11.11.10
11 The amount of the credit
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
Copy 2
TRAS, HT 10 A2 C.2
TREASURY
BULLETIN
JULY-1948
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
July 1948
Table of Contents
Page
<table><tr><td>Treasury financing operations.</td><td>A-1</td></tr><tr><td>Summary of fiscal operations.</td><td>1</td></tr><tr><td>Budget receipts and expenditures.</td><td>2</td></tr><tr><td>Trust accounts, etc.</td><td>8</td></tr><tr><td>Treasury cash income and outgo.</td><td>11</td></tr><tr><td>General Fund of the Treasury.</td><td>14</td></tr><tr><td>Debt outstanding.</td><td>15</td></tr><tr><td>Statutory debt limitation.</td><td>18</td></tr><tr><td>Debt operations.</td><td>19</td></tr><tr><td>United States savings bonds.</td><td>25</td></tr><tr><td>Treasury savings notes.</td><td>28</td></tr><tr><td>Ownership of Federal securities.</td><td>29</td></tr><tr><td>Treasury survey of ownership.</td><td>31</td></tr><tr><td>Market quotations.</td><td>35</td></tr><tr><td>Yields of Treasury and corporate bonds.</td><td>38</td></tr><tr><td>Internal revenue collections.</td><td>40</td></tr><tr><td>Monetary statistics.</td><td>44</td></tr><tr><td>Capital movements.</td><td>48</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
July 1948
A-1
Treasury Financing Operations
June and July Certificate and Bond Maturities
On May 13, 1948, the Secretary of the Treasury announced that there would be offered a series of one-year 1-1/8 percent certificates of indebtedness to refund the $4,839 million of securities maturing in June. At the same time, the Secretary stated that a 1-1/8 percent certificate would be offered also to holders of the three series of certificates maturing on July 1. The securities maturing in June consisted of a series of 7/8 percent certificates of indebtedness maturing June 1, and the 1-3/4 percent Treasury bonds maturing June 15.
Subscription books were opened May 19 for the new 1-1/8 percent certificates. In respect to the maturing certificates, exchanges were made par for par, and in respect to the maturing bonds, exchanges were made at par with an adjustment of interest as of June 15. Cash subscriptions were not received. The new certificates are dated June 1, 1948, and bear interest from that date at the rate of 1-1/8 percent per annum, payable with the principal at maturity on June 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 April 30, 1948, about 40 percent of the $1,777 million of
the maturing certificates and about 66 percent of the $3,062 million of the maturing bonds were owned by Federal Reserve Banks and reporting commercial banks. The ownership figures for April 30 are the latest which are available for holdings of commercial banks.
Subscription books were closed at the close of business on May 21, except for the subscriptions from holders of $25,000 or less of the maturing bonds. For the latter category, the subscription books were closed at the close of business on May 25. For the two issues combined, exchanges totaled $4,301 million, leaving $538 million to be paid in cash. Certificates of indebtedness exchanged amounted to $1,618 million, leaving $159 million to be paid in cash. Exchanges of the 1-3/4 percent bonds amounted to $2,683 million, leaving $379 million to be paid in cash.
Treasury Bills Refunded in May
May was the first month since October during which all bill maturities were refunded in full. Four issues matured during the month, totaling $4.0 billion. The first maturity was $900 million, the second and third maturities were $1.0 billion each, and the fourth was $1.1 billion. The average rates of discount for the new issues were 0.998 percent for those dated May 6 and May 13, and 0.997 percent for those dated May 20 and May 27.
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of
bonds, notes, and certificates of indebtedness, and the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin".
July 1948
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th>Net receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-)</th><th>Trust accounts, etc. - net receipts, or expenditures (-)</th><th>Clearing account 1/</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th>General Fund balance</th><th>Public debt</th><th>Debt outstanding</th><th>Total Federal securities</th></tr><tr><td colspan="13">Fiscal years:</td></tr><tr><td>1937</td><td>5,023</td><td>7,806</td><td>-2,777</td><td>3</td><td>-</td><td>2,546</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>5,895</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>3,215</td><td>-622</td><td>2,838</td><td>40,980</td><td>2,351</td><td>43,330</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>19,702</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>1,100</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>-30,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>43,259</td><td>42,505</td><td>754</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td></tr><tr><td>1948 (Estimated)</td><td>45,210</td><td>37,728</td><td>7,483</td><td>-469</td><td>-400</td><td>-7,386</td><td>-772</td><td>2,536</td><td>250,900</td><td>68</td><td>250,968</td></tr><tr><td>1949 (Estimated)</td><td>44,477</td><td>39,669</td><td>4,808</td><td>-159</td><td>-</td><td>-4,700</td><td>-51</td><td>2,484</td><td>246,200</td><td>62</td><td>246,262</td></tr><tr><td colspan="13">Calendar years:</td></tr><tr><td>1941</td><td>8,849</td><td>20,610</td><td>-11,762</td><td>880</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>10,593</td><td>109,170</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>156,877</td><td>4,230</td><td>170,108</td></tr><tr><td>1944</td><td>44,421</td><td>98,071</td><td>-53,650</td><td>-1,161</td><td>-</td><td>64,753</td><td>9,942</td><td>22,236</td><td>230,630</td><td>1,514</td><td>232,144</td></tr><tr><td>1945</td><td>46,046</td><td>89,640</td><td>-43,594</td><td>-123</td><td>-</td><td>47,494</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>-280</td><td>-2,249</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td colspan="13">Months:</td></tr><tr><td>1945 December</td><td>4,118</td><td>5,013</td><td>-895</td><td>-319</td><td>-</td><td>12,773</td><td>11,558</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946 January</td><td>3,819</td><td>4,860</td><td>-1,042</td><td>-307</td><td>-</td><td>772</td><td>-577</td><td>25,427</td><td>278,887</td><td>558</td><td>279,445</td></tr><tr><td>February</td><td>3,578</td><td>3,815</td><td>-243</td><td>-16</td><td>-</td><td>327</td><td>-534</td><td>25,963</td><td>279,170</td><td>551</td><td>279,724</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>-1,533</td><td>24,367</td><td>278,012</td><td>553</td><td>278,565</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>273,838</td><td>544</td><td>274,383</td></tr><tr><td>May</td><td>2,733</td><td>3,854</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>266,270</td><td>333</td><td>266,603</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>2,589</td><td>-165</td><td>19</td><td>34</td><td>-1,255</td><td>-1,405</td><td>6,665</td><td>258,277</td><td>370</td><td>262,046</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>4,376</td><td>3,914</td><td>464</td><td>215</td><td>102</td><td>1,642</td><td>2,422</td><td>7,134</td><td>261,418</td><td>188</td><td>261,606</td></tr><tr><td>March</td><td>5,701</td><td>3,598</td><td>2,102</td><td>-72</td><td>39</td><td>-2,294</td><td>-224</td><td>6,909</td><td>259,124</td><td>182</td><td>259,306</td></tr><tr><td>April</td><td>2,556</td><td>4,001</td><td>-1,445</td><td>202</td><td>67</td><td>-1,423</td><td>-2,598</td><td>4,312</td><td>257,701</td><td>178</td><td>257,880</td></tr><tr><td>May</td><td>2,865</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>259,438</td><td>80</td><td>259,528</td></tr><tr><td>August</td><td>2,536</td><td>3,050</td><td>-254</td><td>379</td><td>-273</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>-48</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><tr><td>April</td><td>2,806</td><td>3,109</td><td>-302</td><td>86</td><td>226</td><td>-750</td><td>-781</td><td>4,612</td><td>252,240</td><td>75</td><td>252,315</td></tr><tr><td>May</td><td>2,707</td><td>2,604</td><td>103</td><td>378</td><td>-144</td><td>-3</td><td>334</td><td>4,946</td><td>252,236</td><td>75</td><td>252,311</td></tr></table>
1/ Gross receipts less amounts appropriated to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes net expenditures of Government corporations wholly owned, etc.
3/ Comprises trust accounts; sales and redemptions of securities of Government corporations, etc., in the market (net); increment on gold; exigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-1939). 
4/ Clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks; increase, or decrease (-).
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>Est 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>8,295</td><td>668</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>38,266</td><td>-</td><td>1,260</td><td>556</td><td>94</td><td>4,113</td><td>34,289</td><td>-21,900</td></tr><tr><td>1943</td><td>23,412</td><td>1,130</td><td>22,282</td><td>75,997</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>-53,911</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>5,985</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>594</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>611</td><td>103</td><td>814</td><td>3,060</td><td>-524</td></tr><tr><td>September</td><td>4,885</td><td>14</td><td>4,872</td><td>1,008</td><td>68</td><td>668</td><td>494</td><td>53</td><td>641</td><td>2,932</td><td>1,940</td></tr><tr><td>October</td><td>2,456</td><td>66</td><td>2,390</td><td>1,154</td><td>141</td><td>157</td><td>481</td><td>55</td><td>457</td><td>2,445</td><td>-55</td></tr><tr><td>November</td><td>3,054</td><td>310</td><td>2,743</td><td>936</td><td>150</td><td>127</td><td>526</td><td>42</td><td>415</td><td>2,194</td><td>549</td></tr><tr><td>December</td><td>4,260</td><td>14</td><td>4,246</td><td>996</td><td>218</td><td>972</td><td>568</td><td>53</td><td>417</td><td>3,224</td><td>1,022</td></tr><tr><td>1948-January</td><td>4,310</td><td>35</td><td>4,275</td><td>1,069</td><td>223</td><td>401</td><td>524</td><td>78</td><td>585</td><td>2,879</td><td>1,396</td></tr><tr><td>February</td><td>4,614</td><td>278</td><td>4,336</td><td>850</td><td>266</td><td>142</td><td>529</td><td>182</td><td>433</td><td>2,402</td><td>1,934</td></tr><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><tr><td>April</td><td>2,881</td><td>74</td><td>2,806</td><td>909</td><td>332</td><td>154</td><td>582</td><td>555</td><td>577</td><td>3,109</td><td>-302</td></tr><tr><td>May</td><td>3,083</td><td>376</td><td>2,707</td><td>933</td><td>249</td><td>124</td><td>530</td><td>388</td><td>380</td><td>2,604</td><td>103</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation as shown therein.
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="5">Internal revenue 4/</th><th rowspan="2">Miscella- neous internal revenue</th><th rowspan="2">Customs 1/</th><th rowspan="2">All other receipts 1/</th></tr><tr><th>Total internal revenue</th><th colspan="2">Income and profits taxee</th><th colspan="3">Employment taxes 5/</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers 5/</th><th>Other 5/</th><th>Total</th><th>Old-age insurance</th><th>Unemploy- ment insurance</th><th>Railroad retirement</th><th></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>45,141</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>30,889</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,258</td><td>180</td><td>283</td><td>7,125</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>32,694</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>943</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><tr><td>April</td><td>2,881</td><td>2,603</td><td>1,858</td><td>684</td><td>1,174</td><td>83</td><td>74</td><td>3</td><td>6</td><td>662</td><td>35</td><td>243</td></tr><tr><td>May</td><td>3,083</td><td>2,859</td><td>1,795</td><td>1,358</td><td>1,428</td><td>401</td><td>376</td><td>13</td><td>12</td><td>673</td><td>31</td><td>193</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation as shown therein.
Footnote at end of Table 5.
July 1948
3
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of the Army 8/</th><th>Department of the Navy 9/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission</th><th>UBERA</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>6,695</td><td>1,678</td><td>2,313</td><td>-</td><td>51</td><td>-</td><td>-</td><td>354</td><td>259</td></tr><tr><td>1942</td><td>28,266</td><td>14,070</td><td>8,580</td><td>-</td><td>929</td><td>-</td><td>-</td><td>2,255</td><td>2,432</td></tr><tr><td>1943</td><td>75,297</td><td>42,265</td><td>20,888</td><td>-</td><td>2,776</td><td>-</td><td>-</td><td>3,189</td><td>6,180</td></tr><tr><td>1944</td><td>89,720</td><td>49,242</td><td>26,538</td><td>-</td><td>3,812</td><td>-</td><td>-</td><td>2,682</td><td>7,447</td></tr><tr><td>1945</td><td>90,501</td><td>50,337</td><td>30,047</td><td>-</td><td>3,227</td><td>114</td><td>-</td><td>472</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</td><td>27,800</td><td>15,161</td><td>1,986</td><td>694</td><td>604</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>278</td><td>271</td><td>1,501</td><td>442</td><td>138</td><td>519</td></tr><tr><td>1948 (Estimated)</td><td>11,712</td><td>6,375</td><td>4,123</td><td>278</td><td>417</td><td>200</td><td>340</td><td>-</td><td>9</td></tr><tr><td>1949 (Estimated)</td><td>11,240</td><td>6,307</td><td>4,155</td><td>5</td><td>229</td><td>1</td><td>140</td><td>-</td><td>404</td></tr><tr><td>1947-July</td><td>981</td><td>455</td><td>368</td><td>40</td><td>-15</td><td>81</td><td>49</td><td>-</td><td>3</td></tr><tr><td>August</td><td>910</td><td>433</td><td>319</td><td>48</td><td>17</td><td>53</td><td>40</td><td>-</td><td>1</td></tr><tr><td>September</td><td>1,008</td><td>571</td><td>304</td><td>55</td><td>38</td><td>13</td><td>26</td><td>-</td><td>1</td></tr><tr><td>October</td><td>1,154</td><td>647</td><td>357</td><td>49</td><td>38</td><td>41</td><td>22</td><td>-</td><td>-</td></tr><tr><td>November</td><td>936</td><td>503</td><td>350</td><td>28</td><td>18</td><td>8</td><td>28</td><td>-</td><td>a</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>0</td><td>40</td><td>-</td><td>-</td></tr><tr><td>April</td><td>909</td><td>491</td><td>336</td><td>3</td><td>29</td><td>29</td><td>20</td><td>-</td><td>-</td></tr><tr><td>May</td><td>933</td><td>542</td><td>341</td><td>2</td><td>24</td><td>7</td><td>17</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 as shown therein.
Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fincoal 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>Instrim 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>175</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>169</td><td>140</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>181</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><tr><td>April</td><td>332</td><td>-</td><td>37</td><td>-</td><td>30</td><td>41</td><td>92</td><td>*</td><td>132</td><td>-</td></tr><tr><td>May</td><td>249</td><td>-</td><td>54</td><td>-</td><td>24</td><td>9</td><td>69</td><td>1</td><td>91</td><td>-</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation as shown therein.
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 1¼/</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>1946</td><td>5,959</td><td>1,801 r</td><td>510</td><td>995</td><td>-17</td><td>1,573</td><td>1,098 r</td></tr><tr><td>1941</td><td>5,349</td><td>1,272</td><td>586</td><td>761</td><td>3</td><td>1,374</td><td>1,374</td></tr><tr><td>1942</td><td>4,113</td><td>1,403 r</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>732 r</td><td>535</td><td>-354</td><td>299</td><td>109 r</td></tr><tr><td>1944</td><td>2,246</td><td>696</td><td>798 r</td><td>425</td><td>-360</td><td>17</td><td>670 r</td></tr><tr><td>1945</td><td>2,505</td><td>965</td><td>807 r</td><td>380</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>85</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>-5</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>195</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>17</td><td>65</td><td>-32</td><td>-</td><td>190</td></tr><tr><td>March</td><td>411</td><td>110</td><td>56</td><td>69</td><td>-16</td><td>-</td><td>213</td></tr><tr><td>April</td><td>577</td><td>42</td><td>145</td><td>82</td><td>-4</td><td>-</td><td>312</td></tr><tr><td>May</td><td>300</td><td>28</td><td>68</td><td>85</td><td>-10</td><td>-</td><td>209</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation as shown therein.
2/ 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 in 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. For further detail, see tables under "Internal Revenue Collections".
5/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1943 are classified as social income and profits taxes.
6/ Excludes railroad unemployment insurance contributions, which are included in "all other receipts"
1/ At present consists largely of proceeds from the sale of surplus property; also includes deposits resulting from renegotiation of war contracts (for detail see "Treasury Bulletin" for February 1948, page 5), and recoveries of U. S. investment in capital funds (see tables on "Consumer 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 program, 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 the "Departmental Finance and aid, shown in Table 4. Beginning March 1948, includes reimbursement for expenditures by the Departments 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. See detail 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. Beginning July 1, 1947, consisted of expenditures for Office of Selective Service Records; beginning March 1948, expenditures for the Office of the Secretary of Defense are also included.
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 UNRA, and for national defense, 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 preceding. For refunds shown here, see excluded for expedited returns in this table and included in Table 1 preceding under "Refunds of taxes and duties". Expenditures for the U. S. Employment Service during the fiscal years 1943 through 1946 are likewise excluded from this table and included under "Other" in Table 3 preceding, as national defense expenditures.
16/ National defense 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/ National Home Finance Corporation 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 1945.
19/ Includes expenditures for executive departments not included elsewhere and legislative and judicial functions; Government contributions to Federal employees' retirement; atomic energy; aids to education, labor, finance, commerce and industry; Civil Aeronautics Administration; Canal; Post Office deficiency; stock-piling; and for 1948 and 1949 estimates, a reserve for contingencies.
* Less than $500,000.
r Revised.
July 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>104</td><td>100</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>368</td><td>740</td><td>5,838</td></tr><tr><td>1941</td><td>340</td><td>581</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>504</td><td>1,212</td><td>8,489</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>2,587</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>2,133</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>4,286</td><td>43,977</td></tr><tr><td>1948</td><td>4,275</td><td>4,336</td><td>6,334</td><td>2,806</td><td>2,707</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><th colspan="12">Budget expenditures 2/</th></tr><tr><td>1940 3/</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>808</td><td>745</td><td>897</td><td>895</td><td>1,193</td></tr><tr><td>1941</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>1,675</td><td>1,996</td><td>2,336</td><td>1,896</td><td>2,691</td></tr><tr><td>1942</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>7,462</td><td>5,936</td><td>6,191</td><td>6,018</td><td>6,932</td></tr><tr><td>1943</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>7,838</td><td>7,674</td><td>7,626</td><td>7,958</td><td>7,751</td></tr><tr><td>1944</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></tr><tr><td>1945</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></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></tr><tr><td>1948</td><td>2,879</td><td>2,402</td><td>3,546</td><td>3,109</td><td>2,604</td><td></td><td></td><td></td><td></td><td></td><td></td><td>41,543</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>98,071</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>20,610</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57,863</td></tr></table>
<table><tr><th colspan="12">Budget surplus, or deficit (-) $/</th></tr><tr><td>1940 3/.........</td><td>-179</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>-314</td><td>-564</td><td>-532</td><td>-452</td></tr><tr><td>1941.........</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>-1,518</td><td>-4,875</td><td>-3,410</td><td>-1,891</td><td>-1,332</td><td>-1,479</td></tr><tr><td>1942.........</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,894</td><td>-2,014</td></tr><tr><td>1943.........</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></tr><tr><td>1944.........</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td></tr><tr><td>1945.........</td><td>-1,042</td><td>283</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td></tr><tr><td>1946.........</td><td>706</td><td>464</td><td>2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td></tr><tr><td>1947.........</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-2,434</td></tr></table>
Source: Daily Treasury Statement.
