BUY AND HOLD UNITED STATES SAVINGS BONDS
TREASURY
BULLETIN
MAY - 1947
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
May 1947
1
Table of Contents
Page
Cumulative table of contents 11
Article section:
<table><tr><td>The role of savings bonds in public debt management (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>America's foreign economic policy (speech by the Secretary of the Treasury)</td><td>A-3</td></tr><tr><td>Spreading the public debt (speech by the Under Secretary of the Treasury)</td><td>A-7</td></tr><tr><td>Other speeches by Treasury officials</td><td>A-10</td></tr><tr><td>Preliminary statistics from corporation income and taxable excess profits tax returns for 1944</td><td>A-11</td></tr><tr><td>Treasury market financing</td><td>A-18</td></tr></table>
Statistical section:
<table><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>16</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>19</td></tr><tr><td>Ownership of United States Government securities</td><td>46</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>54</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>61</td></tr><tr><td>Internal revenue statistics</td><td>75</td></tr><tr><td>Monetary statistics</td><td>80</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>87</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="4">1947</th><th colspan="7">1946</th></tr><tr><th>May</th><th>Apr.</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></tr><tr><td>The role of savings bonds in public debt management (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>America's foreign economic policy (speech by Secretary Snyder).</td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spreading the public debt (speech by Under Secretary Wiggins).</td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement of Secretary Snyder on the price situation.</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>An inventory of our national situation (speech by Secretary Snyder).</td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>A prosperous America of tomorrow (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>The role of the savings bonds program in today's economy (speech by Secretary Snyder).</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>The economic problems of world peace and security (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</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>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></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinoon).</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 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></td><td></td><td>A-1</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></td><td></td><td>A-5</td></tr><tr><td>Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-12</td></tr><tr><td>Other speeches by Treasury officials.</td><td>A-10</td><td>A-4</td><td></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></tr><tr><td>Comparison of individual income tax effective rates and liabilities - revenue acts of 1913-1945.</td><td></td><td></td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></td><td></td><td>A-3</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></td><td></td><td></td><td>A-9</td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</td></tr><tr><td>Assets and liabilities of all active banks in the United States: December 31, 1939-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>A-6</td><td></td></tr><tr><td>December 31, 1939-December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-11</td></tr><tr><td>Statistics of income: Corporation income and taxable excess profits tax returns: Preliminary report for 1944. Final report for 1943.</td><td>A-11</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></tr><tr><td>Federal land bank financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-17</td></tr><tr><td>Federal Home Loan Bank financing.</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>Treasury market financing.</td><td>A-18</td><td>A-2</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></tr></table>
(Continued on following page)
May 1947
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="5">1947</th><th colspan="7">1946</th></tr><tr><th></th><th>May</th><th>Apr.</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></tr><tr><td><b>Summary of fiscal statistics</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td><b>Receipts and expenditures</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>5</td><td></td><td></td><td></td><td></td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td></td><td></td><td></td><td></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>5</td><td>5</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</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><td>7</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>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for war and defense activities</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for 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>8</td><td>8</td><td>9</td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc. (net)</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><td>9</td><td></td><td></td><td></td><td></td></tr><tr><td>Total budgetary receipts and expenditures by months and calendar years beginning with:</td><td></td><td></td><td></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 1938</td><td>9</td><td>9</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></tr><tr><td>January 1937</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</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>11</td><td>11</td><td>12</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td><b>Social security program</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Account</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Statements of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</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>14</td><td>14</td><td>15</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>14</td><td>14</td><td>15</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></td><td></td><td>15-16</td><td>15-16</td><td>15-16</td><td></td><td></td></tr><tr><td><b>Cash income and outgo of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</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:</td><td></td><td></td><td></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 1942</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>16</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>January 1941</td><td></td><td></td><td></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>General fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets of the general fund</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>18</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Balance in the general fund</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>18</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of change 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>18</td><td>18</td><td>19</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td><b>Public debt and guaranteed obligations of United States Government</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years 1937-1946</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>21</td><td>21-22-23</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 1936-1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monthly date</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>22</td><td>22-23-24</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td></tr><tr><td>Chart</td><td>22</td><td>22</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></tr><tr><td>Special issues</td><td>23</td><td>23</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></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>24</td><td>24</td><td>26</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><td></td></tr><tr><td>Statutory limitation - statement, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>28</td><td>28</td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</td><td>28</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>27</td><td>27</td><td>27</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>25</td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</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>25</td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</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>25</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><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>25</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td></tr><tr><td>March 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><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>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></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</td><td>26</td><td>26</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></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the United States</td><td>27-29</td><td>27-29</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="7">1947</th><th colspan="7">1946</th></tr><tr><th>May</th><th>Apr.</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></tr><tr><td colspan="14">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>30</td><td>30</td><td>29</td><td>29</td><td>31</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, and guaranteed securities.</td><td>31</td><td>31</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></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>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></tr><tr><td>Sales and redemptions of United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>34</td><td>34</td><td>34</td><td>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></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>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></tr><tr><td>Sales by series, classified by denominations.</td><td>38</td><td>38</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>39</td><td>39</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></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>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></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>42</td><td>42</td><td>41</td><td>41</td><td>43</td><td>44</td><td>44</td><td>44</td></tr><tr><td>Sales and redemptions of Treasury savings 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></tr><tr><td>Summary of sales and redemptions, by series.</td><td>43</td><td>43</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></tr><tr><td>Sales and redemptions of series C Treasury savings 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></tr><tr><td>Sales and redemptions.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>42</td><td>42</td><td>44</td><td>45</td><td>45</td><td>45</td></tr><tr><td>Sales by denomination.</td><td>44</td><td>44</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></tr><tr><td>Sales by type of purchaser.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>46</td><td>46</td><td>46</td></tr><tr><td>Sales and redemptions of United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</td><td>45</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></tr><tr><td>Sales by denominations.</td><td>45</td><td>45</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></tr><tr><td colspan="14">Ownership of United States Government securities</td></tr><tr><td>Summary distribution by classes of holders.</td><td>47</td><td>47</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></tr><tr><td>Estimated ownership by classes of banks and non-bank investors.</td><td>48</td><td>48</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></tr><tr><td>Net market transactions in Government securities for Treasury investment accounts, monthly beginning:</td><td></td><td></td><td></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 1939.</td><td>48</td><td>48</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></tr><tr><td>January 1938.</td><td></td><td></td><td></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 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><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><td>51-55</td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>51-55</td><td></td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50-54</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>48-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946.</td><td></td><td></td><td></td><td></td><td>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></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>September 30, 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><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><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><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><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 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><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-59</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>54-58</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><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">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><td>62-64</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></td><td>57-59</td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-63</td><td></td><td></td><td></td></tr><tr><td>June 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</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>60-62</td><td>54-56</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946.</td><td></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><td></td></tr><tr><td>October 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946.</td><td></td><td></td><td>60-62</td><td></td><td>55-57</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></td><td></td><td></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></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 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><tr><td>March 31, 1947.</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yields of Treasury securities.</td><td>58</td><td>58</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1939.</td><td>59</td><td>59</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></tr><tr><td>Yields beginning with 1938.</td><td>60</td><td>60</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></tr><tr><td>Chart.</td><td></td><td></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>
(Continued on following page)
May 1947
V
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="5">1947</th><th colspan="8">1946</th></tr><tr><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sopt.</th><th>Aug.</th><th>July</th><th>June</th></tr><tr><td colspan="12">Corporations and certain other agencies of the United States Government</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></td><td></td><td></td><td>69,73-77</td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>61,65-69</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>62,66-70</td><td></td><td>62,66-70</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td>62,66-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan: March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td><td></td><td></td><td>70-72</td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense: First nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td>64-69</td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td>62-67</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>62-67</td><td></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 six 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 nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td>76-81</td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td></tr><tr><td>Fiscal year 1946</td><td></td><td></td><td></td><td>68-73</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>68-73</td><td></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 six 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>74</td><td>71</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></tr><tr><td colspan="12">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data</td><td>76</td><td>73</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></tr><tr><td>Chart</td><td>77</td><td>74</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></tr><tr><td>Comparative details for current periods</td><td>78-79</td><td>75-76</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></tr><tr><td colspan="12">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>66-67</td><td></td><td>69-70</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td>81-82</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td>81-82</td><td></td><td></td><td></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>83</td><td>78</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></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: 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></td><td></td><td></td><td></td><td>68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td>83</td><td></td><td></td><td>83</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td>83</td><td></td><td>72</td><td></td><td>72</td><td>72</td><td>74</td><td></td><td>84</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>83</td><td>78</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></tr><tr><td>Monetary stocks of gold and silver</td><td>84</td><td>79</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></tr><tr><td>Components of silver monetary stock</td><td>84</td><td>79</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>85</td><td>80</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></tr><tr><td>Seigniorage on silver</td><td>86</td><td>81</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></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Capital movements between the United States and foreign countries and net position in foreign currencies</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>88-90</td><td>83-85</td><td>77-79</td><td>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></tr><tr><td>Summary by countries</td><td>91-98</td><td>86-93</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></tr><tr><td>Details: December 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>107-109</td></tr><tr><td>January-February 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-99</td><td></td></tr><tr><td>March 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>88-90</td><td>85-87</td><td></td><td></td></tr><tr><td>April 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>103-105</td><td></td><td></td><td></td><td></td></tr><tr><td>May 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1946</td><td></td><td></td><td></td><td></td><td>88-90</td><td>84-86</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1946</td><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1946</td><td></td><td></td><td></td><td></td><td>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1946</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><td></td></tr><tr><td>October 1946</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><td></td></tr><tr><td>November 1946</td><td>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 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>102-108</td><td>97-103</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></tr></table>
May 1947
A-1
The Role of Savings Bonds in Public Debt Management
The following address was delivered by Secretary Snyder before the United States Savings Bond Conference at Washington, D. C. on March 19, 1947.
I should like to preface my remarks with an expression of appreciation to all of you for coming here to Washington for these meetings. Many of you are veterans of the wartime Savings Bond campaign, and your continued interest in the savings program is cause for much gratification.
The American Bankers Association State Savings Bond Committee Chairmen have played a most important part in our promotional activities. The Treasury is grateful for your cooperation. We are also fortunate to have with us today the Presidents and Secretaries of most of the State Bankers Associations. To all of you I extend a cordial greeting from the Treasury.
The public debt is now a little below $260 billion. This is about five times the size of the debt when the Series E Savings Bond Program was inaugurated in May of 1941. The Federal debt today is greater than the combined amount of all other indebtedness in the United States. It follows that the public debt is an economic problem of prime import to every one of us.
We need not be overwhelmed by its magnitude, but neither can we prudently underestimate its far reaching effect upon the national economy. We cannot adopt the ostrich policy of ignoring problems because they are difficult. The size of the debt emphasizes the importance of its proper management, and we must be constantly alert that this debt management is fashioned to current economic conditions. The key to the management of our debt lies in the ownership distribution of its securities. In round numbers, this ownership is split three ways: about one-fourth is owned by individuals; about three-eighths is owned by other nonbank investors, including such groups as insurance companies, nonfinancial corporations and associations; and about three-eighths is owned by commercial banks and Federal Reserve Banks.
The Treasury follows the policy of fitting securities to the needs of the various investor classes. It is my opinion that this policy substantially reduces the problems of managing the debt.
Savings bonds provide a very good example of this procedure.
They are designed to take care of the inexperienced investor and to eliminate all market risks from his Federal securities. We have protected the holders of savings bonds from market fluctuations. In this way we have not only helped the savings bond holder - we have at the same time protected the stability of the bond market by eliminating the danger of panic unload-ing in this sphere. A noteworthy fact is that the stock market decline last year had no serious repercussions either in savings bond redemptions or in the Government bond market.
It is encouraging to see the volume of savings bond investments steadily rising. I do not believe many would have forecast on V-J Day that there would be more savings bonds outstanding in the spring of 1947 than at that time. Yet in the intervening period, the volume of savings bonds outstanding has increased by almost 10%. This is due to the fact that while sales have held up remarkably well redemptions have been declining.
The first seventy-two days of 1947 show a remarkable improvement in the savings bond situation as compared with the same period last year. Sales of all series are up about $150 million notwithstanding the fact that last year's figures included some $300 million of Victory Loan sales in the first few days of January. Sales of E bonds are about the same in both years, but are up substantially if adjustment is made for the Victory Loan spillover. Redemptions of E bonds are down 39% in the first 72 days of this year, while redemptions of all series are reduced by 26%.
On net balance, sales of all series exceeded redemptions by almost $1 billion in the first 72 days of this year, or about twice the amount of last year. For E bonds alone the record is even better; sales this year have exceeded redemptions by more than $300 million, while last year sales fell short of matching redemptions by more than $100 million. This record evidences the extent of public confidence in the savings bond as a regular means of investment.
A-2
Treasury Bulletin
In all, individual ownership totaled nearly $65 billion of Federal securities as compared with about $10 billion at the start of the E bond program. Never before have so many millions of individuals owned bonds directly. And these facts reveal more than a change in the size of security holdings by individuals - they are a demonstration of the American public demand for sound financial protection.
Judicious ownership of the public debt requires a wide distribution. Such a policy contributes to sound Government and to a healthy economic and financial structure. In fact, it contributes to democracy itself, in that participation is one of the keynotes of democracy - participation in elections, participation in running the Government, participation in paying taxes, and participation in sharing the public debt.
One of the underlying reasons for the success of the Savings Bond Program has been the effective character of the sales force. Even in the war loan days the central Treasury staff for savings bonds was only a nucleus. It was the State War Finance committees, the County committees, and all of the other local committees which succeeded in organizing millions of volunteers to do the job. It would have been impossible to hire this huge staff. Not only would the cost have been prohibitive, but we couldn't have hired many of the people at any price. And I am sure that the results from a highly centralized effort would not have compared with the achievements of our volunteer organization.
The same thing is true today. The Treasury staff is essentially a service group to help organize and keep the Savings Bond Program revitalized. The bulk of the work must be done locally. The Treasury has always looked to the banks for a major part of this endeavor. And the banks have always turned in a fine job. So it is natural that the Treasury should call again on the banks at this time.
This morning you heard about the program we have for setting up the new Bond-a-Month Plan in
the banks. Under this method, a depositor with a checking account would merely sign a card authorizing his bank to deduct funds for the purchase of one or more bonds a month.
I believe that this new plan will materially add to the success of the Savings Bond Program. It will strengthen the effort to reach the community and farm market. These important groups of our population are not now being covered as well as they were during the war loan period. I am thinking particularly of the small businessman and his employees, of professional and other self-employed persons, of men and women with recurring income for investments, and of farmers with steady income. The new plan will supplement the Payroll Plan which, I am happy to say, is still most successful in many of the firms which adopted it during the war period.
The public debt is a grim reality. Its management is a vital matter that affects all of us. The whole future of the banking system is bound up in its successful management. Two-thirds of the earning assets of commercial banks today consist of Government securities. We must all collaborate to achieve proper debt management.
In closing, may I say again how much we in the Treasury appreciate your help in the Savings Bond work, and your attendance at the meetings today. I hope you will bend every effort to assist in the new Bond-a-Month Plan. It will help, too, if you will explain to people the need and importance of the Savings Bond Program. It is not always understood why savings bond ownership should be increased even though the debt is being reduced. I hope you will illustrate the benefits of a widespread distribution of the debt and the fact that savings bond money is used to help re-finance the debt rather than to increase it.
We need your cooperation and assistance more than ever. With the help of the bankers of this country, and of the businessmen running the Pay-roll Savings Plan, we will do an outstanding job in the Savings Bond Program.
May 1947
A-3
America's Foreign Economic Policy
The following address was delivered by Secretary Snyder before a meeting sponsored by the United Nations Council of Philadelphia, at Philadelphia, Pennsylvania on April 2, 1947.
It is a privilege to address you on the subject of America's foreign economic policy.
Only last November I had the pleasure of speaking here in Philadelphia before the Foreign Policy Association.
At that time I said that one of the things we must guard against is an attitude of impatience that might impel us into a "what's the use" psychology, and into a new frustration of isolationism which could dissipate our influence for world improvement.
I pointed out that we should have no illusions about the time and effort needed to cure the illa of our war-wrecked world. We must display forbearance, we must strive for sympathy and understanding with our neighbors. Above all, we must not become discouraged.
The events of the past few months have served to emphasize anew the magnitude of the task that the world faces, a task to which we as a nation have committed ourselves. It is a task which our position as one of the world's most powerful countries and which our own self-interest impels us to accept.
Even the elements seem to have conspired against us. The most terrible winter in many decades has served to make more difficult the position of the British, and to have increased many-fold the suffering throughout most of Europe.
It is not surprising that we are all disturbed by the recent manifestations of the seriousness of the world economic and political situation. Despite our own great sacrifice in blood and wealth to the winning of military victory, it is difficult for us to realize fully the widespread devastation in most of the rest of the world.
We must strive to attain that understanding, and exercise that leadership which the situation requires, we must accept responsibility in the knowledge of our own stake in the building of a sound and stable world economy.
The events of the past few weeks have emphasized anew that in our search for peace and security, political and economic stability are inseparable. It is indeed gratifying, and I think fortunate for our country and for the world that we have been able to attain substantial unity of thinking in our own political field in the charting of our course of cooperation with the other nations. Our policies have had the support of the leadership of both the major parties.
We have sought to exert our influence through the creation and support of the United Nations, its committees and its commissions, and the specialized international organizations. If our progress toward world amity seems slow and faltering at times we nevertheless have made, and are making, constructive progress.
The efforts of Secretary Marshall, and of our representatives within the United Nations organizations, will be immeasurably strengthened by the continued whole-hearted support of the President's policies which has been manifested by the American people.
The broader aspects of our participation in world economic and financial stabilization efforts likewise have had substantial non-partisan support, and public endorsement.
With the imposing record of achievement in international economic and financial cooperation already made, there is basis, I am sure, for the hope that we may have - with a full understanding on the part of the public, labor, and industry - similar support for our efforts to eliminate discriminatory practices in international trade and to lower barriers to world commerce, such as restrictive quotas, embargoes, and excessive duties and tariffs.
Let us review, for a moment, this nation's policies in the field of international economic and financial stabilization, and note just where the machinery we have provided fits into the pattern established since the end of hostilities.
It has been a broad program of financial assistance and cooperation to aid the reconstruc-
A-4
Treasury Bulletin
tion of war-devastated countries and to foster expansion of world trade on a multilateral basis, as well as to promote relative monetary stability.
Our program has included not only active participation in international organizations, but financial aid through the Export-Import Bank loans, through specific Congressional loans for the United Kingdom and the Philippine Republic, through credit arrangements covering sales to foreign Governments of surplus property located abroad, through lend-lease settlements, and through payment for currencies provided by foreign countries to our military forces during the war.
Pending the start of active lending operations by the International Bank, the Export-Import Bank, under the increased lending powers voted by the Congress, has authorized loans urgently needed by war torn countries, in addition to continuing its normal functions of financing foreign trade.
The United States Government's program of international financial cooperation was further implemented by Congressional approval in July 1946 of a $3,750 million line of credit to the United Kingdom for the purpose of aiding that country to restore her economy. So far, Britain has drawn some $1,300 million of that credit to meet her more urgent needs.
As a part of the Anglo-American Financial and Commercial Agreement, provision was made for the relaxation by Britain of restrictive trade practices to which she was forced to resort because of the war drain on her financial resources. These provisions will loom more and more important as a stimulus to our own foreign trade in the months and years ahead.
The International Bank for Reconstruction and Development, and the International Monetary Fund, which this Government helped to create, now are entering the stage of active operations in their respective fields.
The International Monetary Fund came into existence at the end of a period marked by the accumulation of foreign exchange restrictions of various kinds, the dangers of competitive exchange alterations, and a maze of other obstacles which hamper the growth of world trade.
The purpose of the Fund is to promote exchange stability and to maintain orderly exchange arrangements among members by consultation and collaboration through the machinery of a permanent institution.
The International Monetary Fund, with 42 nations as members, is now in operation. As you know, on December 18, 1946, the Fund announced its schedule of initial par values, and that it would begin exchange transactions on March 1, 1947.
This is the first time that a large number of nations have submitted their exchange rates to consideration by an international organization. Thus, a new phase of international monetary cooperation has begun.
The International Bank came into existence at a period when the international investment of private capital was practically at a standstill, and when the economies of many of the countries of the world were greatly damaged and disrupted by war.
The purpose of the World Bank is to promote private foreign investment and to assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes.
I sincerely believe that these recent weeks, during which the top leadership of the Bank has been reconstituted, have placed the institution in a position to go forward along a clearly defined path of service.
The Fund and the Bank should make an important contribution to the expansion of world trade, and to the achievement and maintenance of high levels of employment, production, and purchasing power.
You will note that through these specialized international organizations, we have enlisted the cooperation and aid of over 40 nations in joint efforts to meet pressing world economic problems
The formulation and coordination of the foreign financial policies of the United State which have been implemented through these various agencies and operations, have been effected through a National Advisory Council of Cabinet members and heads of United States financial
May 1947
A-5
agencies which was set up by the Congress. This has contributed greatly to the soundness of our program.
I have discussed our cooperative effort toward world recovery thus far, largely in terms of operations in the financial field.
There is another, and perhaps even more direct approach to which we are giving our support and encouragement. I refer to the International Trade Organization.
The charter of the International Trade Organization was conceived at the end of a period marked by great economic hostility among nations. I need not recite here the effects of the imposition of embargoes, of import quotas, of export subsidies, of exchange controls and restrictions, and of the maintenance of high and discriminatory tariffs.
The charter of the International Trade Organization is a practical alternative to such conditions. It would impose a code of fair conduct in trade and commerce on the participating members. It offers the chances for the countries of the world to work together for mutual advantage.
The world trade charter proffers the choice between the economic conflict of the past and the prospect of international cooperation in world trade, on which peace and security so clearly depend.
The United States took the lead in proposing a charter for world trade. A preparatory committee of 15 nations met in London late last year to draft provisions of this proposed agreement. The result was encouraging. A second meeting of the representatives of the nations is being held this month in Geneva to complete the work.
The adoption by the nations of a code of fair practices in international trade is vital to the success of the foreign policy of the United States, political and economic.
I should like to mention here the policy the Administration is pursuing toward lowering of trade barriers under the Reciprocal Trade Agreements Act. President Truman has set forth our objectives clearly and positively. Negotiations for the reciprocal reduction of tariffs will be
carried on at Geneva simultaneously with consideration of the International Trade Charter.
We must make concessions if we are to obtain concessions. But there is no intention to sacrifice one group of our economy to benefit another group. Negotiations will be directed toward obtaining larger markets, both foreign and domestic, for the benefit of all. Action will be selective. The process will be one of considered, careful procedure, implemented by the most earnest effort to safeguard the interests of all our people.
I would say to those who fear that the trade agreement negotiations will prove disastrous to the interests of particular groups, that the whole history of our efforts at reciprocal action in this field refutes such fears.
If we do not have peaceful and expanding world trade, then most surely the nations of the world will resort to increasing use of the weapons of economic war. All of us know where that policy has led us in the recent past.
There is now pending before the Congress, and before the forum of American public opinion, a new and most important proposal. I refer to the President's request for authority to provide assistance to Greece and Turkey.
I feel that any detailed discussion of this proposal and its implications lies more appropriately in the province of the Chief Executive and the Department of State. They have given the Congress, and the people, the fullest possible information in that respect.
We have cause for gratification in the fact that the consideration of aid to Greece and Turkey is on a non-partisan basis.
Support of the cause of freedom anywhere in the world is a part of the framework of American foreign policy. Greco-Turkish assistance is consistent with that principle.
The cost of such a program naturally concerns all of us who realize the urgent need for curtailment of federal expenditures, and continuation of a program of debt reduction.
But this nation made a tremendous contribution to the winning of military victory.
A-6
Treasury Bulletin
The amount needed now, and what conceivably may be needed in the future, are necessary for the preservation of the fruits of that victory.
The vital issues are peace, freedom, and security for us, and for all the world.
And the three are indivisible.
It is not by accident that this nation has taken the leadership in the struggle for peace. We have emerged from the recent hostilities with great strength, amidst a world damaged and disorganized to a degree that cannot yet be measured.
Spared the extent of the sufferings and misfortunes of some of the other nations, we have
accepted the enlarged role that inevitably befalls us.
Great masses of the people of the world look to us for guidance and direction. This direction and guidance we must give.
At the same time our new role in world affairs imposes on us vastly enlarged responsibilities toward the peoples of the world.
The people of this nation, and the leaders of both its great parties, have not hesitated to accept this new role. This heartening understanding among our people, this unity of purpose is the strongest augury for our success in these efforts. We will not fail.
May 1947
A-7
Spreading the Public Debt
The following address was delivered by A. Lee M. Wiggins, Under Secretary of the Treasury, before the United States Savings Bond Conference at Washington, D. C. on March 19, 1947.
I wish to add a word of welcome to this conference on Savings Bonds. I am glad to see such a representative group of the banking fraternity assembled here with the State Chairmen and the State Directors of the Savings Bond Program to discuss the ways and means of stepping up the sales of Savings Bonds.
This is the first time that I have addressed any group since assuming a position with the Treasury and it is pleasing to me that the subject is one in which all of us are so keenly interested and in which there has been such a fine degree of cooperation between Government and individual citizens and groups.
The history of the savings bond sales is one of the great epics of the war. At no time in the history of the world have so many people given of themselves in a public service of financing their Government nor sold more securities to more people. It would be impossible to give adequate recognition to all who have participated, but I would like to say to the bankers of this country that their participation, their generous contribution of time and effort, and their wholehearted cooperation throughout has been an indispensable factor in the success of the program.
As a banker, I have taken part in many meetings and conferences of bankers devoted to planning for the sale of savings bonds and from that viewpoint have witnessed fine demonstrations of zeal to perform a service to the nation. Now, as an official of the Treasury, I am able to applaud from the standpoint of Government the effectiveness of the work of the bankers in promoting the widespread sale of Savings Bonds and I come up with the same answer: a good job has been done and a service for which the bankers are peculiarly fitted has been performed with distinction and with success.
The Savings Bond Program has always seemed to me to be a landmark in the handling of the public debt. From the very beginning it was an inspired idea that the American people should be invited to come in and help finance the Government in accordance with their means.
I am a strong believer in individual initiative and in freedom of choice and rebel at the idea of somebody telling other people what to do. During the war, I applauded the determination of the Treasury to avoid any system of forced saving and to capitalize the vigor and enthusiasm of a voluntary program in which all were invited to participate. It was the Savings Bond Program, of course, which made the voluntary system work out. It was further proof, if any were needed, of the validity of the American principle of democracy in action. It proved again that free men in a common cause voluntarily can and will do a better job than under any system of compulsion.
As we examine the problems of managing the national debt today and undertake to appraise the realities of this problem in terms of national welfare, we reach an inescapable conclusion: that no matter what success has been attained in spreading the national debt among 85 million holders of Government obligations holding about one-fourth of the debt, it is highly desirable that both the amount and the proportion of debt held by individuals be increased substantially. In other words, our task of selling Government securities to individuals is by no means finished, but this job must be continued until a substantially larger proportion of the public debt is owned by the millions of the individuals who constitute our citizenship.
The people of America are the Government of the nation. Although they delegate certain powers and duties to elected representatives, the people themselves are the source of all governmental powers under the freedoms of democratic action. It is a basic concept of democracy, therefore, that all of the people should participate in Government. This participation should not only be political, but should be in support of the Government through the payment of taxes and through the financial support of the Government by owning a share of the public debt. I have never subscribed to the theory that a few should pay the cost of Government nor that a few should own the public debt. Our tax laws recognize this principle to the extent that every man, woman, and child is taxed directly or indirectly
A-8
Treasury Bulletin
for the support of Government. Our Savings Bond Program adopts this principle by distributing the debt to 35 million bondholders. By paying taxes and holding Government securities, their interest in Government is intensified. This contributes to more responsible Government. Moreover, a democracy would be seriously weakened if public debt ownership were highly concentrated so that tax money from the many was paid out in the form of interest on the public debt to a select few. When it is realized that the present interest on the national debt amounts to $15 per month for every family of five people, it becomes obvious that it is in the national interest that as many of these families as possible receive a share of that interest.
It is now well over a year since the close of the Victory Loan; and a good time to stop and take inventory of where we stand in our objective of spreading the debt. I should like to summarize the situation briefly as I see it at this time.
First of all, let us look at the plus side. The most outstanding factor, I think, is that re-conversion has been about completed, many re-adjustments have been made, and the long-heralded savings bond redemption spree has never occurred. The supply of new goods available is going up steadily, but there have been no signs that people are inclined to cash their bonds heavily for spending purposes.
Redemptions of E bonds are going down steadily. The temporary holders from the War Loan days have pretty well liquidated their holdings. There is good evidence to believe that, for the average family, bonds are the last item drawn on in time of financial need. This gives a pretty good idea of the psychological attitude of bond-holders.
Another item on the plus side is that sales of bonds have held up beyond expectation. We are now selling E bonds at the rather steady rate of close to $5 billion a year. Sales of Series F and G bonds have been phenomenal, and these bonds are absorbing a good share of the new savings of the middle income level each month.
Also on the plus side is the fact that the payroll plan continues to be popular with several million persons. It is true that the number of
participants is down to around 6 million, or about one-quarter of the wartime level; but a sharp drop was to be expected. We could not hope to maintain the peak results of the wartime program; but if you view our present results against peacetime standards, I think they are remarkable.
Of course, I do not for one minute mean to imply that there are no problems in the payroll field. In fact, as I turn to the minus side of our present situation, the weaknesses that have developed in the payroll operation provide a good place to start. A number of the small firms have dropped the plan since the war ended, and more than one big firm has decided it can no longer afford the expense of carrying the plan. No doubt, there is going to be more difficulty along these lines. Hard-pressed business firms will naturally be looking for ways to cut expenses; and some of them are going to wonder whether they can justify the cost of carrying the payroll plan.
This is a place where bankers can be of considerable assistance to the Treasury. In your contacts with management, it will be helpful if you will lend your personal encouragement to the continuation of the payroll plan. Often times the moral support of a banker will convince a businessman of the wisdom of keeping the plan in operation.
A second point on the minus side has to do with the distribution of sales by size of denominations of bonds sold. Since the end of the war, sales of E bonds are becoming more concentrated in the higher denominations, while the smaller denominations have lost ground. Thus, 1947 sales of the four smallest denominations - $10, $25, $50, and $100 - were down 75% from 1944, as against a 40% decline in the $1,000 denomination. This is a reflection of a lessening participation in the payroll area and a decline by smaller purchasers generally. It is to be hoped that this trend can be stopped, because it is certainly not consistent with the objective of spreading the debt.
Still another point on the minus side is a tendency of people to let down, now that the periodic drives of the War Loan days are missing. It is hard to keep things stirred up without an occasional specialty act. The two publicity drives of last year were certainly useful, but,
May 1947
A-9
of course, they didn't carry the punch of a War Loan campaign or of a team of 6 million volunteers.
This leads me to an important conclusion. The best results for the effort expended are going to come from plans which involve systematic savings. We cannot ask people to spend much time on one-shot sales efforts. The money piles up much more quickly in continuing systematic savings plans like the payroll plan. This, as you know, is an old maxim of bankers, who have been telling people for ages that a little bit saved regularly soon grows to a lot.
I come now to the new bond-a-month plan for the banks. Here is a new approach along the same lines as the payroll plan. It is systematic; and one selling job accomplishes a whole chain of sales.
It is also a plan in which the help of the banks is indispensable.
Others will discuss the details of the plan, but I would like to add the observation that the program of selling on a single order basis a bond a month to a customer, to be charged against his checking account, is the most simple, effective, and logical plan that I know of to reach large numbers of salaried people, professional people, and self-employed. It is systematic savings by an automatic and almost painless method. It requires no repeated effort on the part of the buyer. It is a program consistent with the savings philosophy that bankers have long preached, namely, systematic and regular savings.
It is not a new program. Many banks have been using it for years with great success, even though the plan has not been backed up by nation-wide publicity and by concentrated effort. It is a supplement to the Payroll Savings Plan and in cases in which that plan has been abandoned, much of the business can be recaptured.
There are many millions of people who already have Government bonds but are not systematically adding to their holdings. Most of them have checking accounts. This plan enables them, with the utmost ease, to transfer regularly some of the checking account into savings bonds.
From a fiscal standpoint, as well as in the
interest of the entire national economy, the result will be a further spreading of the debt and an increase in the amount and proportion of the debt held by individuals. I need not argue with this group on the desirability of that objective.
The success of this plan is going to depend almost completely on how the individual bank and its employees try to put it across. The same thing has always been true of the payroll plan. I remember some of the discussions on this point when the Banking Advisory Committee was consulting with Treasury people during the war. The variation in the results of the payroll plan were tremendous. There were some industries and firms that did a fine job. Others failed. The results were usually a reflection of interest and energy at the top. If management was interested and set up the proper organization, the plan was effective. If management didn't care, the plan was ineffective.
You can see for yourself that the same thing is going to be true of the Bond-a-Month Plan in the banks. The most important thing that the bankers here today can do for this plan is to push it in your own banks, and sell it to the top bankers in your area.
In this connection, I think it should be emphasized that advertising in itself won't sell the new plan to very many people. It will help, but it won't do the job. Advertising is necessary and desirable; but by itself it won't sign up many people on the plan. The only thing that will produce an important number of participants is to promote the plan actively through aggressive personal contact. Throughout the entire Savings Bond Program the experience has been that personal contact was the most effective approach. Advertising helped set the environment, but personal contact nailed down the sales.
I know there are going to be problems about the Bond-a-Month Plan, just as there are problems about the Payroll Savings Plan. There are costs of operating these plans. There may be personnel problems. There is sometimes disinterestedness on the part of the people down the line. All of these things are practical problems.
Moreover, the new plan is going to draw down bank deposits directly and thus affect the earning assets of banks. It is one thing to talk
A-10
Treasury Bulletin
about reducing inflationary deposits in general, but quite another thing for a banker to watch his own earning assets go down.
I have tried to be frank today in appraising the Savings Bond Program. I know you will understand that the Treasury should be its own severest critic. We do not want to mislead ourselves. The public debt is too important a factor in our economic life.
Here is a plan and program in which the bank
is the key figure. The objectives are not only desirable but are essential to the proper handling of the debt. It will require some enthusiastic effort to make it produce maximum results. We are calling on a group that has already demonstrated its desire and its ability to perform services of great value to the nation to a new effort. I have every confidence that the bankers of America will respond wholeheartedly, enthusiastically, and energetically to this further call to service in the interest of the welfare of this nation.
Other Speeches by Treasury Officials
On April 12, 1947 Secretary Snyder spoke at a Jefferson Day luncheon at New Orleans, Louisiana. Copies of this speech are available
from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
May 1947
A-11
Preliminary Statistics from Corporation Income and Taxable Excess Profits Tax Returns for 1944
Secretary of the Treasury Snyder has recently made public preliminary statistics compiled from the basic corporation income tax returns (Form 1120) and from taxable corporation excess profits tax returns (Form 1121) for 1944, filed with the Bureau of Internal Revenue through December 31, 1945. 1/ This is an advance release of data from the preliminary report "Statistics of Income for 1944, Part 2" which will be published at an early date in pamphlet form. Ultimately, a complete one volume final report on "Statistics of Income for 1944, Part 2," will be made available. Advance data from the final report on "Statistics of Income for 1943, Part 2," which is not yet completed, were released recently and were summarized in the January 1947 issue of the "Treasury Bulletin."
Information in the release includes data on an industry basis for corporation returns with net income and for those with no net income for 1944. The data for these corporations show: the number of returns filed, total compiled receipts, net income or deficit, and dividends paid in cash and in assets other than the corporation's own stock. For corporations with net income there is also shown the total tax paid, and its components: income tax, declared value excess-profits tax and the excess profits tax. A separate tabulation is offered for corporations submitting consolidated income and declared value excess-profits tax returns. Tabulations have also been made of the dividends received from domestic corporations and the interest received on Government obligations, classified according to tax status. In addition, the taxable corporation excess profits returns have been tabulated by various adjusted excess profits net income classes and by method of excess profits credit computation. Finally, a historical summary of corporate income, tax, and dividend items is given for the period 1935-1944. This article summarizes the data presented in the advance release.
Income Tax Returns and Taxable Excess Profits Tax Returns
A total of 446,800 corporations filed income and declared value excess-profits tax returns for 1944 through December 31, 1945. Of this number 288,905 returns were filed by corporations reporting net income of $27,118 million (see line 34 of Form 1120 facsimile) 2/ and a total tax li-
ability of $14,885 million of which income taxes represented $4,455 million (see line 46 of Form 1120 facsimile). 3/ Another 123,563 corporations with no net income reported deficits of $819 million. 2/ Returns were also filed by 34,329 inactive corporations.
In the case of excess profits tax returns, 55,888 taxable corporation excess profits tax returns were filed with an excess profits net income of $20,458 million. Of this number 53,331 returns show an adjusted excess profits net income of $12,933 million while 2,557 show an adjusted excess profits deficit of $6.6 million. The total excess profits tax liability in 1944 amounted to $10,430 million.
The table below compares in summary the income and excess profits tax returns for 1944 with those submitted in 1943.
<table><tr><th></th><th>1944 (Pre- limi- nary)</th><th>1943 (Com- plete)</th><th>Increase (+) or decrease (-) Amount</th><th>Per- cent</th></tr><tr><td>Basic corporation income tax returns (Form 1120): Number of returns: With net in- come 2/......</td><td>288,908</td><td>283,735</td><td>+5,173</td><td>+2</td></tr><tr><td>With no net income 2/.....</td><td>123,563</td><td>136,786</td><td>-13,223</td><td>-10</td></tr><tr><td>Inactive cor- porations.....</td><td>34,329</td><td>35,373</td><td>-1,044</td><td>-3</td></tr><tr><td>Total............</td><td>446,800</td><td>455,894</td><td>-9,094</td><td>-2</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Net income, defi- nit, and tax: Returns with net income: 2/</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income 2/</td><td>27,118</td><td>28,718</td><td>-1,600</td><td>-6</td></tr><tr><td>Income tax 3/.</td><td>4,455</td><td>4,634</td><td>-179</td><td>-4</td></tr><tr><td>Returns with no net income: Deficit 2/....</td><td>819</td><td>899</td><td>-79</td><td>-9</td></tr><tr><td>Taxable excess profits tax re- turns (Form 1121): Number of returns.</td><td>55,888</td><td>68,202</td><td>-12,314</td><td>-18</td></tr><tr><td colspan="5">(In millions of dollar)</td></tr><tr><td>Excess profits net income 4/...</td><td>20,458</td><td>22,307</td><td>-1,849</td><td>-8</td></tr><tr><td>Adjusted excess profits net in- come 5/.........</td><td>12,933</td><td>14,553</td><td>-1,620</td><td>-11</td></tr><tr><td>Excess profits tax after credits 6/......</td><td>10,430</td><td>11,291</td><td>-862</td><td>-8</td></tr></table>
For footnotes see following page.
Treasury Bulletin
A-12
Table 1, which follows this article, presents data in detail on the number of income tax returns filed, income, taxes and dividends paid, by major industrial groups. Table 2 is a historical summary for the years 1935-1944 of selected items from corporate income and excess profits tax returns. A facsimile of page 1 and the upper half of page 2 of the basic corporation income tax return (Form 1120) is reproduced on page A-13.
Consolidated Returns of Affiliated Corporations
The number of consolidated returns filed in 1944 was 1,300 of which 1,009 were for corporate units with 5,000 subsidiaries reporting net income of $3,048 million and total tax of $1,693 million. There were 289 corporations with 781 subsidiaries which reported deficits of $52 million and two corporate groups which were inactive.
The number of consolidated returns filed was only 0.3% of all corporation returns, but the net income reported in such returns was 11.2% of the net income shown on all returns reporting net income. The total tax of $1,693 million paid by corporations filing consolidated returns was 11.4% of the total tax for all corporations.
Coverage of the Data
The summary data presented in this article are taken from the basic corporation income tax returns (Form 1120), covering the income and declared value excess-profits tax liability, and from the excess profits tax returns (Form 1121). These returns are filed (1) for the calendar year ending December 31, 1944, (2) for the fiscal year ending within the period July 1944 through June 1945, and (3) for a part of the year with the major part of the accounting period falling in 1944. Returns of foreign corporations engaged in business in the United States are included. Amended and tentative returns are not included.
The statistics are compiled from the returns as filed, prior to any revisions that may be made as a result of audit by the Bureau of Internal Revenue and prior to changes which may result from carrybacks, relief granted under section 722 of the Internal Revenue Code, recomputation of amortization of emergency facilities, or from the renegotiation of war contracts, after the returns are filed. Changes resulting from the renegotiation of war contracts are recorded as settlements are reached, however, and the effect of renegotiation settlements reached to date with respect to the tax year 1944 will be shown in a special tabulation to be included in the complete report, "Statistics of Income for 1944, Part 2."
Comparability of Data Between 1943 and 1944
The comparability of the figures tabulated from the 1944 returns with those from the 1943 returns is affected by the changes in law introduced by the Revenue Act of 1943 applicable to returns for the calendar year 1944 and fiscal years ending in the period January through June 1945. These changes include the increase in the excess profits tax rate from 90% to 95%, the increase in the specific exemption from $5,000 to $10,000 and the decrease in the invested capital credit 7/ as follows:
<table><tr><th>Invested capital</th><th colspan="2">Percentage allowed as a credit under the Revenue Act of</th></tr><tr><th></th><th>1943</th><th>1942</th></tr><tr><td>First $5,000,000</td><td>8</td><td>8</td></tr><tr><td>Next $5,000,000</td><td>6</td><td>7</td></tr><tr><td>Next $190,000,000</td><td>5</td><td>6</td></tr><tr><td>Over $200,000,000</td><td>5</td><td>5</td></tr></table>
Further information with respect to these changes may be found in the original release or the Internal Revenue Code as amended by the Revenue Act of 1943.
1/ Press Service no. S-275. March 26, 1947.
2/ Net income or deficit for 1944 is the amount reported for declared value excess-profits tax computation, adjusted by excluding net operating loss deduction, and adding Government interest subject to surtax only and excess of net long-term capital gain over net short-term capital loss. (See line 34 of Form 1120 fiscalis.)
3/ The capital stock (see line 3) of nonlisted securities includes the declared value excess-profits tax which is reported on Form 1120 together with the basic corporate retention income tax. The declared value excess-profits tax was introduced into the tax structure in 1933 as a corollary measure to the capital stock tax and is covered in Form 1120 with the basic corporate income tax.
4/ Excess profits net income is obtained from net income by making certain adjustments, consisting principally
of the exclusion of long-term capital gains and losses, dividends received, and the declared value excess-profits tax, and the inclusion of the net operating loss deduction.
5/ Excess profits net income less the sum of the specific exemption, the excess profits credit, and the unused excess profits credit adjustment.
The excess profits tax covered by Form 1121 was a wartime measure designed in general to tax wartime increases in corporate earnings at special rates. This should not be confused with the declared value excess-profits tax.
1/ No change was made in the average base period earnings method of computing excess profits credit.
May 1947
A-13
<table><tr><td colspan="4">UNITED STATES<br>CORPORATION INCOME AND DECLARED VALUE EXCESS PROFITS TAX RETURN<br>For Calendar Year 1944</td><td>1944</td><td>1945</td></tr><tr><td colspan="4">FIRM NAME AND ADDRESS</td><td colspan="2">Print clearly</td></tr><tr><td>Street</td><td>City</td><td>State</td><td>Zip</td><td colspan="2">1944 and ending</td></tr><tr><td>(Name)</td><td>(Street)</td><td>(City)</td><td>(State)</td><td colspan="2">1945</td></tr><tr><td colspan="4">(Name)</td><td>Cash</td><td>Check</td></tr><tr><td colspan="4">(Date)</td><td colspan="2">For Printer</td></tr><tr><td colspan="4">Total (add up)</td><td>$</td><td>$</td></tr><tr><td colspan="4">1. Gross income (from instruction 9)</td><td>$</td><td>$</td></tr><tr><td colspan="4">2. Less: Normal tax (see instruction 10)</td><td>$</td><td>$</td></tr><tr><td colspan="4">3. Gross income</td><td>$</td><td>$</td></tr><tr><td colspan="4">4. Less: Cost of goods sold (From Schedule A)</td><td>$</td><td>$</td></tr><tr><td colspan="4">5. Gross receipts (From Schedule B)</td><td>$</td><td>$</td></tr><tr><td colspan="4">6. Less: Cost of sales</td><td>$</td><td>$</td></tr><tr><td colspan="4">7. Gross profit (From Schedule B)</td><td>$</td><td>$</td></tr><tr><td colspan="4">8. Interest on corporation bonds, etc.</td><td>$</td><td>$</td></tr><tr><td colspan="4">9. (a) Interest on loans and notes</td><td>$</td><td>$</td></tr><tr><td colspan="4">(b) Less: Interest on loans and notes used to buy or hold securities</td><td>$</td><td>$</td></tr><tr><td colspan="4">10. Royalties</td><td>$</td><td>$</td></tr><tr><td colspan="4">11. (a) Gross profit from exchange of property (From Schedule C)</td><td>$</td><td>$</td></tr><tr><td colspan="4">(b) Less: Cost of property exchanged</td><td>$</td><td>$</td></tr><tr><td colspan="4">12. (a) Gross profit from sale of property (From Schedule D)</td><td>$</td><td>$</td></tr><tr><td colspan="4">(b) Less: Cost of property sold</td><td>$</td><td>$</td></tr><tr><td colspan="4">13. Other income</td><td>$</td><td>$</td></tr><tr><td colspan="4">14. Total income (add items 3, 5, 7, 8, 9, 10, 11, 12, 13)</td><td>$</td><td>$</td></tr><tr><td colspan="4">15. Compensation of officers (From Schedule P)</td><td>$</td><td>$</td></tr><tr><td colspan="4">16. Salaries and wages (From Schedule P)</td><td>$</td><td>$</td></tr><tr><td colspan="4">17. Rent</td><td>$</td><td>$</td></tr><tr><td colspan="4">18. Bad debts (From Schedule Q)</td><td>$</td><td>$</td></tr><tr><td colspan="4">19. Internet</td><td>$</td><td>$</td></tr><tr><td colspan="4">20. Taxes (From Schedule R)</td><td>$</td><td>$</td></tr><tr><td colspan="4">21. Contributions or gifts (From Schedule T)</td><td>$</td><td>$</td></tr><tr><td colspan="4">22. Losses by fire, storm, explosion, or other casualty (From Schedule U)</td><td>$</td><td>$</td></tr><tr><td colspan="4">23. Losses from bad debts (From Schedule U)</td><td>$</td><td>$</td></tr><tr><td colspan="4">24. Losses from bad debts (From Schedule U)</td><td>$</td><td>$</td></tr><tr><td colspan="4">25. Net operating loss (From Schedule V)</td><td>$</td><td>$</td></tr><tr><td colspan="4">26. Amortization of intangible assets (From Schedule W)</td><td>$</td><td>$</td></tr><tr><td colspan="4">27. Other deductions (From Schedule X)</td><td>$</td><td>$</td></tr><tr><td colspan="4">28. Total deductions (add items 15, 16, 17, 18, 20, 21, 22, 23, 24, 25, 26, 27)</td><td>$</td><td>$</td></tr><tr><td colspan="4">29. Net income (add items 14 and 28)</td><td>$</td><td>$</td></tr><tr><td colspan="4">30. Less: Normal income tax (From Schedule Y)</td><td>$</td><td>$</td></tr><tr><td colspan="4">31. Gross profit (From Schedule Z)</td><td>$</td><td>$</td></tr><tr><td colspan="4">32. Less: Cost of goods sold (From Schedule Z)</td><td>$</td><td>$</td></tr><tr><td colspan="4">33. Net income (add items 31 and 32)</td><td>$</td><td>$</td></tr><tr><td colspan="4">34. Less: Normal income tax (From Schedule Y)</td><td>$</td><td>$</td></tr><tr><td colspan="4">35. Net income (add items 33 and 34)</td><td>$</td><td>$</td></tr><tr><td colspan="4">36. Less: Value of property acquired (From Schedule AA)</td><td>$</td><td>$</td></tr><tr><td colspan="4">37. Net income (add items 35 and 36)</td><td>$</td><td>$</td></tr><tr><td colspan="4">38. Less: Value of property sold (From Schedule AB)</td><td>$</td><td>$</td></tr><tr><td colspan="4">39. Net income (add items 37 and 38)</td><td>$</td><td>$</td></tr><tr><td colspan="4">40. Less: Value of property acquired (From Schedule AC)</td><td>$</td><td>$</td></tr><tr><td colspan="4">41. Net income (add items 39 and 40)</td><td>$</td><td>$</td></tr><tr><td colspan="4">42. Total income and declared value excess profits taxes</td><td>$</td><td>$</td></tr><tr><td colspan="4">43. Less: Value of property acquired (From Schedule AD)</td><td>$</td><td>$</td></tr><tr><td colspan="4">44. Net income (add items 41 and 43)</td><td>$</td><td>$</td></tr><tr><td colspan="4">45. Total income and declared value excess profits taxes</td><td>$</td><td>$</td></tr><tr><td colspan="4">46. Total income and declared value excess profits taxes</td><td>$</td><td>$</td></tr></table>
<table><tr><th colspan="4">DECLARED VALUE EXCESS-PROFITS TAX COMPUTATION</th></tr><tr><th>Line</th><th>Net income for declared value excess-profits tax computation (Item 31, page 1)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>1.</td><td>Net income for declared value excess-profits tax computation (Item 31, page 1)</td><td>$</td><td>$</td></tr><tr><td>2.</td><td>Value of original stock of declared value excess-profits tax (Item 32, page 1)</td><td>$</td><td>$</td></tr><tr><td>3.</td><td>10 percent of line 2 (Item 33, page 1)</td><td>$</td><td>$</td></tr><tr><td>4.</td><td>10 percent of line 1 (Item 34, page 1)</td><td>$</td><td>$</td></tr><tr><td>5.</td><td>Balance subject to declared value excess-profits tax (Item 35, page 1)</td><td>$</td><td>$</td></tr><tr><td>6.</td><td>Amount taxable at 6 1/2 percent (Item 36, page 1)</td><td>$</td><td>$</td></tr><tr><td>7.</td><td>Balance taxable at 18 1/2 percent (Item 37, page 1)</td><td>$</td><td>$</td></tr><tr><td>8.</td><td>Total declared value excess-profits tax (total of lines 6, 7, and line 3)</td><td>$</td><td>$</td></tr><tr><th colspan="4">INCOME TAX COMPUTATION</th></tr><tr><th>Line</th><th>Net income (Item 41, page 1)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>9.</td><td>Normal tax net income</td><td>$</td><td>$</td></tr><tr><td>10.</td><td>Portion of line 9 (or loss) of $50,000</td><td>$</td><td>$</td></tr><tr><td>11.</td><td>Portion of line 9 (or loss) of $300,000</td><td>$</td><td>$</td></tr><tr><td>12.</td><td>Portion of line 9 (or loss) of $250,000</td><td>$</td><td>$</td></tr><tr><td>13.</td><td>Portion of line 9 (or loss) of $31,150</td><td>$</td><td>$</td></tr><tr><td>14.</td><td>Total normal tax (total of lines 9, 10, 11, 12, and 13)</td><td>$</td><td>$</td></tr><tr><th colspan="4">SUBTOTAL COMPUTATIONS WITH REFERENCE TO PART I</th></tr><tr><th>Line</th><th>Normal tax net income (Item 41, page 1)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>15.</td><td>Normal tax (24 percent of line 14)</td><td>$</td><td>$</td></tr><tr><th colspan="4">PARTIAL COMPUTATION</th></tr><tr><th>Line</th><th>Net income (Item 36, page 1)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>17.</td><td>Adjusted excess-profits tax (Item 39, page 1)</td><td>$</td><td>$</td></tr><tr><td>18.</td><td>Dividends received (Item 40, page 1)</td><td>$</td><td>$</td></tr><tr><td>19.</td><td>Net write-offs of dividends (Item 41, page 1)</td><td>$</td><td>$</td></tr><tr><td>20.</td><td>Dividends paid (Item 21, page 1)</td><td>$</td><td>$</td></tr><tr><th colspan="4">COMPUTATION WITH RETAIL NET INCOME AND OTHER TAX</th></tr><tr><th>Line</th><th>Normal tax (Item 15)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>21.</td><td>Portion of line 21 (in excess of $25,000) and net income (or loss) at 10 percent (or 12 percent in the case of a consolidated return)</td><td>$</td><td>$</td></tr><tr><td>22.</td><td>Portion of line 21 (in excess of $25,000) and net income (or loss) at 22 percent (Item 42, page 1)</td><td>$</td><td>$</td></tr><tr><td>23.</td><td>Total partial (total of lines 21 and 22)</td><td>$</td><td>$</td></tr><tr><th colspan="4">COMPUTATION WITH RETAIL NET INCOME AND OTHER TAXES</th></tr><tr><th>Line</th><th>Normal tax (Item 15)</th><th>Column 1</th><th>Column 2</th></tr><tr><td>24.</td><td>Portion of line 24 (or loss) at 16 percent (or 18 percent in the case of a consolidated return)</td><td>$</td><td>$</td></tr><tr><td>25.</td><td>Total normal tax (total of lines 15, 23, and 24)</td><td>$</td><td>$</td></tr><tr><td>26.</td><td>Total declared value excess-profits tax (total of lines 8 and 25)</td><td>$</td><td>$</td></tr><tr><td>27.</td><td>Total tax (Item 27, or line 31, Schedule C)</td><td>$</td><td>$</td></tr></table>
Facsimile of Form 1120
Table 1. - Corporation Income Tax Returns
Number of Returns, Net Income, and Taxes, by Major Industrial Groups
<table><tr><th>Major industrial groups 1/</th><th>Total number of returns 1/ (In thousands)</th><th>Number of returns</th><th>Total compiled receipts 4/ (In millions of dollars)</th><th>Total income 2/ (In millions of dollars)</th><th>Adjusted excess profits net income</th><th>Total tax</th><th>Taxes</th><th>Return with not income 2/</th><th>Return with no net income 2/</th></tr><tr><td>All industrial groups</td><td>446.8</td><td>1.7</td><td>242,811.3</td><td>14,684.5</td><td>12,641.3</td><td>16.5</td><td>4,356.0</td><td>98.8</td><td>10,429.8</td></tr><tr><td>Mining and quarrying</td><td></td><td>1.8</td><td>709.2</td><td>42.3</td><td>16.5</td><td>28.2</td><td></td><td>1.2</td><td>14.0</td></tr><tr><td>Metal mining</td><td></td><td>1.9</td><td>327.1</td><td>6.1</td><td>1.4</td><td>4.9</td><td></td><td>20.4</td><td>1.2</td></tr><tr><td>Antiqueite mining</td><td></td><td>1.7</td><td></td><td>48.9</td><td>24.0</td><td>28.4</td><td></td><td>10.7</td><td>11.6</td></tr><tr><td>Bituminous coal, lignite, peat, etc</td><td></td><td>1.9</td><td>694.5</td><td>37.9</td><td>12.7</td><td>26.9</td><td></td><td>11.6</td><td>11.6</td></tr><tr><td>Crude petroleum and natural gas</td><td></td><td>1.7</td><td>314.2</td><td>22.0</td><td>13.6</td><td>10.1</td><td></td><td>1.3</td><td>1.3</td></tr><tr><td>Producutive mining and quarrying</td><td></td><td>1.7</td><td>9.1</td><td>3.3</td><td>3.3</td><td>1.0</td><td></td><td>1.3</td><td>1.3</td></tr><tr><td>Nonmetallic mining and quarrying</td><td></td><td>1.7</td><td>3.8</td><td>157.5</td><td>68.2</td><td>99.1</td><td></td><td>57.9</td><td>181.8</td></tr><tr><td>Mining and quarrying not allo-</td><td></td><td>1.7</td><td>9.1</td><td>3.3</td><td>3.3</td><td>1.0</td><td></td><td>1.3</td><td>1.3</td></tr><tr><td>Total mining and quarrying</td><td></td><td>9.5</td><td>3,480.2</td><td>157.5</td><td>68.2</td><td>99.1</td><td></td><td>57.9</td><td>181.8</td></tr><tr><td>Manufacturing</td><td></td><td>9.1</td><td>19,424.6</td><td>658.7</td><td>526.5</td><td>217.4</td><td></td><td>438.0</td><td>252.3</td></tr><tr><td>Food and kindred products</td><td></td><td>2.8</td><td>3,724.0</td><td>233.8</td><td>200.1</td><td>69.9</td><td></td><td>163.4</td><td>69.4</td></tr><tr><td>Beverage</td><td></td><td>2.8</td><td>160.4</td><td>79.9</td><td>37.8</td><td>50.3</td><td></td><td>28.8</td><td>14.2</td></tr><tr><td>Tobacco manufacture</td><td></td><td>2.8</td><td>217.8</td><td>18.3</td><td>17.8</td><td>1.5</td><td></td><td>14.5</td><td>14.2</td></tr><tr><td>Cotton manufactures</td><td></td><td>2.8</td><td>277.8</td><td>320.9</td><td>296.2</td><td>75.5</td><td></td><td>242.9</td><td>64.6</td></tr><tr><td>Textile products, except</td><td></td><td>3.5</td><td>4,777.8</td><td>168.3</td><td>142.2</td><td>36.9</td><td></td><td>117.0</td><td>23.7</td></tr><tr><td>Apparel and products made from</td><td></td><td>7.3</td><td>3,827.5</td><td>152.0</td><td>142.2</td><td>28.2</td><td></td><td>54.5</td><td>27.7</td></tr><tr><td>Leather and products</td><td></td><td>2.0</td><td>2,086.5</td><td>231.5</td><td>651.5</td><td>30.8</td><td></td><td>200.8</td><td>31.7</td></tr><tr><td>Lumber and timber basic products</td><td></td><td>2.5</td><td>3,320.4</td><td>231.9</td><td>249.5</td><td>33.2</td><td></td><td>51.3</td><td>36.7</td></tr><tr><td>Furniture and finished lumber</td><td></td><td>2.1</td><td>1,556.3</td><td>84.8</td><td>61.0</td><td>29.6</td><td></td><td>68.2</td><td>25.9</td></tr><tr><td>Printing and allied products</td><td></td><td>3.8</td><td>1,909.2</td><td>99.2</td><td>82.7</td><td>69.5</td><td></td><td>189.2</td><td>73.0</td></tr><tr><td>Painting and publishing induc-</td><td></td><td>2.1</td><td>3,431.9</td><td>259.8</td><td>228.7</td><td>69.5</td><td></td><td>189.2</td><td>73.0</td></tr><tr><td>Iron, steel, and glass products</td><td></td><td>10.3</td><td>3,391.1</td><td>347.1</td><td>302.7</td><td>94.7</td><td></td><td>350.3</td><td>106.3</td></tr><tr><td>Chemicals and allied products</td><td></td><td>6.2</td><td>3,822.9</td><td>284.9</td><td>592.2</td><td>127.3</td><td></td><td>571.1</td><td>382.1</td></tr><tr><td>Stone, clay, and glass products</td><td></td><td>2.3</td><td>2,152.5</td><td>118.2</td><td>118.2</td><td>87.1</td><td></td><td>871.1</td><td>58.1</td></tr><tr><td>Nonferrous metals and their</td><td></td><td>6.4</td><td>20,537.4</td><td>1,394.6</td><td>1,394.6</td><td>285.4</td><td></td><td>1,110.1</td><td>328.2</td></tr><tr><td>Electrical machinery and equip-</td><td></td><td>2.3</td><td>4,350.3</td><td>295.7</td><td>275.2</td><td>69.9</td><td></td><td>223.3</td><td>106.5</td></tr><tr><td>Machinery, except electrical</td><td></td><td>1.8</td><td>8,014.6</td><td>669.8</td><td>713.2</td><td>93.0</td><td></td><td>571.6</td><td>131.5</td></tr><tr><td>Equipment and transportation</td><td></td><td>1.8</td><td>11,111.6</td><td>1,113.3</td><td>1,170.7</td><td>174.7</td><td></td><td>927.2</td><td>200.3</td></tr><tr><td>Automobiles and electrical, ex-</td><td></td><td>0.1</td><td>3,715.9</td><td>231.2</td><td>244.0</td><td>36.2</td><td></td><td>192.0</td><td>32.0</td></tr><tr><td>Transportable and equipment, except</td><td></td><td>0.1</td><td>1,533.8</td><td>1,220.1</td><td>1,536.2</td><td>216.6</td><td></td><td>1,193.2</td><td>281.2</td></tr><tr><td>Other manufacturing, except</td><td></td><td>1.2</td><td>2,769.0</td><td>136.1</td><td>217.2</td><td>42.8</td><td></td><td>175.2</td><td>45.7</td></tr><tr><td>Manufacturing not allocable</td><td></td><td>3.0</td><td>1,894.6</td><td>130.3</td><td>130.3</td><td>30.4</td><td></td><td>103.6</td><td>27.5</td></tr><tr><td>Total manufacturing</td><td></td><td>79.3</td><td>141,082.1</td><td>9,385.6</td><td>8,844.3</td><td>2,201.4</td><td></td><td>7,113.6</td><td>2,818.8</td></tr><tr><td>Dividends</td><td></td><td>1.3</td><td>5,961.3</td><td>92.9</td><td>66.6</td><td>10.8</td><td></td><td>77.5</td><td>77.5</td></tr><tr><td>Dividends paid in cash and other than own stock</td><td></td><td>1.3</td><td>819.1</td><td>18.5</td><td>17.7</td><td>1.0</td><td></td><td>8.3</td><td>1.7</td></tr><tr><td>Total compiled receipts 2/</td><td></td><td>10.5</td><td>9,237.6</td><td>546.8</td><td>432.9</td><td>13.4</td><td></td><td>51.4</td><td>4.2</td></tr><tr><td>Number of returns</td><td></td><td>1.7</td><td>123.6</td><td>1.8</td><td>1.4</td><td>1.1</td><td></td><td>1.1</td><td>1.1</td></tr><tr><td>Number of returns</td><td>(In thousands)</td><td>1.7</td><td>123.6</td><td>1.8</td><td>1.4</td><td>1.1</td><td></td><td>1.1</td><td>1.1</td></tr></table>
Note: See page A-17 for footnotes
(Continued on following page)
A-14
Treasury Bulletin
Table 1.- Corporation Income Tax Returns - (Continued)
May 1947
Number of Returns, Net Income, and Taxes, by Major Industrial Groups - (Continued)
<table><tr><th>Major Industrial Groups</th><th>Total number of returns</th><th>Number of returns</th><th>Total compiled receipts</th><th>Net income</th><th>Adjusted excess profits net income</th><th>Taxes</th><th>Dividends paid in cash and assets than own stock</th><th>Number of returns</th><th>Retuns with no net income</th><th>Dividends paid in cash and assets than own stock</th></tr><tr><td>Public utilities: Transportation. Other public utilities. Total public utilities.</td><td>13.6 3.2 20.6</td><td>8.7 2.1 13.1</td><td>14,081.9 2,695.7 21,603.8</td><td>2,571.9 731.3 4,277.8</td><td>1,418.1 248.0 1,891.1</td><td>421.1 131.8 814.5</td><td>1,166.5 211.2 1,570.2</td><td>4.0 1.3 6.2</td><td>705.8 31.0 662.1</td><td>367.5 366.1 1,216.9</td></tr><tr><td>Trade: Wholesale: Commission merchants. Other wholesalers. Total wholesale trade.</td><td>5.3 29.2 34.5</td><td>3.7 23.3 27.0</td><td>1,480.0 27,172.0 28,660.0</td><td>9,082.5 1,180.1 1,254.1</td><td>36.9 575.9 612.7</td><td>16.3 193.3 210.1</td><td>18.1 180.0 198.1</td><td>1.4 5.1 6.6</td><td>133.6 1,230.5 1,360.1</td><td>12.7 2.7 4.4</td></tr><tr><td>Retail: General merchandise, including mar- ket milk dealers. Package liquor stores. Drug stores. Apparels and accessories. Furniture and house fur- nishings and drinking place. Eating and drinking place. Automotive dealers. Filling stations. Hardware, materials, fuel, and ice. Other trade not allocable. Retail trade.</td><td>5.4 1.3 10.4 4.8 7.8 2.1 6.8 4.3 70.6 15.3 120.4</td><td>1.4 3.4 3.7 3.5 3.2 1.8 1.6 5.4 55.0 11.2 93.2</td><td>5,546.2 84.1 3,050.1 732.1 1,122.6 1,189.2 169.4 1,211.5 1,309.8 922.8 25,723.7 4,713.5 59,097.1</td><td>9,546.2 63.2 534.4 86.3 66.4 65.1 14.2 69.0 88.4 40.4 1,815.4 261.0 3,331.2</td><td>55.7 24.7 122.5 22.2 25.6 12.4 2.5 13.6 33.7 9.0 912.0 84.3 1,609.1</td><td>31.2 8.3 34.3 21.1 11.9 14.5 3.1 16.9 15.2 9.2 300.4 56.5 567.4</td><td>46.8 20.1 502.2 19.6 21.7 10.7 2.2 11.6 28.0 7.6 759.9 70.6 1,332.7</td><td>1.5 3.1 4.6 1.3 1.8 1.2 3.3 1.3 10.2 1.8 17.9</td><td>161.9 34.6 486.2 19.1 21.1 10.7 2.2 11.6 28.0 7.6 759.9 70.6 1,332.7</td><td>1.3 2.3 1.3 1.5 2.1 1.3 2.6 1.2 14.2 3.5 24.2</td></tr><tr><td>Trade not allocable.</td><td>4.3 8.9 12.0</td><td>2.9 5.0 7.9</td><td>920.4 789.6 1,710.0</td><td>104.0 61.6 160.0</td><td>30.7 14.2 23.9</td><td>22.8 13.1 18.1</td><td>25.8 12.1 19.9</td><td>1.2 2.3 1.2</td><td>95.0 120.5 96.0</td><td>11.1 10.4 19.1</td><td>1.1 2.3 1.2</td></tr><tr><td>Service: Hotels and other lodging places. Personal service. Business repair services and garagelens. Miscellaneous repair services. Motion pictures. Amusement, except motion pictures. Other service not allocable. Total service.</td><td>4.3 6.9 3.1 1.5 4.2 5.4 38.1</td><td>2.9 4.0 1.8 1.0 1.7 1.9 22.1</td><td>127.5 940.6 121.8 142.8 223.0 360.8 5,049.6</td><td>8.8 80.0 8.8 16.1 21.2 33.0 625.6</td><td>1.2 1.2 1.2 8.8 23.2 15.3 243.6</td><td>1.9 1.9 1.9 1.8 4.0 5.2 117.4</td><td>1.0 1.0 1.0 7.1 22.4 12.2 201.9</td><td>1.5 1.2 1.2 5.8 2.0 2.1 12.6</td><td>2.0 7.1 2.0 14.5 8.3 6.1 46.8</td><td>1.1 2.3 1.1 1.5 2.3 2.6 1.9</td></tr></table>
Note: See page A-17 for footnotes.
