TREASURY BULLETIN
JUNE - 1947
LIBRARY ROOM 5013
JUIN 13 1947 TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
June 1947
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr></table>
<table><tr><td>Article section:</td><td></td></tr><tr><td>Statement by Secretary Snyder on H.R. 1 (tax reduction), before the Senate Finance Committee</td><td>A-1</td></tr><tr><td>Treasury market financing</td><td>A-5</td></tr><tr><td>Individual and taxable fiduciary income tax returns for 1943</td><td>A-6</td></tr></table>
<table><tr><td>Statistical section:</td><td></td></tr><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>59</td></tr><tr><td>Internal revenue statistics</td><td>66</td></tr><tr><td>Monetary statistics</td><td>71</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>76</td></tr></table>
Note:
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2"></th><th colspan="2">June</th><th colspan="11">1947</th><th colspan="8">1946</th></tr><tr><th>June</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></tr><tr><td>Articles</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Snyder on H.R. 1 (tax reduction) before the Senate Finance Committee</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><td></td></tr><tr><td>The role of savings bonds in public debt management (speech by Secretary Snyder)</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>America's foreign economic policy (speech by Secretary Snyder)</td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spreading the public debt (speech by Under Secretary Wiggins)</td><td></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></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>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></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></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></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></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></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></td><td>A-1</td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinson)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>Other speechee by Treasury officials</td><td></td><td>A-10</td><td>A-4</td><td></td><td>A-3</td><td>A-5</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td></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><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><td></td></tr><tr><td>Bank purchase 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><td></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>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-11</td><td></td></tr><tr><td>Statistics of income: Individual and taxable fiduciary income tax returns: Final report for 1943</td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profit tax returns: Preliminary report for 1944</td><td></td><td>A-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Final report for 1943</td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank financing</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing</td><td>A-5</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></td></tr></table>
(Continued on following page)
June 1947
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">1947</th><th colspan="7">1946</th></tr><tr><th></th><th>June</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures</td><td></td><td></td><td></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>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Summary by major classifications.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>7</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>7</td><td>8</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>7</td><td>8</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>8</td><td>9</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>8</td><td>9</td><td></td><td></td><td></td></tr><tr><td>Total budgetary receipts and expenditures by months and calendar years beginning with:</td><td>9</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></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>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>10</td><td>11</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>11</td><td>12</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>12</td><td>12</td><td>12</td><td>12</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>12</td><td>13</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>13</td><td>14</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>13</td><td>14</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>14</td><td>15</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>14</td><td>15</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>14</td><td>15</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></td><td>15-16</td><td>15-16</td><td></td><td></td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>16</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Analysis by major classifications.</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</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>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>16</td><td>17</td><td>17</td><td>17</td></tr><tr><td>January 1942.</td><td></td><td></td><td></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 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>General fund of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>17</td><td>18</td><td>19</td><td>19</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>17</td><td>18</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>17</td><td>18</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>18</td><td>19</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>20</td><td>20</td><td>20</td><td>20</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>21</td><td>21</td><td>22-23</td><td>23-24</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>20</td><td>21</td><td>21</td><td>22-23</td><td>23-24</td><td>23-24</td><td>24-25</td></tr><tr><td>Fiscal years 1936-1945.</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>22</td><td>22</td><td>23-24</td><td>24-25</td><td>24-25</td><td></td></tr><tr><td>Monthly data.</td><td>22</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></td></tr><tr><td>Chart.</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>26</td><td>27</td><td>27</td><td></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>23</td><td>24</td><td>24</td><td>26</td><td>27</td><td>27</td><td></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>24</td><td>26</td><td>27</td><td>27</td><td></td></tr><tr><td>Computed interest charge and computed interest rate.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td>26</td><td>26</td><td>26</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>27</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>28</td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>27</td><td></td><td></td><td></td></tr><tr><td>July 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>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>25</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>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1946.</td><td></td><td></td><td></td><td>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946.</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947.</td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947.</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>Insurance 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>27-29</td><td>26-28</td><td>26-28</td><td>28-30</td><td>29-31</td><td>29-31</td><td></td></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="5">Issue and page number 1947</th><th colspan="8">Issue and page number 1946</th></tr><tr><th></th><th>June</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></tr><tr><td>Public debt and guaranteed obligations of United States Government (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>30</td><td>29</td><td>29</td><td>31</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>31</td><td>30</td><td>30</td><td>32</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>32-33</td><td>31-32</td><td>31-32</td><td>33-34</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></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>34</td><td>33</td><td>33</td><td>35</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>35-37</td><td>34-36</td><td>34-36</td><td>36-38</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>38</td><td>37</td><td>37</td><td>39</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>39</td><td>38</td><td>38</td><td>40</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>40-41</td><td>39-40</td><td>39-40</td><td>41-42</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>42</td><td>41</td><td>41</td><td>43</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></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>43</td><td>42</td><td>42</td><td>44</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></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>44</td><td>42</td><td>42</td><td>44</td><td>45</td><td>45</td></tr><tr><td>Sale by denomination.</td><td>44</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></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></td><td></td><td></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></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>45</td><td>44</td><td>44</td><td>46</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>45</td><td>44</td><td>44</td><td>46</td><td>47</td><td>47</td></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>47</td><td>46</td><td>46</td><td>48</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>48</td><td>47</td><td>47</td><td>49</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></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>48</td><td>47</td><td>47</td><td>49</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></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></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>51-55</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></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>50-54</td><td></td><td></td><td></td></tr><tr><td>July 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-52</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>49-53</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>49-53</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>49-53</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></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>January 31, 1947.</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></tr><tr><td>March 31, 1947.</td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by 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></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-59</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>54-58</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>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947.</td><td>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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>57-59</td><td></td></tr><tr><td>June 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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></td><td></td><td>61-63</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>54-56</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>54-56</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>60-62</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>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></td><td>60-62</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 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></tr><tr><td>March 31, 1947.</td><td>60-62</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>Chart showing yields of Treasury securities.</td><td>63</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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1939.</td><td>64</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></tr><tr><td>Yields beginning with 1938.</td><td>65</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></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></tr></table>
(Continued on following page)
June 1947
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="8">Issue and page number</th><th colspan="5">1946</th></tr><tr><th>June</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></tr><tr><td colspan="13">Corporations and certain other agencies of the United States Government</td></tr><tr><td>Assets, liabilities, and capital: June 30, 1945.</td><td></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></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></td><td></td><td></td><td>62, 66-70</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: June 30, 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></td></tr><tr><td>September 30, 1946.</td><td></td><td></td><td></td><td>63-65</td><td></td><td>63-65</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>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td></td><td>64-69</td></tr><tr><td>First nine months, fiscal year 1946.</td><td></td><td></td><td></td><td>62-67</td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>76-81</td><td></td><td></td><td></td><td>70-75</td></tr><tr><td>First three months, fiscal year 1947.</td><td></td><td></td><td></td><td>68-73</td><td></td><td>68-73</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>68-73</td><td></td><td></td><td></td><td></td><td></td><td>82</td><td></td><td>76</td></tr><tr><td>Sources and application of funds:</td><td></td><td>74</td><td>71</td><td></td><td>74</td><td>71</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td>67</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></tr><tr><td>Summary data.</td><td>68</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></tr><tr><td>Chart.</td><td>69-70</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></tr><tr><td>Monetary statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td>81-82</td><td></td><td>81-82</td><td></td><td>66-67</td><td></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></td><td></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>72</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></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>71</td><td></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td></td><td>83</td><td></td><td>83</td><td></td><td>68</td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946.</td><td>72</td><td>83</td><td>78</td><td>72</td><td>83</td><td>78</td><td>72</td><td>68</td><td>89</td><td>74</td><td>71</td><td>83</td></tr><tr><td>December 31, 1946.</td><td>72</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>73</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></tr><tr><td>Monetary stocks of gold and silver.</td><td>73</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></tr><tr><td>Components of silver monetary stock.</td><td>74</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices.</td><td>75</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></tr><tr><td>Seignorage on silver.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries and net position in foreign currencies</td></tr><tr><td>Historical summary of net capital movement since 1935.</td><td>77-79</td><td>88-90</td><td>83-85</td><td>77-79</td><td>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></tr><tr><td>Summary by countries.</td><td>80-87</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></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>94-95</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></td><td>88-90</td><td>85-87</td><td></td></tr><tr><td>April 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>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></td><td>88-86</td><td>84-86</td><td></td><td>103-105</td><td></td><td></td><td></td></tr><tr><td>July 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>88-90</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>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1946.</td><td></td><td></td><td></td><td></td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1946.</td><td></td><td></td><td>94-96</td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1946.</td><td></td><td>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1946.</td><td>88-90</td><td>99-101</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></tr><tr><td>January 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>Position in foreign currencies.</td><td>91-97</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></tr></table>
June 1947
A-1
Statement by Secretary Snyder on H.R.1, before the Senate Finance Committee, April 22, 1947
I am glad to have this opportunity to appear before the Senate Finance Committee. You have before you H.R. 1, a bill which would make the second major postwar tax reduction. I have previously stated my views on tax reduction in my recent appearance before the House Ways and Means Committee. Today, I wish to repeat some of the reasons why I believe that no general tax reduction is advisable at this time and also to comment in more detail on certain specific aspects of H.R. 1.
I am convinced that a general tax reduction at this time is neither necessary nor appropriate. I believe that this conclusion is supported by a careful examination of both the current economic conditions and the budgetary situation. The desirability of maintaining present tax rates for this year is emphasized by the size of the public debt. Moreover, premature reduction of one tax, such as is proposed in H.R. 1, might make later achievement of a comprehensive revision of the tax system difficult or impossible. Finally, even if tax reduction were now appropriate, H.R. 1 does not make the right approach to a tax reduction program.
Economic Conditions
Present economic conditions do not call for a tax reduction. The American economy has already made a remarkably rapid transition from record wartime production to record peacetime output. Employment is high, and national income continues to reach new peacetime levels. Under these favorable economic conditions present taxes do not impose an excessive hardship on the American people.
Under present conditions, I do not believe that a tax reduction would bring about any significant increase in production, nor do I believe that a tax reduction is necessary at this time to assure continued high-level production. The rapid and sustained growth of employment and output achieved in 1946 and the early months of 1947 was accomplished with present tax rates. During that period, millions of demobilized veterans found civilian jobs, and there was a rapid increase in the number of new small business firms. Business as a whole is now operating virtually at capacity. Production is now limited by shortages
of materials and labor rather than by lack of venture, capital or markets. All of these facts are evidence of the vigor and adaptability of our free enterprises system. Employment and output will undoubtedly rise still higher in the future with the normal growth of the economy.
Inflationary pressures have still not subsided. Prices and production have not yet fully adjusted to one another. So long as inflationary pressures exist, there is good economic reason for maintaining high taxes. If we should cut taxes prematurely, we could easily contribute to further price rises and to economic instability. If we cut taxes too soon we shall probably find it impossible to reverse our action. On the other hand, it will be time enough to cut taxes when it becomes clear that conditions call for such action.
Budgetary Situation
The current budgetary situation also calls for the maintenance of existing taxes. I am gratified that the latest estimates indicate a budgetary surplus for the fiscal year 1947. If the taxes are not reduced we shall also be able to achieve a budgetary surplus in the fiscal year 1948. It is by no means clear, however, that the surplus in the fiscal year 1948 will exceed the amount foreseen in the President's budget, except for the effect of the subsequent adoption by the Congress of the President's recommendation for extension of the so-called war excise tax rates. Under existing law, revenues for the fiscal year 1948 are estimated at $38.8 billion. The President's budget puts expenditures for the fiscal year 1948 at $37.5 billion. A Conference Committee of the House and Senate is still considering various legislative budget estimates of expenditures. We still do not have any clear evidence that expenditures in the coming fiscal year can be reduced below the President's budget figures of $37.5 billion. In my opinion, it would be unwise to reduce the revenues before we have a clear picture of what expenditures will be authorized.
Public Debt
We have emerged from the war and immediate transition period with a public debt of approximately $258 billion. The size of the debt is a
A-2
Treasury Bulletin
strong argument against a tax reduction at this time. Under present conditions, I believe it will be sound financial policy to achieve as large a budget surplus as is possible and to apply that surplus against the public debt. When national income is high, as it now is, it is prudent to reduce the public debt as rapidly as possible. The present situation gives us an opportunity to make further reduction in the debt. I believe that we should now prove our determination to retire public debt by making as big a payment on it as we can. If we do so, there will be less cause for concern if in some future years we find it desirable to postpone temporarily further debt retirement.
Comprehensive Tax Revisions Later
During recent years, when attention was necessarily devoted almost exclusively to urgent matters of war finance, a great number of technical tax problems have been accumulating. Moreover, much interest has developed in a series of fundamental tax problems. The problems to which I refer are not solely, or even primarily, ones of tax rates. They relate rather to tax structure. These problems now need careful consideration, especially in view of the high level of current and prospective revenue requirements.
Although I do not believe that the time has yet come for revisions involving major tax reductions, it is not too early to begin studies of desirable tax changes to take effect at a later date. The Treasury Department has been studying a large number of important tax problems, working on many of them in close collaboration with the staff of the Joint Committee on Internal Revenue Taxation. The Treasury stands ready to assist the Congress in any way possible.
In anticipation of later tax reductions, we should review the whole tax system. We should re-examine not only the individual income tax, but also the 'corporation income tax, excise taxes, and estate and gift taxes. Such a comprehensive review should aim at revisions that will fit all major taxes together into a system that will produce adequate revenue, will be fair and equitable, will interfere as little as possible with incentives to work and invest, and will help maintain mass markets for mass production.
There is danger that if we act prematurely by reducing the rates of one tax, without consideration of other problems, we shall make it dif
difficult or impossible to adopt many needed changes at a later time. Many such fundamental tax revisions will involve substantial revenue reduction. If we now make a major reduction along the lines of H.R. 1, we may later find that we are not able to adopt many of the basic revisions in the individual income tax and the other taxes that are necessary for a sound postwar tax system.
Specific Discussion of H.R.1
I turn now to a more specific examination of H.R. 1, as passed by the House. For the use of the Committee, I have appended to my statement several exhibits and an appendix. 1/ This material includes a variety of statistical data on the composition of the individual income tax base and other information that I believe will be helpful in your consideration of H.R. 1 and other proposals for tax reduction.
H.R. 1 includes a general reduction of individual income tax rates and a special additional exemption for taxpayers over 65 years of age. It would reduce the income tax by 30% for taxpayers whose net income in excess of exemptions is $1,000 or less, and by an amount which under the notch provision would rapidly fall to 20% at a net income of $1,396 after exemptions. For net income after exemptions between $1,396 and about $302,400, the reductions would be 20%. For higher incomes the reduction would gradually taper off to 10.5% above $5,000,000. The rate reductions in the amended bill are identical with those in the original bill for all taxable net incomes in excess of $1,396. Only about 1,100 taxpayers would get less than a 20% rate reduction. About 14.4 million taxpayers would get a 20% rate reduction. About 8.5 million would get between 20% and 30%. The remaining 24.8 million taxpayers would get a 30% rate reduction.
H.R. 1 grants a special additional exemption of $500 to persons over 65 years of age. 2/ This additional exemption is subject to the limitation that persons qualifying for it must include in their gross income for tax purposes the first $500 received from certain types of periodic pension or retirement annuity benefits that are now fully exempt from taxation. It is estimated that
The exhibits and appendix referred to are not reproduced here. They are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
In the case of joint returns, the special additional exemption would be $1,000 where both husband and wife are over 65 and each has $500 or more gross income.
June 1947
A-3
this additional exemption would reduce the income tax of 2.8 million persons over 65, of whom 825 thousand would be made non-taxable.
It is estimated that the bill would reduce tax liabilities by $3,769 million for a full year. This is $280 million more than the original bill. Of the total reduction in liabilities, $3,624 million would be attributable to rate reductions and $145 million to the increase in exemptions for taxpayers over 65.
Since H.R. 1 is retroactive to January 1, 1947, its enactment would reduce receipts in the fiscal year 1948 by more than the amount of one year's reduction in tax liabilities and would also necessitate a large amount of additional tax refunds. It is estimated that the House bill would reduce receipts in the fiscal year 1948 by $3,994 million. It would increase refunds by $751 million. In considering the effect of H.R. 1 on the budget for the fiscal year 1948, it is necessary to combine the decrease in receipts of $3,994 million with the increase in expenditures of $751 million for additional refunds. H.R. 1 would weaken the budget for the fiscal year 1948 by $4,745 million.
As I have already said, I do not believe that a tax reduction is now appropriate. I now wish to point to some inequities in H.R. 1 as a tax reduction measure. Although the bill has been somewhat modified since it was originally introduced, it would still provide relatively too little tax reduction for low and middle incomes as compared with high incomes. As I said to the Ways and Means Committee, it seems to me that if a 1947 tax bill has any place at all in the management of our financial affairs, it should aim primarily at bringing relief to taxpayers who have borne extraordinarily heavy burdens during the war and postwar transition years and should give consideration to inequities. I do not believe that H.R. 1 accomplishes these objectives.
H.R. 1 would not reduce taxes in the same way that we increased them during the war. This can be clearly seen in Exhibit 2, which compares taxes at different net incomes under the 1939 law, present law, and H.R. 1. To illustrate, H.R. 1 would eliminate 22% of the difference between present taxes and 1939 taxes for a married person with no dependents and a net income of
$5,000. But at a net income of $1 million, the bill would wipe out 69% of the tax increase since 1939. Taxes at the $5,000 level would still be eight times as high as in 1939, but at the $1 million, taxes would be only a little higher than in 1939. H.R. 1 would reduce taxes on very high incomes to a level only a little higher than that before the war. It would leave taxes on lower and middle incomes much higher than before the war.
Despite modifications at both the lower and upper extremes, H.R. 1 still provides in the main a flat percentage cut in present taxes. Of the $3,769 million reduction, $2,262 million is attributable to the 20% reduction, $724 million is attributable to the 30% reduction, $520 million to the notch area of 20-30% reduction, $118 million to the 10%-20% reduction, and $145 million to the exemption for persons over 65.
So far as I know, a flat percentage cut in individual income taxes has been made only twice before in the history of the Federal income tax. The first time was in the Revenue Act of 1924, applicable to 1923 incomes. That act made a flat 25% reduction, but exemptions were greater and rates on lower incomes were much less than under present law. The second time a flat percentage cut in taxes was made was in the Revenue Act of 1945. But I want to emphasize the important differences between the 1945 Act and the kind of reduction proposed in H.R. 1. The 5% cut under the Revenue Act of 1945 was only one of three important changes in the individual income tax. It accounted for less than one-fourth of the total reduction of the individual income tax. The remaining three-fourths of the 1945 reduction was made in the form of an increase in the normal tax exemptions and a reduction of 3 percentage points in each surtax bracket.
There is a significant difference between a flat percentage cut in existing tax rates and a uniform reduction of a certain number of percentage points in each bracket. A 20% flat reduction would reduce rates 17 percentage points in an 85% rate bracket, but only 4 percentage points in a 20% rate bracket. In contrast, a 5 percentage point reduction in each surtax rate, which would lose about the same amount of revenue, would give a 5.9% reduction in an 85% bracket rate, and a 25% reduction in a 20% bracket rate. An across-the-board percentage cut of the type in H.R. 1
3/
Estimates of tax liabilities for the calendar year 1947.
A-4
Treasury Bulletin
decreases the progressivity of the income tax.
The $500 special tax exemption for persons over 65 years of age included in H.R. 1 is addressed to the special problem of one group. The bill as amended would partially offset the additional exemption by the requirement that taxpayers include in their gross income the first $500 of certain types of pension and retirement income now fully tax exempt, such as social security old-age benefits, railroad retirement benefits, and retirement pay of armed forces personnel retired for disability. This modification is a complication of the original provision, which does not meet the fundamental objections to such a special exemption. I do not believe that exclusions of particular kinds of income from the tax base are an appropriate means of bringing relief to special groups. As I told the Ways and Means Committee, I am opposed to extension of present exclusions from the individual income tax base. I do not believe that it would be fair to increase income tax exemptions for persons over 65 years of age and not for similarly situated persons under 65.
H.R. 1 is not only deficient from the standpoint of equity. It is not the well-balanced approach to the important problem of maintaining incentives and markets, which will be essential when a tax reduction is appropriate. In a tax reduction program, the whole problem of incentives and markets merits broad and careful consideration. The problem is not merely one of individual income tax rates. It includes other phases of the tax system and many features of the individual income tax not treated in H.R. 1. Subjects that will need to be considered include the taxation of dividend income, tax treatment of different forms of business, loss carrybacks and carryforwards, depreciation, treatment of family income, exemptions and other matters.
Enactment of H.R. 1 would complicate the individual income tax and increase administrative costs. It would cancel a part of the great progress that has been made in recent years toward simplification of tax forms. The different rates of reduction from tentative tax, the "notch" rate, and the provision for the aged involving the partial inclusion of income now excluded would be confusing to many taxpayers. There would be an increase in refunds, particularly for low income taxpayers.
Conclusion
In my opinion, H.R. 1 should not be enacted. It would make reduction in revenues of almost $4 billion and necessitate an increase in expenditures of $751 million for tax refunds at a time when a balanced budget and substantial debt reduction should be our first objective. By concentrating a large reduction in one tax, H.R. 1 would make later well-balanced tax revision more difficult, and perhaps impossible. H.R. 1 would not be an equitable tax reduction. It would unnecessarily complicate the individual income tax.
In conclusion, I wish to repeat that, in my judgment, economic conditions, budgetary uncertainties, and the size of the public debt all call for maintaining present tax rates in 1947. Under present conditions, it is sound financial policy to achieve as large a surplus as possible. The Administration will continue to make every effort to hold Government expenditures for the fiscal year 1948 to the lowest level possible in view of our national obligations and public needs. I am sure, however, that any surplus that is likely to be realized in 1948 could best be applied to the reduction of the public debt.
Note: Copies of Secretary Snyder's statement before the Ways and Means Committee of the House of Representatives, on March 13, 1947, on this same bill, are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
June 1947
A-5
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.
Reduction in Treasury Bills in April
On April 9, 1947, Secretary of the Treasury Snyder announced that the offering of bills on April 17 would amount to $1.1 billion. The bills maturing on that date totaled $1.3 billion, so Treasury bills outstanding were reduced by $0.2 billion.
In this announcement, Secretary Snyder stated that "this reduction of $200 million in bills is a continuation of the Treasury's policy for the retirement of debt held by the banking system. There are no other securities maturing until June 1 - the May 1 certificate was paid off in full last year - and since the Treasury has an ample cash balance, part of it is being applied to retire Treasury bills now."
The release also included a statement by the Secretary "that the retirement of bills has no relation to Treasury policy with respect to interest rates and that no change in policy is presently contemplated."
The issuance of bills in the amount of $1.1 billion as against maturities of $1.3 billion took place again on April 24. On April 25, it was announced that another reduction of $0.2 billion would take place on May 1.
From March 1, 1946, when the debt pay-off program began, through April 30, 1947, the total public debt was reduced by $22 billion - from $279.8 billion, the all-time peak, to $257.9 billion. A detailed discussion of the debt reduction program since it was started was presented in the "Treasury Market Financing" article on page A-18 of the May 1947 issue of the "Treasury Bulletin."
Change in Procedure for Treasury Bill Issuance
On April 25, 1947, Secretary Snyder announced that beginning with the issue of Treasury bills dated May 1, 1947, the Treasury would invite tenders for bills in exchange for maturing bills, as well as for cash, and that exchange and cash tenders would be accorded equal treatment. Cash adjustments are to be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills.
The announcement explained that the "procedure for accepting exchange as well as cash tender is being adopted to facilitate weekly refunding operations in bills. The bill holdings of the Federal Reserve Banks recently were $15 billion out of a total of $17 billion outstanding. Under existing procedure, the Federal Reserve Banks replace their weekly maturing bill issues, in large part, by purchasing new issues from security dealers, who ordinarily bid for amounts greatly in excess of market needs. This is done solely to facilitate the bill operation, as the dealers charge no commission for this service, and obtain only the nominal profit from the transaction which is available to anyone. Under the new procedure the Federal Reserve Banks will be in a position to bid directly on an exchange basis for new issues in amounts not in excess of those required to replace maturing issues of bills originally acquired in the market.
"Any addition to Federal Reserve holdings of bills would be purchased in the open market as at present."
A-6
Treasury Bulletin
Individual and Taxable Fiduciary Income Tax Returns for 1943
The Bureau of Internal Revenue recently completed tabulations of data from the 1943 individual and taxable fiduciary income and victory tax returns. The tabulations cover all returns, and present more complete data than were included in the advance tabulations reported on in the August 1945 issue of the "Treasury Bulletin." The final report, "Statistics of Income for 1943, Part 1," will be published at some future date.
Transition to a "Pay-As-You-Go" Basis
The year 1943 marked the transition to a "pay-as-you-go" basis for the collection of individual income taxes. During the first six months of the year, payments were made by taxpayers on their 1942 tax liabilities, as computed in the returns filed in March 1943. During this six-month period victory tax was withheld at the source by employers on 1943 wages. On July 1, 1943, in accordance with the provisions of the Current Tax Payment Act of 1943, a new system of withholding of income taxes and victory taxes at the source by employers was instituted. In addition, quarterly payments on declarations of estimated tax were required to cover incomes not subject to withholding. A final settlement was made in March 1944, when complete tax returns for the year 1943 were filed.
The shift to a current income tax collection basis required 3 tax computations.
(1) The 1942 tax. This tax was computed on 1942 incomes, and reported in returns filed in March 1943.
(2) The 1943 tax. This tax was computed on 1943 incomes, independently of any subsequent consideration of the merging of the 1942 and 1943 tax liabilities. This computation was reported in the 1943 tax returns filed in March 1944. (See fac-simile of page 1 of Form 1040 attached.)
(3) The 1942-1943 tax. This was the final tax computed from both the 1942 and 1943 taxes, and was the eventual liability of the taxpayer on 1942 and 1943 incomes.
The following table presents a comparison of the 1942 and 1943 taxes, and a reconciliation of the 1943 and 1942-1943 taxes.
<table><tr><th></th><th>1942 tax</th><th>1943 tax</th></tr><tr><td colspan="3">(In millions of dollars)</td></tr><tr><td>Tax on current year's income:</td><td></td><td></td></tr><tr><td>Normal tax</td><td>1,445</td><td>2,034</td></tr><tr><td>Surtax</td><td>5,720</td><td>7,464</td></tr><tr><td>Alternative tax 1/</td><td>444</td><td>971</td></tr><tr><td>Optional tax 2/</td><td>1,318</td><td>1,823</td></tr><tr><td>Net victory tax</td><td>-</td><td>2,314</td></tr><tr><td>Total tax (before oredits)</td><td>8,927</td><td>14,607</td></tr><tr><td>Less credits for foreign tax paid and tax paid at source</td><td>n.a.</td><td>17</td></tr><tr><td>Total tax (after oredits)</td><td>n.a.</td><td>14,590</td></tr><tr><td colspan="3">(In millions of dollars)</td></tr><tr><td>Reconciliation of 1943 and 1942-1943 taxes:</td><td></td><td></td></tr><tr><td>1943 tax</td><td colspan="2">14,590</td></tr><tr><td>Additional tax from returns with larger tax in 1942</td><td colspan="2">703</td></tr><tr><td>Unforgiven tax</td><td colspan="2">1,853</td></tr><tr><td>1942-1943 tax</td><td colspan="2">17,146</td></tr><tr><td colspan="3">n.a. Not available.</td></tr><tr><td colspan="3">1/ Alternate method of computing tax on long-term capital gains (limit 25%), rather than including such capital gains in the higher range of tax levies.</td></tr><tr><td colspan="3">2/ Tax computed on Form 1040A (short form). This applies to incomes not exceeding $3,000, and derived wholly from salaries, wages, dividends, interest, or annuities.</td></tr></table>
The adjustment which bridged the transition of income tax payments to a current basis, was computed as part of the 1943 tax returns. The 1942-1943 tax liability was the sum of (1) the full tax for 1942 or 1943, whichever was larger, and (2) the unforgiven portion of the other (smaller tax). The forgiveness feature applicable to the smaller tax (either 1942 or 1943) was as follows: 100% forgiveness for taxes of $50 or less, forgiveness ranging between 100% and 75% for taxes between $50 and $66.67, and 75% forgiveness for taxes over $66.67. (See lines 16-22 on facsimile of page 4 of Form 1040 attached.)
In making final settlements in March 1944, against the 1942-1943 tax liability, credits were made for:
(1) Income tax paid on 1942 income, (2) Income and victory tax withheld by employers in 1943, and
June 1947
A-7
(3) Tax paid on 1943 income by quarterly payments on declaration of estimated tax.
Any remaining amounts of liability were due and payable by March 15, 1944 (except that payment of one-half of the unforgiven portion of smaller tax could be postponed until not later than March 15, 1945). It should be noted that neither the 1942 tax nor the 1943 tax was paid in full as such. The 1942-1943 tax liability was the one which was paid.
The Current Tax Payment Act of 1943 did not affect fiduciary returns, since they were not made subject to current collections.
Comparison of Returns for 1942 and 1943
Although the Current Tax Payment Act merged the 1942 and 1943 tax liability of individuals, separate returns were filed for 1942 and 1943 incomes. The 1942 returns were already filed when the law was passed, and the 1943 returns were used as a base for computing the final tax liability. There are, therefore, data available for comparing the number of returns, net income, and the 1942 and 1943 taxes.
Number of returns, net income, and taxes. The number of individual and taxable fiduciary returns filed for the income tax year 1943 totaled almost 44 million, an increase of 19% over the number of returns filed for 1942. These were distributed among the three types of forms as follows:
<table><tr><th>Type of form</th><th>Number of returns (In thousands)</th></tr><tr><td>Individual returns: Form 1040..................... Form 1040A.....................</td><td>23,381 1/ 20,342</td></tr><tr><td>Total individual returns.................</td><td>43,722</td></tr><tr><td>Taxable fiduciary returns: Form 1041.....................</td><td>97</td></tr><tr><td>Total individual and taxable fiduciary returns.........</td><td>43,819</td></tr></table>
1/ Includes Form 1040B, returne filed by nonresident aliens.
The returns for 1943 reported a net income of $99.6 billion as compared with $78.9 billion reported for 1942. This represented an increase in net income reported of $20.7 billion, or 26%, from 1942 to 1943. The figure on net income for
1943 includes $31.1 billion of gross income reported on Form 1040A, which does not provide for reporting net income. (See facsimile of page 1 of Form 1040A attached.) The tax on all returns increased from $8.9 billion to $14.6 billion from 1942 to 1943, an increase of $5.7 billion or 64%.
The following table presents a summary comparison of the major items from individual and taxable fiduciary returns for 1942 and 1943.
<table><tr><th></th><th>1942</th><th>1943</th><th>Change Amount</th><th>Per-cent</th></tr><tr><td colspan="5">(In thousands)</td></tr><tr><td>Number of returns: Taxable returns: With net income</td><td>27,719</td><td>40,319</td><td>+12,600</td><td>+45</td></tr><tr><td>With no net income</td><td>-</td><td>19</td><td>+19</td><td>-</td></tr><tr><td>Total taxable returns</td><td>27,719</td><td>40,337</td><td>+12,619</td><td>+45</td></tr><tr><td>Montaxable returns: With net income</td><td>8,819</td><td>3,284</td><td>-5,535</td><td>-63</td></tr><tr><td>With no net income</td><td>163</td><td>198</td><td>+35</td><td>+21</td></tr><tr><td>Total non-taxable returns</td><td>8,982</td><td>3,482</td><td>-5,500</td><td>-61</td></tr><tr><td>Total individual and taxable fiduciary returns</td><td>36,701</td><td>43,819</td><td>+7,118</td><td>+19</td></tr><tr><td colspan="5">(Inmillions of dollars)</td></tr><tr><td>Net income: Taxable returns</td><td>67,061</td><td>98,150</td><td>+31,089</td><td>+46</td></tr><tr><td>Nontaxable returns</td><td>11,828</td><td>1,435</td><td>-10,393</td><td>-88</td></tr><tr><td>Total net income</td><td>78,889</td><td>99,586</td><td>+20,696</td><td>+26</td></tr><tr><td>Deficit: Taxable returns</td><td>-</td><td>28</td><td>+28</td><td>-</td></tr><tr><td>Nontaxable returns</td><td>199</td><td>198</td><td>*</td><td>*</td></tr><tr><td>Total deficit</td><td>199</td><td>226</td><td>+28</td><td>+14</td></tr><tr><td>Tax: Tax on current year's income (before credits 1/)</td><td>8,927</td><td>14,607</td><td>+5,680</td><td>+64</td></tr></table>
Less than $500,000 or 0.5%
1/ Credit for foreign tax paid and tax paid at source.
The tables at the end of this article give more detailed data from individual and taxable fiduciary returns. Table 1 presents a summary of the sources of income and deductions. Table 2 presents figures on income, number of returns, and tax liability distributed by States. Table 3 presents a distribution by net income classes of number of returns, net income, credits, and tax liability. More complete tabulations in the form of a supplement will be available shortly upon request to the Treasury Department.
Treasury Bulletin
A-8
Returns Included and Classification
of Returns
The returns from which the statistics were tabulated are as follows:
<table><tr><th>Forms</th><th>Description</th></tr><tr><td>Individual returns:<br>Form 1040......<br>Form 1040A.....</td><td>Regular individual returns.<br>Optional returns for individuals with a gross income of not more than $3,000 and derived wholly from salaries, wages, dividends, interest, or annuities.</td></tr><tr><td>Form 1040B.....</td><td>Returns filed by nonresident aliens with businesses or offices within the United States.</td></tr><tr><td>Taxable fiduciary returns:<br>Form 1041......</td><td>Estate and trust returns.</td></tr></table>
The returns were classified as taxable or nontaxable, depending on whether or not there was a tax (either income or victory) on the income reported for 1943. The complex results of consolidating the 1942 and 1943 taxes into a final tax liability were disregarded. Returns with net income were those in which the total income exceeded total deductions, and in the case of fiduciary returns, the total income exceeded the sum of deductions and the amount distributable to the beneficiaries. Optional returns, Form 1040A, which show only gross income, were classified as returns with net income. Returns with net income were aggregated into net income classes, except that returns made on Form 1040A were shown in aggregate.
The segregation of returns by States and territories was determined by the location of the collection district of filing, except for the District of Columbia. Returns from the Territory of Alaska were included in the State of Washington.
Changes in the Income Tax Laws
The data from 1943 returns as compared with 1942 were affected by provisions of (1) the Revenue Act of 1942, (2) the Current Tax Payment Act of 1943 and (3) the Revenue Act of 1943.
The principal changes were the following:
(1) A return was required to be filed for 1943 for (a) a married person living with husband or wife with gross income of $624 as compared with $1,200 in pre-
vius tax year; (b) any person liable for income tax for 1942; and (c) any person entitled to a refund on account of excessive withholding or overpayment on estimated declaration.
(2) A victory tax was imposed of 5% of victory tax net income after a specific exemption of $624. This tax was applicable to taxable years beginning on or after January 1, 1943. A victory tax credit was allowed with regard to marital status and number of dependents. The amount of victory tax was limited to the excess of 90% of net income over the regular income tax.
(3) Current collection of the income tax liability of individuals was effected through withholding upon wages and through payments on declaration of estimated tax. Every withholding agent was required to deduct and withhold upon wages a tax equal to 5% of the excess of each wage payment over the withholding deduction allowable on payrolls after January 1, 1943. The withholding upon wages was increased to 20% of the excess of each wage payment over the withholding exemption allowable, effective for the first complete payroll period after July 1, 1943. To provide for the current collection of taxes on income not subject to withholding, persons receiving more than specified amounts of such income were required to file on September 15, 1943, a declaration of estimated tax for the taxable year. After deducting the estimated tax to be withheld and the payments on 1942 tax, payment of the remaining estimated tax was due in two installments. The first installment was to be paid at the time of filing the declaration, and the second on December 15, 1943. Amounts actually withheld upon wages and those paid on account of the declaration as well as payments on 1942 tax were considered payments on the total income and victory tax liability on the complete return for 1943.
(4) In adopting the system of current collection of the tax liability of individuals, the income tax liability for 1942
June 1947
A-9
was discharged, except that (a) for individuals whose income tax liability for 1942 was greater than for 1943, the tax liability for 1943 was increased by the amount by which the 1942 tax exceeded the tax for 1943; (b) for individuals whose smaller tax liability, either 1942 or 1943, exceeded $66.67, the tax liability for 1943 was increased by 25% of the smaller tax; and (c) for individuals whose smaller tax liability, either 1942 or 1943, was more than $50 but less than $66.67, the tax liability for 1943 was increased by the excess of the smaller tax over $50. In effect, the provisions of the Current Tax Payment Act of 1943 granted relief to those taxpayers who otherwise would have been liable for payment during 1943 of taxes due for both 1942 and 1943, through the discharge (or forgiveness) of 100% of the lower tax where the lower tax liability was $50 or less; a percentage somewhat less than 100% but greater than 75% where the lower tax liability was between $50 and $66.67; and 75% where the lower tax liability exceeded $66.67.
In computing the increase in (a) above for an individual who was in the active service of the military or naval forces of the United States or any of the other United Nations at any time during the taxable year 1942 or 1943, the increase in the merged 1942 and 1943 tax liability was reduced by the amount by which the 1942 tax had been increased by reason of the inclusion in 1942 net income of earned net income.
(5) Military and naval personnel exclude from the 1943 gross income $1,500 compensation received while in active service in the military or naval forces of the United States. This provision applies to both enlisted personnel and officers as well as to citizens or residents of the United States who are members of the military or naval forces of other United Nations.
(6) Returns for a fiscal year ending in the period January through June 1944, are subject to the law applicable to taxable years beginning on January 1, 1943, as
well as the law applicable to taxable years beginning on January 1, 1944. A tentative tax is computed under each law, after which each tax is prorated according to the number of days in each year, and the total tax is the sum of the prorated taxes.
Description of Sample and Limitations of Data
The material covered in this report was derived from a basic sample of all individual returns and a complete tabulation of taxable fiduciary returns. The sample of individual returns was made up as follows:
(1) 1% of taxable Form 1040A returns;
(2) 1% of nontaxable Form 1040A returns;
(3) 1% of taxable Form 1040 returns with net income under $5,000 (or with deficit) and with total receipts from business under $25,000;
(4) 1% of nontaxable Form 1040 returns with net income under $5,000 (or with deficit) and with total receipts from business under $25,000;
(5) 10% of taxable Form 1040 returns with net income under $5,000 (or with deficit) and with total receipts from business of $25,000 or more;
(6) 10% of nontaxable Form 1040 returns with net income under $5,000 (or with deficit) and with total receipts from business of $25,000 or more;
(7) 10% of Form 1040 returns with net income from $5,000 to $10,000;
(8) 20% of Form 1040 returns with net income from $10,000 to $20,000; and
(9) 100% of Form 1040 returns with net income of $20,000 and over.
Returns in each of the strata (1) to (8), inclusive, were selected according to prescribed random sampling techniques uniformly applicable to all States, and data tabulated therefrom were extended to the respective universes on a national basis.
In the case of the data by States, taxable fiduciary returns with net income were tabulated in full; supplementary samples were added to the basic sample of individual income tax returns described above, resulting in 100% representation in the net income classes above $5,000 for all States. Supplementation in the under $5,000 area
A-10
Treasury Bulletin
was prescribed where necessary to achieve a total of at least 4,500 individual income tax returns of each form, per State. Inasmuch as the degree of supplementation varied by States, individual income tax returns for each State were separately tabulated and extended to the proper State universe. Although the prescribed supplements in the under $5,000 net income area were not achieved for all States, the sample is considered adequate, nevertheless, in dealing with returns with net income, since sampling variability associated with the total number of such returns per State is relatively negligible. Returns with deficit, however, are very meager and the standard errors of sampling are too large to permit their distribution by States.
In view of the different samples used for the distributions on a national basis and for the State distributions, the aggregate data relative to individual returns with net income by States do not precisely agree with corresponding United States totals presented in the rest of this article. Apart from the sampling error involved, the difference between the number of individual returns with net income for the United States in the body of the article and the corresponding aggregate of State frequencies is in part due to the use of rounded ratios in extending the data from the samples of all returns with net income under $5,000 to the universe. Thus, although the United States universe used in evolving the national extension ratio equalled the total of the State universes used in evolving State extension ratios, the tabulated number of returns for the United States varies somewhat from the total for the States as a result of using rounded extension ratios.
As stated above, samples were used for national and State distributions in the case of re-
turns with net income under $5,000; however, in the net income range from $5,000 to $20,000, State data were derived from a complete tabulation, and not from a sample as was the case with national data. Since State totals on a nonsample basis were available for number of returns, income, and tax by size classes from $5,000 to $20,000, these precise data were used in extending the national sample, and no sampling variability is associated with these items in Table 3 in net income classes above $5,000.
In computing the possible variation of a given frequency due to random sampling, a range of two standard errors was used; chances are 19 out of 20 that the frequency as estimated from the sample tabulation differs from the actual frequency, if the entire universe were tabulated, by less than twice the standard error. Variation beyond the two-error limit would occur only 1 time in 20 and would be sufficiently rare to justify a two-error range in defining sampling variability. The majority of the frequencies, in the case of Form 1040 taxable net income classes under $5,000 in Table 3 are of the magnitude of one million or more and are subject to variation of less than 2.5%. The smallest frequency, associated with the "Under $500" class, is subject to maximum variation of approximately 5.5%. In the case of Form 1040 nontaxable net income classes, the maximum variation of the class frequencies ranges from about 2.5% for the "Under $500" class to a maximum of about 7.5% for the "$750 under $1,000" class. The largest relative variation, approximately 20%, is associated with the 17,438 frequency for the taxable deficit class. The greater part of the deficit returns, Forms 1040, however, falls in the nontaxable category for which the frequency, almost 200,000, is subject to a maximum variation of only 6%. The degrees of variability noted above relate only to cell frequencies and do not indicate the variability associated with money amounts of income, deductions, or tax.
