statement. Consists of Reconstruction Finance Corporation notes, Series I-A, I-B, and I-C, which were held by United States Government corporations and credit agencies.
Treasury Bulletin
22
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
8-462-C
March 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 Funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Other 3/</th></tr><tr><td>1937</td><td>1,558</td><td>95</td><td>267</td><td>-</td><td>500</td><td>316</td><td>-</td><td>30</td><td>-</td><td>312</td><td>38</td></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>396</td><td>-</td><td>45</td><td>66</td><td>872</td><td>26</td></tr><tr><td>1939</td><td>3,770</td><td>101</td><td>1,177</td><td>-</td><td>537</td><td>473</td><td>-</td><td>128</td><td>67</td><td>1,267</td><td>20</td></tr><tr><td>1940</td><td>4,775</td><td>56</td><td>1,738</td><td>-</td><td>524</td><td>599</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>902</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>1946-January</td><td>20,695</td><td>69</td><td>5,406</td><td>45</td><td>606</td><td>2,148</td><td>4,490</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>21,431</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>5,560</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>1,335</td><td>2,379</td><td>5,595</td><td>890</td><td>812</td><td>6,754</td><td>26</td></tr><tr><td>November</td><td>24,254</td><td>179</td><td>6,190</td><td>54</td><td>1,207</td><td>2,387</td><td>5,645</td><td>908</td><td>799</td><td>6,854</td><td>31</td></tr><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><tr><td>1947-January</td><td>24,777</td><td>238</td><td>6,440</td><td>57</td><td>1,236</td><td>2,375</td><td>5,725</td><td>990</td><td>815</td><td>6,869</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 Partial Servicing System of the Canal Zone.
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>4</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>351</td><td>2,534</td><td>57</td><td>-</td></tr><tr><td>1943</td><td>7,535</td><td>1,930</td><td>-</td><td>263</td><td>812</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>590</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>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>363</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>1,299</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>672</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>10,689</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>692</td><td>-</td><td>360</td><td>622</td><td>8,976</td><td>56</td><td>26</td></tr><tr><td>1947-January</td><td>10,828</td><td>820</td><td>-</td><td>360</td><td>607</td><td>8,887</td><td>56</td><td>97</td></tr></table>
Sources: Daily Treasury Statement. * Less than $500 thousand.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
24
Treasury Bulletin
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed
Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></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>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><tr><td>1947-January</td><td>258,640</td><td>5,327</td><td>2.059</td><td>258,378</td><td>5,322</td><td>2.060</td><td>262</td><td>4</td><td>1.642</td></tr></table>
Source: Daily Treasury Statement.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-B are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
March 1947
25
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not ex-
ceed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of January 31, 1947
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation 1/:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended</td><td>258,861</td></tr><tr><td>Guaranteed securities 2/</td><td>270</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>259,131</td></tr><tr><td>Balance issuable under such authority</td><td>15,869</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the total public debt and guaranteed securities 2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, January 31, 1947
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td colspan="4">Public debt and guaranteed obligations outstanding:</td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,074</td><td>-</td><td>17,074</td></tr><tr><td>Certificates of indebtedness</td><td>29,791</td><td>-</td><td>29,791</td></tr><tr><td>Treasury notes</td><td>10,090</td><td>-</td><td>10,090</td></tr><tr><td>Treasury bonds - bank restricted 1/2</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>166</td><td>166</td></tr><tr><td>Total marketable issues</td><td>176,278</td><td>166</td><td>176,444</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>50,343</td><td>-</td><td>50,343</td></tr><tr><td>Treasury savings notes</td><td>5,590</td><td>-</td><td>5,590</td></tr><tr><td>Depository bonds</td><td>351</td><td>-</td><td>351</td></tr><tr><td>Armed forces leave bonds</td><td>873</td><td>-</td><td>873</td></tr><tr><td>Total non-marketable issues</td><td>57,157</td><td>-</td><td>57,157</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>24,777</td><td>-</td><td>24,777</td></tr><tr><td>Total interest-bearing securities</td><td>258,212</td><td>166</td><td>258,378</td></tr><tr><td>Matured securities on which interest has ceased</td><td>299</td><td>8</td><td>307</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>76</td><td>-</td><td>76</td></tr><tr><td>Excess profits tax refund bonds</td><td>26</td><td>-</td><td>26</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>742</td><td>742</td></tr><tr><td>Total obligations bearing no interest</td><td>350</td><td>742</td><td>1,092</td></tr><tr><td>Total public debt</td><td>258,861</td><td>915</td><td>259,776</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>262</td><td>-</td><td>262</td></tr><tr><td>Matured debt</td><td>7</td><td>-</td><td>7</td></tr><tr><td>Total guaranteed securities</td><td>270</td><td>-</td><td>270</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>259,131</td><td>915</td><td>260,046</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21. 2/ Consists of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest. 3/ Excludes guaranteed securities held by the Treasury.
Treasury Bulletin
26
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding at end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="7">Public debt receipts (Issueance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>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>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>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>-</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>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>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</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>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,880</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>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>2,775</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>2,775</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>2,916</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>2,916</td><td>63</td></tr><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>1,223</td><td>422</td><td>9,743</td><td>8,496</td><td>-</td><td>1,223</td><td>24</td></tr><tr><td>August</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,174</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>September</td><td>265,369</td><td>-2,177</td><td>8,818</td><td>6,024</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>1,440</td><td>232</td><td>10,862</td><td>9,351</td><td>-</td><td>1,440</td><td>71</td></tr><tr><td>October</td><td>263,532</td><td>-1,837</td><td>9,025</td><td>7,283</td><td>-</td><td>*</td><td>70</td><td>-</td><td>*</td><td>1,775</td><td>252</td><td>9,696</td><td>7,908</td><td>-</td><td>1,775</td><td>14</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>3,281</td><td>355</td><td>13,328</td><td>10,023</td><td>-</td><td>3,281</td><td>24</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>3,134</td><td>257</td><td>10,859</td><td>7,659</td><td>-</td><td>3,134</td><td>65</td></tr><tr><td>1947-January</td><td>259,776</td><td>628</td><td>11,486</td><td>7,817</td><td>-</td><td>*</td><td>273</td><td>-</td><td>*</td><td>3,134</td><td>257</td><td>10,859</td><td>7,659</td><td>-</td><td>3,134</td><td>65</td></tr></table>
Source: Daily Treasury Statement. * Less than $500 thousand. 1/ Exclude certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th colspan="2">Special issues</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>Total</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>9,117</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,836</td><td>23,414</td><td>2,151</td><td>1,283</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</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>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>10,090</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><tr><td>1947-January</td><td>258,378</td><td>119,489</td><td>51,567</td><td>10,090</td><td>5,590</td><td>29,791</td><td>17,074</td><td>24,777</td><td>100.0</td><td>46.3</td><td>19.9</td><td>3.9</td><td>2.2</td><td>11.5</td><td>6.6</td><td>9.6</td></tr></table>
Source: Daily Treasury Statement
27
March 1947
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1/ As of January 31, 1947
(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 1/</th><th>Earliest date on which commercial banks may own bank restricted issues 2/</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-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 3,133</td><td></td><td></td><td>Various 3/1/46</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 3/15/47</td><td>1,948</td><td></td><td></td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>Apr.</td><td>Treasury bills 7/8% Certificate - 4/1/47</td><td>5,255 2,820</td><td></td><td></td><td>Various 4/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>May.</td><td>Treasury bills</td><td>1,312</td><td></td><td></td><td>Various</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 1-1/2% Treasury note - 9/15/47</td><td>2,341 2,707</td><td></td><td></td><td>9/1/46 7/12/43</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>1-1/4% 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 taxable</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% Certificates 2% Treasury bond - 12/1/47</td><td>3,281 701</td><td></td><td></td><td>12/1/46 12/15/38</td><td>taxable partially</td><td></td></tr><tr><td>Total</td><td></td><td>50,775</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Jan.</td><td>7/8% Certificate - 1/1/48</td><td>3,134</td><td></td><td></td><td>1/1/47</td><td>taxable</td><td></td></tr><tr><td>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>10,395</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% 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>2-1/8% 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 1/ As of January 31, 1947 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th>Amount of maturities</th><th colspan="2">Callable issues classified by year of:</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1952-Mar.</td><td>2 1/2% Treasury bond - 3/15/50-52</td><td></td><td>1,024</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td></td><td></td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-54</td><td></td><td>5,825</td><td></td><td>6/26/44 2/25/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td>1,501</td><td>1,186</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>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 12/1/44</td><td>partially taxable</td><td></td></tr><tr><td></td><td>2 1/2% Treasury bond - 12/15/52-54</td><td></td><td>8,662</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June.</td><td>2% Treasury bond - 6/15/53-55</td><td></td><td>725</td><td></td><td>10/1/40</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>12/28/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td>1,024</td><td>3/31/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td></td><td></td><td>1,527</td><td>6/15/36 6/26/44</td><td>partially taxable</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>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>681</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td>3/15/35</td><td>partially</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td></td><td></td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td></td></tr><tr><td>Sept.</td><td>3% Treasury bond - 9/15/51-55</td><td></td><td></td><td>725</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/51-55</td><td></td><td></td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td>1,449</td><td></td><td>6/2/41</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>Total</td><td></td><td></td><td>6,253</td><td>681</td><td></td><td></td><td></td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td></td><td>919</td><td></td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td></td><td>5,284</td><td></td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td></td><td></td><td>982</td><td>9/15/36</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>Total</td><td></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>Total</td><td></td><td></td><td>1,485</td><td>2,611</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
March 1947
20
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1/ As of January 31,1947 - (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 2/</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>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</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>11,639</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. 3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2.
Treasury Bulletin
30
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebteness
<table><tr><th>Date terms of offering were announced</th><th>Date subscrip- tion books were opened</th><th>Descriptive 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/ Exchange</th><th>For cash</th><th>lo 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/ 2-1/4% Treas. bond- 3/15/65-70 1/2 (2/1/44) 2% Treas. bond- 6/15/52-54 .........(6/26/44) 1-1/4% Treas. note- 3/15/47 .........(6/26/44) 7/8% Certificate- 6/1/45 .........(6/26/44)</td><td>25 yr.9 m (20 yr.9 m) 6/10 yr (8 yr) 2 yr.9 m ......... 11 m .........</td><td>2,909 5,825 1,948 4,770</td><td>2,909 3/ 5,825 3/ 1,948 3/ 4,770 3/</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45 .........(8/1/44) 7/8% Certificate - 9/1/45 .........(9/1/44) 1% Treas. note - 3/15/46 5/ .........(11/1/41) 7/8% Certificate - 10/1/45 .........(10/1/44)</td><td>1 yr ......... 1 yr ......... 1 yr.6 m 1/ ......... 1 yr .........</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>- 3,694 - 3,492</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/4% Treas. bond- 3/15/66-71 1/2 .........(12/1/44) 2% Treas. bond-12/15/52-54 .........(12/1/44) 1-1/4% Treas. note- 9/15/47 .........(12/1/44) 7/8% Certificate - 12/1/45 .........(12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m ......... 1 yr .........</td><td>3,448 7,922 1,550 4,395</td><td>3,448 3/ 7,922 3/ 1,550 3/ 4,395 3/</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44 11/17/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>11/20/44 11/20/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>.90% Treas. note - 1/1/46 .........(12/1/44) 2-1/4% Treas. bond - 3/15/66-71 1/2 .........(12/1/44) 2% Treas. bond - 12/15/52-54 3/ .........(12/1/44) 1-1/4% Treas. note - 9/15/47 8/ .........(12/1/44) 7/8% Certificate - 2/1/46 .........(2/1/45) 7/8% Certificate - 3/1/46 .........(3/1/45) 7/8% Certificate - 4/1/46 .........(4/1/45) 7/8% Certificate - 5/1/46 .........(5/1/45)</td><td>1 yr.1 m (21 yr.3 m) 9/ 26 yr.3 m (8 yr) 9/ 2 yr.9 m 2/ 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr .........</td><td>- 3,416 33 780 137 5,043 1,117 4,811 1,579</td><td>- 3,416 33 740 137 5,043 1,117 4,811 1,579</td><td>- - - - - - - -</td><td>100 100 100 100 100 100 100 100 100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/ 2-1/4% Treas. bond- 6/15/67-72 1/2 .........(6/1/45) 2-1/4% Treas. bond- 6/15/59-62 1/2 .........(6/1/45) 1-1/4% Treas. bond-12/15/50 .........(6/1/45) 7/8% Certificate - 6/1/46 .........(6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr.6 a ......... 1 yr .........</td><td>7,967 5,284 2,635 4,799</td><td>7,967 3/ 5,284 3/ 2,635 3/ 4,799 3/</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46 .........(6/1/45) 7/8% Certificate - 8/1/46 .........(8/1/45) 7/8% Certificate - 9/1/46 .........(9/1/45)</td><td>1 yr.1 m ......... 1 yr ......... 1 yr .........</td><td>- 4,910 2,470 4,336</td><td>- 4,910 - 2,470 - 4,336</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/ 2-1/4% Treas. bond-12/15/67-72 1/2 .........(12/15/45) 2-1/4% Treas. bond-12/15/59-62 1/2 .........(11/15/45) 7/8% Certificate - 12/1/46 .........(12/3/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr .........</td><td>11,689 3,470 3,768</td><td>11,689 3/ 3,470 3/ 3,768 3/</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45 11/19/45 12/17/45 1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46 1/20/47 2/17/47</td><td>9/24/45 11/19/45 12/17/45 1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46 1/20/47 2/17/47</td><td>7/8% Certificate - 10/1/46 .........(10/1/45) 7/8% Certificate - 11/1/46 .........(12/1/45) 7/8% Certificate - 1/1/47 .........(1/1/46) 7/8% Certificate - 2/1/47 .........(2/1/46) 7/8% Certificate - 3/1/47 .........(3/1/46) 7/8% Certificate - 4/1/47 .........(4/1/46) 7/8% Certificate - 5/1/47 .........(6/1/46) 7/8% Certificate - 6/1/47 .........(7/1/46) 7/8% Certificate - 7/1/47 .........(8/1/46) 7/8% Certificate - 8/1/47 .........(9/1/46) 7/8% Certificate - 9/1/47 .........(10/1/46) 7/8% Certificate - 10/1/47 .........(11/1/46) 7/8% Certificate - 11/1/47 .........(12/1/46) 7/8% Certificate - 1/1/48 .........(1/1/47) 7/8% Certificate - 2/1/48 .........(2/1/47) 7/8% Certificate - 3/1/48 .........(3/1/47)</td><td>1 yr ......... 11 m ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr ......... 1 yr .........</td><td>- 3,440 3,778 3,330 4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432 3,281 3,134 4,801 n.a.</td><td>- 3,440 - 3,778 - 3,330 - 4,954 - 4,106 - 4,742 - 4,168 - 4,673 - 2,307 - 4,145 - 3,203 - 3,432 - 3,281 - 3,134 - 4,801 n.a.</td><td>- - - - - - - - - - - - - - - -</td><td>100 100 100 100 76 59 66 62 52 56 44 51 100 100 82 n.a.</td></tr></table>
Source: Bureau of the Public Debt.
n.a. Not available.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commencee 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-
Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
Reopening of previously offered security.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
March 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 retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition of securities offered by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>8/1/44<br>9/1/44</td><td>7/8%<br>7/8%</td><td>Certificate - 8/1/44.........(8/2/43)<br>Certificate - 9/1/44.........(9/15/43)</td><td>2,545<br>4,122</td><td>-<br>-</td><td>2,545<br>4,122</td><td>2,511<br>3,694</td><td>34<br>428</td><td>99<br>90</td><td>7/8%<br>7/8%</td></tr><tr><td>9/15/44</td><td>3/4%<br>1%</td><td>Trease. note - 9/15/44.........(1/31/41)<br>Trease. note - 9/15/44.........(12/22/39)</td><td>635<br>283</td><td>-<br>-</td><td>635<br>283</td><td>602<br>185</td><td>33<br>98</td><td>95<br>66</td><td>1%<br></td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 9/15/44.</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td>Trease. note - 3/15/46</td></tr><tr><td>10/1/44<br>12/1/44</td><td>7/8%<br>7/8%</td><td>Certificate - 10/1/44.........(10/15/43)<br>Certificate - 12/1/44.........(12/1/43)</td><td>3,519<br>3,540</td><td>-<br>-</td><td>3,519<br>3,540</td><td>3,492<br>3,416</td><td>27<br>124</td><td>99<br>96</td><td>7/8%<br>.90%</td></tr><tr><td>12/15/44</td><td>4%</td><td>Trease. bond - 12/15/44-54.........(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4%<br>2-1/2%<br>Trease. note - 9/15/47<br>Trease. bond -12/15/52-54<br>Trease. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8%<br>1-1/8%</td><td>Certificate - 2/1/45.........(2/1/44)<br>CCC note - 2/15/45.........(7/21/41)</td><td>5,048<br>412</td><td>-<br>-</td><td>5,048<br>412</td><td>4,649<br>395</td><td>400<br>17</td><td>92<br>96</td><td>7/8%</td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 2/1/45.</td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td>Certificate - 2/1/46</td></tr><tr><td>3/1/45</td><td>.90%<br>3/4%<br>1-1/4%</td><td>Trease. note - 3/1/45.........(2/1/44)<br>Trease. note - 3/15/45.........(3/15/40)<br>Trease. note - 3/15/45.........(9/25/42)</td><td>2,127<br>718<br>1,606</td><td>-<br>-<br>-</td><td>2,127<br>718<br>1,606</td><td>2,109<br>493<br>1,546</td><td>18<br>225<br>60</td><td>99<br>69<br>96</td><td>7/8%</td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 3/1/45.</td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td>Certificate - 3/1/46</td></tr><tr><td>4/1/45<br>5/1/45</td><td>7/8%<br>7/8%</td><td>Certificate - 4/1/45.........(4/1/44)<br>Certificate - 5/1/45.........(5/1/44)</td><td>4,877<br>1,615</td><td>-<br>-</td><td>4,877<br>1,615</td><td>4,811<br>1,579</td><td>66<br>35</td><td>99<br>98</td><td>7/8%<br>7/8%</td></tr><tr><td>6/1/45</td><td>7/8%<br>1-1/2%</td><td>Certificate - 6/1/45.........(6/26/44)<br>MDL bond - 6/1/45-47.........(6/1/39)</td><td>4,770<br>755</td><td>-<br>-</td><td>4,770<br>755</td><td>4,187<br>723</td><td>583<br>32</td><td>88<br>96</td><td>.90%<br>Trease. note - 7/1/46</td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 6/1/45.</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45.........(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8%<br>Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8%<br>2-3/4%</td><td>Certificate - 9/1/45.........(9/1/44)<br>Trease. bond - 9/15/45-47.........(9/16/35)</td><td>3,694<br>1,214</td><td>-<br>-</td><td>3,694<br>1,214</td><td>3,429<br>907</td><td>265<br>307</td><td>93<br>75</td><td>7/8%<br>Certificate - 9/1/46</td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 9/1/45.</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45.........(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8%<br>Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8%<br>3/4%<br>2-1/2%</td><td>Certificate - 12/1/45.........(12/1/44)<br>Trease. note - 12/15/45.........(12/18/40)<br>Trease. bond - 12/15/45.........(12/15/71)</td><td>4,395<br>531<br>541</td><td>-<br>-<br>-</td><td>4,395<br>531<br>541</td><td>2,932<br>438<br>408</td><td>1,463<br>93<br>133</td><td>67<br>82<br>75</td><td>7/8%<br>Certificate - 11/1/46</td></tr><tr><td></td><td></td><td>Totale for exchange transaction of 12/1/45.</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Conversion bond - 1/1/46.........(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<br>2/1/46<br>3/1/46</td><td>.90%<br>7/8%<br>7/8%</td><td>Trease. note - 1/1/46.........(12/1/44)<br>Certificate - 2/1/46.........(2/1/45)<br>Certificate - 3/1/46.........(3/1/45)</td><td>3,416<br>5,043<br>4,147</td><td>-<br>1,014<br>489</td><td>3,416<br>5,043<br>3,133</td><td>3,330<br>4,954<br>3,133</td><td>85<br>89<br>-</td><td>98<br>98<br>3/</td><td>7/8%<br>7/8%<br>7/8%</td></tr><tr><td>3/15/46</td><td>3-3/4%<br>1%</td><td>Trease. bond - 3/15/46-56.........(3/15/26)<br>Trease. note - 3/15/46.........(11/1/41)</td><td>489<br>1,291</td><td>1,291<br>1,991</td><td>1,291<br>1,991</td><td>2,820<br>2,820</td><td>-<br>-</td><td>-<br>3/</td><td>Certificate - 3/1/47</td></tr><tr><td>4/1/46<br>5/1/46<br>6/1/46</td><td>7/8%<br>7/8%<br>7/8%</td><td>Certificate - 4/1/46.........(4/1/45)<br>Certificate - 5/1/46.........(5/1/45)<br>Certificate - 6/1/46.........(6/1/45)</td><td>1,579<br>1,799<br>1,036</td><td>1,579<br>2,025<br>1,036</td><td>1,579<br>2,025<br>1,036</td><td>2,775<br>2,775<br>-</td><td>-<br>-<br>-</td><td>3/</td><td>7/8%<br>7/8%<br>Certificate - 4/1/47</td></tr><tr><td>6/15/46</td><td>3-1/8%<br>.90%<br>7/8%</td><td>Trease. bond - 6/15/46-48.........(6/15/34)<br>Trease. note - 7/1/46.........(6/1/45)<br>Certificate - 8/1/46.........(8/1/45)</td><td>819<br>1,994<br>1,246</td><td>819<br>1,994<br>1,246</td><td>2,916<br>2,916<br>1,223</td><td>2,916<br>1,223<br>2,341</td><td>-<br>-<br>-</td><td>3/</td><td>7/8%<br>7/8%<br>Certificate - 7/1/47</td></tr><tr><td>8/1/46<br>9/1/46<br>10/1/46<br>11/1/46<br>12/1/46<br>12/15/46</td><td>7/8%<br>7/8%<br>7/8%<br>7/8%<br>7/8%<br>1-1/2%</td><td>Certificate - 9/1/46.........(9/1/45)<br>Certificate - 10/1/46.........(10/1/45)<br>Certificate - 11/1/46.........(12/1/45)<br>Certificate - 12/1/46.........(12/3/45)<br>Trease. note - 12/15/46.........(6/5/42)</td><td>4,336<br>3,440<br>2,000<br>2,003<br>3,768<br>3,261</td><td>1,995<br>1,440<br>1,775<br>1,775<br>3,768<br>3,261</td><td>2,341<br>1,440<br>1,775<br>1,775<br>3,768<br>-</td><td>1,440<br>1,775<br>1,775<br>1,775<br>3,768<br>-</td><td>1,440<br>1,775<br>1,775<br>1,775<br>3,768<br>-</td><td>3/</td><td>7/8%<br>7/8%<br>7/8%<br>7/8%<br>7/8%<br>7/8%</td></tr><tr><td>1/1/47</td><td>3%</td><td>Conversion bond - 1/1/47.........(1/1/17)</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>2/1/47<br>3/1/47<br>3/15/47</td><td>7/8%<br>7/8%<br>1-1/4%</td><td>Certificate - 2/1/47.........(2/1/46)<br>Certificate - 3/1/47.........(3/1/46)<br>Trease. note - 3/15/47.........(6/26/44)</td><td>3,330<br>1,954<br>1,948</td><td>1,007<br>1,000p<br>1,948</td><td>3,330<br>3,947<br>1,948</td><td>3,134<br>3,947<br>-</td><td>196<br>-<br>-</td><td>94<br>3/</td><td>7/8%<br>7/8%<br>Certificate - 1/2/48</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><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th></tr><tr><td>1946-Jan. 3.</td><td>1946-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>1,266.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4.</td><td>July 5.</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11.</td><td>July 11.</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18.</td><td>July 18.</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25.</td><td>July 25.</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><tr><td>May 2.</td><td>Aug. 1.</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9.</td><td>Aug. 8.</td><td>91</td><td>1,961.0</td><td>1,308.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16.</td><td>Aug. 15.</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23.</td><td>Aug. 22.</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31.</td><td>Aug. 29.</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6.</td><td>Sept. 5.</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13.</td><td>Sept. 12.</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.4</td></tr><tr><td>June 20.</td><td>Sept. 19.</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27.</td><td>Sept. 26.</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr><tr><td>July 5.</td><td>Oct. 3.</td><td>90</td><td>1,803.5</td><td>1,307.7</td><td>1,278.1</td><td>29.7</td><td>1,312.0</td><td>17,034.7</td></tr><tr><td>July 11.</td><td>Oct. 10.</td><td>91</td><td>1,892.0</td><td>1,315.1</td><td>1,278.1</td><td>37.0</td><td>1,317.1</td><td>17,032.8</td></tr><tr><td>July 18.</td><td>Oct. 17.</td><td>91</td><td>1,895.0</td><td>1,310.6</td><td>1,270.2</td><td>40.5</td><td>1,310.3</td><td>17,033.2</td></tr><tr><td>July 25.</td><td>Oct. 24.</td><td>91</td><td>1,767.8</td><td>1,305.1</td><td>1,269.8</td><td>35.3</td><td>1,315.3</td><td>17,023.0</td></tr><tr><td>Aug. 1.</td><td>Oct. 31.</td><td>91</td><td>1,796.3</td><td>1,306.1</td><td>1,272.2</td><td>33.9</td><td>1,309.2</td><td>17,019.9</td></tr><tr><td>Aug. 8.</td><td>Nov. 7.</td><td>91</td><td>1,824.0</td><td>1,315.4</td><td>1,279.8</td><td>35.5</td><td>1,308.2</td><td>17,027.0</td></tr><tr><td>Aug. 15.</td><td>Nov. 14.</td><td>91</td><td>1,816.5</td><td>1,313.7</td><td>1,275.6</td><td>38.2</td><td>1,301.3</td><td>17,039.4</td></tr><tr><td>Aug. 22.</td><td>Nov. 21.</td><td>91</td><td>1,803.9</td><td>1,308.4</td><td>1,272.3</td><td>36.0</td><td>1,313.7</td><td>17,034.0</td></tr><tr><td>Aug. 29.</td><td>Nov. 29.</td><td>92</td><td>1,804.8</td><td>1,302.2</td><td>1,274.5</td><td>27.7</td><td>1,312.5</td><td>17,023.8</td></tr><tr><td>Sept. 5.</td><td>Dec. 5.</td><td>91</td><td>1,812.3</td><td>1,309.0</td><td>1,281.0</td><td>28.0</td><td>1,312.9</td><td>17,019.8</td></tr><tr><td>Sept. 12.</td><td>Dec. 12.</td><td>91</td><td>1,802.0</td><td>1,305.3</td><td>1,270.7</td><td>34.6</td><td>1,310.1</td><td>17,015.0</td></tr><tr><td>Sept. 19.</td><td>Dec. 19.</td><td>91</td><td>1,777.3</td><td>1,304.8</td><td>1,270.2</td><td>34.6</td><td>1,310.4</td><td>17,009.5</td></tr><tr><td>Sept. 26.</td><td>Dec. 26.</td><td>91</td><td>1,831.0</td><td>1,303.4</td><td>1,273.5</td><td>30.0</td><td>1,305.9</td><td>17,007.0</td></tr><tr><td>Oct. 3.</td><td>1947-Jan. 2.</td><td>91</td><td>1,880.5</td><td>1,306.9</td><td>1,283.1</td><td>23.8</td><td>1,307.7</td><td>17,006.2</td></tr><tr><td>Oct. 10.</td><td>Jan. 9.</td><td>91</td><td>1,891.6</td><td>1,306.4</td><td>1,275.2</td><td>31.2</td><td>1,315.1</td><td>16,997.5</td></tr><tr><td>Oct. 17.</td><td>Jan. 16.</td><td>91</td><td>1,804.7</td><td>1,306.6</td><td>1,272.4</td><td>34.2</td><td>1,310.6</td><td>16,993.5</td></tr><tr><td>Oct. 24.</td><td>Jan. 23.</td><td>91</td><td>1,790.7</td><td>1,302.0</td><td>1,271.0</td><td>31.0</td><td>1,305.1</td><td>16,990.3</td></tr><tr><td>Oct. 31.</td><td>Jan. 30.</td><td>91</td><td>1,754.5</td><td>1,303.3</td><td>1,273.8</td><td>29.4</td><td>1,306.1</td><td>16,987.4</td></tr><tr><td>Nov. 7.</td><td>Feb. 6.</td><td>91</td><td>1,805.1</td><td>1,312.2</td><td>1,282.8</td><td>29.4</td><td>1,315.4</td><td>16,984.3</td></tr><tr><td>Nov. 14.</td><td>Feb. 13.</td><td>91</td><td>1,755.9</td><td>1,313.7</td><td>1,291.9</td><td>21.8</td><td>1,313.7</td><td>16,984.3</td></tr><tr><td>Nov. 21.</td><td>Feb. 20.</td><td>91</td><td>1,826.8</td><td>1,313.7</td><td>1,279.9</td><td>33.8</td><td>1,308.4</td><td>16,989.6</td></tr><tr><td>Nov. 29.</td><td>Feb. 27.</td><td>90</td><td>1,799.6</td><td>1,312.5</td><td>1,286.2</td><td>26.3</td><td>1,302.2</td><td>16,999.8</td></tr><tr><td>Dec. 5.</td><td>Mar. 6.</td><td>91</td><td>1,768.9</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><tr><td>1947-Jan. 2.</td><td>Apr. 3.</td><td>91</td><td>2,892.6</td><td>1,311.3</td><td>1,292.1</td><td>19.1</td><td>1,306.9</td><td>17,037.5</td></tr><tr><td>Jan. 9.</td><td>Apr. 10.</td><td>91</td><td>2,057.0</td><td>1,311.6</td><td>1,287.0</td><td>24.5</td><td>1,306.4</td><td>17,042.6</td></tr><tr><td>Jan. 16.</td><td>Apr. 17.</td><td>91</td><td>1,761.4</td><td>1,315.7</td><td>1,287.8</td><td>27.9</td><td>1,306.6</td><td>17,051.7</td></tr><tr><td>Jan. 23.</td><td>Apr. 24.</td><td>91</td><td>1,704.8</td><td>1,316.1</td><td>1,292.7</td><td>23.4</td><td>1,302.0</td><td>17,065.8</td></tr><tr><td>Jan. 30.</td><td>May 1.</td><td>91</td><td>1,786.7</td><td>1,311.7</td><td>1,286.8</td><td>24.8</td><td>1,303.3</td><td>17,074.2</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note. See Annual Reports of the Secretary of the Treasury for back
figures. 1/ Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
March 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 1/1 (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 1/1 (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/1 (Percent)</th></tr><tr><td>1946-Jan. 3</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 10</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 17</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 24</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 31</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 28</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Mar. 7</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 14</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 4</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Apr. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 23</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.906</td><td>0.376</td><td>99.908 2/1</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 1/1</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><tr><td>1947-Jan. 2</td><td>99.905</td><td>0.374</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 9</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. 16</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>Jan. 23</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>Jan. 30</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr></table>
Sources: 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 tablea sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series C outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of January 31,1947
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th colspan="2">(in millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>243</td><td>12</td><td>-</td><td>1/1/</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>411</td><td>52</td><td>-</td><td>1/1/</td></tr><tr><td>Total, Series A and B</td><td>574</td><td>145</td><td>718</td><td>655</td><td>64</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C</td><td>1,010</td><td>220</td><td>1,231</td><td>354</td><td>-</td><td>876</td><td>28.79</td></tr><tr><td>Series D</td><td>2,365</td><td>349</td><td>2,711</td><td>490</td><td>-</td><td>2,224</td><td>18.05</td></tr><tr><td>Total, Series C and D</td><td>3,375</td><td>569</td><td>3,944</td><td>844</td><td>-</td><td>3,100</td><td>21.40</td></tr><tr><td>Series E</td><td>44,681</td><td>1,160</td><td>45,841</td><td>15,334 2/</td><td>-</td><td>30,507</td><td>33.45</td></tr><tr><td>Series F</td><td>3,350</td><td>91</td><td>3,441</td><td>428</td><td>-</td><td>3,013</td><td>12.45</td></tr><tr><td>Series G</td><td>14,753</td><td>-</td><td>14,753</td><td>1,030</td><td>-</td><td>13,723</td><td>6.98</td></tr><tr><td>Total, Series E, F, and G</td><td>62,784</td><td>1,251</td><td>64,034</td><td>16,792</td><td>-</td><td>47,243</td><td>26.22</td></tr><tr><td>Total, Series C-G</td><td>66,159</td><td>1,820</td><td>67,979</td><td>17,636</td><td>-</td><td>50,343</td><td>25.94</td></tr><tr><td>Total, Series A-G</td><td>66,732</td><td>1,965</td><td>68,697</td><td>18,291</td><td>64</td><td>50,343</td><td>1/</td></tr></table>
To: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
35
March 1947
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemtions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td colspan="10">All series</td></tr><tr><td>Total, inception to Jan. 31, 1947...</td><td>66,732</td><td>1,965</td><td>68,697</td><td>18,291</td><td>n.a.</td><td>n.a.</td><td>64</td><td>50,343</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,741</td><td>3,721</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>n.a.</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>613</td><td>16</td><td>30</td><td>48,588</td><td>1.29</td></tr><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>565</td><td>552</td><td>13</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>620</td><td>15</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>45</td><td>713</td><td>621</td><td>605</td><td>15</td><td>21</td><td>48,828</td><td>1.27</td></tr><tr><td>May</td><td>594</td><td>45</td><td>639</td><td>552</td><td>538</td><td>14</td><td>19</td><td>48,917</td><td>1.13</td></tr><tr><td>June</td><td>571</td><td>64</td><td>635</td><td>519</td><td>505</td><td>14</td><td>18</td><td>49,035</td><td>1.06</td></tr><tr><td>July</td><td>753</td><td>67</td><td>820</td><td>537</td><td>520</td><td>17</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>464</td><td>15</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>467</td><td>14</td><td>15</td><td>49,545</td><td>.97</td></tr><tr><td>October</td><td>519</td><td>48</td><td>567</td><td>489</td><td>n.a.</td><td>n.a.</td><td>14</td><td>49,624</td><td>.98</td></tr><tr><td>November</td><td>453</td><td>49</td><td>502</td><td>418</td><td>n.a.</td><td>n.a.</td><td>14</td><td>49,709</td><td>.94</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>1947-January</td><td>952</td><td>74</td><td>1,026</td><td>483</td><td>n.a.</td><td>n.a.</td><td>64</td><td>50,343</td><td>.96</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to Jan. 31, 1947...</td><td>3,949</td><td>714</td><td>4,663</td><td>1,499</td><td>n.a.</td><td>n.a.</td><td>64</td><td>3,100</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>141</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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td>-</td><td>16</td><td>16</td><td>42</td><td>33</td><td>9</td><td>30</td><td>3,462</td><td>1.21</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>29</td><td>22</td><td>6</td><td>26</td><td>3,446</td><td>.82</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>7</td><td>23</td><td>3,425</td><td>.89</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>1</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>28</td><td>8</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>23</td><td>1</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>20</td><td>6</td><td>15</td><td>3,307</td><td>.79</td></tr><tr><td>October</td><td>-</td><td>7</td><td>7</td><td>33</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,282</td><td>.99</td></tr><tr><td>November</td><td>-</td><td>6</td><td>6</td><td>26</td><td>n.a.</td><td>n.a.</td><td>14</td><td>3,263</td><td>.78</td></tr><tr><td>December</td><td>-</td><td>9</td><td>9</td><td>50</td><td>n.a.</td><td>n.a.</td><td>87</td><td>3,148</td><td>1.56</td></tr><tr><td>1947-January</td><td>(*)</td><td>16</td><td>16</td><td>87</td><td>n.a.</td><td>n.a.</td><td>64</td><td>3,100</td><td>2.71</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemtions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th colspan="2">Redemptions 1/</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 I, F, and G</th></tr><tr><td>Total, inception to Jan. 31, 1947...</td><td>62,784</td><td>1,251</td><td>64,034</td><td>16,792</td><td>n.a.</td><td>n.a.</td><td>47,243</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</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 colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>n.a.</td><td>n.a.</td><td>46,628</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>581</td><td>7</td><td>45,126</td><td>1.30</td></tr><tr><td>February</td><td>622</td><td>35</td><td>657</td><td>537</td><td>530</td><td>7</td><td>45,247</td><td>1.19</td></tr><tr><td>March</td><td>626</td><td>39</td><td>665</td><td>604</td><td>596</td><td>8</td><td>45,308</td><td>1.33</td></tr><tr><td>April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>581</td><td>8</td><td>45,424</td><td>1.30</td></tr><tr><td>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>516</td><td>8</td><td>45,534</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>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>492</td><td>9</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>441</td><td>8</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>447</td><td>9</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><tr><td>1947-January</td><td>952</td><td>58</td><td>1,009</td><td>795</td><td>n.a.</td><td>n.a.</td><td>47,243</td><td>.84</td></tr><tr><td colspan="9">Series E</td></tr><tr><td>Total, inception to Jan. 31, 1947...</td><td>44,681</td><td>1,160</td><td>45,841</td><td>15,334</td><td>15,187</td><td>146</td><td>30,507</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>-</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>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 colspan="9">Months:</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>434 r</td><td>8 r</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>390 r</td><td>8 r</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>398 r</td><td>8 r</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><tr><td>1947-January</td><td>535</td><td>52</td><td>587</td><td>342</td><td>335</td><td>7</td><td>30,507</td><td>1.12</td></tr></table>
(Continued on following page)
March 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></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series I</td></tr></table>
<table><tr><td>Total, inception to Jan. 31, 1947....</td><td>3,350</td><td>91</td><td>3,441</td><td>428</td><td>n.a.</td><td>n.a.</td><td>3,013</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>n.a.</td><td>n.a.</td><td>2,969</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>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>2,811</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>17</td><td>*</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>17</td><td>*</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>15</td><td>*</td><td>2,932</td><td>.53</td></tr><tr><td>October</td><td>24</td><td>3</td><td>27</td><td>14</td><td>n.a.</td><td>n.a.</td><td>2,945</td><td>.46</td></tr><tr><td>November</td><td>20</td><td>3</td><td>23</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,952</td><td>.57</td></tr><tr><td>December</td><td>29</td><td>5</td><td>34</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,969</td><td>.58</td></tr><tr><td>1947-January</td><td>53</td><td>6</td><td>59</td><td>14</td><td>n.a.</td><td>n.a.</td><td>3,013</td><td>.48</td></tr></table>
<table><tr><td></td><td colspan="6">Serlee G</td></tr><tr><td>Total, inception to Jan. 31, 1947...</td><td>14,753</td><td>-</td><td>14,753</td><td>1,030</td><td>1,030</td><td>-</td><td>13,723</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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><tr><td>1947-January</td><td>364</td><td>-</td><td>364</td><td>38</td><td>38</td><td>-</td><td>13,723</td><td>.28</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. r Reveal.
