TREASURY DEPARTMENT
ROOM 5013
Copy 2
TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
AUGUST-1947
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
August 1947
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td colspan="2">Article section:</td></tr><tr><td>Financial operations of the United States Government, fiscal year 1947</td><td>A-1</td></tr><tr><td>Treasury market financing</td><td>A-5</td></tr><tr><td colspan="2">Statistical section:</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>54</td></tr><tr><td>Internal revenue statistics</td><td>61</td></tr><tr><td>Monetary statistics</td><td>66</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>73</td></tr></table>
Nota:
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="5">1947</th><th colspan="5">1946</th></tr><tr><th>Articles</th><th>Aug.</th><th>July</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></tr><tr><td>Statement by Secretary Snyder before the Ways and Means Committee of the House of Representatives</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>Statement by Secretary Snyder on H.R. 1 (tax reduction) before the Senate Finance Committee</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>The role of savings bonds in public debt management (speech by Secretary Snyder)</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>America's foreign economic policy (speech by Secretary Snyder)</td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spreading the public debt (speech by Under Secretary Miggins)</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>Statement of Secretary Snyder on the price situation</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><td></td></tr><tr><td>An inventory of our national situation (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>A prosperous America of tomorrow (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 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></td><td></td><td></td><td>A-1</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></td><td></td><td></td><td>A-3</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></td><td></td><td></td><td>A-1</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></td><td></td><td></td><td>A-1</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></td><td></td><td></td></tr><tr><td>Other speeches by Treasury officials</td><td></td><td></td><td></td><td>A-10</td><td></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></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></td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1947</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>Assets and liabilities of all active banks in the United States: December 31, 1939-December 31, 1946</td><td></td><td></td><td></td><td>A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-June 30, 1946</td><td></td><td></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></tr><tr><td>Statistics of income: Individual income tax returns: Individual returns for 1944</td><td></td><td></td><td></td><td>A-17</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1943</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><td></td><td></td></tr><tr><td>Corporation income and taxable excise profits tax returns: Preliminary report for 1944</td><td></td><td></td><td></td><td></td><td></td><td>A-11</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></td><td></td><td></td><td></td><td>A-7</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></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td></tr><tr><td>Treasury market financing</td><td>A-5</td><td>A-24</td><td>A-5</td><td>A-13</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></td></tr></table>
(Continued on following page)
August 1947
111
Cumulative Table of Conten
ts - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="10">1947</th><th colspan="5">1946</th></tr><tr><th></th><th>Aug.</th><th>July</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>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>5</td><td>5</td><td>6</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>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>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for national defence and related 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>7</td><td>7</td><td>8</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>8</td><td>8</td><td>9</td></tr><tr><td>Total budget receipts and expenditures by months and calendar years beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1938</td><td>9</td><td>9</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></tr><tr><td>January 1937</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>10</td><td>10</td><td>11</td></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td></tr><tr><td>Means of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</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>13</td><td>13</td><td>14</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>13</td><td>13</td><td>14</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></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>14</td><td>14</td><td>15</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>14</td><td>14</td><td>15</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>14</td><td>14</td><td>15</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1942</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</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></tr><tr><td>General Fund of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets 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>17</td><td>17</td><td>18</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>17</td><td>17</td><td>18</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>18</td><td>18</td><td>19</td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years 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>20</td><td>20</td><td>21</td><td>21</td><td>22-23</td></tr><tr><td>Monthly data</td><td>21</td><td>21</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></tr><tr><td>Chart</td><td>22</td><td>22</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></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>23</td><td>23</td><td>24</td><td>24</td><td>26</td></tr><tr><td>Guaranteed obligations held by the Treasury</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>23</td><td></td><td></td><td></td></tr><tr><td>Computed interest charge and computed interest rate</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</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></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></td><td></td><td></td><td>27</td></tr><tr><td>August 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</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>25</td><td></td><td></td></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td></tr><tr><td>November 30, 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></tr><tr><td>December 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></tr><tr><td>January 31, 1947</td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947</td><td></td><td></td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947</td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 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></tr><tr><td>June 30, 1947</td><td>25</td><td>26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement of the public debt</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>20</td><td>20</td><td>21</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>26</td><td>26</td><td>20</td><td>20</td><td>21</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>27-29</td><td>27-29</td><td>26-28</td><td>26-28</td><td>28-30</td></tr></table>
(Continued on following page)
Treasury Bulletin
1v
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="10">1947</th><th colspan="4">1946</th></tr><tr><th></th><th>Aug.</th><th>July</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></tr><tr><td colspan="12">Public debt and guaranteed obligations of United States Government (continued)</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>29</td><td>29</td><td>31</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>31</td><td>31</td><td>30</td><td>30</td><td>32</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>32-33</td><td>32-33</td><td>31-32</td><td>31-32</td><td>33-34</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>34</td><td>34</td><td>33</td><td>33</td><td>35</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>35-37</td><td>35-37</td><td>34-36</td><td>34-36</td><td>36-38</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>38</td><td>38</td><td>37</td><td>37</td><td>39</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>39</td><td>39</td><td>38</td><td>38</td><td>40</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>40-41</td><td>40-41</td><td>39-40</td><td>39-40</td><td>41-42</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>42</td><td>42</td><td>41</td><td>41</td><td>43</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>43</td><td>43</td><td>42</td><td>42</td><td>44</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>44</td><td>44</td><td>42</td><td>42</td><td>44</td></tr><tr><td>Sales by denomination.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>43</td><td>43</td><td>45</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>45</td><td>45</td><td>44</td><td>44</td><td>46</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>45</td><td>45</td><td>44</td><td>44</td><td>46</td></tr><tr><td colspan="12">Ownership of United States Government securities</td></tr><tr><td>Summary distribution by classes of holders.</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>46</td><td>46</td><td>48</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>48</td><td>48</td><td>47</td><td>47</td><td>49</td></tr><tr><td colspan="12">Net market transactions in Government securities for Treasury investment accounts, monthly beginning:</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>48</td><td>48</td><td>47</td><td>47</td><td>49</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>47</td><td>47</td><td>49</td></tr><tr><td colspan="12">Treasury survey of ownership of securities issued by the United States Government and by Federal agencies:</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>50-54</td><td></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-52</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></td><td>48-52</td><td></td><td></td></tr><tr><td>August 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</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>49-53</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>49-53</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>49-53</td><td></td><td>49-53</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></td><td></td><td>49-53</td><td></td><td>49-53</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>49-53</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>March 31, 1947.</td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>May 31, 1947.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>55-59</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>54-58</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>54-58</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></td><td></td><td></td><td>54-58</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the United States Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-63</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></td><td>54-56</td><td></td><td></td></tr><tr><td>August 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</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>60-62</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>55-57</td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946.</td><td></td><td></td><td>60-62</td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td>55-57</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></td><td></td><td>60-62</td><td></td><td>55-57</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>60-62</td><td></td><td>55-57</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>55-57</td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947.</td><td>55-57</td><td></td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1947.</td><td></td><td>55-57</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1947.</td><td>58</td><td>58</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></tr><tr><td>Chart showing yields of Treasury 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>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td>59</td><td>60</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></tr><tr><td>Revision in high-grade corporate bond average.</td><td>59</td><td>60</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></tr><tr><td>Yields beginning with 1939.</td><td>60</td><td>61</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></tr><tr><td>Yields beginning with 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>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)
August 1947
V
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th></tr><tr><th>Aug.</th><th>July</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></tr><tr><td colspan="12">Corporations and certain other agencies of the United States Government</td></tr><tr><td>Combined balance sheet: June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61, 65-69</td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td>62, 66-70</td><td></td><td></td><td>62, 66-70</td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></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></tr><tr><td>March 31, 1947</td><td></td><td>63, 67-71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td></td></tr><tr><td>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></td><td>63-65</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td>63-65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>March 31, 1947</td><td></td><td>64-66</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense: Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td>70-75</td><td></td><td></td></tr><tr><td>First three months, fiscal year 1947</td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds: Fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td>76-81</td><td></td><td></td></tr><tr><td>First three 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></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Footnotes</td><td></td><td>72</td><td></td><td>74</td><td>71</td><td></td><td>74</td><td>71</td><td></td><td>82</td><td></td><td></td></tr><tr><td colspan="12">Internal revenue statistics</td></tr><tr><td>Collection of internal revenue: Summary data</td><td>62</td><td>74</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></tr><tr><td>Chart</td><td>63</td><td>75</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></tr><tr><td>Comparative details for current period</td><td>64-65</td><td>76-77</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>61-64</td><td>86-87</td><td>71-72</td></tr><tr><td colspan="12">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>66-67</td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td></td><td></td><td></td><td></td><td>81-82</td><td></td><td>81-82</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>March 31, 1947</td><td>67-68</td><td></td><td>79</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></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: September 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68</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>83</td><td></td><td>83</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947</td><td></td><td>83</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1947</td><td>69</td><td></td><td>72</td><td></td><td>72</td><td></td><td>72</td><td></td><td>72</td><td></td><td></td><td>74</td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>69</td><td>79</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></tr><tr><td>Monetary stocks of gold and silver</td><td>70</td><td>80</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></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>70</td><td>80</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></tr><tr><td>Seigniorage on silver</td><td>71</td><td>81</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></tr><tr><td>Money in circulation</td><td>72</td><td>82</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></tr><tr><td colspan="12">Capital movements between the United States and foreign countries and net position in foreign currencies</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>74-76</td><td>84-86</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></tr><tr><td>Summary by countries</td><td>77-84</td><td>87-94</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>62-87</td></tr><tr><td>Details: April 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>88-90</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>103-105</td><td></td><td></td></tr><tr><td>June 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>84-86</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></td><td>88-90</td><td></td><td></td><td></td><td></td></tr><tr><td>August 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-96</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>99-101</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1946</td><td></td><td></td><td></td><td>94-96</td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1946</td><td></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></tr><tr><td>December 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1947</td><td></td><td>88-90</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 1947</td><td></td><td>95-97</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 1947</td><td>85-87</td><td></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>88-94</td><td>98-104</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></tr></table>
August 1947
A-1
Financial Operations of the United States Government during the Fiscal Year 1947
On July 2, 1947, Secretary Snyder issued the press release (No. S-355) reprinted below, in which he reviewed the financial operations of the United States Government during the fiscal year 1947. Three tables attached to the release have been omitted from the reprint, because the information contained in them is largely available in the Statistical Section of the Bulletin. These three tables were "Classified Statement of Budget Receipts and Expenditures, Fiscal Years 1945-1947", "Composition of the Outstanding Public Debt", and "Disposition of Matured Marketable Securities during Fiscal Year 1947".
Secretary of the Treasury John W. Snyder announced today that the Treasury closed the fiscal year 1947 with a budget surplus of $754 million.
The Secretary said that this achievement of a budget surplus in a fiscal year commencing only ten months after the completion of our military victory was made possible by the untiring economy efforts of President Truman. It is noted that this occurred during a period in which a large proportion of the total Government expenditures was still occasioned by the cost of liquidating obligations resulting from the war.
The President, Secretary Snyder said, has constantly taken the initiative in cutting expenditures consistent with the national safety and welfare. Whenever possible, the President has regarded the appropriations granted by Congress as ceilings, rather than as targets. In numerous cases he has cut expenditures drastically below those authorized by Congress. Since taking office, President Truman has recommended to the Congress the cancellation of appropriations totaling over $65 billion.
Total Government expenditures in the fiscal year just ended amounted to $42,505 million. This is a decline of a third from the expenditures of $63,714 million during the preceding fiscal year and a decline of nearly 60 percent from the wartime peak of $100,397 million reached in 1945.
The expense of the transition from war to peace continues to comprise a substantial proportion of Federal expenditures. Expenditures for veterans (including terminal leave), for example, amounted to $9,250 million in the year just ended; while expenditures for UNRRA, the credit to Great Britain, Export-Import Bank loans, and subscriptions to the International Bank and Monetary Fund amounted to another $5,915 million.
In contrast to the sharp reduction in ex-
penditures, net receipts were practically the same as in the preceding year. The primary reasons for this maintenance of receipts have, of course, been the success of the Nation's reconversion from a wartime to a peacetime economy, the continued high level of production and employment, and substantial receipts from the sale of surplus property.
Of great importance has been the Treasury Department's vigorous enforcement of internal revenue legislation. Secretary Snyder estimated that the extra enforcement activities of the Treasury yielded an additional $2 billion in revenue during the fiscal year. The funds granted to the Treasury Department by Congress for this extra effort have been repaid many times over.
The Secretary declared that, as long as business, employment, and national income continue high, we should maintain tax revenues at levels that will permit a continued reduction in the public debt. The desirability of such a policy, he added, is emphasized by the fact that the financial soundness and continued stability of the American economy is the cornerstone of our national life.
Comparisons with April budget estimates
Receipts were $759 million more than the estimates released by the President on April 19, practically all of which was due to an unexpected increase in miscellaneous receipts. This resulted principally from a settlement of accounts earlier than had been anticipated between the Reconstruction Finance Corporation and the Treasury amounting to $580 million, relating to sales of surplus property and repayment of capital of the Smaller War Plants Corporation.
Expenditures exceeded the April estimates by $1,255 million, due largely to the payment by Reconstruction Finance Corporation to the Treasury in the settlement of accounts mentioned above and to the fact that refunds of taxes were con-
A-2
Treasury Bulletin
considerably heavier than had been expected. The Treasury, of course, has no control over the amount of refunds which are required by law to be made, but has endeavored to speed up the program as much as possible in the interest of economy and as a service to the taxpayers. The acceleration of the payment of tax refunds during the year resulted in substantial interest savings to the Treasury, the amount of interest paid on refunds being $3.3 million less than last year.
Reduction in debt
During the fiscal year just ended the public debt -- including guaranteed obligations held outside the Treasury -- was reduced by $11,522 million, of which $754 million was the result of the budget surplus. The total amount outstanding on June 30 was $258,376 million. This compares with $279,764 million at the postwar peak which was reached on February 28, 1946. The major part of this reduction in the debt has been accomplished by reducing the Treasury cash balance from its postwar peak to its present level. Future reductions in the debt can occur only from budget surpluses.
Practically the entire decline in the debt since the peak has been in the holdings of the commercial banking system. Holdings of debt by nonbank investors as a whole have remained practically constant. This concentration of debt reduction in bank holdings has been in accordance with the Treasury policy of spreading the ownership of the debt as broadly as possible, and has helped to alleviate inflationary pressures during the reconversion period. This debt reduction program was made possible by the Treasury's policy of maintaining a substantial portion of the debt in short-term securities.
This policy maintained the liquidity of the banking system and put a large portion of the debt in a form in which it could be easily retired. As a consequence of the liquidity of the banks' Government security portfolios, the large turnover of funds incident to the debt reduction program occurred without disturbance to the money market. The reduction in the debt has naturally resulted in a substantial decline in the proportion of short-term securities, as well as in the proportion held by banks. The two-fold character of this decline has consequently resulted in keeping the maturity distribution and the form of the debt well adjusted to the character of its ownership.
A more detailed analysis of the fiscal year's operations follows:
Budget results
Budget receipts exceeded expenditures by $754 million, as compared with a deficit of $20,676 million last year.
Net receipts amounted to $43,259 million, an increase of $221 million compared with last year. Total expenditures amounted to $42,505 million, a decrease of $21,209 million from the year before. This improvement in the Government's budget of $21,430 million was accomplished notwithstanding that in 1947 there were several large items of expenditure which were not in the figures for 1946, notably $1,426 million for subscriptions to the International Bank and the International Monetary Fund under the Bretton Woods Agreement, $2,050 million under the credit to the United Kingdom, $837 million additional for United Nations Relief and Rehabilitation Administration, and about $2 billion for armed forces leave.
A comparative table showing the trend of expenditures during the last 3 fiscal years is shown below:
<table><tr><th>Budget expenditures</th><th colspan="3">Fiscal year</th><th>Increase (+) or decrease (-) 1947 from 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th></th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>War and Navy Departments 1/</td><td>80.4</td><td>43.0</td><td>14.4</td><td>-28.6</td></tr><tr><td>Veterans Administration..</td><td>2.1</td><td>4.3</td><td>7.32/</td><td>+3.0</td></tr><tr><td>Interest on the public debt...</td><td>3.6</td><td>4.7</td><td>5.0</td><td>+3</td></tr><tr><td>Tax refunds.....</td><td>1.7</td><td>3.0</td><td>3.0</td><td>-</td></tr><tr><td>International finance......</td><td>-</td><td>.7</td><td>4.4</td><td>+3.7</td></tr><tr><td>United Nations Relief and Rehabilitation Administration</td><td>.1</td><td>.7</td><td>1.5</td><td>+8</td></tr><tr><td>All other......</td><td>12.5</td><td>7.3</td><td>6.9</td><td>-4</td></tr><tr><td>Total......</td><td>100.4</td><td>63.7</td><td>42.5</td><td>-21.2</td></tr></table>
1/ Excludes river and harbor work and flood control. 2/ In addition, about $2 billion of armed forces leave payments (bonds and cash) were made during the year, classified herein under War and Navy Departments and "All other" (Coast Guard).
Public debt
The gross public debt amounted to $258,286 million on June 30, 1947, a decrease of $11,136 million during the year. In addition, guaranteed debt held outside the Treasury declined by $386 million during the year. The sources of debt
August 1947
A-3
reduction during the year are indicated below.
<table><tr><th></th><th>Amount in millions of dollars</th></tr><tr><td>Direct debt</td><td></td></tr><tr><td>Decrease in general fund balance. Budget surplus....................</td><td>10,930<br>754</td></tr><tr><td>Subtotal....................</td><td>11,684</td></tr><tr><td>Excess of expenditures in trust accounts, etc....................</td><td>548</td></tr><tr><td>Total decrease in direct debt....</td><td>11,136</td></tr><tr><td>Guaranteed debt</td><td></td></tr><tr><td>Decrease....................</td><td>386</td></tr><tr><td>Total decrease in debt....</td><td>11,522</td></tr></table>
Changes in composition of debt. Marketable issues were reduced $20,904 million, but this decrease was partially offset by increases in special issues to Government trust funds and investment accounts by $5,034 million, and non-marketable public issues, $2,872 million, represented principally by increases in armed forces leave bonds and United States savings bonds and partially offset by a decrease in Treasury savings notes. There was also an increase in the debt amounting to $2,140 million resulting from noninterest-bearing special notes issued to the International Bank and the International Monetary Fund.
Sales of United States savings bonds (including discount accruals) exceeded redemptions during the year by $2,354 million, indicating a continuing public interest in this form of savings.
The net changes in the public debt and the Treasury's cash balance are indicated in the table at the bottom of the page.
Changes in maturities 1/. One of the results of the debt retirement program was to retire a substantial amount of bank-held short-term debt. In carrying out the debt retirement program the 91-day Treasury bills were reduced by $1,264 million and the 1-year certificates of indebtedness 2/ were reduced $14,418 million. In addition, all other marketable debt callable or maturing during the year was reduced $5,222 million. Changes in the maturities (based on maturity or first call date) of the marketable public debt are indicated in the table at the top of the following page.
Interest on the public debt. Interest payments on the public debt during the fiscal year amounted to $4,958 million, compared with $4,722 million in 1946. Interest payments in 1947 do
1/ Interest-bearing marketable securities only.
2/ Includes the .90%-13-month notes which matured July 1, 1946.
Public Debt and the General Fund Balance on Specified Dates
(In millions of dollars)
<table><tr><th>Classification</th><th>Feb. 28, 1946</th><th>June 30, 1946</th><th>June 30, 1947</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th>From 2/28/46 to 6/30/47</th><th>During fiscal year 1947</th></tr><tr><td>Gross public debt</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing:</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></tr><tr><td>Marketable</td><td>199,810</td><td>189,606</td><td>168,702</td><td>-31,108</td><td>-20,904</td></tr><tr><td>Nonmarketable</td><td>57,206</td><td>56,173</td><td>59,045</td><td>+1,839</td><td>+2,872</td></tr><tr><td>Subtotal</td><td>257,016</td><td>245,779</td><td>227,747</td><td>-29,269</td><td>-18,032</td></tr><tr><td>Special issues</td><td>20,897</td><td>22,332</td><td>27,366</td><td>+6,469</td><td>+5,034</td></tr><tr><td>Noninterest-bearing notes issued to International Bank and Monetary Fund</td><td>-</td><td>-</td><td>2,140</td><td>+2,140</td><td>+2,140</td></tr><tr><td>Other 1/</td><td>1,301</td><td>1,311</td><td>1,033</td><td>-268</td><td>-278</td></tr><tr><td>Total gross public debt</td><td>279,214</td><td>269,422</td><td>258,286</td><td>-20,928</td><td>-11,136</td></tr><tr><td>General fund balance</td><td>25,961</td><td>14,238</td><td>3,308</td><td>-22,653</td><td>-10,930</td></tr><tr><td>Net</td><td>253,253</td><td>255,184</td><td>254,978</td><td>+1,725</td><td>-206</td></tr></table>
1/ Includes matured debt and other debt bearing no interest.
Treasury Bulletin
A-4
Maturity Classification of Public Marketable Issues of Interest-bearing Public Debt Outstanding on Specified Dates
(In millions of dollars)
<table><tr><th>Maturating or callable</th><th>Feb. 28, 1946</th><th>June 30, 1946</th><th>June 30, 1947</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th>From 2/28/46 to 6/30/47</th><th>During fiscal year 1947</th></tr><tr><td>Within 3 months</td><td>29,349</td><td>28,755</td><td>26,650</td><td>-2,699</td><td>-2,105</td></tr><tr><td>3 months to 1 year</td><td>40,914</td><td>33,220</td><td>25,677</td><td>-15,237</td><td>-7,543</td></tr><tr><td>1 to 5 years</td><td>35,388</td><td>35,066</td><td>42,543</td><td>+7,155</td><td>+7,477</td></tr><tr><td>5 to 10 years</td><td>33,131</td><td>32,953</td><td>19,024</td><td>-14,107</td><td>-13,929</td></tr><tr><td>10 to 15 years</td><td>17,400</td><td>16,012</td><td>13,326</td><td>-4,074</td><td>-2,686</td></tr><tr><td>15 to 20 years</td><td>17,796</td><td>21,227</td><td>27,076</td><td>+9,280</td><td>+5,849</td></tr><tr><td>Over 20 years</td><td>25,832</td><td>22,372</td><td>14,405</td><td>-11,427</td><td>-7,967</td></tr><tr><td>Total</td><td>199,810</td><td>189,606</td><td>168,702</td><td>-31,108</td><td>-20,904</td></tr></table>
not reflect the full annual interest savings which ultimately will be effected from debt retirements made during the year. In the first place, there is a time lag between the retirement of debt and the time the interest savings become effective; for instance, only about a half-year's interest would be saved on debt retired in the first half of the year while the interest savings on debt retired in the latter half would not be noticeable until the year following. The second factor which tends to offset interest savings on
the retirement of marketable debt is the somewhat higher average rate paid on new issues during the year of securities such as special issues to trust funds and Government investment accounts than the rate paid on the issues retired.
The effect of Treasury financing during the year as it relates to the interest burden of the debt is shown in the following table. It should be noted that the figures in this table relate to computed annual interest charges as of a speci-
Computed Average Interest Rate and Annual Interest Charge on Outstanding Public Debt
Dollar amounts in millions)
<table><tr><th>Classification</th><th colspan="2">June 30, 1946</th><th colspan="2">June 30, 1947</th><th>Change in annual interest charge</th></tr><tr><th></th><th>Average interest rate</th><th>Annual interest charge</th><th>Average interest rate</th><th>Annual interest charge</th><th></th></tr><tr><td>Marketable:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bills</td><td>.381%</td><td>$ 65</td><td>.382%</td><td>$ 60</td><td>$ -5</td></tr><tr><td>Certificates</td><td>.875</td><td>305</td><td>.875</td><td>221</td><td>-84</td></tr><tr><td>Notes</td><td>1.289</td><td>235</td><td>1.448</td><td>118</td><td>-117</td></tr><tr><td>Bonds</td><td>2.307</td><td>2,757</td><td>2.307</td><td>2,757</td><td>-</td></tr><tr><td>Subtotal</td><td>1.773</td><td>3,362</td><td>1.871</td><td>3,156</td><td>-206</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Armed forces leave bonds</td><td>-</td><td>-</td><td>2.500</td><td>45</td><td>+45</td></tr><tr><td>Savings bonds</td><td>2.777</td><td>1,362</td><td>2.765</td><td>1,420</td><td>+58</td></tr><tr><td>Savings notes</td><td>1.070</td><td>72</td><td>1.070</td><td>59</td><td>-13</td></tr><tr><td>Depositary bonds</td><td>2.000</td><td>9</td><td>2.000</td><td>7</td><td>-2</td></tr><tr><td>Subtotal</td><td>2.567</td><td>1,442</td><td>2.593</td><td>1,531</td><td>+89</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal old-age and survivors insurance trust fund</td><td>1.923</td><td>114</td><td>1.980</td><td>141</td><td>+27</td></tr><tr><td>Unemployment trust fund</td><td>1.875</td><td>126</td><td>2.000</td><td>143</td><td>+17</td></tr><tr><td>National service life insurance fund</td><td>3.000</td><td>157</td><td>3.000</td><td>194</td><td>+37</td></tr><tr><td>Other (Government employees' retirement funds, Postal Savings System, etc.)</td><td>3.351</td><td>150</td><td>3.147</td><td>209</td><td>+59</td></tr><tr><td>Subtotal</td><td>2.448</td><td>547</td><td>2.510</td><td>687</td><td>+140</td></tr><tr><td>Total</td><td>1.996</td><td>5,351</td><td>2.107</td><td>5,374</td><td>+23</td></tr></table>
Note: There are certain differences between computed annual interest charges shown in this table and actual interest payments. The average rates shown for savings bonds and savings notes represent the annual yield if held to maturity. Only the discount currently accruing on savings bonds, which at present
is less than the computed annual interest charge, is included in interest payments. On the other hand, interest on armed forces leave bonds and savings notes is reflected as payments only at time of redemption.
August 1947
A-5
filed date and not to actual payments during any particular year. The principal reason why computed interest charges currently exceed interest payments is that accruals of discount on savings bonds (included as payments) are still well below the average annual interest on such bonds if held to maturity (included as charges).
The over-all computed average rate on the interest-bearing public debt outstanding on June 30, 1947 was 2.107 percent, compared with 1.996 percent a year ago. This increase in the general average rate was due to the retirement of large amounts of short-term debt bearing rela-
tively low rates of interest, and the continued issue of nonmarketable and special issues at higher-than-average rates.
General fund
The general fund cash balance at the close of the fiscal year amounted to $3,308 million, a reduction of $10,930 million during the fiscal year. Deposits with special depositaries on account of sales of government securities (i.e., war loan accounts) decreased from $12,993 million on June 30, 1946 to $962 million on June 30, 1947, a decrease of $12,031 million.
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.
July certificate maturity
On July 1, 1947 there was a maturity of 7/8% certificates of indebtedness outstanding in the amount of $2,916 million. Secretary of the Treasury Snyder announced on June 23 the offering of a new one-year 7/8% certificate issue in exchange, par for par, for the maturing issue. Cash subscriptions were not received.
The new certificates were dated July 1, 1947 and will mature July 1, 1948. They will bear interest at the rate of 7 3/4 per annum which will be subject to all Federal income taxes. Interest will be payable in full with the principal at maturity. The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Subscription books were opened on June 23 and were closed at the end of business on June 25. On July 1, 1947, Secretary Snyder announced that exchanges amounted to $2,742 mil-
lion, leaving $174 million to be paid in cash.
Reports to the Treasury on the ownership of the debt indicate that on May 31, 63% of the maturing certificates was owned by reporting commercial banks and the Federal Reserve Banks. The May 31 figures are the latest available.
Treasury bill retirement in June
The Treasury Department made a further reduction in outstanding Treasury bills in June. There were four maturities of $1.3 billion each during the month of June. The first three of these were refunded in full, while the issue maturing on June 26 was reduced by $.2 billion. Bill retirements from April 17, when the first bill reduction took place, through June 30 reached a total of $1.3 billion. A more detailed discussion of bill retirement and the entire debt pay-off program was presented in the "Treasury Market Financing Article" in the July 1947 "Treasury Bulletin".
August 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th colspan="7">Complete fiscal years, 1945 to 1948 1/</th></tr><tr><th></th><th colspan="2">Actual</th><th colspan="2">Estimated</th><th colspan="2">Change</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>1948 1/</th><th>1946 to 1947</th><th>1947 to estimated 1948 1/</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profits taxes</td><td>35,173</td><td>30,885</td><td>29,306</td><td></td><td>-1,579</td><td></td></tr><tr><td>Employment taxes</td><td>1,780</td><td>1,701</td><td>2,024</td><td></td><td>+324</td><td></td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>6,949</td><td>7,725</td><td>8,049</td><td></td><td>+325</td><td></td></tr><tr><td>Customs</td><td>355</td><td>435</td><td>494</td><td></td><td>+59</td><td></td></tr><tr><td>Other receipts 3/</td><td>3,483</td><td>3,493</td><td>4,829</td><td></td><td>+1,336</td><td></td></tr><tr><td>Total receipts</td><td>47,740</td><td>44,239</td><td>44,703</td><td></td><td>+464</td><td></td></tr><tr><td>Less:</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>1,283</td><td>1,201</td><td>1,444</td><td></td><td>+243</td><td></td></tr><tr><td>Net budget receipts</td><td>46,457</td><td>43,038</td><td>43,259</td><td>41,667</td><td>+221</td><td>-1,592</td></tr><tr><td>Expenditures:</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></tr><tr><td>War Department</td><td>50,337</td><td>27,800</td><td>7,425</td><td></td><td>-20,375</td><td></td></tr><tr><td>Navy Department</td><td>30,047</td><td>15,161</td><td>4,998</td><td></td><td>-10,163</td><td></td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>-</td><td>1,847</td><td></td><td>+1,847</td><td></td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>139</td><td></td><td>+139</td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>9,645</td><td>5,581</td><td>2,733</td><td></td><td>-2,847</td><td></td></tr><tr><td>Total</td><td>90,029</td><td>48,542</td><td>17,142</td><td></td><td>-31,400</td><td></td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 4/ 5/</td><td>2,060</td><td>4,253</td><td>7,259</td><td></td><td>+3,006</td><td></td></tr><tr><td>Interest on the public debt</td><td>3,617</td><td>4,722</td><td>4,958</td><td></td><td>+236</td><td></td></tr><tr><td>Refunds of taxes and duties</td><td>1,707</td><td>3,027</td><td>3,041</td><td></td><td>+14</td><td></td></tr><tr><td>Total</td><td>7,384</td><td>12,002</td><td>15,258</td><td></td><td>+3,256</td><td></td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bretton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>159</td><td>476</td><td></td><td>+318</td><td></td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>950</td><td></td><td>+950</td><td></td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>674</td><td>325</td><td></td><td>-349</td><td></td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>2,050</td><td></td><td>+2,050</td><td></td></tr><tr><td>Total</td><td>-</td><td>833</td><td>3,801</td><td></td><td>+2,969</td><td></td></tr><tr><td>Aid to agriculture 4/ 6/</td><td>762</td><td>980</td><td>2,299</td><td></td><td>+1,320</td><td></td></tr><tr><td>Social security program 4/ 6/</td><td>815</td><td>852</td><td>1,074</td><td></td><td>+222</td><td></td></tr><tr><td>Public works</td><td>323</td><td>407</td><td>1,038</td><td></td><td>+631</td><td></td></tr><tr><td>Other general expenditures 4/</td><td>1,093</td><td>1,403</td><td>2,208</td><td></td><td>+805</td><td></td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td></td></tr><tr><td>Government corporations (wholly owned), etc. (net):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities</td><td>472</td><td>328</td><td>138</td><td></td><td>-190</td><td></td></tr><tr><td>Other</td><td>-288</td><td>-23</td><td>215</td><td></td><td>+238</td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>471</td><td>-1,014</td><td>-1,076</td><td></td><td>-31</td><td></td></tr><tr><td>Other</td><td>-602</td><td>-566</td><td>408</td><td></td><td>+974</td><td></td></tr><tr><td>Total</td><td>-7</td><td>-1,305</td><td>-314</td><td></td><td>+990</td><td></td></tr><tr><td>Total budget expenditures</td><td>100,397</td><td>63,714</td><td>42,505</td><td>37,000</td><td>-21,209</td><td>-5,505</td></tr><tr><td>Net budget surplus (+) or deficit (-)</td><td>-53,941</td><td>-20,676</td><td>+754</td><td>+4,667</td><td>+21,430</td><td>+3,913</td></tr></table><p>Source: Daily Treasury Statement, except as noted</p>
1/ Based upon the 1948 Budget document as revised August 20, 1947. Further detail will be published in the "Treasury Bulletin" for September.
2/ Includes chiefly alcoholic beverages taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
3/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1945, $2,041 mil
4/ Includes transfers to trust accounts, etc.
5/ Includes expenditures for public works undertaken by Veterans' Administration.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.
August 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="2">Actual</th><th colspan="2">Estimated</th><th colspan="2">Change</th></tr><tr><th>1945</th><th>1946</th><th>1947</th><th>1948 1/</th><th>1946 to 1947</th><th>1947 to estimated 1948 1/</th></tr><tr><td colspan="7">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt: Public issues: Marketable.</td><td>181,319</td><td>189,606</td><td>168,702</td><td></td><td>-20,904</td><td></td></tr><tr><td>Non-marketable.</td><td>56,226</td><td>56,173</td><td>59,045</td><td></td><td>+2,872</td><td></td></tr><tr><td>Total public issues.</td><td>237,545</td><td>245,779</td><td>227,747</td><td></td><td>-18,032</td><td></td></tr><tr><td>Special issues.</td><td>18,812</td><td>22,332</td><td>27,366</td><td>n.a.</td><td>+5,035</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt.</td><td>256,357</td><td>268,111</td><td>255,113</td><td></td><td>-12,997</td><td></td></tr><tr><td>Matured debt and debt bearing no interest.</td><td>2,326</td><td>1,311</td><td>3,172</td><td></td><td>+1,862</td><td></td></tr><tr><td>Total public debt outstanding.</td><td>258,682</td><td>269,422</td><td>258,286</td><td>253,200</td><td>-11,136</td><td>-5,086</td></tr><tr><td colspan="7">Securities guaranteed by the United States 2/</td></tr><tr><td>Interest-bearing debt: Public issues: Marketable.</td><td>34</td><td>43</td><td>38</td><td></td><td>-4</td><td></td></tr><tr><td>Non-marketable.</td><td>375</td><td>424</td><td>45</td><td></td><td>-379</td><td></td></tr><tr><td>Total interest-bearing debt.</td><td>409</td><td>467</td><td>83</td><td>n.a.</td><td>-383</td><td>n.a.</td></tr><tr><td>Matured debt.</td><td>24</td><td>10</td><td>6</td><td></td><td>-3</td><td></td></tr><tr><td>Total guaranteed securities outstanding.</td><td>433</td><td>476</td><td>90</td><td>n.a.</td><td>-387</td><td>n.a.</td></tr><tr><td>Total public debt and guaranteed securities outstanding.</td><td>259,115</td><td>269,898</td><td>258,376</td><td>n.a.</td><td>-11,523</td><td>n.a.</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available.
1/ Based upon the 1948 Budget document as revised August 20, 1947. 2/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">End of fiscal years, 1945-1948</th><th rowspan="2">Estimated</th></tr><tr><th>1945</th><th>Actual 1946</th><th>1947</th><th>1948 1/</th></tr><tr><td colspan="5">Amount required to be financed</td></tr><tr><td>Net budget deficit.......................</td><td>53,941</td><td>20,676</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt.............</td><td>-</td><td>-</td><td>11,136</td><td>5,086</td></tr><tr><td>Net increase in General Fund balance.....</td><td>4,529</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>524</td><td>548</td><td>328</td></tr><tr><td>Total amount required to be financed.....</td><td>58,470</td><td>21,200</td><td>11,684</td><td>5,414</td></tr><tr><td colspan="5">Means of financing</td></tr><tr><td>Net budget surplus......................</td><td>-</td><td>-</td><td>754</td><td>4,667</td></tr><tr><td>Net increase in public debt.............</td><td>57,679</td><td>10,740</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance.....</td><td>-</td><td>10,460</td><td>10,930</td><td>747</td></tr><tr><td>Net receipts in trust accounts, etc. 2/....</td><td>791</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed..................</td><td>58,470</td><td>21,200</td><td>11,684</td><td>5,414</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1948 Budget document as revised August 20, 1947.
2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market (net), increment on gold, assignorage on silver, miscellaneous funds and accounts, and beginning with July 1946, a clearing account for outstanding checks.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES
August 1947
5
Budget 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 budget 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 corporation (wholly owned), etc. (net)</th></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>185</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>-3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 4/</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>-3,910</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 4/</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079 5/</td><td>6,301</td><td>331</td><td>1,054</td><td>-6,158</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 1/</td><td>869</td><td>12,799</td><td>34,290</td><td>6,005</td><td>26,011</td><td>381</td><td>1,893</td><td>-21,491</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 4/6/</td><td>1,103</td><td>22,282</td><td>79,702</td><td>5,635</td><td>72,109</td><td>435</td><td>1,523</td><td>-57,420</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 5/</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 5/</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 5/</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,592</td><td>1,918</td><td>-1,305</td><td>-20,676</td></tr><tr><td>1947</td><td>44,703</td><td>39,379</td><td>494</td><td>1,829</td><td>1,444</td><td>43,259</td><td>42,505</td><td>24,323</td><td>17,142</td><td>1,355</td><td>-314</td><td>+754</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><tr><td>May</td><td>3,204</td><td>2,578</td><td>37</td><td>589</td><td>339</td><td>2,865</td><td>3,851</td><td>2,706</td><td>1,327</td><td>432</td><td>-614</td><td>-987</td></tr><tr><td>June</td><td>5,480</td><td>3,933</td><td>35</td><td>1,452</td><td>7</td><td>5,473</td><td>5,540</td><td>3,059</td><td>1,493</td><td>18</td><td>970</td><td>-67</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.
5/ 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 heels of covering war- rants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million; and fiscal year 1946, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profit taxee</th><th colspan="3">Employment taxes</th><th rowspan="2">Carriers' 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>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 5/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,957</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>5,251</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>1947</td><td>39,379</td><td>29,306</td><td>10,013</td><td>19,292</td><td>2,024</td><td>1,459</td><td>185</td><td>380</td><td>8,049</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><tr><td>May</td><td>2,578</td><td>1,619</td><td>1,218</td><td>400</td><td>364</td><td>340</td><td>12</td><td>12</td><td>595</td></tr><tr><td>June</td><td>3,993</td><td>3,270</td><td>778</td><td>2,492</td><td>121</td><td>8</td><td>1</td><td>112</td><td>602</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profit taxes.
1/ Includes unjust enrichment tax.
2/ For the period prior to September 1939, the date 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.
3/ Includes less than $500,000 in receipts from "Agricultural Adjustment taxes."
6
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total general expenditures</th><th colspan="4">Veterans' Administration interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th>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 3/5/</th><th>Public works 1/</th><th>Inter- national Finance 8/</th><th>Civilian Conservation Corps 9/</th><th>Direct and work relief 2/</th><th>Other 2/</th></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>1947</td><td>24,323</td><td>14,441</td><td>6,442</td><td>4,958</td><td>3,041</td><td>9,882</td><td>2,299 5/</td><td>767</td><td>1,038</td><td>3,801</td><td>-</td><td>-</td><td>1,976</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><tr><td>May</td><td>2,706</td><td>1,244</td><td>581</td><td>92</td><td>571</td><td>1,463</td><td>748 5/</td><td>156</td><td>69</td><td>359</td><td>-</td><td>-</td><td>131</td></tr><tr><td>June</td><td>3,059</td><td>2,389</td><td>583</td><td>1,396</td><td>410</td><td>670</td><td>-6</td><td>45</td><td>78</td><td>300</td><td>-</td><td>-</td><td>254</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 issuances of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations until they paid a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government." Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works. Amounts for restoration of capital impairment of Commodity Credit Corporation are as follows: Fiscal year 1945, $257 million; July 1946, $921 million and May 1947, $642 million.
