LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
TREASURY BULLETIN JANUARY-1948
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
January 1948
Table of Contents
Page
<table><tr><td>Treasury financing operations</td><td>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>17</td></tr><tr><td>Ownership of Government securities</td><td>34</td></tr><tr><td>Prices and yields of Government securities</td><td>41</td></tr><tr><td>Internal revenue statistics</td><td>47</td></tr><tr><td>Monetary statistics</td><td>52</td></tr><tr><td>Capital movements between the United States and foreign countries, and net position in foreign currencies</td><td>57</td></tr><tr><td>Corporations and certain other business-type activities</td><td>69</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.
January 1948
A-1
Treasury Financing Operations
December Certificate and Bond
Naturities
On November 19, 1947, the Secretary of the Treasury announced the plans to refund the $3,982 million of securities maturing in December. The maturing securities consisted of a one-year 7/8 percent certificate of indebtedness maturing December 1 in the amount of $3,281 million and the 2 percent bonds of 1947 maturing December 15, 1947, in the amount of $701 million.
In exchange for the two maturing issues, there was offered an issue of 13-month Treasury notes, dated December 1, 1947, and bearing interest from that date at the rate of 1-1/8 percent per annum, payable with the principal at maturity on January 1, 1949. In the case of the maturing certificates, exchanges were made par for par, and in the case of the maturing bonds, exchanges were made at par with an adjustment of interest as of December 15, 1947. The notes 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 October 31, 1947, about 29 percent of the $3,281 million of certificates maturing December 1, and about 74 percent of the $701 million of 2 percent bonds maturing December 15 were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for October 31 are the latest which are available for holdings of both commercial banks and Federal Reserve Banks.
Subscription books were opened on November 19 and closed at the close of business November 28. Holdings of the certificates of indebtedness by the Federal Reserve Banks, which amounted to $139 million, were redeemed in full for cash. Certificates of indebtedness subscribed in exchange for the new notes amounted to $2,908 million, leaving
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of
$234 million to be paid in cash to holders other than Federal Reserve Banks. Bonds subscribed in exchange for the new notes amounted to $627 million, leaving $74 million to be paid in cash.
Treasury Bill Retirement in November
A further redemption in outstanding Treasury bills was made by the Treasury Department in November. The four issues maturing during the month totaled $4.8 billion and the total refunded was $4.4 billion. Each weekly maturing issue was reduced by $100 million. The first maturity was for $1.1 billion, the second and third for $1.2 billion each, and the fourth for $1.3 billion. Bill retirements from April 17, when the first bill reduction took place, through November 28, 1947, have totaled $1.7 billion. The average rates of discount for the four offerings, beginning with that dated November 6, were 0.895 percent, 0.912 percent, 0.931 percent, and 0.940 percent, respectively.
Call of Two Issues of Treasury Bonds
On November 14, 1947, the Secretary of the Treasury announced that two issues of Treasury bonds were called for redemption on March 15, 1948. These issues are the 2 percent Treasury bonds of 1948-50, dated March 15, 1941, and the 2-3/4 percent Treasury bonds of 1948-51, dated March 16, 1936. There are outstanding $1,115 million of the 2 percent bonds and $1,223 million of the 2-3/4 percent bonds. The interest on the 2 percent issue is taxable and on the 2-3/4 percent issue is partially tax exempt. The announcement stated that the holders of the bond issues may, in advance of the redemption date, be offered the privilege of exchanging all or any part of the called bonds for other interest-bearing obligations of the United States, in which event public notice would be given and an official circular governing the exchange offering would be issued.
bonds, notes, and certificates of indebtedness, and the tables on "Offerings and Maturities of Treasury Bills", in this issue of the "Treasury Bulletin".
January 1948
1
SUMMARY OF FISCAL STATISTICS
Treasury Bulletin
2
Budget Receipts and Expenditures
(in millions of dollars)
<table><tr><th></th><th colspan="4">First 5 months, fiscal years 1946 to 1948</th><th colspan="4">Complete fiscal years, 1946 to 1949</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th>Change 1947 to 1948</th><th>Actual</th><th>Estimated 1/</th><th>1948</th><th>1949</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 profits taxes</td><td>10,733</td><td>9,399</td><td>9,496</td><td>+97</td><td>30,885</td><td>29,306</td><td>31,499</td><td>32,661</td></tr><tr><td>Employment taxes</td><td>753</td><td>818</td><td>964</td><td>+146</td><td>1,701</td><td>2,024</td><td>2,395</td><td>2,828</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>3,459</td><td>3,452</td><td>3,482</td><td>+30</td><td>7,725</td><td>8,049</td><td>8,162</td><td>8,292</td></tr><tr><td>Customs</td><td>166</td><td>215</td><td>175</td><td>-40</td><td>435</td><td>498</td><td>394</td><td>378</td></tr><tr><td>Other receipts 3/</td><td>1,306</td><td>1,169</td><td>1,606</td><td>+438</td><td>3,493</td><td>4,829</td><td>4,387</td><td>2,331</td></tr><tr><td>Total receipts</td><td>16,417</td><td>15,055</td><td>15,725</td><td>+671</td><td>44,239</td><td>44,703</td><td>46,837</td><td>46,499</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>631</td><td>696</td><td>786</td><td>+91</td><td>1,201</td><td>1,444</td><td>1,627</td><td>1,872</td></tr><tr><td>Appropriations to Health Insurance Trust Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150</td></tr><tr><td>Net budget receipts</td><td>15,786</td><td>14,359</td><td>14,939</td><td>+580</td><td>43,038</td><td>43,259</td><td>45,210</td><td>44,477</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>Department of the Army 4/</td><td>16,607</td><td>2,644</td><td>2,609</td><td>-35</td><td>27,800</td><td>7,425</td><td></td><td></td></tr><tr><td>Department of the Navy</td><td>8,899</td><td>2,356</td><td>1,698</td><td>-658</td><td>15,161</td><td>4,998</td><td></td><td></td></tr><tr><td>Armed Forces Leave Act of 1946</td><td>-</td><td>311</td><td>194</td><td>-117</td><td>-</td><td>1,847</td><td></td><td></td></tr><tr><td>Bonds</td><td>-</td><td>18</td><td>26</td><td>+12</td><td>-</td><td>139</td><td></td><td></td></tr><tr><td>Cash</td><td>2,937</td><td>1,392</td><td>462</td><td>-930</td><td>5,581</td><td>2,733</td><td></td><td></td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Total</td><td>28,443</td><td>6,717</td><td>4,989</td><td>-1,728</td><td>48,542</td><td>17,142</td><td></td><td></td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 5/ 6/</td><td>902</td><td>2,767</td><td>2,577</td><td>-190</td><td>4,253</td><td>7,259</td><td></td><td></td></tr><tr><td>Interest on the public debt</td><td>1,158</td><td>1,284</td><td>1,301</td><td>+17</td><td>4,722</td><td>4,958</td><td></td><td></td></tr><tr><td>Refunds of taxes and duties</td><td>1,052</td><td>808</td><td>369</td><td>-439</td><td>3,027</td><td>3,041</td><td></td><td></td></tr><tr><td>Total</td><td>3,111</td><td>4,859</td><td>4,246</td><td>-612</td><td>12,002</td><td>15,258</td><td></td><td></td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>37,728</td><td>39,669</td></tr><tr><td>Bretton Woods Agreement 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>159</td><td>-</td><td>-159</td><td>159</td><td>476</td><td></td><td></td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>950</td><td></td><td></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></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></td><td></td></tr><tr><td>Foreign aid and relief</td><td>-</td><td>-</td><td>185</td><td>+185</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Total</td><td>174</td><td>1,084</td><td>1,485</td><td>+402</td><td>833</td><td>3,801</td><td></td><td></td></tr><tr><td>Aid to agriculture 5/</td><td>136</td><td>1,196</td><td>283</td><td>-913</td><td>980</td><td>2,299</td><td></td><td></td></tr><tr><td>Social Security program 5/ 7/</td><td>462</td><td>544</td><td>961</td><td>+417</td><td>852</td><td>1,074</td><td></td><td></td></tr><tr><td>Public works</td><td>151</td><td>472</td><td>498</td><td>+26</td><td>407</td><td>1,038</td><td></td><td></td></tr><tr><td>Other general expenditures 5/</td><td>651</td><td>871</td><td>1,285</td><td>+415</td><td>1,403</td><td>2,208</td><td></td><td></td></tr><tr><td>Reserve for contingencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Government corporations (wholly owned), etc. (net):</td><td></td><td></td><td></td><td></td><td></td><td></td><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>149</td><td>-27</td><td>351</td><td>+363</td><td>328</td><td>138</td><td></td><td></td></tr><tr><td>Other</td><td>7</td><td>15</td><td>-</td><td>-</td><td>-23</td><td>215</td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>39</td><td>-600</td><td>115</td><td>+915</td><td>-1,044</td><td>-1,076</td><td></td><td></td></tr><tr><td>Other</td><td>-249</td><td>-105</td><td>85</td><td>+192</td><td>-566</td><td>408</td><td></td><td></td></tr><tr><td>Total</td><td>-54</td><td>-917</td><td>552</td><td>+1,470</td><td>-1,305</td><td>-314</td><td></td><td></td></tr><tr><td>Total budget expenditures</td><td>33,075</td><td>14,823</td><td>14,301</td><td>-523</td><td>63,714</td><td>42,503</td><td>37,728</td><td>39,669</td></tr><tr><td>Budget surplus (+) or deficit (-)</td><td>-17,290</td><td>-466</td><td>+638</td><td>+1,103</td><td>-20,676</td><td>+754</td><td>+7,483</td><td>+4,808</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1 Based upon the 1949 Budget document; figures include effect of proposed legislation. Classification of expenditure estimates on the basis used in this table is in preparation.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
1/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1946, $1,067 million and fiscal year 1947, $279 million. These figures include so-called voluntary return
4/ Expenditures of the Department of the Air Force are currently being made from Army appropriations pending transfer of funds pursuant to the Act of July 26, 1947.
5/ Includes transfers to trust accounts, etc.
6/ Includes expenditures for public works undertaken by Veterans' Administration.
7/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act.
January 1948
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 5 months, fiscal years 1946 to 1948</th><th colspan="4">End of fiscal years, 1946 to 1949</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th>Change 1947 to 1948</th><th>Actual</th><th>1947</th><th>1948</th><th>Estimated 1/ 1949</th></tr><tr><td>Securities issued by the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>185,112</td><td>180,328</td><td>166,404</td><td>-13,924</td><td>189,606</td><td>168,702</td><td></td><td></td></tr><tr><td>Nonmarketable</td><td>57,028</td><td>56,343</td><td>59,670</td><td>+3,327</td><td>56,173</td><td>59,045</td><td></td><td></td></tr><tr><td>Total public issues</td><td>242,140</td><td>236,671</td><td>226,074</td><td>-10,596</td><td>245,779</td><td>227,747</td><td></td><td></td></tr><tr><td>Special issues</td><td>20,710</td><td>24,254</td><td>29,517</td><td>+5,262</td><td>22,332</td><td>27,366</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt</td><td>262,849</td><td>260,925</td><td>255,591</td><td>-5,334</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>2,492</td><td>1,352</td><td>2,621</td><td>+1,269</td><td>1,311</td><td>3,172</td><td></td><td></td></tr><tr><td>Total public debt outstanding</td><td>265,342</td><td>262,277</td><td>258,212</td><td>-4,065</td><td>269,422</td><td>258,286</td><td>250,900</td><td>246,200</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>45</td><td>33</td><td>-12</td><td>43</td><td>38</td><td></td><td></td></tr><tr><td>Nonmarketable</td><td>497</td><td>317</td><td>51</td><td>-266</td><td>424</td><td>45</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>536</td><td>362</td><td>83</td><td>-278</td><td>467</td><td>83</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Matured debt</td><td>16</td><td>8</td><td>6</td><td>-2</td><td>10</td><td>6</td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding</td><td>553</td><td>370</td><td>89</td><td>-281</td><td>476</td><td>90</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>265,894</td><td>262,646</td><td>258,301</td><td>-4,345</td><td>269,898</td><td>258,376</td><td>n.a.</td><td>n.a.</td></tr></table>
1/ Based upon the 1949 Budget document. 2/ Excludes guaranteed securities held by the Treasury.
Source: Daily Treasury Statement, except as noted. n.a. Not available.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 5 months, fiscal years 1946 to 1948</th><th colspan="4">Complete fiscal years, 1946 to 1949</th></tr><tr><th></th><th>1946</th><th>1947</th><th>1948</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>1946</th><th>1947</th><th>1948</th><th>1949</th></tr><tr><td><b>Amount required to be financed:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget deficit</td><td>17,290</td><td>466</td><td>-</td><td>20,676</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>7,145</td><td>74</td><td>-</td><td>11,136</td><td>7,386</td><td>4,700</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>627</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>-</td><td>-</td><td>524</td><td>548</td><td>869</td><td>159</td></tr><tr><td><b>Total amount required to be financed</b></td><td><b>17,290</b></td><td><b>7,611</b></td><td><b>701</b></td><td><b>21,200</b></td><td><b>11,684</b></td><td><b>8,255</b></td><td><b>4,859</b></td></tr><tr><td><b>Means of financing:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget surplus</td><td>-</td><td>-</td><td>638</td><td>-</td><td>754</td><td>7,483</td><td>4,808</td></tr><tr><td>Net increase in public debt</td><td>6,660</td><td>-</td><td>-</td><td>10,740</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>10,253</td><td>7,573</td><td>-</td><td>10,460</td><td>10,930</td><td>772</td><td>51</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>377</td><td>38</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Total amount financed</b></td><td><b>17,290</b></td><td><b>7,611</b></td><td><b>701</b></td><td><b>21,200</b></td><td><b>11,684</b></td><td><b>8,255</b></td><td><b>4,859</b></td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon the 1949 Budget document. 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 AND CASH INCOME AND OUTGO
January 1948
5
Budget Receipts and Expenditures Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Budget surplus or deficit (-) 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue</th><th>Quotome</th><th>Other receipts</th><th>Loes 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>Transfere 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 5/</td><td>1,260</td><td>44,149</td><td>95,573</td><td>6,149</td><td>87,039</td><td>556</td><td>1,829</td><td>-51,424</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 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>4,829 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>4,378</td><td>3,914</td><td>2,473</td><td>1,457</td><td>16</td><td>-32</td><td>464</td></tr><tr><td>March</td><td>5,724</td><td>5,446</td><td>39</td><td>239</td><td>24</td><td>5,701</td><td>3,598</td><td>2,063</td><td>1,428</td><td>1</td><td>106</td><td>2,102</td></tr><tr><td>April</td><td>2,624</td><td>2,309</td><td>41</td><td>274</td><td>68</td><td>2,556</td><td>4,001</td><td>2,206</td><td>1,728</td><td>46</td><td>20</td><td>-1,445</td></tr><tr><td>May</td><td>3,204</td><td>2,578</td><td>37</td><td>589</td><td>339</td><td>2,865</td><td>3,851</td><td>2,706</td><td>1,327</td><td>432</td><td>-614</td><td>-987</td></tr><tr><td>June</td><td>5,480</td><td>3,993</td><td>35</td><td>1,452</td><td>7</td><td>5,473</td><td>5,540</td><td>3,059</td><td>1,493</td><td>18</td><td>970</td><td>-67</td></tr><tr><td>July</td><td>2,469</td><td>2,126</td><td>37</td><td>306</td><td>71</td><td>2,397</td><td>3,669</td><td>2,075</td><td>979</td><td>549</td><td>65</td><td>-1,272</td></tr><tr><td>August</td><td>2,865</td><td>2,662</td><td>31</td><td>171</td><td>328</td><td>2,536</td><td>3,060</td><td>1,729</td><td>908</td><td>273</td><td>151</td><td>-524</td></tr><tr><td>September</td><td>4,884</td><td>4,267</td><td>34</td><td>584</td><td>13</td><td>4,872</td><td>2,932</td><td>1,737</td><td>1,006</td><td>9</td><td>180</td><td>1,940</td></tr><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><tr><td>November</td><td>3,053</td><td>2,690</td><td>32</td><td>330</td><td>309</td><td>2,743</td><td>2,194</td><td>1,145</td><td>936</td><td>20</td><td>94</td><td>549</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For explanation see tables which follow entitled "Social Security Program."
3/ Net receipts less total expenditures.
4/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
5/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million. 6/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the 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 profit 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 car-riers 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><tr><td>November</td><td>2,690</td><td>1,666</td><td>1,315</td><td>350</td><td>329</td><td>310</td><td>10</td><td>9</td><td>695</td></tr></table>
Source: Daily Treasury Statement.
1/ For further details, see chapter entitled "Internal Revenue Statistics."
2/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 have been classified as "Other" income and profits taxes.
3/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unem-
ployment Tax" represent collections 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 1/ 5/</th><th>Social Security program 3/ 6/</th><th>Public works 1/</th><th>Inter-national 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>1,507</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>647</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>5,615</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>178</td></tr><tr><td>November</td><td>1,145</td><td>674</td><td>506</td><td>127</td><td>41</td><td>471</td><td>59</td><td>87</td><td>94</td><td>86</td><td>-</td><td>-</td><td>145</td></tr></table>
Source: Daily Treasury Statement.
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." Accounts 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/ Gross expenditures have been reduced $115 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
11/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
January 1948
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>National Military Establishment Department of the Army 1/</th><th>Department of the Navy</th><th>Armed Forces Leave Act of 1946 2/</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>Housing and Home Finance Agency 3/</th><th>Selective Service (admit- tive)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation</th><th>Surplus property disposal agencies</th><th>Other na- tional de- fense and related activities expenditures 4/</th></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>-</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>-</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</td><td>2,012</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>-</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>-</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>-</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</td><td>1,041</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,367</td><td>120</td><td>664</td><td>1065/</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>139</td><td>174</td><td>16</td><td>40</td><td>99</td><td>34</td><td>124</td><td>271</td><td>74</td><td>-</td><td>1,501</td><td>442</td><td>307</td></tr><tr><td>1947-January</td><td>1,412</td><td>644</td><td>353</td><td>278</td><td>20</td><td>-98</td><td>1</td><td>2</td><td>33</td><td>2</td><td>5</td><td>*</td><td>6/</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>6/</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>6/</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>6/</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>6/</td><td>-</td><td>102</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>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>-15</td><td>6/</td><td>1/</td><td>81</td><td>49</td><td>1/</td></tr><tr><td>August</td><td>908</td><td>431</td><td>319</td><td>44</td><td>4</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>17</td><td>9/</td><td>1/</td><td>53</td><td>40</td><td>1/</td></tr><tr><td>September</td><td>1,006</td><td>568</td><td>304</td><td>49</td><td>6</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1</td><td>38</td><td>5/</td><td>1/</td><td>13</td><td>26</td><td>1/</td></tr><tr><td>October</td><td>1,151</td><td>645</td><td>357</td><td>42</td><td>7</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>*</td><td>38</td><td>9/</td><td>1/</td><td>41</td><td>22</td><td>1/</td></tr><tr><td>November</td><td>936</td><td>503</td><td>350</td><td>24</td><td>4</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>*</td><td>18</td><td>5/</td><td>1/</td><td>8</td><td>28</td><td>1/</td></tr></table>
Source: Daily Treasury Statement.
1/ Expenditures of the Department of the Air Force are currently being made from Army appropriations pending transfer of funds pursuant to the Act of July 26, 1947.
2/ Administrative expenses in carrying out provisions of Act are included under Departments of the Army, Navy, and Treasury (Coast Guard).
3/ Formerly National Housing Agency; includes war public housing functions.
4/ 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; there-after such expenditures are reflected within the respective departments. 5/ Classification changed to reflect expenditures under "National Defense and Related activities." Prior year expenditures are included under "General." 6/ Effective September 1, 1946, expenditures of the War Shipping Adminis-tration 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. 1/ 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 1/1/</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>15</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>*</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>1947</td><td>1,355</td><td>817</td><td>308</td><td>223</td><td>-</td><td>8</td></tr><tr><td>1947-January</td><td>71</td><td>27</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>46</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>432</td><td>432</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>549</td><td>25</td><td>521</td><td>2</td><td>-</td><td>-</td></tr><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><tr><td>November</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. 
" Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veteran's 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.
Budget Receipts and Expenditures - (Continued) Table 6.- Analysis of Expenditures of Government Corporations (Wholly Owned), Btc. (Net)
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Adminis- tration</th><th>Public Housing Adminis- tration 1/</th><th>Home Owners' Loan Cor- poration</th><th>Reconstruction Finance Corporation 2/ National defense and related activities</th><th>Other</th><th>Rural Electri- fication Administration</th><th>Other 3/</th></tr><tr><td>1938</td><td>-208</td><td>-184</td><td>-1</td><td>-</td><td>1</td><td>-43</td><td>-</td><td>-9</td><td>34</td><td>-5</td></tr><tr><td>1939</td><td>320</td><td>136</td><td>2</td><td>-</td><td>55</td><td>-60</td><td>-</td><td>247</td><td>0</td><td>-59</td></tr><tr><td>1940</td><td>307</td><td>210</td><td>0</td><td>-5</td><td>17</td><td>-40</td><td>-</td><td>42</td><td>-1</td><td>83</td></tr><tr><td>1941</td><td>1,056</td><td>347</td><td>0</td><td>-8</td><td>233</td><td>-239</td><td>354</td><td>371</td><td>-1</td><td>0</td></tr><tr><td>1942</td><td>1,893</td><td>242</td><td>0</td><td>-5</td><td>46</td><td>-256</td><td>2,255</td><td>-319</td><td>1</td><td>-71</td></tr><tr><td>1943</td><td>1,523</td><td>-193</td><td>0</td><td>-6</td><td>-3</td><td>-363</td><td>3,189</td><td>-727</td><td>1</td><td>-374</td></tr><tr><td>1944</td><td>1,829</td><td>225</td><td>0</td><td>-2</td><td>15</td><td>-396</td><td>2,682</td><td>-247</td><td>1</td><td>-646</td></tr><tr><td>1945</td><td>-7</td><td>471 4/</td><td>0</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 4/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1947</td><td>-314</td><td>-1,076 5/</td><td>613</td><td>-1</td><td>1</td><td>-202</td><td>138</td><td>215</td><td>-30</td><td>27</td></tr><tr><td>1947-January</td><td>108</td><td>101</td><td>78</td><td>0</td><td>-1</td><td>-19</td><td>-102</td><td>41</td><td>1</td><td>8</td></tr><tr><td>February</td><td>-32</td><td>-39</td><td>70</td><td>-2</td><td>1</td><td>-16</td><td>-73</td><td>17</td><td>-2</td><td>11</td></tr><tr><td>March</td><td>106</td><td>-21</td><td>103</td><td>-3</td><td>-9</td><td>-16</td><td>3</td><td>50</td><td>1</td><td>-3</td></tr><tr><td>April</td><td>20</td><td>28</td><td>73</td><td>3</td><td>6</td><td>-15</td><td>-87</td><td>-35</td><td>-8</td><td>55</td></tr><tr><td>May</td><td>-614</td><td>-590 5/</td><td>83</td><td>-1</td><td>0</td><td>-13</td><td>-59</td><td>-18</td><td>7</td><td>-23</td></tr><tr><td>June</td><td>970</td><td>116</td><td>81</td><td>-6</td><td>-1</td><td>-18</td><td>676</td><td>119</td><td>-33</td><td>37</td></tr><tr><td>July</td><td>65</td><td>8</td><td>-9</td><td>-2</td><td>n.a.</td><td>-12</td><td>6/</td><td>83</td><td>n.a.</td><td>-2</td></tr><tr><td>August</td><td>151</td><td>142</td><td>14</td><td>-2</td><td>n.a.</td><td>-16</td><td>5/</td><td>19</td><td>n.a.</td><td>-6</td></tr><tr><td>September</td><td>180</td><td>-80</td><td>25</td><td>1</td><td>n.a.</td><td>-17</td><td>6/</td><td>246</td><td>n.a.</td><td>4</td></tr><tr><td>October</td><td>63</td><td>-12</td><td>89</td><td>-2</td><td>n.a.</td><td>-13</td><td>6/</td><td>7</td><td>n.a.</td><td>-6</td></tr><tr><td>November</td><td>94</td><td>57</td><td>64</td><td>1</td><td>n.a.</td><td>-11</td><td>6/</td><td>4</td><td>n.a.</td><td>-13</td></tr></table>
Source: Daily Treasury Statement.
n.s. 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 Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
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 1946 by
the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the lend-lease program and reflected in previous expenditures of the Commodity Credit Corporation. Similar payments during the fiscal year 1945 amounted to $1,182 million.
5/ The act of May 26, 1947, authorised the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $642 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly owned), etc. (net). 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.
January 1948
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>2,743</td><td></td><td></td></tr></table>
Budget expenditures 2/
A. Excluding net expenditures of Government corporations (wholly owned), etc.
<table><tr><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>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>618</td><td>832</td><td>8,885</td></tr><tr><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>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>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>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>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>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>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>3,005</td><td>3,946</td><td>3,492</td><td>3,981</td><td>4,406</td><td>4,570</td><td>3,604</td><td>2,909</td><td>2,752</td><td>2,383</td><td>2,100</td><td></td><td></td></tr></table>
B. Including net expenditure of Government corporations (wholly owned), etc.
<table><tr><td>-</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>8,100</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>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>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td><td></td></tr><tr><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>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>3,060</td><td>2,932</td><td>2,445</td><td>2,194</td><td></td><td></td><td></td></tr></table>
Budget surplus or deficit (-) 4/
A. Excluding net expenditures of Government corporations (wholly owned), etc.
<table><tr><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>-385</td><td>-245</td><td>-132</td><td>-517</td><td>-348</td><td>-339</td><td>-199</td><td>-402</td><td>-65</td><td>-442</td><td>-284</td><td>-311</td><td>-3,967</td></tr><tr><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>-155</td><td>-432</td><td>-3,823</td></tr><tr><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>-2,050</td><td>-1,871</td><td>126</td><td>-3,058</td><td>-3,391</td><td>-2,037</td><td>-1,413</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>-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>-1,823</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>-1,645</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>-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>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>643</td><td></td><td></td></tr></table>
B. Including net expenditures of Government corporations (wholly owned), etc. 3/
<table><tr><td>-4,683<br>-1,042<br>706</td><td>-3,514<br>243<br>464</td><td>-2,373<br>1,902<br>2,102</td><td>-4,972<br>-1,591<br>-1,445</td><td>-6,028<br>-1,131<br>-987</td><td>-3,838<br>-873<br>-67</td><td>-5,937<br>-6,126<br>-1,105<br>-1,272</td><td>-5,776<br>-4,293<br>-499<br>-524</td><td>-1,976<br>-1,497<br>1,723<br>1,940</td><td>-6,134<br>-3,165<br>-420<br>-55</td><td>-5,706<br>-2,208<br>-165<br>549</td><td>-3,004<br>-895<br>445<br>-2,512</td><td>-</td></tr></table>
1/ Total receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Monthly figures for the period January 1938 through June 1944 are not presently available. 4/ Net receipts less total expenditures.
Treasury Bulletin
10
Trust Accounts, Etc., Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiiscal year or month</th><th>Total trust funds, etc. (net receipts (+) or net expenditures (-))</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1938</td><td>+46</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+6</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+1,204</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>-443</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>+908</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-1,613</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>•</td><td>1,244</td><td>1,243</td><td>•</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-2,222</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+791</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>-524</td><td>+26</td><td>1,319</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1947</td><td>-548</td><td>-37</td><td>1,607</td><td>1,644</td><td>-11</td><td>1,504</td><td>1,516</td><td>-23</td><td>1,289</td><td>1,312</td><td>+1</td><td>323</td><td>322</td></tr><tr><td>1947-January</td><td>-125</td><td>+38</td><td>74</td><td>36</td><td>-2</td><td>70</td><td>72</td><td>+9</td><td>101</td><td>91</td><td>+1</td><td>44</td><td>43</td></tr><tr><td>February</td><td>+317</td><td>+227</td><td>264</td><td>38</td><td>+6</td><td>65</td><td>60</td><td>+5</td><td>175</td><td>171</td><td>-1</td><td>•</td><td>1</td></tr><tr><td>March</td><td>-33</td><td>-246</td><td>33</td><td>279</td><td>-2</td><td>47</td><td>48</td><td>-6</td><td>50</td><td>55</td><td>•</td><td>•</td><td>•</td></tr><tr><td>April</td><td>+269</td><td>+26</td><td>68</td><td>41</td><td>+5</td><td>53</td><td>48</td><td>-8</td><td>43</td><td>51</td><td>•</td><td>46</td><td>46</td></tr><tr><td>May</td><td>+99</td><td>+298</td><td>339</td><td>41</td><td>-15</td><td>473</td><td>488</td><td>+6</td><td>251</td><td>245</td><td>•</td><td>•</td><td>•</td></tr><tr><td>June</td><td>-634</td><td>-358</td><td>107</td><td>465</td><td>+9</td><td>228</td><td>218</td><td>-10</td><td>117</td><td>127</td><td>+1</td><td>22</td><td>21</td></tr><tr><td>July</td><td>-129</td><td>+71</td><td>71</td><td>•</td><td>-5</td><td>66</td><td>71</td><td>+9</td><td>49</td><td>39</td><td>•</td><td>512</td><td>511</td></tr><tr><td>August</td><td>+206</td><td>+287</td><td>328</td><td>42</td><td>-11</td><td>54</td><td>65</td><td>+3</td><td>245</td><td>242</td><td>•</td><td>•</td><td>1</td></tr><tr><td>September</td><td>-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><tr><td>November</td><td>+138</td><td>+132</td><td>309</td><td>177</td><td>+6</td><td>43</td><td>37</td><td>+9</td><td>213</td><td>205</td><td>+1</td><td>•</td><td>•</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th rowspan="2">Sales and re-depositions of obligations of Government corporations, etc., in the market (net) 3/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenses</th></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+49</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>+20</td><td>+68</td><td>+88</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+14</td><td>+116</td><td>+852</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>-</td><td>-</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-302</td><td>1,505</td><td>1,807</td><td>*</td><td>-</td><td>-372</td><td>-359</td><td>+555</td></tr><tr><td>1947-January</td><td>+5</td><td>53</td><td>48</td><td>*</td><td>-</td><td>-44</td><td>-75</td><td>+56</td></tr><tr><td>February</td><td>+37</td><td>296</td><td>59</td><td>*</td><td>-</td><td>-116</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>60</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><tr><td>November</td><td>+63</td><td>118</td><td>55</td><td>*</td><td>-</td><td>+56</td><td>-1</td><td>-127</td></tr></table>
Sources: 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." 1/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
January 1948
11
Social Security Program: Section I - Budget Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1947</td><td>1,644.3</td><td>1,459.5</td><td>184.8</td><td>1,443.9</td><td>200.4</td></tr><tr><td>1947-January</td><td>56.7</td><td>42.3</td><td>14.4</td><td>40.4</td><td>16.2</td></tr><tr><td>February</td><td>382.0</td><td>265.2</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><tr><td>November</td><td>320.3</td><td>310.5</td><td>9.8</td><td>309.4</td><td>10.9</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses $</th><th colspan="9">Expenditures Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures $</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service</th><th>Maternal and child health services</th><th>Children's Bureau Services for crippled children</th><th>Child welfare service</th><th>Department of Labor U. S. Employment Service</th></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 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>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>*</td><td>6.2</td><td>326.1</td></tr><tr><td>1947</td><td>757.7</td><td>24.9</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>-</td><td>10.7</td><td>7.5</td><td>2.0</td><td>-</td><td>8.8</td><td>557.3</td></tr><tr><td>1947-January</td><td>68.4</td><td>2.2</td><td>65.2</td><td>46.7</td><td>9.8</td><td>1.5</td><td>5.5</td><td>-</td><td>1.8</td><td>1.6</td><td>1.3</td><td>*</td><td>1.0</td><td>52.2</td></tr><tr><td>February</td><td>80.7</td><td>2.3</td><td>77.6</td><td>52.5</td><td>12.2</td><td>1.5</td><td>9.0</td><td>-</td><td>1.7</td><td>1.7</td><td>*</td><td>*</td><td>1.8</td><td>-36.9</td></tr><tr><td>March</td><td>24.6</td><td>2.3</td><td>21.6</td><td>13.2</td><td>2.3</td><td>1.5</td><td>3.8</td><td>-</td><td>1.0</td><td>1.8</td><td>1.1</td><td>-</td><td>1.7</td><td>10.7</td></tr><tr><td>April</td><td>15.5</td><td>2.1</td><td>12.8</td><td>7.7</td><td>1.7</td><td>1.1</td><td>-7</td><td>-</td><td>1.9</td><td>1.6</td><td>1.5</td><td>*</td><td>1.5</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>1.8</td><td>-</td><td>*</td><td>1.5</td><td>142.6</td></tr><tr><td>June</td><td>44.0</td><td>2.1</td><td>41.3</td><td>30.9</td><td>7.1</td><td>1.7</td><td>1.5</td><td>-</td><td>1.5</td><td>1.6</td><td>*</td><td>*</td><td>1.6</td><td>41.5</td></tr><tr><td>July</td><td>90.6</td><td>2.5</td><td>87.5</td><td>59.1</td><td>16.7</td><td>1.7</td><td>9.6</td><td>-</td><td>*</td><td>-</td><td>1.4</td><td>*</td><td>1.6</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>1.4</td><td>-</td><td>1.6</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>1.4</td><td>-</td><td>1.4</td><td>1.2</td><td>1.5</td><td>-</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>1.8</td><td>1.8</td><td>1.4</td><td>-</td><td>1.2</td><td>69.0</td></tr><tr><td>November</td><td>85.9</td><td>1.5</td><td>83.8</td><td>56.6</td><td>12.4</td><td>1.5</td><td>10.0</td><td>-</td><td>1.9</td><td>1.4</td><td>1.1</td><td>-</td><td>1.5</td><td>75.0</td></tr></table>
Daily Treasury Statement.
Less than $50,000.
Formerly Title VIII of the Social Security Act.
Formerly Title IX of the Social Unemployment 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).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfer" 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 amount to cover administrative expenses, which are shown as expenditures in Section II, Table I.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely,
Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5/ Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter 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.
1/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
8/ Covered by appropriations by Congress.
9/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
12
Treasury Bulletin
Social Security Program: Section I - Budget Receipts and Expenditures
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Taxes on carriers and their employees</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditure</th></tr><tr><th>Total</th><th>Administrative expenses</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1947</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</td><td>*</td><td>-77.3</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><tr><td>November</td><td>8.6</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>-8.2</td></tr></table>
Source: Daily Treasury Statement.
1/ Levied under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, under the Carriers Taxing Act of 1937.
2/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Retirement Act.
3/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th 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>-1.6</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>-1.5</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>-1.5</td><td>-1.5</td><td>-</td><td>-3.8</td></tr><tr><td>July.</td><td>*</td><td>10.1</td><td>.5</td><td>9.7</td><td>10.1</td></tr><tr><td>August.</td><td>.2</td><td>.5</td><td>.5</td><td>-</td><td>.3</td></tr><tr><td>September.</td><td>2.9</td><td>.5</td><td>.5</td><td>-</td><td>2.5</td></tr><tr><td>October.</td><td>.4</td><td>.4</td><td>.4</td><td>-</td><td>*</td></tr><tr><td>November.</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr></table>
Source: Daily Treasury Statement. 
Less than $50,000.
Operated as Railroad Unemployment Insurance Administration Fund.
Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These
amounts aggregated $17.7 million and were distributed by calendar years, as follows: 1936, $2.7 million; 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
January 1948
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="4">Receipts</th><th colspan="3">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>Transfers from General Fund</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expense 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>-</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>-</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>-</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>5.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>-</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>-</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>-</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>-</td><td>669.6</td><td>543.7</td><td>126.0</td><td>-</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>-</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>-</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947</td><td>10,559.1</td><td>9,719.0</td><td>839.7</td><td>.4</td><td>1,760.7</td><td>1,529.6</td><td>206.0</td><td>25.2</td><td>8,798.4</td><td>8,742.3</td><td>7.3</td><td>48.8</td></tr><tr><td>1947-September</td><td>10,984.6</td><td>10,134.5</td><td>849.0</td><td>1.1</td><td>1,889.9</td><td>1,648.0</td><td>209.0</td><td>32.9</td><td>9,094.7</td><td>9,000.3</td><td>27.7</td><td>66.7</td></tr><tr><td>October</td><td>11,050.2</td><td>10,200.1</td><td>849.0</td><td>1.1</td><td>1,936.0</td><td>1,689.6</td><td>210.1</td><td>36.3</td><td>9,114.2</td><td>9,000.3</td><td>48.7</td><td>65.1</td></tr><tr><td>November</td><td>11,360.7</td><td>10,510.6</td><td>849.0</td><td>1.2</td><td>1,980.5</td><td>1,730.6</td><td>211.2</td><td>38.7</td><td>9,380.3</td><td>9,134.4</td><td>82.6</td><td>163.3</td></tr></table>
Source: Daily Treasury Statement. r Revised. l/ Includes transactions 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 Appropriation Act, 1947, these salaries are payable 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>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>204.8</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>10.3</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-September</td><td>2,787.8</td><td>2,701.1</td><td>86.7</td><td>1,329.8</td><td>1,458.0</td><td>1,265.0</td><td>173.8</td><td>19.3</td></tr><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><tr><td>November</td><td>2,788.2</td><td>2,701.1</td><td>87.1</td><td>1,366.8</td><td>1,421.4</td><td>1,284.5</td><td>117.3</td><td>19.6</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>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditure</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th></th><th></th><th></th><th></th><th></th><th>With-drawals by States</th><th></th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>518.7</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>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</td><td>56.9</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>113.5</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1947-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>124.4</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>130.1</td><td>7,953.9</td><td>7,939.0</td><td>6.7</td><td>8.1</td></tr><tr><td>November</td><td>12,849.1</td><td>11,100.7</td><td>778.6</td><td>107.2</td><td>66.5</td><td>796.1</td><td>4,727.1</td><td>4,485.5</td><td>107.2</td><td>134.4</td><td>8,122.0</td><td>8,098.3</td><td>17.4</td><td>6.3</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Ad-mistration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
14
Treasury Bulletin
Treasury Cash Income and Outgo
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income or outgo (-)</th><th rowspan="2">Let cash borrowing or repayment of borrowing (-)</th><th colspan="2">increase or decrease (-) in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust account expenditures</th><th>Exchange Stabilization Fund 2/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>General Fund balance</th><th>Exchange Stabilization Fund 2/</th></tr><tr><td>1941</td><td>7,287</td><td>2,083</td><td>9,371</td><td>12,850</td><td>1,210</td><td>-</td><td>-</td><td>14,060</td><td>-4,689</td><td>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>49,478</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>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>5,395</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>81</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><tr><td>November</td><td>2,704</td><td>645</td><td>3,349</td><td>2,225</td><td>96</td><td>86</td><td>127</td><td>2,533</td><td>816</td><td>-987</td><td>-172</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
Bulletin". The nature of the changes from the preceding series was explained in an accompanying note. 2/ 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>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>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><tr><td>November</td><td>2,743</td><td>39</td><td>*</td><td>*</td><td>30</td><td>9</td><td>2,704</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.
January 1948
15
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 expenditures</th><th colspan="4">Interest payments by Treasury</th><th rowspan="2">Payroll deduction for Government employees' retirement</th><th colspan="3">Budget expenditures involving issuance of U. S. securities 4/</th><th colspan="3">Government corporation payments to Treasury</th><th rowspan="2">Equable 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>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to Inter- national Bank and Fund 5/</th><th>Excess profits tax refund</th><th>Interest</th><th>Earnings</th><th>Repayment of capital stock and paid-in surplus</th><th>Investment 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>1</td><td>-</td><td>319</td><td>5</td><td>12,850</td></tr><tr><td>1942</td><td>34,289</td><td>769</td><td>81</td><td>-</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>6</td><td>-</td><td>18</td><td>-</td><td>33,520</td></tr><tr><td>1943</td><td>79,702</td><td>1,203</td><td>130</td><td>2</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>37</td><td>-</td><td>10</td><td>115</td><td>78,499</td></tr><tr><td>1944</td><td>95,572</td><td>1,601</td><td>213</td><td>3</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>67</td><td>-</td><td>39</td><td>93,971</td></tr><tr><td>1945</td><td>100,397</td><td>3,631</td><td>342</td><td>4</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-103</td><td>-</td><td>394</td><td>108</td><td>-</td><td>25</td><td>96,767</td></tr><tr><td>1946</td><td>63,714</td><td>2,338</td><td>435</td><td>22</td><td>567</td><td>1,918</td><td>281</td><td>-</td><td>-36</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>61,376</td></tr><tr><td>1947</td><td>42,505</td><td>6,261</td><td>467</td><td>25</td><td>646</td><td>1,355</td><td>259</td><td>1,346</td><td>-3</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>1947-January</td><td>3,113</td><td>584</td><td>42</td><td>-</td><td>98</td><td>71</td><td>22</td><td>278</td><td>-1</td><td>-</td><td>-3</td><td>45</td><td>30</td><td>-</td><td>2</td><td>2,529</td></tr><tr><td>February</td><td>3,914</td><td>1,450</td><td>32</td><td>-</td><td>-</td><td>16</td><td>21</td><td>269</td><td>-1</td><td>1,109</td><td>-2</td><td>-</td><td>5</td><td>-</td><td>1</td><td>2,464</td></tr><tr><td>March</td><td>3,598</td><td>376</td><td>36</td><td>3</td><td>14</td><td>1</td><td>21</td><td>303</td><td>-1</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3,222</td></tr><tr><td>April</td><td>4,002</td><td>383</td><td>31</td><td>-</td><td>1</td><td>46</td><td>24</td><td>267</td><td>-1</td><td>-</td><td>-1</td><td>1</td><td>11</td><td>-</td><td>4</td><td>3,619</td></tr><tr><td>May</td><td>3,851</td><td>739</td><td>32</td><td>-</td><td>1</td><td>432</td><td>20</td><td>91</td><td>-</td><td>159</td><td>-1</td><td>1</td><td>3</td><td>-</td><td>1</td><td>3,112</td></tr><tr><td>June</td><td>5,540</td><td>626</td><td>59</td><td>10</td><td>497</td><td>18</td><td>23</td><td>35</td><td>-</td><td>-150</td><td>-1</td><td>2</td><td>-</td><td>136</td><td>-3</td><td>4,914</td></tr><tr><td>July</td><td>3,669</td><td>714</td><td>66</td><td>-</td><td>-</td><td>548</td><td>16</td><td>35</td><td>-</td><td>-</td><td>-1</td><td>47</td><td>-</td><td>-</td><td>2</td><td>2,955</td></tr><tr><td>August</td><td>3,060</td><td>307</td><td>46</td><td>1</td><td>-</td><td>273</td><td>20</td><td>44</td><td>-</td><td>-100</td><td>-2</td><td>-</td><td>20</td><td>-</td><td>6</td><td>2,153</td></tr><tr><td>September</td><td>2,932</td><td>-533</td><td>51</td><td>1</td><td>13</td><td>9</td><td>19</td><td>-840</td><td>-</td><td>-</td><td>-2</td><td>-</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>-</td><td>-1</td><td>-</td><td>9</td><td>-</td><td>5</td><td>2,430</td></tr><tr><td>November</td><td>2,194</td><td>-30</td><td>42</td><td>-</td><td>-</td><td>20</td><td>19</td><td>-71</td><td>-</td><td>-50</td><td>-1</td><td>-</td><td>9</td><td>-</td><td>1</td><td>2,225</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.
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
3/ For detail, see Table 5 under "Budget Receipts and Expenditures". Budget expenditures involving the issuances 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 footnotes 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="6">Trust account receipts</th><th colspan="6">Trust account expenditures</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in U.S. securities</th><th>Transfers shown as budget expenditures</th><th>Payroll deductions for Government employees' retirement</th><th>Armed forces leave bonds redeemed for insurance premiums</th><th>Other</th><th>Equals: Cash receipts</th><th>Total expenditures</th><th>Total noncash expenditures</th><th>Less: Noncash expenditures</th><th>Investments in U.S. securities</th><th>By partially owned Government or corporations</th><th>Other</th><th>Equals: Cash expenditures</th></tr><tr><td>1941</td><td>2,638</td><td>554</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-</td><td>2,083</td><td>1,730</td><td>520</td><td>1,338</td><td>34</td><td>-852</td><td>1,210</td></tr><tr><td>1942</td><td>3,191</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-</td><td>2,515</td><td>4,804</td><td>3,739</td><td>1,925</td><td>5</td><td>1,808</td><td>1,065</td></tr><tr><td>1943</td><td>3,926</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-</td><td>3,010</td><td>4,264</td><td>3,784</td><td>3,004</td><td>88</td><td>692</td><td>480</td></tr><tr><td>1944</td><td>5,053</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,903</td><td>7,275</td><td>7,167</td><td>4,128</td><td>167</td><td>2,872</td><td>108</td></tr><tr><td>1945</td><td>7,059</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-</td><td>4,694</td><td>6,267</td><td>7,048</td><td>5,200</td><td>299</td><td>1,549</td><td>-781</td></tr><tr><td>1946</td><td>7,675</td><td>2,766</td><td>567</td><td>1,918</td><td>281</td><td>-</td><td>-</td><td>4,909</td><td>8,198</td><td>3,882</td><td>3,668</td><td>141</td><td>73</td><td>4,316</td></tr><tr><td>1947</td><td>6,228</td><td>2,532</td><td>646</td><td>1,355</td><td>259</td><td>53</td><td>218</td><td>3,697</td><td>7,331</td><td>4,060</td><td>3,362</td><td>147</td><td>552</td><td>3,270</td></tr><tr><td>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>*</td><td>16</td><td>21</td><td>10</td><td>-</td><td>754</td><td>587</td><td>251</td><td>127</td><td>10</td><td>113</td><td>337</td></tr><tr><td>March</td><td>290</td><td>45</td><td>14</td><td>1</td><td>21</td><td>9</td><td>-</td><td>245</td><td>362</td><td>225</td><td>218</td><td>-</td><td>5</td><td>139</td></tr><tr><td>April</td><td>354</td><td>80</td><td>1</td><td>46</td><td>24</td><td>9</td><td>-</td><td>274</td><td>151</td><td>49</td><td>37</td><td>5</td><td>7</td><td>102</td></tr><tr><td>May</td><td>917</td><td>462</td><td>1</td><td>432</td><td>20</td><td>9</td><td>-</td><td>455</td><td>855</td><td>612</td><td>615</td><td>-7</td><td>4</td><td>243</td></tr><tr><td>June</td><td>722</td><td>763</td><td>497</td><td>18</td><td>23</td><td>7</td><td>218</td><td>440</td><td>1,360</td><td>1,103</td><td>781</td><td>20</td><td>302</td><td>257</td></tr><tr><td>July</td><td>785</td><td>570</td><td>*</td><td>548</td><td>16</td><td>5</td><td>-</td><td>215</td><td>768</td><td>507</td><td>443</td><td>52</td><td>12</td><td>261</td></tr><tr><td>August</td><td>973</td><td>295</td><td>*</td><td>273</td><td>20</td><td>2</td><td>-</td><td>677</td><td>594</td><td>388</td><td>431</td><td>45</td><td>2</td><td>205</td></tr><tr><td>September</td><td>245</td><td>42</td><td>13</td><td>9</td><td>19</td><td>3</td><td>-</td><td>203</td><td>559</td><td>280</td><td>296</td><td>-89</td><td>72</td><td>879</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><tr><td>November</td><td>684</td><td>39</td><td>*</td><td>20</td><td>19</td><td>3</td><td>-</td><td>645</td><td>419</td><td>323</td><td>292</td><td>-</td><td>31</td><td>96</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 or Government corporations in the market.
3/ Information not available after August 1947.
16
Treasury Bulletin
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="9">Less: 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>Guaranteed obligations</th><th>Total U. S. securities</th><th>Total</th><th>Net investments in U. S. securities</th><th>By Government corporations</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes for International Bank and Fund 2/</th><th>Excess of 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>2,468</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>85</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>65</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>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>-2,294</td><td>-5</td><td>-2,300</td><td>546</td><td>218</td><td>1</td><td>294</td><td>-1</td><td>-</td><td>-2</td><td>36</td><td>-</td><td>-2</td><td>-2,848</td></tr><tr><td>April</td><td>-1,423</td><td>-4</td><td>-1,426</td><td>331</td><td>37</td><td>9</td><td>256</td><td>-1</td><td>-</td><td>-1</td><td>31</td><td>-</td><td>-3</td><td>-1,761</td></tr><tr><td>May</td><td>642</td><td>-1</td><td>641</td><td>848</td><td>615</td><td>-6</td><td>83</td><td>-</td><td>125</td><td>-1</td><td>32</td><td>-</td><td>-2</td><td>-209</td></tr><tr><td>June</td><td>-57</td><td>-53</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>552</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>557</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>-16</td><td>-116</td><td>-</td><td>-148</td><td>-1</td><td>36</td><td>-</td><td>-5</td><td>136</td></tr><tr><td>November</td><td>-859</td><td>6</td><td>-853</td><td>127</td><td>292</td><td>1</td><td>-71</td><td>-</td><td>-136</td><td>-1</td><td>42</td><td>-</td><td>-7</td><td>-987</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/ Issuance 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 not issuances, or net redemptions (-).
2/ Expenditures for U. S. subscriptions to the capital of the International Monetary Fund and the International Bank for Reconstruc-tion and Development require special explanation. United States payments to the Fund in fiscal 1947, for example, consisted of $1,800 million paid from the Exchange Stabilization Fund (Table 1) and $950 million paid as budget expenditures. Of this total, $1,724 mil-lion (net) was invested in noninterest-bearing U. S. notes thereby making this amount noncash expenditures during the fiscal year. Of the $1,026 million cash portion of the expenditures, $958 million
case from the Initial Exchange Stabilization Fund Payment and the remaining $55 million represented redemption later in the fiscal year of notes assumed to have been acquired through the Stabilization Fund payment. Accordingly, the noncash payments to the Fund are made up of $775 million for the Exchange Stabilization Fund payment and $950 million from the budget payment. In the case of the International Bank, a total of $476 million was paid during fiscal 1947 - all in the form of budget expenditures. On net balance, $416 million occurred as a noncash expenditure because of the issuance of noninterest-bearing U. S. notes. Table 5 thus shows a total of $2,140 million (net) of such notes issued to the two institutions in the fiscal year 1947. Budget estimates show that $915 million of these notes will be redeemed in the fiscal year 1948, thereby increasing cash expenditures. Accrued discount on savings bonds and bills less interest paid on savings bond and bills redeemed. 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>2,785</td><td></td><td>15,291</td></tr><tr><td>1942</td><td>902</td><td>1,482</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>5,569</td><td>2,220</td><td>2,712</td><td>5,859</td><td>37,991</td><td>25,245</td></tr><tr><td>1943</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,335</td><td>3,663</td><td>6,360</td><td>2,358</td><td>3,289</td><td>6,074</td><td>2,281</td><td>2,941</td><td>5,580</td><td>48,604</td><td>47,984</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>1,969</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>2,859</td><td>4,207</td><td>45,498</td><td>47,793</td></tr><tr><td>1947</td><td>3,889</td><td>5,127</td><td>5,946</td><td>2,819</td><td>3,316</td><td>5,295</td><td>2,565</td><td>3,193</td><td>4,712</td><td>2,631</td><td>3,349</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>7,100</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>7,514</td><td>8,017</td><td>8,568</td><td>7,633</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>4,105</td><td>4,758</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>1947</td><td>2,783</td><td>3,657</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>2,533</td><td></td><td></td><td>39,985</td></tr><tr><td>Yet 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>-3,358</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>-5,724</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>-5,051</td><td>-1,971</td><td>-51,058</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>-4,795</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>-46,516</td><td>-46,095</td></tr><tr><td>1944</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,501</td><td>-4,585</td><td>-2,813</td><td>-4,356</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>-1,274</td><td>-888</td><td>-379</td><td>-413</td><td>83</td><td>1,041</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>753</td><td>18</td><td>816</td><td></td><td></td><td>6,658</td></tr></table>
1/ Date not filled in are in process of preparation.
2/ Fiscal year ending June 30 of year indicated.
January 1948
17
GENERAL FUND POSITION AND DEBT OUTSTANDING
18
Treasury Bulletin
General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of sales of Government securities</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>574</td><td>254</td><td>805</td><td>105</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1947-January</td><td>5,102</td><td>393</td><td>1,620</td><td>2,736</td><td>353</td><td>391</td><td>4,711</td></tr><tr><td>February</td><td>1,478</td><td>1,277</td><td>2,561</td><td>3,363</td><td>276</td><td>344</td><td>7,134</td></tr><tr><td>March</td><td>7,233</td><td>1,274</td><td>2,369</td><td>3,292</td><td>297</td><td>323</td><td>6,909</td></tr><tr><td>April</td><td>4,707</td><td>1,263</td><td>842</td><td>2,317</td><td>286</td><td>395</td><td>4,312</td></tr><tr><td>May</td><td>4,402</td><td>1,312</td><td>989</td><td>1,807</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>1,266</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><tr><td>November</td><td>4,292</td><td>1,260</td><td>1,368</td><td>1,417</td><td>246</td><td>357</td><td>3,935</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 ele- cellaneous funds 4/</th><th>Sales and re- demptions of obligations of Government cor- porations, etc., in the market 5/</th><th>Clearing account 6/</th></tr><tr><td>1938</td><td>-338</td><td>-1,177</td><td>792 1/</td><td>46</td><td>11</td><td>-51</td><td>90</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,862</td><td>3,280 1/</td><td>1,204</td><td>29</td><td>-5</td><td>90</td><td>-16</td><td>1,106</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,910</td><td>2,528</td><td>443</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>17</td><td>-</td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,491</td><td>23,461</td><td>-1,613</td><td>66</td><td>-</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>-</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,424</td><td>64,307</td><td>-2,222</td><td>148</td><td>-</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>-</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>-</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-548</td><td>-372</td><td>-</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1947-January</td><td>1,210</td><td>706</td><td>628</td><td>-125</td><td>51</td><td>-</td><td>-</td><td>-44</td><td>-75</td><td>-56</td></tr><tr><td>February</td><td>2,422</td><td>464</td><td>1,642</td><td>317</td><td>473</td><td>-</td><td>-</td><td>-146</td><td>-113</td><td>102</td></tr><tr><td>March</td><td>-224</td><td>2,102</td><td>-2,294</td><td>-33</td><td>-136</td><td>-</td><td>-</td><td>71</td><td>-8</td><td>39</td></tr><tr><td>April</td><td>-2,598</td><td>-1,445</td><td>-1,423</td><td>269</td><td>108</td><td>-</td><td>-</td><td>101</td><td>-7</td><td>67</td></tr><tr><td>May</td><td>-245</td><td>-987</td><td>642</td><td>99</td><td>105</td><td>-</td><td>-</td><td>-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><tr><td>November</td><td>-172</td><td>549</td><td>-859</td><td>138</td><td>210</td><td>-</td><td>-</td><td>56</td><td>-1</td><td>-127</td></tr></table>
Source: Daily Treasury Statement.
Notes: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin", September 1946, page 5.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 7.)
4/ Comprises Public Works Administration revolving fund, special de-
5/ Net receipts 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.
January 1948
19
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>21,491</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><tr><td>November</td><td>859</td><td>-</td><td>859</td><td>-</td><td>-</td><td>859</td><td>549</td><td>-</td><td>172</td><td>138</td></tr></table>
Sources: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and includes Government corporations (wholly owned), etc., (net).
2/ Comprises trust accounts, sales and redemptions of obligations of
Government corporations, etc., in the market, increment on gold, seigniorage on silver, miscellaneous funds and accounts, and currently a clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
20
Treasury Bulletin
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, November 30, 1947
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>257,354</td></tr><tr><td>Guaranteed securities 1/</td><td>89</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>257,443</td></tr><tr><td>Balance issuable under such authority.</td><td>17,557</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, November 30, 1947
(In millions of dollars)
<table><tr><th colspan="4">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>15,335</td><td>-</td><td>15,335</td></tr><tr><td>Certificates of indebtedness</td><td>24,501</td><td>-</td><td>24,501</td></tr><tr><td>Treasury notes</td><td>7,840</td><td>-</td><td>7,840</td></tr><tr><td>Treasury bonds - bank restricted 1/2</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>166,239</td><td>165</td><td>166,404</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>52,008</td><td>-</td><td>52,008</td></tr><tr><td>Treasury savings notes</td><td>5,534</td><td>-</td><td>5,534</td></tr><tr><td>Depositary bonds</td><td>320</td><td>-</td><td>320</td></tr><tr><td>Armed forces leave bonds</td><td>838</td><td>-</td><td>838</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>59,670</td><td>-</td><td>59,670</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>29,517</td><td>-</td><td>29,517</td></tr><tr><td>Total interest-bearing securities</td><td>255,426</td><td>165</td><td>255,591</td></tr><tr><td>Matured securities on which interest has ceased</td><td>241</td><td>5</td><td>246</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>1,345</td><td>-</td><td>1,345</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>266</td><td>-</td><td>266</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>492</td><td>492</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>1,687</td><td>688</td><td>2,375</td></tr><tr><td>Total public debt</td><td>257,354</td><td>858</td><td>258,212</td></tr><tr><td>Guaranteed securities 2/1:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>83</td><td>-</td><td>83</td></tr><tr><td>Matured debt</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Total guaranteed securities</td><td>89</td><td>-</td><td>89</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>257,443</td><td>858</td><td>258,301</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. 2/ Excludes guaranteed securities held by the Treasury.
January 1948
21
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="3">Total outstanding</th><th colspan="3">interest-bearing</th><th colspan="6">Matured, and bearing no interest</th></tr><tr><th>Total</th><th>Public debt</th><th>Guaranteed obligations 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed obligations 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>Public debt</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed obligations 1/ (matured)</th></tr><tr><td>1938</td><td>42,018</td><td>37,165</td><td>4,853</td><td>41,428</td><td>36,576</td><td>4,853</td><td>589</td><td>589</td><td>141</td><td>-</td><td>-</td><td>447</td><td>*</td></tr><tr><td>1939</td><td>45,890</td><td>40,440</td><td>5,451</td><td>45,336</td><td>39,886</td><td>5,450</td><td>554</td><td>554</td><td>142</td><td>-</td><td>-</td><td>411</td><td>1</td></tr><tr><td>1940</td><td>48,496</td><td>42,968</td><td>5,529</td><td>47,874</td><td>42,376</td><td>5,498</td><td>622</td><td>591</td><td>205</td><td>-</td><td>-</td><td>386</td><td>31</td></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>6,370</td><td>54,747</td><td>48,387</td><td>6,360</td><td>585</td><td>574</td><td>205</td><td>-</td><td>-</td><td>369</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>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>3,368</td><td>241</td><td>566</td><td>1,749</td><td>812</td><td>7</td></tr><tr><td>June.</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>July.</td><td>259,528</td><td>259,448</td><td>80</td><td>256,395</td><td>256,321</td><td>74</td><td>3,133</td><td>3,127</td><td>222</td><td>416</td><td>1,694</td><td>795</td><td>6</td></tr><tr><td>Aug.</td><td>260,176</td><td>260,097</td><td>79</td><td>257,183</td><td>257,110</td><td>73</td><td>2,993</td><td>2,987</td><td>211</td><td>316</td><td>1,673</td><td>787</td><td>6</td></tr><tr><td>Sept.</td><td>259,221</td><td>259,145</td><td>76</td><td>256,177</td><td>256,107</td><td>70</td><td>3,044</td><td>3,038</td><td>253</td><td>316</td><td>1,579</td><td>890</td><td>6</td></tr><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><tr><td>Nov.</td><td>258,301</td><td>258,212</td><td>89</td><td>255,674</td><td>255,591</td><td>83</td><td>2,627</td><td>2,621</td><td>246</td><td>266</td><td>1,345</td><td>765</td><td>6</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="8">Public issues</th><th colspan="4">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="5">Marketable</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 6/</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notee</th><th>Treasury bonds eligible</th><th>Treasury bonds restricted</th><th>Other bonds 5/</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1938</td><td>36,576</td><td>33,900</td><td>32,344</td><td>1,154</td><td>-</td><td>9,147</td><td>21,846</td><td>-</td><td>197</td><td>1,556</td><td>1,238</td><td>-</td><td>-</td><td>319</td><td>2,676</td></tr><tr><td>1939</td><td>39,866</td><td>36,116</td><td>33,965</td><td>1,308</td><td>-</td><td>7,243</td><td>25,218</td><td>-</td><td>196</td><td>2,151</td><td>1,868</td><td>-</td><td>-</td><td>283</td><td>3,770</td></tr><tr><td>1940</td><td>42,376</td><td>37,602</td><td>34,436</td><td>1,302</td><td>-</td><td>6,383</td><td>26,555</td><td>-</td><td>196</td><td>3,166</td><td>2,905</td><td>-</td><td>-</td><td>261</td><td>5,775</td></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,713</td><td>1,603</td><td>-</td><td>5,698</td><td>30,215</td><td>-</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>-</td><td>3,015</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>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>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>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>-</td><td>6,711</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,213</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>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>471</td><td>20,897</td></tr><tr><td>1947-Jan.</td><td>258,378</td><td>233,601</td><td>176,444</td><td>17,074</td><td>29,791</td><td>10,090</td><td>69,686</td><td>49,636</td><td>166</td><td>57,157</td><td>50,343</td><td>-</td><td>5,590</td><td>873</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>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>25,183</td></tr><tr><td>Apr.</td><td>254,427</td><td>229,147</td><td>170,535</td><td>16,510</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>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>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>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>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>29,220</td></tr><tr><td>Sep.</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>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>29,447</td></tr><tr><td>Nov.</td><td>255,591</td><td>226,074</td><td>166,404</td><td>15,335</td><td>24,501</td><td>7,840</td><td>68,927</td><td>49,636</td><td>165</td><td>59,670</td><td>52,008</td><td>970</td><td>5,534</td><td>838</td><td>29,517</td></tr></table>
Source: Daily Treasury Statement. Footnotes appear at end of Table 4.
22
Treasury Bulletin
Public Debt and Guaranteed Obligations of the United States Government Outstanding
Table 3.- Interest-Bearing Guaranteed Obligations (All Public issues)
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="7">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Public Housing Administration 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>1936</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>1,963</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><tr><td>November</td><td>83</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-</td><td>51</td><td>51</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-employment retirement funds</th><th>Optional 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>18,812</td><td>97</td><td>5,308</td><td>37</td><td>589</td><td>1,868</td><td>3,187</td><td>464</td><td>501</td><td>6,787</td><td>14</td><td>-</td></tr><tr><td>1946</td><td>22,332</td><td>120</td><td>5,910</td><td>49</td><td>684</td><td>2,177</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td><td>12</td><td>-</td></tr><tr><td>1947</td><td>27,366</td><td>408</td><td>7,104</td><td>62</td><td>1,254</td><td>2,460</td><td>6,474</td><td>1,628</td><td>806</td><td>7,182</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>7,182</td><td>12</td><td>18</td></tr><tr><td>July</td><td>28,516</td><td>514</td><td>7,062</td><td>64</td><td>1,254</td><td>2,460</td><td>6,520</td><td>2,226</td><td>1,300</td><td>7,087</td><td>12</td><td>18</td></tr><tr><td>August</td><td>29,220</td><td>602</td><td>7,062</td><td>64</td><td>1,254</td><td>2,706</td><td>6,560</td><td>2,406</td><td>1,283</td><td>7,254</td><td>6</td><td>22</td></tr><tr><td>September</td><td>29,520</td><td>605</td><td>7,362</td><td>65</td><td>1,253</td><td>2,707</td><td>6,585</td><td>2,406</td><td>1,265</td><td>7,244</td><td>6</td><td>22</td></tr><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><tr><td>November</td><td>29,517</td><td>490</td><td>7,362</td><td>66</td><td>1,253</td><td>2,698</td><td>6,625</td><td>2,406</td><td>1,284</td><td>7,299</td><td>6</td><td>26</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury and securities guaranteed as to interest only.
2/ Includes United States savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see Table 2 under "Statutory Limitation on the Public Debt".
3/ Includes $112 million of prepayments on Treasury bonds, investment series, dated Oct. 1, 1947.
4/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a
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 depositary bonds.
7/ Name changed from Federal Public Housing Authority (originally 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.
January 1948
23
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed
Obligations of the United States Government
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding (in millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1947</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</td></tr><tr><td>1947-January</td><td>258,640</td><td>5,327</td><td>2.059</td><td>258,378</td><td>5,322</td><td>2.060</td><td>262</td><td>4</td><td>1.642</td></tr><tr><td>February</td><td>258,294</td><td>5,336</td><td>2.066</td><td>258,113</td><td>5,332</td><td>2.066</td><td>181</td><td>3</td><td>1.758</td></tr><tr><td>March</td><td>255,976</td><td>5,319</td><td>2.078</td><td>255,800</td><td>5,316</td><td>2.078</td><td>175</td><td>3</td><td>1.783</td></tr><tr><td>April</td><td>254,598</td><td>5,318</td><td>2.089</td><td>254,427</td><td>5,315</td><td>2.089</td><td>171</td><td>3</td><td>1.718</td></tr><tr><td>May</td><td>255,146</td><td>5,344</td><td>2.094</td><td>254,975</td><td>5,341</td><td>2.095</td><td>171</td><td>3</td><td>1.706</td></tr><tr><td>June</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</td></tr><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>256,348</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><tr><td>November</td><td>255,674</td><td>5,462</td><td>2.136</td><td>255,591</td><td>5,460</td><td>2.137</td><td>83</td><td>1</td><td>1.769</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-B are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Obligations of Government Corporations and Other Agencies Held by the Treasury
(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 Admini- tretion</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>Rural 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>546</td><td>56</td></tr><tr><td>November</td><td>11,874 1/</td><td>516</td><td>693</td><td>53</td><td>2</td><td>458</td><td>347</td><td>9,158</td><td>590</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.
24
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="7">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjustment for 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 profit tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>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>64,107</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>255,682</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>259,422</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>253,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>1,647</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</td></tr><tr><td>1947-Jan.</td><td>259,776</td><td>628</td><td>11,486</td><td>7,817</td><td>-</td><td>-</td><td>278</td><td>159</td><td>1,782</td><td>3,134</td><td>257</td><td>10,859</td><td>7,659</td><td>-</td><td>3,134</td><td>65</td></tr><tr><td>Feb.</td><td>261,418</td><td>1,642</td><td>12,536</td><td>6,201</td><td>-</td><td>-</td><td>269</td><td>159</td><td>-</td><td>3,947</td><td>178</td><td>10,894</td><td>6,930</td><td>-</td><td>3,947</td><td>18</td></tr><tr><td>Mar.</td><td>259,124</td><td>-2,294</td><td>8,936</td><td>6,196</td><td>-</td><td>-</td><td>303</td><td>-</td><td>-</td><td>2,142</td><td>295</td><td>11,231</td><td>9,038</td><td>-</td><td>2,142</td><td>50</td></tr><tr><td>Apr.</td><td>257,701</td><td>-1,423</td><td>7,373</td><td>5,627</td><td>-</td><td>-</td><td>267</td><td>-</td><td>-</td><td>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>-</td><td>91</td><td>159</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>-</td><td>35</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>-</td><td>36</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>7,331</td><td>1,526</td><td>-</td><td>-</td><td>44</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>-</td><td>49</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>-</td><td>42</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><tr><td>Nov.</td><td>258,212</td><td>-859</td><td>6,640</td><td>1,467</td><td>-</td><td>-</td><td>24</td><td>-</td><td>-</td><td>5,058</td><td>90</td><td>7,499</td><td>2,419</td><td>-</td><td>5,058</td><td>21</td></tr></table>
Sources: Daily Treasury Statement. Less than $500,000. 1/ Exclude certificates of indebtedness, special serino.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bill</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bill</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th>Special issues</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>11.5</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>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>11,854</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></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.5</td><td>17.7</td><td>8.7</td><td>4.5</td><td>14.4</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>10,135</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>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>6.5</td><td>2.5</td><td>13.0</td><td>8.3</td></tr><tr><td>1947</td><td>255,113</td><td>119,489</td><td>53,485</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.5</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>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>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>17,043</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>9.7</td></tr><tr><td>March</td><td>255,800</td><td>119,489</td><td>52,713</td><td>8,142</td><td>5,443</td><td>27,792</td><td>17,038</td><td>25,183</td><td>100.0</td><td>46.7</td><td>20.6</td><td>3.2</td><td>2.1</td><td>10.9</td><td>9.8</td></tr><tr><td>April</td><td>254,427</td><td>119,489</td><td>53,135</td><td>8,142</td><td>5,477</td><td>26,234</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>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>10.3</td></tr><tr><td>June</td><td>255,113</td><td>119,489</td><td>53,485</td><td>8,142</td><td>5,560</td><td>25,296</td><td>15,775</td><td>27,366</td><td>100.0</td><td>46.8</td><td>21.0</td><td>3.2</td><td>2.2</td><td>9.9</td><td>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>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>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>5,331</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>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>11.4</td></tr><tr><td>November</td><td>255,591</td><td>118,729</td><td>54,136</td><td>7,840</td><td>5,534</td><td>24,501</td><td>15,335</td><td>29,517</td><td>100.0</td><td>46.5</td><td>21.2</td><td>3.1</td><td>2.1</td><td>9.6</td><td>11.5</td></tr></table>
Source: Daily Treasury Statement
January 1948
25
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States/ As of November 30, 1947
(in millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 1/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 1/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1947</td><td></td><td></td><td></td><td></td><td>1951</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deo.</td><td>7/8% Bills Certificate - 12/1/47-L. 2% Bond - 12/15/47.</td><td>5,010 3,281 701</td><td>------</td><td>------</td><td>June. 2% 2-3/4% Bond - 6/15/49-51. Bond - 6/15/51-54.</td><td>------</td><td>1,014 1,627</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>8,992</td><td>------</td><td>------</td><td>Sept. 2% 2% Bond - 9/15/49-51. Bond - 9/15/51-53. Bond - 9/15/51-55.</td><td>------</td><td>1,292 7,986 755</td><td>------</td><td>------</td><td>------</td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td>Deo. 2% 2-1/4% 2% Bond - 12/15/49-51. Bond - 12/15/51-53. Bond - 12/15/51-55.</td><td>------</td><td>2,098 1,118 510</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Jan.</td><td>7/8% Bills Certificate - 1/1/48-A.</td><td>5,915 3,134</td><td>------</td><td>------</td><td>Total</td><td>------</td><td>11,996 4,405</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Feb.</td><td>7/8% Bills Certificate - 2/1/48-B.</td><td>4,410 3,947</td><td>------</td><td>------</td><td>1952</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/48-C. 2% Bond - 3/15/48-50. 2-3/4% Bond - 3/15/48-51.</td><td>2,142 1,115 1,223</td><td>------</td><td>------</td><td>Mar. 2% 2-1/2% Bond - 3/15/50-52. Bond - 3/15/52-54.</td><td>------</td><td>1,963 1,024</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/48-D.</td><td>1,321</td><td>------</td><td>------</td><td>June. 2% 2-1/4% Bond - 6/15/52-54. Bond - 6/15/52-55.</td><td>------</td><td>5,825 1,501</td><td>------</td><td>------</td><td>------</td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/48-E. 1-3/4% Bond - 6/15/48.</td><td>1,777 3,062</td><td>------</td><td>------</td><td>Sept. 2-1/2% 2% Bond - 9/15/50-52. Bond - 9/15/50-52.</td><td>------</td><td>1,186 4,939</td><td>------</td><td>------</td><td>------</td></tr><tr><td>July</td><td>7/8% Certificate - 7/1/48-F. 7/8% Certificate - 7/1/48-G. 7/8% Certificate - 7/1/48-H.</td><td>2,742 1,127 2,209</td><td>------</td><td>------</td><td>Dec. 3-1/8% 2% Bond - 12/15/49-52. Bond - 12/15/52-54.</td><td>------</td><td>491 8,662</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/48. 1-1/2% Note - 9/15/48-A.</td><td>451 3,748</td><td>------</td><td>------</td><td>Total</td><td>------</td><td>17,012 8,579</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Oct.</td><td>1% Note - 10/1/48-B. 1% Certificate - 10/1/48-J. 1% Certificate - 10/1/48-K.</td><td>4,092 1,354 1,467</td><td>------</td><td>------</td><td>1953</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deo.</td><td>2% Bond - 12/15/48-50.</td><td>------ 571</td><td>------</td><td>------</td><td>June. 2% Bond - 6/15/53-55.</td><td>------</td><td>725</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>45,236 571</td><td>------</td><td>------</td><td>Sept. 2% Bond - 9/15/51-53.</td><td>------</td><td>7,986</td><td>------</td><td>------</td><td>------</td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td>Dec. 2-1/2% 2-1/4% Bond - 12/15/49-53. Bond - 12/15/51-53.</td><td>------</td><td>1,786 1,118</td><td>------</td><td>------</td><td>------</td></tr><tr><td>June.</td><td>2% Bond - 6/15/49-51.</td><td>------ 1,014</td><td>------</td><td>------</td><td>Total</td><td>------</td><td>725 10,890</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51.</td><td>------ 1,292</td><td>------</td><td>------</td><td>1954</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deo.</td><td>2% Bond - 12/15/49-51. 3-1/8% Bond - 12/15/49-52. 2-1/2% Bond - 12/15/49-53.</td><td>------ 2,098 491 1,786</td><td>------</td><td>------</td><td>Mar. 2-1/2% Bond - 3/15/52-54.</td><td>------</td><td>1,024</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>6,682</td><td>------</td><td>------</td><td>June. 2-3/4% 2% 2-1/4% Bond - 6/15/51-54. Bond - 6/15/52-54. Bond - 6/15/54-56.</td><td>------</td><td>1,627 5,825 681</td><td>------</td><td>------</td><td>------</td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td>Dec. 2% Bond - 12/15/52-54.</td><td>------</td><td>8,662</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Mar.</td><td>2% Bond - 3/15/50-52.</td><td>------ 1,963</td><td>------</td><td>------</td><td>Total</td><td>------</td><td>681 17,138</td><td>------</td><td>------</td><td>------</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52. 2% Bond - 9/15/50-52.</td><td>------ 1,186 4,939</td><td>------</td><td>------</td><td>1955</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50. 1-1/2% Bond - 12/15/50.</td><td>2,635</td><td>------ 571</td><td>------</td><td>Mar. 2-7/8% Bond - 3/15/55-60.</td><td>------</td><td>2,611</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>2,635 8,088 571</td><td>------</td><td>------</td><td>June. 2-1/4% 2% Bond - 6/15/52-55. Bond - 6/15/53-55.</td><td>------</td><td>1,501 725</td><td>------</td><td>------</td><td>------</td></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td>Sept. 2% Bond - 9/15/51-55.</td><td>------</td><td>755</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>2,635 8,088 571</td><td>------</td><td>------</td><td>Dec. 2% Bond - 12/15/51-55.</td><td>------</td><td>510</td><td>------</td><td>------</td><td>------</td></tr><tr><td></td><td>Total</td><td>2,635 8,088 571</td><td>------</td><td>------</td><td>Total</td><td>------</td><td>2,611 3,491</td><td>------</td><td>------</td><td>------</td></tr></table>
(Continued on following page)
26
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of November 30, 1947 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 1/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Pinal maturity</th><th></th></tr><tr><td>1956</td><td>Mar... 2-1/32 Bond - 3/15/56-58............</td><td>......</td><td>1,449</td><td>......</td><td>......</td></tr><tr><td></td><td>June.. 2-1/46 Bond - 6/15/54-56............</td><td>......</td><td>681</td><td>......</td><td>......</td></tr><tr><td></td><td>Sept.. 2-3/46 Bond - 9/15/56-59............</td><td>......</td><td>982</td><td>......</td><td>......</td></tr><tr><td></td><td>2-1/46 Bond - 9/15/56-59............</td><td>......</td><td>3,823</td><td>......</td><td>......</td></tr><tr><td></td><td>Total........</td><td>......</td><td>6,253</td><td>681</td><td>......</td></tr><tr><td>1958</td><td>Mar... 2-1/32 Bond - 3/15/56-58............</td><td>......</td><td>1,449</td><td>......</td><td>......</td></tr><tr><td></td><td>June.. 2-3/46 Bond - 6/15/58-63............</td><td>......</td><td>919</td><td>......</td><td>......</td></tr><tr><td></td><td>Total........</td><td>......</td><td>919</td><td>1,449</td><td>......</td></tr><tr><td>1959</td><td>June.. 2-1/46 Bond - 6/15/59-62............</td><td>......</td><td>5,284</td><td>......</td><td>6/15/52</td></tr><tr><td></td><td>Sept.. 2-3/46 Bond - 9/15/56-59............</td><td>......</td><td>982</td><td>......</td><td>......</td></tr><tr><td></td><td>2-1/46 Bond - 9/15/56-59............</td><td>......</td><td>3,823</td><td>......</td><td>......</td></tr><tr><td></td><td>Dec... 2-1/46 Bond - 12/15/59-62............</td><td>......</td><td>3,470</td><td>......</td><td>12/15/52</td></tr><tr><td></td><td>Total........</td><td>......</td><td>8,754</td><td>4,804</td><td>......</td></tr><tr><td>1960</td><td>Mar... 2-7/86 Bond - 3/15/55-60............</td><td>......</td><td>2,611</td><td>......</td><td>......</td></tr><tr><td></td><td>Dec... 2-3/46 Bond - 12/15/60-65............</td><td>......</td><td>1,485</td><td>......</td><td>......</td></tr><tr><td></td><td>Total........</td><td>......</td><td>1,485</td><td>2,611</td><td>......</td></tr><tr><td>1961</td><td>June.. 3/ Panama Canal bond - 6/1/61</td><td>50</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1962</td><td>June.. 2-1/46 Bond - 6/15/59-62............</td><td>......</td><td>5,284</td><td>......</td><td>6/15/52</td></tr><tr><td></td><td>2-1/32 Bond - 6/15/62-67............</td><td>......</td><td>2,118</td><td>......</td><td>5/5/52</td></tr><tr><td></td><td>Dec... 2-1/46 Bond - 12/15/59-62............</td><td>......</td><td>3,470</td><td>......</td><td>12/15/52</td></tr><tr><td></td><td>Total........</td><td>......</td><td>2,118</td><td>8,754</td><td>......</td></tr><tr><td>1963</td><td>June.. 2-3/46 Bond - 6/15/58-63............</td><td>......</td><td>919</td><td>......</td><td>......</td></tr><tr><td></td><td>Dec... 2-1/25 Bond - 12/15/63-68............</td><td>......</td><td>2,831</td><td>......</td><td>12/1/52</td></tr><tr><td></td><td>Total........</td><td>......</td><td>2,831</td><td>919</td><td>......</td></tr></table>
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of securities</th><th>Date bank re-stricted issues become eligible 1/</th></tr><tr><th></th><th></th><th>Fixed equity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1964</td><td>June... 2-1/4% Bond - 6/15/64-69......</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/64-69......</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td></tr><tr><td>1965</td><td>Mar... 2-1/4% Bond - 3/15/65-70......</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td></td><td>Dec.... 2-3/4% Bond - 12/15/60-65......</td><td>.....</td><td>.....</td><td>1,485</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td></tr><tr><td>1966</td><td>Mar... 2-1/4% Bond - 3/15/66-71......</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>1967</td><td>June... 2-1/4% Bond - 6/15/62-67......</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/52</td></tr><tr><td></td><td>2-1/4% Bond - 6/15/67-72......</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td></td><td>Sept... 2-1/4% 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 - 12/15/67-72......</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td>.....</td></tr><tr><td>1968</td><td>Dec.... 2-1/4% Bond - 12/15/63-68......</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/52</td></tr><tr><td>1969</td><td>June... 2-1/4% Bond - 6/15/64-69......</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/53</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/64-69......</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td></tr><tr><td>1970</td><td>Mar... 2-1/4% Bond - 3/15/65-70......</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/54</td></tr><tr><td>1971</td><td>Mar... 2-1/4% Bond - 3/15/66-71......</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/54</td></tr><tr><td>1972</td><td>June... 2-1/4% Bond - 6/15/67-72......</td><td>.....</td><td>.....</td><td>7,967</td><td>6/15/62</td></tr><tr><td></td><td>Sept... 2-1/4% Bond - 9/15/67-72......</td><td>.....</td><td>.....</td><td>2,716</td><td>.....</td></tr><tr><td></td><td>Dec.... 2-1/4% Bond - 12/15/67-72......</td><td>.....</td><td>.....</td><td>11,689</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td></tr></table>
1/ Excludes postal earnings 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 "Fricies and Fields
of Government Securities"; for tax status, see chapter on "Owner- ship of Government Securities". 1/ 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".