June 1947
A-11
FORM 1040
Treasury Department
Internal Revenue Service
UNITED STATES
INDIVIDUAL INCOME AND VICTORY TAX RETURN
OPTIONAL FORM 1040 MAY BE FILED INSTEAD OF THIS FORM IF GROSS INCOME IS REPORTED ON THE CASH BASIS FOR THE CALENDAR YEAR, IS NOT MORE THAN $100,000, AND COMES WHOLLY FROM SALARY, WAGES, OTHER COMPENSATION FOR PERSONAL
FOR CALENDAR YEAR 1943
<table><tr><td colspan="2">1944</td><td colspan="4">Column 1</td><td colspan="4">Column 2</td></tr><tr><td>Occupation</td><td>Employer's Name</td><td colspan="4">Income Tax Net Income</td><td colspan="4">Victory Tax Net Income</td></tr><tr><td></td><td></td><td>$</td><td>$</td><td>$</td><td>$</td><td>$</td><td>$</td><td>$</td><td>$</td></tr><tr><td colspan="2">COMPUTATION OF NET INCOME</td><td colspan="8"></td></tr><tr><td>1. Salary, Wages, etc.</td><td>1. (Add all amounts on line 1)</td><td colspan="8"></td></tr><tr><td>2. Dividends</td><td>2. (Add all amounts on line 2)</td><td colspan="8"></td></tr><tr><td>3. Interest on corporation bonds, bank deposits, etc.</td><td>3. (Add all amounts on line 3)</td><td colspan="8"></td></tr><tr><td>4. Interest on Government obligations, etc.</td><td>4. (Add all amounts on line 4)</td><td colspan="8"></td></tr><tr><td>5. Annuities</td><td>5. (Add all amounts on line 5)</td><td colspan="8"></td></tr><tr><td>6. (a) Net gain (or loss) from sale or exchange of capital assets.</td><td>6. (a) Net gain (or loss) from sale or exchange of capital assets.</td><td colspan="8"></td></tr><tr><td>7. (b) Net gain (or loss) from sale or exchange of property other than capital assets.</td><td>7. (b) Net gain (or loss) from sale or exchange of property other than capital assets.</td><td colspan="8"></td></tr><tr><td>8. (c) From line A (8) and (3). Schedule A</td><td>8. (c) From line A (8) and (3). Schedule A</td><td colspan="8"></td></tr><tr><td>9. (d) From line B (9) and (3). Schedule B</td><td>9. (d) From line B (9) and (3). Schedule B</td><td colspan="8"></td></tr><tr><td>10. Total</td><td>10. Total</td><td colspan="8"></td></tr><tr><td>11. Less: Deductions after deductible expenses.</td><td>11. Less: Deductions after deductible expenses.</td><td colspan="8"></td></tr><tr><td>12. (a) State (or local) tax on income from line 1.</td><td>12. (a) State (or local) tax on income from line 1.</td><td colspan="8"></td></tr><tr><td>13. (b) Net income from partnership income, and other income.</td><td>13. (b) Net income from partnership income, and other income.</td><td colspan="8"></td></tr><tr><td>14. (c) Total income in items 1 to 9.</td><td>14. (c) Total income in items 1 to 9.</td><td colspan="8"></td></tr><tr><td>15. Deductions</td><td>15. Deductions</td><td colspan="8"></td></tr><tr><td>16. Contributions.</td><td>16. Contributions.</td><td colspan="8"></td></tr><tr><td>17. Interest.</td><td>17. Interest.</td><td colspan="8"></td></tr><tr><td>18. Taxes.</td><td>18. Taxes.</td><td colspan="8"></td></tr><tr><td>19. Losses from fire, storm, shipwreck, etc.</td><td>19. Losses from fire, storm, shipwreck, etc.</td><td colspan="8"></td></tr><tr><td>20. Medical, dental, etc., expenses.</td><td>20. Medical, dental, etc., expenses.</td><td colspan="8"></td></tr><tr><td>21. Other deductions authorized by law.</td><td>21. Other deductions authorized by law.</td><td colspan="8"></td></tr><tr><td>22. Total deductions in items 16 to 21.</td><td>22. Total deductions in items 16 to 21.</td><td colspan="8"></td></tr><tr><td>23. Net income.</td><td>23. Net income.</td><td colspan="8"></td></tr><tr><td>24. Victory Tax Net Income (item 23, col. 1).</td><td>24. Victory Tax Net Income (item 23, col. 1).</td><td colspan="8"></td></tr><tr><td>25. Victory Tax (item 24, col. 1).</td><td>25. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>26. Victory Tax (item 24, col. 1).</td><td>26. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>27. Victory Tax (item 24, col. 1).</td><td>27. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>28. Victory Tax (item 24, col. 1).</td><td>28. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>29. Victory Tax (item 24, col. 1).</td><td>29. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>30. Victory Tax (item 24, col. 1).</td><td>30. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>31. Victory Tax (item 24, col. 1).</td><td>31. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>32. Victory Tax (item 24, col. 1).</td><td>32. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>33. Victory Tax (item 24, col. 1).</td><td>33. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>34. Victory Tax (item 24, col. 1).</td><td>34. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>35. Victory Tax (item 24, col. 1).</td><td>35. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>36. Victory Tax (item 24, col. 1).</td><td>36. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>37. Victory Tax (item 24, col. 1).</td><td>37. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>38. Victory Tax (item 24, col. 1).</td><td>38. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>39. Victory Tax (item 24, col. 1).</td><td>39. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>40. Victory Tax (item 24, col. 1).</td><td>40. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>41. Victory Tax (item 24, col. 1).</td><td>41. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>42. Victory Tax (item 24, col. 1).</td><td>42. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>43. Victory Tax (item 24, col. 1).</td><td>43. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>44. Victory Tax (item 24, col. 1).</td><td>44. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>45. Victory Tax (item 24, col. 1).</td><td>45. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>46. Victory Tax (item 24, col. 1).</td><td>46. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>47. Victory Tax (item 24, col. 1).</td><td>47. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>48. Victory Tax (item 24, col. 1).</td><td>48. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>49. Victory Tax (item 24, col. 1).</td><td>49. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>50. Victory Tax (item 24, col. 1).</td><td>50. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>51. Victory Tax (item 24, col. 1).</td><td>51. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>52. Victory Tax (item 24, col. 1).</td><td>52. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>53. Victory Tax (item 24, col. 1).</td><td>53. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>54. Victory Tax (item 24, col. 1).</td><td>54. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>55. Victory Tax (item 24, col. 1).</td><td>55. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>56. Victory Tax (item 24, col. 1).</td><td>56. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>57. Victory Tax (item 24, col. 1).</td><td>57. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>58. Victory Tax (item 24, col. 1).</td><td>58. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>59. Victory Tax (item 24, col. 1).</td><td>59. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>60. Victory Tax (item 24, col. 1).</td><td>60. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>61. Victory Tax (item 24, col. 1).</td><td>61. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>62. Victory Tax (item 24, col. 1).</td><td>62. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>63. Victory Tax (item 24, col. 1).</td><td>63. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>64. Victory Tax (item 24, col. 1).</td><td>64. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>65. Victory Tax (item 24, col. 1).</td><td>65. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>66. Victory Tax (item 24, col. 1).</td><td>66. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>67. Victory Tax (item 24, col. 1).</td><td>67. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>68. Victory Tax (item 24, col. 1).</td><td>68. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>69. Victory Tax (item 24, col. 1).</td><td>69. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>70. Victory Tax (item 24, col. 1).</td><td>70. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>71. Victory Tax (item 24, col. 1).</td><td>71. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>72. Victory Tax (item 24, col. 1).</td><td>72. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>73. Victory Tax (item 24, col. 1).</td><td>73. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>74. Victory Tax (item 24, col. 1).</td><td>74. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>75. Victory Tax (item 24, col. 1).</td><td>75. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>76. Victory Tax (item 24, col. 1).</td><td>76. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>77. Victory Tax (item 24, col. 1).</td><td>77. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>78. Victory Tax (item 24, col. 1).</td><td>78. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>79. Victory Tax (item 24, col. 1).</td><td>79. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>80. Victory Tax (item 24, col. 1).</td><td>80. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>81. Victory Tax (item 24, col. 1).</td><td>81. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>82. Victory Tax (item 24, col. 1).</td><td>82. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>83. Victory Tax (item 24, col. 1).</td><td>83. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>84. Victory Tax (item 24, col. 1).</td><td>84. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>85. Victory Tax (item 24, col. 1).</td><td>85. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>86. Victory Tax (item 24, col. 1).</td><td>86. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>87. Victory Tax (item 24, col. 1).</td><td>87. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>88. Victory Tax (item 24, col. 1).</td><td>88. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>89. Victory Tax (item 24, col. 1).</td><td>89. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>90. Victory Tax (item 24, col. 1).</td><td>90. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>91. Victory Tax (item 24, col. 1).</td><td>91. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>92. Victory Tax (item 24, col. 1).</td><td>92. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>93. Victory Tax (item 24, col. 1).</td><td>93. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>94. Victory Tax (item 24, col. 1).</td><td>94. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>95. Victory Tax (item 24, col. 1).</td><td>95. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>96. Victory Tax (item 24, col. 1).</td><td>96. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>97. Victory Tax (item 24, col. 1).</td><td>97. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>98. Victory Tax (item 24, col. 1).</td><td>98. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>99. Victory Tax (item 24, col. 1).</td><td>99. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>100. Victory Tax (item 24, col. 1).</td><td>100. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>101. Victory Tax (item 24, col. 1).</td><td>101. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>102. Victory Tax (item 24, col. 1).</td><td>102. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>103. Victory Tax (item 24, col. 1).</td><td>103. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>104. Victory Tax (item 24, col. 1).</td><td>104. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>105. Victory Tax (item 24, col. 1).</td><td>105. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>106. Victory Tax (item 24, col. 1).</td><td>106. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>107. Victory Tax (item 24, col. 1).</td><td>107. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>108. Victory Tax (item 24, col. 1).</td><td>108. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>109. Victory Tax (item 24, col. 1).</td><td>109. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>110. Victory Tax (item 24, col. 1).</td><td>110. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>111. Victory Tax (item 24, col. 1).</td><td>111. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>112. Victory Tax (item 24, col. 1).</td><td>112. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>113. Victory Tax (item 24, col. 1).</td><td>113. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>114. Victory Tax (item 24, col. 1).</td><td>114. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>115. Victory Tax (item 24, col. 1).</td><td>115. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>116. Victory Tax (item 24, col. 1).</td><td>116. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>117. Victory Tax (item 24, col. 1).</td><td>117. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>118. Victory Tax (item 24, col. 1).</td><td>118. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>119. Victory Tax (item 24, col. 1).</td><td>119. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>120. Victory Tax (item 24, col. 1).</td><td>120. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>121. Victory Tax (item 24, col. 1).</td><td>121. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>122. Victory Tax (item 24, col. 1).</td><td>122. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>123. Victory Tax (item 24, col. 1).</td><td>123. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>124. Victory Tax (item 24, col. 1).</td><td>124. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>125. Victory Tax (item 24, col. 1).</td><td>125. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>126. Victory Tax (item 24, col. 1).</td><td>126. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>127. Victory Tax (item 24, col. 1).</td><td>127. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>128. Victory Tax (item 24, col. 1).</td><td>128. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>129. Victory Tax (item 24, col. 1).</td><td>129. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>130. Victory Tax (item 24, col. 1).</td><td>130. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>131. Victory Tax (item 24, col. 1).</td><td>131. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>132. Victory Tax (item 24, col. 1).</td><td>132. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>133. Victory Tax (item 24, col. 1).</td><td>133. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>134. Victory Tax (item 24, col. 1).</td><td>134. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>135. Victory Tax (item 24, col. 1).</td><td>135. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>136. Victory Tax (item 24, col. 1).</td><td>136. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>137. Victory Tax (item 24, col. 1).</td><td>137. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>138. Victory Tax (item 24, col. 1).</td><td>138. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>139. Victory Tax (item 24, col. 1).</td><td>139. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>140. Victory Tax (item 24, col. 1).</td><td>140. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>141. Victory Tax (item 24, col. 1).</td><td>141. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>142. Victory Tax (item 24, col. 1).</td><td>142. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>143. Victory Tax (item 24, col. 1).</td><td>143. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>144. Victory Tax (item 24, col. 1).</td><td>144. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>145. Victory Tax (item 24, col. 1).</td><td>145. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>146. Victory Tax (item 24, col. 1).</td><td>146. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>147. Victory Tax (item 24, col. 1).</td><td>147. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>148. Victory Tax (item 24, col. 1).</td><td>148. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>149. Victory Tax (item 24, col. 1).</td><td>149. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>150. Victory Tax (item 24, col. 1).</td><td>150. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>151. Victory Tax (item 24, col. 1).</td><td>151. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>152. Victory Tax (item 24, col. 1).</td><td>152. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>153. Victory Tax (item 24, col. 1).</td><td>153. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>154. Victory Tax (item 24, col. 1).</td><td>154. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>155. Victory Tax (item 24, col. 1).</td><td>155. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>156. Victory Tax (item 24, col. 1).</td><td>156. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>157. Victory Tax (item 24, col. 1).</td><td>157. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>158. Victory Tax (item 24, col. 1).</td><td>158. Victory Tax (item 24, col. 1).</td><td colspan="8"></td></tr><tr><td>159. Victory Tax (item 24, col. 1).</td><td>159. Victory Tax (item 24, col. 1).</td><
(Name of firm or employee if any)
(1) that he is indeed return (and order to return); it must be signed by both husband and wife
(2) return made by an agent and be accompanied by proof of attorney. (See Instructions G)
1943
COMPUTATION OF INCOME AND VICTORY TAX. (See Tax Computation Instructions)
<table><tr><td>1</td><td>Income Tax net income (from line 18, page 1)</td><td>$</td><td></td><td>$</td></tr><tr><td>2</td><td>Less Personal exemption (Form Schedule 1)</td><td>$</td><td></td><td>$</td></tr><tr><td>3</td><td>Credits (for dependents)</td><td>$</td><td></td><td>$</td></tr><tr><td>4</td><td>Balance (subtract net income from line 2)</td><td>$</td><td></td><td>$</td></tr><tr><td>5</td><td>Less Certain interest on Government obligations (from Schedule A10 or 10S)</td><td>$</td><td></td><td>$</td></tr><tr><td>6</td><td>Normal interest credit</td><td>$</td><td></td><td>$</td></tr><tr><td>7</td><td>Balance subject to normal tax</td><td>$</td><td></td><td>$</td></tr><tr><td>8</td><td>Subtotal on line 7</td><td>$</td><td></td><td>$</td></tr><tr><td>9</td><td>Total income (line 8 plus 8, plus 7)</td><td>$</td><td></td><td>$</td></tr><tr><td>10</td><td>Line 9, plus 1 (foreign country or U.S. poststation)</td><td>$</td><td></td><td>$</td></tr><tr><td>11</td><td>Balance of Victory Tax (line 6 and below)</td><td>$</td><td></td><td>$</td></tr><tr><td>12</td><td>NET VICTORY TAX</td><td>$</td><td></td><td>$</td></tr><tr><td>13</td><td>Total income taxed on tax-free covenant bond interest</td><td>$</td><td></td><td>$</td></tr><tr><td>14</td><td>Income tax paid at source on line 13</td><td>$</td><td></td><td>$</td></tr><tr><td>15</td><td>Income tax for 1942</td><td>$</td><td></td><td>$</td></tr><tr><td>16</td><td>Line 14, plus line 15</td><td>$</td><td></td><td>$</td></tr><tr><td>17</td><td>Balance on line 16</td><td>$</td><td></td><td>$</td></tr><tr><td>18</td><td>Forgiveness Feature (Don't fill in if the armed forces are page 4 of Instructions)</td><td>$</td><td></td><td>$</td></tr><tr><td>19</td><td>Balance on line 17, plus line 18</td><td>$</td><td></td><td>$</td></tr><tr><td>20</td><td>Enter $0 or three-fourths of (a) whichever is smaller, whichever is LARGER. Then 13</td><td>$</td><td></td><td>$</td></tr><tr><td>21</td><td>Enter the UNFORGIVEN part of the tax which is the BALANCE (subtract $0 from line 19)</td><td>$</td><td></td><td>$</td></tr><tr><td>22</td><td>TOTAL VICTORY TAX (Total of lines 18 and 19)</td><td>$</td><td></td><td>$</td></tr><tr><td>23</td><td>Income and Victory Tax withheld by employer</td><td>$</td><td></td><td>$</td></tr><tr><td>24</td><td>Less (a) Income Tax paid on account of Declaration of Estimated Tax</td><td>$</td><td></td><td>$</td></tr><tr><td>25</td><td>(b) Total payments (from line 23, page 20, or line 21, page 21)</td><td>$</td><td></td><td>$</td></tr><tr><td>26</td><td>UNPAID BALANCE OF VICTORY TAX (If not, see item 24)</td><td>$</td><td></td><td>$</td></tr></table>
Schedule J and increase 10(c) by such amount.
<table><tr><th colspan="4">Schedule K—VICTORY TAX (See Tax Computation Instructions)</th></tr><tr><td>1. Victory Tax income (Item 19, page 1)</td><td>$</td><td>$</td><td>$</td></tr><tr><td>2. Less Specific exemption ($254) if return reports income of only one person; otherwise, see instructions, page 3)</td><td></td><td></td><td></td></tr><tr><td>3. Income subject to Victory Tax (line 1 less line 2)</td><td>$</td><td>$</td><td>$</td></tr><tr><td>4. Victory Tax before credit (5% of line 3)</td><td></td><td></td><td></td></tr><tr><td>5. (a) Single person, or married person not living with husband or wife, 25% (plus 2% for each dependent)</td><td></td><td></td><td></td></tr><tr><td>(b) Married person living with husband or wife, 40% (plus 2% for each dependent)</td><td></td><td></td><td></td></tr><tr><td>(c) Not living with husband or wife, 40% (plus 2% for each dependent)</td><td></td><td></td><td></td></tr><tr><td>(d) Not a "principle wife" or husband of line 4, but not more than $100 for each dependent, or heads of a family, $100 (plus $100 for each dependent)</td><td></td><td></td><td></td></tr><tr><td>(e) Victory Tax credit (2% of line 4, or minimum of line 5 by line 4, or more than $100 (plus $100 for each dependent))</td><td></td><td></td><td></td></tr><tr><td>6. Net Victory Tax (line 4 less line 5). (Enter in line 13, above)</td><td>$</td><td>$</td><td>$</td></tr><tr><td colspan="4">Schedule K—To be used only by individuals whose surtax net income for 1947 is $10,000 or over and who have filed a return of $10,000 or over</td></tr></table>
Schedule I (Partially Written) Section 9 (a) of the General Tax Payment Act of 1932. Tax not income for 1942 (item 23, Form 1040 (1942))
<table><tr><td>2. Surtax net income for 1943 (line 4, above)</td><td>$</td><td>1937</td><td>1938</td></tr><tr><td>3. Surtax net income (or base year, $)</td><td>plus $20,000</td><td>$(</td><td>$(</td></tr><tr><td>1939</td><td>;</td><td>1940</td><td>;</td></tr><tr><td>1939; line 3 greater than line 3, separate Schedule 1, 2 should be secured from the collector and filed with and as a part of this return.</td><td colspan="3"></td></tr></table>
4 4.1.12
Facsimile of Form 1040
A-12
Treasury Bulletin
READ THIS FIRST: You probably have paid a substantial part of your 1943 tax bill through withholding or directly to the government. You may have underpaid or overpaid. File this form. It tells you and your government whether you owe any more, or are entitled to any refund.
<table><tr><td rowspan="2">Treasury Dept., Internal Revenue Service<br>FORM 1040A</td><td colspan="2"><b>OPTIONAL U.S. INDIVIDUAL INCOME AND VICTORY TAX RETURN • CALENDAR YEAR 1943</b></td><td>Do not write in these spaces</td></tr><tr><td colspan="2">[This form may be used instead of Form 1040 if gross income is not more than $3,000 and is only from the sources stated in items 1 and 2 below.]</td><td>Serial No.<br>Amount paid, $<br>(Cashier's stamp)</td></tr><tr><td colspan="4">NAME<br>Please print. If this return is for a husband and wife, use both first names.</td></tr><tr><td colspan="2">ADDRESS<br>      Premi street and number or rural route    </td><td>City or town<br>State</td><td rowspan="2">Cash-Check-M.O.</td></tr><tr><td colspan="2">OCCUPATION<br>Social Security No. (if any)</td><td></td></tr></table>
<table><tr><td rowspan="3">Your Income</td><td>1. Enter the TOTAL amount, before deductions for taxes, dues, insurance, bonds, etc., that you received in 1943 as salary, wages, bonuses, commissions, etc. (Members of armed forces read instruction 6)</td><td>$</td><td></td></tr><tr><td>      List Employer's Name<br>      City and State    </td><td colspan="2"></td></tr><tr><td>2. Enter here any amounts you received in 1943 in dividends, interest, and annuities</td><td colspan="2"></td></tr><tr><td>3. Now add items 1 and 2 to get your TOTAL INCOME and enter it here</td><td colspan="2"></td></tr><tr><td rowspan="2">Your Credit for Dependents</td><td>4. List the persons—other than wife or husband—who on July 1, 1943, obtained their chief support from you if they were not yet 18, or were mentally or physically unable to support themselves.</td><td colspan="2"></td></tr><tr><td>      Name of Dependent<br>      Relationship<br>      If 18 years or over, give reason for listing    </td><td colspan="2"></td></tr><tr><td colspan="2">You are allowed a credit of $385 for each dependent. However, if you are not a married person living with wife or husband, you may nevertheless be the head of a family as defined in No. 6 on the other side of the form. If you are the head of a family only because of the dependents you listed above, allow $385 for each listed dependent except one. Enter total dependency credit here.</td><td colspan="2"></td></tr><tr><td>5. Subtract item 4 from item 3. Enter the difference here. (Enter item 3 if item 4 is blank)</td><td colspan="2"></td></tr><tr><td rowspan="7">Your Tax Bill and Forgiveness</td><td>6. Turn over this form and check the box at the top which applies to you. Then, using the figure you entered in item 5, find your income tax in the table. Enter the amount here</td><td colspan="2"></td></tr><tr><td>7. In the space on the back of this form, figure your Victory tax on item 3. Enter the tax here</td><td colspan="2"></td></tr><tr><td>8. Now add items 6 and 7. Enter the total here</td><td colspan="2"></td></tr><tr><td>9. If you filed a tax return on 1942 income, enter the amount of tax here. However, before entering anything, read carefully instruction 4</td><td colspan="2"></td></tr><tr><td>10. Enter item 8 or item 9, whichever is larger</td><td colspan="2"></td></tr><tr><td>11. FORGIVENESS FEATURE: Don't fill in A, B, and C below if either item 8 or 9 is $50 or less.</td><td colspan="2"></td></tr><tr><td>A Enter item 8 or 9, whichever is smaller<br>B Take three-fourths of A above. Enter this amount or $30, whichever is larger. This is the forgiven part of the tax<br>C Subtract B from A. This is the unforgiven part of the tax. Enter it here</td><td colspan="2"></td></tr><tr><td>12. Add item 10 to the amount in item 11C, if any. Enter the total here. This is your total income and Victory tax</td><td colspan="2"></td></tr><tr><td rowspan="3">What You've Paid and What You Owe</td><td>13. A Enter here your income and Victory taxes withheld by your employer</td><td colspan="2"></td></tr><tr><td>B Enter here the total sums you paid last year on your 1942 income tax bill</td><td colspan="2"></td></tr><tr><td>C Enter here any 1943 income tax payments last September and December</td><td colspan="2"></td></tr><tr><td>14. If now add the figures in A, B and C and enter the total here. If the tax in item 12 is more than the total payments in item 13, you owe the difference. Enter it here. If the payments are greater, write "NONE" and skip items 15 and 16</td><td colspan="2"></td></tr><tr><td>15. You may postpone, until not later than March 15, 1945, payment of the amount you owe up to one half of item 11C. Enter the postponed amount here</td><td colspan="2"></td></tr><tr><td>16. Enter the amount you are paying with this return (subtract item 15 from item 14)</td><td colspan="2"></td></tr><tr><td>17. If the TOTAL of your 1943 payments (item 13) is larger than your tax (item 12), enter the difference. You have overpaid your 1943 tax by this amount.</td><td colspan="2"></td></tr><tr><td>Check (√) what you want done: Refund it to me <input type="checkbox"> Credit it on my 1944 estimated tax <input type="checkbox"></td><td colspan="2"></td></tr></table>
I declare under the penalties of perjury that this return has been examined by me, and to the best of my knowledge and belief, is a true, correct and complete return
Date 1944
cludes income of bo
(Signature)
wife, it must be signed by both)
Facsimile of Form 1040A
June 1947
A-13
Individual and Taxable Fiduciary Income Tax Returns for 1943
Table 1.- Summary of Sources of Income and Deductions
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Taxable fiduciary returns</th><th colspan="2">Individual returns</th></tr><tr><th></th><th></th><th></th><th>Taxable</th><th>Nontaxable</th></tr><tr><td>Sources of income:</td><td></td><td></td><td></td><td></td></tr><tr><td>Salaries, wages, etc.</td><td>82,754.7</td><td>-</td><td>81,731.7</td><td>1,022.9</td></tr><tr><td>Dividends from domestic and foreign corporations 1/</td><td>3,105.2 2/</td><td>325.4</td><td>2,746.8 2/</td><td>33.0 2/</td></tr><tr><td>Interest: 3/ Bank deposits, notes, mortgages, corporation bonds...</td><td>807.6 2/</td><td>65.4</td><td>720.3 2/</td><td>21.9 2/</td></tr><tr><td>Government obligations: Partially tax-exempt 4/.</td><td>85.8 2/</td><td>8.3</td><td>75.1 2/</td><td>2.3 2/</td></tr><tr><td>Taxable 5/.</td><td>77.3 2/</td><td>11.3</td><td>64.8 2/</td><td>1.2 2/</td></tr><tr><td>Annuities.</td><td>126.8 2/</td><td>-</td><td>121.0 2/</td><td>5.8 2/</td></tr><tr><td>Net gain from sales of capital assets 6/.</td><td>892.5</td><td>97.6</td><td>770.8</td><td>24.1</td></tr><tr><td>Net gain from sales of property other than capital assets 7/.</td><td>78.4</td><td>1.5</td><td>73.4</td><td>3.6</td></tr><tr><td>Rents and royalties.</td><td>1,880.4</td><td>67.6</td><td>1,693.8</td><td>119.1</td></tr><tr><td>Business profit 8/.</td><td>11,086.5</td><td>45.5</td><td>10,644.8</td><td>396.2</td></tr><tr><td>Partnership profit 9/.</td><td>5,152.9</td><td>44.7</td><td>5,079.0</td><td>29.1</td></tr><tr><td>Income from fiduciaries 10/.</td><td>839.4</td><td>15.9</td><td>816.3</td><td>7.1</td></tr><tr><td>Other income 11/.</td><td>592.9</td><td>12.2</td><td>560.9</td><td>19.8</td></tr><tr><td>Total income.</td><td>107,480.5</td><td>695.4</td><td>105,098.8</td><td>1,686.3</td></tr><tr><td>Deductions: 12/</td><td></td><td></td><td></td><td></td></tr><tr><td>Net loss from sales of capital assets 13/.</td><td>203.2</td><td>3.4</td><td>193.3</td><td>6.4</td></tr><tr><td>Net loss from sales of property other than capital assets 7/.</td><td>124.0</td><td>1.1</td><td>74.7</td><td>48.2</td></tr><tr><td>Business loss 8/.</td><td>373.8</td><td>1.1</td><td>194.0</td><td>178.8</td></tr><tr><td>Partnership loss 9/.</td><td>60.5</td><td>.4</td><td>39.2</td><td>20.9</td></tr><tr><td>Contributions 14/.</td><td>1,836.0</td><td>-</td><td>1,814.4</td><td>21.6</td></tr><tr><td>Interest paid 15/.</td><td>1,065.6</td><td>9.5</td><td>1,037.8</td><td>18.3</td></tr><tr><td>Taxes paid 15/.</td><td>2,147.2</td><td>18.0</td><td>2,091.2</td><td>38.0</td></tr><tr><td>Losses from fire, storm, etc. 15/ 16/.</td><td>140.0</td><td>-</td><td>134.9</td><td>5.1</td></tr><tr><td>Medical, dental, etc., expenses 17/.</td><td>799.6</td><td>-</td><td>780.9</td><td>18.7</td></tr><tr><td>Other deductions 18/.</td><td>1,116.8</td><td>32.3</td><td>991.3</td><td>93.2</td></tr><tr><td>Total deductions.</td><td>7,866.6</td><td>65.7</td><td>7,351.7</td><td>449.2</td></tr><tr><td>Amount distributable to beneficiaries.</td><td>254.6</td><td>254.6</td><td>-</td><td>-</td></tr><tr><td>Net income 19/.</td><td>99,359.3</td><td>375.1</td><td>97,747.1</td><td>1,237.1</td></tr></table>
Note: See page A-17 for footnotes.
Treasury Bulletin
A-14
Individual and Taxable Fiduciary Income Tax Returns for 1943 - (Continued)
Table 2.- Number of Returns, Net Income, and Taxes for Returns with Net Income, by States and Territories
<table><tr><th rowspan="2">States and territories</th><th colspan="2">Number of returns with net income</th><th colspan="2">Net income 19/</th><th colspan="4">Taxes</th><th rowspan="2">Population July 1, 1943 23/</th><th rowspan="2">Ratio of total number of returns to population (In percent)</th></tr><tr><th>Total</th><th>Individual returns, and Form 1040A 12/</th><th>Other individual and fiduciary taxable returns</th><th>Total</th><th>Individual returns, and Form 1040A12/ (gross income)</th><th>Other individual and taxable fiduciary returns 20/</th><th>1942-1943 income and victory tax 21/</th><th>1943 income and victory tax 22/</th></tr><tr><th></th><th colspan="2">(In thousands)</th><th colspan="4">(In millions of dollars)</th><th colspan="2">(In thousands)</th><th>(In percent)</th></tr><tr><td>Alabama</td><td>524.8</td><td>352.3</td><td>172.5</td><td>1,027.4</td><td>500.2</td><td>527.3</td><td>147.3</td><td>123.5</td><td>26.0</td><td>97.5</td><td>2,894</td><td>18.13</td></tr><tr><td>Arizona</td><td>162.0</td><td>96.7</td><td>65.3</td><td>347.7</td><td>152.2</td><td>195.5</td><td>59.2</td><td>46.6</td><td>12.1</td><td>36.5</td><td>702</td><td>23.07</td></tr><tr><td>Arkansas</td><td>255.6</td><td>137.6</td><td>118.0</td><td>470.2</td><td>175.2</td><td>295.0</td><td>67.2</td><td>55.6</td><td>7.6</td><td>48.0</td><td>1,870</td><td>13.67</td></tr><tr><td>California</td><td>3,582.5</td><td>1,581.9</td><td>2,000.9</td><td>8,897.1</td><td>2,613.5</td><td>6,283.6</td><td>1,725.5</td><td>1,478.7</td><td>251.1</td><td>1,227.6</td><td>5,468</td><td>42.31</td></tr><tr><td>Colorado</td><td>336.2</td><td>150.7</td><td>185.5</td><td>736.5</td><td>222.2</td><td>514.3</td><td>121.4</td><td>102.8</td><td>14.1</td><td>88.7</td><td>1,163</td><td>28.90</td></tr><tr><td>Connecticut</td><td>807.2</td><td>418.6</td><td>388.6</td><td>2,069.6</td><td>701.5</td><td>1,368.1</td><td>415.7</td><td>349.5</td><td>75.4</td><td>274.1</td><td>1,780</td><td>45.35</td></tr><tr><td>Delaware</td><td>96.1</td><td>42.3</td><td>53.8</td><td>266.8</td><td>63.8</td><td>203.0</td><td>68.5</td><td>58.1</td><td>5.0</td><td>53.1</td><td>281</td><td>34.17</td></tr><tr><td>Dist. of Columbia</td><td>354.2</td><td>212.2</td><td>142.0</td><td>838.9</td><td>342.3</td><td>496.6</td><td>165.4</td><td>139.4</td><td>34.3</td><td>105.1</td><td>890</td><td>39.80</td></tr><tr><td>Florida</td><td>547.7</td><td>306.4</td><td>241.2</td><td>1,236.0</td><td>422.0</td><td>814.0</td><td>224.1</td><td>192.8</td><td>23.9</td><td>168.9</td><td>2,370</td><td>23.11</td></tr><tr><td>Georgia</td><td>617.0</td><td>401.6</td><td>215.3</td><td>1,216.9</td><td>539.5</td><td>677.4</td><td>187.3</td><td>158.8</td><td>26.3</td><td>132.5</td><td>3,226</td><td>19.12</td></tr><tr><td>Hawaii</td><td>155.8</td><td>89.7</td><td>66.1</td><td>420.1</td><td>149.3</td><td>270.8</td><td>86.1</td><td>72.9</td><td>16.1</td><td>56.7</td><td>442</td><td>35.22</td></tr><tr><td>Idaho</td><td>153.3</td><td>66.7</td><td>86.6</td><td>321.6</td><td>108.1</td><td>213.4</td><td>45.7</td><td>37.3</td><td>7.3</td><td>30.0</td><td>498</td><td>30.78</td></tr><tr><td>Illinois</td><td>3,095.3</td><td>1,437.7</td><td>1,657.7</td><td>7,330.1</td><td>2,220.7</td><td>5,109.3</td><td>1,336.1</td><td>1,138.9</td><td>188.8</td><td>950.0</td><td>7,695</td><td>40.22</td></tr><tr><td>Indiana</td><td>1,187.8</td><td>546.1</td><td>641.7</td><td>2,642.6</td><td>874.1</td><td>1,768.5</td><td>401.9</td><td>343.9</td><td>72.7</td><td>271.3</td><td>3,399</td><td>34.95</td></tr><tr><td>Iowa</td><td>748.9</td><td>269.4</td><td>479.5</td><td>1,495.7</td><td>365.7</td><td>1,129.9</td><td>206.0</td><td>175.7</td><td>21.4</td><td>154.2</td><td>2,319</td><td>32.30</td></tr><tr><td>Kansas</td><td>526.7</td><td>207.8</td><td>318.9</td><td>1,104.1</td><td>307.4</td><td>796.7</td><td>161.2</td><td>137.1</td><td>19.2</td><td>117.9</td><td>1,781</td><td>29.57</td></tr><tr><td>Kentucky</td><td>539.5</td><td>281.4</td><td>258.4</td><td>1,168.2</td><td>459.8</td><td>708.4</td><td>189.0</td><td>161.9</td><td>43.4</td><td>118.5</td><td>2,734</td><td>19.75</td></tr><tr><td>Louisiana</td><td>547.9</td><td>336.7</td><td>211.2</td><td>1,119.7</td><td>493.1</td><td>626.6</td><td>172.3</td><td>147.1</td><td>29.3</td><td>117.9</td><td>2,557</td><td>21.43</td></tr><tr><td>Maine</td><td>262.4</td><td>131.5</td><td>130.6</td><td>559.4</td><td>134.8</td><td>364.6</td><td>78.1</td><td>67.6</td><td>13.0</td><td>54.6</td><td>818</td><td>32.07</td></tr><tr><td>Maryland</td><td>841.8</td><td>431.9</td><td>409.9</td><td>1,962.8</td><td>638.4</td><td>1,324.4</td><td>339.5</td><td>288.6</td><td>49.6</td><td>239.1</td><td>2,092</td><td>40.24</td></tr><tr><td>Massachusetts</td><td>1,724.8</td><td>895.1</td><td>829.7</td><td>3,915.9</td><td>1,370.3</td><td>2,545.5</td><td>683.8</td><td>580.5</td><td>121.5</td><td>459.0</td><td>4,256</td><td>40.53</td></tr><tr><td>Michigan</td><td>2,041.8</td><td>759.2</td><td>1,282.7</td><td>5,485.1</td><td>1,264.0</td><td>4,221.1</td><td>1,011.2</td><td>860.4</td><td>121.4</td><td>739.0</td><td>5,423</td><td>37.65</td></tr><tr><td>Minnesota</td><td>873.6</td><td>351.3</td><td>522.3</td><td>1,736.3</td><td>510.4</td><td>1,225.9</td><td>244.6</td><td>210.7</td><td>36.9</td><td>173.8</td><td>2,578</td><td>33.89</td></tr><tr><td>Misaleippi</td><td>223.7</td><td>133.0</td><td>90.7</td><td>430.3</td><td>167.3</td><td>263.0</td><td>67.7</td><td>54.6</td><td>7.0</td><td>47.6</td><td>2,232</td><td>10.02</td></tr><tr><td>Missouri</td><td>1,105.4</td><td>459.9</td><td>645.5</td><td>2,296.3</td><td>671.3</td><td>1,625.0</td><td>362.2</td><td>309.6</td><td>49.7</td><td>259.9</td><td>3,750</td><td>29.47</td></tr><tr><td>Montana</td><td>163.4</td><td>70.4</td><td>93.0</td><td>358.2</td><td>111.8</td><td>246.5</td><td>53.7</td><td>44.1</td><td>8.4</td><td>35.8</td><td>484</td><td>33.74</td></tr><tr><td>Nebraska</td><td>392.7</td><td>151.7</td><td>241.0</td><td>793.8</td><td>217.7</td><td>576.1</td><td>109.9</td><td>94.9</td><td>14.0</td><td>80.9</td><td>1,228</td><td>31.97</td></tr><tr><td>Nevada</td><td>68.7</td><td>42.2</td><td>26.4</td><td>158.4</td><td>72.8</td><td>85.6</td><td>31.7</td><td>26.0</td><td>7.0</td><td>19.0</td><td>143</td><td>47.90</td></tr><tr><td>New Hampshire</td><td>166.4</td><td>95.4</td><td>71.1</td><td>334.8</td><td>146.1</td><td>188.7</td><td>45.4</td><td>38.4</td><td>10.0</td><td>28.3</td><td>461</td><td>36.11</td></tr><tr><td>New Jersey</td><td>1,729.8</td><td>675.9</td><td>1,054.0</td><td>4,196.1</td><td>1,069.3</td><td>3,126.8</td><td>724.4</td><td>620.2</td><td>89.0</td><td>531.2</td><td>4,235</td><td>40.84</td></tr><tr><td>New Mexico</td><td>104.1</td><td>55.3</td><td>48.8</td><td>219.7</td><td>85.6</td><td>134.1</td><td>33.4</td><td>27.6</td><td>5.3</td><td>22.3</td><td>534</td><td>19.49</td></tr><tr><td>New York</td><td>5,268.3</td><td>1,993.6</td><td>3,274.8</td><td>12,910.3</td><td>2,972.9</td><td>9,937.4</td><td>2,532.4</td><td>2,163.4</td><td>227.3</td><td>1,936.1</td><td>12,861</td><td>40.97</td></tr><tr><td>North Carolina</td><td>668.1</td><td>395.7</td><td>272.4</td><td>1,187.0</td><td>498.0</td><td>689.0</td><td>167.1</td><td>141.3</td><td>23.9</td><td>117.4</td><td>3,639</td><td>18.36</td></tr><tr><td>North Dakota</td><td>157.4</td><td>38.2</td><td>119.3</td><td>292.7</td><td>48.4</td><td>244.3</td><td>35.0</td><td>30.4</td><td>3.0</td><td>27.4</td><td>543</td><td>29.01</td></tr><tr><td>Ohio</td><td>2,690.3</td><td>1,174.5</td><td>1,515.8</td><td>6,416.7</td><td>1,841.4</td><td>4,575.3</td><td>1,076.8</td><td>922.0</td><td>149.4</td><td>772.6</td><td>6,888</td><td>39.06</td></tr><tr><td>Oklahoma</td><td>459.2</td><td>200.7</td><td>258.5</td><td>919.7</td><td>287.7</td><td>631.9</td><td>132.5</td><td>110.7</td><td>14.9</td><td>95.9</td><td>2,168</td><td>21.17</td></tr><tr><td>Oregon</td><td>458.6</td><td>186.1</td><td>272.5</td><td>1,171.3</td><td>308.4</td><td>862.9</td><td>212.3</td><td>183.3</td><td>26.7</td><td>156.6</td><td>1,236</td><td>37.11</td></tr><tr><td>Pennsylvania</td><td>3,307.5</td><td>1,637.6</td><td>1,669.9</td><td>7,581.8</td><td>2,567.9</td><td>5,013.9</td><td>1,261.8</td><td>1,076.1</td><td>187.4</td><td>888.7</td><td>9,468</td><td>34.93</td></tr><tr><td>Rhode Island</td><td>287.5</td><td>145.2</td><td>142.3</td><td>653.4</td><td>218.5</td><td>434.9</td><td>114.3</td><td>95.9</td><td>17.4</td><td>78.5</td><td>751</td><td>38.29</td></tr><tr><td>South Carolina</td><td>335.8</td><td>215.8</td><td>120.0</td><td>593.5</td><td>274.3</td><td>319.6</td><td>78.1</td><td>65.8</td><td>15.0</td><td>50.8</td><td>1,951</td><td>17.21</td></tr><tr><td>South Dakota</td><td>134.2</td><td>42.3</td><td>91.9</td><td>242.1</td><td>56.6</td><td>185.5</td><td>29.0</td><td>25.2</td><td>3.3</td><td>21.9</td><td>577</td><td>23.27</td></tr><tr><td>Tennessee</td><td>616.1</td><td>395.2</td><td>220.9</td><td>1,207.2</td><td>557.7</td><td>649.4</td><td>179.2</td><td>153.8</td><td>32.4</td><td>121.4</td><td>2,959</td><td>20.82</td></tr><tr><td>Texas</td><td>1,720.1</td><td>909.7</td><td>810.3</td><td>3,635.7</td><td>1,379.3</td><td>2,256.4</td><td>611.8</td><td>513.3</td><td>87.1</td><td>426.2</td><td>6,972</td><td>24.67</td></tr><tr><td>Utah</td><td>188.5</td><td>78.9</td><td>109.6</td><td>425.2</td><td>132.2</td><td>293.0</td><td>57.6</td><td>50.2</td><td>9.2</td><td>41.0</td><td>634</td><td>29.74</td></tr><tr><td>Vermont</td><td>92.3</td><td>43.9</td><td>48.4</td><td>173.5</td><td>64.7</td><td>108.8</td><td>22.4</td><td>19.0</td><td>3.8</td><td>15.3</td><td>328</td><td>28.18</td></tr><tr><td>Virginia</td><td>711.0</td><td>417.2</td><td>293.8</td><td>1,477.6</td><td>601.6</td><td>876.0</td><td>224.7</td><td>188.8</td><td>34.2</td><td>154.6</td><td>3,078</td><td>23.10</td></tr><tr><td>Washington 24/</td><td>938.8</td><td>506.4</td><td>432.4</td><td>2,201.8</td><td>879.3</td><td>1,322.5</td><td>382.8</td><td>326.1</td><td>86.2</td><td>239.9</td><td>2,108</td><td>44.53</td></tr><tr><td>West Virginia</td><td>444.8</td><td>291.7</td><td>153.1</td><td>896.6</td><td>453.7</td><td>442.9</td><td>103.1</td><td>89.1</td><td>23.1</td><td>66.0</td><td>1,754</td><td>25.35</td></tr><tr><td>Wisconsin</td><td>1,061.4</td><td>434.4</td><td>627.0</td><td>2,156.5</td><td>639.1</td><td>1,517.4</td><td>305.9</td><td>263.7</td><td>47.7</td><td>216.0</td><td>3,011</td><td>35.35</td></tr><tr><td>Wyoming</td><td>79.1</td><td>31.9</td><td>47.1</td><td>183.3</td><td>50.1</td><td>133.2</td><td>28.5</td><td>23.8</td><td>3.6</td><td>20.2</td><td>254</td><td>31.07</td></tr><tr><td>Total</td><td>43,556.6</td><td>20,327.7</td><td>23,228.9</td><td>99,482.2</td><td>31,062.0</td><td>68,420.2</td><td>17,121.3</td><td>14,587.7</td><td>2,402.5</td><td>12,185.1</td><td>134,484</td><td>32.39</td></tr></table>
Note: See page A-17 for footnotes.
June 1947
A-15
Individual and Taxable Fiduciary Income Tax Returns for 1943 - (Continued
Table 3.- Number of Returns, Net Income, Credits, and Taxes by Net Income Classes
<table><tr><th rowspan="2">Net income classes in thousands of dollars 20/</th><th rowspan="2">Number of returns</th><th rowspan="2">Net income 19/</th><th rowspan="2">Personal exemption 25/</th><th rowspan="2">Earned income credit for dependent 26/</th><th rowspan="2">1942-1943 income and victory tax 21/</th><th rowspan="2">1943 income and victory tax 22/</th><th colspan="2">Returns with normal tax and surtax 28/</th><th colspan="2">Returns with alternative tax 29/</th><th rowspan="2">Effective tax rate for 1943 income and victory tax (In per-cent)</th></tr><tr><th>Net Normal tax and victory tax</th><th>Net and Victory tax</th><th>Alternative tax</th><th>50% of the excess of any long-term capital gain over net capital loss</th></tr><tr><td>taxable individual and fiduciary returns</td><td>(In thousands)</td><td>18,159.7</td><td>30,239.4</td><td>15,640.1</td><td>4,956.4</td><td>2,636.5</td><td>8,369.3</td><td>1,823.4</td><td>565.9</td><td>2,389.3</td><td>132</td><td>7.90</td></tr><tr><td>Form 1040 and 1041</td><td></td><td>242.9</td><td>76.6</td><td>69.6</td><td>5.4</td><td>15.2</td><td>8.1</td><td>6.9</td><td>1.2</td><td>8.1</td><td>33</td><td>10.08</td></tr><tr><td>With net income:</td><td></td><td>1,715.9</td><td>430.3</td><td>170.2</td><td>124.7</td><td>189.3</td><td>114.8</td><td>312.9</td><td>172.7</td><td>116.9</td><td>63</td><td>9.94</td></tr><tr><td>Under 0.50</td><td></td><td>1,371.9</td><td>251.0</td><td>108.3</td><td>152.7</td><td>119.1</td><td>116.9</td><td>117.8</td><td>57.7</td><td>156.9</td><td>107</td><td>7.75</td></tr><tr><td>0.50 under 1.25</td><td></td><td>1,122.0</td><td>2,470.7</td><td>1,352.8</td><td>212.6</td><td>212.4</td><td>160.1</td><td>160.1</td><td>52.6</td><td>212.4</td><td>140</td><td>6.50</td></tr><tr><td>1.25 under 1.75</td><td></td><td>1,521.0</td><td>3,492.7</td><td>1,153.5</td><td>234.3</td><td>234.3</td><td>259.7</td><td>259.7</td><td>60.9</td><td>323.7</td><td>175</td><td>9.31</td></tr><tr><td>1.75 under 2.25</td><td></td><td>1,309.9</td><td>3,759.1</td><td>1,153.5</td><td>215.7</td><td>215.7</td><td>231.3</td><td>231.3</td><td>91.0</td><td>303.7</td><td>10.63</td><td>10.63</td></tr><tr><td>2.25 under 2.75</td><td></td><td>1,547.8</td><td>3,759.1</td><td>1,153.5</td><td>215.7</td><td>215.7</td><td>313.3</td><td>313.3</td><td>117.6</td><td>540.3</td><td>12.32</td><td>12.32</td></tr><tr><td>2.75 under 3.00</td><td></td><td>1,684.1</td><td>4,545.9</td><td>1,825.5</td><td>1,702.0</td><td>1,702.0</td><td>430.9</td><td>430.9</td><td>179.2</td><td>1,792.7</td><td>12.32</td><td>12.32</td></tr><tr><td>3.00 under 3.50</td><td></td><td>2,084.1</td><td>5,450.9</td><td>2,265.5</td><td>1,702.0</td><td>1,702.0</td><td>545.2</td><td>545.2</td><td>236.6</td><td>1,956.6</td><td>17.52</td><td>17.52</td></tr><tr><td>3.50 under 4.00</td><td></td><td>510.3</td><td>9,411.6</td><td>3,952.5</td><td>1,702.0</td><td>1,702.0</td><td>327.7</td><td>327.7</td><td>546.2</td><td>1,596.6</td><td>21.74</td><td>21.74</td></tr><tr><td>4.00 under 5.00</td><td></td><td>471.4</td><td>1,524.6</td><td>495.1</td><td>1,301.3</td><td>1,301.3</td><td>371.7</td><td>371.7</td><td>317.1</td><td>216.4</td><td>24.90</td><td>24.90</td></tr><tr><td>5.00 under 6.00</td><td></td><td>162.4</td><td>1,124.9</td><td>220.1</td><td>120.7</td><td>120.7</td><td>200.8</td><td>200.8</td><td>237.1</td><td>216.4</td><td>28.01</td><td>28.01</td></tr><tr><td>6.00 under 7.00</td><td></td><td>96.1</td><td>91.1</td><td>111.8</td><td>91.0</td><td>91.0</td><td>190.0</td><td>190.0</td><td>216.4</td><td>216.4</td><td>28.12</td><td>28.12</td></tr><tr><td>7.00 under 8.00</td><td></td><td>67.3</td><td>70.7</td><td>93.7</td><td>69.0</td><td>69.0</td><td>155.7</td><td>155.7</td><td>178.1</td><td>178.1</td><td>30.12</td><td>30.12</td></tr><tr><td>8.00 under 9.00</td><td></td><td>54.3</td><td>54.3</td><td>69.7</td><td>53.0</td><td>53.0</td><td>132.0</td><td>132.0</td><td>144.3</td><td>144.3</td><td>34.21</td><td>34.21</td></tr><tr><td>9.00 under 10.00</td><td></td><td>31.2</td><td>31.2</td><td>39.7</td><td>29.0</td><td>29.0</td><td>122.8</td><td>122.8</td><td>133.3</td><td>133.3</td><td>37.36</td><td>37.36</td></tr><tr><td>10 under 11.00</td><td></td><td>102.1</td><td>176.1</td><td>95.1</td><td>52.8</td><td>52.8</td><td>292.2</td><td>292.2</td><td>512.6</td><td>512.6</td><td>41.25</td><td>41.25</td></tr><tr><td>11 under 12.00</td><td></td><td>54.6</td><td>129.5</td><td>51.1</td><td>44.0</td><td>44.0</td><td>190.0</td><td>190.0</td><td>312.5</td><td>312.5</td><td>51.33</td><td>51.33</td></tr><tr><td>12 under 13.00</td><td></td><td>32.6</td><td>1,293.0</td><td>31.1</td><td>22.0</td><td>22.0</td><td>147.0</td><td>147.0</td><td>312.5</td><td>312.5</td><td>55.30</td><td>55.30</td></tr><tr><td>13 under 14.00</td><td></td><td>17.6</td><td>1,793.0</td><td>17.1</td><td>14.0</td><td>14.0</td><td>167.0</td><td>167.0</td><td>312.5</td><td>312.5</td><td>58.67</td><td>58.67</td></tr><tr><td>14 under 15.00</td><td></td><td>10.3</td><td>561.5</td><td>10.0</td><td>10.0</td><td>122.3</td><td>122.3</td><td>178.1</td><td>178.1</td><td>59.56</td><td>59.56</td><td>59.56</td></tr><tr><td>15 under 20.00</td><td></td><td>19.3</td><td>1,034.4</td><td>18.0</td><td>18.0</td><td>192.3</td><td>192.3</td><td>212.4</td><td>212.4</td><td>63.21</td><td>63.21</td><td>63.21</td></tr><tr><td>20 under 25.00</td><td></td><td>2.0</td><td>1,234.0</td><td>1.9</td><td>1.9</td><td>123.7</td><td>123.7</td><td>156.6</td><td>156.6</td><td>67.91</td><td>67.91</td><td>67.91</td></tr><tr><td>25 under 30.00</td><td></td><td>2.0</td><td>1,851.7</td><td>1.9</td><td>1.9</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>71.20</td><td>71.20</td><td>71.20</td></tr><tr><td>30 under 50.00</td><td></td><td>1.0</td><td>2,471.2</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>74.42</td><td>74.42</td><td>74.42</td></tr><tr><td>50 under 70.00</td><td></td><td>1.0</td><td>3,851.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>77.34</td><td>77.34</td><td>77.34</td></tr><tr><td>70 under 90.00</td><td></td><td>1.0</td><td>5,471.3</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>80.37</td><td>80.37</td><td>80.37</td></tr><tr><td>90 under 100.00</td><td></td><td>1.0</td><td>7,121.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>83.40</td><td>83.40</td><td>83.40</td></tr><tr><td>100 under 150.00</td><td></td><td>1.0</td><td>9,551.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>86.43</td><td>86.43</td><td>86.43</td></tr><tr><td>150 under 200.00</td><td></td><td>1.0</td><td>11,721.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>89.46</td><td>89.46</td><td>89.46</td></tr><tr><td>200 under 300.00</td><td></td><td>1.0</td><td>14,041.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>92.49</td><td>92.49</td><td>92.49</td></tr><tr><td>300 under 400.00</td><td></td><td>1.0</td><td>17,121.6</td><td>1.1</td><td>1.1</td><td>182.0</td><td>182.0</td><td>156.6</td><td>156.6</td><td>95.52</td><td>95.52</td><td>95.52</td></tr></table>
(Continued on following page)
Treasury Bulletin
A-15
<table><tr><th colspan="2">Table 3.-Number of Returns, Net Income, Credits, and Taxes by Net Income Classes - (Continued)</th><th>1942-1943</th><th>1943</th><th>1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th></tr><tr><th>Net income classes in thousands of dollars 20/</th><th>Number of returns</th><th>Net income 19/</th><th>Personal exemption 25/</th><th>Credit for dependent 26/</th><th>Earned income credit 27/</th><th>1942-1943 income and victory tax 21/</th><th>1943 income and victory tax 22/</th><th>1943 income and victory tax and surtax 23/</th><th>1943 income and victory tax and surtax 25%</th></tr><tr><td>Taxable individual and fiduciary returns: With net income: (continued)</td><td>(In thousands)</td><td></td><td></td><td></td><td></td><td>(In millions of dollars)</td><td></td><td></td><td></td></tr><tr><td>400 under 500</td><td>.2</td><td>67.7</td><td>1</td><td></td><td>.2</td><td>54.7</td><td>27.7</td><td>1.7</td><td>29.3</td></tr><tr><td>500 under 750</td><td>.2</td><td>97.3</td><td>2</td><td></td><td>.1</td><td>77.6</td><td>39.7</td><td>2.4</td><td>41.6</td></tr><tr><td>750 under 1,000</td><td>.1</td><td>52.7</td><td>.1</td><td></td><td>.1</td><td>38.7</td><td>15.7</td><td>.9</td><td>16.6</td></tr><tr><td>1,000 under 1,500</td><td>.1</td><td>17.2</td><td>.1</td><td></td><td></td><td>29.8</td><td>11.4</td><td>.2</td><td>11.6</td></tr><tr><td>1,500 under 2,000</td><td></td><td>14.4</td><td></td><td></td><td></td><td>11.6</td><td>3.0</td><td>.1</td><td>2.3</td></tr><tr><td>2,000 under 3,000</td><td></td><td>10.2</td><td></td><td></td><td></td><td>14.5</td><td>2.0</td><td>.1</td><td>1.6</td></tr><tr><td>3,000 under 5,000</td><td></td><td>15.5</td><td></td><td></td><td></td><td>9.0</td><td>4.9</td><td></td><td>5.0</td></tr><tr><td>5,000 and over</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total taxable returns</td><td>40,318.6</td><td>98,150.2</td><td>37,242.8</td><td>11,133.0</td><td>8,494.5</td><td>14,589.3</td><td>11,321.4</td><td>2,254.2</td><td>13,561.4</td></tr><tr><td>With no net income</td><td>10/</td><td>98,122.2</td><td>37,255.4</td><td>11,134.5</td><td>8,494.5</td><td>14,590.0</td><td>11,321.4</td><td>2,254.9</td><td>13,562.0</td></tr><tr><td>Total taxable returns</td><td>40,337.2</td><td>98,122.2</td><td>37,255.4</td><td>11,134.5</td><td>8,494.5</td><td>14,590.0</td><td>11,321.4</td><td>2,254.9</td><td>13,562.0</td></tr><tr><td>Montaxable individual returns: With net income: Form 1040 12/</td><td>11/</td><td>487.1</td><td>1,545.4</td><td>196.5</td><td>79.6</td><td>15.4</td><td>13.5</td><td>.7</td><td>.7</td></tr><tr><td>Under 50</td><td>212.0</td><td>455.5</td><td>66.2</td><td>6.2</td><td>2.1</td><td>1.5</td><td></td><td></td><td></td></tr><tr><td>50 under 75</td><td>122.3</td><td>224.4</td><td>52.1</td><td>3.2</td><td>1.4</td><td>2.1</td><td></td><td></td><td></td></tr><tr><td>75 under 150</td><td>141.8</td><td>162.4</td><td>14.6</td><td>4.6</td><td>2.3</td><td>2.3</td><td></td><td></td><td></td></tr><tr><td>150 and over</td><td>128.5</td><td>162.4</td><td>14.6</td><td>4.6</td><td>2.3</td><td>2.3</td><td></td><td></td><td></td></tr><tr><td>Total montaxable returns with net income</td><td>3,243.9</td><td>1,435.4</td><td>2,570.9</td><td>403.9</td><td>97.4</td><td>35.8</td><td>14,590.0</td><td>11,321.4</td><td>2,254.9</td></tr><tr><td>With no net income</td><td>Form 1040 30/</td><td>198.0</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>27.5</td><td>63.3</td><td>31.8</td><td>17,145.9</td></tr><tr><td>Total montaxable returns</td><td>3,441.9</td><td>1,237.1</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>63.3</td><td>11,114.1</td><td>11,321.4</td><td>2,254.9</td></tr><tr><td>Total individual and fiduciary returns with net income</td><td>43,602.5</td><td>99,545.6</td><td>39,413.7</td><td>11,536.9</td><td>8,591.9</td><td>14,589.3</td><td>11,321.4</td><td>2,254.2</td><td>13,561.4</td></tr><tr><td>Total individual and fiduciary returns with no net income</td><td>216.7</td><td>-226.3</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>31.8</td><td>17,145.9</td><td>11,321.4</td><td>2,254.9</td></tr><tr><td>Total individual and fiduciary returns</td><td>43,819.2</td><td>99,359.3</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>14,621.1</td><td>11,321.4</td><td>2,254.9</td><td>13,562.0</td></tr><tr><th>1942-1943</th><th>1943</th><th>1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th><th>1942-1943</th></tr><tr><td>Effortive tax for 1943 and 1944 Victory tax</td><td>(In per cent.)</td><td>80.52</td><td>79.70</td><td>73.51</td><td>63.38</td><td>67.02</td><td>70.39</td><td>14.46</td><td>14.47</td></tr><tr><td>Average 1943 income and victory tax</td><td>(In dollars)</td><td>260,962</td><td>194,841</td><td>62,522</td><td>1,439,254</td><td>1,232,227</td><td>1,955,292</td><td>362</td><td>37</td></tr><tr><td>1943 Net Victory tax 22/</td><td></td><td>25.2</td><td>36.0</td><td>17.6</td><td>9.6</td><td>9.3</td><td>1,028.0</td><td>1,028.0</td><td>1,028.0</td></tr><tr><td>1942-1943 Net Victory tax 21/</td><td></td><td>1.2</td><td>1.6</td><td>1.4</td><td>2.2</td><td>2.4</td><td>59.2</td><td>59.2</td><td>59.2</td></tr><tr><td>Return with alternative tax</td><td></td><td>5.4</td><td>10.6</td><td>10.6</td><td>5.9</td><td>3.3</td><td>162.4</td><td>162.4</td><td>162.4</td></tr><tr><td>50% of the Normal income and victory tax 23/</td><td></td><td>18.6</td><td>24.0</td><td>10.8</td><td>3.6</td><td>5.6</td><td>808.9</td><td>808.9</td><td>808.9</td></tr><tr><td>1943 income and victory tax 22/</td><td></td><td>29.3</td><td>41.6</td><td>11.6</td><td>3.0</td><td>5.0</td><td>13,561.4</td><td>13,562.0</td><td>13,562.0</td></tr><tr><td>1942-1943 income and victory tax 21/</td><td></td><td>1.7</td><td>2.4</td><td>.9</td><td>.1</td><td>.1</td><td>11,321.4</td><td>11,321.4</td><td>11,321.4</td></tr><tr><td>1943 income and victory tax and surtax 25%</td><td></td><td>27.7</td><td>39.7</td><td>15.7</td><td>3.0</td><td>4.9</td><td>13,561.4</td><td>13,562.0</td><td>13,562.0</td></tr><tr><td>1942-1943 income and victory tax and surtax 25%</td><td></td><td>1.7</td><td>2.4</td><td>.9</td><td>.1</td><td>.1</td><td>11,321.4</td><td>11,321.4</td><td>11,321.4</td></tr><tr><td>1942-1943 Net Victory tax 21/</td><td></td><td>65.7</td><td>21.3</td><td>45.3</td><td>13.0</td><td>14.9</td><td>17,074.8</td><td>17,082.6</td><td>17,082.6</td></tr><tr><td>1943 income and victory tax 22/</td><td></td><td>54.7</td><td>77.6</td><td>38.7</td><td>11.6</td><td>9.0</td><td>14,589.3</td><td>14,590.0</td><td>14,590.0</td></tr><tr><td>1942-1943 income and victory tax 21/</td><td></td><td>2.2</td><td>.1</td><td>.1</td><td></td><td></td><td>8,494.5</td><td>8,494.5</td><td>8,494.5</td></tr><tr><td>1943 income and victory tax and surtax 25%</td><td></td><td>67.7</td><td>97.3</td><td>52.7</td><td>14.4</td><td>15.5</td><td>98,150.2</td><td>98,122.2</td><td>98,122.2</td></tr><tr><td>1942-1943 income and victory tax and surtax 25%</td><td></td><td>.2</td><td>.1</td><td>.1</td><td></td><td></td><td>28.0</td><td>28.0</td><td>28.0</td></tr><tr><td>1943 income and victory tax 22/</td><td></td><td>1,435.4</td><td>1,237.1</td><td>1,435.4</td><td>1,237.1</td><td>1,435.4</td><td>99,545.6</td><td>99,359.3</td><td>99,359.3</td></tr><tr><td>1942-1943 income and victory tax 21/</td><td></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>n.a.</td><td>n.a.</td></tr><tr><td>1942-1943 Net Victory tax 21/</td><td></td><td>1,435.4</td><td>1,237.1</td><td>1,435.4</td><td>1,237.1</td><td>1,435.4</td><td>99,545.6</td><td>99,359.3</td><td>99,359.3</td></tr></table>
Individual and Taxable Fiduciary Income Tax Returns for 1943 - (Continued) Table 3.- Number of Returns, Net Income, Net Income by Tax Classes - (Continued)
Note: See page A-17 for footnotes.