(Continued on following page)
A-16
Treasury Bulletin
Table 1.- Corporation Income Tax Returns - (Continued)
Number of Returns, Net Income, and Taxes, by Major Industrial Groups - (Continued
<table><tr><th>Major industrial groups 1/</th><th>Total number of returns 2/ (in thousands)</th><th>Number of returns</th><th>Total compiled receipts 3/</th><th>Net income 2/</th><th>Adjusted excess of profits over income</th><th>Returns with net income 2/</th><th>Tax</th><th>Dividends paid in cash and assets other than own stock</th><th>Number of returns</th><th>Returns with no net income 2/</th></tr><tr><td>Finance, insurance, real estate, and finance</td><td>15.5</td><td>13.7</td><td>2,385.7</td><td>729.8</td><td>5.4</td><td>203.5</td><td>198.1</td><td>4.6</td><td>1.2</td><td>69.1</td></tr><tr><td>Banking and trust companies</td><td>3.2</td><td>1.5</td><td>24.9</td><td>6.3</td><td>.1</td><td>1.8</td><td>1.7</td><td>.1</td><td>1.6</td><td>6.0</td></tr><tr><td>Long-term credit agencies</td><td>3.6</td><td>2.3</td><td>197.2</td><td>55.0</td><td>3.4</td><td>21.2</td><td>18.3</td><td>2.9</td><td>1.0</td><td>2.1</td></tr><tr><td>Mortgage companies, except banks</td><td>3.4</td><td>2.5</td><td>261.6</td><td>197.0</td><td>.1</td><td>11.0</td><td>10.8</td><td>.1</td><td>.9</td><td>7.8</td></tr><tr><td>Short-term banks</td><td>2.1</td><td>1.5</td><td>423.9</td><td>308.7</td><td>.5</td><td>36.4</td><td>35.7</td><td>.4</td><td>.6</td><td>18.2</td></tr><tr><td>Investment trust and investment companies</td><td>1.3</td><td>.9</td><td>126.0</td><td>29.9</td><td>.9</td><td>8.0</td><td>7.2</td><td>.7</td><td>.3</td><td>1.5</td></tr><tr><td>Other investment companies</td><td>1.5</td><td>1.7</td><td>55.7</td><td>22.3</td><td>2.0</td><td>3.0</td><td>2.5</td><td>1.5</td><td>2.0</td><td>14.1</td></tr><tr><td>Security and commodity exchanges and dealers</td><td>4.1</td><td>2.6</td><td>35.7</td><td>10.6</td><td>.6</td><td>2.9</td><td>1.3</td><td>1.0</td><td>1.3</td><td>1.6</td></tr><tr><td>Other finance companies</td><td>34.7</td><td>24.6</td><td>3,507.7</td><td>1,358.8</td><td>12.9</td><td>293.7</td><td>281.3</td><td>11.0</td><td>8.3</td><td>128.0</td></tr><tr><td>Finance not allocable</td><td>2.0</td><td>1.6</td><td>3,273.0</td><td>1,364.7</td><td>15.7</td><td>98.5</td><td>85.2</td><td>13.4</td><td>.3</td><td>262.3</td></tr><tr><td>Total finance</td><td>5.8</td><td>3.7</td><td>203.9</td><td>31.6</td><td>4.9</td><td>11.9</td><td>7.6</td><td>4.2</td><td>1.9</td><td>22.6</td></tr><tr><td>Insurance carriers, agents, etc.</td><td>7.8</td><td>5.3</td><td>3,476.8</td><td>1,396.3</td><td>20.6</td><td>110.4</td><td>92.8</td><td>17.5</td><td>2.2</td><td>296.2</td></tr><tr><td>Insurance carriers, brokers, etc.</td><td>92.3</td><td>49.4</td><td>1,617.7</td><td>334.8</td><td>19.4</td><td>103.1</td><td>85.1</td><td>16.7</td><td>37.4</td><td>533.4</td></tr><tr><td>Total insurance</td><td>7.2</td><td>3.5</td><td>231.0</td><td>109.7</td><td>14.8</td><td>47.0</td><td>34.5</td><td>12.4</td><td>3.1</td><td>34.5</td></tr><tr><td>Real estate, including leases of buildings</td><td>142.1</td><td>82.8</td><td>8,633.1</td><td>3,199.7</td><td>67.8</td><td>554.2</td><td>493.7</td><td>57.7</td><td>51.0</td><td>992.2</td></tr><tr><td>Leases of real property, except buildings</td><td>12.5</td><td>7.2</td><td>2,700.0</td><td>172.7</td><td>73.5</td><td>90.2</td><td>29.5</td><td>59.7</td><td>4.4</td><td>482.0</td></tr><tr><td>Total finance, insurance and real estate</td><td>6.2</td><td>3.6</td><td>769.0</td><td>128.7</td><td>38.8</td><td>61.3</td><td>28.2</td><td>32.4</td><td>2.2</td><td>97.8</td></tr><tr><td>Construction</td><td>6.8</td><td>3.9</td><td>822.6</td><td>134.5</td><td>39.5</td><td>63.3</td><td>29.3</td><td>33.2</td><td>2.5</td><td>107.0</td></tr><tr><td>Agriculture, forestry, and fishery</td><td>17.4</td><td>1.8</td><td>142.9</td><td>17.9</td><td>3.7</td><td>6.9</td><td>3.8</td><td>3.0</td><td>3.3</td><td>18.0</td></tr><tr><td>Forestry</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 agriculture, forestry and fishery</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nature of business not allocable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Nota: See page A-17 for footnotes.
May 1947
A-17
Table 2.- Corporation Income and Excess Profits Tax Returns
Historical Summary 6/ 1935 - 1944
In millions of dollars except as noted
<table><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944 p</th></tr><tr><td colspan="11">Incomes and Declared Value Excess-Profits Tax Returns</td></tr><tr><td>Return of all active corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>477</td><td>479</td><td>478</td><td>471</td><td>470</td><td>473</td><td>469</td><td>443</td><td>421</td><td>412</td></tr><tr><td>Total compiled receipts $/</td><td>114,650</td><td>132,723</td><td>143,443</td><td>120,454</td><td>132,878</td><td>148,237</td><td>190,432</td><td>217,681</td><td>247,772</td><td>252,241</td></tr><tr><td>Net income less deficit $/</td><td>1,696</td><td>7,326</td><td>7,354</td><td>3,673</td><td>6,735</td><td>8,919</td><td>16,333</td><td>23,052</td><td>27,819</td><td>26,237</td></tr><tr><td>Tax liability:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax</td><td>710</td><td>1,170</td><td>1,233</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,479</td><td>4,350</td></tr><tr><td>Declared value excess-profits tax</td><td>25</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>67</td><td>155</td><td>39</td></tr><tr><td>Excess profits tax $/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,291</td><td>10,430</td></tr><tr><td>Total tax liability</td><td>735</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,326</td><td>14,885</td></tr><tr><td>Income after taxes</td><td>961</td><td>6,135</td><td>6,078</td><td>2,813</td><td>5,502</td><td>6,371</td><td>9,165</td><td>10,795</td><td>11,894</td><td>11,414</td></tr><tr><td>Dividends paid in cash and assets other than own stock</td><td>5,941</td><td>7,379</td><td>7,514</td><td>5,013</td><td>5,747</td><td>6,089</td><td>6,701</td><td>5,607</td><td>5,728</td><td>6,050</td></tr><tr><td>Income after taxes and dividends</td><td>-4,980</td><td>-1,244</td><td>-1,436</td><td>-2,200</td><td>-244</td><td>282</td><td>2,464</td><td>5,188</td><td>6,166</td><td>5,364</td></tr><tr><td>Return of active corporations with net income $/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>164</td><td>203</td><td>192</td><td>170</td><td>199</td><td>221</td><td>265</td><td>270</td><td>284</td><td>289</td></tr><tr><td>Total compiled receipts $/</td><td>77,639</td><td>105,012</td><td>109,203</td><td>80,287</td><td>105,658</td><td>125,180</td><td>175,182</td><td>206,160</td><td>240,857</td><td>242,811</td></tr><tr><td>Net income $/</td><td>5,165</td><td>9,478</td><td>9,635</td><td>6,526</td><td>8,827</td><td>11,203</td><td>18,111</td><td>24,052</td><td>28,718</td><td>27,118</td></tr><tr><td>Tax liability:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax</td><td>710</td><td>1,170</td><td>1,233</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,479</td><td>4,356</td></tr><tr><td>Declared value excess-profits tax</td><td>25</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>67</td><td>155</td><td>91</td></tr><tr><td>Excess profits tax $/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,291</td><td>10,430</td></tr><tr><td>Total tax liability</td><td>735</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,926</td><td>14,885</td></tr><tr><td>Income after taxes</td><td>4,430</td><td>8,287</td><td>8,359</td><td>5,666</td><td>7,594</td><td>8,655</td><td>10,943</td><td>11,796</td><td>12,792</td><td>12,234</td></tr><tr><td>Dividends paid in cash and assets other than own stock</td><td>4,651</td><td>7,179</td><td>7,309</td><td>4,780</td><td>5,562</td><td>5,888</td><td>6,518</td><td>5,490</td><td>5,631</td><td>5,961</td></tr><tr><td>Income after taxes and dividends</td><td>-221</td><td>1,108</td><td>1,050</td><td>886</td><td>2,032</td><td>2,766</td><td>4,425</td><td>6,306</td><td>7,161</td><td>6,272</td></tr><tr><td>Return of active corporations with no net income $/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>313</td><td>276</td><td>286</td><td>301</td><td>270</td><td>252</td><td>204</td><td>173</td><td>137</td><td>124</td></tr><tr><td>Total compiled receipts $/</td><td>37,011</td><td>27,711</td><td>33,241</td><td>40,186</td><td>27,220</td><td>23,056</td><td>15,250</td><td>11,520</td><td>8,916</td><td>9,230</td></tr><tr><td>Deficit $/</td><td>3,469</td><td>2,152</td><td>2,281</td><td>2,853</td><td>2,092</td><td>2,284</td><td>1,779</td><td>1,001</td><td>899</td><td>819</td></tr><tr><td>Dividends paid in cash and assets other than own stock</td><td>1,290</td><td>200</td><td>205</td><td>233</td><td>184</td><td>200</td><td>183</td><td>117</td><td>97</td><td>89</td></tr><tr><td>Return of inactive corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>57</td><td>52</td><td>51</td><td>49</td><td>46</td><td>44</td><td>40</td><td>37</td><td>35</td><td>34</td></tr></table>
Excess Profits Tax Returns
<table><tr><td>Taxable excess profits tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>42</td><td>54</td><td>68</td></tr><tr><td>Excess profits net income $</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,998</td><td>12,073</td><td>17,084</td><td>22,307</td></tr><tr><td>Adjusted excess profits net income $</td><td>-</td><td>-</td><td>-</td><td>-</td><td>912</td><td>6,335</td><td>10,495</td><td>14,553</td></tr><tr><td>Excess profits tax $</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,291</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>56</td><td>1,430</td><td></td><td></td></tr></table>
Preliminary.
1/ Less than 50 returns or $50,000.
The industrial classification is based on the business activity reported on the return. When multiple businesses are reported on a return, the classification is determined by the business activity which accounts for the largest percentage of total receipts. Therefore, the industrial groups do not reflect pure industry classifications.
2/ Net income or deficit for 1944 is the amount reported for declared value excess-profits tax computation, adjusted by excluding net operating loss deduction and adding Government interest subject to surtax only and excess of net long-term capital gain over net short-term capital loss; for 1940-1943 is the amount reported for declared value excess-profits tax computation adjusted by excluding net operating loss deduction; for 1936-1939 is the amount reported for (declared value) excess-profits tax computation and is the difference between "total income" and total deductions; for 1935 is the amount reported for income tax computation.
3/ Includes returns of inactive corporations.
Total compiled receipts consist of gross sales, gross receipts from operations, all interest received on Government obligations, other interest, rents and royalties, net capital gain, dividends, and other receipts required to be included in gross income. Total compiled receipts exclude nontaxable income other than tax-exempt interest received on certain Government obligations.
5/ The excess profits tax shown is that imposed by Section 710 of the Internal Revenue Code, and should not be confused with the declared value excess-profits tax. It was a war-
time measure covered by Form 1121 designated in general to tax wartime increases in corporate earnings at special rates. The tax is shown after deduction of the credit for debt retirement and the net postwar refund. 
b/ In making historical comparisons of this kind, of course, consideration must be given to changes in the tax laws. Details concerning such changes for years through 1941 may be found in "Statistics of Income, Part 2," for the year in question. Changes applicable in 1942 are given in the preliminary "Statistics of Income, Part 2" for that year, and those applicable in 1943 are summarized in the article "Corporation Income and Taxable Excess Profits Tax Returns for 1943," published in the January 1947 issue of the "Treasury Bulletin." Some of the more important changes which should be borne in mind are the presence of the surtax on undistributed profits in 1936 and 1937, the introduction of the excess profits tax in 1940, and the changes in the method of computing income subject to excess profits tax and income tax introduced in 1941 and 1942.
1/ In 1940, income tax was deducted from net incomes in determining excess profits net income. In 1941, income tax was not deducted in arriving at excess profits net income, but instead excess profits tax was allowed as a deduction in the computation of normal tax net income. For 1942 and later years, income subject to excess profits tax, rather than excess profits tax, was deductible in determining normal tax net income.
8/ Adjusted excess profits net income is excess profits net income less the sum of the specific exemption, excess profits credit, and unused excess profits credit adjustment.
A-18
Treasury Bulletin
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.
April Maturity
On April 1, 1947 there was a maturity of an issue of 7/8% certificates of indebtedness outstanding in the amount of $2,820 million. Secretary of the Treasury Snyder announced on March 19, 1947 that payment would be made in cash for about $1,500 million of the maturing certificates. At the same time the Secretary announced that an offering of new, one-year 7/8% certificates was being made, par for par, in exchange for the remainder of the maturity. Subscriptions were received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts of $25,000 or less were allotted in full. Cash subscriptions were not received.
The new certificates were dated April 1, 1947 and will mature April 1, 1948. They will bear interest at the rate of 7/8% per annum which will be subject to all Federal income taxes. Interest will be payable in full with the principal at maturity.
Subscription books were opened on March 19 and closed at the end of business on March 21. The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
On March 28, 1947 Secretary Snyder announced that subscriptions for the new issue aggregated $2.669 million, which were allotted as follows:
<table><tr><th></th><th>Subscriptions (In millions of dollars)</th><th>Allotments</th><th>Percent allotted</th></tr><tr><td>Subscriptions in amounts of:</td><td></td><td></td><td></td></tr><tr><td>$25,000 or less</td><td>55</td><td>55</td><td>100</td></tr><tr><td>Over $25,000..</td><td>2,614</td><td>1,266</td><td>48</td></tr><tr><td>Total.........</td><td>2,669</td><td>1,321</td><td></td></tr></table>
With allotments amounting to $1,321 million, payment of $1,499 million was made in cash.
On the basis of reports to the Treasury on the ownership of the debt, about 64% of the maturing certificates was owned by reporting commercial banks and the Federal Reserve Banks as of
February 28, 1947. The ownership figures as of February 28 are the latest available.
Statement on the Maintenance of the Interest Rate Policy
On March 7, 1947, the Secretary of the Treasury released the following statement on the maintenance of the present interest rate policy:
In response to inquiries received at the Treasury today, Secretary Snyder announced that no changes in the interest rate policy of the Government at this time are under contemplation.
"He cautioned against any interpretation of recent newspaper articles indicating that a rise in rates is imminent. He said that all phases of debt management are under constant study by the Treasury and Federal Reserve, and that there has been no change in the policy announced by the President in his Budget Message that 'interest rates will be kept at present low levels through continued cooperation of the Treasury Department and the Federal Reserve System.'
"The technical methods by which the Government's interest rate policy will be carried out are also under constant study in collaboration with the Federal Reserve Open Market Committee and others interested in the subject.
"The Secretary stated that the Treasury is alert to the Government bond market and the effect of its financing on bank reserves and the needs of different classes of investors."
Summary of Debt Reduction Program
By April 1, 1947, the Treasury's debt reduction program had been in operation for 13 months. During this period, this program was responsible for important changes in the public debt, its size, ownership distribution, and composition.
At the beginning of the period, on February 28, 1946, the total public debt stood at
May 1947
A-19
$279.8 billion, the all-time peak. At the same time the cash balance of the Treasury totaled $26.0 billion, having been built up to this total from oversubscriptions to Victory Loan securities. The budgetary outlook of the Government had become more favorable than was expected on V-J Day, as expenditures of the Federal Government declined sharply while receipts were maintained at a level comparable with that of the war period.
The Treasury Department, therefore, introduced a program of paying in cash some portion of the securities maturing in each month, starting with the March 1946 maturities. From March 1, 1946, when the program was started, through April 1, 1947, the Treasury paid in cash $28.9 billion on maturities totaling $61.1 billion. New issues of 7 3/4% certificates were offered in exchange for the remainder.
The following table presents details on the maturities each month for the thirteen month period from March 1, 1946 through April 1, 1947.
Disposition of Maturing or Called Securities March 1946 - April 1947
<table><tr><th></th><th>Issued</th><th>Total amount maturing or called</th><th colspan="2">Disposition</th></tr><tr><th></th><th></th><th>(In billions of dollars)</th><th>Cash pay-ment</th><th>Amount exchanged</th></tr><tr><td>1946</td><td>1 7/8% certificates</td><td>4.1</td><td>1.0</td><td>3.1</td></tr><tr><td>Mar. 15</td><td>1 1/8% Treasury notes</td><td>1.3</td><td>1.3</td><td>-</td></tr><tr><td>15</td><td>3-3/4% Treasury bonds</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>Apr. 1</td><td>7/8% certificates</td><td>4.8</td><td>2.0</td><td>2.8</td></tr><tr><td>May 1</td><td>7/8% certificates</td><td>1.6</td><td>1.6</td><td>-</td></tr><tr><td>June 15</td><td>7/8% certificates</td><td>4.8</td><td>2.0</td><td>2.8</td></tr><tr><td>15</td><td>3% Treasury bonds</td><td>1.0</td><td>1.0</td><td>-</td></tr><tr><td>15</td><td>3-1/8% Treasury bonds</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>July 1</td><td>0.90% Treasury notes</td><td>4.9</td><td>2.0</td><td>2.9</td></tr><tr><td>Aug. 1</td><td>7/8% certificates</td><td>2.5</td><td>1.2</td><td>1.2</td></tr><tr><td>Sept. 1</td><td>7/8% certificates</td><td>4.3</td><td>2.0</td><td>2.3</td></tr><tr><td>Oct. 1</td><td>7/8% certificates</td><td>3.4</td><td>2.0</td><td>1.4</td></tr><tr><td>Nov. 1</td><td>7/8% certificates</td><td>3.8</td><td>2.0</td><td>1.8</td></tr><tr><td>Dec. 15</td><td>7/8% certificates</td><td>3.8</td><td>.5</td><td>3.3</td></tr><tr><td>15</td><td>1-1/2% Treasury notes</td><td>3.3</td><td>3.3</td><td>-</td></tr><tr><td>1947</td><td>Jan. 1</td><td>7/8% certificates</td><td>3.3</td><td>.2</td><td>3.1</td></tr><tr><td>1</td><td>3% conversion bonds</td><td>1/1</td><td>1/1</td><td>-</td></tr><tr><td>Feb. 1</td><td>7/8% certificates</td><td>5.0</td><td>1.0</td><td>3.9</td></tr><tr><td>Mar. 1</td><td>7/8% certificates</td><td>3.1</td><td>1.0</td><td>2.1</td></tr><tr><td>15</td><td>1-1/4% Treasury notes</td><td>1.9</td><td>1.9</td><td>-</td></tr><tr><td>Apr. 1</td><td>7/8% certificates</td><td>2.8</td><td>1.5</td><td>1.3</td></tr><tr><td>Total</td><td></td><td>61.1</td><td>28.9</td><td>32.2</td></tr></table>
1/ Maturity of $13 million.
In all, there have been 21 maturities since the beginning of the debt pay-off program. Of these, payment has been made in full for the issues outstanding in the amount of less than $2 billion (seven issues in all), and for one larger issue ($3.3 billion). Exchange offerings were made for the full amount of two larger maturities ($3.3 billion and $3.8 billion). The remaining eleven issues (ranging from $2.5 billion to $5.0 billion) were divided between limited amounts of exchanges and cash pay-offs.
The determination of the particular treatment given each of the maturities was based on such factors as (1) the size of the issue, (2) its ownership distribution between bank and nonbank investors, (3) the condition of the Government securities market, and (4) the probable effect of the handling on the volume of bank reserves.
Net reduction in debt. From February 28, 1946, the peak of the debt, through April 1, 1947, the total public debt had been reduced by $21.9 billion to $257.9 billion. The difference between the net decline in the debt and the cash payments of $28.9 billion was accounted for by $7.0 billion of other public debt transactions, such as the continued sale of savings bonds, the sale of special issues to Federal agencies and trust funds, and the issuance of noninterest-bearing notes to the International Monetary Fund and International Bank for Reconstruction and Development. The figures are analyzed in the following table.
Reconciliation of Cash Payments on Maturities and Net Change in the Debt February 28, 1946 through April 1, 1947
<table><tr><th></th><th>Billions of dollars</th></tr><tr><td>Reduction in debt:</td><td></td></tr><tr><td>Debt outstanding February 28, 1946</td><td>279.8</td></tr><tr><td>Debt outstanding April 1, 1947....</td><td>257.9</td></tr><tr><td>Net change in the debt.</td><td>-21.9</td></tr><tr><td>Reconciliation:</td><td></td></tr><tr><td>Cash payments on maturities.....</td><td>-28.9</td></tr><tr><td>Less: Net change by other public debt transactions:</td><td></td></tr><tr><td>Savings bonds.</td><td>+2.7</td></tr><tr><td>Savings notes.</td><td>-2.6</td></tr><tr><td>Special issues.</td><td>+4.3</td></tr><tr><td>International Monetary Fund notes.</td><td>+1.8</td></tr><tr><td>Other debt items.</td><td>+1.3</td></tr><tr><td>Total other transactions.</td><td>+7.0</td></tr><tr><td>Net change in the debt.</td><td>-21.9</td></tr></table>
A-20
Treasury Bulletin
Ownership of the debt. The distribution of the ownership of the debt indicates further the effect of the debt pay-off program. Ownership estimates for February 28, 1947, the latest date
Estimated Ownership of Interest-Bearing Public Debt 1/ February 28, 1946 and 1947
for which complete ownership data are available, show that most of the decline in the interest-bearing debt occurred in the holdings of Federal securities by banks. The preceding table presents ownership figures as of February 28, 1946 and 1947. The table on page 48 of the statistical section of this issue presents further historical data.
<table><tr><th></th><th>Feb. 28, 1946</th><th>Feb. 28, 1947</th><th>Change</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Banks:</td><td></td><td></td><td></td></tr><tr><td>Commercial banks....</td><td>93.2</td><td>71.8</td><td>-21.4</td></tr><tr><td>Federal Reserve Banks</td><td>22.9</td><td>24.1</td><td>+1.2</td></tr><tr><td>Total banks.......</td><td>116.1</td><td>95.9</td><td>-20.1</td></tr><tr><td>Nonbank investors:</td><td></td><td></td><td></td></tr><tr><td>Individuals.......</td><td>63.5</td><td>64.5</td><td>+1.1</td></tr><tr><td>Insurance companies..</td><td>24.8</td><td>25.4</td><td>+0.6</td></tr><tr><td>Mutual savings banks.</td><td>11.1</td><td>12.0</td><td>+0.9</td></tr><tr><td>Other corporations and associations...</td><td>28.3</td><td>22.9</td><td>-5.4</td></tr><tr><td>State and local governments.......</td><td>6.7</td><td>6.2</td><td>-0.5</td></tr><tr><td>Federal agencies and trust funds.......</td><td>28.0</td><td>31.3</td><td>+3.4</td></tr><tr><td>Total nonbank investors.......</td><td>162.4</td><td>162.4</td><td>*</td></tr><tr><td>Total all investors....</td><td>278.5</td><td>258.3</td><td>-20.2</td></tr></table>
The ownership of the debt is divided into three broad groups. Individuals are the largest nonbank owners, accounting for about one-fourth of the debt. Other nonbank investors, such as insurance companies, savings banks, governmental accounts, and corporations and associations, account for about three-eighths of the debt. In all, nonbank investors thus own about five-eighths of the total Federal debt. The remaining three-eighths is in the hands of banks - commercial banks and Federal Reserve Banks.
An important objective of the Treasury in public debt management is to further distribute the debt as widely as possible among nonbank investors and to reduce the holdings of commercial banks.
Less than $50 million. 1/ Includes guaranteed securities in the hands of the public.
May 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 9 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>Change 1946 to 1947</th><th>Actual</th><th colspan="3">Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947 January Budget document 1/</th><th>April Budget statement 2/</th><th>1948 January Budget document 1/</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profit taxes</td><td>26,222</td><td>24,482</td><td>22,820</td><td>-1,662</td><td>35,173</td><td>30,885</td><td>27,134</td><td></td><td>26,561</td></tr><tr><td>Employment taxes</td><td>1,331</td><td>1,277</td><td>1,163</td><td>+186</td><td>1,780</td><td>1,701</td><td>1,941</td><td></td><td>2,681</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>5,297</td><td>5,853</td><td>6,215</td><td>+362</td><td>6,949</td><td>7,725</td><td>8,013</td><td>n.e.</td><td>6,847</td></tr><tr><td>Customs</td><td>252</td><td>314</td><td>381</td><td>+68</td><td>355</td><td>435</td><td>496</td><td></td><td>517</td></tr><tr><td>Other receipts 4/</td><td>2,355</td><td>2,098</td><td>2,515</td><td>+417</td><td>3,483</td><td>3,493</td><td>4,001</td><td></td><td>3,011</td></tr><tr><td>Total receipts</td><td>35,458</td><td>34,024</td><td>33,395</td><td>-629</td><td>47,740</td><td>44,239</td><td>41,585</td><td></td><td>39,717</td></tr><tr><td>Lees:</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>929</td><td>876</td><td>1,030</td><td>+154</td><td>1,283</td><td>1,201</td><td>1,355</td><td>1,450</td><td>1,987</td></tr><tr><td>Net receipts</td><td>34,529</td><td>33,148</td><td>32,365</td><td>-783</td><td>46,457</td><td>43,038</td><td>40,230</td><td>42,500</td><td>37,730</td></tr><tr><td>Expenditures:</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></tr><tr><td>War Department</td><td>37,027</td><td>23,673</td><td>5,139</td><td>-18,534</td><td>50,337</td><td>27,800</td><td>7,654</td><td>7,352</td><td>7,367</td></tr><tr><td>Navy Department</td><td>22,742</td><td>13,072</td><td>3,838</td><td>-9,235</td><td>30,047</td><td>15,161</td><td>5,116</td><td>4,900</td><td>4,820</td></tr><tr><td>Armed Forces Leaves Act of 1946:</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>1,454</td><td>+1,454</td><td>-</td><td>-</td><td>1,900</td><td>2,130</td><td>250</td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>108</td><td>+108</td><td>-</td><td>-</td><td></td><td></td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>7,128</td><td>4,611</td><td>2,055</td><td>-2,557</td><td>9,645</td><td>5,581</td><td>3,456</td><td>2,953</td><td>1,542</td></tr><tr><td>Total</td><td>66,897</td><td>41,357</td><td>12,593</td><td>-28,764</td><td>90,029</td><td>48,542</td><td>18,126</td><td>17,335</td><td>13,579</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></tr><tr><td>Veterans' Administration 2/ 5/</td><td>952</td><td>2,674</td><td>5,050</td><td>+2,376</td><td>2,060</td><td>4,253</td><td>7,518</td><td>7,309</td><td>7,001</td></tr><tr><td>Interest on the public debt</td><td>2,403</td><td>3,048</td><td>3,329</td><td>+281</td><td>3,617</td><td>4,722</td><td>4,950</td><td>4,950</td><td>5,000</td></tr><tr><td>Refunds of taxes and duties</td><td>1,167</td><td>1,494</td><td>1,467</td><td>-26</td><td>1,707</td><td>3,027</td><td>2,117</td><td>2,290</td><td>2,040</td></tr><tr><td>Total</td><td>4,522</td><td>7,215</td><td>9,846</td><td>+2,630</td><td>7,384</td><td>12,002</td><td>14,585</td><td>14,549</td><td>14,041</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></tr><tr><td>Breton Woods Agreements Act:</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>318</td><td>+317</td><td>-</td><td>159</td><td>476</td><td>476</td><td>-</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>950</td><td>+950</td><td>-</td><td>-</td><td>950</td><td>950</td><td>-</td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>274</td><td>325</td><td>+51</td><td>-</td><td>674</td><td>325</td><td>325</td><td>-</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>1,100</td><td>+1,100</td><td>-</td><td>-</td><td>1,500</td><td>1,900</td><td>1,200</td></tr><tr><td>Total</td><td>-</td><td>274</td><td>2,693</td><td>+2,418</td><td>-</td><td>833</td><td>3,251</td><td>3,651</td><td>1,200</td></tr><tr><td>Aid to agriculture 5/</td><td>322</td><td>782</td><td>1,461</td><td>+678</td><td>762</td><td>980</td><td>1,680</td><td>1,602</td><td>1,720</td></tr><tr><td>Social security program 5/ 7/</td><td>657</td><td>683</td><td>811</td><td>+128</td><td>815</td><td>852</td><td>1,234</td><td>1,234</td><td>1,308</td></tr><tr><td>Public works</td><td>257</td><td>275</td><td>819</td><td>+544</td><td>323</td><td>407</td><td>1,257</td><td>1,063</td><td>1,469</td></tr><tr><td>Other general expenditures 5/</td><td>865</td><td>990</td><td>1,581</td><td>+591</td><td>1,093</td><td>1,403</td><td>2,555</td><td>2,345</td><td>3,356</td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>25</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></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></tr><tr><td>War and defense activities</td><td>395</td><td>96</td><td>-392</td><td>-488</td><td>472</td><td>328</td><td>161</td><td>-100</td><td>781</td></tr><tr><td>Other</td><td>-165</td><td>-9</td><td>149</td><td>+158</td><td>-203</td><td>-23</td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>491</td><td>-1,036</td><td>-630</td><td>+407</td><td>470</td><td>-1,044</td><td>-790</td><td>-894</td><td>-494</td></tr><tr><td>Other</td><td>-609</td><td>-399</td><td>182</td><td>+581</td><td>-662</td><td>-566</td><td>454</td><td>456</td><td>543</td></tr><tr><td>Total</td><td>112</td><td>-1,348</td><td>-690</td><td>+658</td><td>-7</td><td>-1,305</td><td>-175</td><td>-539</td><td>829</td></tr><tr><td>Total expendituree</td><td>73,632</td><td>50,229</td><td>29,113</td><td>-21,116</td><td>100,397</td><td>63,714</td><td>42,523</td><td>41,250</td><td>37,528</td></tr><tr><td>Net budgetary deficit (-) or surplus (+)</td><td>-39,103</td><td>-17,081</td><td>+3,252</td><td>-20,333</td><td>-53,941</td><td>-20,676</td><td>-2,293</td><td>+1,250</td><td>+202</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available. * Less than $500,000. 1/ Based upon the 1948 Budget document, Appendix 7, released in January 1947. 2/ The President released revised budget totals for the fiscal year 1947 on April 19, 1947; details for expenditures were released on April 22, 1947 by the Acting Assistant Director of the Budget in testimony before the Senate Finance Committee. 3/ Includes chiefly alcoholic beverages taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes. 4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of each deposit is not available on the
On the basis of covering warrants, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated at $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. Includes expenditures for public works undertaken by Veterans' Administration. Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.
May 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 9 months, fiscal years 1945 to 1947</th><th colspan="5">End of fiscal year, 1945 to 1948</th></tr><tr><th></th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1947</th><th>Change Mar. 31, 1946 to Mar. 31, 1947</th><th colspan="2">Actual</th><th colspan="3">Estimated</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 1/</th><th>June 30, 1947 2/</th><th>June 30, 1948 1/</th></tr><tr><td>Securities lecued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public lecusee:</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>162,625</td><td>197,063</td><td>172,462</td><td>-24,602</td><td>181,319</td><td>189,606</td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>51,833</td><td>56,350</td><td>58,156</td><td>+1,606</td><td>56,226</td><td>56,173</td><td></td><td></td><td></td></tr><tr><td>Total public lecusee</td><td>214,459</td><td>253,613</td><td>230,618</td><td>-22,996</td><td>237,545</td><td>245,779</td><td>n.e.</td><td>n.e.</td><td>n.e.</td></tr><tr><td>Special lecusee</td><td>17,567</td><td>21,135</td><td>25,183</td><td>+4,047</td><td>18,812</td><td>22,332</td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>232,026</td><td>274,748</td><td>255,800</td><td>-18,948</td><td>256,357</td><td>268,111</td><td></td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,923</td><td>1,264</td><td>3,324</td><td>+2,060</td><td>2,326</td><td>1,311</td><td></td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>233,950</td><td>276,012</td><td>259,124</td><td>-16,888</td><td>258,682</td><td>269,422</td><td>260,400</td><td>n.e.</td><td>260,200</td></tr><tr><td>Securitise guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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></tr><tr><td>Public lecusee:</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>787</td><td>40</td><td>46</td><td>+6</td><td>34</td><td>43</td><td></td><td></td><td></td></tr><tr><td>Non-marketable</td><td>332</td><td>501</td><td>130</td><td>-372</td><td>375</td><td>424</td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,119</td><td>542</td><td>175</td><td>-366</td><td>409</td><td>467</td><td>n.a.</td><td>n.e.</td><td>n.e.</td></tr><tr><td>Matured debt</td><td>25</td><td>11</td><td>7</td><td>-4</td><td>24</td><td>10</td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,144</td><td>553</td><td>182</td><td>-371</td><td>433</td><td>476</td><td>428</td><td>n.e.</td><td>397</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>235,094</td><td>276,565</td><td>259,306</td><td>-17,259</td><td>259,115</td><td>269,898</td><td>260,828</td><td>n.e.</td><td>260,597</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available. 1/ Based upon the 1948 Budget document, released in January 1947.
2/ President's Budget statement of April 19, 1947.
3/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 9 months, fiscal years 1945 to 1947</th><th colspan="5">Complete fiscal years, 1945 to 1948</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th colspan="2">Actual</th><th colspan="3">Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947 1/</th><th>1947 2/</th><th>1948 1/</th></tr><tr><td>Amount required to be financed</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>39,103</td><td>17,081</td><td>-</td><td>53,941</td><td>20,676</td><td>2,293</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>-</td><td>10,298</td><td>4,529</td><td>-</td><td>9,022</td><td>n.e.</td><td>200</td></tr><tr><td>Net increase in General Fund balances</td><td>-</td><td>-</td><td>-</td><td>-</td><td>524</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>-</td><td>579</td><td>282</td><td>-</td><td>-</td><td>407</td><td>n.e.</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>39,103</td><td>17,661</td><td>10,580</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.e.</td><td>614</td></tr><tr><td>Means of financing</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary surplus</td><td>-</td><td>-</td><td>3,252</td><td>-</td><td>-</td><td>-</td><td>1,250</td><td>202</td></tr><tr><td>Net increase in public debt</td><td>32,946</td><td>17,330</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>4,891</td><td>330</td><td>7,328</td><td>-</td><td>10,460</td><td>11,722</td><td>n.e.</td><td>411</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>1,266</td><td>-</td><td>-</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>39,103</td><td>17,661</td><td>10,580</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.e.</td><td>614</td></tr></table>
Source: Daily Treasury Statement except as noted. n.a. Not available. 1/ Based upon the 1948 Budget document. 2/ President's Budget statement of April 19, 1947. 3/ Comprises trust accounts, sales and redemptions of obligations
of Government corporations, etc., in the market (net), increment on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July 1946, a clearing account for outstanding checks.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES
May 1947
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month.</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 3/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Custome</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>Total expenditure</th><th>General</th><th>War and defense activities</th><th>Transfers to trust accounts, etc.</th><th>Government corporations (wholly owned), etc. (net)</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>7,806</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 4/</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 5/</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079 5/</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 1/</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 1/6/</td><td>1,103</td><td>22,282</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 6/</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 6/</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 6/</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-March</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>15</td><td>5,747</td><td>3,845</td><td>2,028</td><td>2,550</td><td>23</td><td>-757</td><td>-1,902</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</td><td>57</td><td>2,677</td><td>4,268</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>1,591</td></tr><tr><td>May</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>265</td><td>2,733</td><td>3,864</td><td>1,400</td><td>2,182</td><td>95</td><td>187</td><td>1,131</td></tr><tr><td>June</td><td>4,482</td><td>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,352</td><td>3,066</td><td>2,442</td><td>5</td><td>-161</td><td>873</td></tr><tr><td>July</td><td>2,600</td><td>2,251</td><td>44</td><td>305</td><td>61</td><td>2,539</td><td>3,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>499</td></tr><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>-1,723</td></tr><tr><td>October</td><td>2,617</td><td>2,230</td><td>45</td><td>341</td><td>73</td><td>2,544</td><td>2,965</td><td>1,494</td><td>1,481</td><td>48</td><td>-59</td><td>420</td></tr><tr><td>November</td><td>2,639</td><td>2,403</td><td>45</td><td>192</td><td>275</td><td>2,364</td><td>2,529</td><td>1,094</td><td>1,436</td><td>27</td><td>-28</td><td>165</td></tr><tr><td>December</td><td>4,113</td><td>3,693</td><td>43</td><td>377</td><td>6</td><td>4,107</td><td>3,662</td><td>2,017</td><td>1,580</td><td>21</td><td>45</td><td>-415</td></tr><tr><td>1947-January</td><td>3,860</td><td>3,415</td><td>47</td><td>398</td><td>40</td><td>3,820</td><td>3,113</td><td>1,523</td><td>1,412</td><td>71</td><td>108</td><td>-706</td></tr><tr><td>February</td><td>4,643</td><td>4,274</td><td>36</td><td>333</td><td>264</td><td>4,378</td><td>3,914</td><td>2,473</td><td>1,457</td><td>16</td><td>-32</td><td>-464</td></tr><tr><td>March</td><td>5,724</td><td>5,445</td><td>39</td><td>239</td><td>24</td><td>5,701</td><td>3,598</td><td>2,063</td><td>1,428</td><td>1</td><td>106</td><td>-2,102</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 explanation see tables which follow entitled "Social Security Program."
3/ Total expenditures lease net receipts.
4/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
2) Receipts from reductions in capital stock and paid-in surplus available to be reelected under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
6) Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profit taxee</th><th colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Withheld by employee 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 2/</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,610</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,779 2/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>710</td><td>530</td><td>101</td><td>109</td><td>2,332</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,315</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,140</td><td>925</td><td>691</td><td>93</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-March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>649</td></tr><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>612</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>1,442</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>143</td><td>302</td><td>284</td><td>10</td><td>8</td><td>679</td></tr><tr><td>September</td><td>4,291</td><td>3,550</td><td>705</td><td>2,845</td><td>85</td><td>8</td><td>1</td><td>76</td><td>656</td></tr><tr><td>October</td><td>2,230</td><td>1,404</td><td>557</td><td>847</td><td>74</td><td>70</td><td>2</td><td>2</td><td>752</td></tr><tr><td>November</td><td>2,403</td><td>1,444</td><td>1,111</td><td>332</td><td>290</td><td>276</td><td>9</td><td>5</td><td>669</td></tr><tr><td>December</td><td>3,693</td><td>2,886</td><td>766</td><td>2,120</td><td>86</td><td>7</td><td>1</td><td>78</td><td>728</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><tr><td>February</td><td>4,274</td><td>3,222</td><td>1,376</td><td>1,845</td><td>387</td><td>266</td><td>116</td><td>5</td><td>666</td></tr><tr><td>March</td><td>5,446</td><td>4,650</td><td>785</td><td>3,865</td><td>114</td><td>25</td><td>12</td><td>77</td><td>682</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
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 profit taxes.
3/ Includes unjust enrichment tax.
For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent contributions under Titles VIII and IX, respectively, of the Social Security Act.
Includes less than $500,000 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Total general expenditure</th><th colspan="3">Veterans' Administration, interest on public debt, and refunds of taxe and duties</th><th colspan="7">Other general expenditure</th></tr><tr><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 2/</th><th>Direct and work relief 2/</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 5/</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-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 5/</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><tr><td>February</td><td>2,473</td><td>850</td><td>545</td><td>124</td><td>181</td><td>1,623</td><td>74</td><td>81</td><td>70</td><td>1,209</td><td>-</td><td>-</td><td>190</td></tr><tr><td>March</td><td>2,063</td><td>1,552</td><td>565</td><td>626</td><td>361</td><td>512</td><td>86</td><td>26</td><td>65</td><td>200</td><td>-</td><td>-</td><td>135</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
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 insueance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works. 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.
9/ 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/ Grosse expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
May 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/ Boade Cash</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 2/</th><th>Selective Service (admitative)</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 dispoal agencies</th><th>Other war and defense ac-tivities expenditures 3/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>-</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>-</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>-</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>4/</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</td><td>1,041</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,367</td><td>120</td><td>664</td><td>106</td><td>611</td></tr><tr><td>1946-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>2,190</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>7</td></tr><tr><td>September</td><td>1,100</td><td>384</td><td>486</td><td>-</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>5/</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>5/</td><td>-</td><td>87</td><td>24</td><td>7</td></tr><tr><td>December</td><td>1,580</td><td>665</td><td>419</td><td>293</td><td>28</td><td>1</td><td>-1</td><td>5</td><td>3</td><td>4</td><td>28</td><td>5/</td><td>-</td><td>91</td><td>40</td><td>42</td></tr><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>5/</td><td>-</td><td>102</td><td>45</td><td>25</td></tr><tr><td>February</td><td>1,457</td><td>574</td><td>351</td><td>269</td><td>23</td><td>-14</td><td>1</td><td>2</td><td>4</td><td>20</td><td>47</td><td>5/</td><td>-</td><td>103</td><td>63</td><td>12</td></tr><tr><td>March</td><td>1,428</td><td>611</td><td>359</td><td>303</td><td>23</td><td>2</td><td>1</td><td>2</td><td>4</td><td>12</td><td>7</td><td>5/</td><td>-</td><td>52</td><td>34</td><td>15</td></tr></table>
Source: Daily Treasury Statement.
* Lees than $500,000.
1/ Administrative expense in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments.
2/ Includes war public housing functions.
3/ Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter
such expenditures are reflected within the respective departments. 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 funde (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>181</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-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><tr><td>February</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. 
Less than $500,000.
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.
1/ Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on social security program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6. - Analysis of Expenditures of Government Corporations (Wholly Owned), Etc. (Net)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1937</td><td>-371</td><td>-112</td><td>-3</td><td>-</td><td>-</td><td>40</td><td>2/</td><td>-329</td><td>2</td><td>30</td></tr><tr><td>1938</td><td>-208</td><td>-184</td><td>-1</td><td>-</td><td>1</td><td>43</td><td>2/</td><td>-9</td><td>34</td><td>-5</td></tr><tr><td>1939</td><td>320</td><td>136</td><td>2</td><td>-</td><td>55</td><td>-60</td><td>2/</td><td>247</td><td>•</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>•</td><td>-5</td><td>17</td><td>40</td><td>2/</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>•</td><td>-8</td><td>233</td><td>-239</td><td>2/</td><td>725</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>•</td><td>-5</td><td>46</td><td>-256</td><td>2/</td><td>1,936</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>•</td><td>-6</td><td>-3</td><td>-363</td><td>3/</td><td>2,462</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>•</td><td>-2</td><td>15</td><td>-396</td><td>2/</td><td>2,435</td><td>-1</td><td>-446</td></tr><tr><td>1945</td><td>-7</td><td>471 3/</td><td>•</td><td>-3</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 3/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1946-March</td><td>-757</td><td>-631 4/</td><td>-39</td><td>-5</td><td>9</td><td>-24</td><td>-96</td><td>28</td><td>•</td><td>2</td></tr><tr><td>April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-32</td><td>85</td><td>-1</td><td>-3</td><td>-21</td></tr><tr><td>May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>148</td><td>-11</td><td>-1</td><td>-3</td></tr><tr><td>June</td><td>-161</td><td>-151</td><td>20</td><td>-3</td><td>3</td><td>-25</td><td>-1</td><td>-2</td><td>1</td><td>-2</td></tr><tr><td>July</td><td>-870</td><td>-959 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>196</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><tr><td>February</td><td>-32</td><td>-39</td><td>70</td><td>-2</td><td>1</td><td>-16</td><td>-73</td><td>17</td><td>-2</td><td>11</td></tr><tr><td>March</td><td>106</td><td>-21</td><td>103</td><td>-3</td><td>-9</td><td>-16</td><td>3</td><td>50</td><td>1</td><td>-3</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Division between expenditures for War and defense activities and other not available.
3/ Payments of $957 million have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for 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 $1,182 million. 
4/ Represents payment to Commodity Credit Corporation under act of February 18, 1946. 
5/ The act of July 20, 1946, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $921 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly owned), etc. (net).