January 1948
27
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>1/22/45</td><td>2/1/45</td><td>7/6% Certificate - 2/1/46-A</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>7/6% Certificate - 3/1/46-B</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>7/6% Certificate - 4/1/46-C</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>7/6% Certificate - 5/1/46-D</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/ 2-1/4% Bond - 6/15/59-62 5/ 1-1/2% Bond -12/15/50 7/6% Certificate - 6/1/46-E</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>7,967 3/ 5,284 3/ 2,635 3/ 4,799 1/</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-B</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>7/6% Certificate - 8/1/46-7</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>7/6% Certificate - 9/1/46-0</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/ 2-1/4% Bond -12/15/59-62 5/ 7/6% Certificate -12/1/46-E</td><td>27 yr,1 m (22 yr,1 m) 17 yr,1 m (14 yr,1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>- - -</td><td>11,689 1/ 3,470 1/ 3,768 1/</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45</td><td>10/1/45</td><td>7/6% Certificate - 10/1/46-B</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>7/6% Certificate - 11/1/46-J</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>7/6% Certificate - 1/1/47-4</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>7/6% Certificate - 2/1/47-B</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>7/6% Certificate - 3/1/47-C</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>7/6% Certificate - 4/1/47-D</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,620</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/6% Certificate - 6/1/47-E</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,773</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/6% Certificate - 7/1/47-F</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>7/6% Certificate - 8/1/47-G</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,823</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/6% Certificate - 9/1/47-H</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>7/6% Certificate - 10/1/47-I</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>7/6% Certificate - 11/1/47-K</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,773</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/6% Certificate - 12/1/47-L</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>7/6% Certificate - 1/1/48-A</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>7/6% Certificate - 2/1/48-B</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>7/6% Certificate - 3/1/48-C</td><td>1 yr</td><td>-</td><td>2,991</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/6% Certificate - 4/1/48-D</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>7/6% Certificate - 6/1/48-E</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>7/6% 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>7/6% Certificate - 7/1/48-G</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>7/6% Certificate - 7/1/48-H</td><td>10 m</td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/2/47</td><td>9/15/47</td><td>.16% Note - 10/1/48-B</td><td>12% m</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>1-1/6% Note - 1/1/49-A</td><td>1 yr 1 m</td><td>-</td><td>3,535</td><td>-</td><td>3,535</td><td>100</td></tr><tr><td>12/19/47</td><td>1/1/48</td><td>1-1/6% Certificate - 1/1/49-A</td><td>1 yr</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.a. Not available.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of War loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
4/ Bank restricted issued. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue.
2
Treasury Bulletin
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</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>Increased</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>8/1/45</td><td>7/6% Certificate - 8/1/45-I.</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>7/6% Certificate - 8/1/46-I</td></tr><tr><td>9/1/45</td><td>7/8% Certificate - 9/1/45-I. 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>7/6% Certificate - 9/1/46-O</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>7/6% Certificate - 10/1/45-O.</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>7/6% Certificate - 10/1/46-I</td></tr><tr><td>12/1/45</td><td>7/6% Certificate - 12/1/45-I. 3/4% Treas. note - 12/15/45-B. 2-1/2% Treas. bond - 12/19/45....</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>7/6% Certificate - 11/1/46-J</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-C.</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>7/6% Certificate - 1/1/47-A</td></tr><tr><td>2/1/46</td><td>7/6% Certificate - 2/1/46-A.</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>7/6% Certificate - 2/1/47-B</td></tr><tr><td>3/1/46</td><td>7/6% Certificate - 3/1/46-B.</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>7/6% Certificate - 3/1/47-O</td></tr><tr><td>3/15/46</td><td>3-3/4% Treas. bond - 3/15/46-56. 1% Treas. note - 3/15/46-A.</td><td>3/15/26 11/1/41</td><td>489 1,291</td><td>439 1,291</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/46</td><td>7/6% Certificate - 4/1/46-C.</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>7/6% Certificate - 4/1/47-D</td></tr><tr><td>5/1/46</td><td>7/6% Certificate - 5/1/46-D.</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>7/6% Certificate - 6/1/46-B.</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>7/6% Certificate - 6/1/47-I</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-B.</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>7/6% Certificate - 7/1/47-I</td></tr><tr><td>8/1/46</td><td>7/6% Certificate - 8/1/46-I.</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>7/6% Certificate - 8/1/47-O</td></tr><tr><td>9/1/46</td><td>7/6% Certificate - 9/1/46-B.</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>7/6% Certificate - 9/1/47-B</td></tr><tr><td>10/1/46</td><td>7/6% Certificate - 10/1/46-I.</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>7/6% Certificate - 10/1/47-J</td></tr><tr><td>11/1/46</td><td>7/6% Certificate - 11/1/46-J.</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>7/6% Certificate - 11/1/47-I</td></tr><tr><td>12/1/46</td><td>7/6% Certificate - 12/1/46-I.</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>7/6% Certificate - 12/1/47-L</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46-B.</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....</td><td>1/1/17</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/47</td><td>7/6% Certificate - 1/1/47-A.</td><td>1/1/46</td><td>3,330</td><td>-</td><td>3,330</td><td>3,134</td><td>196</td><td>94</td><td>7/6% Certificate - 1/1/48-A</td></tr><tr><td>2/1/47</td><td>7/6% Certificate - 2/1/47-B.</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>7/6% Certificate - 2/1/48-B</td></tr><tr><td>3/1/47</td><td>7/6% Certificate - 3/1/47-C.</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>7/6% Certificate - 3/1/48-C</td></tr><tr><td>3/15/47</td><td>1-1/4% Treas. note - 3/15/47-B.</td><td>6/26/44</td><td>1,948</td><td>1,948</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/47</td><td>7/6% Certificate - 4/1/47-D.</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>7/6% Certificate - 4/1/48-D</td></tr><tr><td>6/1/47</td><td>7/6% Certificate - 6/1/47-I.</td><td>6/1/46</td><td>2,775</td><td>938</td><td>1,777</td><td>1,777</td><td>-</td><td>2/</td><td>7/6% Certificate - 6/1/48-I</td></tr><tr><td>7/1/47</td><td>7/6% Certificate - 7/1/47-I.</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>7/6% Certificate - 7/1/48-I</td></tr><tr><td>8/1/47</td><td>7/6% Certificate - 8/1/47-O.</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>7/6% Certificate - 7/1/48-O</td></tr><tr><td>9/1/47</td><td>7/6% Certificate - 9/1/47-B.</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>7/6% Certificate - 7/1/48-B</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47-A. 1-1/4% Treas. note - 9/15/47-C.</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-B</td></tr><tr><td>10/1/47</td><td>7/6% Certificate - 10/1/47-J.</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-J</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>7/6% Certificate - 11/1/47-I.</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,451</td><td>308</td><td>83</td><td>1% Certificate - 10/1/48-I</td></tr><tr><td>12/1/47</td><td>7/6% Certificate - 12/1/47-I.</td><td>12/1/46</td><td>3,281</td><td>-</td><td>3,281</td><td>2,908</td><td>373</td><td>89</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td>12/1/47</td><td>2% Bond - 12/15/47....</td><td>12/15/38</td><td>701</td><td>-</td><td>701</td><td>627</td><td>74</td><td>89</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>3,539</td><td>447</td><td>89</td><td></td></tr><tr><td>1/1/48</td><td>7/6% Certificate - 1/1/48-A.</td><td>1/1/47</td><td>3,134</td><td>-</td><td>3,134</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1-1/6% Certificate - 1/1/49-A</td></tr></table>
Sources: Bureau of the Public Debt.
No a. Not available.
1/ Original call and maturity dates are used.
2/ Prior to the refunding operation of March 1, 1946, maturing issues were either paid off in full or the holders were given the privilege
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.
January 1948
29
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Accounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="7">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th>In exchange</th><th></th><th></th></tr><tr><td>1947-June 5.........</td><td>1947-Sept. 4.........</td><td>91</td><td>1,879.9</td><td>1,307.4</td><td>1,293.0</td><td>14.4</td><td>799.4</td><td>1,315.5</td><td>15,993.8</td></tr><tr><td>June 12.........</td><td>Sept. 11.........</td><td>91</td><td>1,943.1</td><td>1,303.2</td><td>1,285.9</td><td>17.3</td><td>762.8</td><td>1,306.5</td><td>15,990.5</td></tr><tr><td>June 19.........</td><td>Sept. 18.........</td><td>91</td><td>1,961.0</td><td>1,305.4</td><td>1,288.3</td><td>17.0</td><td>761.7</td><td>1,316.6</td><td>15,979.3</td></tr><tr><td>June 26.........</td><td>Sept. 25.........</td><td>91</td><td>1,816.7</td><td>1,103.7</td><td>1,087.1</td><td>16.5</td><td>604.3</td><td>1,308.0</td><td>15,775.0</td></tr><tr><td>July 3.........</td><td>Oct. 2.........</td><td>91</td><td>1,841.3</td><td>1,302.7</td><td>1,288.8</td><td>13.9</td><td>810.4</td><td>1,303.2</td><td>15,774.4</td></tr><tr><td>July 10.........</td><td>Oct. 9.........</td><td>91</td><td>1,661.9</td><td>1,300.0</td><td>1,286.2</td><td>13.9</td><td>1,141.4</td><td>1,314.5</td><td>15,760.0</td></tr><tr><td>July 17.........</td><td>Oct. 16.........</td><td>91</td><td>1,552.3</td><td>1,101.8</td><td>1,086.6</td><td>15.2</td><td>830.3</td><td>1,108.4</td><td>15,753.4</td></tr><tr><td>July 24.........</td><td>Oct. 23.........</td><td>91</td><td>1,601.0</td><td>1,101.5</td><td>1,083.6</td><td>17.8</td><td>846.2</td><td>1,100.4</td><td>15,754.4</td></tr><tr><td>July 31.........</td><td>Oct. 30.........</td><td>91</td><td>1,671.4</td><td>1,101.9</td><td>1,082.2</td><td>19.7</td><td>867.8</td><td>1,099.9</td><td>15,756.5</td></tr><tr><td>Aug. 7.........</td><td>Nov. 6.........</td><td>91</td><td>1,601.8</td><td>1,103.2</td><td>1,083.3</td><td>19.9</td><td>878.2</td><td>1,111.6</td><td>15,743.1</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>15,741.7</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><tr><td>Nov. 6.........</td><td>Feb. 5.........</td><td>91</td><td>1,404.3</td><td>1,001.9</td><td>969.9</td><td>32.0</td><td>748.8</td><td>1,103.2</td><td>15,630.6</td></tr><tr><td>Nov. 13.........</td><td>Feb. 13.........</td><td>92</td><td>1,555.5</td><td>1,103.6</td><td>1,065.9</td><td>37.6</td><td>846.9</td><td>1,201.4</td><td>15,532.8</td></tr><tr><td>Nov. 20.........</td><td>Feb. 19.........</td><td>91</td><td>1,538.0</td><td>1,102.4</td><td>1,058.9</td><td>43.5</td><td>884.0</td><td>1,201.2</td><td>15,434.0</td></tr><tr><td>Nov. 28.........</td><td>Feb. 26.........</td><td>90</td><td>1,606.9</td><td>1,202.7</td><td>1,164.3</td><td>38.5</td><td>1,110.8</td><td>1,301.7</td><td>15,334.9</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
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-June 5.</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>June 12.</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>June 19.</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>June 26.</td><td>99.905</td><td>0.376</td><td>99.906</td><td>0.372</td><td>99.905</td><td>0.376</td></tr><tr><td>July 3.</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 10.</td><td>99.850</td><td>0.594</td><td>99.906</td><td>0.372</td><td>99.811</td><td>0.748</td></tr><tr><td>July 17.</td><td>99.814</td><td>0.737</td><td>99.906</td><td>0.372</td><td>99.810</td><td>0.752</td></tr><tr><td>July 24.</td><td>99.813</td><td>0.740</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr><tr><td>July 31.</td><td>99.813</td><td>0.740</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 7.</td><td>99.813</td><td>0.740</td><td>99.874</td><td>0.498</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 14.</td><td>99.813</td><td>0.741</td><td>99.905</td><td>0.376</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 21.</td><td>99.813</td><td>0.741</td><td>99.825 2/</td><td>0.692</td><td>99.810</td><td>0.752</td></tr><tr><td>Aug. 28.</td><td>99.808</td><td>0.752</td><td>99.825</td><td>0.685</td><td>99.805</td><td>0.763</td></tr><tr><td>Sept. 4.</td><td>99.806</td><td>0.766</td><td>99.815 3/</td><td>0.732</td><td>99.804</td><td>0.775</td></tr><tr><td>Sept. 11.</td><td>99.801</td><td>0.789</td><td>99.815 4/</td><td>0.732</td><td>99.798</td><td>0.799</td></tr><tr><td>Sept. 18.</td><td>99.797</td><td>0.802</td><td>99.812 5/</td><td>0.744</td><td>99.795</td><td>0.811</td></tr><tr><td>Sept. 25.</td><td>99.793</td><td>0.808</td><td>99.815 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 7/</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><tr><td>Nov. 6.</td><td>99.774</td><td>0.895</td><td>99.782</td><td>0.862</td><td>99.772</td><td>0.902</td></tr><tr><td>Nov. 13.</td><td>99.767</td><td>0.912</td><td>99.782</td><td>0.853</td><td>99.765</td><td>0.920</td></tr><tr><td>Nov. 20.</td><td>99.765</td><td>0.932</td><td>99.787 9/</td><td>0.843</td><td>99.763</td><td>0.938</td></tr><tr><td>Nov. 28.</td><td>99.765</td><td>0.940</td><td>99.780</td><td>0.880</td><td>99.764</td><td>0.944</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.
9/ Except $50,000 at 99.813 and $40,000 at 99.905.
30
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Series A-D were sold from March 1935 to April 1941. Series E, F, and G bonds have been on sale since May 1, 1941. For information on the terms and conditions of these bonds, see "Treasury Bulletin" issues for December 1947, page 71, and October 1975, pages A-4 and A-5. Sales and redemptions data by States are published at the end of each calendar and each fiscal year after June 30, 1947. Sales by denominations are published quarterly after September 30, 1947.
the following tablse sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of Series G outstanding are quoted at par. Matured bonds which have been redeemed 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.
Table 1.- Summary of Sales and Redemptions, by Series Cumulative to November 30, 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 colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></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>441</td><td>22</td><td>-</td><td>3/</td></tr><tr><td>Series C</td><td>1,010</td><td>246</td><td>1,256</td><td>621</td><td>-</td><td>635</td><td>49.46</td></tr><tr><td>Series D</td><td>2,365</td><td>407</td><td>2,772</td><td>540</td><td>-</td><td>2,232</td><td>19.48</td></tr><tr><td>Series E</td><td>47,905</td><td>1,620</td><td>49,525</td><td>18,593</td><td>-</td><td>30,932</td><td>37.54</td></tr><tr><td>Series F</td><td>3,615</td><td>133</td><td>3,748</td><td>600</td><td>-</td><td>3,147</td><td>16.02</td></tr><tr><td>Series O</td><td>16,519</td><td>-</td><td>16,519</td><td>1,457</td><td>-</td><td>15,062</td><td>8.82</td></tr><tr><td>Total, Series A-O</td><td>71,988</td><td>2,550</td><td>74,538</td><td>22,500</td><td>31</td><td>52,008</td><td>1/</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. Beginning with June 1947, Series X 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
2/ June 1947, it was possible to distribute by series all sales reported as unclassified in the Daily Treasury Statement. Series B redemptions include small amounts of unclassified Series A-D redemptions beginning with October 1944, and small amounts also of unclassified F and G redemptions, beginning with June 1947. 
1/ Not calculated for matured series.
Table 2.- History of Sales and Redemptions, All Series Combined
<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 colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing-debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>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><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-January</td><td>952</td><td>74</td><td>1,026</td><td>483</td><td>453</td><td>30</td><td>94</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>n.a.</td><td>n.a.</td><td>37</td><td>51,552</td><td>.89</td></tr><tr><td>August</td><td>460</td><td>54</td><td>514</td><td>404</td><td>n.a.</td><td>n.a.</td><td>35</td><td>51,664</td><td>.78</td></tr><tr><td>September</td><td>466</td><td>58</td><td>525</td><td>431</td><td>n.a.</td><td>n.a.</td><td>34</td><td>51,759</td><td>.81</td></tr><tr><td>October</td><td>488</td><td>52</td><td>540</td><td>404</td><td>n.a.</td><td>n.a.</td><td>32</td><td>51,897</td><td>.78</td></tr><tr><td>November</td><td>412</td><td>56</td><td>467</td><td>357</td><td>n.a.</td><td>n.a.</td><td>31</td><td>52,008</td><td>.69</td></tr><tr><td>Total inception to November 30, 1947</td><td>71,988</td><td>2,550</td><td>74,538</td><td>22,500</td><td>n.a.</td><td>n.a.</td><td>31</td><td>52,008</td><td>-</td></tr></table>
Sources: Daily Treasury Statement. n.a. Not available.
See footnotes to Table 1.
January 1948
31
Sales and Redemptions of United States Savings Bonds Table 3.- History of Sales and Redemptions, by Series
<table><tr><th>Period</th><th>Series I/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>11,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,624</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>4,954</td><td>109</td><td>48,398</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>Months: 1947-January</td><td>952</td><td>58</td><td>1,009</td><td>395</td><td>386</td><td>9</td><td>47,243</td><td>.84</td></tr><tr><td>February</td><td>712</td><td>43</td><td>755</td><td>349</td><td>341</td><td>8</td><td>47,649</td><td>.73</td></tr><tr><td>March</td><td>616</td><td>48</td><td>664</td><td>405</td><td>396</td><td>10</td><td>47,908</td><td>.85</td></tr><tr><td>April</td><td>572</td><td>44</td><td>616</td><td>416</td><td>406</td><td>10</td><td>48,107</td><td>.87</td></tr><tr><td>May</td><td>488</td><td>46</td><td>534</td><td>389</td><td>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.e.</td><td>n.e.</td><td>48,601</td><td>.86</td></tr><tr><td>August</td><td>460</td><td>45</td><td>505</td><td>372</td><td>n.a.</td><td>n.a.</td><td>48,734</td><td>.76</td></tr><tr><td>September</td><td>466</td><td>51</td><td>517</td><td>403</td><td>n.a.</td><td>n.a.</td><td>48,848</td><td>.82</td></tr><tr><td>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>November</td><td>412</td><td>50</td><td>462</td><td>331</td><td>n.a.</td><td>n.a.</td><td>49,141</td><td>.67</td></tr><tr><td>Total, inception to November 30, 1947</td><td>68,039</td><td>1,753</td><td>69,792</td><td>20,651</td><td>n.a.</td><td>n.a.</td><td>49,141</td><td>-</td></tr><tr><td colspan="9">Series B</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</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><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</td><td>-</td></tr><tr><td>Months: 1947-January</td><td>535</td><td>52</td><td>587</td><td>342</td><td>334</td><td>c</td><td>30,507</td><td>1.12</td></tr><tr><td>February</td><td>394</td><td>40</td><td>433</td><td>290</td><td>282</td><td>7</td><td>30,651</td><td>.95</td></tr><tr><td>March</td><td>372</td><td>45</td><td>416</td><td>342</td><td>333</td><td>9</td><td>30,725</td><td>1.11</td></tr><tr><td>April</td><td>349</td><td>40</td><td>389</td><td>365</td><td>355</td><td>10</td><td>30,749</td><td>1.19</td></tr><tr><td>May</td><td>305</td><td>42</td><td>347</td><td>329</td><td>320</td><td>9</td><td>30,767</td><td>1.07</td></tr><tr><td>June</td><td>301</td><td>61</td><td>362</td><td>338</td><td>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.s.</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>November</td><td>263</td><td>46</td><td>309</td><td>271</td><td>n.a.</td><td>n.a.</td><td>30,932</td><td>.88</td></tr><tr><td>Total, inception to November 30, 1947</td><td>47,905</td><td>1,620</td><td>49,525</td><td>18,593</td><td>n.a.</td><td>n.a.</td><td>30,932</td><td>-</td></tr></table>
(Continued on following page)
32
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 3.- History of Sales and Redemptions, by Series - (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>
Series 1
<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>67</td><td>-</td><td>67</td><td>-</td><td>-</td><td>67</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>-</td><td>435</td><td>3</td><td>3</td><td>499</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>1,242</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>1,996</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>2,604</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>2,895</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>3,099</td><td>-</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>-</td><td>-</td><td>207</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>854</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>1,569</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>2,278</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>2,793</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>2,969</td><td>-</td><td>-</td></tr><tr><th>Month:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1947-January</td><td>53</td><td>6</td><td>59</td><td>14</td><td>14</td><td>3,013</td><td>-</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>3,034</td><td>1</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>3,052</td><td>1</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>3,074</td><td>-</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>3,088</td><td>1</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>3,099</td><td>1</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>3,115</td><td>n.a.</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>3,123</td><td>n.a.</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>3,130</td><td>n.a.</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>3,142</td><td>n.a.</td><td>.45</td></tr><tr><td>November</td><td>17</td><td>4</td><td>21</td><td>16</td><td>n.a.</td><td>3,147</td><td>n.a.</td><td>.50</td></tr><tr><td>Total, inception to November 30, 1947</td><td>3,615</td><td>133</td><td>3,748</td><td>600</td><td>n.a.</td><td>3,147</td><td>n.a.</td><td>-</td></tr></table>
Series 0
<table><tr><td>Decimal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>194</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,114</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>148</td><td>148</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>169</td><td>169</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>1426</td><td>1426</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>14,198</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>November</td><td>131</td><td>-</td><td>131</td><td>44</td><td>44</td><td>-</td><td>15,062</td><td>.29</td></tr><tr><td>Total, inception to November 30, 1947</td><td>16,519</td><td>-</td><td>16,519</td><td>1,457</td><td>1,457</td><td>-</td><td>15,062</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available.
Less than $500,000. See footnotes to table 1.
January 1948
33
Sales and Redemptions of Treasury Savings Notes
Treasury savings notes have been 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 on continuous sale since September 14, 1942. For details concerning terms and conditions, investment yields, and tax payment or redemption values of series C notes, see "Treasury Bulletin" for October 1945, pages A-4 and A-5. For similar information regarding series A and B notes, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220. 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.
In the following tables, sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (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.
Table 1.- Summary of Sales and Redemptions, by Series, Cumulative to November 30, 1947
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>403</td><td>65 1/2</td><td>338</td><td>4</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,943</td><td>182 1/2</td><td>4,761</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>31,046</td><td>25,496</td><td>6,420</td><td>19,076</td><td>16</td><td>5,534</td></tr><tr><td>Total</td><td>36,397</td><td>30,842</td><td>6,668</td><td>24,174</td><td>21</td><td>5,534</td></tr></table>
Source: Daily Treasury Statement. 1/ Include exchanges.
Table 2.- History of Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th>Total</th><th>Redemptions For cash</th><th>For taxes</th><th>Amount outstanding 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>202</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>5,662</td></tr><tr><td>September</td><td>171</td><td>284</td><td>82</td><td>202</td><td>18</td><td>5,531</td></tr><tr><td>October</td><td>215</td><td>129</td><td>81</td><td>48</td><td>17</td><td>5,618</td></tr><tr><td>November</td><td>177</td><td>262</td><td>233</td><td>28</td><td>16</td><td>5,534</td></tr></table>
Source: Daily Treasury Statement.
34
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
January 1948
35
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="7">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="4">U. S. Government agencies and trust funds 2/</th><th colspan="2">Federal Reserve Banks</th><th colspan="2">Private investors 2/ 3/</th><th rowspan="2">Total amount outstanding</th><th colspan="2">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="2">Private investors 2/ 3/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues 4/</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable 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>3,170</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1947</td><td>255,113</td><td>32,809</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>201,208</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>33,935</td><td>4,352</td><td>136</td><td>29,447</td><td>22,168</td><td>200,167</td><td>140,589</td><td>59,578</td><td>78</td><td>-</td><td>-</td><td>33</td><td>45</td></tr><tr><td>Nov</td><td>255,591</td><td>34,225 p</td><td>4,573 p</td><td>136 p</td><td>29,517</td><td>22,209</td><td>199,157 p</td><td>139,623 p</td><td>59,534 p</td><td>83</td><td>-</td><td>-</td><td>33</td><td>51</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks.
p Preliminary.
* Less than $500,000.
1/ Excludes obligations held by the Treasury.
2/ Holdings by Federal land banks are included under "Private investors" instead of "U. S. Government agencies and trust funds" beginning with June 30, 1947, since the proprietary interest of the United States in those banks was ended June 26, 1947, with
the repayment of the last of its investment. On May 31, 1947, the Federal land banks held $134 million of securities issued or guaranteed by the United States.
3/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
4/ Includes United States savings bonds, Series A-F at maturity value.
5/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
36
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Per values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/ 6/</th><th>State and local governments 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>75.5</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>27.1</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>62.9 r</td><td>25.4</td><td>11.7</td><td>23.5 r</td><td>6.4 r</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>63.6 r</td><td>25.3</td><td>11.8</td><td>22.1 r</td><td>6.3 r</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>64.4 r</td><td>25.4</td><td>11.9</td><td>21.6 r</td><td>6.4 r</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>64.9 r</td><td>25.4</td><td>12.0</td><td>21.9 r</td><td>6.4 r</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>65.4 r</td><td>25.1</td><td>12.0</td><td>21.1 r</td><td>6.7 r</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>65.7 r</td><td>25.1</td><td>12.0</td><td>19.8 r</td><td>6.9 r</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>66.9 r</td><td>25.2</td><td>12.0</td><td>20.2 r</td><td>7.0 r</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>66.1 r</td><td>25.0</td><td>12.1</td><td>20.1 r</td><td>7.1 r</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>66.4 r</td><td>25.0</td><td>12.2</td><td>20.4 r</td><td>7.1 r</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>66.6 r</td><td>24.9</td><td>12.2</td><td>20.7 r</td><td>7.2 r</td><td>33.7</td></tr><tr><td>September</td><td>256.2</td><td>92.2</td><td>69.8</td><td>22.3</td><td>164.0</td><td>65.7</td><td>24.7</td><td>12.1</td><td>20.4</td><td>7.1</td><td>33.9</td></tr><tr><td>October p....</td><td>256.3</td><td>92.0</td><td>69.8</td><td>22.2</td><td>164.4</td><td>65.7</td><td>24.9</td><td>12.2</td><td>20.4</td><td>7.2</td><td>33.9</td></tr></table>
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.
1/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and
6/1/ See footnote 2 on preceding page. Comprises trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions. Preliminary. Revised.
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>-.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-1.2</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>-12.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-61.8</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>221.0</td><td>-</td></tr></table>
Less than $50,000.
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
January 1948
37
Treasury Survey of Ownership of Securities Issued by the United States and by Federal Agencies, October 31, 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
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,303 commercial banks 2/</th><th>33 stock savings banks</th><th>541 mutual savings banks</th><th>310 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</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>167,142</td><td>62,078</td><td>451</td><td>11,769</td><td>20,118</td><td>3,327</td><td>26,520</td><td>42,878</td></tr><tr><td>Nonmarketable 4/</td><td>59,759</td><td>1,369</td><td>1</td><td>410</td><td>428</td><td>270</td><td>135</td><td>57,087</td></tr><tr><td>Total public securities</td><td>226,900</td><td>63,446</td><td>466</td><td>12,180</td><td>20,545</td><td>3,598</td><td>26,655</td><td>99,965</td></tr><tr><td>Special issues</td><td>29,447</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,447</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>256,348</td><td>63,446</td><td>466</td><td>12,180</td><td>20,545</td><td>3,598</td><td>56,102</td><td>99,965</td></tr></table>
(In millions of dollars)
Footnotes at end of Section II.
Table 2.- Summary of Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,303 commercial banks 2/</th><th>33 stock saving banks</th><th>541 mutual saving banks</th><th>310 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td><b>Type of security:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>15,732</td><td>1,066</td><td>1</td><td>7</td><td>16</td><td>10</td><td>13,583</td><td>1,050</td></tr><tr><td>Certificates of indebtedness</td><td>24,808</td><td>7,678</td><td>9</td><td>213</td><td>82</td><td>217</td><td>7,128</td><td>9,481</td></tr><tr><td>Treasury notes</td><td>7,840</td><td>4,437</td><td>15</td><td>81</td><td>10</td><td>153</td><td>814</td><td>2,330</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,927</td><td>47,571</td><td>213</td><td>2,753</td><td>3,251</td><td>1,387</td><td>1,572</td><td>12,180</td></tr><tr><td>Treasury bonds - bank restricted 6/</td><td>49,636</td><td>1,303</td><td>211</td><td>8,712</td><td>16,746</td><td>1,559</td><td>3,387</td><td>17,719</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>33</td><td>10</td><td>2</td><td>4</td><td>13</td><td>1</td><td>*</td><td>3</td></tr><tr><td><b>Total</b></td><td><b>167,142</b></td><td><b>62,078</b></td><td><b>451</b></td><td><b>11,769</b></td><td><b>20,118</b></td><td><b>3,327</b></td><td><b>26,520</b></td><td><b>42,878</b></td></tr><tr><td><b>Call classes:</b></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>55,048</td><td>17,682</td><td>32</td><td>495</td><td>151</td><td>498</td><td>21,773</td><td>14,417</td></tr><tr><td>1 to 5 years</td><td>38,323</td><td>27,197</td><td>87</td><td>1,424</td><td>1,805</td><td>663</td><td>760</td><td>6,386</td></tr><tr><td>5 to 10 years</td><td>18,932</td><td>12,038</td><td>96</td><td>1,077</td><td>1,218</td><td>464</td><td>419</td><td>3,620</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,291</td><td>93</td><td>2,938</td><td>2,010</td><td>800</td><td>458</td><td>4,736</td></tr><tr><td>15 to 20 years</td><td>29,792</td><td>2,200</td><td>100</td><td>4,244</td><td>12,059</td><td>576</td><td>2,452</td><td>8,160</td></tr><tr><td>Over 20 years</td><td>11,689</td><td>661</td><td>42</td><td>1,588</td><td>2,860</td><td>326</td><td>657</td><td>5,555</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>33</td><td>10</td><td>2</td><td>4</td><td>13</td><td>1</td><td>*</td><td>3</td></tr><tr><td><b>Total</b></td><td><b>167,142</b></td><td><b>62,078</b></td><td><b>451</b></td><td><b>11,769</b></td><td><b>20,118</b></td><td><b>3,327</b></td><td><b>26,520</b></td><td><b>42,878</b></td></tr><tr><td><b>Tax status:</b> 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>17,313</td><td>13,153</td><td>91</td><td>95</td><td>27</td><td>546</td><td>1,068</td><td>2,334</td></tr><tr><td>Subject to Federal income taxes 8/</td><td>149,664</td><td>48,912</td><td>361</td><td>11,675</td><td>20,090</td><td>2,782</td><td>25,415</td><td>40,430</td></tr><tr><td><b>Total</b></td><td><b>167,142</b></td><td><b>62,078</b></td><td><b>451</b></td><td><b>11,769</b></td><td><b>20,118</b></td><td><b>3,327</b></td><td><b>26,520</b></td><td><b>42,878</b></td></tr></table>
Footnotes at end of Section II.
