TREASURY DEPARTMENT
ROOM 5013
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
SEPTEMBER - 1947
UNITED STATES TREASURY DEPARTMENT OFFICE OF THE SECRETARY
September 1947
1
Table of Contents
Page
Cumulative table of contents 11
Article section: Treasury financing operations A-1
Statistical section:
Summary of fiscal statistics 1
Receipts and expenditures 4
Treasury cash income and outgo 14
General Fund position and debt outstanding 18
Ownership of United States Government securities 37
Prices and yields of Government securities (including securities issued by Federal agencies) 50
Corporations and certain other agencies of the United States Government 57
Internal revenue statistics 73
Monetary statistics 78
Capital movements between the United States and foreign countries and net position in foreign currencies 83
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th>Articles</th><th>Sept.</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. Nov. Oct.</th></tr><tr><td>Statement by Secretary Snyder before the Ways and Means Committee of the House of Representatives.</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>Statement by Secretary Snyder on E.H. 1 (tax reduction) before the Senate Finance Committee.</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 savings bonds in public debt management (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>America's foreign economic policy (speech by Secretary Snyder).</td><td></td><td></td><td></td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td></tr><tr><td>Spreading the public debt (speech by Under Secretary Wiggine).</td><td></td><td></td><td></td><td></td><td></td><td>A-7</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></td><td></td><td>A-1</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></td><td></td><td>A-1</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></td><td></td><td>A-1</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></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></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>A-1</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>A-1</td></tr><tr><td>Other speeches by Treasury officials.</td><td></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 A-5</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></tr><tr><td>Financial operations of the United States Government, fiscal year 1947.</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>Assets and liabilities of all active banks in the United States: December 31, 1939-December 31, 1946.</td><td></td><td></td><td>A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</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></td><td></td></tr><tr><td>Statistics of income: Individual income tax returns: Individual returns for 1944.</td><td></td><td></td><td>A-17</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>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns: Preliminary report for 1944.</td><td></td><td></td><td></td><td></td><td>A-11</td><td></td><td></td><td></td><td>A-7</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></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></tr><tr><td>Treasury financing operations.</td><td>A-1</td><td>A-5</td><td>A-24</td><td>A-5</td><td>A-18</td><td>A-2</td><td>A-4</td><td>A-1</td><td>A-4</td><td>A-16 A-6 A-5</td></tr></table>
(Continued on following page)
September 1947
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th><th colspan="4">1946</th></tr><tr><th></th><th>Sept.</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></tr><tr><td><b>Summary of fiscal statistics</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><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><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><td>3</td></tr><tr><td><b>Receipts and expenditures</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><td></td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Receipts from internal revenue</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><td>5</td></tr><tr><td>General expenditures</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>Expenditures for national defense 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>7</td><td>7</td></tr><tr><td>Expenditures for transfers to trust accounts, etc.</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><td>7</td></tr><tr><td>Expenditures of Government corporations (wholly owned), etc. (net)</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</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><td></td></tr><tr><td>January 1933</td><td>9</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>8-9</td></tr><tr><td>January 1937</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>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>10</td><td>10</td></tr><tr><td><b>Social security programs</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>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><td></td></tr><tr><td>Social Security Act</td><td>11</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>12</td></tr><tr><td>Railroad Retirement Account</td><td>12</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>13</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td>12</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>13</td></tr><tr><td>Statements of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>13</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>14</td></tr><tr><td>Railroad Retirement Account</td><td>13</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>14</td></tr><tr><td>Unemployment Trust Fund</td><td>13</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>14</td></tr><tr><td><b>Treasury cash income and outgo</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>Summary of cash transactions</td><td>15</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of total budget receipts with cash budget receipts</td><td>15</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of total budget expenditures with cash budget expenditures</td><td>16</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of total trust account transactions with cash trust account transactions</td><td>16</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of change in United States securities outstanding with cash borrowing or repayment of borrowing</td><td>17</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating income and outgo by months beginning with July 1946</td><td>17</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Analysis by major classifications (old series)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total cash income and outgo by months and calendar years (old series) beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1942</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>January 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>General Fund position and debt outstanding</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>General Fund</td><td>19</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>17</td></tr><tr><td>Analysis of change in balance of General Fund</td><td>19</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>18</td></tr><tr><td>Means of financing cash requirements</td><td>20</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>11</td></tr><tr><td>Statutory limitation on the public debt - statement, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><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></td><td>25</td><td>25</td><td>25</td></tr><tr><td>October 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td>25</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td>25</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><td></td></tr><tr><td>March 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><td></td></tr><tr><td>April 30, 1947</td><td></td><td></td><td></td><td>25</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1947</td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1947</td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1947</td><td>21</td><td></td><td></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 outstanding:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary</td><td>22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing public debt</td><td>22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing guaranteed obligations</td><td>23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues to United States Government agencies and trust funds</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>23</td><td>23</td><td>23</td><td>23</td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years 1938-1947</td><td></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>20</td><td>20</td><td>21</td></tr><tr><td>Monthly data</td><td></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>21</td><td>21</td><td>22</td></tr><tr><td>Chart</td><td></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>22</td><td>22</td><td>23</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>24</td><td>24</td></tr><tr><td>Obligations of Government corporations held by the Treasury</td><td>24</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>23</td><td>23</td><td>24</td></tr><tr><td>Issuance and retirement of the public debt</td><td>25</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>26</td><td>26</td><td>20</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>25</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>26</td><td>26</td><td>20</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the United States</td><td>26-27</td><td>27-29</td><td>27-29</td><td>27-27</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="11">Issue and page number</th></tr><tr><th>Sept.</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></tr><tr><td colspan="13">General Fund position and debt outstanding (continued)</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>28</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness, and guaranteed securities.</td><td>29</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></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>30</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></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>31</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></tr><tr><td>History of sales and redemptions.</td><td>32-34</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></tr><tr><td>Sales by series, classified by denominations.</td><td>35</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>39</td><td>40-41</td><td>39</td><td>40-41</td><td>39</td><td>40-41</td><td>39</td><td>40-41</td><td>39</td><td>40-41</td><td>38</td><td>38</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>40-41</td><td>39-40</td><td>39-40</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>42</td><td>41</td><td>41</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>36</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></tr><tr><td>Sales and redemptions of series C Treasury savings notes:</td><td>36</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></tr><tr><td>Sales and redemptions.</td><td></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></tr><tr><td>Sales by denominations.</td><td></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></tr><tr><td>Sales by types of purchasers.</td><td></td><td></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></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></tr><tr><td>Sales by denominations.</td><td></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></tr><tr><td colspan="13">Ownership of United States Government securities</td></tr><tr><td>Summary distribution by classes of holders.</td><td>38</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></tr><tr><td>Estimated ownership by classes of banks and non-bank investors.</td><td>39</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></tr><tr><td>Net market transactions in Government securities for Treasury investment accounts, monthly beginning:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1939.</td><td>39</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></tr><tr><td>January 1938.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">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></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>48-52</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>49-53</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>49-53</td><td></td><td></td><td></td></tr><tr><td>October 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></td><td></td><td></td><td>49-53</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></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 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>April 30, 1947.</td><td>40-41</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>May 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>June 30, 1947.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-58</td><td>54-58</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>54-58</td><td>54-58</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1947.</td><td>45-49</td><td></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the United States Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>54-56</td><td></td><td></td></tr><tr><td>September 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-62</td><td>60-62</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>55-57</td><td>55-57</td><td></td><td></td></tr><tr><td>November 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-62</td><td>55-57</td><td></td><td></td></tr><tr><td>January 31, 1947.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1947.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>60-62</td><td>55-57</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></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1947.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1947.</td><td></td><td></td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1947.</td><td>51-53</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1947.</td><td>54</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></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revision in high-grade corporate bond average.</td><td>55</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></tr><tr><td>Yields beginning with 1939.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1938.</td><td>56</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></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)
September 1947
V
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th></tr><tr><th>Sept.</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></tr><tr><td colspan="13">Corporations and certain other agencies of the United States Government</td></tr><tr><td>Combined balance sheet: June 30, 1946.</td><td colspan="10"></td><td colspan="2">61</td><td>65-69</td></tr><tr><td>September 30, 1946.</td><td colspan="10"></td><td>62</td><td>66-71</td><td></td></tr><tr><td>December 31, 1946.</td><td colspan="4"></td><td>62</td><td>66-71</td><td colspan="6"></td></tr><tr><td>March 31, 1947.</td><td colspan="4">63</td><td>67-72</td><td colspan="6"></td></tr><tr><td>Loans outstanding, classified by type of loan: June 30, 1946.</td><td colspan="4"></td><td colspan="5"></td><td>63-65</td><td colspan="2">62-64</td></tr><tr><td>September 30, 1946.</td><td colspan="4"></td><td colspan="5">63-65</td><td colspan="2"></td></tr><tr><td>December 31, 1946.</td><td colspan="4"></td><td colspan="5">63-65</td><td colspan="2"></td></tr><tr><td>March 31, 1947.</td><td colspan="4">64-66</td><td colspan="5"></td><td colspan="2"></td></tr><tr><td>Income and expense: Fiscal year 1946.</td><td colspan="4"></td><td colspan="5"></td><td>62-67</td><td colspan="2">70-75</td></tr><tr><td>First three months, fiscal year 1947.</td><td colspan="4"></td><td colspan="5">62-67</td><td colspan="2"></td></tr><tr><td>First six months, fiscal year 1947.</td><td colspan="4"></td><td colspan="5">62-67</td><td colspan="2"></td></tr><tr><td>First nine months, fiscal year 1947.</td><td>58-64</td><td colspan="4"></td><td colspan="5"></td><td colspan="2"></td></tr><tr><td>Sources and application of funds: Fiscal year 1946.</td><td colspan="4"></td><td colspan="5"></td><td>68-74</td><td colspan="2">76-82</td></tr><tr><td>First three months, fiscal year 1947.</td><td colspan="4"></td><td colspan="5"></td><td>68-74</td><td colspan="2"></td></tr><tr><td>First six months, fiscal year 1947.</td><td colspan="4"></td><td colspan="5">68-74</td><td colspan="2"></td></tr><tr><td>First nine months, fiscal year 1947.</td><td>65-72</td><td colspan="4"></td><td colspan="5"></td><td colspan="2"></td></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data.</td><td>74</td><td>62</td><td>74</td><td>57</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></tr><tr><td>Chart.</td><td>75</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></tr><tr><td>Comparative details for current periods.</td><td>76-77</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>63-64</td><td>86-87</td></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: June 30, 1946.</td><td colspan="10"></td><td colspan="2">66-67</td><td></td></tr><tr><td>September 30, 1946.</td><td colspan="10"></td><td>81-82</td><td colspan="2"></td></tr><tr><td>December 31, 1946.</td><td colspan="10">81-82</td><td colspan="2"></td></tr><tr><td>March 31, 1947.</td><td>67-68</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></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>79</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></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: September 30, 1946.</td><td colspan="10"></td><td>68</td><td colspan="2"></td></tr><tr><td>December 31, 1946.</td><td colspan="10"></td><td>83</td><td colspan="2"></td></tr><tr><td>March 31, 1947.</td><td>69</td><td colspan="8"></td><td>83</td><td colspan="2"></td></tr><tr><td>June 30, 1947.</td><td>79</td><td>59</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>79</td><td>59</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></tr><tr><td>Monetary stocks of gold and silver.</td><td>80</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></tr><tr><td>Componente of silver monetary stock.</td><td>80</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></tr><tr><td>Silver production in the United States and silver acquisition by mine and assay offices.</td><td>81</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></tr><tr><td>Seigniorage on silver.</td><td>81</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></tr><tr><td>Money in circulation.</td><td>82</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></tr><tr><td colspan="13">Capital movements between the United States and foreign countries and net position in foreign currencies</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>84-86</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></tr><tr><td>Summary by countries.</td><td>87-90</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></tr><tr><td>Details: May 1946.</td><td colspan="10"></td><td colspan="2">84-86</td><td>103-105</td></tr><tr><td>June 1946.</td><td colspan="10"></td><td colspan="2"></td><td></td></tr><tr><td>July 1946.</td><td colspan="10"></td><td colspan="2"></td><td>88-90</td></tr><tr><td>August 1946.</td><td colspan="10"></td><td colspan="2">94-96</td><td></td></tr><tr><td>September 1946.</td><td colspan="10"></td><td colspan="2"></td><td>99-101</td></tr><tr><td>October 1946.</td><td colspan="10"></td><td colspan="2">88-90</td><td></td></tr><tr><td>November 1946.</td><td colspan="10"></td><td colspan="2">94-96</td><td></td></tr><tr><td>December 1946.</td><td colspan="10"></td><td colspan="2"></td><td>99-101</td></tr><tr><td>January 1947.</td><td colspan="4">88-90</td><td colspan="5"></td><td colspan="2"></td><td></td></tr><tr><td>February 1947.</td><td colspan="4">95-97</td><td colspan="5"></td><td colspan="2"></td><td></td></tr><tr><td>March 1947.</td><td colspan="4">85-87</td><td colspan="5"></td><td colspan="2"></td><td></td></tr><tr><td>April 1947.</td><td>91-93</td><td colspan="4">98-104</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></tr><tr><td>Position in foreign currencies.</td><td>94</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></tr></table>
September 1947
A-1
Treasury Financing Operations
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning in November 1944, are published in the tables on pages 28 and 29. Details of weekly Treasury bill offerings beginning in February 1947, are shown on page 30.
August certificate maturity
On August 1, 1947 there matured a one-year issue of 7/8 percent certificates of indebtedness outstanding in the amount of $1,223 million. On July 21, the Secretary of the Treasury announced the offering of a new 11-month 7/8 percent certificate issue in exchange, par for par, for the maturing certificates. Cash subscriptions were not received.
The new certificates carry the issue date of August 1, 1947 and bear interest from that date at the rate of 7/8 percent per annum. The interest will be subject to all taxes under the Internal Revenue Code. Interest will be payable in full with the principal on the maturity date, July 1, 1948. 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 July 21 and were closed at the close of business on July 23. Exchange subscriptions for the new issue amounted to $1,127 million, leaving $97 million to be paid in cash.
Reports to the Treasury on the ownership of Government securities indicate that on June 30, 1947 about 67 percent of the $1,223 million of certificates maturing August 1 were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for June 30 are the latest available.
Elimination of posted rate on Treasury bills
The Federal Open Market Committee of the Federal Reserve System announced on July 3, 1947 that it had directed the Federal Reserve Banks to terminate the policy of buying all Treasury bills offered to them at a fixed rate of 3/8 percent per annum and to terminate also the repurchase option privilege on Treasury bills. The new policy was to apply to bills issued on or after July 10, 1947. Existing policy was to continue to apply to bills issued prior to that date. This action was taken by the Committee after consultation with the Secretary of the Treasury.
The posted rate on Treasury bills was a war-
time measure. It was adopted on April 30, 1942 to facilitate war financing and to stabilize the market for Government securities.
In its announcement of the change in bill policy, the Federal Open Market Committee stated that since most of the Treasury bills outstanding were held by the Federal Reserve Banks, whatever increase in interest cost to the Treasury resulted from the termination of the posted buying rate and repurchase option would be largely offset by increased earnings payments by the Reserve Banks to the Treasury. The Board of Governors of the Federal Reserve System took action in April to transfer to the Treasury approximately 90 percent of the net earnings after dividends of the Federal Reserve Banks.
Armed Forces Leave Bonds
On August 1, 1947 the Secretary of the Treasury announced that arrangements had been completed to provide that armed forces leave bonds may be cashed at banks and other financial institutions throughout the country on and after September 2, 1947. Qualified institutions were empowered to cash the bonds as official paying agents of the Treasury without cost to the bond owners. Bonds presented for payment will be cashed at their face amount plus accrued interest at 2½ percent from the date of the bond to the last day of the month in which payment is made (up to maturity).
The bonds have been issued to members and former members of the armed forces of the United States under authority of the Armed Forces Leave Act, approved August 9, 1946, in settlement and compensation of accumulated leave. Under the Act, the bonds were made payable five years from issue date but were acceptable in payment of United States Government life insurance or national service life insurance, and were subject to immediate payment in event of death of the owner. Issue dates were quarterly from April 1, 1943 to October 1, 1946. By Public Law 254, approved July 26, 1947, the Act was amended to make the bonds redeemable in cash at any time after September 1, 1947, at the option of the holder.
September 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First month, fiscal years 1946 to 1948</th><th colspan="4">Complete fiscal years, 1946 to 1948 1/</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th>Change 1947 to 1948</th><th>Actual</th><th>Estimated</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><td><b>Receipts:</b></td><td></td><td></td><td></td><td></td><td>1946</td><td>1947</td><td>1948 1/</td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>1,743</td><td>1,489</td><td>1,382</td><td>-107</td><td>30,885</td><td>29,306</td><td>28,906</td><td>-400</td></tr><tr><td>Employment taxes</td><td>66</td><td>67</td><td>80</td><td>+14</td><td>1,701</td><td>2,024</td><td>2,258</td><td>+234</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>718</td><td>695</td><td>663</td><td>-32</td><td>7,725</td><td>8,049</td><td>8,034</td><td>-15</td></tr><tr><td>Customs</td><td>33</td><td>44</td><td>37</td><td>-7</td><td>435</td><td>494</td><td>463</td><td>-31</td></tr><tr><td>Other receipts 3/</td><td>195</td><td>305</td><td>306</td><td>*</td><td>3,493</td><td>4,829</td><td>3,532</td><td>-1,297</td></tr><tr><td>Total receipts</td><td>2,754</td><td>2,600</td><td>2,469</td><td>-132</td><td>44,239</td><td>44,703</td><td>43,193</td><td>-1,510</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>59</td><td>61</td><td>71</td><td>+10</td><td>1,201</td><td>1,444</td><td>1,526</td><td>+32</td></tr><tr><td>Net budget receipts</td><td>2,695</td><td>2,539</td><td>2,397</td><td>-142</td><td>43,038</td><td>43,259</td><td>41,667</td><td>-1,592</td></tr><tr><td><b>Expenditures:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and related activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>4,270</td><td>300</td><td>453</td><td>+153</td><td>27,800</td><td>7,425</td><td>6,100</td><td>-1,325</td></tr><tr><td>Navy Department</td><td>2,261</td><td>519</td><td>368</td><td>-151</td><td>15,161</td><td>4,998</td><td>4,040</td><td>-958</td></tr><tr><td>Armed Forces Leave Act of 1946:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>-</td><td>36</td><td>+36</td><td>-</td><td>1,847</td><td>191</td><td>-1,795</td></tr><tr><td>Cash</td><td>-</td><td>-</td><td>4</td><td>+4</td><td>-</td><td>139</td><td>191</td><td>-1,795</td></tr><tr><td>Miscellaneous war and defense activities</td><td>794</td><td>370</td><td>118</td><td>-252</td><td>5,581</td><td>2,733</td><td>962</td><td>-1,771</td></tr><tr><td>Total</td><td>7,125</td><td>1,190</td><td>979</td><td>-210</td><td>48,542</td><td>17,142</td><td>11,293</td><td>-5,849</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 4/ 5/</td><td>208</td><td>689</td><td>564</td><td>-125</td><td>4,253</td><td>7,259</td><td>7,317</td><td>+58</td></tr><tr><td>Interest on the public debt</td><td>156</td><td>249</td><td>245</td><td>-4</td><td>4,722</td><td>4,958</td><td>5,125</td><td>+167</td></tr><tr><td>Refunds of taxes and duties</td><td>266</td><td>351</td><td>120</td><td>-242</td><td>3,027</td><td>3,041</td><td>2,054</td><td>-987</td></tr><tr><td>Total</td><td>630</td><td>1,300</td><td>929</td><td>-370</td><td>12,002</td><td>15,258</td><td>14,496</td><td>-762</td></tr><tr><td>International finance:</td><td></td><td></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><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>159</td><td>476</td><td>-</td><td>-476</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>950</td><td>-</td><td>-950</td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>674</td><td>325</td><td>-</td><td>-325</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>300</td><td>700</td><td>+400</td><td>-</td><td>2,050</td><td>1,700</td><td>-350</td></tr><tr><td>Foreign aid and relief</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>1,237</td><td>+1,237</td></tr><tr><td>Total</td><td>-</td><td>300</td><td>700</td><td>+400</td><td>833</td><td>3,801</td><td>2,937</td><td>-864</td></tr><tr><td>Aid to agriculture 4/</td><td>10</td><td>1,024</td><td>80</td><td>-944</td><td>980</td><td>2,299</td><td>1,058</td><td>-1,241</td></tr><tr><td>Social Security program 4/ 6/</td><td>237</td><td>273</td><td>613</td><td>+340</td><td>852</td><td>1,074</td><td>1,515</td><td>+542</td></tr><tr><td>Public works</td><td>31</td><td>67</td><td>93</td><td>+26</td><td>407</td><td>1,038</td><td>1,251</td><td>+213</td></tr><tr><td>Other general expenditures 4/</td><td>324</td><td>360</td><td>208</td><td>-152</td><td>1,403</td><td>2,208</td><td>3,573 7/</td><td>+1,365</td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>+25</td></tr><tr><td><b>Government corporations (wholly owned) etc. (net):</b></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></tr><tr><td>National defense and related activities</td><td>71</td><td>43</td><td>83</td><td>+27</td><td>{328</td><td>138</td><td>272</td><td>-81</td></tr><tr><td>Other</td><td>38</td><td>13</td><td></td><td></td><td>-23</td><td>215</td><td>20</td><td>+1,096</td></tr><tr><td>Commodity Credit Corporation</td><td>-43</td><td>-959</td><td>8</td><td>+967</td><td>-1,044</td><td>-1,076</td><td>459</td><td>+51</td></tr><tr><td>Other</td><td>197</td><td>33</td><td>-26</td><td>-59</td><td>-566</td><td>408</td><td></td><td></td></tr><tr><td>Total</td><td>264</td><td>-870</td><td>65</td><td>+935</td><td>-1,305</td><td>-314</td><td>751 7/</td><td>+1,066</td></tr><tr><td>Total budget expenditures</td><td>8,821</td><td>3,644</td><td>3,669</td><td>+26</td><td>63,714</td><td>42,505</td><td>37,000</td><td>-5,505</td></tr><tr><td>Net budget surplus (+) or deficit (-)</td><td>-6,126</td><td>-1,105</td><td>-1,272</td><td>-167</td><td>-20,676</td><td>+754</td><td>+4,661</td><td>+3,913</td></tr></table>
Source: Daily Treasury Statement, except as noted.
* Less than $500,000.
1/ Based upon the 1945 Budget document as revised August 20, 1947.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
3/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war- rents, such deposits were as follows: fiscal year 1946, $1,063 million and fiscal year 1947, $276 million. These figures include so-called voluntary returns.
4/ Includes transfers to trust accounts, etc.
5/ Includes expenditures for public works undertaken by Veterans' Administration. 
5/ 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. 
1/ Effect of cancellation of R.P.C. notes to the Treasury, estimated at $944 million in the Budget Review of Aug. 20, 1947, has been excluded both from general expenditures and from corporation receipts (negative expenditures) inasmuch as the transaction will not appear in the Daily Treasury Statement.
September 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first month, fiscal years 1946 to 1948</th><th colspan="4">End of fiscal years, 1946 to 1948 1/</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th>Change 1947 to 1948</th><th>Actual</th><th>1947</th><th>1948 1/</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>183,080</td><td>187,596</td><td>168,509</td><td>-19,087</td><td>189,606</td><td>168,702</td><td rowspan="2">n.a.</td><td rowspan="2">n.a.</td></tr><tr><td>Non-marketable</td><td>57,143</td><td>56,399</td><td>59,296</td><td>+2,897</td><td>56,173</td><td>59,045</td></tr><tr><td>Total public issues</td><td>240,223</td><td>243,994</td><td>227,805</td><td>-16,190</td><td>245,779</td><td>227,747</td><td></td><td></td></tr><tr><td>Special issues</td><td>19,558</td><td>23,045</td><td>28,516</td><td>+5,471</td><td>22,332</td><td>27,366</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt</td><td>259,781</td><td>267,039</td><td>256,321</td><td>-10,719</td><td>268,111</td><td>255,113</td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,264</td><td>1,231</td><td>3,127</td><td>+1,896</td><td>1,311</td><td>3,172</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>262,045</td><td>268,270</td><td>259,448</td><td>-8,822</td><td>269,422</td><td>258,286</td><td>253,200</td><td>-5,086</td></tr><tr><td>Securities guaranteed by the United States 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>34</td><td>43</td><td>34</td><td>-9</td><td>43</td><td>38</td><td rowspan="2">n.a.</td><td rowspan="2">n.a.</td></tr><tr><td>Non-Marketable</td><td>450</td><td>281</td><td>140</td><td>-242</td><td>424</td><td>145</td></tr><tr><td>Total interest-bearing debt</td><td>484</td><td>324</td><td>74</td><td>-250</td><td>467</td><td>83</td><td></td><td></td></tr><tr><td>Matured debt</td><td>21</td><td>9</td><td>6</td><td>-3</td><td>10</td><td>6</td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>505</td><td>333</td><td>80</td><td>-253</td><td>476</td><td>90</td><td>n.e.</td><td>n.e.</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>262,550</td><td>268,603</td><td>259,528</td><td>-9,076</td><td>269,898</td><td>258,376</td><td>n.e.</td><td>n.e.</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></th><th colspan="3">First month, fiscal years 1946 to 1948</th><th colspan="3">Complete fiscal years, 1946 to 1948 1/</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th colspan="2">Actual</th><th>Estimated</th></tr><tr><th></th><th></th><th></th><th></th><th>1946</th><th>1947</th><th>1948 1/</th></tr><tr><td>Amount required to be financed</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budget deficit</td><td>6,126</td><td>1,105</td><td>1,272</td><td>20,676</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>1,152</td><td>-</td><td>-</td><td>11,136</td><td>5,086</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>-</td><td>129</td><td>524</td><td>548</td><td>328</td></tr><tr><td>Total amount required to be financed</td><td>6,126</td><td>2,257</td><td>1,401</td><td>21,200</td><td>11,684</td><td>5,414</td></tr><tr><td>Means of financing</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budget surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>754</td><td>4,667</td></tr><tr><td>Net increase in public debt</td><td>3,362</td><td>-</td><td>1,161</td><td>10,740</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>2,615</td><td>2,209</td><td>239</td><td>10,460</td><td>10,930</td><td>747</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>148</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>6,126</td><td>2,257</td><td>1,401</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, seigniorage on silver, miscellaneous funds and accounts, and a clearing account for outstanding checks.
Treasury Bulletin
4
RECEIPTS AND EXPENDITURES
September 1947
5
Budget Receipts and Expenditures
Table 1.- Summary by Major Classification
(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 (-) 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>Total expenditures</th><th>General</th><th>National defense and related activities</th><th>Transfers to trust accounts, etc.</th><th>Government corporations (wholly owned), etc. (net)</th></tr><tr><td>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>5,663</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>-3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 4/</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>-3,910</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 1/</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>12,933</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>48,542</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>4,829 5/</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>3,993</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><tr><td>July</td><td>2,469</td><td>2,126</td><td>37</td><td>306</td><td>71</td><td>2,397</td><td>3,669</td><td>2,075</td><td>979</td><td>549</td><td>65</td><td>-1,272</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 $115 million.
6/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million; fiscal year 1946, $1,063 million, and fiscal year 1947, $276 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 taxes</th><th rowspan="2">Total</th><th colspan="2">Employment taxes</th><th rowspan="2">Carriers' Taring 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>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>2,139</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,332</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td></tr><tr><td>1942</td><td>12,933</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>1,438</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>5,949</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>633</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>564</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><tr><td>July</td><td>2,126</td><td>1,382</td><td>625</td><td>757</td><td>80</td><td>72</td><td>2</td><td>6</td><td>663</td></tr></table>
Source: Daily Treasury Statement.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Excludes receipt of Victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax. See also footnote 2.
4/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax" represent collections under Titles VIII and IX, respectively, of the Social Security Act. 5/ Includes less than $500,000 in receipts from "Agricultural Adjustment taxes."
6
Treasury Bulletin
Budget Receipt
s 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/ 6/</th><th>Public works 1/</th><th>International finance 6/</th><th>Civilian Conservation Corps 2/</th><th>Direct and work relief 2/</th><th>Other 3/</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>1,701</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><tr><td>July</td><td>2,015</td><td>904</td><td>539</td><td>245</td><td>120</td><td>1,170</td><td>80</td><td>92</td><td>93</td><td>700</td><td>-</td><td>-</td><td>205</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500,000.
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 insuance of excess profits tax refund bonds and exclude refunds of taxes under the Social Security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a postwar 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 postwar credit. For amounts of excess profits tax refund bonds issued, see table entitled "Analysis of Insuance and Retirement of Public Debt". 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. Am- ployment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social Security program.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Ad- ministration. 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 - Inter- national Bank; credit to United Kingdom; Export-Import Bank of Washington - capital stock; assistance to Greece and Turkey; relief to people of countries devastated by war; and relief to civilians in occupied countries.
9/ Classified as "Other" expenditures commencing July 1, 1945. For ad- ditional information on Direct and work relief, see "Treasury Bul- letin" for August 1945, page 6.
10/ Gross expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
September 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>Heavy 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 (administerative)</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>49,282</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>20</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>23</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>23</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>21</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>6</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>1,433</td><td>844</td><td>383</td><td>35</td><td>4</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><tr><td>July</td><td>979</td><td>453</td><td>368</td><td>36</td><td>4</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>3</td><td>6/</td><td>-15</td><td>5/</td><td>6/</td><td>81</td><td>49</td><td>6/</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. 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. 6/ Not classified separately from other expenditures of these agencies after June 1947.
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><tr><td>July</td><td>549</td><td>25</td><td>521</td><td>2</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.
g
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>Hose 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>1936</td><td>-208</td><td>-184</td><td>-1</td><td>-</td><td>1</td><td>-43</td><td>-</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>-</td><td>247</td><td>*</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>*</td><td>-5</td><td>17</td><td>-40</td><td>-</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>*</td><td>-8</td><td>233</td><td>-239</td><td>354</td><td>371</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>*</td><td>-5</td><td>46</td><td>-256</td><td>2,255</td><td>-319</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>*</td><td>-6</td><td>-3</td><td>-363</td><td>3,189</td><td>-727</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>*</td><td>-2</td><td>15</td><td>-396</td><td>2,682</td><td>-247</td><td>-1</td><td>-546</td></tr><tr><td>1945</td><td>-7</td><td>471 3/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 3/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1947</td><td>-314</td><td>-1,076 4/</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>*</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 4/</td><td>83</td><td>-1</td><td>*</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><tr><td>July</td><td>65</td><td>8</td><td>-9</td><td>-2</td><td>n.e.</td><td>-12</td><td>5/</td><td>83</td><td>n.e.</td><td>-2</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. * Less than $500,000. 1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Offices of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation. 2/ Includes 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/ Payments of $957 million were 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 $1,152 million.
4/ The act of May 26, 1947, authorised the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $442 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). A similar payment of $921 million was made in July 1946, pursuant to the act of July 20, 1946.
5/ Not classified separately from other expenditures of the Corporation after June 1947.
September 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>325</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>2,192</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,430</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>5,573</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>2,397</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget expenditures 2/</td></tr><tr><td colspan="14">A. Excluding net expenditures of Government corporations (wholly owned), etc.</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>50,020</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>7,156</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>4,466</td><td>4,570</td><td>3,604</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">B. Including net expenditures of Government corporations (wholly owned), etc. 3/</td></tr><tr><td>1944</td><td>-</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</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>3,239</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>2,581</td><td>3,602</td><td>44,113</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>2,581</td><td>3,602</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>3,669</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budget surplus (+) or deficit (-) 4/</td></tr><tr><td colspan="14">A. Excluding net expenditures of Government corporations (wholly owned), etc.</td></tr><tr><td>1938</td><td>-198</td><td>-166</td><td>+212</td><td>-369</td><td>-293</td><td>-156</td><td>-451</td><td>-195</td><td>-410</td><td>-437</td><td>-296</td><td>-157</td><td>-2,447</td></tr><tr><td>1939</td><td>-385</td><td>-245</td><td>-132</td><td>-517</td><td>-348</td><td>-339</td><td>-499</td><td>-402</td><td>-65</td><td>-442</td><td>-284</td><td>-311</td><td>-3,967</td></tr><tr><td>1940</td><td>-398</td><td>-224</td><td>-22</td><td>-479</td><td>-247</td><td>-237</td><td>-487</td><td>-258</td><td>-48</td><td>-536</td><td>-455</td><td>-432</td><td>-3,823</td></tr><tr><td>1941</td><td>-771</td><td>-534</td><td>+167</td><td>-750</td><td>-747</td><td>-252</td><td>-1,185</td><td>-1,133</td><td>-739</td><td>-1,637</td><td>-1,294</td><td>-1,329</td><td>-10,204</td></tr><tr><td>1942</td><td>-2,050</td><td>-1,871</td><td>+126</td><td>-3,058</td><td>-3,391</td><td>-2,037</td><td>-4,413</td><td>-4,628</td><td>-3,404</td><td>-5,331</td><td>-5,761</td><td>-3,799</td><td>-39,618</td></tr><tr><td>1943</td><td>-5,584</td><td>-5,164</td><td>-2,147</td><td>-5,952</td><td>-5,955</td><td>-3,758</td><td>-5,105</td><td>-4,896</td><td>-2,087</td><td>-5,426</td><td>-5,740</td><td>-1,716</td><td>-53,530</td></tr><tr><td>1944</td><td>-4,823</td><td>-5,359</td><td>-1,952</td><td>-4,772</td><td>-5,342</td><td>-2,378</td><td>-5,947</td><td>-5,551</td><td>-2,004</td><td>-6,023</td><td>-5,587</td><td>-2,999</td><td>-52,737</td></tr><tr><td>1945</td><td>-4,645</td><td>-3,693</td><td>-2,540</td><td>-5,040</td><td>-6,190</td><td>-3,727</td><td>-5,862</td><td>-4,357</td><td>-1,422</td><td>-3,420</td><td>-2,282</td><td>-1,327</td><td>-44,505</td></tr><tr><td>1946</td><td>-1,073</td><td>+168</td><td>+1,146</td><td>-1,573</td><td>-944</td><td>-1,034</td><td>-1,975</td><td>-363</td><td>+1,627</td><td>-479</td><td>-193</td><td>+490</td><td>-4,204</td></tr><tr><td>1947</td><td>+814</td><td>+432</td><td>+2,209</td><td>-1,424</td><td>-1,601</td><td>+903</td><td>-1,207</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">B. Including net expenditures of Government corporations (wholly owned), etc. 3/</td></tr><tr><td>1944</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,293</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-</td></tr><tr><td>1945</td><td>-1,042</td><td>+243</td><td>+1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>+1,723</td><td>-420</td><td>-165</td><td>+445</td><td>-2,512</td></tr><tr><td>1946</td><td>+706</td><td>+464</td><td>+2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available.
4/ Net receipts less total expenditures.
10
Treasury Bulletin
Trust Accounts, Etc., Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [set receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Ages 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>+46</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+435</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>+906</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-1,613</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>•</td><td>1,244</td><td>1,243</td><td>•</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-2,222</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+791</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,349</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>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>+99</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>•</td><td>•</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><tr><td>July</td><td>-129</td><td>+71</td><td>71</td><td>•</td><td>-5</td><td>66</td><td>71</td><td>+9</td><td>49</td><td>39</td><td>•</td><td>512</td><td>511</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 2/</th><th>Sales and redemptions of obligations of Government corporations, etc., in the market (net) 3/</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th></th><th></th></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>-16</td><td>+1,106</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+61</td><td>+883</td><td>-</td></tr><tr><td>1941</td><td>+80</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>+48</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>+48</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>-14</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>-16</td><td>-93</td><td>+3</td></tr><tr><td>July</td><td>+4</td><td>87</td><td>83</td><td>*</td><td>-</td><td>-51</td><td>-12</td><td>-146</td></tr></table>
1/ Includes Government retirement funds, etc. (See footnote 2.) 
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945.
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts." Net receipts in this column constitutes net sales, and net expenditures constitute net redemptions of obligations.
September 1947
11
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="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>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><tr><td>July</td><td>74.4</td><td>72.4</td><td>2.1</td><td>71.4</td><td>3.1</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative 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 Service</th><th>Maternal and child health services</th><th>Children's Bureau Services for crippled children</th><th>Department of Labor Child welfare service</th><th>U. S. Employment Service</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</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>1.0</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>1.0</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>1.0</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>.9</td><td>1.8</td><td>.8</td><td>-36.9</td></tr><tr><td>March</td><td>24.6</td><td>2.3</td><td>21.6</td><td>13.2</td><td>2.3</td><td>.5</td><td>3.8</td><td>-</td><td>1.0</td><td>.8</td><td>.1</td><td>-</td><td>.7</td><td>10.7</td></tr><tr><td>April</td><td>15.5</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>.1</td><td>-7</td><td>-</td><td>1.9</td><td>1.6</td><td>.5</td><td>1.5</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>.5</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>.7</td><td>.5</td><td>-</td><td>1.5</td><td>.6</td><td>1.4</td><td>.6</td><td>.6</td><td>41.5</td></tr><tr><td>July</td><td>90.6</td><td>2.5</td><td>87.5</td><td>59.1</td><td>16.7</td><td>1.7</td><td>9.6</td><td>-</td><td>1.4</td><td>1.4</td><td>-</td><td>1.4</td><td>.6</td><td>87.6</td></tr></table>
Daily Treasury Statement.
Less than $50,000.
Formerly Title VIII of the Social Security Act.
Formerly Title II of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act. (See Table 3 of Section I).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
Includes 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 appropriations by Congress.
9/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $11 million for refunding to certain States portions of Federal Employers' tax for 1936 collected under the Social Security Act.
12
Treasury Bulletin
Social Security Program - (Continued)
Section I - Budget Receipts and Expenditures - (Continued
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Administrative expenses</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</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>-77.7</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><tr><td>July</td><td>6.0</td><td>512.2</td><td>.6</td><td>511.6</td><td>*</td><td>506.2</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administra- tion Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1946</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>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><tr><td>July</td><td>*</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
$6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
September 1947
13
Social Security Program - (Continued)
Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total</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></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>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>783.5</td><td>152.9</td><td>-</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947</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><tr><td>July</td><td>10,631.2</td><td>9,791.4</td><td>839.8</td><td>1,803.9</td><td>1,568.9</td><td>207.0</td><td>28.0</td><td>8,827.3</td><td>8,700.3</td><td>72.4</td><td>54.6</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes transactions effected under the predecessor Old-Age Reserve Account.
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
3 Under provisions of the Labor-Federal Security Act, 1947, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Act
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th 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><tr><td>July</td><td>2,787.7</td><td>2,701.1</td><td>86.5</td><td>1,294.7</td><td>1,493.0</td><td>1,300.0</td><td>175.2</td><td>17.8</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - 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>Transfers from Railroad Unemployment Insurance Administration Fund 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad unemployment insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>834.2</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>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>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>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>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>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>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>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>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>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>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>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>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>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>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>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</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>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>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>July</td><td>12,306.7</td><td>10,594.6</td><td>746.4</td><td>107.2</td><td>792.0</td><td>4,483.2</td><td>4,260.0</td><td>107.2</td><td>116.0</td><td>7,823.5</td><td>7,797.0</td><td>18.7</td><td>7.8</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/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
14
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
The tables which follow present revised figures on Treasury cash operating income and outgo for recent years and months. The revisions in the old series are minor, particularly in the case of the net cash operating income or outgo, where revisions in the annual figures average about $60 million. Both the cash operating income and cash operating outgo totals are lower in the new series, principally because payroll deductions for Federal Government employees' retirement are now considered as noncash transactions whereas in the old series they were treated as cash budget expenditures and cash trust fund receipts.
The new series of tables has been designed to provide currently a rather detailed analysis of the adjustments needed to translate budget and trust fund transactions in the Daily Treasury Statement to a cash operating basis. Another feature of the revised tables is to extend the analysis of cash operating income and outgo to include a statement on cash borrowing and repayment of borrowing, thus permitting a reconciliation of the cash operating income and outgo figures with changes in the Treasury General Fund balance.
The purpose of developing Treasury cash operating income and outgo figures is to bring together an analysis of the flow of funds to and from the Federal Government. Figures relating to such a flow of funds of necessity must eliminate intra-governmental transactions. In this way it is possible to derive a single figure for the net cash operating income or outgo of the Federal Government and its combined transactions with the public. The public, of course, includes individuals, corporations, banks, insurance companies,
other financial institutions, State and local governments, etc.
As a general principle it may be stated that funds coming in from the public are treated as part of the cash operating income series if they are taxes, duties, fees, retirement and pension payroll deductions, and other receipts from the public of a more or less involuntary nature (although there are minor exceptions). Borrowing, of course, falls outside of this definition except in such special cases as when public debt obligations are issued as part of budget expenditures. Armed forces leave bonds provide an example of this: such bonds are treated as a non-cash expenditure at the time of issuance and as a cash expenditure at the time of redemption (except where turned in for veterans' insurance premiums).
It should be noted that a given net cash operating income does not mean that the Treasury can reduce the public debt by the same amount. Some part of the net cash operating income may itself involve increases in debt held by trust funds but not by the public. Thus, net receipts of the social security investment funds are included as part of the net cash operating income even though they increase the debt to the extent that public debt obligations are issued by the Treasury to the funds. A corresponding amount of debt held by the public could, of course, be paid off. Hence, the net cash operating income is available to reduce debt in the hands of the public only (rather than the total debt) or to increase the General Fund balance. Similarly, net cash operating outgo would require increases in the volume of debt held by the public (unless a decrease occurred in the General Fund balance).
September 1947
15
Treasury Cash Income and Outgo
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income (+) or outgo (-)</th><th colspan="2">Net cash borrowing (+) or repayment of borrowing (-)</th><th colspan="2">Increase (+) or decrease (-) in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust account expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>General Fund balance</th><th>Exchange Stabilization Fund 1/</th></tr><tr><td>1941</td><td>7,287</td><td>2,083</td><td>9,371</td><td>12,850</td><td>1,210</td><td>-</td><td>-</td><td>14,060</td><td>-4,689</td><td>+5,432</td><td>+742</td><td>-</td></tr><tr><td>1942</td><td>12,776</td><td>2,515</td><td>15,291</td><td>33,520</td><td>1,065</td><td>-</td><td>-</td><td>34,585</td><td>-19,294</td><td>+19,652</td><td>+358</td><td>-</td></tr><tr><td>1943</td><td>22,235</td><td>3,010</td><td>25,245</td><td>78,499</td><td>480</td><td>-</td><td>-</td><td>78,979</td><td>-53,735</td><td>+60,250</td><td>+6,515</td><td>-</td></tr><tr><td>1944</td><td>44,081</td><td>3,903</td><td>47,984</td><td>93,971</td><td>108</td><td>-</td><td>-</td><td>94,079</td><td>-46,095</td><td>+56,757</td><td>+10,662</td><td>-</td></tr><tr><td>1945</td><td>46,348</td><td>4,694</td><td>51,041</td><td>96,767</td><td>-781</td><td>-</td><td>-</td><td>95,986</td><td>-44,945</td><td>+49,474</td><td>+4,529</td><td>-</td></tr><tr><td>1946</td><td>42,885</td><td>4,909</td><td>47,793</td><td>61,376</td><td>4,316</td><td>-</td><td>-</td><td>65,692</td><td>-17,899</td><td>+7,439</td><td>+10,460</td><td>-</td></tr><tr><td>1947</td><td>42,946</td><td>3,697</td><td>46,643</td><td>36,244</td><td>3,270</td><td>1,026</td><td>-555</td><td>39,985</td><td>+6,658</td><td>-19,386</td><td>-10,930</td><td>-1,800</td></tr><tr><td>1948 (Estimated)</td><td>40,952</td><td>3,731</td><td>44,683</td><td>36,225</td><td>3,001</td><td>-</td><td>-</td><td>39,226</td><td>+5,457</td><td>-6,204</td><td>-747</td><td>-</td></tr><tr><td>1946-July</td><td>2,490</td><td>208</td><td>2,698</td><td>2,898</td><td>531</td><td>-</td><td>-318</td><td>3,111</td><td>-413</td><td>-1,796</td><td>-2,209</td><td>-</td></tr><tr><td>August</td><td>2,414</td><td>563</td><td>2,997</td><td>2,858</td><td>123</td><td>-</td><td>-27</td><td>2,954</td><td>413</td><td>-1,032</td><td>-989</td><td>-</td></tr><tr><td>September</td><td>4,477</td><td>205</td><td>4,682</td><td>2,649</td><td>344</td><td>-</td><td>48</td><td>3,041</td><td>+1,641</td><td>-2,512</td><td>-868</td><td>-</td></tr><tr><td>October</td><td>2,544</td><td>250</td><td>2,794</td><td>2,802</td><td>189</td><td>-</td><td>-36</td><td>2,955</td><td>-161</td><td>-1,940</td><td>-2,101</td><td>-</td></tr><tr><td>November</td><td>2,364</td><td>505</td><td>2,869</td><td>1,952</td><td>369</td><td>-</td><td>4</td><td>2,325</td><td>+544</td><td>-1,949</td><td>-1,405</td><td>-</td></tr><tr><td>December</td><td>4,076</td><td>131</td><td>4,207</td><td>3,223</td><td>440</td><td>-</td><td>-34</td><td>3,629</td><td>+578</td><td>-3,743</td><td>-3,163</td><td>-</td></tr><tr><td>1947-January</td><td>3,745</td><td>144</td><td>3,889</td><td>2,529</td><td>198</td><td>-</td><td>56</td><td>2,783</td><td>+1,106</td><td>+104</td><td>+1,210</td><td>-</td></tr><tr><td>February</td><td>4,373</td><td>754</td><td>5,127</td><td>2,464</td><td>337</td><td>968</td><td>-102</td><td>3,667</td><td>+1,460</td><td>-838</td><td>+2,422</td><td>-1,800</td></tr><tr><td>March</td><td>5,701</td><td>245</td><td>5,946</td><td>3,222</td><td>139</td><td>-</td><td>-39</td><td>3,322</td><td>+2,624</td><td>-2,848</td><td>-224</td><td>-</td></tr><tr><td>April</td><td>2,545</td><td>274</td><td>2,819</td><td>3,619</td><td>102</td><td>-</td><td>-67</td><td>3,654</td><td>-835</td><td>-1,761</td><td>-2,598</td><td>-</td></tr><tr><td>May</td><td>2,861</td><td>455</td><td>3,316</td><td>3,112</td><td>243</td><td>33</td><td>-37</td><td>3,351</td><td>-35</td><td>-209</td><td>-245</td><td>-</td></tr><tr><td>June</td><td>5,335</td><td>40</td><td>5,295</td><td>4,914</td><td>257</td><td>25</td><td>-3</td><td>5,193</td><td>+102</td><td>-859</td><td>-758</td><td>-</td></tr><tr><td>July</td><td>2,350</td><td>215</td><td>2,565</td><td>2,985</td><td>261</td><td>-</td><td>146</td><td>3,392</td><td>-827</td><td>+587</td><td>-239</td><td>-</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget re-
leased August 20, 1947. For details see tables which follow. See footnote 2 to Table 5 on Treasury cash income and outgo.