May 1947
9
Budgetary Receipts and Expenditures - (Continued)
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>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>3,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>3,447</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>6,373</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>4,137</td><td>41,501</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures excluding net expenditures of Government corporations (wholly owned), etc. 2/</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,327</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>932</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>813</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>13,053</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>3,613</td><td>45,804</td></tr><tr><td>1947</td><td>3,005</td><td>3,946</td><td>3,492</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures including net expenditures of Government corporations (wholly owned), etc. 2/ 3/</td></tr><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>3,430</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>2,753</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>3,914</td><td>3,598</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit excluding net expenditures of Government corporations (wholly owned), etc. 4/</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</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>-432</td><td>-2,209</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit including net expenditures of Government corporations (wholly owned), etc. 3/ 4/</td></tr><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,937</td><td>5,770</td><td>1,976</td><td>6,134</td><td>5,706</td><td>3,004</td><td>-</td></tr><tr><td>1945</td><td>4,683</td><td>3,514</td><td>2,373</td><td>4,972</td><td>6,028</td><td>3,838</td><td>6,126</td><td>4,293</td><td>1,497</td><td>3,165</td><td>2,208</td><td>895</td><td>43,594</td></tr><tr><td>1946</td><td>1,042</td><td>-243</td><td>-1,902</td><td>1,591</td><td>1,131</td><td>873</td><td>1,105</td><td>499</td><td>-1,723</td><td>420</td><td>165</td><td>-445</td><td>2,512</td></tr><tr><td>1947</td><td>-706</td><td>-464</td><td>-2,102</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/ Excludee 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="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>-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>-</td><td>-</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>148</td><td>146</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>109</td><td>107</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>123</td><td>125</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-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>-414</td><td>-313</td><td>13</td><td>325</td><td>+4</td><td>74</td><td>70</td><td>-15</td><td>44</td><td>59</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+156</td><td>+46</td><td>73</td><td>26</td><td>-1</td><td>44</td><td>45</td><td>+1</td><td>42</td><td>41</td><td>*</td><td>44</td><td>44</td></tr><tr><td>November</td><td>+15</td><td>+239</td><td>275</td><td>36</td><td>-12</td><td>58</td><td>70</td><td>*</td><td>155</td><td>155</td><td>*</td><td>*</td><td>*</td></tr><tr><td>December</td><td>-480</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><tr><td>February</td><td>+317</td><td>+227</td><td>264</td><td>38</td><td>+6</td><td>65</td><td>60</td><td>+5</td><td>175</td><td>171</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>March</td><td>-33</td><td>-246</td><td>33</td><td>279</td><td>-2</td><td>47</td><td>48</td><td>-6</td><td>50</td><td>55</td><td>*</td><td>*</td><td>*</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th 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>Expenses</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>+19</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-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>-1</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><tr><td>February</td><td>+237</td><td>296</td><td>59</td><td>*</td><td>-</td><td>-146</td><td>-113</td><td>+102</td></tr><tr><td>March</td><td>+118</td><td>160</td><td>42</td><td>*</td><td>-</td><td>+71</td><td>-8</td><td>+39</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Includes Government Retirement funds, etc. (See footnote 2.) 2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945.
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts." 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
May 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>57,579</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-March</td><td>1,593</td><td>-1,902</td><td>3,201</td><td>-</td><td>295</td><td>1,593</td><td>-</td><td>1,593</td><td>-</td></tr><tr><td>April</td><td>3,705</td><td>1,591</td><td>2,114</td><td>-</td><td>-</td><td>3,705</td><td>-</td><td>3,433</td><td>272</td></tr><tr><td>May</td><td>2,447</td><td>1,131</td><td>1,316</td><td>-</td><td>-</td><td>2,447</td><td>-</td><td>2,398</td><td>48</td></tr><tr><td>June</td><td>4,298</td><td>873</td><td>3,161</td><td>-</td><td>265</td><td>4,298</td><td>-</td><td>4,298</td><td>-</td></tr><tr><td>July</td><td>2,257</td><td>1,105</td><td>1,152</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,209</td><td>48</td></tr><tr><td>August</td><td>1,223</td><td>499</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>989</td><td>234</td></tr><tr><td>September</td><td>868</td><td>-1,723</td><td>2,177</td><td>-</td><td>414</td><td>868</td><td>-</td><td>868</td><td>-</td></tr><tr><td>October</td><td>2,257</td><td>420</td><td>1,837</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,101</td><td>156</td></tr><tr><td>November</td><td>1,420</td><td>165</td><td>1,255</td><td>-</td><td>-</td><td>1,420</td><td>-</td><td>1,405</td><td>15</td></tr><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><tr><td>February</td><td>1,958</td><td>-164</td><td>-</td><td>2,422</td><td>-</td><td>1,958</td><td>1,642</td><td>-</td><td>317</td></tr><tr><td>March</td><td>224</td><td>-2,102</td><td>2,294</td><td>-</td><td>33</td><td>224</td><td>-</td><td>224</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes 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 1946, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I - Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1946-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>-4.4</td></tr><tr><td>November</td><td>285.5</td><td>276.2</td><td>9.3</td><td>274.9</td><td>10.6</td></tr><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><tr><td>February</td><td>382.0</td><td>266.2</td><td>115.8</td><td>264.4</td><td>117.7</td></tr><tr><td>March</td><td>37.4</td><td>25.4</td><td>12.0</td><td>23.6</td><td>13.9</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">Refunds of taxes</th><th rowspan="2">Excess of expenditures 9/</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service 6/</th><th>Maternal and child health services</th><th>Children's Bureau 7/ Services for crippled children</th><th>Child welfare service</th><th>U. S. Employment Service 8/</th></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>180.2</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>205.8</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>381.2</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>469.2</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-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>66.9</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><tr><td>February</td><td>80.7</td><td>2.3</td><td>77.6</td><td>52.5</td><td>12.2</td><td>1.5</td><td>9.0</td><td>*</td><td>1.7</td><td>.7</td><td>.3</td><td>*</td><td>.8</td><td>-36.9</td></tr><tr><td>March</td><td>24.6</td><td>2.3</td><td>21.6</td><td>13.2</td><td>2.3</td><td>.5</td><td>3.8</td><td>*</td><td>1.0</td><td>.8</td><td>.1</td><td>*</td><td>.7</td><td>10.7</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $50,000.
2/ Formerly Title VIII 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 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table 1.
4/ Includes an adjustment of $3,879,000 on account of overstatement of reimbursements to General Fund in September.
5/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Social Security Act; namely, Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency. Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 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, appropriated $11 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
May 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>119.0</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>116.9</td><td>128.2</td><td>3.5</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>208.5</td><td>220.2</td><td>5.4</td><td>214.5</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>308.5</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>12.5</td></tr><tr><td>1946-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><tr><td>February</td><td>4.9</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-4.8</td></tr><tr><td>March</td><td>76.8</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-76.6</td></tr></table>
Source: Daily Treasury Statement.
administrative expenses relating to the Railroad Retirement Act.
Less than $50,000.
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 Adminis-tration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-.6</td></tr><tr><td>1946</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1946-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><tr><td>February</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr><tr><td>March</td><td>3.4</td><td>.8</td><td>.8</td><td>-</td><td>-2.6</td></tr></table>
Source: Daily Treasury Statement.
years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938,
Less than $50,000
Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section 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
$6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance).
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
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 11 - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund 1/
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors insurance 1/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.5</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>1,778.1</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>2,391.6</td><td>2,320.5</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>4,269.3</td><td>4,216.8</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>669.5</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>21.1</td></tr><tr><td>1945</td><td>7,519.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,556.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,611.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947-January</td><td>9,740.5</td><td>9,010.1</td><td>730.5</td><td>1,553.0</td><td>1,340.4</td><td>198.3</td><td>13.8</td><td>8,187.5</td><td>8,078.7</td><td>56.4</td><td>53.4</td></tr><tr><td>February</td><td>10,006.3</td><td>9,276.3</td><td>730.5</td><td>1,592.5</td><td>1,376.0</td><td>200.7</td><td>15.9</td><td>8,414.3</td><td>8,078.7</td><td>283.9</td><td>51.5</td></tr><tr><td>March</td><td>10,041.4</td><td>9,301.7</td><td>739.7</td><td>1,633.5</td><td>1,413.1</td><td>202.5</td><td>18.0</td><td>8,407.8</td><td>8,318.7</td><td>40.8</td><td>48.3</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- riles 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="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance<br>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1918</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>1919</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>11.2</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>3.4</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>673.4</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>515.5</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>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><tr><td>February</td><td>2,079.5</td><td>2,016.1</td><td>63.4</td><td>1,215.2</td><td>864.3</td><td>801.5</td><td>45.4</td><td>17.4</td></tr><tr><td>March</td><td>2,079.8</td><td>2,016.1</td><td>63.7</td><td>1,229.8</td><td>850.0</td><td>787.0</td><td>45.5</td><td>17.5</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities Deposits by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditure</th><th>State unemployment insurance activities Withdrawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 1/</th><th>Railroad unemployment insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>General Fund (Special Deposit Account) 5/</th><th>In disbursement officer's account</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>87.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>14.2</td><td>1.8</td><td>-</td><td>82.6</td><td>633.5</td><td>633.8</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,133.1</td><td>1,116.7</td><td>105.9</td><td>32.3</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>3,911.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</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>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</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>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.5</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>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>3.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.5</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>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>7,609.5</td><td>7,579.0</td><td>23.3</td><td>7.3</td></tr><tr><td>1947-January</td><td>11,622.0</td><td>10,057.0</td><td>684.6</td><td>107.1</td><td>56.9</td><td>717.6</td><td>4,083.0</td><td>3,879.9</td><td>107.0</td><td>96.1</td><td>7,714.2</td><td>7,679.0</td><td>27.0</td><td>8.2</td></tr><tr><td>February</td><td>11,797.1</td><td>10,231.0</td><td>715.4</td><td>107.1</td><td>56.9</td><td>721.4</td><td>4,163.3</td><td>3,954.8</td><td>107.1</td><td>101.4</td><td>7,683.5</td><td>7,654.0</td><td>22.2</td><td>7.3</td></tr><tr><td>March</td><td>11,846.7</td><td>10,246.0</td><td></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>
Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1910).
5/ For railroad unemployment benefits and refunds.
May 1947
15
Cash Income and Outgo of the Treasury, by Major
lassifications
(in millions of dollars)
<table><tr><th></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><th>Feb.</th><th>Mar.</th></tr><tr><td colspan="14">1946</td><td colspan="3">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></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</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>2,664</td><td>3,222</td><td>4,650</td></tr><tr><td>Employment taxes</td><td>97</td><td>65</td><td>285</td><td>73</td><td>67</td><td>302</td><td>85</td><td>74</td><td>290</td><td>86</td><td>58</td><td>387</td><td>111</td></tr><tr><td>Miscellaneous internal revenue</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><td>666</td><td>682</td></tr><tr><td>Customs</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><td>36</td><td>39</td></tr><tr><td>Other</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><td>333</td><td>239</td></tr><tr><td>Subtotal</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>3,815</td><td>4,643</td><td>5,724</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>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><td>175</td><td>46</td></tr><tr><td>Other trust funds and accounts</td><td>153</td><td>162</td><td>294</td><td>221</td><td>112</td><td>91</td><td>177</td><td>144</td><td>97</td><td>102</td><td>95</td><td>346</td><td>206</td></tr><tr><td>Subtotal</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><td>521</td><td>251</td></tr><tr><td>Total cash income</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><td>5,164</td><td>5,975</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities 2/</td><td>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><td>1,188</td><td>1,124</td></tr><tr><td>Veterans' Administration</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><td>545</td><td>565</td></tr><tr><td>Public works 3/</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><td>70</td><td>66</td></tr><tr><td>Aid to agriculture 4/</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><td>79</td><td>94</td></tr><tr><td>Social security program</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><td>81</td><td>26</td></tr><tr><td>Interest on the public debt 5/</td><td>596</td><td>140</td><td>75</td><td>913</td><td>178</td><td>85</td><td>587</td><td>119</td><td>66</td><td>876</td><td>188</td><td>84</td><td>577</td></tr><tr><td>Government corporations (wholly owned), etc. (act):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>-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><td>-73</td><td>3</td></tr><tr><td>Other</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><td>17</td><td>50</td></tr><tr><td>Commodity Credit Corporation</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><td>-39</td><td>-21</td></tr><tr><td>Other</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><td>57</td><td>65</td></tr><tr><td>Other 6/</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><td>471</td><td>696</td></tr><tr><td>Subtotal</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><td>2,481</td><td>3,244</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund</td><td>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><td>71</td><td>80</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>38</td><td>39</td></tr><tr><td>Railroad Retirement Account</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><td>14</td><td>15</td></tr><tr><td>Other</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><td>112</td><td>-37</td></tr><tr><td>Subtotal</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><td>234</td><td>31</td></tr><tr><td>Redemption of adjusted service bonds</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Redemption of excess profit tax refund bonds</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><td>2</td><td>2</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>2</td><td>6</td><td>10</td><td>9</td></tr><tr><td>Payments to International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>963</td><td>-</td></tr><tr><td>Total cash outgo</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>2,827</td><td>3,690</td><td>3,352</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>-1,474</td><td>-2,623</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin." For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin," February 1939.
2/ Beginning October 1946, excludes bonds issued under Armed Forces Leave Act of 1946.
3/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority,
river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects. 
4/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. 
5/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments. 
6/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps," and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
Total Cash Income and Outgo by Months, Begin
ing with 1942
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>51,375</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>5,163</td><td>5,975</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>3,043</td><td>44,925</td></tr><tr><td>1947</td><td>2,827</td><td>3,690</td><td>3,352</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>896</td><td>36,537</td></tr><tr><td>1946</td><td>1,637</td><td>-356</td><td>-1,782</td><td>1,237</td><td>1,891</td><td>310</td><td>219</td><td>-83</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>-1,474</td><td>-2,623</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 OF THE TREASURY
May 1947
17
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</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>7,661</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-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><tr><td>February</td><td>7,478</td><td>1,277</td><td>2,561</td><td>3,363</td><td>276</td></tr><tr><td>March</td><td>7,233</td><td>1,274</td><td>2,369</td><td>3,292</td><td>297</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-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><tr><td>February</td><td>7,478</td><td>344</td><td>7,134</td></tr><tr><td>March</td><td>7,233</td><td>323</td><td>6,909</td></tr></table>
Source: Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, (wholly owned), etc.(net) 1/</th><th>Public debt accounts</th><th colspan="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>Signiorage 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 1/</td><td>2,740 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-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>-868</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><tr><td>February.</td><td>2,422</td><td>464</td><td>1,642</td><td>317</td><td>473</td><td>*</td><td>-</td><td>-146</td><td>-113</td><td>102</td></tr><tr><td>March.</td><td>-224</td><td>2,102</td><td>-2,294</td><td>-33</td><td>-136</td><td>*</td><td>-</td><td>71</td><td>-8</td><td>39</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
Less than $500,000.
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, Rail-road 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-
pocite (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".
5/ 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 increments 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.
May 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>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>Public debt....................................</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td><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>867</td></tr><tr><td>Total........................................</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td><td>268,578</td></tr><tr><td>Matured debt and debt bearing no interest.....</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,390</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><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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,864</td><td>14,734</td><td>17,041</td><td>17,039</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td><td>34,804</td></tr><tr><td>Treasury notes.</td><td>10,617</td><td>9,147</td><td>7,283</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,854</td></tr><tr><td>Postal savings and other bonds.</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>180</td></tr><tr><td>Total marketable issues.</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds.</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586 3/</td><td>49,035 3/</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td><td>6,711</td></tr><tr><td>Adjusted service bonds.</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td><td>-</td></tr><tr><td>Depository bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues.</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</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 saving stamps.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</td></tr><tr><td>Excess profits tax refund bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td></tr><tr><td>United States notes (less gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td><td>568</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 debts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,553</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>Matured debt on which interest has ceased</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td><td>10</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td><td>476</td></tr></table>
(Continued on following page)
May 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 colspan="12">1946</th><th colspan="3">1947</th></tr><tr><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><th>Feb.20</th><th>Mar.31</th></tr></table>
Public
Public debt and guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,039</td><td>266,359</td><td>264,217</td><td>262,415</td><td>260,925</td><td>257,649</td><td>258,378</td><td>258,113</td><td>255,800</td></tr><tr><td>Public debt.......................</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><td>262</td><td>181</td><td>175</td></tr><tr><td>Guaranteed obligations.............</td><td>275,290</td><td>273,214</td><td>271,983</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td><td>262,792</td><td>261,286</td><td>257,980</td><td>258,640</td><td>258,294</td><td>255,976</td></tr><tr><td>Total.........................</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><td>1,507</td><td>1,406</td><td>3,312</td><td>3,331</td></tr><tr><td>Matured debt and debt bearing no interest...</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td><td>268,603</td><td>267,924</td><td>265,768</td><td>263,918</td><td>262,646</td><td>259,487</td><td>260,046</td><td>261,606</td><td>259,306</td></tr><tr><td>Total outstanding................</td><td></td><td></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>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,047</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><td>17,048</td><td>17,038</td></tr><tr><td>Certificates of indebtedness</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><td>28,784</td><td>27,722</td></tr><tr><td>Treasury notes</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><td>10,090</td><td>8,141</td></tr><tr><td>Treasury bonds - bank restricted 2/</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><td>49,636</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</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><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>179</td><td>179</td><td>179</td><td>179</td><td>179</td><td>179</td><td>166</td><td>166</td><td>166</td></tr><tr><td>Total marketable issues</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>176,444</td><td>175,410</td><td>172,482</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds 3/</td><td>48,733</td><td>48,828</td><td>48,917</td><td>49,035</td><td>49,320</td><td>49,477</td><td>49,545</td><td>49,624</td><td>49,709</td><td>49,776</td><td>50,343</td><td>50,717</td><td>50,945</td></tr><tr><td>Treasury notes - savings series 3/</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>5,590</td><td>5,570</td><td>5,443</td></tr><tr><td>Depository bonds</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><td>346</td><td>342</td></tr><tr><td>Armed forces leave bonds</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><td>1,132</td><td>1,426</td></tr><tr><td>Total non-marketable issues</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><td>57,765</td><td>58,156</td></tr><tr><td>Total public issues</td><td>253,613</td><td>251,487</td><td>249,960</td><td>245,779</td><td>244,395</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><td>233,176</td><td>230,618</td></tr><tr><td>Special issues</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>24,777</td><td>24,938</td><td>25,183</td></tr><tr><td>Total interest-bearing debt</td><td>274,748</td><td>272,711</td><td>271,440</td><td>268,111</td><td>267,035</td><td>266,359</td><td>264,217</td><td>262,415</td><td>260,925</td><td>257,649</td><td>258,378</td><td>258,113</td><td>255,800</td></tr><tr><td>Matured debt on which interest has ceased</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><td>291</td><td>308</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>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><td>74</td><td>72</td></tr><tr><td>Excess profits tax refund bonds</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><td>24</td><td>23</td></tr><tr><td>Special notes of the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>248</td><td>248</td><td>248</td><td>407</td><td>407</td></tr><tr><td>International Monetary Fund series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,782</td><td>1,782</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>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>545</td><td>540</td><td>533</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>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><td>3,024</td><td>3,016</td></tr><tr><td>Total public debt outstanding</td><td>276,012</td><td>273,989</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><td>261,418</td><td>259,124</td></tr></table>
aranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration....</td><td>40</td><td>41</td><td>42</td><td>43</td><td>43</td><td>43</td><td>44</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>40</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/...</td><td>501</td><td>492</td><td>500</td><td>424</td><td>281</td><td>326</td><td>347</td><td>334</td><td>317</td><td>286</td><td>217</td><td>135</td><td>130</td></tr><tr><td>Total interest-bearing debt......</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><td>262</td><td>181</td><td>175</td></tr><tr><td>Matured debt on which interest has ceased..</td><td>11</td><td>11</td><td>10</td><td>10</td><td>9</td><td>9</td><td>9</td><td>8</td><td>8</td><td>8</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total guaranteed obligations outstanding...</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><td>270</td><td>188</td><td>182</td></tr></table>
Source: Daily Treasury Statement
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See
"Treasury Bulletin" July 1946, A-9, A-10.
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
5/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
22
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-G
May 1947
23
Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>Outstanding at end of fiscal year or month</th><th>Total</th><th>Federal Deposit Insurance Corporation</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government Life Insurance Fund</th><th>Government Retirement Funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Other 3/</th></tr><tr><td>1937</td><td>1,558</td><td>95</td><td>267</td><td>-</td><td>500</td><td>316</td><td>-</td><td>30</td><td>-</td><td>312</td><td>38</td></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>396</td><td>-</td><td>45</td><td>66</td><td>872</td><td>26</td></tr><tr><td>1939</td><td>3,770</td><td>101</td><td>1,177</td><td>-</td><td>537</td><td>473</td><td>-</td><td>128</td><td>67</td><td>1,267</td><td>20</td></tr><tr><td>1940</td><td>4,775</td><td>56</td><td>1,738</td><td>-</td><td>524</td><td>559</td><td>-</td><td>97</td><td>79</td><td>1,710</td><td>11</td></tr><tr><td>1941</td><td>6,120</td><td>90</td><td>2,381</td><td>5</td><td>531</td><td>656</td><td>3</td><td>88</td><td>74</td><td>2,273</td><td>19</td></tr><tr><td>1942</td><td>7,885</td><td>95</td><td>3,133</td><td>5</td><td>537</td><td>796</td><td>39</td><td>56</td><td>92</td><td>3,114</td><td>18</td></tr><tr><td>1943</td><td>10,871</td><td>103</td><td>4,044</td><td>106</td><td>538</td><td>1,076</td><td>352</td><td>199</td><td>178</td><td>4,257</td><td>18</td></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>4,766</td><td>27</td><td>502</td><td>1,469</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td></tr><tr><td>1945</td><td>18,812</td><td>97</td><td>5,308</td><td>37</td><td>589</td><td>1,868</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>15</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>1946-March</td><td>21,135</td><td>85</td><td>5,586</td><td>46</td><td>612</td><td>2,106</td><td>4,785</td><td>592</td><td>642</td><td>6,668</td><td>12</td></tr><tr><td>April</td><td>21,224</td><td>85</td><td>5,581</td><td>46</td><td>612</td><td>2,089</td><td>4,935</td><td>608</td><td>667</td><td>6,588</td><td>12</td></tr><tr><td>May</td><td>21,481</td><td>85</td><td>5,581</td><td>47</td><td>612</td><td>2,090</td><td>5,100</td><td>628</td><td>654</td><td>6,673</td><td>12</td></tr><tr><td>June</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td></tr><tr><td>July</td><td>23,045</td><td>174</td><td>5,910</td><td>50</td><td>889</td><td>2,404</td><td>5,330</td><td>816</td><td>810</td><td>6,649</td><td>12</td></tr><tr><td>August</td><td>23,443</td><td>174</td><td>5,910</td><td>50</td><td>939</td><td>2,399</td><td>5,520</td><td>844</td><td>796</td><td>6,784</td><td>26</td></tr><tr><td>September</td><td>23,854</td><td>174</td><td>6,200</td><td>52</td><td>1,012</td><td>2,388</td><td>5,570</td><td>870</td><td>782</td><td>6,779</td><td>26</td></tr><tr><td>October</td><td>24,015</td><td>179</td><td>6,190</td><td>53</td><td>1,135</td><td>2,379</td><td>5,595</td><td>890</td><td>812</td><td>6,754</td><td>26</td></tr><tr><td>November</td><td>24,254</td><td>179</td><td>6,190</td><td>54</td><td>1,207</td><td>2,387</td><td>5,645</td><td>908</td><td>799</td><td>6,854</td><td>31</td></tr><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><tr><td>February</td><td>24,938</td><td>248</td><td>6,440</td><td>58</td><td>1,236</td><td>2,376</td><td>5,765</td><td>1,014</td><td>802</td><td>6,969</td><td>31</td></tr><tr><td>March</td><td>25,183</td><td>248</td><td>6,680</td><td>59</td><td>1,236</td><td>2,369</td><td>5,789</td><td>1,040</td><td>787</td><td>6,944</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 Postal Savings 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>-</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td><td>-</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td><td>-</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td><td>-</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td><td>-</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td><td>-</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td><td>-</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td><td>-</td></tr><tr><td>1946-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>11,643</td><td>1,259</td><td>19</td><td>383</td><td>763</td><td>9,164</td><td>57</td><td>-</td></tr><tr><td>June</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td><td>-</td></tr><tr><td>July</td><td>10,871</td><td>500</td><td>6</td><td>360</td><td>713</td><td>9,235</td><td>57</td><td>-</td></tr><tr><td>August</td><td>10,826</td><td>500</td><td>-</td><td>360</td><td>694</td><td>9,215</td><td>57</td><td>-</td></tr><tr><td>September</td><td>10,721</td><td>500</td><td>-</td><td>360</td><td>675</td><td>9,129</td><td>57</td><td>-</td></tr><tr><td>October</td><td>10,709</td><td>504</td><td>-</td><td>360</td><td>656</td><td>9,132</td><td>57</td><td>-</td></tr><tr><td>November</td><td>10,685</td><td>500</td><td>-</td><td>360</td><td>642</td><td>9,126</td><td>57</td><td>-</td></tr><tr><td>December</td><td>10,693</td><td>652</td><td>-</td><td>360</td><td>622</td><td>8,976</td><td>56</td><td>26</td></tr><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><tr><td>February</td><td>10,891</td><td>866</td><td>-</td><td>360</td><td>590</td><td>8,839</td><td>56</td><td>173</td></tr><tr><td>March</td><td>10,985</td><td>830</td><td>-</td><td>350</td><td>574</td><td>8,902</td><td>56</td><td>272</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
24
Treasury Bulletin
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><th colspan="10">(In millions of dollars)</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 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>1.500</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><tr><td>February</td><td>258,294</td><td>5,336</td><td>2.066</td><td>258,113</td><td>5,332</td><td>2.066</td><td>181</td><td>3</td><td>1.758</td></tr><tr><td>March</td><td>255,976</td><td>5,319</td><td>2.078</td><td>255,800</td><td>5,316</td><td>2.078</td><td>175</td><td>3</td><td>1.783</td></tr></table>
Source: Daily Treasury Statement.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used.
For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
May 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-
oed 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 March 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>258,221</td></tr><tr><td>Guaranteed securities 2/.</td><td>182</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>258,403</td></tr><tr><td>Balance issuable under such authority.</td><td>16,597</td></tr><tr><td colspan="2">Source: Public Debt Service.</td><td>outstanding, see following table 2.</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the total public debt and guaranteed securities 2/ outstating, see following table 2. 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, March 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>Public debt and guaranteed obligations outstanding:</td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bille</td><td>17,038</td><td>-</td><td>17,038</td></tr><tr><td>Certificate of indebtedness</td><td>27,792</td><td>-</td><td>27,792</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>-</td><td>8,142</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligibls</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>172,296</td><td>166</td><td>172,462</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>50,945</td><td>-</td><td>50,945</td></tr><tr><td>Treasury savings notes</td><td>5,443</td><td>-</td><td>5,443</td></tr><tr><td>Depositary bonds</td><td>342</td><td>-</td><td>342</td></tr><tr><td>Armed forces leave bonds</td><td>1,426</td><td>-</td><td>1,426</td></tr><tr><td>Total non-marketable issues</td><td>58,156</td><td>-</td><td>58,156</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>25,183</td><td>-</td><td>25,183</td></tr><tr><td>Total interest-bearing securities</td><td>255,635</td><td>166</td><td>255,800</td></tr><tr><td>Metured securities on which interest has ceased</td><td>302</td><td>-</td><td>302</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>72</td><td>-</td><td>72</td></tr><tr><td>Exceed profits tax refund bonds</td><td>23</td><td>-</td><td>23</td></tr><tr><td>Special notes of the United States:</td><td></td><td></td><td></td></tr><tr><td>International Monetary Fund series</td><td>407</td><td>-</td><td>407</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>1,782</td><td>-</td><td>1,782</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>738</td><td>738</td></tr><tr><td>Total obligations bearing no interest</td><td>2,284</td><td>738</td><td>3,022</td></tr><tr><td>Total public debt</td><td>258,221</td><td>903</td><td>259,124</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>175</td><td>-</td><td>175</td></tr><tr><td>Matured debt</td><td>7</td><td>-</td><td>7</td></tr><tr><td>Total guaranteed securities</td><td>182</td><td>-</td><td>182</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>258,403</td><td>903</td><td>259,306</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/ Coexists of United States notes (less gold reserve); deposite for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest. 3/ Excludes guaranteed securities held by the Treasury.
26
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="7">Public debt receipts (Issuance 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>International Bank for Reconstruction and Development series</th><th>International Monetary Fund 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>-</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>780</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</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-Mar.</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>*</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>Apr.</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>*</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>-</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>-</td><td>2,775</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,775</td><td>11,331</td></tr><tr><td>July.</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,372</td><td>-</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>Aug.</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,374</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</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>Sept.</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</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>Oct.</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>*</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>Nov.</td><td>262,277</td><td>-1,255</td><td>8,441</td><td>5,925</td><td>-</td><td>*</td><td>240</td><td>248</td><td>-</td><td>*</td><td>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>Dec.</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>*</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>1947-Jan.</td><td>259,776</td><td>628</td><td>11,486</td><td>7,817</td><td>-</td><td>*</td><td>278</td><td>-</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>Feb.</td><td>261,418</td><td>1,642</td><td>12,536</td><td>6,201</td><td>-</td><td>*</td><td>269</td><td>159</td><td>1,782</td><td>*</td><td>3,947</td><td>178</td><td>10,894</td><td>6,930</td><td>-</td><td>3,947</td><td>18</td></tr><tr><td>Mar.</td><td>259,124</td><td>-2,294</td><td>8,936</td><td>6,196</td><td>-</td><td>*</td><td>303</td><td>-</td><td>-</td><td>*</td><td>2,142</td><td>295</td><td>11,231</td><td>9,038</td><td>-</td><td>2,142</td><td>50</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="5">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificates of indebtedness</th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</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-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><tr><td>February</td><td>258,113</td><td>119,489</td><td>52,195</td><td>10,090</td><td>5,570</td><td>28,784</td><td>17,048</td><td>24,938</td><td>100.0</td><td>46.3</td><td>20.2</td><td>3.9</td><td>2.2</td><td>11.1</td><td>6.6</td><td>9.7</td></tr><tr><td>March</td><td>255,800</td><td>119,489</td><td>52,713</td><td>8,142</td><td>5,443</td><td>27,792</td><td>17,038</td><td>25,183</td><td>100.0</td><td>46.7</td><td>20.6</td><td>3.2</td><td>2.1</td><td>10.9</td><td>6.7</td><td>9.8</td></tr></table>
Source: Daily Treasury Statement.
May 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of March 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 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1947-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>6,537</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>5,247 2,775</td><td></td><td></td><td>Various 6/1/46</td><td>taxable taxable</td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td></td><td></td><td>7/1/46</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/47</td><td>1,223</td><td></td><td></td><td>8/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate - 9/1/47 1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,341 2,707 1,687</td><td></td><td></td><td>9/1/46 7/12/43 12/1/44</td><td>taxable taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52 7/8% Certificate - 10/1/47</td><td>1,440</td><td>759</td><td></td><td>10/16/22 10/1/46</td><td>partially taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/47</td><td>1,775</td><td></td><td></td><td>11/1/46</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/47 2% Treasury bond - 12/15/47</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></td><td>Total</td><td>40,704</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>Feb.</td><td>7/8% Certificate - 2/1/48</td><td>3,947</td><td></td><td></td><td>2/1/47</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/48 2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>2,142 1,115 1,223</td><td></td><td></td><td>3/1/47 3/15/41 3/16/36</td><td>taxable taxable partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>16,483</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 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 491 1,786</td><td></td><td>7/15/42 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td></td><td>Total</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 2% Treasury bond - 3/15/50-52</td><td></td><td>1,963</td><td>1,115</td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td></td><td></td><td>571</td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td></td><td>Total</td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr><tr><td>1951-Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51 2% Treasury bond - 6/15/49-51 2-3/4% Treasury bond - 6/15/51-54</td><td></td><td></td><td>1,223 1,014 1,627</td><td>3/16/36 1/15/42 6/15/36</td><td>partially taxable partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51 2% Treasury bond - 9/15/51-53 3% Treasury bond - 9/15/51-55</td><td></td><td></td><td>1,292 7,986 755</td><td>5/15/42 9/15/43 9/15/31</td><td>taxable taxable partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 2-1/4% Treasury bond - 12/15/51-53 2% Treasury bond - 12/15/51-55</td><td></td><td></td><td>2,098 1,118 510</td><td>7/15/42 12/22/39 12/15/41</td><td>taxable partially taxable</td><td></td></tr><tr><td></td><td>Total</td><td></td><td>11,996</td><td>5,628</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
sued by the United States
As of March 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 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1952-Mar.</td><td>2% Treasury bond - 3/15/50-52</td><td>.....</td><td>1,024</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>.....</td><td>5,825</td><td>.....</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>1,501</td><td>.....</td><td>6/26/44</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 6/15/52-55</td><td>.....</td><td>.....</td><td>1,186</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td>.....</td><td>.....</td><td>4,939</td><td>9/15/38</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</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>8,662</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>17,012</td><td>9,338</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1953-June.</td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>725</td><td>.....</td><td>10/7/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/51-53</td><td>.....</td><td>.....</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>.....</td><td>.....</td><td>1,786</td><td>12/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>.....</td><td>.....</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>725</td><td>10,890</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>.....</td><td>.....</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td>.....</td><td>.....</td><td>1,627</td><td>6/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>.....</td><td>5,825</td><td>6/26/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>681</td><td>.....</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>.....</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>681</td><td>17,138</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>2,611</td><td>.....</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>.....</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>.....</td><td>725</td><td>10/7/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept.</td><td>3% Treasury bond - 9/15/51-55</td><td>.....</td><td>.....</td><td>755</td><td>9/15/31</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/51-55</td><td>.....</td><td>.....</td><td>510</td><td>12/15/41</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,611</td><td>3,491</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>.....</td><td>681</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>6,253</td><td>681</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>.....</td><td>1,449</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>919</td><td>1,449</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>982</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>3,823</td><td>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>8,754</td><td>4,804</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
May 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of March 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 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1961-June-</td><td>3½ 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>2,118</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>.....</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>.....</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>11,689</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 21.
30
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebteness
<table><tr><th>Rate of terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allot- ment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 5/ (21/44) 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>- - - -</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 9/25/44</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,6m 7/ 1 yr</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>- - - -</td><td>2,511 3,694 788 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/ 2-1/2% Treas. bond- 3/15/66-71 1/2 5/ (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note - 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 2 yr,9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>3,448 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) 2-1/2% Treas. bond - 3/15/66-71 1/2 5/ (12/1/44) 2% Treas. bond - 12/15/52-54 (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 26 yr,3 m (21 yr,3 m) 9/ 10 yr (8 yr) 9/ 2 yr,9 m 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - - -</td><td>3,416 33 740 1,17 5,043 4,147 4,811 1,579</td><td>- - - - - - - -</td><td>3,416 33 740 1,17 5,043 4,147 4,811 1,579</td><td>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/ 2-1/2% Treas. bond- 6/15/67-72 1/2 5/ (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 (6/1/45) 1-1/2% Treas. bond-12/15/50 (6/1/45) 7/8% Certificate- 6/1/46 (6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,957 5,284 2,635 4,799</td><td>- - - -</td><td>7,957 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>- - -</td><td>4,910 2,470 4,336</td><td>- - -</td><td>4,910 2,470 4,336</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 1/2 5/ (11/15/45) 2-1/4% Treas. bond-12/15/59-62 (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>- - -</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</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate - 10/1/46 (10/1/45) 7/8% Certificate - 11/1/46 (12/1/45) 7/8% Certificate - 1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>- - -</td><td>3,440 3,778 3,330</td><td>- - -</td><td>3,440 3,778 3,330</td><td>100 100 100</td></tr><tr><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46</td><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46</td><td>7/8% Certificate - 2/1/47 (2/1/46) 7/8% Certificate - 3/1/47 (3/1/46) 7/8% Certificate - 4/1/47 (4/1/46) 7/8% Certificate - 6/1/47 (6/1/46) 7/8% Certificate - 7/1/47 (7/1/46) 7/8% Certificate - 8/1/47 (8/1/46) 7/8% Certificate - 9/1/47 (9/1/46) 7/8% Certificate - 10/1/47 (10/1/46) 7/8% Certificate - 11/1/47 (11/1/46) 7/8% Certificate - 12/1/47 (12/1/46) 7/8% Certificate - 1/1/48 (1/1/47)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - - - - - -</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432 3,281 3,134</td><td>- - - - - - - - - - -</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 3,203 3,432 3,281 3,134</td><td>100 76 59 66 62 52 56 84 51 100 100</td></tr><tr><td>1/20/47 2/17/47 3/19/47</td><td>1/20/47 2/17/47 3/19/47</td><td>7/8% Certificate - 2/1/48 (2/1/47) 7/8% Certificate - 3/1/48 (3/1/47) 7/8% Certificate - 4/1/48 (4/1/47)</td><td>1 yr 1 yr 1 yr</td><td>- - -</td><td>4,801 2,951 2,669</td><td>- - -</td><td>3,947 2,142 1,321</td><td>82 72 48</td></tr></table>
Source: Bureau of the Public Debt.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 1944.
7/ Interest commenced on September 15, 1944.
8/ This is the same security that was offered in the Sixth War Loan.
9/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
May 1947
31
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="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 9/1/44</td><td>7/8% Certificate - 8/1/44......(8/2/43)</td><td>2,545</td><td>-</td><td>2,545</td><td>2,511</td><td>34</td><td>99</td><td>7/8% Certificate - 9/1/45</td></tr><tr><td></td><td>7/8% Certificate - 9/1/44......(9/15/43)</td><td>4,122</td><td>-</td><td>4,122</td><td>3,694</td><td>428</td><td>90</td><td>7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Treas. note - 9/15/44......(1/31/41)</td><td>635</td><td>-</td><td>635</td><td>602</td><td>33</td><td>95</td><td>1%</td></tr><tr><td></td><td>1% Treas. note - 9/15/44......(12/22/39)</td><td>283</td><td>-</td><td>283</td><td>185</td><td>98</td><td>66</td><td>Treas. note - 3/15/46</td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 9/15/44.</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43)</td><td>3,519</td><td>-</td><td>3,519</td><td>3,492</td><td>27</td><td>99</td><td>7/8% Certificate - 10/1/45</td></tr><tr><td></td><td>7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,540</td><td>-</td><td>3,540</td><td>3,416</td><td>124</td><td>96</td><td>1.90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Treas. bond - 12/15/44-54......(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2-1/2% Treas. bond - 3/15/66-71 3/</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45......(2/1/44)</td><td>5,048</td><td>-</td><td>5,048</td><td>4,649</td><td>400</td><td>92</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td>1-1/8% CCC note - 2/15/45......(7/21/41)</td><td>412</td><td>-</td><td>412</td><td>395</td><td>17</td><td>96</td><td></td></tr><tr><td></td><td colspan="2">Total 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></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45......(2/1/44)</td><td>2,127</td><td>-</td><td>2,127</td><td>2,109</td><td>18</td><td>99</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td>3/4% Treas. note - 3/15/45......(3/15/40)</td><td>718</td><td>-</td><td>718</td><td>693</td><td>25</td><td>69</td><td></td></tr><tr><td></td><td>1-1/4% Treas. note - 3/15/45......(9/25/42)</td><td>1,606</td><td>-</td><td>1,606</td><td>1,546</td><td>60</td><td>96</td><td></td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 3/1/45.</td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45......(4/1/44)</td><td>4,877</td><td>-</td><td>4,877</td><td>4,811</td><td>66</td><td>99</td><td>7/8% Certificate - 4/1/46</td></tr><tr><td></td><td>7/8% Certificate - 5/1/45......(5/1/44)</td><td>1,615</td><td>-</td><td>1,615</td><td>1,579</td><td>35</td><td>98</td><td>7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% Certificate - 6/1/45......(6/26/44)</td><td>4,770</td><td>-</td><td>4,770</td><td>4,187</td><td>583</td><td>88</td><td>7/8% Certificate - 7/1/46</td></tr><tr><td></td><td>1-1/2% HOLC bond - 6/1/45-47......(6/1/39)</td><td>155</td><td>-</td><td>155</td><td>123</td><td>32</td><td>96</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 6/1/45.</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45......(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% Certificate - 9/1/45......(9/1/44)</td><td>3,694</td><td>-</td><td>3,694</td><td>3,429</td><td>265</td><td>93</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td>2-3/4% Treas. bond - 9/15/45-47......(9/16/35)</td><td>1,214</td><td>-</td><td>1,214</td><td>907</td><td>307</td><td>75</td><td></td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 9/1/45.</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45......(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% Certificate - 12/1/45......(12/1/44)</td><td>4,395</td><td>-</td><td>4,395</td><td>2,932</td><td>1,463</td><td>67</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td>3/4% Treas. note - 12/15/45......(12/18/40)</td><td>551</td><td>-</td><td>551</td><td>438</td><td>93</td><td>82</td><td></td></tr><tr><td></td><td>2-1/2% Treas. bond - 12/15/45......(12/15/37)</td><td>541</td><td>-</td><td>541</td><td>408</td><td>133</td><td>75</td><td></td></tr><tr><td></td><td colspan="2">Total for exchange transaction of 12/1/45.</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46......(1/1/16)</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>1/1/46</td><td>.90% Treas. note - 1/1/46......(12/1/44)</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8% Certificate - 2/1/46......(2/1/45)</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46......(3/1/45)</td><td>4,147</td><td>1,014</td><td>3,133</td><td>3,133</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td></td><td>3-3/4% Treas. bond - 3/15/46-56......(3/15/26)</td><td>489</td><td>489</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>3/15/46</td><td>1% Treas. note - 3/15/46......(11/1/41)</td><td>1,291</td><td>1,291</td><td>1,291</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>4/1/46</td><td>7/8% Certificate - 4/1/46......(4/1/45)</td><td>4,811</td><td>1,991</td><td>2,820</td><td>2,820</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>5/1/46</td><td>7/8% Certificate - 5/1/46......(5/1/45)</td><td>1,579</td><td>1,579</td><td>-</td><td>-</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46......(6/1/45)</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3% Treas. bond - 6/15/46-48......(6/15/34)</td><td>1,036</td><td>1,036</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td></td><td>3-1/8% Treas. bond - 6/15/46-49......(6/15/31)</td><td>819</td><td>819</td><td>819</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46</td><td>.90% Treas. note - 7/1/46......(6/1/45)</td><td>4,910</td><td>1,994</td><td>2,916</td><td>2,916</td><td>-</td><td>3/</td><td>7/8% Certificate - 7/1/47</td></tr><tr><td>8/1/46</td><td>7/8% Certificate - 8/1/46......(8/1/45)</td><td>2,470</td><td>1,246</td><td>1,223</td><td>1,223</td><td>-</td><td>3/</td><td>7/8% Certificate - 8/1/47</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46......(9/1/45)</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>3/</td><td>7/8% Certificate - 9/1/47</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46......(10/1/45)</td><td>3,440</td><td>2,000</td><td>1,440</td><td>1,440</td><td>-</td><td>3/</td><td>7/8% Certificate - 10/1/47</td></tr><tr><td>11/1/46</td><td>7/8% Certificate - 11/1/46......(12/1/45)</td><td>3,778</td><td>2,003</td><td>1,775</td><td>1,775</td><td>-</td><td>3/</td><td>7/8% Certificate - 11/1/47</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46......(12/1/45)</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>487</td><td>87</td><td>7/8% Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46......(6/5/42)</td><td>3,261</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47......(1/1/17)</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 1/1/48</td></tr><tr><td>2/1/47</td><td>7/8% Certificate - 2/1/47......(2/1/46)</td><td>4,954</td><td>1,007</td><td>3,947</td><td>3,947</td><td>-</td><td>3/</td><td>7/8% Certificate - 2/1/48</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 3/1/47......(3/1/46)</td><td>3,133</td><td>991</td><td>2,142</td><td>2,142</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/48</td></tr><tr><td>3/15/47</td><td>1-1/4% Treas. note - 3/15/47......(6/26/44)</td><td>1,948</td><td>1,948</td><td>1,948</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/47</td><td>7/8% Certificate - 4/1/47......(4/1/46)</td><td>2,820</td><td>1,499</td><td>1,321</td><td>1,321</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/48</td></tr></table>
Source: Bureau of the Public Debt. 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 privil-
lege 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.
Treasury Bulletin
32
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-Mar. 7.</td><td>1946-June 6.</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14.</td><td>June 13.</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21.</td><td>June 20.</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28.</td><td>June 27.</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4.</td><td>July 5.</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11.</td><td>July 11.</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18.</td><td>July 18.</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25.</td><td>July 25.</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><tr><td>May 2.</td><td>Aug. 1.</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9.</td><td>Aug. 8.</td><td>91</td><td>1,961.0</td><td>1,308.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16.</td><td>Aug. 15.</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23.</td><td>Aug. 22.</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31.</td><td>Aug. 29.</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6.</td><td>Sept. 5.</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13.</td><td>Sept. 12.</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.4</td></tr><tr><td>June 20.</td><td>Sept. 19.</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27.</td><td>Sept. 26.</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr><tr><td>July 5.</td><td>Oct. 3.</td><td>90</td><td>1,803.5</td><td>1,307.7</td><td>1,278.1</td><td>29.7</td><td>1,312.0</td><td>17,034.7</td></tr><tr><td>July 11.</td><td>Oct. 10.</td><td>91</td><td>1,892.0</td><td>1,315.1</td><td>1,278.1</td><td>37.0</td><td>1,317.1</td><td>17,032.8</td></tr><tr><td>July 18.</td><td>Oct. 17.</td><td>91</td><td>1,895.0</td><td>1,310.6</td><td>1,270.2</td><td>40.5</td><td>1,310.3</td><td>17,033.2</td></tr><tr><td>July 25.</td><td>Oct. 24.</td><td>91</td><td>1,767.8</td><td>1,305.1</td><td>1,269.8</td><td>35.3</td><td>1,315.3</td><td>17,023.0</td></tr><tr><td>Aug. 1.</td><td>Oct. 31.</td><td>91</td><td>1,796.3</td><td>1,306.1</td><td>1,272.2</td><td>33.9</td><td>1,309.2</td><td>17,019.9</td></tr><tr><td>Aug. 8.</td><td>Nov. 7.</td><td>91</td><td>1,824.0</td><td>1,315.4</td><td>1,279.8</td><td>35.5</td><td>1,308.2</td><td>17,027.0</td></tr><tr><td>Aug. 15.</td><td>Nov. 14.</td><td>91</td><td>1,816.5</td><td>1,313.7</td><td>1,275.6</td><td>38.2</td><td>1,301.3</td><td>17,039.4</td></tr><tr><td>Aug. 22.</td><td>Nov. 21.</td><td>91</td><td>1,803.9</td><td>1,308.4</td><td>1,272.3</td><td>36.0</td><td>1,313.7</td><td>17,034.0</td></tr><tr><td>Aug. 29.</td><td>Nov. 29.</td><td>92</td><td>1,804.8</td><td>1,302.2</td><td>1,274.5</td><td>27.7</td><td>1,312.5</td><td>17,023.8</td></tr><tr><td>Sept. 5.</td><td>Dec. 5.</td><td>91</td><td>1,812.3</td><td>1,309.0</td><td>1,281.0</td><td>28.0</td><td>1,312.9</td><td>17,019.8</td></tr><tr><td>Sept. 12.</td><td>Dec. 12.</td><td>91</td><td>1,802.0</td><td>1,305.3</td><td>1,270.7</td><td>34.6</td><td>1,310.1</td><td>17,015.0</td></tr><tr><td>Sept. 19.</td><td>Dec. 19.</td><td>91</td><td>1,777.3</td><td>1,304.8</td><td>1,270.2</td><td>34.6</td><td>1,310.4</td><td>17,009.5</td></tr><tr><td>Sept. 26.</td><td>Dec. 26.</td><td>91</td><td>1,831.0</td><td>1,303.4</td><td>1,273.5</td><td>30.0</td><td>1,305.9</td><td>17,007.0</td></tr><tr><td>Oct. 3.</td><td>1947-Jan. 2.</td><td>91</td><td>1,880.5</td><td>1,306.9</td><td>1,283.1</td><td>23.8</td><td>1,307.7</td><td>17,006.2</td></tr><tr><td>Oct. 10.</td><td>Jan. 9.</td><td>91</td><td>1,891.6</td><td>1,306.4</td><td>1,275.2</td><td>31.2</td><td>1,315.1</td><td>16,997.5</td></tr><tr><td>Oct. 17.</td><td>Jan. 16.</td><td>91</td><td>1,804.7</td><td>1,306.6</td><td>1,272.4</td><td>34.2</td><td>1,310.6</td><td>16,993.5</td></tr><tr><td>Oct. 24.</td><td>Jan. 23.</td><td>91</td><td>1,790.7</td><td>1,302.0</td><td>1,271.0</td><td>31.0</td><td>1,305.1</td><td>16,990.3</td></tr><tr><td>Oct. 31.</td><td>Jan. 30.</td><td>91</td><td>1,754.5</td><td>1,303.3</td><td>1,273.8</td><td>29.4</td><td>1,306.1</td><td>16,987.4</td></tr><tr><td>Nov. 7.</td><td>Feb. 6.</td><td>91</td><td>1,805.1</td><td>1,312.2</td><td>1,282.8</td><td>29.4</td><td>1,315.4</td><td>16,984.3</td></tr><tr><td>Nov. 14.</td><td>Feb. 13.</td><td>91</td><td>1,755.9</td><td>1,313.7</td><td>1,291.9</td><td>21.8</td><td>1,313.7</td><td>16,984.3</td></tr><tr><td>Nov. 21.</td><td>Feb. 20.</td><td>91</td><td>1,826.8</td><td>1,313.7</td><td>1,279.9</td><td>33.8</td><td>1,308.4</td><td>16,989.6</td></tr><tr><td>Nov. 29.</td><td>Feb. 27.</td><td>90</td><td>1,799.6</td><td>1,312.5</td><td>1,286.2</td><td>26.3</td><td>1,302.2</td><td>16,999.8</td></tr><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><tr><td>Feb. 6.</td><td>May 8.</td><td>91</td><td>1,723.1</td><td>1,309.9</td><td>1,287.1</td><td>22.8</td><td>1,312.2</td><td>17,071.9</td></tr><tr><td>Feb. 13.</td><td>May 15.</td><td>91</td><td>1,773.3</td><td>1,302.0</td><td>1,282.7</td><td>19.2</td><td>1,313.7</td><td>17,060.2</td></tr><tr><td>Feb. 20.</td><td>May 22.</td><td>91</td><td>1,779.3</td><td>1,312.0</td><td>1,289.6</td><td>22.5</td><td>1,313.6</td><td>17,058.6</td></tr><tr><td>Feb. 27.</td><td>May 29.</td><td>91</td><td>1,784.2</td><td>1,301.6</td><td>1,284.6</td><td>17.0</td><td>1,312.5</td><td>17,047.7</td></tr><tr><td>Mar. 6.</td><td>June 5.</td><td>91</td><td>1,873.4</td><td>1,315.5</td><td>1,292.6</td><td>22.8</td><td>1,315.5</td><td>17,047.6</td></tr><tr><td>Mar. 13.</td><td>June 12.</td><td>91</td><td>1,836.5</td><td>1,306.5</td><td>1,281.9</td><td>24.7</td><td>1,314.8</td><td>17,039.3</td></tr><tr><td>Mar. 20.</td><td>June 19.</td><td>91</td><td>1,863.9</td><td>1,316.6</td><td>1,295.4</td><td>21.1</td><td>1,308.9</td><td>17,046.9</td></tr><tr><td>Mar. 27.</td><td>June 26.</td><td>91</td><td>1,823.5</td><td>1,308.0</td><td>1,285.8</td><td>22.2</td><td>1,316.6</td><td>17,038.4</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
figures. 1/ Tenders for $200.000 or less from any one bidder are accepted in full at 99.905 per hundred.
May 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 leasua</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">Sigh</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1946-Mar. 7</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.364</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>0.366</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>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 4</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Apr. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>May 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 23</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.906</td><td>0.376</td><td>99.908 2/</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>June 6</td><td>99.905</td><td>0.375</td><td>99.908 3/</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><tr><td>Feb. 6</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>Feb. 13</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>Feb. 20</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>Feb. 27</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>Mar. 6</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>Mar. 13</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>Mar. 20</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>Mar. 27</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ Except $100,000 at 99.925.
3/ Except $500,000 at 99.930.
34
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all
subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and series B bonds in 1946. Series C bonds began to mature in January 1947. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series O outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of March 31, 1947
<table><tr><th>United States savings bonds</th><th>Salee</th><th>Accrued discount</th><th>Salee plus accrued discount</th></tr><tr><td>Matured series:</td><td></td><td></td><td>(In millions)</td></tr><tr><td>Series A....................</td><td>204</td><td>52</td><td></td></tr><tr><td>Series B....................</td><td>370</td><td>93</td><td></td></tr><tr><td>Total, Series A and B......</td><td>574</td><td>145</td><td></td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td></tr><tr><td>Series C....................</td><td>1,010</td><td>226</td><td>1,236</td></tr><tr><td>Series D....................</td><td>2,365</td><td>359</td><td>2,724</td></tr><tr><td>Total, Series C and D......</td><td>3,375</td><td>585</td><td>3,960</td></tr><tr><td>Series E....................</td><td>45,446</td><td>1,245</td><td>46,691</td></tr><tr><td>Series F....................</td><td>3,426</td><td>97</td><td>3,523</td></tr><tr><td>Series G....................</td><td>15,240</td><td>-</td><td>15,240</td></tr><tr><td>Total, Series E, F, and G..</td><td>64,112</td><td>1,342</td><td>65,454</td></tr><tr><td>Total, Series C-G..........</td><td>67,487</td><td>1,927</td><td>69,414</td></tr><tr><td>Total, Series A-C..........</td><td>68,060</td><td>2,072</td><td>70,132</td></tr></table>
<table><tr><th>Accrued interest</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th colspan="5">(millions of dollars)</th></tr><tr><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>255,457</td><td>244,424</td><td>11,39</td><td>-</td><td>1/1/</td></tr><tr><td>718</td><td>669</td><td>50</td><td>-</td><td>1/</td></tr><tr><td>2,236,724</td><td>423,500</td><td>-</td><td>813,2,224</td><td>34.25 18.34</td></tr><tr><td>1,960</td><td>923</td><td>-</td><td>3,037</td><td>23.31</td></tr><tr><td>1,690,523</td><td>15,965 471 1,110</td><td>-</td><td>30,725 3,052 14,130</td><td>34.19 13.36 7.28</td></tr><tr><td>1,453</td><td>17,546</td><td>-</td><td>47,908</td><td>26.81</td></tr><tr><td>1,414</td><td>18,469</td><td>-</td><td>50,945</td><td>26.61</td></tr><tr><td>1,132</td><td>19,137</td><td>50</td><td>50,945</td><td>-</td></tr></table>
Source: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
May 1947
35
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemtions
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr></table>
All series
<table><tr><td>Total, inceptioo to Mar. 31, 1947...</td><td>68,060</td><td>2,072</td><td>70,132</td><td>19,137</td><td>n.a.</td><td>n.a.</td><td>50</td><td>50,945</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>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</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-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>472</td><td>16</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>404</td><td>14</td><td>14</td><td>49,709</td><td>.84</td></tr><tr><td>December</td><td>576</td><td>68</td><td>645</td><td>504</td><td>483</td><td>21</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>February</td><td>712</td><td>52</td><td>764</td><td>398</td><td>n.a.</td><td>n.a.</td><td>55</td><td>50,717</td><td>.78</td></tr><tr><td>March</td><td>616</td><td>56</td><td>672</td><td>449</td><td>n.a.</td><td>n.a.</td><td>50</td><td>50,945</td><td>.88</td></tr></table>
Series A-D
<table><tr><td>Total, inception to Mar. 31, 1947...</td><td>3,949</td><td>730</td><td>4,679</td><td>1,591</td><td>n.a.</td><td>n.a.</td><td>50</td><td>3,037</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>1,650</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>117</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>3,149</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>308</td><td>87</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-March</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>7</td><td>23</td><td>3,425</td><td>.89</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>31</td><td>24</td><td>7</td><td>21</td><td>3,403</td><td>.90</td></tr><tr><td>May</td><td>-</td><td>6</td><td>6</td><td>29</td><td>22</td><td>6</td><td>19</td><td>3,382</td><td>.84</td></tr><tr><td>June</td><td>-</td><td>9</td><td>9</td><td>28</td><td>21</td><td>6</td><td>18</td><td>3,365</td><td>.82</td></tr><tr><td>July</td><td>*</td><td>16</td><td>16</td><td>37</td><td>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>7</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>25</td><td>7</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>20</td><td>6</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>39</td><td>12</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>2.77</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>49</td><td>n.a.</td><td>n.a.</td><td>55</td><td>3,068</td><td>1.58</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>43</td><td>n.a.</td><td>n.a.</td><td>50</td><td>3,037</td><td>1.40</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr></table>
<table><tr><th colspan="8">(in millions of dollars)</th></tr><tr><th></th><th colspan="8">Series E, F, and O</th></tr><tr><td>Total, inception to March 31, 1947..</td><td>64,112</td><td>1,342</td><td>65,453</td><td>17,546</td><td>n.a.</td><td>n.a.</td><td>47,908</td><td>-</td></tr><tr><td>Piecelyears:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941.</td><td>66u</td><td>-</td><td>66u</td><td>1</td><td>1</td><td>-</td><td>66u</td><td>-</td></tr><tr><td>1942.</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943.</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,688</td><td>-</td></tr><tr><td>1944.</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945.</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946.</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941.</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942.</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943.</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944.</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945.</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946.</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>447</td><td>9</td><td>46,312</td><td>.98</td></tr><tr><td>November.</td><td>453</td><td>44</td><td>496</td><td>392</td><td>384</td><td>8</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>444</td><td>9</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>395</td><td>n.a.</td><td>n.a.</td><td>47,243</td><td>.84</td></tr><tr><td>February.</td><td>712</td><td>43</td><td>755</td><td>349</td><td>n.a.</td><td>n.a.</td><td>47,649</td><td>.73</td></tr><tr><td>March.</td><td>616</td><td>48</td><td>664</td><td>405</td><td>n.a.</td><td>n.a.</td><td>47,908</td><td>.85</td></tr></table>
<table><tr><th colspan="8">Series E</th></tr><tr><td>Total, inception to March 31, 1947..</td><td>45,446</td><td>1,245</td><td>46,690</td><td>15,965</td><td>15,797</td><td>168</td><td>30,725</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330 r</td><td>93 r</td><td>30,263</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>516</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</td><td>8</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</td><td>8</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</td><td>8</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>401</td><td>9</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>328</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>385 r</td><td>9 r</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><tr><td>February</td><td>394</td><td>40</td><td>433</td><td>290</td><td>282</td><td>8</td><td>30,651</td><td>.95</td></tr><tr><td>March</td><td>372</td><td>45</td><td>416</td><td>312</td><td>333</td><td>9</td><td>30,725</td><td>1.11</td></tr></table>
(Continued on following page)
May 1947
37
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>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Total, inception to March 31, 1947..</td><td>3,426</td><td>97</td><td>3,523</td><td>471</td><td>n.a.</td><td>n.a.</td><td>3,052</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>185</td><td>4</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-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>13</td><td>*</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>16</td><td>*</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>17</td><td>1</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><tr><td>February.</td><td>41</td><td>3</td><td>44</td><td>22</td><td>n.a.</td><td>n.a.</td><td>3,034</td><td>.72</td></tr><tr><td>March.</td><td>35</td><td>4</td><td>39</td><td>21</td><td>n.a.</td><td>n.a.</td><td>3,052</td><td>.68</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Total, inception to March 31, 1947..</td><td>15,240</td><td>*</td><td>15,240</td><td>1,110</td><td>1,110</td><td>*</td><td>14,130</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-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><tr><td>February.</td><td>278</td><td>*</td><td>278</td><td>37</td><td>37</td><td>*</td><td>13,964</td><td>.26</td></tr><tr><td>March.</td><td>209</td><td>*</td><td>209</td><td>43</td><td>43</td><td>*</td><td>14,130</td><td>.30</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. r Revised.
