LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
DECEMBER - 1947
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
December 1947
Table of Contents
<table><tr><td>Treasury financing operations</td><td>Page A-1</td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures</td><td>4</td></tr><tr><td>Treasury cash income and outgo</td><td>14</td></tr><tr><td>General Fund position and debt outstanding</td><td>18</td></tr><tr><td>Ownership of Government securities</td><td>36</td></tr><tr><td>Prices and yields of Government securities</td><td>43</td></tr><tr><td>Internal revenue statistics</td><td>49</td></tr><tr><td>Monetary statistics</td><td>54</td></tr><tr><td>Capital movements between the United States and foreign countries, and net position in foreign currencies</td><td>59</td></tr><tr><td>Corporations and certain other business-type activities</td><td>71</td></tr><tr><td>Cumulative table of contents, twelve months</td><td>74</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
December 1947
A-1
Treasury Financing Operations
November Certificate Maturity
A one-year issue of 7/8 percent certificates of indebtedness outstanding in the amount of $1,775 million matured on November 1, 1947. On October 22, the Secretary of the Treasury announced the offering of a new 11-month 1 percent certificate in exchange, par for par, for the maturing certificates. Cash subscriptions were not received. The new certificatee carry the issue date of November 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.
Reports to the Treasury on the ownership of Government securities indicate that on September 30, 1947, about 53 percent of the $1,775 million of certificates maturing November 1 were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for September 30 are the latest which are available for holdings of both Federal Reserve Banks and commercial banks.
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "M-position", respectively, of marketable issues of bonds,
Subscription books were opened on October 22 and were closed at the close of business on October 24. Holdings of the Federal Reserve Banks, which amounted to $203 million, were redeemed in full for cash. Exchange subscriptions for the new issue amounted to $1,467 million, leaving $104 million to be paid in cash to holders other than Federal Reserve Banks.
Treasury Bills Refunded in October
Five issues of Treasury bills matured in October, and totaled $5.9 billion. The first two maturities were $1.3 billion each and the last three were $1.1 billion each. All the issues were refunded in full. The average rates of discount for the five new issues, beginning with that dated October 2, were 0.817 percent, 0.827 percent, 0.835 percent, 0.855 percent, and 0.873 percent, respectively. The issue of bills which matured on October 2 was the last carrying the privilege of sale to and repurchase from the Federal Reserve Banks at the posted discount rate of 3/8 percent.
notes, and certificates of indebtedness, and the tables on "Offerings and Maturities of Treasury Bills", in this issue of the "Treasury Bulletin".
December 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 4 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>Actual 1946</th><th>Actual 1947</th><th>Estimated 1948 1/</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>9,209</td><td>7,956</td><td>7,830</td><td>-125</td><td>30,885</td><td>29,306</td><td>28,906</td><td>-400</td></tr><tr><td>Employment taxes</td><td>496</td><td>528</td><td>635</td><td>+107</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>2,857</td><td>2,783</td><td>2,786</td><td>+3</td><td>7,725</td><td>8,049</td><td>8,034</td><td>-15</td></tr><tr><td>Custome</td><td>131</td><td>171</td><td>144</td><td>-27</td><td>435</td><td>494</td><td>463</td><td>-31</td></tr><tr><td>Other receipts 3/</td><td>1,115</td><td>977</td><td>1,276</td><td>+299</td><td>3,493</td><td>4,829</td><td>3,532</td><td>-1,297</td></tr><tr><td>Total receipts</td><td>13,808</td><td>12,416</td><td>12,673</td><td>+257</td><td>44,239</td><td>44,703</td><td>43,193</td><td>-1,510</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>396</td><td>421</td><td>477</td><td>+56</td><td>1,201</td><td>1,444</td><td>1,526</td><td>+82</td></tr><tr><td>Net budget receipts</td><td>13,412</td><td>11,995</td><td>12,196</td><td>+201</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>14,055</td><td>1,975</td><td>2,097</td><td>+122</td><td>27,800</td><td>7,425</td><td>6,100</td><td>-1,325</td></tr><tr><td>Navy Department</td><td>7,660</td><td>2,042</td><td>1,348</td><td>-694</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>70</td><td>170</td><td>+100</td><td>-</td><td>1,847</td><td>191</td><td>-1,795</td></tr><tr><td>Cash</td><td>-</td><td>9</td><td>21</td><td>+12</td><td>-</td><td>139</td><td></td><td></td></tr><tr><td>Miscellaneous war and defense activities</td><td>2,502</td><td>1,185</td><td>408</td><td>-777</td><td>5,581</td><td>2,733</td><td>962</td><td>-1,771</td></tr><tr><td>Total</td><td>24,217</td><td>5,281</td><td>4,045</td><td>-1,236</td><td>48,542</td><td>17,142</td><td>11,293</td><td>-5,849</td></tr><tr><td>Veterans' Administration, interest on public debt and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 4/ 5/</td><td>760</td><td>2,252</td><td>2,050</td><td>-202</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>1,074</td><td>1,179</td><td>1,174</td><td>-4</td><td>4,722</td><td>4,958</td><td>5,125</td><td>+167</td></tr><tr><td>Refunds of taxes and duties</td><td>996</td><td>753</td><td>328</td><td>-425</td><td>3,027</td><td>3,041</td><td>2,054</td><td>-987</td></tr><tr><td>Total</td><td>2,830</td><td>4,183</td><td>3,552</td><td>-631</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>174</td><td>325</td><td>-</td><td>-325</td><td>674</td><td>325</td><td>-</td><td>-325</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>600</td><td>1,300</td><td>+700</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>100</td><td>+100</td><td>-</td><td>-</td><td>1,237</td><td>+1,237</td></tr><tr><td>Total</td><td>174</td><td>925</td><td>1,400</td><td>+475</td><td>833</td><td>3,801</td><td>2,937</td><td>-864</td></tr><tr><td>Aid to agriculture 4/</td><td>116</td><td>1,159</td><td>224</td><td>-935</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>431</td><td>480</td><td>874</td><td>+394</td><td>852</td><td>1,074</td><td>1,616</td><td>+542</td></tr><tr><td>Public works</td><td>132</td><td>403</td><td>404</td><td></td><td>407</td><td>1,038</td><td>1,251</td><td>+213</td></tr><tr><td>Other general expenditures 4/</td><td>573</td><td>753</td><td>1,150</td><td>+397</td><td>1,403</td><td>2,208</td><td>3,5731/</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>225</td><td>-10</td><td>355</td><td>+370</td><td>328</td><td>138</td><td>272</td><td>-81</td></tr><tr><td>Other</td><td>-111</td><td>-6</td><td></td><td></td><td>-23</td><td>215</td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>85</td><td>-747</td><td>58</td><td>+805</td><td>-1,044</td><td>-1,076</td><td>20</td><td>+1,096</td></tr><tr><td>Other</td><td>-180</td><td>-127</td><td>46</td><td>+172</td><td>-566</td><td>408</td><td>459</td><td>+51</td></tr><tr><td>Total</td><td>21</td><td>-889</td><td>458</td><td>+1,347</td><td>-1,305</td><td>-314</td><td>7511/</td><td>+1,066</td></tr><tr><td>Total budget expenditures</td><td>28,494</td><td>12,296</td><td>12,107</td><td>-189</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>-15,082</td><td>-301</td><td>+89</td><td>+389</td><td>-20,676</td><td>+754</td><td>+4,667</td><td>+3,913</td></tr></table>
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 Man-power Commission, U. S. Employment Service), under authority of the Social Security Act.
1/ Effect of cancellation of R. Y. 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.
Source: Daily Treasury Statement, except as noted. 
* Less than $500,000. 
1/ Based upon the 1943 Budget document as revised August 20, 1947. 
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes. 
3/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war-rates, 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.
December 1947
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 4 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 colspan="2">Actual</th><th>Estimated 1948 1/</th><th>Change 1947 to estimated 1948 1/</th></tr><tr><th>Securities issued by the United States:</th><th></th><th></th><th></th><th></th><th>1946</th><th>1947</th><th></th><th></th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>182,790</td><td>182,318</td><td>167,109</td><td>-15,210</td><td>189,606</td><td>168,702</td><td></td><td></td></tr><tr><td>Nonmarketable</td><td>56,072</td><td>56,081</td><td>59,714</td><td>+3,633</td><td>56,173</td><td>59,045</td><td></td><td></td></tr><tr><td>Total public issues</td><td>238,862</td><td>238,400</td><td>226,822</td><td>-11,577</td><td>245,779</td><td>227,747</td><td></td><td>n.e.</td></tr><tr><td>Special issues</td><td>20,577</td><td>24,015</td><td>29,447</td><td>+5,432</td><td>22,332</td><td>27,366</td><td></td><td>n.e.</td></tr><tr><td>Total interest-bearing debt</td><td>259,439</td><td>262,415</td><td>256,270</td><td>-6,145</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>2,378 1/</td><td>1,117</td><td>2,801</td><td>+1,684</td><td>1,311</td><td>3,172</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>261,817</td><td>263,532</td><td>259,071</td><td>-4,461</td><td>269,422</td><td>258,286</td><td>253,200</td><td>-5,086</td></tr><tr><td>Securities guaranteed by the United States: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>39</td><td>44</td><td>33</td><td>-11</td><td>43</td><td>38</td><td></td><td></td></tr><tr><td>Nonmarketable</td><td>502</td><td>334</td><td>45</td><td>-289</td><td>424</td><td>45</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>541</td><td>378</td><td>78</td><td>-300</td><td>467</td><td>83</td><td></td><td>n.e.</td></tr><tr><td>Matured debt</td><td>17</td><td>8</td><td>6</td><td>-3</td><td>10</td><td>6</td><td></td><td>n.e.</td></tr><tr><td>Total guaranteed securities outstanding</td><td>558</td><td>386</td><td>83</td><td>-302</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>262,376</td><td>263,918</td><td>259,155</td><td>-4,763</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.e. 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 rowspan="2"></th><th colspan="3">First 4 months, fiscal years 1946 to 1948</th><th colspan="3">Complete fiscal years, 1946 to 1948 1/</th></tr><tr><th>1946</th><th>1947</th><th>1948</th><th>Actual 1946</th><th>Actual 1947</th><th>Estimated 1948 1/</th></tr><tr><td colspan="7">Amount required to be financed:</td></tr><tr><td>Budget deficit</td><td>15,082</td><td>301</td><td>-</td><td>20,676</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>5,890</td><td>-</td><td>-</td><td>11,136</td><td>5,086</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>798</td><td>524</td><td>548</td><td>328</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>15,082</td><td>6,191</td><td>873</td><td>21,200</td><td>11,684</td><td>5,414</td></tr><tr><td colspan="7">Means of financing:</td></tr><tr><td>Budget surplus</td><td>-</td><td>-</td><td>89</td><td>-</td><td>754</td><td>4,667</td></tr><tr><td>Net increase in public debt</td><td>3,135</td><td>-</td><td>785</td><td>10,780</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>11,885</td><td>6,168</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>62</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>15,082</td><td>6,191</td><td>873</td><td>21,200</td><td>11,684</td><td>5,414</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1948 Budget document as revised August 20, 1947.
2/ Comprises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment on
gold, seigniorage on silver, miscellaneous funds and accounts, and currently a clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
Treasury Bulletin
RECEIPTS AND EXPENDITURES
December 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="4">Receipts</th><th colspan="6">Expenditures</th><th rowspan="2">Budget surplus or deficit (-) $</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Customs</th><th>Other receipts</th><th>Lose net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>Total expenditures</th><th>General</th><th>National defense and related activities</th><th>Transfers to trust accounts, etc.</th><th>Government corporations (wholly owned), etc. (net)</th></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,031</td><td>5,985</td><td>1,029</td><td>225</td><td>-208</td><td>-1,177</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>9,027</td><td>7,313</td><td>1,206</td><td>187</td><td>320</td><td>-3,862</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 4/</td><td>538</td><td>5,387</td><td>9,297</td><td>7,109</td><td>1,657</td><td>232</td><td>299</td><td>-3,910</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 4/</td><td>661</td><td>7,607</td><td>13,765</td><td>6,079 5/</td><td>6,301</td><td>331</td><td>1,054</td><td>-6,158</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 1/</td><td>869</td><td>12,799</td><td>34,290</td><td>6,005</td><td>26,011</td><td>381</td><td>1,893</td><td>-21,491</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 4/ 6/</td><td>1,103</td><td>22,282</td><td>79,702</td><td>5,635</td><td>72,109</td><td>435</td><td>1,523</td><td>-57,420</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 6/</td><td>1,260</td><td>44,149</td><td>95,573</td><td>6,149</td><td>87,039</td><td>556</td><td>1,829</td><td>-51,424</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 6/</td><td>1,283</td><td>46,457</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,646</td><td>-7</td><td>-53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493 6/</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>-20,676</td></tr><tr><td>1947</td><td>44,703</td><td>39,379</td><td>494</td><td>1,829 6/</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>4,043</td><td>4,274</td><td>36</td><td>333</td><td>264</td><td>5,378</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><tr><td>October</td><td>2,455</td><td>2,197</td><td>42</td><td>216</td><td>65</td><td>2,390</td><td>2,445</td><td>1,172</td><td>1,151</td><td>60</td><td>63</td><td>-55</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For explanation see tables which follow entitled "Social Security Program."
3/ Net receipts less total expenditures.
4/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
5/ Receipts from reductions in capital stock and paid-in surpluses available to be reissued 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>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th>Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers 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><th></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><tr><td>October</td><td>2,197</td><td>1,345</td><td>644</td><td>702</td><td>70</td><td>66</td><td>1</td><td>4</td><td>782</td></tr></table>
Sources: 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 data in the column entitled "Federal Insurance Contributions Act" and "Federal Unem-
ployment Tax" represent collectees under Titles VIII and IX, respectively, of the Social Security Act. 4/ Levied under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, under the Carriers Taxing Act of 1937. 5/ Includes less than $500,000 in receipts, from "Agricultural Adjustment taxes."
6
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social Security program 3/ 6/</th><th>Public works 1/</th><th>International finance 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><tr><td>October</td><td>1,172</td><td>689</td><td>478</td><td>157</td><td>54</td><td>483</td><td>70</td><td>72</td><td>111</td><td>52</td><td>-</td><td>-</td><td>174</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and 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
and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of Social Security Act. For further details, see tables which follow on the Social Security program.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, 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.
8/ 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.
9/ Classified as "Other" expenditures commencing July 1, 1945. For additional information on Direct and work relief, see "Treasury Bulletin" for August 1945, page 6.
10/ Grosse expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
December 1947
7
Budget Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Sev Department</th><th>Armed Forces Leave Act 1/</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>Housing and Home Finance Agency 2/</th><th>Selective Service (admit- tive) Department</th><th>United States Maritime Commission</th><th>War Ship- plog Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabil- itation</th><th>Surplus property disposal agencies</th><th>Other na- tional de- fense and related activities expendi- tures 3/</th></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></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></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></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>13</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>73</td><td>519</td><td>929</td><td>132</td><td>200</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>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>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,057</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>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>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>5/</td></tr><tr><td>October</td><td>1,151</td><td>645</td><td>357</td><td>42</td><td>7</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>-</td><td>6/</td><td>38</td><td>5/</td><td>6/</td><td>41</td><td>22</td><td>6/</td></tr></table>
Source: Daily Treasury Statement. " Lose 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
4/ Expenditures are reflected within the respective departments. Classification changed to reflect expenditures under "National Defense and Related activities." Prior year expenditures are included under "General." 
5/ Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, Public Law 492, approved July 8, 1946. 
6/ Not classified separately from other expenditures of these agencies after June 1947.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social Security program 1/ 3/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>18</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>91</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>126</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td></td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>1947</td><td>1,355</td><td>817</td><td>308</td><td>223</td><td>-</td><td>8</td></tr><tr><td>1947-January</td><td>71</td><td>27</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>46</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>432</td><td>432</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>549</td><td>25</td><td>521</td><td>2</td><td>-</td><td>-</td></tr><tr><td>August</td><td>273</td><td>16</td><td>-</td><td>245</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><tr><td>October</td><td>60</td><td>3</td><td>56</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. 
• Less than $500,000. 
1/ Additional transactions are shown in Table 3. 
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities. For further explanation see tables which follow on Social Security Program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 6.- Analysis of Expenditures of Government Corporations (Wholly Owned), Etc. (Net
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>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>-</td><td>-59</td></tr><tr><td>1940</td><td>307 r</td><td>210</td><td>*</td><td>-5</td><td>17</td><td>-40</td><td>-</td><td>42</td><td>-1</td><td>83 r</td></tr><tr><td>1941</td><td>1,056 r</td><td>347</td><td>*</td><td>-4</td><td>233</td><td>-239</td><td>354</td><td>371</td><td>-1</td><td>*</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>*</td><td>-5</td><td>46</td><td>-256</td><td>2,255</td><td>-319</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>*</td><td>-6</td><td>-3</td><td>-363</td><td>3,189</td><td>-727</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>*</td><td>-2</td><td>15</td><td>-396</td><td>2,652</td><td>-247</td><td>-1</td><td>-446</td></tr><tr><td>1945</td><td>-7</td><td>471 4/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-258</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 4/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>325</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>*</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>-15</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>-599 5/</td><td>83</td><td>-1</td><td>*</td><td>-13</td><td>-59</td><td>-18</td><td>7</td><td>-23</td></tr><tr><td>June</td><td>970</td><td>116</td><td>81</td><td>-6</td><td>-1</td><td>-18</td><td>676</td><td>119</td><td>-33</td><td>37</td></tr><tr><td>July</td><td>65</td><td>8</td><td>-9</td><td>-2</td><td>n.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><tr><td>October</td><td>63</td><td>-12</td><td>89</td><td>-2</td><td>s.a.</td><td>-13</td><td>6/</td><td>7</td><td>n.a.</td><td>-6</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 RFC Mortgage Company, Federal National Mortgage Association, Office of Mataka 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 Administration, Federal Farm Mortgage Corporation, Federal Savings and Loan Insurance Corporation, Federal Intermediate Credit Banks - Production Credit Corporations, and Tennessee Valley Authority. 4/ Payments of $957 million were made during the fiscal year 1945 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 lead-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. (act). 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. r Revised.
December 1947
9
Budget Receipts and Expenditures - (Continued)
Table 7.- Total Budget Receipts and Expenditures by Months, Beginning with 1938
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budget receipts 1/</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>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>2,390</td><td></td><td></td><td></td></tr></table>
Budget expenditures 2/
<table><tr><th colspan="12">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,612</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td>4,514</td><td>2,796</td><td>2,851</td><td>3,023</td><td>2,557</td><td>3,618</td><td>45,804</td></tr><tr><td>1947</td><td>3,005</td><td>3,946</td><td>3,492</td><td>3,981</td><td>4,466</td><td>4,570</td><td>3,604</td><td>2,909</td><td>2,752</td><td>2,383</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td></td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td>3,598</td><td>4,001</td><td>3,851</td><td>5,540</td><td>3,669</td><td>3,060</td><td>2,932</td><td>2,445</td><td></td><td></td><td></td></tr></table>
Budget surplus or deficit (-) $/
<table><tr><th colspan="12">A. Excluding net expenditures of Government corporations (wholly owned), etc.</th></tr><tr><td>1938</td><td>-198</td><td>-166</td><td>212</td><td>-369</td><td>-193</td><td>-156</td><td>-451</td><td>-195</td><td>-40</td><td>-437</td><td>-296</td><td>-157</td><td>-2,447</td></tr><tr><td>1939</td><td>-385</td><td>-245</td><td>-132</td><td>-517</td><td>-348</td><td>-339</td><td>-499</td><td>-402</td><td>-65</td><td>-442</td><td>-284</td><td>-311</td><td>-3,967</td></tr><tr><td>1940</td><td>-398</td><td>-224</td><td>-22</td><td>-479</td><td>-247</td><td>-237</td><td>-487</td><td>-258</td><td>-48</td><td>-536</td><td>-455</td><td>-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>190</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>7</td><td></td><td></td><td></td></tr></table>
B. Including net expenditures of Government corporations (wholly owned), etc. 3/
<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>-2,976</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>-445</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>-499</td><td>1,723</td><td>-420</td><td>-165</td><td></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>-55</td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available. 4/ Net receipts less total expenditures.
Treasury Bulletin
10
Trust Accounts, Etc., Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="2">Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1938</td><td>+46</td><td></td><td>+1</td><td>402</td><td>401</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></td><td>+1</td><td>530</td><td>529</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</td><td></td><td>+3</td><td>580</td><td>577</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></td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>+3</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></td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>+6</td><td>1,244</td><td>1,243</td><td>+1</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td></td><td>+6</td><td>1,190</td><td>1,185</td><td>+4</td><td>326</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></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></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></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></td><td>-37</td><td>1,607</td><td>1,644</td><td>-11</td><td>1,504</td><td>1,516</td><td>-23</td><td>1,289</td><td>1,312</td><td>+1</td><td>323</td><td>322</td></tr><tr><td>1947-January</td><td>-125</td><td>+38</td><td>74</td><td>36</td><td>-2</td><td>70</td><td>72</td><td>+9</td><td>101</td><td>91</td><td>+1</td><td>44</td><td>43</td></tr><tr><td>February</td><td>+317</td><td>+227</td><td>264</td><td>38</td><td>+6</td><td>65</td><td>60</td><td>+5</td><td>175</td><td>171</td><td>-1</td><td>1</td><td>1</td></tr><tr><td>March</td><td>-33</td><td>-246</td><td>33</td><td>279</td><td>-2</td><td>47</td><td>48</td><td>-6</td><td>50</td><td>55</td><td>·</td><td>·</td><td>·</td></tr><tr><td>April</td><td>+269</td><td>+26</td><td>68</td><td>41</td><td>+5</td><td>53</td><td>48</td><td>-8</td><td>43</td><td>51</td><td>·</td><td>46</td><td>46</td></tr><tr><td>May</td><td>+99</td><td>+298</td><td>339</td><td>41</td><td>-15</td><td>473</td><td>488</td><td>+6</td><td>251</td><td>245</td><td>·</td><td>22</td><td>21</td></tr><tr><td>June</td><td>-634</td><td>-358</td><td>107</td><td>465</td><td>+9</td><td>228</td><td>218</td><td>-10</td><td>117</td><td>127</td><td>+1</td><td>22</td><td>21</td></tr><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>1</td><td>1</td></tr><tr><td>September</td><td>-435</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><tr><td>October</td><td>+283</td><td>+19</td><td>65</td><td>45</td><td>-7</td><td>45</td><td>52</td><td>-3</td><td>41</td><td>44</td><td>·</td><td>57</td><td>57</td></tr></table><table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 2/</th><th>Sales and re-demptions of obligations of Government corporations, etc., in the market (net) 3/</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Net</th><th></th></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-52</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</td><td>+288</td><td>-</td></tr><tr><td>1941</td><td>+80</td><td>406</td><td>386</td><td>·</td><td>+20</td><td>-2</td><td>+652</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>·</td><td>+14</td><td>+116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>·</td><td>·</td><td>+264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>·</td><td>·</td><td>+503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>·</td><td>·</td><td>+1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>·</td><td>+448</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-302</td><td>1,505</td><td>1,807</td><td>·</td><td>·</td><td>-372</td><td>-359</td><td>+555</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>·</td><td>·</td><td>-44</td><td>-75</td><td>-56</td></tr><tr><td>February</td><td>+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><tr><td>October</td><td>+85</td><td>123</td><td>38</td><td>·</td><td>·</td><td>-27</td><td>+2</td><td>+214</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Includes Government retirement funds, etc. (See footnote 2.) 2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945,
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "Other trust accounts." 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
December 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>786.2</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><tr><td>October</td><td>66.2</td><td>65.6</td><td>.6</td><td>64.5</td><td>1.6</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Adminis- trative expense</th><th colspan="10">Grants to States</th><th rowspan="2">Refunde of taxee</th><th rowspan="2">Excess of expenditure</th></tr><tr><th>Total</th><th>Old-age asse-t-ance</th><th>Aid to depend-ent children</th><th>Aid to the blind</th><th>Unemploy-ment com-pensation adminis- tration</th><th>Public Health Service</th><th>Maternal and child health services</th><th>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>$1.0 2/</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>355.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>1.1</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>1.0</td><td>1.0</td><td>52.2</td></tr><tr><td>February</td><td>80.7</td><td>2.3</td><td>77.6</td><td>52.5</td><td>12.2</td><td>1.5</td><td>9.0</td><td>-</td><td>1.7</td><td>.7</td><td>1.3</td><td>1.8</td><td>.8</td><td>-36.9</td></tr><tr><td>March</td><td>24.6</td><td>2.3</td><td>21.6</td><td>13.2</td><td>2.3</td><td>.5</td><td>3.8</td><td>-</td><td>1.0</td><td>.8</td><td>.1</td><td>-</td><td>.7</td><td>10.7</td></tr><tr><td>April</td><td>15.5</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>.1</td><td>-.7</td><td>-</td><td>1.9</td><td>1.6</td><td>.5</td><td>1.5</td><td>.5</td><td>10.8</td></tr><tr><td>May</td><td>155.7</td><td>1.9</td><td>153.3</td><td>111.6</td><td>26.2</td><td>3.3</td><td>10.3</td><td>-</td><td>1.2</td><td>.8</td><td>-.1</td><td>1.5</td><td>.5</td><td>142.6</td></tr><tr><td>June</td><td>44.0</td><td>2.1</td><td>41.3</td><td>30.9</td><td>7.1</td><td>.7</td><td>.5</td><td>-</td><td>1.5</td><td>.6</td><td>-.1</td><td>1.5</td><td>.6</td><td>41.5</td></tr><tr><td>July</td><td>90.6</td><td>2.5</td><td>87.5</td><td>59.1</td><td>16.7</td><td>1.7</td><td>9.6</td><td>-</td><td>1.5</td><td>1.1</td><td>.4</td><td>1.5</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>1.5</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>1.5</td><td>1.0</td><td>48.5</td></tr><tr><td>October</td><td>70.6</td><td>1.7</td><td>67.7</td><td>45.7</td><td>12.7</td><td>1.6</td><td>5.7</td><td>-</td><td>.8</td><td>.8</td><td>.4</td><td>1.5</td><td>1.2</td><td>69.0</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $50,000.
2/ Formerly Title VIII of the Social Security Act. Formerly Title II of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employees subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely,
Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Includes 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 made under provisions of the Public Health Service Act of 1944.
6/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
7/ 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<br>Taxes on carriers and their employees/</th><th>Total</th><th>Expenditures<br>Administrative expenses 2/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 3/</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><tr><td>October</td><td>4.2</td><td>57.0</td><td>.5</td><td>56.0</td><td>*</td><td>52.8</td></tr></table>
Source: Daily Treasury Statement.
Less than $50,000.
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 colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance 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>2.5</td></tr><tr><td>September</td><td>2.9</td><td>.5</td><td>.5</td><td>-</td><td>*</td></tr><tr><td>October</td><td>.4</td><td>.4</td><td>.4</td><td>-</td><td></td></tr></table>
Sources: Daily Treasury Statement.
1/ Less than $50,000.
2/ Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act.
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.
December 1947
13
Social Security Program: Section II - Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureaus of Old-age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>Unexpended balance in General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,416.4</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>7,041.4</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-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><tr><td>October</td><td>11,049.9</td><td>10,200.8</td><td>849.0</td><td>1,936.0</td><td>1,689.6</td><td>210.1</td><td>36.3</td><td>9,113.8</td><td>9,000.3</td><td>48.7</td><td>64.8</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act Amendments of 1939.
3 Under provisions of the Labor-Federal Security Act, 1947, sales- rices for the Bureau of Old-Age and Survivors Insurances are pay- able directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Account
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balansos</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</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 disbureing 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-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>16.7</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><tr><td>October</td><td>2,788.0</td><td>2,701.1</td><td>86.9</td><td>1,348.2</td><td>1,439.8</td><td>1,303.5</td><td>117.3</td><td>19.0</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment-insurance activities</th><th colspan="3">Railroad Unemployment Insurance Account 1/</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit account 5/)</th><th>In dis-bursing officer's account</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</td><td>56.9</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1947-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>792.0</td><td>4,558.0</td><td>4,331.2</td><td>107.2</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>795.9</td><td>4,622.4</td><td>4,390.8</td><td>107.2</td><td>7,971.9</td><td>7,954.0</td><td>11.0</td><td>6.8</td></tr><tr><td>October</td><td>12,635.7</td><td>10,888.4</td><td>777.5</td><td>107.2</td><td>66.5</td><td>796.1</td><td>4,681.8</td><td>4,444.5</td><td>107.2</td><td>7,953.9</td><td>7,939.0</td><td>6.7</td><td>8.1</td></tr></table>
Sources: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1979, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). For railroad unemployment benefits and refunds.
14
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
December 1947
15
Treasury Cash Income and Outgo
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income or outgo (-)</th><th colspan="2">Net cash borrowing or repayment of borrowing (-)</th><th colspan="2">Increase or decrease (-) in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust 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>-4,639</td><td>5,432</td><td>742</td><td>-</td></tr><tr><td>1942</td><td>12,776</td><td>2,515</td><td>15,291</td><td>33,520</td><td>1,065</td><td>-</td><td>-</td><td>34,585</td><td>-19,294</td><td>19,652</td><td>358</td><td>-</td></tr><tr><td>1943</td><td>22,235</td><td>3,010</td><td>25,245</td><td>78,499</td><td>480</td><td>-</td><td>-</td><td>78,979</td><td>-53,735</td><td>60,250</td><td>6,515</td><td>-</td></tr><tr><td>1944</td><td>44,081</td><td>3,903</td><td>47,984</td><td>93,971</td><td>108</td><td>-</td><td>-</td><td>94,079</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>-</td></tr><tr><td>1945</td><td>46,348</td><td>4,694</td><td>51,041</td><td>96,767</td><td>-781</td><td>-</td><td>-</td><td>95,986</td><td>-44,945</td><td>49,474</td><td>4,529</td><td>-</td></tr><tr><td>1946</td><td>42,885</td><td>4,909</td><td>47,793</td><td>61,376</td><td>4,316</td><td>-</td><td>-</td><td>65,692</td><td>-17,899</td><td>7,439</td><td>-10,460</td><td>-</td></tr><tr><td>1947</td><td>42,946</td><td>3,697</td><td>46,643</td><td>36,244</td><td>3,270</td><td>1,026</td><td>-555</td><td>39,985</td><td>6,658</td><td>-19,388</td><td>-10,930</td><td>-1,800</td></tr><tr><td>1948 (Estimated)</td><td>40,952</td><td>3,731</td><td>44,683</td><td>36,225</td><td>3,001</td><td>-</td><td>-</td><td>39,226</td><td>5,457</td><td>-6,204</td><td>-747</td><td>-</td></tr><tr><td>1947-January</td><td>3,745</td><td>144</td><td>3,889</td><td>2,529</td><td>198</td><td>-</td><td>56</td><td>2,783</td><td>1,106</td><td>104</td><td>1,210</td><td>-</td></tr><tr><td>February</td><td>4,373</td><td>754</td><td>5,127</td><td>2,464</td><td>337</td><td>968</td><td>-102</td><td>3,667</td><td>1,460</td><td>-838</td><td>2,422</td><td>-1,800</td></tr><tr><td>March</td><td>5,701</td><td>245</td><td>5,946</td><td>3,222</td><td>139</td><td>-</td><td>-39</td><td>3,322</td><td>2,624</td><td>-2,848</td><td>-224</td><td>-</td></tr><tr><td>April</td><td>2,545</td><td>274</td><td>2,819</td><td>3,619</td><td>102</td><td>-</td><td>-67</td><td>3,654</td><td>-835</td><td>-1,761</td><td>-2,598</td><td>-</td></tr><tr><td>May</td><td>2,861</td><td>455</td><td>3,316</td><td>3,112</td><td>243</td><td>33</td><td>-37</td><td>3,351</td><td>-35</td><td>-209</td><td>-245</td><td>-</td></tr><tr><td>June</td><td>5,335</td><td>40</td><td>5,295</td><td>4,914</td><td>257</td><td>25</td><td>-3</td><td>5,193</td><td>102</td><td>-859</td><td>-758</td><td>-</td></tr><tr><td>July</td><td>2,350</td><td>215</td><td>2,565</td><td>2,955</td><td>261</td><td>30</td><td>146</td><td>3,392</td><td>-827</td><td>587</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><tr><td>October</td><td>2,381</td><td>250</td><td>2,631</td><td>2,430</td><td>248</td><td>148</td><td>-214</td><td>2,612</td><td>18</td><td>136</td><td>155</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
2/ Bulletin. 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>Fiscal year or month</th><th>Total budget receipts (net)</th><th>Total</th><th colspan="3">Payments to Treasury by Government corporations</th><th>Transfer from increment on gold</th><th>Equals: Cash budget receipts</th></tr><tr><th></th><th></th><th></th><th>Interest R.F.C.</th><th>All other</th><th>Capital stock and paid-in surplus</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>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>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>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>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>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>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>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>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>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>4,373</td></tr><tr><td>March</td><td>5,701</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>2,545</td></tr><tr><td>May</td><td>2,865</td><td>4</td><td>*</td><td>1</td><td>-</td><td>3</td><td>2,861</td></tr><tr><td>June</td><td>5,473</td><td>138</td><td>-</td><td>2</td><td>136</td><td>-</td><td>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>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>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>4,508</td></tr><tr><td>October</td><td>2,390</td><td>9</td><td>*</td><td>*</td><td>-</td><td>9</td><td>2,381</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.