Table 2.-
Comparison of Total Budget Receipts with Cash Budget Receipts
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget receipts (net)</th><th colspan="5">Less: Noncash budget receipts</th><th rowspan="2">Transfer from increment on gold</th><th rowspan="2">Equals: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="3">Payments to Treasury by Government corporations</th><th></th></tr><tr><th></th><th></th><th></th><th>R.P.C.</th><th>All other</th><th>Capital stock and paid-in surplus</th><th>Earnings</th><th></th><th></th></tr><tr><td>1941.</td><td>7,607</td><td>320</td><td>*</td><td>*</td><td>319</td><td>-</td><td>-</td><td>7,287</td></tr><tr><td>1942.</td><td>12,799</td><td>23</td><td>1</td><td>5</td><td>18</td><td>-</td><td>-</td><td>12,776</td></tr><tr><td>1943.</td><td>22,282</td><td>47</td><td>24</td><td>13</td><td>10</td><td>-</td><td>-</td><td>22,235</td></tr><tr><td>1944.</td><td>44,149</td><td>68</td><td>54</td><td>13</td><td>-</td><td>-</td><td>-</td><td>44,081</td></tr><tr><td>1945.</td><td>46,457</td><td>109</td><td>83</td><td>26</td><td>-</td><td>-</td><td>-</td><td>46,348</td></tr><tr><td>1946.</td><td>43,038</td><td>153</td><td>90</td><td>27</td><td>18</td><td>17</td><td>-</td><td>42,885</td></tr><tr><td>1947.</td><td>43,259</td><td>313</td><td>91</td><td>13</td><td>136</td><td>72</td><td>-</td><td>42,946</td></tr><tr><td>1948 (Estimated).</td><td>41,667</td><td>715</td><td>95</td><td>29</td><td>258</td><td>221</td><td>112</td><td>40,952</td></tr><tr><td>1946-July.</td><td>2,539</td><td>49</td><td>45</td><td>4</td><td>-</td><td>-</td><td>-</td><td>2,490</td></tr><tr><td>August.</td><td>2,434</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>2,434</td></tr><tr><td>September.</td><td>4,478</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>4,477</td></tr><tr><td>October.</td><td>2,544</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>2,544</td></tr><tr><td>November.</td><td>2,364</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>2,364</td></tr><tr><td>December.</td><td>4,107</td><td>31</td><td>1</td><td>6</td><td>*</td><td>24</td><td>-</td><td>4,076</td></tr><tr><td>1947-January.</td><td>3,620</td><td>75</td><td>45</td><td>*</td><td>-</td><td>30</td><td>-</td><td>3,745</td></tr><tr><td>February.</td><td>4,378</td><td>5</td><td>*</td><td>*</td><td>-</td><td>5</td><td>-</td><td>4,373</td></tr><tr><td>March.</td><td>5,701</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>5,701</td></tr><tr><td>April.</td><td>2,556</td><td>11</td><td>*</td><td>*</td><td>-</td><td>11</td><td>-</td><td>2,545</td></tr><tr><td>May.</td><td>2,865</td><td>4</td><td>*</td><td>1</td><td>-</td><td>3</td><td>-</td><td>2,861</td></tr><tr><td>June.</td><td>5,473</td><td>138</td><td>*</td><td>2</td><td>136</td><td>-</td><td>-</td><td>5,335</td></tr><tr><td>July.</td><td>2,397</td><td>47</td><td>43</td><td>4</td><td>-</td><td>-</td><td>-</td><td>2,350</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget re-
leased August 20, 1947. Less than $500,000.
16
Treasury Bulletin
Treasury Cash Income and Outgo - (Continued)
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget expenditures</th><th colspan="4">Interest payments by Treasury</th><th colspan="4">Payroll deduction</th><th colspan="3">Budget expenditures involving issuance of U. S. securities 4/</th><th colspan="3">Government corporation payments to Treasury</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 1/</th><th>To Government corporations (partially owned) 2/</th><th>To trust accounts 3/</th><th>Transfers to trust accounts 3/</th><th>Government employees' retirement</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to international Bank and Fund 5/</th><th>Excess profit tax refund bonds</th><th>Interest</th><th>Earnings</th><th>Repayment of capital in stock and paid-in surplus</th><th>Investments in U. S. securities</th></tr><tr><td>1941</td><td>13,766</td><td>917</td><td>58</td><td>-</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>1</td><td>-</td><td>319</td><td>5</td><td>12,850</td></tr><tr><td>1942</td><td>34,289</td><td>769</td><td>81</td><td>-</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>6</td><td>-</td><td>18</td><td>-</td><td>33,520</td></tr><tr><td>1943</td><td>79,702</td><td>1,203</td><td>130</td><td>2</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>-</td><td>10</td><td>115</td><td>78,499</td></tr><tr><td>1944</td><td>95,572</td><td>1,601</td><td>213</td><td>3</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>67</td><td>-</td><td>-</td><td>39</td><td>93,971</td></tr><tr><td>1945</td><td>100,397</td><td>3,631</td><td>342</td><td>4</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>108</td><td>-</td><td>-</td><td>25</td><td>96,767</td></tr><tr><td>1946</td><td>63,714</td><td>2,338</td><td>435</td><td>22</td><td>567</td><td>1,918</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>18</td><td>61,376</td></tr><tr><td>1947</td><td>42,505</td><td>6,261</td><td>467</td><td>25</td><td>646</td><td>1,355</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>-39</td><td>105</td><td>72</td><td>136</td><td>31</td><td>36,244</td></tr><tr><td>1948 (Estimated)</td><td>37,000</td><td>775</td><td>500</td><td>24</td><td>731</td><td>1,140</td><td>207</td><td>-1,309</td><td>-5</td><td>-916</td><td>-12</td><td>124</td><td>221</td><td>38</td><td>32</td><td>36,225</td></tr><tr><td>1946-July</td><td>3,644</td><td>746</td><td>51</td><td>-</td><td>1</td><td>631</td><td>22</td><td>-</td><td>-1</td><td>-</td><td>-8</td><td>49</td><td>-</td><td>-</td><td>1</td><td>2,898</td></tr><tr><td>August</td><td>2,932</td><td>74</td><td>30</td><td>-</td><td>-</td><td>13</td><td>24</td><td>-</td><td>-1</td><td>-</td><td>-6</td><td>•</td><td>-</td><td>-</td><td>14</td><td>2,858</td></tr><tr><td>September</td><td>2,755</td><td>106</td><td>40</td><td>3</td><td>15</td><td>32</td><td>20</td><td>-</td><td>-1</td><td>-</td><td>-5</td><td>•</td><td>-</td><td>-</td><td>2</td><td>2,649</td></tr><tr><td>October</td><td>2,965</td><td>163</td><td>32</td><td>•</td><td>1</td><td>48</td><td>16</td><td>70</td><td>-1</td><td>-</td><td>-5</td><td>•</td><td>-</td><td>-</td><td>2</td><td>2,802</td></tr><tr><td>November</td><td>2,529</td><td>577</td><td>35</td><td>-</td><td>1</td><td>27</td><td>24</td><td>240</td><td>-1</td><td>248</td><td>-3</td><td>•</td><td>-</td><td>-</td><td>6</td><td>1,952</td></tr><tr><td>December</td><td>3,662</td><td>439</td><td>48</td><td>9</td><td>17</td><td>21</td><td>23</td><td>293</td><td>-1</td><td>-</td><td>-3</td><td>6</td><td>24</td><td>-</td><td>2</td><td>3,223</td></tr><tr><td>1947-January</td><td>3,113</td><td>584</td><td>42</td><td>-</td><td>98</td><td>71</td><td>22</td><td>278</td><td>-1</td><td>-</td><td>-3</td><td>45</td><td>30</td><td>-</td><td>2</td><td>2,529</td></tr><tr><td>February</td><td>3,914</td><td>1,450</td><td>32</td><td>-</td><td>•</td><td>16</td><td>21</td><td>269</td><td>-1</td><td>1,109</td><td>-2</td><td>•</td><td>5</td><td>-</td><td>1</td><td>2,464</td></tr><tr><td>March</td><td>3,598</td><td>376</td><td>36</td><td>3</td><td>14</td><td>1</td><td>21</td><td>303</td><td>-1</td><td>-</td><td>-2</td><td>•</td><td>-</td><td>-</td><td>1</td><td>3,222</td></tr><tr><td>April</td><td>4,002</td><td>383</td><td>31</td><td>•</td><td>1</td><td>46</td><td>24</td><td>267</td><td>-1</td><td>-</td><td>-1</td><td>1</td><td>11</td><td>-</td><td>4</td><td>3,619</td></tr><tr><td>May</td><td>3,851</td><td>739</td><td>32</td><td>•</td><td>1</td><td>432</td><td>20</td><td>91</td><td>•</td><td>159</td><td>-1</td><td>1</td><td>3</td><td>-</td><td>1</td><td>3,112</td></tr><tr><td>June</td><td>5,540</td><td>626</td><td>59</td><td>10</td><td>497</td><td>18</td><td>23</td><td>35</td><td>•</td><td>-150</td><td>-1</td><td>2</td><td>-</td><td>136</td><td>-3</td><td>4,914</td></tr><tr><td>July</td><td>3,669</td><td>684</td><td>66</td><td>•</td><td>•</td><td>548</td><td>16</td><td>36</td><td>•</td><td>-30</td><td>-1</td><td>47</td><td>-</td><td>-</td><td>2</td><td>2,985</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget released August 20, 1947.
1/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
2/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payment and receipt offset each
3/ Other in the expenditure series. For detail, see Table 5 on budget receipts and expenditures in the "Treasury Bulletin."
4/ Budget expenditures involving the issuance of U. S. securities are treated as noncash at the time of original payment and as cash expenditures at the time of redemption. The figures shown are net issuances, or net redemptions (-).
5/ See footnote 2 to Table 5 on Treasury cash income and outgo.
Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="7">Trust account receipts</th><th colspan="5">Trust account expenditures</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in U. S. securities</th><th>Transfers shown as budget expenditures</th><th>Payroll deductions for Government employees' retirement</th><th>Armed forces leave bonds redeemed for insurance premium</th><th>Other</th><th>Equals: Cash receipts</th><th>Total expenditures 1/</th><th>Total noncash expenditures</th><th>Investments in U. S. securities By trust accounts</th><th>By partially owned Government corporations</th><th>Other 2/</th><th>Equals: Cash expenditures</th></tr><tr><td>1941</td><td>2,638</td><td>554</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-</td><td>2,083</td><td>1,730</td><td>520</td><td>1,338</td><td>34</td><td>-852</td><td>1,210</td></tr><tr><td>1942</td><td>3,191</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-</td><td>2,515</td><td>4,804</td><td>3,739</td><td>1,925</td><td>5</td><td>1,808</td><td>1,065</td></tr><tr><td>1943</td><td>3,926</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-</td><td>3,010</td><td>4,204</td><td>3,784</td><td>3,004</td><td>88</td><td>692</td><td>480</td></tr><tr><td>1944</td><td>5,053</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,903</td><td>7,275</td><td>7,167</td><td>4,128</td><td>167</td><td>2,872</td><td>108</td></tr><tr><td>1945</td><td>7,059</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-</td><td>4,694</td><td>6,267</td><td>7,048</td><td>5,200</td><td>299</td><td>1,549</td><td>-781</td></tr><tr><td>1946</td><td>7,675</td><td>2,766</td><td>567</td><td>1,918</td><td>281</td><td>-</td><td>-</td><td>4,909</td><td>8,198</td><td>3,882</td><td>3,668</td><td>141</td><td>73</td><td>4,316</td></tr><tr><td>1947</td><td>6,228</td><td>2,532</td><td>646</td><td>1,355</td><td>259</td><td>53</td><td>218</td><td>3,697</td><td>7,331</td><td>4,060</td><td>3,362</td><td>147</td><td>552</td><td>3,270</td></tr><tr><td>1948 (Estimated)</td><td>5,809</td><td>2,078</td><td>731</td><td>1,140</td><td>207</td><td>-</td><td>-</td><td>3,731</td><td>6,137</td><td>3,136</td><td>3,048</td><td>-120</td><td>208</td><td>3,001</td></tr><tr><td>1946-July</td><td>862</td><td>654</td><td>1</td><td>631</td><td>22</td><td>-</td><td>-</td><td>208</td><td>1,132</td><td>601</td><td>433</td><td>54</td><td>114</td><td>531</td></tr><tr><td>August</td><td>600</td><td>37</td><td>0</td><td>13</td><td>24</td><td>-</td><td>-</td><td>563</td><td>394</td><td>271</td><td>313</td><td>-</td><td>-42</td><td>123</td></tr><tr><td>September</td><td>272</td><td>67</td><td>15</td><td>32</td><td>20</td><td>-</td><td>-</td><td>205</td><td>638</td><td>294</td><td>317</td><td>-</td><td>-23</td><td>344</td></tr><tr><td>October</td><td>315</td><td>65</td><td>1</td><td>48</td><td>16</td><td>-</td><td>-</td><td>250</td><td>194</td><td>5</td><td>22</td><td>5</td><td>-22</td><td>189</td></tr><tr><td>November</td><td>557</td><td>52</td><td>1</td><td>27</td><td>24</td><td>0</td><td>-</td><td>505</td><td>538</td><td>169</td><td>147</td><td>-</td><td>22</td><td>369</td></tr><tr><td>December</td><td>195</td><td>64</td><td>17</td><td>21</td><td>23</td><td>3</td><td>-</td><td>131</td><td>709</td><td>269</td><td>262</td><td>10</td><td>-3</td><td>440</td></tr><tr><td>1947-January</td><td>342</td><td>198</td><td>98</td><td>71</td><td>22</td><td>7</td><td>-</td><td>144</td><td>410</td><td>213</td><td>88</td><td>49</td><td>75</td><td>198</td></tr><tr><td>February</td><td>801</td><td>47</td><td>0</td><td>16</td><td>21</td><td>10</td><td>-</td><td>754</td><td>587</td><td>251</td><td>127</td><td>10</td><td>113</td><td>337</td></tr><tr><td>March</td><td>290</td><td>45</td><td>14</td><td>1</td><td>21</td><td>9</td><td>-</td><td>245</td><td>362</td><td>225</td><td>218</td><td>-</td><td>5</td><td>139</td></tr><tr><td>April</td><td>354</td><td>80</td><td>1</td><td>46</td><td>24</td><td>9</td><td>-</td><td>274</td><td>151</td><td>49</td><td>37</td><td>5</td><td>7</td><td>102</td></tr><tr><td>May</td><td>917</td><td>462</td><td>1</td><td>432</td><td>20</td><td>9</td><td>-</td><td>455</td><td>855</td><td>612</td><td>615</td><td>-7</td><td>4</td><td>243</td></tr><tr><td>June</td><td>722</td><td>763</td><td>497</td><td>18</td><td>23</td><td>7</td><td>218</td><td>440</td><td>1,360</td><td>1,103</td><td>781</td><td>20</td><td>302</td><td>257</td></tr><tr><td>July</td><td>785</td><td>570</td><td>0</td><td>548</td><td>16</td><td>5</td><td>-</td><td>215</td><td>768</td><td>507</td><td>443</td><td>52</td><td>12</td><td>261</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget re-leased August 20, 1947. Less than $500,000.
1/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks. 2/ Principally net redemption [or issuance (-)] of obligations of Government corporations in the market.
September 1947
17
Table 5.- Comparison of Change in U. S. Securities Outstanding with Cash Borrowing or Repayment of Borrowing
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Change in U. S. securities outstanding</th><th colspan="9">Less: Noncash debt transactions</th><th rowspan="2">Plue: Cash re-debtion or issuance (-) of non-guaranteed obligations of Federal agencies</th><th rowspan="2">Equals: Cash borrowing (+) or repayment of borrowing (-)</th></tr><tr><th>Public debt</th><th>Guaranteed obligations</th><th>Total U. S. securities</th><th>Total</th><th>By trust accounts</th><th>By Government corporations</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes for international Bank and Fund 2/</th><th>Excess profits tax refund bonds</th><th>Interest on savings bonds and Treasury bills 3/</th><th>Net transactions in guaranteed obligations not reflected in Treasurer's accounts</th></tr><tr><td>1941</td><td>+5,994</td><td>+841</td><td>+6,835</td><td>1,422</td><td>1,338</td><td>39</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>58</td><td>8</td><td>19</td><td>+5,432</td></tr><tr><td>1942</td><td>+23,461</td><td>-1,802</td><td>+21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>*</td><td>+19,652</td></tr><tr><td>1943</td><td>+64,274</td><td>-468</td><td>+63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>+60,250</td></tr><tr><td>1944</td><td>+64,307</td><td>-2,477</td><td>+61,830</td><td>4,883</td><td>4,128</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>213</td><td>207</td><td>-190</td><td>+56,757</td></tr><tr><td>1945</td><td>+57,679</td><td>-1,190</td><td>+56,489</td><td>6,738</td><td>5,200</td><td>324</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>342</td><td>86</td><td>-277</td><td>+44,474</td></tr><tr><td>1946</td><td>+10,740</td><td>+43</td><td>+10,783</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>970</td><td>435</td><td>203</td><td>66</td><td>+7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>+387</td><td>-11,522</td><td>7,892</td><td>3,352</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>467</td><td>-</td><td>28</td><td>-19,388</td></tr><tr><td>1948 (Estimated)</td><td>-5,086</td><td>+28</td><td>-5,058</td><td>1,218</td><td>3,048</td><td>-88</td><td>-1,309</td><td>-5</td><td>-916</td><td>-12</td><td>500</td><td>-</td><td>72</td><td>-6,204</td></tr><tr><td>1946-July</td><td>-1,152</td><td>-143</td><td>-1,295</td><td>530</td><td>433</td><td>55</td><td>-</td><td>-1</td><td>-</td><td>-8</td><td>51</td><td>-</td><td>29</td><td>-1,796</td></tr><tr><td>August</td><td>-724</td><td>+45</td><td>-79</td><td>350</td><td>313</td><td>14</td><td>-</td><td>-1</td><td>-</td><td>-6</td><td>30</td><td>-</td><td>-3</td><td>-1,032</td></tr><tr><td>September</td><td>-2,177</td><td>+21</td><td>-2,156</td><td>353</td><td>317</td><td>2</td><td>-</td><td>-1</td><td>-</td><td>-5</td><td>40</td><td>-</td><td>-2</td><td>-2,512</td></tr><tr><td>October</td><td>-1,837</td><td>-14</td><td>-1,851</td><td>125</td><td>22</td><td>7</td><td>70</td><td>-1</td><td>-</td><td>-5</td><td>32</td><td>-</td><td>36</td><td>-1,940</td></tr><tr><td>November</td><td>-1,255</td><td>-16</td><td>-1,271</td><td>672</td><td>147</td><td>6</td><td>240</td><td>-1</td><td>248</td><td>-3</td><td>35</td><td>-</td><td>-6</td><td>-1,949</td></tr><tr><td>December</td><td>-3,128</td><td>-31</td><td>-3,159</td><td>609</td><td>262</td><td>12</td><td>291</td><td>-1</td><td>-</td><td>-3</td><td>48</td><td>-</td><td>25</td><td>-3,743</td></tr><tr><td>1947-January</td><td>+627</td><td>-69</td><td>+559</td><td>448</td><td>88</td><td>51</td><td>271</td><td>-1</td><td>-</td><td>-3</td><td>42</td><td>-</td><td>-7</td><td>+104</td></tr><tr><td>February</td><td>+1,642</td><td>-82</td><td>+1,560</td><td>2,367</td><td>127</td><td>11</td><td>259</td><td>-1</td><td>1,941</td><td>-2</td><td>32</td><td>-</td><td>-31</td><td>-818</td></tr><tr><td>March</td><td>-2,294</td><td>-5</td><td>-2,300</td><td>546</td><td>218</td><td>1</td><td>294</td><td>-1</td><td>-</td><td>-2</td><td>36</td><td>-</td><td>-2</td><td>-2,848</td></tr><tr><td>April</td><td>-1,423</td><td>-4</td><td>-1,426</td><td>331</td><td>37</td><td>9</td><td>256</td><td>-1</td><td>-</td><td>-1</td><td>31</td><td>-</td><td>-3</td><td>-1,761</td></tr><tr><td>May</td><td>+642</td><td>-1</td><td>+641</td><td>848</td><td>615</td><td>-6</td><td>83</td><td>*</td><td>125</td><td>-1</td><td>32</td><td>-</td><td>-2</td><td>+209</td></tr><tr><td>June</td><td>-57</td><td>-88</td><td>-145</td><td>709</td><td>781</td><td>17</td><td>28</td><td>*</td><td>-175</td><td>-1</td><td>59</td><td>-</td><td>-5</td><td>-859</td></tr><tr><td>July</td><td>+1,161</td><td>-10</td><td>+1,152</td><td>562</td><td>443</td><td>53</td><td>31</td><td>*</td><td>-30</td><td>-1</td><td>66</td><td>-</td><td>-2</td><td>+587</td></tr></table>
tures, $968 million came from the initial Exchange Stabilization Fund payment and the remaining $58 million represented redemption later in the fiscal year of notes assumed to have been acquired through the Stabilization Fund payment. Accordingly, the noncash payments to the Fund are made up of $774 million from the Exchange Stabilization Fund payment and $950 million from the budget payment. In the case of the International Bank, a total of $476 million was paid during fiscal 1947 - all in the form of budget expenditures. On net balance, $416 million occurred as a noncash expenditure because of the issuance of noninterest-bearing U. S. notes. Table 5 thus shows a total of $2,140 million (net) of such notes issued to the two institutions in the fiscal year 1947. Budget estimates show that $916 million of these notes will be redeemed in the fiscal year 1948, thereby increasing cash expenditures (Table 3). 3/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed. 4/ Includes borrowing through Postal Savings System.
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget released August 20, 1947.
Less than $500,000.
1/ Issuances of U. S. securities resulting from budget expenditures are treated as noncash at the time of issuance and as cash budget expenditures at the time of redemption. The figures shown are net issuances, or net redemptions (-).
2/ Expenditures for U. S. subscriptions to the capital of the International Monetary Fund and the International Bank for Reconstruc-tion and Development require special explanation. United States payments to the Fund in fiscal 1947 for example consisted of $1,800 million paid from the Exchange Stabilization Fund (Table 1) and $950 million paid as budget expenditures (Table 3). Of this total, $1,724 million (net) was invested in noninterest-bearing U. S. notes thereby making this amount noncash expenditures during the fiscal year. Of the $1,026 million cash portion of the expendi-
Table 6.- Cash Operating Income and Outgo by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Annual total Calendar year</th><th>Annual total Fiscal year 2/</th></tr><tr><td>Cash operating 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><td></td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>9,371</td><td>15,291</td></tr><tr><td>1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25,245</td><td>47,984</td></tr><tr><td>1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51,041</td><td>47,793</td></tr><tr><td>1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,698</td><td>2,997</td><td>4,682</td><td>2,794</td><td>2,869</td><td>4,207</td><td></td><td>46,643</td><td></td></tr><tr><td>1945</td><td>3,889</td><td>5,127</td><td>5,946</td><td>2,819</td><td>3,316</td><td>5,295</td><td>2,565</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating 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><td></td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>14,060</td><td>34,585</td></tr><tr><td>1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>78,079</td><td>94,079</td></tr><tr><td>1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>95,986</td><td>66,662</td></tr><tr><td>1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>3,111</td><td>2,954</td><td>3,041</td><td>2,955</td><td>2,325</td><td>3,629</td><td></td><td>39,985</td><td></td></tr><tr><td>1945</td><td>2,783</td><td>3,667</td><td>3,322</td><td>3,654</td><td>3,351</td><td>5,193</td><td>3,392</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income (+) or 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><td></td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,689</td><td>-19,294</td></tr><tr><td>1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-51,735</td><td>-16,095</td></tr><tr><td>1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-14,945</td><td>-17,899</td></tr><tr><td>1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-413</td><td>+43</td><td>+1,641</td><td>-161</td><td>+544</td><td>+578</td><td></td><td>+6,658</td><td></td></tr><tr><td>1945</td><td>+1,106</td><td>+1,460</td><td>+2,624</td><td>-835</td><td>-35</td><td>+102</td><td>-827</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Date not filled in are in process of preparation. 2/ Fiscal year ending June 30 of year indicated.
18
Treasury Bulletin
GENERAL FUND POSITION AND DEBT OUTSTANDING
September 1947
19
General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Assets</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of sales of Government securities</th><th>Other deposits and collections</th><th></th><th></th></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td><td>187</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1947-January</td><td>5,102</td><td>393</td><td>1,620</td><td>2,716</td><td>353</td><td>391</td><td>4,711</td></tr><tr><td>February</td><td>7,478</td><td>1,277</td><td>2,561</td><td>3,353</td><td>276</td><td>344</td><td>7,134</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><td>323</td><td>6,909</td></tr><tr><td>April</td><td>4,707</td><td>1,263</td><td>842</td><td>2,317</td><td>286</td><td>395</td><td>4,312</td></tr><tr><td>May</td><td>4,402</td><td>1,312</td><td>989</td><td>1,807</td><td>295</td><td>336</td><td>4,066</td></tr><tr><td>June</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>July</td><td>3,460</td><td>1,265</td><td>824</td><td>958</td><td>353</td><td>391</td><td>3,069</td></tr></table>
Source: Daily Treasury Statement.
Analysis of Change in Balance of General Fund of the Treasury
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net increase in General Fund balance, or decrease (-)</th><th>Net budget surplus, or deficit (-) 1/</th><th>Net increase in public debt, or decrease (-)</th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Salgniorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Sales and re-depositions of obligations of Government corporations, etc., in the market 5/</th><th>Clearing account 6/</th></tr><tr><td>1938</td><td>-338</td><td>-1,177</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>-30</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>404</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><tr><td>July</td><td>-239</td><td>-1,272</td><td>1,161</td><td>-129</td><td>80</td><td>-</td><td>-</td><td>-51</td><td>-12</td><td>-146</td></tr></table>
Source: Daily Treasury Statement. 
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5. 
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law. 
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.) 
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 7.) 
4/ Comprises Public Works Administration revolving fund, special de-
5/ Net receipts is this column constitute net sales, and net expenditures constitute net redemptions of obligations.
6/ Represents outstanding checks, see Note.
7/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1938 and 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 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.
20
Treasury Bulletin
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 expenditure to 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>64,307</td><td>-51,424</td><td>-</td><td>10,662</td><td>2,222</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,470</td><td>-53,941</td><td>-</td><td>4,529</td><td>-</td><td>58,470</td><td>57,679</td><td>-</td><td>791</td></tr><tr><td>1946</td><td>21,200</td><td>-20,676</td><td>-</td><td>-</td><td>524</td><td>21,200</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>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>285</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><tr><td>July</td><td>1,401</td><td>-1,272</td><td>-</td><td>-</td><td>129</td><td>1,401</td><td>1,161</td><td>239</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, re-signorage 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.
September 1947
21
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not ex-
deed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Condition as of July 31, 1947
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation 1/:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>258,568</td></tr><tr><td>Guaranteed securities 2/.</td><td>80</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>258,648</td></tr><tr><td>Balance issuable under such authority.</td><td>16,352</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, July 31, 1947
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td colspan="4">Public debt and guaranteed obligations outstanding:</td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,756</td><td>-</td><td>15,756</td></tr><tr><td>Certificates of indebtedness</td><td>25,122</td><td>-</td><td>25,122</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>-</td><td>8,142</td></tr><tr><td>Treasury bonds - bank restricted 1/4</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>165</td><td>165</td></tr><tr><td>Total marketable issues</td><td>168,344</td><td>165</td><td>168,509</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>51,552</td><td>-</td><td>51,552</td></tr><tr><td>Treasury savings notes</td><td>5,592</td><td>-</td><td>5,592</td></tr><tr><td>Depositary bonds</td><td>329</td><td>-</td><td>329</td></tr><tr><td>Armed forces leave bonds</td><td>1,824</td><td>-</td><td>1,824</td></tr><tr><td>Total non-marketable issues</td><td>59,296</td><td>-</td><td>59,296</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>28,516</td><td>-</td><td>28,516</td></tr><tr><td>Total interest-bearing securities</td><td>256,156</td><td>165</td><td>256,321</td></tr><tr><td>Matured securities on which interest has ceased</td><td>217</td><td>6</td><td>222</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>68</td><td>-</td><td>68</td></tr><tr><td>Excess profit tax refund bonds</td><td>18</td><td>-</td><td>18</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>1,694</td><td>-</td><td>1,694</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>416</td><td>-</td><td>416</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>513</td><td>513</td></tr><tr><td>Other obligations bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total obligations bearing no interest</td><td>2,196</td><td>709</td><td>2,905</td></tr><tr><td>Total public debt</td><td>258,568</td><td>880</td><td>259,448</td></tr><tr><td>Guaranteed securities 2/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>74</td><td>-</td><td>74</td></tr><tr><td>Matured debt</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>80</td><td>-</td><td>80</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>258,648</td><td>880</td><td>259,528</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified
2/ Excludes guaranteed securities held by the Treasury.
Treasury Bulletin
22
Public Debt and Guaranteed Obligations 1/ of the United States Government Outstanding
Table 1.- Summary
(in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="2">Total outstanding</th><th colspan="2">Interest-bearing</th><th colspan="6">Matured, and bearing no interest</th></tr><tr><th>Total</th><th>Public debt</th><th>Guaranteed obligations 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed obligations 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>Inter-national Bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed obligations 1/ (matured)</th></tr><tr><td>1938....</td><td>42,018</td><td>37,165</td><td>4,853</td><td>41,428</td><td>36,576</td><td>4,853</td><td>589</td><td>589</td><td>141</td><td>-</td><td>-</td><td>447</td><td>*</td></tr><tr><td>1939....</td><td>45,890</td><td>40,440</td><td>5,451</td><td>45,336</td><td>39,886</td><td>5,450</td><td>554</td><td>554</td><td>142</td><td>-</td><td>-</td><td>411</td><td>1</td></tr><tr><td>1940....</td><td>48,496</td><td>42,968</td><td>5,529</td><td>47,874</td><td>42,376</td><td>5,498</td><td>622</td><td>591</td><td>205</td><td>-</td><td>-</td><td>386</td><td>31</td></tr><tr><td>1941....</td><td>55,332</td><td>48,961</td><td>6,370</td><td>54,747</td><td>48,387</td><td>6,360</td><td>585</td><td>574</td><td>205</td><td>-</td><td>-</td><td>369</td><td>11</td></tr><tr><td>1942....</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943....</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944....</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945....</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946....</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947....</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>Peak of debt (Feb. 28, 1946)....</td><td>279,764</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>1947-Jan.</td><td>260,046</td><td>259,776</td><td>270</td><td>258,640</td><td>258,378</td><td>262</td><td>1,406</td><td>1,399</td><td>307</td><td>248</td><td>-</td><td>844</td><td>7</td></tr><tr><td>Feb.</td><td>261,606</td><td>261,418</td><td>188</td><td>258,294</td><td>258,113</td><td>181</td><td>3,312</td><td>3,305</td><td>281</td><td>407</td><td>1,782</td><td>835</td><td>7</td></tr><tr><td>Mar.</td><td>259,306</td><td>259,124</td><td>182</td><td>255,976</td><td>255,800</td><td>175</td><td>3,331</td><td>3,324</td><td>308</td><td>407</td><td>1,782</td><td>827</td><td>7</td></tr><tr><td>Apr.</td><td>257,880</td><td>257,701</td><td>178</td><td>254,598</td><td>254,427</td><td>171</td><td>3,281</td><td>3,275</td><td>267</td><td>407</td><td>1,782</td><td>819</td><td>7</td></tr><tr><td>May.</td><td>258,521</td><td>258,343</td><td>177</td><td>255,146</td><td>254,975</td><td>171</td><td>3,375</td><td>3,368</td><td>241</td><td>566</td><td>1,749</td><td>812</td><td>7</td></tr><tr><td>June.</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>July.</td><td>259,528</td><td>259,448</td><td>80</td><td>256,395</td><td>256,321</td><td>74</td><td>3,133</td><td>3,127</td><td>222</td><td>416</td><td>1,694</td><td>795</td><td>6</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total interest-bearing public debt</th><th>Total public issues</th><th colspan="5">Marketable</th><th colspan="6">Non-marketable</th><th>Special issues</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Postal savings and other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other</th><th></th></tr><tr><th></th><th></th><th></th><th colspan="3">Bank eligible</th><th>Bank restricted</th><th></th><th></th><th></th><th></th><th></th><th>ly</th><th></th></tr><tr><td>1938</td><td>36,576</td><td>33,900</td><td>32,344</td><td>1,154</td><td>-</td><td>9,147</td><td>21,846</td><td>-</td><td>197</td><td>1,556</td><td>1,238</td><td>-</td><td>319</td><td>2,676</td></tr><tr><td>1939</td><td>39,886</td><td>36,116</td><td>33,965</td><td>1,308</td><td>-</td><td>7,243</td><td>25,218</td><td>-</td><td>196</td><td>2,151</td><td>1,868</td><td>-</td><td>283</td><td>3,770</td></tr><tr><td>1940</td><td>42,376</td><td>37,602</td><td>34,436</td><td>1,302</td><td>-</td><td>6,383</td><td>26,555</td><td>-</td><td>196</td><td>3,166</td><td>2,905</td><td>-</td><td>261</td><td>4,775</td></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,713</td><td>1,603</td><td>-</td><td>5,698</td><td>30,215</td><td>-</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>3,015</td><td>-</td><td>307</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,804</td><td>16,561</td><td>9,168</td><td>48,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,256</td><td>7,495</td><td>-</td><td>448</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>Peak of debt (Feb. 28, 1946)</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>8,043</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1947-Jan.</td><td>258,378</td><td>233,601</td><td>176,444</td><td>17,074</td><td>29,791</td><td>10,090</td><td>69,686</td><td>49,636</td><td>166</td><td>57,157</td><td>50,343</td><td>5,590</td><td>873</td><td>351</td><td>24,777</td></tr><tr><td>Feb.</td><td>258,113</td><td>233,176</td><td>175,410</td><td>17,048</td><td>28,784</td><td>10,090</td><td>69,686</td><td>49,636</td><td>166</td><td>57,765</td><td>50,717</td><td>5,570</td><td>1,132</td><td>346</td><td>24,938</td></tr><tr><td>Mar.</td><td>255,800</td><td>230,618</td><td>172,462</td><td>17,038</td><td>27,792</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>58,156</td><td>50,945</td><td>5,443</td><td>1,426</td><td>342</td><td>25,183</td></tr><tr><td>Apr.</td><td>254,427</td><td>229,147</td><td>170,535</td><td>16,610</td><td>26,294</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>58,612</td><td>51,117</td><td>5,477</td><td>1,683</td><td>335</td><td>25,280</td></tr><tr><td>May.</td><td>254,975</td><td>228,789</td><td>169,926</td><td>16,002</td><td>26,294</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>58,863</td><td>51,240</td><td>5,525</td><td>1,765</td><td>333</td><td>26,186</td></tr><tr><td>June.</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>July.</td><td>256,321</td><td>227,805</td><td>168,509</td><td>15,756</td><td>25,122</td><td>8,142</td><td>69,686</td><td>49,636</td><td>165</td><td>59,296</td><td>51,552</td><td>5,592</td><td>1,824</td><td>329</td><td>28,516</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
September 1947
23
Public Debt and Guaranteed Obligations of the United States Government Outstanding-(Continued)
Table 3.- Interest-Bearing Guaranteed Obligations (All Public Issues)
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="7">Marketable</th><th colspan="3">Non-marketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 5/</th><th>Reconstruction Finance Corporation 6/</th></tr><tr><td>1938</td><td>4,853</td><td>4,853</td><td>206</td><td>1,410</td><td>1</td><td>-</td><td>2,937</td><td>299</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>5,450</td><td>5,450</td><td>206</td><td>1,379</td><td>3</td><td>114</td><td>2,928</td><td>820</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>5,498</td><td>5,498</td><td>407</td><td>1,269</td><td>8</td><td>114</td><td>2,603</td><td>1,096</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,360</td><td>6,360</td><td>696</td><td>1,269</td><td>17</td><td>226</td><td>2,409</td><td>1,741</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>4,549</td><td>4,549</td><td>701</td><td>930</td><td>21</td><td>114</td><td>1,553</td><td>1,219</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>114</td><td>1,533</td><td>896</td><td>183</td><td>68</td><td>115</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>-</td><td>755</td><td>-</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1946</td><td>467</td><td>43</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</td><td>-</td></tr><tr><td>1947</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>1947-January</td><td>262</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>217</td><td>217</td><td>-</td></tr><tr><td>February</td><td>181</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>135</td><td>135</td><td>-</td></tr><tr><td>March</td><td>175</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>130</td><td>130</td><td>-</td></tr><tr><td>April</td><td>171</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>126</td><td>126</td><td>-</td></tr><tr><td>May</td><td>171</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>125</td><td>125</td><td>-</td></tr><tr><td>June</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>July</td><td>74</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>40</td><td>40</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at the end of Table 4.
Table 4.- Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>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 employed retirement fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System I</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>5,765</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><tr><td>July</td><td>28,516</td><td>514</td><td>7,062</td><td>64</td><td>1,254</td><td>2,460</td><td>6,520</td><td>2,226</td><td>1,300</td><td>7,087</td><td>12</td><td>18</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ Excludes guaranteed securities held by the Treasury and securities guaranteed as to interest only.
2/ Includes United States savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see Table 2 under Statutory Limitation on the Public Debt.
3/ 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 sav-
4/ Consists of adjusted service bonds and depository bonds. 
5/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement. 
6/ 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. 
7/ Includes Canal Zone Postal Savings System.
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>39,836</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><tr><td>July</td><td>256,395</td><td>5,424</td><td>2.115</td><td>256,321</td><td>5,422</td><td>2.116</td><td>74</td><td>1</td><td>1.767</td></tr></table>
Source: Daily Treasury Statement. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Obligations of Government Corporations Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th><th>Export-Import Bank of Washington</th></tr><tr><td>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><tr><td>July</td><td>11,948</td><td>537</td><td>19</td><td>347</td><td>514</td><td>9,958</td><td>56</td><td>516</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
The obligations shown in this table were issued to the Treasury to finance Government corporation activities, with the Treasury itself
raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
September 1947
25
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="8">Public debt receipts (Issueance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>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>2,587</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,110</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>-</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>4</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>4</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>4</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>4</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>4</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>4</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><tr><td>July.</td><td>259,448</td><td>+1,161</td><td>10,844</td><td>2,291</td><td>-</td><td>4</td><td>36</td><td>-</td><td>-</td><td>-</td><td>7,238</td><td>1,279</td><td>9,683</td><td>2,316</td><td>-</td><td>7,238</td><td>129</td></tr></table>
Source: Daily Treasury Statement. * Loss than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bill</th><th colspan="5">Public issues</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Pill</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>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.5</td><td>9.4</td><td>11.3</td><td>-</td><td>3.3</td><td>12.5</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.5</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>41.5</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>5.6</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>44.5</td><td>18.4</td><td>6.3</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>29,792</td><td>17,074</td><td>24,777</td><td>100.0</td><td>46.3</td><td>19.9</td><td>3.9</td><td>2.2</td><td>11.5</td><td>6.6</td><td>9.6</td></tr><tr><td>February</td><td>258,113</td><td>119,489</td><td>52,195</td><td>10,090</td><td>5,570</td><td>28,784</td><td>17,048</td><td>24,938</td><td>100.0</td><td>46.3</td><td>20.2</td><td>3.9</td><td>2.2</td><td>11.1</td><td>6.5</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>9.3</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><tr><td>July</td><td>256,321</td><td>119,488</td><td>53,704</td><td>8,142</td><td>5,592</td><td>25,122</td><td>15,756</td><td>28,516</td><td>100.0</td><td>46.6</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.8</td><td>6.1</td><td>11.1</td></tr></table>
Sources: Daily Treasury Statement.
26
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of July 31, 1947
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank restricted issues become eligible</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank restricted issues become eligible</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td></td><td>1951</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8 Bills Certificate - 8/1/47</td><td>4,829 1,223</td><td></td><td></td><td></td><td>Mar.</td><td>2-3/4% Bond - 3/15/48-51</td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8 Bills Certificate - 9/1/47 1-1/2% Note - 9/15/47 1-1/4% Note - 9/15/47</td><td>5,020 2,341 2,707 1,687</td><td></td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/49-51 2-3/4% Bond - 6/15/51-54</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Bills - 10/15/47-52 7/8% Certificate - 10/1/47</td><td>5,908 759 1,440</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/49-51 2% Bond - 9/15/51-53 2% Bond - 9/15/51-55</td><td>7,986 755</td><td>1,292</td><td></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></td><td>Dec.</td><td>2-1/4% Bond - 12/15/49-51 2% Bond - 12/15/51-53 2% Bond - 12/15/51-55</td><td>1,118 510</td><td>2,098</td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/47 2% Bond - 12/15/47</td><td>3,281 701</td><td></td><td></td><td></td><td>Total</td><td></td><td>11,996</td><td>5,628</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>31,670</td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2% Bond - 3/15/50-52 2-1/2% Bond - 3/15/52-54</td><td></td><td>1,963 1,024</td><td></td><td></td></tr><tr><td>Jan.</td><td>7/8% Certificate - 1/1/48</td><td>3,134</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55</td><td>1,501</td><td>5,825</td><td></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></td><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>4,939</td><td>1,186</td><td></td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/48 2-3/4% Bond - 3/15/48-50 2-3/4% Bond - 3/15/48-51</td><td>2,142 1,115 1,223</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/5% Bond - 12/15/49-52 2% Bond - 12/15/52-54</td><td>8,662</td><td>401</td><td></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></td><td>Total</td><td></td><td>17,012</td><td>8,579</td><td></td><td></td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/48 1-3/4% Bond - 6/15/48</td><td>1,777 3,062</td><td></td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/48</td><td>2,742</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/53-55</td><td>725</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/48 1-1/2% Note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td>1,986</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50</td><td>571</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/49-53 2-1/4% Bond - 12/15/51-53</td><td>1,786 1,118</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>22,323 2,910</td><td></td><td></td><td></td><td>Total</td><td></td><td>725</td><td>10,890</td><td></td><td></td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% Bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/51-54 2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td>5,825 681</td><td>1,627</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/49-51 3-1/8% Bond - 12/15/49-52 2-1/2% Bond - 12/15/49-53</td><td>2,098 491 1,786</td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>8,662</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,682</td><td></td><td></td><td></td><td>Total</td><td></td><td>681</td><td>17,138</td><td></td><td></td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Bond - 3/15/48-50 2% Bond - 3/15/50-52</td><td>1,115 1,963</td><td></td><td></td><td></td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>1,186 4,939</td><td></td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/52-55 2% Bond - 6/15/53-55</td><td>1,501 725</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50 1-1/2% Bond - 12/15/50</td><td>571 2,635</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-55</td><td>755</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,635 8,088 1,687</td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/51-55</td><td>510</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>2,611</td><td>3,491</td><td></td><td></td></tr></table>
(Continued on following page)
September 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of July 31, 1947 - (Continued) (in millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1956</td><td>Mar.. 2-1/2% Bond - 3/15/56-58........</td><td>........</td><td>1,449</td><td>........</td><td>........</td></tr><tr><td></td><td>June.. 2-1/4% Bond - 6/15/54-56........</td><td>........</td><td>........</td><td>681</td><td>........</td></tr><tr><td></td><td>Sept.. 2-3/4% Bond - 9/15/56-59........</td><td>........</td><td>982</td><td>........</td><td>........</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59........</td><td>........</td><td>3,823</td><td>........</td><td>........</td></tr><tr><td></td><td>Total........</td><td>........</td><td>6,253</td><td>681</td><td>........</td></tr><tr><td>1958</td><td>Mar.. 2-1/2% Bond - 3/15/56-58........</td><td>........</td><td>........</td><td>1,449</td><td>........</td></tr><tr><td></td><td>June.. 2-3/4% Bond - 6/15/58-63........</td><td>........</td><td>919</td><td>........</td><td>........</td></tr><tr><td></td><td>Total........</td><td>........</td><td>919</td><td>1,449</td><td>........</td></tr><tr><td>1959</td><td>June.. 2-1/4% Bond - 6/15/59-62........</td><td>........</td><td>5,284</td><td>........</td><td>6/15/52</td></tr><tr><td></td><td>Sept.. 2-3/4% Bond - 9/15/56-59........</td><td>........</td><td>........</td><td>982</td><td>........</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59........</td><td>........</td><td>........</td><td>3,823</td><td>........</td></tr><tr><td></td><td>Dec.. 2-1/4% Bond - 12/15/59-62........</td><td>........</td><td>3,470</td><td>........</td><td>12/15/52</td></tr><tr><td></td><td>Total........</td><td>........</td><td>8,754</td><td>4,804</td><td>........</td></tr><tr><td>1960</td><td>Mar.. 2-7/8% Bond - 3/15/55-60........</td><td>........</td><td>........</td><td>2,611</td><td>........</td></tr><tr><td></td><td>Dec.. 2-3/4% Bond - 12/15/60-65........</td><td>........</td><td>1,485</td><td>........</td><td>........</td></tr><tr><td></td><td>Total........</td><td>........</td><td>1,485</td><td>2,611</td><td>........</td></tr><tr><td>1961</td><td>June.. 3% Panama Canal bond - 6/1/61 50</td><td>........</td><td>........</td><td>........</td><td>........</td></tr><tr><td>1962</td><td>June.. 2-1/4% Bond - 6/15/59-62........</td><td>........</td><td>........</td><td>5,284</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67........</td><td>........</td><td>2,118</td><td>........</td><td>5/5/52</td></tr><tr><td></td><td>Dec.. 2-1/4% Bond - 12/15/59-62........</td><td>........</td><td>........</td><td>3,470</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></tr><tr><td>1963</td><td>June.. 2-3/4% Bond - 6/15/58-63........</td><td>........</td><td>........</td><td>919</td><td>........</td></tr><tr><td></td><td>Dec.. 2-1/2% Bond - 12/15/63-68........</td><td>........</td><td>2,831</td><td>........</td><td>12/1/52</td></tr><tr><td></td><td>Total........</td><td>........</td><td>2,831</td><td>919</td><td>........</td></tr></table>
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th></th></tr><tr><td>1964</td><td>June.. 2-1/2% Bond - 6/15/64-69.</td><td>......</td><td>3,761</td><td>......</td><td>4/15/53</td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69.</td><td>......</td><td>3,838</td><td>......</td><td>9/15/53</td></tr><tr><td></td><td>Total.</td><td>......</td><td>7,600</td><td>......</td><td></td></tr><tr><td>1965</td><td>Mar.. 2-1/2% Bond - 3/15/65-70.</td><td>......</td><td>5,197</td><td>......</td><td>2/1/54</td></tr><tr><td>Dec.. 2-3/4% Bond - 12/15/60-65.</td><td>......</td><td>......</td><td>1,485</td><td>......</td><td></td></tr><tr><td></td><td>Total.</td><td>......</td><td>5,197</td><td>1,485</td><td>......</td></tr><tr><td>1966</td><td>Mar.. 2-1/2% Bond - 3/15/66-71.</td><td>......</td><td>3,481</td><td>......</td><td>12/1/54</td></tr><tr><td>1967</td><td>June. 2-1/2% Bond - 6/15/62-67.</td><td>......</td><td>......</td><td>2,118</td><td>5/5/52</td></tr><tr><td>2-1/2% Bond - 6/15/67-72.</td><td>......</td><td>......</td><td>7,967</td><td>......</td><td>6/15/62</td></tr><tr><td>Sept. 2-1/2% Bond - 9/15/67-72.</td><td>......</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Dec.. 2-1/2% Bond - 12/15/67-72.</td><td>......</td><td>......</td><td>11,689</td><td>......</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></tr><tr><td>1968</td><td>Dec.. 2-1/2% Bond - 12/15/63-68.</td><td>......</td><td>......</td><td>2,831</td><td>12/1/52</td></tr><tr><td>1969</td><td>June. 2-1/2% Bond - 6/15/64-69.</td><td>......</td><td>......</td><td>3,761</td><td>4/15/53</td></tr><tr><td>Dec.. 2-1/2% Bond - 12/15/64-69.</td><td>......</td><td>......</td><td>3,838</td><td>9/15/53</td><td>......</td></tr><tr><td></td><td>Total.</td><td>......</td><td>......</td><td>7,600</td><td>......</td></tr><tr><td>1970</td><td>Mar.. 2-1/2% Bond - 3/15/65-70.</td><td>......</td><td>......</td><td>5,197</td><td>2/1/54</td></tr><tr><td>1971</td><td>Mar.. 2-1/2% Bond - 3/15/66-71.</td><td>......</td><td>......</td><td>3,481</td><td>12/1/54</td></tr><tr><td>1972</td><td>June. 2-1/2% Bond - 6/15/67-72.</td><td>......</td><td>......</td><td>7,967</td><td>6/15/62</td></tr><tr><td>Sept. 2-1/2% Bond - 9/15/67-72.</td><td>......</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Dec.. 2-1/2% Bond - 12/15/67-72.</td><td>......</td><td>......</td><td>11,689</td><td>12/15/62</td><td>......</td></tr><tr><td></td><td>Total.</td><td>......</td><td>......</td><td>22,372</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. For date of issue of each security, see chapter on Prices and Yields of Government Securities; for tax status, see chapter on Ownership of Government Securities.
Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 3 to tables on public debt and guaranteed obligations outstanding.
28
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>11/20/44</td><td>12/1/44 12/1/44 12/1/44 12/1/44</td><td>6th War Loan securities: 3/ 2-1/24 Bond - 3/15/66-71 4/ 2% Bond -12/15/52-54 1-1/4% Note - 9/15/47 7/8% Certificate- 12/1/45</td><td>26 yr,3 m (21 yr,3 m) 10 yr (5 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>11/20/44</td><td>12/1/44 12/1/44 12/1/44 12/1/44</td><td>.90% Note - 1/1/46 2-1/24 Bond - 3/15/66-71 5/4 2% Bond -12/15/52-54 5/ 1-1/4% Note - 9/15/47 5/</td><td>1 yr,1 m 26 yr,3 m 6/ (21 yr,3 m) 10 yr 5/ (8 yr) 2 yr,9 m 5/</td><td>- - - -</td><td>3,416 33 740 137</td><td>- - - -</td><td>3,416 33 740 137</td><td>100 100 100 100</td></tr><tr><td>1/22/45</td><td>2/1/45</td><td>7/8% Certificate - 2/1/46</td><td>1 yr</td><td>-</td><td>5,043</td><td>-</td><td>5,043</td><td>100</td></tr><tr><td>2/19/45</td><td>3/1/45</td><td>7/8% Certificate - 3/1/46</td><td>1 yr</td><td>-</td><td>4,147</td><td>-</td><td>4,147</td><td>100</td></tr><tr><td>3/22/45</td><td>4/1/45</td><td>7/8% Certificate - 4/1/46</td><td>1 yr</td><td>-</td><td>4,811</td><td>-</td><td>4,811</td><td>100</td></tr><tr><td>4/19/45</td><td>5/1/45</td><td>7/8% Certificate - 5/1/46</td><td>1 yr</td><td>-</td><td>1,579</td><td>-</td><td>1,579</td><td>100</td></tr><tr><td>5/14/45</td><td>6/1/45 6/1/45 6/1/45 6/1/45</td><td>7th War Loan securities: 3/ 2-1/24 Bond - 6/15/67-72 4/ 2-1/24 Bond - 6/15/59-62 4/ 1-1/24 Bond -12/15/50 7/8% Certificate- 6/1/46</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45</td><td>6/1/45</td><td>.90% Note - 7/1/46</td><td>1 yr,1 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>8/1/45</td><td>7/8% Certificate - 8/1/46</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>9/1/45</td><td>7/8% Certificate - 9/1/46</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>130</td></tr><tr><td>10/29/45</td><td>11/15/45 11/15/45 12/3/45</td><td>Victory Loan securities: 3/ 2-1/24 Bond -12/15/67-72 4/ 2-1/24 Bond -12/15/59-62 4/ 7/8% Certificate- 12/1/46</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</td><td>10/1/45</td><td>7/8% Certificate - 10/1/46</td><td>1 yr</td><td>-</td><td>3,440</td><td>-</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>12/1/45</td><td>7/8% Certificate - 11/1/46</td><td>11 a</td><td>-</td><td>3,778</td><td>-</td><td>3,778</td><td>100</td></tr><tr><td>12/17/45</td><td>1/1/46</td><td>7/8% Certificate - 1/1/47</td><td>1 yr</td><td>-</td><td>3,330</td><td>-</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/8% Certificate - 2/1/47</td><td>1 yr</td><td>-</td><td>4,954</td><td>-</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>3/1/46</td><td>7/8% Certificate - 3/1/47</td><td>1 yr</td><td>-</td><td>4,106</td><td>-</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/8% Certificate - 4/1/47</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/8% Certificate - 6/1/47</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/8% Certificate - 7/1/47</td><td>1 yr</td><td>-</td><td>4,673</td><td>-</td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>8/1/46</td><td>7/8% Certificate - 8/1/47</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/8% Certificate - 9/1/47</td><td>1 yr</td><td>-</td><td>4,145</td><td>-</td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/8% Certificate - 10/1/47</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/8% Certificate - 11/1/47</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/8% Certificate - 12/1/47</td><td>1 yr</td><td>-</td><td>3,281</td><td>-</td><td>3,281</td><td>100</td></tr><tr><td>12/18/46</td><td>1/1/47</td><td>7/8% Certificate - 1/1/48</td><td>1 yr</td><td>-</td><td>3,134</td><td>-</td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>2/1/47</td><td>7/8% Certificate - 2/1/48</td><td>1 yr</td><td>-</td><td>4,801</td><td>-</td><td>3,947</td><td>82</td></tr><tr><td>2/17/47</td><td>3/1/47</td><td>7/8% Certificate - 3/1/48</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/8% Certificate - 4/1/48</td><td>1 yr</td><td>-</td><td>2,669</td><td>-</td><td>1,321</td><td>48</td></tr><tr><td>5/21/47</td><td>6/1/47</td><td>7/8% Certificate - 6/1/48</td><td>1 yr</td><td>-</td><td>2,510</td><td>-</td><td>1,777</td><td>70</td></tr><tr><td>6/23/47</td><td>7/1/47</td><td>7/8% Certificate - 7/1/48</td><td>1 yr</td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/8% Certificate - 7/1/48</td><td>11 a</td><td>-</td><td>1,127</td><td>-</td><td>1,127</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>7/8% Certificate - 7/1/48</td><td>10 a</td><td>-</td><td>2,208 p</td><td>-</td><td>2,208 p</td><td>100</td></tr><tr><td>9/2/47</td><td>9/15/47</td><td>1% Note - 10/1/48</td><td>12% b</td><td>-</td><td>n.a.</td><td>-</td><td>a.a.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt. n.a. Not available. p Preliminary. 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds. 3/ Figures an amount of War Loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
This is the same security that was offered in the Sixth War Loan. Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
September 1947
29
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 or retirement</th><th>Description of called or maturing security 1/</th><th>Date of issue</th><th>Amount outstanding</th><th colspan="3">Disposition of securities by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchanged security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>4/1/45</td><td>7/8% Certificate - 4/1/45....</td><td>4/1/44</td><td>4,877</td><td>-</td><td>4,877</td><td>4,811</td><td>66</td><td>99</td><td>7/8% Certificate - 4/1/46</td></tr><tr><td>5/1/45</td><td>7/8% Certificate - 5/1/45....</td><td>5/1/44</td><td>1,615</td><td>-</td><td>1,615</td><td>1,579</td><td>35</td><td>98</td><td>7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% Certificate - 6/1/45....<br>1-1/2% HOLO bond - 6/1/45-17.</td><td>6/26/44<br>6/1/39</td><td>4,770<br>755</td><td>-<br>-</td><td>4,770<br>755</td><td>4,187<br>723</td><td>583<br>32</td><td>88<br>96</td><td>1.90% Treas. note - 7/1/46</td></tr><tr><td></td><td>Total for 6/1/45</td><td></td><td>5,525</td><td></td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45....</td><td>8/1/44</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% Certificate - 9/1/45....<br>2-3/4% Treas. bond - 9/15/45-17.</td><td>9/1/44<br>9/16/35</td><td>3,694<br>1,214</td><td>-<br>-</td><td>3,694<br>1,214</td><td>3,429<br>907</td><td>265<br>307</td><td>93<br>75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td>Total for 9/1/45</td><td></td><td>4,908</td><td></td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45....</td><td>10/1/44</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% Certificate - 12/1/45....<br>3/4% Treas. note - 12/15/45....<br>2-1/2% Treas. bond - 12/15/45....</td><td>12/1/44<br>12/18/40<br>12/15/37</td><td>4,395<br>531<br>541</td><td>-<br>-<br>-</td><td>4,395<br>531<br>541</td><td>2,932<br>438<br>408</td><td>1,463<br>93<br>133</td><td>67<br>82<br>75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td>Total for 12/1/45</td><td></td><td>5,467</td><td></td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46....</td><td>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</td><td>.90% Treas. note - 1/1/46....</td><td>12/1/44</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8% Certificate - 2/1/46....</td><td>2/1/45</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46....</td><td>3/1/45</td><td>4,147</td><td>1,014</td><td>3,133</td><td>3,133</td><td>-</td><td>2/1</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>3-3/4% Treas. bond - 3/15/46-56.<br>1% Treas. note - 3/15/46....</td><td>3/15/26<br>11/1/41</td><td>489<br>1,291</td><td>489<br>1,291</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>-</td></tr><tr><td>4/1/46</td><td>7/8% Certificate - 4/1/46....</td><td>4/1/45</td><td>4,811</td><td>1,991</td><td>2,820</td><td>2,820</td><td>-</td><td>2/1</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>5/1/46</td><td>7/8% Certificate - 5/1/46....</td><td>5/1/45</td><td>1,579</td><td>1,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46....</td><td>6/1/45</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>2/1</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3% Treas. bond - 6/15/46-18.<br>3-1/8% Treas. bond - 6/15/46-19.</td><td>6/15/34<br>6/15/31</td><td>1,036<br>819</td><td>1,036<br>819</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>-<br>-</td><td>-</td></tr><tr><td>7/1/46</td><td>.90% Treas. note - 7/1/46....</td><td>6/1/45</td><td>4,910</td><td>1,994</td><td>2,916</td><td>2,916</td><td>-</td><td>2/1</td><td>7/8% Certificate - 7/1/47</td></tr><tr><td>8/1/46</td><td>7/8% Certificate - 8/1/46....</td><td>8/1/45</td><td>2,470</td><td>1,246</td><td>1,223</td><td>1,223</td><td>-</td><td>2/1</td><td>7/8% Certificate - 8/1/47</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46....</td><td>9/1/45</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>2/1</td><td>7/8% Certificate - 9/1/47</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46....</td><td>10/1/45</td><td>3,440</td><td>2,000</td><td>1,440</td><td>1,440</td><td>-</td><td>2/1</td><td>7/8% Certificate - 10/1/47</td></tr><tr><td>11/1/46</td><td>7/8% Certificate - 11/1/46....</td><td>12/1/45</td><td>3,778</td><td>2,003</td><td>1,775</td><td>1,775</td><td>-</td><td>2/1</td><td>7/8% Certificate - 11/1/47</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46....</td><td>12/3/45</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>487</td><td>87</td><td>7/8% Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46....</td><td>6/5/42</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47....<br>7/8% Certificate - 1/1/47....</td><td>1/1/17<br>1/1/46</td><td>13<br>3,330</td><td>13<br>-</td><td>-<br>3,330</td><td>-<br>3,134</td><td>196</td><td>94</td><td>7/8% Certificate - 1/1/48</td></tr><tr><td>2/1/47</td><td>7/8% Certificate - 2/1/47....</td><td>2/1/46</td><td>4,954</td><td>1,007</td><td>3,947</td><td>3,947</td><td>-</td><td>2/1</td><td>7/8% Certificate - 2/1/48</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 3/1/47....</td><td>3/1/46</td><td>3,133</td><td>991</td><td>2,142</td><td>2,142</td><td>-</td><td>2/1</td><td>7/8% Certificate - 3/1/48</td></tr><tr><td>3/15/47</td><td>1-1/4% Treas. note - 3/15/47....</td><td>6/26/44</td><td>1,948</td><td>1,948</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4/1/47</td><td>7/8% Certificate - 4/1/47....</td><td>4/1/46</td><td>2,820</td><td>1,499</td><td>1,321</td><td>1,321</td><td>-</td><td>2/1</td><td>7/8% Certificate - 4/1/48</td></tr><tr><td>6/1/47</td><td>7/8% Certificate - 6/1/47....</td><td>6/1/46</td><td>2,775</td><td>998</td><td>1,777</td><td>1,777</td><td>-</td><td>2/1</td><td>7/8% Certificate - 6/1/48</td></tr><tr><td>7/1/47</td><td>7/8% Certificate - 7/1/47....</td><td>7/1/46</td><td>2,916</td><td>-</td><td>2,916</td><td>2,742</td><td>174</td><td>94</td><td>7/8% Certificate - 7/1/48</td></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47....</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>97</td><td>92</td><td>7/8% Certificate - 7/1/48</td></tr><tr><td>9/1/47</td><td>7/8% Certificate - 9/1/47....</td><td>9/1/46</td><td>2,341</td><td>-</td><td>2,341</td><td>2,208p</td><td>133p</td><td>94p</td><td>7/8% Certificate - 7/1/48</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47....<br>1-1/4% Treas. note - 9/15/47....</td><td>7/12/43<br>12/1/44</td><td>2,707<br>1,687</td><td>-<br>-</td><td>2,707<br>1,687</td><td>a.s.<br>a.s.</td><td>a.s.<br>a.s.</td><td>a.s.<br>a.s.</td><td>1% Treas. note - 10/1/48</td></tr></table>
Source: Bureau of the Public Debt.
n.a. Not available.
p Preliminary.
1/ Original call and maturity dates are used.
2/ 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.
30
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>Date of issue</th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bids accepted Amount on competitive base</th><th>Amount on fixed-price base 1/</th><th>le exchange</th><th>Amount of asturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><td>1947-Feb. 6.</td><td>1947-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>1,289.5</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>1,301.5</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>17,047.5</td></tr><tr><td>Mar. 13.</td><td>June 12.</td><td>91</td><td>1,836.5</td><td>1,305.5</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>1,316.5</td><td>1,295.4</td><td>21.1</td><td>-</td><td>1,308.9</td><td>17,046.3</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>1,285.3</td><td>22.2</td><td>-</td><td>1,316.5</td><td>17,038.4</td></tr><tr><td>Apr. 3.</td><td>July 3.</td><td>91</td><td>1,721.5</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>16,100.5</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>15,993.5</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><tr><td>July 3.</td><td>Oct. 2.</td><td>91</td><td>1,841.3</td><td>1,302.7</td><td>1,288.8</td><td>13.9</td><td>810.4</td><td>1,303.2</td><td>15,774.4</td></tr><tr><td>July 10.</td><td>Oct. 9.</td><td>91</td><td>1,661.9</td><td>1,300.0</td><td>1,286.2</td><td>13.9</td><td>1,141.4</td><td>1,314.5</td><td>15,760.0</td></tr><tr><td>July 17.</td><td>Oct. 16.</td><td>91</td><td>1,552.3</td><td>1,101.8</td><td>1,086.6</td><td>15.2</td><td>830.3</td><td>1,108.4</td><td>15,753.4</td></tr><tr><td>July 24.</td><td>Oct. 23.</td><td>91</td><td>1,601.0</td><td>1,101.5</td><td>1,083.5</td><td>17.8</td><td>846.2</td><td>1,100.4</td><td>15,754.4</td></tr><tr><td>July 31.</td><td>Oct. 30.</td><td>91</td><td>1,671.4</td><td>1,101.9</td><td>1,082.2</td><td>19.7</td><td>867.8</td><td>1,099.9</td><td>15,756.5</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price per hundred.
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th>Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th></th><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1947-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><tr><td>July 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>July 10.</td><td>99.850</td><td>0.594</td><td>99.906</td><td>0.372</td><td>99.811</td><td>0.748</td></tr><tr><td>July 17.</td><td>99.81<sup>h</sup></td><td>0.737</td><td>99.906</td><td>0.372</td><td>99.810</td><td>0.752</td></tr><tr><td>July 24.</td><td>99.813</td><td>0.740</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr><tr><td>July 31.</td><td>99.813</td><td>0.740</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back
1/ Bank discount basis.
September 1947
31
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during
certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and series B bonds in 1946. Series C bonds began to mature in January 1947. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables, sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
After June 30, 1947, data on sales and redemptions classified by States will be published only at the end of each calendar year and each fiscal year.
Table 1.- Summary of Sales and Redemptions, by Series, as of July 31, 1947
<table><tr><th>United States savings 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><td colspan="7">(In millions of dollars)</td></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td>Matured 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>9</td><td>-</td><td>3/</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>435</td><td>28</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>681</td><td>37</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>238</td><td>1,248</td><td>528</td><td>-</td><td>720</td><td>42.31</td></tr><tr><td>Series D</td><td>2,365</td><td>386</td><td>2,751</td><td>520</td><td>-</td><td>2,231</td><td>18.91</td></tr><tr><td>Total, Series C and D</td><td>3,375</td><td>624</td><td>3,999</td><td>1,048</td><td>-</td><td>2,951</td><td>26.21</td></tr><tr><td>Series I</td><td>46,739</td><td>1,445</td><td>48,184</td><td>17,351</td><td>-</td><td>30,833</td><td>36.01</td></tr><tr><td>Series Y</td><td>3,534</td><td>117</td><td>3,651</td><td>536</td><td>-</td><td>3,115</td><td>14.68</td></tr><tr><td>Series O</td><td>15,939</td><td>-</td><td>15,939</td><td>1,286</td><td>-</td><td>14,653</td><td>8.07</td></tr><tr><td>Total, Series I, Y, and O</td><td>66,213</td><td>1,561</td><td>67,774</td><td>19,173</td><td>-</td><td>48,601</td><td>28.29</td></tr><tr><td>Total, Series C-O</td><td>69,588</td><td>2,185</td><td>71,773</td><td>20,222</td><td>-</td><td>51,552</td><td>28.17</td></tr><tr><td>Total, Series A-O</td><td>70,162</td><td>2,330</td><td>72,492</td><td>20,903</td><td>37</td><td>51,552</td><td>3/</td></tr></table>
Source: Daily Treasury Statement. 1/ Beginning with June 1947, Series E sales include small amounts of sales not classified by series. 2/ Series E redemptions include small amounts of unclassified Series A-D
Redemptions beginning with October 1944, and small amounts also of unclassified Series F and G redemptions, beginning with June 1947. Not calculated for matured series.
32
Treasury Bulletin
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></table>
(In millions of dollars)
<table><tr><th colspan="9">All series</th></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>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><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>.68</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>July</td><td>559</td><td>80</td><td>639</td><td>457</td><td>n.a.</td><td>n.a.</td><td>37</td><td>51,552</td><td>.89</td></tr><tr><td>Total, inception to July 31, 1947...</td><td>70,162</td><td>2,330</td><td>78,492</td><td>20,903</td><td>n.a.</td><td>n.a.</td><td>37</td><td>51,552</td><td>-</td></tr></table>
Series A-D
<table><tr><th>Fiscal years:</th><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>1482</td><td>n.a.</td><td>n.a.</td><td>40</td><td>2,968</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><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><th>Months:</th><td></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>July</td><td>*</td><td>17</td><td>17</td><td>37</td><td>n.a.</td><td>n.a.</td><td>37</td><td>2,951</td><td>1.25</td></tr><tr><td>Total, inception to July 31, 1947</td><td>3,949</td><td>769</td><td>4,717</td><td>1,729</td><td>n.a.</td><td>n.a.</td><td>37</td><td>2,951</td><td></td></tr></table>
(Continued on following page)
September 1947
33
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 E, F, and O</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>1</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>15,438</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>1</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>July</td><td>559</td><td>63</td><td>622</td><td>420</td><td>n.a.</td><td>n.a.</td><td>48,601</td><td>.86</td></tr><tr><td>Total, inception to July 31, 1947</td><td>66,213</td><td>1,561</td><td>67,774</td><td>19,173</td><td>n.a.</td><td>n.a.</td><td>48,601</td><td>-</td></tr><tr><td colspan="9">Series I</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>1</td><td>1</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>1</td><td>3,611</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 r.</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>n.a.</td><td>n.a.</td><td>30,791</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>1</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 r.</td><td>301</td><td>61</td><td>362</td><td>338</td><td>n.a.</td><td>n.a.</td><td>30,791</td><td>1.10</td></tr><tr><td>July</td><td>339</td><td>57</td><td>396</td><td>354</td><td>n.a.</td><td>n.a.</td><td>30,833</td><td>1.15</td></tr><tr><td>Total, inception to July 31, 1947</td><td>46,739</td><td>1,445</td><td>48,184</td><td>17,351</td><td>n.a.</td><td>n.a.</td><td>30,833</td><td>-</td></tr></table>
(Continued on following page)
Treasury Bulletin
34
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>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series 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>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947 r</td><td>360</td><td>47</td><td>407</td><td>203</td><td>n.a.</td><td>n.a.</td><td>3,099</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>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><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>.46</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 r</td><td>24</td><td>6</td><td>30</td><td>18</td><td>n.a.</td><td>n.a.</td><td>3,099</td><td>.59</td></tr><tr><td>July</td><td>27</td><td>6</td><td>33</td><td>17</td><td>n.a.</td><td>n.a.</td><td>3,115</td><td>.55</td></tr><tr><td>Total, inception to July 31, 1947</td><td>3,534</td><td>117</td><td>3,651</td><td>536</td><td>n.a.</td><td>n.a.</td><td>3,115</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>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947 r</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</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 r</td><td>157</td><td>-</td><td>157</td><td>47</td><td>47</td><td>-</td><td>14,508</td><td>.32</td></tr><tr><td>July</td><td>193</td><td>-</td><td>193</td><td>48</td><td>48</td><td>-</td><td>14,653</td><td>.33</td></tr><tr><td>Total, inception to July 31, 1947</td><td>15,939</td><td>-</td><td>15,939</td><td>1,286</td><td>1,286</td><td>-</td><td>14,653</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.e. Not available. r Revised. * Less than $500,000. See footnotes to table 1.
September 1947
35
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="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 3/1</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/3</th><th>$50</th><th>$100 and $200 3/1</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="12">Series B</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td></td></tr><tr><td>1942</td><td>3,526</td><td></td><td>616</td><td>342</td><td>813</td><td></td><td>637</td><td>1,119</td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</td><td></td></tr><tr><td>1943</td><td>8,271</td><td></td><td>2,988</td><td>1,081</td><td>1,714</td><td></td><td>1,007</td><td>1,481</td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td></td></tr><tr><td>1944</td><td>11,820</td><td></td><td>4,149</td><td>1,542</td><td>2,584</td><td></td><td>1,397</td><td>2,048</td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td></td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td></td><td>1,326</td><td>2,100</td><td></td><td></td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td></td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td></td><td></td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td><td></td></tr><tr><td>1947 r.</td><td>4,287</td><td>16</td><td>860</td><td>409</td><td>585</td><td>120</td><td>617</td><td>1,633</td><td></td><td></td><td>100.0</td><td>20.5</td><td>9.5</td><td>16.4</td><td>53.6</td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td></td><td>114</td><td>93</td><td>258</td><td></td><td>229</td><td>450</td><td></td><td></td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td></td></tr><tr><td>1942</td><td>5,989</td><td></td><td>1,769</td><td>712</td><td>1,338</td><td></td><td>856</td><td>1,313</td><td></td><td></td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td></td></tr><tr><td>1943</td><td>10,344</td><td></td><td>3,729</td><td>1,390</td><td>2,169</td><td></td><td>1,253</td><td>1,815</td><td></td><td></td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td></td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,281</td><td>1,797</td><td>2,706</td><td></td><td>1,446</td><td>2,163</td><td></td><td></td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td></td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td></td><td></td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td></td></tr><tr><td>1946</td><td>4,466</td><td>31</td><td>1,177</td><td>516</td><td>637</td><td>138</td><td>564</td><td>1,402</td><td></td><td></td><td>100.0</td><td>27.4</td><td>11.6</td><td>17.4</td><td>43.9</td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>535</td><td>1</td><td>77</td><td>18</td><td>61</td><td>17</td><td>83</td><td>257</td><td></td><td></td><td>100.0</td><td>14.7</td><td>7.1</td><td>14.7</td><td>63.5</td><td></td></tr><tr><td>Feb.</td><td>394</td><td>1</td><td>63</td><td>32</td><td>49</td><td>10</td><td>59</td><td>179</td><td></td><td></td><td>100.0</td><td>16.3</td><td>8.1</td><td>15.1</td><td>60.5</td><td></td></tr><tr><td>Mar.</td><td>372</td><td>1</td><td>68</td><td>34</td><td>50</td><td>10</td><td>54</td><td>156</td><td></td><td></td><td>100.0</td><td>18.4</td><td>9.1</td><td>16.0</td><td>56.5</td><td></td></tr><tr><td>Apr.</td><td>349</td><td>1</td><td>67</td><td>33</td><td>47</td><td>9</td><td>50</td><td>141</td><td></td><td></td><td>100.0</td><td>19.4</td><td>9.5</td><td>16.3</td><td>54.8</td><td></td></tr><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><td></td></tr><tr><td>June r.</td><td>301</td><td>1</td><td>58</td><td>30</td><td>44</td><td>9</td><td>43</td><td>116</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><td></td></tr><tr><td>July</td><td>339</td><td>1</td><td>61</td><td>32</td><td>49</td><td>10</td><td>51</td><td>137</td><td></td><td></td><td>100.0</td><td>18.1</td><td>9.4</td><td>17.3</td><td>55.2</td><td></td></tr><tr><td>Total, inception to July 31, 1947</td><td>46,739</td><td>149</td><td>14,717</td><td>6,154</td><td>9,293</td><td>327</td><td>5,849</td><td>10,250</td><td></td><td></td><td>100.0</td><td>31.8</td><td>13.2</td><td>20.6</td><td>34.4</td><td></td></tr><tr><td colspan="12">Series Y and O</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>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>1.2</td><td>23.7</td><td>75.1</td><td></td></tr><tr><td>1942</td><td>2,467</td><td></td><td>1</td><td>71</td><td></td><td>141</td><td>702</td><td>498</td><td>1,055</td><td></td><td>100.0</td><td>*</td><td>2.9</td><td>34.1</td><td>63.0</td><td></td></tr><tr><td>1943</td><td>3,517</td><td></td><td>4</td><td>106</td><td></td><td>289</td><td>1,016</td><td>696</td><td>1,466</td><td></td><td>100.0</td><td>1</td><td>3.0</td><td>35.4</td><td>61.5</td><td></td></tr><tr><td>1944</td><td>3,678</td><td></td><td>6</td><td>134</td><td></td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td></td><td>100.0</td><td>2</td><td>3.6</td><td>39.3</td><td>56.9</td><td></td></tr><tr><td>1945</td><td>3,337</td><td></td><td>5</td><td>109</td><td></td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td></td><td>100.0</td><td>2</td><td>3.3</td><td>37.9</td><td>58.6</td><td></td></tr><tr><td>1946</td><td>2,873</td><td></td><td>2</td><td>61</td><td></td><td>179</td><td>901</td><td>556</td><td>1,172</td><td></td><td>100.0</td><td>1</td><td>2.1</td><td>37.6</td><td>60.2</td><td></td></tr><tr><td>1947 p.r.</td><td>2,920</td><td></td><td>1</td><td>43</td><td></td><td>164</td><td>921</td><td>607</td><td>1,184</td><td></td><td>100.0</td><td>*</td><td>1.5</td><td>37.2</td><td>61.3</td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td></td><td></td><td>26</td><td></td><td>57</td><td>355</td><td>279</td><td>676</td><td></td><td>100.0</td><td></td><td>1.8</td><td>29.6</td><td>68.6</td><td></td></tr><tr><td>1942</td><td>3,168</td><td></td><td>3</td><td>98</td><td></td><td>196</td><td>906</td><td>634</td><td>1,331</td><td></td><td>100.0</td><td>1</td><td>3.1</td><td>34.8</td><td>62.0</td><td></td></tr><tr><td>1943</td><td>3,385</td><td></td><td>5</td><td>123</td><td></td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td></td><td>100.0</td><td>1</td><td>3.6</td><td>40.9</td><td>55.4</td><td></td></tr><tr><td>1944</td><td>3,664</td><td></td><td>6</td><td>131</td><td></td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td></td><td>100.0</td><td>2</td><td>3.6</td><td>38.5</td><td>57.7</td><td></td></tr><tr><td>1945</td><td>3,115</td><td></td><td>4</td><td>84</td><td></td><td>215</td><td>933</td><td>537</td><td>1,342</td><td></td><td>100.0</td><td>1</td><td>2.7</td><td>36.8</td><td>60.4</td><td></td></tr><tr><td>1946</td><td>2,962</td><td></td><td>1</td><td>47</td><td></td><td>166</td><td>928</td><td>611</td><td>1,208</td><td></td><td>100.0</td><td>*</td><td>1.6</td><td>36.9</td><td>61.5</td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>417</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>1.0</td><td>28.2</td><td>70.8</td><td></td></tr><tr><td>Feb.</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>1.2</td><td>31.3</td><td>67.5</td><td></td></tr><tr><td>Mar.</td><td>244</td><td>*</td><td>*</td><td>4</td><td></td><td>14</td><td>78</td><td>52</td><td>97</td><td></td><td>100.0</td><td>*</td><td>1.4</td><td>37.6</td><td>61.0</td><td></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>1.3</td><td>33.8</td><td>64.9</td><td></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>1.5</td><td>38.3</td><td>60.2</td><td></td></tr><tr><td>June p.r.</td><td>181</td><td>*</td><td>*</td><td>3</td><td></td><td>10</td><td>60</td><td>41</td><td>68</td><td></td><td>100.0</td><td>*</td><td>1.5</td><td>38.4</td><td>60.1</td><td></td></tr><tr><td>July</td><td>220</td><td>*</td><td>*</td><td>3</td><td></td><td>14</td><td>76</td><td>52</td><td>75</td><td></td><td>100.0</td><td>*</td><td>1.6</td><td>40.6</td><td>57.8</td><td></td></tr><tr><td>Total, inception to July 31, 1947</td><td>19,474</td><td>19</td><td></td><td>533</td><td></td><td>1,285</td><td>5,879</td><td>3,772</td><td>7,985</td><td></td><td>100.0</td><td>1</td><td>2.7</td><td>36.8</td><td>60.4</td><td></td></tr></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 P bonds was authorized in December 1941. 3/ Sale of $200 denomination Series B bonds began in October 1945.
Treasury Bulletin
36
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 July 31, 1947
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>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>30,330</td><td>24,716</td><td>5,957</td><td>18,759</td><td>22</td><td>5,592</td></tr><tr><td>Total</td><td>35,680</td><td>30,062</td><td>6,204</td><td>23,857</td><td>27</td><td>5,592</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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><tr><td>July</td><td>231</td><td>201</td><td>133</td><td>68</td><td>22</td><td>5,592</td></tr></table>
Source: Daily Treasury Statement.
September 1947
37
OWNERSHIP OF GOVERNMENT SECURITIES
38
Treasury Bulletin
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(in millions of dollars)
<table><tr><th rowspan="3">End of fiscal year or month</th><th rowspan="3">Total amount outstanding</th><th colspan="7">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th colspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="2">Private investors 2/</th></tr><tr><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues 1/</th><th>Special issues</th><th>Total public marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmatured outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues 1/</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>3,170</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>10,872</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>56,141</td><td>467</td><td>9</td><td>-</td><td>34</td><td>124</td></tr><tr><td>1947</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>-</td><td>37</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>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>-</td><td>37</td><td>45</td></tr><tr><td>July.</td><td>256,321</td><td>33,349 p</td><td>4,797 p</td><td>36 p</td><td>28,516</td><td>21,549</td><td>201,422 p</td><td>142,162 p</td><td>59,260 p</td><td>74</td><td>2 p</td><td>-</td><td>32 p</td><td>40</td></tr></table>
(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. Excludes obligations held by the Treasury and matured securities. The total amount of securities held by private investors is calcu-
listed 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.
September 1947
39
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.6</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</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>46.1</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</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><tr><td>June p</td><td>255.2</td><td>92.0</td><td>70.1</td><td>21.9</td><td>163.2</td><td>65.8</td><td>25.0</td><td>12.1</td><td>21.1</td><td>6.4</td><td>32.8</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.
5/ Includes earnings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(in millions of dollars)
<table><tr><th></th><th colspan="10">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>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>-20.1</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>-609.1</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.
40
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947
The tables in Section I present summary data as of June 30, 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
(lo millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="4">Banks 1/</th><th>Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,318 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>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable.......................</td><td>168,740</td><td>62,506</td><td>455</td><td>11,845</td><td>20,865</td><td>3,104</td><td>27,281</td><td>42,685</td></tr><tr><td>Non-marketable 4/....................</td><td>59,090</td><td>1,216</td><td>12</td><td>290</td><td>139</td><td>239</td><td>35</td><td>57,113</td></tr><tr><td>Total public securities.............</td><td>227,830</td><td>63,722</td><td>466</td><td>12,135</td><td>21,004</td><td>3,343</td><td>27,316</td><td>99,798</td></tr><tr><td>Special issues.....................</td><td>27,366</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,366</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/........</td><td>255,197</td><td>63,722</td><td>466</td><td>12,135</td><td>21,004</td><td>3,343</td><td>54,682</td><td>99,798</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
4. C.C.C. demand obligations in the amount of $15 million, all held by commercial banks, are shown only in total amount outstanding; data for reporting banks are not available.