* Less than $500,000. 1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
Treasury Bulletin
38
Sales and Redemptions of United States Savings Bonds - (Continued
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="8">Sales in millions of dollars at issue price</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/ and $25 2/</th><th>$50</th><th>$100 and $200 3/</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="14">Serie E</td></tr><tr><td>Total, inception through Mar. 31, 1947.</td><td>45,446</td><td>147</td><td>14,471</td><td>6,028</td><td>9,110</td><td>290</td><td>5,662</td><td>9,737</td><td>.....</td><td>.....</td><td>100.0</td><td>32.2</td><td>13.3</td><td>20.6</td><td>33.9</td><td>.....</td></tr><tr><td colspan="14">Fiscal years:</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 colspan="14">Calendar years:</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>3,729</td><td>1,390</td><td>2,169</td><td>.....</td><td>1,253</td><td>1,815</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>.....</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>.....</td><td>1,446</td><td>2,163</td><td>.....</td><td>.....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>.....</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>.....</td><td>.....</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>.....</td></tr><tr><td>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>1,602</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 colspan="14">Months: 1946-Mar.</td></tr><tr><td>Apr.</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>May</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>.....</td><td>.....</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>.....</td></tr><tr><td>June</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>July</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>Aug.</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>.....</td><td>.....</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>.....</td></tr><tr><td>Sept.</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>Oct.</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>Nov.</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>Dec.</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>1947-Jan.</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>Feb.</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>Mar.</td><td>394</td><td>1</td><td>63</td><td>32</td><td>49</td><td>10</td><td>59</td><td>179</td><td>.....</td><td>.....</td><td>100.0</td><td>16.3</td><td>8.1</td><td>15.1</td><td>60.5</td><td>.....</td></tr><tr><td>1947-Mar.</td><td>372</td><td>1</td><td>68</td><td>34</td><td>50</td><td>10</td><td>54</td><td>156</td><td>.....</td><td>.....</td><td>100.0</td><td>18.4</td><td>9.1</td><td>16.0</td><td>56.5</td><td>.....</td></tr><tr><td colspan="14">Series F and G</td></tr><tr><td>Total, inception through Mar. 31, 1947.</td><td>18,666</td><td>.....</td><td>19</td><td>.....</td><td>520</td><td>.....</td><td>1,234</td><td>5,592</td><td>3,578</td><td>7,723</td><td>100.0</td><td>.1</td><td>.....</td><td>2.8</td><td>36.6</td><td>60.5</td></tr><tr><td colspan="14">Fiscal years:</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>84</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>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>.....</td><td>5</td><td>109</td><td>.....</td><td>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 colspan="14">Calendar years:</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>3,664</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>165</td><td>925</td><td>611</td><td>1,214</td><td>.....</td><td>100.0</td><td>*</td><td>.....</td><td>1.6</td><td>36.8</td><td>61.6</td></tr><tr><td colspan="14">Months: 1946-Mar.</td></tr><tr><td>Apr.</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>May</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>June</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>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>72</td><td>43</td><td>60</td><td>.....</td><td>100.0</td><td>*</td><td>.....</td><td>1.9</td><td>44.3</td><td>53.8</td></tr><tr><td>Nov. 1.</td><td>159</td><td>.....</td><td>*</td><td>3</td><td>.....</td><td>12</td><td>59</td><td>36</td><td>49</td><td>.....</td><td>100.0</td><td>*</td><td>.....</td><td>2.0</td><td>44.4</td><td>53.6</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><tr><td>Feb.</td><td>319</td><td>.....</td><td>*</td><td>3</td><td>.....</td><td>13</td><td>75</td><td>51</td><td>176</td><td>.....</td><td>100.0</td><td>*</td><td>.....</td><td>1.1</td><td>27.5</td><td>71.4</td></tr><tr><td>Mar.</td><td>244</td><td>.....</td><td>*</td><td>3</td><td>.....</td><td>13</td><td>75</td><td>50</td><td>103</td><td>.....</td><td>100.0</td><td>*</td><td>.....</td><td>1.3</td><td>35.9</td><td>62.8</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. r Revised. * Less than $500,000 or less than .05 percent. 1/ Sale of $10 denomination Series E bonds was authorized beginning
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.
May 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</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through March 31, 1947</td><td>1,103,580</td><td>19,541</td><td>771,799</td><td>160,760</td><td>121,463</td><td>1,935</td><td>15,099</td><td>12,983</td><td></td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td></td><td>767</td><td>353</td><td>552</td><td></td><td>108</td><td>125</td><td></td><td></td></tr><tr><td>1942</td><td>55,967</td><td></td><td>32,832</td><td>9,107</td><td>10,837</td><td></td><td>1,698</td><td>1,493</td><td></td><td></td></tr><tr><td>1943</td><td>215,709</td><td></td><td>159,369</td><td>28,828</td><td>22,851</td><td></td><td>2,686</td><td>1,975</td><td></td><td></td></tr><tr><td>1944</td><td>305,986</td><td></td><td>221,284</td><td>43,800</td><td>34,447</td><td></td><td>3,725</td><td>2,730</td><td></td><td></td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td></td><td>3,535</td><td>2,800</td><td></td><td></td></tr><tr><td>1946</td><td>165,039</td><td>6,505</td><td>112,071</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,065</td><td>2,121</td><td></td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>13,219</td><td></td><td>6,077</td><td>2,485</td><td>3,446</td><td></td><td>612</td><td>600</td><td></td><td></td></tr><tr><td>1942</td><td>135,227</td><td></td><td>94,354</td><td>18,999</td><td>17,842</td><td></td><td>2,282</td><td>1,751</td><td></td><td></td></tr><tr><td>1943</td><td>270,068</td><td></td><td>198,333</td><td>37,060</td><td>28,915</td><td></td><td>3,340</td><td>2,420</td><td></td><td></td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td></td><td>3,856</td><td>2,884</td><td></td><td></td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td></td><td></td></tr><tr><td>1946</td><td>93,502</td><td>4,191</td><td>62,769</td><td>13,757</td><td>8,492</td><td>918</td><td>1,505</td><td>1,870</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-March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td></td><td></td></tr><tr><td>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td></td><td></td></tr><tr><td>May</td><td>7,730</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td></td><td></td></tr><tr><td>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td></td><td></td></tr><tr><td>July</td><td>7,216</td><td>343</td><td>4,756</td><td>1,008</td><td>706</td><td>72</td><td>146</td><td>185</td><td></td><td></td></tr><tr><td>August</td><td>6,847</td><td>276</td><td>4,572</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>156</td><td></td><td></td></tr><tr><td>September</td><td>6,033</td><td>239</td><td>3,997</td><td>890</td><td>599</td><td>57</td><td>114</td><td>137</td><td></td><td></td></tr><tr><td>October</td><td>6,227</td><td>233</td><td>4,094</td><td>933</td><td>639</td><td>61</td><td>119</td><td>149</td><td></td><td></td></tr><tr><td>November</td><td>5,471</td><td>178</td><td>3,593</td><td>836</td><td>553</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>February</td><td>5,464</td><td>119</td><td>3,374</td><td>852</td><td>655</td><td>69</td><td>156</td><td>239</td><td></td><td></td></tr><tr><td>March</td><td>5,703</td><td>114</td><td>3,602</td><td>903</td><td>666</td><td>65</td><td>144</td><td>207</td><td></td><td></td></tr></table>
Series 7 and 8
<table><tr><td>Total, inception through March 31, 1947</td><td>16,684</td><td></td><td>1,039</td><td></td><td>5,562</td><td></td><td>2,587</td><td>5,905</td><td>764</td><td>827</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td></td><td>72</td><td></td><td>60</td><td></td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td></td><td>216</td><td></td><td>774</td><td></td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td></td><td>303</td><td></td><td>1,149</td><td></td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td></td><td>291</td><td></td><td>1,425</td><td></td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td></td><td>126</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></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>156</td><td></td><td>277</td><td></td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td></td><td>270</td><td></td><td>1,077</td><td></td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td></td><td>325</td><td></td><td>1,317</td><td></td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td></td><td>224</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>56</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>2,088</td><td></td><td></td><td></td><td>488</td><td></td><td>337</td><td>953</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-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>159</td><td></td><td>3</td><td></td><td>38</td><td></td><td>28</td><td>74</td><td>9</td><td>6</td></tr><tr><td>November 1</td><td>134</td><td></td><td>4</td><td></td><td>33</td><td></td><td>24</td><td>61</td><td>8</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><tr><td>February</td><td>170</td><td></td><td>3</td><td></td><td>35</td><td></td><td>26</td><td>77</td><td>11</td><td>19</td></tr><tr><td>March</td><td>162</td><td></td><td>3</td><td></td><td>34</td><td></td><td>26</td><td>77</td><td>10</td><td>11</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revised. 1/ Sale of $10 denomination Series E bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941. 3/ Sale of $200 denomination Series E bonds began in October 1945.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continue
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, Inception through March 31, 1947</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><th>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>535,463</td><td>3,658</td><td>3,586</td><td>3,327</td><td>3,558</td><td>3,458</td><td>3,536</td><td>3,354</td><td>3,383</td><td>3,032</td><td>3,554</td><td>4,680</td><td>3,946</td><td>2,987</td></tr><tr><td>Arizona</td><td>162,442</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><td>1,256</td><td>1,096</td></tr><tr><td>Arkansas</td><td>291,114</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><td>2,562</td><td>2,133</td></tr><tr><td>California</td><td>3,053,917</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>43,162</td><td>29,125</td><td>25,881</td></tr><tr><td>Colorado</td><td>351,346</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>4,211</td><td>3,699</td><td>3,399</td></tr><tr><td>Connecticut</td><td>835,436</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><td>4,606</td><td>4,281</td></tr><tr><td>Delaware</td><td>108,152</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><td>708</td><td>713</td></tr><tr><td>Dist. of Columbia</td><td>555,670</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>6,316</td><td>5,789</td><td>5,919</td><td>6,962</td><td>6,060</td><td>5,682</td></tr><tr><td>Florida</td><td>558,816</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><td>4,791</td><td>4,187</td></tr><tr><td>Georgia</td><td>567,297</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><td>4,615</td><td>3,814</td></tr><tr><td>Idaho</td><td>146,671</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><td>1,341</td><td>1,046</td></tr><tr><td>Illinois</td><td>3,297,431</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><td>32,800</td><td>33,604</td></tr><tr><td>Indiana</td><td>1,198,981</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><td>9,524</td><td>10,255</td></tr><tr><td>Iowa</td><td>1,039,094</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><td>13,926</td><td>17,454</td></tr><tr><td>Kansas</td><td>645,127</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><td>13,142</td><td>13,131</td></tr><tr><td>Kentucky</td><td>487,272</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>3,577</td><td>5,958</td><td>4,913</td><td>4,392</td></tr><tr><td>Louisiana</td><td>513,664</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><td>4,176</td><td>3,481</td></tr><tr><td>Maine</td><td>202,918</td><td>1,530</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><td>1,260</td><td>1,000</td></tr><tr><td>Maryland</td><td>597,719</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><td>3,941</td><td>3,016</td></tr><tr><td>Massachusetts</td><td>1,516,809</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><td>9,917</td><td>8,098</td></tr><tr><td>Michigan</td><td>2,408,989</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><td>13,227</td><td>15,750</td></tr><tr><td>Minnesota</td><td>954,339</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><td>9,761</td><td>10,018</td></tr><tr><td>Mississippi</td><td>313,577</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><td>2,536</td><td>2,099</td></tr><tr><td>Missouri</td><td>1,126,767</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><td>10,849</td><td>10,219</td></tr><tr><td>Montana</td><td>218,930</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><td>2,736</td><td>2,639</td></tr><tr><td>Nebraska</td><td>504,776</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><td>8,197</td><td>10,999</td></tr><tr><td>Nevada</td><td>55,074</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><td>345</td><td>387</td></tr><tr><td>New Hampshire</td><td>129,691</td><td>1,069</td><td>909</td><td>913</td><td>1,078</td><td>945</td><td>777</td><td>888</td><td>866</td><td>707</td><td>856</td><td>976</td><td>851</td><td>676</td></tr><tr><td>New Jersey</td><td>1,660,730</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><td>11,143</td><td>11,069</td></tr><tr><td>New Mexico</td><td>106,056</td><td>887</td><td>789</td><td>836</td><td>785</td><td>846</td><td>926</td><td>760</td><td>785</td><td>783</td><td>928</td><td>1,093</td><td>1,007</td><td>908</td></tr><tr><td>New York</td><td>5,508,772</td><td>46,233</td><td>43,972</td><td>40,701</td><td>41,369</td><td>43,376</td><td>37,993</td><td>35,557</td><td>39,064</td><td>33,932</td><td>46,972</td><td>62,811</td><td>41,613</td><td>39,031</td></tr><tr><td>North Carolina</td><td>603,213</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><td>5,200</td><td>5,305</td></tr><tr><td>North Dakota</td><td>224,160</td><td>1,509</td><td>1,546</td><td>1,494</td><td>1,785</td><td>1,904</td><td>1,882</td><td>1,741</td><td>2,423</td><td>2,570</td><td>2,804</td><td>4,669</td><td>4,209</td><td>3,145</td></tr><tr><td>Ohio</td><td>2,736,546</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><td>21,412</td><td>19,911</td></tr><tr><td>Oklahoma</td><td>531,878</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><td>5,970</td><td>4,348</td></tr><tr><td>Oregon</td><td>574,692</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><td>3,748</td><td>3,282</td></tr><tr><td>Pennsylvania</td><td>3,416,506</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><td>28,178</td><td>25,538</td></tr><tr><td>Rhode Island</td><td>254,031</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><td>1,882</td><td>1,527</td></tr><tr><td>South Carolina</td><td>297,296</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><td>2,078</td><td>2,149</td></tr><tr><td>South Dakota</td><td>212,703</td><td>2,222</td><td>2,164</td><td>2,164</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><td>3,869</td><td>4,408</td></tr><tr><td>Tennessee</td><td>557,717</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><td>4,895</td><td>3,425</td></tr><tr><td>Texas</td><td>1,802,297</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><td>13,693</td><td>11,820</td></tr><tr><td>Utah</td><td>200,933</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><td>1,511</td><td>1,180</td></tr><tr><td>Vermont</td><td>74,738</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><td>501</td><td>434</td></tr><tr><td>Virginia</td><td>791,085</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><td>6,260</td><td>5,803</td></tr><tr><td>Washington</td><td>916,380</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><td>5,802</td><td>5,335</td></tr><tr><td>West Virginia</td><td>384,556</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><td>3,253</td><td>3,113</td></tr><tr><td>Wisconsin</td><td>1,003,415</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><td>9,266</td><td>8,913</td></tr><tr><td>Wyoming</td><td>92,273</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><td>1,005</td><td>783</td></tr><tr><td>Alaska</td><td>30,075</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><td>223</td><td>221</td></tr><tr><td>Canal Zone</td><td>28,030</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><td>243</td><td>305</td></tr><tr><td>Hawaii</td><td>256,628</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>881</td><td>1,149</td><td>1,158</td></tr><tr><td>Puerto Rico</td><td>36,295</td><td>260</td><td>223</td><td>305</td><td>212</td><td>128</td><td>240</td><td>76</td><td>141</td><td>128</td><td>100</td><td>216</td><td>143</td><td>105</td></tr><tr><td>Virgin Islands</td><td>1,801</td><td>3</td><td>4</td><td>3</td><td>1</td><td>1</td><td>2</td><td>4</td><td>6</td><td>2</td><td>2</
Source: Daily Treasury Statement and reports of Federal Reserve Banks.
May 1947
41
Sales and Redemptions of United States Savings Bonds - (Continued
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through March 31, 1947</th><th colspan="12">1946</th><th colspan="3">1947</th></tr><tr><th></th><th></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><th>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>138,989</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><td>1,638</td><td>1,755</td></tr><tr><td>Arizona</td><td>42,891</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>608</td><td>513</td><td>961</td><td>552</td><td>527</td></tr><tr><td>Arkansas</td><td>84,277</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><td>1,424</td><td>406</td></tr><tr><td>California</td><td>1,212,651</td><td>16,509</td><td>16,722</td><td>15,501</td><td>15,080</td><td>25,547</td><td>16,767</td><td>12,876</td><td>12,637</td><td>11,952</td><td>13,860</td><td>31,059</td><td>21,306</td><td>16,189</td></tr><tr><td>Colorado</td><td>153,240</td><td>2,198</td><td>2,221</td><td>1,975</td><td>2,961</td><td>3,229</td><td>88</td><td>4,052</td><td>2,329</td><td>1,314</td><td>1,750</td><td>3,501</td><td>2,670</td><td>2,938</td></tr><tr><td>Connecticut</td><td>364,831</td><td>5,308</td><td>5,450</td><td>4,492</td><td>3,825</td><td>4,937</td><td>4,020</td><td>2,699</td><td>2,530</td><td>1,967</td><td>2,260</td><td>9,945</td><td>3,998</td><td>3,235</td></tr><tr><td>Delaware</td><td>69,736</td><td>1,607</td><td>1,006</td><td>931</td><td>1,180</td><td>889</td><td>1,137</td><td>495</td><td>583</td><td>413</td><td>348</td><td>1,406</td><td>440</td><td>357</td></tr><tr><td>Dist. of Columbia</td><td>160,692</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><td>3,398</td><td>2,544</td></tr><tr><td>Florida</td><td>203,652</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><td>2,760</td><td>2,794</td></tr><tr><td>Georgia</td><td>177,059</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><td>1,941</td><td>1,619</td></tr><tr><td>Idaho</td><td>42,129</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>715</td><td>1,151</td><td>925</td><td>745</td></tr><tr><td>Illinois</td><td>1,428,345</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>14,060</td><td>15,091</td><td>13,702</td><td>16,037</td><td>44,288</td><td>21,362</td><td>25,188</td></tr><tr><td>Indiana</td><td>423,009</td><td>7,086</td><td>6,030</td><td>5,741</td><td>8,839</td><td>8,971</td><td>6,190</td><td>5,305</td><td>5,359</td><td>4,319</td><td>5,964</td><td>12,023</td><td>7,043</td><td>6,361</td></tr><tr><td>Iowa</td><td>447,147</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><td>7,880</td><td>15,184</td></tr><tr><td>Kansas</td><td>214,459</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><td>7,349</td><td>5,061</td></tr><tr><td>Kentucky</td><td>229,193</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><td>5,394</td><td>3,580</td></tr><tr><td>Louisiana</td><td>183,817</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><td>1,653</td><td>1,827</td></tr><tr><td>Maine</td><td>112,036</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>1,140</td><td>3,148</td><td>1,194</td><td>1,318</td></tr><tr><td>Maryland</td><td>273,587</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><td>3,855</td><td>3,307</td></tr><tr><td>Maseachusette</td><td>912,795</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><td>13,029</td><td>9,483</td></tr><tr><td>Michigan</td><td>536,575</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><td>8,213</td><td>5,512</td></tr><tr><td>Minnesota</td><td>373,643</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>4,128</td><td>4,712</td><td>11,287</td><td>6,485</td><td>5,392</td></tr><tr><td>Mieiseippl</td><td>96,772</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><td>1,144</td><td>1,173</td></tr><tr><td>Mieouri</td><td>504,162</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><td>7,890</td><td>7,067</td></tr><tr><td>Montana</td><td>61,234</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><td>1,245</td><td>1,357</td></tr><tr><td>Nebraska</td><td>196,647</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><td>4,523</td><td>7,837</td></tr><tr><td>Nevada</td><td>18,771</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><td>192</td><td>370</td></tr><tr><td>New Hampshire</td><td>77,002</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>639</td><td>2,952</td><td>1,008</td><td>619</td></tr><tr><td>New Jersey</td><td>586,612</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><td>8,583</td><td>6,729</td></tr><tr><td>New Mexico</td><td>35,605</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><td>226</td><td>370</td></tr><tr><td>New York</td><td>3,040,619</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><td>49,322</td><td>33,634</td></tr><tr><td>North Carolina</td><td>213,553</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><td>3,346</td><td>2,790</td></tr><tr><td>North Dakota</td><td>73,180</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><td>1,739</td><td>1,439</td></tr><tr><td>Ohio</td><td>1,020,190</td><td>15,394</td><td>17,772</td><td>15,584</td><td>20,095</td><td>23,515</td><td>14,429</td><td>10,682</td><td>11,593</td><td>9,079</td><td>11,730</td><td>27,589</td><td>13,780</td><td>11,839</td></tr><tr><td>Oklahoma</td><td>133,620</td><td>1,717</td><td>1,699</td><td>1,727</td><td>3,042</td><td>2,052</td><td>1,817</td><td>1,775</td><td>1,334</td><td>1,260</td><td>3,320</td><td>5,003</td><td>1,658</td><td>1,665</td></tr><tr><td>Oregon</td><td>151,318</td><td>1,767</td><td>1,700</td><td>1,443</td><td>1,668</td><td>2,316</td><td>1,834</td><td>2,211</td><td>1,624</td><td>1,589</td><td>1,809</td><td>4,151</td><td>2,031</td><td>1,569</td></tr><tr><td>Pennsylvania</td><td>1,500,521</td><td>29,584</td><td>27,499</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><td>19,361</td><td>20,014</td></tr><tr><td>Rhode Island</td><td>145,081</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>821</td><td>1,068</td><td>1,033</td><td>3,475</td><td>2,438</td><td>1,747</td></tr><tr><td>South Carolina</td><td>99,990</td><td>1,464</td><td>1,786</td><td>1,737</td><td>1,722</td><td>2,183</td><td>1,182</td><td>1,160</td><td>1,236</td><td>1,041</td><td>1,234</td><td>1,884</td><td>1,632</td><td>988</td></tr><tr><td>South Dakota</td><td>61,804</td><td>916</td><td>971</td><td>1,263</td><td>1,514</td><td>1,169</td><td>883</td><td>999</td><td>1,271</td><td>1,157</td><td>1,521</td><td>2,262</td><td>1,963</td><td>1,895</td></tr><tr><td>Tennessee</td><td>185,147</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>5,288</td><td>2,706</td><td>2,292</td></tr><tr><td>Texas</td><td>506,115</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><td>6,945</td><td>5,845</td></tr><tr><td>Utah</td><td>38,919</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><td>547</td><td>622</td></tr><tr><td>Vermont</td><td>41,603</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><td>454</td><td>291</td></tr><tr><td>Virginia</td><td>250,851</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><td>4,450</td><td>1,830</td></tr><tr><td>Washington</td><td>255,605</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><td>3,619</td><td>2,708</td></tr><tr><td>West Virginia</td><td>96,640</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><td>935</td><td>1,816</td></tr><tr><td>Wisconsin</td><td>466,968</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><td>7,462</td><td>7,677</td></tr><tr><td>Wyoming</td><td>30,697</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><td>394</td><td>312</td></tr><tr><td>Alaska</td><td>5,349</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><td>17</td><td>10</td></tr><tr><td>Canal Zone</td><td>6,438</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>36</td><td>66</td><td>61</td></tr><tr><td>Hawaii</td><td>57,212</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><td>1,122</td><td>211</td></tr><tr><td>Puerto Rico</td><td>13,608</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>42</td><td>4</td><td>11</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>-</td><td>-</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>+11,908</td><td>-14,283</td><td>+8,599</
source: Daily Treasury Statement and reports from Federal Reserve Banks. * 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-Mar. 1947</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><th>Feb.</th><th>Mar.</th></tr><tr><td>Alabama</td><td>178,351</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>4,429</td><td>4,993</td></tr><tr><td>Arizona</td><td>61,713</td><td>3,008</td><td>2,594</td><td>2,467</td><td>2,201</td><td>1,911</td><td>2,041</td><td>2,036</td><td>2,174</td><td>1,753</td><td>2,183</td><td>2,103</td><td>1,717</td><td>2,070</td></tr><tr><td>Arkansas</td><td>96,233</td><td>4,305</td><td>3,997</td><td>3,299</td><td>3,206</td><td>3,320</td><td>3,129</td><td>3,238</td><td>3,020</td><td>2,526</td><td>2,812</td><td>3,147</td><td>2,527</td><td>2,593</td></tr><tr><td>California</td><td>1,250,698</td><td>55,872</td><td>52,193</td><td>48,865</td><td>37,698</td><td>42,836</td><td>42,601</td><td>40,927</td><td>34,882</td><td>32,163</td><td>36,112</td><td>46,061</td><td>35,280</td><td>40,495</td></tr><tr><td>Colorado</td><td>113,698</td><td>5,532</td><td>5,137</td><td>4,596</td><td>4,357</td><td>3,964</td><td>4,064</td><td>4,818</td><td>3,706</td><td>2,812</td><td>4,922</td><td>4,489</td><td>3,433</td><td>3,795</td></tr><tr><td>Connecticut</td><td>210,667</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>4,972</td><td>5,798</td></tr><tr><td>Delaware</td><td>30,299</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>868</td><td>808</td></tr><tr><td>District of Columbia</td><td>148,720</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>3,894</td><td>4,726</td></tr><tr><td>Florida</td><td>213,261</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>6,095</td><td>7,058</td></tr><tr><td>Georgia</td><td>185,274</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>6,311</td><td>5,132</td><td>5,784</td></tr><tr><td>Idaho</td><td>39,667</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>1,215</td><td>1,405</td></tr><tr><td>Illinois</td><td>985,738</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>25,297</td><td>30,134</td></tr><tr><td>Indiana</td><td>389,103</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>8,044</td><td>9,453</td></tr><tr><td>Iowa</td><td>233,068</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>7,292</td><td>9,978</td></tr><tr><td>Kansas</td><td>156,765</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>4,993</td><td>5,330</td></tr><tr><td>Kentucky</td><td>160,278</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>4,228</td><td>4,556</td></tr><tr><td>Louisiana</td><td>158,328</td><td>6,719</td><td>6,231</td><td>5,943</td><td>5,298</td><td>5,352</td><td>4,734</td><td>5,397</td><td>4,964</td><td>4,317</td><td>4,594</td><td>4,708</td><td>4,034</td><td>4,862</td></tr><tr><td>Maine</td><td>52,693</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>1,359</td><td>1,565</td></tr><tr><td>Maryland</td><td>173,626</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>4,695</td><td>5,239</td></tr><tr><td>Massachusetts</td><td>384,010</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>10,474</td><td>12,036</td></tr><tr><td>Michigan</td><td>817,977</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>16,780</td><td>19,867</td></tr><tr><td>Minnesota</td><td>266,305</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>7,586</td><td>8,386</td></tr><tr><td>Mississippi</td><td>85,292</td><td>4,431</td><td>3,505</td><td>3,312</td><td>2,535</td><td>3,422</td><td>2,722</td><td>2,893</td><td>2,967</td><td>2,675</td><td>2,620</td><td>3,431</td><td>2,481</td><td>2,690</td></tr><tr><td>Missouri</td><td>362,335</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>9,811</td><td>10,465</td></tr><tr><td>Montana</td><td>49,139</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>1,451</td><td>1,636</td></tr><tr><td>Nebraska</td><td>116,380</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>4,080</td><td>4,429</td></tr><tr><td>Nevada</td><td>18,862</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>865</td><td>556</td><td>783</td><td>561</td><td>629</td></tr><tr><td>New Hampshire</td><td>33,497</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>895</td><td>1,089</td></tr><tr><td>New Jersey</td><td>440,375</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>10,378</td><td>11,204</td></tr><tr><td>New Mexico</td><td>36,675</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>1,018</td><td>1,316</td></tr><tr><td>New York</td><td>1,276,726</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>33,048</td><td>35,958</td></tr><tr><td>North Carolina</td><td>174,185</td><td>9,439</td><td>7,805</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>4,557</td><td>5,735</td></tr><tr><td>North Dakota</td><td>35,515</td><td>1,807</td><td>1,807</td><td>1,781</td><td>1,690</td><td>1,649</td><td>1,384</td><td>1,231</td><td>1,277</td><td>1,168</td><td>1,059</td><td>1,556</td><td>983</td><td>1,370</td></tr><tr><td>Ohio</td><td>838,745</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>18,572</td><td>21,554</td></tr><tr><td>Oklahoma</td><td>175,376</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>6,491</td><td>5,039</td><td>5,314</td></tr><tr><td>Oregon</td><td>186,928</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>4,577</td><td>5,748</td></tr><tr><td>Pennsylvania</td><td>1,025,965</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>33,859</td><td>36,064</td><td>25,644</td><td>27,338</td></tr><tr><td>Rhode Island</td><td>68,402</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>1,780</td><td>1,560</td><td>1,736</td></tr><tr><td>South Carolina</td><td>84,923</td><td>4,123</td><td>3,272</td><td>2,929</td><td>2,974</td><td>2,643</td><td>2,699</td><td>2,723</td><td>2,061</td><td>2,425</td><td>2,506</td><td>2,597</td><td>2,145</td><td>2,307</td></tr><tr><td>South Dakota</td><td>37,060</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>1,120</td><td>1,362</td></tr><tr><td>Tennessee</td><td>181,993</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>4,242</td><td>4,938</td></tr><tr><td>Texas</td><td>598,537</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>16,702</td><td>18,956</td></tr><tr><td>Utah</td><td>64,060</td><td>3,117</td><td>3,176</td><td>2,787</td><td>2,205</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>1,794</td><td>2,113</td></tr><tr><td>Vermont</td><td>16,534</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>481</td><td>558</td></tr><tr><td>Virginia</td><td>227,771</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>5,981</td><td>7,066</td></tr><tr><td>Washington</td><td>273,331</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>6,988</td><td>8,708</td></tr><tr><td>West Virginia</td><td>123,317</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>2,791</td><td>3,158</td></tr><tr><td>Wisconsin</td><td>263,659</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>6,516</td><td>8,112</td></tr><tr><td>Wyoming</td><td>24,398</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>873</td><td>708</td><td>893</td></tr><tr><td>Alaska</td><td>6,988</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>173</td><td>209</td><td>208</td></tr><tr><td>Cape Zone</td><td>4,448</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>377</td><td>223</td><td>305</td></tr><tr><td>Hawaii</td><td>64,874</td><td>2,442</td><td>2,730</td><td>2,068</td><td>1,592</td><td>1,468</td><td>2,633</td><td>1,861</td><td>1,459</td><td>691</td><td>2,459</td><td>2,717</td><td>1,628</td><td>1,995</td></tr><tr><td>Puerto Rico</td><td>17,853</td><td>1,367</td><td>1,786</td><td>972</td><td>796</td><td>473</td><td>677</td><td>447</td><td>468</td><td>665</td><td>931</td><td>724</td><td>528</td><td>654</td></tr><tr><td>Virgin Islands</td><td>491</
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 much 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.
May 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 March 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 taxee</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>401</td><td>64 1/2</td><td>337</td><td>6</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,943</td><td>182 1/2</td><td>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>29,191</td><td>23,715</td><td>5,312</td><td>18,403</td><td>33</td><td>5,443</td></tr><tr><td>Total</td><td>34,541</td><td>29,059</td><td>5,558</td><td>23,501</td><td>39</td><td>5,443</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(in millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</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-March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,144</td></tr><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr><tr><td>June</td><td>184</td><td>602</td><td>171</td><td>430</td><td>9</td><td>6,711</td></tr><tr><td>July</td><td>300</td><td>*345</td><td>154</td><td>190</td><td>8</td><td>6,669</td></tr><tr><td>August</td><td>188</td><td>170</td><td>100</td><td>70</td><td>8</td><td>6,688</td></tr><tr><td>September</td><td>248</td><td>841</td><td>407</td><td>435</td><td>7</td><td>6,096</td></tr><tr><td>October</td><td>184</td><td>276</td><td>137</td><td>139</td><td>6</td><td>6,003</td></tr><tr><td>November</td><td>166</td><td>192</td><td>140</td><td>52</td><td>6</td><td>5,978</td></tr><tr><td>December</td><td>360</td><td>555</td><td>203</td><td>352</td><td>63</td><td>5,725</td></tr><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><tr><td>February</td><td>209</td><td>234</td><td>175</td><td>60</td><td>41</td><td>5,570</td></tr><tr><td>March</td><td>275</td><td>410</td><td>128</td><td>283</td><td>33</td><td>5,443</td></tr></table>
Source: Daily Treasury Statement.
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued
Table 3.- Sales of Series C, Classified by Denominations
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denomination</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,525.5</td><td>5.4</td><td>13.8</td><td>102.7</td><td>160.3</td><td>617.4</td><td>1,120.8</td><td>588.0</td><td>917.0</td></tr><tr><td>1946-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</td><td>183.5</td><td>.2</td><td>.6</td><td>4.9</td><td>10.3</td><td>45.9</td><td>79.1</td><td>27.5</td><td>15.0</td></tr><tr><td>November</td><td>166.4</td><td>.1</td><td>.5</td><td>3.9</td><td>8.6</td><td>38.8</td><td>57.9</td><td>22.5</td><td>34.0</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><tr><td>February p.</td><td>209.2</td><td>.2</td><td>.6</td><td>5.6</td><td>11.7</td><td>52.3</td><td>90.1</td><td>31.5</td><td>17.0</td></tr><tr><td>March p.</td><td>275.3</td><td>.2</td><td>.8</td><td>6.5</td><td>14.2</td><td>64.2</td><td>95.8</td><td>37.5</td><td>56.0</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-March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><tr><td>May</td><td>198.4</td><td>19.8</td><td>178.6</td><td>100.0</td><td>10.0</td><td>90.0</td></tr><tr><td>June</td><td>184.0</td><td>14.1</td><td>169.9</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>July</td><td>300.5</td><td>31.6</td><td>268.9</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>August</td><td>188.4</td><td>10.8</td><td>177.6</td><td>100.0</td><td>5.7</td><td>94.3</td></tr><tr><td>September</td><td>248.2</td><td>15.4</td><td>232.8</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>October</td><td>183.5</td><td>19.3</td><td>164.2</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>November</td><td>166.4</td><td>18.3</td><td>148.1</td><td>100.0</td><td>11.0</td><td>89.0</td></tr><tr><td>December</td><td>359.5</td><td>19.8</td><td>339.8</td><td>100.0</td><td>5.5</td><td>94.5</td></tr><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><tr><td>February</td><td>209.2</td><td>11.1</td><td>198.1</td><td>100.0</td><td>5.3</td><td>94.7</td></tr><tr><td>March</td><td>275.3</td><td>13.8</td><td>261.5</td><td>100.0</td><td>5.0</td><td>95.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
May 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>213,330</td><td>+43,620 3/4</td><td>590,268 4/</td><td>544,647</td><td>474,168</td><td>70,480 2/</td><td>100.0</td><td>87.1</td><td>12.9 2/</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-March</td><td>112,335</td><td>-4,519</td><td>9,847</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,271</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr><tr><td>August</td><td>87,790</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><tr><td>February</td><td>73,980</td><td>-2,143</td><td>2,391</td><td>4,533</td><td>2,475</td><td>2,058</td><td>100.0</td><td>54.6</td><td>45.4</td></tr><tr><td>March</td><td>72,492</td><td>-1,487</td><td>2,582</td><td>4,069</td><td>2,051</td><td>2,018</td><td>100.0</td><td>50.4</td><td>49.6</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 $55,000 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>92,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,888</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-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><tr><td>February</td><td>2,391</td><td>441</td><td>1,153</td><td>259</td><td>382</td><td>156</td><td>100.0</td><td>18.4</td><td>48.3</td><td>10.8</td><td>16.0</td><td>6.5</td></tr><tr><td>March</td><td>2,582</td><td>468</td><td>1,222</td><td>265</td><td>437</td><td>189</td><td>100.0</td><td>18.1</td><td>47.4</td><td>10.3</td><td>16.9</td><td>7.3</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
May 1947
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="3">End of fiscal year or month</th><th colspan="7">Securities issued by United States Government</th><th colspan="5">Securities guaranteed by United States 1/</th></tr><tr><th rowspan="2">Total amount out- standing</th><th colspan="4">Distribution by classes of holders</th><th colspan="3">Private investors 2/</th><th colspan="3">Distribution by classes of holders</th><th rowspan="2">Private investors 2/</th></tr><tr><th>U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th>Total public issues</th><th>Public market- able issues</th><th>Public non-marketable issues</th><th>U. S. Government agencies and trust funds and Federal Reserve Banks</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>5,460</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>44,815</td><td>1,516</td><td>4</td><td>116</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1946-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>219,388</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>21,946</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>257,649</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>31,157</td><td>6,343</td><td>37</td><td>24,777</td><td>23,941</td><td>203,280</td><td>146,160</td><td>57,120</td><td>262</td><td>9</td><td>-</td><td>36</td><td>217</td></tr><tr><td>Feb.</td><td>258,111</td><td>31,302</td><td>6,328</td><td>37</td><td>24,938</td><td>24,117</td><td>202,695</td><td>144,966</td><td>57,729</td><td>181</td><td>9</td><td>-</td><td>36</td><td>135</td></tr><tr><td>Mar.</td><td>255,800</td><td>31,547p</td><td>6,328p</td><td>37p</td><td>25,183</td><td>22,593</td><td>201,660p</td><td>143,541p</td><td>58,119p</td><td>175</td><td>9p</td><td>-</td><td>37p</td><td>130</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 $500,000. 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/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Per values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December.....</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June.........</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December.........</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June.........</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December.........</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.5</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>47.3</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>4.5</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>11.3</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>15.5</td></tr><tr><td>December.........</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.1</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>18.5</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March.........</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>June............</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September.........</td><td>260.2</td><td>107.3</td><td>84.0</td><td>23.3</td><td>152.9</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.8</td><td>5.5</td><td>26.6</td></tr><tr><td>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-February.....</td><td>278.5</td><td>116.1</td><td>93.2</td><td>22.9</td><td>162.4</td><td>63.5</td><td>24.8</td><td>11.1</td><td>28.3</td><td>6.7</td><td>28.0</td></tr><tr><td>March............</td><td>275.3</td><td>112.3</td><td>89.7</td><td>22.6</td><td>163.0</td><td>63.6</td><td>25.0</td><td>11.2</td><td>28.4</td><td>6.7</td><td>28.2</td></tr><tr><td>April............</td><td>273.2</td><td>112.0</td><td>89.3</td><td>22.7</td><td>161.2</td><td>63.1</td><td>25.0</td><td>11.3</td><td>26.8</td><td>6.7</td><td>28.3</td></tr><tr><td>May.............</td><td>272.0</td><td>110.6</td><td>87.7</td><td>22.9</td><td>161.4</td><td>63.0</td><td>25.2</td><td>11.3</td><td>26.6</td><td>6.6</td><td>28.5</td></tr><tr><td>June............</td><td>268.6</td><td>107.9</td><td>84.1</td><td>23.8</td><td>160.7</td><td>62.8</td><td>25.3</td><td>11.5</td><td>25.6</td><td>6.5</td><td>29.1</td></tr><tr><td>July............</td><td>267.4</td><td>106.4</td><td>82.8</td><td>23.6</td><td>161.0</td><td>62.9</td><td>25.4</td><td>11.6</td><td>25.1</td><td>6.4</td><td>29.7</td></tr><tr><td>August...........</td><td>266.7</td><td>105.2</td><td>81.2</td><td>23.9</td><td>161.5</td><td>62.9</td><td>25.4</td><td>11.7</td><td>25.1</td><td>6.4</td><td>30.1</td></tr><tr><td>September.........</td><td>264.6</td><td>103.6</td><td>79.5</td><td>24.0</td><td>161.0</td><td>62.7</td><td>25.4</td><td>11.7</td><td>24.5</td><td>6.3</td><td>30.4</td></tr><tr><td>October...........</td><td>262.8</td><td>102.0</td><td>78.4</td><td>23.5</td><td>160.8</td><td>62.8</td><td>25.4</td><td>11.7</td><td>24.2</td><td>6.3</td><td>30.4</td></tr><tr><td>November.........</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.........</td><td>258.0</td><td>97.0</td><td>73.7</td><td>23.3</td><td>160.9</td><td>63.3</td><td>25.3</td><td>11.8</td><td>23.4</td><td>6.2</td><td>30.9</td></tr><tr><td>1947-January.....</td><td>258.6</td><td>97.0</td><td>73.0</td><td>23.9</td><td>161.6</td><td>64.0</td><td>25.4</td><td>11.9</td><td>23.0</td><td>6.2</td><td>31.2</td></tr><tr><td>February p.....</td><td>258.3</td><td>95.9</td><td>71.8</td><td>24.1</td><td>162.4</td><td>64.5</td><td>25.4</td><td>12.0</td><td>22.9</td><td>6.2</td><td>31.3</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 savings banks in the United States and in territories and insular possessions
sions. Excludes securities held in trust departments. 
4/ Includes partnerships and personal trust accounts. 
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country. 
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1939.</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940.</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941.</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-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</td><td>30.0</td><td>5.8</td><td>.3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943.</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-15.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944.</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945.</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>-.3</td><td>-</td><td>-</td></tr><tr><td>1946.</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947.</td><td>.1</td><td>-</td><td>-4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $50,000. 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.
May 1947
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, February 28, 1947
The tablee in Section I present summary data as of February 28, 1947 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the
amount of such securities owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debentures and Federal Home Loan Bank bonds.
Section I -
Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investores covered in Treasury Survey</th><th rowspan="2">Held by all other investores 2/</th></tr><tr><th>7,332 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities.......</td><td>175,456</td><td>64,895</td><td>460</td><td>11,667</td><td>21,379</td><td>2,995</td><td>30,454</td><td>43,606</td></tr><tr><td>Non-marketable securities 4/.........</td><td>57,900</td><td>1,261</td><td>12</td><td>285</td><td>136</td><td>233</td><td>36</td><td>55,804</td></tr><tr><td>Total public securities.........</td><td>233,356</td><td>66,155</td><td>472</td><td>11,952</td><td>21,515</td><td>3,228</td><td>30,490</td><td>99,410</td></tr><tr><td>Special issues....................</td><td>24,938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24,938</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/.........</td><td>258,294</td><td>66,155</td><td>472</td><td>11,952</td><td>21,515</td><td>3,228</td><td>55,428</td><td>99,410</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 $135 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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,332 commercial banks 2/</th><th>Banks 1/</th><th>Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td></td><td></td><td>33 stock savings banks</td><td>540 mutual savings banks</td><td>309 life insurance companies</td><td>640 fire, casualty, and marine insurance companies</td><td></td></tr></table>
Par values - in millions of dollars
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,048</td><td>538</td><td>1</td><td>*</td><td>*</td><td>15,739</td><td>769</td><td>1</td></tr><tr><td>Certificates of indebtedness</td><td>28,784</td><td>10,196</td><td>16</td><td>291</td><td>260</td><td>134</td><td>7,268</td><td>10,559</td></tr><tr><td>Treasury notes</td><td>10,090</td><td>6,066</td><td>30</td><td>188</td><td>449</td><td>149</td><td>455</td><td>2,754</td></tr><tr><td>Treasury bonds - bank restricted</td><td>49,636</td><td>1,297</td><td>159</td><td>7,985</td><td>16,681</td><td>1,254</td><td>4,914</td><td>17,308</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,586</td><td>46,768</td><td>214</td><td>3,199</td><td>3,976</td><td>1,397</td><td>2,032</td><td>12,101</td></tr><tr><td>Postal savings and other bonds</td><td>166</td><td>15</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>114</td></tr><tr><td>Guaranteed by United States</td><td>46</td><td>15</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>1</td></tr><tr><td>Total</td><td>175,456</td><td>64,895</td><td>460</td><td>11,667</td><td>21,379</td><td>2,995</td><td>30,454</td><td>43,606</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>53,750</td><td>15,096</td><td>40</td><td>449</td><td>712</td><td>322</td><td>23,233</td><td>13,899</td></tr><tr><td>1 to 5 years</td><td>39,572</td><td>28,109</td><td>79</td><td>1,122</td><td>1,457</td><td>674</td><td>1,414</td><td>6,717</td></tr><tr><td>5 to 10 years</td><td>27,281</td><td>16,809</td><td>120</td><td>2,037</td><td>2,202</td><td>600</td><td>600</td><td>4,914</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,152</td><td>80</td><td>2,525</td><td>1,040</td><td>704</td><td>315</td><td>4,392</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>130</td><td>72</td><td>2,798</td><td>9,713</td><td>295</td><td>2,737</td><td>5,482</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,584</td><td>69</td><td>2,731</td><td>6,242</td><td>399</td><td>2,146</td><td>8,201</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>46</td><td>15</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>1</td></tr><tr><td>Total</td><td>175,456</td><td>64,895</td><td>460</td><td>11,667</td><td>21,379</td><td>2,995</td><td>30,454</td><td>43,606</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>166</td><td>15</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>114</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>18,078</td><td>13,183</td><td>91</td><td>104</td><td>136</td><td>585</td><td>1,277</td><td>2,701</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>157,212</td><td>51,697</td><td>369</td><td>11,563</td><td>21,242</td><td>2,409</td><td>29,111</td><td>40,791</td></tr><tr><td>Total</td><td>175,456</td><td>64,895</td><td>460</td><td>11,667</td><td>21,379</td><td>2,995</td><td>30,454</td><td>43,606</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, February 28, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th>Classification</th><th>Total amount outstand- ing</th><th colspan="4">Held by investors covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,332 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td colspan="8">Percentage distribution by classes of securities</td></tr><tr><td>Types of security: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.7</td><td>.8</td><td>.2</td><td>*</td><td>-</td><td>-</td><td>51.7</td><td>1.8</td></tr><tr><td>Certificates of indebtedness</td><td>16.4</td><td>15.7</td><td>3.4</td><td>2.5</td><td>1.2</td><td>6.5</td><td>23.9</td><td>24.2</td></tr><tr><td>Treasury notes</td><td>5.8</td><td>9.3</td><td>6.5</td><td>1.6</td><td>2.1</td><td>5.0</td><td>1.5</td><td>6.3</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>28.3</td><td>2.0</td><td>43.2</td><td>63.4</td><td>78.0</td><td>41.9</td><td>16.1</td><td>39.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>39.7</td><td>72.1</td><td>46.5</td><td>27.4</td><td>18.6</td><td>46.6</td><td>6.7</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 5/</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>30.6</td><td>23.3</td><td>8.6</td><td>3.8</td><td>3.3</td><td>10.8</td><td>76.3</td><td>31.9</td></tr><tr><td>1 to 5 years</td><td>22.6</td><td>43.3</td><td>17.1</td><td>9.6</td><td>6.8</td><td>22.5</td><td>4.6</td><td>15.4</td></tr><tr><td>5 to 10 years</td><td>15.5</td><td>25.9</td><td>26.0</td><td>17.5</td><td>10.3</td><td>20.0</td><td>2.0</td><td>11.3</td></tr><tr><td>10 to 15 years</td><td>6.4</td><td>3.3</td><td>17.5</td><td>21.6</td><td>4.9</td><td>23.5</td><td>1.0</td><td>10.1</td></tr><tr><td>15 to 20 years</td><td>12.1</td><td>.2</td><td>15.5</td><td>24.0</td><td>45.4</td><td>9.9</td><td>9.0</td><td>12.6</td></tr><tr><td>Over 20 years</td><td>12.8</td><td>4.0</td><td>15.0</td><td>23.4</td><td>29.2</td><td>13.3</td><td>7.0</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>*</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>10.3</td><td>20.3</td><td>19.9</td><td>.9</td><td>.6</td><td>19.5</td><td>4.2</td><td>6.2</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>89.6</td><td>79.7</td><td>80.1</td><td>99.1</td><td>99.4</td><td>80.4</td><td>95.7</td><td>93.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="8">Percentage distribution by groups of investors</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>3.2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>92.3</td><td>4.5</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>35.4</td><td>.1</td><td>1.0</td><td>.9</td><td>.7</td><td>25.3</td><td>36.7</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>60.1</td><td>.3</td><td>1.9</td><td>4.4</td><td>1.5</td><td>4.5</td><td>27.3</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>100.0</td><td>2.6</td><td>.4</td><td>16.1</td><td>33.6</td><td>2.5</td><td>9.9</td><td>34.9</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.1</td><td>.3</td><td>4.6</td><td>5.7</td><td>2.0</td><td>2.9</td><td>17.4</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.8</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.8</td><td>69.0</td></tr><tr><td>Guaranteed by United States 5/</td><td>100.0</td><td>33.4</td><td>2.5</td><td>8.8</td><td>29.8</td><td>2.4</td><td>20.3</td><td>2.8</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.6</td><td>12.2</td><td>1.7</td><td>17.4</td><td>24.9</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>28.1</td><td>.1</td><td>.8</td><td>1.3</td><td>.6</td><td>43.2</td><td>25.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.0</td><td>.2</td><td>2.8</td><td>3.7</td><td>1.7</td><td>3.6</td><td>17.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>61.6</td><td>.4</td><td>7.5</td><td>8.1</td><td>2.2</td><td>2.2</td><td>18.0</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.2</td><td>.7</td><td>22.5</td><td>9.3</td><td>6.3</td><td>2.8</td><td>39.2</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>13.2</td><td>45.8</td><td>1.4</td><td>12.9</td><td>25.8</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.5</td><td>.3</td><td>12.2</td><td>27.9</td><td>1.8</td><td>9.6</td><td>36.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>33.4</td><td>2.5</td><td>8.8</td><td>29.8</td><td>2.4</td><td>20.3</td><td>2.8</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.6</td><td>12.2</td><td>1.7</td><td>17.4</td><td>24.9</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.8</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.8</td><td>69.0</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>100.0</td><td>72.9</td><td>.5</td><td>.6</td><td>.8</td><td>3.2</td><td>7.1</td><td>14.9</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>100.0</td><td>32.9</td><td>.2</td><td>7.4</td><td>13.5</td><td>1.5</td><td>18.5</td><td>25.9</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.6</td><td>12.2</td><td>1.7</td><td>17.4</td><td>24.9</td></tr></table>
(Continued on following page)
May 1947
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2. - Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="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>7,332 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills..................... (taxable)</td><td>17,048</td><td>538</td><td>1</td><td>*</td><td>-</td><td>-</td><td>15,739</td><td>769</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% March 1947..................... (taxable)</td><td>3,133</td><td>1,427</td><td>2</td><td>45</td><td>50</td><td>26</td><td>552</td><td>1,031</td></tr><tr><td>7/8% April 1947..................... (taxable)</td><td>2,820</td><td>983</td><td>3</td><td>33</td><td>9</td><td>13</td><td>822</td><td>957</td></tr><tr><td>7/8% June 1947..................... (taxable)</td><td>2,775</td><td>772</td><td>1</td><td>23</td><td>37</td><td>25</td><td>328</td><td>1,588</td></tr><tr><td>7/8% July 1947..................... (taxable)</td><td>2,916</td><td>1,115</td><td>1</td><td>29</td><td>46</td><td>14</td><td>851</td><td>858</td></tr><tr><td>7/8% August 1947.................... (taxable)</td><td>1,223</td><td>525</td><td>2</td><td>13</td><td>4</td><td>5</td><td>378</td><td>296</td></tr><tr><td>7/8% September 1947................ (taxable)</td><td>2,341</td><td>653</td><td>2</td><td>20</td><td>14</td><td>26</td><td>1,043</td><td>582</td></tr><tr><td>7/8% October 1947................... (taxable)</td><td>1,440</td><td>599</td><td>1</td><td>23</td><td>5</td><td>10</td><td>347</td><td>456</td></tr><tr><td>7/8% November 1947.................. (taxable)</td><td>1,775</td><td>698</td><td>1</td><td>16</td><td>15</td><td>13</td><td>433</td><td>599</td></tr><tr><td>7/8% December 1947.................. (taxable)</td><td>3,281</td><td>674</td><td>*</td><td>20</td><td>13</td><td>23</td><td>253</td><td>2,296</td></tr><tr><td>7/8% January 1948................... (taxable)</td><td>3,134</td><td>1,511</td><td>1</td><td>42</td><td>8</td><td>16</td><td>679</td><td>877</td></tr><tr><td>7/8% February 1948.................. (taxable)</td><td>3,947</td><td>1,238</td><td>2</td><td>26</td><td>60</td><td>22</td><td>1,579</td><td>1,019</td></tr><tr><td>Total certificates of indebtedness</td><td>28,784</td><td>10,196</td><td>16</td><td>291</td><td>260</td><td>194</td><td>7,268</td><td>10,559</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>1,948</td><td>872</td><td>13</td><td>35</td><td>306</td><td>34</td><td>93</td><td>596</td></tr><tr><td>1-1/4% September 1947.............. (taxable)</td><td>1,687</td><td>727</td><td>6</td><td>56</td><td>14</td><td>35</td><td>10</td><td>840</td></tr><tr><td>1-1/4% September 1947.............. (taxable)</td><td>2,707</td><td>1,844</td><td>4</td><td>49</td><td>122</td><td>19</td><td>47</td><td>622</td></tr><tr><td>1-1/4% September 1948.............. (taxable)</td><td>3,748</td><td>2,623</td><td>7</td><td>47</td><td>8</td><td>61</td><td>306</td><td>696</td></tr><tr><td>Total Treasury notes</td><td>10,090</td><td>6,066</td><td>30</td><td>188</td><td>449</td><td>149</td><td>455</td><td>2,754</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62................. (taxable)</td><td>5,284</td><td>94</td><td>36</td><td>1,825</td><td>618</td><td>316</td><td>220</td><td>2,175</td></tr><tr><td>2-1/4% December 1959-62............. (taxable)</td><td>3,470</td><td>298</td><td>24</td><td>685</td><td>337</td><td>265</td><td>3</td><td>1,858</td></tr><tr><td>2-1/4% June 1962-67................ (taxable)</td><td>2,118</td><td>5</td><td>4</td><td>394</td><td>1,099</td><td>51</td><td>186</td><td>378</td></tr><tr><td>2-1/4% December 1963-68............. (taxable)</td><td>2,831</td><td>1</td><td>6</td><td>543</td><td>1,349</td><td>61</td><td>260</td><td>612</td></tr><tr><td>2-1/4% June 1964-69................ (taxable)</td><td>3,751</td><td>2</td><td>16</td><td>747</td><td>1,600</td><td>48</td><td>389</td><td>960</td></tr><tr><td>2-1/4% December 1964-69............. (taxable)</td><td>3,838</td><td>4</td><td>16</td><td>545</td><td>1,607</td><td>56</td><td>452</td><td>1,158</td></tr><tr><td>2-1/4% March 1965-70................. (taxable)</td><td>5,197</td><td>59</td><td>17</td><td>352</td><td>2,477</td><td>53</td><td>781</td><td>1,458</td></tr><tr><td>2-1/4% March 1966-71................. (taxable)</td><td>3,481</td><td>58</td><td>14</td><td>217</td><td>1,581</td><td>26</td><td>670</td><td>915</td></tr><tr><td>2-1/4% June 1967-72................. (taxable)</td><td>7,967</td><td>93</td><td>24</td><td>1,122</td><td>1,172</td><td>124</td><td>902</td><td>2,532</td></tr><tr><td>2-1/4% December 1967-72............. (taxable)</td><td>11,689</td><td>682</td><td>44</td><td>1,556</td><td>2,841</td><td>253</td><td>1,052</td><td>5,261</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,297</td><td>199</td><td>7,985</td><td>16,681</td><td>1,254</td><td>4,914</td><td>17,305</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>367</td><td>*</td><td>15</td><td>11</td><td>21</td><td>40</td><td>305</td></tr><tr><td>2% December 1947.................... (partially)</td><td>701</td><td>539</td><td>1</td><td>1</td><td>-</td><td>19</td><td>*</td><td>141</td></tr><tr><td>2% March 1948-50.................... (taxable)</td><td>1,115</td><td>765</td><td>1</td><td>91</td><td>6</td><td>14</td><td>40</td><td>199</td></tr><tr><td>2-3/4% March 1948-51................ (partially)</td><td>1,223</td><td>858</td><td>2</td><td>20</td><td>4</td><td>28</td><td>155</td><td>157</td></tr><tr><td>1-3/4% June 1948.................... (taxable)</td><td>3,062</td><td>2,176</td><td>3</td><td>104</td><td>68</td><td>34</td><td>25</td><td>551</td></tr><tr><td>2-1/2% September 1948................ (partially)</td><td>451</td><td>373</td><td>1</td><td>5</td><td>*</td><td>10</td><td>*</td><td>62</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, February 28, 1947 - (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="5">Held by investors covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,332 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued) Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/ December 1948-50....(partially)</td><td>571</td><td>464</td><td>1</td><td>1</td><td>*</td><td>12</td><td>44</td><td>50</td></tr><tr><td>2/ June 1949-51....(taxable)</td><td>1,014</td><td>750</td><td>1</td><td>65</td><td>51</td><td>8</td><td>8</td><td>131</td></tr><tr><td>2/ September 1949-51....(taxable)</td><td>1,292</td><td>1,057</td><td>1</td><td>38</td><td>64</td><td>21</td><td>1</td><td>109</td></tr><tr><td>2/ December 1949-51....(taxable)</td><td>2,098</td><td>1,510</td><td>5</td><td>57</td><td>130</td><td>23</td><td>1</td><td>371</td></tr><tr><td>3-1/2/ December 1949-52....(partially)</td><td>491</td><td>380</td><td>1</td><td>3</td><td>11</td><td>16</td><td>40</td><td>41</td></tr><tr><td>2-1/2/ December 1949-53....(partially)</td><td>1,786</td><td>1,326</td><td>3</td><td>5</td><td>2</td><td>36</td><td>223</td><td>191</td></tr><tr><td>2/ March 1950-52....(taxable)</td><td>1,963</td><td>1,531</td><td>5</td><td>71</td><td>158</td><td>24</td><td>3</td><td>170</td></tr><tr><td>2/ September 1950-52....(taxable)</td><td>4,939</td><td>3,310</td><td>8</td><td>124</td><td>352</td><td>69</td><td>48</td><td>969</td></tr><tr><td>2-1/2/ September 1950-52....(partially)</td><td>1,186</td><td>1,022</td><td>2</td><td>7</td><td>3</td><td>45</td><td>87</td><td>20</td></tr><tr><td>1-1/2/ December 1950....(taxable)</td><td>2,635</td><td>1,645</td><td>3</td><td>21</td><td>1</td><td>33</td><td>*</td><td>933</td></tr><tr><td>2-3/4/ June 1951-54....(partially)</td><td>1,627</td><td>1,241</td><td>9</td><td>6</td><td>1</td><td>38</td><td>145</td><td>186</td></tr><tr><td>2/ September 1951-53....(taxable)</td><td>7,986</td><td>5,323</td><td>22</td><td>379</td><td>569</td><td>140</td><td>113</td><td>1,440</td></tr><tr><td>3/ September 1951-55....(partially)</td><td>755</td><td>440</td><td>*</td><td>4</td><td>1</td><td>29</td><td>71</td><td>210</td></tr><tr><td>2/ December 1951-55....(taxable)</td><td>510</td><td>380</td><td>2</td><td>11</td><td>23</td><td>9</td><td>6</td><td>79</td></tr><tr><td>2-1/4/ December 1951-53....(partially)</td><td>1,118</td><td>933</td><td>2</td><td>4</td><td>3</td><td>26</td><td>98</td><td>51</td></tr><tr><td>2-1/2/ March 1952-54....(taxable)</td><td>1,024</td><td>551</td><td>*</td><td>220</td><td>38</td><td>15</td><td>48</td><td>152</td></tr><tr><td>2/ June 1952-54....(taxable)</td><td>5,825</td><td>4,110</td><td>20</td><td>291</td><td>394</td><td>90</td><td>8</td><td>914</td></tr><tr><td>2/ December 1952-54....(taxable)</td><td>8,662</td><td>5,944</td><td>22</td><td>521</td><td>588</td><td>137</td><td>13</td><td>1,536</td></tr><tr><td>2-1/4/ June 1952-55....(taxable)</td><td>1,501</td><td>958</td><td>2</td><td>169</td><td>133</td><td>28</td><td>66</td><td>145</td></tr><tr><td>2/ June 1953-55....(partially)</td><td>725</td><td>653</td><td>*</td><td>3</td><td>2</td><td>23</td><td>14</td><td>30</td></tr><tr><td>2-1/4/ June 1954-56....(partially)</td><td>681</td><td>570</td><td>2</td><td>3</td><td>1</td><td>33</td><td>15</td><td>57</td></tr><tr><td>2-7/8/ March 1955-60....(partially)</td><td>2,611</td><td>1,531</td><td>32</td><td>8</td><td>4</td><td>78</td><td>192</td><td>767</td></tr><tr><td>2-1/2/ March 1956-58....(taxable)</td><td>1,449</td><td>755</td><td>9</td><td>81</td><td>350</td><td>13</td><td>51</td><td>130</td></tr><tr><td>2-3/4/ September 1956-59....(partially)</td><td>982</td><td>726</td><td>16</td><td>3</td><td>6</td><td>49</td><td>60</td><td>122</td></tr><tr><td>2-1/4/ September 1956-59....(taxable)</td><td>3,823</td><td>1,110</td><td>17</td><td>738</td><td>687</td><td>134</td><td>134</td><td>1,002</td></tr><tr><td>2-3/4/ June 1958-63....(partially)</td><td>919</td><td>668</td><td>12</td><td>11</td><td>49</td><td>52</td><td>43</td><td>83</td></tr><tr><td>2-3/4/ December 1960-65....(partially)</td><td>1,485</td><td>1,090</td><td>9</td><td>4</td><td>35</td><td>70</td><td>50</td><td>228</td></tr><tr><td>2-1/2/ September 1967-72....(taxable)</td><td>2,716</td><td>1,809</td><td>1</td><td>54</td><td>229</td><td>21</td><td>192</td><td>409</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,768</td><td>214</td><td>3,199</td><td>3,976</td><td>1,397</td><td>2,032</td><td>12,101</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,064</td><td>413</td><td>11,184</td><td>20,656</td><td>2,651</td><td>6,946</td><td>29,408</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>*</td><td>*</td><td>*</td><td>36</td><td>67</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>2</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>47</td></tr><tr><td>Total postal savings and other bonds</td><td>166</td><td>15</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>114</td></tr><tr><td>Guaranteed securities 5/ Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>6 40</td><td>15</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>46</td><td>15</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>175,456</td><td>64,895</td><td>460</td><td>11,667</td><td>21,379</td><td>2,995</td><td>30,454</td><td>43,606</td></tr></table>
Note: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
* Less than $500,000 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 heading to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rate. "Taxable" securities are subject to both normal and surtax rates.
