LIBRARY
ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
APRIL-1948
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
April 1948
Table of Contents
Page
<table><tr><td>Treasury financing operations.</td><td>A-1</td></tr><tr><td>Summary of fiscal operations.</td><td>1</td></tr><tr><td>Budget receipts and expenditures.</td><td>2</td></tr><tr><td>Trust accounts, etc.</td><td>8</td></tr><tr><td>Treasury cash income and outgo.</td><td>10</td></tr><tr><td>General Fund of the Treasury.</td><td>13</td></tr><tr><td>Debt outstanding.</td><td>14</td></tr><tr><td>Statutory debt limitation.</td><td>17</td></tr><tr><td>Debt operations.</td><td>18</td></tr><tr><td>United States savings bonds.</td><td>24</td></tr><tr><td>Treasury savings notes.</td><td>27</td></tr><tr><td>Ownership of Federal securities.</td><td>28</td></tr><tr><td>Treasury survey of ownership.</td><td>30</td></tr><tr><td>Treasury survey - analysis of bank ownership.</td><td>34</td></tr><tr><td>Market quotations.</td><td>38</td></tr><tr><td>Yields of Treasury and corporate bonds.</td><td>41</td></tr><tr><td>Internal revenue collections.</td><td>43</td></tr><tr><td>Monetary statistics.</td><td>47</td></tr><tr><td>Capital movements.</td><td>51</td></tr><tr><td>Corporations and certain other business-type activities - loans and balance sheets.</td><td>62</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.
April 1948
A-1
Treasury Financing Operations
March Certificate and Bond Maturities
On February 18, 1948, the Secretary of the Treasury announced the plans for refunding the $4,481 million of certificates of indebtedness and Treasury bonds maturing and called for payment in March. These securities consisted of a one-year 7/8 percent certificate of indebtedness maturing March 1 in the amount of $2,142 million, the 2 percent bonds of 1948-50 (dated March 15, 1941), outstanding in the amount of $1,115 million, and the 2-3/4 percent bonds of 1948-51, outstanding in the amount of $1,223 million. The bond issues previously had been called for redemption on March 15.
In exchange for these three issues, there was offered an issue of one-year certificates of indebtedness, dated March 1, 1948, and bearing interest from that date at the rate of 1-1/3 per cent per annum, payable with the principal at maturity on March 1, 1949. In respect to the maturing certificates, exchanges were made par for par, and in respect to the called bonds, exchanges were made at par with an adjustment of interest as of March 15, 1948. The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Reports to the Treasury on the ownership of Government securities indicate that on January 31, 1948, about 56 percent of the $2,142 million of the maturing certificates, about 68 percent of the $1,115 million of the 2 percent bonds of 1948-50 (dated March 15, 1941), and about 80 percent of the $1,223 million of the 2-3/4 percent bonds of 1948-51 were owned by reporting commercial banks
and Federal Reserve Banke. In the aggregate, about 66 percent of the three issues were so owned. The ownership figures for January 31 are the latest which are available for holdings of commercial banks.
Subscription books were opened on February 18 and were closed at the close of business on February 20. Federal Reserve Bank holdings of the maturing and called securities, which totaled $460.3 million, were redeemed in full for cash. For the three issues, exchanges totaled $3,553 million, leaving $467 million to be paid in cash to holders other than Federal Reserve Banks. Certificates of indebtedness subscribed for in exchange for the new certificates amounted to $1,637 million, leaving $454 million to be paid in cash. Exchange subscriptions of the 2 percent bonds amounted to $399 million, leaving $216 million to be paid in cash. Exchange subscriptions of the 2-3/4 percent bonds amounted to $967 million, leaving $257 million to be paid in cash.
Treasury Bill Retirement in February
A further and continuous redemption of outstanding Treasury bills was made in February. The four issues maturing during the month totaled $4.4 billion and the amount refunded totaled $4.0 billion. Each new weekly issue was $100 million less than that maturing. The first maturity was for $1.0 billion, the second and third for $1.1 billion each, and the fourth for $1.2 billion. The average rates of discount for the four offerings beginning with that dated February 5, were, respectively, 0.990 percent, 0.994 percent, 0.996 percent, and 0.997 percent.
Note: Historical details of Treasury market financing operations are shown in the Tables on "Offerings" and "Disposition", respectively, of marketable issues of
bonds, notes, and certificates of indebtedness, and the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin".
April 1948
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th colspan="3">Budget receipts and expenditures</th><th rowspan="2">Trust accounts, etc. - net receipts, or expenditures (-) 1/</th><th rowspan="2">Clearing account 2/</th><th rowspan="2">Net increase in public debt, or decrease (-)</th><th rowspan="2">Net increase in General Fund balance, or decrease (-)</th><th colspan="4">Levels, end of period</th></tr><tr><th>Net receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-)</th><th>General Fund balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th></tr><tr><td colspan="11">Fiscal years:</td></tr><tr><td>1937</td><td>5,029</td><td>7,806</td><td>-2,777</td><td>3</td><td>-</td><td>2,646</td><td>-128</td><td>2,553</td><td>36,425</td><td>4,665</td><td>41,089</td></tr><tr><td>1938</td><td>5,855</td><td>7,031</td><td>-1,177</td><td>98</td><td>-</td><td>740</td><td>-338</td><td>2,216</td><td>37,165</td><td>4,853</td><td>42,018</td></tr><tr><td>1939</td><td>5,155</td><td>9,027</td><td>-3,862</td><td>1,210</td><td>-</td><td>3,275</td><td>622</td><td>2,838</td><td>40,440</td><td>5,451</td><td>45,890</td></tr><tr><td>1940</td><td>5,387</td><td>9,305</td><td>-3,918</td><td>443</td><td>-</td><td>2,528</td><td>-947</td><td>1,891</td><td>42,968</td><td>5,529</td><td>48,497</td></tr><tr><td>1941</td><td>7,607</td><td>13,766</td><td>-6,159</td><td>908</td><td>-</td><td>5,994</td><td>742</td><td>2,633</td><td>48,961</td><td>6,370</td><td>55,332</td></tr><tr><td>1942</td><td>12,799</td><td>34,289</td><td>-21,490</td><td>-1,613</td><td>-</td><td>23,461</td><td>358</td><td>2,991</td><td>72,422</td><td>4,568</td><td>76,991</td></tr><tr><td>1943</td><td>22,282</td><td>79,702</td><td>-57,420</td><td>-338</td><td>-</td><td>64,274</td><td>6,515</td><td>9,507</td><td>136,696</td><td>4,100</td><td>140,796</td></tr><tr><td>1944</td><td>44,149</td><td>95,572</td><td>-51,423</td><td>-2,222</td><td>-</td><td>64,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,623</td><td>202,626</td></tr><tr><td>1945</td><td>46,457</td><td>100,397</td><td>-53,941</td><td>791</td><td>-</td><td>57,679</td><td>4,529</td><td>24,698</td><td>258,682</td><td>433</td><td>259,115</td></tr><tr><td>1946</td><td>43,038</td><td>63,714</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>43,259</td><td>42,505</td><td>754</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td></tr><tr><td>1948 (Estimated)</td><td>45,210</td><td>37,728</td><td>7,483</td><td>-469</td><td>-400</td><td>-7,386</td><td>-772</td><td>2,536</td><td>250,900</td><td>68</td><td>250,968</td></tr><tr><td>1949 (Estimated)</td><td>44,477</td><td>39,669</td><td>4,808</td><td>-159</td><td>-</td><td>-4,700</td><td>-51</td><td>2,484</td><td>246,200</td><td>62</td><td>246,262</td></tr><tr><td colspan="11">Calendar years:</td></tr><tr><td>1941</td><td>8,849</td><td>20,610</td><td>-11,762</td><td>480</td><td>-</td><td>12,913</td><td>1,632</td><td>3,560</td><td>57,938</td><td>6,324</td><td>64,262</td></tr><tr><td>1942</td><td>16,403</td><td>57,863</td><td>-41,461</td><td>-1,788</td><td>-</td><td>50,232</td><td>6,983</td><td>10,543</td><td>108,170</td><td>4,301</td><td>112,471</td></tr><tr><td>1943</td><td>34,554</td><td>90,244</td><td>-55,691</td><td>-266</td><td>-</td><td>57,707</td><td>1,751</td><td>12,294</td><td>165,877</td><td>4,230</td><td>170,108</td></tr><tr><td>1944</td><td>44,421</td><td>98,071</td><td>-53,650</td><td>-1,161</td><td>-</td><td>64,753</td><td>9,942</td><td>22,236</td><td>230,630</td><td>1,514</td><td>232,144</td></tr><tr><td>1945</td><td>46,046</td><td>89,640</td><td>-43,594</td><td>-123</td><td>-</td><td>47,484</td><td>3,767</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946</td><td>41,601</td><td>44,113</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,966</td><td>-22,502</td><td>3,502</td><td>259,149</td><td>339</td><td>259,487</td></tr><tr><td>1947</td><td>43,977</td><td>41,543</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,249</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td colspan="11">Months:</td></tr><tr><td>1945-December</td><td>4,118</td><td>5,013</td><td>-895</td><td>-319</td><td>-</td><td>12,773</td><td>11,558</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946-January</td><td>3,819</td><td>4,860</td><td>-1,042</td><td>-307</td><td>-</td><td>772</td><td>-577</td><td>25,427</td><td>278,887</td><td>558</td><td>279,445</td></tr><tr><td>February</td><td>3,678</td><td>3,435</td><td>243</td><td>-36</td><td>-</td><td>327</td><td>534</td><td>25,961</td><td>279,214</td><td>551</td><td>279,764</td></tr><tr><td>March</td><td>5,747</td><td>3,845</td><td>1,902</td><td>-295</td><td>-</td><td>-3,201</td><td>-1,593</td><td>24,367</td><td>276,012</td><td>553</td><td>276,565</td></tr><tr><td>April</td><td>2,677</td><td>4,268</td><td>-1,591</td><td>272</td><td>-</td><td>-2,114</td><td>-3,433</td><td>20,935</td><td>273,898</td><td>544</td><td>274,443</td></tr><tr><td>May</td><td>2,733</td><td>3,864</td><td>-1,131</td><td>48</td><td>-</td><td>-1,316</td><td>-2,398</td><td>18,536</td><td>272,583</td><td>552</td><td>273,135</td></tr><tr><td>June</td><td>4,479</td><td>5,352</td><td>-873</td><td>-265</td><td>-</td><td>-3,161</td><td>-4,298</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>July</td><td>2,539</td><td>3,644</td><td>-1,105</td><td>-270</td><td>318</td><td>-1,152</td><td>-2,209</td><td>12,029</td><td>268,270</td><td>333</td><td>268,603</td></tr><tr><td>August</td><td>2,434</td><td>2,932</td><td>-499</td><td>206</td><td>27</td><td>-724</td><td>-989</td><td>11,040</td><td>267,546</td><td>379</td><td>267,924</td></tr><tr><td>September</td><td>4,478</td><td>2,755</td><td>1,723</td><td>-366</td><td>-48</td><td>-2,177</td><td>-868</td><td>10,171</td><td>265,369</td><td>400</td><td>265,768</td></tr><tr><td>October</td><td>2,544</td><td>2,965</td><td>-420</td><td>120</td><td>36</td><td>-1,837</td><td>-2,101</td><td>8,070</td><td>263,532</td><td>386</td><td>263,918</td></tr><tr><td>November</td><td>2,364</td><td>2,529</td><td>-165</td><td>19</td><td>-4</td><td>-1,255</td><td>-1,405</td><td>6,665</td><td>262,277</td><td>370</td><td>262,646</td></tr><tr><td>December</td><td>4,107</td><td>3,662</td><td>445</td><td>-514</td><td>34</td><td>-3,128</td><td>-3,163</td><td>3,502</td><td>259,149</td><td>339</td><td>259,487</td></tr><tr><td>1947-January</td><td>3,820</td><td>3,113</td><td>706</td><td>-69</td><td>-56</td><td>628</td><td>1,210</td><td>4,711</td><td>259,776</td><td>270</td><td>260,046</td></tr><tr><td>February</td><td>4,378</td><td>3,914</td><td>464</td><td>215</td><td>102</td><td>1,642</td><td>2,422</td><td>7,134</td><td>261,418</td><td>188</td><td>261,606</td></tr><tr><td>March</td><td>5,701</td><td>3,598</td><td>2,102</td><td>-72</td><td>39</td><td>-2,294</td><td>-224</td><td>6,909</td><td>259,124</td><td>182</td><td>259,306</td></tr><tr><td>April</td><td>2,556</td><td>4,001</td><td>-1,445</td><td>202</td><td>67</td><td>-1,423</td><td>-2,598</td><td>4,312</td><td>257,701</td><td>178</td><td>257,880</td></tr><tr><td>May</td><td>2,855</td><td>3,851</td><td>-987</td><td>62</td><td>37</td><td>642</td><td>-245</td><td>4,066</td><td>258,343</td><td>177</td><td>258,521</td></tr><tr><td>June</td><td>5,473</td><td>5,540</td><td>-67</td><td>-637</td><td>3</td><td>-57</td><td>-758</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td></tr><tr><td>July</td><td>2,397</td><td>3,669</td><td>-1,272</td><td>17</td><td>-146</td><td>1,161</td><td>-239</td><td>3,069</td><td>259,448</td><td>80</td><td>259,528</td></tr><tr><td>August</td><td>2,536</td><td>3,060</td><td>-524</td><td>379</td><td>-173</td><td>649</td><td>332</td><td>3,400</td><td>260,097</td><td>79</td><td>260,176</td></tr><tr><td>September</td><td>4,872</td><td>2,932</td><td>1,940</td><td>-314</td><td>-121</td><td>-953</td><td>552</td><td>3,952</td><td>259,145</td><td>76</td><td>259,221</td></tr><tr><td>October</td><td>2,390</td><td>2,445</td><td>-55</td><td>69</td><td>214</td><td>-74</td><td>155</td><td>4,107</td><td>259,071</td><td>83</td><td>259,155</td></tr><tr><td>November</td><td>2,743</td><td>2,194</td><td>549</td><td>265</td><td>-127</td><td>-859</td><td>-172</td><td>3,935</td><td>258,212</td><td>89</td><td>258,301</td></tr><tr><td>December</td><td>4,246</td><td>3,224</td><td>1,022</td><td>-468</td><td>-80</td><td>-1,312</td><td>-838</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td>1948-January</td><td>4,275</td><td>2,879</td><td>1,396</td><td>259</td><td>222</td><td>-326</td><td>1,551</td><td>4,648</td><td>256,574</td><td>77</td><td>256,651</td></tr><tr><td>February</td><td>4,336</td><td>2,402</td><td>1,934</td><td>-194</td><td>-101</td><td>-1,969</td><td>-330</td><td>4,318</td><td>254,605</td><td>79</td><td>254,683</td></tr></table>
Actual figures from Daily Treasury Statement; estimates based upon 1940 Budget document, including effect of proposed legislation.
1/ Gross receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes net expenditures of Government corporations wholly owned, etc.
3/ Comprises trust accounts; sales and redemptions of securities of Government corporations, etc., in the market (net); increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable
against increment on gold (fiscal years 1937-1939). 4/ Clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks; increase, or decrease (-).
Treasury Bulletin
2
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="3">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Total expenditures</th><th rowspan="2">Budget surplus, or deficit (-)</th></tr><tr><th>Gross receipts</th><th>Less: Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th><th>National defense</th><th>International finance and aid</th><th>Interest on the public debt</th><th>Veterans Administration 3/</th><th>Refunds of taxes and duties</th><th>Other</th></tr><tr><td>1940</td><td>5,937</td><td>550</td><td>5,387</td><td>1,657</td><td>-</td><td>1,041</td><td>557</td><td>91</td><td>5,959</td><td>9,305</td><td>-3,918</td></tr><tr><td>1941</td><td>8,295</td><td>688</td><td>7,607</td><td>6,655</td><td>-</td><td>1,111</td><td>563</td><td>90</td><td>5,349</td><td>13,766</td><td>-6,159</td></tr><tr><td>1942</td><td>13,695</td><td>896</td><td>12,799</td><td>28,266</td><td>-</td><td>1,260</td><td>556</td><td>94</td><td>4,113</td><td>34,289</td><td>-21,490</td></tr><tr><td>1943</td><td>23,412</td><td>1,130</td><td>22,282</td><td>75,297</td><td>-</td><td>1,808</td><td>602</td><td>79</td><td>1,915</td><td>79,702</td><td>-57,420</td></tr><tr><td>1944</td><td>45,441</td><td>1,292</td><td>44,149</td><td>89,720</td><td>-</td><td>2,609</td><td>730</td><td>267</td><td>2,246</td><td>95,572</td><td>-51,423</td></tr><tr><td>1945</td><td>47,766</td><td>1,310</td><td>46,457</td><td>90,501</td><td>-</td><td>3,617</td><td>2,060</td><td>1,715</td><td>2,505</td><td>100,397</td><td>-53,941</td></tr><tr><td>1946</td><td>44,276</td><td>1,238</td><td>43,038</td><td>48,870</td><td>727</td><td>4,722</td><td>4,253</td><td>3,034</td><td>2,103</td><td>63,714</td><td>-20,676</td></tr><tr><td>1947</td><td>44,718</td><td>1,459</td><td>43,259</td><td>17,279</td><td>4,415</td><td>4,958</td><td>7,259</td><td>3,050</td><td>5,545</td><td>42,505</td><td>754</td></tr><tr><td>1948 (Estimated)</td><td>46,837</td><td>1,627</td><td>45,210</td><td>11,742</td><td>4,916</td><td>5,200</td><td>6,499</td><td>2,046</td><td>7,325</td><td>37,728</td><td>7,483</td></tr><tr><td>1949 (Estimated)</td><td>46,499</td><td>2,022</td><td>44,477</td><td>11,240</td><td>6,534</td><td>5,250</td><td>5,811</td><td>1,986</td><td>8,848</td><td>39,669</td><td>4,808</td></tr><tr><td>1947-July</td><td>2,470</td><td>72</td><td>2,397</td><td>981</td><td>691</td><td>245</td><td>564</td><td>120</td><td>1,067</td><td>3,669</td><td>-1,272</td></tr><tr><td>August</td><td>2,866</td><td>329</td><td>2,536</td><td>910</td><td>619</td><td>103</td><td>511</td><td>103</td><td>814</td><td>3,060</td><td>-524</td></tr><tr><td>September</td><td>4,885</td><td>14</td><td>4,872</td><td>1,008</td><td>68</td><td>668</td><td>494</td><td>53</td><td>641</td><td>2,932</td><td>1,940</td></tr><tr><td>October</td><td>2,456</td><td>66</td><td>2,390</td><td>1,154</td><td>141</td><td>157</td><td>481</td><td>55</td><td>457</td><td>2,445</td><td>-55</td></tr><tr><td>November</td><td>3,054</td><td>310</td><td>2,743</td><td>936</td><td>150</td><td>127</td><td>526</td><td>42</td><td>415</td><td>2,194</td><td>549</td></tr><tr><td>December</td><td>4,260</td><td>14</td><td>4,246</td><td>996</td><td>218</td><td>972</td><td>568</td><td>53</td><td>417</td><td>3,224</td><td>1,022</td></tr><tr><td>1948-January</td><td>4,310</td><td>35</td><td>4,275</td><td>1,069</td><td>223</td><td>401</td><td>524</td><td>78</td><td>585</td><td>2,879</td><td>1,396</td></tr><tr><td>February</td><td>4,614</td><td>278</td><td>4,336</td><td>850</td><td>266</td><td>142</td><td>529</td><td>182</td><td>433</td><td>2,402</td><td>1,934</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1940 Budget document, including effect of proposed legislation.
Footnotes at end of Table 5.
Table 2.- Gross Receipts by Principal Sources
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total gross receipts</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th>Miscellaneous internal revenue</th><th>Customs</th><th>All other receipts</th></tr><tr><th></th><th>Total internal revenue</th><th>Total</th><th>Withheld by employers</th><th>Other</th><th>Total</th><th>Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th><th></th><th></th><th></th></tr><tr><td>1940</td><td>5,937</td><td>5,303</td><td>2,125</td><td>-</td><td>833</td><td>605</td><td>108</td><td>121</td><td>2,345</td><td>349</td><td>285</td></tr><tr><td>1941</td><td>8,295</td><td>7,362</td><td>3,470</td><td>-</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>392</td><td>542</td></tr><tr><td>1942</td><td>13,695</td><td>12,933</td><td>7,960</td><td>-</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>389</td><td>313</td></tr><tr><td>1943</td><td>23,412</td><td>22,144</td><td>16,094</td><td>-</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>324</td><td>944</td></tr><tr><td>1944</td><td>45,441</td><td>41,685</td><td>34,655</td><td>8,393</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td><td>431</td><td>3,325</td></tr><tr><td>1945</td><td>47,766</td><td>43,902</td><td>35,173</td><td>10,289</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td><td>355</td><td>3,510</td></tr><tr><td>1946</td><td>44,276</td><td>40,310</td><td>30,885</td><td>9,392</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td><td>435</td><td>3,530</td></tr><tr><td>1947</td><td>44,718</td><td>39,379</td><td>29,306</td><td>10,013</td><td>2,024</td><td>1,459</td><td>185</td><td>380</td><td>8,049</td><td>494</td><td>4,845</td></tr><tr><td>1948 (Estimated)</td><td>46,837</td><td>42,056</td><td>31,499</td><td>11,327</td><td>2,395</td><td>1,627</td><td>211</td><td>557</td><td>8,162</td><td>394</td><td>4,387</td></tr><tr><td>1949 (Estimated)</td><td>46,499</td><td>43,784</td><td>32,664</td><td>11,757</td><td>2,828</td><td>2,022</td><td>224</td><td>582</td><td>8,292</td><td>378</td><td>2,337</td></tr><tr><td>1947-July</td><td>2,470</td><td>2,126</td><td>1,382</td><td>625</td><td>80</td><td>72</td><td>2</td><td>6</td><td>663</td><td>37</td><td>307</td></tr><tr><td>August</td><td>2,866</td><td>2,662</td><td>1,668</td><td>1,255</td><td>352</td><td>329</td><td>9</td><td>13</td><td>643</td><td>31</td><td>172</td></tr><tr><td>September</td><td>4,885</td><td>4,267</td><td>3,435</td><td>797</td><td>133</td><td>14</td><td>3</td><td>116</td><td>699</td><td>34</td><td>585</td></tr><tr><td>October</td><td>2,456</td><td>2,197</td><td>1,345</td><td>644</td><td>70</td><td>66</td><td>1</td><td>4</td><td>782</td><td>42</td><td>217</td></tr><tr><td>November</td><td>3,054</td><td>2,690</td><td>1,666</td><td>1,315</td><td>329</td><td>310</td><td>10</td><td>9</td><td>695</td><td>32</td><td>331</td></tr><tr><td>December</td><td>4,260</td><td>3,678</td><td>2,769</td><td>880</td><td>142</td><td>14</td><td>1</td><td>126</td><td>767</td><td>35</td><td>547</td></tr><tr><td>1948-January</td><td>4,310</td><td>3,944</td><td>3,237</td><td>624</td><td>51</td><td>35</td><td>13</td><td>3</td><td>656</td><td>37</td><td>329</td></tr><tr><td>February</td><td>4,614</td><td>4,211</td><td>3,159</td><td>1,563</td><td>423</td><td>278</td><td>138</td><td>6</td><td>629</td><td>34</td><td>369</td></tr></table>
Sources: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation.
Footnotes at end of Table 5.
April 1948
3
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of the Army 8/</th><th>Department of the Navy 9/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission</th><th>UNRRA</th><th>Surplus property disposal agencies</th><th>Reconstruction Finance Corporation 10/</th><th>Other 11/</th></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>891</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,655</td><td>3,678</td><td>2,313</td><td>-</td><td>51</td><td>-</td><td>-</td><td>354</td><td>259</td></tr><tr><td>1942</td><td>28,266</td><td>14,070</td><td>8,580</td><td>-</td><td>929</td><td>-</td><td>-</td><td>2,255</td><td>2,432</td></tr><tr><td>1943</td><td>75,297</td><td>42,265</td><td>20,888</td><td>-</td><td>2,776</td><td>-</td><td>-</td><td>3,189</td><td>6,180</td></tr><tr><td>1944</td><td>89,720</td><td>49,242</td><td>26,538</td><td>-</td><td>3,812</td><td>-</td><td>-</td><td>2,682</td><td>7,447</td></tr><tr><td>1945</td><td>90,501</td><td>50,337</td><td>30,047</td><td>-</td><td>3,227</td><td>114</td><td>-</td><td>472</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</td><td>27,800</td><td>15,161</td><td>-</td><td>694</td><td>664</td><td>106</td><td>328</td><td>4,117</td></tr><tr><td>1947</td><td>17,279</td><td>7,425</td><td>4,998</td><td>1,986</td><td>271</td><td>1,501</td><td>442</td><td>138</td><td>519</td></tr><tr><td>1948 (Estimated)</td><td>11,742</td><td>6,375</td><td>4,123</td><td>278</td><td>417</td><td>200</td><td>340</td><td>-</td><td>9</td></tr><tr><td>1949 (Estimated)</td><td>11,240</td><td>6,307</td><td>4,155</td><td>5</td><td>229</td><td>1</td><td>140</td><td>-</td><td>404</td></tr><tr><td>1947-July</td><td>981</td><td>455</td><td>368</td><td>40</td><td>-15</td><td>81</td><td>49</td><td>-</td><td>3</td></tr><tr><td>August</td><td>910</td><td>433</td><td>319</td><td>48</td><td>17</td><td>53</td><td>40</td><td>-</td><td>1</td></tr><tr><td>September</td><td>1,008</td><td>571</td><td>304</td><td>55</td><td>38</td><td>13</td><td>26</td><td>-</td><td>1</td></tr><tr><td>October</td><td>1,154</td><td>647</td><td>357</td><td>49</td><td>38</td><td>41</td><td>22</td><td>-</td><td>*</td></tr><tr><td>November</td><td>936</td><td>503</td><td>350</td><td>28</td><td>18</td><td>8</td><td>28</td><td>-</td><td>*</td></tr><tr><td>December</td><td>996</td><td>565</td><td>354</td><td>18</td><td>20</td><td>19</td><td>20</td><td>-</td><td>*</td></tr><tr><td>1948-January</td><td>1,069</td><td>679</td><td>330</td><td>14</td><td>23</td><td>3</td><td>19</td><td>-</td><td>1</td></tr><tr><td>February</td><td>850</td><td>438</td><td>337</td><td>7</td><td>36</td><td>5</td><td>27</td><td>-</td><td>*</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation.
Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Bretton Woods Agreements Act</th><th>Export-Import Bank</th><th>Credit to United Kingdom</th><th>Greek-Turkish assistance</th><th>Relief to war devastated countries</th><th>Government and relief in occupied countries</th><th>European Recovery Program</th><th>Interim aid (Act of 1947)</th><th>Other foreign aid</th></tr><tr><td>1946</td><td>727</td><td>159</td><td>568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>4,415</td><td>1,426</td><td>938</td><td>2,050</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1948 (Estimated)</td><td>4,916</td><td>-</td><td>736</td><td>1,700</td><td>275</td><td>272</td><td>99812/</td><td>500</td><td>375</td><td>60</td></tr><tr><td>1949 (Estimated)</td><td>6,534</td><td>-</td><td>500</td><td>-</td><td>119</td><td>60</td><td>1,250</td><td>4,000</td><td>165</td><td>440</td></tr><tr><td>1947-July</td><td>691</td><td>-</td><td>-9</td><td>700</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>619</td><td>-</td><td>14</td><td>600</td><td>5</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>68</td><td>-</td><td>25</td><td>-</td><td>10</td><td>32</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>141</td><td>-</td><td>89</td><td>-</td><td>12</td><td>38</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>150</td><td>-</td><td>64</td><td>-</td><td>2</td><td>45</td><td>39</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>218</td><td>-</td><td>36</td><td>100</td><td>-5</td><td>32</td><td>56</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1948-January</td><td>223</td><td>-</td><td>3</td><td>100</td><td>11</td><td>59</td><td>47</td><td>-</td><td>3</td><td>-</td></tr><tr><td>February</td><td>266</td><td>-</td><td>-5</td><td>100</td><td>16</td><td>21</td><td>55</td><td>-</td><td>78</td><td>-</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation.
Footnotes at end of Table 5.
Treasury Bulletin
4
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Aid to agriculture 13/</th><th>Social security program 14/</th><th>Public works 15/</th><th>Housing and home finance 16/</th><th>Direct and work relief 17/</th><th>Miscellaneous 18/</th></tr><tr><td>1940</td><td>5,959</td><td>1,811</td><td>510</td><td>995</td><td>-17</td><td>1,573</td><td>1,087</td></tr><tr><td>1941</td><td>5,349</td><td>1,272</td><td>586</td><td>741</td><td>3</td><td>1,374</td><td>1,374</td></tr><tr><td>1942</td><td>4,113</td><td>1,402</td><td>656</td><td>673</td><td>-201</td><td>970</td><td>612</td></tr><tr><td>1943</td><td>1,915</td><td>594</td><td>753</td><td>535</td><td>-354</td><td>299</td><td>88</td></tr><tr><td>1944</td><td>2,246</td><td>696</td><td>800</td><td>425</td><td>-360</td><td>17</td><td>668</td></tr><tr><td>1945</td><td>2,505</td><td>969</td><td>808</td><td>320</td><td>-297</td><td>-</td><td>705</td></tr><tr><td>1946</td><td>2,108</td><td>-203</td><td>845</td><td>373</td><td>-246</td><td>-</td><td>1,340</td></tr><tr><td>1947</td><td>5,545</td><td>1,229</td><td>1,066</td><td>702 r</td><td>183</td><td>-</td><td>2,365 r</td></tr><tr><td>1948 (Estimated)</td><td>7,325</td><td>695</td><td>1,622</td><td>1,384</td><td>-28</td><td>-</td><td>3,652</td></tr><tr><td>1949 (Estimated)</td><td>8,848</td><td>1,038</td><td>1,509</td><td>1,878</td><td>-21</td><td>-</td><td>4,444</td></tr><tr><td>1947-July</td><td>1,067</td><td>86</td><td>612</td><td>96</td><td>-4</td><td>-</td><td>277</td></tr><tr><td>August</td><td>814</td><td>160</td><td>80</td><td>97</td><td>-12</td><td>-</td><td>488</td></tr><tr><td>September</td><td>641</td><td>-27</td><td>52</td><td>109</td><td>-8</td><td>-</td><td>515</td></tr><tr><td>October</td><td>457</td><td>52</td><td>127</td><td>113</td><td>-9</td><td>-</td><td>174</td></tr><tr><td>November</td><td>415</td><td>104</td><td>86</td><td>94</td><td>-1</td><td>-</td><td>135</td></tr><tr><td>December</td><td>417</td><td>83</td><td>58</td><td>113</td><td>-2</td><td>-</td><td>165</td></tr><tr><td>1948-January</td><td>585</td><td>73</td><td>134</td><td>100</td><td>-9</td><td>-</td><td>287</td></tr><tr><td>February</td><td>433</td><td>69</td><td>77</td><td>65</td><td>32</td><td>-</td><td>190</td></tr></table>
Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law. Includes transfers to trust accounts and net expenditures of wholly owned Government corporations, under appropriate classifications. Expenditure classifications in these tables are based on the Daily Treasury Statement, and therefore differ somewhat from those in the 1949 Budget document. 2/ Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Sec. 201 (a) of the Social Security Act Amendments of 1939. See also Table 7, following. Figures were revised in the February 1948 issue of the "Treasury Bulletin" to reflect the present classification of certain expenditures reimbursed from the Federal Old-Age and Survivors Insurance Trust Fund. 3/ Includes public works undertaken by the Veterans Administration. 4/ For further detail, see tables under "Internal Revenue Collections". 5/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 are classified as "Other" income and profits taxes. 6/ Excludes railroad unemployment insurance contributions, which are included in "All other receipts". 1/ At present consists largely of proceeds from the sale of surplus property; also includes deposits resulting from renegotiation of war contracts (for detail see "Treasury Bulletin" for February 1948, page 5), and recoveries of U. S. investment in capital funds (see tables on "Cash Income and Outgo" in the current issue of the "Treasury Bulletin"). 8/ Department of the Army expenditures, including expenditures for the Department of the Air Force, which are being made from Army appropriations pending transfer of funds pursuant to the Act of July 26, 1947, but excluding expenditures for the following: payments under the Armed Forces Leave Act, UNFRA, and surplus property disposal, shown elsewhere in this table; international finance and aid, shown in Table 4; rivers and harbors and flood control, included under "Public Works" in Table 5; and Panama Canal, included under "Miscellaneous" in Table 5. 2/ Department of the Navy expenditures except those for payments under the Armed Forces Leave Act and for UNFRA, shown elsewhere in this
10/ Table, and those for international finance and aid, shown in Table 4, National defense and related activities of B.P.C. and its affiliates. After July 1, 1947, expenditures for these purposes were not segregated from the other expenditures of the Corporation and its affiliates, which are included under "Miscellaneous" expenditures in Table 5.
11/ For detail prior to July 1, 1947, see "Treasury Bulletin" for February 1948, page 7. Current figures consist solely of Office of Selective Service Records.
12/ Include expenditures from prior year appropriations which are not shown separately in the Daily Treasury Statement but are included under the Department of the Army.
13/ Department of Agriculture expenditures except those for UNRRA, surplus property disposal, other national defense and related activities prior to July 1947, foreign aid and relief, and forest roads and trails.
14/ For more detail of these expenditures, see Tables 7, 8, and 9 following. Tax refunds shown there are excluded from expenditures in this table and included in Table 1 preceding under "Refunds of taxes and duties".
15/ Federal Works Agency expenditures except those for surplus property disposal, other national defense and related activities prior to July 1947, and assistance to Greece and Turkey. Includes also forest roads and trails, rivers and harbors and flood control, Bureau of Reclamation, and Tennessee Valley Authority.
16/ Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related activities prior to July 1947.
17/ Not classified separately for fiscal years after 1945. For additional information for earlier years, see "Treasury Bulletin" for August 1945, page 6.
18/ Includes executive departments not included elsewhere and legislative and judicial functions; Government contributions to Federal employees' retirement; atomic energy; aids to education, labor, finance, commerce and industry; Civil Aeronautics; Panama Canal; Post Office deficiency; stock-piling; and, for 1948 and 1949 estimates, a reserve for contingencies.
* Less than $500,000.
r Revised.
April 1948
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(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>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>1,565</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>4,246</td><td>43,977</td></tr><tr><td>1948</td><td>4,275</td><td>4,336</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget expenditures 2/</td></tr><tr><td>1940 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>850</td><td>808</td><td>745</td><td>897</td><td>895</td><td>1,193</td><td>-</td></tr><tr><td>1941</td><td>1,139</td><td>1,206</td><td>1,491</td><td>1,587</td><td>1,360</td><td>1,597</td><td>1,637</td><td>1,675</td><td>1,996</td><td>2,336</td><td>1,896</td><td>2,691</td><td>20,610</td></tr><tr><td>1942</td><td>2,687</td><td>2,659</td><td>3,524</td><td>3,949</td><td>4,407</td><td>4,833</td><td>5,265</td><td>5,462</td><td>5,936</td><td>6,191</td><td>6,018</td><td>6,932</td><td>57,863</td></tr><tr><td>1943</td><td>6,734</td><td>6,364</td><td>7,750</td><td>7,306</td><td>7,482</td><td>8,262</td><td>7,505</td><td>7,838</td><td>7,674</td><td>7,626</td><td>7,954</td><td>7,751</td><td>90,244</td></tr><tr><td>1944</td><td>7,744</td><td>8,021</td><td>10,454</td><td>7,377</td><td>6,934</td><td>8,696</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>98,071</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td>3,598</td><td>4,001</td><td>3,851</td><td>5,540</td><td>3,669</td><td>3,060</td><td>2,932</td><td>2,445</td><td>2,194</td><td>3,224</td><td>41,543</td></tr><tr><td>1948</td><td>2,879</td><td>2,402</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget surplus, or deficit (-) 4/</td></tr><tr><td>1940 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-519</td><td>-361</td><td>-34</td><td>-564</td><td>-532</td><td>-452</td><td>-</td></tr><tr><td>1941</td><td>-799</td><td>-665</td><td>75</td><td>-1,022</td><td>-966</td><td>-321</td><td>-1,224</td><td>-1,278</td><td>-861</td><td>-1,891</td><td>-1,332</td><td>-1,479</td><td>-11,762</td></tr><tr><td>1942</td><td>-2,109</td><td>-1,901</td><td>23</td><td>-3,253</td><td>-3,844</td><td>-2,341</td><td>-4,518</td><td>-4,875</td><td>-3,410</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-41,461</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,854</td><td>-2,014</td><td>-55,691</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,984</td><td>-2,449</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-53,650</td></tr><tr><td>1945</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td><td>-43,594</td></tr><tr><td>1946</td><td>-1,042</td><td>243</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td><td>-2,512</td></tr><tr><td>1947</td><td>706</td><td>464</td><td>2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>2,434</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Grosse receipts less amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law; in-
3/ Monthly figures for the period January through June 1940 are not presently available.
4/ Net receipts less total expenditures.
6
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act - Budget Receipts and Expenditures
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-)/</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Social security taxes Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1940</td><td>-222.0</td><td>712.2</td><td>604.7</td><td>107.5</td><td>550.0</td><td>162.2</td></tr><tr><td>1941</td><td>-349.3</td><td>788.2</td><td>690.6</td><td>97.7</td><td>683.1</td><td>100.1</td></tr><tr><td>1942</td><td>-384.5</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>895.6</td><td>119.9</td></tr><tr><td>1943</td><td>-358.8</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,130.5</td><td>158.4</td></tr><tr><td>1944</td><td>-344.3</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,292.1</td><td>179.9</td></tr><tr><td>1945</td><td>-306.7</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,309.9</td><td>184.5</td></tr><tr><td>1946</td><td>-363.5</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,238.2</td><td>179.9</td></tr><tr><td>1947</td><td>-573.3</td><td>1,644.3</td><td>1,459.5</td><td>184.8</td><td>1,459.5</td><td>184.8</td></tr><tr><td>1947-July</td><td>-88.5</td><td>74.4</td><td>72.4</td><td>2.1</td><td>72.4</td><td>2.1</td></tr><tr><td>August</td><td>-70.1</td><td>338.7</td><td>329.3</td><td>9.4</td><td>329.3</td><td>9.4</td></tr><tr><td>September</td><td>-49.5</td><td>16.7</td><td>13.9</td><td>2.8</td><td>13.9</td><td>2.8</td></tr><tr><td>October</td><td>-70.0</td><td>66.2</td><td>65.6</td><td>.6</td><td>65.6</td><td>.6</td></tr><tr><td>November</td><td>-76.1</td><td>320.3</td><td>310.5</td><td>9.8</td><td>310.5</td><td>9.8</td></tr><tr><td>December</td><td>-56.0</td><td>15.6</td><td>14.1</td><td>1.5</td><td>14.1</td><td>1.5</td></tr><tr><td>1948-January</td><td>-62.7</td><td>48.4</td><td>35.5</td><td>12.9</td><td>35.5</td><td>12.9</td></tr><tr><td>February</td><td>61.4</td><td>416.1</td><td>277.7</td><td>138.4</td><td>277.7</td><td>138.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total</th><th colspan="8">Grants to States</th><th rowspan="2">U. S. Employment Service 5/</th><th rowspan="2">Refunds of taxes</th></tr><tr><th>Administrative expenses 3/</th><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 4/</th><th>Maternal and child health services</th><th>Children's Bureau 5/ Services for crippled children</th><th>Child welfare service</th></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></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></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></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></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></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</td><td>7.4</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>.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>-</td><td>6.2</td></tr><tr><td>1947</td><td>758.17</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></tr><tr><td>1947-July</td><td>90.6</td><td>2.5</td><td>87.5</td><td>59.1</td><td>16.7</td><td>1.7</td><td>9.6</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>.6</td></tr><tr><td>August</td><td>79.67</td><td>1.6</td><td>76.7</td><td>53.6</td><td>12.6</td><td>1.5</td><td>6.0</td><td>-</td><td>1.5</td><td>1.1</td><td>.4</td><td>-</td><td>.6</td></tr><tr><td>September</td><td>52.3</td><td>1.5</td><td>49.9</td><td>37.4</td><td>9.9</td><td>1.0</td><td>.4</td><td>-</td><td>.4</td><td>.2</td><td>.5</td><td>-</td><td>1.0</td></tr><tr><td>October</td><td>70.6</td><td>1.7</td><td>67.7</td><td>45.7</td><td>12.7</td><td>1.6</td><td>5.7</td><td>-</td><td>.8</td><td>.8</td><td>.4</td><td>-</td><td>1.2</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</td><td>-</td><td>.5</td></tr><tr><td>December</td><td>57.5</td><td>1.7</td><td>55.2</td><td>42.1</td><td>9.5</td><td>1.4</td><td>.3</td><td>-</td><td>1.0</td><td>.5</td><td>.5</td><td>-</td><td>.6</td></tr><tr><td>1948-January</td><td>75.6</td><td>1.5</td><td>73.6</td><td>51.2</td><td>13.1</td><td>1.5</td><td>5.9</td><td>-</td><td>1.0</td><td>.5</td><td>.2</td><td>-</td><td>.5</td></tr><tr><td>February</td><td>77.0</td><td>1.5</td><td>75.1</td><td>49.5</td><td>12.5</td><td>1.5</td><td>10.2</td><td>-</td><td>.8</td><td>.6</td><td>-</td><td>-</td><td>.5</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940, "transfere" 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.
3/ 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 (r) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative
4/ 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 1946.
5/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
6/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
7/ Total includes amounts transferred to the Federal Old-Age and Survivors Insurance Trust Fund as follows: Fiscal year 1947, $375,000; August 1947, $700,000.
Less than $50,000.
April 1948
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-) 1/</th><th colspan="1">Receipts</th><th colspan="4">Expenditures</th></tr><tr><th>Taxe on carriers and their employee</th><th>Total</th><th>Adminis- trative expenses 2/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1940</td><td>-2.3</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>&#8226;</td></tr><tr><td>1941</td><td>8.7</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td></tr><tr><td>1942</td><td>21.6</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>&#8226;</td></tr><tr><td>1943</td><td>-11.4</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>&#8226;</td></tr><tr><td>1944</td><td>1.8</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td></tr><tr><td>1945</td><td>-26.3</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td></tr><tr><td>1946</td><td>-12.8</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td></tr><tr><td>1947</td><td>77.3</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</td><td>&#8226;</td></tr><tr><td>1947-July</td><td>-506.2</td><td>6.0</td><td>512.2</td><td>.6</td><td>511.6</td><td>&#8226;</td></tr><tr><td>August</td><td>12.7</td><td>13.0</td><td>.3</td><td>.3</td><td>-</td><td>&#8226;</td></tr><tr><td>September</td><td>116.0</td><td>116.3</td><td>.3</td><td>.3</td><td>-</td><td>&#8226;</td></tr><tr><td>October</td><td>-52.8</td><td>4.2</td><td>57.0</td><td>.5</td><td>56.0</td><td>&#8226;</td></tr><tr><td>November</td><td>8.2</td><td>8.6</td><td>.3</td><td>.3</td><td>-</td><td>&#8226;</td></tr><tr><td>December</td><td>125.7</td><td>126.2</td><td>.5</td><td>.5</td><td>-</td><td>&#8226;</td></tr><tr><td>1948-January</td><td>-55.9</td><td>2.5</td><td>58.4</td><td>.4</td><td>58.0</td><td>&#8226;</td></tr><tr><td>February</td><td>6.1</td><td>6.5</td><td>.4</td><td>.4</td><td>-</td><td>&#8226;</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Includes only expenditures from appropriations made specifically
for administrative expenses relating to the Railroad Retirement Act. Less than $50,000.