Less than $500 thousand. 1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continue
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="9">Sales in millions of dollars at issue price</th><th colspan="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 1/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/ and $25 2/</th><th>$50</th><th>$100 and $200 1/</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="12">Series I</td></tr><tr><td>Total, inception through Jan. 31, 1947.</td><td>44,681</td><td>145</td><td>14,340</td><td>5,963</td><td>9,011</td><td>270</td><td>5,550</td><td>9,402</td><td>....</td><td>....</td><td>100.0</td><td>32.5</td><td>13.3</td><td>20.8</td><td>33.4</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><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>1,481</td><td>....</td><td>....</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td>....</td></tr><tr><td>1944.</td><td>11,820</td><td>....</td><td>4,149</td><td>1,642</td><td>2,584</td><td>....</td><td>1,397</td><td>2,048</td><td>....</td><td>....</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td>....</td></tr><tr><td>1945.</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td>....</td><td>1,326</td><td>2,100</td><td>....</td><td>....</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td>....</td></tr><tr><td>1946.</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td>....</td><td>....</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td><td>....</td></tr><tr><td>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><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>1,338</td><td>....</td><td>856</td><td>1,313</td><td>....</td><td>....</td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td>....</td></tr><tr><td>1943.</td><td>10,344</td><td>....</td><td>3,719</td><td>1,390</td><td>2,169</td><td>....</td><td>1,253</td><td>1,615</td><td>....</td><td>....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>....</td></tr><tr><td>1944.</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>....</td><td>1,446</td><td>2,163</td><td>....</td><td>....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>....</td></tr><tr><td>1945.</td><td>9,822</td><td>65</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>....</td><td>....</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>....</td></tr><tr><td>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><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>33.6</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>368</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>....</td><td>....</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>....</td></tr><tr><td>May.</td><td>345</td><td>2</td><td>100</td><td>42</td><td>48</td><td>10</td><td>41</td><td>101</td><td>....</td><td>....</td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.8</td><td>41.2</td><td>....</td></tr><tr><td>June.</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td>....</td><td>....</td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td>....</td></tr><tr><td>July.</td><td>186</td><td>3</td><td>59</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>....</td><td>....</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>....</td></tr><tr><td>Aug.</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td>....</td><td>....</td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td><td>....</td></tr><tr><td>Sept.</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td>....</td><td>....</td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td><td>....</td></tr><tr><td>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>1947-Jan.</td><td>535</td><td>1</td><td>77</td><td>38</td><td>61</td><td>17</td><td>83</td><td>257</td><td>....</td><td>....</td><td>100.0</td><td>14.7</td><td>7.1</td><td>14.7</td><td>63.5</td><td>....</td></tr><tr><td colspan="12">Series F and O</td></tr><tr><td>Total, inception through Jan. 31, 1947.</td><td>18,103</td><td>....</td><td>19</td><td>....</td><td>513</td><td>....</td><td>1,208</td><td>5,479</td><td>3,477</td><td>7,447</td><td>100.0</td><td>.1</td><td>....</td><td>2.5</td><td>36.7</td><td>60.4</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><td></td></tr><tr><td>1941.</td><td>461</td><td>....</td><td>....</td><td>6</td><td>....</td><td>13</td><td>96</td><td>81</td><td>263</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1942.</td><td>2,467</td><td>....</td><td>1</td><td>71</td><td>....</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943.</td><td>3,517</td><td>....</td><td>4</td><td>106</td><td>....</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944.</td><td>3,678</td><td>....</td><td>6</td><td>134</td><td>....</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>....</td><td>100.0</td><td>.2</td><td>....</td><td>3.6</td><td>39.1</td><td>56.9</td></tr><tr><td>1945.</td><td>3,337</td><td>....</td><td>5</td><td>109</td><td>....</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>....</td><td>100.0</td><td>.2</td><td>....</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946.</td><td>2,873</td><td>....</td><td>2</td><td>61</td><td>....</td><td>179</td><td>901</td><td>556</td><td>1,172</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>2.1</td><td>37.6</td><td>60.2</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><td></td></tr><tr><td>1941.</td><td>1,393</td><td>....</td><td>....</td><td>26</td><td>....</td><td>57</td><td>355</td><td>279</td><td>676</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942.</td><td>3,168</td><td>....</td><td>3</td><td>98</td><td>....</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943.</td><td>3,385</td><td>....</td><td>5</td><td>123</td><td>....</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944.</td><td>3,564</td><td>....</td><td>6</td><td>131</td><td>....</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>....</td><td>100.0</td><td>.2</td><td>....</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945.</td><td>3,115</td><td>....</td><td>4</td><td>84</td><td>....</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>1946.</td><td>2,962</td><td>....</td><td>1</td><td>47</td><td>....</td><td>164</td><td>922</td><td>611</td><td>1,216</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.6</td><td>36.7</td><td>61.7</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><td></td></tr><tr><td>1946-Jan.</td><td>319</td><td>....</td><td>....</td><td>5</td><td>....</td><td>16</td><td>86</td><td>52</td><td>159</td><td>....</td><td>100.0</td><td>.1</td><td>....</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>....</td><td>....</td><td>4</td><td>....</td><td>11</td><td>63</td><td>43</td><td>135</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.4</td><td>29.2</td><td>69.4</td></tr><tr><td>Mar.</td><td>255</td><td>....</td><td>....</td><td>4</td><td>....</td><td>13</td><td>72</td><td>48</td><td>119</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.4</td><td>33.0</td><td>65.6</td></tr><tr><td>Apr.</td><td>280</td><td>....</td><td>....</td><td>4</td><td>....</td><td>14</td><td>81</td><td>56</td><td>125</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May.</td><td>250</td><td>....</td><td>....</td><td>4</td><td>....</td><td>13</td><td>77</td><td>53</td><td>103</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.5</td><td>35.9</td><td>62.6</td></tr><tr><td>June.</td><td>250</td><td>....</td><td>....</td><td>4</td><td>....</td><td>13</td><td>75</td><td>55</td><td>104</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.4</td><td>35.3</td><td>63.3</td></tr><tr><td>July.</td><td>367</td><td>....</td><td>....</td><td>5</td><td>....</td><td>20</td><td>120</td><td>83</td><td>138</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.4</td><td>38.3</td><td>60.3</td></tr><tr><td>Aug.</td><td>243</td><td>....</td><td>....</td><td>4</td><td>....</td><td>15</td><td>84</td><td>54</td><td>86</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.6</td><td>40.6</td><td>57.8</td></tr><tr><td>Sept.</td><td>185</td><td>....</td><td>....</td><td>3</td><td>....</td><td>12</td><td>67</td><td>42</td><td>60</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.8</td><td>42.9</td><td>55.3</td></tr><tr><td>Oct.</td><td>193</td><td>....</td><td>....</td><td>4</td><td>....</td><td>14</td><td>71</td><td>44</td><td>61</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.9</td><td>43.8</td><td>54.3</td></tr><tr><td>Nov.</td><td>159</td><td>....</td><td>....</td><td>3</td><td>....</td><td>11</td><td>57</td><td>36</td><td>51</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.9</td><td>43.0</td><td>55.1</td></tr><tr><td>Dec.</td><td>207</td><td>....</td><td>....</td><td>4</td><td>....</td><td>13</td><td>71</td><td>46</td><td>73</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.8</td><td>41.0</td><td>57.2</td></tr><tr><td>1947-Jan.</td><td>417</td><td>....</td><td>....</td><td>4</td><td>....</td><td>15</td><td>88</td><td>59</td><td>251</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>.9</td><td>24.7</td><td>74.4</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revise. Less than $500 thousand or less than .05 percent. Sale of $10 denomination Series E bonds was authorized beginning
June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series I bonds was authorised in December 1941.
3/ Sale of $200 denomination Series I bonds began in October 1945.
March 1947
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Denominations (Thousands of pieces sold)</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td>Total, inception through January 31, 1947</td><td>1,092,413</td><td>19,307</td><td>764,823</td><td>159,004</td><td>120,142</td><td>1,801</td><td>14,799</td><td>12,536</td><td></td><td></td></tr><tr><td colspan="11">Series B</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>43,600</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>1,446</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>1,870</td><td>....</td><td>....</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>165</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>188</td><td>....</td><td>....</td></tr><tr><td>1947-January</td><td>6,793</td><td>153</td><td>4,129</td><td>1,015</td><td>818</td><td>114</td><td>221</td><td>343</td><td>....</td><td>....</td></tr><tr><td colspan="11">Series 7 and 8</td></tr><tr><td>Total, inception through January 31, 1947</td><td>16,346</td><td>....</td><td>1,033</td><td>....</td><td>5,491</td><td>....</td><td>2,534</td><td>5,748</td><td>743</td><td>797</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>3,126</td><td>....</td><td>291</td><td>....</td><td>1,156</td><td>....</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,323</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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td>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</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</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</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>147</td><td>....</td><td>3</td><td>....</td><td>35</td><td>....</td><td>25</td><td>69</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><tr><td>1947-January</td><td>204</td><td>....</td><td>4</td><td>....</td><td>40</td><td>....</td><td>31</td><td>90</td><td>12</td><td>26</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revised. Sale of $10 denomination Series E bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
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 January 31, 1947</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td>Alabama</td><td>528,930</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>3,456</td><td>3,536</td><td>3,354</td><td>3,383</td><td>3,032</td><td>3,554</td><td>4,680</td></tr><tr><td>Arizona</td><td>160,090</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><td>1,776</td></tr><tr><td>Arkansas</td><td>286,419</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><td>3,561</td></tr><tr><td>California</td><td>3,598,911</td><td>54,984</td><td>28,180</td><td>29,627</td><td>28,750</td><td>25,199</td><td>28,494</td><td>29,542</td><td>26,581</td><td>23,253</td><td>25,884</td><td>23,218</td><td>26,586</td><td>43,168</td></tr><tr><td>Colorado</td><td>344,258</td><td>5,797</td><td>2,738</td><td>3,487</td><td>3,361</td><td>2,958</td><td>3,333</td><td>3,161</td><td>3,207</td><td>3,868</td><td>3,066</td><td>3,004</td><td>3,594</td><td>1,211</td></tr><tr><td>Connecticut</td><td>826,549</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,089</td><td>5,059</td><td>5,084</td><td>4,557</td><td>4,890</td><td>4,784</td><td>4,398</td><td>5,034</td><td>5,850</td></tr><tr><td>Delaware</td><td>106,731</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><td>1,201</td></tr><tr><td>Dist. of Columbia</td><td>543,929</td><td>8,192</td><td>6,395</td><td>8,693</td><td>6,851</td><td>6,122</td><td>6,979</td><td>6,265</td><td>6,206</td><td>5,694</td><td>6,356</td><td>5,789</td><td>5,919</td><td>6,962</td></tr><tr><td>Florida</td><td>549,839</td><td>11,335</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><td>6,187</td></tr><tr><td>Georgia</td><td>558,868</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><td>5,610</td></tr><tr><td>Idaho</td><td>144,284</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><td>2,206</td></tr><tr><td>Illinois</td><td>3,231,027</td><td>58,136</td><td>33,920</td><td>34,573</td><td>33,329</td><td>29,463</td><td>29,096</td><td>30,891</td><td>29,193</td><td>25,844</td><td>28,046</td><td>27,395</td><td>29,839</td><td>47,387</td></tr><tr><td>Indiana</td><td>1,179,202</td><td>17,411</td><td>9,726</td><td>9,998</td><td>9,888</td><td>8,706</td><td>9,313</td><td>9,705</td><td>8,986</td><td>8,346</td><td>8,771</td><td>8,701</td><td>9,164</td><td>13,865</td></tr><tr><td>Iowa</td><td>1,007,684</td><td>16,828</td><td>7,744</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><td>22,960</td></tr><tr><td>Kansas</td><td>618,855</td><td>9,854</td><td>7,701</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,845</td><td>5,804</td><td>5,764</td><td>4,970</td><td>5,392</td><td>5,229</td><td>6,427</td><td>10,835</td></tr><tr><td>Kentucky</td><td>477,967</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><td>5,958</td></tr><tr><td>Louisiana</td><td>506,007</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><td>4,979</td></tr><tr><td>Maloe</td><td>200,657</td><td>2,405</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><td>1,674</td></tr><tr><td>Maryland</td><td>590,762</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><td>5,258</td></tr><tr><td>Massachusetts</td><td>1,498,871</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><td>13,267</td></tr><tr><td>Michigan</td><td>2,380,011</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><td>21,046</td></tr><tr><td>Minnesota</td><td>934,559</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><td>13,857</td></tr><tr><td>Mississippi</td><td>308,942</td><td>4,820</td><td>2,150</td><td>2,401</td><td>2,351</td><td>2,090</td><td>1,926</td><td>2,245</td><td>1,907</td><td>2,100</td><td>1,892</td><td>1,730</td><td>2,042</td><td>3,530</td></tr><tr><td>Missouri</td><td>1,105,698</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><td>15,391</td></tr><tr><td>Montana</td><td>213,555</td><td>3,268</td><td>1,716</td><td>1,728</td><td>1,733</td><td>1,577</td><td>1,588</td><td>2,058</td><td>1,483</td><td>1,815</td><td>1,965</td><td>1,997</td><td>2,270</td><td>3,796</td></tr><tr><td>Nebraska</td><td>485,580</td><td>8,143</td><td>4,415</td><td>6,463</td><td>6,973</td><td>5,557</td><td>4,608</td><td>5,319</td><td>5,782</td><td>5,227</td><td>5,079</td><td>5,125</td><td>5,805</td><td>9,391</td></tr><tr><td>Nevada</td><td>54,342</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><td>597</td></tr><tr><td>New Hampshire</td><td>128,164</td><td>1,866</td><td>461</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>701</td><td>856</td><td>976</td></tr><tr><td>New Jersey</td><td>1,638,519</td><td>22,087</td><td>12,635</td><td>13,943</td><td>12,377</td><td>11,771</td><td>12,983</td><td>13,166</td><td>11,122</td><td>10,760</td><td>11,425</td><td>10,314</td><td>12,864</td><td>17,171</td></tr><tr><td>New Mexico</td><td>104,141</td><td>1,662</td><td>943</td><td>887</td><td>789</td><td>836</td><td>785</td><td>846</td><td>926</td><td>760</td><td>786</td><td>783</td><td>928</td><td>1,093</td></tr><tr><td>New York</td><td>5,428,128</td><td>76,489</td><td>45,439</td><td>40,233</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><td>62,811</td></tr><tr><td>North Carolina</td><td>592,708</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><td>8,571</td></tr><tr><td>North Dakota</td><td>216,805</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>1,862</td><td>1,741</td><td>2,423</td><td>2,570</td><td>2,804</td><td>4,669</td></tr><tr><td>Ohio</td><td>2,695,222</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><td>30,727</td></tr><tr><td>Oklahoma</td><td>521,561</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><td>10,284</td></tr><tr><td>Oregon</td><td>567,662</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><td>5,411</td></tr><tr><td>Pennsylvania</td><td>3,362,790</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><td>37,720</td></tr><tr><td>Rhode Island</td><td>250,623</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><td>1,881</td></tr><tr><td>South Carolina</td><td>293,069</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><td>3,156</td></tr><tr><td>South Dakota</td><td>204,426</td><td>2,716</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><td>5,065</td></tr><tr><td>Tennessee</td><td>549,337</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><td>6,680</td></tr><tr><td>Texas</td><td>1,776,784</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><td>18,908</td></tr><tr><td>Utah</td><td>198,243</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><td>1,932</td></tr><tr><td>Vermont</td><td>73,803</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>536</td><td>491</td><td>635</td><td>528</td><td>572</td><td>469</td><td>538</td><td>609</td><td>729</td></tr><tr><td>Virginia</td><td>779,023</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><td>10,921</td></tr><tr><td>Washington</td><td>905,244</td><td>12,350</td><td>6,657</td><td>5,850</td><td>6,222</td><td>5,727</td><td>6,089</td><td>5,716</td><td>5,361</td><td>5,520</td><td>5,497</td><td>4,979</td><td>6,049</td><td>8,965</td></tr><tr><td>West Virginia</td><td>378,150</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><td>7,024</td></tr><tr><td>Wisconsin</td><td>985,235</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,636</td><td>8,554</td><td>8,531</td><td>9,128</td><td>7,974</td><td>8,207</td><td>8,178</td><td>8,716</td><td>13,065</td></tr><tr><td>Wyoming</td><td>90,525</td><td>1,350</td><td>784</td><td>784</td><td>723</td><td>694</td><td>713</td><td>735</td><td>733</td><td>658</td><td>703</td><td>791</td><td>903</td><td>1,146</td></tr><tr><td>Alaska</td><td>29,631</td><td>462</td><td>141</td><td>144</td><td>212</td><td>178</td><td>278</td><td>239</td><td>178</td><td>161</td><td>207</td><td>239</td><td>232</td><td>246</td></tr><tr><td>Canal Zone</td><td>27,481</td><td>500</td><td>299</td><td>257</td><td>246</td><td>258</td><td>233</td><td>227</td><td>268</td><td>215</td><td>318</td><td>268</td><td>278</td><td>342</td></tr><tr><td>Hawaii</td><td>254,311</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>1,298</td><td>891</td></tr><tr><td>Fuerto Rico</td><td>36,047</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><td>216</td></tr><tr><td>Virgin Islands</td><td>1,796</td><td>20</td><td>3</td><td>3</td><td>4</td><td>3</td><td>1</td><td>1</td><td>2</td><td>4
Source: Daily Treasury Statement and reports of Federal Reserve Banks. F. Preliminary.
March 1947
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table
- 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 January 31, 1947</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>Jan.</th></tr><tr><td>Alabama</td><td>135,597</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><td>2,770</td></tr><tr><td>Arizona</td><td>41,811</td><td>633</td><td>441</td><td>409</td><td>411</td><td>417</td><td>474</td><td>884</td><td>571</td><td>342</td><td>367</td><td>606</td><td>513</td><td>961</td></tr><tr><td>Arkansas</td><td>82,447</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><td>1,670</td></tr><tr><td>California</td><td>1,175,155</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>12,037</td><td>11,952</td><td>13,860</td><td>31,059</td></tr><tr><td>Colorado</td><td>147,634</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>89</td><td>4,052</td><td>2,329</td><td>1,314</td><td>1,750</td><td>3,201</td></tr><tr><td>Connecticut</td><td>357,594</td><td>7,059</td><td>6,911</td><td>5,308</td><td>5,450</td><td>4,942</td><td>3,825</td><td>4,937</td><td>4,020</td><td>2,693</td><td>2,530</td><td>1,967</td><td>2,260</td><td>9,945</td></tr><tr><td>Delaware</td><td>68,939</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>689</td><td>1,137</td><td>495</td><td>583</td><td>413</td><td>348</td><td>1,406</td></tr><tr><td>Dist. of Columbia</td><td>154,751</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><td>3,496</td></tr><tr><td>Florida</td><td>198,093</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><td>4,714</td></tr><tr><td>Georgia</td><td>173,493</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><td>3,205</td></tr><tr><td>Idaho</td><td>40,460</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><td>1,151</td></tr><tr><td>Illinois</td><td>1,381,796</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><td>44,288</td></tr><tr><td>Indiana</td><td>409,604</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>5,971</td><td>6,190</td><td>5,305</td><td>5,359</td><td>4,319</td><td>5,964</td><td>12,023</td></tr><tr><td>Iowa</td><td>424,084</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><td>15,722</td></tr><tr><td>Kansas</td><td>202,049</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><td>6,311</td></tr><tr><td>Kentucky</td><td>220,219</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><td>4,959</td></tr><tr><td>Louisiana</td><td>180,338</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><td>2,977</td></tr><tr><td>Maine</td><td>109,524</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><td>3,148</td></tr><tr><td>Maryland</td><td>266,425</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><td>6,498</td></tr><tr><td>Massachusetts</td><td>890,283</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><td>26,863</td></tr><tr><td>Michigan</td><td>522,851</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><td>11,438</td></tr><tr><td>Minnesota</td><td>361,766</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><td>11,287</td></tr><tr><td>Mississippi</td><td>94,456</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><td>2,313</td></tr><tr><td>Missouri</td><td>489,205</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><td>13,517</td></tr><tr><td>Montana</td><td>58,532</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><td>1,698</td></tr><tr><td>Nebraska</td><td>184,287</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><td>6,379</td></tr><tr><td>Nevada</td><td>18,208</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><td>472</td></tr><tr><td>New Hampshire</td><td>75,375</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><td>2,952</td></tr><tr><td>New Jersey</td><td>571,300</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><td>13,128</td></tr><tr><td>New Mexico</td><td>35,009</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><td>359</td></tr><tr><td>New York</td><td>2,957,663</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><td>82,893</td></tr><tr><td>North Carolina</td><td>207,417</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><td>5,168</td></tr><tr><td>North Dakota</td><td>70,002</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><td>2,321</td></tr><tr><td>Ohio</td><td>994,571</td><td>24,383</td><td>13,890</td><td>15,394</td><td>17,172</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><td>7,589</td></tr><tr><td>Oklahoma</td><td>130,297</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>3,120</td><td>5,003</td></tr><tr><td>Oregon</td><td>147,717</td><td>1,894</td><td>1,783</td><td>1,787</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>1,824</td><td>1,589</td><td>1,809</td><td>4,151</td></tr><tr><td>Pennsylvania</td><td>1,461,147</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><td>34,970</td></tr><tr><td>Rhode Island</td><td>140,896</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><td>3,475</td></tr><tr><td>South Carolina</td><td>97,370</td><td>1,219</td><td>992</td><td>1,464</td><td>1,786</td><td>1,731</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><td>1,884</td></tr><tr><td>South Dakota</td><td>58,067</td><td>1,049</td><td>824</td><td>916</td><td>971</td><td>1,253</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><td>2,262</td></tr><tr><td>Tennessee</td><td>180,148</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><td>5,283</td></tr><tr><td>Texas</td><td>493,326</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><td>10,352</td></tr><tr><td>Utah</td><td>37,749</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><td>1,344</td></tr><tr><td>Vermont</td><td>40,858</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><td>1,099</td></tr><tr><td>Virginia</td><td>244,521</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><td>5,737</td></tr><tr><td>Washington</td><td>249,278</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><td>6,970</td></tr><tr><td>West Virginia</td><td>93,889</td><td>1,532</td><td>1,260</td><td>794</td><td>1,332</td><td>1,368</td><td>1,552</td><td>2,306</td><td>1,421</td><td>1,121</td><td>1,465</td><td>1,111</td><td>2,237</td><td>3,291</td></tr><tr><td>Wisconsin</td><td>451,830</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><td>13,428</td></tr><tr><td>Wyoming</td><td>29,992</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><td>1,066</td></tr><tr><td>Alaska</td><td>5,322</td><td>79</td><td>24</td><td>35</td><td>6</td><td>2</td><td>11</td><td>18</td><td>6</td><td>10</td><td>1</td><td>22</td><td>3</td><td>6</td></tr><tr><td>Coral Zone</td><td>6,312</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><td>16</td></tr><tr><td>Hawaii</td><td>55,779</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>358</td><td>1,375</td></tr><tr><td>Puerto Rico</td><td>13,593</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><td>62</td></tr><tr><td>Virgin Islands</td><td>812</td><td>-</td><td>-</td><td>-</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>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to commercial banks 1/.</td><td>895,480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-33,143</td><td>+8,714</td><td>+8,914</td><td>-14,283</td><td>+8,599</td><td>-19,310</td><td>-40,07
Source. Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. Less than $500. 1/ State figures exclude sales of Series F and G bonds to commercial banks. Commercial banks were permitted to purchase Series F and G
bonds under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page A-22).
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-Jan. 1947</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>Jan. P.</th><th>1947</th></tr><tr><td>Alabama</td><td>168,929</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><td>5,254</td><td></td></tr><tr><td>Arizona</td><td>57,926</td><td>2,836</td><td>2,698</td><td>3,008</td><td>2,594</td><td>2,407</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><td>2,193</td><td></td></tr><tr><td>Arkansas</td><td>91,113</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>2,520</td><td>2,812</td><td>3,147</td><td></td></tr><tr><td>California</td><td>1,174,924</td><td>58,213</td><td>52,179</td><td>53,872</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><td>46,061</td><td></td></tr><tr><td>Colorado</td><td>106,470</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>3,944</td><td>4,064</td><td>4,818</td><td>3,706</td><td>2,812</td><td>4,922</td><td>4,489</td><td></td></tr><tr><td>Connecticut</td><td>199,896</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><td>6,122</td><td></td></tr><tr><td>Delaware</td><td>28,623</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><td>984</td><td></td></tr><tr><td>District of Columbia</td><td>140,100</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><td>4,831</td><td></td></tr><tr><td>Florida</td><td>200,108</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><td>7,644</td><td></td></tr><tr><td>Georgia</td><td>174,358</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><td>6,331</td><td></td></tr><tr><td>Indiana</td><td>37,047</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><td>1,405</td><td></td></tr><tr><td>Illinois</td><td>930,307</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><td>36,021</td><td></td></tr><tr><td>Indiana</td><td>371,615</td><td>10,183</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><td>9,958</td><td></td></tr><tr><td>Iowa</td><td>215,798</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><td>7,722</td><td></td></tr><tr><td>Kansas</td><td>146,441</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,885</td><td>6,619</td><td>6,078</td><td>4,171</td><td>6,277</td><td>7,030</td><td>5,050</td><td>4,484</td><td>5,280</td><td>5,229</td><td></td></tr><tr><td>Kentucky</td><td>151,494</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><td>4,917</td><td></td></tr><tr><td>Louisiana</td><td>149,433</td><td>7,051</td><td>6,209</td><td>6,719</td><td>6,231</td><td>5,443</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><td>4,708</td><td></td></tr><tr><td>Maine</td><td>49,769</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><td>1,600</td><td></td></tr><tr><td>Maryland</td><td>163,692</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><td>5,841</td><td></td></tr><tr><td>Massachusetts</td><td>361,500</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><td>13,035</td><td></td></tr><tr><td>Michigan</td><td>781,329</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><td>20,595</td><td></td></tr><tr><td>Minnesota</td><td>250,333</td><td>12,120</td><td>12,237</td><td>12,244</td><td>11,812</td><td>11,370</td><td>10,272</td><td>10,211</td><td>9,176</td><td>8,755</td><td>9,228</td><td>7,819</td><td>8,502</td><td>13,680</td><td></td></tr><tr><td>Mississippi</td><td>80,121</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>2,961</td><td>2,675</td><td>2,620</td><td>3,431</td><td></td></tr><tr><td>Missouri</td><td>342,059</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><td>14,522</td><td></td></tr><tr><td>Montana</td><td>46,053</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><td>2,004</td><td></td></tr><tr><td>Nebraska</td><td>107,870</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><td>4,882</td><td></td></tr><tr><td>Nevada</td><td>17,672</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><td>783</td><td></td></tr><tr><td>New Hampshire</td><td>31,513</td><td>1,217</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><td>1,016</td><td></td></tr><tr><td>New Jersey</td><td>418,793</td><td>19,26</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><td>14,464</td><td></td></tr><tr><td>New Mexico</td><td>34,340</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><td>1,240</td><td></td></tr><tr><td>New York</td><td>1,207,723</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><td>47,651</td><td></td></tr><tr><td>North Carolina</td><td>153,893</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><td>5,729</td><td></td></tr><tr><td>North Dakota</td><td>33,152</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>1,217</td><td>1,168</td><td>1,059</td><td>1,556</td><td></td></tr><tr><td>Ohio</td><td>798,619</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><td>24,358</td><td></td></tr><tr><td>Oklahoma</td><td>165,024</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><td>6,492</td><td></td></tr><tr><td>Oregon</td><td>176,604</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><td>5,728</td><td></td></tr><tr><td>Pennsylvania</td><td>972,933</td><td>41,050</td><td>35,880</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><td>36,064</td><td></td></tr><tr><td>Puerto Rico</td><td>65,107</td><td>2,822</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><td>1,730</td><td></td></tr><tr><td>South Carolina</td><td>80,471</td><td>3,455</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>2,099</td><td>2,723</td><td>2,061</td><td>2,425</td><td>2,506</td><td>2,597</td><td></td></tr><tr><td>South Dakota</td><td>34,578</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><td>1,434</td><td></td></tr><tr><td>Tennessee</td><td>172,813</td><td>7,679</td><td>7,662</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><td>6,021</td><td></td></tr><tr><td>Texas</td><td>562,880</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><td>19,677</td><td></td></tr><tr><td>Utah</td><td>60,153</td><td>2,651</td><td>4,764</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><td>2,080</td><td></td></tr><tr><td>Vermont</td><td>15,495</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><td>612</td><td></td></tr><tr><td>Virginia</td><td>214,724</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><td>7,404</td><td></td></tr><tr><td>Washington</td><td>257,636</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><td>9,186</td><td></td></tr><tr><td>West Virginia</td><td>117,428</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><td>3,664</td><td></td></tr><tr><td>Wisconsin</td><td>249,031</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><td>8,215</td><td></td></tr><tr><td>Wyoming</td><td>22,797</td><td>1,153</td><td>963</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td><td>820</td><td>634</td><td>1,356</td><td>785</td><td>749</td><td>831</td><td>813</td><td></td></tr><tr><td>Alaska</td><td>6,572</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><td>113</td><td></td></tr><tr><td>Canal Zone</td><td>3,922</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><td>317</td><td></td></tr><tr><td>Hawaii</td><td>61,251</td><td>3,359</td><td>3,719</td><td>2,442</td><td>2,730</td><td>2,068</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 (to be) such as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. Preliminary.