7/ Includes an estimated amount of Federal Housing Administration debentures.
8/ Actual figures by tax status are available only for total amount outstanding.
May 1947
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, February 28, 1947 - (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="4">Held by investores covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investore 4/</th></tr><tr><th></th><th></th><th>7,332 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D..................(6/)</td><td>3,068</td><td>150</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,902</td></tr><tr><td>Series E..................(taxable)</td><td>30,651</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,650</td></tr><tr><td>Series F..................(taxable)</td><td>3,034</td><td>221</td><td>1</td><td>10</td><td>18</td><td>27</td><td>1</td><td>2,756</td></tr><tr><td>Series G..................(taxable)</td><td>13,964</td><td>479</td><td>7</td><td>270</td><td>115</td><td>195</td><td>13</td><td>12,886</td></tr><tr><td>Total United States savings bonds</td><td>50,717</td><td>851</td><td>8</td><td>285</td><td>136</td><td>228</td><td>15</td><td>49,194</td></tr><tr><td>Treasury savings notes............(taxable)</td><td>5,570</td><td>91</td><td>3</td><td>*</td><td>*</td><td>4</td><td>21</td><td>5,450</td></tr><tr><td>Depository bonds................(taxable)</td><td>316</td><td>318</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>28</td></tr><tr><td>Armed Forces Leave bonds........(taxable)</td><td>1,132</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1,132</td></tr><tr><td>Guaranteed securities 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations..................(taxable)</td><td>135</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>57,900</td><td>1,261</td><td>12</td><td>285</td><td>136</td><td>233</td><td>36</td><td>55,804</td></tr></table>
1 Less than $500,000.
See footnote 6, page 52.
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 cur-
rent 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 $135 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Filed by investors covered in Treasury Survey</th><th rowspan="2">Filed by all other investors 4/</th></tr><tr><th>7,332 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>640 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>1-1/24 October 1948-50.........(taxable)</td><td>176</td><td>148</td><td>1</td><td>1</td><td>*</td><td>2</td><td>-</td><td>24</td></tr><tr><td>1-1/44 May 1950-52.........(taxable)</td><td>206</td><td>154</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>48</td></tr><tr><td>1-1/24 January 1951-53.........(taxable)</td><td>208</td><td>171</td><td>-</td><td>1</td><td>*</td><td>*</td><td>-</td><td>36</td></tr><tr><td>2-1/44 February 1953-55.........(taxable)</td><td>114</td><td>91</td><td>*</td><td>5</td><td>1</td><td>1</td><td>-</td><td>16</td></tr><tr><td>Total Federal Land Bank bonds.........</td><td>704</td><td>564</td><td>1</td><td>9</td><td>1</td><td>4</td><td>-</td><td>125</td></tr><tr><td>Federal Intermediate Credit Bank debentures.........(taxable)</td><td>307</td><td>248</td><td>-</td><td>3</td><td>1</td><td>4</td><td>-</td><td>53</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/44 April 1948.........(taxable)</td><td>140</td><td>101</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>34</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States.........</td><td>1,152</td><td>913</td><td>1</td><td>16</td><td>2</td><td>8</td><td>-</td><td>212</td></tr></table>
* Less than $500,000. 1/ See footnote 6, page 52. 2/ Securities held in trust departments are excluded. 3/ Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
May 1947
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of March 31, 1947
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount out standing (millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1946-1947 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb.28, 1947</th><th>Yield to earliest call 1/</th><th>Change in yield from Feb.28, 1947</th><th>Yield to maturity 1/</th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="21">Treasury bonds - bank eligible</td></tr><tr><td>$1,215</td><td>2-1/28 - 3/15/48-50</td><td>101.02</td><td>101.04</td><td>101.03</td><td>-.01</td><td>.85%</td><td>-.05%</td><td>1.62%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.12</td><td>7/11/46</td><td>101.03</td><td>3/31/47</td></tr><tr><td>3,062</td><td>1-3/48 - 6/15/49-51</td><td>100.31</td><td>101.01</td><td>101.00</td><td>.00</td><td>.91</td><td>-.06</td><td>.91</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>100.71</td><td>12/3/46</td></tr><tr><td>1,014</td><td>2-6/15/49-51</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.01</td><td>1.04</td><td>-.02</td><td>1.48</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>3/7/46</td><td>101.30</td><td>12/2/46</td></tr><tr><td>1,292</td><td>2-9/15/49-51</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.01</td><td>1.07</td><td>-.01</td><td>1.48</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/5/42</td><td>103.28</td><td>3/2/46</td><td>102.03</td><td>12/2/46</td></tr><tr><td>2,098</td><td>2-12/15/49-51</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.01</td><td>1.10</td><td>-.01</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</td><td>2-3/15/50-52</td><td>102.17</td><td>102.19</td><td>102.18</td><td>+.03</td><td>1.12</td><td>-.05</td><td>1.46</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>7/11/46</td><td>102.05</td><td>12/1/46</td></tr><tr><td>4,939</td><td>2-9/15/50-52</td><td>102.23</td><td>102.25</td><td>102.24</td><td>+.04</td><td>1.19</td><td>-.05</td><td>1.47</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/1/43</td><td>104.07</td><td>7/11/46</td><td>102.09</td><td>12/1/46</td></tr><tr><td>2,635</td><td>1-1/28 - 12/15/50</td><td>101.07</td><td>101.09</td><td>101.08</td><td>+.03</td><td>1.15</td><td>-.04</td><td>1.15</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>12/3/45</td><td>102.15</td><td>7/11/46</td><td>100.29</td><td>12/1/46</td></tr><tr><td>7,986</td><td>2-9/15/51-53</td><td>102.30</td><td>103.00</td><td>102.71</td><td>+.04</td><td>1.31</td><td>-.04</td><td>1.52</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>7/11/46</td><td>102.09</td><td>12/2/46</td></tr><tr><td>510</td><td>2-12/15/51-55</td><td>103.03</td><td>103.05</td><td>103.04</td><td>+.01</td><td>1.31</td><td>-.02</td><td>1.61</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>7/11/46</td><td>102.14</td><td>12/2/46</td></tr><tr><td>1,024</td><td>2-1/28 - 3/15/52-54</td><td>105.10</td><td>105.12</td><td>105.11</td><td>+.04</td><td>1.38</td><td>-.04</td><td>1.68</td><td>3/31/41</td><td>107.14</td><td>7/11/46</td><td>101.04</td><td>3/20/41</td><td>107.14</td><td>7/11/46</td><td>1.16</td><td>12/2/46</td></tr><tr><td>5,825</td><td>2-6/15/52-54</td><td>103.03</td><td>103.05</td><td>103.04</td><td>+.04</td><td>1.38</td><td>-.03</td><td>1.54</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/21/44</td><td>104.27</td><td>2/18/46</td><td>102.09</td><td>12/2/46</td></tr><tr><td>1,501</td><td>2-1/48 - 6/15/52-55</td><td>104.06</td><td>104.08</td><td>104.07</td><td>+.03</td><td>1.41</td><td>-.03</td><td>1.70</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</td><td>2-12/15/52-54</td><td>103.06</td><td>103.08</td><td>103.07</td><td>+.05</td><td>1.41</td><td>-.04</td><td>1.56</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>7/11/46</td><td>102.10</td><td>12/2/46</td></tr><tr><td>1,449</td><td>2-1/28 - 3/15/56-58</td><td>107.07</td><td>107.09</td><td>107.08</td><td>-.02</td><td>1.63</td><td>.00</td><td>1.77</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.70</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>3,823</td><td>2-1/48 - 9/15/56-59</td><td>105.14</td><td>105.16</td><td>105.15</td><td>.00</td><td>1.62</td><td>-.01</td><td>1.76</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</td><td>2-1/28 - 9/15/67-72</td><td>105.31</td><td>106.01</td><td>106.00</td><td>.00</td><td>2.14</td><td>.00</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="21">Treasury bonds - bank restricted 5/</td></tr><tr><td>5,284</td><td>2-1/48 - 6/15/59-62</td><td>102.22</td><td>102.24</td><td>102.23</td><td>+.05</td><td>2.00</td><td>-.01</td><td>2.04</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</td><td>2-1/48 - 12/15/59-62</td><td>102.22</td><td>102.24</td><td>102.23</td><td>+.05</td><td>2.01</td><td>-.01</td><td>2.05</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</td><td>2-1/28 - 6/15/62-67</td><td>105.17</td><td>105.19</td><td>105.18</td><td>+.07</td><td>2.07</td><td>-.02</td><td>2.16</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>4/6/46</td><td>101.24</td><td>1/2/46</td></tr><tr><td>2,831</td><td>2-1/28 - 12/15/63-68</td><td>105.03</td><td>105.05</td><td>105.04</td><td>+.06</td><td>2.13</td><td>-.02</td><td>2.20</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</td><td>2-1/28 - 6/15/64-69</td><td>104.24</td><td>104.26</td><td>104.25</td><td>+.07</td><td>2.17</td><td>-.01</td><td>2.23</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>7/2/43</td><td>107.25</td><td>4/6/46</td><td>102.23</td><td>1/2/46</td></tr><tr><td>3,838</td><td>2-1/28 - 12/15/64-69</td><td>104.23</td><td>104.25</td><td>104.24</td><td>+.09</td><td>2.18</td><td>-.02</td><td>2.23</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>7/2/44</td><td>107.24</td><td>4/6/46</td><td>102.21</td><td>1/2/46</td></tr><tr><td>5,197</td><td>2-1/28 - 3/15/65-70</td><td>104.19</td><td>104.21</td><td>104.20</td><td>+.08</td><td>2.19</td><td>-.01</td><td>2.24</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</td><td>2-1/28 - 3/15/66-71</td><td>104.18</td><td>104.20</td><td>104.19</td><td>+.09</td><td>2.20</td><td>-.02</td><td>2.25</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.05</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</td><td>2-1/28 - 6/15/67-72</td><td>103.09</td><td>103.11</td><td>103.10</td><td>+.07</td><td>2.29</td><td>-.02</td><td>2.33</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>106.16</td><td>4/6/46</td><td>101.16</td><td>1/1/46</td></tr><tr><td>11,689</td><td>2-1/28 - 12/15/67-72</td><td>103.09</td><td>103.11</td><td>103.10</td><td>+.07</td><td>2.30</td><td>-.01</td><td>2.33</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.21</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="21">Treasury notes</td></tr><tr><td>2,707</td><td>1-1/28 A - 9/15/47</td><td>100.10</td><td>100.11</td><td>100.10</td><td>-.00%</td><td>.77</td><td>-.08</td><td>.77</td><td>7/12/43</td><td>101.96</td><td>3/5/45</td><td>100.10</td><td>3/31/47</td><td>101.02</td><td>3/1/46</td><td>100.10</td><td>3/31/47</td></tr><tr><td>1,687</td><td>1-1/48 C - 9/15/47</td><td>100.06</td><td>100.07</td><td>100.07</td><td>+.00%</td><td>.77</td><td>-.10</td><td>.77</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>2/16/46</td><td>100.06</td><td>3/7/47</td></tr><tr><td>3,748</td><td>1-1/28 A - 9/15/48</td><td>100.24</td><td>100.25</td><td>100.25</td><td>-.01</td><td>.96</td><td>.00</td><td>.96</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="21">Certificates of indebtedness 6/</td></tr><tr><td>2,820</td><td>7/8 D - 4/1/47</td><td>7/1</td><td>7/1</td><td>7/1</td><td>7/1</td><td>7/1</td><td>7/1</td><td>7/1</td><td>4/1/46</td><td>.25%</td><td>3/20/47</td><td>.87%</td><td>3/27/47</td><td>.25%</td><td>3/20/47</td><td>.87%</td><td>3/27/47</td></tr><tr><td>2,775</td><td>7/8 B - 6/1/47</td><td>.65%</td><td>.60%</td><td>.62%</td><td>-.17%</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.62%</td><td>3/31/47</td><td>.85%</td><td>12/12/46</td><td>.62%</td><td>3/31/47</td><td>.85%</td><td>12/12/46</td></tr><tr><td>2,916</td><td>7/8 P - 7/1/47</td><td>.72%</td><td>.68%</td><td>.72%</td><td>-.10%</td><td>-</td><td>-</td><td>-</td><td>7/1/46</td><td>.70%</td><td>3/31/47</td><td>.85%</td><td>12/12/46</td><td>.70%</td><td>3/31/47</td><td>.85%</td><td>12/12/46</td></tr><tr><td>1,223</td><td>7/8 G - 8/1/47</td><td>.73%</td><td>.71%</td><td>.72%</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>8/1/46</td><td>.72%</td><td>3/31/47</td><td>.85%</td><td>9/30/46</td><td>.72%</td><td>3/31/47</td><td>.85%</td><td>9/30/46</td></tr><tr><td>2,341</td><td>7/8 H - 9/1/47</td><td>.75%</td><td>.73%</td><td>.74%</td><td>-.06%</td><td>-</td><td>-</td><td>-</td><td>9/1/46</td><td>.74%</td><td>3/31/47</td><td>.85%</td><td>12/21/46</td><td>.74%</td><td>3/31/47</td><td>.85%</td><td>12/21/46</td></tr><tr><td>1,440</td><td>7/8 J - 10/1/47</td><td>.77%</td><td>.75%</td><td>.76%</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>10/1/46</td><td>.76%</td><td>3/31/47</td><td>.85%</td><td>12/30/46</td><td>.76%</td><td>3/31/47</td><td>.85%</td><td>12/30/46</td></tr><tr><td>1,775</td><td>7/8 K - 11/1/47</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-.06%</td><td>-</td><td>-</td><td>-</td><td>11/1/46</td><td>.78%</td><td>3/31/47</td><td>.85%</td><td>12/31/46</td><td>.78%</td><td>3/31/47</td><td>.85%</td><td>12/31/46</td></tr><tr><td>3,281</td><td>7/8 L - 12/1/47</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>12/1/46</td><td>.79%</td><td>3/27/47</td><td>.85%</td><td>2/19/47</td><td>.79%</td><td>3/27/47</td><td>.85%</td><td>2/19/47</td></tr><tr><td>3,134</td><td>7/8 A - 1/1/48</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>1/1/47</td><td>.81%</td><td>3/31/47</td><td>.85%</td><td>3/3/47</td><td>.81%</td><td>3/31/47</td><td>.85%</td><td>3/3/47</td></tr><tr><td>3,947</td><td>7/8 B - 2/1/48</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>2/1/47</td><td>.81%</td><td>3/31/47</td><td>.85%</td><td>3/3/47</td><td>.81%</td><td>3/31/47</td><td>.85%</td><td>3/3/47</td></tr><tr><td>2,241</td><td>7/8 C - 3/1/48</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>3/1/47</td><td>.81%</td><td>3/31/47</td><td
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
As of March 31, 1947 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount out-standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount out-standing (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Feb. 28, 1947</th><th></th><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Feb. 28, 1947</th></tr><tr><td>$1,311</td><td>4/3/47</td><td>1/2/47</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,312</td><td>5/22/47</td><td>2/20/47</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,312</td><td>4/10/47</td><td>1/9/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,302</td><td>5/29/47</td><td>2/27/47</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,316</td><td>4/17/47</td><td>1/16/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,316</td><td>6/5/47</td><td>3/6/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>4/24/47</td><td>1/23/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,307</td><td>6/12/47</td><td>3/13/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,312</td><td>5/1/47</td><td>1/30/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,313</td><td>6/19/47</td><td>3/20/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>5/8/47</td><td>2/6/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,308</td><td>6/26/47</td><td>3/27/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,302</td><td>5/15/47</td><td>2/13/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th 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-ecconds)</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 Feb.28, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from Feb.28, 1947</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 colspan="16">Treasury bonds</th></tr><tr><td>$ 759</td><td>4-1/4% - 10/15/47-52</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.09</td><td>.70%</td><td>.00%</td><td>3.86%</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24/46</td><td>101.29</td><td>3/31/47</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>100.29</td><td>100.31</td><td>100.30</td><td>-.02</td><td>.67</td><td>-.05</td><td>.67</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>100.30</td><td>3/31/47</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.03</td><td>.68</td><td>-.06</td><td>2.23</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>101.31</td><td>3/31/47</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>102.18</td><td>102.20</td><td>102.19</td><td>-.02</td><td>.70</td><td>-.05</td><td>.70</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>102.19</td><td>3/31/47</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>102.04</td><td>102.06</td><td>102.05</td><td>+.01</td><td>.73</td><td>-.07</td><td>1.40</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>102.03</td><td>3/31/47</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>106.00</td><td>106.02</td><td>106.01</td><td>-.04</td><td>.87</td><td>-.01</td><td>2.00</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>106.01</td><td>3/31/47</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>104.10</td><td>104.12</td><td>104.11</td><td>-.01</td><td>.87</td><td>-.04</td><td>1.81</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>106.18</td><td>3/12/46</td><td>104.10</td><td>3/20/47</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>105.10</td><td>105.12</td><td>105.11</td><td>-.02</td><td>.92</td><td>-.02</td><td>1.48</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>2-1/4% - 6/15/51-54</td><td>107.07</td><td>107.09</td><td>107.08</td><td>+.04</td><td>.99</td><td>-.06</td><td>1.68</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>3/10/47</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>108.18</td><td>108.20</td><td>108.19</td><td>+.01</td><td>1.02</td><td>-.04</td><td>1.90</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>111.21</td><td>1/15/46</td><td>108.16</td><td>3/10/47</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>+.02</td><td>1.02</td><td>-.03</td><td>1.36</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% - 6/15/53-55</td><td>105.18</td><td>105.20</td><td>105.19</td><td>+.03</td><td>1.07</td><td>-.02</td><td>1.28</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>107.20</td><td>107.22</td><td>107.21</td><td>+.04</td><td>1.14</td><td>-.03</td><td>1.36</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>112.09</td><td>112.11</td><td>112.10</td><td>+.01</td><td>1.24</td><td>-.02</td><td>1.80</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>112.26</td><td>112.28</td><td>112.27</td><td>.00</td><td>1.30</td><td>-.01</td><td>1.61</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>113.26</td><td>113.28</td><td>113.27</td><td>+.02</td><td>1.41</td><td>-.01</td><td>1.76</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>114.25</td><td>114.27</td><td>114.26</td><td>-.01</td><td>1.55</td><td>.00</td><td>1.81</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><th colspan="16">Other bonds 9/</th></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>126.00</td><td>127.06</td><td>126.20</td><td>-.02</td><td>.99</td><td>.00</td><td>.99</td><td>6/1/12</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>113.24</td><td>3/13/46</td><td>126.08</td><td>11/9/46</td></tr></table>
1/ Exclude 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 March 31, 1947; quoted on a price basis at par from March 21, through March 27, 1947; prior thereto quoted on a yield basis.
8/ For amount of this security issued on April 1, 1947, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed Obligations of the United States Government."
9/ Excludes postal savings bonds.
May 1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of March 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="3">Price data (Price decimals are thirty-seconde)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconde)</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 Feb.28, 1947</th><th>Yield to earliest call 2/</th><th>Change in yield from Feb.28, 1947</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><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><td></td><td colspan="2">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></tr><tr><td>$140</td><td>1-1/4% - 4/15/48</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.01</td><td>1.16%</td><td>-.03%</td><td>1.16%</td><td>10/15/46</td><td>100.03</td><td>3/31/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>3/31/47</td><td>99.28</td><td>10/14/46</td></tr><tr><td></td><td colspan="2">Federal Intermediate Credit Bank debentures 3/.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>7/1/46</td><td>100.00</td><td>3/29/47</td><td>100.00</td><td>3/29/47</td><td>100.00</td><td>3/29/47</td><td>100.00</td><td>3/29/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td></tr><tr><td>27</td><td>1.10% - 9/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>3/1/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</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>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td></tr><tr><td>42</td><td>1.00% - 11/1/47</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>2/1/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td></tr><tr><td>31</td><td>1.10% - 12/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>3/1/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td><td>100.00</td><td>3/31/47</td></tr><tr><td></td><td colspan="2">Federal Land Bank bonds 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></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.11</td><td>100.15</td><td>100.13</td><td>.01</td><td>1.23</td><td>-.03</td><td>1.38</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>206</td><td>1-1/4% - 5/1/50-52</td><td>99.16</td><td>99.20</td><td>99.18</td><td>.02</td><td>1.40</td><td>-.01</td><td>1.34</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>100.02</td><td>100.06</td><td>100.04</td><td>.00</td><td>1.47</td><td>.00</td><td>1.48</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>103.12</td><td>103.16</td><td>103.14</td><td>.06</td><td>1.63</td><td>-.04</td><td>1.78</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 issued" 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 matu-
1/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on March 31, 1947.
5/ Excludes issues completely held by Farm Credit Administration agencies.
Treasury Bulletin
58
YIELDS OF TREASURY SECURITIES MAR. 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
May 1947
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series 1/</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May</td><td>2.27</td><td>...</td><td>2.86</td><td>May</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Deco.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>...</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>...</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>...</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>...</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td>...</td><td>2.08</td><td>2.37</td></tr><tr><td>May</td><td>2.39</td><td>...</td><td>2.87</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>...</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>...</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>...</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>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.43</td><td>2.59</td><td>Sept.</td><td>...</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td>...</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td>...</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec.</td><td>...</td><td>2.24</td><td>2.55</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td>...</td><td>2.21</td><td>2.48</td></tr><tr><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>Feb.</td><td>...</td><td>2.21</td><td>2.48</td></tr><tr><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>Mar.</td><td>...</td><td>2.19</td><td>2.49</td></tr><tr><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Apr.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>May</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td><td>May.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td><td>June.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>July.</td><td>1.98</td><td>...</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td><td>July.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Aug.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>Sept.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Oct.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 1/</td><td>Nov.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Deco.</td><td>2.06</td><td>2.47</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td>Dec.</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1946-Oct. 5.</td><td>...</td><td>2.26</td><td>2.49</td><td>1946-Dec. 7.</td><td>...</td><td>2.25</td><td>2.55</td><td>1947-Feb. 1.</td><td>...</td><td>2.21</td><td>2.45</td></tr><tr><td>11.</td><td>...</td><td>2.27</td><td>2.52</td><td>14.</td><td>...</td><td>2.23</td><td>2.57</td><td>8.</td><td>...</td><td>2.20</td><td>2.47</td></tr><tr><td>19.</td><td>...</td><td>2.26</td><td>2.51</td><td>21.</td><td>...</td><td>2.23</td><td>2.56</td><td>15.</td><td>...</td><td>2.21</td><td>2.48</td></tr><tr><td>26.</td><td>...</td><td>2.26</td><td>2.51</td><td>28.</td><td>...</td><td>2.22</td><td>2.55</td><td>21.</td><td>...</td><td>2.21</td><td>2.50</td></tr><tr><td>Nov. 2.</td><td>...</td><td>2.23</td><td>2.52</td><td>1947-Jan. 4.</td><td>...</td><td>2.22</td><td>2.51</td><td>Mar. 1.</td><td>...</td><td>2.20</td><td>2.49</td></tr><tr><td>9.</td><td>...</td><td>2.24</td><td>2.51</td><td>11.</td><td>...</td><td>2.21</td><td>2.49</td><td>8.</td><td>...</td><td>2.20</td><td>2.51</td></tr><tr><td>16.</td><td>...</td><td>2.26</td><td>2.49</td><td>18.</td><td>...</td><td>2.21</td><td>2.48</td><td>15.</td><td>...</td><td>2.19</td><td>2.50</td></tr><tr><td>23.</td><td>...</td><td>2.27</td><td>2.52</td><td>25.</td><td>...</td><td>2.20</td><td>2.47</td><td>22.</td><td>...</td><td>2.18</td><td>2.49</td></tr><tr><td>30.</td><td>...</td><td>2.28</td><td>2.51</td><td>...</td><td>...</td><td>...</td><td>...</td><td>29.</td><td>...</td><td>2.18</td><td>2.47</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1947-Mar. 1.</td><td>...</td><td>2.20</td><td>2.49</td><td>1947-Mar. 12.</td><td>...</td><td>2.19</td><td>2.51</td><td>1947-Mar. 24.</td><td>...</td><td>2.18</td><td>2.49</td></tr><tr><td>3.</td><td>...</td><td>2.20</td><td>2.49</td><td>13.</td><td>...</td><td>2.19</td><td>2.50</td><td>25.</td><td>...</td><td>2.18</td><td>2.48</td></tr><tr><td>4.</td><td>...</td><td>2.20</td><td>2.50</td><td>14.</td><td>...</td><td>2.19</td><td>2.50</td><td>26.</td><td>...</td><td>2.18</td><td>2.47</td></tr><tr><td>5.</td><td>...</td><td>2.20</td><td>2.50</td><td>15.</td><td>...</td><td>2.19</td><td>2.50</td><td>27.</td><td>...</td><td>2.18</td><td>2.47</td></tr><tr><td>6.</td><td>...</td><td>2.19</td><td>2.50</td><td>17.</td><td>...</td><td>2.19</td><td>2.49</td><td>28.</td><td>...</td><td>2.18</td><td>2.47</td></tr><tr><td>7.</td><td>...</td><td>2.20</td><td>2.51</td><td>18.</td><td>...</td><td>2.19</td><td>2.50</td><td>29.</td><td>...</td><td>2.18</td><td>2.47</td></tr><tr><td>8.</td><td>...</td><td>2.20</td><td>2.51</td><td>19.</td><td>...</td><td>2.19</td><td>2.48</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>10.</td><td>...</td><td>2.20</td><td>2.51</td><td>20.</td><td>...</td><td>2.19</td><td>2.48</td><td>31.</td><td>...</td><td>2.19</td><td>2.47</td></tr><tr><td>11.</td><td>...</td><td>2.20</td><td>2.51</td><td>21.</td><td>...</td><td>2.18</td><td>2.49</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>...</td><td>...</td><td>...</td><td>...</td><td>22.</td><td>...</td><td>2.18</td><td>2.49</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.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series v
Office of the Secretary of the Treasury, Division of Research and Statistics
* Discontinued, see footnote 1 accompanying table
$\backslash$ Monthly average of daily yields
F-220-E
60
Treasury Bulletin
May 1947
61
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
62
Corporations and Certain Other Agencies of the United States Government
Section II - Income and Expense for the Six Months Ended December 31, 1946
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>105,546</td><td>82,054</td><td>23,492</td></tr><tr><td>Interest or dividends on investments</td><td>77,298</td><td>23,018</td><td>54,280</td></tr><tr><td>Guaranty and insurance premiums</td><td>107,317</td><td>88,322</td><td>18,994</td></tr><tr><td>Sales of commodities or services</td><td>1,571,018</td><td>1,570,754</td><td>264</td></tr><tr><td>Rents and royalties</td><td>63,758</td><td>8,789</td><td>54,969</td></tr><tr><td>Other interest and rental income</td><td>3,210</td><td>1,288</td><td>1,922</td></tr><tr><td>Premiums, fees, and assessments</td><td>1,305</td><td>1,305</td><td>-</td></tr><tr><td>Program operations income</td><td>431,775</td><td>2,945</td><td>428,829</td></tr><tr><td>Miscellaneous</td><td>9,099</td><td>8,768</td><td>332</td></tr><tr><td>Total operating income</td><td>2,370,325</td><td>1,787,242</td><td>583,083</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>70,242</td><td>65,671</td><td>4,571</td></tr><tr><td>Guaranty and insurance losses</td><td>33,892</td><td>33,892</td><td>-</td></tr><tr><td>Cost of sales</td><td>1,487,264</td><td>1,487,045</td><td>219</td></tr><tr><td>General overhead expense</td><td>97,236</td><td>43,176</td><td>54,059</td></tr><tr><td>Depreciation and obsolescence</td><td>7,870</td><td>1,478</td><td>6,392</td></tr><tr><td>Program operations expense</td><td>681,183</td><td>16,278</td><td>664,905</td></tr><tr><td>Maintenance and operation of properties</td><td>18,509</td><td>890</td><td>17,619</td></tr><tr><td>Miscellaneous</td><td>14,216</td><td>13,712</td><td>505</td></tr><tr><td>Total operating expense</td><td>2,410,411</td><td>1,662,141</td><td>748,270</td></tr><tr><td>Net operating income (or loss[-])</td><td>-40,086</td><td>125,101</td><td>-165,187</td></tr><tr><td><b>Non-operating income (or loss[-])</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-66,164</td><td>-54,914</td><td>-11,249</td></tr><tr><td>Loans receivable charged off</td><td>-5,552</td><td>-2,399</td><td>-3,153</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-987</td><td>330</td><td>-1,317</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>-14,245</td><td>978</td><td>-15,223</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-36,480</td><td>-681</td><td>-35,800</td></tr><tr><td>Miscellaneous</td><td>-25,175</td><td>-19,392</td><td>-5,783</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>-188,603</td><td>-76,078</td><td>-72,525</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>-188,688</td><td>49,023</td><td>-237,711</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-9,239</td><td>-9,256</td><td>17</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>2,531</td><td>230</td><td>2,301</td></tr><tr><td>Other reserves</td><td>-2,797</td><td>-2,179</td><td>-618</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-9,505</td><td>-11,205</td><td>1,700</td></tr><tr><td>Net income (or loss[-])</td><td>-198,194</td><td>37,818</td><td>-236,011</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit[-])</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit[-]), June 30, 1946</td><td>-17,716,123 r</td><td>-6,906,032 r 1/</td><td>-10,810,091 2/</td></tr><tr><td>Net income (or loss[-]) for the six months ended December 31, 1946</td><td>-198,194</td><td>37,818</td><td>-236,011</td></tr><tr><td>Surplus adjustments</td><td>470,713</td><td>-154,633</td><td>625,346</td></tr><tr><td>Unreserved earned surplus (or deficit[-]), December 31, 1946</td><td>-17,443,603</td><td>-7,022,847 1/</td><td>-10,420,756 2/</td></tr></table>
Note: See page 74 for footnotes.
May 1947
63
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation 3/ (in liquidation)</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 4/</th><th>Production credit corporations</th></tr><tr><td colspan="8"><b>Operating income and expense</b></td></tr><tr><td>Operating income</td><td>82,054</td><td>-</td><td>1,010</td><td>2,278</td><td>2,575</td><td>21,173</td><td>-</td></tr><tr><td>Interest on loans</td><td>23,018</td><td>-</td><td>-</td><td>496</td><td>523</td><td>1,551</td><td>856</td></tr><tr><td>Interest or dividends on investments</td><td>88,322</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>1,570,754</td><td>-</td><td>1,122,198</td><td>41</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>8,789</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>1,285</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>1,105</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>2,945</td><td>-</td><td>-</td><td>-</td><td>-</td><td>102</td><td>-</td></tr><tr><td>Miscellaneous</td><td>8,768</td><td>-</td><td>1,577</td><td>-</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Total operating income</td><td>1,787,242</td><td>-</td><td>1,124,786</td><td>2,824</td><td>3,101</td><td>22,827</td><td>906</td></tr><tr><td colspan="8"><b>Operating expense</b></td></tr><tr><td>Interest on borrowed funds</td><td>65,671</td><td>-</td><td>2,886</td><td>300</td><td>1,620</td><td>6,352</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>33,892</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>1,487,045</td><td>-</td><td>1,084,924</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>7,176</td><td>-</td><td>4,506</td><td>671</td><td>772</td><td>6,682</td><td>787</td></tr><tr><td>Depreciation and obsolescence</td><td>1,478</td><td>-</td><td>5/</td><td>5/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>16,278</td><td>-</td><td>991</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>830</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>13,712</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,652,141</td><td>-</td><td>1,093,307</td><td>971</td><td>2,433</td><td>13,034</td><td>782</td></tr><tr><td>Net operating income (or loss[-])</td><td>125,101</td><td>-</td><td>31,479</td><td>1,853</td><td>668</td><td>9,793</td><td>1,124</td></tr><tr><td colspan="8"><b>Non-operating income (or loss[-])</b></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-54,914</td><td>-</td><td>-9,881</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-2,199</td><td>-</td><td>-1,857</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>730</td><td>-</td><td>-</td><td>-4</td><td>-</td><td>120</td><td>-</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>973</td><td>-</td><td>-</td><td>113</td><td>-</td><td>437</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-59</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>9</td><td>-</td><td>-4,452</td><td>-</td><td>3</td><td>-13</td><td>-48</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>-7</td><td>-</td><td>-16,190</td><td>109</td><td>4</td><td>745</td><td>-48</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>49,123</td><td>-</td><td>15,289</td><td>1,962</td><td>672</td><td>10,538</td><td>76</td></tr><tr><td colspan="8"><b>Adjustment of valuation reserves</b></td></tr><tr><td>Reserve for losses on loans</td><td>-9,256</td><td>-</td><td>-10,151</td><td>-106</td><td>-</td><td>5,077</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>230</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105</td><td>-</td></tr><tr><td>Other reserves</td><td>-2,179</td><td>-</td><td>-5,433 6/</td><td>-1</td><td>7</td><td>104</td><td>8</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-11,205</td><td>-</td><td>-15,585</td><td>-107</td><td>7</td><td>5,286</td><td>8</td></tr><tr><td>Net income (or loss[-])</td><td>37,818</td><td>-</td><td>-295 7/</td><td>1,855</td><td>679</td><td>15,824</td><td>84</td></tr><tr><td colspan="8"><b>Analysis of unreserved earned surplus (or deficit[-])</b></td></tr><tr><td>Unreserved earned surplus (or deficit[-]), June 30, 1946</td><td>-6,906,032</td><td>-37,070</td><td>-2,149,816</td><td>30,036</td><td>23,286</td><td>33,911</td><td>15,558</td></tr><tr><td>Net income (or loss[-]) for six months ended December 31, 1946</td><td>37,818</td><td>-</td><td>-</td><td>1,355</td><td>679</td><td>15,824</td><td>84</td></tr><tr><td>Surplus adjustments</td><td>-154,633</td><td>-1,240</td><td>-</td><td>-50</td><td>-</td><td>-6,671</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit[-]), December 31, 1946</td><td>-7,022,847</td><td>-38,310</td><td>-2,150,171</td><td>31,841</td><td>23,965</td><td>93,064</td><td>15,642</td></tr></table>
(Continued on following page)
Note: See page 74 for footnotes.
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="3">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State 10/</th></tr><tr><th></th><th>Farm Credit Administration - (continued) Regional Agricultural Credit Corporation of Washington, D.C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (liquidated)</th><th>Inland Veterinary Corporation 8/</th><th>The Virgin Islande Company 9/</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>90</td><td>4,273</td><td>-</td><td>-</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments.</td><td>-</td><td>-</td><td>29,864</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services.</td><td>-</td><td>-</td><td>19,928</td><td>-</td><td>46</td><td>208</td><td>4,903</td></tr><tr><td>Rents and royalties.</td><td>-</td><td>-</td><td>51</td><td>-</td><td>55</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments.</td><td>4</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income.</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2,837</td><td>-</td><td>6</td></tr><tr><td>Miscellaneous.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income.</td><td>95</td><td>4,297</td><td>49,843</td><td>-</td><td>2,954</td><td>208</td><td>4,903</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds.</td><td>-</td><td>77</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Guaranty and insurance losses.</td><td>-</td><td>-</td><td>33,733</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales.</td><td>-</td><td>-</td><td>20,055</td><td>-</td><td>-</td><td>147</td><td>3,990</td></tr><tr><td>General overhead expense.</td><td>141</td><td>1,954</td><td>5,608 11/</td><td>-</td><td>283</td><td>14</td><td>149</td></tr><tr><td>Depreciation and obsolescence.</td><td>-</td><td>-</td><td>94</td><td>-</td><td>299</td><td>5/</td><td>5/</td></tr><tr><td>Program operations expense.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,382</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>540</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>9</td><td>2</td><td>-</td></tr><tr><td>Total operating expense.</td><td>141</td><td>2,031</td><td>59,490</td><td>-</td><td>3,513</td><td>165</td><td>4,139</td></tr><tr><td>Net operating income (or loss [-])</td><td>-46</td><td>2,267</td><td>-9,648</td><td>-</td><td>-558</td><td>44</td><td>764</td></tr><tr><td>Non-operating income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3,070</td></tr><tr><td>Loans receivable charged off.</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral.</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net).</td><td>-220</td><td>-</td><td>-423</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>1</td><td>-50</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-220</td><td>149</td><td>-420</td><td>-</td><td>-</td><td>-</td><td>-50</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves.</td><td>-266</td><td>2,416</td><td>-10,067</td><td>-</td><td>-558</td><td>43</td><td>714</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>241</td><td>-259</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral.</td><td>-9</td><td>134</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves.</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves.</td><td>243</td><td>-125</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>-22</td><td>2,291</td><td>-10,067</td><td>-</td><td>-558</td><td>43</td><td>714</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-])</td><td>-7,483</td><td>99,349</td><td>-90,300</td><td>2,673</td><td>-2,222</td><td>-37 r</td><td>13,683</td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-64,420</td></tr><tr><td>Net income (or loss [-]) for six months ended December 31, 1946.</td><td>-22</td><td>2,291</td><td>-10,067</td><td>-</td><td>-558</td><td>43</td><td>714</td></tr><tr><td>Surplus adjustments.</td><td>-</td><td>-</td><td>-3</td><td>-2,612 12/</td><td>-</td><td>-48</td><td>-168</td></tr><tr><td>Unreserved earned surplus (or deficit [-])</td><td>-7,506</td><td>101,640</td><td>-100,371</td><td>-</td><td>-2,780</td><td>-42</td><td>14,229</td></tr><tr><td>December 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-68,587</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
May 1947
65
Corporations and Certain Other Agencies of the United States Government - (Continued) Section II - Income and Expense for the Six Months Ended December 31, 1946 - (Continued
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">War Department</th><th colspan="6">Federal Loan Agency</th></tr><tr><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Reconstruction Finance Corporation</th><th></th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Exclusive of Merged War Affiliates</th><th>Merged War Affiliates</th><th></th><th></th><th>14/</th></tr><tr><td colspan="10">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>12,622</td><td>3</td><td>16,130</td><td>204</td><td>140</td><td>292</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>1</td><td>-</td><td>12,166</td><td>3,585</td><td>-</td><td>8</td><td>110</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>54,602</td><td>326</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>373,972</td><td>-</td><td>12</td><td>3,200</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>54</td><td>-</td><td>2,759</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,177</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>20</td><td>93</td><td>1</td><td>-</td><td>-</td><td>36</td><td>1,115</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>15</td><td>2</td><td>5,082</td><td>-</td><td>-</td><td>222</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>3</td><td>12,641</td><td>66,934</td><td>20,044</td><td>382,017</td><td>149</td><td>470</td><td>5,714</td></tr><tr><td colspan="10">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>1</td><td>-</td><td>2,876</td><td>43,839</td><td>-</td><td>-</td><td>772</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>156</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>350,229</td><td>-</td><td>-</td><td>3,425</td></tr><tr><td>General overhead expense</td><td>14</td><td>338</td><td>2,467</td><td>3,840</td><td>1,967</td><td>164</td><td>275</td><td>318</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>-</td><td>5/</td><td>-</td><td>66</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>6</td><td>144</td><td>-</td><td>-</td><td>8</td><td>620</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,357</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>14</td><td>339</td><td>2,473</td><td>6,864</td><td>408,392</td><td>164</td><td>350</td><td>5,290</td></tr><tr><td>Net operating income (or loss[-])</td><td>-11</td><td>12,302</td><td>64,462</td><td>13,180</td><td>-26,375</td><td>-15</td><td>120</td><td>423</td></tr><tr><td colspan="10">Non-operating income (or loss[-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-39,044</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-610</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-17</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-32</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-15,446</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>13</td><td>-</td><td>-</td><td>-610</td><td>-54,490</td><td>1</td><td>-7</td><td>-32</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>2</td><td>12,302</td><td>64,462</td><td>12,570</td><td>-80,864</td><td>-15</td><td>113</td><td>391</td></tr><tr><td colspan="10">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-4,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,733</td><td>-</td><td>-</td><td>499</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-4,159</td><td>-</td><td>-</td><td>2,733</td><td>-</td><td>-</td><td>521</td></tr><tr><td>Net income (or loss[-])</td><td>2</td><td>8,143</td><td>64,462</td><td>12,570</td><td>-78,132 1/</td><td>-15</td><td>113</td><td>912</td></tr><tr><td colspan="10">Analysis of unreserved earned surplus (or deficit[-])</td></tr><tr><td>Unreserved earned surplus (or deficit[-])</td><td>94</td><td>5,282</td><td>124,275</td><td>518,607</td><td>-5,454,925</td><td>287</td><td>3,708</td><td>42,316</td></tr><tr><td>Net income (or loss[-]) for six months ended December 31, 1946</td><td>2</td><td>8,143</td><td>64,462</td><td>12,570</td><td>-76,132</td><td>-15</td><td>113</td><td>912</td></tr><tr><td>Surplus adjustments</td><td>-58 15/</td><td>-13,426</td><td>-122,996</td><td>-</td><td>617</td><td>-</td><td>-50</td><td>-2,900</td></tr><tr><td>Unreserved earned surplus (or deficit[-]), December 31, 1946</td><td>38</td><td>-</td><td>65,741</td><td>531,177</td><td>-5,532,440</td><td>273</td><td>3,771</td><td>40,328</td></tr></table>
Note: See page 74 for footnotes.
(Continued on following page)
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 16/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="9">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>2,181</td><td>-</td><td>15,359</td><td>3,689</td><td>16</td><td>-</td><td>*</td><td>16</td></tr><tr><td>Interest or dividends on investments</td><td>1,277</td><td>1,979</td><td>237</td><td>97</td><td>-</td><td>115</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>3,530</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>235</td><td>20,495</td><td>-</td><td>25,517</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>38</td><td>2,751</td><td>2,981</td><td>-</td><td>-</td><td>184</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>1</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>1,820</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>3,458</td><td>5,512</td><td>15,635</td><td>6,538</td><td>3,232</td><td>20,609</td><td>*</td><td>27,537</td></tr><tr><td colspan="9">Operating expenses</td></tr><tr><td>Interest on borrowed funds</td><td>876</td><td>-</td><td>3,382</td><td>1,800</td><td>577</td><td>-</td><td>-</td><td>310</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>182</td><td>13,851</td><td>-</td><td>9,944</td></tr><tr><td>General overhead expense</td><td>477</td><td>265</td><td>2,465</td><td>899</td><td>53</td><td>5,935</td><td>1</td><td>1,331</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>28</td><td>-</td><td>642</td><td>346</td><td>-</td><td>5/</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,752</td><td>-</td><td>-</td><td>11,154</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>24</td><td>327</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>267</td><td>2</td><td>-</td><td>256</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expenses</td><td>1,620</td><td>267</td><td>5,899</td><td>3,282</td><td>3,206</td><td>20,132</td><td>1</td><td>22,740</td></tr><tr><td>Net operating income (or loss [-])</td><td>1,838</td><td>5,245</td><td>9,736</td><td>3,256</td><td>26</td><td>478</td><td>-1</td><td>4,797</td></tr><tr><td colspan="9">Non-operating income (or loss [-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-2,920</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>266</td><td>23</td><td>-</td><td>-</td><td>142</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-7</td><td>-</td><td>620</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>259</td><td>23</td><td>542</td><td>-2,924</td><td>142</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>2,097</td><td>5,269</td><td>10,278</td><td>332</td><td>167</td><td>473</td><td>-1</td><td>4,797</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>3</td><td>-4</td><td>-</td><td>1</td><td>-107</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>3</td><td>74</td><td>-</td><td>1</td><td>-107</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose [-])</td><td>2,097</td><td>5,272</td><td>10,353</td><td>332</td><td>168</td><td>366</td><td>-1</td><td>4,797 17/</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit [-])</td></tr><tr><td>Unreserved earned surplus (or deficit [-])</td><td>8,410</td><td>-</td><td>-81,686</td><td>-30,755</td><td>2,319</td><td>45,777</td><td>-7</td><td>-6,860</td></tr><tr><td>Net income (or loss [-]) for six months ended December 31, 1946</td><td>2,097</td><td>5,272</td><td>10,353</td><td>332</td><td>168</td><td>366</td><td>-1</td><td>4,797 17/</td></tr><tr><td>Surplus adjustments</td><td>-2,634</td><td>-1,501</td><td>-</td><td>-585</td><td>-</td><td>-137</td><td>-110</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) December 31, 1946</td><td>7,873</td><td>3,771</td><td>-71,334</td><td>-31,009</td><td>2,487</td><td>46,006</td><td>-118</td><td>-2,064</td></tr></table>
Note: See page 74 for footnotes.
May 1947
67
Corporations and Certain Other Agencies of the United States Government - (Continued) Section II - Income and Expense for the Six Months Ended December 31, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Farm Credit Administration</th><th>Farmers' Home Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior</th><th>Federal Works Agency</th><th>National Housing Administration</th><th>United States Maritime Commission</th><th>War Shipping Administration</th><th>Other</th></tr><tr><td colspan="11">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>23,492</td><td>35</td><td>6,438</td><td>4,724</td><td>183</td><td>853</td><td>-</td><td>-</td><td>-</td><td>11,260</td></tr><tr><td>Interest or dividends on investments</td><td>54,280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,575</td><td>-</td><td>-</td><td>52,705</td></tr><tr><td>Guaranty and insurance premiums</td><td>18,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,796</td><td>-</td><td>-</td><td>199</td></tr><tr><td>Sales of commodities or services</td><td>264</td><td>-</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>237</td></tr><tr><td>Rents and royalties</td><td>54,969</td><td>-</td><td>62</td><td>-</td><td>180</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54,728</td></tr><tr><td>Other interest and rental income</td><td>1,922</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,890</td><td>-</td><td>32</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>334</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>428,829</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>428,495</td><td>-</td></tr><tr><td>Miscellaneous</td><td>332</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>236</td><td>-</td><td>-</td><td>70</td></tr><tr><td>Total operating income</td><td>583,083</td><td>35</td><td>6,500</td><td>4,724</td><td>400</td><td>853</td><td>20,607</td><td>2,240</td><td>428,495</td><td>119,230</td></tr><tr><td colspan="11">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>4,571</td><td>-</td><td>419</td><td>3,101</td><td>-</td><td>-</td><td>241</td><td>-</td><td>-</td><td>810</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>219</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>219</td></tr><tr><td>General overhead expense</td><td>54,059</td><td>-</td><td>5,226</td><td>2,864</td><td>9</td><td>86</td><td>7,107</td><td>11,021</td><td>6,412</td><td>21,333</td></tr><tr><td>Depreciation and obsolescence</td><td>6,392</td><td>-</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,392</td></tr><tr><td>Program operations expense</td><td>664,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,976</td><td>654,449</td><td>8,480</td></tr><tr><td>Maintenance and operation of properties</td><td>17,619</td><td>-</td><td>2</td><td>-</td><td>494</td><td>-</td><td>-</td><td>626</td><td>-</td><td>16,991</td></tr><tr><td>Miscellaneous</td><td>505</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>748,270</td><td>-</td><td>5,646</td><td>5,965</td><td>503</td><td>86</td><td>7,348</td><td>13,634</td><td>660,862</td><td>54,225</td></tr><tr><td>Net operating income (or loss[-])</td><td>-165,187</td><td>35</td><td>854</td><td>-1,241</td><td>-103</td><td>766</td><td>13,259</td><td>-11,394</td><td>-232,367</td><td>65,005</td></tr><tr><td colspan="11">Non-operating income (or loss[-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-11,249</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6,830</td><td>-</td><td>-4,354</td><td>-</td><td>-66</td></tr><tr><td>Loans receivable charged off</td><td>-3,153</td><td>-</td><td>-809</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,344</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-1,317</td><td>-5</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-1,355</td><td>-</td><td>-</td><td>-13</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>-15,223</td><td>-</td><td>-435</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-9,533</td><td>-</td><td>-5,278</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-35,800</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-35,797</td></tr><tr><td>Miscellaneous</td><td>-5,783</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5,600</td><td>-</td><td>-183</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>-72,525</td><td>-5</td><td>-1,188</td><td>-</td><td>-3</td><td>-6,830</td><td>-1,332</td><td>-19,487</td><td>-</td><td>-43,680</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>-237,711</td><td>30</td><td>-335</td><td>-1,241</td><td>-105</td><td>-6,064</td><td>11,927</td><td>-30,881</td><td>-232,367</td><td>21,325</td></tr><tr><td colspan="11">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>17</td><td>-</td><td>-2,846</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2,861</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>2,301</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,287</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-618</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-618</td></tr><tr><td>Net adjustment of valuation reserves</td><td>1,700</td><td>13</td><td>-2,846</td><td>-</td><td>-</td><td>-</td><td>2,289</td><td>-</td><td>-</td><td>2,243</td></tr><tr><td>Net income (or loss[-])</td><td>-236,011</td><td>44</td><td>-3,181</td><td>-1,241</td><td>-105</td><td>-6,064</td><td>14,216</td><td>-30,881</td><td>-232,367</td><td>23,568</td></tr><tr><td colspan="11">Analysis of earned surplus (or deficit[-])</td></tr><tr><td>Earned surplus (or deficit[-]), June 30, 1946</td><td>-10,810,091</td><td>-316,374</td><td>-</td><td>-8,226</td><td>-49,156</td><td>-1,877,542</td><td>48,393</td><td>-605,315</td><td>-7,350,681</td><td>-651,190</td></tr><tr><td>Net income (or loss[-]) for six months ended December 31, 1946</td><td>-236,011</td><td>44</td><td>-3,181</td><td>-1,241</td><td>-105</td><td>-6,064</td><td>14,216</td><td>-30,881</td><td>-232,367</td><td>23,568</td></tr><tr><td>Surplus adjustments</td><td>625,346</td><td>-</td><td>-</td><td>-14</td><td>64</td><td>-852</td><td>-1,926</td><td>-12,836</td><td>-35,222</td><td>676,132</td></tr><tr><td>Earned surplus (or deficit[-]), December 31, 1946</td><td>-10,420,756</td><td>-316,330</td><td>-3,181</td><td>-9,182</td><td>-49,197</td><td>-1,884,458</td><td>60,683</td><td>-649,032</td><td>-7,618,270</td><td>48,511</td></tr></table>
Note: See page 74 for footnotes.