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 colspan="3">Lease: Noncash budget expenditures</th><th colspan="3">Government corporation payments to Treasury</th><th rowspan="2">Equal: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 1/</th><th>To Government corporations (partially owned) 2/</th><th>To trust accounts 3/</th><th>Transfers to trust accounts 3/</th><th>Payroll deduction for Government employee retirement</th><th>Budget expenditures involving issuance of U.S. securities 4/</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund 5/</th><th>Excess profit tax refund</th><th>Interest</th><th>Earnings</th><th>Repayment of capital stock and paid-in surplus</th><th>Investments in U.S. securities</th></tr><tr><td>1941</td><td>13,766</td><td>917</td><td>58</td><td>-</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>1</td><td>-</td><td>319</td><td>5</td><td>12,850</td></tr><tr><td>1942</td><td>34,289</td><td>769</td><td>81</td><td>-</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>6</td><td>-</td><td>18</td><td>-</td><td>33,520</td></tr><tr><td>1943</td><td>79,702</td><td>1,203</td><td>130</td><td>2</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>-</td><td>10</td><td>115</td><td>78,499</td></tr><tr><td>1944</td><td>95,572</td><td>1,601</td><td>213</td><td>3</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>67</td><td>-</td><td>-</td><td>39</td><td>93,971</td></tr><tr><td>1945</td><td>100,397</td><td>3,631</td><td>342</td><td>4</td><td>429</td><td>1,046</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>108</td><td>-</td><td>-</td><td>25</td><td>96,767</td></tr><tr><td>1946</td><td>63,714</td><td>2,338</td><td>435</td><td>22</td><td>567</td><td>1,918</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>18</td><td>61,376</td></tr><tr><td>1947</td><td>42,505</td><td>6,261</td><td>467</td><td>25</td><td>646</td><td>1,355</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>-39</td><td>105</td><td>72</td><td>136</td><td>31</td><td>36,244</td></tr><tr><td>1948 (Estimated)</td><td>37,000</td><td>775</td><td>500</td><td>24</td><td>731</td><td>1,140</td><td>207</td><td>-1,309</td><td>-5</td><td>-916</td><td>-12</td><td>124</td><td>221</td><td>38</td><td>32</td><td>36,225</td></tr><tr><td>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>21</td><td>269</td><td>-1</td><td>1,109</td><td>-2</td><td>5</td><td>-</td><td>1</td><td>2,464</td></tr><tr><td>March</td><td>3,598</td><td>376</td><td>36</td><td>3</td><td>14</td><td>1</td><td>21</td><td>303</td><td>-1</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>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>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>-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>-1</td><td>47</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>273</td><td>20</td><td>44</td><td>-</td><td>-100</td><td>-2</td><td>20</td><td>-</td><td>6</td><td>2,753</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>-2</td><td>216</td><td>-</td><td>1</td><td>3,465</td></tr><tr><td>October</td><td>2,445</td><td>16</td><td>36</td><td>2</td><td>1</td><td>60</td><td>20</td><td>-116</td><td>-</td><td>-1</td><td>9</td><td>-</td><td>5</td><td>2,430</td></tr></table>
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 less interest paid on savings bonds and bills redeemed. 2/Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when
received by corporations; hence payment and receipt offset each other in the expenditure series. 3/ For detail, see Table 5 under "Budget Receipts and Expenditures". 5/ Budget expenditures involving the issuance of U. S. securities are treated as noncash at the time of original payment and as cash expenditures at the time of redemption. The figures shown are net issuances, or net redemptions (-). 5/ See footnote 2 to Table 5 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="7">Trust account receipts</th><th colspan="5">Trust account expenditures</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in U.S. securities</th><th>Transfers shown as budget expenditure</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: Investments in U.S. securities</th><th>By trust account</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>7,161</td><td>4,128</td><td>167</td><td>2,872</td><td>108</td></tr><tr><td>1945</td><td>7,059</td><td>2,365</td><td>429</td><td>1,046</td><td>290</td><td>-</td><td>-</td><td>4,694</td><td>6,267</td><td>7,048</td><td>5,200</td><td>299</td><td>1,549</td><td>-781</td></tr><tr><td>1946</td><td>7,675</td><td>2,766</td><td>557</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>16</td><td>21</td><td>10</td><td>-</td><td>-</td><td>754</td><td>587</td><td>251</td><td>127</td><td>10</td><td>113</td><td>337</td></tr><tr><td>March</td><td>290</td><td>45</td><td>14</td><td>1</td><td>21</td><td>9</td><td>-</td><td>245</td><td>362</td><td>225</td><td>218</td><td>-</td><td>5</td><td>139</td></tr><tr><td>April</td><td>354</td><td>80</td><td>1</td><td>46</td><td>24</td><td>9</td><td>-</td><td>274</td><td>151</td><td>49</td><td>37</td><td>5</td><td>7</td><td>102</td></tr><tr><td>May</td><td>917</td><td>462</td><td>1</td><td>432</td><td>20</td><td>9</td><td>-</td><td>455</td><td>855</td><td>612</td><td>615</td><td>-7</td><td>4</td><td>243</td></tr><tr><td>June</td><td>722</td><td>763</td><td>497</td><td>18</td><td>23</td><td>7</td><td>218</td><td>440</td><td>1,360</td><td>1,103</td><td>781</td><td>20</td><td>302</td><td>257</td></tr><tr><td>July</td><td>785</td><td>570</td><td>1</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>13</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>215</td><td>42</td><td>1</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><tr><td>October</td><td>330</td><td>80</td><td>1</td><td>60</td><td>20</td><td>3</td><td>-</td><td>250</td><td>261</td><td>13</td><td>37</td><td>-21</td><td>4</td><td>248</td></tr></table>
Source: Actual figures are based on the Daily Treasury Statement; estimates for the fiscal year 1948 are from the Review of the 1948 Budget re-leased August 20, 1947. Less than $500,000.
1/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks. 2/ Principally net redemption or issuance (-) of obligations of Government corporations in the market. 3/ Information not available after August 1947.
December 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 rowspan="2">Fiscal year or month</th><th colspan="2">Increase or decrease (-) in U. S. securities outstanding</th><th colspan="8">Lease: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed obligations of Federal agencies</th><th rowspan="2">Equals: Cash borrowing or repayment of borrowing (-)</th></tr><tr><th>Public debt</th><th>Quarantined obligations</th><th>Total U. S. securities</th><th>Total</th><th>Net investment in U. S. securities</th><th>By trust accounts</th><th>By Government corporations</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes for International Bank and Fund 2/</th><th>Excess profits tax refund bonds</th><th>Interest on savings bonds and Treasury bills 3/</th><th>Net transactions in guaranteed obligations not reflected in Treasurer's accounts</th></tr><tr><td>1941</td><td>5,994</td><td>841</td><td>6,835</td><td>1,422</td><td>1,338</td><td>39</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>58</td><td>8</td><td>19</td><td>5,432</td></tr><tr><td>1942</td><td>23,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>-</td><td>19,652</td></tr><tr><td>1943</td><td>64,274</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>64,307</td><td>-2,477</td><td>61,830</td><td>4,883</td><td>4,128</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>213</td><td>207</td><td>-190</td><td>56,757</td></tr><tr><td>1945</td><td>57,679</td><td>-1,190</td><td>56,489</td><td>6,738</td><td>5,200</td><td>324</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>342</td><td>86</td><td>-277</td><td>49,474</td></tr><tr><td>1946</td><td>10,740</td><td>43</td><td>10,783</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,522</td><td>7,892</td><td>3,362</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>-19,388</td></tr><tr><td>1948 (Estimated)</td><td>-5,086</td><td>28</td><td>-5,058</td><td>1,218</td><td>3,048</td><td>-88</td><td>-1,309</td><td>-5</td><td>-916</td><td>-12</td><td>500</td><td>-</td><td>72</td><td>-6,204</td></tr><tr><td>1947-January</td><td>627</td><td>-69</td><td>559</td><td>448</td><td>88</td><td>51</td><td>271</td><td>-1</td><td>-</td><td>-3</td><td>42</td><td>-</td><td>-7</td><td>104</td></tr><tr><td>February</td><td>1,642</td><td>-82</td><td>1,560</td><td>2,357</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>-2,394</td><td>-5</td><td>-2,300</td><td>546</td><td>218</td><td>1</td><td>294</td><td>-1</td><td>-</td><td>-2</td><td>36</td><td>-</td><td>-2</td><td>-2,848</td></tr><tr><td>April</td><td>-1,423</td><td>-4</td><td>-1,426</td><td>331</td><td>37</td><td>9</td><td>256</td><td>-1</td><td>-</td><td>-1</td><td>31</td><td>-</td><td>-3</td><td>-1,761</td></tr><tr><td>May</td><td>642</td><td>-1</td><td>641</td><td>848</td><td>615</td><td>-6</td><td>83</td><td>-</td><td>125</td><td>-1</td><td>32</td><td>-</td><td>-2</td><td>-209</td></tr><tr><td>June</td><td>-57</td><td>-88</td><td>-145</td><td>709</td><td>781</td><td>17</td><td>28</td><td>-</td><td>-175</td><td>-1</td><td>59</td><td>-</td><td>-5</td><td>-859</td></tr><tr><td>July</td><td>1,161</td><td>-10</td><td>1,152</td><td>562</td><td>443</td><td>53</td><td>31</td><td>-</td><td>-30</td><td>-1</td><td>66</td><td>-</td><td>-2</td><td>587</td></tr><tr><td>August</td><td>649</td><td>-1</td><td>648</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><tr><td>October</td><td>-74</td><td>8</td><td>-66</td><td>-207</td><td>37</td><td>-116</td><td>-16</td><td>-</td><td>-148</td><td>-1</td><td>36</td><td>-</td><td>-5</td><td>136</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/ Resumances of U. S. securities resulting from budget expenditures are treated as noncash at the time of issuance and as cash budget expenditures at the time of redemption. The figures shown are net resumances, or net redemptions (-).
2/ Expenditures for U. S. subscriptions to the capital of the International Monetary Fund and the International Bank for Reconstruc-tion and Development require special explanation. United States payments to the Fund in fiscal 1947 for example consisted of $1,800 million paid from the Exchange Stabilization Fund (Table 1) and $950 million paid as budget expenditures (Table 3). Of this total, $1,724 million (net) was invested in noninterest-bearing U. S. notes thereby making this amount noncash expenditures during the fiscal year. Of the $1,026 million cash portion of the expendi-tures, $968 million came from the initial Exchange Stabilization
Fund payment and the remaining $58 million represented redemption later in the fiscal year of notes assumed to have been acquired through the 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 $476 million was paid during fiscal 1947 - all in the form of budget expenditures. On net balance, $416 million occurred as a noncash expenditure because of the issuance of noninterest-bearing U. S. notes. Table 5 thus shows a total of $2,140 million (net) of such notes issued to the two institutions in the fiscal year 1947. Budget estimates show that $916 million of these notes will be redeemed in the fiscal year 1948, thereby increasing cash expenditures.
3/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
4/ Includes 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>2,368</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>47,984</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>45,498</td><td>47,793</td></tr><tr><td>1946</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>2,631</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>6,603</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>2,955</td><td>2,325</td><td>3,629</td><td>45,262</td><td>65,692</td></tr><tr><td>1946</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>2,612</td><td></td><td></td><td></td><td>39,985</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>-4,368</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>-4,586</td><td>-2,813</td><td>-4,986</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>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-888</td><td>-379</td><td>-113</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1946</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>18</td><td></td><td></td><td></td><td>6,658</td></tr></table>
1/ Data not filled in are in process of preparation. 2/ Fiscal year ending June 30 of year indicated.
18
Treasury Bulletin
GENERAL FUND POSITION AND DEBT OUTSTANDING
December 1947
19
General Fund of the Treasury
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Assets</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in the General Fund</th></tr><tr><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></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>28,698</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>1,978</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>1,807</td><td>295</td><td>336</td><td>4,066</td></tr><tr><td>June</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>July</td><td>3,460</td><td>1,265</td><td>884</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><tr><td>October</td><td>4,498</td><td>1,268</td><td>1,525</td><td>1,437</td><td>268</td><td>391</td><td>4,107</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>-3,852</td><td>3,280 7/</td><td>1,204</td><td>29</td><td>-5</td><td>90</td><td>-16</td><td>1,106</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,910</td><td>2,528</td><td>443</td><td>37</td><td>*</td><td>49</td><td>68</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>-20,675</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>-39</td><td>-3</td><td>37</td></tr><tr><td>June</td><td>-758</td><td>-67</td><td>-57</td><td>-634</td><td>-498</td><td>*</td><td>-</td><td>-46</td><td>-93</td><td>3</td></tr><tr><td>July</td><td>-239</td><td>-1,272</td><td>1,161</td><td>-129</td><td>80</td><td>*</td><td>-</td><td>-51</td><td>-12</td><td>-146</td></tr><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>-180</td><td>74</td><td>-121</td></tr><tr><td>October</td><td>155</td><td>-55</td><td>-74</td><td>283</td><td>94</td><td>*</td><td>-</td><td>-27</td><td>2</td><td>214</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin", September 1946, page 5.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 7.)
4/ Comprises Public Works Administration revolving fund, special de-
5/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 6/ For outstanding checks and telegraphic reports from Federal Reserve Banks. 1/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1938 and 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1938, $51 million; and 1939, $5 million. The increase 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, etc. 2/</th></tr><tr><td>1938</td><td>1,177</td><td>1,177</td><td>-</td><td>-</td><td>-</td><td>1,177</td><td>-</td><td>740</td><td>338</td><td>98</td></tr><tr><td>1939</td><td>4,484</td><td>3,862</td><td>-</td><td>622</td><td>-</td><td>4,484</td><td>-</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>21,991</td><td>-</td><td>358</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>1,272</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>953</td><td>552</td><td>435</td><td>1,940</td><td>1,940</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>283</td><td>55</td><td>74</td><td>155</td><td>-</td><td>283</td><td>-</td><td>-</td><td>-</td><td>283</td></tr></table>
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes Government corporations (wholly owned), etc., (est). 2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, increment on gold, seigniorage on silver, miscellaneous funds and accounts, and currently a clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
December 1947
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-
ceded 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, October 31, 1947
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>258,208</td></tr><tr><td>Guaranteed securities 1/.</td><td>83</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>258,292</td></tr><tr><td>Balance issueable under such authority.</td><td>16,708</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, October 31, 1947
(In millions of dollars)
<table><tr><th></th><th colspan="3">Public debt and guaranteed obligations outstanding</th></tr><tr><th></th><th>Subject to statutory debt limitation</th><th>Not covered by statutory debt limitation</th><th>Total</th></tr><tr><td>Public debt and guaranteed obligations outstanding:</td><td></td><td></td><td></td></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,732</td><td>-</td><td>15,732</td></tr><tr><td>Certificates of indebtedness</td><td>24,808</td><td>-</td><td>24,808</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>68,927</td><td>-</td><td>68,927</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>-</td><td>165</td><td>165</td></tr><tr><td>Total marketable issues</td><td>166,944</td><td>165</td><td>167,109</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>51,897</td><td>-</td><td>51,897</td></tr><tr><td>Treasury savings notes</td><td>5,618</td><td>-</td><td>5,618</td></tr><tr><td>Depository bonds</td><td>321</td><td>-</td><td>321</td></tr><tr><td>Armed forces leave bonds</td><td>909</td><td>-</td><td>909</td></tr><tr><td>Treasury bonds, investment series</td><td>970</td><td>-</td><td>970</td></tr><tr><td>Total non-marketable issues</td><td>59,714</td><td>-</td><td>59,714</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>29,447</td><td>-</td><td>29,447</td></tr><tr><td>Total interest-bearing securities</td><td>256,105</td><td>165</td><td>256,270</td></tr><tr><td>Matured securities on which interest has ceased</td><td>280</td><td>5</td><td>285</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>64</td><td>-</td><td>64</td></tr><tr><td>Excess profits tax refund bonds</td><td>13</td><td>-</td><td>13</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>1,431</td><td>-</td><td>1,431</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>496</td><td>496</td></tr><tr><td>Other obligations bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total obligations bearing no interest</td><td>1,824</td><td>692</td><td>2,517</td></tr><tr><td>Total public debt</td><td>258,208</td><td>863</td><td>259,071</td></tr><tr><td>Guaranteed securities 2/:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>78</td><td>-</td><td>78</td></tr><tr><td>Matured debt</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>83</td><td>-</td><td>83</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>258,292</td><td>863</td><td>259,155</td></tr></table>
Source: 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. 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="3">Interest-bearing</th><th colspan="6">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="4">Public debt</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Natured</th><th>Inter-national Bank</th><th>Monetary Fund</th><th>Other 2/</th><th></th></tr><tr><td>1938</td><td>42,018</td><td>37,165</td><td>4,853</td><td>41,428</td><td>36,576</td><td>4,853</td><td>589</td><td>589</td><td>141</td><td>-</td><td>-</td><td>447</td><td>*</td></tr><tr><td>1939</td><td>45,890</td><td>40,440</td><td>5,451</td><td>45,336</td><td>39,886</td><td>5,450</td><td>554</td><td>554</td><td>142</td><td>-</td><td>-</td><td>411</td><td>1</td></tr><tr><td>1940</td><td>48,496</td><td>42,968</td><td>5,529</td><td>47,874</td><td>42,376</td><td>5,498</td><td>622</td><td>591</td><td>205</td><td>-</td><td>-</td><td>386</td><td>31</td></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>6,370</td><td>54,747</td><td>48,387</td><td>6,360</td><td>585</td><td>574</td><td>205</td><td>-</td><td>-</td><td>369</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>202,059</td><td>199,543</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>Debt peak, Feb. 1946</td><td>279,764</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>1947-Jan.</td><td>260,046</td><td>259,776</td><td>270</td><td>258,640</td><td>258,378</td><td>262</td><td>1,406</td><td>1,399</td><td>307</td><td>248</td><td>-</td><td>844</td><td>7</td></tr><tr><td>Feb.</td><td>261,606</td><td>261,418</td><td>188</td><td>258,294</td><td>258,113</td><td>181</td><td>3,312</td><td>3,305</td><td>281</td><td>407</td><td>1,782</td><td>835</td><td>7</td></tr><tr><td>Mar.</td><td>259,306</td><td>259,124</td><td>182</td><td>255,976</td><td>255,800</td><td>175</td><td>3,331</td><td>3,324</td><td>308</td><td>407</td><td>1,782</td><td>827</td><td>7</td></tr><tr><td>Apr.</td><td>257,880</td><td>257,701</td><td>178</td><td>254,598</td><td>254,427</td><td>171</td><td>3,281</td><td>3,275</td><td>267</td><td>407</td><td>1,782</td><td>819</td><td>7</td></tr><tr><td>May.</td><td>258,521</td><td>258,343</td><td>177</td><td>255,146</td><td>254,975</td><td>171</td><td>3,375</td><td>3,358</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>259,486</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 1/</td><td>6</td></tr><tr><td>Oct.</td><td>259,155</td><td>259,071</td><td>83</td><td>256,348</td><td>256,270</td><td>78</td><td>2,807</td><td>2,801</td><td>285</td><td>316</td><td>1,431</td><td>770</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 rowspan="2">Total public issues</th><th colspan="5">Marketable</th><th colspan="5">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury bonds, investment series</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>197</td><td>1,556</td><td>1,238</td><td>-</td><td>-</td><td>-</td><td>319</td><td>2,676</td></tr><tr><td>1939</td><td>39,886</td><td>36,116</td><td>33,965</td><td>1,308</td><td>-</td><td>7,243</td><td>25,218</td><td>196</td><td>2,151</td><td>1,868</td><td>-</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>196</td><td>3,166</td><td>2,905</td><td>-</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>196</td><td>4,555</td><td>4,314</td><td>-</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>13,510</td><td>10,188</td><td>-</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>11,864</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>-</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>-</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>-</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>283,111</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>-</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>-</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>Debt peak: Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>-</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>49,536</td><td>166</td><td>57,157</td><td>50,343</td><td>-</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>-</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>-</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>-</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>-</td><td>5,525</td><td>1,765</td><td>333</td><td>26,186</td></tr><tr><td>June.</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>-</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>-</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>51,664</td><td>-</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>-</td><td>5,531</td><td>1,025</td><td>326</td><td>29,520</td></tr><tr><td>Oct.</td><td>256,270</td><td>226,822</td><td>167,109</td><td>15,732</td><td>24,808</td><td>7,840</td><td>68,927</td><td>49,636</td><td>165</td><td>59,714</td><td>51,897</td><td>970</td><td>5,618</td><td>909</td><td>321</td><td>29,447</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
December 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="6">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 1/</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 2/</th><th>Reconstruction Finance Corporation 3/</th></tr><tr><td>1938</td><td>4,853</td><td>4,853</td><td>206</td><td>1,410</td><td>1</td><td>-</td><td>2,937</td><td>299</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>5,450</td><td>5,450</td><td>206</td><td>1,379</td><td>3</td><td>114</td><td>2,928</td><td>820</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>5,498</td><td>5,498</td><td>407</td><td>1,269</td><td>8</td><td>114</td><td>2,603</td><td>1,096</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,360</td><td>6,360</td><td>696</td><td>1,269</td><td>17</td><td>226</td><td>2,409</td><td>1,741</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>4,549</td><td>4,549</td><td>701</td><td>930</td><td>21</td><td>114</td><td>1,553</td><td>1,219</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>114</td><td>1,533</td><td>896</td><td>183</td><td>68</td><td>115</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>-</td><td>755</td><td>-</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1946</td><td>467</td><td>43</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</td><td>-</td></tr><tr><td>1947</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>1947-January</td><td>262</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>217</td><td>217</td><td>-</td></tr><tr><td>February</td><td>181</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>135</td><td>135</td><td>-</td></tr><tr><td>March</td><td>175</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>130</td><td>130</td><td>-</td></tr><tr><td>April</td><td>171</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>126</td><td>126</td><td>-</td></tr><tr><td>May</td><td>171</td><td>46</td><td>-</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>125</td><td>125</td><td>-</td></tr><tr><td>June</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>July</td><td>74</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>40</td><td>40</td><td>-</td></tr><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>36</td><td>36</td><td>-</td></tr><tr><td>October</td><td>78</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</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 fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 10/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Adjusted Service Certificate Fund</th><th>Mutual Mortgage Insurance and War Housing Insurance Funds</th></tr><tr><td>1938</td><td>2,676</td><td>85</td><td>662</td><td>-</td><td>523</td><td>396</td><td>-</td><td>45</td><td>66</td><td>872</td><td>26</td><td>-</td></tr><tr><td>1939</td><td>3,770</td><td>101</td><td>1,177</td><td>-</td><td>537</td><td>473</td><td>-</td><td>128</td><td>67</td><td>1,267</td><td>20</td><td>-</td></tr><tr><td>1940</td><td>4,775</td><td>56</td><td>1,738</td><td>-</td><td>524</td><td>559</td><td>-</td><td>97</td><td>79</td><td>1,710</td><td>11</td><td>-</td></tr><tr><td>1941</td><td>6,120</td><td>90</td><td>2,381</td><td>5</td><td>531</td><td>656</td><td>3</td><td>88</td><td>74</td><td>2,273</td><td>19</td><td>-</td></tr><tr><td>1942</td><td>7,885</td><td>95</td><td>3,133</td><td>5</td><td>537</td><td>796</td><td>39</td><td>56</td><td>92</td><td>3,114</td><td>18</td><td>-</td></tr><tr><td>1943</td><td>10,871</td><td>103</td><td>4,044</td><td>106</td><td>538</td><td>1,076</td><td>352</td><td>199</td><td>178</td><td>4,257</td><td>18</td><td>-</td></tr><tr><td>1944</td><td>14,287</td><td>98</td><td>4,766</td><td>27</td><td>502</td><td>1,469</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td><td>17</td><td>-</td></tr><tr><td>1945</td><td>18,612</td><td>97</td><td>5,308</td><td>37</td><td>589</td><td>1,868</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td><td>14</td><td>-</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td><td>-</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>7,104</td><td>62</td><td>1,254</td><td>2,460</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>12</td><td>18</td></tr><tr><td>1947-January</td><td>24,777</td><td>238</td><td>6,440</td><td>57</td><td>1,236</td><td>2,375</td><td>5,725</td><td>990</td><td>815</td><td>6,869</td><td>12</td><td>18</td></tr><tr><td>February</td><td>24,938</td><td>248</td><td>6,440</td><td>58</td><td>1,236</td><td>2,376</td><td>5,765</td><td>1,014</td><td>802</td><td>6,969</td><td>12</td><td>18</td></tr><tr><td>March</td><td>25,183</td><td>248</td><td>6,680</td><td>59</td><td>1,236</td><td>2,369</td><td>5,789</td><td>1,040</td><td>787</td><td>6,944</td><td>12</td><td>18</td></tr><tr><td>April</td><td>25,280</td><td>277</td><td>6,680</td><td>59</td><td>1,236</td><td>2,377</td><td>5,813</td><td>1,066</td><td>817</td><td>6,919</td><td>12</td><td>22</td></tr><tr><td>May</td><td>26,186</td><td>339</td><td>6,680</td><td>60</td><td>1,231</td><td>2,373</td><td>6,278</td><td>1,294</td><td>801</td><td>7,094</td><td>12</td><td>22</td></tr><tr><td>June</td><td>27,366</td><td>408</td><td>7,104</td><td>62</td><td>1,254</td><td>2,460</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td><td>12</td><td>18</td></tr><tr><td>July</td><td>28,516</td><td>514</td><td>7,062</td><td>64</td><td>1,254</td><td>2,460</td><td>6,520</td><td>2,226</td><td>1,300</td><td>7,087</td><td>12</td><td>18</td></tr><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>7,214</td><td>6</td><td>22</td></tr><tr><td>October</td><td>29,447</td><td>490</td><td>7,362</td><td>66</td><td>1,253</td><td>2,695</td><td>6,610</td><td>2,406</td><td>1,304</td><td>7,229</td><td>6</td><td>26</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
1/ Excludes guaranteed securities held by the Treasury and securities guaranteed as to interest only.
2/ Includes United States savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see Table 2 under "Statutory Limitation on the Public Debt".
3/ 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 savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a
limited amount of such issues for trading purposes. (See Treasury Bulletin" July 1946, pages 4-9 and 4-10). 5/ Postal Savings and Panama Canal bonds, and prior to 1947, Conversion bonds also. 6/ Consists of adjusted service bonds (until they matured on June 15, 1945) and depository bonds. 7/ Name changed from Federal Public Housing Authority (rigorally U. S. Housing Authority) pursuant to Reorganization Plan No. 3 of 1947. 8/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement. 9/ Consists of Reconstruction Finance Corporation notes, Series I-A, X-B, and X-C, which were held by United States Government corporations and credit agencies. 10/ Includes Canal Zone Postal Savings System.
Treasury Bulletin
24
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</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,836</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1947</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</td></tr><tr><td>1947-January</td><td>258,640</td><td>5,327</td><td>2.059</td><td>258,378</td><td>5,322</td><td>2.060</td><td>262</td><td>4</td><td>1.642</td></tr><tr><td>February</td><td>258,294</td><td>5,336</td><td>2.066</td><td>258,113</td><td>5,332</td><td>2.066</td><td>181</td><td>3</td><td>1.758</td></tr><tr><td>March</td><td>255,976</td><td>5,319</td><td>2.078</td><td>255,800</td><td>5,316</td><td>2.078</td><td>175</td><td>3</td><td>1.783</td></tr><tr><td>April</td><td>254,598</td><td>5,318</td><td>2.089</td><td>254,427</td><td>5,315</td><td>2.089</td><td>171</td><td>3</td><td>1.718</td></tr><tr><td>May</td><td>255,146</td><td>5,344</td><td>2.094</td><td>254,975</td><td>5,341</td><td>2.095</td><td>171</td><td>3</td><td>1.706</td></tr><tr><td>June</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</td></tr><tr><td>July</td><td>256,395</td><td>5,424</td><td>2.115</td><td>256,321</td><td>5,422</td><td>2.116</td><td>74</td><td>1</td><td>1.767</td></tr><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><tr><td>October</td><td>256,318</td><td>5,456</td><td>2.129</td><td>256,270</td><td>5,454</td><td>2.129</td><td>78</td><td>1</td><td>1.764</td></tr></table>
Source: Daily Treasury Statement.
1/Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Obligations of Government Corporations and Other Agencies Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Farmers' Home Admin-istration</th><th>Federal Farm Mortgage Corporation</th><th>Home Owners' Loan Corporation</th><th>Public Housing Adminis-tration 2/</th><th>Reconstruc-tion Finance Corporation</th><th>Bural Electri-fication Adminis-tration</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>140</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>866</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><tr><td>October</td><td>11,761 1/</td><td>480</td><td>631</td><td>53</td><td>7</td><td>471</td><td>347</td><td>9,169</td><td>516</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 $250,000.