June 1947
A-17
Individual and Taxable Fiduciary Income Tax Returns for 1943 - (Continued)
1/ Dividends include dividends on share accounts in Federal savings and loan associations issued on or after March 28, 1942, but exclude such dividends on prior issues and all dividends received through partnerships and fiduciaries.
2/ Income from this source on Form 1040A is included in "Other income."
3/ Interest received or accrued from Government bonds is the net amount after deducting the amortizable bond premium for the taxable year where the taxpayer elects to report on that basis, but unlike last year, the interest on corporation bonds is the amount before the deduction for amortizable bond premium, which is reported in other deductions.
4/ Partially tax-exempt interest is that received on certain Government obligations issued prior to March 1, 1941, namely, United States savings bonds and Treasury bonds owned in excess of $5,000, and obligations of instrumentalities of the United States other than Federal land banks, Federal intermediate credit banks, or joint stock land banks, and unlike last year, includes dividends on share accounts in Federal savings and loan associations issued prior to March 28, 1942, which are also partially tax-exempt. The amount reported includes such interest and dividends received through partnerships and fiduciaries, and is not subject to normal tax or victory tax.
5/ Taxable interest on Government obligations is that received on Treasury notes issued on or after December 1, 1940; United States savings bonds and other obligations of the United States or any instrumentality thereof issued on or after March 1, 1941. The amount reported excludes such interest received through partnership and fiduciaries.
6/ Net gain from sales of capital assets is the amount taken into account in computing net income whether or not the alternative tax is imposed. It is a combination of net short- and long-term capital gain and loss; also the net capital loss carried over from 1942 has been deducted. Net gain from such sales includes each participant's share of net short- and long-term capital gains and losses to be taken into account from partnerships and common trust funds, worthless stocks, worthless bonds if they are capital assets, non-business bad debts, and certain distributions from employee trust plans. Net gain from sales of capital assets is not subject to victory tax.
7/ Net gain or loss from sales of property other than capital assets is that from the sales of (1) property used in trade or business of a character which is subject to the allowance for depreciation, (2) obligations of the United States or any of its possessions, a State or Territory or any political subdivision thereof, or the District of Columbia, issued on or after March 1, 1941, on a like-count basis and payable without interest at a fixed maturity date not exceeding one year from date of issue, and (3) real property used in trade or business.
8/ Current year profit or loss from business or profession (sole proprietorship). (Net operating loss deduction is reported in "Other deductions.")
9/ Partnership profit or loss, as reported on the income tax return of the partner, excludes (1) partially tax-exempt interest on Government obligations and (2) net gain or loss from sales or exchanges of capital assets, each of which is reported in its respective source of income or deduction, and (3) dividends on share accounts in Federal savings and loan associations issued prior to March 28, 1942, which are reported in the schedule for interest on Government obligations. In computing partnership profit or loss, charitable contributions are not deductible nor is the net operating loss deduction allowed. However, the pro rata shares of contributions, and of prior year income and losses of the partnership are taken into account by each partner in determining his own contributions and not operating loss deduction.
10/ Income from fiduciaries, as reported on the income tax return of the beneficiary, excludes (1) partially tax-exempt interest on Government obligations, and (2) net gain or loss from sales or exchanges of capital assets received from common trust funds, each of which is reported in its respective source of income or deduction and (3) dividends on share accounts in Federal savings and loan associations issued prior to March 28, 1942, which are reported in the schedule for interest on Government obligations. The net operating loss deduction is allowed to estates and trusts generally, and is deducted in computing the income to be distributed. However, in the case of a common trust fund the net operating loss deduction is not allowable, but each participant's share of prior year income and losses of the fund is taken into account in determining his own net operating loss deduction.
11/ Other income includes alimony received, earnings of minors, prizes, sweepstakes, gambling profits, etc. The amount of dividends, interest, and annuities reported in one sum on individual returns, Form 1040A, is tabulated as other income.
12/ Form 1040A (optional return), which may be filed by individuals whose gross income is from certain sources only and is not more than $3,000, does not provide for reporting the amount of net income. Consequently, no deductions are shown for these returns, and gross income is tabulated both as total income and net income.
13/ Net loss from sales of capital assets is the amount reported as a deduction. It is the result of combining net short- and long-term capital gain and loss and the net capital loss carried over from 1942; however, the deduction is limited to the amount of net loss, or to the net income (computed without regard to capital gains and losses), or to $1,000, whichever is smallest. Loss from sales of capital assets includes each participant's share of net short- and long-term capital gains and losses to be taken into account from partnerships and common trust funds, worthless stocks, worthless
sodo if they are capital assets, nonbusiness bad debts, and certain distributions from employee's trust plans. Net loss from sales of capital assets is not deductible in computing the victory tax. 14/ Contributions, including each partner's share of charitable contributions of partnerships, is limited to 1/2 percent of net income computed without this deduction or the deduction for medical, dental, etc., expenses. 15/ Deductions for interest, taxes, and losses from fire, storm, ship-wreck, etc., or theft exclude amounts reported in schedules for (1) rents and royalties and (2) business or profession. 16/ Losses from fire, storm, shipwreck, war, or other casualty, or from theft not compensated for by insurance or otherwise, reported on individual returns, Form 1040. 17/ Medical, dental, etc., expenses paid for care of taxpayer, his wife, or a dependent, not compensated for by insurance or otherwise, which exceed 5 percent of the net income computed without the deduction. Maximum deduction is $2,000 on the return for husband and wife or for the head of a family, $1,250 for all other individuals. 18/ Other deductions include certain bad debts, net operating loss deduction, amortizable bond premium on corporation bonds, expenses incurred for the management and maintenance of property held for the production of taxable income, the net loss from rent and royalties reported in sources of income, as well as attorney paid report, reported on individual returns, and losses from fire, storm, ship-wreck, etc., reported on fiduciary returns. 19/ Net income is the sum of (1) income tax net income on Form 1040, (2) gross income on Form 1040A, and (3) in tables including fiduciary returns, Form 1041, the income tax net income taxable to the fiduciary. 20/ The net income used for classification and tabulation of taxable fiduciary returns is the income tax net income taxable to the fiduciary, that is, after the deduction for the amount distributable to beneficiaries and without regard to the victory tax net income. Data for taxable fiduciary returns include data for estates and trusts filed (improperly) on Form 1041, which have not income taxable to the fiduciary. 21/ The 1942-1943 tax is the final tax computed from both the 1942 and 1943 taxes, and is the liability of the taxpayer on 1942 and 1943 income. 22/ Income and victory tax on 1943 income is the tax computed on the income reported for 1943 and includes either the normal tax and surtax (or optional tax paid in lieu thereof) or the alternative tax, and net victory tax, after deducting the tax credits relating to income tax paid at source on tax-free covenant bonds and income tax paid to a foreign country or United States possession. For individual returns, the tax on 1943 income is without regard to the comparison with 1942 tax liability as provided under the Current Tax Payment Act of 1943; and, therefore, does not include the tax adjustment necessary for the merging of the 1942 and 1943 tax liabilities. This tax for 1943 income is conceptually comparable with the total tax tabulated in last year's report; except that the former (1943) includes the victory tax and the two tax credits are deducted. 23/ Census Bureau estimates. 24/ Includes Alaska. 25/ The personal exemption allowed the head of a family and a married person living with husband or wife for the entire year is $1,200 and that of a single person, a married person not living with husband or wife, or an estate is $500. A trust is allowed, in lieu of personal exemption, a credit of 21/4%, against net income. The personal exemption tabulated for individual returns, Form 1040A, is ascertained from the taxpayer's status which is indicated on the return. 26/ The credit for a dependent is $250 if Form 1040 is filed, or $385 if Form 1040A is filed. However, in the case of a taxpayer who is head of a family only by reason of one or more dependents for whom he would be entitled to credit, the credit is allowed for each of such dependents except one. 27/ Earned income credit is 10 percent of earned net income (not to exceed $14,000) or 10 percent of net income, whichever is smaller. The credit tabulated for the optional returns, Form 1040A, is estimated at 9.4 percent of gross income (equivalent to 10 percent of the income after deductions aggregating 6 percent of gross income). 28/ Normal tax and surtax are reported on (1) returns without sales or exchanges of capital assets, (2) returns with a net loss from such sales, and (3) returns with a net gain from sales or exchanges of capital assets, unless the alternative tax is imposed. The optional returns, on which optional tax is paid in lieu of normal tax and surtax, and returns showing only a net victory tax are tabulated under returns with normal tax and surtax so that taxes for all returns may be presented. 29/ Alternative tax is reported on returns showing an excess of net long-term capital gain over net short-term capital loss, but only if such tax is less than the sum of normal tax and surtax computed on net income which includes the net gain from sales or exchanges of capital assets. Alternative tax is the sum of a partial tax (normal tax and surtax) computed on net income reduced for this purpose by the excess of net long-term capital gain over the net short-term capital loss, and 50 percent of such excess. 30/ Returns with no net income are those wherein total deductions and, in the case of fiduciary returns, the amount distributable to beneficiaries equal or exceed total income, regardless of the amount of victory tax net income or victory tax liability. 31/ Nontaxable returns with net income are: Form 1040 on which personal exemption, credit for dependents, and earned income credit exceed income tax net income and there is no victory tax; Form 1040A on which credit for dependents reduces gross income to an amount shown as nontaxable in the optional tax table and there is no victory tax.
June 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">First 10 months, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years, 1945 to 1948</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th>Change 1946 to 1947</th><th>Actual</th><th colspan="3">Estimated</th></tr><tr><th></th><th colspan="3"></th><th></th><th>1945</th><th>1946</th><th>1947</th><th>1948</th></tr><tr><th>Receipts:</th><th colspan="3"></th><th></th><th colspan="4">January Budget document 1/</th><th>April Budget statement 2/</th><th>January Budget document 1/</th></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>28,389</td><td>26,085</td><td>24,417</td><td>-1,668</td><td>35,173</td><td>30,885</td><td>27,134</td><td></td><td>26,661</td></tr><tr><td>Employment taxes</td><td>1,377</td><td>1,342</td><td>1,539</td><td>+197</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</td><td>5,831</td><td>6,495</td><td>6,853</td><td>+358</td><td>6,949</td><td>7,725</td><td>8,013</td><td>n.a.</td><td>6,847</td></tr><tr><td>Customs</td><td>286</td><td>359</td><td>422</td><td>+63</td><td>355</td><td>435</td><td>496</td><td></td><td>517</td></tr><tr><td>Other receipts</td><td>2,543</td><td>2,477</td><td>2,789</td><td>+312</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>38,426</td><td>36,758</td><td>36,019</td><td>-739</td><td>47,740</td><td>44,239</td><td>41,585</td><td></td><td>43,950</td></tr><tr><td>Lease:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund.</td><td>968</td><td>933</td><td>1,098</td><td>+165</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>37,458</td><td>35,825</td><td>34,921</td><td>-904</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><td></td></tr><tr><td>National defense and related activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>41,143</td><td>25,093</td><td>5,874</td><td>-19,219</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>25,034</td><td>13,931</td><td>4,253</td><td>-9,678</td><td>30,047</td><td>15,161</td><td>5,116</td><td>4,900</td><td>4,420</td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>-</td><td>1,721</td><td>+1,721</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>129</td><td>+129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous War and defense activities</td><td>7,859</td><td>4,894</td><td>2,344</td><td>-2,549</td><td>9,645</td><td>5,581</td><td>3,456</td><td>2,803 r</td><td>1,542</td></tr><tr><td>Total</td><td>74,036</td><td>43,917</td><td>14,321</td><td>-29,596</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><td></td></tr><tr><td>Veterans' Administration 5/ 6/</td><td>1,238</td><td>3,242</td><td>5,645</td><td>+2,403</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>2,542</td><td>3,221</td><td>3,470</td><td>+249</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>1,312</td><td>2,017</td><td>2,060</td><td>+44</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>5,091</td><td>8,480</td><td>11,176</td><td>+2,695</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><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><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>374</td><td>325</td><td>-49</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>1,550</td><td>+1,550</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>374</td><td>3,142</td><td>+2,768</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>407</td><td>880</td><td>1,558</td><td>+678</td><td>762</td><td>980</td><td>1,680</td><td>1,752 r</td><td>1,720</td></tr><tr><td>Social security program 5/ 1/</td><td>742</td><td>788</td><td>873</td><td>+85</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>277</td><td>312</td><td>891</td><td>+580</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>935</td><td>1,077</td><td>1,823</td><td>+746</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><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities</td><td>327</td><td>181</td><td>-479</td><td>-660</td><td>472</td><td>328</td><td></td><td>161</td><td>-100</td><td>781</td></tr><tr><td>Other</td><td>-198</td><td>-10</td><td>114</td><td>+124</td><td>-288</td><td>-23</td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>560</td><td>-1,039</td><td>-602</td><td>+437</td><td>470</td><td>-1,044</td><td>-790</td><td>-894</td><td>-494</td></tr><tr><td>Other</td><td>-644</td><td>-463</td><td>296</td><td>+760</td><td>-662</td><td>-566</td><td>454</td><td>456</td><td>543</td></tr><tr><td>Total</td><td>44</td><td>-1,331</td><td>-670</td><td>+661</td><td>-7</td><td>-1,305</td><td>-175</td><td>-539</td><td>829</td></tr><tr><td>Total expenditures</td><td>81,533</td><td>54,497</td><td>33,114</td><td>-21,384</td><td>100,197</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>-44,075</td><td>-18,672</td><td>+1,807</td><td>-20,480</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.
r Revised classification.
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 such deposits is not available on the
On the basis of Daily Treasury Statements. On the basis of covering variance, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. Deposits are estimated at $1408 million for fiscal year 1947 and $193 million for fiscal year 1948. These figures include so-called voluntary returns. 5/ Includes transfers to trust accounts, etc. 6/ Includes expenditures for public works undertaken by Veterans' Administration. 1/ 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.
June 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 10 months, fiscal years 1945 to 1947</th><th colspan="5">End of fiscal years, 1945 to 1948</th></tr><tr><th></th><th>Apr. 30, 1945</th><th>Apr. 30, 1946</th><th>Apr. 30, 1947</th><th>Change Apr. 30, 1946 to Apr. 30, 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 issued 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: Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>162,680</td><td>195,079</td><td>170,535</td><td>-24,544</td><td>181,319</td><td>189,606</td><td rowspan="2"></td><td rowspan="2"></td><td rowspan="2"></td></tr><tr><td>Non-marketable</td><td>52,460</td><td>56,408</td><td>58,612</td><td>+2,204</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues</td><td>215,140</td><td>251,487</td><td>229,147</td><td>-22,340</td><td>237,545</td><td>245,779</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Special issues</td><td>17,923</td><td>21,224</td><td>25,280</td><td>+4,056</td><td>18,812</td><td>22,332</td><td></td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>233,063</td><td>272,711</td><td>254,427</td><td>-18,284</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>2,006</td><td>1,188</td><td>3,275</td><td>+2,087</td><td>2,326</td><td>1,311</td><td></td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>235,069</td><td>273,898</td><td>257,701</td><td>-16,197</td><td>258,682</td><td>269,422</td><td>260,400</td><td>n.a.</td><td>260,200</td></tr><tr><td>Securities guaranteed by the United States 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt: Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>788</td><td>41</td><td>46</td><td>+5</td><td>34</td><td>43</td><td rowspan="2"></td><td rowspan="2"></td><td rowspan="2"></td></tr><tr><td>Non-marketable</td><td>343</td><td>492</td><td>126</td><td>-367</td><td>375</td><td>424</td></tr><tr><td>Total interest-bearing debt</td><td>1,132</td><td>533</td><td>171</td><td>-362</td><td>409</td><td>467</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Matured debt</td><td>23</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>1,155</td><td>544</td><td>178</td><td>-366</td><td>433</td><td>476</td><td>428</td><td>n.a.</td><td>397</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>236,224</td><td>274,443</td><td>257,880</td><td>-16,563</td><td>259,115</td><td>269,898</td><td>260,828</td><td>n.a.</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></th><th colspan="3">First 10 months, fiscal years 1945 to 1947</th><th colspan="5">Complete fiscal years, 1945 to 1948</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th colspan="2">Actual</th><th colspan="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>44,075</td><td>18,672</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>11,721</td><td>-</td><td>-</td><td>9,022</td><td>n.a.</td><td>200</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>4,529</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>-</td><td>307</td><td>13</td><td>-</td><td>524</td><td>407</td><td>n.a.</td><td>414</td></tr><tr><td>Total amount required to be financed</td><td>44,075</td><td>18,979</td><td>11,734</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.a.</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>1,807</td><td>-</td><td>-</td><td>-</td><td>1,250</td><td>202</td></tr><tr><td>Net increase in public debt</td><td>34,066</td><td>15,216</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>8,802</td><td>3,763</td><td>9,926</td><td>-</td><td>10,460</td><td>11,722</td><td>n.a.</td><td>411</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>1,207</td><td>-</td><td>-</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>44,075</td><td>18,979</td><td>11,734</td><td>58,470</td><td>21,200</td><td>11,722</td><td>n.a.</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
June 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 surplus (+) or deficit (-) 3/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Customs</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 expenditures</th><th>General</th><th>National defense and related 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 1/2</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>-3,910</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 1/2</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079 2/</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 1/2</td><td>869</td><td>12,799</td><td>31,290</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 1/2</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 5/6</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 2/3</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 2/3</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-April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</td><td>57</td><td>2,677</td><td>4,268</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>-1,591</td></tr><tr><td>May</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>265</td><td>2,733</td><td>3,864</td><td>1,400</td><td>2,182</td><td>95</td><td>187</td><td>-1,131</td></tr><tr><td>June</td><td>4,482</td><td>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,352</td><td>3,066</td><td>2,442</td><td>5</td><td>-161</td><td>-873</td></tr><tr><td>July</td><td>2,600</td><td>2,251</td><td>44</td><td>305</td><td>61</td><td>2,539</td><td>3,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>-1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>-499</td></tr><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>+1,723</td></tr><tr><td>October</td><td>2,617</td><td>2,230</td><td>45</td><td>341</td><td>73</td><td>2,544</td><td>2,965</td><td>1,494</td><td>1,481</td><td>48</td><td>-59</td><td>+420</td></tr><tr><td>November</td><td>2,639</td><td>2,403</td><td>45</td><td>192</td><td>275</td><td>2,364</td><td>2,529</td><td>1,094</td><td>1,436</td><td>27</td><td>-28</td><td>+165</td></tr><tr><td>December</td><td>4,113</td><td>3,693</td><td>43</td><td>377</td><td>6</td><td>4,107</td><td>3,662</td><td>2,017</td><td>1,580</td><td>21</td><td>45</td><td>+445</td></tr><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>5,446</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><tr><td>April</td><td>2,624</td><td>2,309</td><td>41</td><td>274</td><td>68</td><td>2,556</td><td>4,001</td><td>2,206</td><td>1,728</td><td>46</td><td>20</td><td>-1,445</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/ Net receipts less total expenditures.
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 released 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 profits taxes</th><th rowspan="2">Total</th><th colspan="2">Employment taxes</th><th rowspan="2">Carrier's Taxing Act of 1937 (Railroad retirement)</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Withheld by employers 2/</th><th>Other 3/</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 2/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,332</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>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-April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>642</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>442</td><td>285</td><td>269</td><td>11</td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>650</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>514</td><td>974</td><td>67</td><td>62</td><td>2</td><td>2</td><td>695</td></tr><tr><td>August</td><td>2,494</td><td>1,513</td><td>1,070</td><td>443</td><td>302</td><td>284</td><td>10</td><td>8</td><td>679</td></tr><tr><td>September</td><td>4,291</td><td>3,550</td><td>705</td><td>2,845</td><td>85</td><td>8</td><td>1</td><td>76</td><td>656</td></tr><tr><td>October</td><td>2,230</td><td>1,404</td><td>557</td><td>847</td><td>74</td><td>70</td><td>2</td><td>2</td><td>752</td></tr><tr><td>November</td><td>2,403</td><td>1,444</td><td>1,111</td><td>332</td><td>290</td><td>276</td><td>9</td><td>5</td><td>669</td></tr><tr><td>December</td><td>3,693</td><td>2,886</td><td>766</td><td>2,120</td><td>86</td><td>7</td><td>1</td><td>78</td><td>722</td></tr><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><tr><td>April</td><td>2,309</td><td>1,597</td><td>584</td><td>1,012</td><td>75</td><td>69</td><td>4</td><td>3</td><td>638</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 profits taxes.
4/ 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" represent collections under Titles VIII and IX, respectively, of the Social Security Act. 5/ 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>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="8">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social Security program 3/ 6/</th><th>Public works 1/</th><th>International Finance 8/</th><th>Civilian Conservation Corps 2/</th><th>Direct and work relief 2/</th><th>Other 1/</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-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><tr><td>April</td><td>2,206</td><td>1,329</td><td>594</td><td>141</td><td>593</td><td>877</td><td>97</td><td>16</td><td>72</td><td>450</td><td>-</td><td>-</td><td>241</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 issuance of excess profits tax refund bonds and excludes refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and treile 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.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Consists of payments under Bretton Woods Agreements Act - International Bank; credit to United Kingdom; and Export-Import Bank of Washington - capital stock.
2/ Classified as Other expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
10/ Gross expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
June 1947
7
Budgetary Receipt and Expenditures - (Continued
Table 4.- Analysis of Expenditures for National Defense and Related 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/ Bonde Cash</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency 2/</th><th>National Housing Agency</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Administration</th><th>Surplus property disposal agencies</th><th>Other defense and related activities expenditures 3/</th></tr><tr><td>1937.</td><td>929</td><td>378</td><td>557</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></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>105</td><td>611</td></tr><tr><td>1946-April.</td><td>2,560</td><td>1,420</td><td>858</td><td>-</td><td>10</td><td>5</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</td><td>63</td><td>-</td><td>57</td><td>5</td><td>33</td></tr><tr><td>May.</td><td>2,182</td><td>1,282</td><td>640</td><td>-</td><td>3</td><td>4</td><td>5</td><td>-5</td><td>4</td><td>26</td><td>50</td><td>47</td><td>-</td><td>96</td><td>36</td><td>33</td></tr><tr><td>June.</td><td>2,442</td><td>1,465</td><td>590</td><td>-</td><td>131</td><td>2</td><td>4</td><td>-3</td><td>3</td><td>24</td><td>4</td><td>37</td><td>-</td><td>91</td><td>53</td><td>40</td></tr><tr><td>July.</td><td>1,190</td><td>300</td><td>519</td><td>-</td><td>12</td><td>2</td><td>7</td><td>4</td><td>4</td><td>29</td><td>4</td><td>34</td><td>-</td><td>169</td><td>27</td><td>79</td></tr><tr><td>August.</td><td>1,509</td><td>675</td><td>551</td><td>-</td><td>4</td><td>4</td><td>5</td><td>4</td><td>3</td><td>35</td><td>-3</td><td>40</td><td>-</td><td>169</td><td>23</td><td>*</td></tr><tr><td>September.</td><td>1,100</td><td>384</td><td>486</td><td>-</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>2/</td><td>-</td><td>108</td><td>29</td><td>53</td></tr><tr><td>October.</td><td>1,481</td><td>616</td><td>485</td><td>70</td><td>3</td><td>1</td><td>4</td><td>4</td><td>3</td><td>17</td><td>22</td><td>5/</td><td>-</td><td>198</td><td>26</td><td>24</td></tr><tr><td>November.</td><td>1,436</td><td>669</td><td>314</td><td>240</td><td>5</td><td>2</td><td>4</td><td>28</td><td>3</td><td>10</td><td>38</td><td>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>1</td><td>2</td><td>33</td><td>2</td><td>5</td><td>*</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>1</td><td>2</td><td>4</td><td>3</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>1</td><td>2</td><td>4</td><td>2</td><td>12</td><td>7</td><td>2/</td><td>-</td><td>52</td><td>34</td><td>15</td></tr><tr><td>April.</td><td>1,728</td><td>735</td><td>415</td><td>267</td><td>21</td><td>1</td><td>4</td><td>4</td><td>2</td><td>-9</td><td>31</td><td>5/</td><td>-</td><td>189</td><td>35</td><td>20</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $500,000.
1/ Administrative expenses in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments.
2/ Includes var public housing functions.
3/ Includes var expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter
4/ 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."
5/ Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, public law 492, approved July 8, 1946.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employees' retirement funds (0. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>*</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>1946-April</td><td>200</td><td>162</td><td>36</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><tr><td>April</td><td>46</td><td>1</td><td>45</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.
3/ Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on social security program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Analysis of Expenditures of Government Corporations (Wholly Owned), Etc. (Net)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ National defense and related 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>282</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>-163</td><td>2/</td><td>2,462</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>•</td><td>-2</td><td>15</td><td>-196</td><td>2/</td><td>2,435</td><td>-1</td><td>-316</td></tr><tr><td>1945</td><td>-7</td><td>471 3/</td><td>•</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 1/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1946-April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-22</td><td>85</td><td>-1</td><td>-3</td><td>-21</td></tr><tr><td>May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>148</td><td>-11</td><td>-1</td><td>-3</td></tr><tr><td>June</td><td>-161</td><td>-151</td><td>20</td><td>-3</td><td>3</td><td>-25</td><td>-1</td><td>-2</td><td>1</td><td>-2</td></tr><tr><td>July</td><td>-870</td><td>-959 4/</td><td>64</td><td>•</td><td>-2</td><td>-18</td><td>43</td><td>13</td><td>3</td><td>-14</td></tr><tr><td>August</td><td>136</td><td>145</td><td>-15</td><td>11</td><td>2</td><td>-22</td><td>54</td><td>-34</td><td>-2</td><td>-4</td></tr><tr><td>September</td><td>-96</td><td>54</td><td>-30</td><td>-3</td><td>1</td><td>-16</td><td>-110</td><td>7</td><td>2</td><td>-2</td></tr><tr><td>October</td><td>-59</td><td>13</td><td>-54</td><td>-2</td><td>•</td><td>-18</td><td>3</td><td>8</td><td>3</td><td>-12</td></tr><tr><td>November</td><td>-28</td><td>-52</td><td>53</td><td>4</td><td>•</td><td>-16</td><td>-18</td><td>21</td><td>-2</td><td>-17</td></tr><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>103</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><tr><td>April</td><td>20</td><td>28</td><td>73</td><td>3</td><td>6</td><td>-15</td><td>-87</td><td>-35</td><td>-8</td><td>55</td></tr></table>
Source: Daily Treasury Statement.
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 land-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,182 million. 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).
June 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>8,389</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,430</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,364</td><td>4,107</td><td>41,601</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td>2,556</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budgetary expenditures 2/
<table><tr><th></th><th colspan="12">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td>4,514</td><td>2,796</td><td>2,851</td><td>3,023</td><td>2,557</td><td>3,618</td><td>45,804</td></tr><tr><td>1947</td><td>3,005</td><td>3,946</td><td>3,492</td><td>3,981</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
B. Including net expendituree of Government corporations (wholly owned), etc.
<table><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>-</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,387</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td>3,598</td><td>4,001</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Not budgetary surplus (+) or deficit (-)
<table><tr><th colspan="12">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></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>-132</td><td>-3,823</td></tr><tr><td>1941</td><td>-771</td><td>-534</td><td>+161</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>-1,424</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
B. Including net expenditures of Government corporations (wholly owned), etc.
<table><tr><td>1944</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-43,594</td></tr><tr><td>1945</td><td>-1,042</td><td>+243</td><td>+1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-4,293</td><td>+1,723</td><td>-3,165</td><td>-2,208</td><td>-895</td><td>-2,512</td></tr><tr><td>1946</td><td>+706</td><td>+464</td><td>+2,102</td><td>-1,445</td><td></td><td></td><td></td><td>-499</td><td></td><td>-420</td><td>-165</td><td>+445</td><td></td></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available.
4/ Net receipts less total expenditures.
10
Treasury Bulletin
Trust Accounts, Etc., Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>-96</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>148</td><td>146</td></tr><tr><td>1938</td><td>+46</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1940</td><td>+435</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>127</td><td>116</td></tr><tr><td>1941</td><td>+906</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td></td><td></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-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><tr><td>April</td><td>269</td><td>+26</td><td>68</td><td>41</td><td>+5</td><td>53</td><td>48</td><td>-8</td><td>43</td><td>51</td><td>*</td><td>46</td><td>46</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 2/</th><th>Salee and redemptions of obligations of Government corporations, etc., in the market (net) 3/</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th></th><th></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>-1</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>-16</td><td>+1,106</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+61</td><td>+288</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>-4</td><td>+892</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>+288</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1946-April</td><td>+3</td><td>66</td><td>63</td><td>*</td><td>+37</td><td>+153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>*</td><td>255</td><td>255</td><td>*</td><td>-</td><td>-190</td><td>+57</td><td>-</td></tr><tr><td>June</td><td>+121</td><td>292</td><td>171</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-165</td><td>309</td><td>474</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>+318</td></tr><tr><td>August</td><td>-5</td><td>55</td><td>60</td><td>*</td><td>-</td><td>+94</td><td>+42</td><td>+27</td></tr><tr><td>September</td><td>-164</td><td>141</td><td>306</td><td>*</td><td>-</td><td>+102</td><td>+19</td><td>-48</td></tr><tr><td>October</td><td>-3</td><td>111</td><td>114</td><td>*</td><td>-</td><td>+55</td><td>+22</td><td>+36</td></tr><tr><td>November</td><td>-68</td><td>69</td><td>136</td><td>*</td><td>-</td><td>-119</td><td>-22</td><td>-4</td></tr><tr><td>December</td><td>-16</td><td>62</td><td>78</td><td>*</td><td>-</td><td>-227</td><td>-6</td><td>+34</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr><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><tr><td>April</td><td>+85</td><td>144</td><td>59</td><td>*</td><td>-</td><td>+101</td><td>-7</td><td>+67</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.
June 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 surplus (+) or deficit (-)</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditure 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>2,546</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>987</td><td>435</td></tr><tr><td>1941</td><td>6,900</td><td>-6,158</td><td>-</td><td>742</td><td>-</td><td>6,900</td><td>5,994</td><td>-</td><td>906</td></tr><tr><td>1942</td><td>23,461</td><td>-21,491</td><td>-</td><td>358</td><td>1,613</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>-57,420</td><td>-</td><td>6,515</td><td>338</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>-51,424</td><td>-</td><td>10,662</td><td>2,222</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,470</td><td>-53,941</td><td>-</td><td>4,529</td><td>-</td><td>58,470</td><td>57,679</td><td>-</td><td>791</td></tr><tr><td>1946</td><td>21,200</td><td>-20,676</td><td>-</td><td>-</td><td>524</td><td>21,200</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>1946-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>+464</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><tr><td>April</td><td>2,867</td><td>-1,445</td><td>1,423</td><td>-</td><td>-</td><td>2,867</td><td>-</td><td>2,598</td><td>269</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes Government corporations (wholly owned), etc., (net). 2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, increment on gold, assignment 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-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><tr><td>April.</td><td>72.6</td><td>69.0</td><td>3.5</td><td>67.8</td><td>4.7</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 2/</th><th colspan="8">Grants to States</th><th rowspan="2">Refund of taxes</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Social Security Administration</th><th>Public Health Service</th><th>Children's Bureau 1/</th><th>Department of Labor</th></tr><tr><td></td><td></td><td></td><td>Old-age assistance</td><td>Aid to dependent children</td><td>Aid to the blind</td><td>Unemployment compensation administration</td><td>Public health work 6/</td><td>Maternal and child health services</td><td>Services for crippled children</td><td>Child welfare service</td><td>U. S. Employment Service 3/</td><td></td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 10/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>12</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-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>.4</td><td>-</td><td>.6</td><td>52.7</td></tr><tr><td>December</td><td>46.9</td><td>1.9</td><td>44.3</td><td>33.4</td><td>7.2</td><td>.9</td><td>2.0</td><td>-</td><td>.2</td><td>.4</td><td>.2</td><td>*</td><td>.7</td><td>44.8</td></tr><tr><td>1947-January</td><td>68.4</td><td>2.2</td><td>65.2</td><td>46.7</td><td>9.8</td><td>1.5</td><td>5.5</td><td>-</td><td>.8</td><td>.6</td><td>.3</td><td>*</td><td>1.0</td><td>52.2</td></tr><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>*</td><td>*</td><td>1.8</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><tr><td>April</td><td>15.5</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>.1</td><td>-.7</td><td>-</td><td>1.9</td><td>1.6</td><td>.5</td><td>*</td><td>.5</td><td>10.8</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
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.
June 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 rowspan="2">Fiscal year or month</th><th>Receipts</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>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></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.5</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>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1946-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><tr><td>April</td><td>2.6</td><td>45.5</td><td>.3</td><td>45.2</td><td>*</td><td>42.9</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
2/ Administrative expenses relating to the Railroad Retirement Act. 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 colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Adminal- tration Fund) 3/</th><th>Transfer to Railroad Unemployed 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-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><tr><td>April</td><td>*</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr></table>
Source: Daily Treasury Statement.
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
years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expendituree</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 expenditure</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expense 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>113.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947-February</td><td>10,008.8</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>8,414.5</td><td>8,078.7</td><td>283.9</td><td>51.6</td></tr><tr><td>March</td><td>10,041.4</td><td>9,301.7</td><td>739.7</td><td>1,633.6</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><tr><td>April</td><td>10,110.4</td><td>9,370.7</td><td>739.7</td><td>1,676.2</td><td>1,451.9</td><td>203.6</td><td>20.6</td><td>8,434.2</td><td>8,318.7</td><td>68.6</td><td>46.9</td></tr></table>
Source: Dally 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, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbureling officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>261.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>633.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947-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><tr><td>April</td><td>2,080.2</td><td>2,016.1</td><td>64.1</td><td>1,245.4</td><td>834.8</td><td>817.0</td><td>.5</td><td>17.2</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 expenditures</th><th>State unemployment insurance activities Withdrawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund (Special Deposit Account) 5/</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,302.1</td><td>2,152.4</td><td>106.3</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</td><td>2,373.4</td><td>2,222.5</td><td>106.7</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947-February</td><td>11,797.1</td><td>10,231.0</td><td>684.6</td><td>107.1</td><td>56.9</td><td>717.6</td><td>4,083.</td><td>3,879.4</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>March</td><td>11,886.7</td><td>10,246.0</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>April</td><td>11,889.9</td><td>10,288.6</td><td>715.7</td><td>107.1</td><td>56.9</td><td>721.7</td><td>4,239.7</td><td>4,025.9</td><td>107.1</td><td>106.8</td><td>7,650.1</td><td>7,629.0</td><td>14.1</td><td>7.0</td></tr></table>
Sources: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
June 1947
15
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></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><th>Apr.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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><td>1,597</td></tr><tr><td>Employment taxes</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>187</td><td>114</td><td>15</td></tr><tr><td>Miscellaneous internal revenue</td><td>682</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><td>618</td></tr><tr><td>Customer</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><td>41</td></tr><tr><td>Other</td><td>371</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><td>273</td></tr><tr><td>Subtotal</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><td>2,623</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>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><td>43</td></tr><tr><td>Other trust funds and accounts</td><td>162</td><td>294</td><td>221</td><td>112</td><td>01</td><td>177</td><td>144</td><td>97</td><td>102</td><td>95</td><td>146</td><td>206</td><td>196</td></tr><tr><td>Subtotal</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><td>239</td></tr><tr><td>Total cash income</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>5,163</td><td>5,975</td><td>2,862</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities</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><td>1,461</td></tr><tr><td>Veterans' Administration</td><td>406</td><td>415</td><td>196</td><td>463</td><td>512</td><td>424</td><td>518</td><td>488</td><td>560</td><td>549</td><td>545</td><td>565</td><td>594</td></tr><tr><td>Public works</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>65</td><td>72</td></tr><tr><td>Aid to agriculture</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><td>100</td></tr><tr><td>Social security program</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><td>16</td></tr><tr><td>Interest on the public debt</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><td>123</td></tr><tr><td>Government corporations (wholly owned), etc. (net):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</td><td>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><td>-87</td></tr><tr><td>Other</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><td>-35</td></tr><tr><td>Commodity Credit Corporation</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><td>28</td></tr><tr><td>Other</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><td>106</td></tr><tr><td>Other</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><td>1,284</td></tr><tr><td>Subtotal</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><td>3,664</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund</td><td>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><td>76</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>41</td></tr><tr><td>Railroad Retirement Account</td><td>12</td><td>14</td><td>13</td><td>15</td><td>14</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>15</td><td>16</td></tr><tr><td>Other</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><td>-146</td></tr><tr><td>Subtotal</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>97</td><td>11</td></tr><tr><td>Redemption of adjusted service bonds</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><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds</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><td>1</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>6</td><td>10</td><td>9</td><td>11</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>967</td><td>-</td><td>-</td></tr><tr><td>Total cash outgo</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><td>3,687</td></tr><tr><td>EXCESS OF CASH OUTGO</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>-2,671</td><td>825</td></tr></table>
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. Beginning October 1946, excludes bonds issued under Armed Forces Leave Act of 1946. 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, Beginning 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>38,286</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,016</td><td>4,698</td><td>2,803</td><td>2,892</td><td>4,257</td><td>45,751</td></tr><tr><td>1947</td><td>3,948</td><td>5,163</td><td>5,975</td><td>2,862</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>6,048</td><td>6,009</td><td>4,811</td><td>5,303</td><td>87,912</td></tr><tr><td>1946</td><td>5,630</td><td>3,921</td><td>4,169</td><td>4,171</td><td>4,383</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</td><td>2,850</td><td>2,276</td><td>3,643</td><td>44,925</td></tr><tr><td>1947</td><td>2,827</td><td>3,690</td><td>3,352</td><td>3,687</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>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td><td>47</td><td>-616</td><td>-614</td><td>-827</td></tr><tr><td>1947</td><td>-1,121</td><td>-1,474</td><td>-2,627</td><td>825</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
June 1947
17
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposite in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>1946-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><tr><td>April</td><td>4,707</td><td>1,263</td><td>842</td><td>2,317</td><td>286</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-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><tr><td>April</td><td>4,707</td><td>395</td><td>4,312</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) £/</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 £/</th><th>Incre-ment on gold £/</th><th>Seign-iorage on silver</th><th>Special deposit accounts and mis-cellaneous funds £/</th><th>Checking accounts of Government agencies, etc. £/</th><th>Clearing account £/</th></tr><tr><td>1937</td><td>-128</td><td>-2,778</td><td>2,746</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</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</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-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><tr><td>April</td><td>-2,598</td><td>-1,445</td><td>-1,423</td><td>269</td><td>108</td><td>-</td><td>-</td><td>101</td><td>-7</td><td>67</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, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 8.)
4/ Comprises Public Works Administration revolving fund, special de-
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 increase 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.
June 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><tr><td colspan="11">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>467</td></tr><tr><td>Total</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td><td>268,578</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td><td>1,321</td></tr><tr><td>Total outstanding</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td><td>269,898</td></tr><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable 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>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>832</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>21,646</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>69,593</td><td>65,884</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>45,585 1/</td><td>49,035 1/</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 savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td><td>584</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td><td>935</td></tr><tr><td>Total public debt outstanding</td><td>36,425</td><td>37,165</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><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance 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 2/</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 3/</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)
June 1947
21
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th>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.28</th><th>Mar.31</th><th>Apr.30</th></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>254,427</td></tr><tr><td>Guaranteed obligations</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><td>171</td></tr><tr><td>Total</td><td>273,244</td><td>271,983</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td><td>262,792</td><td>261,286</td><td>257,980</td><td>258,640</td><td>258,294</td><td>255,976</td><td>254,598</td></tr><tr><td>Matured debt and debt bearing no interest</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>3,332</td><td>3,281</td></tr><tr><td>Total outstanding</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><td>257,880</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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>17,054</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><td>16,610</td></tr><tr><td>Certificate of indebtedness......</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>27,792</td><td>26,294</td></tr><tr><td>Treasury notes....................</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>8,142</td><td>8,142</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>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><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible....</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><td>69,686</td></tr><tr><td>Postal savings and other bonds....</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><td>166</td></tr><tr><td>Total marketable issues..........</td><td>195,079</td><td>193,487</td><td>189,606</td><td>187,596</td><td>186,350</td><td>184,338</td><td>182,318</td><td>180,328</td><td>176,613</td><td>176,444</td><td>175,410</td><td>172,462</td><td>170,535</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>48,828</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><td>51,117</td></tr><tr><td>Treasury notes - savings series 3/</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><td>5,477</td></tr><tr><td>Depository bonds..................</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><td>335</td></tr><tr><td>Armed forces leave bonds..........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>70</td><td>70</td><td>311</td><td>602</td><td>873</td><td>1,132</td><td>1,426</td><td>1,683</td></tr><tr><td>Total non-marketable issues......</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><td>58,612</td></tr><tr><td>Total public issues................</td><td>251,487</td><td>249,960</td><td>245,779</td><td>243,994</td><td>242,916</td><td>240,364</td><td>238,400</td><td>236,671</td><td>233,064</td><td>233,601</td><td>233,176</td><td>230,618</td><td>229,147</td></tr><tr><td>Special issues....................</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><td>25,280</td></tr><tr><td>Total interest-bearing debt........</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><td>254,427</td></tr><tr><td>Matured debt on which interest has ceased.</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>281</td><td>308</td><td>267</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States saving stamps.........</td><td>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><td>71</td></tr><tr><td>Excess profits tax refund bonds.....</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><td>21</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>248</td><td>248</td><td>248</td><td>407</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>1,782</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>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>535</td><td>530</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>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><td>3,008</td></tr><tr><td>Total public debt outstanding......</td><td>273,898</td><td>272,583</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td><td>262,277</td><td>259,149</td><td>259,776</td><td>261,413</td><td>259,124</td><td>257,701</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration....</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></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/...</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></tr><tr><td>Total interest-bearing debt........</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></tr><tr><td>Matured debt on which interest has ceased..</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></tr><tr><td>Total guaranteed obligations outstanding...</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>268</td><td>178</td></tr></table>
Source: Daily Treasury Statement.
• Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as 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-C
June 1947
23
Special Issues to United States Government Agencies and Trust Funds1/
(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-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>24,771</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><tr><td>April</td><td>25,280</td><td>277</td><td>6,680</td><td>59</td><td>1,236</td><td>2,377</td><td>5,813</td><td>1,066</td><td>817</td><td>6,919</td><td>35</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 Adjoined Service Certificate Fund, Mutual Mortgage Insurance Fund, and War Bonding 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>Bone 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-April</td><td>11,373</td><td>1,105</td><td>27</td><td>383</td><td>780</td><td>9,021</td><td>57</td><td>-</td></tr><tr><td>May</td><td>11,645</td><td>1,259</td><td>19</td><td>383</td><td>763</td><td>9,164</td><td>57</td><td>-</td></tr><tr><td>June</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td><td>-</td></tr><tr><td>July</td><td>10,871</td><td>500</td><td>6</td><td>360</td><td>713</td><td>9,235</td><td>57</td><td>-</td></tr><tr><td>August</td><td>10,826</td><td>500</td><td>-</td><td>360</td><td>694</td><td>9,215</td><td>57</td><td>-</td></tr><tr><td>September</td><td>10,721</td><td>500</td><td>-</td><td>360</td><td>675</td><td>9,129</td><td>57</td><td>-</td></tr><tr><td>October</td><td>10,709</td><td>504</td><td>-</td><td>360</td><td>656</td><td>9,132</td><td>57</td><td>-</td></tr><tr><td>November</td><td>10,685</td><td>500</td><td>-</td><td>360</td><td>642</td><td>9,126</td><td>57</td><td>-</td></tr><tr><td>December</td><td>10,693</td><td>652</td><td>-</td><td>360</td><td>622</td><td>8,976</td><td>56</td><td>26</td></tr><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>179</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><tr><td>April</td><td>10,946</td><td>865</td><td>-</td><td>350</td><td>559</td><td>8,769</td><td>56</td><td>346</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 rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1946-April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr><tr><td>May</td><td>271,983</td><td>5,424</td><td>1.994</td><td>271,440</td><td>5,417</td><td>1.996</td><td>542</td><td>7</td><td>1.348</td></tr><tr><td>June</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>July</td><td>267,363</td><td>5,368</td><td>2.008</td><td>267,039</td><td>5,363</td><td>2.008</td><td>324</td><td>5</td><td>1.618</td></tr><tr><td>August</td><td>266,729</td><td>5,371</td><td>2.014</td><td>266,359</td><td>5,366</td><td>2.015</td><td>370</td><td>6</td><td>1.517</td></tr><tr><td>September</td><td>264,608</td><td>5,358</td><td>2.025</td><td>264,217</td><td>5,353</td><td>2.026</td><td>391</td><td>6</td><td>1.473</td></tr><tr><td>October</td><td>262,792</td><td>5,349</td><td>2.035</td><td>262,415</td><td>5,343</td><td>2.036</td><td>378</td><td>6</td><td>1.497</td></tr><tr><td>November</td><td>261,286</td><td>5,344</td><td>2.046</td><td>260,925</td><td>5,339</td><td>2.046</td><td>362</td><td>5</td><td>1.520</td></tr><tr><td>December</td><td>257,980</td><td>5,304</td><td>2.056</td><td>257,649</td><td>5,299</td><td>2.057</td><td>331</td><td>5</td><td>1.580</td></tr><tr><td>1947-January</td><td>258,640</td><td>5,327</td><td>2.059</td><td>258,378</td><td>5,322</td><td>2.060</td><td>262</td><td>4</td><td>1.642</td></tr><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><tr><td>April</td><td>254,598</td><td>5,318</td><td>2.089</td><td>254,427</td><td>5,315</td><td>2.089</td><td>171</td><td>3</td><td>1.718</td></tr></table>
Source: Daily Treasury Statement.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used.