38
Treasury Bulletin
Treasury Survey of Ownership, October 31, 1947: Section I - Securities Issued or Guaranteed
by the United States
Table 3.- Public Marketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Items (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="6">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>7,303 commercial banks 2/</th><th>33 stock savings banks</th><th>541 mutual savings banks</th><th>310 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>15,732</td><td>1,066</td><td>1</td><td>7</td><td>16</td><td>10</td><td>13,583</td><td>1,050</td></tr><tr><td>Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8/ November 1947-I.....(taxable)</td><td>1,775</td><td>710</td><td></td><td>11</td><td>8</td><td>20</td><td>210</td><td>816</td></tr><tr><td>7/8/ December 1947-L.....(taxable)</td><td>3,281</td><td>820</td><td></td><td>23</td><td>8</td><td>33</td><td>145</td><td>2,252</td></tr><tr><td>7/8/ January 1948-A.....(taxable)</td><td>3,134</td><td>1,340</td><td></td><td>31</td><td>2</td><td>37</td><td>762</td><td>961</td></tr><tr><td>7/8/ February 1948-B.....(taxable)</td><td>3,947</td><td>1,021</td><td>2</td><td>34</td><td>45</td><td>30</td><td>1,731</td><td>1,083</td></tr><tr><td>7/8/ March 1948-C.....(taxable)</td><td>2,142</td><td>878</td><td>2</td><td>41</td><td>2</td><td>20</td><td>400</td><td>799</td></tr><tr><td>7/8/ April 1948-D.....(taxable)</td><td>1,321</td><td>442</td><td>1</td><td>10</td><td>1</td><td>7</td><td>270</td><td>590</td></tr><tr><td>7/8/ June 1948-E.....(taxable)</td><td>1,777</td><td>380</td><td>1</td><td>14</td><td>4</td><td>13</td><td>487</td><td>879</td></tr><tr><td>7/8/ July 1948-F.....(taxable)</td><td>2,742</td><td>653</td><td>1</td><td>17</td><td>4</td><td>20</td><td>1,430</td><td>616</td></tr><tr><td>7/8/ July 1948-G.....(taxable)</td><td>1,127</td><td>306</td><td></td><td>3</td><td>2</td><td>5</td><td>526</td><td>285</td></tr><tr><td>7/8/ July 1948-H.....(taxable)</td><td>2,209</td><td>466</td><td>1</td><td>7</td><td>3</td><td>13</td><td>1,057</td><td>662</td></tr><tr><td>15 October 1948-J.....(taxable)</td><td>1,354</td><td>661</td><td>1</td><td>22</td><td>3</td><td>19</td><td>111</td><td>538</td></tr><tr><td>Total certificates of indebtedness</td><td>24,808</td><td>7,678</td><td>9</td><td>213</td><td>82</td><td>217</td><td>7,128</td><td>9,481</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2 September 1948.....(taxable)</td><td>3,748</td><td>2,283</td><td>7</td><td>43</td><td>3</td><td>67</td><td>390</td><td>953</td></tr><tr><td>15 October 1948.....(taxable)</td><td>4,092</td><td>2,154</td><td>8</td><td>38</td><td>6</td><td>86</td><td>423</td><td>1,377</td></tr><tr><td>Total Treasury notes</td><td>7,840</td><td>4,437</td><td>15</td><td>81</td><td>10</td><td>153</td><td>814</td><td>2,330</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>28 December 1947.....(partially)</td><td>701</td><td>519</td><td>1</td><td>2</td><td>-</td><td>19</td><td></td><td>160</td></tr><tr><td>28 March 1948-50.....(taxable)</td><td>1,115</td><td>707</td><td>1</td><td>84</td><td>5</td><td>15</td><td>40</td><td>204</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>1,223</td><td>901</td><td>2</td><td>19</td><td>4</td><td>28</td><td>147</td><td>123</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>3,062</td><td>1,992</td><td>3</td><td>85</td><td>34</td><td>46</td><td>25</td><td>876</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>9</td><td></td><td>66</td></tr><tr><td>28 December 1948-50.....(partially)</td><td>571</td><td>463</td><td>1</td><td>1</td><td></td><td>15</td><td>19</td><td>73</td></tr><tr><td>28 June 1949-51.....(taxable)</td><td>1,014</td><td>745</td><td>1</td><td>60</td><td>41</td><td>9</td><td>8</td><td>150</td></tr><tr><td>28 September 1949-51.....(taxable)</td><td>1,292</td><td>1,037</td><td>1</td><td>42</td><td>34</td><td>18</td><td>1</td><td>159</td></tr><tr><td>28 December 1949-51.....(taxable)</td><td>2,098</td><td>1,555</td><td>5</td><td>58</td><td>95</td><td>29</td><td>1</td><td>355</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>491</td><td>367</td><td>1</td><td>3</td><td>11</td><td>13</td><td>38</td><td>58</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,786</td><td>1,387</td><td>3</td><td>5</td><td>2</td><td>34</td><td>165</td><td>190</td></tr><tr><td>28 March 1950-52.....(taxable)</td><td>1,963</td><td>1,483</td><td>4</td><td>63</td><td>157</td><td>31</td><td>3</td><td>217</td></tr><tr><td>2-1/2% September 1950-52.....(taxable)</td><td>4,939</td><td>3,306</td><td>9</td><td>154</td><td>348</td><td>79</td><td>31</td><td>1,005</td></tr><tr><td>1-1/2% December 1950-52.....(taxable)</td><td>1,186</td><td>1,022</td><td></td><td>8</td><td>1</td><td>37</td><td>92</td><td>26</td></tr><tr><td>1-1/2% December 1950.....(taxable)</td><td>2,635</td><td>1,632</td><td>2</td><td>19</td><td></td><td>37</td><td></td><td>946</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>1,627</td><td>1,277</td><td>10</td><td>7</td><td>1</td><td>36</td><td>132</td><td>163</td></tr><tr><td>28 September 1951-53.....(taxable)</td><td>7,986</td><td>5,470</td><td>22</td><td>395</td><td>486</td><td>130</td><td>30</td><td>1,452</td></tr><tr><td>3% September 1951-55.....(partially)</td><td>755</td><td>450</td><td>1</td><td>4</td><td></td><td>29</td><td>68</td><td>204</td></tr><tr><td>28 December 1951-55.....(taxable)</td><td>510</td><td>381</td><td>2</td><td>11</td><td>23</td><td>11</td><td></td><td>83</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>1,118</td><td>952</td><td>1</td><td></td><td></td><td>26</td><td>74</td><td>54</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>1,024</td><td>567</td><td>1</td><td>202</td><td>37</td><td>14</td><td>35</td><td>168</td></tr><tr><td>28 June 1952-54.....(taxable)</td><td>5,825</td><td>4,154</td><td>19</td><td>243</td><td>391</td><td>88</td><td>4</td><td>920</td></tr><tr><td>28 December 1952-54.....(taxable)</td><td>8,662</td><td>5,939</td><td>24</td><td>431</td><td>562</td><td>150</td><td>8</td><td>1,547</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>1,501</td><td>934</td><td>2</td><td>144</td><td>175</td><td>29</td><td>53</td><td>194</td></tr><tr><td>28 June 1953-55.....(partially)</td><td>725</td><td>654</td><td></td><td></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>583</td><td>2</td><td>1</td><td>1</td><td>30</td><td>3</td><td>56</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>2,611</td><td>1,576</td><td>31</td><td>4</td><td>2</td><td>79</td><td>174</td><td>745</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>1,449</td><td>765</td><td>9</td><td>87</td><td>342</td><td>14</td><td>36</td><td>197</td></tr><tr><td>2-1/4% September 1956-59.....(partially)</td><td>982</td><td>751</td><td>16</td><td>28</td><td>1</td><td>46</td><td>49</td><td>90</td></tr><tr><td>2-1/4% September 1956-59.....(taxable)</td><td>3,823</td><td>1,755</td><td>13</td><td>526</td><td>310</td><td>122</td><td>134</td><td>952</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>919</td><td>722</td><td>12</td><td>5</td><td>1</td><td>50</td><td>43</td><td>86</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>73</td><td>50</td><td>206</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>2,716</td><td>1,981</td><td>3</td><td>49</td><td>182</td><td>21</td><td>88</td><td>392</td></tr><tr><td>Total bank eligible</td><td>68,927</td><td>47,571</td><td>213</td><td>2,753</td><td>3,251</td><td>1,387</td><td>1,572</td><td>12,180</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
January 1948
39
Treasury Survey of Ownership, October 31, 1947: Section I - 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>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>Sold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,303 commercial banks 2/</th><th>33 stock saving banks</th><th>541 mutual savings banks</th><th>310 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank 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>101</td><td>36</td><td>1,840</td><td>589</td><td>346</td><td>214</td><td>2,159</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>291</td><td>23</td><td>689</td><td>353</td><td>267</td><td>1</td><td>1,846</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>32</td><td>14</td><td>401</td><td>1,067</td><td>65</td><td>150</td><td>390</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>2</td><td>8</td><td>597</td><td>1,334</td><td>68</td><td>180</td><td>642</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>3</td><td>19</td><td>970</td><td>1,602</td><td>95</td><td>104</td><td>969</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>6</td><td>16</td><td>671</td><td>1,639</td><td>99</td><td>212</td><td>1,146</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>62</td><td>17</td><td>408</td><td>2,535</td><td>85</td><td>668</td><td>1,423</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>59</td><td>13</td><td>246</td><td>1,587</td><td>49</td><td>623</td><td>903</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>87</td><td>25</td><td>1,303</td><td>3,132</td><td>158</td><td>577</td><td>2,686</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>661</td><td>42</td><td>1,588</td><td>2,860</td><td>326</td><td>657</td><td>5,555</td></tr><tr><td>Total bank restricted......</td><td>49,636</td><td>1,303</td><td>211</td><td>8,712</td><td>16,746</td><td>1,559</td><td>3,387</td><td>17,719</td></tr><tr><td>Total Treasury bonds......</td><td>118,564</td><td>48,874</td><td>424</td><td>11,465</td><td>19,997</td><td>2,946</td><td>4,959</td><td>29,898</td></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>115</td><td>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>Quaranteed securities: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 2/)</td><td>33</td><td>10</td><td>2</td><td>4</td><td>13</td><td>1</td><td>-</td><td>3</td></tr><tr><td>Total public marketable securities......</td><td>167,142</td><td>62,078</td><td>451</td><td>11,769</td><td>20,118</td><td>3,327</td><td>26,520</td><td>42,878</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="3">Held by investors covered in Treasury Survey</th><th colspan="2">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,303 commercial banks 2/</th><th>33 stock savings banks</th><th>541 mutual savings banks</th><th>310 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>2,886</td><td>144</td><td>*</td><td>5</td><td>3</td><td>6</td><td>*</td><td>2,728</td></tr><tr><td>Series E......(taxable)</td><td>30,894</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,893</td></tr><tr><td>Series F......(taxable)</td><td>3,142</td><td>224</td><td>1</td><td>12</td><td>20</td><td>32</td><td>1</td><td>2,852</td></tr><tr><td>Series G......(taxable)</td><td>14,975</td><td>477</td><td>7</td><td>276</td><td>119</td><td>200</td><td>12</td><td>13,884</td></tr><tr><td>Total United States saving bonds</td><td>51,897</td><td>844</td><td>9</td><td>292</td><td>141</td><td>239</td><td>14</td><td>50,358</td></tr><tr><td>Treasury savings notes......(taxable)</td><td>5,618</td><td>58</td><td>2</td><td>*</td><td>1</td><td>3</td><td>21</td><td>5,531</td></tr><tr><td>Depository bonds......(taxable)</td><td>321</td><td>291</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td>Armed forces leave bonds......(taxable)</td><td>909</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>909</td></tr><tr><td>Treasury bonds, investment series......(taxable)</td><td>970</td><td>175</td><td>3</td><td>118</td><td>285</td><td>29</td><td>100</td><td>259</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>45</td><td>4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4/</td></tr><tr><td>Total public nonmarketable securities 4/</td><td>59,759</td><td>1,369</td><td>14</td><td>410</td><td>428</td><td>270</td><td>135</td><td>57,087</td></tr></table>
Footnotes at end of Section II.
40
Treasury Bulletin
Treasury Survey of Ownership, October 31, 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="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,303 commercial banks 2/</th><th>33 stock savings banks</th><th>541 mutual savings banks</th><th>310 life insurance companies</th><th>637 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal Intermediate Credit Bank debentures.............(taxable)</td><td>380</td><td>287</td><td>1</td><td>5</td><td>-</td><td>4</td><td>-</td><td>83</td></tr><tr><td>Federal Home Loan Bank securities: 1-1/4% April 1948 (Bonds)....(taxable) 1-1/4% September 1948 (Notes)....(taxable)</td><td>140 85</td><td>111 57</td><td>1 1</td><td>5 1</td><td>1</td><td>1</td><td>-</td><td>23 26</td></tr><tr><td>Total Federal Home Loan Bank securities</td><td>225</td><td>168</td><td>1</td><td>6</td><td>1</td><td>1</td><td>-</td><td>49</td></tr><tr><td>Federal Land Bank bonds: 1-1/2% October 1948-50.........(taxable) 1-1/4% May 1950-52.........(taxable) 1-1/2% January 1951-53.........(taxable) 2-1/4% February 1953-55.........(taxable)</td><td>161 210 194 114</td><td>136 152 161 91</td><td>1 1 - 1</td><td>2 2 2 2</td><td>1</td><td>2 1 1</td><td>- - - -</td><td>21 55 32 19</td></tr><tr><td>Total Federal Land Bank bonds</td><td>680</td><td>540</td><td>1</td><td>6</td><td>1</td><td>4</td><td>-</td><td>127</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,284</td><td>995</td><td>3</td><td>17</td><td>2</td><td>8</td><td>-</td><td>259</td></tr></table>
1 Less than $500,000.
1/ Includes trust departments.
2/ Includes trust companies.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ O.O.O. demand obligations in the amount of $45 million, all held by commercial banks, are shown only in the total amount outstanding; data for reporting banks are not available.
5/ Includes guaranteed securities held by the Treasury.
5/ 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".
7/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income 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. 8/ Includes F. H. A. debentures; see footnote 9. 9/ A small indeterminate amount of those debentures is partially tax-exempt. 10/ United States savings bonds, Series C, D, I, and P, 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.
January 1948
41
PRICES AND YIELDS OF GOVERNMENT SECURITIES
42
Treasury Bulletin
Over-the-Counter Closing Quotations on Government Securities, November 28, 1947
Section I
Securities Issued or Guaranteed by the United States
Table 1.
Treasury Bills (Taxable)
Table 2.
Certificates and Notes (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Bank discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,302</td><td>12/4/47</td><td>9/4/47</td><td>.82</td><td>.72</td><td>.77</td><td>-.01</td></tr><tr><td>1,303</td><td>12/11/47</td><td>9/11/47</td><td>.83</td><td>.72</td><td>.78</td><td>-.02</td></tr><tr><td>1,302</td><td>12/18/47</td><td>9/18/47</td><td>.84</td><td>.76</td><td>.80</td><td>.00</td></tr><tr><td>1,102</td><td>12/25/47</td><td>9/25/47</td><td>.85</td><td>.77</td><td>.81</td><td>.00</td></tr><tr><td>1,301</td><td>1/2/48</td><td>10/2/47</td><td>.85</td><td>.79</td><td>.82</td><td>.00</td></tr><tr><td>1,304</td><td>1/8/48</td><td>10/9/47</td><td>.86</td><td>.80</td><td>.83</td><td>.00</td></tr><tr><td>1,105</td><td>1/15/48</td><td>10/16/47</td><td>.87</td><td>.82</td><td>.84</td><td>.00</td></tr><tr><td>1,104</td><td>1/22/48</td><td>10/23/47</td><td>.89</td><td>.83</td><td>.86</td><td>+.01</td></tr><tr><td>1,101</td><td>1/29/48</td><td>10/30/47</td><td>.91</td><td>.84</td><td>.88</td><td>+.02</td></tr><tr><td>1,002</td><td>2/5/48</td><td>11/6/47</td><td>.92</td><td>.86</td><td>.89</td><td>-</td></tr><tr><td>1,103</td><td>2/13/48</td><td>11/13/47</td><td>.93</td><td>.88</td><td>.90</td><td>-</td></tr><tr><td>1,102</td><td>2/19/48</td><td>11/20/47</td><td>.95</td><td>.90</td><td>.92</td><td>-</td></tr><tr><td>1,203</td><td>2/26/48</td><td>11/28/47</td><td>.95</td><td>.91</td><td>.93</td><td>-</td></tr></table>
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th></tr><tr><td colspan="7">Certificates of indebtedness</td></tr><tr><td>$3,281</td><td>7/6 - 12/1/47-I</td><td>12/1/46 2/1</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td></tr><tr><td>3,134</td><td>7/8 - 1/1/48-I</td><td>1/1/47</td><td>.78</td><td>.70</td><td>.75</td><td>-.06</td></tr><tr><td>3,947</td><td>7/8 - 2/1/48-I</td><td>2/1/47</td><td>.87</td><td>.84</td><td>.86</td><td>.02</td></tr><tr><td>2,142</td><td>7/8 - 3/1/48-I</td><td>3/1/47</td><td>.87</td><td>.84</td><td>.86</td><td>.02</td></tr><tr><td>1,321</td><td>7/8 - 4/1/48-I</td><td>4/1/47</td><td>.87</td><td>.84</td><td>.86</td><td>.01</td></tr><tr><td>1,777</td><td>7/8 - 6/1/48-I</td><td>6/1/47</td><td>.94</td><td>.92</td><td>.93</td><td>.03</td></tr><tr><td>2,742</td><td>7/8 - 7/1/48-I</td><td>7/1/47</td><td>.96</td><td>.94</td><td>.95</td><td>.03</td></tr><tr><td>1,127</td><td>7/8 - 7/1/48-II</td><td>8/1/47</td><td>.96</td><td>.94</td><td>.95</td><td>.03</td></tr><tr><td>2,209</td><td>7/8 - 7/1/48-III</td><td>9/1/47</td><td>.96</td><td>.94</td><td>.95</td><td>.03</td></tr><tr><td>1,354</td><td>1 - 10/1/48-I</td><td>10/1/47</td><td>1.02</td><td>1.00</td><td>1.01</td><td>.03</td></tr><tr><td>1,467</td><td>1 - 10/1/48-II</td><td>11/1/47</td><td>1.02</td><td>1.00</td><td>1.01</td><td>.03</td></tr><tr><td colspan="7">Treasury notes</td></tr><tr><td>3,748</td><td>1-1/24 - 9/15/48-I</td><td>3/15/44</td><td>1.02</td><td>1.00</td><td>1.01</td><td>.03</td></tr><tr><td>4,092</td><td>1 - 10/1/48-I</td><td>9/15/47</td><td>1.02</td><td>1.00</td><td>1.01</td><td>.03</td></tr><tr><td>3/1</td><td>1-1/8 - 1/1/49-I</td><td>12/1/47</td><td>1.11</td><td>1.09</td><td>1.10</td><td>-</td></tr></table>
Footnotes at end of Section II.
Table 3.
Taxable Bonds
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount outstanding (Millional)</th><th rowspan="2">Description</th><th colspan="4">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range &frac12;</th><th colspan="4">In 1947</th></tr><tr><th>Bid</th><th>Ak</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">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><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="11">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2-3/15/48-50 5/</td><td>100.08</td><td>100.10</td><td>100.09</td><td>-03</td><td>1.02%</td><td>+05%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.09</td><td>11/28/47</td><td>101.09</td><td>2/3</td><td>100.09</td><td>11/28</td></tr><tr><td>3,062</td><td>1-3/4</td><td>6/15/48</td><td>100.12</td><td>100.14</td><td>100.13</td><td>-02</td><td>.99</td><td>+01</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>100.13</td><td>11/28</td></tr><tr><td>1,014</td><td>2</td><td>6/15/49-51</td><td>101.05</td><td>101.07</td><td>101.06</td><td>-02</td><td>1.22</td><td>.00</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>101.06</td><td>11/28</td></tr><tr><td>1,292</td><td>2</td><td>9/15/49-51</td><td>101.07</td><td>101.09</td><td>101.08</td><td>-04</td><td>1.29</td><td>+04</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>101.08</td><td>11/28</td></tr><tr><td>2,098</td><td>2</td><td>12/15/49-51</td><td>101.10</td><td>101.12</td><td>101.11</td><td>-04</td><td>1.33</td><td>+04</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>101.11</td><td>11/28</td></tr><tr><td>1,963</td><td>2</td><td>3/15/50-52</td><td>101.12</td><td>101.14</td><td>101.13</td><td>-03</td><td>1.37</td><td>+02</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>101.13</td><td>11/28</td></tr><tr><td>4,939</td><td>2</td><td>9/15/50-52</td><td>101.16</td><td>101.18</td><td>101.17</td><td>-05</td><td>1.44</td><td>+04</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>101.17</td><td>11/28</td></tr><tr><td>2,635</td><td>1-1/2</td><td>12/15/50</td><td>100.15</td><td>100.17</td><td>100.16</td><td>-02</td><td>1.33</td><td>+01</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.15</td><td>11/5/47</td><td>101.11</td><td>3/24</td><td>100.15</td><td>11/5</td></tr><tr><td>7,986</td><td>2</td><td>9/15/51-53</td><td>101.20</td><td>101.22</td><td>101.21</td><td>-10</td><td>1.55</td><td>+08</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>101.21</td><td>11/28</td></tr><tr><td>510</td><td>2</td><td>12/15/51-55</td><td>101.26</td><td>101.28</td><td>101.27</td><td>-11</td><td>1.53</td><td>+08</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>101.27</td><td>11/28</td></tr><tr><td>1,024</td><td>2-1/2</td><td>3/15/52-54</td><td>103.23</td><td>103.25</td><td>103.24</td><td>-11</td><td>1.59</td><td>+06</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>103.24</td><td>11/28</td></tr><tr><td>5,825</td><td>2</td><td>6/15/52-54</td><td>101.24</td><td>101.26</td><td>101.25</td><td>-10</td><td>1.59</td><td>+06</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>101.25</td><td>11/28</td></tr><tr><td>1,501</td><td>2-1/4</td><td>6/15/52-55</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-12</td><td>1.62</td><td>+07</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>102.24</td><td>11/28</td></tr><tr><td>8,662</td><td>2</td><td>12/15/52-54</td><td>101.27</td><td>101.29</td><td>101.28</td><td>-13</td><td>1.61</td><td>+08</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>101.28</td><td>11/28</td></tr><tr><td>1,449</td><td>2-1/2</td><td>3/15/56-58</td><td>105.01</td><td>105.03</td><td>105.02</td><td>-1.03</td><td>1.84</td><td>+13</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>105.02</td><td>11/28</td></tr><tr><td>3,823</td><td>2-1/4</td><td>9/15/56-59</td><td>103.12</td><td>103.14</td><td>103.13</td><td>-1.03</td><td>1.83</td><td>+13</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>103.13</td><td>11/28</td></tr><tr><td>2,716</td><td>2-1/2</td><td>9/15/67-72 6/</td><td>103.07</td><td>103.09</td><td>103.08</td><td>-2.01</td><td>2.29</td><td>+12</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>103.08</td><td>11/28</td></tr><tr><td colspan="11">Treasury bonds - bank restricted 1/</td></tr><tr><td>5,284</td><td>2-1/4</td><td>6/15/59-62</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-13</td><td>2.20</td><td>+07</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.13</td><td>11/25/47</td><td>102.29</td><td>5/12</td><td>100.13</td><td>11/25</td></tr><tr><td>3,470</td><td>2-1/4</td><td>12/15/59-62</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-13</td><td>2.21</td><td>+07</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.13</td><td>11/25/47</td><td>102.29</td><td>5/12</td><td>100.13</td><td>11/25</td></tr><tr><td>2,118</td><td>2-1/2</td><td>6/15/62-67</td><td>102.20</td><td>102.22</td><td>102.21</td><td>-1.00</td><td>2.28</td><td>+07</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>102.21</td><td>11/28</td></tr><tr><td>2,831</td><td>2-1/2</td><td>12/15/63-68 6/</td><td>102.06</td><td>102.08</td><td>102.07</td><td>-26</td><td>2.33</td><td>+06</td><td>12/1/42</td><td>106.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.11</td><td>4/9</td><td>102.07</td><td>11/28</td></tr><tr><td>3,761</td><td>2-1/2</td><td>6/15/64-69 6/</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-23</td><td>2.36</td><td>+05</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.30</td><td>4/9</td><td>101.29</td><td>11/28</td></tr><tr><td>3,638</td><td>2-1/2</td><td>12/15/64-69 6/</td><td>101.26</td><td>101.28</td><td>101.27</td><td>-24</td><td>2.37</td><td>+05</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.29</td><td>4/9</td><td>101.27</td><td>11/28</td></tr><tr><td>5,197</td><td>2-1/2</td><td>3/15/65-70 6/</td><td>101.25</td><td>101.27</td><td>101.26</td><td>-23</td><td>2.37</td><td>+05</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>101.26</td><td>11/28</td></tr><tr><td>3,481</td><td>2-1/2</td><td>3/15/66-71 6/</td><td>101.24</td><td>101.26</td><td>101.25</td><td>-23</td><td>2.38</td><td>+05</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>104.26</td><td>4/9</td><td>101.25</td><td>11/28</td></tr><tr><td>7,967</td><td>2-1/2</td><td>6/15/67-72 6/</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-18</td><td>2.43</td><td>+03</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>101.00</td><td>11/26</td></tr><tr><td>11,689</td><td>2-1/2</td><td>12/15/67-72 6/</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-18</td><td>2.43</td><td>+03</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>103.19</td><td>4/9</td><td>101.00</td><td>11/26</td></tr></table>
Footnotes at end of Section II.
January 1948
43
Over-the-Counter Closing Quotations, November 28, 1947
Section I - Securities Issued or Guaranteed by the United States
Table 4. - Tax-Exempt Bonds
(Price decimals are 32nds)
<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="4">Price range ¼</th><th colspan="4">In 1947</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">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>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>$701</td><td>Treasury bonds</td><td>1.00%</td><td>-</td><td>1.00%</td><td>+1.5%</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 5/4</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.05</td><td>.75%</td><td>+0.2%</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>100.18</td><td>11/28</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.06</td><td>.87</td><td>+0.08</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>101.09</td><td>11/28</td></tr><tr><td>571</td><td>2 - 12/15/48-50</td><td>101.04</td><td>101.06</td><td>101.05</td><td>-.04</td><td>.88</td><td>+0.04</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.05</td><td>11/28/47</td><td>102.11</td><td>1/25</td><td>101.05</td><td>11/28</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-52</td><td>104.04</td><td>104.06</td><td>104.05</td><td>-.07</td><td>1.06</td><td>+0.3</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>104.05</td><td>11/28</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.06</td><td>1.09</td><td>+0.04</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>102.27</td><td>11/28</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.07</td><td>1.12</td><td>+0.04</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>103.25</td><td>11/28</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>105.08</td><td>105.10</td><td>105.09</td><td>-.13</td><td>1.22</td><td>+0.08</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>105.09</td><td>11/28</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>106.17</td><td>106.19</td><td>106.18</td><td>-.14</td><td>1.22</td><td>+0.08</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>106.18</td><td>11/28</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>104.01</td><td>104.03</td><td>104.02</td><td>-.13</td><td>1.22</td><td>+0.08</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>104.02</td><td>11/28</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.23</td><td>103.25</td><td>103.24</td><td>-.31</td><td>1.30</td><td>+1.17</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>103.21</td><td>11/19</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>105.20</td><td>105.22</td><td>105.21</td><td>-.1.02</td><td>1.34</td><td>+1.5</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>105.20</td><td>11/19</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>109.09</td><td>109.11</td><td>109.10</td><td>-.1.13</td><td>1.52</td><td>+1.18</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>109.10</td><td>11/28</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>109.21</td><td>109.23</td><td>109.22</td><td>-.1.24</td><td>1.57</td><td>+1.19</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>109.22</td><td>11/28</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>110.21</td><td>110.23</td><td>110.22</td><td>-.1.24</td><td>1.64</td><td>+1.18</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>110.22</td><td>11/28</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>111.29</td><td>111.31</td><td>111.30</td><td>-.1.26</td><td>1.72</td><td>+1.14</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>111.30</td><td>11/28</td></tr><tr><td>50</td><td>Panama Canal bonds</td><td>123.24</td><td>125.00</td><td>124.12</td><td>-.12</td><td>1.06</td><td>+0.02</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>124.12</td><td>11/28</td></tr></table>
Footnotes 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 rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Since first traded</th><th colspan="4">In 1947</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>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="16">Federal Intermediate Credit Bank debentures 10%</td></tr><tr><td>31</td><td>1.10% - 12/1/47</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>21/11/</td><td>3/1/47</td><td>100.00</td><td>11/26/47</td><td>100.00</td><td>11/26/47</td><td>100.00</td><td>11/26</td><td>100.00</td><td>11/26</td></tr><tr><td>20</td><td>1.05 - 12/1/47</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>11/11/</td><td>21/11/</td><td>6/2/47</td><td>100.00</td><td>11/26/47</td><td>100.00</td><td>11/26/47</td><td>100.00</td><td>11/26</td><td>100.00</td><td>11/26</td></tr><tr><td>41</td><td>1.10 - 1/2/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10%</td><td>.00%</td><td>4/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</td></tr><tr><td>8</td><td>1.10 - 1/2/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.10</td><td>.00</td><td>10/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>5/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>8/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>6/2/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>7/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>8/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>9/2/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</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>.00</td><td>10/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</td></tr><tr><td>20</td><td>1.20 - 8/1/48</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.20</td><td>.00</td><td>11/1/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28/47</td><td>100.00</td><td>11/28</td><td>100.00</td><td>11/28</td></tr><tr><td colspan="16">Federal Home Loan Bank securities</td></tr><tr><td>140</td><td>1-1/4% - 4/15/48(Bond)</td><td>99.30</td><td>100.02</td><td>100.00</td><td>.00</td><td>1.25</td><td>.00</td><td>10/15/46</td><td>100.07%</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>11/28</td></tr><tr><td>85</td><td>1-1/4A - 9/15/48(Moteo)</td><td>99.30</td><td>100.02</td><td>100.00</td><td>.00</td><td>1.25</td><td>.00</td><td>9/15/47</td><td>100.02%</td><td>10/10/47</td><td>100.00</td><td>11/28/47</td><td>100.02%</td><td>10/10</td><td>100.00</td><td>11/28</td></tr><tr><td colspan="16">Federal Land Bank bonds 12%</td></tr><tr><td>157</td><td>1-1/2% - 10/1/48-50</td><td>99.30</td><td>100.02</td><td>100.00</td><td>-.04</td><td>1.50</td><td>+1.14</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.00</td><td>11/28/47</td><td>100.16</td><td>2/5</td><td>100.00</td><td>11/28</td></tr><tr><td>210</td><td>1-1/4 - 5/1/50-52</td><td>98.24</td><td>99.00</td><td>98.28</td><td>-.14</td><td>1.5113</td><td>+1.10</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>98.28</td><td>11/28/47</td><td>99.23</td><td>9/9</td><td>98.28</td><td>11/28</td></tr><tr><td>191</td><td>1-1/2 - 1/1/51-53</td><td>99.08</td><td>99.16</td><td>99.12</td><td>-.14</td><td>1.6313</td><td>+0.09</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.12</td><td>11/28/47</td><td>100.13</td><td>9/9</td><td>99.12</td><td>11/28</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>102.04</td><td>102.12</td><td>102.08</td><td>-.12</td><td>1.79</td><td>+0.07</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>102.08</td><td>11/28</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/ Quoted on a price basis beginning November 21, 1947.
3/ Not issued until December 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/ Called on November 14, 1947, for redemption on March 15, 1948.
6/ 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". 1/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). 8/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt. 9/ Quoted on a yield basis beginning October 14, 1947; prior thereto quoted on a price basis. Price history ends October 10, 1947. 10/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 11/ Not quoted on November 28, 1947. 12/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in these banks ceased on June 26, 1947, with the repayment of the last of its investment. 13/ Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
114
Treasury Bulletin
YIELDS OF TREASURY SECURITIES NOV. 28, 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
January 1948
45
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series - averages of daily figures
<table><tr><td>1939-Jan.</td><td>2.54</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>2.56</td><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>1.51</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>2.21</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>2.12</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>2.09</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Apr.</td><td>2.08</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.39</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td><td>May.</td><td>2.19</td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td><td>June.</td><td>2.16</td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td><td>July.</td><td>2.18</td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Aug.</td><td>2.23</td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>Sept.</td><td>2.28</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Oct.</td><td>2.26</td><td>2.26</td><td>2.51</td></tr><tr><td>Nov.</td><td>2.09</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Nov.</td><td>2.25</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Dec.</td><td>2.24</td><td>2.24</td><td>2.55</td></tr><tr><td>1941-Jan.</td><td>2.12</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1947-Jan.</td><td>2.21</td><td>2.21</td><td>2.48</td></tr><tr><td>Feb.</td><td>2.22</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>Feb.</td><td>2.21</td><td>2.21</td><td>2.48</td></tr><tr><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>Mar.</td><td>2.19</td><td>2.19</td><td>2.49</td></tr><tr><td>Apr.</td><td>2.07</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Apr.</td><td>2.19</td><td>2.19</td><td>2.49 5/</td></tr><tr><td>May.</td><td>2.04</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td><td>May.</td><td>2.19</td><td>2.19</td><td>2.49</td></tr><tr><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td><td>June.</td><td>2.22</td><td>2.22</td><td>2.50</td></tr><tr><td>July.</td><td>1.98</td><td>2.66 3/</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td><td>July.</td><td>2.25</td><td>2.25</td><td>2.51</td></tr><tr><td>Aug.</td><td>2.01</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Aug.</td><td>2.24</td><td>2.24</td><td>2.51</td></tr><tr><td>Sept.</td><td>2.02</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>Sept.</td><td>2.24</td><td>2.24</td><td>2.57</td></tr><tr><td>Oct.</td><td>1.98</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Oct.</td><td>2.27</td><td>2.27</td><td>2.68</td></tr><tr><td>Nov.</td><td>1.95</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 4/</td><td>Nov.</td><td>2.36</td><td>2.36</td><td>2.75</td></tr><tr><td>Dec.</td><td>2.06</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily figures
<table><tr><td>1947-June</td><td>7</td><td>...</td><td>2.20</td><td>2.49</td><td>1947-Aug.</td><td>2</td><td>...</td><td>2.25</td><td>2.51</td><td>1947-0ct.</td><td>4</td><td>...</td><td>2.24</td><td>2.54</td></tr><tr><td></td><td>14</td><td>...</td><td>2.21</td><td>2.50</td><td></td><td>9</td><td>...</td><td>2.25</td><td>2.51</td><td></td><td>11</td><td>...</td><td>2.24</td><td>2.56</td></tr><tr><td></td><td>21</td><td>...</td><td>2.24</td><td>2.51</td><td></td><td>16</td><td>...</td><td>2.24</td><td>2.51</td><td></td><td>18</td><td>...</td><td>2.26</td><td>2.70</td></tr><tr><td></td><td>28</td><td>...</td><td>2.24</td><td>2.51</td><td></td><td>23</td><td>...</td><td>2.23</td><td>2.52</td><td></td><td>25</td><td>...</td><td>2.28</td><td>2.68</td></tr><tr><td>July</td><td>5</td><td>...</td><td>2.25</td><td>2.50</td><td>Sept.</td><td>6</td><td>...</td><td>2.23</td><td>2.52</td><td>Nov.</td><td>1</td><td>...</td><td>2.31</td><td>2.68</td></tr><tr><td></td><td>12</td><td>...</td><td>2.25</td><td>2.50</td><td></td><td>13</td><td>...</td><td>2.23</td><td>2.53</td><td></td><td>8</td><td>...</td><td>2.34</td><td>2.70</td></tr><tr><td></td><td>19</td><td>...</td><td>2.25</td><td>2.51</td><td></td><td>20</td><td>...</td><td>2.24</td><td>2.55</td><td></td><td>15</td><td>...</td><td>2.36</td><td>2.74</td></tr><tr><td></td><td>26</td><td>...</td><td>2.25</td><td>2.50</td><td></td><td>27</td><td>...</td><td>2.23</td><td>2.58</td><td></td><td>22</td><td>...</td><td>2.36</td><td>2.78</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2.24</td><td>2.60</td><td></td><td>29</td><td>...</td><td>2.37</td><td>2.80</td></tr></table>
Daily series
<table><tr><th>1947-Nov. 1.</th><th>...</th><th>6/</th><th>2.69</th><th>1947-Nov. 10.</th><th>...</th><th>2.34</th><th>2.72</th><th>1947-Nov. 20.</th><th>...</th><th>2.36</th><th>2.79</th></tr><tr><td></td><td>...</td><td>2.32</td><td>2.70</td><td>11.</td><td>...</td><td>6/</td><td>6/</td><td>21.</td><td>...</td><td>2.37</td><td>2.79</td></tr><tr><td>3.</td><td>...</td><td>6/</td><td>6/</td><td>12.</td><td>...</td><td>2.36</td><td>2.73</td><td>22.</td><td>...</td><td>6/</td><td>2.79</td></tr><tr><td>4.</td><td>...</td><td>2.34</td><td>2.69</td><td>13.</td><td>...</td><td>2.36</td><td>2.74</td><td>23.</td><td>...</td><td>...</td><td>...</td></tr><tr><td>5.</td><td>...</td><td>2.34</td><td>2.70</td><td>14.</td><td>...</td><td>2.36</td><td>2.74</td><td>24.</td><td>...</td><td>2.37</td><td>2.79</td></tr><tr><td>6.</td><td>...</td><td>2.34</td><td>2.71</td><td>15.</td><td>...</td><td>6/</td><td>2.75</td><td>25.</td><td>...</td><td>2.37</td><td>2.79</td></tr><tr><td>7.</td><td>...</td><td>6/</td><td>2.71</td><td>16.</td><td>...</td><td>2.36</td><td>2.76</td><td>26.</td><td>...</td><td>2.37</td><td>2.80</td></tr><tr><td>8.</td><td>...</td><td>...</td><td>...</td><td>17.</td><td>...</td><td>2.36</td><td>2.77</td><td>27.</td><td>...</td><td>6/</td><td>6/</td></tr><tr><td></td><td></td><td></td><td></td><td>18.</td><td>...</td><td>2.36</td><td>2.77</td><td>28.</td><td>...</td><td>2.37</td><td>2.80</td></tr><tr><td></td><td></td><td></td><td></td><td>19.</td><td>...</td><td>2.36</td><td>2.77</td><td>29.</td><td>...</td><td>6/</td><td>2.82</td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly (old series) data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61. 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt from the normal
rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. 
