LIBRARY
ROOM 5030
JUN 9.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
MAY-1948
UNITED STATES TREASURY DEPARTMENT OFFICE OF THE SECRETARY
May 1948
Table of Contents
Page
Treasury financing operations. A-1
Summary of fiscal operations. 1
Budget receipts and expenditures. 2
Trust accounts, etc. 8
Treasury cash income and outgo. 10
General Fund of the Treasury. 13
Debt outstanding. 14
Statutory debt limitation. 17
Debt operations. 18
United States savings bonds. 24
Treasury savings notes. 27
Ownership of Federal securities. 28
Treasury survey of ownership. 30
Market quotations. 34
Yields of Treasury and corporate bonds. 37
Internal revenue collections. 39
Monetary statistics. 43
Exchange stabilization fund. 47
Capital movements. 49
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.
May 1948
A-1
Treasury Financing Operations
April Certificate Maturity
A one-year issue of 7/8 percent certificates of indebtedness outstanding in the amount of $1,321 million matured on April 1, 1948. On March 22, 1948, the subscription books were opened for a new one-year 1-1/8 percent certificates in exchange, par for par, for the maturing certificates. Cash subscriptions were not received. The new certificates are dated April 1, 1948, and bear interest from that date at the rate of 1-1/8 per cent per annum, payable with the principal at maturity on April 1, 1949. 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 February 29, 1948, about 43 percent of the $1,321 million of maturing certificates were owned by Federal Reserve Banks and reporting commercial banks. The ownership figures for February 29 are the latest which are available for holdings of commercial banks.
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of
Subscription books were closed at the close of business on March 24. Holdings of the maturing certificates of indebtedness by the Federal Reserve Banks, which totaled $106 million on March 31, were redeemed in full for cash. Exchange subscriptions for the new issue amounted to $1,054 million, leaving $160 million to be paid to holders other than Federal Reserve Banks.
Treasury Bill Retirement in March
A substantial retirement of outstanding Treasury bills was made in March. The four issues maturing during the month totaled $4.8 billion and the amount refunded totaled $4.3 billion. Each weekly issue exchanged for the bills dated March 4, March 11, and March 25 was $100 million less than the amount maturing. The new issue dated March 18 was $200 million less than that maturing. The first three issues of the month were $1.1 billion each and the fourth, $1.0 billion. The average rate of discount for each of the offerings of March 4 and March 11 was 0.997 percent and for each of the offerings of March 18 and March 25 was 0.996 percent.
bonds, notes, and certificates of indebtedness, and the table "Offerings of "Treasury Bills", in this issue of the "Treasury Bulletin".
May 1948
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th colspan="3">Budget receipts and expenditures</th><th>Trust accounts, etc. - net receipts, or expenditures (-)</th><th>Clearing account</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th colspan="4">Levels, end of period</th></tr><tr><th></th><th>Net receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-)</th><th>3/</th><th>4/</th><th>5/</th><th>6/</th><th>General Fund balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>5,165</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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>89,040</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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>3,044</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>257,101</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><tr><td>March</td><td>6,334</td><td>3,546</td><td>2,788</td><td>-86</td><td>-53</td><td>-1,615</td><td>1,035</td><td>5,353</td><td>252,990</td><td>78</td><td>253,068</td></tr></table>
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; increases, or decrease (-).
Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation. 1/ Gross receipts less amounts appropriated to Federal Old-Age and Survivor 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.
2
Treasury Bulletin
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="6">Expenditures 1/</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><th>Total expenditures</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>3,295</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>2,108</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>041</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><tr><td>March</td><td>6,365</td><td>30</td><td>6,334</td><td>850</td><td>596</td><td>608</td><td>597</td><td>465</td><td>431</td><td>3,546</td><td>2,788</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 2.- Gross Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total gross receipts</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes 6/</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Customs</th><th rowspan="2">All other receipts 1/</th></tr><tr><th>Total internal revenue</th><th>Total</th><th>Withheld by employers 5/</th><th>Other 5/</th><th>Total</th><th>Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></tr><tr><td>1940</td><td>5,937</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</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>3,470</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>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><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>16,094</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>26,262</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>24,884</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>21,493</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>19,292</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>20,172</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>32,604</td><td>11,757</td><td>20,907</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>757</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>413</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>2,639</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>702</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>350</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>1,889</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>2,613</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>1,597</td><td>423</td><td>278</td><td>138</td><td>6</td><td>629</td><td>34</td><td>369</td></tr><tr><td>March</td><td>6,365</td><td>6,080</td><td>5,165</td><td>998</td><td>4,168</td><td>176</td><td>30</td><td>13</td><td>133</td><td>739</td><td>41</td><td>243</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.
May 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 2/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission</th><th>UNRRA</th><th>Surplus property disposal agencies 10/</th><th>Reconstruction Finance Corporation 11/</th><th>Other 12/</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>3,578</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>28,256</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>310</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><tr><td>March</td><td>850</td><td>398</td><td>368</td><td>4</td><td>30</td><td>9</td><td>40</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>99813</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><tr><td>March</td><td>596</td><td>-</td><td>111</td><td>100</td><td>27</td><td>16</td><td>232</td><td>-</td><td>111</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.
4
Treasury Bulletin
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 16/</th><th>Social security program 15/</th><th>Public works 16/</th><th>Housing and home finance 17/</th><th>Direct and work relief 18/</th><th>Miscellaneous 19/</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>2,286</td><td>696</td><td>800</td><td>625</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</td><td>183</td><td>-</td><td>2,365</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><tr><td>March</td><td>431</td><td>110</td><td>56</td><td>69</td><td>-16</td><td>-</td><td>213</td></tr></table>
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".
7/ 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, UNRRA, and care and disposal of surplus property, 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.
9/ Department of the Navy expenditures except those for payments under the Armed Forces Leave Act and for UNRRA, shown elsewhere in this table, and those for international finance and aid, shown in Table 4.
10/ Beginning March 1948, includes reimbursement for expenditures by the
Department of the Army and the Navy for care and handling of surplus property overseas.
11/ National defense and related activities of R.F.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.
12/ 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.
13/ Includes expenditures from prior year appropriations which are not shown separately in the Daily Treasury Statement but are included under the Department of the Army.
14/ Department of Agriculture expenditures except those for WHRA, surplus property disposal, other national defense and related activities prior to July 1947; international finance and aid; and forest roads and trails, included under "Public Works" in this table.
15/ 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".
16/ 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 rivers and harbors and flood control, forest roads and trails, Bureau of Reclamation, and Tennessee Valley Authority.
17/ Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related activities prior to July 1947.
18/ Not classified separately for fiscal years after 1945. For additional information for earlier years, see "Treasury Bulletin" for August 1945, page 6.
19/ Includes expenditures for executive departments not included elsewhere and legislative and judicial functions; Government contributions to Federal employees' retirement; atomic energy; aid 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.
May 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>6,334</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>7,151</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>3,546</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>-4,831</td><td>-41,461</td></tr><tr><td>1943</td><td>-5,945</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>-120</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>2,788</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/ Gross 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-
cludes net expenditures of Government corporations wholly owned.
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 net receipts or expenditures (-)/</th><th colspan="3">Gross receipts</th><th rowspan="2">Less: appropriations 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>688.1</td><td>100.1</td></tr><tr><td>1942.</td><td>-354.5</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>-353.5</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>-62.6 r</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>61.5 r</td><td>416.1</td><td>277.7</td><td>138.4</td><td>277.7</td><td>138.4</td></tr><tr><td>March</td><td>-42.9</td><td>43.3</td><td>30.4</td><td>12.9</td><td>30.4</td><td>12.9</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total</th><th colspan="6">Social Security Administration</th><th colspan="4">Children's Bureau</th><th rowspan="2">U. S. Employment Service</th><th rowspan="2">Refunds of taxes</th></tr><tr><th>Total</th><th>Administrative expenses 1/</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 2/</th><th>Maternal and child health services</th><th>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>6.0</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>6.5</td><td>55.1</td><td>10.7</td><td>6.3</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>1.1</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>1.2</td><td>6.3</td><td>3.2</td><td>1.3</td><td>*</td><td>6.2</td></tr><tr><td>1947</td><td>758.1 7/</td><td>24.9</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>-</td><td>10.7</td><td>7.5</td><td>2.0</td><td>*</td><td>6.6</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>1.4</td><td>*</td><td>1.6</td></tr><tr><td>August</td><td>79.6 1/</td><td>1.6</td><td>76.7</td><td>53.6</td><td>12.6</td><td>1.5</td><td>6.0</td><td>-</td><td>1.5</td><td>1.1</td><td>1.4</td><td>-</td><td>1.6</td></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>1.1</td><td>1.4</td><td>-</td><td>1.4</td><td>1.2</td><td>1.5</td><td>-</td><td>1.0</td></tr><tr><td>October</td><td>70.6</td><td>1.6 r</td><td>67.7</td><td>49.7</td><td>12.7</td><td>1.6</td><td>5.7</td><td>-</td><td>1.8</td><td>1.8</td><td>1.4</td><td>-</td><td>1.2</td></tr><tr><td>November</td><td>85.9</td><td>1.5</td><td>83.9</td><td>56.6</td><td>12.4</td><td>1.5</td><td>10.0</td><td>-</td><td>1.9</td><td>1.4</td><td>1.1</td><td>-</td><td>1.5</td></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>1.3</td><td>-</td><td>1.0</td><td>1.5</td><td>1.5</td><td>-</td><td>1.6</td></tr><tr><td>1948-January</td><td>75.5 r</td><td>1.4 r</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>1.5</td><td>1.7</td><td>-</td><td>1.5</td></tr><tr><td>February</td><td>77.0</td><td>1.4 r</td><td>75.1</td><td>49.5</td><td>12.5</td><td>1.5</td><td>10.2</td><td>-</td><td>1.8</td><td>1.6</td><td>1.4</td><td>-</td><td>1.5</td></tr><tr><td>March</td><td>55.4</td><td>1.7</td><td>53.2</td><td>40.7</td><td>8.9</td><td>1.1</td><td>1.2</td><td>-</td><td>1.0</td><td>1.4</td><td>1.9</td><td>-</td><td>1.5</td></tr></table>
1/ Acess of expenditures is covered by appropriations by Congress. 2/ Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Sec. 201 (e) of the Social Security Act Amendments of 1939. 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 only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, princi-
pally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency. 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 1944. 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, $775,000; August 1947, $700,000. * Less than $50,000. r. Revoked.
May 1948
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of receipts, or expenditures (-) 1/</th><th>Receipts Taxes on carriers and their employees</th><th>Total</th><th>Administrative expenses 2/</th><th>Transfere 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>*</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>*</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>*</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>*</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>*</td></tr><tr><td>August</td><td>12.7</td><td>13.0</td><td>.3</td><td>.3</td><td>-</td><td>*</td></tr><tr><td>September</td><td>116.0</td><td>116.3</td><td>.3</td><td>.3</td><td>-</td><td>*</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>*</td></tr><tr><td>November</td><td>8.2</td><td>8.6</td><td>.3</td><td>.3</td><td>*</td><td>*</td></tr><tr><td>December</td><td>125.7</td><td>126.2</td><td>.5</td><td>.5</td><td>*</td><td>*</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>*</td></tr><tr><td>February</td><td>6.1</td><td>6.5</td><td>.4</td><td>.4</td><td>-</td><td>*</td></tr><tr><td>March</td><td>132.2</td><td>132.6</td><td>.4</td><td>.4</td><td>-</td><td>*</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 rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>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><tr><td>March</td><td>3.1</td><td>3.6</td><td>.5</td><td>.5</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.
Treasury Bulletin
8
TRUST ACCOUNTS, ETC.
Table 1.- Receipts and Expenditures by Major Classifications
(ic millions of dollars; negative figures are net expenditures)
<table><tr><th>Fiscal year or month</th><th>Total trust accounts etc., net</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>•</td><td>1,244</td><td>1,243</td><td>•</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-338</td><td>6</td><td>1,218</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>-869</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>2,091</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>•</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>•</td><td>•</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>•</td><td>•</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>52</td><td>-3</td><td>41</td><td>44</td><td>•</td><td>57</td><td>57</td></tr><tr><td>November</td><td>138</td><td>132</td><td>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>•</td><td>•</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>•</td><td>•</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>•</td><td>-1 1/2</td></tr><tr><td>March</td><td>-139</td><td>-114</td><td>40</td><td>155</td><td>-5</td><td>50</td><td>54</td><td>3</td><td>51</td><td>48</td><td>1</td><td>•</td><td>•</td></tr></table>
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 2/</th><th>Increment on gold, net</th><th>Soleignorage on silver, net</th><th>Special deposit accounts and miscellaneous funds, net 3/</th><th>Sales and re-depositions of securities of Government corporations, etc., in the market, net 4/</th><th>Clearing account</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1940</td><td>35</td><td>366</td><td>331</td><td>*</td><td>49</td><td>68</td><td>288</td><td>-</td></tr><tr><td>1941</td><td>20</td><td>406</td><td>386</td><td>*</td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>46</td><td>472</td><td>426</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,135</td><td>2,245</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-302</td><td>1,505</td><td>1,807</td><td>*</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>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>*</td><td>-</td><td>-51</td><td>-12</td><td>-146</td></tr><tr><td>August</td><td>61</td><td>345</td><td>284</td><td>*</td><td>-</td><td>43</td><td>-3</td><td>-173</td></tr><tr><td>September</td><td>91</td><td>140</td><td>49</td><td>*</td><td>-</td><td>-140</td><td>74</td><td>-121</td></tr><tr><td>October</td><td>85</td><td>123</td><td>38</td><td>*</td><td>-</td><td>-27</td><td>2</td><td>214</td></tr><tr><td>November</td><td>63</td><td>118</td><td>55</td><td>*</td><td>-</td><td>56</td><td>-1</td><td>-127</td></tr><tr><td>December</td><td>-326</td><td>96</td><td>422</td><td>*</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>*</td><td>-</td><td>-69</td><td>61</td><td>222</td></tr><tr><td>February</td><td>-245</td><td>110</td><td>355</td><td>*</td><td>-</td><td>-9</td><td>-10</td><td>-101</td></tr><tr><td>March</td><td>9</td><td>135</td><td>127</td><td>*</td><td>-</td><td>21</td><td>-1</td><td>-53</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation. 1/ Excess of net sales of securities from 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 (net), and, during the fiscal years 1940 through 1945,
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "Other trust accounts". 4/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of securities. Less than $50,000.
May 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="4">Receipts</th><th colspan="3">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, Earnings of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>-</td><td>5.4</td><td>5.4</td><td>-</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>-</td><td>19.3</td><td>19.3</td><td>-</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>-</td><td>47.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>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>7,041.4</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>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>9,681.5</td><td>9,429.1</td><td>52.9</td><td>163.4</td></tr><tr><td>March</td><td>11,801.1</td><td>10,868.3</td><td>931.8</td><td>1.1</td><td>2,169.1</td><td>1,903.1</td><td>215.5</td><td>50.5</td><td>9,632.0</td><td>9,529.9</td><td>11.0</td><td>91.2</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes transactions under the predecessor Old-Age Reserve Account.
2/ Under Section 201 (r) 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="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947</td><td>2,102.6</td><td>2,016.1</td><td>86.5</td><td>1,277.7</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</td></tr><tr><td>1948-January</td><td>2,785.8</td><td>2,701.1</td><td>87.7</td><td>1,404.7</td><td>1,381.1</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><tr><td>March</td><td>2,789.6</td><td>2,701.1</td><td>88.5</td><td>1,442.2</td><td>1,347.4</td><td>1,264.5</td><td>59.5</td><td>23.3</td></tr></table>
Sources: 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 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>In General Fund (Special certificate Deposit account 5/)</th><th>In dis-bursing of funds</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,957.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>105.9</td><td>32.3</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>11.4</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>41.4</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>17.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>43.2</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>29.1</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.8</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>38.0</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>106.3</td><td>44.6</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>47.6</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.7</td><td>61.8</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>56.9</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>107.2</td><td>113.5</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>12,257.8</td><td>10,555.5</td><td>746.3</td><td>107.2</td><td>56.9</td><td>792.0</td><td>4,388.8</td><td>4,168.1</td><td>107.2</td><td>113.5</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>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>873.3</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>66.5</td><td>873.3</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><tr><td>March</td><td>13,207.5</td><td>11,312.7</td><td>843.8</td><td>107.2</td><td>66.5</td><td>877.3</td><td>4,990.8</td><td>4,725.8</td><td>107.2</td><td>157.9</td><td>8,216.7</td><td>8,190.4</td><td>17.9</td><td>8.4</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 amount 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. Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 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>22,208</td><td>3,037</td><td>25,245</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>3,936</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>-758</td><td>-</td><td>-</td><td>95,986</td><td>-44,945</td><td>49,474</td><td>4,529</td><td>-</td></tr><tr><td>1946</td><td>42,848</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>-1,200</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>116</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>3,195</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><tr><td>March</td><td>6,317</td><td>156</td><td>6,472</td><td>3,511</td><td>213</td><td>94</td><td>53</td><td>3,871</td><td>2,601</td><td>-1,567</td><td>1,035</td><td>-</td></tr></table>
1/ 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">Leasee Noncash budget receipts</th><th rowspan="2">Reimbursement for administrative expenses - Federal Old-Age and Survivors Insurance Trust Pmd</th><th rowspan="2">Equale: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Payments to Treasury by Government corporations</th><th>Capital stock and paid-in surplus</th><th>Earnings</th></tr><tr><th></th><th></th><th></th><th>R. F. C.</th><th>All other</th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>7,607</td><td>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>22,208</td></tr><tr><td>1944</td><td>41,149</td><td>101</td><td>54</td><td>13</td><td>-</td><td>-</td><td>33</td><td>41,048</td></tr><tr><td>1945</td><td>46,457</td><td>136</td><td>53</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>42,030</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>304</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>2,330</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><tr><td>March</td><td>6,334</td><td>18</td><td>*</td><td>*</td><td>10</td><td>7</td><td>1</td><td>6,317</td></tr></table>
Less than $500,000.
May 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="5">Interest payments by Treasury</th><th colspan="2">Payroll deduction for Government employees' retirement</th><th colspan="3">Budget expenditures involving issuance of Federal securities 1/</th><th colspan="3">Government corporation payments to Treasury</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 1/</th><th>To Government corporation (partially owned) 2/</th><th>To trust account</th><th>Transfers to trust account</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>Interest</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>13,766</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>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>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>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>67</td><td>-</td><td>-</td><td>39</td><td>93,968</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>94</td><td>108</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>61,357</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><tr><td>March</td><td>3,586</td><td>35</td><td>37</td><td>1</td><td>14</td><td>17</td><td>19</td><td>-38</td><td>*</td><td>-50</td><td>-1</td><td>*</td><td>7</td><td>-</td><td>28</td><td>3,511</td></tr><tr><td colspan="16"></td><td>/</td></tr></table>
1/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
2/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payment and receipt offset each other in the expenditure series.
3/ 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 issuances, 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="7">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 redeemed for insurance premium</th><th>Other</th><th>Equals: Cash receipts</th><th>Total expenditures 2/</th><th>Total noncash expenditures</th><th>Less: 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>1,946</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>-758</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>7,270</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>328</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>318</td><td>307</td><td>119</td><td>89</td><td>76</td><td>-46</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>328</td></tr><tr><td>March</td><td>277</td><td>121</td><td>14</td><td>17</td><td>19</td><td>5/</td><td>70</td><td>156</td><td>363</td><td>150</td><td>79</td><td>-10</td><td>81</td><td>213</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 net redemption, or issuance (-), of securities of Government corporations in the market.
4/ Information not available after August 1947.
5/ 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: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equals: Net cash borrowing or repayment of borrowing (-)/+</th></tr><tr><th>Public debt</th><th>Ouaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>Net investments in Federal securities</th><th>Issuance of Federal securities resulting from budget expenditures</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 1/</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>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>81</td><td>7</td><td>0</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>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>64,307</td><td>-2,477</td><td>61,830</td><td>4,883</td><td>4,128</td><td>206</td><td>-</td><td>-5</td><td>-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>342</td><td>86</td><td>-271</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>-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>-6</td><td>-39</td><td>467</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>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>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>0</td><td>-30</td><td>-1</td><td>66</td><td>-</td><td>-2</td><td>587</td></tr><tr><td>August</td><td>649</td><td>-1</td><td>648</td><td>356</td><td>431</td><td>-39</td><td>41</td><td>0</td><td>-121</td><td>-2</td><td>46</td><td>-</td><td>-2</td><td>291</td></tr><tr><td>September</td><td>-953</td><td>-3</td><td>-956</td><td>-678</td><td>296</td><td>-88</td><td>-840</td><td>0</td><td>-94</td><td>-2</td><td>51</td><td>-</td><td>77</td><td>-201</td></tr><tr><td>October</td><td>-74</td><td>8</td><td>-66</td><td>-207</td><td>37</td><td>-16</td><td>-116</td><td>0</td><td>-148</td><td>-1</td><td>26</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>0</td><td>-136</td><td>-1</td><td>42</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>0</td><td>-77</td><td>-1</td><td>61</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>0</td><td>-12</td><td>-1</td><td>62</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>0</td><td>-78</td><td>-1</td><td>36</td><td>-</td><td>-12</td><td>-2,153</td></tr><tr><td>March</td><td>-1,615</td><td>-1</td><td>-1,615</td><td>-49</td><td>79</td><td>18</td><td>-38</td><td>0</td><td>-144</td><td>-1</td><td>37</td><td>-</td><td>-1</td><td>-1,567</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.
3/ 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 colspan="2">Annual total</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Calendar year</th><th>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>9,371</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>878</td><td>1,036</td><td>2,602</td><td>752</td><td>1,114</td><td>2,786</td><td>15,291</td><td></td></tr><tr><td>1942</td><td>902</td><td>1,482</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>5,569</td><td>2,220</td><td>2,712</td><td>5,859</td><td>37,991</td><td>25,245</td></tr><tr><td>1943</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,335</td><td>3,663</td><td>6,360</td><td>2,368</td><td>3,289</td><td>6,074</td><td>2,281</td><td>2,941</td><td>5,580</td><td>48,604</td><td>47,984</td></tr><tr><td>1944</td><td>3,776</td><td>4,375</td><td>7,144</td><td>3,298</td><td>3,883</td><td>6,132</td><td>2,987</td><td>3,688</td><td>5,553</td><td>2,881</td><td>3,062</td><td>4,371</td><td>51,050</td><td>51,041</td></tr><tr><td>1945</td><td>3,969</td><td>4,255</td><td>5,929</td><td>2,912</td><td>3,470</td><td>4,707</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>47,784</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>6,472</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td></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>14,060</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,052</td><td>5,512</td><td>5,970</td><td>6,185</td><td>5,928</td><td>6,975</td><td>34,585</td><td></td></tr><tr><td>1942</td><td>6,503</td><td>6,402</td><td>7,624</td><td>7,438</td><td>7,397</td><td>7,990</td><td>7,023</td><td>7,747</td><td>7,700</td><td>7,632</td><td>7,773</td><td>7,830</td><td>89,059</td><td>78,979</td></tr><tr><td>1943</td><td>7,544</td><td>8,017</td><td>8,568</td><td>7,693</td><td>8,048</td><td>8,506</td><td>7,290</td><td>8,197</td><td>7,745</td><td>7,955</td><td>7,437</td><td>8,220</td><td>95,220</td><td>94,079</td></tr><tr><td>1944</td><td>7,781</td><td>7,218</td><td>8,929</td><td>7,799</td><td>8,469</td><td>8,945</td><td>7,973</td><td>7,829</td><td>6,603</td><td>5,985</td><td>4,786</td><td>5,267</td><td>87,584</td><td>95,986</td></tr><tr><td>1945</td><td>5,605</td><td>3,887</td><td>4,156</td><td>4,185</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>3,871</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td></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>-1,689</td></tr><tr><td>1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,174</td><td>-4,476</td><td>-3,368</td><td>-5,433</td><td>-4,814</td><td>-4,189</td><td>-19,294</td><td></td></tr><tr><td>1942</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,368</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1943</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,996</td><td>-2,640</td><td>-56,616</td><td>-45,095</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>-4,142</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-696</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>520</td><td>5,733</td><td>6,659</td></tr><tr><td>1947</td><td>1,986</td><td>1,824</td><td>2,601</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td></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.
May 1948
13
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Assets</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in the General Fund</th></tr><tr><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits- taries, account of sales of Government securities</th><th>Other deposits and collections</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>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1947-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><tr><td>March</td><td>5,692</td><td>1,262</td><td>2,191</td><td>1,972</td><td>268</td><td>339</td><td>5,353</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>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 3/</th><th>Sales and redemptions 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>64,307</td><td>-2,222</td><td>148</td><td></td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td></td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td></td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-548</td><td>-372</td><td></td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1947-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><tr><td>March</td><td>1,035</td><td>2,788</td><td>-1,615</td><td>-139</td><td>-106</td><td></td><td>-</td><td>21</td><td>-1</td><td>-53</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 3.)