6/ includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social Security program.
7/ includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with National defense and related activities by the Federal Works Agency, beginning July 1941.
8/ Consists of payments under Bretton Woods Agreements Act - International Bank; credit to United Kingdom; and Export-Import Bank of Washington - capital stock.
9/ Classified as Other expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
10/ Gross expenditures have been reduced $115 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.
August 1947
7
Budget Receipts 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>Savy Department</th><th>Armed Forces Leave Act of 1946 1/ Bonds Cash</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 2/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United States Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other National defense and related activities expenditures 3/</th></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>-</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</td><td>1,041</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,367</td><td>120</td><td>664</td><td>106 4/</td><td>611</td></tr><tr><td>1947</td><td>17,142</td><td>7,425</td><td>4,998</td><td>1,847</td><td>-174</td><td>16</td><td>40</td><td>99</td><td>34</td><td>124</td><td>271</td><td>74</td><td>-</td><td>1,501</td><td>442</td><td>307</td></tr><tr><td>1947-January</td><td>1,412</td><td>644</td><td>353</td><td>278</td><td>-98</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>-14</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>2</td><td>1</td><td>2</td><td>4</td><td>2</td><td>12</td><td>7</td><td>5/</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>13</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><tr><td>May</td><td>1,327</td><td>707</td><td>362</td><td>91</td><td>-38</td><td>1</td><td>5</td><td>3</td><td>2</td><td>-3</td><td>30</td><td>5/</td><td>-</td><td>101</td><td>45</td><td>16</td></tr><tr><td>June</td><td>1,493</td><td>844</td><td>383</td><td>35</td><td>-27</td><td>1</td><td>3</td><td>3</td><td>3</td><td>-1</td><td>50</td><td>5/</td><td>-</td><td>132</td><td>51</td><td>12</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 war public housing functions.
3/ Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter
such expenditures are reflected within the respective departments. 4/ Classification changed to reflect expenditures under "National Defense and Related 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 (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></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>1947</td><td>1,355</td><td>817</td><td>308</td><td>223</td><td>-</td><td>8</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><tr><td>May</td><td>432</td><td>432</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Additional transactions are shown in Table 3. 2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
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
Budget 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 2/</th></tr><tr><td>1938</td><td>-208</td><td>-184</td><td>-1</td><td></td><td>1</td><td>-43</td><td>3/</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>3/</td><td>247</td><td>0</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>0</td><td>-5</td><td>17</td><td>-40</td><td>3/</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>0</td><td>-4</td><td>233</td><td>-239</td><td>3/</td><td>725</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>0</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>0</td><td>-6</td><td>-3</td><td>-363</td><td>3/</td><td>2,462</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>0</td><td>-2</td><td>15</td><td>-396</td><td>3/</td><td>2,435</td><td>-1</td><td>-446</td></tr><tr><td>1945</td><td>-7</td><td>471 4/</td><td>0</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 4/</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>1947</td><td>-314</td><td>-1,076</td><td>613</td><td>-1</td><td>1</td><td>-202</td><td>138</td><td>215</td><td>-30</td><td>27</td></tr><tr><td>1947-January</td><td>108</td><td>101</td><td>78</td><td>0</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><tr><td>May</td><td>-614</td><td>-590 5/</td><td>83</td><td>-1</td><td>0</td><td>-13</td><td>-59</td><td>-18</td><td>7</td><td>-23</td></tr><tr><td>June</td><td>970</td><td>116</td><td>81</td><td>-6</td><td>-1</td><td>-18</td><td>676</td><td>119</td><td>-33</td><td>37</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Motele 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/ Include Federal Crop Insurance Corporation, Farm Security Administration, Federal Farm Mortgage Corporation, Federal Savings and Loan Insurance Corporation, Federal Intermediate Credit Banks - Production Credit Corporations, and Tennessee Valley Authority. 3/ Division between expenditures for National defense and related activities and other not available.
4) Payments of $957 million have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the lend-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,182 million.
5) The act of May 26, 1947, authorised the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $642 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).
August 1947
9
Budget Receipts and Expenditures - (Continued)
Table 7.- Total Budget 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 budget receipts 1/</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>31,554</td></tr><tr><td>1944</td><td>2,787</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>2,550</td><td>2,865</td><td>5,473</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budget expenditures 2/
<table><tr><th colspan="14">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>4,406</td><td>4,570</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><th colspan="14">B. Including net expenditures of Government corporations (wholly owned), etc. 3/</th></tr><tr><td>1944</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>-</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,649</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>3,851</td><td>5,540</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Net budget surplus (+) or deficit (-)
<table><tr><th colspan="13">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>-2,147</td></tr><tr><td>1939</td><td>-385</td><td>-245</td><td>-132</td><td>-517</td><td>-348</td><td>-339</td><td>-499</td><td>-402</td><td>-65</td><td>-442</td><td>-284</td><td>-311</td><td>-3,967</td></tr><tr><td>1940</td><td>-398</td><td>-224</td><td>-22</td><td>-479</td><td>-247</td><td>-237</td><td>-487</td><td>-258</td><td>-48</td><td>-536</td><td>-455</td><td>-432</td><td>-3,823</td></tr><tr><td>1941</td><td>-771</td><td>-534</td><td>+167</td><td>-750</td><td>-747</td><td>-252</td><td>-1,185</td><td>-1,133</td><td>-739</td><td>-1,637</td><td>-1,294</td><td>-1,329</td><td>-10,204</td></tr><tr><td>1942</td><td>-2,050</td><td>-1,871</td><td>+126</td><td>-3,058</td><td>-3,391</td><td>-2,037</td><td>-4,413</td><td>-4,628</td><td>-3,404</td><td>-5,331</td><td>-5,761</td><td>-3,799</td><td>-39,618</td></tr><tr><td>1943</td><td>-5,584</td><td>-5,164</td><td>-2,147</td><td>-5,952</td><td>-5,955</td><td>-3,758</td><td>-5,105</td><td>-4,896</td><td>-2,087</td><td>-5,426</td><td>-5,740</td><td>-1,716</td><td>-53,530</td></tr><tr><td>1944</td><td>-4,823</td><td>-5,359</td><td>-1,952</td><td>-4,772</td><td>-5,342</td><td>-2,378</td><td>-5,947</td><td>-5,551</td><td>-2,004</td><td>-6,023</td><td>-5,587</td><td>-2,999</td><td>-52,737</td></tr><tr><td>1945</td><td>-4,645</td><td>-3,693</td><td>-2,540</td><td>-5,040</td><td>-6,190</td><td>-3,727</td><td>-5,862</td><td>-4,357</td><td>-1,422</td><td>-3,420</td><td>-2,282</td><td>-1,327</td><td>-44,505</td></tr><tr><td>1946</td><td>-1,073</td><td>+168</td><td>+1,146</td><td>-1,573</td><td>-944</td><td>-1,034</td><td>-1,975</td><td>-363</td><td>+1,627</td><td>-479</td><td>-193</td><td>+490</td><td>-4,204</td></tr><tr><td>1947</td><td>+814</td><td>+432</td><td>+2,209</td><td>-1,424</td><td>-1,601</td><td>+903</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. 3/
<table><tr><td>-4,683<br>-1,042<br>+706</td><td>-3,514<br>+243<br>+464</td><td>-2,373<br>+1,902<br>+2,102</td><td>-4,972<br>-1,591<br>-1,445</td><td>-6,028<br>-1,131<br>-987</td><td>-3,838<br>-873<br>-67</td><td>-5,937<br>-6,126<br>-1,105</td><td>-5,776<br>-4,293<br>-499</td><td>-1,976<br>-1,497<br>+1,723</td><td>-6,134<br>-3,165<br>-420</td><td>-5,706<br>-2,208<br>-165</td><td>-3,004<br>-895<br>+445</td><td>-43,594<br>-2,512</td></tr></table>
Source: Daily Treasury Statement.
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Monthly figures for the period January 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="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1938</td><td>446</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>435</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>906</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-14</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-1,613</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-2,222</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>4791</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>1947</td><td>-548</td><td>-37</td><td>1,607</td><td>1,644</td><td>-11</td><td>1,504</td><td>1,516</td><td>-23</td><td>1,289</td><td>1,312</td><td>+1</td><td>323</td><td>322</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><tr><td>May</td><td>499</td><td>+298</td><td>339</td><td>41</td><td>-15</td><td>473</td><td>488</td><td>+6</td><td>251</td><td>245</td><td>*</td><td>22</td><td>21</td></tr><tr><td>June</td><td>-634</td><td>-358</td><td>107</td><td>465</td><td>+9</td><td>228</td><td>218</td><td>-10</td><td>117</td><td>127</td><td>+1</td><td>22</td><td>21</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th rowspan="2">Sales and re-demptions of obligations of Government corporations, etc., in the market (net) 3/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>490</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>490</td><td>-16</td><td>+1,106</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>-</td><td>49</td><td>+61</td><td>+288</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>-</td><td>+20</td><td>-4</td><td>+852</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>-</td><td>-</td><td>+264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>-</td><td>-</td><td>+503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>-</td><td>+448</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-302</td><td>1,505</td><td>1,807</td><td>-</td><td>-</td><td>-372</td><td>-359</td><td>+555</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><tr><td>May</td><td>-185</td><td>-146</td><td>40</td><td>-</td><td>-</td><td>-39</td><td>-3</td><td>+37</td></tr><tr><td>June</td><td>-140</td><td>249</td><td>389</td><td>-</td><td>-</td><td>-46</td><td>-93</td><td>+3</td></tr></table>
Source: Daily Treasury Statement. 
1/ 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.
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
August 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 budget surplus (+) or deficit (-) 1/</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1938</td><td>1,177</td><td>-1,177</td><td>-</td><td>-</td><td>-</td><td>1,177</td><td>740</td><td>338</td><td>98</td></tr><tr><td>1939</td><td>4,484</td><td>-3,862</td><td>-</td><td>622</td><td>-</td><td>4,484</td><td>3,275</td><td>-</td><td>1,210</td></tr><tr><td>1940</td><td>3,910</td><td>-3,910</td><td>-</td><td>-</td><td>-</td><td>3,910</td><td>2,528</td><td>947</td><td>435</td></tr><tr><td>1941</td><td>6,900</td><td>-6,158</td><td>-</td><td>742</td><td>-</td><td>6,900</td><td>5,994</td><td>-</td><td>906</td></tr><tr><td>1942</td><td>23,461</td><td>-21,491</td><td>-</td><td>358</td><td>1,613</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>-57,420</td><td>-</td><td>6,515</td><td>338</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,507</td><td>-51,424</td><td>-</td><td>10,662</td><td>2,222</td><td>64,507</td><td>64,507</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>1947</td><td>10,930</td><td>+754</td><td>11,136</td><td>-</td><td>548</td><td>10,930</td><td>-</td><td>10,930</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><tr><td>May</td><td>987</td><td>-987</td><td>-</td><td>-</td><td>-</td><td>987</td><td>642</td><td>245</td><td>99</td></tr><tr><td>June</td><td>758</td><td>-67</td><td>57</td><td>-</td><td>634</td><td>758</td><td>-</td><td>758</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes Government corporations (wholly owned), etc., (net).
2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, increment on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July 1946, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
Treasury Bulletin
12
Social Security Program: Section I - Budget Receipts and Expenditures
Table 1.- Social Security Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th colspan="2">Social Security taxes</th><th>Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</th></tr><tr><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th></th><th></th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</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>1947</td><td>1,644.3</td><td>1,459.5</td><td>184.8</td><td>1,443.9</td><td>200.4</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><tr><td>May</td><td>352.3</td><td>340.4</td><td>11.9</td><td>339.2</td><td>13.1</td></tr><tr><td>June</td><td>9.3</td><td>7.9</td><td>1.3</td><td>6.8</td><td>2.5</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Admissible expenses $</th><th colspan="9">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures $</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Childcare Bureau Services for crippled children</th><th>Child welfare service</th><th>Department of Labor U. S. Employment Service 1/</th></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 9/</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>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>*</td><td>6.2</td><td>326.1</td></tr><tr><td>1947</td><td>757.7</td><td>24.9</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>-</td><td>10.7</td><td>7.5</td><td>2.0</td><td>*</td><td>8.8</td><td>557.3</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>1.8</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>1.1</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>1.1</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><tr><td>May</td><td>155.7</td><td>1.9</td><td>153.3</td><td>111.6</td><td>26.2</td><td>3.3</td><td>10.3</td><td>-</td><td>1.2</td><td>.8</td><td>-</td><td>*</td><td>.5</td><td>142.6</td></tr><tr><td>June</td><td>44.0</td><td>2.1</td><td>41.3</td><td>30.9</td><td>7.1</td><td>1.7</td><td>.5</td><td>-</td><td>1.5</td><td>.6</td><td>*</td><td>*</td><td>.6</td><td>41.5</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title II of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employee 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 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.
5/ 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.
6/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
1/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
8/ Covered by appropriation by Congress.
9/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $1 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
August 1947
13
Social Security Program - (Continued)
Section I
Budget Receipts and Expenditures - (Continued)
Table 2. - Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th>Excess of expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expenses</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th></th></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1947</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</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><tr><td>May</td><td>12.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-12.0</td></tr><tr><td>June</td><td>112.0</td><td>1.5</td><td>1.5</td><td>-</td><td>*</td><td>-110.5</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> Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th>Excess of expenditures 5/</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administra-tion Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th></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>1947</td><td>14.2</td><td>13.7</td><td>4.5</td><td>9.2</td><td>-5</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><tr><td>May</td><td>.1</td><td>.5</td><td>.5</td><td>-</td><td>.4</td></tr><tr><td>June</td><td>3.2</td><td>-5</td><td>-5</td><td>-</td><td>-3.8</td></tr></table>
Source: Daily Treasury Statement.
Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>Unexpended balance In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>12.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>781.5</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</td><td>10,558.8</td><td>9,719.0</td><td>839.7</td><td>1,760.7</td><td>1,529.6</td><td>206.0</td><td>25.2</td><td>8,798.0</td><td>8,742.3</td><td>7.3</td><td>48.4</td></tr><tr><td>1947-May</td><td>10,450.8</td><td>9,711.1</td><td>739.7</td><td>1,718.2</td><td>1,490.6</td><td>204.8</td><td>22.7</td><td>8,732.6</td><td>8,318.7</td><td>360.6</td><td>53.3</td></tr><tr><td>June</td><td>10,558.8</td><td>9,719.0</td><td>839.7</td><td>1,760.7</td><td>1,529.6</td><td>206.0</td><td>25.2</td><td>8,798.0</td><td>8,742.3</td><td>7.3</td><td>48.4</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Under provisions of the Labor-Federal Security Act, 1947, sales 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 disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947</td><td>2,102.6</td><td>2,016.1</td><td>86.5</td><td>1,277.7</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</td></tr><tr><td>1947-May</td><td>2,080.6</td><td>2,016.1</td><td>64.5</td><td>1,261.2</td><td>819.4</td><td>801.0</td><td>.6</td><td>17.9</td></tr><tr><td>June</td><td>2,102.6</td><td>2,016.1</td><td>86.5</td><td>1,277.7</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</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="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><td></td><td></td><td>Deposits by States</td><td>Railroad unemployment insurance contributions 2/</td><td>Transfers from States 3/</td><td></td><td>With-drawals by States</td><td>Transfers to Railroad Unemployment Insurance Account 3/</td><td>Benefit payments</td><td>In General Fund (Special Deposit Account) 5/</td><td>In die-burlog office's account</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>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>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>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>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</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>274.3</td><td>105.9</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</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>383.7</td><td>105.9</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</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>502.5</td><td>106.3</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</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>618.7</td><td>106.7</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</td><td>56.9</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>113.5</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1947-May</td><td>12,140.5</td><td>10,537.8</td><td>717.0</td><td>107.2</td><td>56.9</td><td>721.7</td><td>4,309.4</td><td>4,091.6</td><td>107.2</td><td>110.6</td><td>7,831.2</td><td>7,804.0</td><td>22.0</td><td>5.2</td></tr><tr><td>June</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</td><td>56.9</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>113.5</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 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/ Represent excess funds of the Railroad Unemployment Insurance Administration fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
August 1947
15
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="7">1946</th><th colspan="7">1947</th></tr><tr><th></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><th>May</th><th>June</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>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>3,392</td><td>1,499</td><td>1,513</td><td>3,550</td><td>1,404</td><td>1,444</td><td>2,886</td><td>2,604</td><td>3,222</td><td>4,650</td><td>1,597</td><td>1,619</td><td>3,270</td></tr><tr><td>Employment taxes</td><td>73</td><td>67</td><td>302</td><td>85</td><td>74</td><td>290</td><td>86</td><td>58</td><td>387</td><td>114</td><td>75</td><td>364</td><td>121</td></tr><tr><td>Miscellaneous internal revenue</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>665</td><td>682</td><td>638</td><td>595</td><td>002</td></tr><tr><td>Customs</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><td>37</td><td>35</td></tr><tr><td>Other</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><td>587</td><td>1,314</td></tr><tr><td>Subtotal</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><td>3,203</td><td>5,342</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>37</td><td>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><td>251</td><td>47</td></tr><tr><td>Other trust funds and accounts</td><td>221</td><td>112</td><td>91</td><td>177</td><td>144</td><td>97</td><td>102</td><td>95</td><td>345</td><td>206</td><td>196</td><td>-105</td><td>154</td></tr><tr><td>Subtotal</td><td>259</td><td>152</td><td>300</td><td>217</td><td>186</td><td>252</td><td>150</td><td>133</td><td>521</td><td>251</td><td>239</td><td>146</td><td>201</td></tr><tr><td>Total cash income</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><td>3,349</td><td>5,544</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>Budget:</td><td></td><td></td><td></td><td></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 2/.</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><td>1,236</td><td>1,459</td></tr><tr><td>Veterans' Administration</td><td>496</td><td>463</td><td>512</td><td>448</td><td>518</td><td>458</td><td>560</td><td>549</td><td>545</td><td>565</td><td>594</td><td>581</td><td>583</td></tr><tr><td>Public works 3/</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><td>69</td><td>78</td></tr><tr><td>Aid to agriculture 4/</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>90</td><td>103</td><td>89</td><td>-4</td></tr><tr><td>Social security program</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><td>156</td><td>45</td></tr><tr><td>Interest on the public debt 5/</td><td>913</td><td>178</td><td>85</td><td>584</td><td>119</td><td>66</td><td>869</td><td>188</td><td>84</td><td>574</td><td>123</td><td>59</td><td>830</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>-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><td>-59</td><td>676</td></tr><tr><td>Other</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><td>-18</td><td>119</td></tr><tr><td>Commodity Credit Corporation</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><td>51</td><td>116</td></tr><tr><td>Other</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>69</td><td>103</td><td>67</td><td>-76</td></tr><tr><td>Other 6/</td><td>921</td><td>791</td><td>395</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><td>902</td><td>963</td></tr><tr><td>Subtotal</td><td>4,460</td><td>2,892</td><td>2,864</td><td>2,658</td><td>2,805</td><td>1,969</td><td>3,257</td><td>2,564</td><td>2,481</td><td>3,241</td><td>3,663</td><td>3,135</td><td>4,787</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>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><td>70</td><td>79</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td></td><td></td><td></td><td></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 Fund</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>34</td><td>39</td><td>41</td><td>41</td><td>41</td></tr><tr><td>Railroad Retirement Account</td><td>13</td><td>15</td><td>14</td><td>14</td><td>14</td><td>13</td><td>13</td><td>13</td><td>14</td><td>15</td><td>16</td><td>16</td><td>17</td></tr><tr><td>Other</td><td>37</td><td>76</td><td>-39</td><td>279</td><td>34</td><td>269</td><td>297</td><td>128</td><td>112</td><td>-35</td><td>-122</td><td>11</td><td>286</td></tr><tr><td>Subtotal</td><td>177</td><td>213</td><td>95</td><td>391</td><td>154</td><td>373</td><td>406</td><td>254</td><td>234</td><td>99</td><td>11</td><td>137</td><td>423</td></tr><tr><td>Redemption of adjusted service bonds</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds</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><td>1</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>2</td><td>6</td><td>10</td><td>9</td><td>11</td><td>8</td><td>7</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>963</td><td>-</td><td>-</td><td>33</td><td>25</td></tr><tr><td>Payments to International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150</td></tr><tr><td>Total cash outgo</td><td>5,046</td><td>3,113</td><td>2,970</td><td>3,054</td><td>2,963</td><td>2,345</td><td>3,670</td><td>2,827</td><td>3,690</td><td>3,352</td><td>3,686</td><td>3,115</td><td>5,394</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>310</td><td>410</td><td>-46</td><td>-1,644</td><td>161</td><td>-547</td><td>-588</td><td>-1,121</td><td>-1,474</td><td>-2,623</td><td>624</td><td>-33</td><td>-149</td></tr></table>
r Less than $500,000.
r Revised.
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin." For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin," February 1939.
2/ Excludes bonds issued under Armed Forces Leave Act of 1946.
3/ Comprises Public Buildings Administration, Public Roads Administra-
tion, 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 expenditure, except forest roads and trails which are included in public works. 5/ Includes 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 "National defence and related 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>Deco.</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>2,282</td><td>2,714</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,758</td><td>3,686</td><td>6,364</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>3,825</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>2,918</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>3,360</td><td>5,944</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>4,870</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>7,894</td><td>6,648</td><td>6,009</td><td>4,811</td><td>5,303</td><td>87,912</td></tr><tr><td>1946</td><td>5,630</td><td>3,921</td><td>4,169</td><td>4,172</td><td>4,383</td><td>5,046</td><td>3,113</td><td>2,970</td><td>3,094</td><td>2,963</td><td>2,385</td><td>3,670</td><td>45,435</td></tr><tr><td>1947</td><td>2,827</td><td>3,690</td><td>3,352</td><td>3,686</td><td>3,315</td><td>5,394</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>3,334</td><td>2,179</td><td>1,174</td><td>1,476</td><td>3,368</td><td>5,434</td><td>1,515</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>3,785</td><td>3,752</td><td>3,325</td><td>1,947</td><td>1,364</td><td>2,121</td><td>5,612</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>1,573</td><td>4,351</td><td>4,375</td><td>2,146</td><td>1,909</td><td>1,908</td><td>1,671</td><td>5,674</td><td>4,446</td><td>2,690</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>1,987</td><td>1,141</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>410</td><td>-146</td><td>-1,648</td><td>161</td><td>-547</td><td>-588</td><td>-317</td></tr><tr><td>1947</td><td>-1,121</td><td>-1,474</td><td>-2,623</td><td>824</td><td>-33</td><td>-149</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
GENERAL FUND OF THE TREASURY
16
Treasury Bulletin
August 1947
17
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>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>113</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>1947</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</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><tr><td>May</td><td>4,402</td><td>1,312</td><td>989</td><td>1,807</td><td>295</td></tr><tr><td>June</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</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>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>1945</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1946</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>1947</td><td>3,730</td><td>422</td><td>3,308</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><tr><td>May</td><td>4,402</td><td>336</td><td>4,066</td></tr><tr><td>June</td><td>3,730</td><td>422</td><td>3,308</td></tr></table>
Source: Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, (wholly owned), etc. (net) 1/</th><th>Public debt accounts</th><th colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Checking accounts of Government agencies, etc. 5/</th><th>Clearing account 6/</th></tr><tr><td>1938</td><td>-338</td><td>-1,176</td><td>792 7/</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 7/</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>-50</td><td>-</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-548</td><td>-372</td><td>-</td><td>-</td><td>-372</td><td>-359</td><td>555</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><tr><td>May</td><td>-245</td><td>-987</td><td>642</td><td>99</td><td>105</td><td>-</td><td>-</td><td>-39</td><td>-3</td><td>37</td></tr><tr><td>June</td><td>-758</td><td>-67</td><td>-57</td><td>-634</td><td>-498</td><td>-</td><td>-</td><td>-46</td><td>-93</td><td>3</td></tr></table>
Sources: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ This is the net budget 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. (cet).
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 increase on gold, in the years during which the retirements were actually made. (See footnote 7.)
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/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
August 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, 1938-1947
(In millions of dollars)
<table><tr><th></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><th>June 30, 1947</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>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><td>255,113</td></tr><tr><td>Guaranteed obligations</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><td>83</td></tr><tr><td>Total</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><td>255,197</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>3,179</td></tr><tr><td>Total outstanding</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><td>258,376</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>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td><td>17,041</td><td>17,039</td><td>15,775</td></tr><tr><td>Certificates of indebtedness</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><td>25,296</td></tr><tr><td>Treasury notes</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><td>8,142</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,459</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,864</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>197</td><td>196</td><td>196</td><td>196</td><td>195</td><td>196</td><td>196</td><td>196</td><td>180</td><td>166</td></tr><tr><td>Total marketable issues</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><td>168,702</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>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586 3/</td><td>49,035 3/</td><td>51,367 3/</td></tr><tr><td>Treasury notes - tax and savings series</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><td>5,560</td></tr><tr><td>Adjusted service bonds</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><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td><td>325</td></tr><tr><td>Armed forces leave bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,793</td></tr><tr><td>Total non-marketable issues</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><td>59,045</td></tr><tr><td>Total public issues</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><td>227,747</td></tr><tr><td>Special issues</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><td>27,366</td></tr><tr><td>Total interest-bearing debt</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><td>255,113</td></tr><tr><td>Matured debt on which interest has ceased</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><td>231</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>213</td><td>197</td><td>178</td><td>96</td><td>70</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td><td>58</td><td>19</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></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>416</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>1,724</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>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><td>517</td></tr><tr><td>Other debt bearing no interest</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><td>6</td></tr><tr><td>Total debt bearing no interest</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><td>2,942</td></tr><tr><td>Total public debt outstanding</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><td>258,286</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>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</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><td>-</td></tr><tr><td>Federal Housing Administration</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><td>38</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rome Ovors' Loan Corporation</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><td>-</td></tr><tr><td>Reconstruction Finance Corporation</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><td>-</td></tr><tr><td>Total marketable issues</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><td>38</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td><td>424</td><td>45</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td><td>424</td><td>45</td></tr><tr><td>Total interest-bearing debt</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><td>83</td></tr><tr><td>Matured debt on which interest has ceased</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><td>6</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>90</td></tr></table>
(Continued on following page)
August 1947.
21
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA (In millions of dollars)
<table><tr><th></th><th colspan="7">1946</th><th colspan="7">1947</th></tr><tr><th></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><th>May 31</th><th>June 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt....................</td><td>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><td>254,975</td><td>255,113</td></tr><tr><td>Guaranteed obligations.........</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><td>171</td><td>83</td></tr><tr><td>Total.........................</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><td>255,146</td><td>255,197</td></tr><tr><td>Matured debt and debt bearing no interest..</td><td>1,321</td><td>1,240</td><td>1,196</td><td>1,160</td><td>1,125</td><td>1,360</td><td>1,507</td><td>1,406</td><td>3,312</td><td>3,331</td><td>3,281</td><td>3,375</td><td>3,179</td></tr><tr><td>Total outstanding....................</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><td>258,521</td><td>258,376</td></tr><tr><td colspan="13">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><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</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><td>16,002</td><td>15,775</td></tr><tr><td>Certificates of indebtedness.......</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><td>26,294</td><td>25,296</td></tr><tr><td>Treasury notes....................</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>10,030</td><td>10,090</td><td>10,090</td><td>8,142</td><td>8,142</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>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><td>49,636</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible....</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><td>69,686</td><td>69,686</td></tr><tr><td>Postal savings and other bonds....</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><td>166</td><td>166</td></tr><tr><td>Total marketable issues.........</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><td>169,926</td><td>168,702</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>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><td>51,240</td><td>51,307</td></tr><tr><td>Treasury notes - savings series 3/</td><td>6,711</td><td>6,669</td><td>6,683</td><td>6,096</td><td>6,003</td><td>5,978</td><td>5,785</td><td>5,590</td><td>5,570</td><td>5,443</td><td>5,477</td><td>5,525</td><td>5,560</td></tr><tr><td>Depository bonds..................</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><td>333</td><td>325</td></tr><tr><td>Armed forces leave bonds........</td><td></td><td>70</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><td>1,765</td><td>1,793</td><td></td></tr><tr><td>Total non-marketable issues.....</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><td>58,863</td><td>53,045</td></tr><tr><td>Total public issues..............</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><td>228,789</td><td>227,747</td></tr><tr><td>Special issues....................</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><td>26,186</td><td>27,366</td></tr><tr><td>Total interest-bearing debt.....</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><td>254,975</td><td>255,113</td></tr><tr><td>Matured debt on which interest has ceased..</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><td>241</td><td>231</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.....</td><td>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><td>71</td><td>70</td></tr><tr><td>Exceed profits tax refund bonds..</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><td>20</td><td>19</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>248</td><td>248</td><td>243</td><td>407</td><td>407</td><td>407</td><td>566</td><td>416</td></tr><tr><td>International Monetary Fund series..</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>191</td><td>191</td><td>191</td><td>1,782</td><td>1,782</td><td>1,782</td><td>1,749</td><td>1,724</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>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><td>525</td><td>517</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>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><td>3,127</td><td>2,942</td></tr><tr><td>Total public debt outstanding....</td><td>269,422</td><td>268,270</td><td>267,546</td><td>265,369</td><td>263,532</td><td>262,277</td><td>259,149</td><td>259,776</td><td>261,418</td><td>259,124</td><td>257,701</td><td>258,343</td><td>258,286</td></tr><tr><td colspan="13">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 issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration....</td><td>43</td><td>43</td><td>43</td><td>44</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>46</td><td>46</td><td>46</td><td>33</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/...</td><td>424</td><td>281</td><td>326</td><td>347</td><td>334</td><td>317</td><td>286</td><td>217</td><td>135</td><td>130</td><td>126</td><td>125</td><td>45</td></tr><tr><td>Total interest-bearing debt.....</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><td>171</td><td>83</td></tr><tr><td>Matured debt on which interest has ceased..</td><td>10</td><td>9</td><td>9</td><td>9</td><td>8</td><td>8</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>6</td></tr><tr><td>Total guaranteed obligations outstanding..</td><td>476</td><td>333</td><td>379</td><td>400</td><td>386</td><td>370</td><td>339</td><td>270</td><td>188</td><td>182</td><td>178</td><td>177</td><td>89</td></tr></table><p>Source: Dearly Treasury Statement.</p><p>1/ Less than $500,000.</p><p>1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.</p><p>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 3/ Treasury Bulletin* July 1946, A-9, A-10.)</p><p>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.</p><p>4/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.</p><p>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.</p>
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
August 1947
23
Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>Outstanding at end of fiscal year or month</th><th>Total</th><th>Federal Deposit Insurance Corporation</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government Life Insurance Fund</th><th>Government retirement funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Adjusted Service Certificate Fund</th><th>Mutual Mortgage Insurance and War Housing Insurance Funds</th></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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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><td>-</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>14</td><td>-</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><td>-</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>7,104</td><td>62</td><td>1,254</td><td>2,460</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>12</td><td>18</td></tr><tr><td>1947-January</td><td>24,777</td><td>238</td><td>6,440</td><td>57</td><td>1,236</td><td>2,375</td><td>5,725</td><td>990</td><td>815</td><td>6,869</td><td>12</td><td>18</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>5,755</td><td>1,014</td><td>802</td><td>6,969</td><td>12</td><td>18</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>12</td><td>18</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>12</td><td>22</td></tr><tr><td>May</td><td>26,186</td><td>339</td><td>6,680</td><td>60</td><td>1,231</td><td>2,373</td><td>6,278</td><td>1,294</td><td>801</td><td>7,094</td><td>12</td><td>22</td></tr><tr><td>June</td><td>27,366</td><td>408</td><td>7,104</td><td>62</td><td>1,254</td><td>2,460</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>12</td><td>18</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.
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 Para Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th><th>Export-Import Bank of Washington</th></tr><tr><td>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>1947</td><td>11,946</td><td>510</td><td>21</td><td>347</td><td>529</td><td>9,966</td><td>56</td><td>516</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><tr><td>May</td><td>10,473</td><td>284</td><td>-</td><td>350</td><td>546</td><td>8,807</td><td>56</td><td>429</td></tr><tr><td>June</td><td>11,946</td><td>510</td><td>21</td><td>347</td><td>529</td><td>9,966</td><td>56</td><td>516</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
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>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>1947</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</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><tr><td>May</td><td>255,146</td><td>5,344</td><td>2.094</td><td>254,975</td><td>5,341</td><td>2.095</td><td>171</td><td>3</td><td>1.706</td></tr><tr><td>June</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</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.
August 1947
25
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not ex-
oed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of June 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>U.S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>257,402</td></tr><tr><td>Guaranteed securities 2/.</td><td>90</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>257,492</td></tr><tr><td>Balance issuable under such authority.</td><td>17,508</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the total public debt and guaranteed securities
2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U.S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, June 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>15,775</td><td>-</td><td>15,775</td></tr><tr><td>Certificates of indebtedness</td><td>25,296</td><td>-</td><td>25,296</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>168,536</td><td>166</td><td>168,702</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>51,367</td><td>-</td><td>51,367</td></tr><tr><td>Treasury savings notes</td><td>5,560</td><td>-</td><td>5,560</td></tr><tr><td>Depository bonds</td><td>325</td><td>-</td><td>325</td></tr><tr><td>Armed forces leave bonds</td><td>1,793</td><td>-</td><td>1,793</td></tr><tr><td>Total non-marketable issues</td><td>59,045</td><td>-</td><td>59,045</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>27,366</td><td>-</td><td>27,366</td></tr><tr><td>Total interest-bearing securities</td><td>254,948</td><td>166</td><td>255,113</td></tr><tr><td>Matured securities on which interest has ceased</td><td>225</td><td>-</td><td>225</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Excess profits tax refund bonds</td><td>19</td><td>-</td><td>19</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>1,724</td><td>-</td><td>1,724</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>416</td><td>-</td><td>416</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>719</td><td>719</td></tr><tr><td>Total obligations bearing no interest</td><td>2,229</td><td>719</td><td>2,948</td></tr><tr><td>Total public debt</td><td>257,402</td><td>884</td><td>258,286</td></tr><tr><td>Guaranteed securities 3/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>83</td><td>-</td><td>83</td></tr><tr><td>Matured debt</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>90</td><td>-</td><td>90</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>257,491</td><td>884</td><td>258,376</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="7">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>Special notes Internal Reconstruction and Development series</th><th>Excess profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></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>45,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>1,847</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</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>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>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>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>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><tr><td>May.</td><td>258,343</td><td>642</td><td>7,819</td><td>3,102</td><td>-</td><td>91</td><td>159</td><td>-</td><td>-</td><td>3,533</td><td>934</td><td>7,177</td><td>3,616</td><td>-</td><td>3,533</td><td>28</td></tr><tr><td>June.</td><td>258,286</td><td>-57</td><td>24,046</td><td>3,222</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>4,705</td><td>16,084</td><td>24,103</td><td>4,494</td><td>-</td><td>4,705</td><td>14,903</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 million of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>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>62.3</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>35,258</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>1947</td><td>255,113</td><td>119,489</td><td>53,485</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.8</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>6.2</td><td>10.7</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>28,734</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><tr><td>May</td><td>254,975</td><td>119,489</td><td>53,338</td><td>8,142</td><td>5,525</td><td>26,294</td><td>16,002</td><td>26,186</td><td>100.0</td><td>46.8</td><td>20.9</td><td>3.2</td><td>2.2</td><td>10.3</td><td>6.3</td><td>10.3</td></tr><tr><td>June</td><td>255,113</td><td>119,489</td><td>53,485</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.8</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>6.2</td><td>10.7</td></tr></table>
Source: Daily Treasury Statement.