Table 9.- Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of receipts, or expenditures (-) 2/</th><th>Receipts Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administrative Fund) 4/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 5/</th></tr><tr><td>1940</td><td>-.1</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td></tr><tr><td>1941</td><td>-4.1</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td></tr><tr><td>1942</td><td>2.1</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td></tr><tr><td>1943</td><td>2.1</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td></tr><tr><td>1944</td><td>-2.7</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td></tr><tr><td>1945</td><td>.6</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td></tr><tr><td>1946</td><td>-2</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td></tr><tr><td>1947</td><td>.5</td><td>14.2</td><td>13.7</td><td>4.5</td><td>9.2</td></tr><tr><td>1947-July</td><td>-10.1</td><td>*</td><td>10.1</td><td>.5</td><td>9.7</td></tr><tr><td>August</td><td>-.3</td><td>.2</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>September</td><td>2.5</td><td>2.9</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>November</td><td>-.3</td><td>.1</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>December</td><td>2.8</td><td>3.5</td><td>.7</td><td>.7</td><td>-</td></tr><tr><td>1948-January</td><td>-.3</td><td>*</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>February</td><td>-.1</td><td>.1</td><td>.3</td><td>.3</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by Congress.
3/ 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 Table 4 under "Trust Accounts, Etc.")
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
5/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). Less than $50,000.
8
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Receipts and Expenditures by Major Classifications
(In millions of dollars; negative figures are not expenditures)
<table><tr><th>Fiscal year or month</th><th>Total trust accounts etc., and</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>1940</td><td>443</td><td>3</td><td>592</td><td>589</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>744</td><td>734</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>967</td><td>958</td><td>11</td><td>46</td><td>36</td><td>-6</td><td>1,244</td><td>1,243</td><td>0</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>6</td><td>1,218</td><td>1,212</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>1,395</td><td>1,389</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>1,434</td><td>1,404</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>1,386</td><td>1,360</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>1,623</td><td>1,660</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>1948 (Estimated)</td><td>-669</td><td>-46</td><td>1,820</td><td>1,867</td><td>-</td><td>707</td><td>707</td><td>-4</td><td>1,404</td><td>1,408</td><td>-2</td><td>798</td><td>800</td></tr><tr><td>1949 (Estimated)</td><td>-159</td><td>26</td><td>2,097</td><td>2,071</td><td>-</td><td>647</td><td>647</td><td>-</td><td>1,437</td><td>1,437</td><td>1</td><td>630</td><td>629</td></tr><tr><td>1947-July</td><td>-129</td><td>71</td><td>72</td><td>1</td><td>-5</td><td>66</td><td>71</td><td>9</td><td>49</td><td>39</td><td>0</td><td>512</td><td>511</td></tr><tr><td>August</td><td>206</td><td>287</td><td>329</td><td>43</td><td>-11</td><td>54</td><td>65</td><td>3</td><td>245</td><td>242</td><td>0</td><td>0</td><td>1</td></tr><tr><td>September</td><td>-435</td><td>-320</td><td>23</td><td>343</td><td>-7</td><td>40</td><td>47</td><td>-12</td><td>43</td><td>54</td><td>1</td><td>0</td><td>0</td></tr><tr><td>October</td><td>283</td><td>19</td><td>66</td><td>46</td><td>-7</td><td>45</td><td>62</td><td>-3</td><td>41</td><td>44</td><td>0</td><td>57</td><td>57</td></tr><tr><td>November</td><td>138</td><td>132</td><td>310</td><td>178</td><td>6</td><td>43</td><td>37</td><td>9</td><td>213</td><td>205</td><td>1</td><td>0</td><td>0</td></tr><tr><td>December</td><td>-547</td><td>-154</td><td>27</td><td>180</td><td>-1</td><td>57</td><td>58</td><td>-2</td><td>53</td><td>55</td><td>1</td><td>0</td><td>0</td></tr><tr><td>1948-January</td><td>482</td><td>55</td><td>96</td><td>41</td><td>3</td><td>48</td><td>45</td><td>4</td><td>100</td><td>96</td><td>2</td><td>58</td><td>57</td></tr><tr><td>February</td><td>-295</td><td>70</td><td>278</td><td>208</td><td>1</td><td>39</td><td>38</td><td>-2</td><td>155</td><td>157</td><td>1</td><td>0</td><td>-1 1/2</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 2/</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, net 1/</th><th rowspan="2">Sales and redemptions of securities of Government corporations, etc., in the market, net 4/</th><th rowspan="2">Clearing account</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenses</th></tr><tr><td>1940</td><td>35</td><td>366</td><td>331</td><td>&#8226;</td><td>49</td><td>68</td><td>288</td><td>-</td></tr><tr><td>1941</td><td>20</td><td>406</td><td>386</td><td>&#8226;</td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>46</td><td>472</td><td>426</td><td>&#8226;</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>92</td><td>658</td><td>561</td><td>&#8226;</td><td>-</td><td>204</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>129</td><td>949</td><td>820</td><td>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1948 (Estimated)</td><td>-95</td><td>1,763</td><td>1,858</td><td>-</td><td>-</td><td>-427</td><td>105</td><td>-400</td></tr><tr><td>1949 (Estimated)</td><td>-29</td><td>1,359</td><td>1,388</td><td>-</td><td>-</td><td>-525</td><td>369</td><td>-</td></tr><tr><td>1947-July</td><td>4</td><td>87</td><td>83</td><td>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</td><td>-</td><td>56</td><td>-1</td><td>-127</td></tr><tr><td>December</td><td>-326</td><td>96</td><td>422</td><td>&#8226;</td><td>-</td><td>-8</td><td>23</td><td>-80</td></tr><tr><td>1948-January</td><td>203</td><td>264</td><td>61</td><td>&#8226;</td><td>-</td><td>-69</td><td>61</td><td>222</td></tr><tr><td>February</td><td>-243</td><td>110</td><td>355</td><td>&#8226;</td><td>-</td><td>-9</td><td>-10</td><td>-101</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation.
1/ Includes net transactions in investment account; see Table 3, following
2/ Includes Government retirement funds, etc. See also footnote 3.
3/ Comprises Public Works Administration revolving fund, special deposits (ast), 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". Not receipts in this column constitute net sales, and net expenditures constitute net redemptions of securities. Less than $500,000.
April 1948
9
TRUST ACCOUNTS, ETC.
Table 2.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>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>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>6.1</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>1,294.1</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-December</td><td>11,386.8</td><td>10,524.7</td><td>861.0</td><td>1.1</td><td>2,026.6</td><td>1,772.4</td><td>212.2</td><td>42.0</td><td>9,360.1</td><td>9,268.5</td><td>17.9</td><td>73.8</td></tr><tr><td>1948-January</td><td>11,483.0</td><td>10,560.2</td><td>921.8</td><td>1.1</td><td>2,068.1</td><td>1,810.2</td><td>213.3</td><td>44.6</td><td>9,415.0</td><td>9,268.5</td><td>68.2</td><td>78.3</td></tr><tr><td>February</td><td>11,760.7</td><td>10,837.8</td><td>921.8</td><td>1.1</td><td>2,119.2</td><td>1,857.6</td><td>214.4</td><td>47.2</td><td>9,641.5</td><td>9,425.1</td><td>52.9</td><td>163.4</td></tr></table>
Source: Daily Treasury Statement.
1/ 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 3.- 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="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th colspan="3"></th><th colspan="3"></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.3</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947</td><td>2,102.6</td><td>2,016.1</td><td>86.5</td><td>1,277.7</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</td></tr><tr><td>1947-December</td><td>2,788.5</td><td>2,701.1</td><td>87.4</td><td>1,385.9</td><td>1,402.6</td><td>1,265.0</td><td>117.4</td><td>20.2</td></tr><tr><td>1948-January</td><td>2,788.8</td><td>2,701.1</td><td>87.7</td><td>1,404.7</td><td>1,384.1</td><td>1,303.0</td><td>59.4</td><td>21.7</td></tr><tr><td>February</td><td>2,789.2</td><td>2,701.1</td><td>88.1</td><td>1,423.5</td><td>1,365.7</td><td>1,283.5</td><td>59.5</td><td>22.7</td></tr></table>
Source: Daily Treasury Statement.
Table 4.- 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="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from Railroad Unemployment Insurance Administration Fund</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account</th><th>Railroad Unemployment Account</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposited by States</th><th>State</th><th>3/</th><th></th><th></th><th>With-drawals by States</th><th>3/</th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</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>105.6</td><td>105.9</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>181.9</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>502.5</td><td>106.3</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>618.7</td><td>106.7</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>746.3</td><td>107.2</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>766.3</td><td>107.2</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>113.5</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1947-December</td><td>12,902.1</td><td>11,117.1</td><td>809.9</td><td>107.2</td><td>66.5</td><td>4,778.0</td><td>4,530.8</td><td>107.2</td><td>140.0</td><td>8,124.2</td><td>8,102.5</td><td>15.0</td><td>6.7</td></tr><tr><td>1948-January</td><td>13,001.6</td><td>11,144.7</td><td>810.0</td><td>107.2</td><td>66.5</td><td>4,843.5</td><td>4,590.4</td><td>107.2</td><td>145.9</td><td>8,158.1</td><td>8,132.5</td><td>17.8</td><td>7.8</td></tr><tr><td>February</td><td>13,156.7</td><td>11,298.8</td><td>811.0</td><td>107.2</td><td>65.5</td><td>4,907.8</td><td>4,649.3</td><td>107.2</td><td>151.3</td><td>8,248.9</td><td>8,225.5</td><td>16.0</td><td>7.4</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 Table 9 under "Budget Receipts and Expenditures".)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
10
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
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. Actual figures in these tables are based on the Daily Treasury Statement. Estimates are based on the 1949 Budget document, including effect of proposed legislation.
Table 1.- Summary of Cash Transactions (In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income, or outgo (-)</th><th colspan="2">Net cash borrowing, or repayment of borrowing (-)</th><th colspan="2">Increase, or decrease (-), in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust account expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>General Fund balance</th><th>Exchange Stabilization Fund 1/</th></tr><tr><td>1941</td><td>7,260</td><td>2,111</td><td>9,371</td><td>12,848</td><td>1,212</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>12,749</td><td>2,542</td><td>15,291</td><td>33,517</td><td>1,068</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>22,206</td><td>3,037</td><td>25,243</td><td>78,494</td><td>485</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>44,048</td><td>3,935</td><td>47,984</td><td>93,968</td><td>111</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>46,321</td><td>4,721</td><td>51,041</td><td>96,754</td><td>-768</td><td>-</td><td>-</td><td>95,986</td><td>-41,045</td><td>49,474</td><td>4,529</td><td>-</td></tr><tr><td>1946</td><td>42,848</td><td>4,937</td><td>47,784</td><td>61,367</td><td>4,316</td><td>-</td><td>-</td><td>65,683</td><td>-17,899</td><td>7,439</td><td>-10,460</td><td>-</td></tr><tr><td>1947</td><td>42,930</td><td>3,707</td><td>46,637</td><td>36,237</td><td>3,270</td><td>1,026</td><td>-555</td><td>39,978</td><td>6,659</td><td>-19,389</td><td>-10,930</td><td>-1,800</td></tr><tr><td>1948 (Estimated)</td><td>44,539</td><td>3,712</td><td>48,251</td><td>36,251</td><td>3,094</td><td>774</td><td>400</td><td>40,519</td><td>7,732</td><td>-8,505</td><td>-772</td><td>-</td></tr><tr><td>1949 (Estimated)</td><td>44,322</td><td>4,008</td><td>48,330</td><td>37,725</td><td>3,539</td><td>-</td><td>-</td><td>41,264</td><td>7,066</td><td>-7,117</td><td>-51</td><td>-</td></tr><tr><td>1947-July</td><td>2,349</td><td>215</td><td>2,564</td><td>2,954</td><td>261</td><td>30</td><td>146</td><td>3,390</td><td>-827</td><td>587</td><td>-239</td><td>-</td></tr><tr><td>August</td><td>2,515</td><td>678</td><td>3,193</td><td>2,753</td><td>205</td><td>21</td><td>173</td><td>3,152</td><td>41</td><td>291</td><td>332</td><td>-</td></tr><tr><td>September</td><td>4,507</td><td>204</td><td>4,711</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>2,380</td><td>251</td><td>2,630</td><td>2,429</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>2,703</td><td>646</td><td>3,348</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><tr><td>December</td><td>4,219</td><td>-189</td><td>4,030</td><td>3,196</td><td>218</td><td>27</td><td>80</td><td>3,520</td><td>510</td><td>-1,348</td><td>-838</td><td>-</td></tr><tr><td>1948-January</td><td>4,195</td><td>348</td><td>4,542</td><td>2,578</td><td>189</td><td>12</td><td>-222</td><td>2,556</td><td>1,986</td><td>-435</td><td>1,551</td><td>-</td></tr><tr><td>February</td><td>4,316</td><td>402</td><td>4,718</td><td>2,428</td><td>338</td><td>28</td><td>101</td><td>2,895</td><td>1,824</td><td>-2,153</td><td>-330</td><td>-</td></tr></table>
The U. S. subscription to the capital of the International Monetary Fund was paid in part from the Exchange Stabilization Fund.
explanation of the transaction, see "Treasury Bulletin" for September 1947, page 17.
Table 2.- Comparison of Total Net Budget Receipts with Cash Budget Receipts
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget receipts (net)</th><th colspan="5">Lease: Noncash budget receipts</th><th rowspan="2">Equals: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Payments to Treasury by Government corporations</th><th>Reimbursement for administrative expenses - Federal Old-Age and Survivors Insurance Trust Fund</th></tr><tr><th></th><th></th><th></th><th>Interest</th><th>All other</th><th>Capital stock and paid-in surplus</th><th>Earnings</th><th></th></tr><tr><th>R. F. C.</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>7,607</td><td>347</td><td>*</td><td>*</td><td>319</td><td>-</td><td>27</td><td>7,250</td></tr><tr><td>1942</td><td>12,799</td><td>50</td><td>1</td><td>5</td><td>18</td><td>-</td><td>27</td><td>12,749</td></tr><tr><td>1943</td><td>22,282</td><td>74</td><td>24</td><td>13</td><td>10</td><td>-</td><td>27</td><td>22,205</td></tr><tr><td>1944</td><td>44,149</td><td>101</td><td>54</td><td>13</td><td>-</td><td>-</td><td>33</td><td>44,048</td></tr><tr><td>1945</td><td>46,457</td><td>136</td><td>83</td><td>26</td><td>-</td><td>-</td><td>27</td><td>46,321</td></tr><tr><td>1946</td><td>43,038</td><td>190</td><td>90</td><td>27</td><td>18</td><td>17</td><td>37</td><td>42,848</td></tr><tr><td>1947</td><td>43,259</td><td>329</td><td>91</td><td>13</td><td>136</td><td>72</td><td>16</td><td>42,930</td></tr><tr><td>1948 (Estimated)</td><td>45,210</td><td>672</td><td>97</td><td>30</td><td>294</td><td>239</td><td>12</td><td>44,539</td></tr><tr><td>1949 (Estimated)</td><td>44,477</td><td>155</td><td>2</td><td>33</td><td>38</td><td>70</td><td>12</td><td>44,322</td></tr><tr><td>1947-July</td><td>2,397</td><td>48</td><td>43</td><td>4</td><td>-</td><td>-</td><td>1</td><td>2,349</td></tr><tr><td>August</td><td>2,536</td><td>22</td><td>-</td><td>*</td><td>-</td><td>20</td><td>1</td><td>2,515</td></tr><tr><td>September</td><td>4,872</td><td>364</td><td>-</td><td>*</td><td>147</td><td>216</td><td>1</td><td>4,507</td></tr><tr><td>October</td><td>2,390</td><td>11</td><td>*</td><td>*</td><td>-</td><td>9</td><td>1</td><td>2,390</td></tr><tr><td>November</td><td>2,743</td><td>40</td><td>*</td><td>*</td><td>30</td><td>9</td><td>1</td><td>2,703</td></tr><tr><td>December</td><td>4,246</td><td>27</td><td>*</td><td>9</td><td>10</td><td>7</td><td>1</td><td>4,219</td></tr><tr><td>1948-January</td><td>4,275</td><td>80</td><td>46</td><td>6</td><td>13</td><td>15</td><td>1</td><td>4,195</td></tr><tr><td>February</td><td>4,336</td><td>20</td><td>*</td><td>*</td><td>10</td><td>9</td><td>1</td><td>4,316</td></tr></table>
Less than $500,000
April 1948
11
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">Transfers to trust accounts</th><th rowspan="2">Payroll deduction for Government employees' retirement</th><th colspan="4">Budget expenditures involving issuances of Federal securities 1/</th><th colspan="4">Government corporation payments to Treasury</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 1/</th><th>To Government corporations (partially owned) 2/</th><th>To trust accounts</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund 3/</th><th>Excess profits tax refund bonds</th><th>Inter-set</th><th>Earnings</th><th>Repayment of capital stock and paid-in surplus</th><th>Investments in Federal securities</th></tr><tr><td>1941</td><td>13,765</td><td>919</td><td>58</td><td>-</td><td>167</td><td>333</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>1</td><td>-</td><td>319</td><td>5</td><td>12,848</td></tr><tr><td>1942</td><td>34,289</td><td>772</td><td>81</td><td>-</td><td>207</td><td>384</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>6</td><td>-</td><td>18</td><td>-</td><td>33,517</td></tr><tr><td>1943</td><td>79,702</td><td>1,208</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>-</td><td>10</td><td>115</td><td>78,404</td></tr><tr><td>1944</td><td>95,572</td><td>1,604</td><td>213</td><td>3</td><td>325</td><td>559</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>67</td><td>-</td><td>-</td><td>39</td><td>93,668</td></tr><tr><td>1945</td><td>100,397</td><td>3,644</td><td>342</td><td>4</td><td>429</td><td>1,659</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>108</td><td>-</td><td>-</td><td>25</td><td>96,754</td></tr><tr><td>1946</td><td>63,714</td><td>2,347</td><td>435</td><td>22</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>18</td><td>61,367</td></tr><tr><td>1947</td><td>42,505</td><td>6,269</td><td>467</td><td>25</td><td>646</td><td>1,361</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>-39</td><td>105</td><td>72</td><td>136</td><td>31</td><td>36,237</td></tr><tr><td>1948 (Estimated)</td><td>37,728</td><td>1,477</td><td>505</td><td>24</td><td>756</td><td>1,175</td><td>222</td><td>-1,165</td><td>-4</td><td>-442</td><td>-12</td><td>127</td><td>239</td><td>38</td><td>15</td><td>36,251</td></tr><tr><td>1949 (Estimated)</td><td>39,669</td><td>1,945</td><td>540</td><td>26</td><td>841</td><td>907</td><td>202</td><td>-195</td><td>-1</td><td>-500</td><td>-6</td><td>35</td><td>70</td><td>5</td><td>19</td><td>37,725</td></tr><tr><td>1947-July</td><td>3,669</td><td>716</td><td>66</td><td>*</td><td>*</td><td>549</td><td>16</td><td>36</td><td>*</td><td>-</td><td>-1</td><td>47</td><td>-</td><td>-</td><td>2</td><td>2,954</td></tr><tr><td>August</td><td>3,060</td><td>308</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>2,753</td></tr><tr><td>September</td><td>2,932</td><td>-532</td><td>51</td><td>1</td><td>13</td><td>10</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>2,429</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><tr><td>December</td><td>3,224</td><td>28</td><td>61</td><td>8</td><td>18</td><td>23</td><td>20</td><td>-72</td><td>*</td><td>-50</td><td>-1</td><td>9</td><td>7</td><td>-</td><td>4</td><td>3,196</td></tr><tr><td>1948-January</td><td>2,879</td><td>301</td><td>62</td><td>-</td><td>133</td><td>66</td><td>20</td><td>-47</td><td>*</td><td>-</td><td>-1</td><td>51</td><td>15</td><td>-</td><td>3</td><td>2,578</td></tr><tr><td>February</td><td>2,402</td><td>-26</td><td>36</td><td>*</td><td>*</td><td>11</td><td>19</td><td>-34</td><td>*</td><td>-50</td><td>-1</td><td>*</td><td>9</td><td>-</td><td>-16</td><td>2,428</td></tr></table>
1/ Accrued discount on savings bonds and bills lose interest paid on savings bonds and bills redeemed.
2/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payment and receipt offset each other in the expenditure series.
3/ Budget expenditures involving the issuance of Federal 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 insurances, or net redemptions (-). See footnote 1 to Table 1, preceding. Less than $500,000.
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 Federal securities</th><th>Transfers shown as budget expenditures 1/</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 2/</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By partially owned Government corporations</th><th>Other 3/</th><th>Equals: Cash expenditures</th></tr><tr><td>1941</td><td>2,665</td><td>554</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-</td><td>2,111</td><td>1,757</td><td>545</td><td>1,338</td><td>34</td><td>-827</td><td>1,212</td></tr><tr><td>1942</td><td>3,218</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-</td><td>2,542</td><td>4,831</td><td>3,763</td><td>1,925</td><td>5</td><td>1,832</td><td>1,068</td></tr><tr><td>1943</td><td>3,953</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-</td><td>3,037</td><td>4,291</td><td>3,806</td><td>3,004</td><td>88</td><td>714</td><td>485</td></tr><tr><td>1944</td><td>5,086</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,936</td><td>7,308</td><td>7,197</td><td>4,128</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,086</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-</td><td>4,721</td><td>6,294</td><td>7,062</td><td>5,200</td><td>299</td><td>1,563</td><td>-768</td></tr><tr><td>1946</td><td>7,712</td><td>2,775</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-</td><td>4,937</td><td>8,236</td><td>3,919</td><td>3,668</td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,538</td><td>646</td><td>1,361</td><td>259</td><td>53</td><td>218</td><td>3,707</td><td>7,347</td><td>4,076</td><td>3,362</td><td>147</td><td>568</td><td>3,270</td></tr><tr><td>1948 (Estimated)</td><td>6,493</td><td>2,780</td><td>756</td><td>1,175</td><td>222</td><td>7</td><td>620</td><td>3,712</td><td>6,961</td><td>3,868</td><td>3,243</td><td>-134</td><td>759</td><td>3,094</td></tr><tr><td>1949 (Estimated)</td><td>6,169</td><td>2,160</td><td>841</td><td>907</td><td>202</td><td>-</td><td>210</td><td>4,008</td><td>6,328</td><td>2,789</td><td>3,024</td><td>-95</td><td>-140</td><td>3,539</td></tr><tr><td>1947-July</td><td>786</td><td>571</td><td>-</td><td>549</td><td>16</td><td>5</td><td>-</td><td>215</td><td>769</td><td>508</td><td>443</td><td>52</td><td>13</td><td>261</td></tr><tr><td>August</td><td>974</td><td>296</td><td>-</td><td>273</td><td>20</td><td>2</td><td>-</td><td>678</td><td>595</td><td>389</td><td>431</td><td>45</td><td>3</td><td>205</td></tr><tr><td>September</td><td>246</td><td>42</td><td>13</td><td>10</td><td>19</td><td>4/</td><td>-</td><td>204</td><td>560</td><td>281</td><td>296</td><td>-89</td><td>73</td><td>279</td></tr><tr><td>October</td><td>331</td><td>81</td><td>1</td><td>60</td><td>20</td><td>4/</td><td>-</td><td>251</td><td>262</td><td>14</td><td>37</td><td>-21</td><td>-3</td><td>248</td></tr><tr><td>November</td><td>684</td><td>39</td><td>-</td><td>20</td><td>19</td><td>4/</td><td>-</td><td>646</td><td>420</td><td>324</td><td>292</td><td>-</td><td>32</td><td>96</td></tr><tr><td>December</td><td>233</td><td>421</td><td>18</td><td>23</td><td>20</td><td>4/</td><td>360</td><td>-189</td><td>700</td><td>483</td><td>143</td><td>-</td><td>340</td><td>218</td></tr><tr><td>1948-January</td><td>567</td><td>219</td><td>133</td><td>66</td><td>20</td><td>4/</td><td>-</td><td>348</td><td>307</td><td>119</td><td>89</td><td>76</td><td>-36</td><td>189</td></tr><tr><td>February</td><td>582</td><td>180</td><td>-</td><td>11</td><td>19</td><td>4/</td><td>150</td><td>402</td><td>776</td><td>438</td><td>258</td><td>9</td><td>171</td><td>338</td></tr></table>
For years prior to 1946, certain reimbursements from the General Fund to the Government Life Insurance Fund, which are included in Table 3 as "Transfers to trust accounts", are reflected in Table 4 as negative noncash trust account expenditures rather than as receipts. Accordingly, the figures in this column for those years will not agree with transfers to trust accounts shown in Table 3.
2/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks. 3/ Principally not redemption, or issuance (-), of securities of Government corporations in the market. 4/ Information not available after August 1947. Less than $500,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 5.- Comparison of Changes in Federal Securities Outstanding with Cash Borrowing or Repayment of Borrowing
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Increase, or decrease (-), in Federal securities outstanding</th><th colspan="8">Less: Boocash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equals: Cash borrowing, or repayment of borrowing (-) h/</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>Net investments in Federal securities</th><th>By trust or government corporations</th><th>Armed forces leave bonds</th><th>Issuance of Federal securities resulting from budget expenditures 1/</th><th>Adjusted service bonds</th><th>Notes for International Bank and Fund 2/</th><th>Excess profits tax refund bonds</th><th>Interest on savings bonds and Treasury bills 3/</th><th>Net transactions in guaranteed securities 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>-</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>-</td><td>81</td><td>7</td><td>*</td><td>19,652</td></tr><tr><td>1943</td><td>64,274</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>84,307</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>-</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>-</td><td>894</td><td>342</td><td>86</td><td>-277</td><td>49,474</td></tr><tr><td>1946</td><td>10,740</td><td>43</td><td>10,783</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,523</td><td>7,892</td><td>3,362</td><td>178</td><td>1,793</td><td>-8</td><td>3,140</td><td>-39</td><td>467</td><td>-</td><td>-</td><td>28</td><td>-19,389</td></tr><tr><td>1948 (Estimated)</td><td>-7,386</td><td>-21</td><td>-7,408</td><td>1,224</td><td>3,243</td><td>-120</td><td>-1,172</td><td>-4</td><td>-1,216</td><td>-12</td><td>505</td><td>-</td><td>-</td><td>127</td><td>-8,505</td></tr><tr><td>1949 (Estimated)</td><td>-4,700</td><td>-6</td><td>-4,706</td><td>2,785</td><td>3,023</td><td>-76</td><td>-195</td><td>-1</td><td>-500</td><td>-6</td><td>540</td><td>-</td><td>-</td><td>375</td><td>-7,117</td></tr><tr><td>1947-July</td><td>1,161</td><td>-10</td><td>1,152</td><td>562</td><td>443</td><td>53</td><td>31</td><td>*</td><td>-30</td><td>-1</td><td>66</td><td>-</td><td>-</td><td>-2</td><td>587</td></tr><tr><td>August</td><td>649</td><td>-1</td><td>648</td><td>356</td><td>431</td><td>-39</td><td>41</td><td>*</td><td>-121</td><td>-2</td><td>46</td><td>-</td><td>-</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>-340</td><td>*</td><td>-94</td><td>-2</td><td>51</td><td>-</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>-</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>-</td><td>-7</td><td>-987</td></tr><tr><td>December</td><td>-1,312</td><td>-8</td><td>-1,320</td><td>59</td><td>143</td><td>4</td><td>-72</td><td>*</td><td>-77</td><td>-1</td><td>61</td><td>-</td><td>-</td><td>31</td><td>-1,348</td></tr><tr><td>1948-January</td><td>-326</td><td>-4</td><td>-331</td><td>170</td><td>89</td><td>78</td><td>-47</td><td>*</td><td>-12</td><td>-1</td><td>62</td><td>-</td><td>-</td><td>66</td><td>-435</td></tr><tr><td>February</td><td>-1,969</td><td>+2</td><td>-1,967</td><td>174</td><td>258</td><td>-8</td><td>-34</td><td>*</td><td>-78</td><td>-1</td><td>36</td><td>-</td><td>-</td><td>-12</td><td>-2,153</td></tr></table>
1/ Issuances of Federal Securities resulting from budget expenditures are treated as noncash at the time of issuance and as cash budget expenditures at the time of redemption. The figures shown are net issuances, or net redemptions (-).
2/ See footnote 1 to Table 1, preceding.
1/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
4/ Includes borrowing through Postal Savings System.
Less than $500,000.
Table 6.- Summary of Cash Operating Income and Outgo by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Annual total Calendar year</th><th>Annual total Fiscal year 2/</th></tr><tr><td>Cash operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>878</td><td>1,036</td><td>2,602</td><td>752</td><td>1,114</td><td>2,786</td><td></td><td>9,371</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>15,291</td></tr><tr><td>1943</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,335</td><td>3,663</td><td>6,360</td><td>2,368</td><td>3,289</td><td>6,074</td><td>2,281</td><td>2,941</td><td>5,580</td><td>48,604</td><td>25,245</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>47,964</td></tr><tr><td>1945</td><td>3,969</td><td>4,255</td><td>5,929</td><td>2,912</td><td>3,470</td><td>4,707</td><td>2,697</td><td>2,996</td><td>4,682</td><td>2,793</td><td>2,869</td><td>4,206</td><td>45,485</td><td>47,764</td></tr><tr><td>1946</td><td>3,889</td><td>5,127</td><td>5,946</td><td>2,819</td><td>3,315</td><td>5,295</td><td>2,564</td><td>3,193</td><td>4,711</td><td>2,630</td><td>3,348</td><td>4,030</td><td>46,867</td><td>46,637</td></tr><tr><td>1947</td><td>4,542</td><td>4,718</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>14,060</td></tr><tr><td>1942</td><td>6,503</td><td>6,402</td><td>7,624</td><td>7,438</td><td>7,397</td><td>7,990</td><td>7,023</td><td>7,747</td><td>7,700</td><td>7,632</td><td>7,773</td><td>7,830</td><td>89,059</td><td>34,585</td></tr><tr><td>1943</td><td>7,544</td><td>8,017</td><td>8,568</td><td>7,693</td><td>8,048</td><td>8,506</td><td>7,290</td><td>8,197</td><td>7,745</td><td>7,955</td><td>7,437</td><td>8,220</td><td>95,220</td><td>78,979</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>4,186</td><td>4,358</td><td>5,086</td><td>3,110</td><td>2,953</td><td>3,041</td><td>2,954</td><td>2,325</td><td>3,628</td><td>45,249</td><td>65,683</td></tr><tr><td>1946</td><td>2,783</td><td>3,667</td><td>3,322</td><td>3,654</td><td>3,350</td><td>5,193</td><td>3,390</td><td>3,152</td><td>3,959</td><td>2,612</td><td>2,533</td><td>3,520</td><td>41,136</td><td>39,978</td></tr><tr><td>1947</td><td>2,556</td><td>2,895</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income, or outgo (-)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,174</td><td>-4,476</td><td>-3,368</td><td>-5,433</td><td>-4,814</td><td>-4,189</td><td></td><td>-14,689</td></tr><tr><td>1942</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,358</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,058</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>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,640</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1944</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,601</td><td>-4,586</td><td>-2,813</td><td>-4,986</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-44,945</td></tr><tr><td>1945</td><td>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-888</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1946</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>753</td><td>18</td><td>816</td><td>510</td><td>5,733</td><td>6,659</td></tr><tr><td>1947</td><td>1,986</td><td>1,824</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Data not filled in are in process of preparation.
2/ Fiscal year ending June 30 of year indicated.
April 1948
13
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Assets</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of sales of Government securities</th><th>Other deposits and collections</th><th></th><th></th></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,933</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-July</td><td>3,460</td><td>1,265</td><td>884</td><td>958</td><td>353</td><td>391</td><td>3,069</td></tr><tr><td>August</td><td>3,705</td><td>1,261</td><td>822</td><td>1,362</td><td>259</td><td>304</td><td>3,400</td></tr><tr><td>September</td><td>4,331</td><td>1,249</td><td>1,197</td><td>1,618</td><td>267</td><td>378</td><td>3,952</td></tr><tr><td>October</td><td>4,498</td><td>1,268</td><td>1,525</td><td>1,437</td><td>268</td><td>391</td><td>4,107</td></tr><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><tr><td>December</td><td>3,454</td><td>1,271</td><td>968</td><td>968</td><td>247</td><td>357</td><td>3,097</td></tr><tr><td>1948-January</td><td>5,042</td><td>1,258</td><td>2,522</td><td>959</td><td>303</td><td>394</td><td>4,648</td></tr><tr><td>February</td><td>4,664</td><td>1,261</td><td>1,709</td><td>1,434</td><td>259</td><td>346</td><td>4,318</td></tr></table>
Source: Daily Treasury Statement.
Table 2.- Analysis of Change in Balance in the General Fund
(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</th><th>Salgniorage on silver</th><th>Special deposit accounts and miscellaneous funds 3/</th><th>Sales and re-demptions of obligations of Government corporations, etc., in the market 4/</th><th>Clearing account 5/</th></tr><tr><td>1940</td><td>-947</td><td>-3,918</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>-6,159</td><td>5,994</td><td>908</td><td>37</td><td></td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,490</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>-51,423</td><td>54,307</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-July</td><td>-239</td><td>-1,272</td><td>1,161</td><td>-129</td><td>80</td><td></td><td>-</td><td>-51</td><td>-12</td><td>-146</td></tr><tr><td>August</td><td>332</td><td>-524</td><td>649</td><td>206</td><td>339</td><td></td><td>-</td><td>43</td><td>-3</td><td>-173</td></tr><tr><td>September</td><td>552</td><td>1,940</td><td>-953</td><td>-435</td><td>-248</td><td></td><td>-</td><td>-140</td><td>74</td><td>-121</td></tr><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><tr><td>December</td><td>-838</td><td>1,022</td><td>-1,312</td><td>-547</td><td>-482</td><td></td><td>-</td><td>-8</td><td>23</td><td>-80</td></tr><tr><td>1948-January</td><td>1,551</td><td>1,396</td><td>-326</td><td>482</td><td>267</td><td></td><td>-</td><td>-69</td><td>61</td><td>222</td></tr><tr><td>February</td><td>-330</td><td>1,934</td><td>-1,969</td><td>-295</td><td>-176</td><td></td><td>-</td><td>-9</td><td>-10</td><td>-101</td></tr></table>
Source: Daily Treasury Statement.
Vote: 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 3.)
3/ Comprises Public Works Administration revolving fund, special de-
poite (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts". 4/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 5/ For outstanding checks and telegraphic reports from Federal Reserve Banks. * Less than $500,000.
14
Treasury Bulletin
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities Outstanding
(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 debt</th><th colspan="6">Matured debt and debt bearing no interest</th></tr><tr><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>Inter-national Bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed securities 1/ (matured)</th></tr><tr><td>1940....</td><td>48,497</td><td>42,968</td><td>5,529</td><td>47,874</td><td>42,376</td><td>5,498</td><td>623</td><td>591</td><td>205</td><td>-</td><td>-</td><td>386</td><td>32</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>140,736</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>202,026</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>269,698</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>1948 (Estimated)</td><td>250,968</td><td>250,900</td><td>68</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>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1949 (Estimated)</td><td>246,262</td><td>246,200</td><td>62</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>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</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-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 1/</td><td>6</td></tr><tr><td>Oct....</td><td>259,155</td><td>259,071</td><td>83</td><td>256,348</td><td>256,270</td><td>78</td><td>2,807</td><td>2,801</td><td>285</td><td>316</td><td>1,431</td><td>770</td><td>6</td></tr><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><tr><td>Dec....</td><td>256,981</td><td>256,900</td><td>81</td><td>254,281</td><td>254,205</td><td>76</td><td>2,700</td><td>2,695</td><td>401</td><td>216</td><td>1,318</td><td>759</td><td>5</td></tr><tr><td>1948-Jan....</td><td>256,651</td><td>256,574</td><td>77</td><td>254,030</td><td>253,958</td><td>72</td><td>2,621</td><td>2,615</td><td>341</td><td>216</td><td>1,306</td><td>753</td><td>5</td></tr><tr><td>Feb....</td><td>254,683</td><td>254,605</td><td>79</td><td>252,174</td><td>252,100</td><td>74</td><td>2,510</td><td>2,505</td><td>315</td><td>166</td><td>1,278</td><td>746</td><td>5</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation.
Footnotes at end of Table 4
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
Public Inspec
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="8">Marketable</th><th colspan="4">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury investment series</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other</th></tr><tr><td>1940</td><td>42,376</td><td>37,602</td><td>34,436</td><td>1,302</td><td>-</td><td>6,383</td><td>26,555</td><td>-</td><td>196</td><td>3,166</td><td>2,905</td><td>-</td><td>-</td><td>261</td><td>4,775</td></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,713</td><td>1,603</td><td>-</td><td>5,698</td><td>30,215</td><td>-</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>-</td><td>3,015</td><td>-</td><td>307</td><td>7,835</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>9,168</td><td>48,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,256</td><td>-</td><td>7,495</td><td>-</td><td>448</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>-</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>-</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>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>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>-</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>Debt peak, Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>-</td><td>8,043</td><td>-</td><td>471</td><td>20,497</td></tr><tr><td>1947-July</td><td>256,321</td><td>227,805</td><td>168,509</td><td>15,756</td><td>25,122</td><td>8,142</td><td>69,686</td><td>49,636</td><td>165</td><td>59,296</td><td>51,552</td><td>-</td><td>5,592</td><td>1,824</td><td>329</td><td>28,516</td></tr><tr><td>Aug.</td><td>257,110</td><td>227,890</td><td>168,390</td><td>15,735</td><td>25,025</td><td>8,142</td><td>69,686</td><td>49,636</td><td>165</td><td>59,499</td><td>51,664</td><td>-</td><td>5,642</td><td>1,665</td><td>328</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>326</td><td>29,520</td></tr><tr><td>Oct.</td><td>256,270</td><td>226,822</td><td>167,109</td><td>15,732</td><td>24,808</td><td>7,840</td><td>68,927</td><td>49,636</td><td>165</td><td>59,714</td><td>51,897</td><td>970</td><td>5,618</td><td>909</td><td>321</td><td>29,447</td></tr><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>320</td><td>29,517</td></tr><tr><td>Dec.</td><td>254,205</td><td>225,250</td><td>165,758</td><td>15,136</td><td>21,220</td><td>11,375</td><td>68,226</td><td>49,636</td><td>165</td><td>59,492</td><td>52,053</td><td>970</td><td>5,384</td><td>767</td><td>319</td><td>28,955</td></tr><tr><td>1948-Jan.</td><td>253,958</td><td>224,810</td><td>164,917</td><td>14,838</td><td>20,677</td><td>11,375</td><td>68,226</td><td>49,636</td><td>164</td><td>59,893</td><td>52,479</td><td>970</td><td>5,403</td><td>720</td><td>321</td><td>29,146</td></tr><tr><td>Feb.</td><td>252,100</td><td>222,854</td><td>162,759</td><td>14,438</td><td>18,920</td><td>11,375</td><td>68,226</td><td>49,636</td><td>164</td><td>60,095</td><td>52,793</td><td>970</td><td>5,327</td><td>686</td><td>319</td><td>29,286</td></tr></table>
Source: Daily Treasury Statement
Footnotes at end of Table 4.
April 1948
15
DEBT OUTSTANDING
Table 3.- Interest-Bearing Securities Guaranteed by the United States Government
(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>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 1/</th><th>Reconstruction Finance Corporation 2/</th></tr><tr><td>1940</td><td>5,498</td><td>5,498</td><td>407</td><td>1,269</td><td>8</td><td>2,603</td><td>114</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>2,409</td><td>226</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>1,563</td><td>114</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>1,533</td><td>114</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>755</td><td>-</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-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><tr><td>December</td><td>76</td><td>33</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td><td>-</td><td>43</td><td>43</td><td>-</td></tr><tr><td>1948-January</td><td>72</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>-</td></tr><tr><td>February</td><td>74</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>46</td><td>46</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Footnotes at 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>Adjusted Service Certificate Fund</th><th>Federal Deposit Insurance Corporation</th><th>Federal home loan banks</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government employees' retirement funds</th><th>Government Life Insurance Fund</th><th>Housing insurance funds 2/</th><th>National Service Life Insurance Fund</th><th>Postal savings system 10/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th></tr><tr><td>1940</td><td>4,775</td><td>11</td><td>56</td><td>-</td><td>1,738</td><td>-</td><td>559</td><td>524</td><td>-</td><td>-</td><td>97</td><td>79</td><td>1,710</td></tr><tr><td>1941</td><td>6,120</td><td>19</td><td>90</td><td>-</td><td>2,381</td><td>5</td><td>656</td><td>531</td><td>-</td><td>3</td><td>88</td><td>74</td><td>2,273</td></tr><tr><td>1942</td><td>7,885</td><td>18</td><td>95</td><td>-</td><td>3,133</td><td>5</td><td>796</td><td>537</td><td>-</td><td>39</td><td>56</td><td>92</td><td>3,114</td></tr><tr><td>1943</td><td>10,871</td><td>18</td><td>103</td><td>-</td><td>4,044</td><td>106</td><td>1,076</td><td>538</td><td>-</td><td>352</td><td>199</td><td>178</td><td>4,257</td></tr><tr><td>1944</td><td>14,287</td><td>17</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,469</td><td>502</td><td>-</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td></tr><tr><td>1945</td><td>18,812</td><td>14</td><td>97</td><td>-</td><td>5,308</td><td>37</td><td>1,868</td><td>589</td><td>-</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td></tr><tr><td>1946</td><td>22,332</td><td>12</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>684</td><td>-</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td></tr><tr><td>1947</td><td>27,366</td><td>12</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>18</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td></tr><tr><td>1947-July</td><td>28,516</td><td>12</td><td>514</td><td>-</td><td>7,062</td><td>64</td><td>2,460</td><td>1,254</td><td>18</td><td>6,520</td><td>2,226</td><td>1,300</td><td>7,087</td></tr><tr><td>August</td><td>29,220</td><td>6</td><td>602</td><td>-</td><td>7,062</td><td>64</td><td>2,706</td><td>1,254</td><td>22</td><td>6,560</td><td>2,406</td><td>1,283</td><td>7,254</td></tr><tr><td>September</td><td>29,520</td><td>6</td><td>605</td><td>-</td><td>7,362</td><td>65</td><td>2,707</td><td>1,253</td><td>22</td><td>6,585</td><td>2,406</td><td>1,265</td><td>7,244</td></tr><tr><td>October</td><td>29,447</td><td>6</td><td>490</td><td>-</td><td>7,362</td><td>66</td><td>2,695</td><td>1,253</td><td>26</td><td>6,610</td><td>2,406</td><td>1,304</td><td>7,229</td></tr><tr><td>November</td><td>29,517</td><td>6</td><td>490</td><td>-</td><td>7,362</td><td>66</td><td>2,698</td><td>1,253</td><td>26</td><td>6,625</td><td>2,406</td><td>1,284</td><td>7,299</td></tr><tr><td>December</td><td>28,955</td><td>6</td><td>490</td><td>-</td><td>7,312</td><td>68</td><td>2,693</td><td>1,252</td><td>28</td><td>6,655</td><td>1,882</td><td>1,265</td><td>7,304</td></tr><tr><td>1948-January</td><td>29,148</td><td>6</td><td>533</td><td>33</td><td>7,312</td><td>70</td><td>2,696</td><td>1,250</td><td>30</td><td>6,675</td><td>1,906</td><td>1,303</td><td>7,334</td></tr><tr><td>February</td><td>29,246</td><td>6</td><td>532</td><td>43</td><td>7,312</td><td>70</td><td>2,709</td><td>1,250</td><td>12</td><td>6,690</td><td>1,912</td><td>1,284</td><td>7,427</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Includes United States savings stamps, excess profits tax refund bonds, and currency items. For current-month details, see Table 2 under "Statutory Debt Limitation".
3/ Includes $112 million of prepayments on Treasury bonds, investment series, dated October 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 deposit; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury
5/ Bulletin* July 1946, pages A-9 and A-10).
6/ Postal Savings and Panama Canal bonds, and prior to 1947, also conversion bonds.
7/ Consists of adjusted service bonds (until they matured on June 15, 1945) and depositary bonds.
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 X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
10/ Consists of Housing Insurance Fund, Mutual Mortgage Insurance Fund, and War Housing Insurance Fund.
11/ Includes Canal Zone Postal Saving System.
12/ Not available.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 5.- Computed Interest Charge and Computed Interest Rate on Federal Securities
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed securities</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed securities 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th></tr><tr><td></td><td>(Millions of dollars)</td><td></td><td>(Percent)</td><td>(Millions of dollars)</td><td></td><td>(Percent)</td><td>(Millions of dollars)</td><td></td><td>(Percent)</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>1,614</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-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>256,343</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><tr><td>December</td><td>254,281</td><td>5,451</td><td>2.144</td><td>254,205</td><td>5,449</td><td>2.144</td><td>76</td><td>1</td><td>1.854</td></tr><tr><td>1948-January</td><td>254,030</td><td>5,472</td><td>2.154</td><td>253,958</td><td>5,471</td><td>2.155</td><td>72</td><td>1</td><td>1.844</td></tr><tr><td>February</td><td>252,174</td><td>5,471</td><td>2.170</td><td>252,100</td><td>5,469</td><td>2.170</td><td>74</td><td>1</td><td>1.853</td></tr></table>
Source: Daily Treasury Statement.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used.