3/ Comprises Public Works Administration revolving fund, special de-
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="5">Matured debt and debt bearing 60 interest</th><th rowspan="2">Quaranteed securities 1/(matured)</th></tr><tr><th>Total</th><th>Public debt</th><th>Quaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Quaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th></tr><tr><td>1940</td><td>48,497</td><td>42,968</td><td>5,529</td><td>47,574</td><td>42,376</td><td>5,498</td><td>623</td><td>591</td><td>205</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>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>674</td><td>654</td><td>98</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,695</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,557</td><td>1,460</td><td>201</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>378</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,370</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>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></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></tr><tr><td>Debt peak Feb. 1946</td><td>279,704</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>1947-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>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>6</td></tr><tr><td>Sept.</td><td>259,221</td><td>259,155</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>6</td></tr><tr><td>Oct.</td><td>259,155</td><td>259,071</td><td>83</td><td>256,314</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>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>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>5</td></tr><tr><td>1948-Jan.</td><td>256,551</td><td>256,574</td><td>77</td><td>254,030</td><td>253,958</td><td>72</td><td>2,621</td><td>2,616</td><td>341</td><td>216</td><td>1,306</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>5</td></tr><tr><td>Mar.</td><td>253,068</td><td>252,990</td><td>78</td><td>250,707</td><td>250,634</td><td>73</td><td>2,361</td><td>2,356</td><td>318</td><td>116</td><td>1,184</td><td>5</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 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total interest-bearing public debt</th><th colspan="6">Marketable</th><th colspan="6">Nonmarketable</th><th>Special issues</th></tr><tr><th></th><th>Total public issues</th><th>Total</th><th>Bill</th><th>Certificate</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 6/</th><th></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Bank eligible</th><th>Bank restricted</th><th>5/</th><th></th><th></th><th></th><th></th><th></th><th></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>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>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>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>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>48,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,255</td><td>-</td><td>7,495</td><td>-</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>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>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>258,111</td><td>245,779</td><td>189,608</td><td>17,039</td><td>34,804</td><td>65,804</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>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>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>-</td><td>8,043</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1947-July</td><td>256,321</td><td>227,805</td><td>168,509</td><td>15,756</td><td>25,122</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>69,686</td><td>49,636</td><td>165</td><td>59,499</td><td>51,664</td><td>-</td><td>5,642</td><td>1,865</td><td>328</td><td>29,220</td></tr><tr><td>Sep.</td><td>256,107</td><td>226,587</td><td>167,945</td><td>15,725</td><td>24,894</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>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>166,408</td><td>15,335</td><td>24,501</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>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>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>29,148</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>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>29,246</td></tr><tr><td>Mar.</td><td>250,634</td><td>221,362</td><td>161,339</td><td>13,945</td><td>20,331</td><td>65,888</td><td>49,636</td><td>164</td><td>60,023</td><td>52,988</td><td>970</td><td>5,100</td><td>648</td><td>317</td><td>29,272</td></tr></table>
Source: Daily Treasury Statement. Footnotes at end of Table 4.
May 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="6">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>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><tr><td>March</td><td>73</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</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 9/</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><tr><td>March</td><td>29,2721/</td><td>6</td><td>522</td><td>43</td><td>7,312</td><td>70</td><td>2,713</td><td>1,250</td><td>16</td><td>6,715</td><td>1,968</td><td>1,264</td><td>7,392</td></tr></table>
Sources: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Includes 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 deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, pages A-9 and A-10).
5/ Postal Savings and Panama Canal bonds, and prior to 1947, also conversion bonds.
5/ Consists of adjusted service bonds (until they matured on June 15, 1945) and depository bonds.
1/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
8/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
9/ Consists of Housing Insurance Fund, Mutual Mortgage Insurance Fund, and War Housing Insurance Fund.
10/ Includes Canal Zone Postal Savings System.
11/ Total includes $1 million issued to the Farm Tenant Mortgage Insurance Fund.
n.a. 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 (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.513</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>2.513</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>250,760</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>256,348</td><td>5,456</td><td>2.129</td><td>256,270</td><td>5,454</td><td>2.129</td><td>78</td><td>1</td><td>1.764</td></tr><tr><td>November</td><td>255,674</td><td>5,462</td><td>2.136</td><td>255,591</td><td>5,460</td><td>2.137</td><td>83</td><td>1</td><td>1.769</td></tr><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><tr><td>March</td><td>250,707</td><td>5,435</td><td>2.168</td><td>250,634</td><td>5,434</td><td>2.168</td><td>73</td><td>1</td><td>1.871</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><tr><td>March</td><td>11,837 2/</td><td>386</td><td>839</td><td>-</td><td>-</td><td>406</td><td>372</td><td>9,179</td><td>648</td><td>56</td></tr></table>
Source: 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.
May 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, March 31, 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 colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>252,153</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>78</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>252,231</td></tr><tr><td>Balance issuable under limitation.</td><td>22,769</td></tr></table>
Source: Public Debt Service
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding March 31, 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>13,945</td><td>-</td><td>13,945</td></tr><tr><td>Certificates of indebtedness.</td><td>20,331</td><td>-</td><td>20,331</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>65,888</td><td>-</td><td>65,888</td></tr><tr><td>Treasury bonds - bank restricted 1/4.</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>161,175</td><td>164</td><td>161,339</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value).</td><td>52,988</td><td>-</td><td>52,988</td></tr><tr><td>Treasury savings notes.</td><td>5,100</td><td>-</td><td>5,100</td></tr><tr><td>Depositary bonds.</td><td>317</td><td>-</td><td>317</td></tr><tr><td>Armed forces leave bonds.</td><td>648</td><td>-</td><td>648</td></tr><tr><td>Treasury bonds, investment series.</td><td>970</td><td>-</td><td>970</td></tr><tr><td>Total nonmarketable.</td><td>60,023</td><td>-</td><td>60,023</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>29,272</td><td>-</td><td>29,272</td></tr><tr><td>Total interest-bearing securities.</td><td>250,470</td><td>164</td><td>250,634</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>313</td><td>5</td><td>318</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>60</td><td>-</td><td>60</td></tr><tr><td>Excess profit tax refund bonds.</td><td>10</td><td>-</td><td>10</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>1,184</td><td>-</td><td>1,184</td></tr><tr><td>International Bank for Reconstruction and Development series.</td><td>116</td><td>-</td><td>116</td></tr><tr><td>United States notes (less gold reserve).</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>-</td><td>472</td><td>472</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>1,370</td><td>668</td><td>2,038</td></tr><tr><td>Total public debt.</td><td>252,153</td><td>837</td><td>252,990</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing.</td><td>73</td><td>-</td><td>73</td></tr><tr><td>Matured.</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Total guaranteed securities.</td><td>78</td><td>-</td><td>78</td></tr><tr><td>Total public debt and guaranteed securities.</td><td>252,231</td><td>837</td><td>253,068</td></tr></table>
Source: Public Debt Service. 1/ Issuse which commercial banks may not acquire prior to a specified
date (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 March 31, 1948
(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 leases become bank eligible 3/</th></tr><tr><th>Fixed maturity leases</th><th>Callable leases classified by year of: First call</th><th>Pical maturity</th></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Bille...... Certificate - 4/1/48-D.</td><td>5,617 1,321</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>Bille............</td><td>4,010</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>7/8% Bille...... Certificate - 6/1/48-I.</td><td>4,319 1,777</td><td></td><td></td><td></td></tr><tr><td>July.</td><td>1-3/4% Bond - 6/15/48</td><td>3,062</td><td></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></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/48-D.</td><td>1,127</td><td></td><td></td><td></td></tr><tr><td>July.</td><td>7/8% Certificate - 7/1/48-E.</td><td>2,209</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/48</td><td>451 3,748</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></tr><tr><td>Oct.</td><td>1% Certificate - 10/1/48-J.</td><td>1,354</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1% Certificate - 10/1/48-K.</td><td>1,467</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></tr><tr><td>Total.</td><td></td><td>37,296</td><td>571</td><td></td><td></td></tr><tr><td>1949</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. 1-1/8% Certificate - 1/1/49-A.</td><td>3,535 2,592</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></tr><tr><td>Mar.</td><td>1-1/8% Certificate - 2/1/49-C.</td><td>3,553</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% Bond - 6/15/49-51.</td><td></td><td>1,014</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></tr><tr><td>Dec.</td><td>2% Bond - 12/15/49-51. 3-1/8% Bond - 12/15/49-52. 2-1/2% Bond - 12/15/49-53.</td><td></td><td>2,098 491 1,786</td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>11,868</td><td>6,682</td><td></td><td></td></tr><tr><td>1950</td><td></td><td></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></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52. 2% Bond - 9/15/50-52.</td><td></td><td>1,186 4,979</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50. 1-1/2% Bond - 12/15/50.</td><td>2,635</td><td></td><td>571</td><td></td></tr><tr><td>Total.</td><td></td><td>2,635</td><td>8,088</td><td>571</td><td></td></tr></table>
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Debt bank re-stricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of first call</th><th>Final maturity</th><th></th></tr><tr><td colspan="6">1951</td></tr><tr><td>June.</td><td>2/4 Bond - 6/15/49-51 2-3/4% Bond - 6/15/51-54</td><td>......</td><td>1,621</td><td>1,014</td><td>......</td></tr><tr><td>Sept.</td><td>2/4 Bond - 9/15/49-51 2/4 Bond - 9/15/51-53 2/4 Bond - 9/15/51-55</td><td>......</td><td>7,986 735</td><td>1,292</td><td>......</td></tr><tr><td>Dec.</td><td>2/4 Bond - 12/15/49-51 2-1/4% Bond - 12/15/51-53 2/4 Bond - 12/15/51-55</td><td>......</td><td>1,118 510</td><td>2,098</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>11,996</td><td>4,404</td><td>......</td></tr><tr><td colspan="6">1952</td></tr><tr><td>Mar.</td><td>2/4 Bond - 3/15/50-52 2-1/2% Bond - 3/15/52-54</td><td>......</td><td>1,024</td><td>1,963</td><td>......</td></tr><tr><td>June.</td><td>2/4 Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55</td><td>......</td><td>5,825 1,501</td><td>......</td><td>......</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2/4 Bond - 9/15/50-52</td><td>......</td><td>......</td><td>1,186 4,939</td><td>......</td></tr><tr><td>Dec.</td><td>3-1/8% Bond - 12/15/49-52 2/4 Bond - 12/15/52-54</td><td>......</td><td>8,662</td><td>491</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>17,012</td><td>8,579</td><td>......</td></tr><tr><td colspan="6">1953</td></tr><tr><td>June.</td><td>2/4 Bond - 6/15/53-55</td><td>......</td><td>725</td><td>......</td><td>......</td></tr><tr><td>Sept.</td><td>2/4 Bond - 9/15/51-53</td><td>......</td><td>......</td><td>7,986</td><td>......</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/49-53 2-1/4% Bond - 12/15/51-53</td><td>......</td><td>......</td><td>1,786 1,118</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>725</td><td>10,890</td><td>......</td></tr><tr><td colspan="6">1954</td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td>......</td><td>......</td><td>1,024</td><td>......</td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/51-54 2/4 Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td>......</td><td>......</td><td>1,627 5,825 681</td><td>......</td></tr><tr><td>Dec.</td><td>2/4 Bond - 12/15/52-54</td><td>......</td><td>......</td><td>8,662</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>681</td><td>17,138</td><td>......</td></tr><tr><td colspan="6">1955</td></tr><tr><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>......</td><td>2,611</td><td>......</td><td>......</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/52-55 2/4 Bond - 6/15/53-55</td><td>......</td><td>......</td><td>1,501 725</td><td>......</td></tr><tr><td>Sept.</td><td>2/4 Bond - 9/15/51-55</td><td>......</td><td>......</td><td>755</td><td>......</td></tr><tr><td>Dec.</td><td>2/4 Bond - 12/15/51-55</td><td>......</td><td>......</td><td>510</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>2,611</td><td>3,491</td><td>......</td></tr></table>
(Continued on following page)
May 1948
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding March 31, 1948y - (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 matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1956</td><td>Mar. 2-1/2% Bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>1964</td><td>June. 2-1/2% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>June. 2-1/4% Bond - 6/15/54-56</td><td>.....</td><td>681</td><td>.....</td><td>Dec. 2-1/2% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>6,253</td><td>681</td><td>1965</td><td>Mar. 2-1/2% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>1958</td><td>June. 2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>Dec. 2-3/4% Bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>.....</td></tr><tr><td>Mar. 2-1/2% Bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td></tr><tr><td>Total</td><td>.....</td><td>919</td><td>1,449</td><td>1966</td><td>Mar. 2-1/2% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>1959</td><td>June. 2-1/4% Bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>1967</td><td>June. 2-1/2% Bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/52</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>June. 2-1/2% Bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>Sept. 2-1/2% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>.....</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>Dec. 2-1/2% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td>Total</td><td>.....</td><td>8,754</td><td>4,804</td><td>Total</td><td>.....</td><td>22,372</td><td>2,118</td><td>.....</td><td>.....</td></tr><tr><td>1960</td><td>Mar. 2-7/8% Bond - 3/15/55-60</td><td>.....</td><td>2,611</td><td>.....</td><td>1968</td><td>Dec. 2-1/2% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/52</td></tr><tr><td>Dec. 2-3/4% Bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>1969</td><td>June. 2-1/2% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>1961</td><td>June. 3% Panama Canal bond - 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>Dec. 2-1/2% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td></td><td></td><td></td><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1962</td><td>June. 2-1/4% Bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>1970</td><td>Mar. 2-1/2% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>2-1/2% Bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>1971</td><td>Mar. 2-1/2% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>1972</td><td>June. 2-1/2% Bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td>1963</td><td>June. 2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>Sept. 2-1/2% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>.....</td></tr><tr><td>Dec. 2-1/2% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>Dec. 2-1/2% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td>Total</td><td>.....</td><td>2,531</td><td>919</td><td>Total</td><td>.....</td><td>22,372</td><td>.....</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". 3/ 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 colspan="4">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown is first column)</th><th>Total bills outstanding (as of date shown is first column)</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>On competitive basis</th><th>On non-competitive basis 1/</th><th>In exchange</th><th></th><th></th></tr><tr><td>1947-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>1,050.1</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>594.1</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><tr><td>Mar. 4</td><td>June 3</td><td>91</td><td>1,632.3</td><td>1,101.4</td><td>1,058.4</td><td>43.0</td><td>645.2</td><td>1,201.1</td><td>14,338.1</td></tr><tr><td>Mar. 11</td><td>June 10</td><td>91</td><td>1,796.4</td><td>1,201.0</td><td>1,056.3</td><td>44.7</td><td>607.6</td><td>1,205.0</td><td>14,234.0</td></tr><tr><td>Mar. 18</td><td>June 17</td><td>91</td><td>1,936.1</td><td>1,107.4</td><td>1,064.0</td><td>43.5</td><td>670.2</td><td>1,302.0</td><td>14,039.4</td></tr><tr><td>Mar. 25</td><td>June 24</td><td>91</td><td>1,818.9</td><td>1,008.7</td><td>966.5</td><td>42.1</td><td>536.4</td><td>1,102.7</td><td>13,945.3</td></tr></table>
<table><tr><th>Issue date</th><th colspan="2">On total bids accepted-</th><th colspan="4">On competitive bids accepted-</th></tr><tr><th></th><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-Oct. 2.</td><td>99.791</td><td>0.817</td><td>99.815 3/</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 1/</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 5/</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 6/</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 1/</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><tr><td>Mar. 4.</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><tr><td>Mar. 11.</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><tr><td>Mar. 18.</td><td>99.748</td><td>0.996</td><td>99.756</td><td>0.965</td><td>99.747</td><td>1.001</td></tr><tr><td>Mar. 25.</td><td>99.748</td><td>0.996</td><td>99.760</td><td>0.949</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 99.905 and $50,000 at 99.925
4/ Excepting one tender of $50,000 at 99.905.
5/ Except $1,600,000 at 99.974.
6/ Except $50,000 at 99.813 and $40,000 at 99.905.
7/ Except $100,000 at 99.981 and $50,000 at 99.925.
May 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/</th><th>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 4/ 2-1/4% Bond - 6/15/59-62 5/ 1-1/2% Bond -12/15/50 7/8% Certificate - 6/1/46-E</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,967 5,264 2,635 4,799</td><td>- - - -</td><td>7,967 5,264 2,635 4,799</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45</td><td>6/1/45</td><td>.90% Note - 7/1/46-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-G</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>10/29/45</td><td>11/15/45 11/15/45 12/3/45</td><td>Victory Loan securities: 3/ 2-1/2% Bond -12/15/67-72 4/ 2-1/4% Bond -12/15/59-62 5/ 7/8% Certificate -12/1/46-I</td><td>27 yr,1 m (22 yr,1 m) 17 yr,1 m (14 yr,1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>- - -</td><td>11,689 3,470 3,768</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45</td><td>10/1/45</td><td>7/8% Certificate - 10/1/46-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-G</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>12½ 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-I</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-E</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>1,054</td><td>-</td><td>1,054</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. 4/ Bank restricted issue. See preceding table. "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue
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 retire-ment</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Deposition offers by Treasury 2/</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 out-standing</th><th>Cash retire-ment</th><th>Exchange security offered</th><th>Ex- changed</th><th>Turned in for cash By Federal Reserve Bank 3/</th><th>By other investors</th></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46...</td><td>1/1/16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/2/46</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</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</td><td>3/15/26</td><td>489</td><td>489</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</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-I.</td><td>6/1/45</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>-</td><td>7/8% Certificate - 6/1/47-I</td></tr><tr><td>6/15/46</td><td>3% Treas. bond - 6/15/46-48</td><td>6/15/34</td><td>1,036</td><td>1,036</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>1,994</td><td>2,916</td><td>2,916</td><td>-</td><td>-</td><td>7/8% Certificate - 7/1/47-F</td></tr><tr><td>8/1/46</td><td>7/8% Certificate - 8/1/46-I.</td><td>8/1/45</td><td>2,470</td><td>1,246</td><td>1,223</td><td>1,223</td><td>-</td><td>-</td><td>7/8% Certificate - 8/1/47-O</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46-O.</td><td>9/1/45</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>-</td><td>7/8% Certificate - 9/1/47-I</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46-I.</td><td>10/1/45</td><td>3,440</td><td>2,000</td><td>1,440</td><td>1,440</td><td>-</td><td>-</td><td>7/8% Certificate - 10/1/47-I</td></tr><tr><td>11/1/46</td><td>7/8% Certificate - 11/1/46-J.</td><td>12/1/45</td><td>3,778</td><td>2,003</td><td>1,775</td><td>1,775</td><td>-</td><td>-</td><td>7/8% Certificate - 11/1/47-I</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46-I.</td><td>12/3/45</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>-</td><td>487</td><td>7/8% Certificate - 12/1/47-I</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46-B.</td><td>6/5/42</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47...</td><td>1/1/17</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1/1/47</td><td>7/8% Certificate - 1/1/47-A.</td><td>1/1/46</td><td>3,330</td><td>-</td><td>3,330</td><td>3,134</td><td>-</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</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-O.</td><td>3/1/46</td><td>3,133</td><td>991</td><td>2,142</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</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</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-I.</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-I</td></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47-O.</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>-</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-I.</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-I</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47-A.</td><td>7/12/43</td><td>2,707</td><td>-</td><td>2,707</td><td>2,580</td><td>-</td><td>128</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td>10/1/47</td><td>1-1/4% Treas. note - 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-I.</td><td>12/1/46</td><td>3,281</td><td>-</td><td>3,281</td><td>2,908</td><td>139</td><td>234</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td>12/1/47</td><td>2% Bond - 12/15/47...</td><td>12/15/38</td><td>701</td><td>-</td><td>701</td><td>627</td><td>-</td><td>74</td><td></td></tr><tr><td colspan="3">Total for 12/1/47</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.</td><td>3/1/47</td><td>2,142</td><td>-</td><td>2,142</td><td>1,687 r</td><td>285</td><td>169</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td>3/1/48</td><td>2-3/4% Treas. bond - 3/15/48...</td><td>3/15/41</td><td>1,115</td><td>-</td><td>1,115</td><td>899</td><td>75</td><td>141 r</td><td></td></tr><tr><td>3/1/48</td><td>2-3/4% Treas. bond - 3/15/48...</td><td>3/16/36</td><td>1,223</td><td>-</td><td>1,223</td><td>967</td><td>101</td><td>156</td><td></td></tr><tr><td colspan="3">Total for 3/1/48</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>1,054</td><td>106</td><td>161</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 stated portion for cash retirement with the remainder covered by an offering of an exchange security.
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.
r Revised.
May 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 (Issuance of public debt)</th><th colspan="5">Public debt expenditures (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>Certificate 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>Certificate 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>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945....</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946....</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947....</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>1,847</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</td></tr><tr><td>1947-July Aug. Sept.</td><td>259,448 260,097 259,145</td><td>1,161 649 -953</td><td>10,844 7,381 12,605</td><td>2,291 1,526 1,847</td><td>- - -</td><td>36 44 49</td><td>- - -</td><td>- - -</td><td>7,238 5,080 10,273</td><td>1,279 731 436</td><td>9,683 6,732 13,557</td><td>2,316 1,624 3,148</td><td>- - -</td><td>7,238 5,080 10,273</td><td>129 27 136</td></tr><tr><td>Oct. Nov. Dec.</td><td>259,071 258,212 256,900</td><td>-74 -859 -1,312</td><td>9,042 6,640 9,357</td><td>2,946 1,467 2,255</td><td>- - -</td><td>42 24 15</td><td>- - -</td><td>- - -</td><td>5,939 5,058 7,029</td><td>116 90 58</td><td>9,116 7,499 10,669</td><td>2,988 2,419 3,020</td><td>- - -</td><td>5,939 5,058 7,029</td><td>189 21 620</td></tr><tr><td>1948-Jan. Feb. Mar.</td><td>256,574 254,605 252,990</td><td>-326 -1,969 -1,615</td><td>9,486 7,124 8,752</td><td>3,263 2,700 2,631</td><td>- - -</td><td>11 6 3</td><td>- - -</td><td>- - -</td><td>5,954 4,276 6,012</td><td>257 142 105</td><td>9,812 9,093 10,367</td><td>3,794 4,773 4,274</td><td>- - -</td><td>5,954 4,276 6,012</td><td>64 44 80</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 1935. Series A-D were sold from March 1935 to April 1941. Series E, F, and G bonds have been on sale since May 1, 1941. For information on the terms and conditions of these bonds, see "Treasury Bulletin" issues for December 1947, page 31, and October 1935, pages A-4 and A-5. Sales and redemption 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 March 31, 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>445</td><td>18</td><td>-</td><td>3/</td></tr><tr><td>Series C</td><td>1,010</td><td>254</td><td>1,264</td><td>830</td><td>48</td><td>386</td><td>65.61</td></tr><tr><td>Series D</td><td>2,365</td><td>441</td><td>2,806</td><td>563</td><td>-</td><td>2,243</td><td>20.07</td></tr><tr><td>Series E</td><td>49,459</td><td>1,839</td><td>51,299</td><td>19,814</td><td>-</td><td>31,485</td><td>38.62</td></tr><tr><td>Series F</td><td>3,753</td><td>155</td><td>3,908</td><td>669</td><td>-</td><td>3,240</td><td>17.11</td></tr><tr><td>Series O</td><td>17,279</td><td>-</td><td>17,279</td><td>1,645</td><td>-</td><td>15,634</td><td>9.52</td></tr><tr><td>Total, Series A-O</td><td>74,440</td><td>2,834</td><td>77,275</td><td>24,213</td><td>73</td><td>52,988</td><td>31.33</td></tr></table>
Source: Daily Treasury Statement; Offices of the Treasurer of the U. S. 1/ Beginning with June 1947, Series E sales include small amounts of unclassified sales consisting of Series K, F, and G. These amounts are substantially less than the sales reported as unclassified in the Daily Treasury Statement. The greater part of that item consists of sales for which information is available as to the series but not the year of issue. On the basis of that information such
2/ Series E redemptions include small amounts of unclassified Series A-D redemptions beginning with October 1944, and small amounts also of unclassified F and G redemptions, beginning with June 1947. Not calculated for matured series.
Table 2.- History of Sales and Redemptions, All Series Combined
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td>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><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-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>341</td><td>16</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>March</td><td>588</td><td>61</td><td>649</td><td>462</td><td>n.a.</td><td>n.a.</td><td>73</td><td>52,988</td><td>.87</td></tr><tr><td>Total, inception to March 31, 1947</td><td>74,440</td><td>2,834</td><td>77,275</td><td>24,213</td><td>n.a.</td><td>n.a.</td><td>73</td><td>52,988</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available
See footnotes to Table 1.
