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JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY
BULLETIN
NOVEMBER - 1947
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
November 1947
Table of Contents
Pago
Treasury financing operations A-1
Summary of fiscal statistics 1
Receipts and expenditures 4
Treasury cash income and outgo 14
General Fund position and debt outstanding 18
Ownership of Government securities 37
Prices and yields of Government securities 44
Internal revenue statistics 50
Monetary statistics 55
Capital movements between the United States and foreign countries, and net position in foreign currencies 62
Cumulative table of contents, twelve months 74
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.
November 1947
A-1
Treasury Financing Operations
October Certificate Maturity
On October 1, 1947, there matured a one-year issue of 7/8 percent certificates of indebtedness outstanding in the amount of $1,440 million. On September 22, the Secretary of the Treasury announced the offering of a new one-year 1 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 October 1, 1947, and bear interest from that date at the rate of 1.percent per annum. Interest will be paid in full with the principal on the maturity date, October 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 September 22 and were closed at the close of business on September 24. Exchange subscriptions for the new issue amounted to $1,354 million, leaving $86 million to be paid in cash.
Reports to the Treasury on the ownership of
Government securities indicate that on August 31, 1947, about 52 percent of the $1,440 million of certificates maturing October 1 were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for August 31 are the latest available.
Treasury Bills Refunded in September
There were four maturing issues of Treasury bills in September, totaling $5.0 billion. The first three maturities were for $1.3 billion each and the fourth for $1.1 billion. Each issue was refunded in full. The average rate of discount for the first of the four new issues, which was dated September 4, was 0.766 percent, and for the remaining issues, 0.789 percent, 0.802 percent, and 0.808 percent, respectively.
Note: 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 issues, beginning in April 1947, are shown on page 30.
November 1947
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budget Receipt and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First 3 months, 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 colspan="2">Actual</th><th>Estimated 1948 1/</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><th>Receipts:</th><th></th><th></th><th></th><th></th><th>1946</th><th>1947</th><th></th><th></th></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>7,616</td><td>6,552</td><td>6,485</td><td>-67</td><td>30,885</td><td>29,306</td><td>28,906</td><td>-400</td></tr><tr><td>Employment taxes</td><td>438</td><td>454</td><td>565</td><td>+111</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>2,168</td><td>2,031</td><td>2,005</td><td>-26</td><td>7,725</td><td>8,049</td><td>8,034</td><td>-15</td></tr><tr><td>Customs</td><td>94</td><td>127</td><td>102</td><td>-24</td><td>435</td><td>494</td><td>463</td><td>-31</td></tr><tr><td>Other receipts 3/</td><td>910</td><td>635</td><td>1,061</td><td>+425</td><td>3,493</td><td>4,829</td><td>3,532</td><td>-1,297</td></tr><tr><td>Total receipts</td><td>11,226</td><td>9,799</td><td>10,218</td><td>+419</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>Set appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>345</td><td>348</td><td>412</td><td>+64</td><td>1,201</td><td>1,444</td><td>1,526</td><td>+82</td></tr><tr><td>Net budget receipts</td><td>10,882</td><td>9,450</td><td>9,805</td><td>+355</td><td>43,038</td><td>43,259</td><td>41,667</td><td>-1,592</td></tr><tr><td>Expenditures:</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>11,079</td><td>1,359</td><td>1,452</td><td>+93</td><td>27,800</td><td>7,425</td><td>6,100</td><td>-1,325</td></tr><tr><td>Navy Department</td><td>6,070</td><td>1,556</td><td>991</td><td>-565</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>129</td><td>+129</td><td>-</td><td>1,847</td><td>191</td><td>-1,795</td></tr><tr><td>Cash</td><td>-</td><td>2</td><td>14</td><td>+12</td><td>-</td><td>139</td><td></td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>1,942</td><td>882</td><td>307</td><td>-574</td><td>5,581</td><td>2,733</td><td>962</td><td>-1,771</td></tr><tr><td>Total</td><td>19,091</td><td>3,799</td><td>2,893</td><td>-906</td><td>48,542</td><td>17,122</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>626</td><td>1,731</td><td>1,569</td><td>-161</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>902</td><td>1,019</td><td>1,017</td><td>-2</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>914</td><td>645</td><td>274</td><td>-371</td><td>3,027</td><td>3,041</td><td>2,054</td><td>-987</td></tr><tr><td>Total</td><td>2,442</td><td>3,395</td><td>2,860</td><td>-534</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>200</td><td>-</td><td>-200</td><td>674</td><td>325</td><td>-</td><td>-325</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>400</td><td>1,300</td><td>+900</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>48</td><td>+48</td><td>-</td><td>-</td><td>1,237</td><td>+1,237</td></tr><tr><td>Total</td><td>-</td><td>600</td><td>1,348</td><td>+748</td><td>833</td><td>3,801</td><td>2,937</td><td>-864</td></tr><tr><td>Aid to agriculture 4/</td><td>81</td><td>1,112</td><td>154</td><td>-957</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>322</td><td>765</td><td>746</td><td>+380</td><td>852</td><td>1,074</td><td>1,616</td><td>+542</td></tr><tr><td>Public works</td><td>95</td><td>264</td><td>293</td><td>+29</td><td>407</td><td>1,038</td><td>1,251</td><td>+213</td></tr><tr><td>Other general expenditures 4/</td><td>491</td><td>627</td><td>971</td><td>+345</td><td>1,403</td><td>2,208</td><td>3,573</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>Government corporations (wholly owned), etc. (net):</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>191</td><td>-13</td><td>348</td><td>+374</td><td>328</td><td>138</td><td>272</td><td>-81</td></tr><tr><td>Other</td><td>54</td><td>-13</td><td></td><td></td><td>-23</td><td>215</td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>149</td><td>-761</td><td>70</td><td>+830</td><td>-1,044</td><td>-1,076</td><td>20</td><td>+1,096</td></tr><tr><td>Other</td><td>-118</td><td>-44</td><td>-22</td><td>+22</td><td>-566</td><td>408</td><td>459</td><td>+51</td></tr><tr><td>Total</td><td>276</td><td>-831</td><td>396</td><td>+1,226</td><td>-1,305</td><td>-314</td><td>751</td><td>+1,066</td></tr><tr><td>Total budget expenditures</td><td>22,798</td><td>9,331</td><td>9,662</td><td>+331</td><td>63,714</td><td>42,505</td><td>37,000</td><td>-5,505</td></tr><tr><td>Budget surplus (+) or deficit (-)</td><td>-11,917</td><td>+119</td><td>+144</td><td>+24</td><td>-20,676</td><td>+754</td><td>+4,667</td><td>+3,913</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1948 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 warrants, such deposits were as follows: fiscal year 1946, $1,063 million and fiscal year 1947, $279 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.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.
7/ Effect of cancellation of H.P.C. notes to the Treasury, estimated at $944 million in the Budget Review of August 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.
November 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 3 months, 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 1946</th><th>Actual 1947</th><th>Estimated 1948 1/</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><td colspan="9">Securities issued by the United States:</td></tr><tr><td>Interest-bearing debt: Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>182,833</td><td>184,338</td><td>167,946</td><td>-16,392</td><td>189,606</td><td>168,702</td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td></tr><tr><td>Nonmarketable</td><td>56,278</td><td>56,025</td><td>58,640</td><td>+2,615</td><td>56,173</td><td>59,045</td></tr><tr><td>Total public issues</td><td>239,111</td><td>240,364</td><td>226,587</td><td>-13,777</td><td>245,779</td><td>227,747</td></tr><tr><td>Special issues</td><td>20,519</td><td>23,854</td><td>29,520</td><td>+5,667</td><td>22,332</td><td>27,366</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>259,630</td><td>264,217</td><td>256,107</td><td>-8,110</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>2,391</td><td>1,152</td><td>3,038 1/</td><td>+1,886</td><td>1,311</td><td>3,172</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>262,020</td><td>265,369</td><td>259,145</td><td>-6,224</td><td>269,422</td><td>258,286</td><td>253,200</td><td>-5,086</td></tr><tr><td colspan="9">Securities guaranteed by the United States: 2/</td></tr><tr><td>Interest-bearing debt: Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>37</td><td>44</td><td>34</td><td>-9</td><td>43</td><td>38</td><td rowspan="3">n.a.</td><td rowspan="3">n.a.</td></tr><tr><td>Nonmarketable</td><td>490</td><td>347</td><td>36</td><td>-312</td><td>424</td><td>45</td></tr><tr><td>Total interest-bearing debt</td><td>527</td><td>391</td><td>70</td><td>-321</td><td>467</td><td>83</td></tr><tr><td>Matured debt</td><td>18</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>545</td><td>400</td><td>76</td><td>-324</td><td>476</td><td>90</td><td>118</td><td>+28</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>262,565</td><td>265,768</td><td>259,221</td><td>-6,548</td><td>269,898</td><td>258,376</td><td>253,318</td><td>-5,058</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.
3/ Includes prepayments on securities.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 3 months, 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 1948 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1946</th><th>1947</th><th></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>Budget deficit</td><td>11,917</td><td>-</td><td>-</td><td>20,676</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>4,053</td><td>-</td><td>-</td><td>11,138</td><td>5,085</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>644</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/.</td><td>-</td><td>133</td><td>358</td><td>524</td><td>948</td><td>328</td></tr><tr><td>Total amount required to be financed</td><td>11,917</td><td>4,186</td><td>1,002</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>Budget surplus</td><td>-</td><td>119</td><td>144</td><td>-</td><td>754</td><td>4,667</td></tr><tr><td>Net increase in public debt</td><td>3,338</td><td>-</td><td>858</td><td>10,740</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>8,563</td><td>4,067</td><td>-</td><td>10,460</td><td>10,930</td><td>747</td></tr><tr><td>Net receipts in trust accounts, etc. 2/.</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>11,917</td><td>4,186</td><td>1,002</td><td>21,200</td><td>11,684</td><td>5,414</td></tr></table>
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, coin, orage on silver, miscellaneous funds and accounts, and currently a clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
RECEIPTS AND EXPENDITURES
Treasury Bulletin
November 1947
5
Budget Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures</th><th rowspan="2">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>National defense and related activities</th><th>Transfers to trust accounts, etc.</th><th>Government corporations (wholly owned), etc. (net)</th></tr><tr><td>1935</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,031</td><td>5,985</td><td>1,029</td><td>225</td><td>-208</td><td>-1,177</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>-3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273</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</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079</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</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</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</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</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</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</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><tr><td>August</td><td>2,865</td><td>2,662</td><td>31</td><td>171</td><td>328</td><td>2,536</td><td>3,060</td><td>1,729</td><td>908</td><td>273</td><td>151</td><td>-524</td></tr><tr><td>September</td><td>4,884</td><td>4,267</td><td>34</td><td>584</td><td>13</td><td>4,872</td><td>2,932</td><td>1,737</td><td>1,006</td><td>9</td><td>180</td><td>1,940</td></tr></table>
Sources: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For explanation see tables which follow entitled "Social Security Program."
3/ Net receipts less total expenditures.
4/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
5/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
6/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the 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, $279 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 colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Withheld by employee 2/</th><th>Other 2/</th><th>Total</th><th>Social security taxes 3/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Taxes on carriers and their employees 4/ (Railroad retirement)</th></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,540</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 5/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</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>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1947</td><td>39,379</td><td>29,306</td><td>10,013</td><td>19,292</td><td>2,024</td><td>1,459</td><td>185</td><td>380</td><td>8,049</td></tr><tr><td>1947-January</td><td>3,415</td><td>2,664</td><td>546</td><td>2,117</td><td>58</td><td>42</td><td>14</td><td>1</td><td>693</td></tr><tr><td>February</td><td>4,274</td><td>3,222</td><td>1,376</td><td>1,845</td><td>387</td><td>266</td><td>116</td><td>5</td><td>666</td></tr><tr><td>March</td><td>5,446</td><td>4,650</td><td>785</td><td>3,865</td><td>114</td><td>25</td><td>12</td><td>77</td><td>682</td></tr><tr><td>April</td><td>2,309</td><td>1,597</td><td>584</td><td>1,012</td><td>75</td><td>69</td><td>4</td><td>3</td><td>638</td></tr><tr><td>May</td><td>2,578</td><td>1,619</td><td>1,218</td><td>400</td><td>364</td><td>340</td><td>12</td><td>12</td><td>595</td></tr><tr><td>June</td><td>3,993</td><td>3,270</td><td>778</td><td>2,492</td><td>121</td><td>8</td><td>1</td><td>112</td><td>602</td></tr><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><tr><td>August</td><td>2,662</td><td>1,668</td><td>1,255</td><td>413</td><td>352</td><td>329</td><td>9</td><td>13</td><td>643</td></tr><tr><td>September</td><td>4,267</td><td>3,435</td><td>797</td><td>2,639</td><td>133</td><td>14</td><td>3</td><td>116</td><td>699</td></tr></table>
Source: Daily Treasury Statement.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 have been classified as "Other" income and profits taxes.
3/ For the period prior to September 1939, the date in the column entitled "Federal Insurance Contributions Act" and "Federal Unem-
ployment Tax" represent collections under Titles VIII and IX, respectively, of the Social Security Act. Levied under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, under the Carriers Taxing Act of 1937. Includes less than $500,000 in receipts, from "Agricultural Adjust- ment taxes."
Treasury Bulletin
6
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="8">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 3/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social Security program 3/ 5/</th><th>Public works 1/</th><th>International finance 5/</th><th>Civilian Conservation Corps 9/</th><th>Direct and work relief 9/</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>1,707</td><td>2,472</td><td>763 5/</td><td>497</td><td>323</td><td>-</td><td>*</td><td>-</td><td>890</td></tr><tr><td>1946</td><td>14,559</td><td>10,620</td><td>2,871</td><td>4,722</td><td>3,027</td><td>3,938</td><td>998 11/</td><td>550</td><td>407</td><td>833</td><td>-</td><td>-</td><td>1,151</td></tr><tr><td>1947</td><td>24,323</td><td>14,441</td><td>6,442</td><td>4,958</td><td>3,041</td><td>9,882</td><td>2,299 5/</td><td>767</td><td>1,038</td><td>3,801</td><td>-</td><td>-</td><td>1,976</td></tr><tr><td>1947-January</td><td>1,523</td><td>960</td><td>549</td><td>343</td><td>68</td><td>563</td><td>65</td><td>69</td><td>98</td><td>200</td><td>-</td><td>-</td><td>130</td></tr><tr><td>February</td><td>2,473</td><td>850</td><td>545</td><td>124</td><td>181</td><td>1,623</td><td>74</td><td>81</td><td>70</td><td>1,209</td><td>-</td><td>-</td><td>190</td></tr><tr><td>March</td><td>2,063</td><td>1,552</td><td>565</td><td>626</td><td>361</td><td>512</td><td>86</td><td>26</td><td>65</td><td>200</td><td>-</td><td>-</td><td>135</td></tr><tr><td>April</td><td>2,206</td><td>1,329</td><td>594</td><td>141</td><td>593</td><td>877</td><td>97</td><td>16</td><td>72</td><td>450</td><td>-</td><td>-</td><td>241</td></tr><tr><td>May</td><td>2,706</td><td>1,244</td><td>581</td><td>92</td><td>571</td><td>1,463</td><td>748 5/</td><td>156</td><td>69</td><td>359</td><td>-</td><td>-</td><td>131</td></tr><tr><td>June</td><td>3,059</td><td>2,389</td><td>583</td><td>1,396</td><td>410</td><td>670</td><td>-6</td><td>45</td><td>78</td><td>300</td><td>-</td><td>-</td><td>254</td></tr><tr><td>July</td><td>2,075</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><tr><td>August</td><td>1,729</td><td>701</td><td>495</td><td>103</td><td>103</td><td>1,028</td><td>24</td><td>80</td><td>93</td><td>605</td><td>-</td><td>-</td><td>226</td></tr><tr><td>September</td><td>1,737</td><td>1,205</td><td>485</td><td>668</td><td>52</td><td>532</td><td>49</td><td>53</td><td>107</td><td>43</td><td>-</td><td>-</td><td>280</td></tr></table>
Source: Daily Treasury Statement.
* Lese than $500,000.
1/ General expenditures now include exponditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social Security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a 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 Issuance 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 retirement 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
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Public Housing Administration (formerly Federal Public Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with national defense and related activities by the Federal Works Agency, beginning July 1941.
2/ Consists of payments under Bretton Woods Agreements Act - International Bank and International Monetary Fund; 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.
3/ Classified as "Other" expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
4/ 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.
5/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
November 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>Var Department</th><th>Var Department</th><th>Armed Forces Leave Act 1/1</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Verte Agency</th><th>Housing and Home Finance Agency 2</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>Var Ship-plog Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other departmental defense and related activities expenditures 1/</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>106</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>48,265</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</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>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>1,493</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><tr><td>August</td><td>908</td><td>431</td><td>319</td><td>44</td><td>4</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>1</td><td>6/</td><td>17</td><td>5/</td><td>6/</td><td>53</td><td>40</td><td>6/</td></tr><tr><td>September</td><td>1,006</td><td>568</td><td>304</td><td>49</td><td>6</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>1</td><td>6/</td><td>38</td><td>5/</td><td>6/</td><td>13</td><td>26</td><td>6/</td></tr></table>
Sources: Daily Treasury Statement.
1/ Less than $500,000.
1/ Administrative expenses in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments.
2/ Formerly National Housing Agency; 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 the 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>1,555</td><td>817</td><td>108</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><tr><td>August</td><td>273</td><td>16</td><td>-</td><td>215</td><td>-</td><td>12</td></tr><tr><td>September</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Additional transactions are shown in Table 3. 2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administre
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. It is activity formerly done under the Office of Distribution and prior thereto under the Agricultural Marketing Administration
8
Treasury Bulletin
Budget Receipts and Expenditures - (Continued
Table 6.- Analysis of Expenditures of Government Corporations (Wholly Owned), Btc. (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>Public Housing Administration 1/</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 2/ National defense and related activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other 3/</th></tr><tr><td>1938</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>0</td><td>-59</td></tr><tr><td>1940</td><td>299</td><td>210</td><td>0</td><td>-5</td><td>17</td><td>-40</td><td>-</td><td>42</td><td>-1</td><td>75</td></tr><tr><td>1941</td><td>1,054</td><td>347</td><td>0</td><td>-4</td><td>233</td><td>-239</td><td>354</td><td>371</td><td>-1</td><td>-3</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>0</td><td>-5</td><td>46</td><td>-256</td><td>2,255</td><td>-319</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>0</td><td>-6</td><td>-3</td><td>-363</td><td>3,109</td><td>-727</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>0</td><td>-2</td><td>15</td><td>-396</td><td>2,652</td><td>-247</td><td>1</td><td>-446</td></tr><tr><td>1945</td><td>-7</td><td>471 1/</td><td>0</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 1/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1947</td><td>-314</td><td>-1,076 5/</td><td>613</td><td>-1</td><td>1</td><td>-202</td><td>138</td><td>215</td><td>-30</td><td>27</td></tr><tr><td>1947-January</td><td>108</td><td>101</td><td>78</td><td>0</td><td>-1</td><td>-19</td><td>-102</td><td>41</td><td>1</td><td>8</td></tr><tr><td>February</td><td>-32</td><td>-39</td><td>70</td><td>-2</td><td>1</td><td>-16</td><td>-73</td><td>17</td><td>-2</td><td>11</td></tr><tr><td>March</td><td>106</td><td>-21</td><td>103</td><td>-3</td><td>-9</td><td>-16</td><td>3</td><td>50</td><td>1</td><td>-3</td></tr><tr><td>April</td><td>20</td><td>28</td><td>73</td><td>3</td><td>6</td><td>-15</td><td>-87</td><td>-35</td><td>-8</td><td>55</td></tr><tr><td>May</td><td>-614</td><td>-590 5/</td><td>83</td><td>-1</td><td>0</td><td>-13</td><td>-59</td><td>-18</td><td>7</td><td>-23</td></tr><tr><td>June</td><td>970</td><td>116</td><td>81</td><td>-6</td><td>-1</td><td>-18</td><td>676</td><td>119</td><td>-33</td><td>37</td></tr><tr><td>July</td><td>65</td><td>8</td><td>-9</td><td>-2</td><td>n.a.</td><td>-12</td><td>6/</td><td>83</td><td>n.a.</td><td>-2</td></tr><tr><td>August</td><td>151</td><td>142</td><td>14</td><td>-2</td><td>n.a.</td><td>-16</td><td>5/</td><td>19</td><td>n.a.</td><td>-6</td></tr><tr><td>September</td><td>180</td><td>-80</td><td>25</td><td>1</td><td>n.a.</td><td>-17</td><td>6/</td><td>246</td><td>n.a.</td><td>4</td></tr></table>
Source: Daily Treasury Statement.
n.a. Not available.
* Less than $500,000.
1/ Name changed from Federal Public Housing Authority (originally U. S. Housing Authority) pursuant to Reorganization Plan No. 3 of 1947.
2/ Includes transactions on account of EFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defence Plants, Office of Defence Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
3/ Includes Federal Crop Insurance Corporation, Farm Security Administraion, Federal Farm Mortgage Corporation, Federal Savings and Loan Insurance Corporation, Federal Intermediate Credit Banks - Production Credit Corporations, and Tennessee Valley Authority.
k/ 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 $1,182 million.
5/ The act of May 26, 1947, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $642 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly owned), etc. (net). A similar payment of $921 million was made in July 1946, pursuant to the act of July 20, 1946.
6/ Not classified separately from other expenditures of the corporation after June 1947.
November 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">Not budget receipts 1/</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,364</td><td>4,107</td><td>41,601</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td>2,556</td><td>2,865</td><td>5,473</td><td>2,397</td><td>2,536</td><td>4,872</td><td></td><td></td><td></td><td></td></tr></table>
Budget expenditures 2/
<table><tr><th colspan="13">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>26,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td>4,514</td><td>2,796</td><td>2,851</td><td>3,023</td><td>2,557</td><td>3,618</td><td>49,804</td></tr><tr><td>1947</td><td>3,005</td><td>3,946</td><td>3,492</td><td>3,981</td><td>4,406</td><td>4,570</td><td>3,604</td><td>2,909</td><td>2,752</td><td></td><td></td><td></td><td></td></tr></table>
B. Including net expenditures of Government corporations (wholly owned), etc.
<table><tr><td>1944</td><td>-</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>8,239</td><td>4,860</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>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>3,060</td><td>2,932</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budget surplus (+) or deficit (-)
<table><tr><th colspan="13">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></tr><tr><td>1938</td><td>-198</td><td>-166</td><td>+212</td><td>-369</td><td>-193</td><td>-156</td><td>-451</td><td>-195</td><td>-40</td><td>-437</td><td>-296</td><td>-157</td><td>-2,147</td></tr><tr><td>1939</td><td>-385</td><td>-245</td><td>-132</td><td>-517</td><td>-348</td><td>-339</td><td>-499</td><td>-402</td><td>-65</td><td>-442</td><td>-284</td><td>-311</td><td>-3,967</td></tr><tr><td>1940</td><td>-398</td><td>-224</td><td>-22</td><td>-479</td><td>-247</td><td>-237</td><td>-487</td><td>-258</td><td>-48</td><td>-536</td><td>-455</td><td>-432</td><td>-3,823</td></tr><tr><td>1941</td><td>-771</td><td>-534</td><td>+167</td><td>-750</td><td>-747</td><td>-252</td><td>-1,185</td><td>-1,133</td><td>-739</td><td>-1,637</td><td>-1,294</td><td>-1,329</td><td>-10,204</td></tr><tr><td>1942</td><td>-2,050</td><td>-1,871</td><td>+126</td><td>-3,058</td><td>-3,391</td><td>-2,037</td><td>-4,413</td><td>-4,628</td><td>-3,404</td><td>-5,331</td><td>-5,761</td><td>-3,799</td><td>-39,618</td></tr><tr><td>1943</td><td>-5,584</td><td>-5,164</td><td>-2,147</td><td>-5,952</td><td>-5,955</td><td>-3,758</td><td>-5,105</td><td>-4,896</td><td>-2,087</td><td>-5,426</td><td>-5,740</td><td>-1,716</td><td>-53,530</td></tr><tr><td>1944</td><td>-4,823</td><td>-5,359</td><td>-1,952</td><td>-4,772</td><td>-5,342</td><td>-2,378</td><td>-5,947</td><td>-5,551</td><td>-2,004</td><td>-6,023</td><td>-5,587</td><td>-2,999</td><td>-52,737</td></tr><tr><td>1945</td><td>-4,645</td><td>-3,693</td><td>-2,540</td><td>-5,040</td><td>-6,190</td><td>-3,727</td><td>-5,862</td><td>-4,357</td><td>-1,422</td><td>-3,420</td><td>-2,282</td><td>-1,327</td><td>-44,505</td></tr><tr><td>1946</td><td>-1,073</td><td>+168</td><td>+1,146</td><td>-1,573</td><td>-944</td><td>-1,034</td><td>-1,975</td><td>-363</td><td>+1,627</td><td>-479</td><td>-193</td><td>+490</td><td>-4,204</td></tr><tr><td>1947</td><td>+814</td><td>+432</td><td>+2,209</td><td>-1,424</td><td>-1,601</td><td>+903</td><td>-1,207</td><td>-373</td><td>+2,119</td><td></td><td></td><td></td><td></td></tr></table>
B. Including net expenditures of Government corporations (wholly owned), etc.
<table><tr><td>1944</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-43,594</td></tr><tr><td>1945</td><td>-1,042</td><td>+243</td><td>+1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td><td></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>-1,105</td><td>-199</td><td>+1,723</td><td>-420</td><td>-165</td><td>+445</td><td>-2,512</td></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-1,272</td><td>-524</td><td>+1,940</td><td></td><td></td><td></td><td></td></tr></table>
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund. 2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available. 4/ Net receipts less total expenditures.
10
Treasury Bulletin
Trust Accounts, Etc., Receipts and Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1938</td><td>446</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>443 r</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>908</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>+27</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>49</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><tr><td>August</td><td>206</td><td>+287</td><td>328</td><td>42</td><td>-11</td><td>54</td><td>65</td><td>+3</td><td>245</td><td>242</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>35</td><td>-320</td><td>22</td><td>342</td><td>-7</td><td>40</td><td>47</td><td>-12</td><td>43</td><td>54</td><td>+1</td><td>-</td><td>-</td></tr></table>
Trust Accounts, Etc., Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th rowspan="2">Sales and re-demptions of obligations of Government corporations, etc., in the market (net) 3/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</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>+68 r</td><td>+888</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>-</td><td>+20</td><td>-2</td><td>+852</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>-</td><td>-</td><td>+264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>-</td><td>-</td><td>+503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>-</td><td>+248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-302</td><td>1,505</td><td>1,807</td><td>-</td><td>-</td><td>-372</td><td>-359</td><td>+555</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>-</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr><tr><td>February</td><td>+37</td><td>296</td><td>59</td><td>-</td><td>-</td><td>-146</td><td>-113</td><td>+102</td></tr><tr><td>March</td><td>+118</td><td>160</td><td>42</td><td>-</td><td>-</td><td>+71</td><td>-8</td><td>+39</td></tr><tr><td>April</td><td>+85</td><td>144</td><td>59</td><td>-</td><td>-</td><td>+101</td><td>-7</td><td>+67</td></tr><tr><td>May</td><td>-185</td><td>-146</td><td>40</td><td>-</td><td>-</td><td>-39</td><td>-3</td><td>+37</td></tr><tr><td>June</td><td>-140</td><td>249</td><td>389</td><td>-</td><td>-</td><td>-46</td><td>-93</td><td>+3</td></tr><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><tr><td>August</td><td>+61</td><td>345</td><td>284</td><td>-</td><td>-</td><td>+43</td><td>-3</td><td>-173</td></tr><tr><td>September</td><td>+91</td><td>140</td><td>49</td><td>-</td><td>-</td><td>-140</td><td>+74</td><td>-121</td></tr></table>
Daily Treasury Statement. Less than $500,000. Revised. 1/ Includes Government retirement funds, etc. (See footnote 2.) 2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "Other trust accounts." 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
November 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 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-Age Insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment Insurance)2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>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><tr><td>August</td><td>338.7</td><td>329.3</td><td>9.4</td><td>328.3</td><td>10.4</td></tr><tr><td>September</td><td>16.7</td><td>13.9</td><td>2.8</td><td>12.9</td><td>3.8</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">Expenditures Grants to States</th><th rowspan="2">Refund of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Children's Bureau Services for crippled children</th><th>Child welfare service</th><th>Department of Labor 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 9/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>*</td><td>6.2</td><td>326.1</td></tr><tr><td>1947</td><td>757.7</td><td>24.9</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>-</td><td>10.7</td><td>7.5</td><td>2.0</td><td>*</td><td>8.8</td><td>557.3</td></tr><tr><td>1947-January</td><td>68.4</td><td>2.2</td><td>65.2</td><td>46.7</td><td>9.8</td><td>1.5</td><td>5.5</td><td>-</td><td>.8</td><td>.6</td><td>.3</td><td>*</td><td>1.0</td><td>52.2</td></tr><tr><td>February</td><td>80.7</td><td>2.3</td><td>77.6</td><td>52.5</td><td>12.2</td><td>1.5</td><td>9.0</td><td>-</td><td>1.7</td><td>.7</td><td>*</td><td>*</td><td>.8</td><td>-36.9</td></tr><tr><td>March</td><td>24.6</td><td>2.3</td><td>21.6</td><td>13.2</td><td>2.3</td><td>.5</td><td>3.8</td><td>-</td><td>1.0</td><td>.8</td><td>.1</td><td>-</td><td>.7</td><td>10.7</td></tr><tr><td>April</td><td>15.5</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>.1</td><td>-.7</td><td>-</td><td>1.9</td><td>1.6</td><td>.5</td><td>*</td><td>.5</td><td>10.8</td></tr><tr><td>May</td><td>155.7</td><td>1.9</td><td>153.3</td><td>111.6</td><td>26.2</td><td>3.3</td><td>10.3</td><td>-</td><td>1.2</td><td>.8</td><td>-</td><td>*</td><td>.5</td><td>142.6</td></tr><tr><td>June</td><td>44.0</td><td>2.1</td><td>41.3</td><td>30.9</td><td>7.1</td><td>.7</td><td>.5</td><td>-</td><td>1.5</td><td>.6</td><td>*</td><td>*</td><td>.6</td><td>41.5</td></tr><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>*</td><td>-</td><td>.4</td><td>*</td><td>.6</td><td>87.6</td></tr><tr><td>August</td><td>78.9</td><td>1.6</td><td>76.7</td><td>53.6</td><td>12.6</td><td>1.5</td><td>6.0</td><td>-</td><td>1.5</td><td>1.1</td><td>.4</td><td>-</td><td>.6</td><td>68.4</td></tr><tr><td>September</td><td>52.3</td><td>1.5</td><td>49.9</td><td>37.4</td><td>9.9</td><td>1.0</td><td>.4</td><td>-</td><td>.4</td><td>.2</td><td>.5</td><td>-</td><td>1.0</td><td>48.5</td></tr></table>
Daily Treasury Statement. 
* Less than $50,000. 
1/ Formerly Title VIII of the Social Security Act. 
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I). 
1/ 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. 
2/ 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 were safe 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 $41 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: Section I - Budget Receipts and Expenditures
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Taxes on carriers and their employees</th><th>Total</th><th>Expenditures Administrative expenses</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures</th></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>-12.8</td></tr><tr><td>1947</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</td><td>*</td><td>-77.3</td></tr><tr><td>1947-January</td><td>1.5</td><td>44.4</td><td>.4</td><td>44.0</td><td>*</td><td>42.9</td></tr><tr><td>February</td><td>4.9</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-4.8</td></tr><tr><td>March</td><td>76.8</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>-76.6</td></tr><tr><td>April</td><td>2.6</td><td>45.5</td><td>.3</td><td>45.2</td><td>*</td><td>42.9</td></tr><tr><td>May</td><td>12.2</td><td>.2</td><td>.2</td><td>*</td><td>*</td><td>-12.0</td></tr><tr><td>June</td><td>112.0</td><td>1.5</td><td>1.5</td><td>*</td><td>*</td><td>-110.5</td></tr><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><tr><td>August</td><td>13.0</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>-12.7</td></tr><tr><td>September</td><td>116.3</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>-116.0</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000. 1/ Levied under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, under the Carriers Taxing Act of 1937.
2/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Retirement Act.
3/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditure 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-.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>10.1</td><td>.5</td><td>9.7</td><td>10.1</td></tr><tr><td>August</td><td>.2</td><td>.5</td><td>.5</td><td>-</td><td>.3</td></tr><tr><td>September</td><td>2.9</td><td>.5</td><td>.5</td><td>-</td><td>2.5</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment 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.
amounts aggregated $17.7 million and were distributed by calendar years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance).
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
November 1947
13
Social Security Program: 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 rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>1.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>5.6</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-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><tr><td>August</td><td>10,961.2</td><td>10,121.4</td><td>839.8</td><td>1,846.5</td><td>1,608.1</td><td>208.0</td><td>30.4</td><td>9,114.7</td><td>8,700.3</td><td>358.8</td><td>55.6</td></tr><tr><td>September</td><td>10,984.3</td><td>10,135.2</td><td>849.0</td><td>1,889.9</td><td>1,648.0</td><td>209.0</td><td>32.9</td><td>9,094.4</td><td>9,000.3</td><td>27.7</td><td>66.4</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act Amendments of 1939.