March 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 January 31, 1947
(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>400</td><td>64 1/</td><td>336</td><td>7</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>28,706</td><td>23,070</td><td>5,009</td><td>18,061</td><td>46</td><td>5,590</td></tr><tr><td>Total</td><td>34,057</td><td>28,413</td><td>5,255</td><td>23,157</td><td>54</td><td>5,590</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptione</th><th colspan="2">Amount outstanging</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</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>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>113</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><tr><td>1947-January</td><td>218</td><td>370</td><td>227</td><td>143</td><td>46</td><td>5,590</td></tr></table>
Source: Daily Treasury Statement.
Treasury Bulletin
LL
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th colspan="8">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,898.5</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>1946-January</td><td>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.0</td></tr><tr><td>March</td><td>178.7</td><td>.3</td><td>.6</td><td>3.8</td><td>5.3</td><td>22.4</td><td>57.4</td><td>46.0</td><td>43.0</td></tr><tr><td>April</td><td>299.0</td><td>.3</td><td>.7</td><td>5.1</td><td>7.8</td><td>36.7</td><td>90.8</td><td>66.0</td><td>92.0</td></tr><tr><td>May</td><td>198.4</td><td>.3</td><td>.6</td><td>4.2</td><td>7.2</td><td>32.1</td><td>74.3</td><td>27.5</td><td>52.0</td></tr><tr><td>June</td><td>184.0</td><td>.3</td><td>.6</td><td>5.0</td><td>8.1</td><td>39.5</td><td>67.4</td><td>17.0</td><td>46.0</td></tr><tr><td>July</td><td>300.5</td><td>.3</td><td>.7</td><td>5.4</td><td>10.1</td><td>38.8</td><td>82.7</td><td>33.5</td><td>129.0</td></tr><tr><td>August</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</td><td>248.2</td><td>.2</td><td>.7</td><td>6.2</td><td>12.4</td><td>47.9</td><td>92.8</td><td>20.0</td><td>68.0</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><tr><td>1947-January p.</td><td>218.1</td><td>.2</td><td>.7</td><td>5.5</td><td>10.9</td><td>42.1</td><td>81.6</td><td>17.0</td><td>60.0</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>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>183.4</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><tr><td>1947-January</td><td>218.1</td><td>19.0</td><td>199.1</td><td>100.0</td><td>8.7</td><td>91.3</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks
March 1947
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(in thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4/</td><td>590,268 6/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>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>1946-January</td><td>120,204</td><td>-13,024</td><td>3,689</td><td>16,713</td><td>11,229</td><td>5,484</td><td>100.0</td><td>67.2</td><td>32.8</td></tr><tr><td>February</td><td>116,855</td><td>-3,350</td><td>7,273</td><td>10,623</td><td>6,751</td><td>3,873</td><td>100.0</td><td>63.5</td><td>36.5</td></tr><tr><td>March</td><td>112,335</td><td>-4,519</td><td>9,847</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,711</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><tr><td>1947-January</td><td>76,122</td><td>-3,199</td><td>1,708</td><td>4,907</td><td>2,709</td><td>2,198</td><td>100.0</td><td>55.2</td><td>44.8</td></tr></table>
Source: Daily Treasury Statement.
Note: See "Treasury Bulletin", July 1946 for back figures.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Net of sales less redemptions. See footnote 1.
4/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
5/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $55 thousand for the period July 1, 1942 through October 31, 1942.
Table 2.- Sales, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,34</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>268,811</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>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>6.9</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><tr><td>1947-January</td><td>1,708</td><td>304</td><td>827</td><td>175</td><td>285</td><td>116</td><td>100.0</td><td>17.8</td><td>48.5</td><td>10.2</td><td>16.7</td><td>6.8</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Lasc'd upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
March 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 colspan="7">Securities issued by United States Government</th><th colspan="7">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmarketed outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td></td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td></td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td></td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td></td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</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>24,931</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,121</td><td>56,209</td><td>4,409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>153,064</td><td>56,143</td><td>4,67</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</td><td>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,601</td><td>223,975</td><td>167,455</td><td>56,520</td><td>542</td><td>8</td><td>-</td><td>32</td><td>501</td></tr><tr><td>Apr.</td><td>272,711</td><td>28,261</td><td>7,007</td><td>30</td><td>21,224</td><td>22,732</td><td>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>-</td><td>33</td><td>492</td></tr><tr><td>May</td><td>271,440</td><td>28,520</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,546</td><td>56,442</td><td>542</td><td>9</td><td>-</td><td>33</td><td>500</td></tr><tr><td>June</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July</td><td>267,039</td><td>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>Aug.</td><td>266,359</td><td>30,054</td><td>6,575</td><td>35</td><td>23,443</td><td>23,946</td><td>212,359</td><td>155,829</td><td>56,530</td><td>370</td><td>9</td><td>-</td><td>34</td><td>326</td></tr><tr><td>Sept.</td><td>264,217</td><td>30,369</td><td>6,480</td><td>35</td><td>23,854</td><td>24,049</td><td>209,799</td><td>153,809</td><td>55,990</td><td>391</td><td>9</td><td>-</td><td>34</td><td>347</td></tr><tr><td>Oct.</td><td>262,415</td><td>30,426</td><td>6,375</td><td>35</td><td>24,015</td><td>23,518</td><td>208,471</td><td>152,426</td><td>56,046</td><td>378</td><td>9</td><td>-</td><td>34</td><td>334</td></tr><tr><td>Nov.</td><td>260,925</td><td>30,600</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>257,049</td><td>30,913</td><td>6,293</td><td>36</td><td>24,585</td><td>23,350</td><td>203,386</td><td>146,970</td><td>56,416</td><td>331</td><td>9</td><td>-</td><td>36</td><td>286</td></tr><tr><td>1947-Jan.</td><td>258,378</td><td>31,105 p</td><td>6,293p</td><td>36p</td><td>24,777</td><td>23,941</td><td>203,332p</td><td>146,210p</td><td>57,121p</td><td>262</td><td>9p</td><td>-</td><td>36p</td><td>217</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. p 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.
Treasury Bulletin
48
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1943-December.....</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.5</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>63.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.5</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>18.3</td><td>133.9</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>21.5</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>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>89.1</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...........</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><tr><td>December p.......</td><td>253.0</td><td>97.0</td><td>73.7</td><td>23.3</td><td>160.9</td><td>61.4</td><td>25.3</td><td>11.9</td><td>23.5</td><td>6.1</td><td>30.9</td></tr></table>
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 saving banks in the United States and in territories and insular posses
4/ Includes partnerships and personal trust accounts. 5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country. 6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th>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>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>-1.3</td><td>-4.4</td><td>-1.3</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>-1.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-1.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5.5</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>.1</td><td>-35.2</td><td>-115.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-1.2</td><td>-12.5</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-1.7</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><tr><td>1947</td><td>.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></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.
March 1947
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1946
The tables in Section I present summary data as of December 31, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the amount of such securities owned by all banks and
insurance companies in the United States.
Section II presents summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debentures and Federal Home Loan Bank bonds and notes.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,341 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 309 life insurance companies 642 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities: Marketable securities 4/</td><td>176,658</td><td>66,484</td><td>478</td><td>11,521</td><td>21,407</td><td>2,939</td><td>29,652</td><td>44,177</td></tr><tr><td>Non-marketable securities 4/</td><td>56,737</td><td>1,281</td><td>12</td><td>245</td><td>118</td><td>209</td><td>35</td><td>54,551</td></tr><tr><td>Total public securities</td><td>233,395</td><td>67,765</td><td>489</td><td>11,767</td><td>21,525</td><td>3,148</td><td>29,687</td><td>98,728</td></tr><tr><td>Special issues</td><td>24,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24,585</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>257,980</td><td>67,765</td><td>489</td><td>11,767</td><td>21,525</td><td>3,148</td><td>54,272</td><td>98,728</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-
note to this section.
1/ C.C.C. demand obligations in the amount of $286 million held by all commercial banks are shown only in total amount outstanding.
2/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="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 1/</th></tr><tr><th>7,341 commercial banks 2/</th><th>Banks 1/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 fire, casualty, and marine insurance companies</th></tr></table>
Par values - in millions of dollars
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,033</td><td>1,187</td><td>*</td><td>*</td><td>10</td><td>1</td><td>14,747</td><td>1,088</td></tr><tr><td>Certificates of indebtedness</td><td>29,987</td><td>11,196</td><td>25</td><td>257</td><td>294</td><td>196</td><td>7,560</td><td>10,499</td></tr><tr><td>Treasury notes</td><td>10,090</td><td>6,090</td><td>30</td><td>211</td><td>447</td><td>156</td><td>361</td><td>2,796</td></tr><tr><td>Treasury bonds - bank restricted ½</td><td>49,636</td><td>1,339</td><td>204</td><td>7,900</td><td>16,662</td><td>1,186</td><td>4,905</td><td>17,440</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>46,647</td><td>219</td><td>3,149</td><td>3,979</td><td>1,399</td><td>2,034</td><td>12,260</td></tr><tr><td>Postal savings and other bonds</td><td>179</td><td>13</td><td>*</td><td>1</td><td>1</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Guaranteed by United States ½</td><td>45</td><td>12</td><td>1</td><td>4</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>176,658</td><td>66,484</td><td>478</td><td>11,521</td><td>21,407</td><td>2,939</td><td>29,652</td><td>44,177</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>54,952</td><td>16,710</td><td>50</td><td>439</td><td>755</td><td>337</td><td>22,443</td><td>14,218</td></tr><tr><td>1 to 5 years</td><td>39,572</td><td>28,388</td><td>79</td><td>1,047</td><td>1,425</td><td>677</td><td>1,407</td><td>6,550</td></tr><tr><td>5 to 10 years</td><td>27,281</td><td>16,535</td><td>122</td><td>2,042</td><td>2,233</td><td>594</td><td>600</td><td>5,155</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,134</td><td>85</td><td>2,506</td><td>1,056</td><td>667</td><td>314</td><td>4,445</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>142</td><td>72</td><td>2,798</td><td>9,701</td><td>286</td><td>2,738</td><td>5,489</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,563</td><td>69</td><td>2,687</td><td>6,224</td><td>378</td><td>2,139</td><td>8,314</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>45</td><td>12</td><td>1</td><td>4</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>176,658</td><td>66,484</td><td>478</td><td>11,521</td><td>21,407</td><td>2,939</td><td>29,652</td><td>44,177</td></tr><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>179</td><td>13</td><td>*</td><td>1</td><td>1</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>18,079</td><td>13,077</td><td>91</td><td>85</td><td>145</td><td>595</td><td>1,277</td><td>2,808</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>158,400</td><td>53,394</td><td>387</td><td>11,436</td><td>21,260</td><td>2,343</td><td>28,339</td><td>41,241</td></tr><tr><td>Total</td><td>176,658</td><td>66,484</td><td>478</td><td>11,521</td><td>21,407</td><td>2,939</td><td>29,652</td><td>44,177</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, December 31, 1946 - (Continued
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investore 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>7,341 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 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>9.6</td><td>1.8</td><td>*</td><td>*</td><td>*</td><td>*</td><td>49.7</td><td>2.5</td></tr><tr><td>Certificates of indebtedness.........</td><td>17.0</td><td>16.8</td><td>5.1</td><td>2.2</td><td>1.4</td><td>6.7</td><td>25.5</td><td>23.7</td></tr><tr><td>Treasury notes....................</td><td>5.7</td><td>9.2</td><td>6.2</td><td>1.8</td><td>2.1</td><td>5.3</td><td>1.2</td><td>6.3</td></tr><tr><td>Treasury bonds - bank restricted 1/.</td><td>28.1</td><td>2.0</td><td>42.6</td><td>68.6</td><td>77.8</td><td>40.3</td><td>16.5</td><td>39.5</td></tr><tr><td>Treasury bonds - bank eligible......</td><td>39.4</td><td>70.2</td><td>45.7</td><td>27.3</td><td>18.6</td><td>47.6</td><td>6.9</td><td>27.8</td></tr><tr><td>Postal savings and other bonds......</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 2/.........</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total................................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>31.1</td><td>25.1</td><td>10.5</td><td>3.8</td><td>3.5</td><td>11.5</td><td>75.7</td><td>32.2</td></tr><tr><td>1 to 5 years....................</td><td>22.4</td><td>42.7</td><td>16.5</td><td>9.1</td><td>6.7</td><td>23.0</td><td>4.7</td><td>14.8</td></tr><tr><td>5 to 10 years....................</td><td>15.4</td><td>24.9</td><td>25.6</td><td>17.7</td><td>10.4</td><td>20.2</td><td>2.0</td><td>11.7</td></tr><tr><td>10 to 15 years....................</td><td>6.3</td><td>3.2</td><td>17.7</td><td>21.7</td><td>4.9</td><td>22.7</td><td>1.1</td><td>10.1</td></tr><tr><td>15 to 20 years....................</td><td>12.0</td><td>.2</td><td>15.1</td><td>24.3</td><td>45.3</td><td>9.7</td><td>9.2</td><td>12.4</td></tr><tr><td>Over 20 years....................</td><td>12.7</td><td>3.9</td><td>14.3</td><td>23.3</td><td>29.1</td><td>12.8</td><td>7.2</td><td>18.8</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total................................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes...</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/.</td><td>10.2</td><td>19.7</td><td>19.1</td><td>.7</td><td>.7</td><td>20.3</td><td>4.3</td><td>6.4</td></tr><tr><td>Subject to Federal income taxes 1/.........</td><td>89.7</td><td>80.3</td><td>80.9</td><td>99.3</td><td>99.3</td><td>79.7</td><td>95.6</td><td>93.4</td></tr><tr><td>Total................................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>7.0</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>36.6</td><td>6.4</td></tr><tr><td>Certificate of indebtedness</td><td>100.0</td><td>37.3</td><td>.1</td><td>.9</td><td>1.0</td><td>.7</td><td>25.2</td><td>34.9</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>60.4</td><td>.3</td><td>2.1</td><td>4.4</td><td>1.5</td><td>3.6</td><td>27.7</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>33.6</td><td>2.4</td><td>9.9</td><td>35.1</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>66.9</td><td>.3</td><td>4.5</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>7.2</td><td>*</td><td>.4</td><td>.6</td><td>.3</td><td>20.2</td><td>71.4</td></tr><tr><td>Guaranteed by United States 2/.</td><td>100.0</td><td>27.2</td><td>2.5</td><td>8.0</td><td>28.2</td><td>1.6</td><td>20.4</td><td>12.0</td></tr><tr><td>Total</td><td>100.0</td><td>37.6</td><td>.3</td><td>6.5</td><td>12.1</td><td>1.7</td><td>16.8</td><td>25.0</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>100.0</td><td>30.4</td><td>.1</td><td>.8</td><td>1.4</td><td>.6</td><td>40.8</td><td>25.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.7</td><td>.2</td><td>2.6</td><td>3.6</td><td>1.7</td><td>3.6</td><td>16.6</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>60.6</td><td>.4</td><td>7.5</td><td>8.2</td><td>2.2</td><td>2.2</td><td>18.9</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.0</td><td>.8</td><td>22.4</td><td>9.4</td><td>6.0</td><td>2.8</td><td>39.7</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.7</td><td>.3</td><td>13.2</td><td>45.7</td><td>1.3</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>27.8</td><td>1.7</td><td>9.6</td><td>37.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>27.2</td><td>2.5</td><td>8.0</td><td>28.2</td><td>1.6</td><td>20.4</td><td>12.0</td></tr><tr><td>Total</td><td>100.0</td><td>37.6</td><td>.3</td><td>6.5</td><td>12.1</td><td>1.7</td><td>16.8</td><td>25.0</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>100.0</td><td>7.2</td><td>*</td><td>.4</td><td>.6</td><td>.3</td><td>20.2</td><td>71.4</td></tr><tr><td>Partially exempt from Federal income taxes 1/.</td><td>100.0</td><td>72.3</td><td>.5</td><td>.5</td><td>.8</td><td>3.3</td><td>7.1</td><td>15.5</td></tr><tr><td>Subject to Federal income taxes 1/.</td><td>100.0</td><td>33.7</td><td>.2</td><td>7.2</td><td>13.4</td><td>1.5</td><td>17.9</td><td>26.0</td></tr><tr><td>Total</td><td>100.0</td><td>37.6</td><td>.3</td><td>6.5</td><td>12.1</td><td>1.7</td><td>16.8</td><td>25.0</td></tr></table>
Continued on following page
March 1947
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART B
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status & is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,341 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 fire, casualty, and Marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills.............(taxable)</td><td>17,033</td><td>1,187</td><td>*</td><td>*</td><td>10</td><td>1</td><td>14,747</td><td>1,088</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>7/84 January 1947........(taxable)</td><td>3,330</td><td>1,786</td><td>3</td><td>27</td><td>33</td><td>18</td><td>415</td><td>1,049</td></tr><tr><td>7/84 February 1947........(taxable)</td><td>4,954</td><td>1,795</td><td>5</td><td>56</td><td>78</td><td>27</td><td>1,712</td><td>1,282</td></tr><tr><td>7/84 March 1947........(taxable)</td><td>3,133</td><td>1,580</td><td>2</td><td>30</td><td>52</td><td>30</td><td>549</td><td>889</td></tr><tr><td>7/84 April 1947........(taxable)</td><td>2,820</td><td>1,094</td><td>2</td><td>31</td><td>12</td><td>12</td><td>844</td><td>825</td></tr><tr><td>7/84 June 1947........(taxable)</td><td>2,775</td><td>710</td><td>2</td><td>19</td><td>32</td><td>25</td><td>463</td><td>1,524</td></tr><tr><td>7/84 July 1947........(taxable)</td><td>2,916</td><td>1,055</td><td>2</td><td>20</td><td>46</td><td>17</td><td>969</td><td>808</td></tr><tr><td>7/84 August 1947........(taxable)</td><td>1,223</td><td>518</td><td>2</td><td>8</td><td>2</td><td>7</td><td>423</td><td>264</td></tr><tr><td>7/84 September 1947........(taxable)</td><td>2,341</td><td>669</td><td>2</td><td>20</td><td>10</td><td>16</td><td>1,107</td><td>517</td></tr><tr><td>7/84 October 1947........(taxable)</td><td>1,440</td><td>627</td><td>1</td><td>12</td><td>4</td><td>10</td><td>396</td><td>389</td></tr><tr><td>7/84 November 1947........(taxable)</td><td>1,775</td><td>703</td><td>2</td><td>16</td><td>15</td><td>13</td><td>446</td><td>579</td></tr><tr><td>7/84 December 1947........(taxable)</td><td>3,281</td><td>659</td><td>2</td><td>18</td><td>11</td><td>21</td><td>236</td><td>2,334</td></tr><tr><td>Total certificates of indebtedness</td><td>29,987</td><td>11,196</td><td>25</td><td>257</td><td>294</td><td>196</td><td>7,560</td><td>10,459</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>1-1/4% March 1947........(taxable)</td><td>1,988</td><td>811</td><td>12</td><td>52</td><td>316</td><td>29</td><td>4</td><td>725</td></tr><tr><td>1-1/4% September 1947........(taxable)</td><td>1,687</td><td>739</td><td>9</td><td>56</td><td>13</td><td>44</td><td>10</td><td>816</td></tr><tr><td>1-1/2% September 1947........(taxable)</td><td>2,707</td><td>1,863</td><td>4</td><td>54</td><td>111</td><td>25</td><td>47</td><td>604</td></tr><tr><td>1-1/2% September 1948........(taxable)</td><td>3,748</td><td>2,677</td><td>5</td><td>49</td><td>8</td><td>58</td><td>301</td><td>651</td></tr><tr><td>Total Treasury notes</td><td>10,090</td><td>6,090</td><td>30</td><td>211</td><td>447</td><td>156</td><td>361</td><td>2,796</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>102</td><td>39</td><td>1,830</td><td>632</td><td>305</td><td>219</td><td>2,156</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>290</td><td>25</td><td>666</td><td>336</td><td>239</td><td>3</td><td>1,910</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>16</td><td>4</td><td>403</td><td>1,100</td><td>49</td><td>186</td><td>360</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>2</td><td>6</td><td>541</td><td>1,351</td><td>58</td><td>260</td><td>614</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>2</td><td>16</td><td>747</td><td>1,596</td><td>47</td><td>388</td><td>964</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>5</td><td>16</td><td>552</td><td>1,597</td><td>54</td><td>452</td><td>1,162</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>60</td><td>17</td><td>343</td><td>2,474</td><td>51</td><td>781</td><td>1,472</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>58</td><td>13</td><td>212</td><td>1,583</td><td>26</td><td>671</td><td>917</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>107</td><td>24</td><td>1,104</td><td>3,172</td><td>124</td><td>895</td><td>2,541</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>698</td><td>43</td><td>1,502</td><td>2,820</td><td>232</td><td>1,050</td><td>5,344</td></tr><tr><td>Total bank restricted 4/</td><td>49,636</td><td>1,339</td><td>204</td><td>7,900</td><td>16,662</td><td>1,186</td><td>4,905</td><td>17,440</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>365</td><td>*</td><td>18</td><td>11</td><td>22</td><td>40</td><td>304</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>537</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>142</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>777</td><td>1</td><td>81</td><td>5</td><td>12</td><td>40</td><td>200</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>854</td><td>2</td><td>10</td><td>4</td><td>29</td><td>155</td><td>171</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,233</td><td>4</td><td>81</td><td>47</td><td>35</td><td>25</td><td>638</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>373</td><td>1</td><td>2</td><td>1</td><td>8</td><td>*</td><td>67</td></tr></table>
(Continued on following page)
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,341 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 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>2½ December 1948-50...(partially)</td><td>571</td><td>463</td><td>1</td><td>2</td><td>*</td><td>13</td><td>44</td><td>49</td></tr><tr><td>2½ June 1949-51...(taxable)</td><td>1,014</td><td>753</td><td>1</td><td>65</td><td>52</td><td>8</td><td>8</td><td>126</td></tr><tr><td>2½ September 1949-51...(taxable)</td><td>1,292</td><td>1,043</td><td>1</td><td>36</td><td>65</td><td>22</td><td>1</td><td>125</td></tr><tr><td>2½ December 1949-51...(taxable)</td><td>2,098</td><td>1,560</td><td>5</td><td>55</td><td>131</td><td>24</td><td>1</td><td>321</td></tr><tr><td>3-1/8 December 1949-52...(partially)</td><td>491</td><td>376</td><td>1</td><td>4</td><td>11</td><td>16</td><td>40</td><td>44</td></tr><tr><td>2-1/2½ December 1949-53...(partially)</td><td>1,786</td><td>1,317</td><td>3</td><td>5</td><td>3</td><td>37</td><td>223</td><td>199</td></tr><tr><td>2½ March 1950-52...(taxable)</td><td>1,963</td><td>1,536</td><td>5</td><td>68</td><td>156</td><td>27</td><td>3</td><td>168</td></tr><tr><td>2½ September 1950-52...(taxable)</td><td>4,939</td><td>3,342</td><td>8</td><td>181</td><td>350</td><td>67</td><td>47</td><td>943</td></tr><tr><td>2-1/2½ September 1950-52...(partially)</td><td>1,186</td><td>1,016</td><td>2</td><td>7</td><td>1</td><td>45</td><td>87</td><td>27</td></tr><tr><td>1-1/2½ December 1950...(taxable)</td><td>2,635</td><td>1,662</td><td>3</td><td>20</td><td>*</td><td>31</td><td>*</td><td>918</td></tr><tr><td>2-3/4½ June 1951-54...(partially)</td><td>1,627</td><td>1,252</td><td>9</td><td>6</td><td>1</td><td>41</td><td>145</td><td>173</td></tr><tr><td>2½ September 1951-53...(taxable)</td><td>7,986</td><td>5,420</td><td>24</td><td>358</td><td>562</td><td>137</td><td>112</td><td>1,372</td></tr><tr><td>3½ September 1951-55...(partially)</td><td>755</td><td>420</td><td>*</td><td>5</td><td>*</td><td>31</td><td>71</td><td>229</td></tr><tr><td>2½ December 1951-55...(taxable)</td><td>510</td><td>387</td><td>2</td><td>11</td><td>23</td><td>8</td><td>6</td><td>73</td></tr><tr><td>2-1/4½ December 1951-53...(partially)</td><td>1,118</td><td>929</td><td>2</td><td>1</td><td>4</td><td>28</td><td>98</td><td>56</td></tr><tr><td>2-1/2½ March 1952-54...(taxable)</td><td>1,024</td><td>562</td><td>*</td><td>203</td><td>37</td><td>14</td><td>54</td><td>154</td></tr><tr><td>2½ June 1952-54...(taxable)</td><td>5,825</td><td>4,092</td><td>20</td><td>244</td><td>393</td><td>90</td><td>7</td><td>978</td></tr><tr><td>2½ December 1952-54...(taxable)</td><td>8,662</td><td>5,828</td><td>23</td><td>517</td><td>589</td><td>135</td><td>13</td><td>1,557</td></tr><tr><td>2-1/4½ June 1952-55...(taxable)</td><td>1,501</td><td>955</td><td>2</td><td>168</td><td>133</td><td>26</td><td>67</td><td>150</td></tr><tr><td>2½ June 1953-55...(partially)</td><td>725</td><td>648</td><td>*</td><td>1</td><td>2</td><td>25</td><td>14</td><td>36</td></tr><tr><td>2-1/4½ June 1954-56...(partially)</td><td>681</td><td>561</td><td>2</td><td>1</td><td>1</td><td>32</td><td>15</td><td>68</td></tr><tr><td>2-7/8½ March 1955-60...(partially)</td><td>2,611</td><td>1,506</td><td>32</td><td>7</td><td>11</td><td>78</td><td>192</td><td>786</td></tr><tr><td>2-1/2½ March 1956-58...(taxable)</td><td>1,449</td><td>757</td><td>8</td><td>79</td><td>349</td><td>14</td><td>49</td><td>192</td></tr><tr><td>2-3/4½ September 1956-59...(partially)</td><td>982</td><td>719</td><td>16</td><td>6</td><td>8</td><td>48</td><td>60</td><td>126</td></tr><tr><td>2-1/4½ September 1956-59...(taxable)</td><td>3,823</td><td>907</td><td>19</td><td>816</td><td>710</td><td>131</td><td>130</td><td>1,109</td></tr><tr><td>2-3/4½ June 1958-63...(partially)</td><td>919</td><td>674</td><td>12</td><td>5</td><td>52</td><td>52</td><td>43</td><td>82</td></tr><tr><td>2-3/4½ December 1960-65...(partially)</td><td>1,485</td><td>1,067</td><td>9</td><td>4</td><td>35</td><td>71</td><td>50</td><td>249</td></tr><tr><td>2-1/2½ September 1967-72...(taxable)</td><td>2,716</td><td>1,759</td><td>1</td><td>81</td><td>232</td><td>22</td><td>194</td><td>428</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,647</td><td>219</td><td>3,149</td><td>3,979</td><td>1,399</td><td>2,034</td><td>12,260</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>47,986</td><td>422</td><td>11,049</td><td>20,641</td><td>2,585</td><td>6,939</td><td>29,700</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>12</td><td>*</td><td>1</td><td>1</td><td>*</td><td>36</td><td>67</td></tr><tr><td>Panama Canal bonds...(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>1</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>13</td><td>*</td><td>1</td><td>1</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Guaranteed securities 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 8/...(partially) (taxable)</td><td>7 {38}</td><td>12</td><td>1</td><td>4</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total guaranteed securities</td><td>45</td><td>12</td><td>1</td><td>4</td><td>13</td><td>1</td><td>9</td><td>5</td></tr><tr><td>Total public marketable securities</td><td>176,658</td><td>66,484</td><td>478</td><td>11,521</td><td>21,407</td><td>2,939</td><td>29,652</td><td>44,177</td></tr></table>
Note: The Treasury Survey commenced with date for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
- Less than $500 thousand or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/ Issues which commercial banks may not acquire prior to a specified
Date (with minor exceptions). See footnote 2, page 21. Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Includes an estimated amount of Federal Housing Administration debentures. Actual figures by tax status are available only for total amount outstanding.
March 1947
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,341 commercial banks 1/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D....(6/)</td><td>3,148</td><td>164</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>2,968</td></tr><tr><td>Series E....(taxable)</td><td>30,263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,262</td></tr><tr><td>Series F....(taxable)</td><td>2,969</td><td>222</td><td>1</td><td>8</td><td>15</td><td>24</td><td>1</td><td>2,697</td></tr><tr><td>Series G....(taxable)</td><td>13,397</td><td>480</td><td>7</td><td>232</td><td>100</td><td>173</td><td>12</td><td>12,395</td></tr><tr><td>Total United States savings bonds</td><td>49,776</td><td>866</td><td>8</td><td>245</td><td>118</td><td>203</td><td>14</td><td>48,322</td></tr><tr><td>Treasury savings notes....(taxable)</td><td>5,725</td><td>92</td><td>3</td><td>*</td><td>*</td><td>6</td><td>21</td><td>5,602</td></tr><tr><td>Depositary bonds....(taxable)</td><td>349</td><td>322</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Armed Forces Leave bonds....(taxable)</td><td>602</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>602</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>286</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>56,737</td><td>1,281</td><td>12</td><td>245</td><td>118</td><td>209</td><td>35</td><td>54,551</td></tr></table>
1/ Less than $500 thousand.
Federal securities fall into three broad groups with respect to im- position of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4 This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
5 United States savings bonds, Series C-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 C-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 $236 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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,341 commercial banks 3/</th><th>Banks 2/ 34 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>642 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>1</td><td>*</td><td>2</td><td>-</td><td>21</td></tr><tr><td>1-1/4% May 1950-52.....(taxable)</td><td>208</td><td>153</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>51</td></tr><tr><td>1-1/2% January 1951-53.....(taxable)</td><td>208</td><td>174</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>33</td></tr><tr><td>2-1/4% February 1953-55.....(taxable)</td><td>114</td><td>92</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>18</td></tr><tr><td>Total Federal Land Bank bonds</td><td>707</td><td>569</td><td>1</td><td>7</td><td>2</td><td>4</td><td>-</td><td>123</td></tr><tr><td>Federal Intermediate Credit Bank debentures.....(taxable)</td><td>292</td><td>251</td><td>-</td><td>2</td><td>-</td><td>3</td><td>-</td><td>35</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>4</td><td>-</td><td>*</td><td>-</td><td>35</td></tr><tr><td>Federal Home Loan Bank notes: 1.1% February 1947.....(taxable)</td><td>29</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Federal Home Loan Bank securities</td><td>169</td><td>129</td><td>*</td><td>4</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>1,167</td><td>950</td><td>1</td><td>14</td><td>2</td><td>8</td><td>-</td><td>194</td></tr></table>
* Less than $500 thousand.