May 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 colspan="3">Redemptions 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,564</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>6,038</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>321</td><td>10</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>March</td><td>588</td><td>53</td><td>641</td><td>408</td><td>n.a.</td><td>n.a.</td><td>50,359</td><td>.81</td></tr><tr><td>Total, inception to March 31, 1948</td><td>70,492</td><td>1,994</td><td>72,486</td><td>22,127</td><td>n.a.</td><td>n.a.</td><td>50,359</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>262</td><td>9</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>March</td><td>383</td><td>48</td><td>431</td><td>341</td><td>n.a.</td><td>n.a.</td><td>31,485</td><td>1.08</td></tr><tr><td>Total, inception to March 31, 1948</td><td>49,459</td><td>1,839</td><td>51,299</td><td>19,814</td><td>n.a.</td><td>n.a.</td><td>31,485</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 colspan="3">Redemptions 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Series F</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td>(In millions of dollars)</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>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>-</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>1946</td><td>325</td><td>40</td><td>365</td><td>189</td><td>185</td><td>4</td><td>2,969</td><td>-</td></tr><tr><td>1947</td><td>342</td><td>54</td><td>396</td><td>203</td><td>n.a.</td><td>n.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>15</td><td>1</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>n.a.</td><td>n.a.</td><td>3,162</td><td>.53</td></tr><tr><td>1943-January</td><td>44</td><td>7</td><td>51</td><td>17</td><td>n.a.</td><td>n.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>n.a.</td><td>n.a.</td><td>3,222</td><td>.55</td></tr><tr><td>March</td><td>30</td><td>5</td><td>35</td><td>17</td><td>n.a.</td><td>n.a.</td><td>3,240</td><td>.52</td></tr><tr><td>Total, inception to March 31, 1948</td><td>3,753</td><td>155</td><td>3,908</td><td>669</td><td>n.a.</td><td>n.a.</td><td>3,240</td><td>-</td></tr><tr><td colspan="9">Series 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>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>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>14,854</td><td>.30</td></tr><tr><td>October</td><td>162</td><td>-</td><td>162</td><td>41</td><td>41</td><td>-</td><td>14,975</td><td>.28</td></tr><tr><td>November</td><td>131</td><td>-</td><td>131</td><td>41</td><td>41</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>243</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>March</td><td>175</td><td>-</td><td>175</td><td>50</td><td>50</td><td>-</td><td>15,634</td><td>.32</td></tr><tr><td>Total, inception to March 31, 1948</td><td>17,279</td><td>-</td><td>17,279</td><td>1,645</td><td>1,645</td><td>-</td><td>15,634</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available.
Less than $500,000. See footnotes to Table 1.
May 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 March 31, 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>404</td><td>66 1/2</td><td>338</td><td>3</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,944</td><td>182 1/2</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>31,788</td><td>26,639</td><td>6,979</td><td>19,660</td><td>49</td><td>5,100</td></tr><tr><td>Total</td><td>37,139</td><td>31,986</td><td>7,227</td><td>24,759</td><td>52</td><td>5,100</td></tr></table>
Source: Daily Treasury Statement.
1/ Includes exchanges. Less 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">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 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>281</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><tr><td>March</td><td>120</td><td>364</td><td>91</td><td>273</td><td>49</td><td>5,100</td></tr></table>
Source: Daily Treasury Statement.
28
Treasury Bulletin
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="5">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">Sold by U. S. Government agencies and trust funds 2/</th><th>Sold by Federal Reserve Banks - public marketable issues</th><th colspan="2">Held by private investors 2/ 3/</th><th>Total outstanding</th><th colspan="2">Sold by U. S. Government agencies and trust funds and Federal Reserve Banks 2/4/</th><th>Held by private investors 2/ 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 5/</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 6/</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>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>623</td></tr><tr><td>1941</td><td>55,332</td><td>48,387</td><td>8,225</td><td>2,104</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>585</td></tr><tr><td>1942</td><td>76,991</td><td>71,968</td><td>10,340</td><td>2,452</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>474</td></tr><tr><td>1943</td><td>140,796</td><td>135,380</td><td>14,091</td><td>3,213</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></tr><tr><td>1944</td><td>202,626</td><td>199,543</td><td>18,920</td><td>4,623</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></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>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>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>34</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>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>258,301</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>139,656</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>34,883</td><td>5,500</td><td>137</td><td>29,246</td><td>21,024</td><td>196,193</td><td>136,235</td><td>59,958</td><td>74</td><td>•</td><td>28</td><td>46</td><td>2,510</td></tr><tr><td>Mar.</td><td>253,068</td><td>250,634</td><td>34,969 p</td><td>5,560 p</td><td>137 p</td><td>29,272</td><td>20,887</td><td>194,778 p</td><td>134,891 p</td><td>59,887 p</td><td>73</td><td>• p</td><td>28 p</td><td>45</td><td>2,361</td></tr></table>
Source: 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 these 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
amount held by U. S. Government agencies and trust funds and Federal Reserve Banks.
4/ All public marketable issues except R. 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.
6/ 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>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td>106.8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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
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.
May 1948
29
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors
(Par valuee 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by nonbank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/ 6/</th><th>State and local governments 7/</th><th>U. S. Government agencies and trust funds 8/</th></tr><tr><td>1939-December</td><td>47.6</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</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><tr><td>February p.</td><td>254.7</td><td>88.3</td><td>67.3</td><td>21.0</td><td>166.3</td><td>66.6</td><td>23.9</td><td>12.0</td><td>21.7</td><td>7.2</td><td>34.9</td></tr></table>
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. In the April 1948 issue of the "Treasury Bulletin" figures in this table were revised to include matured debt and debt bearing no interest, as well as interest-bearing debt. For all practical purposes the addition of these items to the former series affects only the holdings by "Individuals" and by "Other corporations and associations", since other investors hold negligible amounts.
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/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning with December 1946 figures include investments by the International Bank for Reconstruction and Development and International Monetary Fund in special acinterest-bearing notes issued by the U. S. Government.
6/ Holdings by Federal land banks are included under "Private investors" instead of "U. S. Government agencies and trust funds" beginning with June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
1/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions.
p Preliminary.
30
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 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. Data were first published for March 31, 1941.
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. Currently, this information is published for June 30 and December 31.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstand-ing</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,296 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>309 life</th><th>636 fire, casualty, and marine</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>162,787</td><td>59,698</td><td>451</td><td>11,590</td><td>18,971</td><td>3,478</td><td>26,524</td><td>42,075</td></tr><tr><td>Public nonmarketable 4/ 5/</td><td>60,140</td><td>1,346</td><td>14</td><td>435</td><td>442</td><td>297</td><td>136</td><td>57,425</td></tr><tr><td>Special issues</td><td>29,246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,246</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>252,174</td><td>61,044</td><td>465</td><td>12,025</td><td>19,413</td><td>3,775</td><td>55,906</td><td>99,500</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,510 6/</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 1/</td><td>254,683</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 3/</th></tr><tr><th>7,296 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>Insurance companies 309 life</th><th>636 fire, casualty and marine</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</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 U. S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>14,438</td><td>2,824</td><td>6</td><td>60</td><td>278</td><td>63</td><td>9,292</td><td>1,915</td></tr><tr><td>Certificates of indebtedness</td><td>18,920</td><td>6,299</td><td>7</td><td>308</td><td>66</td><td>299</td><td>4,426</td><td>7,514</td></tr><tr><td>Treasury notes</td><td>11,375</td><td>4,926</td><td>19</td><td>134</td><td>28</td><td>232</td><td>1,738</td><td>4,298</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,226</td><td>44,642</td><td>226</td><td>2,828</td><td>2,672</td><td>1,475</td><td>4,210</td><td>12,174</td></tr><tr><td>Treasury bonds - bank restricted 8/</td><td>49,636</td><td>983</td><td>190</td><td>8,259</td><td>15,915</td><td>1,407</td><td>6,821</td><td>16,061</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>154</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed by U. S. Government 7/</td><td>28</td><td>11</td><td>2</td><td>2</td><td>12</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>162,787</td><td>59,698</td><td>451</td><td>11,590</td><td>18,971</td><td>3,478</td><td>26,524</td><td>42,075</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>51,269</td><td>18,207</td><td>42</td><td>693</td><td>400</td><td>714</td><td>15,852</td><td>15,361</td></tr><tr><td>1 to 5 years</td><td>46,413</td><td>31,039</td><td>116</td><td>1,954</td><td>2,033</td><td>874</td><td>2,383</td><td>8,055</td></tr><tr><td>5 to 10 years</td><td>10,270</td><td>5,996</td><td>76</td><td>571</td><td>535</td><td>322</td><td>873</td><td>1,896</td></tr><tr><td>10 to 15 years</td><td>13,326</td><td>2,072</td><td>84</td><td>2,927</td><td>1,867</td><td>736</td><td>1,552</td><td>4,089</td></tr><tr><td>15 to 20 years</td><td>41,481</td><td>2,373</td><td>130</td><td>5,442</td><td>14,124</td><td>832</td><td>5,904</td><td>12,674</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>11</td><td>2</td><td>2</td><td>12</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>162,787</td><td>59,698</td><td>451</td><td>11,590</td><td>18,971</td><td>3,478</td><td>26,524</td><td>42,075</td></tr><tr><td>Tax status: 2/</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>164</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>16,612</td><td>12,372</td><td>96</td><td>62</td><td>27</td><td>577</td><td>1,200</td><td>2,278</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>146,011</td><td>47,312</td><td>355</td><td>11,528</td><td>18,944</td><td>2,901</td><td>25,287</td><td>39,684</td></tr><tr><td>Total</td><td>162,787</td><td>59,698</td><td>451</td><td>11,590</td><td>18,971</td><td>3,478</td><td>26,524</td><td>42,075</td></tr></table>
Footnotes at end of Section II.
May 1948
31
TREASURY SURVEY OF OWNERSHIP,
FEBRUARY 29, 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 status 9/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,296 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>309 life</th><th>636 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>14,438</td><td>2,824</td><td>6</td><td>60</td><td>278</td><td>63</td><td>9,292</td><td>1,915</td></tr><tr><td colspan="9">Certificates of indebtedness:</td></tr><tr><td>7/8% March 1948-C......(taxable)</td><td>2,142</td><td>912</td><td>2</td><td>57</td><td>6</td><td>31</td><td>285</td><td>848</td></tr><tr><td>7/8% April 1948-D......(taxable)</td><td>1,321</td><td>461</td><td>1</td><td>7</td><td>2</td><td>10</td><td>110</td><td>731</td></tr><tr><td>7/8% June 1948-E......(taxable)</td><td>1,777</td><td>401</td><td>1</td><td>29</td><td>5</td><td>16</td><td>303</td><td>1,022</td></tr><tr><td>7/8% July 1948-F......(taxable)</td><td>2,742</td><td>525</td><td>1</td><td>9</td><td>10</td><td>29</td><td>1,417</td><td>750</td></tr><tr><td>7/8% July 1948-G......(taxable)</td><td>1,127</td><td>284</td><td>*</td><td>4</td><td>5</td><td>7</td><td>538</td><td>288</td></tr><tr><td>7/8% July 1948-H......(taxable)</td><td>2,209</td><td>406</td><td>1</td><td>7</td><td>3</td><td>31</td><td>1,010</td><td>751</td></tr><tr><td>1% October 1948-J......(taxable)</td><td>1,354</td><td>541</td><td>*</td><td>24</td><td>5</td><td>28</td><td>172</td><td>582</td></tr><tr><td>1% October 1948-K......(taxable)</td><td>1,467</td><td>537</td><td>*</td><td>14</td><td>10</td><td>31</td><td>315</td><td>559</td></tr><tr><td>1-1/8% January 1949-A......(taxable)</td><td>2,592</td><td>1,293</td><td>1</td><td>94</td><td>6</td><td>78</td><td>127</td><td>993</td></tr><tr><td>1-1/8% February 1949-B......(taxable)</td><td>2,189</td><td>939</td><td>*</td><td>61</td><td>14</td><td>37</td><td>148</td><td>990</td></tr><tr><td>Total certificate of indebtedness......</td><td>18,920</td><td>6,299</td><td>7</td><td>308</td><td>66</td><td>299</td><td>4,426</td><td>7,514</td></tr><tr><td colspan="9">Treasury notes:</td></tr><tr><td>1-1/2% September 1948-A......(taxable)</td><td>3,748</td><td>2,024</td><td>8</td><td>62</td><td>3</td><td>70</td><td>646</td><td>934</td></tr><tr><td>1% October 1948-B......(taxable)</td><td>4,092</td><td>1,596</td><td>6</td><td>37</td><td>7</td><td>97</td><td>1,027</td><td>1,322</td></tr><tr><td>1-1/8% January 1949-A......(taxable)</td><td>3,535</td><td>1,306</td><td>5</td><td>35</td><td>18</td><td>66</td><td>65</td><td>2,042</td></tr><tr><td>Total Treasury notes......</td><td>11,375</td><td>4,926</td><td>19</td><td>134</td><td>28</td><td>232</td><td>1,738</td><td>4,298</td></tr><tr><td colspan="9">Treasury bonds:</td></tr><tr><td colspan="9">Bank eligible:</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>625</td><td>2</td><td>58</td><td>5</td><td>19</td><td>75</td><td>333</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>858</td><td>1</td><td>16</td><td>2</td><td>26</td><td>147</td><td>174</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>1,857</td><td>4</td><td>113</td><td>21</td><td>54</td><td>118</td><td>895</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>359</td><td>1</td><td>4</td><td>*</td><td>8</td><td>*</td><td>79</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>447</td><td>3</td><td>1</td><td>*</td><td>12</td><td>19</td><td>89</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>698</td><td>1</td><td>71</td><td>15</td><td>14</td><td>11</td><td>204</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>952</td><td>1</td><td>77</td><td>34</td><td>21</td><td>12</td><td>194</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,501</td><td>5</td><td>62</td><td>63</td><td>33</td><td>25</td><td>408</td></tr><tr><td>1-1/8% December 1949-52......(partially)</td><td>491</td><td>369</td><td>1</td><td>3</td><td>11</td><td>13</td><td>39</td><td>56</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,390</td><td>3</td><td>5</td><td>2</td><td>36</td><td>168</td><td>182</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,434</td><td>5</td><td>66</td><td>143</td><td>36</td><td>28</td><td>250</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>998</td><td>2</td><td>7</td><td>1</td><td>40</td><td>71</td><td>67</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,070</td><td>11</td><td>170</td><td>348</td><td>89</td><td>264</td><td>986</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,585</td><td>2</td><td>32</td><td>*</td><td>39</td><td>*</td><td>976</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,268</td><td>11</td><td>6</td><td>1</td><td>43</td><td>137</td><td>160</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>5,103</td><td>22</td><td>434</td><td>311</td><td>143</td><td>550</td><td>1,423</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>417</td><td>1</td><td>3</td><td>*</td><td>33</td><td>72</td><td>229</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>966</td><td>1</td><td>*</td><td>1</td><td>27</td><td>87</td><td>35</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>371</td><td>2</td><td>11</td><td>23</td><td>12</td><td>11</td><td>82</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>515</td><td>1</td><td>175</td><td>22</td><td>15</td><td>90</td><td>206</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>3,889</td><td>19</td><td>239</td><td>304</td><td>95</td><td>310</td><td>907</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>898</td><td>2</td><td>154</td><td>155</td><td>29</td><td>100</td><td>163</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,662</td><td>5,614</td><td>24</td><td>439</td><td>537</td><td>154</td><td>368</td><td>1,526</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>662</td><td>*</td><td>2</td><td>*</td><td>24</td><td>16</td><td>20</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>581</td><td>6</td><td>1</td><td>1</td><td>28</td><td>6</td><td>58</td></tr><tr><td>2-1/8% March 1955-60......(partially)</td><td>2,611</td><td>1,550</td><td>33</td><td>3</td><td>2</td><td>102</td><td>190</td><td>731</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>747</td><td>9</td><td>101</td><td>294</td><td>14</td><td>114</td><td>170</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>747</td><td>12</td><td>5</td><td>2</td><td>46</td><td>65</td><td>103</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>1,703</td><td>17</td><td>460</td><td>236</td><td>108</td><td>481</td><td>813</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>692</td><td>11</td><td>3</td><td>2</td><td>53</td><td>74</td><td>83</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>1,068</td><td>10</td><td>3</td><td>1</td><td>84</td><td>109</td><td>211</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>1,701</td><td>3</td><td>104</td><td>73</td><td>23</td><td>452</td><td>360</td></tr><tr><td>Total bank eligible......</td><td>68,226</td><td>44,642</td><td>236</td><td>2,828</td><td>2,672</td><td>1,475</td><td>4,210</td><td>12,174</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>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>7,296 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>309 life</th><th>636 fire, casualty, and marios</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: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4 June 1959-62......(taxable)</td><td>5,284</td><td>94</td><td>27</td><td>1,759</td><td>571</td><td>336</td><td>590</td><td>1,908</td></tr><tr><td>2-1/4 December 1959-62......(taxable)</td><td>3,470</td><td>205</td><td>23</td><td>772</td><td>344</td><td>200</td><td>473</td><td>1,453</td></tr><tr><td>2-1/2 June 1962-67......(taxable)</td><td>2,118</td><td>12</td><td>14</td><td>350</td><td>949</td><td>62</td><td>306</td><td>387</td></tr><tr><td>2-1/2 December 1963-68......(taxable)</td><td>2,831</td><td>3</td><td>7</td><td>491</td><td>1,273</td><td>74</td><td>381</td><td>602</td></tr><tr><td>2-1/2 June 1964-69......(taxable)</td><td>3,761</td><td>6</td><td>19</td><td>949</td><td>1,550</td><td>89</td><td>225</td><td>923</td></tr><tr><td>2-1/2 December 1964-69......(taxable)</td><td>3,838</td><td>7</td><td>16</td><td>626</td><td>1,669</td><td>98</td><td>325</td><td>1,098</td></tr><tr><td>2-1/2 March 1965-70......(taxable)</td><td>5,197</td><td>55</td><td>16</td><td>324</td><td>2,465</td><td>85</td><td>880</td><td>1,372</td></tr><tr><td>2-1/2 March 1966-71......(taxable)</td><td>3,481</td><td>93</td><td>13</td><td>272</td><td>1,524</td><td>55</td><td>685</td><td>879</td></tr><tr><td>2-1/2 June 1967-72......(taxable)</td><td>7,967</td><td>61</td><td>20</td><td>1,231</td><td>2,969</td><td>124</td><td>1,057</td><td>2,505</td></tr><tr><td>2-1/2 December 1967-72......(taxable)</td><td>11,689</td><td>488</td><td>35</td><td>1,447</td><td>2,601</td><td>285</td><td>1,699</td><td>4,935</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>983</td><td>190</td><td>8,259</td><td>15,915</td><td>1,407</td><td>6,821</td><td>16,061</td></tr><tr><td>Total Treasury bonds</td><td>117,853</td><td>45,625</td><td>417</td><td>11,087</td><td>18,586</td><td>2,882</td><td>11,031</td><td>28,235</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>114</td><td>13</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>65</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>48</td></tr><tr><td>Total other bonds</td><td>164</td><td>14</td><td>-</td><td>-</td><td>-</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed securities: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(Taxable 11/)</td><td>28</td><td>11</td><td>2</td><td>2</td><td>12</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total public marketable securities</td><td>162,787</td><td>59,698</td><td>451</td><td>11,590</td><td>18,971</td><td>3,478</td><td>26,524</td><td>42,075</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 9/ is shown in parentheses)</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>7,296 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>309 life</th><th>636 fire, casualty, and marine</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th></th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C 1938-D 4/......(12/)</td><td>2,667</td><td>117</td><td>-</td><td>4</td><td>3</td><td>5</td><td>-</td><td>2,537</td></tr><tr><td>Series E 4/............(taxable)</td><td>31,394</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31,394</td></tr><tr><td>Series F 4/............(taxable)</td><td>3,222</td><td>225</td><td>1</td><td>11</td><td>21</td><td>34</td><td>1</td><td>2,928</td></tr><tr><td>Series O ...............(taxable)</td><td>15,510</td><td>462</td><td>7</td><td>297</td><td>127</td><td>216</td><td>13</td><td>14,365</td></tr><tr><td>Total United States savings bonds</td><td>52,793</td><td>824</td><td>9</td><td>313</td><td>151</td><td>257</td><td>15</td><td>51,224</td></tr><tr><td>Treasury savings notes............(taxable)</td><td>5,327</td><td>47</td><td>2</td><td>-</td><td>1</td><td>3</td><td>21</td><td>5,252</td></tr><tr><td>Depositary bonds............(taxable)</td><td>319</td><td>286</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>Armed forces leave bonds........(taxable)</td><td>686</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>686</td></tr><tr><td>Treasury bonds, investment series.....(taxable)</td><td>970</td><td>189</td><td>3</td><td>122</td><td>290</td><td>36</td><td>100</td><td>229</td></tr><tr><td>Guaranteed securities: 7/</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>46</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/</td></tr><tr><td>Total public nonmarketable securities 5/</td><td>60,140</td><td>1,346</td><td>14</td><td>435</td><td>442</td><td>297</td><td>136</td><td>57,425</td></tr></table>
Footnotes at end of Section II.
May 1948
33
TREASURY SURVEY OF OWNERSHIP,
FEBRUARY 29, 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>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th colspan="2">Banks 1/</th><th colspan="3">Insurance companies</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><th></th><th></th><th>7,296 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>309 life</th><th>636 fire, casualty, and marine</th><th></th></tr><tr><td>Federal Intermediate Credit Banks: Debentures....(taxable)</td><td>366</td><td>272</td><td>1</td><td>6</td><td>*</td><td>6</td><td>-</td><td>81</td></tr><tr><td>Federal Home Loan Banks: 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>63</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>20</td></tr><tr><td>1-3/4% January 1949 (Notes)....(taxable)</td><td>97</td><td>55</td><td>*</td><td>5</td><td>*</td><td>1</td><td>-</td><td>36</td></tr><tr><td>Total Federal Home Loan Bank securities....</td><td>322</td><td>227</td><td>1</td><td>10</td><td>1</td><td>2</td><td>-</td><td>81</td></tr><tr><td>Federal Land Banks: 13/ 1-1/2% October 1948-50 (Bonds)(taxable)</td><td>154</td><td>128</td><td>1</td><td>4</td><td>*</td><td>2</td><td>-</td><td>19</td></tr><tr><td>1-1/4% May 1950-52 (Bonds)(taxable)</td><td>209</td><td>154</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>52</td></tr><tr><td>1-1/2% January 1951-53 (Bonds)(taxable)</td><td>188</td><td>160</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>28</td></tr><tr><td>2-1/4% February 1953-55 (Bonds)(taxable)</td><td>114</td><td>90</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Total Federal Land Bank bonds............</td><td>665</td><td>531</td><td>1</td><td>9</td><td>1</td><td>4</td><td>-</td><td>119</td></tr></table>
1/ Excludes trust departments.
2/ Includes trust companies.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ 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.
5/ C. C. C. demand obligations in the amount of $16 million, all held by commercial banks, are shown only in the total amount outstanding; data for reporting banks are not available.
6/ Information for reporting agencies not available.
7/ Excludes guaranteed securities held by the Treasury.
8/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see footnotes to Table 2 under "Debt Outstanding".
2/ 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 normal tax and surtax. Includes F. H. A. debentures; see footnote 11. 
10/11/ A small indeterminate amount of these debentures is partially tax-exempt. 
12/ United States 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 26, 1947. 
* Less than $500,000.