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946
Table 1.- Summary
(in thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>600,000</td><td>600,000</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>296,931</td><td>131,781</td><td>165,151</td></tr><tr><td>From public</td><td>829,142</td><td>827,133</td><td>2,009</td></tr><tr><td>Total borrowings</td><td>1,726,073</td><td>1,558,913</td><td>167,160</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>1,246,457</td><td>1,246,457</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>8,983</td><td>4,983</td><td>4,000</td></tr><tr><td>By public</td><td>17,365</td><td>17,365</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>1,272,804</td><td>1,268,804</td><td>4,000</td></tr><tr><td>Appropriations (net expenditures)</td><td>999,027</td><td>21,520</td><td>977,507</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>137,484</td><td>137,463</td><td>21</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>17,864</td><td>17,600</td><td>263</td></tr><tr><td>Total sale or collection of investments</td><td>155,347</td><td>155,063</td><td>284</td></tr><tr><td>Repayments on loans</td><td>3,313,104 1/2</td><td>1,614,987</td><td>1,698,116 1/2</td></tr><tr><td>Sale of acquired security or collateral</td><td>24,471</td><td>15,299</td><td>9,172</td></tr><tr><td>Decrease in working capital and deferred items</td><td>365,580</td><td>278,326</td><td>87,253</td></tr><tr><td>Funds provided by profit on operations</td><td>225,712</td><td>134,833</td><td>90,878</td></tr><tr><td>Other sources</td><td>195,283</td><td>130,564</td><td>64,719</td></tr><tr><td>Total funds provided</td><td>8,277,400</td><td>5,178,311</td><td>3,099,089</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,578,799 1/2</td><td>1,578,799 1/2</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>185,991</td><td>124,878</td><td>61,113</td></tr><tr><td>To public</td><td>773,100</td><td>773,099</td><td>1</td></tr><tr><td>Total repayment of borrowings</td><td>2,537,890</td><td>2,476,776</td><td>61,114</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>450,403</td><td>35,912</td><td>414,491</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>12,979</td><td>12,979</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>463,382</td><td>48,891</td><td>414,491</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>242,265</td><td>223,765</td><td>18,500</td></tr><tr><td>Securities of Government corporations and agencies</td><td>651</td><td>651</td><td>-</td></tr><tr><td>Other securities</td><td>163,752</td><td>1</td><td>163,751</td></tr><tr><td>Total purchase of investments</td><td>406,667</td><td>224,416</td><td>182,251</td></tr><tr><td>Loans made</td><td>3,530,563</td><td>1,976,652</td><td>1,553,911</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>7,826</td><td>2,416</td><td>5,409</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>252,772</td><td>13,497</td><td>239,275</td></tr><tr><td>Increase in working capital and deferred items</td><td>466,366</td><td>283,362</td><td>183,004</td></tr><tr><td>Funds applied to loss on operations</td><td>400,653</td><td>76,656</td><td>323,997</td></tr><tr><td>Other applications</td><td>211,281</td><td>75,644</td><td>135,636</td></tr><tr><td>Total funds applied</td><td>8,277,400</td><td>5,178,311</td><td>3,099,089</td></tr><tr><td><b>Adjustments of net income (or loss [-])</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss) [-]</td><td>-198,194</td><td>37,818</td><td>-236,011</td></tr><tr><td>Depreciation and obsolescence</td><td>15,488</td><td>9,095</td><td>6,393</td></tr><tr><td>Assets charged off</td><td>43,402</td><td>4,311</td><td>39,090</td></tr><tr><td>Capital gains [-] and losses</td><td>9,154</td><td>2,064</td><td>7,089</td></tr><tr><td>Adjustments of valuation reserves</td><td>1,595</td><td>3,746</td><td>-2,151</td></tr><tr><td>Other adjustments</td><td>-46,385</td><td>1,143</td><td>-47,529</td></tr><tr><td>Funds provided by profit on operations</td><td>225,712</td><td>134,833</td><td>90,878</td></tr><tr><td>Funds applied to loss on operations</td><td>400,653</td><td>76,656</td><td>323,997</td></tr></table>
Note: See page 74 for footnote.
May 1947
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation 2/ (in liquidation)</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 1/</th><th>Production credit corporations</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.</td><td>600,000</td><td>-</td><td>412,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies.</td><td>131,781</td><td>-</td><td>-</td><td>53,773</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public.</td><td>827,133</td><td>-</td><td>297,191</td><td>67,695</td><td>223,135</td><td>112</td><td>-</td></tr><tr><td>Total borrowings</td><td>1,558,913</td><td>-</td><td>709,191</td><td>121,468</td><td>223,135</td><td>112</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>1,246,457</td><td>-</td><td>921,457</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies.</td><td>4,983</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public.</td><td>17,365</td><td>-</td><td>-</td><td>6,009</td><td>-</td><td>4,485</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions.</td><td>1,268,804</td><td>-</td><td>921,457</td><td>6,009</td><td>-</td><td>4,485</td><td>-</td></tr><tr><td>Appropriations (net expenditures).</td><td>21,520</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>137,463</td><td>-</td><td>-</td><td>14,756</td><td>501</td><td>14,298</td><td>1,674</td></tr><tr><td>Securities of Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>17,600</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,034</td></tr><tr><td>Total sale or collection of investments.</td><td>155,063</td><td>-</td><td>-</td><td>14,756</td><td>501</td><td>14,298</td><td>3,708</td></tr><tr><td>Repayments on loans.</td><td>1,614,987</td><td>-</td><td>54,287</td><td>236,745</td><td>556,581</td><td>138,372</td><td>-</td></tr><tr><td>Sale of acquired security or collateral.</td><td>15,299</td><td>-</td><td>-</td><td>8</td><td>-</td><td>1,228</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items.</td><td>278,326</td><td>1,240</td><td>-</td><td>-</td><td>-</td><td>15,740</td><td>-</td></tr><tr><td>Funds provided by profit on operations.</td><td>134,833</td><td>-</td><td>10,479</td><td>1,863</td><td>672</td><td>9,784</td><td>76</td></tr><tr><td>Other source.</td><td>130,564</td><td>-</td><td>2,350</td><td>-</td><td>7 1/4</td><td>2,546 1/4</td><td>9 1/4</td></tr><tr><td>Total funds provided.</td><td>5,178,311</td><td>1,240</td><td>1,697,762</td><td>380,849</td><td>780,896</td><td>186,565</td><td>3,793</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>1,578,799 1/</td><td>-</td><td>1,061,000 1/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies.</td><td>124,878</td><td>-</td><td>-</td><td>27,786</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public.</td><td>773,099</td><td>-</td><td>263,952</td><td>34,850</td><td>240,660</td><td>94,466</td><td>-</td></tr><tr><td>Total repayment of borrowings.</td><td>2,476,776</td><td>-</td><td>1,324,952</td><td>62,636</td><td>240,660</td><td>94,466</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>35,912</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>-</td></tr><tr><td>To Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>4,019</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public.</td><td>12,979</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,358</td><td>-</td></tr><tr><td>Total repayment of paid-in capital.</td><td>48,891</td><td>-</td><td>-</td><td>4,019</td><td>-</td><td>8,437</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>223,765</td><td>-</td><td>-</td><td>3,186</td><td>4,750</td><td>12,836</td><td>3,554</td></tr><tr><td>Securities of Government corporations and agencies.</td><td>651</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments.</td><td>224,416</td><td>-</td><td>-</td><td>3,186</td><td>4,750</td><td>12,836</td><td>3,554</td></tr><tr><td>Loans made.</td><td>1,976,652</td><td>-</td><td>127,581</td><td>306,059</td><td>523,581</td><td>65,418</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral.</td><td>2,416</td><td>-</td><td>-</td><td>13</td><td>-</td><td>402</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment.</td><td>13,497</td><td>-</td><td>-</td><td>10 1/4</td><td>-</td><td>59 1/4</td><td>-</td></tr><tr><td>Increase in working capital and deferred items.</td><td>283,362</td><td>-</td><td>245,230</td><td>4,925</td><td>11,655</td><td>-</td><td>239</td></tr><tr><td>Funds applied to lose on operations.</td><td>76,656</td><td>-</td><td>-</td><td>-</td><td>250 1/4</td><td>4,948 1/4</td><td>-</td></tr><tr><td>Other applications.</td><td>75,644</td><td>1,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>5,178,311</td><td>1,240</td><td>1,697,762</td><td>380,849</td><td>780,896</td><td>186,565</td><td>3,793</td></tr><tr><td>Adjustments of net income (or loss [-1])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or lose[-1])</td><td>37,818</td><td>-</td><td>-296</td><td>1,855</td><td>679</td><td>15,824</td><td>84</td></tr><tr><td>Depreciation and obsolescence.</td><td>9,095</td><td>-</td><td>1,174</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Assets charged off.</td><td>4,311</td><td>-</td><td>1,300</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Capital gains[-1] and losses.</td><td>2,064</td><td>-</td><td>-</td><td>-109</td><td>-</td><td>-755</td><td>-</td></tr><tr><td>Adjustments of valuation reserves.</td><td>3,746</td><td>-</td><td>8,300</td><td>106</td><td>-7</td><td>-5,286</td><td>-8</td></tr><tr><td>Other adjustments.</td><td>1,143</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations.</td><td>134,833</td><td>-</td><td>10,479</td><td>1,863</td><td>672</td><td>9,784</td><td>76</td></tr><tr><td>Funds applied to lose on operations.</td><td>76,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 7½ for footnotes.
(Continued on following page)
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Department of Agriculture - (continued)</th><th rowspan="2">Department of Commerce</th><th rowspan="2">Department of Interior</th><th rowspan="2">Department of Justice</th><th rowspan="2">Department of State</th></tr><tr><th>Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (liquidated)</th></tr><tr><th></th><th>Regional Agricultural Credit Corporation of Washington, D.C.</th><th></th><th></th><th></th><th>Inland Waterways Corporation 5/</th><th>The Virgin Islands Company 6/</th><th>Federal Prison Industries, Inc.</th><th>1/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subcriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,982</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,982</td></tr><tr><td>Total capital and surplus subcriptions</td><td>-</td><td>-</td><td>4,588</td><td>-</td><td>-</td><td>*</td><td>-</td><td>4,982</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>4,588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>231</td><td>-</td><td>-</td><td>-</td><td>200</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>231</td><td>-</td><td>-</td><td>-</td><td>200</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>1,436</td><td>42,553</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>19</td></tr><tr><td>Sale of acquired security or collateral</td><td>8</td><td>674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>-</td><td>5,354</td><td>2,673</td><td>319</td><td>259</td><td>-</td><td>457</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>2,378</td><td>-</td><td>32</td><td>-</td><td>65</td><td>835</td><td>12</td></tr><tr><td>Other sources</td><td>12 4/</td><td>-</td><td>36</td><td>-</td><td>1</td><td>-</td><td>-</td><td>31</td></tr><tr><td>Total funds provided</td><td>1,687</td><td>45,606</td><td>9,978</td><td>2,705</td><td>552</td><td>324</td><td>835</td><td>5,500</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>12,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>751</td><td>-</td><td>-</td><td>-</td><td>320</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>12,751</td><td>-</td><td>-</td><td>-</td><td>320</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>25,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>447 8/</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>25,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>447</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>230</td><td>-</td><td>-</td><td>-</td><td>181</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>230</td><td>-</td><td>-</td><td>-</td><td>181</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses made</td><td>403</td><td>6,186</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>17</td><td>251</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>2</td><td>-</td><td>112</td><td>4</td><td>97</td><td>19</td></tr><tr><td>Increase in working capital and deferred items</td><td>1,004</td><td>1,417</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</td><td>865</td></tr><tr><td>Funds applied to loss on operations</td><td>33</td><td>-</td><td>9,973</td><td>-</td><td>259</td><td>-</td><td>-</td><td>4,170</td></tr><tr><td>Other applications</td><td>-</td><td>1 4/</td><td>3</td><td>2,705 2/</td><td>-</td><td>-</td><td>172</td><td>-</td></tr><tr><td>Total funds applied</td><td>1,687</td><td>45,606</td><td>9,978</td><td>2,705</td><td>552</td><td>324</td><td>835</td><td>5,500</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss[-])</td><td>-22</td><td>2,291</td><td>-10,067</td><td>-</td><td>-558</td><td>43</td><td>714</td><td>-4,167</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>94</td><td>-</td><td>299</td><td>5</td><td>121</td><td>-</td></tr><tr><td>Assets charged off</td><td>233</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Capital gains[-] and losses</td><td>*</td><td>-47</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Adjustments of valuation reserves</td><td>-243</td><td>125</td><td>-</td><td>-</td><td>-</td><td>16</td><td>*</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>2,378</td><td>-</td><td>32</td><td>-</td><td>65</td><td>835</td><td>12</td></tr><tr><td>Funds applied to loss on operations</td><td>33</td><td>-</td><td>9,973</td><td>-</td><td>259</td><td>-</td><td>-</td><td>4,170</td></tr></table>
(Continued on following page)
Note: See page 74 for footnotes.
May 1947
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>War Department</th><th></th><th></th><th colspan="4">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation 10/ (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 11/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>27,000</td><td>-</td><td>161,000</td><td>-</td><td>1,831</td><td>76,146</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>27,000</td><td>-</td><td>161,000</td><td>-</td><td>1,831</td><td>76,146</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>325,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>325,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>125</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>12,774</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>125</td><td>-</td><td>-</td><td>12,774</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>15,642 12/</td><td>2,472</td><td>368,420</td><td>807</td><td>4,600</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>3,575</td><td>8,065</td><td>-</td><td>271</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>65</td><td>94,398</td><td>-</td><td>130,470</td><td>-</td><td>275</td><td>17,372</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>12,302</td><td>64,551</td><td>-</td><td>-</td><td>170</td><td>855</td></tr><tr><td>Other sources</td><td>3</td><td>-</td><td>-</td><td>119,111</td><td>-</td><td>189</td><td>1,284</td></tr><tr><td>Total funds provided</td><td>194</td><td>474,343</td><td>70,598</td><td>799,839</td><td>807</td><td>7,336</td><td>95,657</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>500</td><td>-</td><td>390,026 1/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,073</td><td>88,419</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>500</td><td>-</td><td>390,031</td><td>-</td><td>4,073</td><td>88,419</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>69,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>651</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>69,000</td><td>-</td><td>-</td><td>651</td><td>1</td></tr><tr><td>Loans made</td><td>-</td><td>473,833 12/</td><td>573</td><td>287,795</td><td>25</td><td>2,548</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>598</td><td>1,003</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>10</td><td>-</td><td>1,828</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>425</td><td>1,828</td><td>767</td><td>-</td><td>855</td></tr><tr><td>Funds applied to loss on operations</td><td>11</td><td>-</td><td>-</td><td>58,804</td><td>15</td><td>-</td><td>3,391</td></tr><tr><td>Other applications</td><td>133 13/</td><td>-</td><td>2</td><td>60,377</td><td>-</td><td>-</td><td>2,991</td></tr><tr><td>Total funds applied</td><td>194</td><td>474,343</td><td>70,598</td><td>799,839</td><td>807</td><td>7,336</td><td>95,657</td></tr><tr><td><b>Adjustments of net income (or loss[-])</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss[-])</td><td>2</td><td>8,143</td><td>64,462</td><td>-65,562</td><td>-15</td><td>113</td><td>912</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>23</td><td>-</td><td>66</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>2,702</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains[-] and losses</td><td>-13</td><td>-</td><td>-</td><td>3,393</td><td>-</td><td>-10</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>4,159</td><td>40</td><td>-2,810</td><td>-</td><td>-</td><td>-548</td></tr><tr><td>Other adjustments</td><td>-</td><td>-1</td><td>49</td><td>3,450</td><td>-</td><td>-</td><td>-2,900</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>12,302</td><td>64,551</td><td>-</td><td>-</td><td>170</td><td>855</td></tr><tr><td>Funds applied to loss on operations</td><td>11</td><td>-</td><td>-</td><td>58,804</td><td>15</td><td>-</td><td>3,391</td></tr></table>
(Continued on following page)
Note: See page 74 for footnotes.
72
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2"></th><th colspan="4">National Housing Agency</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th colspan="3">Federal Home Loan Bank Administration</th><th>Federal Public Housing Authority and affiliates</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperatives, Inc.</th><th>Tennessee Valley Authority</th></tr><tr><th></th><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 14/</th><th>Defense Homes Corporation</th><th></th><th></th></tr><tr><td colspan="2">Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td></tr><tr><td></td><td>From public</td><td>239,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total borrowings</td><td>239,000</td><td>-</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>By public</td><td>6,871</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total capital and surplus subscriptions</td><td>6,871</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td></td><td>-</td><td>-</td><td>-</td><td>2,920</td><td>-</td><td>-</td><td>14,012</td></tr><tr><td>Sale or collection of investments:</td><td>Public debt obligations of United States</td><td>98,605</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>6,050</td><td>-</td></tr><tr><td></td><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>2,792</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total sale or collection of investments</td><td>98,605</td><td>1,023</td><td>2,792</td><td>-</td><td>-</td><td>6,050</td><td>-</td></tr><tr><td>Repayments on loans</td><td></td><td>90,591</td><td>-</td><td>99,774</td><td>2,235</td><td>21</td><td>-</td><td>400</td></tr><tr><td>Sale of acquired security or collateral</td><td></td><td>-</td><td>983</td><td>486</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td></td><td>3,890</td><td>-</td><td>5,768</td><td>-</td><td>45</td><td>-</td><td>1</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>1,937</td><td>5,246</td><td>10,329</td><td>720</td><td>629</td><td>721</td><td>11,180</td></tr><tr><td>Other sources</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,010</td><td>-</td><td>975</td></tr><tr><td>Total funds provided</td><td></td><td>440,894</td><td>7,252</td><td>119,150</td><td>5,875</td><td>4,735</td><td>6,771</td><td>26,568</td></tr><tr><td colspan="2">Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td>To U. S. Treasury</td><td>-</td><td>-</td><td>115,000</td><td>-</td><td>-</td><td>-</td><td>272</td></tr><tr><td></td><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,600</td><td>-</td><td>-</td></tr><tr><td></td><td>To public</td><td>136,960</td><td>-</td><td>1,136</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total repayment of borrowings</td><td>136,960</td><td>-</td><td>116,136</td><td>-</td><td>4,600</td><td>-</td><td>272</td></tr><tr><td>Repayment of paid-in capital:</td><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,336</td></tr><tr><td></td><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>To public</td><td>602</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total repayment of paid-in capital</td><td>602</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,336</td></tr><tr><td>Purchase of investments:</td><td>Public debt obligations of United States</td><td>121,026</td><td>7,000</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Total purchase of investments</td><td>121,026</td><td>7,000</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td></td><td>180,750</td><td>-</td><td>943</td><td>958</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td></td><td>-</td><td>-</td><td>70</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td></td><td>-</td><td>-</td><td>2</td><td>233</td><td>121</td><td>88</td><td>10,912</td></tr><tr><td>Increase in working capital and deferred items</td><td></td><td>-</td><td>252</td><td>-</td><td>4,684</td><td>-</td><td>5,433</td><td>5,044</td></tr><tr><td>Funds applied to loans on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>1,250</td><td>1</td></tr><tr><td>Other applications</td><td></td><td>1,556</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total funds applied</td><td></td><td>440,894</td><td>7,252</td><td>119,150</td><td>5,875</td><td>4,735</td><td>6,771</td><td>26,568</td></tr><tr><td colspan="2">Adjustments of net income (or loss[-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss[-])</td><td>Depreciation and obsolescence</td><td>2,097</td><td>5,272</td><td>10,353</td><td>332</td><td>168</td><td>366</td><td>-1</td></tr><tr><td></td><td>Assets charged off</td><td>107</td><td>1</td><td>28</td><td>-</td><td>642</td><td>346</td><td>-</td></tr><tr><td></td><td>Capital gains[-] and losses</td><td>-266</td><td>-23</td><td>-51</td><td>-</td><td>-182</td><td>-</td><td>-</td></tr><tr><td></td><td>Adjustments of valuation reserves</td><td>-</td><td>-3</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>Other adjustments</td><td>-</td><td>-1</td><td>-</td><td>388</td><td>-</td><td>9</td><td>100</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>1,937</td><td>5,246</td><td>10,329</td><td>720</td><td>629</td><td>721</td><td>11,180</td></tr><tr><td>Funds applied to loss on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr></table>
Note: See page 74 for footnotes.
May 1947
73
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Six Months Ended December 31, 1946 - (Continued
Table 3.- Certain Other Agencies
(in thousands of dollars)
<table><tr><th></th><th>Total</th><th>Department of Agriculture<br>Farm Credit Administration<br>Agricultural Marketing Act Revolving Fund</th><th>Department of Agriculture<br>Farmers' Home Administration 15/</th><th>Department of Agriculture<br>Rural Electrification Administration</th><th>Department of the Interior 16/</th><th>Federal Works Agency 17/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>United States Shipping Administration activities 18/</th><th>Other 19/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government corporations</td><td>165,151</td><td>-</td><td>33,125</td><td>80,000</td><td>-</td><td>-</td><td>651</td><td>-</td><td>-</td><td>51,375</td></tr><tr><td>From public</td><td>2,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,009</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>167,160</td><td>-</td><td>33,125</td><td>80,000</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>-</td><td>51,375</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td></tr><tr><td>Total capital and surplus subscriptions</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,000</td></tr><tr><td>Appropriations (net expenditures)</td><td>977,507</td><td>-590</td><td>6,051</td><td>4,671</td><td>164</td><td>4,057</td><td>-</td><td>415,299</td><td>319,208</td><td>228,647</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>261</td></tr><tr><td>Total sale or collection of investments</td><td>284</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>261</td></tr><tr><td>Repayments on loans</td><td>1,698,116 1/</td><td>1,437 101</td><td>41,860 811</td><td>6,482</td><td>505</td><td>5,860</td><td>1,834 7,421</td><td>966</td><td>-</td><td>1,639,173 1/ 839</td></tr><tr><td>Sale of acquired security or collateral</td><td>9,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,313</td><td>-</td><td>47,543</td><td>4,076</td></tr><tr><td>Decrease in working capital and deferred items</td><td>87,253</td><td>-</td><td>841</td><td>-</td><td>63</td><td>242</td><td>13,282</td><td>-</td><td>31,258</td><td>76,398</td></tr><tr><td>Funds provided by profit on operations</td><td>90,878</td><td>35</td><td>1,767</td><td>10</td><td>82</td><td>1,851</td><td>35</td><td>44,819</td><td>-</td><td>16,236</td></tr><tr><td>Other sources</td><td>64,719</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>3,099,089</td><td>983</td><td>84,454</td><td>91,163</td><td>815</td><td>12,010</td><td>29,569</td><td>508,626</td><td>350,466</td><td>2,021,004</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government corporations</td><td>61,113</td><td>-</td><td>52,981</td><td>8,132</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>61,114</td><td>-</td><td>52,981</td><td>8,132</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>414,491</td><td>-</td><td>3,578</td><td>61</td><td>-</td><td>4,016</td><td>541</td><td>378,480</td><td>-</td><td>27,815</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>18,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,500</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>163,751</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>163,750</td></tr><tr><td>Total purchase of investments</td><td>182,251</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,501</td><td>-</td><td>-</td><td>163,750</td></tr><tr><td>Loans made</td><td>1,553,911</td><td>975</td><td>21,840</td><td>80,910</td><td>601</td><td>177</td><td>4,689</td><td>-</td><td>-</td><td>1,444,718</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>5,409</td><td>8</td><td>631</td><td>-</td><td>-</td><td>-</td><td>3,911</td><td>-</td><td>-</td><td>860</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>239,275</td><td>-</td><td>1,050</td><td>22</td><td>94</td><td>630</td><td>-</td><td>86,429</td><td>8,180</td><td>142,871</td></tr><tr><td>Increase in working capital and deferred items</td><td>183,004</td><td>-</td><td>402</td><td>177</td><td>-</td><td>28</td><td>-</td><td>-</td><td>181,796</td><td>-</td></tr><tr><td>Funds applied to loans on operations</td><td>323,997</td><td>-</td><td>-</td><td>1,241</td><td>-</td><td>6,305</td><td>-</td><td>43,717</td><td>267,589</td><td>5,145</td></tr><tr><td>Other applications</td><td>135,636</td><td>-</td><td>3,971</td><td>19</td><td>120</td><td>853</td><td>1,926</td><td>-</td><td>74,697</td><td>54,050</td></tr><tr><td>Total funds applied</td><td>3,099,089</td><td>983</td><td>84,454</td><td>91,163</td><td>815</td><td>12,010</td><td>29,569</td><td>508,626</td><td>350,466</td><td>2,021,004</td></tr><tr><td>Adjustments of net income (or losses -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>Net income (or losses -1)</td><td>-236,011</td><td>44</td><td>-3,181</td><td>-1,241</td><td>-105</td><td>-6,064</td><td>14,216</td><td>-30,881</td><td>-232,367</td><td>23,568</td></tr><tr><td>Depreciation and obsolescence</td><td>6,393</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,392</td></tr><tr><td>Assets charged off</td><td>39,090</td><td>13</td><td>809</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38,266</td></tr><tr><td>Capital gains (-) and losses</td><td>7,089</td><td>-9</td><td>366</td><td>-</td><td>-</td><td>-</td><td>1,355</td><td>-</td><td>-</td><td>5,377</td></tr><tr><td>Adjustments of valuation reserves</td><td>-2,151</td><td>-13</td><td>2,846</td><td>-</td><td>-</td><td>-</td><td>-2,289</td><td>-</td><td>-</td><td>-2,694</td></tr><tr><td>Other adjustments</td><td>-47,529</td><td>-</td><td>-</td><td>-</td><td>185</td><td>-</td><td>-</td><td>-12,836</td><td>-35,222</td><td>344</td></tr><tr><td>Funds provided by profit on operations</td><td>90,878</td><td>35</td><td>841</td><td>-</td><td>82</td><td>242</td><td>13,282</td><td>-</td><td>-</td><td>76,398</td></tr><tr><td>Funds applied to loans on operations</td><td>323,997</td><td>-</td><td>-</td><td>1,241</td><td>-</td><td>6,305</td><td>-</td><td>43,717</td><td>267,589</td><td>5,145</td></tr></table>
Note: See page 74 for footnotes.
74
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Footnotes to Section II
r Beveled.
* Less than $500.
1/ This figure differs from that shown in the Assets and Liabilities Statement because figures for Virgin Islands Company are as of September 30, 1946, the latest available.
2/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.
3/ Statement has been constructed by the Treasury Department to give effect to net costs of realization on liquidation of corporation by B.F.C. pursuant to E.O. 9665, dated December 27, 1945.
4/ Includes the Federal Land Banks of Springfield, Mass., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kana., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus provisionally held by the United States Government.
5/ Depreciation charges for the period included within various operating expense accounts.
6/ Includes adjustments for liability reserves.
7/ Includes indirect grants, subsidies, and contributions.
8/ Figures are as of November 30, 1946, the latest available, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
9/ Figures are for the three months ended September 30, 1946, the latest available.
10/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prenicinredic, Inc.
11/ Represents administrative expenses paid from General Fund appropriations.
12/ Includes $2,705 thousand deposited in miscellaneous receipts of the Treasury Department.
13/ Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
14/ Includes U. S. Commercial Company and War Damage Corporations. By Action of the Board of Directors of R.P.C., effective as of July 1, 1946, all assets and liabilities of Rubber Development Corporation were transferred to E.V.C.
15/ Includes $133 thousand representing sales contract transferred to War Department for liquidation and ultimate deposit of cash proceeds to miscellaneous receipts of the Treasury Department; and credit of $75 thousand transferred from surplus reserve.
16/ Figures represent activities under the U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
17/ The net income from power operations has been reduced by the net outlay for nonrevenue producing programs such as flood control, navigation, and experimental projects.
18/ Created pursuant to Public Law 731, approved August 14, 1946.
19/ Consists of Indian Loans and Puerto Rico Reconstruction Administration. Puerto Rican Hurricanes Relief Loan Section ceased to exist June 30, 1946.
20/ Consists of Bureau of Community Facilities and Public Works administration.
21/ Figures are as of November 30, 1946, with exception of those of lend-lease and UNRRA activities.
22/ Consists of Federal Public Housing Authority - homes conversion program, Farm Security Administration program, Public War housing program, and Veterans' housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); Veterans' Canteen Service created pursuant to Public Law 636, approved August 1, 1946; and data for the first four months of fiscal year 1947 for Farm Security Administration and Emergency Crop and Feed Loans activities which were transferred to Farmers' Home Administration November 1, 1946.
Footnotes to Section III
Lees than $500.
1/ Include repayment by cancellation of notes of R.F.C. - $26 thousand, and C.C.C. - $921,457 thousand.
2/ Statement has been constructed by the Treasury Department to give effect to liquidation activities by R.F.C. pursuant to E.O. 9665, dated December 27, 1945.
3/ Includes the Federal Land Banke of Springfield, Mass., Baltimore, Md., Columbia, S.C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kans., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government.
4/ Figures are shown net.
5/ Figures are as of November 30, 1946, the latest available, and include Warrior River Terceinal Company, Inc., a wholly owned subsidiary.
6/ Figures are for the three months ended September 30, 1946, the latest available.
1/ Consists of Institute of Inter-American Affaire, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prenclinredic, Inc. Represents deposits of excess funds pursuant to Public Law 391, approved May 27, 1946.
8/ This amount was deposited on December 31, 1946 to Miscellaneous Receipts of the Treasury Department.
10/ Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
11/ Includes U. S. Commercial Company and War Damage Corporation. By action of the Board of Directors of R.F.C., effective as of July 1,
1946, all assets and liabilities of Rubber Development Corporation were transferred to R.P.C.
12/13/14/15/16/17/18/19/ 
Excludes transactions in guaranteed loans held by lending agencies. 
Represents sales contract transferred to War Department for liquidation and ultimate deposit of cash proceeds to miscellaneous receipts of the Treasury Department. 
Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section. 
Created pursuant to Public Law 731, approved August 14, 1946. 
Cossists of Indian Loans and Puerto Rico Reconstruction Administration. Puerto Rican Hurricane Relief Loan Section ceased to exist June 30, 1946. 
Consists of Bureau of Community Facilities and Public Works Administration. 
Figures are as of November 30, 1946, with exception of those of Lend-lease and UNRRA activities. 
Consists of Federal Public Housing Authority - homes conversion program, Farm Security Administration program, Public war housing program, and Veterans' housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); Veterans' Canteen Service created pursuant to Public Law 636, approved August 1, 1946; and data for the first four months of fiscal year 1947 for Farm Security Administration and Emergency Crop and Feed Loans activities which were transferred to Farmers' Home Administration November 1, 1946.
May 1947
75
INTERNAL REVENUE STATISTICS
76
Treasury Bulletin
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 profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profit taxee</th><th>Individual 2/</th><th>Corporation income and excise profits 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxee</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>149,476</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>109,427</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>122,048</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>137,871</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></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>4,687,462</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>1946-February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April</td><td>2,310,098</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>+680,214</td><td>3,610,995</td><td>2,907,267</td><td>1,227,325</td><td>1,669,891</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td>50,188</td></tr><tr><td>October</td><td>2,230,473</td><td>-536,355</td><td>2,766,827</td><td>1,875,687</td><td>1,296,145</td><td>575,406</td><td>4,136</td><td>128,534</td><td>122,433</td><td>2,961</td><td>3,140</td></tr><tr><td>November</td><td>2,402,752</td><td>-91,636</td><td>2,494,389</td><td>1,572,063</td><td>1,323,237</td><td>245,523</td><td>3,304</td><td>261,935</td><td>227,409</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><tr><td>1947-January</td><td>3,415,216</td><td>-773,248</td><td>4,188,463</td><td>3,375,348</td><td>2,853,323</td><td>516,127</td><td>5,898</td><td>103,956</td><td>76,950</td><td>30,157</td><td>1,849</td></tr><tr><td>February</td><td>4,274,461</td><td>-131,083</td><td>4,405,544</td><td>3,359,367</td><td>3,052,424</td><td>304,045</td><td>2,898</td><td>367,432</td><td>240,972</td><td>101,302</td><td>25,158</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td></tr><tr><td>1940</td><td>2,359,641</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>722,332</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>1946-February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</td></tr><tr><td>May</td><td>641,121</td><td>-742</td><td>63,980</td><td>214,151</td><td>112,601</td><td>8,486</td><td>123,387</td><td>119,260</td></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td></tr><tr><td>July</td><td>708,417</td><td>236</td><td>74,257</td><td>238,881</td><td>96,264</td><td>7,215</td><td>148,437</td><td>143,126</td></tr><tr><td>August</td><td>689,388</td><td>62</td><td>57,974</td><td>236,146</td><td>109,617</td><td>7,528</td><td>143,051</td><td>135,011</td></tr><tr><td>September</td><td>646,393</td><td>230</td><td>42,845</td><td>226,205</td><td>101,834</td><td>6,631</td><td>140,722</td><td>127,927</td></tr><tr><td>October</td><td>762,606</td><td>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>86,784</td><td>6,778</td><td>186,836</td><td>145,834</td></tr><tr><td>1947-January</td><td>704,160</td><td>101</td><td>65,550</td><td>215,419</td><td>107,639</td><td>7,181</td><td>187,763</td><td>120,505</td></tr><tr><td>February</td><td>678,745</td><td>19</td><td>84,232</td><td>178,867</td><td>99,172</td><td>5,943</td><td>194,629</td><td>115,883</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Coneete of the declared value excess profit tax, the profit limit-
ing provisions of the Vinson Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriere Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividende tax imposed by the Act of June 16, 1933.
May 1947
77
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-185-0
78
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th>Fiscal years 1945</th><th>Fiscal years 1946</th><th>First 8 months Fiscal year 1946</th><th>First 8 months Fiscal year 1947</th><th>February 1946</th><th>February 1947</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>7,719,412</td><td>7,185,409</td><td>1,847,562</td><td>1,970,845</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>105</td><td>190</td><td>3</td><td>7</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,567,147</td><td>8,430,377</td><td>4,987,540</td><td>5,283,177</td><td>949,204</td><td>1,015,334</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>240,419</td><td>377,642</td><td>42,279</td><td>66,238</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>12,947,475</td><td>12,846,418</td><td>2,839,049</td><td>3,052,424</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>4,421,632</td><td>3,901,917</td><td>2,109,346</td><td>2,204,773</td><td>(-2,668)</td><td>114,221</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>540,254</td><td>354,838</td><td>130,232</td><td>62,757</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>5,080,200</td><td>3,296,370</td><td>235,989</td><td>127,067</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>7,729,800</td><td>5,855,981</td><td>363,553</td><td>304,045</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>143,798</td><td>91,130</td><td>58,122</td><td>43,695</td><td>3,672</td><td>2,898</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>180</td><td>35</td><td>15</td><td>297</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes</td><td>143,978</td><td>91,165</td><td>58,137</td><td>43,992</td><td>3,672</td><td>2,898</td></tr><tr><td>Total income and profits taxes</td><td>35,061,526</td><td>31,258,138</td><td>20,735,412</td><td>18,746,391</td><td>3,206,274</td><td>3,359,367</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>895,449</td><td>1,027,183</td><td>183,229</td><td>240,972</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>155,814</td><td>157,846</td><td>98,737</td><td>101,302</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>1,051,262</td><td>1,185,029</td><td>281,965</td><td>342,273</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>162,181</td><td>196,360</td><td>17,175</td><td>25,198</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>1,213,444</td><td>1,381,388</td><td>299,140</td><td>367,432</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>371,999</td><td>352,121</td><td>351,354</td><td>826</td><td>111</td><td>19</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>391,073</td><td>478,945</td><td>52,941</td><td>80,608</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>8,843</td><td>13,131</td><td>749</td><td>3,624</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>77,066</td><td>88,482</td><td>10,010</td><td>6,581</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>1,070,339</td><td>1,193,984</td><td>137,182</td><td>120,381</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>26,835</td><td>34,005</td><td>3,360</td><td>3,136</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>1,294</td><td>2,452</td><td>114</td><td>113</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>33,130</td><td>42,090</td><td>5,129</td><td>2,838</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>51</td><td>*</td><td>83</td><td>1</td><td>83</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,308</td><td>8,061</td><td>5,381</td><td>6,596</td><td>190</td><td>146</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>25</td><td>23</td><td>4</td><td>*</td><td>1</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>836</td><td>840</td><td>558</td><td>580</td><td>79</td><td>58</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>8,629</td><td>9,881</td><td>1,160</td><td>1,154</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>613</td><td>364</td><td>36</td><td>134</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>461,111</td><td>434,098</td><td>52,625</td><td>44,261</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>2,078</td><td>2,528</td><td>53</td><td>66</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,864</td><td>2,526,162</td><td>1,687,140</td><td>1,815,065</td><td>210,021</td><td>178,867</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>26,602</td><td>33,784</td><td>3,489</td><td>3,826</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>47</td><td>45</td><td>5</td><td>6</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>169</td><td>4</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>694,118</td><td>767,263</td><td>82,731</td><td>92,186</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>4,999</td><td>4,663</td><td>571</td><td>525</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>29,781</td><td>25,733</td><td>2,629</td><td>2,605</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>1,641</td><td>364</td><td>69</td><td>24</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>1</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>751,89</td><td>831,861</td><td>89,496</td><td>99,172</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bon, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>27,653</td><td>33,922</td><td>3,772</td><td>3,515</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,369</td><td>20,512</td><td>15,719</td><td>3,562</td><td>1,904</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>6,452</td><td>5,760</td><td>791</td><td>508</td></tr><tr><td>Silver bullion sales or transfer</td><td>25</td><td>149</td><td>135</td><td>895</td><td>14</td><td>17</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>54,752</td><td>56,295</td><td>8,139</td><td>5,933</td></tr></table>
(Continued on following page)
May 1947
79
Detailed Analysis of Internal Revenue Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 8 months</th><th>February 1946</th><th>February 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>53,255</td><td>56,341</td><td>5,567</td><td>8,568</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>279,945</td><td>298,780</td><td>32,423</td><td>33,662</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>66,228</td><td>119,603</td><td>7,124</td><td>12,194</td></tr><tr><td>Floor taxes on tires and tubes</td><td>*</td><td>19</td><td>18</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>26,396</td><td>36,890</td><td>3,453</td><td>5,919</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>4,516</td><td>123,765</td><td>424</td><td>17,752</td></tr><tr><td>Parts and accessories for automobile</td><td>49,440</td><td>68,871</td><td>43,398</td><td>62,174</td><td>5,279</td><td>9,063</td></tr><tr><td>Electric energy</td><td>57,004</td><td>59,112</td><td>38,259</td><td>40,272</td><td>4,979</td><td>5,275</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>12,881</td><td>40,008</td><td>2,110</td><td>5,563</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>12,153</td><td>14,906</td><td>1,691</td><td>2,324</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>43</td><td>54</td><td>2</td><td>28</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>4,218</td><td>38,954</td><td>979</td><td>4,824</td></tr><tr><td>Photograph records</td><td>2,015</td><td>3,902</td><td>1,943</td><td>5,254</td><td>251</td><td>801</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>1,178</td><td>6,311</td><td>192</td><td>1,433</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>4,660</td><td>23,009</td><td>1,687</td><td>4,551</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>6,293</td><td>6,126</td><td>404</td><td>1,101</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>9,458</td><td>15,716</td><td>1,351</td><td>2,206</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>68,403</td><td>75,094</td><td>13,819</td><td>13,214</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>158,038</td><td>176,249</td><td>34,743</td><td>37,043</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>81,423</td><td>56,078</td><td>61,940</td><td>10,069</td><td>10,826</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>11</td><td>46</td><td>-</td><td>40</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>7</td><td>12</td><td>1</td><td>2</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>12,567</td><td>23,900</td><td>1,680</td><td>3,006</td></tr><tr><td>Rubber article (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>109</td><td>14</td><td>*</td><td>*</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>4,153</td><td>10,661</td><td>486</td><td>1,234</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>68,252</td><td>69,436</td><td>13,145</td><td>13,468</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>2,815</td><td>5,590</td><td>72</td><td>480</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>1</td><td>239</td><td>*</td><td>50</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>13</td><td>17</td><td>(-1)</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>935,290</td><td>1,311,362</td><td>141,929</td><td>194,629</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937 (expired 8/23/43)</td><td>35</td><td>34</td><td>28</td><td>8</td><td>1</td><td>*</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>38,439</td><td>39,663</td><td>3,653</td><td>4,805</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>208,018</td><td>234,393</td><td>148,631</td><td>169,520</td><td>10,478</td><td>15,640</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,689</td><td>91,878</td><td>107,576</td><td>7,683</td><td>8,792</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>14,824</td><td>10,034</td><td>11,084</td><td>979</td><td>2,124</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,750</td><td>157,892</td><td>173,068</td><td>19,503</td><td>20,827</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>147,524</td><td>183,901</td><td>15,458</td><td>23,985</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>128,701</td><td>115,960</td><td>115,701</td><td>283</td><td>134</td><td>*</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>179</td><td>3</td><td>2</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>5,086</td><td>5,493</td><td>856</td><td>947</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>222,705</td><td>270,853</td><td>25,213</td><td>29,017</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>56,877</td><td>72,077</td><td>47,361</td><td>44,964</td><td>6,224</td><td>5,227</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>10,759</td><td>14,295</td><td>1,671</td><td>2,007</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,337</td><td>3,763</td><td>54</td><td>58</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>14,241</td><td>17,755</td><td>302</td><td>320</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>58</td><td>44</td><td>40</td><td>26</td><td>1</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>3,370</td><td>3,936</td><td>331</td><td>401</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>756</td><td>694</td><td>368</td><td>426</td><td>29</td><td>38</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>4,361</td><td>9,785</td><td>704</td><td>1,694</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>7</td><td>19</td><td>*</td><td>2</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>1,021,944</td><td>1,056,426</td><td>93,306</td><td>115,833</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>5,207,786</td><td>5,563,911</td><td>596,692</td><td>678,745</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>27,156,641</td><td>25,691,690</td><td>4,102,106</td><td>4,405,544</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-1,127,633</td><td>-638,951</td><td>-418,248</td><td>-131,083</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>26,029,008</td><td>25,052,740</td><td>3,683,858</td><td>4,274,461</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports made by collectors of internal revenue. * Less than $500. 1/ Exclude 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 depositories 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 $308,605,000 for the period, January 1, 1945 through April 30, 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
80
Treasury Bulletin
MONETARY
STATISTICS
May 1947
81
Balance Sheet of the Exchange Stabilization Fund as of June 30, 1946 and December 31, 1946
<table><tr><th></th><th>June 30, 1946</th><th>December 31, 1946</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,687,057.54</td><td>1,447,966.64</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>194,374,299.94</td><td>79,672,719.09</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>25,873.62</td><td>39,034.39</td></tr><tr><td>Total cash</td><td>$1,996,087,231.10</td><td>$1,881,159,770.12</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York: Special account No. 1, gold (Schedule 1)</td><td>71,362,261.18</td><td>177,232,178.58</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$29,238.06</td><td>$593,354.47</td></tr><tr><td>French francs</td><td>7.49</td><td>7.49</td></tr><tr><td>Belgas</td><td>363.08</td><td>363.08</td></tr><tr><td>Sterling</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other</td><td>3,905,971.35</td><td>3,243,812.24</td></tr><tr><td>Total due from foreign banks</td><td>3,938,560.03</td><td>3,840,517.33</td></tr><tr><td>Due from the Government of the Republic of Cuba</td><td>-</td><td>5,012,351.39</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,936.12</td><td>84,884.04</td></tr><tr><td>Other accounts (deferred charges)</td><td>24.88</td><td>-</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,651.00</td></tr><tr><td>Total assets</td><td>$2,091,473,649.31</td><td>$2,087,332,352.46</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchere payable</td><td>$1,476.72</td><td>$21.00</td></tr><tr><td>Employees' pay-roll allotment account, United States saving bonds</td><td>1,942.17</td><td>1,738.73</td></tr><tr><td>Withholding taxes</td><td>23,545.10</td><td>25,417.76</td></tr><tr><td>Miscellaneous</td><td>337,475.40</td><td>9,447.90</td></tr><tr><td>Total accounts payable</td><td>$364,439.39</td><td>$36,625.39</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>12,203,560.70</td><td>12,579,208.73</td></tr><tr><td>Reserve for handling charges on gold</td><td>-</td><td>40,152.90</td></tr><tr><td>Capital account</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subscription to International Monetary Fund</td><td>275,000.00</td><td>5,275,000.00</td></tr><tr><td></td><td>1,999,725,000.00</td><td>1,994,725,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>79,180,649.22</td><td>79,951,365.38</td></tr><tr><td>Total liabilities and capital</td><td>$2,091,473,649.31</td><td>$2,087,332,352.46</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury
for 1940." Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin."
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1946</th><th colspan="2">December 31, 1946</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>1,178,735.090</td><td>$41,255,728.21</td><td>4,792,148.269</td><td>$167,725,189.44</td></tr><tr><td>U. S. Assay Office, New York</td><td>860,186.663</td><td>30,106,532.97</td><td>271,628.260</td><td>9,506,989.14</td></tr><tr><td>Total</td><td>2,038,921.753</td><td>$71,362,261.18</td><td>5,063,776.529</td><td>$177,232,178.58</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
82
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued) Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1946</th><th colspan="4">December 31, 1946</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2% Treasury bonds, 1965-70.....</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$73,895.03</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72.....</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,989.01</td></tr><tr><td>Total United States Government securities....................</td><td>$20,000,000</td><td>$20,000,000</td><td>........</td><td>$82,936.12</td><td>$20,000,000</td><td>$20,000,000</td><td>........</td><td>$84,884.04</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1936 through June 30, 1946</th><th>January 31, 1934 through December 31, 1946</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>29,074,704.72</td><td>30,126,559.42</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,198,066.90</td><td>5,490,014.82</td></tr><tr><td>Miscellaneous profits</td><td>750,398.69</td><td>750,479.25</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$83,240,065.77</td><td>$84,543,948.95</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through December 31, 1946</th></tr><tr><td>Salaries</td><td>$2,584,401.41</td><td>$3,028,838.65</td></tr><tr><td>Travel</td><td>118,521.85</td><td>136,666.13</td></tr><tr><td>Subsistence</td><td>111,282.81</td><td>149,967.02</td></tr><tr><td>Telephone and telegraph</td><td>451,317.50</td><td>468,769.40</td></tr><tr><td>Stationery, etc.</td><td>27,399.96</td><td>28,774.38</td></tr><tr><td>All other</td><td>766,493.02</td><td>779,567.99</td></tr><tr><td>Total administrative expenses</td><td>$4,059,416.55</td><td>$4,592,583.57</td></tr></table>
May 1947
83
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/ 4/</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-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</td><td>20,748.3</td><td>18,675.8</td><td>156.0</td><td>1,800.0</td><td>116.5</td></tr><tr><td>February</td><td>20,330.0</td><td>19,162.0</td><td>156.0</td><td>-</td><td>1,012.0</td></tr><tr><td>March p</td><td>20,461.9</td><td>19,269.9</td><td>136.0</td><td>-</td><td>1,035.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p 1/ Preliminary. Compriese (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificates credits in (e) the Gold Certificate Fund - Board of Governors, Federal Reserve System,
and (b) the Redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund. On February 26, 1947 the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,342.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1946-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</td><td>20,748.3</td><td>3,517.2</td><td>14.5</td></tr><tr><td>February</td><td>20,330.0</td><td>3,519.6</td><td>14.8</td></tr><tr><td>March p</td><td>20,461.9</td><td>3,522.6</td><td>14.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1947
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,852,641.55</td><td>322,480.38</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,214,313.83</td><td>-</td><td>8,214,313.83</td></tr><tr><td>Total increment</td><td>$2,818,939,708.98</td><td>$2,674,786,917.97</td><td>$144,152,791.01</td></tr></table>
84
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Silver held in Treasury</th><th colspan="2">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>Securing silver certificates 1/ Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1937</td><td>238.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>494.1</td><td>3.5</td><td>*</td><td>662.3</td><td>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-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</td><td>1,913.1</td><td>343.3</td><td>15.8</td><td>.3</td><td>93.6</td><td>150.3</td><td>900.2</td><td>3,517.2</td></tr><tr><td>February</td><td>1,915.5</td><td>343.2</td><td>15.9</td><td>.4</td><td>93.4</td><td>150.3</td><td>900.3</td><td>3,519.6</td></tr><tr><td>March p</td><td>1,917.0</td><td>343.0</td><td>18.3</td><td>-</td><td>93.0</td><td>150.5</td><td>901.0</td><td>3,522.6</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. * Less than $50,000. 1/ Valued at $1.29 per ounce.
2/ Valued at $1.38 per ounce.
3/ Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ouncee</th><th>Ounces</th><th>Dollars</th><th>Ouncee</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>3.2</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>1946-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><tr><td>1947-January</td><td>2.5</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>February</td><td>3.7</td><td>1.8</td><td>1.6</td><td>-</td><td>-</td><td>1.8</td><td>1.6</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
* Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 7b.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at
77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946.
3/ Acquired at 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 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
May 1947
85
Signforage 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="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.1</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>65.1</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</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1946-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>166.9</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</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><tr><td>February</td><td>495.5</td><td>48.7</td><td>87.6</td><td>67.8</td><td>832.1</td><td>34.7</td><td>1,070.9</td><td>160.9</td></tr><tr><td>March</td><td>498.2</td><td>48.7</td><td>87.6</td><td>68.3</td><td>832.1</td><td>34.7</td><td>1,071.4</td><td>159.1</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential eigniorage thereon changes.
86
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1946-March</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>116</td></tr><tr><td>April</td><td>27,885</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,685</td><td>473</td><td>115</td></tr><tr><td>May</td><td>28,120</td><td>26,829</td><td>50</td><td>2,018</td><td>1</td><td>317</td><td>23,861</td><td>468</td><td>114</td></tr><tr><td>June</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>July</td><td>28,254</td><td>26,943</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,010</td><td>458</td><td>113</td></tr><tr><td>August</td><td>28,448</td><td>27,129</td><td>50</td><td>2,002</td><td>1</td><td>317</td><td>24,192</td><td>454</td><td>113</td></tr><tr><td>September</td><td>28,507</td><td>27,175</td><td>50</td><td>2,009</td><td>1</td><td>315</td><td>24,237</td><td>451</td><td>112</td></tr><tr><td>October</td><td>28,600</td><td>27,255</td><td>50</td><td>1,987</td><td>1</td><td>314</td><td>24,347</td><td>444</td><td>111</td></tr><tr><td>November</td><td>28,861</td><td>27,506</td><td>49</td><td>2,006</td><td>1</td><td>319</td><td>24,580</td><td>440</td><td>111</td></tr><tr><td>December</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</td><td>28,262</td><td>26,925</td><td>49</td><td>1,916</td><td>1</td><td>308</td><td>24,114</td><td>429</td><td>110</td></tr><tr><td>February</td><td>28,304</td><td>26,966</td><td>49</td><td>1,954</td><td>1</td><td>314</td><td>24,116</td><td>424</td><td>109</td></tr><tr><td>March p.</td><td>28,228</td><td>26,883</td><td>48</td><td>1,993</td><td>1</td><td>314</td><td>23,998</td><td>421</td><td>108</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (In dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$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-March</td><td>1,269</td><td>137</td><td>824</td><td>309</td><td>198.08 r</td></tr><tr><td>April</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>198.08</td></tr><tr><td>May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>199.61</td></tr><tr><td>June</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>July</td><td>1,311</td><td>142</td><td>849</td><td>320</td><td>200.23</td></tr><tr><td>August</td><td>1,319</td><td>143</td><td>853</td><td>323</td><td>201.42</td></tr><tr><td>September</td><td>1,332</td><td>144</td><td>862</td><td>325</td><td>201.69</td></tr><tr><td>October</td><td>1,345</td><td>145</td><td>872</td><td>328</td><td>202.22</td></tr><tr><td>November</td><td>1,355</td><td>146</td><td>878</td><td>331</td><td>202.93</td></tr><tr><td>December</td><td>1,361</td><td>148</td><td>882</td><td>331</td><td>202.96</td></tr><tr><td>1947-January</td><td>1,337</td><td>147</td><td>864</td><td>327</td><td>197.80</td></tr><tr><td>February</td><td>1,337</td><td>147</td><td>864</td><td>327</td><td>197.76</td></tr><tr><td>March p</td><td>1,345</td><td>147</td><td>870</td><td>328</td><td>196.91</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. Revised. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limite
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
May 1947
87
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve-month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletina", 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>284,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-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</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1946)</td><td>8,009,490</td><td>6,153,341</td><td>153,739</td><td>464,524</td><td>1,237,886</td></tr><tr><td>1945-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</td><td>-62,939</td><td>446</td><td>-4,719</td><td>-388</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>-152,022 r</td><td>-160,416 r</td><td>5,836</td><td>-13,987</td><td>16,545</td></tr><tr><td>September</td><td>-94,114 r</td><td>-112,735 r</td><td>3,658</td><td>-13,863</td><td>28,826</td></tr><tr><td>October</td><td>30,168 r</td><td>7,470 r</td><td>2,663</td><td>-6,194</td><td>26,229</td></tr><tr><td>November</td><td>-9,839 r</td><td>-28,366 r</td><td>1,634</td><td>-17,681</td><td>34,574</td></tr><tr><td>December</td><td>-260,894</td><td>-276,387</td><td>-997</td><td>10,104</td><td>6,386</td></tr></table>
r. Revise
May 1947
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Portion at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,112</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,156,885</td><td>66,878</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</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>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,946</td><td>6,190,302</td></tr><tr><td>1945-December</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,946</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>1,913,274</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>6,495,965</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>1,844,517</td><td>25,415</td><td>6,346,765</td></tr><tr><td>August</td><td>581,450r</td><td>108,093</td><td>231,730r</td><td>241,627r</td><td>6,761,799</td><td>4,949,745</td><td>1,790,877</td><td>27,177</td><td>6,186,349</td></tr><tr><td>September</td><td>615,658r</td><td>106,196</td><td>275,991r</td><td>233,471r</td><td>6,689,272</td><td>4,794,640</td><td>1,867,115</td><td>27,517</td><td>6,073,614r</td></tr><tr><td>October</td><td>602,716r</td><td>103,518</td><td>272,156r</td><td>227,042r</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>29,736</td><td>6,076,762r</td></tr><tr><td>November</td><td>642,600</td><td>96,977</td><td>294,694</td><td>250,929</td><td>6,690,996</td><td>4,833,776</td><td>1,815,968</td><td>31,252</td><td>6,048,396</td></tr><tr><td>December</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr></table>
r Revised.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposite 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>-259,711</td><td>-133,959</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>-32,500</td><td>220,319</td><td>200,576</td><td>-2,947</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>1,279,315</td><td>583,205</td><td>69,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-54,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1946)</td><td>372,230</td><td>255,917</td><td>-220,511</td><td>336,824</td><td>5,781,112</td><td>4,067,112</td><td>1,761</td><td>-15,908</td><td>6,153,341</td></tr><tr><td>1945-December</td><td>-61,446</td><td>-3,893</td><td>-9,830</td><td>-47,723</td><td>21,640</td><td>8,365</td><td>13,615</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>1,302</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>-20,034</td><td>613</td><td>4,809</td><td>-25,456</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-160,416</td></tr><tr><td>September</td><td>-34,208</td><td>1,897</td><td>-44,261</td><td>8,156</td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,732</td></tr><tr><td>October</td><td>12,942</td><td>2,678</td><td>3,835</td><td>6,429</td><td>-5,472</td><td>156,118</td><td>-163,809</td><td>2,219</td><td>7,470</td></tr><tr><td>November</td><td>-39,884</td><td>6,541</td><td>-22,538</td><td>-23,887</td><td>11,518</td><td>-103,185</td><td>113,187</td><td>1,516</td><td>-28,366</td></tr><tr><td>December</td><td>-65,653</td><td>-1,142</td><td>-24,945</td><td>-39,566</td><td>-210,734</td><td>-149,865</td><td>-70,246</td><td>9,377</td><td>-276,387</td></tr></table>
r Revised.