1/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "Taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classifcation</th><th rowspan="2">Total 7,341 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,577 member commercial banks</th></tr><tr><th>Total 4,764 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>4,365 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>66,484</td><td>58,831</td><td>15,869</td><td>13,021</td><td>2,848</td><td>21,669</td><td>21,293</td><td>7,653</td></tr><tr><td>Non-marketable securities</td><td>1,281</td><td>982</td><td>99</td><td>78</td><td>21</td><td>181</td><td>702</td><td>298</td></tr><tr><td>Total public securities</td><td>67,765</td><td>59,813</td><td>15,968</td><td>13,099</td><td>2,869</td><td>21,850</td><td>21,995</td><td>7,952</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,341 commercial banks 1/</th><th colspan="4">Member commercial banks</th><th rowspan="2">2,577 nonmember commercial banks</th></tr><tr><th>Total 4,764 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td></td><td></td><td>Total 50 Central Reserve City banks</td><td>37 New York City banks</td><td>13 Chicago banks</td><td></td><td></td></tr></table>
Per values - in millions of dollars
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>1,187</td><td>1,091</td><td>441</td><td>388</td><td>54</td><td>443</td><td>206</td><td>96</td></tr><tr><td>Certificates of indebtedness</td><td>11,196</td><td>9,562</td><td>2,279</td><td>1,783</td><td>496</td><td>3,796</td><td>3,486</td><td>1,635</td></tr><tr><td>Treasury notes</td><td>6,090</td><td>5,237</td><td>1,084</td><td>951</td><td>133</td><td>1,969</td><td>2,184</td><td>853</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,339</td><td>992</td><td>28</td><td>21</td><td>8</td><td>152</td><td>811</td><td>347</td></tr><tr><td>Treasury bonds - bank eligible</td><td>46,647</td><td>41,930</td><td>12,034</td><td>9,877</td><td>2,157</td><td>15,301</td><td>14,595</td><td>4,717</td></tr><tr><td>Postal savings and other bonds</td><td>13</td><td>8</td><td>1</td><td>-</td><td>1</td><td>3</td><td>5</td><td>5</td></tr><tr><td>Guaranteed by United States 2/</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>66,484</td><td>58,831</td><td>15,869</td><td>13,021</td><td>2,848</td><td>21,669</td><td>21,293</td><td>7,653</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>16,710</td><td>14,454</td><td>3,707</td><td>3,015</td><td>692</td><td>5,703</td><td>5,044</td><td>2,256</td></tr><tr><td>1 to 5 years</td><td>28,388</td><td>25,479</td><td>7,634</td><td>6,258</td><td>1,377</td><td>9,274</td><td>8,571</td><td>2,909</td></tr><tr><td>5 to 10 years</td><td>16,535</td><td>14,724</td><td>3,840</td><td>3,349</td><td>490</td><td>5,259</td><td>5,625</td><td>1,811</td></tr><tr><td>10 to 15 years</td><td>2,134</td><td>1,921</td><td>491</td><td>261</td><td>229</td><td>811</td><td>619</td><td>213</td></tr><tr><td>15 to 20 years</td><td>142</td><td>104</td><td>12</td><td>10</td><td>2</td><td>10</td><td>81</td><td>38</td></tr><tr><td>Over 20 years</td><td>2,563</td><td>2,139</td><td>184</td><td>125</td><td>58</td><td>608</td><td>1,347</td><td>424</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>66,484</td><td>58,831</td><td>15,869</td><td>13,021</td><td>2,848</td><td>21,669</td><td>21,293</td><td>7,653</td></tr><tr><td>Tax status: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>13</td><td>8</td><td>1</td><td>-</td><td>1</td><td>3</td><td>5</td><td>5</td></tr><tr><td>Partially exempt from Federal income taxes 2/</td><td>13,077</td><td>12,400</td><td>4,688</td><td>3,652</td><td>1,035</td><td>5,273</td><td>2,440</td><td>677</td></tr><tr><td>Subject to Federal income taxes 2/</td><td>53,394</td><td>46,422</td><td>11,181</td><td>9,369</td><td>1,812</td><td>16,393</td><td>18,848</td><td>6,972</td></tr><tr><td>Total</td><td>66,484</td><td>58,831</td><td>15,869</td><td>13,021</td><td>2,848</td><td>21,669</td><td>21,293</td><td>7,653</td></tr></table>
(Continued on following page)
March 1947
5.
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES,
D BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,341 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,577 nonmember commercial banks</th></tr><tr><th>Total 4,764 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td></td><td></td><td>Total 50 Central Reserve City banks</td><td>37 New York City banks</td><td>13 Chicago banks</td><td></td><td></td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>1.8</td><td>1.9</td><td>2.8</td><td>3.0</td><td>1.9</td><td>2.0</td><td>1.0</td><td>1.2</td></tr><tr><td>Certificates of indebtedness</td><td>16.8</td><td>16.3</td><td>14.4</td><td>13.7</td><td>17.4</td><td>17.5</td><td>16.4</td><td>21.4</td></tr><tr><td>Treasury notes</td><td>9.2</td><td>8.9</td><td>6.8</td><td>7.3</td><td>4.7</td><td>9.1</td><td>10.3</td><td>11.1</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>2.0</td><td>1.7</td><td>.2</td><td>.2</td><td>.3</td><td>.7</td><td>3.8</td><td>4.5</td></tr><tr><td>Treasury bonds - bank eligible</td><td>70.2</td><td>71.3</td><td>75.8</td><td>75.9</td><td>75.7</td><td>70.6</td><td>68.5</td><td>61.6</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>.1</td></tr><tr><td>Guaranteed by United States 3/</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>25.1</td><td>24.6</td><td>23.4</td><td>23.2</td><td>24.3</td><td>26.3</td><td>23.7</td><td>29.5</td></tr><tr><td>1 to 5 years</td><td>42.7</td><td>43.3</td><td>43.1</td><td>43.1</td><td>43.3</td><td>42.8</td><td>40.3</td><td>38.0</td></tr><tr><td>5 to 10 years</td><td>24.9</td><td>25.0</td><td>24.2</td><td>25.7</td><td>17.2</td><td>24.3</td><td>26.4</td><td>23.7</td></tr><tr><td>10 to 15 years</td><td>3.2</td><td>3.3</td><td>3.1</td><td>2.0</td><td>8.1</td><td>3.7</td><td>2.9</td><td>2.8</td></tr><tr><td>15 to 20 years</td><td>.2</td><td>.2</td><td>.1</td><td>.1</td><td>.1</td><td>*</td><td>.4</td><td>.5</td></tr><tr><td>Over 20 years</td><td>3.9</td><td>3.6</td><td>1.2</td><td>1.0</td><td>2.0</td><td>2.8</td><td>6.3</td><td>5.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status: 1/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes 2/</td><td>19.7</td><td>21.1</td><td>29.5</td><td>28.0</td><td>36.4</td><td>24.3</td><td>11.5</td><td>8.8</td></tr><tr><td>Subject to Federal income taxes 3/</td><td>80.3</td><td>78.9</td><td>70.5</td><td>72.0</td><td>63.6</td><td>75.7</td><td>88.5</td><td>91.1</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>91.9</td><td>37.2</td><td>32.7</td><td>4.5</td><td>37.4</td><td>17.4</td><td>8.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>85.4</td><td>20.4</td><td>15.9</td><td>4.4</td><td>33.9</td><td>31.1</td><td>14.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>85.0</td><td>17.8</td><td>15.6</td><td>2.2</td><td>32.3</td><td>35.9</td><td>14.0</td></tr><tr><td>Treasury bonds - bank restricted 2/.</td><td>100.0</td><td>74.1</td><td>2.1</td><td>1.6</td><td>.6</td><td>11.4</td><td>60.6</td><td>25.9</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>89.9</td><td>25.8</td><td>21.2</td><td>4.6</td><td>32.8</td><td>31.3</td><td>10.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>64.0</td><td>4.6</td><td>-</td><td>4.6</td><td>21.4</td><td>38.0</td><td>36.0</td></tr><tr><td>Guaranteed by United States 3/.</td><td>100.0</td><td>87.5</td><td>9.2</td><td>9.2</td><td>-</td><td>39.1</td><td>39.1</td><td>12.5</td></tr><tr><td>Total</td><td>100.0</td><td>88.5</td><td>23.9</td><td>19.6</td><td>4.3</td><td>32.6</td><td>32.0</td><td>11.5</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>86.5</td><td>22.2</td><td>18.0</td><td>4.1</td><td>34.1</td><td>30.2</td><td>13.5</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>89.8</td><td>26.9</td><td>22.0</td><td>4.8</td><td>32.7</td><td>30.2</td><td>10.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.0</td><td>23.2</td><td>20.3</td><td>3.0</td><td>31.8</td><td>34.0</td><td>11.0</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>90.0</td><td>23.0</td><td>12.3</td><td>10.7</td><td>38.0</td><td>29.0</td><td>10.0</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>73.0</td><td>8.4</td><td>7.3</td><td>1.1</td><td>7.4</td><td>57.2</td><td>27.0</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>83.4</td><td>7.2</td><td>4.9</td><td>2.3</td><td>23.7</td><td>52.5</td><td>16.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>87.5</td><td>9.2</td><td>9.2</td><td>-</td><td>39.1</td><td>39.1</td><td>12.5</td></tr><tr><td>Total</td><td>100.0</td><td>88.5</td><td>23.9</td><td>19.6</td><td>4.3</td><td>32.6</td><td>32.0</td><td>11.5</td></tr><tr><th>Tax status: ½/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>64.0</td><td>4.6</td><td>-</td><td>4.6</td><td>21.4</td><td>38.0</td><td>36.0</td></tr><tr><td>Partially exempt from Federal income taxes 5/.</td><td>100.0</td><td>94.8</td><td>35.8</td><td>27.9</td><td>7.9</td><td>40.3</td><td>18.7</td><td>5.2</td></tr><tr><td>Subject to Federal income taxes 5/.</td><td>100.0</td><td>86.9</td><td>20.9</td><td>17.5</td><td>3.4</td><td>30.7</td><td>35.3</td><td>13.1</td></tr><tr><td>Total</td><td>100.0</td><td>88.5</td><td>23.9</td><td>19.6</td><td>4.3</td><td>32.6</td><td>32.0</td><td>11.5</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ¼ is shown in parentheses)</th><th>Total 7,341 commercial banks 1/</th><th>Total 4,764 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,577 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>4,365 country banks</th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>1,187</td><td>1,091</td><td>441</td><td>388</td><td>54</td><td>443</td><td>206</td><td>96</td></tr><tr><td>Certificate of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% January 1947....(taxable)</td><td>1,786</td><td>1,592</td><td>513</td><td>427</td><td>85</td><td>650</td><td>429</td><td>155</td></tr><tr><td>7/8% February 1947....(taxable)</td><td>1,795</td><td>1,566</td><td>544</td><td>480</td><td>64</td><td>550</td><td>471</td><td>229</td></tr><tr><td>7/8% March 1947....(taxable)</td><td>1,580</td><td>1,326</td><td>316</td><td>233</td><td>83</td><td>491</td><td>519</td><td>254</td></tr><tr><td>7/8% April 1947....(taxable)</td><td>1,094</td><td>900</td><td>154</td><td>118</td><td>36</td><td>343</td><td>403</td><td>194</td></tr><tr><td>7/8% June 1947....(taxable)</td><td>710</td><td>600</td><td>157</td><td>129</td><td>28</td><td>218</td><td>225</td><td>110</td></tr><tr><td>7/8% July 1947....(taxable)</td><td>1,055</td><td>905</td><td>134</td><td>100</td><td>34</td><td>435</td><td>336</td><td>150</td></tr><tr><td>7/8% August 1947....(taxable)</td><td>518</td><td>427</td><td>55</td><td>38</td><td>17</td><td>169</td><td>203</td><td>91</td></tr><tr><td>7/8% September 1947....(taxable)</td><td>669</td><td>563</td><td>102</td><td>79</td><td>23</td><td>238</td><td>223</td><td>105</td></tr><tr><td>7/8% October 1947....(taxable)</td><td>627</td><td>523</td><td>110</td><td>52</td><td>59</td><td>199</td><td>214</td><td>103</td></tr><tr><td>7/8% November 1947....(taxable)</td><td>703</td><td>598</td><td>98</td><td>55</td><td>43</td><td>269</td><td>232</td><td>105</td></tr><tr><td>7/8% December 1947....(taxable)</td><td>659</td><td>561</td><td>96</td><td>71</td><td>25</td><td>233</td><td>232</td><td>98</td></tr><tr><td>Total certificate of indebtedness</td><td>11,196</td><td>9,562</td><td>2,279</td><td>1,783</td><td>496</td><td>3,796</td><td>3,486</td><td>1,635</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>1-1/4% March 1947....(taxable)</td><td>811</td><td>698</td><td>106</td><td>104</td><td>2</td><td>299</td><td>293</td><td>112</td></tr><tr><td>1-1/4% September 1947....(taxable)</td><td>739</td><td>589</td><td>104</td><td>78</td><td>25</td><td>207</td><td>278</td><td>150</td></tr><tr><td>1-1/2% September 1947....(taxable)</td><td>1,863</td><td>1,639</td><td>399</td><td>366</td><td>33</td><td>624</td><td>616</td><td>224</td></tr><tr><td>1-1/2% September 1948....(taxable)</td><td>2,677</td><td>2,310</td><td>476</td><td>403</td><td>73</td><td>838</td><td>996</td><td>367</td></tr><tr><td>Total Treasury notes</td><td>6,090</td><td>5,237</td><td>1,084</td><td>951</td><td>133</td><td>1,969</td><td>2,184</td><td>853</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 2/ 2-1/4% June 1959-62....(taxable)</td><td>102</td><td>58</td><td>3</td><td>2</td><td>1</td><td>6</td><td>49</td><td>44</td></tr><tr><td>2-1/4% December 1959-62....(taxable)</td><td>290</td><td>222</td><td>4</td><td>2</td><td>2</td><td>41</td><td>177</td><td>68</td></tr><tr><td>2-1/2% June 1962-67....(taxable)</td><td>16</td><td>13</td><td>10</td><td>10</td><td></td><td></td><td>3</td><td>2</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>2</td><td>1</td><td></td><td></td><td></td><td>1</td><td>1</td><td>1</td></tr><tr><td>2-1/2% June 1964-69....(taxable)</td><td>2</td><td>1</td><td></td><td></td><td></td><td>1</td><td>1</td><td>1</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>5</td><td>3</td><td>1</td><td>1</td><td>1</td><td></td><td>2</td><td>2</td></tr><tr><td>2-1/2% March 1965-70....(taxable)</td><td>60</td><td>41</td><td></td><td></td><td></td><td>3</td><td>38</td><td>18</td></tr><tr><td>2-1/2% March 1966-71....(taxable)</td><td>58</td><td>44</td><td>1</td><td>1</td><td>1</td><td>6</td><td>37</td><td>14</td></tr><tr><td>2-1/2% June 1967-72....(taxable)</td><td>107</td><td>84</td><td>1</td><td>1</td><td>1</td><td>8</td><td>76</td><td>22</td></tr><tr><td>2-1/2% December 1967-72....(taxable)</td><td>698</td><td>524</td><td>9</td><td>6</td><td>3</td><td>87</td><td>428</td><td>174</td></tr><tr><td>Total bank restricted</td><td>1,339</td><td>992</td><td>28</td><td>21</td><td>8</td><td>152</td><td>811</td><td>347</td></tr><tr><td>Bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% October 1947-52....(partially)</td><td>365</td><td>355</td><td>199</td><td>172</td><td>27</td><td>117</td><td>39</td><td>10</td></tr><tr><td>2% December 1947....(partially)</td><td>537</td><td>512</td><td>178</td><td>124</td><td>54</td><td>214</td><td>120</td><td>25</td></tr><tr><td>2% March 1948-50....(taxable)</td><td>777</td><td>707</td><td>294</td><td>271</td><td>23</td><td>232</td><td>182</td><td>69</td></tr><tr><td>2-3/4% March 1948-51....(partially)</td><td>854</td><td>816</td><td>355</td><td>317</td><td>38</td><td>339</td><td>122</td><td>38</td></tr><tr><td>1-3/4% June 1948....(taxable)</td><td>2,233</td><td>1,997</td><td>557</td><td>342</td><td>215</td><td>726</td><td>714</td><td>236</td></tr><tr><td>2-1/2% September 1948....(partially)</td><td>373</td><td>358</td><td>149</td><td>103</td><td>45</td><td>141</td><td>68</td><td>15</td></tr><tr><td>2% December 1948-50....(partially)</td><td>463</td><td>440</td><td>162</td><td>136</td><td>26</td><td>203</td><td>75</td><td>23</td></tr><tr><td>2% June 1949-51....(taxable)</td><td>753</td><td>675</td><td>200</td><td>180</td><td>21</td><td>216</td><td>258</td><td>78</td></tr><tr><td>2% September 1949-51....(taxable)</td><td>1,043</td><td>961</td><td>334</td><td>214</td><td>121</td><td>347</td><td>280</td><td>82</td></tr></table>
(Continued on following page)
March 1947
57
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,341 commercial banks 1/</th><th>Total 4,764 member commercial banks</th><th colspan="4">Member commercial banks</th><th>349 Reserve City banks</th><th>4,365 country banks</th><th>2,577 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2¾ December 1949-51....(taxable)</td><td>1,560</td><td>1,399</td><td>322</td><td>229</td><td>93</td><td>542</td><td>534</td><td>161</td></tr><tr><td>3-1/3% December 1949-52....(partially)</td><td>376</td><td>361</td><td>155</td><td>116</td><td>40</td><td>164</td><td>42</td><td>15</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,317</td><td>1,262</td><td>488</td><td>435</td><td>54</td><td>565</td><td>209</td><td>55</td></tr><tr><td>2¼ March 1950-52....(taxable)</td><td>1,536</td><td>1,348</td><td>349</td><td>304</td><td>45</td><td>508</td><td>491</td><td>188</td></tr><tr><td>2¼ September 1950-52....(taxable)</td><td>3,342</td><td>2,980</td><td>972</td><td>817</td><td>156</td><td>977</td><td>1,031</td><td>362</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,016</td><td>945</td><td>354</td><td>311</td><td>44</td><td>385</td><td>206</td><td>71</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>1,662</td><td>1,347</td><td>90</td><td>53</td><td>38</td><td>425</td><td>832</td><td>315</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,252</td><td>1,208</td><td>561</td><td>514</td><td>47</td><td>443</td><td>204</td><td>44</td></tr><tr><td>2¼ September 1951-53....(taxable)</td><td>5,420</td><td>4,761</td><td>1,324</td><td>1,136</td><td>187</td><td>1,579</td><td>1,859</td><td>659</td></tr><tr><td>3¼ September 1951-55....(partially)</td><td>420</td><td>396</td><td>174</td><td>138</td><td>36</td><td>125</td><td>98</td><td>23</td></tr><tr><td>2¼ December 1951-55....(taxable)</td><td>387</td><td>325</td><td>68</td><td>63</td><td>5</td><td>81</td><td>175</td><td>63</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>929</td><td>883</td><td>251</td><td>177</td><td>73</td><td>438</td><td>194</td><td>46</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>562</td><td>502</td><td>167</td><td>137</td><td>31</td><td>153</td><td>181</td><td>60</td></tr><tr><td>2¼ June 1952-54....(taxable)</td><td>4,092</td><td>3,625</td><td>904</td><td>881</td><td>23</td><td>1,232</td><td>1,489</td><td>468</td></tr><tr><td>2¼ December 1952-54....(taxable)</td><td>5,828</td><td>5,123</td><td>1,115</td><td>1,050</td><td>65</td><td>1,854</td><td>2,154</td><td>705</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>955</td><td>822</td><td>196</td><td>160</td><td>36</td><td>270</td><td>355</td><td>133</td></tr><tr><td>2¼ June 1953-55....(partially)</td><td>648</td><td>601</td><td>150</td><td>74</td><td>75</td><td>283</td><td>169</td><td>47</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>561</td><td>517</td><td>144</td><td>105</td><td>39</td><td>242</td><td>132</td><td>44</td></tr><tr><td>2-7/3% March 1955-60....(partially)</td><td>1,506</td><td>1,433</td><td>623</td><td>518</td><td>105</td><td>573</td><td>232</td><td>73</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>757</td><td>665</td><td>185</td><td>178</td><td>7</td><td>168</td><td>313</td><td>92</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>719</td><td>671</td><td>261</td><td>154</td><td>108</td><td>275</td><td>135</td><td>48</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>907</td><td>765</td><td>95</td><td>93</td><td>2</td><td>205</td><td>465</td><td>142</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>674</td><td>632</td><td>204</td><td>120</td><td>83</td><td>283</td><td>145</td><td>42</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,067</td><td>1,009</td><td>280</td><td>137</td><td>143</td><td>480</td><td>248</td><td>58</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>1,759</td><td>1,531</td><td>174</td><td>119</td><td>55</td><td>514</td><td>842</td><td>228</td></tr><tr><td>Total bank eligible</td><td>46,647</td><td>41,930</td><td>12,034</td><td>9,877</td><td>2,157</td><td>15,301</td><td>14,595</td><td>4,717</td></tr><tr><td>Total Treasury bonds</td><td>47,986</td><td>42,922</td><td>12,062</td><td>9,898</td><td>2,164</td><td>15,453</td><td>15,407</td><td>5,064</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>12</td><td>8</td><td>1</td><td>-</td><td>1</td><td>2</td><td>5</td><td>4</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds....(wholly)</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-</td><td>*</td><td>1</td></tr><tr><td>Total postal savings and other bonds</td><td>13</td><td>8</td><td>1</td><td>-</td><td>1</td><td>3</td><td>5</td><td>5</td></tr><tr><td>Guaranteed securities 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures....6/</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>2</td></tr><tr><td>Total guaranteed securities</td><td>12</td><td>11</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>66,484</td><td>58,831</td><td>15,869</td><td>13,021</td><td>2,848</td><td>21,669</td><td>21,293</td><td>7,653</td></tr></table>
1/ Less than $500 thousand or less than .05%. Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21.
3/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and
Partially tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
5/ Includes an estimated amount of Federal Housing Administration debentures.
6/ Actual figures by tax status are unavailable.
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,341 commercial banks 2/</th><th>Total 4,764 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,577 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>349 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D..................... 4/</td><td>164</td><td>110</td><td>1</td><td>*</td><td>*</td><td>7</td><td>103</td><td>54</td></tr><tr><td>Series F..................... (taxable)</td><td>222</td><td>144</td><td>1</td><td>*</td><td>1</td><td>13</td><td>130</td><td>78</td></tr><tr><td>Series G..................... (taxable)</td><td>480</td><td>346</td><td>3</td><td>1</td><td>2</td><td>26</td><td>317</td><td>134</td></tr><tr><td>Total United States savings bonds</td><td>866</td><td>600</td><td>4</td><td>2</td><td>3</td><td>46</td><td>549</td><td>266</td></tr><tr><td>Treasury savings notes............ (taxable)</td><td>92</td><td>83</td><td>55</td><td>43</td><td>12</td><td>11</td><td>17</td><td>10</td></tr><tr><td>Depository bonds.................. (taxable)</td><td>322</td><td>300</td><td>40</td><td>34</td><td>7</td><td>123</td><td>137</td><td>23</td></tr><tr><td>Total public non-marketable securities</td><td>1,281</td><td>982</td><td>99</td><td>78</td><td>21</td><td>181</td><td>702</td><td>298</td></tr></table>
Less than $500 thousand.
1/ United States savings bonds, Series C-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rate. "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.
3/ Includes trust companies but excludes securities held in trust departments.
4/ Series C-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - millions of dollars)
<table><tr><th>Issue<br>(Tax statue 1/ is shown in parentheses)</th><th>Total<br>7,341<br>commercial<br>banks<br>2/</th><th colspan="6">Member commercial banks</th><th>2,577<br>nonmember<br>commercial<br>banks</th></tr><tr><th></th><th></th><th>Total<br>4,764<br>member<br>commercial<br>banks</th><th colspan="4">Central Reserve City banks</th><th>349<br>Reserve<br>City<br>banks</th><th>4,365<br>country<br>banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total<br>50 Central<br>Reserve<br>City banks</th><th>37<br>New York<br>City banks</th><th>13<br>Chicago<br>banks</th><th></th><th></th><th></th><th></th></tr><tr><td>Federal Land Bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1948-50......(taxable)</td><td>151</td><td>135</td><td>20</td><td>17</td><td>3</td><td>60</td><td>55</td><td>16</td></tr><tr><td>1-1/4 May 1950-52......(taxable)</td><td>153</td><td>128</td><td>11</td><td>5</td><td>6</td><td>49</td><td>68</td><td>25</td></tr><tr><td>1-1/24 January 1951-53......(taxable)</td><td>174</td><td>155</td><td>25</td><td>22</td><td>3</td><td>69</td><td>61</td><td>19</td></tr><tr><td>2-1/4 February 1953-55......(taxable)</td><td>92</td><td>79</td><td>9</td><td>4</td><td>5</td><td>31</td><td>39</td><td>13</td></tr><tr><td>Total Federal Land Bank bonds</td><td>569</td><td>498</td><td>64</td><td>47</td><td>17</td><td>210</td><td>223</td><td>72</td></tr><tr><td>Federal Intermediate Credit Bank debentures</td><td>251</td><td>237</td><td>75</td><td>57</td><td>18</td><td>107</td><td>55</td><td>14</td></tr><tr><td>Federal Home Loan Bank bonds</td><td>100</td><td>88</td><td>18</td><td>10</td><td>8</td><td>40</td><td>30</td><td>12</td></tr><tr><td>Federal Home Loan Bank notes</td><td>29</td><td>29</td><td>21</td><td>13</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Total Federal Home Loan Bank securities</td><td>129</td><td>117</td><td>39</td><td>23</td><td>16</td><td>48</td><td>30</td><td>12</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>950</td><td>852</td><td>178</td><td>128</td><td>50</td><td>366</td><td>308</td><td>98</td></tr></table>
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
2/ Includes trust companies but excludes securities held in trust departments.