34
Treasury Bulletin
MARKET QUOTATIONS, MARCH 31, 1948
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
Issues 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 2.- Certificates and Notes
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Bank discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,304</td><td>4/1/48</td><td>1/2/48</td><td>2/1</td><td>2/1</td><td>2/1</td><td>2/1</td></tr><tr><td>1,305</td><td>4/8/48</td><td>1/8/48</td><td>.97</td><td>.60</td><td>.85</td><td>-.07</td></tr><tr><td>1,003</td><td>4/15/48</td><td>1/15/48</td><td>.98</td><td>.91</td><td>.94</td><td>-.01</td></tr><tr><td>1,003</td><td>4/22/48</td><td>1/22/48</td><td>.98</td><td>.93</td><td>.96</td><td>.00</td></tr><tr><td>1,001</td><td>4/29/48</td><td>1/29/48</td><td>.99</td><td>.93</td><td>.96</td><td>.00</td></tr><tr><td>903</td><td>5/6/48</td><td>2/5/48</td><td>.99</td><td>.94</td><td>.96</td><td>-.01</td></tr><tr><td>1,000</td><td>5/13/48</td><td>2/13/48</td><td>1.00</td><td>.95</td><td>.98</td><td>.00</td></tr><tr><td>1,001</td><td>5/20/48</td><td>2/19/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,106</td><td>5/27/48</td><td>2/26/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,101</td><td>6/3/48</td><td>3/4/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,101</td><td>6/10/48</td><td>3/11/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,107</td><td>6/17/48</td><td>3/18/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,009</td><td>6/24/48</td><td>3/25/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>2/</td><td>7/1/48</td><td>4/1/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr></table>
<table><tr><th rowspan="2">Closing date)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="4">Yield</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change is bean from last month</th></tr><tr><td colspan="7">Certificate of indebtedness</td></tr><tr><td>1/21</td><td>7/6$ - 6/1/48-D</td><td>6/1/47</td><td>1/2</td><td>1/1</td><td>1/1</td><td>1/1</td></tr><tr><td>1/17</td><td>7/8 - 6/1/48-B</td><td>6/1/47</td><td>.92$</td><td>.86$</td><td>.89$</td><td>-.04$</td></tr><tr><td>1/28</td><td>7/8 - 7/1/48-B</td><td>7/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>1/27</td><td>7/8 - 7/1/48-D</td><td>8/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>1/09</td><td>7/8 - 7/1/48-B</td><td>9/1/47</td><td>.98</td><td>.95</td><td>.96</td><td>.00</td></tr><tr><td>1/24</td><td>1 - 10/1/48-J</td><td>10/1/47</td><td>1.0$</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>1/26</td><td>1 - 10/1/48-E</td><td>11/1/47</td><td>1.0$</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>1/29</td><td>1-1/8 - 1/1/49-A</td><td>1/1/48</td><td>1.10</td><td>1.08</td><td>1.09</td><td>.00</td></tr><tr><td>1/29</td><td>1-1/8 - 2/1/49-B</td><td>2/1/48</td><td>1.10</td><td>1.08</td><td>1.09</td><td>.00</td></tr><tr><td>1/25</td><td>1-1/8 - 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>1/2/</td><td>1-1/8 - 4/1/49-D</td><td>4/1/48</td><td>1.11</td><td>1.09</td><td>1.10</td><td>-</td></tr><tr><td colspan="7">Treasury notes</td></tr><tr><td>1/28</td><td>1-1/2$ - 9/15/48-A</td><td>3/15/44</td><td>1.0$</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>1/29</td><td>1 - 10/1/48-B</td><td>9/15/47</td><td>1.0$</td><td>1.01</td><td>1.02</td><td>.00</td></tr><tr><td>1/25</td><td>1-1/8 - 1/1/49-A</td><td>12/1/47</td><td>1.10</td><td>1.08</td><td>1.09</td><td>.00</td></tr></table>
Table 3.- Taxable Bonds (Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield to first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 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></th><th></th><th></th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th colspan="3">Treasury bonds - bank eligible</th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td>$3,062</td><td>1-3/4 - 6/15/48</td><td>100.04</td><td>100.06</td><td>100.05</td><td>-.02</td><td>.98%</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>101.08</td><td>1/23/47</td><td>100.05</td><td>3/31/48</td></tr><tr><td>1,018</td><td>6/15/49-51</td><td>100.31</td><td>101.01</td><td>101.00</td><td>-.03</td><td>1.16</td><td>+.02</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>101.00</td><td>3/31/48</td></tr><tr><td>1,292</td><td>9/15/49-51</td><td>101.03</td><td>101.05</td><td>101.04</td><td>-.01</td><td>1.22</td><td>-.02</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>101.04</td><td>3/31/48</td></tr><tr><td>2,098</td><td>12/15/49-51</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.02</td><td>1.28</td><td>+.01</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>101.07</td><td>3/31/48</td></tr><tr><td>1,963</td><td>3/15/50-52</td><td>101.10</td><td>101.12</td><td>101.11</td><td>-.03</td><td>1.30</td><td>-.02</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>102.82</td><td>1/22/47</td><td>101.11</td><td>3/31/48</td></tr><tr><td>4,939</td><td>9/15/50-52</td><td>101.12</td><td>101.14</td><td>101.13</td><td>-.01</td><td>1.41</td><td>-.01</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>3/31/48</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.01</td><td>1.33</td><td>-.00</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.05</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>7,986</td><td>9/15/51-53</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.00</td><td>1.37</td><td>-.01</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>3/15/48</td></tr><tr><td>510</td><td>12/15/51-55</td><td>101.13</td><td>101.15</td><td>101.14</td><td>-.01</td><td>1.60</td><td>-.02</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>103.05</td><td>4/9/47</td><td>101.13</td><td>3/15/48</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>103.12</td><td>103.14</td><td>103.13</td><td>+.06</td><td>1.61</td><td>-.06</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>105.13</td><td>3/27/47</td><td>103.05</td><td>2/13/48</td></tr><tr><td>5,825</td><td>6/15/52-54</td><td>101.10</td><td>101.12</td><td>101.11</td><td>+.01</td><td>1.67</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>3/12/48</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>102.09</td><td>102.11</td><td>102.10</td><td>+.04</td><td>1.68</td><td>-.04</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>2/25/48</td></tr><tr><td>8,662</td><td>12/15/52-54</td><td>101.09</td><td>101.11</td><td>101.10</td><td>+.03</td><td>1.71</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>3/15/56-58</td><td>103.17</td><td>103.19</td><td>103.18</td><td>+.10</td><td>2.01</td><td>-.05</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>101.28</td><td>101.30</td><td>101.29</td><td>+.09</td><td>2.00</td><td>-.04</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>103.20</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 1/2</td><td>101.13</td><td>101.15</td><td>101.14</td><td>+.04</td><td>2.41</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><th></th><th colspan="3">Treasury bonds - bank restricted 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>5,284</td><td>2-1/4 - 6/15/59-62</td><td>100.00</td><td>100.03</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>3/23/48</td><td>102.29</td><td>5/12/47</td><td>100.01</td><td>3/23/48</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62</td><td>100.00</td><td>100.03</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>3/23/48</td><td>102.29</td><td>5/12/47</td><td>100.01</td><td>3/23/48</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>101.20</td><td>101.24</td><td>101.22</td><td>+.13</td><td>2.36</td><td>-.03</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>3/2/48</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68 1/2</td><td>101.06</td><td>101.08</td><td>101.07</td><td>+.06</td><td>2.41</td><td>-.01</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.11</td><td>4/9/47</td><td>101.01</td><td>3/17/48</td></tr><tr><td>3,751</td><td>2-1/2 - 6/15/64-69 1/2</td><td>100.28</td><td>100.30</td><td>100.29</td><td>+.04</td><td>2.43</td><td>-.01</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.30</td><td>4/9/47</td><td>100.25</td><td>3/16/48</td></tr><tr><td>3,338</td><td>2-1/2 - 12/15/64-69 1/2</td><td>100.27</td><td>100.29</td><td>100.28</td><td>+.03</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>3/17/48</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 1/2</td><td>100.25</td><td>100.27</td><td>100.26</td><td>+.01</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>3/21/48</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 1/2</td><td>100.21</td><td>100.23</td><td>100.22</td><td>+.05</td><td>2.45</td><td>-.01</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>3/15/48</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 1/2</td><td>100.10</td><td>100.12</td><td>100.11</td><td>+.02</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>3/18/48</td><td>103.19</td><td>4/9/47</td><td>100.09</td><td>3/18/48</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 1/2</td><td>100.10</td><td>100.12</td><td>100.11</td><td>+.02</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>3/18/48</td><td>103.19</td><td>4/9/47</td><td>100.09</td><td>3/18/48</td></tr></table>
1/ Not quoted on March 31, 1948.
2/ Not issued until after March 31, 1948; for amount, see Tables 2 and 3 under "Debt Operations".
3/ 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 recurrences, are the latest dates. (Continued on following page)
May 1948
35
MARKET QUOTATIONS, MARCH 31, 194
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 1/</th><th colspan="4">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 colspan="2">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th colspan="4">Treasury bonds</th><th colspan="2"></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td>$ 451</td><td>2-1/2%</td><td>9/15/48</td><td>100.23</td><td>100.25</td><td>100.24</td><td>-.05</td><td>.84%</td><td>+ .03%</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.24</td><td>3/31/48</td><td>102.28</td><td>1/23/47</td><td>100.24</td><td>3/31/48</td></tr><tr><td>571</td><td>2</td><td>12/15/48-50</td><td>100.25</td><td>100.27</td><td>100.26</td><td>-.03</td><td>.84</td><td>-.01</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>100.26</td><td>3/31/48</td><td>102.11</td><td>1/25/47</td><td>100.26</td><td>3/31/48</td></tr><tr><td>491</td><td>3-1/8</td><td>12/15/49-52</td><td>103.16</td><td>103.20</td><td>103.18</td><td>-.08</td><td>1.01</td><td>+ .04</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>103.18</td><td>3/31/48</td></tr><tr><td>1,786</td><td>2-1/2</td><td>12/15/49-53</td><td>102.13</td><td>102.17</td><td>102.15</td><td>-.07</td><td>1.04</td><td>+ .06</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>102.15</td><td>3/31/48</td></tr><tr><td>1,186</td><td>2-1/2</td><td>9/15/50-52</td><td>103.12</td><td>103.16</td><td>103.14</td><td>-.03</td><td>1.08</td><td>-.01</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</td><td>6/15/51-54</td><td>104.26</td><td>104.30</td><td>104.28</td><td>+.02</td><td>1.19</td><td>-.06</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</td><td>9/15/51-55</td><td>105.29</td><td>106.01</td><td>105.31</td><td>+.04</td><td>1.23</td><td>-.07</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</td><td>12/15/51-53</td><td>103.21</td><td>103.25</td><td>103.23</td><td>+.06</td><td>1.22</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</td><td>6/15/53-55</td><td>103.18</td><td>103.22</td><td>103.20</td><td>+.10</td><td>1.28</td><td>-.07</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</td><td>6/15/54-56</td><td>104.22</td><td>104.26</td><td>104.24</td><td>+.12</td><td>1.45</td><td>-.07</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</td><td>3/15/55-60</td><td>108.14</td><td>108.18</td><td>108.16</td><td>+.16</td><td>1.58</td><td>-.09</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</td><td>9/15/56-59</td><td>108.20</td><td>108.24</td><td>108.22</td><td>+.19</td><td>1.65</td><td>-.08</td><td>9/51/36</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</td><td>6/15/58-63</td><td>108.20</td><td>108.24</td><td>108.22</td><td>+.24</td><td>1.81</td><td>-.09</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>113.30</td><td>3/17/47</td><td>106.14</td><td>1/26/48</td></tr><tr><td>1,485</td><td>2-3/4</td><td>12/15/60-65</td><td>108.22</td><td>108.26</td><td>108.24</td><td>+.26</td><td>1.97</td><td>-.07</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>115.06</td><td>9/2/47</td><td>106.28</td><td>1/27/48</td></tr><tr><td>50</td><td>3%</td><td>6/1/61</td><td>120.00</td><td>121.08</td><td>120.20</td><td>.00</td><td>1.30</td><td>-.01</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 1/</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 1/</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>$54</td><td>1.10% - 4/1/48</td><td>7/1/47</td><td>1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>$38</td><td>1.25% - 9/1/48</td><td>12/1/47</td><td>1.50%</td><td>1.35%</td><td>1.42%</td><td>-.06%</td></tr><tr><td>30</td><td>1.15 - 5/1/48</td><td>8/1/47</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>-.06%</td><td>45</td><td>1.35 - 10/1/48</td><td>1/2/48</td><td>1.55</td><td>1.40</td><td>1.48</td><td>-.04</td></tr><tr><td>49</td><td>1.15 - 6/1/48</td><td>9/2/47</td><td>1.35</td><td>1.20</td><td>1.28</td><td>-.04</td><td>58</td><td>1.55 - 11/1/48</td><td>2/2/48</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.06</td></tr><tr><td>34</td><td>1.15 - 7/1/48</td><td>10/1/47</td><td>1.40</td><td>1.25</td><td>1.32</td><td>-.06</td><td>77</td><td>1.55 - 12/1/48</td><td>3/1/48</td><td>1.65</td><td>1.50</td><td>1.58</td><td>.00</td></tr><tr><td>20</td><td>1.20 - 8/2/48</td><td>11/1/47</td><td>1.45</td><td>1.30</td><td>1.38</td><td>-.04</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Table 2.- Notes and Bonds (Taxable)
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th>Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">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 cell</th><th></th><th colspan="2">Since first traded</th><th colspan="2"></th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="3">Federal Home Loan Bank securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$140</td><td>1-1/4% - 4/15/48 (Bonds)</td><td>99.31</td><td>100.01</td><td>100.00</td><td>.00</td><td>1.26%</td><td>10/15/46</td><td>100.03</td><td>4/11/47</td><td>99.28</td><td>10/14/46</td><td>100.03</td><td>4/11/47</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>99.29</td><td>100.01</td><td>99.31</td><td>.01</td><td>1.31</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>100.04</td><td>100.08</td><td>100.06</td><td>-.01</td><td>1.51</td><td>1/20/48</td><td>100.07</td><td>3/1/48</td><td>100.02</td><td>1/14/48</td><td>100.07</td><td>3/1/48</td><td>100.02</td><td>1/14/48</td></tr><tr><td colspan="3">Federal Land Bank bonds 5/</td><td></td><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>152</td><td>1-1/2% - 10/1/48-50</td><td>99.20</td><td>100.00</td><td>99.26</td><td>-.01</td><td>1.58 9/</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>97.00</td><td>97.12</td><td>97.06</td><td>.04</td><td>1.97 2/</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>99.23</td><td>9/9/47</td><td>96.30</td><td>3/8/48</td></tr><tr><td>187</td><td>1-1/2 - 1/1/51-53</td><td>98.00</td><td>98.12</td><td>98.06</td><td>.04</td><td>1.90 2/</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>97.30</td><td>3/8/48</td><td>100.13</td><td>9/9/47</td><td>97.30</td><td>3/8/48</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>.00</td><td>2.17</td><td>2/1/45</td><td>105.31</td><td>3/12/45</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/ Included in the average yield of long-term taxable Treasury bonds as shown in Table 1 under "Yields of Treasury and Corporate Bonds"
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
7/ These securities are not shown until date of issue.
8/ 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.
9/ 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.
36
Treasury Bulletin
YIELDS OF TREASURY SECURITIES
MAR. 31, 1948
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-D
May 1948
37
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of 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 colspan="12">Annual series - calendar year averages of monthly series</td></tr><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/</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>2.44</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 1/</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/</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Monthly series - averages of daily figures</td></tr><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>Mar</td><td>...</td><td>2.44</td><td>2.81</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>2.36</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><tr><td colspan="12">Weekly series - averages of daily figures</td></tr><tr><td>1947-Oct. 4.</td><td>...</td><td>2.24</td><td>2.64</td><td>1947-Dec. 6.</td><td>...</td><td>2.37</td><td>2.84</td><td>1948-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>18.</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><tr><td>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><td></td><td></td><td></td><td></td></tr><tr><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><td>Mar. 6.</td><td>...</td><td>2.45</td><td>2.81</td></tr><tr><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><td>13.</td><td>...</td><td>2.45</td><td>2.81</td></tr><tr><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><td>20.</td><td>...</td><td>2.45</td><td>2.81</td></tr><tr><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><td>27.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td colspan="12">Daily series</td></tr><tr><td>1948-Mar. 1.</td><td>...</td><td>2.45</td><td>2.81</td><td>1948-Mar. 11.</td><td>...</td><td>2.45</td><td>2.81</td><td>1948-Mar. 22.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>2.</td><td>...</td><td>2.45</td><td>2.81</td><td>12.</td><td>...</td><td>2.45</td><td>2.81</td><td>23.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>3.</td><td>...</td><td>2.45</td><td>2.81</td><td>13.</td><td>...</td><td>2.45</td><td>2.81</td><td>24.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>4.</td><td>...</td><td>2.45</td><td>2.81</td><td>15.</td><td>...</td><td>2.45</td><td>2.80</td><td>25.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>5.</td><td>...</td><td>2.45</td><td>2.81</td><td>16.</td><td>...</td><td>2.45</td><td>2.81</td><td>26.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>6.</td><td>...</td><td>2.45</td><td>2.81</td><td>17.</td><td>...</td><td>2.45</td><td>2.82</td><td>27.</td><td>...</td><td>2.44</td><td>2.80</td></tr><tr><td>8.</td><td>...</td><td>2.45</td><td>2.81</td><td>18.</td><td>...</td><td>2.44</td><td>2.81</td><td>29.</td><td>...</td><td>2.43</td><td>2.80</td></tr><tr><td>9.</td><td>...</td><td>2.45</td><td>2.81</td><td>19.</td><td>...</td><td>2.44</td><td>2.81</td><td>30.</td><td>...</td><td>2.43</td><td>2.80</td></tr><tr><td>10.</td><td>...</td><td>2.45</td><td>2.81</td><td>20.</td><td>...</td><td>2.44</td><td>2.82</td><td>31.</td><td>...</td><td>2.44</td><td>2.79</td></tr></table>
Treasury bonds included in the averages, beginning with December 1935, are those neither due nor callable for fifteen years. Prior to that time, for years shown in this table, the bonds included were neither due nor callable for twelve 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. For definition of taxable and partially tax-exempt bonds, see footnotes 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.
38
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury. Office of the Technical Staff
Monthly averages of daily figures. Prior to April 1938, corporate bonds are averages of Saturday figures. * Discontinued, see footnote I accompanying table
Treasury Bulletin
F-220-F
May 1948
39
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources 1/ (In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxes</th><th>Social security taxes</th><th>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>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>177,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</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>4,266,537</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>1,443,994</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><tr><td>February</td><td>4,210,780</td><td>-451,211</td><td>4,661,991</td><td>3,605,986</td><td>3,253,694</td><td>348,173</td><td>4,120</td><td>414,147</td><td>258,747</td><td>130,097</td><td>25,303</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax 5/</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes 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><tr><td>February</td><td>641,858</td><td>8</td><td>55,917</td><td>162,631</td><td>88,748</td><td>6,182</td><td>200,977</td><td>127,396</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 profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, repealed for years ending after June 30, 1946, the profit limiting provisions of the Vinson Act, and prior to July 1947 the tax on unjust enrichment. Beginning July 1947 the tax on unjust enrichment is 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.
Treasury Bulletin
10
INTERNAL REVENUE COLLECTIONS
Office of the Secretary of the Treasury, Office of the Technical Staff
II includes miscellaneous profits taxes
B-185-10
May 1948
41
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>February 1947</th><th>February 1948</th><th colspan="2">First 8 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: Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/.</td><td>9,857,466</td><td>9,842,028</td><td>1,970,845</td><td>2,249,667</td><td>7,185,409</td><td>8,264,692</td></tr><tr><td>Revenue Act of 1942.</td><td>123</td><td>254</td><td>7</td><td>1</td><td>190</td><td>75</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 1/.</td><td>8,430,377</td><td>8,950,272</td><td>1,015,334</td><td>954,971</td><td>5,283,177</td><td>5,144,471</td></tr><tr><td>Back.</td><td>416,571</td><td>550,743</td><td>66,238</td><td>49,055</td><td>377,642</td><td>405,977</td></tr><tr><td>Total individual income taxes.</td><td>18,704,536</td><td>19,343,297</td><td>3,052,424</td><td>3,253,694</td><td>12,846,418</td><td>13,815,215</td></tr><tr><td>Corporation: Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 1/.</td><td>3,901,917</td><td>5,441,776</td><td>114,221</td><td>238,352</td><td>2,204,773</td><td>4,449,155</td></tr><tr><td>Back.</td><td>738,032</td><td>613,320</td><td>62,757</td><td>88,097</td><td>358,388</td><td>605,755</td></tr><tr><td>Income profits taxes (Second Revenue Act of 1940, as amended).</td><td>7,822,488</td><td>3,566,178</td><td>127,067</td><td>21,725</td><td>3,296,370</td><td>239,204</td></tr><tr><td>Total corporation taxes.</td><td>12,462,437</td><td>9,621,274</td><td>304,045</td><td>348,173</td><td>5,855,981</td><td>5,294,113</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value 1/.</td><td>91,130</td><td>55,185</td><td>2,898</td><td>4,120</td><td>43,695</td><td>12,306</td></tr><tr><td>Vineon Act.</td><td>-</td><td>-</td><td>-</td><td>-</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>2,898</td><td>4,120</td><td>43,992</td><td>12,322</td></tr><tr><td>Total income and profits taxes.</td><td>31,258,138</td><td>29,020,054</td><td>3,359,367</td><td>3,605,986</td><td>18,746,391</td><td>19,121,650</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>240,972</td><td>258,747</td><td>1,027,183</td><td>1,132,516</td></
(Continued on following page)
42
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 rowspan="2">February 1947</th><th rowspan="2">February 1948</th><th colspan="2">First 8 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>74,602</td><td>82,015</td><td>8,568</td><td>5,859</td><td>56,341</td><td>50,295</td></tr><tr><td>Gasoline</td><td>405,695</td><td>433,576</td><td>33,662</td><td>36,036</td><td>298,780</td><td>318,847</td></tr><tr><td>Tires and tubes</td><td>118,092</td><td>174,927</td><td>12,194</td><td>9,882</td><td>119,603</td><td>111,680</td></tr><tr><td>Automobile trucks and buses</td><td>37,144</td><td>62,099</td><td>5,919</td><td>7,185</td><td>36,890</td><td>50,516</td></tr><tr><td>Other automobiles and motorcycles</td><td>25,893</td><td>204,680</td><td>17,752</td><td>28,054</td><td>123,765</td><td>177,877</td></tr><tr><td>Parts and accessories for automobiles</td><td>68,871</td><td>99,932</td><td>9,063</td><td>4,405</td><td>62,174</td><td>79,917</td></tr><tr><td>Electric energy</td><td>59,112</td><td>63,014</td><td>5,275</td><td>6,060</td><td>40,272</td><td>41,551</td></tr><tr><td>Electric, gas, and oil appliances</td><td>25,492</td><td>65,608</td><td>5,563</td><td>6,896</td><td>40,008</td><td>55,957</td></tr><tr><td>Electric light bulbs and tubes</td><td>17,781</td><td>23,180</td><td>2,324</td><td>2,911</td><td>14,906</td><td>16,098</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,385</td><td>63,856</td><td>4,824</td><td>6,174</td><td>38,954</td><td>46,994</td></tr><tr><td>Photograph records</td><td>3,902</td><td>8,492</td><td>801</td><td>750</td><td>5,254</td><td>4,952</td></tr><tr><td>Musical instruments</td><td>2,839</td><td>10,151</td><td>1,433</td><td>1,043</td><td>6,311</td><td>7,070</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>4,551</td><td>6,664</td><td>23,009</td><td>37,017</td></tr><tr><td>Matches</td><td>10,247</td><td>8,413</td><td>1,101</td><td>558</td><td>6,126</td><td>6,594</td></tr><tr><td>Business and store machines</td><td>15,792</td><td>25,183</td><td>2,206</td><td>3,089</td><td>15,716</td><td>20,552</td></tr><tr><td>Photographic apparatus</td><td>21,184</td><td>36,163</td><td>3,006</td><td>3,943</td><td>23,900</td><td>28,593</td></tr><tr><td>Sporting goods</td><td>7,878</td><td>17,054</td><td>1,234</td><td>894</td><td>10,661</td><td>11,257</td></tr><tr><td>Firearms, shells and cartridges</td><td>5,232</td><td>9,031</td><td>480</td><td>530</td><td>5,590</td><td>7,129</td></tr><tr><td>Pistols and revolvers</td><td>61</td><td>384</td><td>50</td><td>84</td><td>239</td><td>579</td></tr><tr><td>Repealed taxes</td><td>241</td><td>184</td><td>70</td><td>7</td><td>143</td><td>39</td></tr><tr><td>Total manufacturers' excise taxes</td><td>922,671</td><td>1,425,395</td><td>120,077</td><td>131,023</td><td>928,642</td><td>1,075,475</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>13,214</td><td>11,480</td><td>75,094</td><td>59,811</td></tr><tr><td>Jewelry</td><td>223,342</td><td>236,615</td><td>37,043</td><td>35,000</td><td>176,249</td><td>157,649</td></tr><tr><td>Laquers</td><td>81,423</td><td>84,588</td><td>10,826</td><td>11,183</td><td>61,940</td><td>57,113</td></tr><tr><td>Soil preparations</td><td>95,574</td><td>95,542</td><td>13,468</td><td>12,291</td><td>69,316</td><td>64,563</td></tr><tr><td>Total retailers' excise taxes</td><td>492,046</td><td>514,227</td><td>74,552</td><td>69,954</td><td>382,719</td><td>339,357</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sugar Act of 1937</td><td>56,732</td><td>59,152</td><td>4,805</td><td>2,986</td><td>39,663</td><td>52,890</td></tr><tr><td>Telephone, telegraph, radio, leased wires, etc.</td><td>234,393</td><td>252,746</td><td>15,640</td><td>23,079</td><td>169,520</td><td>173,673</td></tr><tr><td>Local telephone service</td><td>145,689</td><td>164,944</td><td>8,792</td><td>16,351</td><td>107,576</td><td>122,185</td></tr><tr><td>Transportation of oil by pipe line</td><td>14,824</td><td>16,988</td><td>2,124</td><td>1,578</td><td>11,084</td><td>11,484</td></tr><tr><td>Transportation of persons, boats, berths</td><td>226,750</td><td>244,003</td><td>20,827</td><td>21,421</td><td>173,068</td><td>171,428</td></tr><tr><td>Transportation of property</td><td>220,121</td><td>275,701</td><td>23,985</td><td>25,980</td><td>183,901</td><td>206,585</td></tr><tr><td>Leases of safe-deposit boxes, etc.</td><td>7,857</td><td>8,560</td><td>947</td><td>1,075</td><td>5,493</td><td>5,815</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>29,017</td><td>25,540</td><td>270,853</td><td>263,000</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>5,227</td><td>8,122</td><td>44,964</td><td>36,874</td></tr><tr><td>Club dues and initiation fees</td><td>18,899</td><td>23,299</td><td>2,007</td><td>1,916</td><td>14,295</td><td>14,934</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>58</td><td>50</td><td>3,763</td><td>3,474</td></tr><tr><td>Coin operated devices</td><td>17,092</td><td>20,432</td><td>320</td><td>274</td><td>17,755</td><td>16,674</td></tr><tr><td>Adulterated and processed or renovated butter and filled cheese</td><td>44</td><td>30</td><td>*</td><td>h</td><td>26</td><td>16</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,932</td><td>5,874</td><td>401</td><td>745</td><td>3,936</td><td>6,245</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>694</td><td>792</td><td>38</td><td>36</td><td>426</td><td>486</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,272</td><td>17,208</td><td>1,694</td><td>2,226</td><td>9,785</td><td>16,530</td></tr><tr><td>National Firearms Act</td><td>6</td><td>8</td><td>*</td><td>1</td><td>4</td><td>7</td></tr><tr><td>All other, including repealed taxes</td><td>116,347</td><td>422</td><td>2</td><td>10</td><td>313</td><td>99</td></tr><tr><td>Total miscellaneous taxes</td><td>1,489,929</td><td>1,550,842</td><td>115,883</td><td>127,396</td><td>1,056,426</td><td>1,104,395</td></tr><tr><td>Total miscellaneous internal revenue</td><td>7,712,956</td><td>8,063,854</td><td>678,745</td><td>641,858</td><td>5,563,911</td><td>5,537,744</td></tr><tr><td>Total internal revenue collections</td><td>40,671,922</td><td>39,108,273</td><td>4,405,544</td><td>4,661,991</td><td>25,691,690</td><td>26,277,873</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-361,589</td><td>+271,136</td><td>-131,083</td><td>-451,211</td><td>-638,951</td><td>-502,871</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,310,333</td><td>39,379,409</td><td>4,274,461</td><td>4,210,780</td><td>25,052,740</td><td>25,775,002</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 Ter- ritories and insular possessions, etc.