August 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of June 30, 1947
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1947-July</td><td>Treasury bills 7/8% Certificate - 7/1/47</td><td>5,926</td><td>.....</td><td>.....</td><td>Various 7/1/46</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Aug.</td><td>Treasury bills 7/8% Certificate - 8/1/47</td><td>4,829 1,223</td><td>.....</td><td>.....</td><td>Various 8/1/46</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>Treasury bills 7/8% Certificate - 9/1/47 1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>5,020 2,341 2,707 1,687</td><td>.....</td><td>.....</td><td>Various 9/1/46 7/12/43 12/1/44</td><td>taxable taxable taxable</td><td>.....</td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52 7/8% Certificate - 10/1/47</td><td>759 1,440</td><td>.....</td><td>.....</td><td>10/16/22 10/1/46</td><td>partially taxable</td><td>.....</td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/47</td><td>1,775</td><td>.....</td><td>.....</td><td>11/1/46</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/47 2% Treasury bond - 12/15/47</td><td>3,281 701</td><td>.....</td><td>.....</td><td>12/1/46 12/15/38</td><td>taxable partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>34,605</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1948-Jan.</td><td>7/8% Certificate - 1/1/48</td><td>3,134</td><td>.....</td><td>.....</td><td>1/1/47</td><td>taxable</td><td>.....</td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/48</td><td>3,947</td><td>.....</td><td>.....</td><td>2/1/47</td><td>taxable</td><td>.....</td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/48 2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>2,142 1,115 1,223</td><td>.....</td><td>.....</td><td>3/1/47 3/15/41 3/16/36</td><td>taxable taxable partially</td><td>.....</td></tr><tr><td>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>7/8% Certificate - 6/1/48 1-3/4% Treasury bond - 6/15/48</td><td>1,772 3,062</td><td>.....</td><td>.....</td><td>6/1/47 12/1/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,718</td><td>.....</td><td>.....</td><td>3/15/38 3/15/44</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>.....</td><td>571</td><td>.....</td><td>12/8/39</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>19,581</td><td>2,910</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td>.....</td><td>1,014</td><td>.....</td><td>1/15/42</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>.....</td><td>1,292</td><td>.....</td><td>5/15/42</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 3-1/3% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td>.....</td><td>2,098 4,91 1,786</td><td>.....</td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>6,682</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td>.....</td><td>1,963 1,186</td><td>1,115</td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td>.....</td><td>4,939</td><td>.....</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>.....</td><td>2,635</td><td>571</td><td>12/8/39 6/1/45</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>8,088</td><td>1,687</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1951-Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>.....</td><td>.....</td><td>1,223</td><td>3/16/36</td><td>partially</td><td>.....</td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/49-51 2-3/4% Treasury bond - 6/15/51-54</td><td>.....</td><td>.....</td><td>1,014 1,627</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td>.....</td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51 2% Treasury bond - 9/15/51-53 3% Treasury bond - 9/15/51-55</td><td>.....</td><td>.....</td><td>1,292 7,986 755</td><td>5/15/42 9/15/43 9/15/31</td><td>taxable taxable partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 2-1/4% Treasury bond - 12/15/51-53 2% Treasury bond - 12/15/51-55</td><td>.....</td><td>.....</td><td>2,098 1,118 510</td><td>7/15/42 12/22/39 12/15/41</td><td>taxable partially taxable</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>11,996</td><td>5,628</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of June 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 maturitiee</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</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 colspan="2">Callable issues classified by year of:</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1952-Mar...</td><td>2% Treasury bond - 3/15/50-52</td><td>.....</td><td>.....</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable taxable</td><td>.....</td></tr><tr><td>June...</td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>1,024</td><td>.....</td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Sept...</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/50-52</td><td>.....</td><td>1,501</td><td>1,186</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/50-52</td><td>.....</td><td>.....</td><td>4,939</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec...</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>.....</td><td>.....</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>8,662</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>17,012</td><td>8,579</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1953-June...</td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>725</td><td>.....</td><td>10/7/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept...</td><td>2% Treasury bond - 9/15/51-53</td><td>.....</td><td>.....</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Dec...</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>.....</td><td>.....</td><td>1,786</td><td>12/15/36 12/22/39</td><td>partially 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>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>725</td><td>10,890</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1954-Mar...</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>.....</td><td>.....</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td>June...</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td>.....</td><td>.....</td><td>1,627</td><td>6/15/36 6/26/44</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</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 10/7/40</td><td>taxable partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>.....</td><td>725</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept...</td><td>3% Treasury bond - 9/15/51-55</td><td>.....</td><td>.....</td><td>755</td><td>9/15/31</td><td>partially</td><td>.....</td></tr><tr><td>Dec...</td><td>2% Treasury bond - 12/15/51-55</td><td>.....</td><td>.....</td><td>510</td><td>12/15/41</td><td>taxable</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1956-Mar...</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>6/2/41</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 2/1/44</td><td>partially taxable</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>.....</td><td>.....</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 2/1/44</td><td>partially taxable</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>.....</td><td>.....</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)
August 1947
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ s of June 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>3% Panama Canal bond- 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June-</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec..</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>.....</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1963-June-</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June-</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar-</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec..</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1966-Mar-</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June-</td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1968-Dec..</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td>1969-June-</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar-</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar-</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June-</td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>.....</td><td>7,967</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec..</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>.....</td><td>11,689</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 eurtax rates. Bank restricted issue 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 subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Amount of subscriptions tendered Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th>Allotment ratio</th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond-3/15/65-70 1/2 5/10 (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 5,825 1,948 4,770</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate-8/1/45 (8/1/44) 7/8% Certificate-9/1/45 (9/1/44) 1% Treas. note-3/15/46 5/1 (11/1/41) 7/8% Certificate-10/1/45 (10/1/44)</td><td>1 yr 1 yr 1 yr.6 m 1 yr</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond-3/15/66-71 1/2 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note-9/15/47 (12/1/44) 7/8% Certificate-12/1/45 (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44 11/17/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>12/20/44 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 8/1 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note-9/15/47 8/1 (12/1/44) 7/8% Certificate-2/1/46 (2/1/45) 7/8% Certificate-3/1/46 (3/1/45) 7/8% Certificate-4/1/46 (4/1/45) 7/8% Certificate-5/1/46 (5/1/45)</td><td>1 yr.1 m (21 yr.3 m) 9/ 10 yr (8 yr) 9/ 2 yr.9 m 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - -</td><td>3,416 33 700 137 5,043 4,117 4,811 1,579</td><td>- - - - - - -</td><td>3,416 33 700 137 5,043 4,117 4,811 1,579</td><td>100 100 100 100 100 100 100 100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/ 2-1/2% Treas. bond-6/15/67-72 1/2 (6/1/45) 2-1/4% Treas. bond-6/15/59-62 1/2 (6/1/45) 1-1/2% Treas. bond-12/15/50 (6/1/45) 7/8% Certificate-6/1/46 (6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr.6 m 1 yr</td><td>7,957 5,284 2,635 4,799</td><td>- - - -</td><td>7,957 5,284 2,635 4,799</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note-7/1/46 (6/1/45) 7/8% Certificate-8/1/46 (8/1/45) 7/8% Certificate-9/1/46 (9/1/45)</td><td>1 yr.1 m 1 yr 1 yr</td><td>- - -</td><td>4,910 2,470 4,336</td><td>- - -</td><td>4,910 2,470 4,336</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Viatory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 1/2 (11/15/45) 2-1/4% Treas. bond-12/15/59-62 1/2 (11/15/45) 7/8% Certificate-12/1/46 (12/1/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>- - -</td><td>11,689 3,470 3,768</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45 11/19/45 12/17/45</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate-10/1/46 (10/1/45) 7/8% Certificate-11/1/46 (12/1/45) 7/8% Certificate-1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>- - -</td><td>3,440 3,778 3,330</td><td>- - -</td><td>3,440 3,778 3,330</td><td>100 100 100</td></tr><tr><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46</td><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46 10/21/46 11/18/46 12/18/46</td><td>7/8% Certificate-2/1/47 (2/1/46) 7/8% Certificate-3/1/47 (3/1/46) 7/8% Certificate-4/1/47 (4/1/46) 7/8% Certificate-6/1/47 (6/1/46) 7/8% Certificate-7/1/47 (7/1/46) 7/8% Certificate-8/1/47 (8/1/46) 7/8% Certificate-9/1/47 (9/1/46) 7/8% Certificate-10/1/47 (10/1/46) 7/8% Certificate-11/1/47 (11/1/46) 7/8% Certificate-12/1/47 (12/1/46) 7/8% Certificate-1/1/48 (1/1/47) 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-5/1/48 (5/1/47) 7/8% Certificate-6/1/48 (6/1/47) 7/8% Certificate-7/1/48 (7/1/47) 7/8% Certificate-8/1/48 (8/1/47)</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 1 yr 1 yr 11 m</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 2,510 2,742 n.e. n.e.</td><td>- - - - - - - - - - - - - - - - -</td><td>4,954 4,133 2,820 2,775 2,916 1,223 2,341 1,440 1,775 3,281 3,134 3,947 2,142 1,321 1,777 2,742</td><td>100 76 59 66 62 52 56 14 51 100 100 82 72 48 70 100 100</td></tr></table>
Source: Bureau of the Public Debt. 
n.e. 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-
ment accounts.
4/ Bank restricted issues. 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.
August 1947
31
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition offered 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 9/1/44</td><td>7/8% 7/8%</td><td>Certificate - 8/1/44......(8/2/43) Certificate - 9/1/44......(9/15/43)</td><td>2,545 4,122</td><td>- 4,122</td><td>2,545 3,694</td><td>34 428</td><td>99 90</td><td>7/8% 7/8%</td><td>Certificate - 8/1/45 Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% 1%</td><td>Treas. note - 9/15/44......(1/31/41) Treas. note - 9/15/44......(12/22/39)</td><td>635 283</td><td>- 283</td><td>635 185</td><td>33 98</td><td>95 66</td><td>1%</td><td>Treas. note - 3/15/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 9/15/44.</td><td>918</td><td>-</td><td>918 788</td><td>130</td><td>86</td><td></td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44......(10/15/43) Certificate - 12/1/44......(12/1/43)</td><td>3,519 3,540</td><td>- 3,540</td><td>3,519 3,416</td><td>27 124</td><td>99 96</td><td>7/8% .90%</td><td>Certificate - 10/1/45 Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4%</td><td>Trease. bond - 12/15/44-54......(12/15/24)</td><td>1,037</td><td>- 1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% 2% 2-1/2%</td><td>Treas. note - 9/15/47 Trease. bond -12/15/52-54 Trease. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8%</td><td>Certificate - 2/1/45......(2/1/44) CCC note - 2/15/45......(7/21/41)</td><td>5,048 412</td><td>- 412</td><td>5,048 395</td><td>400 17</td><td>92 96</td><td>7/8%</td><td>Certificate - 2/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 2/1/45.</td><td>5,460</td><td>-</td><td>5,460 5,043</td><td>416</td><td>92</td><td></td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4%</td><td>Trease. note - 3/1/45......(2/1/44) Trease. note - 3/15/45......(3/15/40) Trease. note - 3/15/45......(9/25/42)</td><td>2,127 718 1,606</td><td>- 1,606</td><td>2,127 1,546</td><td>18 60</td><td>99 69 96</td><td>7/8%</td><td>Certificate - 3/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 3/1/45.</td><td>4,451</td><td>-</td><td>4,451 4,147</td><td>304</td><td>93</td><td></td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</td><td>Certificate - 4/1/45......(4/1/44) Certificate - 5/1/45......(5/1/44)</td><td>1,877 1,615</td><td>- 1,615</td><td>1,877 1,579</td><td>66 35</td><td>99 98</td><td>7/8% 7/8%</td><td>Certificate - 4/1/46 Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% 1-1/2%</td><td>Certificate - 6/1/45......(6/26/44) HDL bond - 6/1/45-47......(6/1/39)</td><td>4,770 755</td><td>- 755</td><td>4,770 723</td><td>583 32</td><td>88 96</td><td>.90%</td><td>Trease. note - 7/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 6/1/45.</td><td>5,525</td><td>-</td><td>5,525 4,910</td><td>615</td><td>89</td><td></td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45......(8/1/44)</td><td>2,511</td><td>- 2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8%</td><td>Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% 2-3/4%</td><td>Certificate - 9/1/45......(9/1/44) Trease. bond - 9/15/45-47......(9/16/35)</td><td>3,694 1,214</td><td>- 1,214</td><td>3,694 907</td><td>265 307</td><td>93 75</td><td>7/8%</td><td>Certificate - 9/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 9/1/45.</td><td>4,908</td><td>-</td><td>4,908 4,336</td><td>572</td><td>88</td><td></td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45......(10/1/44)</td><td>3,492</td><td>- 3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8%</td><td>Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% 3/4% 2-1/2%</td><td>Certificate - 12/1/45......(12/1/44) Trease. note - 12/15/45......(12/18/40) Trease. bond - 12/15/45......(12/15/37)</td><td>4,395 531 541</td><td>- 541</td><td>4,395 408</td><td>1,463 93 133</td><td>67 82 75</td><td>7/8%</td><td>Certificate - 11/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 12/1/45.</td><td>5,467</td><td>-</td><td>5,467 3,778</td><td>1,689</td><td>69</td><td></td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Cooverelan bond - 1/1/46......(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>1/1/46 2/1/46 3/1/46</td><td>.90% 7/8% 7/8%</td><td>Trease. note - 1/1/46......(12/1/44) Certificate - 2/1/46......(2/1/45) Certificate - 3/1/46......(3/1/45)</td><td>3,416 5,043 4,147</td><td>- 1,014 1,089</td><td>3,416 4,043 3,133</td><td>85 89</td><td>98 98 3/</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 1/1/47 Certificate - 2/1/47 Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>1-3/4%</td><td>Trease. bond - 3/15/46-56......(3/15/26)</td><td>1,899</td><td>- 1,899</td><td>1,291</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>4/1/46 5/1/46 6/1/46</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 4/1/46......(4/1/45) Certificate - 5/1/46......(5/1/45) Certificate - 6/1/46......(6/1/45)</td><td>4,811 1,579 4,799</td><td>- 2,025 2,036</td><td>2,820 2,775</td><td>-</td><td>3/ 3/ 3/</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 4/1/47 Certificate - 5/1/47 Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3%</td><td>Trease. bond - 6/15/46-48......(6/15/34)</td><td>1,036</td><td>- 1,036</td><td>819</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>7/1/46 8/1/46 9/1/46</td><td>.90% 7/8% 7/8%</td><td>Trease. note - 7/1/46......(6/1/45) Certificate - 8/1/46......(8/1/45) Certificate - 9/1/46......(9/1/45)</td><td>4,910 2,470 4,336</td><td>- 1,994 1,246</td><td>2,916 1,223 2,341</td><td>-</td><td>3/ 3/ 3/</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 7/1/47 Certificate - 8/1/47 Certificate - 9/1/47</td></tr><tr><td>10/1/46 11/1/46 12/1/46</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 10/1/46......(10/1/45) Certificate - 11/1/46......(12/1/45) Certificate - 12/1/46......(12/1/45)</td><td>3,440 3,778 3,768</td><td>- 2,000 2,003</td><td>1,440 1,775</td><td>1,440</td><td>3/ 3/ 3/</td><td>7/8% 7/8% 7/8%</td><td>Certificate - 10/1/47 Certificate - 11/1/47 Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2%</td><td>Trease. note - 12/15/46......(6/5/42)</td><td>3,261</td><td>- 3,261</td><td>-</td><td>487</td><td>67</td><td>7/8%</td><td>Certificate - 12/1/47</td></tr><tr><td>1/1/47</td><td>3%</td><td>Cooverelan bond - 1/1/47......(1/1/17)</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>2/1/47 3/1/47 3/15/47 4/1/47 6/1/47 7/1/47</td><td>7/8% 7/8% 1-1/4% 7/8% 7/8% 7/8%</td><td>Certificate - 1/1/47......(1/1/46) Certificate - 2/1/47......(2/1/46) Certificate - 3/1/47......(3/1/46) Trease. note - 3/15/47......(6/26/44) Certificate - 4/1/47......(4/1/46) Certificate - 6/1/47......(6/1/46) Certificate - 7/1/47......(7/1/46)</td><td>3,330 4,954 1,948 2,820 2,775 2,916</td><td>- 1,007 1,948 1,998 1,777 2,916</td><td>3,330 3,947 2,142 1,321 1,777 2,742</td><td>196 94 3/ 3/ 3/ 94</td><td>94 3/ 3/ 3/ 94</td><td>7/8% 7/8% 7/8% 7/8% 7/8% 7/8%</td><td>Certificate - 1/1/48 Certificate - 2/1/48 Certificate - 3/1/48 Certificate - 4/1/48 Certificate - 6/1/48 Certificate - 7/1/48</td></tr><tr><td>8/1/47</td><td>7/8%</td><td>Certificate - 8/1/47......(8/1/46)</td><td>1,223</td><td>- 1,223</td><td>2,823</td><td>174</td><td>94</td><td>7/8%</td><td>Certificate - 7/1/48</td></tr></table>
Source: Bureau of the Public Debt.
n.a. 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="6">Descriptio of new issues</th><th rowspan="2">Amount of maturing lease (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 colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th>In exchange</th><th></th></tr><tr><td>1946-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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>1,312.5</td><td>17,047.7</td></tr><tr><td>Mar. 6.</td><td>June 5.</td><td>91</td><td>1,873.4</td><td>1,315.5</td><td>1,292.6</td><td>22.8</td><td>-</td><td>1,315.5</td><td>17,047.6</td></tr><tr><td>Mar. 13.</td><td>June 12.</td><td>91</td><td>1,836.5</td><td>1,306.5</td><td>1,281.9</td><td>24.7</td><td>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>1,316.1</td><td>16,610.2</td></tr><tr><td>May 1.</td><td>July 31.</td><td>91</td><td>1,959.8</td><td>1,099.9</td><td>1,079.5</td><td>20.4</td><td>628.9</td><td>1,311.7</td><td>16,398.4</td></tr><tr><td>May 8.</td><td>Aug. 7.</td><td>91</td><td>1,707.0</td><td>1,111.6</td><td>1,094.5</td><td>17.1</td><td>646.4</td><td>1,309.9</td><td>16,200.1</td></tr><tr><td>May 15.</td><td>Aug. 14.</td><td>91</td><td>1,761.3</td><td>1,202.5</td><td>1,185.8</td><td>16.7</td><td>706.4</td><td>1,302.0</td><td>16,100.6</td></tr><tr><td>May 22.</td><td>Aug. 21.</td><td>91</td><td>1,746.3</td><td>1,203.5</td><td>1,184.5</td><td>19.0</td><td>720.9</td><td>1,312.0</td><td>15,992.0</td></tr><tr><td>May 29.</td><td>Aug. 28.</td><td>91</td><td>1,807.3</td><td>1,311.5</td><td>1,297.6</td><td>13.9</td><td>830.8</td><td>1,301.6</td><td>16,001.8</td></tr><tr><td>June 5.</td><td>Sept. 4.</td><td>91</td><td>1,879.9</td><td>1,307.4</td><td>1,293.0</td><td>14.4</td><td>799.4</td><td>1,315.5</td><td>15,993.8</td></tr><tr><td>June 12.</td><td>Sept. 11.</td><td>91</td><td>1,943.1</td><td>1,303.2</td><td>1,285.9</td><td>17.3</td><td>762.8</td><td>1,306.5</td><td>15,990.5</td></tr><tr><td>June 19.</td><td>Sept. 18.</td><td>91</td><td>1,961.0</td><td>1,305.4</td><td>1,288.3</td><td>17.0</td><td>761.7</td><td>1,316.6</td><td>15,979.3</td></tr><tr><td>June 26.</td><td>Sept. 25.</td><td>91</td><td>1,816.7</td><td>1,103.7</td><td>1,087.1</td><td>16.5</td><td>604.3</td><td>1,308.0</td><td>15,775.0</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding.
Note: See Annual Reports of the Secretary of the Treasury for back
figures. 1/ Tenders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
August 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 bide accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Perecent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1946-June 6</td><td>99.905</td><td>0.375</td><td>99.908 2/</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><tr><td>May 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>May 8</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>May 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>May 22</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>May 29</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>June 5</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>June 12</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>June 19</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>June 26</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ Except $500,000 at 99.930.
Treasury Bulletin
34
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 O 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.
Purchasers 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. Purchasers 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 outstending at current redemption values. Amounts of series O out-standing are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of June 30, 1947
<table><tr><th>United States earning bonds</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th>Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th colspan="7">In millions of dollars)</th></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td>Natured debt</td><td>Interest-bearing debt</td><td></td></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>246</td><td>10</td><td>-</td><td>3/</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>433</td><td>30</td><td>-</td><td>3/</td></tr><tr><td>Total, Series A and B</td><td>574</td><td>145</td><td>718</td><td>679</td><td>40</td><td>-</td><td>3/</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>234</td><td>1,245</td><td>499</td><td>-</td><td>746</td><td>40.09</td></tr><tr><td>Series D</td><td>2,365</td><td>372</td><td>2,737</td><td>514</td><td>-</td><td>2,223</td><td>18.79</td></tr><tr><td>Total, Series C and D</td><td>3,375</td><td>606</td><td>3,982</td><td>1,013</td><td>-</td><td>2,968</td><td>25.45</td></tr><tr><td>Series E</td><td>46,416</td><td>1,388</td><td>47,804</td><td>16,997</td><td>-</td><td>30,807</td><td>35.56</td></tr><tr><td>Series F</td><td>3,506</td><td>110</td><td>3,617</td><td>519</td><td>-</td><td>3,098</td><td>14.35</td></tr><tr><td>Series O</td><td>15,132</td><td>-</td><td>15,732</td><td>1,238</td><td>-</td><td>14,494</td><td>7.87</td></tr><tr><td>Total, Series E, F, and O</td><td>65,654</td><td>1,498</td><td>67,152</td><td>18,754</td><td>-</td><td>48,398</td><td>27.93</td></tr><tr><td>Total, Series C-O</td><td>69,029</td><td>2,105</td><td>71,134</td><td>19,767</td><td>-</td><td>51,367</td><td>27.79</td></tr><tr><td>Total, Series A-O</td><td>69,603</td><td>2,250</td><td>71,852</td><td>20,446</td><td>40</td><td>51,367</td><td>3/</td></tr></table>
Source: Daily Treasury Statement.
1/ Series B sales include small amounts of unclassified Series I and O sales beginning in June 1947.
2/ Series B redemptions include small amounts of unclassified Series A-D
redemptions beginning with October 1944, and small amounts of unclassified Series F and G redemptions also, beginning with June 1947.
3/ Not calculated for matured series.
August 1947
35
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales 1/</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th colspan="2">Amount outstanding</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr></table>
All sorts
<table><tr><th>Piceal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>n.a.</td><td>n.a.</td><td>40</td><td>51,367</td><td>-</td></tr><tr><th>Calceolar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>27,353</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>378</td><td>20</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>429</td><td>20</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>435</td><td>19</td><td>45</td><td>51,117</td><td>.89</td></tr><tr><td>May</td><td>488</td><td>52</td><td>540</td><td>421</td><td>n.a.</td><td>n.a.</td><td>42</td><td>51,240</td><td>.82</td></tr><tr><td>June</td><td>482</td><td>76</td><td>558</td><td>433</td><td>n.a.</td><td>n.a.</td><td>40</td><td>51,367</td><td>.84</td></tr><tr><td>Total, inception to June 30, 1947</td><td>69,603</td><td>2,250</td><td>71,852</td><td>20,446</td><td>n.a.</td><td>n.a.</td><td>40</td><td>51,367</td><td>-</td></tr></table>
Series A-D
<table><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>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>109</td><td>242</td><td>67</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>1947</td><td>*</td><td>107</td><td>107</td><td>142</td><td>n.a.</td><td>n.a.</td><td>40</td><td>2,968</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>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>38</td><td>12</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>33</td><td>10</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>29</td><td>9</td><td>45</td><td>3,010</td><td>1.26</td></tr><tr><td>May</td><td>*</td><td>6</td><td>6</td><td>32</td><td>n.a.</td><td>n.a.</td><td>42</td><td>2,987</td><td>1.06</td></tr><tr><td>June</td><td>-</td><td>9</td><td>9</td><td>30</td><td>n.a.</td><td>n.a.</td><td>40</td><td>2,968</td><td>1.00</td></tr><tr><td>Total, inception to June 30, 1947</td><td>3,949</td><td>751</td><td>4,700</td><td>1,692</td><td>n.a.</td><td>n.a.</td><td>40</td><td>2,968</td><td>-</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 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series B, F, and G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>n.a.</td><td>n.a.</td><td>48,398</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>Months: 1947-January</td><td>952</td><td>58</td><td>1,009</td><td>395</td><td>386</td><td>9</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>341</td><td>8</td><td>47,649</td><td>.73</td></tr><tr><td>March</td><td>616</td><td>48</td><td>664</td><td>405</td><td>396</td><td>10</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>406</td><td>10</td><td>48,107</td><td>.87</td></tr><tr><td>May</td><td>488</td><td>46</td><td>534</td><td>389</td><td>n.a.</td><td>n.a.</td><td>48,253</td><td>.81</td></tr><tr><td>June</td><td>482</td><td>67</td><td>549</td><td>403</td><td>n.a.</td><td>n.a.</td><td>48,398</td><td>.83</td></tr><tr><td>Total, inception to June 30, 1947</td><td>65,654</td><td>1,498</td><td>67,152</td><td>18,754</td><td>n.a.</td><td>n.a.</td><td>48,398</td><td>-</td></tr><tr><td colspan="9">Series B</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,303</td><td>536</td><td>4,840</td><td>4,391</td><td>n.a.</td><td>n.a.</td><td>30,807</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</td><td>-</td></tr><tr><td>Months: 1947-January</td><td>535</td><td>52</td><td>587</td><td>342</td><td>334</td><td>8</td><td>30,507</td><td>1.12</td></tr><tr><td>February</td><td>394</td><td>40</td><td>433</td><td>290</td><td>282</td><td>7</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>9</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>10</td><td>30,749</td><td>1.19</td></tr><tr><td>May</td><td>305</td><td>42</td><td>347</td><td>329</td><td>320</td><td>9</td><td>30,767</td><td>1.07</td></tr><tr><td>June</td><td>317</td><td>61</td><td>378</td><td>338</td><td>n.a.</td><td>n.a.</td><td>30,807</td><td>1.10</td></tr><tr><td>Total, inception to June 30, 1947</td><td>46,416</td><td>1,388</td><td>47,804</td><td>16,997</td><td>n.a.</td><td>n.a.</td><td>30,807</td><td>-</td></tr></table>
(Continued on following page)
August 1947
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</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>Sale price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series P</td></tr><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,442</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>1,936</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>1947</td><td>358</td><td>47</td><td>405</td><td>203</td><td>n.a.</td><td>o.a.</td><td>3,098</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>654</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>21</td><td>1</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>20</td><td>1</td><td>3,052</td><td>.68</td></tr><tr><td>April</td><td>33</td><td>4</td><td>36</td><td>14</td><td>14</td><td>*</td><td>3,074</td><td>.46</td></tr><tr><td>May</td><td>25</td><td>4</td><td>29</td><td>16</td><td>n.a.</td><td>n.a.</td><td>3,088</td><td>.51</td></tr><tr><td>June</td><td>22</td><td>6</td><td>28</td><td>18</td><td>n.a.</td><td>n.a.</td><td>3,098</td><td>.59</td></tr><tr><td>Total, inception to June 30, 1947</td><td>3,506</td><td>110</td><td>3,617</td><td>519</td><td>n.a.</td><td>o.a.</td><td>3,098</td><td>-</td></tr><tr><td colspan="9">Series Q</td></tr><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>2,014</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,546</td><td>-</td><td>2,546</td><td>469</td><td>469</td><td>-</td><td>14,494</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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><tr><td>May</td><td>158</td><td>-</td><td>158</td><td>44</td><td>44</td><td>-</td><td>14,398</td><td>.31</td></tr><tr><td>June</td><td>143</td><td>-</td><td>143</td><td>47</td><td>47</td><td>-</td><td>14,494</td><td>.32</td></tr><tr><td>Total, inception to June 30, 1947</td><td>15,732</td><td>-</td><td>15,732</td><td>1,238</td><td>1,238</td><td>-</td><td>14,494</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.e. Not available. * Less than $500,000. See footnotes to table 1.
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 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/ and $25 2/</th><th>$50</th><th>$100 and $200 3/</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="12">Series B</td><td colspan="4"></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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></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></tr><tr><td>1943</td><td>8,271</td><td>....</td><td>2,988</td><td>1,081</td><td>1,714</td><td>....</td><td>1,007</td><td>1,481</td><td>....</td><td>....</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td></tr><tr><td>1944</td><td>11,820</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></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td>....</td><td>1,326</td><td>2,100</td><td>....</td><td>....</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td>....</td><td>....</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td></tr><tr><td>1947</td><td>4,303</td><td>16</td><td>863</td><td>410</td><td>588</td><td>121</td><td>619</td><td>1,687</td><td>....</td><td>....</td><td>100.0</td><td>20.5</td><td>9.5</td><td>16.5</td><td>53.5</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>....</td><td>114</td><td>93</td><td>258</td><td>....</td><td>229</td><td>450</td><td>....</td><td>....</td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td></tr><tr><td>1942</td><td>5,989</td><td>....</td><td>1,769</td><td>712</td><td>1,338</td><td>....</td><td>856</td><td>1,313</td><td>....</td><td>....</td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td></tr><tr><td>1943</td><td>10,344</td><td>....</td><td>3,719</td><td>1,390</td><td>2,169</td><td>....</td><td>1,253</td><td>1,815</td><td>....</td><td>....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>....</td><td>1,446</td><td>2,163</td><td>....</td><td>....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</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></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></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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></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></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></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></tr><tr><td>May</td><td>305</td><td>1</td><td>60</td><td>30</td><td>43</td><td>8</td><td>43</td><td>119</td><td>....</td><td>....</td><td>100.0</td><td>20.0</td><td>10.0</td><td>16.9</td><td>53.1</td></tr><tr><td>June</td><td>317</td><td>1</td><td>61</td><td>32</td><td>47</td><td>9</td><td>45</td><td>122</td><td>....</td><td>....</td><td>100.0</td><td>19.6</td><td>10.0</td><td>17.6</td><td>52.8</td></tr><tr><td>Total, inception through June 30, 1947.</td><td>46,416</td><td>149</td><td>14,660</td><td>6,124</td><td>9,247</td><td>317</td><td>5,801</td><td>10,119</td><td>....</td><td>....</td><td>100.0</td><td>31.9</td><td>13.2</td><td>20.6</td><td>34.3</td></tr><tr><td colspan="12">Series F and G</td><td colspan="4"></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>461</td><td>....</td><td>....</td><td>6</td><td>....</td><td>13</td><td>96</td><td>84</td><td>263</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1942</td><td>2,467</td><td>....</td><td>1</td><td>71</td><td>....</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943</td><td>3,517</td><td>....</td><td>4</td><td>106</td><td>....</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>....</td><td>100.0</td><td>1.2</td><td>....</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>....</td><td>6</td><td>134</td><td>....</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>....</td><td>100.0</td><td>1.2</td><td>....</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,331</td><td>....</td><td>5</td><td>109</td><td>....</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>....</td><td>100.0</td><td>1.2</td><td>....</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>....</td><td>2</td><td>61</td><td>....</td><td>119</td><td>901</td><td>556</td><td>1,172</td><td>....</td><td>100.0</td><td>1.1</td><td>....</td><td>2.1</td><td>37.6</td><td>60.2</td></tr><tr><td>1947 p.</td><td>2,904</td><td>....</td><td>1</td><td>43</td><td>....</td><td>162</td><td>913</td><td>601</td><td>1,185</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.5</td><td>37.0</td><td>61.5</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td>....</td><td>....</td><td>26</td><td>....</td><td>57</td><td>355</td><td>279</td><td>676</td><td>....</td><td>100.0</td><td>....</td><td>....</td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td>....</td><td>3</td><td>98</td><td>....</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>....</td><td>100.0</td><td>1.1</td><td>....</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>....</td><td>5</td><td>123</td><td>....</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>....</td><td>100.0</td><td>1.1</td><td>....</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,664</td><td>....</td><td>6</td><td>131</td><td>....</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>....</td><td>100.0</td><td>1.2</td><td>....</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>....</td><td>4</td><td>84</td><td>....</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>....</td><td>100.0</td><td>1.1</td><td>....</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>1946</td><td>2,962</td><td>....</td><td>1</td><td>47</td><td>....</td><td>166</td><td>928</td><td>611</td><td>1,208</td><td>....</td><td>100.0</td><td>*</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><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>427</td><td>*</td><td>....</td><td>4</td><td>....</td><td>18</td><td>100</td><td>66</td><td>229</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.0</td><td>28.2</td><td>70.8</td></tr><tr><td>Feb. r.</td><td>319</td><td>*</td><td>....</td><td>4</td><td>....</td><td>15</td><td>85</td><td>57</td><td>157</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.2</td><td>31.3</td><td>67.5</td></tr><tr><td>Mar. p.</td><td>244</td><td>*</td><td>....</td><td>3</td><td>....</td><td>13</td><td>75</td><td>50</td><td>103</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.3</td><td>35.9</td><td>62.8</td></tr><tr><td>Apr. p.</td><td>224</td><td>*</td><td>....</td><td>3</td><td>....</td><td>11</td><td>65</td><td>43</td><td>102</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.3</td><td>33.8</td><td>64.9</td></tr><tr><td>May p.</td><td>183</td><td>*</td><td>....</td><td>3</td><td>....</td><td>10</td><td>60</td><td>42</td><td>68</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.5</td><td>38.3</td><td>60.2</td></tr><tr><td>June p.</td><td>165</td><td>*</td><td>....</td><td>2</td><td>....</td><td>9</td><td>54</td><td>37</td><td>62</td><td>....</td><td>100.0</td><td>*</td><td>....</td><td>1.5</td><td>38.4</td><td>60.1</td></tr><tr><td>Total, inception through June 30, 1947.</td><td>19,238</td><td>....</td><td>19</td><td>529</td><td>....</td><td>1,270</td><td>5,795</td><td>3,714</td><td>7,911</td><td>....</td><td>100.0</td><td>1.1</td><td>....</td><td>2.8</td><td>36.7</td><td>60.4</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. 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.
August 1947
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Denomination (Thousands of pieces sold)</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series B
<table><tr><th> Fiscal years:</th><td>1941</td><td>1,905</td><td>767</td><td>353</td><td>552</td><td>108</td><td>125</td><td></td></tr><tr><td></td><td>1942</td><td>55,967</td><td>32,832</td><td>9,107</td><td>10,837</td><td>1,698</td><td>1,493</td><td></td></tr><tr><td></td><td>1943</td><td>215,709</td><td>159,369</td><td>28,828</td><td>22,851</td><td>2,686</td><td>1,975</td><td></td></tr><tr><td></td><td>1944</td><td>305,986</td><td>221,284</td><td>43,800</td><td>34,447</td><td>3,725</td><td>2,730</td><td></td></tr><tr><td></td><td>1945</td><td>303,116</td><td>209,480</td><td>45,995</td><td>32,083</td><td>3,535</td><td>2,800</td><td></td></tr><tr><td></td><td>1946</td><td>165,039</td><td>112,071</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,121</td><td></td></tr><tr><td></td><td>1947</td><td>71,612</td><td>46,041</td><td>10,938</td><td>7,834</td><td>804</td><td>1,651</td><td>2,249</td></tr><tr><th> Calendar years:</th><td>1941</td><td>13,219</td><td>6,077</td><td>2,485</td><td>3,446</td><td>612</td><td>600</td><td></td></tr><tr><td></td><td>1942</td><td>135,227</td><td>94,354</td><td>18,999</td><td>17,842</td><td>2,282</td><td>1,751</td><td></td></tr><tr><td></td><td>1943</td><td>270,068</td><td>198,333</td><td>37,060</td><td>28,915</td><td>3,340</td><td>2,420</td><td></td></tr><tr><td></td><td>1944</td><td>320,527</td><td>226,213</td><td>47,915</td><td>36,077</td><td>3,856</td><td>2,884</td><td></td></tr><tr><td></td><td>1945</td><td>253,078</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,669</td><td></td></tr><tr><td></td><td>1946</td><td>93,502</td><td>62,769</td><td>13,757</td><td>8,492</td><td>928</td><td>1,505</td><td>1,870</td></tr><tr><th> Months:</th><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></tr><tr><td></td><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></tr><tr><td></td><td>March</td><td>5,703</td><td>114</td><td>3,602</td><td>903</td><td>665</td><td>65</td><td>144</td><td>207</td></tr><tr><td></td><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></tr><tr><td></td><td>May</td><td>5,030</td><td>94</td><td>3,216</td><td>812</td><td>580</td><td>55</td><td>115</td><td>158</td></tr><tr><td></td><td>June</td><td>5,154</td><td>76</td><td>3,258</td><td>845</td><td>620</td><td>61</td><td>121</td><td>162</td></tr><tr><td>Total, inception through June 30, 1947</td><td>1,119,334</td><td>19,623</td><td>781,845</td><td>163,296</td><td>127,296</td><td>2,114</td><td>15,469</td><td>13,492</td><td></td></tr></table>
Series P and Q
<table><tr><th>Fiscal years:</th><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>72</td><td>60</td><td>28</td><td>100</td><td>18</td><td>28</td><td></td></tr><tr><td>1942</td><td>2,110</td><td>216</td><td>774</td><td>300</td><td>745</td><td>106</td><td>112</td><td></td></tr><tr><td>1943</td><td>3,251</td><td>303</td><td>1,149</td><td>487</td><td>1,090</td><td>151</td><td>157</td><td></td></tr><tr><td>1944</td><td>3,869</td><td>291</td><td>1,423</td><td>610</td><td>1,231</td><td>148</td><td>153</td><td></td></tr><tr><td>1945</td><td>3,326</td><td>126</td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>146</td><td></td></tr><tr><td>1946</td><td>2,323</td><td>40</td><td>649</td><td>371</td><td>937</td><td>117</td><td>124</td><td></td></tr><tr><td>1947 p</td><td>1,994</td><td></td><td>443</td><td>327</td><td>933</td><td>124</td><td>127</td><td></td></tr><tr><th>Calendar years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>156</td><td>277</td><td>121</td><td>373</td><td>59</td><td>71</td><td></td></tr><tr><td>1942</td><td>2,902</td><td>270</td><td>1,077</td><td>419</td><td>971</td><td>137</td><td>142</td><td></td></tr><tr><td>1943</td><td>3,624</td><td>325</td><td>1,317</td><td>565</td><td>1,195</td><td>149</td><td>128</td><td></td></tr><tr><td>1944</td><td>3,821</td><td>224</td><td>1,394</td><td>613</td><td>1,188</td><td>145</td><td>157</td><td></td></tr><tr><td>1945</td><td>2,807</td><td>56</td><td>899</td><td>447</td><td>978</td><td>115</td><td>145</td><td></td></tr><tr><td>1946</td><td>2,098</td><td></td><td>491</td><td>340</td><td>957</td><td>127</td><td>126</td><td></td></tr><tr><th>Months:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>227</td><td>4</td><td>45</td><td>37</td><td>103</td><td>14</td><td>24</td><td></td></tr><tr><td>February r</td><td>191</td><td>4</td><td>41</td><td>32</td><td>88</td><td>12</td><td>17</td><td></td></tr><tr><td>March p</td><td>162</td><td>3</td><td>34</td><td>26</td><td>77</td><td>10</td><td>11</td><td></td></tr><tr><td>April p</td><td>145</td><td>4</td><td>31</td><td>22</td><td>67</td><td>9</td><td>11</td><td></td></tr><tr><td>May p</td><td>131</td><td>2</td><td>29</td><td>21</td><td>62</td><td>9</td><td>7</td><td></td></tr><tr><td>June p</td><td>118</td><td>2</td><td>26</td><td>19</td><td>56</td><td>8</td><td>7</td><td></td></tr><tr><th>Total, inception through June 30, 1947</th><td>17,106</td><td>1,049</td><td>5,656</td><td>2,655</td><td>6,106</td><td>792</td><td>849</td><td></td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. r Revised. 1/ Sale of $10 denomination Series I bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorised in December 1941.
3/ Sale of $200 denomination Series B bonds began in October 1945.
Treasury Bulletin
40
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 interception through June 30, 1947</th><th colspan="7">1946</th><th colspan="7">1947</th></tr><tr><th></th><th></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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>543,693</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><td>2,864</td><td>2,435</td></tr><tr><td>Arizona</td><td>165,602</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><td>1,036</td><td>1,067</td></tr><tr><td>Arkansas</td><td>296,826</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><td>1,782</td><td>1,822</td></tr><tr><td>California</td><td>3,719,060</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>22,237</td><td>21,851</td><td>21,055</td></tr><tr><td>Colorado</td><td>360,998</td><td>3,333</td><td>3,161</td><td>3,207</td><td>3,858</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><td>3,038</td><td>3,283</td></tr><tr><td>Connecticut</td><td>846,758</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><td>3,088</td><td>4,063</td></tr><tr><td>Delaware</td><td>109,992</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><td>604</td><td>601</td></tr><tr><td>Diet. of Columbia</td><td>571,741</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><td>5,394</td><td>5,456</td></tr><tr><td>Florida</td><td>569,358</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><td>3,503</td><td>3,313</td></tr><tr><td>Georgia</td><td>577,521</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><td>3,336</td><td>3,135</td></tr><tr><td>Idaho</td><td>149,604</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><td>948</td><td>862</td></tr><tr><td>Illinois</td><td>3,383,658</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><td>28,061</td><td>26,288</td></tr><tr><td>Indiana</td><td>1,225,307</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><td>8,663</td><td>7,985</td></tr><tr><td>Iowa</td><td>1,079,870</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><td>12,879</td><td>12,799</td></tr><tr><td>Kansas</td><td>661,830</td><td>4,845</td><td>5,804</td><td>5,754</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><td>5,263</td><td>5,168</td></tr><tr><td>Kentucky</td><td>498,756</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><td>3,933</td><td>3,496</td></tr><tr><td>Louisiana</td><td>522,728</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><td>3,050</td><td>2,803</td></tr><tr><td>Maline</td><td>206,154</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><td>1,119</td><td>1,061</td></tr><tr><td>Maryland</td><td>608,205</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><td>3,626</td><td>3,140</td></tr><tr><td>Massachusetts</td><td>1,542,024</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><td>7,794</td><td>8,994</td></tr><tr><td>Michigan</td><td>2,449,034</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><td>13,891</td><td>12,745</td></tr><tr><td>Minnesota</td><td>977,160</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><td>7,415</td><td>7,220</td></tr><tr><td>Mississippi</td><td>319,325</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><td>2,088</td><td>1,683</td></tr><tr><td>Missouri</td><td>1,155,267</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>9,986</td><td>9,207</td><td>9,308</td></tr><tr><td>Montana</td><td>224,570</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><td>1,627</td><td>1,877</td></tr><tr><td>Nebraska</td><td>531,030</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><td>7,177</td><td>6,386</td></tr><tr><td>Nevada</td><td>56,091</td><td>404</td><td>383</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><td>337</td><td>350</td></tr><tr><td>New Hampshire</td><td>131,699</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><td>700</td><td>700</td></tr><tr><td>New Jersey</td><td>1,690,958</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>10,015</td><td>9,976</td><td>10,236</td></tr><tr><td>New Mexico</td><td>108,322</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><td>856</td><td>597</td></tr><tr><td>New York</td><td>5,611,742</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><td>34,355</td><td>33,727</td></tr><tr><td>North Carolina</td><td>613,985</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><td>3,756</td><td>3,635</td></tr><tr><td>North Dakota</td><td>230,830</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><td>1,984</td><td>1,956</td></tr><tr><td>Ohio</td><td>2,789,843</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><td>17,734</td><td>17,734</td></tr><tr><td>Oklahoma</td><td>543,223</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><td>3,821</td><td>3,665</td></tr><tr><td>Oregon</td><td>583,219</td><td>3,275</td><td>3,348</td><td>3,254</td><td>3,107</td><td>3,149</td><td>3,085</td><td>3,352</td><td>5,411</td><td>3,748</td><td>3,282</td><td>2,917</td><td>2,963</td><td>2,648</td></tr><tr><td>Pennsylvania</td><td>3,487,963</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><td>24,498</td><td>22,796</td></tr><tr><td>Rhode Island</td><td>258,189</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><td>1,261</td><td>1,473</td></tr><tr><td>South Carolina</td><td>302,663</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><td>1,816</td><td>1,726</td></tr><tr><td>South Dakota</td><td>223,864</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><td>3,604</td><td>3,654</td></tr><tr><td>Tennessee</td><td>567,594</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><td>3,159</td><td>3,094</td></tr><tr><td>Texas</td><td>1,831,915</td><td>12,476</td><td>13,883</td><td>11,931</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><td>9,779</td><td>9,524</td></tr><tr><td>Utah</td><td>204,645</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><td>1,084</td><td>1,311</td></tr><tr><td>Vermont</td><td>75,894</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><td>322</td><td>427</td></tr><tr><td>Virginia</td><td>804,900</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><td>4,608</td><td>4,613</td></tr><tr><td>Washington</td><td>930,385</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><td>4,905</td><td>4,351</td></tr><tr><td>West Virginia</td><td>393,390</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><td>2,998</td><td>2,752</td></tr><tr><td>Wisconsin</td><td>1,027,585</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><td>7,958</td><td>7,965</td></tr><tr><td>Wyoming</td><td>94,246</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><td>636</td><td>600</td></tr><tr><td>Alaska 1.</td><td>30,075</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>-</td><td>257</td><td>213</td></tr><tr><td>Canal Zone</td><td>28,844</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><td>257</td><td>213</td></tr><tr><td>Hawaii</td><td>259,937</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>1,238</td><td>964</td><td>1,107</td></tr><tr><td>Puerto Rico</td><td>36,682</td><td>212</td><td>128</td><td>240</td><td>76</td><td>141</td><td>128</td><td>100</td><td>216</td><td>143</td><td>105</td><td>119</td><td>109</td><td>158</td></tr><tr><td>Virgin Island</td><td>1,809</td><td>1</td><td>1</td><td>2</td><td>4</td><td>6</td><td
Source: Daily Treasury Statement and reports of Federal Reserve Banks. 1/ Monthly sales for Alaska are not available after March 1947.