1/ Gross receipts less amounts appropriated to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law; in-
3/ Monthly figures for the period January through June 1940 are not presently available.
b/ 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>Fiscal year or month</th><th>Excess of net receipts, or expenditures (-)/</th><th colspan="3">Gross receipts</th><th>Loss: appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Net receipts</th></tr><tr><th></th><th></th><th>Total</th><th>Social Security taxes Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></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>-384.5</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>895.6</td><td>119.9</td></tr><tr><td>1943</td><td>-368.8</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>1,944.3</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>-68.5</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>318.7</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>15.7</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>-75.1</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</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</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>-42.5</td><td>43.3</td><td>30.4</td><td>12.9</td><td>30.4</td><td>12.9</td></tr><tr><td>April</td><td>-83.2</td><td>77.2</td><td>74.3</td><td>2.9</td><td>74.3</td><td>2.9</td></tr><tr><td>May</td><td>-54.1</td><td>389.4</td><td>376.0</td><td>13.4</td><td>376.0</td><td>13.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 1/</th><th colspan="6">Social Security Administration</th><th colspan="3">Children's Bureau 2/</th><th rowspan="2">U. S. Employment Service 3/</th><th rowspan="2">Refunds of taxes</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service 4/</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>466.6</td><td>293.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.2</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>4.2</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>8.8</td></tr><tr><td>1947-July</td><td>90.6</td><td>2.5</td><td>87.5</td><td>59.1</td><td>16.7</td><td>1.7</td><td>9.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>August</td><td>79.6 7/</td><td>1.6</td><td>76.7</td><td>53.6</td><td>12.6</td><td>1.5</td><td>6.0</td><td>-</td><td>1.5</td><td>1.1</td><td>.4</td><td>-</td><td>.6</td></tr><tr><td>September</td><td>52.3</td><td>1.5</td><td>49.9</td><td>37.4</td><td>9.9</td><td>1.1</td><td>.4</td><td>-</td><td>.4</td><td>.2</td><td>.5</td><td>-</td><td>1.0</td></tr><tr><td>October</td><td>70.6</td><td>1.6</td><td>67.7</td><td>45.7</td><td>12.7</td><td>1.6</td><td>5.7</td><td>-</td><td>.8</td><td>.8</td><td>.4</td><td>-</td><td>1.2</td></tr><tr><td>November</td><td>85.9</td><td>1.5</td><td>83.9</td><td>56.6</td><td>13.4</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>.5</td></tr><tr><td>December</td><td>57.5</td><td>1.7</td><td>55.2</td><td>42.1</td><td>9.5</td><td>1.4</td><td>.3</td><td>-</td><td>1.0</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1948-January</td><td>75.5</td><td>1.4</td><td>73.6</td><td>51.2</td><td>13.1</td><td>1.5</td><td>5.9</td><td>-</td><td>1.0</td><td>.5</td><td>.2</td><td>-</td><td>.5</td></tr><tr><td>February</td><td>77.0</td><td>1.4</td><td>75.1</td><td>49.5</td><td>12.5</td><td>1.5</td><td>10.2</td><td>-</td><td>.8</td><td>.6</td><td>.2</td><td>-</td><td>.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>.2</td><td>-</td><td>1.0</td><td>.8</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>April</td><td>86.2</td><td>1.5</td><td>83.9</td><td>51.3</td><td>13.1</td><td>1.5</td><td>16.0</td><td>-</td><td>1.0</td><td>.7</td><td>.3</td><td>-</td><td>.7</td></tr><tr><td>May</td><td>61.5</td><td>1.6</td><td>65.5</td><td>48.8</td><td>12.4</td><td>1.6</td><td>1.7</td><td>-</td><td>.7</td><td>.4</td><td>.1</td><td>-</td><td>.5</td></tr></table>
Source: Daily Treasury Statement
Excuse of expenditures is covered by appropriations by Congress. 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. Figures were revised in the February 1948 issue of the "Treasury Bulletin" to reflect the present classification of certain expenditures reimbursed
1/ 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.
Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter were made under provisions of the Public Health Service Act of 1946.
5/ Includes expenditures under Social Security Act by the Department of Labor through July 31, 1946.
6/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
Total includes amounts transferred to the Federal Old-Age and Survivors Insurance Trust Fund as follows: Fiscal year 1947, $375,000; August 1947, $700,000.
Less than $50,000.
July 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>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1940</td><td>-2.3</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td></tr><tr><td>1941</td><td>6.7</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><tr><td>April</td><td>53.7</td><td>5.7</td><td>59.3</td><td>.3</td><td>59.0</td><td>°</td></tr><tr><td>May</td><td>11.2</td><td>11.6</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>Pisonal year or month</th><th>Excess of receipts, or expenditures (-) 2/</th><th>Receipts Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration 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>2.2</td><td>5.5</td><td>-5</td><td>-</td></tr><tr><td>September</td><td>2.5</td><td>2.9</td><td>4</td><td>4</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><tr><td>April</td><td>-4</td><td>*</td><td>4</td><td>4</td><td>-</td></tr><tr><td>May</td><td>-5</td><td>1</td><td>6</td><td>6</td><td>-</td></tr></table>
Daily Treasury Statement.
Operated as Railroad Unemployment Insurance Administration Fund.
Excess of expenditures is covered by appropriations by Congress.
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 7 under "Trust Accounts, Rtc.")
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
TRUST ACCOUNTS, ETC.
Table 1.- Summary of Receipts and
Expenditures of All Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net receipts, or expenditures (-)</th><th>Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><th></th><th>Investments</th><th>Other</th><th>Total</th></tr><tr><td>1940</td><td>443</td><td>2,132</td><td>1,112</td><td>577</td><td>1,689</td></tr><tr><td>1941</td><td>908</td><td>2,665</td><td>1,338</td><td>419</td><td>1,757</td></tr><tr><td>1942</td><td>-1,613</td><td>3,218</td><td>1,925</td><td>2,905</td><td>4,830</td></tr><tr><td>1943</td><td>-336</td><td>3,954</td><td>3,004</td><td>1,287</td><td>4,292</td></tr><tr><td>1944</td><td>-2,222</td><td>5,085</td><td>4,129</td><td>3,178</td><td>7,307</td></tr><tr><td>1945</td><td>791</td><td>7,086</td><td>5,200</td><td>1,094</td><td>6,294</td></tr><tr><td>1946</td><td>-524</td><td>7,712</td><td>3,668</td><td>4,168</td><td>8,236</td></tr><tr><td>1947</td><td>-1,103</td><td>6,244</td><td>3,362</td><td>3,987</td><td>7,347</td></tr><tr><td>1948 (Estimated)</td><td>-469</td><td>6,493</td><td>3,243</td><td>3,719</td><td>6,961</td></tr><tr><td>1949 (Estimated)</td><td>-159</td><td>6,169</td><td>3,023</td><td>3,305</td><td>6,328</td></tr><tr><td>1947-July</td><td>17</td><td>786</td><td>443</td><td>326</td><td>769</td></tr><tr><td>August</td><td>379</td><td>974</td><td>431</td><td>164</td><td>595</td></tr><tr><td>September</td><td>-314</td><td>246</td><td>296</td><td>264</td><td>560</td></tr><tr><td>October</td><td>69</td><td>331</td><td>37</td><td>225</td><td>262</td></tr><tr><td>November</td><td>265</td><td>685</td><td>292</td><td>128</td><td>420</td></tr><tr><td>December</td><td>-468</td><td>233</td><td>143</td><td>557</td><td>700</td></tr><tr><td>1948-January</td><td>259</td><td>567</td><td>89</td><td>218</td><td>307</td></tr><tr><td>February</td><td>-194</td><td>582</td><td>258</td><td>518</td><td>776</td></tr><tr><td>March</td><td>-86</td><td>277</td><td>79</td><td>284</td><td>363</td></tr><tr><td>April</td><td>86</td><td>335</td><td>-26</td><td>276</td><td>249</td></tr><tr><td>May</td><td>378</td><td>678</td><td>116</td><td>184</td><td>300</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation as shown therein.
Table 2.- Receipts, by Principal Accounts
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Governmental life insurance fund</th><th>Federal employees' retirement funds 1/</th><th>Miscellaneous 2/</th></tr><tr><td>1940</td><td>2,132</td><td>592</td><td>123</td><td>959</td><td>-</td><td>93</td><td>154</td><td>210</td></tr><tr><td>1941</td><td>2,665</td><td>744</td><td>127</td><td>1,114</td><td>4</td><td>91</td><td>175</td><td>410</td></tr><tr><td>1942</td><td>3,218</td><td>967</td><td>144</td><td>1,244</td><td>46</td><td>92</td><td>222</td><td>504</td></tr><tr><td>1943</td><td>3,954</td><td>1,218</td><td>221</td><td>1,399</td><td>316</td><td>90</td><td>374</td><td>337</td></tr><tr><td>1944</td><td>5,085</td><td>1,395</td><td>273</td><td>1,567</td><td>905</td><td>94</td><td>501</td><td>351</td></tr><tr><td>1945</td><td>7,086</td><td>1,434</td><td>324</td><td>1,508</td><td>2,127</td><td>97</td><td>557</td><td>1,038</td></tr><tr><td>1946</td><td>7,722</td><td>1,386</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947</td><td>6,244</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948 (Estimated)</td><td>6,493</td><td>1,820</td><td>798</td><td>1,404</td><td>707</td><td>99</td><td>574</td><td>1,090</td></tr><tr><td>1949 (Estimated)</td><td>6,169</td><td>2,097</td><td>630</td><td>1,437</td><td>647</td><td>98</td><td>580</td><td>681</td></tr><tr><td>1947-July</td><td>786</td><td>72</td><td>512</td><td>49</td><td>66</td><td>5</td><td>19</td><td>64</td></tr><tr><td>August</td><td>974</td><td>329</td><td>*</td><td>245</td><td>54</td><td>3</td><td>267</td><td>75</td></tr><tr><td>September</td><td>246</td><td>23</td><td>*</td><td>43</td><td>40</td><td>4</td><td>19</td><td>117</td></tr><tr><td>October</td><td>331</td><td>66</td><td>57</td><td>41</td><td>45</td><td>4</td><td>21</td><td>98</td></tr><tr><td>November</td><td>685</td><td>310</td><td>*</td><td>213</td><td>43</td><td>3</td><td>19</td><td>96</td></tr><tr><td>December</td><td>233</td><td>27</td><td>*</td><td>53</td><td>57</td><td>4</td><td>20</td><td>72</td></tr><tr><td>1948-January</td><td>567</td><td>96</td><td>58</td><td>100</td><td>48</td><td>4</td><td>20</td><td>240</td></tr><tr><td>February</td><td>582</td><td>278</td><td>*</td><td>155</td><td>39</td><td>4</td><td>19</td><td>88</td></tr><tr><td>March</td><td>277</td><td>40</td><td>*</td><td>51</td><td>50</td><td>4</td><td>19</td><td>112</td></tr><tr><td>April</td><td>335</td><td>75</td><td>59</td><td>39</td><td>41</td><td>3</td><td>20</td><td>98</td></tr><tr><td>May</td><td>678</td><td>376</td><td>1</td><td>201</td><td>24</td><td>3</td><td>20</td><td>53</td></tr></table>
1/ Consists of Alaska Railroad, Canal Zone, Civil Service, and Foreign Service Retirement Funds.
2/ Includes Adjusted Service Certificate Fund, District of Columbia subsequent to fiscal year 1940, Indian tribal funds, insular possessions, increment resulting from reduction in the weight of the gold dollar, and coinmorage on silver. Less than $500,000.
Table 3.- Investments, by Principal Accounts
(In millions of dollars; negative figures are excess of redemptions)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Retired Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Federal employee retirement funds 1/</th><th>Adjusted Service Certificate Fund</th></tr><tr><td>1940</td><td>1,112</td><td>961</td><td>12</td><td>443</td><td>-</td><td>18</td><td>86</td><td>-8</td></tr><tr><td>1941</td><td>1,338</td><td>642</td><td>-5</td><td>563</td><td>3</td><td>30</td><td>97</td><td>8</td></tr><tr><td>1942</td><td>1,925</td><td>821</td><td>18</td><td>866</td><td>35</td><td>47</td><td>140</td><td>-1</td></tr><tr><td>1943</td><td>3,004</td><td>1,035</td><td>86</td><td>1,228</td><td>314</td><td>61</td><td>280</td><td>*</td></tr><tr><td>1944</td><td>4,129</td><td>1,172</td><td>140</td><td>1,503</td><td>862</td><td>60</td><td>393</td><td>-1</td></tr><tr><td>1945</td><td>5,200</td><td>1,137</td><td>182</td><td>1,437</td><td>1,974</td><td>73</td><td>399</td><td>-2</td></tr><tr><td>1946</td><td>3,668</td><td>1,002</td><td>156</td><td>108</td><td>2,053</td><td>47</td><td>309</td><td>-2</td></tr><tr><td>1947</td><td>3,362</td><td>1,194</td><td>148</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td></tr><tr><td>1948 (Estimated)</td><td>3,243</td><td>1,311</td><td>572</td><td>594</td><td>405</td><td>29</td><td>333</td><td>-1</td></tr><tr><td>1949 (Estimated)</td><td>3,023 2/</td><td>1,288</td><td>398</td><td>531</td><td>326</td><td>42</td><td>330</td><td>-1</td></tr><tr><td>1947-July</td><td>443</td><td>-42</td><td>494</td><td>-55</td><td>46</td><td>-</td><td>*</td><td>-</td></tr><tr><td>August</td><td>431</td><td>-</td><td>-17</td><td>167</td><td>40</td><td>-</td><td>247</td><td>-6</td></tr><tr><td>September</td><td>296</td><td>300</td><td>-18</td><td>-10</td><td>25</td><td>-1</td><td>*</td><td>-</td></tr><tr><td>October</td><td>37</td><td>-</td><td>38</td><td>-15</td><td>25</td><td>-</td><td>-11</td><td>-</td></tr><tr><td>November</td><td>292</td><td>134</td><td>-19</td><td>159</td><td>15</td><td>-</td><td>2</td><td>*</td></tr><tr><td>December</td><td>143</td><td>134</td><td>-20</td><td>4</td><td>30</td><td>-2</td><td>-4</td><td>*</td></tr><tr><td>1948-January</td><td>89</td><td>-</td><td>38</td><td>30</td><td>20</td><td>-1</td><td>2</td><td>*</td></tr><tr><td>February</td><td>258</td><td>157</td><td>-20</td><td>93</td><td>15</td><td>-</td><td>13</td><td>*</td></tr><tr><td>March</td><td>79</td><td>105</td><td>-19</td><td>-35</td><td>25</td><td>-1</td><td>4</td><td>-</td></tr><tr><td>April</td><td>-26</td><td>-24</td><td>40</td><td>-50</td><td>15</td><td>-1</td><td>-7</td><td>-</td></tr><tr><td>May</td><td>116</td><td>-</td><td>-19</td><td>125</td><td>5</td><td>-1</td><td>6</td><td>-</td></tr></table>
Source: (Same as Table 1). 1/ See footnotes 1, Table 2.
2/ Total includes $150 million for Health Insurance Trust Fund under proposed legislation. * Less than $500,000.
July 1948
9
TRUST ACCOUNTS, ETC.
Table 4.- Expenditures Other Than Investments, by Principal Accounts
(In millions of dollars; negative figures are excess of credits)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Federal employee retirement funds 1/</th><th>Miscellaneous 2/</th><th>Special deposit accounts (net)</th><th>Redemption, or sale (−), of securities of Government corporations, etc. in the market (net)</th></tr><tr><td>1940</td><td>577</td><td>28</td><td>113</td><td>514</td><td>-</td><td>78</td><td>69</td><td>115</td><td>-53</td><td>-288</td></tr><tr><td>1941</td><td>419</td><td>91</td><td>121</td><td>555</td><td>*</td><td>63</td><td>74</td><td>337</td><td>30</td><td>-892</td></tr><tr><td>1942</td><td>2,905</td><td>137</td><td>126</td><td>377</td><td>1</td><td>45</td><td>78</td><td>461</td><td>-129</td><td>1,809</td></tr><tr><td>1943</td><td>1,287</td><td>177</td><td>130</td><td>176</td><td>6</td><td>30</td><td>85</td><td>260</td><td>-271</td><td>694</td></tr><tr><td>1944</td><td>3,178</td><td>217</td><td>134</td><td>61</td><td>31</td><td>34</td><td>103</td><td>233</td><td>-508</td><td>2,874</td></tr><tr><td>1945</td><td>1,094</td><td>267</td><td>141</td><td>71</td><td>128</td><td>25</td><td>151</td><td>428</td><td>-1,669</td><td>1,553</td></tr><tr><td>1946</td><td>4,568</td><td>358</td><td>152</td><td>1,146</td><td>280</td><td>50</td><td>267</td><td>1,574</td><td>647</td><td>95</td></tr><tr><td>1947</td><td>3,985</td><td>466</td><td>173</td><td>869</td><td>282</td><td>67</td><td>323</td><td>1,073</td><td>372</td><td>359</td></tr><tr><td>1948 (Estimated)</td><td>3,719</td><td>556</td><td>228</td><td>814</td><td>302</td><td>70</td><td>241</td><td>1,186</td><td>427</td><td>-105</td></tr><tr><td>1949 (Estimated)</td><td>3,305</td><td>824</td><td>232</td><td>906</td><td>321</td><td>55</td><td>250</td><td>561</td><td>525</td><td>-369</td></tr><tr><td>1947-July</td><td>326</td><td>43</td><td>17</td><td>94</td><td>25</td><td>19</td><td>24</td><td>40</td><td>51</td><td>12</td></tr><tr><td>August</td><td>164</td><td>43</td><td>18</td><td>75</td><td>25</td><td>6</td><td>20</td><td>18</td><td>43</td><td>3</td></tr><tr><td>September</td><td>264</td><td>43</td><td>18</td><td>64</td><td>22</td><td>4</td><td>26</td><td>20</td><td>140</td><td>-74</td></tr><tr><td>October</td><td>225</td><td>46</td><td>18</td><td>59</td><td>27</td><td>4</td><td>24</td><td>21</td><td>27</td><td>-2</td></tr><tr><td>November</td><td>128</td><td>44</td><td>19</td><td>45</td><td>22</td><td>4</td><td>23</td><td>26</td><td>-56</td><td>1</td></tr><tr><td>December</td><td>557</td><td>46</td><td>19</td><td>51</td><td>28</td><td>5</td><td>22</td><td>4011/</td><td>8</td><td>-23</td></tr><tr><td>1948-January</td><td>218</td><td>41</td><td>19</td><td>66</td><td>25</td><td>4</td><td>18</td><td>37</td><td>69</td><td>-61</td></tr><tr><td>February</td><td>518</td><td>51</td><td>19</td><td>64</td><td>23</td><td>4</td><td>17</td><td>3223/</td><td>9</td><td>10</td></tr><tr><td>March</td><td>204</td><td>50</td><td>19</td><td>83</td><td>29</td><td>5</td><td>16</td><td>1031/</td><td>-21</td><td>1</td></tr><tr><td>April</td><td>276</td><td>50</td><td>19</td><td>81</td><td>26</td><td>5</td><td>18</td><td>713/</td><td>-53</td><td>59</td></tr><tr><td>May</td><td>184</td><td>50</td><td>19</td><td>72</td><td>24</td><td>5</td><td>18</td><td>16</td><td>-24</td><td>4</td></tr></table>
Sources: (Same as Table 1).