2/ Collections under the Correct 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 re-turns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ 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.
May 1948
43
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 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></tr><tr><td>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>11,500</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</td><td>28,019</td><td>26,634</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><tr><td>March p</td><td>27,780</td><td>26,386</td><td>46</td><td>1,973</td><td>1</td><td>308</td><td>23,592</td><td>365</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>232</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</td></tr><tr><td>1948-January</td><td>1,382</td><td>153</td><td>890</td><td>339</td><td>193.17 r</td></tr><tr><td>February</td><td>1,385</td><td>154</td><td>892</td><td>339</td><td>192.32</td></tr><tr><td>March p</td><td>1,394</td><td>154</td><td>899</td><td>341</td><td>190.46</td></tr></table>
Source: Circulation Statement of United States Money and annual reports of the Secretary of the Treasury.
1/ 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/ Gold certificates were withdrawn from circulation in 1933. 
3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement. 
p r Preliminary. 
Revised.
44
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>22,204.3</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</td><td>23,036.1</td><td>3,555.6</td><td>13.4</td></tr><tr><td>March p</td><td>23,136.4</td><td>3,561.4</td><td>13.3</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. For detail of silver monetary stock, see Table 4, 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, eto. 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>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1947</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>20,313.7</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>1,043.5</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</td><td>23,036.1</td><td>21,822.3</td><td>156.0</td><td>-</td><td>1,057.8</td></tr><tr><td>March p.</td><td>23,136.4</td><td>21,923.8</td><td>156.0</td><td>-</td><td>1,056.6</td></tr></table>
Source: 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. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund. Preliminary.
May 1948
45
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="4">Silver held in Treasury</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 1/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</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</td><td>1,943.7</td><td>336.7</td><td>14.1</td><td>.1</td><td>91.7</td><td>156.6</td><td>929.3</td><td>3,558.6</td></tr><tr><td>March p</td><td>1,946.2</td><td>336.5</td><td>14.6</td><td>.2</td><td>92.6</td><td>156.9</td><td>929.7</td><td>3,561.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. 1/ Valued at $1.29+ per fine ounce. 2/ Includes silver leased to Office of Defense Plants of the E.P.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).
3/ Valued at $.38+ per fine ounce.
4/ Valued at $.38+ per fine ounce or at $.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
P 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="4">Silver acquired by mints and assay offices</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th>Ounces</th><th>Dollars</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th></th><th></th></tr><tr><td>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 4/</td><td>27.4 4/</td><td>-</td><td>-</td><td>30.3 4/</td><td>27.4 4/</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><tr><td>February</td><td>2.1</td><td>2.7</td><td>2.5</td><td>-</td><td>-</td><td>2.7</td><td>2.5</td></tr></table>
ce: 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 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935;
at 77.57 cents per fine ounce from April 23, 1935, to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937, to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939, to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946.
3/Acquired at various prices averaging approximately 51 cents per fine ounce.
4/Includes 0.2 million ounces valued at 71.11 cents 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.
46
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="6">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>Wiso. silver (Incl. silver bullion held June 14, 1934)</th><th>Heavily mined silver (Proc. Dec. 21, 1933)</th><th>Heavily mined silver (Act July 6, 1939, and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>295.6</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><tr><td>March</td><td>529.4</td><td>48.7</td><td>87.6</td><td>77.1</td><td>832.1</td><td>34.7</td><td>1,080.2</td><td>145.9</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 obsolescence thereof changes.
Increment Reaulting from the Reduction in the Weight of the Gold Dollar, March 31, 1948
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippines currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,853,218.64</td><td>321,903.29</td></tr><tr><td>Retirement of national bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,288,332.87</td><td>-</td><td>8,288,332.87</td></tr><tr><td>Total increment</td><td>$2,819,013,728.02</td><td>$2,674,787,495.06</td><td>$144,226,232.96</td></tr></table>
May 1948
47
EXCHANGE STABILIZATION FUND
Balance Sheet as of June 30, 1947, and December 31, 1947
<table><tr><th></th><th>June 30, 1947</th><th>December 31, 1947</th></tr><tr><td>Assets:</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, checking account...</td><td>$6,451,671.34</td><td>$6,137,806.81</td></tr><tr><td>Federal Reserve Bank of New York, special account...</td><td>19,380,452.06</td><td>38,003,497.98</td></tr><tr><td>Disturbing officers' balances and advance accounts...</td><td>34,263.59</td><td>40,601.05</td></tr><tr><td>Total cash</td><td>$25,866,386.99</td><td>$44,181,905.84</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td>151,418,753.87</td><td>114,407,481.92</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$944,048.15</td><td>$225,578.80</td></tr><tr><td>Brazilian cruzeiro</td><td>80,000,000.00</td><td>80,000,000.00</td></tr><tr><td>Indian rupees</td><td>20,970,819.84</td><td>20,696,712.81</td></tr><tr><td>Mexican pesos</td><td></td><td>20,000,000.00</td></tr><tr><td>All other</td><td>3,350.62</td><td></td></tr><tr><td>Total due from foreign banks</td><td>101,618,218.61</td><td>120,922,291.61</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,936.12</td><td>84,417.97</td></tr><tr><td>Other accounts (deferred charges)</td><td>15.00</td><td>15.00</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets</td><td>$298,988,946.59</td><td>$299,598,748.34</td></tr><tr><td>Liabilities and capital:</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>$2,920.02</td><td>$4,431.11</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>2,738.09</td><td>1,430.78</td></tr><tr><td>Withholding taxes</td><td></td><td></td></tr><tr><td>Miscellaneous</td><td>3,692,893.43</td><td>896,979.69</td></tr><tr><td>Total accounts payable</td><td>$3,698,551.54</td><td>$902,841.58</td></tr><tr><td>Reserves for expenses and contingencies (net)</td><td>12,720,608.39</td><td>12,825,704.41</td></tr><tr><td>Capital account</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subscription to International Monetary Fund</td><td>1,800,000,000.00</td><td>1,800,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>82,569,786.66</td><td>85,870,202.35</td></tr><tr><td>Total liabilities and capital</td><td>$298,988,946.59</td><td>$299,598,748.34</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for 1940".
Quarterly balance sheets commencing December 31, 1938, may be found in previous issues of the "Treasury Bulletin".
Schedule 1.- Location of Gold Held by and for Account of the Stabilization Fund
<table><tr><th></th><th colspan="2">June 30, 1947</th><th colspan="2">December 31, 1947</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>3,023,390.700</td><td>$105,818,674.50</td><td>1,888,561.456</td><td>$66,099,650.97</td></tr><tr><td>U. S. Assay Office, New York</td><td>1,302,859.421</td><td>$45,600,079.37</td><td>1,380,223.749</td><td>$48,307,830.95</td></tr><tr><td>Total</td><td>4,326,250.121</td><td>$151,418,753.87</td><td>3,268,785.205</td><td>$114,407,481.92</td></tr></table>
1/ Excludee gold held by Treasurer of the United States.
48
Treasury Bulletin
EXCHANGE STABILIZATION FUND
Schedule 2.- United States Government Securities Held
<table><tr><th>Issue</th><th colspan="4">June 30, 1947</th><th colspan="4">December 31, 1947</th></tr><tr><th></th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2 Treasury bonds, 1965-70..</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$73,489.01</td></tr><tr><td>2-1/2 Treasury bonds, 1967-72..</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,928.96</td></tr><tr><td>Total United States Government securities held...............</td><td>$20,000,000</td><td>$20,000,000</td><td>.........</td><td>$82,936.12</td><td>$20,000,000</td><td>$20,000,000</td><td>.........</td><td>$84,417.97</td></tr></table>
Schedule 3.- Earnings
<table><tr><th>Source</th><th>January 31, 1934, through June 30, 1947</th><th>January 31, 1934, through December 31, 1947</th></tr><tr><td>Profit on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profit on French francs transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profit on gold bullion (including profit from handling charges on gold)</td><td>32,924,354.77</td><td>35,906,195.65</td></tr><tr><td>Profit on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profit on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profit on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profit on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,698,066.90</td><td>5,949,548.75</td></tr><tr><td>Miscellaneous profits</td><td>745,833.23</td><td>775,265.40</td></tr><tr><td>Interest earned on foreign balances</td><td>249,642.02</td><td>896,491.38</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td><b>Total earnings</b></td><td><b>$87,710,903.79</b></td><td><b>$91,620,508.05</b></td></tr></table>
Schedule 4.- Administrative Expenses
<table><tr><th>Classification</th><th>January 31, 1934, through June 30, 1947</th><th>January 31, 1934, through December 31, 1947</th></tr><tr><td>Salaries</td><td>$3,483,130.52</td><td>$3,986,671.78</td></tr><tr><td>Travel</td><td>153,416.65</td><td>201,269.16</td></tr><tr><td>Subsistence</td><td>199,010.33</td><td>226,472.68</td></tr><tr><td>Telephone and telegraph</td><td>482,546.69</td><td>494,883.77</td></tr><tr><td>Stationery, etc.</td><td>30,248.20</td><td>34,168.48</td></tr><tr><td>All other</td><td>792,768.74</td><td>806,839.83</td></tr><tr><td>Total administrative expenses</td><td>$5,141,117.13</td><td>$5,750,305.70</td></tr></table>
May 1948
49
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 net capital movement is 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.
Section III presents details with respect to capital movements and short-term claims and liabilities as
of the latest month for which the data are available.
Section IV contains data for recent months on outstanding contracts of banks for forward purchases and sales of foreign exchange.
The data in these four sections 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.
Publication of detailed figures on capital movements was discontinued between the March 1942 and the November 1945 issues of the "Treasury Bulletin", but data omitted during that period were supplied in the November 1945 issue and supplement.
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</td><td>306,678</td><td>373,539</td><td>-11,313</td><td>-97,555</td><td>37,012</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1947)</td><td>8,316,168</td><td>6,531,830</td><td>142,421</td><td>366,969</td><td>1,274,898</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</td><td>-312,514</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><tr><td>December</td><td>-231,762</td><td>-318,502</td><td>-10,651</td><td>76,989</td><td>20,402</td></tr></table>
50
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="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th></th><th>Total</th><th>Payable in dollars</th><th></th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th colspan="3">Loans to foreign banks</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th><th></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>672,618</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>1,577,114</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>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,712,009</td></tr><tr><td>1947</td><td>960,921</td><td>165,439</td><td>304,851</td><td>490,631</td><td>7,111,419</td><td>4,809,245</td><td>2,252,510</td><td>49,664</td><td>6,150,498</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>5,003,188</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>923,887</td><td>158,293</td><td>274,614</td><td>490,980</td><td>7,392,887</td><td>4,903,764</td><td>2,431,758</td><td>57,365</td><td>6,469,000</td></tr><tr><td>December</td><td>960,921</td><td>165,439</td><td>304,851</td><td>490,631</td><td>7,111,419</td><td>4,809,245</td><td>2,252,510</td><td>49,664</td><td>6,150,498</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th colspan="2">Payable in dollars</th><th>Total</th><th colspan="2">Payable in dollars</th><th>Payable in foreign currencies</th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,429</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,858</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>49,311</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>-18,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,366</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>641,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</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</td><td>-252,668</td><td>-67,320</td><td>14,788</td><td>-200,136</td><td>631,207</td><td>115,384</td><td>506,788</td><td>9,035</td><td>378,539</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1947)</td><td>119,562</td><td>188,597</td><td>-205,723</td><td>136,688</td><td>6,412,318</td><td>4,182,803</td><td>2,236,388</td><td>-6,873</td><td>6,531,880</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>-36,117</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>75,811</td></tr><tr><td>September</td><td>10,996</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</td><td>-48,873</td><td>-263,932</td><td>6,452</td><td>-312,514</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><tr><td>December</td><td>-37,034</td><td>-7,146</td><td>-30,237</td><td>349</td><td>-281,468</td><td>-94,519</td><td>-179,248</td><td>-7,701</td><td>-318,502</td></tr></table>
May 1948
51
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947</td><td>226,089</td><td>376,674</td><td>-150,585</td><td>336,305</td><td>283,275</td><td>53,030</td><td>562,394</td><td>659,949</td><td>-97,555</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>12,608,469</td><td>12,241,500</td><td>366,969</td></tr><tr><td>1947-January</td><td>18,416</td><td>29,465</td><td>-11,049</td><td>30,654</td><td>19,757</td><td>10,897</td><td>49,070</td><td>49,222</td><td>-152</td></tr><tr><td>February</td><td>19,445</td><td>33,065</td><td>-13,620</td><td>13,296</td><td>24,374</td><td>-11,078</td><td>32,741</td><td>57,439</td><td>-24,698</td></tr><tr><td>March</td><td>14,367</td><td>21,183</td><td>-6,816</td><td>16,442</td><td>34,988</td><td>-18,546</td><td>30,809</td><td>56,171</td><td>-25,362</td></tr><tr><td>April</td><td>18,448</td><td>24,013</td><td>-5,565</td><td>19,745</td><td>11,796</td><td>7,949</td><td>38,193</td><td>35,809</td><td>2,384</td></tr><tr><td>May</td><td>15,845</td><td>33,172</td><td>-17,327</td><td>17,303</td><td>18,214</td><td>-911</td><td>33,148</td><td>51,386</td><td>-18,238</td></tr><tr><td>June</td><td>13,386</td><td>24,969</td><td>-11,583</td><td>34,314</td><td>27,833</td><td>6,481</td><td>47,700</td><td>52,802</td><td>-5,102</td></tr><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>18,341</td><td>-8,056</td><td>32,824</td><td>52,869</td><td>-20,045</td></tr><tr><td>December</td><td>28,890</td><td>38,826</td><td>-9,936</td><td>121,706</td><td>34,781</td><td>86,925</td><td>150,596</td><td>73,607</td><td>76,989</td></tr></table>
a.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>896,119</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>719,180</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</td><td>57,118</td><td>42,558</td><td>14,560</td><td>656,741</td><td>634,289</td><td>22,452</td><td>713,859</td><td>676,847</td><td>37,012</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1947)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>6,929,712</td><td>5,654,814</td><td>1,274,898</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>3,182</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><tr><td>December</td><td>4,098</td><td>3,393</td><td>705</td><td>33,304</td><td>13,607</td><td>19,697</td><td>37,402</td><td>17,000</td><td>20,402</td></tr></table>
n.a. Not available.
52
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 1947</th><th colspan="6">Short-term banking funds 1947</th></tr><tr><th></th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>172,388</td><td>38,374</td><td>-161,784</td><td>-39,944</td><td>16,428</td><td>-27,201</td><td>173,406</td><td>35,882</td><td>-158,534</td><td>-36,174</td><td>18,894</td><td>-25,587</td></tr><tr><td>France</td><td>-84,005</td><td>18,369</td><td>-16,351</td><td>51,302</td><td>-40,800</td><td>-84,423</td><td>-81,833</td><td>16,467</td><td>-11,913</td><td>78,134</td><td>-29,042</td><td>-77,648</td></tr><tr><td>Belgium</td><td>23,374</td><td>20,042</td><td>-53,524</td><td>1,432</td><td>-3,405</td><td>-8,425</td><td>22,610</td><td>20,028</td><td>-54,246</td><td>1,743</td><td>-3,669</td><td>-8,885</td></tr><tr><td>Denmark</td><td>-6,405</td><td>3,814</td><td>-5,791</td><td>6,437</td><td>5,920</td><td>2,284</td><td>-6,453</td><td>3,320</td><td>-6,735</td><td>6,329</td><td>6,024</td><td>-3,390</td></tr><tr><td>Finland</td><td>7,085</td><td>3,647</td><td>2,435</td><td>1,647</td><td>1,097</td><td>-4,819</td><td>7,085</td><td>3,616</td><td>2,498</td><td>1,620</td><td>1,178</td><td>-4,820</td></tr><tr><td>Germany</td><td>19,053</td><td>7,301</td><td>9,575</td><td>11,628</td><td>3,921</td><td>10,433</td><td>19,049</td><td>7,299</td><td>9,595</td><td>11,585</td><td>4,073</td><td>10,452</td></tr><tr><td>Greece</td><td>-130</td><td>4,196</td><td>5,732</td><td>6,527</td><td>-2,778</td><td>-8,327</td><td>-96</td><td>4,158</td><td>5,718</td><td>6,571</td><td>-2,825</td><td>-8,788</td></tr><tr><td>Italy</td><td>-20,054</td><td>-3,094</td><td>-12,972</td><td>-5,284</td><td>546</td><td>9,722</td><td>-20,082</td><td>-3,099</td><td>-13,006</td><td>-5,108</td><td>683</td><td>9,705</td></tr><tr><td>Luxembourg</td><td>511</td><td>-2,419</td><td>-369</td><td>-457</td><td>3,324</td><td>-892</td><td>469</td><td>-2,460</td><td>-408</td><td>-467</td><td>3,336</td><td>-877</td></tr><tr><td>Netherlands</td><td>-4,511</td><td>-6,207</td><td>-18,381</td><td>-52,732</td><td>-18,266</td><td>-26,608</td><td>6,430</td><td>14,083</td><td>-11,158</td><td>-45,202</td><td>-13,110</td><td>-16,980</td></tr><tr><td>Norway</td><td>-12,724</td><td>-1,157</td><td>-1,679</td><td>-4,249</td><td>-2,981</td><td>-15,306</td><td>-11,831</td><td>-1,750</td><td>-1,300</td><td>-4,029</td><td>-3,323</td><td>-15,594</td></tr><tr><td>Portugal</td><td>-2,025</td><td>7,704</td><td>375</td><td>-350</td><td>2,100</td><td>-2,507</td><td>-2,161</td><td>7,666</td><td>337</td><td>-329</td><td>2,205</td><td>-2,699</td></tr><tr><td>Rumaria</td><td>-4,929</td><td>1,063</td><td>136</td><td>-787</td><td>-435</td><td>548</td><td>-4,931</td><td>1,063</td><td>136</td><td>-786</td><td>-436</td><td>388</td></tr><tr><td>Spain</td><td>3,140</td><td>192</td><td>-283</td><td>-1,536</td><td>1,839</td><td>1,397</td><td>3,163</td><td>171</td><td>-295</td><td>-1,602</td><td>1,713</td><td>1,390</td></tr><tr><td>Sweden</td><td>-11,530</td><td>-6,967</td><td>-5,994</td><td>-22,539</td><td>-12,610</td><td>-12,417</td><td>-11,549</td><td>-8,333</td><td>-5,798</td><td>-22,547</td><td>-12,273</td><td>-12,122</td></tr><tr><td>Switzerland</td><td>12,512</td><td>-3,846</td><td>-7,185</td><td>9,775</td><td>9,937</td><td>18,813</td><td>4,971</td><td>-2,991</td><td>-2,885</td><td>12,986</td><td>14,358</td><td>25,632</td></tr><tr><td>U. S. S. R.