For the purposes of computing the annual interest charge and rate of interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Excludes guaranteed securities held by the Treasury.
Table 6.- Treasury Holdings of Securities Issued by Corporations and Certain Other Business-Type Activities of the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Farmers' Home Administration</th><th>Federal Farm Mortgage Corporation</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Rural Electrification Administration</th><th>Tennessee Valley Authority</th></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-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 2/</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 2/</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 2/</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><tr><td>December</td><td>11,840 2/</td><td>512</td><td>728</td><td>-</td><td>-</td><td>444</td><td>347</td><td>9,161</td><td>590</td><td>56</td></tr><tr><td>1948-January</td><td>11,791 2/</td><td>435</td><td>730</td><td>-</td><td>-</td><td>433</td><td>347</td><td>9,186</td><td>603</td><td>56</td></tr><tr><td>February</td><td>11,784 2/</td><td>397</td><td>727</td><td>-</td><td>-</td><td>420</td><td>372</td><td>9,188</td><td>623</td><td>56</td></tr></table>
Daily Treasury Statement. The securities shown in this table were issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations.
To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables. Total includes notes issued by the Virgin Islands Company in the amount of $250,000.
April 1948
17
STATUTORY DEBT LIMITATION
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-
ceed 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, February 29, 1948
(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>$253,761</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>79</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>253,840</td></tr><tr><td>Balance issuable under limitation.</td><td>21,160</td></tr></table>
Source: Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding February 29, 1948
(In millions of dollars)
<table><tr><th>Class of security</th><th>Subject to statutory debt limitation</th><th>Not subject to statutory debt limitation</th><th>Total outstanding</th></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:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>14,438</td><td>-</td><td>14,438</td></tr><tr><td>Certificates of indebtedness</td><td>18,920</td><td>-</td><td>18,920</td></tr><tr><td>Treasury notes</td><td>11,375</td><td>-</td><td>11,375</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,226</td><td>-</td><td>68,226</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>-</td><td>164</td><td>164</td></tr><tr><td>Total marketable</td><td>162,595</td><td>164</td><td>162,759</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value)</td><td>52,793</td><td>-</td><td>52,793</td></tr><tr><td>Treasury savings notes</td><td>5,327</td><td>-</td><td>5,327</td></tr><tr><td>Depositary bonds</td><td>319</td><td>-</td><td>319</td></tr><tr><td>Armed forces leave bonds</td><td>686</td><td>-</td><td>686</td></tr><tr><td>Treasury bonds, investment series</td><td>970</td><td>-</td><td>970</td></tr><tr><td>Total nonmarketable</td><td>60,095</td><td>-</td><td>60,095</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>29,246</td><td>-</td><td>29,246</td></tr><tr><td>Total interest-bearing securities</td><td>251,936</td><td>164</td><td>252,100</td></tr><tr><td>Matured securities on which interest has ceased</td><td>309</td><td>5</td><td>314</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>61</td><td>-</td><td>61</td></tr><tr><td>Excess profits tax refund bonds</td><td>11</td><td>-</td><td>11</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>1,278</td><td>-</td><td>1,278</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>166</td><td>-</td><td>166</td></tr><tr><td>United States notes (less gold reserves)</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>478</td><td>478</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,516</td><td>675</td><td>2,191</td></tr><tr><td>Total public debt</td><td>253,761</td><td>843</td><td>254,604</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>74</td><td>-</td><td>74</td></tr><tr><td>Matured</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Total guaranteed securities</td><td>79</td><td>-</td><td>79</td></tr><tr><td>Total public debt and guaranteed securities</td><td>253,840</td><td>843</td><td>254,683</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified
data (with minor exceptions). See footnotes to Table 2 under "Debt Outstanding".
2/ Excludes guaranteed securities held by the Treasury
18
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 29, 1948
(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 restricted issues become bank eligible 1/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become bank eligible 1/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1948</td><td></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>Mar.</td><td>7/8% Bills</td><td>4,811</td><td></td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td></td><td></td></tr><tr><td>24</td><td>Certificate - 3/1/48-C</td><td>2,142</td><td></td><td></td><td></td><td>2-3/4% Bond - 6/15/51-54</td><td></td><td>1,627</td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% Bond - 3/15/48-50</td><td>1,115</td><td></td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td>1,223</td><td></td><td></td><td></td><td></td><td></td><td>2% Bond - 9/15/51-57</td><td></td><td>7,986</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Bills</td><td>5,617</td><td></td><td></td><td></td><td>2% Bond - 9/15/51-55</td><td></td><td>755</td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% Certificate - 4/1/48-D</td><td>1,321</td><td></td><td></td><td></td><td></td><td>Deco.</td><td>2% Bond - 12/15/49-51</td><td></td><td>2,098</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Bills</td><td>4,010</td><td></td><td></td><td></td><td>2-1/4% Bond - 12/15/51-53</td><td></td><td>1,118</td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% Certificate - 6/1/48-E</td><td>1,777</td><td></td><td></td><td></td><td></td><td>2% Bond - 12/15/51-55</td><td></td><td>510</td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% Bond - 6/15/48</td><td>3,062</td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>11,996</td><td>4,404</td><td></td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/48-F</td><td>2,742</td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% Certificate - 7/1/48-G</td><td>1,127</td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2% Bond - 3/15/50-52</td><td></td><td>1,963</td><td></td><td></td><td></td></tr><tr><td>7/8% Certificate - 7/1/48-H</td><td>2,209</td><td></td><td></td><td></td><td></td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Note - 9/15/48</td><td>451</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/52-54</td><td></td><td>5,825</td><td></td><td></td><td></td></tr><tr><td>1-1/2% Note - 9/15/48-A</td><td>3,748</td><td></td><td></td><td></td><td></td><td>2-1/4% Bond - 6/15/52-55</td><td></td><td>1,501</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1% Note - 10/1/48-B</td><td>4,092</td><td></td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td></td><td>1,186</td><td></td><td></td><td></td></tr><tr><td>1% Certificate - 10/1/48-J</td><td>1,354</td><td></td><td></td><td></td><td></td><td>2% Bond - 9/15/50-52</td><td></td><td>4,939</td><td></td><td></td><td></td><td></td></tr><tr><td>1% Certificate - 10/1/48-K</td><td>1,467</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>3-1/8% Bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td>2% Bond - 12/15/52-54</td><td></td><td>8,662</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>42,268</td><td>571</td><td></td><td></td><td>Total</td><td></td><td></td><td>17,012</td><td>8,579</td><td></td><td></td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan.</td><td>1-1/8% Note - 1/1/49-A</td><td>3,535</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/53-55</td><td></td><td>725</td><td></td><td></td><td></td></tr><tr><td>1-1/8% Certificate - 1/1/49-A</td><td>2,592</td><td></td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td></td><td>7,986</td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% Certificate - 2/1/49-B</td><td>2,189</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/49-51</td><td></td><td>1,786</td><td></td><td></td><td></td></tr><tr><td>2% Bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td></td><td></td><td>2-1/4% Bond - 12/15/51-53</td><td></td><td>1,118</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td></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>Dec.</td><td>2% Bond - 12/15/49-51</td><td></td><td>2,098</td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>3-1/8% Bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/51-54</td><td></td><td>1,627</td><td></td><td></td><td></td></tr><tr><td>2-1/2% Bond - 12/15/49-53</td><td></td><td>1,736</td><td></td><td></td><td></td><td>2% Bond - 6/15/52-54</td><td></td><td>5,825</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>8,316</td><td>6,682</td><td></td><td></td><td>2-1/4% Bond - 6/15/54-56</td><td></td><td>681</td><td></td><td></td><td></td><td></td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>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></td><td>1,963</td><td></td><td></td><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td></td><td>1,186</td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% Bond - 9/15/50-52</td><td></td><td>4,939</td><td></td><td></td><td></td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/52-55</td><td></td><td>1,501</td><td></td><td></td><td></td></tr><tr><td>1-1/2% Bond - 12/15/50</td><td>2,635</td><td></td><td></td><td></td><td></td><td>2% Bond - 6/15/53-55</td><td></td><td>725</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,635</td><td>8,088</td><td>571</td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-55</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/51-55</td><td></td><td>510</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td></tr></table>
(Continued on following page)
April 1948
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government
and Outstanding February 29, 1948 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become eligible 3/</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become eligible 3/</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td></td><td>1964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>1,449</td><td></td><td>681</td><td>June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>3,761</td><td></td><td>4/15/53</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/54-56</td><td>982</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>3,838</td><td></td><td>9/15/53</td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>3,823</td><td></td><td></td><td>Total</td><td></td><td>7,600</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,253</td><td>681</td><td></td><td>1965</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>5,197</td><td></td><td>2/1/54</td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td>1,449</td><td></td><td></td><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>919</td><td></td><td></td><td>Total</td><td></td><td>5,197</td><td>1,485</td><td></td></tr><tr><td>Total</td><td></td><td>919</td><td>1,449</td><td></td><td>1966</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1959</td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>3,481</td><td></td><td>12/1/54</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td></td><td>1967</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>982</td><td></td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/62-67</td><td>2,118</td><td></td><td>5/5/52</td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td>3,823</td><td></td><td></td><td>2-1/2% Bond - 6/15/67-72</td><td>7,967</td><td></td><td>6/15/62</td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>8,754</td><td>4,804</td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>11,689</td><td></td><td>12/15/62</td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>22,372</td><td>2,118</td><td></td></tr><tr><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>2,611</td><td></td><td></td><td>1968</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>2,831</td><td></td><td>12/1/52</td></tr><tr><td>Total</td><td></td><td>1,485</td><td>2,611</td><td></td><td>1969</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>3,761</td><td></td><td>4/15/53</td></tr><tr><td>June.</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>3,838</td><td></td><td>9/15/53</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>7,600</td><td></td><td></td></tr><tr><td>1962</td><td></td><td></td><td></td><td></td><td>1970</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td>6/15/52</td><td>Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>5,197</td><td></td><td>2/1/54</td></tr><tr><td>2-1/2% Bond - 6/15/62-67</td><td>2,118</td><td></td><td>5/15/52</td><td></td><td>1971</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td>12/15/52</td><td>Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>3,481</td><td></td><td>12/1/54</td></tr><tr><td>Total</td><td></td><td>2,118</td><td>8,754</td><td></td><td>1972</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/67-72</td><td>7,967</td><td></td><td>6/15/62</td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>919</td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>2,831</td><td></td><td>12/1/52</td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>11,689</td><td></td><td>12/15/62</td></tr><tr><td>Total</td><td></td><td>2,831</td><td>919</td><td></td><td>Total</td><td></td><td>22,372</td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement, and Public Debt Service. 1/ Excludes postal savings bonds. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities. For date of issue of each security, see chapter on "Market Quotations"; for tax status, see chapter on "Treasury Survey of Ownership". 1/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date.
20
Treasury Bulletin
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Amounts in millions of dollars)
<table><tr><th>Issue date</th><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><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total amount on competitive basis</th><th>On non-competitive basis</th><th>In exchange</th><th></th><th></th></tr><tr><td>1947-Sept. 4.........</td><td>1947-Deo. 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. 16.........</td><td>Dec. 16.........</td><td>91</td><td>1,519.5</td><td>1,302.3</td><td>1,277.8</td><td>24.5</td><td>1,120.2</td><td>1,305.4</td><td>15,726.4</td></tr><tr><td>Sept. 25.........</td><td>Deo. 26.........</td><td>92</td><td>1,304.4</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>1,276.7</td><td>24.7</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><tr><td>Dec. 4.........</td><td>Mar. 4.........</td><td>91</td><td>1,597.3</td><td>1,201.1</td><td>1,165.7</td><td>35.4</td><td>873.8</td><td>1,302.2</td><td>15,233.9</td></tr><tr><td>Dec. 11.........</td><td>Mar. 11.........</td><td>91</td><td>1,620.0</td><td>1,205.0</td><td>1,162.2</td><td>42.9</td><td>855.2</td><td>1,302.9</td><td>15,136.1</td></tr><tr><td>Dec. 18.........</td><td>Mar. 18.........</td><td>91</td><td>1,759.3</td><td>1,302.0</td><td>1,263.9</td><td>38.2</td><td>971.2</td><td>1,302.3</td><td>15,135.8</td></tr><tr><td>Dec. 26.........</td><td>Mar. 25.........</td><td>90</td><td>1,398.6</td><td>1,102.7</td><td>1,065.8</td><td>36.9</td><td>794.5</td><td>1,102.2</td><td>15,136.3</td></tr><tr><td>1948-Jan. 2.........</td><td>Apr. 1.........</td><td>90</td><td>1,636.5</td><td>1,304.0</td><td>1,271.0</td><td>33.0</td><td>1,006.4</td><td>1,301.3</td><td>15,139.0</td></tr><tr><td>Jan. 8.........</td><td>Apr. 8.........</td><td>91</td><td>1,914.7</td><td>1,305.1</td><td>1,265.1</td><td>40.0</td><td>648.3</td><td>1,303.8</td><td>15,140.3</td></tr><tr><td>Jan. 15.........</td><td>Apr. 15.........</td><td>91</td><td>1,447.2</td><td>1,003.3</td><td>959.3</td><td>43.9</td><td>603.4</td><td>1,104.8</td><td>15,038.9</td></tr><tr><td>Jan. 22.........</td><td>Apr. 22.........</td><td>91</td><td>1,539.3</td><td>1,002.9</td><td>962.1</td><td>40.8</td><td>532.9</td><td>1,103.5</td><td>14,938.2</td></tr><tr><td>Jan. 29.........</td><td>Apr. 29.........</td><td>91</td><td>1,546.9</td><td>1,001.5</td><td>945.0</td><td>56.4</td><td>571.2</td><td>1,101.5</td><td>14,838.2</td></tr><tr><td>Feb. 5.........</td><td>May 6.........</td><td>91</td><td>1,769.5</td><td>903.2</td><td>852.0</td><td>51.2</td><td>160.6</td><td>1,001.9</td><td>14,739.5</td></tr><tr><td>Feb. 13.........</td><td>May 13.........</td><td>90</td><td>1,524.4</td><td>1,000.2</td><td>952.4</td><td>47.8</td><td>564.1</td><td>1,103.6</td><td>14,636.2</td></tr><tr><td>Feb. 19.........</td><td>May 20.........</td><td>91</td><td>1,460.8</td><td>1,000.5</td><td>957.2</td><td>43.3</td><td>630.3</td><td>1,102.4</td><td>14,534.3</td></tr><tr><td>Feb. 26.........</td><td>May 27.........</td><td>91</td><td>1,537.8</td><td>1,106.2</td><td>1,069.5</td><td>36.7</td><td>732.5</td><td>1,202.7</td><td>14,437.8</td></tr></table>
<table><tr><th rowspan="2">Issue date</th><th colspan="2">On total bid accepted-</th><th colspan="4">On competitive bid accepted-</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 2/ (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 2/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1947-Sept. 4.</td><td>99.806</td><td>0.766</td><td>99.815 3/</td><td>0.732</td><td>99.804</td><td>0.775</td></tr><tr><td>Sept. 11.</td><td>99.801</td><td>0.789</td><td>99.815 4/</td><td>0.732</td><td>99.798</td><td>0.799</td></tr><tr><td>Sept. 18.</td><td>99.797</td><td>0.802</td><td>99.812 5/</td><td>0.744</td><td>99.795</td><td>0.811</td></tr><tr><td>Sept. 25.</td><td>99.793</td><td>0.808</td><td>99.815 5/</td><td>0.724</td><td>99.790</td><td>0.822</td></tr><tr><td>Oct. 2.</td><td>99.791</td><td>0.817</td><td>99.815 1/</td><td>0.724</td><td>99.788</td><td>0.830</td></tr><tr><td>Oct. 9.</td><td>99.791</td><td>0.827</td><td>99.815</td><td>0.732</td><td>99.788</td><td>0.839</td></tr><tr><td>Oct. 16.</td><td>99.789</td><td>0.835</td><td>99.830</td><td>0.673</td><td>99.786</td><td>0.847</td></tr><tr><td>Oct. 23.</td><td>99.784</td><td>0.855</td><td>99.813 8/</td><td>0.740</td><td>99.781</td><td>0.866</td></tr><tr><td>Oct. 30.</td><td>99.779</td><td>0.873</td><td>99.815</td><td>0.732</td><td>99.777</td><td>0.882</td></tr><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 9/</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 10/</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><tr><td>Dec. 4.</td><td>99.761</td><td>0.944</td><td>99.770</td><td>0.910</td><td>99.760</td><td>0.949</td></tr><tr><td>Dec. 11.</td><td>99.760</td><td>0.948</td><td>99.770</td><td>0.910</td><td>99.759</td><td>0.953</td></tr><tr><td>Dec. 18.</td><td>99.760</td><td>0.949</td><td>99.790</td><td>0.831</td><td>99.759</td><td>0.953</td></tr><tr><td>Dec. 26.</td><td>99.762</td><td>0.951</td><td>99.800</td><td>0.800</td><td>99.761</td><td>0.956</td></tr><tr><td>1948-Jan. 2.</td><td>99.762</td><td>0.952</td><td>99.770</td><td>0.920</td><td>99.761</td><td>0.956</td></tr><tr><td>Jan. 8.</td><td>99.760</td><td>0.950</td><td>99.770</td><td>0.910</td><td>99.759</td><td>0.953</td></tr><tr><td>Jan. 15.</td><td>99.753</td><td>0.976</td><td>99.770</td><td>0.910</td><td>99.751</td><td>0.985</td></tr><tr><td>Jan. 22.</td><td>99.752</td><td>0.981</td><td>99.775</td><td>0.890</td><td>99.751</td><td>0.985</td></tr><tr><td>Jan. 29.</td><td>99.750</td><td>0.990</td><td>99.765 11/</td><td>0.930</td><td>99.748</td><td>0.997</td></tr><tr><td>Feb. 5.</td><td>99.750</td><td>0.990</td><td>99.765</td><td>0.930</td><td>99.748</td><td>0.997</td></tr><tr><td>Feb. 13.</td><td>99.751</td><td>0.994</td><td>99.765</td><td>0.940</td><td>99.750</td><td>1.000</td></tr><tr><td>Feb. 19.</td><td>99.748</td><td>0.996</td><td>99.765</td><td>0.930</td><td>99.747</td><td>1.001</td></tr><tr><td>Feb. 26.</td><td>99.748</td><td>0.997</td><td>99.756</td><td>0.965</td><td>99.747</td><td>1.001</td></tr></table>
Sources: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. For earlier figures see annual reports of the Secretary of the Treasury.
1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price per hundred.
2/ Bank discount basis.
3/ Except $100,000 at 99.900.
6/ Except $100,000 at 99.925 and $70,000 at 99.905.
7/ Except $100,000 at 99.925, $300,000 at 99.907, and $100,000 at 99.925.
8/ Excepting one tender of $50,000 at 99.905.
9/ Except $1,600,000 at 99.974.
10/ Except $50,000 at 99.813 and $40,000 at 99.905.
11/ Except $100,000 at 99.981 and $50,000 at 99.925.
April 1948
21
DEBT OPERATIONS
Table 3.- 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/ Exchange</th><th>For cash 2/</th><th>In exchange for other securities</th><th></th></tr><tr><td>1/22/45</td><td>2/1/45</td><td>7/8% 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>7/8% 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>7/8% 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>7/8% 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</td><td>7th War Loan securities: 3/2-1/2% Bond - 6/15/67-72 1/2 yr</td><td>27 yr (22 yr)</td><td>7,967</td><td>-</td><td>7,967 3/</td><td>-</td><td>100</td></tr><tr><td></td><td>6/1/45</td><td>2-1/4% Bond - 6/15/59-62 1/2 yr</td><td>17 yr (14 yr)</td><td>5,284</td><td>-</td><td>5,284 3/</td><td>-</td><td>100</td></tr><tr><td></td><td>6/1/45</td><td>1-1/2% Bond -12/15/50</td><td>5 yr,6 m</td><td>2,635</td><td>-</td><td>2,635 3/</td><td>-</td><td>100</td></tr><tr><td></td><td>6/1/45</td><td>7/8% Certificate- 6/1/46-B</td><td>1 yr</td><td>4,799</td><td>-</td><td>4,799 3/</td><td>-</td><td>100</td></tr><tr><td>5/21/45</td><td>6/1/45</td><td>.90% Note - 7/1/46-D</td><td>1 yr,1 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>8/1/45</td><td>7/8% Certificate - 8/1/46-F</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>9/1/45</td><td>7/8% Certificate - 9/1/46-O</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</td><td>Victory Loan securities: 3/2-1/2% Bond -12/15/67-72 1/2 yr</td><td>27 yr,1 m (22 yr,1 m)</td><td>11,689</td><td>-</td><td>11,689 3/</td><td>-</td><td>100</td></tr><tr><td></td><td>11/15/45</td><td>2-1/4% Bond -12/15/59-62 1/2 yr</td><td>17 yr,1 m (14 yr,1 m)</td><td>3,470</td><td>-</td><td>3,470 3/</td><td>-</td><td>100</td></tr><tr><td></td><td>12/3/45</td><td>7/8% Certificate- 12/1/46-I</td><td>1 yr</td><td>3,768</td><td>-</td><td>3,768 3/</td><td>-</td><td>100</td></tr><tr><td>9/24/45</td><td>10/1/45</td><td>7/8% Certificate - 10/1/46-H</td><td>1 yr</td><td>-</td><td>3,440</td><td>-</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>12/1/45</td><td>7/8% Certificate - 11/1/46-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>7/8% Certificate - 1/1/47-A</td><td>1 yr</td><td>-</td><td>3,330</td><td>-</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/8% Certificate - 2/1/47-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>7/8% 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>7/8% Certificate - 4/1/47-D</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/8% Certificate - 6/1/47-E</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/8% Certificate - 7/1/47-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>7/8% Certificate - 8/1/47-O</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/8% Certificate - 9/1/47-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>7/8% Certificate - 10/1/47-J</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/8% Certificate - 11/1/47-K</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/8% Certificate - 12/1/47-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>7/8% 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>7/8% 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>7/8% Certificate - 3/1/48-C</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/8% Certificate - 4/1/48-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>7/8% 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>7/8% Certificate - 7/1/48-F</td><td>1 yr</td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/8% Certificate - 7/1/48-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>7/8% 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>1% 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>1-1/8% 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>1-1/8% Certificate - 1/1/49-A</td><td>1 yr</td><td>-</td><td>2,592</td><td>-</td><td>2,592</td><td>100</td></tr><tr><td>1/20/48</td><td>2/1/48</td><td>1-1/8% Certificate - 2/1/49-B</td><td>1 yr</td><td>-</td><td>2,189</td><td>-</td><td>2,189</td><td>100</td></tr><tr><td>2/18/48</td><td>3/1/48</td><td>1-1/8% Certificate - 3/1/49-C</td><td>1 yr</td><td>-</td><td>3,553</td><td>-</td><td>3,553</td><td>100</td></tr><tr><td>3/22/48</td><td>4/1/48</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1 yr</td><td>-</td><td>n.e.</td><td>-</td><td>n.e.</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
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.
Bank restricted issue. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue.
22
Treasury Bulletin
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government
<table><tr><th rowspan="2">Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash By Federal Reserve Banks 2/</th><th>By other investors</th></tr><tr><td>1/1/46</td><td>34 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>-</td><td>85</td><td>7/8% Certificate - 1/1/47-A</td></tr><tr><td>2/1/46</td><td>7/8% 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>-</td><td>89</td><td>7/8% Certificate - 2/1/47-B</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46-B.</td><td>3/1/45</td><td>4,147</td><td>1,014</td><td>3,133 2/</td><td>3,133</td><td>-</td><td>-</td><td>7/8% Certificate - 3/1/47-C</td></tr><tr><td>3/15/46</td><td>3-3/4% Treas. bond - 3/15/46-56 Treas. note - 3/15/46-A.</td><td>3/15/26 11/1/41</td><td>4,291 1,291</td><td>489 1,291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4/1/46</td><td>7/8% Certificate - 4/1/46-C.</td><td>4/1/45</td><td>4,811</td><td>1,991</td><td>2,820 2/</td><td>2,820</td><td>-</td><td>-</td><td>7/8% Certificate - 4/1/47-D</td></tr><tr><td>5/1/46</td><td>7/8% 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>7/8% Certificate - 6/1/46-E.</td><td>6/1/45</td><td>4,799</td><td>2,025</td><td>2,775 2/</td><td>2,775</td><td>-</td><td>-</td><td>7/8% Certificate - 6/1/47-I</td></tr><tr><td>6/15/46</td><td>34 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-D.</td><td>6/1/45</td><td>4,910</td><td>1,998</td><td>2,916 2/</td><td>2,916</td><td>-</td><td>-</td><td>7/8% Certificate - 7/1/47-P</td></tr><tr><td>8/1/46</td><td>7/8% Certificate - 8/1/46-F.</td><td>8/1/45</td><td>2,470</td><td>1,246</td><td>1,223 2/</td><td>1,223</td><td>-</td><td>-</td><td>7/8% Certificate - 8/1/47-O</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46-G.</td><td>9/1/45</td><td>4,336</td><td>1,995</td><td>2,341 2/</td><td>2,341</td><td>-</td><td>-</td><td>7/8% Certificate - 9/1/47-I</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46-H.</td><td>10/1/45</td><td>3,440</td><td>2,000</td><td>1,440 2/</td><td>1,440</td><td>-</td><td>-</td><td>7/8% Certificate - 10/1/47-J</td></tr><tr><td>11/1/46</td><td>7/8% Certificate - 11/1/46-I.</td><td>12/1/45</td><td>3,778</td><td>2,003</td><td>1,775 2/</td><td>1,775</td><td>-</td><td>-</td><td>7/8% Certificate - 11/1/47-I</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46-K.</td><td>12/3/45</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>-</td><td>487</td><td>7/8% 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>34 Conversion bond - 1/1/47... 7/8% Certificate - 1/1/47-A.</td><td>1/1/17 1/1/46</td><td>13 3,330</td><td>13 -</td><td>3,330</td><td>3,134</td><td>-</td><td>196</td><td>7/8% Certificate - 1/1/48-A</td></tr><tr><td>2/1/47</td><td>7/8% Certificate - 2/1/47-B.</td><td>2/1/46</td><td>4,954</td><td>1,007</td><td>3,947 2/</td><td>3,947</td><td>-</td><td>-</td><td>7/8% Certificate - 2/1/48-B</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 3/1/47-C.</td><td>3/1/46</td><td>3,133</td><td>991</td><td>2,142 2/</td><td>2,142</td><td>-</td><td>-</td><td>7/8% 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>7/8% Certificate - 4/1/47-D.</td><td>4/1/46</td><td>2,820</td><td>1,499</td><td>1,321 2/</td><td>1,321</td><td>-</td><td>-</td><td>7/8% Certificate - 4/1/48-D</td></tr><tr><td>6/1/47</td><td>7/8% Certificate - 6/1/47-E.</td><td>6/1/46</td><td>2,775</td><td>998</td><td>1,777 2/</td><td>1,777</td><td>-</td><td>-</td><td>7/8% Certificate - 6/1/48-E</td></tr><tr><td>7/1/47</td><td>7/8% Certificate - 7/1/47-F.</td><td>7/1/46</td><td>2,916</td><td>-</td><td>2,916</td><td>2,742</td><td>-</td><td>174</td><td>7/8% Certificate - 7/1/48-F</td></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47-G.</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>-</td><td>97</td><td>7/8% Certificate - 7/1/48-O</td></tr><tr><td>9/1/47</td><td>7/8% Certificate - 9/1/47-H.</td><td>9/1/46</td><td>2,341</td><td>-</td><td>2,341</td><td>2,209</td><td>-</td><td>132</td><td>7/8% Certificate - 7/1/48-H</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>-</td><td>128 175</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td>10/1/47</td><td>7/8% 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>-</td><td>86</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>7/8% Certificate - 11/1/47-I.</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,467</td><td>203</td><td>105</td><td>1% Certificate - 10/1/48-I</td></tr><tr><td>12/1/47</td><td>7/8% Certificate - 12/1/47-L. 24 Bond - 12/15/47...</td><td>12/1/46 12/15/38</td><td>3,281 701</td><td>-</td><td>3,281 701</td><td>2,908 627</td><td>139</td><td>234 74</td><td>1-1/8% Treas. note - 1/1/49-A</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>3,535</td><td>139</td><td>308</td><td></td></tr><tr><td>1/1/48</td><td>7/8% Certificate - 1/1/48-A.</td><td>1/1/47</td><td>3,134</td><td>-</td><td>3,134</td><td>2,592</td><td>400</td><td>142</td><td>1-1/8% Certificate - 1/1/49-A</td></tr><tr><td>2/1/48</td><td>7/8% Certificate - 2/1/48-B.</td><td>2/1/47</td><td>3,947</td><td>-</td><td>3,947</td><td>2,189</td><td>1,614</td><td>144</td><td>1-1/8% Certificate - 2/1/49-B</td></tr><tr><td>3/1/48</td><td>7/8% Certificate - 3/1/48-C. 2-3/4% Treas. bond - 3/15/48... 3/16/36</td><td>3/1/47 3/15/41</td><td>2,142 1,115 1,223</td><td>-</td><td>2,142 1,115 1,223</td><td>1,688 899 967</td><td>285 75 101</td><td>169 142 156</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td></td><td>Total for 3/1/48......</td><td></td><td>4,481</td><td>-</td><td>4,481</td><td>3,553</td><td>460</td><td>467</td><td></td></tr><tr><td>4/1/48</td><td>7/8% Certificate - 4/1/48-D.</td><td>4/1/47</td><td>1,321</td><td>-</td><td>1,321</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>1-1/8% Certificate - 4/1/49-D</td></tr></table>
Source: Bureau of the Public Debt.
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
3/ Beginning with the November 1947 operation, arrangements were made between the Treasury and the Federal Reserve System whereby all or a part of the System's holdings of certain maturing and called securities would be presented for cash redemption. Not available.
April 1948
23
DEBT OPERATIONS
Table 5.- Issuance and Retirement of the Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Public debt outstanding</th><th colspan="8">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditure (Retirement of public debt)</th></tr><tr><th>Amount, end of period</th><th>Increase, or decrease (-), during period</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>Special notes International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>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>134</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944....</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945....</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946....</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947....</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>*</td><td>1,847</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</td></tr><tr><td>1947-July Aug. Sept.</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>*</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></td><td>260,097</td><td>649</td><td>7,381</td><td>1,526</td><td>-</td><td>*</td><td>44</td><td>-</td><td>-</td><td>*</td><td>5,080</td><td>731</td><td>6,732</td><td>1,624</td><td>-</td><td>5,080</td><td>27</td></tr><tr><td>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>*</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>*</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><tr><td>Dec.</td><td>256,900</td><td>-1,312</td><td>9,357</td><td>2,255</td><td>-</td><td>*</td><td>15</td><td>-</td><td>-</td><td>*</td><td>7,029</td><td>58</td><td>10,669</td><td>3,020</td><td>-</td><td>7,029</td><td>620</td></tr><tr><td>1948-Jan. Feb.</td><td>256,574</td><td>-326</td><td>9,486</td><td>3,263</td><td>-</td><td>*</td><td>11</td><td>-</td><td>-</td><td>*</td><td>5,954</td><td>257</td><td>9,812</td><td>3,794</td><td>-</td><td>5,954</td><td>64</td></tr><tr><td></td><td>254,605</td><td>-1,969</td><td>7,124</td><td>2,700</td><td>-</td><td>*</td><td>6</td><td>-</td><td>-</td><td>*</td><td>4,276</td><td>142</td><td>9,093</td><td>4,773</td><td>-</td><td>4,276</td><td>44</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks. Less than $500,000.
24
Treasury Bulletin
UNITED STATES SAVINGS BONDS
United States savings bonds were first offered for sale in March 1975. Series A-D were sold from March 1975 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 31, and October 1935, 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 also published semi-annually after December 31, 1947.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of Series G outstanding are quoted at par. 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 through February 29, 1948
(In millions of dollars)
<table><tr><th>Series</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>248</td><td>7</td><td>-</td><td>3/</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>444</td><td>19</td><td>-</td><td>3/</td></tr><tr><td>Series C</td><td>1,010</td><td>253</td><td>1,263</td><td>783</td><td>56</td><td>424</td><td>61.95</td></tr><tr><td>Series D</td><td>2,365</td><td>435</td><td>2,800</td><td>557</td><td>-</td><td>2,242</td><td>19.90</td></tr><tr><td>Series E</td><td>49,076</td><td>1,791</td><td>50,867</td><td>19,473</td><td>-</td><td>31,394</td><td>38.28</td></tr><tr><td>Series F</td><td>3,723</td><td>150</td><td>3,873</td><td>652</td><td>-</td><td>3,222</td><td>16.82</td></tr><tr><td>Series G</td><td>17,104</td><td>-</td><td>17,104</td><td>1,595</td><td>-</td><td>15,510</td><td>9.32</td></tr><tr><td>Total, Series A-O</td><td>73,852</td><td>2,774</td><td>76,626</td><td>23,751</td><td>82</td><td>52,793</td><td>31.00</td></tr></table>
Source: 1/ Daily Treasury Statement; Office of the Treasurer of the U. S. Beginning with June 1947, Series E sales include small amounts of unclassified sales consisting of Series X, Y, 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.
3/ 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><th>Fiscal years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><th>Calendar years:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</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>1947</td><td>6,694</td><td>742</td><td>7,436</td><td>5,126</td><td>n.a.</td><td>n.a.</td><td>122</td><td>52,053</td><td>-</td></tr><tr><th>Months:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-July</td><td>559</td><td>80</td><td>639</td><td>457</td><td>437</td><td>20</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>386</td><td>18</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>413</td><td>18</td><td>34</td><td>51,759</td><td>.83</td></tr><tr><td>October</td><td>488</td><td>52</td><td>540</td><td>404</td><td>386</td><td>19</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>December</td><td>487</td><td>83</td><td>570</td><td>434</td><td>n.a.</td><td>n.a.</td><td>122</td><td>52,053</td><td>.83</td></tr><tr><td>1948-January</td><td>770</td><td>84</td><td>854</td><td>454</td><td>n.a.</td><td>n.a.</td><td>95</td><td>52,479</td><td>.86</td></tr><tr><td>February</td><td>607</td><td>57</td><td>664</td><td>364</td><td>n.a.</td><td>n.a.</td><td>82</td><td>52,793</td><td>.69</td></tr><tr><td>Total, inception to February 29, 1948.</td><td>73,852</td><td>2,774</td><td>76,626</td><td>23,751</td><td>n.a.</td><td>n.a.</td><td>82</td><td>52,793</td><td>-</td></tr></table>
Source: Daily Treasury Statement. o.e. Not available
See footnotes to Table 1.
April 1948
25
UNITED STATES SAVINGS BONDS
Table 3.- History of Sales and Redemptions, by Series
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Sales prices</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 I, F, and G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>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>6,938</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>n.a.</td><td>n.a.</td><td>49,311</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-July</td><td>559</td><td>63</td><td>622</td><td>420</td><td>408</td><td>11</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>362</td><td>10</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>391</td><td>12</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>360</td><td>11</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>December</td><td>487</td><td>74</td><td>561</td><td>391</td><td>n.a.</td><td>n.a.</td><td>49,311</td><td>.79</td></tr><tr><td>1948-January</td><td>770</td><td>67</td><td>837</td><td>372</td><td>n.a.</td><td>n.a.</td><td>49,776</td><td>.75</td></tr><tr><td>February</td><td>607</td><td>48</td><td>655</td><td>305</td><td>n.a.</td><td>n.a.</td><td>50,126</td><td>.61</td></tr><tr><td>Total, inception to February 29, 1948</td><td>69,903</td><td>1,941</td><td>71,845</td><td>21,719</td><td>n.a.</td><td>n.a.</td><td>50,126</td><td>-</td></tr><tr><td colspan="9">Series E</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>1947</td><td>4,085</td><td>579</td><td>4,664</td><td>3,930</td><td>n.a.</td><td>n.a.</td><td>30,997</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-July</td><td>339</td><td>57</td><td>396</td><td>354</td><td>344</td><td>11</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>305</td><td>10</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>329</td><td>11</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>305</td><td>10</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>December</td><td>325</td><td>67</td><td>393</td><td>327</td><td>n.a.</td><td>n.a.</td><td>30,997</td><td>1.06</td></tr><tr><td>1948-January</td><td>479</td><td>60</td><td>539</td><td>310</td><td>n.a.</td><td>n.a.</td><td>31,226</td><td>.99</td></tr><tr><td>February</td><td>367</td><td>44</td><td>411</td><td>242</td><td>n.a.</td><td>n.a.</td><td>31,394</td><td>.77</td></tr><tr><td>Total, inception to February 29, 1948</td><td>49,076</td><td>1,791</td><td>50,867</td><td>19,473</td><td>n.a.</td><td>n.a.</td><td>31,394</td><td>-</td></tr></table>
(Continued on following page)
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- History of Sales and Redemptions, by Series - (Continued
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemptions 2/ Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series I</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>6</td><td>3,099</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>654</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><td>1947</td><td>342</td><td>54</td><td>396</td><td>203</td><td>a.a.</td><td>a.a.</td><td>3,162</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-July</td><td>27</td><td>6</td><td>33</td><td>17</td><td>17</td><td>1</td><td>3,115</td><td>.55</td></tr><tr><td>August</td><td>21</td><td>3</td><td>24</td><td>16</td><td>16</td><td>1</td><td>3,123</td><td>.52</td></tr><tr><td>September</td><td>21</td><td>4</td><td>25</td><td>18</td><td>17</td><td>1</td><td>3,130</td><td>.58</td></tr><tr><td>October</td><td>22</td><td>4</td><td>26</td><td>14</td><td>14</td><td>1</td><td>3,142</td><td>.45</td></tr><tr><td>November</td><td>17</td><td>4</td><td>21</td><td>16</td><td>a.a.</td><td>a.a.</td><td>3,147</td><td>.50</td></tr><tr><td>December</td><td>24</td><td>7</td><td>31</td><td>17</td><td>a.a.</td><td>a.a.</td><td>3,162</td><td>.53</td></tr><tr><td>1948-January</td><td>44</td><td>7</td><td>51</td><td>17</td><td>a.a.</td><td>a.a.</td><td>3,196</td><td>.52</td></tr><tr><td>February</td><td>40</td><td>4</td><td>43</td><td>18</td><td>a.a.</td><td>a.a.</td><td>3,222</td><td>.55</td></tr><tr><td>Total, inception to February 29, 1948</td><td>3,723</td><td>150</td><td>3,873</td><td>652</td><td>a.a.</td><td>a.a.</td><td>3,222</td><td>-</td></tr><tr><td colspan="9">Series O</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945-January</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>1947</td><td>2,267</td><td>-</td><td>2,267</td><td>512</td><td>512</td><td>-</td><td>15,152</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-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>14,894</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>December</td><td>137</td><td>-</td><td>137</td><td>47</td><td>47</td><td>-</td><td>15,152</td><td>.31</td></tr><tr><td>1948-January</td><td>248</td><td>-</td><td>248</td><td>46</td><td>46</td><td>-</td><td>15,354</td><td>.30</td></tr><tr><td>February</td><td>201</td><td>-</td><td>201</td><td>45</td><td>45</td><td>-</td><td>15,510</td><td>.29</td></tr><tr><td>Total, inception to February 29, 1948</td><td>17,104</td><td>-</td><td>17,104</td><td>1,595</td><td>1,595</td><td>-</td><td>15,510</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.e. Not available.
Less than $500,000. See footnotes to Table 1.
April 1948
27
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 through February 29, 1948
(In millions of dollars)
<table><tr><th rowspan="2">Series</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A....................</td><td>407</td><td>403</td><td>65 1/</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/</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C....................</td><td>31,668</td><td>26,275</td><td>6,888</td><td>19,387</td><td>66</td><td>5,327</td></tr><tr><td>Total.......................</td><td>37,019</td><td>31,622</td><td>7,136</td><td>24,486</td><td>70</td><td>5,327</td></tr></table>
Source: Daily Treasury Statement
Includes exchanges.
Loss than $500,000.
Table 2.- History of Sales and Redemptions of Series C
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th colspan="3">Redemptione</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Metured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="7">Fiscal years:</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td colspan="7">Calendar years:</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,880</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td colspan="7">Months:</td></tr><tr><td>1947-July</td><td>231</td><td>201</td><td>133</td><td>68</td><td>22</td><td>5,592</td></tr><tr><td>August</td><td>154</td><td>105</td><td>67</td><td>38</td><td>21</td><td>5,642</td></tr><tr><td>September</td><td>171</td><td>284</td><td>82</td><td>202</td><td>18</td><td>5,531</td></tr><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><tr><td>December</td><td>367</td><td>444</td><td>241</td><td>203</td><td>89</td><td>5,384</td></tr><tr><td>1948-January</td><td>143</td><td>141</td><td>72</td><td>68</td><td>73</td><td>5,403</td></tr><tr><td>February</td><td>111</td><td>194</td><td>154</td><td>40</td><td>66</td><td>5,327</td></tr></table>
Source: Daily Treasury Statement
Treasury Bulletin
28
OWNERSHIP OF FEDERAL SECURITIES
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total Federal securities outstanding</th><th colspan="6">Interest-bearing securities issued by the U. S. Government</th><th colspan="4">Interest-bearing securities guaranteed by the U. S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U. S. Government agencies and trust funds 2/</th><th>Held by Federal Reserve Banks - public marketable issues</th><th colspan="2">Held by private investors 2/ 1/</th><th>Total outstanding</th><th colspan="3">Held by U. S. Government agencies and trust funds and Federal Reserve Banks 2/3/</th></tr><tr><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 2/</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th>Public marketable issues</th><th>Public non-marketable issues 5/</th><th></th></tr><tr><td>1940</td><td>48,497</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>5,212</td><td>-</td><td>623</td></tr><tr><td>1941</td><td>55,332</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>6,085</td><td>-</td><td>585</td></tr><tr><td>1942</td><td>76,991</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>4,262</td><td>-</td><td>474</td></tr><tr><td>1943</td><td>140,796</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>285</td><td>3,738</td><td>68</td><td>1,324</td></tr><tr><td>1944</td><td>202,626</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>180</td><td>1,186</td><td>150</td><td>1,567</td></tr><tr><td>1945</td><td>259,115</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>28</td><td>375</td><td>2,350</td></tr><tr><td>1946</td><td>269,899</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>159,094</td><td>56,143</td><td>467</td><td>9</td><td>38</td><td>424</td><td>1,321</td></tr><tr><td>1947</td><td>258,376</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>37</td><td>45</td><td>3,179</td></tr><tr><td>1947-July</td><td>259,528</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>33</td><td>40</td><td>3,133</td></tr><tr><td>Aug.</td><td>260,176</td><td>257,110</td><td>33,715</td><td>4,458</td><td>36</td><td>29,220</td><td>22,192</td><td>201,204</td><td>141,740</td><td>59,464</td><td>73</td><td>1</td><td>33</td><td>39</td><td>2,993</td></tr><tr><td>Sept.</td><td>259,221</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>34</td><td>36</td><td>3,044</td></tr><tr><td>Oct.</td><td>259,155</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>33</td><td>45</td><td>2,807</td></tr><tr><td>Nov.</td><td>253,301</td><td>255,591</td><td>34,192</td><td>4,539</td><td>136</td><td>29,517</td><td>22,209</td><td>199,190</td><td>139,686</td><td>59,534</td><td>83</td><td>-</td><td>33</td><td>51</td><td>2,627</td></tr><tr><td>Dec.</td><td>256,981</td><td>254,205</td><td>34,352</td><td>5,261</td><td>136</td><td>28,955</td><td>22,559</td><td>197,294</td><td>137,938</td><td>59,356</td><td>76</td><td>-</td><td>33</td><td>43</td><td>2,700</td></tr><tr><td>1948-Jan.</td><td>256,651</td><td>253,958</td><td>34,600</td><td>5,315</td><td>137</td><td>29,148</td><td>21,925</td><td>197,434</td><td>137,677</td><td>59,756</td><td>72</td><td>-</td><td>28</td><td>44</td><td>2,621</td></tr><tr><td>Feb.</td><td>254,683</td><td>252,100</td><td>34,874 p</td><td>5,491 p</td><td>137 p</td><td>29,246</td><td>21,024</td><td>196,202 p</td><td>136,244 p</td><td>59,958 p</td><td>74</td><td>-</td><td>28</td><td>46</td><td>2,510</td></tr></table>
Scoroo: Daily Treasury Statement for total amounts outstanding; reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and Federal Reserve System for securities held by Federal Reserve Banks. 1/ Excludes guaranteed securities 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 ended June 26, 1947. 3/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total outstanding the
4/ All public marketable issues except E. F. C. notes in the amount of $115 million for 1943 and $176 million for 1944. 