March 1947
59
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
60
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
January 31, 1947
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="4">Price date (Price decimals are thirty-eighths)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-eighths)</th><th colspan="4">1946-1947 price range 2/ (Price decimals are thirty-eighths)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec.31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Dec.31, 1946</th><th>Yield to maturity 3/</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</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>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td>$1,115 2%</td><td>- 3/15/48-50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>.00</td><td>.89%</td><td>-.08%</td><td>1.60%</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>3/11/46</td><td>101.06</td><td>1/7/47</td></tr><tr><td>3,062 1-3/4%</td><td>- 6/15/48</td><td>101.01</td><td>101.03</td><td>101.02</td><td>.01</td><td>.96%</td><td>-.07%</td><td>.96%</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>3/2/46</td><td>100.31</td><td>12/3/46</td></tr><tr><td>1,014 2%</td><td>- 6/15/49-51</td><td>102.05</td><td>102.07</td><td>102.06</td><td>.02</td><td>1.06%</td><td>-.06%</td><td>1.48%</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/15/42</td><td>103.22</td><td>3/7/46</td><td>101.30</td><td>12/2/46</td></tr><tr><td>1,292 2%</td><td>- 9/15/49-51</td><td>102.09</td><td>102.11</td><td>102.10</td><td>.01</td><td>1.10%</td><td>-.04%</td><td>1.48%</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>3/2/46</td><td>102.03</td><td>12/2/46</td></tr><tr><td>2,098 2%</td><td>-12/15/49-51</td><td>102.14</td><td>102.16</td><td>102.15</td><td>.01</td><td>1.12%</td><td>-.02%</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>3/2/46</td><td>102.06</td><td>12/2/46</td></tr><tr><td>1,963 2%</td><td>- 3/15/50-52</td><td>102.17</td><td>102.19</td><td>102.18</td><td>.02</td><td>1.16%</td><td>-.04%</td><td>1.48%</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>3/11/46</td><td>102.05</td><td>12/3/46</td></tr><tr><td>4,939 2%</td><td>- 9/15/50-52</td><td>102.21</td><td>102.23</td><td>102.22</td><td>.04</td><td>1.24%</td><td>-.05%</td><td>1.50%</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>3/11/46</td><td>102.09</td><td>12/3/46</td></tr><tr><td>2,635 1-1/2%</td><td>-12/15/50</td><td>101.07</td><td>101.09</td><td>101.08</td><td>.01</td><td>1.17%</td><td>-.01%</td><td>1.17%</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>3/11/46</td><td>100.29</td><td>12/3/46</td></tr><tr><td>7,986 2%</td><td>- 9/15/51-53</td><td>102.23</td><td>102.30</td><td>102.29</td><td>.04</td><td>1.35%</td><td>-.04%</td><td>1.54%</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>3/11/46</td><td>102.09</td><td>12/2/46</td></tr><tr><td>510 2%</td><td>-12/15/51-55</td><td>103.01</td><td>103.03</td><td>103.02</td><td>.04</td><td>1.35%</td><td>-.03%</td><td>1.63%</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>3/11/46</td><td>102.14</td><td>12/2/46</td></tr><tr><td>1,024 2-1/2%</td><td>- 3/15/52-54</td><td>105.05</td><td>105.07</td><td>105.06</td><td>.03</td><td>1.44%</td><td>-.04%</td><td>1.72%</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>3/11/46</td><td>104.16</td><td>12/2/46</td></tr><tr><td>5,825 2%</td><td>- 6/15/52-54</td><td>102.30</td><td>103.00</td><td>102.31</td><td>.04</td><td>1.42%</td><td>-.04%</td><td>1.57%</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>2/18/46</td><td>102.09</td><td>12/2/46</td></tr><tr><td>1,501 2-1/4%</td><td>- 6/15/52-55</td><td>104.01</td><td>104.03</td><td>104.02</td><td>.05</td><td>1.46%</td><td>-.04%</td><td>1.73%</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/9/46</td><td>103.10</td><td>12/2/46</td></tr><tr><td>8,662 2%</td><td>-12/15/52-54</td><td>103.00</td><td>103.02</td><td>103.01</td><td>.04</td><td>1.46%</td><td>-.03%</td><td>1.59%</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>3/11/46</td><td>102.10</td><td>12/2/46</td></tr><tr><td>1,449 2-1/2%</td><td>- 3/15/56-58</td><td>107.04</td><td>107.06</td><td>107.05</td><td>.01</td><td>1.65%</td><td>-.01%</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>2/8/46</td><td>106.05</td><td>12/2/46</td></tr><tr><td>3,883 2-1/4%</td><td>- 9/15/56-59</td><td>105.11</td><td>105.13</td><td>105.12</td><td>.04</td><td>1.64%</td><td>-.02%</td><td>1.77%</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>4/6/46</td><td>104.08</td><td>9/9/46</td></tr><tr><td>2,716 2-1/2%</td><td>- 9/15/67-72</td><td>105.30</td><td>106.00</td><td>105.31</td><td>-.09</td><td>2.14%</td><td>+.01%</td><td>2.19%</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>4/6/46</td><td>104.22</td><td>9/19/46</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></tr><tr><td>5,284 2-1/4%</td><td>- 6/15/59-62</td><td>102.11</td><td>102.13</td><td>102.12</td><td>.05</td><td>2.03%</td><td>-.02%</td><td>2.07%</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>4/6/46</td><td>100.30</td><td>1/2/46</td></tr><tr><td>3,470 2-1/4%</td><td>-12/15/59-62</td><td>102.11</td><td>102.13</td><td>102.12</td><td>.05</td><td>2.04%</td><td>-.01%</td><td>2.07%</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>4/6/46</td><td>100.30</td><td>1/2/46</td></tr><tr><td>2,118 2-1/2%</td><td>- 6/15/62-67</td><td>105.02</td><td>105.04</td><td>105.03</td><td>.03</td><td>2.11%</td><td>-.01%</td><td>2.19%</td><td>5/15/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>4/6/46</td><td>103.24</td><td>1/2/46</td></tr><tr><td>2,831 2-1/2%</td><td>-12/15/63-68</td><td>104.21</td><td>104.23</td><td>104.22</td><td>.04</td><td>2.17%</td><td>-.01%</td><td>2.23%</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/42</td><td>108.03</td><td>4/6/46</td><td>103.02</td><td>1/2/46</td></tr><tr><td>3,761 2-1/2%</td><td>- 6/15/64-69</td><td>104.09</td><td>104.11</td><td>104.10</td><td>.06</td><td>2.20%</td><td>-.01%</td><td>2.25%</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>4/6/46</td><td>102.23</td><td>1/2/46</td></tr><tr><td>3,838 2-1/2%</td><td>-12/15/64-69</td><td>104.07</td><td>104.09</td><td>104.08</td><td>.06</td><td>2.21%</td><td>-.01%</td><td>2.26%</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>4/6/46</td><td>102.21</td><td>1/2/46</td></tr><tr><td>5,197 2-1/2%</td><td>- 3/15/65-70</td><td>104.04</td><td>104.06</td><td>104.05</td><td>.04</td><td>2.22%</td><td>-.01%</td><td>2.27%</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>4/6/46</td><td>102.13</td><td>1/2/46</td></tr><tr><td>3,481 2-1/2%</td><td>- 3/15/66-71</td><td>104.03</td><td>104.05</td><td>104.04</td><td>.03</td><td>2.23%</td><td>-.01%</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>4/6/46</td><td>102.10</td><td>1/2/46</td></tr><tr><td>7,967 2-1/2%</td><td>- 6/15/67-72</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.02</td><td>2.32%</td><td>.00%</td><td>2.35%</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/21/45</td><td>106.16</td><td>4/6/46</td><td>101.16</td><td>1/3/46</td></tr><tr><td>11,689 2-1/2%</td><td>-12/15/67-72</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.03</td><td>2.33%</td><td>+.01%</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>4/6/46</td><td>101.16</td><td>1/3/46</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></tr><tr><td>1,948 1-1/4%</td><td>B- 3/15/47</td><td>100.01</td><td>100.02</td><td>100.01</td><td>-.01</td><td>.82%</td><td>-.03%</td><td>.82%</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.01</td><td>1/31/47</td><td>100.17</td><td>2/18/46</td><td>100.01</td><td>1/31/47</td></tr><tr><td>2,707 1-1/2%</td><td>A- 9/15/47</td><td>100.12</td><td>100.13</td><td>100.12</td><td>-.01</td><td>.86%</td><td>-.01%</td><td>.86%</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.12</td><td>1/31/47</td><td>101.02</td><td>3/1/46</td><td>100.12</td><td>1/31/47</td></tr><tr><td>1,687 1-1/4%</td><td>C- 9/15/47</td><td>100.07</td><td>100.08</td><td>100.07</td><td>-.01</td><td>.86%</td><td>-.01%</td><td>.86%</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>2/16/46</td><td>100.07</td><td>1/31/47</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>100.27</td><td>.00</td><td>.97%</td><td>-.04%</td><td>.97%</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>3/2/46</td><td>100.23</td><td>12/12/46</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></tr><tr><td>4,954 7/8%</td><td>B- 2/1/47 1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>2/1/46</td><td>.38%</td><td>1/21/47</td><td>.87%</td><td>1/30/47</td><td>.38%</td><td>1/21/47</td><td>.87%</td><td>1/30/47</td></tr><tr><td>3,133 7/8%</td><td>C- 3/1/47</td><td>.68%</td><td>.68%</td><td>.68%</td><td>-.02%</td><td>1/</td><td>1/</td><td>1/</td><td>3/1/46</td><td>.63%</td><td>1/25/47</td><td>.84%</td><td>11/18/46</td><td>.63%</td><td>1/25/47</td><td>.84%</td><td>11/18/46</td></tr><tr><td>2,820 7/8%</td><td>D- 4/1/47</td><td>.72%</td><td>.77%</td><td>.79%</td><td>-.08%</td><td>1/</td><td>1/</td><td>1/</td><td>4/1/46</td><td>.68%</td><td>1/25/47</td><td>.84%</td><td>11/18/46</td><td>.68%</td><td>1/25/47</td><td>.84%</td><td>11/18/46</td></tr><tr><td>2,775 7/8%</td><td>E- 6/1/47</td><td>.79%</td><td>.77%</td><td>.79%</td><td>-.01%</td><td>1/</td><td>1/</td><td>1/</td><td>6/1/46</td><td>.78%</td><td>1/31/47</td><td>.85%</td><td>12/12/46</td><td>.78%</td><td>1/31/47</td><td>.85%</td><td>12/12/46</td></tr><tr><td>2,916 7/8%</td><td>F- 7/1/47</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.03%</td><td>1/</td><td>1/</td><td>1/</td><td>7/1/46</td><td>.80%</td><td>1/31/47</td><td>.85%</td><td>12/12/46</td><td>.80%</td><td>1/31/47</td><td>.85%</td><td>12/12/46</td></tr><tr><td>1,223 7/8%</td><td>G- 8/1/47</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.03%</td><td>1/</td><td>1/</td><td>1/</td><td>8/1/46</td><td>.80%</td><td>1/31/47</td><td>.85%</td><td>9/30/46</td><td>.80%</td><td>1/31/47</td><td>.85%</td><td>9/30/46</td></tr><tr><td>2,341 7/8%</td><td>H- 9/1/47</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.02%</td><td>1/</td><td>1/</td><td>1/</td><td>9/1/46</td><td>.81%</td><td>1/31/47</td><td>.85%</td><td>12/24/46</td><td>.81%</td><td>1/31/47</td><td>.85%</td><td>12/24/46</td></tr><tr><td>1,440 7/8%</td><td>J- 10/1/47</td><td>.84%</td><td>.82%</td><td>.83%</td><td>-.01%</td><td>1/</td><td>1/</td><td>1/</td><td>10/1/46</td><td>.82%</td><td>1/25/47</td><td>.85%</td><td>12/30/46</td><td>.82%</td><td>1/25/47</td><td>.85%</td><td>12/
(Continued on following page)
March 1947
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
ates Government and by Federal Agencies January 31, 1947 - (Continued)
Table I - Sec
urities 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 Dec. 31, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec. 31, 1946</th></tr><tr><td>$1,312</td><td>2/6/47</td><td>11/7/46</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,317</td><td>3/27/47</td><td>12/26/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,314</td><td>2/13/47</td><td>11/14/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,311</td><td>4/3/47</td><td>1/2/47</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,314</td><td>2/20/47</td><td>11/21/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,312</td><td>4/10/47</td><td>1/9/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,313</td><td>2/27/47</td><td>11/29/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,316</td><td>4/17/47</td><td>1/16/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>3/6/47</td><td>12/5/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,316</td><td>4/24/47</td><td>1/23/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,315</td><td>3/13/47</td><td>12/12/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,312</td><td>5/1/47</td><td>1/30/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>3/20/47</td><td>12/19/46</td><td>.375</td><td>.32</td><td>.39</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-secondes)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-secondes)</th><th colspan="4">1946-1947 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec.31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Dec.31, 1946</th><th>Yield to maturity 3/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="17">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4 10/15/47-52</td><td>102.14</td><td>102.16</td><td>102.15</td><td>-.09</td><td>.68%</td><td>-.04%</td><td>3.76%</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>1/28/46</td><td>102.15</td><td>1/31/47</td></tr><tr><td>701</td><td>2-1/2 12/15/47</td><td>101.02</td><td>101.04</td><td>101.03</td><td>-.04</td><td>.73</td><td>+.02</td><td>.73</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>1/30/46</td><td>101.03</td><td>1/31/47</td></tr><tr><td>1,223</td><td>2-3/4 3/15/48-51</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.04</td><td>.74</td><td>-.04</td><td>2.18</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>1/29/46</td><td>102.07</td><td>1/31/47</td></tr><tr><td>451</td><td>2-1/2 9/15/48</td><td>102.24</td><td>102.26</td><td>102.25</td><td>-.02</td><td>.76</td><td>-.05</td><td>.76</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>104.24</td><td>3/11/46</td><td>102.25</td><td>1/31/47</td></tr><tr><td>571</td><td>2-1/2 12/15/48-50</td><td>102.08</td><td>102.10</td><td>102.09</td><td>+.01</td><td>.76</td><td>-.07</td><td>1.39</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>3/11/46</td><td>102.07</td><td>1/8/47</td></tr><tr><td>491</td><td>3-1/8 12/15/49-52</td><td>106.08</td><td>106.10</td><td>106.09</td><td>-.04</td><td>.90</td><td>-.02</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>1/28/46</td><td>106.09</td><td>1/31/47</td></tr><tr><td>1,786</td><td>2-1/2 12/15/49-53</td><td>104.16</td><td>104.18</td><td>104.17</td><td>+.01</td><td>.89</td><td>-.06</td><td>1.80</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>3/12/46</td><td>104.18</td><td>1/8/47</td></tr><tr><td>1,186</td><td>2-1/2 9/15/50-52</td><td>105.13</td><td>105.15</td><td>105.14</td><td>+.03</td><td>.96</td><td>-.06</td><td>1.49</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>3/11/46</td><td>105.09</td><td>1/15/47</td></tr><tr><td>1,627</td><td>2-3/4 6/15/51-54</td><td>107.10</td><td>107.12</td><td>107.11</td><td>+.07</td><td>1.02</td><td>-.09</td><td>1.69</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.27</td><td>1/28/46</td><td>107.03</td><td>1/14/47</td></tr><tr><td>155</td><td>3-1/2 9/15/51-55</td><td>108.20</td><td>108.22</td><td>108.21</td><td>+.03</td><td>1.07</td><td>-.05</td><td>1.91</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>1/15/46</td><td>108.17</td><td>1/16/47</td></tr><tr><td>1,118</td><td>2-1/4 12/15/51-53</td><td>105.20</td><td>105.22</td><td>105.21</td><td>+.06</td><td>1.05</td><td>-.06</td><td>1.38</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>107.25</td><td>3/12/46</td><td>105.11</td><td>12/3/46</td></tr><tr><td>725</td><td>2-1/2 6/15/53-55</td><td>105.17</td><td>105.19</td><td>105.18</td><td>+.11</td><td>1.09</td><td>-.07</td><td>1.30</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>1/12/46</td><td>104.30</td><td>12/2/46</td></tr><tr><td>681</td><td>2-1/4 6/15/54-56</td><td>107.14</td><td>107.16</td><td>107.15</td><td>+.15</td><td>1.19</td><td>-.07</td><td>1.40</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>3/12/46</td><td>106.21</td><td>12/2/46</td></tr><tr><td>2,611</td><td>2-7/8 3/15/55-60</td><td>112.05</td><td>112.07</td><td>112.06</td><td>+.11</td><td>1.29</td><td>-.05</td><td>1.83</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>116.02</td><td>1/12/46</td><td>111.09</td><td>12/2/46</td></tr><tr><td>982</td><td>2-3/4 9/15/56-59</td><td>112.23</td><td>112.25</td><td>112.24</td><td>+.04</td><td>1.33</td><td>-.03</td><td>1.63</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>1/26/46</td><td>111.19</td><td>12/2/46</td></tr><tr><td>919</td><td>2-3/4 6/15/58-63</td><td>113.18</td><td>113.20</td><td>113.19</td><td>+.09</td><td>1.45</td><td>-.03</td><td>1.79</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>117.04</td><td>1/15/46</td><td>112.00</td><td>10/2/46</td></tr><tr><td>1,485</td><td>2-3/4 12/15/60-65</td><td>114.22</td><td>114.24</td><td>114.23</td><td>-.04</td><td>1.57</td><td>+.01</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>1/25/46</td><td>113.11</td><td>10/2/46</td></tr><tr><td colspan="17">Other bonds 9/</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>126.00</td><td>127.16</td><td>126.24</td><td>-.16</td><td>1.00</td><td>+.03</td><td>1.00</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>3/13/46</td><td>126.08</td><td>11/9/46</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. 4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ Quoted on a yield basis.
7/ Not quoted on January 31, 1947; quoted on a price basis at par from January 22 through January 30, 1947; prior thereto quoted on a yield basis.
8/ For amount of this security leased on February 1, 1947, see table on titled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed Obligations of the United States Government."
9/ Excludes postal savings bonds.
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies January 31, 1947 - (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="4">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">1946-1947 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 Dec.31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Dec.31, 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><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Taxable securities
<table><tr><td></td><td>Federal Home Loan Bank 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>$140</td><td>1-1/4% - 4/15/48</td><td>100.01</td><td>100.03</td><td>100.02</td><td>+.02</td><td>1.20%</td><td>-.05%</td><td>1.20%</td><td>10/15/46</td><td>100.03</td><td>1/25/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>1/25/47</td><td>99.28</td><td>10/14/46</td></tr><tr><td></td><td>Federal Home Loan Bank 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></tr><tr><td>29</td><td>1.1% A - 2/17/47</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>3/</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></td><td>Federal Intermediate Credit Bank debentures 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>22</td><td>.90% - 2/1/47</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/1/46</td><td>100.00</td><td>1/30/47</td><td>100.00</td><td>1/30/47</td><td>100.00</td><td>1/30/47</td><td>100.00</td><td>1/30/47</td></tr><tr><td>24</td><td>.90% - 3/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>6/3/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.95</td><td>7/1/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>8/1/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>9/3/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>11/1/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>13</td><td>1.00% - 9/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>12/2/46</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td>34</td><td>1.00% - 10/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>1/2/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td><td>100.00</td><td>1/31/47</td></tr><tr><td></td><td>Federal Land Bank bonds 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></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.10</td><td>100.14</td><td>100.12</td><td>+.06</td><td>1.27</td><td>-.12</td><td>1.39</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>3/6/46</td><td>100.04</td><td>12/11/46</td></tr><tr><td>207</td><td>1-1/4% - 5/1/50-52</td><td>99.10</td><td>99.14</td><td>99.12</td><td>+.10</td><td>1.45</td><td>-.09</td><td>1.37</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>4/17/46</td><td>99.00</td><td>12/2/46</td></tr><tr><td>208</td><td>1-1/2% - 1/1/51-53</td><td>99.30</td><td>100.02</td><td>100.00</td><td>+.06</td><td>1.50</td><td>-.05</td><td>1.50</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>3/11/46</td><td>99.22</td><td>12/3/46</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.04</td><td>103.08</td><td>103.06</td><td>+.03</td><td>1.69</td><td>-.02</td><td>1.82</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>3/12/46</td><td>102.24</td><td>12/2/46</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When closed" prices for all securities except Federal Intermediate Credit Bank debentures are included. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
3/ Security not quoted since date of issue.
4/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
5/ Not quoted on January 31, 1947.
6/ Excludes issues completely held by Farm Credit Administration agencies.
March 1947
63
YIELDS OF TREASURY SECURITIES JAN. 31, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation. The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
64
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series 3
<table><tr><td>1939-Jan............</td><td>2.54</td><td>2.96</td><td>1942-Jan............</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan............</td><td>1.81</td><td>2.34</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>2.80</td><td>Feb............</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar............</td><td>2.43</td><td>2.87</td><td>Mar............</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar............</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr............</td><td>2.38</td><td>2.92</td><td>Apr............</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr............</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May............</td><td>2.27</td><td>2.86</td><td>May............</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May............</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June............</td><td>2.22</td><td>2.78</td><td>June............</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June............</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July............</td><td>2.23</td><td>2.76</td><td>July............</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July............</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug............</td><td>2.27</td><td>2.79</td><td>Aug............</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug............</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept............</td><td>2.61</td><td>3.29</td><td>Sept............</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept............</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct............</td><td>2.60</td><td>3.14</td><td>Oct............</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct............</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov............</td><td>2.46</td><td>2.93</td><td>Nov............</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov............</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec............</td><td>2.35</td><td>2.86</td><td>Dec............</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec............</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan............</td><td>2.30</td><td>2.81</td><td>1943-Jan............</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan............</td><td>....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb............</td><td>2.32</td><td>2.79</td><td>Feb............</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb............</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar............</td><td>2.26</td><td>2.77</td><td>Mar............</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar............</td><td>....</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr............</td><td>2.26</td><td>2.74</td><td>Apr............</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr............</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>May............</td><td>2.39</td><td>2.87</td><td>May............</td><td>1.96</td><td>2.46</td><td>2.65</td><td>May............</td><td>....</td><td>2.19</td><td>2.44</td></tr><tr><td>June............</td><td>2.40</td><td>2.93</td><td>June............</td><td>1.91</td><td>2.45</td><td>2.63</td><td>June............</td><td>....</td><td>2.16</td><td>2.42</td></tr><tr><td>July............</td><td>2.30</td><td>2.85</td><td>July............</td><td>1.91</td><td>2.45</td><td>2.58</td><td>July............</td><td>....</td><td>2.18</td><td>2.41</td></tr><tr><td>Aug............</td><td>2.31</td><td>2.80</td><td>Aug............</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Aug............</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>2.59</td><td>Sept............</td><td>....</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct............</td><td>2.21</td><td>2.70</td><td>Oct............</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct............</td><td>....</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov............</td><td>2.09</td><td>2.65</td><td>Nov............</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov............</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec............</td><td>2.01</td><td>2.59</td><td>Dec............</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec............</td><td>....</td><td>2.24</td><td>2.55</td></tr><tr><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><td>1947-Jan............</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><td>Oct............</td><td>1.98</td><td>2.61</td><td>Oct............</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov............</td><td>1.95</td><td>2.57</td><td>Nov............</td><td>1.90</td><td>2.48</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1946-Aug.</td><td>2</td><td>2.23</td><td>2.43</td><td>1946-Oct.</td><td>5</td><td>2.26</td><td>2.49</td><td>1946-Deo.</td><td>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>Nov.</td><td>2</td><td>2.23</td><td>2.52</td><td>1947-Jan.</td><td>4</td><td>2.22</td><td>2.51</td></tr><tr><td>Sept. 6</td><td>2.27</td><td>2.49</td><td>9</td><td>2.24</td><td>2.51</td><td>11</td><td>2.21</td><td>2.49</td></tr><tr><td>13</td><td>2.29</td><td>2.49</td><td>16</td><td>2.26</td><td>2.49</td><td>18</td><td>2.21</td><td>2.48</td></tr><tr><td>20</td><td>2.30</td><td>2.50</td><td>23</td><td>2.27</td><td>2.52</td><td>25</td><td>2.20</td><td>2.47</td></tr><tr><td>27</td><td>2.28</td><td>2.49</td><td>30</td><td>2.28</td><td>2.51</td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1947-Jan.</td><td>1</td><td>6/</td><td>6/</td><td>1947-Jan. 13.</td><td></td><td>2.22</td><td>2.49</td><td>1947-Jan. 23.</td><td></td><td>2.20</td><td>2.47</td></tr><tr><td></td><td>2</td><td>2.22</td><td>2.51</td><td>14.</td><td></td><td>2.22</td><td>2.49</td><td>24.</td><td></td><td>2.20</td><td>2.47</td></tr><tr><td></td><td>3</td><td>2.22</td><td>2.51</td><td>15.</td><td></td><td>2.22</td><td>2.49</td><td>25.</td><td></td><td>2.20</td><td>2.47</td></tr><tr><td></td><td>4</td><td>2.22</td><td>2.51</td><td>16.</td><td></td><td>2.21</td><td>2.49</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>6</td><td>2.22</td><td>2.50</td><td>17.</td><td></td><td>2.21</td><td>2.48</td><td>27.</td><td></td><td>2.20</td><td>2.46</td></tr><tr><td></td><td>7</td><td>2.22</td><td>2.50</td><td>18.</td><td></td><td>2.21</td><td>2.48</td><td>28.</td><td></td><td>2.20</td><td>2.46</td></tr><tr><td></td><td>8</td><td>2.22</td><td>2.50</td><td></td><td></td><td></td><td></td><td>29.</td><td></td><td>2.21</td><td>2.46</td></tr><tr><td></td><td>9</td><td>2.21</td><td>2.50</td><td>20.</td><td></td><td>2.21</td><td>2.47</td><td>30.</td><td></td><td>2.22</td><td>2.46</td></tr><tr><td></td><td>10</td><td>2.21</td><td>2.50</td><td>21.</td><td></td><td>2.21</td><td>2.46</td><td>31.</td><td></td><td>2.21</td><td>2.46</td></tr><tr><td></td><td>11</td><td>2.21</td><td>2.49</td><td>22.</td><td></td><td>2.20</td><td>2.46</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.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those 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
65
Monthly Series
March 1947
Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-E
66
Treasury Bulletin
INTERNAL REVENUE STATISTICS
March 1947
67
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th>Total employment taxes</th><th colspan="3">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excise profits 3/</th><th>Miscellaneous profits taxes 4/</th><th></th><th>Social Security taxes</th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1937</td><td>4,597,140</td><td>+37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>119,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>+19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,043</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,162</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1945-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>183,289</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td>1,477</td></tr><tr><td>May</td><td>2,307,793</td><td>-266,165</td><td>2,573,957</td><td>1,662,967</td><td>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,277</td></tr><tr><td>June</td><td>4,080,492</td><td>+578,679</td><td>3,501,813</td><td>2,836,577</td><td>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,690</td></tr><tr><td>July</td><td>2,250,898</td><td>-330,568</td><td>2,581,465</td><td>1,757,352</td><td>1,232,143</td><td>521,114</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>2,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,765,649</td><td>1,415,371</td><td>346,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td>32,674</td></tr><tr><td>September</td><td>4,291,209</td><td>+630,214</td><td>3,610,995</td><td>2,907,267</td><td>1,227,325</td><td>1,669,891</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td>50,188</td></tr><tr><td>October</td><td>2,230,473</td><td>-536,355</td><td>2,766,827</td><td>1,875,687</td><td>1,296,145</td><td>575,406</td><td>4,136</td><td>128,534</td><td>122,433</td><td>2,961</td><td>3,140</td></tr><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>287,409</td><td>9,053</td><td>25,473</td></tr><tr><td>December</td><td>3,693,272</td><td>+785,155</td><td>2,908,117</td><td>2,133,657</td><td>446,449</td><td>1,677,794</td><td>9,414</td><td>60,647</td><td>4,231</td><td>1,005</td><td>55,411</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>90,161</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>579,783</td><td>41,083</td><td>396,891</td><td>143,540</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</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-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>8,436</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>9,219</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>143,437</td><td>143,126</td></tr><tr><td>August</td><td>689,389</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>766,606</td><td>48</td><td>56,613</td><td>251,328</td><td>124,560</td><td>8,093</td><td>163,161</td><td>158,803</td></tr><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><tr><td>December</td><td>713,813</td><td>96</td><td>61,740</td><td>225,746</td><td>86,754</td><td>6,778</td><td>186,836</td><td>145,834</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit-
ing provisions of the Vinacon Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividend tax imposed by the Act of June 16, 1933.
68
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
8-165-G
69
March 1947
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 6 months</th><th>December 1945</th><th>December 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Income and profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>5,268,318</td><td>4,557,677</td><td>26,570</td><td>26,599</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>96</td><td>181</td><td>25</td><td>1</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 4/</td><td>8,430,377</td><td>2,368,013</td><td>2,169,316</td><td>538,507</td><td>378,975</td></tr><tr><td>Back.</td><td>202,947</td><td>416,571</td><td>125,179</td><td>213,496</td><td>21,010</td><td>40,875</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>7,761,606</td><td>6,940,671</td><td>586,112</td><td>446,449</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>1,960,546</td><td>1,936,636</td><td>660,422</td><td>688,583</td></tr><tr><td>Back.</td><td>458,034</td><td>738,032</td><td>260,800</td><td>195,777</td><td>83,902</td><td>63,893</td></tr><tr><td>Excess profit taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>4,308,385</td><td>2,903,397</td><td>1,398,307</td><td>925,318</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>6,529,731</td><td>5,035,809</td><td>2,142,631</td><td>1,677,794</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>143,798</td><td>91,130</td><td>48,295</td><td>34,899</td><td>12,828</td><td>9,413</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>130</td><td>35</td><td>13</td><td>297</td><td>(-11)</td><td>-</td></tr><tr><td>Total miscellaneous profit taxes</td><td>143,978</td><td>91,165</td><td>48,309</td><td>35,196</td><td>12,817</td><td>9,414</td></tr><tr><td>Total income and profit taxes</td><td>35,061,526</td><td>31,258,138</td><td>14,339,645</td><td>12,011,676</td><td>2,741,561</td><td>2,133,657</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,307,931</td><td>1,237,825</td><td>650,371</td><td>709,261</td><td>4,455</td><td>4,231</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>28,905</td><td>26,387</td><td>818</td><td>1,005</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>679,277</td><td>735,648</td><td>5,273</td><td>5,237</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>142,309</td><td>169,352</td><td>33,739</td><td>55,411</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>821,585</td><td>905,000</td><td>39,012</td><td>60,647</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>372,999</td><td>352,121</td><td>351,051</td><td>706</td><td>233</td><td>96</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>279,397</td><td>337,353</td><td>43,983</td><td>61,070</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>6,037</td><td>4,942</td><td>1,195</td><td>670</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>199,691</td><td>143,080</td><td>57,291</td><td>75,405</td><td>10,983</td><td>12,642</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>787,290</td><td>922,193</td><td>117,923</td><td>148,350</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>19,876</td><td>26,780</td><td>2,635</td><td>4,025</td></tr><tr><td>Wines, cordiale, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>1,047</td><td>2,176</td><td>322</td><td>401</td></tr><tr><td>Wines, cordiale, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>23,268</td><td>35,579</td><td>4,868</td><td>5,525</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>1</td><td>*</td><td>1</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,308</td><td>8,061</td><td>5,026</td><td>6,292</td><td>136</td><td>194</td></tr><tr><td>Stamps for distilled spirit intended for export</td><td>6</td><td>25</td><td>21</td><td>2</td><td>18</td><td>*</td></tr><tr><td>Case stamps for distilled spirit bottled in bond</td><td>886</td><td>840</td><td>401</td><td>434</td><td>51</td><td>57</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>6,225</td><td>7,348</td><td>1,040</td><td>1,195</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>552</td><td>1,285</td><td>(-40)</td><td>1,098</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>353,047</td><td>340,893</td><td>50,139</td><td>52,190</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>1,959</td><td>2,393</td><td>54</td><td>69</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,864</td><td>2,526,162</td><td>1,255,963</td><td>1,420,779</td><td>188,126</td><td>225,746</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>36,593</td><td>41,384</td><td>19,543</td><td>25,573</td><td>2,825</td><td>4,100</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>35</td><td>34</td><td>4</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>168</td><td>4</td><td>*</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>523,125</td><td>575,499</td><td>56,218</td><td>79,432</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>3,752</td><td>3,520</td><td>534</td><td>589</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>24,083</td><td>20,124</td><td>2,247</td><td>2,586</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>1,451</td><td>292</td><td>220</td><td>71</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>4</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>572,158</td><td>625,049</td><td>62,049</td><td>86,784</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>19,994</td><td>25,914</td><td>3,490</td><td>4,330</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,369</td><td>13,771</td><td>11,732</td><td>3,081</td><td>1,732</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>4,787</td><td>4,683</td><td>861</td><td>647</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>109</td><td>842</td><td>10</td><td>69</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>38,661</td><td>43,171</td><td>7,443</td><td>6,778</td></tr></table>
(Continued on following page)
70
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/
(Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 6 months</th><th colspan="2">December</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th>1945</th><th>1946</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>43,500</td><td>42,340</td><td>4,669</td><td>7,237</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>222,027</td><td>230,285</td><td>28,770</td><td>40,127</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>47,085</td><td>88,127</td><td>10,033</td><td>17,283</td></tr><tr><td>Floor taxes on tires and tubes</td><td>*</td><td>19</td><td>6</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>19,700</td><td>25,275</td><td>1,871</td><td>6,021</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>3,226</td><td>89,254</td><td>318</td><td>20,869</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>33,225</td><td>45,600</td><td>4,997</td><td>9,786</td></tr><tr><td>Electric energy</td><td>57,004</td><td>59,112</td><td>28,400</td><td>29,973</td><td>4,154</td><td>7,168</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>8,716</td><td>29,428</td><td>1,872</td><td>6,014</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>8,823</td><td>10,405</td><td>1,225</td><td>2,339</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>38</td><td>85</td><td>3</td><td>6</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>2,700</td><td>27,402</td><td>970</td><td>5,711</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>1,258</td><td>3,485</td><td>307</td><td>972</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>770</td><td>4,113</td><td>178</td><td>910</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>2,356</td><td>16,390</td><td>754</td><td>2,967</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>5,082</td><td>4,156</td><td>595</td><td>646</td></tr><tr><td>Floor taxes on matches</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>6,767</td><td>11,717</td><td>1,135</td><td>2,557</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>39,730</td><td>46,534</td><td>11,840</td><td>15,119</td></tr><tr><td>Jewelry - retailers' excise</td><td>104,220</td><td>223,342</td><td>91,582</td><td>108,571</td><td>16,888</td><td>21,867</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>81,423</td><td>35,990</td><td>41,187</td><td>6,077</td><td>7,485</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>7</td><td>6</td><td>*</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>6</td><td>9</td><td>1</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>9,123</td><td>17,600</td><td>1,313</td><td>3,300</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>59</td><td>23</td><td>35</td><td>15</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>3,104</td><td>8,109</td><td>512</td><td>1,521</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>42,102</td><td>44,190</td><td>7,766</td><td>8,249</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>2,096</td><td>4,510</td><td>593</td><td>584</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>*</td><td>181</td><td>*</td><td>85</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>13</td><td>14</td><td>2</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>657,491</td><td>928,970</td><td>106,878</td><td>186,836</td></tr></table>
<table><tr><th>Miscellaneous taxes:</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Bituminous Coal Act of 1937 (expired 8/23/43)</td><td>35</td><td>34</td><td>23</td><td>7</td><td>7</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>30,329</td><td>29,570</td><td>4,351</td><td>3,709</td></tr><tr><td>Telephones, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wiree, etc.</td><td>208,018</td><td>234,393</td><td>112,877</td><td>133,765</td><td>17,613</td><td>27,757</td></tr><tr><td>Local telephones service</td><td>133,569</td><td>145,689</td><td>69,013</td><td>85,261</td><td>10,671</td><td>17,582</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>14,824</td><td>7,700</td><td>8,051</td><td>1,205</td><td>1,514</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,750</td><td>119,109</td><td>134,346</td><td>16,796</td><td>20,909</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>113,922</td><td>138,842</td><td>18,122</td><td>28,976</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>128,701</td><td>115,960</td><td>115,393</td><td>282</td><td>177</td><td>2</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>177</td><td>3</td><td>1</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>3,614</td><td>3,912</td><td>447</td><td>628</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>169,878</td><td>34,526</td><td>24,372</td><td>5,811</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>56,877</td><td>72,077</td><td>34,980</td><td>209,993</td><td>5,491</td><td>35,702</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>7,928</td><td>10,976</td><td>1,147</td><td>1,782</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,206</td><td>3,645</td><td>71</td><td>69</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>13,581</td><td>17,039</td><td>393</td><td>486</td></tr><tr><td>Adulterated and processed or renovated butter</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>mixed flour 8/ and filled cheese</td><td>58</td><td>44</td><td>34</td><td>26</td><td>*</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>2,620</td><td>3,034</td><td>310</td><td>384</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>756</td><td>694</td><td>300</td><td>353</td><td>24</td><td>35</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>3,123</td><td>6,387</td><td>479</td><td>810</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>4</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>6</td><td>17</td><td>1</td><td>6</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>807,816</td><td>820,038</td><td>101,680</td><td>145,834</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>3,968,574</td><td>4,181,007</td><td>511,588</td><td>713,813</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>19,129,804</td><td>17,097,683</td><td>3,292,161</td><td>2,908,117</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-236,038</td><td>+265,380</td><td>+656,276</td><td>+785,155</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>18,893,767</td><td>17,363,063</td><td>3,948,437</td><td>3,693,272</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.
March 1947
71
MONETARY
STATISTICS
72
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>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</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</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</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1947-January p</td><td>20,748.3</td><td>18,675.8</td><td>156.0</td><td>1,800.0</td><td>116.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p/ Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cer-
2/ (b) the Redemption Fund - Federal Reserve notes.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1941 - Jan.-Mar.....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June.....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept.....</td><td>57.05</td><td>75.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec.....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June.....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar.....</td><td>-17.89 2/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June.....</td><td>-18.48 3/</td><td>-168.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept.....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec.....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar.....</td><td>-24.15 3/</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June.....</td><td>-31.56 3/</td><td>44.77</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept.....</td><td>-13.61 3/</td><td>50.95</td><td>-2.00 4/</td><td>35.34</td></tr><tr><td>Oct.-Dec.....</td><td>-15.86 3/</td><td>241.84</td><td>-2.27 4/</td><td>223.71</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
4/ Excess of sales over receipts.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</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>10.3</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>20,259.9</td><td>3,508.4</td><td>14.8</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</td><td>20,529.0</td><td>3,514.2</td><td>14.6</td></tr><tr><td>1947-January p</td><td>20,748.3</td><td>3,518.1</td><td>14.5</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
March 1947
73
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for receivage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>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>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</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>346.5</td><td>10.8</td><td>.7</td><td>97.9</td><td>147.0</td><td>881.8</td><td>3,508.7</td></tr><tr><td>October</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</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947-January p</td><td>1,913.1</td><td>343.3</td><td>15.7</td><td>.3</td><td>93.3</td><td>150.3</td><td>900.5</td><td>3,518.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary.
* Less than $50 thousand.
1/ Valued at $1.29 per ounce.
2/ Valued at $1.38 per ounce.
3/ Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</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>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>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>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>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>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></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.4 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.4 4/</td></tr><tr><td>1945-December</td><td>2.0</td><td>.4</td><td>.3</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>.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></tr><tr><td>March</td><td>.5</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></tr><tr><td>May</td><td>.4</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></tr><tr><td>July</td><td>1.4</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></tr><tr><td>September</td><td>3.0</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>.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>1.6</td><td>1.4</td></tr><tr><td>December</td><td>2.9</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures co U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
Less than 50,000 ounces or $50 thousand.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cente per fine ounce until April 9, 1935; at 71.11 cente 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 various prices averaging approximately 51 cents per ounce.
4/ Includes .5 million ounces valued at 71.11 cents per fine ounce totalling $.3 million, and 4.4 millico ounces valued at 90.5 cents per fine ounce totalling $.4.0 million.
74
Treasury Bulletin
Signiorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Source 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>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><tr><td>1947-January</td><td>493.9</td><td>48.7</td><td>87.6</td><td>67.1</td><td>832.1</td><td>34.7</td><td>1,070.2</td><td>161.7</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.