3/ Under provisions of the Labor-Federal Security Act, 1947, 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 Account
(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-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><tr><td>August</td><td>2,787.7</td><td>2,701.1</td><td>86.6</td><td>1,312.2</td><td>1,475.5</td><td>1,283.0</td><td>173.6</td><td>18.9</td></tr><tr><td>September</td><td>2,787.8</td><td>2,701.1</td><td>86.7</td><td>1,329.8</td><td>1,458.0</td><td>1,265.0</td><td>173.8</td><td>19.3</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 1/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 1/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account 1/</th></tr><tr><th></th><th></th><th>Deposited by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawals by States</th><th>Benefit payments</th><th></th><th></th><th></th><th></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>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</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>11.4</td><td>1,065.4</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>17.4</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>29.1</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>38.0</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>47.6</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>56.9</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-July</td><td>12,306.7</td><td>10,594.6</td><td>746.4</td><td>107.2</td><td>66.5</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><tr><td>August</td><td>12,551.4</td><td>10,837.7</td><td>748.0</td><td>107.2</td><td>66.5</td><td>4,558.0</td><td>4,331.2</td><td>107.2</td><td>119.6</td><td>7,993.4</td><td>7,964.0</td><td>23.8</td><td>5.6</td></tr><tr><td>September</td><td>12,594.3</td><td>10,850.5</td><td>774.2</td><td>107.2</td><td>66.5</td><td>4,622.4</td><td>4,390.8</td><td>107.2</td><td>124.4</td><td>7,971.9</td><td>7,954.0</td><td>11.0</td><td>6.8</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 accounts 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).
November 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 rowspan="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 2/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>General Fund balance</th><th>Exchange Stabilization Fund 2/</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>3,432</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>-14,945</td><td>49,474</td><td>4,529</td><td>-</td></tr><tr><td>1946</td><td>42,845</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>-19,358</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>-6,304</td><td>-747</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>-518</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>-2,648</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>2,661</td><td>455</td><td>3,116</td><td>3,112</td><td>243</td><td>33</td><td>-37</td><td>3,351</td><td>-33</td><td>-209</td><td>-245</td><td>-</td></tr><tr><td>June</td><td>5,335</td><td>140</td><td>5,495</td><td>4,914</td><td>257</td><td>25</td><td>-3</td><td>5,193</td><td>102</td><td>-959</td><td>-758</td><td>-</td></tr><tr><td>July</td><td>2,350</td><td>215</td><td>2,565</td><td>2,955</td><td>261</td><td>30</td><td>146</td><td>3,392</td><td>-827</td><td>987</td><td>-239</td><td>-</td></tr><tr><td>August</td><td>2,516</td><td>677</td><td>3,193</td><td>2,753</td><td>205</td><td>21</td><td>173</td><td>3,152</td><td>41</td><td>291</td><td>332</td><td>-</td></tr><tr><td>September</td><td>4,508</td><td>203</td><td>4,712</td><td>3,465</td><td>279</td><td>94</td><td>121</td><td>3,959</td><td>753</td><td>-201</td><td>552</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 released August 20, 1947. For details see tables which follow. 1/ The present series of data on Treasury cash income and outgo was first published in the September 1947 issue of the Treasury
Bulldozer. The nature of the changes from the preceding series was explained in an accompanying note. See footnote 2 to Table 5 under "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="6">Less: Noncash budget receipts</th><th rowspan="2">Equals: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Payments to Treasury by Government corporations</th><th>Capital stock and paid-in surplus</th><th>Earnings</th><th>Transfer from increment to gold</th></tr><tr><th></th><th></th><th></th><th>R.F.C.</th><th>All other</th><th></th><th></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>1947-January</td><td>3,820</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>2,665</td><td>4</td><td>*</td><td>1</td><td>-</td><td>3</td><td>-</td><td>2,662</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><tr><td>August</td><td>2,536</td><td>21</td><td>-</td><td>*</td><td>-</td><td>20</td><td>-</td><td>2,516</td></tr><tr><td>September</td><td>4,872</td><td>363</td><td>-</td><td>*</td><td>147</td><td>216</td><td>-</td><td>4,508</td></tr></table>
Sources: 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.
16
Treasury Bulletin
Treasury Cash Income and Outgo
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 expenditure</th><th colspan="4">Interest payments by Treasury</th><th rowspan="2">Trans- fer to trust accounts 1/</th><th rowspan="2">Payroll deduction for Govern- ment em- ployees' retire- ment</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 Gov- ernment corpora- tions (partially owned) 2/</th><th>To trust accounts</th><th>Armed forces leave bonds</th><th>Ad- justed service bonds</th><th>Notes issued to Inter- national National Bank and Fund 5/</th><th>Excess profits tax refund bonds</th><th>Inter- est</th><th>Earn- ings</th><th>Repay- ment of capital stock and paid-in surplus</th><th>Invest- ments in U. S. occu- rities</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>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>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>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>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>1,046</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>108</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>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>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>16</td><td>16</td><td>21</td><td>269</td><td>-1</td><td>1,109</td><td>-2</td><td>9</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>9</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>1</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>1</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>714</td><td>66</td><td>1</td><td>1</td><td>548</td><td>16</td><td>36</td><td>-</td><td>-</td><td>-1</td><td>47</td><td>-</td><td>-</td><td>2</td><td>2,955</td></tr><tr><td>August</td><td>3,060</td><td>307</td><td>46</td><td>1</td><td>1</td><td>273</td><td>20</td><td>44</td><td>-</td><td>-100</td><td>-2</td><td>9</td><td>20</td><td>-</td><td>6</td><td>2,153</td></tr><tr><td>September</td><td>2,932</td><td>-533</td><td>51</td><td>1</td><td>13</td><td>9</td><td>19</td><td>-840</td><td>-</td><td>-</td><td>-2</td><td>9</td><td>216</td><td>-</td><td>1</td><td>3,469</td></tr></table>
Sources: 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/ Accrued discount on savings bonds and bills 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 other in the expenditure series. For detail, see Table 5 under "Budget Receipts and Expenditures". 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 (-). See footnote 2 to Table 5 under "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="8">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 premiums</th><th>Other</th><th>Equals: Cash receipts</th><th>Total expenditures</th><th>Less: Noncash expenditures</th><th>Investments in U. S. securities</th><th>By partially owned Government corporations</th><th>Other</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>4,264</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>4,123</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>6,257</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>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>14</td><td>16</td><td>21</td><td>10</td><td>-</td><td>754</td><td>557</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>40</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>*</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><tr><td>August</td><td>973</td><td>295</td><td>*</td><td>273</td><td>20</td><td>2</td><td>-</td><td>677</td><td>594</td><td>388</td><td>431</td><td>45</td><td>2</td><td>205</td></tr><tr><td>September</td><td>245</td><td>42</td><td>13</td><td>9</td><td>19</td><td>3/</td><td>-</td><td>203</td><td>559</td><td>280</td><td>296</td><td>-89</td><td>72</td><td>279</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. Less than $500,000.
1/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
2/ Principally not redemption or issuance (-) of obligations of Government corporations in the market.
3/ Information not available after August 1947.
November 1947
17
Treasury Cash Income and Outgo
Table 5.- Comparison of Change in U. S. Securities Outstanding with Cash Borrowing or Repayment of Borrowing
(In millions of dollars)
<table><tr><th> Fiscal year or month</th><th colspan="2">Increase or decrease (-) in U. S. securities outstanding</th><th colspan="8">Less: Noncash debt transactions</th><th></th><th></th></tr><tr><th></th><th>Public debt</th><th>Guaranteed obligations</th><th>Total U. S. securities</th><th>By trust account</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 of profit tax refund bonds</th><th>Interest on savings bonds and Treasury bills 1/</th><th>Net transactions in guaranteed obligations not reflected in Treasurer's accounts</th><th>Plan: Cash issuance of non-guaranteed obligations of Federal agencies</th><th>Equals: Cash borrowing or repayment of borrowing (-)/</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>-271</td><td>49,474</td></tr><tr><td>1946</td><td>10,780</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>3,362</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>-19,368</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>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>1,042</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>-838</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>042</td><td>-1</td><td>041</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>-58</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><tr><td>August</td><td>049</td><td>-1</td><td>048</td><td>356</td><td>431</td><td>-39</td><td>41</td><td>*</td><td>-121</td><td>-2</td><td>46</td><td>-</td><td>-2</td><td>291</td></tr><tr><td>September</td><td>-953</td><td>-3</td><td>-956</td><td>-678</td><td>296</td><td>-88</td><td>-840</td><td>*</td><td>-94</td><td>-2</td><td>51</td><td>-</td><td>77</td><td>-201</td></tr></table>
Sources
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.
2/
Expenditures for U. S. subscriptions to the capital of the International Monetary Fund and the International Bank for Reconstruction and Development require special explanation. United States payments to the Fund in fiscal 1947 for example coincided of $1,800 million paid from the Exchange Stabilisation 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 expenditures, $968 million came from the initial Exchange Stabilisation
Fund payment and the remaining $58 million represented redemption later in the fiscal year of notes assumed to have been acquired through the Stabilisation Fund payment. Accordingly, the noncash payments to the Fund are made up of $774 million from the Exchange Stabilisation Fund payment and $950 million from the budget payment. In the case of the International Bank, a total of $176 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 those notes will be redeemed in the fiscal year 1948, thereby increasing cash expendi-
3
Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
14/
Includee borrowing through Postal Savings System.
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>9,371</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>878</td><td>1,036</td><td>2,602</td><td>752</td><td>1,114</td><td>2,786</td><td></td><td>15,291</td></tr><tr><td>1942</td><td>902</td><td>1,482</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>5,569</td><td>2,220</td><td>2,712</td><td>5,859</td><td>37,991</td><td>25,245</td></tr><tr><td>1943</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,335</td><td>3,663</td><td>6,360</td><td>2,358</td><td>3,289</td><td>6,074</td><td>2,281</td><td>2,941</td><td>5,580</td><td>48,604</td><td>47,384</td></tr><tr><td>1944</td><td>3,776</td><td>4,375</td><td>7,144</td><td>3,198</td><td>3,883</td><td>6,132</td><td>2,987</td><td>3,688</td><td>5,553</td><td>2,881</td><td>3,062</td><td>4,371</td><td>51,050</td><td>51,041</td></tr><tr><td>1945</td><td>3,969</td><td>4,255</td><td>5,929</td><td>2,912</td><td>3,470</td><td>4,716</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>45,198</td><td>47,793</td></tr><tr><td>1947</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>3,193</td><td>4,712</td><td></td><td></td><td></td><td></td><td>46,643</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>14,060</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,052</td><td>5,512</td><td>5,970</td><td>6,185</td><td>5,928</td><td>6,975</td><td></td><td>34,585</td></tr><tr><td>1942</td><td>6,503</td><td>6,402</td><td>7,624</td><td>7,438</td><td>7,397</td><td>7,990</td><td>7,023</td><td>7,747</td><td>7,700</td><td>7,632</td><td>7,773</td><td>7,830</td><td>89,059</td><td>78,979</td></tr><tr><td>1943</td><td>7,544</td><td>8,017</td><td>8,568</td><td>7,693</td><td>8,048</td><td>8,506</td><td>7,290</td><td>8,197</td><td>7,745</td><td>7,955</td><td>7,437</td><td>8,220</td><td>95,220</td><td>94,079</td></tr><tr><td>1944</td><td>7,781</td><td>7,218</td><td>8,929</td><td>7,799</td><td>8,469</td><td>8,945</td><td>7,973</td><td>7,829</td><td>6,503</td><td>5,985</td><td>4,786</td><td>5,267</td><td>87,584</td><td>95,986</td></tr><tr><td>1945</td><td>5,605</td><td>3,887</td><td>4,156</td><td>4,146</td><td>4,358</td><td>5,095</td><td>3,111</td><td>2,954</td><td>3,041</td><td>2,953</td><td>2,325</td><td>3,629</td><td>45,262</td><td>65,692</td></tr><tr><td>1947</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>3,152</td><td>3,959</td><td></td><td></td><td></td><td></td><td>33,985</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>-4,689</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,174</td><td>-4,476</td><td>-3,368</td><td>-5,433</td><td>-4,814</td><td>-4,189</td><td></td><td>-19,294</td></tr><tr><td>1942</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,358</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1943</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,640</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1944</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,601</td><td>-4,585</td><td>-2,813</td><td>-4,985</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-44,945</td></tr><tr><td>1945</td><td>-1,635</td><td>368</td><td>1,773</td><td>-1,234</td><td>-838</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,839</td></tr><tr><td>1947</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>41</td><td>753</td><td></td><td></td><td></td><td></td><td>6,658</td></tr></table>
2
Data not filled in are in process of preparation.
Fiscal year ending June 30 of year indicated.
18
Treasury Bulletin
GENERAL FUND POSITION AND DEBT OUTSTANDING
November 1947
19
General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of sales of Government securities</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in the General Fund</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>147</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>2,736</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>3,363</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>1,801</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><tr><td>August</td><td>3,705</td><td>1,261</td><td>822</td><td>1,362</td><td>259</td><td>304</td><td>3,400</td></tr><tr><td>September</td><td>4,331</td><td>1,249</td><td>1,197</td><td>1,618</td><td>267</td><td>378</td><td>3,952</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>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>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 4/</th><th>Sales and re-demptions 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 1/</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 1/</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>443 r</td><td>37</td><td>-</td><td>49</td><td>68 r</td><td>288</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>-6,160</td><td>5,994</td><td>908</td><td>37</td><td>-</td><td>20</td><td>-2</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>464</td><td>1,642</td><td>317</td><td>473</td><td>-</td><td>-</td><td>-146</td><td>-113</td><td>102</td></tr><tr><td>March</td><td>-224</td><td>2,102</td><td>-2,294</td><td>-33</td><td>-136</td><td>-</td><td>-</td><td>71</td><td>-8</td><td>39</td></tr><tr><td>April</td><td>-2,598</td><td>-1,445</td><td>-1,423</td><td>269</td><td>108</td><td>-</td><td>-</td><td>101</td><td>-7</td><td>67</td></tr><tr><td>May</td><td>-245</td><td>-987</td><td>642</td><td>99</td><td>105</td><td>-</td><td>-</td><td>-19</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><tr><td>August</td><td>332</td><td>-524</td><td>649</td><td>206</td><td>339</td><td>-</td><td>-</td><td>43</td><td>-3</td><td>-173</td></tr><tr><td>September</td><td>552</td><td>1,940</td><td>-953</td><td>-435</td><td>-248</td><td>-</td><td>-</td><td>-140</td><td>74</td><td>-121</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.
Revised.
Less than $500,000.
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.)
1/ Charges for retirement of national bank notes are reflected in this statement directly against increase on gold, in the years during which the retirements were actually made. (See footnote 7.)
4/ Comprises Public Works Administration revolving fund, special 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 in the column "Trust accounts".
5/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
6/ Represents outstanding checks, see Note.
1/ Expenditures for the retirement of national bank notes from increase on gold for the fiscal years 1938 and 1939 (as shown below) are not reflected herein, but are reflected under increase 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="5">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Budget deficit 1/</th><th>Net decrease in public debt</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Budget surplus 1/</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts. 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>-</td><td>140</td><td>338</td><td>96</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>-</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>-</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>-</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>355</td><td>1,613</td><td>23,461</td><td>-</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>-</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>-</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>-</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>-</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>1947</td><td>11,684</td><td>-</td><td>11,136</td><td>-</td><td>548</td><td>11,684</td><td>754</td><td>-</td><td>10,930</td><td>-</td></tr><tr><td>1947-January</td><td>1,334</td><td>-</td><td>-</td><td>1,210</td><td>125</td><td>1,334</td><td>706</td><td>628</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,422</td><td>-</td><td>-</td><td>2,422</td><td>-</td><td>2,422</td><td>464</td><td>1,642</td><td>-</td><td>317</td></tr><tr><td>March</td><td>2,327</td><td>-</td><td>2,294</td><td>-</td><td>33</td><td>2,327</td><td>2,102</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>-</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>-</td><td>642</td><td>245</td><td>99</td></tr><tr><td>June</td><td>758</td><td>67</td><td>57</td><td>-</td><td>634</td><td>758</td><td>-</td><td>-</td><td>758</td><td>-</td></tr><tr><td>July</td><td>1,401</td><td>1,572</td><td>-</td><td>-</td><td>129</td><td>1,401</td><td>-</td><td>1,161</td><td>239</td><td>-</td></tr><tr><td>August</td><td>855</td><td>524</td><td>-</td><td>332</td><td>-</td><td>855</td><td>-</td><td>649</td><td>-</td><td>206</td></tr><tr><td>September</td><td>1,940</td><td>-</td><td>973</td><td>552</td><td>435</td><td>1,940</td><td>1,940</td><td>-</td><td>-</td><td>-</td></tr></table>
Sources
Daily Treasury Statement. 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). Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, increment on gold seigniorage on silver, miscellaneous funds and accounts, and currently a clearing account for outstandinq checks, and tele- graphic reports from Federal Reserve Banks.
November 194
21
Statutory Limitation on the Public Debt and Guaranteed Obligations
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not ex-
oed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Status Under Limitation, September 30, 1947
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>258,275</td></tr><tr><td>Guaranteed securities 1/</td><td>76</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>258,351</td></tr><tr><td>Balance issuable under such authority.</td><td>16,649</td></tr></table>
Source: Public Debt Service. 1/ Excludes guaranteed securities held by the Treasury.
Table 2.- Application of Statutory Debt Limitation to Public Debt and Guaranteed Obligations Outstanding, September 30, 1947
(In millions of dollars)
<table><tr><th></th><th>Public debt and guaranteed obligations outstanding</th><th></th><th></th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td>Public debt and guaranteed obligations outstanding:</td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,725</td><td>-</td><td>15,725</td></tr><tr><td>Certificates of indebtedness</td><td>24,894</td><td>-</td><td>24,894</td></tr><tr><td>Treasury notes</td><td>7,840</td><td>-</td><td>7,840</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>-</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>165</td><td>165</td></tr><tr><td>Total marketable issues</td><td>167,781</td><td>165</td><td>167,946</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>51,759</td><td>-</td><td>51,759</td></tr><tr><td>Treasury savings notes</td><td>5,531</td><td>-</td><td>5,531</td></tr><tr><td>Depository bonds</td><td>326</td><td>-</td><td>326</td></tr><tr><td>Armed forces leave bonds</td><td>1,025</td><td>-</td><td>1,025</td></tr><tr><td>Total non-marketable issues</td><td>58,640</td><td>-</td><td>58,640</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>29,520</td><td>-</td><td>29,520</td></tr><tr><td>Total interest-bearing securities</td><td>255,942</td><td>165</td><td>256,107</td></tr><tr><td>Matured securities on which interest has ceased</td><td>248</td><td>5</td><td>253</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>65</td><td>-</td><td>65</td></tr><tr><td>Excess profit tax refund bonds</td><td>14</td><td>-</td><td>14</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>1,579</td><td>-</td><td>1,579</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>316</td><td>-</td><td>316</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>503</td><td>503</td></tr><tr><td>Other obligations bearing no interest</td><td>112 2/</td><td>6</td><td>118</td></tr><tr><td>Total obligations bearing no interest</td><td>2,085</td><td>700</td><td>2,785</td></tr><tr><td>Total public debt</td><td>258,275</td><td>870</td><td>259,145</td></tr><tr><td>Guaranteed securities 2/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Matured debt</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>76</td><td>-</td><td>76</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>258,351</td><td>870</td><td>259,221</td></tr></table>
Sources: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnotes to tables on "Public Debt and Guaranteed Obligations of the United States Government Outstanding."
2/ Consists of prepayments on Treasury bonds, investment series, dated October 1, 1947.
3/ Excludes guaranteed securities held by the Treasury.
22
Treasury Bulletin
Public Debt and Guaranteed Obligations 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="5">Matured, and bearing no interest</th><th rowspan="2">Guaranteed obligations 1/ (matured)</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 colspan="3">Public debt</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</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>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>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>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>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>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>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>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>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>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>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>172</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>259,446</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><tr><td>Aug..</td><td>260,176</td><td>260,097</td><td>79</td><td>257,183</td><td>257,110</td><td>73</td><td>2,993</td><td>2,987</td><td>211</td><td>316</td><td>1,673</td><td>787</td><td>6</td></tr><tr><td>Sept..</td><td>259,221</td><td>259,145</td><td>76</td><td>256,177</td><td>256,107</td><td>70</td><td>3,044</td><td>3,038</td><td>253</td><td>316</td><td>1,579</td><td>890</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 rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="7">Public issues</th><th colspan="5">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</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></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>-</td><td>319</td><td>2,676</td></tr><tr><td>1939</td><td>39,686</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>1,668</td><td>-</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>-</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>-</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><th colspan="2">Peak of debt (Feb. 28, 1946)</th><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>25,236</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><tr><td>Aug.</td><td>257,110</td><td>227,890</td><td>168,390</td><td>15,735</td><td>25,025</td><td>8,142</td><td>69,686</td><td>49,636</td><td>165</td><td>59,499</td><td>51,604</td><td>5,642</td><td>1,865</td><td>328</td><td>29,220</td></tr><tr><td>Sept.</td><td>256,107</td><td>226,587</td><td>167,946</td><td>15,725</td><td>24,894</td><td>7,840</td><td>69,686</td><td>49,636</td><td>165</td><td>58,640</td><td>51,759</td><td>5,531</td><td>1,025</td><td>326</td><td>29,520</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
November 1947
23
Public Debt and Guaranteed Obligations of the United States Government Outstanding
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">Nonmarketable</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>Public Housing Administration</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation</th><th>Reconstruction Finance Corporation</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>1,953</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><tr><td>August</td><td>73</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>39</td><td>39</td><td>-</td></tr><tr><td>September</td><td>70</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</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 employee retirement funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Adjusted Service Certificate Fund</th><th>Mutual Mortgage Insurance and Veterans Housing Insurance Funds</th></tr><tr><td>1938</td><td>2,676</td><td>5</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>4,765</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>1,858</td><td>3,187</td><td>460</td><td>501</td><td>6,787</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>6,859</td><td>12</td><td>18</td></tr><tr><td>February</td><td>24,938</td><td>245</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><tr><td>August</td><td>29,220</td><td>602</td><td>7,062</td><td>64</td><td>1,254</td><td>2,706</td><td>6,560</td><td>2,406</td><td>1,283</td><td>7,254</td><td>6</td><td>22</td></tr><tr><td>September</td><td>29,520</td><td>605</td><td>7,362</td><td>65</td><td>1,253</td><td>2,707</td><td>6,585</td><td>2,406</td><td>1,265</td><td>7,244</td><td>6</td><td>22</td></tr></table>
Source: Daily Treasury Statement. 
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/ Includes $112 million of prepayments on Treasury bonds, investment series, dated Oct. 1, 1947.
4/ 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-
5/ Consists of adjusted service bonds (until they matured on June 15, 1945) and depository bonds.
6/ Name changed from Federal Public Housing Authority (originally U. S. Housing Authority) pursuant to Reorganisation Plan No. 3 of 1947.
7/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
8/ Consists of Reconstruction Finance Corporation notes, Series L-A, L-B, and L-C, which were held by United States Government corporations and credit agencies.
9/ 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>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,958</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>2.052</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>2.039</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><tr><td>August</td><td>257,183</td><td>5,464</td><td>2.125</td><td>257,110</td><td>5,463</td><td>2.125</td><td>73</td><td>1</td><td>1.776</td></tr><tr><td>September</td><td>256,177</td><td>5,449</td><td>2.127</td><td>256,107</td><td>5,448</td><td>2.128</td><td>70</td><td>1</td><td>1.814</td></tr></table>
Source: 1/ Daily Treasury Statement. Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-B are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Obligations of Government Corporations and Other Agencies Held by the Treasury 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Farmers' Home Administration</th><th>Federal Farm Mortgage Corporation</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration 2/</th><th>Reconstruction Finance Corporation</th><th>Rural Electrification Administration</th><th>Tennessee Valley Authority</th></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>4</td><td>864</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>243</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>7</td><td>-</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>180</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85</td><td>20</td><td>-</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>-</td><td>-</td><td>263</td><td>551</td><td>274</td><td>2,534</td><td>-</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>-</td><td>-</td><td>212</td><td>283</td><td>5,033</td><td>-</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>-</td><td>-</td><td>366</td><td>580</td><td>398</td><td>8,416</td><td>-</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>-</td><td>-</td><td>108</td><td>1,010</td><td>383</td><td>9,020</td><td>-</td><td>57</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>13</td><td>737</td><td>360</td><td>9,205</td><td>-</td><td>57</td></tr><tr><td>1947</td><td>11,946</td><td>510</td><td>516</td><td>-</td><td>21</td><td>529</td><td>347</td><td>9,966</td><td>-</td><td>56</td></tr><tr><td>1947-January</td><td>10,828</td><td>820</td><td>97</td><td>-</td><td>-</td><td>607</td><td>360</td><td>8,887</td><td>-</td><td>56</td></tr><tr><td>February</td><td>10,891</td><td>856</td><td>179</td><td>-</td><td>-</td><td>590</td><td>360</td><td>8,839</td><td>-</td><td>56</td></tr><tr><td>March</td><td>10,985</td><td>830</td><td>272</td><td>-</td><td>-</td><td>574</td><td>350</td><td>8,902</td><td>-</td><td>56</td></tr><tr><td>April</td><td>10,946</td><td>865</td><td>346</td><td>-</td><td>-</td><td>559</td><td>350</td><td>8,769</td><td>-</td><td>56</td></tr><tr><td>May</td><td>10,473</td><td>284</td><td>429</td><td>-</td><td>-</td><td>546</td><td>350</td><td>8,807</td><td>-</td><td>56</td></tr><tr><td>June</td><td>11,946</td><td>510</td><td>516</td><td>-</td><td>21</td><td>529</td><td>347</td><td>9,966</td><td>-</td><td>56</td></tr><tr><td>July</td><td>11,948</td><td>537</td><td>516</td><td>-</td><td>19</td><td>514</td><td>347</td><td>9,958</td><td>-</td><td>56</td></tr><tr><td>August</td><td>11,917</td><td>641</td><td>516</td><td>53</td><td>16</td><td>499</td><td>347</td><td>9,277</td><td>511</td><td>56</td></tr><tr><td>September</td><td>11,823 1/</td><td>487</td><td>540</td><td>53</td><td>12</td><td>486</td><td>347</td><td>9,296</td><td>546</td><td>56</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ The obligations shown in this table were issued to the Treasury to finance Government corporations and certain other business-type 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
2/ Name changed from Federal Public Housing Authority (originally U. S. Housing Authority) pursuant to Reorganization Plan No. 3 of 1947.
3/ Total includes obligations of the Virgin Islands Company in the amount of less than $500,000.
November 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 (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjustment for service bonds</th><th>Armed forces leave bonds</th><th>International Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profit tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>45,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>1,847</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</td></tr><tr><td>1947-Jan.</td><td>259,776</td><td>628</td><td>11,486</td><td>7,817</td><td>-</td><td>278</td><td>159</td><td>1,782</td><td>-</td><td>3,134</td><td>257</td><td>10,859</td><td>7,659</td><td>-</td><td>3,134</td><td>65</td></tr><tr><td>Feb.</td><td>261,418</td><td>1,642</td><td>12,536</td><td>6,201</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td><td>3,947</td><td>178</td><td>10,894</td><td>6,930</td><td>-</td><td>3,947</td><td>18</td></tr><tr><td>Mar.</td><td>259,124</td><td>-2,294</td><td>8,936</td><td>6,196</td><td>-</td><td>303</td><td>-</td><td>-</td><td>-</td><td>2,142</td><td>295</td><td>11,231</td><td>9,038</td><td>-</td><td>2,142</td><td>50</td></tr><tr><td>Apr.</td><td>257,701</td><td>-1,423</td><td>7,373</td><td>5,627</td><td>-</td><td>267</td><td>-</td><td>-</td><td>-</td><td>1,321</td><td>157</td><td>8,795</td><td>7,414</td><td>-</td><td>1,321</td><td>60</td></tr><tr><td>May.</td><td>258,343</td><td>642</td><td>7,819</td><td>3,102</td><td>-</td><td>91</td><td>159</td><td>-</td><td>-</td><td>3,533</td><td>934</td><td>7,177</td><td>3,616</td><td>-</td><td>3,533</td><td>28</td></tr><tr><td>June.</td><td>258,286</td><td>-57</td><td>24,046</td><td>3,222</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>4,705</td><td>16,084</td><td>24,103</td><td>4,994</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>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><tr><td>Aug.</td><td>260,097</td><td>649</td><td>7,381</td><td>1,526</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>5,080</td><td>731</td><td>6,732</td><td>1,524</td><td>-</td><td>5,080</td><td>27</td></tr><tr><td>Sept.</td><td>259,145</td><td>-953</td><td>12,605</td><td>1,847</td><td>-</td><td>49</td><td>-</td><td>-</td><td>-</td><td>10,273</td><td>436</td><td>13,557</td><td>3,148</td><td>-</td><td>10,273</td><td>135</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $500,000. 
1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,353</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.5</td><td>9.4</td><td>11.5</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.5</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>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.5</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>1947</td><td>255,113</td><td>119,489</td><td>53,485</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.5</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>6.2</td><td>10.7</td></tr><tr><td>1947-January</td><td>258,378</td><td>119,489</td><td>51,567</td><td>10,090</td><td>5,590</td><td>29,791</td><td>17,074</td><td>24,777</td><td>100.0</td><td>46.3</td><td>19.9</td><td>3.9</td><td>2.2</td><td>11.5</td><td>6.6</td><td>9.6</td></tr><tr><td>February</td><td>258,113</td><td>119,489</td><td>52,195</td><td>10,090</td><td>5,570</td><td>28,784</td><td>17,048</td><td>24,938</td><td>100.0</td><td>46.3</td><td>20.2</td><td>3.9</td><td>2.2</td><td>11.1</td><td>6.6</td><td>9.7</td></tr><tr><td>March</td><td>255,800</td><td>119,489</td><td>52,713</td><td>8,142</td><td>5,443</td><td>27,792</td><td>17,038</td><td>25,183</td><td>100.0</td><td>46.7</td><td>20.6</td><td>3.2</td><td>2.1</td><td>10.9</td><td>6.7</td><td>9.3</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>46.5</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><tr><td>August</td><td>257,110</td><td>119,488</td><td>53,857</td><td>8,142</td><td>5,642</td><td>25,025</td><td>15,735</td><td>29,220</td><td>100.0</td><td>46.5</td><td>20.9</td><td>3.2</td><td>2.2</td><td>9.7</td><td>6.1</td><td>11.4</td></tr><tr><td>September</td><td>256,107</td><td>119,488</td><td>53,109</td><td>7,840</td><td>5,531</td><td>24,894</td><td>15,725</td><td>29,520</td><td>100.0</td><td>46.7</td><td>20.7</td><td>3.1</td><td>2.2</td><td>9.7</td><td>6.1</td><td>11.5</td></tr></table>
Source: Daily Treasury Statement.