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for July 1947, page 59; for discussion of its previous composition, see "Treasury Bulletin" for January 1945, page 56.
3/ Average revised beginning July 1, 1941. Old average for July 1941 was also 2.66%.
4/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%.
5/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%. See footnote 2.
6/ Market closed.
46
Treasury Bulletin
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Office of the Technical Staff
January 1948
47
INTERNAL REVENUE STATISTICS
Treasury Bulletin
48
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,331</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</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>7,351,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,823,235</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>39,108,773</td><td>29,020,054</td><td>19,343,297</td><td>9,621,274</td><td>55,483</td><td>2,024,365</td><td>1,458,934</td><td>185,876</td><td>379,555</td></tr><tr><td>1947-January</td><td>3,415,216</td><td>-773,248</td><td>4,188,463</td><td>3,375,348</td><td>2,853,323</td><td>516,127</td><td>5,898</td><td>108,956</td><td>76,950</td><td>30,157</td><td>1,849</td></tr><tr><td>February</td><td>4,274,461</td><td>-131,083</td><td>4,405,544</td><td>3,359,367</td><td>3,052,424</td><td>304,045</td><td>2,898</td><td>367,432</td><td>246,972</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>3,841,104</td><td>2,048,626</td><td>1,791,996</td><td>3,482</td><td>82,208</td><td>13,136</td><td>12,727</td><td>56,346</td></tr><tr><td>April</td><td>2,309,306</td><td>-420,588</td><td>2,729,894</td><td>1,958,399</td><td>1,661,992</td><td>294,039</td><td>2,368</td><td>131,186</td><td>123,856</td><td>4,076</td><td>3,254</td></tr><tr><td>May</td><td>2,578,464</td><td>-274,757</td><td>2,853,221</td><td>1,920,555</td><td>1,685,223</td><td>232,127</td><td>3,204</td><td>331,960</td><td>287,800</td><td>10,440</td><td>33,720</td></tr><tr><td>June</td><td>3,992,776</td><td>+729,620</td><td>3,263,156</td><td>2,550,605</td><td>1,101,038</td><td>1,447,131</td><td>2,436</td><td>97,622</td><td>6,959</td><td>788</td><td>89,875</td></tr><tr><td>July</td><td>2,125,762</td><td>-557,485</td><td>2,683,247</td><td>1,850,976</td><td>1,430,437</td><td>418,256</td><td>2,282</td><td>148,287</td><td>138,716</td><td>2,893</td><td>6,679</td></tr><tr><td>August</td><td>2,662,365</td><td>-185,930</td><td>2,848,295</td><td>1,877,563</td><td>1,557,312</td><td>318,942</td><td>1,309</td><td>119,154</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><tr><td>October</td><td>2,197,414</td><td>-585,767</td><td>2,783,180</td><td>1,847,020</td><td>1,434,449</td><td>412,077</td><td>494</td><td>135,878</td><td>129,144</td><td>3,193</td><td>3,540</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</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>356,891</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>3,837,070</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,180</td><td>923,857</td><td>45,155</td><td>670,015</td><td>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>79,972</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>120,452</td><td>99,119</td><td>5,844</td><td>143,862</td><td>112,100</td></tr><tr><td>April</td><td>640,309</td><td>5</td><td>68,125</td><td>170,924</td><td>103,251</td><td>5,685</td><td>158,423</td><td>133,895</td></tr><tr><td>May</td><td>600,706</td><td>65</td><td>61,507</td><td>150,265</td><td>94,645</td><td>6,027</td><td>162,879</td><td>125,319</td></tr><tr><td>June</td><td>614,929</td><td>714</td><td>54,950</td><td>158,050</td><td>108,892</td><td>6,126</td><td>163,095</td><td>123,101</td></tr><tr><td>July</td><td>683,985</td><td>21</td><td>65,741</td><td>169,600</td><td>110,937</td><td>6,494</td><td>177,037</td><td>154,155</td></tr><tr><td>August</td><td>651,577</td><td>379</td><td>79,449</td><td>171,719</td><td>109,581</td><td>6,412</td><td>154,135</td><td>129,901</td></tr><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><tr><td>October</td><td>800,283</td><td>21</td><td>64,540</td><td>278,651</td><td>126,085</td><td>7,460</td><td>174,984</td><td>148,543</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaska Railroad. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limiting provisions of the Vinson Act, and prior to July 1947 the tax on unjust enrichment. Beginning July 1947 the tax on unjust enrichment is
5/ 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.
January 1948
49
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Office of the Technicat Staff
B-165-H
50
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Type of tax</th><th colspan="2">Fiscal years</th><th rowspan="2">October 1946</th><th rowspan="2">October 1947</th><th colspan="2">First 4 months</th></tr><tr><th>1946</th><th>1947</th><th>Fiscal year 1947</th><th>Fiscal year 1946</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 Tax Payment Act of 1943 2/</td><td>9,857,466</td><td>9,842,028</td><td>1,062,478</td><td>1,188,086</td><td>3,288,245</td><td>3,842,830</td></tr><tr><td>Revenue Act of 1942</td><td>123</td><td>254</td><td>2</td><td>6</td><td>174</td><td>47</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 1/</td><td>8,430,377</td><td>8,950,272</td><td>196,498</td><td>199,510</td><td>1,742,892</td><td>1,563,338</td></tr><tr><td>Back</td><td>416,571</td><td>550,743</td><td>37,168</td><td>46,847</td><td>139,673</td><td>170,513</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>1,296,145</td><td>1,434,449</td><td>5,170,984</td><td>5,576,729</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 1/</td><td>3,901,917</td><td>5,441,776</td><td>219,371</td><td>346,158</td><td>1,144,531</td><td>2,356,122</td></tr><tr><td>Back</td><td>738,032</td><td>613,320</td><td>12,359</td><td>38,206</td><td>112,925</td><td>187,597</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>7,822,488</td><td>3,566,178</td><td>343,676</td><td>27,713</td><td>1,855,037</td><td>154,613</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>575,406</td><td>412,077</td><td>3,112,492</td><td>2,698,332</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>4,136</td><td>494</td><td>22,469</td><td>5,078</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>1</td></tr><tr><td>Uajust enrolment</td><td>35</td><td>298</td><td>-</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes</td><td>91,165</td><td>55,483</td><td>4,136</td><td>494</td><td>22,479</td><td>5,078</td></tr><tr><td>Total income and profit taxes</td><td>31,258,138</td><td>29,020,054</td><td>1,875,687</td><td>1,847,020</td><td>8,305,955</td><td>8,280,139</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>122,433</td><td>129,144</td><td>477,621</td><td>542,948</td></tr><tr><td>Unemployment insurance 6/</td><td>178,745</td><td>185,876</td><td>2,961</td><td>3,193</td><td>16,329</td><td>16,622</td></tr><tr><td>Total Social Security taxes</td><td>1,416,570</td><td>1,644,810</td><td>125,394</td><td>132,338</td><td>493,950</td><td>559,570</td></tr><tr><td>Railroad retirement 1/</td><td>284,258</td><td>379,555</td><td>3,140</td><td>3,540</td><td>88,468</td><td>140,027</td></tr><tr><td>Total employment taxes</td><td>1,700,828</td><td>2,024,365</td><td>128,534</td><td>135,878</td><td>582,418</td><td>699,597</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>48</td><td>21</td><td>575</td><td>117</td></tr><tr><td>Estate tax</td><td>629,601</td><td>708,794</td><td>55,029</td><td>62,020</td><td>227,986</td><td>266,445</td></tr><tr><td>Gift tax</td><td>47,232</td><td>70,497</td><td>1,584</td><td>2,520</td><td>3,704</td><td>6,873</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>14,256</td><td>12,430</td><td>49,458</td><td>37,008</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,603,497</td><td>1,563,800</td><td>164,270</td><td>185,427</td><td>608,947</td><td>455,418</td></tr><tr><td>Distilled spirit rectification tax</td><td>41,880</td><td>43,485</td><td>5,435</td><td>4,833</td><td>18,157</td><td>11,697</td></tr><tr><td>Vines, cordials, etc. (imported, excise)</td><td>2,594</td><td>2,906</td><td>328</td><td>263</td><td>1,313</td><td>565</td></tr><tr><td>Vines, cordials, etc. (domestic, excise)</td><td>58,250</td><td>54,291</td><td>6,860</td><td>6,210</td><td>23,769</td><td>17,896</td></tr><tr><td>Dealers in distilled spirits; rectifiers; mam-</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>facturers of stills (special taxes)</td><td>8,061</td><td>9,443</td><td>274</td><td>233</td><td>5,906</td><td>6,087</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>3</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>840</td><td>746</td><td>73</td><td>69</td><td>268</td><td>161</td></tr><tr><td>Container stamps</td><td>13,309</td><td>13,282</td><td>1,389</td><td>1,616</td><td>4,931</td><td>4,045</td></tr><tr><td>Floor taxes</td><td>696</td><td>153</td><td>-109</td><td>6</td><td>210</td><td>20</td></tr><tr><td>Fermented malt liquors</td><td>650,824</td><td>661,418</td><td>58,442</td><td>67,438</td><td>237,359</td><td>277,117</td></tr><tr><td>Breros; dealers in malt liquors (special taxes)</td><td>3,106</td><td>3,662</td><td>110</td><td>126</td><td>2,240</td><td>2,588</td></tr><tr><td>Total alcoholic beverage taxes 8/</td><td>2,526,162</td><td>2,474,756</td><td>251,328</td><td>278,651</td><td>952,560</td><td>812,606</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>5,139</td><td>4,969</td><td>16,573</td><td>16,473</td></tr><tr><td>Cigars (small)</td><td>70</td><td>66</td><td>8</td><td>6</td><td>24</td><td>20</td></tr><tr><td>Cigarettes (large)</td><td>172</td><td>6</td><td>-39</td><td>-</td><td>3</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,072,799</td><td>1,145,262</td><td>114,723</td><td>116,329</td><td>399,130</td><td>423,677</td></tr><tr><td>Smuff</td><td>7,373</td><td>7,055</td><td>686</td><td>751</td><td>2,338</td><td>2,546</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>41,961</td><td>36,548</td><td>3,928</td><td>3,913</td><td>14,040</td><td>14,340</td></tr><tr><td>Cigarette papers and tubes</td><td>1,751</td><td>539</td><td>114</td><td>116</td><td>104</td><td>327</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>3</td><td>5</td><td>2</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>1,165,519</td><td>1,237,768</td><td>124,560</td><td>126,085</td><td>432,274</td><td>457,364</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-</td><td>47,393</td><td>49,106</td><td>4,259</td><td>4,723</td><td>17,367</td><td>17,379</td></tr><tr><td>ance, etc.</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Transfers of capital stock and similar interest</td><td>30,369</td><td>21,963</td><td>2,627</td><td>1,636</td><td>8,219</td><td>6,075</td></tr><tr><td>sales</td><td>9,766</td><td>7,782</td><td>899</td><td>1,036</td><td>3,294</td><td>2,618</td></tr><tr><td>Playing cards</td><td>149</td><td>1,127</td><td>307</td><td>64</td><td>587</td><td>146</td></tr><tr><td>Silver bullion sales or transfers</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total stamp taxes</td><td>87,676</td><td>79,978</td><td>8,093</td><td>7,460</td><td>29,467</td><td>26,219</td></tr></table>
(Continued on following page)
January 1948
51
Detailed Analysis of Internal Revenue Collections - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th rowspan="2">October 1946</th><th rowspan="2">October 1947</th><th colspan="2">First 4 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Miscellaneous internal revenue (continued): 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>6,040</td><td>6,282</td><td>28,095</td><td>25,354</td></tr><tr><td>    Gasoline.</td><td>405,695</td><td>433,676</td><td>39,237</td><td>35,497</td><td>155,731</td><td>165,924</td></tr><tr><td>    Tires and tubes.</td><td>118,072</td><td>174,927</td><td>15,593</td><td>18,869</td><td>57,427</td><td>58,661</td></tr><tr><td>    Floor taxes on tires and tubes.</td><td>19</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>    Automobile trucks and buses.</td><td>37,144</td><td>62,099</td><td>5,068</td><td>5,600</td><td>15,704</td><td>21,873</td></tr><tr><td>    Other automobiles and motorcycles.</td><td>25,893</td><td>204,680</td><td>15,464</td><td>21,462</td><td>51,010</td><td>82,631</td></tr><tr><td>    Parts and accessories for automobiles.</td><td>68,871</td><td>99,932</td><td>8,750</td><td>12,842</td><td>28,520</td><td>41,465</td></tr><tr><td>    Electrical energy.</td><td>59,112</td><td>63,014</td><td>5,444</td><td>5,261</td><td>20,535</td><td>21,361</td></tr><tr><td>    Electric, gas, and oil appliances.</td><td>25,492</td><td>65,608</td><td>5,246</td><td>7,882</td><td>18,439</td><td>27,322</td></tr><tr><td>    Electric light bulbs and tubes.</td><td>17,781</td><td>23,180</td><td>1,264</td><td>2,868</td><td>6,498</td><td>8,860</td></tr><tr><td>    Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>4,996</td><td>5,513</td><td>16,821</td><td>20,671</td></tr><tr><td>    Photograph records.</td><td>3,902</td><td>8,492</td><td>522</td><td>564</td><td>2,023</td><td>2,258</td></tr><tr><td>    Musical instruments.</td><td>2,839</td><td>10,151</td><td>791</td><td>720</td><td>2,564</td><td>2,605</td></tr><tr><td>    Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>2,826</td><td>4,656</td><td>10,674</td><td>19,211</td></tr><tr><td>    Watches.</td><td>10,247</td><td>8,413</td><td>1,061</td><td>851</td><td>2,584</td><td>3,131</td></tr><tr><td>    Floor taxes on matches.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>    Business and store machines.</td><td>15,792</td><td>25,183</td><td>1,582</td><td>2,077</td><td>7,688</td><td>9,682</td></tr><tr><td>    Furs - retailers' excise.</td><td>91,706</td><td>97,481</td><td>10,041</td><td>7,198</td><td>22,093</td><td>16,105</td></tr><tr><td>    Jewelry - retailers' excise.</td><td>223,342</td><td>236,615</td><td>19,097</td><td>16,724</td><td>71,300</td><td>63,507</td></tr><tr><td>    Luggage - retailers' excise.</td><td>81,423</td><td>84,588</td><td>7,280</td><td>6,680</td><td>27,839</td><td>24,297</td></tr><tr><td>    Photographic apparatus.</td><td>21,184</td><td>35,163</td><td>2,981</td><td>3,368</td><td>11,604</td><td>13,559</td></tr><tr><td>    Sporting goods.</td><td>7,878</td><td>17,054</td><td>1,445</td><td>1,557</td><td>5,359</td><td>5,914</td></tr><tr><td>    Toilet preparations - retailers' excise.</td><td>95,574</td><td>95,542</td><td>7,651</td><td>7,048</td><td>29,736</td><td>27,988</td></tr><tr><td>    Firearms, shells and cartridges.</td><td>5,232</td><td>9,031</td><td>737</td><td>1,356</td><td>3,008</td><td>4,233</td></tr><tr><td>    Pistols and revolvers.</td><td>61</td><td>384</td><td>19</td><td>118</td><td>71</td><td>258</td></tr><tr><td>    Repealed taxes.</td><td>241</td><td>184</td><td>24</td><td>-18</td><td>49</td><td>22</td></tr><tr><td>Total manufacturers' and retailers' excise taxes.</td><td>1,414,717</td><td>1,939,621</td><td>163,161</td><td>174,984</td><td>595,371</td><td>666,891</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>5,006</td><td>3,771</td><td>21,292</td><td>28,731</td></tr><tr><td>    Telephone, telegraph, radio, and cable, leased wiree, etc.</td><td>234,393</td><td>252,746</td><td>26,777</td><td>23,895</td><td>90,935</td><td>88,128</td></tr><tr><td>    Local telephone service.</td><td>145,689</td><td>164,944</td><td>17,507</td><td>16,264</td><td>58,430</td><td>64,999</td></tr><tr><td>    Transportation of oil by pipe line.</td><td>14,824</td><td>16,988</td><td>1,566</td><td>2,307</td><td>5,325</td><td>6,269</td></tr><tr><td>    Transportation of persons, beasts, herds.</td><td>226,750</td><td>244,003</td><td>27,882</td><td>25,145</td><td>96,341</td><td>97,106</td></tr><tr><td>    Transportation of property.</td><td>220,121</td><td>275,701</td><td>25,732</td><td>27,944</td><td>88,315</td><td>103,168</td></tr><tr><td>    Leases of safe-deposit boxes.</td><td>7,857</td><td>8,560</td><td>748</td><td>704</td><td>2,707</td><td>2,852</td></tr><tr><td>    Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>42,240</td><td>37,865</td><td>142,861</td><td>139,577</td></tr><tr><td>    Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>6,357</td><td>5,193</td><td>24,082</td><td>19,557</td></tr><tr><td>    Club dues and initiation fees.</td><td>18,899</td><td>23,299</td><td>1,676</td><td>1,713</td><td>7,475</td><td>8,113</td></tr><tr><td>    Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>190</td><td>203</td><td>3,418</td><td>3,215</td></tr><tr><td>    Coin operated devices.</td><td>17,092</td><td>20,432</td><td>915</td><td>765</td><td>15,994</td><td>15,272</td></tr><tr><td>    Adulterated and processed or renovated butter, and filled cheeses.</td><td>44</td><td>30</td><td>1</td><td>1</td><td>23</td><td>2</td></tr><tr><td>    Oleomargarine, including special taxes.</td><td>4,932</td><td>5,874</td><td>365</td><td>690</td><td>2,284</td><td>3,398</td></tr><tr><td>    Narcotics, including marijuana and special taxes.</td><td>694</td><td>792</td><td>26</td><td>48</td><td>294</td><td>310</td></tr><tr><td>    Coccomt and other vegetable oils processed.</td><td>6,272</td><td>17,208</td><td>1,788</td><td>2,019</td><td>4,216</td><td>7,550</td></tr><tr><td>    National Firearms Act.</td><td>6</td><td>8</td><td>1</td><td>1</td><td>4</td><td>5</td></tr><tr><td>    All other, including repealed taxes.</td><td>116,347</td><td>422</td><td>27</td><td>16 1/2</td><td>270</td><td>100 1/2</td></tr><tr><td>Total miscellaneous taxes.</td><td>1,489,929</td><td>1,550,842</td><td>158,803</td><td>148,543</td><td>564,866</td><td>588,358</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>7,712,956</td><td>8,063,854</td><td>762,606</td><td>800,283</td><td>2,806,804</td><td>2,824,886</td></tr><tr><td>Total internal revenue collections.</td><td>40,671,922</td><td>39,108,273</td><td>2,766,827</td><td>2,783,180</td><td>11,695,177</td><td>11,804,622</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>-361,589</td><td>+271,136</td><td>-536,355</td><td>-585,767</td><td>-428,139</td><td>-552,445</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td>40,310,333</td><td>39,379,409</td><td>2,230,473</td><td>2,197,414</td><td>11,267,038</td><td>11,252,177</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Less than $500. Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc. 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.
1/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
2/ Beginning July 1947 collections from the tax on unjust enrichment are included with "All other" miscellaneous taxes.
3/ Represents collections under the Federal Insurance Contributions Act.
4/ Represents collections under the Federal Unemployment Tax Act.
5/ Represents collections under the Railroad Retirement Tax Act commencing January 1, 1947; prior thereto, collections under the Carriers' Taxing Act of 1937.
6/ Includes collections from the repealed tax on brandy used for fortifying sweet wines.
52
Treasury Bulletin
MONETARY
STATISTICS
January 1948
53
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold aneste</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>582.4</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>18,997.4</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</td><td>22,294.3</td><td>21,091.4</td><td>156.0</td><td>-</td><td>1,046.9</td></tr><tr><td>November p.</td><td>22,614.7</td><td>21,409.9</td><td>156.0</td><td>-</td><td>1,048.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - Board of Governors, Federal Reserve System,
and (b) the redemption fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund. On February 26, 1947, the United States subscription to the International Monetary Fund was paid from the Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>1947-January</td><td>20,748.3</td><td>3,517.2</td><td>14.5</td></tr><tr><td>February</td><td>20,330.0</td><td>3,519.6</td><td>14.8</td></tr><tr><td>March</td><td>20,462.6</td><td>3,522.5</td><td>14.7</td></tr><tr><td>April</td><td>30,774.1</td><td>3,525.9</td><td>14.5</td></tr><tr><td>May</td><td>20,933.1</td><td>3,524.9</td><td>14.7</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>22,955.3</td><td>3,535.7</td><td>13.9</td></tr><tr><td>October</td><td>22,294.3</td><td>3,540.1</td><td>13.7</td></tr><tr><td>November p</td><td>22,614.7</td><td>3,545.2</td><td>13.6</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money p. Preliminary.
54
Treasury Bulletin
Components of Silver Monetary Stock
(in millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="5">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 1/</th><th>Bullion for recoinage 1/</th><th>Bullion at cost 2/</th><th></th><th></th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>.</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>1.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>.</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>.</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>.</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>.</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947-January</td><td>1,913.1</td><td>343.3</td><td>15.8</td><td>.3</td><td>93.6</td><td>150.3</td><td>900.2</td><td>3,517.2</td></tr><tr><td>February</td><td>1,915.5</td><td>343.2</td><td>15.9</td><td>.4</td><td>93.4</td><td>150.3</td><td>900.3</td><td>3,519.6</td></tr><tr><td>March</td><td>1,917.0</td><td>343.0</td><td>18.8</td><td>-</td><td>93.3</td><td>150.5</td><td>900.6</td><td>3,522.5</td></tr><tr><td>April</td><td>1,918.9</td><td>342.9</td><td>19.6</td><td>-</td><td>93.4</td><td>150.6</td><td>903.0</td><td>3,525.9</td></tr><tr><td>May</td><td>1,921.3</td><td>342.6</td><td>21.6</td><td>-</td><td>92.7</td><td>151.0</td><td>901.1</td><td>3,524.9</td></tr><tr><td>June</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</td><td>1,933.5</td><td>338.5</td><td>14.0</td><td>-</td><td>92.3</td><td>154.9</td><td>916.9</td><td>3,540.1</td></tr><tr><td>November p.</td><td>1,935.3</td><td>337.9</td><td>13.4</td><td>.2</td><td>91.7</td><td>155.5</td><td>922.3</td><td>3,545.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary.
* Less than $50,000.
1/ Valued at $1.29 per ounce.
2/ Includes silver leased to Office of Defense Plants of the R.F.C., etc. (see Daily Treasury Statement for amount). Does not include
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="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1937.</td><td>71.3</td><td>70.6</td><td>54.6</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938.</td><td>61.7</td><td>61.6</td><td>42.4</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939.</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940.</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941.</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</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><tr><td>October.</td><td>3.2</td><td>2.1</td><td>1.9</td><td>-</td><td>-</td><td>2.1</td><td>1.9</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
* Less than 50,000 ounces or $50,000.
1/ For information on silver production in other countries from 1933 through 1941 see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935;
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. Acquired at various prices averaging approximately 51 cents per ounce. Includes 0.5 million ounces valued at 71.11 cents per fine ounce totalling $0.3 million, and 4.4 million ounces valued at 90.5 cents per fine ounce totalling $4.0 million.
January 1948
55
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="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mise. 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>Nationalised silver (Proc. of Aug. 9,1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947-January</td><td>493.9</td><td>48.7</td><td>87.6</td><td>67.1</td><td>832.1</td><td>34.7</td><td>1,070.2</td><td>161.7</td></tr><tr><td>February</td><td>495.5</td><td>48.7</td><td>87.6</td><td>67.8</td><td>832.1</td><td>34.7</td><td>1,070.9</td><td>160.9</td></tr><tr><td>March</td><td>498.2</td><td>48.7</td><td>87.6</td><td>68.3</td><td>832.1</td><td>34.7</td><td>1,071.4</td><td>159.1</td></tr><tr><td>April</td><td>502.2</td><td>48.7</td><td>87.6</td><td>68.8</td><td>832.1</td><td>34.7</td><td>1,071.9</td><td>159.8</td></tr><tr><td>May</td><td>506.0</td><td>48.7</td><td>87.6</td><td>69.5</td><td>832.1</td><td>34.7</td><td>1,072.6</td><td>157.4</td></tr><tr><td>June</td><td>508.8</td><td>48.7</td><td>87.6</td><td>70.4</td><td>832.1</td><td>34.7</td><td>1,073.5</td><td>153.0</td></tr><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><tr><td>November</td><td>516.4</td><td>48.7</td><td>87.6</td><td>73.8</td><td>832.1</td><td>34.7</td><td>1,076.9</td><td>149.4</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
silver certificates
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
56
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>Coin certificated 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 1/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></tr><tr><td>1936</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,667</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</td><td>28,552</td><td>27,167</td><td>47</td><td>2,029</td><td>1</td><td>315</td><td>24,283</td><td>387</td><td>104</td></tr><tr><td>November p</td><td>28,765</td><td>27,370</td><td>47</td><td>2,040</td><td>1</td><td>320</td><td>24,476</td><td>383</td><td>103</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (In dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollar</th><th>Subdiliary 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</td><td>1,385</td><td>152</td><td>895</td><td>339</td><td>196.99</td></tr><tr><td>November p</td><td>1,395</td><td>152</td><td>902</td><td>341</td><td>198.16</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1946, pages 623-627. Preliminary. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the
2/ Continental limits of the United States.
3/ Gold certificates were withdrawn from circulation in 1933.
Treasury notes of 1890 in circulation are being canceled and re-tired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
January 1948
57
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
58
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 colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>812,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,164</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,167</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-Aug. 31, 1947)</td><td>1,510,133</td><td>1,645,956</td><td>10,384</td><td>-101,890</td><td>-44,317</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1947)</td><td>9,519,623</td><td>7,799,297</td><td>104,123</td><td>362,634</td><td>1,193,569</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><tr><td>August</td><td>76,022</td><td>78,729</td><td>4,324</td><td>-23,296</td><td>16,265</td></tr></table>
January 1948
59
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>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</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 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>1,901,142</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>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>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>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>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>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>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>4,205,349</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>5,374,903</td><td>4,113,412</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>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>29,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>706,253</td><td>98,119</td><td>319,639</td><td>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>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>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>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>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>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>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>8,318,385</td><td>5,093,556</td><td>3,189,109</td><td>35,720</td><td>7,339,186</td></tr><tr><td>August</td><td>963,278</td><td>149,912</td><td>266,185</td><td>8,381,193</td><td>5,248,972</td><td>3,093,854</td><td>38,367</td><td>7,417,915</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>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><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,684</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>287,398</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 25, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>43,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,672</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-Aug. 31, 1947)</td><td>-255,025</td><td>-51,793</td><td>53,454</td><td>-256,686</td><td>1,900,981</td><td>555,111</td><td>1,348,132</td><td>-2,262</td><td>1,645,956</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1947)</td><td>117,205</td><td>204,124</td><td>-167,057</td><td>80,138</td><td>7,682,092</td><td>4,622,530</td><td>3,077,732</td><td>-18,170</td><td>7,799,297</td></tr><tr><td>1947-January</td><td>-22,440</td><td>4,641</td><td>6,426</td><td>-33,507</td><td>23,487</td><td>47,131</td><td>-22,616</td><td>-1,028</td><td>1,047</td></tr><tr><td>February</td><td>-23,883</td><td>14,758</td><td>-1,924</td><td>-36,717</td><td>2,003,289</td><td>147,985</td><td>1,858,300</td><td>-2,996</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>96,925</td><td>-55,488</td><td>-30,298</td><td>128,530</td><td>-159,230</td><td>402</td><td>-33,702</td></tr><tr><td>May</td><td>-78,369</td><td>-12,031</td><td>-33,800</td><td>-32,538</td><td>-200,551</td><td>-231,866</td><td>38,357</td><td>-7,042</td><td>-278,920</td></tr><tr><td>June</td><td>-52,820</td><td>-30,530</td><td>26,248</td><td>-48,538</td><td>-31,248</td><td>221,172</td><td>-254,196</td><td>1,776</td><td>-24,068</td></tr><tr><td>July</td><td>-46,174</td><td>3,782</td><td>-25,151</td><td>-24,809</td><td>278,131</td><td>101,102</td><td>172,479</td><td>4,550</td><td>231,957</td></tr><tr><td>August</td><td>15,921</td><td>5,810</td><td>7,368</td><td>2,743</td><td>62,808</td><td>155,416</td><td>-95,255</td><td>2,647</td><td>78,723</td></tr></table>
60
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>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,539</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>268,284</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>357,695</td><td>-97,472</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>614,470</td><td>664,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947 (Jan. 1-Dec. 31, 1947)</td><td>132,963</td><td>214,843</td><td>-81,880</td><td>163,062</td><td>183,072</td><td>-20,010</td><td>296,025</td><td>397,915</td><td>-101,890</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 31, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>12,342,100</td><td>11,979,466</td><td>362,634</td></tr><tr><td>1946-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>February</td><td>19,845</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>13,388</td><td>24,969</td><td>-11,583</td><td>24,314</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><tr><td>August</td><td>13,763</td><td>21,050</td><td>-7,287</td><td>10,753</td><td>26,762</td><td>-16,009</td><td>24,516</td><td>47,812</td><td>-23,296</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>661,856</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>187,133</td><td>18,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-Aug. 31, 1947)</td><td>41,768</td><td>28,162</td><td>13,606</td><td>500,700</td><td>558,623</td><td>-57,923</td><td>542,468</td><td>586,785</td><td>-44,317</td></tr><tr><td>Total (Jan. 2, 1935-Aug. 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>6,758,321</td><td>5,504,752</td><td>1,193,569</td></tr><tr><td>1947-January</td><td>9,718</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>137,364</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>3,466</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><tr><td>August</td><td>3,565</td><td>2,574</td><td>991</td><td>30,058</td><td>14,784</td><td>15,274</td><td>33,623</td><td>17,358</td><td>16,265</td></tr></table>
a.a. Not available.