5/ Includes U. S. 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. 
p Preliminary 
* Less than $500,000.
Table 2.- Net Market Purchases or Sales of Federal Securities for Treasury Investment Accounts
(In millions of dollars; negative figures are not sales)
<table><tr><th>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></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>-1.3</td><td>-.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>.</td><td>-</td><td>-.3</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>.</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>.</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-306.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
U. S. Government Agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund. Less than $50,000.
Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government. 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
April 1948
29
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors
(Par value 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstand-ing 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by nonbank investore</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individ- uals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corpo- tions and associa- tions 5/ 6/</th><th>State and local govern- ments 7/</th><th>U. S. Government agencies and trust funds 8/</th></tr><tr><td>1939-December.....</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>29.3</td><td>10.4</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>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.9</td><td>10.3</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>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</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>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</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>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>14.1</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>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</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>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</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>119.9</td><td>50.1</td><td>44.2</td><td>5.9</td><td>69.8</td><td>27.7</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>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>81.4</td><td>31.7</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>162.3</td><td>67.2</td><td>58.3</td><td>8.9</td><td>95.1</td><td>36.0</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>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>98.7</td><td>38.4</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>187.0</td><td>76.2</td><td>64.0</td><td>12.1</td><td>110.8</td><td>43.6</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June.........</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>119.3</td><td>46.5</td><td>17.3</td><td>7.3</td><td>25.9</td><td>3.2</td><td>19.1</td></tr><tr><td>September.........</td><td>211.1</td><td>87.1</td><td>70.5</td><td>16.7</td><td>123.9</td><td>49.2</td><td>18.3</td><td>7.7</td><td>24.8</td><td>3.5</td><td>20.6</td></tr><tr><td>December.........</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>135.6</td><td>53.5</td><td>19.6</td><td>8.3</td><td>28.1</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March.........</td><td>235.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>137.7</td><td>54.9</td><td>20.4</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.9</td></tr><tr><td>June.........</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>153.1</td><td>59.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September.........</td><td>262.6</td><td>107.3</td><td>84.0</td><td>23.3</td><td>155.2</td><td>60.7</td><td>22.5</td><td>10.0</td><td>29.9</td><td>5.5</td><td>26.6</td></tr><tr><td>December.........</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>163.6</td><td>64.8</td><td>24.4</td><td>10.7</td><td>30.2</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February(peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.6</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>28.0</td></tr><tr><td>March.........</td><td>276.6</td><td>112.8</td><td>90.2</td><td>22.6</td><td>163.8</td><td>64.8</td><td>25.0</td><td>11.2</td><td>28.0</td><td>6.7</td><td>28.2</td></tr><tr><td>June.........</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>161.7</td><td>64.1</td><td>25.3</td><td>11.5</td><td>25.3</td><td>6.5</td><td>29.1</td></tr><tr><td>September.........</td><td>265.8</td><td>104.3</td><td>80.2</td><td>24.0</td><td>161.5</td><td>64.0</td><td>25.4</td><td>11.7</td><td>23.6</td><td>6.4</td><td>30.4</td></tr><tr><td>December.........</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>161.6</td><td>64.9</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.3</td><td>30.9</td></tr><tr><td>1947-January.........</td><td>260.0</td><td>97.9</td><td>73.9</td><td>23.9</td><td>162.2</td><td>65.5</td><td>25.4</td><td>11.9</td><td>21.9</td><td>6.4</td><td>31.2</td></tr><tr><td>February.........</td><td>261.6</td><td>96.8</td><td>72.7</td><td>24.1</td><td>164.8</td><td>66.0</td><td>25.4</td><td>12.0</td><td>23.7</td><td>6.4</td><td>31.3</td></tr><tr><td>March.........</td><td>259.3</td><td>94.1</td><td>71.5</td><td>22.6</td><td>165.2</td><td>66.5</td><td>25.1</td><td>12.0</td><td>23.3</td><td>6.7</td><td>31.6</td></tr><tr><td>April.........</td><td>257.9</td><td>93.5</td><td>71.6</td><td>21.9</td><td>164.4</td><td>66.8</td><td>25.1</td><td>12.0</td><td>22.0</td><td>6.9</td><td>31.6</td></tr><tr><td>May.........</td><td>258.5</td><td>92.8</td><td>70.7</td><td>22.1</td><td>165.8</td><td>67.0</td><td>25.2</td><td>12.0</td><td>22.5</td><td>7.0</td><td>32.2</td></tr><tr><td>June.........</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>166.5</td><td>67.1</td><td>25.0</td><td>12.1</td><td>22.3</td><td>7.1</td><td>32.8</td></tr><tr><td>July.........</td><td>259.5</td><td>91.9</td><td>70.4</td><td>21.5</td><td>167.6</td><td>67.4</td><td>25.0</td><td>12.2</td><td>22.5</td><td>7.1</td><td>33.3</td></tr><tr><td>August.........</td><td>260.2</td><td>91.9</td><td>69.7</td><td>22.2</td><td>168.3</td><td>67.6</td><td>24.9</td><td>12.2</td><td>22.7</td><td>7.2</td><td>33.7</td></tr><tr><td>September.........</td><td>259.2</td><td>92.2</td><td>69.8</td><td>22.3</td><td>167.0</td><td>66.7</td><td>24.7</td><td>12.1</td><td>22.4</td><td>7.2</td><td>33.9</td></tr><tr><td>October.........</td><td>259.2</td><td>92.0</td><td>69.8</td><td>22.2</td><td>167.2</td><td>66.8</td><td>24.9</td><td>12.2</td><td>22.2</td><td>7.2</td><td>33.9</td></tr><tr><td>November.........</td><td>258.3</td><td>91.5</td><td>69.3</td><td>22.2</td><td>166.8</td><td>66.6</td><td>24.7</td><td>12.1</td><td>22.0</td><td>7.3</td><td>34.2</td></tr><tr><td>December.........</td><td>257.0</td><td>91.1</td><td>68.6</td><td>22.6</td><td>165.8</td><td>66.5</td><td>24.3</td><td>12.0</td><td>21.5</td><td>7.3</td><td>34.4</td></tr><tr><td>1948-January p....</td><td>256.7</td><td>90.8</td><td>68.9</td><td>21.9</td><td>165.9</td><td>66.5</td><td>24.1</td><td>12.0</td><td>21.4</td><td>7.2</td><td>34.6</td></tr></table>
Note: Beginning with this issue of the "Treasury Bulletin" date on ownership of Federal securities are presented on the basis of gross public debt and guaranteed obligations outstanding rather than interest-bearing debt. For all practical purposes the addition to the former series of matured debt and debt bearing no interest affects only the holdings by individuals and by "Other corporations and associations", since other investors hold negligible amounts of these securities. 1/ United States savings bonds, Series A-D, E, and F, are included at current redemption values. 2/ Includes all securities issued or guaranteed by the U. S. Government, but excludes guaranteed securities held by the Treasury; includes matured debt and debt bearing no interest, as well as interest-bearing debt. 3/ Consists of commercial banks, trust companies, and stock savings banks
in the United States and in Territories and insular possessions. Figures exclude securities held in trust departments. 4/ 5/ Includes partnerships and personal trust accounts. Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning with December 1946 figures include investments by the International Bank for Reconstruction and Development and International Monetary Fund in special noninterest-bearing notes issued by the U.S. Government. 6/ See footnote 2 to Table 1, preceding. 7/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions. Preliminary.
30
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1948
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. Figures for December 31, 1947, appear in the current issue of the "Treasury Bulletin".
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 - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(In millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,293 commercial banks 2/</th><th>33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th></th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable</td><td>104,945</td><td>61,136</td><td>452</td><td>11,593</td><td>19,189</td><td>3,468</td><td>27,240</td><td>41,866</td></tr><tr><td>Public nonmarketable 4/</td><td>59,937</td><td>1,346</td><td>14</td><td>430</td><td>440</td><td>292</td><td>136</td><td>57,235</td></tr><tr><td>Special issues</td><td>29,148</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,148</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>254,030</td><td>62,482</td><td>467</td><td>12,024</td><td>19,629</td><td>3,760</td><td>56,524</td><td>99,101</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,621 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total securities issued or guaranteed by the U. S. Government 6/</td><td>256,651</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,293 commercial banks 2/</th><th>33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td colspan="8">Type of security:</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>14,838</td><td>3,087</td><td>5</td><td>39</td><td>326</td><td>31</td><td>9,782</td><td>1,568</td></tr><tr><td>Certificates of indebtedness</td><td>20,677</td><td>6,704</td><td>8</td><td>275</td><td>73</td><td>278</td><td>5,916</td><td>7,423</td></tr><tr><td>Treasury notes</td><td>11,375</td><td>5,154</td><td>14</td><td>129</td><td>38</td><td>233</td><td>1,546</td><td>4,261</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,226</td><td>45,095</td><td>224</td><td>2,786</td><td>2,723</td><td>1,446</td><td>3,942</td><td>12,011</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>49,636</td><td>1,073</td><td>198</td><td>8,363</td><td>16,017</td><td>1,479</td><td>6,018</td><td>16,488</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>164</td><td>14</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>114</td></tr><tr><td>Guaranteed by U. S. Government 3/</td><td>28</td><td>9</td><td>2</td><td>2</td><td>12</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Total</td><td>164,945</td><td>61,136</td><td>452</td><td>11,593</td><td>19,189</td><td>3,468</td><td>27,240</td><td>41,866</td></tr><tr><td colspan="8">Call classes:</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>53,428</td><td>19,242</td><td>40</td><td>657</td><td>467</td><td>663</td><td>17,562</td><td>14,796</td></tr><tr><td>1 to 5 years</td><td>46,413</td><td>31,340</td><td>114</td><td>1,908</td><td>2,078</td><td>863</td><td>2,169</td><td>7,942</td></tr><tr><td>5 to 10 years</td><td>10,270</td><td>5,980</td><td>73</td><td>570</td><td>536</td><td>306</td><td>864</td><td>1,940</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,121</td><td>89</td><td>2,967</td><td>1,695</td><td>757</td><td>1,266</td><td>4,231</td></tr><tr><td>15 to 20 years</td><td>41,481</td><td>2,444</td><td>134</td><td>5,490</td><td>14,201</td><td>877</td><td>5,378</td><td>12,956</td></tr><tr><td>Over 20 years</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>28</td><td>9</td><td>2</td><td>2</td><td>12</td><td>1</td><td>*</td><td>1</td></tr><tr><td>Total</td><td>164,945</td><td>61,136</td><td>452</td><td>11,593</td><td>19,189</td><td>3,468</td><td>27,240</td><td>41,866</td></tr><tr><td colspan="8">Tax status: 3/</td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>164</td><td>14</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>114</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16,612</td><td>12,421</td><td>99</td><td>68</td><td>32</td><td>551</td><td>1,218</td><td>2,224</td></tr><tr><td>Subject to Federal income taxes 2/</td><td>148,169</td><td>48,701</td><td>353</td><td>11,525</td><td>19,157</td><td>2,917</td><td>25,986</td><td>39,529</td></tr><tr><td>Total</td><td>164,945</td><td>61,136</td><td>452</td><td>11,593</td><td>19,189</td><td>3,468</td><td>27,240</td><td>41,866</td></tr></table>
Footnotes at end of Section II.
April 1948
31
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax statue & 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>7,293 commercial banks 2/</th><th>33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>14,838</td><td>3,087</td><td>5</td><td>39</td><td>326</td><td>31</td><td>9,782</td><td>1,568</td></tr><tr><td colspan="9">Certificates of indebtedness:</td></tr><tr><td>7/5 February 1948-B.....(taxable)</td><td>3,947</td><td>1,152</td><td>1</td><td>41</td><td>24</td><td>29</td><td>1,627</td><td>1,072</td></tr><tr><td>7/5 March 1948-C.....(taxable)</td><td>2,142</td><td>911</td><td>2</td><td>56</td><td>7</td><td>31</td><td>290</td><td>845</td></tr><tr><td>7/5 April 1948-D.....(taxable)</td><td>1,321</td><td>459</td><td>1</td><td>8</td><td>2</td><td>9</td><td>110</td><td>732</td></tr><tr><td>7/5 June 1948-I.....(taxable)</td><td>1,777</td><td>402</td><td>1</td><td>18</td><td>5</td><td>15</td><td>317</td><td>1,019</td></tr><tr><td>7/5 July 1948-F.....(taxable)</td><td>2,742</td><td>561</td><td>1</td><td>16</td><td>13</td><td>26</td><td>1,401</td><td>724</td></tr><tr><td>7/5 July 1948-G.....(taxable)</td><td>1,127</td><td>292</td><td>*</td><td>2</td><td>5</td><td>10</td><td>532</td><td>285</td></tr><tr><td>7/5 July 1948-E.....(taxable)</td><td>2,209</td><td>458</td><td>1</td><td>7</td><td>3</td><td>28</td><td>1,046</td><td>666</td></tr><tr><td>1% October 1948-J.....(taxable)</td><td>1,354</td><td>581</td><td>*</td><td>20</td><td>3</td><td>28</td><td>165</td><td>557</td></tr><tr><td>1% October 1948-K.....(taxable)</td><td>1,467</td><td>519</td><td>*</td><td>13</td><td>10</td><td>32</td><td>314</td><td>579</td></tr><tr><td>1-1/5 January 1949-A.....(taxable)</td><td>2,592</td><td>1,368</td><td>*</td><td>93</td><td>3</td><td>71</td><td>113</td><td>944</td></tr><tr><td>Total certificates of indebtedness</td><td>20,677</td><td>6,704</td><td>8</td><td>275</td><td>73</td><td>278</td><td>5,916</td><td>7,423</td></tr><tr><td colspan="9">Treasury notes:</td></tr><tr><td>1-1/25 September 1948-A.....(taxable)</td><td>3,748</td><td>2,091</td><td>6</td><td>57</td><td>3</td><td>71</td><td>580</td><td>941</td></tr><tr><td>1% October 1948-B.....(taxable)</td><td>4,092</td><td>1,692</td><td>6</td><td>36</td><td>9</td><td>96</td><td>962</td><td>1,290</td></tr><tr><td>1-1/5 January 1949-A.....(taxable)</td><td>3,535</td><td>1,371</td><td>2</td><td>36</td><td>26</td><td>66</td><td>5</td><td>2,029</td></tr><tr><td>Total Treasury notes</td><td>11,375</td><td>5,154</td><td>14</td><td>129</td><td>38</td><td>233</td><td>1,546</td><td>4,261</td></tr><tr><td colspan="9">Treasury bonds:</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>2% March 1948-50.....(taxable)</td><td>1,115</td><td>710</td><td>1</td><td>83</td><td>5</td><td>19</td><td>50</td><td>248</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>1,223</td><td>876</td><td>2</td><td>16</td><td>4</td><td>27</td><td>147</td><td>151</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>3,062</td><td>1,903</td><td>4</td><td>110</td><td>21</td><td>54</td><td>66</td><td>904</td></tr><tr><td>2-1/25 September 1948.....(partially)</td><td>451</td><td>367</td><td>3</td><td>4</td><td>*</td><td>8</td><td>*</td><td>69</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>571</td><td>428</td><td>3</td><td>1</td><td>*</td><td>14</td><td>19</td><td>107</td></tr><tr><td>2% June 1949-51.....(taxable)</td><td>1,014</td><td>787</td><td>1</td><td>65</td><td>14</td><td>14</td><td>10</td><td>183</td></tr><tr><td>2% September 1949-51.....(taxable)</td><td>1,292</td><td>983</td><td>1</td><td>74</td><td>34</td><td>20</td><td>12</td><td>168</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>2,098</td><td>1,507</td><td>5</td><td>63</td><td>63</td><td>32</td><td>25</td><td>402</td></tr><tr><td>3-1/5 December 1949-52.....(partially)</td><td>491</td><td>370</td><td>1</td><td>3</td><td>11</td><td>13</td><td>39</td><td>55</td></tr><tr><td>2-1/25 December 1949-53.....(partially)</td><td>1,786</td><td>1,394</td><td>3</td><td>5</td><td>2</td><td>35</td><td>168</td><td>178</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,963</td><td>1,466</td><td>4</td><td>64</td><td>144</td><td>36</td><td>27</td><td>222</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>4,939</td><td>3,076</td><td>12</td><td>167</td><td>347</td><td>87</td><td>224</td><td>1,027</td></tr><tr><td>2-1/25 September 1950-52.....(partially)</td><td>1,186</td><td>1,019</td><td>2</td><td>5</td><td>1</td><td>39</td><td>89</td><td>31</td></tr><tr><td>1-1/25 December 1950.....(taxable)</td><td>2,635</td><td>1,613</td><td>2</td><td>29</td><td>*</td><td>40</td><td>*</td><td>951</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>1,627</td><td>1,277</td><td>10</td><td>6</td><td>1</td><td>41</td><td>137</td><td>154</td></tr><tr><td>2% September 1951-53.....(taxable)</td><td>7,986</td><td>5,160</td><td>21</td><td>421</td><td>310</td><td>141</td><td>497</td><td>1,436</td></tr><tr><td>2% September 1951-55.....(partially)</td><td>755</td><td>418</td><td>1</td><td>3</td><td>*</td><td>32</td><td>72</td><td>230</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>510</td><td>374</td><td>2</td><td>11</td><td>23</td><td>11</td><td>7</td><td>83</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>1,118</td><td>965</td><td>1</td><td>*</td><td>1</td><td>28</td><td>87</td><td>36</td></tr><tr><td>2-1/25 March 1952-54.....(taxable)</td><td>1,024</td><td>533</td><td>2</td><td>168</td><td>19</td><td>14</td><td>90</td><td>198</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>5,825</td><td>3,906</td><td>18</td><td>236</td><td>389</td><td>96</td><td>263</td><td>916</td></tr><tr><td>2% December 1952-54.....(taxable)</td><td>8,662</td><td>5,645</td><td>24</td><td>430</td><td>561</td><td>155</td><td>333</td><td>1,514</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>1,501</td><td>906</td><td>2</td><td>160</td><td>155</td><td>29</td><td>90</td><td>159</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>725</td><td>672</td><td>*</td><td>1</td><td>*</td><td>22</td><td>16</td><td>13</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>681</td><td>584</td><td>4</td><td>1</td><td>1</td><td>28</td><td>6</td><td>57</td></tr><tr><td>2-7/15 March 1955-60.....(partially)</td><td>2,611</td><td>1,526</td><td>33</td><td>3</td><td>2</td><td>85</td><td>190</td><td>771</td></tr><tr><td>2-1/25 March 1956-58.....(taxable)</td><td>1,449</td><td>746</td><td>9</td><td>107</td><td>294</td><td>14</td><td>115</td><td>165</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>982</td><td>749</td><td>15</td><td>12</td><td>2</td><td>46</td><td>65</td><td>92</td></tr><tr><td>2-1/4% September 1956-59.....(taxable)</td><td>3,823</td><td>1,703</td><td>13</td><td>446</td><td>237</td><td>110</td><td>472</td><td>842</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>919</td><td>695</td><td>12</td><td>3</td><td>2</td><td>52</td><td>74</td><td>80</td></tr><tr><td>2-3/4% December 1960-65.....(partially)</td><td>1,485</td><td>1,081</td><td>10</td><td>4</td><td>4</td><td>79</td><td>109</td><td>200</td></tr><tr><td>2-1/25 September 1967-72.....(taxable)</td><td>2,716</td><td>1,716</td><td>3</td><td>87</td><td>73</td><td>23</td><td>444</td><td>370</td></tr><tr><td>Total bank eligible</td><td>68,226</td><td>45,095</td><td>224</td><td>2,786</td><td>2,723</td><td>1,446</td><td>3,942</td><td>12,011</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP,
JANUARY 31, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues - (Continued)
(Par value-in Millions of dollars)
<table><tr><th>Issue (Tax status & is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th></th><th></th><th>7,293 commercial banks 2/</th><th>33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="8">Treasury bonds - (continued)</td></tr><tr><td colspan="8">Bank restricted: 1/</td></tr><tr><td>2-1/4% June 1959-62....(taxable)</td><td>5,284</td><td>94</td><td>31</td><td>1,810</td><td>574</td><td>350</td><td>469</td><td>1,957</td></tr><tr><td>2-1/4% December 1959-62....(taxable)</td><td>3,470</td><td>233</td><td>23</td><td>746</td><td>349</td><td>214</td><td>344</td><td>1,560</td></tr><tr><td>2-1/4% June 1962-67....(taxable)</td><td>2,118</td><td>17</td><td>14</td><td>404</td><td>966</td><td>62</td><td>271</td><td>386</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>2,831</td><td>3</td><td>8</td><td>518</td><td>1,276</td><td>74</td><td>348</td><td>605</td></tr><tr><td>2-1/2% June 1964-69....(taxable)</td><td>3,761</td><td>5</td><td>19</td><td>954</td><td>1,550</td><td>90</td><td>195</td><td>347</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>3,838</td><td>8</td><td>16</td><td>639</td><td>1,675</td><td>100</td><td>295</td><td>1,105</td></tr><tr><td>2-1/2% March 1965-70....(taxable)</td><td>5,197</td><td>57</td><td>17</td><td>330</td><td>2,476</td><td>86</td><td>845</td><td>1,387</td></tr><tr><td>2-1/2% March 1966-71....(taxable)</td><td>3,481</td><td>54</td><td>13</td><td>256</td><td>1,531</td><td>55</td><td>678</td><td>892</td></tr><tr><td>2-1/2% June 1967-72....(taxable)</td><td>7,967</td><td>67</td><td>22</td><td>1,223</td><td>2,995</td><td>136</td><td>972</td><td>2,552</td></tr><tr><td>2-1/2% December 1967-72....(taxable)</td><td>11,689</td><td>535</td><td>37</td><td>1,482</td><td>2,625</td><td>311</td><td>1,601</td><td>5,098</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>1,073</td><td>198</td><td>8,363</td><td>16,017</td><td>1,479</td><td>6,018</td><td>16,488</td></tr><tr><td>Total Treasury bonds</td><td>117,863</td><td>46,168</td><td>423</td><td>11,149</td><td>18,740</td><td>2,925</td><td>9,959</td><td>28,499</td></tr><tr><td colspan="8">Other bonds:</td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>114</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>64</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Total other bonds</td><td>164</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>114</td></tr><tr><td colspan="8">Guaranteed securities: 6/</td></tr><tr><td>Federal Housing Administration debentures.....(taxable10/)</td><td>28</td><td>9</td><td>2</td><td>2</td><td>12</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>164,945</td><td>61,136</td><td>452</td><td>11,593</td><td>19,189</td><td>3,468</td><td>27,240</td><td>41,866</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities, by Issues
(Par values 11/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 3/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investore covered in Treasury Survey</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,293 commercial banks 2/</th><th>33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C 1938-D.... (12/)</td><td>2,704</td><td>120</td><td>*</td><td>4</td><td>3</td><td>6</td><td>*</td><td>2,570</td></tr><tr><td>Series E.... (taxable)</td><td>31,226</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31,225</td></tr><tr><td>Series F.... (taxable)</td><td>3,196</td><td>225</td><td>1</td><td>12</td><td>21</td><td>24</td><td>1</td><td>2,901</td></tr><tr><td>Series O.... (taxable)</td><td>15,354</td><td>481</td><td>7</td><td>292</td><td>125</td><td>214</td><td>13</td><td>14,222</td></tr><tr><td>Total United States savings bonds.......</td><td>52,479</td><td>826</td><td>8</td><td>308</td><td>149</td><td>254</td><td>15</td><td>50,919</td></tr><tr><td>Treasury savings notes.... (taxable)</td><td>5,403</td><td>44</td><td>2</td><td>*</td><td>1</td><td>3</td><td>21</td><td>5,331</td></tr><tr><td>Depository bonds.... (taxable)</td><td>321</td><td>287</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>34</td></tr><tr><td>Armed forces leave bonds.... (taxable)</td><td>720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>720</td></tr><tr><td>Treasury bonds, investment series.... (taxable)</td><td>970</td><td>188</td><td>3</td><td>122</td><td>289</td><td>35</td><td>100</td><td>231</td></tr><tr><td>Guaranteed securities: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.... (taxable)</td><td>44</td><td>4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4/</td></tr><tr><td>Total public commarketable securities 4/......</td><td>59,937</td><td>1,346</td><td>14</td><td>430</td><td>440</td><td>292</td><td>136</td><td>57,235</td></tr></table>
Footnotes at end of Section II.
April 1948
33
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1948
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status & 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,293 commercial banks 2/</th><th>Banks 1/ 33 stock savings banks</th><th>533 mutual savings banks</th><th>309 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td colspan="9">Federal Intermediate Credit Banks:</td></tr><tr><td>Debatures......(taxable)</td><td>750</td><td>267</td><td>1</td><td>3</td><td>*</td><td>14</td><td>-</td><td>74</td></tr><tr><td colspan="9">Federal Home Loan Banks:</td></tr><tr><td>1-3/8 February 1948 (Notes)....(taxable)</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>1-1/4 April 1948 (Bonds)....(taxable)</td><td>140</td><td>110</td><td>1</td><td>4</td><td>*</td><td>*</td><td>-</td><td>25</td></tr><tr><td>1-1/4 September 1948 (Notes)....(taxable)</td><td>85</td><td>61</td><td>*</td><td>2</td><td>1</td><td>*</td><td>-</td><td>21</td></tr><tr><td>1-3/4 January 1949 (Notes)....(taxable)</td><td>97</td><td>58</td><td>*</td><td>3</td><td>*</td><td>1</td><td>-</td><td>34</td></tr><tr><td>Total Federal Home Loan Bank securities....</td><td>331</td><td>238</td><td>1</td><td>9</td><td>1</td><td>2</td><td>-</td><td>81</td></tr><tr><td colspan="9">Federal Land Banks: 13/</td></tr><tr><td>1-1/2 October 1948-50 (Bonds)....(taxable)</td><td>154</td><td>129</td><td>1</td><td>2</td><td>*</td><td>2</td><td>-</td><td>20</td></tr><tr><td>1-1/8 May 1950-52 (Bonds)....(taxable)</td><td>209</td><td>153</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>54</td></tr><tr><td>1-1/2 January 1951-53 (Bonds)....(taxable)</td><td>189</td><td>158</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>30</td></tr><tr><td>2-1/4 February 1953-55 (Bonds)....(taxable)</td><td>114</td><td>92</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal Land Bank bonds.......</td><td>666</td><td>533</td><td>1</td><td>7</td><td>1</td><td>4</td><td>-</td><td>120</td></tr><tr><td>Total issued by Federal agencies but not guaranteed by the U. S. Government.......</td><td>1,347</td><td>1,038</td><td>3</td><td>18</td><td>2</td><td>11</td><td>-</td><td>275</td></tr></table>
1/ Includes trust departments.
2/ Includes trust companies.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ C. C. C. demand obligations in the amount of $14 million, all held by commercial banks, are shown only in the total amount outstanding; data for reporting banks are not available.
5/ Information for reporting agencies not available.
6/ Includes guaranteed securities held by the Treasury.
7/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see footnotes to Table 2 under "Debt Outstanding".
8/ 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.
9/10/ Includes F. H. A. debentures; see footnote 10.
A small indeterminate amount of those debentures is partially tax-exempt.
11/ United States savings bonds, Series C-1938, D, E, and F, are shown at current redemption values. They were reported at maturity value by the banks and insurance companies included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
12/ Savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
13/ The proprietary interest of the United States in these banks ended on June 28, 1947.
* Less than $500,000.
34
Treasury Bulletin
TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, 1947
The tables which follow provide an analysis of the security holdings of commercial banks reporting in the Treasury survey of ownership of the securities issued by the United States Government and by Federal agencies. They show the total holdings distributed according to whether or not the banks owning them are members of the Federal Reserve System, and according to the class of
membership of the banks which are members of the System.
This analysis of bank ownership was first published in the March 1944 issue of the "Treasury Bulletin", based on the survey data for December 31, 1943. It has appeared at semiannual or quarterly intervals since that time. Currently, the analysis is published for the June 30 and December 31 survey data.
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,299 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,546 nonmember commercial banks</th></tr><tr><th>Total 4,753 member commercial banks</th><th colspan="4">Central reserve city banks</th><th>347 reserve city banks</th><th>4,355 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>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>60,925</td><td>53,827</td><td>14,593</td><td>11,764</td><td>2,829</td><td>19,627</td><td>19,607</td><td>7,098</td></tr><tr><td>Nonmarketable 2/</td><td>1,364</td><td>1,041</td><td>82</td><td>57</td><td>25</td><td>223</td><td>736</td><td>323</td></tr><tr><td>Total public securities 2/</td><td>62,289</td><td>54,868</td><td>14,674</td><td>11,821</td><td>2,854</td><td>19,851</td><td>20,343</td><td>7,421</td></tr></table>
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 7,299 commercial banks 1/</th><th>Total 4,753 member commercial banks</th><th colspan="5">Member commercial banks</th><th>2,546 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th>347 reserve city banks</th><th>4,355 country banks</th><th></th></tr><tr><td>Type of security:</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>2,052</td><td>1,908</td><td>1,136</td><td>1,003</td><td>132</td><td>387</td><td>385</td><td>144</td></tr><tr><td>Certificates of indebtedness</td><td>6,530</td><td>5,413</td><td>919</td><td>684</td><td>235</td><td>2,346</td><td>2,143</td><td>1,117</td></tr><tr><td>Treasury notes</td><td>5,315</td><td>4,523</td><td>784</td><td>542</td><td>242</td><td>1,890</td><td>1,849</td><td>792</td></tr><tr><td>Treasury bonds - bank eligible</td><td>45,807</td><td>41,080</td><td>11,730</td><td>9,527</td><td>2,203</td><td>14,860</td><td>14,490</td><td>4,727</td></tr><tr><td>Treasury bonds - bank restricted 3/</td><td>1,195</td><td>881</td><td>23</td><td>7</td><td>15</td><td>136</td><td>723</td><td>314</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>15</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td><td>3</td></tr><tr><td>Guaranteed by United States</td><td>13</td><td>11</td><td>*</td><td>*</td><td>*</td><td>6</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>60,925</td><td>53,827</td><td>14,593</td><td>11,764</td><td>2,829</td><td>19,627</td><td>19,607</td><td>7,098</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>16,816</td><td>14,539</td><td>3,862</td><td>3,188</td><td>674</td><td>5,510</td><td>5,167</td><td>2,277</td></tr><tr><td>1 to 5 years</td><td>33,307</td><td>29,692</td><td>8,284</td><td>6,948</td><td>1,336</td><td>10,709</td><td>10,699</td><td>3,615</td></tr><tr><td>5 to 10 years</td><td>6,019</td><td>5,482</td><td>1,736</td><td>1,238</td><td>497</td><td>2,010</td><td>1,736</td><td>537</td></tr><tr><td>10 to 15 years</td><td>2,150</td><td>1,923</td><td>533</td><td>275</td><td>258</td><td>771</td><td>620</td><td>227</td></tr><tr><td>15 to 20 years</td><td>2,620</td><td>2,180</td><td>178</td><td>114</td><td>64</td><td>621</td><td>1,380</td><td>441</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>13</td><td>11</td><td>*</td><td>*</td><td>*</td><td>6</td><td>5</td><td>2</td></tr><tr><td>Total</td><td>60,925</td><td>53,827</td><td>14,593</td><td>11,764</td><td>2,829</td><td>19,627</td><td>19,607</td><td>7,098</td></tr><tr><td>Tax status: 4/</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>15</td><td>11</td><td>*</td><td>*</td><td>*</td><td>3</td><td>8</td><td>3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>12,538</td><td>11,789</td><td>4,390</td><td>3,376</td><td>1,014</td><td>4,874</td><td>2,524</td><td>749</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>48,373</td><td>42,027</td><td>10,202</td><td>8,388</td><td>1,814</td><td>14,750</td><td>17,075</td><td>6,346</td></tr><tr><td>Total</td><td>60,925</td><td>53,827</td><td>14,593</td><td>11,764</td><td>2,829</td><td>19,627</td><td>19,607</td><td>7,098</td></tr></table>
Footnotes at end of Section II.
April 1948
35
TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, 1947
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 3.- Public Marketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status is shown in parentheses)</th><th>Total 7,299 commercial banks 1/</th><th>Total 4,753 member commercial banks</th><th colspan="4">Member commercial banks</th><th>347 reserve city banks</th><th>4,355 country banks</th><th>2,546 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>2,052</td><td>1,908</td><td>1,136</td><td>1,003</td><td>132</td><td>387</td><td>385</td><td>144</td></tr><tr><td colspan="9">Certificates of indebtedness:</td></tr><tr><td>7/8% January 1948-A.....(taxable)</td><td>1,369</td><td>1,162</td><td>257</td><td>186</td><td>71</td><td>549</td><td>356</td><td>207</td></tr><tr><td>7/8% February 1948-B.....(taxable)</td><td>1,074</td><td>927</td><td>153</td><td>115</td><td>38</td><td>445</td><td>329</td><td>147</td></tr><tr><td>7/8% March 1948-C.....(taxable)</td><td>840</td><td>687</td><td>116</td><td>80</td><td>36</td><td>304</td><td>267</td><td>153</td></tr><tr><td>7/8% April 1948-D.....(taxable)</td><td>441</td><td>349</td><td>51</td><td>35</td><td>16</td><td>126</td><td>172</td><td>92</td></tr><tr><td>7/8% June 1948-E.....(taxable)</td><td>386</td><td>312</td><td>35</td><td>30</td><td>5</td><td>137</td><td>141</td><td>74</td></tr><tr><td>7/8% July 1948-F.....(taxable)</td><td>542</td><td>435</td><td>43</td><td>40</td><td>3</td><td>178</td><td>214</td><td>107</td></tr><tr><td>7/8% July 1948-G.....(taxable)</td><td>295</td><td>232</td><td>21</td><td>20</td><td>1</td><td>82</td><td>129</td><td>63</td></tr><tr><td>1% July 1948-H.....(taxable)</td><td>453</td><td>385</td><td>110</td><td>98</td><td>13</td><td>127</td><td>148</td><td>68</td></tr><tr><td>1% October 1948-I.....(taxable)</td><td>584</td><td>467</td><td>73</td><td>57</td><td>17</td><td>191</td><td>203</td><td>117</td></tr><tr><td>1% October 1948-J.....(taxable)</td><td>545</td><td>456</td><td>60</td><td>25</td><td>36</td><td>207</td><td>189</td><td>89</td></tr><tr><td>Total certificates of indebtedness</td><td>6,530</td><td>5,413</td><td>919</td><td>684</td><td>235</td><td>2,346</td><td>2,148</td><td>1,117</td></tr><tr><td colspan="9">Treasury notes:</td></tr><tr><td>1-1/2% September 1948-A.....(taxable)</td><td>2,150</td><td>1,808</td><td>239</td><td>178</td><td>61</td><td>693</td><td>876</td><td>342</td></tr><tr><td>1% October 1948-B.....(taxable)</td><td>1,733</td><td>1,452</td><td>253</td><td>188</td><td>65</td><td>593</td><td>607</td><td>281</td></tr><tr><td>1-1/8% January 1949-A.....(taxable)</td><td>1,432</td><td>1,263</td><td>292</td><td>177</td><td>116</td><td>605</td><td>366</td><td>169</td></tr><tr><td>Total Treasury notes</td><td>5,315</td><td>4,523</td><td>784</td><td>542</td><td>242</td><td>1,890</td><td>1,849</td><td>792</td></tr><tr><td colspan="9">Treasury bonds: Bank eligible:</td></tr><tr><td>2% March 1948-50.....(taxable)</td><td>709</td><td>653</td><td>270</td><td>265</td><td>5</td><td>193</td><td>190</td><td>56</td></tr><tr><td>2-3/4% March 1948-51.....(partially)</td><td>894</td><td>851</td><td>422</td><td>388</td><td>34</td><td>299</td><td>130</td><td>43</td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>1,919</td><td>1,682</td><td>374</td><td>292</td><td>81</td><td>604</td><td>644</td><td>237</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>371</td><td>346</td><td>124</td><td>93</td><td>30</td><td>138</td><td>85</td><td>25</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>445</td><td>416</td><td>126</td><td>96</td><td>29</td><td>196</td><td>94</td><td>29</td></tr><tr><td>2% June 1949-51.....(taxable)</td><td>734</td><td>656</td><td>195</td><td>175</td><td>21</td><td>191</td><td>270</td><td>77</td></tr><tr><td>2% September 1949-51.....(taxable)</td><td>1,014</td><td>932</td><td>326</td><td>242</td><td>84</td><td>348</td><td>259</td><td>82</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>1,514</td><td>1,350</td><td>270</td><td>197</td><td>73</td><td>504</td><td>516</td><td>164</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>372</td><td>356</td><td>174</td><td>119</td><td>56</td><td>138</td><td>43</td><td>16</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,393</td><td>1,320</td><td>432</td><td>403</td><td>29</td><td>633</td><td>255</td><td>74</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,481</td><td>1,315</td><td>371</td><td>327</td><td>44</td><td>475</td><td>469</td><td>166</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>3,244</td><td>2,887</td><td>1,028</td><td>870</td><td>158</td><td>880</td><td>978</td><td>357</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>1,048</td><td>971</td><td>334</td><td>292</td><td>43</td><td>402</td><td>234</td><td>77</td></tr><tr><td>1-1/2% December 1950.....(taxable)</td><td>1,631</td><td>1,309</td><td>79</td><td>39</td><td>40</td><td>419</td><td>811</td><td>322</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>1,281</td><td>1,228</td><td>559</td><td>497</td><td>62</td><td>457</td><td>212</td><td>53</td></tr><tr><td>2% September 1951-53.....(taxable)</td><td>5,227</td><td>4,584</td><td>1,161</td><td>956</td><td>206</td><td>1,580</td><td>1,843</td><td>643</td></tr><tr><td>3% September 1951-55.....(partially)</td><td>422</td><td>399</td><td>180</td><td>144</td><td>36</td><td>130</td><td>89</td><td>23</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>381</td><td>319</td><td>65</td><td>58</td><td>7</td><td>90</td><td>164</td><td>62</td></tr><tr><td>2-1/4% December 1951-53.....(Partially)</td><td>971</td><td>921</td><td>256</td><td>183</td><td>74</td><td>426</td><td>238</td><td>50</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>541</td><td>474</td><td>168</td><td>138</td><td>31</td><td>143</td><td>162</td><td>67</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>4,016</td><td>3,597</td><td>966</td><td>886</td><td>80</td><td>1,177</td><td>1,454</td><td>419</td></tr><tr><td>2% December 1952-54.....(taxable)</td><td>5,679</td><td>4,999</td><td>1,209</td><td>1,066</td><td>144</td><td>1,803</td><td>1,987</td><td>680</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>926</td><td>813</td><td>216</td><td>183</td><td>33</td><td>247</td><td>349</td><td>114</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>668</td><td>618</td><td>150</td><td>50</td><td>100</td><td>274</td><td>194</td><td>50</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>587</td><td>534</td><td>155</td><td>105</td><td>50</td><td>238</td><td>142</td><td>53</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>1,559</td><td>1,474</td><td>666</td><td>553</td><td>114</td><td>561</td><td>247</td><td>85</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>755</td><td>677</td><td>196</td><td>190</td><td>5</td><td>175</td><td>307</td><td>78</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>744</td><td>696</td><td>288</td><td>180</td><td>108</td><td>259</td><td>150</td><td>48</td></tr><tr><td>2-1/4% September 1956-59.....(taxable)</td><td>1,706</td><td>1,483</td><td>282</td><td>161</td><td>121</td><td>504</td><td>697</td><td>223</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>695</td><td>637</td><td>232</td><td>143</td><td>88</td><td>258</td><td>147</td><td>58</td></tr><tr><td>2-3/4% December 1960-65.....(partially)</td><td>1,087</td><td>1,022</td><td>293</td><td>131</td><td>162</td><td>466</td><td>264</td><td>65</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>1,793</td><td>1,562</td><td>163</td><td>108</td><td>56</td><td>532</td><td>867</td><td>231</td></tr><tr><td>Total bank eligible</td><td>45,807</td><td>41,080</td><td>11,730</td><td>9,527</td><td>2,203</td><td>14,860</td><td>14,490</td><td>4,727</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
36
Treasury Bulletin
TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, 1947
Section I
Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 3.- Public Marketable Securities, by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status is shown in parentheses)</th><th rowspan="2">Total 7,299 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,546 nonmember commercial banks</th></tr><tr><th>Total 4,753 member commercial banks</th><th colspan="4">Central reserve city banks</th><th>347 reserve city banks</th><th>4,355 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds - (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>97</td><td>59</td><td>3</td><td>1</td><td>3</td><td>7</td><td>48</td><td>38</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>259</td><td>198</td><td>5</td><td>1</td><td>4</td><td>39</td><td>154</td><td>61</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>11</td><td>7</td><td>·</td><td>·</td><td>·</td><td>·</td><td>7</td><td>4</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>3</td><td>1</td><td>·</td><td>·</td><td>·</td><td>·</td><td>1</td><td>2</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>5</td><td>2</td><td>·</td><td>·</td><td>·</td><td>1</td><td>1</td><td>3</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>8</td><td>2</td><td>·</td><td>·</td><td>·</td><td>·</td><td>1</td><td>6</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>60</td><td>40</td><td>·</td><td>·</td><td>·</td><td>3</td><td>37</td><td>20</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>56</td><td>43</td><td>·</td><td>·</td><td>·</td><td>7</td><td>36</td><td>13</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>82</td><td>59</td><td>2</td><td>·</td><td>2</td><td>5</td><td>51</td><td>23</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>615</td><td>471</td><td>11</td><td>5</td><td>6</td><td>73</td><td>386</td><td>144</td></tr><tr><td>Total bank restricted</td><td>1,195</td><td>881</td><td>23</td><td>7</td><td>15</td><td>136</td><td>723</td><td>314</td></tr><tr><td>Total Treasury bonds</td><td>47,001</td><td>41,961</td><td>11,753</td><td>9,534</td><td>2,218</td><td>14,995</td><td>15,213</td><td>5,040</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>14</td><td>10</td><td>·</td><td>·</td><td>·</td><td>2</td><td>8</td><td>3</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>1</td><td>1</td><td>·</td><td>·</td><td>·</td><td>·</td><td>·</td><td>·</td></tr><tr><td>Total other bonds</td><td>15</td><td>11</td><td>·</td><td>·</td><td>·</td><td>3</td><td>8</td><td>3</td></tr><tr><td>Guaranteed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 6/)</td><td>13</td><td>11</td><td>·</td><td>·</td><td>·</td><td>6</td><td>5</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>60,925</td><td>53,827</td><td>14,593</td><td>11,764</td><td>2,829</td><td>19,627</td><td>19,607</td><td>7,098</td></tr></table>
Footnotes at end of Section 11.
Table 4.- Public Nonmarketable Securities, by Issues
(Par value $1 - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,299 commercial banks 1/</th><th>Total 4,753 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,546 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th>347 reserve city banks</th><th>4,355 country banks</th><th></th></tr><tr><td>United States savings bonds: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C-D.....................(g/)</td><td>136</td><td>92</td><td>*</td><td>*</td><td>*</td><td>6</td><td>85</td><td>44</td></tr><tr><td>Series F....................(taxable)</td><td>225</td><td>146</td><td>1</td><td>*</td><td>1</td><td>13</td><td>132</td><td>79</td></tr><tr><td>Series O....................(taxable)</td><td>479</td><td>343</td><td>3</td><td>1</td><td>2</td><td>29</td><td>311</td><td>136</td></tr><tr><td>Total United States savings bonds</td><td>840</td><td>581</td><td>5</td><td>2</td><td>3</td><td>48</td><td>529</td><td>259</td></tr><tr><td>Treasury savings notes.............(taxable)</td><td>46</td><td>39</td><td>25</td><td>18</td><td>6</td><td>5</td><td>9</td><td>7</td></tr><tr><td>Depository bonds................(taxable)</td><td>290</td><td>269</td><td>38</td><td>32</td><td>6</td><td>111</td><td>119</td><td>21</td></tr><tr><td>Treasury bonds, investment series.....(taxable)</td><td>187</td><td>152</td><td>14</td><td>4</td><td>10</td><td>59</td><td>78</td><td>35</td></tr><tr><td>Total public nonmarketable securities 2/</td><td>1,364</td><td>1,041</td><td>82</td><td>57</td><td>25</td><td>223</td><td>736</td><td>323</td></tr></table>
Footnotes at end of Section II.