</td><td>-281</td><td>2,219</td><td>5,856</td><td>5,686</td><td>5,326</td><td>4,290</td><td>-286</td><td>2,219</td><td>5,855</td><td>5,686</td><td>5,324</td><td>4,290</td></tr><tr><td>Yugoslavia</td><td>1,214</td><td>-593</td><td>-2,729</td><td>-370</td><td>1,217</td><td>1,569</td><td>1,230</td><td>-593</td><td>-2,730</td><td>-370</td><td>1,217</td><td>1,560</td></tr><tr><td>Other Europe</td><td>2,656</td><td>11,987</td><td>15,137</td><td>1,182</td><td>-13,400</td><td>-5,972</td><td>3,258</td><td>12,076</td><td>15,077</td><td>1,239</td><td>-13,505</td><td>-6,076</td></tr><tr><td>Total Europe</td><td>95,339</td><td>86,625</td><td>-246,596</td><td>-31,632</td><td>-43,020</td><td>-147,841</td><td>102,449</td><td>108,822</td><td>-229,794</td><td>9,279</td><td>-19,178</td><td>-130,049</td></tr><tr><td>Canada</td><td>-8,746</td><td>35,634</td><td>-49,727</td><td>-99,564</td><td>3,849</td><td>3,721</td><td>-20,681</td><td>30,306</td><td>-60,691</td><td>-101,972</td><td>3,304</td><td>-18,616</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>35,506</td><td>-2,577</td><td>-56,062</td><td>22,218</td><td>4,657</td><td>-1,527</td><td>36,035</td><td>-7,733</td><td>-72,168</td><td>14,776</td><td>4,268</td><td>-3,014</td></tr><tr><td>Bolivia</td><td>-1,521</td><td>684</td><td>1,813</td><td>4,345</td><td>-463</td><td>-1,869</td><td>-1,541</td><td>671</td><td>1,832</td><td>4,300</td><td>-463</td><td>-1,879</td></tr><tr><td>Brazil</td><td>10,620</td><td>12,806</td><td>-1,902</td><td>-3,091</td><td>-5,600</td><td>3,790</td><td>10,341</td><td>12,525</td><td>-2,339</td><td>-3,518</td><td>-5,915</td><td>3,387</td></tr><tr><td>Chile</td><td>-12,280</td><td>1,691</td><td>-5,627</td><td>-589</td><td>4,139</td><td>-1,176</td><td>-12,566</td><td>1,426</td><td>-5,681</td><td>-949</td><td>3,986</td><td>-1,065</td></tr><tr><td>Colombia</td><td>-5,790</td><td>2,694</td><td>-2,445</td><td>10,591</td><td>3,983</td><td>2,453</td><td>-5,802</td><td>2,670</td><td>-2,284</td><td>10,448</td><td>4,029</td><td>2,326</td></tr><tr><td>Costa Rica</td><td>-1,507</td><td>1,671</td><td>-50</td><td>-748</td><td>-491</td><td>360</td><td>-1,584</td><td>1,724</td><td>-131</td><td>-713</td><td>-552</td><td>420</td></tr><tr><td>Cuba</td><td>-11,762</td><td>3,054</td><td>-21,689</td><td>-27,718</td><td>-25,758</td><td>-31,895</td><td>-12,857</td><td>2,427</td><td>-20,936</td><td>-29,503</td><td>-24,845</td><td>31,775</td></tr><tr><td>French West Indies and Guiana</td><td>-100</td><td>-331</td><td>605</td><td>-293</td><td>261</td><td>-334</td><td>-100</td><td>-331</td><td>548</td><td>-296</td><td>261</td><td>-334</td></tr><tr><td>Mexico</td><td>15,343</td><td>10,580</td><td>5,420</td><td>-12,657</td><td>-9,061</td><td>-18,209</td><td>16,297</td><td>8,070</td><td>8,784</td><td>-17,776</td><td>-7,004</td><td>-15,150</td></tr><tr><td>Netherlands East Indies and Surinam</td><td>-296</td><td>3,454</td><td>-1,027</td><td>2,047</td><td>3,760</td><td>-3,512</td><td>-182</td><td>3,398</td><td>-962</td><td>1,927</td><td>3,783</td><td>-3,455</td></tr><tr><td>Paraguay</td><td>-147</td><td>452</td><td>-761</td><td>-3,280</td><td>-2,920</td><td>-1,038</td><td>-439</td><td>831</td><td>3,936</td><td>-3,942</td><td>-1,802</td><td>-336</td></tr><tr><td>Peru</td><td>-1,731</td><td>3,040</td><td>1,201</td><td>-2,470</td><td>487</td><td>2,856</td><td>-1,872</td><td>3,153</td><td>1,282</td><td>-2,442</td><td>684</td><td>2,565</td></tr><tr><td>Venezuela</td><td>11,519</td><td>7,381</td><td>18,349</td><td>-15,183</td><td>-12,948</td><td>16,691</td><td>11,102</td><td>7,576</td><td>18,617</td><td>-15,349</td><td>-12,830</td><td>16,655</td></tr><tr><td>Other Latin America</td><td>-7,997</td><td>9,775</td><td>784</td><td>3,260</td><td>-313</td><td>10,685</td><td>-8,955</td><td>8,861</td><td>-2,837</td><td>-4,236</td><td>-873</td><td>8,589</td></tr><tr><td>Total Latin America</td><td>29,857</td><td>54,374</td><td>-61,391</td><td>-23,568</td><td>-40,267</td><td>-22,725</td><td>27,877</td><td>45,268</td><td>-72,339</td><td>-47,273</td><td>-45,809</td><td>-23,066</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-35,169</td><td>-20,731</td><td>-12,329</td><td>18,922</td><td>25,097</td><td>-18,777</td><td>-35,407</td><td>-20,922</td><td>-12,040</td><td>18,763</td><td>24,239</td><td>-19,731</td></tr><tr><td>French Indo-China</td><td>-965</td><td>-1,258</td><td>-29,977</td><td>450</td><td>574</td><td>82</td><td>-965</td><td>-1,258</td><td>-29,978</td><td>450</td><td>574</td><td>213</td></tr><tr><td>Hong Kong</td><td>5,587</td><td>-2,408</td><td>1,767</td><td>-1,930</td><td>-1,524</td><td>-2,692</td><td>6,584</td><td>-2,457</td><td>1,658</td><td>-1,862</td><td>-1,611</td><td>-2,665</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,258</td><td>16,472</td><td>689</td><td>-892</td><td>2,504</td><td>4,095</td><td>1,224</td><td>16,473</td><td>788</td><td>-859</td><td>2,487</td><td>4,270</td></tr><tr><td>British Malaya</td><td>3,042</td><td>2,750</td><td>-100</td><td>-1,515</td><td>4,258</td><td>-5,667</td><td>3,644</td><td>2,750</td><td>-53</td><td>-1,495</td><td>4,258</td><td>-5,660</td></tr><tr><td>Japan</td><td>771</td><td>16</td><td>165</td><td>7,745</td><td>3,347</td><td>1,800</td><td>765</td><td>16</td><td>167</td><td>7,753</td><td>3,349</td><td>1,800</td></tr><tr><td>Netherlands East Indies</td><td>-9,119</td><td>-2,990</td><td>-12,303</td><td>-10,779</td><td>6,173</td><td>3,405</td><td>-9,094</td><td>-2,992</td><td>-12,279</td><td>-10,778</td><td>6,177</td><td>3,380</td></tr><tr><td>Philippine Islands</td><td>-1,075</td><td>-11,662</td><td>24,300</td><td>3,408</td><td>3,041</td><td>14,045</td><td>-1,258</td><td>-11,656</td><td>24,009</td><td>3,402</td><td>3,839</td><td>14,103</td></tr><tr><td>Turkey</td><td>-10,557</td><td>1,040</td><td>-2,098</td><td>-9,513</td><td>-280</td><td>-6,407</td><td>-10,545</td><td>1,059</td><td>-2,087</td><td>-9,514</td><td>-265</td><td>-6,415</td></tr><tr><td>Other Asia</td><td>-885</td><td>4,626</td><td>3,533</td><td>-276</td><td>497</td><td>5,005</td><td>-807</td><td>4,584</td><td>3,612</td><td>-352</td><td>378</td><td>5,084</td></tr><tr><td>Total Asia</td><td>-46,512</td><td>-14,145</td><td>-26,353</td><td>5,620</td><td>43,687</td><td>-5,111</td><td>-45,859</td><td>-14,403</td><td>-26,203</td><td>5,508</td><td>43,425</td><td>-5,621</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>6,201</td><td>8,898</td><td>3,773</td><td>-3,917</td><td>-5,748</td><td>-1,207</td><td>-7,657</td><td>6,080</td><td>104</td><td>-5,554</td><td>-7,207</td><td>-3,004</td></tr><tr><td>New Zealand</td><td>82</td><td>410</td><td>-1,237</td><td>-2,398</td><td>-322</td><td>207</td><td>108</td><td>376</td><td>-1,233</td><td>-2,390</td><td>-312</td><td>208</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-3,084</td><td>1,659</td><td>2,761</td><td>1,977</td><td>989</td><td>-1,659</td><td>-3,142</td><td>1,760</td><td>2,765</td><td>1,911</td><td>1,008</td><td>-1,761</td></tr><tr><td>French Morocco</td><td>-254</td><td>-562</td><td>-1,455</td><td>-708</td><td>-1,019</td><td>-187</td><td>-279</td><td>-570</td><td>-1,472</td><td>-699</td><td>-956</td><td>-228</td></tr><tr><td>Union of South Africa</td><td>6,462</td><td>8,813</td><td>-17,074</td><td>6,078</td><td>3,364</td><td>4,740</td><td>6,384</td><td>8,939</td><td>-16,998</td><td>6,117</td><td>3,336</td><td>-138</td></tr><tr><td>All other</td><td>7,963</td><td>-4,543</td><td>1,268</td><td>-3,726</td><td>-3,200</td><td>3,856</td><td>7,955</td><td>-4,681</td><td>1,138</td><td>-3,634</td><td>-1,016</td><td>3,854</td></tr><tr><td>Total other countries</td><td>17,370</td><td>14,675</td><td>-11,964</td><td>-2,694</td><td>-5,936</td><td>5,750</td><td>3,369</td><td>11,904</td><td>-15,696</td><td>-4,249</td><td>-5,147</td><td>-1,069</td></tr><tr><td>International</td><td>-82,471</td><td>-103,134</td><td>-112,574</td><td>-174,513</td><td>-94,489</td><td>-64,827</td><td>166,829</td><td>-103,134</td><td>-112,574</td><td>-174,513</td><td>-94,489</td><td>-139,352</td></tr><tr><td>Unidentified</td><td>-2,027</td><td>-2,825</td><td>425</td><td>706</td><td>1,126</td><td>-729</td><td>-2,027</td><td>-2,852</td><td>451</td><td>706</td><td>1,097</td><td>-729</td></tr><tr><td>Grand total</td><td>2,810</td><td>73,204</td><td>-508,180</td><td>-325,645</td><td>-135,050</td><td>-231,762</td><td>231,957</td><td>75,911</td><td>-516,846</td><td>-312,514</td><td>-116,737</td><td>-318,502</td></tr></table>
V Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank
May 1948
53
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
Negative net inflow 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">Movements in brokerage balances</th><th colspan="6">Transactions in $</th></tr><tr><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td colspan="13">Europe:</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>-1,501</td><td>-2,296</td><td>324</td><td>-3,579</td><td>-3,426</td><td>-2,841</td><td>-113</td></tr><tr><td>France</td><td>-243</td><td>-112</td><td>136</td><td>-342</td><td>-98</td><td>53</td><td>-1,929</td><td>2,014</td><td>-1,574</td><td>-26,490</td><td>-11,660</td><td>-6,828</td></tr><tr><td>Belgium</td><td>4</td><td>-41</td><td>119</td><td>307</td><td>153</td><td>-136</td><td>768</td><td>55</td><td>603</td><td>-618</td><td>111</td><td>596</td></tr><tr><td>Denmark</td><td>65</td><td>49</td><td>6</td><td>-22</td><td>-167</td><td>-</td><td>-17</td><td>445</td><td>938</td><td>130</td><td>63</td><td>5,674</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-1</td><td>1</td><td>-</td><td>-</td><td>-6</td><td>31</td><td>-62</td><td>26</td><td>-81</td><td>1</td></tr><tr><td>Germany</td><td>10</td><td>-1</td><td>-1</td><td>43</td><td>-166</td><td>-33</td><td>-</td><td>3</td><td>-19</td><td>-</td><td>14</td><td>14</td></tr><tr><td>Greece</td><td>15</td><td>-18</td><td>-10</td><td>-2</td><td>5</td><td>-4</td><td>-49</td><td>56</td><td>24</td><td>-142</td><td>42</td><td>465</td></tr><tr><td>Italy</td><td>-34</td><td>-31</td><td>-</td><td>12</td><td>-5</td><td>-154</td><td>62</td><td>36</td><td>36</td><td>-188</td><td>-132</td><td>171</td></tr><tr><td>Luxembourg</td><td>72</td><td>6</td><td>106</td><td>-28</td><td>17</td><td>181</td><td>-30</td><td>35</td><td>-67</td><td>38</td><td>-29</td><td>-196</td></tr><tr><td>Netherlands</td><td>-1,148</td><td>-38</td><td>-407</td><td>355</td><td>-315</td><td>-3,893</td><td>-9,793</td><td>-20,252</td><td>-6,816</td><td>-7,885</td><td>-4,841</td><td>-5,735</td></tr><tr><td>Norway</td><td>148</td><td>110</td><td>20</td><td>-210</td><td>47</td><td>38</td><td>-1,041</td><td>483</td><td>801</td><td>-10</td><td>295</td><td>250</td></tr><tr><td>Portugal</td><td>-8</td><td>-33</td><td>43</td><td>19</td><td>6</td><td>25</td><td>144</td><td>71</td><td>-5</td><td>-40</td><td>-111</td><td>167</td></tr><tr><td>Burmania</td><td>1</td><td>-1</td><td>-</td><td>-1</td><td>1</td><td>-6</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>166</td></tr><tr><td>Spain</td><td>-10</td><td>-4</td><td>9</td><td>-6</td><td>1</td><td>-37</td><td>-13</td><td>25</td><td>3</td><td>72</td><td>125</td><td>44</td></tr><tr><td>Sweden</td><td>40</td><td>-137</td><td>-100</td><td>121</td><td>-102</td><td>47</td><td>-21</td><td>-497</td><td>-96</td><td>-113</td><td>-235</td><td>-342</td></tr><tr><td>Switzerland</td><td>-580</td><td>834</td><td>-453</td><td>-983</td><td>-2,400</td><td>-1,420</td><td>8,121</td><td>-1,689</td><td>-3,847</td><td>-2,228</td><td>-2,021</td><td>-5,399</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>9</td><td>5</td><td>-</td><td>1</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>-16</td><td>-</td><td>122</td><td>128</td><td>142</td><td>89</td></tr><tr><td>Other Europe</td><td>-64</td><td>-37</td><td>-62</td><td>-185</td><td>-37</td><td>-</td><td>-538</td><td>-52</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>-462</td><td>-1,286</td><td>-265</td><td>-265</td><td>-2,685</td><td>-6,816</td><td>-6,648</td><td>-18,911</td><td>-16,537</td><td>-40,646</td><td>-21,157</td><td>-10,976</td></tr><tr><td>Canada</td><td>-611</td><td>940</td><td>681</td><td>-1,179</td><td>-539</td><td>594</td><td>12,546</td><td>4,388</td><td>10,283</td><td>3,587</td><td>1,024</td><td>21,743</td></tr><tr><td colspan="13">Latin America:</td></tr><tr><td>Argentina</td><td>-2,002</td><td>-255</td><td>224</td><td>-63</td><td>324</td><td>-196</td><td>1,473</td><td>5,411</td><td>15,882</td><td>7,505</td><td>8,601</td><td>1,683</td></tr><tr><td>Bolivia</td><td>4</td><td>-3</td><td>-10</td><td>2</td><td>-7</td><td>-2</td><td>16</td><td>16</td><td>-9</td><td>43</td><td>7</td><td>12</td></tr><tr><td>Brazil</td><td>-71</td><td>-18</td><td>83</td><td>48</td><td>122</td><td>-453</td><td>350</td><td>299</td><td>354</td><td>379</td><td>193</td><td>856</td></tr><tr><td>Chile</td><td>77</td><td>284</td><td>88</td><td>215</td><td>-30</td><td>-38</td><td>209</td><td>-19</td><td>6</td><td>145</td><td>183</td><td>-73</td></tr><tr><td>Colombia</td><td>28</td><td>8</td><td>-193</td><td>25</td><td>-51</td><td>26</td><td>-15</td><td>16</td><td>32</td><td>118</td><td>5</td><td>101</td></tr><tr><td>Costa Rica</td><td>74</td><td>-54</td><td>21</td><td>-40</td><td>61</td><td>-40</td><td>3</td><td>1</td><td>60</td><td>5</td><td>-</td><td>-20</td></tr><tr><td>Uba</td><td>-39</td><td>574</td><td>-258</td><td>-142</td><td>-340</td><td>-310</td><td>1,134</td><td>53</td><td>-495</td><td>1,927</td><td>-573</td><td>190</td></tr><tr><td>French West Indies and Guiana</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><td>-</td></tr><tr><td>Mexico</td><td>-2,154</td><td>3,036</td><td>-1,289</td><td>938</td><td>-2,290</td><td>-3,663</td><td>1,200</td><td>-526</td><td>-2,135</td><td>4,181</td><td>233</td><td>604</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>15</td><td>58</td><td>-62</td><td>-23</td><td>-26</td><td>13</td><td>-129</td><td>-2</td><td>-3</td><td>143</td><td>3</td><td>-70</td></tr><tr><td>Panama</td><td>1,584</td><td>246</td><td>-4,410</td><td>1,208</td><td>-771</td><td>-1,622</td><td>-1,292</td><td>-625</td><td>-287</td><td>-546</td><td>-347</td><td>920</td></tr><tr><td>Peru</td><td>118</td><td>-94</td><td>-60</td><td>74</td><td>-42</td><td>-17</td><td>23</td><td>-19</td><td>-21</td><td>-102</td><td>-155</td><td>308</td></tr><tr><td>Venezuela</td><td>629</td><td>-360</td><td>-368</td><td>291</td><td>296</td><td>836</td><td>-212</td><td>165</td><td>100</td><td>-125</td><td>-414</td><td>-800</td></tr><tr><td>Other Latin America</td><td>1,737</td><td>1,060</td><td>1,426</td><td>-310</td><td>-805</td><td>995</td><td>-779</td><td>-146</td><td>2,195</td><td>7,806</td><td>1,365</td><td>1,101</td></tr><tr><td>Total Latin America</td><td>-</td><td>4,483</td><td>-4,787</td><td>2,221</td><td>-3,559</td><td>-4,471</td><td>1,980</td><td>4,623</td><td>15,735</td><td>21,484</td><td>9,101</td><td>4,812</td></tr><tr><td colspan="13">Asia:</td></tr><tr><td>China and Manchuria</td><td>56</td><td>44</td><td>145</td><td>-446</td><td>146</td><td>285</td><td>182</td><td>147</td><td>-434</td><td>605</td><td>712</td><td>669</td></tr><tr><td>French Indo-China</td><td>-13</td><td>42</td><td>41</td><td>-51</td><td>8</td><td>-24</td><td>-984</td><td>7</td><td>68</td><td>-17</td><td>79</td><td>-3</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>16</td><td>-6</td><td>-10</td><td>37</td><td>20</td><td>10</td><td>18</td><td>5</td><td>-89</td><td>-70</td><td>-3</td><td>-185</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-51</td><td>-15</td><td>-</td><td>6</td><td>-2</td><td>-</td><td>4</td><td>-5</td><td>-1</td><td>-13</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-1</td><td>-8</td><td>-1</td><td>2</td><td>6</td><td>-</td><td>-1</td><td>-6</td><td>-</td><td>-2</td></tr><tr><td>Netherlands East Indies</td><td>5</td><td>2</td><td>2</td><td>1</td><td>-8</td><td>-13</td><td>-30</td><td>-</td><td>-26</td><td>-2</td><td>4</td><td>38</td></tr><tr><td>Philippine Islands</td><td>134</td><td>39</td><td>245</td><td>-37</td><td>-542</td><td>-95</td><td>49</td><td>-45</td><td>46</td><td>43</td><td>-256</td><td>37</td></tr><tr><td>Turkey</td><td>-12</td><td>-1</td><td>-1</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-18</td><td>-10</td><td>1</td><td>-18</td><td>8</td></tr><tr><td>Other Asia</td><td>-1</td><td>82</td><td>-191</td><td>19</td><td>149</td><td>-113</td><td>-77</td><td>-40</td><td>112</td><td>57</td><td>-30</td><td>34</td></tr><tr><td>Total Asia</td><td>185</td><td>202</td><td>179</td><td>-494</td><td>-225</td><td>58</td><td>-838</td><td>56</td><td>-329</td><td>606</td><td>487</td><td>452</td></tr><tr><td colspan="13">Other countries:</td></tr><tr><td>Australia</td><td>-12</td><td>40</td><td>-6</td><td>2</td><td>-50</td><td>35</td><td>13,870</td><td>2,778</td><td>3,675</td><td>1,635</td><td>1,509</td><td>1,762</td></tr><tr><td>New Zealand</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>4</td><td>-5</td><td>-7</td><td>7</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-10</td><td>52</td><td>3</td><td>17</td><td>-37</td><td>41</td><td>68</td><td>-153</td><td>-7</td><td>49</td><td>18</td><td>61</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>4</td><td>25</td><td>8</td><td>17</td><td>-9</td><td>-85</td><td>37</td></tr><tr><td>Union of South Africa</td><td>85</td><td>-164</td><td>-1</td><td>-14</td><td>67</td><td>-73</td><td>-7</td><td>38</td><td>-75</td><td>-25</td><td>-59</td><td>4,951</td></tr><tr><td>All other</td><td>-178</td><td>-9</td><td>-19</td><td>2,041</td><td>-2,156</td><td>-15</td><td>186</td><td>147</td><td>149</td><td>-2,133</td><td>-28</td><td>17</td></tr><tr><td>Total other countries</td><td>-143</td><td>-42</td><td>-23</td><td>2,043</td><td>-2,157</td><td>-16</td><td>14,144</td><td>2,813</td><td>3,755</td><td>-488</td><td>1,368</td><td>6,835</td></tr><tr><td>International</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><td>74,525</td></tr><tr><td>Unidentified</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><td>-</td></tr><tr><td>Grand total</td><td>-1,031</td><td>4,324</td><td>-4,241</td><td>2,326</td><td>-9,136</td><td>-10,651</td><td>-228,116</td><td>-7,031</td><td>12,907</td><td>-15,457</td><td>-9,177</td><td>97,391</td></tr></table>
1/ Includes transactions of international organizations such as
54
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="6">Claim 1947</th><th colspan="6">Liabilities 1947</th></tr><tr><th></th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>36,905</td><td>34,069</td><td>29,198</td><td>33,059</td><td>31,832</td><td>29,186</td><td>499,481</td><td>532,527</td><td>369,122</td><td>336,809</td><td>354,476</td><td>326,243</td></tr><tr><td>France</td><td>21,437</td><td>20,921</td><td>22,112</td><td>17,569</td><td>14,921</td><td>23,360</td><td>189,814</td><td>205,765</td><td>195,043</td><td>268,634</td><td>236,944</td><td>167,735</td></tr><tr><td>Belgium</td><td>9,004</td><td>10,250</td><td>11,232</td><td>13,173</td><td>12,863</td><td>14,974</td><td>164,008</td><td>185,262</td><td>132,018</td><td>135,702</td><td>131,723</td><td>124,949</td></tr><tr><td>Denmark</td><td>592</td><td>437</td><td>617</td><td>958</td><td>1,096</td><td>2,205</td><td>45,600</td><td>48,765</td><td>42,210</td><td>48,880</td><td>55,042</td><td>52,761</td></tr><tr><td>Finland</td><td>17,842</td><td>17,906</td><td>17,499</td><td>13,129</td><td>11,934</td><td>8,002</td><td>36,199</td><td>39,879</td><td>41,970</td><td>39,220</td><td>39,203</td><td>30,452</td></tr><tr><td>Germany</td><td>30,348</td><td>30,345</td><td>30,345</td><td>30,478</td><td>30,524</td><td>30,520</td><td>46,327</td><td>53,623</td><td>63,218</td><td>74,936</td><td>79,055</td><td>89,503</td></tr><tr><td>Greece</td><td>13,005</td><td>12,551</td><td>12,360</td><td>12,829</td><td>12,819</td><td>10,621</td><td>32,246</td><td>35,950</td><td>41,477</td><td>48,517</td><td>45,682</td><td>34,696</td></tr><tr><td>Italy</td><td>24,255</td><td>23,587</td><td>23,236</td><td>24,940</td><td>23,600</td><td>21,054</td><td>167,140</td><td>163,373</td><td>150,014</td><td>146,610</td><td>145,953</td><td>153,112</td></tr><tr><td>Luxembourg</td><td>49</td><td>52</td><td>40</td><td>40</td><td>40</td><td>52</td><td>22,557</td><td>20,100</td><td>19,680</td><td>19,213</td><td>22,549</td><td>21,684</td></tr><tr><td>Netherlands</td><td>47,239</td><td>45,934</td><td>46,838</td><td>48,573</td><td>47,214</td><td>49,089</td><td>213,826</td><td>226,604</td><td>216,350</td><td>172,883</td><td>158,414</td><td>143,309</td></tr><tr><td>Norway</td><td>7,023</td><td>7,982</td><td>9,355</td><td>10,275</td><td>8,061</td><td>9,243</td><td>80,024</td><td>79,232</td><td>79,316</td><td>76,197</td><td>70,660</td><td>56,248</td></tr><tr><td>Portugal</td><td>1,332</td><td>1,254</td><td>1,155</td><td>1,309</td><td>1,087</td><td>1,076</td><td>40,147</td><td>47,735</td><td>47,973</td><td>47,798</td><td>49,781</td><td>47,071</td></tr><tr><td>Romania</td><td>11,876</td><td>12,024</td><td>12,026</td><td>12,027</td><td>12,011</td><td>12,012</td><td>8,180</td><td>9,391</td><td>9,529</td><td>8,744</td><td>8,292</td><td>8,681</td></tr><tr><td>Spain</td><td>1,598</td><td>1,348</td><td>1,195</td><td>1,254</td><td>1,358</td><td>873</td><td>12,192</td><td>12,113</td><td>11,665</td><td>10,122</td><td>11,939</td><td>12,844</td></tr><tr><td>Sweden</td><td>8,684</td><td>9,320</td><td>9,324</td><td>9,306</td><td>7,049</td><td>5,439</td><td>122,891</td><td>115,194</td><td>109,400</td><td>86,835</td><td>72,905</td><td>58,573</td></tr><tr><td>Switzerland</td><td>10,195</td><td>9,806</td><td>9,339</td><td>6,443</td><td>5,726</td><td>7,047</td><td>402,483</td><td>399,103</td><td>395,751</td><td>405,841</td><td>419,482</td><td>446,435</td></tr><tr><td>U. S. S. R.