2/ Beginning with June 1947, includes small amounts of unclassified sales of Series F and O bonds.
August 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 interception through June 30, 1947</th><th colspan="7">1946</th><th colspan="7">1947</th></tr><tr><th></th><th></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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>143,595</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><td>1,401</td><td>1,436</td></tr><tr><td>Arizona</td><td>44,572</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><td>518</td><td>631</td></tr><tr><td>Arkansas</td><td>87,236</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><td>996</td><td>924</td></tr><tr><td>California</td><td>1,246,205</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><td>10,680</td><td>11,588</td></tr><tr><td>Colorado</td><td>158,814</td><td>2,961</td><td>3,289</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><td>1,590</td><td>2,045</td></tr><tr><td>Connecticut</td><td>371,368</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><td>2,323</td><td>2,000</td></tr><tr><td>Delaware</td><td>71,378</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><td>711</td><td>575</td></tr><tr><td>Dist. of Columbia</td><td>165,820</td><td>2,596</td><td>2,893</td><td>2,563</td><td>1,718</td><td>1,960</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><td>1,646</td><td>1,642</td></tr><tr><td>Florida</td><td>210,573</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><td>2,509</td><td>1,915</td></tr><tr><td>Georgia</td><td>181,863</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><td>1,321</td><td>1,802</td></tr><tr><td>Idaho</td><td>44,133</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><td>420</td><td>496</td></tr><tr><td>Illinois</td><td>1,481,763</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><td>16,230</td><td>16,298</td></tr><tr><td>Indiana</td><td>439,737</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><td>5,096</td><td>5,030</td></tr><tr><td>Iowa</td><td>472,648</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><td>7,276</td><td>7,454</td></tr><tr><td>Kansas</td><td>222,994</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><td>2,747</td><td>2,811</td></tr><tr><td>Kentucky</td><td>239,395</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><td>3,119</td><td>3,861</td></tr><tr><td>Louisiana</td><td>189,553</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><td>1,900</td><td>1,813</td></tr><tr><td>Maine</td><td>114,998</td><td>1,527</td><td>2,114</td><td>1,629</td><td>861</td><td>820</td><td>595</td><td>1,146</td><td>3,148</td><td>1,194</td><td>1,318</td><td>1,172</td><td>887</td><td>903</td></tr><tr><td>Maryland</td><td>282,235</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><td>3,288</td><td>2,542</td></tr><tr><td>Massachusetts</td><td>938,030</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><td>8,850</td><td>6,270</td></tr><tr><td>Michigan</td><td>553,960</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><td>5,504</td><td>6,325</td></tr><tr><td>Minnesota</td><td>387,547</td><td>6,795</td><td>8,675</td><td>5,587</td><td>4,733</td><td>4,707</td><td>4,428</td><td>4,742</td><td>11,287</td><td>6,485</td><td>5,392</td><td>5,580</td><td>4,719</td><td>3,605</td></tr><tr><td>Mississippi</td><td>99,660</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><td>952</td><td>805</td></tr><tr><td>Missouri</td><td>522,158</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><td>5,178</td><td>6,570</td></tr><tr><td>Montana</td><td>64,154</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><td>905</td><td>782</td></tr><tr><td>Nebraska</td><td>210,281</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><td>4,007</td><td>3,514</td></tr><tr><td>Nevada</td><td>19,247</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><td>220</td><td>157</td></tr><tr><td>New Hampshire</td><td>78,646</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><td>550</td><td>450</td></tr><tr><td>New Jersey</td><td>603,954</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><td>5,215</td><td>6,493</td></tr><tr><td>New Mexico</td><td>36,473</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><td>199</td><td>463</td></tr><tr><td>New York</td><td>3,122,750</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><td>23,979</td><td>26,343</td></tr><tr><td>North Carolina</td><td>221,362</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><td>3,138</td><td>2,349</td></tr><tr><td>North Dakota</td><td>75,948</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><td>816</td><td>908</td></tr><tr><td>Ohio</td><td>1,052,168</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>12,226</td><td>9,774</td><td>9,978</td></tr><tr><td>Oklahoma</td><td>138,280</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>1,655</td><td>1,760</td><td>1,314</td><td>1,585</td></tr><tr><td>Oregon</td><td>156,180</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><td>1,448</td><td>1,510</td></tr><tr><td>Pennsylvania</td><td>1,544,798</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><td>14,144</td><td>12,835</td></tr><tr><td>Rhode Island</td><td>148,737</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><td>1,118</td><td>1,253</td></tr><tr><td>South Carolina</td><td>103,114</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><td>1,294</td><td>940</td></tr><tr><td>South Dakota</td><td>67,232</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><td>1,904</td><td>1,686</td></tr><tr><td>Tennessee</td><td>190,992</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><td>1,988</td><td>1,527</td></tr><tr><td>Texas</td><td>521,516</td><td>7,151</td><td>6,918</td><td>6,456</td><td>5,209</td><td>4,979</td><td>3,713</td><td>5,617</td><td>10,352</td><td>6,945</td><td>5,845</td><td>4,978</td><td>4,699</td><td>5,724</td></tr><tr><td>Utah</td><td>40,040</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><td>426</td><td>319</td></tr><tr><td>Vermont</td><td>43,128</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><td>592</td><td>418</td></tr><tr><td>Virginia</td><td>257,846</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><td>1,963</td><td>2,308</td></tr><tr><td>Washington</td><td>263,803</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><td>3,106</td><td>2,922</td></tr><tr><td>West Virginia</td><td>99,510</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><td>914</td><td>1,045</td></tr><tr><td>Wyoming</td><td>485,949</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,487</td><td>5,709</td><td>5,468</td><td>5,914</td><td>13,428</td><td>7,462</td><td>7,677</td><td>6,747</td><td>5,648</td><td>6,585</td></tr><tr><td></td><td>32,000</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><td>306</td><td>429</td></tr><tr><td>Aleka 1/</td><td>5,349</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><td>-</td><td>-</td></tr><tr><td>Canal Zone</td><td>6,501</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><td>23</td><td>25</td></tr><tr><td>Hawaii</td><td>58,176</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>1,222</td><td>311</td><td>292</td><td>222</td><td>449</td></tr><tr><td>Puerto Rico</td><td>13,646</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><td>9</td><td>23</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>+6,933</td><td>-40,071</td><td>+34,963</td><td>+8,088</td><td>+2,183</td><td>+6,671</td
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
1 Lese than $500.
1/2 Monthly sales for Alaska are not available after March 1947.
2/2 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 4-22).
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(in thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1944-June 1947</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><th>May</th><th>June</th></tr><tr><td>Alabama</td><td>190,798</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><td>4,402</td><td>3,841</td></tr><tr><td>Arizona</td><td>67,287</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><td>1,862</td><td>1,795</td></tr><tr><td>Arkansas</td><td>107,951</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><td>2,677</td><td>2,443</td></tr><tr><td>California</td><td>1,354,945</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><td>33,736</td><td>33,872</td></tr><tr><td>Colorado</td><td>125,026</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>3,915</td><td>3,683</td><td>3,730</td></tr><tr><td>Connecticut</td><td>229,386</td><td>7,330</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><td>6,371</td><td>6,016</td></tr><tr><td>Delaware</td><td>33,278</td><td>1,141</td><td>1,160</td><td>1,082</td><td>1,117</td><td>1,089</td><td>852</td><td>1,023</td><td>984</td><td>868</td><td>808</td><td>1,060</td><td>857</td><td>1,061</td></tr><tr><td>District of Columbia</td><td>163,659</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><td>4,681</td><td>5,457</td></tr><tr><td>Florida</td><td>232,770</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><td>6,945</td><td>6,010</td></tr><tr><td>Georgia</td><td>200,532</td><td>7,506</td><td>7,465</td><td>6,214</td><td>6,384</td><td>5,702</td><td>5,327</td><td>6,038</td><td>6,331</td><td>5,132</td><td>5,784</td><td>5,211</td><td>5,207</td><td>4,840</td></tr><tr><td>Idaho</td><td>43,899</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><td>1,198</td><td>1,530</td></tr><tr><td>Illinois</td><td>1,069,606</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><td>27,585</td><td>27,791</td></tr><tr><td>Indiana</td><td>417,618</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><td>9,813</td><td>9,303</td></tr><tr><td>Iowa</td><td>253,832</td><td>8,490</td><td>8,011</td><td>7,514</td><td>8,255</td><td>7,796</td><td>6,445</td><td>7,389</td><td>7,722</td><td>7,292</td><td>9,978</td><td>7,155</td><td>7,023</td><td>6,587</td></tr><tr><td>Kansas</td><td>172,206</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><td>5,138</td><td>5,009</td></tr><tr><td>Kentucky</td><td>173,968</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><td>4,465</td><td>4,757</td></tr><tr><td>Louisiana</td><td>171,172</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><td>4,281</td><td>4,186</td></tr><tr><td>Maine</td><td>57,799</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><td>1,621</td><td>1,796</td></tr><tr><td>Maryland</td><td>189,901</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><td>5,452</td><td>5,233</td></tr><tr><td>Massachusetts</td><td>418,293</td><td>12,597</td><td>13,621</td><td>12,139</td><td>12,583</td><td>13,324</td><td>11,862</td><td>14,232</td><td>13,075</td><td>10,474</td><td>12,036</td><td>11,589</td><td>11,093</td><td>11,602</td></tr><tr><td>Michigan</td><td>870,532</td><td>27,839</td><td>26,900</td><td>26,966</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>19,273</td><td>19,698</td><td>19,625</td></tr><tr><td>Minnesota</td><td>292,106</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><td>8,205</td><td>8,461</td></tr><tr><td>Mississippi</td><td>92,636</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>3,471</td><td>2,481</td><td>2,690</td><td>2,576</td><td>2,482</td><td>2,287</td></tr><tr><td>Missouri</td><td>392,808</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><td>10,074</td><td>10,086</td></tr><tr><td>Montana</td><td>53,878</td><td>2,117</td><td>2,062</td><td>1,930</td><td>1,888</td><td>1,750</td><td>1,750</td><td>1,764</td><td>2,004</td><td>1,451</td><td>1,636</td><td>1,648</td><td>1,532</td><td>1,559</td></tr><tr><td>Nebraska</td><td>128,246</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><td>4,040</td><td>3,700</td></tr><tr><td>Nevada</td><td>20,583</td><td>485</td><td>638</td><td>691</td><td>568</td><td>706</td><td>465</td><td>556</td><td>783</td><td>561</td><td>629</td><td>547</td><td>585</td><td>590</td></tr><tr><td>New Hampshire</td><td>36,743</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><td>1,052</td><td>1,043</td></tr><tr><td>New Jersey</td><td>478,589</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><td>12,881</td><td>12,504</td></tr><tr><td>New Mexico</td><td>40,171</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><td>1,316</td><td>1,116</td></tr><tr><td>New York</td><td>1,392,969</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><td>40,463</td><td>39,022</td></tr><tr><td>North Carolina</td><td>190,097</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><td>5,473</td><td>4,916</td></tr><tr><td>North Dakota</td><td>39,817</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><td>1,298</td><td>1,529</td></tr><tr><td>Ohio</td><td>903,246</td><td>27,980</td><td>29,087</td><td>26,463</td><td>25,313</td><td>24,805</td><td>21,809</td><td>24,163</td><td>24,358</td><td>18,572</td><td>21,554</td><td>21,942</td><td>20,931</td><td>21,629</td></tr><tr><td>Oklahoma</td><td>190,255</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><td>4,860</td><td>4,814</td></tr><tr><td>Oregon</td><td>201,927</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><td>4,993</td><td>4,786</td></tr><tr><td>Pennsylvania</td><td>1,110,480</td><td>36,386</td><td>35,883</td><td>33,257</td><td>32,432</td><td>34,486</td><td>27,878</td><td>33,859</td><td>36,064</td><td>25,644</td><td>27,338</td><td>30,038</td><td>28,212</td><td>26,265</td></tr><tr><td>Rhode Island</td><td>74,056</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><td>1,827</td><td>1,927</td></tr><tr><td>South Carolina</td><td>91,833</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><td>2,297</td><td>2,252</td></tr><tr><td>South Dakota</td><td>41,231</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><td>1,276</td><td>1,436</td></tr><tr><td>Tennessee</td><td>196,964</td><td>5,186</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><td>4,902</td><td>4,598</td></tr><tr><td>Texas</td><td>648,545</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><td>16,794</td><td>15,927</td></tr><tr><td>Utah</td><td>70,192</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><td>2,053</td><td>2,081</td></tr><tr><td>Vermont</td><td>18,334</td><td>719</td><td>673</td><td>678</td><td>650</td><td>658</td><td>580</td><td>772</td><td>612</td><td>481</td><td>558</td><td>586</td><td>595</td><td>619</td></tr><tr><td>Virginia</td><td>248,411</td><td>8,990</td><td>6,651</td><td>7,254</td><td>8,543</td><td>5,518</td><td>6,772</td><td>7,838</td><td>7,404</td><td>5,981</td><td>7,066</td><td>7,009</td><td>6,891</td><td>6,740</td></tr><tr><td>Washington</td><td>295,960</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><td>7,691</td><td>7,002</td></tr><tr><td>West Virginia</td><td>133,770</td><td>4,696</td><td>3,837</td><td>4,010</td><td>4,161</td><td>3,734</td><td>3,606</td><td>4,098</td><td>3,664</td><td>2,791</td><td>3,158</td><td>3,562</td><td>3,612</td><td>3,218</td></tr><tr><td>Wisconsin</td><td>287,013</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><td>7,899</td><td>7,775</td></tr><tr><td>Wyoming</td><td>26,870</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><td>901</td><td>778</td></tr><tr><td>Alaska</td><td>7,832</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><td>303</td><td>306</td></tr><tr><td>Canal Zone</td><td>5,377</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><td>348</td><td>273</td></tr><tr><td>Hawaii</td><td>70,286</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><td>2,011</td><td>1,564</td></tr><tr><td>Puerto Rico</td><td>19,763</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><td>566</td><td>535</td></tr><tr><td>Virgin Islands</td><td>538</td><td>24</td><td>10</td><td>24</td><
Sources: 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
or current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 1/ Beginning with June 1947 includes email amounts of unclassified redemptions of Series F and O bonds.
August 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 June 30, 1947
(in millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>402</td><td>65 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>30,098</td><td>24,515</td><td>5,824</td><td>18,691</td><td>23</td><td>5,560</td></tr><tr><td>Total</td><td>35,449</td><td>29,861</td><td>6,071</td><td>23,789</td><td>28</td><td>5,560</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 rowspan="2">Period</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 colspan="7">Fiscal years:</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>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td colspan="7">Calendar years:</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 colspan="7">Months:</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><tr><td>May</td><td>164</td><td>119</td><td>90</td><td>29</td><td>26</td><td>5,525</td></tr><tr><td>June</td><td>570</td><td>538</td><td>330</td><td>208</td><td>23</td><td>5,560</td></tr></table>
Source: Daily Treasury Statement.
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,358.5</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>1947 p.</td><td>3,056.6</td><td>2.9</td><td>8.3</td><td>68.3</td><td>135.8</td><td>578.7</td><td>1,004.9</td><td>459.5</td><td>798.0</td></tr><tr><td>1947-January</td><td>218.1</td><td>.3</td><td>.8</td><td>6.3</td><td>11.3</td><td>48.9</td><td>82.4</td><td>34.0</td><td>34.0</td></tr><tr><td>February</td><td>209.2</td><td>.2</td><td>.5</td><td>4.2</td><td>7.7</td><td>33.1</td><td>56.9</td><td>44.5</td><td>62.0</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><tr><td>May p.</td><td>164.3</td><td>.2</td><td>.6</td><td>4.8</td><td>8.5</td><td>36.9</td><td>62.1</td><td>25.0</td><td>26.0</td></tr><tr><td>June p.</td><td>569.6</td><td>.6</td><td>1.5</td><td>11.4</td><td>21.0</td><td>90.1</td><td>155.0</td><td>121.0</td><td>169.0</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>1947</td><td>3,056.6</td><td>219.5</td><td>2,837.1</td><td>100.0</td><td>7.2</td><td>92.8</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><tr><td>May</td><td>164.3</td><td>18.1</td><td>146.2</td><td>100.0</td><td>11.0</td><td>89.0</td></tr><tr><td>June</td><td>569.6</td><td>23.9</td><td>545.7</td><td>100.0</td><td>4.2</td><td>95.8</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
August 1947
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions 1/
(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 1/</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>1947</td><td>69,930</td><td>-26,046</td><td>26,386</td><td>52,432</td><td>28,130</td><td>24,303</td><td>100.0</td><td>53.6</td><td>46.4</td></tr><tr><td>1947-January</td><td>76,122</td><td>-3,199</td><td>1,708</td><td>4,907</td><td>2,709</td><td>2,198</td><td>100.0</td><td>55.2</td><td>44.8</td></tr><tr><td>February</td><td>73,980</td><td>-2,143</td><td>2,391</td><td>4,533</td><td>2,475</td><td>2,058</td><td>100.0</td><td>54.6</td><td>45.4</td></tr><tr><td>March</td><td>72,492</td><td>-1,487</td><td>2,582</td><td>4,069</td><td>2,051</td><td>2,018</td><td>100.0</td><td>50.4</td><td>49.6</td></tr><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><tr><td>May</td><td>71,114</td><td>-4</td><td>1,393</td><td>1,389</td><td>702</td><td>688</td><td>100.0</td><td>50.5</td><td>49.5</td></tr><tr><td>June</td><td>69,930</td><td>-1,184</td><td>1,978</td><td>3,163</td><td>1,635</td><td>1,528</td><td>100.0</td><td>51.7</td><td>48.3</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 lease 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 denomination</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denomination</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,832</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>1947</td><td>26,386</td><td>4,161</td><td>12,720</td><td>2,827</td><td>4,700</td><td>1,978</td><td>100.0</td><td>15.8</td><td>48.2</td><td>10.7</td><td>17.8</td><td>7.5</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><tr><td>May</td><td>1,393</td><td>217</td><td>657</td><td>149</td><td>257</td><td>113</td><td>100.0</td><td>15.6</td><td>47.2</td><td>10.7</td><td>18.4</td><td>8.1</td></tr><tr><td>June</td><td>1,978</td><td>240</td><td>919</td><td>235</td><td>427</td><td>157</td><td>100.0</td><td>12.1</td><td>46.5</td><td>11.9</td><td>21.6</td><td>7.9</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department date.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
August 1947
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th rowspan="2">Total amount unmatured outstanding</th><th colspan="4">Distribution by classes of holders</th></tr><tr><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues 3/</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>U. S. Government agencies and trust funds and Federal Reserve Banks</th><th>Public market-able issues</th><th>Public non-marketable issues 4/</th></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</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>1947</td><td>255,113</td><td>32,967 p</td><td>5,564 p</td><td>37 p</td><td>27,366</td><td>21,872</td><td>200,274 p</td><td>141,266 p</td><td>59,008</td><td>83</td><td>10 p</td><td>-</td><td>29 p</td><td>45</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>31,585</td><td>6,268</td><td>37</td><td>25,280</td><td>21,857</td><td>200,985</td><td>142,410</td><td>58,575</td><td>171</td><td>9</td><td>-</td><td>36</td><td>126</td></tr><tr><td>May</td><td>254,975</td><td>32,142</td><td>5,919</td><td>37</td><td>26,186</td><td>22,088</td><td>200,744</td><td>141,919</td><td>58,826</td><td>171</td><td>10</td><td>-</td><td>36</td><td>125</td></tr><tr><td>June</td><td>255,113</td><td>32,967 p</td><td>5,564 p</td><td>37 p</td><td>27,366</td><td>21,872</td><td>200,274 p</td><td>141,266 p</td><td>59,008</td><td>83</td><td>10 p</td><td>-</td><td>29 p</td><td>45</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. 
Preliminary. 
* Less than $500,000. 
1/ Excludes obligations held by the Treasury and matured securities. 
2/ The total amount of securities held by private investors is calcu
leted 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. Includes United States savings bonds, Series A-F, at maturity value. 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/ - to 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="7">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>47.8</td><td>17.9</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.7</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.5</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.3</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.8</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>256.8</td><td>106.0</td><td>84.2</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.8</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>152.8</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.8</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>276.2</td><td>115.0</td><td>90.8</td><td>24.3</td><td>161.2</td><td>63.5</td><td>24.4</td><td>10.7</td><td>29.1</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February</td><td>278.5</td><td>116.7</td><td>93.8</td><td>22.9</td><td>161.8</td><td>63.5</td><td>24.8</td><td>11.1</td><td>27.7</td><td>6.7</td><td>28.0</td></tr><tr><td>June</td><td>268.6</td><td>108.2</td><td>84.4</td><td>23.8</td><td>160.4</td><td>62.9</td><td>25.3</td><td>11.5</td><td>25.2</td><td>6.5</td><td>29.1</td></tr><tr><td>September</td><td>264.6</td><td>104.3</td><td>80.2</td><td>24.0</td><td>160.3</td><td>62.8</td><td>25.4</td><td>11.7</td><td>23.7</td><td>6.3</td><td>30.4</td></tr><tr><td>December</td><td>258.0</td><td>97.9</td><td>74.5</td><td>23.3</td><td>160.1</td><td>63.5</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.2</td><td>30.9</td></tr><tr><td>1947-January</td><td>258.6</td><td>97.9</td><td>73.9</td><td>23.9</td><td>160.8</td><td>64.2</td><td>25.4</td><td>11.9</td><td>22.0</td><td>6.2</td><td>31.2</td></tr><tr><td>February</td><td>258.3</td><td>96.8</td><td>72.7</td><td>24.1</td><td>161.5</td><td>64.7</td><td>25.4</td><td>12.0</td><td>21.9</td><td>6.2</td><td>31.3</td></tr><tr><td>March</td><td>256.0</td><td>94.1</td><td>71.5</td><td>22.6</td><td>161.9</td><td>65.2</td><td>25.1</td><td>12.0</td><td>21.7</td><td>6.3</td><td>31.6</td></tr><tr><td>April</td><td>254.6</td><td>93.5</td><td>71.7</td><td>21.9</td><td>161.0</td><td>65.4</td><td>25.1</td><td>12.0</td><td>20.5</td><td>6.3</td><td>31.6</td></tr><tr><td>May p.</td><td>255.1</td><td>92.9</td><td>70.8</td><td>22.1</td><td>162.3</td><td>65.6</td><td>25.2</td><td>12.0</td><td>21.0</td><td>6.3</td><td>32.2</td></tr></table>
Preliminary.
1/ 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.
Includes savings and loan associations, dealers and brokers, and
investments of foreign balances and international accounts in
this country.
5/ 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>-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>-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>-338.6</td><td>-359.2</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.
August 1947
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies. May 31, 1947
The tables in Section I present summary data as of May 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 outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 2/</th></tr><tr><th>7,325 commercial banks 2/</th><th>Banks 1/ 33 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds. and Federal Reserve Banks</th></tr><tr><td>Public securities: Marketable securities.................</td><td>169,972</td><td>63,044</td><td>456</td><td>11,740</td><td>21,056</td><td>3,064</td><td>28,017</td><td>42,594</td></tr><tr><td>Non-marketable securities 4/....................</td><td>58,987</td><td>1,236</td><td>12</td><td>289</td><td>138</td><td>239</td><td>36</td><td>56,912</td></tr><tr><td>Total public securities....................</td><td>228,960</td><td>64,280</td><td>468</td><td>12,029</td><td>21,194</td><td>3,303</td><td>28,054</td><td>99,507</td></tr><tr><td>Special issues ................................</td><td>26,186</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26,186</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/....................</td><td>255,146</td><td>64,280</td><td>468</td><td>12,029</td><td>21,194</td><td>3,303</td><td>54,240</td><td>99,507</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-
4/ C.C.C. demand obligations in the amount of $125 million held by all commercial banks are shown only in total amount outstanding.
5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 2/</th></tr><tr><th>7,325 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th></tr></table>
Par values - in millions of dollars
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>16,002</td><td>590</td><td>-</td><td>1</td><td>-</td><td>-</td><td>14,984</td><td>427</td></tr><tr><td>Certificate of indebtedness</td><td>26,294</td><td>9,322</td><td>14</td><td>266</td><td>233</td><td>206</td><td>6,094</td><td>10,158</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>4,913</td><td>20</td><td>171</td><td>159</td><td>123</td><td>381</td><td>2,376</td></tr><tr><td>Treasury bonds - bank restricted</td><td>49,636</td><td>1,274</td><td>200</td><td>8,141</td><td>16,714</td><td>1,316</td><td>4,605</td><td>17,325</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,685</td><td>46,920</td><td>220</td><td>3,157</td><td>3,936</td><td>1,416</td><td>1,848</td><td>12,190</td></tr><tr><td>Postal savings and other bonds</td><td>165</td><td>14</td><td>*</td><td>2</td><td>*</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed by United States</td><td>46</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>10</td><td>4</td></tr><tr><td>Total</td><td>169,972</td><td>63,044</td><td>456</td><td>11,740</td><td>21,056</td><td>3,064</td><td>28,017</td><td>42,594</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>50,605</td><td>14,911</td><td>30</td><td>530</td><td>407</td><td>349</td><td>21,423</td><td>12,954</td></tr><tr><td>1 to 5 years</td><td>13,257</td><td>26,792</td><td>79</td><td>1,256</td><td>1,473</td><td>679</td><td>1,157</td><td>6,821</td></tr><tr><td>5 to 10 years</td><td>26,258</td><td>16,416</td><td>123</td><td>1,705</td><td>2,165</td><td>581</td><td>543</td><td>4,725</td></tr><tr><td>10 to 15 years</td><td>11,208</td><td>2,172</td><td>79</td><td>2,522</td><td>1,011</td><td>723</td><td>315</td><td>4,384</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>136</td><td>73</td><td>2,914</td><td>9,751</td><td>305</td><td>2,594</td><td>5,451</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,606</td><td>71</td><td>2,809</td><td>5,235</td><td>426</td><td>1,976</td><td>8,250</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>46</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>10</td><td>4</td></tr><tr><td>Total</td><td>169,972</td><td>63,044</td><td>456</td><td>11,740</td><td>21,056</td><td>3,064</td><td>28,017</td><td>42,594</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>266</td><td>14</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18,078</td><td>13,267</td><td>93</td><td>52</td><td>120</td><td>570</td><td>1,230</td><td>2,705</td></tr><tr><td>Subject to Federal income taxes</td><td>151,729</td><td>49,762</td><td>362</td><td>11,648</td><td>20,935</td><td>2,494</td><td>25,751</td><td>33,776</td></tr><tr><td>Total</td><td>169,972</td><td>63,044</td><td>456</td><td>11,740</td><td>21,056</td><td>3,064</td><td>28,017</td><td>42,594</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, May 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="2">Banks 1/</th><th colspan="2">Insurance companies</th><th colspan="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>7,325 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">Percentage distribution by classes of securities</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>9.4</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>53.5</td><td>1.0</td><td></td></tr><tr><td>Certificates of indebtedness.........</td><td>15.5</td><td>14.8</td><td>3.2</td><td>2.3</td><td>1.1</td><td>21.7</td><td>23.8</td><td></td></tr><tr><td>Treasury notes.....................</td><td>4.8</td><td>7.8</td><td>4.3</td><td>1.5</td><td>.8</td><td>1.4</td><td>5.6</td><td></td></tr><tr><td>Treasury bonds - bank restricted 4/....</td><td>29.2</td><td>2.0</td><td>43.9</td><td>69.3</td><td>79.4</td><td>43.0</td><td>40.7</td><td></td></tr><tr><td>Treasury bonds - bank eligible.........</td><td>41.0</td><td>74.4</td><td>43.2</td><td>26.9</td><td>18.7</td><td>46.2</td><td>28.6</td><td></td></tr><tr><td>Postal savings and other bonds.........</td><td>.1</td><td>-</td><td>.4</td><td>-</td><td>.1</td><td>.1</td><td>.3</td><td></td></tr><tr><td>Guaranteed by United States 5/.........</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></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>29.8</td><td>23.7</td><td>6.5</td><td>4.5</td><td>1.9</td><td>11.4</td><td>76.5</td><td>30.4</td></tr><tr><td>1 to 5 years.....................</td><td>22.5</td><td>42.5</td><td>17.3</td><td>10.7</td><td>7.0</td><td>22.2</td><td>4.1</td><td>16.0</td></tr><tr><td>5 to 10 years.....................</td><td>15.4</td><td>26.0</td><td>26.9</td><td>14.5</td><td>10.3</td><td>18.2</td><td>1.9</td><td>11.1</td></tr><tr><td>10 to 15 years.....................</td><td>6.6</td><td>3.4</td><td>17.4</td><td>21.5</td><td>4.8</td><td>21.6</td><td>1.1</td><td>10.3</td></tr><tr><td>15 to 20 years.....................</td><td>12.5</td><td>.2</td><td>16.0</td><td>24.8</td><td>46.3</td><td>9.9</td><td>9.3</td><td>12.8</td></tr><tr><td>Over 20 years.....................</td><td>13.2</td><td>4.1</td><td>15.5</td><td>23.9</td><td>29.6</td><td>13.9</td><td>7.1</td><td>19.4</td></tr><tr><td>Various (Federal Housing Administration debentures).........</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total.....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes....</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.3</td><td></td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>10.6</td><td>21.0</td><td>20.5</td><td>.8</td><td>.6</td><td>18.5</td><td>4.4</td><td>6.4</td></tr><tr><td>Subject to Federal income taxes 1/.........</td><td>89.3</td><td>78.9</td><td>79.5</td><td>99.2</td><td>99.4</td><td>81.4</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><tr><td colspan="9">Percentage distribution by groups of investors</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.....................</td><td>100.0</td><td>3.7</td><td>-</td><td>-</td><td>-</td><td>93.6</td><td>2.7</td><td></td></tr><tr><td>Certificates of indebtedness.........</td><td>100.0</td><td>35.5</td><td>.1</td><td>1.0</td><td>.9</td><td>23.2</td><td>38.6</td><td></td></tr><tr><td>Treasury notes.....................</td><td>100.0</td><td>60.3</td><td>.2</td><td>2.1</td><td>2.0</td><td>4.7</td><td>29.2</td><td></td></tr><tr><td>Treasury bonds - bank restricted 4/....</td><td>100.0</td><td>2.6</td><td>.4</td><td>16.4</td><td>13.7</td><td>2.7</td><td>34.9</td><td></td></tr><tr><td>Treasury bonds - bank eligible.........</td><td>100.0</td><td>67.3</td><td>.3</td><td>4.5</td><td>5.6</td><td>2.0</td><td>2.7</td><td>17.5</td></tr><tr><td>Postal savings and other bonds.........</td><td>100.0</td><td>8.7</td><td>-</td><td>.4</td><td>.3</td><td>.4</td><td>21.9</td><td>68.3</td></tr><tr><td>Guaranteed by United States 5/.........</td><td>100.0</td><td>25.4</td><td>3.9</td><td>8.7</td><td>29.6</td><td>2.3</td><td>20.9</td><td>9.2</td></tr><tr><td>Total.....................</td><td>100.0</td><td>37.1</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</td><td>25.1</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>29.5</td><td>.1</td><td>1.0</td><td>.8</td><td>.7</td><td>42.3</td><td>25.6</td></tr><tr><td>1 to 5 years.....................</td><td>100.0</td><td>70.0</td><td>.2</td><td>3.3</td><td>3.9</td><td>1.8</td><td>3.0</td><td>17.8</td></tr><tr><td>5 to 10 years.....................</td><td>100.0</td><td>62.5</td><td>.5</td><td>6.5</td><td>8.2</td><td>2.2</td><td>2.1</td><td>18.0</td></tr><tr><td>10 to 15 years.....................</td><td>100.0</td><td>19.4</td><td>.7</td><td>22.5</td><td>9.0</td><td>6.5</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>13.7</td><td>45.9</td><td>1.4</td><td>12.2</td><td>25.7</td></tr><tr><td>Over 20 years.....................</td><td>100.0</td><td>11.6</td><td>.3</td><td>12.5</td><td>27.9</td><td>1.9</td><td>8.8</td><td>35.9</td></tr><tr><td>Various (Federal Housing Administration debentures).........</td><td>100.0</td><td>25.4</td><td>3.9</td><td>8.7</td><td>29.6</td><td>2.3</td><td>20.9</td><td>9.2</td></tr><tr><td>Total.....................</td><td>100.0</td><td>37.1</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</td><td>25.1</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes....</td><td>100.0</td><td>8.7</td><td>-</td><td>.4</td><td>.3</td><td>.4</td><td>21.9</td><td>68.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>73.4</td><td>.5</td><td>.5</td><td>.7</td><td>3.2</td><td>6.8</td><td>15.0</td></tr><tr><td>Subject to Federal income taxes 1/.........</td><td>100.0</td><td>32.8</td><td>.2</td><td>7.7</td><td>13.8</td><td>1.6</td><td>17.6</td><td>26.2</td></tr><tr><td>Total.....................</td><td>100.0</td><td>37.1</td><td>.3</td><td>6.9</td><td>12.4</td><td>1.8</td><td>16.5</td><td>25.1</td></tr></table>
(Continued on following page)
August 1947
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 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>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,325 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>638 fire casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>16,002</td><td>590</td><td>-</td><td>1</td><td>-</td><td>-</td><td>14,984</td><td>427</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8 June 1947......(taxable)</td><td>2,775</td><td>824</td><td>1</td><td>15</td><td>30</td><td>17</td><td>246</td><td>1,642</td></tr><tr><td>7/8% July 1947......(taxable)</td><td>2,916</td><td>1,185</td><td>1</td><td>34</td><td>48</td><td>18</td><td>670</td><td>961</td></tr><tr><td>7/8% August 1947......(taxable)</td><td>1,223</td><td>565</td><td>1</td><td>16</td><td>4</td><td>8</td><td>251</td><td>368</td></tr><tr><td>7/8% September 1947......(taxable)</td><td>2,341</td><td>717</td><td>2</td><td>21</td><td>12</td><td>30</td><td>885</td><td>673</td></tr><tr><td>7/8% October 1947......(taxable)</td><td>1,440</td><td>628</td><td>1</td><td>27</td><td>5</td><td>17</td><td>241</td><td>520</td></tr><tr><td>7/8% November 1947......(taxable)</td><td>1,775</td><td>701</td><td>1</td><td>19</td><td>24</td><td>16</td><td>363</td><td>651</td></tr><tr><td>7/8% December 1947......(taxable)</td><td>3,281</td><td>759</td><td>*</td><td>28</td><td>20</td><td>28</td><td>229</td><td>2,216</td></tr><tr><td>7/8% January 1948......(taxable)</td><td>3,134</td><td>1,411</td><td>1</td><td>16</td><td>17</td><td>19</td><td>737</td><td>902</td></tr><tr><td>7/8% February 1948......(taxable)</td><td>3,947</td><td>1,151</td><td>3</td><td>30</td><td>55</td><td>30</td><td>1,708</td><td>970</td></tr><tr><td>7/8% March 1948......(taxable)</td><td>2,142</td><td>912</td><td>2</td><td>26</td><td>17</td><td>19</td><td>428</td><td>739</td></tr><tr><td>7/8% April 1948......(taxable)</td><td>1,321</td><td>458</td><td>1</td><td>4</td><td>1</td><td>6</td><td>325</td><td>516</td></tr><tr><td>Total certificates of indebtedness......</td><td>26,294</td><td>9,322</td><td>14</td><td>266</td><td>233</td><td>206</td><td>6,094</td><td>10,158</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>675</td><td>6</td><td>53</td><td>16</td><td>35</td><td>17</td><td>885</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>1,780</td><td>5</td><td>63</td><td>135</td><td>24</td><td>57</td><td>644</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,743</td><td>2,458</td><td>9</td><td>55</td><td>7</td><td>64</td><td>307</td><td>847</td></tr><tr><td>Total Treasury notes......</td><td>8,142</td><td>4,913</td><td>20</td><td>171</td><td>159</td><td>123</td><td>381</td><td>2,376</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>98</td><td>35</td><td>1,846</td><td>597</td><td>332</td><td>220</td><td>2,155</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>288</td><td>24</td><td>664</td><td>339</td><td>274</td><td>3</td><td>1,878</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>7</td><td>5</td><td>411</td><td>1,096</td><td>51</td><td>164</td><td>381</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>2</td><td>6</td><td>560</td><td>1,351</td><td>63</td><td>237</td><td>612</td></tr><tr><td>2-1/2% June 1964-59......(taxable)</td><td>3,761</td><td>3</td><td>17</td><td>778</td><td>1,604</td><td>48</td><td>355</td><td>956</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>5</td><td>16</td><td>557</td><td>1,622</td><td>64</td><td>423</td><td>1,151</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>61</td><td>17</td><td>375</td><td>2,495</td><td>54</td><td>751</td><td>1,444</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>58</td><td>13</td><td>229</td><td>1,583</td><td>25</td><td>663</td><td>909</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>79</td><td>25</td><td>1,158</td><td>3,171</td><td>138</td><td>856</td><td>2,540</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>672</td><td>43</td><td>1,559</td><td>2,856</td><td>268</td><td>992</td><td>5,299</td></tr><tr><td>Total bank restricted......</td><td>49,636</td><td>1,274</td><td>200</td><td>8,141</td><td>16,714</td><td>1,316</td><td>4,665</td><td>17,326</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>407</td><td>1</td><td>7</td><td>11</td><td>20</td><td>40</td><td>272</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>538</td><td>1</td><td>2</td><td>-</td><td>19</td><td>*</td><td>141</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>718</td><td>1</td><td>112</td><td>7</td><td>15</td><td>40</td><td>223</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,221</td><td>859</td><td>2</td><td>25</td><td>4</td><td>28</td><td>155</td><td>140</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,070</td><td>3</td><td>100</td><td>69</td><td>43</td><td>25</td><td>752</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>370</td><td>1</td><td>5</td><td>*</td><td>10</td><td>*</td><td>65</td></tr></table>
(Continued on following page)
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 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 rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstand-ing</th><th colspan="6">Held by investore covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>1,325 commercial banks 2/</th><th>Banks 1/</th><th>33 stock saving banks</th><th>540 mutual saving banks</th><th>Insurance companies 309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td colspan="9">Treasury bonds-(continued)</td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% December 1948-50....(partially)</td><td>571</td><td>457</td><td>1</td><td>1</td><td>*</td><td>12</td><td>43</td><td>57</td></tr><tr><td>2% June 1949-51....(taxable)</td><td>1,014</td><td>758</td><td>1</td><td>63</td><td>49</td><td>10</td><td>8</td><td>125</td></tr><tr><td>2% September 1949-51....(taxable)</td><td>1,292</td><td>1,041</td><td>1</td><td>44</td><td>62</td><td>21</td><td>1</td><td>122</td></tr><tr><td>2% December 1949-51....(taxable)</td><td>2,098</td><td>1,532</td><td>5</td><td>58</td><td>129</td><td>25</td><td>1</td><td>346</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>491</td><td>366</td><td>1</td><td>3</td><td>11</td><td>16</td><td>40</td><td>55</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,786</td><td>1,383</td><td>3</td><td>5</td><td>2</td><td>34</td><td>178</td><td>182</td></tr><tr><td>2% March 1950-52....(taxable)</td><td>1,963</td><td>1,519</td><td>5</td><td>64</td><td>153</td><td>29</td><td>3</td><td>185</td></tr><tr><td>2% September 1950-52....(taxable)</td><td>4,939</td><td>3,298</td><td>8</td><td>189</td><td>351</td><td>71</td><td>42</td><td>581</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,013</td><td>2</td><td>5</td><td>2</td><td>45</td><td>87</td><td>30</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>2,635</td><td>1,612</td><td>2</td><td>22</td><td>1</td><td>33</td><td>*</td><td>965</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,627</td><td>1,253</td><td>10</td><td>6</td><td>1</td><td>36</td><td>145</td><td>175</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>7,986</td><td>5,367</td><td>22</td><td>404</td><td>563</td><td>150</td><td>60</td><td>1,421</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>435</td><td>1</td><td>3</td><td>1</td><td>29</td><td>71</td><td>215</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>510</td><td>375</td><td>2</td><td>10</td><td>23</td><td>9</td><td>6</td><td>85</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>922</td><td>1</td><td>2</td><td>3</td><td>26</td><td>98</td><td>66</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>562</td><td>*</td><td>217</td><td>38</td><td>14</td><td>42</td><td>149</td></tr><tr><td>2% June 1952-54....(taxable)</td><td>5,825</td><td>4,141</td><td>20</td><td>278</td><td>394</td><td>98</td><td>8</td><td>887</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>8,662</td><td>5,871</td><td>24</td><td>487</td><td>584</td><td>141</td><td>14</td><td>1,541</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>931</td><td>2</td><td>149</td><td>178</td><td>25</td><td>66</td><td>150</td></tr><tr><td>2% June 1953-55....(partially)</td><td>725</td><td>643</td><td>*</td><td>3</td><td>2</td><td>22</td><td>14</td><td>42</td></tr><tr><td>2-1/4% June 1954-55....(partially)</td><td>681</td><td>567</td><td>2</td><td>1</td><td>1</td><td>30</td><td>15</td><td>64</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,530</td><td>31</td><td>8</td><td>2</td><td>77</td><td>192</td><td>771</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,449</td><td>765</td><td>9</td><td>93</td><td>345</td><td>11</td><td>40</td><td>187</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>728</td><td>16</td><td>3</td><td>2</td><td>47</td><td>59</td><td>127</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>3,823</td><td>1,242</td><td>18</td><td>684</td><td>660</td><td>129</td><td>135</td><td>956</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>682</td><td>12</td><td>10</td><td>43</td><td>51</td><td>43</td><td>80</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,102</td><td>9</td><td>3</td><td>33</td><td>67</td><td>50</td><td>223</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,854</td><td>2</td><td>92</td><td>208</td><td>20</td><td>128</td><td>411</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>46,920</td><td>220</td><td>3,157</td><td>3,936</td><td>1,416</td><td>1,848</td><td>12,190</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,194</td><td>420</td><td>11,297</td><td>20,650</td><td>2,733</td><td>6,513</td><td>29,516</td></tr><tr><td colspan="9">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds....(wholly)</td><td>116</td><td>12</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>65</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>14</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>113</td></tr><tr><td colspan="9">Guaranteed securities 5/</td></tr><tr><td>Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>6 40</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>10</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>46</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>10</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>169,972</td><td>63,044</td><td>456</td><td>11,740</td><td>21,056</td><td>3,064</td><td>28,027</td><td>42,594</td></tr></table>
Note: The Treasury Survey commenced with date for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of date 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, page 52-63.