April 1948
37
TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, 1947
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,299 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th>2,546 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,753 member commercial banks</th><th colspan="4">Central reserves city banks</th><th>347 reserve city banks</th><th>4,355 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 51 central reserve city banks</th><th>37 New York City banks</th><th>14 Chicago banks</th><th></th><th></th><th></th></tr><tr><td><b>Federal Intermediate Credit Banks:</b> Debentures......(taxable)</td><td>270</td><td>232</td><td>73</td><td>61</td><td>12</td><td>89</td><td>70</td><td>38</td></tr><tr><td><b>Federal Home Loan Banks:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8 February 1948 (Notes).....(taxable)</td><td>37</td><td>37</td><td>24</td><td>16</td><td>8</td><td>13</td><td>*</td><td>*</td></tr><tr><td>1-1/4 April 1948 (Bonds)......(taxable)</td><td>109</td><td>90</td><td>15</td><td>10</td><td>6</td><td>40</td><td>35</td><td>18</td></tr><tr><td>1-1/4 September 1948 (Notes)....(taxable)</td><td>59</td><td>52</td><td>11</td><td>7</td><td>4</td><td>23</td><td>18</td><td>8</td></tr><tr><td>Total Federal Home Loan Bank securities.....</td><td>205</td><td>179</td><td>50</td><td>33</td><td>17</td><td>76</td><td>52</td><td>26</td></tr><tr><td><b>Federal Land Banks:</b> 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1948-50 (Bonds)....(taxable)</td><td>131</td><td>114</td><td>10</td><td>8</td><td>2</td><td>51</td><td>53</td><td>17</td></tr><tr><td>1-1/4 May 1950-52 (Bonds).....(taxable)</td><td>152</td><td>128</td><td>11</td><td>5</td><td>5</td><td>53</td><td>64</td><td>23</td></tr><tr><td>1-1/24 January 1951-53 (Bonds)....(taxable)</td><td>160</td><td>144</td><td>20</td><td>18</td><td>2</td><td>67</td><td>57</td><td>16</td></tr><tr><td>2-1/4 February 1953-55 (Bonds)....(taxable)</td><td>94</td><td>81</td><td>6</td><td>4</td><td>2</td><td>33</td><td>42</td><td>13</td></tr><tr><td>Total Federal Land Bank bonds.....</td><td>536</td><td>467</td><td>47</td><td>35</td><td>12</td><td>204</td><td>216</td><td>69</td></tr><tr><td>Total issued by Federal agencies but not guaranteed by the U. S. Government.....</td><td>1,010</td><td>877</td><td>170</td><td>129</td><td>41</td><td>370</td><td>338</td><td>133</td></tr></table>
1/ Includes trust companies but excludes securities held in trust departments.
2/ Excludes C.O.C. demand obligations in the amount of $43 million, all held by commercial banks; date for reporting banks are not available.
3/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see footnotes to Table 2 under "Debt Outstanding".
4/ 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.
5/ Includes F.E.A. debentures; see footnote 6.
6/ A small indeterminate amount of these debentures is partially tax-exempt.
7/ United States savings bonds, Series C, D, and F, are shown at current redemption values. They were reported at maturity value by the banks included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
8/ Savings bonds sold prior to March 1, 1941, are partially tax-exempt those sold on and after that date are taxable.
9/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
Treasury Bulletin
MARKET QUOTATIONS, FEBRUARY 27, 1948
38
Market quotations shown here are over-the-counter closing quotations in the New York market for the last trading day of the month. The securities listed in Section I include all public marketable securities issued or guaranteed by the United States Government except those not regularly quoted in the market. The la-
sues excluded are postal savings bonds and Federal Housing Administration debentures. The latter are the only public marketable interest-bearing guaranteed securities outstanding. Section II lists the public marketable securities issued by Federal agencies but not guaranteed by the United States Government.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1. - Treasury Bills (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>$1,201</td><td>3/4/48</td><td>12/4/47</td><td>.96</td><td>.86</td><td>.91</td><td>-.01</td></tr><tr><td>1,205</td><td>3/11/48</td><td>12/11/47</td><td>.96</td><td>.86</td><td>.91</td><td>-.02</td></tr><tr><td>1,302</td><td>3/18/48</td><td>12/18/47</td><td>.97</td><td>.90</td><td>.94</td><td>.00</td></tr><tr><td>1,103</td><td>3/25/48</td><td>12/25/47</td><td>.97</td><td>.91</td><td>.94</td><td>.00</td></tr><tr><td>1,304</td><td>4/1/48</td><td>1/2/48</td><td>.97</td><td>.91</td><td>.94</td><td>.00</td></tr><tr><td>1,305</td><td>4/8/48</td><td>1/8/48</td><td>.98</td><td>.92</td><td>.95</td><td>+.01</td></tr><tr><td>1,003</td><td>4/15/48</td><td>1/15/48</td><td>.98</td><td>.92</td><td>.95</td><td>.00</td></tr><tr><td>1,003</td><td>4/22/48</td><td>1/22/48</td><td>.99</td><td>.93</td><td>.96</td><td>.00</td></tr><tr><td>1,001</td><td>4/29/48</td><td>1/29/48</td><td>.99</td><td>.93</td><td>.96</td><td>-.01</td></tr><tr><td>903</td><td>5/6/48</td><td>2/5/48</td><td>.99</td><td>.95</td><td>.97</td><td>-</td></tr><tr><td>1,000</td><td>5/13/48</td><td>2/13/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,001</td><td>5/20/48</td><td>2/19/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,106</td><td>5/27/48</td><td>2/26/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr></table>
Table 2.- Certificates and Notes (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th colspan="2">Description</th><th>Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th></tr><tr><th></th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th></tr><tr><td colspan="8">Certificates of indebtedness</td></tr><tr><td>$2,142</td><td>7/8</td><td>- 3/1/48-c</td><td>3/1/47</td><td>1/8</td><td>1/8</td><td>1/8</td><td>-.02</td></tr><tr><td>1,321</td><td>7/8</td><td>- 4/1/48-d</td><td>4/1/47</td><td>.80</td><td>.72</td><td>.76</td><td>-.02</td></tr><tr><td>1,777</td><td>7/8</td><td>- 6/1/48-e</td><td>6/1/47</td><td>.95</td><td>.91</td><td>.93</td><td>.00</td></tr><tr><td>2,742</td><td>7/8</td><td>- 7/1/48-f</td><td>7/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>1,127</td><td>7/8</td><td>- 7/1/48-g</td><td>8/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>2,209</td><td>7/8</td><td>- 7/1/48-h</td><td>9/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>1,354</td><td>1</td><td>- 10/1/48-j</td><td>10/1/47</td><td>1.04</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>1,467</td><td>1</td><td>- 10/1/48-k</td><td>11/1/47</td><td>1.04</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>2,592</td><td>1-1/8</td><td>- 1/1/49-a</td><td>1/1/48</td><td>1.10</td><td>1.08</td><td>1.09</td><td>-.01</td></tr><tr><td>2,189</td><td>1-1/8</td><td>- 2/1/49-b</td><td>2/1/48</td><td>1.10</td><td>1.08</td><td>1.09</td><td>-.01</td></tr><tr><td>2/</td><td>1-1/8</td><td>- 3/1/49-c</td><td>3/1/48</td><td>1.11</td><td>1.09</td><td>1.10</td><td>.00</td></tr><tr><td colspan="8">Treasury notes</td></tr><tr><td>3,748</td><td>1-1/8</td><td>- 9/15/48-a</td><td>3/15/44</td><td>1.04</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>4,092</td><td>1</td><td>- 10/1/48-b</td><td>9/15/47</td><td>1.04</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>3,535</td><td>1-1/8</td><td>- 1/1/49-a</td><td>12/1/47</td><td>1.10</td><td>1.08</td><td>1.09</td><td>-.01</td></tr></table>
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount out-standing (Millions)</th><th>Description</th><th colspan="4">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1947-1948</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="11">Treasury bonds - bank eligible</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr><tr><td>$1,115</td><td>2 3/4 - 3/15/48-50 4/</td><td>1.25%</td><td>1.25%</td><td>1.25%</td><td>4/</td><td>4/</td><td>4/</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.03</td><td>2/13/48</td><td>101.09</td><td>2/3/47</td><td>100.03</td><td>2/13/48</td></tr><tr><td>3,062</td><td>1-3/4 - 6/15/48</td><td>100.06</td><td>100.08</td><td>100.07</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>1/23/47</td><td>100.07</td><td>2/27/48</td></tr><tr><td>1,014</td><td>2 - 6/15/49-51</td><td>101.02</td><td>101.04</td><td>101.03</td><td>-.01</td><td>1.14</td><td>-.03</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>1/22/47</td><td>101.03</td><td>2/27/48</td></tr><tr><td>1,292</td><td>2 - 9/15/49-51</td><td>101.04</td><td>101.06</td><td>101.05</td><td>.00</td><td>1.24</td><td>-.03</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>1/22/47</td><td>101.05</td><td>2/27/48</td></tr><tr><td>2,093</td><td>2 - 12/15/49-51</td><td>101.08</td><td>101.10</td><td>101.09</td><td>.00</td><td>1.27</td><td>-.03</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>1/22/47</td><td>101.09</td><td>2/27/48</td></tr><tr><td>1,963</td><td>2 - 3/15/50-52</td><td>101.13</td><td>101.15</td><td>101.14</td><td>+.01</td><td>1.28</td><td>-.04</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>1/22/47</td><td>101.12</td><td>12/23/47</td></tr><tr><td>4,939</td><td>2 - 9/15/50-52</td><td>101.13</td><td>100.15</td><td>101.14</td><td>+.01</td><td>1.42</td><td>-.03</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>102.26</td><td>3/27/47</td><td>101.13</td><td>2/26/48</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50</td><td>100.14</td><td>100.16</td><td>100.15</td><td>+.02</td><td>1.33</td><td>-.03</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.06</td><td>12/24/47</td><td>101.11</td><td>3/24/47</td><td>100.06</td><td>12/24/47</td></tr><tr><td>7,936</td><td>2 - 9/15/51-53</td><td>101.13</td><td>101.15</td><td>101.14</td><td>+.01</td><td>1.58</td><td>-.02</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>103.01</td><td>3/27/47</td><td>101.13</td><td>2/26/48</td></tr><tr><td>510</td><td>2 - 12/15/51-55</td><td>101.12</td><td>101.14</td><td>101.13</td><td>.00</td><td>1.62</td><td>.00</td><td>12/15/41</td><td>104.25</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>103.05</td><td>4/9/47</td><td>101.13</td><td>2/27/48</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>103.06</td><td>103.08</td><td>103.07</td><td>+.02</td><td>1.67</td><td>-.03</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>105.13</td><td>3/27/47</td><td>103.05</td><td>2/13/48</td></tr><tr><td>5,325</td><td>2 - 6/15/52-54</td><td>101.09</td><td>101.11</td><td>101.10</td><td>+.01</td><td>1.68</td><td>-.01</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>4/9/47</td><td>101.09</td><td>2/26/48</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>102.05</td><td>102.07</td><td>102.06</td><td>+.01</td><td>1.72</td><td>-.02</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>4/9/47</td><td>102.05</td><td>2/26/48</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>101.06</td><td>101.08</td><td>101.07</td><td>+.02</td><td>1.73</td><td>-.02</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>4/9/47</td><td>101.05</td><td>2/26/48</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>103.07</td><td>103.09</td><td>103.08</td><td>+.14</td><td>2.06</td><td>-.06</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>3/24/47</td><td>102.25</td><td>1/27/48</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59</td><td>101.19</td><td>101.21</td><td>101.20</td><td>+.11</td><td>2.04</td><td>-.05</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>9/3/47</td><td>101.09</td><td>2/9/48</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 5/</td><td>101.09</td><td>101.11</td><td>101.10</td><td>+.09</td><td>2.42</td><td>-.01</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>8/27/47</td><td>101.01</td><td>2/9/48</td></tr><tr><td colspan="11">Treasury bonds - bank restricted 6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5,284</td><td>2-1/4$ - 6/15/59-62</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.25</td><td>.00</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>2/27/48</td><td>102.29</td><td>5/12/47</td><td>100.01</td><td>2/27/48</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.25</td><td>.00</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>2/27/48</td><td>102.29</td><td>5/12/47</td><td>100.01</td><td>2/27/48</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>101.08</td><td>101.10</td><td>101.09</td><td>.00</td><td>2.39</td><td>.00</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>4/9/47</td><td>101.09</td><td>2/27/48</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68 5/</td><td>101.00</td><td>101.02</td><td>101.01</td><td>.00</td><td>2.42</td><td>.00</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.11</td><td>4/9/47</td><td>101.01</td><td>2/27/48</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69 5/</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</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>4/9/47</td><td>100.25</td><td>2/27/48</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/64-69 5/</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</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>4/9/47</td><td>100.25</td><td>2/27/48</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 5/</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</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>4/9/47</td><td>100.25</td><td>2/27/48</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 5/</td><td>100.16</td><td>100.18</td><td>100.17</td><td>.00</td><td>2.46</td><td>.00</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>104.26</td><td>4/9/47</td><td>100.17</td><td>2/27/48</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 5/</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48</td><td>.00</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>2/27/48</td><td>103.20</td><td>4/9/47</td><td>100.09</td><td>2/27/48</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 5/</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48</td><td>.00</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>2/27/48</td><td>103.19</td><td>4/9/47</td><td>100.09</td><td>2/27/48</td></tr></table>
1/ Quoted on a price basis at par from February 20, through February 26, 1948; prior thereto quoted on a yield basis. Not quoted on February 27. 
2/ Not issued until after February 27, 1948; for amount, see Table 3 under "Debt Operations". 
1/ Prices represent the mean of closing bid and ask quotations in the over-
the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. (Continued on following page)
April 1948
39
MARKET QUOTATIONS,
FEBRUARY 27, 1948
Section
I - Securities Issued or Guaranteed by the United States Government
Ta
ble 4.- Tax-Exempt Bonds
(Price de
cimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th colspan="2">Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="4">Price range 3/</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th>To first call</th><th>Change from last month</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds</td><td colspan="10"></td><th colspan="4">In 1947-1948</th></tr><tr><td>$1,223</td><td>2-3/4 - 3/15/48-51 1/2</td><td>1.25$</td><td>-</td><td>1.25$</td><td>1/2</td><td>1/2</td><td>1/2</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>1/4/47</td><td>100.05</td><td>2/13/48</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-.04</td><td>.81%</td><td>-.01%</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.29</td><td>2/27/48</td><td>102.28</td><td>1/23/47</td><td>100.29</td><td>2/27/48</td></tr><tr><td>571</td><td>2 - 12/15/48-50</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-.02</td><td>.85</td><td>-.02</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>100.29</td><td>2/27/48</td><td>102.11</td><td>1/25/47</td><td>100.29</td><td>2/27/48</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-52</td><td>103.24</td><td>103.28</td><td>103.26</td><td>.00</td><td>.97</td><td>-.09</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>1/2/47</td><td>103.26</td><td>2/27/48</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>102.20</td><td>102.24</td><td>102.22</td><td>.02</td><td>.98</td><td>-.10</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>1/28/47</td><td>102.19</td><td>1/28/48</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>103.15</td><td>103.19</td><td>103.17</td><td>.06</td><td>1.09</td><td>-.11</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>2/20/47</td><td>103.10</td><td>1/16/48</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>104.24</td><td>104.28</td><td>104.26</td><td>.06</td><td>1.25</td><td>-.09</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>2/8/47</td><td>104.19</td><td>1/14/48</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>105.25</td><td>105.29</td><td>105.27</td><td>.05</td><td>1.30</td><td>-.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>2/10/47</td><td>105.22</td><td>2/11/48</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>103.15</td><td>103.19</td><td>103.17</td><td>.06</td><td>1.29</td><td>-.07</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>2/8/47</td><td>103.11</td><td>2/3/48</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.06</td><td>103.14</td><td>103.10</td><td>.18</td><td>1.35</td><td>-.12</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>2/5/47</td><td>102.16</td><td>12/30/47</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>104.08</td><td>104.16</td><td>104.12</td><td>.22</td><td>1.52</td><td>-.12</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>3/27/47</td><td>103.22</td><td>1/30/48</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>107.28</td><td>108.04</td><td>108.00</td><td>.30</td><td>1.67</td><td>-.14</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>2/4/47</td><td>106.12</td><td>12/30/47</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>107.30</td><td>108.08</td><td>108.03</td><td>1.13</td><td>1.73</td><td>-.18</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>1/28/47</td><td>106.08</td><td>12/31/47</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>107.26</td><td>108.02</td><td>107.30</td><td>1.08</td><td>1.90</td><td>-.13</td><td>6/15/38</td><td>117.04</td><td>1/25/46</td><td>99.15</td><td>9/25/39</td><td>113.30</td><td>3/17/47</td><td>106.14</td><td>1/26/48</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>107.26</td><td>108.02</td><td>107.30</td><td>.28</td><td>2.04</td><td>-.08</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>9/2/47</td><td>106.28</td><td>1/27/48</td></tr><tr><td>50</td><td>Panama Canal bonds</td><td>120.00</td><td>121.08</td><td>120.20</td><td>.24</td><td>1.31</td><td>-.06</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>1/18/47</td><td>119.28</td><td>2/3/48</td></tr></table>
Section II
Securities Issued by Federal Agencies but not Guaranteed by the United States Government
Table
1. Debentures: Federal Intermediate Credit Banks (Taxable)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description 8/</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description 8/</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><th>Bid</th><th>Ask</th><th>Mean</th></tr><tr><td>$29</td><td>1.10% - 3/1/48</td><td>6/2/47</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>$34</td><td>1.15% - 7/1/48</td><td>10/1/47</td><td>1.45%</td><td>1.30%</td><td>1.38%</td><td>+1.0%</td></tr><tr><td>10</td><td>1.25 - 3/1/48</td><td>12/1/47</td><td>3/</td><td>3/</td><td>3/</td><td>3/</td><td>20</td><td>1.20 - 8/2/48</td><td>11/1/47</td><td>1.50</td><td>1.35</td><td>1.42</td><td>+1.2</td></tr><tr><td>54</td><td>1.10 - 4/1/48</td><td>7/1/47</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>+0.2%</td><td>38</td><td>1.25 - 9/1/48</td><td>12/1/47</td><td>1.55</td><td>1.40</td><td>1.48</td><td>+1.3</td></tr><tr><td>30</td><td>1.15 - 5/1/48</td><td>8/1/47</td><td>1.35</td><td>1.20</td><td>1.28</td><td>+0.3</td><td>45</td><td>1.35 - 10/1/48</td><td>1/2/48</td><td>1.60</td><td>1.45</td><td>1.52</td><td>+1.2</td></tr><tr><td>49</td><td>1.15 - 6/1/48</td><td>9/2/47</td><td>1.40</td><td>1.25</td><td>1.32</td><td>+0.7</td><td>58</td><td>1.55 - 11/1/48</td><td>2/2/48</td><td>1.65</td><td>1.50</td><td>1.58</td><td>-</td></tr></table>
Ta
ble 2.- Notes and Bonds (Taxable)
(Price d
ecimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Prices</th><th rowspan="2">Yield Change from last month</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">Price range 3/</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th colspan="2">Since first traded</th><th colspan="2">In 1947-1948</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>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></tr><tr><td colspan="8">Federal Home Loan Bank securities</td></tr><tr><td>$140</td><td>1-1/4% - 4/15/48 (Bonds)</td><td>99.30</td><td>100.02</td><td>100.00</td><td>.00</td><td>1.24%</td><td>10/15/46</td><td>100.01</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>4/11/47</td><td>99.30</td><td>1/14/48</td></tr><tr><td>85</td><td>1-1/4 - 9/15/48-A(Notes)</td><td>99.28</td><td>100.00</td><td>99.30</td><td>+01</td><td>1.35</td><td>9/15/47</td><td>100.02</td><td>10/10/47</td><td>99.28</td><td>2/20/48</td><td>100.02</td><td>10/10/47</td><td>99.28</td><td>2/20/48</td></tr><tr><td>97</td><td>1-3/4 - 1/20/49-A(Notes)</td><td>100.05</td><td>100.09</td><td>100.07</td><td>.00</td><td>1.49</td><td>1/20/48</td><td>100.07</td><td>2/27/48</td><td>100.02</td><td>1/14/48</td><td>100.07</td><td>2/27/48</td><td>100.02</td><td>1/14/48</td></tr><tr><td colspan="8">Federal Land Bank bonds 10/</td></tr><tr><td>154</td><td>1-1/2% - 10/1/48-50</td><td>99.22</td><td>100.00</td><td>99.27</td><td>.00</td><td>1.56 11/</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>99.23</td><td>2/16/48</td><td>100.16</td><td>2/5/47</td><td>99.23</td><td>2/16/48</td></tr><tr><td>209</td><td>1-1/4 - 5/1/50-52</td><td>96.28</td><td>97.08</td><td>97.02</td><td>.00</td><td>1.99 11/</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>2/16/48</td><td>99.23</td><td>9/9/47</td><td>96.30</td><td>2/16/48</td></tr><tr><td>188</td><td>1-1/2 - 1/1/51-53</td><td>97.28</td><td>98.08</td><td>98.02</td><td>.00</td><td>1.92 11/</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>97.30</td><td>2/16/48</td><td>100.13</td><td>9/9/47</td><td>97.30</td><td>2/16/48</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>100.04</td><td>100.20</td><td>100.12</td><td>-10</td><td>2.17</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>100.08</td><td>2/16/48</td><td>103.16</td><td>4/9/47</td><td>100.08</td><td>2/16/48</td></tr></table>
(Continued from preceding page)
4/ Called on November 14, 1947, for redemption on March 15, 1948.
Quoted on a yield basis beginning February 16, 1948.
5/ Included in the average yield of long-term taxable Treasury bonds as shown in Table 1 under "Yields of Treasury and Corporate Bonds".
6/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
1/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
8/ These securities are not shown until date of issue.
9/ Not quoted February 27, 1948.
10/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal land banks ceased on June 26, 1947.
11/ 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.
40
Treasury Bulletin
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-D
April 1948
41
YIELDS ON TREASURY AND CORPORATE BONDS
Table 1.- Average Yields on Long-Term Bonds by Periods
(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</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Annual series - calendar year averages of monthly series
<table><tr><td>1933</td><td>3.31</td><td>-</td><td>4.38</td><td>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/2</td><td>2.37</td><td>2.54</td></tr><tr><td>1934</td><td>3.12</td><td>-</td><td>3.93</td><td>1940</td><td>2.26</td><td>-</td><td>2.77</td><td>1946</td><td>-</td><td>2.19</td><td>2.11</td></tr><tr><td>1935</td><td>2.79</td><td>-</td><td>3.46</td><td>1941</td><td>2.05</td><td>-</td><td>2.67</td><td>1947</td><td>-</td><td>2.25</td><td>2.57 3/4</td></tr><tr><td>1936</td><td>2.69</td><td>-</td><td>3.19</td><td>1942</td><td>2.09</td><td>2.46</td><td>2.75</td><td></td><td></td><td></td><td></td></tr><tr><td>1937</td><td>2.74</td><td>-</td><td>3.27</td><td>1943</td><td>1.98</td><td>2.47</td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>1938</td><td>2.61</td><td>-</td><td>3.12</td><td>1944</td><td>1.92</td><td>2.48</td><td>2.60 2/3</td><td></td><td></td><td></td><td></td></tr></table>
Monthly series - average of daily figures
<table><tr><td>1942-Jan.</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1944-May</td><td>1.94</td><td>2.49</td><td>2.58</td><td>1946-Sept.</td><td>....</td><td>2.28</td><td>2.50</td></tr><tr><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td><td>Oct.</td><td>....</td><td>2.26</td><td>2.51</td></tr><tr><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td><td>Nov.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Dec.</td><td>....</td><td>2.24</td><td>2.55</td></tr><tr><td>May.</td><td>2.06</td><td>2.45</td><td>2.76</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>1947-Jan.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>June.</td><td>2.04</td><td>2.43</td><td>2.75</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Feb.</td><td>....</td><td>2.21</td><td>2.48</td></tr><tr><td>July.</td><td>2.04</td><td>2.46</td><td>2.74</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 2/</td><td>Mar.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td>Apr.</td><td>....</td><td>2.19</td><td>2.49 1/</td></tr><tr><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td><td>May.</td><td>....</td><td>2.19</td><td>2.49</td></tr><tr><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td><td>June.</td><td>....</td><td>2.22</td><td>2.50</td></tr><tr><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td><td>July.</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td><td>Aug.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td><td>Sept.</td><td>....</td><td>2.24</td><td>2.57</td></tr><tr><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td><td>Oct.</td><td>....</td><td>2.27</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td><td>Nov.</td><td>....</td><td>2.36</td><td>2.75</td></tr><tr><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td><td>Dec.</td><td>....</td><td>2.39</td><td>2.86</td></tr><tr><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td><td>1948-Jan.</td><td>....</td><td>2.35</td><td>2.85</td></tr><tr><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td><td>Feb.</td><td>....</td><td>2.45</td><td>2.84</td></tr><tr><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Dec.</td><td>1.51 1/</td><td>2.33</td><td>2.54</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>1946-Jan.</td><td>....</td><td>2.21</td><td>2.43</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>Feb.</td><td>....</td><td>2.12</td><td>2.35</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Mar.</td><td>....</td><td>2.09</td><td>2.35</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Apr.</td><td>....</td><td>2.08</td><td>2.37</td><td></td><td></td><td></td><td></td></tr><tr><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>May.</td><td>....</td><td>2.19</td><td>2.44</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>June</td><td>....</td><td>2.16</td><td>2.42</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>July</td><td>....</td><td>2.18</td><td>2.41</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Aug.</td><td>....</td><td>2.23</td><td>2.44</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - averages of daily figures
<table><tr><td>1947-Sept. 6....</td><td>....</td><td>2.23</td><td>2.53</td><td>1947-Nov. 1....</td><td>....</td><td>2.31</td><td>2.68</td><td>1948-Jan. 3....</td><td>....</td><td>2.45</td><td>2.92</td></tr><tr><td>13....</td><td>....</td><td>2.24</td><td>2.55</td><td>8....</td><td>....</td><td>2.34</td><td>2.70</td><td>10....</td><td>....</td><td>2.45</td><td>2.85</td></tr><tr><td>20....</td><td>....</td><td>2.23</td><td>2.58</td><td>15....</td><td>....</td><td>2.36</td><td>2.74</td><td>17....</td><td>....</td><td>2.45</td><td>2.84</td></tr><tr><td>27....</td><td>....</td><td>2.24</td><td>2.60</td><td>22....</td><td>....</td><td>2.36</td><td>2.78</td><td>24....</td><td>....</td><td>2.45</td><td>2.84</td></tr><tr><td></td><td></td><td></td><td></td><td>29....</td><td>....</td><td>2.37</td><td>2.80</td><td>31....</td><td>....</td><td>2.45</td><td>2.87</td></tr><tr><td>Oct. 4....</td><td>....</td><td>2.24</td><td>2.64</td><td>Dec. 6....</td><td>....</td><td>2.37</td><td>2.84</td><td>Feb. 7....</td><td>....</td><td>2.45</td><td>2.86</td></tr><tr><td>11....</td><td>....</td><td>2.24</td><td>2.66</td><td>13....</td><td>....</td><td>2.37</td><td>2.86</td><td>14....</td><td>....</td><td>2.45</td><td>2.85</td></tr><tr><td>18....</td><td>....</td><td>2.26</td><td>2.70</td><td>20....</td><td>....</td><td>2.37</td><td>2.84</td><td>21....</td><td>....</td><td>2.45</td><td>2.83</td></tr><tr><td>25....</td><td>....</td><td>2.28</td><td>2.68</td><td>27....</td><td>....</td><td>2.41</td><td>2.89</td><td>28....</td><td>....</td><td>2.45</td><td>2.81</td></tr></table>
Daily series
<table><tr><td>1948-Feb.</td><td>2......</td><td>......</td><td>2.45</td><td>2.86</td><td>1948-Feb. 11......</td><td>......</td><td>2.45</td><td>2.85</td><td>1948-Feb. 20......</td><td>......</td><td>2.45</td><td>2.82</td></tr><tr><td></td><td>3......</td><td>......</td><td>2.45</td><td>2.87</td><td>12......</td><td>......</td><td>2.45</td><td>2.84</td><td>21......</td><td>......</td><td>2.45</td><td>2.82</td></tr><tr><td></td><td>4......</td><td>......</td><td>2.45</td><td>2.87</td><td>13......</td><td>......</td><td>2.45</td><td>2.84</td><td></td><td>......</td><td></td><td></td></tr><tr><td></td><td>5......</td><td>......</td><td>2.45</td><td>2.87</td><td>14......</td><td>......</td><td>2.84</td><td>2.84</td><td></td><td>......</td><td></td><td></td></tr><tr><td></td><td>6......</td><td>......</td><td>2.45</td><td>2.86</td><td></td><td>......</td><td></td><td></td><td>23......</td><td>......</td><td>2.45</td><td>2.81</td></tr><tr><td></td><td>7......</td><td>......</td><td>2.45</td><td>2.85</td><td>16......</td><td>......</td><td>2.45</td><td>2.84</td><td>24......</td><td>......</td><td>2.45</td><td>2.81</td></tr><tr><td></td><td></td><td>......</td><td></td><td></td><td>17......</td><td>......</td><td>2.45</td><td>2.83</td><td>25......</td><td>......</td><td>2.45</td><td>2.81</td></tr><tr><td></td><td>9......</td><td>......</td><td>2.45</td><td>2.85</td><td>18......</td><td>......</td><td>2.45</td><td>2.83</td><td>26......</td><td>......</td><td>2.45</td><td>2.80</td></tr><tr><td></td><td>10......</td><td>......</td><td>2.45</td><td>2.85</td><td>19......</td><td>......</td><td>2.45</td><td>2.83</td><td>27......</td><td>......</td><td>2.45</td><td>2.80</td></tr><tr><td></td><td></td><td>......</td><td></td><td></td><td></td><td>......</td><td></td><td></td><td>28......</td><td>......</td><td>2.50</td><td></td></tr></table>
Note: The Treasury bond yield averages include only bonds which are neither due nor callable for fifteen years. For a discussion of the composition of these averages, see the "Treasury Bulletin" for March 1944, page 58; for the composition of the high-grade corporate bond average, see the "Treasury Bulletin" for July 1947, page 59, and January 1945, page 56. 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. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. 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.
1/ For definition of taxable and partially tax-exempt bonds, see foot-notes to the "Treasury Survey of Ownership" in this issue of the "Treasury Bulletin". The partially tax-exempt series was discontinued on December 15, 1945, because there were no longer any bonds in this category with fifteen or more years to maturity or first call.
2/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.56%.
3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%.
4/ Market closed.
42
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Office of the Technical Staff
F-220-F
Treasury Bulletin
April 1948
43
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
(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 1/</th><th>Miscellaneous profits taxes 3/</th><th>Total employment taxes</th><th>Social security taxes Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></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>605,750</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,111,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>29,020,054</td><td>19,343,297</td><td>9,621,274</td><td>55,483</td><td>2,024,365</td><td>1,458,934</td><td>185,876</td><td>379,555</td></tr><tr><td>1947-July</td><td>2,125,762</td><td>-557,485</td><td>2,683,247</td><td>1,850,976</td><td>1,430,437</td><td>418,256</td><td>2,282</td><td>148,287</td><td>138,716</td><td>2,893</td><td>6,679</td></tr><tr><td>August</td><td>2,662,365</td><td>-185,930</td><td>2,848,295</td><td>1,877,563</td><td>1,557,312</td><td>318,942</td><td>1,309</td><td>319,154</td><td>269,195</td><td>9,634</td><td>40,325</td></tr><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><tr><td>November</td><td>2,690,251</td><td>-115,007</td><td>2,805,258</td><td>1,830,129</td><td>1,557,824</td><td>270,799</td><td>1,505</td><td>294,585</td><td>254,554</td><td>8,633</td><td>31,398</td></tr><tr><td>December</td><td>3,677,741</td><td>+877,373</td><td>2,800,368</td><td>1,932,104</td><td>443,994</td><td>1,487,118</td><td>992</td><td>111,936</td><td>7,669</td><td>1,406</td><td>102,861</td></tr><tr><td>1948-January</td><td>3,944,051</td><td>-261,582</td><td>4,205,633</td><td>3,473,292</td><td>2,982,974</td><td>489,691</td><td>627</td><td>98,213</td><td>68,597</td><td>25,902</td><td>3,713</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax 5/</th><th>Estates 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 6/</th></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</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>1,075,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,063,854</td><td>1,597</td><td>779,291</td><td>2,474,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,550,842</td></tr><tr><td>1947-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><tr><td>November</td><td>680,544</td><td>50</td><td>53,768</td><td>256,449</td><td>103,222</td><td>6,668</td><td>148,971</td><td>111,416</td></tr><tr><td>December</td><td>756,328</td><td>42</td><td>65,394</td><td>207,120</td><td>93,386</td><td>6,612</td><td>214,902</td><td>168,872</td></tr><tr><td>1948-January</td><td>634,128</td><td>12</td><td>72,231</td><td>160,466</td><td>102,777</td><td>7,187</td><td>183,091</td><td>108,364</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax.
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 profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, repealed for years ending after June 30, 1946, the profit limiting provisions of the Vianon Act, and prior to July 1947 the tax on unjust enrichment. Beginning July 1947 the tax on unjust enrichment is included with repealed taxes under "Miscellaneous taxes". 5/ Repealed for years ending after June 30, 1945. 6/ 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.
44
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Office of the Secretary of the Treasury, Office of the Technical Staff
Includes miscellaneous profits taxes
8-185-H
April 1948
45
INTERNAL REVENUE COLLECTIONS
Table 2. - Details
of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>January 1947</th><th>January 1948</th><th colspan="2">First 7 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>9,857,466</td><td>9,842,028</td><td>656,887</td><td>645,057</td><td>5,214,504</td><td>6,015,025</td></tr><tr><td>Revenue Act of 1942</td><td>123</td><td>254</td><td>2</td><td>7</td><td>183</td><td>74</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,430,377</td><td>8,950,272</td><td>2,098,526</td><td>2,256,527</td><td>4,267,842</td><td>4,189,500</td></tr><tr><td>Back</td><td>416,571</td><td>550,743</td><td>97,908</td><td>81,383</td><td>311,404</td><td>356,922</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>2,853,323</td><td>2,982,974</td><td>9,793,993</td><td>10,561,521</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>3,901,917</td><td>5,441,776</td><td>153,917</td><td>228,139</td><td>2,090,553</td><td>4,210,804</td></tr><tr><td>Back</td><td>738,032</td><td>613,320</td><td>96,304</td><td>245,030</td><td>292,081</td><td>517,658</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>265,906</td><td>16,522</td><td>3,169,303</td><td>217,479</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>516,127</td><td>489,691</td><td>5,551,937</td><td>4,945,940</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 4/</td><td>91,130</td><td>55,185</td><td>5,898</td><td>611</td><td>40,797</td><td>8,187</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>16</td><td>-</td><td>16</td></tr><tr><td>Unjust enrichment</td><td>35</td><td>298</td><td>-</td><td>5/</td><td>297</td><td>5/</td></tr><tr><td>Total miscellaneous profits taxes</td><td>91,165</td><td>55,483</td><td>5,898</td><td>627</td><td>41,094</td><td>8,202</td></tr><tr><td>Total income and profits taxes</td><td>31,258,138</td><td>29,020,054</td><td>3,375,348</td><td>3,473,292</td><td>15,387,024</td><td>15,515,663</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</td><td>1,237,825</td><td>1,458,934</td><td>76,950</td><td>68,597</td><td>786,211</td><td>873,770</td></tr><tr><td>Unemployment insurance</td><td>178,745</td><td>185,876</td><td>30,157</td><td>25,902</td><td>56,544</td><td>52,563</td></tr><tr><td>Total Social security taxes</td><td>1,416,570</td><td>1,644,810</td><td>107,107</td><td>94,500</td><td>842,755</td><td>926,333</td></tr><tr><td>Railroad retirement</td><td>284,258</td><td>379,555</td><td>1,849</td><td>3,713</td><td>171,201</td><td>277,999</td></tr><tr><td>Total employment taxes</td><td>1,700,828</td><td>2,024,365</td><td>108,956</td><td>98,213</td><td>1,013,956</td><td>1,204,332</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax 6/</td><td>352,121</td><td>1,597</td><td>101</td><td>12</td><td>807</td><td>221</td></tr><tr><td>Estate tax</td><td>629,601</td><td>708,794</td><td>60,985</td><td>70,380</td><td>398,337</td><td>454,393</td></tr><tr><td>Gift tax</td><td>47,232</td><td>70,497</td><td>4,565</td><td>1,851</td><td>9,507</td><td>10,319</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>6,497</td><td>9,305</td><td>81,901</td><td>65,442</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,603,497</td><td>1,563,800</td><td>151,410</td><td>94,957</td><td>1,073,603</td><td>869,535</td></tr><tr><td>Distilled spirits rectification tax</td><td>41,880</td><td>43,485</td><td>4,090</td><td>2,479</td><td>30,870</td><td>23,125</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,594</td><td>2,906</td><td>163</td><td>252</td><td>2,339</td><td>1,829</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>58,250</td><td>54,291</td><td>3,673</td><td>5,096</td><td>39,252</td><td>34,396</td></tr><tr><td>Dealers in distilled spirits, rectifiers; mamu-facturers of stile (special taxes)</td><td>8,061</td><td>9,443</td><td>158</td><td>130</td><td>6,450</td><td>6,522</td></tr><tr><td>Stamps for distilled spirit intended for export</td><td>25</td><td>9</td><td>1</td><td>1</td><td>3</td><td>4</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>840</td><td>746</td><td>88</td><td>17</td><td>522</td><td>298</td></tr><tr><td>Container stamps</td><td>13,309</td><td>13,282</td><td>1,380</td><td>873</td><td>8,728</td><td>7,840</td></tr><tr><td>Floor taxes</td><td>696</td><td>153</td><td>-1,055</td><td>3</td><td>230</td><td>36</td></tr><tr><td>Pemented malt liquors</td><td>650,824</td><td>661,418</td><td>48,944</td><td>47,286</td><td>389,837</td><td>424,800</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>3,106</td><td>3,662</td><td>69</td><td>67</td><td>2,462</td><td>2,815</td></tr><tr><td>Total alcoholic beverage taxes 7/</td><td>2,526,162</td><td>2,474,756</td><td>215,419</td><td>160,466</td><td>1,636,198</td><td>1,136,642</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>41,384</td><td>48,289</td><td>4,385</td><td>3,748</td><td>29,958</td><td>28,106</td></tr><tr><td>Cigars (small)</td><td>-70</td><td>66</td><td>5</td><td>5</td><td>39</td><td>34</td></tr><tr><td>Cigarettes (large)</td><td>172</td><td>6</td><td>-</td><td>-</td><td>4</td><td>3</td></tr><tr><td>Cigarettes (small)</td><td>1,072,799</td><td>1,145,262</td><td>99,578</td><td>95,475</td><td>675,077</td><td>701,613</td></tr><tr><td>Snuff</td><td>7,373</td><td>7,055</td><td>618</td><td>702</td><td>4,138</td><td>4,237</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>41,951</td><td>36,548</td><td>3,004</td><td>2,824</td><td>23,128</td><td>22,264</td></tr><tr><td>Cigarette papers and tubes</td><td>1,757</td><td>539</td><td>18</td><td>23</td><td>340</td><td>510</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>3</td><td>1</td><td>-</td><td>-</td><td>4</td><td>1</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>1,165,519</td><td>1,237,768</td><td>107,639</td><td>102,777</td><td>732,689</td><td>756,768</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>47,393</td><td>49,106</td><td>4,494</td><td>4,711</td><td>30,408</td><td>30,321</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>30,369</td><td>21,963</td><td>2,083</td><td>1,898</td><td>13,815</td><td>11,217</td></tr><tr><td>Playing cards</td><td>9,766</td><td>7,782</td><td>569</td><td>567</td><td>5,252</td><td>4,813</td></tr><tr><td>Silver bullion sales or transfers</td><td>149</td><td>1,127</td><td>36</td><td>10</td><td>877</td><td>336</td></tr><tr><td>Total stamp taxes</td><td>87,676</td><td>79,978</td><td>7,181</td><td>7,187</td><td>50,352</td><td>46,686</td></tr></table>
(Continued on following page)
46
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>January 1947</th><th>January 1948</th><th colspan="2">First 7 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>74,502</td><td>82,015</td><td>5,432</td><td>5,461</td><td>47,773</td><td>44,436</td></tr><tr><td>Gasoline</td><td>405,695</td><td>433,676</td><td>34,832</td><td>30,851</td><td>265,118</td><td>282,811</td></tr><tr><td>Tires and tubes</td><td>118,092</td><td>174,927</td><td>19,282</td><td>17,403</td><td>107,409</td><td>101,752</td></tr><tr><td>Automobile trucks and buses</td><td>37,144</td><td>62,099</td><td>5,696</td><td>4,649</td><td>30,971</td><td>43,331</td></tr><tr><td>Other automobiles and motorcycles</td><td>25,893</td><td>204,680</td><td>16,760</td><td>20,335</td><td>106,014</td><td>149,823</td></tr><tr><td>Parts and accessories for automobiles</td><td>68,871</td><td>99,932</td><td>7,511</td><td>12,742</td><td>53,111</td><td>75,511</td></tr><tr><td>Electrical energy</td><td>59,112</td><td>63,014</td><td>5,024</td><td>5,154</td><td>34,997</td><td>37,491</td></tr><tr><td>Electric, gas, and oil appliances</td><td>25,492</td><td>65,608</td><td>5,017</td><td>6,761</td><td>34,445</td><td>49,061</td></tr><tr><td>Electric light bulbs and tubes</td><td>17,781</td><td>23,180</td><td>2,177</td><td>1,867</td><td>12,582</td><td>13,133</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>6,728</td><td>6,186</td><td>34,131</td><td>40,820</td></tr><tr><td>Photograph records</td><td>3,902</td><td>8,492</td><td>967</td><td>540</td><td>4,453</td><td>4,202</td></tr><tr><td>Musical instruments</td><td>2,839</td><td>10,151</td><td>766</td><td>1,058</td><td>4,878</td><td>6,027</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>2,068</td><td>2,374</td><td>18,458</td><td>30,353</td></tr><tr><td>Matches</td><td>10,247</td><td>8,413</td><td>869</td><td>522</td><td>5,025</td><td>6,036</td></tr><tr><td>Business and store machines</td><td>15,792</td><td>25,183</td><td>1,793</td><td>2,422</td><td>13,510</td><td>17,464</td></tr><tr><td>Photographic apparatus</td><td>21,184</td><td>36,163</td><td>3,294</td><td>3,731</td><td>20,894</td><td>24,651</td></tr><tr><td>Sporting goods</td><td>7,878</td><td>17,054</td><td>1,318</td><td>1,696</td><td>9,127</td><td>10,352</td></tr><tr><td>Pistols, shells and cartridges</td><td>5,232</td><td>9,031</td><td>601</td><td>256</td><td>5,111</td><td>6,599</td></tr><tr><td>Pistols and revolvers</td><td>61</td><td>384</td><td>8</td><td>37</td><td>189</td><td>496</td></tr><tr><td>Repealed taxes</td><td>241</td><td>184</td><td>-64</td><td>3</td><td>73</td><td>32</td></tr><tr><td>Total manufacturers' excise taxes</td><td>922,671</td><td>1,425,395</td><td>120,078</td><td>124,350</td><td>808,565</td><td>944,452</td></tr><tr><td>Retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Furs</td><td>91,706</td><td>97,481</td><td>15,346</td><td>13,952</td><td>61,880</td><td>48,332</td></tr><tr><td>Jewelry</td><td>223,342</td><td>236,615</td><td>30,634</td><td>25,635</td><td>139,206</td><td>122,849</td></tr><tr><td>Luggage</td><td>81,423</td><td>84,588</td><td>9,927</td><td>8,783</td><td>51,114</td><td>45,930</td></tr><tr><td>Toilet preparations</td><td>95,574</td><td>95,542</td><td>11,778</td><td>10,372</td><td>55,968</td><td>52,292</td></tr><tr><td>Total retailers' excise taxes</td><td>492,046</td><td>514,227</td><td>67,685</td><td>58,741</td><td>308,168</td><td>269,403</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>5,289</td><td>5,143</td><td>34,859</td><td>49,904</td></tr><tr><td>Telephone, telegraph, radio, leased wires, etc.</td><td>234,393</td><td>252,746</td><td>20,116</td><td>14,610</td><td>153,880</td><td>150,594</td></tr><tr><td>Local telephone service</td><td>145,689</td><td>164,944</td><td>13,523</td><td>9,693</td><td>98,784</td><td>105,835</td></tr><tr><td>Transportation of oil or pipe line</td><td>14,824</td><td>16,988</td><td>909</td><td>813</td><td>8,960</td><td>9,906</td></tr><tr><td>Transportation of persons, seats, berths</td><td>226,750</td><td>244,003</td><td>17,894</td><td>16,573</td><td>152,241</td><td>152,007</td></tr><tr><td>Transportation of property</td><td>220,121</td><td>275,701</td><td>21,075</td><td>24,123</td><td>159,916</td><td>180,604</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,857</td><td>8,560</td><td>634</td><td>606</td><td>4,546</td><td>4,740</td></tr><tr><td>Admission to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>31,844</td><td>28,688</td><td>241,837</td><td>237,460</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>12,077</td><td>63,350</td><td>5,211</td><td>4,385</td><td>39,737</td><td>32,752</td></tr><tr><td>Club dues and initiation fees</td><td>18,899</td><td>23,299</td><td>1,313</td><td>1,205</td><td>12,289</td><td>13,018</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>60</td><td>45</td><td>3,705</td><td>3,424</td></tr><tr><td>Coin operated devices</td><td>17,092</td><td>20,432</td><td>397</td><td>305</td><td>17,435</td><td>16,400</td></tr><tr><td>Adulterated and processed or renovated butter, and filled cheese</td><td>44</td><td>30</td><td></td><td></td><td>26</td><td>12</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,932</td><td>5,874</td><td>501</td><td>730</td><td>3,535</td><td>5,500</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>694</td><td>792</td><td>35</td><td>64</td><td>388</td><td>450</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,272</td><td>17,208</td><td>1,704</td><td>1,323</td><td>8,091</td><td>14,304</td></tr><tr><td>National Firearms Act</td><td>6</td><td>8</td><td>1</td><td>1</td><td>4</td><td>6</td></tr><tr><td>All other, including repealed taxes</td><td>116,347</td><td>422</td><td>1</td><td>55</td><td>310</td><td>89</td></tr><tr><td>Total miscellaneous taxes</td><td>1,489,929</td><td>1,550,842</td><td>120,505</td><td>108,364</td><td>940,543</td><td>977,004</td></tr><tr><td>Total miscellaneous internal revenue</td><td>7,712,956</td><td>8,063,854</td><td>704,160</td><td>634,128</td><td>4,885,166</td><td>4,895,846</td></tr><tr><td>Total internal revenue collections</td><td>40,671,922</td><td>39,108,273</td><td>4,183,463</td><td>4,205,633</td><td>21,286,147</td><td>21,615,882</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-361,589</td><td>+271,136</td><td>-773,248</td><td>-261,582</td><td>-507,868</td><td>-51,660</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,310,333</td><td>39,379,409</td><td>3,415,216</td><td>3,944,051</td><td>20,778,279</td><td>21,564,221</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax.