March 1947
75
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificate 2/</th><th>Silver certificates</th><th>Treasury notes of 1930 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>5,931</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,111</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>1,586</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>1946-January</td><td>27,917</td><td>26,657</td><td>51</td><td>1,327</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>26,989</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</td><td>28,952</td><td>27,591</td><td>49</td><td>2,009</td><td>1</td><td>316</td><td>24,672</td><td>434</td><td>110</td></tr><tr><td>1947-January P</td><td>28,265</td><td>26,927</td><td>49</td><td>1,916</td><td>1</td><td>308</td><td>24,116</td><td>429</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>923</td><td>38</td><td>341</td><td>144</td><td>$50.05</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>$49.77</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>$53.84</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>$59.46</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</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>$127.63</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>$162.98</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>$191.56</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>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>$198.03</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</td><td>1,361</td><td>148</td><td>882</td><td>331</td><td>$204.43</td></tr><tr><td>1947-January p</td><td>1,338</td><td>147</td><td>864</td><td>327</td><td>$199.46</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. Preliminary. 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/ Cold certificates and Treasury notes of 1890 in circulation are being cancelled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
76
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
March 1947
77
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I.- Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th 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>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Oct. 31, 1946)</td><td>-521,491</td><td>-428,056</td><td>9,024</td><td>-326,626</td><td>224,167</td></tr><tr><td>Total (Jan. 2, 1935-Oct. 31, 1946)</td><td>8,281,323</td><td>6,459,194</td><td>153,102</td><td>472,101</td><td>1,196,926</td></tr><tr><td>1945-October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,368</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr><tr><td>December</td><td>4,837</td><td>-9,691</td><td>5,075</td><td>19,659</td><td>-10,206</td></tr><tr><td>1946-January</td><td>20,049</td><td>76,683</td><td>-8,932</td><td>-172,787</td><td>125,085</td></tr><tr><td>February</td><td>-47,726</td><td>-62,276</td><td>-1,210</td><td>46,447</td><td>-30,687</td></tr><tr><td>March</td><td>-44,334</td><td>-28,782</td><td>5,956</td><td>-27,330</td><td>5,822</td></tr><tr><td>April</td><td>-56,412</td><td>-47,033</td><td>1,793</td><td>-14,326</td><td>3,154</td></tr><tr><td>May</td><td>-268,552</td><td>-284,907</td><td>-742</td><td>-11,009</td><td>28,106</td></tr><tr><td>June</td><td>-67,600 r</td><td>-62,939</td><td>446</td><td>-11,719</td><td>-388 r</td></tr><tr><td>July</td><td>157,952</td><td>245,779</td><td>-444</td><td>-108,858</td><td>21,475</td></tr><tr><td>August</td><td>-150,722</td><td>-159,116</td><td>5,836</td><td>-13,987</td><td>16,545</td></tr><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><tr><td>October</td><td>30,218 1/</td><td>7,520 1/</td><td>2,663</td><td>-6,194</td><td>26,229</td></tr></table>
Adjusted to take account of the elimination of $4,322,000, an amount which should not have been reported as foreign.
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I -
Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liability</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th colspan="2">Payable in dollars</th><th>Total</th><th colspan="2">Payable in dollars</th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></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>95,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>990,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</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>47,189</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>1945-October</td><td>259,952</td><td>42,606</td><td>95,742</td><td>121,604</td><td>6,952,486</td><td>4,997,303</td><td>1,930,564</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>47,189</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,396</td><td>247,766</td><td>6,993,209</td><td>5,027,036</td><td>1,944,872</td><td>21,301</td><td>6,586,923</td></tr><tr><td>February</td><td>406,801</td><td>49,218</td><td>102,268</td><td>255,315</td><td>6,931,448</td><td>4,964,752</td><td>1,943,274</td><td>23,422</td><td>6,524,647</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>266,521</td><td>6,927,795</td><td>4,959,697</td><td>1,943,576</td><td>24,522</td><td>6,495,865</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</td><td>6,883,102</td><td>4,927,985</td><td>1,926,596</td><td>28,521</td><td>6,448,832</td></tr><tr><td>May</td><td>490,703</td><td>57,964</td><td>217,396</td><td>215,343</td><td>6,654,628</td><td>4,760,488</td><td>1,863,228</td><td>30,912</td><td>6,163,925</td></tr><tr><td>June</td><td>511,024</td><td>58,460</td><td>228,236</td><td>224,328</td><td>6,612,010</td><td>4,762,835</td><td>1,820,061</td><td>29,114</td><td>6,100,986</td></tr><tr><td>July</td><td>561,416</td><td>108,706</td><td>236,539</td><td>216,171</td><td>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>25,415</td><td>6,346,765</td></tr><tr><td>August</td><td>580,150</td><td>108,093</td><td>231,855</td><td>240,202</td><td>6,767,799</td><td>4,949,745</td><td>1,790,877</td><td>27,177</td><td>6,187,049</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>1,867,115</td><td>27,517</td><td>6,074,664</td></tr><tr><td>October</td><td>601,616</td><td>103,518</td><td>272,281</td><td>225,817</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>29,736</td><td>6,077,862</td></tr></table>
Table 3.
et 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 dollar Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946 (Jan. 1, 1946-Oct. 31, 1946)</td><td>-208,850</td><td>-56,029</td><td>-172,014</td><td>19,193</td><td>-219,206</td><td>-15,804</td><td>-207,592</td><td>4,190</td><td>428,056</td></tr><tr><td>Total (Jan. 2, 1935-Oct. 31, 1946)</td><td>478,867</td><td>250,518</td><td>-173,153</td><td>401,502</td><td>5,980,327</td><td>4,320,469</td><td>1,686,659</td><td>-26,801</td><td>6,459,194</td></tr><tr><td>1945-October</td><td>10,274</td><td>-2,834</td><td>-1,927</td><td>15,035</td><td>171,793</td><td>103,201</td><td>65,750</td><td>2,842</td><td>182,067</td></tr><tr><td>November</td><td>-71,368</td><td>-990</td><td>5,305</td><td>-75,683</td><td>-91,058</td><td>-59,048</td><td>-35,281</td><td>3,271</td><td>-162,426</td></tr><tr><td>December</td><td>-61,446</td><td>-3,893</td><td>-9,830</td><td>-47,723</td><td>21,640</td><td>8,369</td><td>15,615</td><td>-2,344</td><td>-39,806</td></tr><tr><td>1946-January</td><td>-13,520</td><td>-2,635</td><td>-8,129</td><td>-2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>-4,245</td><td>76,683</td></tr><tr><td>February</td><td>-515</td><td>906</td><td>6,128</td><td>-7,549</td><td>-61,761</td><td>-62,284</td><td>-1,598</td><td>2,121</td><td>-62,276</td></tr><tr><td>March</td><td>-25,129</td><td>-4,115</td><td>-9,808</td><td>-11,206</td><td>-3,653</td><td>-5,055</td><td>302</td><td>1,100</td><td>-28,782</td></tr><tr><td>April</td><td>-2,340</td><td>-8,739</td><td>10,545</td><td>-4,146</td><td>-44,693</td><td>-31,712</td><td>-16,980</td><td>3,999</td><td>-47,033</td></tr><tr><td>May</td><td>-56,433</td><td>4,108</td><td>-115,865</td><td>55,324</td><td>-228,474</td><td>-167,497</td><td>-63,368</td><td>2,391</td><td>-284,907</td></tr><tr><td>June</td><td>-20,321</td><td>-496</td><td>-10,840</td><td>-8,985</td><td>-42,618</td><td>2,347</td><td>-43,167</td><td>-1,798</td><td>-62,939</td></tr><tr><td>July</td><td>-50,392</td><td>-50,246</td><td>-8,303</td><td>8,157</td><td>296,171</td><td>277,414</td><td>22,456</td><td>-3,699</td><td>245,779</td></tr><tr><td>August</td><td>-18,734</td><td>613</td><td>4,684</td><td>-24,031</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-159,116</td></tr><tr><td>September</td><td>-34,458</td><td>1,897</td><td>-44,261</td><td>7,906</td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,985</td></tr><tr><td>October</td><td>12,992</td><td>2,678</td><td>3,835</td><td>6,479</td><td>-5,472 1/</td><td>156,118 1a/</td><td>-163,809 1b/</td><td>2,219</td><td>7,520</td></tr></table>
1/ Adjusted to take account of the elimination of (a) 3,797 and (b) 525, amounts which should not have been reported as foreign.
March 1947
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 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>1,119,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,284</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-Oct. 31, 1946)</td><td>306,858</td><td>375,039</td><td>-68,181</td><td>351,410</td><td>609,855</td><td>-258,445</td><td>658,268</td><td>984,894</td><td>-326,626</td></tr><tr><td>Total (Jan. 2, 1935-Oct. 31, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>11,922,224</td><td>11,450,123</td><td>472,101</td></tr><tr><td>1945-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><tr><td>October</td><td>32,263</td><td>26,240</td><td>-3,977</td><td>33,100</td><td>35,317</td><td>-2,217</td><td>55,363</td><td>61,557</td><td>-6,194</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-Oct. 31, 1946)</td><td>55,266</td><td>59,862</td><td>-4,596</td><td>646,610</td><td>417,847</td><td>228,763</td><td>701,876</td><td>477,709</td><td>224,167</td></tr><tr><td>Total (Jan. 2, 1935-Oct. 31, 1946)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>6,096,546</td><td>4,899,620</td><td>1,196,926</td></tr><tr><td>1945-October</td><td>3,533</td><td>4,333</td><td>-800</td><td>13,482</td><td>64,361</td><td>-50,879</td><td>17,015</td><td>68,694</td><td>-51,679</td></tr><tr><td>November</td><td>4,397</td><td>8,216</td><td>-3,819</td><td>63,464</td><td>23,190</td><td>40,274</td><td>67,861</td><td>31,406</td><td>36,455</td></tr><tr><td>December</td><td>5,354</td><td>11,150</td><td>-5,796</td><td>17,584</td><td>21,994</td><td>-4,410</td><td>22,938</td><td>33,144</td><td>-10,206</td></tr><tr><td>1946-January</td><td>6,788</td><td>9,781</td><td>-2,993</td><td>161,145</td><td>33,067</td><td>128,078</td><td>167,933</td><td>42,848</td><td>125,085</td></tr><tr><td>February</td><td>5,625</td><td>7,881</td><td>-2,256</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,071</td><td>61,758</td><td>-30,687</td></tr><tr><td>March</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>21,434</td><td>7,813</td><td>33,175</td><td>27,353</td><td>5,822</td></tr><tr><td>April</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,955</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr><tr><td>May</td><td>7,765</td><td>9,292</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>44,704 r</td><td>44,081</td><td>623 r</td><td>49,925 r</td><td>50,313</td><td>-388 r</td></tr><tr><td>July</td><td>4,845</td><td>4,116</td><td>729</td><td>108,919</td><td>88,173</td><td>20,746</td><td>113,764</td><td>92,289</td><td>21,475</td></tr><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><tr><td>October</td><td>4,625</td><td>2,552</td><td>2,073</td><td>54,537</td><td>30,381</td><td>24,156</td><td>59,162</td><td>32,933</td><td>26,229</td></tr></table>
n.s. Not available.
r Reload.
80
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries
Table 1.- Net Capital Movement
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="3">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-8,936</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><td>71,199</td></tr><tr><td>France</td><td>46,914</td><td>-41,088</td><td>-5,580</td><td>89,794</td><td>-21,942</td><td>-16,533</td><td>-61,838</td><td>10,872</td><td>-11,605</td><td>-13,090</td><td>-26,226</td><td>27,882</td><td>12,008</td></tr><tr><td>Belgium</td><td>-22,522</td><td>-12,135</td><td>2,672</td><td>-1,616</td><td>-18,27</td><td>-2,496</td><td>8,643</td><td>1,350</td><td>-4,023</td><td>-7,324</td><td>-9,770</td><td>918</td><td>17,917</td></tr><tr><td>Denmark</td><td>1,785</td><td>4,227</td><td>3,761</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><td>-2,125</td></tr><tr><td>Finland</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><td>2,635</td></tr><tr><td>Germany</td><td>161</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><td>659</td></tr><tr><td>Greece</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><td>-5,903</td></tr><tr><td>Italy</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><td>9,981</td></tr><tr><td>Luxembourg</td><td>-84</td><td>186</td><td>367</td><td>-22</td><td>194</td><td>143</td><td>-190</td><td>67</td><td>276</td><td>551</td><td>-349</td><td>-1,029</td><td>98</td></tr><tr><td>Netherlands</td><td>5,754</td><td>2,434</td><td>13,472</td><td>-1,340</td><td>-12,628</td><td>10,765</td><td>-8,371</td><td>-101,834</td><td>-14,444</td><td>-22,537</td><td>-11,705</td><td>-6,500</td><td>-18,967</td></tr><tr><td>Norway</td><td>-1,786</td><td>299</td><td>1,714</td><td>-8,677</td><td>-4,930</td><td>-2,715</td><td>-8,526</td><td>835</td><td>1,101</td><td>-12,490</td><td>-6,788</td><td>-1,326</td><td>-4,981</td></tr><tr><td>Portugal</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><td>-702</td></tr><tr><td>Romania</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><td>-17</td></tr><tr><td>Spain</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>-3,932</td><td>-6,574</td><td>-1,505</td><td>246</td><td>-2,243</td></tr><tr><td>Sweden</td><td>14,167</td><td>2,925</td><td>-7,216</td><td>498</td><td>1,461</td><td>-7,615</td><td>-6,388</td><td>-4,804</td><td>-6,723</td><td>7,564</td><td>-6,014</td><td>-11,384</td><td>-21,808</td></tr><tr><td>Switzerland</td><td>6,309</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><td>10,348</td></tr><tr><td>U. S. S. R.</td><td>-965</td><td>401</td><td>3,230</td><td>1,717</td><td>-1,271</td><td>-3,533</td><td>19,966</td><td>12,540</td><td>2,101</td><td>-9,317</td><td>-2,284</td><td>-10,458</td><td>8,978</td></tr><tr><td>Yugoslavia</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>466</td><td>-275</td><td>-110</td></tr><tr><td>Other Europe</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>2,513</td><td>2,464</td><td>6,000</td><td>12,408</td></tr><tr><td>Total Europe</td><td>38,145</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><td>89,775</td></tr><tr><td>Canada</td><td>7,997</td><td>15,177</td><td>-38,599</td><td>-53,112</td><td>14,396</td><td>13,474</td><td>-22,784</td><td>-41,500</td><td>6,905</td><td>-34,419</td><td>-55,248</td><td>-45,819</td><td>-67,017</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>809</td><td>8,184</td><td>-4,648</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,268</td><td>16,189</td><td>27,111</td><td>-368</td><td>65,338</td><td>11,472</td><td>24,491</td></tr><tr><td>Bolivia</td><td>-628</td><td>-1,988</td><td>-1,296</td><td>-1,401</td><td>165</td><td>-1,004</td><td>-1,020</td><td>118</td><td>-2,312</td><td>473</td><td>467</td><td>2,625</td><td>1,228</td></tr><tr><td>Brazil</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>12,836</td><td>11,618</td><td>-20,807</td><td>-9,560</td></tr><tr><td>Chile</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><td>-1,823</td></tr><tr><td>Colombia</td><td>-7,149</td><td>-3,629</td><td>-1,991</td><td>2,961</td><td>-2,108</td><td>-4,896</td><td>-4,785</td><td>-3,719</td><td>-4,875</td><td>10,905</td><td>-8,789</td><td>-2,635</td><td>-442</td></tr><tr><td>Costa Rica</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><td>-359</td></tr><tr><td>Cuba</td><td>-8,284</td><td>-19,077</td><td>-12,850</td><td>-6,409</td><td>147</td><td>16,126</td><td>27,101</td><td>6,099</td><td>3,610</td><td>1,841</td><td>18,007</td><td>-19,022</td><td>-8,449</td></tr><tr><td>French West Indies and Guiana</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><td>-1,527</td></tr><tr><td>Mexico</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><td>-5,424</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-26</td></tr><tr><td>Paraguay</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>-2,975</td><td>-4,009</td><td>-1,893</td><td>2,411</td><td>615</td><td>-1,051</td></tr><tr><td>Peru</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>-2,154</td><td>1,254</td><td>4,818</td></tr><tr><td>Venezuela</td><td>2,600</td><td>-8,524</td><td>11,446</td><td>-13,320</td><td>5,505</td><td>-1,564</td><td>8,964</td><td>1,720</td><td>-3,857</td><td>-4,098</td><td>8,790</td><td>2,805</td><td>18,492</td></tr><tr><td>Other Latino America</td><td>794</td><td>-922</td><td>9,821</td><td>9,993</td><td>-402</td><td>10,093</td><td>-2,835</td><td>1,750</td><td>10,664</td><td>-4,350</td><td>-4,435</td><td>-1,739</td><td>4,459</td></tr><tr><td>Total Latino America</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><td>24,827</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>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><td>-35,601</td></tr><tr><td>French Indo-China</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><td>-5,195</td></tr><tr><td>Hong Kong</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><td>-5,267</td></tr><tr><td>India, Burma, and Ceylon</td><td>5,232</td><td>1,426</td><td>-1,667</td><td>-4,477</td><td>8,547</td><td>-10,868</td><td>8,589</td><td>3,587</td><td>-1,932</td><td>-4,404</td><td>-6,148</td><td>6,282</td><td>-549</td></tr><tr><td>British Malaya</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><td>-26</td></tr><tr><td>Japan</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><td>4,333</td></tr><tr><td>Netherlands East Indies</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><td>4,480</td></tr><tr><td>Philippine Islands</td><td>-2,247</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><td>1,484</td></tr><tr><td>Turkey</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><td>-2,790</td></tr><tr><td>Other Asia</td><td>-1,299</td><td>-1,318</td><td>4,314</td><td>-2,707</td><td>2,385</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><td>-81</td></tr><tr><td>Total Asia</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><td>-39,212</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>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><td>2,523</td></tr><tr><td>New Zealand</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>133</td><td>197</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>834</td><td>97</td><td>1,061</td><td>1,331</td><td>1,547</td></tr><tr><td>French Morocco</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><td>-101</td></tr><tr><td>Union of South Africa</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><td>4,132</td></tr><tr><td>All other</td><td>23,047</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><td>-341</td></tr><tr><td>Total other countries</td><td>28,374</td><td>-11,581</td><td>-4,560</td><td>-1,049</td><td>7,616</td><td>-5,085</td><td>1,622</td><td>-5,896</td><td>542</td><td>302</td><td>-9,800</td><td>25,678</td><td>7,957</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,208</td><td>54,316</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><td>15,366</td></tr><tr><td>Unidentified</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><td>-1,078</td></tr><tr><td>Grand total</td><td>71,193</td><td>-132,120</td><td>4,817</td><td>20,049</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-67,600</td><td>157,952</td><td>-150,722</td><td>-94,364</td><td>30,218</td></tr></table>
r. Revised.
1/ See page 77
March 1947
81
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="3">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td><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>-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>-97,185</td><td>280,684</td><td>-125,793</td><td>45,549</td><td>76,507</td></tr><tr><td>France</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>24,835</td><td>8,124</td></tr><tr><td>Belgium</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><td>17,977</td></tr><tr><td>Denmark</td><td>1,731</td><td>4,259</td><td>3,090</td><td>13,154</td><td>1,446</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><td>-2,053</td></tr><tr><td>Finland</td><td>-473</td><td>-483</td><td>-662</td><td>-191</td><td>4,005</td><td>679</td><td>-556</td><td>417</td><td>-3,136</td><td>828</td><td>1,591</td><td>891</td><td>2,622</td></tr><tr><td>Germany</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>-23</td><td>395</td></tr><tr><td>Greece</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><td>-5,944</td></tr><tr><td>Italy</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><td>10,195</td></tr><tr><td>Luxembourg</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><td>-86</td></tr><tr><td>Netherlands</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><td>-15,044</td></tr><tr><td>Norway</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><td>-4,786</td></tr><tr><td>Portugal</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><td>-611</td></tr><tr><td>Rumania</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><td>-16</td></tr><tr><td>Spain</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><td>-2,299</td></tr><tr><td>Sweden</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><td>-21,805</td></tr><tr><td>Switzerland</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><td>13,348 1/2</td></tr><tr><td>U. S. S. R.</td><td>-965</td><td>393</td><td>3,330</td><td>1,736</td><td>-1,271</td><td>-3,643</td><td>20,056</td><td>12,540</td><td>2,071</td><td>-9,301</td><td>-2,282</td><td>-10,452</td><td>8,977</td></tr><tr><td>Yugoslavia</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><td>-114</td></tr><tr><td>Other Europe</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><td>12,613</td></tr><tr><td>Total Europe</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><td>98,000 1/2</td></tr><tr><td>Canada</td><td>67,142</td><td>-11,925</td><td>-38,891</td><td>-192,445</td><td>2,033</td><td>16,423</td><td>-17,354</td><td>-81,312</td><td>12,040</td><td>31,854</td><td>-66,054</td><td>-46,606</td><td>-73,581</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,118</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><td>2,335</td></tr><tr><td>Bolivia</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><td>1,190</td></tr><tr><td>Brazil</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><td>-10,614</td></tr><tr><td>Chile</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><td>-715</td></tr><tr><td>Colombia</td><td>-1,615</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><td>-930</td></tr><tr><td>Costa Rica</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><td>-440</td></tr><tr><td>Cuba</td><td>-7,792</td><td>-19,166</td><td>-14,237</td><td>-6,621</td><td>-805</td><td>14,797</td><td>27,439</td><td>6,283</td><td>4,229</td><td>1,035</td><td>18,682</td><td>-20,553</td><td>-9,354</td></tr><tr><td>French West Indies and Guiana</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><td>-1,525</td></tr><tr><td>Mexico</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><td>-4,543</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-163</td></tr><tr><td>Panama</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><td>-722</td></tr><tr><td>Peru</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><td>4,963</td></tr><tr><td>Venezuela</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><td>18,418</td></tr><tr><td>Other Latin America</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><td>2,375</td></tr><tr><td>Total Latin America</td><td>-5,820</td><td>-84,262</td><td>-12,369</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><td>275</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>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><td>-35,165</td></tr><tr><td>French Indo-China</td><td>-84</td><td>-212</td><td>725</td><td>160</td><td>6,336</td><td>3,221</td><td>220</td><td>1,024</td><td>4,538</td><td>3,632</td><td>7,771</td><td>-12,020</td><td>-5,195</td></tr><tr><td>Hong Kong</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><td>-5,534</td></tr><tr><td>India, Burma, and Ceylon</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><td>-858</td></tr><tr><td>British Malaya</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><td>185</td></tr><tr><td>Japan</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><td>4,336</td></tr><tr><td>Netherlands East Indies</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><td>4,683</td></tr><tr><td>Philippine Islands</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><td>1,858</td></tr><tr><td>Turkey</td><td>659</td><td>-3,328</td><td>4,958</td><td>5,787</td><td>4,814</td><td>3,920</td><td>1,068</td><td>5,090</td><td>-2,803</td><td>-4,760</td><td>-1,567</td><td>-1,937</td><td>-2,797</td></tr><tr><td>Other Asia</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><td>-102</td></tr><tr><td>Total Asia</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><td>-38,683</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>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><td>1,778</td></tr><tr><td>New Zealand</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><td>164</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>1,336</td><td>1,501</td></tr><tr><td>French Morocco</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><td>-117</td></tr><tr><td>Union of South Africa</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><td>4,201</td></tr><tr><td>All other</td><td>22,909</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><td>-378</td></tr><tr><td>Total other countries</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><td>7,209</td></tr><tr><td><b>International</b></td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,208</td><td>54,346</td><td>-22,076</td><td>-3,054</td><td>145,409</td><td>9,166</td><td>80,329</td><td>250,861</td><td>15,366</td></tr><tr><td>Unidentified</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>-261,361</td><td>-1,060</td></tr><tr><td>Grand total</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>-284,937</td><td>-62,939</td><td>245,779</td><td>-159,116</td><td>-112,985</td><td>7,520 1/2</td></tr></table>
1/ See page 77.
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="4">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td>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>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><td>594</td></tr><tr><td>France</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><td>344</td></tr><tr><td>Belgium</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><td>40</td></tr><tr><td>Denmark</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><td>-70</td></tr><tr><td>Finland</td><td>-</td><td>5</td><td>13</td><td>46</td><td>-16</td><td>-20</td><td>-33</td><td>-</td><td>2</td><td>-1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Germany</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><td>256</td></tr><tr><td>Greece</td><td>11</td><td>3</td><td>33</td><td>9</td><td>-2</td><td>-39</td><td>-</td><td>1</td><td>-</td><td>-14</td><td>9</td><td>-4</td><td>5</td></tr><tr><td>Italy</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><td>212</td></tr><tr><td>Luxembourg</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><td>239</td></tr><tr><td>Netherlands</td><td>452</td><td>-1,067</td><td>1,904</td><td>-9,847</td><td>-14</td><td>-30</td><td>-480</td><td>283</td><td>-18</td><td>198</td><td>-363</td><td>-72</td><td>576</td></tr><tr><td>Norway</td><td>-35</td><td>131</td><td>555</td><td>-390</td><td>64</td><td>13</td><td>-42</td><td>-180</td><td>364</td><td>-412</td><td>39</td><td>434</td><td>-217</td></tr><tr><td>Portugal</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><td>-65</td></tr><tr><td>Romania</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><td>-</td></tr><tr><td>Spain</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><td>70</td></tr><tr><td>Sweden</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>-91</td><td>-16</td></tr><tr><td>Switzerland</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><td>987</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>4</td><td>1</td><td>-</td><td>-4</td><td>1</td></tr><tr><td>Other Europe</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><td>-19</td></tr><tr><td>Total Europe</td><td>309</td><td>1,038</td><td>6,105</td><td>-7,992</td><td>315</td><td>87</td><td>-1,228</td><td>204</td><td>1,342</td><td>646</td><td>1,868</td><td>-1,312</td><td>2,870</td></tr><tr><td>Canada</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><td>879</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>-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><td>191</td></tr><tr><td>Bolivia</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><td>-5</td></tr><tr><td>Brazil</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>-717</td><td>77</td><td>-78</td></tr><tr><td>Chile</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><td>-144</td></tr><tr><td>Colombia</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><td>-87</td></tr><tr><td>Costa Rica</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><td>-2</td></tr><tr><td>Cuba</td><td>-442</td><td>35</td><td>-579</td><td>278</td><td>-665</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td><td>142</td><td>-551</td><td>-65</td><td>-292</td></tr><tr><td>French West Indies and Guiana</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><td>-</td></tr><tr><td>Mexico</td><td>-404</td><td>-295</td><td>-12</td><td>-290</td><td>323</td><td>1,326</td><td>2,072</td><td>116</td><td>-858</td><td>-672</td><td>1,728</td><td>6,399</td><td>-1,426</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>344</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><td>155</td></tr><tr><td>Panama</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><td>-7</td></tr><tr><td>Para</td><td>172</td><td>-23</td><td>55</td><td>207</td><td>379</td><td>-32</td><td>251</td><td>201</td><td>-92</td><td>75</td><td>-139</td><td>29</td><td>7</td></tr><tr><td>Venezuela</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>81</td><td>-187</td></tr><tr><td>Other Latin America</td><td>-86</td><td>368</td><td>894</td><td>-1,457</td><td>-545</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td><td>118</td><td>939</td><td>611</td></tr><tr><td>Total Latio America</td><td>-35</td><td>2,418</td><td>-984</td><td>-438</td><td>-1,550</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,575</td><td>4,307</td><td>5,479</td><td>-1,227</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>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><td>705</td></tr><tr><td>French Indo-China</td><td>8</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>-38</td></tr><tr><td>India, Burma, and Ceyloa</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><td>264</td></tr><tr><td>British Malaya</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><td>-</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>Netherland East Indies</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><td>-324</td></tr><tr><td>Philippine Islands</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><td>-3</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</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><td>10</td></tr><tr><td>Total Asia</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>-639</td><td>240</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>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><td>-61</td></tr><tr><td>New Zealand</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><td>28</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-19</td></tr><tr><td>French Morocco</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><td>1</td></tr><tr><td>Union of South Africa</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><td>-8</td></tr><tr><td>All other</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><td>-22</td></tr><tr><td>Total other countries</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><td>-81</td></tr><tr><td>Unidentified</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><td>-18</td></tr><tr><td>Grand total</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><td>2,667</td></tr></table>
March 1947
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="4">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-6,399</td><td>-4,262</td><td>-5,273</td><td>-6,650</td><td>-3,945</td><td>-5,982</td><td>-5,381</td><td>-3,573</td><td>-3,468</td><td>-9,672</td><td>-6,340</td><td>-4,006</td><td>-5,902</td></tr><tr><td>France</td><td>-347</td><td>-7,821</td><td>11,256</td><td>62</td><td>-4,890</td><td>344</td><td>-3,210</td><td>-2,944</td><td>2,095</td><td>-22</td><td>-1,432</td><td>4,680</td><td>3,540</td></tr><tr><td>Belgium</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>-494</td><td>204</td><td>-100</td></tr><tr><td>Denmark</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><td>-2</td></tr><tr><td>Finland</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><td>11</td></tr><tr><td>Germany</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><td>8</td></tr><tr><td>Greece</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>52</td><td>36</td></tr><tr><td>Italy</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><td>-146</td></tr><tr><td>Luxembourg</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><td>-55</td></tr><tr><td>Netherlands</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><td>-4,499</td></tr><tr><td>Norway</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><td>52</td></tr><tr><td>Portugal</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><td>-26</td></tr><tr><td>Romania</td><td>15</td><td>6</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>1,023</td><td>-10</td><td>-1</td></tr><tr><td>Spain</td><td>-37</td><td>-2</td><td>2,085</td><td>-116</td><td>34</td><td>52</td><td>91</td><td>121</td><td>20</td><td>6,307</td><td>119</td><td>45</td><td>-14</td></tr><tr><td>Sweden</td><td>-3</td><td>-425</td><td>-383</td><td>-3,175</td><td>2,643</td><td>16</td><td>-62</td><td>-175</td><td>243</td><td>-3,191</td><td>-147</td><td>-125</td><td>43</td></tr><tr><td>Switzerland</td><td>897</td><td>-3,187</td><td>-2,614</td><td>-1,681</td><td>-68</td><td>-7,753</td><td>-712</td><td>-2,558</td><td>-408</td><td>-380</td><td>-14,938</td><td>1,176</td><td>-3,987</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>2</td><td>-</td><td>1</td><td>-</td><td>100</td><td>-91</td><td>-</td><td>3</td><td>5</td><td>-2</td><td>-2</td><td>1</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>35</td><td>-37</td><td>-</td><td>3</td><td>-62</td><td>-12</td><td>-7</td><td>-</td><td>-</td><td>4</td><td>-</td></tr><tr><td>Other Europe</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>-2,173</td><td>-1,008</td><td>-53</td><td>-25</td><td>-156</td></tr><tr><td>Total Europe</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><td>-11,495</td></tr><tr><td>Canada</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>-4,014</td><td>-67,567</td><td>11,518</td><td>2,866</td><td>5,691</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>12</td><td>12,073</td><td>1,529</td><td>22</td><td>1,288</td><td>122</td><td>7,227</td><td>1,923</td><td>3,115</td><td>1,142</td><td>36,224</td><td>10,943</td><td>21,965</td></tr><tr><td>Bolivia</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><td>43</td></tr><tr><td>Brazil</td><td>113</td><td>-147</td><td>261</td><td>735</td><td>790</td><td>576</td><td>761</td><td>138</td><td>1,505</td><td>1,023</td><td>214</td><td>-94</td><td>1,172</td></tr><tr><td>Chile</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><td>-964</td></tr><tr><td>Colombia</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><td>571</td></tr><tr><td>Costa Rica</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><td>83</td></tr><tr><td>Cuba</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><td>1,197</td></tr><tr><td>French West Indies and Guiana</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><td>-2</td></tr><tr><td>Mexico</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><td>545</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-18</td></tr><tr><td>Panama</td><td>-2,667</td><td>-585</td><td>2,274</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><td>-222</td></tr><tr><td>Feru</td><td>-16</td><td>211</td><td>63</td><td>-204</td><td>156</td><td>179</td><td>95</td><td>46</td><td>106</td><td>-</td><td>348</td><td>275</td><td>-152</td></tr><tr><td>Venezuela</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><td>261</td></tr><tr><td>Other Latin America</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><td>1,440</td></tr><tr><td>Total Latin America</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><td>25,779</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>3,244</td><td>174</td><td>-11,844</td><td>-171,105</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><td>-741</td></tr><tr><td>French Indo-China</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><td>-</td></tr><tr><td>Hong Kong</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><td>310</td></tr><tr><td>India, Burma, and Ceylon</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><td>45</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-12</td><td>-211</td></tr><tr><td>Japan</td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-8</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>13</td><td>-3</td></tr><tr><td>Netherlands East Indies</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><td>-203</td></tr><tr><td>Philippine Islands</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><td>-50</td></tr><tr><td>Turkey</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><td>4</td></tr><tr><td>Other Asia</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><td>80</td></tr><tr><td>Total Asia</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><td>-769</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>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>10,903</td><td>805</td></tr><tr><td>New Zealand</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>-3</td><td>5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>5</td></tr><tr><td>French Morocco</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><td>15</td></tr><tr><td>Union of South Africa</td><td>-6</td><td>-10</td><td>-29</td><td>-37</td><td>7</td><td>-1</td><td>-87</td><td>-7</td><td>-14</td><td>-119</td><td>-25</td><td>-96</td><td>-61</td></tr><tr><td>All other</td><td>109</td><td>-562</td><td>1,007</td><td>-70</td><td>-6</td><td>64</td><td>-19</td><td>-3</td><td>-46</td><td>13</td><td>349</td><td>-52</td><td>59</td></tr><tr><td>Total other countries</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><td>829</td></tr><tr><td>Ouidentified</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><td>-</td></tr><tr><td>Grand total</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>-5,107</td><td>-87,383</td><td>2,558</td><td>14,963</td><td>20,035</td></tr></table>
r Revised.