Less than $500,000 or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
1/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
1/ Issues which commercial banks may not acquire prior to a specified
5/ date (with minor exceptions). See footnote 2, page 21.
5/ Guaranteed securities held by the Treasury are not included.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and 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.
1/ Includes an estimated amount of Federal Housing Administration debentures.
3/ Actual figures by tax status are available only for total amount outstanding.
August 1947
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 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="4">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th colspan="2">Banks 2/</th><th>Insurance companies</th><th>309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th><th></th></tr><tr><th></th><th></th><th>7,325 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th></th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D.................... (5/)</td><td>2,987</td><td>147</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td></tr><tr><td>Series E.................... (taxable)</td><td>30,757</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Series F.................... (taxable)</td><td>3,088</td><td>222</td><td>1</td><td>10</td><td>20</td><td>29</td><td>1</td></tr><tr><td>Series G.................... (taxable)</td><td>14,398</td><td>480</td><td>7</td><td>274</td><td>115</td><td>200</td><td>13</td></tr><tr><td>Total United States savings bonds</td><td>51,240</td><td>848</td><td>8</td><td>239</td><td>133</td><td>235</td><td>15</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>5,525</td><td>83</td><td>3</td><td>*</td><td>*</td><td>4</td><td>21</td></tr><tr><td>Depository bonds.................... (taxable)</td><td>333</td><td>305</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Armed Forces Leave bonds.................... (taxable)</td><td>1,165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities 7/ Commodity Credit Corporation demand obligations.................... (taxable)</td><td>125</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities</td><td>58,987</td><td>1,236</td><td>12</td><td>239</td><td>137</td><td>239</td><td>36</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56,912</td></tr></table>
1. Less than $500,000.
2. See footnote 5, page 52.
3. Securities held in trust departments are excluded.
4. Includes trust companies.
5. 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.
6. United States savings bonds. Series C-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6. Series C-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7. Guaranteed securities held by the Treasury are not included.
7. C.C.C. demand obligations in the amount of $125 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</th><th>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>7,325 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>638 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal Land Bank bonds: 1-1/20 October 1943-50......(taxable) 1-1/4/4 May 1950-52......(taxable) 1-1/2/4 January 1951-53......(taxable) 2-1/4/4 February 1953-55......(taxable)</td><td>176 210 202 114</td><td>149 152 159 87</td><td>1 • - •</td><td>1 3 • 5</td><td>• • • 1</td><td>2 • • 1</td><td>- - - -</td><td>24 54 32 19</td></tr><tr><td>Total Federal Land Bank bonds.....................</td><td>702</td><td>553</td><td>1</td><td>9</td><td>2</td><td>4</td><td>-</td><td>129</td></tr><tr><td>Federal intermediate Credit Bank debentures.........(taxable)</td><td>342</td><td>264</td><td>•</td><td>4</td><td>1</td><td>4</td><td>-</td><td>70</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4/6 April 1948......(taxable)</td><td>140</td><td>105</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>1,183</td><td>925</td><td>1</td><td>17</td><td>2</td><td>8</td><td>-</td><td>230</td></tr></table>
* Less than $500,000. 1/ See footnote 6, page 52. 2/ Securities held in trust departments are excluded. 3/ Includes trust companies. 4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
54
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
55
August 1947
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of June 30, 1947
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="2">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="2">1947 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from May 29, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from May 29, 1947</th><th></th><th>High Price Date</th><th>Low Price Date</th><th>High Price Date</th><th>Low Price Date</th></tr><tr><td colspan="12"><b>Treasury bonds - bank eligible</b></td></tr><tr><td>$1,115</td><td>2-3/4% - 3/15/48-50</td><td>100.23</td><td>100.25</td><td>100.24</td><td>-.03</td><td>.93%</td><td>+0.01%</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>100.24</td><td>6/30</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/48</td><td>100.23</td><td>100.25</td><td>100.24</td><td>-.02</td><td>.96</td><td>.00</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>100.24</td><td>6/30</td></tr><tr><td>1,014</td><td>2-6/15/49-51</td><td>101.23</td><td>101.25</td><td>101.24</td><td>-.02</td><td>1.09</td><td>-.01</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>101.24</td><td>6/30</td></tr><tr><td>1,292</td><td>2-9/15/49-51</td><td>101.27</td><td>101.29</td><td>101.28</td><td>-.02</td><td>1.14</td><td>.00</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>101.28</td><td>6/30</td></tr><tr><td>2,098</td><td>2-12/15/49-51</td><td>101.31</td><td>102.01</td><td>102.00</td><td>-.02</td><td>1.17</td><td>.00</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>102.00</td><td>6/30</td></tr><tr><td>1,963</td><td>2-3/15/50-52</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.03</td><td>1.21</td><td>+0.01</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>102.03</td><td>6/30</td></tr><tr><td>4,939</td><td>2-9/15/50-52</td><td>102.09</td><td>102.11</td><td>102.10</td><td>-.03</td><td>1.26</td><td>+0.01</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>102.10</td><td>6/30</td></tr><tr><td>2,635</td><td>1-1/2% - 12/15/50</td><td>100.30</td><td>101.00</td><td>100.31</td><td>-.03</td><td>1.21</td><td>.02</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>100.30</td><td>6/25</td></tr><tr><td>7,986</td><td>2-9/15/51-53</td><td>102.18</td><td>102.20</td><td>102.19</td><td>-.05</td><td>1.36</td><td>.02</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>102.19</td><td>6/30</td></tr><tr><td>510</td><td>2-12/15/51-55</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.04</td><td>1.36</td><td>.02</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>102.24</td><td>6/30</td></tr><tr><td>1,024</td><td>2-1/2% - 3/15/52-54</td><td>104.28</td><td>104.30</td><td>104.29</td><td>-.08</td><td>1.42</td><td>.04</td><td>3/11/41</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>104.29</td><td>6/30</td></tr><tr><td>5,825</td><td>2-6/15/52-54</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.05</td><td>1.40</td><td>.02</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>103.06</td><td>4/9</td><td>102.26</td><td>6/24</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.08</td><td>1.43</td><td>.04</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>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>102.29</td><td>102.31</td><td>102.30</td><td>-.06</td><td>1.44</td><td>.03</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>106.24</td><td>106.26</td><td>106.25</td><td>-.08</td><td>1.66</td><td>.02</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>106.24</td><td>6/24</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>105.00</td><td>105.02</td><td>105.01</td><td>-.10</td><td>1.66</td><td>.03</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>105.00</td><td>6/24</td></tr><tr><td>2,716</td><td>2-1/2% - 9/15/67-72 1/4</td><td>105.14</td><td>105.16</td><td>105.15</td><td>-.03</td><td>2.16</td><td>.00</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>105.10</td><td>5/8</td></tr><tr><td colspan="12"><b>Treasury bonds - bank restricted 5/</b></td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.17</td><td>2.04</td><td>.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>5/12</td><td>102.07</td><td>6/23</td></tr><tr><td>3,470</td><td>2-1/4% - 12/15/59-62</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.17</td><td>2.04</td><td>.04</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>5/12</td><td>102.07</td><td>6/23</td></tr><tr><td>2,118</td><td>2-1/2% - 6/15/62-67</td><td>104.23</td><td>104.25</td><td>104.24</td><td>-.21</td><td>2.13</td><td>.05</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>104.24</td><td>6/30</td></tr><tr><td>2,831</td><td>2-1/2% - 12/15/63-68 1/4</td><td>104.07</td><td>104.09</td><td>104.08</td><td>-.24</td><td>2.19</td><td>.05</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>104.08</td><td>6/30</td></tr><tr><td>3,761</td><td>2-1/2% - 6/15/64-69 1/4</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.23</td><td>2.23</td><td>.05</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>103.27</td><td>6/30</td></tr><tr><td>3,838</td><td>2-1/2% - 12/15/64-69 1/4</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.23</td><td>2.24</td><td>.05</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>103.25</td><td>6/30</td></tr><tr><td>5,197</td><td>2-1/2% - 3/15/65-70 1/4</td><td>103.23</td><td>103.25</td><td>103.24</td><td>-.21</td><td>2.24</td><td>.04</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>103.24</td><td>6/30</td></tr><tr><td>3,481</td><td>2-1/2% - 3/15/66-71 1/4</td><td>103.22</td><td>103.24</td><td>103.23</td><td>-.22</td><td>2.26</td><td>.05</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>103.23</td><td>6/30</td></tr><tr><td>7,967</td><td>2-1/2% - 6/15/67-72 1/4</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.18</td><td>2.33</td><td>.04</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>102.24</td><td>6/30</td></tr><tr><td>11,689</td><td>2-1/2% - 12/15/67-72 1/4</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.18</td><td>2.33</td><td>.03</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>102.24</td><td>6/30</td></tr><tr><td colspan="12"><b>Treasury notes</b></td></tr><tr><td>2,707</td><td>1-1/2% A-9/15/47 5/1</td><td>.83%</td><td>.77%</td><td>.80%</td><td>-</td><td>-</td><td>-</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.05</td><td>6/13/47</td><td>100.14</td><td>1/9</td><td>100.05</td><td>6/13</td></tr><tr><td>1,687</td><td>1-1/4% C-9/15/47 5/1</td><td>.83%</td><td>.77%</td><td>.80%</td><td>-</td><td>-</td><td>-</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.03</td><td>6/13/47</td><td>100.08</td><td>1/23</td><td>100.03</td><td>6/13</td></tr><tr><td>3,748</td><td>1-1/2% A-9/15/43</td><td>100.184</td><td>100.194</td><td>100.19</td><td>-.01%</td><td>1.00</td><td>.00</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>100.28</td><td>1/22</td><td>100.19</td><td>6/30</td></tr><tr><td colspan="12"><b>Certificates of indebtedness 7/</b></td></tr><tr><td>2,916</td><td>7/8% F - 7/1/47 8/1</td><td>.8%</td><td>.8%</td><td>.8%</td><td>.8%</td><td>.8%</td><td>.8%</td><td>7/1/46</td><td>1.24%</td><td>6/24/47</td><td>.87%</td><td>6/27/47</td><td>1.24%</td><td>6/24</td><td>.87%</td><td>6/27</td></tr><tr><td>1,223</td><td>7/8% G - 8/1/47</td><td>.71%</td><td>.68%</td><td>.71%</td><td>-.09%</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% H - 9/1/47</td><td>.78%</td><td>.74%</td><td>.76%</td><td>-.07%</td><td>-</td><td>-</td><td>9/1/46</td><td>.73%</td><td>4/9/47</td><td>.85%</td><td>12/21/46</td><td>.73%</td><td>4/9</td><td>.83%</td><td>5/12</td></tr><tr><td>1,440</td><td>7/8% J -10/1/47</td><td>.83%</td><td>.81%</td><td>.82%</td><td>-.02%</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>6/3</td></tr><tr><td>1,775</td><td>7/8% K -11/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td>-</td><td>-</td><td>11/1/46</td><td>.77%</td><td>4/9/47</td><td>.85%</td><td>5/28/47</td><td>.77%</td><td>4/9</td><td>.85%</td><td>5/28</td></tr><tr><td>3,281</td><td>7/8% L -12/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>12/1/46</td><td>.79%</td><td>4/9/47</td><td>.85%</td><td>6/30/47</td><td>.79%</td><td>4/9</td><td>.85%</td><td>6/30</td></tr><tr><td>3,134</td><td>7/8% A - 1/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>1/1/47</td><td>.80%</td><td>4/9/47</td><td>.85%</td><td>6/30/47</td><td>.80%</td><td>4/9</td><td>.85%</td><td>6/30</td></tr><tr><td>3,947</td><td>7/8% B - 2/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>2/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>6/30/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>6/30</td></tr><tr><td>2,142</td><td>7/8% C - 3/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>3/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>6/30/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>6/30</td></tr><tr><td>1,321</td><td>7/8% D - 4/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>-.01%</td><td>-</td><td>-</td><td>4/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>6/30/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>6/30</td></tr><tr><td>1,777</td><td>7/8% E - 6/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>6/1/47</td><td>.85%</td><td>6/30/47</td><td>.85%</td><td>6/30/47</td><td>.85%</td><td>6/30</td><td>.85%</td><td>6/30</td></tr><tr><td>9/</td><td>7/8% F - 7/1/48</td><td>.86%</td><td>.85%</td><td>.86%</td><td>-</td><td>-</td><td>-</td><td>7/1/47</td><td>.85%</td><td>6/24/47</td><td>.86%</td><td>6/24/47</td><td>.86%</td><td>6/24</td><td>.86%</td><td>6/30</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of June 30, 1947 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 29, 1947</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 29, 1947</th></tr><tr><td>$1,303</td><td>7/3/47</td><td>4/3/47</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,203</td><td>8/23/47</td><td>5/22/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td></tr><tr><td>1,314</td><td>7/10/47</td><td>4/10/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,311</td><td>8/28/47</td><td>5/29/47</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,108</td><td>7/17/47</td><td>4/17/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,307</td><td>9/4/47</td><td>6/5/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,100</td><td>7/24/47</td><td>4/24/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,303</td><td>9/11/47</td><td>6/12/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,100</td><td>7/31/47</td><td>5/1/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,305</td><td>9/18/47</td><td>6/19/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,112</td><td>8/7/47</td><td>5/8/57</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,104</td><td>9/25/47</td><td>6/26/47</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,202</td><td>8/14/47</td><td>5/15/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of Issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 May 29, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from May 29, 1947</th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="17">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4%-10/15/47-52 10</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.09</td><td>.68%</td><td>.00%</td><td>-</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>101.01</td><td>6/30</td></tr><tr><td>701</td><td>2-1/2%-12/15/47</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.04</td><td>.76</td><td>+.05</td><td>.76%</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>100.18</td><td>6/30</td></tr><tr><td>1,223</td><td>2-3/4%-3/15/48-51</td><td>101.11</td><td>101.13</td><td>101.12</td><td>-.06</td><td>.79</td><td>+.04</td><td>2.36</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>101.12</td><td>6/30</td></tr><tr><td>451</td><td>2-1/2%-9/15/48</td><td>102.01</td><td>102.03</td><td>102.02</td><td>-.04</td><td>.78</td><td>-.01</td><td>.78</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>102.02</td><td>6/30</td></tr><tr><td>571</td><td>2%-12/15/48-50</td><td>101.21</td><td>101.23</td><td>101.22</td><td>-.04</td><td>.83</td><td>+.02</td><td>1.50</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>101.22</td><td>6/30</td></tr><tr><td>491</td><td>3-1/8%-12/15/49-52</td><td>105.09</td><td>105.11</td><td>105.10</td><td>-.04</td><td>.93</td><td>-.02</td><td>2.09</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>105.10</td><td>6/30</td></tr><tr><td>1,786</td><td>2-1/2%-12/15/49-53</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.04</td><td>.94</td><td>.00</td><td>1.88</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>103.25</td><td>6/30</td></tr><tr><td>1,186</td><td>2-1/2%-9/15/50-52</td><td>104.25</td><td>104.27</td><td>104.26</td><td>-.02</td><td>.97</td><td>-.02</td><td>1.53</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>104.26</td><td>6/30</td></tr><tr><td>1,627</td><td>2-3/4%-6/15/51-54</td><td>106.17</td><td>106.19</td><td>106.18</td><td>-.04</td><td>1.05</td><td>.00</td><td>1.74</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>106.18</td><td>6/30</td></tr><tr><td>755</td><td>3%-9/15/51-55</td><td>107.30</td><td>108.00</td><td>107.31</td><td>-.05</td><td>1.06</td><td>.00</td><td>1.94</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>107.31</td><td>6/30</td></tr><tr><td>1,118</td><td>2-1/4%-12/15/51-53</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.05</td><td>1.06</td><td>+.01</td><td>1.41</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>105.05</td><td>6/30</td></tr><tr><td>725</td><td>2%-6/15/53-55</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.02</td><td>1.11</td><td>.00</td><td>1.32</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>105.02</td><td>6/24</td></tr><tr><td>681</td><td>2-1/4%-6/15/54-56</td><td>107.01</td><td>107.03</td><td>107.02</td><td>-.04</td><td>1.19</td><td>+.01</td><td>1.41</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>111.14</td><td>111.16</td><td>111.15</td><td>-.10</td><td>1.31</td><td>+.03</td><td>1.86</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>111.15</td><td>6/30</td></tr><tr><td>982</td><td>2-3/4%-9/15/56-59</td><td>112.03</td><td>112.05</td><td>112.04</td><td>-.06</td><td>1.35</td><td>+.01</td><td>1.65</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>112.03</td><td>6/23</td></tr><tr><td>919</td><td>2-3/4%-6/15/58-63</td><td>113.00</td><td>113.02</td><td>113.01</td><td>-.09</td><td>1.46</td><td>+.02</td><td>1.81</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>113.01</td><td>6/30</td></tr><tr><td>1,485</td><td>2-3/4%-12/15/60-65</td><td>114.00</td><td>114.02</td><td>114.01</td><td>-.09</td><td>1.59</td><td>+.02</td><td>1.85</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>114.01</td><td>6/30</td></tr><tr><td colspan="17">Other bonds 11/</td></tr><tr><td>50</td><td>35Panama Canal-6/1/61</td><td>125.24</td><td>126.28</td><td>126.10</td><td>.00</td><td>.98</td><td>-.01</td><td>.98</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>126.10</td><td>6/30</td></tr></table>
1/ Exclude Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
1/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ Quoted on a yield basis beginning June 16, 1947; prior thereto quoted on a price basis. Price history ends June 13, 1947.
7/ Quoted on a yield basis.
8/ Not quoted on June 30, 1947; quoted on a price basis at par from June 25, through June 27, 1947; prior thereto quoted on a yield basis.
9/ For amount of this security issued on July 1, 1947, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed Obligations of the United States Government."
10/ Called on June 13, 1947, for redemption on October 15, 1947.
11/ Excludes postal savings bonds.
August 1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of June 30, 1947 - (Continued)
Table II - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-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 May 29, 1947</th><th>Yield to earliest call 2/</th><th>Change in yield from May 29, 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><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>Federal Home Loan Bank bonds</td><td>1-1/4% - 4/15/48</td><td>100.00</td><td>100.03</td><td>100.01</td><td>.00</td><td>1.19%</td><td>-.01%</td><td>1.19%</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>1/3</td></tr><tr><td>Federal Intermediate Credit Bank debentures 3/</td><td>38</td><td>1.00%</td><td>-7/1/47</td><td>100.00</td><td>100.00</td><td>1.00</td><td>1.00</td><td>1.00</td><td>10/1/46</td><td>100.00</td><td>6/27/47</td><td>100.00</td><td>6/27/47</td><td>100.00</td><td>6/27</td><td>100.00</td><td>6/27</td></tr><tr><td>40</td><td>1.00%</td><td>-8/1/47</td><td>100.00</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>11/1/46</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>13</td><td>1.00%</td><td>-9/2/47</td><td>100.00</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>12/2/46</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.30</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>27</td><td>1.10%</td><td>-9/2/47</td><td>100.00</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>34</td><td>1.00%</td><td>-10/1/47</td><td>100.00</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>20</td><td>1.05%</td><td>-10/1/47</td><td>100.90</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>42</td><td>1.00%</td><td>-11/1/47</td><td>100.00</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>31</td><td>1.10%</td><td>-12/1/47</td><td>100.00</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>20</td><td>1.05%</td><td>-12/1/47</td><td>100.00</td><td>100.00</td><td>.00</td><td>1.05</td><td>.00</td><td>1.05</td><td>6/2/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.30</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>41</td><td>1.10%</td><td>-1/2/48</td><td>100.00</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>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>20</td><td>1.10%</td><td>-2/2/48</td><td>100.90</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>5/1/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>29</td><td>1.13%</td><td>-3/1/48</td><td>100.00</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>6/2/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30/47</td><td>100.00</td><td>6/30</td><td>100.00</td><td>6/30</td></tr><tr><td>Federal Land Bank bonds 5/</td><td>174</td><td>1-1/2% -10/1/48-50</td><td>100.07</td><td>100.11</td><td>100.09</td><td>.00</td><td>1.27</td><td>-.02</td><td>1.41</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>210</td><td>1-1/4% -5/1/50-52</td><td>99.14</td><td>99.18</td><td>99.16</td><td>.00</td><td>1.43</td><td>.00</td><td>1.36</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>200</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>1.46</td><td>.00</td><td>1.48</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.22</td><td>12/3/46</td><td>100.25</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>103.02</td><td>103.06</td><td>103.04</td><td>-.04</td><td>1.66</td><td>.01</td><td>1.81</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/13/45</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 the latest dates. 2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matur-
3/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on June 30,1947.
5/ Excludes issues completely held by Farm Credit Administration agencies.
58
Treasury Bulletin
YIELDS OF TREASURY SECURITIES JUNE 30, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call 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-235-0
August 1947
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series - 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>2.71</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>....</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>....</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>....</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>....</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>....</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>....</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>....</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>....</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>....</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>....</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>....</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>....</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>....</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td>....</td><td>2.87</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>Dec.</td><td>2.01</td><td>....</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec.</td><td>....</td><td>2.24</td><td>2.55</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td>....</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>Feb.</td><td>2.22</td><td>....</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>Feb.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>Mar.</td><td>2.12</td><td>....</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>Mar.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>Apr.</td><td>2.07</td><td>....</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Apr.</td><td>....</td><td>2.19</td><td>2.49 5/</td></tr><tr><td>May.</td><td>2.04</td><td>....</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td><td>May.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>June.</td><td>2.01</td><td>....</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td><td>June.</td><td>....</td><td>2.22</td><td>2.50</td></tr><tr><td>July.</td><td>1.98</td><td>....</td><td>2.66 1/</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>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td></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 4/</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td></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>1947-Jan. 4.</td><td>....</td><td>2.22</td><td>2.53</td><td>1947-Mar. 1.</td><td>....</td><td>2.21</td><td>2.49</td><td>1947-May 3.</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td>11.</td><td>....</td><td>2.22</td><td>2.50</td><td>8.</td><td>....</td><td>2.20</td><td>2.50</td><td>10.</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td>18.</td><td>....</td><td>2.22</td><td>2.49</td><td>15.</td><td>....</td><td>2.19</td><td>2.50</td><td>17.</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td>25.</td><td>....</td><td>2.20</td><td>2.47</td><td>22.</td><td>....</td><td>2.19</td><td>2.49</td><td>24.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>Feb. 1.</td><td>....</td><td>2.21</td><td>2.46</td><td>29.</td><td>....</td><td>2.18</td><td>2.48</td><td>31.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>8.</td><td>....</td><td>2.20</td><td>2.46</td><td>Apr. 5.</td><td>....</td><td>2.18</td><td>2.50 5/</td><td>June 7.</td><td>....</td><td>2.20</td><td>2.49</td></tr><tr><td>15.</td><td>....</td><td>2.21</td><td>2.47</td><td>12.</td><td>....</td><td>2.18</td><td>2.49</td><td>14.</td><td>....</td><td>2.21</td><td>2.50</td></tr><tr><td>21.</td><td>....</td><td>2.21</td><td>2.49</td><td>19.</td><td>....</td><td>2.20</td><td>2.49</td><td>21.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td></td><td></td><td></td><td></td><td>26.</td><td>....</td><td>2.20</td><td>2.50</td><td>28.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1947-June 2.</td><td>....</td><td>2.19</td><td>2.49</td><td>1947-June 13.</td><td>....</td><td>2.22</td><td>2.50</td><td>1947-June 23.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>3.</td><td>....</td><td>2.20</td><td>2.49</td><td>14.</td><td>....</td><td>5/</td><td>5/</td><td>24.</td><td>....</td><td>2.25</td><td>2.50</td></tr><tr><td>4.</td><td>....</td><td>2.20</td><td>2.49</td><td>16.</td><td>....</td><td>2.23</td><td>2.51</td><td>25.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td>5.</td><td>....</td><td>2.20</td><td>2.50</td><td>17.</td><td>....</td><td>2.23</td><td>2.51</td><td>26.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td>6.</td><td>....</td><td>2.21</td><td>2.50</td><td>18.</td><td>....</td><td>2.24</td><td>2.51</td><td>27.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td>7.</td><td>....</td><td>5/</td><td>5/</td><td>19.</td><td>....</td><td>2.24</td><td>2.51</td><td>28.</td><td>....</td><td>5/</td><td>5/</td></tr><tr><td>9.</td><td>....</td><td>2.21</td><td>2.50</td><td>20.</td><td>....</td><td>2.24</td><td>2.51</td><td>30.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>10.</td><td>....</td><td>2.21</td><td>2.50</td><td>21.</td><td>....</td><td>5/</td><td>5/</td><td></td><td></td><td></td><td></td></tr><tr><td>11.</td><td>....</td><td>2.21</td><td>2.50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>12.</td><td>....</td><td>2.21</td><td>2.50</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. 2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for July 1947, page 59; for discussion of its previous composition, see "Treasury Bulletin" for January 1945, page 56. 3/ Average revised beginning July 1, 1941. Old average for July 1941 was also 2.664. 4/ Average revised beginning November 1, 1944. Old Average for November 1944 was 2.568. 5/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.474; for week ended April 5, 2.478. Sea footnote 2. 6/ Market closed.
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly (old series) data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 53. 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
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Division of Research and Statistics
* Discontinued, see footnote 1 accompanying table
* Discontinued, see footnote 1 accompanying table
F-220-E
60
Treasury Bulletin
August 1947
61
INTERNAL REVENUE STATISTICS
62
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</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>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>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>2,898</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><tr><td>April</td><td>2,309,306</td><td>-420,588</td><td>2,729,894</td><td>1,958,399</td><td>1,661,992</td><td>294,039</td><td>2,368</td><td>131,186</td><td>123,856</td><td>4,076</td><td>3,254</td></tr><tr><td>May</td><td>2,578,464</td><td>-274,757</td><td>2,853,221</td><td>1,920,555</td><td>1,685,223</td><td>232,127</td><td>3,204</td><td>331,960</td><td>287,800</td><td>10,440</td><td>33,720</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>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>567,177</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,056</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,953</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,925</td></tr><tr><td>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><tr><td>April</td><td>640,309</td><td>5</td><td>68,125</td><td>170,924</td><td>103,251</td><td>5,685</td><td>158,423</td><td>133,895</td></tr><tr><td>May</td><td>600,706</td><td>65</td><td>61,507</td><td>150,265</td><td>94,645</td><td>6,027</td><td>162,879</td><td>125,319</td></tr></table>
Source: (1) Total receipts from internal revenue; Daily Treasury Statement; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriere Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
August 1947
63
COLLECTIONS OF INTERNAL REVENUE
1) Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
8-165-G
64
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 11 months</th><th>May 1946</th><th>May 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 profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>9,826,997</td><td>9,808,916</td><td>1,245,286</td><td>1,527,649</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>119</td><td>228</td><td>2</td><td>4</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,567,147</td><td>8,430,377</td><td>7,404,729</td><td>7,914,371</td><td>136,133</td><td>116,658</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>389,501</td><td>518,744</td><td>39,170</td><td>40,912</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>17,621,347</td><td>18,242,259</td><td>1,420,591</td><td>1,685,223</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>3,198,950</td><td>4,172,061</td><td>52,116</td><td>183,310</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>696,805</td><td>497,062</td><td>30,184</td><td>(-13,683)</td></tr><tr><td>Excess profit taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>6,828,912</td><td>3,505,020</td><td>156,743</td><td>62,500</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>10,724,667</td><td>8,174,143</td><td>239,044</td><td>232,127</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>75,513</td><td>52,742</td><td>3,315</td><td>3,198</td></tr><tr><td>Vineon Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>180</td><td>35</td><td>34</td><td>305</td><td>18</td><td>7</td></tr><tr><td>Total miscellaneous profits taxes</td><td>143,978</td><td>91,165</td><td>75,547</td><td>53,047</td><td>3,332</td><td>3,204</td></tr><tr><td>Total income and profit taxes</td><td>35,061,526</td><td>31,258,138</td><td>28,421,561</td><td>26,469,449</td><td>1,662,967</td><td>1,920,555</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>1,234,055</td><td>1,451,975</td><td>238,062</td><td>287,800</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>177,532</td><td>185,088</td><td>10,530</td><td>10,440</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>1,411,587</td><td>1,637,063</td><td>248,593</td><td>298,240</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>234,568</td><td>289,680</td><td>21,277</td><td>33,720</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>1,646,155</td><td>1,926,743</td><td>269,869</td><td>331,960</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>351,939</td><td>884</td><td>(-742)</td><td>65</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>567,418</td><td>654,307</td><td>61,488</td><td>60,673</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>46,548</td><td>70,034</td><td>2,492</td><td>834</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>127,951</td><td>111,368</td><td>17,769</td><td>9,070</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>1,483,014</td><td>1,487,708</td><td>134,540</td><td>75,816</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>38,638</td><td>41,432</td><td>3,873</td><td>1,914</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>2,225</td><td>2,809</td><td>431</td><td>125</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>52,364</td><td>51,102</td><td>6,060</td><td>2,967</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>51</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,308</td><td>8,061</td><td>5,835</td><td>7,088</td><td>303</td><td>277</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>25</td><td>24</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>886</td><td>840</td><td>778</td><td>715</td><td>(-52)</td><td>42</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>12,216</td><td>12,667</td><td>1,224</td><td>622</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>724</td><td>362</td><td>(-56)</td><td>64</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>601,547</td><td>598,740</td><td>50,001</td><td>59,291</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>2,351</td><td>2,707</td><td>57</td><td>76</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,854</td><td>2,526,162</td><td>2,327,667</td><td>2,316,706</td><td>214,151</td><td>150,265</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>37,844</td><td>44,676</td><td>3,847</td><td>3,932</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>65</td><td>62</td><td>7</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>171</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>980,537</td><td>1,043,423</td><td>104,902</td><td>87,738</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>6,819</td><td>6,466</td><td>581</td><td>626</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>38,720</td><td>33,753</td><td>3,240</td><td>2,274</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>1,736</td><td>486</td><td>23</td><td>70</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>-</td><td>-</td><td>1</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>1,065,895</td><td>1,128,876</td><td>112,601</td><td>94,645</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>42,412</td><td>45,204</td><td>4,972</td><td>4,056</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,369</td><td>27,832</td><td>20,298</td><td>2,632</td><td>1,506</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>9,067</td><td>7,261</td><td>879</td><td>416</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>146</td><td>1,089</td><td>3</td><td>49</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>79,457</td><td>73,852</td><td>8,486</td><td>6,027</td></tr></table>
(Continued on following page)
August 1947
65
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 11 months</th><th>May 1946</th><th>May 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils.</td><td>92,865</td><td>74,602</td><td>68,363</td><td>74,313</td><td>4,660</td><td>7,300</td></tr><tr><td>Gasoline.</td><td>405,563</td><td>405,695</td><td>366,657</td><td>393,027</td><td>29,061</td><td>32,711</td></tr><tr><td>Tires and tubes.</td><td>75,257</td><td>118,072</td><td>103,012</td><td>162,201</td><td>13,585</td><td>14,548</td></tr><tr><td>Floor taxes on tires and tubes.</td><td>*</td><td>19</td><td>19</td><td>*</td><td>2</td><td>*</td></tr><tr><td>Automobile trucks and buses.</td><td>20,847</td><td>37,144</td><td>32,152</td><td>55,261</td><td>2,136</td><td>7,039</td></tr><tr><td>Other automobiles and motorcycles.</td><td>2,558</td><td>25,893</td><td>18,547</td><td>181,265</td><td>5,466</td><td>20,390</td></tr><tr><td>Parts and accessories for automobiles.</td><td>49,440</td><td>68,871</td><td>63,440</td><td>91,016</td><td>7,087</td><td>9,734</td></tr><tr><td>Electrical energy.</td><td>57,004</td><td>59,112</td><td>54,515</td><td>57,698</td><td>5,355</td><td>5,728</td></tr><tr><td>Electric, gas, and oil appliances.</td><td>12,060</td><td>25,492</td><td>22,487</td><td>59,778</td><td>4,244</td><td>6,527</td></tr><tr><td>Electric light bulbs and tubes.</td><td>11,035</td><td>17,781</td><td>17,162</td><td>21,119</td><td>1,571</td><td>1,987</td></tr><tr><td>Electric signs (repealed as of 11/1/42).</td><td>55</td><td>56</td><td>53</td><td>79</td><td>2</td><td>22</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>10,267</td><td>57,617</td><td>2,502</td><td>6,375</td></tr><tr><td>Photograph records.</td><td>2,015</td><td>3,902</td><td>3,305</td><td>7,622</td><td>579</td><td>838</td></tr><tr><td>Musical instruments.</td><td>927</td><td>2,839</td><td>2,236</td><td>9,099</td><td>416</td><td>960</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>8,180</td><td>33,907</td><td>1,212</td><td>4,837</td></tr><tr><td>Matches.</td><td>9,349</td><td>10,247</td><td>9,045</td><td>7,972</td><td>521</td><td>357</td></tr><tr><td>Floor taxes on matches.</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(-2)</td></tr><tr><td>Amatose and store machines.</td><td>10,120</td><td>15,792</td><td>14,194</td><td>23,083</td><td>1,485</td><td>2,712</td></tr><tr><td>Furs - retailers' excise.</td><td>79,418</td><td>91,706</td><td>88,993</td><td>95,028</td><td>5,192</td><td>4,666</td></tr><tr><td>Jewelry - retailers' excise.</td><td>184,220</td><td>223,342</td><td>207,156</td><td>221,549</td><td>17,817</td><td>16,019</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44).</td><td>73,851</td><td>81,423</td><td>74,690</td><td>78,479</td><td>8,342</td><td>7,156</td></tr><tr><td>Language - manufacturers' excise (suspended as of 4/1/44).</td><td>6</td><td>15</td><td>15</td><td>49</td><td>*</td><td>3</td></tr><tr><td>Optical equipment (repealed as of 11/1/42).</td><td>73</td><td>18</td><td>17</td><td>15</td><td>1</td><td>*</td></tr><tr><td>Photographic apparatus.</td><td>19,288</td><td>21,184</td><td>18,951</td><td>33,029</td><td>2,394</td><td>3,220</td></tr><tr><td>Rubber articles (repealed as of 11/1/42).</td><td>228</td><td>125</td><td>113</td><td>20</td><td>2</td><td>*</td></tr><tr><td>Sporting goods.</td><td>4,248</td><td>7,878</td><td>6,895</td><td>15,499</td><td>1,027</td><td>1,876</td></tr><tr><td>Toilet preparations - retailers' excise.</td><td>86,615</td><td>95,574</td><td>88,948</td><td>89,007</td><td>7,693</td><td>6,775</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>4,294</td><td>8,428</td><td>1,010</td><td>1,057</td></tr><tr><td>Pistols and revolvers.</td><td>5</td><td>61</td><td>35</td><td>349</td><td>23</td><td>45</td></tr><tr><td>Repealed taxes not listed above.</td><td>35</td><td>25</td><td>14</td><td>17</td><td>*</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes.</td><td>1,206,616</td><td>1,414,717</td><td>1,283,755</td><td>1,776,526</td><td>123,387</td><td>162,879</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>33</td><td>17</td><td>2</td><td>7</td></tr><tr><td>Sugar Act of 1937.</td><td>73,294</td><td>56,732</td><td>50,907</td><td>53,915</td><td>4,478</td><td>5,812</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>208,018</td><td>234,393</td><td>213,515</td><td>232,113</td><td>16,043</td><td>20,712</td></tr><tr><td>Local telephone service.</td><td>133,569</td><td>145,689</td><td>132,531</td><td>150,538</td><td>11,723</td><td>13,998</td></tr><tr><td>Transportation of oil by pipe line.</td><td>16,286</td><td>14,824</td><td>13,742</td><td>15,025</td><td>1,229</td><td>1,498</td></tr><tr><td>Transportation of persons, seats, berths.</td><td>234,182</td><td>226,750</td><td>211,479</td><td>226,787</td><td>21,043</td><td>17,079</td></tr><tr><td>Transportation of property (effective 12/1/42).</td><td>221,088</td><td>220,121</td><td>205,698</td><td>252,502</td><td>20,907</td><td>22,922</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46).</td><td>128,701</td><td>115,960</td><td>115,915</td><td>285</td><td>64</td><td>*</td></tr><tr><td>Use of boats (repealed as of 6/30/46).</td><td>336</td><td>182</td><td>181</td><td>3</td><td>1</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes.</td><td>7,311</td><td>7,857</td><td>7,279</td><td>7,916</td><td>693</td><td>895</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>315,569</td><td>364,935</td><td>32,610</td><td>31,434</td></tr><tr><td>Admissions to cabalets, roof gardens, etc.</td><td>56,877</td><td>72,077</td><td>66,844</td><td>58,871</td><td>6,889</td><td>4,711</td></tr><tr><td>Club dues and initiation fees.</td><td>14,160</td><td>18,899</td><td>16,694</td><td>20,997</td><td>2,355</td><td>2,569</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>3,501</td><td>3,891</td><td>55</td><td>44</td></tr><tr><td>Coin operated devices.</td><td>19,100</td><td>17,092</td><td>15,090</td><td>18,472</td><td>307</td><td>271</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour &amp; filled cheese.</td><td>58</td><td>44</td><td>42</td><td>27</td><td>1</td><td>*</td></tr><tr><td>Oleomargarines, including special taxes.</td><td>5,503</td><td>4,932</td><td>4,247</td><td>4,988</td><td>287</td><td>285</td></tr><tr><td>Narcotics, including marijuana and special taxes.</td><td>756</td><td>694</td><td>504</td><td>569</td><td>62</td><td>69</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>6,208</td><td>6,268</td><td>5,929</td><td>15,850</td><td>511</td><td>3,010</td></tr><tr><td>National Firearms Act.</td><td>16</td><td>6</td><td>4</td><td>7</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above.</td><td>180</td><td>171</td><td>9</td><td>34</td><td>1</td><td>*</td></tr><tr><td>Total miscellaneous taxes.</td><td>1,430,428</td><td>1,489,925</td><td>1,379,710</td><td>1,427,740</td><td>119,260</td><td>125,319</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>6,959,634</td><td>7,712,953</td><td>7,102,389</td><td>7,448,925</td><td>641,121</td><td>600,706</td></tr><tr><td>Total internal revenue collections.</td><td>43,800,338</td><td>40,671,919</td><td>37,170,105</td><td>35,845,117</td><td>2,573,957</td><td>2,853,221</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>+101,664</td><td>-361,585</td><td>-940,264</td><td>-458,484</td><td>-266,165</td><td>-274,757</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td>43,902,002</td><td>40,310,333</td><td>36,229,841</td><td>35,386,633</td><td>2,307,793</td><td>2,578,464</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this Act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3 Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4 Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605,000 for the period, January 1, 1945 through April 30, 1945.