1/ Excludes collections for credit to certain trust accounts for Territories and insular possessions, etc.
2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consists 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.
4/ Repealed for years ending after June 30, 1946.
5/ Beginning July 1947 collections from the tax on unjust enrichment are included with repealed taxes under "Miscellaneous taxes".
6/ Repealed for years ending after June 30, 1945.
7/ Includes collections from the repealed tax on brandy used for fortifying sweet wines.
- Less than $500.
April 1948
47
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Coin certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 1/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 1/</th><th>National bank notes 1/</th></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1947-July</td><td>28,149</td><td>26,792</td><td>48</td><td>2,033</td><td>1</td><td>317</td><td>23,887</td><td>400</td><td>106</td></tr><tr><td>August</td><td>28,434</td><td>27,072</td><td>47</td><td>2,051</td><td>1</td><td>320</td><td>24,151</td><td>397</td><td>106</td></tr><tr><td>September</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</td><td>28,766</td><td>27,369</td><td>47</td><td>2,040</td><td>1</td><td>320</td><td>24,475</td><td>383</td><td>103</td></tr><tr><td>December</td><td>28,868</td><td>27,463</td><td>47</td><td>2,039</td><td>1</td><td>313</td><td>24,582</td><td>378</td><td>103</td></tr><tr><td>1948-January</td><td>28,111</td><td>26,728</td><td>46</td><td>1,947</td><td>1</td><td>303</td><td>23,953</td><td>375</td><td>102</td></tr><tr><td>February p.i.</td><td>28,018</td><td>26,633</td><td>46</td><td>1,951</td><td>1</td><td>307</td><td>23,857</td><td>370</td><td>101</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 dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></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-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>197.41</td></tr><tr><td>October</td><td>1,385</td><td>152</td><td>895</td><td>339</td><td>197.00</td></tr><tr><td>November</td><td>1,396</td><td>152</td><td>903</td><td>341</td><td>198.18</td></tr><tr><td>December</td><td>1,404</td><td>154</td><td>908</td><td>343</td><td>198.59 r</td></tr><tr><td>1948-January</td><td>1,382</td><td>153</td><td>890</td><td>339</td><td>193.13</td></tr><tr><td>February p</td><td>1,385</td><td>154</td><td>892</td><td>339</td><td>192.22</td></tr></table>
Circulation Statement of United Statee Money and annual reports of the Secretary of the Treasury. Excludes money held by the Treasury, money held by or for the account of the Federal Reserve Banks and their agents, and 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.
4/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
p r Preliminary. Revised.
48
Treasury Bulletin
MONETARY STATISTICS
Table 2.- 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>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-July</td><td>21,537.0</td><td>3,530.6</td><td>14.1</td></tr><tr><td>August</td><td>21,765.9</td><td>3,533.1</td><td>14.0</td></tr><tr><td>September</td><td>21,955.3</td><td>3,535.7</td><td>13.9</td></tr><tr><td>October</td><td>22,294.3</td><td>3,540.1</td><td>13.7</td></tr><tr><td>November</td><td>22,614.4</td><td>3,543.4</td><td>13.5</td></tr><tr><td>December</td><td>22,753.9</td><td>3,547.9</td><td>13.5</td></tr><tr><td>1948-January</td><td>22,934.6</td><td>3,552.1</td><td>13.4</td></tr><tr><td>February p.</td><td>23,036.1</td><td>3,554.9</td><td>13.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. For detail of silver monetary stock, see Table V. p Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></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>21,394.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1947</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1947-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</td><td>22,614.4</td><td>21,409.9</td><td>156.0</td><td>-</td><td>1,048.5</td></tr><tr><td>December</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1948-January</td><td>22,934.6</td><td>21,747.6</td><td>156.0</td><td>-</td><td>1,031.0</td></tr><tr><td>February p.</td><td>23,036.1</td><td>21,822.4</td><td>156.0</td><td>-</td><td>1,057.7</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of U. S. Money. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - Board of Governors, Federal Reserve System, and
(b) the redemption fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 1/ Excludes gold in active portion of Exchange Stabilization Fund. p Preliminary.
April 1948
49
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Securing silver certificates 1/</th><th colspan="3">in General Fund</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29+ per fine ounce</th></tr><tr><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th></tr><tr><td>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</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1947-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</td><td>1,935.3</td><td>337.9</td><td>12.9</td><td>.2</td><td>91.6</td><td>155.6</td><td>922.9</td><td>3,543.4</td></tr><tr><td>December</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948-January</td><td>1,940.6</td><td>336.8</td><td>13.3</td><td>.1</td><td>91.7</td><td>156.7</td><td>929.1</td><td>3,552.1</td></tr><tr><td>February p.</td><td>1,943.7</td><td>336.7</td><td>14.1</td><td>.1</td><td>91.3</td><td>156.6</td><td>929.3</td><td>3,554.9</td></tr></table>
Daily Treasury Statement and Circulation Statement of U. S. Money. 1/2/ Include silver leased to Offices of Defense Plants of the R.F.C., etc. (see Daily Treasury Statement for amount). Does not include silver lend-leased to foreign governments (see 1946 Annual Report of the Secretary of the Treasury for amounts).
Valued at $1.38+ per fine ounce.
Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Preliminary.
* Less than $50,000.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">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>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td><td>4.9</td><td>4.4</td></tr><tr><td>1947</td><td>36.1</td><td>30.3 1/2</td><td>27.4 1/2</td><td>-</td><td>-</td><td>30.3 1/2</td><td>27.4 1/2</td></tr><tr><td>1947-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><tr><td>November</td><td>3.6</td><td>2.5</td><td>2.2</td><td>-</td><td>-</td><td>2.5</td><td>2.2</td></tr><tr><td>December</td><td>3.7</td><td>3.4</td><td>3.1</td><td>-</td><td>-</td><td>3.4</td><td>3.1</td></tr><tr><td>1948-January</td><td>3.9</td><td>3.2</td><td>2.9</td><td>-</td><td>-</td><td>3.2</td><td>2.9</td></tr></table>
Source: Annual figures from the Bureau of the Mint. Monthly figures on U. S. silver production from releases of the American Bureau of Metal Statistics; these will not agree with the annual figures. 1/ For information on silver production in other countries, see annual reports of the Director of the Mint. Data from 1933 through 1941 are summarized in the "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.64 cente per fine ounce until April 9, 1935; at 71.11 cente per fine ounce from that date until April 23, 1935;
at 77.57 cente per fine ounce from April 23, 1935, to December 31, 1937; at 84.64 cente 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 cente per fine ounce since July 2, 1946. Acquired at various prices averaging approximately 51 cente per fine ounce.
Includes 0.2 million ounces valued at 71.11 cente per fine ounce totalling $0.2 million, and 30.1 million ounces valued at 90.5 cents per fine ounce totalling $27.2 million.
Less than 50,000 ounces or $50,000.
50
Treasury Bulletin
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Miso. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proo. Dec. 21, 1933)</th><th>Newly mined silver (Act July 6, 1939 and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proo. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>1947-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><tr><td>December</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>1948-January</td><td>521.4</td><td>48.7</td><td>87.6</td><td>75.4</td><td>832.1</td><td>34.7</td><td>1,078.5</td><td>144.9</td></tr><tr><td>February</td><td>527.6</td><td>48.7</td><td>87.6</td><td>76.3</td><td>832.1</td><td>34.7</td><td>1,079.4</td><td>144.2</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
April 1948
51
CAPITAL MOVEMENTS
Information relating to capital movements between the United States and foreign countries is presented in four sections. Section I contains the principal types of data on capital movements by years from 1935, and currently by months. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for recent months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are available.
Section IV contains data for recent months on out-
standing contracts of banks for forward purchases and sales of foreign exchange.
These data relating to capital movements 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:
"Treasury Bulletin", November 1945, for a summary of capital movements, and position in foreign currencies by months, 1942-1945.
Supplement to "Treasury Bulletin", November 1945, on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", March 1942, and earlier issues, for details covering years back to January 2, 1935
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-Nov. 30, 1947)</td><td>538,440</td><td>697,041</td><td>-667</td><td>-174,544</td><td>16,610</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1947)</td><td>8,547,930</td><td>6,850,382</td><td>153,072</td><td>289,980</td><td>1,254,496</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>73,204</td><td>75,911</td><td>4,324</td><td>-23,296</td><td>16,265</td></tr><tr><td>September</td><td>-508,180</td><td>-516,846</td><td>-4,241</td><td>-23,823</td><td>36,730</td></tr><tr><td>October</td><td>-325,645 r</td><td>-312,514 r</td><td>2,326</td><td>-28,786</td><td>13,329</td></tr><tr><td>November</td><td>-135,050</td><td>-116,737</td><td>-9,136</td><td>-20,045</td><td>10,868</td></tr></table>
r. Revised.
52
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable to foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>116,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,615</td><td>19,877</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>706,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,785,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1947-January</td><td>730,693</td><td>93,478</td><td>313,213</td><td>324,002</td><td>6,503,699</td><td>4,740,992</td><td>1,723,106</td><td>39,601</td><td>5,773,006</td></tr><tr><td>February</td><td>754,576</td><td>78,720</td><td>315,137</td><td>360,719</td><td>8,506,988</td><td>4,888,977</td><td>3,581,406</td><td>36,605</td><td>7,752,412</td></tr><tr><td>March</td><td>798,432</td><td>72,102</td><td>337,775</td><td>388,555</td><td>8,302,351</td><td>4,874,618</td><td>3,391,699</td><td>36,034</td><td>7,503,919</td></tr><tr><td>April</td><td>801,836</td><td>116,943</td><td>240,850</td><td>444,043</td><td>8,272,053</td><td>5,003,148</td><td>3,232,469</td><td>36,436</td><td>7,470,217</td></tr><tr><td>May</td><td>880,205</td><td>128,974</td><td>274,650</td><td>476,581</td><td>8,071,502</td><td>4,771,282</td><td>3,270,826</td><td>29,394</td><td>7,191,297</td></tr><tr><td>June</td><td>933,025</td><td>159,504</td><td>248,402</td><td>525,119</td><td>8,040,254</td><td>4,992,454</td><td>3,016,630</td><td>31,170</td><td>7,107,229</td></tr><tr><td>July</td><td>979,199</td><td>155,722</td><td>273,553</td><td>549,924</td><td>8,318,385</td><td>5,093,556</td><td>3,189,109</td><td>35,720</td><td>7,339,186</td></tr><tr><td>August</td><td>967,296</td><td>149,912</td><td>268,072</td><td>549,312</td><td>8,382,393</td><td>5,250,172</td><td>3,093,854</td><td>38,367</td><td>7,415,097</td></tr><tr><td>September</td><td>957,200</td><td>143,196</td><td>268,183</td><td>545,821</td><td>7,855,451</td><td>4,945,459</td><td>2,872,839</td><td>37,153</td><td>6,898,251</td></tr><tr><td>October</td><td>963,361</td><td>156,622</td><td>273,516</td><td>533,223</td><td>7,549,098</td><td>4,896,586</td><td>2,608,907</td><td>43,605</td><td>6,585,737</td></tr><tr><td>November</td><td>923,837</td><td>158,293</td><td>274,614</td><td>490,930</td><td>7,392,887</td><td>4,903,704</td><td>2,431,758</td><td>57,365</td><td>6,469,000</td></tr></table>
r Revised.
Table 3. Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable to deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>326,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</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>841,626</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</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>-104,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947 (Jan. 1-Nov. 30, 1947)</td><td>-215,634</td><td>-60,174</td><td>45,025</td><td>-200,485</td><td>912,675</td><td>209,903</td><td>686,036</td><td>16,736</td><td>697,041</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1947)</td><td>156,596</td><td>195,743</td><td>-175,486</td><td>136,339</td><td>6,693,786</td><td>4,277,322</td><td>2,415,636</td><td>828</td><td>6,850,382</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>-84,068</td></tr><tr><td>July</td><td>-46,174</td><td>3,782</td><td>-25,151</td><td>-24,805</td><td>278,131</td><td>101,102</td><td>172,479</td><td>4,550</td><td>231,957</td></tr><tr><td>August</td><td>11,903</td><td>5,810</td><td>5,481</td><td>612</td><td>64,008</td><td>156,616</td><td>-95,255</td><td>2,647</td><td>79,211</td></tr><tr><td>September</td><td>10,096</td><td>6,716</td><td>-111</td><td>3,491</td><td>-526,942</td><td>-304,713</td><td>-221,015</td><td>-1,214</td><td>-516,846</td></tr><tr><td>October</td><td>-6,161</td><td>-13,426</td><td>-5,333</td><td>12,598</td><td>-306,353 r</td><td>-48,873 r</td><td>-263,932 r</td><td>6,452</td><td>-312,514 r</td></tr><tr><td>November</td><td>39,474</td><td>-1,671</td><td>-1,098</td><td>42,243</td><td>-156,211</td><td>7,178</td><td>-177,149</td><td>13,760</td><td>-116,737</td></tr></table>
r Revised
April 1948
53
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>2,033,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,112,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>104,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>211,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947 (Jan. 1-Nov. 30, 1947)</td><td>197,199</td><td>337,848</td><td>-140,649</td><td>214,599</td><td>248,494</td><td>-33,895</td><td>411,798</td><td>586,342</td><td>-174,544</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>12,457,873</td><td>12,167,893</td><td>289,980</td></tr><tr><td>1947-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>February</td><td>19,445</td><td>33,065</td><td>-13,620</td><td>13,296</td><td>24,374</td><td>-11,078</td><td>32,741</td><td>57,439</td><td>-24,698</td></tr><tr><td>March</td><td>14,367</td><td>21,183</td><td>-6,816</td><td>16,442</td><td>34,988</td><td>-18,546</td><td>30,809</td><td>56,171</td><td>-25,362</td></tr><tr><td>April</td><td>18,448</td><td>24,013</td><td>-5,565</td><td>19,745</td><td>11,796</td><td>7,949</td><td>38,193</td><td>35,809</td><td>2,384</td></tr><tr><td>May</td><td>15,845</td><td>33,172</td><td>-17,327</td><td>17,303</td><td>18,214</td><td>-911</td><td>33,188</td><td>51,386</td><td>-18,238</td></tr><tr><td>June</td><td>13,386</td><td>24,969</td><td>-11,583</td><td>34,314</td><td>27,833</td><td>6,481</td><td>47,700</td><td>52,802</td><td>-5,102</td></tr><tr><td>July</td><td>19,293</td><td>27,926</td><td>-8,633</td><td>20,555</td><td>19,348</td><td>1,207</td><td>39,848</td><td>47,274</td><td>-7,426</td></tr><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><tr><td>September</td><td>14,053</td><td>26,725</td><td>-12,672</td><td>16,550</td><td>27,701</td><td>-11,151</td><td>30,603</td><td>54,426</td><td>-23,823</td></tr><tr><td>October</td><td>27,644</td><td>61,752</td><td>-34,108</td><td>24,702</td><td>19,380</td><td>5,322</td><td>52,346</td><td>81,132</td><td>-28,786</td></tr><tr><td>November</td><td>22,539</td><td>34,528</td><td>-11,989</td><td>10,285</td><td>16,341</td><td>-8,056</td><td>32,824</td><td>52,869</td><td>-20,045</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners (In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947 (Jan. 1-Nov. 30, 1947)</td><td>53,020</td><td>39,165</td><td>13,855</td><td>623,437</td><td>620,682</td><td>2,755</td><td>676,457</td><td>659,847</td><td>16,610</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>6,892,310</td><td>5,637,814</td><td>1,254,496</td></tr><tr><td>1947-January</td><td>5,718</td><td>4,036</td><td>1,682</td><td>91,157</td><td>22,569</td><td>68,588</td><td>96,875</td><td>26,605</td><td>70,270</td></tr><tr><td>February</td><td>10,271</td><td>4,240</td><td>6,031</td><td>48,762</td><td>133,128</td><td>-84,366</td><td>59,033</td><td>137,368</td><td>-78,335</td></tr><tr><td>March</td><td>5,428</td><td>3,290</td><td>2,138</td><td>76,052</td><td>25,457</td><td>50,595</td><td>81,480</td><td>28,747</td><td>52,733</td></tr><tr><td>April</td><td>4,054</td><td>2,553</td><td>1,501</td><td>81,440</td><td>23,894</td><td>57,546</td><td>85,494</td><td>26,447</td><td>59,047</td></tr><tr><td>May</td><td>4,924</td><td>3,466</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><tr><td>September</td><td>3,142</td><td>3,420</td><td>-278</td><td>61,608</td><td>24,600</td><td>37,008</td><td>64,750</td><td>28,020</td><td>36,730</td></tr><tr><td>October</td><td>3,812</td><td>4,143</td><td>-331</td><td>33,469</td><td>19,809</td><td>13,660</td><td>37,281</td><td>23,952</td><td>13,329</td></tr><tr><td>November</td><td>4,298</td><td>3,440</td><td>858</td><td>27,660</td><td>17,650</td><td>10,010</td><td>31,958</td><td>21,090</td><td>10,868</td></tr></table>
n.a. Not available.
54
Treasury Bulletin
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>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</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>-11,842</td><td>172,388</td><td>34,374</td><td>-161,784</td><td>-38,944</td><td>16,428</td><td>-12,223</td><td>173,406</td><td>35,882</td><td>-158,534</td><td>-36,174</td><td>18,894</td></tr><tr><td>France</td><td>70,420</td><td>-84,005</td><td>18,369</td><td>-16,351</td><td>51,302</td><td>-40,800</td><td>71,111</td><td>-81,833</td><td>16,467</td><td>-11,913</td><td>78,134</td><td>-29,042</td></tr><tr><td>Belgium</td><td>-8,620</td><td>23,374</td><td>20,042</td><td>-53,524</td><td>1,432</td><td>-3,405</td><td>-9,651</td><td>22,610</td><td>20,028</td><td>-54,246</td><td>1,743</td><td>-3,669</td></tr><tr><td>Denmark</td><td>-5,096</td><td>-6,405</td><td>3,814</td><td>-5,791</td><td>6,437</td><td>5,920</td><td>-5,100</td><td>-6,453</td><td>3,320</td><td>-6,735</td><td>6,329</td><td>6,024</td></tr><tr><td>Finland</td><td>-2,262</td><td>7,085</td><td>3,647</td><td>2,435</td><td>1,647</td><td>1,097</td><td>-2,048</td><td>7,005</td><td>3,616</td><td>2,498</td><td>1,620</td><td>1,178</td></tr><tr><td>Germany</td><td>5,729</td><td>19,053</td><td>7,301</td><td>9,575</td><td>11,628</td><td>3,921</td><td>5,731</td><td>19,049</td><td>7,299</td><td>9,595</td><td>11,585</td><td>4,073</td></tr><tr><td>Greece</td><td>-5,396</td><td>-130</td><td>4,196</td><td>5,732</td><td>6,527</td><td>-2,778</td><td>-5,400</td><td>-96</td><td>4,158</td><td>5,718</td><td>6,571</td><td>-2,825</td></tr><tr><td>Italy</td><td>-17,470</td><td>-20,054</td><td>-3,094</td><td>-12,972</td><td>-5,284</td><td>546</td><td>-17,630</td><td>-20,082</td><td>-3,099</td><td>-13,008</td><td>-5,108</td><td>683</td></tr><tr><td>Luxembourg</td><td>-304</td><td>511</td><td>-2,419</td><td>-369</td><td>-457</td><td>3,324</td><td>-114</td><td>469</td><td>-2,460</td><td>-408</td><td>-467</td><td>3,336</td></tr><tr><td>Netherlands</td><td>-16,228</td><td>-4,511</td><td>-6,207</td><td>-18,381</td><td>-52,732</td><td>-18,266</td><td>-6,917</td><td>6,430</td><td>14,083</td><td>-11,158</td><td>-45,202</td><td>-13,110</td></tr><tr><td>Norway</td><td>-9,719</td><td>-12,724</td><td>-1,157</td><td>-479</td><td>-4,249</td><td>-2,981</td><td>-9,850</td><td>-11,831</td><td>-1,750</td><td>-1,300</td><td>-4,029</td><td>-3,323</td></tr><tr><td>Portugal</td><td>-10,033</td><td>-2,025</td><td>7,704</td><td>375</td><td>-350</td><td>2,100</td><td>-10,082</td><td>-2,161</td><td>7,666</td><td>337</td><td>-329</td><td>2,205</td></tr><tr><td>Russia</td><td>-67</td><td>-4,929</td><td>1,063</td><td>136</td><td>-787</td><td>-435</td><td>-27</td><td>-4,931</td><td>1,063</td><td>136</td><td>-786</td><td>-436</td></tr><tr><td>Spain</td><td>-570</td><td>3,140</td><td>192</td><td>-283</td><td>-1,536</td><td>1,839</td><td>-6,555</td><td>3,163</td><td>171</td><td>-295</td><td>-1,602</td><td>1,713</td></tr><tr><td>Sweden</td><td>-21,010</td><td>-11,530</td><td>-8,967</td><td>-5,994</td><td>-22,539</td><td>-12,610</td><td>-19,011</td><td>-11,549</td><td>-8,333</td><td>-5,798</td><td>-22,547</td><td>-12,273</td></tr><tr><td>Switzerland</td><td>-5,319</td><td>12,512</td><td>-3,846</td><td>-7,185</td><td>9,775</td><td>9,937</td><td>-5,661</td><td>4,971</td><td>-2,991</td><td>-2,885</td><td>12,986</td><td>14,358</td></tr><tr><td>U. S. S. R.</td><td>160</td><td>-281</td><td>2,219</td><td>5,856</td><td>5,685</td><td>5,326</td><td>159</td><td>-286</td><td>2,219</td><td>5,855</td><td>5,686</td><td>5,324</td></tr><tr><td>Yugoslavia</td><td>-691</td><td>1,214</td><td>-593</td><td>-2,729</td><td>-370</td><td>1,217</td><td>-693</td><td>1,230</td><td>-593</td><td>-2,730</td><td>-370</td><td>1,217</td></tr><tr><td>Other Europe</td><td>-10,324</td><td>2,656</td><td>11,987</td><td>15,137</td><td>1,182</td><td>-13,400</td><td>-10,656</td><td>3,258</td><td>12,076</td><td>15,077</td><td>1,239</td><td>-13,505</td></tr><tr><td>Total Europe</td><td>-48,702</td><td>95,339</td><td>88,625</td><td>-246,596</td><td>-31,632</td><td>-43,020</td><td>-44,617</td><td>102,449</td><td>108,822</td><td>-229,794</td><td>9,279</td><td>-19,178</td></tr><tr><td>Canada</td><td>40,358</td><td>-8,746</td><td>35,634</td><td>-49,727</td><td>-99,564</td><td>3,849</td><td>9,633</td><td>-20,681</td><td>30,306</td><td>-60,691</td><td>-101,972</td><td>3,364</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>18,452</td><td>35,506</td><td>-2,577</td><td>-56,062</td><td>22,218</td><td>4,657</td><td>16,110</td><td>36,035</td><td>-7,733</td><td>-72,168</td><td>14,776</td><td>-4,268</td></tr><tr><td>Bolivia</td><td>7,917</td><td>-1,521</td><td>684</td><td>1,813</td><td>4,345</td><td>-463</td><td>7,906</td><td>-1,541</td><td>671</td><td>1,832</td><td>4,300</td><td>-463</td></tr><tr><td>Brazil</td><td>-20,941</td><td>10,620</td><td>12,806</td><td>-1,902</td><td>-3,091</td><td>-5,600</td><td>-22,151</td><td>10,341</td><td>12,525</td><td>-2,339</td><td>-3,518</td><td>-5,915</td></tr><tr><td>Chile</td><td>8,305</td><td>-12,280</td><td>1,691</td><td>-5,627</td><td>-589</td><td>4,139</td><td>8,268</td><td>-12,566</td><td>1,426</td><td>-5,681</td><td>-949</td><td>3,986</td></tr><tr><td>Colombia</td><td>-19,312</td><td>-5,790</td><td>2,694</td><td>-2,445</td><td>10,551</td><td>3,983</td><td>-19,310</td><td>-5,802</td><td>2,670</td><td>-2,284</td><td>10,448</td><td>4,029</td></tr><tr><td>Costa Rica</td><td>-249</td><td>-1,507</td><td>1,671</td><td>-50</td><td>-748</td><td>-491</td><td>-202</td><td>-1,584</td><td>1,724</td><td>-1,131</td><td>-713</td><td>-552</td></tr><tr><td>Cuba</td><td>142,112</td><td>-11,762</td><td>3,054</td><td>-21,689</td><td>-27,718</td><td>-25,758</td><td>141,650</td><td>-12,857</td><td>2,427</td><td>-20,936</td><td>-29,503</td><td>-24,845</td></tr><tr><td>French West Indies and Guiana</td><td>-831</td><td>-100</td><td>-331</td><td>605</td><td>-293</td><td>261</td><td>-831</td><td>-100</td><td>-331</td><td>548</td><td>-296</td><td>261</td></tr><tr><td>Mexico</td><td>-545</td><td>15,343</td><td>10,580</td><td>5,420</td><td>-12,657</td><td>-9,061</td><td>-203</td><td>16,297</td><td>8,070</td><td>8,784</td><td>-17,776</td><td>-7,004</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,362</td><td>-296</td><td>3,454</td><td>-1,027</td><td>2,047</td><td>3,760</td><td>1,327</td><td>-182</td><td>3,398</td><td>-962</td><td>1,927</td><td>3,783</td></tr><tr><td>Paraguay</td><td>-292</td><td>-147</td><td>452</td><td>-761</td><td>-3,230</td><td>-2,920</td><td>-561</td><td>-439</td><td>831</td><td>3,936</td><td>-3,942</td><td>-1,802</td></tr><tr><td>Peru</td><td>2,761</td><td>-1,731</td><td>3,040</td><td>1,201</td><td>-2,470</td><td>487</td><td>2,783</td><td>-1,872</td><td>3,153</td><td>1,282</td><td>-2,442</td><td>684</td></tr><tr><td>Venezuela</td><td>10,019</td><td>11,519</td><td>7,381</td><td>18,349</td><td>-15,183</td><td>-12,948</td><td>9,738</td><td>11,102</td><td>7,576</td><td>18,617</td><td>-15,349</td><td>-12,830</td></tr><tr><td>Other Latin America</td><td>-20,259</td><td>-7,997</td><td>9,775</td><td>784</td><td>3,260</td><td>-313</td><td>-20,977</td><td>-8,955</td><td>8,861</td><td>-2,837</td><td>-4,236</td><td>-873</td></tr><tr><td>Total Latin America</td><td>128,499</td><td>29,857</td><td>54,374</td><td>-61,391</td><td>-23,568</td><td>-40,267</td><td>124,669</td><td>27,877</td><td>45,268</td><td>-72,339</td><td>-47,273</td><td>-45,809</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-44,939</td><td>-35,169</td><td>-20,731</td><td>-12,329</td><td>18,922</td><td>25,097</td><td>-43,866</td><td>-35,407</td><td>-20,922</td><td>-12,040</td><td>18,763</td><td>24,239</td></tr><tr><td>French Indo-China</td><td>-3,290</td><td>-965</td><td>-1,258</td><td>-29,977</td><td>450</td><td>574</td><td>-3,290</td><td>-965</td><td>-1,258</td><td>-29,978</td><td>450</td><td>574</td></tr><tr><td>Hong Kong</td><td>-863</td><td>5,587</td><td>-2,408</td><td>1,767</td><td>-1,930</td><td>-1,524</td><td>-426</td><td>6,584</td><td>-2,457</td><td>1,658</td><td>-1,862</td><td>-1,611</td></tr><tr><td>India, Burma, and Ceylon</td><td>-11,659</td><td>1,258</td><td>16,472</td><td>689</td><td>-892</td><td>2,504</td><td>-11,734</td><td>1,224</td><td>16,473</td><td>788</td><td>-859</td><td>2,487</td></tr><tr><td>British Malaya</td><td>-1,982</td><td>3,642</td><td>2,750</td><td>-100</td><td>-1,515</td><td>4,258</td><td>-1,958</td><td>3,644</td><td>2,750</td><td>-53</td><td>-1,495</td><td>4,258</td></tr><tr><td>Japan</td><td>-1,297</td><td>771</td><td>16</td><td>165</td><td>7,745</td><td>3,347</td><td>-1,271</td><td>765</td><td>16</td><td>167</td><td>7,753</td><td>3,349</td></tr><tr><td>Netherlands East Indies</td><td>456</td><td>-9,119</td><td>-2,990</td><td>-12,303</td><td>-10,779</td><td>6,173</td><td>432</td><td>-9,094</td><td>-2,992</td><td>-12,279</td><td>-10,778</td><td>6,177</td></tr><tr><td>Philippine Islands</td><td>19,632</td><td>-1,075</td><td>-11,662</td><td>24,300</td><td>3,408</td><td>3,041</td><td>19,663</td><td>-1,258</td><td>-11,656</td><td>24,009</td><td>3,402</td><td>3,839</td></tr><tr><td>Turkey</td><td>-6,648</td><td>-10,557</td><td>1,040</td><td>-2,098</td><td>-9,513</td><td>-280</td><td>-6,650</td><td>-10,545</td><td>1,059</td><td>-2,087</td><td>-9,514</td><td>-265</td></tr><tr><td>Other Asia</td><td>-3,392</td><td>-883</td><td>4,626</td><td>3,533</td><td>-276</td><td>497</td><td>-3,281</td><td>-807</td><td>4,584</td><td>3,612</td><td>-352</td><td>378</td></tr><tr><td>Total Asia</td><td>-53,982</td><td>-46,512</td><td>-14,145</td><td>-26,353</td><td>5,620</td><td>43,687</td><td>-52,381</td><td>-45,859</td><td>-14,403</td><td>-26,203</td><td>5,508</td><td>43,425</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-2,593</td><td>6,201</td><td>8,898</td><td>3,773</td><td>-3,917</td><td>-5,748</td><td>9,238</td><td>-7,657</td><td>6,080</td><td>104</td><td>-5,554</td><td>-7,207</td></tr><tr><td>New Zealand</td><td>502</td><td>82</td><td>410</td><td>-1,237</td><td>-2,398</td><td>-322</td><td>491</td><td>108</td><td>376</td><td>-1,233</td><td>-2,330</td><td>-312</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2,332</td><td>-3,084</td><td>1,659</td><td>2,761</td><td>1,977</td><td>989</td><td>2,224</td><td>-3,142</td><td>1,760</td><td>2,765</td><td>1,911</td><td>1,008</td></tr><tr><td>French Morocco</td><td>-664</td><td>-254</td><td>-562</td><td>-1,455</td><td>-708</td><td>-1,019</td><td>-657</td><td>-279</td><td>-570</td><td>-1,472</td><td>-699</td><td>-956</td></tr><tr><td>Union of South Africa</td><td>-6,702</td><td>6,462</td><td>8,813</td><td>-17,074</td><td>6,078</td><td>3,364</td><td>-6,708</td><td>6,384</td><td>8,939</td><td>-16,998</td><td>6,117</td><td>3,336</td></tr><tr><td>All other</td><td>-2,153</td><td>7,963</td><td>-4,543</td><td>1,268</td><td>-3,726</td><td>-3,200</td><td>-1,607</td><td>7,955</td><td>4,681</td><td>1,138</td><td>-3,634</td><td>-1,016</td></tr><tr><td>Total other countries</td><td>-9,278</td><td>17,370</td><td>14,675</td><td>-11,964</td><td>-2,694</td><td>-5,936</td><td>2,981</td><td>3,369</td><td>11,904</td><td>-15,696</td><td>-4,249</td><td>-5,147</td></tr><tr><td>International</td><td>-125,098</td><td>-82,471</td><td>-103,134</td><td>-112,574</td><td>-174,513</td><td>-94,489</td><td>-125,098</td><td>166,829</td><td>-103,134</td><td>-112,574</td><td>-174,513</td><td>-94,489</td></tr><tr><td>Unidentified</td><td>745</td><td>-2,027</td><td>-2,825</td><td>425</td><td>706</td><td>1,126</td><td>745</td><td>-2,027</td><td>-2,852</td><td>451</td><td>706</td><td>1,097</td></tr><tr><td>Grand total</td><td>-67,458</td><td>2,810</td><td>73,204</td><td>-508,180</td><td>-325,045</td><td>-435,050</td><td>-84,068</td><td>231,957</td><td>75,911</td><td>-516,846</td><td>-312,514</td><td>-116,737</td></tr></table>
1 Includes transactions of international organizations such as UERRA, International Monetary Fund, and International Bank for Revises.