For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
June 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-
ced in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of April 30, 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>Amount of securities outstanding subject to such statutory debt limitation 1/:</td><td></td></tr><tr><td>C. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>256,804</td></tr><tr><td>Guaranteed securities 2/.</td><td>178</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>256,982</td></tr></table>
<table><tr><td>Balance issuable under such authority</td><td>18,018</td></tr></table>
<table><tr><td>Source: Public Debt Service.</td><td>outstanding, see following table 2.</td></tr><tr><td>1/ For comparison with the total public debt and guaranteed securities</td><td>2/ Excludes guaranteed securities held by the Treasury.</td></tr></table>
Table 2.- Analysis of U.S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, April 30, 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 bills</td><td>16,610</td><td>-</td><td>16,610</td></tr><tr><td>Certificates of indebtedness</td><td>26,294</td><td>-</td><td>26,294</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 eligible</td><td>69,686</td><td>-</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>166</td><td>166</td></tr><tr><td>Total marketable issues</td><td>170,369</td><td>166</td><td>170,535</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>51,117</td><td>-</td><td>51,117</td></tr><tr><td>Treasury savings notes</td><td>5,477</td><td>-</td><td>5,477</td></tr><tr><td>Depositary bonds</td><td>335</td><td>-</td><td>335</td></tr><tr><td>Armed forces leave bonds</td><td>1,683</td><td>-</td><td>1,683</td></tr><tr><td>Total non-marketable issues</td><td>58,612</td><td>-</td><td>58,612</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>25,280</td><td>-</td><td>25,280</td></tr><tr><td>Total interest-bearing securities</td><td>254,261</td><td>166</td><td>254,427</td></tr><tr><td>Matured securities on which interest has ceased</td><td>261</td><td>-</td><td>261</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>71</td><td>-</td><td>71</td></tr><tr><td>Excess profits tax refund bonds</td><td>21</td><td>-</td><td>21</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>1,782</td><td>-</td><td>1,782</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>407</td><td>-</td><td>407</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>732</td><td>732</td></tr><tr><td>Total obligations bearing no interest</td><td>2,282</td><td>732</td><td>3,014</td></tr><tr><td>Total public debt</td><td>256,804</td><td>898</td><td>257,701</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>171</td><td>-</td><td>171</td></tr><tr><td>Matured debt</td><td>7</td><td>-</td><td>7</td></tr><tr><td>Total guaranteed securities</td><td>178</td><td>-</td><td>178</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>256,982</td><td>898</td><td>257,880</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21. 2/ Consists of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest. 3/ Excludes guaranteed securities held by the Treasury.
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 at end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="8">Public debt receipts (Issueance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>181</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>740</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>46,961</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>11,410</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>140,284</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1946-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>12,182</td><td>-</td><td>24,185</td><td>10,079</td><td>-</td><td>11,331</td><td></td></tr><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</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>267,536</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><tr><td>Apr.</td><td>257,701</td><td>-1,423</td><td>7,373</td><td>5,627</td><td>-</td><td>*</td><td>267</td><td>-</td><td>-</td><td>*</td><td>1,321</td><td>157</td><td>8,795</td><td>7,414</td><td>-</td><td>1,321</td><td>60</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="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</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-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><tr><td>April</td><td>254,427</td><td>119,489</td><td>53,135</td><td>8,142</td><td>5,477</td><td>26,294</td><td>16,610</td><td>25,280</td><td>100.0</td><td>47.0</td><td>20.9</td><td>3.2</td><td>2.2</td><td>10.3</td><td>6.5</td><td>9.9</td></tr></table>
Source: Daily Treasury Statement.
June 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
s of April 30, 194
(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-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>Treasury bills</td><td>5,247</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td>July</td><td>7/8% Certificate - 6/1/47</td><td>2,775</td><td></td><td></td><td>6/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>Treasury bills</td><td>4,826</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td></td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td></td><td></td><td>7/1/46</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/47</td><td>1,223</td><td></td><td></td><td>8/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate - 9/1/47</td><td>2,311</td><td></td><td>*</td><td>9/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/47</td><td>2,707</td><td></td><td></td><td>7/12/43</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 9/15/47</td><td>1,687</td><td></td><td></td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td></td><td></td><td>10/16/22</td><td>partially taxable</td><td></td></tr><tr><td></td><td>7/8% Certificate - 10/1/47</td><td>1,440</td><td></td><td></td><td>10/1/46</td><td>taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/47</td><td>1,775</td><td></td><td></td><td>11/1/46</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/47</td><td>3,281</td><td></td><td></td><td>12/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>37,456</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</td><td>2,142</td><td></td><td></td><td>3/1/47</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td></td><td></td><td>1/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>1,223</td><td></td><td></td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/48</td><td>1,321</td><td></td><td></td><td>4/1/47</td><td>taxable</td><td></td></tr><tr><td>June</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>451</td><td></td><td></td><td>3/15/38</td><td>partially taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/48</td><td>3,748</td><td></td><td></td><td>3/15/44</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>17,804</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June</td><td>2% Treasury bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td>2,098</td><td></td><td></td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>491</td><td></td><td></td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>1,786</td><td></td><td></td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>6,682</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td></td><td></td><td>3/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 3/15/50-52</td><td>1,953</td><td></td><td></td><td>10/19/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>1,186</td><td></td><td></td><td>9/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td>4,939</td><td></td><td></td><td>4/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td></td><td></td><td>6/1/45</td><td>taxable</td><td></td></tr><tr><td></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</td><td>1,223</td><td></td><td></td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June</td><td>2% Treasury bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2-3/4% Treasury bond - 6/15/51-54</td><td>1,627</td><td></td><td></td><td>6/15/36</td><td>partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/51-53</td><td>7,986</td><td></td><td></td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td></td><td>3% Treasury bond - 9/15/51-55</td><td>755</td><td></td><td></td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td>2,098</td><td></td><td></td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>1,118</td><td></td><td></td><td>12/22/39</td><td>partially</td><td></td></tr><tr><td></td><td>2% Treasury bond - 12/15/51-55</td><td>510</td><td></td><td></td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>Total</td><td>11,996</td><td>5,628</td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of April 30, 1947 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 1/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1952-Mar.</td><td>2% Treasury bond - 3/15/50-52</td><td>.....</td><td>.....</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-54</td><td>.....</td><td>1,024</td><td>.....</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>5,825</td><td>.....</td><td>6/26/44</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/4% Treasury bond - 9/15/50-52</td><td>.....</td><td>1,501</td><td>.....</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>1,186</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>4,939</td><td>4/15/43</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>.....</td><td>.....</td><td>759</td><td>10/16/22</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>491</td><td>12/15/34</td><td>partially taxable</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>17,012</td><td>9,338</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1953-June.</td><td>2% 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>2-1/4% Treasury bond - 12/15/49-53</td><td>.....</td><td>.....</td><td>1,786</td><td>12/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>.....</td><td>.....</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>725</td><td>10,890</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1954-Mar.</td><td>2-1/4% 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>Total</td><td></td><td>.....</td><td>681</td><td>17,138</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>2,611</td><td>.....</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>.....</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>.....</td><td>725</td><td>10/7/40</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>Total</td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1956-Mar.</td><td>2-1/4% Treasury bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>.....</td><td>681</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>6,253</td><td>681</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>.....</td><td>1,449</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>919</td><td>1,449</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>982</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>3,823</td><td>2/1/44</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td>Total</td><td></td><td>.....</td><td>8,754</td><td>4,804</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
June 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of April 30, 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>Date terms of offering were announced</th><th>Date subscrip- tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allot- ment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>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 1/5 (2/1/44) 2% Treas. bond- 6/15/52-54 (6/26/44) 1-1/4% Treas. note- 3/15/47 (6/26/44) 7/8% Certificate- 6/1/45 (6/26/44)</td><td>25 yr.9 m (20 yr.9 m) 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</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45 (8/1/44) 7/8% Certificate - 9/1/45 (9/1/44) 1% Treas. note - 3/15/46 5/ (11/1/41) 7/8% Certificate - 10/1/45 (10/1/44)</td><td>1 yr 1 yr 1 yr.6 m 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/ (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/ (12/1/44) 2% Treas. bond - 12/15/52-54 8/ (12/1/44) 1-1/4% Treas. note - 9/15/47 8/ (12/1/44) 7/8% Certificate - 2/1/46 (2/1/45) 7/8% Certificate - 3/1/46 (3/1/45) 7/8% Certificate - 4/1/46 (4/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr.1 m (21 yr.3 m) 2/ 26 yr.3 m (8 yr) 9/ 10 yr 2 yr.9 m 9/ 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- - - - 3,416 740 137 5,043 4,147 4,811 1,579</td><td>- - - - - - -</td><td>3,416 3,33 740 137 5,043 4,147 4,811 1,579</td><td>- - - - - - -</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/ (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 1/ (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>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>7,967 3/ 5,284 3/ 2,635 3/ 4,799 3/</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46 (6/1/45) 7/8% Certificate - 8/1/46 (8/1/45) 7/8% Certificate - 9/1/46 (9/1/45)</td><td>1 yr.1 m 1 yr 1 yr</td><td>4,910 2,470 4,336</td><td>- - -</td><td>4,910 2,470 4,336</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 1/ (11/15/45) 2-1/4% Treas. bond-12/15/59-62 1/ (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 8/29/46 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 8/29/46 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) 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) 7/8% Certificate - 6/1/48 (6/1/47)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 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 4,801 2,951 2,669 n.a. 3,947 2,142 1,321 1,775p</td><td>- - - - - - - - - - - - - - -</td><td>100 76 59 66 62 52 56 44 51 100 100 82 72 48 n.a. 100</td></tr></table>
Source: Bureau of the Public Debt.
n.a. Not available.
p Preliminary.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury invest-
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 1944.
7/ Interest commenced on September 15, 1944.
8/ This is the same security that was offered in the Sixth War Loan.
9/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
June 1947
31
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of re-funding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is above in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="2">Results of exchange offers</th><th colspan="2">Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>8/1/44<br>9/1/44</td><td>7/8%<br>7/8%</td><td>Certificate - 8/1/44.........(8/2/43)<br>Certificate - 9/1/44.........(9/15/43)</td><td>2,545<br>4,122</td><td>-<br>-</td><td>2,545<br>4,122</td><td>2,511<br>3,694</td><td>34<br>428</td><td>99<br>90</td><td>7/8%<br>7/8%</td></tr><tr><td>9/15/44</td><td>3/4%<br>1%</td><td>Treas. note - 9/15/44.........(1/31/41)<br>Treas. note - 9/15/44.........(12/22/39)</td><td>635<br>283</td><td>-<br>-</td><td>635<br>283</td><td>602<br>185</td><td>33<br>98</td><td>95<br>66</td><td>1%<br>Treas. note - 3/15/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 9/15/44.</td><td>918</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44<br>12/1/44</td><td>7/8%<br>7/8%</td><td>Certificate - 10/1/44.........(10/15/43)<br>Certificate - 12/1/44.........(12/1/43)</td><td>3,519<br>3,540</td><td>-<br>-</td><td>3,519<br>3,540</td><td>3,492<br>3,416</td><td>27<br>124</td><td>99<br>96</td><td>7/8%<br>.90%</td></tr><tr><td>12/15/44</td><td>4%</td><td>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>85</td><td>1-1/4%<br>2%<br>2-1/2%</td></tr><tr><td>2/1/45</td><td>7/8%<br>1-1/8% CCC note</td><td>Certificate - 2/1/45.........(2/1/44)<br>Certificate - 2/15/45.........(7/21/41)</td><td>5,048<br>412</td><td>-<br>-</td><td>5,048<br>412</td><td>4,649<br>395</td><td>400<br>17</td><td>92<br>96</td><td>7/8%<br>Certificate - 2/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 2/1/45.</td><td>5,460</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90%<br>3/4%<br>1-1/4%</td><td>Treas. note - 3/1/45.........(2/1/44)<br>Treas. note - 3/15/45.........(3/15/40)<br>Treas. note - 3/15/45.........(9/25/42)</td><td>2,127<br>718<br>1,606</td><td>-<br>-<br>-</td><td>2,127<br>718<br>1,606</td><td>2,109<br>493<br>1,516</td><td>18<br>225<br>60</td><td>99<br>69<br>96</td><td>7/8%<br>Certificate - 3/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 3/1/45.</td><td>4,451</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45<br>5/1/45</td><td>7/8%<br>7/8%</td><td>Certificate - 4/1/45.........(4/1/44)<br>Certificate - 5/1/45.........(5/1/44)</td><td>4,877<br>1,615</td><td>-<br>-</td><td>4,877<br>1,615</td><td>4,811<br>1,579</td><td>66<br>35</td><td>99<br>98</td><td>7/8%<br>Certificate - 4/1/46<br>Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8%<br>1-1/2% EDC bond</td><td>Certificate - 6/1/45-47.........(6/26/44)<br>EDC bond - 6/1/45-47.........(6/1/39)</td><td>4,770<br>755</td><td>-<br>-</td><td>4,770<br>755</td><td>4,187<br>723</td><td>583<br>32</td><td>88<br>96</td><td>.90%<br>Treas. note - 7/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 6/1/45.</td><td>5,525</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45.........(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8%<br>Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8%<br>2-3/4% Treas. bond</td><td>Certificate - 9/1/45.........(9/1/44)<br>Treas. bond - 9/15/45-47.........(9/16/35)</td><td>3,694<br>1,214</td><td>-<br>-</td><td>3,694<br>1,214</td><td>3,429<br>907</td><td>265<br>307</td><td>93<br>75</td><td>7/8%<br>Certificate - 9/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 9/1/45.</td><td>4,908</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45.........(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8%<br>Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8%<br>3/4%<br>2-1/2% Treas. bond</td><td>Certificate - 12/1/45.........(12/1/44)<br>Treas. note - 12/15/45.........(12/18/40)<br>Treas. bond - 12/15/45.........(12/15/37)</td><td>4,395<br>531<br>541</td><td>-<br>-<br>-</td><td>4,395<br>531<br>541</td><td>2,932<br>438<br>408</td><td>1,463<br>93<br>133</td><td>67<br>82<br>75</td><td>7/8%<br>Certificate - 11/1/46</td></tr><tr><td colspan="4">Totals for exchange transaction of 12/1/45.</td><td>5,467</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Conversion bond</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/1/46<br>2/1/46<br>3/1/46</td><td>.90%<br>7/8%<br>7/8%</td><td>Treas. note - 1/1/46.........(1/1/16)<br>Certificate - 2/1/46.........(2/1/45)<br>Certificate - 3/1/46.........(3/1/45)</td><td>3,416<br>5,013<br>4,147</td><td>16<br>-<br>1,014</td><td>3,416<br>5,013<br>3,133</td><td>3,330<br>4,954<br>3,133</td><td>85<br>89<br>-</td><td>98<br>98<br>3/</td><td>7/8%<br>Certificate - 1/1/47<br>Certificate - 2/1/47<br>Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>1%</td><td>Treas. note - 3/15/46-56.........(3/15/26)</td><td>489</td><td>489</td><td>489</td><td>489</td><td>-</td><td>1/</td><td></td></tr><tr><td>4/1/46<br>5/1/46<br>6/1/46</td><td>7/8%<br>7/8%<br>7/8%</td><td>Certificate - 4/1/46.........(4/1/45)<br>Certificate - 5/1/46.........(5/1/45)<br>Certificate - 6/1/46.........(6/1/45)</td><td>1,811<br>1,579<br>1,799</td><td>1,991<br>1,579<br>2,025</td><td>2,820<br>-<br>2,775</td><td>2,820<br>-<br>2,775</td><td>-<br>-<br>-</td><td>1/</td><td>7/8%<br>Certificate - 4/1/47<br>Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3-1/8%<br>.90%<br>7/8%</td><td>Treas. bond - 6/15/46-48.........(6/15/34)<br>Treas. note - 7/1/46.........(6/1/45)<br>Certificate - 9/1/46.........(9/1/45)</td><td>819<br>4,910<br>2,470</td><td>819<br>1,994<br>1,246</td><td>2,916<br>2,916<br>1,223</td><td>2,916<br>2,916<br>1,223</td><td>-<br>-<br>-</td><td>3/</td><td>7/8%<br>Certificate - 7/1/47<br>Certificate - 8/1/47<br>Certificate - 9/1/47</td></tr><tr><td>8/1/46<br>9/1/46<br>10/1/46<br>11/1/46<br>12/1/46</td><td>7/8%<br>7/8%<br>7/8%<br>7/8%<br>7/8%</td><td>Certificate - 8/1/46.........(8/1/45)<br>Certificate - 9/1/46.........(9/1/45)<br>Certificate - 10/1/46.........(10/1/45)<br>Certificate - 11/1/46.........(12/1/45)<br>Certificate - 12/1/46.........(12/1/45)</td><td>1,995<br>4,336<br>2,000<br>1,440<br>1,775</td><td>1,995<br>2,341<br>1,440<br>1,775<br>-</td><td>2,341<br>2,341<br>1,775<br>1,775<br>-</td><td>2,341<br>2,341<br>1,775<br>1,775<br>-</td><td>-<br>-<br>-<br>-<br>-</td><td>3/</td><td>7/8%<br>Certificate - 9/1/47<br>Certificate - 10/1/47<br>Certificate - 11/1/47<br>Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2%<br>1-1/2%</td><td>Treas. note - 12/15/46.........(6/5/42)<br>Treas. note - 12/15/46.........(6/5/42)</td><td>3,261<br>3,261</td><td>3,261<br>3,261</td><td>-<br>-</td><td>-<br>-</td><td>487<br>-</td><td>87<br>-</td><td>7/8%<br>Certificate - 12/1/47</td></tr><tr><td>1/1/47</td><td>3%</td><td>Conversion bond</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/1/47<br>2/1/47<br>3/1/47<br>4/1/47<br>6/1/47</td><td>7/8%<br>7/8%<br>7/8%<br>1-1/4%<br>7/8%</td><td>Certificate - 1/1/47.........(1/1/17)<br>Certificate - 2/1/47.........(2/1/46)<br>Certificate - 3/1/47.........(3/1/46)<br>Treas. note - 3/15/47.........(6/26/44)<br>Certificate - 6/1/47.........(6/1/46)</td><td>13<br>3,330<br>3,133<br>1,948<br>2,775</td><td>13<br>3,330<br>1,901<br>1,948<br>1,000p</td><td>3,330<br>3,134<br>2,142<br>1,321<br>1,775p</td><td>3,134<br>3,947<br>2,142<br>1,321<br>n.a.</td><td>196<br>94<br>3/</td><td>94<br>3/</td><td>7/8%<br>Certificate - 1/1/48<br>Certificate - 2/1/48<br>Certificate - 3/1/48<br>Certificate - 4/1/48<br>Certificate - 6/1/48</td></tr></table>
Source: Bureau of the Public Debt. n.e. Not available. p Preliminary. 1/ Original call and maturity dates are used. 2/ Bank restricted issue. 1/ Prior to the refunding operation of March 1, 1946, maturing issues
were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
32
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="3">Description of new issues</th><th colspan="3">Amount of bids accepted</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>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/2</th></tr><tr><td>1946-Apr. 4</td><td>1946-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>1,265.1</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>92</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>1,636.5</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><tr><td>Apr. 3</td><td>July 3</td><td>91</td><td>1,721.8</td><td>1,303.2</td><td>1,288.0</td><td>15.3</td><td>1,311.3</td><td>17,030.4</td></tr><tr><td>Apr. 10</td><td>July 10</td><td>91</td><td>1,841.3</td><td>1,314.5</td><td>1,293.6</td><td>20.8</td><td>1,311.6</td><td>17,033.2</td></tr><tr><td>Apr. 17</td><td>July 17</td><td>91</td><td>1,693.6</td><td>1,108.4</td><td>1,087.3</td><td>21.1</td><td>1,315.7</td><td>16,825.9</td></tr><tr><td>Apr. 24</td><td>July 24</td><td>91</td><td>1,665.3</td><td>1,100.4</td><td>1,082.8</td><td>17.6</td><td>1,316.1</td><td>16,610.2</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
June 1947
33
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">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-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><tr><td>Apr. 3.</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>Apr. 10.</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>Apr. 17.</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>Apr. 24.</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></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 C outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of April 30, 1947
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th colspan="2">(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A....................</td><td>204</td><td>52</td><td>255</td><td>245</td><td>11</td><td>-</td><td>1/1</td></tr><tr><td>Series B....................</td><td>370</td><td>93</td><td>463</td><td>428</td><td>35</td><td>-</td><td>1/1</td></tr><tr><td>Total, Series A and B......</td><td>574</td><td>145</td><td>718</td><td>673</td><td>45</td><td>-</td><td>1/1</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C....................</td><td>1,010</td><td>229</td><td>1,239</td><td>452</td><td>-</td><td>787</td><td>36.50</td></tr><tr><td>Series D....................</td><td>2,365</td><td>363</td><td>2,728</td><td>505</td><td>-</td><td>2,223</td><td>18.50</td></tr><tr><td>Total, Series C and D......</td><td>3,375</td><td>592</td><td>3,967</td><td>957</td><td>-</td><td>3,010</td><td>24.12</td></tr><tr><td>Series E....................</td><td>45,794</td><td>1,285</td><td>47,079</td><td>16,330 2/1</td><td>-</td><td>30,749</td><td>34.69</td></tr><tr><td>Series F....................</td><td>3,459</td><td>101</td><td>3,559</td><td>485</td><td>-</td><td>3,074</td><td>13.63</td></tr><tr><td>Series G....................</td><td>15,431</td><td>-</td><td>15,431</td><td>1,147</td><td>-</td><td>14,284</td><td>7.43</td></tr><tr><td>Total, Series E, F, and G...</td><td>64,684</td><td>1,385</td><td>66,069</td><td>17,962</td><td>-</td><td>48,107</td><td>27.19</td></tr><tr><td>Total, Series C-G...........</td><td>68,059</td><td>1,977</td><td>70,036</td><td>18,919</td><td>-</td><td>51,117</td><td>27.01</td></tr><tr><td>Total, Series A-G...........</td><td>68,633</td><td>2,122</td><td>70,755</td><td>19,592</td><td>45</td><td>51,117</td><td>1/1</td></tr></table>
Sources: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
June 1947
35
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">All series</td></tr><tr><td>Total, inception to April 30, 1947..</td><td>68,633</td><td>2,122</td><td>70,755</td><td>19,592</td><td>n.a.</td><td>n.a.</td><td>45</td><td>51,117</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>187</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-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>58</td><td>558</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>453</td><td>30</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>671</td><td>449</td><td>n.a.</td><td>n.a.</td><td>50</td><td>50,945</td><td>.88</td></tr><tr><td>April</td><td>572</td><td>50</td><td>622</td><td>455</td><td>n.a.</td><td>n.a.</td><td>45</td><td>51,117</td><td>.89</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to April 30, 1947..</td><td>3,949</td><td>736</td><td>4,685</td><td>1,630</td><td>n.a.</td><td>n.a.</td><td>45</td><td>3,010</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>•</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>•</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>•</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946</td><td>•</td><td>106</td><td>106</td><td>309</td><td>242</td><td>67</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>•</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>•</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>•</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>•</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>1946</td><td>•</td><td>107</td><td>107</td><td>390</td><td>302</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-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>66</td><td>21</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><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>38</td><td>n.a.</td><td>n.a.</td><td>45</td><td>3,010</td><td>1.26</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="2">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></th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td colspan="8">Series E, F, and G</td></tr><tr><td>Total, inception to April 30, 1947..</td><td>64,684</td><td>1,385</td><td>66,069</td><td>17,962</td><td>n.e.</td><td>48,107</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>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>17,048</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>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>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>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></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</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>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>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>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>44,704</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>46,628</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>581</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>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>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>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>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>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>46,712</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>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>46,628</td><td>.91</td></tr><tr><td>1947-January</td><td>952</td><td>58</td><td>1,009</td><td>395</td><td>386</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.e.</td><td>47,549</td><td>.73</td></tr><tr><td>March</td><td>616</td><td>48</td><td>664</td><td>405</td><td>n.e.</td><td>47,908</td><td>.85</td></tr><tr><td>April</td><td>572</td><td>44</td><td>616</td><td>416</td><td>n.e.</td><td>48,107</td><td>.87</td></tr><tr><td colspan="8">Series I</td></tr><tr><td>Total, inception to April 30, 1947..</td><td>45,794</td><td>1,285</td><td>47,079</td><td>16,330</td><td>16,152</td><td>30,749</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</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>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>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>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>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>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></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</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>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>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>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>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</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></tr><tr><td>1946-April</td><td>388</td><td>36</td><td>424</td><td>546</td><td>538</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>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>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>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>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>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>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>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</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>334 r</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 r</td><td>30,651</td><td>.95</td></tr><tr><td>March</td><td>372</td><td>45</td><td>416</td><td>342</td><td>333</td><td>30,725</td><td>1.11</td></tr><tr><td>April</td><td>349</td><td>40</td><td>389</td><td>365</td><td>355</td><td>30,749</td><td>1.19</td></tr></table>
(Continued on following page)
June 1947
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td colspan="8">(In millions of dollars)</td></tr></table>
(In millions of dollars)
<table><tr><th colspan="8">Series F</th></tr><tr><td>Total, inception to April 30, 1947..</td><td>3,459</td><td>101</td><td>3,559</td><td>485</td><td>n.a.</td><td>n.e.</td><td>3,074</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>199</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>715</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-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>14</td><td>*</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.e.</td><td>n.e.</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.e.</td><td>n.e.</td><td>3,052</td><td>.68</td></tr><tr><td>April.</td><td>33</td><td>4</td><td>30</td><td>14</td><td>n.e.</td><td>n.e.</td><td>3,074</td><td>.46</td></tr></table>
Series C
<table><tr><td>Total, inception to April 30, 1947..</td><td>15,431</td><td>-</td><td>15,431</td><td>1,147</td><td>1,147</td><td>-</td><td>14,284</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>2,114</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>343</td><td>343</td><td>-</td><td>12,116</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-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>12,116</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><tr><td>April</td><td>191</td><td>-</td><td>191</td><td>37</td><td>37</td><td>-</td><td>14,284</td><td>.26</td></tr></table>
Source: Daily Treasury Statement. n.e. Not available. * Less than $500,000.
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th 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 1/2</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/</th><th>$50</th><th>$100 and $200 1/2</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="13">Series E</td></tr><tr><td>Total, inception through Apr. 30, 1947.</td><td>45,794</td><td>147</td><td>14,538</td><td>6,061</td><td>9,157</td><td>300</td><td>5,712</td><td>9,878</td><td>.....</td><td>.....</td><td>100.0</td><td>32.0</td><td>13.2</td><td>20.7</td><td>34.1</td><td>.....</td></tr><tr><td colspan="13">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="13">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>3,719</td><td>1,390</td><td>2,169</td><td>.....</td><td>1,253</td><td>1,815</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>.....</td></tr><tr><td>1944.</td><td>12,380</td><td>27</td><td>4,241</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>1,402</td><td>.....</td><td>.....</td><td>100.0</td><td>27.1</td><td>11.6</td><td>17.4</td><td>43.9</td><td>.....</td></tr><tr><td colspan="13">Months:</td></tr><tr><td>1946-Apr.</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>.....</td><td>.....</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>.....</td></tr><tr><td>May.</td><td>345</td><td>2</td><td>100</td><td>42</td><td>48</td><td>10</td><td>41</td><td>101</td><td>.....</td><td>.....</td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.8</td><td>41.2</td><td>.....</td></tr><tr><td>June.</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td>.....</td><td>.....</td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td>.....</td></tr><tr><td>July.</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>.....</td><td>.....</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>.....</td></tr><tr><td>Aug.</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td>.....</td><td>.....</td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td><td>.....</td></tr><tr><td>Sept.</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td>.....</td><td>.....</td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td><td>.....</td></tr><tr><td>Oct.</td><td>327</td><td>2</td><td>77</td><td>35</td><td>48</td><td>9</td><td>45</td><td>112</td><td>.....</td><td>.....</td><td>100.0</td><td>24.0</td><td>10.7</td><td>17.5</td><td>47.8</td><td>.....</td></tr><tr><td>Nov.</td><td>294</td><td>1</td><td>67</td><td>31</td><td>42</td><td>8</td><td>41</td><td>102</td><td>.....</td><td>.....</td><td>100.0</td><td>23.4</td><td>10.7</td><td>17.1</td><td>48.8</td><td>.....</td></tr><tr><td>Dec.</td><td>370</td><td>1</td><td>73</td><td>36</td><td>53</td><td>11</td><td>55</td><td>141</td><td>.....</td><td>.....</td><td>100.0</td><td>20.0</td><td>9.6</td><td>17.4</td><td>53.0</td><td>.....</td></tr><tr><td>1947-Jan.</td><td>535</td><td>1</td><td>77</td><td>38</td><td>61</td><td>17</td><td>83</td><td>257</td><td>.....</td><td>.....</td><td>100.0</td><td>14.7</td><td>7.1</td><td>14.7</td><td>63.5</td><td>.....</td></tr><tr><td>Feb.</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>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>Apr.</td><td>349</td><td>1</td><td>67</td><td>33</td><td>47</td><td>9</td><td>50</td><td>141</td><td>.....</td><td>.....</td><td>100.0</td><td>19.4</td><td>9.5</td><td>16.3</td><td>54.8</td><td>.....</td></tr></table><p>Series F and G</p>
Series 7 and 8
<table><tr><td>Total, inception through Apr. 30, 1947.</td><td>18,889</td><td>19</td><td>523</td><td>1,246</td><td>5,658</td><td>3,621</td><td>7,822</td><td>100.0</td><td>.1</td><td>2.8</td><td>36.6</td><td>60.5</td></tr><tr><td>Piecet years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>461</td><td>1</td><td>6</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</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>1</td><td>71</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>100.0</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>4</td><td>106</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>.1</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>6</td><td>134</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>.2</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>5</td><td>109</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>.2</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>2</td><td>61</td><td>179</td><td>901</td><td>556</td><td>1,172</td><td>100.0</td><td>.1</td><td>2.1</td><td>37.6</td><td>60.2</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td>3</td><td>26</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td>.</td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td>5</td><td>98</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.1</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>6</td><td>123</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>.1</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,664</td><td>4</td><td>131</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>.2</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>1</td><td>84</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.1</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>1946r.</td><td>2,962</td><td></td><td>47</td><td>166</td><td>928</td><td>611</td><td>1,208</td><td>100.0</td><td>.</td><td>1.6</td><td>36.9</td><td>61.5</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-Apr.</td><td>280</td><td>.</td><td>4</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>.</td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May</td><td>250</td><td>.</td><td>4</td><td>13</td><td>77</td><td>53</td><td>103</td><td>100.0</td><td>.</td><td>1.5</td><td>35.9</td><td>62.6</td></tr><tr><td>June.</td><td>250</td><td>.</td><td>4</td><td>13</td><td>75</td><td>55</td><td>104</td><td>100.0</td><td>.</td><td>1.4</td><td>35.3</td><td>63.3</td></tr><tr><td>July.</td><td>367</td><td>.</td><td>5</td><td>20</td><td>120</td><td>83</td><td>138</td><td>100.0</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>4</td><td>15</td><td>84</td><td>54</td><td>86</td><td>100.0</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>3</td><td>12</td><td>67</td><td>42</td><td>60</td><td>100.0</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>4</td><td>14</td><td>72</td><td>43</td><td>60</td><td>100.0</td><td>.</td><td>1.9</td><td>44.3</td><td>53.8</td></tr><tr><td>Nov.</td><td>159</td><td>.</td><td>3</td><td>12</td><td>59</td><td>36</td><td>49</td><td>100.0</td><td>.</td><td>2.0</td><td>44.1</td><td>53.6</td></tr><tr><td>Dec. r.</td><td>207</td><td>.</td><td>4</td><td>14</td><td>73</td><td>46</td><td>70</td><td>100.0</td><td>.</td><td>1.9</td><td>42.0</td><td>56.1</td></tr><tr><td>1947-Jan.</td><td>417</td><td>.</td><td>4</td><td>15</td><td>88</td><td>59</td><td>251</td><td>100.0</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>3</td><td>13</td><td>75</td><td>51</td><td>176</td><td>100.0</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>3</td><td>11</td><td>75</td><td>50</td><td>103</td><td>100.0</td><td>.</td><td>1.3</td><td>35.9</td><td>62.8</td></tr><tr><td>Apr.</td><td>224</td><td>.</td><td>3</td><td>11</td><td>65</td><td>43</td><td>102</td><td>100.0</td><td>.</td><td>1.3</td><td>33.8</td><td>64.9</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
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.
June 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 deconstruction</th><th colspan="8">Designations</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 April 30, 1947</td><td>1,109,150</td><td>19,653</td><td>775,360</td><td>161,640</td><td>122,096</td><td>1,998</td><td>15,232</td><td>13,171</td><td>....</td><td>....</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td>....</td><td>767</td><td>353</td><td>552</td><td>....</td><td>108</td><td>125</td><td>....</td><td>....</td></tr><tr><td>1942</td><td>55,967</td><td>....</td><td>32,832</td><td>9,107</td><td>10,837</td><td>....</td><td>1,698</td><td>1,493</td><td>....</td><td>....</td></tr><tr><td>1943</td><td>215,709</td><td>....</td><td>159,369</td><td>28,828</td><td>22,851</td><td>....</td><td>2,686</td><td>1,975</td><td>....</td><td>....</td></tr><tr><td>1944</td><td>305,986</td><td>....</td><td>221,284</td><td>43,800</td><td>34,447</td><td>....</td><td>3,725</td><td>2,730</td><td>....</td><td>....</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td>....</td><td>3,535</td><td>2,800</td><td>....</td><td>....</td></tr><tr><td>1946</td><td>165,039</td><td>8,505</td><td>112,071</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,065</td><td>2,121</td><td>....</td><td>....</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>13,219</td><td>....</td><td>6,077</td><td>2,485</td><td>3,446</td><td>....</td><td>612</td><td>600</td><td>....</td><td>....</td></tr><tr><td>1942</td><td>135,227</td><td>....</td><td>94,354</td><td>18,999</td><td>17,842</td><td>....</td><td>2,282</td><td>1,751</td><td>....</td><td>....</td></tr><tr><td>1943</td><td>270,068</td><td>....</td><td>198,333</td><td>37,060</td><td>28,915</td><td>....</td><td>3,340</td><td>2,420</td><td>....</td><td>....</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>....</td><td>3,856</td><td>2,884</td><td>....</td><td>....</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>....</td><td>....</td></tr><tr><td>1946</td><td>93,502</td><td>4,191</td><td>62,769</td><td>13,757</td><td>8,492</td><td>918</td><td>1,505</td><td>1,870</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-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>7,130</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>....</td><td>....</td></tr><tr><td>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td>....</td><td>....</td></tr><tr><td>July</td><td>7,216</td><td>343</td><td>4,756</td><td>1,008</td><td>706</td><td>72</td><td>146</td><td>185</td><td>....</td><td>....</td></tr><tr><td>August</td><td>6,847</td><td>276</td><td>4,572</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>156</td><td>....</td><td>....</td></tr><tr><td>September</td><td>6,033</td><td>239</td><td>3,997</td><td>890</td><td>599</td><td>57</td><td>114</td><td>137</td><td>....</td><td>....</td></tr><tr><td>October</td><td>6,227</td><td>233</td><td>4,094</td><td>933</td><td>639</td><td>61</td><td>119</td><td>149</td><td>....</td><td>....</td></tr><tr><td>November</td><td>5,471</td><td>178</td><td>3,593</td><td>836</td><td>563</td><td>53</td><td>110</td><td>136</td><td>....</td><td>....</td></tr><tr><td>December</td><td>6,104</td><td>158</td><td>3,879</td><td>948</td><td>713</td><td>72</td><td>146</td><td>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><tr><td>April</td><td>5,570</td><td>112</td><td>3,561</td><td>880</td><td>632</td><td>63</td><td>133</td><td>188</td><td>....</td><td>....</td></tr><tr><td colspan="11">Series F and G</td></tr><tr><td>Total, inception through April 30, 1947</td><td>16,834</td><td>....</td><td>1,043</td><td>....</td><td>5,595</td><td>....</td><td>2,610</td><td>5,974</td><td>773</td><td>837</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>....</td><td>....</td><td>....</td><td>60</td><td>....</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>....</td><td>72</td><td>....</td><td>774</td><td>....</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>....</td><td>216</td><td>....</td><td>1,149</td><td>....</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>....</td><td>303</td><td>....</td><td>1,425</td><td>....</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>....</td><td>291</td><td>....</td><td>1,156</td><td>....</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,323</td><td>....</td><td>126</td><td>....</td><td>649</td><td>....</td><td>371</td><td>937</td><td>117</td><td>124</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>....</td><td>....</td><td>....</td><td>277</td><td>....</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>....</td><td>156</td><td>....</td><td>1,017</td><td>....</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>....</td><td>270</td><td>....</td><td>1,317</td><td>....</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>....</td><td>325</td><td>....</td><td>1,394</td><td>....</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>....</td><td>224</td><td>....</td><td>899</td><td>....</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>1946</td><td>2,098</td><td>....</td><td>56</td><td>....</td><td>491</td><td>....</td><td>340</td><td>957</td><td>127</td><td>126</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-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</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>166</td><td>....</td><td>4</td><td>....</td><td>41</td><td>....</td><td>28</td><td>76</td><td>10</td><td>7</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><tr><td>April</td><td>145</td><td>....</td><td>4</td><td>....</td><td>31</td><td>....</td><td>22</td><td>67</td><td>9</td><td>11</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revise. Sale of $10 denominatiooo Series E bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through April 30, 1947</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><th>Apr.</th></tr><tr><td>Alabama</td><td>538,394</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>3,546</td><td>2,987</td><td>2,931</td></tr><tr><td>Arizona</td><td>163,499</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><td>1,057</td></tr><tr><td>Arkansas</td><td>293,222</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><td>2,108</td></tr><tr><td>California</td><td>3,676,154</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><td>22,337</td></tr><tr><td>Colorado</td><td>354,672</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>3,390</td><td>3,326</td></tr><tr><td>Connecticut</td><td>839,617</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><td>4,180</td></tr><tr><td>Delaware</td><td>108,787</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><td>635</td></tr><tr><td>Diet of Columbia</td><td>560,890</td><td>6,851</td><td>6,122</td><td>6,979</td><td>6,265</td><td>6,206</td><td>5,694</td><td>6,356</td><td>5,789</td><td>5,919</td><td>6,962</td><td>6,060</td><td>5,682</td><td>5,220</td></tr><tr><td>Florida</td><td>562,542</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><td>3,726</td></tr><tr><td>Georgia</td><td>571,050</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><td>3,753</td></tr><tr><td>Idaho</td><td>147,794</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><td>1,123</td></tr><tr><td>Illinois</td><td>3,329,309</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><td>31,878</td></tr><tr><td>Indiana</td><td>1,208,659</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><td>9,677</td></tr><tr><td>Iowa</td><td>1,054,192</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>13,956</td><td>17,454</td><td>15,098</td></tr><tr><td>Kansas</td><td>1,651,398</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><td>6,271</td></tr><tr><td>Kentucky</td><td>491,328</td><td>4,095</td><td>3,780</td><td>4,518</td><td>4,638</td><td>4,059</td><td>3,654</td><td>3,526</td><td>3,246</td><td>3,677</td><td>5,958</td><td>4,913</td><td>4,392</td><td>4,056</td></tr><tr><td>Louisiana</td><td>516,875</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><td>3,211</td></tr><tr><td>Maine</td><td>203,973</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><td>1,055</td></tr><tr><td>Maryland</td><td>601,439</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><td>3,719</td></tr><tr><td>Massachusetts</td><td>1,525,236</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><td>8,350</td></tr><tr><td>Michigan</td><td>2,422,397</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><td>13,408</td></tr><tr><td>Minnesota</td><td>962,524</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><td>8,185</td></tr><tr><td>Mieieeippi</td><td>315,554</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><td>1,977</td></tr><tr><td>Mieecouri</td><td>1,136,752</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><td>9,936</td></tr><tr><td>Montana</td><td>221,065</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><td>2,136</td></tr><tr><td>Nebraska</td><td>516,867</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><td>12,092</td></tr><tr><td>Nevada</td><td>55,394</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><td>320</td></tr><tr><td>New Hampshire</td><td>130,299</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><td>608</td></tr><tr><td>New Jersey</td><td>1,670,746</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><td>10,016</td></tr><tr><td>New Mexico</td><td>106,869</td><td>789</td><td>836</td><td>785</td><td>846</td><td>926</td><td>760</td><td>786</td><td>783</td><td>928</td><td>1,093</td><td>1,007</td><td>908</td><td>812</td></tr><tr><td>New York</td><td>5,543,661</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><td>34,888</td></tr><tr><td>North Carolina</td><td>606,594</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><td>3,381</td></tr><tr><td>North Dakota</td><td>226,890</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><td>2,730</td></tr><tr><td>Ohio</td><td>2,754,409</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><td>17,863</td></tr><tr><td>Oklahoma</td><td>535,737</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><td>3,859</td></tr><tr><td>Oregon</td><td>577,609</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><td>2,917</td></tr><tr><td>Pennsylvania</td><td>3,440,669</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><td>24,163</td></tr><tr><td>Rhode Island</td><td>255,455</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><td>1,424</td></tr><tr><td>South Carolina</td><td>299,121</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><td>1,825</td></tr><tr><td>South Dakota</td><td>216,606</td><td>2,164</td><td>2,464</td><td>2,534</td><td>2,254</td><td>2,568</td><td>2,043</td><td>2,315</td><td>2,445</td><td>3,670</td><td>5,065</td><td>3,869</td><td>4,408</td><td>3,903</td></tr><tr><td>Tennessee</td><td>561,341</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><td>3,624</td></tr><tr><td>Texas</td><td>1,812,612</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><td>10,315</td></tr><tr><td>Utah</td><td>202,250</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><td>1,317</td></tr><tr><td>Vermont</td><td>75,145</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><td>407</td></tr><tr><td>Virginia</td><td>795,679</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><td>4,594</td></tr><tr><td>Washington</td><td>921,128</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><td>4,748</td></tr><tr><td>West Virginia</td><td>387,641</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>3,263</td><td>3,143</td><td>3,085</td></tr><tr><td>Wisconsin</td><td>1,011,663</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><td>8,248</td></tr><tr><td>Wyoming</td><td>93,010</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>743</td><td>736</td></tr><tr><td>Alaska 1/</td><td>30,075</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><td>285</td></tr><tr><td>Canal Zone</td><td>28,315</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>306</td><td>285</td></tr><tr><td>Hawaii</td><td>257,866</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>1,168</td><td>1,230</td></tr><tr><td>Puerto Rico</td><td>36,414</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>1143</td><td>105</td><td>119</td></tr><tr><td>Virgin Islands</td><td>1,804</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 Bank 1/ Monthly sales for Alaska are not available after March 1947.
June 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 April 30, 1947</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><th>Apr.</th></tr><tr><td>Alabama</td><td>140,758</td><td>1,956</td><td>1,335</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><td>1,768</td></tr><tr><td>Arizona</td><td>43,423</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><td>532</td></tr><tr><td>Arkansas</td><td>85,317</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><td>1,040</td></tr><tr><td>California</td><td>1,225,937</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><td>13,287</td></tr><tr><td>Colorado</td><td>155,179</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>2,936</td><td>1,939</td></tr><tr><td>Connecticut</td><td>367,046</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>3,238</td><td>2,215</td></tr><tr><td>Delaware</td><td>70,092</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><td>356</td></tr><tr><td>Dist. of Columbia</td><td>162,532</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><td>1,840</td></tr><tr><td>Florida</td><td>206,149</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><td>2,497</td></tr><tr><td>Georgia</td><td>178,740</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><td>1,681</td></tr><tr><td>Idaho</td><td>43,217</td><td>859</td><td>752</td><td>629</td><td>432</td><td>529</td><td>395</td><td>603</td><td>505</td><td>775</td><td>1,151</td><td>925</td><td>745</td><td>1,088</td></tr><tr><td>Illinois</td><td>1,449,235</td><td>20,078</td><td>18,789</td><td>24,266</td><td>27,431</td><td>18,324</td><td>14,066</td><td>15,091</td><td>13,702</td><td>16,037</td><td>44,288</td><td>21,362</td><td>25,188</td><td>20,890</td></tr><tr><td>Indiana</td><td>429,612</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><td>6,603</td></tr><tr><td>Iowa</td><td>457,918</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><td>10,771</td></tr><tr><td>Kansas</td><td>217,436</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><td>2,977</td></tr><tr><td>Kentucky</td><td>232,415</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><td>3,221</td></tr><tr><td>Louisiana</td><td>185,840</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><td>2,022</td></tr><tr><td>Maine</td><td>113,208</td><td>1,744</td><td>1,569</td><td>1,527</td><td>2,114</td><td>1,629</td><td>861</td><td>820</td><td>595</td><td>1,146</td><td>3,140</td><td>1,194</td><td>1,318</td><td>1,172</td></tr><tr><td>Maryland</td><td>276,405</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><td>2,818</td></tr><tr><td>Massachusetts</td><td>922,910</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><td>10,115</td></tr><tr><td>Michigan</td><td>542,130</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><td>5,555</td></tr><tr><td>Minnesota</td><td>379,223</td><td>5,574</td><td>5,200</td><td>6,795</td><td>8,675</td><td>5,587</td><td>4,733</td><td>4,707</td><td>4,428</td><td>4,712</td><td>11,287</td><td>6,485</td><td>5,392</td><td>5,580</td></tr><tr><td>Missippi</td><td>97,903</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><td>1,131</td></tr><tr><td>Missouri</td><td>510,410</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><td>6,248</td></tr><tr><td>Montana</td><td>62,467</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><td>1,233</td></tr><tr><td>Nebraska</td><td>202,760</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><td>6,113</td></tr><tr><td>Nevada</td><td>18,870</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><td>100</td></tr><tr><td>New Hampshire</td><td>77,646</td><td>1,231</td><td>1,305</td><td>759</td><td>1,383</td><td>754</td><td>534</td><td>384</td><td>609</td><td>689</td><td>2,952</td><td>1,008</td><td>619</td><td>643</td></tr><tr><td>New Jersey</td><td>592,247</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><td>5,634</td></tr><tr><td>New Mexico</td><td>35,811</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><td>206</td></tr><tr><td>New York</td><td>3,072,427</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><td>31,808</td></tr><tr><td>North Carolina</td><td>215,875</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><td>2,321</td></tr><tr><td>North Dakota</td><td>74,223</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><td>1,043</td></tr><tr><td>Ohio</td><td>1,032,416</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><td>12,266</td></tr><tr><td>Oklahoma</td><td>135,390</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><td>1,760</td></tr><tr><td>Oregon</td><td>153,221</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><td>1,903</td></tr><tr><td>Pennsylvania</td><td>1,517,819</td><td>27,459</td><td>35,803</td><td>27,321</td><td>33,133</td><td>22,594</td><td>15,557</td><td>15,832</td><td>14,757</td><td>16,519</td><td>34,970</td><td>19,361</td><td>20,014</td><td>17,298</td></tr><tr><td>Rhode Island</td><td>146,365</td><td>2,322</td><td>2,148</td><td>2,727</td><td>5,550</td><td>2,274</td><td>1,574</td><td>824</td><td>1,068</td><td>1,033</td><td>3,475</td><td>2,438</td><td>1,747</td><td>1,284</td></tr><tr><td>South Carolina</td><td>100,880</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><td>890</td></tr><tr><td>South Dakota</td><td>63,642</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>1,855</td><td>1,758</td></tr><tr><td>Tennessee</td><td>187,478</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><td>2,331</td></tr><tr><td>Texas</td><td>511,093</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>5,017</td><td>10,352</td><td>6,945</td><td>5,845</td><td>4,978</td></tr><tr><td>Utah</td><td>39,296</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><td>376</td></tr><tr><td>Vermont</td><td>42,118</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><td>515</td></tr><tr><td>Virginia</td><td>253,576</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>1,880</td><td>2,725</td></tr><tr><td>Washington</td><td>257,776</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><td>2,170</td></tr><tr><td>West Virginia</td><td>97,550</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><td>911</td></tr><tr><td>Wisconsin</td><td>473,716</td><td>7,656</td><td>7,003</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,467</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><td>6,747</td></tr><tr><td>Wyoming</td><td>31,265</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><td>568</td></tr><tr><td>Alaska 1/</td><td>5,349</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><td>-</td></tr><tr><td>Canal Zone</td><td>6,453</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><td>15</td></tr><tr><td>Hawaii</td><td>57,505</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>311</td><td>292</td></tr><tr><td>Puerto Rico</td><td>13,609</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><td>1</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 2/</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>+20,426</td><td>+8,599</td><td>-19,310</td><td>-40,071</td><td>+34,963</td><td>+8,088</td><td>+2,183
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
* Less than $500.
1/ Monthly sales for Alaska are not available after March 1947.