84
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="4">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td>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>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><td>56,535</td></tr><tr><td>France</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>3,064</td><td>2,977</td><td>3,939</td></tr><tr><td>Belgium</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><td>7,246</td></tr><tr><td>Denmark</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><td>364</td></tr><tr><td>Finland</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>3,514</td><td>4,326</td></tr><tr><td>Germany</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><td>33,855</td></tr><tr><td>Greece</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><td>12,559</td></tr><tr><td>Italy</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><td>10,544</td></tr><tr><td>Luxembourg</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><td>51</td></tr><tr><td>Netherlands</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><td>127,746</td></tr><tr><td>Norway</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><td>691</td></tr><tr><td>Portugal</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><td>1,312</td></tr><tr><td>Rumania</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><td>36</td></tr><tr><td>Spain</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><td>7,239</td></tr><tr><td>Sweden</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><td>4,058</td></tr><tr><td>Switzerland</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><td>4,455</td></tr><tr><td>U. S. S. R.</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><td>5</td></tr><tr><td>Yugoslavia</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><td>6</td></tr><tr><td>Other Europe</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><td>6,062</td></tr><tr><td>Total Europe</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>215,332</td><td>221,231</td><td>276,849</td><td>267,683</td><td>293,871</td><td>281,029</td></tr><tr><td>Canada</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><td>49,706</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>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><td>22,494</td></tr><tr><td>Bolivia</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><td>2,240</td></tr><tr><td>Brazil</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><td>40,372</td></tr><tr><td>Chile</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><td>13,823</td></tr><tr><td>Colombia</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><td>20,973</td></tr><tr><td>Costa Rica</td><td>1,415</td><td>1,183</td><td>1,237</td><td>1,382</td><td>1,469</td><td>1,421</td><td>1,359</td><td>1,242</td><td>1,524</td><td>2,125</td><td>9,846</td><td>1,671</td><td>2,561</td></tr><tr><td>Cuba</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><td>27,906</td></tr><tr><td>French West Indies and Guiana</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><td>452</td></tr><tr><td>Mexico</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><td>17,603</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>399</td></tr><tr><td>Panama</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><td>855</td></tr><tr><td>Peru</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>2,968</td><td>2,695</td></tr><tr><td>Venezuela</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><td>4,781</td></tr><tr><td>Other Latino America</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><td>24,922</td></tr><tr><td>Total Latino America</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><td>182,076</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>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><td>34,587</td></tr><tr><td>French Indo-China</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><td>19</td></tr><tr><td>Hong Kong</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><td>6,491</td></tr><tr><td>Iodica, Burma, and Ceylon</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><td>10,068</td></tr><tr><td>British Malaya</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><td>198</td></tr><tr><td>Japan</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><td>483</td></tr><tr><td>Netherlands East Indies</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><td>1,023</td></tr><tr><td>Philippine Islands</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><td>16,046</td></tr><tr><td>Turkey</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>924</td><td>918</td><td>1,332</td></tr><tr><td>Other Asia</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><td>4,036</td></tr><tr><td>Total Asia</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><td>74,283</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>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>3,297</td><td>2,707</td></tr><tr><td>New Zealand</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><td>950</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>384</td></tr><tr><td>French Morocco</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><td>32</td></tr><tr><td>Unioo of South Africa</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><td>8,443</td></tr><tr><td>All other</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><td>1,943</td></tr><tr><td>Total other countries</td><td>6,874</td><td>8,555</td><td>9,702</td><td>10,560</td><td>10,325</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><td>14,499</td></tr><tr><td>Uidentified</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><td>23</td></tr><tr><td>Grand total</td><td>259,952</td><td>331,320</td><td>392,766</td><td>406,286</td><td>406,601</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><td>601,616</td></tr></table>
March 1947
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="3">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td>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>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><td>638,085</td></tr><tr><td>France</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><td>284,606</td></tr><tr><td>Belgium</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><td>177,023</td></tr><tr><td>Denmark</td><td>20,070</td><td>24,327</td><td>25,921</td><td>40,083</td><td>41,555</td><td>44,243</td><td>47,375</td><td>48,554</td><td>49,745</td><td>50,361</td><td>52,087</td><td>56,793</td><td>54,909</td></tr><tr><td>Finland</td><td>6,679</td><td>6,202</td><td>5,538</td><td>6,606</td><td>10,737</td><td>11,244</td><td>10,116</td><td>11,907</td><td>11,179</td><td>11,874</td><td>13,142</td><td>13,574</td><td>17,008</td></tr><tr><td>Germany</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><td>6,842</td></tr><tr><td>Greece</td><td>68,669</td><td>70,977</td><td>70,790</td><td>69,964</td><td>69,666</td><td>74,932</td><td>76,677</td><td>75,514</td><td>72,277</td><td>64,143</td><td>60,095</td><td>64,387</td><td>58,431</td></tr><tr><td>Italy</td><td>61,980</td><td>65,360</td><td>70,371</td><td>71,108</td><td>97,480</td><td>100,507</td><td>123,446</td><td>130,491</td><td>136,954</td><td>165,511</td><td>174,344</td><td>178,863</td><td>188,885</td></tr><tr><td>Luxembourg</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><td>21,576</td></tr><tr><td>Netherlands</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><td>215,685</td></tr><tr><td>Norway</td><td>182,673</td><td>182,936</td><td>216,071</td><td>176,459</td><td>175,002</td><td>174,016</td><td>159,290</td><td>161,645</td><td>161,051</td><td>148,865</td><td>142,283</td><td>140,764</td><td>135,961</td></tr><tr><td>Portugal</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><td>48,792</td></tr><tr><td>Romania</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><td>8,684</td></tr><tr><td>Spain</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>4,205</td><td>35,467</td><td>32,330</td><td>20,732</td><td>18,225</td><td>18,896</td><td>20,195</td></tr><tr><td>Sveden</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>195,991</td><td>195,957</td><td>191,700</td><td>204,443</td><td>196,294</td><td>183,110</td><td>159,893</td></tr><tr><td>Switzerland</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><td>359,087</td></tr><tr><td>U.S.S.R.</td><td>24,373</td><td>24,848</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>59,499</td><td>50,205</td><td>47,920</td><td>37,465</td><td>46,438</td></tr><tr><td>Yugoslavia</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>8,464</td><td>8,350</td></tr><tr><td>Other Europe</td><td>44,462</td><td>44,317</td><td>43,675</td><td>46,398</td><td>48,384</td><td>51,217</td><td>53,563</td><td>57,422</td><td>62,326</td><td>65,915</td><td>67,658</td><td>74,667</td><td>87,831</td></tr><tr><td>Total Europe</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><td>2,538,281</td></tr><tr><td>Canada</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><td>1,103,314</td></tr><tr><td>Lat 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>77,188</td><td>82,305</td><td>71,332</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><td>147,931</td></tr><tr><td>Bolivia</td><td>17,879</td><td>15,641</td><td>14,498</td><td>13,596</td><td>13,381</td><td>13,571</td><td>12,693</td><td>11,910</td><td>10,700</td><td>12,288</td><td>11,499</td><td>13,523</td><td>14,336</td></tr><tr><td>Brazil</td><td>179,157</td><td>185,601</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><td>223,542</td></tr><tr><td>Chile</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><td>49,837</td></tr><tr><td>Colombia</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><td>61,451</td></tr><tr><td>Costa Rica</td><td>6,631</td><td>7,079</td><td>6,889</td><td>5,953</td><td>5,693</td><td>6,297</td><td>6,005</td><td>6,901</td><td>6,730</td><td>6,754</td><td>6,536</td><td>6,687</td><td>7,137</td></tr><tr><td>Cuba</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><td>158,016</td></tr><tr><td>French West Indies and Guiana</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><td>6,723</td></tr><tr><td>Mexico</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><td>133,220</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>13,609</td></tr><tr><td>Panama</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><td>84,576</td></tr><tr><td>Peru</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><td>43,803</td></tr><tr><td>Venezuela</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><td>68,666</td></tr><tr><td>Other Latin America</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><td>167,625</td></tr><tr><td>Total Latin America</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><td>1,180,472</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>591,685</td><td>581,380</td><td>582,276</td><td>756,258</td><td>737,967</td><td>732,087</td><td>717,030</td><td>695,384</td><td>657,045</td><td>611,924</td><td>561,842</td><td>525,332</td><td>490,086</td></tr><tr><td>French Indo-China</td><td>27,523</td><td>27,500</td><td>28,036</td><td>28,196</td><td>34,550</td><td>37,928</td><td>37,991</td><td>39,042</td><td>43,554</td><td>47,224</td><td>54,956</td><td>42,936</td><td>37,741</td></tr><tr><td>Boog Koong</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><td>35,576</td></tr><tr><td>India, Burma, and Ceylon</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><td>33,303</td></tr><tr><td>British Malaya</td><td>987</td><td>1,032</td><td>1,201</td><td>1,057</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>9,250</td><td>9,481</td></tr><tr><td>Japan</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><td>14,056</td></tr><tr><td>Netherlands East Indies</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><td>133,444</td></tr><tr><td>Philippine Islands</td><td>645,431</td><td>659,748</td><td>629,175</td><td>642,797</td><td>635,693</td><td>598,421</td><td>617,014</td><td>580,211</td><td>505,528</td><td>482,366</td><td>466,899</td><td>465,226</td><td>466,561</td></tr><tr><td>Turkey</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><td>58,610</td></tr><tr><td>Other Asia</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><td>80,490</td></tr><tr><td>Total Asia</td><td>1,563,416</td><td>1,554,354</td><td>1,549,722</td><td>1,735,132</td><td>1,723,578</td><td>1,685,598</td><td>1,699,285</td><td>1,655,668</td><td>1,541,421</td><td>1,487,457</td><td>1,437,482</td><td>1,396,449</td><td>1,359,348</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>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><td>41,128</td></tr><tr><td>New Zealand</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><td>5,476</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Peition at end of month in thousands of dollars)
<table><tr><th></th><th colspan="3">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td><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 Kingdoms</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><td>1,282</td></tr><tr><td>France</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>339</td><td>288</td></tr><tr><td>Belgium</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><td>97</td></tr><tr><td>Denmark</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><td>-</td></tr><tr><td>Poland</td><td>-</td><td>7</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><td>7</td></tr><tr><td>Germany</td><td>8</td><td>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>Greece</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>4</td><td>-</td></tr><tr><td>Italy</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><td>2</td></tr><tr><td>Luxembourg</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><td>32</td></tr><tr><td>Netherlands</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><td>95</td></tr><tr><td>Norway</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><td>359</td></tr><tr><td>Portugal</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><td>8</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</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>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>214</td><td>174</td></tr><tr><td>Sweden</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><td>87</td></tr><tr><td>Switzerland</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><td>767</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Other Europe</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><td>2</td></tr><tr><td>Total Europe</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><td>3,200</td></tr><tr><td>Canada</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>5,782</td><td>5,676</td><td>5,632</td><td>4,807</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>1,509</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><td>1,174</td></tr><tr><td>Bolivia</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><td>-</td></tr><tr><td>Brazil</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><td>1,576</td></tr><tr><td>Chile</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><td>1,078</td></tr><tr><td>Colombia</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><td>79</td></tr><tr><td>Costa Rica</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><td>3</td></tr><tr><td>Cuba</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><td>5,961</td></tr><tr><td>French West Indies and Guiana</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><td>30</td></tr><tr><td>Mexico</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><td>2,231</td></tr><tr><td>Netherlande West Indies and Surinam</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>39</td><td>36</td></tr><tr><td>Panama</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>27</td><td>5</td></tr><tr><td>Peru</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>-</td><td>5</td></tr><tr><td>Venezuela</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>1,732</td><td>1,717</td><td>1,859</td><td>1,880</td></tr><tr><td>Other Latin America</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><td>4,523</td></tr><tr><td>Total Latin America</td><td>18,315</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><td>17,536</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>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><td>4,910</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>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><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>29</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>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><td>-</td></tr><tr><td>Netherlande 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>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><td>987</td></tr><tr><td>Turkey</td><td>-</td><td>14</td><td>3</td><td>-</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><td>4</td></tr><tr><td>Other Asia</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><td>4</td></tr><tr><td>Total Asia</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><td>5,930</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>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><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>1</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>1</td></tr><tr><td>French Morocco</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><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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td><td>82</td></tr><tr><td>All other</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><td>27</td></tr><tr><td>Total other countries</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><td>116</td></tr><tr><td>Unidentified</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><td>-</td></tr><tr><td>Grand total</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><td>31,589</td></tr></table>
March 1947
87
Capital Movements Between the United States and Foreign Countries - (Continued) Section II - Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="3">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td>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>Oulted Kingdom</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><td>4,460</td></tr><tr><td>France</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><td>8,747</td></tr><tr><td>Belgium</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><td>2,189</td></tr><tr><td>Denmark</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><td>110</td></tr><tr><td>Finland</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><td>1</td></tr><tr><td>Germany</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><td>301</td></tr><tr><td>Greece</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><td>22</td></tr><tr><td>Italy</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><td>300</td></tr><tr><td>Luxembourg</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><td>966</td></tr><tr><td>Netherlands</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><td>10,077</td></tr><tr><td>Norway</td><td>910</td><td>1,023</td><td>1,563</td><td>1,664</td><td>1,661</td><td>1,608</td><td>1,530</td><td>1,270</td><td>1,500</td><td>1,112</td><td>1,060</td><td>1,655</td><td>1,421</td></tr><tr><td>Portugal</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><td>36</td></tr><tr><td>Romania</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><td>43</td></tr><tr><td>Spain</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>171</td><td>201</td></tr><tr><td>Sweden</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><td>531</td></tr><tr><td>Switzerland</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><td>33,486</td></tr><tr><td>U.S.S.R.</td><td>43</td><td>24</td><td>44</td><td>45</td><td>44</td><td>44</td><td>44</td><td>43</td><td>48</td><td>49</td><td>49</td><td>47</td><td>49</td></tr><tr><td>Tuogolavia</td><td></td><td></td><td></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>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><td>1,606</td></tr><tr><td>Total Europe</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><td>64,548</td></tr><tr><td>Canada</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><td>5,500</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>6,888</td></tr><tr><td>Bolivin</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><td>32</td></tr><tr><td>Brazil</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><td>614</td></tr><tr><td>Chile</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><td>600</td></tr><tr><td>Colombia</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><td>213</td></tr><tr><td>Costa Rica</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><td>95</td></tr><tr><td>Cuba</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><td>873</td></tr><tr><td>French West Indies and Guiana</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><td>-</td></tr><tr><td>Mexico</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><td>11,243</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>224</td></tr><tr><td>Panama</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><td>7,360</td></tr><tr><td>Peru</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><td>156</td></tr><tr><td>Venezuela</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><td>2,992</td></tr><tr><td>Other Latino America</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><td>1,429</td></tr><tr><td>Total Latino America</td><td>20,905</td><td>22,666</td><td>22,661</td><td>23,764</td><td>23,054</td><td>24,741</td><td>27,681</td><td>26,567</td><td>28,212</td><td>26,684</td><td>28,558</td><td>33,736</td><td>32,719</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>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><td>1,704</td></tr><tr><td>French Indo China</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><td>-</td></tr><tr><td>Roong Kong</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>95</td><td>157</td></tr><tr><td>India, Burma, and Ceylon</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><td>32</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>2</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>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><td>44</td></tr><tr><td>Netherlands East Indies</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><td>5</td></tr><tr><td>Philippines Islands</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><td>1,297</td></tr><tr><td>Turkey</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><td>4</td></tr><tr><td>Other Asia</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><td>238</td></tr><tr><td>Total Asia</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><td>3,483</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>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><td>56</td></tr><tr><td>New Zealand</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><td>35</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>155</td></tr><tr><td>French Morocco</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><td>84</td></tr><tr><td>Union of South Africa</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><td>53</td></tr><tr><td>All other</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>1,143</td><td>1,108</td></tr><tr><td>Total other countries</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><td>1,495</td></tr><tr><td>Unidentified</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><td>74</td></tr><tr><td>Grand total</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><td>107,819</td></tr></table>
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of October 1946
Table 1.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>56,535</td><td>50,839</td><td>39,919</td><td>3,144</td><td>7,776</td><td>5,696</td><td>2,149</td><td>1,602</td><td>1,945</td></tr><tr><td>France</td><td>3,539</td><td>245</td><td>137</td><td>69</td><td>39</td><td>3,694</td><td>2,458</td><td>-</td><td>1,236</td></tr><tr><td>Belgium</td><td>7,246</td><td>103</td><td>51</td><td>4</td><td>48</td><td>7,143</td><td>264</td><td>686</td><td>6,193</td></tr><tr><td>Denmark</td><td>364</td><td>59</td><td>36</td><td>21</td><td>2</td><td>305</td><td>-</td><td>32</td><td>273</td></tr><tr><td>Finland</td><td>4,326</td><td>3</td><td>2</td><td>-</td><td>1</td><td>4,323</td><td>2,145</td><td>2,099</td><td>79</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>67</td><td>13,181</td></tr><tr><td>Greece</td><td>12,559</td><td>26</td><td>-</td><td>8</td><td>18</td><td>12,533</td><td>11,342</td><td>-</td><td>1,191</td></tr><tr><td>Italy</td><td>10,544</td><td>238</td><td>25</td><td>206</td><td>7</td><td>10,306</td><td>4,037</td><td>320</td><td>5,949</td></tr><tr><td>Luxembourg</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td><td>1</td><td>-</td><td>50</td></tr><tr><td>Netherlands</td><td>127,746</td><td>305</td><td>254</td><td>51</td><td>-</td><td>127,441</td><td>110,629</td><td>208</td><td>16,604</td></tr><tr><td>Norway</td><td>691</td><td>110</td><td>62</td><td>15</td><td>33</td><td>581</td><td>1</td><td>311</td><td>269</td></tr><tr><td>Portugal</td><td>1,312</td><td>269</td><td>72</td><td>195</td><td>2</td><td>1,043</td><td>568</td><td>-</td><td>475</td></tr><tr><td>Rumania</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>7,239</td><td>178</td><td>8</td><td>29</td><td>141</td><td>7,061</td><td>2,638</td><td>-</td><td>4,423</td></tr><tr><td>Sweden</td><td>4,058</td><td>1,792</td><td>1,382</td><td>403</td><td>7</td><td>2,266</td><td>259</td><td>746</td><td>1,261</td></tr><tr><td>Switzerland</td><td>4,455</td><td>573</td><td>262</td><td>296</td><td>15</td><td>3,882</td><td>2,518</td><td>-</td><td>1,364</td></tr><tr><td>U. S. S. R.</td><td>5</td><td>5</td><td>5</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>6,062</td><td>253</td><td>176</td><td>68</td><td>9</td><td>5,809</td><td>2,523</td><td>-</td><td>3,286</td></tr><tr><td>Total Europe</td><td>281,029</td><td>55,055</td><td>42,397</td><td>4,540</td><td>8,118</td><td>225,974</td><td>162,090</td><td>6,071</td><td>57,813</td></tr><tr><td>Canada</td><td>49,706</td><td>28,744</td><td>20,296</td><td>6,697</td><td>1,751</td><td>20,962</td><td>7,629</td><td>1,525</td><td>11,808</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>22,494</td><td>1,000</td><td>243</td><td>700</td><td>57</td><td>21,494</td><td>13,208</td><td>1,572</td><td>6,714</td></tr><tr><td>Bolivia</td><td>2,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,240</td><td>785</td><td>-</td><td>1,455</td></tr><tr><td>Brazil</td><td>40,372</td><td>151</td><td>146</td><td>1</td><td>4</td><td>40,221</td><td>8,991</td><td>2,118</td><td>29,112</td></tr><tr><td>Chile</td><td>13,823</td><td>7</td><td>2</td><td>-</td><td>5</td><td>13,816</td><td>600</td><td>2,049</td><td>11,167</td></tr><tr><td>Colombia</td><td>20,973</td><td>72</td><td>-</td><td>71</td><td>1</td><td>20,901</td><td>4,872</td><td>4,968</td><td>11,061</td></tr><tr><td>Costa Rica</td><td>2,561</td><td>6</td><td>-</td><td>6</td><td>-</td><td>2,555</td><td>1,129</td><td>6</td><td>1,420</td></tr><tr><td>Cuba</td><td>27,906</td><td>288</td><td>273</td><td>-</td><td>15</td><td>27,618</td><td>13,138</td><td>2,325</td><td>12,155</td></tr><tr><td>French West Indies and Guiana</td><td>452</td><td>-</td><td>-</td><td>-</td><td>-</td><td>452</td><td>75</td><td>-</td><td>377</td></tr><tr><td>Mexico</td><td>17,603</td><td>2,028</td><td>1,511</td><td>25</td><td>492</td><td>15,575</td><td>4,223</td><td>1,536</td><td>9,816</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>399</td><td>3</td><td>-</td><td>-</td><td>3</td><td>396</td><td>-</td><td>-</td><td>396</td></tr><tr><td>Panama</td><td>855</td><td>1</td><td>-</td><td>-</td><td>1</td><td>854</td><td>-</td><td>20</td><td>834</td></tr><tr><td>Peru</td><td>2,695</td><td>37</td><td>23</td><td>-</td><td>14</td><td>2,658</td><td>842</td><td>118</td><td>1,698</td></tr><tr><td>Venezuela</td><td>4,781</td><td>103</td><td>87</td><td>11</td><td>5</td><td>4,678</td><td>1,468</td><td>15</td><td>3,195</td></tr><tr><td>Other Latino America</td><td>24,922</td><td>105</td><td>82</td><td>-</td><td>23</td><td>24,817</td><td>15,540</td><td>767</td><td>8,510</td></tr><tr><td>Total Latino America</td><td>182,076</td><td>3,601</td><td>2,367</td><td>814</td><td>620</td><td>178,275</td><td>64,871</td><td>15,494</td><td>97,910</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>34,587</td><td>2,435</td><td>2,409</td><td>4</td><td>22</td><td>32,152</td><td>23,509</td><td>3,052</td><td>5,591</td></tr><tr><td>French Indo-China</td><td>19</td><td>1</td><td>-</td><td>-</td><td>1</td><td>18</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Sing Kang</td><td>6,491</td><td>4,021</td><td>3,806</td><td>123</td><td>92</td><td>2,470</td><td>1,284</td><td>148</td><td>1,038</td></tr><tr><td>India, Burma, and Ceylon</td><td>10,068</td><td>3,735</td><td>304</td><td>3,417</td><td>14</td><td>6,333</td><td>4,215</td><td>801</td><td>1,237</td></tr><tr><td>British Malayo</td><td>198</td><td>27</td><td>-</td><td>27</td><td>-</td><td>171</td><td>66</td><td>66</td><td>39</td></tr><tr><td>Japan</td><td>483</td><td>3</td><td>2</td><td>1</td><td>-</td><td>480</td><td>276</td><td>-</td><td>204</td></tr><tr><td>Netherlands East Indies</td><td>1,023</td><td>3</td><td>2</td><td>-</td><td>1</td><td>1,020</td><td>-</td><td>871</td><td>149</td></tr><tr><td>Philippine Islands</td><td>16,046</td><td>917</td><td>799</td><td>-</td><td>118</td><td>15,129</td><td>7,313</td><td>2,597</td><td>5,219</td></tr><tr><td>Turkey</td><td>1,332</td><td>7</td><td>-</td><td>7</td><td>-</td><td>1,325</td><td>360</td><td>-</td><td>965</td></tr><tr><td>Other Asia</td><td>4,036</td><td>202</td><td>176</td><td>-</td><td>26</td><td>3,834</td><td>326</td><td>-</td><td>3,508</td></tr><tr><td>Total Asia</td><td>74,283</td><td>11,351</td><td>7,498</td><td>3,579</td><td>274</td><td>62,932</td><td>37,349</td><td>7,615</td><td>17,968</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>2,707</td><td>1,371</td><td>1,285</td><td>45</td><td>41</td><td>1,336</td><td>89</td><td>641</td><td>606</td></tr><tr><td>New Zealand</td><td>990</td><td>415</td><td>412</td><td>-</td><td>3</td><td>575</td><td>-</td><td>96</td><td>479</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>384</td><td>10</td><td>2</td><td>3</td><td>5</td><td>374</td><td>54</td><td>-</td><td>320</td></tr><tr><td>French Morocco</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>26</td><td>-</td><td>6</td></tr><tr><td>Uoioo of South Africa</td><td>8,443</td><td>2,760</td><td>85</td><td>956</td><td>1,719</td><td>5,683</td><td>-</td><td>180</td><td>5,503</td></tr><tr><td>All other</td><td>1,943</td><td>11</td><td>2</td><td>-</td><td>9</td><td>1,932</td><td>173</td><td>-</td><td>1,759</td></tr><tr><td>Total other countries</td><td>14,499</td><td>4,567</td><td>1,786</td><td>1,004</td><td>1,777</td><td>9,932</td><td>342</td><td>917</td><td>8,673</td></tr><tr><td>Unadjusted</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>23</td></tr><tr><td>Grand total</td><td>601,616</td><td>103,518</td><td>74,344</td><td>16,634</td><td>12,540</td><td>498,098</td><td>272,281</td><td>31,622</td><td>194,195</td></tr></table>
March 1947
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of October 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>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>638,085</td><td>624,425</td><td>605,867</td><td>2,097</td><td>13,204</td><td>3,257</td><td>13,660</td><td>21</td><td>6,985</td><td>6,654</td></tr><tr><td>France</td><td>284,606</td><td>284,284</td><td>256,224</td><td>847</td><td>24,808</td><td>2,405</td><td>322</td><td>89</td><td>223</td><td>10</td></tr><tr><td>Belgium</td><td>177,023</td><td>176,917</td><td>163,376</td><td>2,381</td><td>10,585</td><td>575</td><td>106</td><td>90</td><td>-</td><td>16</td></tr><tr><td>Denmark</td><td>54,909</td><td>54,909</td><td>54,204</td><td>27</td><td>247</td><td>431</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>17,008</td><td>17,005</td><td>16,527</td><td>3</td><td>-</td><td>475</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,842</td><td>6,827</td><td>6,721</td><td>69</td><td>-</td><td>37</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>58,431</td><td>58,404</td><td>53,650</td><td>405</td><td>361</td><td>3,988</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>188,885</td><td>188,874</td><td>167,057</td><td>807</td><td>20,696</td><td>314</td><td>11</td><td>10</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>21,576</td><td>21,576</td><td>20,784</td><td>1</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>215,685</td><td>215,622</td><td>202,284</td><td>96</td><td>13,130</td><td>112</td><td>63</td><td>34</td><td>-</td><td>29</td></tr><tr><td>Norway</td><td>135,961</td><td>135,957</td><td>75,321</td><td>113</td><td>59,671</td><td>852</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>48,792</td><td>48,308</td><td>47,062</td><td>861</td><td>-</td><td>385</td><td>484</td><td>-</td><td>-</td><td>484</td></tr><tr><td>Romania</td><td>8,684</td><td>8,684</td><td>8,655</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>20,195</td><td>20,107</td><td>19,720</td><td>273</td><td>100</td><td>14</td><td>88</td><td>36</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>159,893</td><td>159,840</td><td>85,911</td><td>10,906</td><td>62,500</td><td>523</td><td>53</td><td>23</td><td>-</td><td>30</td></tr><tr><td>Switzerland</td><td>359,087</td><td>358,640</td><td>337,270</td><td>5,131</td><td>11,242</td><td>4,997</td><td>447</td><td>97</td><td>-</td><td>350</td></tr><tr><td>U. S. S. R.</td><td>46,438</td><td>46,438</td><td>46,306</td><td>26</td><td>-</td><td>106</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8,350</td><td>8,349</td><td>8,314</td><td>33</td><td>-</td><td>2</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>87,831</td><td>87,799</td><td>87,412</td><td>55</td><td>160</td><td>172</td><td>32</td><td>6</td><td>-</td><td>26</td></tr><tr><td>Total Europe</td><td>2,538,281</td><td>2,522,965</td><td>2,262,665</td><td>24,160</td><td>217,495</td><td>18,645</td><td>15,316</td><td>501</td><td>7,208</td><td>7,607</td></tr><tr><td>Canada</td><td>1,103,314</td><td>1,098,431</td><td>317,996</td><td>1,866</td><td>778,280</td><td>289</td><td>4,883</td><td>811</td><td>6</td><td>4,066</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>147,931</td><td>147,911</td><td>140,292</td><td>2,451</td><td>3,395</td><td>1,773</td><td>20</td><td>6</td><td>-</td><td>14</td></tr><tr><td>Bolivia</td><td>14,336</td><td>14,336</td><td>14,335</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>223,542</td><td>223,523</td><td>210,930</td><td>11,660</td><td>-</td><td>933</td><td>19</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>49,837</td><td>49,830</td><td>49,293</td><td>493</td><td>-</td><td>44</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>61,451</td><td>61,451</td><td>60,666</td><td>784</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,137</td><td>7,137</td><td>6,709</td><td>428</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>158,016</td><td>158,015</td><td>155,610</td><td>1,658</td><td>729</td><td>18</td><td>1</td><td>1</td><td>-</td><td>1</td></tr><tr><td>French West Indies and Guiana</td><td>6,723</td><td>6,723</td><td>6,712</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>133,220</td><td>132,552</td><td>130,165</td><td>1,101</td><td>1,250</td><td>36</td><td>668</td><td>65</td><td>-</td><td>603</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>13,609</td><td>13,609</td><td>12,390</td><td>11</td><td>1,207</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>84,576</td><td>84,575</td><td>66,195</td><td>10</td><td>18,370</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>43,803</td><td>43,798</td><td>33,952</td><td>1,121</td><td>8,725</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>68,666</td><td>68,666</td><td>68,023</td><td>604</td><td>7</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>167,625</td><td>167,297</td><td>142,467</td><td>1,505</td><td>22,682</td><td>643</td><td>328</td><td>325</td><td>-</td><td>3</td></tr><tr><td>Total Latin America</td><td>1,180,472</td><td>1,179,423</td><td>1,097,739</td><td>21,838</td><td>56,365</td><td>3,481</td><td>1,049</td><td>427</td><td>-</td><td>622</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>490,086</td><td>489,327</td><td>160,781</td><td>2,790</td><td>322,034</td><td>3,722</td><td>759</td><td>211</td><td>-</td><td>548</td></tr><tr><td>French Indo-China</td><td>37,741</td><td>37,741</td><td>27,882</td><td>-</td><td>9,833</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Song Kong</td><td>35,576</td><td>30,480</td><td>29,555</td><td>461</td><td>292</td><td>162</td><td>5,096</td><td>5,096</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,303</td><td>32,826</td><td>30,120</td><td>2,510</td><td>50</td><td>146</td><td>477</td><td>45</td><td>121</td><td>311</td></tr><tr><td>British Malaya</td><td>9,481</td><td>9,473</td><td>8,734</td><td>182</td><td>522</td><td>35</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>14,056</td><td>14,022</td><td>13,308</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>133,444</td><td>133,442</td><td>67,226</td><td>279</td><td>65,925</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>466,561</td><td>466,192</td><td>461,042</td><td>1,563</td><td>532</td><td>3,055</td><td>369</td><td>269</td><td>-</td><td>100</td></tr><tr><td>Turkey</td><td>58,610</td><td>58,610</td><td>56,912</td><td>482</td><td>-</td><td>1,216</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>80,490</td><td>80,490</td><td>65,563</td><td>569</td><td>13,761</td><td>597</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,359,348</td><td>1,352,603</td><td>921,133</td><td>9,293</td><td>412,971</td><td>9,206</td><td>6,745</td><td>5,653</td><td>121</td><td>971</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>41,128</td><td>40,429</td><td>38,035</td><td>1,640</td><td>502</td><td>252</td><td>699</td><td>9</td><td>-</td><td>690</td></tr><tr><td>New Zealand</td><td>5,476</td><td>5,330</td><td>5,090</td><td>240</td><td>-</td><td>-</td><td>146</td><td>17</td><td>-</td><td>129</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>21,822</td><td>21,347</td><td>17,279</td><td>272</td><td>-</td><td>3,796</td><td>475</td><td>-</td><td>-</td><td>475</td></tr><tr><td>French Morocco</td><td>13,297</td><td>13,297</td><td>12,633</td><td>72</td><td>-</td><td>592</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>29,418</td><td>29,321</td><td>17,237</td><td>2,054</td><td>10,030</td><td>-</td><td>97</td><td>13</td><td>-</td><td>84</td></tr><tr><td>All other</td><td>84,996</td><td>84,670</td><td>82,728</td><td>555</td><td>1,101</td><td>286</td><td>326</td><td>88</td><td>-</td><td>238</td></tr><tr><td>Total other countries</td><td>196,137</td><td>194,394</td><td>173,002</td><td>4,833</td><td>11,633</td><td>4,926</td><td>1,743</td><td>127</td><td>-</td><td>1,616</td></tr><tr><td>International</td><td>284,378</td><td>284,378</td><td>156,878</td><td>-</td><td>127,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>17,548</td><td>17,548</td><td>17,548</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,679,478</td><td>6,649,742</td><td>4,946,961</td><td>61,990</td><td>1,604,244</td><td>36,547</td><td>29,736</td><td>7,519</td><td>7,335</td><td>14,882</td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of October 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><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,392</td><td>678</td><td>474</td><td>204</td><td>2,714</td><td>406</td><td>2,308</td><td>9,294</td><td>4,472</td><td>3,763</td><td>709</td><td>4,822</td><td>227</td><td>4,595</td></tr><tr><td>France</td><td>12,798</td><td>12,324</td><td>527</td><td>11,797</td><td>74</td><td>2</td><td>72</td><td>8,858</td><td>8,321</td><td>1,023</td><td>7,298</td><td>537</td><td>33</td><td>504</td></tr><tr><td>Belgium</td><td>418</td><td>298</td><td>280</td><td>18</td><td>120</td><td>12</td><td>108</td><td>518</td><td>359</td><td>323</td><td>36</td><td>159</td><td>-</td><td>159</td></tr><tr><td>Denmark</td><td>108</td><td>81</td><td>54</td><td>27</td><td>27</td><td>-</td><td>27</td><td>110</td><td>93</td><td>30</td><td>63</td><td>17</td><td>-</td><td>17</td></tr><tr><td>Finland</td><td>15</td><td>-</td><td>-</td><td>-</td><td>15</td><td>-</td><td>15</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>8</td><td>8</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>36</td><td>36</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>988</td><td>615</td><td>558</td><td>57</td><td>373</td><td>10</td><td>363</td></tr><tr><td>Italy</td><td>542</td><td>509</td><td>115</td><td>394</td><td>33</td><td>-</td><td>33</td><td>61</td><td>48</td><td>48</td><td>-</td><td>13</td><td>3</td><td>10</td></tr><tr><td>Luxembourg</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>273</td><td>195</td><td>140</td><td>55</td><td>78</td><td>50</td><td>28</td><td>4,772</td><td>3,474</td><td>2,179</td><td>1,295</td><td>1,298</td><td>30</td><td>1,268</td></tr><tr><td>Norway</td><td>968</td><td>700</td><td>651</td><td>49</td><td>268</td><td>3</td><td>265</td><td>916</td><td>512</td><td>495</td><td>17</td><td>404</td><td>6</td><td>398</td></tr><tr><td>Portugal</td><td>190</td><td>116</td><td>116</td><td>-</td><td>74</td><td>25</td><td>49</td><td>216</td><td>167</td><td>164</td><td>3</td><td>49</td><td>14</td><td>35</td></tr><tr><td>Romania</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>1</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>35</td><td>28</td><td>23</td><td>5</td><td>7</td><td>-</td><td>7</td><td>49</td><td>17</td><td>17</td><td>-</td><td>32</td><td>-</td><td>32</td></tr><tr><td>Sweden</td><td>202</td><td>149</td><td>149</td><td>-</td><td>53</td><td>7</td><td>46</td><td>159</td><td>114</td><td>112</td><td>2</td><td>45</td><td>-</td><td>45</td></tr><tr><td>Switzerland</td><td>7,195</td><td>5,682</td><td>4,675</td><td>1,007</td><td>1,513</td><td>220</td><td>1,293</td><td>11,182</td><td>6,785</td><td>4,742</td><td>2,043</td><td>4,397</td><td>92</td><td>4,105</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>44</td><td>17</td><td>17</td><td>-</td><td>27</td><td>-</td><td>27</td><td>200</td><td>176</td><td>160</td><td>16</td><td>24</td><td>-</td><td>24</td></tr><tr><td><b>Total Europe</b></td><td>25,831</td><td>20,827</td><td>7,263</td><td>13,564</td><td>5,004</td><td>725</td><td>4,279</td><td>17,326</td><td>25,153</td><td>13,614</td><td>11,539</td><td>12,173</td><td>415</td><td>11,758</td></tr><tr><td>Canada</td><td>47,539</td><td>23,106</td><td>4,972</td><td>18,134</td><td>24,433</td><td>2,650</td><td>21,783</td><td>41,848</td><td>24,920</td><td>3,494</td><td>21,426</td><td>16,928</td><td>1,813</td><td>15,115</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>25,397</td><td>2,605</td><td>2,568</td><td>37</td><td>22,792</td><td>137</td><td>22,655</td><td>3,432</td><td>1,680</td><td>1,673</td><td>7</td><td>1,752</td><td>5</td><td>1,747</td></tr><tr><td>Bolivia</td><td>43</td><td>42</td><td>42</td><td>-</td><td>1</td><td>1</td><td>1</td><td>503</td><td>380</td><td>327</td><td>53</td><td>123</td><td>36</td><td>87</td></tr><tr><td>Brazil</td><td>1,635</td><td>239</td><td>204</td><td>35</td><td>1,396</td><td>20</td><td>1,376</td><td>503</td><td>380</td><td>327</td><td>53</td><td>123</td><td>36</td><td>87</td></tr><tr><td>Chile</td><td>1,005</td><td>935</td><td>934</td><td>1</td><td>70</td><td>3</td><td>67</td><td>1,969</td><td>1,534</td><td>71</td><td>1,463</td><td>435</td><td>-</td><td>435</td></tr><tr><td>Colombia</td><td>642</td><td>315</td><td>315</td><td>-</td><td>327</td><td>43</td><td>284</td><td>71</td><td>70</td><td>70</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Costa Rica</td><td>83</td><td>83</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>2,710</td><td>1,613</td><td>1,480</td><td>133</td><td>1,097</td><td>622</td><td>475</td><td>1,513</td><td>1,338</td><td>1,151</td><td>187</td><td>175</td><td>103</td><td>72</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>2</td><td>2</td><td>2</td><td>-</td><td>2</td><td>7</td><td>19</td></tr><tr><td>Mexico</td><td>1,153</td><td>651</td><td>622</td><td>29</td><td>502</td><td>254</td><td>248</td><td>608</td><td>582</td><td>580</td><td>2</td><td>26</td><td>7</td><td>19</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>87</td><td>82</td><td>82</td><td>-</td><td>5</td><td>2</td><td>3</td><td>105</td><td>103</td><td>52</td><td>51</td><td>2</td><td>2</td><td>616</td></tr><tr><td>Panama</td><td>1,713</td><td>1,608</td><td>904</td><td>704</td><td>105</td><td>55</td><td>50</td><td>2,035</td><td>1,397</td><td>1,378</td><td>19</td><td>638</td><td>22</td><td>24</td></tr><tr><td>Peru</td><td>249</td><td>239</td><td>239</td><td>-</td><td>10</td><td>1</td><td>9</td><td>401</td><td>377</td><td>177</td><td>200</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Venezuela</td><td>383</td><td>183</td><td>183</td><td>-</td><td>-</td><td>-</td><td>-</td><td>122</td><td>65</td><td>62</td><td>3</td><td>57</td><td>-</td><td>57</td></tr><tr><td>Other Latin America</td><td>2,410</td><td>1,225</td><td>1,215</td><td>10</td><td>1,185</td><td>63</td><td>1,122</td><td>970</td><td>619</td><td>598</td><td>21</td><td>351</td><td>39</td><td>312</td></tr><tr><td><b>Total Latin America</b></td><td>37,510</td><td>10,020</td><td>9,071</td><td>949</td><td>27,490</td><td>1,201</td><td>26,289</td><td>11,731</td><td>8,147</td><td>6,141</td><td>2,006</td><td>1,584</td><td>214</td><td>3,170</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>619</td><td>540</td><td>419</td><td>161</td><td>39</td><td>-</td><td>39</td><td>1,360</td><td>1,260</td><td>1,190</td><td>70</td><td>100</td><td>67</td><td>33</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>321</td><td>312</td><td>62</td><td>250</td><td>9</td><td>9</td><td>-</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>57</td><td>7</td><td>7</td><td>-</td><td>50</td><td>-</td><td>50</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>223</td><td>223</td><td>223</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>203</td><td>203</td><td>3</td><td>200</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>278</td><td>237</td><td>214</td><td>23</td><td>41</td><td>12</td><td>29</td><td>328</td><td>295</td><td>283</td><td>12</td><td>33</td><td>33</td><td>1</td></tr><tr><td>Turkey</td><td>14</td><td>13</td><td>13</td><td>-</td><td>1</td><td>-</td><td>1</td><td>10</td><td>9</td><td>9</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Other Asia</td><td>234</td><td>179</td><td>171</td><td>8</td><td>55</td><td>5</td><td>50</td><td>154</td><td>110</td><td>55</td><td>55</td><td>44</td><td>5</td><td>39</td></tr><tr><td><b>Total Asia</b></td><td>1,535</td><td>1,340</td><td>898</td><td>442</td><td>195</td><td>26</td><td>169</td><td>2,304</td><td>2,123</td><td>1,786</td><td>337</td><td>181</td><td>105</td><td>76</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>1,944</td><td>-</td><td>-</td><td>-</td><td>1,944</td><td>-</td><td>1,944</td><td>1,138</td><td>1,122</td><td>1,122</td><td>-</td><td>16</td><td>-</td><td>16</td></tr><tr><td>New Zealand</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>28</td><td>28</td><td>17</td><td>11</td><td>-</td><td>-</td><td>-</td><td>23</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>20</td><td>20</td><td>20</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>Union of South Africa</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>74</td><td>64</td><td>55</td><td>9</td><td>10</td><td>2</td><td>8</td></tr><tr><td>All other</td><td>100</td><td>4</td><td>4</td><td>-</td><td>96</td><td>23</td><td>73</td><td>41</td><td>-</td><td>-</td><td>-</td><td>41</td><td>3</td><td>38</td></tr><tr><td><b>Total other countries</b></td><td>2,110</td><td>70</td><td>59</td><td>11</td><td>2,040</td><td>23</td><td>2,017</td><td>1,281</td><td>1,214</td><td>1,205</td><td>9</td><td>67</td><td>5</td><td>62</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Grend total</b></td><td>114,525</td><td>55,363</td><td>22,263</td><td>33,100</td><td>59,162</td><td>4,625</td><td>54,537</td><td>94,490</td><td>61,557</td><td>26,240</td><td>35,317</td><td>32,933</td><td>2,552</td><td>30,381</td></tr></table>