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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,318 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>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Per values - in millions of dollars
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>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>15,775</td><td>787</td><td>-</td><td>1</td><td>-</td><td>1</td><td>14,506</td><td>480</td></tr><tr><td>Certificates of indebtedness</td><td>25,296</td><td>8,520</td><td>16</td><td>249</td><td>164</td><td>198</td><td>6,328</td><td>9,821</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>4,839</td><td>16</td><td>183</td><td>157</td><td>128</td><td>376</td><td>2,445</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>1,267</td><td>201</td><td>8,300</td><td>16,753</td><td>1,350</td><td>4,243</td><td>17,522</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>47,068</td><td>220</td><td>3,107</td><td>3,777</td><td>1,425</td><td>1,790</td><td>12,299</td></tr><tr><td>Postal savings and other bonds</td><td>166</td><td>13</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>114</td></tr><tr><td>Guaranteed by United States 5/</td><td>38</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Total</td><td>168,740</td><td>62,506</td><td>455</td><td>11,845</td><td>20,865</td><td>3,104</td><td>27,281</td><td>42,685</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>52,442</td><td>16,237</td><td>32</td><td>624</td><td>403</td><td>383</td><td>21,204</td><td>13,559</td></tr><tr><td>1 to 5 years</td><td>42,522</td><td>29,824</td><td>97</td><td>1,573</td><td>1,908</td><td>764</td><td>1,167</td><td>1,189</td></tr><tr><td>5 to 10 years</td><td>18,932</td><td>11,477</td><td>100</td><td>1,244</td><td>1,535</td><td>467</td><td>463</td><td>3,546</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,200</td><td>84</td><td>2,944</td><td>2,079</td><td>790</td><td>455</td><td>4,774</td></tr><tr><td>15 to 20 years</td><td>27,076</td><td>208</td><td>94</td><td>3,806</td><td>11,869</td><td>399</td><td>2,998</td><td>7,702</td></tr><tr><td>Over 20 years</td><td>14,405</td><td>2,548</td><td>46</td><td>1,650</td><td>3,058</td><td>301</td><td>993</td><td>5,810</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>38</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Total</td><td>168,740</td><td>62,506</td><td>455</td><td>11,845</td><td>20,865</td><td>3,104</td><td>27,281</td><td>42,685</td></tr><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>166</td><td>13</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>114</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>18,078</td><td>13,291</td><td>93</td><td>91</td><td>99</td><td>574</td><td>1,227</td><td>2,702</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>150,496</td><td>49,202</td><td>361</td><td>11,753</td><td>20,766</td><td>2,528</td><td>26,018</td><td>39,868</td></tr><tr><td>Total</td><td>168,740</td><td>62,506</td><td>455</td><td>11,845</td><td>20,865</td><td>3,104</td><td>27,281</td><td>42,685</td></tr></table>
(Continued on following page)
September 1947
41
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors</th></tr><tr><th>7,318 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>538 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: 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>9.3</td><td>1.3</td><td>-</td><td>2.1</td><td>0.8</td><td>6.4</td><td>53.2</td><td>1.1</td></tr><tr><td>Certificates of indebtedness</td><td>15.0</td><td>13.6</td><td>3.6</td><td>1.5</td><td>8</td><td>4.1</td><td>23.2</td><td>23.0</td></tr><tr><td>Treasury notes</td><td>4.8</td><td>7.7</td><td>3.5</td><td>1.5</td><td>8</td><td>4.1</td><td>1.4</td><td>5.7</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>29.4</td><td>2.0</td><td>14.2</td><td>70.1</td><td>80.3</td><td>43.5</td><td>15.6</td><td>41.1</td></tr><tr><td>Treasury bonds - bank eligible</td><td>41.3</td><td>75.3</td><td>48.3</td><td>26.2</td><td>18.1</td><td>45.9</td><td>6.6</td><td>28.8</td></tr><tr><td>Postal savings and other bonds</td><td>1.1</td><td>-</td><td>1.4</td><td>1.1</td><td>1.1</td><td>1.1</td><td>1.1</td><td>1.3</td></tr><tr><td>Quaranteed 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>100.0</td></tr><tr><td>Call classes: Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>31.1</td><td>26.0</td><td>7.1</td><td>5.3</td><td>1.9</td><td>12.3</td><td>77.7</td><td>31.3</td></tr><tr><td>1 to 5 years</td><td>25.2</td><td>47.7</td><td>21.3</td><td>13.3</td><td>9.1</td><td>24.6</td><td>4.3</td><td>16.8</td></tr><tr><td>5 to 10 years</td><td>11.2</td><td>18.4</td><td>22.0</td><td>10.5</td><td>7.4</td><td>15.0</td><td>1.7</td><td>8.5</td></tr><tr><td>10 to 15 years</td><td>7.9</td><td>3.5</td><td>18.5</td><td>24.9</td><td>10.0</td><td>25.5</td><td>1.7</td><td>11.2</td></tr><tr><td>15 to 20 years</td><td>16.0</td><td>3.3</td><td>20.7</td><td>32.1</td><td>56.9</td><td>12.8</td><td>11.0</td><td>18.0</td></tr><tr><td>Over 20 years</td><td>8.5</td><td>4.1</td><td>10.0</td><td>13.9</td><td>14.7</td><td>9.7</td><td>3.6</td><td>13.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>-</td><td>-</td><td>1.4</td><td>-</td><td>1.1</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>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>1.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>10.7</td><td>21.3</td><td>20.6</td><td>8</td><td>5</td><td>13.5</td><td>4.5</td><td>6.3</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>89.2</td><td>73.7</td><td>79.4</td><td>99.2</td><td>99.5</td><td>81.5</td><td>95.4</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: 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>5.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>92.0</td><td>3.0</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>33.7</td><td>1.1</td><td>1.0</td><td>1.6</td><td>1.8</td><td>25.0</td><td>38.8</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>59.4</td><td>2</td><td>2.3</td><td>1.9</td><td>1.6</td><td>4.6</td><td>30.0</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>100.0</td><td>2.6</td><td>16.7</td><td>33.8</td><td>33.8</td><td>2.7</td><td>8.5</td><td>35.3</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.5</td><td>4.5</td><td>5.4</td><td>5.4</td><td>2.0</td><td>2.6</td><td>17.6</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.1</td><td>-</td><td>1.1</td><td>1.1</td><td>1.8</td><td>22.0</td><td>69.0</td></tr><tr><td>Quaranteed by United States 5/</td><td>100.0</td><td>31.5</td><td>4.7</td><td>10.4</td><td>35.8</td><td>2.8</td><td>4.5</td><td>10.4</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>3</td><td>7.0</td><td>12.4</td><td>1.8</td><td>16.2</td><td>25.3</td></tr><tr><td>Call classes: 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>31.0</td><td>1.1</td><td>1.2</td><td>1.8</td><td>1.8</td><td>40.4</td><td>25.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.1</td><td>2</td><td>3.7</td><td>4.5</td><td>1.8</td><td>2.7</td><td>16.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>60.6</td><td>2</td><td>6.6</td><td>8.1</td><td>2.5</td><td>2.4</td><td>19.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>16.5</td><td>2</td><td>22.1</td><td>15.6</td><td>5.9</td><td>3.4</td><td>35.8</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>1.8</td><td>3</td><td>14.1</td><td>43.8</td><td>1.5</td><td>11.1</td><td>28.4</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>17.7</td><td>3</td><td>11.5</td><td>21.2</td><td>2.1</td><td>6.9</td><td>40.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>31.5</td><td>4.7</td><td>10.4</td><td>35.8</td><td>2.3</td><td>4.5</td><td>10.4</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>3</td><td>7.0</td><td>12.4</td><td>1.8</td><td>16.2</td><td>25.3</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>8.1</td><td>-</td><td>-</td><td>1.1</td><td>1.8</td><td>22.0</td><td>68.9</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>73.5</td><td>5</td><td>5</td><td>5</td><td>3.2</td><td>6.8</td><td>14.9</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>32.7</td><td>2</td><td>7.8</td><td>13.8</td><td>1.7</td><td>17.3</td><td>26.5</td></tr><tr><td>Total</td><td>100.0</td><td>37.0</td><td>3</td><td>7.0</td><td>12.4</td><td>1.8</td><td>16.2</td><td>25.3</td></tr></table>
(Continued on following page)
42
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 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>Issues (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>7,318 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>15,775</td><td>787</td><td>-</td><td>1</td><td>-</td><td>1</td><td>14,506</td><td>480</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/8% July 1947.................... (taxable)</td><td>2,916</td><td>1,080</td><td>1</td><td>16</td><td>38</td><td>18</td><td>666</td><td>1,097</td></tr><tr><td>7/8% August 1947.................. (taxable)</td><td>1,223</td><td>560</td><td>1</td><td>22</td><td>4</td><td>9</td><td>261</td><td>366</td></tr><tr><td>7/8% September 1947................ (taxable)</td><td>2,341</td><td>684</td><td>4</td><td>22</td><td>10</td><td>28</td><td>885</td><td>708</td></tr><tr><td>7/8% October 1947.................. (taxable)</td><td>1,440</td><td>573</td><td>1</td><td>28</td><td>5</td><td>17</td><td>248</td><td>568</td></tr><tr><td>7/8% November 1947................ (taxable)</td><td>1,775</td><td>673</td><td>1</td><td>19</td><td>14</td><td>15</td><td>382</td><td>671</td></tr><tr><td>7/8% December 1947................ (taxable)</td><td>3,281</td><td>772</td><td>*</td><td>26</td><td>6</td><td>29</td><td>223</td><td>2,224</td></tr><tr><td>7/8% January 1948.................. (taxable)</td><td>3,134</td><td>1,345</td><td>1</td><td>44</td><td>14</td><td>19</td><td>779</td><td>932</td></tr><tr><td>7/8% February 1948................ (taxable)</td><td>3,947</td><td>1,075</td><td>3</td><td>32</td><td>48</td><td>26</td><td>1,784</td><td>978</td></tr><tr><td>7/8% March 1948.................... (taxable)</td><td>2,142</td><td>892</td><td>2</td><td>26</td><td>21</td><td>19</td><td>456</td><td>726</td></tr><tr><td>7/8% April 1948.................... (taxable)</td><td>1,321</td><td>456</td><td>1</td><td>4</td><td>1</td><td>6</td><td>325</td><td>528</td></tr><tr><td>7/8% June 1948..................... (taxable)</td><td>1,777</td><td>410</td><td>1</td><td>10</td><td>4</td><td>11</td><td>318</td><td>1,024</td></tr><tr><td>Total certificates of indebtedness</td><td>25,296</td><td>8,520</td><td>16</td><td>249</td><td>164</td><td>198</td><td>6,328</td><td>9,821</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>1-1/4% September 1947............ (taxable)</td><td>1,687</td><td>658</td><td>5</td><td>55</td><td>15</td><td>38</td><td>17</td><td>899</td></tr><tr><td>1-1/2% September 1947............ (taxable)</td><td>2,707</td><td>1,733</td><td>3</td><td>72</td><td>136</td><td>24</td><td>57</td><td>683</td></tr><tr><td>1-1/2% September 1948............ (taxable)</td><td>3,748</td><td>2,448</td><td>7</td><td>57</td><td>5</td><td>65</td><td>302</td><td>863</td></tr><tr><td>Total Treasury notes</td><td>8,142</td><td>4,839</td><td>16</td><td>183</td><td>157</td><td>128</td><td>376</td><td>2,445</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td>Bank restricted 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62............. (taxable)</td><td>5,284</td><td>96</td><td>35</td><td>1,836</td><td>594</td><td>338</td><td>210</td><td>2,175</td></tr><tr><td>2-1/4% December 1959-62........ (taxable)</td><td>3,470</td><td>288</td><td>24</td><td>681</td><td>344</td><td>280</td><td>1</td><td>1,853</td></tr><tr><td>2-1/2% June 1962-67............. (taxable)</td><td>2,118</td><td>8</td><td>5</td><td>415</td><td>1,095</td><td>54</td><td>151</td><td>390</td></tr><tr><td>2-1/2% December 1963-68........ (taxable)</td><td>2,831</td><td>2</td><td>6</td><td>573</td><td>1,350</td><td>64</td><td>221</td><td>616</td></tr><tr><td>2-1/2% June 1964-69............. (taxable)</td><td>3,761</td><td>2</td><td>18</td><td>827</td><td>1,608</td><td>51</td><td>269</td><td>986</td></tr><tr><td>2-1/2% December 1964-69........ (taxable)</td><td>3,838</td><td>5</td><td>16</td><td>593</td><td>1,643</td><td>63</td><td>362</td><td>1,156</td></tr><tr><td>2-1/2% March 1965-70............. (taxable)</td><td>5,197</td><td>62</td><td>17</td><td>384</td><td>2,526</td><td>54</td><td>715</td><td>1,440</td></tr><tr><td>2-1/2% March 1966-71............. (taxable)</td><td>3,481</td><td>58</td><td>13</td><td>239</td><td>1,584</td><td>26</td><td>651</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>1,191</td><td>3,157</td><td>141</td><td>779</td><td>2,595</td></tr><tr><td>2-1/2% December 1967-72........ (taxable)</td><td>11,689</td><td>667</td><td>43</td><td>1,562</td><td>2,852</td><td>280</td><td>883</td><td>5,402</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,267</td><td>201</td><td>8,300</td><td>16,753</td><td>1,350</td><td>4,243</td><td>17,522</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>408</td><td>1</td><td>7</td><td>11</td><td>20</td><td>40</td><td>273</td></tr><tr><td>2% December 1947................ (partially)</td><td>701</td><td>524</td><td>1</td><td>2</td><td>-</td><td>19</td><td>*</td><td>155</td></tr><tr><td>2% March 1948-50................. (taxable)</td><td>1,115</td><td>704</td><td>1</td><td>110</td><td>6</td><td>15</td><td>40</td><td>240</td></tr><tr><td>2-3/4% March 1948-51............ (partially)</td><td>1,223</td><td>865</td><td>2</td><td>25</td><td>4</td><td>28</td><td>155</td><td>145</td></tr><tr><td>1-3/4% June 1948................ (taxable)</td><td>3,062</td><td>2,028</td><td>3</td><td>103</td><td>66</td><td>38</td><td>25</td><td>798</td></tr><tr><td>2-1/2% September 1948............ (partially)</td><td>451</td><td>371</td><td>1</td><td>5</td><td>*</td><td>10</td><td>*</td><td>63</td></tr></table>
(Continued on following page)
September 1947
43
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th></th><th>Sold by all other investors 3/</th></tr><tr><th></th><th></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></th><th></th></tr><tr><th></th><th></th><th>7,318 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><th></th></tr><tr><td colspan="11">Treasury bonds-(continued)</td></tr><tr><td colspan="11">Bank eligible-(continued)</td></tr><tr><td>2/4 December 1948-50....(partially)</td><td>571</td><td>450</td><td>1</td><td>1</td><td>*</td><td>12</td><td>43</td><td>65</td></tr><tr><td>2/4 June 1949-51....(taxable)</td><td>1,014</td><td>751</td><td>1</td><td>63</td><td>48</td><td>8</td><td>8</td><td>134</td></tr><tr><td>2/4 September 1949-51....(taxable)</td><td>1,292</td><td>1,041</td><td>1</td><td>44</td><td>49</td><td>22</td><td>1</td><td>134</td></tr><tr><td>2/4 December 1949-51....(taxable)</td><td>2,098</td><td>1,538</td><td>5</td><td>58</td><td>128</td><td>27</td><td>1</td><td>341</td></tr><tr><td>3-1/8/4 December 1949-52....(partially)</td><td>491</td><td>371</td><td>1</td><td>3</td><td>11</td><td>14</td><td>40</td><td>53</td></tr><tr><td>2-1/2/4 December 1949-53....(partially)</td><td>1,786</td><td>1,384</td><td>3</td><td>5</td><td>2</td><td>33</td><td>175</td><td>184</td></tr><tr><td>2/4 March 1950-52....(taxable)</td><td>1,963</td><td>1,514</td><td>5</td><td>62</td><td>158</td><td>30</td><td>3</td><td>192</td></tr><tr><td>2/4 September 1950-52....(taxable)</td><td>4,939</td><td>3,286</td><td>8</td><td>183</td><td>350</td><td>67</td><td>42</td><td>1,003</td></tr><tr><td>2-1/2/4 September 1950-52....(partially)</td><td>1,186</td><td>1,021</td><td>2</td><td>6</td><td>1</td><td>51</td><td>87</td><td>17</td></tr><tr><td>1-1/2/4 December 1950....(taxable)</td><td>2,635</td><td>1,624</td><td>2</td><td>22</td><td>1</td><td>34</td><td>*</td><td>952</td></tr><tr><td>2-3/4/4 June 1951-54....(partially)</td><td>1,627</td><td>1,249</td><td>10</td><td>7</td><td>1</td><td>36</td><td>145</td><td>178</td></tr><tr><td>2/4 September 1951-53....(taxable)</td><td>7,986</td><td>5,421</td><td>22</td><td>409</td><td>517</td><td>151</td><td>47</td><td>1,418</td></tr><tr><td>2/4 September 1951-55....(partially)</td><td>755</td><td>430</td><td>1</td><td>3</td><td>1</td><td>29</td><td>71</td><td>219</td></tr><tr><td>2/4 December 1951-55....(taxable)</td><td>510</td><td>376</td><td>2</td><td>11</td><td>23</td><td>9</td><td>6</td><td>83</td></tr><tr><td>2-1/4/4 December 1951-53....(partially)</td><td>1,118</td><td>926</td><td>1</td><td>2</td><td>3</td><td>26</td><td>98</td><td>63</td></tr><tr><td>2-1/2/4 March 1952-54....(taxable)</td><td>1,024</td><td>554</td><td>*</td><td>209</td><td>38</td><td>14</td><td>39</td><td>169</td></tr><tr><td>2/4 June 1952-54....(taxable)</td><td>5,825</td><td>4,229</td><td>20</td><td>276</td><td>393</td><td>100</td><td>6</td><td>902</td></tr><tr><td>2/4 December 1952-54....(taxable)</td><td>8,662</td><td>5,888</td><td>24</td><td>476</td><td>580</td><td>147</td><td>14</td><td>1,533</td></tr><tr><td>2-1/4/4 June 1952-55....(taxable)</td><td>1,501</td><td>938</td><td>2</td><td>148</td><td>178</td><td>26</td><td>53</td><td>156</td></tr><tr><td>2/4 June 1953-55....(partially)</td><td>125</td><td>649</td><td>*</td><td>1</td><td>2</td><td>22</td><td>14</td><td>38</td></tr><tr><td>2-1/4/4 June 1954-56....(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>2-7/2/4 March 1955-60....(partially)</td><td>2,611</td><td>1,536</td><td>31</td><td>7</td><td>2</td><td>77</td><td>192</td><td>765</td></tr><tr><td>2-1/2/4 March 1956-58....(taxable)</td><td>1,449</td><td>767</td><td>9</td><td>100</td><td>344</td><td>13</td><td>36</td><td>181</td></tr><tr><td>2-3/4/4 September 1956-59....(partially)</td><td>982</td><td>731</td><td>16</td><td>4</td><td>11</td><td>48</td><td>59</td><td>113</td></tr><tr><td>2-1/4/4 September 1956-59....(taxable)</td><td>3,823</td><td>1,339</td><td>18</td><td>656</td><td>596</td><td>129</td><td>133</td><td>952</td></tr><tr><td>2-3/4/4 June 1958-63....(partially)</td><td>919</td><td>689</td><td>12</td><td>9</td><td>30</td><td>50</td><td>43</td><td>86</td></tr><tr><td>2-3/4/4 December 1960-65....(partially)</td><td>1,485</td><td>1,118</td><td>9</td><td>3</td><td>17</td><td>68</td><td>50</td><td>222</td></tr><tr><td>2-1/2/4 September 1967-72....(taxable)</td><td>2,716</td><td>1,881</td><td>2</td><td>87</td><td>205</td><td>21</td><td>110</td><td>409</td></tr><tr><td>Total bank eligible....................</td><td>69,686</td><td>47,068</td><td>220</td><td>3,107</td><td>3,777</td><td>1,425</td><td>1,790</td><td>12,299</td></tr><tr><td>Total Treasury bonds....................</td><td>119,323</td><td>48,335</td><td>421</td><td>11,407</td><td>20,531</td><td>2,775</td><td>6,033</td><td>29,821</td></tr><tr><td colspan="11">Postal savings mod other bonds</td></tr><tr><td>Postal savings bonds....-(wholly)</td><td>116</td><td>12</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>66</td></tr><tr><td>Panama Canal bonds....-(wholly)</td><td>90</td><td>2</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>48</td></tr><tr><td>Total postal savings and other bonds.....</td><td>166</td><td>13</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>114</td></tr><tr><td colspan="11">Guaranteed securities 5/</td></tr><tr><td>Federal Housing Administration debentures 8/....-(partially) (taxable)</td><td>6 32</td><td>12 12</td><td>2 2</td><td>4 4</td><td>14 14</td><td>1 1</td><td>2 2</td><td>4 4</td></tr><tr><td>Total guaranteed securities............</td><td>38</td><td>12</td><td>2</td><td>4</td><td>14</td><td>1</td><td>2</td><td>4</td></tr><tr><td>Total public marketable securities......</td><td>168,740</td><td>62,506</td><td>455</td><td>11,845</td><td>20,865</td><td>3,104</td><td>27,281</td><td>42,685</td></tr></table>
Note: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
Losses of $500,000 or less than .05%.
Securities held in trust departments are excluded.
Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See heading to this section.
Issues which commercial banks may not acquire prior to a specified
5/ date (with minor exceptions). See footnote 3, page 23. Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
7/ Includes an estimated amount of Federal Housing Administration debentures.
8/ Actual figures by tax status are available only for total amount outstanding.
44
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 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 rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investore covered in Treasury Survey</th><th rowspan="2">Held by all other investore 4/</th></tr><tr><th>7,318 commercial banks 3/</th><th>Banks 2/ 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>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D.....................(6/)</td><td>2,968</td><td>146</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,808</td></tr><tr><td>Series E.....................(taxable)</td><td>30,791</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,790</td></tr><tr><td>Series F.....................(taxable)</td><td>3,099</td><td>223</td><td>1</td><td>10</td><td>20</td><td>29</td><td>1</td><td>2,815</td></tr><tr><td>Series G.....................(taxable)</td><td>14,508</td><td>480</td><td>7</td><td>276</td><td>116</td><td>200</td><td>12</td><td>13,418</td></tr><tr><td>Total United States savings bonds</td><td>51,367</td><td>849</td><td>8</td><td>290</td><td>139</td><td>236</td><td>14</td><td>49,831</td></tr><tr><td>Treasury savings notes.........(taxable)</td><td>5,560</td><td>70</td><td>3</td><td>*</td><td>*</td><td>4</td><td>21</td><td>5,461</td></tr><tr><td>Depository bonds.............(taxable)</td><td>325</td><td>297</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>Armed Forces Leave bonds......(taxable)</td><td>1,793</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,793</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations 2/........(taxable)</td><td>45</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities 3/</td><td>59,090</td><td>1,216</td><td>12</td><td>290</td><td>139</td><td>239</td><td>35</td><td>57,113</td></tr></table>
Less than $500,000. See footnote 6, page 43. 
Securities held in trust departments are excluded. 
Includes trust companies. 
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section. 
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. 1/ E/ Guaranteed securities held by the Treasury are not included. C.C.C. demand obligations in the amount of $45 million, all held by commercial banks, are shown only in total amount outstanding; data for reporting banks are not available.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 4/</th></tr><tr><th>7,318 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>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>Federal Land Bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% October 1948-50......(taxable)</td><td>175</td><td>149</td><td>1</td><td>2</td><td></td><td>2</td><td>-</td><td>21</td></tr><tr><td>1-1/4% May 1950-52......(taxable)</td><td>210</td><td>154</td><td></td><td>2</td><td></td><td>2</td><td>-</td><td>54</td></tr><tr><td>1-1/2% January 1951-53......(taxable)</td><td>200</td><td>169</td><td></td><td></td><td>1</td><td>1</td><td>-</td><td>31</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>114</td><td>88</td><td></td><td>2</td><td>1</td><td>1</td><td>-</td><td>21</td></tr><tr><td>Total Federal Land Bank bonds</td><td>699</td><td>560</td><td>1</td><td>6</td><td>2</td><td>4</td><td>-</td><td>127</td></tr><tr><td>Federal Intermediate Credit Bank debentures......(taxable)</td><td>357</td><td>273</td><td></td><td>4</td><td>1</td><td>4</td><td>-</td><td>75</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4% April 1948......(taxable)</td><td>140</td><td>100</td><td></td><td>4</td><td></td><td>1</td><td>-</td><td>35</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,196</td><td>933</td><td>1</td><td>15</td><td>2</td><td>8</td><td>-</td><td>238</td></tr></table>
Less than $500,000.
1/ See footnotes 6, page 43.
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.
September 1947
45
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued) Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th>Classification</th><th>Total 7,318 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th>2,553 nonmember commercial banks</th></tr><tr><th></th><th>Total 4,765 member commercial banks</th><th colspan="4">Central reserve city banks</th><th>346 reserve city banks</th><th>4,368 country banks</th><th></th></tr><tr><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>62,506</td><td>55,203</td><td>15,149</td><td>12,315</td><td>2,834</td><td>20,270</td><td>19,784</td><td>7,303</td></tr><tr><td>Non-marketable 2/</td><td>1,216</td><td>925</td><td>84</td><td>66</td><td>18</td><td>165</td><td>676</td><td>291</td></tr><tr><td>Total public securities 2/</td><td>63,722</td><td>56,128</td><td>15,233</td><td>12,381</td><td>2,852</td><td>20,435</td><td>20,461</td><td>7,593</td></tr></table>
1/ includes trust companies but excludes securities held in trust departments.
2/ Excludes C.C.C. demand obligations in the amount of $45 million, all held by commercial banks; data for reporting banks are not available.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,318 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,553 nonmember commercial banks</th></tr><tr><th>Total 4,765 member commercial banks</th><th colspan="3">Central reserve city banks</th><th>346 reserve city banks</th><th>4,368 country banks</th></tr><tr><td></td><td></td><td>Total 51 central reserve city banks</td><td>37 New York City banks</td><td>14 Chicago banks</td><td></td><td></td><td></td></tr></table>
Par values - in millions of dollars
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>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>787</td><td>734</td><td>243</td><td>137</td><td>106</td><td>333</td><td>158</td><td>52</td></tr><tr><td>Certificates of indebtedness</td><td>8,520</td><td>7,121</td><td>1,519</td><td>1,151</td><td>368</td><td>3,031</td><td>2,571</td><td>1,399</td></tr><tr><td>Treasury notes</td><td>4,839</td><td>4,104</td><td>869</td><td>786</td><td>123</td><td>1,502</td><td>1,733</td><td>734</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,267</td><td>930</td><td>12</td><td>7</td><td>5</td><td>152</td><td>766</td><td>317</td></tr><tr><td>Treasury bonds - bank eligible</td><td>47,068</td><td>42,294</td><td>12,505</td><td>10,274</td><td>2,231</td><td>15,245</td><td>14,543</td><td>4,775</td></tr><tr><td>Postal savings and other bonds</td><td>13</td><td>10</td><td>*</td><td>-</td><td>-</td><td>3</td><td>7</td><td>4</td></tr><tr><td>Guaranteed by United States</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>62,506</td><td>55,203</td><td>15,149</td><td>12,315</td><td>2,834</td><td>20,270</td><td>19,784</td><td>7,303</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>16,237</td><td>14,025</td><td>3,746</td><td>3,012</td><td>734</td><td>5,609</td><td>4,670</td><td>2,213</td></tr><tr><td>1 to 5 years</td><td>29,824</td><td>26,583</td><td>7,694</td><td>6,471</td><td>1,223</td><td>9,464</td><td>9,425</td><td>3,241</td></tr><tr><td>5 to 10 years</td><td>11,477</td><td>10,312</td><td>2,985</td><td>2,412</td><td>573</td><td>3,716</td><td>3,610</td><td>1,165</td></tr><tr><td>10 to 15 years</td><td>2,200</td><td>1,967</td><td>512</td><td>268</td><td>244</td><td>819</td><td>636</td><td>233</td></tr><tr><td>15 to 20 years</td><td>208</td><td>118</td><td>2</td><td>1</td><td>1</td><td>18</td><td>128</td><td>61</td></tr><tr><td>Over 20 years</td><td>2,548</td><td>2,159</td><td>209</td><td>150</td><td>59</td><td>640</td><td>1,310</td><td>389</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>62,506</td><td>55,203</td><td>15,149</td><td>12,315</td><td>2,834</td><td>20,270</td><td>19,784</td><td>7,303</td></tr><tr><th>Tax status: 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>13</td><td>10</td><td>*</td><td>-</td><td>*</td><td>3</td><td>7</td><td>4</td></tr><tr><td>Partially exempt from Federal income taxes 4/</td><td>13,291</td><td>12,504</td><td>4,774</td><td>3,725</td><td>1,048</td><td>5,293</td><td>2,497</td><td>727</td></tr><tr><td>Subject to Federal income taxes 4/</td><td>49,202</td><td>42,630</td><td>10,375</td><td>8,590</td><td>1,785</td><td>14,974</td><td>17,281</td><td>6,572</td></tr><tr><td>Total</td><td>62,506</td><td>55,203</td><td>15,149</td><td>12,315</td><td>2,834</td><td>20,270</td><td>19,784</td><td>7,303</td></tr></table>
(Continued on following page)
46
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
table 2.- Public Marketable Interest-Bearing Securities - (Continued
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSIS, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,318 commercial banks 1/</th><th colspan="4">Number commercial banks</th><th rowspan="2">2,553 member commercial banks</th></tr><tr><th>Total 1,755 member commercial banks</th><th colspan="3">Central reserve city banks</th><th>346 reserve city banks</th><th>1,358 country banks</th></tr><tr><td></td><td></td><td>Total 51 central reserve city banks</td><td>37 New York City banks</td><td>14 Chicago banks</td><td></td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security</th><th>1</th><th>2</th><th>3</th><th>4</th><th>5</th><th>6</th><th>7</th><th>8</th></tr><tr><td>Issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>1.3</td><td>1.3</td><td>1.6</td><td>1.1</td><td>3.7</td><td>1.6</td><td>.8</td><td>.7</td></tr><tr><td>Certificates of indebtedness</td><td>13.5</td><td>12.9</td><td>10.0</td><td>9.3</td><td>13.0</td><td>15.0</td><td>13.0</td><td>19.2</td></tr><tr><td>Treasury notes</td><td>7.7</td><td>7.4</td><td>5.7</td><td>6.1</td><td>4.3</td><td>7.4</td><td>8.5</td><td>10.1</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>2.0</td><td>1.7</td><td>.1</td><td>.1</td><td>.2</td><td>.5</td><td>3.9</td><td>4.6</td></tr><tr><td>Treasury bonds - bank eligible</td><td>75.3</td><td>76.5</td><td>82.5</td><td>83.4</td><td>78.7</td><td>75.2</td><td>73.5</td><td>65.4</td></tr><tr><td>Postal savings and other bonds</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Guaranteed by United States</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>26.0</td><td>25.4</td><td>24.7</td><td>24.5</td><td>25.9</td><td>27.7</td><td>23.6</td><td>30.3</td></tr><tr><td>1 to 5 years</td><td>47.7</td><td>45.2</td><td>50.5</td><td>52.5</td><td>43.2</td><td>46.7</td><td>47.5</td><td>44.4</td></tr><tr><td>5 to 10 years</td><td>18.3</td><td>18.7</td><td>19.7</td><td>19.5</td><td>20.2</td><td>18.3</td><td>18.2</td><td>16.0</td></tr><tr><td>10 to 15 years</td><td>3.5</td><td>3.6</td><td>3.4</td><td>2.2</td><td>8.5</td><td>4.0</td><td>3.2</td><td>3.2</td></tr><tr><td>15 to 20 years</td><td>.3</td><td>.3</td><td>.1</td><td>.1</td><td>.1</td><td>.1</td><td>.5</td><td>.5</td></tr><tr><td>Over 20 years</td><td>4.1</td><td>3.9</td><td>1.4</td><td>1.2</td><td>2.1</td><td>3.2</td><td>6.5</td><td>5.1</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status:</td><td>3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Partially exempt from Federal income taxes 3/</td><td>21.3</td><td>22.3</td><td>31.5</td><td>30.3</td><td>37.0</td><td>26.1</td><td>12.5</td><td>10.0</td></tr><tr><td>Subject to Federal income taxes 3/</td><td>78.7</td><td>77.2</td><td>68.5</td><td>69.7</td><td>63.0</td><td>73.9</td><td>87.3</td><td>90.0</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by group of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>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>93.3</td><td>30.9</td><td>17.4</td><td>13.5</td><td>42.4</td><td>20.1</td><td>6.7</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>81.5</td><td>17.5</td><td>13.5</td><td>4.3</td><td>35.5</td><td>30.2</td><td>16.4</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>84.5</td><td>18.0</td><td>15.4</td><td>2.5</td><td>31.1</td><td>15.4</td><td>15.2</td></tr><tr><td>Treasury bonds - bank restricted 2/3</td><td>100.0</td><td>73.4</td><td>.9</td><td>.5</td><td>.4</td><td>12.0</td><td>50.5</td><td>25.6</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>89.9</td><td>25.5</td><td>21.5</td><td>4.7</td><td>32.4</td><td>30.9</td><td>10.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>72.3</td><td>2.5</td><td>-</td><td>2.5</td><td>20.9</td><td>89.4</td><td>27.2</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>85.0</td><td>9.4</td><td>9.4</td><td>-</td><td>33.9</td><td>42.7</td><td>13.9</td></tr><tr><td>Total</td><td>100.0</td><td>88.3</td><td>24.2</td><td>19.7</td><td>4.5</td><td>32.4</td><td>31.7</td><td>11.7</td></tr><tr><td>Call clauses:</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>85.4</td><td>23.1</td><td>18.5</td><td>4.5</td><td>34.5</td><td>21.5</td><td>13.5</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>83.1</td><td>25.5</td><td>21.7</td><td>4.1</td><td>31.7</td><td>31.5</td><td>10.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.8</td><td>26.0</td><td>21.0</td><td>5.0</td><td>32.4</td><td>31.5</td><td>10.2</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>83.4</td><td>23.3</td><td>12.2</td><td>11.1</td><td>37.2</td><td>21.9</td><td>10.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>70.9</td><td>.9</td><td>.5</td><td>.4</td><td>8.4</td><td>61.6</td><td>29.1</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>84.7</td><td>8.2</td><td>5.9</td><td>2.3</td><td>25.1</td><td>51.4</td><td>15.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>85.0</td><td>9.4</td><td>9.4</td><td>-</td><td>33.9</td><td>42.7</td><td>13.9</td></tr><tr><td>Total</td><td>100.0</td><td>88.3</td><td>24.2</td><td>19.7</td><td>4.5</td><td>32.4</td><td>31.7</td><td>11.7</td></tr><tr><td>Tax status: 1/</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>72.4</td><td>2.5</td><td>-</td><td>2.5</td><td>20.9</td><td>49.4</td><td>27.2</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>94.5</td><td>35.9</td><td>28.0</td><td>7.9</td><td>39.8</td><td>18.3</td><td>5.5</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>86.5</td><td>21.1</td><td>17.5</td><td>3.6</td><td>30.4</td><td>35.1</td><td>13.4</td></tr><tr><td>Total</td><td>100.0</td><td>88.3</td><td>24.2</td><td>19.7</td><td>4.5</td><td>32.4</td><td>31.7</td><td>11.7</td></tr></table>
(Continued on following page)
September 1947
47
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART 2 - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Pay rates - in millions of dollars)
<table><tr><th>Item (Tax status 1 in move is parentheses)</th><th>Total 7,319 commercial banks 1/</th><th>Total 4,755 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,953 member commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central reserve city banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th>345 reserve city banks</th><th>4,358 country banks</th></tr><tr><td>Treasury Bills..................... (taxable)</td><td>737</td><td>734</td><td>243</td><td>137</td><td>106</td><td>333</td><td>158</td><td>52</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>7/24 July 1947............. (taxable)</td><td>1,280</td><td>967</td><td>252</td><td>150</td><td>70</td><td>400</td><td>242</td><td>173</td></tr><tr><td>7/24 August 1947............ (taxable)</td><td>556</td><td>425</td><td>94</td><td>53</td><td>31</td><td>175</td><td>186</td><td>191</td></tr><tr><td>7/24 September 1947........ (taxable)</td><td>524</td><td>585</td><td>121</td><td>94</td><td>27</td><td>226</td><td>212</td><td>115</td></tr><tr><td>7/24 October 1947............ (taxable)</td><td>573</td><td>559</td><td>82</td><td>54</td><td>22</td><td>171</td><td>206</td><td>114</td></tr><tr><td>7/24 November 1947........... (taxable)</td><td>673</td><td>561</td><td>98</td><td>52</td><td>34</td><td>259</td><td>224</td><td>112</td></tr><tr><td>7/24 December 1947............ (taxable)</td><td>772</td><td>622</td><td>132</td><td>135</td><td>24</td><td>250</td><td>222</td><td>132</td></tr><tr><td>7/24 January 1948............. (taxable)</td><td>1,345</td><td>1,155</td><td>252</td><td>254</td><td>33</td><td>513</td><td>350</td><td>173</td></tr><tr><td>7/24 February 1948............ (taxable)</td><td>1,975</td><td>912</td><td>161</td><td>120</td><td>41</td><td>516</td><td>335</td><td>153</td></tr><tr><td>7/24 March 1948................ (taxable)</td><td>992</td><td>742</td><td>113</td><td>65</td><td>48</td><td>333</td><td>255</td><td>150</td></tr><tr><td>7/24 April 1948................ (taxable)</td><td>556</td><td>365</td><td>52</td><td>35</td><td>13</td><td>145</td><td>159</td><td>50</td></tr><tr><td>7/24 June 1948................ (taxable)</td><td>415</td><td>343</td><td>83</td><td>69</td><td>13</td><td>138</td><td>123</td><td>57</td></tr><tr><td>Total certificates of indebtedness</td><td>8,520</td><td>7,121</td><td>1,513</td><td>1,151</td><td>382</td><td>3,031</td><td>2,571</td><td>1,359</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>1-1/24 September 1947........ (taxable)</td><td>553</td><td>523</td><td>77</td><td>52</td><td>25</td><td>208</td><td>232</td><td>135</td></tr><tr><td>1-1/24 September 1947........ (taxable)</td><td>1,773</td><td>1,451</td><td>73</td><td>433</td><td>37</td><td>428</td><td>573</td><td>262</td></tr><tr><td>1-1/24 September 1943........ (taxable)</td><td>2,449</td><td>2,051</td><td>315</td><td>254</td><td>51</td><td>813</td><td>952</td><td>352</td></tr><tr><td>Total Treasury notes</td><td>4,775</td><td>4,125</td><td>369</td><td>743</td><td>123</td><td>1,502</td><td>1,733</td><td>73</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>Bond restricted 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/24 June 1953-52........ (taxable)</td><td>36</td><td>57</td><td>1</td><td></td><td></td><td>5</td><td>51</td><td>39</td></tr><tr><td>2-1/24 December 1953-52..... (taxable)</td><td>203</td><td>215</td><td>2</td><td>1</td><td>1</td><td>13</td><td>170</td><td>73</td></tr><tr><td>2-1/24 June 1952-51......... (taxable)</td><td>8</td><td>5</td><td></td><td></td><td></td><td>1</td><td>3</td><td>3</td></tr><tr><td>2-1/24 December 1953-52..... (taxable)</td><td>2</td><td>2</td><td>1</td><td></td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>2-1/24 June 1954-53......... (taxable)</td><td>2</td><td>2</td><td>1</td><td></td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>2-1/24 December 1954-53..... (taxable)</td><td>5</td><td>2</td><td></td><td></td><td></td><td></td><td>1</td><td>4</td></tr><tr><td>2-1/24 March 1955-54......... (taxable)</td><td>52</td><td>43</td><td>1</td><td></td><td>1</td><td>3</td><td>40</td><td>12</td></tr><tr><td>2-1/24 March 1956-55......... (taxable)</td><td>52</td><td>45</td><td>1</td><td></td><td>1</td><td>3</td><td>32</td><td>24</td></tr><tr><td>2-1/24 June 1957-56......... (taxable)</td><td>73</td><td>56</td><td>7</td><td>1</td><td>1</td><td>8</td><td>57</td><td>23</td></tr><tr><td>2-1/24 December 1957-56..... (taxable)</td><td>557</td><td>566</td><td>7</td><td>3</td><td>3</td><td>85</td><td>114</td><td>51</td></tr><tr><td>Total bond restricted</td><td>1,257</td><td>135</td><td>12</td><td>7</td><td>5</td><td>152</td><td>756</td><td>377</td></tr><tr><td>Issue eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1947-52........ (partially)</td><td>432</td><td>337</td><td>237</td><td>215</td><td>27</td><td>120</td><td>33</td><td>15</td></tr><tr><td>1-1/24 December 1947-51....... (partially)</td><td>524</td><td>435</td><td>154</td><td>115</td><td>43</td><td>224</td><td>124</td><td>22</td></tr><tr><td>1-1/24 March 1948-50........ (partially)</td><td>704</td><td>547</td><td>249</td><td>212</td><td>7</td><td>207</td><td>132</td><td>57</td></tr><tr><td>1-1/24 March 1949-51........ (partially)</td><td>855</td><td>712</td><td>351</td><td>377</td><td>30</td><td>314</td><td>137</td><td>46</td></tr><tr><td>1-1/24 June 1949-51........ (taxable)</td><td>2,222</td><td>1,785</td><td>123</td><td>327</td><td>35</td><td>794</td><td>572</td><td>235</td></tr><tr><td>1-1/24 September 1949-51..... (partially)</td><td>371</td><td>353</td><td>138</td><td>108</td><td>35</td><td>143</td><td>72</td><td>12</td></tr><tr><td>1-1/24 December 1949-50...... (partially)</td><td>450</td><td>415</td><td>135</td><td>115</td><td>25</td><td>206</td><td>73</td><td>75</td></tr><tr><td>1-1/24 June 1950-51........ (taxable)</td><td>751</td><td>672</td><td>255</td><td>135</td><td>22</td><td>131</td><td>274</td><td>79</td></tr><tr><td>1-1/24 September 1950-51..... (taxable)</td><td>1,241</td><td>822</td><td>353</td><td>213</td><td>120</td><td>312</td><td>252</td><td>72</td></tr></table>
(Notice: p. 112,612,221)
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section D
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART 8 - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,318 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th>2,553 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,765 member commercial banks</th><th colspan="4">Central reserve city banks</th><th>346 reserve city banks</th><th>4,368 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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 1949-51....(taxable)</td><td>1,538</td><td>1,372</td><td>318</td><td>226</td><td>92</td><td>535</td><td>519</td><td>166</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>371</td><td>358</td><td>176</td><td>121</td><td>56</td><td>139</td><td>42</td><td>13</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,384</td><td>1,320</td><td>458</td><td>429</td><td>29</td><td>641</td><td>220</td><td>65</td></tr><tr><td>2% March 1950-52....(taxable)</td><td>1,514</td><td>1,331</td><td>370</td><td>326</td><td>44</td><td>481</td><td>480</td><td>183</td></tr><tr><td>2% September 1950-52....(taxable)</td><td>3,286</td><td>2,925</td><td>1,011</td><td>856</td><td>156</td><td>930</td><td>983</td><td>361</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,021</td><td>950</td><td>339</td><td>302</td><td>37</td><td>398</td><td>213</td><td>71</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>1,524</td><td>1,304</td><td>91</td><td>53</td><td>37</td><td>403</td><td>811</td><td>320</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,249</td><td>1,200</td><td>563</td><td>502</td><td>61</td><td>444</td><td>193</td><td>48</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>5,421</td><td>4,754</td><td>1,316</td><td>1,121</td><td>195</td><td>1,584</td><td>1,854</td><td>667</td></tr><tr><td>3% September 1951-55....(partially)</td><td>430</td><td>406</td><td>176</td><td>140</td><td>36</td><td>131</td><td>98</td><td>25</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>376</td><td>313</td><td>71</td><td>65</td><td>7</td><td>75</td><td>167</td><td>63</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>926</td><td>830</td><td>265</td><td>192</td><td>73</td><td>426</td><td>190</td><td>46</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>554</td><td>496</td><td>173</td><td>142</td><td>31</td><td>158</td><td>165</td><td>58</td></tr><tr><td>2% June 1952-54....(taxable)</td><td>4,129</td><td>3,659</td><td>995</td><td>917</td><td>77</td><td>1,187</td><td>1,477</td><td>470</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>5,888</td><td>5,190</td><td>1,260</td><td>1,117</td><td>143</td><td>1,864</td><td>2,066</td><td>698</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>938</td><td>815</td><td>202</td><td>169</td><td>33</td><td>256</td><td>357</td><td>123</td></tr><tr><td>2% June 1953-55....(partially)</td><td>649</td><td>604</td><td>150</td><td>50</td><td>100</td><td>280</td><td>174</td><td>44</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>567</td><td>520</td><td>144</td><td>105</td><td>39</td><td>240</td><td>135</td><td>48</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>1,536</td><td>1,465</td><td>673</td><td>568</td><td>105</td><td>559</td><td>233</td><td>71</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>767</td><td>675</td><td>200</td><td>194</td><td>6</td><td>166</td><td>309</td><td>92</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>731</td><td>686</td><td>276</td><td>168</td><td>108</td><td>274</td><td>136</td><td>45</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>1,339</td><td>1,172</td><td>282</td><td>210</td><td>72</td><td>333</td><td>557</td><td>168</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>689</td><td>640</td><td>210</td><td>127</td><td>83</td><td>290</td><td>140</td><td>49</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,118</td><td>1,050</td><td>298</td><td>139</td><td>159</td><td>480</td><td>272</td><td>68</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>1,881</td><td>1,653</td><td>202</td><td>146</td><td>56</td><td>555</td><td>896</td><td>228</td></tr><tr><td>Total bank eligible</td><td>47,068</td><td>42,294</td><td>12,505</td><td>10,274</td><td>2,231</td><td>15,245</td><td>14,543</td><td>4,775</td></tr><tr><td>Total Treasury bonds</td><td>48,335</td><td>43,224</td><td>12,517</td><td>10,281</td><td>2,236</td><td>15,397</td><td>15,310</td><td>5,111</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>12</td><td>8</td><td>-</td><td>-</td><td>-</td><td>2</td><td>6</td><td>3</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Total postal savings and other bonds</td><td>13</td><td>10</td><td>-</td><td>-</td><td>-</td><td>3</td><td>7</td><td>4</td></tr><tr><td>Guaranteed securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures.... 5/</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>5</td><td>2</td></tr><tr><td>Total guaranteed securities</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>4</td><td>5</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>62,506</td><td>55,203</td><td>15,149</td><td>12,315</td><td>2,834</td><td>20,270</td><td>19,784</td><td>7,303</td></tr></table>
1/ Less than $500,000 or less than .05%.
Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 3, page 23.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and
surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Includes an estimated amount of Federal Housing Administration debentures. Actual figures by tax statue are not available.
September 1947
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, June 30, 1947 - (Continued) Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I
- Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.
Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is above in parentheses)</th><th>Total 7,318 commercial banks 2/</th><th colspan="5">Member commercial banks</th><th>2,553 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,765 member commercial banks</th><th colspan="3">Central reserve city banks</th><th>346 reserve city banks</th><th>4,368 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>United States savings bonds 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D....................b/</td><td>146</td><td>98</td><td>*</td><td>*</td><td>*</td><td>6</td><td>91</td><td>48</td></tr><tr><td>Series F....................(taxable)</td><td>223</td><td>144</td><td>1</td><td>*</td><td>1</td><td>13</td><td>131</td><td>79</td></tr><tr><td>Series O....................(taxable)</td><td>480</td><td>346</td><td>3</td><td>1</td><td>2</td><td>27</td><td>316</td><td>134</td></tr><tr><td>Total United States savings bonds</td><td>849</td><td>589</td><td>4</td><td>2</td><td>3</td><td>46</td><td>538</td><td>260</td></tr><tr><td>Treasury savings notes............(taxable)</td><td>70</td><td>60</td><td>40</td><td>31</td><td>9</td><td>8</td><td>13</td><td>9</td></tr><tr><td>Depository bonds................(taxable)</td><td>297</td><td>276</td><td>40</td><td>33</td><td>6</td><td>112</td><td>125</td><td>21</td></tr><tr><td>Total public non-marketable securities....5/</td><td>1,216</td><td>925</td><td>84</td><td>66</td><td>18</td><td>165</td><td>676</td><td>291</td></tr></table>
Less than $500,000. See footnote 3, page 48. Includes trust companies but excludes securities held in trust departments. United States savings bonds. Series C-D, E, and F are shown at current redemption values. They were reported at maturity value by
the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
4/ Series C-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
5/ Excludes C.C.C. demand obligations in the amount of $45 million, all held by commercial banks; date for reporting banks are not available.
Section II
- Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Per value - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,318 commercial banks 2/</th><th>Total 4,765 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,553 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central reserve city banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th>346 reserve city banks</th><th>4,368 country banks</th></tr><tr><td>Federal Land Bank bonds 1-1/24 October 1948-50......(taxable)</td><td>149</td><td>132</td><td>21</td><td>18</td><td>3</td><td>56</td><td>56</td><td>16</td></tr><tr><td>1-1/45 May 1950-52......(taxable)</td><td>154</td><td>128</td><td>10</td><td>5</td><td>5</td><td>52</td><td>55</td><td>26</td></tr><tr><td>1-1/24 January 1951-53......(taxable)</td><td>169</td><td>151</td><td>23</td><td>21</td><td>2</td><td>68</td><td>60</td><td>18</td></tr><tr><td>2-1/45 February 1953-55......(taxable)</td><td>88</td><td>76</td><td>6</td><td>4</td><td>2</td><td>30</td><td>40</td><td>13</td></tr><tr><td>Total Federal Land Bank bonds......</td><td>560</td><td>487</td><td>60</td><td>48</td><td>12</td><td>206</td><td>221</td><td>73</td></tr><tr><td>Federal Intermediate Credit Bank debentures......(taxable)</td><td>273</td><td>247</td><td>73</td><td>56</td><td>17</td><td>100</td><td>74</td><td>26</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/45 April 1948......(taxable)</td><td>100</td><td>86</td><td>17</td><td>10</td><td>6</td><td>37</td><td>33</td><td>14</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States......</td><td>933</td><td>820</td><td>149</td><td>115</td><td>34</td><td>343</td><td>328</td><td>113</td></tr></table>
1/ See footnote 3, page 48.
2/ Includes trust companies but excludes securities held in trust departments.