</td><td>6</td><td>3</td><td>102</td><td>38</td><td>52</td><td>62</td><td>50,319</td><td>52,535</td><td>58,489</td><td>64,111</td><td>69,449</td><td>73,749</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>13,064</td><td>12,471</td><td>9,741</td><td>9,371</td><td>10,588</td><td>12,143</td></tr><tr><td>Other Europe</td><td>37,473</td><td>36,231</td><td>32,646</td><td>30,556</td><td>36,138</td><td>35,800</td><td>109,336</td><td>120,170</td><td>131,662</td><td>130,811</td><td>122,888</td><td>116,474</td></tr><tr><td>Total Europe</td><td>278,871</td><td>274,027</td><td>268,637</td><td>265,964</td><td>258,933</td><td>260,623</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><td>1,976,666</td></tr><tr><td>Canada</td><td>34,047</td><td>32,161</td><td>29,118</td><td>29,796</td><td>26,509</td><td>27,482</td><td>563,747</td><td>592,167</td><td>528,433</td><td>427,139</td><td>427,216</td><td>409,573</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>65,833</td><td>71,824</td><td>65,484</td><td>67,359</td><td>66,434</td><td>65,183</td><td>309,270</td><td>307,528</td><td>229,020</td><td>245,671</td><td>240,478</td><td>236,213</td></tr><tr><td>Bolivia</td><td>3,269</td><td>3,167</td><td>3,410</td><td>4,231</td><td>2,921</td><td>2,042</td><td>14,612</td><td>15,181</td><td>17,256</td><td>22,377</td><td>20,604</td><td>17,846</td></tr><tr><td>Brazil</td><td>164,070</td><td>163,577</td><td>161,426</td><td>162,263</td><td>161,994</td><td>165,812</td><td>98,770</td><td>110,802</td><td>106,312</td><td>103,631</td><td>97,447</td><td>104,652</td></tr><tr><td>Chile</td><td>20,492</td><td>22,738</td><td>21,664</td><td>22,782</td><td>22,329</td><td>27,818</td><td>41,222</td><td>44,894</td><td>38,159</td><td>38,308</td><td>41,841</td><td>46,265</td></tr><tr><td>Colombia</td><td>35,719</td><td>35,212</td><td>35,927</td><td>31,970</td><td>31,172</td><td>32,643</td><td>32,034</td><td>34,197</td><td>32,628</td><td>39,119</td><td>42,350</td><td>46,147</td></tr><tr><td>Costa Rica</td><td>3,853</td><td>3,810</td><td>3,631</td><td>3,975</td><td>3,622</td><td>3,471</td><td>6,933</td><td>8,614</td><td>8,304</td><td>7,935</td><td>7,030</td><td>7,299</td></tr><tr><td>Cuba</td><td>53,269</td><td>54,519</td><td>59,669</td><td>73,844</td><td>91,499</td><td>108,614</td><td>283,994</td><td>287,671</td><td>271,885</td><td>256,557</td><td>249,367</td><td>234,707</td></tr><tr><td>French West Indies and Guiana</td><td>589</td><td>50</td><td>44</td><td>17</td><td>21</td><td>37</td><td>3,150</td><td>2,280</td><td>2,822</td><td>2,499</td><td>2,764</td><td>2,446</td></tr><tr><td>Mexico</td><td>27,609</td><td>30,996</td><td>30,180</td><td>39,487</td><td>38,260</td><td>52,189</td><td>137,730</td><td>149,187</td><td>157,155</td><td>148,686</td><td>140,455</td><td>139,234</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,033</td><td>1,149</td><td>1,107</td><td>1,192</td><td>1,156</td><td>1,099</td><td>10,130</td><td>13,644</td><td>12,640</td><td>14,652</td><td>18,399</td><td>14,887</td></tr><tr><td>Panama</td><td>2,742</td><td>3,777</td><td>4,943</td><td>4,693</td><td>4,995</td><td>4,710</td><td>69,661</td><td>71,527</td><td>76,629</td><td>72,637</td><td>70,937</td><td>70,316</td></tr><tr><td>Peru</td><td>5,901</td><td>6,226</td><td>6,548</td><td>6,671</td><td>6,109</td><td>4,287</td><td>36,154</td><td>41,692</td><td>43,236</td><td>40,917</td><td>41,039</td><td>41,782</td></tr><tr><td>Venezuela</td><td>18,243</td><td>18,489</td><td>15,322</td><td>14,605</td><td>15,093</td><td>15,344</td><td>66,214</td><td>74,036</td><td>89,486</td><td>73,420</td><td>61,078</td><td>77,984</td></tr><tr><td>Other Latin America</td><td>42,317</td><td>36,181</td><td>38,299</td><td>33,434</td><td>31,891</td><td>31,049</td><td>178,550</td><td>181,275</td><td>180,556</td><td>171,455</td><td>169,039</td><td>176,786</td></tr><tr><td>Total Latin America</td><td>444,939</td><td>451,775</td><td>447,674</td><td>466,723</td><td>477,496</td><td>514,298</td><td>1,290,424</td><td>1,342,528</td><td>1,266,088</td><td>1,237,644</td><td>1,202,828</td><td>1,216,564</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>110,726</td><td>105,180</td><td>103,742</td><td>78,574</td><td>41,307</td><td>40,755</td><td>309,610</td><td>286,142</td><td>269,604</td><td>263,259</td><td>250,231</td><td>229,948</td></tr><tr><td>French Indo-China</td><td>62</td><td>329</td><td>3,233</td><td>3,289</td><td>3,308</td><td>341</td><td>36,244</td><td>35,253</td><td>8,179</td><td>8,685</td><td>9,278</td><td>6,524</td></tr><tr><td>Hong Kong</td><td>3,123</td><td>3,071</td><td>2,138</td><td>2,191</td><td>1,927</td><td>2,623</td><td>47,234</td><td>44,725</td><td>45,450</td><td>43,641</td><td>41,766</td><td>39,797</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,662</td><td>27,454</td><td>27,487</td><td>28,936</td><td>28,177</td><td>29,561</td><td>43,306</td><td>53,571</td><td>54,392</td><td>54,982</td><td>56,710</td><td>62,364</td></tr><tr><td>British Malaya</td><td>1,579</td><td>1,595</td><td>843</td><td>957</td><td>823</td><td>918</td><td>11,814</td><td>14,580</td><td>13,775</td><td>12,394</td><td>16,518</td><td>10,953</td></tr><tr><td>Japan</td><td>261</td><td>268</td><td>275</td><td>284</td><td>298</td><td>942</td><td>17,558</td><td>17,581</td><td>17,755</td><td>25,517</td><td>28,880</td><td>31,324</td></tr><tr><td>Netherlands East Indies</td><td>508</td><td>478</td><td>725</td><td>432</td><td>434</td><td>486</td><td>85,812</td><td>82,790</td><td>70,758</td><td>59,687</td><td>65,866</td><td>69,298</td></tr><tr><td>Philippine Islands</td><td>25,130</td><td>24,486</td><td>24,525</td><td>27,662</td><td>28,951</td><td>27,436</td><td>452,568</td><td>440,258</td><td>464,316</td><td>470,855</td><td>475,983</td><td>488,571</td></tr><tr><td>Turkey</td><td>3,248</td><td>3,458</td><td>5,576</td><td>13,134</td><td>12,891</td><td>17,659</td><td>40,401</td><td>41,670</td><td>41,701</td><td>39,745</td><td>39,237</td><td>37,590</td></tr><tr><td>Other Asia</td><td>6,748</td><td>8,360</td><td>8,957</td><td>9,126</td><td>9,553</td><td>6,303</td><td>68,678</td><td>74,874</td><td>79,083</td><td>78,900</td><td>79,705</td><td>81,539</td></tr><tr><td>Total Asia</td><td>185,047</td><td>177,679</td><td>177,501</td><td>164,585</td><td>127,669</td><td>127,024</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><td>1,057,908</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>11,256</td><td>9,004</td><td>10,154</td><td>12,022</td><td>10,180</td><td>9,036</td><td>42,408</td><td>46,236</td><td>47,490</td><td>43,804</td><td>34,755</td><td>30,607</td></tr><tr><td>New Zealand</td><td>1,681</td><td>1,461</td><td>1,404</td><td>2,013</td><td>2,313</td><td>1,508</td><td>9,393</td><td>9,549</td><td>8,259</td><td>6,478</td><td>6,466</td><td>5,869</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>180</td><td>152</td><td>734</td><td>192</td><td>223</td><td>129</td><td>19,365</td><td>21,097</td><td>24,444</td><td>25,813</td><td>26,852</td><td>24,997</td></tr><tr><td>French Morocco</td><td>146</td><td>310</td><td>334</td><td>616</td><td>366</td><td>464</td><td>13,688</td><td>13,282</td><td>11,834</td><td>11,417</td><td>10,211</td><td>10,081</td></tr><tr><td>Union of South Africa</td><td>18,790</td><td>15,783</td><td>14,962</td><td>14,477</td><td>14,159</td><td>14,379</td><td>49,526</td><td>55,458</td><td>37,639</td><td>43,271</td><td>46,289</td><td>46,371</td></tr><tr><td>All other</td><td>3,778</td><td>4,228</td><td>5,900</td><td>6,187</td><td>5,088</td><td>5,552</td><td>59,686</td><td>55,455</td><td>56,265</td><td>54,918</td><td>52,803</td><td>57,121</td></tr><tr><td>Total other countries</td><td>35,831</td><td>30,938</td><td>33,488</td><td>35,507</td><td>32,329</td><td>31,068</td><td>194,066</td><td>201,077</td><td>187,931</td><td>185,701</td><td>177,376</td><td>175,046</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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><td>2,256,976</td></tr><tr><td>Unidentified</td><td>464</td><td>716</td><td>782</td><td>786</td><td>951</td><td>426</td><td>20,051</td><td>17,451</td><td>17,968</td><td>18,678</td><td>19,940
1/ Includes dollar balances of international organizations such as UNRRA, International Monetary Fund, and International Bank.
May 1948
55
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>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</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>1,184</td><td>1,336</td><td>1,246</td><td>1,320</td><td>1,236</td><td>1,070</td><td>5,317</td><td>3,637</td><td>3,876</td><td>4,606</td><td>4,897</td><td>3,230</td></tr><tr><td>France</td><td>171</td><td>169</td><td>166</td><td>179</td><td>201</td><td>254</td><td>5,698</td><td>5,584</td><td>5,717</td><td>5,388</td><td>5,312</td><td>5,413</td></tr><tr><td>Belgium</td><td>122</td><td>93</td><td>92</td><td>108</td><td>93</td><td>37</td><td>1,947</td><td>1,877</td><td>1,995</td><td>2,318</td><td>2,456</td><td>2,264</td></tr><tr><td>Denmark</td><td>2</td><td>2</td><td>2</td><td>3</td><td>74</td><td>69</td><td>128</td><td>177</td><td>183</td><td>162</td><td>66</td><td>61</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>2</td><td>1</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Germany</td><td>15</td><td>15</td><td>13</td><td>7</td><td>15</td><td>14</td><td>238</td><td>237</td><td>234</td><td>271</td><td>113</td><td>79</td></tr><tr><td>Greece</td><td>3</td><td>3</td><td>4</td><td>14</td><td>10</td><td>12</td><td>41</td><td>23</td><td>14</td><td>22</td><td>23</td><td>21</td></tr><tr><td>Italy</td><td>7</td><td>7</td><td>2</td><td>24</td><td>2</td><td>130</td><td>279</td><td>248</td><td>243</td><td>277</td><td>250</td><td>224</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>657</td><td>663</td><td>769</td><td>741</td><td>758</td><td>939</td></tr><tr><td>Netherlands</td><td>97</td><td>118</td><td>107</td><td>101</td><td>121</td><td>180</td><td>10,843</td><td>10,826</td><td>10,408</td><td>10,757</td><td>10,462</td><td>6,628</td></tr><tr><td>Norway</td><td>273</td><td>190</td><td>219</td><td>176</td><td>125</td><td>151</td><td>1,563</td><td>1,590</td><td>1,639</td><td>1,386</td><td>1,382</td><td>1,445</td></tr><tr><td>Portugal</td><td>23</td><td>62</td><td>25</td><td>21</td><td>17</td><td>8</td><td>61</td><td>67</td><td>73</td><td>88</td><td>90</td><td>106</td></tr><tr><td>Rumania</td><td>11</td><td>12</td><td>11</td><td>13</td><td>12</td><td>10</td><td>25</td><td>25</td><td>24</td><td>25</td><td>25</td><td>17</td></tr><tr><td>Spain</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>278</td><td>274</td><td>283</td><td>277</td><td>278</td><td>241</td></tr><tr><td>Sweden</td><td>57</td><td>72</td><td>179</td><td>55</td><td>33</td><td>24</td><td>620</td><td>498</td><td>505</td><td>502</td><td>378</td><td>416</td></tr><tr><td>Switzerland</td><td>905</td><td>943</td><td>1,104</td><td>1,552</td><td>1,260</td><td>1,187</td><td>38,285</td><td>39,157</td><td>38,865</td><td>38,330</td><td>35,638</td><td>34,145</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>54</td><td>54</td><td>54</td><td>63</td></tr><tr><td>Yugoslavia</td><td>2</td><td>2</td><td>56</td><td>152</td><td>166</td><td>290</td><td>1,809</td><td>1,772</td><td>1,704</td><td>1,675</td><td>1,652</td><td>1,791</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>2,873</td><td>3,025</td><td>3,228</td><td>3,726</td><td>3,366</td><td>3,437</td><td>67,844</td><td>66,710</td><td>66,048</td><td>66,881</td><td>63,836</td><td>57,091</td></tr><tr><td>Canada</td><td>5,021</td><td>4,474</td><td>4,333</td><td>4,565</td><td>5,181</td><td>5,228</td><td>4,708</td><td>5,101</td><td>5,041</td><td>4,694</td><td>4,771</td><td>5,412</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><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,331</td><td>1,244</td><td>1,142</td><td>1,235</td><td>1,329</td><td>1,382</td><td>5,311</td><td>4,969</td><td>5,091</td><td>5,121</td><td>5,539</td><td>5,396</td></tr><tr><td>Bolivia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>43</td><td>40</td><td>30</td><td>32</td><td>25</td><td>29</td></tr><tr><td>Brazil</td><td>1,013</td><td>1,030</td><td>1,017</td><td>1,069</td><td>852</td><td>1,247</td><td>630</td><td>629</td><td>699</td><td>799</td><td>704</td><td>646</td></tr><tr><td>Chile</td><td>976</td><td>753</td><td>700</td><td>488</td><td>560</td><td>513</td><td>454</td><td>515</td><td>510</td><td>513</td><td>555</td><td>470</td></tr><tr><td>Colombia</td><td>220</td><td>201</td><td>209</td><td>234</td><td>235</td><td>248</td><td>433</td><td>422</td><td>237</td><td>287</td><td>237</td><td>276</td></tr><tr><td>Costa Rica</td><td>36</td><td>64</td><td>64</td><td>70</td><td>73</td><td>69</td><td>90</td><td>64</td><td>85</td><td>51</td><td>115</td><td>71</td></tr><tr><td>Cuba</td><td>5,545</td><td>5,195</td><td>5,349</td><td>5,546</td><td>6,055</td><td>6,346</td><td>792</td><td>1,016</td><td>912</td><td>967</td><td>1,136</td><td>1,117</td></tr><tr><td>French West Indies and Guiana</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,772</td><td>3,633</td><td>2,397</td><td>2,269</td><td>2,247</td><td>2,241</td><td>10,614</td><td>14,511</td><td>12,046</td><td>12,856</td><td>10,544</td><td>6,875</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>3</td><td>-</td><td>-</td><td>5</td><td>4</td><td>12</td><td>243</td><td>298</td><td>236</td><td>218</td><td>191</td><td>212</td></tr><tr><td>Panama</td><td>65</td><td>64</td><td>68</td><td>61</td><td>55</td><td>47</td><td>9,136</td><td>9,381</td><td>4,975</td><td>6,176</td><td>5,399</td><td>3,769</td></tr><tr><td>Peru</td><td>132</td><td>116</td><td>109</td><td>103</td><td>102</td><td>106</td><td>263</td><td>153</td><td>86</td><td>154</td><td>111</td><td>98</td></tr><tr><td>Venezuela</td><td>1,715</td><td>1,727</td><td>1,776</td><td>1,747</td><td>1,362</td><td>650</td><td>2,558</td><td>2,210</td><td>1,891</td><td>2,153</td><td>2,064</td><td>2,188</td></tr><tr><td>Other Latin America</td><td>3,398</td><td>2,519</td><td>1,445</td><td>2,532</td><td>2,943</td><td>2,988</td><td>3,720</td><td>3,901</td><td>4,253</td><td>5,030</td><td>4,636</td><td>5,676</td></tr><tr><td>Total Latin America</td><td>17,236</td><td>16,576</td><td>14,306</td><td>15,389</td><td>15,847</td><td>15,885</td><td>34,287</td><td>38,110</td><td>31,053</td><td>34,357</td><td>31,256</td><td>26,823</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>1,529</td><td>1,501</td><td>1,546</td><td>1,733</td><td>1,583</td><td>1,474</td><td>1,142</td><td>1,158</td><td>1,348</td><td>1,089</td><td>1,085</td><td>1,261</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>63</td><td>94</td><td>79</td><td>54</td><td>19</td><td>61</td><td>165</td><td>145</td><td>138</td><td>89</td></tr><tr><td>Rong 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>41</td><td>32</td><td>33</td><td>32</td><td>34</td><td>48</td><td>52</td><td>33</td><td>71</td><td>90</td><td>102</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>67</td><td>66</td><td>66</td><td>60</td><td>3</td><td>3</td><td>19</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>3</td><td>3</td><td>2</td><td>-</td><td>1</td><td>1</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>17</td><td>5</td><td>7</td><td>9</td><td>10</td><td>11</td><td>6</td></tr><tr><td>Philippine Islands</td><td>157</td><td>150</td><td>56</td><td>21</td><td>278</td><td>218</td><td>778</td><td>810</td><td>961</td><td>889</td><td>598</td><td>443</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>3</td><td>2</td><td>1</td><td>1</td><td>6</td><td>4</td></tr><tr><td>Other Asia</td><td>13</td><td>24</td><td>35</td><td>23</td><td>22</td><td>31</td><td>190</td><td>283</td><td>103</td><td>110</td><td>258</td><td>154</td></tr><tr><td>Total Asia</td><td>1,730</td><td>1,716</td><td>1,799</td><td>1,970</td><td>2,067</td><td>1,888</td><td>2,191</td><td>2,379</td><td>2,641</td><td>2,318</td><td>2,190</td><td>2,069</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>5</td><td>4</td><td>4</td><td>4</td><td>34</td><td>34</td><td>34</td><td>13</td><td>67</td><td>69</td><td>49</td><td>84</td></tr><tr><td>New Zealand</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46</td><td>69</td><td>69</td><td>66</td><td>63</td><td>65</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>24</td><td>23</td><td>22</td><td>6</td><td>4</td><td>2</td><td>165</td><td>216</td><td>218</td><td>219</td><td>180</td><td>219</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>98</td><td>102</td></tr><tr><td>Union of South Africa</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>231</td><td>67</td><td>66</td><td>57</td><td>119</td><td>46</td></tr><tr><td>All other</td><td>23</td><td>29</td><td>16</td><td>14</td><td>38</td><td>99</td><td>209</td><td>206</td><td>174</td><td>2,213</td><td>81</td><td>127</td></tr><tr><td>Total other countries</td><td>68</td><td>56</td><td>42</td><td>29</td><td>76</td><td>135</td><td>761</td><td>707</td><td>670</td><td>2,700</td><td>590</td><td>633</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>91</td><td>65</td><td>65</td><td>94</td><td>94</td></tr><tr><td>Grand total</td><td>26,928</td><td>25,847</td><td>23,708</td><td>25,679</td><td>26,537</td><td>26,573</td><td>109,855</td><td>113,098</td><td>106,718</td><td>111,015</td><td>102,737</td><td>92,122</td></tr></table>
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of December 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="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>29,186</td><td>16,847</td><td>9,266</td><td>526</td><td>7,055</td><td>12,339</td><td>4,195</td><td>2,910</td><td>5,234</td></tr><tr><td>France</td><td>23,360</td><td>254</td><td>54</td><td>117</td><td>83</td><td>23,106</td><td>12,815</td><td>1,195</td><td>9,096</td></tr><tr><td>Belgium</td><td>14,974</td><td>198</td><td>181</td><td>6</td><td>11</td><td>14,776</td><td>1,668</td><td>4,195</td><td>8,913</td></tr><tr><td>Denmark</td><td>2,205</td><td>67</td><td>41</td><td>22</td><td>4</td><td>2,138</td><td>-</td><td>1,458</td><td>680</td></tr><tr><td>Finland</td><td>8,002</td><td>3</td><td>2</td><td>-</td><td>1</td><td>7,999</td><td>1,434</td><td>5,165</td><td>1,400</td></tr><tr><td>Germany</td><td>30,520</td><td>50</td><td>5</td><td>28</td><td>17</td><td>30,470</td><td>17,063</td><td>67</td><td>13,340</td></tr><tr><td>Greece</td><td>10,621</td><td>131</td><td>-</td><td>8</td><td>123</td><td>10,490</td><td>8,833</td><td>-</td><td>1,657</td></tr><tr><td>Italy</td><td>21,054</td><td>276</td><td>7</td><td>264</td><td>5</td><td>20,778</td><td>8,821</td><td>2,600</td><td>9,357</td></tr><tr><td>Luxembourg</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>12</td><td>-</td><td>40</td></tr><tr><td>Netherlands</td><td>49,089</td><td>528</td><td>186</td><td>36</td><td>306</td><td>48,561</td><td>933</td><td>355</td><td>47,273</td></tr><tr><td>Norway</td><td>9,243</td><td>140</td><td>77</td><td>45</td><td>18</td><td>9,103</td><td>1,979</td><td>645</td><td>6,479</td></tr><tr><td>Portugal</td><td>1,076</td><td>81</td><td>75</td><td>3</td><td>3</td><td>995</td><td>42</td><td>149</td><td>804</td></tr><tr><td>Romania</td><td>12,012</td><td>3</td><td>-</td><td>3</td><td>-</td><td>12,009</td><td>11,986</td><td>-</td><td>23</td></tr><tr><td>Spain</td><td>873</td><td>162</td><td>9</td><td>15</td><td>138</td><td>711</td><td>180</td><td>-</td><td>531</td></tr><tr><td>Sweden</td><td>5,439</td><td>307</td><td>114</td><td>145</td><td>48</td><td>5,132</td><td>213</td><td>158</td><td>4,761</td></tr><tr><td>Switzerland</td><td>7,047</td><td>872</td><td>537</td><td>308</td><td>27</td><td>6,175</td><td>2,500</td><td>221</td><td>3,454</td></tr><tr><td>U. S. S. R.</td><td>62</td><td>22</td><td>22</td><td>-</td><td>-</td><td>40</td><td>-</td><td>-</td><td>40</td></tr><tr><td>Yugoslavia</td><td>8</td><td>6</td><td>-</td><td>-</td><td>6</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>35,800</td><td>116</td><td>95</td><td>12</td><td>9</td><td>35,684</td><td>23,936</td><td>405</td><td>11,343</td></tr><tr><td>Total Europe</td><td>260,623</td><td>20,063</td><td>10,671</td><td>1,538</td><td>7,854</td><td>240,560</td><td>96,610</td><td>19,523</td><td>124,427</td></tr><tr><td>Canada</td><td>27,482</td><td>15,771</td><td>10,694</td><td>4,292</td><td>785</td><td>11,711</td><td>237</td><td>3,383</td><td>8,091</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>65,183</td><td>251</td><td>175</td><td>16</td><td>60</td><td>64,932</td><td>39,423</td><td>3,844</td><td>21,665</td></tr><tr><td>Bolivia</td><td>2,042</td><td>4</td><td>-</td><td>-</td><td>4</td><td>2,038</td><td>6</td><td>-</td><td>2,032</td></tr><tr><td>Brazil</td><td>165,812</td><td>80,073</td><td>66</td><td>80,000</td><td>7</td><td>85,739</td><td>9,118</td><td>1,326</td><td>75,295</td></tr><tr><td>Chile</td><td>27,818</td><td>3</td><td>-</td><td>-</td><td>3</td><td>27,815</td><td>2,007</td><td>1,464</td><td>24,344</td></tr><tr><td>Colombia</td><td>32,043</td><td>2</td><td>-</td><td>-</td><td>2</td><td>32,041</td><td>6,816</td><td>5,007</td><td>20,818</td></tr><tr><td>Costa Rica</td><td>3,471</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,471</td><td>75</td><td>7</td><td>3,389</td></tr><tr><td>Cuba</td><td>108,614</td><td>1,854</td><td>1,845</td><td>-</td><td>9</td><td>106,760</td><td>70,568</td><td>24,954</td><td>11,238</td></tr><tr><td>French West Indies and Guiana</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37</td><td>14</td><td>-</td><td>23</td></tr><tr><td>Mexico</td><td>52,189</td><td>21,436</td><td>904</td><td>20,040</td><td>492</td><td>30,753</td><td>7,576</td><td>2,683</td><td>20,489</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,099</td><td>5</td><td>-</td><td>-</td><td>5</td><td>1,094</td><td>1</td><td>-</td><td>1,093</td></tr><tr><td>Panama</td><td>4,710</td><td>1</td><td>-</td><td>-</td><td>1</td><td>4,709</td><td>-</td><td>-</td><td>4,709</td></tr><tr><td>Peru</td><td>4,287</td><td>15</td><td>4</td><td>-</td><td>11</td><td>4,272</td><td>5</td><td>116</td><td>4,151</td></tr><tr><td>Venezuela</td><td>15,344</td><td>137</td><td>61</td><td>48</td><td>28</td><td>15,207</td><td>2,411</td><td>222</td><td>12,574</td></tr><tr><td>Other Latin America</td><td>31,049</td><td>54</td><td>16</td><td>-</td><td>38</td><td>30,995</td><td>4,724</td><td>2,012</td><td>24,259</td></tr><tr><td>Total Latin America</td><td>514,298</td><td>103,835</td><td>3,071</td><td>100,104</td><td>660</td><td>410,463</td><td>142,744</td><td>41,640</td><td>226,079</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>40,755</td><td>137</td><td>136</td><td>1</td><td>-</td><td>40,618</td><td>29,268</td><td>488</td><td>10,862</td></tr><tr><td>French Indo-China</td><td>351</td><td>-</td><td>-</td><td>-</td><td>-</td><td>341</td><td>20</td><td>288</td><td>33</td></tr><tr><td>Hong Kong</td><td>2,623</td><td>275</td><td>166</td><td>54</td><td>55</td><td>2,348</td><td>1,204</td><td>290</td><td>854</td></tr><tr><td>India, Burma, and Ceylon</td><td>29,561</td><td>22,123</td><td>1,354</td><td>20,706</td><td>53</td><td>7,438</td><td>1,147</td><td>1,917</td><td>4,374</td></tr><tr><td>British Malaya</td><td>918</td><td>90</td><td>22</td><td>-</td><td>68</td><td>828</td><td>100</td><td>476</td><td>252</td></tr><tr><td>Japan</td><td>942</td><td>3</td><td>2</td><td>1</td><td>-</td><td>939</td><td>208</td><td>625</td><td>106</td></tr><tr><td>Netherlands East Indies</td><td>486</td><td>8</td><td>8</td><td>-</td><td>-</td><td>478</td><td>145</td><td>270</td><td>63</td></tr><tr><td>Philippine Islands</td><td>27,436</td><td>1,160</td><td>722</td><td>-</td><td>438</td><td>26,276</td><td>15,758</td><td>2,735</td><td>7,783</td></tr><tr><td>Turkey</td><td>17,659</td><td>7</td><td>1</td><td>6</td><td>6</td><td>17,652</td><td>15,206</td><td>1</td><td>2,446</td></tr><tr><td>Other Asia</td><td>6,303</td><td>32</td><td>20</td><td>-</td><td>12</td><td>6,271</td><td>687</td><td>1</td><td>5,583</td></tr><tr><td>Total Asia</td><td>127,024</td><td>23,835</td><td>2,441</td><td>20,768</td><td>626</td><td>103,189</td><td>63,743</td><td>7,090</td><td>32,356</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>9,036</td><td>907</td><td>279</td><td>-</td><td>628</td><td>8,129</td><td>69</td><td>5,164</td><td>2,896</td></tr><tr><td>New Zealand</td><td>1,508</td><td>86</td><td>77</td><td>-</td><td>9</td><td>1,422</td><td>-</td><td>457</td><td>965</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>129</td><td>18</td><td>7</td><td>-</td><td>11</td><td>111</td><td>2</td><td>-</td><td>109</td></tr><tr><td>French Morocco</td><td>464</td><td>-</td><td>-</td><td>-</td><td>-</td><td>464</td><td>405</td><td>-</td><td>59</td></tr><tr><td>Union of South Africa</td><td>14,379</td><td>898</td><td>300</td><td>74</td><td>524</td><td>13,481</td><td>-</td><td>-</td><td>13,481</td></tr><tr><td>All other</td><td>5,552</td><td>26</td><td>3</td><td>-</td><td>23</td><td>5,526</td><td>1,041</td><td>250</td><td>4,235</td></tr><tr><td>Total other countries</td><td>31,068</td><td>1,935</td><td>666</td><td>74</td><td>1,195</td><td>29,133</td><td>1,517</td><td>5,871</td><td>21,745</td></tr><tr><td>Unidentified</td><td>426</td><td>-</td><td>-</td><td>-</td><td>-</td><td>426</td><td>-</td><td>-</td><td>426</td></tr><tr><td>Grand total</td><td>960,921</td><td>165,439</td><td>27,543</td><td>126,776</td><td>11,120</td><td>795,482</td><td>304,851</td><td>77,507</td><td>413,124</td></tr></table>