2/ 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. 1946-Apr. 1947</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><th>Apr.</th></tr><tr><td>Alabama</td><td>182,555</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><td>4,204</td></tr><tr><td>Arizona</td><td>63,630</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><td>1,918</td></tr><tr><td>Arkansas</td><td>98,833</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><td>2,600</td></tr><tr><td>California</td><td>1,287,336</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><td>36,638</td></tr><tr><td>Colorado</td><td>117,613</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><td>3,912</td></tr><tr><td>Connecticut</td><td>216,999</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><td>6,333</td></tr><tr><td>Delaware</td><td>31,359</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>858</td><td>808</td><td>1,060</td></tr><tr><td>District of Columbia</td><td>153,521</td><td>5,358</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><td>4,801</td></tr><tr><td>Florida</td><td>219,814</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><td>6,552</td></tr><tr><td>Georgia</td><td>190,485</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>5,321</td><td>6,038</td><td>6,331</td><td>5,132</td><td>5,784</td><td>5,211</td></tr><tr><td>Idaho</td><td>41,171</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><td>1,504</td></tr><tr><td>Illinois</td><td>1,014,231</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><td>28,493</td></tr><tr><td>Indiana</td><td>398,502</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><td>9,399</td></tr><tr><td>Iowa</td><td>240,222</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>6,446</td><td>7,389</td><td>7,722</td><td>7,292</td><td>9,978</td><td>7,155</td></tr><tr><td>Kansas</td><td>162,059</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><td>5,294</td></tr><tr><td>Kentucky</td><td>164,745</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><td>4,467</td></tr><tr><td>Louisiana</td><td>162,704</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><td>4,376</td></tr><tr><td>Maine</td><td>54,383</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><td>1,690</td></tr><tr><td>Maryland</td><td>179,217</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><td>5,590</td></tr><tr><td>Massachusetts</td><td>395,598</td><td>15,366</td><td>14,557</td><td>12,597</td><td>13,621</td><td>12,119</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><td>11,589</td></tr><tr><td>Michigan</td><td>837,210</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><td>19,233</td></tr><tr><td>Minnesota</td><td>275,439</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><td>9,135</td></tr><tr><td>Mississippi</td><td>87,868</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><td>2,576</td></tr><tr><td>Missouri</td><td>372,649</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><td>10,314</td></tr><tr><td>Montana</td><td>50,787</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>1,790</td><td>1,750</td><td>1,764</td><td>2,004</td><td>1,451</td><td>1,636</td><td>1,648</td></tr><tr><td>Nebraska</td><td>120,506</td><td>4,929</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><td>4,127</td></tr><tr><td>Nebraska</td><td>19,409</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>562</td><td>547</td><td>547</td></tr><tr><td>New Hampshire</td><td>34,648</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><td>1,151</td></tr><tr><td>New Jersey</td><td>453,204</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><td>12,829</td></tr><tr><td>New Mexico</td><td>37,739</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><td>1,065</td></tr><tr><td>New York</td><td>1,313,485</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><td>36,759</td></tr><tr><td>North Carolina</td><td>179,708</td><td>7,205</td><td>6,738</td><td>6,515</td><td>5,920</td><td>6,011</td><td>6,004</td><td>4,378</td><td>4,941</td><td>5,757</td><td>5,729</td><td>4,557</td><td>5,735</td><td>5,523</td></tr><tr><td>North Dakota</td><td>36,989</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><td>1,474</td></tr><tr><td>Ohio</td><td>860,687</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>23,554</td><td>21,942</td></tr><tr><td>Oklahoma</td><td>180,581</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><td>5,205</td></tr><tr><td>Oregon</td><td>192,148</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><td>5,220</td></tr><tr><td>Pennsylvania</td><td>1,056,003</td><td>44,385</td><td>41,175</td><td>35,386</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>27,138</td><td>30,038</td></tr><tr><td>Rhode Island</td><td>70,301</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><td>1,899</td></tr><tr><td>South Carolina</td><td>87,285</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><td>2,362</td></tr><tr><td>South Dakota</td><td>38,519</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><td>1,459</td></tr><tr><td>Tennessee</td><td>187,464</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><td>5,471</td></tr><tr><td>Texas</td><td>615,824</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><td>17,287</td></tr><tr><td>Utah</td><td>66,058</td><td>3,176</td><td>2,787</td><td>2,505</td><td>2,403</td><td>2,444</td><td>2,143</td><td>2,070</td><td>2,059</td><td>2,316</td><td>2,080</td><td>1,794</td><td>2,113</td><td>1,998</td></tr><tr><td>Vermont</td><td>17,120</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>461</td><td>558</td><td>586</td></tr><tr><td>Virginia</td><td>234,780</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>5,918</td><td>6,772</td><td>7,838</td><td>7,404</td><td>5,981</td><td>7,066</td><td>7,009</td></tr><tr><td>Washington</td><td>281,267</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><td>7,935</td></tr><tr><td>West Virginia</td><td>126,939</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>2,792</td><td>3,158</td><td>3,562</td></tr><tr><td>Wisconsin</td><td>271,339</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><td>7,680</td></tr><tr><td>Wyoming</td><td>25,192</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><td>794</td></tr><tr><td>Alaska</td><td>7,223</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><td>235</td></tr><tr><td>Canal Zone</td><td>4,756</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><td>309</td></tr><tr><td>Hawaii</td><td>66,711</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><td>1,837</td></tr><tr><td>Puerto Rico</td><td>18,562</td><td>786</td><td>972</td><td>796</td><td>473</td><td>677</td><td>447</td><td>468</td><td>665</td><td>931</td><td>724</td><td>528</td><td>654</td><td>709</td></tr><tr><td>Virgin Islands</td><td>516</td><td>10</td><
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed
in another. Moreover, the figures shown in this table are based on current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944.
June 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 April 30, 1947
(In millions of dollars)
<table><tr><th rowspan="2">Treasury savings notes</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>402</td><td>64 1/2</td><td>337</td><td>5</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>29,365</td><td>23,858</td><td>5,404</td><td>18,455</td><td>30</td><td>5,477</td></tr><tr><td>Total</td><td>34,715</td><td>29,203</td><td>5,650</td><td>23,553</td><td>36</td><td>5,477</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>Natured 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-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><tr><td>April</td><td>174</td><td>143</td><td>92</td><td>52</td><td>30</td><td>5,477</td></tr></table>
Sources: 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 decommuniation</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-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</td><td>359.5</td><td>.3</td><td>.8</td><td>7.8</td><td>17.2</td><td>73.2</td><td>125.8</td><td>51.5</td><td>83.0</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><tr><td>April p</td><td>173.8</td><td>.1</td><td>.4</td><td>3.8</td><td>8.3</td><td>35.4</td><td>60.8</td><td>25.0</td><td>40.0</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-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><tr><td>April</td><td>173.8</td><td>18.6</td><td>155.2</td><td>100.0</td><td>10.7</td><td>89.3</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
June 1947
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(in thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4/</td><td>590,268 4/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>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-April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,271</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr><tr><td>August</td><td>87,750</td><td>-4,239</td><td>1,674</td><td>5,912</td><td>3,289</td><td>2,623</td><td>100.0</td><td>55.6</td><td>44.4</td></tr><tr><td>September</td><td>85,284</td><td>-2,465</td><td>2,240</td><td>4,705</td><td>2,473</td><td>2,232</td><td>100.0</td><td>52.6</td><td>47.4</td></tr><tr><td>October</td><td>82,988</td><td>-2,296</td><td>2,205</td><td>4,501</td><td>2,444</td><td>2,057</td><td>100.0</td><td>54.3</td><td>45.7</td></tr><tr><td>November</td><td>81,701</td><td>-1,287</td><td>2,019</td><td>3,306</td><td>1,739</td><td>1,567</td><td>100.0</td><td>52.6</td><td>47.4</td></tr><tr><td>December</td><td>79,321</td><td>-2,380</td><td>2,589</td><td>4,969</td><td>2,524</td><td>2,445</td><td>100.0</td><td>50.8</td><td>49.2</td></tr><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>-2,113</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><tr><td>April</td><td>71,111</td><td>-1,382</td><td>2,324</td><td>3,706</td><td>1,931</td><td>1,775</td><td>100.0</td><td>52.1</td><td>47.9</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>52,508</td><td>71,693</td><td>26,043</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>108,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1946</td><td>109,852</td><td>22,680</td><td>56,115</td><td>9,619</td><td>15,755</td><td>5,683</td><td>100.0</td><td>20.6</td><td>51.1</td><td>8.8</td><td>14.3</td><td>5.2</td></tr><tr><td>1946-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><tr><td>April</td><td>2,324</td><td>440</td><td>1,066</td><td>243</td><td>402</td><td>174</td><td>100.0</td><td>18.9</td><td>45.9</td><td>10.4</td><td>17.3</td><td>7.5</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
June 1947
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Securities issued by United States Government</th><th colspan="6">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmaturing outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,889</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>14,999</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1946-April</td><td>272,711</td><td>28,261</td><td>7,007</td><td>30</td><td>21,224</td><td>22,732</td><td>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>-</td><td>33</td><td>492</td></tr><tr><td>May</td><td>271,440</td><td>28,520</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,546</td><td>56,442</td><td>542</td><td>9</td><td>-</td><td>33</td><td>500</td></tr><tr><td>June</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July</td><td>267,039</td><td>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>Aug.</td><td>266,359</td><td>30,054</td><td>6,575</td><td>35</td><td>23,443</td><td>23,946</td><td>212,359</td><td>155,829</td><td>56,530</td><td>370</td><td>9</td><td>-</td><td>34</td><td>326</td></tr><tr><td>Sept.</td><td>264,217</td><td>30,369</td><td>6,480</td><td>35</td><td>23,854</td><td>24,049</td><td>209,799</td><td>153,809</td><td>55,990</td><td>391</td><td>9</td><td>-</td><td>34</td><td>347</td></tr><tr><td>Oct.</td><td>262,415</td><td>30,426</td><td>6,375</td><td>35</td><td>24,015</td><td>23,518</td><td>208,471</td><td>152,426</td><td>56,046</td><td>378</td><td>9</td><td>-</td><td>34</td><td>334</td></tr><tr><td>Nov.</td><td>260,925</td><td>30,600</td><td>6,310</td><td>36</td><td>24,254</td><td>23,944</td><td>206,380</td><td>150,073</td><td>56,307</td><td>362</td><td>9</td><td>-</td><td>35</td><td>317</td></tr><tr><td>Dec.</td><td>257,649</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>258,113</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>31,561</td><td>6,342</td><td>37</td><td>25,183</td><td>22,593</td><td>201,646</td><td>143,526</td><td>58,119</td><td>175</td><td>9</td><td>-</td><td>36</td><td>130</td></tr><tr><td>Apr.</td><td>254,427</td><td>31,615p</td><td>6,298p</td><td>37p</td><td>25,280</td><td>21,857</td><td>200,955p</td><td>142,380p</td><td>58,575p</td><td>171</td><td>9p</td><td>-</td><td>36p</td><td>126</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
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.6</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.3</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>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.5</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.5</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.3</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.8</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>260.2</td><td>107.3</td><td>84.0</td><td>23.3</td><td>152.9</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.3</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-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>6.7</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</td><td>258.3</td><td>95.9</td><td>71.8</td><td>24.1</td><td>162.3</td><td>64.6</td><td>25.4</td><td>12.0</td><td>22.9</td><td>6.2</td><td>31.1</td></tr><tr><td>March p</td><td>256.0</td><td>93.2</td><td>70.7</td><td>22.6</td><td>162.7</td><td>65.2</td><td>25.1</td><td>12.0</td><td>22.6</td><td>6.3</td><td>31.6</td></tr></table>
p 1/ Preliminary. United States savings bonds, Series A-D, E and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. 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 and international accounts in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/ (In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-1.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-1.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-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>-61.3</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.
June 1947
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1947
The tables in Section I present summary data as of March 31, 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 outstand- ing</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investores 3/</th></tr><tr><th>7,329 commercial banks 2/</th><th>Benke 1/ 33 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 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>172,507</td><td>63,807</td><td>456</td><td>11,689</td><td>21,056</td><td>3,005</td><td>28,945</td><td>43,549</td></tr><tr><td>Non-marketable securities 4/</td><td>58,286</td><td>1,246</td><td>12</td><td>291</td><td>137</td><td>236</td><td>36</td><td>56,197</td></tr><tr><td>Total public securities</td><td>230,793</td><td>65,053</td><td>468</td><td>11,980</td><td>21,194</td><td>3,241</td><td>28,981</td><td>99,746</td></tr><tr><td>Special issues</td><td>25,183</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25,183</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>255,976</td><td>65,053</td><td>468</td><td>11,980</td><td>21,194</td><td>3,241</td><td>54,163</td><td>99,746</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.
4/ C.C.C. demand obligations in the amount of $130 million held by all commercial banks are shown only in total amount outstanding.
5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="4">Banks 1/</th><th>Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,329 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 colspan="8">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,038</td><td>.680</td><td>1</td><td>3</td><td>1</td><td>5</td><td>15,105</td><td>1,245</td></tr><tr><td>Certificates of indebtedness</td><td>27,792</td><td>9,794</td><td>17</td><td>292</td><td>247</td><td>202</td><td>6,486</td><td>10,574</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>5,105</td><td>17</td><td>154</td><td>155</td><td>124</td><td>363</td><td>2,224</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>49,636</td><td>1,278</td><td>201</td><td>8,043</td><td>16,674</td><td>1,250</td><td>4,914</td><td>17,275</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,586</td><td>46,744</td><td>218</td><td>3,193</td><td>3,964</td><td>1,423</td><td>2,030</td><td>12,113</td></tr><tr><td>Postal savings and other bonds</td><td>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td>Guaranteed by United States 5/</td><td>46</td><td>13</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>172,507</td><td>63,807</td><td>456</td><td>11,689</td><td>21,056</td><td>3,005</td><td>28,945</td><td>43,549</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>53,140</td><td>15,729</td><td>31</td><td>528</td><td>419</td><td>343</td><td>21,919</td><td>14,171</td></tr><tr><td>1 to 5 years</td><td>38,257</td><td>26,924</td><td>77</td><td>1,247</td><td>1,485</td><td>674</td><td>1,267</td><td>6,583</td></tr><tr><td>5 to 10 years</td><td>26,258</td><td>16,291</td><td>123</td><td>1,794</td><td>2,153</td><td>586</td><td>551</td><td>4,759</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,159</td><td>80</td><td>2,522</td><td>1,036</td><td>710</td><td>315</td><td>4,385</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>129</td><td>73</td><td>2,808</td><td>9,711</td><td>290</td><td>2,738</td><td>5,478</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,562</td><td>70</td><td>2,786</td><td>6,239</td><td>401</td><td>2,146</td><td>8,169</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>46</td><td>13</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>172,507</td><td>63,807</td><td>456</td><td>11,689</td><td>21,056</td><td>3,005</td><td>28,945</td><td>43,549</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>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>18,078</td><td>13,154</td><td>91</td><td>94</td><td>134</td><td>586</td><td>1,277</td><td>2,741</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>154,264</td><td>50,640</td><td>364</td><td>11,595</td><td>20,922</td><td>2,418</td><td>27,632</td><td>40,692</td></tr><tr><td>Total</td><td>172,507</td><td>63,807</td><td>456</td><td>11,689</td><td>21,056</td><td>3,005</td><td>28,945</td><td>43,549</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, March 31, 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 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>-</th><th>Banka 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>7,329 commercial banks 2/</td><td>33 stock saving 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>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.9</td><td>1.1</td><td>.2</td><td>*</td><td>*</td><td>.2</td><td>52.2</td><td>2.9</td></tr><tr><td>Certificates of indebtedness</td><td>16.1</td><td>15.6</td><td>3.8</td><td>2.5</td><td>1.2</td><td>6.7</td><td>22.4</td><td>24.3</td></tr><tr><td>Treasury notes</td><td>4.7</td><td>8.0</td><td>3.8</td><td>1.3</td><td>.7</td><td>4.1</td><td>1.3</td><td>5.1</td></tr><tr><td>Treasury bonds - bank restricted</td><td>28.8</td><td>2.0</td><td>44.2</td><td>68.8</td><td>79.2</td><td>41.6</td><td>17.0</td><td>39.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>40.4</td><td>73.3</td><td>47.9</td><td>27.3</td><td>18.8</td><td>47.3</td><td>7.0</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</td><td>*</td><td>*</td><td>.3</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><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>30.8</td><td>24.7</td><td>6.9</td><td>4.5</td><td>2.0</td><td>11.4</td><td>75.7</td><td>32.5</td></tr><tr><td>1 to 5 years</td><td>22.2</td><td>42.2</td><td>16.9</td><td>10.7</td><td>7.1</td><td>22.4</td><td>4.4</td><td>15.1</td></tr><tr><td>5 to 10 years</td><td>15.2</td><td>25.5</td><td>27.0</td><td>15.3</td><td>10.2</td><td>19.5</td><td>1.9</td><td>10.9</td></tr><tr><td>10 to 15 years</td><td>6.5</td><td>3.4</td><td>17.5</td><td>21.6</td><td>4.9</td><td>23.6</td><td>1.1</td><td>10.1</td></tr><tr><td>15 to 20 years</td><td>12.3</td><td>.2</td><td>16.0</td><td>24.0</td><td>46.1</td><td>9.6</td><td>9.5</td><td>12.6</td></tr><tr><td>Over 20 years</td><td>13.0</td><td>4.0</td><td>15.4</td><td>23.8</td><td>29.6</td><td>13.3</td><td>7.4</td><td>18.8</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>.3</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><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>10.5</td><td>20.6</td><td>20.1</td><td>.8</td><td>.6</td><td>19.5</td><td>4.4</td><td>6.3</td></tr><tr><td>Subject to Federal income taxes</td><td>89.4</td><td>79.4</td><td>79.9</td><td>99.2</td><td>99.4</td><td>80.5</td><td>95.5</td><td>93.4</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groupe of investors
<table><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>4.0</td><td>*</td><td>*</td><td>*</td><td>*</td><td>88.7</td><td>7.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>35.9</td><td>.1</td><td>1.0</td><td>.9</td><td>.7</td><td>23.3</td><td>38.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>62.7</td><td>.2</td><td>1.9</td><td>1.9</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>16.2</td><td>33.6</td><td>2.5</td><td>9.9</td><td>34.8</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>7.6</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.9</td><td>70.1</td></tr><tr><td>Guaranteed by United States 5/</td><td>100.0</td><td>27.4</td><td>2.5</td><td>8.8</td><td>29.7</td><td>2.3</td><td>20.7</td><td>8.6</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.8</td><td>12.2</td><td>1.7</td><td>16.8</td><td>25.2</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>29.6</td><td>.1</td><td>1.0</td><td>.8</td><td>.6</td><td>41.2</td><td>26.7</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.4</td><td>.2</td><td>3.3</td><td>3.9</td><td>1.8</td><td>3.3</td><td>17.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>62.0</td><td>.5</td><td>6.8</td><td>8.2</td><td>2.2</td><td>2.1</td><td>18.1</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.3</td><td>.7</td><td>22.5</td><td>9.2</td><td>6.3</td><td>2.8</td><td>39.1</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>13.2</td><td>45.7</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>12.5</td><td>27.9</td><td>1.8</td><td>9.6</td><td>36.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>27.4</td><td>2.5</td><td>8.8</td><td>29.7</td><td>2.3</td><td>20.7</td><td>8.6</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.8</td><td>12.2</td><td>1.7</td><td>16.8</td><td>25.2</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.6</td><td>*</td><td>*</td><td>.1</td><td>.2</td><td>21.9</td><td>70.1</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>100.0</td><td>72.8</td><td>.5</td><td>.5</td><td>.7</td><td>3.2</td><td>7.1</td><td>15.2</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>100.0</td><td>32.8</td><td>.2</td><td>7.5</td><td>13.6</td><td>1.6</td><td>17.9</td><td>26.4</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>.3</td><td>6.8</td><td>12.2</td><td>1.7</td><td>16.8</td><td>25.2</td></tr></table>
(Continued on following page)
June 1947
51
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 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 rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstand- ing</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,329 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></tr><tr><td>Treasury bills......(taxable)</td><td>17,038</td><td>680</td><td>1</td><td>3</td><td>1</td><td>5</td><td>15,105</td><td>1,243</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/8% April 1947......(taxable)</td><td>2,820</td><td>1,005</td><td>3</td><td>29</td><td>7</td><td>12</td><td>822</td><td>942</td></tr><tr><td>7/8% June 1947......(taxable)</td><td>2,775</td><td>832</td><td>1</td><td>24</td><td>37</td><td>26</td><td>248</td><td>1,607</td></tr><tr><td>7/8% July 1947......(taxable)</td><td>2,916</td><td>1,135</td><td>1</td><td>37</td><td>46</td><td>15</td><td>780</td><td>902</td></tr><tr><td>7/8% August 1947......(taxable)</td><td>1,223</td><td>533</td><td>2</td><td>14</td><td>4</td><td>7</td><td>315</td><td>349</td></tr><tr><td>7/8% September 1947......(taxable)</td><td>2,341</td><td>685</td><td>2</td><td>21</td><td>16</td><td>28</td><td>906</td><td>682</td></tr><tr><td>7/8% October 1947......(taxable)</td><td>1,440</td><td>631</td><td>1</td><td>24</td><td>5</td><td>14</td><td>283</td><td>480</td></tr><tr><td>7/8% November 1947......(taxable)</td><td>1,775</td><td>746</td><td>1</td><td>16</td><td>21</td><td>13</td><td>343</td><td>635</td></tr><tr><td>7/8% December 1947......(taxable)</td><td>3,281</td><td>700</td><td>*</td><td>21</td><td>19</td><td>23</td><td>222</td><td>2,295</td></tr><tr><td>7/8% January 1948......(taxable)</td><td>3,134</td><td>1,473</td><td>1</td><td>44</td><td>13</td><td>17</td><td>654</td><td>932</td></tr><tr><td>7/8% February 1948......(taxable)</td><td>3,947</td><td>1,261</td><td>3</td><td>27</td><td>60</td><td>27</td><td>1,555</td><td>1,014</td></tr><tr><td>7/8% March 1948......(taxable)</td><td>2,142</td><td>973</td><td>3</td><td>35</td><td>20</td><td>19</td><td>357</td><td>735</td></tr><tr><td>Total certificates of indebtedness......</td><td>27,792</td><td>9,974</td><td>17</td><td>292</td><td>247</td><td>202</td><td>6,486</td><td>10,574</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>706</td><td>6</td><td>51</td><td>13</td><td>34</td><td>10</td><td>867</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>1,814</td><td>4</td><td>54</td><td>135</td><td>19</td><td>47</td><td>635</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,585</td><td>7</td><td>49</td><td>7</td><td>71</td><td>306</td><td>722</td></tr><tr><td>Total Treasury notes......</td><td>8,142</td><td>5,105</td><td>17</td><td>154</td><td>155</td><td>124</td><td>363</td><td>2,224</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td>Bank restricted 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>100</td><td>36</td><td>1,850</td><td>615</td><td>314</td><td>220</td><td>2,148</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>294</td><td>24</td><td>662</td><td>337</td><td>272</td><td>3</td><td>1,877</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>5</td><td>5</td><td>394</td><td>1,099</td><td>50</td><td>187</td><td>378</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>1</td><td>6</td><td>541</td><td>1,347</td><td>61</td><td>260</td><td>616</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>2</td><td>17</td><td>748</td><td>1,600</td><td>47</td><td>389</td><td>958</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>4</td><td>16</td><td>543</td><td>1,608</td><td>55</td><td>452</td><td>1,160</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>59</td><td>17</td><td>358</td><td>2,477</td><td>52</td><td>780</td><td>1,455</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>57</td><td>13</td><td>224</td><td>1,581</td><td>25</td><td>670</td><td>911</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>82</td><td>25</td><td>1,130</td><td>3,169</td><td>127</td><td>901</td><td>2,533</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>673</td><td>44</td><td>1,594</td><td>2,842</td><td>246</td><td>1,053</td><td>5,238</td></tr><tr><td>Total bank restricted......</td><td>49,636</td><td>1,278</td><td>201</td><td>8,043</td><td>16,674</td><td>1,250</td><td>4,914</td><td>17,275</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>371</td><td>*</td><td>7</td><td>11</td><td>21</td><td>40</td><td>309</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>541</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>138</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>766</td><td>1</td><td>101</td><td>7</td><td>14</td><td>40</td><td>187</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>867</td><td>2</td><td>20</td><td>5</td><td>27</td><td>155</td><td>148</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,155</td><td>3</td><td>107</td><td>69</td><td>34</td><td>25</td><td>668</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>368</td><td>1</td><td>9</td><td>*</td><td>10</td><td>*</td><td>63</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, March 31, 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="3">Banks 1/</th><th colspan="3">Insurance companies</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>7,329 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)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>24 December 1948-50...(partially)</td><td>571</td><td>457</td><td>1</td><td>1</td><td>*</td><td>12</td><td>44</td><td>57</td></tr><tr><td>24 June 1949-51....(taxable)</td><td>1,014</td><td>745</td><td>1</td><td>67</td><td>51</td><td>9</td><td>8</td><td>132</td></tr><tr><td>24 September 1949-51....(taxable)</td><td>1,292</td><td>1,043</td><td>1</td><td>39</td><td>64</td><td>22</td><td>1</td><td>123</td></tr><tr><td>24 December 1949-51....(taxable)</td><td>2,098</td><td>1,535</td><td>5</td><td>62</td><td>130</td><td>25</td><td>1</td><td>340</td></tr><tr><td>3-1/8/4 December 1949-52....(partially)</td><td>491</td><td>372</td><td>1</td><td>3</td><td>11</td><td>16</td><td>40</td><td>50</td></tr><tr><td>2-1/24 December 1949-53....(partially)</td><td>1,786</td><td>1,329</td><td>3</td><td>5</td><td>2</td><td>36</td><td>223</td><td>188</td></tr><tr><td>24 March 1950-52....(taxable)</td><td>1,963</td><td>1,526</td><td>5</td><td>69</td><td>159</td><td>27</td><td>3</td><td>175</td></tr><tr><td>24 September 1950-52....(taxable)</td><td>1,939</td><td>3,315</td><td>8</td><td>180</td><td>351</td><td>73</td><td>48</td><td>964</td></tr><tr><td>2-1/24 September 1950-52....(partially)</td><td>1,186</td><td>1,019</td><td>2</td><td>7</td><td>2</td><td>45</td><td>87</td><td>23</td></tr><tr><td>1-1/24 December 1950....(taxable)</td><td>2,635</td><td>1,631</td><td>3</td><td>22</td><td>1</td><td>33</td><td>*</td><td>946</td></tr><tr><td>2-3/4 June 1951-54....(partially)</td><td>1,627</td><td>1,245</td><td>9</td><td>6</td><td>1</td><td>38</td><td>145</td><td>183</td></tr><tr><td>24 September 1951-53....(taxable)</td><td>7,986</td><td>5,318</td><td>22</td><td>383</td><td>569</td><td>146</td><td>113</td><td>1,435</td></tr><tr><td>34 September 1951-55....(partially)</td><td>755</td><td>436</td><td>1</td><td>7</td><td>1</td><td>29</td><td>71</td><td>210</td></tr><tr><td>24 December 1951-55....(taxable)</td><td>510</td><td>381</td><td>2</td><td>10</td><td>23</td><td>9</td><td>6</td><td>79</td></tr><tr><td>2-1/4/4 December 1951-53....(partially)</td><td>1,118</td><td>921</td><td>1</td><td>2</td><td>3</td><td>26</td><td>98</td><td>67</td></tr><tr><td>2-1/24 March 1952-54....(taxable)</td><td>1,024</td><td>545</td><td>*</td><td>229</td><td>38</td><td>15</td><td>47</td><td>158</td></tr><tr><td>24 June 1952-54....(taxable)</td><td>5,825</td><td>4,122</td><td>20</td><td>291</td><td>394</td><td>93</td><td>8</td><td>897</td></tr><tr><td>24 December 1952-54....(taxable)</td><td>8,662</td><td>5,835</td><td>24</td><td>511</td><td>585</td><td>138</td><td>13</td><td>1,556</td></tr><tr><td>2-1/4/4 June 1952-55....(taxable)</td><td>1,501</td><td>972</td><td>2</td><td>167</td><td>133</td><td>28</td><td>66</td><td>133</td></tr><tr><td>24 June 1953-55....(partially)</td><td>725</td><td>613</td><td>*</td><td>1</td><td>2</td><td>23</td><td>14</td><td>43</td></tr><tr><td>2-1/4/4 June 1954-56....(partially)</td><td>681</td><td>562</td><td>2</td><td>1</td><td>1</td><td>32</td><td>15</td><td>67</td></tr><tr><td>2-7/8/4 March 1955-60....(partially)</td><td>2,611</td><td>1,535</td><td>32</td><td>8</td><td>4</td><td>78</td><td>192</td><td>763</td></tr><tr><td>2-1/24 March 1956-58....(taxable)</td><td>1,449</td><td>759</td><td>9</td><td>82</td><td>350</td><td>11</td><td>50</td><td>188</td></tr><tr><td>2-3/4/4 September 1956-59....(partially)</td><td>982</td><td>727</td><td>16</td><td>7</td><td>6</td><td>49</td><td>60</td><td>117</td></tr><tr><td>2-1/4/4 September 1956-59....(taxable)</td><td>3,823</td><td>1,137</td><td>18</td><td>726</td><td>681</td><td>133</td><td>134</td><td>994</td></tr><tr><td>2-3/4/4 June 1958-63....(partially)</td><td>919</td><td>665</td><td>12</td><td>5</td><td>48</td><td>53</td><td>43</td><td>93</td></tr><tr><td>2-3/4/4 December 1960-65....(partially)</td><td>1,485</td><td>1,098</td><td>9</td><td>4</td><td>35</td><td>70</td><td>50</td><td>219</td></tr><tr><td>2-1/24 September 1967-72....(taxable)</td><td>2,716</td><td>1,806</td><td>1</td><td>63</td><td>228</td><td>27</td><td>192</td><td>398</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,744</td><td>218</td><td>3,193</td><td>3,964</td><td>1,423</td><td>2,030</td><td>12,113</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,022</td><td>420</td><td>11,237</td><td>20,639</td><td>2,672</td><td>6,945</td><td>29,388</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>11</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>68</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>48</td></tr><tr><td>Total postal savings and other bonds</td><td>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>116</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>6 40</td><td>13</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>46</td><td>13</td><td>1</td><td>4</td><td>14</td><td>1</td><td>9</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>172,507</td><td>63,807</td><td>456</td><td>11,689</td><td>21,056</td><td>3,005</td><td>28,945</td><td>43,549</td></tr></table>
Note: The Treasury Survey commenced with data for March 31, 1942 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 head-note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 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. 7/ Includes an estimated amount of Federal Housing Administration debentures. 8/ Actual figures by tax status are available only for total amount outstanding.
June 1947
53
by virtue of ownership of securities issued by the United States Government and by Federal Agencies, March 31, 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="5">Held by investors covered in Treasury Survey</th><th></th><th></th></tr><tr><th></th><th></th><th>7,389 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><th>Held by all other investors 4/</th></tr><tr><td>United States savings bonds 2/</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>3,037</td><td>148</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,874</td></tr><tr><td>Series E......(taxable)</td><td>30,725</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,724</td></tr><tr><td>Series F......(taxable)</td><td>3,052</td><td>223</td><td>1</td><td>10</td><td>19</td><td>29</td><td>1</td><td>2,769</td></tr><tr><td>Series G......(taxable)</td><td>14,130</td><td>478</td><td>7</td><td>272</td><td>115</td><td>196</td><td>13</td><td>13,050</td></tr><tr><td>Total United States savings bonds</td><td>50,945</td><td>849</td><td>8</td><td>287</td><td>137</td><td>231</td><td>15</td><td>49,417</td></tr><tr><td>Treasury savings notes......(taxable)</td><td>5,443</td><td>82</td><td>3</td><td>5</td><td>*</td><td>5</td><td>21</td><td>5,327</td></tr><tr><td>Depositary bonds......(taxable)</td><td>342</td><td>315</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Armed Forces Leave bonds......(taxable)</td><td>1,426</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,426</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>130</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>58,286</td><td>1,246</td><td>12</td><td>291</td><td>137</td><td>236</td><td>36</td><td>56,197</td></tr></table>
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
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 headnote to this section.
2/ 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. Series C-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included. C.C.C. demand obligations in the amount of $130 million held by all commercial banks are shown only in total amount outstanding.
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</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>7,329 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>Federal Land Bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% October 1948-50........(taxable)</td><td>176</td><td>149</td><td>1</td><td>2</td><td>*</td><td>2</td><td>-</td><td>23</td></tr><tr><td>1-1/4% May 1950-52........(taxable)</td><td>205</td><td>153</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>1-1/2% January 1951-53........(taxable)</td><td>207</td><td>171</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>35</td></tr><tr><td>2-1/4% February 1953-55........(taxable)</td><td>11b</td><td>89</td><td>*</td><td>5</td><td>1</td><td>1</td><td>-</td><td>18</td></tr><tr><td>Total Federal Land Bank bonds</td><td>702</td><td>562</td><td>1</td><td>9</td><td>2</td><td>4</td><td>-</td><td>125</td></tr><tr><td>Federal Intermediate Credit Bank debentures........(taxable)</td><td>342</td><td>275</td><td>-</td><td>4</td><td>1</td><td>4</td><td>-</td><td>58</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4% April 1948........(taxable)</td><td>140</td><td>103</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>32</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,184</td><td>940</td><td>1</td><td>17</td><td>2</td><td>8</td><td>-</td><td>215</td></tr></table>
* Loss 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 headnote to this section.
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1947
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Section I
Securities Issued or Guaranteed by the United States Government
Table 1
Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,329 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,567 nonmember commercial banks</th></tr><tr><th>Total 4,762 member commercial banks</th><th colspan="4">Central Reserve City banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th>4,365 country 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>63,807</td><td>56,253</td><td>14,873</td><td>12,364</td><td>2,509</td><td>20,807</td><td>20,573</td><td>7,554</td></tr><tr><td>Non-marketable securities</td><td>1,246</td><td>955</td><td>95</td><td>75</td><td>20</td><td>176</td><td>684</td><td>291</td></tr><tr><td>Total public securities</td><td>65,053</td><td>57,208</td><td>14,968</td><td>12,440</td><td>2,529</td><td>20,983</td><td>21,257</td><td>7,845</td></tr></table>
Table 2.
Public Marketable Interest-Bearing Securities
PART A -
ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 1,329 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,567 nonmember commercial banks</th></tr><tr><th>Total 4,762 member commercial banks</th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td colspan="8">Par values - in millioine of dollars</td></tr><tr><th>Types of security:</th><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>680</td><td>605</td><td>183</td><td>153</td><td>30</td><td>257</td><td>164</td><td>75</td></tr><tr><td>Certificates of indebtedness</td><td>9,974</td><td>8,351</td><td>1,667</td><td>1,411</td><td>256</td><td>3,505</td><td>3,179</td><td>1,623</td></tr><tr><td>Treasury notes</td><td>5,105</td><td>4,383</td><td>942</td><td>829</td><td>113</td><td>1,623</td><td>1,818</td><td>722</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,278</td><td>940</td><td>11</td><td>8</td><td>5</td><td>149</td><td>777</td><td>339</td></tr><tr><td>Treasury bonds - bank eligible</td><td>46,744</td><td>41,955</td><td>12,066</td><td>9,961</td><td>2,105</td><td>15,265</td><td>14,623</td><td>4,789</td></tr><tr><td>Postal savings and other bonds</td><td>13</td><td>9</td><td>*</td><td>-</td><td>-</td><td>3</td><td>5</td><td>4</td></tr><tr><td>Guaranteed by United States 3/</td><td>13</td><td>11</td><td>1</td><td>1</td><td>-</td><td>4</td><td>6</td><td>2</td></tr><tr><td>Total</td><td>63,807</td><td>56,253</td><td>14,873</td><td>12,364</td><td>2,509</td><td>20,807</td><td>20,573</td><td>7,554</td></tr><tr><th>Cell classes:</th><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>15,729</td><td>13,522</td><td>3,427</td><td>2,959</td><td>468</td><td>5,421</td><td>4,674</td><td>2,208</td></tr><tr><td>1 to 5 years</td><td>26,924</td><td>24,027</td><td>6,860</td><td>5,617</td><td>1,244</td><td>8,786</td><td>8,381</td><td>2,897</td></tr><tr><td>5 to 10 years</td><td>16,291</td><td>14,516</td><td>3,902</td><td>3,403</td><td>498</td><td>5,126</td><td>5,488</td><td>1,775</td></tr><tr><td>10 to 15 years</td><td>2,159</td><td>1,940</td><td>485</td><td>246</td><td>239</td><td>836</td><td>619</td><td>219</td></tr><tr><td>15 to 20 years</td><td>129</td><td>92</td><td>1</td><td>*</td><td>1</td><td>10</td><td>81</td><td>37</td></tr><tr><td>over 20 years</td><td>2,562</td><td>2,145</td><td>196</td><td>138</td><td>59</td><td>624</td><td>1,325</td><td>416</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>13</td><td>11</td><td>1</td><td>1</td><td>-</td><td>4</td><td>6</td><td>2</td></tr><tr><td>Total</td><td>63,807</td><td>56,253</td><td>14,873</td><td>12,364</td><td>2,509</td><td>20,807</td><td>20,573</td><td>7,554</td></tr><tr><th>Tax status: 4/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>13</td><td>9</td><td>*</td><td>-</td><td>*</td><td>3</td><td>5</td><td>4</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>13,154</td><td>12,439</td><td>4,710</td><td>3,630</td><td>1,080</td><td>5,297</td><td>2,432</td><td>716</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>50,640</td><td>43,805</td><td>10,163</td><td>8,735</td><td>1,429</td><td>15,507</td><td>18,135</td><td>6,834</td></tr><tr><td>Total</td><td>63,807</td><td>56,253</td><td>14,873</td><td>12,364</td><td>2,509</td><td>20,807</td><td>20,573</td><td>7,554</td></tr></table>
(Continued on following page)
June 1947
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1947 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
able 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 7,329 commercial banks 1/</th><th>Total 4,762 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,567 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th>4,365 country banks</th></tr><tr><td colspan="8">Percentage distribution by classes of securities</td></tr><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>1.1</td><td>1.1</td><td>1.2</td><td>1.2</td><td>1.2</td><td>1.2</td><td>.8</td><td>1.0</td></tr><tr><td>Certificates of indebtedness......</td><td>15.6</td><td>14.8</td><td>11.2</td><td>11.4</td><td>10.2</td><td>16.8</td><td>15.5</td><td>21.5</td></tr><tr><td>Treasury notes....................</td><td>8.0</td><td>7.8</td><td>6.3</td><td>6.7</td><td>4.5</td><td>7.8</td><td>8.8</td><td>9.6</td></tr><tr><td>Treasury bonds - bank restricted 2/...</td><td>2.0</td><td>1.7</td><td>.1</td><td>.1</td><td>.2</td><td>.7</td><td>3.8</td><td>4.5</td></tr><tr><td>Treasury bonds - bank eligible.....</td><td>73.3</td><td>74.6</td><td>81.1</td><td>80.6</td><td>83.9</td><td>73.4</td><td>71.1</td><td>63.4</td></tr><tr><td>Postal savings and other bonds.....</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Guaranteed by United States 3/.....</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call 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>24.7</td><td>24.0</td><td>23.0</td><td>23.9</td><td>18.7</td><td>26.1</td><td>22.7</td><td>29.2</td></tr><tr><td>1 to 5 years....................</td><td>42.2</td><td>42.7</td><td>46.1</td><td>45.4</td><td>49.6</td><td>42.2</td><td>40.7</td><td>38.3</td></tr><tr><td>5 to 10 years....................</td><td>25.5</td><td>25.8</td><td>26.2</td><td>27.5</td><td>19.9</td><td>24.6</td><td>26.7</td><td>23.5</td></tr><tr><td>10 to 15 years....................</td><td>3.4</td><td>3.4</td><td>3.3</td><td>2.0</td><td>9.5</td><td>4.0</td><td>3.0</td><td>2.9</td></tr><tr><td>15 to 20 years....................</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.4</td><td>.5</td></tr><tr><td>Over 20 years....................</td><td>4.0</td><td>3.8</td><td>1.3</td><td>1.1</td><td>2.3</td><td>3.0</td><td>6.4</td><td>5.5</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes...</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Partially exempt from Federal income taxes 5/...</td><td>20.6</td><td>22.1</td><td>31.7</td><td>29.4</td><td>43.0</td><td>25.5</td><td>11.8</td><td>9.5</td></tr><tr><td>Subject to Federal income taxes 5/.....</td><td>79.4</td><td>77.9</td><td>68.3</td><td>70.6</td><td>56.9</td><td>74.5</td><td>88.2</td><td>90.5</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><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>100.0</td><td>88.9</td><td>26.9</td><td>22.5</td><td>4.4</td><td>37.8</td><td>24.2</td><td>11.1</td></tr><tr><td>Certificates of indebtedness......</td><td>100.0</td><td>83.7</td><td>16.7</td><td>14.2</td><td>2.6</td><td>35.1</td><td>31.9</td><td>16.3</td></tr><tr><td>Treasury notes....................</td><td>100.0</td><td>85.9</td><td>18.4</td><td>16.2</td><td>2.2</td><td>31.8</td><td>35.6</td><td>14.1</td></tr><tr><td>Treasury bonds - bank restricted 2/...</td><td>100.0</td><td>73.5</td><td>1.1</td><td>.6</td><td>.4</td><td>11.7</td><td>60.7</td><td>26.5</td></tr><tr><td>Treasury bonds - bank eligible.....</td><td>100.0</td><td>89.8</td><td>25.8</td><td>21.3</td><td>4.5</td><td>32.7</td><td>31.3</td><td>10.2</td></tr><tr><td>Postal savings and other bonds.....</td><td>100.0</td><td>70.7</td><td>2.7</td><td>*</td><td>2.7</td><td>24.9</td><td>43.1</td><td>29.3</td></tr><tr><td>Guaranteed by United States 3/.....</td><td>100.0</td><td>86.8</td><td>9.0</td><td>9.0</td><td>*</td><td>30.4</td><td>47.3</td><td>13.2</td></tr><tr><td>Total....................</td><td>100.0</td><td>88.2</td><td>23.3</td><td>19.4</td><td>3.9</td><td>32.6</td><td>32.2</td><td>11.8</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>100.0</td><td>86.0</td><td>21.8</td><td>18.8</td><td>3.0</td><td>34.5</td><td>29.7</td><td>14.0</td></tr><tr><td>1 to 5 years....................</td><td>100.0</td><td>89.2</td><td>25.5</td><td>20.9</td><td>4.6</td><td>32.6</td><td>31.1</td><td>10.8</td></tr><tr><td>5 to 10 years....................</td><td>100.0</td><td>89.1</td><td>24.0</td><td>20.9</td><td>3.1</td><td>31.5</td><td>33.7</td><td>10.9</td></tr><tr><td>10 to 15 years....................</td><td>100.0</td><td>89.8</td><td>22.5</td><td>11.4</td><td>11.1</td><td>38.7</td><td>28.7</td><td>10.2</td></tr><tr><td>15 to 20 years....................</td><td>100.0</td><td>71.2</td><td>.9</td><td>.3</td><td>.6</td><td>7.5</td><td>62.7</td><td>28.8</td></tr><tr><td>Over 20 years....................</td><td>100.0</td><td>83.8</td><td>7.7</td><td>5.4</td><td>2.3</td><td>24.4</td><td>51.7</td><td>16.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>86.8</td><td>9.0</td><td>9.0</td><td>*</td><td>30.4</td><td>47.3</td><td>13.2</td></tr><tr><td>Total....................</td><td>100.0</td><td>88.2</td><td>23.3</td><td>19.4</td><td>3.9</td><td>32.6</td><td>32.2</td><td>11.8</td></tr><tr><td>Tax status: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes...</td><td>100.0</td><td>70.7</td><td>2.7</td><td>*</td><td>2.7</td><td>24.9</td><td>43.1</td><td>29.3</td></tr><tr><td>Partially exempt from Federal income taxes 5/...</td><td>100.0</td><td>94.6</td><td>35.8</td><td>27.6</td><td>8.2</td><td>40.3</td><td>18.5</td><td>5.4</td></tr><tr><td>Subject to Federal income taxes 5/.....</td><td>100.0</td><td>86.5</td><td>20.1</td><td>17.2</td><td>2.8</td><td>30.6</td><td>35.8</td><td>13.5</td></tr><tr><td>Total....................</td><td>100.0</td><td>88.2</td><td>23.3</td><td>19.4</td><td>3.9</td><td>32.6</td><td>32.2</td><td>11.8</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1947 - (Continued) Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 4/ is shown in parentheses)</th><th>Total 7,329 commercial banks 1/</th><th>Total 4,762 member commercial banks</th><th colspan="4">Member commercial banks</th><th>4,365 country banks</th><th>2,567 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th></th><th></th></tr><tr><td>Treasury bills.................(taxable)</td><td>680</td><td>605</td><td>183</td><td>153</td><td>30</td><td>257</td><td>164</td><td>75</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/8% April 1947.............(taxable)</td><td>1,005</td><td>802</td><td>147</td><td>122</td><td>25</td><td>331</td><td>324</td><td>203</td></tr><tr><td>7/8% June 1947.............(taxable)</td><td>832</td><td>686</td><td>198</td><td>195</td><td>4</td><td>240</td><td>248</td><td>146</td></tr><tr><td>7/8% July 1947.............(taxable)</td><td>1,135</td><td>940</td><td>246</td><td>232</td><td>14</td><td>369</td><td>325</td><td>195</td></tr><tr><td>7/8% August 1947...........(taxable)</td><td>533</td><td>438</td><td>57</td><td>53</td><td>4</td><td>173</td><td>208</td><td>95</td></tr><tr><td>7/8% September 1947........(taxable)</td><td>685</td><td>575</td><td>146</td><td>127</td><td>19</td><td>200</td><td>229</td><td>110</td></tr><tr><td>7/8% October 1947...........(taxable)</td><td>631</td><td>520</td><td>107</td><td>82</td><td>25</td><td>192</td><td>220</td><td>112</td></tr><tr><td>7/8% November 1947...........(taxable)</td><td>746</td><td>640</td><td>120</td><td>89</td><td>31</td><td>285</td><td>235</td><td>105</td></tr><tr><td>7/8% December 1947...........(taxable)</td><td>700</td><td>583</td><td>107</td><td>78</td><td>29</td><td>226</td><td>250</td><td>117</td></tr><tr><td>7/8% January 1948...........(taxable)</td><td>1,473</td><td>1,275</td><td>231</td><td>194</td><td>37</td><td>628</td><td>417</td><td>197</td></tr><tr><td>7/8% February 1948...........(taxable)</td><td>1,261</td><td>1,075</td><td>185</td><td>149</td><td>35</td><td>488</td><td>403</td><td>186</td></tr><tr><td>7/8% March 1948.............(taxable)</td><td>973</td><td>816</td><td>123</td><td>90</td><td>33</td><td>373</td><td>320</td><td>157</td></tr><tr><td>Total certificates of indebtedness</td><td>9,974</td><td>8,351</td><td>1,667</td><td>1,411</td><td>256</td><td>3,505</td><td>3,179</td><td>1,623</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>1-1/4% September 1947........(taxable)</td><td>706</td><td>564</td><td>105</td><td>80</td><td>24</td><td>206</td><td>254</td><td>142</td></tr><tr><td>1-1/2% September 1947........(taxable)</td><td>1,814</td><td>1,599</td><td>464</td><td>441</td><td>23</td><td>551</td><td>584</td><td>214</td></tr><tr><td>1-1/2% September 1948........(taxable)</td><td>2,585</td><td>2,219</td><td>373</td><td>308</td><td>66</td><td>866</td><td>980</td><td>366</td></tr><tr><td>Total Treasury notes</td><td>5,105</td><td>4,383</td><td>942</td><td>829</td><td>113</td><td>1,623</td><td>1,818</td><td>722</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td>Bank restricted 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62........(taxable)</td><td>100</td><td>64</td><td>2</td><td>1</td><td>1</td><td>5</td><td>57</td><td>36</td></tr><tr><td>2-1/4% December 1959-62....(taxable)</td><td>294</td><td>218</td><td>3</td><td>1</td><td>1</td><td>43</td><td>172</td><td>76</td></tr><tr><td>2-1/2% June 1962-67........(taxable)</td><td>5</td><td>4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>4</td><td>2</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td></tr><tr><td>2-1/2% June 1964-69........(taxable)</td><td>2</td><td>2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>2</td><td>1</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>4</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>3</td></tr><tr><td>2-1/2% March 1965-70.......(taxable)</td><td>59</td><td>41</td><td>*</td><td>*</td><td>*</td><td>3</td><td>37</td><td>18</td></tr><tr><td>2-1/2% March 1966-71.......(taxable)</td><td>57</td><td>43</td><td>1</td><td>*</td><td>1</td><td>6</td><td>37</td><td>14</td></tr><tr><td>2-1/2% June 1967-72........(taxable)</td><td>82</td><td>58</td><td>*</td><td>*</td><td>*</td><td>7</td><td>51</td><td>25</td></tr><tr><td>2-1/2% December 1967-72....(taxable)</td><td>673</td><td>508</td><td>8</td><td>5</td><td>3</td><td>85</td><td>416</td><td>164</td></tr><tr><td>Total bank restricted</td><td>1,278</td><td>940</td><td>14</td><td>8</td><td>5</td><td>149</td><td>777</td><td>339</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>371</td><td>361</td><td>200</td><td>174</td><td>27</td><td>121</td><td>40</td><td>10</td></tr><tr><td>2% December 1947...........(partially)</td><td>541</td><td>513</td><td>172</td><td>123</td><td>48</td><td>220</td><td>121</td><td>27</td></tr><tr><td>2% March 1948-50...........(taxable)</td><td>766</td><td>699</td><td>279</td><td>257</td><td>23</td><td>233</td><td>187</td><td>67</td></tr><tr><td>2-3/4% March 1948-51.......(partially)</td><td>867</td><td>822</td><td>357</td><td>319</td><td>38</td><td>326</td><td>139</td><td>45</td></tr><tr><td>1-3/4% June 1948...........(taxable)</td><td>2,155</td><td>1,914</td><td>481</td><td>382</td><td>99</td><td>732</td><td>702</td><td>241</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>368</td><td>350</td><td>146</td><td>100</td><td>45</td><td>138</td><td>66</td><td>17</td></tr><tr><td>2% December 1948-50.......(partially)</td><td>457</td><td>432</td><td>153</td><td>127</td><td>26</td><td>204</td><td>75</td><td>25</td></tr><tr><td>2% June 1949-51...........(taxable)</td><td>745</td><td>664</td><td>186</td><td>166</td><td>20</td><td>201</td><td>277</td><td>81</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,043</td><td>964</td><td>333</td><td>213</td><td>120</td><td>343</td><td>283</td><td>79</td></tr></table>
(Continued on following page)
June 1947
57
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1947 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,329 commercial banks 1/</th><th>Total 4,762 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,567 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th>4,365 country banks</th><th></th></tr><tr><td colspan="9">Treasury bonds-(continued)</td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2¼ December 1949-51....(taxable)</td><td>1,535</td><td>1,371</td><td>309</td><td>216</td><td>92</td><td>541</td><td>522</td><td>164</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>371</td><td>358</td><td>154</td><td>114</td><td>40</td><td>165</td><td>39</td><td>13</td></tr><tr><td>2-1/4% December 1949-53....(partially)</td><td>1,329</td><td>1,267</td><td>490</td><td>436</td><td>54</td><td>563</td><td>214</td><td>62</td></tr><tr><td>2¼ March 1950-52....(taxable)</td><td>1,526</td><td>1,341</td><td>351</td><td>307</td><td>44</td><td>496</td><td>494</td><td>185</td></tr><tr><td>2¼ September 1950-52....(taxable)</td><td>3,315</td><td>2,949</td><td>977</td><td>821</td><td>156</td><td>965</td><td>1,007</td><td>367</td></tr><tr><td>2-1/4% September 1950-52....(partially)</td><td>1,019</td><td>947</td><td>350</td><td>307</td><td>43</td><td>393</td><td>205</td><td>71</td></tr><tr><td>1-1/4% December 1950....(taxable)</td><td>1,631</td><td>1,308</td><td>86</td><td>48</td><td>38</td><td>401</td><td>821</td><td>322</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,245</td><td>1,197</td><td>561</td><td>499</td><td>61</td><td>442</td><td>195</td><td>48</td></tr><tr><td>2¼ September 1951-53....(taxable)</td><td>5,318</td><td>4,663</td><td>1,247</td><td>1,053</td><td>195</td><td>1,554</td><td>1,861</td><td>655</td></tr><tr><td>3% September 1951-55....(partially)</td><td>436</td><td>407</td><td>175</td><td>139</td><td>36</td><td>132</td><td>101</td><td>29</td></tr><tr><td>2¼ December 1951-55....(taxable)</td><td>381</td><td>316</td><td>69</td><td>64</td><td>5</td><td>76</td><td>171</td><td>66</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>921</td><td>873</td><td>251</td><td>178</td><td>73</td><td>434</td><td>189</td><td>48</td></tr><tr><td>2-1/4% March 1952-54....(taxable)</td><td>545</td><td>486</td><td>170</td><td>139</td><td>31</td><td>143</td><td>173</td><td>58</td></tr><tr><td>2¼ June 1952-54....(taxable)</td><td>4,122</td><td>3,635</td><td>930</td><td>903</td><td>27</td><td>1,193</td><td>1,513</td><td>487</td></tr><tr><td>2¼ December 1952-54....(taxable)</td><td>5,835</td><td>5,141</td><td>1,147</td><td>1,069</td><td>78</td><td>1,863</td><td>2,132</td><td>693</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>972</td><td>831</td><td>203</td><td>168</td><td>34</td><td>270</td><td>358</td><td>141</td></tr><tr><td>2¼ June 1953-55....(partially)</td><td>643</td><td>596</td><td>149</td><td>48</td><td>100</td><td>281</td><td>167</td><td>16</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>562</td><td>515</td><td>143</td><td>104</td><td>39</td><td>241</td><td>132</td><td>46</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>1,535</td><td>1,461</td><td>663</td><td>558</td><td>105</td><td>568</td><td>230</td><td>73</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>759</td><td>667</td><td>194</td><td>190</td><td>4</td><td>165</td><td>308</td><td>92</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>727</td><td>680</td><td>268</td><td>160</td><td>108</td><td>283</td><td>128</td><td>48</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>1,137</td><td>989</td><td>206</td><td>203</td><td>3</td><td>262</td><td>520</td><td>148</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>665</td><td>624</td><td>200</td><td>117</td><td>83</td><td>295</td><td>129</td><td>42</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,098</td><td>1,033</td><td>281</td><td>126</td><td>154</td><td>492</td><td>260</td><td>65</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>1,806</td><td>1,579</td><td>188</td><td>133</td><td>55</td><td>533</td><td>858</td><td>227</td></tr><tr><td>Total bank eligible</td><td>46,744</td><td>41,955</td><td>12,066</td><td>9,961</td><td>2,105</td><td>15,265</td><td>14,623</td><td>4,789</td></tr><tr><td>Total Treasury bonds</td><td>48,022</td><td>42,894</td><td>12,080</td><td>9,970</td><td>2,110</td><td>15,415</td><td>15,400</td><td>5,128</td></tr><tr><td colspan="9">Postal savings and other bonds</td></tr><tr><td>Postal saving bonds......(Wholly)</td><td>11</td><td>7</td><td>-</td><td>-</td><td>-</td><td>2</td><td>4</td><td>4</td></tr><tr><td>Panama Canal bonds......(Wholly)</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Total postal savings and other bonds</td><td>13</td><td>9</td><td>-</td><td>-</td><td>-</td><td>3</td><td>5</td><td>4</td></tr><tr><td colspan="9">Guaranteed securities ½</td></tr><tr><td>Federal Housing Administration debentures......</td><td>13</td><td>11</td><td>1</td><td>1</td><td>-</td><td>4</td><td>6</td><td>2</td></tr><tr><td>Total guaranteed securities</td><td>13</td><td>11</td><td>1</td><td>1</td><td>-</td><td>4</td><td>6</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>63,807</td><td>56,253</td><td>14,873</td><td>12,364</td><td>2,509</td><td>20,807</td><td>20,573</td><td>7,554</td></tr></table>
Less than $500,000 or less than .05%.