Treasury Bulletin
90
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>1,142,923</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>281,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 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>12,046,075</td><td>11,581,551</td><td>464,524</td></tr><tr><td>1945-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>22,263</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><tr><td>November</td><td>20,959</td><td>26,223</td><td>-5,264</td><td>32,009</td><td>44,126</td><td>-12,417</td><td>52,968</td><td>70,649</td><td>-17,681</td></tr><tr><td>December</td><td>39,832</td><td>30,847</td><td>8,985</td><td>31,051</td><td>29,932</td><td>1,119</td><td>70,883</td><td>60,779</td><td>10,104</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</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</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 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>6,215,853</td><td>4,977,967</td><td>1,237,886</td></tr><tr><td>1945-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>9,252</td><td>-1,487</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>27,875</td><td>28,106</td></tr><tr><td>June</td><td>5,221</td><td>6,232</td><td>-1,011</td><td>44,704</td><td>44,081</td><td>623</td><td>49,925</td><td>50,313</td><td>-388</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><tr><td>November</td><td>3,984</td><td>2,217</td><td>1,767</td><td>57,197</td><td>24,390</td><td>32,807</td><td>61,181</td><td>26,607</td><td>34,574</td></tr><tr><td>December</td><td>5,997</td><td>3,531</td><td>2,466</td><td>52,129</td><td>48,209</td><td>3,920</td><td>58,126</td><td>51,740</td><td>6,386</td></tr></table>
n.a. Not available.
May 1947
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries
Table 1.- Net Capital Movement
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>1945</th><th></th><th></th><th></th><th></th><th></th><th>1946</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,809</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><td>-95,399</td><td>-77,791</td></tr><tr><td>France</td><td>-5,580</td><td>89,394</td><td>-21,942</td><td>-16,533</td><td>-61,838</td><td>10,872</td><td>-31,605</td><td>-13,090</td><td>-26,226</td><td>27,882</td><td>12,008</td><td>-31,376</td><td>-16,890</td></tr><tr><td>Belgium</td><td>2,672</td><td>-1,616</td><td>-18,227</td><td>-2,496</td><td>8,643</td><td>1,350</td><td>-4,023</td><td>-7,324</td><td>-9,370</td><td>938</td><td>17,917</td><td>9,219</td><td>-26,006</td></tr><tr><td>Denmark</td><td>3,361</td><td>13,082</td><td>1,369</td><td>2,554</td><td>3,147</td><td>2,244</td><td>1,265</td><td>1,843</td><td>1,754</td><td>5,093</td><td>-2,125</td><td>1,988</td><td>8,502</td></tr><tr><td>Finland</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><td>4</td><td>3,244</td></tr><tr><td>Germany</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><td>433</td><td>3,351</td></tr><tr><td>Greece</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><td>-3,403</td><td>-5,479</td></tr><tr><td>Italy</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><td>14,554</td><td>59,540</td></tr><tr><td>Luxembourg</td><td>367</td><td>-22</td><td>194</td><td>143</td><td>-350</td><td>67</td><td>276</td><td>551</td><td>-349</td><td>-1,029</td><td>98</td><td>189</td><td>825</td></tr><tr><td>Netherlands</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>-13,005r</td><td>-6,250r</td><td>-19,017r</td><td>-28,329r</td><td>3,611</td></tr><tr><td>Norway</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>-6,768</td><td>-1,326</td><td>-4,981</td><td>-15,385</td><td>3,578</td></tr><tr><td>Portugal</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><td>-4,895</td><td>-3,930</td></tr><tr><td>Rumania</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><td>296</td><td>-67</td></tr><tr><td>Spain</td><td>1,886</td><td>5,095</td><td>781</td><td>-2,129</td><td>990</td><td>-1,273</td><td>-3,942</td><td>-6,574</td><td>-1,505</td><td>246</td><td>-2,243</td><td>-4,179</td><td>2,508</td></tr><tr><td>Sweden</td><td>-7,246</td><td>498</td><td>1,461</td><td>-7,615</td><td>-6,388</td><td>-4,804</td><td>-6,723</td><td>7,564</td><td>-6,014</td><td>-13,384</td><td>-21,806</td><td>5,405</td><td>5,906</td></tr><tr><td>Switzerland</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><td>4,639</td><td>5,193</td></tr><tr><td>U. S. S. R.</td><td>3,230</td><td>1,737</td><td>-1,271</td><td>-3,543</td><td>19,965</td><td>12,540</td><td>2,101</td><td>-9,317</td><td>-2,284</td><td>-10,454</td><td>8,978</td><td>6,800</td><td>7,230</td></tr><tr><td>Yugoslavia</td><td>350</td><td>578</td><td>195</td><td>217</td><td>652</td><td>-428</td><td>170</td><td>845</td><td>466</td><td>-275</td><td>-110</td><td>2,023</td><td>1,994</td></tr><tr><td>Other Europe</td><td>-625</td><td>1,534</td><td>1,509</td><td>801</td><td>124</td><td>1,923</td><td>2,815</td><td>2,533</td><td>2,464</td><td>6,000</td><td>12,406</td><td>2,321</td><td>-4,922</td></tr><tr><td>Total Europe</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>-178,700r</td><td>37,506r</td><td>89,325r</td><td>-135,095r</td><td>-29,598</td></tr><tr><td>Canada</td><td>-38,599</td><td>-53,142</td><td>14,396</td><td>13,474</td><td>-22,784</td><td>-41,500</td><td>6,995</td><td>-34,449</td><td>-55,248</td><td>-45,839</td><td>-67,017</td><td>-43,646</td><td>-87,288</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>-4,648</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,268</td><td>16,389</td><td>27,111</td><td>-368</td><td>65,338</td><td>11,472</td><td>24,491</td><td>966</td><td>-36,361</td></tr><tr><td>Bolivia</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><td>-496</td><td>66</td></tr><tr><td>Brazil</td><td>7,098</td><td>-4,867</td><td>5,081</td><td>11,176</td><td>-5,016</td><td>15,754</td><td>1,444</td><td>12,886</td><td>11,618</td><td>-20,807</td><td>-9,560</td><td>-21,099</td><td>-35,975</td></tr><tr><td>Chile</td><td>-4,076</td><td>457</td><td>-681</td><td>-1,820</td><td>-3,551</td><td>-2,631</td><td>2,952</td><td>3,661</td><td>-10,731</td><td>-6,329</td><td>-1,823</td><td>2,991</td><td>-129</td></tr><tr><td>Colombia</td><td>-1,993</td><td>2,961</td><td>-2,108</td><td>-4,896</td><td>-4,785</td><td>-3,749</td><td>-4,875</td><td>10,905</td><td>-8,789</td><td>-2,635</td><td>-442</td><td>520</td><td>-9,615</td></tr><tr><td>Costa Rica</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><td>1,468</td><td>-1,199</td></tr><tr><td>Cuba</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><td>-11,701</td><td>11,017</td></tr><tr><td>French West Indies and Guiana</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><td>-430</td><td>-665</td></tr><tr><td>Mexico</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><td>7,077</td><td>3,440</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-168</td><td>2,405</td></tr><tr><td>Panama</td><td>1,065</td><td>623</td><td>-3,685</td><td>3,233</td><td>5,132</td><td>-2,976</td><td>-4,009</td><td>-1,893</td><td>2,411</td><td>615</td><td>-1,051</td><td>1,147</td><td>-4,964</td></tr><tr><td>Peru</td><td>-2,123</td><td>-1,878</td><td>1,948</td><td>-3,296</td><td>-1,590</td><td>588</td><td>637</td><td>-1,185</td><td>-454</td><td>1,254</td><td>4,818</td><td>-3,573</td><td>-700</td></tr><tr><td>Venezuela</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><td>-2,006</td><td>2,694</td></tr><tr><td>Other Latin America</td><td>9,821</td><td>9,993</td><td>-402</td><td>10,098</td><td>-2,835</td><td>1,750</td><td>10,664</td><td>-350</td><td>-4,435</td><td>-1,739</td><td>4,459</td><td>2,129</td><td>-2,470</td></tr><tr><td>Total Latin America</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><td>-23,175</td><td>-72,456</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</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><td>-40,226</td><td>-35,877</td></tr><tr><td>French Indo-China</td><td>125</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><td>-1,599</td><td>3,781</td></tr><tr><td>Bong Kong</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><td>13,099</td><td>-1,641</td></tr><tr><td>India, Burma, and Ceylon</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><td>7,689</td><td>596</td></tr><tr><td>British Malaya</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><td>7,660</td><td>250</td></tr><tr><td>Japan</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><td>302</td><td>2,439</td></tr><tr><td>Netherlands East Indies</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><td>-2,293</td><td>-7,540</td></tr><tr><td>Philippine Islands</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><td>1,363</td><td>-25,429</td></tr><tr><td>Turkey</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><td>6,113</td><td>-10,029</td></tr><tr><td>Other Asia</td><td>4,314</td><td>-2,707</td><td>2,985</td><td>7,429</td><td>-4,828</td><td>5,755</td><td>-472</td><td>2,112</td><td>-4,840</td><td>-4,177</td><td>-81</td><td>9,630</td><td>4,339</td></tr><tr><td>Total Asia</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><td>738</td><td>-69,105</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-2,014</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><td>-6,862</td><td>-6,714</td></tr><tr><td>New Zealand</td><td>12</td><td>-190</td><td>-221</td><td>-160</td><td>190</td><td>942</td><td>2,752</td><td>-1,616</td><td>-1,375</td><td>333</td><td>197</td><td>375</td><td>2,038</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-806</td><td>591</td><td>159</td><td>-579</td><td>-1,021</td><td>-1,198</td><td>884</td><td>97</td><td>1,063</td><td>1,331</td><td>1,547</td><td>445</td><td>-1,801</td></tr><tr><td>French Morocco</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><td>1,199</td><td>500</td></tr><tr><td>Union of South Africa</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><td>22,212</td><td>-6,057</td></tr><tr><td>All other</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><td>-2,798</td><td>-3,794</td></tr><tr><td>Total other countries</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><td>14,571</td><td>-15,428</td></tr><tr><td>International</td><td>-</td><td>-</td><td>16,208</td><td>54,346</td><td>-22,076</td><td>-3,064</td><td>145,409</td><td>9,166</td><td>80,329</td><td>250,861</td><td>15,366</td><td>176,957</td><td>12,316</td></tr><tr><td>Oaidetified</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>-281,318</td><td>-1,078</td><td>-189</td><td>665</td></tr><tr><td>Grand total</td><td>4,837</td><td>20,049</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-67,600</td><td>157,952</td><
r Revlead.
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>1945</th><th colspan="10">1946</th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>8,585</td><td>-29,060</td><td>-49,021</td><td>-79,000</td><td>-3,387</td><td>-119,998</td><td>-97,186</td><td>280,684</td><td>-125,793</td><td>45,549</td><td>76,507</td><td>-90,641</td><td>-79,653</td></tr><tr><td>France</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>24,838</td><td>8,124</td><td>-23,359</td><td>-17,053</td></tr><tr><td>Belgium</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><td>8,516</td><td>-26,273</td></tr><tr><td>Denmark</td><td>3,090</td><td>13,154</td><td>1,466</td><td>2,668</td><td>3,111</td><td>2,206</td><td>1,136</td><td>560</td><td>1,547</td><td>4,854</td><td>-2,053</td><td>2,017</td><td>9,457</td></tr><tr><td>Finland</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><td>3</td><td>3,337</td></tr><tr><td>Germany</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><td>432</td><td>3,340</td></tr><tr><td>Greece</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>-3,676</td><td>-4,490</td><td>-6,190</td><td>-5,944</td><td>-3,374</td><td>-5,538</td></tr><tr><td>Italy</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><td>14,267</td><td>59,364</td></tr><tr><td>Luxembourg</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><td>201</td><td>816</td></tr><tr><td>Netherlands</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>-10,232r</td><td>-2,331r</td><td>-15,094r</td><td>-23,207r</td><td>10,258</td></tr><tr><td>Norway</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><td>-14,247</td><td>-807</td></tr><tr><td>Portugal</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><td>4,957</td><td>-512</td></tr><tr><td>Rumania</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><td>296</td><td>-67</td></tr><tr><td>Spain</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><td>4,188</td><td>491</td></tr><tr><td>Sweden</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><td>5,650</td><td>6,207</td></tr><tr><td>Switzerland</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</td><td>5,841</td><td>2,373</td></tr><tr><td>U.S.S.R.</td><td>3,230</td><td>1,736</td><td>-1,271</td><td>-3,643</td><td>20,056</td><td>12,540</td><td>2,077</td><td>-9,301</td><td>-2,282</td><td>-10,452</td><td>8,977</td><td>6,799</td><td>7,230</td></tr><tr><td>Yugoslavia</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><td>2,024</td><td>1,993</td></tr><tr><td>Other Europe</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><td>2,303</td><td>-3,617</td></tr><tr><td>Total Europe</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>-155,501r</td><td>40,499r</td><td>97,950r</td><td>-115,624r</td><td>-32,654</td></tr><tr><td>Canada</td><td>-38,891</td><td>-192,445</td><td>2,033</td><td>18,423</td><td>-17,354</td><td>-81,312</td><td>12,040</td><td>31,854</td><td>-66,054</td><td>-48,808</td><td>-73,587</td><td>-61,200</td><td>-112,780</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>-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><td>-18,066</td><td>-36,524</td></tr><tr><td>Bolivia</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><td>-493</td><td>69</td></tr><tr><td>Brazil</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><td>-21,452</td><td>-37,546</td></tr><tr><td>Chile</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><td>475</td><td>-354</td></tr><tr><td>Colombia</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><td>419</td><td>-9,455</td></tr><tr><td>Costa Rica</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><td>1,489</td><td>-1,247</td></tr><tr><td>Cuba</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><td>-12,108</td><td>9,749</td></tr><tr><td>French West Indies and Guiana</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><td>-411</td><td>-666</td></tr><tr><td>Mexico</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><td>7,002</td><td>4,064</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-136</td><td>2,269</td></tr><tr><td>Panama</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><td>-458</td><td>-7,332</td></tr><tr><td>Peru</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><td>-3,158</td><td>-774</td></tr><tr><td>Venezuela</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><td>-3,160</td><td>4,618</td></tr><tr><td>Other Latin America</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><td>2,303</td><td>529</td></tr><tr><td>Total Latin America</td><td>-12,389</td><td>-1,315</td><td>-3,912</td><td>33,212</td><td>-3,916</td><td>38,447</td><td>36,505</td><td>17,457</td><td>37,271</td><td>-43,154</td><td>275</td><td>-47,754</td><td>-72,600</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>1,616</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><td>-39,814</td><td>-37,617</td></tr><tr><td>French Indo-China</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><td>-1,599</td><td>3,187</td></tr><tr><td>Song Kong</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>-5,539</td><td>13,068</td><td>-3,157</td></tr><tr><td>India, Burma, and Ceylon</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><td>7,712</td><td>556</td></tr><tr><td>British Malaya</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><td>7,717</td><td>103</td></tr><tr><td>Japan</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><td>311</td><td>2,438</td></tr><tr><td>Netherlands East Indies</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><td>1,212</td><td>-7,541</td></tr><tr><td>Philippine Islands</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><td>1,114</td><td>-25,162</td></tr><tr><td>Turkey</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><td>6,116</td><td>-10,078</td></tr><tr><td>Other Asia</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>2,444</td><td>2,247</td><td>-4,784</td><td>-4,118</td><td>-191</td><td>8,612</td><td>4,340</td></tr><tr><td>Total Asia</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><td>4,449</td><td>-72,331</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-1,985</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><td>-6,341</td><td>10,022</td></tr><tr><td>New Zealand</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><td>381</td><td>2,033</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>1,561</td><td>449</td><td>-1,441</td></tr><tr><td>French Morocco</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><td>1,193</td><td>442</td></tr><tr><td>Union of South Africa</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><td>22,207</td><td>-6,092</td></tr><tr><td>All other</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><td>-2,894</td><td>-3,966</td></tr><tr><td>Total other countries</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><td>14,995</td><td>998</td></tr><tr><td>International</td><td>-</td><td>-</td><td>16,208</td><td>54,346</td><td>-22,076</td><td>-3,064</td><td>145,409</td><td>9,166</td><td>80,329</td><td>250,861</td><td>15,366</td><td>176,957</td><td>12,316</td></tr><tr><td>Unidentified</td><td>-928</td><td>-491</td><td>1,071</td><td>427</td><td>2,973</td><td>-2,232</td><td>460</td><td>669</td><td>-1,989</td><td>-281,361</td><td>-1,060</td><td>-189</td><td>664</td></tr><tr><td>Grand total</td><td>-9,691</td><td>76,683</td><td>-62,276</td><td>-28,782</td><td>-47,033</td><td>-284,907</td><td>-62,939</td><td>245,779</td><td>-160,416r</td><td>-112,735r</td><td>7,470r</td><td>-28,366r</td><td>-276,387</td></tr></table>
r Revised.
May 1947
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued
Table 3.- Net Movement in Brokerage Balances
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>1945 December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>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><td>-42</td><td>46</td></tr><tr><td>France</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>144</td><td>-391</td><td>-1,503</td></tr><tr><td>Belgium</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><td>-83</td><td>-47</td></tr><tr><td>Denmark</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><td>-9</td><td>-36</td></tr><tr><td>Finland</td><td>13</td><td>146</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><td>-</td><td>-</td></tr><tr><td>Germany</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><td>-4</td><td>27</td></tr><tr><td>Greece</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><td>2</td><td>-13</td></tr><tr><td>Italy</td><td>14</td><td>12</td><td>-2</td><td>10</td><td>62</td><td>26</td><td>-60</td><td>13</td><td>-61</td><td>-196</td><td>232</td><td>-12</td><td>-28</td></tr><tr><td>Luxembourg</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><td>23</td><td>-10</td></tr><tr><td>Netherlands</td><td>1,904</td><td>-9,847</td><td>-114</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><td>-173</td><td>1,395</td></tr><tr><td>Norway</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>144</td><td>-217</td><td>743</td><td>-279</td></tr><tr><td>Portugal</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><td>34</td><td>-53</td></tr><tr><td>Romania</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><td>-</td><td>-</td></tr><tr><td>Spain</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><td>34</td><td>92</td></tr><tr><td>Sweden</td><td>92</td><td>77</td><td>-134</td><td>263</td><td>-14</td><td>-56</td><td>-115</td><td>102</td><td>129</td><td>-94</td><td>-46</td><td>-15</td><td>33</td></tr><tr><td>Switzerland</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><td>721</td><td>978</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</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>4</td><td>-</td><td>1</td></tr><tr><td>Other Europe</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><td>-36</td><td>168</td></tr><tr><td>Total Europe</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><td>792</td><td>771</td></tr><tr><td>Canada</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><td>1,418</td><td>36</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>-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><td>-980</td><td>146</td></tr><tr><td>Bolivia</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><td>-1</td><td>-</td></tr><tr><td>Brazil</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td><td>-737</td><td>77</td><td>-78</td><td>165</td><td>285</td></tr><tr><td>Chile</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><td>203</td><td>78</td></tr><tr><td>Colombia</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>-83</td><td>-7</td><td>-110</td></tr><tr><td>Costa Rica</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>15</td><td>-2</td><td>-54</td><td>31</td></tr><tr><td>Cuba</td><td>-579</td><td>278</td><td>-665</td><td>1,408</td><td>-195</td><td>-316</td><td>-955</td><td>142</td><td>-551</td><td>-65</td><td>-292</td><td>39</td><td>-994</td></tr><tr><td>French West Indies and Guiana</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><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>-12</td><td>-290</td><td>123</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><td>-2</td><td>-1,055</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-3</td><td>44</td></tr><tr><td>Panama</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><td>-433</td><td>-157</td></tr><tr><td>Faru</td><td>55</td><td>207</td><td>379</td><td>-32</td><td>257</td><td>201</td><td>-92</td><td>75</td><td>-179</td><td>29</td><td>7</td><td>-10</td><td>-15</td></tr><tr><td>Venezuela</td><td>-907</td><td>877</td><td>-1,284</td><td>219</td><td>512</td><td>1,134</td><td>106</td><td>659</td><td>43</td><td>84</td><td>-187</td><td>919</td><td>-1,549</td></tr><tr><td>Other Latin America</td><td>894</td><td>-1,457</td><td>-545</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td><td>-334</td><td>138</td><td>939</td><td>614</td><td>-1,674</td><td>1,455</td></tr><tr><td>Total Latin America</td><td>-984</td><td>-438</td><td>-1,550</td><td>4,243</td><td>3,105</td><td>-433</td><td>-632</td><td>-1,675</td><td>4,307</td><td>5,479</td><td>-1,227</td><td>-1,838</td><td>-1,841</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>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><td>733</td><td>-47</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>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>11</td><td>-38</td><td>39</td><td>-16</td></tr><tr><td>India, Burma, and Ceyloo</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><td>-40</td><td>34</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</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><td>-9</td><td>1</td></tr><tr><td>Netherlands East Indies</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>-</td><td>-</td><td>1</td></tr><tr><td>Philippine Islands</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>-324</td><td>343</td><td>-223</td></tr><tr><td>Turkey</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>3</td><td>-3</td><td>3</td></tr><tr><td>Other Asia</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>-14</td><td>30</td><td>-34</td><td>25</td></tr><tr><td>Total Asia</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><td>1,029</td><td>-222</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>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><td>12</td><td>77</td></tr><tr><td>New Zealand</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><td>-3</td><td>-9</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>23</td><td>-</td></tr><tr><td>French Morocco</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><td>-3</td><td>-</td></tr><tr><td>Union of South Africa</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><td>-9</td><td>-</td></tr><tr><td>All other</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><td>259</td><td>190</td></tr><tr><td>Total other countries</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><td>233</td><td>258</td></tr><tr><td>Unidentified</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><td>-</td><td>1</td></tr><tr><td>Grand total</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>2,663</td><td>1,634</td><td>-997</td></tr></table>
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>1945</th><th></th><th></th><th></th><th>1946</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>-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><td>-4,716</td><td>1,816</td></tr><tr><td>France</td><td>11,256</td><td>62</td><td>-4,890</td><td>344</td><td>-3,210</td><td>-2,914</td><td>2,095</td><td>-22</td><td>-1,432</td><td>4,680</td><td>3,540</td><td>-7,626</td><td>1,666</td></tr><tr><td>Belgium</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><td>786</td><td>314</td></tr><tr><td>Denmark</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><td>-20</td><td>-919</td></tr><tr><td>Pinaland</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>13</td><td>1</td><td>-91</td></tr><tr><td>Germany</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><td>5</td><td>-13</td></tr><tr><td>Greece</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><td>-31</td><td>72</td></tr><tr><td>Italy</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>-446</td><td>299</td><td>204</td></tr><tr><td>Luxembourg</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><td>-35</td><td>19</td></tr><tr><td>Netherlands</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><td>-4,949</td><td>-8,042</td></tr><tr><td>Norway</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>-27</td><td>-5</td><td>52</td><td>-1,881</td><td>4,664</td></tr><tr><td>Portugal</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><td>28</td><td>635</td></tr><tr><td>Rumacia</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><td>-</td><td>-</td></tr><tr><td>Spain</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><td>-25</td><td>1,925</td></tr><tr><td>Sweden</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><td>-230</td><td>-332</td></tr><tr><td>Switzerland</td><td>-2,614</td><td>-1,681</td><td>-68</td><td>-7,753</td><td>-732</td><td>-2,558</td><td>-408</td><td>-380</td><td>-14,938</td><td>1,176</td><td>-3,987</td><td>-1,923</td><td>1,842</td></tr><tr><td>U. S. S. R.</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><td>1</td><td>-</td></tr><tr><td>Yugoslavia</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><td>-1</td><td>-</td></tr><tr><td>Other Europe</td><td>-158</td><td>-1,008</td><td>-483</td><td>-2,037</td><td>-2,137</td><td>-2,021</td><td>-2,113</td><td>-1,008</td><td>-53</td><td>-25</td><td>-156</td><td>54</td><td>-1,473</td></tr><tr><td>Total Europe</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><td>-20,263</td><td>2,285</td></tr><tr><td>Canada</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><td>16,136</td><td>25,456</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,529</td><td>22</td><td>1,288</td><td>122</td><td>1,223</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><td>20,012</td><td>17</td></tr><tr><td>Bolivia</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><td>-2</td><td>-3</td></tr><tr><td>Brazil</td><td>261</td><td>335</td><td>790</td><td>576</td><td>761</td><td>178</td><td>1,505</td><td>1,023</td><td>214</td><td>-94</td><td>1,132</td><td>188</td><td>1,286</td></tr><tr><td>Chile</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><td>2,313</td><td>147</td></tr><tr><td>Colombia</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><td>108</td><td>-50</td></tr><tr><td>Costa Rica</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><td>33</td><td>17</td></tr><tr><td>Cuba</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><td>368</td><td>2,262</td></tr><tr><td>French West Indies and Guiana</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><td>-19</td><td>1</td></tr><tr><td>Mexico</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><td>77</td><td>431</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-29</td><td>92</td></tr><tr><td>Panama</td><td>2,234</td><td>523</td><td>-996</td><td>-243</td><td>3,737</td><td>-1,431</td><td>-2,324</td><td>29</td><td>2,561</td><td>733</td><td>-122</td><td>2,338</td><td>2,525</td></tr><tr><td>Feru</td><td>67</td><td>-204</td><td>156</td><td>179</td><td>95</td><td>46</td><td>106</td><td>-20</td><td>348</td><td>275</td><td>-152</td><td>-405</td><td>89</td></tr><tr><td>Venezuela</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><td>235</td><td>-375</td></tr><tr><td>Other Latin America</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><td>1,500</td><td>-4,454</td></tr><tr><td>Total Latino America</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><td>26,417</td><td>1,985</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>-11,844</td><td>-177,105</td><td>-501</td><td>-752</td><td>-3,494</td><td>-3,689</td><td>-1,810</td><td>-11,106</td><td>-1,669</td><td>-1,016</td><td>-741</td><td>-2,145</td><td>1,787</td></tr><tr><td>French Indo-Chine</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><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>-8</td><td>1,532</td></tr><tr><td>India, Burma, and Ceyloo</td><td>-42</td><td>66</td><td>180</td><td>15</td><td>70</td><td>119</td><td>125</td><td>760</td><td>15</td><td>-109</td><td>45</td><td>17</td><td>6</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-8</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-12</td><td>-211</td><td>-57</td><td>147</td></tr><tr><td>Japan</td><td>-19</td><td>-2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>13</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>-3,505</td><td>-</td></tr><tr><td>Philippine Islands</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><td>-94</td><td>44</td></tr><tr><td>Turkey</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><td>-</td><td>46</td></tr><tr><td>Other Asia</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><td>52</td><td>-26</td></tr><tr><td>Total Asia</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><td>-4,740</td><td>3,448</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>-40</td><td>-69</td><td>111</td><td>-258</td><td>129</td><td>123</td><td>91</td><td>-22</td><td>-16,798</td><td>10,903</td><td>806</td><td>-533</td><td>-16,812</td></tr><tr><td>New Zealand</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><td>-3</td><td>14</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>19</td><td>40</td></tr><tr><td>French Morocco</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><td>9</td><td>58</td></tr><tr><td>Union of South Africa</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><td>14</td><td>35</td></tr><tr><td>All other</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><td>-163</td><td>-18</td></tr><tr><td>Total other countries</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><td>-657</td><td>-16,684</td></tr><tr><td>Unidentified</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><td>-</td><td>-</td></tr><tr><td>Grand total</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>14,961</td><td>20,035</td><td>16,893</td><td>16,490</td></tr></table>
May 1947
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>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><td>55,912</td><td>47,660</td></tr><tr><td>France</td><td>1,055</td><td>757</td><td>660</td><td>728</td><td>859</td><td>979</td><td>940</td><td>3,408</td><td>3,064</td><td>2,977</td><td>3,939</td><td>4,068</td><td>5,690</td></tr><tr><td>Belgium</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><td>7,743</td><td>7,520</td></tr><tr><td>Denmark</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><td>478</td><td>455</td></tr><tr><td>Finland</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><td>5,888</td><td>6,183</td></tr><tr><td>Germany</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><td>33,857</td><td>30,361</td></tr><tr><td>Greece</td><td>691</td><td>722</td><td>770</td><td>798</td><td>2,025</td><td>1,900</td><td>1,105</td><td>1,647</td><td>2,089</td><td>12,571</td><td>12,559</td><td>13,027</td><td>12,362</td></tr><tr><td>Italy</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><td>12,913</td><td>15,950</td></tr><tr><td>Luxembourg</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><td>64</td><td>57</td></tr><tr><td>Netherlands</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>122,816</td><td>137,063</td><td>128,846</td><td>138,772</td><td>150,961</td></tr><tr><td>Norway</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><td>2,116</td><td>3,305</td></tr><tr><td>Portugal</td><td>467</td><td>410</td><td>411</td><td>433</td><td>398</td><td>952</td><td>521</td><td>687</td><td>743</td><td>982</td><td>1,312</td><td>930</td><td>1,026</td></tr><tr><td>Romania</td><td>64</td><td>25</td><td>10</td><td>30</td><td>145</td><td>13</td><td>58</td><td>61</td><td>33</td><td>36</td><td>36</td><td>38</td><td>53</td></tr><tr><td>Spain</td><td>1,602</td><td>1,830</td><td>1,360</td><td>1,512</td><td>1,441</td><td>2,021</td><td>2,917</td><td>4,205</td><td>3,327</td><td>3,641</td><td>7,239</td><td>6,512</td><td>7,172</td></tr><tr><td>Sweden</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><td>3,922</td><td>4,898</td></tr><tr><td>Switzerland</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><td>6,309</td><td>9,778</td></tr><tr><td>O.S. S.B.</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><td>13</td><td>16</td></tr><tr><td>Yugoslavia</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><td>5</td><td>3</td></tr><tr><td>Other Europe</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><td>6,206</td><td>9,418</td></tr><tr><td>Total Europe</td><td>140,714</td><td>115,842</td><td>120,192</td><td>126,057</td><td>134,796</td><td>215,312</td><td>221,231</td><td>276,849</td><td>268,983</td><td>294,921</td><td>282,129</td><td>298,773</td><td>312,868</td></tr><tr><td>Canada</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><td>52,881</td><td>52,192</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>20,956</td><td>24,156</td><td>17,981</td><td>24,732</td><td>26,768</td><td>20,481</td><td>20,417</td><td>27,891</td><td>25,578</td><td>21,408</td><td>22,494</td><td>23,979</td><td>41,767</td></tr><tr><td>Bolivia</td><td>1,346</td><td>1,678</td><td>1,465</td><td>2,729</td><td>2,662</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><td>1,987</td><td>2,283</td></tr><tr><td>Brazil</td><td>24,654</td><td>26,803</td><td>29,671</td><td>29,980</td><td>31,477</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><td>43,879</td><td>49,793</td></tr><tr><td>Chile</td><td>6,590</td><td>6,999</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,788</td><td>8,024</td><td>7,473</td><td>10,553</td><td>14,492</td><td>13,823</td><td>13,969</td><td>14,586</td></tr><tr><td>Colombia</td><td>16,823</td><td>17,504</td><td>18,067</td><td>20,110</td><td>19,953</td><td>21,848</td><td>23,189</td><td>21,304</td><td>22,587</td><td>23,815</td><td>20,973</td><td>19,791</td><td>26,387</td></tr><tr><td>Costa Rica</td><td>1,237</td><td>1,382</td><td>1,469</td><td>1,421</td><td>1,359</td><td>1,282</td><td>1,524</td><td>2,125</td><td>9,446</td><td>1,671</td><td>2,561</td><td>2,541</td><td>2,918</td></tr><tr><td>Cuba</td><td>33,315</td><td>33,865</td><td>32,936</td><td>37,124</td><td>22,904</td><td>27,982</td><td>29,336</td><td>25,689</td><td>15,596</td><td>21,138</td><td>27,906</td><td>41,088</td><td>25,705</td></tr><tr><td>French West Indies and Guiana</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><td>109</td><td>162</td></tr><tr><td>Mexico</td><td>12,002</td><td>10,545</td><td>13,883</td><td>14,252</td><td>14,111</td><td>13,328</td><td>15,045</td><td>15,151</td><td>17,186</td><td>22,031</td><td>17,603</td><td>20,587</td><td>25,549</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>451</td><td>341</td><td>375</td><td>500</td><td>846</td><td>497</td><td>414</td><td>458</td><td>353</td><td>357</td><td>399</td><td>455</td><td>775</td></tr><tr><td>Panama</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><td>845</td><td>1,297</td></tr><tr><td>Peru</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><td>2,713</td><td>3,713</td></tr><tr><td>Venezuela</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><td>6,570</td><td>8,697</td></tr><tr><td>Other Latin America</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><td>21,691</td><td>23,130</td></tr><tr><td>Total Latin America</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><td>200,204</td><td>226,762</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>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><td>40,772</td><td>53,869</td></tr><tr><td>French Indo-China</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><td>28</td><td>25</td></tr><tr><td>Hong Koong</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><td>3,962</td><td>5,920</td></tr><tr><td>India, Burma, and Ceylon</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><td>9,105</td><td>12,009</td></tr><tr><td>British Malaya</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><td>174</td><td>212</td></tr><tr><td>Japan</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><td>238</td><td>245</td></tr><tr><td>Netherlands East Indies</td><td>1,393</td><td>1,392</td><td>1,394</td><td>1,394</td><td>1,374</td><td>1,790</td><td>1,381</td><td>1,171</td><td>1,258</td><td>1,160</td><td>1,023</td><td>902</td><td>959</td></tr><tr><td>Philippine Islands</td><td>13,847</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,667</td><td>16,667</td><td>18,543</td><td>19,204</td><td>16,569</td><td>16,046</td><td>14,705</td><td>20,182</td></tr><tr><td>Turkey</td><td>2,014</td><td>1,025</td><td>1,120</td><td>1,083</td><td>666</td><td>856</td><td>939</td><td>895</td><td>914</td><td>78</td><td>1,332</td><td>948</td><td>1,398</td></tr><tr><td>Other Asia</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><td>4,155</td><td>4,372</td></tr><tr><td>Total Asia</td><td>29,869</td><td>40,551</td><td>43,575</td><td>53,599</td><td>57,133</td><td>54,010</td><td>56,236</td><td>57,143</td><td>67,990</td><td>72,701</td><td>74,283</td><td>74,989</td><td>99,191</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>1,682</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><td>3,067</td><td>3,410</td></tr><tr><td>New Zealand</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>990</td><td>867</td><td>1,071</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>364</td><td>385</td><td>398</td></tr><tr><td>French Morocco</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><td>19</td><td>14</td></tr><tr><td>Union of South Africa</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><td>9,063</td><td>10,094</td></tr><tr><td>All other</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><td>2,259</td><td>2,241</td></tr><tr><td>Total other countries</td><td>9,702</td><td>10,560</td><td>10,315</td><td>10,608</td><td>11,345</td><td>12,814</td><td>15,226</td><td>14,723</td><td>15,322</td><td>15,068</td><td>14,499</td><td>15,660</td><td>17,234</td></tr><tr><td>Unidentified</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><td>93</td><td>6</td></tr><tr><td>Grand total</td><td>392,766</td><td>406,286</td><td>406,801</td><td>431,930</td><td>434,270</td><td>490,703</td><td>511,024</td><td>561,416</td><td>581,450</td><td>615,658</td><td>602,716</td><td>642,600</td><td>708,253</td></tr></table>
r Revised.
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>1945</th><th colspan="10">1946</th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>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><td>546,821</td><td>458,916</td></tr><tr><td>France</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><td>261,376</td><td>245,945</td></tr><tr><td>Belgium</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><td>186,036</td><td>159,540</td></tr><tr><td>Denmark</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><td>57,040</td><td>66,474</td></tr><tr><td>Finland</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><td>18,573</td><td>22,205</td></tr><tr><td>Germany</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><td>7,276</td><td>7,120</td></tr><tr><td>Greece</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><td>55,525</td><td>49,322</td></tr><tr><td>Italy</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><td>205,521</td><td>267,922</td></tr><tr><td>Luxembourg</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><td>21,790</td><td>22,599</td></tr><tr><td>Netherlands</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><td>202,404</td><td>224,851</td></tr><tr><td>Norway</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><td>123,139</td><td>123,521</td></tr><tr><td>Portugal</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><td>43,453</td><td>39,037</td></tr><tr><td>Rumania</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><td>8,982</td><td>8,930</td></tr><tr><td>Spain</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,353</td><td>36,205</td><td>35,467</td><td>32,330</td><td>20,732</td><td>18,225</td><td>18,896</td><td>20,195</td><td>15,280</td><td>16,431</td></tr><tr><td>Sweden</td><td>210,145</td><td>213,959</td><td>212,880</td><td>205,164</td><td>199,991</td><td>195,957</td><td>191,700</td><td>204,443</td><td>196,294</td><td>183,110</td><td>159,893</td><td>165,407</td><td>172,590</td></tr><tr><td>Switzerland</td><td>304,288</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><td>366,782</td><td>372,624</td></tr><tr><td>U.S.S.R.</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>45,438</td><td>53,245</td><td>60,478</td></tr><tr><td>Yugoslavia</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><td>10,373</td><td>12,364</td></tr><tr><td>Other Europe</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><td>90,278</td><td>89,873</td></tr><tr><td>Total Europe</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>2,533,281</td><td>2,439,301</td><td>2,420,742</td></tr><tr><td>Canada</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>1,243,229</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><td>1,045,289</td><td>931,820</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>77,332</td><td>94,768</td><td>79,983</td><td>83,937</td><td>84,135</td><td>92,623</td><td>116,589</td><td>124,374</td><td>147,879</td><td>144,510</td><td>147,931</td><td>131,350</td><td>112,614</td></tr><tr><td>Bolivia</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><td>13,590</td><td>13,955</td></tr><tr><td>Brazil</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><td>205,597</td><td>173,965</td></tr><tr><td>Chile</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><td>50,458</td><td>50,721</td></tr><tr><td>Colombia</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><td>60,688</td><td>57,829</td></tr><tr><td>Costa Rica</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><td>8,606</td><td>7,736</td></tr><tr><td>Cuba</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><td>159,090</td><td>153,456</td></tr><tr><td>French West Indies and Guiana</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><td>5,969</td><td>5,356</td></tr><tr><td>Mexico</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><td>143,206</td><td>152,232</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>28,238</td><td>20,914</td><td>22,846</td><td>20,690</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><td>13,529</td><td>16,118</td></tr><tr><td>Panama</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><td>84,108</td><td>77,228</td></tr><tr><td>Peru</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><td>40,663</td><td>40,889</td></tr><tr><td>Venezuela</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><td>67,295</td><td>74,040</td></tr><tr><td>Other Latin America</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><td>166,697</td><td>168,665</td></tr><tr><td>Total Latin America</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><td>1,150,846</td><td>1,104,804</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 Nanchuria</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><td>456,457</td><td>431,937</td></tr><tr><td>French Indo-China</td><td>28,036</td><td>28,196</td><td>34,350</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><td>36,151</td><td>39,935</td></tr><tr><td>Hong Kong</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>33,230</td><td>34,117</td><td>37,868</td><td>35,576</td><td>46,115</td><td>44,916</td></tr><tr><td>India, Burma, and Ceylon</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><td>40,052</td><td>43,512</td></tr><tr><td>British Malaya</td><td>1,201</td><td>1,657</td><td>1,644</td><td>1,471</td><td>1,617</td><td>1,404</td><td>1,599</td><td>2,176</td><td>10,306</td><td>9,250</td><td>9,481</td><td>17,174</td><td>17,315</td></tr><tr><td>Japan</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><td>14,122</td><td>16,567</td></tr><tr><td>Netherlands East Indies</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><td>134,535</td><td>127,051</td></tr><tr><td>Philippine Islands</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><td>466,334</td><td>446,649</td></tr><tr><td>Turkey</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><td>64,342</td><td>54,714</td></tr><tr><td>Other Asia</td><td>77,959</td><td>75,119</td><td>70,385</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><td>89,221</td><td>93,778</td></tr><tr><td>Total Asia</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><td>1,364,503</td><td>1,316,374</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>28,944</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><td>35,147</td><td>45,512</td></tr><tr><td>New Zealand</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><td>5,734</td><td>7,977</td></tr><tr><td>Egypt
May 1947
97
Capital Movements Between the United States and Foreign Countries - (Continued) Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>1945</th><th colspan="12">1946</th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,798</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><td>1,091</td><td>1,123</td></tr><tr><td>France</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><td>290</td><td>254</td></tr><tr><td>Belgium</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><td>198</td><td>111</td></tr><tr><td>Denmark</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><td>-</td><td>18</td></tr><tr><td>Finland</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><td>7</td><td>7</td></tr><tr><td>Germany</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><td>2</td><td>2</td></tr><tr><td>Greece</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><td>2</td><td>2</td></tr><tr><td>Italy</td><td>12</td><td>12</td><td>12</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>-</td><td>32</td><td>32</td><td>32</td></tr><tr><td>Luxembourg</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><td>115</td><td>104</td></tr><tr><td>Netherlands</td><td>144</td><td>635</td><td>568</td><td>502</td><td>466</td><td>336</td><td>252</td><td>276</td><td>185</td><td>346</td><td>359</td><td>244</td><td>232</td></tr><tr><td>Norway</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><td>36</td><td>10</td></tr><tr><td>Portugal</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><td>115</td><td>-</td></tr><tr><td>Rumania</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><td>84</td><td>81</td></tr><tr><td>Sweden</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><td>714</td><td>815</td></tr><tr><td>Switzerland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>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><td>20</td><td>1</td></tr><tr><td>Yugoslavia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td>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><td>2,950</td><td>2,792</td></tr><tr><td>Total Europe</td><td>7,541</td><td>8,754</td><td>7,912</td><td>6,374</td><td>7,260</td><td>6,729</td><td>7,188</td><td>5,382</td><td>5,676</td><td>5,632</td><td>4,807</td><td>4,817</td><td>5,208</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,419</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>1,134</td><td>1,107</td><td>1,035</td></tr><tr><td>Bolivia</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><td>1,482</td><td>1,319</td></tr><tr><td>Brazil</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><td>817</td><td>768</td></tr><tr><td>Chile</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><td>80</td><td>192</td></tr><tr><td>Colombia</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><td>3</td><td>2</td></tr><tr><td>Costa Rica</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><td>5,898</td><td>6,967</td></tr><tr><td>Cuba</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><td>30</td><td>30</td></tr><tr><td>French West Indies and Guiana</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><td>2,153</td><td>2,449</td></tr><tr><td>Mexico</td><td>15</td><td>13</td><td>30</td><td>4</td><td>3</td><td>-</td><td>-</td><td>1</td><td>91</td><td>-</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>571</td><td>465</td><td>352</td><td>394</td><td>245</td><td>89</td><td>55</td><td>48</td><td>82</td><td>39</td><td>36</td><td>37</td><td>86</td></tr><tr><td>Panama</td><td>877</td><td>711</td><td>337</td><td>301</td><td>117</td><td>3</td><td>4</td><td>5</td><td>30</td><td>27</td><td>5</td><td>5</td><td>4</td></tr><tr><td>Peru</td><td>3,683</td><td>2,522</td><td>3,561</td><td>3,372</td><td>3,132</td><td>2,156</td><td>2,362</td><td>1,792</td><td>1,717</td><td>1,859</td><td>1,880</td><td>119</td><td>1,823</td></tr><tr><td>Venezuela</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>3,523</td><td>5,413</td><td>3,926</td></tr><tr><td>Other Latin America</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><td>17,144</td><td>18,614</td></tr><tr><td>Total 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>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 Manchurie</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><td>4,112</td><td>4,084</td></tr><tr><td>French Indo-China</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><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>69</td><td>34</td></tr><tr><td>Iodie, Burma, and Ceylon</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</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><td>8</td><td>4</td></tr><tr><td>Japan</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><td>5,440</td><td>5,460</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>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><td>1,251</td><td>1,338</td></tr><tr><td>Turkey</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><td>4</td><td>4</td></tr><tr><td>Other Asia</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>3</td><td>3</td><td>2</td></tr><tr><td>Total 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>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</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>83</td><td>82</td><td>82</td><td>79</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>124</td><td>115</td></tr><tr><td>French Morocco</td><td>10</td><td>-</td><td>-</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>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>All other</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><td>30,475</td><td>32,189</td></tr><tr><td>Total 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>Unideotified</td><td>32,189</td><td></td><td></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>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><td>30,475</td><td>32,189</td></tr></table>
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="2">1945</th><th colspan="10">1946</th></tr><tr><th></th><th>December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>5,593</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>3,852</td><td>4,460</td><td>4,227</td><td>4,305</td></tr><tr><td>France</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><td>8,358</td><td>6,819</td></tr><tr><td>Belgium</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><td>2,207</td><td>2,073</td></tr><tr><td>Denmark</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><td>101</td><td>83</td></tr><tr><td>Finland</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>3</td><td>3</td><td>3</td></tr><tr><td>Germany</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><td>297</td><td>324</td></tr><tr><td>Greece</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><td>26</td><td>13</td></tr><tr><td>Italy</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><td>288</td><td>260</td></tr><tr><td>Luxembourg</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><td>989</td><td>979</td></tr><tr><td>Netherlands</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><td>9,924</td><td>11,308</td></tr><tr><td>Norway</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><td>2,049</td><td>1,758</td></tr><tr><td>Portugal</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><td>98</td><td>19</td></tr><tr><td>Rumania</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><td>43</td><td>43</td></tr><tr><td>Spain</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><td>176</td><td>153</td></tr><tr><td>Sweden</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><td>513</td><td>543</td></tr><tr><td>Switzerland</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><td>34,154</td><td>35,233</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>44</td><td>45</td><td>44</td><td>44</td><td>44</td><td>44</td><td>48</td><td>49</td><td>49</td><td>47</td><td>49</td><td>49</td><td>50</td></tr><tr><td>Other Europe</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><td>1,588</td><td>1,737</td></tr><tr><td>Total Europe</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><td>65,090</td><td>65,703</td></tr><tr><td>Canada</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><td>6,928</td><td>7,355</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,370</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><td>5,881</td><td>5,955</td></tr><tr><td>Bolivia</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><td>31</td><td>31</td></tr><tr><td>Brazil</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><td>685</td><td>807</td></tr><tr><td>Chile</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><td>542</td><td>571</td></tr><tr><td>Colombia</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><td>207</td><td>209</td></tr><tr><td>Coasta Rica</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><td>41</td><td>71</td></tr><tr><td>Cuba</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><td>849</td><td>924</td></tr><tr><td>French West Indies and Guiana</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><td>-</td><td>-</td></tr><tr><td>Mexico</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><td>11,163</td><td>10,404</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>221</td><td>278</td></tr><tr><td>Panama</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><td>6,928</td><td>6,820</td></tr><tr><td>Peru</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><td>146</td><td>130</td></tr><tr><td>Venezuela</td><td>2,632</td><td>2,348</td><td>2,193</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><td>2,150</td><td>2,305</td></tr><tr><td>Other Latin America</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><td>1,645</td><td>1,613</td></tr><tr><td>Total Latin America</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><td>30,489</td><td>30,118</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,449</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><td>1,639</td><td>1,564</td></tr><tr><td>French Indo-China</td><td>47</td><td>47</td><td>89</td><td>13</td><td>61</td><td>84</td><td>117</td><td>95</td><td>164</td><td>195</td><td>157</td><td>196</td><td>180</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>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><td>32</td><td>31</td></tr><tr><td>British Malaya</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>2</td><td>2</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>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><td>35</td><td>36</td></tr><tr><td>Netherlands East Indies</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><td>5</td><td>6</td></tr><tr><td>Philippines Islands</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><td>1,904</td><td>1,768</td></tr><tr><td>Turkey</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><td>1</td><td>4</td></tr><tr><td>Other Asia</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><td>208</td><td>229</td></tr><tr><td>Total Asia</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><td>4,022</td><td>3,820</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>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><td>68</td><td>145</td></tr><tr><td>New Zealand</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>39</td><td>36</td><td>27</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>132</td><td>131</td></tr><tr><td>French Morocco</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><td>81</td><td>81</td></tr><tr><td>Union of South Africa</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><td>44</td><td>41</td></tr><tr><td>All other</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><td>1,375</td><td>1,560</td></tr><tr><td>Total other countries</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><td>1,736</td><td>1,985</td></tr><tr><td>Unidentified</td><td>55</td><td>53</td><td>55</td><td>56</td><td>72</td><td>71</td><td>71</td><td>74</td><td>74</td><td>92</td><td>74</td><td>74</td><td>75</td></tr><tr><td>Grand total</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><td>108,339</td><td>109,056</td></tr></table>
May 1947
99
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of December 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 to 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>Deposit 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>47,660</td><td>39,651</td><td>31,626</td><td>2,602</td><td>5,423</td><td>8,009</td><td>3,871</td><td>1,541</td><td>2,597</td></tr><tr><td>France</td><td>5,690</td><td>266</td><td>157</td><td>27</td><td>82</td><td>5,424</td><td>2,052</td><td>-</td><td>3,372</td></tr><tr><td>Belgium</td><td>7,520</td><td>118</td><td>52</td><td>3</td><td>63</td><td>7,402</td><td>67</td><td>498</td><td>6,837</td></tr><tr><td>Denmark</td><td>455</td><td>56</td><td>33</td><td>22</td><td>1</td><td>399</td><td>5</td><td>35</td><td>359</td></tr><tr><td>Finland</td><td>6,183</td><td>2</td><td>1</td><td>-</td><td>1</td><td>6,181</td><td>2,923</td><td>2,943</td><td>315</td></tr><tr><td>Germany</td><td>30,361</td><td>50</td><td>6</td><td>27</td><td>17</td><td>30,311</td><td>17,063</td><td>67</td><td>13,181</td></tr><tr><td>Greece</td><td>12,362</td><td>25</td><td>-</td><td>8</td><td>17</td><td>12,337</td><td>10,996</td><td>-</td><td>1,341</td></tr><tr><td>Italy</td><td>15,950</td><td>311</td><td>5</td><td>206</td><td>100</td><td>15,639</td><td>7,066</td><td>1,040</td><td>7,533</td></tr><tr><td>Luxembourg</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>57</td><td>-</td><td>-</td><td>57</td></tr><tr><td>Netherlands</td><td>150,961</td><td>273</td><td>211</td><td>39</td><td>23</td><td>150,688</td><td>130,329</td><td>623</td><td>19,736</td></tr><tr><td>Norway</td><td>3,305</td><td>103</td><td>46</td><td>15</td><td>42</td><td>3,202</td><td>21</td><td>152</td><td>3,029</td></tr><tr><td>Portugal</td><td>1,026</td><td>195</td><td>59</td><td>134</td><td>2</td><td>831</td><td>213</td><td>-</td><td>618</td></tr><tr><td>Romania</td><td>53</td><td>4</td><td>1</td><td>3</td><td>-</td><td>49</td><td>1</td><td>-</td><td>48</td></tr><tr><td>Spain</td><td>7,172</td><td>190</td><td>20</td><td>29</td><td>111</td><td>6,982</td><td>2,030</td><td>-</td><td>4,952</td></tr><tr><td>Sweden</td><td>4,898</td><td>1,770</td><td>1,284</td><td>427</td><td>59</td><td>3,128</td><td>171</td><td>280</td><td>2,677</td></tr><tr><td>Switzerland</td><td>9,778</td><td>905</td><td>203</td><td>680</td><td>22</td><td>8,873</td><td>6,802</td><td>491</td><td>1,580</td></tr><tr><td>U. S. S. R.</td><td>16</td><td>11</td><td>11</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Yugoslavia</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>9,418</td><td>303</td><td>241</td><td>55</td><td>7</td><td>9,115</td><td>5,938</td><td>154</td><td>3,023</td></tr><tr><td>Total Europe</td><td>312,868</td><td>44,233</td><td>33,956</td><td>4,277</td><td>6,000</td><td>268,635</td><td>189,549</td><td>7,824</td><td>71,262</td></tr><tr><td>Canada</td><td>52,192</td><td>27,791</td><td>20,748</td><td>6,042</td><td>1,001</td><td>24,401</td><td>6,277</td><td>1,565</td><td>16,559</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>41,767</td><td>1,227</td><td>505</td><td>673</td><td>49</td><td>40,540</td><td>28,682</td><td>2,703</td><td>9,155</td></tr><tr><td>Bolivia</td><td>2,283</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,283</td><td>751</td><td>-</td><td>1,532</td></tr><tr><td>Brazil</td><td>49,793</td><td>121</td><td>86</td><td>-</td><td>35</td><td>49,672</td><td>8,853</td><td>1,244</td><td>39,555</td></tr><tr><td>Chile</td><td>14,586</td><td>6</td><td>3</td><td>-</td><td>3</td><td>14,580</td><td>246</td><td>3,053</td><td>11,281</td></tr><tr><td>Colombia</td><td>26,387</td><td>11</td><td>-</td><td>8</td><td>3</td><td>26,376</td><td>7,974</td><td>3,570</td><td>14,832</td></tr><tr><td>Costa Rica</td><td>2,918</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,918</td><td>1,112</td><td>18</td><td>1,788</td></tr><tr><td>Cuba</td><td>25,705</td><td>1,997</td><td>1,973</td><td>-</td><td>24</td><td>23,708</td><td>3,509</td><td>6,145</td><td>14,054</td></tr><tr><td>French West Indies and Guiana</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td><td>162</td><td>-</td><td>-</td><td>162</td></tr><tr><td>Mexico</td><td>25,549</td><td>2,461</td><td>1,730</td><td>61</td><td>670</td><td>23,083</td><td>6,439</td><td>2,627</td><td>14,022</td></tr><tr><td>Etherlande West Indies and Surinam</td><td>775</td><td>3</td><td>-</td><td>-</td><td>3</td><td>772</td><td>9</td><td>-</td><td>763</td></tr><tr><td>Panama</td><td>1,297</td><td>2</td><td>-</td><td>-</td><td>2</td><td>1,295</td><td>-</td><td>-</td><td>1,295</td></tr><tr><td>Peru</td><td>3,713</td><td>12</td><td>4</td><td>-</td><td>8</td><td>3,701</td><td>726</td><td>123</td><td>2,852</td></tr><tr><td>Venezuela</td><td>8,697</td><td>321</td><td>301</td><td>14</td><td>6</td><td>8,375</td><td>2,375</td><td>8</td><td>5,993</td></tr><tr><td>Other Latino America</td><td>23,130</td><td>64</td><td>33</td><td>-</td><td>31</td><td>23,066</td><td>9,032</td><td>1,232</td><td>12,802</td></tr><tr><td>Total Latino America</td><td>226,762</td><td>6,225</td><td>4,635</td><td>756</td><td>834</td><td>220,537</td><td>69,718</td><td>20,723</td><td>130,096</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>53,869</td><td>8,861</td><td>8,848</td><td>4</td><td>9</td><td>45,008</td><td>34,750</td><td>2,712</td><td>7,546</td></tr><tr><td>French Indo-China</td><td>25</td><td>1</td><td>-</td><td>-</td><td>1</td><td>24</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Hong Kong</td><td>5,920</td><td>1,141</td><td>1,031</td><td>101</td><td>9</td><td>4,779</td><td>3,662</td><td>283</td><td>834</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,009</td><td>5,249</td><td>1,983</td><td>3,251</td><td>15</td><td>6,760</td><td>4,061</td><td>1,268</td><td>1,431</td></tr><tr><td>British Malaya</td><td>212</td><td>4</td><td>-</td><td>4</td><td>-</td><td>208</td><td>1</td><td>102</td><td>99</td></tr><tr><td>Japan</td><td>245</td><td>3</td><td>2</td><td>1</td><td>-</td><td>242</td><td>216</td><td>-</td><td>26</td></tr><tr><td>Netherlande East Indies</td><td>959</td><td>22</td><td>21</td><td>-</td><td>1</td><td>937</td><td>29</td><td>837</td><td>71</td></tr><tr><td>Philippine Islands</td><td>20,182</td><td>559</td><td>157</td><td>-</td><td>402</td><td>19,623</td><td>10,578</td><td>2,683</td><td>6,362</td></tr><tr><td>Turkey</td><td>1,398</td><td>13</td><td>-</td><td>13</td><td>-</td><td>1,385</td><td>280</td><td>-</td><td>1,105</td></tr><tr><td>Other Asia</td><td>4,372</td><td>19</td><td>72</td><td>-</td><td>7</td><td>4,293</td><td>146</td><td>-</td><td>4,147</td></tr><tr><td>Total Asia</td><td>99,191</td><td>15,932</td><td>12,114</td><td>3,374</td><td>444</td><td>83,259</td><td>53,729</td><td>7,885</td><td>21,645</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>3,410</td><td>1,037</td><td>1,012</td><td>-</td><td>25</td><td>2,373</td><td>161</td><td>1,244</td><td>968</td></tr><tr><td>New Zealand</td><td>1,077</td><td>347</td><td>343</td><td>-</td><td>4</td><td>730</td><td>-</td><td>101</td><td>629</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>398</td><td>21</td><td>-</td><td>-</td><td>21</td><td>377</td><td>1</td><td>-</td><td>376</td></tr><tr><td>French Morocco</td><td>14</td><td>1</td><td>1</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Union of South Africa</td><td>10,094</td><td>2,508</td><td>84</td><td>2,067</td><td>357</td><td>7,586</td><td>-</td><td>180</td><td>7,406</td></tr><tr><td>All other</td><td>2,241</td><td>24</td><td>5</td><td>-</td><td>19</td><td>2,217</td><td>204</td><td>-</td><td>2,013</td></tr><tr><td>Total other countries</td><td>17,234</td><td>3,938</td><td>1,445</td><td>2,067</td><td>426</td><td>13,296</td><td>366</td><td>1,525</td><td>11,405</td></tr><tr><td>Unidentified</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Grand total</td><td>708,253</td><td>98,119</td><td>72,898</td><td>16,516</td><td>8,705</td><td>610,134</td><td>319,639</td><td>39,522</td><td>250,973</td></tr></table>