26
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of September 30, 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 re-stricted issues become bank eligible 3/</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 re-stricted issues become bank eligible 3/</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>1951</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct....</td><td>7/8% Bills...... 7/8% Certificate - 10/1/47 4-1/4% Bond - 10/15/47-52....</td><td>5,908 1,440 759</td><td></td><td></td><td>Mar....</td><td>2-3/4% Bond - 3/15/48-51....</td><td></td><td></td><td>1,223</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June..</td><td>2% Bond - 6/15/49-51 2-3/4% Bond - 6/15/51-54....</td><td></td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>Nov....</td><td>7/8% Bills...... 7/8% Certificate - 11/1/47....</td><td>4,807 1,775</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></td><td>7,986 755</td><td>1,292</td><td></td><td></td></tr><tr><td>Dec....</td><td>7/8% Bills...... 7/8% Certificate - 12/1/47 2% Bond - 12/15/47....</td><td>5,010 3,281 701</td><td></td><td></td><td>Dec....</td><td>2% Bond - 12/15/49-51 2-1/4% Bond - 12/15/51-53 2% Bond - 12/15/51-55....</td><td></td><td>1,118 510</td><td>2,098</td><td></td><td></td></tr><tr><td></td><td>Total............</td><td>23,681</td><td></td><td></td><td>Total............</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></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>Mar....</td><td>2% Bond - 3/15/50-52 2-1/4% Bond - 3/15/52-54....</td><td></td><td>1,024</td><td>1,963</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>June..</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55....</td><td></td><td>5,825 1,501</td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>7/8% Certificate - 3/1/48 2% 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>Sept...</td><td>2-1/4% Bond - 9/15/50-52 2% Bond - 9/15/50-52....</td><td></td><td>1,186 4,939</td><td></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>Dec....</td><td>3-1/8% Bond - 12/15/49-52 2% Bond - 12/15/52-54....</td><td></td><td>8,662</td><td>491</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>Total............</td><td></td><td></td><td>17,012</td><td>8,579</td><td></td><td></td></tr><tr><td>July..</td><td>7/8% Certificate - 7/1/48-I 7/8% Certificate - 7/1/48-II 7/8% Certificate - 7/1/48-II....</td><td>2,742 1,127 2,209</td><td></td><td></td><td>1953</td><td></td><td></td><td></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>June..</td><td>2% Bond - 6/15/53-55....</td><td></td><td>725</td><td></td><td></td><td></td></tr><tr><td>Oct....</td><td>1% Note - 10/1/48....</td><td>4,092</td><td></td><td></td><td>Sept...</td><td>2% Bond - 9/15/51-53....</td><td></td><td>7,986</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>Dec....</td><td>2-1/2% Bond - 12/15/49-53 2-1/4% Bond - 12/15/51-53....</td><td></td><td>1,786 1,118</td><td></td><td></td><td></td></tr><tr><td></td><td>Total............</td><td>29,751</td><td>2,910</td><td></td><td>Total............</td><td></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>1954</td><td></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>Mar....</td><td>2-1/2% Bond - 3/15/52-54....</td><td></td><td>1,024</td><td>1,204</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><
(Continued on following page)
November 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
issued by the United States
As of September 30, 1947 - (Continued)
(In millions of dollars)
27
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become bank eligible 1/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become bank eligible 1/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of First call</th><th>Final maturity</th><th></th><th></th><th></th><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. 2-1/4% Bond - 3/15/56-58</td><td>1,449</td><td></td><td></td><td>1964</td><td>June. 2-1/4% Bond - 6/15/64-69</td><td>3,761</td><td></td><td></td><td>4/15/53</td></tr><tr><td></td><td>June. 2-1/4% Bond - 6/15/54-56</td><td>681</td><td></td><td></td><td></td><td>Dec. 2-1/4% Bond - 12/15/64-69</td><td>3,838</td><td></td><td></td><td>9/15/53</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>982</td><td></td><td></td><td></td><td></td><td>Total</td><td>7,600</td><td></td><td></td><td></td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td>3,623</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,253</td><td>681</td><td></td><td>1965</td><td>Mar. 2-1/4% Bond - 3/15/65-70</td><td>5,197</td><td></td><td></td><td>2/1/54</td></tr><tr><td>1958</td><td>June. 2-3/4% Bond - 6/15/58-63</td><td>919</td><td></td><td></td><td></td><td>Dec. 2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td><td></td></tr><tr><td>Mar. 2-1/4% Bond - 3/15/56-58</td><td>1,449</td><td></td><td></td><td></td><td></td><td>Total</td><td>5,197</td><td>1,485</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>919</td><td>1,449</td><td></td><td>1966</td><td>Mar. 2-1/4% Bond - 3/15/66-71</td><td>3,481</td><td></td><td></td><td>12/1/54</td></tr><tr><td>1959</td><td>June. 2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td></td><td>1967</td><td>June. 2-1/4% Bond - 6/15/62-67</td><td></td><td>2,118</td><td></td><td>5/5/52</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>982</td><td></td><td></td><td></td><td></td><td>2-1/4% Bond - 6/15/67-72</td><td>7,967</td><td></td><td></td><td>6/15/62</td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td>3,623</td><td></td><td></td><td></td><td>Sept. 2-1/4% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td></td><td>12/15/52</td><td>Dec. 2-1/4% Bond - 12/15/67-78</td><td>11,689</td><td></td><td></td><td>12/15/62</td></tr><tr><td>Total</td><td></td><td>8,754</td><td>4,804</td><td></td><td></td><td>Total</td><td>22,372</td><td>2,118</td><td></td><td></td></tr><tr><td>1960</td><td>Mar. 2-7/8% Bond - 3/15/55-60</td><td>2,611</td><td></td><td></td><td>1968</td><td>Dec. 2-1/4% Bond - 12/15/63-68</td><td></td><td>2,831</td><td></td><td>12/1/52</td></tr><tr><td>Dec. 2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td><td></td><td>1969</td><td>June. 2-1/4% Bond - 6/15/64-69</td><td></td><td>3,761</td><td></td><td>4/15/53</td></tr><tr><td>Total</td><td></td><td>1,485</td><td>2,611</td><td></td><td></td><td>Dec. 2-1/4% Bond - 12/15/64-69</td><td>3,838</td><td></td><td></td><td>9/15/53</td></tr><tr><td>1961</td><td>June. 25 Panama Canal bond - 6/1/61</td><td>50</td><td></td><td></td><td>Total</td><td>7,600</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>5,284</td><td></td><td>6/15/52</td><td>1970</td><td>Mar. 2-1/4% Bond - 3/15/65-70</td><td></td><td>5,197</td><td></td><td>2/1/54</td></tr><tr><td>2-1/4% Bond - 6/15/62-67</td><td>2,118</td><td></td><td></td><td>5/5/52</td><td>1971</td><td>Mar. 2-1/4% Bond - 3/15/66-71</td><td>3,481</td><td></td><td></td><td>12/1/54</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td></td><td>12/15/52</td><td>1972</td><td>June. 2-1/4% Bond - 6/15/67-72</td><td></td><td>7,967</td><td></td><td>6/15/62</td></tr><tr><td>Total</td><td></td><td>2,118</td><td>8,754</td><td></td><td>Sept. 2-1/4% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td>June. 2-3/4% Bond - 6/15/58-63</td><td></td><td>919</td><td></td><td>Dec. 2-1/4% Bond - 12/15/67-72</td><td>11,689</td><td></td><td>12/15/62</td><td></td><td></td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/63-68</td><td>2,831</td><td></td><td></td><td>12/1/52</td><td>Total</td><td>22,372</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,831</td><td>919</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Includes (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.
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 footnotes to tables on "Public Debt and Guaranteed Obligations of the United States Government Outstanding".
2g
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)</th><th colspan="2">Amount of subscription tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash $</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/ 2-1/2% 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 a (21 yr,3 m) 10 yr 2 yr,9 a 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 2-1/2% Bond - 3/15/66-71 4/2% Bond -12/15/52-54 1-1/4% Note - 9/15/47 5/</td><td>1 yr,1 a 26 yr,3 a 6/ (21 yr,3 m) 10 yr 5/ (8 yr) 2 yr,9 a 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/ 2-1/2% Bond - 6/15/67-72 4/ 2-1/4% Bond - 6/15/59-62 1-1/2% Bond -12/15/50 7/8% Certificate - 6/1/46</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 a 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</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 a</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>100</td></tr><tr><td>10/29/45</td><td>11/15/45 11/15/45 12/3/45</td><td>Viatory Loan securities: 3/ 2-1/2% Bond -12/15/67-72 4/ 2-1/4% Bond -12/15/59-62 7/8% Certificate - 12/1/46</td><td>27 yr,1 a (22 yr,1 m) 17 yr,1 a (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-P</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-O</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-B</td><td>10 a</td><td>-</td><td>2,209</td><td>-</td><td>2,209</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 1/2 a</td><td>-</td><td>4,092</td><td>-</td><td>4,092</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>1% Certificate - 10/1/48-J</td><td>1 yr</td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>1% Certificate - 10/1/48-K</td><td>11 m</td><td>-</td><td>1,467 p</td><td>-</td><td>1,467 p</td><td>100</td></tr></table>
Source: Bureau of the Public Debt. p Preliminary. 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds. 3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued
concurrently with Drive to commercial banks and Treasury investment accounts.
4/ Bank restricted issue. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue.
5/ This is the same security that was offered in the Sixth War Loan.
6/ Exchanged as of December 15, 1944, and accrued interest charge from December 1 to December 15.
November 1947
29
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificate 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 offers by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>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.... 1-1/2% HOLL bond - 6/1/45-47.</td><td>6/26/44 6/1/39</td><td>4,770 755</td><td>-</td><td>4,770 155</td><td>4,187 723</td><td>583 32</td><td>88 96</td><td>7/8% 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.... 2-3/4% Treas. bond - 9/15/45-47.</td><td>9/1/44 9/16/35</td><td>3,694 1,214</td><td>-</td><td>3,694 1,214</td><td>3,429 907</td><td>265 307</td><td>93 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.... 3/4% Treas. note - 12/15/45.... 2-1/2% Treas. bond - 12/15/45....</td><td>12/1/44 12/18/40 12/15/37</td><td>4,395 531 541</td><td>-</td><td>4,395 531 541</td><td>2,932 438 408</td><td>1,463 93 133</td><td>67 82 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% Convertible 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. 1% Treas. note - 3/15/46....</td><td>3/15/26 11/1/41</td><td>489 1,291</td><td>489 1,291</td><td>-</td><td>-</td><td>-</td><td>-</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 - 6/15/46-48. 3-1/8% Treas. bond - 6/15/46-49.</td><td>6/15/34 6/15/31</td><td>1,036 819</td><td>1,036 819</td><td>-</td><td>-</td><td>-</td><td>-</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% Convertible bond - 1/1/47.... 7/8% Certificate - 1/1/47....</td><td>1/1/17 1/1/46</td><td>13 3,330</td><td>13 -</td><td>3,330 -</td><td>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>5/1/47</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>2,209</td><td>132</td><td>94</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.... 1-1/4% Treas. note - 9/15/47....</td><td>7/12/43 12/1/44</td><td>2,707 1,687</td><td>-</td><td>2,707 1,687</td><td>2,580 1,512</td><td>128 175</td><td>95 90</td><td>1% Treas. note - 10/1/48</td></tr><tr><td>10/1/47</td><td>7/8% Certificate - 10/1/47....</td><td>10/1/46</td><td>1,440</td><td>-</td><td>1,440</td><td>1,354</td><td>86</td><td>94</td><td>1% Certificate - 10/1/48</td></tr><tr><td>10/15/47</td><td>4-1/4% Treas. bond - 10/15/47....</td><td>10/16/22</td><td>759</td><td>759</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>11/1/47</td><td>7/8% Certificate - 11/1/47....</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,467p</td><td>308p</td><td>83p</td><td>1% Certificate - 10/1/48</td></tr></table>
Source: Bureau of the Public Debt.
p. Preliminary.
1/ Original call and maturity dates are used.
2/ Prior to the refunding operation of March 1, 1946, saturine issues were either paid off in full or the holders were given the privilege
of 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
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
Offerings and Maturities of Treasury Bills
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="7">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount of bids accepted Amount on competitive basis</th><th>Amount on fixed-price basis 1/1</th><th>in exchange</th></tr><tr><td>1947-Apr. 3....</td><td>1947-July 3....</td><td>91</td><td>1,721.8</td><td>1,303.2</td><td>1,288.0</td><td>15.3</td><td>-</td><td>1,311.3</td><td>17,030.4</td></tr><tr><td>Apr. 10....</td><td>July 10....</td><td>91</td><td>1,641.3</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>1,082.3</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>1,309.8</td><td>16,200.1</td></tr><tr><td>May 15....</td><td>Aug. 14....</td><td>91</td><td>1,761.3</td><td>1,202.5</td><td>1,185.8</td><td>16.7</td><td>706.4</td><td>1,302.0</td><td>16,100.6</td></tr><tr><td>May 22....</td><td>Aug. 21....</td><td>91</td><td>1,746.3</td><td>1,203.5</td><td>1,184.5</td><td>19.0</td><td>720.9</td><td>1,312.0</td><td>15,992.0</td></tr><tr><td>May 29....</td><td>Aug. 28....</td><td>91</td><td>1,807.3</td><td>1,311.5</td><td>1,297.6</td><td>13.9</td><td>830.8</td><td>1,301.6</td><td>16,001.8</td></tr><tr><td>June 5....</td><td>Sept. 4....</td><td>91</td><td>1,879.9</td><td>1,307.4</td><td>1,293.0</td><td>14.4</td><td>799.4</td><td>1,315.5</td><td>15,993.8</td></tr><tr><td>June 12....</td><td>Sept. 11....</td><td>91</td><td>1,943.1</td><td>1,303.2</td><td>1,285.9</td><td>17.3</td><td>762.8</td><td>1,306.5</td><td>15,990.5</td></tr><tr><td>June 19....</td><td>Sept. 18....</td><td>91</td><td>1,961.0</td><td>1,305.4</td><td>1,288.3</td><td>17.0</td><td>761.7</td><td>1,316.6</td><td>15,979.3</td></tr><tr><td>June 26....</td><td>Sept. 25....</td><td>91</td><td>1,816.7</td><td>1,103.7</td><td>1,087.1</td><td>16.5</td><td>604.3</td><td>1,308.0</td><td>15,775.0</td></tr><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>1,083.6</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><tr><td>Aug. 7....</td><td>Nov. 6....</td><td>91</td><td>1,601.8</td><td>1,103.2</td><td>1,083.3</td><td>19.9</td><td>878.2</td><td>1,111.6</td><td>15,745.1</td></tr><tr><td>Aug. 14....</td><td>Nov. 13....</td><td>91</td><td>1,668.5</td><td>1,201.4</td><td>1,178.3</td><td>23.1</td><td>1,009.1</td><td>1,202.5</td><td>15,747.0</td></tr><tr><td>Aug. 21....</td><td>Nov. 20....</td><td>91</td><td>1,634.0</td><td>1,201.2</td><td>1,180.1</td><td>21.2</td><td>1,007.0</td><td>1,203.5</td><td>15,744.7</td></tr><tr><td>Aug. 28....</td><td>Nov. 28....</td><td>92</td><td>1,718.0</td><td>1,301.7</td><td>1,283.0</td><td>18.7</td><td>1,059.1</td><td>1,311.5</td><td>15,735.0</td></tr><tr><td>Sept. 4....</td><td>Dec. 4....</td><td>91</td><td>1,682.9</td><td>1,302.2</td><td>1,283.3</td><td>18.9</td><td>1,008.1</td><td>1,307.4</td><td>15,729.8</td></tr><tr><td>Sept. 11....</td><td>Dec. 11....</td><td>91</td><td>1,654.4</td><td>1,302.9</td><td>1,278.2</td><td>24.7</td><td>1,048.8</td><td>1,303.2</td><td>15,729.5</td></tr><tr><td>Sept. 18....</td><td>Dec. 18....</td><td>91</td><td>1,519.5</td><td>1,302.3</td><td>1,277.0</td><td>25.3</td><td>1,120.2</td><td>1,305.4</td><td>15,726.4</td></tr><tr><td>Sept. 25....</td><td>Dec. 26....</td><td>92</td><td>1,364.4</td><td>1,102.2</td><td>1,071.1</td><td>31.1</td><td>795.0</td><td>1,103.7</td><td>15,724.9</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 figures
for earlier fiscal years. 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 rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">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-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>99.814</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><tr><td>Aug. 7</td><td>99.813</td><td>0.740</td><td>99.874</td><td>0.498</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 14</td><td>99.813</td><td>0.741</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 21</td><td>99.813</td><td>0.741</td><td>99.825 2/</td><td>0.692</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 28</td><td>99.808</td><td>0.752</td><td>99.825</td><td>0.685</td><td>99.805</td><td>0.763</td></tr><tr><td>Sept. 4</td><td>99.806</td><td>0.766</td><td>99.815 3/</td><td>0.732</td><td>99.804</td><td>0.775</td></tr><tr><td>Sept. 11</td><td>99.801</td><td>0.789</td><td>99.815 4/</td><td>0.732</td><td>99.798</td><td>0.799</td></tr><tr><td>Sept. 18</td><td>99.797</td><td>0.802</td><td>99.812 5/</td><td>0.744</td><td>99.795</td><td>0.811</td></tr><tr><td>Sept. 25</td><td>99.793</td><td>0.808</td><td>99.815 5/</td><td>0.724</td><td>99.790</td><td>0.822</td></tr></table>
Source: Public Debt Service
Note: See Annual Reports of the Secretary of the Treasury for figures for earlier fiscal years.
1/ Bank discount basis.
2/ Except $50,000 at 99.848 and $50,000 at 99.850.
3/ Except $100,000 at 99.900.
4/ Except $300,000 at 99.903.
5/ Except $200,000 at 99.925 and $70,000 at 99.905.
6/ Except $100,000 at 99.925, $300,000 at 99.907, and $100,000 at 99.905.
November 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 C 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 September 30,1947
<table><tr><th>United States savings bonds</th><th>Sales 1/</th><th>Accrued discount</th><th>Net sales</th></tr><tr><td>Matured series:</td><td></td><td></td><td></td></tr><tr><td>Series A....................</td><td>804</td><td>52</td><td>752</td></tr><tr><td>Series B....................</td><td>370</td><td>93</td><td>277</td></tr><tr><td>Total, Series A and B......</td><td>574</td><td>145</td><td>429</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td></tr><tr><td>Series C....................</td><td>1,010</td><td>242</td><td>768</td></tr><tr><td>Series D....................</td><td>2,365</td><td>399</td><td>1,966</td></tr><tr><td>Total, Series C and D.....</td><td>3,375</td><td>641</td><td>2,734</td></tr><tr><td>Series E....................</td><td>47,337</td><td>1,533</td><td>45,804</td></tr><tr><td>Series F....................</td><td>3,576</td><td>124</td><td>3,452</td></tr><tr><td>Series G....................</td><td>16,226</td><td>-</td><td>16,226</td></tr><tr><td>Total, Series E, F, and G..</td><td>67,139</td><td>1,657</td><td>65,482</td></tr><tr><td>Total, Series C-O.........</td><td>70,514</td><td>2,298</td><td>68,216</td></tr><tr><td>Total, Series A-O.........</td><td>71,088</td><td>2,442</td><td>68,646</td></tr></table>
<table><tr><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th colspan="2">(in millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>255,463</td><td>247,438</td><td>9,25</td><td>-</td><td>1/3</td></tr><tr><td>718</td><td>685</td><td>34</td><td>-</td><td>1/1</td></tr><tr><td>1,252,764</td><td>575,530</td><td>-</td><td>677,234</td><td>45.91 19.17</td></tr><tr><td>4,016</td><td>1,105</td><td>-</td><td>2,911</td><td>27.51</td></tr><tr><td>48,870 3,700 16,226</td><td>18,006 571 1,372</td><td>- - -</td><td>39,864 3,130 14,854</td><td>36.84 15.42 8.45</td></tr><tr><td>68,796</td><td>19,948</td><td>-</td><td>48,848</td><td>25.00</td></tr><tr><td>72,812</td><td>21,053</td><td>-</td><td>51,759</td><td>28.91</td></tr><tr><td>73,530</td><td>21,738</td><td>34</td><td>51,759</td><td>1/1</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 1947, Series E sales include small amounts of unclassified sales consisting of Series I, F, and G. These amounts are substantially less than the sales reported as unclassified in the Daily Treasury Statement. The greater part of that item consists of sales for which information is available as to the series but not the year of issue. On the basis of that information, such sales are included in this table according to
series. Prior to June 1947, it was possible to distribute by series all sales reported as unclassified in the Daily Treasury Statement
2/ Series B redemptions include small amounts of unclassified Series A-D redemptions beginning with October 1944, and small amounts also of unclassified F and G redemptions, beginning with June 1947.
1/ 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>Sale price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr></table>
All series
<table><tr><th>Fiscal years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>n.a.</td><td>n.a.</td><td>40</td><td>51,367</td><td>-</td></tr><tr><th>Calendar years:</th><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>3,577</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>3,11</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>9,2</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>434</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><th>Months:</th><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>.88</td></tr><tr><td>April</td><td>572</td><td>50</td><td>622</td><td>455</td><td>435</td><td>19</td><td>45</td><td>51,117</td><td>.89</td></tr><tr><td>May</td><td>488</td><td>52</td><td>540</td><td>421</td><td>404</td><td>17</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>August</td><td>460</td><td>54</td><td>514</td><td>404</td><td>n.a.</td><td>n.a.</td><td>35</td><td>51,694</td><td>.78</td></tr><tr><td>September</td><td>466</td><td>58</td><td>525</td><td>431</td><td>n.a.</td><td>n.a.</td><td>34</td><td>51,759</td><td>.83</td></tr><tr><td>Total, inception to Sept. 30, 1947</td><td>71,088</td><td>2,442</td><td>73,530</td><td>21,738</td><td>n.a.</td><td>n.a.</td><td>34</td><td>51,759</td><td>-</td></tr></table>
Series A-D
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>106</td><td>106</td><td>309</td><td>242</td><td>67</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>1947</td><td>*</td><td>107</td><td>107</td><td>482</td><td>n.a.</td><td>n.a.</td><td>40</td><td>2,968</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><th></th></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>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><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1947-January</td><td>*</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>25</td><td>7</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>August</td><td>*</td><td>9</td><td>9</td><td>31</td><td>n.a.</td><td>n.a.</td><td>35</td><td>2,930</td><td>1.06</td></tr><tr><td>September</td><td>-</td><td>8</td><td>8</td><td>29</td><td>n.a.</td><td>n.a.</td><td>34</td><td>2,911</td><td>.98</td></tr><tr><td>Total, inception to Sept. 30, 1947..</td><td>3,949</td><td>785</td><td>4,734</td><td>1,790</td><td>n.a.</td><td>n.a.</td><td>34</td><td>2,911</td><td>-</td></tr></table>
(Continued on following page)
November 1947
33
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales 1/</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr></table>
<table><tr><th colspan="8">Series B, F, and O</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>-</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>n.a.</td><td>n.a.</td><td>48,398</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>-</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>.64</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>379</td><td>10</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.e.</td><td>48,601</td><td>.86</td></tr><tr><td>August</td><td>460</td><td>45</td><td>505</td><td>372</td><td>n.a.</td><td>n.a.</td><td>48,734</td><td>.76</td></tr><tr><td>September</td><td>466</td><td>51</td><td>517</td><td>403</td><td>n.a.</td><td>n.a.</td><td>48,848</td><td>.82</td></tr><tr><td>Total, inception to Sept. 30, 1947</td><td>67,139</td><td>1,657</td><td>68,796</td><td>19,948</td><td>n.a.</td><td>n.a.</td><td>48,848</td><td>-</td></tr></table>
<table><tr><th colspan="8">Series B</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</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>*</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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>535</td><td>52</td><td>587</td><td>342</td><td>334</td><td>8</td><td>30,507</td><td>1.12</td></tr><tr><td>February</td><td>394</td><td>40</td><td>433</td><td>290</td><td>282</td><td>7</td><td>30,651</td><td>.95</td></tr><tr><td>March</td><td>372</td><td>45</td><td>416</td><td>342</td><td>333</td><td>9</td><td>30,725</td><td>1.11</td></tr><tr><td>April</td><td>349</td><td>40</td><td>389</td><td>365</td><td>355</td><td>10</td><td>30,749</td><td>1.19</td></tr><tr><td>May</td><td>305</td><td>42</td><td>347</td><td>329</td><td>320</td><td>9</td><td>30,767</td><td>1.07</td></tr><tr><td>June</td><td>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>August</td><td>294</td><td>42</td><td>336</td><td>315</td><td>n.a.</td><td>n.a.</td><td>30,854</td><td>1.02</td></tr><tr><td>September</td><td>304</td><td>46</td><td>350</td><td>340</td><td>n.a.</td><td>n.a.</td><td>30,804</td><td>1.10</td></tr><tr><td>Total, inception to Sept. 30, 1947.</td><td>47,337</td><td>1,533</td><td>48,870</td><td>18,006</td><td>n.a.</td><td>n.a.</td><td>30,804</td><td>-</td></tr></table>
(Continued on following page)
34
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemptions 2/ 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 P</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947</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><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>53</td><td>6</td><td>59</td><td>14</td><td>14</td><td>*</td><td>3,013</td><td>.48</td></tr><tr><td>February</td><td>41</td><td>3</td><td>44</td><td>22</td><td>21</td><td>1</td><td>3,034</td><td>.72</td></tr><tr><td>March</td><td>35</td><td>4</td><td>39</td><td>21</td><td>20</td><td>1</td><td>3,052</td><td>.68</td></tr><tr><td>April</td><td>33</td><td>4</td><td>36</td><td>14</td><td>14</td><td>*</td><td>3,074</td><td>.46</td></tr><tr><td>May</td><td>25</td><td>4</td><td>29</td><td>16</td><td>15</td><td>1</td><td>3,088</td><td>.51</td></tr><tr><td>June</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>August</td><td>21</td><td>3</td><td>24</td><td>16</td><td>n.a.</td><td>n.a.</td><td>3,123</td><td>.52</td></tr><tr><td>September</td><td>21</td><td>4</td><td>25</td><td>18</td><td>n.a.</td><td>n.a.</td><td>3,130</td><td>.58</td></tr><tr><td>Total, inception to Sept. 30, 1947</td><td>3,576</td><td>124</td><td>3,700</td><td>571</td><td>n.a.</td><td>n.a.</td><td>3,130</td><td>-</td></tr><tr><td colspan="9">Series Q</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</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><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>364</td><td>-</td><td>364</td><td>38</td><td>38</td><td>-</td><td>13,723</td><td>.28</td></tr><tr><td>February</td><td>278</td><td>-</td><td>278</td><td>37</td><td>37</td><td>-</td><td>13,964</td><td>.26</td></tr><tr><td>March</td><td>209</td><td>-</td><td>209</td><td>43</td><td>43</td><td>-</td><td>14,130</td><td>.30</td></tr><tr><td>April</td><td>191</td><td>-</td><td>191</td><td>37</td><td>37</td><td>-</td><td>14,284</td><td>.26</td></tr><tr><td>May</td><td>158</td><td>-</td><td>158</td><td>44</td><td>44</td><td>-</td><td>14,398</td><td>.31</td></tr><tr><td>June</td><td>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>August</td><td>144</td><td>-</td><td>144</td><td>42</td><td>42</td><td>-</td><td>14,756</td><td>.28</td></tr><tr><td>September</td><td>142</td><td>-</td><td>142</td><td>44</td><td>44</td><td>-</td><td>14,854</td><td>.30</td></tr><tr><td>Total, inception to Sept. 30, 1947</td><td>16,226</td><td>-</td><td>16,226</td><td>1,372</td><td>1,372</td><td>-</td><td>14,854</td><td>-</td></tr></table>
Source: Daily Treasury Statement. a.a. Not available.
Less than $500,000. See footnotes to table 1.
November 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/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/ and $25 2/</th><th>$50</th><th>$100 and $200 3/</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="13">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>66.1</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>11,620</td><td>.....</td><td>4,149</td><td>1,642</td><td>2,584</td><td>.....</td><td>1,397</td><td>2,048</td><td>.....</td><td>.....</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td>.....</td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td>.....</td><td>1,326</td><td>2,100</td><td>.....</td><td>.....</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td>.....</td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td>.....</td><td>.....</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.7</td><td>35.1</td><td>.....</td></tr><tr><td>1947</td><td>4,287</td><td>16</td><td>860</td><td>409</td><td>585</td><td>120</td><td>617</td><td>1,663</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>3,719</td><td>1,390</td><td>2,169</td><td>.....</td><td>1,253</td><td>1,615</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>.....</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>.....</td><td>1,446</td><td>2,163</td><td>.....</td><td>.....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>.....</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>.....</td><td>.....</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>.....</td></tr><tr><td>1946</td><td>4,466</td><td>31</td><td>1,177</td><td>516</td><td>637</td><td>138</td><td>564</td><td>1,402</td><td>.....</td><td>.....</td><td>100.0</td><td>27.1</td><td>11.6</td><td>17.4</td><td>43.9</td><td>.....</td></tr><tr><td>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>38</td><td>61</td><td>17</td><td>83</td><td>257</td><td>.....</td><td>.....</td><td>100.0</td><td>14.7</td><td>7.1</td><td>14.7</td><td>63.5</td><td>.....</td></tr><tr><td>Feb.</td><td>394</td><td>1</td><td>63</td><td>32</td><td>49</td><td>10</td><td>59</td><td>179</td><td>.....</td><td>.....</td><td>100.0</td><td>16.3</td><td>8.1</td><td>15.1</td><td>60.5</td><td>.....</td></tr><tr><td>Mar.</td><td>372</td><td>1</td><td>68</td><td>34</td><td>50</td><td>10</td><td>54</td><td>156</td><td>.....</td><td>.....</td><td>100.0</td><td>18.4</td><td>9.1</td><td>16.0</td><td>56.5</td><td>.....</td></tr><tr><td>Apr.</td><td>349</td><td>1</td><td>67</td><td>33</td><td>47</td><td>9</td><td>50</td><td>141</td><td>.....</td><td>.....</td><td>100.0</td><td>19.4</td><td>9.5</td><td>16.1</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</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>August</td><td>294</td><td>1</td><td>55</td><td>29</td><td>44</td><td>9</td><td>44</td><td>114</td><td>.....</td><td>.....</td><td>100.0</td><td>18.8</td><td>9.7</td><td>17.9</td><td>53.6</td><td>.....</td></tr><tr><td>Sept</td><td>304</td><td>1</td><td>59</td><td>30</td><td>48</td><td>10</td><td>45</td><td>112</td><td>.....</td><td>.....</td><td>100.0</td><td>19.4</td><td>9.9</td><td>18.9</td><td>51.8</td><td>.....</td></tr><tr><td>Total, inception through Sept. 30, 1947</td><td>47,337</td><td>150</td><td>14,832</td><td>6,213</td><td>9,385</td><td>345</td><td>5,938</td><td>10,476</td><td>.....</td><td>.....</td><td>100.0</td><td>31.6</td><td>13.1</td><td>20.6</td><td>34.7</td><td>.....</td></tr></table>
Series F and G
<table><tr><td>Piscal years:</td><td></td><td></td><td></td><td>6</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td></td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1941</td><td>461</td><td></td><td>1</td><td>71</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>100.0</td><td>*</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1942</td><td>2,467</td><td></td><td>4</td><td>106</td><td>289</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>.1</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1943</td><td>3,517</td><td></td><td>6</td><td>134</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>.2</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1944</td><td>3,678</td><td></td><td>5</td><td>109</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>.2</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1945</td><td>3,337</td><td></td><td>2</td><td>61</td><td>179</td><td>901</td><td>556</td><td>1,172</td><td>100.0</td><td>.1</td><td>2.1</td><td>37.6</td><td>60.2</td></tr><tr><td>1946</td><td>2,873</td><td></td><td>1</td><td>44</td><td>166</td><td>932</td><td>611</td><td>1,167</td><td>100.0</td><td>*</td><td>1.5</td><td>37.6</td><td>60.9</td></tr><tr><td>1947 p.</td><td>2,920</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td>26</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td></td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1941</td><td>1,393</td><td></td><td>3</td><td>98</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.1</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1942</td><td>3,168</td><td></td><td>5</td><td>123</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>.1</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1943</td><td>3,385</td><td></td><td>6</td><td>131</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>.2</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1944</td><td>3,664</td><td></td><td>4</td><td>84</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.1</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>1945</td><td>3,115</td><td></td><td>1</td><td>47</td><td>166</td><td>928</td><td>611</td><td>1,208</td><td>100.0</td><td>*</td><td>1.6</td><td>36.9</td><td>61.5</td></tr><tr><td>1946</td><td>2,962</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan</td><td>417</td><td>*</td><td></td><td>4</td><td>18</td><td>100</td><td>66</td><td>229</td><td>100.0</td><td>*</td><td>1.0</td><td>28.2</td><td>70.8</td></tr><tr><td>Feb</td><td>319</td><td>*</td><td></td><td>4</td><td>15</td><td>85</td><td>51</td><td>157</td><td>100.0</td><td>*</td><td>1.2</td><td>31.3</td><td>67.5</td></tr><tr><td>Mar</td><td>244</td><td>*</td><td></td><td>4</td><td>14</td><td>78</td><td>52</td><td>97</td><td>100.0</td><td>*</td><td>1.4</td><td>37.6</td><td>61.0</td></tr><tr><td>Apr</td><td>224</td><td>*</td><td></td><td>4</td><td>13</td><td>75</td><td>48</td><td>84</td><td>100.0</td><td>*</td><td>1.6</td><td>39.2</td><td>59.2</td></tr><tr><td>May</td><td>183</td><td>*</td><td></td><td>3</td><td>11</td><td>63</td><td>42</td><td>63</td><td>100.0</td><td>*</td><td>1.7</td><td>40.5</td><td>57.8</td></tr><tr><td>June P.</td><td>181</td><td>*</td><td></td><td>3</td><td>10</td><td>60</td><td>41</td><td>68</td><td>100.0</td><td>*</td><td>1.5</td><td>38.4</td><td>60.1</td></tr><tr><td>July p.</td><td>220</td><td>*</td><td></td><td>3</td><td>14</td><td>76</td><td>52</td><td>75</td><td>100.0</td><td>*</td><td>1.6</td><td>40.6</td><td>57.8</td></tr><tr><td>Aug. p.</td><td>165</td><td>*</td><td></td><td>3</td><td>11</td><td>57</td><td>37</td><td>57</td><td>100.0</td><td>*</td><td>1.7</td><td>41.2</td><td>57.1</td></tr><tr><td>Sept. p.</td><td>163</td><td>*</td><td></td><td>3</td><td>11</td><td>58</td><td>38</td><td>54</td><td>100.0</td><td>*</td><td>1.8</td><td>42.2</td><td>56.0</td></tr><tr><td>Total, inception through Sept. 30, 1947.</td><td>19,802</td><td>20</td><td></td><td>540</td><td>1,310</td><td>6,007</td><td>3,852</td><td>8,074</td><td>100.0</td><td>.1</td><td>2.7</td><td>36.9</td><td>60.3</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
p Preliminary
Less than $500,000 or less than .05 percent
1/ Sale of $10 denomination Series E bonds was authorized beginning
June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1944.
3/ Sale of $200 denomination Series E bonds began in October 1945
36
Treasury Bulletin
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 September 30, 1947
(In millions of dollars)
<table><tr><th rowspan="2">Treasury savings notes</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>402</td><td>65 1/2</td><td>338</td><td>4</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>30,654</td><td>25,105</td><td>6,106</td><td>18,999</td><td>18</td><td>5,531</td></tr><tr><td>Total</td><td>36,005</td><td>30,451</td><td>6,353</td><td>24,098</td><td>23</td><td>5,531</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><tr><td>August</td><td>154</td><td>105</td><td>67</td><td>38</td><td>21</td><td>5,642</td></tr><tr><td>September</td><td>171</td><td>284</td><td>82</td><td>202</td><td>18</td><td>5,531</td></tr></table>
Source: Daily Treasury Statement
November 1947
37
OWNERSHIP OF GOVERNMENT SECURITIES
38
Treasury Bulletin
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued and Guaranteed by the United States Government
(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="7">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds 2/</th><th rowspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/ 3/</th><th rowspan="2">Total amount unmatured outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="3">Private investors 2/ 3/</th></tr><tr><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues 4/</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 5/</th></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>46,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>250,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1947</td><td>255,113</td><td>32,809</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>32,609</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>33,340</td><td>4,788</td><td>36</td><td>28,516</td><td>21,549</td><td>201,432</td><td>142,172</td><td>59,260</td><td>74</td><td>1</td><td>-</td><td>33</td><td>40</td></tr><tr><td>Aug.</td><td>257,110</td><td>33,715</td><td>4,458</td><td>36</td><td>29,220</td><td>22,192</td><td>201,204</td><td>141,740</td><td>59,464</td><td>73</td><td>1</td><td>-</td><td>33</td><td>39</td></tr><tr><td>Sept.</td><td>256,107</td><td>33,891 p</td><td>4,335 p</td><td>36 p</td><td>29,520</td><td>22,329</td><td>199,886 p</td><td>141,281 p</td><td>58,605p</td><td>70</td><td>1 p</td><td>-</td><td>34p</td><td>36</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks.
P Preliminary.
* Less than $500,000.
1/ Excludes obligations held by the Treasury and matured securities.