April 1948
55
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners
<table><tr><th rowspan="2">Country</th><th colspan="6">1947</th><th colspan="6">1947</th></tr><tr><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,278</td><td>-1,832</td><td>329</td><td>656</td><td>375</td><td>-113</td><td>-2,296</td><td>324</td><td>-3,579</td><td>-3,426</td><td>-2,841</td><td></td></tr><tr><td>France</td><td>-1,145</td><td>-283</td><td>-112</td><td>136</td><td>-342</td><td>-98</td><td>-546</td><td>-1,929</td><td>2,014</td><td>-1,574</td><td>-26,490</td><td>-11,660</td></tr><tr><td>Belgium</td><td>83</td><td>-4</td><td>-41</td><td>119</td><td>307</td><td>153</td><td>948</td><td>768</td><td>55</td><td>603</td><td>-618</td><td>111</td></tr><tr><td>Denmark</td><td>-5</td><td>65</td><td>49</td><td>6</td><td>-22</td><td>-167</td><td>9</td><td>-17</td><td>445</td><td>938</td><td>130</td><td>63</td></tr><tr><td>Finland</td><td>-</td><td>10</td><td>-1</td><td>-1</td><td>1</td><td>-166</td><td>-214</td><td>-6</td><td>31</td><td>-62</td><td>26</td><td>-81</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-2</td><td>-6</td><td>3</td><td>-19</td><td>-</td><td>14</td></tr><tr><td>Greece</td><td>-3</td><td>15</td><td>-18</td><td>-10</td><td>-2</td><td>5</td><td>7</td><td>-49</td><td>56</td><td>24</td><td>-42</td><td>42</td></tr><tr><td>Italy</td><td>92</td><td>-34</td><td>-31</td><td>-</td><td>12</td><td>-5</td><td>68</td><td>62</td><td>36</td><td>36</td><td>-188</td><td>-132</td></tr><tr><td>Luxembourg</td><td>-211</td><td>72</td><td>6</td><td>106</td><td>-28</td><td>17</td><td>-39</td><td>-30</td><td>35</td><td>-67</td><td>38</td><td>-29</td></tr><tr><td>Netherlands</td><td>1,257</td><td>-1,148</td><td>-38</td><td>-407</td><td>355</td><td>-315</td><td>-10,568</td><td>-9,793</td><td>-20,252</td><td>-6,816</td><td>-7,885</td><td>-4,841</td></tr><tr><td>Norway</td><td>324</td><td>148</td><td>110</td><td>20</td><td>-210</td><td>47</td><td>-193</td><td>-1,041</td><td>483</td><td>801</td><td>-10</td><td>295</td></tr><tr><td>Portugal</td><td>2</td><td>-8</td><td>-33</td><td>43</td><td>19</td><td>6</td><td>47</td><td>144</td><td>71</td><td>-5</td><td>-40</td><td>-111</td></tr><tr><td>Rumania</td><td>-2</td><td>1</td><td>-1</td><td>-</td><td>-1</td><td>1</td><td>-38</td><td>1</td><td>1</td><td>-</td><td>72</td><td>125</td></tr><tr><td>Spain</td><td>-3</td><td>-10</td><td>-4</td><td>9</td><td>-6</td><td>1</td><td>5,988</td><td>-13</td><td>25</td><td>3</td><td>-113</td><td>-235</td></tr><tr><td>Sweden</td><td>74</td><td>40</td><td>-137</td><td>-100</td><td>121</td><td>-102</td><td>-2,073</td><td>-21</td><td>497</td><td>-96</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>2,796</td><td>-580</td><td>834</td><td>-453</td><td>-983</td><td>-2,400</td><td>-2,454</td><td>8,121</td><td>-1,689</td><td>-3,847</td><td>-2,228</td><td>-2,021</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Yugoslavie</td><td>-</td><td>-64</td><td>-37</td><td>-62</td><td>-185</td><td>-37</td><td>62</td><td>-538</td><td>-52</td><td>122</td><td>128</td><td>142</td></tr><tr><td>Other Europe</td><td>270</td><td>-</td><td>-37</td><td>-62</td><td>-185</td><td>-37</td><td>62</td><td>-538</td><td>-52</td><td>122</td><td>128</td><td>142</td></tr><tr><td>Total Europe</td><td>5,023</td><td>-462</td><td>-1,286</td><td>-265</td><td>-265</td><td>-2,685</td><td>-9,108</td><td>-6,048</td><td>-18,911</td><td>-16,537</td><td>-40,646</td><td>-21,157</td></tr><tr><td>Canada</td><td>77</td><td>-611</td><td>940</td><td>581</td><td>-1,179</td><td>-539</td><td>30,648</td><td>12,546</td><td>4,388</td><td>10,283</td><td>3,587</td><td>1,024</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>140</td><td>-2,002</td><td>-255</td><td>224</td><td>-63</td><td>324</td><td>2,202</td><td>1,473</td><td>5,411</td><td>15,882</td><td>7,505</td><td>8,601</td></tr><tr><td>Bolivia</td><td>-</td><td>4</td><td>-3</td><td>-10</td><td>2</td><td>-7</td><td>11</td><td>16</td><td>16</td><td>-9</td><td>43</td><td>7</td></tr><tr><td>Brazil</td><td>65</td><td>-71</td><td>-18</td><td>83</td><td>48</td><td>122</td><td>1,145</td><td>350</td><td>299</td><td>354</td><td>379</td><td>193</td></tr><tr><td>Chile</td><td>-239</td><td>77</td><td>284</td><td>48</td><td>215</td><td>-30</td><td>276</td><td>209</td><td>-19</td><td>6</td><td>145</td><td>183</td></tr><tr><td>Colombia</td><td>-67</td><td>28</td><td>8</td><td>-193</td><td>25</td><td>-51</td><td>65</td><td>-16</td><td>16</td><td>32</td><td>118</td><td>5</td></tr><tr><td>Costa Rica</td><td>-37</td><td>74</td><td>-54</td><td>21</td><td>-40</td><td>61</td><td>-10</td><td>3</td><td>1</td><td>60</td><td>5</td><td>-</td></tr><tr><td>Cuba</td><td>384</td><td>-39</td><td>574</td><td>-258</td><td>-142</td><td>-340</td><td>78</td><td>1,134</td><td>53</td><td>-495</td><td>1,927</td><td>-573</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>56</td><td>5</td><td>-</td></tr><tr><td>Mexico</td><td>108</td><td>-2,154</td><td>3,036</td><td>-1,229</td><td>938</td><td>-2,290</td><td>-450</td><td>1,200</td><td>-526</td><td>-2,135</td><td>4,181</td><td>233</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>8</td><td>15</td><td>58</td><td>-62</td><td>-23</td><td>-26</td><td>27</td><td>-129</td><td>-2</td><td>-3</td><td>143</td><td>3</td></tr><tr><td>Panama</td><td>45</td><td>1,584</td><td>286</td><td>-4,410</td><td>1,208</td><td>-771</td><td>-898</td><td>-1,292</td><td>-625</td><td>-287</td><td>-546</td><td>-347</td></tr><tr><td>Peru</td><td>-28</td><td>118</td><td>-94</td><td>-60</td><td>74</td><td>-42</td><td>6</td><td>23</td><td>-19</td><td>-21</td><td>-102</td><td>-155</td></tr><tr><td>Venezuela</td><td>133</td><td>629</td><td>-360</td><td>-368</td><td>291</td><td>296</td><td>148</td><td>-212</td><td>165</td><td>100</td><td>-125</td><td>-414</td></tr><tr><td>Other Latin America</td><td>-45</td><td>1,737</td><td>1,060</td><td>1,826</td><td>-310</td><td>-805</td><td>763</td><td>-779</td><td>-146</td><td>2,195</td><td>7,806</td><td>1,365</td></tr><tr><td>Total Latin America</td><td>467</td><td>-</td><td>4,483</td><td>-4,787</td><td>2,221</td><td>-3,559</td><td>3,363</td><td>1,980</td><td>4,623</td><td>15,735</td><td>21,484</td><td>9,101</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchurie</td><td>-881</td><td>56</td><td>44</td><td>145</td><td>-446</td><td>146</td><td>-192</td><td>182</td><td>147</td><td>-434</td><td>605</td><td>712</td></tr><tr><td>French Indo-Chine</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-109</td><td>-13</td><td>42</td><td>41</td><td>-51</td><td>8</td><td>-328</td><td>-984</td><td>7</td><td>68</td><td>-17</td><td>79</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>-51</td><td>16</td><td>-6</td><td>-10</td><td>37</td><td>20</td><td>126</td><td>18</td><td>5</td><td>-89</td><td>-70</td><td>-3</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-51</td><td>-15</td><td>-</td><td>-24</td><td>-2</td><td>-</td><td>4</td><td>-5</td><td>-</td></tr><tr><td>Japan</td><td>-24</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>-1</td><td>-2</td><td>6</td><td>-</td><td>-1</td><td>-6</td><td>-1</td></tr><tr><td>Netherlands East Indies</td><td>-3</td><td>5</td><td>2</td><td>2</td><td>1</td><td>-8</td><td>27</td><td>-30</td><td>-</td><td>-26</td><td>-2</td><td>4</td></tr><tr><td>Philippine Islands</td><td>-54</td><td>134</td><td>39</td><td>245</td><td>-37</td><td>-542</td><td>23</td><td>49</td><td>-45</td><td>46</td><td>43</td><td>-256</td></tr><tr><td>Turkey</td><td>12</td><td>-12</td><td>-1</td><td>-1</td><td>-</td><td>3</td><td>-10</td><td>-</td><td>-18</td><td>-10</td><td>1</td><td>-18</td></tr><tr><td>Other Asia</td><td>-181</td><td>-1</td><td>82</td><td>-191</td><td>19</td><td>149</td><td>70</td><td>-77</td><td>-40</td><td>112</td><td>57</td><td>-30</td></tr><tr><td>Total Asia</td><td>-1,291</td><td>185</td><td>202</td><td>179</td><td>-494</td><td>-225</td><td>-310</td><td>-838</td><td>56</td><td>-329</td><td>606</td><td>487</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-49</td><td>-12</td><td>40</td><td>-6</td><td>2</td><td>-50</td><td>-11,782</td><td>13,870</td><td>2,778</td><td>3,675</td><td>1,635</td><td>1,509</td></tr><tr><td>New Zealand</td><td>3</td><td>-28</td><td>39</td><td>-</td><td>-3</td><td>-3</td><td>8</td><td>2</td><td>-5</td><td>-5</td><td>-7</td><td>-7</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>23</td><td>-10</td><td>52</td><td>3</td><td>17</td><td>-37</td><td>85</td><td>68</td><td>-153</td><td>-7</td><td>49</td><td>18</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-7</td><td>25</td><td>8</td><td>17</td><td>-9</td><td>-85</td></tr><tr><td>Union of South Africa</td><td>78</td><td>85</td><td>-104</td><td>-1</td><td>-14</td><td>67</td><td>-72</td><td>-7</td><td>38</td><td>-75</td><td>-25</td><td>-39</td></tr><tr><td>All other</td><td>57</td><td>-178</td><td>-9</td><td>-19</td><td>2,041</td><td>-2,156</td><td>-603</td><td>186</td><td>147</td><td>149</td><td>-2,133</td><td>-28</td></tr><tr><td>Total other countries</td><td>112</td><td>-143</td><td>-42</td><td>-23</td><td>2,043</td><td>-2,157</td><td>-12,371</td><td>14,144</td><td>2,813</td><td>3,755</td><td>-488</td><td>1,368</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-249,300</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>27</td><td>-26</td><td>-</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>4,388</td><td>-1,031</td><td>4,324</td><td>-4,241</td><td>2,326</td><td>-9,136</td><td>12,222</td><td>-228,116</td><td>-7,031</td><td>12,907</td><td>-15,457</td><td>-9,177</td></tr></table>
1/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of doll re)
<table><tr><th>Country</th><th colspan="6">Claims 1947</th><th colspan="6">Liabilities 1947</th></tr><tr><th></th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>39,340</td><td>36,905</td><td>34,069</td><td>29,198</td><td>33,059</td><td>31,832</td><td>328,510</td><td>499,481</td><td>532,527</td><td>369,122</td><td>336,809</td><td>354,476</td></tr><tr><td>France</td><td>20,090</td><td>21,437</td><td>20,921</td><td>22,112</td><td>17,569</td><td>14,921</td><td>270,300</td><td>189,814</td><td>205,765</td><td>195,043</td><td>268,634</td><td>236,944</td></tr><tr><td>Belgium</td><td>10,124</td><td>9,004</td><td>10,250</td><td>11,232</td><td>13,173</td><td>12,863</td><td>142,518</td><td>164,008</td><td>185,282</td><td>132,018</td><td>135,702</td><td>131,723</td></tr><tr><td>Denmark</td><td>583</td><td>592</td><td>437</td><td>617</td><td>958</td><td>1,096</td><td>52,044</td><td>45,600</td><td>48,765</td><td>42,210</td><td>48,880</td><td>55,042</td></tr><tr><td>Finland</td><td>11,381</td><td>17,842</td><td>17,906</td><td>17,499</td><td>13,129</td><td>11,934</td><td>22,653</td><td>36,199</td><td>39,879</td><td>41,970</td><td>39,220</td><td>39,203</td></tr><tr><td>Germany</td><td>30,348</td><td>30,348</td><td>30,345</td><td>30,345</td><td>30,478</td><td>30,524</td><td>27,278</td><td>46,327</td><td>53,623</td><td>63,218</td><td>74,936</td><td>79,058</td></tr><tr><td>Greece</td><td>12,889</td><td>13,005</td><td>12,551</td><td>12,360</td><td>12,879</td><td>12,819</td><td>32,226</td><td>32,246</td><td>35,950</td><td>41,477</td><td>48,517</td><td>45,682</td></tr><tr><td>Italy</td><td>24,093</td><td>24,255</td><td>23,537</td><td>23,236</td><td>24,940</td><td>23,600</td><td>187,060</td><td>167,140</td><td>163,373</td><td>150,014</td><td>146,610</td><td>145,953</td></tr><tr><td>Luxembourg</td><td>306</td><td>49</td><td>52</td><td>40</td><td>40</td><td>40</td><td>22,345</td><td>22,557</td><td>20,100</td><td>19,680</td><td>19,213</td><td>22,549</td></tr><tr><td>Netherlands</td><td>49,042</td><td>47,239</td><td>45,934</td><td>40,838</td><td>48,573</td><td>47,214</td><td>209,199</td><td>213,826</td><td>226,604</td><td>216,350</td><td>172,883</td><td>158,414</td></tr><tr><td>Norway</td><td>6,322</td><td>7,023</td><td>7,981</td><td>9,365</td><td>10,275</td><td>8,061</td><td>91,154</td><td>80,024</td><td>79,232</td><td>79,316</td><td>76,197</td><td>70,660</td></tr><tr><td>Portugal</td><td>1,514</td><td>1,332</td><td>1,254</td><td>1,155</td><td>1,309</td><td>1,087</td><td>42,490</td><td>40,147</td><td>47,735</td><td>47,973</td><td>47,798</td><td>49,781</td></tr><tr><td>Romania</td><td>6,923</td><td>11,876</td><td>12,024</td><td>12,026</td><td>12,027</td><td>12,011</td><td>8,158</td><td>8,180</td><td>9,391</td><td>9,529</td><td>8,744</td><td>8,292</td></tr><tr><td>Spain</td><td>4,327</td><td>1,598</td><td>1,348</td><td>1,195</td><td>1,254</td><td>1,358</td><td>11,758</td><td>12,192</td><td>12,113</td><td>11,665</td><td>10,122</td><td>11,939</td></tr><tr><td>Sweden</td><td>7,471</td><td>8,684</td><td>9,320</td><td>9,324</td><td>9,306</td><td>7,649</td><td>133,227</td><td>122,891</td><td>115,194</td><td>109,400</td><td>86,835</td><td>72,905</td></tr><tr><td>Switzerland</td><td>7,812</td><td>10,195</td><td>9,806</td><td>9,339</td><td>6,443</td><td>5,726</td><td>395,129</td><td>402,483</td><td>399,103</td><td>395,751</td><td>405,841</td><td>419,482</td></tr><tr><td>U.S.S.R.</td><td>5</td><td>6</td><td>3</td><td>102</td><td>38</td><td>52</td><td>50,604</td><td>50,319</td><td>52,535</td><td>58,489</td><td>64,111</td><td>69,449</td></tr><tr><td>Yugoslavia</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>11,834</td><td>13,064</td><td>12,471</td><td>9,741</td><td>9,371</td><td>10,588</td></tr><tr><td>Other Europe</td><td>35,373</td><td>37,473</td><td>36,231</td><td>32,646</td><td>30,556</td><td>36,138</td><td>103,978</td><td>109,336</td><td>120,170</td><td>131,662</td><td>130,811</td><td>122,888</td></tr><tr><td>Total Europe</td><td>267,951</td><td>278,871</td><td>274,027</td><td>268,637</td><td>265,904</td><td>258,933</td><td>2,142,465</td><td>2,255,834</td><td>2,359,812</td><td>2,124,628</td><td>2,131,234</td><td>2,105,025</td></tr><tr><td>Canada</td><td>36,383</td><td>34,047</td><td>37,151</td><td>29,118</td><td>29,796</td><td>26,509</td><td>586,764</td><td>563,747</td><td>592,167</td><td>528,433</td><td>427,139</td><td>427,216</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>57,622</td><td>65,833</td><td>71,824</td><td>65,484</td><td>67,359</td><td>66,434</td><td>265,024</td><td>309,270</td><td>307,528</td><td>229,020</td><td>245,671</td><td>240,478</td></tr><tr><td>Bolivia</td><td>3,561</td><td>3,269</td><td>3,167</td><td>3,410</td><td>4,231</td><td>2,921</td><td>16,445</td><td>14,612</td><td>15,181</td><td>17,256</td><td>22,377</td><td>20,604</td></tr><tr><td>Brazil</td><td>160,854</td><td>164,070</td><td>163,577</td><td>161,426</td><td>162,263</td><td>161,994</td><td>85,213</td><td>98,770</td><td>110,802</td><td>106,312</td><td>103,631</td><td>97,447</td></tr><tr><td>Chile</td><td>17,385</td><td>20,492</td><td>22,738</td><td>21,684</td><td>22,782</td><td>22,329</td><td>50,681</td><td>41,222</td><td>44,894</td><td>38,159</td><td>38,308</td><td>41,841</td></tr><tr><td>Colombia</td><td>40,254</td><td>35,719</td><td>35,212</td><td>35,927</td><td>31,970</td><td>31,172</td><td>42,371</td><td>32,034</td><td>34,197</td><td>32,628</td><td>39,119</td><td>42,350</td></tr><tr><td>Costa Rica</td><td>3,937</td><td>3,853</td><td>3,810</td><td>3,631</td><td>3,975</td><td>3,622</td><td>8,601</td><td>6,933</td><td>8,614</td><td>8,304</td><td>7,935</td><td>7,030</td></tr><tr><td>Cuba</td><td>45,981</td><td>53,269</td><td>54,519</td><td>59,669</td><td>73,844</td><td>91,499</td><td>289,563</td><td>283,994</td><td>287,672</td><td>271,885</td><td>256,557</td><td>249,367</td></tr><tr><td>French West Indies and Guiana</td><td>251</td><td>589</td><td>50</td><td>44</td><td>17</td><td>21</td><td>2,912</td><td>3,150</td><td>2,280</td><td>2,822</td><td>2,499</td><td>2,704</td></tr><tr><td>Mexico</td><td>32,869</td><td>27,609</td><td>30,995</td><td>30,180</td><td>39,487</td><td>38,260</td><td>126,693</td><td>137,730</td><td>149,187</td><td>157,155</td><td>148,686</td><td>140,455</td></tr><tr><td>Netherlands West Indies and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Surinam</td><td>974</td><td>1,033</td><td>1,149</td><td>1,107</td><td>1,192</td><td>1,156</td><td>10,253</td><td>10,130</td><td>13,644</td><td>12,640</td><td>14,652</td><td>18,399</td></tr><tr><td>Panama</td><td>2,581</td><td>2,742</td><td>3,777</td><td>4,943</td><td>4,893</td><td>4,995</td><td>69,939</td><td>69,661</td><td>71,527</td><td>76,629</td><td>72,637</td><td>70,937</td></tr><tr><td>Peru</td><td>5,600</td><td>5,901</td><td>6,286</td><td>6,548</td><td>6,671</td><td>6,109</td><td>39,725</td><td>38,154</td><td>41,692</td><td>43,236</td><td>40,917</td><td>41,039</td></tr><tr><td>Venezuela</td><td>16,720</td><td>18,243</td><td>18,489</td><td>15,322</td><td>14,605</td><td>15,093</td><td>53,589</td><td>66,214</td><td>74,036</td><td>89,486</td><td>73,420</td><td>61,078</td></tr><tr><td>Other Latin America</td><td>36,261</td><td>42,317</td><td>36,181</td><td>38,299</td><td>33,434</td><td>31,891</td><td>181,449</td><td>178,550</td><td>181,275</td><td>180,556</td><td>171,455</td><td>169,039</td></tr><tr><td>Total Latin America</td><td>424,850</td><td>444,939</td><td>451,775</td><td>447,674</td><td>466,723</td><td>477,496</td><td>1,242,458</td><td>1,290,424</td><td>1,342,528</td><td>1,266,088</td><td>1,237,804</td><td>1,202,828</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>104,842</td><td>110,726</td><td>108,180</td><td>103,742</td><td>78,574</td><td>41,307</td><td>339,133</td><td>309,610</td><td>286,142</td><td>269,664</td><td>263,259</td><td>250,231</td></tr><tr><td>French Indo-China</td><td>77</td><td>62</td><td>329</td><td>3,233</td><td>3,289</td><td>3,308</td><td>37,224</td><td>36,244</td><td>35,253</td><td>8,179</td><td>8,685</td><td>9,278</td></tr><tr><td>Hong Kong</td><td>3,531</td><td>3,123</td><td>3,071</td><td>2,138</td><td>2,191</td><td>1,927</td><td>41,058</td><td>47,234</td><td>44,725</td><td>45,450</td><td>43,641</td><td>41,766</td></tr><tr><td>India, Burma, and Ceylon</td><td>32,797</td><td>33,662</td><td>27,454</td><td>27,487</td><td>28,936</td><td>28,177</td><td>41,217</td><td>43,306</td><td>53,571</td><td>54,392</td><td>54,982</td><td>56,710</td></tr><tr><td>British Malaya</td><td>2,178</td><td>1,579</td><td>1,595</td><td>843</td><td>957</td><td>823</td><td>8,769</td><td>11,814</td><td>14,580</td><td>13,775</td><td>12,354</td><td>16,518</td></tr><tr><td>Japan</td><td>183</td><td>261</td><td>268</td><td>275</td><td>284</td><td>298</td><td>16,715</td><td>17,558</td><td>17,581</td><td>17,755</td><td>25,517</td><td>28,880</td></tr><tr><td>Netherlands East Indies</td><td>480</td><td>508</td><td>473</td><td>725</td><td>432</td><td>434</td><td>94,878</td><td>85,812</td><td>82,790</td><td>70,758</td><td>59,687</td><td>65,866</td></tr><tr><td>Philippine Islands</td><td>20,153</td><td>25,130</td><td>24,486</td><td>24,525</td><td>27,662</td><td>28,951</td><td>448,849</td><td>452,568</td><td>440,268</td><td>464,316</td><td>470,855</td><td>475,983</td></tr><tr><td>Turkey</td><td>3,316</td><td>3,248</td><td>3,458</td><td>5,576</td><td>13,134</td><td>12,891</td><td>51,014</td><td>40,401</td><td>41,670</td><td>41,701</td><td>39,745</td><td>39,237</td></tr><tr><td>Other Asia</td><td>5,774</td><td>6,748</td><td>8,360</td><td>8,957</td><td>9,126</td><td>9,553</td><td>68,511</td><td>68,678</td><td>74,874</td><td>79,083</td><td>78,900</td><td>79,705</td></tr><tr><td>Total Asia</td><td>173,331</td><td>185,047</td><td>177,679</td><td>177,501</td><td>164,585</td><td>127,669</td><td>1,147,368</td><td>1,113,225</td><td>1,091,454</td><td>1,065,073</td><td>1,057,665</td><td>1,064,174</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>9,034</td><td>11,256</td><td>9,004</td><td>10,154</td><td>12,022</td><td>10,180</td><td>47,843</td><td>42,408</td><td>46,236</td><td>47,490</td><td>43,804</td><td>34,755</td></tr><tr><td>New Zealand</td><td>989</td><td>1,681</td><td>1,461</td><td>1,404</td><td>2,013</td><td>2,313</td><td>8,593</td><td>9,393</td><td>9,549</td><td>8,259</td><td>6,478</td><td>6,466</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>250</td><td>180</td><td>152</td><td>734</td><td>192</td><td>223</td><td>22,577</td><td>19,365</td><td>21,097</td><td>24,444</td><td>25,813</td><td>26,852</td></tr><tr><td>French Morocco</td><td>58</td><td>146</td><td>310</td><td>334</td><td>616</td><td>366</td><td>13,909</td><td>13,688</td><td>13,282</td><td>11,834</td><td>11,417</td><td>10,211</td></tr><tr><td>Union of South Africa</td><td>15,170</td><td>18,790</td><td>15,783</td><td>14,962</td><td>14,477</td><td>14,159</td><td>39,522</td><td>49,526</td><td>55,458</td><td>37,639</td><td>43,271</td><td>46,289</td></tr><tr><td>All other</td><td>4,539</td><td>3,778</td><td>4,228</td><td>5,900</td><td>6,187</td><td>5,088</td><td>52,492</td><td>59,686</td><td>55,455</td><td>58,265</td><td>54,918</td><td>52,803</td></tr><tr><td>Total other countries</td><td>30,070</td><td>35,831</td><td>30,938</td><td>33,488</td><td>35,507</td><td>32,329</td><td>184,936</td><td>194,066</td><td>201,077</td><td>187,931</td><td>185,701</td><td>177,376</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,714,209</td><td>2,881,038</td><td>2,777,904</td><td>2,665,330</td><td>2,490,817</td><td>2,396,328</td></tr><tr><td>Unidentified</td><td>440</td><td>464</td><td>715</td><td>782</td><td>786</td><td>951</td><td>22,054</td><td>20,05
1/ Includes dollar balances of international organizations such as OASFA, International Monetary Fund, and International Bank. Revised.
April 1948
57
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="6">Debit balances (due from foreigners) 1947</th><th colspan="6">Credit balances (due to foreigners) 1947</th></tr><tr><th></th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,035</td><td>1,184</td><td>1,336</td><td>1,246</td><td>1,320</td><td>1,236</td><td>3,890</td><td>5,317</td><td>3,637</td><td>3,876</td><td>4,606</td><td>4,897</td></tr><tr><td>France</td><td>99</td><td>171</td><td>169</td><td>166</td><td>179</td><td>201</td><td>5,869</td><td>5,698</td><td>5,584</td><td>5,717</td><td>5,388</td><td>5,312</td></tr><tr><td>Belgium</td><td>172</td><td>122</td><td>93</td><td>92</td><td>108</td><td>93</td><td>2,001</td><td>1,947</td><td>1,877</td><td>1,995</td><td>2,318</td><td>2,456</td></tr><tr><td>Denmark</td><td>30</td><td>2</td><td>2</td><td>2</td><td>3</td><td>74</td><td>91</td><td>128</td><td>177</td><td>183</td><td>162</td><td>66</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>1</td><td>2</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Germany</td><td>14</td><td>15</td><td>15</td><td>13</td><td>7</td><td>15</td><td>227</td><td>238</td><td>237</td><td>234</td><td>271</td><td>113</td></tr><tr><td>Greece</td><td>4</td><td>3</td><td>3</td><td>4</td><td>14</td><td>10</td><td>27</td><td>41</td><td>23</td><td>14</td><td>22</td><td>23</td></tr><tr><td>Italy</td><td>7</td><td>7</td><td>7</td><td>2</td><td>24</td><td>2</td><td>313</td><td>279</td><td>248</td><td>243</td><td>277</td><td>250</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>585</td><td>657</td><td>663</td><td>769</td><td>741</td><td>758</td></tr><tr><td>Netherlands</td><td>100</td><td>97</td><td>118</td><td>107</td><td>101</td><td>121</td><td>11,994</td><td>10,843</td><td>10,826</td><td>10,408</td><td>10,757</td><td>10,462</td></tr><tr><td>Norway</td><td>266</td><td>273</td><td>190</td><td>219</td><td>176</td><td>125</td><td>1,408</td><td>1,563</td><td>1,590</td><td>1,639</td><td>1,386</td><td>1,382</td></tr><tr><td>Portugal</td><td>14</td><td>23</td><td>62</td><td>25</td><td>21</td><td>17</td><td>60</td><td>61</td><td>67</td><td>73</td><td>88</td><td>90</td></tr><tr><td>Rumanie</td><td>10</td><td>11</td><td>12</td><td>11</td><td>13</td><td>12</td><td>23</td><td>25</td><td>25</td><td>24</td><td>25</td><td>25</td></tr><tr><td>Spaio</td><td>61</td><td>57</td><td>72</td><td>179</td><td>55</td><td>33</td><td>288</td><td>278</td><td>274</td><td>283</td><td>277</td><td>278</td></tr><tr><td>Sweden</td><td></td><td></td><td></td><td></td><td></td><td></td><td>584</td><td>620</td><td>498</td><td>505</td><td>502</td><td>378</td></tr><tr><td>Switzerland</td><td>975</td><td>905</td><td>943</td><td>1,104</td><td>1,552</td><td>1,260</td><td>38,935</td><td>38,285</td><td>39,157</td><td>38,865</td><td>38,330</td><td>35,638</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53</td><td>53</td><td>53</td><td>54</td><td>54</td><td>54</td></tr><tr><td>Yugoslavia</td><td>31</td><td>2</td><td>2</td><td>56</td><td>152</td><td>166</td><td>1,902</td><td>1,809</td><td>1,772</td><td>1,764</td><td>1,675</td><td>1,652</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>2,819</td><td>2,873</td><td>3,025</td><td>3,228</td><td>3,726</td><td>3,366</td><td>68,252</td><td>67,844</td><td>66,710</td><td>66,648</td><td>66,881</td><td>63,836</td></tr><tr><td>Canada</td><td>4,678</td><td>5,021</td><td>4,474</td><td>4,333</td><td>4,565</td><td>5,181</td><td>4,976</td><td>4,708</td><td>5,101</td><td>5,641</td><td>4,694</td><td>4,771</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentinea</td><td>1,055</td><td>1,331</td><td>1,244</td><td>1,142</td><td>1,235</td><td>1,329</td><td>7,037</td><td>5,311</td><td>4,969</td><td>5,091</td><td>5,121</td><td>5,539</td></tr><tr><td>Bolivia</td><td>832</td><td>1,013</td><td>1,030</td><td>1,017</td><td>1,069</td><td>852</td><td>39</td><td>630</td><td>629</td><td>699</td><td>799</td><td>704</td></tr><tr><td>Brazil</td><td></td><td></td><td></td><td></td><td></td><td></td><td>520</td><td>630</td><td>629</td><td>699</td><td>799</td><td>704</td></tr><tr><td>Chile</td><td>1,054</td><td>976</td><td>753</td><td>700</td><td>488</td><td>560</td><td>455</td><td>454</td><td>515</td><td>510</td><td>513</td><td>555</td></tr><tr><td>Colombia</td><td>234</td><td>220</td><td>201</td><td>209</td><td>234</td><td>235</td><td>419</td><td>433</td><td>422</td><td>237</td><td>287</td><td>237</td></tr><tr><td>Costa Rica</td><td>145</td><td>36</td><td>64</td><td>64</td><td>70</td><td>73</td><td>125</td><td>90</td><td>64</td><td>85</td><td>51</td><td>115</td></tr><tr><td>Cuba</td><td>5,585</td><td>5,545</td><td>5,195</td><td>5,349</td><td>5,546</td><td>6,055</td><td>871</td><td>792</td><td>1,016</td><td>912</td><td>967</td><td>1,136</td></tr><tr><td>French West Indies and Guiana</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,479</td><td>2,772</td><td>3,633</td><td>2,397</td><td>2,269</td><td>2,247</td><td>12,475</td><td>10,614</td><td>14,511</td><td>12,046</td><td>12,856</td><td>10,544</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>3</td><td>3</td><td>64</td><td>68</td><td>61</td><td>55</td><td>228</td><td>243</td><td>298</td><td>236</td><td>218</td><td>191</td></tr><tr><td>Panama</td><td>57</td><td>65</td><td>64</td><td>68</td><td>61</td><td>55</td><td>7,544</td><td>9,136</td><td>9,381</td><td>4,975</td><td>6,176</td><td>5,399</td></tr><tr><td>Peru</td><td>140</td><td>132</td><td>116</td><td>109</td><td>103</td><td>102</td><td>153</td><td>263</td><td>153</td><td>86</td><td>154</td><td>111</td></tr><tr><td>Venezuela</td><td>1,710</td><td>1,715</td><td>1,727</td><td>1,776</td><td>1,747</td><td>1,362</td><td>1,924</td><td>2,558</td><td>2,210</td><td>1,891</td><td>2,153</td><td>2,064</td></tr><tr><td>Other Latin America</td><td>3,647</td><td>3,398</td><td>2,519</td><td>1,445</td><td>2,532</td><td>2,943</td><td>2,324</td><td>3,720</td><td>3,901</td><td>4,253</td><td>5,030</td><td>4,636</td></tr><tr><td>Total Latin America</td><td>16,971</td><td>17,236</td><td>16,576</td><td>14,306</td><td>15,389</td><td>15,847</td><td>34,022</td><td>34,287</td><td>38,110</td><td>31,053</td><td>34,357</td><td>31,256</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,579</td><td>1,529</td><td>1,501</td><td>1,546</td><td>1,733</td><td>1,583</td><td>1,136</td><td>1,142</td><td>1,158</td><td>1,348</td><td>1,089</td><td>1,085</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>63</td><td>94</td><td>79</td><td>32</td><td>19</td><td>61</td><td>165</td><td>145</td><td>138</td></tr><tr><td>Hong Kong</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>India, Burma, and Ceylon</td><td>31</td><td>31</td><td>41</td><td>32</td><td>33</td><td>32</td><td>32</td><td>48</td><td>52</td><td>33</td><td>71</td><td>90</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>67</td><td>65</td><td>66</td><td>3</td><td>3</td><td>3</td><td>19</td><td>3</td><td>3</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>3</td><td>3</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>5</td><td>7</td><td>9</td><td>10</td><td>11</td></tr><tr><td>Philippine Islands</td><td>193</td><td>157</td><td>150</td><td>56</td><td>21</td><td>272</td><td>680</td><td>778</td><td>810</td><td>961</td><td>889</td><td>598</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>15</td><td>3</td><td>2</td><td>1</td><td>1</td><td>6</td></tr><tr><td>Other Asia</td><td>5</td><td>13</td><td>24</td><td>35</td><td>23</td><td>22</td><td>183</td><td>190</td><td>283</td><td>103</td><td>110</td><td>258</td></tr><tr><td>Total Asia</td><td>1,808</td><td>1,730</td><td>1,716</td><td>1,799</td><td>1,970</td><td>2,067</td><td>2,084</td><td>2,191</td><td>2,379</td><td>2,641</td><td>2,318</td><td>2,190</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4</td><td>5</td><td>4</td><td>4</td><td>4</td><td>34</td><td>45</td><td>34</td><td>73</td><td>67</td><td>69</td><td>49</td></tr><tr><td>New Zealand</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>58</td><td>46</td><td>69</td><td>69</td><td>66</td><td>63</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>11</td><td>24</td><td>23</td><td>22</td><td>6</td><td>4</td><td>162</td><td>165</td><td>216</td><td>218</td><td>219</td><td>180</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td><td>76</td><td>76</td><td>76</td><td>76</td><td>98</td></tr><tr><td>Union of South Africa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>146</td><td>231</td><td>67</td><td>66</td><td>57</td><td>119</td></tr><tr><td>All other</td><td>26</td><td>23</td><td>29</td><td>16</td><td>14</td><td>38</td><td>390</td><td>209</td><td>206</td><td>174</td><td>2,213</td><td>81</td></tr><tr><td>Total other countries</td><td>41</td><td>68</td><td>56</td><td>42</td><td>29</td><td>76</td><td>877</td><td>761</td><td>707</td><td>670</td><td>2,700</td><td>590</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>64</td><td>91</td><td>65</td><td>65</td><td>94</td></tr><tr><td>Grand total</td><td>26,317</td><td>26,928</td><td>25,847</td><td>23,708</td><td>25,679</td><td>26,537</td><td>110,275</td><td>109,855</td><td>113,098</td><td>106,718</td><td>111,015</td><td>102,737</td></tr></table>
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of November 1947
Table 1.- Short-Term Claims on Foreigners
(Position at end of month 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>31,832</td><td>18,665</td><td>9,376</td><td>460</td><td>8,829</td><td>13,167</td><td>4,727</td><td>3,016</td><td>5,424</td></tr><tr><td>France</td><td>14,921</td><td>387</td><td>79</td><td>230</td><td>78</td><td>14,534</td><td>2,746</td><td>1,561</td><td>10,227</td></tr><tr><td>Belgium</td><td>12,853</td><td>254</td><td>228</td><td>2</td><td>24</td><td>12,609</td><td>684</td><td>3,809</td><td>8,116</td></tr><tr><td>Denmark</td><td>1,096</td><td>81</td><td>55</td><td>22</td><td>4</td><td>1,015</td><td>1</td><td>591</td><td>421</td></tr><tr><td>Finland</td><td>11,934</td><td>2</td><td>1</td><td>-</td><td>1</td><td>11,932</td><td>1,598</td><td>8,270</td><td>2,064</td></tr><tr><td>Germany</td><td>30,524</td><td>51</td><td>6</td><td>28</td><td>17</td><td>30,473</td><td>17,066</td><td>67</td><td>13,340</td></tr><tr><td>Greece</td><td>12,819</td><td>131</td><td>-</td><td>8</td><td>123</td><td>12,683</td><td>10,884</td><td>-</td><td>1,804</td></tr><tr><td>Italy</td><td>23,600</td><td>272</td><td>4</td><td>263</td><td>5</td><td>23,328</td><td>10,316</td><td>2,151</td><td>10,861</td></tr><tr><td>Lausembourg</td><td>80</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80</td><td>-</td><td>-</td><td>80</td></tr><tr><td>Betherlands</td><td>47,214</td><td>497</td><td>153</td><td>36</td><td>308</td><td>46,717</td><td>607</td><td>186</td><td>45,924</td></tr><tr><td>Norway</td><td>8,061</td><td>116</td><td>57</td><td>45</td><td>14</td><td>7,945</td><td>1,954</td><td>266</td><td>5,695</td></tr><tr><td>Portugal</td><td>1,087</td><td>180</td><td>177</td><td>-</td><td>3</td><td>907</td><td>1</td><td>18</td><td>888</td></tr><tr><td>Romania</td><td>12,011</td><td>4</td><td>1</td><td>3</td><td>-</td><td>12,007</td><td>11,985</td><td>-</td><td>22</td></tr><tr><td>Spain</td><td>1,758</td><td>165</td><td>10</td><td>15</td><td>140</td><td>1,193</td><td>215</td><td>-</td><td>978</td></tr><tr><td>Svede</td><td>7,649</td><td>396</td><td>157</td><td>198</td><td>41</td><td>7,253</td><td>657</td><td>54</td><td>6,542</td></tr><tr><td>Switzerland</td><td>5,726</td><td>799</td><td>510</td><td>262</td><td>27</td><td>4,927</td><td>1,765</td><td>102</td><td>3,060</td></tr><tr><td>U.S.S.R.</td><td>52</td><td>13</td><td>13</td><td>-</td><td>-</td><td>39</td><td>-</td><td>-</td><td>39</td></tr><tr><td>Iugoslavia</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>36,138</td><td>180</td><td>141</td><td>12</td><td>27</td><td>35,958</td><td>26,227</td><td>381</td><td>9,350</td></tr><tr><td>Total Europe</td><td>258,933</td><td>22,199</td><td>10,968</td><td>1,564</td><td>9,647</td><td>236,734</td><td>91,463</td><td>20,472</td><td>124,799</td></tr><tr><td>Canada</td><td>26,509</td><td>15,255</td><td>10,866</td><td>3,400</td><td>989</td><td>11,254</td><td>827</td><td>2,920</td><td>7,507</td></tr><tr><td>Latia 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>66,434</td><td>529</td><td>205</td><td>28</td><td>296</td><td>65,905</td><td>37,393</td><td>3,703</td><td>24,809</td></tr><tr><td>Bolivia</td><td>2,921</td><td>4</td><td>1</td><td>-</td><td>3</td><td>2,917</td><td>249</td><td>-</td><td>2,668</td></tr><tr><td>Brazil</td><td>161,994</td><td>80,224</td><td>33</td><td>80,000</td><td>191</td><td>81,770</td><td>8,662</td><td>835</td><td>72,273</td></tr><tr><td>Chile</td><td>22,329</td><td>138</td><td>-</td><td>-</td><td>138</td><td>22,191</td><td>2,269</td><td>1,634</td><td>18,288</td></tr><tr><td>Columbia</td><td>31,172</td><td>146</td><td>-</td><td>-</td><td>146</td><td>31,026</td><td>5,820</td><td>7,667</td><td>17,539</td></tr><tr><td>Costa Rica</td><td>3,622</td><td>62</td><td>-</td><td>-</td><td>62</td><td>3,560</td><td>75</td><td>38</td><td>3,447</td></tr><tr><td>Cuba</td><td>91,499</td><td>571</td><td>419</td><td>-</td><td>152</td><td>90,928</td><td>53,551</td><td>22,607</td><td>14,770</td></tr><tr><td>French West Indies and Guiana</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>21</td></tr><tr><td>Mexico</td><td>38,260</td><td>12,310</td><td>1,048</td><td>10,121</td><td>1,141</td><td>25,950</td><td>4,530</td><td>2,355</td><td>19,065</td></tr><tr><td>Betherlands West Indies and Surinam</td><td>1,156</td><td>23</td><td>-</td><td>-</td><td>23</td><td>1,133</td><td>-</td><td>-</td><td>1,133</td></tr><tr><td>Panama</td><td>4,995</td><td>86</td><td>-</td><td>-</td><td>86</td><td>4,909</td><td>-</td><td>-</td><td>4,909</td></tr><tr><td>Peru</td><td>6,109</td><td>114</td><td>37</td><td>-</td><td>77</td><td>5,995</td><td>101</td><td>115</td><td>5,779</td></tr><tr><td>Venezuela</td><td>15,093</td><td>352</td><td>124</td><td>27</td><td>201</td><td>14,741</td><td>2,018</td><td>264</td><td>12,459</td></tr><tr><td>Other Latin America</td><td>31,891</td><td>691</td><td>23</td><td>-</td><td>668</td><td>31,200</td><td>6,503</td><td>1,794</td><td>22,903</td></tr><tr><td>Total Latin America</td><td>477,496</td><td>95,250</td><td>1,890</td><td>90,176</td><td>3,164</td><td>382,246</td><td>121,171</td><td>41,012</td><td>220,063</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>41,307</td><td>160</td><td>159</td><td>1</td><td>-</td><td>41,147</td><td>28,239</td><td>205</td><td>12,703</td></tr><tr><td>French Indo-China</td><td>3,308</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,308</td><td>3,028</td><td>256</td><td>24</td></tr><tr><td>Bong Kong</td><td>1,927</td><td>297</td><td>186</td><td>56</td><td>55</td><td>1,630</td><td>715</td><td>222</td><td>693</td></tr><tr><td>India, Burma, and Ceylon</td><td>28,177</td><td>21,994</td><td>1,642</td><td>20,302</td><td>50</td><td>6,183</td><td>310</td><td>1,243</td><td>4,630</td></tr><tr><td>British Malaya</td><td>823</td><td>47</td><td>-</td><td>-</td><td>47</td><td>776</td><td>2</td><td>468</td><td>306</td></tr><tr><td>Japan</td><td>298</td><td>2</td><td>1</td><td>1</td><td>-</td><td>296</td><td>210</td><td>-</td><td>86</td></tr><tr><td>Betherlands East Indies</td><td>434</td><td>-</td><td>-</td><td>-</td><td>-</td><td>434</td><td>69</td><td>272</td><td>93</td></tr><tr><td>Philippine Islands</td><td>28,951</td><td>1,041</td><td>687</td><td>-</td><td>354</td><td>27,910</td><td>15,546</td><td>2,866</td><td>9,498</td></tr><tr><td>Turkey</td><td>12,891</td><td>8</td><td>-</td><td>8</td><td>-</td><td>12,883</td><td>10,445</td><td>-</td><td>2,438</td></tr><tr><td>Other Asia</td><td>9,553</td><td>34</td><td>25</td><td>-</td><td>9</td><td>9,519</td><td>714</td><td>-</td><td>8,775</td></tr><tr><td>Total Asia</td><td>127,669</td><td>23,583</td><td>2,700</td><td>20,368</td><td>515</td><td>104,086</td><td>59,308</td><td>5,532</td><td>39,246</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>10,180</td><td>808</td><td>318</td><td>-</td><td>490</td><td>9,372</td><td>464</td><td>5,983</td><td>2,925</td></tr><tr><td>New Zealand</td><td>2,313</td><td>153</td><td>139</td><td>-</td><td>14</td><td>2,160</td><td>-</td><td>289</td><td>1,871</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>223</td><td>31</td><td>19</td><td>-</td><td>12</td><td>192</td><td>20</td><td>-</td><td>172</td></tr><tr><td>French Morocco</td><td>366</td><td>-</td><td>-</td><td>-</td><td>-</td><td>366</td><td>298</td><td>-</td><td>68</td></tr><tr><td>Union of South Africa</td><td>14,159</td><td>944</td><td>245</td><td>196</td><td>503</td><td>13,215</td><td>-</td><td>-</td><td>13,215</td></tr><tr><td>All other</td><td>5,088</td><td>70</td><td>7</td><td>-</td><td>63</td><td>5,018</td><td>1,063</td><td>226</td><td>3,729</td></tr><tr><td>Total other countries</td><td>32,329</td><td>2,006</td><td>728</td><td>196</td><td>1,082</td><td>30,323</td><td>1,845</td><td>6,498</td><td>21,980</td></tr><tr><td>Unidentified</td><td>951</td><td>-</td><td>-</td><td>-</td><td>-</td><td>951</td><td>-</td><td>-</td><td>951</td></tr><tr><td>Grand total</td><td>923,887</td><td>158,293</td><td>27,152</td><td>115,724</td><td>15,417</td><td>765,594</td><td>274,614</td><td>76,434</td><td>414,546</td></tr></table>
April 1948
59
CAPITAL MOVEMENTS
Section III - Details for Month of November 1947
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>354,476</td><td>325,309</td><td>306,067</td><td>2,782</td><td>12,546</td><td>3,914</td><td>29,167</td><td>1,320</td><td>21,590</td><td>6,257</td></tr><tr><td>France</td><td>236,944</td><td>226,734</td><td>206,333</td><td>2,742</td><td>14,704</td><td>2,350</td><td>10,210</td><td>9,807</td><td>382</td><td>21</td></tr><tr><td>Belgium</td><td>131,723</td><td>131,562</td><td>122,922</td><td>368</td><td>8,191</td><td>81</td><td>161</td><td>103</td><td>3</td><td>55</td></tr><tr><td>Denmark</td><td>55,042</td><td>55,040</td><td>54,905</td><td>97</td><td>2</td><td>36</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>39,203</td><td>39,203</td><td>39,168</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>79,055</td><td>79,039</td><td>78,558</td><td>100</td><td>22</td><td>359</td><td>16</td><td>14</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>45,682</td><td>45,657</td><td>45,373</td><td>283</td><td>-</td><td>1</td><td>25</td><td>23</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>145,953</td><td>145,947</td><td>134,190</td><td>1,097</td><td>10,635</td><td>25</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,549</td><td>22,549</td><td>21,200</td><td>1</td><td>1,348</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>153,414</td><td>158,042</td><td>148,589</td><td>230</td><td>9,199</td><td>24</td><td>372</td><td>372</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>70,660</td><td>70,618</td><td>56,613</td><td>213</td><td>13,792</td><td>-</td><td>42</td><td>42</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>49,781</td><td>49,733</td><td>49,468</td><td>265</td><td>-</td><td>-</td><td>48</td><td>46</td><td>-</td><td>2</td></tr><tr><td>Romania</td><td>8,292</td><td>8,292</td><td>8,258</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>11,939</td><td>11,846</td><td>11,534</td><td>206</td><td>50</td><td>6</td><td>93</td><td>88</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>72,905</td><td>72,235</td><td>70,080</td><td>2,154</td><td>-</td><td>1</td><td>670</td><td>547</td><td>-</td><td>123</td></tr><tr><td>Switzerland</td><td>419,482</td><td>418,228</td><td>395,610</td><td>7,288</td><td>9,080</td><td>6,250</td><td>1,254</td><td>388</td><td>10</td><td>856</td></tr><tr><td>U. S. S. R.</td><td>69,449</td><td>69,449</td><td>65,445</td><td>4</td><td>-</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>10,588</td><td>10,588</td><td>10,576</td><td>10</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>122,388</td><td>122,864</td><td>116,415</td><td>89</td><td>6,320</td><td>40</td><td>24</td><td>23</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>2,105,025</td><td>2,062,935</td><td>1,941,959</td><td>17,998</td><td>85,889</td><td>17,089</td><td>42,090</td><td>12,781</td><td>21,985</td><td>7,324</td></tr><tr><td>Canada</td><td>427,216</td><td>423,416</td><td>330,777</td><td>2,628</td><td>89,171</td><td>840</td><td>3,800</td><td>448</td><td>-</td><td>3,352</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>240,478</td><td>240,305</td><td>237,111</td><td>2,110</td><td>29</td><td>1,055</td><td>173</td><td>154</td><td>-</td><td>19</td></tr><tr><td>Bolivia</td><td>20,604</td><td>20,604</td><td>20,603</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>97,447</td><td>97,216</td><td>82,381</td><td>11,467</td><td>11</td><td>3,357</td><td>231</td><td>231</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>41,841</td><td>41,837</td><td>39,893</td><td>1,944</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>42,350</td><td>42,350</td><td>40,522</td><td>608</td><td>-</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,030</td><td>7,030</td><td>6,388</td><td>642</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>249,367</td><td>249,367</td><td>241,294</td><td>8,037</td><td>-</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>2,764</td><td>2,764</td><td>2,764</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>140,455</td><td>139,879</td><td>139,391</td><td>463</td><td>-</td><td>25</td><td>576</td><td>-</td><td>-</td><td>576</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>18,399</td><td>18,399</td><td>18,370</td><td>23</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>70,937</td><td>70,934</td><td>57,369</td><td>115</td><td>13,450</td><td>3</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Peru</td><td>41,039</td><td>41,034</td><td>40,506</td><td>503</td><td>25</td><td>5</td><td>5</td><td>3</td><td>-</td><td>2</td></tr><tr><td>Venezuela</td><td>61,078</td><td>61,078</td><td>60,925</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Other Latin America</td><td>169,039</td><td>168,619</td><td>145,724</td><td>2,915</td><td>17,905</td><td>2,075</td><td>420</td><td>416</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>1,202,828</td><td>1,201,416</td><td>1,133,241</td><td>28,981</td><td>31,420</td><td>7,774</td><td>1,412</td><td>808</td><td>-</td><td>604</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>250,231</td><td>249,958</td><td>180,194</td><td>2,154</td><td>67,326</td><td>284</td><td>273</td><td>5</td><td>-</td><td>268</td></tr><tr><td>French Indo-China</td><td>9,278</td><td>9,278</td><td>8,127</td><td>-</td><td>1,025</td><td>126</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>41,766</td><td>37,597</td><td>37,064</td><td>391</td><td>142</td><td>-</td><td>4,169</td><td>4,098</td><td>-</td><td>71</td></tr><tr><td>India, Burma, and Ceylon</td><td>56,710</td><td>54,446</td><td>51,644</td><td>2,748</td><td>-</td><td>54</td><td>2,264</td><td>2,049</td><td>6</td><td>209</td></tr><tr><td>British Malaya</td><td>16,518</td><td>16,509</td><td>13,335</td><td>184</td><td>2,687</td><td>3</td><td>9</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>28,880</td><td>28,868</td><td>27,727</td><td>1,119</td><td>22</td><td>12</td><td>12</td><td>2</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>65,866</td><td>65,865</td><td>56,197</td><td>153</td><td>9,515</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>475,983</td><td>475,914</td><td>472,055</td><td>2,622</td><td>-</td><td>1,237</td><td>69</td><td>69</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>39,237</td><td>39,237</td><td>32,366</td><td>6,871</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>79,705</td><td>79,703</td><td>78,258</td><td>1,272</td><td>141</td><td>32</td><td>2</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Asia</td><td>1,064,174</td><td>1,057,375</td><td>956,967</td><td>17,814</td><td>80,858</td><td>1,736</td><td>6,799</td><td>6,234</td><td>6</td><td>559</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>34,755</td><td>34,065</td><td>28,733</td><td>1,436</td><td>503</td><td>3,393</td><td>690</td><td>4</td><td>27</td><td>659</td></tr><tr><td>New Zealand</td><td>6,466</td><td>6,405</td><td>6,149</td><td>256</td><td>-</td><td>61</td><td>61</td><td>19</td><td>-</td><td>42</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>26,852</td><td>26,724</td><td>26,337</td><td>272</td><td>-</td><td>115</td><td>128</td><td>-</td><td>-</td><td>128</td></tr><tr><td>French Morocco</td><td>10,211</td><td>10,211</td><td>10,155</td><td>54</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>46,289</td><td>44,427</td><td>26,712</td><td>78</td><td>17,625</td><td>12</td><td>1,862</td><td>1,738</td><td>-</td><td>124</td></tr><tr><td>All other</td><td>52,803</td><td>52,280</td><td>51,526</td><td>273</td><td>481</td><td>523</td><td>523</td><td>418</td><td>-</td><td>105</td></tr><tr><td>Total other countries</td><td>177,376</td><td>174,112</td><td>149,612</td><td>2,369</td><td>18,609</td><td>3,522</td><td>3,264</td><td>2,179</td><td>27</td><td>1,058</td></tr><tr><td>International</td><td>2,396,328</td><td>2,396,328</td><td>371,285</td><td>-</td><td>2,025,043</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>19,940</td><td>19,940</td><td>19,923</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,392,887</td><td>7,335,522</td><td>4,903,764</td><td>69,790</td><td>2,330,990</td><td>30,978</td><td>57,365</td><td>22,450</td><td>22,018</td><td>12,897</td></tr></table>
1/ Includes liabilities to international organizations such as UNRRA, International Monetary Fund, and International Bank
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of November 1947
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>6,694</td><td>4,120</td><td>3,234</td><td>886</td><td>2,574</td><td>538</td><td>2,036</td><td>9,535</td><td>4,762</td><td>3,957</td><td>805</td><td>4,773</td><td>318</td><td>4,455</td></tr><tr><td>France</td><td>1,012</td><td>838</td><td>381</td><td>457</td><td>174</td><td>18</td><td>156</td><td>12,672</td><td>12,247</td><td>11,054</td><td>1,193</td><td>425</td><td>381</td><td>44</td></tr><tr><td>Belgium</td><td>825</td><td>430</td><td>216</td><td>214</td><td>395</td><td>58</td><td>337</td><td>714</td><td>473</td><td>419</td><td>54</td><td>241</td><td>37</td><td>204</td></tr><tr><td>Denmark</td><td>145</td><td>62</td><td>60</td><td>2</td><td>83</td><td>1</td><td>82</td><td>82</td><td>58</td><td>51</td><td>7</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Finland</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>83</td><td>-</td><td>-</td><td>-</td><td>83</td><td>-</td><td>83</td></tr><tr><td>Germany</td><td>14</td><td>14</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>63</td><td>53</td><td>43</td><td>10</td><td>10</td><td>6</td><td>10</td><td>21</td><td>21</td><td>19</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>186</td><td>155</td><td>128</td><td>27</td><td>31</td><td>6</td><td>25</td><td>318</td><td>112</td><td>67</td><td>45</td><td>206</td><td>3</td><td>203</td></tr><tr><td>Luxembourg</td><td>43</td><td>43</td><td>43</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72</td><td>60</td><td>50</td><td>10</td><td>12</td><td>10</td><td>2</td></tr><tr><td>Netherlands</td><td>659</td><td>559</td><td>453</td><td>106</td><td>100</td><td>66</td><td>32</td><td>5,500</td><td>4,622</td><td>3,906</td><td>716</td><td>878</td><td>411</td><td>467</td></tr><tr><td>Norway</td><td>524</td><td>155</td><td>98</td><td>57</td><td>369</td><td>-</td><td>369</td><td>229</td><td>106</td><td>88</td><td>18</td><td>123</td><td>-</td><td>123</td></tr><tr><td>Portugal</td><td>90</td><td>59</td><td>55</td><td>4</td><td>31</td><td>-</td><td>31</td><td>201</td><td>121</td><td>68</td><td>53</td><td>80</td><td>1</td><td>79</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</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>204</td><td>197</td><td>73</td><td>124</td><td>7</td><td>-</td><td>7</td><td>79</td><td>3</td><td>2</td><td>1</td><td>76</td><td>-</td><td>76</td></tr><tr><td>Sweden</td><td>119</td><td>29</td><td>24</td><td>5</td><td>90</td><td>-</td><td>90</td><td>354</td><td>40</td><td>39</td><td>1</td><td>314</td><td>-</td><td>314</td></tr><tr><td>Switzerland</td><td>12,115</td><td>10,739</td><td>9,114</td><td>1,625</td><td>1,376</td><td>495</td><td>881</td><td>14,136</td><td>8,902</td><td>5,925</td><td>2,977</td><td>5,234</td><td>899</td><td>4,335</td></tr><tr><td>U.S.S.R.</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>208</td><td>186</td><td>185</td><td>1</td><td>22</td><td>1</td><td>21</td><td>66</td><td>57</td><td>48</td><td>9</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Total Europe</td><td>22,905</td><td>17,639</td><td>14,107</td><td>3,532</td><td>5,266</td><td>1,185</td><td>4,081</td><td>44,062</td><td>31,584</td><td>25,693</td><td>5,891</td><td>12,478</td><td>1,723</td><td>10,755</td></tr><tr><td>Canada</td><td>19,659</td><td>8,068</td><td>3,524</td><td>4,544</td><td>11,591</td><td>2,321</td><td>9,270</td><td>18,635</td><td>12,420</td><td>4,779</td><td>7,641</td><td>6,215</td><td>1,453</td><td>4,762</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>11,102</td><td>535</td><td>364</td><td>171</td><td>10,567</td><td>86</td><td>10,481</td><td>2,501</td><td>705</td><td>640</td><td>65</td><td>1,796</td><td>60</td><td>1,732</td></tr><tr><td>Bolivia</td><td>7</td><td>6</td><td>6</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>356</td><td>75</td><td>64</td><td>11</td><td>281</td><td>1</td><td>280</td><td>163</td><td>83</td><td>79</td><td>4</td><td>80</td><td>16</td><td>64</td></tr><tr><td>Chile</td><td>488</td><td>255</td><td>219</td><td>36</td><td>233</td><td>59</td><td>174</td><td>305</td><td>155</td><td>96</td><td>59</td><td>150</td><td>12</td><td>138</td></tr><tr><td>Colombia</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>2</td><td>2</td><td>-</td><td>6</td><td>1</td><td>5</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,732</td><td>947</td><td>940</td><td>7</td><td>785</td><td>223</td><td>562</td><td>2,305</td><td>2,223</td><td>448</td><td>1,775</td><td>82</td><td>36</td><td>46</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>541</td><td>461</td><td>399</td><td>62</td><td>80</td><td>61</td><td>19</td><td>308</td><td>282</td><td>276</td><td>6</td><td>26</td><td>25</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>14</td><td>9</td><td>9</td><td>-</td><td>5</td><td>5</td><td>-</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>2,198</td><td>2,030</td><td>828</td><td>1,202</td><td>168</td><td>163</td><td>5</td><td>2,545</td><td>2,494</td><td>410</td><td>2,084</td><td>51</td><td>38</td><td>13</td></tr><tr><td>Peru</td><td>332</td><td>332</td><td>24</td><td>308</td><td>-</td><td>-</td><td>-</td><td>487</td><td>472</td><td>421</td><td>51</td><td>15</td><td>15</td><td>-</td></tr><tr><td>Venezuela</td><td>242</td><td>223</td><td>188</td><td>35</td><td>19</td><td>3</td><td>16</td><td>656</td><td>648</td><td>184</td><td>464</td><td>8</td><td>6</td><td>2</td></tr><tr><td>Other Latin America</td><td>1,992</td><td>1,059</td><td>996</td><td>63</td><td>933</td><td>165</td><td>768</td><td>627</td><td>504</td><td>455</td><td>49</td><td>123</td><td>20</td><td>103</td></tr><tr><td>Total Latin America</td><td>19,017</td><td>5,945</td><td>4,050</td><td>1,895</td><td>13,072</td><td>767</td><td>12,305</td><td>9,916</td><td>7,579</td><td>3,022</td><td>4,557</td><td>2,337</td><td>274</td><td>2,103</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,115</td><td>761</td><td>450</td><td>311</td><td>354</td><td>6</td><td>348</td><td>403</td><td>387</td><td>368</td><td>19</td><td>16</td><td>16</td><td>-</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>40</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>119</td><td>118</td><td>118</td><td>-</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>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>5</td><td>1</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>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>11</td><td>5</td><td>5</td><td>-</td><td>6</td><td>6</td><td>-</td><td>7</td><td>3</td><td>3</td><td>-</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Philippine Islands</td><td>148</td><td>130</td><td>110</td><td>-</td><td>18</td><td>18</td><td>-</td><td>404</td><td>398</td><td>217</td><td>181</td><td>6</td><td>6</td><td>4</td></tr><tr><td>Turkey</td><td>14</td><td>14</td><td>14</td><td>-</td><td>32</td><td>12</td><td>20</td><td>32</td><td>12</td><td>12</td><td>20</td><td>7</td><td>4</td><td>3</td></tr><tr><td>Other Asia</td><td>46</td><td>36</td><td>33</td><td>3</td><td>10</td><td>10</td><td>-</td><td>76</td><td>69</td><td>63</td><td>6</td><td>7</td><td>4</td><td>3</td></tr><tr><td>Total Asia</td><td>1,457</td><td>1,068</td><td>754</td><td>314</td><td>389</td><td>25</td><td>364</td><td>970</td><td>917</td><td>710</td><td>207</td><td>53</td><td>26</td><td>27</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>1,625</td><td>52</td><td>52</td><td>-</td><td>1,573</td><td>-</td><td>1,573</td><td>116</td><td>115</td><td>80</td><td>35</td><td>1</td><td>-</td><td>1</td></tr><tr><td>New Zealand</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>10</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>22</td><td>7</td><td>7</td><td>-</td><td>15</td><td>-</td><td>15</td><td>4</td><td>4</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>25</td><td>25</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>104</td><td>101</td><td>3</td><td>6</td><td>4</td><td>2</td></tr><tr><td>Union of South Africa</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>40</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>63</td><td>11</td><td>11</td><td>-</td><td>52</td><td>-</td><td>52</td><td>91</td><td>91</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>1,744</td><td>104</td><td>104</td><td>-</td><td>1,640</td><td>-</td><td>1,640</td><td>376</td><td>369</td><td>324</td><td>45</td><td>7</td><td>4</td><td>3</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>64,782</td><td>32,824</td><td>22,539</td><td>10,285</td><td>31,958</td><td>4,298</td><td>27,660</td><td>73,959</td><td>52,859</td><td>34,528</td><td>18,341</td><td>21,090</td><td>3,440</td><td>17,650</td></tr></table>
1/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank.