December 1947
25
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="8">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</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>10,538</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>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>15,354</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>159</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>-</td><td>-</td><td>-</td><td>3,533</td><td>934</td><td>7,177</td><td>3,616</td><td>-</td><td>3,533</td><td>28</td></tr><tr><td>June.</td><td>258,286</td><td>-57</td><td>24,046</td><td>3,222</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>4,705</td><td>16,084</td><td>24,103</td><td>4,494</td><td>-</td><td>4,705</td><td>14,903</td></tr><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>1,624</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>136</td></tr><tr><td>Oct.</td><td>259,071</td><td>-74</td><td>9,042</td><td>2,946</td><td>-</td><td>42</td><td>-</td><td>-</td><td>-</td><td>5,939</td><td>116</td><td>9,116</td><td>2,988</td><td>-</td><td>5,939</td><td>189</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Exclude 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="3">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 rowspan="2">Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th rowspan="2">Special issues</th><th colspan="3">Public issues</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th rowspan="2">Special issues</th></tr><tr><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Bonds</th><th>Marketable</th><th>Non-marketable</th></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.5</td><td>9.4</td><td>11.4</td><td>-</td><td>3.3</td><td>12.5</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.9</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>6.5</td><td>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>1947</td><td>255,113</td><td>119,489</td><td>53,435</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.8</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>6.2</td><td>10.7</td></tr><tr><td>1947-January</td><td>258,378</td><td>119,489</td><td>51,567</td><td>10,090</td><td>5,590</td><td>29,791</td><td>17,074</td><td>24,777</td><td>100.0</td><td>46.3</td><td>19.9</td><td>3.9</td><td>2.2</td><td>11.5</td><td>6.6</td><td>9.6</td></tr><tr><td>February</td><td>258,113</td><td>119,489</td><td>52,195</td><td>10,090</td><td>5,570</td><td>28,784</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>3,142</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>46.3</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><tr><td>October</td><td>256,270</td><td>118,729</td><td>54,096</td><td>7,840</td><td>5,618</td><td>24,808</td><td>15,732</td><td>29,447</td><td>100.0</td><td>46.3</td><td>21.1</td><td>3.1</td><td>2.2</td><td>9.7</td><td>6.2</td><td>11.4</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 October 31, 1947
(in millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 3/</th></tr><tr><th></th><th></th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th></th><th></th><th></th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th></th></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td></td><td>1951</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>7/84 Bills Certificate - 11/47-L</td><td>4,807 1,775</td><td></td><td></td><td></td><td>Mar.</td><td>2-3/4 Bond - 3/15/48-51</td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>Deco.</td><td>7/84 Bills Certificate - 12/1/47-L 24 Bond - 12/15/47</td><td>5,010 3,281 701</td><td></td><td></td><td></td><td>June.</td><td>23 Bond - 6/15/49-51 2-3/4 Bond - 6/15/51-54</td><td></td><td>1,014 1,627</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>15,574</td><td></td><td></td><td></td><td>Sept.</td><td>23 Bond - 9/15/49-51 23 Bond - 9/15/51-53</td><td></td><td>1,292 7,986 755</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Deco.</td><td>2-1/4 Bond - 12/15/49-51 23 Bond - 12/15/51-55</td><td></td><td>2,098 1,118 510</td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td></tr><tr><td>Jan.</td><td>7/84 Bills Certificate - 1/1/48-A</td><td>5,915 3,134</td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>7/84 Certificate - 2/1/48-B</td><td>3,947</td><td></td><td></td><td></td><td>Mar.</td><td>23 Bond - 3/15/50-52 2-1/2 Bond - 3/15/52-54</td><td></td><td>1,963 1,024</td><td></td><td></td></tr><tr><td>Mar.</td><td>7/84 Certificate - 3/1/48-0. 23 Bond - 3/15/48-50 2-3/4 Bond - 3/15/48-51</td><td>2,142 1,115 1,223</td><td></td><td></td><td></td><td>June.</td><td>23 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></tr><tr><td>Apr.</td><td>7/84 Certificate - 4/1/48-D</td><td>1,321</td><td></td><td></td><td></td><td>Sept.</td><td>2-1/2 Bond - 9/15/50-52 23 Bond - 9/15/52-54</td><td></td><td>1,186 4,939</td><td></td><td></td></tr><tr><td>June.</td><td>7/84 Certificate - 6/1/48-E. 1-3/4 Bond - 6/15/48</td><td>1,777 3,062</td><td></td><td></td><td></td><td>Dec.</td><td>3-1/8 Bond - 12/15/49-52 23 Bond - 12/15/52-54</td><td></td><td>491 8,662</td><td></td><td></td></tr><tr><td>July</td><td>7/84 Certificate - 7/1/48-I 7/84 Certificate - 7/1/48-0. 7/84 Certificate - 7/1/48-H</td><td>2,782 1,127 2,209</td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>17,012</td><td>8,579</td><td></td></tr><tr><td>Sept.</td><td>2-1/2 Bond - 9/15/48 1-1/2 Note - 9/15/48-A</td><td>451 3,748</td><td></td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>18 Note - 10/1/48-B 18 Certificate - 10/1/48-J</td><td>4,092 1,354</td><td></td><td></td><td></td><td>June.</td><td>23 Bond - 6/15/53-55</td><td></td><td>725</td><td></td><td></td></tr><tr><td>Deco.</td><td>23 Bond - 12/15/48-50</td><td>571</td><td></td><td></td><td></td><td>Sept.</td><td>23 Bond - 9/15/51-53</td><td></td><td>7,986</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>37,020 2,910</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2 Bond - 12/15/49-53 2-1/4 Bond - 12/15/51-53</td><td></td><td>1,786 1,118</td><td></td><td></td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td></tr><tr><td>June.</td><td>23 Bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>23 Bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2 Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>Deco.</td><td>23 Bond - 12/15/49-51 3-1/8 Bond - 12/15/49-52 2-1/2 Bond - 12/15/49-53</td><td>2,098 491 1,786</td><td></td><td></td><td></td><td>June.</td><td>2-3/4 Bond - 6/15/51-54 23 Bond - 6/15/52-54 2-1/4 Bond - 6/15/54-56</td><td></td><td>1,627 5,825 681</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,682</td><td></td><td></td><td></td><td>Dec.</td><td>23 Bond - 12/15/52-54</td><td></td><td>8,662</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>23 Bood - 3/15/48-50 23 Bond - 3/15/50-52</td><td>1,115 1,963</td><td></td><td></td><td></td><td>Mar.</td><td>2-7/8 Bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2 Bond - 9/15/50-52 23 Bond - 9/15/50-52</td><td>1,186 4,939</td><td></td><td></td><td></td><td>June.</td><td>2-1/4 Bond - 6/15/52-55 23 Bond - 6/15/53-55</td><td></td><td>1,501 725</td><td></td><td></td></tr><tr><td>Dec.</td><td>23 Bond - 12/15/48-50 1-1/2 Bond - 12/15/50</td><td>571 2,635</td><td></td><td></td><td></td><td>Sept.</td><td>33 Bond - 9/15/51-55</td><td></td><td>755</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,635 8,088 1,687</td><td></td><td></td><td></td><td>Dec.</td><td>23 Bond - 12/15/51-55</td><td></td><td>510</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td></tr></table>
(Continued on following page)
December 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of October 31, 1947 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become bank eligible 1/</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 1/</th></tr><tr><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th></tr><tr><td>1956</td><td>Mar... 2-1/2% Bond - 3/15/56-58............</td><td>.....</td><td>1,449</td><td>.....</td><td>1964</td><td>June.. 2-1/2% Bond - 6/15/64-69............</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td></td><td>June.. 2-1/4% Bond - 6/15/54-56............</td><td>.....</td><td>681</td><td>.....</td><td>Dec.... 2-1/2% Bond - 12/15/64-69............</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td></td><td>Sept.. 2-3/4% Bond - 9/15/56-59............</td><td>.....</td><td>982</td><td>.....</td><td>Total............</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59............</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total............</td><td>.....</td><td>6,253</td><td>681</td><td>1965</td><td>Mar.... 2-1/2% Bond - 3/15/65-70............</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>1958</td><td>Mar.... 2-1/2% Bond - 3/15/56-58............</td><td>.....</td><td>1,449</td><td>.....</td><td>Dec.... 2-3/4% Bond - 12/15/60-65............</td><td>.....</td><td>1,485</td><td>.....</td><td>.....</td></tr><tr><td></td><td>June.. 2-3/4% Bond - 6/15/58-63............</td><td>.....</td><td>919</td><td>.....</td><td>Total............</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td></tr><tr><td></td><td>Total............</td><td>.....</td><td>919</td><td>1,449</td><td>1966</td><td>Mar.... 2-1/2% Bond - 3/15/66-71............</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>1959</td><td>June.. 2-1/4% Bond - 6/15/59-62............</td><td>.....</td><td>5,284</td><td>.....</td><td>1967</td><td>June.. 2-1/2% Bond - 6/15/62-67............</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/52</td></tr><tr><td></td><td>Sept.. 2-3/4% Bond - 9/15/56-59............</td><td>.....</td><td>982</td><td>.....</td><td>June.. 2-1/2% Bond - 6/15/67-72............</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59............</td><td>.....</td><td>3,823</td><td>.....</td><td>Sept.. 2-1/2% Bond - 9/15/67-72............</td><td>.....</td><td>2,716</td><td>.....</td><td>.....</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/59-62............</td><td>.....</td><td>3,470</td><td>.....</td><td>Dec.... 2-1/2% Bond - 12/15/67-72............</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td></td><td>Total............</td><td>.....</td><td>8,754</td><td>4,804</td><td>Total............</td><td>.....</td><td>22,372</td><td>2,118</td><td>.....</td></tr><tr><td>1960</td><td>Mar.... 2-7/8% Bond - 3/15/55-60............</td><td>.....</td><td>2,611</td><td>.....</td><td>1968</td><td>Dec.... 2-1/2% Bond - 12/15/63-68............</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/52</td></tr><tr><td></td><td>Dec.... 2-3/4% Bond - 12/15/60-65............</td><td>.....</td><td>1,485</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total............</td><td>.....</td><td>1,485</td><td>2,611</td><td>1969</td><td>June.. 2-1/2% Bond - 6/15/64-69............</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>1961</td><td>June.. 3% Panama Canal bond - 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>Dec.... 2-1/2% Bond - 12/15/64-69............</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td></td><td>Total............</td><td>.....</td><td>7,600</td><td>.....</td><td>Total............</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td></tr><tr><td>1962</td><td>June.. 2-1/4% Bond - 6/15/59-62............</td><td>.....</td><td>5,284</td><td>.....</td><td>1970</td><td>Mar.... 2-1/2% Bond - 3/15/65-70............</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67............</td><td>.....</td><td>2,118</td><td>.....</td><td>1971</td><td>Mar.... 2-1/2% Bond - 3/15/66-71............</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/59-62............</td><td>.....</td><td>3,470</td><td>.....</td><td>1972</td><td>June.. 2-1/2% Bond - 6/15/67-72............</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td></td><td>Total............</td><td>.....</td><td>2,118</td><td>8,754</td><td>Sept.. 2-1/2% Bond - 9/15/67-72............</td><td>.....</td><td>2,716</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.... 2-1/2% Bond - 12/15/67-72............</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td></td><td>Dec.... 2-1/2% Bond - 12/15/63-68............</td><td>.....</td><td>2,831</td><td>.....</td><td>Total............</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td></tr><tr><td></td><td>Total............</td><td>.....</td><td>2,831</td><td>919</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/ Excludes postal savings bonds.
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities. For date of issue of each security, see chapter on Prices and Yields
of Government Securities"; for tax states, see chapter on "Ownership of Government Securities". Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote to tables on "Public Debt and Guaranteed Obligations of the United States Government Outstanding".
28
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>11/20/44</td><td>12/1/44 12/1/44 12/1/44 12/1/44</td><td>6th War Loan securities: 3/ 2-1/2% 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 (8 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</td><td>.90% Note -1/1/46</td><td>1 yr,1 a</td><td>-</td><td>3,416</td><td>-</td><td>3,416</td><td>100</td></tr><tr><td>11/20/44</td><td>12/1/44 12/1/44 12/1/44</td><td>2-1/2% Bond -3/15/66-71 4/5 2% Bond -12/15/52-54 1-1/4% Note -9/15/47 5/</td><td>26 yr,3 a 6/ (21 yr,3 m) 10 yr 5/ (8 yr) 2 yr,9 a 5/</td><td>- - -</td><td>33 740 137</td><td>- - -</td><td>33 740 137</td><td>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</td><td>7th War Loan securities: 3/ 2-1/2% Bond -6/15/67-72 4/ 2-1/2% Bond -6/15/59-62 5/ 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 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>8/1/45</td><td>7/8% Certificate -8/1/46</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>9/1/45</td><td>7/8% Certificate -9/1/46</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>10/29/45</td><td>11/15/45 11/15/45 12/3/45</td><td>Victory Loan securities: 3/ 2-1/2% Bond -12/15/67-72 4/ 2-1/2% Bond -12/15/59-62 5/ 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 m</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-F</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 -7/1/48-0</td><td>11 m</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-E</td><td>10 m</td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/15/47</td><td>9/15/47</td><td>1% Note -10/1/48</td><td>121 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</td><td>-</td><td>1,467</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1-1/8% Note -1/1/49</td><td>1 yr 1 m</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
n.s. Not available.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity era 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 charged from December 1 to December 15.
December 1947
29
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding or retirement</th><th>Description of called or maturing security 1/</th><th>Date of issue</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>8/1/45</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% Conversion bond - 1/1/46....</td><td>1/1/16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46</td><td>.90% Treas. note - 1/1/46....</td><td>12/1/44</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8% Certificate - 2/1/46....</td><td>2/1/45</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46....</td><td>3/1/45</td><td>4,147</td><td>1,014</td><td>3,133</td><td>3,133</td><td>-</td><td>2/</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/</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/</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/</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/</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/</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/</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/</td><td>7/8% Certificate - 11/1/47</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46....</td><td>12/3/45</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>487</td><td>87</td><td>7/8% Certificate - 12/1/47</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46....</td><td>6/5/42</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47.... 7/8% Certificate - 1/1/47....</td><td>1/1/17 1/1/46</td><td>13 3,330</td><td>13 -</td><td>-</td><td>3,330</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/</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/</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>6/25/44</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/</td><td>7/8% Certificate - 4/1/48</td></tr><tr><td>6/1/47</td><td>7/8% Certificate - 6/1/47....</td><td>6/1/46</td><td>2,775</td><td>998</td><td>1,777</td><td>1,777</td><td>-</td><td>2/</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>1,467</td><td>308</td><td>83</td><td>1% Certificate - 10/1/48</td></tr><tr><td>12/1/47</td><td>7/8% Certificate - 12/1/47....</td><td>12/1/46</td><td>3,281</td><td>-</td><td>3,281</td><td>n.a.</td><td>a.a.</td><td>a.a.</td><td>1-1/8% Treas. note - 1/1/49</td></tr><tr><td></td><td>2% Bond - 12/15/47....</td><td>12/15/38</td><td>701</td><td>-</td><td>701</td><td>n.a.</td><td>a.a.</td><td>a.a.</td><td></td></tr><tr><td></td><td>Total for 12/1/47......</td><td></td><td>3,982</td><td>-</td><td>3,982</td><td>n.a.</td><td>a.a.</td><td>n.a.</td><td></td></tr></table>
Source: Bureau of the Public Debt. n.a. Not available. 1/ Original call and maturity dates are used. 2/ Prior to the refunding operations of March 1, 1946, maturing 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
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="8">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 competitive bids</th><th>Amount on fixed-price basis 1/</th><th>lo exchange</th></tr><tr><td>1947-May 1......</td><td>1947-July 31......</td><td>91</td><td>1,959.8</td><td>1,099.9</td><td>1,079.5</td><td>20.4</td><td>628.9</td><td>1,311.7</td><td>16,398.4</td></tr><tr><td>May 8......</td><td>Aug. 7......</td><td>91</td><td>1,707.0</td><td>1,111.6</td><td>1,094.5</td><td>17.1</td><td>646.4</td><td>1,309.9</td><td>16,200.1</td></tr><tr><td>May 15......</td><td>Aug. 14......</td><td>91</td><td>1,761.3</td><td>1,202.5</td><td>1,185.8</td><td>16.7</td><td>706.4</td><td>1,302.0</td><td>16,100.6</td></tr><tr><td>May 22......</td><td>Aug. 21......</td><td>91</td><td>1,746.3</td><td>1,203.5</td><td>1,184.5</td><td>19.0</td><td>720.9</td><td>1,312.0</td><td>15,992.0</td></tr><tr><td>May 29......</td><td>Aug. 28......</td><td>91</td><td>1,807.3</td><td>1,311.5</td><td>1,297.6</td><td>13.9</td><td>830.8</td><td>1,301.6</td><td>16,001.8</td></tr><tr><td>June 5......</td><td>Sept. 4......</td><td>91</td><td>1,879.9</td><td>1,307.4</td><td>1,293.0</td><td>14.4</td><td>799.4</td><td>1,315.5</td><td>15,993.8</td></tr><tr><td>June 12......</td><td>Sept. 11......</td><td>91</td><td>1,943.1</td><td>1,303.2</td><td>1,285.9</td><td>17.3</td><td>762.8</td><td>1,306.5</td><td>15,990.5</td></tr><tr><td>June 19......</td><td>Sept. 18......</td><td>91</td><td>1,961.0</td><td>1,305.4</td><td>1,288.3</td><td>17.0</td><td>761.7</td><td>1,316.6</td><td>15,979.3</td></tr><tr><td>June 26......</td><td>Sept. 25......</td><td>91</td><td>1,816.7</td><td>1,103.7</td><td>1,087.1</td><td>16.5</td><td>604.3</td><td>1,308.0</td><td>15,775.0</td></tr><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>1,181.4</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>15,743.1</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><tr><td>Oct. 2......</td><td>1948-Jan. 2......</td><td>92</td><td>1,617.2</td><td>1,301.3</td><td>1,276.5</td><td>24.9</td><td>1,154.7</td><td>1,302.7</td><td>15,723.6</td></tr><tr><td>Oct. 9......</td><td>Jan. 8......</td><td>91</td><td>1,595.5</td><td>1,303.8</td><td>1,275.1</td><td>28.7</td><td>1,113.9</td><td>1,300.0</td><td>15,727.3</td></tr><tr><td>Oct. 16......</td><td>Jan. 15......</td><td>91</td><td>1,393.8</td><td>1,104.8</td><td>1,080.1</td><td>24.7</td><td>819.0</td><td>1,101.8</td><td>15,730.3</td></tr><tr><td>Oct. 23......</td><td>Jan. 22......</td><td>91</td><td>1,515.0</td><td>1,103.5</td><td>1,072.0</td><td>31.5</td><td>719.8</td><td>1,101.5</td><td>15,732.3</td></tr><tr><td>Oct. 30......</td><td>Jan. 29......</td><td>91</td><td>1,441.0</td><td>1,101.5</td><td>1,070.1</td><td>31.3</td><td>777.8</td><td>1,101.9</td><td>15,731.9</td></tr></table>
Sources: 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. 1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price per hundred.
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th 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 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>0.714</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 6/</td><td>0.724</td><td>99.790</td><td>0.822</td></tr><tr><td>Oct. 2</td><td>99.791</td><td>0.817</td><td>99.815 1/</td><td>0.724</td><td>99.788</td><td>0.830</td></tr><tr><td>Oct. 9</td><td>99.791</td><td>0.827</td><td>99.815</td><td>0.732</td><td>99.788</td><td>0.839</td></tr><tr><td>Oct. 16</td><td>99.789</td><td>0.835</td><td>99.830</td><td>0.673</td><td>99.786</td><td>0.847</td></tr><tr><td>Oct. 23</td><td>99.784</td><td>0.855</td><td>99.813 8/</td><td>0.740</td><td>99.781</td><td>0.866</td></tr><tr><td>Oct. 30</td><td>99.779</td><td>0.873</td><td>99.815</td><td>0.732</td><td>99.777</td><td>0.882</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.
7 Except $100,000 at 99.905 and $50,000 at 99.925.
8 Excepting one tender of $50,000 at 99.905.
December 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 prices, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Sales and redemptions classified by States will be published semiannually after June 30, 1947, and sales by denominations, quarterly after September 30, 1947.
Table 1.- Summary of Sales and Redemptions, by Series As of October 31, 1947
<table><tr><th>United States savings bonds</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th>Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><td colspan="7">(In millions of dollars)</td></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td>Matured debt</td><td>Interest-bearing debt</td><td></td></tr><tr><td>Series A.....................</td><td>204</td><td>52</td><td>255</td><td>247</td><td>8</td><td>-</td><td>3/</td></tr><tr><td>Series B.....................</td><td>370</td><td>93</td><td>463</td><td>440</td><td>23</td><td>-</td><td>3/</td></tr><tr><td>Total, Series A and B........</td><td>574</td><td>145</td><td>718</td><td>687</td><td>32</td><td>-</td><td>3/</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C.....................</td><td>1,010</td><td>244</td><td>1,254</td><td>601</td><td>-</td><td>653</td><td>47.89</td></tr><tr><td>Series D.....................</td><td>2,365</td><td>403</td><td>2,768</td><td>535</td><td>-</td><td>2,233</td><td>19.34</td></tr><tr><td>Total, Series C and D........</td><td>3,375</td><td>647</td><td>4,022</td><td>1,136</td><td>-</td><td>2,886</td><td>28.24</td></tr><tr><td>Series E.....................</td><td>47,642</td><td>1,574</td><td>49,216</td><td>18,322</td><td>-</td><td>30,894</td><td>37.23</td></tr><tr><td>Series F.....................</td><td>3,598</td><td>128</td><td>3,726</td><td>585</td><td>-</td><td>3,142</td><td>15.69</td></tr><tr><td>Series G.....................</td><td>16,388</td><td>-</td><td>16,388</td><td>1,413</td><td>-</td><td>14,975</td><td>8.62</td></tr><tr><td>Total, Series E, F, and G....</td><td>67,627</td><td>1,703</td><td>69,330</td><td>20,320</td><td>-</td><td>49,010</td><td>29.31</td></tr><tr><td>Total, Series C-G............</td><td>71,003</td><td>2,350</td><td>73,352</td><td>21,456</td><td>-</td><td>51,897</td><td>29.25</td></tr><tr><td>Total, Series A-O............</td><td>71,576</td><td>2,495</td><td>74,071</td><td>22,142</td><td>32</td><td>51,897</td><td>3/</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 1947, Series I sales include small amounts of unclassified sales consisting of Series B, 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 E 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. 3/ 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="4">Redemptions 2/</th><th colspan="2">Amount outstanding</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="11">(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>14,606</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>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><th>Caloedar 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>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>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>416</td><td>17</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>a.a.</td><td>a.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>a.a.</td><td>a.a.</td><td>35</td><td>51,664</td><td>.78</td></tr><tr><td>September</td><td>466</td><td>58</td><td>525</td><td>431</td><td>a.a.</td><td>a.a.</td><td>34</td><td>51,759</td><td>.83</td></tr><tr><td>October</td><td>488</td><td>52</td><td>540</td><td>404</td><td>a.a.</td><td>a.a.</td><td>32</td><td>51,897</td><td>.78</td></tr><tr><td>Total, inception to October 31, 1947</td><td>71,576</td><td>2,495</td><td>74,071</td><td>22,142</td><td>a.a.</td><td>a.a.</td><td>32</td><td>51,897</td><td>-</td></tr></table>
Series A-D
<table><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>370</td><td>113</td><td>40</td><td>2,968</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>107</td><td>107</td><td>390</td><td>302</td><td>87</td><td>87</td><td>3,148</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>*</td><td>16</td><td>16</td><td>87</td><td>66</td><td>21</td><td>64</td><td>3,100</td><td>2.77</td></tr><tr><td>February</td><td>-</td><td>9</td><td>9</td><td>49</td><td>38</td><td>12</td><td>55</td><td>3,068</td><td>1.58</td></tr><tr><td>March</td><td>-</td><td>7</td><td>7</td><td>43</td><td>33</td><td>10</td><td>50</td><td>3,037</td><td>1.40</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>38</td><td>29</td><td>9</td><td>45</td><td>3,010</td><td>1.26</td></tr><tr><td>May</td><td>*</td><td>6</td><td>6</td><td>32</td><td>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>23</td><td>7</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>October</td><td>*</td><td>7</td><td>7</td><td>33</td><td>n.a.</td><td>n.a.</td><td>32</td><td>2,886</td><td>1.13</td></tr><tr><td>Total, inception to October 31, 1947</td><td>3,949</td><td>792</td><td>4,741</td><td>1,823</td><td>n.a.</td><td>n.a.</td><td>32</td><td>2,886</td><td>-</td></tr></table>
(Continued on following page)
December 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>
(Ig millions of dollars)
Series B, F, and O
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>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>4,994</td><td>109</td><td>48,398</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,547</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><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1947-January</td><td>952</td><td>58</td><td>1,009</td><td>395</td><td>386</td><td>9</td><td>47,243</td><td>.84</td></tr><tr><td>February</td><td>712</td><td>43</td><td>755</td><td>349</td><td>341</td><td>8</td><td>47,649</td><td>.73</td></tr><tr><td>March</td><td>616</td><td>48</td><td>664</td><td>405</td><td>396</td><td>10</td><td>47,908</td><td>.85</td></tr><tr><td>April</td><td>572</td><td>44</td><td>616</td><td>416</td><td>406</td><td>10</td><td>48,107</td><td>.87</td></tr><tr><td>May</td><td>488</td><td>46</td><td>534</td><td>389</td><td>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>393</td><td>11</td><td>48,398</td><td>.83</td></tr><tr><td>July</td><td>559</td><td>63</td><td>622</td><td>420</td><td>n.a.</td><td>n.a.</td><td>48,601</td><td>.86</td></tr><tr><td>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>October</td><td>488</td><td>46</td><td>534</td><td>371</td><td>n.a.</td><td>n.a.</td><td>49,010</td><td>.76</td></tr><tr><td>Total, inception to October 31, 1947</td><td>67,627</td><td>1,703</td><td>69,330</td><td>20,320</td><td>n.a.</td><td>n.a.</td><td>49,010</td><td>-</td></tr></table>
Series 1
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>352</td><td>338</td><td>328</td><td>10</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>30,864</td><td>1.10</td></tr><tr><td>October</td><td>304</td><td>41</td><td>346</td><td>316</td><td>n.a.</td><td>n.a.</td><td>30,894</td><td>1.02</td></tr><tr><td>Total, inception to October 31, 1947</td><td>47,642</td><td>1,574</td><td>49,216</td><td>18,322</td><td>n.a.</td><td>a.e.</td><td>30,894</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 colspan="3">Redemptions 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th colspan="9">(In millions of dollars)</th></tr><tr><th colspan="9">Series I</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td>Total</td><td>Sales price</td><td>Accrued discount</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>197</td><td>6</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>18</td><td>1</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>October</td><td>22</td><td>4</td><td>26</td><td>14</td><td>n.a.</td><td>n.a.</td><td>3,142</td><td>.45</td></tr><tr><td>Total, inception to October 31, 1947</td><td>3,598</td><td>128</td><td>3,726</td><td>585</td><td>n.a.</td><td>n.a.</td><td>3,142</td><td>-</td></tr><tr><th colspan="9">Series Q</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td>Total</td><td>Sales price</td><td>Accrued discount</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>October</td><td>162</td><td>-</td><td>162</td><td>41</td><td>41</td><td>-</td><td>14,975</td><td>.28</td></tr><tr><td>Total, inception to October 31, 1947</td><td>16,388</td><td>-</td><td>16,388</td><td>1,413</td><td>1,413</td><td>-</td><td>14,975</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available.
Less than $500,000. See footnotes to table 1.
December 1947
35
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 October 31, 1947
(In millions of dollars)
<table><tr><th rowspan="2">Treasury savings notes</th><th rowspan="2">Sales</th><th colspan="3">Redemption</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>403</td><td>65 1/4</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 1/4</td><td>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>30,869</td><td>25,235</td><td>6,187</td><td>19,047</td><td>17</td><td>5,618</td></tr><tr><td>Total</td><td>36,220</td><td>30,580</td><td>6,435</td><td>24,146</td><td>22</td><td>5,618</td></tr></table>
Sources: Daily Treasury Statements 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>264</td><td>82</td><td>202</td><td>18</td><td>5,531</td></tr><tr><td>October</td><td>215</td><td>129</td><td>81</td><td>48</td><td>17</td><td>5,618</td></tr></table>
Source: Daily Treasury Statement.
36
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
December 1947
37
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="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds 2/</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/ 3/</th><th>Total amount unamortized 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></th><th></th><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>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 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>1</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>3</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>14,281</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1947</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>-</td><td>37</td><td>45</td></tr><tr><td>1947-Jan.</td><td>258,378</td><td>31,157</td><td>6,343</td><td>37</td><td>24,777</td><td>23,941</td><td>203,280</td><td>146,160</td><td>57,120</td><td>262</td><td>9</td><td>-</td><td>36</td><td>217</td></tr><tr><td>Feb.</td><td>258,113</td><td>31,302</td><td>6,328</td><td>37</td><td>24,938</td><td>24,117</td><td>202,695</td><td>144,966</td><td>57,729</td><td>181</td><td>9</td><td>-</td><td>36</td><td>135</td></tr><tr><td>Mar.</td><td>255,800</td><td>31,561</td><td>6,342</td><td>37</td><td>25,183</td><td>22,593</td><td>201,646</td><td>143,526</td><td>58,119</td><td>175</td><td>9</td><td>-</td><td>36</td><td>130</td></tr><tr><td>Apr.</td><td>254,427</td><td>31,585</td><td>6,268</td><td>37</td><td>25,280</td><td>21,857</td><td>200,985</td><td>142,410</td><td>58,575</td><td>171</td><td>9</td><td>-</td><td>36</td><td>126</td></tr><tr><td>May</td><td>254,975</td><td>32,142</td><td>5,919</td><td>37</td><td>26,186</td><td>22,088</td><td>200,744</td><td>141,919</td><td>58,826</td><td>171</td><td>10</td><td>-</td><td>36</td><td>125</td></tr><tr><td>June</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>-</td><td>37</td><td>45</td></tr><tr><td>July</td><td>256,321</td><td>33,340</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>33,943</td><td>4,387</td><td>36</td><td>29,520</td><td>22,329</td><td>199,835</td><td>141,230</td><td>58,605</td><td>70</td><td>1</td><td>-</td><td>34</td><td>36</td></tr><tr><td>Oct.</td><td>256,270</td><td>33,952 p</td><td>4,369 p</td><td>136 p</td><td>29,447</td><td>22,168</td><td>200,149 p</td><td>140,571 p</td><td>59,578 p</td><td>78</td><td>-</td><td>-</td><td>33 p</td><td>45</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks.
Preliminary.
Loes than $500,000.
Excludes obligations held by the Treasury and matured securities.
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/ Concets of Commodity Credit Corporation demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
38
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billione of dollars)
<table><tr><th>End of month</th><th>Total amount outstand- ing 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individ- uals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corpora- tions and associa- tions 5/ 6/</th><th>State and local govern- ments 7/</th><th>U. S. Government agencies and trust funds 8/</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.3</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>10.9</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.6</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>17.9</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.7</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.5</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.3</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.8</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>256.8</td><td>106.0</td><td>84.2</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.8</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>260.2</td><td>107.3</td><td>84.0</td><td>23.3</td><td>152.8</td><td>59.4</td><td>22.5</td><td>10.0</td><td>28.8</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>276.2</td><td>115.0</td><td>90.8</td><td>24.3</td><td>161.2</td><td>63.5</td><td>24.4</td><td>10.7</td><td>29.1</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February (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</td><td>21.9</td><td>161.1</td><td>65.5</td><td>25.1</td><td>12.0</td><td>20.6</td><td>6.3</td><td>31.6</td></tr><tr><td>May</td><td>255.1</td><td>92.8</td><td>70.7</td><td>22.1</td><td>162.4</td><td>65.6</td><td>25.2</td><td>12.0</td><td>21.0</td><td>6.3</td><td>32.2</td></tr><tr><td>June</td><td>255.2</td><td>91.9</td><td>70.0</td><td>21.9</td><td>163.3</td><td>65.8</td><td>25.0</td><td>12.1</td><td>21.2</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</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><tr><td>September p</td><td>256.2</td><td>92.2</td><td>69.8</td><td>22.3</td><td>164.0</td><td>65.4</td><td>24.7</td><td>12.1</td><td>21.5</td><td>6.4</td><td>33.9</td></tr></table>
Preliminary.
1 United States savings bonds, Series A-D, E, and F, are included at current redemption values.
2 Guaranteed securities held by the Treasury are excluded.
3 Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and insular possessions. Excludes securities held in trust departments.
4 Ioccludes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
6/ See footnote 2 on preceding page.
1/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-1.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>-</td><td>-</td></tr></table><p>Hot market purchases or sales (-)</p>
Less than $50,000. 1/ Conoleats of purchases or sales made by the Treasury. Treasury investment accounts comprises (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
December 1947
39
Treasury Survey of Ownership of Securities Issued by the United States and by Federal Agencies, September 30, 1947
The Treasury Survey of Ownership covers securities issued by the United States Government and by Federal agencies. The banks and insurance companies included in the Survey account for approximately 95 percent of such securities held by all banks and insurance companies in the United States.
Information on the distribution of ownership by types of banks and insurance companies is published each month. Additional information showing the holdings of commercial banks distributed according to Federal Reserve member-bank classes and nonmember banks has been published at less frequent intervals.
this information is published for June 30 and December 31.
The Survey began with data for March 31, 1941, which appeared in the "Treasury Bulletin" for May of that year. Revisions of data on insurance companies for May 31, 1943, and prior months appeared in the November 1943 issue; reclassification of data on banks for the period November 30, 1943, through February 29, 1944, appeared in the May 1944 issue; and revisions of data for September 30, 1944, appeared in the February 1945 issue.
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 investors covered in Treasury Survey</th></tr><tr><th>7,305 commercial banks 2/</th><th>33 stock savings banks</th><th>541 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><th>Held by all other investors 3/</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>167,980</td><td>62,319</td><td>454</td><td>11,833</td><td>20,360</td><td>3,250</td><td>26,717</td><td>43,048</td></tr><tr><td>Nonmarketable 4/</td><td>58,676</td><td>1,201</td><td>11</td><td>292</td><td>141</td><td>242</td><td>35</td><td>56,718</td></tr><tr><td>Total public securities</td><td>226,657</td><td>63,520</td><td>465</td><td>12,124</td><td>20,501</td><td>3,492</td><td>26,752</td><td>99,766</td></tr><tr><td>Special issues</td><td>29,520</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,520</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>256,177</td><td>63,520</td><td>465</td><td>12,124</td><td>20,501</td><td>3,492</td><td>56,273</td><td>99,766</td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Public Marketable Securities
ar values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th></th></tr><tr><th></th><th></th><th>7,305 commercial banks 2/</th><th>33 stock savings banks</th><th>541 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>15,725</td><td>767</td><td>1</td><td>5</td><td>3</td><td>*</td><td>14,055</td><td>893</td></tr><tr><td>Certificates of indebtedness</td><td>24,894</td><td>7,745</td><td>9</td><td>221</td><td>83</td><td>210</td><td>7,161</td><td>9,464</td></tr><tr><td>Treasury notes</td><td>7,840</td><td>4,748</td><td>15</td><td>116</td><td>8</td><td>127</td><td>474</td><td>2,351</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,686</td><td>47,785</td><td>218</td><td>2,836</td><td>3,425</td><td>1,432</td><td>1,597</td><td>12,395</td></tr><tr><td>Treasury bonds - bank restricted 6/</td><td>49,636</td><td>1,248</td><td>209</td><td>8,650</td><td>16,828</td><td>1,479</td><td>3,393</td><td>17,829</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>165</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>115</td></tr><tr><td>Guaranteed by United States 5/</td><td>34</td><td>12</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total</td><td>167,980</td><td>62,319</td><td>454</td><td>11,833</td><td>20,360</td><td>3,250</td><td>26,717</td><td>43,048</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>51,793</td><td>15,836</td><td>25</td><td>492</td><td>165</td><td>413</td><td>21,785</td><td>13,076</td></tr><tr><td>1 to 5 years</td><td>42,415</td><td>29,447</td><td>95</td><td>1,506</td><td>1,871</td><td>742</td><td>933</td><td>7,820</td></tr><tr><td>5 to 10 years</td><td>18,932</td><td>11,913</td><td>100</td><td>1,110</td><td>1,292</td><td>472</td><td>424</td><td>3,621</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,254</td><td>89</td><td>2,896</td><td>2,034</td><td>805</td><td>454</td><td>4,794</td></tr><tr><td>15 to 20 years</td><td>29,792</td><td>2,196</td><td>99</td><td>4,237</td><td>12,120</td><td>499</td><td>2,459</td><td>8,180</td></tr><tr><td>Over 20 years</td><td>11,689</td><td>661</td><td>43</td><td>1,587</td><td>2,865</td><td>318</td><td>660</td><td>5,555</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>34</td><td>12</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total</td><td>167,980</td><td>62,319</td><td>454</td><td>11,833</td><td>20,360</td><td>3,250</td><td>26,717</td><td>43,048</td></tr><tr><td>Tax status: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>165</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>115</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18,072</td><td>13,606</td><td>92</td><td>86</td><td>35</td><td>563</td><td>1,080</td><td>2,610</td></tr><tr><td>Subject to Federal income taxes 8/</td><td>149,744</td><td>48,700</td><td>362</td><td>11,746</td><td>20,325</td><td>2,687</td><td>25,601</td><td>40,323</td></tr><tr><td>Total</td><td>167,980</td><td>62,319</td><td>454</td><td>11,833</td><td>20,360</td><td>3,250</td><td>26,717</td><td>43,048</td></tr></table>
Footnotes at end of Section II.