2/ Holdings by Federal land banks are included under "Private investors" instead of "U. S. Government agencies and trust funds" beginning with June 30, 1947, since the proprietary interest of the United States in these banks was ended June 26, 1947, with
the repayment of the last of its investment. On May 31, 1947, the Federal land banks held $134 million of securities issued or guaranteed by the United States. 3/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks. 4/ Includes United States savings bonds, Series A-F at maturity value. 5/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
November 1947
39
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Pay 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">Sold 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/ 1/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds 7/</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.6</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>17.9</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.7</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.5</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.3</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.8</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.5</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 (peak)</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>March</td><td>275.3</td><td>112.8</td><td>90.2</td><td>22.6</td><td>162.5</td><td>63.6</td><td>25.0</td><td>11.2</td><td>27.9</td><td>6.7</td><td>28.2</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>71.6 r</td><td>21.9</td><td>161.1 r</td><td>65.5 r</td><td>25.1</td><td>12.0</td><td>20.6 r</td><td>6.3</td><td>31.6</td></tr><tr><td>May</td><td>255.1</td><td>92.8 r</td><td>70.7 r</td><td>22.1</td><td>162.4 r</td><td>65.6 r</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</td><td>255.2</td><td>91.9 r</td><td>70.0 r</td><td>21.9</td><td>163.3 r</td><td>65.8</td><td>25.0</td><td>12.1</td><td>21.2 r</td><td>6.4</td><td>32.8</td></tr><tr><td>July</td><td>256.4</td><td>91.9</td><td>70.4</td><td>21.5</td><td>164.5</td><td>66.1</td><td>25.0</td><td>12.2</td><td>21.5</td><td>6.4</td><td>33.3</td></tr><tr><td>August p</td><td>257.2</td><td>91.9</td><td>69.7</td><td>22.2</td><td>165.3</td><td>66.3</td><td>24.9</td><td>12.2</td><td>21.8</td><td>6.4</td><td>33.7</td></tr></table>
Preliminary. Revired. 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. Exclude securities held in trust departments.
5 Includes partnerships and personal trust accounts.
6 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
7 Comprises trust, sinking, and investment funds of State and local Governments and their agencies, and Territories and insular possessions.
11 See footnote 2 on preceding page.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><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</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>-3.4</td><td>-.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>-114.8</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>-6.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Y Less than $50,000.
Y 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 Stabilisation Fund.
40
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States and by Federal Agencies, August 31, 1947
The tables in Section I present summary data as of August 31, 1947, from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the amount of
such securities owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal Land Bank bonds, Federal Intermediate Credit Bank debentures, and Federal Home Loan Banks bonds.
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States
Table 1.- Summary of All Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</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 investors 1/</th></tr><tr><th>7,313 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable.</td><td>168,425</td><td>62,235</td><td>452</td><td>11,892</td><td>20,629</td><td>3,208</td><td>26,652</td><td>43,357</td></tr><tr><td>Nonmarketable 4/</td><td>59,538</td><td>1,218</td><td>12</td><td>290</td><td>140</td><td>240</td><td>35</td><td>57,564</td></tr><tr><td>Total public securities.</td><td>227,963</td><td>63,453</td><td>464</td><td>12,182</td><td>20,770</td><td>3,448</td><td>26,687</td><td>100,920</td></tr><tr><td>Special issues.</td><td>29,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,220</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>257,183</td><td>63,453</td><td>464</td><td>12,182</td><td>20,770</td><td>3,448</td><td>55,907</td><td>100,920</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-notes to this section.
4/ C.C.C. demands obligations in the amount of $39 million, all held by commercial banks, are shown only in total amount outstanding; date for reporting banks are not available.
5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Summary of Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</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>7,313 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></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>15,735</td><td>684</td><td>-</td><td>2</td><td>4</td><td>-</td><td>14,008</td><td>837</td></tr><tr><td>Certificates of indebtedness</td><td>25,025</td><td>7,880</td><td>13</td><td>187</td><td>84</td><td>210</td><td>6,529</td><td>9,723</td></tr><tr><td>Treasury notes</td><td>8,142</td><td>4,829</td><td>14</td><td>177</td><td>124</td><td>131</td><td>369</td><td>2,498</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>47,559</td><td>218</td><td>2,904</td><td>3,569</td><td>1,440</td><td>1,660</td><td>12,337</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>49,636</td><td>1,259</td><td>206</td><td>8,618</td><td>16,835</td><td>1,425</td><td>3,448</td><td>17,846</td></tr><tr><td>Postal savings and other bonds</td><td>165</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed by United States 5/</td><td>34</td><td>11</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Total</td><td>168,425</td><td>62,235</td><td>452</td><td>11,892</td><td>20,629</td><td>3,208</td><td>26,652</td><td>43,357</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>52,111</td><td>15,529</td><td>29</td><td>533</td><td>290</td><td>403</td><td>21,483</td><td>13,861</td></tr><tr><td>1 to 5 years</td><td>42,522</td><td>29,886</td><td>94</td><td>1,528</td><td>1,899</td><td>766</td><td>1,083</td><td>7,266</td></tr><tr><td>5 to 10 years</td><td>18,932</td><td>11,715</td><td>99</td><td>1,143</td><td>1,392</td><td>473</td><td>455</td><td>3,654</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,249</td><td>87</td><td>2,909</td><td>2,025</td><td>817</td><td>454</td><td>4,785</td></tr><tr><td>15 to 20 years</td><td>27,076</td><td>205</td><td>96</td><td>4,128</td><td>11,951</td><td>423</td><td>2,424</td><td>7,848</td></tr><tr><td>Over 20 years</td><td>14,405</td><td>2,640</td><td>45</td><td>1,647</td><td>3,058</td><td>325</td><td>751</td><td>5,938</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>34</td><td>11</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Total</td><td>168,425</td><td>62,235</td><td>452</td><td>11,892</td><td>20,629</td><td>3,208</td><td>26,652</td><td>43,357</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>165</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18,072</td><td>13,498</td><td>92</td><td>89</td><td>40</td><td>565</td><td>1,145</td><td>2,644</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>150,188</td><td>48,724</td><td>360</td><td>11,802</td><td>20,589</td><td>2,642</td><td>25,471</td><td>40,600</td></tr><tr><td>Total</td><td>168,425</td><td>62,235</td><td>452</td><td>11,892</td><td>20,629</td><td>3,208</td><td>26,652</td><td>43,357</td></tr></table>
(Continued on following page)
November 1947
41
Treasury Survey of Ownership, August 31, 1947: Section I - Securities Issued or Guaranteed by the United States
Table 3.- Public Marketable Securities, by issues (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,313 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>15,735</td><td>684</td><td>-</td><td>2</td><td>4</td><td>-</td><td>14,208</td><td>837</td></tr><tr><td>Certificate of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/5% September 1947........(taxable)</td><td>2,341</td><td>705</td><td>2</td><td>15</td><td>4</td><td>25</td><td>802</td><td>788</td></tr><tr><td>7/5% October 1947........(taxable)</td><td>1,440</td><td>656</td><td>1</td><td>19</td><td>3</td><td>16</td><td>97</td><td>647</td></tr><tr><td>7/5% November 1947........(taxable)</td><td>1,775</td><td>740</td><td>1</td><td>19</td><td>12</td><td>27</td><td>207</td><td>769</td></tr><tr><td>7/5% December 1947........(taxable)</td><td>3,281</td><td>757</td><td>*</td><td>25</td><td>6</td><td>37</td><td>165</td><td>2,290</td></tr><tr><td>7/5% January 1948........(taxable)</td><td>3,134</td><td>1,295</td><td>1</td><td>33</td><td>2</td><td>24</td><td>180</td><td>1,000</td></tr><tr><td>7/5% February 1948........(taxable)</td><td>3,947</td><td>1,019</td><td>3</td><td>30</td><td>45</td><td>27</td><td>1,792</td><td>1,031</td></tr><tr><td>7/5% March 1948........(taxable)</td><td>2,142</td><td>844</td><td>2</td><td>23</td><td>2</td><td>19</td><td>468</td><td>784</td></tr><tr><td>7/5% April 1948........(taxable)</td><td>1,321</td><td>440</td><td>1</td><td>4</td><td>1</td><td>7</td><td>325</td><td>543</td></tr><tr><td>7/5% June 1948........(taxable)</td><td>1,777</td><td>366</td><td>1</td><td>7</td><td>4</td><td>13</td><td>466</td><td>920</td></tr><tr><td>7/5% July 1948-J........(taxable)</td><td>2,742</td><td>978</td><td>1</td><td>14</td><td>5</td><td>15</td><td>1,334</td><td>395</td></tr><tr><td>7/5% July 1948-O........(taxable)</td><td>1,127</td><td>78</td><td>1</td><td>*</td><td>-</td><td></td><td>493</td><td>554</td></tr><tr><td>Total certificates of indebtedness</td><td>25,025</td><td>7,880</td><td>13</td><td>187</td><td>84</td><td>210</td><td>6,929</td><td>9,723</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% September 1947........(taxable)</td><td>1,687</td><td>686</td><td>3</td><td>49</td><td>10</td><td>41</td><td>17</td><td>880</td></tr><tr><td>1-1/2% September 1947........(taxable)</td><td>2,707</td><td>1,741</td><td>6</td><td>73</td><td>110</td><td>26</td><td>57</td><td>694</td></tr><tr><td>1-1/2% September 1948........(taxable)</td><td>3,748</td><td>2,402</td><td>5</td><td>55</td><td>4</td><td>63</td><td>295</td><td>923</td></tr><tr><td>Total Treasury notes</td><td>8,142</td><td>4,829</td><td>14</td><td>177</td><td>124</td><td>131</td><td>369</td><td>2,498</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% October 1947-52....(partially)</td><td>759</td><td>451</td><td>1</td><td>12</td><td>6</td><td>20</td><td>19</td><td>251</td></tr><tr><td>2% December 1947-7....(partially)</td><td>701</td><td>530</td><td>1</td><td>2</td><td>-</td><td>19</td><td>*</td><td>149</td></tr><tr><td>2% March 1948-50....(taxable)</td><td>1,115</td><td>692</td><td>1</td><td>95</td><td>6</td><td>15</td><td>40</td><td>267</td></tr><tr><td>2-3/4% March 1948-51....(partially)</td><td>1,223</td><td>878</td><td>2</td><td>21</td><td>4</td><td>28</td><td>153</td><td>138</td></tr><tr><td>1-3/4% June 1948-7....(taxable)</td><td>3,062</td><td>1,974</td><td>3</td><td>91</td><td>66</td><td>42</td><td>25</td><td>859</td></tr><tr><td>2-1/2% September 1948-7....(partially)</td><td>451</td><td>365</td><td>1</td><td>6</td><td>*</td><td>10</td><td>*</td><td>69</td></tr><tr><td>2% December 1948-50....(partially)</td><td>571</td><td>460</td><td>1</td><td>1</td><td>*</td><td>12</td><td>30</td><td>67</td></tr><tr><td>2% June 1949-51....(taxable)</td><td>1,014</td><td>742</td><td>1</td><td>64</td><td>48</td><td>8</td><td>3</td><td>143</td></tr><tr><td>2% September 1949-51....(taxable)</td><td>1,292</td><td>1,049</td><td>1</td><td>44</td><td>49</td><td>23</td><td>1</td><td>126</td></tr><tr><td>2% December 1949-51....(taxable)</td><td>2,098</td><td>1,531</td><td>5</td><td>58</td><td>123</td><td>28</td><td>1</td><td>352</td></tr><tr><td>1-1/8% December 1949-52....(partially)</td><td>491</td><td>370</td><td>1</td><td>3</td><td>11</td><td>18</td><td>18</td><td>55</td></tr><tr><td>2-1/2% December 1949-57....(partially)</td><td>1,786</td><td>1,194</td><td>3</td><td>5</td><td>3</td><td>34</td><td>167</td><td>180</td></tr><tr><td>2% March 1950-52....(taxable)</td><td>1,963</td><td>1,504</td><td>4</td><td>61</td><td>157</td><td>31</td><td>3</td><td>203</td></tr><tr><td>2% September 1950-52....(taxable)</td><td>4,939</td><td>3,271</td><td>9</td><td>170</td><td>350</td><td>74</td><td>37</td><td>1,027</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,038</td><td>*</td><td>7</td><td>2</td><td>42</td><td>92</td><td>5</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>2,635</td><td>1,634</td><td>2</td><td>19</td><td>1</td><td>14</td><td>*</td><td>945</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,627</td><td>1,273</td><td>10</td><td>7</td><td>1</td><td>36</td><td>132</td><td>167</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>7,986</td><td>5,447</td><td>22</td><td>399</td><td>516</td><td>155</td><td>31</td><td>1,417</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>438</td><td>1</td><td>3</td><td>*</td><td>29</td><td>68</td><td>216</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>510</td><td>384</td><td>2</td><td>11</td><td>23</td><td>9</td><td>2</td><td>80</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>940</td><td>1</td><td>3</td><td>3</td><td>26</td><td>79</td><td>66</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>553</td><td>1</td><td>208</td><td>38</td><td>14</td><td>39</td><td>171</td></tr><tr><td>2% June 1952-54....(taxable)</td><td>5,825</td><td>4,152</td><td>20</td><td>256</td><td>393</td><td>99</td><td>6</td><td>900</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>8,662</td><td>5,909</td><td>23</td><td>449</td><td>566</td><td>156</td><td>13</td><td>1,546</td></tr></table>
(Continued on following page)
42
Treasury Bulletin
Treasury Survey of Ownership, August 31, 1947: Section I - Securities Issued or Guaranteed by the United States
Table 3.- Public Marketable Securities, by Issues
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Hold by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,313 commercial banks 2/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>979</td><td>2</td><td>149</td><td>177</td><td>26</td><td>53</td><td>154</td></tr><tr><td>2% June 1953-55....(partially)</td><td>725</td><td>647</td><td>1</td><td>1</td><td>2</td><td>22</td><td>14</td><td>39</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>681</td><td>571</td><td>2</td><td>1</td><td>1</td><td>30</td><td>14</td><td>62</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,552</td><td>31</td><td>5</td><td>2</td><td>78</td><td>190</td><td>753</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,449</td><td>761</td><td>9</td><td>96</td><td>344</td><td>14</td><td>36</td><td>189</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>734</td><td>16</td><td>1</td><td>2</td><td>47</td><td>56</td><td>125</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>3,823</td><td>1,540</td><td>17</td><td>590</td><td>476</td><td>126</td><td>133</td><td>939</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>714</td><td>12</td><td>9</td><td>3</td><td>51</td><td>43</td><td>88</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,140</td><td>9</td><td>3</td><td>1</td><td>69</td><td>50</td><td>214</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,979</td><td>2</td><td>55</td><td>195</td><td>21</td><td>88</td><td>375</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>47,559</td><td>218</td><td>2,904</td><td>3,569</td><td>1,440</td><td>1,660</td><td>12,337</td></tr><tr><td>Bank restricted: 3/</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>36</td><td>1,828</td><td>586</td><td>358</td><td>210</td><td>2,170</td></tr><tr><td>2-1/4% December 1959-62....(taxable)</td><td>3,470</td><td>289</td><td>23</td><td>676</td><td>345</td><td>280</td><td>1</td><td>1,856</td></tr><tr><td>2-1/2% June 1962-67....(taxable)</td><td>2,118</td><td>5</td><td>8</td><td>394</td><td>1,090</td><td>60</td><td>150</td><td>408</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>2,831</td><td>2</td><td>8</td><td>582</td><td>1,348</td><td>64</td><td>184</td><td>642</td></tr><tr><td>2-1/2% June 1964-69....(taxable)</td><td>3,761</td><td>3</td><td>18</td><td>955</td><td>1,609</td><td>59</td><td>116</td><td>1,002</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>3,838</td><td>7</td><td>16</td><td>661</td><td>1,698</td><td>67</td><td>220</td><td>1,170</td></tr><tr><td>2-1/2% March 1965-70....(taxable)</td><td>5,197</td><td>60</td><td>17</td><td>407</td><td>2,546</td><td>56</td><td>672</td><td>1,439</td></tr><tr><td>2-1/2% March 1966-71....(taxable)</td><td>3,481</td><td>58</td><td>13</td><td>254</td><td>1,591</td><td>25</td><td>628</td><td>911</td></tr><tr><td>2-1/2% June 1967-72....(taxable)</td><td>7,957</td><td>75</td><td>25</td><td>1,268</td><td>3,158</td><td>152</td><td>605</td><td>2,684</td></tr><tr><td>2-1/2% December 1967-72....(taxable)</td><td>11,689</td><td>661</td><td>43</td><td>1,592</td><td>2,863</td><td>304</td><td>663</td><td>5,563</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,259</td><td>206</td><td>8,618</td><td>16,835</td><td>1,425</td><td>3,448</td><td>17,846</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>48,818</td><td>424</td><td>11,522</td><td>20,404</td><td>2,864</td><td>5,108</td><td>30,183</td></tr><tr><td>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>115</td><td>13</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>64</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Total other bonds</td><td>165</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed securities: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures....(taxable 1/)</td><td>34</td><td>11</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>168,425</td><td>62,235</td><td>452</td><td>11,892</td><td>20,629</td><td>3,208</td><td>26,652</td><td>43,357</td></tr></table>
Note: The Treasury Survey commenced with date for March 31, 1941, and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944, appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943, and prior months appeared in the November 1943 issue, pages 52-53.
Lees than $500,000.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Date (with minor exceptions). See footnotes to tables on "Public Debt and Guaranteed Obligations Outstanding". 5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 7/ Includes F. H. A. debentures; see footnote 8. 7/ A small indeterminate amount of these debentures is partially tax-exempt.
November 1947
43
Treasury Survey of Ownership, August 31, 1947: Section I - Securities Issued or Guaranteed
by the United States
Table 4.- Public Nonmarketable Securities, by Issues
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>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 5/</th></tr><tr><th></th><th></th><th>7,313 commercial banks 4/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C.D.....(6/)</td><td>2,930</td><td>148</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>2,767</td></tr><tr><td>Series I.....(taxable)</td><td>30,854</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,854</td></tr><tr><td>Series F.....(taxable)</td><td>3,123</td><td>225</td><td>1</td><td>13</td><td>20</td><td>31</td><td>1</td><td>2,832</td></tr><tr><td>Series G.....(taxable)</td><td>14,756</td><td>476</td><td>7</td><td>272</td><td>117</td><td>199</td><td>12</td><td>13,673</td></tr><tr><td>Total United States savings bonds</td><td>51,664</td><td>850</td><td>8</td><td>290</td><td>140</td><td>237</td><td>14</td><td>50,125</td></tr><tr><td>Treasury savings notes.....(taxable)</td><td>5,642</td><td>73</td><td>3</td><td>1</td><td>*</td><td>3</td><td>21</td><td>5,540</td></tr><tr><td>Depository bonds.....(taxable)</td><td>328</td><td>295</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>34</td></tr><tr><td>Armed forces leave bonds.....(taxable)</td><td>1,865</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,865</td></tr><tr><td>Guaranteed securities: 1/ Commodity Credit Corporation demand obligations 2/.....(taxable)</td><td>39</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public nonmarketable securities 3/</td><td>59,538</td><td>1,218</td><td>12</td><td>290</td><td>140</td><td>240</td><td>35</td><td>57,564</td></tr></table>
1/ Less than $500,000.
1/ United States savings bonds, Series C-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement. See footnotes to Table 2, preceding.
2/ Securities held in trust departments are excluded.
4/ Includes trust companies.
5/ This column includes securities held by those banks and insurance
6/ Series C-D savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $39 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>Issue (Tax status 1/ is shown in parentheses)</th><th>Total Amount outstanding</th><th colspan="3">Banks 2/</th><th colspan="2">Insurance Companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,313 commercial banks 3/</th><th>33 stock savings banks</th><th>540 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal Land Bank bonds: 5/</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>169</td><td>143</td><td>1</td><td>2</td><td>*</td><td>2</td><td>-</td><td>22</td></tr><tr><td>1-1/4/ May 1950-52......(taxable)</td><td>210</td><td>152</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>56</td></tr><tr><td>1-1/3/ January 1951-53......(taxable)</td><td>198</td><td>166</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>32</td></tr><tr><td>2-1/4/ February 1953-55......(taxable)</td><td>114</td><td>91</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>18</td></tr><tr><td>Total Federal Land Bank bonds</td><td>692</td><td>551</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>383</td><td>286</td><td>*</td><td>6</td><td>1</td><td>4</td><td>-</td><td>87</td></tr><tr><td>Federal Home Loan Bank bonds: 1-1/4/ April 1948......(taxable)</td><td>140</td><td>105</td><td>*</td><td>5</td><td>*</td><td>*</td><td>-</td><td>10</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,215</td><td>942</td><td>1</td><td>18</td><td>2</td><td>8</td><td>-</td><td>248</td></tr></table>
Less than $500,000. 
1/ See footnotes to Table 2, Section 1, preceding. 
2/ Securities held in trust departments are excluded. 
3/ Includes trust companies. 
4/ This column includes securities held by those banks and insurance
5/ The proprietary interest of the United States in these banks ended on June 26, 1947, with the repayment of the last of its investment.
44
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES
November 1947
45
Over-the-Counter Closing Quotations on Government Securities, September 30, 1947
Section I - Securities Issued or Guaranteed by the United States
Table 1.- Treasury Bills (Taxable)
Table 2.- Certificates and Notes (Taxable)
<table><tr><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 last month</th></tr><tr><td>$1,303</td><td>10/2/47</td><td>7/3/47</td><td>.375%</td><td>.25%</td><td>.11%</td><td>.00%</td></tr><tr><td>1,300</td><td>10/9/47</td><td>7/10/47</td><td>.76</td><td>.71</td><td>.74</td><td>+ .01</td></tr><tr><td>1,102</td><td>10/16/47</td><td>7/17/47</td><td>.76</td><td>.71</td><td>.74</td><td>+ .01</td></tr><tr><td>1,101</td><td>10/23/47</td><td>7/24/47</td><td>.76</td><td>.71</td><td>.74</td><td>+ .01</td></tr><tr><td>1,102</td><td>10/30/47</td><td>7/31/47</td><td>.76</td><td>.71</td><td>.74</td><td>+ .01</td></tr><tr><td>1,103</td><td>11/6/47</td><td>8/7/47</td><td>.77</td><td>.73</td><td>.75</td><td>+ .02</td></tr><tr><td>1,201</td><td>11/13/47</td><td>8/14/47</td><td>.77</td><td>.73</td><td>.75</td><td>+ .01</td></tr><tr><td>1,201</td><td>11/20/47</td><td>8/21/47</td><td>.77</td><td>.73</td><td>.75</td><td>+ .01</td></tr><tr><td>1,302</td><td>11/28/47</td><td>8/28/47</td><td>.79</td><td>.75</td><td>.77</td><td>+ .03</td></tr><tr><td>1,302</td><td>12/4/47</td><td>9/4/47</td><td>.80</td><td>.76</td><td>.78</td><td>-</td></tr><tr><td>1,303</td><td>12/11/47</td><td>9/11/47</td><td>.80</td><td>.77</td><td>.78</td><td>-</td></tr><tr><td>1,302</td><td>12/18/47</td><td>9/18/47</td><td>.81</td><td>.78</td><td>.80</td><td>-</td></tr><tr><td>1,102</td><td>12/26/47</td><td>9/25/47</td><td>.82</td><td>.79</td><td>.80</td><td>-</td></tr><tr><td>2/</td><td>1/2/48</td><td>10/2/47</td><td>.83</td><td>.80</td><td>.82</td><td>-</td></tr></table>
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td colspan="7">Certificates of indebtedness</td></tr><tr><td>$1,440</td><td>7/8 J - 10/1/47</td><td>10/1/46</td><td>3/1</td><td>3/1</td><td>3/1</td><td>3/1</td></tr><tr><td>1,775</td><td>7/8 K - 11/1/47</td><td>11/1/46</td><td>.72</td><td>.70</td><td>.74</td><td>+.05</td></tr><tr><td>3,251</td><td>7/8 L - 12/1/47</td><td>12/1/46</td><td>.81</td><td>.76</td><td>.78</td><td>+.05</td></tr><tr><td>3,134</td><td>7/8 A - 1/1/48</td><td>1/1/47</td><td>.82</td><td>.79</td><td>.80</td><td>.00</td></tr><tr><td>3,947</td><td>7/8 B - 2/1/48</td><td>2/1/47</td><td>.84</td><td>.82</td><td>.83</td><td>-.01</td></tr><tr><td>2,142</td><td>7/8 C - 3/1/48</td><td>3/1/47</td><td>.85</td><td>.83</td><td>.84</td><td>.00</td></tr><tr><td>1,321</td><td>7/8 D - 4/1/48</td><td>4/1/47</td><td>.85</td><td>.83</td><td>.84</td><td>.00</td></tr><tr><td>1,777</td><td>7/8 E - 6/1/48</td><td>6/1/47</td><td>.88</td><td>.86</td><td>.87</td><td>+.02</td></tr><tr><td>2,742</td><td>7/8 F - 7/1/48</td><td>7/1/47</td><td>.89</td><td>.87</td><td>.88</td><td>+.03</td></tr><tr><td>1,127</td><td>7/8 G - 7/1/48</td><td>8/1/47</td><td>.89</td><td>.87</td><td>.88</td><td>+.03</td></tr><tr><td>2,208</td><td>7/8 H - 7/1/48</td><td>9/1/47</td><td>.89</td><td>.87</td><td>.88</td><td>+.02</td></tr><tr><td>4/1</td><td>1 J - 10/1/48</td><td>10/1/47</td><td>.98</td><td>.96</td><td>.97</td><td>-</td></tr><tr><td colspan="7">Treasury notes</td></tr><tr><td>3,748</td><td>1-1/28 A - 9/15/485/</td><td>3/15/44</td><td>.98</td><td>.96</td><td>.97</td><td>+.07</td></tr><tr><td>4,090</td><td>1 B - 10/1/48</td><td>9/15/47</td><td>.98</td><td>.96</td><td>.97</td><td>-</td></tr></table>
Table 3. - Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 6/</th><th colspan="2">In 1947</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="16">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2/4 - 3/15/48-50</td><td>100.15</td><td>100.17</td><td>100.16</td><td>-.03</td><td>.90%</td><td>+.01%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.16</td><td>9/30/47</td><td>101.09</td><td>2/3</td><td>100.16</td><td>9/30</td></tr><tr><td>3,062</td><td>1-3/4 - 6/15/48</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.03</td><td>.95</td><td>+.04</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/2/42</td><td>101.04</td><td>1/23</td><td>100.18</td><td>9/30</td></tr><tr><td>1,014</td><td>2 - 6/15/49-51</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.05</td><td>1.13</td><td>+.05</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>101.15</td><td>9/30</td></tr><tr><td>1,292</td><td>2 - 9/15/49-51</td><td>101.19</td><td>101.21</td><td>101.20</td><td>-.05</td><td>1.16</td><td>+.05</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>101.20</td><td>9/30</td></tr><tr><td>2,098</td><td>2 -12/15/49-51</td><td>101.23</td><td>101.25</td><td>101.24</td><td>-.06</td><td>1.19</td><td>+.05</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>101.24</td><td>9/30</td></tr><tr><td>1,963</td><td>2 - 3/15/50-52</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.06</td><td>1.21</td><td>+.05</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>102.32</td><td>1/22</td><td>101.29</td><td>9/30</td></tr><tr><td>4,939</td><td>2 - 9/15/50-52</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.05</td><td>1.24</td><td>+.03</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>102.03</td><td>8/15</td></tr><tr><td>2,635</td><td>1-1/2 -12/15/50</td><td>100.30</td><td>101.00</td><td>100.31</td><td>-.01</td><td>1.19</td><td>.00</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.28</td><td>8/15/47</td><td>101.11</td><td>1/24</td><td>100.28</td><td>8/15</td></tr><tr><td>7,986</td><td>2 - 9/15/51-53</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.07</td><td>1.34</td><td>+.04</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>102.15</td><td>8/12</td></tr><tr><td>510</td><td>2 -12/15/51-55</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.03</td><td>1.33</td><td>+.01</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>102.19</td><td>8/11</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>104.27</td><td>104.29</td><td>104.28</td><td>-.07</td><td>1.37</td><td>+.03</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>3/12</td></tr><tr><td>5,825</td><td>2 - 6/15/52/54</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.06</td><td>1.37</td><td>+.03</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>103.06</td><td>4/9</td><td>107.23</td><td>3/11</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>103.27</td><td>103.29</td><td>103.28</td><td>-.07</td><td>1.40</td><td>+.04</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/13/42</td><td>104.09</td><td>4/9</td><td>103.26</td><td>8/11</td></tr><tr><td>8,662</td><td>2 -12/15/52-54</td><td>102.30</td><td>103.00</td><td>102.31</td><td>-.07</td><td>1.41</td><td>+.04</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>103.09</td><td>4/9</td><td>102.27</td><td>8/11</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>106.29</td><td>106.31</td><td>106.30</td><td>-.12</td><td>1.62</td><td>+.04</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 - 9/15/56-59</td><td>105.08</td><td>105.10</td><td>105.09</td><td>-.11</td><td>1.51</td><td>+.03</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>105.20</td><td>9/3</td><td>104.11</td><td>7/2</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 1/</td><td>105.28</td><td>105.30</td><td>105.29</td><td>-.22</td><td>2.14</td><td>+.04</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>106.30</td><td>8/27</td><td>105.10</td><td>5/8</td></tr><tr><td colspan="16">Treasury bonds - bank restricted 8/</td></tr><tr><td>5,284</td><td>2-1/4 - 6/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.12</td><td>2.04</td><td>+.04</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>102.29</td><td>5/12</td><td>102.06</td><td>9/29</td></tr><tr><td>3,470</td><td>2-1/4 -12/15/59-62</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-.12</td><td>2.04</td><td>+.03</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>102.06</td><td>9/29</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>104.25</td><td>104.27</td><td>104.26</td><td>-.06</td><td>2.12</td><td>+.02</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>8/7</td></tr><tr><td>2,831</td><td>2-1/2 -12/15/61-68 1/</td><td>104.07</td><td>104.00</td><td>104.08</td><td>-.04</td><td>2.19</td><td>+.01</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>104.01</td><td>2/11</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69 1/</td><td>103.27</td><td>103.29</td><td>103.28</td><td>-.04</td><td>2.22</td><td>+.01</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>8/11</td></tr><tr><td>3,938</td><td>2-1/2 -12/15/64-69 1/</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.03</td><td>2.23</td><td>+.01</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>8/11</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 1/</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.03</td><td>2.24</td><td>+.01</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>8/7</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/65-71 1/</td><td>103.23</td><td>103.25</td><td>103.24</td><td>-.03</td><td>2.25</td><td>.00</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>8/7</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 1/</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.05</td><td>2.32</td><td>+.01</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>8/7</td></tr><tr><td>11,689</td><td>2-1/2 -12/15/67-72 1/</td><td>102.25</td><td>102.27</td><td>102.26</td><td>-.05</td><td>2.32</td><td>.00</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>8/7</td></tr></table>
(Continued on following page)
46
Treasury Bulletin
Over-the-Counter Closing Quotations, September 30, 1947
Section I - Securities Issued or Guaranteed by the United States
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 6/</th><th colspan="2">In 1947</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th>To first call</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="16">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% - 10/15 47-5210/</td><td>.80%</td><td>.70%</td><td>.75%</td><td>-</td><td>-</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>100.13</td><td>8/29</td></tr><tr><td>701</td><td>2 - 12/15 47</td><td>100.07</td><td>100.09</td><td>100.08</td><td>-.04</td><td>.77%</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>100.08</td><td>9/30</td></tr><tr><td>1,223</td><td>2-3/4 - 3/15 48-51</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-.06</td><td>.76</td><td>3/16/35</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>100.29</td><td>9/30</td></tr><tr><td>451</td><td>2-1/2 - 9/15 48</td><td>101.20</td><td>101.22</td><td>101.21</td><td>-.05</td><td>.76</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>102.28</td><td>1/23</td><td>101.21</td><td>9/30</td></tr><tr><td>571</td><td>2 - 12/15 48-50</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.03</td><td>.77</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>101.15</td><td>9/30</td></tr><tr><td>491</td><td>3-1/8 - 12/15 49-52</td><td>104.26</td><td>104.28</td><td>104.27</td><td>-.06</td><td>.90</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>104.27</td><td>9/30</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15 49-53</td><td>103.14</td><td>103.16</td><td>103.15</td><td>-.05</td><td>.91</td><td>12/15/35</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>103.15</td><td>9/30</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15 50-52</td><td>104.15</td><td>104.17</td><td>104.16</td><td>-.05</td><td>.95</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.19</td><td>9/25/39</td><td>105.14</td><td>2/20</td><td>104.16</td><td>9/30</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15 51-54</td><td>106.10</td><td>106.12</td><td>106.11</td><td>-.04</td><td>1.00</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>106.11</td><td>9/30</td></tr><tr><td>755</td><td>3 - 9/15 51-55</td><td>107.20</td><td>107.22</td><td>107.21</td><td>-.06</td><td>1.02</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>106.22</td><td>2/10</td><td>107.21</td><td>9/30</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>-.04</td><td>1.02</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>105.01</td><td>8/18</td></tr><tr><td>725</td><td>2 - 6/15 53-55</td><td>105.16</td><td>105.18</td><td>105.17</td><td>+.01</td><td>1.00</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>105.21</td><td>2/5</td><td>105.02</td><td>6/24</td></tr><tr><td>681</td><td>2-1/4 - 6/15 54-56</td><td>107.14</td><td>107.16</td><td>107.15</td><td>-.01</td><td>1.09</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>107.23</td><td>3/27</td><td>107.00</td><td>1/8</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15 55-60</td><td>111.21</td><td>111.23</td><td>111.22</td><td>-.12</td><td>1.23</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>112.09</td><td>112.11</td><td>112.10</td><td>-.15</td><td>1.29</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>113.09</td><td>113.11</td><td>113.10</td><td>-.15</td><td>1.41</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>114.23</td><td>114.25</td><td>114.24</td><td>-.13</td><td>1.51</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>115.06</td><td>9/2</td><td>113.31</td><td>7/2</td></tr><tr><td colspan="16">Panama Canal bonds</td></tr><tr><td>50</td><td>3% - 6/1 61</td><td>125.08</td><td>126.08</td><td>125.24</td><td>-.08</td><td>.99</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>127.08</td><td>1/18</td><td>125.24</td><td>9/30</td></tr></table>
Section II
- Securities Issued by Federal Agencies but not Guaranteed by the United States (Taxable)
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Mill-lone)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 6/</th><th colspan="2">In 1947</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="16">Federal Intermediate Credit Bank debentures 11/</td></tr><tr><td>$34</td><td>1.00% - 10/1</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>1/2/47</td><td>100.00</td><td>9/29/47</td><td>100.00</td><td>9/29/47</td><td>100.00</td><td>9/29</td><td>100.00</td><td>9/29</td></tr><tr><td>20</td><td>1.05 - 10/1</td><td>47</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>1/</td><td>4/1/47</td><td>100.00</td><td>9/29/47</td><td>100.00</td><td>9/29/47</td><td>100.00</td><td>9/29</td><td>100.00</td><td>9/29</td></tr><tr><td>42</td><td>1.00 - 11/1</td><td>47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00%</td><td>2/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>31</td><td>1.10 - 12/1</td><td>47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>3/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>20</td><td>1.05 - 12/1</td><td>47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.05</td><td>6/2/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>41</td><td>1.10 - 1/2</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>4/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>20</td><td>1.10 - 2/2</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>5/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>22</td><td>1.10 - 2/2</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>8/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>29</td><td>1.10 - 3/1</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>6/2/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>54</td><td>1.10 - 4/1</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>7/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>30</td><td>1.15 - 5/1</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.15</td><td>8/1/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>49</td><td>1.15 - 6/1</td><td>48</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>1.15</td><td>9/2/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30/47</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td colspan="16">Federal Home Loan Bank securities</td></tr><tr><td>140</td><td>1-1/4% - 10/15/48 (Bonds)</td><td>100.01</td><td>100.04</td><td>100.02</td><td>+
1/ Excludes the following securities not regularly quoted in the market: (1) postal savings bonds and (2) Federal Housing Administration debentures (the only public marketable interest-bearing guaranteed securities outstanding).