5 Represents collections under the Federal Insurance Contributions Act.
6 Represents collections under the Federal Unemployment Tax Act.
7 Represents collections under the Carriers' Taxing Act of 1937.
8 Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
66
Treasury Bulletin
MONETARY STATISTICS
August 1947
67
Balance Sheet of the Exchange Stabilization Fund as of June 30, 1946 and March 31, 1947
<table><tr><th></th><th>June 30, 1946</th><th>March 31, 1947</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,800,000,000.00</td><td>$0</td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,687,057.54</td><td>$6,615,847.00</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>194,374,299.94</td><td>98,056,963.97</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>25,873.62</td><td>34,266.59</td></tr><tr><td>Total cash</td><td>$1,996,087,231.10</td><td>$104,721,077.56</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td>71,362,261.18</td><td>162,554,750.22</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$29,238.06</td><td>$164,622.49</td></tr><tr><td>French francs</td><td>7.49</td><td>7.49</td></tr><tr><td>Belgian francs</td><td>363.08</td><td>363.08</td></tr><tr><td>Sterling</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other</td><td>3,905,971.35</td><td>3,101,640.07</td></tr><tr><td>Total due from foreign banks</td><td>3,938,560.03</td><td>3,269,613.18</td></tr><tr><td>Due from the Government of the Republic of Cuba</td><td></td><td>5,012,609.35</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,936.12</td><td>83,671.77</td></tr><tr><td>Other accounts (deferred charges)</td><td>24.88</td><td>-</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,651.00</td></tr><tr><td>Total assets</td><td>$2,091,473,649.31</td><td>$295,650,373.08</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>$1,476.72</td><td>$20,837.80</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>1,942.17</td><td>3,994.59</td></tr><tr><td>Withholding taxes</td><td>23,545.10</td><td>30,833.88</td></tr><tr><td>Miscellaneous</td><td>337,475.40</td><td>1,744,197.43</td></tr><tr><td>Total accounts payable</td><td>$364,439.39</td><td>$1,799,863.70</td></tr><tr><td>Reserve for expenses and contingencies (est.)</td><td>12,203,560.70</td><td>12,659,787.39</td></tr><tr><td>Reserve for handling charges on gold</td><td>-</td><td>43,896.91</td></tr><tr><td>Capital account</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subscriptions to International Monetary Fund</td><td>275,000.00</td><td>1,800,000,000.00</td></tr><tr><td></td><td>1,999,725,000.00</td><td>200,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>79,180,649.22</td><td>81,146,825.08</td></tr><tr><td>Total liabilities and capital</td><td>$2,091,473,649.31</td><td>$295,650,373.08</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury
for 1940." Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin."
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1946</th><th colspan="2">March 31, 1947</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York.</td><td>1,178,735,090</td><td>$41,255,728.21</td><td>2,013,248,957</td><td>$70,463,713.53</td></tr><tr><td>U. S. Assay Office, New York.</td><td>860,186,663</td><td>30,106,532.97</td><td>1,577,442,803</td><td>55,210,498.14</td></tr><tr><td>Awaiting final report - in transit.</td><td>-</td><td>-</td><td>1,053,729,686</td><td>36,880,538.55</td></tr><tr><td>Total.</td><td>2,038,921,753</td><td>$71,362,261.18</td><td>4,644,421,446</td><td>$162,554,750.22</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
Treasury Bulletin
68
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1946</th><th colspan="4">March 31, 1947</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2% Treasury bonds, 1965-70.....</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$10,869.57</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72.....</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>72,802.20</td></tr><tr><td>Total United States Government securities.....</td><td>$20,000,000</td><td>$20,000,000</td><td>......</td><td>$82,936.12</td><td>$20,000,000</td><td>$20,000,000</td><td>......</td><td>$83,671.77</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through March 31, 1947</th></tr><tr><td>Profits or British sterling transactions</td><td>$310,538.09</td><td>$310,538.09</td></tr><tr><td>Profit on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>29,074,704.72</td><td>31,140,338.59</td></tr><tr><td>Profit on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,198,066.90</td><td>5,573,802.55</td></tr><tr><td>Miscellaneous profits</td><td>750,398.69</td><td>750,479.25</td></tr><tr><td>Interest earned on foreign balances</td><td>121,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$83,240,065.77</td><td>$86,011,515.85</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through March 31, 1947</th></tr><tr><td>Salaries</td><td>$2,584,401.41</td><td>$3,255,822.52</td></tr><tr><td>Travel</td><td>118,521.85</td><td>144,626.90</td></tr><tr><td>Subsistence</td><td>111,282.81</td><td>174,167.54</td></tr><tr><td>Telephone and telegraph</td><td>451,317.50</td><td>476,453.21</td></tr><tr><td>Stationery, etc.</td><td>27,399.96</td><td>29,320.36</td></tr><tr><td>All other</td><td>766,493.02</td><td>784,300.24</td></tr><tr><td><b>Total administrative expenses</b></td><td><b>$4,059,416.55</b></td><td><b>$4,864,690.77</b></td></tr></table>
August 1947
69
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. cotee, etc. 2/</th><th>Exchange Stabilization Fund 3/ 4/</th><th>Cold 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>1,300.0</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>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</td><td>20,774.1</td><td>19,584.8</td><td>156.0</td><td>-</td><td>1,033.3</td></tr><tr><td>May</td><td>20,933.1</td><td>19,736.8</td><td>156.0</td><td>-</td><td>1,040.3</td></tr><tr><td>June p</td><td>21,266.4</td><td>20,086.9</td><td>156.0</td><td>-</td><td>1,023.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System,
and (b) the Redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1893. Excludes gold i. -tive portion of Exchange Stabilisation Fund. On February 26, 1941 the United States subscription to the in- ternational Monetary Fund was paid from the Exchange Stabili- sation Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounces)</th><th>Silver ($1.29* per fine ounces)</th><th>Ratio of silver to gold and silver in monetary stocks</th></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>30,213.0</td><td>3,685.8</td><td>15.1</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1947</td><td>21,266.4</td><td>3,525.2</td><td>14.2</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>20,330.6</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</td><td>20,774.1</td><td>3,525.9</td><td>14.5</td></tr><tr><td>May</td><td>20,933.1</td><td>3,524.9</td><td>14.1</td></tr><tr><td>June p</td><td>21,266.4</td><td>3,525.2</td><td>14.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary
Increment Resulting from the Reduction in the Weight of the Gold Dollar, June 30, 1947
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilisation Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td></td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,245.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,852,641.55</td><td>322,480.38</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,237,742.25</td><td>-</td><td>8,237,742.25</td></tr><tr><td>Total increment</td><td>2,818,953,137.40</td><td>2,674,786,917.97</td><td>144,176,219.43</td></tr></table>
70
Treasury Bulletin
Components of Silver Monetary Stock
(in millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">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="2">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</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>33.1</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</td><td>1,918.9</td><td>342.9</td><td>19.6</td><td>-</td><td>93.4</td><td>150.6</td><td>903.0</td><td>3,525.9</td></tr><tr><td>May</td><td>1,921.3</td><td>342.6</td><td>21.6</td><td>-</td><td>92.7</td><td>151.0</td><td>901.1</td><td>3,524.9</td></tr><tr><td>June p</td><td>1,923.9</td><td>342.0</td><td>20.3</td><td>*</td><td>91.9</td><td>151.5</td><td>902.4</td><td>3,525.2</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/ Includes silver leased to Offices of Defense Plants of the E.P.C., etc. (see Daily Treasury Statement for amount). Does not include
silver lead-leased to foreign governments (see Annual Report of the Secretary of the Treasury for amounts). Valued at $.38 per ounce. Valued at $.38 per ounce or at $.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>71.3</td><td>70.6</td><td>54.6</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.4 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.4 4/</td></tr><tr><td>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><tr><td>April</td><td>2.7</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>May</td><td>3.9</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
* Less than 50,000 ounces or $50,000.
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. 3/ Acquired at various prices averaging approximately 51 cents per ounce. 4/ Includes 0.5 million ounces valued at 71.11 cents per fine ounce totalling $0.3 million, and 4.4 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
August 1947
71
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="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (Incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Howley 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></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>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><tr><td>May</td><td>506.0</td><td>48.7</td><td>87.6</td><td>69.5</td><td>832.1</td><td>34.7</td><td>1,072.6</td><td>157.4</td></tr><tr><td>June</td><td>508.8</td><td>48.7</td><td>87.6</td><td>70.4</td><td>832.1</td><td>34.7</td><td>1,073.5</td><td>153.0</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 assignorage thereon changes.
72
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="8">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 1/</th><th>National bank notes 3/</th></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>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</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</td><td>28,114</td><td>26,763</td><td>48</td><td>2,022</td><td>1</td><td>318</td><td>23,853</td><td>414</td><td>108</td></tr><tr><td>May</td><td>28,261</td><td>26,910</td><td>48</td><td>2,070</td><td>1</td><td>321</td><td>23,953</td><td>410</td><td>107</td></tr><tr><td>June</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>$49.77</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.84</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.46</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.95</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.63</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.98</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.56</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.00 r</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.42</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</td><td>1,351</td><td>147</td><td>873</td><td>331</td><td>195.79</td></tr><tr><td>May</td><td>1,351</td><td>148</td><td>874</td><td>330</td><td>196.49</td></tr><tr><td>June</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.42</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. 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
the United States. Includes paper currency held outside the continental limits of the United States. 2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
August 1947
73
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
74
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements by the principal types of data, and by years, from 1935, and currently by months. 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 Sec-
tion III as of the latest month for which the data are available.
The last group contains monthly data 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.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I - Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</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-Mar. 31, 1947)</td><td>1,620,754</td><td>1,625,490</td><td>808</td><td>-50,212</td><td>44,668</td></tr><tr><td>Total (Jan. 2-1935-Mar. 31, 1947)</td><td>9,630,244</td><td>7,778,831</td><td>154,547</td><td>414,312</td><td>1,282,554</td></tr><tr><td>1946-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>-9,639</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</td><td>-28,953</td><td>-3,325</td><td>-152</td><td>70,270</td></tr><tr><td>February</td><td>1,806,104</td><td>1,902,936</td><td>6,201</td><td>-24,698</td><td>-78,335</td></tr><tr><td>March</td><td>-223,190</td><td>-248,493</td><td>-2,068</td><td>-25,362</td><td>52,733</td></tr></table>
August 1947
75
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 rowspan="2">End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></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>1,126,496</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>684,990</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>1,977,143</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>13,853</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-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>4,794,040</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>6,076,762</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><tr><td>February</td><td>754,576</td><td>78,720</td><td>315,137</td><td>360,719</td><td>8,400,518</td><td>4,858,977</td><td>3,504,936</td><td>36,605</td><td>7,645,942</td></tr><tr><td>March</td><td>798,432</td><td>72,102</td><td>337,775</td><td>388,555</td><td>8,195,881</td><td>4,844,618</td><td>3,315,229</td><td>36,034</td><td>7,397,449</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable to loans to banks</th><th>Other</th><th>Total</th><th>Deposite in foreigners</th><th>Payable in dollars</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>928,629</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>49,311</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>328,966</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>148,554</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>692,865</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-Mar. 31, 1947)</td><td>-90,179</td><td>26,017</td><td>-18,136</td><td>-98,060</td><td>1,715,669</td><td>150,757</td><td>1,569,597</td><td>-4,595</td><td>1,625,490</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 31, 1947)</td><td>282,051</td><td>291,934</td><td>-238,647</td><td>236,764</td><td>7,496,780</td><td>4,218,176</td><td>3,299,107</td><td>-20,503</td><td>7,778,831</td></tr><tr><td>1946-July</td><td>-50,392</td><td>-50,246</td><td>-8,303</td><td>8,157</td><td>296,171</td><td>277,414</td><td>22,456</td><td>-3,699</td><td>245,779</td></tr><tr><td>August</td><td>-20,034</td><td>613</td><td>4,809</td><td>-25,456</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-160,416</td></tr><tr><td>September</td><td>-34,208</td><td>1,897</td><td>-44,261</td><td>8,156</td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,735</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>-145,865</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</td><td>17,131</td><td>-22,616</td><td>-1,028</td><td>-20,953</td></tr><tr><td>February</td><td>-23,883</td><td>14,758</td><td>-1,924</td><td>-36,717</td><td>1,926,819</td><td>147,985</td><td>1,781,830</td><td>-2,996</td><td>1,902,936</td></tr><tr><td>March</td><td>-43,856</td><td>6,618</td><td>-22,638</td><td>-27,836</td><td>-204,637</td><td>-14,359</td><td>-189,701</td><td>-571</td><td>-248,493</td></tr></table>
76
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.— Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>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-Mar. 31, 1947)</td><td>52,228</td><td>83,713</td><td>-31,485</td><td>60,392</td><td>79,119</td><td>-18,727</td><td>112,620</td><td>162,832</td><td>-50,212</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 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>12,158,695</td><td>11,744,383</td><td>414,312</td></tr><tr><td>1946-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><tr><td>February</td><td>19,445</td><td>33,065</td><td>-13,620</td><td>13,296</td><td>24,374</td><td>-11,078</td><td>32,741</td><td>57,439</td><td>-24,698</td></tr><tr><td>March</td><td>14,367</td><td>21,183</td><td>-6,816</td><td>16,442</td><td>34,988</td><td>-18,546</td><td>30,809</td><td>56,171</td><td>-25,362</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>749,160</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-Mar. 31, 1947)</td><td>21,417</td><td>11,566</td><td>9,851</td><td>215,971</td><td>181,154</td><td>34,817</td><td>237,388</td><td>192,720</td><td>44,668</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 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>6,453,241</td><td>5,170,687</td><td>1,282,554</td></tr><tr><td>1946-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>46,209</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><tr><td>February</td><td>10,271</td><td>4,240</td><td>6,031</td><td>48,762</td><td>133,128</td><td>-84,366</td><td>59,033</td><td>137,368</td><td>-78,335</td></tr><tr><td>March</td><td>5,428</td><td>3,290</td><td>2,138</td><td>76,052</td><td>25,457</td><td>50,595</td><td>81,480</td><td>28,747</td><td>52,733</td></tr></table>
n.a. Not available.
August 1947
77
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries
Table 1. - Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="10">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</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>-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><td>-27,461</td><td>-68,538</td></tr><tr><td>France</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><td>-33,123</td><td>15,108</td></tr><tr><td>Belgium</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><td>-16,104</td><td>28,277</td></tr><tr><td>Denmark</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><td>-4,818</td><td>-5,770</td></tr><tr><td>Finland</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>14</td><td>3,244</td><td>-831</td><td>7,602</td><td>356</td></tr><tr><td>Germany</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>-1,853</td><td>236</td><td>1,307</td></tr><tr><td>Greece</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><td>-979</td><td>-4,114</td></tr><tr><td>Italy</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><td>-86,542</td><td>-40,375</td></tr><tr><td>Luxembourg</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><td>-93</td><td>41</td></tr><tr><td>Netherlands</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><td>-23,473</td><td>-38,931</td></tr><tr><td>Sovay</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><td>-9,702</td><td>-1,376</td></tr><tr><td>Portugal</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><td>-1,449</td><td>10,099</td></tr><tr><td>Romania</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><td>-62</td><td>-830</td></tr><tr><td>Spain</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><td>1,383</td><td>1,137</td></tr><tr><td>Sweden</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><td>-5,349</td><td>6,028</td></tr><tr><td>Switzerland</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><td>7,296</td><td>9,335</td></tr><tr><td>U. R. R.</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><td>-1,918</td><td>67</td></tr><tr><td>Yugoslavia</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><td>936</td><td>733</td></tr><tr><td>Other Europe</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><td>3,613</td><td>-5,858</td></tr><tr><td>Total Europe</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><td>-190,007</td><td>-93,304</td></tr><tr><td>Canada</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><td>-110,229</td><td>-80,194</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-1,991</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><td>21,464</td><td>-3,782</td></tr><tr><td>Bolivia</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><td>1,415</td><td>-1,199</td></tr><tr><td>Brasil</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><td>-35,064</td><td>-33,815</td></tr><tr><td>Chile</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><td>-3,206</td><td>5,442</td></tr><tr><td>Colombia</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><td>4,644</td><td>-528</td></tr><tr><td>Costa Rica</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><td>1,451</td><td>-872</td></tr><tr><td>Cuba</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><td>-2,127</td><td>35</td></tr><tr><td>French West Indies and Guiana</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><td>-1,043</td><td>162</td></tr><tr><td>Mexico</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><td>-2,414</td><td>-5,450</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-1,700</td><td>-1,259</td></tr><tr><td>Panama</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><td>-1,293</td><td>-1,372</td></tr><tr><td>Peru</td><td>-3,296</td><td>-1,590</td><td>588</td><td>637</td><td>-1,185</td><td>-454</td><td>1,254</td><td>4,818</td><td>-3,573</td><td>-700</td><td>-5,486</td><td>-3,765</td><td>261</td></tr><tr><td>Venezuela</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><td>-11,452</td><td>-3,321</td></tr><tr><td>Other Latin America</td><td>10,098</td><td>-2,835</td><td>1,150</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><td>-2,053</td><td>-1,175</td></tr><tr><td>Total Latin America</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><td>-35,143</td><td>-46,867</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>-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><td>-32,588</td><td>-21,775</td></tr><tr><td>French Indo-China</td><td>3,222</td><td>220</td><td>1,024</td><td>4,538</td><td>3,502</td><td>7,171</td><td>-12,020</td><td>-5,195</td><td>-1,599</td><td>3,787</td><td>2,169</td><td>-6,150</td><td>3,092</td></tr><tr><td>Hong Kong</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><td>1,421</td><td>-915</td></tr><tr><td>Iodie, Burma, and Ceylon</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><td>1,010</td><td>-5,237</td></tr><tr><td>British Malaya</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><td>-1,700</td><td>-304</td></tr><tr><td>Japan</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><td>530</td><td>1,035</td></tr><tr><td>Netherlands East Indies</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><td>-640</td><td>4,518</td></tr><tr><td>Philippine Islands</td><td>-32,714</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><td>-15,651</td><td>20,315</td></tr><tr><td>Turkey</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><td>4,448</td><td>1,238</td></tr><tr><td>Other Asia</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>-61</td><td>8,630</td><td>4,339</td><td>-5,440</td><td>-3,022</td><td>-5,588</td></tr><tr><td>Total Asia</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><td>-61,238</td><td>-6,097</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-1,532</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><td>106</td><td>-7,103</td></tr><tr><td>New Zealand</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><td>-44</td><td>1,125</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-1,436</td><td>1,191</td></tr><tr><td>French Morocco</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><td>810</td><td>-606</td></tr><tr><td>Union of South Africa</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><td>-52,892</td><td>8,491</td></tr><tr><td>All other</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><td>-4,806</td><td>-181</td></tr><tr><td>Total other countries</td><td>-5,085</td><td>1,622</td><td>-5,896</td><td>542</td><td>302</td><td>-9,800</td><td>25,678</td><td>7,957</td><td>14,571</td><td>-15,428</td><td>34,183</td><td>-58,262</td><td>2,919</td></tr><tr><td>International</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><td>2,256,662</td><td>1,333</td></tr><tr><td>Unidentified</td><td>429</td><td>2,988</td><td>-2,332</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><td>4,321</td><td>-980</td></tr><tr><td>Grand total</td><td>-44,334</td><td>-56,412</td><td>-268,552</td><td>-67,600</td><td>157,952
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="10">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</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>-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><td>-29,896</td><td>-66,114</td></tr><tr><td>France</td><td>-16,282</td><td>-58,802</td><td>13,857</td><td>-33,759</td><td>-13,222</td><td>-24,094</td><td>24,838</td><td>8,124</td><td>-23,359</td><td>-17,053</td><td>-12,978</td><td>-31,183</td><td>14,636</td></tr><tr><td>Belgium</td><td>-2,284</td><td>9,170</td><td>983</td><td>-4,793</td><td>-7,863</td><td>-9,153</td><td>775</td><td>17,977</td><td>8,516</td><td>-26,273</td><td>6,254</td><td>-16,314</td><td>28,835</td></tr><tr><td>Denmark</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><td>-4,798</td><td>-5,775</td></tr><tr><td>Finland</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>-831</td><td>7,592</td><td>307</td></tr><tr><td>Germany</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>-1,832</td><td>251</td><td>1,325</td></tr><tr><td>Greece</td><td>5,238</td><td>518</td><td>-638</td><td>-2,842</td><td>-8,676</td><td>-4,990</td><td>-6,190</td><td>-5,944</td><td>-3,374</td><td>-5,538</td><td>-5,599</td><td>-864</td><td>-4,018</td></tr><tr><td>Italy</td><td>2,993</td><td>22,799</td><td>6,587</td><td>5,061</td><td>26,653</td><td>4,381</td><td>2,593</td><td>10,195</td><td>14,267</td><td>59,364</td><td>54,144</td><td>-76,438</td><td>-31,790</td></tr><tr><td>Luxembourg</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><td>14</td><td>435</td></tr><tr><td>Netherlands</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><td>-14,933</td><td>-33,134</td></tr><tr><td>Norway</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><td>-11,020</td><td>-1,625</td></tr><tr><td>Portugal</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><td>-1,483</td><td>10,075</td></tr><tr><td>Romania</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><td>-75</td><td>-787</td></tr><tr><td>Spain</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><td>1,328</td><td>1,142</td></tr><tr><td>Sweden</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><td>-5,343</td><td>5,836</td></tr><tr><td>Switzerland</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><td>6,341</td><td>8,881</td></tr><tr><td>U.S.S.R.</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><td>-1,920</td><td>67</td></tr><tr><td>Yugoslavia</td><td>214</td><td>914</td><td>1,116</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><td>936</td><td>782</td></tr><tr><td>Other Europe</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><td>3,675</td><td>664</td></tr><tr><td>Total Europe</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><td>-174,160</td><td>-70,261</td></tr><tr><td>Canada</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><td>-34,009</td><td>-110,505</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>-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><td>17,593</td><td>-2,999</td></tr><tr><td>Bolivia</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><td>1,368</td><td>-1,237</td></tr><tr><td>Brazil</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><td>-34,371</td><td>-36,706</td></tr><tr><td>Chile</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><td>-3,101</td><td>5,117</td></tr><tr><td>Colombia</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><td>4,690</td><td>-721</td></tr><tr><td>Costa Rica</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>-679</td><td>1,407</td><td>-846</td></tr><tr><td>Cuba</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><td>-3,845</td><td>-2,344</td></tr><tr><td>French West Indies and Guiana</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><td>-1,043</td><td>161</td></tr><tr><td>Mexico</td><td>12,073</td><td>-18,271</td><td>-1,969</td><td>15,793</td><td>-1,880</td><td>5,734</td><td>-5,724</td><td>-4,543</td><td>7,002</td><td>4,064</td><td>-4,323</td><td>-9,056</td><td>-4,918</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-1,720</td><td>-1,233</td></tr><tr><td>Panama</td><td>3,619</td><td>884</td><td>-1,422</td><td>-2,465</td><td>-2,118</td><td>-252</td><td>1,510</td><td>-722</td><td>-458</td><td>-7,332</td><td>662</td><td>-3,109</td><td>-2,515</td></tr><tr><td>Peru</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><td>-3,741</td><td>-768</td></tr><tr><td>Veoezuela</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><td>-11,342</td><td>-2,725</td></tr><tr><td>Other Latin America</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><td>-2,211</td><td>-2,276</td></tr><tr><td>Total Latin America</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><td>-48,481</td><td>-54,010</td></tr><tr><td>Aeia</td><td></td><td></td><td></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>-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><td>-31,962</td><td>-20,942</td></tr><tr><td>French Indo-China</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><td>-6,150</td><td>3,102</td></tr><tr><td>Hong Koog</td><td>2,316</td><td>1,528</td><td>-1,471</td><td>2,310</td><td>-4,641</td><td>106</td><td>3,442</td><td>-5,539</td><td>13,068</td><td>-3,157</td><td>-4,725</td><td>1,149</td><td>-946</td></tr><tr><td>India, Burma, and Ceylon</td><td>-10,931</td><td>8,563</td><td>3,562</td><td>-2,236</td><td>-4,936</td><td>-6,302</td><td>6,600</td><td>-858</td><td>7,712</td><td>556</td><td>-1,655</td><td>1,465</td><td>-5,281</td></tr><tr><td>British Malaya</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><td>-1,708</td><td>-297</td></tr><tr><td>Japan</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><td>526</td><td>1,030</td></tr><tr><td>Netherlands East Indies</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><td>-654</td><td>5,816</td></tr><tr><td>Philippine Islands</td><td>-33,159</td><td>18,475</td><td>-37,114</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><td>-15,458</td><td>19,352</td></tr><tr><td>Turkey</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>-2,937</td><td>-2,797</td><td>6,116</td><td>-10,078</td><td>6,109</td><td>-4,423</td><td>-1,201</td></tr><tr><td>Other Aea</td><td>7,452</td><td>-5,004</td><td>5,744</td><td>-411</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><td>-3,003</td><td>-5,534</td></tr><tr><td>Total Aea</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><td>-59,918</td><td>-4,901</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-1,285</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><td>16,586</td><td>-19,262</td></tr><tr><td>New Zealand</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><td>44</td><td>1,125</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>-1,018</td><td>-1,503</td><td>1,171</td></tr><tr><td>French Morocco</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><td>894</td><td>-433</td></tr><tr><td>Union of South Africa</td><td>-139</td><td>-1,362</td><td>1,206</td><td>825</td><td>-2,288</td><td>3,353</td><td>11,401</td><td>4,201</td><td>22,207</td><td>-6,092</td><td>34,995</td><td>-52,846</td><td>8,467</td></tr><tr><td>All other</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><td>-4,565</td><td>-219</td></tr><tr><td>Total other countries</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><td>-41,478</td><td>-9,145</td></tr><tr><td>International</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><td>2,256,662</td><td>1,333</td></tr><tr><td>Unidentified</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</td><td>4,320</td><td>-1,004</td></tr><tr><td>Grand total</td><td>-28,782</td><td>-47,033</td><td>-284,907</td><td>-62,939</td><td>245,779</td><td>-160,41
August 1947
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="10">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</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>-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><td>585</td><td>-2,161</td></tr><tr><td>France</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><td>-181</td><td>414</td></tr><tr><td>Belgium</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><td>13</td><td>-151</td></tr><tr><td>Denmark</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><td>61</td><td>-52</td></tr><tr><td>Finland</td><td>-20</td><td>-33</td><td>-2</td><td>2</td><td>-1</td><td>-24</td><td>1</td><td>256</td><td>-4</td><td>27</td><td>-40</td><td>-15</td><td>-15</td></tr><tr><td>Germany</td><td>-15</td><td>22</td><td>23</td><td>-3</td><td>10</td><td>-257</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Greece</td><td>-39</td><td>-</td><td>1</td><td>-</td><td>-14</td><td>9</td><td>-4</td><td>5</td><td>2</td><td>-13</td><td>-2</td><td>-2</td><td>12</td></tr><tr><td>Italy</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><td>-4</td><td>-72</td></tr><tr><td>Luxembourg</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><td>-112</td><td>19</td></tr><tr><td>Netherlands</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><td>-2,390</td><td>1,385</td></tr><tr><td>Norway</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><td>-134</td><td>-116</td></tr><tr><td>Portugal</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><td>-18</td><td>11</td></tr><tr><td>Huania</td><td>2</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>1</td><td>11</td><td>-41</td></tr><tr><td>Spain</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><td>49</td><td>-12</td></tr><tr><td>Sweden</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><td>-32</td><td>162</td></tr><tr><td>Switzerland</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><td>348</td><td>1,614</td></tr><tr><td>U. S. S. R.</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><td>-</td><td>-</td></tr><tr><td>Yugoslavia</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><td>3</td><td>-40</td></tr><tr><td>Other Europe</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><td>18</td><td>54</td></tr><tr><td>Total Europe</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><td>-1,798</td><td>1,011</td></tr><tr><td>Canada</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><td>-393</td><td>-1,719</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>684</td><td>883</td><td>-369</td><td>26</td><td>-1,821</td><td>3,296</td><td>-272</td><td>191</td><td>-980</td><td>146</td><td>7</td><td>2,169</td><td>-2,366</td></tr><tr><td>Bolivia</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><td>-1</td><td>14</td></tr><tr><td>Brazil</td><td>-60</td><td>-76</td><td>-547</td><td>602</td><td>-120</td><td>-737</td><td>77</td><td>-78</td><td>165</td><td>285</td><td>-159</td><td>-175</td><td>513</td></tr><tr><td>Chile</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><td>-131</td><td>142</td></tr><tr><td>Colombia</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><td>84</td><td>-345</td></tr><tr><td>Costa Rica</td><td>38</td><td>-22</td><td>50</td><td>-21</td><td>-7</td><td>35</td><td>-2</td><td>-54</td><td>31</td><td>42</td><td>-2</td><td>-32</td><td>-32</td></tr><tr><td>Cuba</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><td>369</td><td>-140</td></tr><tr><td>French West Indies and Guiana</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><td>-1</td><td>1</td></tr><tr><td>Mexico</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><td>6,570</td><td>-163</td></tr><tr><td>Netherlands West Indies and Surinam</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>144</td><td>-27</td><td>23</td><td>-14</td></tr><tr><td>Panama</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><td>-779</td><td>1,055</td></tr><tr><td>Paru</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><td>-184</td><td>-20</td></tr><tr><td>Venezuela</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><td>79</td><td>-799</td></tr><tr><td>Other Latino America</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><td>-377</td><td>515</td></tr><tr><td>Total Latin America</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><td>7,644</td><td>-1,639</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>-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><td>-228</td><td>-574</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>-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><td>-7</td><td>31</td></tr><tr><td>India, Burma and Ceylon</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><td>36</td><td>-43</td></tr><tr><td>British Malaya</td><td>1</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-9</td><td>1</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>7</td><td>-1</td></tr><tr><td>Philippine Islands</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><td>124</td><td>826</td></tr><tr><td>Turkey</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><td>-</td><td>-</td></tr><tr><td>Other Asia</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><td>-14</td><td>53</td></tr><tr><td>Total Asia</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><td>-82</td><td>293</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>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><td>-2</td><td>59</td></tr><tr><td>New Zealand</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><td>6</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-8</td><td>3</td></tr><tr><td>French Morocco</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><td>-1</td><td>-1</td></tr><tr><td>Union of South Africa</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><td>29</td><td>83</td></tr><tr><td>All other</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><td>808</td><td>-182</td></tr><tr><td>Total other countries</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><td>832</td><td>-38</td></tr><tr><td>Unidentified</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><td>-2</td><td>24</td></tr><tr><td>Grand total</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><td>6,201</td><td>-2,068</td></tr></table>
80
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="9">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-5,982</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><td>1,850</td><td>-263</td></tr><tr><td>France</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><td>-1,759</td><td>58</td></tr><tr><td>Belgium</td><td>-195</td><td>-615</td><td>475</td><td>798</td><td>71</td><td>-494</td><td>204</td><td>-100</td><td>786</td><td>314</td><td>1,254</td><td>227</td><td>-407</td></tr><tr><td>Denmark</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><td>-81</td><td>51</td></tr><tr><td>Finland</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><td>12</td><td>49</td></tr><tr><td>Germany</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><td>-</td><td>-</td></tr><tr><td>Greece</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><td>-117</td><td>-108</td></tr><tr><td>Italy</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><td>-10,100</td><td>-8,513</td></tr><tr><td>Luxembourg</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><td>5</td><td>-413</td></tr><tr><td>Netherlands</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><td>-6,150</td><td>-7,182</td></tr><tr><td>Norway</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><td>1,452</td><td>365</td></tr><tr><td>Portugal</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><td>52</td><td>13</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>1,023</td><td>-10</td><td>-1</td><td>-</td><td>-</td><td>20</td><td>2</td><td>-2</td></tr><tr><td>Spain</td><td>52</td><td>91</td><td>121</td><td>20</td><td>6,307</td><td>119</td><td>45</td><td>-14</td><td>-25</td><td>1,925</td><td>58</td><td>6</td><td>7</td></tr><tr><td>Sweden</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><td>26</td><td>30</td></tr><tr><td>Switzerland</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><td>607</td><td>-1,160</td></tr><tr><td>U. S. S. R.</td><td>100</td><td>-91</td><td>-</td><td>3</td><td>5</td><td>-2</td><td>1</td><td>1</td><td>1</td><td>-</td><td>1</td><td>2</td><td>-</td></tr><tr><td>Yugoslavia</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><td>-1</td><td>-9</td></tr><tr><td>Other Europe</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><td>-80</td><td>-6,576</td></tr><tr><td>Total Europe</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>-8,233</td><td>-14,049</td><td>-24,054</td></tr><tr><td>Canada</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><td>-75,827</td><td>32,030</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>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><td>1,702</td><td>1,583</td></tr><tr><td>Bolivia</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><td>48</td><td>24</td></tr><tr><td>Brazil</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><td>-518</td><td>2,378</td></tr><tr><td>Chile</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><td>26</td><td>181</td></tr><tr><td>Colombia</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><td>-130</td><td>518</td></tr><tr><td>Costa Rica</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><td>46</td><td>6</td></tr><tr><td>Cuba</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><td>1,349</td><td>2,519</td></tr><tr><td>French West Indies and Guiana</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><td>1</td><td>-</td></tr><tr><td>Mexico</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><td>72</td><td>-769</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-9</td><td>20</td><td>-6</td><td>-11</td><td>-24</td><td>-8</td><td>-119</td><td>-18</td><td>-29</td><td>92</td><td>-9</td><td>-3</td><td>-12</td></tr><tr><td>Panama</td><td>-243</td><td>3,737</td><td>-1,431</td><td>-2,124</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><td>2,595</td><td>88</td></tr><tr><td>Peru</td><td>179</td><td>95</td><td>46</td><td>106</td><td>-20</td><td>142</td><td>275</td><td>-152</td><td>-405</td><td>89</td><td>28</td><td>160</td><td>1,055</td></tr><tr><td>Venezuela</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>-175</td><td>-8</td><td>-189</td><td>203</td></tr><tr><td>Other Latin America</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><td>535</td><td>586</td></tr><tr><td>Total Latin America</td><td>3,278</td><td>10,219</td><td>-7,406</td><td>4,246</td><td>-1,281</td><td>38,554</td><td>16,219</td><td>25,779</td><td>26,417</td><td>1,985</td><td>2,091</td><td>5,694</td><td>8,782</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>-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><td>-398</td><td>-259</td></tr><tr><td>French Indo-China</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><td>-</td><td>-10</td></tr><tr><td>Song Kong</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><td>-21</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>-491</td><td>87</td></tr><tr><td>British Malaya</td><td>-2</td><td>-2</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>-13</td><td>-211</td><td>-57</td><td>147</td><td>-1</td><td>8</td><td>-7</td></tr><tr><td>Japan</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td></tr><tr><td>Netherlands East Indies</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><td>7</td><td>-1,297</td></tr><tr><td>Philippine Islands</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><td>-317</td><td>137</td></tr><tr><td>Turkey</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><td>-25</td><td>-37</td></tr><tr><td>Other Asia</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><td>-5</td><td>-107</td></tr><tr><td>Total Asia</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><td>-1,238</td><td>-1,429</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>-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><td>-16,478</td><td>12,100</td></tr><tr><td>New Zealand</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>-2</td><td>-6</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>75</td><td>11</td></tr><tr><td>French Morocco</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><td>-83</td><td>-172</td></tr><tr><td>Union of South Africa</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><td>-75</td><td>-57</td></tr><tr><td>All other</td><td>64</td><td>-19</td><td>-3</td><td>-46</td><td>13</td><td>149</td><td>-52</td><td>59</td><td>-163</td><td>-18</td><td>140</td><td>-1,049</td><td>220</td></tr><tr><td>Total other countries</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><td>-17,616</td><td>12,102</td></tr><tr><td>Unidentified</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><td>3</td><td>-</td></tr><tr><td>Grand total</td><td>-21,508</td><td>-11,172</td><td>-17,097</td><td>-5,107</td><td>-87,383</td><td>2,558</td><td>14,963</td><td>20,035</td><td>16,893</td><td>16,490</td><td>70,118</td><td>-103,031</td><td>27,711</td></tr></table>