January 1948
61
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</th><th colspan="6">Short-term banking funds</th></tr><tr><th></th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-68,538</td><td>106,226</td><td>-142,297</td><td>-11,842</td><td>172,388</td><td>34,374</td><td>-66,114</td><td>104,188</td><td>-140,606</td><td>-12,223</td><td>171,406</td><td>35,882</td></tr><tr><td>France</td><td>15,108</td><td>-19,406</td><td>-12,149</td><td>70,420</td><td>-84,005</td><td>13,369</td><td>14,636</td><td>-22,078</td><td>-9,553</td><td>71,111</td><td>-81,833</td><td>16,467</td></tr><tr><td>Belgium</td><td>28,277</td><td>-16,528</td><td>-11,949</td><td>-8,620</td><td>23,374</td><td>20,042</td><td>28,835</td><td>-16,643</td><td>-12,077</td><td>-9,651</td><td>22,610</td><td>20,028</td></tr><tr><td>Denmark</td><td>-9,770</td><td>-4,627</td><td>-1,003</td><td>-5,096</td><td>-6,405</td><td>3,814</td><td>-5,775</td><td>-4,669</td><td>-924</td><td>-5,100</td><td>-6,453</td><td>3,320</td></tr><tr><td>Finland</td><td>356</td><td>-3,443</td><td>-6,352</td><td>-2,262</td><td>7,085</td><td>3,647</td><td>307</td><td>-3,429</td><td>-6,341</td><td>-2,048</td><td>7,085</td><td>3,616</td></tr><tr><td>Germany</td><td>1,307</td><td>2,234</td><td>12,433</td><td>5,729</td><td>19,053</td><td>7,301</td><td>1,322</td><td>2,196</td><td>12,503</td><td>5,731</td><td>19,049</td><td>7,299</td></tr><tr><td>Greece</td><td>-4,114</td><td>423</td><td>-2,103</td><td>-5,396</td><td>-130</td><td>4,196</td><td>-4,018</td><td>491</td><td>-2,233</td><td>-5,400</td><td>-96</td><td>4,158</td></tr><tr><td>Italy</td><td>-40,375</td><td>5,828</td><td>-22,966</td><td>-17,470</td><td>-20,054</td><td>-3,094</td><td>-31,790</td><td>5,779</td><td>-23,070</td><td>-17,630</td><td>-20,082</td><td>-3,099</td></tr><tr><td>Luxembourg</td><td>41</td><td>-662</td><td>-94</td><td>-364</td><td>511</td><td>-2,419</td><td>435</td><td>-686</td><td>-13</td><td>-114</td><td>469</td><td>-2,460</td></tr><tr><td>Netherlands</td><td>-38,931</td><td>135,085</td><td>-34,974</td><td>-16,228</td><td>-4,511</td><td>-2,189</td><td>-33,134</td><td>142,999</td><td>-3,501</td><td>-6,917</td><td>6,430</td><td>18,101</td></tr><tr><td>Norway</td><td>-1,376</td><td>-3,874</td><td>-11,618</td><td>-9,719</td><td>-12,724</td><td>-2,357</td><td>-1,625</td><td>4,912</td><td>-11,352</td><td>-9,850</td><td>-11,831</td><td>-2,950</td></tr><tr><td>Portugal</td><td>10,099</td><td>-1,945</td><td>-128</td><td>-10,033</td><td>-2,025</td><td>7,704</td><td>10,075</td><td>42,006</td><td>-83</td><td>-10,082</td><td>-2,161</td><td>7,666</td></tr><tr><td>Rumania</td><td>-830</td><td>-3,588</td><td>-3,177</td><td>-67</td><td>-4,929</td><td>1,063</td><td>-767</td><td>-3,587</td><td>-3,177</td><td>-27</td><td>-4,931</td><td>1,063</td></tr><tr><td>Spain</td><td>1,137</td><td>-221</td><td>-423</td><td>-570</td><td>3,140</td><td>192</td><td>1,142</td><td>-528</td><td>-107</td><td>-6,555</td><td>3,163</td><td>171</td></tr><tr><td>Sweden</td><td>6,028</td><td>-9,025</td><td>-5,628</td><td>-21,010</td><td>-11,530</td><td>-8,967</td><td>5,836</td><td>-9,091</td><td>-5,412</td><td>-19,011</td><td>-11,549</td><td>-8,333</td></tr><tr><td>Switzerland</td><td>9,335</td><td>15,501</td><td>3,027</td><td>-5,319</td><td>12,512</td><td>-3,846</td><td>8,881</td><td>8,122</td><td>4,068</td><td>-5,661</td><td>4,971</td><td>-2,991</td></tr><tr><td>U. S. S. R.</td><td>67</td><td>1,476</td><td>-9,359</td><td>160</td><td>-281</td><td>2,219</td><td>67</td><td>1,476</td><td>-9,363</td><td>159</td><td>-286</td><td>2,219</td></tr><tr><td>Yugoslavia</td><td>733</td><td>658</td><td>-2,669</td><td>-691</td><td>1,214</td><td>-593</td><td>782</td><td>618</td><td>-2,762</td><td>-693</td><td>1,230</td><td>-593</td></tr><tr><td>Other Europe</td><td>-5,858</td><td>-13,824</td><td>-6,213</td><td>-10,324</td><td>2,656</td><td>11,987</td><td>604</td><td>-12,725</td><td>-6,214</td><td>-10,656</td><td>3,258</td><td>12,076</td></tr><tr><td>Total Europe</td><td>-93,304</td><td>190,288</td><td>-257,842</td><td>-48,702</td><td>95,339</td><td>91,443</td><td>-70,261</td><td>195,339</td><td>-220,717</td><td>-44,617</td><td>102,449</td><td>111,040</td></tr><tr><td>Canada</td><td>-80,194</td><td>-88,287</td><td>-1,749</td><td>40,358</td><td>-8,746</td><td>35,634</td><td>-110,905</td><td>-148,057</td><td>-50,321</td><td>9,633</td><td>-20,681</td><td>30,306</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>-3,782</td><td>37,822</td><td>27,483</td><td>18,452</td><td>35,506</td><td>-2,577</td><td>-2,999</td><td>33,743</td><td>26,066</td><td>16,110</td><td>36,039</td><td>-7,733</td></tr><tr><td>Bolivia</td><td>-1,199</td><td>-2,954</td><td>-1,936</td><td>7,917</td><td>-1,521</td><td>684</td><td>-1,237</td><td>-2,974</td><td>-1,918</td><td>7,906</td><td>-1,541</td><td>671</td></tr><tr><td>Brazil</td><td>-33,815</td><td>-56,979</td><td>-53,195</td><td>-20,941</td><td>10,620</td><td>12,806</td><td>-36,706</td><td>-58,065</td><td>-53,413</td><td>-22,191</td><td>10,341</td><td>12,525</td></tr><tr><td>Chile</td><td>5,442</td><td>86</td><td>-8,437</td><td>8,305</td><td>-12,280</td><td>1,691</td><td>5,117</td><td>-191</td><td>-9,830</td><td>8,268</td><td>-12,966</td><td>1,426</td></tr><tr><td>Colombia</td><td>-528</td><td>1,169</td><td>-4,277</td><td>-19,312</td><td>-5,790</td><td>2,694</td><td>-721</td><td>823</td><td>-4,423</td><td>-19,310</td><td>-5,802</td><td>2,670</td></tr><tr><td>Costa Rica</td><td>-872</td><td>1,419</td><td>-1,070</td><td>-249</td><td>-1,507</td><td>1,671</td><td>-846</td><td>1,434</td><td>-1,068</td><td>-202</td><td>-1,584</td><td>1,724</td></tr><tr><td>Cuba</td><td>35</td><td>9,663</td><td>-12,191</td><td>142,112</td><td>-11,762</td><td>3,054</td><td>-2,344</td><td>8,566</td><td>-12,288</td><td>141,650</td><td>-12,857</td><td>2,427</td></tr><tr><td>French West Indies and Guiana</td><td>162</td><td>-811</td><td>261</td><td>-831</td><td>-100</td><td>-331</td><td>161</td><td>-754</td><td>267</td><td>-831</td><td>-100</td><td>-331</td></tr><tr><td>Mexico</td><td>-5,450</td><td>-13,811</td><td>-883</td><td>-545</td><td>15,343</td><td>10,580</td><td>-4,918</td><td>-14,406</td><td>47</td><td>-203</td><td>16,297</td><td>8,070</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-1,259</td><td>-238</td><td>-1,615</td><td>1,362</td><td>-296</td><td>3,454</td><td>-1,233</td><td>-156</td><td>-1,607</td><td>1,327</td><td>-182</td><td>3,398</td></tr><tr><td>Panama</td><td>-1,372</td><td>-2,046</td><td>-5,004</td><td>-2,922</td><td>-147</td><td>452</td><td>-2,515</td><td>-2,170</td><td>-2,002</td><td>561</td><td>-439</td><td>831</td></tr><tr><td>Peru</td><td>267</td><td>1,192</td><td>3,236</td><td>2,761</td><td>-1,731</td><td>3,040</td><td>-768</td><td>1,054</td><td>3,246</td><td>2,783</td><td>-1,872</td><td>3,153</td></tr><tr><td>Venezuela</td><td>-3,321</td><td>7,768</td><td>-6,636</td><td>10,019</td><td>11,519</td><td>7,381</td><td>-2,725</td><td>6,884</td><td>-6,849</td><td>9,738</td><td>11,102</td><td>7,576</td></tr><tr><td>Other Latin America</td><td>-1,175</td><td>-1,852</td><td>18,155</td><td>-20,259</td><td>-7,997</td><td>9,775</td><td>-2,276</td><td>-2,836</td><td>16,825</td><td>-20,977</td><td>-8,955</td><td>8,861</td></tr><tr><td>Total Latin America</td><td>-46,867</td><td>-19,582</td><td>-46,109</td><td>128,499</td><td>29,857</td><td>54,374</td><td>-54,010</td><td>-29,048</td><td>-46,947</td><td>124,669</td><td>27,877</td><td>45,268</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>-21,775</td><td>-5,540</td><td>-44,567</td><td>-44,939</td><td>-35,169</td><td>-20,731</td><td>-20,942</td><td>-9,921</td><td>-43,910</td><td>-43,865</td><td>-35,407</td><td>-20,922</td></tr><tr><td>French Indo-China</td><td>3,092</td><td>-642</td><td>2,048</td><td>-3,290</td><td>-965</td><td>-1,258</td><td>3,102</td><td>-642</td><td>2,048</td><td>-3,290</td><td>-965</td><td>-1,258</td></tr><tr><td>Hong Kong</td><td>-915</td><td>587</td><td>3,008</td><td>-863</td><td>5,587</td><td>-2,408</td><td>-946</td><td>208</td><td>2,971</td><td>-426</td><td>6,584</td><td>-2,457</td></tr><tr><td>India, Burma, and Ceylon</td><td>-5,237</td><td>-4,076</td><td>-1,719</td><td>-11,659</td><td>1,258</td><td>16,472</td><td>-5,281</td><td>-4,129</td><td>-1,753</td><td>-11,734</td><td>1,224</td><td>16,473</td></tr><tr><td>British Malaya</td><td>-304</td><td>741</td><td>1,552</td><td>-1,982</td><td>3,642</td><td>2,750</td><td>-297</td><td>741</td><td>1,558</td><td>-1,958</td><td>3,044</td><td>2,750</td></tr><tr><td>Japan</td><td>1,035</td><td>161</td><td>-838</td><td>-1,297</td><td>771</td><td>16</td><td>1,030</td><td>165</td><td>-836</td><td>-1,871</td><td>765</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>4,518</td><td>-19,702</td><td>-7,886</td><td>456</td><td>-9,119</td><td>-2,920</td><td>5,816</td><td>-19,703</td><td>-7,826</td><td>432</td><td>-9,094</td><td>-2,992</td></tr><tr><td>Philippine Islands</td><td>20,315</td><td>-11,016</td><td>-7,355</td><td>19,632</td><td>-1,075</td><td>-11,662</td><td>19,352</td><td>-10,403</td><td>-7,427</td><td>19,663</td><td>-1,258</td><td>-11,656</td></tr><tr><td>Turkey</td><td>-1,238</td><td>9,139</td><td>-8,579</td><td>-6,648</td><td>-10,557</td><td>1,040</td><td>-1,201</td><td>9,110</td><td>-8,563</td><td>-6,650</td><td>-10,545</td><td>1,059</td></tr><tr><td>Other Asia</td><td>-5,588</td><td>-4,426</td><td>-5,053</td><td>-3,392</td><td>-885</td><td>4,626</td><td>-5,534</td><td>-4,382</td><td>-5,104</td><td>-3,281</td><td>-807</td><td>4,584</td></tr><tr><td>Total Asia</td><td>-6,097</td><td>-37,774</td><td>-69,390</td><td>-53,982</td><td>-46,512</td><td>-14,145</td><td>-4,901</td><td>-38,952</td><td>-68,842</td><td>-52,381</td><td>-45,859</td><td>-14,403</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>-7,103</td><td>1,762</td><td>1,915</td><td>-2,593</td><td>6,201</td><td>8,898</td><td>-19,262</td><td>-2,648</td><td>-1,683</td><td>9,238</td><td>-7,657</td><td>6,080</td></tr><tr><td>New Zealand</td><td>1,125</td><td>-770</td><td>-182</td><td>502</td><td>82</td><td>410</td><td>1,125</td><td>-771</td><td>-244</td><td>491</td><td>108</td><td>376</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1,191</td><td>-435</td><td>1,505</td><td>2,332</td><td>-3,684</td><td>1,659</td><td>1,177</td><td>-462</td><td>1,463</td><td>2,284</td><td>-3,142</td><td>1,760</td></tr><tr><td>French Morocco</td><td>-606</td><td>-400</td><td>-999</td><td>-664</td><td>-254</td><td>-562</td><td>-433</td><td>-430</td><td>-1,501</td><td>-657</td><td>-279</td><td>-570</td></tr><tr><td>Union of South Africa</td><td>8,493</td><td>1,339</td><td>2,004</td><td>-6,702</td><td>6,462</td><td>8,813</td><td>8,467</td><td>1,319</td><td>2,033</td><td>-6,708</td><td>6,384</td><td>8,939</td></tr><tr><td>All other</td><td>-181</td><td>-3,916</td><td>-13,643</td><td>-2,153</td><td>7,963</td><td>-4,543</td><td>-219</td><td>-2,565</td><td>-13,429</td><td>-1,607</td><td>7,955</td><td>-1,681</td></tr><tr><td>Total other countries</td><td>2,919</td><td>-2,420</td><td>-9,400</td><td>-9,278</td><td>17,370</td><td>14,675</td><td>-9,145</td><td>-5,557</td><td>-13,359</td><td>2,981</td><td>3,369</td><td>11,904</td></tr><tr><td>International</td><td>1,333</td><td>-4,453</td><td>116,853</td><td>-125,098</td><td>-82,471</td><td>-103,134</td><td>1,333</td><td>-4,453</td><td>116,853</td><td>-125,098</td><td>166,829</td><td>-103,134</td></tr><tr><td>Unidentified</td><td>-980</td><td>-2,974</td><td>4,374</td><td>745</td><td>-2,027</td><td>-2,825</td><td>-1,004</td><td>-2,974</td><td>4,413</td><td>745</td><td>-2,027</td><td>-2,852</td></tr><tr><td>Grand total</td><td>-223,190</td><td>34,798</td><td>-263,263</td><td>-67,458</td><td>2,810</td><td>76,022</td><td>-248,493</td><td>-33,702</td><td>-278,920</td><td>-84,068</td><td>231,957</td><td>78,729</td></tr></table>
1/ Includes transactions of international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
62
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)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th>Country</th><th colspan="6">Brokerage balances 1947</th><th colspan="6">Transactions by foreigners in long-term securities 1947</th></tr><tr><th></th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-2,161</td><td>898</td><td>-155</td><td>494</td><td>1,278</td><td>-1,832</td><td>-263</td><td>1,140</td><td>-1,536</td><td>-113</td><td>-2,296</td><td>324</td></tr><tr><td>France</td><td>414</td><td>166</td><td>-654</td><td>-145</td><td>-243</td><td>-112</td><td>58</td><td>2,506</td><td>-1,942</td><td>-546</td><td>-1,929</td><td>2,014</td></tr><tr><td>Belgium</td><td>-151</td><td>108</td><td>55</td><td>83</td><td>-4</td><td>-81</td><td>-407</td><td>7</td><td>73</td><td>948</td><td>768</td><td>55</td></tr><tr><td>Denmark</td><td>-52</td><td>5</td><td>-42</td><td>-5</td><td>65</td><td>49</td><td>57</td><td>37</td><td>-37</td><td>9</td><td>-17</td><td>445</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td><td>-14</td><td>-11</td><td>-214</td><td>-</td><td>31</td></tr><tr><td>Germany</td><td>-15</td><td>30</td><td>-64</td><td>-</td><td>10</td><td>-1</td><td>-</td><td>8</td><td>-6</td><td>-2</td><td>-6</td><td>3</td></tr><tr><td>Greece</td><td>12</td><td>-2</td><td>5</td><td>-3</td><td>15</td><td>-18</td><td>-108</td><td>-66</td><td>125</td><td>7</td><td>-49</td><td>56</td></tr><tr><td>Italy</td><td>-72</td><td>82</td><td>-46</td><td>92</td><td>-34</td><td>-31</td><td>-8,513</td><td>-33</td><td>152</td><td>68</td><td>62</td><td>36</td></tr><tr><td>Luxembourg</td><td>19</td><td>-95</td><td>11</td><td>-211</td><td>72</td><td>6</td><td>-413</td><td>119</td><td>-92</td><td>-39</td><td>-30</td><td>35</td></tr><tr><td>Netherlands</td><td>1,385</td><td>994</td><td>-340</td><td>1,257</td><td>-1,148</td><td>-38</td><td>-7,182</td><td>-8,908</td><td>-31,133</td><td>-10,568</td><td>-9,793</td><td>-20,252</td></tr><tr><td>Norway</td><td>-116</td><td>-60</td><td>-169</td><td>324</td><td>148</td><td>110</td><td>365</td><td>-8,726</td><td>-97</td><td>-193</td><td>-1,041</td><td>483</td></tr><tr><td>Portugal</td><td>11</td><td>32</td><td>-2</td><td>2</td><td>-8</td><td>-33</td><td>13</td><td>29</td><td>43</td><td>47</td><td>144</td><td>71</td></tr><tr><td>Rumania</td><td>-41</td><td>1</td><td>-</td><td>-2</td><td>1</td><td>-1</td><td>-2</td><td>-2</td><td>-</td><td>-38</td><td>1</td><td>1</td></tr><tr><td>Spain</td><td>-12</td><td>99</td><td>-1</td><td>-3</td><td>-10</td><td>-4</td><td>7</td><td>208</td><td>-15</td><td>5,988</td><td>-13</td><td>25</td></tr><tr><td>Sweden</td><td>162</td><td>-144</td><td>-34</td><td>74</td><td>40</td><td>-137</td><td>30</td><td>210</td><td>-182</td><td>-2,073</td><td>-21</td><td>-497</td></tr><tr><td>Switzerland</td><td>1,614</td><td>640</td><td>-1,781</td><td>2,796</td><td>-580</td><td>834</td><td>-1,160</td><td>6,739</td><td>740</td><td>-2,454</td><td>8,121</td><td>-1,689</td></tr><tr><td>U. S. S. R.</td><td>-40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>-</td><td>4</td><td>1</td><td>5</td><td>-</td></tr><tr><td>Yugoslavia</td><td>54</td><td>-106</td><td>9</td><td>270</td><td>-64</td><td>-37</td><td>-6,576</td><td>-993</td><td>93</td><td>2</td><td>-16</td><td>-</td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-8</td><td>62</td><td>-538</td><td>-52</td></tr><tr><td>Total Europe</td><td>1,011</td><td>2,688</td><td>-3,210</td><td>5,023</td><td>-462</td><td>-1,286</td><td>-24,054</td><td>-7,739</td><td>-33,915</td><td>-9,108</td><td>-6,048</td><td>-18,911</td></tr><tr><td>Canada</td><td>-1,719</td><td>1,223</td><td>-1,608</td><td>77</td><td>-611</td><td>940</td><td>32,030</td><td>58,547</td><td>50,180</td><td>30,648</td><td>12,546</td><td>4,388</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-2,366</td><td>1,355</td><td>-243</td><td>140</td><td>-2,002</td><td>-255</td><td>1,583</td><td>2,724</td><td>1,660</td><td>2,202</td><td>1,473</td><td>5,411</td></tr><tr><td>Bolivia</td><td>14</td><td>-3</td><td>-</td><td>-</td><td>4</td><td>-3</td><td>24</td><td>13</td><td>-18</td><td>11</td><td>16</td><td>16</td></tr><tr><td>Brazil</td><td>513</td><td>277</td><td>-321</td><td>65</td><td>-71</td><td>-18</td><td>2,378</td><td>809</td><td>539</td><td>1,145</td><td>350</td><td>299</td></tr><tr><td>Chile</td><td>142</td><td>-192</td><td>81</td><td>-239</td><td>77</td><td>284</td><td>183</td><td>469</td><td>1,312</td><td>276</td><td>209</td><td>-19</td></tr><tr><td>Colombia</td><td>-345</td><td>258</td><td>-39</td><td>-67</td><td>28</td><td>8</td><td>538</td><td>88</td><td>185</td><td>65</td><td>-16</td><td>16</td></tr><tr><td>Costa Rica</td><td>-32</td><td>-34</td><td>-26</td><td>-37</td><td>74</td><td>-54</td><td>6</td><td>19</td><td>24</td><td>-10</td><td>3</td><td>1</td></tr><tr><td>Cuba</td><td>-140</td><td>261</td><td>-553</td><td>364</td><td>-39</td><td>574</td><td>2,519</td><td>836</td><td>650</td><td>78</td><td>1,134</td><td>53</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>5</td><td>-26</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-62</td><td>-</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Mexico</td><td>-163</td><td>492</td><td>-887</td><td>108</td><td>-2,154</td><td>3,036</td><td>-369</td><td>103</td><td>-43</td><td>450</td><td>1,200</td><td>-526</td></tr><tr><td>Netherlands West Indies and</td><td>-14</td><td>-71</td><td>41</td><td>8</td><td>15</td><td>58</td><td>-12</td><td>-11</td><td>-49</td><td>27</td><td>-129</td><td>-2</td></tr><tr><td>Surinam</td><td>1,055</td><td>30</td><td>306</td><td>45</td><td>1,584</td><td>246</td><td>85</td><td>94</td><td>-3,308</td><td>-898</td><td>-1,892</td><td>-625</td></tr><tr><td>Panama</td><td>-20</td><td>23</td><td>-15</td><td>-28</td><td>118</td><td>-94</td><td>1,055</td><td>115</td><td>5</td><td>6</td><td>23</td><td>-19</td></tr><tr><td>Peru</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Venezuela</td><td>-799</td><td>825</td><td>-269</td><td>133</td><td>629</td><td>-360</td><td>203</td><td>59</td><td>482</td><td>148</td><td>-212</td><td>165</td></tr><tr><td>Other Latin America</td><td>515</td><td>-16</td><td>907</td><td>45</td><td>1,737</td><td>1,060</td><td>586</td><td>1,000</td><td>423</td><td>763</td><td>-779</td><td>-146</td></tr><tr><td>Total Latin America</td><td>-1,639</td><td>3,210</td><td>-1,024</td><td>467</td><td>-</td><td>4,483</td><td>8,782</td><td>6,256</td><td>1,862</td><td>3,363</td><td>1,980</td><td>4,623</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>-574</td><td>2,319</td><td>695</td><td>-881</td><td>56</td><td>44</td><td>-259</td><td>-938</td><td>-1,352</td><td>-192</td><td>182</td><td>147</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>31</td><td>-47</td><td>13</td><td>-109</td><td>-13</td><td>42</td><td>-</td><td>426</td><td>24</td><td>-328</td><td>-984</td><td>7</td></tr><tr><td>India, Burma, and Ceylon</td><td>-43</td><td>56</td><td>9</td><td>-51</td><td>16</td><td>-6</td><td>87</td><td>-7</td><td>25</td><td>126</td><td>18</td><td>5</td></tr><tr><td>British Malaya</td><td>1</td><td>-10</td><td>-</td><td>-24</td><td>-</td><td>-</td><td>-7</td><td>6</td><td>-7</td><td>-24</td><td>-2</td><td>-</td></tr><tr><td>Japan</td><td></td><td></td><td></td><td></td><td></td><td></td><td>4</td><td>-</td><td>-2</td><td>-2</td><td>6</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-1</td><td>-7</td><td>-2</td><td>-3</td><td>5</td><td>2</td><td>-1,297</td><td>8</td><td>-58</td><td>27</td><td>-30</td><td>-</td></tr><tr><td>Philippine Islands</td><td>826</td><td>-718</td><td>85</td><td>-54</td><td>134</td><td>39</td><td>137</td><td>105</td><td>-13</td><td>23</td><td>49</td><td>-45</td></tr><tr><td>Turkey</td><td>-3</td><td>-3</td><td>2</td><td>12</td><td>-12</td><td>-1</td><td>-37</td><td>32</td><td>-18</td><td>-10</td><td>-</td><td>-18</td></tr><tr><td>Other Asia</td><td>53</td><td>-42</td><td>162</td><td>-181</td><td>-1</td><td>82</td><td>-107</td><td>-2</td><td>-111</td><td>70</td><td>-77</td><td>-40</td></tr><tr><td>Total Asia</td><td>293</td><td>1,548</td><td>964</td><td>-1,291</td><td>185</td><td>202</td><td>-1,489</td><td>-370</td><td>-1,512</td><td>-310</td><td>-838</td><td>56</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>59</td><td>-46</td><td>-17</td><td>-49</td><td>-12</td><td>40</td><td>12,100</td><td>4,456</td><td>3,615</td><td>-11,782</td><td>13,870</td><td>2,778</td></tr><tr><td>New Zealand</td><td>-</td><td>-15</td><td>58</td><td>3</td><td>-28</td><td>39</td><td>-</td><td>16</td><td>4</td><td>8</td><td>2</td><td>45</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>3</td><td>-3</td><td>6</td><td>23</td><td>-10</td><td>52</td><td>11</td><td>30</td><td>36</td><td>85</td><td>68</td><td>-153</td></tr><tr><td>French Morocco</td><td>-1</td><td>1</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-172</td><td>29</td><td>504</td><td>-7</td><td>25</td><td>8</td></tr><tr><td>Union of South Africa</td><td>83</td><td>4</td><td>1</td><td>78</td><td>85</td><td>-164</td><td>-57</td><td>24</td><td>-32</td><td>-72</td><td>-7</td><td>38</td></tr><tr><td>All other</td><td>-182</td><td>-1,533</td><td>-307</td><td>57</td><td>-178</td><td>-9</td><td>220</td><td>182</td><td>93</td><td>-603</td><td>186</td><td>147</td></tr><tr><td>Total other countries</td><td>-38</td><td>-1,600</td><td>-261</td><td>112</td><td>-143</td><td>-42</td><td>12,102</td><td>4,737</td><td>4,220</td><td>-12,371</td><td>14,144</td><td>2,813</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>-249,300</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>24</td><td>-</td><td>-35</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>-2,068</td><td>7,069</td><td>-5,174</td><td>4,388</td><td>-1,031</td><td>4,324</td><td>27,371</td><td>61,431</td><td>20,831</td><td>12,222</td><td>-228,116</td><td>-7,031</td></tr></table>
1/ Includes transactions of international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
January 1948
63
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>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>35,770</td><td>42,425</td><td>39,596</td><td>39,340</td><td>36,905</td><td>34,069</td><td>373,581</td><td>484,424</td><td>340,989</td><td>328,510</td><td>499,481</td><td>532,527</td></tr><tr><td>France</td><td>15,539</td><td>21,125</td><td>18,844</td><td>20,090</td><td>21,437</td><td>20,921</td><td>226,369</td><td>209,777</td><td>197,943</td><td>270,300</td><td>189,814</td><td>205,765</td></tr><tr><td>Belgium</td><td>8,019</td><td>8,853</td><td>8,885</td><td>10,124</td><td>9,004</td><td>10,250</td><td>178,784</td><td>162,985</td><td>150,930</td><td>142,518</td><td>164,008</td><td>185,282</td></tr><tr><td>Denmark</td><td>345</td><td>324</td><td>378</td><td>583</td><td>592</td><td>437</td><td>62,499</td><td>57,809</td><td>56,939</td><td>52,044</td><td>45,600</td><td>48,765</td></tr><tr><td>Finland</td><td>8,255</td><td>7,105</td><td>9,097</td><td>11,381</td><td>17,842</td><td>17,905</td><td>31,345</td><td>26,757</td><td>22,417</td><td>22,953</td><td>36,199</td><td>39,879</td></tr><tr><td>Germany</td><td>30,357</td><td>30,371</td><td>30,323</td><td>30,348</td><td>30,348</td><td>30,345</td><td>6,857</td><td>9,067</td><td>21,522</td><td>27,278</td><td>46,327</td><td>53,621</td></tr><tr><td>Greece</td><td>13,213</td><td>12,822</td><td>12,980</td><td>12,889</td><td>13,005</td><td>12,551</td><td>39,692</td><td>39,792</td><td>37,717</td><td>32,226</td><td>32,246</td><td>35,950</td></tr><tr><td>Italy</td><td>20,599</td><td>22,041</td><td>23,832</td><td>24,093</td><td>24,255</td><td>23,587</td><td>218,487</td><td>225,708</td><td>204,429</td><td>187,060</td><td>167,140</td><td>163,373</td></tr><tr><td>Luxembourg</td><td>53</td><td>52</td><td>65</td><td>306</td><td>49</td><td>52</td><td>22,905</td><td>22,218</td><td>22,218</td><td>22,345</td><td>22,557</td><td>20,100</td></tr><tr><td>Netherlands</td><td>155,768</td><td>51,038</td><td>39,254</td><td>49,042</td><td>47,239</td><td>41,916</td><td>183,344</td><td>221,613</td><td>206,328</td><td>209,199</td><td>213,826</td><td>226,604</td></tr><tr><td>Norway</td><td>4,214</td><td>5,180</td><td>5,913</td><td>6,322</td><td>7,023</td><td>7,981</td><td>105,336</td><td>111,214</td><td>100,595</td><td>91,154</td><td>80,024</td><td>78,032</td></tr><tr><td>Portugal</td><td>1,045</td><td>1,010</td><td>1,212</td><td>1,514</td><td>1,332</td><td>1,254</td><td>54,192</td><td>52,151</td><td>52,270</td><td>42,490</td><td>40,147</td><td>47,735</td></tr><tr><td>Romania</td><td>4,184</td><td>6,874</td><td>6,992</td><td>6,923</td><td>11,876</td><td>12,024</td><td>12,210</td><td>11,313</td><td>8,254</td><td>8,158</td><td>8,180</td><td>9,391</td></tr><tr><td>Spain</td><td>3,833</td><td>3,742</td><td>3,517</td><td>4,327</td><td>1,598</td><td>1,348</td><td>18,754</td><td>18,135</td><td>17,503</td><td>11,758</td><td>12,192</td><td>12,113</td></tr><tr><td>Sweden</td><td>5,951</td><td>7,110</td><td>7,440</td><td>7,471</td><td>8,684</td><td>9,320</td><td>165,221</td><td>157,289</td><td>152,207</td><td>133,227</td><td>122,891</td><td>115,194</td></tr><tr><td>Switzerland</td><td>11,376</td><td>8,291</td><td>9,494</td><td>7,812</td><td>10,195</td><td>9,806</td><td>392,104</td><td>397,201</td><td>402,472</td><td>395,129</td><td>402,483</td><td>399,103</td></tr><tr><td>U.S.S.R.</td><td>10</td><td>13</td><td>4</td><td>5</td><td>6</td><td>3</td><td>58,537</td><td>60,016</td><td>50,444</td><td>50,604</td><td>50,319</td><td>52,535</td></tr><tr><td>Yugoslavia</td><td>7</td><td>7</td><td>8</td><td>8</td><td>8</td><td>8</td><td>14,670</td><td>15,288</td><td>12,527</td><td>11,834</td><td>13,064</td><td>12,471</td></tr><tr><td>Other Europe</td><td>13,154</td><td>22,933</td><td>26,296</td><td>35,373</td><td>37,473</td><td>36,231</td><td>111,354</td><td>108,408</td><td>105,557</td><td>103,978</td><td>109,336</td><td>120,170</td></tr><tr><td>Total Europe</td><td>331,792</td><td>251,327</td><td>244,130</td><td>267,951</td><td>278,871</td><td>270,009</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><td>2,358,612</td></tr><tr><td>Canada</td><td>39,033</td><td>36,433</td><td>36,829</td><td>36,383</td><td>34,047</td><td>32,161</td><td>778,159</td><td>627,502</td><td>577,577</td><td>586,704</td><td>563,747</td><td>592,167</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>49,929</td><td>57,821</td><td>60,746</td><td>57,622</td><td>65,833</td><td>71,824</td><td>181,412</td><td>223,047</td><td>252,038</td><td>265,024</td><td>309,270</td><td>307,528</td></tr><tr><td>Bolivia</td><td>2,963</td><td>4,818</td><td>5,294</td><td>3,561</td><td>3,269</td><td>3,167</td><td>12,833</td><td>11,714</td><td>10,272</td><td>15,445</td><td>14,612</td><td>15,181</td></tr><tr><td>Brazil</td><td>69,583</td><td>115,360</td><td>150,208</td><td>160,854</td><td>164,070</td><td>163,577</td><td>127,571</td><td>115,283</td><td>96,718</td><td>85,213</td><td>98,770</td><td>110,802</td></tr><tr><td>Chile</td><td>15,979</td><td>18,578</td><td>20,297</td><td>17,385</td><td>20,492</td><td>22,138</td><td>51,028</td><td>53,436</td><td>45,325</td><td>50,681</td><td>41,222</td><td>44,894</td></tr><tr><td>Colombia</td><td>26,835</td><td>30,398</td><td>36,390</td><td>40,254</td><td>35,719</td><td>35,212</td><td>51,862</td><td>56,248</td><td>57,817</td><td>42,371</td><td>32,034</td><td>34,197</td></tr><tr><td>Costa Rica</td><td>4,039</td><td>3,375</td><td>3,587</td><td>3,937</td><td>3,853</td><td>3,810</td><td>8,539</td><td>9,309</td><td>8,453</td><td>8,601</td><td>6,933</td><td>8,614</td></tr><tr><td>Ouha</td><td>45,165</td><td>53,829</td><td>60,091</td><td>45,981</td><td>53,269</td><td>54,519</td><td>150,819</td><td>168,049</td><td>162,023</td><td>289,563</td><td>283,994</td><td>287,671</td></tr><tr><td>French West Indies and Guiana</td><td>11</td><td>9</td><td>83</td><td>251</td><td>589</td><td>50</td><td>3,990</td><td>3,234</td><td>3,575</td><td>2,912</td><td>3,150</td><td>2,280</td></tr><tr><td>Mexico</td><td>30,668</td><td>33,662</td><td>34,753</td><td>32,869</td><td>27,609</td><td>30,996</td><td>139,054</td><td>127,642</td><td>128,780</td><td>126,693</td><td>137,730</td><td>149,187</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>819</td><td>1,082</td><td>1,044</td><td>974</td><td>1,033</td><td>1,149</td><td>10,534</td><td>10,641</td><td>8,996</td><td>10,253</td><td>10,130</td><td>13,644</td></tr><tr><td>Panama</td><td>2,208</td><td>2,201</td><td>2,091</td><td>2,581</td><td>2,742</td><td>3,777</td><td>73,177</td><td>71,000</td><td>68,888</td><td>69,939</td><td>69,661</td><td>71,527</td></tr><tr><td>Peru</td><td>6,989</td><td>7,843</td><td>7,552</td><td>5,600</td><td>5,901</td><td>6,286</td><td>34,031</td><td>35,939</td><td>38,894</td><td>39,725</td><td>38,154</td><td>41,692</td></tr><tr><td>Venezuela</td><td>19,563</td><td>15,419</td><td>19,160</td><td>16,720</td><td>18,243</td><td>18,489</td><td>46,659</td><td>49,399</td><td>46,291</td><td>53,589</td><td>66,214</td><td>74,036</td></tr><tr><td>Other Latin America</td><td>33,894</td><td>37,285</td><td>36,685</td><td>36,261</td><td>42,317</td><td>35,181</td><td>186,070</td><td>186,625</td><td>202,850</td><td>181,449</td><td>178,550</td><td>181,275</td></tr><tr><td>Total Latin America</td><td>308,645</td><td>381,680</td><td>437,981</td><td>424,850</td><td>444,939</td><td>451,775</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><td>1,342,528</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 Manchurin</td><td>41,242</td><td>46,989</td><td>76,131</td><td>104,842</td><td>110,726</td><td>108,180</td><td>373,230</td><td>369,056</td><td>354,288</td><td>339,133</td><td>309,610</td><td>286,142</td></tr><tr><td>French Indo-China</td><td>25</td><td>22</td><td>22</td><td>77</td><td>62</td><td>329</td><td>39,056</td><td>38,411</td><td>40,459</td><td>37,224</td><td>36,244</td><td>35,253</td></tr><tr><td>Bong Kong</td><td>4,145</td><td>4,029</td><td>3,503</td><td>3,531</td><td>3,123</td><td>3,071</td><td>38,919</td><td>39,011</td><td>41,456</td><td>41,058</td><td>47,234</td><td>44,725</td></tr><tr><td>India, Burma, and Ceylon</td><td>14,638</td><td>14,193</td><td>13,203</td><td>32,797</td><td>33,662</td><td>27,454</td><td>40,670</td><td>36,100</td><td>33,337</td><td>41,217</td><td>43,306</td><td>53,571</td></tr><tr><td>British Malaya</td><td>913</td><td>1,291</td><td>1,057</td><td>2,178</td><td>1,579</td><td>1,595</td><td>7,223</td><td>8,282</td><td>9,606</td><td>8,769</td><td>11,814</td><td>14,580</td></tr><tr><td>Japan</td><td>242</td><td>247</td><td>246</td><td>163</td><td>261</td><td>268</td><td>18,716</td><td>18,886</td><td>18,049</td><td>16,715</td><td>17,558</td><td>17,581</td></tr><tr><td>Netherlands East Indies</td><td>1,401</td><td>1,911</td><td>1,475</td><td>480</td><td>508</td><td>478</td><td>122,896</td><td>103,703</td><td>95,441</td><td>94,878</td><td>85,812</td><td>82,790</td></tr><tr><td>Philippine Islands</td><td>20,271</td><td>22,402</td><td>23,151</td><td>20,153</td><td>25,130</td><td>24,486</td><td>447,134</td><td>438,862</td><td>432,194</td><td>448,849</td><td>452,568</td><td>440,268</td></tr><tr><td>Turkey</td><td>2,030</td><td>2,453</td><td>2,683</td><td>3,316</td><td>3,288</td><td>3,458</td><td>55,831</td><td>65,364</td><td>57,031</td><td>51,014</td><td>40,401</td><td>41,670</td></tr><tr><td>Other Asia</td><td>3,916</td><td>4,514</td><td>5,790</td><td>5,774</td><td>6,748</td><td>8,360</td><td>79,420</td><td>75,636</td><td>71,808</td><td>68,511</td><td>68,678</td><td>74,874</td></tr><tr><td>Total Asia</td><td>88,883</td><td>98,051</td><td>127,271</td><td>173,331</td><td>185,047</td><td>177,679</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><td>1,091,454</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>6,510</td><td>7,455</td><td>6,610</td><td>9,034</td><td>11,256</td><td>9,004</td><td>40,412</td><td>38,709</td><td>36,181</td><td>47,843</td><td>42,408</td><td>46,236</td></tr><tr><td>New Zealand</td><td>1,517</td><td>1,312</td><td>1,600</td><td>989</td><td>1,681</td><td>1,461</td><td>9,645</td><td>8,669</td><td>8,713</td><td>8,593</td><td>9,393</td><td>9,549</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>452</td><td>378</td><td>396</td><td>250</td><td>180</td><td>152</td><td>19,584</td><td>19,018</td><td>20,499</td><td>22,577</td><td>19,365</td><td>21,097</td></tr><tr><td>French Morocco</td><td>89</td><td>102</td><td>409</td><td>88</td><td>146</td><td>310</td><td>16,498</td><td>16,081</td><td>14,887</td><td>13,909</td><td>13,688</td><td>13,282</td></tr><tr><td>Union of South Africa</td><td>15,975</td><td>18,303</td><td>18,936</td><td>15,170</td><td>18,790</td><td>15,783</td><td>43,682</td><td>47,328</td><td>49,996</td><td>39,522</td><td>49,526</td><td>55,458</td></tr><tr><td>All other</td><td>5,243</td><td>6,415</td><td>5,635</td><td>4,539</td><td>3,778</td><td>4,228</td><td>70,797</td><td>69,404</td><td>55,195</td><td>52,492</td><td>59,686</td><td>55,455</td></tr><tr><td>Total other countries</td><td>29,817</td><td>33,965</td><td>33,586</td><td>30,070</td><td>35,831</td><td>30,938</td><td>200,618</td><td>199,209</td><td>185,471</td><td>184,936</td><td>194,066</td><td>201,077</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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><td>2,777,904</td></tr><tr><td>Unidentified</td><td>262</td><td>380</td><td>408</td><td>440</td><td>464</td><td>716</td><td>19,692</td><td