2/ This security was issued on October 2, 1947, in the amount of $1,302 million.
3/ Not quoted on September 30, 1947.
4/ For amount of this security issued on October 1, 1947, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the chapter on the "General Fund Position and Debt Outstanding".
5/ Quoted on a yield basis beginning September 2, 1947; prior thereto quoted on a price basis.
6/ 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, for all securities except Federal Intermediate Credit Bank debentures. Dates of highs and lows, in case of recurrence, are the latest dates.
1/ Included in the average yield of long-term taxable Treasury bonds as shown in the table "Average Yields of Long-Term Treasury and Corporate Bonds".
8/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
9/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
10/ Called on June 13, 1947, for redemption on October 15, 1947. Quoted on a yield basis beginning September 2, 1947; prior thereto quoted on a price basis. Price history ends August 29, 1947.
11/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
12/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in these banks ceased on June 26, 1947, with the repayment of the last of its investment.
13/ Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to earliest as more significant when an issue is selling at or below par.
November 1947
47
YIELDS OF TREASURY SECURITIES SEPT. 30, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are filled 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, Office of the Technical Staff
F-235-D
48
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series - averages of daily figures
<table><tr><td>1939-Jan.</td><td>2.54</td><td></td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td></td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td></td><td>2.57</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td></td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td></td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td></td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td></td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td></td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td></td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td></td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td></td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td></td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td></td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td></td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td></td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td></td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td><td>May.</td><td></td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td></td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td><td>June.</td><td></td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td></td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td><td>July.</td><td></td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td></td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Aug.</td><td></td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td></td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>Sept.</td><td></td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td></td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td></td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td></td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td></td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td></td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec.</td><td></td><td>2.24</td><td>2.55</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td></td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td></td><td>2.21</td><td>2.48</td></tr><tr><td>Feb.</td><td>2.22</td><td></td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>Feb.</td><td></td><td>2.21</td><td>2.48</td></tr><tr><td>Mar.</td><td>2.12</td><td></td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>Mar.</td><td></td><td>2.19</td><td>2.49</td></tr><tr><td>Apr.</td><td>2.07</td><td></td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Apr.</td><td></td><td>2.19</td><td>2.49 5/</td></tr><tr><td>May.</td><td>2.04</td><td></td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td><td>May.</td><td></td><td>2.19</td><td>2.49</td></tr><tr><td>June.</td><td>2.01</td><td></td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td><td>June.</td><td></td><td>2.22</td><td>2.50</td></tr><tr><td>July.</td><td>1.98</td><td></td><td>2.66 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></td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Aug.</td><td></td><td>2.24</td><td>2.51</td></tr><tr><td>Sept.</td><td>2.02</td><td></td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>Sept.</td><td></td><td>2.24</td><td>2.57</td></tr><tr><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 4/</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily figures
[New series, beginning in June 1947 Bulletin; old weekly series was Saturday figures]
<table><tr><td>1947-Apr.</td><td>5......</td><td>...</td><td>2.18</td><td>2.50 5/</td><td>1947-June</td><td>7......</td><td>...</td><td>2.20</td><td>2.49</td><td>1947-Aug.</td><td>2......</td><td>...</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>12......</td><td>...</td><td>2.18</td><td>2.49</td><td></td><td>14......</td><td>...</td><td>2.21</td><td>2.50</td><td></td><td>9......</td><td>...</td><td>2.25</td><td>2.51</td></tr><tr><td></td><td>19......</td><td>...</td><td>2.20</td><td>2.49</td><td></td><td>21......</td><td>...</td><td>2.24</td><td>2.51</td><td></td><td>16......</td><td>...</td><td>2.24</td><td>2.51</td></tr><tr><td></td><td>26......</td><td>...</td><td>2.20</td><td>2.50</td><td></td><td>28......</td><td>...</td><td>2.24</td><td>2.51</td><td></td><td>23......</td><td>...</td><td>2.23</td><td>2.52</td></tr><tr><td>May</td><td>3......</td><td>...</td><td>2.20</td><td>2.49</td><td>July</td><td>5......</td><td>...</td><td>2.25</td><td>2.50</td><td>Sept.</td><td>6......</td><td>...</td><td>2.23</td><td>2.53</td></tr><tr><td></td><td>10......</td><td>...</td><td>2.20</td><td>2.49</td><td></td><td>12......</td><td>...</td><td>2.25</td><td>2.50</td><td></td><td>13......</td><td>...</td><td>2.24</td><td>2.55</td></tr><tr><td></td><td>17......</td><td>...</td><td>2.20</td><td>2.49</td><td></td><td>19......</td><td>...</td><td>2.25</td><td>2.51</td><td></td><td>20......</td><td>...</td><td>2.23</td><td>2.58</td></tr><tr><td></td><td>24......</td><td>...</td><td>2.19</td><td>2.49</td><td></td><td>26......</td><td>...</td><td>2.25</td><td>2.50</td><td></td><td>27......</td><td>...</td><td>2.24</td><td>2.60</td></tr><tr><td></td><td>31......</td><td>...</td><td>2.19</td><td>2.49</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1947-Sept.</td><td>1</td><td>6/</td><td>6/</td><td>1947-Sept. 11</td><td>2.24</td><td>2.55</td><td>1947-Sept. 22</td><td>2.24</td><td>2.58</td></tr><tr><td></td><td>2</td><td>2.23</td><td>2.52</td><td>12</td><td>2.24</td><td>2.57</td><td>23</td><td>2.24</td><td>2.58</td></tr><tr><td></td><td>3</td><td>2.23</td><td>2.53</td><td>13</td><td>6/</td><td>6/</td><td>24</td><td>2.24</td><td>2.59</td></tr><tr><td></td><td>4</td><td>2.23</td><td>2.53</td><td></td><td></td><td></td><td>25</td><td>2.24</td><td>2.61</td></tr><tr><td></td><td>5</td><td>2.23</td><td>2.53</td><td>15</td><td>2.24</td><td>2.57</td><td>26</td><td>2.24</td><td>2.62</td></tr><tr><td></td><td>6</td><td>6/</td><td>6/</td><td>16</td><td>2.23</td><td>2.58</td><td>27</td><td>6/</td><td>6/</td></tr><tr><td></td><td></td><td></td><td></td><td>17</td><td>2.23</td><td>2.58</td><td></td><td></td><td></td></tr><tr><td></td><td>8</td><td>2.23</td><td>2.53</td><td>18</td><td>2.23</td><td>2.58</td><td>29</td><td>2.24</td><td>2.62</td></tr><tr><td></td><td>9</td><td>2.23</td><td>2.54</td><td>19</td><td>2.23</td><td>2.58</td><td>30</td><td>2.24</td><td>2.64</td></tr><tr><td></td><td>10</td><td>2.24</td><td>2.54</td><td>20</td><td>6/</td><td>6/</td><td></td><td></td><td></td></tr></table>
Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly (old series) data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 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 January 1945, page 56.
3/ Average revised beginning July 1, 1941. Old average for July 1941 was also 2.66%.
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/ Market closed.
November 1947
49
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Office of the Technical Staff
50
Treasury Bulletin
INTERNAL REVENUE STATISTICS
November 1947
51
Summary of Internal Revenue Collections
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from Internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,604</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>-361,589</td><td>40,671,922</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>367,432</td><td>240,972</td><td>101,302</td><td>25,158</td></tr><tr><td>March</td><td>5,446,124</td><td>+875,813</td><td>4,570,311</td><td>3,844,104</td><td>2,048,626</td><td>1,791,996</td><td>3,482</td><td>82,208</td><td>13,136</td><td>12,727</td><td>56,346</td></tr><tr><td>April</td><td>2,309,306</td><td>-420,588</td><td>2,729,894</td><td>1,958,399</td><td>1,661,992</td><td>294,039</td><td>2,368</td><td>131,186</td><td>123,856</td><td>4,076</td><td>3,254</td></tr><tr><td>May</td><td>2,578,464</td><td>-274,757</td><td>2,853,221</td><td>1,920,555</td><td>1,685,223</td><td>232,127</td><td>3,204</td><td>331,960</td><td>287,800</td><td>10,440</td><td>33,720</td></tr><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><tr><td>July</td><td>2,125,762</td><td>-557,485</td><td>2,683,247</td><td>1,850,976</td><td>1,430,437</td><td>418,256</td><td>2,282</td><td>148,287</td><td>138,716</td><td>2,893</td><td>6,679</td></tr><tr><td>August</td><td>2,662,365</td><td>-185,930</td><td>2,848,295</td><td>1,877,563</td><td>1,557,312</td><td>318,942</td><td>1,309</td><td>319,154</td><td>269,195</td><td>9,634</td><td>40,325</td></tr></table>
lands of dollars)
(In thou
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes &/</th></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>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>7,712,956</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>1,489,929</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>133,895</td></tr><tr><td>May</td><td>600,706</td><td>65</td><td>61,507</td><td>150,265</td><td>94,645</td><td>6,027</td><td>162,879</td><td>125,319</td></tr><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><tr><td>July</td><td>683,985</td><td>21</td><td>65,741</td><td>169,600</td><td>110,937</td><td>6,494</td><td>177,037</td><td>154,155</td></tr><tr><td>August</td><td>651,577</td><td>379</td><td>79,449</td><td>171,719</td><td>109,581</td><td>6,412</td><td>154,135</td><td>129,901</td></tr></table>
Miscellaneous internal revenue
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaska Railroad. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limiting provisions of the Vinson Act, and prior to July 1947 the tax on unjust enrichment. Beginning July 1947 the tax on unjust enrichment is
5/ Included with "Miscellaneous taxes". Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933. See also footnote 4.
52
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Office of the Secretary of the Treasury, Office of the Technical Staff
Includes miscellaneous profits taxes
8-165-H
November 1947
53
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>August 1946</th><th>August 1947</th><th colspan="2">First 2 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943</td><td>9,857,466</td><td>9,842,028</td><td>1,338,765</td><td>1,495,140</td><td>2,196,287</td><td>2,628,432</td></tr><tr><td>Revenue Act of 1942</td><td>123</td><td>254</td><td>2</td><td>28</td><td>3</td><td>32</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current</td><td>8,430,377</td><td>8,950,272</td><td>42,407</td><td>24,043</td><td>383,589</td><td>280,752</td></tr><tr><td>Back</td><td>416,571</td><td>550,743</td><td>34,197</td><td>38,100</td><td>67,635</td><td>78,531</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>1,415,371</td><td>1,557,312</td><td>2,647,514</td><td>2,987,749</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current</td><td>3,901,917</td><td>5,441,776</td><td>109,926</td><td>216,872</td><td>269,077</td><td>536,090</td></tr><tr><td>Back</td><td>738,032</td><td>613,320</td><td>32,186</td><td>59,002</td><td>64,542</td><td>109,375</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>203,969</td><td>43,068</td><td>533,576</td><td>91,733</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>346,082</td><td>318,942</td><td>867,196</td><td>737,199</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dealers value</td><td>91,130</td><td>55,185</td><td>4,192</td><td>1,309</td><td>8,286</td><td>3,592</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>35</td><td>298</td><td>3</td><td>4</td><td>5</td><td>4</td></tr><tr><td>Total miscellaneous profit taxes</td><td>91,165</td><td>55,483</td><td>4,196</td><td>1,309</td><td>8,291</td><td>3,592</td></tr><tr><td>Total income and profits taxes</td><td>31,258,138</td><td>29,020,054</td><td>1,765,649</td><td>1,877,563</td><td>3,523,001</td><td>3,728,539</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,237,825</td><td>1,458,934</td><td>239,705</td><td>269,195</td><td>349,665</td><td>407,911</td></tr><tr><td>Unemployment insurance 6/</td><td>178,745</td><td>185,876</td><td>8,475</td><td>9,614</td><td>11,744</td><td>12,527</td></tr><tr><td>Total Social Security taxes</td><td>1,416,570</td><td>1,644,810</td><td>248,180</td><td>278,829</td><td>361,409</td><td>420,437</td></tr><tr><td>Railroad retirement 7/</td><td>284,258</td><td>379,555</td><td>32,674</td><td>40,325</td><td>35,141</td><td>47,004</td></tr><tr><td>Total employment taxes</td><td>1,700,828</td><td>2,024,365</td><td>280,853</td><td>319,154</td><td>396,550</td><td>467,441</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>352,121</td><td>1,597</td><td>62</td><td>379</td><td>298</td><td>400</td></tr><tr><td>Estate tax</td><td>629,601</td><td>708,794</td><td>57,349</td><td>76,790</td><td>130,745</td><td>141,914</td></tr><tr><td>Gift tax</td><td>47,232</td><td>70,497</td><td>625</td><td>2,659</td><td>1,487</td><td>3,277</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>143,080</td><td>121,562</td><td>9,661</td><td>6,322</td><td>23,463</td><td>14,401</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,603,497</td><td>1,563,800</td><td>153,394</td><td>87,227</td><td>301,901</td><td>164,160</td></tr><tr><td>Distilled spirits rectification tax</td><td>41,880</td><td>43,485</td><td>4,092</td><td>2,184</td><td>7,934</td><td>4,037</td></tr><tr><td>Wines, cordiale, etc. (imported, excise)</td><td>2,594</td><td>2,906</td><td>106</td><td>131</td><td>519</td><td>269</td></tr><tr><td>Wines, cordiale, etc. (domestic, excise)</td><td>58,250</td><td>54,291</td><td>5,536</td><td>3,592</td><td>11,298</td><td>7,073</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,061</td><td>9,443</td><td>1,434</td><td>1,318</td><td>5,369</td><td>5,512</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>25</td><td>9</td><td>69</td><td>36</td><td>144</td><td>61</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>840</td><td>746</td><td>1,166</td><td>805</td><td>2,277</td><td>1,436</td></tr><tr><td>Container stamps</td><td>13,309</td><td>13,282</td><td>73</td><td>(-7)</td><td>123</td><td>10</td></tr><tr><td>Floor taxes</td><td>650,824</td><td>661,418</td><td>60,042</td><td>69,547</td><td>120,009</td><td>142,059</td></tr><tr><td>Fermented malt liquors</td><td>3,106</td><td>3,662</td><td>572</td><td>563</td><td>2,009</td><td>2,299</td></tr><tr><td>Brokers; dealers in malt liquors (special taxes)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total alcoholic beverage taxes 8/</td><td>2,526,162</td><td>2,474,756</td><td>236,146</td><td>171,719</td><td>475,027</td><td>341,318</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>41,384</td><td>48,289</td><td>4,173</td><td>3,801</td><td>7,604</td><td>7,478</td></tr><tr><td>Cigars (small)</td><td>70</td><td>66</td><td>6</td><td>5</td><td>11</td><td>8</td></tr><tr><td>Cigarettes (large)</td><td>172</td><td>6</td><td></td><td></td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,072,799</td><td>1,145,262</td><td>101,335</td><td>101,710</td><td>190,378</td><td>205,133</td></tr><tr><td>Snuff</td><td>7,373</td><td>7,055</td><td>597</td><td>372</td><td>1,092</td><td>1,079</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>41,961</td><td>36,548</td><td>3,496</td><td>3,621</td><td>6,771</td><td>6,696</td></tr><tr><td>Cigarette papers and tubes</td><td>1,757</td><td>539</td><td>10</td><td>73</td><td>22</td><td>123</td></tr><tr><td>Leaf dealer penalties, etc.</td><td></td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>3</td><td>5</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total tobacco taxes</td><td>1,165,519</td><td>1,237,768</td><td>109,617</td><td>109,581</td><td>205,881</td><td>220,518</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>47,393</td><td>49,106</td><td>4,766</td><td>4,106</td><td>9,404</td><td>8,633</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>30,369</td><td>21,963</td><td>1,752</td><td>1,727</td><td>3,634</td><td>3,296</td></tr><tr><td>Playing cards</td><td>9,766</td><td>7,782</td><td>882</td><td>563</td><td>1,565</td><td>938</td></tr><tr><td>Silver bullion sales or transfers</td><td>149</td><td>1,127</td><td>127</td><td>17</td><td>140</td><td>38</td></tr><tr><td>Total stamp taxes</td><td>87,676</td><td>79,978</td><td>7,528</td><td>6,412</td><td>14,743</td><td>12,906</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Detailed Analysis of Internal Revenue Collection
- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th rowspan="2">August 1946</th><th rowspan="2">August 1947</th><th colspan="2">First 2 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>74,602</td><td>82,015</td><td>6,093</td><td>6,922</td><td>15,164</td><td>12,480</td></tr><tr><td>Gasoline</td><td>405,695</td><td>433,676</td><td>39,197</td><td>45,551</td><td>75,819</td><td>84,131</td></tr><tr><td>Tires and tubes</td><td>118,072</td><td>174,927</td><td>10,867</td><td>10,423</td><td>28,060</td><td>26,423</td></tr><tr><td>Floor taxes on tires and tubes</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>37,144</td><td>62,099</td><td>3,463</td><td>4,739</td><td>6,841</td><td>10,100</td></tr><tr><td>Other automobile and motorcycles</td><td>25,893</td><td>204,680</td><td>13,386</td><td>16,953</td><td>24,562</td><td>41,800</td></tr><tr><td>Parts and accessories for automobiles</td><td>68,871</td><td>99,932</td><td>6,521</td><td>8,787</td><td>13,826</td><td>19,418</td></tr><tr><td>Electrical energy</td><td>59,112</td><td>63,014</td><td>5,062</td><td>5,403</td><td>10,106</td><td>11,267</td></tr><tr><td>Electric, gas, and oil appliances</td><td>25,492</td><td>65,608</td><td>4,379</td><td>6,376</td><td>8,627</td><td>13,907</td></tr><tr><td>Electric light bulbs and tubes</td><td>17,781</td><td>23,180</td><td>2,519</td><td>1,062</td><td>4,268</td><td>4,419</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>4,551</td><td>5,084</td><td>7,351</td><td>11,534</td></tr><tr><td>Phonograph records</td><td>3,902</td><td>8,492</td><td>605</td><td>477</td><td>1,219</td><td>1,065</td></tr><tr><td>Musical instruments</td><td>2,839</td><td>10,151</td><td>674</td><td>527</td><td>1,166</td><td>1,322</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>2,573</td><td>4,697</td><td>5,401</td><td>10,826</td></tr><tr><td>Matches</td><td>10,247</td><td>3,413</td><td>459</td><td>975</td><td>733</td><td>1,280</td></tr><tr><td>Floor taxes on matches</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>15,792</td><td>25,183</td><td>1,625</td><td>2,624</td><td>3,766</td><td>5,189</td></tr><tr><td>Pure - retailers' excise</td><td>91,706</td><td>97,481</td><td>3,629</td><td>2,162</td><td>6,808</td><td>4,880</td></tr><tr><td>Jewelry - retailers' excise</td><td>223,342</td><td>236,615</td><td>17,793</td><td>14,359</td><td>37,038</td><td>33,002</td></tr><tr><td>Luggage - retailers' excise</td><td>81,423</td><td>84,588</td><td>7,204</td><td>5,294</td><td>14,909</td><td>12,474</td></tr><tr><td>Photographic apparatus</td><td>21,184</td><td>36,163</td><td>2,692</td><td>2,978</td><td>5,788</td><td>6,575</td></tr><tr><td>Sporting goods</td><td>7,878</td><td>17,054</td><td>1,500</td><td>1,425</td><td>2,825</td><td>2,970</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>95,574</td><td>95,542</td><td>7,469</td><td>6,393</td><td>15,534</td><td>14,206</td></tr><tr><td>Firearms, shells and cartridges</td><td>5,232</td><td>9,031</td><td>533</td><td>881</td><td>1,400</td><td>1,798</td></tr><tr><td>Pistols and revolvers</td><td>61</td><td>384</td><td>244</td><td>48</td><td>259</td><td>90</td></tr><tr><td>Repealed taxes</td><td>241</td><td>184</td><td>13</td><td>4</td><td>18</td><td>13</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,414,717</td><td>1,933,621</td><td>143,051</td><td>154,135</td><td>291,488</td><td>331,172</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937</td><td>56,732</td><td>59,152</td><td>4,484</td><td>9,583</td><td>9,517</td><td>15,642</td></tr><tr><td>Telephones, telegraph, radio, and cable, leased wires, etc.</td><td>234,393</td><td>252,746</td><td>20,194</td><td>16,805</td><td>42,918</td><td>38,257</td></tr><tr><td>Local telephone service</td><td>145,689</td><td>164,944</td><td>11,454</td><td>14,741</td><td>28,182</td><td>30,087</td></tr><tr><td>Transportation of oil by pipe line</td><td>11,824</td><td>16,988</td><td>1,169</td><td>1,151</td><td>2,561</td><td>2,501</td></tr><tr><td>Transportation of persons, seats, berths</td><td>226,750</td><td>244,003</td><td>24,343</td><td>20,899</td><td>44,764</td><td>46,671</td></tr><tr><td>Transportation of property</td><td>220,121</td><td>275,701</td><td>22,160</td><td>21,961</td><td>44,011</td><td>48,834</td></tr><tr><td>Leases of safe-deposit boxes</td><td>1,857</td><td>8,560</td><td>721</td><td>777</td><td>1,403</td><td>1,553</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>33,748</td><td>29,483</td><td>67,865</td><td>64,563</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>5,790</td><td>4,029</td><td>11,921</td><td>9,182</td></tr><tr><td>Club dues and initiation fees</td><td>18,899</td><td>23,299</td><td>2,329</td><td>2,217</td><td>4,246</td><td>4,563</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>1,349</td><td>899</td><td>2,933</td><td>2,164</td></tr><tr><td>Coin operated devices</td><td>17,092</td><td>20,432</td><td>5,798</td><td>5,519</td><td>13,983</td><td>13,404</td></tr><tr><td>Adulterated and processed or renovated butter, and filled cheeses</td><td>44</td><td>30</td><td>2</td><td>4</td><td>4</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,932</td><td>5,874</td><td>485</td><td>607</td><td>1,580</td><td>2,067</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>694</td><td>792</td><td>42</td><td>42</td><td>224</td><td>217</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,272</td><td>17,208</td><td>907</td><td>1,186</td><td>1,686</td><td>3,845</td></tr><tr><td>National Firearms Act</td><td>6</td><td>8</td><td>2</td><td>1</td><td>3</td><td>5</td></tr><tr><td>All other, including repealed taxes</td><td>116,347</td><td>422</td><td>35</td><td>-1 1/4</td><td>234</td><td>2 1/4</td></tr><tr><td>Total miscellaneous taxes</td><td>1,489,929</td><td>1,550,842</td><td>135,011</td><td>129,301</td><td>278,137</td><td>284,056</td></tr><tr><td>Total miscellaneous internal revenue</td><td>7,712,956</td><td>8,063,854</td><td>689,388</td><td>651,577</td><td>1,397,805</td><td>1,335,562</td></tr><tr><td>Total internal revenue collections</td><td>40,671,922</td><td>39,108,273</td><td>2,735,890</td><td>2,848,295</td><td>5,317,356</td><td>5,531,542</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-361,589</td><td>+271,136</td><td>-241,431</td><td>-185,930</td><td>-571,999</td><td>-743,415</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,310,333</td><td>39,379,409</td><td>2,494,459</td><td>2,662,365</td><td>4,745,357</td><td>4,788,127</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements: (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. 
1/ Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc. 
2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this Act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Beginning July 1947 collections from the tax on unjust enrichment are included with "All Other" miscellaneous taxes.
5/ Represents collections under the Federal Insurance Contributors Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, collections under the Carriers' Taxing Act of 1937.
8/ Includes collections from the repealed tax on brandy used for fortifying sweet wines.
r Revised.
November 1947
55
MONETARY STATISTICS
56
Treasury Bulletin
Balance Sheet of the Exchange Stabilization Fund as of June 30, 1946, and June 30, 1947
<table><tr><th></th><th colspan="2">June 30, 1946</th><th colspan="2">June 30, 1947</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,800,000,000.00</td><td></td><td>$6,451,671.34</td><td></td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,687,057.54</td><td></td><td>19,380,452.06</td><td></td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>194,374,299.94</td><td></td><td>34,263.59</td><td></td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>25,873.62</td><td></td><td></td><td></td></tr><tr><td>Total cash</td><td></td><td>$1,996,087,231.10</td><td></td><td>$25,866,386.99</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td></td><td>71,362,261.18</td><td></td><td>151,418,753.87</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$29,238.06</td><td></td><td>$644,048.15</td><td></td></tr><tr><td>French francs</td><td>7.49</td><td></td><td>7.49</td><td></td></tr><tr><td>Belgas</td><td>363.08</td><td></td><td>363.08</td><td></td></tr><tr><td>Sterling</td><td>2,980.05</td><td></td><td>2,980.05</td><td></td></tr><tr><td>All other</td><td>3,905,971.35</td><td></td><td>100,970,819.84</td><td></td></tr><tr><td>Total due from foreign banks</td><td></td><td>3,938,560.03</td><td></td><td>101,618,218.61</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td></td><td>20,000,000.00</td><td></td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td></td><td>82,936.12</td><td></td><td>82,936.12</td></tr><tr><td>Other accounts (deferred charges)</td><td></td><td>24.88</td><td></td><td>15.00</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td></td><td>2,636.00</td><td></td><td>2,636.00</td></tr><tr><td>Total assets</td><td></td><td>$2,091,473,649.31</td><td></td><td>$298,988,946.59</td></tr><tr><td>Liabilities and capital:</td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>$1,476.72</td><td></td><td>2,920.02</td><td></td></tr><tr><td>Employee pay-roll allotment account, United States savings bonds</td><td>1,942.17</td><td></td><td>2,738.09</td><td></td></tr><tr><td>Withholding taxes</td><td>23,545.10</td><td></td><td>-</td><td></td></tr><tr><td>Miscellaneous</td><td>337,475.40</td><td></td><td>$3,692,893.43</td><td></td></tr><tr><td>Total accounts payable</td><td></td><td>$364,439.39</td><td></td><td>$3,698,551.54</td></tr><tr><td>Reserve for expenses and contingencies (act)</td><td></td><td>12,203,560.70</td><td></td><td>12,720,608.39</td></tr><tr><td>Capital account</td><td>$2,000,000,000.00</td><td></td><td>$2,000,000,000.00</td><td></td></tr><tr><td>Deduct - Subcription to International Monetary Fund</td><td>275,000.00</td><td>1,999,725,000.00</td><td>1,800,000,000.00</td><td>200,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td></td><td>79,180,649.22</td><td></td><td>82,569,786.66</td></tr><tr><td>Total liabilities and capital</td><td></td><td>$2,091,473,649.31</td><td></td><td>$298,988,946.59</td></tr></table><table><tr><th colspan="4">Schedules for Balance Sheet of the Exchange Stabilization Fund</th></tr><tr><th colspan="4">Schedule 1</th></tr><tr><th colspan="4">Location of gold held by and for account of the Exchange Stabilization Fund 1/</th></tr><tr><th></th><th colspan="2">June 30, 1946</th><th colspan="2">June 30, 1947</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>1,178,735.090</td><td>$41,255,728.21</td><td>3,023,390.700</td><td>$105,818,674.50</td></tr><tr><td>U. S. Assay Office, New York</td><td>860,186.663</td><td>30,106,532.97</td><td>1,302,859.421</td><td>45,600,079.37</td></tr><tr><td>Total</td><td>2,038,921.753</td><td>$71,362,261.18</td><td>4,326,250.121</td><td>$151,418,753.87</td></tr></table>
1/ Excludes gold held by Treasurer of the United States
November 1947
57
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th>Issue</th><th colspan="4">June 30, 1946</th><th colspan="4">June 30, 1947</th></tr><tr><th></th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2% Treasury bonds, 1965-70...</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72...</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td></tr><tr><td>Total United States Government securities</td><td>$20,000,000</td><td>$20,000,000</td><td>.........</td><td>$82,936.12</td><td>$20,000,000</td><td>$20,000,000</td><td>.........</td><td>$82,936.12</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Sources</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through June 30, 1947</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>29,074,704.72</td><td>32,924,354.77</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,198,066.90</td><td>5,698,066.90</td></tr><tr><td>Miscellaneous profits</td><td>750,398.69</td><td>745,833.23</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>249,642.02</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$83,240,065.77</td><td>$87,710,903.79</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1946</th><th>January 31, 1934 through June 30, 1947</th></tr><tr><td>Salaries.</td><td>$2,584,401.41</td><td>$3,483,130.52</td></tr><tr><td>Travel.</td><td>118,521.25</td><td>153,416.65</td></tr><tr><td>Subsistence.</td><td>111,282.81</td><td>199,010.33</td></tr><tr><td>Telephone and telegraph.</td><td>451,317.50</td><td>482,546.69</td></tr><tr><td>Stationery, etc.</td><td>27,399.96</td><td>30,244.20</td></tr><tr><td>All other.</td><td>766,493.02</td><td>792,768.74</td></tr><tr><td>Total administrative expenses.</td><td>$4,059,416.55</td><td>$5,141,117.13</td></tr></table>
Treasury Bulletin
58
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/ 4/</th><th>Gold in General Fund</th></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>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</td><td>21,537.0</td><td>20,343.7</td><td>156.0</td><td>-</td><td>1,037.3</td></tr><tr><td>August</td><td>21,765.9</td><td>20,581.5</td><td>156.0</td><td>-</td><td>1,028.3</td></tr><tr><td>September p</td><td>21,955.1</td><td>20,770.0</td><td>156.0</td><td>-</td><td>1,029.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary
1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System,
and (b) the redemption Fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund. On February 26, 1947, the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ par 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>30,774.1</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</td><td>21,537.0</td><td>3,530.6</td><td>14.1</td></tr><tr><td>August</td><td>21,765.9</td><td>3,533.1</td><td>14.0</td></tr><tr><td>September p</td><td>21,955.1</td><td>3,538.0</td><td>13.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money p Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, September 30, 1947
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,852,641.55</td><td>322,480.38</td></tr><tr><td>Retirement of national bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,253,628.58</td><td>-</td><td>8,253,628.58</td></tr><tr><td>Total increment</td><td>$2,818,979,023.73</td><td>$2,674,786,917.97</td><td>$144,192,105.76</td></tr></table>
November 1947
59
Components of Silver Monetary Stock
(in millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</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>3,146.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>-</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>-</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>-</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>-</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947-January</td><td>1,913.1</td><td>343.3</td><td>15.8</td><td>.3</td><td>93.6</td><td>150.3</td><td>900.2</td><td>3,517.2</td></tr><tr><td>February</td><td>1,915.5</td><td>343.2</td><td>15.9</td><td>.6</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</td><td>1,925.6</td><td>341.0</td><td>19.3</td><td>-</td><td>93.6</td><td>152.5</td><td>904.8</td><td>3,530.6</td></tr><tr><td>August</td><td>1,929.0</td><td>339.9</td><td>17.9</td><td>.7</td><td>92.6</td><td>153.6</td><td>906.4</td><td>3,533.1</td></tr><tr><td>September p</td><td>1,930.9</td><td>339.0</td><td>15.7</td><td>.2</td><td>93.4</td><td>154.4</td><td>910.3</td><td>3,538.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. Less than $50,000. 1/ Valued at $1.29 per ounce. 2/ Includes silver leased to Office of Defense Plants of the E.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 $1.38 per ounce. Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
1
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.5</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.4 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.4 4/</td></tr><tr><td>1947-January</td><td>2.5</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>February</td><td>3.7</td><td>1.8</td><td>1.6</td><td>-</td><td>-</td><td>1.8</td><td>1.6</td></tr><tr><td>March</td><td>3.3</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr><tr><td>April</td><td>2.7</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>May</td><td>3.9</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><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><tr><td>July</td><td>1.9</td><td>3.8</td><td>3.4</td><td>-</td><td>-</td><td>3.8</td><td>3.4</td></tr><tr><td>August</td><td>2.6</td><td>1.9</td><td>1.7</td><td>-</td><td>-</td><td>1.9</td><td>1.7</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures. Less than 50,000 ounces or $50,000. 1/ For information on silver production in other countries from 1933 through 1941, see "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at
77.57 cents per fine ounce from April 23, 1935 to December 31, 1937; at 61.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946. 3/ Acquired at various prices averaging approximately 51 cents per ounce. 4/ Includes 0.5 million ounces valued at 71.11 cents per fine ounce totalling $0.3 million, and 4.4 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
60
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th>Misc. silver (Incl. silver bullion held June 14, 1934)</th><th>Newly mixed silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</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>150.9</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><tr><td>August</td><td>510.0</td><td>48.7</td><td>87.6</td><td>71.9</td><td>832.1</td><td>34.7</td><td>1,075.0</td><td>141.2</td></tr><tr><td>September</td><td>510.7</td><td>48.7</td><td>87.6</td><td>72.5</td><td>832.1</td><td>34.7</td><td>1,075.6</td><td>154.1</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.