April 1948
61
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(in thousands of dollars)
<table><tr><th rowspan="2">Currency of -</th><th colspan="2">June</th><th colspan="2">July</th><th colspan="2">August</th><th colspan="2">September</th><th colspan="2">October</th><th colspan="2">November</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>54,704</td><td>69,900</td><td>57,351</td><td>70,794</td><td>67,424</td><td>79,848</td><td>71,358</td><td>85,242</td><td>71,922</td><td>84,717</td><td>71,690</td><td>84,211</td></tr><tr><td>France</td><td>13</td><td>22</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>2</td><td>10</td><td>2</td></tr><tr><td>Belgium</td><td>72</td><td>104</td><td>25</td><td>67</td><td>35</td><td>91</td><td>-</td><td>12</td><td>-</td><td>13</td><td>2</td><td>10</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>-</td><td>11</td><td>4</td><td>10</td><td>1</td><td>11</td><td>-</td><td>10</td><td>-</td><td>10</td><td>-</td><td>11</td></tr><tr><td>Netherlands</td><td>-</td><td>-</td><td>-</td><td>2</td><td>40</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>22</td><td>62</td><td>-</td><td>18</td><td>-</td><td>32</td><td>5</td><td>5</td><td>-</td><td>-</td><td>20</td><td>20</td></tr><tr><td>Spaio</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>Sweden</td><td>21</td><td>79</td><td>14</td><td>55</td><td>-</td><td>66</td><td>30</td><td>33</td><td>-</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Switzerland</td><td>697</td><td>907</td><td>637</td><td>993</td><td>380</td><td>998</td><td>493</td><td>846</td><td>396</td><td>581</td><td>281</td><td>329</td></tr><tr><td>Other Europe</td><td>6</td><td>18</td><td>4</td><td>9</td><td>7</td><td>7</td><td>2</td><td>2</td><td>18</td><td>6</td><td>6</td><td>5</td></tr><tr><td>Total Europe</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><td>71,909</td><td>86,151</td><td>72,351</td><td>85,331</td><td>72,200</td><td>84,780</td></tr><tr><td>Canada</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><td>5,432</td><td>6,179</td><td>3,313</td><td>3,585</td><td>2,871</td><td>3,040</td></tr><tr><td>Latin America</td><td>661</td><td>517</td><td>527</td><td>517</td><td>451</td><td>143</td><td>3</td><td>4</td><td>3</td><td>4</td><td>3</td><td>4</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-</td><td>19</td><td>-</td><td>74</td><td>-</td><td>36</td><td>-</td><td>36</td><td>-</td><td>22</td><td>-</td><td>19</td></tr><tr><td>Hong Kong</td><td>1,434</td><td>4</td><td>2,231</td><td>4</td><td>1,968</td><td>400</td><td>1,532</td><td>150</td><td>1,362</td><td>150</td><td>1,242</td><td>4</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>314</td><td>2,926</td><td>600</td><td>2,775</td><td>1,336</td><td>2,784</td><td>706</td><td>2,470</td><td>806</td><td>2,101</td><td>619</td><td>1,397</td></tr><tr><td>Total Asia</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><td>2,238</td><td>2,660</td><td>2,168</td><td>2,277</td><td>1,861</td><td>1,420</td></tr><tr><td>All other</td><td>123</td><td>435</td><td>116</td><td>219</td><td>976</td><td>532</td><td>2,656</td><td>158</td><td>2,478</td><td>466</td><td>1,686</td><td>516</td></tr><tr><td>Grand total</td><td>64,630</td><td>81,093</td><td>66,371</td><td>81,171</td><td>78,744</td><td>91,354</td><td>82,238</td><td>95,152</td><td>80,313</td><td>91,663</td><td>78,621</td><td>89,760</td></tr></table>
62
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Data relating to corporations in which the United States Government has a proprietary interest, direct or indirect, and to certain other business-type activities of the United States Government are presented in a series of four tables. Table 1 gives a summary of loans outstanding, Table 2, balance sheet data, Table 3, income and expense, and Table 4, source and application of funds. Tables 1 and 2 are compiled from the mid-
month "Daily Treasury Statement", which contains greater detail than the summaries presented here. Tables 3 and 4 are compiled from reports of the agencies, adjusted by the Treasury Department. Loan and balance sheet data for December 31, 1947, are presented in this issue of the "Treasury Bulletin", and Tables 3 and 4 for that date will appear in a subsequent issue.
Table 1.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, December 31, 1946 - December 31, 1947
(In millions of dollars)
<table><tr><th>By type of loan</th><th>Dec. 31, 1946</th><th>Dec. 31, 1947</th><th>Net increase, or decrease (-)</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>269.2</td><td>332.6</td><td>63.4</td></tr><tr><td>Cooperative associations</td><td>188.3</td><td>282.1</td><td>93.8</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>290.1</td><td>387.6</td><td>97.5</td></tr><tr><td>Farm mortgage loans</td><td>1,577.0</td><td>555.1</td><td>-1,022.01/</td></tr><tr><td>Other</td><td>559.8</td><td>741.6</td><td>181.7</td></tr><tr><td>Total</td><td>2,884.4</td><td>2,298.9</td><td>-585.5</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td></tr><tr><td>Mortgage loans</td><td>455.3</td><td>382.22/</td><td>-73.0</td></tr><tr><td>Other</td><td>230.9</td><td>174.1</td><td>-56.8</td></tr><tr><td>Total</td><td>686.2</td><td>556.4</td><td>-129.8</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>170.6</td><td>147.2</td><td>-23.4</td></tr><tr><td>Other</td><td>191.6</td><td>272.3</td><td>80.7</td></tr><tr><td>Total</td><td>362.2</td><td>419.5</td><td>57.3</td></tr><tr><td>To aid States, Territories, etc.</td><td>460.5</td><td>474.1</td><td>13.6</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>18.9</td><td>5.4</td><td>-13.4</td></tr><tr><td>Insurance companies</td><td>3.9</td><td>10.6</td><td>6.7</td></tr><tr><td>Mortgage loan companies</td><td>291.4</td><td>431.2</td><td>139.8</td></tr><tr><td>Total</td><td>314.2</td><td>447.3</td><td>133.1</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td></tr><tr><td>Loans held by lending agencies</td><td>182.2</td><td>186.9</td><td>4.7</td></tr><tr><td>Other</td><td>2,101.7</td><td>5,486.4</td><td>3,384.7</td></tr><tr><td>Total</td><td>2,283.9</td><td>5,673.3</td><td>3,389.4</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td></tr><tr><td>Miscellaneous mortgage loans</td><td>8.7</td><td>136.92/</td><td>128.1</td></tr><tr><td>Other</td><td>126.9</td><td>102.62/</td><td>-24.4</td></tr><tr><td>Total</td><td>135.7</td><td>239.4</td><td>103.8</td></tr><tr><td>Total loans</td><td>7,127.0</td><td>10,108.9</td><td>2,981.9</td></tr></table>
<table><tr><th>By agency</th><th>Dec. 31, 1946</th><th>Dec. 31, 1947</th><th>Net increase, or decrease (-)</th></tr><tr><td>Corporations:</td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>231.8</td><td>275.5</td><td>43.7</td></tr><tr><td>Commodity Credit Corporation</td><td>119.9</td><td>279.5</td><td>159.6</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,248.7</td><td>1,977.7</td><td>729.1</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>6.7</td><td>4.5</td><td>-2.2</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>149.2</td><td>109.5</td><td>-39.7</td></tr><tr><td>Federal home loan banks</td><td>293.5</td><td>435.6</td><td>142.1</td></tr><tr><td>Federal intermediate credit banks</td><td>273.3</td><td>336.5</td><td>63.1</td></tr><tr><td>Federal land banks</td><td>986.3</td><td>-</td><td>-986.3</td></tr><tr><td>Home Owners' Loan Corporation</td><td>636.5</td><td>485.9</td><td>-150.6</td></tr><tr><td>Public Housing Administration</td><td>278.3</td><td>277.6</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>799.0</td><td>978.7</td><td>179.6</td></tr><tr><td>Tennessee Valley Authority</td><td>.7</td><td>.1</td><td>-</td></tr><tr><td>Other</td><td>11.0</td><td>47.6</td><td>36.6</td></tr><tr><td>Total</td><td>5,034.8</td><td>5,208.7</td><td>173.9</td></tr><tr><td>Certain other business-type activities:</td><td></td><td></td><td></td></tr><tr><td>Farmer's Home Administration</td><td>587.5</td><td>555.6</td><td>-31.9</td></tr><tr><td>Federal Works Agency</td><td>74.8</td><td>75.1</td><td>.3</td></tr><tr><td>Federal Housing Administration</td><td>25.8</td><td>24.8</td><td>-1.0</td></tr><tr><td>Rural Electrification Administration</td><td>527.6</td><td>733.9</td><td>206.3</td></tr><tr><td>U. S. Maritime Commission</td><td>1.8</td><td>.8</td><td>-1.0</td></tr><tr><td>Other</td><td>874.8</td><td>3,510.1</td><td>2,635.3</td></tr><tr><td>Total</td><td>2,092.2</td><td>4,900.3</td><td>2,808.0</td></tr><tr><td>Total loans</td><td>7,127.0</td><td>10,108.9</td><td>2,981.9</td></tr></table>
1/ Includes decrease of $986.3 million because of exclusion, from December 1947 figures, of Federal land bank loans.
2/ Loans amounting to $132.3 million are included in "Other loans, miscellaneous mortgage loans" which could not be distributed
by R.P.C. because information was not available. 1/ Includes loans of R.P.C Mortgage Company to present figures on comparable basis. 4/ Figures are as of March 31, 1947, the latest available.
April 1948
63
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1947
(In millions of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th>Banks for cooperatives</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal home loan banks</th></tr><tr><td><b>Assets:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>$144.5</td><td>$79.6</td><td>$12.8</td><td>$4.8</td><td>$3</td><td>$5</td><td>$8</td><td>$22.2</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>1,336.7</td><td>550.7</td><td>10.4</td><td>407.9</td><td>8.1</td><td>4.0</td><td>6.8</td><td>14.5</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>68.8</td><td>68.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>12,082.4</td><td>242.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>9,713.8</td><td>5,094.9</td><td>274.6</td><td>261.22/</td><td>1,970.53/</td><td>.3</td><td>94.5</td><td>435.6</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>778.3</td><td>507.4</td><td>*</td><td>54.1</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>747.5</td><td>307.0</td><td>1.8</td><td>138.2</td><td>19.7</td><td>2.6</td><td>23.3</td><td>1.1</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>822.0</td><td>712.0</td><td>-</td><td>448.1</td><td>-</td><td>.1</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></tr><tr><td>Public debt obligations of the United States</td><td>1,684.6</td><td>1,552.5</td><td>48.4</td><td>-</td><td>-</td><td>1,020.0</td><td>-</td><td>139.1</td></tr><tr><td>Securities of Government corporations and agencies</td><td>321.8</td><td>143.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>3,539.1</td><td>150.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,599.9</td><td>1,045.0</td><td>.1</td><td>1.4</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>23.8</td><td>11.9</td><td>.1</td><td>-</td><td>-</td><td>3.2</td><td>.1</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>354.2</td><td>132.6</td><td>.2</td><td>34.74/</td><td>-</td><td>-</td><td>.3</td><td>.1</td></tr><tr><td>Total assets</td><td>44,217.2</td><td>10,599.2</td><td>348.4</td><td>1,350.3</td><td>1,998.7</td><td>1,030.7</td><td>125.8</td><td>612.7</td></tr><tr><td><b>Liabilities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>185.8</td><td>152.7</td><td>.1</td><td>26.3</td><td>*</td><td>.1</td><td>-</td><td>.9</td></tr><tr><td>Others</td><td>243.6</td><td>153.4</td><td>.1</td><td>39.6</td><td>*</td><td>.7</td><td>.4</td><td>1.6</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>Interagency</td><td>709.7</td><td>247.7</td><td>*</td><td>62.5</td><td>*</td><td>.2</td><td>.8</td><td>*</td></tr><tr><td>Others</td><td>517.2</td><td>217.5</td><td>.2</td><td>51.2</td><td>.1</td><td>.3</td><td>1.5</td><td>98.6</td></tr><tr><td>Bonds, debentures, and notes payable: 5/</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>11,839.5</td><td>11,249.4</td><td>-</td><td>512.0</td><td>728.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>242.9</td><td>242.9</td><td>44.5</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>82.0</td><td>49.1</td><td>69.0</td><td>43.66/</td><td>-</td><td>-</td><td>2.1</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>688.8</td><td>688.8</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>261.7</td></tr><tr><td>All other liabilities</td><td>1,276.2</td><td>875.9</td><td>*</td><td>487.1</td><td>186.9</td><td>3.4</td><td>.3</td><td>-</td></tr><tr><td>Total liabilities</td><td>15,785.7</td><td>13,877.5</td><td>114.0</td><td>1,222.4</td><td>915.4</td><td>4.7</td><td>5.1</td><td>362.8</td></tr><tr><td><b>Capital:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,523.4</td><td>2,523.4</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>102.6</td><td>1.0</td><td>122.7</td></tr><tr><td>Paid-in surplus</td><td>3,533.7</td><td>3,533.7</td><td>-</td><td>1,964.07/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expended appropriations</td><td>43,164.4</td><td>894.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-21,233.0</td><td>-10,373.3</td><td>40.0</td><td>-1,936.1</td><td>83.2</td><td>923.58/</td><td>119.7</td><td>-</td></tr><tr><td>Total United States interest</td><td>28,288.4</td><td>-3,421.4</td><td>218.5</td><td>127.9</td><td>1,083.2</td><td>1,026.1</td><td>120.7</td><td>122.7</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>116.1</td><td>116.1</td><td>13.010/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>103.1</td></tr><tr><td>Earned surplus</td><td>27.0</td><td>27.0</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.1</td></tr><tr><td>Total private interest</td><td>143.1</td><td>143.1</td><td>15.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>127.2</td></tr><tr><td>Total capital</td><td>28,431.5</td><td>-3,278.3</td><td>234.4</td><td>127.9</td><td>1,083.2</td><td>1,026.1</td><td>120.7</td><td>249.9</td></tr><tr><td>Total liabilities and capital</td><td>44,217.2</td><td>10,599.2</td><td>348.4</td><td>1,350.3</td><td>1,998.7</td><td>1,030.7</td><td>125.8</td><td>612.7</td></tr><tr><td>Contingent liabilities</td><td>237.1</td><td>232.5</td><td>-</td><td>-</td><td>7.01/</td><td>-</td><td>-</td><td>-</td></tr><tr><td><b>Analysis of investment of United States:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>49,521.4</td><td>6,951.8</td><td>178.5</td><td>2,064.0</td><td>1,000.0</td><td>102.6</td><td>1.0</td><td>122.7</td></tr><tr><td>Treasury loans to Government corporations and agencies 11/</td><td>11,839.5</td><td>11,249.4</td><td>-</td><td>512.0</td><td>728.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>61,360.9</td><td>18,201.2</td><td>178.5</td><td>2,576.0</td><td>1,728.4</td><td>102.6</td><td>1.0</td><td>122.7</td></tr><tr><td>Less total Treasury loans 12/</td><td>-11,839.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>49,521.4</td><td>18,201.2</td><td>178.5</td><td>2,576.0</td><td>1,728.4</td><td>102.6</td><td>1.0</td><td>122.7</td></tr><tr><td>Earned surplus, or deficit, U. S. share</td><td>-21,233.0</td><td>-10,373.3</td><td>40.0</td><td>-1,936.1</td><td>83.2</td><td>923.5</td><td>119.7</td><td>-</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>28,288.4</td><td>7,827.9</td><td>218.5</td><td>639.9</td><td>1,811.6</td><td>1,026.1</td><td>120.7</td><td>122.7</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>-92.8</td><td>-</td><td>44.7</td><td>3.8</td><td>*</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Government agencies reporting</td><td>92.8</td><td>92.8</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>.8</td></tr><tr><td>Government agencies not required to report</td><td>-282.7</td><td>-268.3</td><td>*</td><td>31.0</td><td>*</td><td>.2</td><td>.8</td><td>*</td></tr><tr><td>Interagency proprietary interest</td><td>-321.8</td><td>-143.213/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-604.4</td><td>-318.8</td><td>44.7</td><td>34.8</td><td>*</td><td>.2</td><td>.8</td><td>.9</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>27,684.0</td><td>7,509.1</td><td>263.1</td><td>674.7</td><td>1,811.6</td><td>1,026.3</td><td>121.5</td><td>123.6</td></tr></table>
Footnotes at end of table.
(Continued on following page)
64
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1947 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Federal intermediate credit banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation (in liquidation)</th><th>Production Credit Corporation</th><th>Public Housing Administration 14/</th><th>Reconstruction Finance Corporation 15/</th><th>Tennessee Valley Authority</th><th>Other 16/</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 on hand and in banks 1/</td><td>$19.0</td><td>-</td><td>$3.3</td><td>$1.2</td><td>$1.1</td><td>$7.7</td><td>-</td><td>$9.9</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>2.7</td><td>$1.8</td><td>12.8</td><td>.6</td><td>5.1</td><td>10.8</td><td>$17.3</td><td>47.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>68.7</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>44.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>198.2</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>336.5</td><td>-</td><td>473.2</td><td>-</td><td>277.6</td><td>926.0</td><td>.1</td><td>44.8</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>.1</td><td>*</td><td>.2</td><td>*</td><td>*</td><td>384.2</td><td>1.1</td><td>67.8</td></tr><tr><td>Others, less reserves</td><td>3.7</td><td>2.5</td><td>1.7</td><td>.3</td><td>6.0</td><td>82.3</td><td>4.5</td><td>19.3</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>192.5</td><td>11.6</td><td>59.6</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>47.7</td><td>184.5</td><td>12.4</td><td>72.0</td><td>7.9</td><td>-</td><td>-</td><td>20.7</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>42.0</td><td>-</td><td>1.2</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>8.1</td><td>34.8</td><td>*</td><td>107.9</td><td>-</td><td>*</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>2.4</td><td>-</td><td>204.2</td><td>34.2</td><td>754.5</td><td>48.2</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>.1</td><td>.2</td><td>*</td><td>-</td><td>8.2</td><td>-</td><td>*</td></tr><tr><td>All other assets, less reserves</td><td>.2</td><td>.1</td><td>.2</td><td>*</td><td>2.5</td><td>85.6</td><td>.2</td><td>8.4</td></tr><tr><td>Total assets</td><td>454.4</td><td>188.9</td><td>611.4</td><td>109.1</td><td>503.6</td><td>2,079.5</td><td>789.3</td><td>396.5</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 and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>50.6</td><td>.5</td><td>74.1</td></tr><tr><td>Others</td><td>1.7</td><td>*</td><td>.7</td><td>.3</td><td>.2</td><td>66.1</td><td>11.9</td><td>30.0</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>Interagency</td><td>*</td><td>*</td><td>1.1</td><td>*</td><td>-</td><td>134.0</td><td>1.1</td><td>.2</td></tr><tr><td>Others</td><td>.3</td><td>*</td><td>15.8</td><td>*</td><td>*</td><td>36.2</td><td>.2</td><td>13.1</td></tr><tr><td>Debentures, and notes payable 5/</td><td>-</td><td>-</td><td>444.0</td><td>-</td><td>347.0</td><td>9,161.3</td><td>56.5</td><td>.2</td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>198.4</td></tr><tr><td>Other interagency</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>3.4</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>357.9</td><td>4.3</td><td>1.4</td><td>*</td><td>10.9</td><td>151.4</td><td>.4</td><td>29.6</td></tr><tr><td>All other liabilities</td><td>.3</td><td>4.3</td><td>1.4</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>360.2</td><td>4.4</td><td>465.4</td><td>.3</td><td>358.2</td><td>9,649.4</td><td>69.5</td><td>345.7</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>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>60.0</td><td>100.0</td><td>200.0</td><td>92.6</td><td>1.0</td><td>325.0</td><td>-</td><td>239.9</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>1,384.6</td><td>40.6</td><td>29.6</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83.7</td><td>16.2</td><td>677.3</td><td>117.6</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>34.2</td><td>84.59/</td><td>-54.0</td><td>16.2</td><td>-54.2</td><td>-9,295.8</td><td>2.0</td><td>-336.4</td></tr><tr><td>Total United States interest</td><td>94.2</td><td>184.5</td><td>146.0</td><td>108.8</td><td>145.4</td><td>-7,570.0</td><td>719.8</td><td>50.7</td></tr><tr><td>Private interest:</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></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>94.2</td><td>184.5</td><td>146.0</td><td>108.8</td><td>145.4</td><td>-7,570.0</td><td>719.8</td><td>50.7</td></tr><tr><td>Total liabilities and capital</td><td>454.4</td><td>188.9</td><td>611.4</td><td>109.1</td><td>503.6</td><td>2,079.5</td><td>789.3</td><td>396.5</td></tr><tr><td>Contingent liabilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>225.5</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>Paid-in capital and expanded appropriations</td><td>60.0</td><td>100.0</td><td>200.0</td><td>92.6</td><td>199.5</td><td>1,725.8</td><td>717.9</td><td>387.1</td></tr><tr><td>Treasury loans to Government corporations and agencies 11/</td><td>-</td><td>-</td><td>444.0</td><td>-</td><td>347.0</td><td>9,161.3</td><td>56.5</td><td>.2</td></tr><tr><td>Subtotal</td><td>60.0</td><td>100.0</td><td>644.0</td><td>92.6</td><td>546.5</td><td>10,887.1</td><td>774.4</td><td>387.4</td></tr><tr><td>Less total Treasury loans 12/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>60.0</td><td>100.0</td><td>644.0</td><td>92.6</td><td>546.5</td><td>10,887.1</td><td>774.4</td><td>387.4</td></tr><tr><td>Earned surplus, or deficit, U. S. share</td><td>34.2</td><td>84.5</td><td>-54.0</td><td>16.2</td><td>-54.2</td><td>-9,295.8</td><td>2.0</td><td>-336.4</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>94.2</td><td>184.5</td><td>590.0</td><td>108.8</td><td>492.4</td><td>1,591.3</td><td>776.3</td><td>51.0</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>-44.7</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-86.8</td><td>*</td><td>82.9</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90.3</td><td>.2</td><td>1.4</td></tr><tr><td>Government agencies not required to report</td><td>*</td><td>.1</td><td>-.1</td><td>*</td><td>-.1</td><td>-351.3</td><td>-.8</td><td>51.8</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-100.0</td><td>-</td><td>-</td><td>-42.0</td><td>-</td><td>-.1.2</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-44.7</td><td>.1</td><td>-100.1</td><td>*</td><td>-.1</td><td>-389.8</td><td>-.5</td><td>134.8</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>49.5</td><td>184.6</td><td>489.9</td><td>108.8</td><td>492.3</td><td>1,201.5</td><td>775.8</td><td>185.8</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1948
65
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1947 - (Continued
(In millions of dollars)
<table><tr><th></th><th>Total business-type activities</th><th>Farmers' Home Administration</th><th>Federal Housing Administration</th><th>Federal Works Agency 17/</th><th>Rural Electrification Administration</th><th>U. S. Maritime Commission 18/</th><th>War Shipping Administration 18/</th><th>Other 19/</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 on hand and in banks 1/</td><td>$64.8</td><td>$6.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$55.3</td><td>$3.4</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>786.1</td><td>49.0</td><td>$37.5</td><td>$2.0</td><td>$18.5</td><td>$560.4</td><td>107.3</td><td>11.4</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>11,839.7</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>11,839.520/</td></tr><tr><td>Others, less reserves</td><td>4,618.9</td><td>278.1</td><td>24.8</td><td>75.1</td><td>733.3</td><td>.8</td><td>-</td><td>3,506.8</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>270.9</td><td>*</td><td>.1</td><td>46.0</td><td>*</td><td>102.3</td><td>70.9</td><td>51.7</td></tr><tr><td>Others, less reserves</td><td>440.5</td><td>38.1</td><td>.8</td><td>1.9</td><td>7.1</td><td>207.0</td><td>146.5</td><td>39.1</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>110.0</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>81.2</td><td>27.3</td><td>1.5</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>132.0</td><td>-</td><td>132.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>-</td><td>178.5</td></tr><tr><td>Others, less reserves</td><td>3,388.3</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>3,305.5</td><td>6,507.0</td><td>3,385.6</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>11,554.8</td><td>5.5</td><td>.7</td><td>140.0</td><td>.3</td><td>-</td><td>-</td><td>1,596.0</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>11.9</td><td>.6</td><td>9.7</td><td>*</td><td>-</td><td>34.6</td><td>159.3</td><td>1.5</td></tr><tr><td>All other assets, less reserves</td><td>221.5</td><td>17.5</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>10.1</td></tr><tr><td>Total assets</td><td>33,618.0</td><td>394.9</td><td>205.7</td><td>265.0</td><td>759.4</td><td>4,294.3</td><td>7,073.5</td><td>20,625.1</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 and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>33.0</td><td>-</td><td>*</td><td>*</td><td>4.7</td><td>11.7</td><td>16.6</td><td>*</td></tr><tr><td>Others</td><td>90.2</td><td>*</td><td>3.6</td><td>*</td><td>*</td><td>3.1</td><td>73.6</td><td>9.9</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>Interagency</td><td>462.0</td><td>.5</td><td>1.0</td><td>1.9</td><td>.1</td><td>331.0</td><td>75.5</td><td>51.8</td></tr><tr><td>Others</td><td>299.7</td><td>15.0</td><td>1.0</td><td>*</td><td>*</td><td>276.0</td><td>-</td><td>7.6</td></tr><tr><td>Bonds, debentures, and notes payable 5/</td><td>590.1</td><td>-</td><td>-</td><td>-</td><td>590.1</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></tr><tr><td>Other interagency</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>33.0</td><td>-</td><td>33.0</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>113.6</td><td>259.2</td><td>27.2</td></tr><tr><td>All other liabilities</td><td>400.2</td><td>*</td><td>.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td>1,908.2</td><td>15.6</td><td>38.8</td><td>2.0</td><td>595.0</td><td>735.3</td><td>425.0</td><td>96.6</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>United States interest:</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></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>42,569.5</td><td>404.7</td><td>80.0</td><td>2,155.9</td><td>175.9</td><td>4,266.821/</td><td>14,252.422/</td><td>21,233.9</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-10,859.7</td><td>-25.4</td><td>87.0</td><td>-1,892.9</td><td>-11.5</td><td>-707.7</td><td>-7,603.9</td><td>-705.4</td></tr><tr><td>Total United States interest</td><td>31,709.8</td><td>379.3</td><td>167.0</td><td>263.0</td><td>164.5</td><td>3,559.1</td><td>6,648.5</td><td>20,528.5</td></tr><tr><td>Private interest:</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></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>31,709.8</td><td>379.3</td><td>167.0</td><td>263.0</td><td>164.5</td><td>3,559.1</td><td>6,648.5</td><td>20,528.5</td></tr><tr><td>Total liabilities and capital</td><td>33,618.0</td><td>394.9</td><td>205.7</td><td>265.0</td><td>759.4</td><td>4,294.3</td><td>7,073.5</td><td>20,625.1</td></tr><tr><td>Contingent liabilities</td><td>4.6</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>4.2</td><td>-</td><td>.2</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>Paid-in capital and expanded appropriations</td><td>42,569.5</td><td>404.7</td><td>80.0</td><td>2,155.9</td><td>175.9</td><td>4,266.821/</td><td>14,252.422/</td><td>21,233.9</td></tr><tr><td>Treasury loans to Government corporations and agencies 11/</td><td>590.1</td><td>-</td><td>-</td><td>-</td><td>590.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>43,159.7</td><td>404.7</td><td>80.0</td><td>2,155.9</td><td>766.1</td><td>4,266.8</td><td>14,252.4</td><td>21,233.9</td></tr><tr><td>Less total Treasury loans 12/</td><td>-11,839.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-11,839.5</td></tr><tr><td>Investment of the United States</td><td>31,320.2</td><td>404.7</td><td>80.0</td><td>2,155.9</td><td>766.1</td><td>4,266.8</td><td>14,252.4</td><td>9,394.4</td></tr><tr><td>Earned surplus, or deficit, U. S. share</td><td>-10,859.7</td><td>-25.4</td><td>87.0</td><td>-1,892.9</td><td>-11.5</td><td>-707.7</td><td>-7,603.9</td><td>-705.4</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>20,460.5</td><td>379.3</td><td>167.0</td><td>263.0</td><td>754.6</td><td>3,559.1</td><td>6,648.5</td><td>8,689.0</td></tr><tr><td>Interagency items - net, amount 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>-92.8</td><td>-</td><td>*</td><td>-46.1</td><td>-1.2</td><td>.5</td><td>-1.3</td><td>-46.8</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>*</td><td>-</td><td>-</td><td>4.7</td><td>-7.3</td><td>7.3</td><td>4.7</td></tr><tr><td>Government agencies not required to report</td><td>-14.4</td><td>.5</td><td>1.0</td><td>1.9</td><td>.1</td><td>-83.8</td><td>14.2</td><td>51.7</td></tr><tr><td>Interagency proprietary interests</td><td>-178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-178.5</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-285.6</td><td>.5</td><td>1.0</td><td>-44.1</td><td>4.6</td><td>-90.6</td><td>21.3</td><td>-178.3</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>20,174.8</td><td>379.8</td><td>168.0</td><td>218.9</td><td>759.2</td><td>3,468.5</td><td>6,669.8</td><td>8,510.7</td></tr></table>
Footnotes on following page.
66
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes to Table 2
1/ Excludes unexpended balances of appropriated funds.
2/ Includes $98.4 million guaranteed loans held by lending agencies.
3/ Includes $7.0 million participation by other agencies in loans of Export-Import Bank of Washington.
4/ Includes $26.9 million advanced on 1947 sugar crop under the Cuban Raw Sugar Agreements.
5/ Includes notes for short-term borrowings.
6/ Represents guaranteed obligations arising from drafts and invoices paid by commercial banks.
7/ Includes $1,563.3 million representing amounts of notes canceled by the Secretary of the Treasury for restoration of capital impairment.
8/ 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.
9/ The surplus is considered by the Corporation as available for future insurance losses and related expenses with respect to insured institutions.
10/ Includes $1 million deposits to "Guaranty Fund".
11/ As shown above as a liability of each corporation or agency.
12/ As shown as an asset of the U. S. Treasury under "Other" business-type activities.
13/ Represents R.F.C., H.O.L.C., and Island Waterways proprietary interests in Government corporations.
14/ Reorganisation Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance Agency in lieu of National Housing Agency, with three constituent agencies, Home Loan Bank Board, Federal Housing Administration, and Public Housing Administration. The figures for Public Housing Administration represent activities under United States Housing Act, as amended. War housing and other operations of the Administration are reflected in "Other" business-type activities.
15/ Includes merged war affiliates; excludes Federal National Mortgage Association, RFC Mortgage Company, U. S. Commercial Company, and War Damage Corporation (in liquidation), which are included under "Other" corporations.
16/ Includes Regional Agricultural Credit Corporation of Washington, D.C., Federal Crop Insurance Corporation, Inland Waterways Corporation, Warrior River Terminal Company, Inc., The Virgin Islands Company, Federal Prison Industries, Inc., Institute of Inter-American Affairs, Institute of Inter-American Transportation, Prencleradio, Inc., Defense Homes Corporation, Panama Railroad Company, Federal National Mortgage Association, The RFC Mortgage Company, U. S. Commercial Company, War Damage Corporation (in liquidation), Smaller War Plants Corporation (in liquidation), and Tennessee Valley Associated Corporations, Inc. (in liquidation).
17/ Includes Bureau of Community Facilities and Public Works Administration (in liquidation).
18/ The U. S. Maritime Commission now handles War Shipping Administration functions, but these are here set forth separately from the other functions of the Commission. Figures are as of Mar. 31, 1947, for U. S. Maritime Commission functions and for land-lease and UNEA activities of the War Shipping Administration functions; they are as of Feb. 28, 1947 for the balance of the War Shipping Administration functions. Figures have been adjusted by Treasury Department to record interagency assets and liabilities reported as of Dec. 31, 1947.
19/ Includes Agricultural Marketing Act revolving fund; Federal Security Agency, loans to students; Indian loans; Puerto Rico Reconstruction Administration; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Public Housing Administration -homes coverloing program, Farm Security Administration program, public war housing program, and veterans' reuse housing program; Treasury Department - miscellaneous loans and certain other assets; Veterans' Canteen Service; and War Department - guaranteed loans (World War II).
20/ Represents obligations of Government corporations and agencies as shown under "Bonds, debentures, and notes payable - U. S. Treasury".
21/ Excludes the value of vessels and other expenses transferred to the War Shipping Administration functions for which no transfer of funds was required, under the authority of H.O. No. 905H, dated Feb. 7, 1942, and War Shipping Administrator's Order No. 7, dated Apr. 21,1942.
22/ Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission functions.
* Less than $50,000.
U.S. TREASURY LIBRARY 1 0031959