1/ Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 21.
3/ Guaranteed securities held by the Treasury are not included.
4/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and
surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 5/ Includes an estimated amount of Federal Housing Administration debentures. 6/ Actual figures by tax status are not available.
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1947 - (Continued
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I -
Securities Issued or Guaranteed by the United States Government - (Continued)
Table
Public Non-Marketable Interest-Bearing Securities
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,329 commercial banks 2/</th><th>Total 4,762 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,567 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th>347 Reserve City banks</th><th>4,365 country banks</th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D.....................4/</td><td>148</td><td>100</td><td>*</td><td>*</td><td>*</td><td>6</td><td>93</td><td>49</td></tr><tr><td>Series F..................... (taxable)</td><td>223</td><td>145</td><td>1</td><td>*</td><td>1</td><td>13</td><td>131</td><td>78</td></tr><tr><td>Series O..................... (taxable)</td><td>478</td><td>344</td><td>3</td><td>1</td><td>2</td><td>27</td><td>315</td><td>133</td></tr><tr><td>Total United States savings bonds</td><td>849</td><td>589</td><td>4</td><td>2</td><td>3</td><td>46</td><td>539</td><td>260</td></tr><tr><td>Treasury savings notes.............(taxable)</td><td>82</td><td>73</td><td>50</td><td>40</td><td>10</td><td>8</td><td>14</td><td>9</td></tr><tr><td>Depositary bonds................(taxable)</td><td>315</td><td>293</td><td>41</td><td>34</td><td>7</td><td>122</td><td>131</td><td>22</td></tr><tr><td>Total public non-marketable securities</td><td>1,246</td><td>955</td><td>95</td><td>75</td><td>20</td><td>176</td><td>684</td><td>291</td></tr></table>
rent redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
1/ See footnote 4, page 57.
2/ Includes trust companies but excludes securities held in trust departments.
3/ United States savings bonds, Series C-D, E, and F are shown at cur
4) Series C-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
Section II
Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par values - millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,329 commercial banks 2/</th><th colspan="5">Member commercial banks</th><th>2,567 nonmember commercial banks</th></tr><tr><th></th><th>Total 4,762 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>347 Reserve City banks</th><th>4,365 country banks</th><th></th></tr><tr><th></th><th></th><th>Total 50 Central Reserve City banks</th><th>37 New York City banks</th><th>13 Chicago banks</th><th></th><th></th><th></th><th></th></tr><tr><td>Federal Land Bank bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/3% October 1948-50......(taxable)</td><td>149</td><td>132</td><td>23</td><td>20</td><td>3</td><td>51</td><td>59</td><td>17</td></tr><tr><td>1-1/4% May 1950-52......(taxable)</td><td>153</td><td>128</td><td>10</td><td>5</td><td>5</td><td>50</td><td>67</td><td>25</td></tr><tr><td>1-1/3% January 1951-53......(taxable)</td><td>171</td><td>152</td><td>23</td><td>22</td><td>2</td><td>67</td><td>62</td><td>19</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>89</td><td>76</td><td>6</td><td>3</td><td>2</td><td>30</td><td>41</td><td>12</td></tr><tr><td>Total Federal Land Bank bonds......</td><td>562</td><td>489</td><td>62</td><td>50</td><td>12</td><td>198</td><td>229</td><td>73</td></tr><tr><td>Federal Intermediate Credit Bank debentures......(taxable)</td><td>275</td><td>256</td><td>76</td><td>57</td><td>19</td><td>113</td><td>67</td><td>19</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4% April 1948......(taxable)</td><td>103</td><td>88</td><td>16</td><td>10</td><td>6</td><td>38</td><td>34</td><td>15</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States......</td><td>940</td><td>834</td><td>158</td><td>118</td><td>37</td><td>349</td><td>330</td><td>107</td></tr></table>
1/ See footnote 4, page 57.
2/ Includes trust companies but excludes securities held in trust departments.
June 1947
59
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
60
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of April 30, 1947
Table I.- Securities Issued or Guaranteed by the United States Government 1/
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 Mar. 31, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from Mar. 31, 1947</th><th>Yield to maturity 3/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="17"><b>Treasury bonds - bank eligible</b></td></tr><tr><td>$1,115</td><td>2% - 3/15/48-50</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-.06</td><td>.95%</td><td>+.10%</td><td>1.68%</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>101.09</td><td>2/3</td><td>100.29</td><td>4/30</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/48-51</td><td>100.26</td><td>100.28</td><td>100.27</td><td>-.05</td><td>.99</td><td>+.08</td><td>.99</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>101.04</td><td>1/23</td><td>100.27</td><td>4/30</td></tr><tr><td>1,014</td><td>2% - 6/15/49-51</td><td>101.26</td><td>101.28</td><td>101.27</td><td>-.08</td><td>1.12</td><td>+.08</td><td>1.54</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>102.09</td><td>1/22</td><td>101.27</td><td>4/30</td></tr><tr><td>1,292</td><td>2% - 9/15/49-51</td><td>101.31</td><td>102.01</td><td>102.00</td><td>-.08</td><td>1.14</td><td>+.07</td><td>1.53</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>102.13</td><td>1/22</td><td>102.00</td><td>4/30</td></tr><tr><td>2,098</td><td>2% - 12/15/49-51</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.08</td><td>1.16</td><td>+.06</td><td>1.52</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>102.19</td><td>1/22</td><td>102.05</td><td>4/30</td></tr><tr><td>1,963</td><td>2% - 3/15/50-52</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.10</td><td>1.20</td><td>+.08</td><td>1.52</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>102.22</td><td>1/22</td><td>102.08</td><td>4/30</td></tr><tr><td>4,939</td><td>2% - 9/15/50-52</td><td>102.13</td><td>102.15</td><td>102.14</td><td>-.10</td><td>1.26</td><td>+.07</td><td>1.53</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>102.26</td><td>3/27</td><td>102.14</td><td>4/30</td></tr><tr><td>2,635</td><td>1-1/2% - 12/15/50</td><td>101.03</td><td>101.05</td><td>101.04</td><td>-.04</td><td>1.18</td><td>+.03</td><td>1.18</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>12/3/46</td><td>101.11</td><td>3/24</td><td>101.03</td><td>3/8</td></tr><tr><td>7,986</td><td>2% - 9/15/51-53</td><td>102.22</td><td>102.24</td><td>102.23</td><td>-.08</td><td>1.36</td><td>+.05</td><td>1.55</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>103.01</td><td>3/27</td><td>102.23</td><td>4/30</td></tr><tr><td>510</td><td>2% - 12/15/51-55</td><td>102.29</td><td>102.31</td><td>102.30</td><td>-.06</td><td>1.34</td><td>+.03</td><td>1.63</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>103.05</td><td>4/9</td><td>102.29</td><td>1/15</td></tr><tr><td>1,024</td><td>2-1/2% - 3/15/52-54</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.08</td><td>1.41</td><td>+.03</td><td>1.71</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>105.13</td><td>3/27</td><td>105.01</td><td>1/6</td></tr><tr><td>5,825</td><td>2% - 6/15/52-54</td><td>102.28</td><td>102.30</td><td>102.29</td><td>-.07</td><td>1.41</td><td>+.03</td><td>1.57</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/29/44</td><td>103.06</td><td>4/9</td><td>102.26</td><td>1/6</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>104.01</td><td>104.03</td><td>104.02</td><td>-.05</td><td>1.43</td><td>+.02</td><td>1.71</td><td>2/25/42</td><td>106.00</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>104.09</td><td>4/9</td><td>103.28</td><td>1/4</td></tr><tr><td>8,662</td><td>2% - 12/15/52-54</td><td>102.30</td><td>103.00</td><td>102.31</td><td>-.08</td><td>1.45</td><td>+.04</td><td>1.59</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>103.09</td><td>4/9</td><td>102.28</td><td>1/6</td></tr><tr><td>1,449</td><td>2-1/2% - 3/15/56-58</td><td>106.31</td><td>107.01</td><td>107.00</td><td>-.08</td><td>1.65</td><td>+.02</td><td>1.79</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>107.12</td><td>3/24</td><td>106.30</td><td>4/17</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>105.08</td><td>105.10</td><td>105.09</td><td>-.06</td><td>1.64</td><td>+.02</td><td>1.77</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>105.19</td><td>3/27</td><td>105.05</td><td>1/15</td></tr><tr><td>2,716</td><td>2-1/2% - 9/15/67-72</td><td>105.12</td><td>105.14</td><td>105.13</td><td>-.19</td><td>2.17</td><td>+.03</td><td>2.22</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>106.13</td><td>1/25</td><td>105.13</td><td>4/30</td></tr><tr><td colspan="17"><b>Treasury bonds - bank restricted 5/</b></td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.03</td><td>2.01</td><td>+.01</td><td>2.05</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>102.29</td><td>4/9</td><td>102.07</td><td>1/7</td></tr><tr><td>3,470</td><td>2-1/4% - 12/15/59-62</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.03</td><td>2.01</td><td>.00</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>102.29</td><td>4/9</td><td>102.07</td><td>1/7</td></tr><tr><td>2,118</td><td>2-1/2% - 6/15/62-67</td><td>105.11</td><td>105.13</td><td>105.12</td><td>-.06</td><td>2.08</td><td>.01</td><td>2.17</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>105.23</td><td>4/9</td><td>104.30</td><td>1/7</td></tr><tr><td>2,831</td><td>2-1/2% - 12/15/62-67</td><td>104.28</td><td>104.30</td><td>104.29</td><td>-.07</td><td>2.15</td><td>+.02</td><td>2.21</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.11</td><td>4/9</td><td>104.17</td><td>1/14</td></tr><tr><td>3,761</td><td>2-1/2% - 6/15/64-69</td><td>104.16</td><td>104.18</td><td>104.17</td><td>-.08</td><td>2.18</td><td>+.01</td><td>2.24</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.30</td><td>4/9</td><td>104.03</td><td>1/6</td></tr><tr><td>3,838</td><td>2-1/2% - 12/15/64-69</td><td>104.14</td><td>104.16</td><td>104.15</td><td>-.09</td><td>2.19</td><td>+.01</td><td>2.25</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.29</td><td>4/9</td><td>104.00</td><td>1/6</td></tr><tr><td>5,197</td><td>2-1/2% - 3/15/65-70</td><td>104.13</td><td>104.15</td><td>104.14</td><td>-.06</td><td>2.20</td><td>+.01</td><td>2.25</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>104.27</td><td>4/9</td><td>103.31</td><td>1/6</td></tr><tr><td>3,481</td><td>2-1/2% - 3/15/66-72</td><td>104.11</td><td>104.13</td><td>104.12</td><td>-.07</td><td>2.22</td><td>+.02</td><td>2.26</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>104.26</td><td>4/9</td><td>103.30</td><td>1/4</td></tr><tr><td>7,967</td><td>2-1/2% - 6/15/67-72</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-.01</td><td>2.30</td><td>+.01</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>103.20</td><td>4/9</td><td>102.25</td><td>1/30</td></tr><tr><td>11,689</td><td>2-1/2% - 12/15/67-72</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-.01</td><td>2.30</td><td>.00</td><td>2.33</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>103.19</td><td>4/9</td><td>102.25</td><td>1/30</td></tr><tr><td colspan="17"><b>Treasury notes</b></td></tr><tr><td>2,707</td><td>1-1/2% - 9/15/47</td><td>100.07</td><td>100.08</td><td>100.07</td><td>-.03</td><td>.87</td><td>+.10</td><td>.87</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.07</td><td>4/30/47</td><td>100.14</td><td>1/9</td><td>100.07</td><td>4/30</td></tr><tr><td>1,687</td><td>1-1/4% - 9/15/47</td><td>100.04</td><td>100.05</td><td>100.04</td><td>-.02</td><td>.87</td><td>+.10</td><td>.87</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.04</td><td>4/30/47</td><td>100.08</td><td>1/23</td><td>100.04</td><td>4/30</td></tr><tr><td>3,748</td><td>1-1/2% - 9/15/48</td><td>100.21</td><td>100.22</td><td>100.21</td><td>-.03</td><td>1.01</td><td>+.05</td><td>1.01</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/8/44</td><td>100.26</td><td>1/22</td><td>100.21</td><td>4/30</td></tr><tr><td colspan="17"><b>Certificates of indebtedness 6/</b></td></tr><tr><td>2,775</td><td>7/8% - 6/1/47</td><td>.64%</td><td>.58%</td><td>.61%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.57%</td><td>4/23/47</td><td>.85%</td><td>12/12/46</td><td>.57%</td><td>4/23</td><td>.81%</td><td>2/13</td></tr><tr><td>2,916</td><td>7/8% - 7/1/47</td><td>.74%</td><td>.70%</td><td>.72%</td><td>+.02%</td><td>-</td><td>-</td><td>-</td><td>7/1/46</td><td>.66%</td><td>4/23/47</td><td>.85%</td><td>12/12/46</td><td>.66%</td><td>4/23</td><td>.82%</td><td>2/18</td></tr><tr><td>1,223</td><td>7/8% - 8/1/47</td><td>.74%</td><td>.71%</td><td>.72%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>8/1/46</td><td>.69%</td><td>4/9/47</td><td>.85%</td><td>9/30/46</td><td>.69%</td><td>4/9</td><td>.82%</td><td>2/18</td></tr><tr><td>2,341</td><td>7/8% - 9/1/47</td><td>.80%</td><td>.78%</td><td>.79%</td><td>+.05%</td><td>-</td><td>-</td><td>-</td><td>9/1/46</td><td>.73%</td><td>4/9/47</td><td>.85%</td><td>12/24/46</td><td>.73%</td><td>4/9</td><td>.83%</td><td>2/18</td></tr><tr><td>1,440</td><td>7/8% - 10/1/47</td><td>.82%</td><td>.80%</td><td>.81%</td><td>+.05%</td><td>-</td><td>-</td><td>-</td><td>10/1/46</td><td>.75%</td><td>4/9/47</td><td>.85%</td><td>12/30/46</td><td>.75%</td><td>4/9</td><td>.84%</td><td>2/17</td></tr><tr><td>1,775</td><td>7/8% - 11/1/47</td><td>.83%</td><td>.81%</td><td>.82%</td><td>+.04%</td><td>-</td><td>-</td><td>-</td><td>11/1/46</td><td>.77%</td><td>4/9/47</td><td>.85%</td><td>12/31/46</td><td>.77%</td><td>4/9</td><td>.84%</td><td>3/1</td></tr><tr><td>3,281</td><td>7/8% - 12/1/47</td><td>.84%</td><td>.82%</td><td>.83%</td><td>+.03%</td><td>-</td><td>-</td><td>-</td><td>12/1/46</td><td>.79%</td><td>4/9/47</td><td>.85%</td><td>2/19/47</td><td>.79%</td><td>4/9</td><td>.85%</td><td>2/19</td></tr><tr><td>3,138</td><td>7/8% - 1/1/48</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.03%</td><td>-</td><td>-</td><td>-</td><td>1/1/47</td><td>.80%</td><td>4/9/47</td><td>.85%</td><td>3/1/47</td><td>.80%</td><td>4/9</td><td>.85%</td><td>3/1</td></tr><tr><td>3,947</td><td>7/8% - 2/1/48</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.03%</td><td>-</td><td>-</td><td>-</td><td>2/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>3/3/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>3/3</td></tr><tr><td>2,142</td><td>7/8% - 3/1/48</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.03%</td><td>-</td><td>-</td><td>-</td><td>3/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>3/3/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>3/3</td></tr><tr><td>1,321</td><td>7/8% - 4/1/48</td><td>.84%</td><td>.82%</td><td>.83%</td><td>+.02%</td><td>-</td><td>-</td><td>-</td><td>4/1/47</td><td>.81%</td><td>4/9/47</td><td>.83%</td><td>4/30/47</td><td>.81%</td><td>4/9</td><td>.83%</td><td>4/30</td></tr></table>
(Continued on following page)
61
June 1947
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies As of April 30, 1947 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Mar. 31, 1947</th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Mar. 31, 1947</th></tr><tr><td>$1,312</td><td>5/1/47</td><td>1/30/47</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>$1,317</td><td>6/19/47</td><td>3/20/47</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,310</td><td>5/8/47</td><td>2/6/47</td><td>.375%</td><td>.20%</td><td>.29%</td><td>+-.05%</td><td>1,308</td><td>6/26/47</td><td>3/27/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td></tr><tr><td>1,302</td><td>5/15/47</td><td>2/13/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,303</td><td>7/3/47</td><td>4/3/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,312</td><td>5/22/47</td><td>2/20/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,314</td><td>7/10/47</td><td>4/10/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,302</td><td>5/29/47</td><td>2/27/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,108</td><td>7/17/47</td><td>4/17/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,315</td><td>6/5/47</td><td>3/6/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,100</td><td>7/24/47</td><td>4/24/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,307</td><td>6/12/47</td><td>3/13/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>8/</td><td>7/31/47</td><td>5/1/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-econds)</th><th colspan="3">Yield date</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-econds)</th><th colspan="4">1947 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar.31, 1947</th><th>Yield to earliest call 2/</th><th>Change in yield from Mar.31, 1947</th><th>Yield to maturity 2/</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4 10/15/47-52</td><td>101.18</td><td>101.20</td><td>101.19</td><td>-.10</td><td>.74%</td><td>+0.04%</td><td>3.92%</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>102.24</td><td>1/2</td><td>101.19</td><td>4/30</td></tr><tr><td>701</td><td>2 12/15/47</td><td>100.24</td><td>100.26</td><td>100.25</td><td>-.05</td><td>.74</td><td>+0.07</td><td>.74</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>101.07</td><td>1/2</td><td>100.25</td><td>4/30</td></tr><tr><td>1,223</td><td>2-3/4 3/15/48-51</td><td>101.21</td><td>101.24</td><td>101.23</td><td>-.08</td><td>.77</td><td>+0.09</td><td>2.28</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>102.11</td><td>1/4</td><td>101.23</td><td>4/30</td></tr><tr><td>451</td><td>2-1/2 9/15/48</td><td>102.09</td><td>102.11</td><td>102.10</td><td>-.09</td><td>.80</td><td>+1.10</td><td>.80</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>102.28</td><td>1/23</td><td>102.10</td><td>4/30</td></tr><tr><td>571</td><td>2 12/15/48-50</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.08</td><td>.82</td><td>+0.09</td><td>1.46</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>102.11</td><td>1/25</td><td>101.29</td><td>4/30</td></tr><tr><td>491</td><td>3-1/8 12/15/49-52</td><td>105.18</td><td>105.20</td><td>105.19</td><td>-.14</td><td>.96</td><td>+0.09</td><td>2.07</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>106.13</td><td>1/2</td><td>105.19</td><td>4/30</td></tr><tr><td>1,786</td><td>2-1/2 12/15/49-53</td><td>103.30</td><td>104.00</td><td>103.31</td><td>-.12</td><td>.96</td><td>+0.09</td><td>1.86</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>104.19</td><td>1/28</td><td>103.31</td><td>4/30</td></tr><tr><td>1,186</td><td>2-1/2 9/15/50-52</td><td>104.30</td><td>105.00</td><td>104.31</td><td>-.12</td><td>1.00</td><td>+0.08</td><td>1.53</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>105.14</td><td>2/20</td><td>104.31</td><td>4/30</td></tr><tr><td>1,627</td><td>2-3/4 6/15/51-54</td><td>106.26</td><td>106.28</td><td>106.27</td><td>-.13</td><td>1.05</td><td>+0.06</td><td>1.73</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>107.11</td><td>2/8</td><td>106.27</td><td>4/30</td></tr><tr><td>755</td><td>3 9/15/51-55</td><td>108.08</td><td>108.10</td><td>108.09</td><td>-.10</td><td>1.06</td><td>+0.04</td><td>1.92</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>108.22</td><td>2/10</td><td>108.09</td><td>4/30</td></tr><tr><td>1,118</td><td>2-1/4 12/15/51-53</td><td>105.12</td><td>105.14</td><td>105.13</td><td>-.08</td><td>1.05</td><td>+0.03</td><td>1.39</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>105.23</td><td>2/8</td><td>105.13</td><td>4/30</td></tr><tr><td>725</td><td>2 6/15/53-55</td><td>105.06</td><td>105.08</td><td>105.07</td><td>-.12</td><td>1.12</td><td>+0.05</td><td>1.32</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>105.21</td><td>2/5</td><td>105.07</td><td>4/30</td></tr><tr><td>681</td><td>2-1/4 6/15/54-56</td><td>107.08</td><td>107.10</td><td>107.09</td><td>-.12</td><td>1.18</td><td>+0.04</td><td>1.40</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>107.23</td><td>3/27</td><td>107.00</td><td>1/8</td></tr><tr><td>2,611</td><td>2-7/8 3/15/55-60</td><td>111.25</td><td>111.27</td><td>111.26</td><td>-.16</td><td>1.29</td><td>+0.05</td><td>1.84</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>112.13</td><td>2/4</td><td>111.26</td><td>4/30</td></tr><tr><td>982</td><td>2-3/4 9/15/56-59</td><td>112.10</td><td>112.12</td><td>112.11</td><td>-.16</td><td>1.34</td><td>+0.04</td><td>1.64</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>113.01</td><td>1/28</td><td>112.11</td><td>4/30</td></tr><tr><td>919</td><td>2-3/4 6/15/58-63</td><td>113.10</td><td>113.12</td><td>113.11</td><td>-.16</td><td>1.45</td><td>+0.04</td><td>1.79</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>113.30</td><td>3/17</td><td>113.08</td><td>1/6</td></tr><tr><td>1,485</td><td>2-3/4 12/15/60-65</td><td>114.08</td><td>114.10</td><td>114.09</td><td>-.17</td><td>1.58</td><td>+0.03</td><td>1.84</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>115.00</td><td>1/23</td><td>114.09</td><td>4/30</td></tr><tr><td colspan="18">Other bonds 9/</td></tr><tr><td>50</td><td>3$Panama Canal-6-1 61</td><td>125.24</td><td>127.00</td><td>126.12</td><td>-.08</td><td>.99</td><td>.00</td><td>.99</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>127.08</td><td>1/18</td><td>126.12</td><td>4/30</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to Matu-
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 April 30, 1947. 8/ This security was issued on May 1, 1947, in the amount of $1,100 million. 9/ Excludes postal savings bonds.
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of April 30, 1947 - (Continued)
Table II - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Mill-lone)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">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 Mar. 31, 1947</th><th>Yield to earliest call 2/</th><th>Change in yield from Mar. 31, 1947</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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"><b>Federal Home Loan Bank bonds</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>$140</td><td>1-1/4% - 4/15/48</td><td>100.01</td><td>100.04</td><td>100.02</td><td>-.01</td><td>1.17%</td><td>+.01%</td><td>1.17%</td><td>10/15/46</td><td>100.03%</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03%</td><td>4/11</td><td>100.00</td><td>1/8</td></tr><tr><td></td><td colspan="2"><b>Federal Intermediate Credit Bank debentures 3/</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>1/2</td><td>1/2</td><td>1/2</td><td>1/2</td><td>1.00</td><td>1.00</td><td>1.00</td><td>8/1/46</td><td>100.00</td><td>4/29/47</td><td>100.00</td><td>4/29/47</td><td>100.00</td><td>4/29</td><td>100.00</td><td>4/29</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>38</td><td>1.00% - 7/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>11/1/46</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>20</td><td>1.05% - 10/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.05</td><td>.00</td><td>1.05</td><td>4/1/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>41</td><td>1.10% - 1/2/48</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>4/1/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30/47</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td></td><td colspan="2"><b>Federal Land Bank bonds 5/</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.10</td><td>100.14</td><td>100.12</td><td>-.01</td><td>1.23</td><td>.00</td><td>1.39</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.04</td><td>12/11/46</td><td>100.16</td><td>2/5</td><td>100.06</td><td>1/7</td></tr><tr><td>205</td><td>1-1/4% - 5/1/50-52</td><td>99.16</td><td>99.20</td><td>99.18</td><td>.00</td><td>1.40</td><td>.00</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>99.19</td><td>4/15</td><td>99.02</td><td>1/7</td></tr><tr><td>207</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>1.46</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>100.05</td><td>4/29</td><td>99.26</td><td>1/18</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.10</td><td>103.14</td><td>103.12</td><td>-.02</td><td>1.63</td><td>.00</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>103.16</td><td>4/9</td><td>103.02</td><td>1/18</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 latest dates. 2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu-
1/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 
2/ Not quoted on April 30, 1947. 
3/ Excludes issues completely held by Farm Credit Administration agencies.
June 1947
03
YIELDS OF TREASURY SECURITIES APR. 30, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
64
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series - averages of daily figures</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>Deco.</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>2.21</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>2.48</td><td>2.59</td><td>Sept.</td><td>....</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>....</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td>....</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>....</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Deco.</td><td>2.01</td><td>....</td><td>2.59</td><td>Deco.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Deco.</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>2.19</td><td>2.47</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>....</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>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td>July.</td><td>1.95</td><td>....</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td><td>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Aug.</td><td>2.01</td><td>....</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Sept.</td><td>2.02</td><td>....</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td>Oct.</td><td>1.95</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>....</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>....</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>Deco.</td><td>1.87</td><td>2.48</td><td>2.59</td><td>....</td><td>....</td><td>....</td><td>....</td></tr><tr><td colspan="11">Weekly series - averages of daily figures [New series beginning in June 1947 Bulletin; old weekly series was Saturday figures]</td></tr><tr><td>1946-Nov. 2.</td><td>2.24</td><td>2.52</td><td>1947-Jan. 4.</td><td>2.22</td><td>2.53</td><td>1947-Mar. 1.</td><td>2.21</td><td>2.49</td></tr><tr><td>9.</td><td>2.24</td><td>2.51</td><td>11.</td><td>2.22</td><td>2.50</td><td>8.</td><td>2.20</td><td>2.50</td></tr><tr><td>16.</td><td>2.25</td><td>2.50</td><td>18.</td><td>2.22</td><td>2.49</td><td>15.</td><td>2.19</td><td>2.50</td></tr><tr><td>23.</td><td>2.26</td><td>2.52</td><td>25.</td><td>2.20</td><td>2.47</td><td>22.</td><td>2.19</td><td>2.49</td></tr><tr><td>30.</td><td>2.27</td><td>2.52</td><td>....</td><td>....</td><td>....</td><td>29.</td><td>2.18</td><td>2.48</td></tr><tr><td>Dec. 7.</td><td>2.27</td><td>2.53</td><td>Feb. 1.</td><td>2.21</td><td>2.46</td><td>Apr. 5.</td><td>2.18</td><td>2.47</td></tr><tr><td>14.</td><td>2.24</td><td>2.56</td><td>8.</td><td>2.20</td><td>2.46</td><td>12.</td><td>2.18</td><td>2.47</td></tr><tr><td>21.</td><td>2.23</td><td>2.57</td><td>15.</td><td>2.21</td><td>2.47</td><td>19.</td><td>2.20</td><td>2.47</td></tr><tr><td>28.</td><td>2.22</td><td>2.55</td><td>21.</td><td>2.21</td><td>2.49</td><td>26.</td><td>2.20</td><td>2.47</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1947-Apr. 1.</td><td>2.19</td><td>2.47</td><td>1947-Apr. 11.</td><td>2.19</td><td>2.47</td><td>1947-Apr. 21.</td><td>2.20</td><td>2.47</td></tr><tr><td>2.</td><td>2.18</td><td>2.47</td><td>12.</td><td>2.19</td><td>2.47</td><td>22.</td><td>2.20</td><td>2.47</td></tr><tr><td>3.</td><td>2.18</td><td>2.48</td><td>14.</td><td>2.19</td><td>2.47</td><td>23.</td><td>2.20</td><td>2.47</td></tr><tr><td>4.</td><td>2.18 5/</td><td>2.48 5/</td><td>15.</td><td>2.20</td><td>2.47</td><td>24.</td><td>2.20</td><td>2.47</td></tr><tr><td>5.</td><td>....</td><td>2.48</td><td>16.</td><td>2.20</td><td>2.47</td><td>25.</td><td>2.20</td><td>2.47</td></tr><tr><td>7.</td><td>2.18</td><td>2.48</td><td>17.</td><td>2.20</td><td>2.47</td><td>26.</td><td>....</td><td>2.47</td></tr><tr><td>8.</td><td>2.17</td><td>2.47</td><td>18.</td><td>2.20</td><td>2.47</td><td>28.</td><td>....</td><td>2.47</td></tr><tr><td>9.</td><td>2.17</td><td>2.47</td><td>19.</td><td>....</td><td>2.47</td><td>29.</td><td>2.20</td><td>2.47</td></tr><tr><td>10.</td><td>2.18</td><td>2.47</td><td>....</td><td>....</td><td>....</td><td>30.</td><td>2.20</td><td>2.46</td></tr></table>
Notes: 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 (old series) 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. 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.
The composition of the high-grade corporate bond average was revised beginning with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2.
Holiday.
Government bond market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
June 1947
Monthly Series
1) Monthly averages of daily figures. Prior to April 1938, corporate bonds are averages of Saturdoy figures. * Discontinued, see footnote 1 accompanying table
65
Office of the Secretary of the Treasury, Division of Research and Statistics
F-22D-E
66
Treasury Bulletin
INTERNAL REVENUE STATISTICS
June 1947
67
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxee</th><th>Individual 2/</th><th>Corporation income and excee profits 3/</th><th>Miscellaneous profits 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 1/</th></tr><tr><td>1937</td><td>4,597,140</td><td>-37,158</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,331</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,334</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</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>6,689,932</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>14,682,344</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-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>445,449</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>108,956</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>2,098</td><td>367,432</td><td>240,972</td><td>101,302</td><td>25,158</td></tr><tr><td>March</td><td>5,446,124</td><td>+875,813</td><td>4,570,311</td><td>3,844,104</td><td>2,048,626</td><td>1,791,996</td><td>3,482</td><td>82,208</td><td>13,136</td><td>12,727</td><td>56,346</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxee</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>113,540</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>1,423,180</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>1,409,925</td></tr><tr><td>1946-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>614,404</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,458</td><td>7,371</td><td>111,281</td><td>118,553</td></tr><tr><td>May</td><td>641,121</td><td>-742</td><td>63,980</td><td>214,151</td><td>112,601</td><td>8,436</td><td>123,387</td><td>119,260</td></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>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><tr><td>March</td><td>643,999</td><td>(-11)</td><td>102,633</td><td>180,452</td><td>99,119</td><td>5,844</td><td>143,862</td><td>112,100</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 profite tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profite tax, the profit limit-
ing provisions of the Vinson Act, and the tax on unjust enrichment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
68
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
11 Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
June 1947
69
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 9 months</th><th>March 1946</th><th>March 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>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>7,873,414</td><td>7,266,869</td><td>154,002</td><td>81,460</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>109</td><td>202</td><td>4</td><td>12</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>8,557,147 1/</td><td>8,430,377</td><td>6,808,733</td><td>7,191,085</td><td>1,821,193</td><td>1,907,909</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>301,954</td><td>436,887</td><td>61,536</td><td>52,246</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>14,984,211</td><td>14,895,044</td><td>2,036,735</td><td>2,048,626</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,421,682</td><td>3,901,917</td><td>3,042,769</td><td>3,816,719</td><td>933,422</td><td>1,611,946</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>613,203</td><td>454,425</td><td>72,949</td><td>99,587</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>6,348,421</td><td>3,376,833</td><td>1,268,221</td><td>80,463</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>10,004,392</td><td>7,647,977</td><td>2,274,592</td><td>1,791,996</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>66,904</td><td>47,177</td><td>8,782</td><td>3,482</td></tr><tr><td>Vinson Act</td><td>180</td><td>35</td><td>16</td><td>297</td><td>1</td><td>1</td></tr><tr><td>Unjust enrichment</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total miscellaneous profits taxes</td><td>143,978</td><td>91,165</td><td>66,920</td><td>47,474</td><td>8,783</td><td>3,483</td></tr><tr><td>Total income and profit taxes</td><td>35,061,526</td><td>31,258,138</td><td>25,055,522</td><td>22,590,495</td><td>4,320,110</td><td>3,844,104</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>902,461</td><td>1,040,319</td><td>7,012</td><td>13,136</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>163,733</td><td>170,572</td><td>7,920</td><td>12,727</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>1,066,194</td><td>1,210,891</td><td>14,932</td><td>25,862</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>211,814</td><td>252,706</td><td>49,533</td><td>56,346</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>1,278,008</td><td>1,463,596</td><td>64,565</td><td>82,208</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>351,523</td><td>814</td><td>169</td><td>(-11)</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>444,790</td><td>534,836</td><td>53,717</td><td>55,890</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>39,597</td><td>59,874</td><td>30,754</td><td>46,743</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>91,137</td><td>95,798</td><td>14,071</td><td>7,315</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>1,211,324</td><td>1,311,037</td><td>140,985</td><td>117,053</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>30,871</td><td>36,855</td><td>4,035</td><td>2,849</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>1,500</td><td>2,518</td><td>206</td><td>67</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>40,163</td><td>45,180</td><td>7,033</td><td>3,090</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>51</td><td>*</td><td>*</td><td>1</td><td>(-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>5,414</td><td>6,693</td><td>33</td><td>97</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>25</td><td>23</td><td>5</td><td>1</td><td>*</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>886</td><td>840</td><td>633</td><td>640</td><td>75</td><td>60</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>9,804</td><td>11,000</td><td>1,175</td><td>1,118</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>646</td><td>525</td><td>33</td><td>161</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>505,823</td><td>482,692</td><td>44,712</td><td>48,594</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>2,125</td><td>2,575</td><td>46</td><td>47</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,864</td><td>2,526,162</td><td>1,899,462</td><td>1,995,417</td><td>212,322</td><td>180,452</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>30,248</td><td>37,322</td><td>3,646</td><td>3,538</td></tr><tr><td>Cigars (small)</td><td>82</td><td>70</td><td>53</td><td>51</td><td>5</td><td>6</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>169</td><td>5</td><td>*</td><td>*</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>786,553</td><td>859,458</td><td>92,405</td><td>92,196</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>5,617</td><td>5,217</td><td>618</td><td>555</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>32,497</td><td>28,552</td><td>2,715</td><td>2,819</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>1,687</td><td>369</td><td>47</td><td>5</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8</td><td>3</td><td>2</td><td>4</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>856,826</td><td>930,980</td><td>99,436</td><td>99,119</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>32,927</td><td>37,410</td><td>5,274</td><td>3,488</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,359</td><td>23,135</td><td>17,424</td><td>2,623</td><td>1,705</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>7,397</td><td>6,373</td><td>945</td><td>613</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>141</td><td>932</td><td>7</td><td>38</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>63,601</td><td>62,140</td><td>8,848</td><td>5,844</td></tr></table>
(Continued on following page)
70
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 9 months</th><th rowspan="2">March 1946</th><th rowspan="2">March 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th></tr><tr><td>Miscellaneous internal revenue (continued): Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>58,118</td><td>61,097</td><td>3,864</td><td>4,756</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>304,689</td><td>326,359</td><td>24,744</td><td>27,579</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>80,625</td><td>133,693</td><td>14,397</td><td>14,090</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>37,114</td><td>29,927</td><td>42,560</td><td>3,531</td><td>5,670</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>7,721</td><td>141,678</td><td>3,206</td><td>17,913</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>49,761</td><td>71,229</td><td>6,363</td><td>9,056</td></tr><tr><td>Electric energy</td><td>57,004</td><td>59,112</td><td>44,088</td><td>45,926</td><td>5,829</td><td>5,653</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>15,720</td><td>45,848</td><td>2,838</td><td>5,840</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>13,683</td><td>17,088</td><td>1,531</td><td>2,182</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>47</td><td>56</td><td>3</td><td>1</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>5,755</td><td>45,860</td><td>1,537</td><td>6,906</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>2,342</td><td>5,961</td><td>399</td><td>707</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>1,486</td><td>7,222</td><td>308</td><td>911</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>6,242</td><td>25,547</td><td>1,582</td><td>2,538</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>7,498</td><td>6,665</td><td>1,205</td><td>539</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>11,539</td><td>17,902</td><td>2,081</td><td>2,186</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>77,504</td><td>83,713</td><td>9,101</td><td>8,619</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>173,414</td><td>189,953</td><td>15,375</td><td>13,704</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>81,423</td><td>60,864</td><td>66,096</td><td>4,786</td><td>4,156</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>25</td><td>46</td><td>14</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>15</td><td>14</td><td>9</td><td>2</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>14,547</td><td>26,782</td><td>1,980</td><td>2,881</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>378</td><td>20</td><td>269</td><td>6</td></tr><tr><td>Sporting goods</td><td>4,218</td><td>7,878</td><td>5,054</td><td>12,112</td><td>901</td><td>1,451</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>74,957</td><td>75,410</td><td>6,704</td><td>5,974</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>3,051</td><td>6,090</td><td>236</td><td>500</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>7</td><td>280</td><td>6</td><td>41</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>1,049,088</td><td>1,455,224</td><td>113,798</td><td>143,862</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>29</td><td>9</td><td>2</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>41,858</td><td>43,314</td><td>3,419</td><td>3,651</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>208,018</td><td>234,393</td><td>172,979</td><td>186,156</td><td>24,348</td><td>16,636</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,689</td><td>106,367</td><td>122,292</td><td>14,488</td><td>14,716</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>18,824</td><td>11,225</td><td>12,155</td><td>1,191</td><td>1,072</td></tr><tr><td>Transportation of persons, easte, berths</td><td>234,182</td><td>226,750</td><td>174,360</td><td>189,805</td><td>16,167</td><td>16,737</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>167,166</td><td>205,424</td><td>19,642</td><td>21,523</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46)</td><td>128,701</td><td>115,960</td><td>115,783</td><td>284</td><td>83</td><td>1</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>336</td><td>182</td><td>180</td><td>3</td><td>1</td><td>*</td></tr><tr><td>Lease of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>5,867</td><td>6,238</td><td>781</td><td>746</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>252,899</td><td>299,769</td><td>30,194</td><td>28,916</td></tr><tr><td>Admissions to cabarets, rock gardens, etc.</td><td>56,877</td><td>72,077</td><td>53,542</td><td>49,271</td><td>6,181</td><td>4,307</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>12,616</td><td>16,251</td><td>1,857</td><td>1,956</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,393</td><td>3,800</td><td>57</td><td>37</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>14,451</td><td>17,936</td><td>210</td><td>180</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>58</td><td>44</td><td>42</td><td>27</td><td>1</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>3,665</td><td>4,429</td><td>295</td><td>493</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>756</td><td>694</td><td>418</td><td>468</td><td>50</td><td>42</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>5,047</td><td>10,861</td><td>687</td><td>1,076</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>5</td><td>*</td><td>1</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>8</td><td>28</td><td>1</td><td>9</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>1,141,897</td><td>1,168,526</td><td>119,953</td><td>112,100</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>5,846,784</td><td>6,207,910</td><td>638,998</td><td>643,999</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>32,180,315</td><td>30,262,002</td><td>5,023,673</td><td>4,570,311</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-568,364</td><td>+236,862</td><td>+559,269</td><td>+875,813</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>31,611,950</td><td>30,498,863</td><td>5,582,943</td><td>5,446,124</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 
Less $500. 
1/ Excludes collections for credit to certain trust accounts for terrorise 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.
Represents collections under the Federal Unemployment Tax Act. Represents collections under the Carriers' Taxing Act of 1937. Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
June 1947
71
MONETARY STATISTICS
72
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificate 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-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</td><td>20,462.6</td><td>19,269.9</td><td>156.0</td><td>-</td><td>1,036.6</td></tr><tr><td>April p</td><td>20,774.0</td><td>19,584.8</td><td>156.0</td><td>-</td><td>1,033.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificates credit in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System.
and (b) the Redemption Fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1930. 3/ Excludes gold in active portion of Exchange Stabilization Fund. 4/ On February 26, 1947 the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June.....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar.....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June.....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept.....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec.....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar.....</td><td>-24.15 3/</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June.....</td><td>-31.56 3/</td><td>44.77</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept.....</td><td>-13.61 3/</td><td>50.95</td><td>-2.00 4/</td><td>35.34</td></tr><tr><td>Oct.-Dec.....</td><td>-15.86 3/</td><td>241.84</td><td>-2.27 5/</td><td>223.71</td></tr><tr><td>1947- Jan.-Mar.....</td><td>-1.28 3/</td><td>-66.74</td><td>1.60</td><td>-66.42</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
4/ Excess of sales over receipts.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>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-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</td><td>20,462.6</td><td>3,522.5</td><td>14.7</td></tr><tr><td>April p.....</td><td>20,774.0</td><td>3,527.8</td><td>14.5</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
June 1947
73
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="5">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th></th><th></th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1946-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</td><td>1,917.0</td><td>343.0</td><td>18.8</td><td>-</td><td>93.3</td><td>150.5</td><td>900.6</td><td>3,522.5</td></tr><tr><td>April p</td><td>1,918.9</td><td>342.9</td><td>19.9</td><td>-</td><td>93.4</td><td>150.6</td><td>902.7</td><td>3,527.8</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 recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices 1/
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1937</td><td>72.3</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>49.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.4 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.4 4/</td></tr><tr><td>1946-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><tr><td>March</td><td>3.3</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures 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 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at
77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 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. Acquired at various prices averaging approximately 51 cents per ounce. 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 $.0 million.
74
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Source of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1946-April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr><tr><td>May</td><td>446.4</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>184.9</td></tr><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</td></tr><tr><td>July</td><td>457.8</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>178.8</td></tr><tr><td>August</td><td>464.6</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>175.3</td></tr><tr><td>September</td><td>470.6</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>173.0</td></tr><tr><td>October</td><td>476.7</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>170.2</td></tr><tr><td>November</td><td>481.6</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>170.6</td></tr><tr><td>December</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</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><tr><td>April</td><td>502.2</td><td>48.7</td><td>87.6</td><td>68.8</td><td>832.1</td><td>34.7</td><td>1,071.9</td><td>159.8</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 seigniorage thereon changes.
June 1947
75
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold 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-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</td><td>28,230</td><td>26,886</td><td>48</td><td>1,994</td><td>1</td><td>314</td><td>23,999</td><td>421</td><td>108</td></tr><tr><td>April p</td><td>28,119</td><td>26,768</td><td>48</td><td>2,022</td><td>1</td><td>318</td><td>23,857</td><td>414</td><td>108</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Moeey 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>19</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-April</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>197.91r</td></tr><tr><td>May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>199.61</td></tr><tr><td>June</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>July</td><td>1,311</td><td>142</td><td>849</td><td>320</td><td>200.23</td></tr><tr><td>August</td><td>1,319</td><td>143</td><td>853</td><td>323</td><td>201.42</td></tr><tr><td>September</td><td>1,332</td><td>144</td><td>862</td><td>325</td><td>201.69</td></tr><tr><td>October</td><td>1,345</td><td>145</td><td>872</td><td>328</td><td>202.22</td></tr><tr><td>November</td><td>1,355</td><td>146</td><td>878</td><td>331</td><td>203.93</td></tr><tr><td>December</td><td>1,361</td><td>148</td><td>882</td><td>331</td><td>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</td><td>1,344</td><td>147</td><td>869</td><td>328</td><td>196.92</td></tr><tr><td>April p</td><td>1,351</td><td>147</td><td>873</td><td>331</td><td>195.82</td></tr></table>
(1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. Revised. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
76
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
77
June 1947
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 Bulletine", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I - Historical Summary Table 1.- Net Capital Movement
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-31, 1947)</td><td>37,840 1/</td><td>-28,953 1/</td><td>-3,325</td><td>-152</td><td>70,270</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1947)</td><td>8,047,330 1/</td><td>6,124,388 1/</td><td>150,414</td><td>464,372</td><td>1,308,156</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</td><td>-160,416</td><td>5,836</td><td>-13,987</td><td>16,545</td></tr><tr><td>September</td><td>-94,114</td><td>-112,735</td><td>3,658</td><td>-13,863</td><td>28,826</td></tr><tr><td>October</td><td>30,168</td><td>7,470</td><td>2,663</td><td>-6,194</td><td>26,229</td></tr><tr><td>November</td><td>-9,839</td><td>-28,366</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><tr><td>1947-January</td><td>37,840 1/</td><td>-28,953 1/</td><td>-3,325</td><td>-152</td><td>70,270</td></tr></table>
1/ Adjusted for the exclusion of an account of $50 thousand, which had previously been erroneously included.