November 1947
61
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Coin certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 1/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 1/</th><th>National bank notes 1/</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</td><td>28,149</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><tr><td>August</td><td>28,434</td><td>27,072</td><td>47</td><td>2,051</td><td>1</td><td>320</td><td>24,151</td><td>397</td><td>106</td></tr><tr><td>September p</td><td>28,564</td><td>27,189</td><td>47</td><td>2,043</td><td>1</td><td>317</td><td>24,286</td><td>391</td><td>105</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coln</th><th>Money in circulation per capita (In dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>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</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</td></tr><tr><td>July</td><td>1,356</td><td>149</td><td>875</td><td>332</td><td>195.50</td></tr><tr><td>August</td><td>1,362</td><td>150</td><td>878</td><td>334</td><td>197.36</td></tr><tr><td>September p</td><td>1,375</td><td>151</td><td>887</td><td>337</td><td>198.14</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. p 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the
2/ continental limits of the United States.
1/ Gold certificates were withdrawn from circulation in 1933.
Tresury notes of 1890 in circulation are being canceled and re-tired 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.
62
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
November 1947
63
Capital Movements Between the United States and Foreign Countries,
and Net Position in Foreign Currencies
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 Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I - Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-65,427</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-June 30, 1947)</td><td>1,431,301</td><td>1,335,270</td><td>7,091</td><td>-71,168</td><td>160,108</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1947)</td><td>9,440,791</td><td>7,488,611</td><td>160,830</td><td>393,356</td><td>1,397,994</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>-13,387</td><td>16,545</td></tr><tr><td>September</td><td>-94,114</td><td>-112,735</td><td>3,658</td><td>-13,663</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>67,840 r</td><td>1,047 r</td><td>-3,325</td><td>-152</td><td>70,270</td></tr><tr><td>February</td><td>1,882,574</td><td>1,979,406</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>34,798</td><td>-33,702</td><td>7,069</td><td>2,384</td><td>59,047</td></tr><tr><td>May</td><td>-263,263</td><td>-276,920</td><td>-5,174</td><td>-18,238</td><td>39,069</td></tr><tr><td>June</td><td>-67,458</td><td>-84,068</td><td>4,388</td><td>-5,102</td><td>17,324</td></tr></table>
r Revl sed
64
Treasury Bulletin
Capital Movements: Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currency</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposite of foreigners</th><th>Other</th><th>Payable in foreign currency</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>7,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1946-July</td><td>561,416</td><td>108,706</td><td>236,539</td><td>216,171</td><td>6,908,181</td><td>5,040,249</td><td>1,842,517</td><td>25,415</td><td>6,346,765</td></tr><tr><td>August</td><td>581,450</td><td>108,093</td><td>231,730</td><td>241,627</td><td>6,767,799</td><td>4,949,745</td><td>1,790,877</td><td>27,177</td><td>6,186,349</td></tr><tr><td>September</td><td>615,658</td><td>106,196</td><td>275,991</td><td>233,471</td><td>6,689,272</td><td>4,794,640</td><td>1,867,115</td><td>27,517</td><td>6,073,614</td></tr><tr><td>October</td><td>602,716</td><td>103,518</td><td>272,156</td><td>227,042</td><td>6,679,478</td><td>4,946,961</td><td>1,702,781</td><td>29,736</td><td>6,076,762</td></tr><tr><td>November</td><td>642,600</td><td>96,977</td><td>294,694</td><td>250,929</td><td>6,690,996</td><td>4,843,776</td><td>1,815,968</td><td>31,252</td><td>6,048,396</td></tr><tr><td>December</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1947-January</td><td>730,693</td><td>93,478</td><td>313,213</td><td>324,002</td><td>6,503,699</td><td>4,740,992</td><td>1,723,106</td><td>39,601</td><td>5,773,006</td></tr><tr><td>February</td><td>754,576</td><td>78,720</td><td>315,137</td><td>360,719</td><td>8,506,983</td><td>4,888,977</td><td>3,581,406</td><td>36,605</td><td>7,752,412</td></tr><tr><td>March</td><td>798,432</td><td>72,102</td><td>337,775</td><td>388,555</td><td>8,302,351</td><td>4,874,618</td><td>3,391,699</td><td>36,034</td><td>7,503,919</td></tr><tr><td>April</td><td>801,836</td><td>116,943</td><td>240,850</td><td>444,043</td><td>8,272,053</td><td>5,009,148</td><td>3,232,469</td><td>36,436</td><td>7,470,217</td></tr><tr><td>May</td><td>880,205</td><td>128,974</td><td>274,650</td><td>476,581</td><td>8,071,502</td><td>4,771,282</td><td>3,270,826</td><td>29,394</td><td>7,191,297</td></tr><tr><td>June</td><td>933,025</td><td>159,504</td><td>248,402</td><td>525,119</td><td>8,040,254</td><td>4,992,454</td><td>3,016,630</td><td>31,170</td><td>7,107,229</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="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,314</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,143</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,733</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-June 30, 1947)</td><td>-224,772</td><td>-61,385</td><td>71,237</td><td>-234,624</td><td>1,560,042</td><td>298,593</td><td>1,270,908</td><td>-9,459</td><td>1,335,270</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1947)</td><td>147,458</td><td>194,532</td><td>-149,274</td><td>102,200</td><td>7,341,153</td><td>4,366,012</td><td>3,000,508</td><td>-25,367</td><td>7,488,611</td></tr><tr><td>1946-July</td><td>-50,392</td><td>-50,246</td><td>-8,303</td><td>8,157</td><td>296,171</td><td>277,414</td><td>22,456</td><td>-3,699</td><td>245,779</td></tr><tr><td>August</td><td>-20,034</td><td>613</td><td>4,809</td><td>-25,456</td><td>-140,382</td><td>-90,504</td><td>-51,640</td><td>1,762</td><td>-160,416</td></tr><tr><td>September</td><td>-34,208</td><td>1,897</td><td>-44,261</td><td>8,156</td><td>-78,527</td><td>-155,105</td><td>76,238</td><td>340</td><td>-112,735</td></tr><tr><td>October</td><td>12,942</td><td>2,678</td><td>3,835</td><td>6,429</td><td>-5,472</td><td>156,118</td><td>-163,809</td><td>2,219</td><td>7,470</td></tr><tr><td>November</td><td>-39,884</td><td>6,541</td><td>-22,538</td><td>-23,887</td><td>11,518</td><td>-103,185</td><td>113,187</td><td>1,516</td><td>-28,366</td></tr><tr><td>December</td><td>-65,653</td><td>-1,142</td><td>-24,945</td><td>-39,566</td><td>-210,734</td><td>-149,865</td><td>-70,246</td><td>9,377</td><td>-276,387</td></tr><tr><td>1947-January</td><td>-22,440</td><td>4,641</td><td>6,426</td><td>-33,507</td><td>23,487</td><td>47,131</td><td>-22,616</td><td>-1,028</td><td>1,047</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>-2,936</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>-248,491</td></tr><tr><td>April</td><td>-3,404</td><td>-44,841</td><td>96,925</td><td>-55,488</td><td>-30,298</td><td>128,530</td><td>-159,230</td><td>402</td><td>-33,702</td></tr><tr><td>May</td><td>-78,369</td><td>-12,031</td><td>-33,800</td><td>-32,538</td><td>-200,551</td><td>-231,866</td><td>38,357</td><td>-7,042</td><td>-278,920</td></tr><tr><td>June</td><td>-52,820</td><td>-30,530</td><td>26,248</td><td>-48,538</td><td>-31,248</td><td>221,172</td><td>-254,196</td><td>1,776</td><td>-84,068</td></tr></table>
r Revised.
November 1947
65
Capital Movements: Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(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>1,112,923</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-June 30, 1947)...</td><td>99,907</td><td>165,867</td><td>-65,960</td><td>131,754</td><td>136,962</td><td>-5,208</td><td>231,661</td><td>302,829</td><td>-71,168</td></tr><tr><td>Total (Jan. 2, 1935-June 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>12,277,736</td><td>11,884,380</td><td>393,356</td></tr><tr><td>1946-July</td><td>23,535</td><td>31,959</td><td>-8,424</td><td>16,436</td><td>116,870</td><td>-100,434</td><td>39,971</td><td>148,829</td><td>-108,858</td></tr><tr><td>August</td><td>25,871</td><td>25,167</td><td>704</td><td>9,540</td><td>24,231</td><td>-14,691</td><td>35,411</td><td>49,398</td><td>-13,987</td></tr><tr><td>September</td><td>32,076</td><td>36,704</td><td>-4,628</td><td>16,989</td><td>26,224</td><td>-9,235</td><td>49,065</td><td>62,928</td><td>-13,863</td></tr><tr><td>October</td><td>22,263</td><td>26,240</td><td>-3,977</td><td>33,100</td><td>35,317</td><td>-2,217</td><td>55,363</td><td>61,557</td><td>-6,194</td></tr><tr><td>November</td><td>20,959</td><td>26,223</td><td>-5,264</td><td>32,009</td><td>44,426</td><td>-12,417</td><td>52,968</td><td>70,649</td><td>-17,681</td></tr><tr><td>December</td><td>39,832</td><td>30,847</td><td>8,985</td><td>31,051</td><td>29,932</td><td>1,119</td><td>70,883</td><td>60,779</td><td>10,104</td></tr><tr><td>1947-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>February</td><td>19,445</td><td>33,065</td><td>-13,620</td><td>13,296</td><td>24,374</td><td>-11,078</td><td>32,741</td><td>57,439</td><td>-24,698</td></tr><tr><td>March</td><td>14,367</td><td>21,183</td><td>-6,816</td><td>16,442</td><td>34,988</td><td>-18,546</td><td>30,809</td><td>56,171</td><td>-25,362</td></tr><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><tr><td>May</td><td>15,845</td><td>33,172</td><td>-17,327</td><td>17,303</td><td>18,214</td><td>-911</td><td>33,148</td><td>51,386</td><td>-18,238</td></tr><tr><td>June</td><td>13,386</td><td>24,969</td><td>-11,583</td><td>34,314</td><td>27,833</td><td>6,481</td><td>47,700</td><td>52,802</td><td>-5,102</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)...</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-June 30, 1947)......</td><td>34,470</td><td>21,220</td><td>13,250</td><td>424,996</td><td>278,138</td><td>146,858</td><td>459,466</td><td>299,358</td><td>160,108</td></tr><tr><td>Total (Jan. 2, 1935-June 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>6,675,319</td><td>5,277,325</td><td>1,397,994</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>75,052</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><tr><td>May</td><td>4,924</td><td>3,466</td><td>1,458</td><td>78,426</td><td>36,815</td><td>37,611</td><td>83,350</td><td>39,269</td><td>44,081</td></tr><tr><td>June</td><td>4,075</td><td>3,635</td><td>440</td><td>53,159</td><td>36,275</td><td>16,884</td><td>57,234</td><td>40,115</td><td>17,119</td></tr></table>
O.a Not available.
Treasury Bulletin
66
Capital Movements: 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><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>-142,297</td><td>-11,842</td><td>22,565</td><td>-29,896</td><td>-66,114</td><td>104,188</td><td>-140,606</td><td>-12,223</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>-12,149</td><td>70,420</td><td>-12,978</td><td>-31,183</td><td>14,636</td><td>-22,078</td><td>-9,553</td><td>71,111</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>-11,949</td><td>-8,620</td><td>6,254</td><td>-16,344</td><td>28,835</td><td>-16,643</td><td>-12,077</td><td>-9,651</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>-1,003</td><td>-5,096</td><td>6,708</td><td>-4,798</td><td>-5,775</td><td>-4,669</td><td>-924</td><td>-5,100</td><td></td></tr><tr><td>Finland</td><td>-831</td><td>7,602</td><td>356</td><td>-3,443</td><td>-6,352</td><td>-2,262</td><td>-831</td><td>7,592</td><td>307</td><td>-3,429</td><td>-6,341</td><td>-2,048</td><td></td></tr><tr><td>Germany</td><td>-1,853</td><td>236</td><td>1,307</td><td>2,234</td><td>12,433</td><td>5,729</td><td>-1,832</td><td>251</td><td>1,322</td><td>2,196</td><td>12,503</td><td>5,731</td><td></td></tr><tr><td>Greece</td><td>-5,798</td><td>-979</td><td>-4,114</td><td>423</td><td>-2,103</td><td>-5,396</td><td>-5,599</td><td>-864</td><td>-4,018</td><td>491</td><td>-2,233</td><td>-5,400</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>-22,966</td><td>-17,470</td><td>54,144</td><td>-76,438</td><td>-31,790</td><td>5,779</td><td>-23,070</td><td>-17,630</td><td></td></tr><tr><td>Luxembourg</td><td>-169</td><td>-93</td><td>41</td><td>-662</td><td>-94</td><td>-364</td><td>-139</td><td>14</td><td>435</td><td>-686</td><td>-13</td><td>-114</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>-34,974</td><td>-16,228</td><td>1,753</td><td>-14,913</td><td>-33,134</td><td>142,999</td><td>-3,501</td><td>-6,917</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>-11,518</td><td>-9,719</td><td>-6,449</td><td>-11,020</td><td>-1,625</td><td>4,912</td><td>-11,352</td><td>-9,850</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>-128</td><td>-10,033</td><td>6,544</td><td>-1,483</td><td>10,075</td><td>-2,006</td><td>-83</td><td>-10,082</td><td></td></tr><tr><td>Romania</td><td>12</td><td>-62</td><td>-830</td><td>-3,588</td><td>-3,177</td><td>-67</td><td>11</td><td>-75</td><td>-787</td><td>-3,587</td><td>-3,177</td><td>-27</td><td></td></tr><tr><td>Spain</td><td>3,253</td><td>1,383</td><td>1,137</td><td>-221</td><td>-423</td><td>-570</td><td>3,192</td><td>1,328</td><td>1,142</td><td>-528</td><td>-407</td><td>-6,555</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>-5,628</td><td>-21,010</td><td>-8,915</td><td>-5,343</td><td>5,836</td><td>-9,091</td><td>-5,412</td><td>-19,011</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>3,027</td><td>-5,319</td><td>2,720</td><td>6,341</td><td>8,881</td><td>8,122</td><td>4,068</td><td>-5,661</td><td></td></tr><tr><td>U. S. R.</td><td>-81</td><td>-1,918</td><td>67</td><td>1,476</td><td>-9,559</td><td>160</td><td>-82</td><td>-1,920</td><td>67</td><td>1,476</td><td>-9,563</td><td>159</td><td></td></tr><tr><td>Yugoslavia</td><td>584</td><td>936</td><td>733</td><td>658</td><td>-2,669</td><td>-691</td><td>584</td><td>936</td><td>782</td><td>618</td><td>-2,762</td><td>-693</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>-6,213</td><td>-10,324</td><td>13,406</td><td>3,675</td><td>654</td><td>-12,725</td><td>-6,214</td><td>-10,656</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>-257,842</td><td>-48,702</td><td>81,056</td><td>-174,160</td><td>-70,261</td><td>195,339</td><td>-220,717</td><td>-44,617</td><td></td></tr><tr><td>Canada</td><td>-12,632</td><td>-33,759</td><td>-80,194</td><td>-86,287</td><td>-1,749</td><td>40,358</td><td>-72,458</td><td>42,461</td><td>-110,505</td><td>-148,057</td><td>-50,321</td><td>9,633</td><td></td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,617</td><td>21,464</td><td>-3,782</td><td>37,822</td><td>27,483</td><td>18,452</td><td>46,042</td><td>17,593</td><td>-2,999</td><td>33,743</td><td>26,066</td><td>16,110</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>-1,936</td><td>7,917</td><td>-1,933</td><td>1,368</td><td>-1,257</td><td>-2,974</td><td>-1,918</td><td>7,906</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>-53,195</td><td>-20,941</td><td>4,893</td><td>-34,371</td><td>-36,706</td><td>-58,065</td><td>-53,413</td><td>-22,151</td><td></td></tr><tr><td>Chile</td><td>-3,163</td><td>-3,206</td><td>5,442</td><td>86</td><td>-8,437</td><td>8,305</td><td>-3,102</td><td>-3,101</td><td>5,117</td><td>-191</td><td>-9,830</td><td>8,268</td><td></td></tr><tr><td>Colombia</td><td>-10,135</td><td>4,644</td><td>-528</td><td>1,169</td><td>-4,277</td><td>-19,312</td><td>-10,384</td><td>6,690</td><td>-721</td><td>823</td><td>-1,423</td><td>-19,310</td><td></td></tr><tr><td>Costa Rica</td><td>-847</td><td>1,451</td><td>-872</td><td>1,419</td><td>-1,070</td><td>-249</td><td>-879</td><td>1,407</td><td>-846</td><td>1,434</td><td>-1,068</td><td>-202</td><td></td></tr><tr><td>Cuba</td><td>-14,761</td><td>-2,127</td><td>35</td><td>9,663</td><td>-12,191</td><td>142,112</td><td>-15,908</td><td>-3,845</td><td>-2,344</td><td>8,566</td><td>-12,288</td><td>141,650</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>261</td><td>-831</td><td>-333</td><td>-1,043</td><td>161</td><td>-754</td><td>267</td><td>-831</td><td></td></tr><tr><td>Mexico</td><td>-8,375</td><td>-2,414</td><td>-5,450</td><td>-13,511</td><td>-883</td><td>-545</td><td>-4,323</td><td>-9,056</td><td>-4,918</td><td>-14,406</td><td>47</td><td>-203</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>-1,615</td><td>1,362</td><td>-2,675</td><td>-1,720</td><td>-1,233</td><td>-156</td><td>-1,607</td><td>1,327</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>-5,004</td><td>-292</td><td>662</td><td>-3,109</td><td>-2,515</td><td>-2,170</td><td>-2,002</td><td>561</td><td></td></tr><tr><td>Peru</td><td>-5,486</td><td>-3,765</td><td>267</td><td>1,192</td><td>3,236</td><td>2,761</td><td>-5,625</td><td>-3,741</td><td>-768</td><td>1,054</td><td>3,246</td><td>2,783</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>-6,636</td><td>10,019</td><td>-24,180</td><td>-11,342</td><td>-2,725</td><td>6,884</td><td>-6,849</td><td>9,738</td><td></td></tr><tr><td>Other Latin America</td><td>11,424</td><td>-2,053</td><td>-1,179</td><td>-1,852</td><td>18,155</td><td>-20,259</td><td>11,128</td><td>-2,211</td><td>-2,276</td><td>-2,836</td><td>16,825</td><td>-20,977</td><td></td></tr><tr><td>Total Latin America</td><td>-7,637</td><td>-35,143</td><td>-46,857</td><td>-19,582</td><td>-46,109</td><td>128,499</td><td>-6,617</td><td>-48,481</td><td>-54,010</td><td>-29,048</td><td>-46,947</td><td>124,669</td><td></td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>6,497</td><td>-32,588</td><td>-21,775</td><td>-8,540</td><td>44,567</td><td>-44,939</td><td>6,824</td><td>-31,962</td><td>-20,942</td><td>-9,921</td><td>43,910</td><td>-43,866</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>2,048</td><td>-3,290</td><td>2,169</td><td>-6,150</td><td>3,102</td><td>-642</td><td>2,048</td><td>-3,290</td><td></td></tr><tr><td>Hong Kong</td><td>4,757</td><td>1,421</td><td>-915</td><td>587</td><td>3,008</td><td>-863</td><td>-4,725</td><td>1,449</td><td>-946</td><td>208</td><td>2,971</td><td>-426</td><td></td></tr><tr><td>India, Burma, and Ceylon</td><td>-1,192</td><td>1,010</td><td>-5,237</td><td>-4,076</td><td>-1,719</td><td>-11,659</td><td>-1,655</td><td>1,465</td><td>-5,281</td><td>-4,125</td><td>-1,753</td><td>-11,734</td><td></td></tr><tr><td>British Malaya</td><td>-3,847</td><td>-1,700</td><td>-304</td><td>741</td><td>1,551</td><td>-1,982</td><td>-8,848</td><td>-1,708</td><td>-297</td><td>781</td><td>1,558</td><td>-1,958</td><td></td></tr><tr><td>Japan</td><td>595</td><td>530</td><td>1,035</td><td>161</td><td>-838</td><td>-1,297</td><td>596</td><td>526</td><td>1,030</td><td>165</td><td>-836</td><td>-1,271</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>-7,886</td><td>456</td><td>-9,759</td><td>-654</td><td>5,816</td><td>-19,703</td><td>-7,826</td><td>432</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>-7,355</td><td>19,632</td><td>-3,498</td><td>-15,458</td><td>19,352</td><td>-10,403</td><td>-7,427</td><td>19,663</td><td></td></tr><tr><td>Turkey</td><td>6,139</td><td>-4,448</td><td>-1,238</td><td>9,113</td><td>-8,579</td><td>-6,648</td><td>6,109</td><td>-4,423</td><td>-1,201</td><td>9,110</td><td>-8,563</td><td>-6,560</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>-5,053</td><td>-3,392</td><td>-5,365</td><td>-3,003</td><td>-5,534</td><td>-4,382</td><td>-5,104</td><td>-3,281</td><td></td></tr><tr><td>Total Asia</td><td>-11,132</td><td>-61,238</td><td>-6,097</td><td>-37,774</td><td>-69,390</td><td>-53,982</td><td>-18,152</td><td>-59,918</td><td>-4,901</td><td>-38,952</td><td>-68,842</td><td>-52,381</td><td></td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4,704</td><td>106</td><td>-7,103</td><td>1,762</td><td>1,915</td><td>-2,593</td><td>-5,524</td><td>16,586</td><td>-19,262</td><td>-2,648</td><td>-1,683</td><td>9,238</td><td></td></tr><tr><td>New Zealand</td><td>124</td><td>44</td><td>1,125</td><td>-770</td><td>-182</td><td>502</td><td>147</td><td>-44</td><td>1,125</td><td>-771</td><td>-244</td><td>1,191</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>1,505</td><td>2,332</td><td>-1,018</td><td>-1,503</td><td>1,177</td><td>-462</td><td>1,463</td><td>2,221</td><td></td></tr><tr><td>French Morocco</td><td>1,064</td><td>810</td><td>-606</td><td>-400</td><td>-999</td><td>-664</td><td>1,048</td><td>894</td><td>-433</td><td>-430</td><td>-1,501</td><td>-657</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>2,004</td><td>-6,702</td><td>34,995</td><td>-52,846</td><td>8,467</td><td>1,319</td><td>2,035</td><td>-6,708</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>-13,643</td><td>-2,153</td><td>-5,855</td><td>-4,565</td><td>-219</td><td>-2,565</td><td>-13,429</td><td>-1,607</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>-9,400</td><td>-9,278</td><td>23,793</td><td>-41,478</td><td>-9,145</td><td>-5,557</td><td>-13,359</td><td>2,981</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>116,853</td><td>-125,098</td><td>-4,809</td><td>2,256,662</td><td>1,333</td><td>-4,453</td><td>116,853</td><td>-125,098</td><td></td></tr><tr><td>Unidentified</td><td>-1,764</td><td>4,321</td><td>-980</td><td>-2,974</td><td>4,374</td><td>745</td><td>-1,766</td><td>4,320</td><td>-1,004</td><td>-2,974</td><td>4,413</td><td>745</td><td></td></tr><tr><td>Grand total</td><td>67,840</td><td>1,882,574</td><td>-223,190</td><td>34,738</td><td>-263,263</td><td>-67,458</td><td>1,047</td><td>1,979,406</td><td>-248,493</td><td>-33,702</td><td>-278,920</td><td>-84,068</td><td></td></tr></table>
r Reviled.