1/ See Footnote 1, Table 2.
2/ Includes Adjusted Service Certificate Fund, District of Columbia subsequent to fiscal year 1940, Indian tribal funds, and expenditures chargeable against increment on gold.
3/ Includes $360 million in December, $150 million in February, $70 million in March, and $50 million in April representing proceeds of ship sales finally allocable to budget receipts from surplus property. These proceeds were carried in trust account receipts pending final determination. * Less than $500,000.
Table 5.- Federal Old-Age and Survivors Insurance Trust Fund
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="4">Expenditures other than investments</th><th>Net increase or decrease (-)</th><th colspan="3">Assets, end of period</th></tr><tr><th></th><th>Total</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Transfers from General Fund</th><th>Total</th><th>Benefit payments</th><th>Reimbursements for administrative expenses 2/</th><th>Salaries, Bureaus of Old-Age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>Unexpended balance to credit of fund account</th><th>In disbursing officer's account</th></tr><tr><td>1937-1939</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>592.5</td><td>550.0</td><td>42.5</td><td>-</td><td>28.1</td><td>15.8</td><td>12.3</td><td>-</td><td>564.4</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>744.1</td><td>688.1</td><td>56.0</td><td>-</td><td>91.2</td><td>64.3</td><td>26.8</td><td>-</td><td>629.9</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>966.6</td><td>895.6</td><td>71.0</td><td>-</td><td>137.0</td><td>110.3</td><td>26.8</td><td>-</td><td>829.6</td><td>3,227.2</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>1,217.9</td><td>1,130.5</td><td>87.4</td><td>-</td><td>176.8</td><td>149.3</td><td>27.5</td><td>-</td><td>1,041.1</td><td>4,268.3</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>1,395.3</td><td>1,292.1</td><td>103.2</td><td>-</td><td>217.2</td><td>184.6</td><td>32.6</td><td>-</td><td>1,178.1</td><td>5,446.4</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>1,433.8</td><td>1,309.9</td><td>123.9</td><td>-</td><td>266.8</td><td>239.8</td><td>26.9</td><td>-</td><td>1,167.0</td><td>6,613.4</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>1,386.0</td><td>1,238.2</td><td>147.8</td><td>-</td><td>357.9</td><td>320.5</td><td>37.4</td><td>-</td><td>1,028.0</td><td>7,641.4</td><td>43.5</td><td>49.2</td></tr><tr><td>1947</td><td>1,623.3</td><td>1,459.5</td><td>163.5</td><td>.4</td><td>466.4</td><td>425.6</td><td>15.6</td><td>25.2</td><td>1,157.0</td><td>8,798.4</td><td>7.3</td><td>48.8</td></tr><tr><td>1948 (Estimated)</td><td>1,820.2</td><td>1,627.0</td><td>192.5</td><td>.7</td><td>556.0</td><td>509.0</td><td>12.1</td><td>34.9</td><td>1,264.2</td><td>10,066.0</td><td>9.7</td><td>4.1</td></tr><tr><td>1949 (Estimated)</td><td>2,097.1</td><td>1,872.0</td><td>221.8</td><td>3.3</td><td>823.7</td><td>774.0</td><td>12.3</td><td>37.4</td><td>1,273.3</td><td>11,335.9</td><td>34.4</td><td>1.1</td></tr><tr><td>1947-July</td><td>72.5</td><td>72.4</td><td>.1</td><td>-</td><td>43.2</td><td>39.3</td><td>1.0</td><td>2.8</td><td>29.3</td><td>8,827.7</td><td>72.4</td><td>54.9</td></tr><tr><td>August</td><td>329.3</td><td>329.3</td><td>-</td><td>-</td><td>42.6</td><td>39.2</td><td>1.0</td><td>2.4</td><td>286.7</td><td>9,115.1</td><td>358.8</td><td>55.9</td></tr><tr><td>September</td><td>23.1</td><td>13.9</td><td>9.2</td><td>-</td><td>43.4</td><td>39.9</td><td>1.0</td><td>2.5</td><td>-20.3</td><td>9,094.7</td><td>27.7</td><td>66.7</td></tr><tr><td>October</td><td>65.6</td><td>65.6</td><td>-</td><td>-</td><td>46.1</td><td>41.7</td><td>1.1</td><td>3.4</td><td>19.5</td><td>9,114.2</td><td>48.7</td><td>65.1</td></tr><tr><td>November</td><td>310.5</td><td>310.5</td><td>-</td><td>-</td><td>44.4</td><td>40.9</td><td>1.1</td><td>2.4</td><td>266.1</td><td>9,380.3</td><td>82.6</td><td>163.3</td></tr><tr><td>December</td><td>26.7</td><td>14.1</td><td>12.0</td><td>.7</td><td>46.2</td><td>41.9</td><td>1.1</td><td>3.2</td><td>-19.4</td><td>9,360.1</td><td>17.9</td><td>73.8</td></tr><tr><td>1948-January</td><td>96.3</td><td>35.5</td><td>60.8</td><td>-</td><td>41.5</td><td>37.8</td><td>1.1</td><td>2.6</td><td>54.8</td><td>9,415.0</td><td>68.2</td><td>78.3</td></tr><tr><td>February</td><td>277.7</td><td>277.7</td><td>-</td><td>-</td><td>51.2</td><td>47.4</td><td>1.2</td><td>2.6</td><td>226.5</td><td>9,641.5</td><td>92.9</td><td>163.4</td></tr><tr><td>March</td><td>40.4</td><td>30.4</td><td>10.0</td><td>-</td><td>49.9</td><td>45.5</td><td>1.1</td><td>3.3</td><td>-9.4</td><td>9,632.0</td><td>11.0</td><td>91.2</td></tr><tr><td>April</td><td>74.9</td><td>74.3</td><td>.5</td><td>-</td><td>50.0</td><td>46.1</td><td>1.2</td><td>2.7</td><td>24.9</td><td>9,656.9</td><td>71.8</td><td>79.2</td></tr><tr><td>May</td><td>376.0</td><td>376.0</td><td>-</td><td>-</td><td>50.0</td><td>45.6</td><td>1.2</td><td>2.9</td><td>326.0</td><td>9,982.9</td><td>398.3</td><td>78.6</td></tr><tr><td>Total, inception through May 31, 1948</td><td>12,252.0</td><td>11,318.6</td><td>932.3</td><td>1.1</td><td>2,269.1</td><td>1,594.7</td><td>217.8</td><td>56.2</td><td>9,988.9</td><td>9,506.0</td><td>398.3</td><td>78.6</td></tr></table>
1947, these salaries are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
1/ Distribution of unexpended balance not available.
2/ Total includes expenditures of $365,000 on account of penalty mail costs.
Source: (Same as Table 1). 1/ Includes transactions under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act Amendments of 1939. 3/ Under provisions of the Labor-Federal Security Appropriation Act.
10
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 6.- Railroad Retirement Account (In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures other than investments - benefit payments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="4">Assets, end of period</th></tr><tr><th>Total 1/</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th>To credit appropriation</th><th>Unexpended balance In disbursing officer's account</th></tr><tr><td>1936-1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>122.4</td><td>120.2</td><td>2.3</td><td>113.1</td><td>9.3</td><td>92.1</td><td>75.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>116.1</td><td>113.6</td><td>2.5</td><td>121.2</td><td>-2.0</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.2</td></tr><tr><td>1942</td><td>144.0</td><td>140.8</td><td>3.1</td><td>126.2</td><td>17.7</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>220.6</td><td>214.8</td><td>5.8</td><td>130.5</td><td>90.1</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>272.6</td><td>262.7</td><td>9.8</td><td>134.4</td><td>139.1</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>324.1</td><td>308.0</td><td>15.2</td><td>181.4</td><td>182.6</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>312.0</td><td>292.1</td><td>19.9</td><td>192.0</td><td>160.1</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1947</td><td>322.4</td><td>298.2</td><td>24.2</td><td>173.3</td><td>149.1</td><td>824.9</td><td>805.5</td><td>1.2</td><td>18.2</td></tr><tr><td>1948 (Estimated)</td><td>798.5</td><td>758.5</td><td>40.0</td><td>228.5</td><td>570.0</td><td>1,394.8</td><td>1,377.0</td><td>17.8 2/</td><td>2/</td></tr><tr><td>1949 (Estimated)</td><td>629.6</td><td>574.6</td><td>55.0</td><td>231.5</td><td>398.1</td><td>1,792.9</td><td>1,774.5</td><td>18.4 2/</td><td>2/</td></tr><tr><td>1947-July</td><td>685.1</td><td>685.1</td><td>*</td><td>17.0</td><td>668.1</td><td>1,493.0</td><td>1,300.0</td><td>175.2</td><td>17.8</td></tr><tr><td>August</td><td>.1</td><td>-</td><td>.1</td><td>17.5</td><td>-17.4</td><td>1,475.5</td><td>1,283.0</td><td>173.6</td><td>18.9</td></tr><tr><td>September</td><td>.1</td><td>-</td><td>.1</td><td>17.6</td><td>-17.5</td><td>1,458.0</td><td>1,265.0</td><td>173.8</td><td>19.3</td></tr><tr><td>October</td><td>.2</td><td>-</td><td>.2</td><td>18.4</td><td>-18.2</td><td>1,439.8</td><td>1,303.5</td><td>117.3</td><td>19.0</td></tr><tr><td>November</td><td>.2</td><td>*</td><td>.2</td><td>18.6</td><td>-18.4</td><td>1,421.4</td><td>1,284.5</td><td>117.3</td><td>19.6</td></tr><tr><td>December</td><td>.3</td><td>-</td><td>.3</td><td>19.1</td><td>-18.8</td><td>1,402.6</td><td>1,265.0</td><td>117.4</td><td>20.2</td></tr><tr><td>1948-January</td><td>.3</td><td>-</td><td>.3</td><td>18.7</td><td>-18.4</td><td>1,384.1</td><td>1,303.0</td><td>59.4</td><td>21.7</td></tr><tr><td>February</td><td>.4</td><td>-</td><td>.4</td><td>18.8</td><td>-18.4</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>.4</td><td>-</td><td>.4</td><td>18.7</td><td>-18.3</td><td>1,347.4</td><td>1,264.5</td><td>59.5</td><td>23.3</td></tr><tr><td>April</td><td>.5</td><td>-</td><td>.5</td><td>19.2</td><td>-18.7</td><td>1,328.7</td><td>1,304.5</td><td>.6</td><td>23.5</td></tr><tr><td>May</td><td>.5</td><td>-</td><td>.5</td><td>19.3</td><td>-18.8</td><td>1,309.8</td><td>1,285.5</td><td>.6</td><td>23.7</td></tr><tr><td>Total, inception through May 31, 1948</td><td>2,790.6</td><td>2,701.1</td><td>89.4</td><td>1,480.7</td><td>1,309.8</td><td>1,309.8</td><td>1,285.5</td><td>.6</td><td>23.7</td></tr></table>
Source: (Same as Table 1) 1/ Figures differ from those shown in Table 2, "Receipts, by Principal Accounts", for the reason that Table 6 reflects
2/ Distribution of unexpended balance not available. Less than $50,000.
Table 7.- Unemployment Trust Fund (In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="4">Receipts</th><th rowspan="2">Interest on investments</th><th colspan="4">Expenditures other than investments</th><th colspan="3">Assets, end of period</th></tr><tr><th>State unemployment insurance active deposits by States</th><th>Contribution from States 2/</th><th>Transfers from Administration Fund 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 2/</th><th>Net increase or decrease (-) in assets</th><th>Total</th><th>Investments</th><th>Unexpended balance</th><th>In disbursing officer's account 5/</th></tr><tr><td>1936-1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>943.6</td><td>859.9</td><td>44.2</td><td>1.8</td><td>37.7</td><td>499.3</td><td>483.0</td><td>1.8</td><td>14.6</td><td>444.3</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>1,113.9</td><td>892.0</td><td>61.3</td><td>104.1</td><td>49.0</td><td>555.1</td><td>433.2</td><td>104.1</td><td>17.8</td><td>558.8</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>1,243.6</td><td>1,096.0</td><td>75.3</td><td>-</td><td>67.4</td><td>377.1</td><td>368.1</td><td>-</td><td>9.1</td><td>866.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>1,398.5</td><td>1,217.7</td><td>92.4</td><td>-</td><td>82.4</td><td>176.2</td><td>176.3</td><td>-</td><td>1.8</td><td>1,222.4</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>1,566.9</td><td>1,349.3</td><td>109.4</td><td>-</td><td>96.5</td><td>60.6</td><td>60.4</td><td>-</td><td>.6</td><td>1,506.3</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>1,507.8</td><td>1,256.0</td><td>118.8</td><td>.4</td><td>123.6</td><td>71.3</td><td>70.1</td><td>.4</td><td>.8</td><td>1,436.5</td><td>7,315.7</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1946</td><td>1,279.8</td><td>1,009.9</td><td>116.2</td><td>.4</td><td>143.6</td><td>1,145.9</td><td>1,128.3</td><td>.4</td><td>17.2</td><td>133.9</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>1,289.4</td><td>1,005.3</td><td>127.6</td><td>.4</td><td>146.9</td><td>869.5</td><td>817.4</td><td>.5</td><td>51.7</td><td>419.9</td><td>7,859.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1948 (Estimated)</td><td>1,404.1</td><td>1,098.0</td><td>130.5</td><td>-</td><td>165.9</td><td>814.0</td><td>790.0</td><td>-</td><td>64.0</td><td>590.1</td><td>8,459.1</td><td>8,446.4</td><td>12.76</td><td>6/</td></tr><tr><td>1949 (Estimated)</td><td>1,436.6</td><td>1,107.0</td><td>135.0</td><td>-</td><td>186.0</td><td>906.0</td><td>850.0</td><td>-</td><td>56.0</td><td>530.6</td><td>8,989.7</td><td>8,977.0</td><td>12.79</td><td>5/</td></tr><tr><td>1947-July</td><td>46.8</td><td>39.1</td><td>.1</td><td>-</td><td>9.7</td><td>94.4</td><td>91.9</td><td>-</td><td>2.5</td><td>45.5</td><td>7,823.7</td><td>7,797.0</td><td>18.7</td><td>7.8</td></tr><tr><td>August</td><td>244.8</td><td>243.1</td><td>1.6</td><td>-</td><td>-</td><td>74.9</td><td>71.8</td><td>-</td><td>3.1</td><td>150.9</td><td>7,993.8</td><td>7,964.0</td><td>23.8</td><td>5.6</td></tr><tr><td>September</td><td>42.8</td><td>12.8</td><td>26.2</td><td>-</td><td>3.9</td><td>64.4</td><td>59.6</td><td>-</td><td>4.8</td><td>-21.6</td><td>7,971.9</td><td>7,954.0</td><td>11.0</td><td>6.8</td></tr><tr><td>October</td><td>41.4</td><td>37.9</td><td>3.3</td><td>-</td><td>.2</td><td>59.4</td><td>53.7</td><td>-</td><td>5.7</td><td>-18.0</td><td>7,953.9</td><td>7,939.0</td><td>6.7</td><td>8.1</td></tr><tr><td>November</td><td>213.4</td><td>212.3</td><td>1.2</td><td>-</td><td>-</td><td>45.3</td><td>41.0</td><td>-</td><td>4.3</td><td>168.1</td><td>8,122.0</td><td>8,098.3</td><td>17.4</td><td>6.3</td></tr><tr><td>December</td><td>53.0</td><td>16.4</td><td>31.3</td><td>-</td><td>5.4</td><td>50.8</td><td>45.2</td><td>-</td><td>5.6</td><td>2.2</td><td>8,124.2</td><td>8,102.5</td><td>15.0</td><td>6.7</td></tr><tr><td>1948-January</td><td>99.5</td><td>27.7</td><td>.4</td><td>-</td><td>71.8</td><td>65.6</td><td>59.7</td><td>-</td><td>5.9</td><td>33.9</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>155.1</td><td>154.0</td><td>1.1</td><td>-</td><td>-</td><td>64.3</td><td>58.9</td><td>-</td><td>5.4</td><td>90.8</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>50.8</td><td>14.0</td><td>32.8</td><td>-</td><td>4.0</td><td>83.0</td><td>76.4</td><td>-</td><td>6.6</td><td>-32.2</td><td>8,216.7</td><td>8,190.4</td><td>17.9</td><td>8.4</td></tr><tr><td>April</td><td>39.1</td><td>38.7</td><td>.1</td><td>-</td><td>.3</td><td>81.2</td><td>75.3</td><td>-</td><td>6.0</td><td>-42.2</td><td>8,174.5</td><td>8,140.4</td><td>27.2</td><td>6.9</td></tr><tr><td>May</td><td>200.6</td><td>199.4</td><td>1.2</td><td>-</td><td>-</td><td>72.2</td><td>66.4</td><td>-</td><td>5.7</td><td>128.4</td><td>8,303.0</td><td>8,265.4</td><td>31.4</td><td>6.1</td></tr><tr><td>Total, inception through May 31, 1948</td><td>13,447.2</td><td>11,550.9</td><td>845.0</td><td>107.2</td><td>66.5</td><td>877.6</td><td>5,144.2</td><td>8,867.4</td><td>107.2</td><td>169.6</td><td>8,303.0</td><td>8,265.4</td><td>31.4</td><td>6.1</td></tr></table>
Source: (Same as Table 1). 