40
Treasury Bulletin
Treasury Survey of Ownership, September 30, 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 1/ 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>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,305 commercial banks 2/</th><th>33 stock savings banks</th><th>541 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>15,725</td><td>767</td><td>1</td><td>5</td><td>3</td><td></td><td>14,055</td><td>893</td></tr><tr><td colspan="9">Certificates of indebtedness:</td></tr><tr><td>7/6 October 1947-J....(taxable)</td><td>1,440</td><td>679</td><td>1</td><td>20</td><td>4</td><td>11</td><td>74</td><td>652</td></tr><tr><td>7/6 November 1947-X....(taxable)</td><td>1,775</td><td>754</td><td></td><td>20</td><td>13</td><td>27</td><td>185</td><td>715</td></tr><tr><td>7/6 December 1947-L....(taxable)</td><td>3,281</td><td>789</td><td></td><td>27</td><td>6</td><td>36</td><td>157</td><td>2,265</td></tr><tr><td>7/6 January 1948-A....(taxable)</td><td>3,134</td><td>1,310</td><td></td><td>33</td><td>2</td><td>34</td><td>777</td><td>978</td></tr><tr><td>7/6 February 1948-B....(taxable)</td><td>3,947</td><td>1,032</td><td>2</td><td>34</td><td>44</td><td>27</td><td>1,783</td><td>1,024</td></tr><tr><td>7/6 March 1948-C....(taxable)</td><td>2,142</td><td>875</td><td>2</td><td>40</td><td>2</td><td>20</td><td>446</td><td>758</td></tr><tr><td>7/6 April 1948-D....(taxable)</td><td>1,321</td><td>440</td><td>1</td><td>8</td><td>1</td><td>7</td><td>303</td><td>561</td></tr><tr><td>7/6 June 1948-E....(taxable)</td><td>1,777</td><td>366</td><td>1</td><td>15</td><td>4</td><td>13</td><td>444</td><td>896</td></tr><tr><td>7/6 July 1948-F....(taxable)</td><td>2,742</td><td>725</td><td>1</td><td>16</td><td>2</td><td>20</td><td>1,390</td><td>587</td></tr><tr><td>7/6 July 1948-G....(taxable)</td><td>1,127</td><td>303</td><td></td><td>3</td><td>2</td><td>6</td><td>520</td><td>294</td></tr><tr><td>7/6 July 1948-H....(taxable)</td><td>2,209</td><td>472</td><td>1</td><td>6</td><td>3</td><td>10</td><td>1,042</td><td>675</td></tr><tr><td>Total certificates of indebtedness</td><td>24,894</td><td>7,745</td><td>9</td><td>221</td><td>83</td><td>210</td><td>7,161</td><td>9,404</td></tr><tr><td colspan="9">Treasury notes:</td></tr><tr><td>1-1/24 September 1948....(taxable)</td><td>3,748</td><td>2,355</td><td>7</td><td>49</td><td>4</td><td>65</td><td>305</td><td>962</td></tr><tr><td>1% October 1948....(taxable)</td><td>4,092</td><td>2,393</td><td>8</td><td>68</td><td>4</td><td>62</td><td>169</td><td>1,388</td></tr><tr><td>Total Treasury notes</td><td>7,840</td><td>4,748</td><td>15</td><td>116</td><td>8</td><td>127</td><td>474</td><td>2,351</td></tr><tr><td colspan="9">Treasury bonds:</td></tr><tr><td colspan="9">Bank eligible:</td></tr><tr><td>4-1/4% October 1947-52....(partially)</td><td>759</td><td>476</td><td>1</td><td>10</td><td>6</td><td>20</td><td>15</td><td>232</td></tr><tr><td>24 December 1947....(partially)</td><td>701</td><td>529</td><td>1</td><td>2</td><td></td><td>19</td><td></td><td>150</td></tr><tr><td>24 March 1948-50....(taxable)</td><td>1,115</td><td>703</td><td>1</td><td>89</td><td>5</td><td>18</td><td>40</td><td>259</td></tr><tr><td>2-3/4% March 1948-51....(partially)</td><td>1,223</td><td>893</td><td>2</td><td>20</td><td>4</td><td>28</td><td>147</td><td>130</td></tr><tr><td>1-3/4% June 1948....(taxable)</td><td>3,062</td><td>1,986</td><td>3</td><td>90</td><td>60</td><td>43</td><td>25</td><td>855</td></tr><tr><td>2-1/2% September 1948....(partially)</td><td>451</td><td>369</td><td>1</td><td>6</td><td></td><td>10</td><td></td><td>65</td></tr><tr><td>24 December 1948-50....(partially)</td><td>571</td><td>466</td><td>1</td><td>2</td><td></td><td>12</td><td>19</td><td>72</td></tr><tr><td>24 June 1949-51....(taxable)</td><td>1,014</td><td>738</td><td>1</td><td>62</td><td>41</td><td>8</td><td>8</td><td>155</td></tr><tr><td>24 September 1949-51....(taxable)</td><td>1,292</td><td>1,038</td><td>1</td><td>44</td><td>48</td><td>18</td><td>1</td><td>143</td></tr><tr><td>24 December 1949-51....(taxable)</td><td>2,098</td><td>1,542</td><td>5</td><td>59</td><td>110</td><td>28</td><td>1</td><td>353</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>491</td><td>372</td><td>1</td><td>3</td><td>11</td><td>13</td><td>38</td><td>53</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,786</td><td>1,389</td><td>3</td><td>5</td><td>2</td><td>34</td><td>165</td><td>188</td></tr><tr><td>24 March 1950-52....(taxable)</td><td>1,963</td><td>1,490</td><td>4</td><td>62</td><td>157</td><td>31</td><td>3</td><td>216</td></tr><tr><td>24 September 1950-52....(taxable)</td><td>4,939</td><td>3,262</td><td>9</td><td>156</td><td>349</td><td>80</td><td>41</td><td>1,042</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,024</td><td></td><td>7</td><td>2</td><td>36</td><td>87</td><td>28</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>2,635</td><td>1,620</td><td>2</td><td>19</td><td>1</td><td>34</td><td></td><td>959</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,627</td><td>1,278</td><td>10</td><td>7</td><td>1</td><td>36</td><td>132</td><td>162</td></tr><tr><td>24 September 1951-53....(taxable)</td><td>7,986</td><td>5,439</td><td>22</td><td>398</td><td>516</td><td>147</td><td>30</td><td>1,434</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>434</td><td>1</td><td>3</td><td></td><td>30</td><td>68</td><td>219</td></tr><tr><td>24 December 1951-55....(taxable)</td><td>510</td><td>381</td><td>2</td><td>11</td><td>23</td><td>9</td><td></td><td>84</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>958</td><td>1</td><td>1</td><td></td><td>26</td><td>74</td><td>58</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>556</td><td>1</td><td>199</td><td>37</td><td>14</td><td>39</td><td>178</td></tr><tr><td>24 June 1952-54....(taxable)</td><td>5,825</td><td>4,140</td><td>19</td><td>253</td><td>392</td><td>98</td><td>4</td><td>919</td></tr><tr><td>24 December 1952-54....(taxable)</td><td>8,662</td><td>5,958</td><td>24</td><td>442</td><td>562</td><td>156</td><td>9</td><td>1,511</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>927</td><td>2</td><td>146</td><td>175</td><td>26</td><td>53</td><td>171</td></tr><tr><td>24 June 1953-55....(partially)</td><td>725</td><td>653</td><td>1</td><td>1</td><td></td><td>22</td><td>14</td><td>35</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>681</td><td>581</td><td>2</td><td>1</td><td>1</td><td>30</td><td>3</td><td>63</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,574</td><td>31</td><td>4</td><td>2</td><td>79</td><td>174</td><td>747</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,449</td><td>766</td><td>9</td><td>87</td><td>344</td><td>14</td><td>35</td><td>193</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>746</td><td>16</td><td>2</td><td>2</td><td>47</td><td>50</td><td>119</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>3,823</td><td>1,635</td><td>17</td><td>574</td><td>381</td><td>125</td><td>138</td><td>952</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>719</td><td>12</td><td>9</td><td>2</td><td>51</td><td>43</td><td>84</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,145</td><td>9</td><td>3</td><td>1</td><td>72</td><td>50</td><td>206</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,998</td><td>2</td><td>58</td><td>187</td><td>20</td><td>88</td><td>361</td></tr><tr><td>Total bank eligible</td><td>69,686</td><td>47,785</td><td>218</td><td>2,836</td><td>3,425</td><td>1,432</td><td>1,597</td><td>12,395</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
December 1947
41
Treasury Survey of Ownership, September 30, 1947: Section 1 - Securities Issued or Guaranteed by the United States
Table 3.- Public Marketable Securities, by Issues - (Continued)
(Par values in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,305 commercial banks 2/</th><th>33 stock savings banks</th><th>541 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Treasury bonds-(continued)</td></tr><tr><td colspan="2">Bank restricted: 6/</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>99</td><td>16</td><td>1,813</td><td>596</td><td>351</td><td>210</td><td>2,179</td></tr><tr><td>2-1/4$ December 1959-62......(taxable)</td><td>3,470</td><td>284</td><td>23</td><td>678</td><td>353</td><td>269</td><td>1</td><td>1,861</td></tr><tr><td>2-1/2$ June 1962-67......(taxable)</td><td>2,118</td><td>7</td><td>10</td><td>393</td><td>1,082</td><td>61</td><td>150</td><td>416</td></tr><tr><td>2-1/2$ December 1963-68......(taxable)</td><td>2,831</td><td>2</td><td>8</td><td>585</td><td>1,343</td><td>68</td><td>176</td><td>649</td></tr><tr><td>2-1/2$ June 1964-69......(taxable)</td><td>3,761</td><td>2</td><td>19</td><td>966</td><td>1,607</td><td>74</td><td>108</td><td>986</td></tr><tr><td>2-1/2$ December 1964-69......(taxable)</td><td>3,838</td><td>6</td><td>16</td><td>668</td><td>1,696</td><td>79</td><td>216</td><td>1,158</td></tr><tr><td>2-1/2$ March 1965-70......(taxable)</td><td>5,197</td><td>60</td><td>17</td><td>412</td><td>2,544</td><td>67</td><td>668</td><td>1,430</td></tr><tr><td>2-1/2$ March 1966-71......(taxable)</td><td>3,481</td><td>58</td><td>13</td><td>251</td><td>1,590</td><td>34</td><td>626</td><td>908</td></tr><tr><td>2-1/2$ June 1967-72......(taxable)</td><td>7,967</td><td>69</td><td>25</td><td>1,296</td><td>3,154</td><td>156</td><td>578</td><td>2,688</td></tr><tr><td>2-1/2$ December 1967-72......(taxable)</td><td>11,689</td><td>661</td><td>43</td><td>1,587</td><td>2,865</td><td>318</td><td>660</td><td>5,555</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,248</td><td>209</td><td>8,650</td><td>16,828</td><td>1,479</td><td>3,393</td><td>17,829</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>49,033</td><td>427</td><td>11,486</td><td>20,253</td><td>2,911</td><td>4,989</td><td>30,224</td></tr><tr><td colspan="10">Other bonds:</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>115</td><td>12</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>66</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>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>115</td></tr><tr><td colspan="10">Guaranteed securities: 5/</td></tr><tr><td>Federal Housing Administration debentures......(taxable 2/)</td><td>34</td><td>12</td><td>2</td><td>4</td><td>13</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>167,980</td><td>62,319</td><td>454</td><td>11,833</td><td>20,360</td><td>3,250</td><td>26,717</td><td>43,048</td></tr></table>
Footnotes at end of Section II.
Table 4.- Public Nonmarketable Securities, by Issues (Par values 10/- in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,305 commercial banks 2/</th><th>33 stock savings banks</th><th>541 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>United States savings bonds: 10/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D......(11/)</td><td>2,911</td><td>146</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,750</td></tr><tr><td>Series E......(taxable)</td><td>30,864</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,863</td></tr><tr><td>Series F......(taxable)</td><td>3,130</td><td>225</td><td>1</td><td>11</td><td>21</td><td>31</td><td>1</td><td>2,840</td></tr><tr><td>Series G......(taxable)</td><td>14,854</td><td>476</td><td>7</td><td>275</td><td>117</td><td>202</td><td>12</td><td>13,765</td></tr><tr><td>Total United States savings bonds</td><td>51,759</td><td>847</td><td>8</td><td>291</td><td>141</td><td>239</td><td>14</td><td>50,218</td></tr><tr><td>Treasury savings notes......(taxable)</td><td>5,531</td><td>58</td><td>2</td><td>*</td><td>*</td><td>3</td><td>21</td><td>5,446</td></tr><tr><td>Depository bonds......(taxable)</td><td>326</td><td>297</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>29</td></tr><tr><td>Armed forces leave bonds......(taxable)</td><td>1,025</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,025</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>Commodity Credit Corporation demand obligations 4/......(taxable)</td><td>36</td><td>1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td></tr><tr><td>Total public nonmarketable securities 4/</td><td>58,676</td><td>1,201</td><td>11</td><td>292</td><td>141</td><td>242</td><td>35</td><td>56,718</td></tr></table>
Footnotes at end of Section II.
42
Treasury Bulletin
Treasury Survey of Ownership, September 30, 1947
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="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,305 commercial banks 2/</th><th>Banks 1/ 33 stock savings banks</th><th>541 mutual savings banks</th><th>309 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th></tr><tr><td>Federal Intermediate Credit Bank debentures.........(taxable)</td><td>391</td><td>297</td><td>1</td><td>6</td><td>1</td><td>4</td><td>-</td><td>84</td></tr><tr><td colspan="9">Federal Home Loan Bank securities:</td></tr><tr><td>1-1/4$ April 1948 (Bonds)....(taxable)</td><td>140</td><td>111</td><td>*</td><td>5</td><td>*</td><td>*</td><td>-</td><td>24</td></tr><tr><td>1-1/4$ September 1948 (Notes)....(taxable)</td><td>85</td><td>55</td><td>-</td><td>1</td><td>-</td><td>*</td><td>-</td><td>29</td></tr><tr><td>Total Federal Home Loan Bank securities.....</td><td>225</td><td>165</td><td>*</td><td>6</td><td>*</td><td>*</td><td>-</td><td>53</td></tr><tr><td colspan="9">Federal Land Bank bonds: 12/</td></tr><tr><td>1-1/2$ October 1948-50.........(taxable)</td><td>104</td><td>139</td><td>1</td><td>2</td><td>*</td><td>2</td><td>-</td><td>20</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>55</td></tr><tr><td>1-1/2$ January 1951-53.........(taxable)</td><td>197</td><td>165</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>31</td></tr><tr><td>2-1/4$ February 1953-55.........(taxable)</td><td>114</td><td>92</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal land Bank bonds.........</td><td>685</td><td>549</td><td>1</td><td>6</td><td>2</td><td>4</td><td>-</td><td>124</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States.</td><td>1,302</td><td>1,010</td><td>2</td><td>18</td><td>2</td><td>8</td><td>-</td><td>261</td></tr></table>
1 Less than $500,000.
2 Excludes trust departments.
3 Includes trust companies.
4 Includes those banks and insurance companies not reporting in the Treasury Survey.
5 C.C.C. demand obligations in the amount of $36 million, all held by commercial banks, are shown only in the total amount outstanding; date for reporting banks are not available.
6 Excludes guaranteed securities held by the Treasury.
7 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 Outstanding".
8 Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on incomes derived from them. "Wholly" tax-exempt securities are those with the income exempt from both normal tax and surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax 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. "Taxable" securities are those with the income subject to both normal tax and surtax. 9/3/ Ianlindoe F. H. 4. debentures; see footnote 9. A small indeterminate amount of these debentures is partially tax-exempt. 10/ United States savings bonds, Series C, D, E, and F, are shown at current redemption values. They were reported at maturity values by the banks and insurance companies included in the Treasury Survey but have been adjusted to current redemption values for use in this statement. 11/ Savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable. 12/ The proprietary interest of the United States in these banks ended on June 26, 1947, with the repayment of the last of its investment.
December 1947
43
PRICES AND YIELDS OF GOVERNMENT SECURITIES
44
Treasury Bulletin
Over-the-Counter Closing Quotations on Government Securities, October 31, 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 rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Mid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,103</td><td>11/6/47</td><td>8/7/47</td><td>.78%</td><td>.74%</td><td>.76%</td><td>+0.01%</td></tr><tr><td>1,201</td><td>11/13/47</td><td>8/14/47</td><td>.78</td><td>.74</td><td>.76</td><td>+0.01</td></tr><tr><td>1,201</td><td>11/20/47</td><td>8/21/47</td><td>.79</td><td>.68</td><td>.74</td><td>-.01</td></tr><tr><td>1,302</td><td>11/28/47</td><td>8/28/47</td><td>.80</td><td>.74</td><td>.77</td><td>.00</td></tr><tr><td>1,302</td><td>12/4/47</td><td>9/4/47</td><td>.81</td><td>.76</td><td>.78</td><td>.00</td></tr><tr><td>1,303</td><td>12/11/47</td><td>9/11/47</td><td>.82</td><td>.77</td><td>.80</td><td>+0.02</td></tr><tr><td>1,302</td><td>12/18/47</td><td>9/18/47</td><td>.82</td><td>.79</td><td>.80</td><td>.00</td></tr><tr><td>1,102</td><td>12/26/47</td><td>9/25/47</td><td>.83</td><td>.79</td><td>.81</td><td>+0.01</td></tr><tr><td>1,302</td><td>1/2/48</td><td>10/2/47</td><td>.84</td><td>.80</td><td>.82</td><td>.00</td></tr><tr><td>1,304</td><td>1/8/48</td><td>10/9/47</td><td>.85</td><td>.81</td><td>.83</td><td>-</td></tr><tr><td>1,105</td><td>1/15/48</td><td>10/15/47</td><td>.85</td><td>.82</td><td>.84</td><td>-</td></tr><tr><td>1,103</td><td>1/22/48</td><td>10/23/47</td><td>.87</td><td>.83</td><td>.85</td><td>-</td></tr><tr><td>1,102</td><td>1/29/48</td><td>10/30/47</td><td>.88</td><td>.85</td><td>.86</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>$1,775</td><td>7/8 - 11/1/47-K</td><td>11/1/46</td><td>2/80%</td><td>2/72%</td><td>2/76%</td><td>-0/2%</td></tr><tr><td>3,281</td><td>7/8 - 12/1/47-L</td><td>12/1/46</td><td></td><td></td><td></td><td></td></tr><tr><td>3,134</td><td>7/8 - 1/1/48-A</td><td>1/1/47</td><td>.82</td><td>.77</td><td>.80</td><td>.00</td></tr><tr><td>3,947</td><td>7/8 - 2/1/48-B</td><td>2/1/47</td><td>.85</td><td>.83</td><td>.84</td><td>.01</td></tr><tr><td>2,142</td><td>7/8 - 3/1/48-C</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 - 4/1/48-D</td><td>4/1/47</td><td>.86</td><td>.84</td><td>.85</td><td>.01</td></tr><tr><td>1,777</td><td>7/8 - 6/1/48-E</td><td>6/1/47</td><td>.91</td><td>.89</td><td>.90</td><td>.03</td></tr><tr><td>2,742</td><td>7/8 - 7/1/48-F</td><td>7/1/47</td><td>.93</td><td>.91</td><td>.92</td><td>.04</td></tr><tr><td>1,127</td><td>7/8 - 7/1/48-G</td><td>8/1/47</td><td>.93</td><td>.91</td><td>.92</td><td>.04</td></tr><tr><td>2,209</td><td>7/8 - 7/1/48-H</td><td>9/1/47</td><td>.93</td><td>.91</td><td>.92</td><td>.04</td></tr><tr><td>1,354</td><td>1 - 10/1/48-J</td><td>10/1/47</td><td>.99</td><td>.97</td><td>.98</td><td>.01</td></tr><tr><td>3/</td><td>1 - 10/1/48-I</td><td>11/1/47</td><td>.99</td><td>.97</td><td>.98</td><td>-</td></tr><tr><td colspan="7">Treasury notes</td></tr><tr><td>3,748</td><td>1-1/29-9/15/48-A</td><td>3/15/44</td><td>.99</td><td>.97</td><td>.98</td><td>.01</td></tr><tr><td>4,092</td><td>1 -10/1/48-B</td><td>9/15/47</td><td>.99</td><td>.97</td><td>.98</td><td>.01</td></tr></table>
Footnotes at end of section II.
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range ½/</th><th colspan="2">In 1947</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</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="2">Treasury bonds - bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td>$1,115</td><td>2/3/43 - 3/15/43-50</td><td>100.11</td><td>100.13</td><td>100.12</td><td>-.04</td><td>.97%</td><td>+.07%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.12</td><td>10/31/47</td><td>101.09</td><td>2/3</td><td>100.12</td><td>10/31</td></tr><tr><td>3,062</td><td>1-3/4 - 6/15/48</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-.03</td><td>.98</td><td>+.03</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>101.04</td><td>1/23</td><td>100.15</td><td>10/31</td></tr><tr><td>1,014</td><td>2 - 6/15/49-51</td><td>101.07</td><td>101.09</td><td>101.08</td><td>-.07</td><td>1.22</td><td>+.09</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>101.08</td><td>10/31</td></tr><tr><td>1,292</td><td>2 - 9/15/49-51</td><td>101.11</td><td>101.13</td><td>101.12</td><td>-.08</td><td>1.25</td><td>+.09</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>101.12</td><td>10/31</td></tr><tr><td>2,098</td><td>2 - 12/15/49-51</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.09</td><td>1.29</td><td>+.10</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>101.15</td><td>10/31</td></tr><tr><td>1,963</td><td>2 - 3/15/50-52</td><td>101.15</td><td>101.17</td><td>101.16</td><td>-.13</td><td>1.35</td><td>+.14</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>102.22</td><td>1/22</td><td>101.16</td><td>10/31</td></tr><tr><td>4,939</td><td>2 - 9/15/50-52</td><td>101.21</td><td>101.23</td><td>101.22</td><td>-.16</td><td>1.40</td><td>+.16</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>101.22</td><td>10/31</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.13</td><td>1.32</td><td>+.13</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.18</td><td>10/31/47</td><td>101.11</td><td>3/24</td><td>100.18</td><td>10/31</td></tr><tr><td>7,986</td><td>2 - 9/15/51-53</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.18</td><td>1.47</td><td>+.13</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>101.31</td><td>10/31</td></tr><tr><td>510</td><td>2 - 12/15/51-55</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.18</td><td>1.45</td><td>+.12</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>102.06</td><td>10/31</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>104.02</td><td>104.04</td><td>104.03</td><td>-.25</td><td>1.53</td><td>+.16</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>104.03</td><td>10/31</td></tr><tr><td>5,825</td><td>2 - 6/15/52-54</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.24</td><td>1.53</td><td>+.16</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>103.06</td><td>4/9</td><td>102.03</td><td>10/31</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>103.03</td><td>103.05</td><td>103.04</td><td>-.24</td><td>1.55</td><td>+.15</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>104.09</td><td>4/9</td><td>103.04</td><td>10/31</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>102.08</td><td>102.10</td><td>102.09</td><td>-.22</td><td>1.53</td><td>+.12</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>102.09</td><td>10/31</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>106.04</td><td>106.06</td><td>106.05</td><td>-.25</td><td>1.71</td><td>+.09</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>106.05</td><td>10/31</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59</td><td>104.15</td><td>104.17</td><td>104.16</td><td>-.25</td><td>1.70</td><td>+.09</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>104.16</td><td>10/31</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 5/</td><td>105.08</td><td>105.10</td><td>105.09</td><td>-.20</td><td>2.17</td><td>+.03</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>106.20</td><td>8/27</td><td>105.09</td><td>10/31</td></tr><tr><td colspan="2">Treasury bonds - bank restricted 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5,284</td><td>2-1/4$ - 6/15/59-62</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.01</td><td>2.13</td><td>+.09</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>101.06</td><td>10/31</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-.01</td><td>2.14</td><td>+.10</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>101.06</td><td>10/31</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>103.20</td><td>103.22</td><td>103.21</td><td>-.05</td><td>2.21</td><td>+.09</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>103.21</td><td>10/31</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68 5/</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.07</td><td>2.27</td><td>+.08</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>103.01</td><td>10/31</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69 5/</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.08</td><td>2.31</td><td>+.09</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>102.20</td><td>10/31</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/64-69 5/</td><td>102.18</td><td>102.20</td><td>102.19</td><td>-.08</td><td>2.32</td><td>+.09</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>102.19</td><td>10/31</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 5/</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.08</td><td>2.32</td><td>+.08</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>102.17</td><td>10/31</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 5/</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.08</td><td>2.33</td><td>+.08</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>102.16</td><td>10/31</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 5/</td><td>101.18</td><td>101.20</td><td>101.19</td><td>-.07</td><td>2.40</td><td>+.08</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>101.19</td><td>10/31</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 5/</td><td>101.18</td><td>101.20</td><td>101.19</td><td>-.07</td><td>2.40</td><td>+.08</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>101.19</td><td>10/31</td></tr></table>
Footnotes at end of Section II.
December 1947
45
Over-the-Counter Closing Quotations, October 31, 1947
Section I - Securities Issued or Guaranteed by the United States Table 4. - Tax-Exempt Bonds
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</th><th colspan="4">Price range</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">In 1947</th></tr><tr><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="15">Treasury bonds</td></tr><tr><td>$ 701</td><td>2 1/2 - 12/15/47</td><td>.90%</td><td>.80%</td><td>.85%</td><td>+1.0%</td><td>-</td><td>-</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>100.07</td><td>10/10</td></tr><tr><td>1,223</td><td>2-3/4 - 3/15/48-51</td><td>100.22</td><td>100.24</td><td>100.23</td><td>-.06</td><td>.77%</td><td>+0.01%</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>102.11</td><td>1/4</td><td>100.23</td><td>10/31</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.06</td><td>.79</td><td>+0.03</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>101.15</td><td>10/31</td></tr><tr><td>571</td><td>2 - 12/15/48-50</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.06</td><td>.84</td><td>+0.07</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.09</td><td>10/31/47</td><td>102.11</td><td>1/25</td><td>101.09</td><td>10/31</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-52</td><td>104.11</td><td>104.13</td><td>104.12</td><td>-.15</td><td>1.03</td><td>+1.13</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>104.12</td><td>10/31</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.14</td><td>1.05</td><td>+1.14</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>104.19</td><td>1/28</td><td>103.01</td><td>10/31</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>103.31</td><td>104.01</td><td>104.00</td><td>-.16</td><td>1.08</td><td>+1.13</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>105.14</td><td>2/20</td><td>104.00</td><td>10/31</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>105.21</td><td>105.23</td><td>105.22</td><td>-.21</td><td>1.14</td><td>+1.14</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>105.22</td><td>10/31</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>106.31</td><td>107.01</td><td>107.00</td><td>-.21</td><td>1.14</td><td>+1.12</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>108.22</td><td>2/10</td><td>107.00</td><td>10/31</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>104.14</td><td>104.16</td><td>104.15</td><td>-.19</td><td>1.14</td><td>+1.12</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>104.15</td><td>10/31</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>104.22</td><td>104.24</td><td>104.23</td><td>-.26</td><td>1.13</td><td>+1.13</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>104.23</td><td>10/31</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>106.22</td><td>106.24</td><td>106.23</td><td>-.24</td><td>1.19</td><td>+1.10</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>106.23</td><td>10/31</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>110.22</td><td>110.24</td><td>110.23</td><td>-.31</td><td>1.34</td><td>+1.11</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>110.23</td><td>10/31</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>111.13</td><td>111.15</td><td>111.14</td><td>-.28</td><td>1.38</td><td>+0.09</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>111.14</td><td>10/31</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>112.13</td><td>112.15</td><td>112.14</td><td>-.28</td><td>1.48</td><td>+0.07</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>112.14</td><td>10/31</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>113.23</td><td>113.25</td><td>113.24</td><td>-.10</td><td>1.58</td><td>+0.07</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>113.24</td><td>10/31</td></tr><tr><td colspan="15">Panama Canal bonds</td></tr><tr><td>50</td><td>3 - 6/1/61</td><td>124.08</td><td>125.08</td><td>124.24</td><td>-1.00</td><td>1.04</td><td>+0.05</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>124.24</td><td>10/31</td></tr></table>
Footnote at end of section II.
Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States (Taxable)
(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">Low</th><th colspan="2">In 1947</th><th colspan="2">High</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>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">Federal Intermediate Credit Bank debentures 9/</td></tr><tr><td>$42</td><td>1.00% - 11/1/47</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/1/47</td><td>100.00</td><td>10/30/47</td><td>100.00</td><td>10/30/47</td><td>100.00</td><td>10/30</td><td>100.00</td><td>10/30</td></tr><tr><td>31</td><td>1.10 - 12/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10%</td><td>3/1/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>20</td><td>1.05 - 12/1/47</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>41</td><td>1.10 - 1/2/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>4/1/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>8</td><td>1.10 - 1/2/48</td><td>10/</td><td>-</td><td>10/</td><td>10/</td><td>10/</td><td>10/1/47</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>20</td><td>1.10 - 2/2/48</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>22</td><td>1.10 - 2/2/48</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>29</td><td>1.10 - 3/1/48</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>54</td><td>1.10 - 4/1/48</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>30</td><td>1.15 - 5/1/48</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>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>49</td><td>1.15 - 6/1/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.15</td><td>9/2/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>34</td><td>1.15 - 7/1/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.15</td><td>10/1/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31/47</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td colspan="16">Federal Home Loan Bank securities</td></tr><tr><td>140</td><td>1-1/4% - 4/15/48(Bonds)</td><td>99.30</td><td>100.02</td><td>100.00</td><td>-.02%</td><td>1.25</td><td>10/15/46</td><td>100.03%</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03%</td><td>4/11</td><td>100.00</td><td>10/31</td></tr><tr><td>85</td><td>1-1/4 A - 9/15/48(Bonds)</td><td>99.30</td><td>100.02</td><td>100.00</td><td>-.02%</td><td>1.25</td><td>9/15/47</td><td>100.02%</td><td>10/10/47</td><td>100.00</td><td>10/31/47</td><td>100.02%</td><td>10/10</td><td>100.00</td><td>10/31</td></tr><tr><td colspan="16">Federal Land Bank bonds 11/</td></tr><tr><td>161</td><td>1-1/2% - 10/1/48-50</td><td>100.02</td><td>100.06</td><td>100.04</td><td>-.06</td><td>1.36</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.04</td><td>10/31/47</td><td>100.16</td><td>2/5</td><td>100.04</td><td>10/31</td></tr><tr><td>210</td><td>1-1/4 - 5/1/50-52</td><td>99.06</td><td>99.14</td><td>99.10</td><td>-.12</td><td>1.4112/</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.00</td><td>12/2/46</td><td>99.23</td><td>9/9</td><td>99.02</td><td>1/7</td></tr><tr><td>194</td><td>1-1/2 - 1/1/51-53</td><td>99.22</td><td>99.30</td><td>99.26</td><td>-.17</td><td>1.5412/</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.22</td><td>12/3/46</td><td>100.13</td><td>9/9</td><td>99.26</td><td>10/31</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>102.16</td><td>102.24</td><td>102.20</td><td>-.22</td><td>1.72</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td><td>103.16</td><td>4/9</td><td>102.20</td><td>10/31</td></tr></table>
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/ Not quoted on October 31, 1947.
3/ Not issued until November 1, 1947; for amount, 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".
4/ 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.
5/ 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"
6/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
7/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
8/ Quoted on a yield basis beginning October 14, 1947; prior thereto quoted on a price basis. Price history ends October 10, 1947.
9/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
10/ Not quoted since date of issue.
11/ 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.
12/ 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 maturity as more significant when an issue is selling at or below par.