1/ Includes dollar balances 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 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Portion 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>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>4,059</td><td>3,544</td><td>3,945</td><td>3,890</td><td>5,317</td><td>3,637</td><td>2,441</td><td>1,028</td><td>1,584</td><td>1,035</td><td>1,184</td><td>1,336</td></tr><tr><td>France</td><td>6,708</td><td>6,753</td><td>6,106</td><td>5,869</td><td>5,698</td><td>5,584</td><td>305</td><td>184</td><td>191</td><td>99</td><td>171</td><td>169</td></tr><tr><td>Belgium</td><td>1,649</td><td>1,805</td><td>1,843</td><td>2,001</td><td>1,947</td><td>1,877</td><td>66</td><td>114</td><td>97</td><td>172</td><td>122</td><td>93</td></tr><tr><td>Denmark</td><td>114</td><td>111</td><td>89</td><td>91</td><td>128</td><td>177</td><td>11</td><td>3</td><td>23</td><td>30</td><td>2</td><td>2</td></tr><tr><td>Finland</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Germany</td><td>266</td><td>292</td><td>228</td><td>227</td><td>238</td><td>237</td><td>19</td><td>15</td><td>15</td><td>14</td><td>15</td><td>15</td></tr><tr><td>Greece</td><td>25</td><td>24</td><td>29</td><td>27</td><td>41</td><td>23</td><td>2</td><td>3</td><td>3</td><td>4</td><td>3</td><td>3</td></tr><tr><td>Italy</td><td>234</td><td>264</td><td>256</td><td>313</td><td>279</td><td>248</td><td>54</td><td>2</td><td>42</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Luxembourg</td><td>880</td><td>785</td><td>796</td><td>585</td><td>657</td><td>663</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>10,089</td><td>11,099</td><td>10,868</td><td>11,994</td><td>10,843</td><td>10,826</td><td>106</td><td>122</td><td>231</td><td>100</td><td>97</td><td>118</td></tr><tr><td>Norway</td><td>1,284</td><td>1,283</td><td>1,095</td><td>1,408</td><td>1,563</td><td>1,590</td><td>237</td><td>296</td><td>277</td><td>266</td><td>273</td><td>190</td></tr><tr><td>Portugal</td><td>25</td><td>57</td><td>57</td><td>60</td><td>61</td><td>67</td><td>11</td><td>11</td><td>13</td><td>14</td><td>23</td><td>62</td></tr><tr><td>Romania</td><td>25</td><td>25</td><td>25</td><td>23</td><td>25</td><td>25</td><td>11</td><td>10</td><td>10</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Spain</td><td>195</td><td>294</td><td>291</td><td>288</td><td>278</td><td>274</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>695</td><td>550</td><td>508</td><td>584</td><td>620</td><td>498</td><td>68</td><td>67</td><td>59</td><td>61</td><td>57</td><td>72</td></tr><tr><td>Switzerland</td><td>37,768</td><td>38,136</td><td>36,434</td><td>38,935</td><td>38,285</td><td>39,157</td><td>1,463</td><td>1,191</td><td>1,270</td><td>975</td><td>905</td><td>943</td></tr><tr><td>D. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>33</td><td>53</td><td>53</td><td>53</td><td>53</td><td>53</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>1,700</td><td>1,620</td><td>1,603</td><td>1,902</td><td>1,809</td><td>1,772</td><td>2</td><td>28</td><td>2</td><td>31</td><td>2</td><td>2</td></tr><tr><td>Total Europe</td><td>65,751</td><td>66,697</td><td>64,228</td><td>68,292</td><td>67,844</td><td>66,710</td><td>4,819</td><td>3,077</td><td>3,818</td><td>2,819</td><td>2,873</td><td>3,025</td></tr><tr><td>Canada</td><td>5,146</td><td>6,415</td><td>4,591</td><td>4,976</td><td>4,708</td><td>5,101</td><td>4,540</td><td>4,586</td><td>4,370</td><td>4,678</td><td>5,021</td><td>4,474</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>6,338</td><td>7,119</td><td>6,839</td><td>7,037</td><td>5,311</td><td>4,969</td><td>1,608</td><td>1,034</td><td>997</td><td>1,055</td><td>1,331</td><td>1,244</td></tr><tr><td>Bolivia</td><td>42</td><td>39</td><td>39</td><td>39</td><td>43</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,222</td><td>1,165</td><td>602</td><td>520</td><td>630</td><td>629</td><td>1,555</td><td>1,221</td><td>979</td><td>832</td><td>1,013</td><td>1,030</td></tr><tr><td>Chile</td><td>474</td><td>436</td><td>451</td><td>455</td><td>454</td><td>515</td><td>723</td><td>877</td><td>811</td><td>1,054</td><td>976</td><td>753</td></tr><tr><td>Colombia</td><td>281</td><td>514</td><td>479</td><td>419</td><td>433</td><td>422</td><td>248</td><td>223</td><td>227</td><td>234</td><td>220</td><td>201</td></tr><tr><td>Costa Rica</td><td>111</td><td>106</td><td>82</td><td>125</td><td>90</td><td>64</td><td>34</td><td>63</td><td>65</td><td>145</td><td>36</td><td>64</td></tr><tr><td>Cuba</td><td>1,552</td><td>643</td><td>721</td><td>871</td><td>792</td><td>1,016</td><td>6,358</td><td>5,188</td><td>5,819</td><td>5,585</td><td>5,545</td><td>5,195</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>6</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Mexico</td><td>13,289</td><td>13,260</td><td>12,047</td><td>12,475</td><td>10,614</td><td>14,511</td><td>3,006</td><td>2,485</td><td>2,159</td><td>2,479</td><td>2,772</td><td>3,633</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>251</td><td>205</td><td>222</td><td>228</td><td>243</td><td>298</td><td>4</td><td>29</td><td>5</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Panama</td><td>7,212</td><td>7,317</td><td>7,495</td><td>7,544</td><td>9,136</td><td>9,381</td><td>106</td><td>181</td><td>53</td><td>57</td><td>65</td><td>64</td></tr><tr><td>Peru</td><td>120</td><td>144</td><td>134</td><td>153</td><td>263</td><td>153</td><td>87</td><td>88</td><td>93</td><td>140</td><td>132</td><td>116</td></tr><tr><td>Venezuela</td><td>1,964</td><td>2,191</td><td>1,878</td><td>1,924</td><td>2,558</td><td>2,210</td><td>2,439</td><td>1,841</td><td>1,797</td><td>1,710</td><td>1,715</td><td>1,727</td></tr><tr><td>Other Latin America</td><td>2,192</td><td>2,296</td><td>2,127</td><td>2,332</td><td>3,720</td><td>3,901</td><td>4,453</td><td>4,573</td><td>3,497</td><td>3,047</td><td>3,398</td><td>2,519</td></tr><tr><td>Total Latin America</td><td>35,049</td><td>35,441</td><td>33,116</td><td>34,022</td><td>34,287</td><td>38,110</td><td>20,651</td><td>17,833</td><td>16,532</td><td>16,971</td><td>17,236</td><td>16,576</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,525</td><td>2,273</td><td>2,005</td><td>1,136</td><td>1,142</td><td>1,158</td><td>4,101</td><td>2,530</td><td>1,567</td><td>1,579</td><td>1,529</td><td>1,501</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>175</td><td>128</td><td>141</td><td>32</td><td>19</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>63</td><td>73</td><td>81</td><td>32</td><td>48</td><td>52</td><td>76</td><td>30</td><td>29</td><td>31</td><td>31</td><td>41</td></tr><tr><td>British Malaya</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>37</td><td>27</td><td>27</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>12</td><td>5</td><td>3</td><td>-</td><td>5</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>1,181</td><td>508</td><td>590</td><td>680</td><td>778</td><td>810</td><td>7</td><td>52</td><td>49</td><td>193</td><td>157</td><td>150</td></tr><tr><td>Turkey</td><td>4</td><td>1</td><td>3</td><td>15</td><td>3</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>244</td><td>202</td><td>369</td><td>183</td><td>190</td><td>283</td><td>5</td><td>5</td><td>10</td><td>5</td><td>13</td><td>24</td></tr><tr><td>Total Asia</td><td>3,244</td><td>3,220</td><td>3,222</td><td>2,084</td><td>2,191</td><td>2,379</td><td>4,189</td><td>2,617</td><td>1,655</td><td>1,808</td><td>1,730</td><td>1,716</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>159</td><td>111</td><td>118</td><td>45</td><td>34</td><td>73</td><td>6</td><td>4</td><td>28</td><td>4</td><td>5</td><td>4</td></tr><tr><td>New Zealand</td><td>12</td><td>2</td><td>56</td><td>58</td><td>46</td><td>69</td><td>-</td><td>5</td><td>1</td><td>-</td><td>16</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>132</td><td>145</td><td>136</td><td>162</td><td>165</td><td>216</td><td>7</td><td>23</td><td>8</td><td>11</td><td>24</td><td>23</td></tr><tr><td>French Morocco</td><td>77</td><td>78</td><td>76</td><td>76</td><td>76</td><td>76</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>71</td><td>67</td><td>68</td><td>146</td><td>231</td><td>67</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>2,165</td><td>625</td><td>329</td><td>390</td><td>209</td><td>206</td><td>18</td><td>11</td><td>22</td><td>26</td><td>23</td><td>29</td></tr><tr><td>Total other countries</td><td>2,616</td><td>1,028</td><td>783</td><td>877</td><td>761</td><td>707</td><td>31</td><td>43</td><td>59</td><td>41</td><td>68</td><td>56</td></tr><tr><td>Unidentified</td><td>99</td><td>99</td><td>64</td><td>64</td><td>64</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>111,905</td><td>112,900</td><td>106,004</td><td>110,275</td><td>109,855</td><td>113,098</td><td>34,230</td><td>28,156</td><td>26,434</td><td>26,317</td><td>26,928</td><td>25,847</td></tr></table>
January 1948
65
Capital Movements: Section III - Details for Month of August 1947
Table 1.- Short-Term Claims on Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="3">Short-term claims payable in foreign currencies</th><th colspan="3">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>34,069</td><td>19,201</td><td>10,846</td><td>732</td><td>7,623</td><td>14,868</td><td>6,734</td><td>2,845</td><td>5,289</td></tr><tr><td>France</td><td>20,921</td><td>374</td><td>48</td><td>246</td><td>80</td><td>20,587</td><td>2,301</td><td>1,933</td><td>16,313</td></tr><tr><td>Belgium</td><td>10,250</td><td>167</td><td>112</td><td>2</td><td>53</td><td>10,083</td><td>449</td><td>1,881</td><td>7,753</td></tr><tr><td>Denmark</td><td>437</td><td>77</td><td>50</td><td>20</td><td>7</td><td>360</td><td>-</td><td>78</td><td>282</td></tr><tr><td>Finland</td><td>17,906</td><td>2</td><td>1</td><td>-</td><td>1</td><td>17,904</td><td>2,886</td><td>13,933</td><td>1,085</td></tr><tr><td>Germany</td><td>30,345</td><td>51</td><td>8</td><td>26</td><td>17</td><td>30,294</td><td>17,063</td><td>67</td><td>13,164</td></tr><tr><td>Greece</td><td>12,551</td><td>168</td><td>1</td><td>37</td><td>130</td><td>12,383</td><td>10,801</td><td>-</td><td>1,582</td></tr><tr><td>Italy</td><td>23,587</td><td>283</td><td>4</td><td>274</td><td>5</td><td>23,304</td><td>11,394</td><td>3,551</td><td>8,359</td></tr><tr><td>Luxembourg</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>-</td><td>-</td><td>52</td></tr><tr><td>Netherlands</td><td>41,916</td><td>277</td><td>207</td><td>38</td><td>32</td><td>41,639</td><td>404</td><td>203</td><td>41,032</td></tr><tr><td>Norway</td><td>7,981</td><td>131</td><td>76</td><td>44</td><td>11</td><td>7,850</td><td>2,278</td><td>239</td><td>5,333</td></tr><tr><td>Portugal</td><td>1,254</td><td>62</td><td>48</td><td>3</td><td>11</td><td>1,192</td><td>68</td><td>205</td><td>919</td></tr><tr><td>Romania</td><td>12,024</td><td>4</td><td>1</td><td>3</td><td>-</td><td>12,020</td><td>11,982</td><td>-</td><td>38</td></tr><tr><td>Spain</td><td>1,348</td><td>121</td><td>16</td><td>15</td><td>90</td><td>1,227</td><td>439</td><td>-</td><td>788</td></tr><tr><td>Sweden</td><td>9,320</td><td>528</td><td>255</td><td>206</td><td>67</td><td>8,792</td><td>540</td><td>3,074</td><td>5,178</td></tr><tr><td>Switzerland</td><td>9,806</td><td>989</td><td>247</td><td>704</td><td>38</td><td>8,817</td><td>7,091</td><td>107</td><td>1,619</td></tr><tr><td>U. S. S. R.</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>8</td><td>6</td><td>-</td><td>-</td><td>6</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>36,231</td><td>140</td><td>80</td><td>46</td><td>14</td><td>36,091</td><td>24,982</td><td>972</td><td>10,137</td></tr><tr><td>Total Europe</td><td>270,009</td><td>22,584</td><td>12,003</td><td>2,396</td><td>8,185</td><td>247,425</td><td>99,412</td><td>29,088</td><td>118,925</td></tr><tr><td>Canada</td><td>32,161</td><td>18,851</td><td>12,995</td><td>5,054</td><td>802</td><td>13,310</td><td>624</td><td>2,629</td><td>10,057</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>71,824</td><td>947</td><td>171</td><td>714</td><td>62</td><td>70,877</td><td>45,339</td><td>3,652</td><td>21,886</td></tr><tr><td>Bolivia</td><td>3,167</td><td>2</td><td>-</td><td>-</td><td>2</td><td>3,165</td><td>35</td><td>-</td><td>3,130</td></tr><tr><td>Brazil</td><td>163,577</td><td>80,176</td><td>32</td><td>80,132</td><td>12</td><td>83,401</td><td>10,618</td><td>1,319</td><td>71,464</td></tr><tr><td>Chile</td><td>22,738</td><td>6</td><td>2</td><td>-</td><td>4</td><td>22,732</td><td>1,378</td><td>1,736</td><td>19,618</td></tr><tr><td>Columbia</td><td>35,212</td><td>142</td><td>-</td><td>140</td><td>2</td><td>35,070</td><td>8,068</td><td>5,580</td><td>21,422</td></tr><tr><td>Costa Rica</td><td>3,810</td><td>15</td><td>-</td><td>15</td><td>-</td><td>3,795</td><td>125</td><td>41</td><td>3,629</td></tr><tr><td>Cuba</td><td>54,519</td><td>451</td><td>446</td><td>-</td><td>5</td><td>54,068</td><td>35,814</td><td>6,441</td><td>11,813</td></tr><tr><td>French West Indies and Guiana</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>31</td><td>4</td><td>15</td></tr><tr><td>Mexico</td><td>30,996</td><td>1,691</td><td>1,160</td><td>10</td><td>521</td><td>29,305</td><td>5,791</td><td>2,614</td><td>20,900</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,149</td><td>4</td><td>-</td><td>-</td><td>4</td><td>1,145</td><td>1</td><td>-</td><td>1,144</td></tr><tr><td>Panama</td><td>3,777</td><td>1</td><td>-</td><td>-</td><td>1</td><td>3,776</td><td>-</td><td>-</td><td>3,776</td></tr><tr><td>Peru</td><td>6,286</td><td>15</td><td>2</td><td>5</td><td>8</td><td>6,271</td><td>265</td><td>39</td><td>5,967</td></tr><tr><td>Venezuela</td><td>18,489</td><td>121</td><td>88</td><td>6</td><td>27</td><td>18,368</td><td>5,186</td><td>379</td><td>12,803</td></tr><tr><td>Other Latin America</td><td>36,181</td><td>95</td><td>55</td><td>-</td><td>40</td><td>36,086</td><td>9,528</td><td>777</td><td>25,781</td></tr><tr><td>Total Latin America</td><td>451,775</td><td>83,666</td><td>1,956</td><td>81,022</td><td>688</td><td>368,109</td><td>122,179</td><td>22,582</td><td>223,348</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>108,180</td><td>77</td><td>72</td><td>5</td><td>-</td><td>108,103</td><td>28,143</td><td>1,203</td><td>78,757</td></tr><tr><td>French Indo-China</td><td>329</td><td>-</td><td>-</td><td>-</td><td>-</td><td>329</td><td>18</td><td>280</td><td>31</td></tr><tr><td>Hong Kong</td><td>3,071</td><td>476</td><td>325</td><td>69</td><td>82</td><td>2,595</td><td>741</td><td>576</td><td>1,278</td></tr><tr><td>India, Burma, and Ceylon</td><td>27,454</td><td>21,012</td><td>137</td><td>20,815</td><td>60</td><td>6,442</td><td>524</td><td>1,449</td><td>4,469</td></tr><tr><td>British Malaya</td><td>1,595</td><td>8</td><td>-</td><td>-</td><td>8</td><td>1,587</td><td>317</td><td>1,015</td><td>255</td></tr><tr><td>Japan</td><td>268</td><td>3</td><td>2</td><td>1</td><td>-</td><td>265</td><td>209</td><td>-</td><td>56</td></tr><tr><td>Netherlands East Indies</td><td>478</td><td>-</td><td>-</td><td>-</td><td>-</td><td>478</td><td>69</td><td>324</td><td>85</td></tr><tr><td>Philippine Islands</td><td>24,486</td><td>924</td><td>457</td><td>-</td><td>467</td><td>23,562</td><td>12,096</td><td>2,837</td><td>8,629</td></tr><tr><td>Turkey</td><td>3,458</td><td>47</td><td>-</td><td>47</td><td>-</td><td>3,411</td><td>736</td><td>-</td><td>2,675</td></tr><tr><td>Other Asia</td><td>8,360</td><td>36</td><td>25</td><td>-</td><td>11</td><td>8,324</td><td>339</td><td>26</td><td>7,959</td></tr><tr><td>Total Asia</td><td>177,679</td><td>22,583</td><td>1,018</td><td>20,937</td><td>628</td><td>155,096</td><td>43,192</td><td>7,710</td><td>104,194</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>9,004</td><td>509</td><td>487</td><td>-</td><td>22</td><td>8,495</td><td>133</td><td>6,569</td><td>1,793</td></tr><tr><td>New Zealand</td><td>1,461</td><td>145</td><td>142</td><td>-</td><td>3</td><td>1,316</td><td>-</td><td>313</td><td>1,003</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>152</td><td>8</td><td>2</td><td>-</td><td>6</td><td>144</td><td>5</td><td>-</td><td>139</td></tr><tr><td>French Morocco</td><td>310</td><td>-</td><td>-</td><td>-</td><td>-</td><td>310</td><td>198</td><td>-</td><td>112</td></tr><tr><td>Union of South Africa</td><td>15,783</td><td>1,522</td><td>20</td><td>676</td><td>825</td><td>14,261</td><td>15</td><td>191</td><td>14,055</td></tr><tr><td>All other</td><td>4,228</td><td>44</td><td>21</td><td>-</td><td>23</td><td>4,184</td><td>427</td><td>2</td><td>3,755</td></tr><tr><td>Total other countries</td><td>30,938</td><td>2,228</td><td>672</td><td>676</td><td>880</td><td>28,710</td><td>778</td><td>7,075</td><td>20,857</td></tr><tr><td>Unidentified</td><td>716</td><td>-</td><td>-</td><td>-</td><td>-</td><td>716</td><td>-</td><td>-</td><td>716</td></tr><tr><td>Grand total</td><td>963,278</td><td>149,912</td><td>28,644</td><td>110,085</td><td>11,183</td><td>813,366</td><td>266,185</td><td>69,084</td><td>478,097</td></tr></table>
66
Treasury Bulletin
Capital Movements: Section III - Details for Month of August 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></tr><tr><td>United Kingdom</td><td>532,527</td><td>511,181</td><td>495,602</td><td>1,728</td><td>12,742</td><td>1,109</td><td>21,346</td><td>1,632</td><td>10,520</td><td>9,194</td></tr><tr><td>France</td><td>205,765</td><td>205,236</td><td>186,160</td><td>2,620</td><td>13,418</td><td>2,838</td><td>529</td><td>433</td><td>77</td><td>19</td></tr><tr><td>Belgium</td><td>185,282</td><td>185,088</td><td>174,080</td><td>707</td><td>9,805</td><td>496</td><td>194</td><td>185</td><td>2</td><td>4</td></tr><tr><td>Denmark</td><td>48,765</td><td>48,689</td><td>47,454</td><td>1,001</td><td>2</td><td>232</td><td>76</td><td>76</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>39,879</td><td>39,876</td><td>39,827</td><td>49</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>53,623</td><td>53,608</td><td>52,477</td><td>65</td><td>14</td><td>1,052</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>35,950</td><td>35,948</td><td>35,696</td><td>251</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>163,373</td><td>163,275</td><td>146,147</td><td>1,176</td><td>15,935</td><td>17</td><td>98</td><td>5</td><td>-</td><td>93</td></tr><tr><td>Luxembourg</td><td>20,100</td><td>20,100</td><td>18,750</td><td>2</td><td>1,348</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>226,604</td><td>226,527</td><td>217,442</td><td>71</td><td>8,995</td><td>19</td><td>77</td><td>54</td><td>-</td><td>23</td></tr><tr><td>Norway</td><td>78,032</td><td>78,022</td><td>67,652</td><td>78</td><td>10,292</td><td>-</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>47,735</td><td>47,660</td><td>47,330</td><td>330</td><td>-</td><td>-</td><td>75</td><td>54</td><td>-</td><td>11</td></tr><tr><td>Burmania</td><td>9,391</td><td>9,391</td><td>9,353</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>12,113</td><td>12,020</td><td>11,910</td><td>60</td><td>50</td><td>-</td><td>93</td><td>88</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>115,194</td><td>114,785</td><td>108,626</td><td>3,973</td><td>-</td><td>2,186</td><td>409</td><td>394</td><td>-</td><td>15</td></tr><tr><td>Switzerland</td><td>399,103</td><td>397,820</td><td>371,665</td><td>6,676</td><td>8,371</td><td>11,108</td><td>1,283</td><td>464</td><td>-</td><td>819</td></tr><tr><td>U.S. S. R.</td><td>52,535</td><td>52,534</td><td>52,529</td><td>5</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>12,471</td><td>12,471</td><td>12,459</td><td>10</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>120,170</td><td>120,112</td><td>113,532</td><td>214</td><td>6,320</td><td>45</td><td>58</td><td>31</td><td>-</td><td>27</td></tr><tr><td>Total Europe</td><td>2,358,612</td><td>2,334,343</td><td>2,208,901</td><td>19,044</td><td>87,292</td><td>19,106</td><td>24,269</td><td>3,455</td><td>10,599</td><td>10,215</td></tr><tr><td>Canada</td><td>592,167</td><td>587,349</td><td>268,252</td><td>2,627</td><td>316,428</td><td>82</td><td>4,778</td><td>467</td><td>-</td><td>4,311</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>307,528</td><td>307,493</td><td>304,687</td><td>2,266</td><td>130</td><td>410</td><td>35</td><td>20</td><td>-</td><td>15</td></tr><tr><td>Bolivia</td><td>15,181</td><td>15,181</td><td>15,181</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>110,802</td><td>110,775</td><td>97,185</td><td>11,102</td><td>11</td><td>2,477</td><td>27</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>44,894</td><td>44,893</td><td>42,910</td><td>1,983</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>34,197</td><td>34,197</td><td>31,675</td><td>1,322</td><td>-</td><td>1,200</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,614</td><td>8,614</td><td>7,832</td><td>782</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>287,671</td><td>287,671</td><td>270,378</td><td>17,293</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>2,280</td><td>2,280</td><td>2,280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>149,187</td><td>148,375</td><td>146,501</td><td>1,559</td><td>289</td><td>26</td><td>812</td><td>1</td><td>-</td><td>811</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>13,044</td><td>13,044</td><td>13,577</td><td>-</td><td>61</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>71,527</td><td>71,525</td><td>58,265</td><td>10</td><td>13,250</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Peru</td><td>41,692</td><td>41,689</td><td>40,928</td><td>536</td><td>225</td><td>-</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Venezuela</td><td>74,036</td><td>73,946</td><td>73,361</td><td>585</td><td>-</td><td>-</td><td>90</td><td>90</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>181,275</td><td>180,909</td><td>155,375</td><td>2,561</td><td>22,640</td><td>33</td><td>366</td><td>359</td><td>-</td><td>7</td></tr><tr><td>Total Latin America</td><td>1,342,528</td><td>1,341,192</td><td>1,260,135</td><td>40,299</td><td>36,606</td><td>4,152</td><td>1,336</td><td>500</td><td>-</td><td>836</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>286,142</td><td>285,044</td><td>171,135</td><td>1,649</td><td>112,372</td><td>488</td><td>498</td><td>6</td><td>-</td><td>492</td></tr><tr><td>French Indo-China</td><td>35,253</td><td>35,253</td><td>17,102</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>44,725</td><td>40,222</td><td>39,093</td><td>545</td><td>462</td><td>122</td><td>4,503</td><td>4,373</td><td>-</td><td>130</td></tr><tr><td>India, Burma, and Ceylon</td><td>53,571</td><td>52,700</td><td>50,620</td><td>2,018</td><td>-</td><td>62</td><td>871</td><td>474</td><td>145</td><td>252</td></tr><tr><td>British Malaya</td><td>14,580</td><td>14,565</td><td>12,128</td><td>9</td><td>2,428</td><td>-</td><td>15</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>17,581</td><td>17,569</td><td>17,099</td><td>448</td><td>22</td><td>-</td><td>12</td><td>2</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>82,790</td><td>82,789</td><td>75,198</td><td>163</td><td>7,428</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippines Islands</td><td>440,268</td><td>440,027</td><td>434,902</td><td>4,331</td><td>-</td><td>794</td><td>241</td><td>241</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>41,670</td><td>41,670</td><td>41,061</td><td>609</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>74,874</td><td>74,781</td><td>73,804</td><td>714</td><td>192</td><td>17</td><td>87</td><td>-</td><td>-</td><td>87</td></tr><tr><td>Total Asia</td><td>1,091,454</td><td>1,085,226</td><td>932,202</td><td>10,486</td><td>140,929</td><td>1,609</td><td>6,228</td><td>5,112</td><td>145</td><td>971</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>46,236</td><td>45,643</td><td>44,211</td><td>1,129</td><td>446</td><td>57</td><td>393</td><td>21</td><td>-</td><td>372</td></tr><tr><td>New Zealand</td><td>9,549</td><td>9,534</td><td>9,377</td><td>147</td><td>10</td><td>-</td><td>15</td><td>9</td><td>3</td><td>3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>21,097</td><td>20,982</td><td>20,507</td><td>234</td><td>-</td><td>241</td><td>115</td><td>-</td><td>-</td><td>115</td></tr><tr><td>French Morocco</td><td>13,282</td><td>13,282</td><td>13,229</td><td>49</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>55,458</td><td>54,755</td><td>37,108</td><td>20</td><td>17,625</td><td>2</td><td>703</td><td>701</td><td>-</td><td>2</td></tr><tr><td>All other</td><td>55,455</td><td>54,925</td><td>54,048</td><td>280</td><td>581</td><td>16</td><td>530</td><td>462</td><td>-</td><td>68</td></tr><tr><td>Total other countries</td><td>201,077</td><td>199,321</td><td>178,480</td><td>1,859</td><td>18,662</td><td>320</td><td>1,756</td><td>1,193</td><td>3</td><td>560</td></tr><tr><td>International</td><td>2,777,904</td><td>2,777,904</td><td>383,554</td><td>-</td><td>2,394,350</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>17,451</td><td>17,451</td><td>17,448</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>8,381,193</td><td>8,342,826</td><td>5,248,972</td><td>74,315</td><td>2,994,267</td><td>25,272</td><td>38,367</td><td>10,727</td><td>10,747</td><td>16,893</td></tr></table>
1/ Includes liabilities to international organizations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
January 1948
67
Capital Movements: Section III - Details for Month of August 1947
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="6">Purchases by foreigners</th><th colspan="6">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,045</td><td>1,493</td><td>273</td><td>1,220</td><td>1,552</td><td>703</td><td>849</td><td>2,721</td><td>1,299</td><td>553</td><td>446</td><td>1,422</td><td>156</td><td>1,266</td></tr><tr><td>France</td><td>3,452</td><td>3,353</td><td>459</td><td>2,894</td><td>99</td><td>8</td><td>91</td><td>1,438</td><td>924</td><td>599</td><td>325</td><td>514</td><td>79</td><td>435</td></tr><tr><td>Belgium</td><td>667</td><td>323</td><td>236</td><td>27</td><td>344</td><td>28</td><td>316</td><td>612</td><td>514</td><td>162</td><td>352</td><td>98</td><td>14</td><td>84</td></tr><tr><td>Denmark</td><td>521</td><td>457</td><td>489</td><td>2</td><td>34</td><td>-</td><td>34</td><td>76</td><td>41</td><td>33</td><td>8</td><td>35</td><td>-</td><td>35</td></tr><tr><td>Finland</td><td>32</td><td>4</td><td>-</td><td>4</td><td>32</td><td>-</td><td>32</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>4</td><td>4</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>60</td><td>84</td><td>69</td><td>15</td><td>60</td><td>60</td><td>3</td><td>4</td><td>4</td><td>4</td><td>30</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Italy</td><td>87</td><td>84</td><td>69</td><td>15</td><td>3</td><td>-</td><td>3</td><td>51</td><td>43</td><td>13</td><td>30</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Luxembourg</td><td>58</td><td>40</td><td>6</td><td>34</td><td>18</td><td>-</td><td>18</td><td>23</td><td>23</td><td>21</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>etherlands</td><td>1,421</td><td>1,326</td><td>1,141</td><td>185</td><td>95</td><td>11</td><td>84</td><td>21,673</td><td>21,117</td><td>5,022</td><td>16,095</td><td>556</td><td>112</td><td>444</td></tr><tr><td>Norway</td><td>1,031</td><td>140</td><td>86</td><td>54</td><td>891</td><td>1</td><td>890</td><td>548</td><td>210</td><td>170</td><td>40</td><td>338</td><td>-</td><td>338</td></tr><tr><td>Portugal</td><td>118</td><td>101</td><td>91</td><td>10</td><td>17</td><td>4</td><td>13</td><td>47</td><td>38</td><td>22</td><td>16</td><td>9</td><td>-</td><td>9</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>48</td><td>23</td><td>22</td><td>6</td><td>20</td><td>3</td><td>17</td><td>23</td><td>1</td><td>1</td><td>-</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Sweden</td><td>29</td><td>28</td><td>28</td><td>-</td><td>1</td><td>-</td><td>1</td><td>526</td><td>517</td><td>16</td><td>501</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Switzerland</td><td>6,094</td><td>5,247</td><td>4,412</td><td>835</td><td>847</td><td>381</td><td>466</td><td>7,783</td><td>5,807</td><td>4,581</td><td>1,226</td><td>1,976</td><td>224</td><td>1,752</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>137</td><td>104</td><td>97</td><td>7</td><td>33</td><td>31</td><td>2</td><td>189</td><td>174</td><td>169</td><td>5</td><td>15</td><td>12</td><td>3</td></tr><tr><td>Total Europe</td><td>16,605</td><td>12,759</td><td>7,466</td><td>5,293</td><td>4,046</td><td>1,230</td><td>2,816</td><td>35,716</td><td>30,713</td><td>11,666</td><td>19,047</td><td>9,003</td><td>600</td><td>4,403</td></tr><tr><td>Canada</td><td>24,759</td><td>6,833</td><td>2,545</td><td>4,288</td><td>17,926</td><td>1,781</td><td>16,225</td><td>20,371</td><td>10,404</td><td>3,521</td><td>6,883</td><td>9,967</td><td>1,367</td><td>8,600</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>7,030</td><td>1,329</td><td>664</td><td>665</td><td>5,701</td><td>119</td><td>5,582</td><td>1,619</td><td>546</td><td>516</td><td>30</td><td>1,073</td><td>27</td><td>1,046</td></tr><tr><td>Bolivia</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>530</td><td>179</td><td>167</td><td>12</td><td>351</td><td>6</td><td>345</td><td>231</td><td>158</td><td>148</td><td>10</td><td>73</td><td>33</td><td>40</td></tr><tr><td>Chile</td><td>266</td><td>113</td><td>110</td><td>3</td><td>153</td><td>50</td><td>103</td><td>285</td><td>205</td><td>178</td><td>27</td><td>80</td><td>2</td><td>78</td></tr><tr><td>Colombia</td><td>26</td><td>23</td><td>16</td><td>7</td><td>3</td><td>3</td><td>-</td><td>10</td><td>10</td><td>8</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>23</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,639</td><td>536</td><td>510</td><td>26</td><td>1,103</td><td>176</td><td>927</td><td>1,586</td><td>1,180</td><td>1,146</td><td>34</td><td>406</td><td>262</td><td>144</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>697</td><td>694</td><td>382</td><td>332</td><td>43</td><td>26</td><td>17</td><td>1,223</td><td>1,213</td><td>1,178</td><td>35</td><td>10</td><td>2</td><td>8</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>9</td><td>3</td><td>3</td><td>-</td><td>6</td><td>6</td><td>-</td><td>11</td><td>8</td><td>7</td><td>1</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Panama</td><td>350</td><td>212</td><td>207</td><td>5</td><td>138</td><td>137</td><td>1</td><td>975</td><td>895</td><td>463</td><td>432</td><td>80</td><td>59</td><td>21</td></tr><tr><td>Peru</td><td>143</td><td>132</td><td>130</td><td>2</td><td>11</td><td>10</td><td>1</td><td>162</td><td>145</td><td>143</td><td>2</td><td>17</td><td>17</td><td>-</td></tr><tr><td>Venezuela</td><td>369</td><td>364</td><td>312</td><td>52</td><td>5</td><td>5</td><td>-</td><td>204</td><td>198</td><td>176</td><td>22</td><td>6</td><td>4</td><td>2</td></tr><tr><td>Other Latin America</td><td>1,655</td><td>763</td><td>716</td><td>47</td><td>892</td><td>82</td><td>810</td><td>1,801</td><td>1,291</td><td>1,187</td><td>104</td><td>510</td><td>178</td><td>332</td></tr><tr><td>Total Latin America</td><td>12,757</td><td>4,351</td><td>3,200</td><td>1,151</td><td>8,406</td><td>620</td><td>7,786</td><td>8,134</td><td>5,876</td><td>5,177</td><td>699</td><td>2,858</td><td>564</td><td>1,674</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>386</td><td>140</td><td>140</td><td>-</td><td>246</td><td>-</td><td>246</td><td>239</td><td>227</td><td>133</td><td>94</td><td>12</td><td>1</td><td>11</td></tr><tr><td>French Indo-China</td><td>74</td><td>74</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67</td><td>67</td><td>62</td><td>9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>21</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>4</td><td>4</td><td>1</td><td>3</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>3</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>6</td><td>5</td><td>5</td><td>-</td><td>1</td><td>1</td><td>-</td><td>51</td><td>37</td><td>37</td><td>-</td><td>14</td><td>14</td><td>-</td></tr><tr><td>Turkey</td><td>4</td><td>4</td><td>4</td><td>-</td><td>4</td><td>3</td><td>1</td><td>82</td><td>45</td><td>45</td><td>23</td><td>42</td><td>-</td><td>42</td></tr><tr><td>Other Asia</td><td>70</td><td>35</td><td>26</td><td>9</td><td>35</td><td>8</td><td>27</td><td>110</td><td>68</td><td>45</td><td>23</td><td>42</td><td>-</td><td>42</td></tr><tr><td>Total Asia</td><td>565</td><td>279</td><td>267</td><td>12</td><td>286</td><td>12</td><td>274</td><td>509</td><td>419</td><td>296</td><td>123</td><td>90</td><td>15</td><td>75</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>2,997</td><td>198</td><td>189</td><td>9</td><td>2,799</td><td>-</td><td>2,799</td><td>219</td><td>198</td><td>198</td><td>-</td><td>21</td><td>-</td><td>21</td></tr><tr><td>New Zealand</td><td>9</td><td>5</td><td>5</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>Egypt and Anglo-Egyptian Sudan</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>178</td><td>164</td><td>164</td><td>-</td><td>8</td><td>8</td><td>-</td></tr><tr><td>French Morocco</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Union of South Africa</td><td>58</td><td>56</td><td>56</td><td>-</td><td>2</td><td>2</td><td>-</td><td>20</td><td>20</td><td>13</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>158</td><td>-</td><td>-</td><td>-</td><td>158</td><td>-</td><td>158</td><td>11</td><td>8</td><td>5</td><td>3</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Total other countries</td><td>3,253</td><td>294</td><td>285</td><td>9</td><td>2,959</td><td>2</td><td>2,957</td><td>440</td><td>400</td><td>390</td><td>10</td><td>40</td><td>8</td><td>32</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>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>58,139</td><td>24,516</td><td>13,763</td><td>10,753</td><td>33,623</td><td>3,565</td><td>30,058</td><td>65,170</td><td>47,812</td><td>21,050</td><td>26,762</td><td>17,358</td><td>2,574</td><td>14,784</td></tr></table>
1/ Includes transactions of international organisations such as United Nations Relief and Rehabilitation Administration, International Monetary Fund, and International Bank.