1/ Excludes interim advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940. 
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Table 9 under "Budget Receipts and Expenditures".) 
3/ Represents amounts transferred from States to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected with re-
expect 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. Distribution of unexpended balance not available. Less than $50,000.
July 1948
11
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 as shown therein.
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="3">Cash operating outgo</th><th rowspan="2">Net cash operating income, or outgo (-)</th><th colspan="2">Net cash borrowing, or repayment of borrowing (-)</th><th colspan="2">Increase, or decrease (-), in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust expenditures</th><th>Cash operating 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>93,958</td><td>111</td><td>-</td><td>-</td><td>94,079</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>-</td></tr><tr><td>1945</td><td>46,321</td><td>4,721</td><td>51,041</td><td>96,754</td><td>-768</td><td>-</td><td>-</td><td>95,986</td><td>-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>6,699</td><td>-19,389</td><td>-10,930</td><td>-1,800</td></tr><tr><td>1948 (Estimated)</td><td>44,539</td><td>3,712</td><td>48,251</td><td>36,251</td><td>3,094</td><td>774</td><td>400</td><td>40,519</td><td>7,732</td><td>-8,505</td><td>-772</td><td>-</td></tr><tr><td>1949 (Estimated)</td><td>44,322</td><td>4,008</td><td>48,330</td><td>37,725</td><td>3,539</td><td>-</td><td>-</td><td>41,264</td><td>7,066</td><td>-7,117</td><td>-51</td><td>-</td></tr><tr><td>1947-July</td><td>2,349</td><td>215</td><td>2,564</td><td>2,951</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>3,993</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>2,829</td><td>248</td><td>148</td><td>-211</td><td>2,612</td><td>18</td><td>136</td><td>155</td><td>-</td></tr><tr><td>November</td><td>2,703</td><td>646</td><td>3,348</td><td>2,225</td><td>96</td><td>86</td><td>127</td><td>2,533</td><td>816</td><td>-987</td><td>-172</td><td>-</td></tr><tr><td>December</td><td>4,219</td><td>-189</td><td>4,030</td><td>3,196</td><td>218</td><td>27</td><td>80</td><td>3,520</td><td>510</td><td>-1,348</td><td>-838</td><td>-</td></tr><tr><td>1948-January</td><td>4,195</td><td>348</td><td>4,542</td><td>2,578</td><td>189</td><td>12</td><td>-222</td><td>2,556</td><td>1,986</td><td>-435</td><td>1,551</td><td>-</td></tr><tr><td>February</td><td>4,316</td><td>402</td><td>4,718</td><td>2,428</td><td>338</td><td>28</td><td>101</td><td>2,895</td><td>1,824</td><td>-2,153</td><td>-330</td><td>-</td></tr><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><tr><td>April</td><td>2,767</td><td>194</td><td>2,960</td><td>3,013</td><td>163</td><td>6</td><td>-226</td><td>2,956</td><td>4</td><td>-744</td><td>-740</td><td>-</td></tr><tr><td>May</td><td>2,674</td><td>656</td><td>3,330</td><td>2,537</td><td>178</td><td>9</td><td>144</td><td>2,868</td><td>462</td><td>-128</td><td>334</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">Less: Monocash budget receipts</th><th rowspan="2">Reimbursement for administrative expenses - Federal Old-Age and Survivors Insurance Trust Amd</th><th rowspan="2">Equals: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Payments to Treasury by Government corporations</th><th>Capital stock and paid-in surplus</th><th>Earnings</th></tr><tr><th></th><th></th><th></th><th>R. P. 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>7,260</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>44,149</td><td>101</td><td>54</td><td>13</td><td>-</td><td>-</td><td>33</td><td>44,048</td></tr><tr><td>1945</td><td>46,457</td><td>136</td><td>83</td><td>26</td><td>-</td><td>-</td><td>27</td><td>46,321</td></tr><tr><td>1946</td><td>43,038</td><td>190</td><td>90</td><td>27</td><td>18</td><td>17</td><td>37</td><td>42,688</td></tr><tr><td>1947</td><td>43,259</td><td>329</td><td>91</td><td>13</td><td>136</td><td>12</td><td>16</td><td>42,930</td></tr><tr><td>1948 (Estimated)</td><td>45,210</td><td>672</td><td>97</td><td>30</td><td>294</td><td>239</td><td>12</td><td>44,539</td></tr><tr><td>1949 (Estimated)</td><td>44,477</td><td>155</td><td>2</td><td>33</td><td>38</td><td>70</td><td>12</td><td>44,322</td></tr><tr><td>1947-July</td><td>2,397</td><td>48</td><td>43</td><td>4</td><td>-</td><td>-</td><td>1</td><td>2,349</td></tr><tr><td>August</td><td>2,536</td><td>22</td><td>-</td><td>-</td><td>-</td><td>20</td><td>1</td><td>2,515</td></tr><tr><td>September</td><td>4,872</td><td>364</td><td>-</td><td>-</td><td>147</td><td>216</td><td>1</td><td>4,507</td></tr><tr><td>October</td><td>2,390</td><td>11</td><td>*</td><td>*</td><td>-</td><td>9</td><td>1</td><td>2,380</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>4,266</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>6,338</td><td>18</td><td>-</td><td>-</td><td>10</td><td>7</td><td>1</td><td>6,317</td></tr><tr><td>April</td><td>2,806</td><td>40</td><td>*</td><td>*</td><td>30</td><td>9</td><td>1</td><td>2,757</td></tr><tr><td>May</td><td>2,707</td><td>32</td><td>*</td><td>*</td><td>26</td><td>4</td><td>1</td><td>2,674</td></tr></table>
Less than $500,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget expenditures</th><th colspan="4">Interest payments by Treasury</th><th colspan="3">Less: Noncash budget expenditures</th><th colspan="3">Government corporation payments to Treasury</th><th rowspan="2">Equalized 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 accounts</th><th>Transfers to trust accounts</th><th>Payroll deduction for Government employees' retirement</th><th>Budget expenditures involving issuance of Federal securities 3/</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to later national Bank and Fund 4/</th><th>Excess profit tax refund</th><th>Later earnings</th><th>Employment 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>-</td><td>1</td><td>319</td><td>5</td><td>12,888</td></tr><tr><td>1942</td><td>34,289</td><td>772</td><td>81</td><td>-</td><td>207</td><td>384</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>6</td><td>18</td><td>115</td><td>35,517</td></tr><tr><td>1943</td><td>79,702</td><td>1,208</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>10</td><td>115</td><td>78,904</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>131/4</td><td>67</td><td>-</td><td>39</td><td>93,068</td></tr><tr><td>1945</td><td>100,397</td><td>3,604</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>891/4</td><td>106</td><td>-</td><td>25</td><td>96,794</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>261</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>636</td><td>1,361</td><td>259</td><td>-</td><td>-8</td><td>-</td><td>-39</td><td>105</td><td>72</td><td>136</td><td>36,297</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>715</td><td>66</td><td>*</td><td>*</td><td>549</td><td>16</td><td>35</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>-100</td><td>-2</td><td>-</td><td>20</td><td>-</td><td>5</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>-2</td><td>-</td><td>215</td><td>-</td><td>1</td><td>3,465</td></tr><tr><td>October</td><td>2,445</td><td>16</td><td>36</td><td>2</td><td>1</td><td>60</td><td>20</td><td>-116</td><td>-</td><td>-1</td><td>-</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>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>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>-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>9</td><td>-</td><td>-16</td><td>2,428</td></tr><tr><td>March</td><td>3,546</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>28</td><td>3,511</td></tr><tr><td>April</td><td>3,109</td><td>96</td><td>28</td><td>1</td><td>2</td><td>71</td><td>19</td><td>-34</td><td>-</td><td>-1</td><td>-</td><td>9</td><td>-</td><td>1</td><td>3,013</td></tr><tr><td>May</td><td>2,604</td><td>66</td><td>42</td><td>*</td><td>1</td><td>1</td><td>20</td><td>-26</td><td>-</td><td>-</td><td>-</td><td>4</td><td>18</td><td>8</td><td>2,537</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 insurances, or net redemptions (-). 4/ See footnote 1 to Table 1, preceding. Less than $500,000.
Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Trust account receipts</th><th colspan="6">Trust account expenditures</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in Federal securities</th><th>Transfers shown as budget expenditures</th><th>Payroll deductions for Government retirement</th><th>Armed forces leave bonds redeemed for insurance premiums</th><th>Other</th><th>Equals: Cash receipts</th><th>Total expenditures</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By partially owned Government corporations</th><th>Other</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>585</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>4,830</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>3,954</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-</td><td>3,037</td><td>4,292</td><td>3,806</td><td>1,004</td><td>88</td><td>714</td><td>885</td></tr><tr><td>1944</td><td>5,089</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,936</td><td>7,307</td><td>7,197</td><td>1,189</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,085</td><td>2,365</td><td>429</td><td>1,646</td><td>230</td><td>-</td><td>-</td><td>4,721</td><td>6,204</td><td>7,052</td><td>5,200</td><td>299</td><td>1,553</td><td>-758</td></tr><tr><td>1946</td><td>1,712</td><td>2,175</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-</td><td>4,937</td><td>8,235</td><td>7,912</td><td>3,668</td><td>181</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,536</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>558</td><td>3,770</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>3,858</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>641</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>3,023</td><td>-95</td><td>-180</td><td>3,539</td></tr><tr><td>1947-Janry</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>433</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>415</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>-1</td><td>248</td></tr><tr><td>November</td><td>685</td><td>39</td><td>*</td><td>20</td><td>19</td><td>5/</td><td>-</td><td>645</td><td>420</td><td>324</td><td>292</td><td>-</td><td>32</td><td>96</td></tr><tr><td>December</td><td>233</td><td>421</td><td>18</td><td>23</td><td>20</td><td>5/</td><td>360</td><td>-189</td><td>700</td><td>483</td><td>143</td><td>-</td><td>360</td><td>218</td></tr><tr><td>1948-January</td><td>567</td><td>219</td><td>133</td><td>66</td><td>20</td><td>4/</td><td>-</td><td>348</td><td>307</td><td>119</td><td>89</td><td>76</td><td>-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>5/</td><td>150</td><td>402</td><td>776</td><td>438</td><td>256</td><td>9</td><td>171</td><td>316</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><tr><td>April</td><td>335</td><td>142</td><td>2</td><td>71</td><td>19</td><td>4/</td><td>50</td><td>194</td><td>249</td><td>86</td><td>-26</td><td>-27</td><td>139</td><td>163</td></tr><tr><td>May</td><td>678</td><td>22</td><td>1</td><td>1</td><td>20</td><td>5/</td><td>-</td><td>656</td><td>300</td><td>121</td><td>116</td><td>-9</td><td>15</td><td>178</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. 3/ Information not available after August 1947. Less than $500,000.
July 1948
13
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="6">Less: Noncash debt transactions</th><th rowspan="2">Interest on savings bonds and Treasury bills 1/</th><th rowspan="2">Set transactions in guaranteed securities not reflected in Treasurer's accounts</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 1/</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>Net investments in Federal securities</th><th>Issuance or Federal securities resulting from budget expenditures 1/</th><th>Adjusted service bonds</th><th>Notes for international Bank and Fund 2/</th><th>Excess profit tax and refund bonds</th></tr><tr><td>1941</td><td>5,994</td><td>841</td><td>6,835</td><td>1,422</td><td>1,338</td><td>39</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>58</td><td>8</td><td>19</td><td>5,432</td></tr><tr><td>1942</td><td>23,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>-95</td><td>19,652</td></tr><tr><td>1943</td><td>64,274</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-190</td><td>60,250</td></tr><tr><td>1944</td><td>64,307</td><td>-2,477</td><td>61,830</td><td>4,881</td><td>4,128</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>213</td><td>207</td><td>-190</td><td>56,757</td></tr><tr><td>1945</td><td>57,679</td><td>-1,190</td><td>56,489</td><td>6,738</td><td>5,200</td><td>328</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>242</td><td>86</td><td>-277</td><td>49,474</td></tr><tr><td>1946</td><td>10,740</td><td>45</td><td>10,785</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>1,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,523</td><td>7,992</td><td>3,362</td><td>218</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>467</td><td>-</td><td>28</td><td>-19,389</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>31</td><td>-30</td><td>-1</td><td>66</td><td>-</td><td>-8</td><td>587</td></tr><tr><td>August</td><td>-</td><td>-1</td><td>-</td><td>396</td><td>331</td><td>-39</td><td>61</td><td>-121</td><td>-1</td><td>-2</td><td>46</td><td>-</td><td>-2</td><td>291</td></tr><tr><td>September</td><td>-953</td><td>-5</td><td>-958</td><td>578</td><td>296</td><td>-68</td><td>-80</td><td>-94</td><td>-2</td><td>-</td><td>51</td><td>-</td><td>77</td><td>-201</td></tr><tr><td>October</td><td>-74</td><td>8</td><td>-66</td><td>-207</td><td>37</td><td>-16</td><td>-116</td><td>-</td><td>-148</td><td>-1</td><td>36</td><td>-</td><td>-5</td><td>136</td></tr><tr><td>November</td><td>-859</td><td>6</td><td>-853</td><td>187</td><td>292</td><td>1</td><td>-71</td><td>-</td><td>-136</td><td>-1</td><td>12</td><td>-</td><td>-7</td><td>-987</td></tr><tr><td>December</td><td>-1,312</td><td>-6</td><td>-1,320</td><td>59</td><td>115</td><td>4</td><td>-72</td><td>-</td><td>-17</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>-</td><td>-12</td><td>-1</td><td>62</td><td>-</td><td>66</td><td>-435</td></tr><tr><td>February</td><td>-1,369</td><td>+2</td><td>-1,367</td><td>174</td><td>258</td><td>-8</td><td>-34</td><td>-</td><td>-78</td><td>-1</td><td>36</td><td>-</td><td>-12</td><td>-2,122</td></tr><tr><td>March</td><td>-1,515</td><td>-1</td><td>-1,515</td><td>-49</td><td>79</td><td>18</td><td>-38</td><td>-</td><td>-144</td><td>-1</td><td>37</td><td>-</td><td>-1</td><td>-1,567</td></tr><tr><td>April</td><td>-750</td><td>-3</td><td>-753</td><td>-65</td><td>-26</td><td>-26</td><td>-34</td><td>-</td><td>-6</td><td>-1</td><td>28</td><td>-</td><td>57</td><td>-744</td></tr><tr><td>May</td><td>-3</td><td>-1</td><td>-4</td><td>121</td><td>116</td><td>-2</td><td>-26</td><td>-</td><td>-9</td><td>-</td><td>42</td><td>-</td><td>-3</td><td>-128</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>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Annual total Calendar year</th><th>Place year 2/</th></tr><tr><td>Cash operating income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>878</td><td>1,036</td><td>2,602</td><td>752</td><td>1,114</td><td>2,786</td><td></td><td>9,371</td><td>15,291</td></tr><tr><td>1942.</td><td>902</td><td>1,482</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>2,969</td><td>2,220</td><td>2,732</td><td>5,859</td><td>37,992</td><td>25,985</td></tr><tr><td>1943.</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,355</td><td>3,563</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>46,604</td><td>47,984</td></tr><tr><td>1944.</td><td>3,776</td><td>4,375</td><td>7,144</td><td>3,398</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>51,000</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>1,470</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>1948.</td><td>4,542</td><td>4,718</td><td>6,472</td><td>2,960</td><td>3,330</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,052</td><td>5,512</td><td>5,970</td><td>6,185</td><td>5,928</td><td>6,975</td><td></td><td>14,060</td></tr><tr><td>1942.</td><td>6,503</td><td>6,402</td><td>7,624</td><td>7,438</td><td>7,397</td><td>7,990</td><td>7,023</td><td>7,747</td><td>7,700</td><td>7,632</td><td>7,773</td><td>7,830</td><td>89,059</td><td>78,575</td></tr><tr><td>1943.</td><td>7,544</td><td>8,017</td><td>8,568</td><td>7,693</td><td>8,048</td><td>8,506</td><td>7,290</td><td>8,197</td><td>7,745</td><td>7,955</td><td>7,437</td><td>8,220</td><td>95,220</td><td>94,079</td></tr><tr><td>1944.</td><td>7,781</td><td>7,218</td><td>8,929</td><td>7,799</td><td>8,469</td><td>8,945</td><td>7,973</td><td>7,829</td><td>6,603</td><td>5,985</td><td>4,786</td><td>5,267</td><td>87,584</td><td>95,986</td></tr><tr><td>1945.</td><td>5,605</td><td>3,887</td><td>4,156</td><td>4,146</td><td>4,358</td><td>5,086</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>33,978</td></tr><tr><td>1948.</td><td>2,556</td><td>2,895</td><td>3,871</td><td>2,996</td><td>2,660</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income, or outgo (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-4,174</td><td>-4,476</td><td>-3,368</td><td>-5,433</td><td>-4,814</td><td>-4,189</td><td></td><td>-19,294</td></tr><tr><td>1942.</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-1,325</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>-4,758</td><td>-6,389</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,640</td><td>-46,616</td><td>-46,099</td></tr><tr><td>1944.</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,601</td><td>-4,586</td><td>-2,813</td><td>-4,986</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-44,945</td></tr><tr><td>1945.</td><td>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-488</td><td>-379</td><td>-413</td><td>43</td><td>1,041</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1946.</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>753</td><td>18</td><td>816</td><td>510</td><td>5,733</td><td>6,659</td></tr><tr><td>1948.</td><td>1,986</td><td>1,824</td><td>2,601</td><td>4</td><td>662</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.