August 1947
81
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
(Poetion at end of month in thousande of dollars)
<table><tr><th></th><th colspan="10">1946</th><th colspan="3">1947</th></tr><tr><th></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><th>February</th><th>March</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>28,585</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><td>39,356</td><td>35,770</td></tr><tr><td>France</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>3,929</td><td>4,068</td><td>5,690</td><td>9,896</td><td>12,988</td><td>15,639</td></tr><tr><td>Belgium</td><td>3,582</td><td>4,591</td><td>4,952</td><td>7,107</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><td>7,373</td><td>8,019</td></tr><tr><td>Denmark</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><td>373</td><td>345</td></tr><tr><td>Finland</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><td>6,126</td><td>8,255</td></tr><tr><td>Germany</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><td>30,353</td><td>30,357</td></tr><tr><td>Greece</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><td>12,530</td><td>13,243</td></tr><tr><td>Italy</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><td>17,702</td><td>20,599</td></tr><tr><td>Luxembourg</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><td>51</td><td>53</td></tr><tr><td>Netherlands</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><td>153,683</td><td>155,768</td></tr><tr><td>Norway</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><td>4,043</td><td>4,214</td></tr><tr><td>Portugal</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><td>929</td><td>1,045</td></tr><tr><td>Bulgaria</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><td>38</td><td>4,184</td></tr><tr><td>Spain</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><td>6,178</td><td>3,833</td></tr><tr><td>Sweden</td><td>1,880</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><td>5,630</td><td>5,951</td></tr><tr><td>Switzerland</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><td>12,205</td><td>11,376</td></tr><tr><td>U. S. S. R.</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><td>19</td><td>10</td></tr><tr><td>Yugoslavia</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><td>4</td><td>7</td></tr><tr><td>Other Europe</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><td>10,226</td><td>13,154</td></tr><tr><td>Total Europe</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><td>319,807</td><td>331,792</td></tr><tr><td>Canada</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><td>43,021</td><td>39,033</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>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>22,454</td><td>23,979</td><td>41,767</td><td>49,062</td><td>45,479</td><td>49,929</td></tr><tr><td>Bolivia</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><td>2,573</td><td>2,963</td></tr><tr><td>Brazil</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><td>63,109</td><td>69,583</td></tr><tr><td>Chile</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><td>15,259</td><td>15,979</td></tr><tr><td>Colombia</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><td>30,155</td><td>26,835</td></tr><tr><td>Costa Rica</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><td>3,696</td><td>4,039</td></tr><tr><td>Cuba</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><td>37,910</td><td>45,165</td></tr><tr><td>French West Indies and Guiana</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><td>116</td><td>11</td></tr><tr><td>Mexico</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><td>28,754</td><td>30,663</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>809</td><td>819</td></tr><tr><td>Peru</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><td>1,680</td><td>2,208</td></tr><tr><td>Peru</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><td>6,531</td><td>6,989</td></tr><tr><td>Venezuela</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><td>15,638</td><td>19,563</td></tr><tr><td>Other Latin America</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><td>27,902</td><td>33,894</td></tr><tr><td>Total Latin America</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><td>279,611</td><td>308,645</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>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><td>36,801</td><td>41,242</td></tr><tr><td>French Indo-China</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><td>25</td><td>25</td></tr><tr><td>Hong Kong</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><td>5,051</td><td>4,145</td></tr><tr><td>India, Burma, and Ceylon</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><td>12,908</td><td>14,638</td></tr><tr><td>British Malaya</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><td>537</td><td>973</td></tr><tr><td>Japan</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><td>245</td><td>242</td></tr><tr><td>Netherlands East Indies</td><td>1,394</td><td>1,374</td><td>1,390</td><td>1,382</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><td>948</td><td>1,401</td></tr><tr><td>Philippine Islands</td><td>15,367</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><td>22,983</td><td>20,271</td></tr><tr><td>Turkey</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><td>1,456</td><td>2,030</td></tr><tr><td>Other Asia</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><td>4,042</td><td>3,916</td></tr><tr><td>Total Asia</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><td>85,046</td><td>88,883</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>1,317</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><td>6,203</td><td>6,510</td></tr><tr><td>New Zealand</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><td>1,308</td><td>1,517</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>436</td><td>482</td></tr><tr><td>French Morocco</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><td>13</td><td>89</td></tr><tr><td>Union of South Africa</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><td>14,664</td><td>15,976</td></tr><tr><td>All other</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><td>4,465</td><td>5,243</td></tr><tr><td>Total other countries</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><td>27,091</td><td>29,817</td></tr><tr><td>Unidentified</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><td>-</td><td>262</td></tr><tr><td>Grand total</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><td>754,576</td><td>798,432</td></tr></table>
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="10">1946</th><th colspan="3">1947</th></tr><tr><th></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><th>February</th><th>March</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>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><td>443,281</td><td>373,581</td></tr><tr><td>France</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><td>209,082</td><td>226,369</td></tr><tr><td>Belgium</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><td>149,303</td><td>178,784</td></tr><tr><td>Denmark</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><td>68,302</td><td>62,499</td></tr><tr><td>Niolland</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><td>28,909</td><td>31,345</td></tr><tr><td>Germany</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><td>5,531</td><td>6,857</td></tr><tr><td>Greece</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><td>43,027</td><td>39,692</td></tr><tr><td>Italy</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>178,853</td><td>188,885</td><td>205,521</td><td>267,922</td><td>320,994</td><td>247,380</td><td>218,467</td></tr><tr><td>Luxembourg</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><td>22,468</td><td>22,905</td></tr><tr><td>Sotherlande</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><td>214,393</td><td>183,344</td></tr><tr><td>Portugal</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><td>106,790</td><td>105,336</td></tr><tr><td>Portugal</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><td>44,001</td><td>54,192</td></tr><tr><td>Rumania</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><td>8,851</td><td>12,210</td></tr><tr><td>Spain</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><td>19,957</td><td>18,754</td></tr><tr><td>Sweden</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><td>159,064</td><td>165,221</td></tr><tr><td>Switzerland</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><td>384,112</td><td>392,164</td></tr><tr><td>I. 8. 8.</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><td>58,479</td><td>58,537</td></tr><tr><td>Yugoslavia</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><td>13,885</td><td>11,670</td></tr><tr><td>Other Europe</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><td>107,762</td><td>111,354</td></tr><tr><td>Total Europe</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><td>2,334,577</td><td>2,276,301</td></tr><tr><td>Canada</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><td>816,182</td><td>701,689</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>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><td>179,961</td><td>181,412</td></tr><tr><td>Bolivia</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><td>13,680</td><td>12,833</td></tr><tr><td>Brazil</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><td>157,803</td><td>127,571</td></tr><tr><td>Chile</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><td>45,191</td><td>51,028</td></tr><tr><td>Colombia</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><td>55,903</td><td>51,862</td></tr><tr><td>Costa Rica</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><td>9,042</td><td>8,539</td></tr><tr><td>Cuba</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><td>145,908</td><td>150,819</td></tr><tr><td>French West Indies and Guiana</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><td>3,934</td><td>3,990</td></tr><tr><td>Mexico</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><td>142,058</td><td>139,054</td></tr><tr><td>Netherlands West Indies and Burinam</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><td>11,757</td><td>10,534</td></tr><tr><td>Panama</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><td>75,164</td><td>73,177</td></tr><tr><td>Peru</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><td>34,341</td><td>34,031</td></tr><tr><td>Venezuela</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><td>45,459</td><td>46,659</td></tr><tr><td>Other Latin America</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><td>182,354</td><td>186,070</td></tr><tr><td>Total Latin America</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><td>1,102,555</td><td>1,077,579</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>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><td>359,731</td><td>343,230</td></tr><tr><td>French Indo-China</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><td>35,954</td><td>39,056</td></tr><tr><td>Hong Kong</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>37,668</td><td>35,576</td><td>46,115</td><td>44,916</td><td>39,235</td><td>40,781</td><td>38,919</td></tr><tr><td>India, Burma, and Ceylon</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><td>44,221</td><td>40,670</td></tr><tr><td>British Malaya</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><td>7,084</td><td>7,223</td></tr><tr><td>Japan</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><td>17,689</td><td>18,716</td></tr><tr><td>Sotherlands East Indies</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><td>116,627</td><td>122,896</td></tr><tr><td>Philippine Islands</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><td>430,494</td><td>447,134</td></tr><tr><td>Turkey</td><td>66,067</td><td>66,918</td><td>71,998</td><td>69,278</td><td>64,474</td><td>62,926</td><td>60,993</td><td>58,610</td><td>64,342</td><td>54,714</td><td>60,834</td><td>56,498</td><td>55,831</td></tr><tr><td>Other Asia</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><td>85,080</td><td>79,420</td></tr><tr><td>Total Asia</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><td>1,194,159</td><td>1,193,095</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>24,323</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><td>59,367</td><td>40,412</td></tr><tr><td>New Zealand</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>8,207</td><td>8,311
August 1947
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="10">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</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>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><td>1,073</td><td>2,441</td></tr><tr><td>France</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><td>197</td><td>305</td></tr><tr><td>Belgium</td><td>127</td><td>75</td><td>68</td><td>118</td><td>110</td><td>104</td><td>107</td><td>97</td><td>198</td><td>111</td><td>129</td><td>59</td><td>66</td></tr><tr><td>Denmark</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><td>1</td><td>11</td></tr><tr><td>Finland</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><td>14</td><td>1</td></tr><tr><td>Germany</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><td>2</td><td>2</td></tr><tr><td>Greece</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><td>2</td><td>54</td></tr><tr><td>Italy</td><td>11</td><td>11</td><td>11</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><td>93</td><td>106</td></tr><tr><td>Luxembourg</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><td>93</td><td>106</td></tr><tr><td>Netherlands</td><td>502</td><td>466</td><td>386</td><td>252</td><td>276</td><td>185</td><td>346</td><td>359</td><td>244</td><td>232</td><td>238</td><td>224</td><td>237</td></tr><tr><td>Norway</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><td>8</td><td>11</td></tr><tr><td>Portugal</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>11</td></tr><tr><td>Rumania</td><td>2</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><td>75</td></tr><tr><td>Spain</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>214</td><td>174</td><td>115</td><td>-</td><td>-</td><td>9</td><td>2</td></tr><tr><td>Sweden</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><td>1,252</td><td>1,463</td></tr><tr><td>Switzerland</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><td>-</td><td>20</td></tr><tr><td>U. R. R.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yugoslavia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Total Europe</b></td><td>4,652</td><td>4,571</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><td>3,010</td><td>4,819</td></tr><tr><td><b>Canada</b></td><td>6,374</td><td>7,260</td><td>6,729</td><td>7,188</td><td>5,382</td><td>5,676</td><td>5,632</td><td>4,807</td><td>4,817</td><td>5,208</td><td>4,527</td><td>5,344</td><td>4,540</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,770</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><td>1,161</td><td>1,608</td></tr><tr><td>Bolivia</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Brazil</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><td>1,821</td><td>1,555</td></tr><tr><td>Chile</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><td>861</td><td>723</td></tr><tr><td>Colombia</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><td>241</td><td>248</td></tr><tr><td>Costa Rica</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><td>34</td><td>34</td></tr><tr><td>Cuba</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><td>6,200</td><td>6,358</td></tr><tr><td>French West Indies and Guiana</td><td>38</td><td>43</td><td>38</td><td>33</td><td>33</td><td>72</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Mexico</td><td>1,778</td><td>1,580</td><td>1,469</td><td>1,805</td><td>2,172</td><td>1,524</td><td>1,683</td><td>2,231</td><td>2,153</td><td>2,449</td><td>2,242</td><td>2,637</td><td>3,006</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>9</td><td>4</td></tr><tr><td>Panama</td><td>394</td><td>245</td><td>89</td><td>55</td><td>48</td><td>82</td><td>39</td><td>36</td><td>37</td><td>86</td><td>40</td><td>116</td><td>106</td></tr><tr><td>Peru</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><td>81</td><td>87</td></tr><tr><td>Venezuela</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><td>1,877</td><td>2,439</td></tr><tr><td>Other Latin America</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><td>4,472</td><td>4,453</td></tr><tr><td><b>Total Latin America</b></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><td>19,540</td><td>20,651</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>5,815</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><td>3,509</td><td>4,101</td></tr><tr><td>French Indo-China</td><td>-</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><td>-</td></tr><tr><td>Hong Kong</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><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</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><td>31</td><td>76</td></tr><tr><td>British Malaya</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>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><td>955</td><td>7</td></tr><tr><td>Turkey</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><td>6</td><td>5</td></tr><tr><td>Other Asia</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><td>6</td><td>5</td></tr><tr><td><b>Total Asia</b></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><td>4,501</td><td>4,189</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>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><td>4</td><td>6</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>8</td><td>7</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>1</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</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><td>78</td><td>-</td></tr><tr><td>All other</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><td>62</td><td>18</td></tr><tr><td><b>Total other countries</b></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><td>152</td><td>31</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><b>Grand total</b></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><td>32,547</td><td>34,230</td></tr></table>
84
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II. - Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="9">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>5,795</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>4,329</td><td>4,852</td><td>4,059</td></tr><tr><td>France</td><td>10,462</td><td>10,626</td><td>10,508</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><td>6,186</td><td>6,708</td></tr><tr><td>Belgium</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><td>1,793</td><td>1,649</td></tr><tr><td>Denmark</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><td>156</td><td>114</td></tr><tr><td>Finland</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>1</td><td>3</td><td>2</td><td>2</td></tr><tr><td>Germany</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>264</td><td>276</td><td>266</td></tr><tr><td>Greece</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><td>13</td><td>25</td></tr><tr><td>Italy</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><td>254</td><td>234</td></tr><tr><td>Luxembourg</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><td>861</td><td>880</td></tr><tr><td>Netherlands</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><td>8,691</td><td>10,089</td></tr><tr><td>Norway</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><td>1,387</td><td>1,284</td></tr><tr><td>Portugal</td><td>143</td><td>69</td><td>63</td><td>90</td><td>30</td><td>125</td><td>101</td><td>36</td><td>98</td><td>19</td><td>29</td><td>11</td><td>25</td></tr><tr><td>Romania</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>14</td><td>55</td><td>25</td></tr><tr><td>Spain</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><td>214</td><td>195</td></tr><tr><td>Sweden</td><td>671</td><td>647</td><td>574</td><td>528</td><td>612</td><td>646</td><td>548</td><td>531</td><td>513</td><td>543</td><td>569</td><td>540</td><td>695</td></tr><tr><td>Switzerland</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>35,167</td><td>35,943</td><td>37,768</td></tr><tr><td>U. S. R. R.</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>47</td><td>49</td><td>49</td><td>50</td><td>50</td><td>53</td><td>33</td></tr><tr><td>Yugoslavia</td><td>44</td><td>44</td><td>44</td><td>48</td><td>49</td><td>49</td><td>47</td><td>49</td><td>49</td><td>50</td><td>50</td><td>53</td><td>33</td></tr><tr><td>Other Europe</td><td>1,635</td><td>1,625</td><td>1,736</td><td>1,628</td><td>1,565</td><td>1,626</td><td>1,655</td><td>1,606</td><td>1,588</td><td>1,737</td><td>1,630</td><td>1,644</td><td>1,700</td></tr><tr><td>Total Europe</td><td>61,610</td><td>60,307</td><td>60,291</td><td>61,263</td><td>62,052</td><td>62,846</td><td>62,148</td><td>64,548</td><td>65,090</td><td>65,703</td><td>64,482</td><td>62,931</td><td>65,751</td></tr><tr><td>Canada</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><td>7,669</td><td>5,146</td></tr><tr><td>Latic 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>5,590</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><td>8,257</td><td>6,338</td></tr><tr><td>Bolivia</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><td>28</td><td>42</td></tr><tr><td>Brazil</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><td>975</td><td>1,222</td></tr><tr><td>Chile</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><td>470</td><td>474</td></tr><tr><td>Colombia</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><td>619</td><td>281</td></tr><tr><td>Costa Rica</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><td>143</td><td>111</td></tr><tr><td>Cuba</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><td>1,534</td><td>1,552</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>3</td><td>1</td><td>1</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Mexico</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><td>13,083</td><td>13,289</td></tr><tr><td>Netherlands West Indies and Surinam</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>238</td><td>270</td><td>251</td></tr><tr><td>Panama</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><td>6,167</td><td>7,212</td></tr><tr><td>Peru</td><td>118</td><td>187</td><td>274</td><td>183</td><td>259</td><td>145</td><td>171</td><td>156</td><td>146</td><td>130</td><td>239</td><td>134</td><td>120</td></tr><tr><td>Venezuela</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><td>2,201</td><td>1,964</td></tr><tr><td>Other Latic America</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><td>1,696</td><td>2,192</td></tr><tr><td>Total Latic America</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><td>35,577</td><td>35,049</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>1,154</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><td>1,507</td><td>1,525</td></tr><tr><td>French Indo-China</td><td>-</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><td>144</td><td>175</td></tr><tr><td>Rong Kong</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indie, Burma, and Ceylon</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><td>61</td><td>63</td></tr><tr><td>British Malaya</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><td>3</td><td>3</td></tr><tr><td>Japan</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><td>36</td><td>37</td></tr><tr><td>Netherlands East Indies</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><td>13</td><td>12</td></tr><tr><td>Philippine Islands</td><td>2,875</td><td>2,195</td><td>1,963</td><td>2,127</td><td>2,192</td><td>1,976</td><td>1,310</td><td>1,297</td><td>1,904</td><td>1,768</td><td>1,087</td><td>1,303</td><td>1,181</td></tr><tr><td>Turkey</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>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Other Asia</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><td>192</td><td>244</td></tr><tr><td>Total Asia</td><td>4,369</td><td>4,589</td><td>4,176</td><td>4,879</td><td>4,510</td><td>4,508</td><td>3,511</td><td>3,483</td><td>4,022</td><td>3,820</td><td>3,165</td><td>3,263</td><td>3,244</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>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><td>98</td><td>158</td></tr><tr><td>New Zealand</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>6</td><td>12</td><td>12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>133</td><td>130</td><td>112</td></tr><tr><td>French Morocco</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><td>78</td><td>77</td></tr><tr><td>Union of South Africa</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><td>66</td><td>71</td></tr><tr><td>All other</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><td>2,391</td><td>2,165</td></tr><tr><td>Total other countries</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><td>2,775</td><td>2,616</td></tr><tr><td>Unidentified</td><td>56</td><td>71</td><td>71</td><td>71</td><td>74</td><td>74</td><td>92</td><td>74</td><td>74</td><td>75</td><td>77</td><td>75</td><td>99</td></tr><tr><td>Grand total</td><td>98,956</td><td>101,258</td><td>99,386</td><td>102,192</td><td>100,728</td><td>102,894</td><td>106,536</td><td>107,819</td><td>108,339</td><td>109,056</td><td>103,247</td><td>112,290</td><td>111,905</td></tr></table>
August 1947
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of March 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 currencies</th><th colspan="3">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>35,770</td><td>26,383</td><td>19,001</td><td>2,173</td><td>5,209</td><td>9,387</td><td>4,773</td><td>1,825</td><td>2,789</td></tr><tr><td>France</td><td>15,639</td><td>530</td><td>153</td><td>268</td><td>109</td><td>15,109</td><td>2,681</td><td>829</td><td>11,599</td></tr><tr><td>Belgium</td><td>8,019</td><td>198</td><td>88</td><td>2</td><td>108</td><td>7,821</td><td>420</td><td>839</td><td>6,562</td></tr><tr><td>Denmark</td><td>345</td><td>69</td><td>45</td><td>21</td><td>3</td><td>276</td><td>13</td><td>75</td><td>188</td></tr><tr><td>Floland</td><td>8,255</td><td>1</td><td>-</td><td>-</td><td>1</td><td>8,254</td><td>3,158</td><td>4,452</td><td>614</td></tr><tr><td>Germany</td><td>30,357</td><td>53</td><td>8</td><td>26</td><td>19</td><td>30,304</td><td>17,063</td><td>67</td><td>13,174</td></tr><tr><td>Greece</td><td>13,213</td><td>25</td><td>-</td><td>9</td><td>16</td><td>13,188</td><td>10,839</td><td>-</td><td>2,349</td></tr><tr><td>Italy</td><td>20,599</td><td>66</td><td>5</td><td>54</td><td>7</td><td>20,533</td><td>10,630</td><td>1,950</td><td>7,953</td></tr><tr><td>Luxembourg</td><td>53</td><td>2</td><td>-</td><td>2</td><td>-</td><td>51</td><td>3</td><td>-</td><td>48</td></tr><tr><td>Netherlande</td><td>155,768</td><td>318</td><td>236</td><td>40</td><td>42</td><td>155,450</td><td>120,373</td><td>601</td><td>34,476</td></tr><tr><td>Norway</td><td>4,214</td><td>108</td><td>60</td><td>31</td><td>17</td><td>4,106</td><td>120</td><td>212</td><td>3,774</td></tr><tr><td>Portugal</td><td>1,045</td><td>196</td><td>96</td><td>98</td><td>2</td><td>849</td><td>45</td><td>2</td><td>802</td></tr><tr><td>Bunania</td><td>4,184</td><td>3</td><td>-</td><td>3</td><td>-</td><td>4,181</td><td>4,151</td><td>-</td><td>30</td></tr><tr><td>Spain</td><td>3,833</td><td>167</td><td>13</td><td>15</td><td>139</td><td>3,666</td><td>589</td><td>5</td><td>3,072</td></tr><tr><td>Swedec</td><td>5,951</td><td>1,028</td><td>529</td><td>471</td><td>28</td><td>4,923</td><td>267</td><td>1,179</td><td>3,477</td></tr><tr><td>Switzerland</td><td>11,376</td><td>609</td><td>265</td><td>311</td><td>33</td><td>10,767</td><td>8,907</td><td>9</td><td>1,851</td></tr><tr><td>U. S. S. R.</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>7</td><td>6</td><td>1</td><td>1</td><td>6</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>13,154</td><td>321</td><td>261</td><td>42</td><td>18</td><td>12,833</td><td>6,211</td><td>223</td><td>6,399</td></tr><tr><td>Total Europe</td><td>331,792</td><td>30,093</td><td>20,770</td><td>3,566</td><td>5,757</td><td>301,699</td><td>190,243</td><td>12,268</td><td>99,188</td></tr><tr><td>Canada</td><td>39,033</td><td>24,087</td><td>17,276</td><td>5,953</td><td>858</td><td>14,946</td><td>4,074</td><td>1,202</td><td>9,670</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>49,929</td><td>1,248</td><td>502</td><td>678</td><td>68</td><td>48,681</td><td>30,233</td><td>2,167</td><td>16,281</td></tr><tr><td>Bolivia</td><td>2,963</td><td>-</td><td>-</td><td>1</td><td>-</td><td>2,963</td><td>610</td><td>-</td><td>2,353</td></tr><tr><td>Brazil</td><td>69,583</td><td>103</td><td>72</td><td>-</td><td>30</td><td>69,480</td><td>12,295</td><td>908</td><td>56,277</td></tr><tr><td>Chile</td><td>15,979</td><td>3</td><td>-</td><td>-</td><td>3</td><td>15,976</td><td>351</td><td>2,247</td><td>13,378</td></tr><tr><td>Colombia</td><td>26,835</td><td>33</td><td>-</td><td>31</td><td>2</td><td>26,802</td><td>7,757</td><td>3,051</td><td>15,994</td></tr><tr><td>Costa Rica</td><td>4,039</td><td>13</td><td>-</td><td>13</td><td>-</td><td>4,026</td><td>1,096</td><td>18</td><td>2,912</td></tr><tr><td>Cuba</td><td>45,165</td><td>401</td><td>401</td><td>-</td><td>-</td><td>44,764</td><td>21,461</td><td>7,349</td><td>15,954</td></tr><tr><td>Freoch West Indies and Guiana</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Mexico</td><td>30,668</td><td>1,724</td><td>1,206</td><td>36</td><td>482</td><td>28,944</td><td>5,421</td><td>4,623</td><td>18,900</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>819</td><td>4</td><td>-</td><td>-</td><td>4</td><td>815</td><td>4</td><td>-</td><td>811</td></tr><tr><td>Panama</td><td>2,208</td><td>1</td><td>1</td><td>-</td><td>1</td><td>2,207</td><td>-</td><td>-</td><td>2,207</td></tr><tr><td>Peru</td><td>6,989</td><td>10</td><td>1</td><td>1</td><td>8</td><td>6,979</td><td>589</td><td>295</td><td>6,095</td></tr><tr><td>Venezuela</td><td>19,563</td><td>205</td><td>128</td><td>72</td><td>5</td><td>19,358</td><td>9,517</td><td>324</td><td>9,517</td></tr><tr><td>Other Latin America</td><td>33,894</td><td>173</td><td>132</td><td>-</td><td>41</td><td>33,721</td><td>8,967</td><td>2,754</td><td>22,000</td></tr><tr><td>Total Latin America</td><td>308,645</td><td>3,918</td><td>2,442</td><td>832</td><td>644</td><td>304,727</td><td>98,301</td><td>23,736</td><td>182,690</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>41,242</td><td>3,159</td><td>3,157</td><td>2</td><td>-</td><td>38,083</td><td>25,207</td><td>1,096</td><td>11,780</td></tr><tr><td>Freoch Indo-China</td><td>25</td><td>1</td><td>-</td><td>-</td><td>1</td><td>24</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Hong Kong</td><td>4,145</td><td>1,159</td><td>987</td><td>80</td><td>92</td><td>2,986</td><td>1,622</td><td>582</td><td>782</td></tr><tr><td>India, Burma, and Ceylon</td><td>14,638</td><td>4,181</td><td>1,041</td><td>3,106</td><td>34</td><td>10,457</td><td>5,068</td><td>3,032</td><td>2,357</td></tr><tr><td>British Malaya</td><td>973</td><td>17</td><td>13</td><td>4</td><td>-</td><td>956</td><td>116</td><td>638</td><td>202</td></tr><tr><td>Japan</td><td>242</td><td>3</td><td>2</td><td>1</td><td>-</td><td>239</td><td>208</td><td>-</td><td>31</td></tr><tr><td>Netherlande East Indies</td><td>1,401</td><td>4</td><td>4</td><td>-</td><td>-</td><td>1,397</td><td>1</td><td>1,292</td><td>104</td></tr><tr><td>Philippine Ielanda</td><td>20,271</td><td>1,248</td><td>388</td><td>-</td><td>860</td><td>19,023</td><td>10,517</td><td>3,144</td><td>5,362</td></tr><tr><td>Turkey</td><td>2,030</td><td>13</td><td>1</td><td>12</td><td>-</td><td>2,017</td><td>422</td><td>-</td><td>1,595</td></tr><tr><td>Other Asia</td><td>3,916</td><td>32</td><td>25</td><td>-</td><td>7</td><td>3,884</td><td>269</td><td>143</td><td>3,472</td></tr><tr><td>Total Asia</td><td>88,883</td><td>9,817</td><td>5,618</td><td>3,205</td><td>994</td><td>79,066</td><td>43,430</td><td>9,927</td><td>25,709</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>6,510</td><td>1,026</td><td>973</td><td>3</td><td>50</td><td>5,484</td><td>387</td><td>2,824</td><td>2,273</td></tr><tr><td>New Zealand</td><td>1,517</td><td>331</td><td>329</td><td>-</td><td>2</td><td>1,186</td><td>-</td><td>163</td><td>1,023</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>482</td><td>7</td><td>2</td><td>-</td><td>5</td><td>475</td><td>137</td><td>-</td><td>338</td></tr><tr><td>Freoch Morocco</td><td>89</td><td>-</td><td>-</td><td>-</td><td>-</td><td>89</td><td>4</td><td>-</td><td>85</td></tr><tr><td>Union of South Africa</td><td>15,976</td><td>2,075</td><td>279</td><td>1,789</td><td>7</td><td>13,901</td><td>-</td><td>218</td><td>13,683</td></tr><tr><td>All other</td><td>5,243</td><td>746</td><td>1</td><td>723</td><td>22</td><td>4,497</td><td>1,199</td><td>-</td><td>3,298</td></tr><tr><td>Total other countries</td><td>29,817</td><td>4,185</td><td>1,584</td><td>2,515</td><td>86</td><td>25,632</td><td>1,727</td><td>3,205</td><td>20,700</td></tr><tr><td>Unidentified</td><td>262</td><td>2</td><td>-</td><td>-</td><td>2</td><td>260</td><td>-</td><td>-</td><td>260</td></tr><tr><td>Grand total</td><td>798,432</td><td>72,102</td><td>47,690</td><td>16,071</td><td>8,341</td><td>726,330</td><td>337,775</td><td>50,338</td><td>338,217</td></tr></table>
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of March 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 a/o 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 Kingdoms</td><td>373,581</td><td>357,441</td><td>340,844</td><td>2,698</td><td>11,998</td><td>1,901</td><td>16,140</td><td>2,605</td><td>8,546</td><td>4,989</td></tr><tr><td>France</td><td>226,369</td><td>226,053</td><td>203,356</td><td>797</td><td>20,636</td><td>1,264</td><td>316</td><td>232</td><td>61</td><td>23</td></tr><tr><td>Belgium</td><td>178,784</td><td>178,599</td><td>166,546</td><td>1,392</td><td>10,471</td><td>190</td><td>185</td><td>116</td><td>-</td><td>69</td></tr><tr><td>Denmark</td><td>62,499</td><td>62,483</td><td>53,135</td><td>9,311</td><td>2</td><td>35</td><td>16</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>31,345</td><td>31,342</td><td>31,312</td><td>30</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,857</td><td>6,842</td><td>6,771</td><td>24</td><td>14</td><td>33</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>39,692</td><td>39,665</td><td>39,137</td><td>320</td><td>208</td><td>4</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>218,487</td><td>218,481</td><td>170,209</td><td>1,265</td><td>46,888</td><td>119</td><td>6</td><td>5</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>22,905</td><td>22,905</td><td>22,024</td><td>3</td><td>878</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>183,344</td><td>183,287</td><td>170,198</td><td>61</td><td>13,011</td><td>17</td><td>57</td><td>33</td><td>-</td><td>24</td></tr><tr><td>Norway</td><td>105,336</td><td>105,339</td><td>70,764</td><td>67</td><td>34,488</td><td>-</td><td>17</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>54,192</td><td>53,708</td><td>52,783</td><td>925</td><td>-</td><td>-</td><td>484</td><td>27</td><td>-</td><td>457</td></tr><tr><td>Romania</td><td>12,210</td><td>12,210</td><td>12,182</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>18,754</td><td>18,663</td><td>18,433</td><td>168</td><td>50</td><td>12</td><td>91</td><td>86</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>165,221</td><td>164,767</td><td>147,157</td><td>10,109</td><td>7,500</td><td>1</td><td>454</td><td>416</td><td>-</td><td>38</td></tr><tr><td>Switzerland</td><td>392,164</td><td>391,059</td><td>373,462</td><td>5,344</td><td>7,968</td><td>4,285</td><td>1,105</td><td>454</td><td>-</td><td>651</td></tr><tr><td>U.S.S.R.</td><td>58,537</td><td>58,537</td><td>53,536</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>14,670</td><td>14,670</td><td>14,635</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>111,354</td><td>111,345</td><td>102,893</td><td>90</td><td>8,320</td><td>37</td><td>9</td><td>2</td><td>-</td><td>7</td></tr><tr><td>Total Europe</td><td>2,276,301</td><td>2,257,376</td><td>2,054,378</td><td>32,667</td><td>162,432</td><td>7,899</td><td>18,925</td><td>4,050</td><td>8,607</td><td>6,268</td></tr><tr><td>Canada</td><td>701,689</td><td>696,375</td><td>315,501</td><td>1,531</td><td>379,123</td><td>220</td><td>5,314</td><td>273</td><td>-</td><td>5,041</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>181,412</td><td>181,364</td><td>176,863</td><td>1,835</td><td>2,664</td><td>2</td><td>48</td><td>22</td><td>-</td><td>26</td></tr><tr><td>Bolivia</td><td>12,833</td><td>12,833</td><td>11,756</td><td>-</td><td>-</td><td>1,077</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>127,571</td><td>127,550</td><td>115,226</td><td>12,303</td><td>11</td><td>10</td><td>21</td><td>21</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>51,028</td><td>51,025</td><td>49,342</td><td>1,183</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>51,862</td><td>51,860</td><td>51,209</td><td>545</td><td>-</td><td>106</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Costa Rica</td><td>8,539</td><td>8,539</td><td>7,726</td><td>813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>150,619</td><td>150,819</td><td>146,530</td><td>4,289</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>3,990</td><td>3,990</td><td>3,589</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>139,054</td><td>138,751</td><td>136,605</td><td>1,004</td><td>1,110</td><td>32</td><td>303</td><td>-</td><td>-</td><td>303</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>10,534</td><td>10,534</td><td>9,762</td><td>6</td><td>766</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>73,177</td><td>73,175</td><td>58,855</td><td>49</td><td>14,270</td><td>1</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Peru</td><td>34,031</td><td>32,531</td><td>31,668</td><td>638</td><td>225</td><td>-</td><td>1,500</td><td>1,500</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>46,659</td><td>46,659</td><td>46,186</td><td>473</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>186,070</td><td>185,726</td><td>152,203</td><td>3,729</td><td>29,690</td><td>104</td><td>344</td><td>342</td><td>-</td><td>2</td></tr><tr><td>Total Latin America</td><td>1,077,579</td><td>1,075,356</td><td>998,420</td><td>26,868</td><td>48,736</td><td>1,332</td><td>2,223</td><td>1,888</td><td>-</td><td>335</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>343,230</td><td>341,775</td><td>143,775</td><td>1,774</td><td>189,150</td><td>1,076</td><td>1,455</td><td>264</td><td>-</td><td>1,191</td></tr><tr><td>French Indo-China</td><td>39,056</td><td>39,056</td><td>20,895</td><td>12</td><td>18,033</td><td>116</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>38,919</td><td>33,506</td><td>32,331</td><td>462</td><td>642</td><td>71</td><td>5,413</td><td>5,256</td><td>-</td><td>157</td></tr><tr><td>India, Burma, and Ceylon</td><td>40,670</td><td>38,702</td><td>34,415</td><td>4,205</td><td>-</td><td>82</td><td>1,968</td><td>977</td><td>172</td><td>819</td></tr><tr><td>British Malaya</td><td>7,223</td><td>7,220</td><td>5,852</td><td>1,060</td><td>300</td><td>8</td><td>3</td><td>3</td><td>-</td><td>12</td></tr><tr><td>Japan</td><td>18,716</td><td>18,682</td><td>18,217</td><td>443</td><td>22</td><td>-</td><td>34</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>122,896</td><td>122,894</td><td>68,339</td><td>250</td><td>54,305</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>447,134</td><td>447,077</td><td>438,129</td><td>6,503</td><td>69</td><td>2,376</td><td>57</td><td>57</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>55,831</td><td>55,831</td><td>55,528</td><td>303</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>79,420</td><td>79,409</td><td>67,855</td><td>722</td><td>10,803</td><td>29</td><td>11</td><td>9</td><td>-</td><td>2</td></tr><tr><td>Total Asia</td><td>1,193,095</td><td>1,184,152</td><td>891,336</td><td>15,734</td><td>273,324</td><td>3,758</td><td>8,943</td><td>6,590</td><td>172</td><td>2,181</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>40,412</td><td>40,165</td><td>39,020</td><td>776</td><td>300</td><td>69</td><td>247</td><td>8</td><td>-</td><td>239</td></tr><tr><td>New Zealand</td><td>9,645</td><td>9,620</td><td>9,531</td><td>89</td><td>-</td><td>-</td><td>25</td><td>15</td><td>-</td><td>10</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,584</td><td>19,504</td><td>18,704</td><td>390</td><td>-</td><td>410</td><td>80</td><td>-</td><td>-</td><td>80</td></tr><tr><td>French Morocco</td><td>16,498</td><td>16,498</td><td>16,134</td><td>364</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>43,682</td><td>43,682</td><td>22,217</td><td>530</td><td>20,910</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>70,797</td><td>70,520</td><td>69,113</td><td>232</td><td>1,151</td><td>24</td><td>277</td><td>75</td><td>-</td><td>202</td></tr><tr><td>Total other countries</td><td>200,618</td><td>199,989</td><td>174,719</td><td>2,381</td><td>22,361</td><td>528</td><td>629</td><td>98</td><td>-</td><td>531</td></tr><tr><td>International</td><td>2,726,907</td><td>2,726,907</td><td>390,572</td><td>-</td><td>2,336,335</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>19,692</td><td>19,692</td><td>19,692</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,195,881</td><td>8,159,847</td><td>4,844,613</td><td>73,181</td><td>3,222,311</td><td>13,737</td><td>36,034</td><td>12,899</td><td>8,779</td><td>14,356</td></tr></table>
August 1947
87