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currecise</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable to dollars Deposite of foreigners</th><th>Other</th><th>Payable in foreign currecise</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</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>25,546</td><td>6,490,302</td></tr><tr><td>1946</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><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,396</td><td>247,766</td><td>6,993,209</td><td>5,027,036</td><td>1,944,872</td><td>21,301</td><td>6,586,923</td></tr><tr><td>February</td><td>406,801</td><td>49,218</td><td>102,268</td><td>255,315</td><td>6,931,448</td><td>4,964,752</td><td>1,943,274</td><td>23,422</td><td>6,524,647</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>266,521</td><td>6,927,795</td><td>4,959,697</td><td>1,943,576</td><td>24,522</td><td>6,495,865</td></tr><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</td><td>6,883,102</td><td>4,927,985</td><td>1,926,596</td><td>28,521</td><td>6,448,832</td></tr><tr><td>May</td><td>490,703</td><td>57,964</td><td>217,396</td><td>215,343</td><td>6,654,688</td><td>4,760,488</td><td>1,863,228</td><td>30,912</td><td>6,163,925</td></tr><tr><td>June</td><td>511,024</td><td>58,460</td><td>228,236</td><td>224,328</td><td>6,612,010</td><td>4,762,835</td><td>1,820,061</td><td>29,114</td><td>6,100,986</td></tr><tr><td>July</td><td>561,416</td><td>108,706</td><td>236,539</td><td>216,171</td><td>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>25,415</td><td>6,346,765</td></tr><tr><td>August</td><td>581,450</td><td>108,093</td><td>231,730</td><td>241,627</td><td>6,767,799</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>615,658</td><td>106,196</td><td>275,991</td><td>233,471</td><td>6,689,272</td><td>4,794,640</td><td>1,867,115</td><td>27,517</td><td>6,073,614</td></tr><tr><td>October</td><td>602,716</td><td>103,518</td><td>272,156</td><td>227,042</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>29,736</td><td>6,076,782</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>4,843,776</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><tr><td>1947-January</td><td>730,693</td><td>93,478</td><td>313,213</td><td>324,002</td><td>6,473,699</td><td>4,710,992</td><td>1,723,106</td><td>39,601</td><td>5,743,006</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in dollars</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th>Deposits of foreigners</th><th>Other</th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</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>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-31, 1947)</td><td>-22,440</td><td>4,641</td><td>6,426</td><td>-33,507</td><td>-6,513 1/2</td><td>17,131 1/2</td><td>-22,616</td><td>-1,028</td><td>-28,953 1/2</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1947)</td><td>349,790</td><td>260,558</td><td>-214,085</td><td>303,317</td><td>5,774,598 1/2</td><td>4,084,550 1/2</td><td>1,706,984</td><td>-16,936</td><td>6,124,388 1/2</td></tr><tr><td>1946-January</td><td>-13,520</td><td>-2,635</td><td>-8,129</td><td>-2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>-4,245</td><td>76,683</td></tr><tr><td>February</td><td>-515</td><td>906</td><td>6,128</td><td>-7,549</td><td>-61,761</td><td>-62,284</td><td>-1,598</td><td>2,121</td><td>-62,276</td></tr><tr><td>March</td><td>-25,129</td><td>-4,115</td><td>-9,808</td><td>-11,206</td><td>-3,653</td><td>-5,055</td><td>302</td><td>1,100</td><td>-28,782</td></tr><tr><td>April</td><td>-2,340</td><td>-8,739</td><td>10,545</td><td>-44,146</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>633</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>-112,735</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><tr><td>1947-January</td><td>-22,440</td><td>4,641</td><td>6,426</td><td>-33,507</td><td>-6,513 1/2</td><td>17,131 1/2</td><td>-22,616</td><td>-1,028</td><td>-28,953 1/2</td></tr></table>
1/ See footnote 1, page 77.
June 1947
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Jan. 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>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</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>1947 (Jan. 1-31, 1947)</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1947)</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>12,095,145</td><td>11,630,773</td><td>464,372</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>44,426</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><tr><td>1947-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</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>1947 (Jan. 1-31, 1947)</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr><tr><td>Total (Jan. 2, 1935-Jan. 31, 1947)</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>6,312,728</td><td>5,004,572</td><td>1,308,156</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><tr><td>1947-January</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr></table>
n.a. Not available.
Treasury Bulletin
80
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>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td>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>1947</td></tr><tr><td>United Kingdom</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><td>22,535</td></tr><tr><td>France</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><td>-15,453</td></tr><tr><td>Belgium</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><td>7,267</td></tr><tr><td>Denmark</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><td>6,770</td></tr><tr><td>Finland</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><td>-831</td></tr><tr><td>Germany</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>3,354</td><td>-1,653</td></tr><tr><td>Greece</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><td>-5,798</td></tr><tr><td>Italy</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><td>55,218</td></tr><tr><td>Luxembourg</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><td>-169</td></tr><tr><td>Netherlands</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>-13,005</td><td>-6,250</td><td>-19,017</td><td>-28,329</td><td>3,611</td><td>-7,305</td></tr><tr><td>Norway</td><td>-8,677</td><td>-4,930</td><td>-2,715</td><td>-8,526</td><td>835</td><td>1,101</td><td>-12,490</td><td>-6,788</td><td>-1,326</td><td>-4,981</td><td>-15,385</td><td>3,578</td><td>-6,241</td></tr><tr><td>Portugal</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><td>6,128</td></tr><tr><td>Romania</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><td>32</td></tr><tr><td>Spain</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><td>3,253</td></tr><tr><td>Sweden</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>-21,808</td><td>5,405</td><td>5,908</td><td>-9,093</td></tr><tr><td>Switzerland</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><td>3,377</td></tr><tr><td>U. S. S. R.</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><td>-81</td></tr><tr><td>Yugoslavia</td><td>578</td><td>195</td><td>217</td><td>852</td><td>-428</td><td>170</td><td>845</td><td>466</td><td>-275</td><td>-110</td><td>2,023</td><td>1,994</td><td>584</td></tr><tr><td>Other Europe</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>12,408</td><td>2,321</td><td>-4,922</td><td>13,291</td></tr><tr><td>Total Europe</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>-178,700</td><td>37,506</td><td>89,325</td><td>-135,095</td><td>-29,598</td><td>71,631</td></tr><tr><td>Canada</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><td>-12,632</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>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><td>49,617</td></tr><tr><td>Bolivia</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><td>-1,910</td></tr><tr><td>Brazil</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><td>5,501</td></tr><tr><td>Chile</td><td>457</td><td>-681</td><td>-1,820</td><td>-3,551</td><td>-2,831</td><td>2,952</td><td>3,661</td><td>-10,731</td><td>-6,329</td><td>-1,823</td><td>2,991</td><td>-129</td><td>-3,163</td></tr><tr><td>Colombia</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><td>-10,135</td></tr><tr><td>Costa Rica</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><td>-847</td></tr><tr><td>Cuba</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><td>-14,761</td></tr><tr><td>French West Indies and Guiana</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><td>-333</td></tr><tr><td>Mexico</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><td>-8,375</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-2,711</td></tr><tr><td>Panama</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><td>-2,033</td></tr><tr><td>Peru</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>4,813</td><td>-3,573</td><td>-700</td><td>-5,486</td></tr><tr><td>Venezuela</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><td>-24,425</td></tr><tr><td>Other Latin America</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><td>11,424</td></tr><tr><td>Total Latino America</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><td>-7,637</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>-9,854</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><td>-23,503</td></tr><tr><td>French Indo-China</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>3,787</td><td>2,169</td></tr><tr><td>Song Kong</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><td>-4,757</td></tr><tr><td>India, Burma, and Ceylon</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><td>-1,192</td></tr><tr><td>British Malaya</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><td>-8,847</td></tr><tr><td>Japan</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><td>595</td></tr><tr><td>Netherlands East Indies</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><td>-9,763</td></tr><tr><td>Philippine Islands</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><td>3,467</td></tr><tr><td>Turkey</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><td>6,139</td></tr><tr><td>Other Asia</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>8,630</td><td>4,339</td><td>-5,440</td></tr><tr><td>Total Asia</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><td>-41,132</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>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><td>4,704</td></tr><tr><td>New Zealand</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><td>124</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>-1,401</td><td>-1,008</td></tr><tr><td>French Morocco</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><td>1,064</td></tr><tr><td>Union of South Africa</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><td>35,023</td></tr><tr><td>All other</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><td>-5,724</td></tr><tr><td>Total other countries</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>7,951</td><td>14,571</td><td>-15,428</td><td>34,183</td></tr><tr><td>International</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><td>-4,809</td></tr><tr><td>Unidentified</td><td>-483</td><td>1,067</td><td>429</td><td>2,988</td><td>-2,232</td><td>479</td><td>672</td><td>-1,989</td><td>-281,348</td><td>-1,078</td><td>-189</td><td>665</td><td>-1,764</td></tr><tr><td>Grand total</td><td>20,049</td><td>-47,726</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-67,600</td><td>157,952</td><td>-152,022</td><td>-94,114</td><td>30,168</td><td>-9,839</td><td>-260,894</td><td
1/ See footnote 1, page 77.
June 1947
81
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td colspan="14">1946</td><td>1947</td></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>-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><td>22,565</td></tr><tr><td>France</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>-7,053</td><td>-12,978</td></tr><tr><td>Belgium</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>-20,273</td><td>6,254</td></tr><tr><td>Danmark</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><td>6,708</td></tr><tr><td>Finland</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><td>-811</td></tr><tr><td>Germany</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><td>-1,632</td></tr><tr><td>Greece</td><td>-857</td><td>-346</td><td>5,238</td><td>518</td><td>-638</td><td>-2,842</td><td>-8,676</td><td>-4,490</td><td>-6,190</td><td>-5,944</td><td>-3,374</td><td>-5,536</td><td>-5,599</td></tr><tr><td>Italy</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>2,553</td><td>10,195</td><td>14,267</td><td>59,364</td><td>54,144</td></tr><tr><td>Luxembourg</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><td>-139</td></tr><tr><td>Netherlands</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>-10,232</td><td>-2,331</td><td>-15,094</td><td>-23,207</td><td>10,258</td><td>1,753</td></tr><tr><td>Norway</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><td>-6,449</td></tr><tr><td>Portugal</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>4,512</td><td>6,544</td></tr><tr><td>Romania</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><td>11</td></tr><tr><td>Spain</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><td>3,192</td></tr><tr><td>Sweden</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><td>-8,915</td></tr><tr><td>Switzerland</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><td>2,720</td></tr><tr><td>U.S.S.R.</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><td>-82</td></tr><tr><td>Yugoslavia</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><td>584</td></tr><tr><td>Other Europe</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><td>13,406</td></tr><tr><td>Total Europe</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>-155,501</td><td>40,499</td><td>97,950</td><td>-115,624</td><td>-32,654</td><td>81,056</td></tr><tr><td>Canada</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><td>-72,458</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>14,236</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><td>46,042</td></tr><tr><td>Bolivia</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><td>-1,933</td></tr><tr><td>Brazil</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><td>4,893</td></tr><tr><td>Chile</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><td>-3,102</td></tr><tr><td>Colombia</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><td>-10,384</td></tr><tr><td>Costa Rica</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><td>-879</td></tr><tr><td>Cuba</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><td>-15,908</td></tr><tr><td>French West Indies and Guiana</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><td>-333</td></tr><tr><td>Mexico</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>2,543</td><td>7,002</td><td>4,064</td><td>-4,323</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-2,675</td></tr><tr><td>Panama</td><td>-137</td><td>-2,821</td><td>3,619</td><td>824</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><td>662</td></tr><tr><td>Paru</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><td>-5,625</td></tr><tr><td>Venezuela</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><td>-24,180</td></tr><tr><td>Other Latin America</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><td>11,128</td></tr><tr><td>Total Latin America</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><td>-6,617</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>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><td>-23,176</td></tr><tr><td>French Indn-China</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>3,787</td><td>2,169</td></tr><tr><td>Hong Kong</td><td>2,624</td><td>1,682</td><td>2,316</td><td>1,528</td><td>-1,471</td><td>2,310</td><td>-4,041</td><td>106</td><td>3,442</td><td>-5,539</td><td>13,068</td><td>-3,157</td><td>-4,725</td></tr><tr><td>India, Burma, and Caylon</td><td>-4,462</td><td>8,344</td><td>-10,931</td><td>8,553</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><td>-1,655</td></tr><tr><td>British Malaya</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><td>-8,848</td></tr><tr><td>Japan</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><td>596</td></tr><tr><td>Netherlands East Indies</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><td>-9,759</td></tr><tr><td>Philippines Ielande</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><td>-3,498</td></tr><tr><td>Turkey</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><td>6,109</td></tr><tr><td>Other Asia</td><td>-2,662</td><td>2,907</td><td>7,452</td><td>-5,004</td><td>5,744</td><td>444</td><td>2,247</td><td>-4,784</td><td>-4,118</td><td>-191</td><td>8,612</td><td>4,340</td><td>-5,365</td></tr><tr><td>Total Asia</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><td>-48,152</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>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><td>-5,524</td></tr><tr><td>New Zealand</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><td>147</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-1,014</td></tr><tr><td>French Morocco</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><td>1,048</td></tr><tr><td>Union of South Africa</td><td>-279</td><td>2,446</td><td>-1,139</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><td>34,995</td></tr><tr><td>All other</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><td>-5,855</td></tr><tr><td>Total other countries</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><td>23,793</td></tr><tr><td>International</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><td>-4,809</td></tr><tr><td>Unidentified</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><td>-1,766 1/2</td></tr><tr><td>Grand total</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>-160,416</td><td>-112,735</td><td>7,470</td><td>-28,366</td><td>-276,387</
1/ See footnote 1
page 77.
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td>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>1947</td></tr><tr><td>United Kingdom</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><td>12</td></tr><tr><td>France</td><td>781</td><td>477</td><td>-595</td><td>174</td><td>-51</td><td>59</td><td>154</td><td>-700</td><td>-1,636</td><td>344</td><td>-391</td><td>-1,503</td><td>-395</td></tr><tr><td>Belgium</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><td>-241</td></tr><tr><td>Denmark</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><td>29</td></tr><tr><td>Finland</td><td>46</td><td>-16</td><td>-20</td><td>-33</td><td>-</td><td>2</td><td>-1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</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><td>-40</td></tr><tr><td>Greece</td><td>9</td><td>-2</td><td>-39</td><td>62</td><td>1</td><td>-60</td><td>-14</td><td>9</td><td>-4</td><td>5</td><td>2</td><td>-13</td><td>-2</td></tr><tr><td>Italy</td><td>12</td><td>-2</td><td>10</td><td>62</td><td>26</td><td>-60</td><td>43</td><td>-61</td><td>-196</td><td>232</td><td>-12</td><td>-28</td><td>-2</td></tr><tr><td>Luxembourg</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><td>26</td></tr><tr><td>Netherlande</td><td>-9,847</td><td>-14</td><td>-30</td><td>-480</td><td>283</td><td>-18</td><td>198</td><td>-363</td><td>-72</td><td>576</td><td>-173</td><td>1,395</td><td>-216</td></tr><tr><td>Norway</td><td>-390</td><td>64</td><td>13</td><td>-42</td><td>-180</td><td>364</td><td>-412</td><td>39</td><td>434</td><td>-247</td><td>743</td><td>-279</td><td>-229</td></tr><tr><td>Portugal</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><td>12</td></tr><tr><td>Rumanie</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><td>1</td></tr><tr><td>Spain</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><td>3</td></tr><tr><td>Sweden</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><td>35</td></tr><tr><td>Switzerland</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><td>-75</td></tr><tr><td>U. S. S. R.</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><td>-</td></tr><tr><td>Yugoslavia</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><td>-</td></tr><tr><td>Other Europe</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>-49</td><td>-36</td><td>168</td><td>-110</td></tr><tr><td>Total Europe</td><td>-7,992</td><td>345</td><td>87</td><td>-1,228</td><td>204</td><td>1,342</td><td>646</td><td>1,868</td><td>-1,312</td><td>2,870</td><td>792</td><td>771</td><td>-1,192</td></tr><tr><td>Canada</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><td>571</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>-7</td><td>192</td><td>684</td><td>882</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><td>7</td></tr><tr><td>Bolivia</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><td>-2</td></tr><tr><td>Brazil</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td><td>-137</td><td>77</td><td>-78</td><td>165</td><td>285</td><td>-159</td></tr><tr><td>Chile</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><td>-63</td></tr><tr><td>Colombia</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><td>277</td></tr><tr><td>Costa Rica</td><td>21</td><td>6</td><td>38</td><td>-22</td><td>50</td><td>-21</td><td>-7</td><td>-</td><td>35</td><td>-2</td><td>-54</td><td>31</td><td>42</td></tr><tr><td>Cuba</td><td>278</td><td>-665</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td><td>142</td><td>-551</td><td>-65</td><td>-292</td><td>39</td><td>-994</td><td>1,008</td></tr><tr><td>French West Indies and Guiana</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><td>1</td></tr><tr><td>Mexico</td><td>-290</td><td>323</td><td>1,326</td><td>2,072</td><td>116</td><td>-858</td><td>-672</td><td>1,728</td><td>6,399</td><td>-1,426</td><td>-2</td><td>-1,055</td><td>-4,079</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-27</td></tr><tr><td>Panama</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><td>96</td></tr><tr><td>Peru</td><td>207</td><td>379</td><td>-32</td><td>253</td><td>201</td><td>-92</td><td>75</td><td>-139</td><td>29</td><td>7</td><td>-10</td><td>-15</td><td>111</td></tr><tr><td>Venezuela</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><td>-237</td></tr><tr><td>Other Latin America</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>644</td><td>-1,674</td><td>1,455</td><td>-86</td></tr><tr><td>Total Latin America</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><td>-3,111</td></tr><tr><td>Asie</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chine and Manchuria</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>305</td><td>733</td><td>-47</td><td>746</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>3</td><td>65</td><td>-38</td><td>78</td><td>53</td><td>43</td><td>-22</td><td>69</td><td>31</td><td>-38</td><td>39</td><td>-16</td><td>-29</td></tr><tr><td>India, Burma, and Ceylon</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><td>-3</td></tr><tr><td>British Malaya</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><td>1</td></tr><tr><td>Japan</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><td>-</td></tr><tr><td>Netherlands East Indies</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><td>-</td></tr><tr><td>Philippine Islands</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><td>-206</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</td><td>-6</td><td>76</td><td>53</td><td>66</td><td>-23</td><td>-41</td><td>-59</td><td>83</td><td>-44</td><td>30</td><td>-34</td><td>25</td><td>-25</td></tr><tr><td>Total Asia</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><td>484</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>29</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><td>-45</td></tr><tr><td>New Zealand</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><td>-21</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>1</td></tr><tr><td>French Morocco</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><td>-2</td></tr><tr><td>Union of South Africa</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><td>-3</td></tr><tr><td>All other</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><td>-9</td></tr><tr><td>Total other countries</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><td>-79</td></tr><tr><td>Unidentified</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><td>2</td></tr><tr><td>Grand total</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><td>-3,325</td></tr></table>
June 1947
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-6,650</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><td>-42</td></tr><tr><td>France</td><td>62</td><td>-4,890</td><td>344</td><td>-3,210</td><td>-2,934</td><td>2,095</td><td>-22</td><td>-1,432</td><td>4,680</td><td>3,540</td><td>-7,626</td><td>1,666</td><td>-2,080</td></tr><tr><td>Belgium</td><td>-393</td><td>-8</td><td>-195</td><td>-615</td><td>475</td><td>798</td><td>71</td><td>-194</td><td>204</td><td>-100</td><td>786</td><td>314</td><td>1,254</td></tr><tr><td>Denmark</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><td>33</td></tr><tr><td>Finland</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>-93</td><td>-</td></tr><tr><td>Germany</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><td>19</td></tr><tr><td>Græce</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><td>-197</td></tr><tr><td>Italy</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><td>1,076</td></tr><tr><td>Luxembourg</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><td>-56</td></tr><tr><td>Netherlands</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><td>-8,842</td></tr><tr><td>Holyrood</td><td>-201</td><td>634</td><td>251</td><td>209</td><td>-359</td><td>429</td><td>388</td><td>-327</td><td>-5</td><td>52</td><td>-1,881</td><td>4,664</td><td>437</td></tr><tr><td>Portugal</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><td>-428</td></tr><tr><td>Rumania</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>-25</td><td>1,925</td><td>20</td></tr><tr><td>Spain</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>-230</td><td>-332</td><td>-213</td></tr><tr><td>Sweden</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><td>-213</td></tr><tr><td>Switzerland</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><td>732</td></tr><tr><td>U. S. S. R.</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>1</td><td>1</td></tr><tr><td>Yugoslavia</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><td>-</td></tr><tr><td>Other Europe</td><td>-1,008</td><td>-483</td><td>-2,037</td><td>-2,137</td><td>-2,021</td><td>-2,133</td><td>-1,008</td><td>-53</td><td>-25</td><td>-156</td><td>54</td><td>-1,473</td><td>-5</td></tr><tr><td><b>Total Europe</b></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><td>-5,233</td></tr><tr><td><b>Canada</b></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><td>59,255</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>22</td><td>1,288</td><td>122</td><td>3,223</td><td>1,923</td><td>3,115</td><td>1,142</td><td>36,224</td><td>10,943</td><td>21,965</td><td>20,012</td><td>17</td><td>3,568</td></tr><tr><td>Bolivia</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><td>25</td></tr><tr><td>Brazil</td><td>335</td><td>790</td><td>536</td><td>761</td><td>138</td><td>1,505</td><td>1,023</td><td>214</td><td>-94</td><td>1,132</td><td>188</td><td>1,286</td><td>767</td></tr><tr><td>Chile</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><td>2</td></tr><tr><td>Columbia</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><td>-28</td></tr><tr><td>Cuba</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><td>-10</td></tr><tr><td>Cuba</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><td>139</td></tr><tr><td>French West Indies and Guiana</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><td>-1</td></tr><tr><td>Mexico</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><td>27</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-9</td></tr><tr><td>Panama</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>-322</td><td>2,038</td><td>2,525</td><td>-2,791</td></tr><tr><td>Peru</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><td>28</td></tr><tr><td>Venezuela</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><td>-8</td></tr><tr><td>Other Latin America</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><td>382</td></tr><tr><td><b>Total Latin America</b></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>25,719</td><td>26,417</td><td>1,985</td><td>2,091</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>-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>-1,145</td><td>1,787</td><td>-1,073</td></tr><tr><td>French Indo-China</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><td>-</td></tr><tr><td>Hong Kong</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><td>-3</td></tr><tr><td>India, Burma, and Ceylon</td><td>66</td><td>180</td><td>15</td><td>30</td><td>119</td><td>125</td><td>760</td><td>15</td><td>-109</td><td>45</td><td>17</td><td>6</td><td>466</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-12</td><td>-211</td><td>-57</td><td>147</td><td>-1</td></tr><tr><td>Japan</td><td>-2</td><td>-8</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>13</td><td>-3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>-4</td></tr><tr><td>Philippine Islands</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><td>7,171</td></tr><tr><td>Turkey</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><td>30</td></tr><tr><td>Other Asia</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><td>-50</td></tr><tr><td><b>Total Asia</b></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><td>6,536</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>-69</td><td>111</td><td>-258</td><td>129</td><td>123</td><td>91</td><td>-22</td><td>-16,398</td><td>10,903</td><td>806</td><td>-533</td><td>-16,813</td><td>10,273</td></tr><tr><td>New Zealand</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><td>-6</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>9</td></tr><tr><td>French Morocco</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><td>18</td></tr><tr><td>Union of South Africa</td><td>-37</td><td>7</td><td>-1</td><td>-87</td><td>-7</td><td>-44</td><td>-119</td><td>-25</td><td>-96</td><td>-61</td><td>14</td><td>35</td><td>31</td></tr><tr><td>All other</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><td>140</td></tr><tr><td><b>Total other countries</b></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><td>10,469</td></tr><tr><td>Unidentified</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><td>-</td></tr><tr><td><b>Grand total</b></td><td>-47,702</td><td>15,760</td><td>-21,508</td><td>-11,172</td><td>-17,097</td><td>-5,101</td><td>-87,383</td><td>2,558</td><td>14,963</td><td>20,035</td><td>16,893</td><td>16,490</td><td>70,118</td></tr></table>
84
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td colspan="14">1946</td><td>1947</td></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>25,850</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><td>50,533</td></tr><tr><td>France</td><td>157</td><td>660</td><td>728</td><td>859</td><td>879</td><td>940</td><td>3,408</td><td>3,064</td><td>2,977</td><td>3,939</td><td>4,068</td><td>5,690</td><td>9,896</td></tr><tr><td>Belgium</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><td>7,075</td></tr><tr><td>Denmark</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><td>580</td></tr><tr><td>Finland</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><td>6,449</td></tr><tr><td>Germany</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><td>30,348</td></tr><tr><td>Greece</td><td>722</td><td>770</td><td>798</td><td>2,025</td><td>1,500</td><td>1,105</td><td>1,647</td><td>2,089</td><td>12,571</td><td>12,559</td><td>13,027</td><td>12,362</td><td>12,368</td></tr><tr><td>Italy</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><td>14,878</td></tr><tr><td>Luxembourg</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><td>48</td></tr><tr><td>Netherlands</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><td>136,558</td></tr><tr><td>Norway</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><td>3,669</td></tr><tr><td>Portugal</td><td>410</td><td>411</td><td>433</td><td>398</td><td>552</td><td>521</td><td>687</td><td>743</td><td>982</td><td>1,312</td><td>930</td><td>1,026</td><td>860</td></tr><tr><td>Rumania</td><td>25</td><td>30</td><td>30</td><td>145</td><td>73</td><td>58</td><td>61</td><td>33</td><td>36</td><td>36</td><td>38</td><td>53</td><td>41</td></tr><tr><td>Spain</td><td>1,830</td><td>1,360</td><td>1,512</td><td>1,441</td><td>2,091</td><td>2,917</td><td>4,208</td><td>3,327</td><td>3,641</td><td>7,239</td><td>6,512</td><td>7,172</td><td>7,334</td></tr><tr><td>Sweden</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><td>5,460</td></tr><tr><td>Switzerland</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><td>11,651</td></tr><tr><td>U. S. S. R.</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><td>15</td></tr><tr><td>Yugoslavia</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><td>3</td></tr><tr><td>Other Europe</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><td>9,524</td></tr><tr><td>Total Europe</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><td>307,290</td></tr><tr><td>Canada</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><td>48,750</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>24,156</td><td>17,981</td><td>24,732</td><td>26,768</td><td>20,421</td><td>20,417</td><td>27,891</td><td>25,578</td><td>21,408</td><td>22,494</td><td>23,979</td><td>41,767</td><td>49,062</td></tr><tr><td>Bolivia</td><td>1,678</td><td>1,465</td><td>2,729</td><td>2,862</td><td>1,975</td><td>3,059</td><td>4,439</td><td>3,240</td><td>2,617</td><td>2,240</td><td>1,987</td><td>2,283</td><td>2,616</td></tr><tr><td>Brazil</td><td>26,803</td><td>29,671</td><td>29,980</td><td>31,877</td><td>30,901</td><td>28,396</td><td>28,631</td><td>41,287</td><td>37,177</td><td>40,372</td><td>43,879</td><td>49,793</td><td>54,354</td></tr><tr><td>Chile</td><td>6,999</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,728</td><td>8,024</td><td>7,473</td><td>10,553</td><td>14,492</td><td>13,823</td><td>13,969</td><td>14,586</td><td>13,147</td></tr><tr><td>Colombia</td><td>17,504</td><td>18,067</td><td>20,110</td><td>19,953</td><td>21,244</td><td>23,189</td><td>21,304</td><td>22,587</td><td>23,815</td><td>20,973</td><td>19,791</td><td>26,387</td><td>29,904</td></tr><tr><td>Costa Rica</td><td>1,382</td><td>1,469</td><td>1,421</td><td>1,359</td><td>1,242</td><td>1,524</td><td>2,125</td><td>9,846</td><td>1,671</td><td>2,561</td><td>2,541</td><td>2,918</td><td>3,407</td></tr><tr><td>Cuba</td><td>33,865</td><td>32,936</td><td>37,124</td><td>22,904</td><td>27,582</td><td>29,336</td><td>25,689</td><td>15,596</td><td>21,138</td><td>27,906</td><td>41,088</td><td>25,705</td><td>35,463</td></tr><tr><td>French West Indies and Guiana</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><td>13</td></tr><tr><td>Mexico</td><td>10,545</td><td>13,883</td><td>14,252</td><td>14,111</td><td>13,528</td><td>15,045</td><td>15,151</td><td>17,186</td><td>22,031</td><td>17,603</td><td>20,587</td><td>25,549</td><td>26,973</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>341</td><td>375</td><td>500</td><td>446</td><td>457</td><td>414</td><td>458</td><td>353</td><td>357</td><td>399</td><td>455</td><td>775</td><td>922</td></tr><tr><td>Panama</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><td>1,603</td></tr><tr><td>Peru</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><td>5,436</td></tr><tr><td>Venezuela</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><td>10,386</td></tr><tr><td>Other Latin America</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><td>27,128</td></tr><tr><td>Total Latin America</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><td>260,414</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>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><td>43,758</td></tr><tr><td>French Indo-China</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><td>67</td></tr><tr><td>Hong Kong</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><td>4,964</td></tr><tr><td>India, Burma, and Ceylon</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><td>12,665</td></tr><tr><td>British Malaya</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><td>518</td></tr><tr><td>Japan</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><td>247</td></tr><tr><td>Netherlands East Indies</td><td>1,392</td><td>1,394</td><td>1,394</td><td>1,374</td><td>1,390</td><td>1,381</td><td>1,171</td><td>1,258</td><td>1,160</td><td>1,023</td><td>902</td><td>959</td><td>1,054</td></tr><tr><td>Philippine Islands</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,696</td><td>16,667</td><td>18,543</td><td>19,204</td><td>16,569</td><td>16,046</td><td>14,705</td><td>20,182</td><td>25,284</td></tr><tr><td>Turkey</td><td>1,025</td><td>1,120</td><td>1,083</td><td>866</td><td>856</td><td>939</td><td>895</td><td>914</td><td>918</td><td>1,332</td><td>948</td><td>1,398</td><td>1,409</td></tr><tr><td>Other Asia</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><td>4,495</td></tr><tr><td>Total Asia</td><td>40,551</td><td>43,575</td><td>53,599</td><td>57,133</td><td>54,410</td><td>56,236</td><td>57,143</td><td>67,990</td><td>72,701</td><td>74,283</td><td>74,989</td><td>99,191</td><td>94,461</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>2,086</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><td>4,295</td></tr><tr><td>New Zealand</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>1,077</td><td>1,160</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>198</td><td>251</td><td>210</td><td>198</td><td>213</td><td>296</td><td>250</td><td>438</td><td>330</td><td>384</td><td>385</td><td>398</td><td>413</td></tr><tr><td>French Morocco</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><td>13</td></tr><tr><td>Union of South Africa</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><td>10,460</td></tr><tr><td>All other</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><td>3,434</td></tr><tr><td>Total other countries</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><td>19,775</td></tr><tr><td>Unidentified</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><td>3</td></tr><tr><td>Grand total</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><td>730,693</td></tr></table>
85
June 1947
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>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1947</td></tr><tr><td>United Kingdom</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><td>484,354</td></tr><tr><td>France</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><td>237,173</td></tr><tr><td>Belgium</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><td>165,349</td></tr><tr><td>Denmark</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><td>73,307</td></tr><tr><td>Finland</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><td>21,640</td></tr><tr><td>Germany</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><td>5,275</td></tr><tr><td>Greece</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><td>43,729</td></tr><tr><td>Italy</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><td>320,994</td></tr><tr><td>Luxembourg</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><td>22,451</td></tr><tr><td>Netherlands</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><td>212,201</td></tr><tr><td>Norway</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><td>117,436</td></tr><tr><td>Portugal</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><td>45,415</td></tr><tr><td>Romania</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><td>8,929</td></tr><tr><td>Spain</td><td>37,117</td><td>37,355</td><td>35,363</td><td>36,205</td><td>35,467</td><td>32,330</td><td>20,732</td><td>18,225</td><td>18,896</td><td>20,195</td><td>15,280</td><td>16,431</td><td>19,785</td></tr><tr><td>Sweden</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><td>164,237</td></tr><tr><td>Switzerland</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><td>377,217</td></tr><tr><td>U.S.S.R.</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>59,499</td><td>50,205</td><td>47,920</td><td>37,465</td><td>46,438</td><td>53,245</td><td>60,478</td><td>60,395</td></tr><tr><td>Yugoslavia</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><td>12,948</td></tr><tr><td>Other Europe</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><td>103,385</td></tr><tr><td>Total Europe</td><td>2,655,350</td><td>2,588,818</td><td>2,512,425</td><td>2,502,544</td><td>2,393,247</td><td>2,257,436</td><td>2,554,375</td><td>2,391,008</td><td>2,457,445</td><td>2,538,281</td><td>2,439,301</td><td>2,420,742</td><td>2,496,220</td></tr><tr><td><b>Canada</b></td><td>1,350,718</td><td>1,349,736</td><td>1,359,712</td><td>1,344,138</td><td>1,248,229</td><td>1,263,755</td><td>1,284,303</td><td>1,219,566</td><td>1,177,515</td><td>1,103,314</td><td>1,045,289</td><td>931,820</td><td>855,920</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>165,951</td></tr><tr><td>Brazil</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><td>12,355</td></tr><tr><td>Brazil</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><td>183,419</td></tr><tr><td>Chile</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><td>46,180</td></tr><tr><td>Colombia</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><td>50,962</td></tr><tr><td>Costa Rica</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><td>7,346</td></tr><tr><td>Cuba</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><td>147,306</td></tr><tr><td>French West Indies and Guiana</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><td>4,874</td></tr><tr><td>Mexico</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><td>149,333</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>20,914</td><td>22,846</td><td>20,650</td><td>21,720</td><td>19,196</td><td>16,738</td><td>14,692</td><td>14,106</td><td>13,730</td><td>13,609</td><td>13,529</td><td>16,118</td><td>13,590</td></tr><tr><td>Panama</td><td>89,435</td><td>87,176</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><td>78,196</td></tr><tr><td>Peru</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><td>36,987</td></tr><tr><td>Venezuela</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><td>51,549</td></tr><tr><td>Other Latin America</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><td>183,791</td></tr><tr><td>Total Latin America</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><td>1,131,839</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>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><td>398,650</td></tr><tr><td>French Indo-China</td><td>28,196</td><td>34,550</td><td>37,928</td><td>37,991</td><td>39,042</td><td>43,554</td><td>47,224</td><td>54,956</td><td>42,936</td><td>37,741</td><td>36,151</td><td>39,935</td><td>42,146</td></tr><tr><td>Hong Kong</td><td>30,467</td><td>31,828</td><td>34,801</td><td>36,426</td><td>35,360</td><td>37,755</td><td>33,238</td><td>34,117</td><td>37,868</td><td>35,576</td><td>46,115</td><td>44,916</td><td>39,235</td></tr><tr><td>India, Burma, and Ceylon</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><td>42,513</td></tr><tr><td>British Malaya</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><td>8,773</td></tr><tr><td>Japan</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><td>17,165</td></tr><tr><td>Netherlands East Indies</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><td>117,387</td></tr><tr><td>Philippine Islands</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><td>448,253</td></tr><tr><td>Turkey</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>53,610</td><td>64,342</td><td>54,714</td><td>60,834</td></tr><tr><td>Other Asia</td><td>75,119</td><td>78,385</td><td>86,336</td><td>81,924</td><td>87,369</td><td>86,817</td><td>89,466</td><td>84,631</td><td>80,573</td><td>80,490</td><td>89,221</td><td>93,778</td><td>88,536</td></tr><tr><td>Total Asia</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><td>1,263,492</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>29,593</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><td>40,873</td></tr><tr><td>New Zealand</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><td>8
85
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td>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>1947</td></tr><tr><td>United Kingdom</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><td>1,135</td></tr><tr><td>France</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><td>221</td></tr><tr><td>Belgium</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>177</td><td>97</td><td>198</td><td>111</td><td>129</td></tr><tr><td>Denmark</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><td>-</td></tr><tr><td>Finland</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><td>7</td></tr><tr><td>Germany</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Greece</td><td>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><td>2</td></tr><tr><td>Italy</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><td>18</td></tr><tr><td>Luxembourg</td><td>12</td><td>12</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>32</td><td>32</td><td>-</td></tr><tr><td>Netherlands</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><td>105</td></tr><tr><td>Norway</td><td>635</td><td>568</td><td>502</td><td>466</td><td>386</td><td>252</td><td>276</td><td>185</td><td>316</td><td>359</td><td>214</td><td>232</td><td>238</td></tr><tr><td>Portugal</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><td>8</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>174</td><td>115</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>1</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>214</td><td>87</td><td>84</td><td>81</td><td>72</td></tr><tr><td>Sweden</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><td>72</td></tr><tr><td>Switzerland</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><td>824</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>2</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>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</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><td>4</td></tr><tr><td>Total Europe</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><td>2,763</td></tr><tr><td>Canada</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>5,708</td><td>4,527</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>2,132</td><td>1,619</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><td>1,175</td></tr><tr><td>Bolivia</td><td>119</td><td>40</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</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><td>1,654</td></tr><tr><td>Chile</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><td>743</td></tr><tr><td>Colombia</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><td>51</td></tr><tr><td>Costa Rica</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><td>2</td></tr><tr><td>Cuba</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><td>6,179</td></tr><tr><td>French West Indies and Guiana</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><td>30</td></tr><tr><td>Mexico</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>2,157</td><td>2,449</td><td>2,242</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-</td></tr><tr><td>Panama</td><td>465</td><td>362</td><td>394</td><td>246</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><td>40</td></tr><tr><td>Peru</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><td>2</td></tr><tr><td>Venezuela</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><td>1,839</td></tr><tr><td>Other Latin America</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><td>4,042</td></tr><tr><td>Total Latin America</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><td>17,999</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>6,089</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><td>3,402</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>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><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>33</td></tr><tr><td>British Malaya</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><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>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><td>863</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>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><td>23</td></tr><tr><td>Total Asia</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><td>4,321</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>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><td>4</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>3</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Union of South Africa</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td><td>82</td><td>82</td><td>79</td><td>80</td></tr><tr><td>All other</td><td>16</td><td>17</td><td>41</td><td>44</td><td>53</td><td>42</td><td>25</td><td>38</td><td>40</td><td>27</td><td>35</td><td>30</td><td>7</td></tr><tr><td>Total other countries</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><td>95</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</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><td>29,705</td></tr></table>
June 1947
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td colspan="14">1946</td><td>1947</td></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>7,009</td><td>6,759</td><td>5,795</td><td>5,270</td><td>5,023</td><td>5,107</td><td>4,902</td><td>4,576</td><td>3,851</td><td>4,460</td><td>4,227</td><td>4,305</td><td>4,339</td></tr><tr><td>France</td><td>10,564</td><td>11,044</td><td>10,462</td><td>10,626</td><td>10,503</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><td>6,391</td></tr><tr><td>Belgium</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><td>1,850</td></tr><tr><td>Denmark</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><td>94</td></tr><tr><td>Finland</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><td>1</td></tr><tr><td>Germany</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><td>284</td></tr><tr><td>Greece</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><td>11</td></tr><tr><td>Italy</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><td>274</td></tr><tr><td>Luxembourg</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><td>973</td></tr><tr><td>Netherlands</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><td>11,093</td></tr><tr><td>Norway</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><td>1,535</td></tr><tr><td>Portugal</td><td>201</td><td>125</td><td>113</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><td>29</td></tr><tr><td>Romania</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><td>44</td></tr><tr><td>Spain</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><td>156</td></tr><tr><td>Sweden</td><td>549</td><td>484</td><td>671</td><td>647</td><td>574</td><td>528</td><td>612</td><td>640</td><td>548</td><td>531</td><td>513</td><td>543</td><td>569</td></tr><tr><td>Switzerland</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><td>35,16</td></tr><tr><td>U.S.S.R.</td><td>45</td><td>44</td><td>44</td><td>44</td><td>44</td><td>41</td><td>49</td><td>49</td><td>47</td><td>49</td><td>49</td><td>50</td><td>50</td></tr><tr><td>Yugoslavia</td><td>1,519</td><td>1,638</td><td>1,035</td><td>1,625</td><td>1,736</td><td>1,628</td><td>1,565</td><td>1,620</td><td>1,655</td><td>1,600</td><td>1,588</td><td>1,737</td><td>1,630</td></tr><tr><td>Other 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>Total Europe</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>62,143</td><td>64,543</td><td>65,090</td><td>65,703</td><td>64,492</td></tr><tr><td>Canada</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><td>7,245</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>5,076</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><td>6,102</td></tr><tr><td>Bolivia</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><td>29</td></tr><tr><td>Brazil</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><td>983</td></tr><tr><td>Chile</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><td>483</td></tr><tr><td>Colombia</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><td>345</td></tr><tr><td>Costa Rica</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><td>113</td></tr><tr><td>Cuba</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><td>1,144</td></tr><tr><td>French West Indies and Guiana</td><td>3</td><td>14</td><td>1</td><td>3</td><td>3</td><td>1</td><td>1</td><td>33</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Mexico</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><td>6,118</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>232</td></tr><tr><td>Panama</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><td>6,870</td></tr><tr><td>Peru</td><td>181</td><td>136</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>140</td><td>130</td><td>239</td></tr><tr><td>Venezuela</td><td>2,348</td><td>2,103</td><td>2,133</td><td>2,405</td><td>2,563</td><td>2,875</td><td>2,964</td><td>2,932</td><td>3,158</td><td>2,992</td><td>2,150</td><td>2,305</td><td>2,084</td></tr><tr><td>Other Latin America</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><td>1,643</td></tr><tr><td>Total Latin America</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><td>26,392</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>1,849</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><td>1,628</td></tr><tr><td>French Indo-China</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><td>151</td></tr><tr><td>Bong 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>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><td>27</td></tr><tr><td>British Malaya</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><td>3</td></tr><tr><td>Japan</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><td>36</td></tr><tr><td>Netherlands East Indies</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><td>6</td></tr><tr><td>Philippine Islands</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>1,906</td><td>1,768</td><td>1,087</td></tr><tr><td>Turkey</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>Other Asia</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><td>223</td></tr><tr><td>Total Asia</td><td>3,812</td><td>3,915</td><td>4,369</td><td>4,589</td><td>4,175</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><td>3,165</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>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><td>100</td></tr><tr><td>New Zealand</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><td>36</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>111</td></tr><tr><td>French Morocco</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><td>80</td></tr><tr><td>Union of South Africa</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><td>39</td></tr><tr><td>All other</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><td>1,528</td></tr><tr><td>Total other countries</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><td>1,886</td></tr><tr><td>Unidentified</td><td>53</td><td>55</td><td>56</td><td>71</td><td>71</td><td>71</td><td>74</td><td>74</td><td>74</td><td>74</td><td>74</td><td>75</td><td>77</td></tr><tr><td>Grand total</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>106,539</td><td>107,319</td><td>108,339</td><td>109,056</td><td>103,247</td></tr></table>
Treasury Bulletin
88
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of January 1947