14
Treasury Bulletin
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Assets</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of sales of Government securities</th><th>Other deposits and collections</th><th></th><th></th></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,005</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>1,262</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>4,408</td><td>1,268</td><td>1,525</td><td>1,437</td><td>268</td><td>391</td><td>4,167</td></tr><tr><td>November</td><td>4,292</td><td>1,260</td><td>1,358</td><td>1,417</td><td>286</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>304</td><td>4,648</td></tr><tr><td>February</td><td>4,604</td><td>1,261</td><td>1,709</td><td>1,634</td><td>299</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><tr><td>April</td><td>5,037</td><td>1,256</td><td>1,350</td><td>2,156</td><td>276</td><td>425</td><td>4,612</td></tr><tr><td>May</td><td>5,327</td><td>1,263</td><td>1,800</td><td>2,007</td><td>257</td><td>381</td><td>4,946</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 (-) £/</th><th>Net increase in public debt, or decrease (-)</th><th>Total</th><th>Trust accounts £/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds £/</th><th>Sales and re-demptions of obligations of Government corporations, etc., in the market £/</th><th>Clearing account £/</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>54,274</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>-53,911</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>-258</td><td>649</td><td>206</td><td>139</td><td>•</td><td>-</td><td>41</td><td>-1</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>64</td><td>•</td><td>-</td><td>-37</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>1,330</td><td>1,914</td><td>-1,959</td><td>-295</td><td>-115</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><tr><td>April</td><td>-741</td><td>-302</td><td>-750</td><td>312</td><td>92</td><td>•</td><td>-</td><td>53</td><td>-59</td><td>226</td></tr><tr><td>May</td><td>334</td><td>103</td><td>-3</td><td>235</td><td>358</td><td>•</td><td>-</td><td>24</td><td>-4</td><td>-144</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See Treasury Bulletin, 9 September 1946, page 5.
1/ Excludes amounts for which interest payments 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 Trust Fund, Government Insurance and retirement funds and other trust accounts. (See footnote 3.)
3/ Comprises Public Works Administration revolving fund, special de
posite (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts". Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. For outstanding checks and telegraphic reports from Federal Reserve Banks. Less than $500,000.
July 1948
15
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities Outstanding
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Inter- national Bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed securities 1/ (matured)</th></tr><tr><td>1940</td><td>48,497</td><td>42,968</td><td>5,529</td><td>47,874</td><td>42,376</td><td>5,498</td><td>623</td><td>591</td><td>205</td><td>-</td><td>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>76,931</td><td>72,422</td><td>4,508</td><td>75,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,736</td><td>136,656</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>199,553</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>255,357</td><td>409</td><td>2,350</td><td>2,326</td><td>259</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>259,838</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>802</td><td>6</td></tr><tr><td>1948 (Estimated)</td><td>250,968</td><td>250,900</td><td>68</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></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><th>Debt peak</th><td>279,754</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>Feb. 1946</td><td>279,754</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>259,418</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>259,145</td><td>76</td><td>256,177</td><td>256,107</td><td>70</td><td>3,044</td><td>3,038</td><td>253</td><td>316</td><td>1,579</td><td>6</td></tr><tr><td>Oct.</td><td>259,155</td><td>259,071</td><td>83</td><td>256,348</td><td>256,270</td><td>78</td><td>2,807</td><td>2,801</td><td>285</td><td>316</td><td>1,431</td><td>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>256,651</td><td>256,574</td><td>77</td><td>254,030</td><td>253,958</td><td>72</td><td>2,621</td><td>2,616</td><td>341</td><td>216</td><td>1,305</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><tr><td>Apr.</td><td>252,315</td><td>252,240</td><td>75</td><td>249,990</td><td>249,920</td><td>70</td><td>2,325</td><td>2,320</td><td>294</td><td>116</td><td>1,178</td><td>5</td></tr><tr><td>May</td><td>252,311</td><td>252,236</td><td>75</td><td>250,028</td><td>249,958</td><td>70</td><td>2,283</td><td>2,278</td><td>266</td><td>116</td><td>1,169</td><td>5</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimate based upon 1949 Budget document, including effect of proposed legislation as shown therein.
Footnotee at end of Table 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="9">Public issues</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Treasury bonds -Bank re-stricted</th><th>Other bonds 5/</th><th>Total</th><th>U. S. savings bonds</th><th>Treasury bonds, investment series</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other 5/</th></tr><tr><td>1940</td><td>42,376</td><td>37,502</td><td>34,436</td><td>1,302</td><td>-</td><td>6,383</td><td>26,555</td><td>-</td><td>196</td><td>3,166</td><td>2,905</td><td>-</td><td>-</td><td>-</td><td>261</td><td>4,775</td></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,723</td><td>1,603</td><td>3,096</td><td>5,988</td><td>30,215</td><td>882</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>-</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>15,561</td><td>9,168</td><td>37,202</td><td>8,711</td><td>196</td><td>13,510</td><td>10,188</td><td>-</td><td>3,015</td><td>-</td><td>307</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,804</td><td>28,822</td><td>17,405</td><td>48,809</td><td>21,161</td><td>196</td><td>29,200</td><td>21,256</td><td>-</td><td>7,495</td><td>-</td><td>494</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>-</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,937</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>-</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,804</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>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>-</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>Debt peak</td><td></td><td></td><td></td><td></td><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>Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>-</td><td>8,043</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1947-July</td><td>256,321</td><td>227,809</td><td>168,509</td><td>15,756</td><td>25,122</td><td>8,142</td><td>69,685</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>15,725</td><td>25,025</td><td>8,142</td><td>69,685</td><td>49,636</td><td>165</td><td>59,499</td><td>51,664</td><td>-</td><td>5,642</td><td>1,855</td><td>328</td><td>29,220</td></tr><tr><td>Sept.</td><td>256,107</td><td>226,587</td><td>167,945</td><td>15,725</td><td>24,894</td><td>7,840</td><td>69,686</td><td>49,636</td><td>165</td><td>58,640</td><td>51,759</td><td>-</td><td>5,531</td><td>1,025</td><td>326</td><td>29,520</td></tr><tr><td>Oct</td><td>256,270</td><td>226,822</td><td>167,109</td><td>15,732</td><td>24,808</td><td>7,840</td><td>68,927</td><td>49,636</td><td>165</td><td>59,714</td><td>51,897</td><td>970</td><td>5,618</td><td>909</td><td>321</td><td>29,447</td></tr><tr><td>Nov</td><td>255,591</td><td>226,074</td><td>166,404</td><td>15,335</td><td>24,501</td><td>7,840</td><td>68,927</td><td>49,636</td><td>165</td><td>59,670</td><td>52,008</td><td>970</td><td>5,534</td><td>838</td><td>320</td><td>29,517</td></tr><tr><td>Dec</td><td>254,205</td><td>225,250</td><td>165,758</td><td>15,136</td><td>21,220</td><td>11,375</td><td>68,226</td><td>49,636</td><td>165</td><td>59,492</td><td>52,053</td><td>970</td><td>5,384</td><td>767</td><td>319</td><td>28,955</td></tr><tr><td>1948-Jan.</td><td>253,958</td><td>224,810</td><td>164,917</td><td>14,838</td><td>20,677</td><td>11,375</td><td>68,226</td><td>49,636</td><td>164</td><td>59,893</td><td>52,479</td><td>970</td><td>5,403</td><td>720</td><td>321</td><td>29,148</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>11,375</td><td>68,226</td><td>49,636</td><td>164</td><td>60,095</td><td>52,793</td><td>970</td><td>5,327</td><td>686</td><td>319</td><td>29,246</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>11,375</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><tr><td>Apr.</td><td>249,920</td><td>220,718</td><td>160,875</td><td>13,748</td><td>20,065</td><td>11,375</td><td>65,888</td><td>49,636</td><td>164</td><td>59,843</td><td>53,055</td><td>961</td><td>4,886</td><td>613</td><td>317</td><td>29,201</td></tr><tr><td>May</td><td>249,958</td><td>220,636</td><td>160,888</td><td>13,761</td><td>20,065</td><td>11,375</td><td>65,888</td><td>49,636</td><td>164</td><td>59,747</td><td>53,143</td><td>960</td><td>4,781</td><td>588</td><td>315</td><td>29,323</td></tr></table>
Source: Daily Treasury Statement. Footnotes at end of Table 4.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 3.- Interest-Bearing Securities Guaranteed by the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="7">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 1/</th><th>Reconstruction Finance Corporation 2/</th></tr><tr><td>1940</td><td>5,498</td><td>5,498</td><td>407</td><td>1,269</td><td>8</td><td>2,603</td><td>114</td><td>1,096</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>5,360</td><td>5,360</td><td>696</td><td>1,269</td><td>17</td><td>2,409</td><td>226</td><td>1,781</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>183</td><td>68</td><td>115</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>326</td><td>150</td><td>176</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>-</td><td>-</td><td>-</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>567</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>26</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>April</td><td>70</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>43</td><td>43</td><td>-</td></tr><tr><td>May</td><td>70</td><td>27</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</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 Corpora-tion</th><th>Federal home loan banks</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and loan Insurance Corpora-tion</th><th>Government employee's retire-ment 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>Unemploy-ment Trust Fund</th></tr><tr><td>1940</td><td>4,775</td><td>12</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>5,280</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>1,528</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>September</td><td>29,220</td><td>6</td><td>602</td><td>-</td><td>7,062</td><td>64</td><td>2,705</td><td>1,254</td><td>22</td><td>6,560</td><td>2,306</td><td>1,283</td><td>7,254</td></tr><tr><td>October</td><td>29,520</td><td>6</td><td>490</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>7,294</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>2,695</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>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>29,272 11/</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><tr><td>April</td><td>29,201 11/</td><td>6</td><td>518</td><td>43</td><td>7,277</td><td>71</td><td>2,707</td><td>1,248</td><td>16</td><td>6,730</td><td>1,938</td><td>1,304</td><td>7,342</td></tr><tr><td>May</td><td>29,323 11/</td><td>6</td><td>548</td><td>43</td><td>7,277</td><td>72</td><td>2,712</td><td>1,248</td><td>16</td><td>6,735</td><td>1,912</td><td>1,286</td><td>7,457</td></tr></table>
Source: 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.
k/ 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, 6th, 7th, 8th, 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).
2/ Postal savings and Panama Canal bonds, and prior to 1947, also conversion bonds.
6/ Consists of adjusted-service bonds (until they matured on June 15, 1945) and depositary bonds.
1/ Consists of demand obligations stated as of the close of the previous month, in accordance with the Daily Treasury Statement.
3/ Consists of Reconstruction Finance Corporation notes, Series A-A, X-A, and Y-A, which were held by United States Government corporations and credit agencies.
2/ 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.s. Not available.
July 1948
17
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>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,958</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>255,766</td><td>4,369</td><td>1.935</td><td>255,357</td><td>4,364</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>266,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>167</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>5,404</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>1.851</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><tr><td>April</td><td>249,990</td><td>5,433</td><td>2.173</td><td>249,920</td><td>5,431</td><td>2.174</td><td>70</td><td>1</td><td>1.896</td></tr><tr><td>May</td><td>250,028</td><td>5,435</td><td>2.174</td><td>249,958</td><td>5,434</td><td>2.174</td><td>70</td><td>1</td><td>1.910</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>8,916</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>9,366</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>9,271</td><td>511</td><td>56</td></tr><tr><td>September</td><td>11,823</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</td><td>2/</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</td><td>2/</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</td><td>2/</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</td><td>2/</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</td><td>2/</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>11,887</td><td>2/</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><tr><td>April</td><td>13,094</td><td>2/</td><td>873</td><td>-</td><td>-</td><td>397</td><td>372</td><td>10,309</td><td>668</td><td>56</td></tr><tr><td>May</td><td>13,105</td><td>2/</td><td>926</td><td>-</td><td>-</td><td>386</td><td>372</td><td>10,316</td><td>693</td><td>56</td></tr></table>
Daily Treasury Statement. The securities shown in this table were issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations.
To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables. 2/ Total includes notes issued by the Virgin Islands Company in the amount of $250,000.
18
Treasury Bulletin
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-
deed 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, May 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>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>251,408</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>75</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>251,483</td></tr><tr><td>Balance issuable under limitation.</td><td>23,517</td></tr></table>
Source: Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding May 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>13,761</td><td>-</td><td>13,761</td></tr><tr><td>Certificates of indebtedness.</td><td>20,065</td><td>-</td><td>20,065</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 1/2.</td><td>49,636</td><td>-</td><td>49,596</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>160,724</td><td>164</td><td>160,888</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value).</td><td>53,143</td><td>-</td><td>53,143</td></tr><tr><td>Treasury savings notes.</td><td>4,741</td><td>-</td><td>4,741</td></tr><tr><td>Depositary bonds.</td><td>315</td><td>-</td><td>315</td></tr><tr><td>Armed forces leave bonds.</td><td>588</td><td>-</td><td>588</td></tr><tr><td>Treasury bonds, investment series.</td><td>960</td><td>-</td><td>960</td></tr><tr><td>Total nonmarketable.</td><td>59,747</td><td>-</td><td>59,747</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>29,323</td><td>-</td><td>29,323</td></tr><tr><td>Total interest-bearing securities.</td><td>249,794</td><td>164</td><td>249,958</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>261</td><td>5</td><td>266</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>59</td><td>-</td><td>59</td></tr><tr><td>Excess profits tax refund bonds.</td><td>9</td><td>-</td><td>9</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>1,169</td><td>-</td><td>1,169</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>463</td><td>463</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>1,353</td><td>659</td><td>2,012</td></tr><tr><td>Total public debt.</td><td>251,408</td><td>828</td><td>252,236</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing.</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Matured.</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Total guaranteed securities.</td><td>75</td><td>-</td><td>75</td></tr><tr><td>Total public debt and guaranteed securities.</td><td>251,483</td><td>828</td><td>252,311</td></tr></table>
Source: Public Debt Service. 1/ leases which commercial banks may not acquire prior to a specified
data (with minor exceptions). See footnotes to Table 2 under "Debt Outstanding". 2/ Exclude guaranteed securities held by the Treasury.
July 1948
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding May 31, 1948
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 1/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 1/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th></tr><tr><td>1948</td><td></td><td></td><td></td><td></td><td></td><td>1951</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>7/8% Bille........................ 6/1/48-B</td><td>4,319</td><td>1,777</td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/49-51</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>1-3/4% Bond - 6/15/48</td><td>3,062</td><td></td><td></td><td></td><td></td><td>Sept.</td><td>2-3/4% Bond - 9/15/49-51</td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td>July.</td><td>7/8% Bille........................ 7/1/48-Y</td><td>5,420</td><td>2,742</td><td></td><td></td><td>Sept.</td><td>2-3/4% Bond - 9/15/51-53</td><td>755</td><td>1,986</td><td></td><td></td></tr><tr><td>7/8% Certificate - 7/1/48-G</td><td>1,127</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/49-51</td><td>1,118</td><td>2,095</td><td></td><td></td></tr><tr><td>7/8% Certificate - 7/1/48-E</td><td>2,209</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/51-55</td><td>510</td><td>1,118</td><td></td><td></td></tr><tr><td>Aug.</td><td>Bille</td><td>4,023</td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>11,996</td><td>4,404</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/48</td><td>451</td><td>3,748</td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% Note - 9/15/48-A</td><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/50-52</td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>Oct.</td><td>1% Note - 10/1/48-B</td><td>4,092</td><td>1,354</td><td></td><td></td><td></td><td>2-1/2% Bond - 3/15/52-54</td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>1% Certificate - 10/1/48-J</td><td>1,467</td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/52-54</td><td>5,825</td><td>1,501</td><td></td><td></td></tr><tr><td>1% Certificate - 10/1/48-K</td><td></td><td></td><td>571</td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td>4,939</td><td>1,186</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/48-50</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 9/15/50-52</td><td>491</td><td>4,939</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>35,789</td><td>571</td><td></td><td></td><td>3-1/8% Bond - 12/15/49-52</td><td>8,662</td><td>491</td><td></td><td></td><td></td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>17,012</td><td>8,579</td><td></td><td></td></tr><tr><td>Jan.</td><td>1-1/8% Note - 1/1/49-A</td><td>3,535</td><td>2,592</td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/8% Certificate - 1/1/49-A</td><td></td><td></td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/51-55</td><td>725</td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% Certificate - 2/1/49-B</td><td>2,189</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td>7,986</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/8% Certificate - 3/1/49-C</td><td>3,553</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/49-51</td><td>1,786</td><td>1,118</td><td></td><td></td></tr><tr><td>Apr.</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1,055</td><td></td><td></td><td></td><td>Total</td><td></td><td>725</td><td>10,890</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><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/49-51</td><td>2,098</td><td>1,786</td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/51-54</td><td>1,627</td><td></td><td></td><td></td></tr><tr><td>3-1/8% Bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td><td>2-1/4% Bond - 6/15/52-54</td><td>5,825</td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2% Bond - 12/15/49-53</td><td></td><td>1,786</td><td></td><td></td><td></td><
(Continued on following page)
20
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government
and Outstanding May 31, 1948 - (Continued)
(in millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issue become eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issue become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issue classified by year of: First call</th><th>Final maturity</th><th></th><th></th><th>Fixed maturity issues</th><th>Callable issue classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1956</td><td>Mar. 2-1/4% Bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>1964</td><td>June. 2-1/4% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>June. 2-1/4% Bond - 6/15/54-56</td><td>.....</td><td>.....</td><td>681</td><td>.....</td><td>Dec. 2-1/4% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</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>1965</td><td>Mar. 2-1/4% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>Total</td><td>.....</td><td>6,253</td><td>681</td><td>.....</td><td>Dec. 2-3/4% Bond - 12/15/65-69</td><td>.....</td><td>.....</td><td>1,485</td><td>.....</td><td>.....</td></tr><tr><td>1958</td><td>Mar. 2-1/4% 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>June. 2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>.....</td><td>1966</td><td>Mar. 2-1/4% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>Total</td><td>.....</td><td>919</td><td>1,449</td><td>.....</td><td>1967</td><td>June. 2-1/4% Bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/52</td></tr><tr><td>1959</td><td>June. 2-1/4% Bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>June. 2-1/4% Bond - 6/15/67-72</td><td>.....</td><td>7,961</td><td>.....</td><td>6/15/62</td></tr><tr><td>Sept. 2-3/4% Bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>982</td><td>.....</td><td>Sept. 2-1/4% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>12/15/62</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>12/15/52</td><td>Dec. 2-1/4% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td>Total</td><td>.....</td><td>8,754</td><td>4,804</td><td>.....</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. 2-1/4% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/52</td></tr><tr><td>Dec. 2-3/4% Bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>.....</td><td>1969</td><td>June. 2-1/4% Bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/53</td></tr><tr><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>Dec. 2-1/4% Bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/53</td></tr><tr><td>1961</td><td>June. 3/4 Panama Canal bond - 6/1/61</td><td>50</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>6/15/52</td><td>1970</td><td>Mar. 2-1/4% Bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/54</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/59-62</td><td>.....</td><td>3,470</td><td>.....</td><td>12/15/52</td><td>1971</td><td>Mar. 2-1/4% Bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/54</td></tr><tr><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>.....</td><td>1972</td><td>June. 2-1/4% Bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/15/62</td></tr><tr><td>1963</td><td>June. 2-3/4% Bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>Sept. 2-1/4% Bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>12/15/62</td></tr><tr><td>Dec. 2-1/4% Bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/52</td><td>Dec. 2-1/4% Bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>12/15/62</td></tr><tr><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>Total</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: 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.