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of March 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="6">Purchases by foreigners</th><th colspan="6">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocke</th><th>Bonde</th><th>Total</th><th>Stocke</th><th>Bonde</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>9,564</td><td>5,693</td><td>699</td><td>4,994</td><td>3,871</td><td>408</td><td>3,463</td><td>9,827</td><td>6,023</td><td>1,086</td><td>4,937</td><td>3,804</td><td>113</td><td>3,691</td></tr><tr><td>France</td><td>2,700</td><td>2,219</td><td>638</td><td>1,581</td><td>481</td><td>54</td><td>427</td><td>2,642</td><td>2,383</td><td>929</td><td>1,454</td><td>259</td><td>127</td><td>132</td></tr><tr><td>Belgium</td><td>587</td><td>250</td><td>195</td><td>55</td><td>337</td><td>18</td><td>319</td><td>994</td><td>843</td><td>195</td><td>648</td><td>151</td><td>13</td><td>138</td></tr><tr><td>Denmark</td><td>164</td><td>104</td><td>79</td><td>25</td><td>60</td><td>-</td><td>60</td><td>107</td><td>68</td><td>55</td><td>13</td><td>39</td><td>20</td><td>19</td></tr><tr><td>Finland</td><td>56</td><td>-</td><td>-</td><td>-</td><td>56</td><td>-</td><td>56</td><td>7</td><td>2</td><td>2</td><td>-</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Germany</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>4</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>11</td><td>8</td><td>8</td><td>-</td><td>3</td><td>-</td><td>3</td><td>119</td><td>119</td><td>48</td><td>71</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>165</td><td>89</td><td>11</td><td>78</td><td>76</td><td>-</td><td>76</td><td>8,678</td><td>8,623</td><td>12</td><td>8,611</td><td>55</td><td>-</td><td>55</td></tr><tr><td>Luxembourg</td><td>28</td><td>9</td><td>9</td><td>-</td><td>19</td><td>19</td><td>-</td><td>441</td><td>439</td><td>212</td><td>227</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Netherlands</td><td>1,320</td><td>841</td><td>646</td><td>195</td><td>479</td><td>320</td><td>159</td><td>8,502</td><td>7,236</td><td>5,074</td><td>2,162</td><td>1,266</td><td>72</td><td>1,194</td></tr><tr><td>Norway</td><td>1,302</td><td>270</td><td>270</td><td>-</td><td>1,032</td><td>-</td><td>1,032</td><td>937</td><td>295</td><td>99</td><td>196</td><td>642</td><td>35</td><td>607</td></tr><tr><td>Portugal</td><td>118</td><td>88</td><td>49</td><td>39</td><td>30</td><td>2</td><td>28</td><td>105</td><td>75</td><td>66</td><td>9</td><td>30</td><td>10</td><td>20</td></tr><tr><td>Romania</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>2</td><td>-</td><td>2</td></tr><tr><td>Spain</td><td>122</td><td>94</td><td>83</td><td>11</td><td>28</td><td>-</td><td>28</td><td>115</td><td>54</td><td>41</td><td>13</td><td>61</td><td>-</td><td>61</td></tr><tr><td>Sweden</td><td>258</td><td>196</td><td>68</td><td>128</td><td>62</td><td>-</td><td>62</td><td>228</td><td>55</td><td>52</td><td>3</td><td>173</td><td>17</td><td>156</td></tr><tr><td>Switzerland</td><td>6,455</td><td>4,820</td><td>3,312</td><td>1,508</td><td>1,635</td><td>511</td><td>1,124</td><td>7,615</td><td>5,134</td><td>4,359</td><td>775</td><td>2,481</td><td>415</td><td>2,066</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Other Europe</td><td>112</td><td>45</td><td>43</td><td>2</td><td>67</td><td>-</td><td>67</td><td>6,683</td><td>6,586</td><td>77</td><td>6,509</td><td>102</td><td>-</td><td>102</td></tr><tr><td>Total Europe</td><td>22,968</td><td>14,732</td><td>6,115</td><td>8,617</td><td>8,236</td><td>1,332</td><td>6,904</td><td>47,022</td><td>37,940</td><td>12,311</td><td>25,629</td><td>9,082</td><td>822</td><td>8,260</td></tr><tr><td>Canada</td><td>57,089</td><td>6,307</td><td>2,420</td><td>3,887</td><td>50,782</td><td>2,551</td><td>48,231</td><td>25,059</td><td>9,046</td><td>3,164</td><td>5,882</td><td>16,013</td><td>1,938</td><td>14,075</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>3,342</td><td>942</td><td>752</td><td>190</td><td>2,400</td><td>467</td><td>1,933</td><td>1,759</td><td>1,316</td><td>1,131</td><td>185</td><td>443</td><td>2</td><td>441</td></tr><tr><td>Bolivia</td><td>36</td><td>36</td><td>15</td><td>21</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>Brazil</td><td>2,661</td><td>273</td><td>212</td><td>61</td><td>2,388</td><td>68</td><td>2,320</td><td>283</td><td>256</td><td>238</td><td>18</td><td>27</td><td>7</td><td>20</td></tr><tr><td>Chile</td><td>371</td><td>139</td><td>134</td><td>5</td><td>232</td><td>13</td><td>219</td><td>188</td><td>73</td><td>71</td><td>2</td><td>115</td><td>-</td><td>115</td></tr><tr><td>Colombia</td><td>643</td><td>288</td><td>217</td><td>71</td><td>355</td><td>-</td><td>355</td><td>105</td><td>60</td><td>60</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>Costa Rica</td><td>22</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,660</td><td>2,113</td><td>1,047</td><td>1,066</td><td>1,547</td><td>494</td><td>1,053</td><td>1,141</td><td>894</td><td>871</td><td>23</td><td>247</td><td>143</td><td>104</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>582</td><td>487</td><td>443</td><td>44</td><td>95</td><td>71</td><td>24</td><td>951</td><td>730</td><td>658</td><td>72</td><td>221</td><td>182</td><td>39</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>23</td><td>22</td><td>22</td><td>-</td><td>1</td><td>1</td><td>-</td><td>35</td><td>7</td><td>7</td><td>-</td><td>28</td><td>1</td><td>27</td></tr><tr><td>Panama</td><td>857</td><td>684</td><td>628</td><td>56</td><td>173</td><td>32</td><td>141</td><td>769</td><td>699</td><td>529</td><td>170</td><td>70</td><td>20</td><td>50</td></tr><tr><td>Peru</td><td>1,137</td><td>1,120</td><td>118</td><td>1,002</td><td>17</td><td>15</td><td>2</td><td>82</td><td>80</td><td>80</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Venezuela</td><td>519</td><td>225</td><td>191</td><td>34</td><td>294</td><td>294</td><td>-</td><td>316</td><td>315</td><td>211</td><td>104</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,905</td><td>779</td><td>767</td><td>12</td><td>1,126</td><td>51</td><td>1,075</td><td>1,319</td><td>675</td><td>638</td><td>37</td><td>644</td><td>87</td><td>557</td></tr><tr><td>Total Latin America</td><td>15,758</td><td>7,130</td><td>4,568</td><td>2,562</td><td>8,628</td><td>1,506</td><td>7,122</td><td>6,976</td><td>5,133</td><td>4,522</td><td>611</td><td>1,843</td><td>488</td><td>1,355</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,123</td><td>1,092</td><td>589</td><td>503</td><td>31</td><td>-</td><td>31</td><td>1,382</td><td>1,378</td><td>668</td><td>710</td><td>4</td><td>-</td><td>4</td></tr><tr><td>French Indo-China</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>122</td><td>122</td><td>122</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>15</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>795</td><td>795</td><td>5</td><td>790</td><td>-</td><td>-</td><td>-</td><td>2,092</td><td>2,091</td><td>32</td><td>2,059</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Philippine Islands</td><td>244</td><td>215</td><td>149</td><td>66</td><td>29</td><td>27</td><td>2</td><td>107</td><td>79</td><td>42</td><td>37</td><td>28</td><td>26</td><td>2</td></tr><tr><td>Turkey</td><td>13</td><td>1</td><td>1</td><td>1</td><td>12</td><td>-</td><td>12</td><td>50</td><td>47</td><td>47</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Other Asia</td><td>120</td><td>82</td><td>81</td><td>1</td><td>38</td><td>7</td><td>31</td><td>227</td><td>141</td><td>110</td><td>31</td><td>86</td><td>1</td><td>85</td></tr><tr><td>Total Asia</td><td>2,425</td><td>2,315</td><td>955</td><td>1,360</td><td>110</td><td>34</td><td>76</td><td>3,914</td><td>3,792</td><td>935</td><td>2,857</td><td>122</td><td>27</td><td>95</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>13,050</td><td>25</td><td>25</td><td>-</td><td>13,025</td><td>-</td><td>13,025</td><td>950</td><td>41</td><td>40</td><td>1</td><td>909</td><td>-</td><td>909</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>14</td><td>14</td><td>10</td><td>4</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>25</td><td>23</td><td>12</td><td>11</td><td>2</td><td>1</td><td>1</td><td>197</td><td>127</td><td>125</td><td>2</td><td>70</td><td>4</td><td>66</td></tr><tr><td>Union of South Africa</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>59</td><td>55</td><td>50</td><td>5</td><td>4</td><td>11</td><td>4</td></tr><tr><td>All other</td><td>958</td><td>263</td><td>262</td><td>1</td><td>695</td><td>2</td><td>693</td><td>738</td><td>314</td><td>33</td><td>1</td><td>704</td><td>11</td><td>693</td></tr><tr><td>Total other countries</td><td>14,049</td><td>325</td><td>309</td><td>16</td><td>13,724</td><td>5</td><td>13,719</td><td>1,947</td><td>260</td><td>251</td><td>9</td><td>1,687</td><td>15</td><td>1,672</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>112,239</td><td>30,809</td><td>14,367</td><td>16,442</td><td>81,480</td><td>5,428</td><td>76,052</td><td>84,918</td><td>56,171</td><td>21,183</td><td>34,988</td><td>28,747</td><td>3,290</td><td>25,457</td></tr></table>
88
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(In thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="9">1946</th><th colspan="4">1947</th></tr><tr><th></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><th>February</th><th>March</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>-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><td>-2,621</td><td>-1,738</td></tr><tr><td>France</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><td>-165</td><td>-174</td></tr><tr><td>Belgium</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><td>127</td><td>-52</td></tr><tr><td>Germany</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><td>-13</td><td>-13</td></tr><tr><td>Italy</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><td>12</td><td>12</td></tr><tr><td>Netherlands</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><td>202</td><td>213</td></tr><tr><td>Portugal</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><td>8</td><td>64</td></tr><tr><td>Spain</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><td>-77</td><td>-83</td></tr><tr><td>Sweden</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><td>-25</td><td>-306</td></tr><tr><td>Switzerland</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><td>110</td><td>-713</td></tr><tr><td>Other Europe</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><td>198</td><td>170</td></tr><tr><td>Total Europe</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><td>-2,244</td><td>-2,620</td></tr><tr><td>Canada</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><td>7,868</td><td>6,968</td></tr><tr><td>Latin America</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><td>1,444</td><td>715</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>-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><td>118</td><td>232</td></tr><tr><td>Hong Kong</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><td>-3,227</td><td>-3,217</td></tr><tr><td>Japan</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><td>-13</td></tr><tr><td>Other Asia</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><td>-1,372</td><td>-2,284</td></tr><tr><td>Total Asia</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><td>-4,496</td><td>-5,282</td></tr><tr><td>All other</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><td>886</td><td>709</td></tr><tr><td>Grand total</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><td>3,458</td><td>490</td></tr></table>
August 1947
89
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><th colspan="11">Purchase 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><td></td><td></td></tr><tr><td>1946-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>February</td><td>52,359</td><td>40,103</td><td>39,727</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37</td></tr><tr><td>March</td><td>62,486</td><td>50,262</td><td>49,342</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><td>From foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>February</td><td>2,752</td><td>1,049</td><td>1,007</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>3,678</td><td>1,943</td><td>1,937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>30,552</td><td>30,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>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><td>February</td><td>49,607</td><td>39,054</td><td>38,720</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37</td></tr><tr><td>March</td><td>58,808</td><td>48,319</td><td>47,405</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><th colspan="11">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><td></td><td></td></tr><tr><td>1946-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>February</td><td>77,261</td><td>64,749</td><td>63,719</td><td>16</td><td>2</td><td>-</td><td>10</td><td>9</td><td>-</td><td>1</td><td>580</td></tr><tr><td>March</td><td>85,438</td><td>72,265</td><td>70,697</td><td>52</td><td>24</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>329</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><td></td></tr><tr><td>1946-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>February</td><td>3,914</td><td>1,333</td><td>1,085</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td></tr><tr><td>March</td><td>4,181</td><td>1,881</td><td>1,438</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</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><td></td></tr><tr><td>1946-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>61,437</td><td>60,807</td><td>14</td><td>10</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>468</td></tr><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><tr><td>February</td><td>73,347</td><td>63,416</td><td>62,634</td><td>16</td><td>2</td><td>-</td><td>10</td><td>9</td><td>-</td><td>1</td><td>564</td></tr><tr><td>March</td><td>81,257</td><td>70,384</td><td>69,259</td><td>52</td><td>24</td><td>-</td><td>11</td><td>9</td><td>-</td><td>1</td><td>296</td></tr></table>
(Continued on following page)
90
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latino America</th><th colspan="5">Currency of:</th><th>All other</th></tr><tr><th></th><th>Switzerland</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>China and Manchurie</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th></th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>2,552</td><td>190</td><td>1,028</td><td>-</td><td>1,334</td><td>616</td></tr><tr><td>1946-July</td><td>-</td><td>7</td><td>2,544</td><td>1,376</td><td>2,283</td><td>20</td><td>1,158</td><td>-</td><td>1,105</td><td>701</td></tr><tr><td>August</td><td>-</td><td>31</td><td>3,179</td><td>1,374</td><td>3,039</td><td>-</td><td>1,849</td><td>-</td><td>1,190</td><td>533</td></tr><tr><td>September</td><td>-</td><td>16</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>October</td><td>-</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>November</td><td>11</td><td>10</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>December</td><td>61</td><td>25</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>1947-January</td><td>106</td><td>14</td><td>3,550</td><td>5,041</td><td>3,539</td><td>-</td><td>1,222</td><td>-</td><td>2,317</td><td>126</td></tr><tr><td>February</td><td>221</td><td>18</td><td>5,295</td><td>3,417</td><td>3,386</td><td>15</td><td>1,575</td><td>-</td><td>1,796</td><td>126</td></tr><tr><td>March</td><td>822</td><td>22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">From foreign customers:</td></tr><tr><td>1946-July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>875</td><td>10</td><td>613</td><td>-</td><td>252</td><td>122</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>19</td><td>1,155</td><td>-</td><td>440</td><td>-</td><td>715</td><td>122</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,181</td><td>-</td><td>676</td><td>-</td><td>505</td><td>104</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>17</td><td>903</td><td>-</td><td>407</td><td>-</td><td>496</td><td>104</td></tr><tr><td>November</td><td>4</td><td>-</td><td>-</td><td>17</td><td>2,179</td><td>-</td><td>1,726</td><td>-</td><td>453</td><td>104</td></tr><tr><td>December</td><td>-</td><td>4</td><td>-</td><td>47</td><td>2,560</td><td>-</td><td>1,050</td><td>-</td><td>1,510</td><td>118</td></tr><tr><td>1947-January</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>February</td><td>42</td><td>-</td><td>53</td><td>125</td><td>1,503</td><td>-</td><td>250</td><td>-</td><td>1,253</td><td>22</td></tr><tr><td>March</td><td>-</td><td>6</td><td>-</td><td>125</td><td>1,588</td><td>-</td><td>351</td><td>-</td><td>1,237</td><td>22</td></tr><tr><td colspan="11">From domestic customers:</td></tr><tr><td>1946-July</td><td>-</td><td>19</td><td>2,497</td><td>857</td><td>1,677</td><td>180</td><td>415</td><td>-</td><td>1,082</td><td>494</td></tr><tr><td>August</td><td>-</td><td>7</td><td>2,544</td><td>1,357</td><td>1,128</td><td>20</td><td>718</td><td>-</td><td>390</td><td>579</td></tr><tr><td>September</td><td>31</td><td>16</td><td>3,179</td><td>1,357</td><td>1,858</td><td>-</td><td>1,173</td><td>-</td><td>685</td><td>429</td></tr><tr><td>October</td><td>-</td><td>10</td><td>3,058</td><td>4,642</td><td>1,974</td><td>-</td><td>1,326</td><td>-</td><td>648</td><td>87</td></tr><tr><td>November</td><td>7</td><td>10</td><td>2,107</td><td>4,353</td><td>2,396</td><td>-</td><td>1,331</td><td>-</td><td>1,065</td><td>8</td></tr><tr><td>December</td><td>61</td><td>21</td><td>3,647</td><td>5,422</td><td>2,155</td><td>-</td><td>766</td><td>-</td><td>1,389</td><td>6</td></tr><tr><td>1947-January</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><tr><td>February</td><td>179</td><td>18</td><td>3,497</td><td>4,916</td><td>2,036</td><td>-</td><td>972</td><td>-</td><td>1,064</td><td>104</td></tr><tr><td>March</td><td>822</td><td>16</td><td>5,295</td><td>3,292</td><td>1,798</td><td>15</td><td>1,224</td><td>-</td><td>559</td><td>104</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</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>1946-July</td><td>-</td><td>46</td><td>4,596</td><td>1,865</td><td>3,553</td><td>19</td><td>21</td><td>4</td><td>3,509</td><td>2,137</td></tr><tr><td>August</td><td>-</td><td>25</td><td>5,593</td><td>1,904</td><td>3,160</td><td>19</td><td>21</td><td>117</td><td>3,003</td><td>1,928</td></tr><tr><td>September</td><td>31</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>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>5,613</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>February</td><td>365</td><td>47</td><td>5,691</td><td>1,964</td><td>4,120</td><td>19</td><td>-</td><td>4</td><td>4,097</td><td>737</td></tr><tr><td>March</td><td>1,068</td><td>74</td><td>5,997</td><td>1,819</td><td>4,618</td><td>19</td><td>101</td><td>4</td><td>4,494</td><td>739</td></tr><tr><td colspan="11">To foreign customers:</td></tr><tr><td>1946-July</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>500</td><td>130</td><td>-</td><td>-</td><td>-</td><td>130</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>500</td><td>170</td><td>-</td><td>-</td><td>-</td><td>170</td><td>-</td></tr><tr><td>November</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>December</td><td>7</td><td>-</td><td>-</td><td>1,905</td><td>800</td><td>-</td><td>-</td><td>-</td><td>800</td><td>-</td></tr><tr><td>1947-January</td><td>72</td><td>-</td><td>-</td><td>502</td><td>1,393</td><td>-</td><td>-</td><td>-</td><td>1,393</td><td>-</td></tr><tr><td>February</td><td>232</td><td>-</td><td>19</td><td>1,802</td><td>760</td><td>-</td><td>-</td><td>-</td><td>760</td><td>-</td></tr><tr><td>March</td><td>393</td><td>17</td><td>83</td><td>1,802</td><td>475</td><td>-</td><td>-</td><td>-</td><td>475</td><td>-</td></tr><tr><td colspan="11">To domestic customers:</td></tr><tr><td>1946-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>4,887</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>3,459</td><td>1,132</td><td>1,866</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>3,666</td><td>991</td></tr><tr><td>1947-January</td><td>142</td><td>44</td><td>5,613</td><td>1,625</td><td>3,299</td><td>19</td><td>68</td><td>4</td><td>3,188</td><td>787</td></tr><tr><td>February</td><td>133</td><td>47</td><td>5,672</td><td>1,662</td><td>3,360</td><td>19</td><td>-</td><td>4</td><td>3,337</td><td>737</td></tr><tr><td>March</td><td>675</td><td>57</td><td>5,974</td><td>17</td><td>4,143</td><td>19</td><td>101</td><td>4</td><td>4,019</td><td>739</td></tr></table>
August 1947
91
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1946-July</td><td>209,795</td><td>144,571</td><td>123,091</td><td>2,282</td><td>1,201</td><td>-</td><td>49</td><td>485</td><td>1,329</td><td>410</td></tr><tr><td>Spot</td><td>44,812</td><td>37,888</td><td>37,403</td><td>-</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>136,613</td><td>75,813</td><td>62,113</td><td>2,001</td><td>1,669</td><td>-</td><td>113</td><td>309</td><td>923</td><td>294</td></tr><tr><td>August</td><td>20,086</td><td>15,233</td><td>15,216</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Spot</td><td>134,646</td><td>77,268</td><td>60,724</td><td>1,858</td><td>764</td><td>-</td><td>25</td><td>120</td><td>3,008</td><td>307</td></tr><tr><td>Forward</td><td>22,356</td><td>17,545</td><td>17,489</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>September</td><td>158,676</td><td>100,792</td><td>86,923</td><td>1,938</td><td>1,041</td><td>-</td><td>53</td><td>333</td><td>1,492</td><td>174</td></tr><tr><td>Spot</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>Forward</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>October</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>Spot</td><td>167,768</td><td>92,496</td><td>73,866</td><td>3,750</td><td>1,189</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Forward</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>November</td><td>162,022</td><td>98,409</td><td>79,033</td><td>1,999</td><td>1,042</td><td>-</td><td>14</td><td>265</td><td>878</td><td>63</td></tr><tr><td>December</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>1947-January</td><td>157,975</td><td>97,920</td><td>78,420</td><td>2,282</td><td>1,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>23,252</td><td>19,281</td><td>19,019</td><td>2</td><td>125</td><td>-</td><td>50</td><td>499</td><td>1,186</td><td>182</td></tr><tr><td>March</td><td>197,150</td><td>130,186</td><td>111,181</td><td>2,160</td><td>1,201</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>35,126</td><td>24,723</td><td>24,106</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><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1946-July</td><td>154,151</td><td>117,486</td><td>97,964</td><td>2,026</td><td>1,159</td><td>-</td><td>49</td><td>485</td><td>1,194</td><td>372</td></tr><tr><td>Spot</td><td>30,633</td><td>25,713</td><td>25,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>82,573</td><td>49,620</td><td>37,400</td><td>1,582</td><td>1,485</td><td>-</td><td>113</td><td>288</td><td>831</td><td>220</td></tr><tr><td>August</td><td>13,566</td><td>9,810</td><td>9,798</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>82,326</td><td>48,948</td><td>35,175</td><td>1,740</td><td>664</td><td>-</td><td>23</td><td>117</td><td>2,966</td><td>280</td></tr><tr><td>Forward</td><td>15,099</td><td>12,299</td><td>12,244</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>September</td><td>103,736</td><td>72,213</td><td>59,857</td><td>1,756</td><td>934</td><td>-</td><td>53</td><td>314</td><td>1,439</td><td>118</td></tr><tr><td>Spot</td><td>15,334</td><td>12,865</td><td>12,754</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>81,816</td><td>50,314</td><td>39,980</td><td>1,467</td><td>933</td><td>-</td><td>8</td><td>127</td><td>794</td><td>177</td></tr><tr><td>October</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>November</td><td>102,582</td><td>60,134</td><td>45,306</td><td>1,793</td><td>1,025</td><td>-</td><td>14</td><td>470</td><td>794</td><td>110</td></tr><tr><td>December</td><td>16,338</td><td>10,771</td><td>10,633</td><td>-</td><td>988</td><td>-</td><td>-</td><td>-</td><td>20</td><td>41</td></tr><tr><td>1947-January</td><td>106,119</td><td>70,792</td><td>53,975</td><td>1,734</td><td>-</td><td>-</td><td>14</td><td>166</td><td>869</td><td>182</td></tr><tr><td>February</td><td>20,365</td><td>16,347</td><td>16,279</td><td>1,773</td><td>1,349</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>97,734</td><td>65,338</td><td>47,702</td><td>1,922</td><td>966</td><td>-</td><td>50</td><td>448</td><td>1,146</td><td>-</td></tr><tr><td>Spot</td><td>16,239</td><td>13,760</td><td>13,690</td><td>2</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>125,882</td><td>91,107</td><td>75,683</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-July</td><td>55,644</td><td>27,085</td><td>25,127</td><td>256</td><td>42</td><td>-</td><td>-</td><td>-</td><td>135</td><td>38</td></tr><tr><td>Spot</td><td>14,179</td><td>12,175</td><td>11,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>54,040</td><td>26,193</td><td>24,673</td><td>419</td><td>184</td><td>-</td><td>21</td><td>92</td><td>74</td><td>5</td></tr><tr><td>August</td><td>6,520</td><td>5,423</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>2</td><td>3</td><td>42</td><td>27</td></tr><tr><td>Spot</td><td>52,320</td><td>28,320</td><td>25,549</td><td>118</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>7,257</td><td>5,246</td><td>5,245</td><td>-</td><td>-</td><td>-</td><td>19</td><td>53</td><td>56</td><td>-</td></tr><tr><td>September</td><td>54,940</td><td>28,579</td><td>27,056</td><td>182</td><td>107</td><td>-</td><td>2</td><td>30</td><td>13</td><td>77</td></tr><tr><td>Spot</td><td>10,733</td><td>4,497</td><td>4,493</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>58,898</td><td>31,074</td><td>29,325</td><td>341</td><td>-</td><td>-</td><td>17</td><td>5</td><td>91</td><td>57</td></tr><tr><td>October</td><td>5,880</td><td>3,647</td><td>3,647</td><td>-</td><td>164</td><td>-</td><td>6</td><td>26</td><td>37</td><td>9</td></tr><tr><td>November</td><td>65,086</td><td>32,362</td><td>28,560</td><td>1,957</td><td>-</td><td>-</td><td>-</td><td>99</td><td>9</td><td>22</td></tr><tr><td>December</td><td>10,058</td><td>6,826</td><td>6,802</td><td>265</td><td>54</td><td>-</td><td>51</td><td>42</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>55,903</td><td>27,617</td><td>25,058</td><td>509</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</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>March</td><td>60,241</td><td>32,582</td><td>30,718</td><td>-</td><td>235</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>71,268</td><td>39,079</td><td>35,498</td><td>238</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>14,614</td><td>9,377</td><td>9,038</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>Japan</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-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>2,422</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>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>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>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>34,599</td><td>5,768</td><td>7,893</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>1,404</td><td>6</td></tr><tr><td>October</td><td>Spot......</td><td>2,205</td><td>6,197</td><td>346</td><td>32,596</td><td>6,628</td><td>7,850</td><td>7,959</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>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>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>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>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>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>6,526</td><td>15,692</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>2,457</td><td>63</td></tr><tr><td>February</td><td>Spot......</td><td>2,257</td><td>11,941</td><td>408</td><td>32,111</td><td>6,679</td><td>6,812</td><td>6,812</td><td>14,453</td></tr><tr><td></td><td>Forward.....</td><td>70</td><td>65</td><td>-</td><td>2,755</td><td>-</td><td>1,216</td><td>1,216</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>1,826</td><td>11,480</td><td>419</td><td>38,618</td><td>4,805</td><td>7,413</td><td>7,413</td><td>16,128</td></tr><tr><td></td><td>Forward.....</td><td>18</td><td>598</td><td>-</td><td>6,892</td><td>1,684</td><td>1,827</td><td>1,827</td><td>-</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1946-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>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>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>10,443</td><td>4,756</td><td>6,009</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>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>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>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>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>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>8,095</td><td>1,785</td></tr><tr><td></td><td>Forward.....</td><td>-</td><td>4</td><td>10</td><td>1,656</td><td>-</td><td>2,068</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>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>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>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>1,836</td><td>63</td></tr><tr><td>February</td><td>Spot......</td><td>1,819</td><td>11,339</td><td>266</td><td>16,765</td><td>4,581</td><td>6,317</td><td>6,317</td><td>1,733</td></tr><tr><td></td><td>Forward.....</td><td>-</td><td>58</td><td>-</td><td>1,541</td><td>-</td><td>938</td><td>938</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>1,452</td><td>8,907</td><td>351</td><td>24,363</td><td>3,490</td><td>4,871</td><td>4,871</td><td>2,051</td></tr><tr><td></td><td>Forward.....</td><td>4</td><td>274</td><td>-</td><td>3,572</td><td>-</td><td>1,594</td><td>1,594</td><td>-</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1946-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>445</td><td>9,103</td></tr><tr><td></td><td>Forward.....</td><td>417</td><td>-</td><td>-</td><td>856</td><td>856</td><td>262</td><td>262</td><td>-</td></tr><tr><td>August</td><td>Spot......</td><td>424</td><td>94</td><td>212</td><td>15,204</td><td>1,992</td><td>680</td><td>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></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>781</td><td>6,398</td></tr><tr><td></td><td>Forward.....</td><td>-</td><td>-</td><td>-</td><td>1,301</td><td>268</td><td>442</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>698</td><td>8,384</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>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>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>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>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>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>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>621</td><td>-</td></tr><tr><td>February</td><td>Spot......</td><td>438</td><td>602</td><td>142</td><td>12,346</td><td>2,098</td><td>495</td><td>495</td><td>12,720</td></tr><tr><td></td><td>Forward.....</td><td>70</td><td>7</td><td>-</td><td>1,214</td><td>-</td><td>278</td><td>278</td><td>-</td></tr><tr><td>March</td><td>Spot......</td><td>374</td><td>2,573</td><td>68</td><td>14,255</td><td>1,315</td><td>2,542</td><td>2,542</td><td>14,077</td></tr><tr><td></td><td>Forward.....</td><td>14</td><td>324</td><td>-</td><td>3,320</td><td>1,684</td><td>233</td><td>233</td><td>-</td></tr></table>
(Continued on following page)
August 1947
93
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spaia</th></tr><tr><th colspan="11">Sales</th></tr><tr><td>Total sales: 1946-July</td><td>159,020</td><td>107,104</td><td>87,398</td><td>2,202</td><td>1,073</td><td>-</td><td>52</td><td>324</td><td>1,206</td><td>393</td></tr><tr><td>Spot</td><td>75,915</td><td>65,774</td><td>64,384</td><td>17</td><td>34</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Forward</td><td>128,836</td><td>75,863</td><td>61,926</td><td>2,006</td><td>1,582</td><td>-</td><td>114</td><td>299</td><td>957</td><td>343</td></tr><tr><td>August</td><td>24,874</td><td>19,078</td><td>18,991</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63</td></tr><tr><td>Spot</td><td>133,078</td><td>81,287</td><td>65,960</td><td>1,878</td><td>889</td><td>-</td><td>37</td><td>110</td><td>3,030</td><td>294</td></tr><tr><td>Forward</td><td>26,815</td><td>20,195</td><td>20,118</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td></tr><tr><td>September</td><td>152,390</td><td>98,846</td><td>84,493</td><td>1,793</td><td>1,071</td><td>-</td><td>36</td><td>318</td><td>1,548</td><td>174</td></tr><tr><td>Spot</td><td>33,173</td><td>24,277</td><td>23,582</td><td>105</td><td>997</td><td>-</td><td>13</td><td>141</td><td>897</td><td>259</td></tr><tr><td>Forward</td><td>138,051</td><td>82,170</td><td>69,756</td><td>1,925</td><td>6</td><td>-</td><td>-</td><td>4</td><td>41</td><td>-</td></tr><tr><td>October</td><td>24,004</td><td>19,106</td><td>18,969</td><td>-</td><td>1,275</td><td>-</td><td>21</td><td>289</td><td>1,056</td><td>320</td></tr><tr><td>Spot</td><td>172,330</td><td>104,662</td><td>86,253</td><td>3,796</td><td>984</td><td>-</td><td>21</td><td>8</td><td>22</td><td>119</td></tr><tr><td>Forward</td><td>23,715</td><td>14,400</td><td>14,302</td><td>1,974</td><td>2</td><td>-</td><td>-</td><td>488</td><td>864</td><td>66</td></tr><tr><td>November</td><td>156,721</td><td>97,630</td><td>78,501</td><td>-</td><td>1,418</td><td>-</td><td>14</td><td>227</td><td>843</td><td>-</td></tr><tr><td>Spot</td><td>37,235</td><td>31,140</td><td>30,539</td><td>2,274</td><td>10</td><td>-</td><td>-</td><td>-</td><td>20</td><td>66</td></tr><tr><td>Forward</td><td>157,529</td><td>103,876</td><td>84,465</td><td>6</td><td>-</td><td>-</td><td>51</td><td>486</td><td>1,128</td><td>185</td></tr><tr><td>December</td><td>27,412</td><td>23,537</td><td>23,123</td><td>2,141</td><td>1,379</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>197,919</td><td>135,860</td><td>116,230</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>35,702</td><td>27,309</td><td>26,071</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="11">Sales to banks: 1946-July</th></tr><tr><td>Spot</td><td>68,826</td><td>46,329</td><td>40,773</td><td>601</td><td>300</td><td>-</td><td>33</td><td>40</td><td>930</td><td>210</td></tr><tr><td>Forward</td><td>28,149</td><td>25,203</td><td>24,721</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>August</td><td>58,625</td><td>37,270</td><td>31,494</td><td>871</td><td>462</td><td>-</td><td>97</td><td>16</td><td>628</td><td>132</td></tr><tr><td>Spot</td><td>14,639</td><td>12,231</td><td>12,211</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Forward</td><td>64,725</td><td>41,149</td><td>33,361</td><td>453</td><td>305</td><td>-</td><td>13</td><td>19</td><td>2,763</td><td>89</td></tr><tr><td>September</td><td>18,001</td><td>14,987</td><td>14,955</td><td>-</td><td>290</td><td>-</td><td>5</td><td>47</td><td>32</td><td>44</td></tr><tr><td>Spot</td><td>75,619</td><td>50,422</td><td>45,381</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>784</td><td>-</td></tr><tr><td>Forward</td><td>17,744</td><td>15,014</td><td>14,676</td><td>2</td><td>269</td><td>-</td><td>-</td><td>33</td><td>640</td><td>78</td></tr><tr><td>October</td><td>68,064</td><td>41,697</td><td>37,034</td><td>482</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Spot</td><td>13,532</td><td>10,333</td><td>10,259</td><td>-</td><td>429</td><td>-</td><td>1</td><td>37</td><td>713</td><td>109</td></tr><tr><td>Forward</td><td>88,208</td><td>56,020</td><td>47,489</td><td>2,171</td><td>-</td><td>-</td><td>6</td><td>96</td><td>22</td><td>30</td></tr><tr><td>November</td><td>15,029</td><td>10,954</td><td>10,831</td><td>523</td><td>305</td><td>-</td><td>-</td><td>108</td><td>431</td><td>20</td></tr><tr><td>Spot</td><td>80,653</td><td>53,328</td><td>43,489</td><td>-</td><td>515</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,044</td><td>17,207</td><td>17,082</td><td>623</td><td>10</td><td>-</td><td>3</td><td>50</td><td>765</td><td>152</td></tr><tr><td>December</td><td>86,653</td><td>59,997</td><td>50,625</td><td>469</td><td>616</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>14,947</td><td>13,080</td><td>12,788</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>117,530</td><td>85,493</td><td>76,928</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>17,834</td><td>14,847</td><td>14,202</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="11">Sales to others: 1946-July</th></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>-</td><td>19</td><td>284</td><td>276</td><td>183</td></tr><tr><td>Forward</td><td>47,766</td><td>40,571</td><td>39,663</td><td>10</td><td>34</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>August</td><td>70,211</td><td>38,593</td><td>30,432</td><td>1,135</td><td>1,120</td><td>-</td><td>17</td><td>283</td><td>329</td><td>211</td></tr><tr><td>Spot</td><td>10,235</td><td>6,247</td><td>6,780</td><td>1,425</td><td>584</td><td>-</td><td>24</td><td>91</td><td>267</td><td>205</td></tr><tr><td>Forward</td><td>68,353</td><td>40,138</td><td>32,599</td><td>6</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>8,814</td><td>5,208</td><td>5,163</td><td>1,340</td><td>781</td><td>-</td><td>31</td><td>271</td><td>764</td><td>130</td></tr><tr><td>Spot</td><td>75,771</td><td>48,424</td><td>39,112</td><td>1,103</td><td>-</td><td>-</td><td>13</td><td>108</td><td>257</td><td>181</td></tr><tr><td>Forward</td><td>15,429</td><td>9,263</td><td>8,906</td><td>1,443</td><td>728</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>October</td><td>69,987</td><td>40,473</td><td>32,722</td><td>1,625</td><td>846</td><td>-</td><td>20</td><td>252</td><td>343</td><td>211</td></tr><tr><td>Spot</td><td>10,472</td><td>8,773</td><td>8,700</td><td>-</td><td>9</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>84,122</td><td>48,642</td><td>38,764</td><td>1,625</td><td>846</td><td>-</td><td>20</td><td>252</td><td>343</td><td>211</td></tr><tr><td>November</td><td>8,686</td><td>3,536</td><td>3,471</td><td>1,451</td><td>679</td><td>-</td><td>15</td><td>392</td><td>221</td><td>89</td></tr><tr><td>Spot</td><td>76,068</td><td>44,302</td><td>35,012</td><td>1,451</td><td>679</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>17,191</td><td>13,933</td><td>13,457</td><td>-</td><td>2</td><td>-</td><td>14</td><td>119</td><td>412</td><td>46</td></tr><tr><td>December</td><td>70,876</td><td>43,879</td><td>33,840</td><td>1,651</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947-January</td><td>12,465</td><td>10,457</td><td>10,335</td><td>6</td><td>-</td><td>-</td><td>48</td><td>436</td><td>363</td><td>33</td></tr><tr><td>February</td><td>80,389</td><td>50,367</td><td>39,302</td><td>1,672</td><td>763</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>17,868</td><td>12,462</td><td>11,869</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Ccontinued on following page)
Treasury Bulletin
94
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>Transactions during month</th><th colspan="3">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th colspan="3">Asia</th><th>All other</th></tr><tr><th></th><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>Japan</th><th>Other Asia</th><th></th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales: 1946-July</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>Spot</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>Forward</td><td>3,111</td><td>4,965</td><td>560</td><td>31,219</td><td>6,390</td><td>7,016</td><td>-</td><td>7,016</td><td>6,348</td></tr><tr><td>August</td><td>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>Spot</td><td>3,316</td><td>5,470</td><td>303</td><td>31,523</td><td>6,124</td><td>8,877</td><td>-</td><td>8,877</td><td>5,267</td></tr><tr><td>Forward</td><td>35</td><td>-</td><td>-</td><td>5,334</td><td>460</td><td>427</td><td>-</td><td>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>44</td></tr><tr><td>Forward</td><td>2,593</td><td>5,120</td><td>469</td><td>31,149</td><td>6,113</td><td>10,520</td><td>-</td><td>10,520</td><td>7,899</td></tr><tr><td>October</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>Spot</td><td>2,606</td><td>8,526</td><td>520</td><td>39,286</td><td>9,686</td><td>11,532</td><td>-</td><td>11,532</td><td>7,164</td></tr><tr><td>Forward</td><td>70</td><td>70</td><td>9</td><td>4,939</td><td>1,410</td><td>2,844</td><td>-</td><td>2,844</td><td>32</td></tr><tr><td>November</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>Spot</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>2,523</td><td>11,542</td><td>504</td><td>32,635</td><td>6,551</td><td>6,864</td><td>-</td><td>6,864</td><td>7,603</td></tr><tr><td>December</td><td>11</td><td>387</td><td>-</td><td>3,149</td><td>5</td><td>689</td><td>-</td><td>689</td><td>32</td></tr><tr><td>Spot</td><td>2,112</td><td>11,731</td><td>417</td><td>40,394</td><td>5,064</td><td>8,813</td><td>-</td><td>8,813</td><td>7,788</td></tr><tr><td>Forward</td><td>24</td><td>1,167</td><td>24</td><td>5,405</td><td>1,485</td><td>1,451</td><td>-</td><td>1,451</td><td>52</td></tr><tr><td colspan="10">Sales to benkei</td></tr><tr><td>1946-July</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>Spot</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>Forward</td><td>1,928</td><td>1,544</td><td>98</td><td>15,217</td><td>1,663</td><td>1,31</td><td>-</td><td>1,31</td><td>4,044</td></tr><tr><td>August</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>3,314</td></tr><tr><td>Forward</td><td>1,845</td><td>1,479</td><td>94</td><td>2,854</td><td>2,018</td><td>1,60</td><td>-</td><td>1,60</td><td>4,492</td></tr><tr><td>September</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>5,926</td></tr><tr><td>October</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>3,121</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>63</td></tr><tr><td>Forward</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>6,007</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>6,178</td></tr><tr><td>Spot</td><td>960</td><td>6,596</td><td>119</td><td>17,258</td><td>1,859</td><td>1,532</td><td>-</td><td>1,532</td><td>52</td></tr><tr><td>Forward</td><td>-</td><td>282</td><td>-</td><td>1,842</td><td>-</td><td>25</td><td>-</td><td>25</td><td>-</td></tr><tr><td>December</td><td>1,321</td><td>5,129</td><td>60</td><td>22,717</td><td>1,420</td><td>1,722</td><td>-</td><td>1,722</td><td>-</td></tr><tr><td>Spot</td><td>-</td><td>628</td><td>17</td><td>2,134</td><td>-</td><td>201</td><td>-</td><td>201</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="10">Sales to others:</td></tr><tr><td>1946-July</td><td>2,444</td><td>8,170</td><td>400</td><td>15,395</td><td>4,468</td><td>7,079</td><td>-</td><td>7,079</td><td>2,477</td></tr><tr><td>Spot</td><td>744</td><td>-</td><td>76</td><td>2,898</td><td>1,077</td><td>1,649</td><td>-</td><td>1,649</td><td>1,571</td></tr><tr><td>Forward</td><td>1,183</td><td>3,421</td><td>462</td><td>18,002</td><td>4,727</td><td>6,585</td><td>-</td><td>6,585</td><td>2,304</td></tr><tr><td>August</td><td>16</td><td>-</td><td>-</td><td>2,496</td><td>83</td><td>425</td><td>-</td><td>425</td><td>384</td></tr><tr><td>Spot</td><td>1,079</td><td>3,599</td><td>265</td><td>15,312</td><td>3,948</td><td>7,022</td><td>-</td><td>7,022</td><td>1,933</td></tr><tr><td>Forward</td><td>35</td><td>-</td><td>-</td><td>2,480</td><td>460</td><td>267</td><td>-</td><td>267</td><td>399</td></tr><tr><td>September</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>Spot</td><td>254</td><td>-</td><td>-</td><td>2,728</td><td>3,289</td><td>109</td><td>-</td><td>109</td><td>40</td></tr><tr><td>Forward</td><td>1,018</td><td>3,047</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>October</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>1,218</td></tr><tr><td>Forward</td><td>-</td><td>39</td><td>9</td><td>2,577</td><td>110</td><td>2,31</td><td>-</td><td>2,31</td><td>32</td></tr><tr><td>November</td><td>1,997</td><td>4,946</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>Spot</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>Forward</td><td>1,563</td><td>4,946</td><td>385</td><td>15,377</td><td>4,692</td><td>5,332</td><td>-</td><td>5,332</td><td>1,596</td></tr><tr><td>December</td><td>11</td><td>105</td><td>-</td><td>1,307</td><td>5</td><td>664</td><td>-</td><td>664</td><td>32</td></tr><tr><td>Spot</td><td>791</td><td>6,602</td><td>357</td><td>17,677</td><td>3,644</td><td>7,091</td><td>-</td><td>7,091</td><td>1,610</td></tr><tr><td>Forward</td><td>24</td><td>539</td><td>7</td><td>2,671</td><td>1,485</td><td>1,250</td><td>-</td><td>1,250</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>
1 0031955