Treasury Bulletin
46
YIELDS OF TREASURY SECURITIES OCT. 31, 1947
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-D
December 1947
47
Average Yields of Long-Term Treasury and Corporate Bonds
(Porcent por annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series - averages of daily figures</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>.....</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan.</td><td>1.61</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>.....</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>.....</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>.....</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>.....</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>.....</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>.....</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>.....</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>.....</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>.....</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>.....</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>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>1.51</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>Oot.</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>Oot.</td><td>.....</td><td>2.27</td><td>2.68</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>Nov.</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>Dec.</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td colspan="11">Weekly series - averages of daily figures</td></tr><tr><td>1947-May 3</td><td>.....</td><td>2.20</td><td>2.49</td><td>1947-July 5</td><td>.....</td><td>2.25</td><td>2.50</td><td>1947-Sept. 6</td><td>.....</td><td>2.23</td><td>2.53</td></tr><tr><td>10.</td><td>.....</td><td>2.20</td><td>2.49</td><td>12.</td><td>.....</td><td>2.25</td><td>2.50</td><td>13.</td><td>.....</td><td>2.24</td><td>2.55</td></tr><tr><td>17.</td><td>.....</td><td>2.20</td><td>2.49</td><td>19.</td><td>.....</td><td>2.25</td><td>2.51</td><td>20.</td><td>.....</td><td>2.23</td><td>2.58</td></tr><tr><td>24.</td><td>.....</td><td>2.19</td><td>2.49</td><td>26.</td><td>.....</td><td>2.25</td><td>2.50</td><td>27.</td><td>.....</td><td>2.24</td><td>2.60</td></tr><tr><td>31.</td><td>.....</td><td>2.19</td><td>2.49</td><td>Aug. 2.</td><td>.....</td><td>2.25</td><td>2.51</td><td>Oct. 4.</td><td>.....</td><td>2.24</td><td>2.64</td></tr><tr><td>June 7.</td><td>.....</td><td>2.20</td><td>2.49</td><td>9.</td><td>.....</td><td>2.25</td><td>2.51</td><td>11.</td><td>.....</td><td>2.24</td><td>2.66</td></tr><tr><td>14.</td><td>.....</td><td>2.21</td><td>2.50</td><td>16.</td><td>.....</td><td>2.24</td><td>2.51</td><td>18.</td><td>.....</td><td>2.26</td><td>2.70</td></tr><tr><td>21.</td><td>.....</td><td>2.24</td><td>2.51</td><td>23.</td><td>.....</td><td>2.23</td><td>2.52</td><td>25.</td><td>.....</td><td>2.28</td><td>2.68</td></tr><tr><td>28.</td><td>.....</td><td>2.24</td><td>2.51</td><td>30.</td><td>.....</td><td>2.23</td><td>2.52</td><td>31.</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1947-Oct. 1.</td><td>.....</td><td>2.24</td><td>2.64</td><td>1947-Oct. 13.</td><td>.....</td><td>2.27 6/</td><td>2.70 6/</td><td>1947-Oct. 23.</td><td>.....</td><td>2.29</td><td>2.68</td></tr><tr><td>2.</td><td>.....</td><td>2.23</td><td>2.65</td><td>14.</td><td>.....</td><td>2.27</td><td>2.70</td><td>24.</td><td>.....</td><td>2.29 6/</td><td>2.68</td></tr><tr><td>3.</td><td>.....</td><td>2.23</td><td>2.66</td><td>15.</td><td>.....</td><td>2.26</td><td>2.70</td><td>25.</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>4.</td><td>.....</td><td>2.23 6/</td><td>2.65</td><td>16.</td><td>.....</td><td>2.26</td><td>2.70</td><td>27.</td><td>.....</td><td>2.30</td><td>2.68</td></tr><tr><td>6.</td><td>.....</td><td>2.23</td><td>2.65</td><td>17.</td><td>.....</td><td>2.26 6/</td><td>2.70</td><td>28.</td><td>.....</td><td>2.31</td><td>2.68</td></tr><tr><td>7.</td><td>.....</td><td>2.23</td><td>2.64</td><td>18.</td><td>.....</td><td>.....</td><td>.....</td><td>29.</td><td>.....</td><td>2.30</td><td>2.68</td></tr><tr><td>8.</td><td>.....</td><td>2.24</td><td>2.64</td><td>20.</td><td>.....</td><td>2.27</td><td>2.69</td><td>30.</td><td>.....</td><td>2.31</td><td>2.69</td></tr><tr><td>9.</td><td>.....</td><td>2.24</td><td>2.67</td><td>21.</td><td>.....</td><td>2.27</td><td>2.68</td><td>31.</td><td>.....</td><td>2.32</td><td>2.69</td></tr><tr><td>10.</td><td>.....</td><td>2.25</td><td>2.68</td><td>22.</td><td>.....</td><td>2.28</td><td>2.68</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>11.</td><td>.....</td><td>2.25 6/</td><td>2.69</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for July 1947, page 59; for discussion of its previous composition, see "Treasury Bulletin" for January 1945, page 56. Average revised beginning July 1, 1941. Old average for July 1941 was also 2.66%. Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%. Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%. See footnote 2. Market closed.
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 1948 appeared in the "Securities Bulletin" for April 1948
page 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
2/
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS Monthly Series 1
Office of the Secretary of the Treasury. Office of the Technical Staff
Treasury Bulletin
December 1947
49
INTERNAL REVENUE STATISTICS
50
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 1/</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>42,785</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,581</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</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>8,000,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</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>3,359,767</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>-185,990</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><tr><td>September</td><td>4,266,637</td><td>+776,736</td><td>3,489,900</td><td>2,704,580</td><td>1,154,531</td><td>1,549,056</td><td>993</td><td>96,279</td><td>5,893</td><td>902</td><td>89,484</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes g/</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>94,545</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>6,125</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>661,577</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><tr><td>September</td><td>689,041</td><td>-304</td><td>63,587</td><td>192,636</td><td>110,781</td><td>5,853</td><td>160,735</td><td>155,753</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement: (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 
1/ Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc.
2/ Includes collection of taxe 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 profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profit tax, the profit limiting provisions of the Viscos Act, and prior to July 1947 the tax on unjust enrichment. Beginning July 1947 the tax on unjust enrichment is
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the 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.
December 1947
51
COLLECTIONS OF INTERNAL REVENUE
DOLLARS Billions Total Fiscal year Comparison first 3 months fiscal years 1947 and 1948 DOLLARS Billions Individual Income Taxes DOLLARS Billions Corporation Income and Excess Profits Taxes DOLLARS Billions Employment Taxes Estate and Gift Taxes Alcohol and Tobacco Taxes Manufacturers' and Retailers' Excise Taxes Other Internal Revenue
Office of the Secretary of the Treasury. Office of the Technical Staff
Includes miscellaneous profits taxes
8-165-11
52
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>September 1946</th><th>September 1947</th><th colspan="2">First 3 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 colspan="7">Income and profits taxes:</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 Tar Payment Act of 1943 2/</td><td>9,857,466</td><td>9,842,028</td><td>29,480</td><td>26,312</td><td>2,225,767</td><td>2,654,744</td></tr><tr><td>Revenue Act of 1942</td><td>123</td><td>254</td><td>169</td><td>9</td><td>172</td><td>41</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,430,377</td><td>8,950,272</td><td>1,162,805</td><td>1,083,076</td><td>1,546,394</td><td>1,363,829</td></tr><tr><td>Back</td><td>416,571</td><td>550,743</td><td>34,571</td><td>45,133</td><td>102,506</td><td>123,666</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>1,227,325</td><td>1,154,531</td><td>3,874,839</td><td>4,142,280</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>3,901,917</td><td>5,441,776</td><td>656,083</td><td>1,473,873</td><td>925,160</td><td>2,009,963</td></tr><tr><td>Back</td><td>738,032</td><td>613,320</td><td>36,024</td><td>40,016</td><td>100,566</td><td>149,391</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940, as amended)</td><td>7,822,488</td><td>3,566,178</td><td>977,784</td><td>35,167</td><td>1,511,360</td><td>126,900</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>1,669,891</td><td>1,549,056</td><td>2,537,086</td><td>2,286,255</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>91,130</td><td>55,185</td><td>10,047</td><td>993</td><td>18,333</td><td>4,584</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>4</td><td>4/</td><td>10</td><td>4/</td></tr><tr><td>Total miscellaneous profits taxes</td><td>91,165</td><td>55,483</td><td>10,052</td><td>993</td><td>18,343</td><td>4,584</td></tr><tr><td>Total income and profits taxes</td><td>31,258,138</td><td>29,020,054</td><td>2,907,267</td><td>2,704,580</td><td>6,430,268</td><td>6,433,119</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>5,523</td><td>5,893</td><td>355,188</td><td>413,804</td></tr><tr><td>Unemployment insurance 6/</td><td>178,745</td><td>185,876</td><td>1,624</td><td>902</td><td>13,367</td><td>13,429</td></tr><tr><td>Total Social Security taxes</td><td>1,416,570</td><td>1,644,810</td><td>7,147</td><td>6,795</td><td>368,556</td><td>427,233</td></tr><tr><td>Railroad retirement 7/</td><td>284,258</td><td>379,555</td><td>50,188</td><td>89,484</td><td>85,329</td><td>136,487</td></tr><tr><td>Total employment taxes</td><td>1,700,828</td><td>2,024,365</td><td>57,335</td><td>96,279</td><td>453,884</td><td>563,720</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>230</td><td>-304</td><td>528</td><td>96</td></tr><tr><td>Etate tax</td><td>629,601</td><td>708,794</td><td>42,212</td><td>62,511</td><td>172,957</td><td>204,425</td></tr><tr><td>Gift tax</td><td>47,232</td><td>70,497</td><td>633</td><td>1,076</td><td>2,119</td><td>4,353</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>11,738</td><td>10,177</td><td>35,201</td><td>24,578</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,603,497</td><td>1,563,800</td><td>142,776</td><td>105,831</td><td>444,678</td><td>269,991</td></tr><tr><td>Distilled spirits rectification tax</td><td>41,880</td><td>43,485</td><td>4,808</td><td>2,827</td><td>12,722</td><td>6,864</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,594</td><td>2,906</td><td>466</td><td>33</td><td>985</td><td>302</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>58,250</td><td>54,291</td><td>5,611</td><td>4,613</td><td>16,909</td><td>11,686</td></tr><tr><td>Dealers in distilled spirits, rectifiers; manuf- facturers of stills (special taxes)</td><td>8,061</td><td>9,443</td><td>262</td><td>342</td><td>5,632</td><td>5,854</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>25</td><td>9</td><td>-</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>840</td><td>746</td><td>52</td><td>32</td><td>195</td><td>93</td></tr><tr><td>Container stamps</td><td>13,309</td><td>13,282</td><td>1,865</td><td>992</td><td>3,543</td><td>2,429</td></tr><tr><td>Floor taxes</td><td>696</td><td>153</td><td>196</td><td>5</td><td>319</td><td>15</td></tr><tr><td>Fermented malt liquors</td><td>650,824</td><td>661,418</td><td>58,908</td><td>67,620</td><td>178,917</td><td>209,679</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,106</td><td>3,662</td><td>121</td><td>163</td><td>2,130</td><td>2,462</td></tr><tr><td>Total alcoholic beverage taxes 8/</td><td>2,526,162</td><td>2,474,756</td><td>226,205</td><td>192,636</td><td>701,232</td><td>533,955</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>3,830</td><td>4,026</td><td>11,434</td><td>11,504</td></tr><tr><td>Cigare (small)</td><td>70</td><td>66</td><td>5</td><td>6</td><td>17</td><td>14</td></tr><tr><td>Cigarettes (large)</td><td>172</td><td>6</td><td>41</td><td>-</td><td>42</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,072,799</td><td>1,145,262</td><td>94,029</td><td>102,214</td><td>284,407</td><td>307,348</td></tr><tr><td>Snuff</td><td>7,373</td><td>7,055</td><td>559</td><td>716</td><td>1,652</td><td>1,796</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>41,961</td><td>36,548</td><td>3,341</td><td>3,731</td><td>10,112</td><td>10,424</td></tr><tr><td>Cigarette papers and tubes</td><td>1,757</td><td>539</td><td>28</td><td>88</td><td>50</td><td>210</td></tr><tr><td>Leaf dealer penalties, etc</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>3</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>1,165,519</td><td>1,237,768</td><td>101,834</td><td>110,781</td><td>307,715</td><td>331,299</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 convey- ance, etc</td><td>47,393</td><td>49,106</td><td>3,703</td><td>4,022</td><td>13,107</td><td>12,656</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>30,369</td><td>21,953</td><td>1,958</td><td>1,143</td><td>5,592</td><td>4,439</td></tr><tr><td>Playing cards</td><td>9,766</td><td>7,782</td><td>830</td><td>843</td><td>2,395</td><td>1,581</td></tr><tr><td>Silver bullion sales or transfers</td><td>149</td><td>1,127</td><td>140</td><td>44</td><td>280</td><td>83</td></tr><tr><td>Total stamp taxes</td><td>87,676</td><td>79,978</td><td>6,631</td><td>5,853</td><td>21,374</td><td>18,759</td></tr></table>
(Continued on following page)
December 1947
53
Detailed Analysis of Internal Revenue Collections1 - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>September 1946</th><th>September 1947</th><th colspan="2">First 3 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>Miscellaneous internal revenues (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>6,890</td><td>6,592</td><td>22,054</td><td>19,072</td></tr><tr><td>Gasoline.</td><td>405,695</td><td>433,676</td><td>40,675</td><td>46,295</td><td>116,494</td><td>130,428</td></tr><tr><td>Tires and tubes.</td><td>118,072</td><td>174,927</td><td>13,774</td><td>13,369</td><td>41,834</td><td>39,792</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>37,114</td><td>62,099</td><td>3,795</td><td>6,173</td><td>10,636</td><td>16,273</td></tr><tr><td>Other automobile and motorcycles.</td><td>25,893</td><td>204,680</td><td>10,984</td><td>19,368</td><td>35,546</td><td>61,168</td></tr><tr><td>Parts and accessories for automobiles.</td><td>68,871</td><td>99,932</td><td>5,944</td><td>9,205</td><td>19,770</td><td>28,623</td></tr><tr><td>Electrical energy.</td><td>59,112</td><td>63,014</td><td>4,985</td><td>4,833</td><td>15,091</td><td>16,100</td></tr><tr><td>Electric, gas, and oil appliances.</td><td>25,492</td><td>65,608</td><td>4,565</td><td>5,534</td><td>13,193</td><td>19,440</td></tr><tr><td>Electric light bulbs and tubes.</td><td>17,781</td><td>23,180</td><td>966</td><td>1,573</td><td>5,234</td><td>5,991</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>4,474</td><td>3,624</td><td>11,824</td><td>15,158</td></tr><tr><td>Phonograph records.</td><td>3,902</td><td>8,492</td><td>282</td><td>629</td><td>1,501</td><td>1,694</td></tr><tr><td>Musical instruments.</td><td>2,839</td><td>10,151</td><td>607</td><td>563</td><td>1,773</td><td>1,885</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,289</td><td>37,352</td><td>2,447</td><td>3,729</td><td>7,848</td><td>14,555</td></tr><tr><td>Matches.</td><td>10,247</td><td>8,413</td><td>790</td><td>999</td><td>1,524</td><td>2,279</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>2,339</td><td>2,416</td><td>6,106</td><td>7,605</td></tr><tr><td>Pure - retailers' excise.</td><td>91,706</td><td>97,481</td><td>5,243</td><td>4,027</td><td>12,051</td><td>8,907</td></tr><tr><td>Jewelry - retailers' excise.</td><td>223,342</td><td>236,615</td><td>15,165</td><td>13,781</td><td>52,203</td><td>46,784</td></tr><tr><td>Leather - retailers' excise.</td><td>81,423</td><td>84,588</td><td>5,651</td><td>5,143</td><td>20,559</td><td>17,616</td></tr><tr><td>Photographic apparatus.</td><td>21,184</td><td>36,163</td><td>2,835</td><td>3,616</td><td>8,623</td><td>10,191</td></tr><tr><td>Sporting goods.</td><td>7,876</td><td>17,054</td><td>1,089</td><td>1,376</td><td>3,914</td><td>4,346</td></tr><tr><td>Toilet preparations - retailers' excise.</td><td>93,574</td><td>95,542</td><td>6,551</td><td>6,734</td><td>22,086</td><td>20,940</td></tr><tr><td>Firearms, shells and cartridges.</td><td>5,232</td><td>9,031</td><td>870</td><td>1,080</td><td>2,271</td><td>2,878</td></tr><tr><td>Pistols and revolvers.</td><td>61</td><td>384</td><td>-207</td><td>50</td><td>52</td><td>140</td></tr><tr><td>Repealed taxes.</td><td>241</td><td>184</td><td>7</td><td>27</td><td>25</td><td>39</td></tr><tr><td>Total manufacturers' and retailers' excise taxes.</td><td>1,414,717</td><td>1,939,621</td><td>140,722</td><td>160,735</td><td>432,210</td><td>491,907</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>6,769</td><td>9,118</td><td>16,286</td><td>24,960</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>vires, etc.</td><td>234,393</td><td>252,746</td><td>21,241</td><td>25,977</td><td>64,159</td><td>64,234</td></tr><tr><td>Local telephone service.</td><td>145,689</td><td>164,944</td><td>12,741</td><td>18,647</td><td>40,923</td><td>48,735</td></tr><tr><td>Transportation of oil by pipe line.</td><td>18,824</td><td>16,988</td><td>1,198</td><td>1,461</td><td>3,759</td><td>3,962</td></tr><tr><td>Transportation of persons, seats, berths.</td><td>226,750</td><td>244,003</td><td>23,695</td><td>25,289</td><td>68,460</td><td>71,961</td></tr><tr><td>Transportation of property.</td><td>220,121</td><td>275,701</td><td>19,173</td><td>26,390</td><td>63,183</td><td>75,224</td></tr><tr><td>Leases of safe-deposit boxes.</td><td>7,857</td><td>8,560</td><td>556</td><td>595</td><td>1,959</td><td>2,148</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>32,756</td><td>37,149</td><td>100,621</td><td>101,712</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>5,803</td><td>5,181</td><td>17,724</td><td>14,363</td></tr><tr><td>Club dues and initiation fees.</td><td>18,899</td><td>23,299</td><td>1,553</td><td>1,838</td><td>5,799</td><td>6,401</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>8,011</td><td>4,458</td><td>295</td><td>548</td><td>3,228</td><td>3,012</td></tr><tr><td>Coin operated devices.</td><td>17,092</td><td>20,432</td><td>1,096</td><td>1,103</td><td>15,079</td><td>14,507</td></tr><tr><td>Adulterated and processed or renovated butter,</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>and filled cheese.</td><td>44</td><td>30</td><td>18</td><td>1</td><td>22</td><td>2</td></tr><tr><td>Oleomargarine, including special taxes.</td><td>4,932</td><td>5,874</td><td>238</td><td>641</td><td>1,919</td><td>2,708</td></tr><tr><td>Harcoitics, including marijuana and special taxes.</td><td>694</td><td>792</td><td>44</td><td>45</td><td>268</td><td>262</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>6,272</td><td>17,208</td><td>741</td><td>1,686</td><td>2,428</td><td>5,530</td></tr><tr><td>National Firearms Act.</td><td>6</td><td>8</td><td></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>10</td><td>82 1/2</td><td>243</td><td>64 1/2</td></tr><tr><td>Total miscellaneous taxes.</td><td>1,489,929</td><td>1,550,842</td><td>127,927</td><td>155,753</td><td>406,063</td><td>439,809</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>7,712,956</td><td>8,063,854</td><td>646,393</td><td>689,041</td><td>2,044,198</td><td>2,024,603</td></tr><tr><td>Total internal revenue collections.</td><td>40,671,922</td><td>39,108,273</td><td>3,610,995</td><td>3,489,900</td><td>8,928,350</td><td>9,021,442</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>-361,589</td><td>+271,136</td><td>+680,214</td><td>+776,736</td><td>+108,215</td><td>+33,321</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td>40,310,333</td><td>39,379,409</td><td>4,291,209</td><td>4,266,637</td><td>9,036,566</td><td>9,054,764</td></tr></table>
(1) Total receipts from internal revenue. Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500.
1/ 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 depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ Beginning July 1947 collections from the tax on unjust enrichment are included with "All other" miscellaneous taxes.
5/ Represents collections under the Federal Insurance Contributions 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.
54
Treasury Bulletin
MONETARY STATISTICS
December 1947
55
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</td><td>21,955.3</td><td>20,770.0</td><td>156.0</td><td>-</td><td>1,029.3</td></tr><tr><td>October p</td><td>22,294.0</td><td>21,091.4</td><td>156.0</td><td>-</td><td>1,046.5</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. p 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.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1942 - Jan.-Mar.....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June......</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept.....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec.....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar.....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June.....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept.....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec.....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar.....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June.....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept.....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec.....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar.....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June.....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept.....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec.....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar.....</td><td>-24.15 3/</td><td>213.88</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June.....</td><td>-31.56 3/</td><td>44.77</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept.....</td><td>-13.61 3/</td><td>50.95</td><td>-2.00 4/</td><td>35.34</td></tr><tr><td>Oct.-Dec.....</td><td>-15.86 3/</td><td>241.84</td><td>-2.27 4/</td><td>223.71</td></tr><tr><td>1947 - Jan.-Mar.....</td><td>-1.28 3/</td><td>-66.74</td><td>1.60</td><td>-66.42</td></tr><tr><td>Apr.-June.....</td><td>9.48</td><td>793.00</td><td>1.45</td><td>803.93</td></tr><tr><td>July-Sept.....</td><td>.70</td><td>686.81</td><td>1.30</td><td>688.81</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly mined domestic gold.
4/ Excess of sales over receipts.
Monetary Stocks of Gold and Silver
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.2</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>1947-January</td><td>20,748.3</td><td>3,517.2</td><td>14.5</td></tr><tr><td>February</td><td>20,330.0</td><td>3,519.6</td><td>14.8</td></tr><tr><td>March</td><td>20,462.6</td><td>3,522.5</td><td>14.7</td></tr><tr><td>April</td><td>20,774.1</td><td>3,525.9</td><td>14.5</td></tr><tr><td>May</td><td>20,933.1</td><td>3,524.9</td><td>14.4</td></tr><tr><td>June</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>July</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</td><td>21,955.3</td><td>3,535.7</td><td>13.9</td></tr><tr><td>October p</td><td>22,294.0</td><td>3,538.9</td><td>13.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
56
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>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>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>488.3</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>117.6</td><td>771.6</td><td>3,870.8</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>.4</td><td>93.4</td><td>150.3</td><td>900.3</td><td>3,519.6</td></tr><tr><td>March</td><td>1,917.0</td><td>343.0</td><td>15.8</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</td><td>1,930.9</td><td>338.9</td><td>15.2</td><td>.2</td><td>93.5</td><td>154.6</td><td>910.8</td><td>3,535.7</td></tr><tr><td>October p</td><td>1,933.5</td><td>338.6</td><td>14.6</td><td>-</td><td>92.2</td><td>154.9</td><td>916.0</td><td>3,538.9</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 R.F.C. etc. (see Daily Treasury Statement for amount). Does not include
silver lend-leased to foreign governments (see Annual Report of the Secretary of the Treasury for amounts). Valued at $1.38 per ounce. Valued at $1.38 per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(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="4">Silver acquired by mints and assay offices</th><th colspan="2">Total</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th>Ounces</th><th>Dollars</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th></th><th></th></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.5</td></tr><tr><td>1946</td><td>21.4</td><td>4.9 4/</td><td>4.4 4/</td><td>-</td><td>-</td><td>4.9 4/</td><td>4.4 4/</td></tr><tr><td>1947-January</td><td>2.5</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>February</td><td>3.7</td><td>1.8</td><td>1.6</td><td>-</td><td>-</td><td>1.8</td><td>1.6</td></tr><tr><td>March</td><td>3.3</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</td></tr><tr><td>April</td><td>2.7</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>May</td><td>3.9</td><td>2.7</td><td>2.4</td><td>-</td><td>-</td><td>2.7</td><td>2.4</td></tr><tr><td>June</td><td>2.7</td><td>1.9</td><td>1.8</td><td>-</td><td>-</td><td>1.9</td><td>1.8</td></tr><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><tr><td>September</td><td>2.2</td><td>2.9</td><td>2.6</td><td>-</td><td>-</td><td>2.9</td><td>2.6</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1941 see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at $4.64 cente per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at
77.57 cent per fine ounce from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939 to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946.
3/ Acquired at various prices averaging approximately 51 cents per ounce.
4/ Includes 0.5 million ounces valued at 71.11 cente per fine ounce totalling $0.3 million, and 4.4 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
December 1947
57
Signiorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost to General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (Incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Act July 6, 1939 and July 31,1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947-January</td><td>493.9</td><td>48.7</td><td>87.6</td><td>67.1</td><td>832.1</td><td>34.7</td><td>1,070.2</td><td>161.7</td></tr><tr><td>February</td><td>495.5</td><td>48.7</td><td>87.6</td><td>67.8</td><td>832.1</td><td>34.7</td><td>1,070.9</td><td>160.9</td></tr><tr><td>March</td><td>498.2</td><td>48.7</td><td>87.6</td><td>68.3</td><td>832.1</td><td>34.7</td><td>1,071.4</td><td>159.1</td></tr><tr><td>April</td><td>502.2</td><td>48.7</td><td>87.6</td><td>68.8</td><td>832.1</td><td>34.7</td><td>1,071.9</td><td>159.8</td></tr><tr><td>May</td><td>506.0</td><td>48.7</td><td>87.6</td><td>69.5</td><td>832.1</td><td>34.7</td><td>1,072.6</td><td>157.4</td></tr><tr><td>June</td><td>508.8</td><td>48.7</td><td>87.6</td><td>70.4</td><td>832.1</td><td>34.7</td><td>1,073.5</td><td>153.0</td></tr><tr><td>July</td><td>509.5</td><td>48.7</td><td>87.6</td><td>70.9</td><td>832.1</td><td>34.7</td><td>1,074.0</td><td>156.1</td></tr><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><tr><td>October</td><td>513.4</td><td>48.7</td><td>87.6</td><td>73.3</td><td>832.1</td><td>34.7</td><td>1,076.4</td><td>149.5</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.
58
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Cold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 5/</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>4,184</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>28,438</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</td><td>28,567</td><td>27,192</td><td>47</td><td>2,043</td><td>1</td><td>317</td><td>24,289</td><td>391</td><td>105</td></tr><tr><td>October p</td><td>28,549</td><td>27,166</td><td>47</td><td>2,029</td><td>1</td><td>315</td><td>24,282</td><td>387</td><td>104</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coi</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</td><td>1,375</td><td>151</td><td>887</td><td>337</td><td>198.17</td></tr><tr><td>October p.</td><td>1,384</td><td>152</td><td>894</td><td>338</td><td>197.92</td></tr></table>
(1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. 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/ Gold certificates were withdrawn from circulation in 1933.
3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
December 1947
59
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
60
Treasury Bulletin
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>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>34,667</td><td>244,626</td><td>261,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-283,522</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>-1,304</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-July 31, 1947)</td><td>1,434,111</td><td>1,567,227</td><td>6,060</td><td>-78,594</td><td>-60,582</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1947)</td><td>9,443,601</td><td>7,720,568</td><td>159,799</td><td>385,930</td><td>1,177,304</td></tr><tr><td>1947-January</td><td>67,840</td><td>1,047</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>-278,920</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><tr><td>July</td><td>2,810</td><td>231,957</td><td>-1,031</td><td>-7,426</td><td>-220,690</td></tr></table>
December 1947
61
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="3">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></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>1,456,855</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>506,702</td><td>66,745</td><td>173,238</td><td>266,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>116,633</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>3,923,328</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>21,841</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>706,253</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>8,506,988</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>5,003,148</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><tr><td>July</td><td>979,199</td><td>155,722</td><td>273,553</td><td>549,924</td><td>8,318,385</td><td>5,093,556</td><td>3,189,109</td><td>35,720</td><td>7,339,186</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,182</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,966</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>641,628</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>-45,445</td><td>418,422</td><td>-268,854</td><td>-164,691</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-July 31, 1947)</td><td>-270,946</td><td>-57,603</td><td>46,086</td><td>-259,429</td><td>1,838,173</td><td>399,695</td><td>1,443,387</td><td>-4,909</td><td>1,567,227</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1947)</td><td>101,284</td><td>198,314</td><td>-174,425</td><td>77,395</td><td>7,619,284</td><td>4,467,114</td><td>3,172,987</td><td>-20,817</td><td>7,720,568</td></tr><tr><td>1947-January</td><td>-22,440</td><td>4,041</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>-2,996</td><td>1,979,406</td></tr><tr><td>March</td><td>-43,856</td><td>6,618</td><td>-22,638</td><td>-27,836</td><td>-204,637</td><td>-14,359</td><td>-189,707</td><td>-571</td><td>-248,493</td></tr><tr><td>April</td><td>-3,404</td><td>-44,841</td><td>96,929</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><tr><td>July</td><td>-46,174</td><td>3,782</td><td>-25,151</td><td>-24,805</td><td>278,131</td><td>101,102</td><td>172,479</td><td>4,550</td><td>231,957</td></tr></table>
62
Treasury Bulletin
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 rowspan="2">Total purchases</th><th rowspan="2">Total sales</th><th rowspan="2">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></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,711</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-July 31, 1947)</td><td>119,200</td><td>193,793</td><td>-74,593</td><td>152,309</td><td>156,310</td><td>-4,001</td><td>271,509</td><td>350,103</td><td>-78,594</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>a.a.</td><td>a.a.</td><td>a.a.</td><td>12,317,584</td><td>11,931,654</td><td>385,930</td></tr><tr><td>1946-February</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><tr><td>July</td><td>19,293</td><td>27,926</td><td>-8,633</td><td>20,555</td><td>19,348</td><td>1,207</td><td>39,848</td><td>47,274</td><td>-7,426</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>133,553</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>227,697</td><td>-7,164</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-July 31, 1947)</td><td>38,203</td><td>25,588</td><td>12,615</td><td>470,642</td><td>543,839</td><td>-73,197</td><td>508,845</td><td>569,427</td><td>-60,582</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>6,724,698</td><td>5,547,394</td><td>1,177,304</td></tr><tr><td>1947-January</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr><tr><td>February</td><td>10,271</td><td>4,240</td><td>6,031</td><td>48,762</td><td>133,128</td><td>-84,366</td><td>59,033</td><td>137,368</td><td>-78,335</td></tr><tr><td>March</td><td>5,428</td><td>3,290</td><td>2,138</td><td>76,052</td><td>25,457</td><td>50,595</td><td>81,480</td><td>28,747</td><td>52,733</td></tr><tr><td>April</td><td>4,054</td><td>2,553</td><td>1,501</td><td>81,440</td><td>23,894</td><td>57,546</td><td>85,494</td><td>26,447</td><td>59,047</td></tr><tr><td>May</td><td>4,924</td><td>3,456</td><td>1,458</td><td>74,426</td><td>36,815</td><td>37,611</td><td>79,350</td><td>40,281</td><td>39,069</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>39,910</td><td>17,324</td></tr><tr><td>July</td><td>3,733</td><td>4,368</td><td>-635</td><td>45,646</td><td>265,701</td><td>-220,055</td><td>49,379</td><td>270,069</td><td>-220,690</td></tr></table>
n.a. Not available.