July 1948
21
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills (Amounts in millions of dollars)
<table><tr><th>Issue date</th><th colspan="2">Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th colspan="3">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></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-Dec. 4</td><td>1948-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>15,336.1</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>15,335.8</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>15,335.3</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>1,303.3</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>1,062.9</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>92</td><td>1,769.5</td><td>903.2</td><td>892.0</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>1,284.4</td><td>1,000.2</td><td>952.4</td><td>47.8</td><td>564.1</td><td>1,103.6</td><td>14,636.2</td></tr><tr><td>Feb. 19</td><td>May 20</td><td>91</td><td>1,650.8</td><td>1,000.5</td><td>957.2</td><td>43.3</td><td>650.3</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>14,337.8</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>1,101.0</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><tr><td>Apr. 1</td><td>July 1</td><td>91</td><td>1,983.8</td><td>1,200.3</td><td>1,171.4</td><td>28.9</td><td>724.8</td><td>1,304.0</td><td>13,841.6</td></tr><tr><td>Apr. 8</td><td>July 8</td><td>91</td><td>1,793.4</td><td>1,205.5</td><td>1,166.4</td><td>39.1</td><td>535.0</td><td>1,305.1</td><td>13,742.0</td></tr><tr><td>Apr. 15</td><td>July 15</td><td>91</td><td>1,474.1</td><td>1,006.6</td><td>968.8</td><td>37.8</td><td>530.1</td><td>1,003.3</td><td>13,745.3</td></tr><tr><td>Apr. 22</td><td>July 22</td><td>91</td><td>1,691.5</td><td>1,001.6</td><td>958.6</td><td>43.0</td><td>442.6</td><td>1,002.9</td><td>13,744.0</td></tr><tr><td>Apr. 29</td><td>July 29</td><td>91</td><td>1,635.4</td><td>1,005.6</td><td>963.2</td><td>40.4</td><td>479.3</td><td>1,001.5</td><td>13,748.1</td></tr><tr><td>May 6</td><td>Aug. 5</td><td>91</td><td>1,491.5</td><td>905.4</td><td>861.0</td><td>44.4</td><td>391.4</td><td>903.2</td><td>13,750.4</td></tr><tr><td>May 13</td><td>Aug. 12</td><td>91</td><td>1,474.2</td><td>1,005.6</td><td>960.1</td><td>45.5</td><td>467.9</td><td>1,000.2</td><td>13,755.8</td></tr><tr><td>May 20</td><td>Aug. 19</td><td>91</td><td>1,642.8</td><td>1,004.0</td><td>961.6</td><td>42.4</td><td>519.0</td><td>1,000.5</td><td>13,759.3</td></tr><tr><td>May 27</td><td>Aug. 26</td><td>91</td><td>1,728.0</td><td>1,107.8</td><td>1,071.1</td><td>36.7</td><td>589.7</td><td>1,106.2</td><td>13,760.9</td></tr></table>
<table><tr><th rowspan="2">Issue date</th><th colspan="2">On total bids accepted-</th><th colspan="4">On competitive bids accepted-</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 2/ (Percent)</th><th>High Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Low Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1947-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>99.752</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 3/</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>0.998</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><tr><td>Apr. 1</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><tr><td>Apr. 8</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>Apr. 15</td><td>99.748</td><td>0.998</td><td>99.754</td><td>0.973</td><td>99.747</td><td>1.001</td></tr><tr><td>Apr. 22</td><td>99.748</td><td>0.997</td><td>99.754</td><td>0.973</td><td>99.747</td><td>1.001</td></tr><tr><td>Apr. 29</td><td>99.748</td><td>0.997</td><td>99.756</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>May 6</td><td>99.748</td><td>0.998</td><td>99.752</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>May 13</td><td>99.748</td><td>0.998</td><td>99.728</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>May 20</td><td>99.748</td><td>0.997</td><td>99.728</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>May 27</td><td>99.748</td><td>0.997</td><td>99.753</td><td>0.977</td><td>99.747</td><td>1.001</td></tr></table>
Source: 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 99.981 and $50,000 at 99.925.
22
Treasury Bulletin
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>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>4,611</td><td>-</td><td>4,611</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<br>6/1/45<br>6/1/45</td><td>7th War Loan securities: 2-1/2% Bond - 6/15/67-12 1/2<br>2-1/2% Bond - 6/15/59-62 1/2<br>1-1/2% Bond - 12/15/50</td><td>27 yr<br>11 yr<br>5 yr,6 m</td><td>(22 yr)<br>(14 yr)<br>1 yr</td><td>7,967<br>5,264<br>2,675</td><td>7,967 1/2<br>5,264 1/2<br>2,675 1/2</td><td>-</td><td>100</td></tr><tr><td>5/21/45</td><td>6/1/45</td><td>1/8% Note - 7/1/46-D</td><td>1 yr,1 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>8/1/45</td><td>7/8% Certificate - 8/1/46-F</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>9/1/45</td><td>7/8% Certificate - 9/1/46-O</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>10/29/45</td><td>11/15/45<br>11/15/45<br>12/3/45</td><td>Victory Loan securities: 3-2-1/2% Bond - 12/15/67-12 1/2<br>2-1/4% Bond - 12/15/59-62 1/2<br>7/8% Certificate - 12/1/46-E</td><td>27 yr,1 m<br>17 yr,1 m<br>1 yr</td><td>(22 yr,1 m)<br>(14 yr,1 m)<br>1 yr</td><td>11,689<br>3,470<br>3,768</td><td>11,689 1/2<br>3,470 1/2<br>3,768 1/2</td><td>-</td><td>100</td></tr><tr><td>9/24/45</td><td>10/1/45</td><td>7/8% Certificate - 10/1/46-E</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>4,105</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-I</td><td>12% m</td><td>-</td><td>4,992</td><td>-</td><td>4,992</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>1% Certificate - 10/1/48-J</td><td>1 yr</td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>1% Certificate - 10/1/48-E</td><td>11 m</td><td>-</td><td>1,167</td><td>-</td><td>1,167</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>2,598</td><td>-</td><td>2,598</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>1,025</td><td>-</td><td>1,025</td><td>100</td></tr><tr><td>5/19/48</td><td>6/1/48</td><td>1-1/8% Certificate - 6/1/49-E</td><td>1 yr</td><td>-</td><td>4,301</td><td>-</td><td>4,301</td><td>100</td></tr><tr><td>6/21/48</td><td>7/1/48</td><td>1-1/8% Certificate - 7/1/49-F</td><td>1 yr</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>100</td></tr></table>
Source: 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. 
k/ Bank restricted issues. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue. 
n.e. Not available.
July 1948
23
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government
<table><tr><th rowspan="2">Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury 2/</th><th colspan="2">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash By Federal Reserve Banks 3/ By other investors</th></tr><tr><td colspan="9">(In millions of dollars)</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>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>4,89</td><td>489</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4/1/46</td><td>1/8% Treas. note - 4/1/46-C</td><td>4/1/41</td><td>1,291</td><td>1,291</td><td>2,880</td><td>2,880</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>2,775</td><td>2,775</td><td>-</td><td>-</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46-E</td><td>6/1/45</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>7/8% Certificate - 6/1/47-E</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></tr><tr><td>7/1/46</td><td>9/8% Treas. note - 7/1/46-D</td><td>6/15/51</td><td>819</td><td>819</td><td>2,916</td><td>2,916</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-F</td><td>8/1/45</td><td>4,910</td><td>1,994</td><td>2,916</td><td>1,223</td><td>-</td><td>7/8% Certificate - 8/1/47-G</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46-G</td><td>9/1/45</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>7/8% Certificate - 9/1/47-H</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46-E</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>7/8% Certificate - 10/1/47-J</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>7/8% Certificate - 11/1/47-K</td></tr><tr><td>12/1/46</td><td>7/8% Certificate - 12/1/46-K</td><td>12/3/45</td><td>3,768</td><td>-</td><td>3,768</td><td>3,281</td><td>487</td><td>7/8% Certificate - 12/1/47-L</td></tr><tr><td>12/15/46</td><td>1-1/2% Treas. note - 12/15/46-B</td><td>6/5/42</td><td>3,261</td><td>3,261</td><td>-</td><td>-</td><td>-</td><td>-</td></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></tr><tr><td>2/1/47</td><td>7/8% Certificate - 2/1/47-A</td><td>1/1/46</td><td>3,330</td><td>1,007</td><td>3,330</td><td>3,134</td><td>196</td><td>7/8% Certificate - 1/1/48-A</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 3/1/47-C</td><td>3/1/46</td><td>4,954</td><td>991</td><td>2,142</td><td>2,142</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></tr><tr><td>4/1/47</td><td>7/8% Certificate - 4/1/47-D</td><td>4/1/46</td><td>2,880</td><td>1,499</td><td>1,321</td><td>1,321</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>7/8% Certificate - 6/1/48-E</td></tr><tr><td>7/1/47</td><td>7/8% Certificate - 7/1/47-F</td><td>7/1/46</td><td>2,916</td><td>-</td><td>2,916</td><td>2,742</td><td>174</td><td>7/8% Certificate - 7/1/48-F</td></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47-G</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>97</td><td>7/8% Certificate - 7/1/48-G</td></tr><tr><td>9/1/47</td><td>7/8% Certificate - 9/1/47-E</td><td>9/1/46</td><td>2,341</td><td>-</td><td>2,341</td><td>2,209</td><td>132</td><td>7/8% Certificate - 7/1/48-H</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47-A</td><td>7/12/43</td><td>2,707</td><td>2,707</td><td>2,580</td><td>2,580</td><td>128</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td>10/1/47</td><td>7/8% Certificate - 10/1/47-J</td><td>10/1/46</td><td>1,440</td><td>1,440</td><td>1,354</td><td>1,354</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></tr><tr><td>11/1/47</td><td>7/8% Certificate - 11/1/47-K</td><td>11/1/46</td><td>1,775</td><td>1,775</td><td>1,467</td><td>1,467</td><td>203</td><td>1% Certificate - 10/1/48-K</td></tr><tr><td>12/1/47</td><td>7/8% Certificate - 12/1/47-L</td><td>12/1/46</td><td>3,281</td><td>3,281</td><td>2,908</td><td>2,908</td><td>139</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td></td><td>Bond</td><td>12/15/38</td><td>701</td><td>701</td><td>627</td><td>627</td><td>74</td><td></td></tr><tr><td colspan="4">Total for 12/1/47</td><td>3,982</td><td>3,982</td><td>3,535</td><td>139</td><td>308</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>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>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>2,142</td><td>1,687</td><td>285</td><td>169</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td>3/15/48</td><td>2-3/4% Treas. bond - 3/15/48</td><td>3/15/41</td><td>1,115</td><td>1,115</td><td>899</td><td>75</td><td>141</td><td></td></tr><tr><td></td><td>Treas. bond</td><td>3/16/36</td><td>1,223</td><td>1,223</td><td>967</td><td>101</td><td>156</td><td></td></tr><tr><td colspan="4">Total for 3/1/48</td><td>4,481</td><td>4,481</td><td>3,553</td><td>450</td><td>467</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>1,321</td><td>1,055</td><td>106</td><td>160</td><td>1-1/8% Certificate - 4/1/49-D</td></tr><tr><td>6/1/48</td><td>7/8% Certificate - 6/1/48-E</td><td>6/1/47</td><td>1,777</td><td>1,777</td><td>1,618</td><td>-</td><td>159</td><td>1-1/8% Certificate - 6/1/49-E</td></tr><tr><td>6/15/48</td><td>1-3/4% Treas. bond - 6/15/48</td><td>12/1/42</td><td>3,062</td><td>3,062</td><td>2,683</td><td>-</td><td>379</td><td></td></tr><tr><td>7/1/48</td><td>7/8% Certificate - 7/1/48-F</td><td>7/1/47</td><td>2,742</td><td>2,742</td><td>n.a.</td><td>-</td><td>n.a.</td><td>1-1/3% Certificate - 7/1/49-F</td></tr><tr><td></td><td>7/8% Certificate - 7/1/48-G</td><td>8/1/47</td><td>1,127</td><td>1,127</td><td>n.a.</td><td>-</td><td>n.a.</td><td></td></tr><tr><td></td><td>7/8% Certificate - 7/1/48-H</td><td>9/1/47</td><td>2,209</td><td>2,209</td><td>n.a.</td><td>-</td><td>n.a.</td><td></td></tr></table>
Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
2/ Prior to the refunding operations of March 1, 1946, maturing issues were either paid off in full or the holders were given the privilege of exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a
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. n.e. Not available.
24
Treasury Bulletin
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 rowspan="2">Public debt outstanding Amount, end of period</th><th colspan="7">Public debt receipts (Issuance of public debt)</th><th colspan="7">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Increase, or decrease (-), during period</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>Special notes International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1940</td><td>42,966</td><td>2,528</td><td>13,166</td><td>7,104</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>17,687</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,182</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,182</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,104</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>54,274</td><td>122,612</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,942</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,942</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>804</td><td>18,183</td><td>18,410</td><td>121,980</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>260,097</td><td>10,740</td><td>150,985</td><td>103,116</td><td>464</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,284</td><td>95,985</td><td>464</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>-</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</td><td>259,448</td><td>1,161</td><td>10,844</td><td>2,291</td><td>-</td><td>36</td><td>16</td><td>-</td><td>-</td><td>-</td><td>7,238</td><td>1,279</td><td>9,683</td><td>2,316</td><td>-</td><td>7,238</td><td>129</td></tr><tr><td>Aug.</td><td>260,097</td><td>649</td><td>7,381</td><td>1,526</td><td>-</td><td>11</td><td>49</td><td>-</td><td>-</td><td>-</td><td>5,080</td><td>731</td><td>6,732</td><td>1,624</td><td>-</td><td>5,080</td><td>87</td></tr><tr><td>Sept.</td><td>259,145</td><td>-953</td><td>12,605</td><td>1,247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,273</td><td>436</td><td>13,557</td><td>3,148</td><td>-</td><td>10,273</td><td>136</td></tr><tr><td>Oct.</td><td>259,071</td><td>-74</td><td>9,042</td><td>2,946</td><td>-</td><td>42</td><td>24</td><td>-</td><td>-</td><td>-</td><td>5,939</td><td>116</td><td>9,116</td><td>2,988</td><td>-</td><td>5,939</td><td>189</td></tr><tr><td>Nov.</td><td>258,212</td><td>-859</td><td>6,640</td><td>1,467</td><td>-</td><td>24</td><td>15</td><td>-</td><td>-</td><td>-</td><td>5,058</td><td>90</td><td>7,969</td><td>2,419</td><td>-</td><td>5,058</td><td>21</td></tr><tr><td>Dec.</td><td>256,900</td><td>-1,312</td><td>9,357</td><td>2,255</td><td>-</td><td>15</td><td>11</td><td>-</td><td>-</td><td>-</td><td>7,029</td><td>58</td><td>10,689</td><td>3,020</td><td>-</td><td>7,029</td><td>620</td></tr><tr><td>1948-Jan.</td><td>256,574</td><td>-326</td><td>9,486</td><td>3,263</td><td>-</td><td>11</td><td>6</td><td>-</td><td>-</td><td>-</td><td>5,954</td><td>257</td><td>9,818</td><td>3,794</td><td>-</td><td>5,954</td><td>64</td></tr><tr><td>Feb.</td><td>254,605</td><td>-1,969</td><td>7,128</td><td>2,700</td><td>-</td><td>6</td><td>3</td><td>-</td><td>-</td><td>-</td><td>4,276</td><td>142</td><td>9,093</td><td>4,773</td><td>-</td><td>4,276</td><td>44</td></tr><tr><td>Mar.</td><td>252,990</td><td>-1,615</td><td>8,752</td><td>2,631</td><td>-</td><td>3</td><td>2</td><td>-</td><td>-</td><td>-</td><td>6,012</td><td>105</td><td>10,367</td><td>4,274</td><td>-</td><td>6,012</td><td>80</td></tr><tr><td>Apr.</td><td>252,240</td><td>-750</td><td>7,217</td><td>3,362</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>3,757</td><td>86</td><td>7,967</td><td>4,043</td><td>-</td><td>3,757</td><td>157</td></tr><tr><td>May</td><td>252,236</td><td>-3</td><td>4,852</td><td>2,702</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>1,968</td><td>181</td><td>4,855</td><td>2,828</td><td>-</td><td>1,968</td><td>59</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.
July 1948
25
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 redemptions data by States are published at the end of each calendar and each fiscal year after June 30, 1947. Sales by denominations are also published semi-annually after December 31, 1947.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of Series G outstanding are quoted at par. Matured bonds which have been redeemed are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased.
Table 1.- Summary of Sales and Redemptions, by Series
Cumulative through May 31, 1948
<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 colspan="8">(in millions of dollars)</td></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>289</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>447</td><td>16</td><td>-</td><td>3/</td></tr><tr><td>Series C</td><td>1,020</td><td>257</td><td>1,287</td><td>897</td><td>40</td><td>330</td><td>70.81</td></tr><tr><td>Series D</td><td>2,369</td><td>451</td><td>2,816</td><td>574</td><td>-</td><td>2,241</td><td>20.40</td></tr><tr><td>Series E</td><td>50,085</td><td>1,943</td><td>52,027</td><td>20,475</td><td>-</td><td>31,552</td><td>39.35</td></tr><tr><td>Series F</td><td>3,790</td><td>164</td><td>3,954</td><td>705</td><td>-</td><td>3,250</td><td>17.82</td></tr><tr><td>Series G</td><td>17,517</td><td>-</td><td>17,517</td><td>1,746</td><td>-</td><td>15,771</td><td>9.97</td></tr><tr><td>Total, Series A-G</td><td>75,341</td><td>2,959</td><td>78,300</td><td>25,093</td><td>63</td><td>53,143</td><td>32.05</td></tr></table>
Sources: Daily Treasury Statement; Office of the Treasurer of the U.S. 1/ Beginning with June 1947, Series E sales include small amounts of unclassified sales beginning October 1946. 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 of information to railroads, but not the year of issue. On the basis of that information such sales are included in this table according to series. Prior to June 1947, it was possible to distribute by series all sales reported as classified in the Daily Treasury Statement. Series A-D 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. 2/ 3/ Not calculated for matured series.