50
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
September 1947
51
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
As of July 31, 1947
Table I.- Securities Issued or Guaranteed by the United States Government 1/
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-econde)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-econde)</th><th colspan="4">1947 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from June 30, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from June 30, 1947</th><th>Yield to maturity 3/</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="16"><b>Treasury bonds - bank eligible</b></td></tr><tr><td>$1,115</td><td>2/3/4 - 3/15/48-50</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.02</td><td>.89%</td><td>-.04%</td><td>1.73%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>7/31/47</td><td>101.09</td><td>2/3</td><td>100.22</td><td>7/31</td></tr><tr><td>3,062</td><td>1-3/4 - 6/15/48</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.02</td><td>.96</td><td>.00</td><td>.96</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>101.04</td><td>1/23</td><td>100.22</td><td>7/31</td></tr><tr><td>1,014</td><td>2/6 - 6/15/49-51</td><td>101.20</td><td>101.22</td><td>101.21</td><td>-.03</td><td>1.10</td><td>.01</td><td>1.56</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>101.21</td><td>7/31</td></tr><tr><td>1,292</td><td>2/9 - 9/15/49-51</td><td>101.23</td><td>101.25</td><td>101.24</td><td>-.04</td><td>1.16</td><td>.02</td><td>1.56</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>101.24</td><td>7/31</td></tr><tr><td>2,098</td><td>2/12-15/49-51</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.03</td><td>1.18</td><td>.01</td><td>1.55</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>101.29</td><td>7/31</td></tr><tr><td>1,963</td><td>2/3 - 3/15/50-52</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.04</td><td>1.23</td><td>.02</td><td>1.56</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>101.31</td><td>7/31</td></tr><tr><td>4,933</td><td>2/9 - 9/15/50-52</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.05</td><td>1.29</td><td>.03</td><td>1.56</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>102.05</td><td>7/31</td></tr><tr><td>2,635</td><td>1-1/2/4 - 12/15/50</td><td>100.30</td><td>101.00</td><td>100.31</td><td>.00</td><td>1.21</td><td>.00</td><td>1.21</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 - 9/15/51-53</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.03</td><td>1.37</td><td>.01</td><td>1.57</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>102.16</td><td>7/31</td></tr><tr><td>510</td><td>2/12-15/51-55</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.04</td><td>1.38</td><td>.02</td><td>1.66</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>102.20</td><td>7/31</td></tr><tr><td>1,024</td><td>2-1/2/4 - 3/15/52-54</td><td>104.26</td><td>104.28</td><td>104.27</td><td>-.02</td><td>1.41</td><td>-.01</td><td>1.72</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>105.13</td><td>3/27</td><td>104.26</td><td>7/30</td></tr><tr><td>5,825</td><td>2/6 - 6/15/52-54</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.03</td><td>1.41</td><td>.01</td><td>1.58</td><td>6/26/41</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/41</td><td>103.06</td><td>4/9</td><td>102.23</td><td>7/30</td></tr><tr><td>1,501</td><td>2-1/4/4 - 6/15/52-55</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.02</td><td>1.43</td><td>.00</td><td>1.73</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>104.09</td><td>4/9</td><td>103.26</td><td>7/30</td></tr><tr><td>8,662</td><td>2/12-15/52-54</td><td>102.27</td><td>102.29</td><td>102.28</td><td>-.02</td><td>1.44</td><td>.00</td><td>1.59</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/41</td><td>103.09</td><td>4/9</td><td>102.27</td><td>7/30</td></tr><tr><td>1,449</td><td>2-1/2/4 - 3/15/56-58</td><td>107.00</td><td>107.02</td><td>107.01</td><td>+.08</td><td>1.62</td><td>-.04</td><td>1.77</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>106.23</td><td>7/2</td></tr><tr><td>3,823</td><td>2-1/4/4 - 9/15-56-59</td><td>105.08</td><td>105.10</td><td>105.09</td><td>+.08</td><td>1.62</td><td>-.04</td><td>1.76</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>105.19</td><td>3/27</td><td>104.31</td><td>7/2</td></tr><tr><td>2,716</td><td>2-1/2/4 - 9/15-67-72 3/</td><td>105.28</td><td>105.30</td><td>105.29</td><td>+.14</td><td>2.14</td><td>-.02</td><td>2.19</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>106.13</td><td>1/25</td><td>105.10</td><td>5/8</td></tr><tr><td colspan="16"><b>Treasury bonds - bank restricted 5/</b></td></tr><tr><td>5,284</td><td>2-1/4/4 - 6/15/59-62</td><td>102.10</td><td>102.12</td><td>102.11</td><td>+.03</td><td>2.03</td><td>-.01</td><td>2.07</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>102.29</td><td>5/12</td><td>102.07</td><td>6/23</td></tr><tr><td>3,470</td><td>2-1/4/4 - 12/15/59-62</td><td>102.10</td><td>102.12</td><td>102.11</td><td>+.03</td><td>2.03</td><td>-.01</td><td>2.07</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.14</td><td>12/11/45</td><td>102.29</td><td>5/12</td><td>102.07</td><td>6/23</td></tr><tr><td>2,118</td><td>2-1/2/4 - 6/15/62-67</td><td>104.20</td><td>104.22</td><td>104.21</td><td>-.03</td><td>2.13</td><td>.00</td><td>2.21</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>104.21</td><td>7/31</td></tr><tr><td>2,831</td><td>2-1/2/4 - 12/15/63-68 3/</td><td>104.02</td><td>104.04</td><td>104.03</td><td>-.05</td><td>2.20</td><td>.01</td><td>2.26</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>104.03</td><td>7/31</td></tr><tr><td>3,761</td><td>2-1/2/4 - 6/15/64-69 3/</td><td>103.20</td><td>103.22</td><td>103.21</td><td>-.06</td><td>2.24</td><td>.01</td><td>2.29</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>103.21</td><td>7/31</td></tr><tr><td>3,838</td><td>2-1/2/4 - 12/15/64-69 3/</td><td>103.18</td><td>103.20</td><td>103.19</td><td>-.06</td><td>2.25</td><td>.01</td><td>2.29</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>103.19</td><td>7/31</td></tr><tr><td>5,197</td><td>2-1/2/4 - 3/15/65-70 3/</td><td>103.16</td><td>103.18</td><td>103.17</td><td>-.07</td><td>2.26</td><td>.02</td><td>2.30</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>103.17</td><td>7/31</td></tr><tr><td>3,481</td><td>2-1/2/4 - 3/15/65-71 3/</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.07</td><td>2.27</td><td>.01</td><td>2.31</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>103.16</td><td>7/31</td></tr><tr><td>7,967</td><td>2-1/2/4 - 6/15/67-72 3/</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.04</td><td>2.33</td><td>.00</td><td>2.36</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>102.20</td><td>7/31</td></tr><tr><td>11,689</td><td>2-1/2/4 - 12/15/67-72 3/</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.04</td><td>2.34</td><td>.01</td><td>2.36</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>102.20</td><td>7/31</td></tr><tr><td colspan="16"><b>Treasury notes</b></td></tr><tr><td>2,707</td><td>1-1/2/4 - 9/15/47 6/</td><td>.70%</td><td>.62%</td><td>.66%</td><td>-.14%</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>1-1/4/4 C - 9/15/47 5/</td><td>.70%</td><td>.62%</td><td>.66%</td><td>-.14%</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>1-1/2/4 - 9/15/48</td><td>100.18</td><td>100.19</td><td>100.18</td><td>-.00%</td><td>.98</td><td>-.02</td><td>.98</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>100.18</td><td>7/31</td></tr><tr><td colspan="16"><b>Certificates of indebtedness 1/</b></td></tr><tr><td>1,223</td><td>7/8/4 - 8/1/47 8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/</td><td>8/1/46</td><td>.45%</td><td>7/22/47</td><td>.87%</td><td>7/30/47</td><td>.45%</td><td>7/22</td><td>.87%</td><td>7/30</td></tr><tr><td>2,341</td><td>7/8/4 - 9/1/47</td><td>.62%</td><td>.55%</td><td>.58%</td><td>-.18%</td><td>-</td><td>-</td><td>-</td><td>9/1/46</td><td>.56%</td><td>7/29/47</td><td>.85%</td><td>12/24/46</td><td>.56%</td><td>7/29</td><td>.83%</td><td>6/13</td></tr><tr><td>1,440</td><td>7/8/4 - 10/1/47</td><td>.68%</td><td>.64%</td><td>.66%</td><td>-.16%</td><td>-</td><td>-</td><td>-</td><td>10/1/46</td><td>.66%</td><td>7/31/47</td><td>.85%</td><td>12/30/46</td><td>.66%</td><td>7/31</td><td>.84%</td><td>6/3</td></tr><tr><td>1,775</td><td>7/8/4 - 11/1/47</td><td>.74%</td><td>.70%</td><td>.72%</td><td>-.12%</td><td>-</td><td>-</td><td>-</td><td>11/1/46</td><td>.72%</td><td>7/31/47</td><td>.85%</td><td>5/28/47</td><td>.72%</td><td>7/31</td><td>.85%</td><td>5/28</td></tr><tr><td>3,281</td><td>7/8/4 - 12/1/47</td><td>.78%</td><td>.75%</td><td>.76%</td><td>-.09%</td><td>-</td><td>-</td><td>-</td><td>12/1/46</td><td>.76%</td><td>7/31/47</td><td>.85%</td><td>6/30/47</td><td>.76%</td><td>7/31</td><td>.85%</td><td>6/30</td></tr><tr><td>3,134</td><td>7/8/4 - 1/1/48</td><td>.82%</td><td>.80%</td><td>.81%</td><td>-.04%</td><td>-</td><td>-</td><td>-</td><td>1/1/47</td><td>.80%</td><td>4/9/47</td><td>.85%</td><td>7/2/47</td><td>.80%</td><td>4/9</td><td>.85%</td><td>7/2</td></tr><tr><td>3,947</td><td>7/8/4 - 2/1/48</td><td>.85%</td><td>.83%</td><td>.84%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>2/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>7/16/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>7/16</td></tr><tr><td>2,142</td><td>7/8/4 - 3/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>3/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>7/31/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>7/31</td></tr><tr><td>1,321</td><td>7/8/4 - 4/1/48</td><td>.85%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>4/1/47</td><td>.81%</td><td>4/9/47</td><td>.85%</td><td>7/31/47</td><td>.81%</td><td>4/9</td><td>.85%</td><td>7/31</td></tr><tr><td>1,777</td><td>7/8/4 - 6/1/48</td><td>.86%</td><td>.84%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>6/1/47</td><td>.84%</td><td>7/10/47</td><td>.85%</td><td>7/31/47</td><td>.84%</td><td>7/10</td><td>.85%</td><td>7/31</td></tr><tr><td>2,742</td><td>7/8/4 - 7/1/48 9/</td><td>.86%</td><td>.84%</td><td>.85%</td><td>-.01%</td><td>-</td><td>-</td><td>-</td><td>7/1/47</td><td>.85%</td><td>7/31/47</td><td>.86%</td><td>7/9/47</td><td>.85%</td><td>7/31</td><td>.86%</td><td>7/9</td></tr><tr><td></td><td>7/8/4 - 7/1/48</td><td>.86%</td><td>.85%</td><td>.86%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8/1/47</td><td>.86%</td><td>7/31/47</td><td>.86%</td><td>7/31/47</td><td>.86%</td><td>7/31</td><td>.86%</td><td>7/31</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies As of July 31, 1947 - (Continued)
Table I - Securities Issued or Guaranteed by the United States Government 1/ - (Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount 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 June 30, 1947</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June 30, 1947</th></tr><tr><td>$1,112</td><td>8/7/47</td><td>5/8/47</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,305</td><td>9/18/47</td><td>6/19/47</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,202</td><td>8/14/47</td><td>5/15/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,104</td><td>9/25/47</td><td>6/26/47</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td></tr><tr><td>1,203</td><td>8/21/47</td><td>5/22/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,303</td><td>10/2/47</td><td>7/3/47</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,311</td><td>8/28/47</td><td>5/29/47</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,300</td><td>10/9/47</td><td>7/10/47</td><td>.75</td><td>.71</td><td>.73</td><td>-</td></tr><tr><td>1,307</td><td>9/4/47</td><td>6/5/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,102</td><td>10/16/47</td><td>7/17/47</td><td>.75</td><td>.72</td><td>.74</td><td>-</td></tr><tr><td>1,303</td><td>9/11/47</td><td>6/12/47</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,101</td><td>10/23/47</td><td>7/24/47</td><td>.75</td><td>.72</td><td>.74</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,102</td><td>10/30/47</td><td>7/31/47</td><td>.75</td><td>.72</td><td>.74</td><td>-</td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 June 30, 1947</th><th>Yield to earliest call 3/</th><th>Change in yield from June 30, 1947</th><th>Yield to maturity 3/</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4-10/15/47-52 10/</td><td>100.22</td><td>100.24</td><td>100.23</td><td>-.10</td><td>.73</td><td>-.05%</td><td>-.73</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>102.24</td><td>1/2</td><td>100.23</td><td>7/31</td></tr><tr><td>701</td><td>2-12/15/47</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-.03</td><td>.73</td><td>-.03</td><td>.73</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>101.07</td><td>1/2</td><td>100.15</td><td>7/31</td></tr><tr><td>1,223</td><td>2-3/4-3/15/48-51</td><td>101.07</td><td>101.09</td><td>101.08</td><td>-.04</td><td>.73</td><td>-.06</td><td>2.39</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>102.11</td><td>1/4</td><td>101.08</td><td>7/31</td></tr><tr><td>451</td><td>2-1/4-9/15/48</td><td>101.29</td><td>101.31</td><td>101.30</td><td>-.04</td><td>.76</td><td>-.02</td><td>.76</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>102.28</td><td>1/23</td><td>101.30</td><td>7/31</td></tr><tr><td>571</td><td>2-12/15/48-50</td><td>101.19</td><td>101.21</td><td>101.20</td><td>-.02</td><td>.51</td><td>-.02</td><td>1.50</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>102.11</td><td>1/25</td><td>101.20</td><td>7/31</td></tr><tr><td>491</td><td>1-1/8-12/15/49-52</td><td>105.03</td><td>105.05</td><td>105.04</td><td>-.06</td><td>.93</td><td>.00</td><td>2.11</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>106.13</td><td>1/2</td><td>105.04</td><td>7/31</td></tr><tr><td>1,786</td><td>2-1/2-12/15/49-53</td><td>103.20</td><td>103.22</td><td>103.21</td><td>-.04</td><td>.94</td><td>.00</td><td>1.89</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>104.19</td><td>1/28</td><td>103.21</td><td>7/31</td></tr><tr><td>1,186</td><td>2-1/2-9/15/50-52</td><td>104.21</td><td>104.23</td><td>104.22</td><td>-.04</td><td>.97</td><td>.00</td><td>1.54</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>105.14</td><td>2/20</td><td>104.22</td><td>7/31</td></tr><tr><td>1,627</td><td>2-3/4-6/15/51-54</td><td>106.12</td><td>106.14</td><td>106.13</td><td>-.05</td><td>1.06</td><td>+.01</td><td>1.76</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>107.11</td><td>2/8</td><td>106.13</td><td>7/31</td></tr><tr><td>755</td><td>2-9/15/51-55</td><td>107.25</td><td>107.27</td><td>107.26</td><td>-.05</td><td>1.06</td><td>.00</td><td>1.96</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>108.22</td><td>2/10</td><td>107.26</td><td>7/31</td></tr><tr><td>1,118</td><td>2-1/4-12/15/51-53</td><td>105.01</td><td>105.03</td><td>105.02</td><td>-.03</td><td>1.06</td><td>.00</td><td>1.42</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>105.23</td><td>2/8</td><td>105.02</td><td>7/31</td></tr><tr><td>725</td><td>2-6/15/53-55</td><td>105.09</td><td>105.11</td><td>105.10</td><td>+.07</td><td>1.06</td><td>-.05</td><td>1.29</td><td>10/17/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>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>107.09</td><td>107.11</td><td>107.10</td><td>+.08</td><td>1.14</td><td>-.05</td><td>1.37</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>107.23</td><td>3/27</td><td>107.00</td><td>1/8</td></tr><tr><td>2,611</td><td>2-7/3-3/15/55-60</td><td>111.24</td><td>111.26</td><td>111.25</td><td>+.10</td><td>1.25</td><td>-.06</td><td>1.83</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>112.13</td><td>2/4</td><td>111.13</td><td>7/7</td></tr><tr><td>982</td><td>2-3/4-9/15/56-59</td><td>112.17</td><td>112.19</td><td>112.18</td><td>+.14</td><td>1.29</td><td>-.06</td><td>1.61</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>113.01</td><td>1/28</td><td>112.03</td><td>7/7</td></tr><tr><td>919</td><td>2-3/4-6/15/58-63</td><td>113.17</td><td>113.19</td><td>113.18</td><td>+.17</td><td>1.40</td><td>-.06</td><td>1.77</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>113.30</td><td>3/17</td><td>112.31</td><td>7/2</td></tr><tr><td>1,485</td><td>2-3/4-12/15/60-65</td><td>114.20</td><td>114.22</td><td>114.21</td><td>+.20</td><td>1.53</td><td>-.06</td><td>1.91</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>115.00</td><td>1/23</td><td>113.31</td><td>7/2</td></tr><tr><td colspan="18">Other bonds 11/</td></tr><tr><td>50</td><td>Panama Canal-6/1/61</td><td>125.20</td><td>126.20</td><td>126.04</td><td>-.06</td><td>.98</td><td>.00</td><td>.98</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>127.08</td><td>1/18</td><td>126.04</td><td>7/31</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified
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 July 31, 1947; quoted on a price basis at par from July 23, through July 30, 1947; prior thereto quoted on a yield basis.
9/ For amount of this security issued on August 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.
September 1947
53
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
As of July 31, 1947 - (Continued)
Table II - Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-secondes)</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-secondes)</th><th colspan="4">1947 price range 1/ (Price decimals are thirty-secondes)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from June30, 1947</th><th>Yield to earlier set call 2/</th><th>Change in yield from June30, 1947</th><th>Yield to maturity 2/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="16">Taxable securities</td></tr><tr><td rowspan="2">$140</td><td>Federal Home Loan Bank bonds</td><td>99.31</td><td>100.02</td><td>100.00</td><td>-01</td><td>1.23</td><td>+0.04</td><td>1.23</td><td>10/15/46</td><td>100.03</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>4/11</td><td>100.00</td><td>1/8</td></tr><tr><td>Federal intermediate Credit Bank debentures 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>40</td><td>1.00% - 8/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/30/47</td><td>100.00</td><td>7/30/47</td><td>100.00</td><td>7/30</td><td>100.00</td><td>7/30</td></tr><tr><td>13</td><td>1.00% - 9/2/47</td><td>100.00</td><td>-100.00</td><td>.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>12/2/46</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>27</td><td>1.10% - 9/2/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>34</td><td>1.00% - 10/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>20</td><td>1.05% - 10/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>42</td><td>1.00% - 11/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>31</td><td>1.10% - 12/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>20</td><td>1.05% - 12/1/47</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>41</td><td>1.10% - 1/2/48</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>20</td><td>1.10% - 2/2/48</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>29</td><td>1.10% - 3/1/48</td><td>100.00</td><td>-100.00</td><td>.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>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td>54</td><td>1.10% - 4/1/48</td><td>100.00</td><td>-100.00</td><td>.00</td><td>.00</td><td>1.10</td><td>.00</td><td>1.10</td><td>7/1/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31/47</td><td>100.00</td><td>7/31</td><td>100.00</td><td>7/31</td></tr><tr><td colspan="16">Federal Land Bank bonds 5/</td></tr><tr><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>1.25</td><td>+0.02</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>1.44</td><td>+0.01</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>199</td><td>1-1/2% - 1/1/51-53</td><td>100.04</td><td>100.08</td><td>100.06</td><td>+0.02</td><td>1.44</td><td>-0.02</td><td>1.46</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.22</td><td>12/3/46</td><td>100.06</td><td>7/31</td><td>99.26</td><td>1/18</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.03</td><td>103.07</td><td>103.05</td><td>+0.01</td><td>1.65</td><td>-0.01</td><td>1.80</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td><td>103.16</td><td>4/5</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 matu-
3/ Price quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on July 31, 1947.
5/ Excludes issues completely held by Farm Credit Administration agencies.
54
Treasury Bulletin
YIELDS OF TREASURY SECURITIES
JULY 31, 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
September 1947
55
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
<table><tr><th colspan="12">Monthly series - averages of daily figures</th></tr><tr><td>1939-Jan.</td><td>2.54</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>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>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>.....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>.....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>.....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>.....</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td>.....</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td><td>May.</td><td>.....</td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td><td>June.</td><td>.....</td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td><td>July.</td><td>.....</td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Aug.</td><td>.....</td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>Sept.</td><td>.....</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td>.....</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td>.....</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec.</td><td>.....</td><td>2.24</td><td>2.55</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td>.....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.22</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>Feb.</td><td>.....</td><td>2.21</td><td>2.48</td></tr><tr><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>Mar.</td><td>.....</td><td>2.19</td><td>2.49</td></tr><tr><td>Apr.</td><td>2.07</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Apr.</td><td>.....</td><td>2.19</td><td>2.49 5/</td></tr><tr><td>May.</td><td>2.04</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td><td>May.</td><td>.....</td><td>2.19</td><td>2.49</td></tr><tr><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td><td>June.</td><td>.....</td><td>2.22</td><td>2.50</td></tr><tr><td>July.</td><td>1.98</td><td>2.66 3/</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td><td>July.</td><td>.....</td><td>2.25</td><td>2.51</td></tr><tr><td>Aug.</td><td>2.01</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.02</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1.98</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>1.95</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 4/</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.06</td><td>2.47</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily figures
New series, beginning in June 1947 Bulletin; old weekly series was Saturday figures
<table><tr><td>1947-Feb.</td><td>1</td><td>2.21</td><td>2.46</td><td>1947-Apr.</td><td>5</td><td>2.18</td><td>2.50 5/</td><td>1947-June</td><td>7</td><td>2.20</td><td>2.49</td></tr><tr><td></td><td>8</td><td>2.20</td><td>2.46</td><td></td><td>12</td><td>2.18</td><td>2.49</td><td></td><td>14</td><td>2.21</td><td>2.50</td></tr><tr><td></td><td>15</td><td>2.21</td><td>2.47</td><td></td><td>19</td><td>2.20</td><td>2.49</td><td></td><td>21</td><td>2.24</td><td>2.51</td></tr><tr><td></td><td>21</td><td>2.21</td><td>2.49</td><td></td><td>26</td><td>2.20</td><td>2.50</td><td></td><td>28</td><td>2.24</td><td>2.51</td></tr><tr><td>Mar.</td><td>1</td><td>2.21</td><td>2.49</td><td>May</td><td>3</td><td>2.20</td><td>2.49</td><td>July</td><td>5</td><td>2.25</td><td>2.50</td></tr><tr><td></td><td>8</td><td>2.20</td><td>2.50</td><td></td><td>10</td><td>2.20</td><td>2.49</td><td></td><td>12</td><td>2.25</td><td>2.50</td></tr><tr><td></td><td>15</td><td>2.19</td><td>2.50</td><td></td><td>17</td><td>2.20</td><td>2.49</td><td></td><td>19</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>22</td><td>2.19</td><td>2.49</td><td></td><td>24</td><td>2.19</td><td>2.49</td><td></td><td>26</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>29</td><td>2.18</td><td>2.48</td><td></td><td>31</td><td>2.19</td><td>2.49</td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1947-July</td><td>1......</td><td>2.25</td><td>2.51</td><td>1947-July 14......</td><td>2.25</td><td>2.51</td><td>1947-July 24......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>2......</td><td>2.25</td><td>2.50</td><td>15......</td><td>2.25</td><td>2.50</td><td>25......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>3......</td><td>2.25</td><td>2.50</td><td>16......</td><td>2.25</td><td>2.50</td><td>26......</td><td>1/</td><td>1/</td></tr><tr><td></td><td>4......</td><td>6/</td><td>6/</td><td>17......</td><td>2.25</td><td>2.51</td><td></td><td></td><td></td></tr><tr><td></td><td>5......</td><td>1/</td><td>1/</td><td>18......</td><td>2.25</td><td>2.51</td><td>28......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>7......</td><td>2.25</td><td>2.50</td><td>19......</td><td>1/</td><td>1/</td><td>29......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>8......</td><td>2.25</td><td>2.50</td><td></td><td></td><td></td><td>30......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>9......</td><td>2.25</td><td>2.50</td><td></td><td></td><td></td><td>31......</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>10......</td><td>2.25</td><td>2.51</td><td>21......</td><td>2.25</td><td>2.50</td><td></td><td></td><td></td></tr><tr><td></td><td>11......</td><td>2.25</td><td>2.51</td><td>22......</td><td>2.25</td><td>2.50</td><td></td><td></td><td></td></tr><tr><td></td><td>12......</td><td>1/</td><td>1/</td><td>23......</td><td>2.25</td><td>2.50</td><td></td><td></td><td></td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly (old series) data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt
from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
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
3/ Average revised beginning July 1, 1941. Old average for July 1941
4/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%.
5/ Average revised beginning April 1, 1947. Old average for April
1947 was 2.47%; for week ended April 5, 2.47%. See footnote 2
6/ Holiday.
Market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly averages of daily figures. Prior to April 1938, corporate bonds are averages of Saturday figures. *Discontinued, see footnote 1 accompanying table.
Treasury Bulletin
Office of the Secretary of the Treasury, Division of Research and Statistics
20-F
September 1947
57
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
58
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government
Section II - Income and Expense for the Nine Months Ended March 31, 1947
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Income</td><td></td><td></td><td></td></tr><tr><td>Sales of commodities and supplies.</td><td>2,531,236</td><td>2,529,545</td><td>1,691</td></tr><tr><td>Sales of services.</td><td>890,578</td><td>50,713</td><td>839,865</td></tr><tr><td>Rents and royalties.</td><td>98,645</td><td>15,960</td><td>82,685</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>234,544</td><td>124,924</td><td>109,620</td></tr><tr><td>Interest, other.</td><td>37,943</td><td>31,985</td><td>5,958</td></tr><tr><td>Dividends.</td><td>4,445</td><td>4,409</td><td>36</td></tr><tr><td>Guaranty and insurance premiums.</td><td>150,402</td><td>121,662</td><td>28,740</td></tr><tr><td>Other income:</td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets.</td><td>806</td><td>651</td><td>155</td></tr><tr><td>Gains on sale of investments.</td><td>1,537</td><td>1,537</td><td>-</td></tr><tr><td>Gains on sale of acquired security or col- lateral.</td><td>738</td><td>622</td><td>116</td></tr><tr><td>Other.</td><td>18,700</td><td>18,318</td><td>382</td></tr><tr><td>Total income.</td><td>3,969,575</td><td>2,900,326</td><td>1,069,248</td></tr><tr><td>Expense</td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold.</td><td>2,405,487</td><td>2,404,280</td><td>1,247</td></tr><tr><td>Direct operating costs.</td><td>1,108,232</td><td>43,126</td><td>1,065,106</td></tr><tr><td>Interest expense.</td><td>106,326</td><td>99,309</td><td>7,017</td></tr><tr><td>Administrative expenses.</td><td>133,074</td><td>61,366</td><td>71,708</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs).</td><td>12,488</td><td>3,118</td><td>9,369</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td></tr><tr><td>Direct.</td><td>110,109</td><td>69,639</td><td>40,469</td></tr><tr><td>Indirect.</td><td>53</td><td>55</td><td>-2</td></tr><tr><td>Guaranty and insurance losses.</td><td>56,282</td><td>56,282</td><td>-</td></tr><tr><td>Other expenses.</td><td>66,340</td><td>46,035</td><td>20,305</td></tr><tr><td>Leases and charge-offs:</td><td></td><td></td><td></td></tr><tr><td>Loans charged off.</td><td>6,573</td><td>2,107</td><td>4,466</td></tr><tr><td>Other assets charged off.</td><td>64,564</td><td>550</td><td>64,014</td></tr><tr><td>Losses on sale of fixed assets.</td><td>35,673</td><td>16,706</td><td>18,967</td></tr><tr><td>Losses on sale of investments.</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or col- lateral.</td><td>2,754</td><td>406</td><td>2,348</td></tr><tr><td>Direct charges to operating reserves.</td><td>5,819</td><td>5,819</td><td>-</td></tr><tr><td>Other.</td><td>1,707</td><td>1,623</td><td>84</td></tr><tr><td>Total expenses.</td><td>4,115,481</td><td>2,810,383</td><td>1,305,098</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation and operating reserves.</td><td>-145,906</td><td>89,943</td><td>-235,850</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>2,948</td><td>3,434</td><td>-485</td></tr><tr><td>Reserves for losses on acquired security or col- lateral.</td><td>5,028</td><td>1,657</td><td>3,371</td></tr><tr><td>Reserve for losses on fixed assets.</td><td>3,824</td><td>-3,824</td><td>-</td></tr><tr><td>Reserves for losses on commodities and supplies.</td><td>21,089</td><td>21,089</td><td>-</td></tr><tr><td>Operating reserves.</td><td>-4,838</td><td>-4,687</td><td>-151</td></tr><tr><td>Other reserves.</td><td>6,511</td><td>6,962</td><td>-451</td></tr><tr><td>Net adjustment of valuation and operating reserves.</td><td>26,915</td><td>24,631</td><td>2,284</td></tr><tr><td>Net income (or loss [-])</td><td>-118,991</td><td>114,574</td><td>-233,565</td></tr><tr><td>Changes in unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946.</td><td>-17,699,234 r</td><td>-6,899,947 r</td><td>-10,799,287 r 1/</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947.</td><td>-118,991</td><td>114,574</td><td>-233,565</td></tr><tr><td>Transfers to [-] surplus reserves.</td><td>-281,172</td><td>-281,172</td><td>-</td></tr><tr><td>Transfers from surplus reserves.</td><td>2,259</td><td>2,259</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings.</td><td>-80,199</td><td>-</td><td>-80,199</td></tr><tr><td>Dividends.</td><td>-15,403</td><td>-12,609</td><td>-2,794</td></tr><tr><td>Other.</td><td>-2,364</td><td>-2,895</td><td>532</td></tr><tr><td>Prior year adjustments.</td><td>-117,883</td><td>-1,312</td><td>-116,571</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947.</td><td>-18,312,988 2/</td><td>-7,081,103</td><td>-11,231,885 1/ 2/</td></tr></table>
Note: See page 72 for footnotes.
September 1947
59
Corporations and Certain Other Agencies of the United States Government - (Continued) Section II - Income and Expense for the Nine Months Ended March 31, 1947 - (Continued)
Table 2. - Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management</th><th>Commodity Credit Corporation</th><th colspan="3">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>Smaller War Plants Corporation 3/ (in liquidation)</th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 4/</th></tr><tr><td>Income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of commodities and supplies</td><td>2,529,545</td><td>-</td><td>1,730,168</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of services</td><td>50,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>15,960</td><td>-</td><td>358</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>124,924</td><td>-</td><td>1,310</td><td>3,697</td><td>3,852</td><td>31,049</td></tr><tr><td>Interest, other</td><td>31,985</td><td>-</td><td>-</td><td>743</td><td>790</td><td>2,324</td></tr><tr><td>Dividends</td><td>4,409</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>121,662</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>651</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>1,537</td><td>-</td><td>-</td><td>379</td><td>*</td><td>576</td></tr><tr><td>Gains on sale of acquired security or colateral</td><td>b22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td></tr><tr><td>Other</td><td>18,318</td><td>1,774</td><td>3,645</td><td>95</td><td>27</td><td>211</td></tr><tr><td>Total income</td><td>2,900,326</td><td>1,774</td><td>1,735,681</td><td>4,914</td><td>4,669</td><td>34,661</td></tr><tr><td>Expense</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>2,404,240</td><td>-</td><td>1,659,307</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>43,126</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest expense</td><td>99,309</td><td>-</td><td>5,543</td><td>602</td><td>2,403</td><td>9,322</td></tr><tr><td>Administrative expenses</td><td>61,166</td><td>-</td><td>6,197</td><td>1,017</td><td>1,164</td><td>10,179</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>3,118</td><td>-</td><td>633</td><td>13</td><td>-</td><td>-157</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>69,639</td><td>-</td><td>-9,387</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>56,282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other expenses</td><td>46,035</td><td>-</td><td>9,217</td><td>-</td><td>64</td><td>64</td></tr><tr><td>Losses and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>2,107</td><td>-</td><td>62</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>550</td><td>-</td><td>377</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Losses on sale of fixed assets</td><td>16,706</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or colateral</td><td>406</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves</td><td>5,819</td><td>-</td><td>5,719</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>1,623</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>2,810,383</td><td>-</td><td>1,677,668</td><td>1,638</td><td>3,721</td><td>19,407</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation and operating reserves</td><td>89,943</td><td>1,774</td><td>58,012</td><td>3,276</td><td>947</td><td>15,254</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>3,434</td><td>-</td><td>-28,306</td><td>-86</td><td>1</td><td>4,759</td></tr><tr><td>Reserve for losses on acquired security or colateral</td><td>1,657</td><td>-</td><td>-</td><td>-</td><td>*</td><td>147</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-3,824</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>21,089</td><td>-</td><td>2,659</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-4,687</td><td>-</td><td>-4,269</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>6,962</td><td>-</td><td>135</td><td>-3</td><td>1</td><td>-</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>24,631</td><td>-</td><td>-29,781</td><td>-89</td><td>2</td><td>4,906</td></tr><tr><td>Net income (or loss [-])</td><td>114,574</td><td>1,774</td><td>28,232</td><td>3,187</td><td>949</td><td>20,160</td></tr><tr><td>Changes in unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1946</td><td>-6,899,947 r</td><td>-37,070</td><td>-2,149,836 r</td><td>30,036</td><td>23,286</td><td>83,911</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947</td><td>114,574</td><td>1,774</td><td>28,232</td><td>3,187</td><td>949</td><td>20,160</td></tr><tr><td>Transfers to [-] surplus reserves</td><td>-281,172</td><td>-</td><td>-</td><td>-50</td><td>-</td><td>-1,723</td></tr><tr><td>Transfers from surplus reserves</td><td>2,259</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-12,609</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4,948</td></tr><tr><td>Other</td><td>-2,895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-1,312</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) March 31, 1947</td><td>-7,081,103</td><td>-35,296</td><td>-2,121,604</td><td>33,173</td><td>24,235</td><td>97,400</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
60
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1947
- (Continued)
Table 2.
Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th colspan="2">Department of Commerce</th></tr><tr><th></th><th colspan="2">Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (liquidated)</th><th>Inland Waterways Corporation and subsidiary</th><th>Warrior River Terminal Company Inc. 5/</th></tr><tr><th></th><th>Promotion credit corporations</th><th>Regional Agricultural Credit Corporation of Washington, D.C.</th><th></th><th></th><th></th><th>Inland Waterways Corporation 5/</th><th></th></tr><tr><td>Income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of commodities and supplies.</td><td>-</td><td>-</td><td>-</td><td>32,371</td><td>-</td><td>4,081</td><td>229</td></tr><tr><td>Sales of services.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>103</td><td>-</td></tr><tr><td>Rents and royalties.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>1,205</td><td>112</td><td>6,065</td><td>-</td><td>118</td><td>25</td><td>-</td></tr><tr><td>Interest, other.</td><td>28</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums.</td><td>-</td><td>-</td><td>-</td><td>32,373</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets.</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or col-lateral.</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>67</td><td>24</td><td>161</td><td>-</td><td>-</td><td>39</td><td>8</td></tr><tr><td>Total income.</td><td>1,549</td><td>141</td><td>6,336</td><td>64,861</td><td>-</td><td>4,248</td><td>237</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold.</td><td>-</td><td>-</td><td>-</td><td>31,847</td><td>-</td><td>5,196</td><td>130</td></tr><tr><td>Direct operating costs.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest expense.</td><td>1,173</td><td>167</td><td>96</td><td>5,722 6/</td><td>*</td><td>435</td><td>13</td></tr><tr><td>Administrative expenses.</td><td>-</td><td>-</td><td>2,877</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs).</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect.</td><td>-</td><td>-</td><td>-</td><td>56,063</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance losses.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other expenses.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off.</td><td>-</td><td>280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off.</td><td>-</td><td>2</td><td>-</td><td>8</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or col-lateral.</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense.</td><td>1,173</td><td>453</td><td>2,973</td><td>93,640</td><td>*</td><td>5,631</td><td>143</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation and operating reserves.</td><td>376</td><td>-312</td><td>3,363</td><td>-28,779</td><td>*</td><td>-1,384</td><td>94</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>-</td><td>319</td><td>-345</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or col-lateral.</td><td>-</td><td>-33</td><td>152</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves.</td><td>-</td><td>-</td><td>-</td><td>-420</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>286</td><td>-193</td><td>-420</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss [-]).</td><td>376</td><td>-26</td><td>3,170</td><td>-29,199</td><td>*</td><td>-1,384</td><td>94</td></tr><tr><td>Changes in unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946.</td><td>15,558</td><td>-7,483</td><td>99,349</td><td>-90,300</td><td>2,673</td><td>-2,277 r</td><td>55 r</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947.</td><td>376</td><td>-26</td><td>3,170</td><td>-29,199</td><td>*</td><td>-1,384</td><td>94</td></tr><tr><td>Transfers to (-) surplus reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Transfers from surplus reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenue - deposit of earnings.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,705 1/32</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947.</td><td>15,935</td><td>-7,510</td><td>102,519</td><td>-119,499</td><td>-</td><td>-3,661</td><td>149</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
September 1947
61
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of Interior<br>The Virgin Islands Company &amp;/</th><th>Department of Justice<br>Federal Prison Industries, Inc.</th><th>Department of State</th><th>War Department<br>United States Spruce Production Corporation 10/<br>(in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th></tr><tr><td><b>Income</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of commodities and supplies</td><td>329</td><td>8,332</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of services</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Receivables and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest and dividends</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>interest on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,387</td><td>3</td></tr><tr><td>Interest, other</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>18,647</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83,141</td></tr><tr><td>Other income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or col-lateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>63</td><td>6</td><td>-</td><td>69</td><td>188</td></tr><tr><td><b>Total income</b></td><td>341</td><td>8,395</td><td>6</td><td>16</td><td>21,456</td><td>101,980</td></tr><tr><td><b>Expenses</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>253</td><td>6,682</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct operating costs</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest expense</td><td>4</td><td>-</td><td>-</td><td>-</td><td>328</td><td>1</td></tr><tr><td>Administrative expenses</td><td>21</td><td>187</td><td>1,171</td><td>15</td><td>522</td><td>3,699</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Grants, subsidies and contributions</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>-</td><td>-</td><td>5,735</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>55</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>447</td><td>-</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Other expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses and charge-offs</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>749</td></tr><tr><td>Other assets charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or col-lateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>278</td></tr><tr><td>Direct charges to operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Total expense</b></td><td>295</td><td>7,315</td><td>6,963</td><td>15</td><td>851</td><td>4,734</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation and operating reserves</td><td>46</td><td>1,080</td><td>-6,957</td><td>2</td><td>20,605</td><td>97,246</td></tr><tr><td><b>Adjustments of valuation and operating reserves</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26,456</td><td>805</td></tr><tr><td>Reserve for losses on acquired security or col-lateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,265</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Net adjustment of valuation and operating reserves</b></td><td>-</td><td>-</td><td>-</td><td>-</td><td>26,456</td><td>2,070</td></tr><tr><td>Net income (or loss [-])</td><td>46</td><td>1,080</td><td>-6,957</td><td>2</td><td>47,060</td><td>99,316</td></tr><tr><td><b>Changes in unreserved earned surplus (or deficit [-])</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946</td><td>-37 r</td><td>13,683</td><td>-57,724 r</td><td>94</td><td>5,282</td><td>124,275</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947</td><td>46</td><td>1,080</td><td>-6,957</td><td>2</td><td>47,060</td><td>99,316</td></tr><tr><td>Transfers to [-] surplus reserves</td><td>-55</td><td>-</td><td>-</td><td>-</td><td>-52,343</td><td>-223,675</td></tr><tr><td>Transfers from surplus reserves</td><td>-</td><td>-</td><td>-</td><td>75</td><td>-</td><td>-</td></tr><tr><td><b>Distribution of profits</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-4,913</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-133 11/</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-1</td><td>-</td><td>23</td><td>-</td><td>-</td><td>84</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947</td><td>-47</td><td>9,849</td><td>-64,658</td><td>37</td><td>-</td><td>-</td></tr></table>
Note: See page 72 for footnotes
(Continued on following page)
62
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1947 - (Continued
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="6">Federal Loan Agency</th></tr><tr><th colspan="2">Reconstruction Finance Corporation and certain affiliates 12/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>U. S. Commercial Company</th><th>War Damage Corporation</th></tr><tr><th></th><th>Exclusive of Merged Var Affiliates</th><th>Merged Var Affiliates</th><th></th><th></th><th></th><th></th></tr><tr><td>Income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of commodities and supplies</td><td>-</td><td>716,734</td><td>-</td><td>-</td><td>8,247</td><td>-</td></tr><tr><td>Sales of services</td><td>-</td><td>8,258</td><td>-</td><td>13</td><td>-</td><td>1</td></tr><tr><td>Rents and royalties</td><td>-</td><td>7,028</td><td>-</td><td>30</td><td>10</td><td>-</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>24,937</td><td>369</td><td>205</td><td>512</td><td>26</td><td>-</td></tr><tr><td>Interest, other</td><td>184</td><td>203</td><td>12</td><td>179</td><td>-</td><td>1,724</td></tr><tr><td>Dividends</td><td>4,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>699</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gain on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>6</td><td>6,852</td><td>2</td><td>57</td><td>2,137</td><td>1</td></tr><tr><td>Total income</td><td>30,635</td><td>739,443</td><td>220</td><td>802</td><td>10,421</td><td>1,726</td></tr><tr><td>Expense</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold</td><td>-</td><td>670,920</td><td>-</td><td>-</td><td>7,110</td><td>-</td></tr><tr><td>Direct operating costs</td><td>-</td><td>9,984</td><td>-</td><td>14</td><td>-</td><td>15</td></tr><tr><td>Interest expense</td><td>4,822</td><td>64,372</td><td>-</td><td>22</td><td>1,249</td><td>-</td></tr><tr><td>Administrative expenses</td><td>8,110</td><td>7,705</td><td>180</td><td>551</td><td>776</td><td>299</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>-</td><td>68,455</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>219</td></tr><tr><td>Guaranty and insurance losses</td><td>105</td><td>26,557</td><td>31</td><td>39</td><td>687</td><td>-</td></tr><tr><td>Other expenses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>1,013</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>-</td><td>-</td><td>-</td><td>69</td><td>92</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>-</td><td>16,706</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>1,614</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>14,051</td><td>866,312</td><td>211</td><td>696</td><td>9,914</td><td>532</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation and operating reserves</td><td>16,584</td><td>-126,869</td><td>9</td><td>107</td><td>507</td><td>1,194</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-3,824</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-</td><td>17,914</td><td>-</td><td>-</td><td>516</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>7,200</td><td>-</td><td>-</td><td>57</td><td>-</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>21,290</td><td>-</td><td>-</td><td>595</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>16,584</td><td>-105,579</td><td>9</td><td>107</td><td>1,102</td><td>1,194</td></tr><tr><td>Changes in unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946</td><td>518,607</td><td>-5,454,925</td><td>287</td><td>3,708</td><td>-165,007</td><td>207,323</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947</td><td>16,584</td><td>-105,579</td><td>9</td><td>107</td><td>1,102</td><td>1,194</td></tr><tr><td>Transfers to [-] surplus reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Transfers from surplus reserves</td><td>325</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,734</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947</td><td>535,516</td><td>-5,560,504</td><td>297</td><td>3,815</td><td>-165,639</td><td>208,517</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
September 1947
6
Corporations and Certain Other Agencies of the United States Government - (Continued
Section II - Income and Expense for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 13/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="9">Income</td></tr><tr><td>Sales of commodities and supplies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>352</td><td>24,206</td><td>-</td><td>8,605</td></tr><tr><td>Sales of services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>6,900</td><td>-</td><td>31,194</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>3,848</td><td>4,273</td><td>37</td><td>-</td><td>273</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>3,381</td><td>-</td><td>22,277</td><td>5,528</td><td>24</td><td>168</td><td>2</td><td>21</td></tr><tr><td>Interest, other</td><td>1,995</td><td>2,981</td><td>101</td><td>146</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-</td><td>-</td><td>171</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>5,448</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets</td><td>-</td><td>-</td><td>369</td><td>-</td><td>280</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of investments</td><td>298</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>2</td><td>136</td><td>535</td><td>-</td><td>114</td><td>-</td><td>-</td><td>2,098</td></tr><tr><td>Total income</td><td>5,676</td><td>8,588</td><td>23,452</td><td>9,523</td><td>5,069</td><td>31,311</td><td>4</td><td>42,191</td></tr><tr><td colspan="9">Expense</td></tr><tr><td>Cost of commodities and supplies sold</td><td>-</td><td>-</td><td>-</td><td>464</td><td>201</td><td>20,267</td><td>-</td><td>7,652</td></tr><tr><td>Direct operating costs</td><td>1,519</td><td>-</td><td>4,937</td><td>2,694</td><td>3,663</td><td>8,755</td><td>-</td><td>14,889</td></tr><tr><td>Interest expense</td><td>736</td><td>387</td><td>3,413</td><td>1,962</td><td>841</td><td>561</td><td>2</td><td>2,049</td></tr><tr><td>Administrative expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs)</td><td>-</td><td>2</td><td>42</td><td>-</td><td>-</td><td>574</td><td>-</td><td>2,008</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>-</td><td>-</td><td>-</td><td>4,836</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indirect</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>425</td><td>2</td><td>37</td><td>9</td><td>-</td><td>330</td><td>-</td><td>8,015</td></tr><tr><td>Other expenses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets charged off</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Losses on sale of acquired security or collateral</td><td>-</td><td>-</td><td>119</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>101</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total expense</td><td>2,660</td><td>391</td><td>8,559</td><td>9,966</td><td>4,783</td><td>30,568</td><td>2</td><td>35,077</td></tr><tr><td>Ret income (or loss [-]) before adjustment of valuation and operating reserves</td><td>2,996</td><td>8,198</td><td>14,893</td><td>-443</td><td>286</td><td>723</td><td>2</td><td>7,114</td></tr><tr><td colspan="9">Adjustments of valuation and operating reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-190</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>3</td><td>122</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies</td><td>-</td><td>54</td><td>-</td><td>-573</td><td>-</td><td>101</td><td>-</td><td>-</td></tr><tr><td>Operating reserves</td><td>-</td><td>-</td><td>-7</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>-</td><td>58</td><td>115</td><td>-574</td><td>-</td><td>101</td><td>-190</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>2,996</td><td>8,255</td><td>15,009</td><td>-1,017</td><td>286</td><td>823</td><td>-189</td><td>7,114 14/</td></tr><tr><td colspan="9">Changes in unreserved earned surplus (or deficit [-])</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1945</td><td>8,410</td><td>-</td><td>-81,686</td><td>-31,367 r</td><td>2,319</td><td>45,777</td><td>-7</td><td>-6,860</td></tr><tr><td>Ret income (or loss [-]) for the nine months ended March 31, 1947</td><td>2,996</td><td>8,255</td><td>15,009</td><td>-1,017</td><td>286</td><td>823</td><td>-189</td><td>7,114</td></tr><tr><td>Transfers to [-] surplus reserves</td><td>-1,077</td><td>-2,250</td><td>-</td><td>-</td><td>-</td><td>1,859 15/</td><td>-</td><td>-</td></tr><tr><td>Transfers from surplus reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>-1,498</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,250</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-57</td><td>1</td><td>-</td><td>-</td><td>274</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Prior year adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947</td><td>8,774</td><td>6,006</td><td>-66,678</td><td>-32,383</td><td>2,880</td><td>47,218</td><td>-196</td><td>251</td></tr></table>
Note: See page 72 for footnotes
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II
- Income and Expense for the Nine Months Ended March 31, 1947 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 20/</th></tr><tr><th></th><th></th><th>Farm Credit Administration</th><th>Farmers' Home Admini- stration</th><th>Rural Electri- fication Adminis- tration</th><th>17/</th><th>18/</th><th>19/</th><th>19/</th></tr><tr><th>Income</th><td></td><td>Agricultural Marketing Act Revolving Fund</td><td></td><td></td><td></td><td></td><td>United States Maritime Commission ec- tivities</td><td>War Shipping Adminis- tration activi- ties</td><td></td></tr><tr><td>Sales of commodities and supplies.</td><td>1,691</td><td>-</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>1,663</td></tr><tr><td>Sales of services.</td><td>839,865</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties.</td><td>82,685</td><td>-</td><td>220</td><td>-</td><td>265</td><td>-</td><td>595</td><td>81,604</td></tr><tr><td>Interest and dividends:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>109,620</td><td>44</td><td>11,886</td><td>7,262</td><td>194</td><td>1,415</td><td>-81</td><td>88,901</td></tr><tr><td>Interest, other.</td><td>5,958</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>70</td></tr><tr><td>Dividends.</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td></tr><tr><td>Quaranty and insurance premiums.</td><td>28,740</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28,508</td><td>232</td></tr><tr><td>Other income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gains on sale of fixed assets.</td><td>155</td><td>-</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td></tr><tr><td>Gains on sale of investments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gains on sale of acquired security or col-</td><td>116</td><td>3</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27</td></tr><tr><td>lateral.</td><td>382</td><td>5</td><td>11</td><td>-</td><td>18</td><td>-</td><td>53</td><td>174</td></tr><tr><td>Total income.</td><td>1,069,248</td><td>52</td><td>12,268</td><td>7,262</td><td>505</td><td>1,415</td><td>31,254</td><td>172,806</td></tr><tr><th>Expense</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of commodities and supplies sold.</td><td>1,247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,247</td></tr><tr><td>Direct operating costs.</td><td>1,065,106</td><td>-</td><td>125</td><td>-</td><td>-</td><td>-</td><td>3,022</td><td>1,022,805</td></tr><tr><td>Interest expense.</td><td>7,017</td><td>-</td><td>1,067</td><td>4,721</td><td>598</td><td>155</td><td>416</td><td>39,153</td></tr><tr><td>Administrative expenses.</td><td>71,708</td><td>-</td><td>14,140</td><td>4,324</td><td>-</td><td>-</td><td>11,095</td><td>810</td></tr><tr><td>Depreciation (not included in cost of sales or direct operating costs).</td><td>9,369</td><td>-</td><td>-27</td><td>-</td><td>-</td><td>-</td><td>64</td><td>21,103</td></tr><tr><td>Grants, subsidies and contributions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct.</td><td>40,469</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,064</td><td>-</td><td>9,332</td></tr><tr><td>Indirect.</td><td>-2</td><td>-</td><td>0</td><td>-</td><td>-</td><td>-</td><td>32,338</td><td>67</td></tr><tr><td>Quaranty and insurance losses.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td></tr><tr><td>Other expenses.</td><td>20,305</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>157</td></tr><tr><td>Loases and charge-offs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans charged off.</td><td>4,466</td><td>-</td><td>1,588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,878</td></tr><tr><td>Other assets charged off.</td><td>64,014</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64,001</td></tr><tr><td>Loases on sale of fixed assets.</td><td>18,967</td><td>-</td><td>1,783</td><td>-</td><td>3</td><td>-</td><td>13,848</td><td>3,333</td></tr><tr><td>Loases on sale of investments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loases on sale of acquired security or col-</td><td>2,348</td><td>-</td><td>397</td><td>-</td><td>-</td><td>1,911</td><td>-</td><td>40</td></tr><tr><td>lateral.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Direct charges to operating reserves.</td><td>84</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65</td></tr><tr><td>Other.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total expense.</td><td>1,305,098</td><td>13</td><td>19,094</td><td>9,045</td><td>601</td><td>8,219</td><td>13,496</td><td>142,184</td></tr><tr><td>Net income (or loss [-]) before adjustment of valua-</td><td>-235,850</td><td>39</td><td>-6,826</td><td>-1,783</td><td>-96</td><td>-6,804</td><td>17,759</td><td>-77,446</td></tr><tr><td>tion and operating reserves.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-191,315</td></tr><tr><td>Adjustments of valuation and operating reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30,622</td></tr><tr><td>Reserve for losses on loans.</td><td>-485</td><td>-</td><td>-3,380</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2,893</td></tr><tr><td>Reserve for losses on acquired security or col-</td><td>3,371</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,358</td><td>-</td></tr><tr><td>lateral.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on fixed assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on commodities and supplies.</td><td>-151</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-151</td></tr><tr><td>Operating reserve.</td><td>-451</td><td>0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-451</td></tr><tr><td>Other reserves.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net adjustment of valuation and operating reserves</td><td>2,284</td><td>14</td><td>-3,380</td><td>-</td><td>-</td><td>3,359</td><td>-</td><td>2,291</td></tr><tr><td>Net income (or loss [-]).</td><td>-233,565</td><td>53</td><td>-10,206</td><td>-1,783</td><td>-96</td><td>-6,804</td><td>21,118</td><td>-77,446</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-191,315</td></tr><tr><td>Changes in unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>32,913</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946.</td><td>-10,799,287</td><td>-316,374</td><td>-</td><td>-8,226</td><td>-49,156</td><td>-1,877,542</td><td>48,393</td><td>-605,315</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1947.</td><td>-233,565</td><td>53</td><td>-10,206</td><td>-1,783</td><td>-96</td><td>-6,804</td><td>21,118</td><td>-77,446</td></tr><tr><td>Transfers to [-] surplus reserves.</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-191,315</td></tr><tr><td>Transfers from surplus reserves.</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32,913</td></tr><tr><td>Distribution of profits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To General Fund revenues - deposit of earnings.</td><td>-80,199</td><td>-</td><td>-19</td><td>-5</td><td>-1,415</td><td>-</td><td>-</td><td>-78,760</td></tr><tr><td>Dividends.</td><td>-2,794</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,794</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>532</td></tr><tr><td>Prior year adjustments.</td><td>-116,571</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-24,935</td><td>-61,904</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1947.</td><td>-11,231,885</td><td>-316,321</td><td>-10,206</td><td>-10,028</td><td>-49,256</td><td>-1,885,761</td><td>66,718</td><td>-707,696</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-7,603,901</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-715,13221/</td></tr></table>
Note: See page 72 for footnotes.