December 1947
63
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</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>-27,461</td><td>-68,538</td><td>106,226</td><td>-142,297</td><td>-11,842</td><td>172,388</td><td>-29,896</td><td>-66,114</td><td>104,188</td><td>-140,606</td><td>-12,223</td><td>173,406</td></tr><tr><td>France</td><td>-33,123</td><td>15,108</td><td>-19,406</td><td>-12,149</td><td>70,420</td><td>-84,005</td><td>-31,183</td><td>14,636</td><td>-22,078</td><td>-9,553</td><td>71,111</td><td>-81,833</td></tr><tr><td>Belgium</td><td>-16,104</td><td>28,277</td><td>-16,928</td><td>-11,949</td><td>-8,620</td><td>23,374</td><td>-16,344</td><td>28,835</td><td>-16,643</td><td>-12,077</td><td>-9,651</td><td>22,610</td></tr><tr><td>Denmark</td><td>4,818</td><td>-9,770</td><td>-4,627</td><td>-1,003</td><td>-5,096</td><td>-6,405</td><td>4,798</td><td>-5,775</td><td>-4,669</td><td>-924</td><td>-5,100</td><td>-6,453</td></tr><tr><td>Finland</td><td>7,602</td><td>356</td><td>-3,443</td><td>-6,352</td><td>-2,262</td><td>7,085</td><td>7,592</td><td>307</td><td>-3,429</td><td>-6,341</td><td>-2,048</td><td>7,085</td></tr><tr><td>Germany</td><td>236</td><td>1,307</td><td>2,234</td><td>12,433</td><td>5,729</td><td>19,053</td><td>251</td><td>1,722</td><td>2,196</td><td>12,503</td><td>5,731</td><td>19,049</td></tr><tr><td>Greece</td><td>-979</td><td>4,114</td><td>423</td><td>-2,103</td><td>-5,396</td><td>-130</td><td>-864</td><td>-4,018</td><td>491</td><td>-2,233</td><td>-5,400</td><td>-96</td></tr><tr><td>Italy</td><td>-86,542</td><td>-40,375</td><td>5,828</td><td>-22,966</td><td>-17,470</td><td>-20,054</td><td>-76,438</td><td>-31,730</td><td>5,779</td><td>-23,070</td><td>-17,630</td><td>-20,082</td></tr><tr><td>Luxembourg</td><td>-93</td><td>41</td><td>-662</td><td>-94</td><td>-364</td><td>511</td><td>14</td><td>435</td><td>-686</td><td>-13</td><td>-114</td><td>469</td></tr><tr><td>Netherlands</td><td>-23,473</td><td>-38,931</td><td>135,085</td><td>-34,974</td><td>-16,228</td><td>-4,511</td><td>-14,933</td><td>-33,134</td><td>142,999</td><td>-3,501</td><td>-6,917</td><td>6,430</td></tr><tr><td>Norway</td><td>-9,702</td><td>-1,376</td><td>-3,874</td><td>-11,618</td><td>-9,719</td><td>-12,724</td><td>-11,020</td><td>-1,625</td><td>4,912</td><td>-11,352</td><td>-9,850</td><td>-11,831</td></tr><tr><td>Portugal</td><td>-1,449</td><td>10,099</td><td>-1,945</td><td>-128</td><td>-10,033</td><td>-2,025</td><td>-1,443</td><td>10,075</td><td>-2,006</td><td>-83</td><td>-10,082</td><td>-2,161</td></tr><tr><td>Rumania</td><td>-62</td><td>-830</td><td>-3,588</td><td>-3,177</td><td>-67</td><td>-4,929</td><td>-75</td><td>-787</td><td>-3,587</td><td>-3,177</td><td>-27</td><td>-4,931</td></tr><tr><td>Spain</td><td>1,383</td><td>1,137</td><td>-221</td><td>-423</td><td>-570</td><td>3,146</td><td>1,328</td><td>1,142</td><td>-528</td><td>-407</td><td>-6,555</td><td>3,163</td></tr><tr><td>Swadeo</td><td>-5,349</td><td>6,028</td><td>-9,025</td><td>-5,628</td><td>-21,010</td><td>-11,530</td><td>-5,343</td><td>5,836</td><td>-9,091</td><td>-5,412</td><td>-19,011</td><td>-11,949</td></tr><tr><td>Switzerland</td><td>7,296</td><td>9,335</td><td>15,501</td><td>3,027</td><td>-5,319</td><td>12,512</td><td>6,341</td><td>8,881</td><td>8,122</td><td>4,068</td><td>-5,661</td><td>4,971</td></tr><tr><td>U. S. S. R.</td><td>-1,918</td><td>67</td><td>1,476</td><td>-9,259</td><td>160</td><td>-281</td><td>-1,920</td><td>67</td><td>1,476</td><td>-9,963</td><td>159</td><td>-286</td></tr><tr><td>Yugoslavia</td><td>936</td><td>733</td><td>658</td><td>-2,669</td><td>-691</td><td>1,214</td><td>936</td><td>782</td><td>618</td><td>-2,762</td><td>-693</td><td>1,230</td></tr><tr><td>Other Europe</td><td>3,613</td><td>5,858</td><td>-13,824</td><td>-6,213</td><td>-10,324</td><td>2,656</td><td>3,675</td><td>604</td><td>-12,725</td><td>-6,214</td><td>-10,656</td><td>3,258</td></tr><tr><td>Total Europe</td><td>-190,007</td><td>-93,304</td><td>190,288</td><td>-257,842</td><td>-48,702</td><td>95,339</td><td>-174,160</td><td>-70,261</td><td>195,339</td><td>-220,717</td><td>-44,617</td><td>102,449</td></tr><tr><td>Canada</td><td>-33,759</td><td>-80,194</td><td>-58,287</td><td>-1,749</td><td>40,358</td><td>-8,746</td><td>42,461</td><td>-110,505</td><td>-148,057</td><td>-50,321</td><td>9,633</td><td>-20,681</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>21,460</td><td>-3,782</td><td>37,822</td><td>27,443</td><td>18,432</td><td>35,506</td><td>17,593</td><td>-2,999</td><td>33,743</td><td>86,066</td><td>16,118</td><td>36,035</td></tr><tr><td>Bolivia</td><td>1,415</td><td>-1,199</td><td>-2,960</td><td>-1,936</td><td>7,317</td><td>-1,521</td><td>1,368</td><td>-1,237</td><td>-2,974</td><td>-1,918</td><td>7,906</td><td>-1,581</td></tr><tr><td>Brazil</td><td>-35,004</td><td>-33,815</td><td>-56,979</td><td>-53,195</td><td>-20,941</td><td>10,620</td><td>-34,371</td><td>-36,706</td><td>-58,069</td><td>-53,413</td><td>-22,151</td><td>10,341</td></tr><tr><td>Chile</td><td>-3,206</td><td>5,442</td><td>86</td><td>-8,437</td><td>8,305</td><td>-12,280</td><td>-3,101</td><td>5,117</td><td>-191</td><td>-9,830</td><td>8,268</td><td>-12,566</td></tr><tr><td>Colombia</td><td>4,644</td><td>-528</td><td>1,169</td><td>4,277</td><td>-19,312</td><td>-5,790</td><td>4,690</td><td>-721</td><td>823</td><td>4,423</td><td>-19,310</td><td>-5,802</td></tr><tr><td>Costa Rica</td><td>1,451</td><td>-672</td><td>1,419</td><td>-1,070</td><td>-249</td><td>-1,507</td><td>1,407</td><td>-846</td><td>1,434</td><td>-1,068</td><td>-202</td><td>-1,584</td></tr><tr><td>Cuba</td><td>-2,127</td><td>35</td><td>9,663</td><td>-12,191</td><td>142,112</td><td>-11,762</td><td>-3,845</td><td>-2,344</td><td>8,566</td><td>-12,288</td><td>141,690</td><td>-12,857</td></tr><tr><td>French West Indies and Guiana</td><td>-1,043</td><td>162</td><td>-811</td><td>261</td><td>-831</td><td>-100</td><td>-1,043</td><td>161</td><td>754</td><td>261</td><td>-831</td><td>-100</td></tr><tr><td>Mexico</td><td>-2,414</td><td>-5,450</td><td>-13,611</td><td>-883</td><td>-545</td><td>15,343</td><td>-9,056</td><td>-4,918</td><td>-14,406</td><td>47</td><td>-203</td><td>16,297</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-1,700</td><td>-1,859</td><td>-238</td><td>-1,615</td><td>1,362</td><td>-296</td><td>-1,720</td><td>-1,233</td><td>-156</td><td>-1,607</td><td>1,327</td><td>-162</td></tr><tr><td>Panama</td><td>-1,293</td><td>-1,372</td><td>-2,046</td><td>-5,004</td><td>-292</td><td>-147</td><td>-3,109</td><td>-2,515</td><td>-2,170</td><td>-2,002</td><td>561</td><td>-439</td></tr><tr><td>Peru</td><td>-3,765</td><td>267</td><td>1,192</td><td>3,236</td><td>2,761</td><td>-1,731</td><td>-3,741</td><td>-768</td><td>1,054</td><td>3,246</td><td>2,783</td><td>-1,872</td></tr><tr><td>Venezuela</td><td>-11,452</td><td>-3,321</td><td>7,768</td><td>-6,636</td><td>10,019</td><td>11,519</td><td>-11,342</td><td>-2,729</td><td>6,884</td><td>-6,849</td><td>9,738</td><td>11,102</td></tr><tr><td>Other Latin America</td><td>-2,053</td><td>-1,175</td><td>-1,852</td><td>16,155</td><td>-20,259</td><td>-7,997</td><td>-2,211</td><td>-2,276</td><td>-2,836</td><td>16,825</td><td>-20,977</td><td>-8,955</td></tr><tr><td>Total Latin America</td><td>-35,143</td><td>-46,867</td><td>-19,582</td><td>-46,109</td><td>128,499</td><td>29,857</td><td>-48,481</td><td>-54,010</td><td>-29,048</td><td>-46,947</td><td>124,669</td><td>27,877</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>-32,588</td><td>-21,775</td><td>-8,540</td><td>-44,567</td><td>-44,939</td><td>-35,169</td><td>-31,962</td><td>-20,942</td><td>-9,921</td><td>-43,910</td><td>-43,866</td><td>-35,407</td></tr><tr><td>French Indo-China</td><td>-6,150</td><td>3,092</td><td>-642</td><td>2,048</td><td>-3,290</td><td>-965</td><td>-6,150</td><td>3,102</td><td>-642</td><td>2,048</td><td>-3,290</td><td>-965</td></tr><tr><td>Hong Kong</td><td>1,421</td><td>-913</td><td>587</td><td>3,008</td><td>-863</td><td>5,587</td><td>1,449</td><td>-946</td><td>208</td><td>2,971</td><td>426</td><td>6,504</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,010</td><td>-5,237</td><td>-4,076</td><td>-1,719</td><td>-11,659</td><td>1,258</td><td>1,465</td><td>-5,281</td><td>4,129</td><td>-1,753</td><td>-11,734</td><td>1,224</td></tr><tr><td>British Malaya</td><td>-1,700</td><td>-304</td><td>741</td><td>1,551</td><td>-1,982</td><td>3,642</td><td>-1,708</td><td>-297</td><td>741</td><td>1,558</td><td>-1,958</td><td>3,644</td></tr><tr><td>Japan</td><td>538</td><td>1,035</td><td>161</td><td>-838</td><td>-1,297</td><td>771</td><td>526</td><td>1,030</td><td>165</td><td>-836</td><td>-1,871</td><td>765</td></tr><tr><td>Netherlands East Indies</td><td>-640</td><td>4,918</td><td>-19,702</td><td>-7,886</td><td>456</td><td>-9,119</td><td>-694</td><td>5,816</td><td>-19,703</td><td>-7,826</td><td>432</td><td>-9,094</td></tr><tr><td>Philippine Islands</td><td>-15,651</td><td>20,315</td><td>-11,016</td><td>-7,355</td><td>19,632</td><td>-1,075</td><td>-15,458</td><td>19,352</td><td>-10,403</td><td>-7,427</td><td>19,663</td><td>-1,258</td></tr><tr><td>Turkey</td><td>4,449</td><td>-1,238</td><td>9,139</td><td>-6,579</td><td>-6,648</td><td>-10,357</td><td>4,423</td><td>-1,201</td><td>9,110</td><td>-6,563</td><td>-6,680</td><td>-10,545</td></tr><tr><td>Other Asia</td><td>-3,022</td><td>-5,588</td><td>4,426</td><td>-5,053</td><td>-3,392</td><td>-885</td><td>-3,003</td><td>-5,534</td><td>-4,382</td><td>-5,104</td><td>-3,281</td><td>-807</td></tr><tr><td>Total Asia</td><td>-61,238</td><td>-6,097</td><td>-37,774</td><td>-69,390</td><td>-53,932</td><td>-46,512</td><td>-59,918</td><td>-4,901</td><td>-38,952</td><td>-68,842</td><td>-52,381</td><td>-45,859</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>106</td><td>-7,103</td><td>1,762</td><td>1,915</td><td>-2,593</td><td>6,201</td><td>16,586</td><td>-19,262</td><td>-2,648</td><td>-1,683</td><td>9,238</td><td>-7,657</td></tr><tr><td>New Zealand</td><td>44</td><td>1,125</td><td>-770</td><td>-182</td><td>502</td><td>82</td><td>-44</td><td>1,125</td><td>-771</td><td>-244</td><td>431</td><td>108</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-1,436</td><td>1,191</td><td>-435</td><td>1,505</td><td>2,332</td><td>-3,064</td><td>-1,503</td><td>1,177</td><td>-462</td><td>1,463</td><td>2,224</td><td>-3,142</td></tr><tr><td>French Morocco</td><td>810</td><td>-606</td><td>400</td><td>-999</td><td>-604</td><td>-254</td><td>894</td><td>-433</td><td>-430</td><td>-1,501</td><td>-657</td><td>-279</td></tr><tr><td>Union of South Africa</td><td>-52,892</td><td>8,493</td><td>1,339</td><td>2,004</td><td>-6,702</td><td>6,462</td><td>-52,846</td><td>8,467</td><td>1,319</td><td>2,035</td><td>-6,708</td><td>6,384</td></tr><tr><td>All other</td><td>4,806</td><td>-181</td><td>-3,916</td><td>-13,643</td><td>-2,153</td><td>7,963</td><td>-4,555</td><td>-219</td><td>-2,565</td><td>-13,429</td><td>-1,607</td><td>7,955</td></tr><tr><td>Total other countries</td><td>-58,262</td><td>2,919</td><td>-2,420</td><td>-9,400</td><td>-9,278</td><td>17,370</td><td>-41,478</td><td>-9,145</td><td>-5,557</td><td>-13,359</td><td>2,981</td><td>3,369</td></tr><tr><td>International</td><td>2,256,662</td><td>1,333</td><td>-4,453</td><td>116,853</td><td>-125,098</td><td>-82,471</td><td>2,256,662</td><td>1,333</td><td>-4,453</td><td>116,853</td><td>-125,098</td><td>166,829</td></tr><tr><td>Unidentified</td><td>4,321</td><td>-986</td><td>-2,974</td><td>4,374</td><td>745</td><td>-2,027</td><td>4,320</td><td>-1,004</td><td>-2,974</td><td>4,413</td><td>745</td><td>-2,027</td></tr><tr><td>Grand total</td><td>1,882,574</td><td>-223,190</td><td>34,798</td><td>-263,263</td><td>-67,458</td><td>2,810</td><td>1,979,406</td><td>-248,493</td><td>-33,702</td><td>-278,920</td><td>-84,068</td><td>231,957</td></tr></table>
1/ Includes transactions of international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
64
Treasury Bulletin
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) 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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</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>585</td><td>-2,161</td><td>898</td><td>-155</td><td>494</td><td>1,278</td><td>1,550</td><td>-263</td><td>1,140</td><td>-1,536</td><td>-113</td><td>-2,296</td></tr><tr><td>France</td><td>-181</td><td>414</td><td>166</td><td>-654</td><td>-145</td><td>-243</td><td>-1,759</td><td>58</td><td>2,506</td><td>-1,942</td><td>-546</td><td>-1,929</td></tr><tr><td>Belgium</td><td>13</td><td>-151</td><td>108</td><td>55</td><td>83</td><td>4</td><td>227</td><td>-407</td><td>7</td><td>73</td><td>948</td><td>768</td></tr><tr><td>Denmark</td><td>61</td><td>-52</td><td>5</td><td>-42</td><td>-5</td><td>65</td><td>-81</td><td>57</td><td>37</td><td>-37</td><td>9</td><td>-17</td></tr><tr><td>Finland</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><td>-6</td></tr><tr><td>Germany</td><td>-15</td><td>-15</td><td>30</td><td>-64</td><td>-</td><td>10</td><td>-</td><td>-</td><td>8</td><td>-6</td><td>-2</td><td>-5</td></tr><tr><td>Greece</td><td>2</td><td>12</td><td>-2</td><td>5</td><td>-3</td><td>15</td><td>-117</td><td>-108</td><td>-66</td><td>125</td><td>7</td><td>49</td></tr><tr><td>Italy</td><td>4</td><td>-72</td><td>82</td><td>-48</td><td>92</td><td>-34</td><td>-10,100</td><td>-8,513</td><td>-33</td><td>152</td><td>68</td><td>62</td></tr><tr><td>Luxembourg</td><td>-112</td><td>19</td><td>-95</td><td>11</td><td>-211</td><td>72</td><td>5</td><td>-413</td><td>119</td><td>-92</td><td>-39</td><td>-30</td></tr><tr><td>Netherlands</td><td>-2,390</td><td>1,385</td><td>994</td><td>-340</td><td>1,257</td><td>-1,148</td><td>-6,150</td><td>-7,182</td><td>-8,908</td><td>-31,133</td><td>-10,568</td><td>-9,793</td></tr><tr><td>Norway</td><td>-134</td><td>-116</td><td>-60</td><td>-169</td><td>324</td><td>148</td><td>1,452</td><td>365</td><td>-8,726</td><td>-97</td><td>-193</td><td>-1,041</td></tr><tr><td>Portugal</td><td>-18</td><td>11</td><td>32</td><td>-2</td><td>2</td><td>-8</td><td>52</td><td>13</td><td>29</td><td>43</td><td>47</td><td>144</td></tr><tr><td>Rumanie</td><td>11</td><td>-41</td><td>1</td><td>-</td><td>-2</td><td>1</td><td>2</td><td>-2</td><td>-2</td><td>-15</td><td>5,958</td><td>1</td></tr><tr><td>Spain</td><td>49</td><td>-12</td><td>99</td><td>-1</td><td>-3</td><td>-10</td><td>6</td><td>7</td><td>208</td><td>-182</td><td>-2,073</td><td>-21</td></tr><tr><td>Sweden</td><td>-32</td><td>162</td><td>-144</td><td>-34</td><td>74</td><td>40</td><td>26</td><td>30</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>348</td><td>1,614</td><td>640</td><td>-1,781</td><td>2,796</td><td>-580</td><td>607</td><td>-1,160</td><td>6,739</td><td>740</td><td>-2,454</td><td>8,121</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>40</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>4</td><td>1</td><td>5</td></tr><tr><td>Yugoslavia</td><td>3</td><td>-40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-9</td><td>-</td><td>93</td><td>2</td><td>-16</td></tr><tr><td>Other Europe</td><td>18</td><td>54</td><td>-106</td><td>9</td><td>270</td><td>-64</td><td>-80</td><td>-6,576</td><td>-993</td><td>-8</td><td>62</td><td>-538</td></tr><tr><td>Total Europe</td><td>-1,798</td><td>1,011</td><td>2,688</td><td>-3,210</td><td>5,023</td><td>-462</td><td>-14,049</td><td>-24,054</td><td>-7,739</td><td>-33,915</td><td>-9,108</td><td>-6,048</td></tr><tr><td>Canada</td><td>-393</td><td>-1,719</td><td>1,223</td><td>-1,608</td><td>77</td><td>-611</td><td>-75,827</td><td>32,030</td><td>58,547</td><td>50,180</td><td>30,648</td><td>12,546</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>2,169</td><td>-2,366</td><td>1,355</td><td>-243</td><td>140</td><td>-2,002</td><td>1,702</td><td>1,583</td><td>2,724</td><td>1,660</td><td>2,202</td><td>1,473</td></tr><tr><td>Bolivia</td><td>-1</td><td>14</td><td>-3</td><td>-</td><td>-</td><td>4</td><td>48</td><td>24</td><td>13</td><td>-18</td><td>11</td><td>16</td></tr><tr><td>Brazil</td><td>-175</td><td>513</td><td>277</td><td>-321</td><td>65</td><td>-71</td><td>-518</td><td>2,378</td><td>809</td><td>539</td><td>1,145</td><td>350</td></tr><tr><td>Chile</td><td>-131</td><td>142</td><td>-192</td><td>81</td><td>-239</td><td>77</td><td>26</td><td>183</td><td>469</td><td>1,312</td><td>276</td><td>209</td></tr><tr><td>Colombia</td><td>84</td><td>-345</td><td>258</td><td>-39</td><td>-67</td><td>28</td><td>-130</td><td>538</td><td>88</td><td>185</td><td>65</td><td>-16</td></tr><tr><td>Costa Rica</td><td>-2</td><td>-32</td><td>-34</td><td>-26</td><td>-37</td><td>74</td><td>46</td><td>6</td><td>19</td><td>24</td><td>-10</td><td>3</td></tr><tr><td>Cuba</td><td>369</td><td>-140</td><td>261</td><td>-553</td><td>384</td><td>-39</td><td>1,349</td><td>2,519</td><td>836</td><td>650</td><td>78</td><td>1,134</td></tr><tr><td>French West Indies and Guiana</td><td>-1</td><td>1</td><td>5</td><td>-6</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-62</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>6,570</td><td>-163</td><td>492</td><td>-687</td><td>108</td><td>-2,154</td><td>72</td><td>-369</td><td>103</td><td>43</td><td>-450</td><td>1,200</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></tr><tr><td>Surinam</td><td>23</td><td>-14</td><td>-71</td><td>41</td><td>8</td><td>15</td><td>-3</td><td>-12</td><td>-11</td><td>49</td><td>27</td><td>-129</td></tr><tr><td>Panama</td><td>-779</td><td>1,055</td><td>30</td><td>306</td><td>45</td><td>1,584</td><td>2,595</td><td>88</td><td>94</td><td>-3,308</td><td>-898</td><td>-1,292</td></tr><tr><td>Peru</td><td>-184</td><td>-20</td><td>23</td><td>-15</td><td>28</td><td>118</td><td>160</td><td>1,055</td><td>115</td><td>5</td><td>6</td><td>23</td></tr><tr><td>Venezuela</td><td>79</td><td>-799</td><td>825</td><td>-269</td><td>133</td><td>629</td><td>-189</td><td>203</td><td>59</td><td>482</td><td>148</td><td>-212</td></tr><tr><td>Other Latin America</td><td>-377</td><td>515</td><td>-16</td><td>907</td><td>45</td><td>1,737</td><td>535</td><td>586</td><td>1,000</td><td>423</td><td>763</td><td>-779</td></tr><tr><td>Total Latin America</td><td>7,644</td><td>-1,639</td><td>3,210</td><td>-1,024</td><td>467</td><td>-</td><td>5,694</td><td>8,782</td><td>6,256</td><td>1,862</td><td>3,363</td><td>1,980</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>-228</td><td>-574</td><td>2,319</td><td>695</td><td>-881</td><td>56</td><td>-398</td><td>-259</td><td>-938</td><td>-1,352</td><td>-192</td><td>182</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-7</td><td>31</td><td>-47</td><td>13</td><td>-109</td><td>-13</td><td>-21</td><td>-</td><td>426</td><td>24</td><td>-328</td><td>-984</td></tr><tr><td>India, Burma, and Ceylon</td><td>36</td><td>-43</td><td>56</td><td>9</td><td>-51</td><td>16</td><td>491</td><td>87</td><td>-7</td><td>25</td><td>126</td><td>18</td></tr><tr><td>British Malaya</td><td>-</td><td>1</td><td>-10</td><td>-</td><td>-24</td><td>-</td><td>8</td><td>4</td><td>6</td><td>-7</td><td>-24</td><td>-2</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-2</td><td>-2</td><td>6</td></tr><tr><td>Netherlands East Indies</td><td>7</td><td>-1</td><td>-7</td><td>-2</td><td>-3</td><td>5</td><td>7</td><td>-1,297</td><td>8</td><td>-58</td><td>27</td><td>-30</td></tr><tr><td>Philippine Islands</td><td>124</td><td>626</td><td>-718</td><td>85</td><td>-54</td><td>134</td><td>-317</td><td>137</td><td>105</td><td>-13</td><td>23</td><td>49</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-3</td><td>2</td><td>12</td><td>-12</td><td>-25</td><td>-37</td><td>32</td><td>-18</td><td>-10</td><td>-</td></tr><tr><td>Other Asia</td><td>-14</td><td>53</td><td>-42</td><td>162</td><td>-181</td><td>-1</td><td>-5</td><td>-107</td><td>-2</td><td>-111</td><td>70</td><td>-77</td></tr><tr><td>Total Asia</td><td>-62</td><td>293</td><td>1,548</td><td>964</td><td>-1,291</td><td>185</td><td>-1,238</td><td>-1,489</td><td>-370</td><td>-1,512</td><td>-310</td><td>-838</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-2</td><td>59</td><td>-46</td><td>-17</td><td>-49</td><td>-12</td><td>-16,478</td><td>12,100</td><td>4,456</td><td>3,615</td><td>-11,782</td><td>13,870</td></tr><tr><td>New Zealand</td><td>6</td><td>-</td><td>-15</td><td>58</td><td>3</td><td>-28</td><td>-6</td><td>-</td><td>16</td><td>4</td><td>8</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-8</td><td>3</td><td>-3</td><td>6</td><td>23</td><td>-10</td><td>75</td><td>11</td><td>30</td><td>36</td><td>85</td><td>68</td></tr><tr><td>French Morocco</td><td>-1</td><td>-1</td><td>1</td><td>-2</td><td>-</td><td>-</td><td>-83</td><td>-178</td><td>29</td><td>504</td><td>-7</td><td>25</td></tr><tr><td>Union of South Africa</td><td>29</td><td>83</td><td>4</td><td>1</td><td>78</td><td>85</td><td>-75</td><td>-57</td><td>24</td><td>-32</td><td>-72</td><td>-7</td></tr><tr><td>All other</td><td>808</td><td>-182</td><td>-1,533</td><td>-307</td><td>57</td><td>-178</td><td>-1,049</td><td>220</td><td>182</td><td>93</td><td>-603</td><td>186</td></tr><tr><td>Total other countries</td><td>832</td><td>-38</td><td>-1,600</td><td>-261</td><td>112</td><td>-143</td><td>-17,616</td><td>12,102</td><td>4,737</td><td>4,220</td><td>-12,371</td><td>14,144</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-249,300</td></tr><tr><td>Unidentified</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><td>-</td></tr><tr><td>Grand total</td><td>6,201</td><td>-2,068</td><td>7,069</td><td>-5,174</td><td>4,388</td><td>-1,031</td><td>-103,033</td><td>27,371</td><td>61,431</td><td>20,831</td><td>12,222</td><td>-228,116</td></tr></table>
1/ Includes transactions of international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
December 1947
65
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>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</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>39,356</td><td>35,770</td><td>42,425</td><td>39,596</td><td>39,340</td><td>36,905</td><td>443,281</td><td>373,581</td><td>484,424</td><td>340,989</td><td>328,510</td><td>499,481</td></tr><tr><td>France</td><td>12,388</td><td>15,639</td><td>21,125</td><td>18,844</td><td>20,090</td><td>21,437</td><td>209,082</td><td>226,369</td><td>209,777</td><td>197,943</td><td>270,300</td><td>189,814</td></tr><tr><td>Belgium</td><td>7,373</td><td>8,019</td><td>8,863</td><td>8,855</td><td>10,124</td><td>9,004</td><td>149,303</td><td>178,784</td><td>162,985</td><td>150,930</td><td>142,518</td><td>164,008</td></tr><tr><td>Denmark</td><td>373</td><td>345</td><td>324</td><td>378</td><td>583</td><td>592</td><td>68,302</td><td>62,499</td><td>57,809</td><td>56,939</td><td>52,044</td><td>45,600</td></tr><tr><td>Finland</td><td>6,126</td><td>8,255</td><td>7,106</td><td>9,097</td><td>11,381</td><td>17,842</td><td>28,909</td><td>31,345</td><td>26,767</td><td>22,417</td><td>22,653</td><td>36,199</td></tr><tr><td>Germany</td><td>30,353</td><td>30,357</td><td>30,371</td><td>30,323</td><td>30,348</td><td>30,348</td><td>5,531</td><td>6,857</td><td>9,067</td><td>21,522</td><td>27,278</td><td>46,327</td></tr><tr><td>Greece</td><td>12,530</td><td>13,213</td><td>12,822</td><td>12,980</td><td>12,889</td><td>13,005</td><td>43,027</td><td>39,692</td><td>39,792</td><td>37,717</td><td>32,226</td><td>32,246</td></tr><tr><td>Italy</td><td>17,702</td><td>20,599</td><td>22,041</td><td>23,832</td><td>24,093</td><td>24,255</td><td>247,380</td><td>218,487</td><td>225,708</td><td>204,429</td><td>187,060</td><td>167,140</td></tr><tr><td>Luxembourg</td><td>51</td><td>53</td><td>52</td><td>65</td><td>306</td><td>49</td><td>22,468</td><td>22,905</td><td>22,218</td><td>22,218</td><td>22,345</td><td>22,557</td></tr><tr><td>Netherlands</td><td>153,683</td><td>155,768</td><td>51,038</td><td>39,254</td><td>49,042</td><td>47,239</td><td>214,393</td><td>183,344</td><td>221,613</td><td>206,328</td><td>209,199</td><td>213,826</td></tr><tr><td>Norway</td><td>4,043</td><td>4,214</td><td>5,180</td><td>5,913</td><td>6,322</td><td>7,023</td><td>106,790</td><td>105,336</td><td>111,214</td><td>100,595</td><td>91,154</td><td>80,024</td></tr><tr><td>Portugal</td><td>929</td><td>1,045</td><td>1,010</td><td>1,212</td><td>1,514</td><td>1,332</td><td>44,001</td><td>54,192</td><td>52,151</td><td>52,270</td><td>42,490</td><td>40,147</td></tr><tr><td>Romania</td><td>38</td><td>4,184</td><td>6,874</td><td>6,992</td><td>6,923</td><td>11,876</td><td>8,851</td><td>12,210</td><td>11,313</td><td>8,254</td><td>8,158</td><td>8,180</td></tr><tr><td>Spain</td><td>6,178</td><td>3,833</td><td>3,742</td><td>3,517</td><td>4,327</td><td>1,598</td><td>19,957</td><td>18,754</td><td>18,135</td><td>17,503</td><td>11,758</td><td>12,192</td></tr><tr><td>Sweden</td><td>5,630</td><td>5,951</td><td>7,110</td><td>7,440</td><td>7,471</td><td>8,684</td><td>159,064</td><td>165,221</td><td>157,289</td><td>152,207</td><td>133,227</td><td>122,891</td></tr><tr><td>Switzerland</td><td>12,205</td><td>11,376</td><td>8,291</td><td>9,494</td><td>7,812</td><td>10,195</td><td>384,112</td><td>392,104</td><td>397,201</td><td>402,472</td><td>395,129</td><td>402,483</td></tr><tr><td>U. S. S. R.</td><td>19</td><td>10</td><td>13</td><td>4</td><td>5</td><td>6</td><td>58,479</td><td>58,537</td><td>60,016</td><td>50,444</td><td>50,604</td><td>50,319</td></tr><tr><td>Yugoslavia</td><td>4</td><td>7</td><td>7</td><td>8</td><td>8</td><td>8</td><td>13,885</td><td>14,670</td><td>15,288</td><td>12,527</td><td>11,834</td><td>13,064</td></tr><tr><td>Other Europe</td><td>10,226</td><td>13,154</td><td>22,933</td><td>26,296</td><td>35,373</td><td>37,473</td><td>107,762</td><td>111,354</td><td>108,408</td><td>105,557</td><td>103,978</td><td>109,336</td></tr><tr><td>Total Europe</td><td>319,807</td><td>331,792</td><td>251,327</td><td>244,130</td><td>267,951</td><td>278,871</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><td>2,255,834</td></tr><tr><td>Canada</td><td>43,021</td><td>39,033</td><td>36,433</td><td>36,829</td><td>36,383</td><td>34,047</td><td>892,652</td><td>778,159</td><td>627,502</td><td>577,577</td><td>586,764</td><td>563,747</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>45,479</td><td>49,929</td><td>57,821</td><td>60,746</td><td>57,622</td><td>65,833</td><td>179,961</td><td>181,412</td><td>223,047</td><td>252,038</td><td>265,024</td><td>309,270</td></tr><tr><td>Bolivia</td><td>2,573</td><td>2,963</td><td>4,818</td><td>5,294</td><td>3,561</td><td>3,269</td><td>13,680</td><td>12,833</td><td>11,714</td><td>10,272</td><td>16,445</td><td>14,612</td></tr><tr><td>Brazil</td><td>63,109</td><td>69,583</td><td>115,360</td><td>150,208</td><td>160,854</td><td>164,070</td><td>157,803</td><td>127,571</td><td>115,283</td><td>96,718</td><td>85,213</td><td>98,770</td></tr><tr><td>Chile</td><td>15,259</td><td>15,979</td><td>18,578</td><td>20,297</td><td>17,385</td><td>20,492</td><td>45,191</td><td>51,028</td><td>53,436</td><td>45,325</td><td>50,681</td><td>41,222</td></tr><tr><td>Colombia</td><td>30,155</td><td>26,835</td><td>30,398</td><td>36,390</td><td>40,254</td><td>35,719</td><td>55,903</td><td>51,862</td><td>56,248</td><td>57,817</td><td>42,371</td><td>32,034</td></tr><tr><td>Costa Rica</td><td>3,696</td><td>4,039</td><td>3,375</td><td>3,587</td><td>3,937</td><td>3,853</td><td>9,042</td><td>8,539</td><td>9,309</td><td>8,453</td><td>8,601</td><td>6,933</td></tr><tr><td>Cuba</td><td>37,910</td><td>45,165</td><td>53,829</td><td>60,091</td><td>45,981</td><td>53,269</td><td>145,908</td><td>150,819</td><td>168,049</td><td>162,023</td><td>289,563</td><td>283,994</td></tr><tr><td>French West Indies and Guiana</td><td>116</td><td>11</td><td>9</td><td>83</td><td>251</td><td>589</td><td>3,934</td><td>3,990</td><td>3,234</td><td>3,575</td><td>2,912</td><td>3,150</td></tr><tr><td>Mexico</td><td>28,754</td><td>30,668</td><td>33,662</td><td>34,753</td><td>32,869</td><td>27,609</td><td>142,058</td><td>139,054</td><td>127,642</td><td>128,780</td><td>126,693</td><td>137,730</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>809</td><td>819</td><td>1,082</td><td>1,044</td><td>974</td><td>1,033</td><td>11,757</td><td>10,534</td><td>10,641</td><td>8,996</td><td>10,253</td><td>10,130</td></tr><tr><td>Panama</td><td>1,680</td><td>2,208</td><td>2,201</td><td>2,091</td><td>2,581</td><td>2,742</td><td>75,164</td><td>73,177</td><td>71,000</td><td>68,888</td><td>69,939</td><td>69,661</td></tr><tr><td>Peru</td><td>6,531</td><td>6,989</td><td>7,843</td><td>7,552</td><td>5,600</td><td>5,901</td><td>34,341</td><td>34,031</td><td>35,339</td><td>38,894</td><td>39,725</td><td>38,154</td></tr><tr><td>Venezuela</td><td>15,638</td><td>19,563</td><td>15,419</td><td>19,160</td><td>16,720</td><td>18,243</td><td>45,459</td><td>46,659</td><td>49,399</td><td>46,291</td><td>53,589</td><td>66,214</td></tr><tr><td>Other Latin America</td><td>27,902</td><td>33,894</td><td>37,285</td><td>36,685</td><td>36,261</td><td>42,317</td><td>182,354</td><td>186,070</td><td>186,625</td><td>202,850</td><td>181,449</td><td>178,550</td></tr><tr><td>Total Latin America</td><td>279,611</td><td>308,645</td><td>381,680</td><td>437,981</td><td>424,850</td><td>444,939</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><td>1,290,424</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>36,801</td><td>41,242</td><td>46,989</td><td>76,131</td><td>104,842</td><td>110,726</td><td>389,731</td><td>373,230</td><td>369,056</td><td>354,288</td><td>339,133</td><td>309,610</td></tr><tr><td>French Indo-China</td><td>25</td><td>25</td><td>22</td><td>22</td><td>77</td><td>62</td><td>35,954</td><td>39,056</td><td>38,411</td><td>40,459</td><td>37,224</td><td>36,244</td></tr><tr><td>Hong Kong</td><td>5,061</td><td>4,145</td><td>4,029</td><td>3,503</td><td>3,531</td><td>3,123</td><td>40,781</td><td>38,929</td><td>39,011</td><td>41,456</td><td>41,058</td><td>47,234</td></tr><tr><td>India, Burma, and Ceylon</td><td>12,908</td><td>14,638</td><td>14,193</td><td>13,203</td><td>32,797</td><td>33,662</td><td>44,221</td><td>40,670</td><td>36,100</td><td>33,357</td><td>41,217</td><td>43,306</td></tr><tr><td>British Malaya</td><td>537</td><td>973</td><td>1,291</td><td>1,057</td><td>2,178</td><td>1,579</td><td>7,084</td><td>7,223</td><td>8,282</td><td>9,606</td><td>8,769</td><td>11,814</td></tr><tr><td>Japan</td><td>245</td><td>242</td><td>247</td><td>246</td><td>183</td><td>261</td><td>17,689</td><td>18,716</td><td>18,886</td><td>18,049</td><td>16,715</td><td>17,558</td></tr><tr><td>Netherlands East Indies</td><td>948</td><td>1,401</td><td>1,911</td><td>1,475</td><td>480</td><td>508</td><td>116,627</td><td>122,896</td><td>103,703</td><td>95,441</td><td>94,878</td><td>85,812</td></tr><tr><td>Philippine Islands</td><td>22,983</td><td>20,271</td><td>22,402</td><td>23,161</td><td>20,153</td><td>25,130</td><td>430,494</td><td>447,134</td><td>436,862</td><td>432,194</td><td>448,849</td><td>452,568</td></tr><tr><td>Turkey</td><td>1,406</td><td>2,030</td><td>2,453</td><td>2,583</td><td>3,316</td><td>3,248</td><td>56,498</td><td>55,831</td><td>65,364</td><td>57,031</td><td>51,014</td><td>40,401</td></tr><tr><td>Other Asia</td><td>4,042</td><td>3,916</td><td>4,514</td><td>5,790</td><td>5,774</td><td>6,748</td><td>85,080</td><td>79,420</td><td>75,636</td><td>71,808</td><td>68,511</td><td>68,678</td></tr><tr><td>Total Asia</td><td>85,046</td><td>88,883</td><td>98,051</td><td>127,271</td><td>173,331</td><td>185,047</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><td>1,113,225</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>6,203</td><td>6,510</td><td>7,455</td><td>6,610</td><td>9,034</td><td>11,256</td><td>59,367</td><td>40,412</td><td>38,709</td><td>36,181</td><td>47,843</td><td>42,408</td></tr><tr><td>New Zealand</td><td>1,308</td><td>1,517</td><td>1,312</td><td>1,600</td><td>989</td><td>1,681</td><td>8,311</td><td>9,645</td><td>8,669</td><td>8,713</td><td>8,593</td><td>9,291</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>438</td><td>482</td><td>378</td><td>396</td><td>250</td><td>180</td><td>18,363</td><td>19,584</td><td>19,018</td><td>20,499</td><td>22,577</td><td>19,315</td></tr><tr><td>French Morocco</td><td>13</td><td>89</td><td>102</td><td>109</td><td>88</td><td>146</td><td>16,855</td><td>16,498</td><td>16,081</td><td>14,887</td><td>13,909</td><td>13,688</td></tr><tr><td>Union of South Africa</td><td>14,664</td><td>15,976</td><td>18,303</td><td>18,936</td><td>15,170</td><td>18,790</td><td>33,903</td><td>43,682</td><td>47,328</td><td>49,996</td><td>39,522</td><td>49,526</td></tr><tr><td>All other</td><td>4,465</td><td>5,243</td><td>6,415</td><td>5,635</td><td>4,539</td><td>3,778</td><td>70,238</td><td>70,797</td><td>69,404</td><td>55,195</td><td>52,492</td><td>59,686</td></tr><tr><td>Total other countries</td><td>27,091</td><td>29,817</td><td>33,965</td><td>33,586</td><td>30,070</td><td>35,831</td><td>207,037</td><td>200,618</td><td>199,209</td><td>185,471</td><td>184,936</td><td>194,066</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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><td>2,881,038</td></tr><tr><td>Unidentified</td><td>-</td><td>262</td><td>380</td><td>408</td><td>440</td><td>464</td><td>20,434</td><td>19,692</td><td>16,