Table 2.- History of Sales and Redemptions, All Series Combined
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sale 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>Piec 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>801</td><td>841</td><td>7</td><td>-</td><td>21,755</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>6,117</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>51,361</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>5,157</td><td>102</td><td>5,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,090</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>45,776</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>742</td><td>7,436</td><td>5,126</td><td>4,889</td><td>237</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>412</td><td>22</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>304</td><td>n.a.</td><td>n.a.</td><td>82</td><td>52,733</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>April</td><td>468</td><td>55</td><td>523</td><td>492</td><td>n.a.</td><td>n.a.</td><td>68</td><td>53,065</td><td>.85</td></tr><tr><td>May</td><td>432</td><td>70</td><td>502</td><td>488</td><td>n.a.</td><td>n.a.</td><td>63</td><td>53,143</td><td>.81</td></tr><tr><td>Total, inception to May 31, 1948</td><td>75,341</td><td>2,959</td><td>78,300</td><td>25,093</td><td>n.a.</td><td>n.a.</td><td>63</td><td>53,143</td><td>-</td></tr></table>
Sources: Daily Treasury Statement. n.a. Not available
See footnotes to Table 1.
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- History of Sales and Redemptions of Series E, F, and G
<table><tr><th>Period</th><th>Sales 2/</th><th>Accrued discount</th><th>Sales pins accrued discount</th><th>Total</th><th>Redemptions 2/ Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and O</td></tr><tr><td>Piecual years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>604</td><td>-</td><td>604</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>6,544</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,825</td><td>760</td><td>760</td><td>1</td><td>17,548</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,265</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>1,156</td><td>4,114</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>48,358</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>11,187</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>1,263</td><td>1,251</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>4,522</td><td>123</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>379</td><td>12</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>April</td><td>468</td><td>48</td><td>516</td><td>409</td><td>n.a.</td><td>n.a.</td><td>50,467</td><td>.81</td></tr><tr><td>May</td><td>432</td><td>64</td><td>497</td><td>390</td><td>n.a.</td><td>n.a.</td><td>50,573</td><td>.77</td></tr><tr><td>Total, inception to May 31, 1948</td><td>71,392</td><td>2,107</td><td>73,499</td><td>22,926</td><td>n.a.</td><td>n.a.</td><td>50,573</td><td>-</td></tr><tr><td colspan="9">Series E</td></tr><tr><td>Piecual years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>201</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>29,027</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>1,953</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>3,831</td><td>116</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>1.08</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>30,912</td><td>.88</td></tr><tr><td>December</td><td>325</td><td>67</td><td>393</td><td>327</td><td>316</td><td>11</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>April</td><td>320</td><td>44</td><td>363</td><td>346</td><td>n.a.</td><td>n.a.</td><td>31,503</td><td>1.10</td></tr><tr><td>May</td><td>305</td><td>60</td><td>365</td><td>316</td><td>n.a.</td><td>n.a.</td><td>31,552</td><td>1.00</td></tr><tr><td>Total, inception to May 31, 1948</td><td>50,085</td><td>1,943</td><td>52,027</td><td>20,475</td><td>n.a.</td><td>n.a.</td><td>31,552</td><td>-</td></tr></table>
(Continued on following page)
July 1948
27
UNITED STATES SAVINGS BONDS
Table 3.- History of Sales and Redemptions of Series E, F, and G - (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">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>*</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>135</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>1,282</td><td>-</td></tr><tr><td>1944</td><td>102</td><td>9</td><td>111</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>85</td><td>1</td><td>2,504</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>196</td><td>7</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>15</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>16</td><td>1</td><td>3,162</td><td>.53</td></tr><tr><td>1948-January</td><td>46</td><td>7</td><td>51</td><td>17</td><td>n.e.</td><td>n.e.</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>April</td><td>20</td><td>4</td><td>25</td><td>17</td><td>n.a.</td><td>n.a.</td><td>3,247</td><td>.53</td></tr><tr><td>May</td><td>17</td><td>5</td><td>21</td><td>19</td><td>n.a.</td><td>n.a.</td><td>3,250</td><td>.58</td></tr><tr><td>Total, inception to May 31, 1948</td><td>3,790</td><td>164</td><td>3,954</td><td>705</td><td>n.e.</td><td>n.e.</td><td>3,250</td><td>-</td></tr><tr><td colspan="9">Series 0</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>13,416</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>1,253</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>1,669</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>204</td><td>204</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>45</td><td>45</td><td>*</td><td>14,653</td><td>.33</td></tr><tr><td>August</td><td>144</td><td>-</td><td>144</td><td>42</td><td>42</td><td>*</td><td>14,756</td><td>.28</td></tr><tr><td>September</td><td>142</td><td>-</td><td>142</td><td>44</td><td>44</td><td>*</td><td>14,854</td><td>.30</td></tr><tr><td>October</td><td>162</td><td>-</td><td>162</td><td>41</td><td>41</td><td>*</td><td>14,975</td><td>.28</td></tr><tr><td>November</td><td>131</td><td>-</td><td>131</td><td>44</td><td>44</td><td>*</td><td>15,062</td><td>.29</td></tr><tr><td>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>245</td><td>-</td><td>245</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>April</td><td>128</td><td>-</td><td>128</td><td>46</td><td>46</td><td>*</td><td>15,727</td><td>.29</td></tr><tr><td>May</td><td>110</td><td>-</td><td>110</td><td>55</td><td>55</td><td>*</td><td>15,771</td><td>.35</td></tr><tr><td>Total, inception to May 31, 1948</td><td>17,517</td><td>-</td><td>17,517</td><td>1,746</td><td>1,746</td><td>*</td><td>15,771</td><td>-</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available.
less than $500,000. See footnotes to Table 1.
28
Treasury Bulletin
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 May 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>4,047</td><td>4,044</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>32,059</td><td>27,278</td><td>7,486</td><td>19,792</td><td>40</td><td>4,741</td></tr><tr><td>Total</td><td>37,410</td><td>32,625</td><td>7,735</td><td>24,891</td><td>43</td><td>4,741</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>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948</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>1949</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>3,585</td><td>6,673</td><td>2,602</td><td>4,071</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,830</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td>Monthly:</td><td></td><td></td><td></td><td></td><td></td><td></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>261</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>354</td><td>91</td><td>273</td><td>49</td><td>5,100</td></tr><tr><td>April</td><td>129</td><td>348</td><td>246</td><td>102</td><td>43</td><td>4,886</td></tr><tr><td>May</td><td>142</td><td>291</td><td>262</td><td>29</td><td>40</td><td>4,741</td></tr></table>
Source: Daily Treasury Statement
July 1948
29
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="5">Interest-bearing securities guaranteed by the U.S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U.S. Government agencies and trust funds 2/</th><th colspan="2">Held 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">Held by U.S. Government agencies and trust funds and Federal Reserve Banks 2/ 4/</th><th colspan="2">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 2/</th><th>Special Issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th></th><th>Public marketable issues</th><th>Public non-marketable issues 2/ 3/</th><th></th></tr><tr><td>1940.....</td><td>48,497</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>5,212</td><td>-</td><td>623</td></tr><tr><td>1941.....</td><td>55,332</td><td>48,387</td><td>8,285</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>6,085</td><td>-</td><td>585</td></tr><tr><td>1942.....</td><td>76,991</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>4,262</td><td>-</td><td>474</td></tr><tr><td>1943.....</td><td>140,796</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,199</td><td>114,181</td><td>84,948</td><td>29,193</td><td>4,092</td><td>285</td><td>3,738</td><td>68</td><td>1,324</td></tr><tr><td>1944.....</td><td>202,626</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>180</td><td>1,186</td><td>150</td><td>1,567</td></tr><tr><td>1945.....</td><td>259,115</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td><td>375</td><td>2,350</td></tr><tr><td>1946.....</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>34</td><td>424</td><td>1,323</td></tr><tr><td>1947.....</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>37</td><td>45</td><td>3,179</td></tr><tr><td>1947-July</td><td>259,528</td><td>256,321</td><td>33,340</td><td>4,788</td><td>36</td><td>28,516</td><td>21,549</td><td>201,432</td><td>142,172</td><td>59,260</td><td>74</td><td>1</td><td>33</td><td>40</td><td>3,133</td></tr><tr><td>Aug.....</td><td>260,176</td><td>257,110</td><td>33,715</td><td>4,458</td><td>36</td><td>29,220</td><td>22,192</td><td>201,204</td><td>141,740</td><td>59,464</td><td>73</td><td>1</td><td>35</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>29,947</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>2,607</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>2,527</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>2,521</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>29,286</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>2,519</td></tr><tr><td>Mar.....</td><td>253,068</td><td>250,634</td><td>34,973</td><td>5,564</td><td>137</td><td>29,872</td><td>20,887</td><td>194,774</td><td>134,887</td><td>59,887</td><td>73</td><td>*</td><td>28</td><td>45</td><td>2,562</td></tr><tr><td>Apr.....</td><td>252,315</td><td>249,920</td><td>34,814</td><td>5,476</td><td>137</td><td>29,201</td><td>20,340</td><td>194,766</td><td>135,060</td><td>59,706</td><td>70</td><td>*</td><td>28</td><td>43</td><td>2,325</td></tr><tr><td>May.....</td><td>252,311</td><td>249,958</td><td>34,904 p</td><td>5,444 p</td><td>137 p</td><td>29,323</td><td>20,662</td><td>194,393 p</td><td>134,702 p</td><td>59,611 p</td><td>70</td><td>-</td><td>27 p</td><td>42</td><td>2,283</td></tr></table>
Source: 1/2 3/
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. Excludes guaranteed securities held by the Treasury. 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. 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.
All public marketable issues except H. F. C. notes in the amount of $115 million for 1953 and $176 million for 1954.
Includes U. S. savings bonds, Series A-F at security value.
Complete of Commodity Credit Corporation demand obligations stated as of close of the previous month, in accordance with the Daily Treasury Statement.
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 net 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>-12.1</td><td>-30.4</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr></table>
Conescts 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.
30
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors
(Par values 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 1/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 1/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/ 6/</th><th>State and local governments 1/</th><th>U.S. Government agencies and trust funds 2/</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>28.5</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>45.5</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>95.5</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>151.1</td><td>53.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.2</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>25.6</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>273.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.5</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>26.0</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>269.2</td><td>106.2</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>266.8</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>21.7</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>165.5</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 r</td><td>69.7 r</td><td>22.2</td><td>168.2 r</td><td>67.6</td><td>24.9</td><td>12.2</td><td>22.7 r</td><td>7.2</td><td>33.7</td></tr><tr><td>September</td><td>259.2</td><td>92.2 r</td><td>69.9 r</td><td>22.3</td><td>167.0 r</td><td>66.7</td><td>24.7</td><td>12.1</td><td>22.3 r</td><td>7.2</td><td>33.9</td></tr><tr><td>October</td><td>259.2</td><td>92.1 r</td><td>70.0 r</td><td>22.2</td><td>167.0 r</td><td>66.8</td><td>24.9</td><td>12.2</td><td>22.0 r</td><td>7.2</td><td>33.9</td></tr><tr><td>November</td><td>258.3</td><td>91.7 r</td><td>69.5 r</td><td>22.2</td><td>166.6 r</td><td>66.7 r</td><td>24.7</td><td>12.1</td><td>21.7 r</td><td>7.3</td><td>34.2</td></tr><tr><td>December</td><td>257.0</td><td>91.3 r</td><td>68.7 r</td><td>22.5</td><td>165.7 r</td><td>66.6 r</td><td>24.3</td><td>12.0</td><td>21.2 r</td><td>7.3</td><td>34.4</td></tr><tr><td>1948-January</td><td>256.7</td><td>90.9 r</td><td>69.0 r</td><td>21.9</td><td>165.7 r</td><td>66.6 r</td><td>24.1</td><td>12.0</td><td>21.2 r</td><td>7.2</td><td>34.6</td></tr><tr><td>February</td><td>254.7</td><td>88.5 r</td><td>67.2 r</td><td>21.0</td><td>166.2 r</td><td>66.7 r</td><td>23.9</td><td>12.0</td><td>21.4 r</td><td>7.2</td><td>34.9</td></tr><tr><td>March</td><td>253.1</td><td>86.2</td><td>65.4</td><td>20.9</td><td>166.8</td><td>66.8</td><td>23.8</td><td>12.1</td><td>21.8</td><td>7.5</td><td>35.0</td></tr><tr><td>April p.....</td><td>250.3</td><td>86.7</td><td>66.4</td><td>20.3</td><td>165.6</td><td>66.7</td><td>23.5</td><td>12.0</td><td>21.2</td><td>7.3</td><td>34.8</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 are 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 of the United States, and of certain similar possessions. Figures exclude securities held in trust departments. 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 1945, figures include investments by the International Bank for Reconstruction and Development and International Monetary Fund in special noninterest-bearing notes issued by the U. S. Government.
6/ 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.
7/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions.
P Preliminary.
R Revised.
July 1948
31
TREASURY SURVEY OF OWNERSHIP, APRIL 30, 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 is published for June 30 and December 31.
Section
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">Hold by investore covered in Treasury Survey</th><th rowspan="2">Hold by all other investore 1/</th></tr><tr><th>7,297 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>308 life</th><th>636 fire, casualty, and marine</th><th>U.S. Govern- ment agencies and trust funds, and Federal Reserve Banks</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>160,903</td><td>58,263</td><td>435</td><td>11,608</td><td>18,940</td><td>3,509</td><td>25,815</td><td>42,433</td></tr><tr><td>Public nonmarketable 4/ 5/</td><td>59,886</td><td>1,333</td><td>14</td><td>437</td><td>442</td><td>302</td><td>136</td><td>57,178</td></tr><tr><td>Special issues</td><td>29,201</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,201</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>249,990</td><td>59,896</td><td>450</td><td>12,045</td><td>18,982</td><td>3,811</td><td>55,153</td><td>99,610</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,325 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 7/</td><td>252,315</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. - 8
Summary of Interest-Bearing Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,297 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>308 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>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>13,788</td><td>3,013</td><td>4</td><td>67</td><td>142</td><td>58</td><td>8,001</td><td>2,463</td></tr><tr><td>Certificates of indebtedness</td><td>20,065</td><td>7,204</td><td>13</td><td>354</td><td>57</td><td>374</td><td>4,264</td><td>7,798</td></tr><tr><td>Treasury notes</td><td>11,375</td><td>4,615</td><td>13</td><td>124</td><td>16</td><td>206</td><td>1,964</td><td>4,436</td></tr><tr><td>Treasury bonds - bank eligible</td><td>65,888</td><td>42,766</td><td>222</td><td>2,683</td><td>2,582</td><td>1,472</td><td>4,513</td><td>11,646</td></tr><tr><td>Treasury bonds - bank restricted 8/</td><td>49,636</td><td>941</td><td>181</td><td>8,372</td><td>15,731</td><td>1,397</td><td>7,036</td><td>15,977</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>164</td><td>13</td><td>4</td><td>1</td><td>12</td><td>1</td><td>36</td><td>113</td></tr><tr><td>Guaranteed by U.S. Government 1/</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>160,903</td><td>58,563</td><td>435</td><td>11,608</td><td>18,540</td><td>3,509</td><td>25,815</td><td>42,433</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>49,386</td><td>17,541</td><td>38</td><td>647</td><td>232</td><td>718</td><td>14,404</td><td>15,806</td></tr><tr><td>1 to 5 years</td><td>46,413</td><td>30,590</td><td>115</td><td>1,924</td><td>1,995</td><td>880</td><td>2,892</td><td>8,058</td></tr><tr><td>5 to 10 years</td><td>10,270</td><td>6,023</td><td>76</td><td>555</td><td>535</td><td>342</td><td>848</td><td>1,890</td></tr><tr><td>10 to 15 years</td><td>13,386</td><td>2,060</td><td>80</td><td>2,933</td><td>1,842</td><td>782</td><td>1,651</td><td>4,018</td></tr><tr><td>15 to 20 years</td><td>41,481</td><td>2,338</td><td>124</td><td>5,546</td><td>13,964</td><td>827</td><td>6,021</td><td>12,660</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>160,903</td><td>58,563</td><td>435</td><td>11,608</td><td>18,540</td><td>3,509</td><td>25,815</td><td>42,433</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>13</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>113</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>15,388</td><td>11,466</td><td>97</td><td>94</td><td>25</td><td>572</td><td>1,069</td><td>2,106</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>145,351</td><td>47,084</td><td>338</td><td>11,552</td><td>18,515</td><td>2,937</td><td>24,710</td><td>40,214</td></tr><tr><td>Total</td><td>160,903</td><td>58,563</td><td>435</td><td>11,608</td><td>18,540</td><td>3,509</td><td>25,815</td><td>42,433</td></tr></table>
Footnotes at end of Section II.