September 1947
65
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Funds Applied</b></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>5,892,974</td><td>3,185,086</td><td>2,707,888</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>453,181</td><td>434,681</td><td>18,500</td></tr><tr><td>Other securities</td><td>3,068,267</td><td>1,038</td><td>3,067,228 1/2</td></tr><tr><td>Purchases, construction or improvements of fixed assets</td><td>388,761</td><td>21,729</td><td>367,032</td></tr><tr><td>Costs of acquiring collateral on defaulted loans</td><td>10,097</td><td>2,428</td><td>7,668</td></tr><tr><td>Other</td><td>5,605</td><td>5,409</td><td>197</td></tr><tr><td>Total acquisition of assets</td><td>9,818,684</td><td>3,650,371</td><td>6,168,513</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>4,102,640</td><td>2,896,444</td><td>1,206,195</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>1,139,447</td><td>1,118,641</td><td>20,806</td></tr><tr><td>By cancellation of notes</td><td>921,671</td><td>921,671</td><td>-</td></tr><tr><td>To other Government corporations and agencies</td><td>283,428</td><td>177,623</td><td>105,805</td></tr><tr><td>To the public</td><td>1,068,060</td><td>1,067,059</td><td>1,001</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>117,650</td><td>58,699</td><td>58,951</td></tr><tr><td>To others</td><td>20,189</td><td>20,189</td><td>1</td></tr><tr><td>General Fund revenues - deposit of earnings</td><td>80,199</td><td>-</td><td>80,199</td></tr><tr><td>Dividends</td><td>15,403</td><td>12,609</td><td>2,794</td></tr><tr><td>Other distribution of surplus</td><td>191</td><td>191</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>3,646,238</td><td>3,376,682</td><td>269,557</td></tr><tr><td>To increase in working capital and deferred items</td><td>582,871</td><td>264,417</td><td>318,454</td></tr><tr><td>Other funds applied</td><td>89,720</td><td>2,879</td><td>86,841</td></tr><tr><td>Total funds applied</td><td>18,240,354</td><td>10,190,793</td><td>8,049,561</td></tr><tr><td><b>Funds Provided</b></td><td></td><td></td><td></td></tr><tr><td>By realisation of assets:</td><td></td><td></td><td></td></tr><tr><td>Repayments on loans:</td><td></td><td></td><td></td></tr><tr><td>By cash</td><td>3,671,030</td><td>2,387,945</td><td>1,283,085</td></tr><tr><td>By cancellation of corporation notes</td><td>921,671</td><td>-</td><td>921,671</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>236,352</td><td>236,352</td><td>-</td></tr><tr><td>Capital stock of Government corporations</td><td>979</td><td>979</td><td>-</td></tr><tr><td>Other securities</td><td>42,543</td><td>42,067</td><td>476</td></tr><tr><td>Sales of fixed assets</td><td>625,902</td><td>388,854</td><td>237,048</td></tr><tr><td>Sales of acquired security or collateral</td><td>22,965</td><td>9,969</td><td>12,995</td></tr><tr><td>Other</td><td>10,009</td><td>9,777</td><td>232</td></tr><tr><td>Total realisation of assets</td><td>5,531,451</td><td>3,075,943</td><td>2,455,508</td></tr><tr><td>By income</td><td>4,079,794</td><td>3,010,846</td><td>1,068,947</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,352,700</td><td>1,352,700</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>438,265</td><td>209,907</td><td>228,359</td></tr><tr><td>From the public</td><td>932,730</td><td>929,240</td><td>3,490</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>325,188</td><td>325,188</td><td>-</td></tr><tr><td>By others</td><td>33,759</td><td>33,759</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury</td><td>921,457</td><td>921,457</td><td>-</td></tr><tr><td>General Fund appropriations - expended</td><td>4,099,373</td><td>30,751</td><td>4,068,622</td></tr><tr><td>Other</td><td></td><td></td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations</td><td>8,103,473</td><td>3,803,002</td><td>4,300,471</td></tr><tr><td>By decrease in working capital and deferred items</td><td>449,897</td><td>234,187</td><td>215,710</td></tr><tr><td>Other funds provided</td><td>75,740</td><td>66,815</td><td>8,924</td></tr><tr><td>Total funds provided</td><td>18,240,354</td><td>10,190,793</td><td>8,049,561</td></tr></table>
Note:
See page 72 for footnotes.
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II
- Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation 2/ (in liquidation)</th><th>Department of Agriculture (continued on following page) Commodity Credit Corporation</th><th colspan="3">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Bank for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 3/</th></tr><tr><td>Funds Applied</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made</td><td>3,185,086</td><td>-</td><td>263,777</td><td>454,785</td><td>837,784</td><td>108,354</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>434,681</td><td>-</td><td>-</td><td>10,321</td><td>4,750</td><td>17,760</td></tr><tr><td>Other securities</td><td>1,038</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases, construction or improvements of fixed assets</td><td>21,729</td><td>-</td><td>48</td><td>12</td><td>-</td><td>83</td></tr><tr><td>Costs of acquiring collateral on defaulted loans</td><td>2,428</td><td>-</td><td>-</td><td>1</td><td>-</td><td>486</td></tr><tr><td>Other</td><td>5,409</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets</td><td>3,650,371</td><td>-</td><td>263,826</td><td>465,120</td><td>842,535</td><td>126,684</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds)</td><td>2,896,444</td><td>-</td><td>1,675,245</td><td>1,619</td><td>3,720</td><td>19,564</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td>1,118,641</td><td>-</td><td>345,543</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cash</td><td>921,671</td><td>-</td><td>921,457</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes</td><td></td><td>-</td><td></td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies</td><td>177,623</td><td>-</td><td>-</td><td>58,445</td><td>-</td><td>-</td></tr><tr><td>To the public</td><td>1,067,059</td><td>-</td><td>350,456</td><td>63,900</td><td>353,995</td><td>129,902</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>58,699</td><td>-</td><td>-</td><td>-</td><td>-</td><td>142</td></tr><tr><td>To others</td><td>20,189</td><td>-</td><td>-</td><td>5,535</td><td>-</td><td>12,401</td></tr><tr><td>General Fund revenues - deposit of earnings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends</td><td>12,609</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,948</td></tr><tr><td>Other distribution of surplus</td><td>191</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus</td><td>3,376,682</td><td>-</td><td>1,617,456</td><td>127,879</td><td>353,995</td><td>147,394</td></tr><tr><td>To increase in working capital and deferred items</td><td>264,417</td><td>1,774</td><td>202,858</td><td>4,133</td><td>4,389</td><td>-</td></tr><tr><td>Other funds applied</td><td>2,879</td><td>-</td><td>-</td><td>-</td><td>140</td><td>919</td></tr><tr><td>Total funds applied</td><td>10,190,793</td><td>1,774</td><td>3,759,384</td><td>598,751</td><td>1,204,779</td><td>294,560</td></tr><tr><td>Funds Provided</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By realization of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments on loans</td><td>2,387,945</td><td>-</td><td>110,961</td><td>362,223</td><td>803,266</td><td>210,510</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>236,352</td><td>-</td><td>-</td><td>21,836</td><td>4,750</td><td>18,021</td></tr><tr><td>Capital stock of Government corporations</td><td>979</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>42,067</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of fixed assets</td><td>388,854</td><td>-</td><td>1,656</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of acquired security or collateral</td><td>9,969</td><td>-</td><td>-</td><td>8</td><td>-</td><td>1,661</td></tr><tr><td>Other</td><td>9,777</td><td>-</td><td>-</td><td>-</td><td>-</td><td>225</td></tr><tr><td>Total realization of assets</td><td>3,075,943</td><td>-</td><td>112,617</td><td>384,067</td><td>808,016</td><td>230,417</td></tr><tr><td>By income</td><td>3,010,846</td><td>1,774</td><td>1,734,655</td><td>4,578</td><td>4,669</td><td>33,587</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,352,700</td><td>-</td><td>796,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies</td><td>209,907</td><td>-</td><td>-</td><td>99,364</td><td>-</td><td>-</td></tr><tr><td>From the public</td><td>929,240</td><td>-</td><td>194,655</td><td>102,695</td><td>392,095</td><td>795</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>325,188</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,759</td></tr><tr><td>By others</td><td>33,759</td><td>-</td><td>-</td><td>8,048</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury</td><td>921,457</td><td>-</td><td>921,457</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expended</td><td>30,751</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations</td><td>3,803,002</td><td>-</td><td>1,912,112</td><td>210,106</td><td>392,095</td><td>7,554</td></tr><tr><td>By decrease in working capital and deferred items</td><td>234,187</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23,002</td></tr><tr><td>Other funds provided</td><td>66,815</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>10,190,793</td><td>1,774</td><td>3,759,384</td><td>598,751</td><td>1,204,779</td><td>294,560</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
September 1947
67
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Department of Agriculture - (continued)</th><th colspan="2">Department of Commerce</th></tr><tr><th colspan="2">Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th colspan="2">Inland Waterways Corporation and subsidiary</th></tr><tr><th></th><th>Production credit corporations</th><th>Regional Agricultural Credit Corporation of Washington, D.C.</th><th></th><th>Federal Surplus Commodities Corporation (liquidated)</th><th>Inland Waterways Corporation</th><th>Warrior River Terminal Company Inc.</th></tr><tr><td colspan="7">Funds Applied</td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made.</td><td>-</td><td>491</td><td>10,407</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>11,280</td><td>275</td><td>-</td><td>-</td><td>106</td><td>150</td></tr><tr><td>Other securities.</td><td>130</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases, construction or improvements of fixed assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>262</td><td>3</td></tr><tr><td>Costs of acquiring collateral on defaulted loans.</td><td>-</td><td>9</td><td>345</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>15</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets.</td><td>11,425</td><td>780</td><td>10,752</td><td>-</td><td>368</td><td>153</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds).</td><td>1,173</td><td>167</td><td>2,973</td><td>93,504</td><td>5,167</td><td>127</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash.</td><td>-</td><td>-</td><td>12,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public.</td><td>-</td><td>-</td><td>1,093</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>3,900</td><td>-</td><td>41,000</td><td>3</td><td>2,705</td><td>-</td></tr><tr><td>To others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus.</td><td>3,900</td><td>-</td><td>54,093</td><td>3</td><td>2,705</td><td>-</td></tr><tr><td>To increase in working capital and deferred items</td><td>893</td><td>1,357</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other funds applied.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>17,391</td><td>2,304</td><td>67,819</td><td>93,507</td><td>2,705</td><td>279</td></tr><tr><td colspan="7">Funds Provided</td></tr><tr><td>By realisation of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments on loans.</td><td>-</td><td>1,662</td><td>58,585</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>10,833</td><td>276</td><td>-</td><td>-</td><td>1,200</td><td>-</td></tr><tr><td>Capital stock of Government corporations.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>5,175</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of fixed assets.</td><td>-</td><td>34</td><td>919</td><td>-</td><td>6</td><td>3</td></tr><tr><td>Sales of acquired security or collateral.</td><td>-</td><td>-</td><td>1</td><td>-</td><td>8</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realisation of assets.</td><td>16,008</td><td>1,972</td><td>59,505</td><td>-</td><td>1,247</td><td>3</td></tr><tr><td>By income.</td><td>1,381</td><td>141</td><td>6,231</td><td>64,861</td><td>4,248</td><td>237</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td>-</td><td>188</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>5,611</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expended.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subcriptions, and appropriations.</td><td>-</td><td>188</td><td>-</td><td>5,611</td><td>-</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>-</td><td>2,083</td><td>23,034</td><td>40</td><td>42</td></tr><tr><td>Other funds provided.</td><td>1</td><td>3</td><td>-</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Total funds provided.</td><td>17,391</td><td>2,304</td><td>67,819</td><td>93,507</td><td>2,705</td><td>279</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th><th>War Department United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th></tr><tr><td colspan="7">Funds Applied</td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>832,828</td><td>1,425</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>128,000</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases, construction or improvements of fixed assets.</td><td>5</td><td>225</td><td>24</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Costs of acquiring collateral on defaulted loans.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,468</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets.</td><td>5</td><td>225</td><td>24</td><td>-</td><td>832,842</td><td>130,892</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds).</td><td>287</td><td>7,123</td><td>6,963</td><td>15</td><td>849</td><td>3,704</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Depayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash.</td><td>-</td><td>-</td><td>-</td><td>25</td><td>27,800</td><td>-</td></tr><tr><td>By cancellation of notes.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>320</td><td>-</td><td>513</td><td>100</td><td>-</td><td>-</td></tr><tr><td>To others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings.</td><td>-</td><td>4,913</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus.</td><td>-</td><td>-</td><td>-</td><td>133</td><td>10/</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus.</td><td>320</td><td>4,913</td><td>513</td><td>258</td><td>27,800</td><td>-</td></tr><tr><td>To increase in working capital and deferred items</td><td>-</td><td>-</td><td>52</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Other funds applied.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>612</td><td>12,261</td><td>7,552</td><td>273</td><td>861,491</td><td>134,599</td></tr><tr><td colspan="7">Funds Provided</td></tr><tr><td>By realisation of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments on loans.</td><td>-</td><td>-</td><td>25</td><td>-</td><td>51,307</td><td>8,114</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>125</td><td>-</td><td>-</td></tr><tr><td>Capital stock of Government corporations.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of fixed assets.</td><td>-</td><td>-</td><td>82</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Sales of acquired security or collateral.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,417</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realisation of assets.</td><td>-</td><td>-</td><td>107</td><td>128</td><td>51,307</td><td>9,531</td></tr><tr><td>By income.</td><td>341</td><td>8,395</td><td>6</td><td>3</td><td>21,456</td><td>102,106</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. B. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>299,700</td><td>-</td></tr><tr><td>From other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>325,000</td><td>-</td></tr><tr><td>By others.</td><td>-</td><td>-</td><td>5,165</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expended.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subscriptions, and appropriations.</td><td>-</td><td>-</td><td>5,165</td><td>-</td><td>624,700</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items</td><td>255</td><td>3,866</td><td>2,200</td><td>141</td><td>97,348</td><td>22,961</td></tr><tr><td>Other funds provided.</td><td>15</td><td>-</td><td>75</td><td>-</td><td>66,680</td><td>-</td></tr><tr><td>Total funds provided.</td><td>612</td><td>12,261</td><td>7,552</td><td>273</td><td>861,491</td><td>134,599</td></tr></table>
Note: See page 72 for footnotes.
(Continued on following page)
September 1947
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="6">Federal Loan Agency</th></tr><tr><th colspan="6">Reconstruction Finance Corporation and certain affiliates ll/</th></tr><tr><th>Reconstruction Finance Corporation</th><th>Federal National Mortgage Association</th><th>The R.F.C. Mortgage Company</th><th>U. S. Commercial Company</th><th>Var. Damage Corporation</th></tr><tr><td colspan="6"><b>Funds Applied</b></td></tr><tr><td colspan="6">To acquisition of assets:</td></tr><tr><td>Loans made.</td><td>434,156</td><td>58</td><td>23,610</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>909</td><td>-</td><td>-</td></tr><tr><td>Purchases, construction or improvements of fixed assets.</td><td>756</td><td>-</td><td>1</td><td>45</td><td>-</td></tr><tr><td>Costs of acquiring collateral on defaulted loans.</td><td>-</td><td>-</td><td>36</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>2,042</td><td>-</td></tr><tr><td>Total acquisition of assets.</td><td>434,912</td><td>58</td><td>24,556</td><td>2,086</td><td>-</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds).</td><td>981,381</td><td>211</td><td>622</td><td>9,914</td><td>532</td></tr><tr><td colspan="6">To retirement of borrowings and capital, and distribution of surplus:</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td>560,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cash.</td><td>215</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies.</td><td>-</td><td>-</td><td>4,712</td><td>109,147</td><td>-</td></tr><tr><td>To the public.</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus.</td><td>560,220</td><td>-</td><td>4,712</td><td>109,147</td><td>-</td></tr><tr><td>To increase in working capital and deferred items</td><td>37,029</td><td>1,104</td><td>-</td><td>1,714</td><td>1,194</td></tr><tr><td>Other funds applied.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>2,013,542</td><td>1,373</td><td>29,889</td><td>122,881</td><td>1,726</td></tr><tr><td colspan="6"><b>Funds Provided</b></td></tr><tr><td colspan="6">By realisation of assets:</td></tr><tr><td>Repayments on loans.</td><td>451,337</td><td>1,153</td><td>6,731</td><td>-</td><td>-</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock of Government corporations.</td><td>979</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>31,172</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of fixed assets.</td><td>361,312</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of acquired security or collateral.</td><td>-</td><td>-</td><td>382</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>8,821</td><td>-</td><td>94</td><td>460</td><td>-</td></tr><tr><td>Total realisation of assets.</td><td>873,621</td><td>1,153</td><td>7,208</td><td>460</td><td>-</td></tr><tr><td>By income.</td><td>882,920</td><td>220</td><td>735</td><td>10,421</td><td>1,726</td></tr><tr><td colspan="6">By borrowings, capital and surplus subscriptions, and appropriations:</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.</td><td>297,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies.</td><td>-</td><td>-</td><td>20,978</td><td>89,516</td><td>-</td></tr><tr><td>From the public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund appropriations - expanded.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus subcriptions, and appropriations.</td><td>297,000</td><td>-</td><td>20,978</td><td>89,516</td><td>-</td></tr><tr><td>By decrease in working capital and deferred items</td><td>-</td><td>-</td><td>969</td><td>22,485</td><td>-</td></tr><tr><td>Other funds provided.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided.</td><td>2,013,542</td><td>1,373</td><td>29,889</td><td>122,881</td><td>1,726</td></tr></table>
Note:
See page 72 for footnotes.
(Continued on following page)
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 2.- Corporations - (Continued)
(in thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliates</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 12/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="9">Funds Applied</td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made.</td><td>215,018</td><td>-</td><td>1,416</td><td>976</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td>236,904</td><td>10,000</td><td>200</td><td>-</td><td>-</td><td>14,934</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases, construction or improvements of fixed assets.</td><td>-</td><td>2</td><td>2</td><td>1,210</td><td>87</td><td>133</td><td>-</td><td>15,518</td></tr><tr><td>Costs of acquiring collateral on defaulted loans.</td><td>-</td><td>-</td><td>53</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>3,340</td><td>-</td><td>-</td></tr><tr><td>Total acquisition of assets.</td><td>451,921</td><td>10,002</td><td>1,709</td><td>2,186</td><td>87</td><td>18,407</td><td>-</td><td>15,518</td></tr><tr><td>To expense (excluding depreciation and other charges not requiring funds).</td><td>2,680</td><td>388</td><td>8,387</td><td>9,965</td><td>3,889</td><td>29,692</td><td>2</td><td>26,582</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury:</td><td>-</td><td>-</td><td>163,000</td><td>10,000</td><td>-</td><td>-</td><td>-</td><td>272</td></tr><tr><td>By cash.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By cancellation of notes.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,320</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public.</td><td>166,000</td><td>-</td><td>1,708</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>1,932</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,336</td></tr><tr><td>To others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General Fund revenues - deposit of earnings.</td><td>1,498</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,250</td><td>-</td><td>-</td></tr><tr><td>Dividends.</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus.</td><td>169,458</td><td>-</td><td>164,708</td><td>10,000</td><td>5,320</td><td>1,250</td><td>-</td><td>10,609</td></tr><tr><td>To increase in working capital and deferred items</td><td>-</td><td>183</td><td>-</td><td>-</td><td>178</td><td>-</td><td>7</td><td>9,317</td></tr><tr><td>Other funds applied.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>624,090</td><td>10,574</td><td>174,803</td><td>22,151</td><td>9,505</td><td>49,349</td><td>9</td><td>65,326</td></tr><tr><td colspan="9">Funds Provided</td></tr><tr><td>By realisation of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments on loans.</td><td>181,849</td><td>-</td><td>140,949</td><td>2,477</td><td>91</td><td>-</td><td>5</td><td>657</td></tr><tr><td>Sales or collections of investments:</td><td>161,231</td><td>1,025</td><td>-</td><td>-</td><td>-</td><td>17,054</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of United States.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock of Government corporations.</td><td>-</td><td>-</td><td>5,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of fixed assets.</td><td>-</td><td>983</td><td>564</td><td>-</td><td>4,575</td><td>-</td><td>-</td><td>1,220</td></tr><tr><td>Sales of acquired security or collateral.</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total realisation of assets.</td><td>343,256</td><td>2,008</td><td>147,233</td><td>2,477</td><td>4,666</td><td>17,054</td><td>5</td><td>1,877</td></tr><tr><td>By income.</td><td>5,378</td><td>8,565</td><td>23,452</td><td>9,523</td><td>4,789</td><td>31,311</td><td>4</td><td>43,132</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From other Government corporations and agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From the public.</td><td>239,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.</td><td>13,774</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td></tr><tr><td>By others.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cancellation of notes to U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>4,836</td><td>-</td><td>-</td><td>-</td><td>20,304</td></tr><tr><td>General Fund appropriations - expended.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations.</td><td>252,774</td><td>-</td><td>-</td><td>4,836</td><td>50</td><td>-</td><td>-</td><td>20,317</td></tr><tr><td>By decrease in working capital and deferred items</td><td>22,681</td><td>-</td><td>4,118</td><td>5,315</td><td>-</td><td>975</td><td>-</td><td>-</td></tr><tr><td>Other funds provided.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Total funds provided.</td><td>624,090</td><td>10,574</td><td>174,803</td><td>22,151</td><td>9,505</td><td>49,349</td><td>9</td><td>65,326</td></tr></table>
Note: See page 72 for footnotes.
September 1947
72
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1947 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 17/</th></tr><tr><th>Total</th><th>Form Credit Administration</th><th>Farmers' Home Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 14/</th><th>Federal Works Agency 15/</th><th>Federal Housing Administration</th><th>United States Maritime Commission activities</th><th>War Shipping Administration activities 16/</th></tr><tr><td>Funds Applied</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To acquisition of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans made....................</td><td>2,707,888</td><td>975</td><td>73,411</td><td>127,043</td><td>979</td><td>231</td><td>6,337</td><td>-</td><td>2,498,912</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>18,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,500</td><td>-</td><td>-</td></tr><tr><td>Other securities.............</td><td>3,067,228</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>3</td><td>-</td><td>3,067,225 18/</td></tr><tr><td>Purchases, construction or improvements of fixed assets............</td><td>367,032</td><td>-</td><td>2,049</td><td>19</td><td>139</td><td>622</td><td>41</td><td>105,740</td><td>1,820</td><td>256,603</td></tr><tr><td>Costs of acquiring collateral on defaulted loans....................</td><td>7,668</td><td>8</td><td>2,004</td><td>-</td><td>-</td><td>-</td><td>4,796 19/</td><td>-</td><td>-</td><td>860</td></tr><tr><td>Other....................</td><td>197</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>118</td></tr><tr><td>Total acquisition of assets.............</td><td>6,168,513</td><td>983</td><td>77,543</td><td>127,063</td><td>1,117</td><td>851</td><td>29,677</td><td>105,740</td><td>1,820</td><td>5,823,717</td></tr><tr><td>To expenses (excluding depreciation and other charges not requiring funds).........</td><td>1,206,195</td><td>-</td><td>15,334</td><td>9,045</td><td>598</td><td>8,219</td><td>11,520</td><td>67,419</td><td>1,031,180</td><td>62,881</td></tr><tr><td>To retirement of borrowings and capital, and distribution of surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury............</td><td>20,806</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,806</td></tr><tr><td>To other Government corporations and agencies....................</td><td>105,805</td><td>-</td><td>97,573</td><td>8,232</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To the public....................</td><td>1,001</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,001</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of capital and surplus:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury............</td><td>58,951</td><td>-</td><td>4,828</td><td>74</td><td>273</td><td>8,867</td><td>1,091</td><td>-</td><td>30,000</td><td>13,818</td></tr><tr><td>To others....................</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>General Fund revenues - deposit of earnings............</td><td>80,199</td><td>-</td><td>-</td><td>19</td><td>5</td><td>1,415</td><td>-</td><td>-</td><td>-</td><td>78,760</td></tr><tr><td>Dividends....................</td><td>2,794</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,794</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other distribution of surplus............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total retirement of borrowings and capital, and distribution of surplus............</td><td>269,557</td><td>-</td><td>102,401</td><td>8,325</td><td>278</td><td>10,282</td><td>4,885</td><td>-</td><td>30,000</td><td>113,385</td></tr><tr><td>To increase in working capital and deferred items</td><td>318,454</td><td>-</td><td>-</td><td>4,508</td><td>-</td><td>*</td><td>2,696</td><td>-</td><td>140,993</td><td>170,257</td></tr><tr><td>Other funds applied............</td><td>86,841</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>24,935</td><td>61,904</td><td>-</td></tr><tr><td>Total funds applied............</td><td>8,049,561</td><td>983</td><td>195,278</td><td>148,942</td><td>1,994</td><td>19,354</td><td>48,779</td><td>198,093</td><td>1,265,897</td><td>6,170,240</td></tr><tr><td>Funds Provided</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By realization of assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayments on loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By cash....................</td><td>1,283,085</td><td>1,493</td><td>80,333</td><td>9,768</td><td>1,071</td><td>5,958</td><td>2,779</td><td>2,102</td><td>-</td><td>1,179,580</td></tr><tr><td>By cancellation of corporation notes............</td><td>921,671</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>921,671</td></tr><tr><td>Sales or collections of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>476</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>472</td></tr><tr><td>Other securities.............</td><td>476</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>472</td></tr><tr><td>Sales of fixed assets............</td><td>237,048</td><td>-</td><td>3,425</td><td>6</td><td>-</td><td>2,909</td><td>-</td><td>150,903</td><td>62,037</td><td>17,768</td></tr><tr><td>Sales of acquired security or collateral............</td><td>12,995</td><td>133</td><td>1,712</td><td>-</td><td>-</td><td>-</td><td>10,312</td><td>-</td><td>-</td><td>819</td></tr><tr><td>Other....................</td><td>232</td><td>*</td><td>86</td><td>-</td><td>-</td><td>-</td><td>31</td><td>100</td><td>-</td><td>15</td></tr><tr><td>Total realization of assets............</td><td>2,455,508</td><td>1,626</td><td>85,556</td><td>9,774</td><td>1,071</td><td>8,867</td><td>13,126</td><td>153,106</td><td>62,037</td><td>2,120,345</td></tr><tr><td>By income....................</td><td>1,068,947</td><td>49</td><td>12,114</td><td>7,262</td><td>505</td><td>1,415</td><td>31,254</td><td>3,820</td><td>839,865</td><td>172,662</td></tr><tr><td>By borrowings, capital and surplus subscriptions, and appropriations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government corporations and agencies............</td><td>228,359</td><td>-</td><td>51,075</td><td>125,000</td><td>-</td><td>-</td><td>909</td><td>-</td><td>-</td><td>51,375</td></tr><tr><td>From the public....................</td><td>3,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,490</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By others....................</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 appropriations - expended............</td><td>4,068,622</td><td>-692</td><td>19,821</td><td>6,906</td><td>166</td><td>9,053</td><td>-</td><td>-154,085</td><td>363,996</td><td>3,823,457</td></tr><tr><td>Other....................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings, capital and surplus sub-scriptions, and appropriations............</td><td>4,300,471</td><td>-692</td><td>70,896</td><td>131,906</td><td>166</td><td>9,053</td><td>4,399</td><td>-154,085</td><td>363,996</td><td>3,874,832</td></tr><tr><td>By decrease in working capital and deferred items</td><td>215,710</td><td>*</td><td>17,787</td><td>-</td><td>250</td><td>20</td><td>-</td><td>195,252</td><td>-</td><td>2,401</td></tr><tr><td>Other funds provided............</td><td>8,324</td><td>-</td><td>8,924</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided............</td><td>8,049,561</td><td>983</td><td>195,278</td><td>148,942</td><td>1,994</td><td>19,354</td><td>48,779</td><td>198,093</td><td>1,265,897</td><td>6,170,240</td></tr></table>
Note: See page 72 for footnotes.
72
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Footnotes to Section II
1/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.
2/ This figure differs from that shown in the Balance Sheet because deficits of $176,269 thousand and $578,440 thousand for Emergency Crop and Feed Loan Activities and Farm Security Administration respectively are included in this statement.
3/ Statement has been constructed by the Treasury Department to give effect to net costs of realization on liquidation of corporation by R.F.C. pursuant to E.O. 9655, dated December 27, 1945.
4/ Includes the Federal Land Bank of Springfield, Mase., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kane., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government.
5/ Figures are as of February 23, 1947, the latest available.
6/ Represents administrative expenses paid from General Fund appropriations.
1/ Represents deposit in miscellaneous receipts of the Treasury Department.
8/ Figures are for the six months ended December 31, 1946, the latest available.
9/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation (liquidated February 25, 1947), and Preciarcadio, Inc.
10/ Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
11/ Represents sales contract transferred to War Department for liquidation and ultimate deposit of cash proceeds to miscellaneous receipts of the Treasury Department.
12/ By action of the Board of Directors of R.F.C., effective as of
July 1, 1946, all assets and liabilities of Rubber Development Corporation were transferred to R.P.C.
13/ Figures represent activities under the U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
14/ The net income from power operations has been reduced by the net outlay of $10,078,821.26 for nonincome producing programs such as flood control, navigation and experimental projects.
15/ Changes in surplus reserves do not reflect the changes in Balance Sheet surplus reserves since transfers from other sources than unreserved surplus have been made.
16/ Created pursuant to Public Law 731, approved August 14, 1946.
17/ Consists of Indian Loans and Puerto Rico Reconstruction Administration. Puerto Rican Hurricane Relief Loan Section ceased to exist June 30, 1946.
18/ Consists of Bureau of Community Facilities and Public Works Administration.
19/ Figures are as of February 28, 1947, with exception of those of land-lease and UNRRA activities.
20/ Consists of Federal Public Housing Authority - Homeo conversion program, Farm Security Administration program, Public war housing program, and Veterans' re-use housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); Veterans' Canteen Service created pursuant to Public Law 636, approved August 7, 1946; and date for the first four months of fiscal year 1947 for Farm Security Administration and Emergency Crop and Feed Loans activities which were transferred to Farmers' Home Administration November 1, 1946.
21/ Includes $754,709,613.16 deficit of Emergency Crop and Feed Loans activities and Farm Security Administration, which deficit was not assumed by Farmers' Home Administration.
Footnotes to Section III
Less than $500.
1/ Includes $3,067,225 thousand representing purchases of stock in the International Bank for Reconstruction and Development and subscriptions to the International Monetary Fund.
2/ Statement has been constructed by the Treasury Department to give effect to liquidation activities by R.P.C. pursuant to E.O. 9665, dated December 27, 1945.
3/ Includes the Federal Land Banks of Springfield, Mass., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kans., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government.
4/ Figures are as of February 28, 1947, the latest available.
5/ Figures are for the six months ended December 31, 1946, the latest available.
6/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, (liquidated February 25, 1947), and Frenclardio, Inc.
7/ Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
8/ Includes transactions in guaranteed loans held by leading agencies.
9/ Represents $446,890,000 deposits of excess funds pursuant to Public Law 391, approved May 27, 1946, and $66,197.68 deposits of remaining funds of Inter-American Navigation Corporation.
10/ Represents sales contract transferred to War Department for liquidation and ultimate deposit of cash proceeds to miscellaneous receipts of the Treasury Department.
11/ By action of the Board of Directors of R.P.C., effective as of
July 1, 1946, all assets and liabilities of Rubber Development Corporation were transferred to R.P.C.
12/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
13/ Created pursuant to Public Law 731, approved August 14, 1946.
14/ Consists of Indian Loans and Puerto Rico Reconstruction Administration. Puerto Rican Hurricane Relief Loan Section ceased to exist June 30, 1946.
15/ Consists of Bureau of Community Facilities and Public Works Administration.
16/ Figures are as of February 28, 1947, with exception of those of lead-lease and UNRRA activities.
17/ Consists of Federal Public Housing Authority - Homes conversion program, Farm Security Administration program, Public war housing program, and Veterans' re-use housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); Veterans' Canteen Service created pursuant to Public Law 636, approved August 7, 1946; and date for the first four months of fiscal year 1947 for Farm Security Administration and Emergency Crop and Food Loans activities which were transferred to Farmers' Home Administration November 1, 1946.
18/ Represents $2,749,725 thousand subscription to the International Monetary Fund and $317,500 thousand purchase of stock in the International Bank for Reconstruction and Development.
19/ Represents value of property acquired under terms of insurance.
September 1947
73
INTERNAL REVENUE STATISTICS
74
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Wiece-lanceous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Railroad retirement 1/</th></tr><tr><td>Old-age insurance 5/</td><td>Unemployment insurance 6/</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>42,785</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>1,122,581</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>2,016,237</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</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>29,020,054</td><td>19,343,297</td><td>9,621,274</td><td>55,483</td><td>2,024,365</td><td>1,458,934</td><td>185,876</td><td>379,555</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>367,438</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><tr><td>June</td><td>3,992,776</td><td>+729,620</td><td>3,263,156</td><td>2,550,605</td><td>1,101,038</td><td>1,447,131</td><td>2,436</td><td>97,622</td><td>6,959</td><td>788</td><td>89,875</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Pecal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Etete and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufatureers' and retailers' excise taxes</th><th>Miscellaneous taxes £/</th></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>113,540</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</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</td><td>8,063,854</td><td>1,597</td><td>779,291</td><td>2,474,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,550,842</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>133,995</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><tr><td>June</td><td>614,929</td><td>714</td><td>54,950</td><td>158,050</td><td>108,892</td><td>6,126</td><td>163,095</td><td>123,101</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for 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 Alaska Railroad. The excess profite tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profite tax, the profit limit-
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.
1/ Represents collections under the Carriers Taxing Act of 1937.
3/ Includes tax collections under the Sugar Act of 1937 and under the dividend tax imposed by the Act of June 16, 1933.
September 1947
75
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years, 1932-1947
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
76
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>June 1946</th><th>June 1947</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>9,857,466</td><td>9,842,028</td><td>30,469</td><td>33,112</td></tr><tr><td>Revenue Act of 1942</td><td>123</td><td>254</td><td>3</td><td>26</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,430,377</td><td>8,950,272</td><td>1,025,047</td><td>1,035,900</td></tr><tr><td>Back</td><td>416,571</td><td>550,743</td><td>27,069</td><td>31,999</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>1,083,189</td><td>1,101,038</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>3,901,917</td><td>5,441,776</td><td>702,966</td><td>1,269,715</td></tr><tr><td>Back</td><td>738,032</td><td>613,320</td><td>41,227</td><td>116,258</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>7,822,488</td><td>3,566,178</td><td>993,577</td><td>61,158</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>1,737,770</td><td>1,447,131</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>91,130</td><td>55,185</td><td>15,617</td><td>2,443</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>35</td><td>298</td><td>1</td><td>(-7)</td></tr><tr><td>Total miscellaneous profits taxes</td><td>91,165</td><td>55,483</td><td>15,618</td><td>2,436</td></tr><tr><td>Total income and profits taxes</td><td>31,258,138</td><td>29,020,054</td><td>2,836,577</td><td>2,550,605</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 4/</td><td>1,237,825</td><td>1,458,934</td><td>3,770</td><td>6,959</td></tr><tr><td>Unemployment insurance 5/</td><td>178,745</td><td>185,876</td><td>1,213</td><td>788</td></tr><tr><td>Total Social Security taxes</td><td>1,416,570</td><td>1,644,810</td><td>4,983</td><td>7,747</td></tr><tr><td>Railroad retirement 6/</td><td>284,258</td><td>379,555</td><td>49,690</td><td>89,875</td></tr><tr><td>Total employment taxes</td><td>1,700,828</td><td>2,024,365</td><td>54,673</td><td>97,622</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>352,121</td><td>1,597</td><td>182</td><td>714</td></tr><tr><td>Estate tax</td><td>629,601</td><td>708,794</td><td>62,183</td><td>54,487</td></tr><tr><td>Gift tax</td><td>47,232</td><td>70,497</td><td>684</td><td>463</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>143,080</td><td>121,562</td><td>15,130</td><td>10,193</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,603,497</td><td>1,563,800</td><td>120,482</td><td>76,093</td></tr><tr><td>Distilled spirits rectification tax</td><td>41,880</td><td>43,485</td><td>3,241</td><td>2,052</td></tr><tr><td>Winee, cordials, etc. (imported, excise)</td><td>2,594</td><td>2,906</td><td>370</td><td>97</td></tr><tr><td>Winee, cordials, etc. (domestic, excise)</td><td>58,250</td><td>54,291</td><td>5,886</td><td>3,189</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>*</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; mamu-facturers of stills (special taxes)</td><td>8,061</td><td>9,443</td><td>2,225</td><td>2,354</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>25</td><td>9</td><td>1</td><td>2</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>840</td><td>746</td><td>63</td><td>31</td></tr><tr><td>Container stamps</td><td>13,309</td><td>13,282</td><td>1,093</td><td>615</td></tr><tr><td>Floor taxes</td><td>696</td><td>153</td><td>(-28)</td><td>(-209)</td></tr><tr><td>Fermented malt liquors</td><td>650,824</td><td>661,418</td><td>49,277</td><td>62,678</td></tr><tr><td> Brewers; dealers in malt liquors (special taxes)</td><td>3,106</td><td>3,662</td><td>755</td><td>955</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,526,162</td><td>2,474,756</td><td>198,494</td><td>158,050</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>41,384</td><td>48,289</td><td>3,540</td><td>3,613</td></tr><tr><td>Cigars (small)</td><td>70</td><td>66</td><td>5</td><td>4</td></tr><tr><td>Cigarettes (large)</td><td>172</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,072,799</td><td>1,145,262</td><td>92,261</td><td>101,839</td></tr><tr><td>Smuff</td><td>7,373</td><td>7,055</td><td>553</td><td>588</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>41,961</td><td>36,588</td><td>3,242</td><td>2,794</td></tr><tr><td>Cigarette papers and tubes</td><td>1,757</td><td>539</td><td>21</td><td>53</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>3</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>1,165,519</td><td>1,237,768</td><td>99,624</td><td>108,892</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>47,393</td><td>49,106</td><td>4,981</td><td>3,902</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>30,369</td><td>21,963</td><td>2,537</td><td>1,666</td></tr><tr><td>Playing cards</td><td>9,766</td><td>7,782</td><td>699</td><td>521</td></tr><tr><td>Silver bullion sales or transfers</td><td>149</td><td>1,127</td><td>2</td><td>38</td></tr><tr><td>Total stamp taxes</td><td>87,676</td><td>79,978</td><td>8,219</td><td>6,126</td></tr></table>
(Continued on following page)
September 1947
77
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>June 1946</th><th>June 1947</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th></tr><tr><td>Miscellaneous internal revenue (continued):</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></tr><tr><td>Lubricating oils</td><td>74,602</td><td>82,015</td><td>6,239</td><td>7,701</td></tr><tr><td>Gasoline</td><td>405,695</td><td>433,676</td><td>39,037</td><td>40,649</td></tr><tr><td>Tires and tubes</td><td>118,072</td><td>174,927</td><td>15,060</td><td>12,727</td></tr><tr><td>Floor taxes on tires and tubes</td><td>19</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>37,144</td><td>62,099</td><td>4,992</td><td>6,838</td></tr><tr><td>Other automobiles and motorcycles</td><td>25,893</td><td>204,680</td><td>7,346</td><td>23,414</td></tr><tr><td>Parts and accessories for automobiles</td><td>68,871</td><td>93,932</td><td>5,431</td><td>8,916</td></tr><tr><td>Electrical energy</td><td>59,112</td><td>63,014</td><td>4,598</td><td>5,316</td></tr><tr><td>Electric, gas, and oil appliances</td><td>25,492</td><td>65,608</td><td>3,006</td><td>5,830</td></tr><tr><td>Electric light bulbs and tubes</td><td>17,781</td><td>23,180</td><td>619</td><td>2,061</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>56</td><td>83</td><td>3</td><td>4</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>3,118</td><td>6,239</td></tr><tr><td>Photograph records</td><td>3,902</td><td>8,492</td><td>597</td><td>870</td></tr><tr><td>Musical instruments</td><td>2,839</td><td>10,151</td><td>603</td><td>1,052</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>1,049</td><td>3,445</td></tr><tr><td>Matches</td><td>10,247</td><td>8,413</td><td>1,202</td><td>441</td></tr><tr><td>Floor taxes on matches</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>15,792</td><td>25,183</td><td>1,597</td><td>2,101</td></tr><tr><td>Furs - retailers' excise</td><td>91,706</td><td>97,481</td><td>2,713</td><td>2,453</td></tr><tr><td>Jewelry - retailers' excise</td><td>223,342</td><td>236,615</td><td>16,186</td><td>15,066</td></tr><tr><td>Baggage - retailers' excise (effective 4/1/44)</td><td>81,423</td><td>84,588</td><td>6,733</td><td>6,109</td></tr><tr><td>Baggage - manufacturers' excise (suspended as of 4/1/44)</td><td>15</td><td>49</td><td>*</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>18</td><td>15</td><td>1</td><td>-</td></tr><tr><td>Photographic apparatus</td><td>21,184</td><td>36,163</td><td>2,234</td><td>3,134</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>125</td><td>20</td><td>12</td><td>*</td></tr><tr><td>Sporting goods</td><td>7,878</td><td>17,054</td><td>982</td><td>1,555</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>95,574</td><td>95,542</td><td>6,627</td><td>6,535</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>5,232</td><td>9,031</td><td>939</td><td>603</td></tr><tr><td>Pistols and revolvers</td><td>61</td><td>384</td><td>26</td><td>35</td></tr><tr><td>Repealed taxes not listed above</td><td>25</td><td>17</td><td>11</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,414,717</td><td>1,939,621</td><td>130,962</td><td>163,095</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937 (expired 8/23/43)</td><td>34</td><td>18</td><td>1</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>56,732</td><td>59,152</td><td>5,825</td><td>5,237</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>234,393</td><td>252,746</td><td>20,878</td><td>20,634</td></tr><tr><td>Local telephone service</td><td>145,689</td><td>164,944</td><td>13,157</td><td>14,406</td></tr><tr><td>Transportation of oil by pipe line</td><td>14,824</td><td>16,988</td><td>1,082</td><td>1,963</td></tr><tr><td>Transportation of persons, seats, berths</td><td>226,750</td><td>244,003</td><td>15,271</td><td>17,216</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>220,121</td><td>275,701</td><td>14,424</td><td>23,199</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/45)</td><td>115,960</td><td>285</td><td>45</td><td>*</td></tr><tr><td>Use of boats (repealed as of 6/30/46)</td><td>182</td><td>3</td><td>1</td><td>644</td></tr><tr><td>Lease of safe-deposit boxes</td><td>7,857</td><td>8,560</td><td>578</td><td>27,939</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>27,622</td><td>4,479</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>5,233</td><td>2,302</td></tr><tr><td>Club dues and initiation fees</td><td>18,899</td><td>23,299</td><td>2,206</td><td>567</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>510</td><td>1,960</td></tr><tr><td>Coin operated devices</td><td>17,092</td><td>20,432</td><td>2,002</td><td>-</td></tr><tr><td>Amilated and processed or renovated butter, mixed flour 1/2, and filled cheese</td><td>44</td><td>30</td><td>1</td><td>3</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,932</td><td>5,874</td><td>685</td><td>886</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>694</td><td>792</td><td>190</td><td>223</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,268</td><td>17,208</td><td>339</td><td>1,358</td></tr><tr><td>National Firearms Act</td><td>6</td><td>8</td><td>2</td><td>1</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>171</td><td>116</td><td>162</td><td>83</td></tr><tr><td>Total miscellaneous taxes</td><td>1,489,925</td><td>1,550,842</td><td>110,215</td><td>123,101</td></tr><tr><td>Total miscellaneous internal revenue</td><td>7,712,953</td><td>8,063,854</td><td>610,563</td><td>614,929</td></tr><tr><td>Total internal revenue collections</td><td>40,671,919</td><td>39,106,273</td><td>3,501,813</td><td>3,263,156</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-361,585</td><td>+271,136</td><td>+578,679</td><td>+729,620</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,310,333</td><td>39,379,409</td><td>4,080,492</td><td>3,992,776</td></tr></table>
(1) Total receipts from internal revenue; Daily Treasury Statements; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue. Less than $500. 1/ Exclude collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this Act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositaries in addition to pay-
ments 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/ Represents collections under the Federal Insurance Contributions Act. 5/ Represents collections under the Federal Unemployment Tax Act. 6/ Represents collections under the Carriers' Taxing Act of 1937. 7/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
78
Treasury Bulletin
MONETARY STATISTICS
September 1947
79
Gold Assets and Liabilities of the Treasury
(in millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/ 4/</th><th>Gold in General Fund</th></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,300.0</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>22,735.1</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>20,618.5</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</td><td>21,266.5</td><td>20,086.9</td><td>156.0</td><td>-</td><td>1,023.6</td></tr><tr><td>July p.</td><td>21,536.7</td><td>20,343.8</td><td>156.0</td><td>-</td><td>1,036.9</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 certificates credited 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 1890. Excludes gold in active portion of Exchange Stabilization Fund. On February 26, 1947 the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Treasury Gold Receipts
(in millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly mined domestic gold</th><th>Cold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June.....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar.....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June.....</td><td>-18.46 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept.....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec.....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar.....</td><td>-24.15 3/</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June.....</td><td>-31.56 3/</td><td>44.77</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept.....</td><td>-13.61 3/</td><td>50.95</td><td>-2.00 4/</td><td>35.34</td></tr><tr><td>Oct.-Dec.....</td><td>-15.86 3/</td><td>241.84</td><td>-2.27 4/</td><td>223.71</td></tr><tr><td>1947 - Jan.-Mar.....</td><td>-1.28 3/</td><td>-66.74</td><td>1.60</td><td>-66.42</td></tr><tr><td>Apr.-June.....</td><td>9.48</td><td>793.00</td><td>1.45</td><td>803.93</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly mined domestic gold.