March 1947
91
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(In thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="4">1945</th><th colspan="9">1946</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th></tr><tr><td><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>-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><td>2,795</td></tr><tr><td>France</td><td>-164</td><td>-182</td><td>-90</td><td>-40</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td><td>-108</td><td>-167</td><td>-19</td></tr><tr><td>Belgium</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><td>-56</td></tr><tr><td>Germany</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><td>-17</td></tr><tr><td>Italy</td><td>-61</td><td>-61</td><td>-61</td><td>-64</td><td>-64</td><td>-64</td><td>-50</td><td>-53</td><td>-53</td><td>-53</td><td>-57</td><td>-72</td><td>-55</td></tr><tr><td>Netherlands</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><td>217</td></tr><tr><td>Portugal</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><td>24</td></tr><tr><td>Spain</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>-70</td><td>-120</td><td>-85</td><td>-87</td></tr><tr><td>Sweden</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><td>129</td></tr><tr><td>Switzerland</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><td>235</td></tr><tr><td>Other Europe</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><td>169</td></tr><tr><td>Total Europe</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><td>3,123</td></tr><tr><td><b>Canada</b></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><td>10,803</td></tr><tr><td><b>Latino America</b></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><td>1,003</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>-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><td>27</td></tr><tr><td>Hoog Kong</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>-3,381</td><td>-3,034</td></tr><tr><td>Japan</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><td>-15</td></tr><tr><td>Other Asia</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><td>-862</td></tr><tr><td>Total Asia</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><td>-3,884</td></tr><tr><td>All other</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><td>1,576</td></tr><tr><td><b>Grand total</b></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><td>12,821</td></tr></table>
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th colspan="8">Currency of Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total</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>1945-November</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>December</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>1946-January</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>February</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>April</td><td>21,309</td><td>16,549</td><td>16,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>May</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>June</td><td>51,390</td><td>44,868</td><td>44,425</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</td></tr><tr><td>July</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>August</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>September</td><td>42,496</td><td>31,711</td><td>31,673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>October</td><td></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">From foreign customers:</td></tr><tr><td>1945-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>78</td></tr><tr><td>April</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>548</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>June</td><td>1,488</td><td>388</td><td>367</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1,643</td><td>646</td><td>646</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</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>32</td><td>-</td><td>-</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>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,183</td><td>1,159</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">From domestic customers</td></tr><tr><td>1945-November</td><td>19,553</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>October</td><td>40,313</td><td>30,552</td><td>30,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total</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>1945-November</td><td>29,226</td><td>19,668</td><td>18,967</td><td>2</td><td>51</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>December</td><td>37,241</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>1946-January</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>73</td></tr><tr><td>February</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>20</td></tr><tr><td>March</td><td>49,539</td><td>40,464</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>April</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>May</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>June</td><td>105,310</td><td>92,280</td><td>90,958</td><td>19</td><td>42</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>1,081</td></tr><tr><td>July</td><td>95,494</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>August</td><td>89,742</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>September</td><td>83,707</td><td>70,186</td><td>69,080</td><td>25</td><td>2</td><td>-</td><td>10</td><td>5</td><td>6</td><td>1</td><td>1,044</td></tr><tr><td>October</td><td></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">To foreign customers</td></tr><tr><td>1945-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>451</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>October</td><td>1,430</td><td>760</td><td>429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>331</td></tr><tr><td colspan="11">To domestic customers</td></tr><tr><td>1945-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>42,441</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>45,049</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>39,820</td><td>39,558</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><tr><td>July</td><td>102,044</td><td>89,614</td><td>88,360</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>70,323</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>83,452</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><tr><td>October</td><td>82,277</td><td>69,426</td><td>68,651</td><td>25</td><td>2</td><td>-</td><td>10</td><td>5</td><td>6</td><td>1</td><td>713</td></tr></table>
(Continued on following page)
March 1947
93
Position in Foreign Currencies as Reported by Banks and Bankers in the Un
ted States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China and Manchuria</th><th>Song Kong</th><th>Japan</th><th>Other Asia</th></tr></table>
Purchase contracts
<table><tr><th>Total:</th><th></th><th></th><th>1945-1946</th><th>1946-1947</th><th>1947-1948</th><th>1948-1949</th><th>1949-1950</th><th>1950-1951</th></tr><tr><td>1945-November</td><td>-</td><td>6</td><td>5,618</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>103</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td>-</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td>-</td><td>52</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,567</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>52</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>60</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td>-</td><td>24</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,552</td><td>190</td><td>1,028</td><td>-</td><td>616</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,376</td><td>2,283</td><td>20</td><td>1,158</td><td>-</td><td>701</td></tr><tr><td>September</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>533</td></tr><tr><td>October</td><td>-</td><td>10</td><td>3,058</td><td>4,659</td><td>2,877</td><td>-</td><td>1,733</td><td>-</td><td>191</td></tr><tr><th>From foreign customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-November</td><td>-</td><td>-</td><td>17</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>65</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1,774</td><td>380</td><td>864</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>4</td><td>997</td><td>380</td><td>61</td><td>-</td><td>556</td></tr><tr><td>March</td><td>-</td><td>-</td><td>105</td><td>-</td><td>703</td><td>-</td><td>182</td><td>-</td><td>521</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>-</td><td>954</td><td>-</td><td>675</td><td>-</td><td>52</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410</td><td>-</td><td>281</td><td>-</td><td>52</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,076</td><td>-</td><td>514</td><td>-</td><td>24</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>19</td><td>875</td><td>10</td><td>613</td><td>-</td><td>122</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>19</td><td>1,155</td><td>-</td><td>440</td><td>-</td><td>122</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,181</td><td>-</td><td>676</td><td>-</td><td>104</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>17</td><td>903</td><td>-</td><td>407</td><td>-</td><td>104</td></tr><tr><th>From domestic customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-November</td><td>-</td><td>6</td><td>5,601</td><td>1,534</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>779</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,462</td><td>938</td><td>1,020</td><td>-</td><td>920</td><td>-</td><td>100</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>765</td><td>18</td><td>745</td><td>-</td><td>2</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>1,498</td><td>322</td><td>904</td><td>-</td><td>272</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>1,677</td><td>180</td><td>415</td><td>-</td><td>1,082</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,357</td><td>1,128</td><td>20</td><td>718</td><td>-</td><td>390</td></tr><tr><td>September</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></tr><tr><td>October</td><td>-</td><td>10</td><td>3,058</td><td>4,642</td><td>1,974</td><td>-</td><td>1,326</td><td>-</td><td>648</td></tr></table>
Sales contracts
<table><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>8,569</td><td>827</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>102</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,967</td><td>662</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>582</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>171</td><td>2,553</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,249</td><td>218</td><td>1,778</td><td>19</td><td>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>395</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr><tr><td>July</td><td>-</td><td>47</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4</td><td>4,616</td><td>1,793</td></tr><tr><td>August</td><td>-</td><td>46</td><td>4,596</td><td>1,865</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>September</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>October</td><td>-</td><td>13</td><td>4,750</td><td>4,887</td><td>2,684</td><td>19</td><td>172</td><td>4</td><td>2,489</td><td>1,200</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>840</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>10</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</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>October</td><td>-</td><td>-</td><td>-</td><td>500</td><td>170</td><td>-</td><td>-</td><td>-</td><td>170</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>7,729</td><td>109</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>9,829</td><td>1,072</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,127</td><td>420</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>429</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>139</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,239</td><td>192</td><td>1,778</td><td>19</td><td>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>391</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr><tr><td>July</td><td>-</td><td>47</td><td>5,245</td><td>1,290</td><td>4,702</td><td>19</td><td>63</td><td>4</td><td>4,616</td><td>1,793</td></tr><tr><td>August</td><td>-</td><td>46</td><td>4,596</td><td>1,365</td><td>3,553</td><td>19</td><td>21</td><td>4</td><td>3,509</td><td>2,137</td></tr><tr><td>September</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>October</td><td>-</td><td>13</td><td>4,750</td><td>4,387</td><td>2,514</td><td>19</td><td>172</td><td>4</td><td>2,319</td><td>1,200</td></tr></table>
94
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th 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="10">Purchases</td></tr><tr><td>Total purchases: 1945-November</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Spot</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward</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>December</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>Spot</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>Forward</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>1946-January</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>Spot</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>Forward</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>February</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Spot</td><td>138,241</td><td>69,819</td><td>57,369</td><td>1,113</td><td>654</td><td>-</td><td>25</td><td>163</td><td>1,732</td><td>329</td></tr><tr><td>Forward</td><td>13,002</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</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>Spot</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Forward</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>April</td><td>13,646</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>Spot</td><td>22,356</td><td>17,545</td><td>17,489</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Forward</td><td>158,676</td><td>100,792</td><td>86,923</td><td>1,938</td><td>1,041</td><td>-</td><td>53</td><td>333</td><td>1,492</td><td>174</td></tr><tr><td>May</td><td>26,067</td><td>17,362</td><td>17,247</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>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>June</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>Spot</td><td>20,086</td><td>15,233</td><td>15,216</td><td>2</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Forward</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>July</td><td>22,356</td><td>17,545</td><td>17,489</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Spot</td><td>158,676</td><td>100,792</td><td>86,923</td><td>1,938</td><td>1,041</td><td>-</td><td>53</td><td>333</td><td>1,492</td><td>174</td></tr><tr><td>August</td><td>15,334</td><td>12,865</td><td>12,754</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>103,736</td><td>72,213</td><td>59,867</td><td>1,756</td><td>934</td><td>-</td><td>53</td><td>314</td><td>1,439</td><td>118</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>September</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>October</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>41</td><td>56</td></tr><tr><td>Spot</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Forward</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases from banks:</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>1945-November</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>Spot</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>December</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>Spot</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>Forward</td><td>7,729</td><td>2,783</td><td>2,704</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>73,184</td><td>52,693</td><td>44,196</td><td>928</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>Spot</td><td>7,102</td><td>4,490</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>February</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Spot</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>-</td><td>4</td><td>163</td><td>1,706</td><td>302</td></tr><tr><td>Forward</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,830</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>4,146</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>April</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>Spot</td><td>154,151</td><td>117,486</td><td>97,964</td><td>2,026</td><td>1,199</td><td>-</td><td>49</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>Forward</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>May</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>288</td><td>831</td><td>220</td></tr><tr><td>Spot</td><td>13,566</td><td>9,810</td><td>9,798</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>September</td><td>103,736</td><td>72,213</td><td>59,867</td><td>1,756</td><td>934</td><td>-</td><td>53</td><td>314</td><td>1,439</td><td>118</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>Purchases from others:</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>1945-November</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>Spot</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>Forward</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>December</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>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>1946-January</td><td>10,733</td><td>4,497</td><td>4,493</td><td>182</td><td>107</td><td>-</td><td>-</td><td>19</td><td>53</td><td>56</td></tr><tr><td>Spot</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>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>February</td><td>56,329</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>-</td><td>5</td><td>2</td><td>51</td><td>17</td></tr><tr><td>Spot</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>Forward</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>March</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>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>April</td><td>5,765</td><td>3,888</td><td>3,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>-</td><td>21</td><td>-</td><td>26</td><td>27</td></tr><tr><td>Forward</td><td>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>May</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>47,957</td><td>19,485</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>-</td><td>8</td><td>5</td><td>58</td></tr><tr><td>June</td><td>15,644</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>July</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>Spot</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</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>September</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>Spot</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>October</td><td>10,733</td><td>4,497</td><td>4,493</td><td>182</td><td>107</td><td>-</td><td>-</td><td>19</td><td>53</td><td>56</td></tr><tr><td>Spot</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>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></table>
(Continued on following page)
March 1947
95
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-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>5,776</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>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,531</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>1,899</td><td>5,353</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>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,706</td></tr><tr><td>February</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>Spot</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td>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>March</td><td>2,209</td><td>5,590</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td>Spot</td><td>78</td><td>-</td><td>-</td><td>3,381</td><td>248</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>Forward</td><td>2,052</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>April</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>May</td><td>2,867</td><td>5,502</td><td>375</td><td>38,895</td><td>6,414</td><td>7,281</td><td>-</td><td>7,281</td><td>9,766</td></tr><tr><td>Spot</td><td>21</td><td>-</td><td>-</td><td>3,306</td><td>370</td><td>1,903</td><td>-</td><td>1,903</td><td>-</td></tr><tr><td>June</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>417</td><td>-</td><td>-</td><td>3,468</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>July</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>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>August</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>21</td><td>-</td><td>-</td><td>3,034</td><td>347</td><td>1,404</td><td>-</td><td>1,404</td><td>6</td></tr><tr><td>September</td><td>2,295</td><td>6,197</td><td>346</td><td>32,596</td><td>6,628</td><td>7,859</td><td>-</td><td>7,859</td><td>10,801</td></tr><tr><td>Spot</td><td>12</td><td>-</td><td>-</td><td>3,783</td><td>3,386</td><td>1,505</td><td>-</td><td>1,505</td><td>31</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-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>17</td><td>-</td><td>-</td><td>2,278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>2,353</td><td>-</td><td>2,353</td><td>1,320</td></tr><tr><td>December</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>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>1946-January</td><td>1,890</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,093</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>February</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>-</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>March</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td>Spot</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>April</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>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</td><td>-</td></tr><tr><td>May</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>1,592</td></tr><tr><td>Spot</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>June</td><td>4,194</td><td>9,480</td><td>563</td><td>19,558</td><td>5,355</td><td>7,977</td><td>-</td><td>7,977</td><td>3,775</td></tr><tr><td>Spot</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>July</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>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>August</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>20</td><td>-</td><td>-</td><td>1,753</td><td>79</td><td>962</td><td>-</td><td>962</td><td>6</td></tr><tr><td>September</td><td>1,472</td><td>5,999</td><td>261</td><td>17,222</td><td>4,723</td><td>7,161</td><td>-</td><td>7,161</td><td>2,417</td></tr><tr><td>Spot</td><td>8</td><td>-</td><td>-</td><td>1,658</td><td>-</td><td>780</td><td>-</td><td>780</td><td>31</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1945-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>-</td><td>-</td><td>-</td><td>4,845</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>December</td><td>-</td><td>-</td><td>-</td><td>1,198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</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>-</td><td>-</td><td>-</td><td>328</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</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>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,254</td></tr><tr><td>Spot</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>April</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>-</td><td>-</td><td>-</td><td>646</td><td>114</td><td>490</td><td>-</td><td>490</td><td>-</td></tr><tr><td>May</td><td>140</td><td>152</td><td>80</td><td>18,707</td><td>1,130</td><td>461</td><td>-</td><td>461</td><td>8,174</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>581</td><td>370</td><td>340</td><td>-</td><td>340</td><td>-</td></tr><tr><td>June</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>445</td><td>-</td><td>445</td><td>9,103</td></tr><tr><td>Spot</td><td>417</td><td>-</td><td>-</td><td>886</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr><tr><td>July</td><td>424</td><td>94</td><td>212</td><td>15,204</td><td>1,992</td><td>680</td><td>-</td><td>680</td><td>9,971</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>597</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>1,961</td><td>400</td><td>118</td><td>15,184</td><td>1,637</td><td>781</td><td>-</td><td>781</td><td>6,398</td></tr><tr><td>Spot</td><td>1</td><td>-</td><td>-</td><td>1,301</td><td>268</td><td>442</td><td>-</td><td>442</td><td>-</td></tr><tr><td>September</td><td>823</td><td>198</td><td>85</td><td>15,374</td><td>1,905</td><td>698</td><td>-</td><td>698</td><td>8,384</td></tr><tr><td>Spot</td><td>4</td><td>-</td><td>-</td><td>2,125</td><td>3,386</td><td>725</td><td>-</td><td>725</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
9 t
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 21 - Purchases and Sales of Foreign Exchange (SFr + ex. 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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>Spot 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></td><td>Forward 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>December</td><td>Spot 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></td><td>Forward 19,340</td><td>7,964</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January</td><td>Spot 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></td><td>Forward 23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot 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></td><td>Forward 19,294</td><td>12,200</td><td>12,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot 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></td><td>Forward 23,695</td><td>14,958</td><td>14,937</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot 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></td><td>Forward 19,399</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>May</td><td>Spot 124,190</td><td>75,340</td><td>61,122</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></td><td>Forward 16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>June</td><td>Spot 123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>-</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td></td><td>Forward 23,010</td><td>12,120</td><td>11,856</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot 159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>32</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td></td><td>Forward 75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>August</td><td>Spot 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>937</td><td>343</td></tr><tr><td></td><td>Forward 24,874</td><td>19,078</td><td>18,991</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td>September</td><td>Spot 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></td><td>Forward 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>October</td><td>Spot 152,390</td><td>98,846</td><td>84,493</td><td>1,793</td><td>1,071</td><td>-</td><td>36</td><td>318</td><td>1,548</td><td>174</td></tr><tr><td></td><td>Forward 33,173</td><td>24,277</td><td>23,582</td><td>105</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1945-November</td><td>Spot 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></td><td>Forward 8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot 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></td><td>Forward 8,239</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>Spot 37,088</td><td>19,137</td><td>16,193</td><td>82</td><td>17</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td></td><td>Forward 6,220</td><td>3,980</td><td>3,877</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot 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></td><td>Forward 7,919</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot 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></td><td>Forward 13,310</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot 26,615</td><td>29,545</td><td>25,828</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>243</td></tr><tr><td></td><td>Forward 10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot 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></td><td>Forward 9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot 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></td><td>Forward 8,919</td><td>6,275</td><td>6,011</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot 68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td></td><td>Forward 28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>August</td><td>Spot 58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td></td><td>Forward 14,639</td><td>12,231</td><td>12,811</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>September</td><td>Spot 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></td><td>Forward 18,001</td><td>14,987</td><td>14,935</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>October</td><td>Spot 75,619</td><td>50,422</td><td>45,381</td><td>453</td><td>290</td><td>-</td><td>5</td><td>47</td><td>784</td><td>44</td></tr><tr><td></td><td>Forward 17,744</td><td>15,014</td><td>14,676</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to others:</td></tr><tr><td>1945-November</td><td>Spot 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></td><td>Forward 9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>December</td><td>Spot 50,934</td><td>32,935</td><td>25,641</td><td>286</td><td>289</td><td>-</td><td>-</td><td>64</td><td>302</td><td>75</td></tr><tr><td></td><td>Forward 11,081</td><td>2,892</td><td>2,459</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January</td><td>Spot 59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td></td><td>Forward 17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot 61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>4</td><td>271</td><td>306</td><td>106</td></tr><tr><td></td><td>Forward 11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot 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>141</td></tr><tr><td></td><td>Forward 10,189</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>April</td><td>Spot 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></td><td>Forward 9,380</td><td>4,980</td><td>4,999</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>May</td><td>Spot 72,033</td><td>43,792</td><td>34,670</td><td>1,051</td><td>693</td><td>-</td><td>13</td><td>612</td><td>327</td><td>142</td></tr><tr><td></td><td>Forward 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>Spot 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>163</td></tr><tr><td></td><td>Forward 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>Spot 90,194</td><td>60,775</td><td>46,625</td><td>1,601</td><td>773</td><td>-</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td></td><td>Forward 47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td></tr><tr><td>August</td><td>Spot 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>389</td><td>211</td></tr><tr><td></td><td>Forward 10,239</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>Spot 68,333</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></td><td>Forward 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><tr><td>October</td><td>Spot 76,771</td><td>48,424</td><td>39,112</td><td>1,340</td><td>781</td><td>-</td><td>31</td><td>271</td><td>764</td><td>130</td></tr><tr><td></td><td>Forward 15,429</td><td>9,263</td><td>8,906</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
March 1947
47
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Svedae</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-November</td><td>Spot....................</td><td>1,347</td><td>5,723</td><td>264</td><td>24,141</td><td>1,880</td><td>1,220</td><td>-</td><td>1,220</td><td>910</td></tr><tr><td>Forward....................</td><td>8</td><td>-</td><td>-</td><td>8,326</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>Forward....................</td><td>52</td><td>-</td><td>662</td><td>10,174</td><td>1,015</td><td>122</td><td>-</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>1,510</td><td>4,795</td><td>-</td><td>4,795</td><td>4,588</td></tr><tr><td>Forward....................</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>269</td><td>1,262</td><td>-</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot....................</td><td>1,988</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>-</td><td>6,272</td><td>4,177</td></tr><tr><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>230</td><td>2,008</td><td>-</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>41,450</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,120</td></tr><tr><td>Forward....................</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>-</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>Forward....................</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</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>Forward....................</td><td>132</td><td>-</td><td>-</td><td>5,139</td><td>123</td><td>307</td><td>-</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>37,016</td><td>5,900</td><td>7,562</td><td>-</td><td>7,562</td><td>5,801</td></tr><tr><td>Forward....................</td><td>264</td><td>-</td><td>-</td><td>8,468</td><td>530</td><td>1,859</td><td>-</td><td>-</td><td>1,859</td><td>33</td></tr><tr><td>July</td><td>Spot....................</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,659</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td>Forward....................</td><td>1,161</td><td>-</td><td>114</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>-</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>Forward....................</td><td>23</td><td>-</td><td>-</td><td>4,342</td><td>645</td><td>425</td><td>-</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>Forward....................</td><td>35</td><td>-</td><td>-</td><td>5,334</td><td>460</td><td>427</td><td>-</td><td>-</td><td>427</td><td>399</td></tr><tr><td>October</td><td>Spot....................</td><td>2,890</td><td>6,189</td><td>334</td><td>30,969</td><td>6,386</td><td>8,265</td><td>-</td><td>8,265</td><td>7,924</td></tr><tr><td>Forward....................</td><td>590</td><td>-</td><td>-</td><td>4,832</td><td>3,325</td><td>605</td><td>-</td><td>-</td><td>605</td><td>14</td></tr><tr><td colspan="10">Sales to banks:</td></tr><tr><td>1945-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>Forward....................</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</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>Forward....................</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</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>Forward....................</td><td>99</td><td>-</td><td>-</td><td>2,058</td><td>188</td><td>-</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>Forward....................</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</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>Forward....................</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>-</td><td>530</td><td>-</td></tr><tr><td>April</td><td>Spot....................</td><td>976</td><td>1,081</td><td>118</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td>Forward....................</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><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>Forward....................</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</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>Forward....................</td><td>264</td><td>-</td><td>-</td><td>2,458</td><td>53</td><td>133</td><td>-</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>Forward....................</td><td>417</td><td>-</td><td>38</td><td>2,452</td><td>103</td><td>94</td><td>-</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>Forward....................</td><td>7</td><td>-</td><td>-</td><td>1,846</td><td>562</td><td>31</td><td>-</td><td>-</td><td>31</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>Forward....................</td><td>-</td><td>-</td><td>-</td><td>2,824</td><td>-</td><td>160</td><td>-</td><td>-</td><td>160</td><td>-</td></tr><tr><td>October</td><td>Spot....................</td><td>1,845</td><td>1,479</td><td>94</td><td>16,764</td><td>2,018</td><td>1,923</td><td>-</td><td>1,923</td><td>4,492</td></tr><tr><td>Forward....................</td><td>336</td><td>-</td><td>-</td><td>2,104</td><td>36</td><td>596</td><td>-</td><td>-</td><td>596</td><td>-</td></tr><tr><td colspan="10">Sales to others:</td></tr><tr><td>1945-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>1,740</td></tr><tr><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td><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>Forward....................</td><td>92</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>-</td><td>122</td><td>65</td></tr><tr><td>1946-January</td><td>Spot....................</td><td>852</td><td>4,073</td><td>165</td><td>15,841</td><td>3,633</td><td>4,187</td><td>-</td><td>4,187</td><td>1,837</td></tr><tr><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>787</td><td>1,262</td><td>-</td><td>-</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>Forward....................</td><td>-</td><td>-</td><td>-</td><td>3,099</td><td>430</td><td>1,577</td><td>-</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>3,863</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>-</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>Forward....................</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</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>Forward....................</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</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>17,988</td><td>4,626</td><td>7,028</td><td>-</td><td>7,028</td><td>1,862</td></tr><tr><td>Forward....................</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>477</td><td>1,726</td><td>-</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>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>-</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>Forward....................</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</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>Forward....................</td><td>35</td><td>-</td><td>-</td><td>2,480</td><td>460</td><td>267</td><td>-</td><td>-</td><td>267</td><td>399</td></tr><tr><td>October</td><td>Spot....................</td><td>1,045</td><td>4,710</td><td>240</td><td>14,205</td><td>4,368</td><td>6,342</td><td>-</td><td>6,342</td><td>3,432</td></tr><tr><td>Forward....................</td><td>254</td><td>-</td><td>-</td><td>2,726</td><td>3,289</td><td>109</td><td>-</td><td>-</td><td>109</td><td>40</td></tr></table>
<table><tr><td>Treas. HJ 10 .A2 1947 c.2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>