Treasury Bulletin
68
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 August 1947</th></tr><tr><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</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>-1,736</td><td>1,623</td><td>3,001</td><td>-1,999</td><td>-3,325</td><td>-3,391</td><td>187,400</td><td>29,886</td><td>188,705</td><td>35,947</td></tr><tr><td>France</td><td>-174</td><td>-205</td><td>-224</td><td>-122</td><td>-164</td><td>-408</td><td>2,133</td><td>-</td><td>2,376</td><td>-</td></tr><tr><td>Belgium</td><td>-52</td><td>210</td><td>158</td><td>192</td><td>3</td><td>-178</td><td>1,138</td><td>35</td><td>1,327</td><td>34</td></tr><tr><td>Germany</td><td>-13</td><td>-14</td><td>-12</td><td>-12</td><td>-12</td><td>-20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>12</td><td>8</td><td>8</td><td>8</td><td>9</td><td>-19</td><td>77</td><td>-</td><td>77</td><td>-</td></tr><tr><td>Netherlands</td><td>213</td><td>210</td><td>187</td><td>169</td><td>157</td><td>150</td><td>317</td><td>-</td><td>323</td><td>-</td></tr><tr><td>Portugal</td><td>64</td><td>127</td><td>-796</td><td>-691</td><td>-722</td><td>-739</td><td>1,800</td><td>40</td><td>1,828</td><td>32</td></tr><tr><td>Spain</td><td>-83</td><td>-73</td><td>-79</td><td>-78</td><td>-84</td><td>-85</td><td>32</td><td>-</td><td>27</td><td>-</td></tr><tr><td>Sweden</td><td>-306</td><td>-420</td><td>132</td><td>-336</td><td>222</td><td>-260</td><td>2,325</td><td>-</td><td>2,779</td><td>20</td></tr><tr><td>Switzerland</td><td>-713</td><td>-651</td><td>-708</td><td>-699</td><td>-908</td><td>-626</td><td>8,060</td><td>154</td><td>7,831</td><td>701</td></tr><tr><td>Other Europe</td><td>170</td><td>300</td><td>255</td><td>128</td><td>112</td><td>31</td><td>665</td><td>-</td><td>675</td><td>-</td></tr><tr><td>Total Europe</td><td>-2,620</td><td>915</td><td>1,882</td><td>-3,440</td><td>-4,712</td><td>-5,545</td><td>203,947</td><td>30,115</td><td>205,348</td><td>36,734</td></tr><tr><td>Canada</td><td>6,968</td><td>6,891</td><td>6,102</td><td>4,901</td><td>5,662</td><td>4,453</td><td>33,610</td><td>3,281</td><td>34,894</td><td>2,984</td></tr><tr><td>Latin America</td><td>715</td><td>584</td><td>430</td><td>340</td><td>232</td><td>842</td><td>6,913</td><td>463</td><td>5,966</td><td>463</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>232</td><td>91</td><td>120</td><td>-65</td><td>-63</td><td>-18</td><td>78</td><td>-</td><td>51</td><td>-</td></tr><tr><td>Hong Kong</td><td>-3,217</td><td>-2,519</td><td>-2,825</td><td>-3,291</td><td>-2,807</td><td>-2,967</td><td>1,030</td><td>380</td><td>1,170</td><td>400</td></tr><tr><td>Japan</td><td>-13</td><td>-14</td><td>-13</td><td>-11</td><td>-11</td><td>-11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>-2,264</td><td>-2,783</td><td>-3,838</td><td>-2,132</td><td>-1,333</td><td>-1,989</td><td>5,700</td><td>984</td><td>6,038</td><td>1,460</td></tr><tr><td>Total Asia</td><td>-5,282</td><td>-5,225</td><td>-6,556</td><td>-5,499</td><td>-4,214</td><td>-4,989</td><td>6,808</td><td>1,304</td><td>7,259</td><td>1,860</td></tr><tr><td>All other</td><td>709</td><td>843</td><td>576</td><td>610</td><td>972</td><td>584</td><td>12,952</td><td>913</td><td>6,909</td><td>227</td></tr><tr><td>Grand total</td><td>490</td><td>4,008</td><td>2,434</td><td>-3,088</td><td>-2,060</td><td>-4,651</td><td>263,830</td><td>36,136</td><td>260,376</td><td>42,268</td></tr></table>
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th rowspan="2">Currency of -</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><th colspan="2">August</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>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><td>67,424</td><td>79,648</td></tr><tr><td>France</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><td>-</td><td>-</td></tr><tr><td>Belgium</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><td>35</td><td>91</td></tr><tr><td>Germany</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><td>1</td><td>11</td></tr><tr><td>Italy</td><td>-</td><td>9</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Netherlands</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><td>40</td><td>32</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>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><td>-</td><td>66</td></tr><tr><td>Sweden</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><td>380</td><td>998</td></tr><tr><td>Switzerland</td><td>22</td><td>74</td><td>20</td><td>71</td><td>13</td><td>40</td><td>6</td><td>18</td><td>4</td><td>9</td><td>7</td><td>7</td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>50,262</td><td>78,265</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><td>67,887</td><td>81,054</td></tr><tr><td>Canada</td><td>5,295</td><td>5,997</td><td>5,397</td><td>6,041</td><td>4,911</td><td>5,679</td><td>6,563</td><td>6,088</td><td>4,862</td><td>5,623</td><td>6,126</td><td>6,411</td></tr><tr><td>Latin America</td><td>3,417</td><td>1,819</td><td>3,310</td><td>1,838</td><td>1,832</td><td>1,817</td><td>661</td><td>517</td><td>527</td><td>517</td><td>451</td><td>143</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>Chilam and Manchuria</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><td>-</td><td>36</td></tr><tr><td>Hong Kong</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><td>1,968</td><td>400</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>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><td>1,336</td><td>2,784</td></tr><tr><td>Total Asia</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>2,854</td><td>3,304</td><td>3,224</td></tr><tr><td>All other</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><td>976</td><td>532</td></tr><tr><td>Grand total</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><td>78,744</td><td>91,364</td></tr></table>
January 1948
69
Corporations and Certain Other Business-Type Activities of the United States Government
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 data; Section II, data on income and expense; and Section III, data on sources and application of funds.
The data in Section I are compiled from the midmonth "Daily Treasury Statement". Tables 1 and 2, giving an
analysis of loans outstanding by type of loan as of June 30, 1947, were published in the December issue of the "Treasury Bulletin". Tables 3, 4, and 5, giving an analysis of balance sheet items as a whole for the same date, appear in this issue. Sections II and III will appear in subsequent issues. After the figures for June 30, 1947, data on corporations and certain other business-type activities of the United States Government will be published semiannually instead of quarterly in the "Treasury Bulletin".
Section I
Balance Sheets as of June 30, 1947
Table 3. - Summary
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other business-type activities</th><th></th><th>Total</th><th>Corporations</th><th>Certain other business-type activities</th></tr><tr><td><b>Assets:</b></td><td></td><td></td><td></td><td><b>Capital:</b></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>1,792.5</td><td>953.0</td><td>839.5</td><td>United States interests:</td><td></td><td></td><td></td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>310.8</td><td>310.8</td><td>-</td><td>Government corporations and agencies</td><td>444.4</td><td>265.9</td><td>178.5</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td>Other</td><td>26,665.2</td><td>-3,632.2</td><td>30,297.4</td></tr><tr><td>Government corporations and agencies</td><td>12,711.7</td><td>765.7</td><td>11,946.1</td><td>Total United States interest</td><td>27,109.6</td><td>-3,366.3</td><td>30,475.9</td></tr><tr><td>Others, less reserves</td><td>7,662.0</td><td>4,484.0</td><td>3,178.1</td><td>Private interests</td><td>268.9</td><td>268.9</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td>Total capital</td><td>27,378.5</td><td>-3,097.4</td><td>30,475.9</td></tr><tr><td>Government corporations and agencies</td><td>818.7</td><td>597.5</td><td>221.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Others, less reserves</td><td>700.6</td><td>282.8</td><td>417.8</td><td><b>Total liabilities and capital</b></td><td>44,007.0</td><td>11,678.2</td><td>32,328.7</td></tr><tr><td><b>Accrued assets:</b></td><td>53.7</td><td>9.9</td><td>43.8</td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>103.9</td><td>55.8</td><td>48.1</td><td><b>Contingent liabilities:</b></td><td></td><td></td><td></td></tr><tr><td>Others, less reserves</td><td></td><td></td><td></td><td>Guaranteed loans</td><td>.7</td><td>-</td><td>.7</td></tr><tr><td><b>Commodities, supplies, and materials, less reserves</b></td><td>850.8</td><td>741.0</td><td>109.7</td><td>Other</td><td>244.2</td><td>239.8</td><td>4.4</td></tr><tr><td><b>Investments:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>1,777.3</td><td>1,656.8</td><td>120.5</td><td><b>Analysis of investment of United States:</b></td><td></td><td></td><td></td></tr><tr><td>Securities of Government corporations and agencies</td><td>446.1</td><td>267.6</td><td>178.5</td><td>Paid-in capital and expended appropriations</td><td>48,248.2</td><td>6,966.3</td><td>41,281.9</td></tr><tr><td>Other securities, less reserves</td><td>3,564.8</td><td>176.2</td><td>3,388.6</td><td>Treasury loans to Government corporations</td><td>-</td><td>11,945.8</td><td>-11,945.8</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,690.6</td><td>1,085.7</td><td>11,604.9</td><td>Total investment of United States</td><td>48,248.2</td><td>18,912.1</td><td>29,336.1</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>28.6</td><td>16.2</td><td>12.4</td><td>L
Footnotes at end of Section I.
70
Treasury Bulletin
Corporations and Certain Other Business-Type Activities: Section I - Balance Sheets as of June 30, 1947
Table 4.- Corporations
(in millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Re-creancy Management Smaller War Plants Corporation (in liquidation)</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page) 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Production credit corporations</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash</td><td>953.0</td><td>-</td><td>532.7</td><td>24.6</td><td>12.2</td><td>1.0</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>310.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from: Government corporations and agencies</td><td>765.7</td><td>-</td><td>109.7</td><td>168.9</td><td>10.3</td><td>-</td></tr><tr><td>Others, less reserves</td><td>4,484.0</td><td>-</td><td>119.0</td><td>-</td><td>393.3</td><td>-</td></tr><tr><td>Accounts and notes receivable from: Government corporations and agencies</td><td>597.5</td><td>24.4 5/</td><td>174.7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>282.8</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>-</td></tr><tr><td>Accrued assets: Government corporations and agencies</td><td>9.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>55.8</td><td>-</td><td>.6</td><td>1.2</td><td>2.3</td><td>.2</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>741.0</td><td>-</td><td>169.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments: Public debt obligations of the United States</td><td>1,656.8</td><td>-</td><td>-</td><td>43.2</td><td>43.2</td><td>67.0</td></tr><tr><td>Securities of Government corporations and agencies</td><td>267.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>176.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.5</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>1,085.7</td><td>-</td><td>2.0</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>16.2</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>11.0</td><td>-</td><td>246.4 6/</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td>264.3</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td></tr><tr><td>Total assets</td><td>11,678.2</td><td>24.4</td><td>1,554.8</td><td>238.0</td><td>462.1</td><td>108.9</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to: Government corporations and agencies</td><td>138.1</td><td>-</td><td>16.4</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Others</td><td>231.4</td><td>-</td><td>123.4</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Accrued liabilities: U. S. Treasury</td><td>43.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>10.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>72.0</td><td>-</td><td>11.0</td><td>-</td><td>1.5</td><td>-</td></tr><tr><td>Trust and deposit liabilities to: Government corporations and agencies</td><td>603.0</td><td>-</td><td>175.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>219.2</td><td>-</td><td>77.0</td><td>-</td><td>.5</td><td>.1</td></tr><tr><td>Loans, debentures, and notes payable: U. S. Treasury</td><td>11,945.8</td><td>-</td><td>510.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies: Not guaranteed by United States</td><td>214.7</td><td>-</td><td>-</td><td>10.3</td><td>-</td><td>-</td></tr><tr><td>Others: Guaranteed by United States</td><td>46.6</td><td>-</td><td>40.3 7/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>506.1</td><td>-</td><td>-</td><td>-</td><td>365.9</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>31.0</td><td>-</td><td>4.8</td><td>.1</td><td>.2</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>713.0</td><td>-</td><td>479.0</td><td>-</td><td>.3</td><td>-</td></tr><tr><td>Total liabilities</td><td>14,775.6</td><td>-</td><td>1,436.9</td><td>10.5</td><td>368.8</td><td>.2</td></tr><tr><td>Capital: U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,556.7</td><td>64.4 8/</td><td>100.0</td><td>178.5</td><td>60.0</td><td>92.6</td></tr><tr><td>Paid-in surplus</td><td>3,542.6</td><td>-</td><td>1,964.0 9/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unexpended appropriations</td><td>867.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Learned surplus (or deficit [-])</td><td>-10,332.6</td><td>-40.0</td><td>-1,946.1</td><td>38.2</td><td>33.4</td><td>16.1</td></tr><tr><td>Total United States owned</td><td>-3,366.3</td><td>24.4</td><td>117.9</td><td>216.7</td><td>93.4</td><td>108.8</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>243.7</td><td>-</td><td>-</td><td>8.8</td><td>-</td><td>-</td></tr><tr><td>Learned surplus</td><td>25.2</td><td>-</td><td>-</td><td>1.9</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>268.9</td><td>-</td><td>-</td><td>10.7</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>-3,097.4</td><td>24.4</td><td>117.9</td><td>227.4</td><td>93.4</td><td>108.8</td></tr><tr><td>Total liabilities and capital</td><td>11,678.2</td><td>24.4</td><td>1,554.8</td><td>238.0</td><td>462.1</td><td>108.9</td></tr><tr><td>Contingent liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>239.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 10/</td><td>8,579.5</td><td>24.4</td><td>627.9</td><td>216.7</td><td>93.4</td><td>108.8</td></tr><tr><td>Interagency items (net), amounts due to (or from [-])</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government corporations</td><td>-265.9</td><td>-24.4</td><td>2.5</td><td>10.4</td><td>-10.4</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-675.3</td><td>-</td><td>69.9</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>7,638.3</td><td>-</td><td>700.3</td><td>227.1</td><td>83.2</td><td>108.8</td></tr></table>
(Continued on following page)
January 1948
71
Corporations and Certain Other Business-Type Activities:
Section I - Balance Sheets as of June 30, 1947
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="3">Department of Agriculture - (continued)</th><th colspan="2">Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State 11/</th><th>War Department United States Spruce Production Corporation 12/ (liquidated)</th></tr><tr><th></th><th>Farm Credit Adm. (cont'd)</th><th>Federal Crop Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Inland Waterways Corp. and subsidiary</th><th>Warrior River Terminal Company, Inc.</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th><th></th><th></th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>13.7</td><td>10.2</td><td>6.5</td><td>1.2</td><td>.1</td><td>.2</td><td>4.6</td><td>5.1</td><td>*</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-7 13/</td><td>-</td><td>103.5 13/</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>2.0</td><td>21.7</td><td>.3</td><td>*</td><td>*</td><td>2.3</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>.1</td><td>.2</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>2.1</td><td>.1</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>*</td><td>.8</td><td>5.0</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>.2</td><td>6.3</td><td>1.6</td><td>.3</td><td>4.2</td><td>.4</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>*</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>*</td><td>3.7</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>14.4</td><td>16.8</td><td>134.1</td><td>12.4</td><td>2.0</td><td>1.3</td><td>16.1</td><td>5.8</td><td>*</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>2.7</td><td>.7</td><td>.1</td><td>*</td><td>*</td><td>.2</td><td>.9</td><td>*</td></tr><tr><td>Others</td><td>*</td><td>-</td><td>-</td><td>.7</td><td>*</td><td>.1</td><td>.7</td><td>-</td><td>-</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>.1</td><td>.8</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>*</td><td>*</td><td>2.5</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>21.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>*</td><td>.4</td><td>.3</td><td>.4</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>*</td><td>3.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>.1</td><td>6.9</td><td>27.7</td><td>1.3</td><td>*</td><td>.6</td><td>1.1</td><td>.9</td><td>*</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>90.0</td><td>1.0</td><td>12.0</td><td>1.2</td><td>*</td><td>-</td><td>.115/</td><td>-</td></tr><tr><td>Faid-to surplus</td><td>22.0 16/</td><td>-</td><td>-</td><td>7.9</td><td>.1</td><td>*</td><td>4.8</td><td>5.115/</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>45.8</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>65.8</td><td>-</td></tr><tr><td>Earned surplus (or deficit[−])</td><td>-7.7</td><td>-125.917/</td><td>105.4</td><td>-8.8</td><td>.6</td><td>-.1</td><td>10.2</td><td>-66.1</td><td>18/</td></tr><tr><td>Total United States owned</td><td>14.3</td><td>9.9</td><td>106.4</td><td>11.1</td><td>1.9</td><td>.8</td><td>15.0</td><td>4.8</td><td>*</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>14.3</td><td>9.9</td><td>106.4</td><td>11.1</td><td>1.9</td><td>.8</td><td>15.0</td><td>4.8</td><td>*</td></tr><tr><td>Total liabilities and capital</td><td>14.4</td><td>16.8</td><td>134.1</td><td>12.4</td><td>2.0</td><td>1.3</td><td>16.1</td><td>5.8</td><td>*</td></tr><tr><td>Contingent liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 10/</td><td>14.3</td><td>9.9</td><td>127.4</td><td>11.1</td><td>1.9</td><td>.8</td><td>15.0</td><td>4.8</td><td>*</td></tr><tr><td>Interagency items (net), amounts due to (or from[−]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>*</td><td>-.9</td><td>-</td><td>-1.2</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>.1</td><td>.8</td><td>-.1</td><td>*</td><td>.2</td><td>-.2.1</td><td>-</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14.4</td><td>9.1</td><td>128.2</td><td>9.7</td><td>2.0</td><td>1.0</td><td>12.9</td><td>4.8</td><td>*</td></tr></table>
(Continued on following page)
Treasury Bulletin
72
Corporations and Certain Other Business-Type Activities.
Section I - Balance Sheets as of June 30, 1947
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="5">Federal Loan Agency Reconstruction Finance Corporation and certain Affiliates</th></tr><tr><th></th><th></th><th></th><th>Reconstruction Finance Corporation</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company 19/</th><th>U. S. Commercial Company</th><th>War Damage Corporation (in liquidation)</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>6.0</td><td>8.2</td><td>265.2</td><td>-</td><td>-</td><td>.4</td><td>-</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>-</td><td>-</td><td>.1</td><td>8.8</td><td>-</td><td>70.8</td><td>230.3</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td>755.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.4</td><td>839.6</td><td>5.0</td><td>-</td><td>.3</td><td>-</td></tr><tr><td>Others, less reserves</td><td>1,750.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td>-</td><td>-</td><td>418.8</td><td>-</td><td>25.0</td><td>4.7</td><td>-</td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>69.8</td><td>-</td><td>-</td><td>2.0</td><td>.1</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td>8.7</td><td>-</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>26.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>14.6</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>.1</td><td>296.8</td><td>-</td><td>-</td><td>51.2</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public debt obligations of the United States</td><td>-</td><td>1,122.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>166.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>123.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>42.0</td><td>-</td><td>-</td><td>1.4</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>3.1</td><td>12.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>-</td><td>-</td><td>5.4</td><td>-</td><td>-</td><td>2.1</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td>-</td><td>-</td><td>7.9</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total assets</td><td>1,771.4</td><td>1,136.9</td><td>3,038.2</td><td>13.8</td><td>25.0</td><td>133.1</td><td>231.6</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.1</td><td>19.7</td><td>-</td><td>-</td><td>99.4</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>.4</td><td>77.0</td><td>-</td><td>-</td><td>13.6</td><td>-</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>43.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>2.0</td><td>-</td><td>-</td><td>8.5</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>53.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.2</td><td>426.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.2</td><td>.4</td><td>20.0</td><td>.1</td><td>-</td><td>15.3</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>516.2</td><td>-</td><td>9,966.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>161.3</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>-</td><td>2.2</td><td>7.6</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>192.8</td><td>-</td><td>6.8</td><td>-</td><td>-</td><td>-</td><td>20.0</td></tr><tr><td>Total liabilities</td><td>709.4</td><td>3.2</td><td>10,622.4</td><td>.2</td><td>-</td><td>298.1</td><td>20.1</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>1,000.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>5.0</td><td>1.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>1,382.4</td><td>1.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accrued appropriations</td><td>-</td><td>-</td><td>12.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>62.0</td><td>844.5</td><td>-9,304.0</td><td>2.6</td><td>-</td><td>-170.0</td><td>210.5</td></tr><tr><td>Total United States owned</td><td>1,062.0</td><td>994.4</td><td>-7,584.3</td><td>13.6</td><td>25.0</td><td>-165.0</td><td>211.5</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>1,062.0</td><td>1,133.7</td><td>-7,584.3</td><td>13.6</td><td>25.0</td><td>-165.0</td><td>211.5</td></tr><tr><td>Total liabilities and capital</td><td>1,771.4</td><td>1,136.9</td><td>3,038.2</td><td>13.8</td><td>25.0</td><td>133.1</td><td>231.6</td></tr><tr><td>Contingent liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>7.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 10/</td><td>1,578.2</td><td>994.4</td><td>2,381.9</td><td>13.6</td><td>25.0</td><td>-165.0</td><td>211.5</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-17.6</td><td>-8.7</td><td>-25.0</td><td>98.0</td><td>-231.4</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>.2</td><td>-839.8</td><td>-</td><td>-</td><td>95.6</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>1,578.3</td><td>994.6</td><td>1,524.5</td><td>4.9</td><td>-</td><td>28.6</td><td>-19.9</td></tr></table>
(Continued on following page)
January 1948
73
Corporations and Certain Other Business-Type Activities: Section I - Balance Sheets as of June 30, 1947
Table 4.- Corporations - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation (in liquidation)</th><th>Federal Public Housing Authority 2½</th><th>Defense Homes Corporation</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>20.7</td><td>1.3</td><td>12.7</td><td>2.9</td><td>1.5</td><td>5.7</td><td>*</td><td>16.1</td></tr><tr><td>Deposits with Government corporations and agencies, excluding U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>544.3 1½</td><td>278.0</td><td>-</td><td>-</td><td>*</td><td>.2</td></tr><tr><td>Others, less reserves</td><td>289.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>*</td><td>.2</td><td>.1</td><td>.3</td><td>.9</td><td>-</td><td>.6</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>2.1</td><td>.2</td><td>3.6</td><td>.2</td><td>.5</td><td>-</td><td>4.5</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>1.0</td><td>.7</td><td>1.6</td><td>2.6</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>8.5</td><td>-</td><td>8.8</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>157.8</td><td>178.2</td><td>15.2</td><td>7.9</td><td>-</td><td>19.4</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>*</td><td>-</td><td>12.3</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>.1</td><td>2.4</td><td>204.9</td><td>53.4</td><td>25.3</td><td>*</td><td>741.1</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>.2</td><td>-</td><td>*</td><td>2.4</td><td>.2</td><td>.2</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed charges</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>5.8</td><td>-</td><td>-</td></tr><tr><td>Other assets, less reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>468.9</td><td>182.4</td><td>689.0</td><td>502.5</td><td>56.5</td><td>66.5</td><td>.1</td><td>771.3</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.5</td><td>*</td><td>*</td><td>-</td><td>*</td><td>.3</td><td>-</td><td>1.1</td></tr><tr><td>Others</td><td>.4</td><td>*</td><td>.5</td><td>.3</td><td>.3</td><td>2.3</td><td>-</td><td>6.9</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>*</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.4</td><td>*</td><td>.3</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>5.3</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Others</td><td>85.9</td><td>*</td><td>16.6</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>529.0</td><td>347.0</td><td>-</td><td>-</td><td>-</td><td>56.5</td></tr><tr><td>Other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>3.9</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>140.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred and undistributed credits</td><td>-</td><td>3.9</td><td>.4</td><td>2.4</td><td>.1</td><td>7.9</td><td>-</td><td>.4</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>-</td><td>*</td><td>.2</td><td>8.8</td><td>-</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>227.3</td><td>3.9</td><td>551.1</td><td>358.5</td><td>43.5</td><td>12.0</td><td>-</td><td>70.9</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>122.7</td><td>100.0</td><td>200.0</td><td>1.0</td><td>10.0</td><td>7.0</td><td>*</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>.3</td><td>40.2</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>82.1</td><td>-</td><td>-</td><td>-</td><td>660.1</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-</td><td>78.5 25/</td><td>-62.1</td><td>-54.0</td><td>2.9</td><td>47.5</td><td>-.2</td><td>1.26/</td></tr><tr><td>Total United States owned</td><td>122.7</td><td>178.5</td><td>137.9</td><td>143.9</td><td>12.9</td><td>54.5</td><td>.1</td><td>700.4</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>95.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>23.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>118.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>241.6</td><td>178.5</td><td>137.9</td><td>143.9</td><td>12.9</td><td>54.5</td><td>.1</td><td>700.4</td></tr><tr><td>Total liabilities and capital</td><td>468.9</td><td>182.4</td><td>689.0</td><td>502.5</td><td>56.5</td><td>66.5</td><td>.1</td><td>771.3</td></tr><tr><td>Contingent liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>232.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 10/</td><td>122.7</td><td>178.5</td><td>666.9</td><td>490.9</td><td>12.9</td><td>54.5</td><td>.1</td><td>756.9</td></tr><tr><td>interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>.5</td><td>*</td><td>-100.0</td><td>*</td><td>42.3</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>*</td><td>-.1</td><td>-.1</td><td>-.3</td><td>-.6</td><td>-</td><td>.8</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>123.2</td><td>178.5</td><td>566.8</td><td>490.8</td><td>54.9</td><td>53.9</td><td>.1</td><td>757.7</td></tr></table>
Footnotes at end of Section I.
74
Treasury Bulletin
Corporations and Certain Other Business-Type Activities: Section I
Balance Sheets as of June 30, 1947
Table 5.- Certain Other Business-Type Activities
(In millions of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture</th><th>National Housing Agency</th><th colspan="2">United States Maritime Commission 30/</th><th></th></tr><tr><th></th><th>Total</th><th>Farm Credit Administration</th><th>Parsons' House</th><th>Rural Electrification Administration</th><th>Department of the Interior 28/</th><th>Federal Works Agency 29/</th><th>Federal Housing Administration</th><th>United States Maritime Commission Functions</th><th>War Shipping Administration Functions</th><th>Other 11/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>839.5</td><td>-</td><td>25.8</td><td>38.0</td><td>.1</td><td>1.7</td><td>37.8</td><td>560.4</td><td>162.5</td><td>13.1</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>11,946.1</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,945.832/</td></tr><tr><td>Others, less reserves</td><td>3,178.1</td><td>.3</td><td>324.6</td><td>629.0</td><td>10.3</td><td>75.6</td><td>26.5</td><td>.8</td><td>-</td><td>2,110.9</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>221.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45.8</td><td>-</td><td>102.3</td><td>70.9</td><td>2.2</td></tr><tr><td>Others, less reserves</td><td>417.8</td><td>-</td><td>.8</td><td>-</td><td>.1</td><td>1.9</td><td>-</td><td>205.7</td><td>146.5</td><td>62.8</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>43.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.8</td></tr><tr><td>Others, less reserves</td><td>48.1</td><td>-</td><td>39.6</td><td>5.8</td><td>.1</td><td>.1</td><td>.7</td><td>1.3</td><td>-</td><td>.6</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>109.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>81.2</td><td>27.3</td><td>1.2</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>120.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations</td><td>178.5</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>3,388.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>-</td><td>3,385.9</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>11,604.9</td><td>-</td><td>6.4</td><td>.2</td><td>13.1</td><td>142.2</td><td>.7</td><td>3,305.5</td><td>6,507.0</td><td>1,629.7</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>12.4</td><td>1.1</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>10.2</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Deferred and undistributed charges</td><td>154.4</td><td>-</td><td>1.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29.3</td><td>114.7</td><td>9.2</td></tr><tr><td>Other assets, less reserves</td><td>55.2</td><td>-</td><td>15.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.3</td><td>44.6</td><td>-</td></tr><tr><td>Total assets</td><td>32,328.7</td><td>180.0</td><td>414.3</td><td>673.3</td><td>23.7</td><td>267.4</td><td>196.5</td><td>4,294.3</td><td>7,073.5</td><td>19,205.7</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>30.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11.6</td><td>16.6</td><td>2.0</td></tr><tr><td>Others</td><td>91.8</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>2.9</td><td>3.1</td><td>73.6</td><td>12.2</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>454.7</td><td>-</td><td>.8</td><td>.1</td><td>.1</td><td>1.7</td><td>1.3</td><td>331.0</td><td>75.5</td><td>44.1</td></tr><tr><td>Others</td><td>285.3</td><td>-</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>276.0</td><td>-</td><td>7.1</td></tr><tr><td>Bonds, debentures, and notes payable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td>1.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed by United States</td><td>551.2</td><td>-</td><td>40.4</td><td>510.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td>36.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed by United States</td><td>154.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>41.9</td><td>108.3</td><td>3.7</td></tr><tr><td>Deferred and undistributed credits</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including operating and liability reserves)</td><td>245.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>71.7</td><td>151.0</td><td>22.8</td></tr><tr><td>Total liabilities</td><td>1,852.8</td><td>-</td><td>43.5</td><td>511.0</td><td>.1</td><td>1.8</td><td>44.1</td><td>735.2</td><td>425.0</td><td>92.0</td></tr><tr><td>Proprietary interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expanded appropriations</td><td>41,281.9</td><td>496.3</td><td>391.0</td><td>172.9</td><td>72.7</td><td>2,152.2</td><td>80.3</td><td>4,266.8</td><td>14,252.4</td><td>19,397.4</td></tr><tr><td>Excess of income (or expense [-]) 35/</td><td>-10,806.0</td><td>-316.3</td><td>-20.2</td><td>-10.6</td><td>-49.2</td><td>-1,886.6</td><td>72.1</td><td>-707.7</td><td>-7,603.9</td><td>-283.6</td></tr><tr><td>Total proprietary interest</td><td>30,475.9</td><td>180.0</td><td>370.8</td><td>162.3</td><td>23.6</td><td>265.6</td><td>152.4</td><td>3,559.1</td><td>6,648.5</td><td>19,113.7</td></tr><tr><td>Total liabilities and proprietary interest</td><td>32,328.7</td><td>180.0</td><td>414.3</td><td>673.3</td><td>23.7</td><td>267.4</td><td>196.5</td><td>4,294.3</td><td>7,073.5</td><td>19,205.7</td></tr><tr><td>Contingent liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>Other</td><td>4.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>4.2</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest including interagency items 17/</td><td>18,530.1</td><td>180.0</td><td>370.8</td><td>162.3</td><td>23.6</td><td>265.6</td><td>152.4</td><td>3,559.1</td><td>6,648.5</td><td>7,167.9</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aencies reporting, excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-7.3</td><td>7.3</td><td>-</td></tr><tr><td>Other Government agencies and corporations</td><td>594.3</td><td>-178.5</td><td>41.2</td><td>510.8</td><td>.1</td><td>-44.1</td><td>3.0</td><td>247.7</td><td>14.0</td><td>.2</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>19,124.4</td><td>1.5</td><td>412.0</td><td>573.0</td><td>23.6</td><td>221.5</td><td>155.5</td><td>3,799.4</td><td>6,669.8</td><td>7,168.1</td></tr></table>
Footnotes on next page.
January 1948
75
Corporations and Certain Other Business-Type Activities of the United States Government
Footnotes to Section I
Less than $50 thousand.
1/ Includes unexpended balances of appropriated funds.
2/ Includes notes for short-term borrowings.
3/ Subsequent to June 26, 1947, the United States has no proprietary interest in any Federal land bank.
4/ Includes $38.6 million guaranteed loans held by lending agencies.
5/ Represents excess of unliquidated assets over liabilities transferred to R. F. C.
6/ Includes $243,975,438.29 advanced on 1947 sugar crop under the Cuban Raw Sugar Agreements.
7/ Represents guaranteed obligations arising from drafts and invoices paid by commercial banks.
8/ Net of $135,600,000 repayment of capital stock by Reconstruction Finance Corporation in June 1947 from proceeds of liquidation of assets of Smaller War Plants Corporation.
9/ Pursuant to Public Law 519, approved July 20, 1946, and Public Law 76, approved May 26, 1947, the Secretary of the Treasury can-called notes in the amount of $921,459,561 and $641,832,080.04 respectively for restoration of capital impairment.
10/ Consists of paid-in capital (U. S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U. S. share).
11/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., and Preclinradio, Inc.
12/ Corporation was dissolved by decree of the Superior Court of the State of Washington on December 12, 1946.
13/ Includes real estate sales contracts.
14/ The reserve for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
15/ Net of return of excess funds pursuant to Public Law 301, approved February 18, 1946, Public Law 391, approved May 27, 1946, and by resolutions of the Board of Directors and net of return of $1.1 million representing balance of funds of Inter-American Navigation Corporation upon liquidation as of February 25, 1947.
16/ Represents advances from R. F. C. for the payment of operating expenses.
17/ Includes deficit resulting from administrative expenses in the amount of $46.3 million.
18/ Sales contract in amount of $1.1 million transferred to War Department for liquidation and ultimate deposit of cash proceeds to Miscellaneous Receipts of the Treasury Department.
19/ Assets and liabilities of the R. F. C. Mortgage Company were assumed by Reconstruction Finance Corporation on June 30, 1947, pursuant to action of the Board of Directors of both corporations.
20/ Public Law 363, approved August 5, 1947, provides for cancellation of capital stock and repayment for all stock to be made to the U. S. Treasury Department in unites of $10,000,000 without reducing net worth below $1,000,000,000. Repayment for all stock subscribed by Federal Reserve Banks, $139,299,556.93, and part repayment of $7,395,693.42 for stock subscribed by Secretary of the Treasury was made on September 8, 1947.
21/ Includes $1,382.3 million contributions by sponsors under cancelled reimbursement agreements, and donated assets.
22/ The surplus is not available by law for dividend distribution and is considered by the corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
23/ Includes unreserved surplus of R. F. C., $550.7 million, and deficit
of merged war affiliates, $9,854.7 million. 
Figures represent activities under U. S. Housing Act, as amended. 
War housing and other operations of the Authority are reflected in the classification "Other" in Table 5. 
The surplus is considered by the corporation as available for future insurance losses and related expenses with respect to insured institutions. 
Consists of net income from power operations of $92.6 million and net expense of non-income-producing programs of $92.5 million. 
Created pursuant to Public Law 731, approved August 14, 1946. 
Consists of Indian loans, and Puerto Rico Reconstruction Adminis- tration. Puerto Rican Hurricane Relief Loan Section ceased to exist June 30, 1946. Collections of the unliquidated loan balances will be made by Puerto Rico Reconstruction Administration and deposited to Miscellaneous Receipts of the Treasury Department. 
Consists of Bureau of Community Facilities and Public Works Admin- istration. 
Figures are as of March 31, 1947, for U. S. Maritime Commission functions and lend-lease and UNRRA activities of the War Shipping Administration functions. The balance of the War Shipping Adminis- tration functions are as of February 28, 1947. Figures as of June 30, 1947, will not be available until the calendar year 1948. 
Consists of Federal Public Housing Authority - Homes conversion program, Farm Security Administration program, Public war housing program, and Veterans' re-use housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treas- ury Department - miscellaneous loans and certain other assets; War Department - guaranteed loans (World War II); and Veterans' Canteen Service created pursuant to Public Law 636, approved August 7, 1946. 
Represents obligations of Government corporations as follows: 
Commodity Credit Corporation, $510.0 million; Export-Import Bank of Washington, $516.2 million; Federal Farm Mortgage Corporation, $21.0 million; Federal Public Housing Authority, $347.0 million; Rome Owners' Loan Corporation, $529.0 million; E. P. C., $9,966.1 million; and Tennessee Valley Authority, $56.5 million. 
Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required under the authority of E. O. No. 9054, dated February 7, 1942, and War Shipping Administrator's Order No. 7, dated April 21, 1942. 
Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission. 
Represents excess of expenditures incurred pursuant to legislation for such activities as: construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subeistence home- steads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others. 
Includes $35.4 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund. 
Consists of paid-in capital (U. S. owned), lease Treasury loans to Government corporations, plus excess of income (or expense).