4/ Excess of sales over receipts.
Monetary Stocks of Gold and Silver
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,525.7</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>20,330.0</td><td>3,519.6</td><td>14.8</td></tr><tr><td>March</td><td>20,462.6</td><td>3,522.5</td><td>14.7</td></tr><tr><td>April</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>14.4</td></tr><tr><td>June</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>July p</td><td>21,536.7</td><td>3,532.9</td><td>14.1</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
80
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="3">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</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><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>494.5</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>4,244.9</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>3,870.5</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947-January</td><td>1,913.1</td><td>343.3</td><td>15.8</td><td>.3</td><td>93.5</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</td><td>1,923.9</td><td>342.0</td><td>19.8</td><td>-</td><td>91.9</td><td>151.5</td><td>902.8</td><td>3,525.7</td></tr><tr><td>July p</td><td>1,925.6</td><td>341.0</td><td>19.4</td><td>-</td><td>93.5</td><td>152.5</td><td>904.7</td><td>3,532.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Treasury.
p Preliminary.
* Less than $50,000.
1/ Valued at $1.29 per ounce.
2/ Includes silver leased to Office of Defense Plants of the R.F.C., etc. (see Daily Treasury Statement for amount). Does not include
silver lend-leased to foreign governments (see Annual Report of the Secretary of the Treasury for amounts). Valued at $.18 per ounce. Valued at $.18 per ounce or at $.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coin or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Silver acquired by mints and assay offices</th><th colspan="2">Silver acquired by mints and assay offices</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Recently coined domestic silver 2/</th><th>Dollars</th><th>Foreign silver 3/</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>.5</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><tr><td>June</td><td>2.7</td><td>1.9</td><td>1.8</td><td>-</td><td>-</td><td>1.9</td><td>1.8</td></tr></table>
Sources: 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
17.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946. Acquired at various prices averaging approximately 51 cents per ounce. Includes 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.
September 1947
81
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revealed 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 18, 1934)</th><th>Sevly mined silver (Proc. Deco. 21, 1933)</th><th>Sevly mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revealed</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>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><tr><td>July</td><td>509.5</td><td>48.7</td><td>87.6</td><td>70.9</td><td>832.1</td><td>34.7</td><td>1,074.0</td><td>156.1</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Treasury Bulletin
82
Money in Circulation
72
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</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><tr><td>July p.</td><td>28,148</td><td>26,792</td><td>48</td><td>2,033</td><td>1</td><td>317</td><td>23,887</td><td>400</td><td>106</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</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</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.66 r</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>196.66 r</td></tr><tr><td>July p</td><td>1,356</td><td>149</td><td>875</td><td>332</td><td>195.50</td></tr></table>
the United States. Includes paper currency held outside the continental limits of the United States. 2/ Gold certificates were withdrawn from circulation in 1933. 3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 4/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
(1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. Revised. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
September 1947
83
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
84
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 on a monthly basis. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are available.
The last group contains 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.
These data are based on reports filed each month by banks, bankers, and brokers throughout the United States. The reports are collected, checked, and tabulated by the twelve Federal Reserve Banks. The totals are then forwarded to the Treasury Department for consolidation and publication.
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 Bulletin", 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 rowspan="2">Caleodar year or month</th><th rowspan="2">Net capital movement</th><th colspan="4">Analysis of oet capital movement in:</th></tr><tr><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>328,368</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-Apr. 30, 1947)</td><td>1,731,869</td><td>1,668,105</td><td>7,877</td><td>-47,828</td><td>103,715</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1947)</td><td>9,741,359</td><td>7,821,446</td><td>161,616</td><td>416,696</td><td>1,341,601</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>-9,839</td><td>-28,366</td><td>1,634</td><td>-17,681</td><td>34,574</td></tr><tr><td>December</td><td>-260,894</td><td>-276,387</td><td>-997</td><td>10,104</td><td>6,386</td></tr><tr><td>1947-January</td><td>37,840</td><td>-28,953</td><td>-3,325</td><td>-152</td><td>70,270</td></tr><tr><td>February</td><td>1,882,574 r</td><td>1,979,406 r</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><tr><td>April</td><td>34,645</td><td>-33,855</td><td>7,069</td><td>2,384</td><td>59,047</td></tr></table>
r Revised.
September 1947
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Portion at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in dollars</th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,351</td><td>161,263</td><td>1,301,142</td><td>1,156,496</td><td>46,795</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>1,623,317</td><td>1,456,885</td><td>66,478</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>1,893,087</td><td>1,600,507</td><td>209,597</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>2,203,185</td><td>1,985,025</td><td>114,791</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>3,221,328</td><td>3,025,189</td><td>135,311</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>3,938,232</td><td>3,786,182</td><td>121,001</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,043</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>6,833,068</td><td>4,946,624</td><td>1,910,898</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>6,480,262</td><td>4,693,912</td><td>1,745,722</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>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>6,346,765</td></tr><tr><td>August</td><td>581,450</td><td>108,093</td><td>231,730</td><td>6,767,799</td><td>4,940,745</td><td>1,790,877</td><td>6,186,349</td></tr><tr><td>September</td><td>615,658</td><td>106,196</td><td>275,991</td><td>6,689,272</td><td>4,794,640</td><td>1,887,115</td><td>6,073,614</td></tr><tr><td>October</td><td>602,716</td><td>103,518</td><td>272,156</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>6,076,762</td></tr><tr><td>November</td><td>642,600</td><td>96,977</td><td>294,694</td><td>6,690,996</td><td>4,843,776</td><td>1,815,968</td><td>6,048,396</td></tr><tr><td>December</td><td>708,253</td><td>98,119</td><td>319,639</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</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>6,473,699</td><td>4,710,392</td><td>1,723,106</td><td>5,743,006</td></tr><tr><td>February</td><td>754,576</td><td>78,720</td><td>315,137</td><td>8,476,988</td><td>4,858,977</td><td>3,581,406r</td><td>7,722,412r</td></tr><tr><td>March</td><td>798,432</td><td>72,102</td><td>337,775</td><td>8,272,351r</td><td>4,844,618</td><td>3,391,699r</td><td>7,473,919r</td></tr><tr><td>April</td><td>801,836</td><td>116,943</td><td>240,850</td><td>8,241,900</td><td>4,972,995</td><td>3,232,469</td><td>7,440,064</td></tr></table>
r Revised.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigneere</th><th>Payable in foreign currencies</th><th>Other</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>113,119</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>2,933</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-24,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,154</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>-233,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>405,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-Apr. 30, 1947)</td><td>-93,583</td><td>-18,824</td><td>78,789</td><td>-153,548</td><td>1,761,688</td><td>279,134</td><td>1,486,747</td><td>-4,193</td><td>1,668,105</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 1947)</td><td>278,647</td><td>237,093</td><td>-141,722</td><td>183,276</td><td>7,542,799</td><td>4,346,553</td><td>3,216,347</td><td>-20,101</td><td>7,821,446</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>-39,824</td><td>6,541</td><td>-22,538</td><td>-23,287</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>-119,265</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>-28,953</td></tr><tr><td>February</td><td>-23,883</td><td>14,758</td><td>-1,924</td><td>-36,717</td><td>2,003,289</td><td>147,985</td><td>1,858,300</td><td>-2,996</td><td>1,979,406</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>-189,707</td><td>-571</td><td>-243,493</td></tr><tr><td>April</td><td>-3,404</td><td>-44,841</td><td>96,925</td><td>-55,488</td><td>-30,451</td><td>128,377</td><td>-159,230</td><td>402</td><td>-33,855</td></tr></table>
r Revised.
Treasury Bulletin
86
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-Apr. 30, 1947)</td><td>70,676</td><td>107,726</td><td>-37,050</td><td>80,137</td><td>90,915</td><td>-10,778</td><td>150,813</td><td>198,641</td><td>-47,828</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 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>12,196,888</td><td>11,780,192</td><td>416,696</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>25,157</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><tr><td>April</td><td>18,448</td><td>24,013</td><td>-5,565</td><td>19,745</td><td>11,796</td><td>7,949</td><td>38,193</td><td>35,809</td><td>2,384</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>24,789</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-Apr. 30, 1947)</td><td>25,471</td><td>14,119</td><td>11,352</td><td>297,411</td><td>205,048</td><td>92,363</td><td>322,882</td><td>219,167</td><td>103,715</td></tr><tr><td>Total (Jan. 2, 1935-Apr. 30, 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>6,538,735</td><td>5,197,134</td><td>1,341,601</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>48,209</td><td>3,920</td><td>58,126</td><td>51,740</td><td>6,386</td></tr><tr><td>1947-January</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr><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><tr><td>April</td><td>4,054</td><td>2,553</td><td>1,501</td><td>81,440</td><td>23,894</td><td>57,546</td><td>85,494</td><td>26,447</td><td>59,047</td></tr></table>
n.a. Not available
September 1947
87
Capital Movements Between the United States and Foreign Countries - (Continued
Section II - Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="6">Net capital movement 1947</th><th colspan="6">Short-term banking funds 1947</th></tr><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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></tr><tr><td>United Kingdom</td><td>22,535</td><td>-27,461</td><td>-68,538</td><td>106,226</td><td></td><td></td><td>22,565</td><td>-29,896</td><td>-66,114</td><td>104,188</td><td></td><td></td></tr><tr><td>France</td><td>-15,453</td><td>-33,123</td><td>15,108</td><td>-19,406</td><td></td><td></td><td>-12,978</td><td>-31,183</td><td>14,636</td><td>-22,078</td><td></td><td></td></tr><tr><td>Belgium</td><td>7,267</td><td>-16,104</td><td>28,277</td><td>-16,528</td><td></td><td></td><td>6,254</td><td>-16,344</td><td>28,835</td><td>-16,643</td><td></td><td></td></tr><tr><td>Denmark</td><td>6,770</td><td>-4,818</td><td>-5,770</td><td>-4,627</td><td></td><td></td><td>6,708</td><td>-4,798</td><td>-5,775</td><td>-4,669</td><td></td><td></td></tr><tr><td>Finland</td><td>-831</td><td>7,602</td><td>356</td><td>-3,443</td><td></td><td></td><td>-831</td><td>7,592</td><td>307</td><td>-3,429</td><td></td><td></td></tr><tr><td>Germany</td><td>-1,853</td><td>236</td><td>1,307</td><td>2,234</td><td></td><td></td><td>-1,832</td><td>251</td><td>1,322</td><td>2,196</td><td></td><td></td></tr><tr><td>Oreece</td><td>-5,798</td><td>-979</td><td>-4,114</td><td>423</td><td></td><td></td><td>-5,599</td><td>-864</td><td>-4,018</td><td>491</td><td></td><td></td></tr><tr><td>Italy</td><td>55,218</td><td>-86,542</td><td>-40,375</td><td>5,828</td><td></td><td></td><td>54,144</td><td>-76,438</td><td>-31,790</td><td>5,779</td><td></td><td></td></tr><tr><td>Luxembourg</td><td>-169</td><td>-93</td><td>41</td><td>-662</td><td></td><td></td><td>-139</td><td>14</td><td>435</td><td>-686</td><td></td><td></td></tr><tr><td>Netherlands</td><td>-7,305</td><td>-23,473</td><td>-38,931</td><td>135,085</td><td></td><td></td><td>1,753</td><td>-14,933</td><td>-33,134</td><td>142,999</td><td></td><td></td></tr><tr><td>Norway</td><td>-6,241</td><td>-9,702</td><td>-1,376</td><td>-3,874</td><td></td><td></td><td>-6,449</td><td>-11,020</td><td>-1,625</td><td>4,912</td><td></td><td></td></tr><tr><td>Portugal</td><td>6,128</td><td>-1,449</td><td>10,099</td><td>-1,945</td><td></td><td></td><td>6,544</td><td>-1,483</td><td>10,075</td><td>-2,006</td><td></td><td></td></tr><tr><td>Romania</td><td>32</td><td>-62</td><td>-830</td><td>-3,588</td><td></td><td></td><td>11</td><td>-75</td><td>-787</td><td>-3,587</td><td></td><td></td></tr><tr><td>Spain</td><td>3,253</td><td>1,383</td><td>1,137</td><td>-221</td><td></td><td></td><td>3,192</td><td>1,328</td><td>1,142</td><td>-528</td><td></td><td></td></tr><tr><td>Sweden</td><td>-9,093</td><td>-5,349</td><td>6,028</td><td>-9,025</td><td></td><td></td><td>-8,915</td><td>-5,343</td><td>5,836</td><td>-9,091</td><td></td><td></td></tr><tr><td>Switzerland</td><td>3,377</td><td>7,296</td><td>9,335</td><td>15,501</td><td></td><td></td><td>2,720</td><td>6,341</td><td>8,881</td><td>8,122</td><td></td><td></td></tr><tr><td>U. S. S. R.</td><td>-81</td><td>-1,918</td><td>67</td><td>1,476</td><td></td><td></td><td>-82</td><td>-1,920</td><td>67</td><td>1,476</td><td></td><td></td></tr><tr><td>Yugoslavia</td><td>584</td><td>936</td><td>733</td><td>658</td><td></td><td></td><td>584</td><td>936</td><td>782</td><td>618</td><td></td><td></td></tr><tr><td>Other Europe</td><td>13,291</td><td>3,613</td><td>-5,858</td><td>-13,824</td><td></td><td></td><td>13,406</td><td>3,675</td><td>664</td><td>-12,725</td><td></td><td></td></tr><tr><td>Total Europe</td><td>71,631</td><td>-190,007</td><td>-93,304</td><td>190,288</td><td></td><td></td><td>81,056</td><td>-174,160</td><td>-70,261</td><td>195,339</td><td></td><td></td></tr><tr><td>Canada</td><td>-12,632</td><td>-110,229</td><td>-80,194</td><td>-88,287</td><td></td><td></td><td>-72,458</td><td>-34,009</td><td>-110,505</td><td>-148,057</td><td></td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,617</td><td>21,864</td><td>-3,782</td><td>37,822</td><td></td><td></td><td>46,042</td><td>17,593</td><td>-2,999</td><td>33,743</td><td></td><td></td></tr><tr><td>Bolivia</td><td>-1,910</td><td>1,415</td><td>-1,199</td><td>-2,964</td><td></td><td></td><td>-1,933</td><td>1,368</td><td>-1,237</td><td>-2,974</td><td></td><td></td></tr><tr><td>Brazil</td><td>5,501</td><td>-35,064</td><td>-33,815</td><td>-56,979</td><td></td><td></td><td>4,893</td><td>-34,371</td><td>-36,706</td><td>-58,065</td><td></td><td></td></tr><tr><td>Chile</td><td>-3,163</td><td>-3,206</td><td>5,442</td><td>86</td><td></td><td></td><td>-3,102</td><td>-3,101</td><td>5,117</td><td>-191</td><td></td><td></td></tr><tr><td>Colombia</td><td>-10,135</td><td>4,644</td><td>-528</td><td>1,169</td><td></td><td></td><td>-10,384</td><td>4,690</td><td>-721</td><td>823</td><td></td><td></td></tr><tr><td>Costa Rica</td><td>-847</td><td>1,451</td><td>-872</td><td>1,419</td><td></td><td></td><td>-879</td><td>1,407</td><td>-846</td><td>1,434</td><td></td><td></td></tr><tr><td>Cuba</td><td>-14,761</td><td>-2,127</td><td>35</td><td>9,663</td><td></td><td></td><td>-15,908</td><td>-3,845</td><td>-2,344</td><td>8,566</td><td></td><td></td></tr><tr><td>French West Indies and Guiana</td><td>-333</td><td>-1,043</td><td>162</td><td>-811</td><td></td><td></td><td>-333</td><td>-1,043</td><td>161</td><td>-754</td><td></td><td></td></tr><tr><td>Mexico</td><td>-8,375</td><td>-2,414</td><td>-5,450</td><td>-13,811</td><td></td><td></td><td>-4,323</td><td>-9,056</td><td>-4,918</td><td>-14,406</td><td></td><td></td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-2,711</td><td>-1,700</td><td>-1,259</td><td>-238</td><td></td><td></td><td>-2,675</td><td>-1,720</td><td>-1,233</td><td>-156</td><td></td><td></td></tr><tr><td>Panama</td><td>-2,033</td><td>-1,293</td><td>-1,372</td><td>-2,046</td><td></td><td></td><td>662</td><td>-3,109</td><td>-2,515</td><td>-2,170</td><td></td><td></td></tr><tr><td>Peru</td><td>-5,486</td><td>-3,765</td><td>267</td><td>1,192</td><td></td><td></td><td>-5,625</td><td>-3,741</td><td>-768</td><td>1,054</td><td></td><td></td></tr><tr><td>Venezuela</td><td>-24,425</td><td>-11,452</td><td>-3,321</td><td>7,768</td><td></td><td></td><td>-24,180</td><td>-11,342</td><td>-2,725</td><td>6,884</td><td></td><td></td></tr><tr><td>Other Latin America</td><td>11,424</td><td>-2,053</td><td>-1,179</td><td>-2,005</td><td></td><td></td><td>11,128</td><td>-2,211</td><td>-2,276</td><td>-2,989</td><td></td><td></td></tr><tr><td>Total Latin America</td><td>-7,637</td><td>-35,143</td><td>-46,867</td><td>-19,735</td><td></td><td></td><td>-6,617</td><td>-48,481</td><td>-54,010</td><td>-29,201</td><td></td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-23,503</td><td>-32,588</td><td>-21,775</td><td>-8,540</td><td></td><td></td><td>-23,176</td><td>-31,962</td><td>-20,942</td><td>-9,921</td><td></td><td></td></tr><tr><td>French Indo-China</td><td>2,169</td><td>-6,150</td><td>3,092</td><td>-642</td><td></td><td></td><td>2,169</td><td>-6,150</td><td>3,102</td><td>-642</td><td></td><td></td></tr><tr><td>Hong Kong</td><td>-4,757</td><td>1,421</td><td>-915</td><td>587</td><td></td><td></td><td>-4,725</td><td>1,449</td><td>-946</td><td>208</td><td></td><td></td></tr><tr><td>Iodie, Burma, and Ceylon</td><td>-1,192</td><td>1,010</td><td>-5,237</td><td>-4,076</td><td></td><td></td><td>-1,655</td><td>1,465</td><td>-5,281</td><td>-4,125</td><td></td><td></td></tr><tr><td>British Malaya</td><td>-8,847</td><td>-1,700</td><td>-304</td><td>741</td><td></td><td></td><td>-8,848</td><td>-1,708</td><td>-297</td><td>741</td><td></td><td></td></tr><tr><td>Japan</td><td>595</td><td>530</td><td>1,035</td><td>161</td><td></td><td></td><td>596</td><td>526</td><td>1,030</td><td>165</td><td></td><td></td></tr><tr><td>Netherlands East Indies</td><td>-9,763</td><td>-640</td><td>4,518</td><td>-19,702</td><td></td><td></td><td>-9,759</td><td>-654</td><td>5,816</td><td>-19,703</td><td></td><td></td></tr><tr><td>Philippine Islands</td><td>3,467</td><td>-15,651</td><td>20,315</td><td>-11,016</td><td></td><td></td><td>-3,498</td><td>-15,458</td><td>19,352</td><td>-10,403</td><td></td><td></td></tr><tr><td>Turkey</td><td>6,139</td><td>-4,448</td><td>-1,238</td><td>9,139</td><td></td><td></td><td>6,109</td><td>-4,423</td><td>-1,201</td><td>9,110</td><td></td><td></td></tr><tr><td>Other Asia</td><td>-5,440</td><td>-3,022</td><td>-5,588</td><td>-4,426</td><td></td><td></td><td>-5,365</td><td>-3,003</td><td>-5,534</td><td>-4,382</td><td></td><td></td></tr><tr><td>Total Asia</td><td>-41,132</td><td>-61,238</td><td>-6,097</td><td>-37,774</td><td></td><td></td><td>-48,152</td><td>-59,918</td><td>-4,901</td><td>-38,952</td><td></td><td></td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4,704</td><td>106</td><td>-7,103</td><td>1,762</td><td></td><td></td><td>-5,524</td><td>16,566</td><td>-19,262</td><td>-2,648</td><td></td><td></td></tr><tr><td>New Zealand</td><td>124</td><td>-44</td><td>1,125</td><td>-770</td><td></td><td></td><td>147</td><td>-44</td><td>1,125</td><td>-771</td><td></td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-1,008</td><td>-1,436</td><td>1,191</td><td>-435</td><td></td><td></td><td>-1,018</td><td>-1,503</td><td>1,177</td><td>-462</td><td></td><td></td></tr><tr><td>French Morocco</td><td>1,064</td><td>810</td><td>-606</td><td>-400</td><td></td><td></td><td>1,048</td><td>894</td><td>-433</td><td>-430</td><td></td><td></td></tr><tr><td>Union of South Africa</td><td>35,023</td><td>-52,892</td><td>8,493</td><td>1,339</td><td></td><td></td><td>34,995</td><td>-52,846</td><td>8,467</td><td>1,319</td><td></td><td></td></tr><tr><td>All other</td><td>-5,724</td><td>-4,806</td><td>-181</td><td>-3,916</td><td></td><td></td><td>-5,855</td><td>-4,565</td><td>-219</td><td>-2,565</td><td></td><td></td></tr><tr><td>Total other countries</td><td>34,183</td><td>-58,262</td><td>2,919</td><td>-2,420</td><td></td><td></td><td>23,793</td><td>-41,478</td><td>-9,145</td><td>-5,557</td><td></td><td></td></tr><tr><td>International</td><td>-4,809</td><td>2,256,662</td><td>1,333</td><td>-4,453</td><td></td><td></td><td>-4,809</td><td>2,256,662</td><td>1,333</td><td>-4,453</td><td></td><td></td></tr><tr><td>Unidentified</td><td>-1,764</td><td>4,321</td><td>-980</td><td>-2,974</td><td></td><td></td><td>-1,766</td><td>4,320</td><td>-1,004</td><td>-2,974</td><td></td><td></td></tr><tr><td>Grand total</td><td>37,840</td><td>1,806,104</td><td>-223,190</td><td>34,645</td><td></td><td></td><td>-28,953</td><td>1,902,936</td><td>-248,493</td><td>-33,855</td><td></td><td></td></tr></table>
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Brokerage Balances, and Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th>Country</th><th colspan="6">Brokerage balances 1947</th><th colspan="6">Transactions by foreigners in long-term securities 1947</th></tr><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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></tr><tr><td>United Kingdom</td><td>12</td><td>585</td><td>-2,161</td><td>898</td><td></td><td></td><td>-42</td><td>1,850</td><td>-263</td><td>1,140</td><td></td><td></td></tr><tr><td>France</td><td>-395</td><td>-181</td><td>414</td><td>166</td><td></td><td></td><td>-2,080</td><td>-1,759</td><td>58</td><td>2,506</td><td></td><td></td></tr><tr><td>Belgium</td><td>-241</td><td>13</td><td>-151</td><td>108</td><td></td><td></td><td>1,254</td><td>227</td><td>-407</td><td>7</td><td></td><td></td></tr><tr><td>Denmark</td><td>29</td><td>61</td><td>-52</td><td>5</td><td></td><td></td><td>33</td><td>-81</td><td>57</td><td>37</td><td></td><td></td></tr><tr><td>Finland</td><td>-</td><td>-2</td><td>-</td><td>-</td><td></td><td></td><td>19</td><td>12</td><td>49</td><td>-14</td><td></td><td></td></tr><tr><td>Germany</td><td>-40</td><td>-15</td><td>-15</td><td>30</td><td></td><td></td><td></td><td></td><td>-</td><td>8</td><td></td><td></td></tr><tr><td>Greece</td><td>-2</td><td>2</td><td>12</td><td>-2</td><td></td><td></td><td>-197</td><td>-117</td><td>-108</td><td>-66</td><td></td><td></td></tr><tr><td>Italy</td><td>-2</td><td>4</td><td>-72</td><td>82</td><td></td><td></td><td>1,076</td><td>-10,100</td><td>-8,513</td><td>-33</td><td></td><td></td></tr><tr><td>luxembourg</td><td>26</td><td>-112</td><td>19</td><td>-95</td><td></td><td></td><td>-56</td><td>5</td><td>-413</td><td>119</td><td></td><td></td></tr><tr><td>Netherlands</td><td>-216</td><td>-2,390</td><td>1,385</td><td>994</td><td></td><td></td><td>-8,842</td><td>-6,150</td><td>-7,182</td><td>-8,908</td><td></td><td></td></tr><tr><td>Norway</td><td>-229</td><td>-134</td><td>-116</td><td>-60</td><td></td><td></td><td>437</td><td>1,452</td><td>365</td><td>-8,726</td><td></td><td></td></tr><tr><td>Portugal</td><td>12</td><td>-18</td><td>11</td><td>32</td><td></td><td></td><td>-428</td><td>52</td><td>13</td><td>29</td><td></td><td></td></tr><tr><td>Romania</td><td>1</td><td>11</td><td>-41</td><td>1</td><td></td><td></td><td>20</td><td>2</td><td>-2</td><td>-2</td><td></td><td></td></tr><tr><td>Spain</td><td>3</td><td>49</td><td>-12</td><td>99</td><td></td><td></td><td>58</td><td>6</td><td>7</td><td>208</td><td></td><td></td></tr><tr><td>Sweden</td><td>35</td><td>-32</td><td>162</td><td>-144</td><td></td><td></td><td>-213</td><td>26</td><td>30</td><td>210</td><td></td><td></td></tr><tr><td>Switzerland</td><td>-75</td><td>348</td><td>1,614</td><td>640</td><td></td><td></td><td>732</td><td>607</td><td>-1,160</td><td>6,739</td><td></td><td></td></tr><tr><td>U. S. S. R.</td><td>-</td><td>3</td><td>-40</td><td>40</td><td></td><td></td><td>1</td><td>2</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Yugoslavia</td><td>-</td><td>3</td><td>-</td><td>-</td><td></td><td></td><td>-3</td><td>-3</td><td>-9</td><td>-</td><td></td><td></td></tr><tr><td>Other Europe</td><td>-110</td><td>18</td><td>54</td><td>-106</td><td></td><td></td><td>-5</td><td>-80</td><td>-6,576</td><td>-993</td><td></td><td></td></tr><tr><td>Total Europe</td><td>-1,192</td><td>-1,798</td><td>1,011</td><td>2,688</td><td></td><td></td><td>-8,233</td><td>-14,049</td><td>-24,054</td><td>-7,739</td><td></td><td></td></tr><tr><td>Canada</td><td>571</td><td>-393</td><td>-1,719</td><td>1,223</td><td></td><td></td><td>59,255</td><td>-75,827</td><td>32,030</td><td>58,547</td><td></td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>7</td><td>2,169</td><td>-2,366</td><td>1,355</td><td></td><td></td><td>3,568</td><td>1,702</td><td>1,583</td><td>2,724</td><td></td><td></td></tr><tr><td>Bolivia</td><td>-2</td><td>-1</td><td>14</td><td>-3</td><td></td><td></td><td>25</td><td>48</td><td>24</td><td>13</td><td></td><td></td></tr><tr><td>Brazil</td><td>-159</td><td>-175</td><td>513</td><td>277</td><td></td><td></td><td>767</td><td>-518</td><td>2,378</td><td>809</td><td></td><td></td></tr><tr><td>Chile</td><td>-63</td><td>-131</td><td>142</td><td>-192</td><td></td><td></td><td>2</td><td>26</td><td>183</td><td>469</td><td></td><td></td></tr><tr><td>Colombia</td><td>277</td><td>84</td><td>-345</td><td>258</td><td></td><td></td><td>-28</td><td>-130</td><td>538</td><td>88</td><td></td><td></td></tr><tr><td>Costa Rica</td><td>42</td><td>-2</td><td>-32</td><td>-34</td><td></td><td></td><td>-10</td><td>46</td><td>6</td><td>19</td><td></td><td></td></tr><tr><td>Cuba</td><td>1,008</td><td>369</td><td>-140</td><td>261</td><td></td><td></td><td>139</td><td>1,349</td><td>2,519</td><td>836</td><td></td><td></td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>-1</td><td>1</td><td>5</td><td></td><td></td><td>-1</td><td>1</td><td>-</td><td>-62</td><td></td><td></td></tr><tr><td>Mexico</td><td>-4,079</td><td>6,570</td><td>-163</td><td>492</td><td></td><td></td><td>27</td><td>72</td><td>-369</td><td>103</td><td></td><td></td></tr><tr><td>Netherlande West Iodias and Surinam</td><td>-27</td><td>23</td><td>-14</td><td>-71</td><td></td><td></td><td>-9</td><td>-3</td><td>-12</td><td>-11</td><td></td><td></td></tr><tr><td>Panama</td><td>96</td><td>-779</td><td>1,055</td><td>30</td><td></td><td></td><td>-2,791</td><td>2,595</td><td>88</td><td>94</td><td></td><td></td></tr><tr><td>Peru</td><td>111</td><td>-134</td><td>-20</td><td>23</td><td></td><td></td><td>28</td><td>160</td><td>1,055</td><td>115</td><td></td><td></td></tr><tr><td>Venezuela</td><td>-237</td><td>79</td><td>-799</td><td>825</td><td></td><td></td><td>-8</td><td>-189</td><td>203</td><td>59</td><td></td><td></td></tr><tr><td>Other Latin America</td><td>-86</td><td>-377</td><td>515</td><td>-16</td><td></td><td></td><td>382</td><td>535</td><td>586</td><td>1,000</td><td></td><td></td></tr><tr><td>Total Latin America</td><td>-3,111</td><td>7,644</td><td>-1,639</td><td>3,210</td><td></td><td></td><td>2,091</td><td>5,694</td><td>8,782</td><td>6,256</td><td></td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>746</td><td>-228</td><td>-574</td><td>2,319</td><td></td><td></td><td>-1,073</td><td>-398</td><td>-259</td><td>-938</td><td></td><td></td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-31</td><td>-47</td><td></td><td></td><td>-3</td><td>-21</td><td>-10</td><td>426</td><td></td><td></td></tr><tr><td>Hong Kong</td><td>-29</td><td>-7</td><td>31</td><td>-47</td><td></td><td></td><td>-3</td><td>-21</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>India, Burma, and Ceylon</td><td>-3</td><td>36</td><td>-43</td><td>56</td><td></td><td></td><td>466</td><td>-491</td><td>87</td><td>-7</td><td></td><td></td></tr><tr><td>British Malaya</td><td>1</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>-</td><td>8</td><td>-7</td><td>-</td><td></td><td></td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>1</td><td>-10</td><td></td><td></td><td>-1</td><td>4</td><td>4</td><td>6</td><td></td><td></td></tr><tr><td>Netherlande East Indies</td><td>-</td><td>7</td><td>-1</td><td>-7</td><td></td><td></td><td>-4</td><td>7</td><td>-1,297</td><td>8</td><td></td><td></td></tr><tr><td>Philippine Isalanda</td><td>-206</td><td>124</td><td>826</td><td>-718</td><td></td><td></td><td>7,171</td><td>-317</td><td>137</td><td>105</td><td></td><td></td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-3</td><td></td><td></td><td>30</td><td>-25</td><td>-37</td><td>32</td><td></td><td></td></tr><tr><td>Other Asia</td><td>-25</td><td>-14</td><td>53</td><td>-12</td><td></td><td></td><td>-50</td><td>-5</td><td>-107</td><td>-2</td><td></td><td></td></tr><tr><td>Total Asia</td><td>484</td><td>-82</td><td>293</td><td>1,548</td><td></td><td></td><td>6,536</td><td>-1,238</td><td>-1,489</td><td>-370</td><td></td><td></td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australas</td><td>-45</td><td>-2</td><td>59</td><td>-46</td><td></td><td></td><td>10,273</td><td>-16,478</td><td>12,100</td><td>4,456</td><td></td><td></td></tr><tr><td>New Zealand</td><td>-21</td><td>6</td><td>-</td><td>-15</td><td></td><td></td><td>-2</td><td>-6</td><td>-</td><td>16</td><td></td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>-8</td><td>3</td><td>-3</td><td></td><td></td><td>9</td><td>75</td><td>11</td><td>30</td><td></td><td></td></
September 1947
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th rowspan="2">Country</th><th colspan="6">Claims 1947</th><th colspan="6">Liabilities 1947</th></tr><tr><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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></tr><tr><td>United Kingdom</td><td>50,533</td><td>39,356</td><td>35,770</td><td>42,425</td><td></td><td></td><td>484,354</td><td>443,281</td><td>373,581</td><td>484,424</td><td></td><td></td></tr><tr><td>France</td><td>9,896</td><td>12,988</td><td>15,639</td><td>21,125</td><td></td><td></td><td>237,173</td><td>209,082</td><td>226,369</td><td>209,777</td><td></td><td></td></tr><tr><td>Belgium</td><td>7,075</td><td>7,373</td><td>8,019</td><td>8,863</td><td></td><td></td><td>165,349</td><td>149,303</td><td>178,784</td><td>162,985</td><td></td><td></td></tr><tr><td>Denmark</td><td>580</td><td>373</td><td>345</td><td>324</td><td></td><td></td><td>73,307</td><td>68,302</td><td>62,499</td><td>57,809</td><td></td><td></td></tr><tr><td>Finland</td><td>6,449</td><td>6,126</td><td>8,255</td><td>7,106</td><td></td><td></td><td>21,640</td><td>28,909</td><td>31,345</td><td>26,767</td><td></td><td></td></tr><tr><td>Germany</td><td>30,348</td><td>30,353</td><td>30,357</td><td>30,371</td><td></td><td></td><td>5,275</td><td>5,531</td><td>6,857</td><td>9,067</td><td></td><td></td></tr><tr><td>Greece</td><td>12,368</td><td>12,530</td><td>13,213</td><td>12,822</td><td></td><td></td><td>43,729</td><td>43,027</td><td>39,692</td><td>39,792</td><td></td><td></td></tr><tr><td>Italy</td><td>14,878</td><td>17,702</td><td>20,599</td><td>22,041</td><td></td><td></td><td>320,994</td><td>247,380</td><td>218,487</td><td>225,708</td><td></td><td></td></tr><tr><td>Luxembourg</td><td>48</td><td>51</td><td>53</td><td>52</td><td></td><td></td><td>22,451</td><td>22,468</td><td>22,905</td><td>22,218</td><td></td><td></td></tr><tr><td>Netherlands</td><td>136,558</td><td>153,683</td><td>155,768</td><td>51,038</td><td></td><td></td><td>212,201</td><td>214,393</td><td>183,344</td><td>221,613</td><td></td><td></td></tr><tr><td>Norway</td><td>3,669</td><td>4,043</td><td>4,214</td><td>5,180</td><td></td><td></td><td>117,436</td><td>106,790</td><td>105,336</td><td>111,214</td><td></td><td></td></tr><tr><td>Portugal</td><td>860</td><td>929</td><td>1,045</td><td>1,010</td><td></td><td></td><td>45,415</td><td>44,001</td><td>54,192</td><td>52,151</td><td></td><td></td></tr><tr><td>Romania</td><td>41</td><td>38</td><td>4,184</td><td>6,874</td><td></td><td></td><td>8,929</td><td>8,351</td><td>12,210</td><td>11,313</td><td></td><td></td></tr><tr><td>Spain</td><td>7,334</td><td>6,178</td><td>3,833</td><td>3,742</td><td></td><td></td><td>19,785</td><td>19,957</td><td>18,754</td><td>18,135</td><td></td><td></td></tr><tr><td>Sweden</td><td>5,460</td><td>5,630</td><td>5,951</td><td>7,110</td><td></td><td></td><td>164,237</td><td>159,004</td><td>165,221</td><td>157,289</td><td></td><td></td></tr><tr><td>Switzerland</td><td>11,651</td><td>12,205</td><td>11,376</td><td>8,291</td><td></td><td></td><td>377,217</td><td>384,112</td><td>392,164</td><td>397,201</td><td></td><td></td></tr><tr><td>U.S.S.R.</td><td>15</td><td>19</td><td>10</td><td>13</td><td></td><td></td><td>60,395</td><td>58,479</td><td>58,537</td><td>60,016</td><td></td><td></td></tr><tr><td>Yugoslavia</td><td>3</td><td>4</td><td>7</td><td>7</td><td></td><td></td><td>12,948</td><td>13,885</td><td>14,670</td><td>15,288</td><td></td><td></td></tr><tr><td>Other Europe</td><td>9,524</td><td>10,226</td><td>13,154</td><td>22,933</td><td></td><td></td><td>103,385</td><td>107,762</td><td>111,354</td><td>108,408</td><td></td><td></td></tr><tr><td>Total Europe</td><td>307,290</td><td>319,807</td><td>331,792</td><td>251,327</td><td></td><td></td><td>2,496,220</td><td>2,334,577</td><td>2,276,301</td><td>2,391,175</td><td></td><td></td></tr><tr><td>Canada</td><td>43,750</td><td>43,021</td><td>39,033</td><td>36,433</td><td></td><td></td><td>855,920</td><td>816,182</td><td>701,689</td><td>627,502</td><td></td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,062</td><td>45,479</td><td>49,929</td><td>57,821</td><td></td><td></td><td>165,951</td><td>179,961</td><td>181,412</td><td>223,047</td><td></td><td></td></tr><tr><td>Bolivia</td><td>2,616</td><td>2,573</td><td>2,953</td><td>4,818</td><td></td><td></td><td>12,355</td><td>13,680</td><td>12,833</td><td>11,714</td><td></td><td></td></tr><tr><td>Brazil</td><td>54,354</td><td>63,109</td><td>69,583</td><td>115,360</td><td></td><td></td><td>183,419</td><td>157,803</td><td>127,571</td><td>115,283</td><td></td><td></td></tr><tr><td>Chile</td><td>13,147</td><td>15,259</td><td>15,979</td><td>18,578</td><td></td><td></td><td>46,180</td><td>45,191</td><td>51,028</td><td>53,436</td><td></td><td></td></tr><tr><td>Colombia</td><td>29,904</td><td>30,155</td><td>26,835</td><td>30,398</td><td></td><td></td><td>50,962</td><td>55,903</td><td>51,862</td><td>56,248</td><td></td><td></td></tr><tr><td>Costa Rica</td><td>3,407</td><td>3,696</td><td>4,039</td><td>3,375</td><td></td><td></td><td>7,346</td><td>9,042</td><td>8,539</td><td>9,309</td><td></td><td></td></tr><tr><td>Cuba</td><td>35,463</td><td>37,910</td><td>45,165</td><td>53,829</td><td></td><td></td><td>147,306</td><td>145,908</td><td>150,819</td><td>168,049</td><td></td><td></td></tr><tr><td>French West Indies and Guiana</td><td>13</td><td>116</td><td>11</td><td>9</td><td></td><td></td><td>4,874</td><td>3,934</td><td>3,990</td><td>3,234</td><td></td><td></td></tr><tr><td>Mexico</td><td>26,973</td><td>28,754</td><td>30,668</td><td>33,662</td><td></td><td></td><td>149,333</td><td>142,058</td><td>139,054</td><td>127,642</td><td></td><td></td></tr><tr><td>Netherlands West Indies and Surinam</td><td>922</td><td>809</td><td>819</td><td>1,082</td><td></td><td></td><td>13,590</td><td>11,757</td><td>10,534</td><td>10,641</td><td></td><td></td></tr><tr><td>Panama</td><td>1,603</td><td>1,680</td><td>2,208</td><td>2,201</td><td></td><td></td><td>78,196</td><td>75,164</td><td>73,177</td><td>71,000</td><td></td><td></td></tr><tr><td>Peru</td><td>5,436</td><td>6,531</td><td>6,989</td><td>7,843</td><td></td><td></td><td>36,987</td><td>34,341</td><td>34,031</td><td>35,939</td><td></td><td></td></tr><tr><td>Venezuela</td><td>10,386</td><td>15,638</td><td>19,563</td><td>15,419</td><td></td><td></td><td>51,549</td><td>45,459</td><td>46,659</td><td>49,399</td><td></td><td></td></tr><tr><td>Other Latin America</td><td>27,128</td><td>27,902</td><td>33,894</td><td>37,285</td><td></td><td></td><td>183,791</td><td>182,354</td><td>186,070</td><td>186,472</td><td></td><td></td></tr><tr><td>Total Latin America</td><td>260,414</td><td>279,611</td><td>308,645</td><td>381,680</td><td></td><td></td><td>1,131,839</td><td>1,102,555</td><td>1,077,579</td><td>1,121,413</td><td></td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>43,758</td><td>36,801</td><td>41,242</td><td>46,989</td><td></td><td></td><td>398,650</td><td>359,731</td><td>343,230</td><td>339,056</td><td></td><td></td></tr><tr><td>French Indo-China</td><td>67</td><td>25</td><td>25</td><td>22</td><td></td><td></td><td>42,146</td><td>35,954</td><td>39,056</td><td>38,411</td><td></td><td></td></tr><tr><td>Hong Kong</td><td>4,964</td><td>5,061</td><td>4,145</td><td>4,029</td><td></td><td></td><td>39,235</td><td>40,781</td><td>38,919</td><td>39,011</td><td></td><td></td></tr><tr><td>India, Burma, and Ceylon</td><td>12,665</td><td>12,908</td><td>14,538</td><td>14,193</td><td></td><td></td><td>42,513</td><td>44,221</td><td>40,670</td><td>36,100</td><td></td><td></td></tr><tr><td>British Malaya</td><td>518</td><td>537</td><td>973</td><td>1,291</td><td></td><td></td><td>8,773</td><td>7,084</td><td>7,223</td><td>8,282</td><td></td><td></td></tr><tr><td>Japan</td><td>247</td><td>245</td><td>242</td><td>247</td><td></td><td></td><td>17,165</td><td>17,689</td><td>18,716</td><td>18,886</td><td></td><td></td></tr><tr><td>Netherlands East Indies</td><td>1,054</td><td>948</td><td>1,401</td><td>1,911</td><td></td><td></td><td>117,387</td><td>116,627</td><td>122,896</td><td>103,703</td><td></td><td></td></tr><tr><td>Philippine Islands</td><td>25,284</td><td>22,983</td><td>20,271</td><td>22,402</td><td></td><td></td><td>448,253</td><td>430,494</td><td>447,134</td><td>438,862</td><td></td><td></td></tr><tr><td>Turkey</td><td>1,409</td><td>1,496</td><td>2,030</td><td>2,453</td><td></td><td></td><td>60,834</td><td>56,498</td><td>65,831</td><td>65,364</td><td></td><td></td></tr><tr><td>Other Asia</td><td>4,495</td><td>4,042</td><td>3,916</td><td>4,514</td><td></td><td></td><td>88,536</td><td>85,080</td><td>79,420</td><td>75,536</td><td></td><td></td></tr><tr><td>Total Asia</td><td>94,461</td><td>85,046</td><td>88,883</td><td>98,051</td><td></td><td></td><td>1,263,492</td><td>1,194,159</td><td>1,193,095</td><td>1,163,311</td><td></td><td></td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4,295</td><td>6,203</td><td>6,510</td><td>7,455</td><td></td><td></td><td>40,873</td><td>59,367</td><td>40,412</td><td>38,709</td><td></td><td></td></tr><tr><td>New Zealand</td><td>1,160</td><td>1,308</td><td>1,517</td><td>1,312</td><td></td><td></td><td>8,207</td><td>8,311</td><td>9,645</td><td>8,669</td><td></td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>413</td><td>438</td><td>482</td><td>378</td><td></td><td></td><td>19,841</td><td>18,363</td><td>19,584</td><td>19,018</td><td></td><td></td></tr><tr><td>French Morocco</td><td>13</td><td>13</td><td>89</td><td>102</td><td></td><td></td><td>15,961</td><td>16,855</td><td>16,498</td><td>16,081</td><td></td><td></td></tr><tr><td>Union of South Africa</td><td>10,460</td><td>14,664</td><td>15,976</td><td>18,303</td><td></td><td></td><td>82,545</td><td>33,903</td><td>43,682</td><td>47,328</td><td></td><td></td></tr><tr><td>All other</td><td>3,434</td><td>4,465</td><td>5,243</td><td>6,415</td><td></td><td></td><td>73,772</td><td>70,238</td><td>70,797</td><td>69,404</td><td></td><td></td></tr><tr><td>Total other countries</td><td>19,775</td><td>27,091</td><td>29,817</td><td>33,965</td><td></td><td></td><td>241,199</td><td>207,037</td><td>200,618</td><td>199,209</td><td></td><td></td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>468,912</td><td>2,725,574</td><td>2,726,907</td><td>2,722,454</td><td></td><td></td></tr><tr><td>Unidentified</td><td>3</td><td>-</td><td>262</td><td>380</td><td></td><td></td><td>16,117</td><td>20,434</td><td>19,692</td><td>16,836</td><td></td><td></td></tr><tr><td>Grand