1/ Includes dollar balances of international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
66
Treasury Bulletin
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>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</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>1,073</td><td>2,441</td><td>1,028</td><td>1,584</td><td>1,035</td><td>1,184</td><td>4,852</td><td>4,059</td><td>3,544</td><td>3,945</td><td>3,890</td><td>5,317</td></tr><tr><td>France</td><td>197</td><td>305</td><td>184</td><td>191</td><td>99</td><td>171</td><td>6,186</td><td>6,708</td><td>6,753</td><td>6,106</td><td>5,869</td><td>5,698</td></tr><tr><td>Belgium</td><td>59</td><td>66</td><td>114</td><td>97</td><td>172</td><td>122</td><td>1,793</td><td>1,649</td><td>1,805</td><td>1,843</td><td>2,001</td><td>1,947</td></tr><tr><td>Denmark</td><td>1</td><td>11</td><td>3</td><td>23</td><td>30</td><td>2</td><td>156</td><td>114</td><td>111</td><td>89</td><td>91</td><td>128</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Germany</td><td>14</td><td>19</td><td>15</td><td>15</td><td>14</td><td>15</td><td>276</td><td>266</td><td>292</td><td>228</td><td>227</td><td>238</td></tr><tr><td>Greece</td><td>2</td><td>2</td><td>3</td><td>3</td><td>4</td><td>3</td><td>13</td><td>25</td><td>24</td><td>29</td><td>27</td><td>41</td></tr><tr><td>Italy</td><td>2</td><td>54</td><td>2</td><td>42</td><td>7</td><td>7</td><td>254</td><td>234</td><td>264</td><td>256</td><td>313</td><td>279</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>861</td><td>880</td><td>785</td><td>796</td><td>585</td><td>657</td></tr><tr><td>Netherlands</td><td>93</td><td>106</td><td>122</td><td>231</td><td>100</td><td>97</td><td>8,691</td><td>10,089</td><td>11,099</td><td>10,863</td><td>11,994</td><td>10,843</td></tr><tr><td>Norway</td><td>224</td><td>237</td><td>296</td><td>277</td><td>266</td><td>273</td><td>1,387</td><td>1,284</td><td>1,283</td><td>1,095</td><td>1,408</td><td>1,563</td></tr><tr><td>Portugal</td><td>8</td><td>11</td><td>11</td><td>13</td><td>14</td><td>23</td><td>11</td><td>25</td><td>57</td><td>57</td><td>60</td><td>61</td></tr><tr><td>Romania</td><td>-</td><td>11</td><td>10</td><td>10</td><td>10</td><td>11</td><td>55</td><td>25</td><td>25</td><td>25</td><td>23</td><td>25</td></tr><tr><td>Spain</td><td>9</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>214</td><td>195</td><td>294</td><td>291</td><td>288</td><td>278</td></tr><tr><td>Sweden</td><td>75</td><td>68</td><td>67</td><td>59</td><td>61</td><td>57</td><td>540</td><td>695</td><td>550</td><td>508</td><td>584</td><td>620</td></tr><tr><td>Switzerland</td><td>1,252</td><td>1,463</td><td>1,191</td><td>1,270</td><td>975</td><td>905</td><td>35,943</td><td>37,768</td><td>38,136</td><td>36,434</td><td>38,935</td><td>38,285</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53</td><td>33</td><td>53</td><td>53</td><td>53</td><td>53</td></tr><tr><td>Yugoslavia</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53</td><td>33</td><td>53</td><td>53</td><td>53</td><td>53</td></tr><tr><td>Other Europe</td><td>-</td><td>2</td><td>28</td><td>2</td><td>31</td><td>2</td><td>1,044</td><td>1,700</td><td>1,620</td><td>1,603</td><td>1,902</td><td>1,809</td></tr><tr><td>Total Europe</td><td>3,010</td><td>4,819</td><td>3,077</td><td>3,818</td><td>2,819</td><td>2,873</td><td>62,931</td><td>65,751</td><td>66,697</td><td>64,228</td><td>68,252</td><td>67,844</td></tr><tr><td>Canada</td><td>5,344</td><td>4,540</td><td>4,586</td><td>4,370</td><td>4,678</td><td>5,021</td><td>7,669</td><td>5,146</td><td>6,415</td><td>4,591</td><td>4,976</td><td>4,708</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,161</td><td>1,608</td><td>1,034</td><td>997</td><td>1,055</td><td>1,331</td><td>8,257</td><td>6,338</td><td>7,119</td><td>6,839</td><td>7,037</td><td>5,311</td></tr><tr><td>Bolivia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>42</td><td>39</td><td>39</td><td>39</td><td>45</td></tr><tr><td>Brazil</td><td>1,821</td><td>1,555</td><td>1,221</td><td>979</td><td>832</td><td>1,013</td><td>975</td><td>1,222</td><td>1,165</td><td>602</td><td>520</td><td>630</td></tr><tr><td>Chile</td><td>861</td><td>723</td><td>877</td><td>811</td><td>1,054</td><td>976</td><td>470</td><td>474</td><td>436</td><td>451</td><td>455</td><td>454</td></tr><tr><td>Colombia</td><td>241</td><td>288</td><td>223</td><td>227</td><td>234</td><td>220</td><td>619</td><td>281</td><td>514</td><td>479</td><td>419</td><td>433</td></tr><tr><td>Costa Rica</td><td>34</td><td>34</td><td>63</td><td>65</td><td>145</td><td>36</td><td>143</td><td>111</td><td>106</td><td>82</td><td>125</td><td>90</td></tr><tr><td>Cuba</td><td>6,200</td><td>6,358</td><td>5,188</td><td>5,819</td><td>5,585</td><td>5,545</td><td>1,534</td><td>1,552</td><td>643</td><td>721</td><td>871</td><td>792</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>-</td><td>1</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,637</td><td>3,006</td><td>2,485</td><td>2,159</td><td>2,479</td><td>2,772</td><td>13,083</td><td>13,289</td><td>13,260</td><td>12,047</td><td>12,475</td><td>10,614</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>9</td><td>4</td><td>29</td><td>5</td><td>3</td><td>3</td><td>270</td><td>251</td><td>205</td><td>222</td><td>228</td><td>243</td></tr><tr><td>Panama</td><td>116</td><td>106</td><td>181</td><td>53</td><td>57</td><td>65</td><td>6,167</td><td>7,212</td><td>7,317</td><td>7,495</td><td>7,544</td><td>9,136</td></tr><tr><td>Peru</td><td>81</td><td>87</td><td>88</td><td>93</td><td>140</td><td>132</td><td>134</td><td>120</td><td>144</td><td>134</td><td>153</td><td>263</td></tr><tr><td>Venezuela</td><td>1,877</td><td>2,439</td><td>1,841</td><td>1,797</td><td>1,710</td><td>1,715</td><td>2,201</td><td>1,964</td><td>2,191</td><td>1,878</td><td>1,924</td><td>2,558</td></tr><tr><td>Other Latin America</td><td>4,472</td><td>4,453</td><td>4,573</td><td>3,497</td><td>3,047</td><td>3,398</td><td>1,696</td><td>2,192</td><td>2,296</td><td>2,127</td><td>2,232</td><td>3,720</td></tr><tr><td>Total Latin America</td><td>19,540</td><td>20,651</td><td>17,833</td><td>16,532</td><td>16,971</td><td>17,236</td><td>35,577</td><td>35,049</td><td>35,441</td><td>33,116</td><td>34,022</td><td>34,287</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>3,509</td><td>4,101</td><td>2,530</td><td>1,567</td><td>1,579</td><td>1,529</td><td>1,507</td><td>1,525</td><td>2,273</td><td>2,005</td><td>1,136</td><td>1,142</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>144</td><td>175</td><td>128</td><td>141</td><td>32</td><td>19</td></tr><tr><td>Hoong Koog</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>31</td><td>76</td><td>30</td><td>29</td><td>31</td><td>31</td><td>61</td><td>63</td><td>73</td><td>81</td><td>32</td><td>48</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>37</td><td>27</td><td>27</td><td>3</td><td>3</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>12</td><td>5</td><td>3</td><td>-</td><td>5</td></tr><tr><td>Philippine Islands</td><td>955</td><td>7</td><td>52</td><td>49</td><td>193</td><td>157</td><td>1,303</td><td>1,181</td><td>508</td><td>590</td><td>680</td><td>778</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>1</td><td>3</td><td>15</td><td>3</td></tr><tr><td>Other Asia</td><td>6</td><td>5</td><td>5</td><td>10</td><td>5</td><td>13</td><td>132</td><td>244</td><td>202</td><td>369</td><td>183</td><td>190</td></tr><tr><td>Total Asia</td><td>4,501</td><td>4,189</td><td>2,617</td><td>1,655</td><td>1,808</td><td>1,730</td><td>3,263</td><td>3,244</td><td>3,220</td><td>3,222</td><td>2,084</td><td>2,191</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4</td><td>6</td><td>4</td><td>28</td><td>4</td><td>5</td><td>98</td><td>159</td><td>111</td><td>118</td><td>45</td><td>31</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>5</td><td>1</td><td>-</td><td>16</td><td>12</td><td>12</td><td>2</td><td>56</td><td>58</td><td>66</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>8</td><td>7</td><td>23</td><td>8</td><td>11</td><td>24</td><td>130</td><td>132</td><td>145</td><td>136</td><td>162</td><td>165</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td><td>77</td><td>78</td><td>76</td><td>76</td><td>76</td></tr><tr><td>Union of South Africa</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>66</td><td>71</td><td>67</td><td>68</td><td>146</td><td>231</td></tr><tr><td>All other</td><td>62</td><td>18</td><td>11</td><td>22</td><td>26</td><td>23</td><td>2,391</td><td>2,165</td><td>625</td><td>329</td><td>390</td><td>209</td></tr><tr><td>Total other countries</td><td>152</td><td>31</td><td>43</td><td>59</td><td>41</td><td>68</td><td>2,775</td><td>2,616</td><td>1,028</td><td>783</td><td>877</td><td>761</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>99</td><td>99</td><td>64</td><td>64</td><td>64</td></tr><tr><td>Grand total</td><td>32,547</td><td>34,230</td><td>28,156</td><td>26,434</td><td>26,317</td><td>26,928</td><td>112,290</td><td>111,905</td><td>112,900</td><td>106,004</td><td>110,275</td><td>109,855</td></tr></table>
December 1947
67
Capital Movements: Section III - Details for Month of July 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="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>36,905</td><td>19,516</td><td>12,555</td><td>758</td><td>6,203</td><td>17,389</td><td>9,357</td><td>3,021</td><td>5,011</td></tr><tr><td>France</td><td>21,437</td><td>740</td><td>105</td><td>247</td><td>388</td><td>20,697</td><td>3,126</td><td>1,408</td><td>16,163</td></tr><tr><td>Belgium</td><td>9,004</td><td>260</td><td>208</td><td>2</td><td>50</td><td>8,744</td><td>325</td><td>1,895</td><td>6,524</td></tr><tr><td>Denmark</td><td>592</td><td>81</td><td>60</td><td>19</td><td>2</td><td>511</td><td>16</td><td>31</td><td>464</td></tr><tr><td>Finland</td><td>17,842</td><td>5</td><td>4</td><td>-</td><td>1</td><td>17,837</td><td>3,061</td><td>13,066</td><td>1,710</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>67</td><td>13,167</td></tr><tr><td>Greece</td><td>13,005</td><td>168</td><td>-</td><td>38</td><td>130</td><td>12,837</td><td>10,803</td><td>-</td><td>2,034</td></tr><tr><td>Italy</td><td>24,255</td><td>446</td><td>7</td><td>434</td><td>5</td><td>23,809</td><td>12,498</td><td>2,775</td><td>8,536</td></tr><tr><td>Luxembourg</td><td>49</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Netherlands</td><td>47,239</td><td>271</td><td>211</td><td>38</td><td>22</td><td>46,968</td><td>784</td><td>332</td><td>45,852</td></tr><tr><td>Norway</td><td>7,023</td><td>126</td><td>73</td><td>42</td><td>11</td><td>6,897</td><td>750</td><td>245</td><td>5,902</td></tr><tr><td>Portugal</td><td>1,332</td><td>98</td><td>88</td><td>-</td><td>10</td><td>1,234</td><td>25</td><td>181</td><td>1,028</td></tr><tr><td>Romania</td><td>11,876</td><td>3</td><td>24</td><td>3</td><td>-</td><td>11,873</td><td>11,835</td><td>-</td><td>38</td></tr><tr><td>Spain</td><td>1,598</td><td>211</td><td>24</td><td>15</td><td>172</td><td>1,387</td><td>631</td><td>-</td><td>756</td></tr><tr><td>Sweden</td><td>8,684</td><td>492</td><td>250</td><td>213</td><td>29</td><td>8,192</td><td>385</td><td>2,865</td><td>4,942</td></tr><tr><td>Switzerland</td><td>10,195</td><td>1,270</td><td>380</td><td>876</td><td>14</td><td>8,925</td><td>7,394</td><td>116</td><td>1,415</td></tr><tr><td>U. S. 8. B.</td><td>6</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</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>37,473</td><td>199</td><td>147</td><td>43</td><td>9</td><td>37,274</td><td>26,307</td><td>494</td><td>10,473</td></tr><tr><td>Total Europe</td><td>278,871</td><td>23,948</td><td>14,123</td><td>2,756</td><td>7,069</td><td>254,923</td><td>104,360</td><td>26,496</td><td>124,067</td></tr><tr><td>Canada</td><td>34,047</td><td>20,361</td><td>14,219</td><td>5,214</td><td>928</td><td>13,686</td><td>814</td><td>2,147</td><td>10,725</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>65,833</td><td>939</td><td>173</td><td>719</td><td>47</td><td>64,894</td><td>40,775</td><td>3,276</td><td>20,843</td></tr><tr><td>Bolivia</td><td>3,269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,269</td><td>158</td><td>-</td><td>3,111</td></tr><tr><td>Brazil</td><td>164,070</td><td>80,135</td><td>45</td><td>80,078</td><td>12</td><td>83,935</td><td>7,695</td><td>1,722</td><td>74,518</td></tr><tr><td>Chile</td><td>20,492</td><td>5</td><td>2</td><td>-</td><td>3</td><td>20,487</td><td>971</td><td>1,829</td><td>17,687</td></tr><tr><td>Columbia</td><td>35,719</td><td>126</td><td>-</td><td>124</td><td>2</td><td>35,593</td><td>11,630</td><td>4,766</td><td>19,197</td></tr><tr><td>Costa Rica</td><td>3,853</td><td>10</td><td>-</td><td>10</td><td>-</td><td>3,843</td><td>135</td><td>35</td><td>3,673</td></tr><tr><td>Cuba</td><td>53,269</td><td>380</td><td>377</td><td>-</td><td>3</td><td>52,889</td><td>34,453</td><td>5,943</td><td>12,493</td></tr><tr><td>French West Indies and Guiana</td><td>589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>589</td><td>55</td><td>-</td><td>534</td></tr><tr><td>Mexico</td><td>27,609</td><td>1,490</td><td>972</td><td>54</td><td>464</td><td>26,119</td><td>2,981</td><td>2,763</td><td>20,375</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,033</td><td>4</td><td>-</td><td>-</td><td>4</td><td>1,029</td><td>28</td><td>-</td><td>1,001</td></tr><tr><td>Panama</td><td>2,742</td><td>1</td><td>2</td><td>-</td><td>1</td><td>2,741</td><td>-</td><td>-</td><td>2,741</td></tr><tr><td>Peru</td><td>5,901</td><td>17</td><td>2</td><td>5</td><td>10</td><td>5,884</td><td>240</td><td>37</td><td>5,607</td></tr><tr><td>Venezuela</td><td>18,243</td><td>96</td><td>59</td><td>9</td><td>28</td><td>18,147</td><td>5,226</td><td>354</td><td>12,567</td></tr><tr><td>Other Latin America</td><td>42,317</td><td>156</td><td>70</td><td>-</td><td>86</td><td>42,161</td><td>12,689</td><td>1,969</td><td>27,503</td></tr><tr><td>Total Latin America</td><td>444,939</td><td>83,359</td><td>1,700</td><td>80,999</td><td>660</td><td>361,580</td><td>117,036</td><td>22,694</td><td>221,850</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>110,726</td><td>609</td><td>604</td><td>5</td><td>-</td><td>110,117</td><td>30,031</td><td>1,128</td><td>78,958</td></tr><tr><td>French Indo-China</td><td>62</td><td>3</td><td>-</td><td>3</td><td>3</td><td>59</td><td>-</td><td>31</td><td>28</td></tr><tr><td>Hong Kong</td><td>3,123</td><td>471</td><td>322</td><td>73</td><td>76</td><td>2,652</td><td>619</td><td>495</td><td>1,538</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,662</td><td>21,274</td><td>341</td><td>20,868</td><td>65</td><td>12,388</td><td>4,043</td><td>3,178</td><td>4,567</td></tr><tr><td>British Malaya</td><td>1,579</td><td>2</td><td>-</td><td>2</td><td>2</td><td>1,577</td><td>39</td><td>1,242</td><td>296</td></tr><tr><td>Japan</td><td>261</td><td>3</td><td>2</td><td>1</td><td>-</td><td>258</td><td>208</td><td>-</td><td>50</td></tr><tr><td>Netherlands East Indies</td><td>508</td><td>-</td><td>-</td><td>-</td><td>-</td><td>508</td><td>107</td><td>311</td><td>90</td></tr><tr><td>Philippino Islands</td><td>25,130</td><td>1,617</td><td>680</td><td>937</td><td>-</td><td>23,513</td><td>13,203</td><td>2,647</td><td>7,663</td></tr><tr><td>Turkey</td><td>3,248</td><td>35</td><td>25</td><td>35</td><td>10</td><td>3,213</td><td>674</td><td>26</td><td>2,539</td></tr><tr><td>Other Asia</td><td>6,748</td><td>35</td><td>25</td><td>-</td><td>10</td><td>6,713</td><td>133</td><td>-</td><td>6,554</td></tr><tr><td>Total Asia</td><td>185,047</td><td>24,049</td><td>1,974</td><td>20,982</td><td>1,093</td><td>160,998</td><td>49,657</td><td>9,058</td><td>102,283</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>11,256</td><td>747</td><td>721</td><td>6</td><td>20</td><td>10,509</td><td>1,155</td><td>6,830</td><td>2,524</td></tr><tr><td>New Zealand</td><td>1,681</td><td>115</td><td>112</td><td>-</td><td>3</td><td>1,566</td><td>-</td><td>330</td><td>1,236</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>180</td><td>6</td><td>2</td><td>-</td><td>4</td><td>174</td><td>15</td><td>-</td><td>159</td></tr><tr><td>French Morocco</td><td>146</td><td>-</td><td>-</td><td>-</td><td>-</td><td>146</td><td>77</td><td>-</td><td>69</td></tr><tr><td>Union of South Africa</td><td>18,790</td><td>3,075</td><td>156</td><td>1,167</td><td>1,752</td><td>15,715</td><td>-</td><td>162</td><td>15,533</td></tr><tr><td>All other</td><td>3,778</td><td>62</td><td>41</td><td>1,167</td><td>21</td><td>3,716</td><td>439</td><td>-</td><td>3,277</td></tr><tr><td>Total other countries</td><td>35,831</td><td>4,005</td><td>1,032</td><td>1,173</td><td>1,800</td><td>31,826</td><td>1,686</td><td>7,342</td><td>22,798</td></tr><tr><td>Unidentified</td><td>464</td><td>-</td><td>-</td><td>-</td><td>-</td><td>464</td><td>-</td><td>-</td><td>464</td></tr><tr><td>Grand total</td><td>979,199</td><td>155,722</td><td>33,048</td><td>111,124</td><td>11,550</td><td>823,477</td><td>273,553</td><td>67,737</td><td>482,187</td></tr></table>
68
Treasury Bulletin
Capital Movements: Section III - Details for Month of July 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>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/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>499,481</td><td>481,656</td><td>462,897</td><td>4,834</td><td>11,743</td><td>2,182</td><td>17,825</td><td>2,029</td><td>8,929</td><td>6,867</td></tr><tr><td>France</td><td>189,814</td><td>189,454</td><td>169,981</td><td>2,005</td><td>15,884</td><td>1,584</td><td>360</td><td>213</td><td>125</td><td>22</td></tr><tr><td>Belgium</td><td>164,008</td><td>163,877</td><td>152,416</td><td>1,450</td><td>9,842</td><td>169</td><td>131</td><td>48</td><td>9</td><td>74</td></tr><tr><td>Denmark</td><td>45,600</td><td>45,574</td><td>44,134</td><td>1,381</td><td>2</td><td>57</td><td>26</td><td>26</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>36,199</td><td>36,195</td><td>36,161</td><td>34</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>46,327</td><td>46,311</td><td>46,239</td><td>23</td><td>15</td><td>34</td><td>16</td><td>14</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>32,246</td><td>32,219</td><td>31,885</td><td>313</td><td>20</td><td>1</td><td>27</td><td>25</td><td>-</td><td>?</td></tr><tr><td>Italy</td><td>167,140</td><td>167,042</td><td>148,902</td><td>1,193</td><td>16,935</td><td>12</td><td>98</td><td>5</td><td>-</td><td>93</td></tr><tr><td>Luxembourg</td><td>22,557</td><td>22,557</td><td>21,208</td><td>1</td><td>1,348</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>213,826</td><td>213,748</td><td>204,911</td><td>55</td><td>8,757</td><td>25</td><td>78</td><td>54</td><td>-</td><td>24</td></tr><tr><td>Norway</td><td>80,024</td><td>79,997</td><td>69,135</td><td>178</td><td>10,684</td><td>-</td><td>27</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>40,147</td><td>40,110</td><td>39,907</td><td>203</td><td>-</td><td>-</td><td>37</td><td>29</td><td>-</td><td>8</td></tr><tr><td>Rumania</td><td>8,180</td><td>8,180</td><td>8,152</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>12,192</td><td>12,095</td><td>11,995</td><td>48</td><td>50</td><td>2</td><td>97</td><td>92</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>122,891</td><td>122,105</td><td>114,377</td><td>4,032</td><td>3,500</td><td>196</td><td>786</td><td>588</td><td>-</td><td>198</td></tr><tr><td>Switzerland</td><td>402,483</td><td>400,963</td><td>377,825</td><td>6,380</td><td>8,585</td><td>8,173</td><td>1,520</td><td>709</td><td>-</td><td>811</td></tr><tr><td>U.S.S.R.</td><td>50,319</td><td>50,319</td><td>50,314</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>13,064</td><td>13,064</td><td>12,919</td><td>143</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>109,336</td><td>109,298</td><td>105,774</td><td>115</td><td>3,323</td><td>86</td><td>38</td><td>30</td><td>-</td><td>8</td></tr><tr><td>Total Europe</td><td>2,255,834</td><td>2,234,764</td><td>2,109,132</td><td>22,421</td><td>90,688</td><td>12,523</td><td>21,070</td><td>3,893</td><td>9,063</td><td>8,114</td></tr><tr><td>Canada</td><td>563,747</td><td>558,981</td><td>276,442</td><td>2,952</td><td>279,480</td><td>107</td><td>4,766</td><td>794</td><td>-</td><td>3,972</td></tr><tr><td>Latino America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>309,270</td><td>309,218</td><td>306,615</td><td>2,164</td><td>29</td><td>410</td><td>52</td><td>30</td><td>-</td><td>22</td></tr><tr><td>Bolivia</td><td>14,612</td><td>14,612</td><td>14,600</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>98,770</td><td>98,709</td><td>88,565</td><td>8,574</td><td>11</td><td>1,559</td><td>61</td><td>61</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>41,222</td><td>41,187</td><td>40,052</td><td>1,135</td><td>-</td><td>-</td><td>35</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>32,034</td><td>32,034</td><td>31,774</td><td>260</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,933</td><td>6,933</td><td>6,196</td><td>737</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>283,994</td><td>283,994</td><td>273,489</td><td>10,505</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>3,150</td><td>3,150</td><td>3,144</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>137,730</td><td>137,357</td><td>136,599</td><td>732</td><td>-</td><td>26</td><td>373</td><td>2</td><td>-</td><td>371</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>10,130</td><td>10,130</td><td>10,068</td><td>1</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>69,661</td><td>69,658</td><td>56,359</td><td>49</td><td>13,250</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Peru</td><td>38,154</td><td>38,139</td><td>36,961</td><td>653</td><td>525</td><td>-</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Venezuela</td><td>66,214</td><td>66,057</td><td>65,992</td><td>65</td><td>-</td><td>-</td><td>157</td><td>157</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>178,550</td><td>178,186</td><td>150,738</td><td>2,728</td><td>24,700</td><td>20</td><td>364</td><td>359</td><td>-</td><td>5</td></tr><tr><td>Total Latin America</td><td>1,290,924</td><td>1,289,364</td><td>1,221,152</td><td>27,615</td><td>38,576</td><td>2,021</td><td>1,060</td><td>657</td><td>-</td><td>442</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 Manchurie</td><td>309,610</td><td>308,893</td><td>173,480</td><td>2,142</td><td>132,566</td><td>705</td><td>717</td><td>5</td><td>-</td><td>712</td></tr><tr><td>French Indo-China</td><td>36,244</td><td>36,244</td><td>18,093</td><td>-</td><td>18,025</td><td>126</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>47,234</td><td>42,029</td><td>40,997</td><td>513</td><td>362</td><td>157</td><td>5,205</td><td>5,041</td><td>-</td><td>104</td></tr><tr><td>India, Burma, and Ceylon</td><td>43,306</td><td>42,142</td><td>40,169</td><td>1,940</td><td>-</td><td>33</td><td>1,164</td><td>600</td><td>-</td><td>481</td></tr><tr><td>British Malaya</td><td>11,814</td><td>11,697</td><td>9,424</td><td>70</td><td>2,203</td><td>-</td><td>117</td><td>117</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>17,558</td><td>17,545</td><td>17,074</td><td>449</td><td>22</td><td>-</td><td>13</td><td>3</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>85,812</td><td>85,811</td><td>79,653</td><td>176</td><td>5,982</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>452,568</td><td>452,500</td><td>443,007</td><td>8,620</td><td>-</td><td>873</td><td>68</td><td>68</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>40,401</td><td>40,401</td><td>39,865</td><td>536</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>68,678</td><td>68,655</td><td>61,502</td><td>766</td><td>359</td><td>28</td><td>23</td><td>2</td><td>-</td><td>21</td></tr><tr><td>Total Asia</td><td>1,113,225</td><td>1,105,917</td><td>929,264</td><td>15,212</td><td>159,519</td><td>1,922</td><td>7,308</td><td>5,837</td><td>-</td><td>1,388</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>42,408</td><td>42,203</td><td>40,952</td><td>750</td><td>446</td><td>55</td><td>205</td><td>15</td><td>-</td><td>190</td></tr><tr><td>New Zealand</td><td>9,393</td><td>9,378</td><td>9,186</td><td>192</td><td>-</td><td>-</td><td>15</td><td>10</td><td>-</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,365</td><td>19,116</td><td>18,545</td><td>313</td><td>-</td><td>258</td><td>249</td><td>-</td><td>-</td><td>249</td></tr><tr><td>French Morocco</td><td>13,688</td><td>13,688</td><td>13,615</td><td>70</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>49,526</td><td>48,827</td><td>31,069</td><td>119</td><td>17,625</td><td>14</td><td>699</td><td>670</td><td>-</td><td>29</td></tr><tr><td>All other</td><td>59,686</td><td>59,338</td><td>58,435</td><td>108</td><td>781</td><td>14</td><td>348</td><td>209</td><td>-</td><td>139</td></tr><tr><td>Total other countries</td><td>194,066</td><td>192,550</td><td>171,802</td><td>1,552</td><td>18,852</td><td>344</td><td>1,516</td><td>904</td><td>-</td><td>609</td></tr><tr><td>International</td><td>2,881,038</td><td>2,881,038</td><td>365,713</td><td>-</td><td>2,515,325</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>20,051</td><td>20,051</td><td>20,051</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>5,318,385</td><td>5,282,665</td><td>5,093,556</td><td>69,752</td><td>3,102,440</td><td>16,917</td><td>35,720</td><td>12,085</td><td>9,149</td><td>14,486</td></tr></table>
1/ Includes liabilities to international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
December 1947
69