November 1947
67
Capital Movements: Section II - Summary by Countries
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><td></td></tr><tr><td>United Kingdom</td><td>12</td><td>585</td><td>-2,161</td><td>898</td><td>-155</td><td>494</td><td>-42</td><td>1,850</td><td>-263</td><td>1,140</td><td>-1,536</td><td>-113</td></tr><tr><td>France</td><td>-395</td><td>-181</td><td>414</td><td>166</td><td>-694</td><td>-145</td><td>-2,080</td><td>-1,759</td><td>58</td><td>2,506</td><td>-1,942</td><td>-546</td></tr><tr><td>Belgium</td><td>-241</td><td>13</td><td>-151</td><td>108</td><td>55</td><td>83</td><td>1,254</td><td>227</td><td>-407</td><td>7</td><td>73</td><td>948</td></tr><tr><td>Denmark</td><td>29</td><td>61</td><td>-52</td><td>5</td><td>-42</td><td>-5</td><td>33</td><td>-81</td><td>57</td><td>37</td><td>-37</td><td>9</td></tr><tr><td>Finland</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>49</td><td>-14</td><td>-11</td><td>-214</td></tr><tr><td>Germany</td><td>-40</td><td>-15</td><td>-15</td><td>30</td><td>-64</td><td>-</td><td>19</td><td>-</td><td>-</td><td>8</td><td>-6</td><td>-2</td></tr><tr><td>Greece</td><td>-2</td><td>2</td><td>12</td><td>-2</td><td>5</td><td>-3</td><td>-197</td><td>-117</td><td>-108</td><td>-66</td><td>125</td><td>7</td></tr><tr><td>Italy</td><td>-2</td><td>4</td><td>-72</td><td>82</td><td>48</td><td>92</td><td>1,076</td><td>-10,100</td><td>-8,513</td><td>-33</td><td>152</td><td>68</td></tr><tr><td>Luxembourg</td><td>26</td><td>-112</td><td>19</td><td>-95</td><td>11</td><td>-211</td><td>-56</td><td>5</td><td>-413</td><td>119</td><td>-92</td><td>-39</td></tr><tr><td>Netherlands</td><td>-216</td><td>-2,390</td><td>1,385</td><td>994</td><td>-340</td><td>1,257</td><td>-8,842</td><td>-6,150</td><td>-7,182</td><td>-8,908</td><td>-31,133</td><td>-10,568</td></tr><tr><td>Norway</td><td>-229</td><td>-134</td><td>-116</td><td>-60</td><td>-169</td><td>324</td><td>437</td><td>1,452</td><td>365</td><td>-8,726</td><td>-97</td><td>-193</td></tr><tr><td>Portugal</td><td>12</td><td>-18</td><td>11</td><td>32</td><td>-2</td><td>2</td><td>428</td><td>52</td><td>13</td><td>29</td><td>-43</td><td>47</td></tr><tr><td>Romania</td><td>1</td><td>11</td><td>-41</td><td>1</td><td>-</td><td>-2</td><td>20</td><td>2</td><td>-2</td><td>-2</td><td>-</td><td>-18</td></tr><tr><td>Spain</td><td>3</td><td>49</td><td>-12</td><td>99</td><td>-1</td><td>-3</td><td>58</td><td>6</td><td>7</td><td>208</td><td>-15</td><td>5,988</td></tr><tr><td>Sweden</td><td>35</td><td>-32</td><td>162</td><td>-144</td><td>-34</td><td>74</td><td>-213</td><td>26</td><td>30</td><td>210</td><td>-182</td><td>-2,073</td></tr><tr><td>Switzerland</td><td>-75</td><td>348</td><td>1,614</td><td>640</td><td>-1,781</td><td>2,796</td><td>732</td><td>607</td><td>-1,160</td><td>6,739</td><td>740</td><td>-2,454</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>4</td><td>1</td></tr><tr><td>Yugoslavia</td><td>-</td><td>3</td><td>-40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-9</td><td>-</td><td>93</td><td>2</td></tr><tr><td>Other Europe</td><td>-110</td><td>18</td><td>54</td><td>-106</td><td>9</td><td>270</td><td>-5</td><td>-80</td><td>-6,576</td><td>-993</td><td>-8</td><td>62</td></tr><tr><td>Total Europe</td><td>-1,192</td><td>-1,798</td><td>1,011</td><td>2,688</td><td>-3,210</td><td>5,023</td><td>-8,233</td><td>-14,049</td><td>-24,054</td><td>-7,739</td><td>-33,915</td><td>-9,108</td></tr><tr><td>Canada</td><td>571</td><td>-393</td><td>-1,719</td><td>1,223</td><td>-1,608</td><td>77</td><td>59,255</td><td>-75,827</td><td>32,030</td><td>53,547</td><td>50,180</td><td>30,648</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>7</td><td>2,169</td><td>-2,366</td><td>1,355</td><td>-243</td><td>140</td><td>3,568</td><td>1,702</td><td>1,583</td><td>2,724</td><td>1,660</td><td>2,202</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>-18</td><td>11</td></tr><tr><td>Brazil</td><td>-159</td><td>-175</td><td>513</td><td>277</td><td>-321</td><td>65</td><td>767</td><td>-518</td><td>2,378</td><td>809</td><td>539</td><td>1,145</td></tr><tr><td>Chile</td><td>-63</td><td>-131</td><td>142</td><td>-192</td><td>81</td><td>-239</td><td>2</td><td>26</td><td>183</td><td>469</td><td>1,312</td><td>276</td></tr><tr><td>Colombia</td><td>277</td><td>84</td><td>-345</td><td>258</td><td>-39</td><td>-57</td><td>-28</td><td>-130</td><td>538</td><td>88</td><td>185</td><td>65</td></tr><tr><td>Costa Rica</td><td>42</td><td>-2</td><td>-32</td><td>-34</td><td>-26</td><td>-37</td><td>-10</td><td>46</td><td>6</td><td>19</td><td>24</td><td>-10</td></tr><tr><td>Cuba</td><td>1,008</td><td>369</td><td>-140</td><td>261</td><td>-553</td><td>384</td><td>139</td><td>1,349</td><td>2,519</td><td>836</td><td>650</td><td>78</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>-1</td><td>1</td><td>5</td><td>-6</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>-887</td><td>108</td><td>27</td><td>72</td><td>-369</td><td>103</td><td>-43</td><td>-450</td></tr><tr><td>Netherlands West Indies and</td><td>-27</td><td>23</td><td>-14</td><td>-71</td><td>41</td><td>8</td><td>-9</td><td>-3</td><td>-12</td><td>-11</td><td>-49</td><td>27</td></tr><tr><td>Surinam</td><td>96</td><td>-779</td><td>1,055</td><td>30</td><td>306</td><td>45</td><td>-2,791</td><td>2,595</td><td>88</td><td>94</td><td>-3,308</td><td>-898</td></tr><tr><td>Panama</td><td>111</td><td>-184</td><td>-20</td><td>23</td><td>-15</td><td>-28</td><td>28</td><td>160</td><td>1,055</td><td>115</td><td>5</td><td>6</td></tr><tr><td>Peru</td><td>-237</td><td>79</td><td>-799</td><td>825</td><td>-269</td><td>133</td><td>-8</td><td>-189</td><td>203</td><td>59</td><td>482</td><td>148</td></tr><tr><td>Venezuela</td><td>-85</td><td>-377</td><td>515</td><td>-16</td><td>907</td><td>-45</td><td>382</td><td>535</td><td>586</td><td>1,000</td><td>423</td><td>763</td></tr><tr><td>Other Latin America</td><td>-3,111</td><td>7,644</td><td>-1,639</td><td>3,210</td><td>-1,024</td><td>467</td><td>2,091</td><td>5,694</td><td>8,782</td><td>6,256</td><td>1,662</td><td>3,363</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>746</td><td>-228</td><td>-574</td><td>2,319</td><td>695</td><td>-881</td><td>-1,073</td><td>-398</td><td>-259</td><td>-938</td><td>-1,352</td><td>-192</td></tr><tr><td>French Indo-China</td><td>-29</td><td>-7</td><td>31</td><td>-47</td><td>13</td><td>-109</td><td>-3</td><td>-21</td><td>-</td><td>426</td><td>24</td><td>-328</td></tr><tr><td>Hong Kong</td><td>-3</td><td>36</td><td>-43</td><td>56</td><td>9</td><td>-51</td><td>466</td><td>-491</td><td>87</td><td>-7</td><td>25</td><td>126</td></tr><tr><td>India, Burma, and Ceylon</td><td>1</td><td>-</td><td>-</td><td>-10</td><td>-</td><td>-24</td><td>-1</td><td>8</td><td>-7</td><td>-7</td><td>-7</td><td>-24</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>6</td><td>-2</td><td>-2</td></tr><tr><td>Japan</td><td>-</td><td>7</td><td>-1</td><td>-7</td><td>-2</td><td>-3</td><td>-4</td><td>7</td><td>-1,297</td><td>8</td><td>-58</td><td>27</td></tr><tr><td>Netherlands East Indies</td><td>-206</td><td>124</td><td>826</td><td>-718</td><td>85</td><td>-54</td><td>7,171</td><td>-317</td><td>137</td><td>105</td><td>-13</td><td>23</td></tr><tr><td>Philippine Islands</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>2</td><td>12</td><td>30</td><td>-25</td><td>-37</td><td>32</td><td>-18</td><td>-10</td></tr><tr><td>Turkey</td><td>-25</td><td>-14</td><td>53</td><td>-42</td><td>162</td><td>-181</td><td>-50</td><td>-5</td><td>-107</td><td>-2</td><td>-111</td><td>70</td></tr><tr><td>Other Asia</td><td>484</td><td>-82</td><td>293</td><td>1,548</td><td>964</td><td>-1,291</td><td>6,536</td><td>-1,238</td><td>-1,489</td><td>-370</td><td>-1,512</td><td>-310</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-45</td><td>-2</td><td>59</td><td>-46</td><td>-17</td><td>-49</td><td>10,273</td><td>-16,478</td><td>12,100</td><td>4,456</td><td>3,615</td><td>-11,782</td></tr><tr><td>New Zealand</td><td>-21</td><td>6</td><td>-</td><td>-15</td><td>58</td><td>3</td><td>-2</td><td>-6</td><td>-</td><td>16</td><td>4</td><td>8</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>-8</td><td>3</td><td>-3</td><td>6</td><td>23</td><td>9</td><td>75</td><td>11</td><td>30</td><td>36</td><td>85</td></tr><tr><td>French Morocco</td><td>-2</td><td>-1</td><td>-1</td><td>1</td><td>-2</td><td>-</td><td>18</td><td>-83</td><td>-172</td><td>29</td><td>504</td><td>-7</td></tr><tr><td>Union of South Africa</td><td>-3</td><td>29</td><td>83</td><td>-4</td><td>1</td><td>78</td><td>31</td><td>-75</td><td>-57</td><td>24</td><td>-32</td><td>-72</td></tr><tr><td>All other</td><td>-9</td><td>808</td><td>-182</td><td>-1,533</td><td>-307</td><td>57</td><td>140</td><td>-1,049</td><td>220</td><td>182</td><td>93</td><td>-603</td></tr><tr><td>Total other countries</td><td>-79</td><td>832</td><td>-38</td><td>-1,600</td><td>-261</td><td>112</td><td>10,469</td><td>-17,616</td><td>12,102</td><td>4,737</td><td>4,220</td><td>-12,371</td></tr><tr><td>Unidentified</td><td>2</td><td>-2</td><td>24</td><td>-</td><td>-35</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-4</td><td>-</td></tr><tr><td>Grand total</td><td>-3,325</td><td>6,201</td><td>-2,068</td><td>7,059</td><td>-5,174</td><td>4,358</td><td>70,118</td><td>-103,033</td><td>27,371</td><td>61,431</td><td>20,831</td><td>12,222</td></tr></table>
68
Treasury Bulletin
Capital Movements: Section II - Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="6">Claims 1947</th><th colspan="6">Liabilities 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><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>39,596</td><td>39,340</td><td>484,354</td><td>443,281</td><td>373,581</td><td>484,424</td><td>340,989</td><td>328,510</td></tr><tr><td>France</td><td>9,896</td><td>12,988</td><td>15,639</td><td>21,125</td><td>18,844</td><td>20,090</td><td>237,173</td><td>209,082</td><td>226,369</td><td>209,777</td><td>197,943</td><td>270,300</td></tr><tr><td>Belgium</td><td>7,075</td><td>7,373</td><td>8,019</td><td>8,863</td><td>8,885</td><td>10,124</td><td>165,349</td><td>149,303</td><td>178,784</td><td>162,985</td><td>150,930</td><td>142,518</td></tr><tr><td>Denmark</td><td>580</td><td>373</td><td>345</td><td>324</td><td>378</td><td>583</td><td>73,307</td><td>68,302</td><td>62,499</td><td>57,809</td><td>56,939</td><td>52,044</td></tr><tr><td>Finland</td><td>6,449</td><td>6,126</td><td>8,255</td><td>7,106</td><td>9,097</td><td>11,381</td><td>21,640</td><td>28,909</td><td>31,345</td><td>26,767</td><td>22,417</td><td>22,653</td></tr><tr><td>Germany</td><td>30,348</td><td>30,553</td><td>30,357</td><td>30,371</td><td>30,323</td><td>30,348</td><td>5,275</td><td>5,531</td><td>6,857</td><td>9,067</td><td>21,522</td><td>27,376</td></tr><tr><td>Greece</td><td>12,368</td><td>12,530</td><td>13,213</td><td>12,822</td><td>12,980</td><td>12,889</td><td>43,729</td><td>43,027</td><td>39,692</td><td>39,792</td><td>37,717</td><td>32,286</td></tr><tr><td>Italy</td><td>14,878</td><td>17,702</td><td>20,599</td><td>22,041</td><td>23,832</td><td>24,093</td><td>320,994</td><td>247,380</td><td>218,487</td><td>225,708</td><td>204,429</td><td>187,060</td></tr><tr><td>Luxembourg</td><td>48</td><td>51</td><td>53</td><td>52</td><td>65</td><td>306</td><td>22,451</td><td>22,468</td><td>22,905</td><td>22,218</td><td>22,218</td><td>22,345</td></tr><tr><td>Netherlands</td><td>136,558</td><td>153,683</td><td>155,768</td><td>51,038</td><td>39,254</td><td>49,042</td><td>212,201</td><td>214,393</td><td>183,344</td><td>221,613</td><td>206,328</td><td>209,199</td></tr><tr><td>Norway</td><td>3,669</td><td>4,043</td><td>4,214</td><td>5,180</td><td>5,913</td><td>6,322</td><td>117,436</td><td>106,790</td><td>105,336</td><td>111,214</td><td>100,595</td><td>91,154</td></tr><tr><td>Portugal</td><td>860</td><td>929</td><td>1,045</td><td>1,010</td><td>1,212</td><td>1,514</td><td>45,415</td><td>44,001</td><td>54,192</td><td>52,151</td><td>52,270</td><td>42,490</td></tr><tr><td>Romania</td><td>41</td><td>38</td><td>4,184</td><td>6,874</td><td>6,992</td><td>6,923</td><td>8,929</td><td>8,851</td><td>12,210</td><td>11,313</td><td>8,254</td><td>8,158</td></tr><tr><td>Spain</td><td>7,334</td><td>6,178</td><td>3,833</td><td>3,742</td><td>3,517</td><td>4,327</td><td>19,785</td><td>19,957</td><td>18,754</td><td>18,135</td><td>17,503</td><td>11,758</td></tr><tr><td>Sweden</td><td>5,460</td><td>5,630</td><td>5,951</td><td>7,110</td><td>7,440</td><td>7,471</td><td>164,237</td><td>159,064</td><td>165,221</td><td>157,289</td><td>152,207</td><td>133,227</td></tr><tr><td>Switzerland</td><td>11,651</td><td>12,205</td><td>11,376</td><td>8,291</td><td>9,494</td><td>7,812</td><td>377,217</td><td>384,112</td><td>392,164</td><td>397,201</td><td>402,472</td><td>395,129</td></tr><tr><td>U. S. R.</td><td>15</td><td>19</td><td>10</td><td>13</td><td>4</td><td>5</td><td>60,395</td><td>58,479</td><td>58,537</td><td>60,016</td><td>50,444</td><td>50,604</td></tr><tr><td>Yugoslavia</td><td>3</td><td>4</td><td>7</td><td>7</td><td>8</td><td>8</td><td>12,948</td><td>13,885</td><td>14,670</td><td>15,288</td><td>12,527</td><td>11,834</td></tr><tr><td>Other Europe</td><td>9,524</td><td>10,226</td><td>13,154</td><td>22,933</td><td>26,296</td><td>35,373</td><td>103,385</td><td>107,762</td><td>111,354</td><td>108,408</td><td>105,557</td><td>103,978</td></tr><tr><td>Total Europe</td><td>307,290</td><td>319,807</td><td>331,792</td><td>251,327</td><td>244,130</td><td>267,951</td><td>2,496,220</td><td>2,334,577</td><td>2,276,301</td><td>2,391,175</td><td>2,163,261</td><td>2,142,465</td></tr><tr><td>Canada</td><td>48,750</td><td>43,021</td><td>39,033</td><td>36,433</td><td>36,829</td><td>36,383</td><td>855,920</td><td>892,662</td><td>778,359</td><td>627,502</td><td>577,577</td><td>586,764</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,062</td><td>45,479</td><td>49,929</td><td>57,821</td><td>60,746</td><td>57,622</td><td>165,951</td><td>179,961</td><td>181,412</td><td>223,047</td><td>252,038</td><td>265,024</td></tr><tr><td>Bolivia</td><td>2,616</td><td>2,573</td><td>2,963</td><td>4,818</td><td>5,294</td><td>3,561</td><td>12,355</td><td>13,680</td><td>12,833</td><td>11,714</td><td>10,272</td><td>16,445</td></tr><tr><td>Brazil</td><td>54,354</td><td>63,109</td><td>69,583</td><td>115,360</td><td>150,208</td><td>160,854</td><td>183,419</td><td>157,803</td><td>127,571</td><td>115,283</td><td>96,718</td><td>85,213</td></tr><tr><td>Chile</td><td>13,147</td><td>15,259</td><td>15,979</td><td>18,578</td><td>20,297</td><td>17,385</td><td>46,180</td><td>45,191</td><td>51,028</td><td>53,436</td><td>45,325</td><td>50,681</td></tr><tr><td>Colombia</td><td>29,904</td><td>30,155</td><td>26,835</td><td>30,398</td><td>36,390</td><td>40,254</td><td>50,962</td><td>55,903</td><td>51,862</td><td>56,248</td><td>57,817</td><td>42,371</td></tr><tr><td>Costa Rica</td><td>3,407</td><td>3,696</td><td>4,039</td><td>3,375</td><td>3,587</td><td>1,937</td><td>7,346</td><td>9,042</td><td>8,539</td><td>9,309</td><td>8,453</td><td>8,601</td></tr><tr><td>Cuba</td><td>35,463</td><td>37,910</td><td>45,165</td><td>53,829</td><td>60,091</td><td>45,981</td><td>147,306</td><td>145,908</td><td>150,819</td><td>168,049</td><td>162,023</td><td>289,563</td></tr><tr><td>French West Indies and Guiana</td><td>13</td><td>116</td><td>11</td><td>9</td><td>83</td><td>251</td><td>4,874</td><td>3,934</td><td>3,990</td><td>3,234</td><td>3,575</td><td>2,912</td></tr><tr><td>Mexico</td><td>26,973</td><td>28,754</td><td>30,668</td><td>33,662</td><td>34,753</td><td>32,869</td><td>149,333</td><td>142,058</td><td>139,054</td><td>127,642</td><td>128,780</td><td>126,693</td></tr><tr><td>Netherlands West Indies and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Surinam</td><td>922</td><td>809</td><td>819</td><td>1,082</td><td>1,044</td><td>974</td><td>13,590</td><td>11,757</td><td>10,534</td><td>10,641</td><td>8,996</td><td>10,253</td></tr><tr><td>Panama</td><td>1,603</td><td>1,680</td><td>2,208</td><td>2,201</td><td>2,091</td><td>2,531</td><td>78,196</td><td>75,164</td><td>73,177</td><td>71,000</td><td>68,888</td><td>69,939</td></tr><tr><td>Peru</td><td>5,436</td><td>6,531</td><td>6,989</td><td>7,843</td><td>7,552</td><td>5,600</td><td>36,987</td><td>34,341</td><td>34,031</td><td>35,939</td><td>38,894</td><td>39,725</td></tr><tr><td>Venezuela</td><td>10,386</td><td>15,638</td><td>19,563</td><td>15,419</td><td>19,160</td><td>16,720</td><td>51,549</td><td>45,459</td><td>46,659</td><td>49,399</td><td>46,291</td><td>53,589</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>36,685</td><td>36,261</td><td>183,791</td><td>182,354</td><td>186,070</td><td>186,625</td><td>202,850</td><td>181,449</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>437,981</td><td>424,850</td><td>1,131,839</td><td>1,102,555</td><td>1,077,579</td><td>1,121,566</td><td>1,130,920</td><td>1,242,458</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>43,758</td><td>36,801</td><td>41,242</td><td>46,989</td><td>76,131</td><td>104,842</td><td>428,650</td><td>389,731</td><td>373,230</td><td>369,056</td><td>354,288</td><td>339,133</td></tr><tr><td>French Indo-China</td><td>67</td><td>25</td><td>25</td><td>22</td><td>22</td><td>77</td><td>42,146</td><td>35,954</td><td>39,056</td><td>38,411</td><td>40,459</td><td>37,224</td></tr><tr><td>Hong Kong</td><td>4,904</td><td>5,061</td><td>4,145</td><td>4,029</td><td>3,503</td><td>3,531</td><td>39,235</td><td>40,781</td><td>38,919</td><td>39,011</td><td>41,456</td><td>41,058</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,665</td><td>12,908</td><td>14,638</td><td>14,193</td><td>13,203</td><td>32,797</td><td>42,513</td><td>44,221</td><td>40,670</td><td>36,100</td><td>33,357</td><td>41,217</td></tr><tr><td>British Malaya</td><td>518</td><td>537</td><td>973</td><td>1,291</td><td>1,057</td><td>2,178</td><td>8,773</td><td>7,084</td><td>7,223</td><td>8,282</td><td>9,606</td><td>8,769</td></tr><tr><td>Japan</td><td>247</td><td>245</td><td>242</td><td>247</td><td>246</td><td>183</td><td>17,165</td><td>17,689</td><td>18,716</td><td>18,886</td><td>18,049</td><td>16,715</td></tr><tr><td>Netherlands East Indies</td><td>1,054</td><td>948</td><td>1,401</td><td>1,911</td><td>1,475</td><td>480</td><td>117,387</td><td>116,627</td><td>122,896</td><td>103,703</td><td>95,441</td><td>94,878</td></tr><tr><td>Philippine Islands</td><td>25,284</td><td>22,983</td><td>20,271</td><td>22,402</td><td>23,161</td><td>20,153</td><td>448,253</td><td>430,494</td><td>447,134</td><td>438,862</td><td>432,194</td><td>448,849</td></tr><tr><td>Turkey</td><td>1,409</td><td>1,496</td><td>2,030</td><td>2,453</td><td>2,683</td><td>3,316</td><td>60,834</td><td>56,498</td><td>55,831</td><td>65,364</td><td>57,031</td><td>51,014</td></tr><tr><td>Other Asia</td><td>4,495</td><td>4,042</td><td>3,916</td><td>4,514</td><td>5,790</td><td>5,774</td><td>88,536</td><td>85,080</td><td>79,420</td><td>75,636</td><td>71,808</td><td>68,511</td></tr><tr><td>Total Asia</td><td>94,461</td><td>85,046</td><td>88,883</td><td>98,051</td><td>127,271</td><td>173,331</td><td>1,293,492</td><td>1,224,159</td><td>1,223,095</td><td>1,193,311</td><td>1,153,689</td><td>1,147,368</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4,295</td><td>6,203</td><td>6,510</td><td>7,455</td><td>6,610</td><td>9,034</td><td>40,873</td><td>59,367</td><td>40,412</td><td>38,709</td><td>36,181</td><td>47,843</td></tr><tr><td>New Zealand</td><td>1,160</td><td>1,308</td><td>1,517</td><td>1,312</td><td>1,600</td><td>989</td><td>8,207</td><td>8,311</td><td>9,645</td><td>8,669</td><td>8,713</td><td>8,593</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>413</td><td>438</td><td>482</td><td>378</td><td>396</td><td>250</td><td>19,841</td><td>18,365</td><td>19,584</td><td>19,018</td><td>20,499</td><td>22,577</td></tr><tr><td>French Morocco</td><td>13</td><td>13</td><td>89</td><td>102</td><td>409</td><td>98</td><td>15,961</td><td>16,855</td><td>16,498</td><td>16,081</td><td>14,887</td><td>13,909</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>18,936</td><td>15,170</td><td>82,545</td><td>33,903</td><td>43,682</td><td>47,328</td><td>49,996</td><td>39,522</td></tr><tr><td>All other</td><td>3,434</td><td>4,465</td><td>5,243</td><td>6,415</td><td>5,635</td><td>4,539</td><td>73,772</td><td>70,238</td><td>70,797</td><td>69,404</td><td>55,195</td><td>52,492</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>33,586</td><td>30,070</td><td>241,199</td><td>207,037</td><td>200,618</td><td>199,209</td><td>185,471</td><td>184,936</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>2,839,307</td><td>2,714,209</td></tr><tr><td>Unidentified</td><td>3</td><td>-</td><td>262</td><td>380</td><td>408</td><td>440</td><td>16,117</td><td>20,434</td><td>19,692</td><td>16,836</td><td>2
r Revised.
November 1947
69
Capital Movements: Section II - Summary by Countries
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><td></td></tr><tr><td>United Kingdom</td><td>1,135</td><td>1,073</td><td>2,441</td><td>1,024</td><td>1,584</td><td>1,035</td><td>4,329</td><td>4,852</td><td>4,059</td><td>3,544</td><td>3,945</td><td>3,890</td></tr><tr><td>France</td><td>221</td><td>197</td><td>305</td><td>184</td><td>191</td><td>99</td><td>6,391</td><td>6,186</td><td>6,708</td><td>6,753</td><td>6,106</td><td>5,869</td></tr><tr><td>Belgium</td><td>129</td><td>59</td><td>66</td><td>114</td><td>97</td><td>172</td><td>1,850</td><td>1,793</td><td>1,649</td><td>1,805</td><td>1,843</td><td>2,001</td></tr><tr><td>Denmark</td><td>-</td><td>1</td><td>11</td><td>3</td><td>23</td><td>30</td><td>94</td><td>156</td><td>114</td><td>111</td><td>89</td><td>91</td></tr><tr><td>Finland</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>3</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Germany</td><td>7</td><td>14</td><td>19</td><td>15</td><td>15</td><td>14</td><td>284</td><td>276</td><td>266</td><td>292</td><td>228</td><td>227</td></tr><tr><td>Greece</td><td>2</td><td>2</td><td>2</td><td>3</td><td>3</td><td>4</td><td>11</td><td>13</td><td>25</td><td>24</td><td>29</td><td>27</td></tr><tr><td>Italy</td><td>18</td><td>2</td><td>54</td><td>2</td><td>42</td><td>7</td><td>274</td><td>254</td><td>234</td><td>264</td><td>256</td><td>313</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>796</td><td>585</td></tr><tr><td>Netherlands</td><td>105</td><td>93</td><td>106</td><td>122</td><td>231</td><td>100</td><td>11,093</td><td>8,691</td><td>10,089</td><td>11,099</td><td>10,868</td><td>11,994</td></tr><tr><td>Norway</td><td>238</td><td>224</td><td>237</td><td>296</td><td>277</td><td>266</td><td>1,535</td><td>1,387</td><td>1,284</td><td>1,283</td><td>1,095</td><td>1,408</td></tr><tr><td>Portugal</td><td>8</td><td>8</td><td>11</td><td>11</td><td>13</td><td>14</td><td>29</td><td>11</td><td>25</td><td>57</td><td>57</td><td>60</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>11</td><td>10</td><td>10</td><td>10</td><td>44</td><td>55</td><td>25</td><td>25</td><td>25</td><td>23</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>291</td><td>288</td></tr><tr><td>Sweden</td><td>72</td><td>75</td><td>68</td><td>67</td><td>59</td><td>61</td><td>569</td><td>540</td><td>695</td><td>550</td><td>508</td><td>504</td></tr><tr><td>Switzerland</td><td>824</td><td>1,252</td><td>1,463</td><td>1,191</td><td>1,270</td><td>975</td><td>35,167</td><td>35,943</td><td>37,768</td><td>38,136</td><td>36,434</td><td>38,935</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>53</td><td>33</td><td>53</td><td>53</td><td>53</td></tr><tr><td>Yugoslavia</td><td>4</td><td>-</td><td>20</td><td>28</td><td>2</td><td>31</td><td>1,630</td><td>1,644</td><td>1,700</td><td>1,620</td><td>1,503</td><td>1,902</td></tr><tr><td>Other Europe</td><td></td><td></td><td>2</td><td></td><td>2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>2,763</td><td>3,010</td><td>4,819</td><td>3,077</td><td>3,818</td><td>2,819</td><td>64,482</td><td>62,931</td><td>65,751</td><td>66,697</td><td>64,226</td><td>68,252</td></tr><tr><td>Canada</td><td>4,527</td><td>5,344</td><td>4,540</td><td>4,586</td><td>4,370</td><td>4,678</td><td>7,245</td><td>7,669</td><td>5,146</td><td>6,415</td><td>4,591</td><td>4,976</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>997</td><td>1,055</td><td>6,102</td><td>8,257</td><td>6,338</td><td>7,119</td><td>6,839</td><td>7,037</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>39</td><td>39</td></tr><tr><td>Brazil</td><td>1,654</td><td>1,821</td><td>1,555</td><td>1,221</td><td>979</td><td>832</td><td>983</td><td>975</td><td>1,222</td><td>1,165</td><td>602</td><td>520</td></tr><tr><td>Chile</td><td>743</td><td>861</td><td>723</td><td>877</td><td>811</td><td>1,054</td><td>483</td><td>470</td><td>474</td><td>436</td><td>451</td><td>455</td></tr><tr><td>Colombia</td><td>51</td><td>241</td><td>248</td><td>223</td><td>227</td><td>234</td><td>345</td><td>619</td><td>281</td><td>514</td><td>479</td><td>419</td></tr><tr><td>Costa Rica</td><td>2</td><td>34</td><td>34</td><td>63</td><td>65</td><td>145</td><td>113</td><td>143</td><td>111</td><td>106</td><td>82</td><td>125</td></tr><tr><td>Cuba</td><td>6,179</td><td>6,200</td><td>6,358</td><td>5,188</td><td>5,819</td><td>5,585</td><td>1,144</td><td>1,534</td><td>1,552</td><td>643</td><td>721</td><td>871</td></tr><tr><td>French West Indies and Guiana</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>1</td><td>-</td><td>1</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Mexica</td><td>2,242</td><td>2,637</td><td>3,006</td><td>2,485</td><td>2,159</td><td>2,479</td><td>6,118</td><td>13,083</td><td>13,289</td><td>13,260</td><td>12,047</td><td>12,475</td></tr><tr><td>Netherlands East Indies and Surinam</td><td>-</td><td>9</td><td>4</td><td>29</td><td>5</td><td>3</td><td>238</td><td>270</td><td>251</td><td>205</td><td>222</td><td>228</td></tr><tr><td>Panama</td><td>40</td><td>116</td><td>106</td><td>181</td><td>53</td><td>57</td><td>6,870</td><td>6,167</td><td>7,212</td><td>7,317</td><td>7,495</td><td>7,514</td></tr><tr><td>Peru</td><td>2</td><td>81</td><td>87</td><td>88</td><td>93</td><td>140</td><td>239</td><td>134</td><td>120</td><td>144</td><td>134</td><td>153</td></tr><tr><td>Venezuela</td><td>1,839</td><td>1,877</td><td>2,439</td><td>1,841</td><td>1,797</td><td>1,710</td><td>2,084</td><td>2,201</td><td>1,964</td><td>2,191</td><td>1,878</td><td>1,924</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>3,497</td><td>3,647</td><td>1,643</td><td>1,696</td><td>2,192</td><td>2,296</td><td>2,127</td><td>2,232</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>16,532</td><td>16,971</td><td>26,392</td><td>35,577</td><td>35,049</td><td>35,441</td><td>33,116</td><td>34,022</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>3,402</td><td>3,509</td><td>4,101</td><td>2,530</td><td>1,567</td><td>1,579</td><td>1,628</td><td>1,507</td><td>1,525</td><td>2,273</td><td>2,005</td><td>1,136</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></tr><tr><td>Hong Kong</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>141</td><td>32</td></tr><tr><td>India, Burma, and Ceylon</td><td>33</td><td>31</td><td>76</td><td>30</td><td>29</td><td>31</td><td>27</td><td>61</td><td>63</td><td>73</td><td>81</td><td>32</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>3</td><td>3</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>27</td><td>3</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>3</td><td>-</td></tr><tr><td>Philippine Islands</td><td>863</td><td>955</td><td>7</td><td>52</td><td>49</td><td>193</td><td>1,087</td><td>1,303</td><td>1,161</td><td>505</td><td>590</td><td>680</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>1</td><td>3</td><td>15</td></tr><tr><td>Other Asia</td><td>23</td><td>6</td><td>5</td><td>5</td><td>10</td><td>5</td><td>223</td><td>192</td><td>244</td><td>202</td><td>369</td><td>183</td></tr><tr><td>Total Asia</td><td>4,321</td><td>4,501</td><td>4,189</td><td>2,617</td><td>1,655</td><td>1,808</td><td>3,165</td><td>3,263</td><td>3,244</td><td>3,220</td><td>3,222</td><td>2,084</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4</td><td>4</td><td>6</td><td>4</td><td>28</td><td>4</td><td>100</td><td>98</td><td>159</td><td>111</td><td>118</td><td>45</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>5</td><td>1</td><td>-</td><td>6</td><td>12</td><td>12</td><td>2</td><td>56</td><td>54</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>3</td><td>8</td><td>7</td><td>23</td><td>8</td><td>11</td><td>133</td><td>130</td><td>132</td><td>145</td><td>136</td><td>162</td></tr><tr><td>French Morocco</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80</td><td>78</td><td>77</td><td>78</td><td>76</td><td>75</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>68</td><td>146</td></tr><tr><td>All other</td><td>7</td><td>62</td><td>18</td><td>11</td><td>22</td><td>26</td><td>1,528</td><td>2,391</td><td>2,165</td><td>625</td><td>329</td><td>390</td></tr><tr><td>Total other countries</td><td>95</td><td>152</td><td>31</td><td>43</td><td>59</td><td>41</td><td>1,886</td><td>2,775</td><td>2,616</td><td>1,028</td><td>783</td><td>877</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>64</td><td>0</td></tr><tr><td>Grand total</td><td>29,705</td><td>32,547</td><td>34,230</td><td>28,156</td><td>26,434</td><td>26,317</td><td>103,247</td><td>112,290</td><td>111,905</td><td>112,900</td><td>106,004</td><td>110,275</td></tr></table>
70
Treasury Bulletin
Capital Movements: Section III - Details for Month of June 1947
Table 1.- Short-Term Claims on Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="3">Short-term claims payable in foreign currencies</th><th colspan="3">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>39,340</td><td>22,836</td><td>13,858</td><td>950</td><td>8,078</td><td>16,454</td><td>8,073</td><td>2,862</td><td>5,519</td></tr><tr><td>France</td><td>20,090</td><td>730</td><td>90</td><td>248</td><td>392</td><td>19,360</td><td>2,310</td><td>1,535</td><td>15,515</td></tr><tr><td>Belgium</td><td>10,124</td><td>277</td><td>258</td><td>3</td><td>16</td><td>9,847</td><td>904</td><td>1,270</td><td>7,673</td></tr><tr><td>Denmark</td><td>583</td><td>75</td><td>53</td><td>20</td><td>2</td><td>508</td><td>97</td><td>59</td><td>352</td></tr><tr><td>Finland</td><td>11,381</td><td>3</td><td>2</td><td>-</td><td>1</td><td>11,378</td><td>2,979</td><td>7,572</td><td>827</td></tr><tr><td>Germany</td><td>30,348</td><td>51</td><td>6</td><td>28</td><td>17</td><td>30,297</td><td>17,063</td><td>66</td><td>13,168</td></tr><tr><td>Greece</td><td>12,889</td><td>168</td><td>-</td><td>38</td><td>130</td><td>12,721</td><td>10,845</td><td>-</td><td>1,876</td></tr><tr><td>Italy</td><td>24,093</td><td>445</td><td>3</td><td>437</td><td>5</td><td>23,648</td><td>12,672</td><td>2,774</td><td>8,202</td></tr><tr><td>Lausembourg</td><td>306</td><td>1</td><td>1</td><td>-</td><td>-</td><td>305</td><td>-</td><td>-</td><td>305</td></tr><tr><td>Netherlands</td><td>49,042</td><td>279</td><td>227</td><td>40</td><td>12</td><td>48,763</td><td>260</td><td>297</td><td>48,206</td></tr><tr><td>Norway</td><td>6,322</td><td>118</td><td>70</td><td>35</td><td>13</td><td>6,204</td><td>355</td><td>440</td><td>5,409</td></tr><tr><td>Portugal</td><td>1,514</td><td>153</td><td>151</td><td>-</td><td>2</td><td>1,361</td><td>80</td><td>11</td><td>1,270</td></tr><tr><td>Romania</td><td>6,923</td><td>3</td><td>-</td><td>3</td><td>-</td><td>6,920</td><td>6,880</td><td>-</td><td>40</td></tr><tr><td>Spain</td><td>4,327</td><td>159</td><td>8</td><td>13</td><td>138</td><td>4,168</td><td>482</td><td>-</td><td>3,686</td></tr><tr><td>Sweden</td><td>7,471</td><td>564</td><td>286</td><td>242</td><td>36</td><td>6,907</td><td>224</td><td>903</td><td>5,780</td></tr><tr><td>Switzerland</td><td>7,812</td><td>986</td><td>175</td><td>797</td><td>14</td><td>6,826</td><td>5,300</td><td>151</td><td>1,375</td></tr><tr><td>U. S. S. R.</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8</td><td>6</td><td>-</td><td>-</td><td>6</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>35,373</td><td>235</td><td>189</td><td>37</td><td>9</td><td>35,138</td><td>22,835</td><td>500</td><td>11,803</td></tr><tr><td>Total Europe</td><td>267,951</td><td>27,144</td><td>15,382</td><td>2,891</td><td>8,871</td><td>240,807</td><td>91,359</td><td>18,440</td><td>131,008</td></tr><tr><td>Canada</td><td>36,773</td><td>19,762</td><td>12,952</td><td>4,988</td><td>1,822</td><td>16,621</td><td>1,412</td><td>1,480</td><td>13,729</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>57,62</td><td>1,134</td><td>341</td><td>725</td><td>68</td><td>46,488</td><td>33,378</td><td>3,686</td><td>19,424</td></tr><tr><td>Bolivia</td><td>1,561</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,561</td><td>333</td><td>-</td><td>3,228</td></tr><tr><td>Brazil</td><td>160,854</td><td>80,065</td><td>39</td><td>80,004</td><td>22</td><td>80,789</td><td>10,851</td><td>1,694</td><td>68,244</td></tr><tr><td>Chile</td><td>17,385</td><td>4</td><td>1</td><td>-</td><td>3</td><td>17,381</td><td>283</td><td>1,509</td><td>15,589</td></tr><tr><td>Columbia</td><td>40,254</td><td>197</td><td>-</td><td>195</td><td>2</td><td>40,057</td><td>13,231</td><td>4,429</td><td>22,397</td></tr><tr><td>Costa Rica</td><td>3,937</td><td>18</td><td>-</td><td>18</td><td>-</td><td>3,919</td><td>136</td><td>55</td><td>3,728</td></tr><tr><td>Cuba</td><td>45,981</td><td>2,182</td><td>2,165</td><td>-</td><td>17</td><td>43,799</td><td>24,235</td><td>7,685</td><td>11,879</td></tr><tr><td>French West Indies and Guiana</td><td>251</td><td>42</td><td>42</td><td>-</td><td>-</td><td>209</td><td>111</td><td>-</td><td>98</td></tr><tr><td>Mexico</td><td>32,869</td><td>1,620</td><td>995</td><td>14</td><td>611</td><td>31,249</td><td>5,205</td><td>4,144</td><td>21,900</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>974</td><td>4</td><td>-</td><td>-</td><td>4</td><td>970</td><td>11</td><td>-</td><td>959</td></tr><tr><td>Panama</td><td>2,581</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2,580</td><td>354</td><td>-</td><td>2,226</td></tr><tr><td>Peru</td><td>5,600</td><td>10</td><td>20</td><td>-</td><td>10</td><td>5,570</td><td>269</td><td>147</td><td>5,154</td></tr><tr><td>Venezuela</td><td>16,720</td><td>111</td><td>60</td><td>20</td><td>31</td><td>16,609</td><td>5,377</td><td>331</td><td>10,901</td></tr><tr><td>Other Latin America</td><td>36,261</td><td>115</td><td>81</td><td>-</td><td>34</td><td>36,146</td><td>11,763</td><td>1,485</td><td>22,898</td></tr><tr><td>Total Latin America</td><td>424,850</td><td>85,523</td><td>3,744</td><td>80,976</td><td>803</td><td>339,327</td><td>105,537</td><td>25,165</td><td>208,625</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 Manchurie</td><td>104,842</td><td>1,153</td><td>1,148</td><td>5</td><td>-</td><td>103,689</td><td>30,242</td><td>868</td><td>72,579</td></tr><tr><td>French Indo-China</td><td>77</td><td>3</td><td>-</td><td>-</td><td>3</td><td>74</td><td>-</td><td>23</td><td>51</td></tr><tr><td>Hong Kong</td><td>3,531</td><td>483</td><td>285</td><td>74</td><td>124</td><td>3,048</td><td>776</td><td>555</td><td>1,717</td></tr><tr><td>India, Burma, and Ceylon</td><td>32,797</td><td>21,295</td><td>299</td><td>20,975</td><td>21</td><td>11,502</td><td>4,985</td><td>2,535</td><td>3,982</td></tr><tr><td>B. C. Malaya</td><td>2,178</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,178</td><td>663</td><td>1,242</td><td>273</td></tr><tr><td>Japan</td><td>183</td><td>3</td><td>2</td><td>1</td><td>-</td><td>180</td><td>141</td><td>-</td><td>39</td></tr><tr><td>Netherlands East Indies</td><td>480</td><td>2</td><td>2</td><td>-</td><td>-</td><td>478</td><td>69</td><td>281</td><td>128</td></tr><tr><td>Philippine Islands</td><td>20,153</td><td>730</td><td>350</td><td>-</td><td>370</td><td>19,423</td><td>9,862</td><td>2,744</td><td>6,817</td></tr><tr><td>Other Asia</td><td>3,316</td><td>28</td><td>3</td><td>28</td><td>7</td><td>3,288</td><td>658</td><td>29</td><td>2,630</td></tr><tr><td>Total Asia</td><td>173,331</td><td>23,740</td><td>2,132</td><td>21,083</td><td>525</td><td>149,591</td><td>47,656</td><td>8,277</td><td>93,658</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>9,034</td><td>639</td><td>621</td><td>-</td><td>18</td><td>8,395</td><td>1,133</td><td>4,947</td><td>2,315</td></tr><tr><td>New Zealand</td><td>989</td><td>133</td><td>130</td><td>-</td><td>3</td><td>856</td><td>-</td><td>102</td><td>554</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>250</td><td>2</td><td>2</td><td>-</td><td>-</td><td>23</td><td>52</td><td>-</td><td>196</td></tr><tr><td>French Morocco</td><td>88</td><td>-</td><td>-</td><td>-</td><td>-</td><td>88</td><td>17</td><td>-</td><td>71</td></tr><tr><td>Union of South Africa</td><td>15,170</td><td>2,533</td><td>-</td><td>1,316</td><td>1,217</td><td>12,637</td><td>182</td><td>186</td><td>12,269</td></tr><tr><td>All other</td><td>4,539</td><td>28</td><td>7</td><td>-</td><td>21</td><td>4,511</td><td>1,054</td><td>-</td><td>3,457</td></tr><tr><td>Total other countries</td><td>30,070</td><td>3,335</td><td>760</td><td>1,316</td><td>1,259</td><td>26,735</td><td>2,438</td><td>5,435</td><td>18,862</td></tr><tr><td>Unidentified</td><td>440</td><td>-</td><td>-</td><td>-</td><td>-</td><td>440</td><td>-</td><td>-</td><td>440</td></tr><tr><td>Grand total</td><td>933,025</td><td>159,504</td><td>34,970</td><td>111,254</td><td>13,280</td><td>773,521</td><td>248,402</td><td>58,797</td><td>466,322</td></tr></table>