total</td><td>730,693</td><td>754,576</td><td>798,432</td><td>801,836</td><td></td><td></td><td>6,473,699</td><td>8,400,518</td><td>8,195,881</td><td>8,241,900</td><td></td><td></td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="6">Debit balances (due from foreigners) 1947</th><th colspan="6">Credit balances (due to foreigners) 1947</th></tr><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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></tr><tr><td>United Kingdom</td><td>1,135</td><td>1,073</td><td>2,441</td><td>1,028</td><td></td><td></td><td>4,329</td><td>4,852</td><td>4,059</td><td>3,544</td><td></td><td></td></tr><tr><td>France</td><td>221</td><td>197</td><td>305</td><td>184</td><td></td><td></td><td>6,391</td><td>6,186</td><td>6,708</td><td>6,753</td><td></td><td></td></tr><tr><td>Belgium</td><td>129</td><td>59</td><td>66</td><td>114</td><td></td><td></td><td>1,850</td><td>1,793</td><td>1,649</td><td>1,805</td><td></td><td></td></tr><tr><td>Denmark</td><td></td><td>1</td><td>11</td><td>3</td><td></td><td></td><td>94</td><td>156</td><td>114</td><td>111</td><td></td><td></td></tr><tr><td>Finland</td><td></td><td>1</td><td>1</td><td>1</td><td></td><td></td><td>3</td><td>2</td><td>2</td><td>2</td><td></td><td></td></tr><tr><td>Germany</td><td>7</td><td>14</td><td>19</td><td>15</td><td></td><td></td><td>284</td><td>276</td><td>266</td><td>292</td><td></td><td></td></tr><tr><td>Greece</td><td>2</td><td>2</td><td>2</td><td>3</td><td></td><td></td><td>11</td><td>13</td><td>25</td><td>24</td><td></td><td></td></tr><tr><td>Italy</td><td>18</td><td>2</td><td>54</td><td>2</td><td></td><td></td><td>274</td><td>254</td><td>234</td><td>264</td><td></td><td></td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>973</td><td>861</td><td>880</td><td>785</td><td></td><td></td></tr><tr><td>Netherlands</td><td>105</td><td>93</td><td>106</td><td>122</td><td></td><td></td><td>11,093</td><td>8,691</td><td>10,089</td><td>11,099</td><td></td><td></td></tr><tr><td>Norway</td><td>238</td><td>224</td><td>237</td><td>296</td><td></td><td></td><td>1,535</td><td>1,387</td><td>1,284</td><td>1,283</td><td></td><td></td></tr><tr><td>Portugal</td><td>8</td><td>8</td><td>11</td><td>11</td><td></td><td></td><td>29</td><td>11</td><td>25</td><td>57</td><td></td><td></td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>11</td><td>10</td><td></td><td></td><td>44</td><td>55</td><td>25</td><td>25</td><td></td><td></td></tr><tr><td>Spain</td><td>-</td><td>9</td><td>2</td><td>2</td><td></td><td></td><td>156</td><td>214</td><td>195</td><td>294</td><td></td><td></td></tr><tr><td>Sweden</td><td>72</td><td>75</td><td>68</td><td>67</td><td></td><td></td><td>569</td><td>540</td><td>695</td><td>550</td><td></td><td></td></tr><tr><td>Switzerland</td><td>824</td><td>1,252</td><td>1,463</td><td>1,191</td><td></td><td></td><td>35,167</td><td>35,943</td><td>37,768</td><td>38,136</td><td></td><td></td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>20</td><td>-</td><td></td><td></td><td>50</td><td>53</td><td>33</td><td>53</td><td></td><td></td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>2</td><td>28</td><td></td><td></td><td>1,630</td><td>1,644</td><td>1,700</td><td>1,620</td><td></td><td></td></tr><tr><td>Other Europe</td><td>4</td><td>-</td><td>2</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>2,753</td><td>3,010</td><td>4,819</td><td>3,077</td><td></td><td></td><td>64,482</td><td>62,931</td><td>65,751</td><td>66,697</td><td></td><td></td></tr><tr><td>Canada</td><td>4,527</td><td>5,344</td><td>4,540</td><td>4,586</td><td></td><td></td><td>7,245</td><td>7,669</td><td>5,146</td><td>6,415</td><td></td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,175</td><td>1,161</td><td>1,608</td><td>1,034</td><td></td><td></td><td>6,102</td><td>8,257</td><td>6,338</td><td>7,119</td><td></td><td></td></tr><tr><td>Bolivia</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>29</td><td>28</td><td>42</td><td>39</td><td></td><td></td></tr><tr><td>Brazil</td><td>1,654</td><td>1,821</td><td>1,555</td><td>1,221</td><td></td><td></td><td>983</td><td>975</td><td>1,222</td><td>1,165</td><td></td><td></td></tr><tr><td>Chile</td><td>743</td><td>861</td><td>723</td><td>877</td><td></td><td></td><td>483</td><td>470</td><td>474</td><td>436</td><td></td><td></td></tr><tr><td>Colombia</td><td>51</td><td>241</td><td>248</td><td>223</td><td></td><td></td><td>345</td><td>619</td><td>281</td><td>514</td><td></td><td></td></tr><tr><td>Costa Rica</td><td>2</td><td>34</td><td>34</td><td>63</td><td></td><td></td><td>113</td><td>143</td><td>111</td><td>106</td><td></td><td></td></tr><tr><td>Cuba</td><td>6,179</td><td>6,200</td><td>6,358</td><td>5,188</td><td></td><td></td><td>1,144</td><td>1,534</td><td>1,552</td><td>643</td><td></td><td></td></tr><tr><td>French West Indies and Guiana</td><td>30</td><td>30</td><td>30</td><td>30</td><td></td><td></td><td>1</td><td>-</td><td>1</td><td>6</td><td></td><td></td></tr><tr><td>Mexico</td><td>2,242</td><td>2,637</td><td>3,006</td><td>2,485</td><td></td><td></td><td>6,118</td><td>13,083</td><td>13,289</td><td>13,260</td><td></td><td></td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-</td><td>9</td><td>4</td><td>29</td><td></td><td></td><td>238</td><td>270</td><td>251</td><td>205</td><td></td><td></td></tr><tr><td>Panama</td><td>40</td><td>116</td><td>106</td><td>181</td><td></td><td></td><td>6,870</td><td>6,167</td><td>7,212</td><td>7,317</td><td></td><td></td></tr><tr><td>Peru</td><td>2</td><td>81</td><td>87</td><td>88</td><td></td><td></td><td>239</td><td>134</td><td>120</td><td>144</td><td></td><td></td></tr><tr><td>Venezuela</td><td>1,839</td><td>1,877</td><td>2,439</td><td>1,841</td><td></td><td></td><td>2,084</td><td>2,201</td><td>1,964</td><td>2,191</td><td></td><td></td></tr><tr><td>Other Latin America</td><td>4,042</td><td>4,472</td><td>4,453</td><td>4,573</td><td></td><td></td><td>1,643</td><td>1,696</td><td>2,192</td><td>2,296</td><td></td><td></td></tr><tr><td>Total Latin America</td><td>17,999</td><td>19,540</td><td>20,651</td><td>17,833</td><td></td><td></td><td>26,392</td><td>35,577</td><td>35,049</td><td>35,441</td><td></td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>3,402</td><td>3,509</td><td>4,101</td><td>2,530</td><td></td><td></td><td>1,628</td><td>1,507</td><td>1,525</td><td>2,273</td><td></td><td></td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>151</td><td>144</td><td>175</td><td>128</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></tr><tr><td>India, Burma, and Ceylon</td><td>33</td><td>31</td><td>76</td><td>30</td><td></td><td></td><td>27</td><td>61</td><td>63</td><td>73</td><td></td><td></td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>3</td><td>3</td><td>3</td><td>3</td><td></td><td></td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>36</td><td>36</td><td>37</td><td>27</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>6</td><td>13</td><td>12</td><td>5</td><td></td><td></td></tr><tr><td>Philippine Islands</td><td>863</td><td>955</td><td>7</td><td>52</td><td></td><td></td><td>1,087</td><td>1,303</td><td>1,181</td><td>508</td><td></td><td></td></tr><tr><td>Turkey</td><td>-</td><td>6</td><td>5</td><td>5</td><td></td><td></td><td>223</td><td>192</td><td>244</td><td>202</td><td></td><td></td></tr><tr><td>Other Asia</td><td>23</td><td>6</td><td>5</td><td>5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Asia</td><td>4,321</td><td>4,501</td><td>4,189</td><td>2,617</td><td></td><td></td><td>3,165</td><td>3,263</td><td>3,244</td><td>3,220</td><td></td><td></td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4</td><td>4</td><td>6</td><td>4</td><td></td><td></td><td>100</td><td>98</td><td>159</td><td>111</td><td></td><td></td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>7</td><td>5</td><td></td><td></td><td>6</td><td>12</td><td>12</td><td>2</td><td></td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>3</td><td>8</td><td>7</td><td>23</td><td></td><td></td><td>133</td><td>130</td><td>132</td><td>145</td><td></td><td></td></tr><tr><td>French Morocco</td><td>1</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>50</td><td>78</td><td>77</td><td>78</td><td></td><td></td></tr><tr><td>Union of South Africa</td><td>80</td><td>78</td><td>-</td><td>-</td><td></td><td></td><td>39</td><td>66</td><td>71</td><td>67</td><td></td><td></td></tr><tr><td>All other</td><td>7</td><td>62</td><td>18</td><td>11</td><td></td><td></td><td>1,528</td><td>2,391</td><td>2,165</td><td>625</td><td></td><td></td></tr><tr><td>Total other countries</td><td>95</td><td>152</td><td>31</td><td>43</td><td></td><td></td><td>1,886</td><td>2,775</td><td>2,616</td><td>1,028</td><td></td><td></td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td>77</td><td>75</td><td>99</td><td>99</td><td></td><td></td></tr><tr><td>Grand total</td><td>29,705</td><td>32,547</td><td>34,230</td><td>28,156</td><td></td><td></td><td>103,247</td><td>112,290</td><td>111,905</td><td>112,900</td><td></td><td></td></tr></table>
September 1947
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of April 1947
Table 1.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(10 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="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>42,425</td><td>32,250</td><td>23,146</td><td>1,687</td><td>7,417</td><td>10,175</td><td>5,519</td><td>2,019</td><td>2,637</td></tr><tr><td>France</td><td>21,125</td><td>433</td><td>160</td><td>185</td><td>88</td><td>20,692</td><td>4,851</td><td>1,218</td><td>14,623</td></tr><tr><td>Belgium</td><td>8,863</td><td>325</td><td>244</td><td>2</td><td>79</td><td>8,538</td><td>747</td><td>1,002</td><td>6,789</td></tr><tr><td>Denmark</td><td>324</td><td>75</td><td>54</td><td>21</td><td>-</td><td>249</td><td>11</td><td>49</td><td>189</td></tr><tr><td>Finland</td><td>7,106</td><td>3</td><td>2</td><td>-</td><td>1</td><td>7,103</td><td>3,166</td><td>3,274</td><td>663</td></tr><tr><td>Germany</td><td>30,371</td><td>51</td><td>6</td><td>28</td><td>17</td><td>30,320</td><td>17,063</td><td>67</td><td>13,190</td></tr><tr><td>Greece</td><td>12,822</td><td>24</td><td>-</td><td>10</td><td>14</td><td>12,798</td><td>10,925</td><td>-</td><td>1,873</td></tr><tr><td>Italy</td><td>22,041</td><td>65</td><td>7</td><td>51</td><td>7</td><td>21,976</td><td>11,931</td><td>2,334</td><td>7,711</td></tr><tr><td>Luxembourg</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>-</td><td>1</td><td>51</td></tr><tr><td>Netherlands</td><td>51,038</td><td>298</td><td>229</td><td>40</td><td>29</td><td>50,740</td><td>1,007</td><td>529</td><td>49,204</td></tr><tr><td>Norway</td><td>5,180</td><td>109</td><td>64</td><td>31</td><td>14</td><td>5,071</td><td>50</td><td>212</td><td>4,809</td></tr><tr><td>Portugal</td><td>1,010</td><td>110</td><td>71</td><td>37</td><td>2</td><td>900</td><td>32</td><td>19</td><td>849</td></tr><tr><td>Rumania</td><td>6,874</td><td>3</td><td>-</td><td>3</td><td>-</td><td>6,871</td><td>6,838</td><td>-</td><td>33</td></tr><tr><td>Spain</td><td>3,742</td><td>164</td><td>12</td><td>13</td><td>139</td><td>3,578</td><td>312</td><td>-</td><td>3,266</td></tr><tr><td>Sweden</td><td>7,110</td><td>695</td><td>251</td><td>408</td><td>36</td><td>6,415</td><td>528</td><td>1,132</td><td>4,755</td></tr><tr><td>Switzerland</td><td>8,291</td><td>650</td><td>326</td><td>267</td><td>57</td><td>7,641</td><td>5,920</td><td>53</td><td>1,668</td></tr><tr><td>O. S. S. B.</td><td>13</td><td>6</td><td>6</td><td>-</td><td>-</td><td>7</td><td>6</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>7</td><td>6</td><td>-</td><td>-</td><td>6</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>22,933</td><td>288</td><td>205</td><td>45</td><td>38</td><td>22,645</td><td>16,140</td><td>223</td><td>6,282</td></tr><tr><td>Total Europe</td><td>251,327</td><td>35,555</td><td>24,783</td><td>2,828</td><td>7,944</td><td>215,772</td><td>85,046</td><td>12,132</td><td>118,594</td></tr><tr><td>Canada</td><td>36,433</td><td>23,675</td><td>16,523</td><td>5,980</td><td>1,172</td><td>12,758</td><td>2,162</td><td>1,262</td><td>9,334</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>57,821</td><td>989</td><td>196</td><td>722</td><td>71</td><td>56,832</td><td>34,298</td><td>2,727</td><td>19,807</td></tr><tr><td>Bolivia</td><td>4,818</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,818</td><td>2,242</td><td>1</td><td>2,575</td></tr><tr><td>Brazil</td><td>115,360</td><td>40,201</td><td>189</td><td>40,006</td><td>6</td><td>75,159</td><td>12,370</td><td>693</td><td>62,096</td></tr><tr><td>Chile</td><td>18,578</td><td>4</td><td>2</td><td>-</td><td>2</td><td>18,574</td><td>264</td><td>2,554</td><td>15,756</td></tr><tr><td>Colombia</td><td>30,398</td><td>34</td><td>-</td><td>32</td><td>2</td><td>30,364</td><td>8,681</td><td>3,962</td><td>17,761</td></tr><tr><td>Costa Rica</td><td>3,375</td><td>13</td><td>-</td><td>13</td><td>-</td><td>3,362</td><td>122</td><td>39</td><td>3,201</td></tr><tr><td>Cuba</td><td>53,829</td><td>488</td><td>487</td><td>-</td><td>1</td><td>53,341</td><td>25,997</td><td>10,278</td><td>17,066</td></tr><tr><td>French West Indies and Guiana</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Mexico</td><td>33,662</td><td>1,790</td><td>1,228</td><td>71</td><td>491</td><td>31,872</td><td>4,768</td><td>5,441</td><td>21,663</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,082</td><td>4</td><td>-</td><td>-</td><td>4</td><td>1,078</td><td>51</td><td>-</td><td>1,027</td></tr><tr><td>Panama</td><td>2,201</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2,200</td><td>-</td><td>-</td><td>2,200</td></tr><tr><td>Peru</td><td>7,843</td><td>9</td><td>-</td><td>1</td><td>8</td><td>7,834</td><td>527</td><td>307</td><td>7,000</td></tr><tr><td>Venezuela</td><td>15,419</td><td>170</td><td>130</td><td>33</td><td>7</td><td>15,249</td><td>4,519</td><td>527</td><td>10,203</td></tr><tr><td>Other Latin America</td><td>37,285</td><td>166</td><td>129</td><td>-</td><td>37</td><td>37,119</td><td>10,223</td><td>3,777</td><td>23,119</td></tr><tr><td>Total Latin America</td><td>381,680</td><td>43,869</td><td>2,361</td><td>40,878</td><td>630</td><td>337,811</td><td>104,022</td><td>30,306</td><td>203,483</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>46,989</td><td>3,597</td><td>3,595</td><td>2</td><td>-</td><td>43,392</td><td>27,467</td><td>1,091</td><td>14,834</td></tr><tr><td>French Indo-China</td><td>22</td><td>1</td><td>-</td><td>-</td><td>1</td><td>21</td><td>-</td><td>-</td><td>21</td></tr><tr><td>Hong Kong</td><td>4,029</td><td>968</td><td>811</td><td>77</td><td>80</td><td>3,061</td><td>1,524</td><td>514</td><td>1,023</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>14,193</td><td>4,519</td><td>1,389</td><td>3,092</td><td>38</td><td>9,674</td><td>3,844</td><td>2,786</td><td>3,044</td></tr><tr><td>British Malaya</td><td>1,291</td><td>3</td><td>2</td><td>1</td><td>3</td><td>1,288</td><td>55</td><td>840</td><td>393</td></tr><tr><td>Japan</td><td>287</td><td>3</td><td>2</td><td>-</td><td>-</td><td>244</td><td>208</td><td>-</td><td>36</td></tr><tr><td>Netherlands East Indies</td><td>1,911</td><td>2</td><td>2</td><td>-</td><td>-</td><td>1,909</td><td>-</td><td>1,556</td><td>353</td></tr><tr><td>Philippine Islands</td><td>22,402</td><td>1,044</td><td>206</td><td>-</td><td>838</td><td>21,358</td><td>12,310</td><td>2,941</td><td>6,107</td></tr><tr><td>Turkey</td><td>2,453</td><td>21</td><td>-</td><td>21</td><td>-</td><td>2,432</td><td>525</td><td>-</td><td>1,907</td></tr><tr><td>Other Asia</td><td>4,514</td><td>40</td><td>33</td><td>-</td><td>7</td><td>4,474</td><td>91</td><td>94</td><td>4,289</td></tr><tr><td>Total Asia</td><td>98,051</td><td>10,198</td><td>6,038</td><td>3,193</td><td>967</td><td>87,853</td><td>46,024</td><td>9,822</td><td>32,007</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>7,455</td><td>784</td><td>750</td><td>-</td><td>34</td><td>6,671</td><td>535</td><td>3,342</td><td>2,794</td></tr><tr><td>New Zealand</td><td>1,312</td><td>204</td><td>202</td><td>-</td><td>2</td><td>1,108</td><td>-</td><td>300</td><td>808</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>378</td><td>2</td><td>2</td><td>-</td><td>-</td><td>376</td><td>25</td><td>-</td><td>351</td></tr><tr><td>French Morocco</td><td>102</td><td>1</td><td>1</td><td>-</td><td>-</td><td>101</td><td>19</td><td>-</td><td>82</td></tr><tr><td>Union of South Africa</td><td>18,303</td><td>2,632</td><td>384</td><td>1,330</td><td>918</td><td>15,671</td><td>259</td><td>219</td><td>15,193</td></tr><tr><td>All other</td><td>6,915</td><td>23</td><td>2</td><td>-</td><td>21</td><td>6,392</td><td>2,758</td><td>-</td><td>3,634</td></tr><tr><td>Total other countries</td><td>33,965</td><td>3,646</td><td>1,341</td><td>1,330</td><td>975</td><td>30,319</td><td>3,596</td><td>3,861</td><td>22,862</td></tr><tr><td>Unidentified</td><td>380</td><td>-</td><td>-</td><td>-</td><td>-</td><td>380</td><td>-</td><td>-</td><td>380</td></tr><tr><td>Grand total</td><td>801,836</td><td>116,943</td><td>51,046</td><td>54,209</td><td>11,668</td><td>684,893</td><td>240,850</td><td>57,383</td><td>386,660</td></tr></table>
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of April 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>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for e/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>484,424</td><td>469,024</td><td>453,445</td><td>2,177</td><td>11,498</td><td>1,904</td><td>15,400</td><td>1,070</td><td>8,141</td><td>6,189</td></tr><tr><td>France</td><td>209,777</td><td>209,460</td><td>188,791</td><td>878</td><td>18,101</td><td>1,690</td><td>317</td><td>275</td><td>25</td><td>17</td></tr><tr><td>Belgium</td><td>162,985</td><td>162,895</td><td>151,610</td><td>1,325</td><td>9,878</td><td>82</td><td>90</td><td>39</td><td>-</td><td>51</td></tr><tr><td>Denmark</td><td>57,509</td><td>57,796</td><td>47,921</td><td>9,841</td><td>2</td><td>32</td><td>13</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>26,767</td><td>26,764</td><td>26,734</td><td>30</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>9,067</td><td>9,051</td><td>8,980</td><td>24</td><td>14</td><td>33</td><td>16</td><td>14</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>39,792</td><td>39,765</td><td>39,419</td><td>306</td><td>31</td><td>9</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>225,708</td><td>225,703</td><td>197,532</td><td>1,217</td><td>26,889</td><td>65</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,218</td><td>22,218</td><td>20,836</td><td>4</td><td>1,378</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>221,613</td><td>221,564</td><td>209,383</td><td>756</td><td>11,312</td><td>113</td><td>49</td><td>25</td><td>-</td><td>24</td></tr><tr><td>Norway</td><td>111,214</td><td>111,209</td><td>80,937</td><td>151</td><td>30,118</td><td>3</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>52,151</td><td>51,554</td><td>50,902</td><td>652</td><td>-</td><td>-</td><td>597</td><td>56</td><td>-</td><td>541</td></tr><tr><td>Rumania</td><td>11,313</td><td>11,313</td><td>11,285</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>18,135</td><td>18,045</td><td>17,830</td><td>156</td><td>50</td><td>9</td><td>90</td><td>85</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>157,289</td><td>156,728</td><td>140,001</td><td>9,226</td><td>7,500</td><td>1</td><td>561</td><td>535</td><td>-</td><td>26</td></tr><tr><td>Switzerland</td><td>397,201</td><td>395,791</td><td>377,330</td><td>5,211</td><td>8,678</td><td>4,572</td><td>1,410</td><td>490</td><td>-</td><td>920</td></tr><tr><td>O. S. S. R.</td><td>60,016</td><td>60,016</td><td>60,007</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>15,288</td><td>15,288</td><td>15,254</td><td>32</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>108,408</td><td>108,397</td><td>101,242</td><td>103</td><td>7,020</td><td>32</td><td>11</td><td>5</td><td>-</td><td>6</td></tr><tr><td>Total Europe</td><td>2,391,175</td><td>2,372,581</td><td>2,199,439</td><td>32,126</td><td>132,469</td><td>8,547</td><td>18,594</td><td>2,045</td><td>8,166</td><td>7,783</td></tr><tr><td>Canada</td><td>627,502</td><td>621,837</td><td>253,283</td><td>1,654</td><td>358,640</td><td>3,260</td><td>5,665</td><td>362</td><td>-</td><td>5,303</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></tr><tr><td>Argentina</td><td>223,047</td><td>223,008</td><td>217,703</td><td>2,776</td><td>2,529</td><td>-</td><td>39</td><td>13</td><td>-</td><td>26</td></tr><tr><td>Bolivia</td><td>11,714</td><td>11,714</td><td>11,687</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>115,283</td><td>115,207</td><td>104,361</td><td>10,510</td><td>11</td><td>325</td><td>76</td><td>75</td><td>-</td><td>1</td></tr><tr><td>Chile</td><td>53,416</td><td>53,427</td><td>51,396</td><td>2,031</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>56,248</td><td>56,246</td><td>55,722</td><td>174</td><td>-</td><td>350</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>9,309</td><td>9,309</td><td>8,073</td><td>1,236</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>168,049</td><td>168,049</td><td>163,107</td><td>4,942</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>3,234</td><td>3,234</td><td>3,233</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>127,642</td><td>126,731</td><td>123,476</td><td>1,768</td><td>1,110</td><td>377</td><td>911</td><td>60</td><td>-</td><td>851</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>10,641</td><td>10,641</td><td>10,569</td><td>-</td><td>66</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>71,000</td><td>70,998</td><td>56,840</td><td>25</td><td>14,133</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Peru</td><td>35,939</td><td>34,445</td><td>32,652</td><td>968</td><td>825</td><td>-</td><td>1,494</td><td>1,494</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>49,399</td><td>49,396</td><td>48,960</td><td>425</td><td>-</td><td>11</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Other Latino America</td><td>186,472</td><td>186,143</td><td>152,123</td><td>4,208</td><td>29,590</td><td>222</td><td>329</td><td>321</td><td>-</td><td>8</td></tr><tr><td>Total Latino America</td><td>1,121,413</td><td>1,118,548</td><td>1,039,902</td><td>29,091</td><td>48,264</td><td>1,291</td><td>2,865</td><td>1,977</td><td>-</td><td>888</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>339,056</td><td>336,763</td><td>153,777</td><td>2,625</td><td>179,332</td><td>1,029</td><td>2,293</td><td>489</td><td>-</td><td>1,804</td></tr><tr><td>French Indo-China</td><td>38,411</td><td>38,411</td><td>20,262</td><td>-</td><td>18,033</td><td>116</td><td>4,553</td><td>4,387</td><td>-</td><td>166</td></tr><tr><td>Hong Kong</td><td>39,011</td><td>34,458</td><td>33,320</td><td>560</td><td>512</td><td>66</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>36,100</td><td>34,808</td><td>31,171</td><td>3,601</td><td>-</td><td>36</td><td>1,292</td><td>389</td><td>160</td><td>743</td></tr><tr><td>British Malaya</td><td>8,282</td><td>8,276</td><td>6,835</td><td>1,183</td><td>250</td><td>8</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>18,886</td><td>18,850</td><td>18,185</td><td>443</td><td>22</td><td>-</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>103,703</td><td>103,701</td><td>74,326</td><td>198</td><td>29,177</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>438,662</td><td>438,773</td><td>433,492</td><td>4,249</td><td>6</td><td>1,026</td><td>89</td><td>89</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>65,364</td><td>65,364</td><td>64,988</td><td>376</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>75,636</td><td>75,634</td><td>67,195</td><td>607</td><td>7,803</td><td>29</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Total Asia</td><td>1,163,311</td><td>1,155,038</td><td>903,751</td><td>13,842</td><td>235,135</td><td>2,310</td><td>8,273</td><td>5,386</td><td>160</td><td>2,727</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>38,709</td><td>38,439</td><td>37,148</td><td>625</td><td>300</td><td>366</td><td>270</td><td>33</td><td>-</td><td>237</td></tr><tr><td>Gov Zealand</td><td>8,669</td><td>8,643</td><td>8,565</td><td>78</td><td>-</td><td>-</td><td>26</td><td>14</td><td>-</td><td>12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,018</td><td>18,962</td><td>18,242</td><td>352</td><td>-</td><td>368</td><td>56</td><td>-</td><td>-</td><td>56</td></tr><tr><td>French Morocco</td><td>16,081</td><td>16,081</td><td>16,029</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>47,328</td><td>46,981</td><td>27,965</td><td>188</td><td>18,825</td><td>3</td><td>347</td><td>347</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>69,404</td><td>69,064</td><td>67,716</td><td>187</td><td>1,151</td><td>10</td><td>340</td><td>143</td><td>-</td><td>197</td></tr><tr><td>Total other countries</td><td>199,209</td><td>198,170</td><td>175,665</td><td>1,482</td><td>20,276</td><td>747</td><td>1,039</td><td>537</td><td>-</td><td>502</td></tr><tr><td>International</td><td>2,722,454</td><td>2,722,454</td><td>379,119</td><td>-</td><td>2,343,335</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>16,836</td><td>16,836</td><td>16,836</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,241,900</td><td>8,205,464</td><td>4,972,995</td><td>78,195</td><td>3,138,119</td><td>16,155</td><td>36,436</td><td>10,907</td><td>8,326</td><td>17,203</td></tr></table>
September 1947
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 111 - Details for Month of April 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>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>4,638</td><td>1,472</td><td>522</td><td>950</td><td>3,166</td><td>299</td><td>2,867</td><td>3,498</td><td>1,855</td><td>1,041</td><td>814</td><td>1,643</td><td>110</td><td>1,533</td></tr><tr><td>France</td><td>4,377</td><td>4,229</td><td>921</td><td>3,308</td><td>148</td><td>45</td><td>103</td><td>1,871</td><td>1,615</td><td>1,087</td><td>528</td><td>256</td><td>116</td><td>140</td></tr><tr><td>Belgium</td><td>496</td><td>201</td><td>167</td><td>34</td><td>295</td><td>19</td><td>276</td><td>489</td><td>372</td><td>324</td><td>48</td><td>117</td><td>11</td><td>106</td></tr><tr><td>Denmark</td><td>79</td><td>32</td><td>32</td><td>-</td><td>47</td><td>-</td><td>47</td><td>42</td><td>18</td><td>3</td><td>15</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Finland</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td><td>24</td><td>23</td><td>23</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>41</td><td>41</td><td>30</td><td>11</td><td>-</td><td>-</td><td>-</td><td>107</td><td>106</td><td>42</td><td>64</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>157</td><td>160</td><td>59</td><td>101</td><td>27</td><td>-</td><td>27</td><td>220</td><td>207</td><td>192</td><td>15</td><td>13</td><td>-</td><td>13</td></tr><tr><td>Luxembourg</td><td>163</td><td>161</td><td>8</td><td>153</td><td>2</td><td>-</td><td>2</td><td>44</td><td>44</td><td>33</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>1,196</td><td>501</td><td>358</td><td>143</td><td>695</td><td>155</td><td>540</td><td>10,104</td><td>9,170</td><td>7,388</td><td>1,782</td><td>934</td><td>259</td><td>675</td></tr><tr><td>Norway</td><td>2,946</td><td>216</td><td>140</td><td>76</td><td>2,730</td><td>-</td><td>2,730</td><td>11,672</td><td>1,282</td><td>194</td><td>1,088</td><td>10,390</td><td>-</td><td>10,390</td></tr><tr><td>Portugal</td><td>68</td><td>51</td><td>51</td><td>-</td><td>17</td><td>-</td><td>17</td><td>39</td><td>21</td><td>20</td><td>1</td><td>18</td><td>-</td><td>18</td></tr><tr><td>Rumania</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spela</td><td>311</td><td>288</td><td>73</td><td>215</td><td>23</td><td>-</td><td>23</td><td>103</td><td>81</td><td>69</td><td>12</td><td>22</td><td>1</td><td>21</td></tr><tr><td>Sweden</td><td>469</td><td>410</td><td>213</td><td>197</td><td>59</td><td>6</td><td>53</td><td>259</td><td>208</td><td>207</td><td>1</td><td>51</td><td>6</td><td>45</td></tr><tr><td>Switzerland</td><td>11,745</td><td>10,065</td><td>4,155</td><td>5,910</td><td>1,680</td><td>308</td><td>1,372</td><td>5,006</td><td>4,308</td><td>3,397</td><td>911</td><td>698</td><td>215</td><td>483</td></tr><tr><td>U. E. S. B.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>62</td><td>28</td><td>15</td><td>13</td><td>34</td><td>-</td><td>34</td><td>1,055</td><td>1,037</td><td>22</td><td>1,015</td><td>18</td><td>-</td><td>18</td></tr><tr><td>Total Europe</td><td>26,802</td><td>17,859</td><td>6,748</td><td>11,111</td><td>8,943</td><td>832</td><td>8,111</td><td>34,541</td><td>20,355</td><td>14,050</td><td>6,305</td><td>14,186</td><td>718</td><td>13,468</td></tr><tr><td>Canada</td><td>76,377</td><td>10,507</td><td>3,105</td><td>7,402</td><td>65,870</td><td>1,843</td><td>64,027</td><td>17,830</td><td>7,795</td><td>3,398</td><td>4,397</td><td>10,035</td><td>1,233</td><td>8,802</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,247</td><td>1,996</td><td>1,976</td><td>20</td><td>2,251</td><td>349</td><td>1,902</td><td>1,523</td><td>664</td><td>580</td><td>84</td><td>859</td><td>14</td><td>845</td></tr><tr><td>Bolivia</td><td>24</td><td>22</td><td>22</td><td>-</td><td>2</td><td>2</td><td>-</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,180</td><td>175</td><td>173</td><td>2</td><td>1,005</td><td>14</td><td>991</td><td>371</td><td>328</td><td>234</td><td>94</td><td>43</td><td>18</td><td>25</td></tr><tr><td>Chile</td><td>749</td><td>401</td><td>399</td><td>2</td><td>348</td><td>23</td><td>325</td><td>280</td><td>246</td><td>243</td><td>3</td><td>34</td><td>12</td><td>22</td></tr><tr><td>Colombia</td><td>156</td><td>132</td><td>97</td><td>35</td><td>24</td><td>-</td><td>24</td><td>68</td><td>68</td><td>20</td><td>48</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,783</td><td>1,157</td><td>1,129</td><td>28</td><td>626</td><td>263</td><td>363</td><td>947</td><td>808</td><td>770</td><td>38</td><td>139</td><td>110</td><td>29</td></tr><tr><td>French West Indies and Guiana</td><td>83</td><td>62</td><td>18</td><td>44</td><td>21</td><td>1</td><td>20</td><td>145</td><td>96</td><td>96</td><td>-</td><td>49</td><td>49</td><td>-</td></tr><tr><td>Mexico</td><td>614</td><td>383</td><td>364</td><td>19</td><td>231</td><td>183</td><td>48</td><td>511</td><td>450</td><td>450</td><td>-</td><td>61</td><td>43</td><td>18</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>53</td><td>53</td><td>53</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>35</td><td>35</td><td>-</td><td>29</td><td>6</td><td>23</td></tr><tr><td>Panama</td><td>1,836</td><td>1,700</td><td>1,411</td><td>289</td><td>136</td><td>120</td><td>16</td><td>1,782</td><td>1,709</td><td>1,316</td><td>393</td><td>33</td><td>15</td><td>18</td></tr><tr><td>Peru</td><td>174</td><td>173</td><td>171</td><td>2</td><td>1</td><td>1</td><td>-</td><td>59</td><td>59</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>227</td><td>209</td><td>209</td><td>-</td><td>18</td><td>18</td><td>-</td><td>168</td><td>126</td><td>114</td><td>12</td><td>42</td><td>-</td><td>42</td></tr><tr><td>Other Latin America</td><td>2,316</td><td>1,255</td><td>1,239</td><td>16</td><td>1,061</td><td>332</td><td>729</td><td>1,316</td><td>733</td><td>679</td><td>54</td><td>583</td><td>154</td><td>429</td></tr><tr><td>Total Latin America</td><td>13,461</td><td>7,737</td><td>7,280</td><td>457</td><td>5,724</td><td>1,306</td><td>4,418</td><td>7,205</td><td>5,333</td><td>4,607</td><td>726</td><td>1,872</td><td>421</td><td>1,451</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>821</td><td>777</td><td>734</td><td>43</td><td>44</td><td>17</td><td>27</td><td>1,759</td><td>1,643</td><td>1,561</td><td>82</td><td>116</td><td>107</td><td>9</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bong Kong</td><td>499</td><td>499</td><td>29</td><td>470</td><td>-</td><td>-</td><td>-</td><td>73</td><td>73</td><td>21</td><td>52</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>90</td><td>90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td><td>97</td><td>97</td><td>1</td><td>96</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>12</td><td>12</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>109</td><td>108</td><td>2</td><td>106</td><td>1</td><td>6</td><td>1</td><td>101</td><td>101</td><td>51</td><td>50</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>209</td><td>181</td><td>164</td><td>17</td><td>28</td><td>6</td><td>22</td><td>104</td><td>103</td><td>98</td><td>5</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Philippine Islands</td><td>33</td><td>33</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>241</td><td>145</td><td>129</td><td>16</td><td>96</td><td>44</td><td>52</td><td>243</td><td>108</td><td>84</td><td>24</td><td>135</td><td>72</td><td>63</td></tr><tr><td>Other Asia</td><td>2,014</td><td>1,845</td><td>1,181</td><td>664</td><td>169</td><td>67</td><td>102</td><td>2,384</td><td>2,132</td><td>1,816</td><td>316</td><td>252</td><td>180</td><td>72</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>4,565</td><td>78</td><td>51</td><td>27</td><td>4,487</td><td>-</td><td>4,487</td><td>109</td><td>43</td><td>43</td><td>-</td><td>66</td><td>1</td><td>65</td></tr><tr><td>New Zealand</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>82</td><td>78</td><td>13</td><td>65</td><td>4</td><td>-</td><td>4</td><td>52</td><td>52</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>51</td><td>51</td><td>33</td><td>18</td><td>57</td><td>6</td><td>51</td><td>22</td><td>11</td><td>3</td><td>8</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Union of South Africa</td><td>68</td><td>11</td><td>11</td><td>1</td><td>240</td><td>6</td><td>240</td><td>69</td><td>44</td><td>44</td><td>-</td><td>25</td><td>-</td><td>25</td></tr><tr><td>All other</td><td>251</td><td>11</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>5,033</td><td>245</td><td>134</td><td>111</td><td>4,788</td><td>6</td><td>4,782</td><td>296</td><td>194</td><td>142</td><td>52</td><td>102</td><td>1</td><td>101</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>123,687</td><td>38,193</td><td>18,448</td><td>19,745</td><td>85,494</td><td>4,054</td><td>81,440</td><td>62,256</td><td>35,809</td><td>24,013</td><td>11,796</td><td>26,447</td><td>2,553</td><td>23,894</td></tr></table>
94
Treasury Bulletin
Position in Foreign Currencies, by Countries
Table 1.- Net Position, and Current Transactions
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Currency of -</th><th colspan="6">Net position at end of month</th><th colspan="4">Transactions during April 1947</th></tr><tr><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th colspan="2">Purchases</th><th colspan="2">Sales</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Spot</th><th>Forward</th><th>Spot</th><th>Forward</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>242</td><td>-2,621</td><td>-1,738</td><td>1,623</td><td>-</td><td>-</td><td>85,649</td><td>18,899</td><td>91,617</td><td>17,609</td></tr><tr><td>France</td><td>-167</td><td>-165</td><td>-174</td><td>-205</td><td>-</td><td>-</td><td>1,860</td><td>-</td><td>1,874</td><td>9</td></tr><tr><td>Belgium</td><td>41</td><td>127</td><td>-52</td><td>210</td><td>-</td><td>-</td><td>1,439</td><td>48</td><td>1,205</td><td>17</td></tr><tr><td>Germany</td><td>-13</td><td>-13</td><td>-13</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>-46</td><td>12</td><td>12</td><td>8</td><td>-</td><td>-</td><td>66</td><td>-</td><td>67</td><td>-</td></tr><tr><td>Netherlands</td><td>163</td><td>202</td><td>213</td><td>210</td><td>-</td><td>-</td><td>381</td><td>-</td><td>381</td><td>-</td></tr><tr><td>Portugal</td><td>-25</td><td>8</td><td>64</td><td>127</td><td>-</td><td>-</td><td>1,578</td><td>-</td><td>1,525</td><td>-</td></tr><tr><td>Spain</td><td>-81</td><td>-77</td><td>-83</td><td>-73</td><td>-</td><td>-</td><td>87</td><td>-</td><td>83</td><td>-</td></tr><tr><td>Sweden</td><td>178</td><td>-25</td><td>-306</td><td>-420</td><td>-</td><td>-</td><td>1,762</td><td>37</td><td>1,914</td><td>-</td></tr><tr><td>Switzerland</td><td>65</td><td>110</td><td>-713</td><td>-851</td><td>-</td><td>-</td><td>9,766</td><td>273</td><td>9,411</td><td>763</td></tr><tr><td>Other Europe</td><td>263</td><td>198</td><td>170</td><td>300</td><td>-</td><td>-</td><td>598</td><td>5</td><td>565</td><td>10</td></tr><tr><td>Total Europe</td><td>620</td><td>-2,244</td><td>-2,620</td><td>915</td><td>-</td><td>-</td><td>103,186</td><td>19,262</td><td>108,642</td><td>18,408</td></tr><tr><td>Canada</td><td>8,101</td><td>7,868</td><td>6,968</td><td>6,891</td><td>-</td><td>-</td><td>30,321</td><td>4,837</td><td>30,782</td><td>4,336</td></tr><tr><td>Latin America</td><td>1,269</td><td>1,444</td><td>715</td><td>584</td><td>-</td><td>-</td><td>6,680</td><td>1</td><td>6,896</td><td>15</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>134</td><td>118</td><td>232</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-3,538</td><td>-3,227</td><td>-3,217</td><td>-2,519</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-15</td><td>-15</td><td>-13</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>-1,551</td><td>-1,372</td><td>-2,284</td><td>-2,783</td><td>-</td><td>-</td><td>5,776</td><td>2,731</td><td>6,431</td><td>1,924</td></tr><tr><td>Total Asia</td><td>-4,970</td><td>-4,496</td><td>-5,282</td><td>-5,225</td><td>-</td><td>-</td><td>5,776</td><td>2,731</td><td>6,431</td><td>1,924</td></tr><tr><td>All other</td><td>945</td><td>886</td><td>709</td><td>843</td><td>-</td><td>-</td><td>15,853</td><td>872</td><td>7,419</td><td>872</td></tr><tr><td>Grand total</td><td>5,965</td><td>3,458</td><td>490</td><td>4,008</td><td>-</td><td>-</td><td>161,816</td><td>27,703</td><td>160,170</td><td>25,555</td></tr></table>
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th rowspan="2">Currency of -</th><th colspan="2">January</th><th colspan="2">February</th><th colspan="2">March</th><th colspan="2">April</th><th colspan="2">May</th><th colspan="2">June</th></tr><tr><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</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></tr><tr><td>United Kingdom</td><td>33,026</td><td>65,735</td><td>39,727</td><td>63,719</td><td>49,342</td><td>70,697</td><td>44,592</td><td>66,744</td><td></td><td></td><td></td><td></td></tr><tr><td>France</td><td>-</td><td>12</td><td>-</td><td>16</td><td>-</td><td>52</td><td>2</td><td>39</td><td></td><td></td><td></td><td></td></tr><tr><td>Belgium</td><td>116</td><td>2</td><td>100</td><td>2</td><td>33</td><td>24</td><td>32</td><td>45</td><td></td><td></td><td></td><td></td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Italy</td><td>-</td><td>11</td><td>-</td><td>10</td><td>-</td><td>11</td><td>-</td><td>11</td><td></td><td></td><td></td><td></td></tr><tr><td>Netherlands</td><td>-</td><td>9</td><td>-</td><td>9</td><td>-</td><td>9</td><td>-</td><td>6</td><td></td><td></td><td></td><td></td></tr><tr><td>Portugal</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td>Spain</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td></td><td></td><td></td><td></td></tr><tr><td>Sweden</td><td>23</td><td>792</td><td>37</td><td>580</td><td>43</td><td>329</td><td>66</td><td>114</td><td></td><td></td><td></td><td></td></tr><tr><td>Switzerland</td><td>106</td><td>214</td><td>221</td><td>365</td><td>822</td><td>1,068</td><td>418</td><td>774</td><td></td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td>14</td><td>44</td><td>18</td><td>47</td><td>22</td><td>74</td><td>20</td><td>77</td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>33,305</td><td>66,840</td><td>40,103</td><td>64,749</td><td>50,262</td><td>72,265</td><td>45,145</td><td>67,827</td><td></td><td></td><td></td><td></td></tr><tr><td>Canada</td><td>3,642</td><td>5,615</td><td>3,550</td><td>5,691</td><td>5,295</td><td>5,997</td><td>5,397</td><td>6,041</td><td></td><td></td><td></td><td></td></tr><tr><td>Latino America</td><td>5,302</td><td>2,127</td><td>5,041</td><td>1,964</td><td>3,417</td><td>1,819</td><td>3,310</td><td>1,838</td><td></td><td></td><td></td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-</td><td>19</td><td>-</td><td>19</td><td>15</td><td>19</td><td>80</td><td>19</td><td></td><td></td><td></td><td></td></tr><tr><td>Hong Kong</td><td>1,095</td><td>88</td><td>1,222</td><td>-</td><td>1,575</td><td>101</td><td>1,563</td><td>101</td><td></td><td></td><td></td><td></td></tr><tr><td>Japan</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td></td><td></td><td></td><td></td></tr><tr><td>Other Asia</td><td>2,773</td><td>4,583</td><td>2,317</td><td>4,097</td><td>1,796</td><td>4,494</td><td>1,762</td><td>5,759</td><td></td><td></td><td></td><td></td></tr><tr><td>Total Asia</td><td>3,868</td><td>4,694</td><td>3,539</td><td>4,120</td><td>3,386</td><td>4,618</td><td>3,405</td><td>5,883</td><td></td><td></td><td></td><td></td></tr><tr><td>All other</td><td>125</td><td>787</td><td>126</td><td>737</td><td>126</td><td>739</td><td>1,001</td><td>1,147</td><td></td><td></td><td></td><td></td></tr><tr><td>Grand total</td><td>46,242</td><td>80,063</td><td>52,359</td><td>77,261</td><td>62,486</td><td>85,438</td><td>58,258</td><td>82,736</td><td></td><td></td><td></td><td></td></tr></table>
Copy 2
Treas. HJ 10 .A2 1947 c.2
U.S. Treasury Dept.
Treasury Bulletin