100
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of December 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 rowspan="2"></th><th rowspan="2">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>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>458,916</td><td>445,920</td><td>430,953</td><td>2,231</td><td>11,480</td><td>1,256</td><td>12,996</td><td>558</td><td>7,355</td><td>5,083</td></tr><tr><td>France</td><td>245,945</td><td>245,317</td><td>221,098</td><td>675</td><td>21,930</td><td>1,644</td><td>558</td><td>224</td><td>368</td><td>6</td></tr><tr><td>Belgium</td><td>159,540</td><td>159,284</td><td>148,802</td><td>1,504</td><td>8,515</td><td>163</td><td>256</td><td>163</td><td>-</td><td>91</td></tr><tr><td>Denmark</td><td>66,474</td><td>66,472</td><td>60,934</td><td>1,041</td><td>97</td><td>4,400</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Picland</td><td>22,205</td><td>22,202</td><td>21,477</td><td>12</td><td>13</td><td>713</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>7,120</td><td>7,105</td><td>7,001</td><td>25</td><td>-</td><td>66</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>49,322</td><td>49,295</td><td>46,139</td><td>410</td><td>218</td><td>2,528</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>267,922</td><td>267,915</td><td>245,273</td><td>1,557</td><td>20,696</td><td>389</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,599</td><td>22,599</td><td>21,503</td><td>5</td><td>1,091</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>224,851</td><td>224,612</td><td>211,756</td><td>198</td><td>12,509</td><td>149</td><td>239</td><td>1</td><td>-</td><td>195</td></tr><tr><td>Norway</td><td>123,521</td><td>123,520</td><td>73,821</td><td>42</td><td>48,749</td><td>908</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>39,037</td><td>38,535</td><td>37,323</td><td>1,011</td><td>-</td><td>201</td><td>502</td><td>10</td><td>-</td><td>492</td></tr><tr><td>Romania</td><td>8,930</td><td>8,930</td><td>8,902</td><td>28</td><td>-</td><td>-</td><td>82</td><td>81</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>16,431</td><td>16,319</td><td>16,027</td><td>267</td><td>50</td><td>5</td><td>26</td><td>4</td><td>-</td><td>22</td></tr><tr><td>Sweden</td><td>172,590</td><td>172,564</td><td>129,236</td><td>10,586</td><td>32,000</td><td>742</td><td>26</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>372,624</td><td>372,168</td><td>352,308</td><td>5,043</td><td>10,137</td><td>4,680</td><td>456</td><td>192</td><td>-</td><td>264</td></tr><tr><td>U. S. S. R.</td><td>60,478</td><td>60,478</td><td>60,461</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>12,364</td><td>12,364</td><td>12,298</td><td>36</td><td>-</td><td>30</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>89,873</td><td>89,870</td><td>88,794</td><td>182</td><td>160</td><td>734</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>2,420,742</td><td>2,405,529</td><td>2,194,106</td><td>24,870</td><td>167,645</td><td>18,908</td><td>15,213</td><td>1,330</td><td>7,723</td><td>6,160</td></tr><tr><td>Canada</td><td>931,820</td><td>926,777</td><td>302,458</td><td>3,289</td><td>620,443</td><td>587</td><td>5,043</td><td>24</td><td>6</td><td>5,013</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>112,614</td><td>112,470</td><td>105,803</td><td>2,212</td><td>2,967</td><td>1,488</td><td>144</td><td>132</td><td>-</td><td>12</td></tr><tr><td>Bolivia</td><td>13,955</td><td>13,955</td><td>13,952</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>173,965</td><td>173,906</td><td>161,206</td><td>10,748</td><td>11</td><td>1,941</td><td>59</td><td>59</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>50,721</td><td>50,713</td><td>48,451</td><td>2,234</td><td>-</td><td>28</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>57,829</td><td>57,817</td><td>57,133</td><td>456</td><td>-</td><td>228</td><td>12</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,736</td><td>7,736</td><td>6,786</td><td>803</td><td>-</td><td>147</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>153,456</td><td>153,454</td><td>151,355</td><td>1,762</td><td>304</td><td>33</td><td>2</td><td>1</td><td>-</td><td>1</td></tr><tr><td>French West Indies and Guiana</td><td>5,356</td><td>5,356</td><td>5,352</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>152,232</td><td>151,549</td><td>147,902</td><td>2,340</td><td>1,250</td><td>57</td><td>683</td><td>2</td><td>-</td><td>681</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>16,118</td><td>16,118</td><td>14,951</td><td>-</td><td>1,166</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>77,228</td><td>77,228</td><td>61,148</td><td>10</td><td>16,070</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>40,889</td><td>37,879</td><td>32,678</td><td>1,176</td><td>4,025</td><td>-</td><td>3,010</td><td>3,010</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>74,040</td><td>74,040</td><td>73,527</td><td>513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>168,665</td><td>168,348</td><td>145,075</td><td>1,936</td><td>21,086</td><td>251</td><td>317</td><td>306</td><td>-</td><td>11</td></tr><tr><td>Total Latin America</td><td>1,104,804</td><td>1,100,569</td><td>1,025,319</td><td>24,197</td><td>46,879</td><td>4,174</td><td>4,235</td><td>3,530</td><td>-</td><td>705</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>431,937</td><td>424,715</td><td>140,083</td><td>2,019</td><td>279,722</td><td>2,891</td><td>7,222</td><td>1,759</td><td>-</td><td>5,463</td></tr><tr><td>French Indo-China</td><td>39,935</td><td>39,935</td><td>21,758</td><td>5</td><td>18,133</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>44,916</td><td>39,138</td><td>38,299</td><td>358</td><td>292</td><td>189</td><td>5,778</td><td>5,778</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>43,512</td><td>41,215</td><td>36,758</td><td>4,312</td><td>-</td><td>145</td><td>2,297</td><td>1,593</td><td>177</td><td>527</td></tr><tr><td>British Malaya</td><td>17,315</td><td>17,295</td><td>15,494</td><td>1,158</td><td>522</td><td>121</td><td>20</td><td>20</td><td>-</td><td>12</td></tr><tr><td>Japan</td><td>16,567</td><td>16,533</td><td>15,817</td><td>459</td><td>22</td><td>235</td><td>34</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>127,051</td><td>127,048</td><td>60,304</td><td>72</td><td>66,660</td><td>12</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>446,649</td><td>446,415</td><td>435,108</td><td>7,544</td><td>232</td><td>3,531</td><td>234</td><td>134</td><td>-</td><td>100</td></tr><tr><td>Turkey</td><td>54,714</td><td>54,714</td><td>52,359</td><td>466</td><td>-</td><td>1,889</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>93,778</td><td>93,776</td><td>78,374</td><td>711</td><td>13,299</td><td>1,392</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,316,374</td><td>1,300,784</td><td>894,354</td><td>17,104</td><td>378,882</td><td>10,444</td><td>15,590</td><td>9,311</td><td>177</td><td>6,102</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>45,512</td><td>45,353</td><td>43,376</td><td>1,348</td><td>502</td><td>127</td><td>159</td><td>5</td><td>2</td><td>152</td></tr><tr><td>New Zealand</td><td>7,977</td><td>7,930</td><td>7,632</td><td>298</td><td>-</td><td>-</td><td>47</td><td>8</td><td>-</td><td>39</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>20,844</td><td>20,806</td><td>16,922</td><td>248</td><td>-</td><td>3,636</td><td>38</td><td>-</td><td>-</td><td>18</td></tr><tr><td>French Morocco</td><td>14,914</td><td>14,914</td><td>14,146</td><td>72</td><td>-</td><td>696</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>47,184</td><td>47,182</td><td>23,039</td><td>2,048</td><td>22,030</td><td>5</td><td>62</td><td>-</td><td>-</td><td>62</td></tr><tr><td>All other</td><td>78,434</td><td>78,192</td><td>76,487</td><td>506</td><td>1,001</td><td>198</td><td>282</td><td>67</td><td>-</td><td>175</td></tr><tr><td>Total other countries</td><td>214,865</td><td>214,317</td><td>181,602</td><td>4,520</td><td>23,533</td><td>4,662</td><td>548</td><td>80</td><td>2</td><td>466</td></tr><tr><td>International</td><td>473,721</td><td>473,721</td><td>78,136</td><td>-</td><td>395,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>17,936</td><td>17,936</td><td>17,936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,480,262</td><td>6,439,633</td><td>4,693,911</td><td>73,980</td><td>1,632,967</td><td>38,775</td><td>40,629</td><td>14,275</td><td>7,908</td><td>18,446</td></tr></table>
May 1947
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of December 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 purchasee</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>9,559</td><td>3,498</td><td>2,141</td><td>1,357</td><td>6,061</td><td>449</td><td>5,612</td><td>7,743</td><td>3,514</td><td>2,315</td><td>1,199</td><td>4,229</td><td>191</td><td>4,038</td></tr><tr><td>France</td><td>3,646</td><td>2,387</td><td>1,889</td><td>498</td><td>1,259</td><td>48</td><td>1,211</td><td>1,980</td><td>1,817</td><td>1,182</td><td>635</td><td>163</td><td>70</td><td>93</td></tr><tr><td>Belgium</td><td>620</td><td>256</td><td>225</td><td>31</td><td>364</td><td>12</td><td>352</td><td>306</td><td>151</td><td>89</td><td>62</td><td>155</td><td>3</td><td>152</td></tr><tr><td>Denmark</td><td>222</td><td>29</td><td>10</td><td>19</td><td>193</td><td>-</td><td>193</td><td>1,141</td><td>1,136</td><td>11</td><td>1,125</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Finland</td><td>15</td><td>1</td><td>1</td><td>-</td><td>14</td><td>-</td><td>14</td><td>108</td><td>100</td><td>89</td><td>11</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Germany</td><td>6</td><td>6</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>86</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>12</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>280</td><td>220</td><td>128</td><td>92</td><td>60</td><td>60</td><td>60</td><td>76</td><td>70</td><td>65</td><td>5</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Luxembourg</td><td>34</td><td>18</td><td>18</td><td>-</td><td>16</td><td>9</td><td>7</td><td>15</td><td>4</td><td>4</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>Netherlands</td><td>1,005</td><td>896</td><td>627</td><td>269</td><td>109</td><td>30</td><td>79</td><td>9,047</td><td>7,472</td><td>1,451</td><td>6,021</td><td>1,575</td><td>18</td><td>1,557</td></tr><tr><td>Norway</td><td>5,137</td><td>4,412</td><td>646</td><td>3,766</td><td>725</td><td>-</td><td>725</td><td>473</td><td>358</td><td>323</td><td>35</td><td>115</td><td>26</td><td>89</td></tr><tr><td>Portugal</td><td>685</td><td>682</td><td>62</td><td>620</td><td>3</td><td>2</td><td>1</td><td>50</td><td>49</td><td>46</td><td>3</td><td>1</td><td>-</td><td>1</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><td>-</td></tr><tr><td>Spain</td><td>2,121</td><td>45</td><td>40</td><td>5</td><td>2,076</td><td>-</td><td>2,076</td><td>196</td><td>63</td><td>54</td><td>9</td><td>133</td><td>3</td><td>130</td></tr><tr><td>Sweden</td><td>241</td><td>174</td><td>161</td><td>13</td><td>67</td><td>21</td><td>46</td><td>573</td><td>497</td><td>466</td><td>31</td><td>76</td><td>5</td><td>71</td></tr><tr><td>Switzerland</td><td>9,162</td><td>7,104</td><td>6,001</td><td>1,103</td><td>2,058</td><td>401</td><td>1,657</td><td>7,320</td><td>5,468</td><td>4,399</td><td>1,069</td><td>1,852</td><td>313</td><td>1,539</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</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>190</td><td>144</td><td>69</td><td>75</td><td>46</td><td>46</td><td>46</td><td>1,663</td><td>1,638</td><td>1,519</td><td>119</td><td>25</td><td>-</td><td>25</td></tr><tr><td>Total Europe</td><td>33,009</td><td>19,958</td><td>12,107</td><td>7,851</td><td>13,051</td><td>972</td><td>12,079</td><td>30,724</td><td>22,370</td><td>12,025</td><td>10,345</td><td>8,354</td><td>640</td><td>7,714</td></tr><tr><td>Canada</td><td>51,673</td><td>27,720</td><td>6,634</td><td>21,086</td><td>23,953</td><td>2,555</td><td>21,398</td><td>26,217</td><td>12,516</td><td>4,928</td><td>7,588</td><td>13,701</td><td>1,587</td><td>12,114</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>6,907</td><td>2,183</td><td>2,098</td><td>85</td><td>4,724</td><td>227</td><td>4,497</td><td>6,890</td><td>6,650</td><td>1,098</td><td>5,552</td><td>240</td><td>60</td><td>180</td></tr><tr><td>Bolivia</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,809</td><td>345</td><td>337</td><td>8</td><td>1,464</td><td>6</td><td>1,458</td><td>523</td><td>477</td><td>407</td><td>70</td><td>46</td><td>17</td><td>29</td></tr><tr><td>Chile</td><td>290</td><td>238</td><td>227</td><td>11</td><td>52</td><td>-</td><td>52</td><td>143</td><td>70</td><td>62</td><td>8</td><td>73</td><td>7</td><td>66</td></tr><tr><td>Colombia</td><td>83</td><td>44</td><td>42</td><td>2</td><td>39</td><td>1</td><td>38</td><td>133</td><td>133</td><td>101</td><td>32</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>19</td><td>12</td><td>12</td><td>-</td><td>7</td><td>-</td><td>7</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,837</td><td>2,176</td><td>2,045</td><td>131</td><td>1,661</td><td>797</td><td>864</td><td>1,575</td><td>1,438</td><td>1,281</td><td>157</td><td>137</td><td>126</td><td>11</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>1</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>Mexico</td><td>1,150</td><td>824</td><td>687</td><td>137</td><td>326</td><td>135</td><td>191</td><td>719</td><td>572</td><td>444</td><td>128</td><td>147</td><td>-</td><td>147</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>238</td><td>236</td><td>53</td><td>183</td><td>2</td><td>2</td><td>-</td><td>146</td><td>146</td><td>146</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>11,409</td><td>10,368</td><td>10,181</td><td>187</td><td>1,041</td><td>951</td><td>90</td><td>8,884</td><td>8,794</td><td>8,789</td><td>5</td><td>90</td><td>86</td><td>4</td></tr><tr><td>Peru</td><td>118</td><td>95</td><td>87</td><td>8</td><td>23</td><td>18</td><td>5</td><td>29</td><td>12</td><td>12</td><td>-</td><td>17</td><td>-</td><td>17</td></tr><tr><td>Venezuela</td><td>919</td><td>786</td><td>666</td><td>120</td><td>133</td><td>122</td><td>11</td><td>1,294</td><td>382</td><td>159</td><td>223</td><td>912</td><td>912</td><td>-</td></tr><tr><td>Other Latin America</td><td>2,130</td><td>1,260</td><td>1,213</td><td>47</td><td>870</td><td>166</td><td>704</td><td>6,584</td><td>6,380</td><td>738</td><td>5,642</td><td>204</td><td>44</td><td>160</td></tr><tr><td>Total Latin America</td><td>28,914</td><td>18,572</td><td>17,653</td><td>919</td><td>10,342</td><td>2,425</td><td>7,917</td><td>26,929</td><td>25,063</td><td>13,245</td><td>11,818</td><td>1,866</td><td>1,252</td><td>614</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchurie</td><td>2,286</td><td>2,245</td><td>1,116</td><td>1,129</td><td>41</td><td>3</td><td>38</td><td>499</td><td>450</td><td>310</td><td>140</td><td>49</td><td>3</td><td>46</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>Bong Kong</td><td>1,561</td><td>31</td><td>31</td><td>31</td><td>1,530</td><td>-</td><td>1,530</td><td>29</td><td>29</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>3</td><td>3</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>British Malaya</td><td>153</td><td>153</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td><td>6</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>51</td><td>29</td><td>29</td><td>-</td><td>22</td><td>8</td><td>14</td><td>95</td><td>81</td><td>80</td><td>1</td><td>14</td><td>14</td><td>-</td></tr><tr><td>Turkey</td><td>46</td><td>2</td><td>2</td><td>-</td><td>44</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>105</td><td>50</td><td>41</td><td>9</td><td>55</td><td>28</td><td>27</td><td>131</td><td>100</td><td>77</td><td>23</td><td>31</td><td>3</td><td>28</td></tr><tr><td>Total Asia</td><td>4,214</td><td>2,522</td><td>1,353</td><td>1,169</td><td>1,692</td><td>39</td><td>1,653</td><td>766</td><td>669</td><td>499</td><td>170</td><td>97</td><td>20</td><td>77</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>10,890</td><td>1,822</td><td>1,818</td><td>4</td><td>9,068</td><td>-</td><td>9,068</td><td>27,703</td><td>25</td><td>19</td><td>6</td><td>27,678</td><td>-</td><td>27,678</td></tr><tr><td>New Zealand</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>59</td><td>53</td><td>53</td><td>-</td><td>6</td><td>4</td><td>2</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>67</td><td>67</td><td>66</td><td>1</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>43</td><td>41</td><td>31</td><td>10</td><td>2</td><td>2</td><td>-</td><td>8</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>114</td><td>112</td><td>101</td><td>11</td><td>2</td><td>2</td><td>2</td><td>132</td><td>108</td><td>103</td><td>5</td><td>24</td><td>24</td><td>-</td></tr><tr><td>Total other countries</td><td>11,189</td><td>2,111</td><td>2,085</td><td>26</td><td>9,078</td><td>6</td><td>9,072</td><td>27,873</td><td>161</td><td>150</td><td>11</td><td>27,712</td><td>32</td><td>27,680</td></tr><tr><td>Unidefied</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Grand total</td><td>129,009</td><td>70,883</td><td>39,832</td><td>31,051</td><td>58,126</td><td>5,997</td><td>52,129</td><td>112,519</td><td>60,779</td><td>30,847</td><td>29,932</td><td>51,740</td><td>3,531</td><td>48,209</td></tr></table>
102
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(in thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th>1945 December</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>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><td>3,494</td><td>1,085</td></tr><tr><td>France</td><td>-90</td><td>-140</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td><td>-108</td><td>-167</td><td>-39</td><td>-148</td><td>-197</td></tr><tr><td>Belgium</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><td>-48</td><td>-133</td></tr><tr><td>Germany</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>-13</td><td>-13</td><td>-13</td></tr><tr><td>Italy</td><td>-61</td><td>-64</td><td>-64</td><td>-64</td><td>-54</td><td>-53</td><td>-53</td><td>-53</td><td>-57</td><td>-72</td><td>-56</td><td>-58</td><td>-46</td></tr><tr><td>Netherlands</td><td>-677</td><td>-356</td><td>-310</td><td>-6</td><td>8</td><td>15</td><td>31</td><td>192</td><td>202</td><td>204</td><td>217</td><td>229</td><td>156</td></tr><tr><td>Portugal</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><td>-66</td><td>-5</td></tr><tr><td>Spain</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td><td>-74</td><td>-120</td><td>-86</td><td>-83</td><td>-86</td><td>-81</td></tr><tr><td>Sweden</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><td>17</td><td>507</td></tr><tr><td>Switzerland</td><td>56</td><td>228</td><td>88</td><td>264</td><td>138</td><td>172</td><td>132</td><td>237</td><td>225</td><td>229</td><td>235</td><td>210</td><td>-108</td></tr><tr><td>Other Europe</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><td>69</td><td>207</td></tr><tr><td><b>Total Europe</b></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>3,323</td><td>3,600</td><td>1,372</td></tr><tr><td><b>Canada</b></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><td>10,248</td><td>11,271</td></tr><tr><td><b>Latlo America</b></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>1,001</td><td>1,112</td><td>1,161</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>-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><td>174</td><td>115</td></tr><tr><td>Hong Kong</td><td>-2,536</td><td>-3,297</td><td>-4,537</td><td>-4,515</td><td>-3,683</td><td>-3,673</td><td>-3,598</td><td>-3,093</td><td>-3,576</td><td>-3,383</td><td>-3,014</td><td>-2,879</td><td>-3,375</td></tr><tr><td>Japan</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><td>-15</td><td>-15</td></tr><tr><td>Other Asia</td><td>-243</td><td>-637</td><td>-859</td><td>-707</td><td>-1,632</td><td>-1,318</td><td>-2,108</td><td>-2,028</td><td>-1,052</td><td>-1,011</td><td>-862</td><td>-831</td><td>-1,039</td></tr><tr><td><b>Total Asia</b></td><td>-2,859</td><td>-3,991</td><td>-5,293</td><td>-5,790</td><td>-5,693</td><td>-5,515</td><td>-5,920</td><td>-5,148</td><td>-4,655</td><td>-4,164</td><td>-3,884</td><td>-3,553</td><td>-4,314</td></tr><tr><td><b>All other</b></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><td>1,079</td><td>820</td></tr><tr><td><b>Grand total</b></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><td>12,486</td><td>10,310</td></tr></table>
May 1947
103
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th colspan="9">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total: 1946-January</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>April</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>21,309</td><td>16,549</td><td>16,532</td><td>-</td><td>-</td><td>68</td><td>-</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>June</td><td>24,178</td><td>18,755</td><td>18,650</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>336</td></tr><tr><td>July</td><td>51,390</td><td>44,868</td><td>44,425</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>188</td></tr><tr><td>August</td><td>47,162</td><td>40,258</td><td>40,041</td><td>2</td><td>-</td><td>-</td><td>5</td><td>-</td><td>32</td><td>-</td><td>80</td></tr><tr><td>September</td><td>45,503</td><td>37,378</td><td>37,211</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>October</td><td>42,496</td><td>31,711</td><td>31,673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>8</td></tr><tr><td>November</td><td>43,434</td><td>32,270</td><td>32,199</td><td>1</td><td>5</td><td>-</td><td>4</td><td>-</td><td>22</td><td>-</td><td>70</td></tr><tr><td>December</td><td>44,840</td><td>30,885</td><td>30,698</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: 1946-January</td></tr><tr><td>February</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>March</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>April</td><td>1,302</td><td>313</td><td>313</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</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>10</td><td>-</td></tr><tr><td>August</td><td>2,116</td><td>820</td><td>808</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>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>41</td><td>-</td><td>-</td></tr><tr><td>November</td><td>4,464</td><td>2,164</td><td>2,119</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>3,767</td><td>1,042</td><td>1,016</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td></tr><tr><td colspan="11">From domestic customers: 1946-January</td></tr><tr><td>February</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>March</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>April</td><td>19,361</td><td>14,350</td><td>14,343</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>22,695</td><td>17,275</td><td>17,267</td><td>-</td><td>-</td><td>68</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>20,761</td><td>16,463</td><td>16,446</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>22,690</td><td>18,367</td><td>18,283</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>-</td><td>336</td></tr><tr><td>August</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>178</td></tr><tr><td>September</td><td>45,046</td><td>39,418</td><td>39,233</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>80</td></tr><tr><td>October</td><td>43,561</td><td>36,738</td><td>36,606</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>November</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>8</td></tr><tr><td>December</td><td>38,970</td><td>30,106</td><td>30,080</td><td>1</td><td>5</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>70</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total: 1946-January</td><td>37,241</td><td>23,613</td><td>22,843</td><td>6</td><td>51</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>150</td></tr><tr><td>February</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>73</td></tr><tr><td>March</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>20</td></tr><tr><td>April</td><td>49,539</td><td>40,464</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>May</td><td>45,833</td><td>38,535</td><td>38,348</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>137</td></tr><tr><td>June</td><td>52,636</td><td>40,900</td><td>40,447</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>401</td></tr><tr><td>July</td><td>105,310</td><td>92,280</td><td>90,958</td><td>19</td><td>42</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>1,081</td></tr><tr><td>August</td><td>96,494</td><td>84,343</td><td>83,283</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>863</td></tr><tr><td>September</td><td>89,762</td><td>77,177</td><td>76,310</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>118</td><td>1</td><td>644</td></tr><tr><td>October</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>November</td><td>75,874</td><td>67,072</td><td>66,412</td><td>22</td><td>1</td><td>-</td><td>11</td><td>9</td><td>45</td><td>1</td><td>505</td></tr><tr><td>December</td><td>75,662</td><td>61,781</td><td>60,940</td><td>14</td><td>10</td><td>-</td><td>11</td><td>9</td><td>22</td><td>1</td><td>650</td></tr><tr><td colspan="11">To foreign customers: 1946-January</td></tr><tr><td>February</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>March</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>April</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>May</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>June</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>July</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>August</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>September</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>October</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>November</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>December</td><td>2,185</td><td>867</td><td>476</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>350</td></tr><tr><td>December</td><td>3,049</td><td>344</td><td>133</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>182</td></tr><tr><td colspan="11">To domestic customers: 1946-January</td></tr><tr><td>February</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>March</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>April</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>May</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>June</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>July</td><td>51,352</td><td>39,620</td><td>39,568</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><tr><td>August</td><td>102,644</td><td>89,614</td><td>88,860</td><td>19</td><td>39</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>516</td></tr><tr><td>September</td><td>91,974</td><td>80,323</td><td>79,715</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>411</td></tr><tr><td>October</td><td>88,452</td><td>76,497</td><td>75,722</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>86</td><td>1</td><td>584</td></tr><tr><td>November</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><tr><td>December</td><td>73,689</td><td>66,205</td><td>65,956</td><td>22</td><td>1</td><td>-</td><td>11</td><td>9</td><td>4</td><td>1</td><td>155</td></tr><tr><td>December</td><td>72,613</td><td>61,437</td><td>60,807</td><td>14</td><td>10</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>468</td></tr></table>
(Continued on following page)
104
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th 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">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>China and Manchuria</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total: 1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>627</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td>-</td><td>556</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td>-</td><td>663</td><td>52</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,557</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>379</td><td>52</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>171</td><td>60</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td>-</td><td>834</td><td>24</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,552</td><td>190</td><td>1,028</td><td>-</td><td>1,334</td><td>616</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,376</td><td>2,283</td><td>20</td><td>1,158</td><td>-</td><td>1,105</td><td>701</td></tr><tr><td>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>1,190</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>1,144</td><td>191</td></tr><tr><td>November</td><td>11</td><td>10</td><td>2,107</td><td>4,370</td><td>4,575</td><td>-</td><td>3,057</td><td>-</td><td>1,518</td><td>112</td></tr><tr><td>December</td><td>61</td><td>25</td><td>3,647</td><td>5,469</td><td>4,715</td><td>-</td><td>1,816</td><td>-</td><td>2,899</td><td>124</td></tr><tr><td>From foreign customers: 1946-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,774</td><td>380</td><td>864</td><td>-</td><td>530</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>73</td><td>-</td><td>997</td><td>380</td><td>61</td><td>-</td><td>556</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>4</td><td>703</td><td>-</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td>April</td><td>-</td><td>-</td><td>105</td><td>-</td><td>954</td><td>-</td><td>675</td><td>-</td><td>279</td><td>52</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410</td><td>-</td><td>241</td><td>-</td><td>169</td><td>52</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,076</td><td>-</td><td>514</td><td>-</td><td>562</td><td>24</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>19</td><td>875</td><td>10</td><td>613</td><td>-</td><td>252</td><td>122</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>19</td><td>1,155</td><td>-</td><td>440</td><td>-</td><td>715</td><td>122</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,181</td><td>-</td><td>676</td><td>-</td><td>505</td><td>104</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>17</td><td>903</td><td>-</td><td>407</td><td>-</td><td>496</td><td>104</td></tr><tr><td>November</td><td>4</td><td>-</td><td>-</td><td>17</td><td>2,179</td><td>-</td><td>1,726</td><td>-</td><td>453</td><td>104</td></tr><tr><td>December</td><td>-</td><td>4</td><td>-</td><td>47</td><td>2,560</td><td>-</td><td>1,050</td><td>-</td><td>1,510</td><td>118</td></tr><tr><td>From domestic customers: 1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>97</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>65</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>779</td><td>-</td><td>142</td><td>-</td></tr><tr><td>April</td><td>-</td><td>7</td><td>3,462</td><td>938</td><td>1,020</td><td>-</td><td>920</td><td>-</td><td>100</td><td>-</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>765</td><td>18</td><td>745</td><td>-</td><td>2</td><td>8</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>1,498</td><td>322</td><td>904</td><td>-</td><td>272</td><td>-</td></tr><tr><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>1,677</td><td>180</td><td>415</td><td>-</td><td>1,082</td><td>494</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,357</td><td>1,128</td><td>20</td><td>718</td><td>-</td><td>390</td><td>579</td></tr><tr><td>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><td>429</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><td>87</td></tr><tr><td>November</td><td>7</td><td>10</td><td>2,107</td><td>4,353</td><td>2,396</td><td>-</td><td>1,331</td><td>-</td><td>1,065</td><td>8</td></tr><tr><td>December</td><td>61</td><td>21</td><td>3,647</td><td>5,422</td><td>2,155</td><td>-</td><td>766</td><td>-</td><td>1,389</td><td>6</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total: 1946-January</td><td>-</td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,967</td><td>662</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>582</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>171</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,249</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>November</td><td>7</td><td>39</td><td>3,457</td><td>1,632</td><td>2,686</td><td>19</td><td>58</td><td>4</td><td>2,605</td><td>1,027</td></tr><tr><td>December</td><td>76</td><td>48</td><td>5,613</td><td>2,520</td><td>4,757</td><td>19</td><td>68</td><td>4</td><td>4,666</td><td>991</td></tr><tr><td>To foreign customers: 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>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>130</td><td>-</td><td>-</td><td>130</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>170</td><td>-</td><td>-</td><td>170</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>18</td><td>500</td><td>800</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,905</td><td>800</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>December</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers: 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><tr><td>November</td><td>7</td><td>39</td><td>3,439</td><td>1,132</td><td>1,886</td><td>19</td><td>58</td><td>4</td><td>1,805</td><td>1,027</td></tr><tr><td>December</td><td>69</td><td>48</td><td>5,613</td><td>615</td><td>3,957</td><td>19</td><td>68</td><td>4</td><td>3,866</td><td>991</td></tr></table>
May 1947
105
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1946-January</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>Spot</td><td>11,118</td><td>5,777</td><td>3,698</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>February</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>20</td><td>573</td><td>821</td><td>356</td></tr><tr><td>March</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>April</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>Spot</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>May</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Spot</td><td>129,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>-</td><td>10</td><td>206</td><td>1,654</td><td>370</td></tr><tr><td>June</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</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>July</td><td>44,812</td><td>37,888</td><td>37,403</td><td>-</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</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>August</td><td>20,086</td><td>15,233</td><td>15,216</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Spot</td><td>134,646</td><td>77,268</td><td>60,724</td><td>1,858</td><td>764</td><td>-</td><td>25</td><td>120</td><td>3,008</td><td>307</td></tr><tr><td>September</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>October</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>140,714</td><td>81,388</td><td>69,305</td><td>1,808</td><td>1,011</td><td>-</td><td>10</td><td>157</td><td>807</td><td>254</td></tr><tr><td>November</td><td>21,365</td><td>15,398</td><td>15,342</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>167,768</td><td>92,496</td><td>73,866</td><td>3,750</td><td>1,189</td><td>-</td><td>35</td><td>223</td><td>1,123</td><td>318</td></tr><tr><td>December</td><td>26,396</td><td>17,597</td><td>17,435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks: 1946-January</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>7,229</td><td>2,783</td><td>2,704</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>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>March</td><td>95,299</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>Spot</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>April</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>Spot</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>Spot</td><td>7,257</td><td>4,165</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>June</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>-</td><td>10</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>Spot</td><td>10,889</td><td>6,601</td><td>6,580</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>154,151</td><td>117,486</td><td>97,964</td><td>2,026</td><td>1,159</td><td>-</td><td>49</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>Spot</td><td>30,633</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</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>September</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>October</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>Spot</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>November</td><td>81,816</td><td>50,314</td><td>39,980</td><td>1,467</td><td>933</td><td>-</td><td>8</td><td>127</td><td>794</td><td>177</td></tr><tr><td>Spot</td><td>15,485</td><td>11,751</td><td>11,695</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>December</td><td>102,682</td><td>60,134</td><td>45,306</td><td>1,793</td><td>1,025</td><td>-</td><td>18</td><td>218</td><td>1,032</td><td>261</td></tr><tr><td>Spot</td><td>16,338</td><td>10,772</td><td>10,633</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from others: 1946-January</td></tr><tr><td>Spot</td><td>42,447</td><td>18,839</td><td>18,140</td><td>49</td><td>26</td><td>-</td><td>-</td><td>3</td><td>44</td><td>56</td></tr><tr><td>Forward</td><td>3,889</td><td>2,994</td><td>2,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</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>Spot</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>March</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>Spot</td><td>5,765</td><td>3,888</td><td>3,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</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>Spot</td><td>6,788</td><td>5,129</td><td>5,129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</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>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>June</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>Spot</td><td>3,009</td><td>1,718</td><td>1,650</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</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>-</td><td>5</td></tr><tr><td>September</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>October</td><td>54,940</td><td>28,579</td><td>27,056</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>10,733</td><td>4,497</td><td>4,493</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>58,898</td><td>31,074</td><td>29,325</td><td>341</td><td>78</td><td>-</td><td>2</td><td>30</td><td>13</td><td>77</td></tr><tr><td>Spot</td><td>5,880</td><td>3,647</td><td>3,647</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>65,086</td><td>32,362</td><td>28,560</td><td>1,957</td><td>164</td><td>-</td><td>17</td><td>5</td><td>91</td><td>57</td></tr><tr><td>Spot</td><td>10,058</td><td>6,826</td><td>6,802</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
106
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th 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: 1946-January</td><td>Spot......</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>3,875</td><td>-</td><td>3,875</td><td>6,624</td></tr><tr><td></td><td>Forward......</td><td>75</td><td>-</td><td>-</td><td>4,497</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>February</td><td>Spot......</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,035</td><td>9</td><td>5,029</td><td>6,785</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>1,421</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>4,452</td><td>537</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>April</td><td>Spot......</td><td>2,209</td><td>5,590</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td></td><td>Forward......</td><td>78</td><td>-</td><td>-</td><td>3,581</td><td>248</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>Spot......</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,708</td><td>4,895</td><td>7,240</td><td>-</td><td>7,240</td><td>10,613</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>3,306</td><td>114</td><td>912</td><td>-</td><td>912</td><td>-</td></tr><tr><td>June</td><td>Spot......</td><td>2,867</td><td>5,502</td><td>375</td><td>38,895</td><td>6,414</td><td>7,281</td><td>-</td><td>7,281</td><td>9,766</td></tr><tr><td></td><td>Forward......</td><td>21</td><td>-</td><td>-</td><td>3,306</td><td>370</td><td>1,903</td><td>-</td><td>1,903</td><td>-</td></tr><tr><td>July</td><td>Spot......</td><td>5,371</td><td>9,600</td><td>753</td><td>37,395</td><td>6,528</td><td>8,422</td><td>-</td><td>8,422</td><td>12,873</td></tr><tr><td></td><td>Forward......</td><td>417</td><td>-</td><td>-</td><td>3,468</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>August</td><td>Spot......</td><td>2,877</td><td>4,952</td><td>562</td><td>34,647</td><td>6,748</td><td>6,689</td><td>-</td><td>6,689</td><td>12,716</td></tr><tr><td></td><td>Forward......</td><td>10</td><td>-</td><td>-</td><td>3,168</td><td>500</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td>September</td><td>Spot......</td><td>4,664</td><td>5,470</td><td>328</td><td>34,699</td><td>5,768</td><td>7,893</td><td>-</td><td>7,893</td><td>9,018</td></tr><tr><td></td><td>Forward......</td><td>21</td><td>-</td><td>-</td><td>3,054</td><td>347</td><td>1,404</td><td>-</td><td>1,404</td><td>3</td></tr><tr><td>October</td><td>Spot......</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></td><td>Forward......</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>November</td><td>Spot......</td><td>2,545</td><td>5,100</td><td>391</td><td>31,296</td><td>5,856</td><td>8,554</td><td>-</td><td>8,554</td><td>13,620</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>4</td><td>10</td><td>2,384</td><td>-</td><td>3,583</td><td>-</td><td>3,583</td><td>-</td></tr><tr><td>December</td><td>Spot......</td><td>3,096</td><td>8,203</td><td>693</td><td>40,131</td><td>10,387</td><td>9,867</td><td>-</td><td>9,867</td><td>14,837</td></tr><tr><td></td><td>Forward......</td><td>72</td><td>64</td><td>4</td><td>4,310</td><td>1,359</td><td>3,108</td><td>-</td><td>3,108</td><td>22</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1946-January</td><td>Spot......</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>-</td><td>3,633</td><td>1,821</td></tr><tr><td></td><td>Forward......</td><td>75</td><td>-</td><td>-</td><td>3,602</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>February</td><td>Spot......</td><td>1,850</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>1,093</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>2,219</td><td>6,702</td><td>543</td><td>28,038</td><td>3,365</td><td>6,530</td><td>-</td><td>6,530</td><td>1,893</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>April</td><td>Spot......</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td></td><td>Forward......</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>Spot......</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</td><td>-</td></tr><tr><td>June</td><td>Spot......</td><td>2,727</td><td>5,350</td><td>295</td><td>20,188</td><td>5,284</td><td>6,820</td><td>-</td><td>6,820</td><td>1,592</td></tr><tr><td></td><td>Forward......</td><td>21</td><td>-</td><td>-</td><td>2,725</td><td>-</td><td>1,563</td><td>-</td><td>1,563</td><td>-</td></tr><tr><td>July</td><td>Spot......</td><td>4,194</td><td>9,480</td><td>563</td><td>19,558</td><td>5,355</td><td>7,977</td><td>-</td><td>7,977</td><td>3,175</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>2,582</td><td>-</td><td>1,658</td><td>-</td><td>1,658</td><td>680</td></tr><tr><td>August</td><td>Spot......</td><td>2,453</td><td>4,858</td><td>350</td><td>19,443</td><td>4,756</td><td>6,009</td><td>-</td><td>6,009</td><td>2,745</td></tr><tr><td></td><td>Forward......</td><td>10</td><td>-</td><td>-</td><td>2,571</td><td>-</td><td>1,161</td><td>-</td><td>1,161</td><td>24</td></tr><tr><td>September</td><td>Spot......</td><td>2,703</td><td>5,070</td><td>210</td><td>19,515</td><td>4,131</td><td>7,112</td><td>-</td><td>7,112</td><td>2,620</td></tr><tr><td></td><td>Forward......</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>October</td><td>Spot......</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></td><td>Forward......</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>November</td><td>Spot......</td><td>1,619</td><td>4,928</td><td>281</td><td>17,791</td><td>3,831</td><td>8,095</td><td>-</td><td>8,095</td><td>1,785</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>4</td><td>10</td><td>1,666</td><td>-</td><td>2,068</td><td>-</td><td>2,068</td><td>-</td></tr><tr><td>December</td><td>Spot......</td><td>2,255</td><td>7,752</td><td>474</td><td>24,263</td><td>7,316</td><td>9,272</td><td>-</td><td>9,272</td><td>1,697</td></tr><tr><td></td><td>Forward......</td><td>72</td><td>40</td><td>4</td><td>2,811</td><td>-</td><td>2,734</td><td>-</td><td>2,734</td><td>22</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1946-January</td><td>Spot......</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>-</td><td>242</td><td>4,803</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot......</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>830</td><td>732</td><td>-</td><td>732</td><td>4,903</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>328</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>262</td><td>229</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>-</td><td>643</td><td>6,382</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot......</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,254</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>1,411</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot......</td><td>99</td><td>47</td><td>175</td><td>17,942</td><td>1,191</td><td>503</td><td>-</td><td>503</td><td>8,503</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>616</td><td>114</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>June</td><td>Spot......</td><td>140</td><td>152</td><td>80</td><td>18,707</td><td>1,130</td><td>461</td><td>-</td><td>461</td><td>8,171</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>581</td><td>370</td><td>340</td><td>-</td><td>340</td><td>-</td></tr><tr><td>July</td><td>Spot......</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>445</td><td>-</td><td>445</td><td>9,103</td></tr><tr><td></td><td>Forward......</td><td>417</td><td>-</td><td>-</td><td>586</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr><tr><td>August</td><td>Spot......</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></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>597</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot......</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></td><td>Forward......</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>October</td><td>Spot......</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>8,304</td></tr><tr><td></td><td>Forward......</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>November</td><td>Spot......</td><td>926</td><td>172</td><td>110</td><td>13,505</td><td>2,025</td><td>1,559</td><td>-</td><td>1,559</td><td>11,735</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>-</td><td>-</td><td>718</td><td>-</td><td>1,515</td><td>-</td><td>1,515</td><td>-</td></tr><tr><td>December</td><td>Spot......</td><td>841</td><td>451</td><td>219</td><td>15,868</td><td>3,071</td><td>595</td><td>-</td><td>595</td><td>13,190</td></tr><tr><td></td><td>Forward......</td><td>-</td><td>24</td><td>-</td><td>1,499</td><td>1,359</td><td>374</td><td>-</td><td>374</td><td>-</td></tr></table>
(Continued on following page)
May 1947
107
tion in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1946-January</td><td>96,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>-</td><td>2</td><td>49</td><td>575</td><td>504</td></tr><tr><td>Spot</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>98,862</td><td>63,621</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>February</td><td>19,294</td><td>12,200</td><td>12,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>-</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>Forward</td><td>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>March</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>-</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>Spot</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>Forward</td><td>124,190</td><td>75,340</td><td>61,123</td><td>1,489</td><td>1,119</td><td>-</td><td>16</td><td>617</td><td>1,008</td><td>370</td></tr><tr><td>April</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Spot</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>-</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>Forward</td><td>23,010</td><td>12,120</td><td>11,856</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>Spot</td><td>75,915</td><td>65,774</td><td>61,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Forward</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>-</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>July</td><td>24,874</td><td>19,078</td><td>18,991</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td>Spot</td><td>133,078</td><td>81,287</td><td>65,960</td><td>1,878</td><td>889</td><td>-</td><td>37</td><td>110</td><td>3,030</td><td>294</td></tr><tr><td>Forward</td><td>26,815</td><td>20,195</td><td>20,118</td><td>6</td><td>1</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>September</td><td>152,390</td><td>98,846</td><td>84,893</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>Spot</td><td>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>October</td><td>138,051</td><td>82,170</td><td>69,756</td><td>1,925</td><td>997</td><td>-</td><td>13</td><td>141</td><td>897</td><td>259</td></tr><tr><td>Spot</td><td>24,004</td><td>19,106</td><td>18,969</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>November</td><td>172,330</td><td>104,662</td><td>86,253</td><td>3,796</td><td>1,275</td><td>-</td><td>21</td><td>289</td><td>1,056</td><td>320</td></tr><tr><td>Spot</td><td>23,715</td><td>14,490</td><td>14,302</td><td>-</td><td>9</td><td>-</td><td>-</td><td>8</td><td>22</td><td>-</td></tr><tr><td>December</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Salee to banks: 1946-January</td></tr><tr><td>Spot</td><td>37,088</td><td>19,137</td><td>16,195</td><td>82</td><td>17</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>Forward</td><td>6,220</td><td>3,980</td><td>3,877</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>36,936</td><td>21,504</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>Spot</td><td>7,919</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>-</td><td>-</td><td>5</td><td>590</td><td>215</td></tr><tr><td>Spot</td><td>13,510</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>56,615</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>Spot</td><td>10,219</td><td>7,161</td><td>7,060</td><td>438</td><td>179</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>52,157</td><td>31,548</td><td>26,453</td><td>-</td><td>424</td><td>-</td><td>3</td><td>5</td><td>681</td><td>228</td></tr><tr><td>May</td><td>9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>53,182</td><td>30,367</td><td>26,585</td><td>246</td><td>165</td><td>-</td><td>-</td><td>135</td><td>475</td><td>191</td></tr><tr><td>June</td><td>8,919</td><td>6,275</td><td>6,011</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td>July</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>462</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Spot</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>August</td><td>14,639</td><td>12,231</td><td>12,211</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Spot</td><td>64,725</td><td>41,149</td><td>33,361</td><td>453</td><td>305</td><td>-</td><td>13</td><td>19</td><td>2,763</td><td>89</td></tr><tr><td>September</td><td>18,001</td><td>14,987</td><td>14,955</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Spot</td><td>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>October</td><td>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>Spot</td><td>68,064</td><td>41,697</td><td>37,034</td><td>482</td><td>269</td><td>-</td><td>-</td><td>33</td><td>640</td><td>78</td></tr><tr><td>November</td><td>13,532</td><td>10,333</td><td>10,269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>88,208</td><td>56,020</td><td>47,489</td><td>2,171</td><td>429</td><td>-</td><td>1</td><td>37</td><td>713</td><td>109</td></tr><tr><td>December</td><td>15,029</td><td>10,954</td><td>10,831</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Sales to others: 1946-January</td></tr><tr><td>Spot</td><td>59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td>Forward</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>4</td><td>271</td><td>306</td><td>106</td></tr><tr><td>Spot</td><td>11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>-</td><td>21</td><td>259</td><td>273</td><td>143</td></tr><tr><td>Spot</td><td>10,185</td><td>6,188</td><td>6,186</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>-</td><td>26</td><td>155</td><td>265</td><td>98</td></tr><tr><td>Spot</td><td>9,380</td><td>4,980</td><td>4,959</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>May</td><td>72,033</td><td>43,792</td><td>34,670</td><td>1,051</td><td>695</td><td>-</td><td>13</td><td>612</td><td>327</td><td>142</td></tr><tr><td>Spot</td><td>7,616</td><td>3,011</td><td>2,997</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>June</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>512</td><td>-</td><td>12</td><td>50</td><td>1,128</td><td>165</td></tr><tr><td>Spot</td><td>14,091</td><td>5,845</td><td>5,845</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>90,194</td><td>60,775</td><td>46,625</td><td>1,601</td><td>773</td><td>-</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td>Spot</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td></tr><tr><td>August</td><td>70,211</td><td>38,593</td><td>30,432</td><td>1,135</td><td>1,120</td><td>-</td><td>17</td><td>283</td><td>329</td><td>211</td></tr><tr><td>Spot</td><td>10,235</td><td>6,847</td><td>6,780</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>September</td><td>68,353</td><td>40,138</td><td>32,599</td><td>1,425</td><td>584</td><td>-</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>Spot</td><td>8,814</td><td>5,208</td><td>5,163</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>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>Spot</td><td>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><tr><td>November</td><td>69,987</td><td>40,473</td><td>32,722</td><td>1,443</td><td>728</td><td>-</td><td>13</td><td>108</td><td>257</td><td>181</td></tr><tr><td>Spot</td><td>10,472</td><td>8,773</td><td>8,700</td><td>-</td><td>6</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>December</td><td>84,122</td><td>48,642</td><td>38,764</td><td>1,625</td><td>846</td><td>-</td><td>20</td><td>252</td><td>343</td><td>211</td></tr><tr><td>Spot</td><td>8,686</td><td>3,536</td><td>3,471</td><td>-</td><td>9</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
108
Treasury Bulletin
Position in For
Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3. - Purc
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="4">Europe - (continued)</th><th colspan="2">Canada</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 colspan="2">Latin America</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><th colspan="11">Sales</th></tr><tr><td>Total sales: 1946-January</td><td>Spot</td><td>1,751</td><td>5,384</td><td>214</td><td>29,616</td><td>4,510</td><td>4,795</td><td>-</td><td>4,795</td><td>4,528</td></tr><tr><td>1946-January</td><td>Forward</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</td><td>Spot</td><td>1,982</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>9</td><td>6,272</td><td>4,177</td></tr><tr><td>February</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>March</td><td>Spot</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td>March</td><td>Forward</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>1,752</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>2,145</td><td>5,704</td><td>585</td><td>44,875</td><td>4,827</td><td>7,372</td><td>-</td><td>7,372</td><td>6,184</td></tr><tr><td>April</td><td>Forward</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>3,129</td><td>5,245</td><td>1,224</td><td>29,480</td><td>5,234</td><td>7,537</td><td>-</td><td>7,537</td><td>6,599</td></tr><tr><td>May</td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>6,139</td><td>123</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>June</td><td>Spot</td><td>2,309</td><td>5,516</td><td>416</td><td>35,016</td><td>5,900</td><td>7,562</td><td>-</td><td>7,562</td><td>5,801</td></tr><tr><td>June</td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>8,468</td><td>530</td><td>1,859</td><td>-</td><td>1,859</td><td>33</td></tr><tr><td>July</td><td>Spot</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,659</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td>July</td><td>Forward</td><td>1,161</td><td>-</td><td>114</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>1,743</td><td>1,868</td></tr><tr><td>August</td><td>Spot</td><td>3,111</td><td>4,965</td><td>560</td><td>33,219</td><td>6,390</td><td>7,016</td><td>-</td><td>7,016</td><td>6,348</td></tr><tr><td>August</td><td>Forward</td><td>23</td><td>-</td><td>-</td><td>4,342</td><td>645</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td>September</td><td>Spot</td><td>3,316</td><td>5,470</td><td>303</td><td>31,523</td><td>6,124</td><td>8,877</td><td>-</td><td>8,877</td><td>5,267</td></tr><tr><td>September</td><td>Forward</td><td>35</td><td>-</td><td>-</td><td>5,334</td><td>460</td><td>427</td><td>-</td><td>427</td><td>399</td></tr><tr><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>October</td><td>Forward</td><td>590</td><td>-</td><td>-</td><td>4,832</td><td>3,325</td><td>695</td><td>-</td><td>695</td><td>44</td></tr><tr><td>November</td><td>Spot</td><td>2,593</td><td>5,120</td><td>469</td><td>31,349</td><td>6,113</td><td>10,520</td><td>-</td><td>10,520</td><td>7,899</td></tr><tr><td>November</td><td>Forward</td><td>49</td><td>7</td><td>30</td><td>3,083</td><td>58</td><td>1,701</td><td>-</td><td>1,701</td><td>56</td></tr><tr><td>December</td><td>Spot</td><td>2,606</td><td>8,526</td><td>520</td><td>39,286</td><td>9,686</td><td>11,532</td><td>-</td><td>11,532</td><td>7,164</td></tr><tr><td>December</td><td>Forward</td><td>70</td><td>70</td><td>9</td><td>4,939</td><td>1,410</td><td>2,844</td><td>-</td><td>2,844</td><td>32</td></tr><tr><th colspan="11">Sales to banks: 1946-January</th></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>1946-January</td><td>Forward</td><td>99</td><td>-</td><td>-</td><td>2,058</td><td>182</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>1,076</td><td>1,046</td><td>36</td><td>7,838</td><td>614</td><td>1,577</td><td>-</td><td>1,577</td><td>2,403</td></tr><tr><td>February</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</td><td>431</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td>March</td><td>Forward</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td>April</td><td>Forward</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>1,516</td><td>877</td><td>923</td><td>14,673</td><td>927</td><td>991</td><td>-</td><td>991</td><td>4,018</td></tr><tr><td>May</td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>1,072</td><td>1,408</td><td>90</td><td>17,058</td><td>1,274</td><td>534</td><td>-</td><td>534</td><td>3,939</td></tr><tr><td>June</td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>2,458</td><td>53</td><td>133</td><td>-</td><td>133</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,968</td><td>1,326</td><td>148</td><td>15,793</td><td>1,191</td><td>1,102</td><td>-</td><td>1,102</td><td>4,411</td></tr><tr><td>July</td><td>Forward</td><td>417</td><td>-</td><td>38</td><td>2,452</td><td>103</td><td>94</td><td>-</td><td>94</td><td>297</td></tr><tr><td>August</td><td>Spot</td><td>1,928</td><td>1,544</td><td>98</td><td>15,217</td><td>1,663</td><td>431</td><td>-</td><td>431</td><td>4,044</td></tr><tr><td>August</td><td>Forward</td><td>7</td><td>-</td><td>-</td><td>1,846</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>2,237</td><td>1,871</td><td>38</td><td>16,211</td><td>2,176</td><td>1,855</td><td>-</td><td>1,855</td><td>3,334</td></tr><tr><td>September</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,854</td><td>-</td><td>160</td><td>-</td><td>160</td><td>-</td></tr><tr><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>October</td><td>Forward</td><td>336</td><td>-</td><td>-</td><td>2,104</td><td>36</td><td>586</td><td>-</td><td>586</td><td>4</td></tr><tr><td>November</td><td>Spot</td><td>1,575</td><td>1,473</td><td>113</td><td>16,190</td><td>1,905</td><td>3,525</td><td>-</td><td>3,525</td><td>4,747</td></tr><tr><td>November</td><td>Forward</td><td>16</td><td>7</td><td>-</td><td>1,682</td><td>51</td><td>1,466</td><td>-</td><td>1,466</td><td>-</td></tr><tr><td>December</td><td>Spot</td><td>1,213</td><td>3,769</td><td>89</td><td>20,970</td><td>2,574</td><td>2,718</td><td>-</td><td>2,718</td><td>5,926</td></tr><tr><td>December</td><td>Forward</td><td>70</td><td>31</td><td>-</td><td>2,362</td><td>1,300</td><td>413</td><td>-</td><td>413</td><td>-</td></tr><tr><th colspan="11">Sales to others: 1946-January</th></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>1946-January</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>787</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>February</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>February</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,059</td><td>630</td><td>1,577</td><td>-</td><td>1,577</td><td>19</td></tr><tr><td>March</td><td>Spot</td><td>1,243</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td>March</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>1,222</td><td>-</td></tr><tr><td>April</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>April</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>1,613</td><td>4,368</td><td>301</td><td>14,807</td><td>4,307</td><td>6,546</td><td>-</td><td>6,546</td><td>2,581</td></tr><tr><td>May</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</td><td>307</td><td>171</td></tr><tr><td>June</td><td>Spot</td><td>1,237</td><td>4,108</td><td>326</td><td>17,948</td><td>4,626</td><td>7,028</td><td>-</td><td>7,028</td><td>1,862</td></tr><tr><td>June</td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>477</td><td>1,726</td><td>-</td><td>1,726</td><td>31</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>4,458</td><td>7,079</td><td>-</td><td>7,079</td><td>2,477</td></tr><tr><td>July</td><td>Forward</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr><tr><td>August</td><td>Spot</td><td>1,183</td><td>3,421</td><td>462</td><td>18,002</td><td>4,727</td><td>6,585</td><td>-</td><td>6,585</td><td>2,304</td></tr><tr><td>August</td><td>Forward</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td>September</td><td>Spot</td><td>1,079</td><td>3,599</td><td>265</td><td>15,312</td><td>3,948</td><td>7,022</td><td>-</td><td>7,022</td><td>1,933</td></tr><tr><td>September</td><td>Forward</td><td>35</td><td>-</td><td>-</td><td>2,480</td><td>460</td><td>267</td><td>-</td><td>267</td><td>399</td></tr><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>October</td><td>Forward</td><td>254</td><td>-</td><td>-</td><td>2,728</td><td>3,289</td><td>109</td><td>-</td><td>109</td><td>40</td></tr><tr><td>November</td><td>Spot</td><td>1,018</td><td>3,647</td><td>356</td><td>15,159</td><td>4,208</td><td>6,995</td><td>-</td><td>6,995</td><td>3,152</td></tr><tr><td>November</td><td>Forward</td><td>33</td><td>-</td><td>30</td><td>1,401</td><td>7</td><td>235</td><td>-</td><td>235</td><td>56</td></tr><tr><td>December</td><td>Spot</td><td>1,393</td><td>4,757</td><td>431</td><td>18,316</td><td>7,112</td><td>8,814</td><td>-</td><td>8,814</td><td>1,238</td></tr><tr><td>December</td><td>Forward</td><td>-</td><td>39</td><td>9</td><td>2,577</td><td>110</td><td>2,431</td><td>-</td><td>2,431</td><td>32</td></tr></table>
U.S. TREASURY LIBRARY
1 0031953