Capital Movements: Section III - Details for Month of July 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>3,558</td><td>1,782</td><td>913</td><td>869</td><td>1,776</td><td>570</td><td>1,206</td><td>5,854</td><td>2,589</td><td>1,384</td><td>1,205</td><td>3,265</td><td>552</td><td>2,713</td></tr><tr><td>France</td><td>914</td><td>784</td><td>486</td><td>298</td><td>130</td><td>21</td><td>109</td><td>2,843</td><td>1,489</td><td>1,107</td><td>382</td><td>1,354</td><td>267</td><td>1,087</td></tr><tr><td>Belgium</td><td>1,587</td><td>636</td><td>490</td><td>146</td><td>951</td><td>36</td><td>915</td><td>819</td><td>535</td><td>442</td><td>93</td><td>284</td><td>41</td><td>243</td></tr><tr><td>Denmark</td><td>109</td><td>64</td><td>26</td><td>38</td><td>45</td><td>-</td><td>45</td><td>126</td><td>70</td><td>25</td><td>45</td><td>56</td><td>-</td><td>56</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>3</td><td>3</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td><td>9</td><td>6</td><td>-</td><td>6</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td><td>48</td><td>16</td><td>32</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>372</td><td>369</td><td>190</td><td>179</td><td>3</td><td>-</td><td>3</td><td>310</td><td>164</td><td>39</td><td>125</td><td>186</td><td>-</td><td>186</td></tr><tr><td>Luxembourg</td><td>88</td><td>80</td><td>60</td><td>20</td><td>8</td><td>8</td><td>-</td><td>118</td><td>108</td><td>97</td><td>11</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Netherlands</td><td>1,096</td><td>926</td><td>771</td><td>155</td><td>170</td><td>71</td><td>99</td><td>10,889</td><td>9,658</td><td>6,592</td><td>3,066</td><td>1,231</td><td>181</td><td>1,050</td></tr><tr><td>Norway</td><td>477</td><td>89</td><td>72</td><td>17</td><td>388</td><td>-</td><td>388</td><td>1,518</td><td>1,463</td><td>335</td><td>1,125</td><td>55</td><td>31</td><td>24</td></tr><tr><td>Portugal</td><td>167</td><td>155</td><td>87</td><td>68</td><td>12</td><td>5</td><td>7</td><td>23</td><td>7</td><td>3</td><td>4</td><td>16</td><td>-</td><td>16</td></tr><tr><td>Romania</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>35</td><td>20</td><td>12</td><td>8</td><td>15</td><td>2</td><td>13</td><td>48</td><td>45</td><td>30</td><td>15</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Sweden</td><td>79</td><td>55</td><td>50</td><td>5</td><td>24</td><td>15</td><td>9</td><td>100</td><td>86</td><td>75</td><td>11</td><td>14</td><td>7</td><td>7</td></tr><tr><td>Switzerland</td><td>17,408</td><td>15,801</td><td>6,882</td><td>8,919</td><td>1,607</td><td>322</td><td>1,285</td><td>9,287</td><td>7,702</td><td>4,661</td><td>3,041</td><td>1,585</td><td>536</td><td>1,049</td></tr><tr><td>U. S. S. R.</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>6</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>7</td><td>6</td><td>1</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Other Europe</td><td>21</td><td>12</td><td>12</td><td>-</td><td>9</td><td>-</td><td>9</td><td>559</td><td>558</td><td>17</td><td>541</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>25,921</td><td>20,777</td><td>10,053</td><td>10,724</td><td>5,144</td><td>1,050</td><td>4,094</td><td>32,569</td><td>24,535</td><td>14,829</td><td>9,706</td><td>8,034</td><td>1,615</td><td>6,419</td></tr><tr><td>Canada</td><td>34,542</td><td>10,902</td><td>3,810</td><td>7,092</td><td>23,640</td><td>1,979</td><td>21,661</td><td>21,996</td><td>12,687</td><td>4,468</td><td>8,219</td><td>9,309</td><td>2,052</td><td>7,257</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>3,928</td><td>942</td><td>896</td><td>46</td><td>2,986</td><td>143</td><td>2,843</td><td>2,455</td><td>804</td><td>730</td><td>74</td><td>1,651</td><td>103</td><td>1,548</td></tr><tr><td>Bolivia</td><td>26</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>773</td><td>412</td><td>374</td><td>38</td><td>361</td><td>10</td><td>351</td><td>423</td><td>337</td><td>312</td><td>25</td><td>86</td><td>6</td><td>78</td></tr><tr><td>Chile</td><td>554</td><td>221</td><td>214</td><td>7</td><td>333</td><td>87</td><td>246</td><td>345</td><td>277</td><td>273</td><td>4</td><td>68</td><td>12</td><td>56</td></tr><tr><td>Colombia</td><td>21</td><td>14</td><td>14</td><td>-</td><td>7</td><td>6</td><td>1</td><td>37</td><td>25</td><td>25</td><td>-</td><td>12</td><td>7</td><td>5</td></tr><tr><td>Costa Rica</td><td>27</td><td>27</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>24</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,132</td><td>1,193</td><td>848</td><td>345</td><td>1,939</td><td>224</td><td>1,715</td><td>1,998</td><td>1,231</td><td>1,138</td><td>93</td><td>767</td><td>235</td><td>532</td></tr><tr><td>French West Indies and Guiana</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,005</td><td>1,943</td><td>446</td><td>1,497</td><td>62</td><td>18</td><td>44</td><td>805</td><td>767</td><td>742</td><td>25</td><td>38</td><td>11</td><td>27</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>15</td><td>13</td><td>13</td><td>-</td><td>2</td><td>2</td><td>-</td><td>144</td><td>143</td><td>38</td><td>105</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Panama</td><td>695</td><td>660</td><td>660</td><td>-</td><td>35</td><td>15</td><td>20</td><td>1,987</td><td>1,759</td><td>1,754</td><td>5</td><td>228</td><td>149</td><td>79</td></tr><tr><td>Peru</td><td>401</td><td>352</td><td>127</td><td>225</td><td>49</td><td>-</td><td>49</td><td>378</td><td>377</td><td>345</td><td>32</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Venezuela</td><td>178</td><td>157</td><td>157</td><td>-</td><td>21</td><td>20</td><td>1</td><td>390</td><td>329</td><td>318</td><td>11</td><td>61</td><td>9</td><td>52</td></tr><tr><td>Other Latin America</td><td>1,371</td><td>929</td><td>817</td><td>112</td><td>442</td><td>140</td><td>302</td><td>2,150</td><td>1,848</td><td>1,110</td><td>738</td><td>302</td><td>122</td><td>180</td></tr><tr><td>Total Latin America</td><td>13,136</td><td>6,899</td><td>4,629</td><td>2,270</td><td>6,237</td><td>665</td><td>5,572</td><td>11,156</td><td>7,941</td><td>6,817</td><td>1,124</td><td>3,215</td><td>658</td><td>2,557</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>492</td><td>378</td><td>324</td><td>54</td><td>114</td><td>-</td><td>114</td><td>310</td><td>293</td><td>288</td><td>5</td><td>17</td><td>-</td><td>17</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>11</td><td>10</td><td>10</td><td>-</td><td>1</td><td>-</td><td>1</td><td>995</td><td>991</td><td>889</td><td>102</td><td>4</td><td>-</td><td>4</td></tr><tr><td>India, Burma, and Ceylon</td><td>35</td><td>4</td><td>4</td><td>-</td><td>31</td><td>-</td><td>31</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>1</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>10</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>10</td><td>4</td><td>3</td><td>3</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Netherlands East Indies</td><td>59</td><td>59</td><td>8</td><td>51</td><td>-</td><td>-</td><td>-</td><td>89</td><td>89</td><td>51</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>122</td><td>96</td><td>96</td><td>-</td><td>26</td><td>22</td><td>4</td><td>73</td><td>47</td><td>47</td><td>-</td><td>26</td><td>25</td><td>1</td></tr><tr><td>Turkey</td><td>19</td><td>6</td><td>-</td><td>6</td><td>13</td><td>17</td><td>13</td><td>19</td><td>8</td><td>8</td><td>-</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Other Asia</td><td>173</td><td>139</td><td>114</td><td>25</td><td>34</td><td>17</td><td>17</td><td>250</td><td>174</td><td>164</td><td>10</td><td>76</td><td>17</td><td>59</td></tr><tr><td>Total Asia</td><td>922</td><td>693</td><td>557</td><td>136</td><td>229</td><td>39</td><td>190</td><td>1,760</td><td>1,625</td><td>1,470</td><td>155</td><td>135</td><td>42</td><td>93</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>1,198</td><td>210</td><td>164</td><td>46</td><td>13,988</td><td>-</td><td>13,988</td><td>328</td><td>270</td><td>265</td><td>5</td><td>58</td><td>-</td><td>58</td></tr><tr><td>New Zealand</td><td>9</td><td>3</td><td>3</td><td>-</td><td>6</td><td>-</td><td>6</td><td>7</td><td>7</td><td>3</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>76</td><td>76</td><td>43</td><td>33</td><td>-</td><td>-</td><td>-</td><td>8</td><td>5</td><td>5</td><td>-</td><td>3</td><td>1</td><td>2</td></tr><tr><td>French Morocco</td><td>25</td><td>25</td><td>-</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>2</td><td>2</td><td>2</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>All other</td><td>396</td><td>261</td><td>32</td><td>229</td><td>135</td><td>-</td><td>135</td><td>210</td><td>195</td><td>60</td><td>135</td><td>15</td><td>-</td><td>15</td></tr><tr><td>Total other countries</td><td>14,706</td><td>577</td><td>244</td><td>333</td><td>14,129</td><td>-</td><td>14,129</td><td>562</td><td>486</td><td>342</td><td>144</td><td>76</td><td>1</td><td>75</td></tr><tr><td>international</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>249,300</td><td>-</td><td>-</td><td>-</td><td>249,300</td><td>-</td><td>249,300</td></tr><tr><td>Grand total</td><td>89,227</td><td>39,848</td><td>19,293</td><td>20,555</td><td>49,379</td><td>3,733</td><td>45,646</td><td>317,343</td><td>47,274</td><td>27,926</td><td>19,348</td><td>270,069</td><td>4,368</td><td>265,701</td></tr></table>
Includes transactions of international organisations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
70
Treasury Bulletin
Position in Foreign Currencies, by Countries
Table 1.- Net Position, and Current Transactions
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Currency of -</th><th colspan="6">Net position at end of month</th><th colspan="4">Transactions during July 1947</th></tr><tr><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</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>-2,621</td><td>-1,738</td><td>1,623</td><td>3,001</td><td>-1,999</td><td>-3,325</td><td>221,355</td><td>28,897</td><td>228,594</td><td>30,238</td></tr><tr><td>France</td><td>-165</td><td>-174</td><td>-205</td><td>-224</td><td>-122</td><td>-164</td><td>2,285</td><td>2</td><td>2,342</td><td>-</td></tr><tr><td>Belgium</td><td>127</td><td>-52</td><td>210</td><td>158</td><td>192</td><td>3</td><td>1,673</td><td>26</td><td>1,859</td><td>30</td></tr><tr><td>Germany</td><td>-13</td><td>-13</td><td>-14</td><td>-12</td><td>-12</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>12</td><td>12</td><td>8</td><td>8</td><td>8</td><td>9</td><td>83</td><td>-</td><td>79</td><td>2</td></tr><tr><td>Netherland</td><td>202</td><td>213</td><td>210</td><td>147</td><td>169</td><td>157</td><td>671</td><td>-</td><td>681</td><td>2</td></tr><tr><td>Portugal</td><td>8</td><td>64</td><td>127</td><td>-796</td><td>-691</td><td>-722</td><td>2,266</td><td>-</td><td>2,281</td><td>18</td></tr><tr><td>Spain</td><td>-77</td><td>-83</td><td>-73</td><td>-79</td><td>-78</td><td>-84</td><td>50</td><td>11</td><td>56</td><td>-</td></tr><tr><td>Sweden</td><td>-25</td><td>-306</td><td>-420</td><td>132</td><td>-336</td><td>222</td><td>3,050</td><td>370</td><td>2,511</td><td>638</td></tr><tr><td>Switzerland</td><td>110</td><td>-713</td><td>-851</td><td>-708</td><td>-699</td><td>-908</td><td>7,383</td><td>-</td><td>7,328</td><td>-</td></tr><tr><td>Other Europe</td><td>198</td><td>170</td><td>300</td><td>255</td><td>128</td><td>112</td><td>852</td><td>-</td><td>884</td><td>-</td></tr><tr><td>Total Europe</td><td>-2,244</td><td>-2,620</td><td>915</td><td>1,882</td><td>-3,440</td><td>-4,712</td><td>239,668</td><td>29,306</td><td>246,615</td><td>30,926</td></tr><tr><td>Canada</td><td>7,868</td><td>6,968</td><td>6,891</td><td>6,102</td><td>4,901</td><td>5,662</td><td>39,491</td><td>3,516</td><td>37,954</td><td>4,443</td></tr><tr><td>Latin America</td><td>1,444</td><td>715</td><td>584</td><td>430</td><td>340</td><td>232</td><td>6,983</td><td>10</td><td>6,701</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>118</td><td>232</td><td>91</td><td>120</td><td>-65</td><td>-63</td><td>545</td><td>-</td><td>488</td><td>55</td></tr><tr><td>Hong Kong</td><td>-3,227</td><td>-3,217</td><td>-2,519</td><td>-2,825</td><td>-3,291</td><td>-2,807</td><td>2,001</td><td>-</td><td>1,757</td><td>-</td></tr><tr><td>Japan</td><td>-15</td><td>-13</td><td>-14</td><td>-13</td><td>-11</td><td>-11</td><td>-</td><td>476</td><td>-</td><td>973</td></tr><tr><td>Other Asia</td><td>-1,372</td><td>-2,284</td><td>-2,783</td><td>-3,838</td><td>-2,132</td><td>-1,333</td><td>6,019</td><td>476</td><td>4,729</td><td>1,028</td></tr><tr><td>Total Asia</td><td>-4,496</td><td>-5,282</td><td>-5,225</td><td>-6,556</td><td>-5,499</td><td>-4,214</td><td>8,565</td><td>476</td><td>6,974</td><td>-</td></tr><tr><td>All other</td><td>886</td><td>709</td><td>843</td><td>576</td><td>610</td><td>972</td><td>15,800</td><td>113</td><td>8,094</td><td>-</td></tr><tr><td>Grand total</td><td>3,458</td><td>490</td><td>4,008</td><td>2,434</td><td>-3,088</td><td>-2,060</td><td>310,507</td><td>33,421</td><td>306,338</td><td>36,397</td></tr></table>
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th rowspan="2">Currency of -</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><th colspan="2">July</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>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><td>57,351</td><td>70,794</td></tr><tr><td>France</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><td>-</td><td>9</td></tr><tr><td>Belgium</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><td>25</td><td>67</td></tr><tr><td>Germany</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><td>4</td><td>10</td></tr><tr><td>Italy</td><td>-</td><td>-9</td><td>-</td><td>9</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Netherlands</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><td>-</td><td>18</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>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><td>14</td><td>55</td></tr><tr><td>Sweden</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><td>637</td><td>993</td></tr><tr><td>Switzerland</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><td>4</td><td>9</td></tr><tr><td>Other Europe</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><td>58,035</td><td>71,958</td></tr><tr><td>Total Europe</td><td>3,550</td><td>5,691</td><td>5,895</td><td>5,997</td><td>5,397</td><td>6,041</td><td>4,911</td><td>5,679</td><td>6,553</td><td>6,088</td><td>4,862</td><td>5,623</td></tr><tr><td>Canada</td><td>5,041</td><td>1,964</td><td>3,417</td><td>1,819</td><td>3,310</td><td>1,838</td><td>1,831</td><td>1,817</td><td>661</td><td>517</td><td>527</td><td>517</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>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>15</td><td>19</td><td>80</td><td>19</td><td>15</td><td>19</td><td>-</td><td>19</td><td>-</td><td>74</td></tr><tr><td>Hoog Kong</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><td>2,231</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>2,317</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><td>600</td><td>2,776</td></tr><tr><td>Total Asia</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>2,949</td><td>2,831</td><td>2,859</td></tr><tr><td>All other</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><td>116</td><td>219</td></tr><tr><td>Grand total</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><td>66,371</td><td>81,171</td></tr></table>
December 1947
71
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Data relating to corporations in which the United States has a proprietary interest, direct or indirect, and certain other business-type activities of the Government are presented in three sections. Section I contains balance sheet date; Section II, data on income and expense; and Section III, data on sources and application of funds.
month "Daily Treasury Statement". Tables 1 and 2, giving an analysis of loans outstanding by type of loan as of June 30, 1947, are published in this issue of the "Treasury Bulletin". Tables 3, 4, and 5, giving an analysis of balance sheet items as a whole for the same date, will be published in the January issue. After the June 30 figures, these data will be published semi-annually instead of quarterly.
The data in Section I are compiled from the mid-
Section I - Combined Balance Sheet as of June 30, 1947
Table 1.- Summary of Gross Loans Outstanding, Excluding Interagency Loans, by Type of Loan
(In millions of dollars)
<table><tr><th></th><th colspan="3">1946</th><th colspan="2">1947</th><th>Change June 30, 1946-June 30, 1947</th></tr><tr><th></th><th>June 30</th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th>June 30 1/</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>330.9</td><td>317.9</td><td>269.2</td><td>321.0</td><td>391.2</td><td>60.4</td></tr><tr><td>Cooperative associations</td><td>118.4</td><td>150.7</td><td>188.3</td><td>181.7</td><td>158.9</td><td>40.5</td></tr><tr><td>Crop, livestock, and commodity loans 2/</td><td>236.1</td><td>218.4</td><td>290.1</td><td>398.3</td><td>248.9</td><td>12.7</td></tr><tr><td>Farm mortgage loans</td><td>1,695.0</td><td>1,047.2</td><td>1,577.0</td><td>1,554.0 r</td><td>615.6</td><td>-1,079.3</td></tr><tr><td>Other</td><td>492.8</td><td>525.4</td><td>559.8</td><td>599.8</td><td>638.9</td><td>146.1</td></tr><tr><td>Total</td><td>2,873.2</td><td>2,859.7</td><td>2,884.4</td><td>3,054.9 r</td><td>2,053.5</td><td>-819.7</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans</td><td>521.9 r</td><td>485.0 r</td><td>455.3 r</td><td>446.3 r</td><td>462.6</td><td>-59.4</td></tr><tr><td>Other</td><td>261.8</td><td>245.3</td><td>230.9</td><td>218.3</td><td>197.6</td><td>-64.1</td></tr><tr><td>Total</td><td>783.7 r</td><td>730.3 r</td><td>686.2 r</td><td>664.5 r</td><td>660.2</td><td>-123.5</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>195.1</td><td>171.2</td><td>170.6</td><td>167.4</td><td>164.2</td><td>-30.9</td></tr><tr><td>Ship construction and reconditioning</td><td>2.9</td><td>2.8</td><td>1.8</td><td>.8</td><td>.8</td><td>-2.1</td></tr><tr><td>Other</td><td>192.7</td><td>179.6</td><td>189.8 r</td><td>203.2</td><td>222.7</td><td>30.0</td></tr><tr><td>Total</td><td>390.7</td><td>353.5</td><td>362.2</td><td>371.4</td><td>387.7</td><td>-3.0</td></tr><tr><td>To aid States, Territories, etc.</td><td>471.1</td><td>462.8</td><td>460.5</td><td>465.7</td><td>468.9</td><td>-2.2</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>22.0</td><td>19.8</td><td>18.9</td><td>17.3</td><td>6.1</td><td>-15.9</td></tr><tr><td>Insurance companies</td><td>33.2</td><td>3.7</td><td>3.9</td><td>4.4</td><td>8.0</td><td>-25.2</td></tr><tr><td>Mortgage loan companies</td><td>201.9</td><td>232.9</td><td>291.4</td><td>233.9</td><td>285.4</td><td>83.5</td></tr><tr><td>Total</td><td>257.1</td><td>256.5</td><td>314.2</td><td>255.6</td><td>299.5</td><td>42.4</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held by lending agencies</td><td>125.9</td><td>152.8</td><td>182.2</td><td>192.6</td><td>192.8</td><td>66.9</td></tr><tr><td>Other</td><td>862.7</td><td>1,479.4</td><td>2,101.7</td><td>2,661.9</td><td>3,804.8</td><td>3,002.1</td></tr><tr><td>Total</td><td>988.6</td><td>1,632.1</td><td>2,283.9</td><td>2,854.5</td><td>4,057.6</td><td>3,069.0</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>9.4 r</td><td>8.5 r</td><td>8.7 r</td><td>9.9</td><td>11.9</td><td>2.5</td></tr><tr><td>Other</td><td>150.5</td><td>143.7</td><td>126.9</td><td>114.3</td><td>116.0</td><td>-34.5</td></tr><tr><td>Total</td><td>159.9 r</td><td>152.2 r</td><td>135.7 r</td><td>124.2</td><td>127.9</td><td>-32.1</td></tr><tr><td>Total loans</td><td>5,924.3</td><td>6,447.1</td><td>7,127.0</td><td>7,790.7</td><td>8,055.4</td><td>2,131.0</td></tr></table>
Revised. The proprietary interest of the United States in the Federal
land banks ceased on June 26, 1947. 2/ Includes Commodity Credit Corporation loans held by lending agencies.
72
Treasury Bulletin
Corporations and Certain Other Business-Type Activities:
Section I - Balance Sheets as of June 30, 1947
Table 2.- Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan
(In millions of dollars)
<table><tr><th>Corporation or other activity</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th></tr><tr><td>Corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>47.9</td><td>121.4</td><td>47.9</td><td>121.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>162.5</td><td>169.7</td><td>162.5</td><td>169.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>331.9</td><td>393.3</td><td>331.9</td><td>393.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks 1/</td><td>1,059.2</td><td>-</td><td>1,059.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>3.9</td><td>2.2</td><td>3.9</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>185.4</td><td>130.9</td><td>185.6</td><td>130.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prenciradio, Inc.</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>734.2</td><td>1,757.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>8.8</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation and certain affiliates:</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>884.8</td><td>885.6</td><td>.2</td><td>.1</td><td>11.1</td><td>70.7</td><td>327.0</td><td>338.3</td></tr><tr><td>Federal National Mortgage Association</td><td>6.4</td><td>5.0</td><td>-</td><td>-</td><td>6.4</td><td>5.0</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company 2/</td><td>16.0</td><td>-</td><td>-</td><td>-</td><td>5.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>D. S. Commercial Company</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>203.3</td><td>289.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>735.3</td><td>557.0</td><td>-</td><td>-</td><td>735.3</td><td>557.0</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>279.6</td><td>278.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporation</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.2</td><td>.2</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>1.1</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>.2</td></tr><tr><td>Total loans of Government corporations</td><td>4,663.3</td><td>4,597.0</td><td>1,791.3</td><td>817.7</td><td>759.1</td><td>632.7</td><td>327.8</td><td>338.5</td></tr><tr><td>Certain other business-type activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural Marketing Act Revolving Fund</td><td>2.7</td><td>1.4</td><td>2.7</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Emergency Crop and Feed Loans 3/</td><td>137.1</td><td>-</td><td>137.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration 5/</td><td>484.7</td><td>-</td><td>484.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farmers' Home Administration 5/</td><td>-</td><td>601.0</td><td>-</td><td>601.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>453.2</td><td>629.7</td><td>453.2</td><td>629.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Puerto Rico Reconstructio
Less than $50 thousand. Includes $38.6 million guaranteed loans held by lending agencies. Assets and liabilities of the R.J.O. Mortgage Company were assumed by the Reconstruction Finance Corporation on June 30, 1947, pursuant to action of the Board of Directors of both corporations. As of November 1, 1946, the loans of Emergency Crop and Feed Loan Section and Farm Security Administration were transferred to Farmers' Home Administration, which was created pursuant to Public Law 731, approved August 14, 1946.
6/ Ceased to exist June 30, 1946.
1/ Consists of Bureau of Community Facilities and Public Works Administration.
8/ Consists of Federal Public Housing Authority - Farm Security Admissi- tetration program, Rone conversion program, and Public war housing program; Federal Security Agency - loans to students; Navy Depart- ment - guaranteed loans (World War II); Treasury Department miscel- laneous loans; and War Department - guaranteed loans (World War II).
December 1947
73
Corporations and Certain Other Business-Type Activities: Section I - Balance Sheets as of June 30, 1947
Table 2.- Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other activity</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th><th>June 30, 1946</th><th>June 30, 1947</th></tr><tr><td>Corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td>.1</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Premoimradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>-</td><td>4.6</td><td>733.8</td><td>1,757.1 2/</td><td>.4</td><td>.2</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>8.8</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation and certain affiliates:</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>111.8</td><td>116.3</td><td>45.0</td><td>5.8</td><td>253.2</td><td>248.4</td><td>136.5</td><td>106.1</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10.4</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>203.3</td><td>289.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>278.2</td><td>276.710/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.4</td><td>1.4</td></tr><tr><td>Defense Homes Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>.3</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of Government corporations</td><td>390.6</td><td>393.3</td><td>257.1</td><td>299.5</td><td>988.6</td><td>2,007.6</td><td>148.7</td><td>107.7</td></tr><tr><td>Certain other business-type activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural Marketing Act Revolving Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Emergency Crop and Feed Loans 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farmers' Home Administration 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Puerto Rico Reconstruction Administration and Indian Loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.3</td><td>7.9</td></tr><tr><td>Puerto Rican Hurricane Relief Loan Section 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 7/</td><td>80.5</td><td>75.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,050.0</td><td>3.7 r</td><td>12.3</td></tr><tr><td>Other 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of certain other Government agencies</td><td>80.5</td><td>75.6</td><td>-</td><td>-</td><td>-</td><td>2,050.0</td><td>11.2 r</td><td>20.2</td></tr><tr><td>Corporations and certain other activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>471.1</td><td>468.9</td><td>257.1</td><td>299.5</td><td>988.6</td><td>4,057.6</td><td>159.9 r</td><td>127.9</td></tr></table>
9/ Includes participation by other agencies of $7.0 million in loans of Export-Import Bank of Washington.
10/ Loan commitments amount to $315.1 million against which advances
of $276.7 million have been made, leaving commitments to purchase loans of $38.4 million.
74
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Treasury financing operations</td><td>1-4</td><td>1-1</td><td>1-4</td><td>1-2</td><td>1-13</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><td>1-1</td></tr><tr><td>Summary of fiscal statistics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></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>8-9</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><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>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>11-12</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>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Treasury cash income and outgo</td><td>15</td><td>15</td><td>15</td><td>15</td><td>19</td><td>15</td><td>15</td><td>15</td><td>15-17</td><td>15-17</td><td>15-17</td><td>15-17</td></tr><tr><td>General Fund position and debt outstanding:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of change in balance of General Fund</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>19</td><td>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>20</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>21</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>22-23</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>24</td><td>24</td><td>24</td><td>24</td></tr><tr><td>Issuance and retirement of the public debt</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>25</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>25</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>26-27</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>28</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>29</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>30</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>31-35</td><td>31-35</td><td>31-35</td><td>31-34</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>36</td><td>36</td><td>36</td><td>35</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></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
December 1947
75
Cumulative Table of Contents
- (Continued)
<table><tr><th></th><th colspan="12">Iseno and page number 1947</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td><strong>Ownership of Government securities:</strong></td><td></td><td></td><td></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>38</td><td>38</td><td>38</td><td>37</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>39</td><td>39</td><td>39</td><td>38</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>39</td><td>39</td><td>39</td><td>38</td></tr><tr><td>Treasury survey of ownership of Government securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>40-44</td><td>40-44</td><td>40-43</td><td>39-42</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (for dates corresponding with monthly survey date)</td><td>...</td><td>...</td><td>54-58</td><td>...</td><td>...</td><td>54-58</td><td>...</td><td>...</td><td>45-49</td><td>...</td><td>...</td><td>...</td></tr><tr><td><strong>Prices and yields of Government securities:</strong></td><td></td><td></td><td></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>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><td>44-45</td></tr><tr><td>Chart showing yields of Treasury securities</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>54</td><td>49</td><td>47</td><td>46</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds</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><td>47-48</td></tr><tr><td><strong>Corporations and certain other business-type activities:</strong></td><td></td><td></td><td></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>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><td>...</td></tr><tr><td>Loans outstanding, classified by type of loan (as of quarterly dates, beginning September 30, 1946)</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><td>71-73</td></tr><tr><td>Income and expense (cumulative, by fiscal year quarters, beginning with the first quarter of 1947)</td><td>...</td><td>62-67</td><td>...</td><td>62-67</td><td>...</td><td>...</td><td>...</td><td>58-64</td><td>...</td><td>...</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>68-74</td><td>...</td><td>68-74</td><td>...</td><td>...</td><td>...</td><td>65-72</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td><strong>Internal revenue statistics:</strong></td><td></td><td></td><td></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><td></td></tr><tr><td>Summary data</td><td>73 74</td><td>76 77</td><td>67 68</td><td>73 74</td><td>76 77</td><td>67 68</td><td>74 75</td><td>62 63</td><td>74 75</td><td>53 54</td><td>51 52</td><td>50 51</td></tr><tr><td>Chart</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><td>52-53</td></tr><tr><td><strong>Monetary statistics:</strong></td><td></td><td></td><td></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 Stabilisation Fund (as of quarterly dates, beginning June 30, 1946)</td><td>...</td><td>81-82</td><td>...</td><td>81-82</td><td>...</td><td>...</td><td>67-68</td><td>...</td><td>...</td><td>56-57</td><td>...</td><td>...</td></tr><tr><td>Gold assets and liabilities of the Treasury</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><td>55</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>83</td><td>...</td><td>83</td><td>...</td><td>...</td><td>69</td><td>...</td><td>...</td><td>58</td><td>...</td><td>...</td></tr><tr><td>Treasury gold receipts, (for quarterly periods beginning with July-September, 1946)</td><td>...</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><td>55</td></tr><tr><td>Monetary stocks of gold and silver</td><td>78</td><td>83</td><td>72</td><td>78</td><td>83</td><td>72</td><td>79</td><td>70</td><td>79</td><td>59</td><td>59</td><td>56</td></tr><tr><td>Components of silver monetary stock</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><td>56</td></tr><tr><td>Silver production in the United States and silver acquisition by mines and assay offices</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><td>56</td></tr><tr><td>Seigniorage on silver</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><td>57</td></tr><tr><td>Money in circulation</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><td>58</td></tr><tr><td><strong>Capital movements between the United States and foreign countries, and net position in foreign currencies:</strong></td><td></td><td></td><td></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 capital movement since 1935</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>63-65</td><td>63-65</td><td>60-62</td></tr><tr><td>Summary by countries</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><td>63-66</td></tr><tr><td>Details for current month</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><td>67-69</td></tr><tr><td>Position in foreign currencies</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>83-94</td><td>94</td><td>73</td><td>73</td><td>70</td></tr></table>
Note: Hereafter the cumulative table of contents will appear semiannually in the June and December issues.
<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><tr><td>Treas.</td><td></td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td></td></tr><tr><td>.A2</td><td>U.S. Treasury Dept.</td></tr><tr><td>AUTHOR</td><td></td></tr><tr><td>1947</td><td>Treasury Bulletin</td></tr><tr><td>TITLE</td><td></td></tr><tr><td>c.2</td><td>Oct. - Dec.</td></tr><tr><td>DATE LOANED</td><td>BORROWER'S NAME</td><td>PHONE NUMBER</td></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>
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