May 1948
57
CAPITAL MOVEMENTS
Section III - Details for Month of December 1947
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>326,243</td><td>293,028</td><td>278,123</td><td>2,767</td><td>9,794</td><td>2,344</td><td>33,215</td><td>1,787</td><td>24,384</td><td>7,044</td></tr><tr><td>France</td><td>167,735</td><td>166,824</td><td>148,597</td><td>2,541</td><td>13,469</td><td>2,217</td><td>911</td><td>358</td><td>501</td><td>52</td></tr><tr><td>Belgium</td><td>124,949</td><td>124,853</td><td>115,224</td><td>575</td><td>7,788</td><td>1,266</td><td>96</td><td>22</td><td>3</td><td>71</td></tr><tr><td>Denmark</td><td>52,761</td><td>52,756</td><td>52,699</td><td>15</td><td>2</td><td>40</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>30,451</td><td>30,451</td><td>30,418</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>89,503</td><td>89,487</td><td>87,924</td><td>88</td><td>15</td><td>1,460</td><td>16</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>34,695</td><td>34,669</td><td>34,411</td><td>257</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>153,112</td><td>153,104</td><td>142,226</td><td>836</td><td>10,005</td><td>37</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>21,684</td><td>21,684</td><td>20,335</td><td>1</td><td>1,348</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>143,309</td><td>143,227</td><td>140,008</td><td>124</td><td>3,079</td><td>16</td><td>82</td><td>56</td><td>-</td><td>26</td></tr><tr><td>Norway</td><td>56,248</td><td>56,193</td><td>48,225</td><td>176</td><td>7,792</td><td>-</td><td>55</td><td>55</td><td>-</td><td>3</td></tr><tr><td>Portugal</td><td>47,071</td><td>46,983</td><td>46,660</td><td>286</td><td>-</td><td>37</td><td>88</td><td>85</td><td>-</td><td>-</td></tr><tr><td>Rumania</td><td>8,681</td><td>8,681</td><td>8,653</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Spain</td><td>12,844</td><td>12,753</td><td>12,570</td><td>169</td><td>-</td><td>14</td><td>91</td><td>89</td><td>-</td><td>21</td></tr><tr><td>Sweden</td><td>58,573</td><td>58,209</td><td>55,452</td><td>2,446</td><td>-</td><td>311</td><td>364</td><td>343</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>446,435</td><td>445,084</td><td>421,392</td><td>7,352</td><td>11,105</td><td>5,235</td><td>1,351</td><td>468</td><td>-</td><td>883</td></tr><tr><td>U.S.S.R.</td><td>73,749</td><td>73,749</td><td>73,732</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Yugoslavia</td><td>12,148</td><td>12,146</td><td>12,134</td><td>11</td><td>-</td><td>1</td><td>2</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>116,474</td><td>116,463</td><td>109,986</td><td>106</td><td>6,320</td><td>51</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>1,976,666</td><td>1,940,344</td><td>1,838,769</td><td>17,823</td><td>70,717</td><td>13,030</td><td>36,322</td><td>3,326</td><td>24,888</td><td>8,108</td></tr><tr><td>Canada</td><td>409,573</td><td>405,595</td><td>307,131</td><td>2,904</td><td>95,437</td><td>123</td><td>3,978</td><td>860</td><td>-</td><td>3,118</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>236,213</td><td>236,043</td><td>231,699</td><td>2,987</td><td>29</td><td>1,328</td><td>170</td><td>150</td><td>-</td><td>20</td></tr><tr><td>Bolivia</td><td>17,846</td><td>17,846</td><td>17,837</td><td>7</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Brazil</td><td>104,652</td><td>104,603</td><td>91,868</td><td>10,868</td><td>11</td><td>1,856</td><td>49</td><td>47</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>46,265</td><td>46,265</td><td>44,116</td><td>2,149</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>46,147</td><td>46,147</td><td>45,975</td><td>172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,299</td><td>7,299</td><td>6,681</td><td>616</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>234,707</td><td>234,707</td><td>231,670</td><td>3,002</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Ioddee and Guiana</td><td>2,446</td><td>2,446</td><td>2,446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>139,234</td><td>138,539</td><td>137,159</td><td>1,235</td><td>50</td><td>95</td><td>695</td><td>118</td><td>-</td><td>577</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>14,887</td><td>14,887</td><td>14,886</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>70,316</td><td>70,316</td><td>56,854</td><td>10</td><td>13,450</td><td>2</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Peru</td><td>41,782</td><td>41,767</td><td>40,990</td><td>752</td><td>25</td><td>-</td><td>15</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>77,984</td><td>77,980</td><td>77,826</td><td>154</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>6</td></tr><tr><td>Other Latin America</td><td>176,786</td><td>176,311</td><td>154,866</td><td>3,679</td><td>17,405</td><td>361</td><td>475</td><td>469</td><td>-</td><td>617</td></tr><tr><td>Total Latin America</td><td>1,216,504</td><td>1,215,156</td><td>1,154,873</td><td>25,632</td><td>30,970</td><td>3,681</td><td>1,408</td><td>791</td><td>-</td><td>-</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Nanchurie</td><td>229,948</td><td>229,738</td><td>170,061</td><td>1,794</td><td>57,326</td><td>557</td><td>210</td><td>3</td><td>-</td><td>207</td></tr><tr><td>French Indo-China</td><td>6,524</td><td>6,524</td><td>5,375</td><td>-</td><td>1,025</td><td>124</td><td>-</td><td>-</td><td>-</td><td>43</td></tr><tr><td>Hong Kong</td><td>39,797</td><td>36,393</td><td>35,721</td><td>519</td><td>142</td><td>11</td><td>3,404</td><td>3,361</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>62,354</td><td>60,711</td><td>57,781</td><td>2,877</td><td>-</td><td>53</td><td>1,653</td><td>1,508</td><td>21</td><td>124</td></tr><tr><td>British Malaya</td><td>10,953</td><td>10,950</td><td>8,000</td><td>269</td><td>2,676</td><td>5</td><td>3</td><td>3</td><td>-</td><td>10</td></tr><tr><td>Japan</td><td>31,324</td><td>31,276</td><td>29,471</td><td>1,762</td><td>22</td><td>21</td><td>48</td><td>2</td><td>36</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>69,298</td><td>69,294</td><td>59,621</td><td>201</td><td>9,443</td><td>29</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>488,571</td><td>485,571</td><td>484,932</td><td>2,454</td><td>-</td><td>1,185</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>37,590</td><td>37,590</td><td>30,573</td><td>7,017</td><td>-</td><td>-</td><td>13</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>81,539</td><td>81,526</td><td>80,466</td><td>961</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,057,908</td><td>1,052,573</td><td>962,001</td><td>17,854</td><td>70,634</td><td>2,084</td><td>5,335</td><td>4,894</td><td>57</td><td>384</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>30,607</td><td>30,321</td><td>28,044</td><td>1,486</td><td>574</td><td>217</td><td>286</td><td>16</td><td>-</td><td>286</td></tr><tr><td>New Zealand</td><td>5,869</td><td>5,807</td><td>5,702</td><td>105</td><td>-</td><td>-</td><td>62</td><td>16</td><td>-</td><td>46</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>24,997</td><td>24,829</td><td>24,530</td><td>163</td><td>-</td><td>136</td><td>168</td><td>-</td><td>-</td><td>158</td></tr><tr><td>French Morocco</td><td>10,081</td><td>10,081</td><td>10,075</td><td>5</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>184</td></tr><tr><td>Union of South Africa</td><td>46,371</td><td>44,619</td><td>31,888</td><td>98</td><td>12,610</td><td>23</td><td>1,752</td><td>1,568</td><td>-</td><td>119</td></tr><tr><td>All other</td><td>57,121</td><td>56,768</td><td>55,889</td><td>343</td><td>481</td><td>55</td><td>353</td><td>234</td><td>-</td><td>803</td></tr><tr><td>Total other countries</td><td>175,046</td><td>172,425</td><td>156,128</td><td>2,200</td><td>13,665</td><td>432</td><td>2,621</td><td>1,818</td><td>-</td><td>-</td></tr><tr><td>International</td><td>2,256,976</td><td>2,256,976</td><td>371,677</td><td>-</td><td>1,885,299</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>18,686</td><td>18,686</td><td>18,666</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,111,419</td><td>7,061,755</td><td>4,809,245</td><td>66,418</td><td>2,166,722</td><td>19,370</td><td>49,664</td><td>11,689</td><td>24,945</td><td>13,030</td></tr></table>
1/ Includes liabiltities to international organizations such as UNRRA, Interoestional Monetary Fund, and International Bank.
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of December 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>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th><th>Total sales</th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities 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>10,829</td><td>9,060</td><td>6,503</td><td>2,557</td><td>1,769</td><td>278</td><td>1,491</td><td>10,942</td><td>7,140</td><td>5,697</td><td>1,443</td><td>3,802</td><td>284</td><td>3,518</td></tr><tr><td>France</td><td>7,108</td><td>6,945</td><td>718</td><td>6,227</td><td>163</td><td>6</td><td>157</td><td>13,936</td><td>13,711</td><td>11,868</td><td>1,843</td><td>225</td><td>64</td><td>161</td></tr><tr><td>Belgium</td><td>1,624</td><td>1,010</td><td>591</td><td>419</td><td>614</td><td>22</td><td>592</td><td>1,028</td><td>717</td><td>242</td><td>475</td><td>311</td><td>41</td><td>270</td></tr><tr><td>Denmark</td><td>5,872</td><td>127</td><td>106</td><td>21</td><td>5,745</td><td>2</td><td>5,743</td><td>198</td><td>101</td><td>94</td><td>7</td><td>97</td><td>64</td><td>33</td></tr><tr><td>Finland</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>34</td><td>34</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>481</td><td>472</td><td>66</td><td>406</td><td>9</td><td>9</td><td>-</td><td>16</td><td>10</td><td>9</td><td>1</td><td>6</td><td>1</td><td>6</td></tr><tr><td>Italy</td><td>2,079</td><td>2,063</td><td>223</td><td>1,834</td><td>16</td><td>15</td><td>1</td><td>1,908</td><td>1,893</td><td>104</td><td>1,789</td><td>15</td><td>1</td><td>14</td></tr><tr><td>Luxembourg</td><td>58</td><td>53</td><td>56</td><td>-</td><td>2</td><td>2</td><td>-</td><td>254</td><td>224</td><td>221</td><td>3</td><td>30</td><td>23</td><td>7</td></tr><tr><td>Netherlands</td><td>2,806</td><td>2,573</td><td>1,072</td><td>1,501</td><td>233</td><td>154</td><td>79</td><td>8,541</td><td>7,760</td><td>4,852</td><td>2,908</td><td>781</td><td>94</td><td>687</td></tr><tr><td>Norway</td><td>548</td><td>256</td><td>185</td><td>71</td><td>292</td><td>-</td><td>292</td><td>298</td><td>200</td><td>140</td><td>60</td><td>98</td><td>1</td><td>98</td></tr><tr><td>Portugal</td><td>287</td><td>201</td><td>94</td><td>107</td><td>86</td><td>-</td><td>86</td><td>120</td><td>62</td><td>49</td><td>13</td><td>58</td><td>1</td><td>57</td></tr><tr><td>Romania</td><td>166</td><td>69</td><td>69</td><td>-</td><td>97</td><td>97</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>86</td><td>62</td><td>13</td><td>49</td><td>24</td><td>-</td><td>24</td><td>42</td><td>37</td><td>22</td><td>15</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Sweden</td><td>86</td><td>73</td><td>72</td><td>1</td><td>13</td><td>-</td><td>13</td><td>428</td><td>46</td><td>43</td><td>3</td><td>382</td><td>14</td><td>368</td></tr><tr><td>Switzerland</td><td>17,004</td><td>15,840</td><td>8,790</td><td>7,050</td><td>1,164</td><td>473</td><td>691</td><td>22,403</td><td>18,770</td><td>7,450</td><td>11,320</td><td>3,633</td><td>990</td><td>2,643</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>249</td><td>162</td><td>157</td><td>5</td><td>87</td><td>39</td><td>48</td><td>160</td><td>110</td><td>99</td><td>11</td><td>50</td><td>13</td><td>37</td></tr><tr><td>Total Europe</td><td>49,318</td><td>39,003</td><td>18,721</td><td>20,282</td><td>10,315</td><td>1,097</td><td>9,218</td><td>60,294</td><td>50,801</td><td>30,890</td><td>19,911</td><td>9,993</td><td>1,589</td><td>7,904</td></tr><tr><td>Canada</td><td>43,655</td><td>22,843</td><td>2,541</td><td>20,302</td><td>20,812</td><td>2,097</td><td>18,715</td><td>21,912</td><td>15,694</td><td>3,274</td><td>12,420</td><td>6,218</td><td>1,478</td><td>4,740</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>2,288</td><td>519</td><td>493</td><td>26</td><td>1,769</td><td>89</td><td>1,680</td><td>605</td><td>365</td><td>317</td><td>48</td><td>240</td><td>33</td><td>207</td></tr><tr><td>Bolivia</td><td>81</td><td>81</td><td>70</td><td>11</td><td>-</td><td>-</td><td>-</td><td>69</td><td>65</td><td>65</td><td>-</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Brazil</td><td>1,083</td><td>143</td><td>132</td><td>11</td><td>940</td><td>5</td><td>935</td><td>227</td><td>187</td><td>175</td><td>12</td><td>40</td><td>9</td><td>31</td></tr><tr><td>Chile</td><td>156</td><td>95</td><td>85</td><td>10</td><td>61</td><td>17</td><td>44</td><td>229</td><td>95</td><td>76</td><td>19</td><td>134</td><td>9</td><td>125</td></tr><tr><td>Colombia</td><td>111</td><td>60</td><td>54</td><td>6</td><td>51</td><td>27</td><td>24</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>7</td><td>7</td><td>-</td><td>13</td><td>-</td><td>13</td></tr><tr><td>Cuba</td><td>1,670</td><td>1,171</td><td>1,138</td><td>33</td><td>499</td><td>210</td><td>289</td><td>1,480</td><td>1,271</td><td>648</td><td>623</td><td>209</td><td>173</td><td>36</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>1,070</td><td>938</td><td>761</td><td>177</td><td>132</td><td>105</td><td>27</td><td>466</td><td>461</td><td>314</td><td>147</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>17</td><td>17</td><td>17</td><td>17</td><td>182</td><td>70</td><td>112</td><td>87</td><td>80</td><td>8</td><td>72</td><td>7</td><td>6</td><td>1</td></tr><tr><td>Panama</td><td>2,097</td><td>1,915</td><td>1,861</td><td>54</td><td>-</td><td>-</td><td>-</td><td>1,177</td><td>1,050</td><td>873</td><td>177</td><td>127</td><td>23</td><td>104</td></tr><tr><td>Peru</td><td>335</td><td>335</td><td>208</td><td>127</td><td>-</td><td>-</td><td>-</td><td>27</td><td>25</td><td>17</td><td>8</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Venezuela</td><td>225</td><td>193</td><td>193</td><td>-</td><td>32</td><td>17</td><td>15</td><td>1,025</td><td>989</td><td>283</td><td>706</td><td>36</td><td>10</td><td>26</td></tr><tr><td>Other Latin America</td><td>2,150</td><td>1,289</td><td>1,148</td><td>141</td><td>861</td><td>320</td><td>541</td><td>1,049</td><td>910</td><td>809</td><td>101</td><td>139</td><td>31</td><td>108</td></tr><tr><td>Total Latin America</td><td>11,283</td><td>6,756</td><td>6,160</td><td>596</td><td>4,527</td><td>860</td><td>3,667</td><td>6,471</td><td>5,515</td><td>3,602</td><td>1,913</td><td>956</td><td>305</td><td>651</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>1,393</td><td>1,272</td><td>530</td><td>742</td><td>121</td><td>24</td><td>97</td><td>724</td><td>699</td><td>411</td><td>288</td><td>25</td><td>9</td><td>16</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td><td>131</td><td>106</td><td>25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>126</td><td>124</td><td>124</td><td>-</td><td>2</td><td>-</td><td>2</td><td>129</td><td>129</td><td>129</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>36</td><td>24</td><td>24</td><td>-</td><td>12</td><td>-</td><td>12</td><td>221</td><td>17</td><td>17</td><td>-</td><td>204</td><td>-</td><td>204</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>54</td><td>54</td><td>8</td><td>46</td><td>-</td><td>-</td><td>-</td><td>16</td><td>12</td><td>12</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Philippine Islands</td><td>148</td><td>126</td><td>124</td><td>2</td><td>22</td><td>20</td><td>2</td><td>111</td><td>102</td><td>67</td><td>35</td><td>9</td><td>9</td><td>-</td></tr><tr><td>Turkey</td><td>10</td><td>8</td><td>3</td><td>5</td><td>2</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Other Asia</td><td>96</td><td>59</td><td>31</td><td>28</td><td>37</td><td>-</td><td>37</td><td>62</td><td>57</td><td>38</td><td>19</td><td>5</td><td>2</td><td>3</td></tr><tr><td>Total Asia</td><td>1,865</td><td>1,669</td><td>845</td><td>824</td><td>196</td><td>44</td><td>152</td><td>1,413</td><td>1,164</td><td>784</td><td>380</td><td>249</td><td>20</td><td>229</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>2,003</td><td>489</td><td>336</td><td>153</td><td>1,514</td><td>-</td><td>1,514</td><td>241</td><td>189</td><td>185</td><td>4</td><td>52</td><td>-</td><td>52</td></tr><tr><td>New Zealand</td><td>9</td><td>9</td><td>9</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>Egypt and Anglo-Egyptian Sudan</td><td>72</td><td>72</td><td>52</td><td>20</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>6</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>48</td><td>48</td><td>44</td><td>4</td><td>-</td><td>-</td><td>-</td><td>11</td><td>9</td><td>5</td><td>4</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Union of South Africa</td><td>5,006</td><td>5,006</td><td>6</td><td>5,000</td><td>-</td><td>-</td><td>-</td><td>55</td><td>53</td><td>51</td><td>2</td><td>2</td><td>1</td><td>2</td></tr><tr><td>All other</td><td>214</td><td>176</td><td>176</td><td>-</td><td>38</td><td>-</td><td>38</td><td>197</td><td>169</td><td>27</td><td>142</td><td>28</td><td>-</td><td>28</td></tr><tr><td>Total other countries</td><td>7,352</td><td>5,800</td><td>623</td><td>5,177</td><td>1,552</td><td>-</td><td>1,552</td><td>517</td><td>433</td><td>276</td><td>157</td><td>84</td><td>1</td><td>83</td></tr><tr><td>International</td><td>74,525</td><td>74,525</td><td>-</td><td>74,525</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>187,998</td><td>150,596</td><td>28,890</td><td>121,706</td><td>37,402</td><td>4,098</td><td>33,304</td><td>90,607</td><td>73,607</td><td>38,826</td><td>34,781</td><td>17,000</td><td>3,393</td><td>13,607</td></tr></table>
2/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank
May 1948
59
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(In thousands of dollars)
<table><tr><th>Currency of -</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><th colspan="2">December</th></tr><tr><th></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><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>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><td>68,420</td><td>78,850</td></tr><tr><td>France</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><td>32</td><td>35</td></tr><tr><td>Belgium</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><td>1</td><td>83</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</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><td>-</td><td>11</td></tr><tr><td>Netherlands</td><td>-</td><td>2</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>-</td><td>18</td><td>40</td><td>32</td><td>5</td><td>5</td><td>-</td><td>-</td><td>20</td><td>20</td><td>56</td><td>56</td></tr><tr><td>Spain</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Sweden</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><td>7</td><td>-</td></tr><tr><td>Switzerland</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><td>408</td><td>263</td></tr><tr><td>Other Europe</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><td>8</td><td>9</td></tr><tr><td>Total Europe</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>85,321</td><td>72,200</td><td>84,780</td><td>68,932</td><td>79,308</td></tr><tr><td>Canada</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><td>1,489</td><td>21,402</td></tr><tr><td>Latin America</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><td>3</td><td>56</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>74</td><td>-</td><td>36</td><td>-</td><td>36</td><td>-</td><td>22</td><td>-</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>2,231</td><td>-</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>-</td><td>541</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Other Asia</td><td>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><td>977</td><td>1,247</td></tr><tr><td>Total Asia</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><td>1,518</td><td>1,251</td></tr><tr><td>All other</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><td>1,638</td><td>712</td></tr><tr><td>Grand total</td><td>66,371</td><td>81,171</td><td>78,744</td><td>91,364</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><td>73,580</td><td>102,729</td></tr></table>
1 0031959