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="3">Short-term claims payable in foreign currency</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>50,533</td><td>41,158</td><td>33,096</td><td>3,065</td><td>4,997</td><td>9,375</td><td>3,893</td><td>2,405</td><td>3,077</td></tr><tr><td>France</td><td>9,896</td><td>274</td><td>167</td><td>19</td><td>88</td><td>9,622</td><td>3,593</td><td>130</td><td>5,899</td></tr><tr><td>Belgium</td><td>7,075</td><td>127</td><td>55</td><td>3</td><td>69</td><td>6,948</td><td>315</td><td>732</td><td>5,901</td></tr><tr><td>Denmark</td><td>580</td><td>62</td><td>42</td><td>18</td><td>2</td><td>518</td><td>-</td><td>74</td><td>444</td></tr><tr><td>Finland</td><td>6,449</td><td>19</td><td>2</td><td>-</td><td>17</td><td>6,430</td><td>2,989</td><td>2,631</td><td>810</td></tr><tr><td>Germany</td><td>30,348</td><td>33</td><td>6</td><td>27</td><td>-</td><td>30,315</td><td>17,063</td><td>67</td><td>13,185</td></tr><tr><td>Greece</td><td>12,368</td><td>12</td><td>-</td><td>8</td><td>4</td><td>12,356</td><td>10,824</td><td>-</td><td>1,532</td></tr><tr><td>Italy</td><td>14,878</td><td>449</td><td>5</td><td>207</td><td>237</td><td>14,429</td><td>7,734</td><td>1,157</td><td>5,538</td></tr><tr><td>Luxembourg</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>Netherlands</td><td>136,558</td><td>317</td><td>199</td><td>40</td><td>78</td><td>136,241</td><td>110,665</td><td>705</td><td>24,871</td></tr><tr><td>Norway</td><td>3,669</td><td>81</td><td>47</td><td>14</td><td>20</td><td>3,588</td><td>11</td><td>347</td><td>3,230</td></tr><tr><td>Portugal</td><td>860</td><td>146</td><td>45</td><td>98</td><td>3</td><td>714</td><td>33</td><td>1</td><td>680</td></tr><tr><td>Romania</td><td>41</td><td>4</td><td>1</td><td>3</td><td>-</td><td>37</td><td>1</td><td>-</td><td>36</td></tr><tr><td>Spain</td><td>7,334</td><td>180</td><td>22</td><td>18</td><td>140</td><td>7,154</td><td>1,181</td><td>-</td><td>5,973</td></tr><tr><td>Sweden</td><td>5,460</td><td>1,646</td><td>1,143</td><td>486</td><td>17</td><td>3,814</td><td>378</td><td>682</td><td>2,794</td></tr><tr><td>Switzerland</td><td>11,651</td><td>885</td><td>528</td><td>349</td><td>8</td><td>10,766</td><td>8,402</td><td>493</td><td>1,871</td></tr><tr><td>U.S.S.R.</td><td>15</td><td>9</td><td>9</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Yugoslavia</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>9,524</td><td>375</td><td>303</td><td>55</td><td>17</td><td>9,149</td><td>5,818</td><td>223</td><td>3,108</td></tr><tr><td>Total Europe</td><td>307,290</td><td>45,777</td><td>35,670</td><td>4,410</td><td>5,697</td><td>261,513</td><td>172,900</td><td>9,607</td><td>79,006</td></tr><tr><td>Canada</td><td>48,750</td><td>25,947</td><td>18,837</td><td>6,068</td><td>1,042</td><td>22,803</td><td>7,623</td><td>1,381</td><td>13,799</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,062</td><td>984</td><td>254</td><td>675</td><td>55</td><td>48,078</td><td>32,588</td><td>3,121</td><td>12,369</td></tr><tr><td>Bolivia</td><td>2,616</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,616</td><td>764</td><td>-</td><td>1,852</td></tr><tr><td>Brazil</td><td>54,354</td><td>179</td><td>141</td><td>-</td><td>38</td><td>54,175</td><td>9,495</td><td>1,236</td><td>43,444</td></tr><tr><td>Chile</td><td>13,147</td><td>3</td><td>-</td><td>-</td><td>3</td><td>13,144</td><td>232</td><td>1,311</td><td>11,601</td></tr><tr><td>Colombia</td><td>29,904</td><td>31</td><td>-</td><td>25</td><td>6</td><td>29,873</td><td>7,721</td><td>5,828</td><td>16,324</td></tr><tr><td>Costa Rica</td><td>3,407</td><td>2</td><td>-</td><td>2</td><td>-</td><td>3,405</td><td>1,085</td><td>24</td><td>2,296</td></tr><tr><td>Cuba</td><td>35,463</td><td>423</td><td>423</td><td>-</td><td>-</td><td>35,040</td><td>13,929</td><td>6,416</td><td>14,695</td></tr><tr><td>French West Indies and Guiana</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Mexico</td><td>26,973</td><td>2,215</td><td>1,426</td><td>213</td><td>576</td><td>24,758</td><td>5,741</td><td>3,776</td><td>15,241</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>922</td><td>4</td><td>-</td><td>-</td><td>4</td><td>918</td><td>-</td><td>-</td><td>918</td></tr><tr><td>Panama</td><td>1,003</td><td>2</td><td>-</td><td>-</td><td>2</td><td>1,601</td><td>-</td><td>-</td><td>1,601</td></tr><tr><td>Peru</td><td>5,436</td><td>17</td><td>9</td><td>-</td><td>8</td><td>5,419</td><td>312</td><td>146</td><td>4,961</td></tr><tr><td>Venezuela</td><td>10,386</td><td>236</td><td>204</td><td>28</td><td>4</td><td>10,150</td><td>2,919</td><td>16</td><td>7,215</td></tr><tr><td>Other Latin America</td><td>27,128</td><td>62</td><td>27</td><td>-</td><td>35</td><td>27,066</td><td>10,984</td><td>1,497</td><td>14,585</td></tr><tr><td>Total Latin America</td><td>260,414</td><td>4,158</td><td>2,484</td><td>943</td><td>731</td><td>256,256</td><td>85,770</td><td>23,371</td><td>147,115</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>43,758</td><td>7,229</td><td>7,220</td><td>4</td><td>5</td><td>36,529</td><td>24,428</td><td>2,523</td><td>9,578</td></tr><tr><td>French Indo-China</td><td>67</td><td>5</td><td>-</td><td>-</td><td>5</td><td>62</td><td>-</td><td>-</td><td>62</td></tr><tr><td>Hong Kong</td><td>4,964</td><td>1,167</td><td>1,056</td><td>95</td><td>16</td><td>3,797</td><td>2,957</td><td>368</td><td>472</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,665</td><td>4,147</td><td>946</td><td>3,180</td><td>21</td><td>8,518</td><td>4,390</td><td>2,248</td><td>1,880</td></tr><tr><td>British Malaya</td><td>518</td><td>17</td><td>13</td><td>4</td><td>-</td><td>501</td><td>108</td><td>266</td><td>127</td></tr><tr><td>Japan</td><td>247</td><td>3</td><td>2</td><td>1</td><td>-</td><td>244</td><td>211</td><td>-</td><td>33</td></tr><tr><td>Netherlands East Indies</td><td>1,054</td><td>40</td><td>4</td><td>-</td><td>36</td><td>1,014</td><td>-</td><td>838</td><td>176</td></tr><tr><td>Philippine Islands</td><td>25,284</td><td>708</td><td>145</td><td>-</td><td>563</td><td>24,576</td><td>13,190</td><td>3,499</td><td>7,887</td></tr><tr><td>Turkey</td><td>1,409</td><td>7</td><td>-</td><td>7</td><td>-</td><td>1,402</td><td>245</td><td>-</td><td>1,157</td></tr><tr><td>Other Asia</td><td>4,495</td><td>56</td><td>47</td><td>-</td><td>9</td><td>4,439</td><td>216</td><td>-</td><td>4,223</td></tr><tr><td>Total Asia</td><td>94,461</td><td>13,379</td><td>9,433</td><td>3,291</td><td>655</td><td>81,082</td><td>45,745</td><td>9,742</td><td>25,595</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>4,295</td><td>1,405</td><td>1,375</td><td>-</td><td>30</td><td>2,890</td><td>398</td><td>1,509</td><td>983</td></tr><tr><td>New Zealand</td><td>1,160</td><td>324</td><td>320</td><td>-</td><td>4</td><td>836</td><td>-</td><td>134</td><td>702</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>413</td><td>23</td><td>1</td><td>-</td><td>22</td><td>390</td><td>7</td><td>-</td><td>383</td></tr><tr><td>French Morocco</td><td>13</td><td>1</td><td>1</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Union of South Africa</td><td>10,460</td><td>2,440</td><td>19</td><td>1,978</td><td>443</td><td>8,020</td><td>314</td><td>200</td><td>7,506</td></tr><tr><td>All other</td><td>3,434</td><td>24</td><td>2</td><td>-</td><td>22</td><td>3,410</td><td>456</td><td>-</td><td>2,954</td></tr><tr><td>Total other countries</td><td>19,775</td><td>4,217</td><td>1,718</td><td>1,978</td><td>521</td><td>15,558</td><td>1,175</td><td>1,843</td><td>12,540</td></tr><tr><td>Unidentified</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Grand total</td><td>730,693</td><td>93,478</td><td>68,142</td><td>16,690</td><td>8,646</td><td>637,215</td><td>313,213</td><td>45,944</td><td>278,058</td></tr></table>
June 1947
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of January 1947 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for s/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>484,354</td><td>471,182</td><td>453,452</td><td>2,059</td><td>12,056</td><td>3,615</td><td>13,172</td><td>330</td><td>7,990</td><td>4,852</td></tr><tr><td>France</td><td>237,173</td><td>236,616</td><td>213,588</td><td>547</td><td>21,394</td><td>1,087</td><td>557</td><td>250</td><td>300</td><td>7</td></tr><tr><td>Belgium</td><td>165,349</td><td>164,341</td><td>152,415</td><td>1,432</td><td>10,489</td><td>5</td><td>1,008</td><td>139</td><td>-</td><td>869</td></tr><tr><td>Denmark</td><td>73,307</td><td>73,301</td><td>66,544</td><td>5,257</td><td>97</td><td>1,403</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>21,640</td><td>21,637</td><td>21,629</td><td>8</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>5,275</td><td>5,260</td><td>5,185</td><td>25</td><td>12</td><td>38</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>43,729</td><td>43,702</td><td>43,068</td><td>424</td><td>208</td><td>2</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>320,994</td><td>320,987</td><td>208,640</td><td>1,439</td><td>110,820</td><td>88</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,451</td><td>22,449</td><td>21,358</td><td>-</td><td>1,091</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>212,201</td><td>211,988</td><td>197,530</td><td>194</td><td>14,227</td><td>37</td><td>213</td><td>35</td><td>-</td><td>178</td></tr><tr><td>Norway</td><td>117,436</td><td>117,435</td><td>74,858</td><td>168</td><td>42,401</td><td>8</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>45,415</td><td>44,903</td><td>43,832</td><td>1,071</td><td>-</td><td>-</td><td>512</td><td>13</td><td>-</td><td>499</td></tr><tr><td>Romania</td><td>8,929</td><td>8,929</td><td>8,900</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>19,785</td><td>19,695</td><td>19,404</td><td>230</td><td>50</td><td>11</td><td>90</td><td>86</td><td>-</td><td>4</td></tr><tr><td>Sweden</td><td>164,237</td><td>164,200</td><td>119,226</td><td>12,968</td><td>32,000</td><td>6</td><td>37</td><td>20</td><td>-</td><td>17</td></tr><tr><td>Switzerland</td><td>377,217</td><td>376,502</td><td>357,172</td><td>5,288</td><td>9,391</td><td>4,711</td><td>715</td><td>304</td><td>-</td><td>411</td></tr><tr><td>U.S.S.R.</td><td>60,395</td><td>60,395</td><td>60,366</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>12,948</td><td>12,948</td><td>12,915</td><td>31</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>103,385</td><td>103,382</td><td>102,921</td><td>102</td><td>320</td><td>39</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>2,496,220</td><td>2,479,852</td><td>2,183,003</td><td>31,241</td><td>254,556</td><td>11,052</td><td>16,368</td><td>1,237</td><td>8,290</td><td>6,841</td></tr><tr><td>Canada</td><td>855,920</td><td>850,752</td><td>283,458</td><td>1,407</td><td>565,397</td><td>490</td><td>5,168</td><td>54</td><td>6</td><td>5,108</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>165,951</td><td>165,902</td><td>161,032</td><td>1,903</td><td>2,967</td><td>-</td><td>49</td><td>35</td><td>-</td><td>14</td></tr><tr><td>Bolivia</td><td>12,355</td><td>12,355</td><td>12,345</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>183,419</td><td>183,314</td><td>168,073</td><td>12,479</td><td>11</td><td>2,751</td><td>105</td><td>105</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>46,180</td><td>46,175</td><td>44,527</td><td>1,648</td><td>-</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>50,962</td><td>50,949</td><td>50,328</td><td>497</td><td>-</td><td>124</td><td>13</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,346</td><td>7,346</td><td>6,621</td><td>724</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>147,306</td><td>147,305</td><td>145,100</td><td>1,901</td><td>304</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>French West Indies and Guiana</td><td>4,874</td><td>4,874</td><td>4,873</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>149,333</td><td>148,570</td><td>144,772</td><td>2,501</td><td>1,250</td><td>47</td><td>763</td><td>3</td><td>-</td><td>760</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>13,590</td><td>13,590</td><td>12,423</td><td>-</td><td>1,166</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>78,196</td><td>78,196</td><td>62,100</td><td>6</td><td>16,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>36,987</td><td>33,969</td><td>30,381</td><td>1,063</td><td>2,525</td><td>-</td><td>3,018</td><td>3,018</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>51,549</td><td>51,489</td><td>50,627</td><td>690</td><td>22,886</td><td>172</td><td>60</td><td>60</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>183,791</td><td>183,463</td><td>157,743</td><td>2,258</td><td>-</td><td>576</td><td>328</td><td>324</td><td>-</td><td>4</td></tr><tr><td>Total Latin America</td><td>1,131,839</td><td>1,127,497</td><td>1,050,945</td><td>25,681</td><td>47,199</td><td>3,672</td><td>4,342</td><td>3,563</td><td>-</td><td>779</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>398,650</td><td>392,889</td><td>159,894</td><td>2,527</td><td>229,722</td><td>746</td><td>5,761</td><td>1,796</td><td>-</td><td>3,965</td></tr><tr><td>French Indo-China</td><td>42,146</td><td>42,146</td><td>24,086</td><td>-</td><td>18,033</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>39,235</td><td>33,999</td><td>33,276</td><td>337</td><td>292</td><td>94</td><td>5,236</td><td>5,138</td><td>-</td><td>98</td></tr><tr><td>India, Burma, and Ceylon</td><td>42,513</td><td>40,701</td><td>36,872</td><td>3,711</td><td>-</td><td>118</td><td>1,812</td><td>521</td><td>77</td><td>1,214</td></tr><tr><td>British Malaya</td><td>8,773</td><td>8,770</td><td>7,873</td><td>364</td><td>522</td><td>11</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>17,165</td><td>17,131</td><td>16,415</td><td>459</td><td>22</td><td>235</td><td>34</td><td>22</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>117,387</td><td>117,384</td><td>39,151</td><td>163</td><td>78,070</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>448,253</td><td>448,040</td><td>439,143</td><td>6,135</td><td>232</td><td>2,530</td><td>213</td><td>113</td><td>-</td><td>100</td></tr><tr><td>Turkey</td><td>60,834</td><td>60,834</td><td>60,524</td><td>310</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>88,536</td><td>88,534</td><td>74,629</td><td>1,223</td><td>12,634</td><td>48</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Total Asia</td><td>1,263,492</td><td>1,250,428</td><td>891,863</td><td>15,229</td><td>339,527</td><td>3,809</td><td>13,064</td><td>7,596</td><td>77</td><td>5,391</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>40,873</td><td>40,694</td><td>38,825</td><td>1,240</td><td>502</td><td>127</td><td>179</td><td>-</td><td>-</td><td>179</td></tr><tr><td>New Zealand</td><td>8,207</td><td>8,187</td><td>8,061</td><td>126</td><td>-</td><td>-</td><td>20</td><td>4</td><td>-</td><td>16</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,841</td><td>19,679</td><td>19,112</td><td>297</td><td>-</td><td>270</td><td>162</td><td>-</td><td>-</td><td>162</td></tr><tr><td>French Morocco</td><td>15,961</td><td>15,961</td><td>15,886</td><td>75</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>82,545</td><td>82,542</td><td>58,331</td><td>2,176</td><td>22,030</td><td>5</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>All other</td><td>73,772</td><td>73,477</td><td>72,064</td><td>382</td><td>1,001</td><td>30</td><td>295</td><td>133</td><td>-</td><td>162</td></tr><tr><td>Total other countries</td><td>241,199</td><td>240,540</td><td>212,279</td><td>4,296</td><td>23,533</td><td>432</td><td>659</td><td>137</td><td>-</td><td>522</td></tr><tr><td>International</td><td>468,912</td><td>468,912</td><td>73,327</td><td>-</td><td>395,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>16,117</td><td>16,117</td><td>16,117</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,473,699</td><td>6,434,098</td><td>4,710,992</td><td>77,854</td><td>1,625,797</td><td>19,455</td><td>39,601</td><td>12,587</td><td>8,373</td><td>18,641</td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of January 1947 - (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="5">Purchases by "foreigners"</th><th colspan="5">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>6,258</td><td>1,272</td><td>1,163</td><td>109</td><td>4,986</td><td>493</td><td>4,493</td><td>6,300</td><td>2,565</td><td>2,030</td><td>535</td><td>3,735</td><td>257</td><td>3,478</td></tr><tr><td>France</td><td>2,881</td><td>2,803</td><td>619</td><td>2,184</td><td>78</td><td>3</td><td>75</td><td>4,961</td><td>4,721</td><td>1,966</td><td>2,755</td><td>240</td><td>78</td><td>162</td></tr><tr><td>Belgium</td><td>1,799</td><td>161</td><td>113</td><td>48</td><td>1,638</td><td>6</td><td>1,632</td><td>545</td><td>295</td><td>246</td><td>49</td><td>250</td><td>21</td><td>229</td></tr><tr><td>Denmark</td><td>93</td><td>63</td><td>61</td><td>2</td><td>30</td><td>1</td><td>29</td><td>60</td><td>56</td><td>47</td><td>9</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Finland</td><td>118</td><td>118</td><td>7</td><td>111</td><td>-</td><td>-</td><td>-</td><td>99</td><td>97</td><td>7</td><td>90</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Greece</td><td>33</td><td>33</td><td>30</td><td>3</td><td>238</td><td>5</td><td>233</td><td>230</td><td>229</td><td>24</td><td>205</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>1,256</td><td>1,018</td><td>17</td><td>1,001</td><td>238</td><td>5</td><td>233</td><td>180</td><td>156</td><td>38</td><td>118</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Luxembourg</td><td>67</td><td>67</td><td>34</td><td>33</td><td>-</td><td>-</td><td>-</td><td>123</td><td>123</td><td>121</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>1,287</td><td>1,184</td><td>1,109</td><td>75</td><td>103</td><td>30</td><td>73</td><td>10,129</td><td>8,715</td><td>3,213</td><td>5,502</td><td>1,414</td><td>52</td><td>1,362</td></tr><tr><td>Norway</td><td>627</td><td>306</td><td>250</td><td>56</td><td>321</td><td>5</td><td>321</td><td>190</td><td>116</td><td>115</td><td>1</td><td>74</td><td>-</td><td>74</td></tr><tr><td>Portugal</td><td>77</td><td>62</td><td>61</td><td>1</td><td>15</td><td>5</td><td>10</td><td>505</td><td>504</td><td>466</td><td>38</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Romania</td><td>20</td><td>20</td><td>-</td><td>40</td><td>-</td><td>-</td><td>-</td><td>45</td><td>30</td><td>20</td><td>10</td><td>15</td><td>1</td><td>14</td></tr><tr><td>Spain</td><td>103</td><td>100</td><td>65</td><td>35</td><td>3</td><td>3</td><td>-</td><td>288</td><td>243</td><td>243</td><td>-</td><td>45</td><td>1</td><td>45</td></tr><tr><td>Sweden</td><td>75</td><td>50</td><td>39</td><td>11</td><td>25</td><td>3</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Switzerland</td><td>8,486</td><td>7,252</td><td>3,824</td><td>3,428</td><td>1,234</td><td>369</td><td>865</td><td>7,754</td><td>6,783</td><td>4,904</td><td>1,879</td><td>971</td><td>122</td><td>849</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>119</td><td>107</td><td>98</td><td>9</td><td>12</td><td>-</td><td>12</td><td>124</td><td>85</td><td>83</td><td>2</td><td>39</td><td>17</td><td>22</td></tr><tr><td>Total Europe</td><td>23,300</td><td>14,616</td><td>7,490</td><td>7,126</td><td>8,684</td><td>915</td><td>7,769</td><td>31,533</td><td>24,718</td><td>13,523</td><td>11,195</td><td>6,815</td><td>548</td><td>6,267</td></tr><tr><td>Canada</td><td>88,330</td><td>16,995</td><td>3,868</td><td>13,127</td><td>71,335</td><td>3,055</td><td>68,280</td><td>29,075</td><td>11,092</td><td>3,987</td><td>7,105</td><td>17,983</td><td>2,678</td><td>15,305</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>4,797</td><td>2,406</td><td>1,584</td><td>822</td><td>2,391</td><td>605</td><td>1,786</td><td>1,229</td><td>921</td><td>667</td><td>254</td><td>308</td><td>49</td><td>259</td></tr><tr><td>Bolivia</td><td>25</td><td>25</td><td>-</td><td>-</td><td>25</td><td>25</td><td>-</td><td>550</td><td>489</td><td>353</td><td>136</td><td>61</td><td>25</td><td>36</td></tr><tr><td>Brazil</td><td>1,317</td><td>303</td><td>259</td><td>44</td><td>1,014</td><td>36</td><td>978</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chile</td><td>168</td><td>134</td><td>128</td><td>6</td><td>34</td><td>7</td><td>27</td><td>166</td><td>111</td><td>109</td><td>2</td><td>55</td><td>1</td><td>54</td></tr><tr><td>Colombia</td><td>87</td><td>53</td><td>47</td><td>6</td><td>34</td><td>16</td><td>18</td><td>115</td><td>114</td><td>107</td><td>7</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Costa Rica</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>8</td><td>8</td><td>7</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Cuba</td><td>2,861</td><td>1,208</td><td>1,124</td><td>84</td><td>1,653</td><td>356</td><td>1,297</td><td>2,722</td><td>2,292</td><td>2,247</td><td>45</td><td>430</td><td>279</td><td>151</td></tr><tr><td>French West Indies and Guiana</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>501</td><td>378</td><td>300</td><td>78</td><td>123</td><td>108</td><td>15</td><td>474</td><td>465</td><td>438</td><td>27</td><td>9</td><td>4</td><td>5</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>25</td><td>25</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>3,149</td><td>2,808</td><td>1,472</td><td>1,336</td><td>341</td><td>308</td><td>33</td><td>5,940</td><td>5,635</td><td>5,561</td><td>74</td><td>305</td><td>280</td><td>25</td></tr><tr><td>Peru</td><td>55</td><td>50</td><td>45</td><td>5</td><td>5</td><td>5</td><td>-</td><td>27</td><td>26</td><td>25</td><td>1</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Venezuela</td><td>359</td><td>343</td><td>146</td><td>197</td><td>16</td><td>15</td><td>1</td><td>367</td><td>351</td><td>179</td><td>172</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Other Latin America</td><td>1,742</td><td>1,032</td><td>1,025</td><td>7</td><td>710</td><td>98</td><td>612</td><td>1,360</td><td>1,040</td><td>802</td><td>238</td><td>320</td><td>49</td><td>271</td></tr><tr><td>Total Latin America</td><td>15,096</td><td>8,750</td><td>6,165</td><td>2,585</td><td>6,346</td><td>1,579</td><td>4,767</td><td>13,005</td><td>11,492</td><td>10,536</td><td>956</td><td>1,513</td><td>696</td><td>817</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>416</td><td>398</td><td>342</td><td>56</td><td>18</td><td>-</td><td>18</td><td>1,489</td><td>1,486</td><td>1,111</td><td>375</td><td>3</td><td>-</td><td>3</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>24</td><td>4</td><td>4</td><td>-</td><td>20</td><td>-</td><td>20</td><td>27</td><td>7</td><td>7</td><td>-</td><td>20</td><td>-</td><td>20</td></tr><tr><td>India, Burma, and Ceylon</td><td>551</td><td>551</td><td>50</td><td>501</td><td>-</td><td>-</td><td>-</td><td>85</td><td>62</td><td>19</td><td>43</td><td>23</td><td>-</td><td>23</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>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>10</td><td>10</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>14</td><td>9</td><td>9</td><td>-</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Philippine Islands</td><td>7,298</td><td>7,267</td><td>159</td><td>7,108</td><td>31</td><td>30</td><td>1</td><td>127</td><td>70</td><td>62</td><td>8</td><td>57</td><td>35</td><td>22</td></tr><tr><td>Turkey</td><td>38</td><td>38</td><td>38</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>6</td><td>6</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Other Asia</td><td>246</td><td>115</td><td>105</td><td>10</td><td>131</td><td>65</td><td>66</td><td>296</td><td>188</td><td>145</td><td>43</td><td>108</td><td>15</td><td>93</td></tr><tr><td>Total Asia</td><td>8,583</td><td>8,383</td><td>698</td><td>7,685</td><td>200</td><td>95</td><td>105</td><td>2,047</td><td>1,828</td><td>1,359</td><td>469</td><td>219</td><td>50</td><td>169</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>10,318</td><td>88</td><td>21</td><td>67</td><td>10,230</td><td>16</td><td>10,214</td><td>45</td><td>18</td><td>17</td><td>1</td><td>27</td><td>18</td><td>9</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>21</td><td>21</td><td>7</td><td>14</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>21</td><td>20</td><td>20</td><td>-</td><td>1</td><td>-</td><td>1</td><td>3</td><td>2</td><td>-</td><td>2</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>36</td><td>20</td><td>13</td><td>7</td><td>16</td><td>-</td><td>16</td><td>5</td><td>2</td><td>2</td><td>-</td><td>3</td><td>3</td><td>-</td></tr><tr><td>All other</td><td>240</td><td>177</td><td>134</td><td>43</td><td>63</td><td>58</td><td>5</td><td>100</td><td>56</td><td>27</td><td>29</td><td>44</td><td>42</td><td>2</td></tr><tr><td>Total other countries</td><td>10,636</td><td>326</td><td>195</td><td>131</td><td>10,310</td><td>74</td><td>10,236</td><td>167</td><td>92</td><td>60</td><td>32</td><td>75</td><td>64</td><td>11</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>145,945</td><td>49,070</td><td>18,416</td><td>30,654</td><td>96,875</td><td>5,718</td><td>91,157</td><td>75,827</td><td>49,222</td><td>29,465</td><td>19,757</td><td>26,605</td><td>4,036</td><td>22,569</td></tr></table>
91
7
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(In thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="11">1946</th><th>1947</th></tr><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>January</th></tr><tr><td>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>-1,131</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><td>242</td></tr><tr><td>France</td><td>-40</td><td>-56</td><td>-43</td><td>-58</td><td>-50</td><td>-73</td><td>-111</td><td>-108</td><td>-167</td><td>-39</td><td>-148</td><td>-197</td><td>-167</td></tr><tr><td>Belgium</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><td>41</td></tr><tr><td>Germany</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><td>-13</td></tr><tr><td>Italy</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>-55</td><td>-58</td><td>-46</td><td>-46</td></tr><tr><td>Netherlands</td><td>-356</td><td>-310</td><td>-6</td><td>8</td><td>15</td><td>33</td><td>192</td><td>202</td><td>204</td><td>217</td><td>229</td><td>156</td><td>163</td></tr><tr><td>Portugal</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><td>-25</td></tr><tr><td>Spain</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><td>-81</td></tr><tr><td>Sweden</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><td>178</td></tr><tr><td>Switzerland</td><td>228</td><td>88</td><td>264</td><td>138</td><td>132</td><td>132</td><td>237</td><td>225</td><td>229</td><td>235</td><td>210</td><td>-108</td><td>65</td></tr><tr><td>Other Europe</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><td>263</td></tr><tr><td>Total Europe</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><td>620</td></tr><tr><td>Canada</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><td>8,101</td></tr><tr><td>Latin America</td><td>-79</td><td>283</td><td>237</td><td>565</td><td>361</td><td>484</td><td>1,101</td><td>1,411</td><td>919</td><td>1,003</td><td>1,112</td><td>1,161</td><td>1,269</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>-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><td>134</td></tr><tr><td>Hong Kong</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>-3,034</td><td>-2,879</td><td>-3,375</td><td>-3,538</td></tr><tr><td>Japan</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><td>-15</td></tr><tr><td>Other Asia</td><td>-637</td><td>-859</td><td>-707</td><td>-1,632</td><td>-1,348</td><td>-2,108</td><td>-2,028</td><td>-1,052</td><td>-1,011</td><td>-862</td><td>-833</td><td>-1,039</td><td>-1,551</td></tr><tr><td>Total Asia</td><td>-3,991</td><td>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td><td>-5,920</td><td>-5,148</td><td>-4,655</td><td>-4,364</td><td>-3,884</td><td>-3,553</td><td>-4,314</td><td>-4,970</td></tr><tr><td>All other</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><td>945</td></tr><tr><td>Grand total</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><td>5,965</td></tr></table>
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Bank
and Bankers in the United States - (Continued
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><th colspan="11">Purchase contracts</th></tr><tr><td>Total: 1946-February</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>21,309</td><td>16,549</td><td>16,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>24,178</td><td>18,755</td><td>18,650</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>July</td><td>51,390</td><td>44,868</td><td>44,425</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</td></tr><tr><td>August</td><td>47,162</td><td>40,258</td><td>40,041</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>188</td></tr><tr><td>September</td><td>45,503</td><td>37,378</td><td>37,211</td><td>3</td><td>-</td><td>-</td><td>5</td><td>-</td><td>32</td><td>-</td><td>80</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>-</td><td>-</td><td>28</td></tr><tr><td>November</td><td>43,434</td><td>32,270</td><td>32,199</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td><td>8</td></tr><tr><td>December</td><td>44,840</td><td>30,885</td><td>30,698</td><td>-</td><td>5</td><td>-</td><td>4</td><td>-</td><td>22</td><td>-</td><td>70</td></tr><tr><td>1947-January</td><td>46,242</td><td>33,305</td><td>33,026</td><td>-</td><td>116</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>23</td></tr><tr><td colspan="11">From foreign customers:</td></tr><tr><td>1946-February</td><td>1,550</td><td>480</td><td>480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,072</td><td>313</td><td>313</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>548</td><td>36</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,488</td><td>388</td><td>367</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>July</td><td>1,643</td><td>646</td><td>646</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,116</td><td>820</td><td>808</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td></tr><tr><td>September</td><td>1,942</td><td>640</td><td>605</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,183</td><td>1,159</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>41</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>1947-January</td><td>3,296</td><td>1,420</td><td>1,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td></tr><tr><td colspan="11">From domestic customers:</td></tr><tr><td>1946-February</td><td>18,640</td><td>12,301</td><td>12,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>19,351</td><td>14,350</td><td>14,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>22,695</td><td>17,275</td><td>17,267</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>20,761</td><td>16,463</td><td>16,446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>22,690</td><td>18,367</td><td>18,283</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>July</td><td>49,747</td><td>44,222</td><td>43,779</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>336</td></tr><tr><td>August</td><td>45,046</td><td>39,438</td><td>39,233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>178</td></tr><tr><td>September</td><td>43,561</td><td>36,738</td><td>36,606</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>80</td></tr><tr><td>October</td><td>40,313</td><td>30,592</td><td>30,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>November</td><td>38,970</td><td>30,106</td><td>30,080</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>December</td><td>41,073</td><td>29,843</td><td>29,682</td><td>-</td><td>5</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>70</td></tr><tr><td>1947-January</td><td>42,946</td><td>31,885</td><td>31,626</td><td>-</td><td>116</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td></tr><tr><th colspan="11">Sales contracts</th></tr><tr><td>Total: 1946-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>66,432</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>1947-January</td><td>80,063</td><td>66,840</td><td>65,735</td><td>12</td><td>2</td><td>-</td><td>11</td><td>9</td><td>20</td><td>1</td><td>792</td></tr><tr><td colspan="11">To foreign customers:</td></tr><tr><td>1946-February</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>April</td><td>1,034</td><td>1,002</td><td>832</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120</td></tr><tr><td>May</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>June</td><td>1,284</td><td>1,280</td><td>879</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td>July</td><td>2,666</td><td>2,666</td><td>2,098</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>565</td></tr><tr><td>August</td><td>4,520</td><td>4,020</td><td>3,568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>452</td></tr><tr><td>September</td><td>1,310</td><td>680</td><td>588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>60</td></tr><tr><td>October</td><td>1,430</td><td>760</td><td>429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>331</td></tr><tr><td>November</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>1947-January</td><td>2,644</td><td>747</td><td>463</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>192</td></tr><tr><td colspan="11">To domestic customers:</td></tr><tr><td>1946-February</td><td>40,273</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td></tr><tr><td>March</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>April</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>-</td></tr><tr><td>May</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>June</td><td>51,352</td><td>39,620</td><td>39,568</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr><tr><td>July</td><td>102,644</td><td>89,614</td><td>88,860</td><td>19</td><td>39</td><td>-</td><td>11</td><td>5</td><td>116</td><td>1</td><td>516</td></tr><tr><td>August</td><td>91,974</td><td>80,323</td><td>79,715</td><td>10</td><td>18</td><td>-</td><td>10</td><td>5</td><td>107</td><td>1</td><td>411</td></tr><tr><td>September</td><td>88,452</td><td>76,497</td><td>75,722</td><td>14</td><td>17</td><td>-</td><td>12</td><td>5</td><td>86</td><td>1</td><td>584</td></tr><tr><td>October</td><td>82,277</td><td>69,426</td><td>68,651</td><td>25</td><td>2</td><td>-</td><td>10</td><td>5</td><td>6</td><td>1</td><td>713</td></tr><tr><td>November</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>61,137</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><tr><td>1947-January</td><td>77,419</td><td>66,093</td><td>65,272</td><td>12</td><td>2</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>600</td></tr></table>
(Continued on following page)
June 1947
93
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="10">Currency of:</th></tr><tr><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China and Manchuria</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th></tr></table>
<table><tr><th colspan="10">Purchase contracts</th></tr><tr><td>Total:</td><td>1946-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></td><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></td><td>April</td><td>-</td><td>7</td><td>3,567</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>379</td><td>52</td></tr><tr><td></td><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></td><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></td><td>July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,532</td><td>190</td><td>1,028</td><td>-</td><td>1,334</td><td>616</td></tr><tr><td></td><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></td><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></td><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></td><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></td><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>1947-January</td><td></td><td>106</td><td>14</td><td>3,642</td><td>5,302</td><td>3,868</td><td>-</td><td>1,095</td><td>-</td><td>2,773</td><td>125</td></tr><tr><td>From foreign customers:</td><td>1946-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></td><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></td><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></td><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></td><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></td><td>July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>875</td><td>10</td><td>613</td><td>-</td><td>252</td><td>122</td></tr><tr><td></td><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></td><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></td><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></td><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></td><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>1947-January</td><td></td><td>-</td><td>-</td><td>-</td><td>125</td><td>1,729</td><td>-</td><td>400</td><td>-</td><td>1,329</td><td>22</td></tr><tr><td>From domestic customers:</td><td>1946-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></td><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></td><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></td><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></td><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></td><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></td><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></td><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></td><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></td><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></td><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>1947-January</td><td></td><td>106</td><td>14</td><td>3,642</td><td>5,177</td><td>2,139</td><td>-</td><td>695</td><td>-</td><td>1,444</td><td>103</td></tr></table>
<table><tr><th colspan="10">Sales contracts</th></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>32</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>1947-January</td><td>214</td><td>44</td><td>5,615</td><td>2,127</td><td>4,694</td><td>19</td><td>88</td><td>4</td><td>4,583</td><td>787</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>10</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>500</td><td>130</td><td>-</td><td>-</td><td>-</td><td>130</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>500</td><td>170</td><td>-</td><td>-</td><td>-</td><td>170</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>18</td><td>500</td><td>800</td><td>-</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>500</td><td>800</td><td>-</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>December</td><td>7</td><td>-</td><td>-</td><td>1,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>72</td><td>-</td><td>-</td><td>502</td><td>1,395</td><td>-</td><td>-</td><td>-</td><td>1,395</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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><tr><td>1947-January</td><td>142</td><td>44</td><td>5,615</td><td>1,625</td><td>3,299</td><td>19</td><td>88</td><td>4</td><td>3,188</td><td>787</td></tr></table>
94
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward
(In thousands of dollars)
<table><tr><th>Transactions during month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1946-February</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>Spot</td><td>9,192</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>20</td><td>573</td><td>821</td><td>356</td></tr><tr><td>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>Forward</td><td>13,002</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>-</td><td>17</td><td>626</td><td>1,024</td><td>369</td></tr><tr><td>Spot</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Forward</td><td>129,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>-</td><td>10</td><td>206</td><td>1,654</td><td>370</td></tr><tr><td>June</td><td>13,998</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>Forward</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>July</td><td>136,613</td><td>75,813</td><td>62,113</td><td>2,001</td><td>1,669</td><td>-</td><td>113</td><td>309</td><td>923</td><td>294</td></tr><tr><td>Spot</td><td>20,036</td><td>15,233</td><td>15,216</td><td>2</td><td>-</td><td>-</td><td>25</td><td>120</td><td>3,008</td><td>307</td></tr><tr><td>Forward</td><td>134,646</td><td>77,268</td><td>60,724</td><td>1,858</td><td>764</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>August</td><td>22,356</td><td>17,545</td><td>17,489</td><td>3</td><td>-</td><td>-</td><td>53</td><td>333</td><td>1,492</td><td>174</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>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,067</td><td>17,362</td><td>17,247</td><td>103</td><td>-</td><td>-</td><td>10</td><td>157</td><td>807</td><td>254</td></tr><tr><td>September</td><td>140,714</td><td>81,388</td><td>69,305</td><td>1,808</td><td>1,011</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>21,365</td><td>15,398</td><td>15,342</td><td>1</td><td>-</td><td>-</td><td>35</td><td>223</td><td>1,123</td><td>318</td></tr><tr><td>Forward</td><td>167,768</td><td>92,496</td><td>73,866</td><td>3,750</td><td>1,189</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>October</td><td>26,396</td><td>17,597</td><td>17,435</td><td>-</td><td>-</td><td>-</td><td>20</td><td>496</td><td>831</td><td>119</td></tr><tr><td>Spot</td><td>162,022</td><td>98,409</td><td>79,033</td><td>1,999</td><td>1,042</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Forward</td><td>27,652</td><td>22,383</td><td>21,932</td><td>-</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">1947-January</td></tr><tr><td>Purchases from banks: 1946-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>Forward</td><td>95,259</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>March</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Spot</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>-</td><td>4</td><td>163</td><td>1,706</td><td>302</td></tr><tr><td>Forward</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>Spot</td><td>7,257</td><td>4,165</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Forward</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>-</td><td>10</td><td>198</td><td>1,649</td><td>312</td></tr><tr><td>May</td><td>10,889</td><td>6,601</td><td>6,580</td><td>-</td><td>-</td><td>-</td><td>49</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>Spot</td><td>154,151</td><td>117,486</td><td>97,964</td><td>2,026</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>30,633</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>113</td><td>288</td><td>831</td><td>220</td></tr><tr><td>June</td><td>82,573</td><td>49,620</td><td>37,440</td><td>1,582</td><td>1,485</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>23</td><td>117</td><td>2,966</td><td>280</td></tr><tr><td>Forward</td><td>82,326</td><td>48,948</td><td>35,175</td><td>1,740</td><td>664</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>July</td><td>15,099</td><td>12,299</td><td>12,244</td><td>3</td><td>-</td><td>-</td><td>53</td><td>314</td><td>1,439</td><td>118</td></tr><tr><td>Spot</td><td>103,736</td><td>72,213</td><td>59,867</td><td>1,756</td><td>934</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>15,334</td><td>12,865</td><td>12,754</td><td>103</td><td>-</td><td>-</td><td>8</td><td>127</td><td>794</td><td>177</td></tr><tr><td>August</td><td>81,816</td><td>50,314</td><td>39,980</td><td>1,467</td><td>933</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</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>18</td><td>218</td><td>1,032</td><td>261</td></tr><tr><td>Forward</td><td>102,682</td><td>60,134</td><td>45,306</td><td>1,793</td><td>1,025</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>September</td><td>16,338</td><td>10,772</td><td>10,633</td><td>-</td><td>-</td><td>-</td><td>14</td><td>470</td><td>794</td><td>110</td></tr><tr><td>Spot</td><td>106,119</td><td>70,792</td><td>53,975</td><td>1,734</td><td>988</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Forward</td><td>20,365</td><td>16,347</td><td>16,279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>1947-January</td><td>106,119</td><td>70,792</td><td>53,975</td><td>1,734</td><td>988</td><td>-</td><td>14</td><td>470</td><td>794</td><td>110</td></tr><tr><td>Spot</td><td>20,365</td><td>16,347</td><td>16,279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</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-February</td></tr><tr><td>Spot</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Forward</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>Forward</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>-</td><td>21</td><td>-</td><td>26</td><td>27</td></tr><tr><td>April</td><td>6,788</td><td>5,129</td><td>5,129</td><td>-</td><td>119</td><td>-</td><td>5</td><td>2</td><td>51</td><td>17</td></tr><tr><td>Spot</td><td>56,329</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>5</td><td>58</td></tr><tr><td>May</td><td>47,957</td><td>19,485</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>3,009</td><td>1,718</td><td>1,650</td><td>112</td><td>68</td><td>-</td><td>-</td><td>-</td><td>135</td><td>38</td></tr><tr><td>Forward</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>-</td><td>-</td></tr><tr><td>June</td><td>14,179</td><td>12,175</td><td>11,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>-</td><td>21</td><td>92</td><td>74</td></tr><tr><td>Forward</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>July</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>87</td></tr><tr><td>Spot</td><td>7,257</td><td>5,246</td><td>5,245</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>54,940</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>August</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>Spot</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>Forward</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>September</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>6,866</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>55,903</td><td>27,617</td><td>25,058</td><td>265</td><td>54</td><td>-</td><td>6</td><td>26</td><td>37</td><td>9</td></tr><tr><td>October</td><td>7,287</td><td>6,036</td><td>5,653</td><td>-</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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)
June 1947
95
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued) (In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="4">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="11">Purchasesee</td></tr><tr><td>Total purchases: 1946-February</td><td>Spot</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,786</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,421</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>1,223</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>37,396</td><td>6,528</td><td>8,422</td><td>-</td><td>8,422</td><td>12,878</td></tr><tr><td></td><td>Forward</td><td>417</td><td>-</td><td>-</td><td>3,468</td><td>856</td><td>1,920</td><td>-</td><td>1,920</td><td>680</td></tr><tr><td>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>6</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>14,887</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>1947-January</td><td>Spot</td><td>2,394</td><td>11,952</td><td>523</td><td>35,551</td><td>5,844</td><td>6,526</td><td>-</td><td>6,526</td><td>15,622</td></tr><tr><td></td><td>Forward</td><td>210</td><td>106</td><td>-</td><td>2,641</td><td>108</td><td>2,457</td><td>-</td><td>2,457</td><td>63</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1946-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>3,355</td><td>6,580</td><td>-</td><td>6,580</td><td>1,893</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td></td><td>Forward</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,766</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>3,775</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>1</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>1947-January</td><td>Spot</td><td>1,197</td><td>11,145</td><td>365</td><td>23,423</td><td>3,774</td><td>5,690</td><td>-</td><td>5,690</td><td>2,440</td></tr><tr><td></td><td>Forward</td><td>-</td><td>48</td><td>-</td><td>2,011</td><td>108</td><td>1,836</td><td>-</td><td>1,836</td><td>63</td></tr><tr><td colspan="11">Purchasese from others:</td></tr><tr><td>1946-February</td><td>Spot</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td></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>646</td><td>114</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>140</td><td>152</td><td>80</td><td>18,707</td><td>1,130</td><td>461</td><td>-</td><td>461</td><td>8,174</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>581</td><td>370</td><td>340</td><td>-</td><td>340</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,177</td><td>120</td><td>190</td><td>17,838</td><td>1,173</td><td>445</td><td>-</td><td>445</td><td>9,103</td></tr><tr><td></td><td>Forward</td><td>424</td><td>-</td><td>-</td><td>886</td><td>856</td><td>262</td><td>-</td><td>262</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>-</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>8,394</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>459</td><td>-</td><td>459</td><td>11,835</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><tr><td>1947-January</td><td>Spot</td><td>1,197</td><td>807</td><td>158</td><td>12,128</td><td>2,070</td><td>836</td><td>-</td><td>836</td><td>13,252</td></tr><tr><td></td><td>Forward</td><td>210</td><td>58</td><td>-</td><td>630</td><td>-</td><td>621</td><td>-</td><td>621</td><td>-</td></tr></table>
(Continued on following page)
96
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transectione 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>Nother-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1946-February</td><td>98,862</td><td>64,621</td><td>55,683</td><td>598</td><td>517</td><td>4</td><td>272</td><td>373</td><td>335</td></tr><tr><td>Spot</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></tr><tr><td>Forward</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>March</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></tr><tr><td>Spot</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>Forward</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>April</td><td>124,190</td><td>75,340</td><td>61,123</td><td>1,489</td><td>1,119</td><td>16</td><td>617</td><td>1,008</td><td>370</td></tr><tr><td>Spot</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Forward</td><td>123,222</td><td>68,943</td><td>56,471</td><td>1,398</td><td>677</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>June</td><td>23,010</td><td>12,120</td><td>11,856</td><td>1,398</td><td>677</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>Spot</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>Forward</td><td>75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>July</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>Spot</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>63</td></tr><tr><td>Forward</td><td>133,078</td><td>81,287</td><td>65,950</td><td>1,878</td><td>889</td><td>37</td><td>110</td><td>3,030</td><td>294</td></tr><tr><td>August</td><td>26,815</td><td>20,195</td><td>20,118</td><td>6</td><td>4</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>Spot</td><td>152,390</td><td>98,846</td><td>84,493</td><td>1,793</td><td>1,071</td><td>36</td><td>318</td><td>1,548</td><td>174</td></tr><tr><td>Forward</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></tr><tr><td>September</td><td>138,051</td><td>82,170</td><td>69,756</td><td>1,925</td><td>997</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>4</td><td>41</td><td>-</td></tr><tr><td>Forward</td><td>172,330</td><td>104,662</td><td>86,253</td><td>3,796</td><td>1,275</td><td>21</td><td>289</td><td>1,056</td><td>320</td></tr><tr><td>November</td><td>23,715</td><td>14,490</td><td>14,302</td><td>-</td><td>9</td><td>-</td><td>8</td><td>22</td><td>-</td></tr><tr><td>Spot</td><td>156,721</td><td>97,630</td><td>78,501</td><td>1,974</td><td>984</td><td>21</td><td>488</td><td>864</td><td>119</td></tr><tr><td>December</td><td>37,235</td><td>31,140</td><td>30,539</td><td>-</td><td>2</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1946-February</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>1</td><td>67</td><td>229</td></tr><tr><td>Spot</td><td>7,919</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>5</td><td>590</td><td>215</td></tr><tr><td>March</td><td>13,510</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>56,615</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>Forward</td><td>10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>52,157</td><td>31,548</td><td>26,453</td><td>438</td><td>424</td><td>3</td><td>5</td><td>681</td><td>228</td></tr><tr><td>Spot</td><td>9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>53,182</td><td>30,367</td><td>26,585</td><td>246</td><td>165</td><td>33</td><td>135</td><td>475</td><td>191</td></tr><tr><td>May</td><td>8,919</td><td>6,275</td><td>6,011</td><td>-</td><td>-</td><td>-</td><td>40</td><td>930</td><td>210</td></tr><tr><td>Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>-</td><td>20</td></tr><tr><td>Forward</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>462</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>June</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>462</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Spot</td><td>14,639</td><td>12,231</td><td>12,211</td><td>-</td><td>1</td><td>13</td><td>19</td><td>2,763</td><td>89</td></tr><tr><td>Forward</td><td>64,725</td><td>41,149</td><td>33,361</td><td>453</td><td>305</td><td>5</td><td>47</td><td>32</td><td>44</td></tr><tr><td>July</td><td>18,001</td><td>14,987</td><td>14,955</td><td>453</td><td>290</td><td>5</td><td>47</td><td>784</td><td>44</td></tr><tr><td>Spot</td><td>75,619</td><td>50,422</td><td>45,381</td><td>2</td><td>-</td><td>-</td><td>33</td><td>640</td><td>78</td></tr><tr><td>Forward</td><td>17,744</td><td>15,014</td><td>14,676</td><td>482</td><td>269</td><td>1</td><td>37</td><td>41</td><td>109</td></tr><tr><td>August</td><td>68,064</td><td>41,697</td><td>37,034</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Spot</td><td>13,532</td><td>10,333</td><td>10,269</td><td>2,171</td><td>429</td><td>6</td><td>96</td><td>643</td><td>30</td></tr><tr><td>Forward</td><td>88,208</td><td>56,020</td><td>47,489</td><td>-</td><td>305</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>September</td><td>15,029</td><td>10,954</td><td>10,831</td><td>523</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>80,653</td><td>53,328</td><td>43,489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>20,044</td><td>17,207</td><td>17,082</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></tr><tr><td colspan="11">Sales to others:</td></tr><tr><td>1946-February</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</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></tr><tr><td>Forward</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>21</td><td>259</td><td>273</td><td>143</td></tr><tr><td>March</td><td>10,185</td><td>6,488</td><td>6,486</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>26</td><td>155</td><td>265</td><td>98</td></tr><tr><td>Forward</td><td>9,380</td><td>4,980</td><td>4,959</td><td>9</td><td>-</td><td>13</td><td>612</td><td>12</td><td>142</td></tr><tr><td>April</td><td>72,033</td><td>43,792</td><td>34,570</td><td>1,051</td><td>695</td><td>12</td><td>50</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>512</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Forward</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>183</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td>May</td><td>14,091</td><td>5,845</td><td>5,845</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td></tr><tr><td>Spot</td><td>90,194</td><td>60,775</td><td>46,625</td><td>1,601</td><td>773</td><td>17</td><td>283</td><td>329</td><td>211</td></tr><tr><td>June</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>17</td><td>283</td><td>329</td><td>51</td></tr><tr><td>Spot</td><td>70,211</td><td>38,593</td><td>30,432</td><td>1,135</td><td>1,120</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>July</td><td>10,235</td><td>6,847</td><td>6,780</td><td>-</td><td>-</td><td>31</td><td>271</td><td>764</td><td>130</td></tr><tr><td>Spot</td><td>68,353</td><td>40,138</td><td>32,599</td><td>1,425</td><td>584</td><td>13</td><td>108</td><td>257</td><td>181</td></tr><tr><td>August</td><td>8,814</td><td>5,208</td><td>5,163</td><td>6</td><td>4</td><td>13</td><td>4</td><td>343</td><td>211</td></tr><tr><td>Spot</td><td>76,771</td><td>48,424</td><td>39,112</td><td>1,340</td><td>781</td><td>20</td><td>252</td><td>-</td><td>89</td></tr><tr><td>September</td><td>15,429</td><td>9,263</td><td>8,906</td><td>103</td><td>728</td><td>15</td><td>392</td><td>221</td><td>-</td></tr><tr><td>Spot</td><td>69,987</td><td>40,473</td><td>32,722</td><td>1,443</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>10,472</td><td>8,773</td><td>8,700</td><td>-</td><td>846</td><td>15</td><td>392</td><td>221</td><td>-</td></tr><tr><td>Spot</td><td>84,122</td><td>48,642</td><td>38,764</td><td>1,625</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>8,686</td><td>3,536</td><td>3,471</td><td>-</td><td>679</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>76,068</td><td>44,302</td><td>35,012</td><td>1,451</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>17,191</td><td>13,933</td><td>13,457</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></tr><tr><td>1947-January</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)
June 1947
97
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">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europa</th><th></th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1946-February</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>Spot</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>Forward</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>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>Spot</td><td>2,145</td><td>5,704</td><td>585</td><td>44,875</td><td>4,827</td><td>7,372</td><td>-</td><td>7,372</td><td>6,184</td></tr><tr><td>Forward</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>April</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>Spot</td><td>3,32</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>Forward</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>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>Spot</td><td>4,412</td><td>9,496</td><td>548</td><td>31,188</td><td>5,659</td><td>8,181</td><td>-</td><td>8,181</td><td>6,888</td></tr><tr><td>Forward</td><td>1,161</td><td>-</td><td>114</td><td>5,350</td><td>1,180</td><td>1,743</td><td>-</td><td>1,743</td><td>1,868</td></tr><tr><td>July</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>Spot</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>Forward</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>August</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>September</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>Spot</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>11</td></tr><tr><td>October</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>Spot</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>Forward</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>November</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><td>December</td><td>2,597</td><td>11,618</td><td>464</td><td>36,522</td><td>6,412</td><td>8,338</td><td>-</td><td>8,338</td><td>7,819</td></tr><tr><td>1947-January</td><td>316</td><td>263</td><td>-</td><td>4,378</td><td>3</td><td>1,646</td><td>-</td><td>1,646</td><td>68</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1946-February</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>Spot</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>Forward</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>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>Spot</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td>Forward</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</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>Spot</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>Forward</td><td>1,072</td><td>1,408</td><td>90</td><td>17,068</td><td>1,274</td><td>534</td><td>-</td><td>534</td><td>3,939</td></tr><tr><td>May</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>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>June</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>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>July</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>Spot</td><td>2,237</td><td>1,871</td><td>38</td><td>16,211</td><td>2,176</td><td>1,855</td><td>-</td><td>1,855</td><td>3,334</td></tr><tr><td>Forward</td><td>1,845</td><td>1,479</td><td>94</td><td>2,854</td><td>1,801</td><td>1,923</td><td>-</td><td>1,923</td><td>4,492</td></tr><tr><td>August</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>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>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>September</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>Spot</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><td>October</td><td>1,500</td><td>6,672</td><td>64</td><td>19,943</td><td>2,171</td><td>2,090</td><td>-</td><td>2,090</td><td>3,121</td></tr><tr><td>November</td><td>-</td><td>105</td><td>-</td><td>1,888</td><td>-</td><td>886</td><td>-</td><td>886</td><td>63</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</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:</td></tr><tr><td>1946-February</td><td>906</td><td>3,617</td><td>155</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>Spot</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>Forward</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>-</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>Spot</td><td>1,169</td><td>4,623</td><td>473</td><td>23,201</td><td>4,195</td><td>6,718</td><td>-</td><td>6,718</td><td>2,074</td></tr><tr><td>Forward</td><td>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>April</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>Spot</td><td>2,444</td><td>8,170</td><td>400</td><td>15,395</td><td>4,468</td><td>1,726</td><td>-</td><td>1,726</td><td>33</td></tr><tr><td>Forward</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,709</td><td>-</td><td>1,709</td><td>2,477</td></tr><tr><td>May</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>1,571</td></tr><tr><td>Spot</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</td><td>425</td><td>2,304</td></tr><tr><td>Forward</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>June</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>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>July</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>140</td></tr><tr><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>August</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>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>September</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><tr><td>Spot</td><td>1,097</td><td>4,986</td><td>400</td><td>16,579</td><td>4,241</td><td>6,248</td><td>-</td><td>6,248</td><td>4,698</td></tr><tr><td>October</td><td>316</td><td>158</td><td>-</td><td>2,490</td><td>3</td><td>760</td><td>-</td><td>760</td><td>5</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Copy
<table><tr><td>Treas. HJ 10 .A2 1947 c.2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>