November 1947
71
Capital Movements:
Section III - Details for Month of June 1947
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</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 a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>328,510</td><td>314,732</td><td>295,670</td><td>1,877</td><td>10,768</td><td>6,417</td><td>13,778</td><td>1,134</td><td>6,217</td><td>6,407</td></tr><tr><td>France</td><td>270,300</td><td>270,026</td><td>248,802</td><td>2,102</td><td>15,783</td><td>3,339</td><td>274</td><td>163</td><td>102</td><td>9</td></tr><tr><td>Belgium</td><td>142,518</td><td>142,408</td><td>131,300</td><td>1,520</td><td>9,514</td><td>74</td><td>110</td><td>37</td><td>15</td><td>58</td></tr><tr><td>Denmark</td><td>52,044</td><td>52,027</td><td>47,750</td><td>3,690</td><td>2</td><td>585</td><td>17</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>22,653</td><td>22,649</td><td>22,614</td><td>35</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>27,278</td><td>27,262</td><td>26,868</td><td>23</td><td>14</td><td>357</td><td>16</td><td>14</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>32,226</td><td>32,199</td><td>31,856</td><td>306</td><td>36</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>187,060</td><td>186,896</td><td>168,753</td><td>1,198</td><td>16,935</td><td>10</td><td>164</td><td>5</td><td>-</td><td>159</td></tr><tr><td>Luxembourg</td><td>22,345</td><td>22,345</td><td>20,967</td><td>-</td><td>1,378</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>209,199</td><td>209,117</td><td>204,754</td><td>147</td><td>4,202</td><td>14</td><td>82</td><td>58</td><td>-</td><td>24</td></tr><tr><td>Norway</td><td>91,154</td><td>91,149</td><td>72,586</td><td>174</td><td>18,389</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>42,490</td><td>42,476</td><td>42,070</td><td>398</td><td>-</td><td>8</td><td>14</td><td>5</td><td>-</td><td>9</td></tr><tr><td>Rumania</td><td>8,158</td><td>8,158</td><td>8,130</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>11,758</td><td>11,662</td><td>11,540</td><td>69</td><td>50</td><td>3</td><td>96</td><td>91</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>133,227</td><td>132,627</td><td>122,106</td><td>4,650</td><td>4,625</td><td>1,246</td><td>600</td><td>366</td><td>-</td><td>234</td></tr><tr><td>Switzerland</td><td>395,129</td><td>393,548</td><td>370,462</td><td>6,675</td><td>9,285</td><td>7,126</td><td>1,581</td><td>691</td><td>-</td><td>890</td></tr><tr><td>U.S.S.R.</td><td>50,604</td><td>50,604</td><td>50,599</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>11,834</td><td>11,834</td><td>11,789</td><td>43</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>103,978</td><td>103,954</td><td>99,758</td><td>143</td><td>4,020</td><td>33</td><td>24</td><td>17</td><td>-</td><td>7</td></tr><tr><td>Total Europe</td><td>2,142,465</td><td>2,125,673</td><td>1,988,374</td><td>23,083</td><td>95,001</td><td>19,215</td><td>16,792</td><td>2,632</td><td>6,154</td><td>7,806</td></tr><tr><td>Canada</td><td>586,764</td><td>581,801</td><td>290,457</td><td>3,870</td><td>287,296</td><td>178</td><td>4,963</td><td>379</td><td>-</td><td>4,584</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></tr><tr><td>Argentina</td><td>265,024</td><td>264,955</td><td>260,237</td><td>1,779</td><td>2,529</td><td>410</td><td>69</td><td>45</td><td>-</td><td>24</td></tr><tr><td>Bolivia</td><td>16,445</td><td>16,445</td><td>16,440</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>85,213</td><td>85,178</td><td>78,012</td><td>6,939</td><td>11</td><td>216</td><td>35</td><td>34</td><td>-</td><td>1</td></tr><tr><td>Chile</td><td>50,681</td><td>50,678</td><td>49,292</td><td>1,386</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>42,371</td><td>42,368</td><td>42,195</td><td>173</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,601</td><td>8,601</td><td>7,460</td><td>859</td><td>-</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>289,563</td><td>289,563</td><td>283,350</td><td>6,209</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>2,912</td><td>2,912</td><td>2,912</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>126,693</td><td>125,906</td><td>124,937</td><td>944</td><td>-</td><td>25</td><td>787</td><td>35</td><td>-</td><td>752</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>10,253</td><td>10,253</td><td>10,180</td><td>1</td><td>66</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>69,339</td><td>69,339</td><td>56,648</td><td>41</td><td>13,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>39,725</td><td>39,718</td><td>37,435</td><td>558</td><td>725</td><td>1,000</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>53,589</td><td>53,450</td><td>53,386</td><td>64</td><td>-</td><td>568</td><td>139</td><td>139</td><td>-</td><td>5</td></tr><tr><td>Other Latin America</td><td>181,449</td><td>181,105</td><td>150,672</td><td>3,075</td><td>26,790</td><td>-</td><td>344</td><td>339</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>1,242,458</td><td>1,241,071</td><td>1,173,156</td><td>22,033</td><td>43,371</td><td>2,511</td><td>1,387</td><td>605</td><td>-</td><td>782</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>339,133</td><td>338,110</td><td>176,771</td><td>2,924</td><td>157,766</td><td>649</td><td>1,023</td><td>34</td><td>-</td><td>989</td></tr><tr><td>French Indo-China</td><td>37,224</td><td>37,224</td><td>19,073</td><td>1</td><td>18,025</td><td>125</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>41,058</td><td>36,168</td><td>35,305</td><td>328</td><td>362</td><td>173</td><td>4,890</td><td>4,722</td><td>-</td><td>168</td></tr><tr><td>India, Burma, and Ceylon</td><td>41,217</td><td>40,146</td><td>36,696</td><td>3,386</td><td>-</td><td>64</td><td>1,071</td><td>432</td><td>55</td><td>584</td></tr><tr><td>British Malaya</td><td>8,769</td><td>8,762</td><td>6,451</td><td>289</td><td>2,019</td><td>3</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>16,715</td><td>16,701</td><td>16,231</td><td>448</td><td>22</td><td>-</td><td>14</td><td>4</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>94,878</td><td>94,877</td><td>84,499</td><td>181</td><td>10,197</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>448,849</td><td>448,818</td><td>444,172</td><td>3,704</td><td>6</td><td>936</td><td>31</td><td>31</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>51,014</td><td>51,014</td><td>50,540</td><td>474</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>68,511</td><td>68,508</td><td>67,531</td><td>453</td><td>455</td><td>29</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Total Asia</td><td>1,147,368</td><td>1,140,128</td><td>937,269</td><td>12,228</td><td>188,852</td><td>1,979</td><td>7,040</td><td>5,232</td><td>55</td><td>1,753</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></tr><tr><td>Australia</td><td>47,843</td><td>47,641</td><td>45,979</td><td>897</td><td>446</td><td>319</td><td>202</td><td>3</td><td>-</td><td>199</td></tr><tr><td>New Zealand</td><td>8,593</td><td>8,587</td><td>8,417</td><td>170</td><td>-</td><td>-</td><td>6</td><td>4</td><td>-</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>22,577</td><td>22,496</td><td>21,913</td><td>275</td><td>-</td><td>308</td><td>81</td><td>-</td><td>-</td><td>31</td></tr><tr><td>French Morocco</td><td>13,909</td><td>13,909</td><td>13,826</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>39,522</td><td>39,123</td><td>21,424</td><td>67</td><td>17,625</td><td>13</td><td>393</td><td>390</td><td>-</td><td>3</td></tr><tr><td>All other</td><td>52,492</td><td>52,186</td><td>50,861</td><td>220</td><td>1,091</td><td>14</td><td>306</td><td>95</td><td>-</td><td>211</td></tr><tr><td>Total other countries</td><td>184,936</td><td>183,948</td><td>162,420</td><td>1,712</td><td>19,162</td><td>654</td><td>988</td><td>492</td><td>-</td><td>496</td></tr><tr><td>Intercontinental</td><td>2,714,209</td><td>2,714,209</td><td>418,724</td><td>-</td><td>2,295,485</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>22,054</td><td>22,054</td><td>22,054</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,040,254</td><td>8,009,084</td><td>4,992,454</td><td>62,926</td><td>2,929,157</td><td>24,537</td><td>31,170</td><td>9,340</td><td>6,409</td><td>15,421</td></tr></table>
72
Treasury Bulletin
Capital Movements: Section III - Details for Month of June 1947
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>4,811</td><td>868</td><td>551</td><td>317</td><td>3,943</td><td>486</td><td>3,457</td><td>4,924</td><td>3,039</td><td>1,755</td><td>1,284</td><td>1,885</td><td>362</td><td>1,523</td></tr><tr><td>France</td><td>1,101</td><td>954</td><td>345</td><td>609</td><td>147</td><td>29</td><td>118</td><td>1,647</td><td>1,381</td><td>699</td><td>682</td><td>266</td><td>100</td><td>166</td></tr><tr><td>Belgium</td><td>1,568</td><td>347</td><td>337</td><td>10</td><td>1,221</td><td>23</td><td>1,198</td><td>620</td><td>373</td><td>299</td><td>74</td><td>247</td><td>68</td><td>179</td></tr><tr><td>Denmark</td><td>46</td><td>29</td><td>15</td><td>14</td><td>17</td><td>-</td><td>17</td><td>37</td><td>35</td><td>32</td><td>3</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Finland</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>215</td><td>206</td><td>206</td><td>-</td><td>9</td><td>8</td><td>1</td></tr><tr><td>Germany</td><td>12</td><td>12</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>12</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>49</td><td>18</td><td>31</td></tr><tr><td>Italy</td><td>165</td><td>147</td><td>124</td><td>23</td><td>18</td><td>-</td><td>18</td><td>97</td><td>48</td><td>40</td><td>8</td><td>49</td><td>18</td><td>31</td></tr><tr><td>Luxembourg</td><td>22</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>61</td><td>24</td><td>18</td><td>6</td><td>37</td><td>-</td><td>37</td></tr><tr><td>Netherlands</td><td>1,762</td><td>1,114</td><td>753</td><td>361</td><td>648</td><td>3</td><td>645</td><td>12,330</td><td>11,234</td><td>7,292</td><td>3,942</td><td>1,096</td><td>171</td><td>925</td></tr><tr><td>Norway</td><td>399</td><td>99</td><td>99</td><td>-</td><td>300</td><td>1</td><td>300</td><td>592</td><td>413</td><td>396</td><td>17</td><td>179</td><td>1</td><td>178</td></tr><tr><td>Portugal</td><td>77</td><td>23</td><td>21</td><td>2</td><td>54</td><td>4</td><td>50</td><td>30</td><td>20</td><td>20</td><td>-</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Romania</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>39</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>6,024</td><td>74</td><td>74</td><td>-</td><td>5,950</td><td>1</td><td>5,950</td><td>36</td><td>14</td><td>13</td><td>1</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Sweden</td><td>39</td><td>15</td><td>15</td><td>-</td><td>24</td><td>4</td><td>20</td><td>2,112</td><td>2,090</td><td>90</td><td>2,000</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Switzerland</td><td>5,713</td><td>3,895</td><td>3,469</td><td>426</td><td>1,818</td><td>345</td><td>1,473</td><td>8,167</td><td>6,212</td><td>4,419</td><td>1,793</td><td>1,955</td><td>712</td><td>1,243</td></tr><tr><td>U. S. S. R.</td><td>11</td><td>11</td><td>5</td><td>6</td><td>1</td><td>-</td><td>1</td><td>9</td><td>4</td><td>4</td><td>-</td><td>5</td><td>1</td><td>4</td></tr><tr><td>Yugoslavia</td><td>115</td><td>106</td><td>89</td><td>17</td><td>9</td><td>-</td><td>9</td><td>53</td><td>35</td><td>16</td><td>19</td><td>18</td><td>17</td><td>1</td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>21,879</td><td>7,728</td><td>5,931</td><td>1,797</td><td>14,151</td><td>894</td><td>13,257</td><td>30,987</td><td>25,185</td><td>15,354</td><td>9,831</td><td>5,802</td><td>1,458</td><td>4,344</td></tr><tr><td>Canada</td><td>56,407</td><td>34,054</td><td>2,736</td><td>31,318</td><td>22,353</td><td>2,176</td><td>20,177</td><td>25,759</td><td>19,333</td><td>3,167</td><td>16,166</td><td>6,426</td><td>1,446</td><td>4,980</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>3,459</td><td>799</td><td>739</td><td>60</td><td>2,660</td><td>368</td><td>2,292</td><td>1,257</td><td>688</td><td>675</td><td>13</td><td>569</td><td>108</td><td>461</td></tr><tr><td>Bolivia</td><td>13</td><td>9</td><td>9</td><td>-</td><td>4</td><td>-</td><td>4</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,383</td><td>256</td><td>241</td><td>15</td><td>1,127</td><td>3</td><td>1,124</td><td>238</td><td>187</td><td>180</td><td>7</td><td>51</td><td>12</td><td>39</td></tr><tr><td>Chile</td><td>478</td><td>198</td><td>193</td><td>5</td><td>280</td><td>39</td><td>241</td><td>202</td><td>103</td><td>47</td><td>56</td><td>99</td><td>2</td><td>97</td></tr><tr><td>Colombia</td><td>162</td><td>91</td><td>61</td><td>30</td><td>71</td><td>71</td><td>-</td><td>97</td><td>21</td><td>9</td><td>12</td><td>76</td><td>76</td><td>-</td></tr><tr><td>Costa Rica</td><td>5</td><td>4</td><td>4</td><td>-</td><td>1</td><td>1</td><td>-</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,546</td><td>855</td><td>825</td><td>30</td><td>691</td><td>182</td><td>509</td><td>1,458</td><td>1,269</td><td>1,237</td><td>32</td><td>199</td><td>170</td><td>29</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>991</td><td>950</td><td>629</td><td>321</td><td>41</td><td>6</td><td>35</td><td>1,441</td><td>1,296</td><td>1,139</td><td>157</td><td>145</td><td>145</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>46</td><td>45</td><td>45</td><td>-</td><td>1</td><td>1</td><td>-</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>879</td><td>742</td><td>330</td><td>412</td><td>137</td><td>44</td><td>93</td><td>1,777</td><td>1,647</td><td>1,548</td><td>99</td><td>130</td><td>114</td><td>16</td></tr><tr><td>Peru</td><td>40</td><td>40</td><td>27</td><td>13</td><td>-</td><td>-</td><td>-</td><td>34</td><td>34</td><td>29</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>478</td><td>474</td><td>304</td><td>170</td><td>4</td><td>4</td><td>-</td><td>330</td><td>322</td><td>218</td><td>104</td><td>8</td><td>8</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,762</td><td>616</td><td>606</td><td>10</td><td>1,146</td><td>241</td><td>905</td><td>999</td><td>705</td><td>456</td><td>249</td><td>294</td><td>18</td><td>276</td></tr><tr><td>Total Latin America</td><td>11,242</td><td>5,079</td><td>4,013</td><td>1,066</td><td>6,163</td><td>960</td><td>5,203</td><td>7,879</td><td>6,308</td><td>5,574</td><td>734</td><td>1,571</td><td>653</td><td>918</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>460</td><td>360</td><td>320</td><td>40</td><td>100</td><td>5</td><td>95</td><td>652</td><td>646</td><td>503</td><td>143</td><td>6</td><td>6</td><td>-</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,494</td><td>28</td><td>28</td><td>-</td><td>1,466</td><td>-</td><td>1,466</td><td>1,822</td><td>64</td><td>62</td><td>2</td><td>1,758</td><td>32</td><td>1,726</td></tr><tr><td>India, Burma, and Ceylon</td><td>329</td><td>5</td><td>5</td><td>-</td><td>324</td><td>-</td><td>324</td><td>203</td><td>202</td><td>2</td><td>200</td><td>1</td><td>1</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>1</td><td>1</td><td>-</td><td>23</td><td>23</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>52</td><td>52</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>25</td><td>3</td><td>22</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>86</td><td>77</td><td>77</td><td>-</td><td>9</td><td>9</td><td>-</td><td>63</td><td>55</td><td>55</td><td>-</td><td>8</td><td>5</td><td>3</td></tr><tr><td>Turkey</td><td>9</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td><td>19</td><td>11</td><td>11</td><td>-</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Other Asia</td><td>203</td><td>131</td><td>119</td><td>12</td><td>72</td><td>15</td><td>57</td><td>133</td><td>92</td><td>85</td><td>7</td><td>41</td><td>8</td><td>33</td></tr><tr><td>Total Asia</td><td>2,633</td><td>653</td><td>549</td><td>104</td><td>1,980</td><td>29</td><td>1,951</td><td>2,943</td><td>1,098</td><td>724</td><td>374</td><td>1,845</td><td>78</td><td>1,767</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>12,453</td><td>31</td><td>24</td><td>7</td><td>12,422</td><td>-</td><td>12,422</td><td>24,235</td><td>44</td><td>44</td><td>-</td><td>24,191</td><td>-</td><td>24,191</td></tr><tr><td>New Zealand</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>165</td><td>134</td><td>112</td><td>22</td><td>31</td><td>-</td><td>31</td><td>80</td><td>80</td><td>54</td><td>26</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>8</td><td>6</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>108</td><td>3</td><td>3</td><td>-</td><td>105</td><td>2</td><td>103</td><td>180</td><td>106</td><td>33</td><td>73</td><td>74</td><td>-</td><td>74</td></tr><tr><td>All other</td><td>29</td><td>-</td><td>-</td><td>-</td><td>29</td><td>14</td><td>15</td><td>632</td><td>631</td><td>4</td><td>627</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total other countries</td><td>12,773</td><td>186</td><td>157</td><td>29</td><td>12,587</td><td>16</td><td>12,571</td><td>25,144</td><td>878</td><td>150</td><td>728</td><td>24,266</td><td>-</td><td>24,266</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>104,934</td><td>47,700</td><td>13,385</td><td>34,314</td><td>57,234</td><td>4,075</td><td>53,159</td><td>92,712</td><td>52,802</td><td>24,969</td><td>27,833</td><td>39,910</td><td>3,635</td><td>36,275</td></tr></table>
November 1947
73
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="2">Transactions during June 1947</th><th colspan="2"></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>3,001</td><td>-1,999</td><td>124,981</td><td>19,164</td><td>137,293</td><td>20,300</td></tr><tr><td>France</td><td>-167</td><td>-165</td><td>-174</td><td>-205</td><td>-224</td><td>-122</td><td>2,652</td><td>9</td><td>2,533</td><td>23</td></tr><tr><td>Belgium</td><td>41</td><td>127</td><td>-52</td><td>210</td><td>158</td><td>192</td><td>1,236</td><td>14</td><td>1,156</td><td>38</td></tr><tr><td>Germany</td><td>-13</td><td>-13</td><td>-13</td><td>-14</td><td>-12</td><td>-12</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>8</td><td>8</td><td>27</td><td>-</td><td>27</td><td>-</td></tr><tr><td>Netherlands</td><td>163</td><td>202</td><td>213</td><td>210</td><td>147</td><td>169</td><td>391</td><td>-</td><td>371</td><td>-</td></tr><tr><td>Portugal</td><td>-25</td><td>8</td><td>64</td><td>127</td><td>-796</td><td>-691</td><td>1,453</td><td>22</td><td>1,311</td><td>62</td></tr><tr><td>Spain</td><td>-81</td><td>-77</td><td>-83</td><td>-73</td><td>-79</td><td>-78</td><td>60</td><td>-</td><td>54</td><td>-</td></tr><tr><td>Sweden</td><td>178</td><td>-25</td><td>-306</td><td>-420</td><td>132</td><td>-336</td><td>2,604</td><td>6</td><td>3,064</td><td>22</td></tr><tr><td>Switzerland</td><td>65</td><td>110</td><td>-713</td><td>-651</td><td>-708</td><td>-699</td><td>7,407</td><td>189</td><td>7,408</td><td>176</td></tr><tr><td>Other Europe</td><td>263</td><td>198</td><td>170</td><td>300</td><td>255</td><td>128</td><td>374</td><td>-</td><td>488</td><td>-</td></tr><tr><td>Total Europe</td><td>620</td><td>-2,244</td><td>-2,620</td><td>915</td><td>1,882</td><td>-3,140</td><td>141,185</td><td>19,404</td><td>153,705</td><td>20,621</td></tr><tr><td>Canada</td><td>8,101</td><td>7,868</td><td>6,968</td><td>6,891</td><td>6,102</td><td>4,901</td><td>28,893</td><td>5,845</td><td>30,654</td><td>5,197</td></tr><tr><td>Latin America</td><td>1,269</td><td>1,444</td><td>715</td><td>584</td><td>430</td><td>340</td><td>6,821</td><td>144</td><td>7,356</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></tr><tr><td>China and Manchuria</td><td>134</td><td>118</td><td>232</td><td>91</td><td>120</td><td>-65</td><td>85</td><td>-</td><td>269</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>-2,825</td><td>-3,691</td><td>1,150</td><td>-</td><td>1,680</td><td>-</td></tr><tr><td>Japan</td><td>-15</td><td>-15</td><td>-13</td><td>-14</td><td>-13</td><td>-11</td><td>2</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>-3,838</td><td>-2,132</td><td>5,801</td><td>151</td><td>4,062</td><td>183</td></tr><tr><td>Total Asia</td><td>-4,970</td><td>-4,496</td><td>-5,282</td><td>-5,225</td><td>-6,556</td><td>-5,499</td><td>7,038</td><td>151</td><td>6,011</td><td>183</td></tr><tr><td>All other</td><td>945</td><td>886</td><td>709</td><td>843</td><td>576</td><td>610</td><td>14,949</td><td>-</td><td>6,551</td><td>1</td></tr><tr><td>Grand total</td><td>5,965</td><td>3,458</td><td>490</td><td>4,008</td><td>2,434</td><td>-3,088</td><td>198,886</td><td>25,544</td><td>204,277</td><td>26,005</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>47,293</td><td>64,898</td><td>54,704</td><td>69,900</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>31</td><td>13</td><td>22</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>108</td><td>117</td><td>72</td><td>104</td></tr><tr><td>Germany</td><td>-</td><td>11</td><td>-</td><td>10</td><td>-</td><td>11</td><td>-</td><td>11</td><td>-</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Italy</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>Netherlands</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>16</td><td>89</td><td>91</td><td>22</td><td>62</td></tr><tr><td>Portugal</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Spain</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>20</td><td>83</td><td>21</td><td>79</td></tr><tr><td>Sweden</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>814</td><td>1,402</td><td>697</td><td>907</td></tr><tr><td>Switzerland</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>13</td><td>40</td><td>6</td><td>18</td></tr><tr><td>Other Europe</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></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>48,337</td><td>66,674</td><td>55,535</td><td>71,104</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>4,911</td><td>5,679</td><td>6,563</td><td>6,088</td></tr><tr><td>Latin America</td><td>5,302</td><td>2,127</td><td>5,041</td><td>1,964</td><td>3,417</td><td>1,839</td><td>3,310</td><td>1,838</td><td>1,831</td><td>1,817</td><td>661</td><td>517</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>15</td><td>19</td><td>-</td><td>19</td></tr><tr><td>Hoong 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>1,564</td><td>101</td><td>1,434</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>4</td><td>-</td><td>4</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>898</td><td>5,113</td><td>314</td><td>2,926</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>2,477</td><td>5,237</td><td>1,748</td><td>2,944</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>129</td><td>373</td><td>123</td><td>435</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>57,685</td><td>79,780</td><td>64,630</td><td>81,093</td></tr></table>
74
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>1946<br>Dec.</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></tr><tr><td>Treasury financing operations.</td><td>1-16</td><td>1-4</td><td>1-1</td><td>1-4</td><td>1-2</td><td>1-18</td><td>1-5</td><td>1-24</td><td>1-5</td><td>1-1</td><td>1-1</td><td>1-1</td></tr><tr><td colspan="13">Summary of fiscal statistics:</td></tr><tr><td>Budget receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td colspan="13">Receipts and expenditures:</td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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></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></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></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></tr><tr><td>Expenditures of Government corporations (wholly owned), etc.</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Total budget receipts and expenditures by months and calendar years</td><td>5-9</td><td>5-9</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>9</td><td>9</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></tr><tr><td colspan="13">Social security program:</td></tr><tr><td>Budget receipts and expenditures</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>12-13</td><td>11-12</td><td>11-12</td><td>11-12</td></tr><tr><td>Statements of trust accounts</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>13</td><td>13</td><td>13</td></tr><tr><td>Treasury cash incomes and outgo</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>15-17</td><td>15-17</td><td>15-17</td></tr><tr><td colspan="13">General Fund position and debt outstanding:</td></tr><tr><td>General Fund of the Treasury</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>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of change in balance of General Fund</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Means of financing cash requirements</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Statutory limitation on the public debt</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>21</td><td>21</td><td>21</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>20-23</td><td>22-23</td><td>22-23</td><td>22-23</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></tr><tr><td>Obligations of Government corporations and other agencies held by the Treasury</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>24</td><td>24</td></tr><tr><td>Issuances and retirement of the public debt</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>25</td><td>25</td><td>25</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>25</td><td>25</td><td>25</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the United States</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>27-29</td><td>26-27</td><td>26-27</td><td>26-27</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>28</td><td>28</td><td>28</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness, and guaranteed securities</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>29</td><td>29</td><td>29</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>32-33</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Sales and redemptions of U. S. savings bonds</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>34-42</td><td>31-35</td><td>31-35</td><td>31-35</td></tr><tr><td>Sales and redemptions of Treasury savings notes</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>43-44</td><td>36</td><td>36</td><td>36</td></tr><tr><td>Sales and redemptions of U. S. savings stamps</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></td><td></td><td></td></tr></table>
(Continued on following page)
November 1947
75
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>1946</th><th colspan="11">1947</th></tr><tr><th></th><th>Dec.</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></tr><tr><td><b>Ownership of Government securities:</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></tr><tr><td>Summary distribution by classes of holders</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>38</td><td>38</td><td>38</td></tr><tr><td>Estimated ownership by classes of banks and non-bank investors</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>39</td><td>39</td><td>39</td></tr><tr><td>Net market purchases or sales of Government securities for Treasury investment accounts</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>39</td><td>39</td><td>39</td></tr><tr><td><b>Treasury survey of ownership of Government securities:</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></tr><tr><td>Ownership by banks and insurance companies</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>49-53</td><td>40-44</td><td>40-44</td><td>40-43</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (for quarterly dates corresponding with monthly survey data)</td><td>54-58</td><td></td><td>54-58</td><td></td><td>54-58</td><td></td><td>54-58</td><td></td><td></td><td>45-49</td><td></td><td></td></tr><tr><td><b>Prices and yields of Government securities:</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></tr><tr><td>Over-the-counter closing quotations</td><td>60-62</td><td>55-57</td><td>55-57</td><td>60-62</td><td>55-57</td><td>55-57</td><td>60-62</td><td>55-57</td><td>55-57</td><td>51-53</td><td>46-48</td><td>45-46</td></tr><tr><td>Chart showing yields of Treasury securities</td><td>63</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>54</td><td>49</td><td>47</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds</td><td>64-65</td><td>59-60</td><td>59-60</td><td>64-65</td><td>59-60</td><td>59-60</td><td>64-65</td><td>59-61</td><td>59-60</td><td>55-56</td><td>50-51</td><td>48-49</td></tr><tr><td><b>Corporations and certain other agencies of the Government:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Combined balance sheet (as of quarterly dates, beginning September 30, 1946)</td><td></td><td>62, 66-71</td><td></td><td>62, 66-71</td><td></td><td>63, 67-72</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan (as of quarterly dates, beginning September 30, 1946)</td><td></td><td>63-65</td><td></td><td>63-65</td><td></td><td>64-66</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense (cumulative, by fiscal year quarters, beginning with the first quarter of 1947)</td><td></td><td></td><td>62-67</td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td>58-64</td><td></td><td></td></tr><tr><td>Sources and application of funds (cumulative, by fiscal year quarters, beginning with the first quarter of 1947)</td><td></td><td></td><td>68-74</td><td></td><td>68-74</td><td></td><td></td><td></td><td></td><td>65-72</td><td></td><td></td></tr><tr><td><b>Internal revenue 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></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td>67</td><td>73</td><td>76</td><td>67</td><td>73</td><td>76</td><td>67</td><td>74</td><td>62</td><td>74</td><td>53</td><td>51</td></tr><tr><td>Chart</td><td>68</td><td>74</td><td>77</td><td>68</td><td>74</td><td>77</td><td>68</td><td>75</td><td>63</td><td>75</td><td>54</td><td>52</td></tr><tr><td>Comparative details for current periods</td><td>69-70</td><td>75-76</td><td>78-79</td><td>69-70</td><td>75-76</td><td>78-79</td><td>69-70</td><td>76-77</td><td>64-65</td><td>76-77</td><td>55-56</td><td>53-54</td></tr><tr><td><b>Monetary 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></tr><tr><td>Balance sheet of the Exchange Stabilization Fund (as of quarterly dates, beginning June 30, 1946)</td><td></td><td></td><td>81-82</td><td></td><td>81-82</td><td></td><td>67-68</td><td></td><td>56-57</td><td></td><td></td><td></td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>72</td><td>78</td><td>83</td><td>72</td><td>78</td><td>83</td><td>72</td><td>79</td><td>69</td><td>79</td><td>58</td><td>58</td></tr><tr><td>Increment from reduction in weight of gold dollar (cumulative, by fiscal year quarters, beginning with the first quarter of 1947)</td><td></td><td></td><td>83</td><td></td><td>83</td><td></td><td>69</td><td></td><td>58</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, (for quarterly periods beginning with July-September, 1946)</td><td>72</td><td></td><td>72</td><td>72</td><td>78</td><td>83</td><td>72</td><td>79</td><td>69</td><td>79</td><td>58</td><td>58</td></tr><tr><td>Monetary stocks of gold and silver</td><td>72</td><td>78</td><td>83</td><td>72</td><td>78</td><td>83</td><td>72</td><td>79</td><td>69</td><td>79</td><td>58</td><td>58</td></tr><tr><td>Components of silver monetary stock</td><td>73</td><td>79</td><td>84</td><td>73</td><td>79</td><td>84</td><td>73</td><td>80</td><td>70</td><td>80</td><td>59</td><td>59</td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>73</td><td>79</td><td>84</td><td>73</td><td>79</td><td>84</td><td>73</td><td>80</td><td>70</td><td>80</td><td>59</td><td>59</td></tr><tr><td>Seigniorage on silver</td><td>74</td><td>80</td><td>85</td><td>74</td><td>80</td><td>85</td><td>74</td><td>81</td><td>71</td><td>81</td><td>60</td><td>60</td></tr><tr><td>Money in circulation</td><td>75</td><td>81</td><td>86</td><td>75</td><td>81</td><td>86</td><td>75</td><td>82</td><td>72</td><td>82</td><td>61</td><td>61</td></tr><tr><td><b>Capital movements between the United States and foreign countries, and net position in foreign currencioles:</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></tr><tr><td>Historical summary of net capital movement since 1935</td><td>77-79</td><td>83-85</td><td>88-90</td><td>77-79</td><td>83-85</td><td>88-90</td><td>77-79</td><td>84-86</td><td>74-76</td><td>84-86</td><td>67-69</td><td>67-69</td></tr><tr><td>Summary by countries</td><td>80-87</td><td>86-93</td><td>91-98</td><td>80-87</td><td>86-93</td><td>91-98</td><td>80-87</td><td>87-94</td><td>77-84</td><td>87-90</td><td>66-69</td><td>66-69</td></tr><tr><td>Details for current month</td><td>88-90</td><td>94-96</td><td>99-101</td><td>88-90</td><td>94-96</td><td>99-101</td><td>88-90</td><td>95-97</td><td>85-87</td><td>91-93</td><td>70-72</td><td>70-72</td></tr><tr><td>Position in foreign currencioles</td><td>91-97</td><td>97-103</td><td>102-108</td><td>91-97</td><td>97-103</td><td>102-108</td><td>91-97</td><td>98-104</td><td>88-94</td><td>94</td><td>73</td><td>73</td></tr></table>
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1947</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>
<table><tr><td>Treas.<br>HJ<br>10<br>.A2</td><td>U.S. Treasury Dept.</td></tr><tr><td>AUTHOR<br>1947</td><td>Treasury Bulletin</td></tr><tr><td>TITLE<br>c.2</td><td>Oct. - Dec.</td></tr><tr><th>DATE LOANED</th><th>BORROWER'S NAME</th><th>PHONE NUMBER</th></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr></table>
U.S. TREASURY LIBRARY
1 0031957