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, APRIL 30, 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 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>7,297 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>Insurance companies 308 life 636 fire, casualty, and marine</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>13,748</td><td>3,013</td><td>4</td><td>67</td><td>142</td><td>58</td><td>8,001</td><td>2,463</td></tr><tr><td>Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% June 1948-E......(taxable)</td><td>1,777</td><td>438</td><td>1</td><td>22</td><td>5</td><td>14</td><td>276</td><td>1,022</td></tr><tr><td>7/8% July 1948-F......(taxable)</td><td>2,742</td><td>717</td><td>2</td><td>36</td><td>8</td><td>35</td><td>1,169</td><td>775</td></tr><tr><td>7/8% July 1948-G......(taxable)</td><td>1,127</td><td>316</td><td>*</td><td>3</td><td>3</td><td>15</td><td>513</td><td>277</td></tr><tr><td>7/8% July 1948-H......(taxable)</td><td>2,209</td><td>515</td><td>1</td><td>12</td><td>3</td><td>59</td><td>795</td><td>823</td></tr><tr><td>1% October 1948-J......(taxable)</td><td>1,354</td><td>289</td><td>*</td><td>23</td><td>3</td><td>29</td><td>160</td><td>611</td></tr><tr><td>1% October 1948-K......(taxable)</td><td>1,467</td><td>526</td><td>1</td><td>14</td><td>9</td><td>30</td><td>277</td><td>610</td></tr><tr><td>1-1/8% January 1949-A......(taxable)</td><td>2,522</td><td>1,238</td><td>2</td><td>88</td><td>8</td><td>83</td><td>199</td><td>580</td></tr><tr><td>1-1/8% February 1949-B......(taxable)</td><td>2,189</td><td>849</td><td>2</td><td>47</td><td>14</td><td>34</td><td>206</td><td>1,036</td></tr><tr><td>1-1/8% March 1949-C......(taxable)</td><td>3,553</td><td>1,663</td><td>3</td><td>92</td><td>5</td><td>63</td><td>586</td><td>1,140</td></tr><tr><td>1-1/8% April 1949-D......(taxable)</td><td>1,055</td><td>413</td><td>*</td><td>16</td><td>*</td><td>13</td><td>89</td><td>523</td></tr><tr><td>Total certificates of indebtedness</td><td>20,065</td><td>7,204</td><td>13</td><td>354</td><td>57</td><td>374</td><td>4,264</td><td>7,798</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% September 1948-A......(taxable)</td><td>3,748</td><td>1,968</td><td>7</td><td>56</td><td>3</td><td>70</td><td>742</td><td>901</td></tr><tr><td>1% October 1948-B......(taxable)</td><td>4,092</td><td>1,477</td><td>5</td><td>39</td><td>6</td><td>80</td><td>1,054</td><td>1,451</td></tr><tr><td>1-1/8% January 1949-A......(taxable)</td><td>3,535</td><td>1,189</td><td>2</td><td>28</td><td>7</td><td>57</td><td>167</td><td>2,084</td></tr><tr><td>Total Treasury notes</td><td>11,375</td><td>4,615</td><td>13</td><td>124</td><td>16</td><td>206</td><td>1,964</td><td>4,436</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>1,907</td><td>4</td><td>96</td><td>16</td><td>59</td><td>119</td><td>860</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>355</td><td>1</td><td>4</td><td>*</td><td>7</td><td>*</td><td>84</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>434</td><td>3</td><td>1</td><td>*</td><td>12</td><td>19</td><td>102</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>627</td><td>1</td><td>67</td><td>14</td><td>16</td><td>94</td><td>196</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>819</td><td>3</td><td>60</td><td>34</td><td>20</td><td>178</td><td>178</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,377</td><td>5</td><td>62</td><td>63</td><td>30</td><td>153</td><td>407</td></tr><tr><td>1-1/8% December 1949-52......(partially)</td><td>491</td><td>365</td><td>1</td><td>3</td><td>11</td><td>14</td><td>39</td><td>59</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,382</td><td>3</td><td>5</td><td>2</td><td>36</td><td>168</td><td>189</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,375</td><td>4</td><td>59</td><td>143</td><td>32</td><td>103</td><td>247</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>997</td><td>2</td><td>7</td><td>1</td><td>40</td><td>89</td><td>50</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>2,981</td><td>11</td><td>156</td><td>348</td><td>86</td><td>343</td><td>1,013</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,552</td><td>2</td><td>31</td><td>*</td><td>40</td><td>*</td><td>1,009</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>159</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>5,126</td><td>22</td><td>431</td><td>311</td><td>146</td><td>522</td><td>1,398</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>420</td><td>1</td><td>3</td><td>*</td><td>32</td><td>72</td><td>227</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>947</td><td>2</td><td>*</td><td>*</td><td>29</td><td>86</td><td>54</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>375</td><td>2</td><td>10</td><td>23</td><td>11</td><td>11</td><td>79</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>513</td><td>1</td><td>166</td><td>21</td><td>15</td><td>90</td><td>217</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>3,921</td><td>20</td><td>244</td><td>339</td><td>98</td><td>312</td><td>892</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>889</td><td>2</td><td>158</td><td>156</td><td>28</td><td>99</td><td>168</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,662</td><td>5,654</td><td>23</td><td>454</td><td>486</td><td>164</td><td>368</td><td>1,514</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>653</td><td>2</td><td>1</td><td>1</td><td>24</td><td>16</td><td>27</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>586</td><td>6</td><td>1</td><td>1</td><td>28</td><td>6</td><td>33</td></tr><tr><td>2-1/8% March 1955-60......(partially)</td><td>2,611</td><td>1,543</td><td>31</td><td>3</td><td>2</td><td>111</td><td>190</td><td>731</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>1,449</td><td>746</td><td>9</td><td>100</td><td>295</td><td>18</td><td>112</td><td>170</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>749</td><td>15</td><td>13</td><td>1</td><td>50</td><td>65</td><td>89</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>1,745</td><td>14</td><td>438</td><td>235</td><td>111</td><td>459</td><td>860</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>687</td><td>11</td><td>3</td><td>2</td><td>60</td><td>74</td><td>81</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,435</td><td>1,077</td><td>10</td><td>4</td><td>1</td><td>85</td><td>109</td><td>200</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>1,692</td><td>3</td><td>100</td><td>71</td><td>27</td><td>452</td><td>371</td></tr><tr><td>Total bank eligible</td><td>65,888</td><td>42,766</td><td>222</td><td>2,688</td><td>2,582</td><td>1,472</td><td>4,513</td><td>11,646</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
July 1948
33
TREASURY SURVEY OF OWNERSHIP, APRIL 30, 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>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,297 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>Insurance companies 308 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>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>88</td><td>24</td><td>1,776</td><td>570</td><td>335</td><td>636</td><td>1,856</td></tr><tr><td>2-1/4% December 1959-62....(taxable)</td><td>3,470</td><td>198</td><td>22</td><td>752</td><td>330</td><td>203</td><td>526</td><td>1,139</td></tr><tr><td>2-1/2% June 1962-67....(taxable)</td><td>2,118</td><td>9</td><td>14</td><td>398</td><td>938</td><td>60</td><td>306</td><td>393</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>2,831</td><td>3</td><td>7</td><td>502</td><td>1,249</td><td>78</td><td>385</td><td>607</td></tr><tr><td>2-1/2% June 1964-69....(taxable)</td><td>3,761</td><td>5</td><td>19</td><td>958</td><td>1,542</td><td>89</td><td>227</td><td>920</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>3,838</td><td>8</td><td>16</td><td>649</td><td>1,644</td><td>98</td><td>330</td><td>1,993</td></tr><tr><td>2-1/2% March 1965-70....(taxable)</td><td>5,197</td><td>55</td><td>16</td><td>364</td><td>2,407</td><td>84</td><td>912</td><td>1,359</td></tr><tr><td>2-1/2% March 1966-71....(taxable)</td><td>3,481</td><td>52</td><td>13</td><td>296</td><td>1,515</td><td>56</td><td>685</td><td>863</td></tr><tr><td>2-1/2% June 1967-72....(taxable)</td><td>7,967</td><td>75</td><td>19</td><td>1,240</td><td>2,955</td><td>122</td><td>1,088</td><td>2,468</td></tr><tr><td>2-1/2% December 1967-72....(taxable)</td><td>11,689</td><td>448</td><td>31</td><td>1,436</td><td>2,581</td><td>273</td><td>1,941</td><td>4,980</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>941</td><td>181</td><td>8,372</td><td>15,731</td><td>1,397</td><td>7,036</td><td>15,977</td></tr><tr><td>Total Treasury bonds</td><td>115,924</td><td>43,707</td><td>403</td><td>11,059</td><td>18,313</td><td>2,869</td><td>11,549</td><td>27,623</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 saving bonds....(wholly)</td><td>114</td><td>12</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>64</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Total other bonds</td><td>164</td><td>13</td><td>*</td><td>1</td><td>*</td><td>*</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>160,903</td><td>58,563</td><td>435</td><td>11,608</td><td>18,540</td><td>3,509</td><td>25,815</td><td>42,433</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 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,297 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>533 mutual savings</th><th>Insurance companies 308 life</th><th>636 fire, casualty, and marine</th><th></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 1/ (12/)</td><td>2,599</td><td>115</td><td>*</td><td>.4</td><td>3</td><td>5</td><td>1</td><td>2,471</td></tr><tr><td>Series E 1/ (taxable)</td><td>31,503</td><td>226</td><td>1</td><td>12</td><td>20</td><td>35</td><td>1</td><td>31,500</td></tr><tr><td>Series F 1/ (taxable)</td><td>3,247</td><td>483</td><td>7</td><td>298</td><td>128</td><td>223</td><td>13</td><td>2,950</td></tr><tr><td>Series G 1/ (taxable)</td><td>15,717</td><td></td><td></td><td></td><td></td><td></td><td></td><td>14,565</td></tr><tr><td>Total United State savings bonds</td><td>53,065</td><td>824</td><td>9</td><td>314</td><td>151</td><td>263</td><td>15</td><td>51,489</td></tr><tr><td>Other U.S. securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury savings notes 1/ (taxable)</td><td>4,886</td><td>41</td><td>2</td><td>*</td><td>1</td><td>2</td><td>21</td><td>4,818</td></tr><tr><td>Depositary bonds 1/ (taxable)</td><td>317</td><td>282</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>Armed forces leave bonds 1/ (taxable)</td><td>613</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>613</td></tr><tr><td>Treasury bonds, investment series 1/ (taxable)</td><td>961</td><td>187</td><td>3</td><td>123</td><td>290</td><td>36</td><td>100</td><td>223</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>Commodity Credit Corporation demand obligations 1/ (taxable)</td><td>43</td><td>2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2/</td></tr><tr><td>Total public nonmarketable securities 2/</td><td>59,886</td><td>1,333</td><td>14</td><td>437</td><td>442</td><td>302</td><td>136</td><td>57,178</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, APRIL 30, 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>a 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></th></tr><tr><th></th><th></th><th>Banks 1/ 7,297 commercial 2/</th><th>33 stock savings</th><th>533 mutual savings</th><th>308 life</th><th>636 fire, casualty, and marine</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debentures.................... (taxable)</td><td>435</td><td>293</td><td>1</td><td>21</td><td>*</td><td>7</td><td>-</td><td>112</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% September 1948 (Notes).... (taxable)</td><td>85</td><td>67</td><td>1</td><td>2</td><td>-</td><td>*</td><td>-</td><td>15</td></tr><tr><td>1-1/4% January 1949 (Notes).... (taxable)</td><td>97</td><td>54</td><td>-</td><td>6</td><td>*</td><td>1</td><td>-</td><td>35</td></tr><tr><td>1-5/8% April 1949 (Notes).... (taxable)</td><td>84</td><td>54</td><td>-</td><td>5</td><td>*</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Total Federal home loan bank securities.....</td><td>266</td><td>175</td><td>1</td><td>13</td><td>*</td><td>3</td><td>-</td><td>74</td></tr><tr><td>Federal land banks: 13/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2% October 1948-50 (Bonds) (taxable)</td><td>150</td><td>128</td><td>1</td><td>3</td><td>*</td><td>2</td><td>-</td><td>17</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>53</td></tr><tr><td>1-1/2% January 1951-53 (Bonds) (taxable)</td><td>187</td><td>158</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>29</td></tr><tr><td>2-1/4% February 1953-55 (Bonds) (taxable)</td><td>114</td><td>92</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal land bank bonds............</td><td>660</td><td>531</td><td>1</td><td>7</td><td>1</td><td>4</td><td>-</td><td>116</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 $43 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/ 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.
July 1948
35
MARKET QUOTATIONS, MAY 28, 1948
Market quotations shown here are over-the-counter closing quotations in the New York market for the last trading day of the month, as reported to the Treasury by the Federal Reserve Bank of New York. 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 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 the Federal agencies, but not guaranteed by the United States Government.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="3">Bank discount</th><th>Change in mean from last month</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th></tr><tr><td>$1,101</td><td>6/3/48</td><td>3/4/48</td><td>.99%</td><td>.94%</td><td>.96%</td><td>-.02%</td></tr><tr><td>1,101</td><td>6/10/48</td><td>3/11/48</td><td>1.00</td><td>.94</td><td>.97</td><td>-.01</td></tr><tr><td>1,107</td><td>6/17/48</td><td>3/18/48</td><td>1.00</td><td>.95</td><td>.98</td><td>.00</td></tr><tr><td>1,009</td><td>6/24/48</td><td>3/25/48</td><td>1.00</td><td>.95</td><td>.98</td><td>.00</td></tr><tr><td>1,200</td><td>7/1/48</td><td>4/1/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,205</td><td>7/8/48</td><td>4/8/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,007</td><td>7/15/48</td><td>4/15/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,002</td><td>7/22/48</td><td>4/22/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>1,006</td><td>7/29/48</td><td>4/29/48</td><td>1.00</td><td>.96</td><td>.98</td><td>.00</td></tr><tr><td>905</td><td>8/5/48</td><td>5/6/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,006</td><td>8/12/48</td><td>5/13/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,004</td><td>8/19/48</td><td>5/20/48</td><td>1.00</td><td>.96</td><td>.98</td><td>-</td></tr><tr><td>1,108</td><td>8/26/48</td><td>5/27/48</td><td>1.00</td><td>.97</td><td>.98</td><td>-</td></tr></table>
Table 2.- Certificates and Notes (Taxable)
<table><tr><th>Amount out-standing (Millions)</th><th>Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td colspan="7">Certificates of indebtedness</td></tr><tr><td>$1,777</td><td>7/8 - 6/1/48-E</td><td>6/1/47</td><td>1/3</td><td>1/3</td><td>1/3</td><td>1/3</td></tr><tr><td>2,742</td><td>7/8 - 7/1/48-F</td><td>7/1/47</td><td>.96</td><td>.90</td><td>.93</td><td>+.09</td></tr><tr><td>1,127</td><td>7/8 - 7/1/48-G</td><td>8/1/47</td><td>.96</td><td>.90</td><td>.93</td><td>+.09</td></tr><tr><td>2,209</td><td>7/8 - 7/1/48-H</td><td>9/1/47</td><td>.96</td><td>.90</td><td>.93</td><td>+.09</td></tr><tr><td>1,354</td><td>1 - 10/1/48-J</td><td>10/1/47</td><td>1.01</td><td>.97</td><td>.99</td><td>-.03</td></tr><tr><td>1,467</td><td>1 - 10/1/48-K</td><td>11/1/47</td><td>1.01</td><td>.97</td><td>.99</td><td>-.03</td></tr><tr><td>2,592</td><td>1-1/8 - 1/1/49-A</td><td>1/1/48</td><td>1.06</td><td>1.04</td><td>1.05</td><td>-.04</td></tr><tr><td>2,189</td><td>1-1/8 - 2/1/49-B</td><td>2/1/48</td><td>1.08</td><td>1.06</td><td>1.07</td><td>-.02</td></tr><tr><td>3,553</td><td>1-1/8 - 3/1/49-C</td><td>3/1/48</td><td>1.10</td><td>1.08</td><td>1.09</td><td>-.01</td></tr><tr><td>1,055</td><td>1-1/8 - 4/1/49-D</td><td>4/1/48</td><td>1.09</td><td>1.06</td><td>1.08</td><td>-.02</td></tr><tr><td>2/</td><td>1-1/8 - 6/1/49-E</td><td>6/1/48</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>3,748</td><td>1-1/2/4 - 9/15/48-A</td><td>3/15/44</td><td>1.01</td><td>.97</td><td>.99</td><td>-.03</td></tr><tr><td>4,092</td><td>1 - 10/1/48-B</td><td>9/15/47</td><td>1.01</td><td>.97</td><td>.99</td><td>-.03</td></tr><tr><td>3,535</td><td>1-1/8 - 1/1/49-A</td><td>12/1/47</td><td>1.06</td><td>1.04</td><td>1.05</td><td>-.04</td></tr></table>
Footnotes at end of Section II.
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">Yield To first call</th><th rowspan="2">Change from last month</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price 3/</th><th colspan="2">In 1948</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>High</th><th>Date</th><th>Low</th><th>High</th><th>Date</th><th>Low</th></tr><tr><td colspan="15">Treasury bonds - bank eligible</td></tr><tr><td>$379</td><td>1-3/4%</td><td>1,014</td><td>1,254</td><td>1.25%</td><td>+ .38%</td><td>1.12%</td><td>- .03%</td><td>12/1/42</td><td>102.02</td><td>3/3/46</td><td>100.01</td><td>12/23/42</td><td>100.11</td><td>1/8</td><td>100.05</td><td>4/6</td></tr><tr><td>1,014</td><td>6/15/49-51</td><td>100.28</td><td>100.30</td><td>100.29</td><td>- .01</td><td>1.17%</td><td>- .04</td><td>5/15/42</td><td>103.28</td><td>3/3/46</td><td>100.04</td><td>8/5/42</td><td>101.10</td><td>1/16</td><td>101.02</td><td>5/28</td></tr><tr><td>1,292</td><td>9/15/49-51</td><td>101.01</td><td>101.03</td><td>101.02</td><td>.00</td><td>1.17</td><td>- .06</td><td>7/15/42</td><td>104.00</td><td>3/3/46</td><td>100.03</td><td>8/5/42</td><td>101.14</td><td>1/9</td><td>101.06</td><td>5/12</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>.01</td><td>1.20</td><td>- .08</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>101.18</td><td>1/6</td><td>101.09</td><td>5/12</td></tr><tr><td>1,963</td><td>3/15/50-52</td><td>101.11</td><td>101.13</td><td>101.12</td><td>+ .03</td><td>1.22</td><td>- .12</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>101.21</td><td>1/6</td><td>101.12</td><td>5/12</td></tr><tr><td>4,939</td><td>9/15/50-52</td><td>101.18</td><td>101.20</td><td>101.19</td><td>+ .07</td><td>1.29</td><td>- .12</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.06</td><td>12/24/47</td><td>100.19</td><td>5/28</td><td>100.10</td><td>4/29</td></tr><tr><td>2,635</td><td>1-1/2</td><td>12/15/50</td><td>100.20</td><td>100.19</td><td>+ .08</td><td>1.26</td><td>- .11</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>101.28</td><td>5/28</td><td>101.13</td><td>3/15</td></tr><tr><td>7,986</td><td>2</td><td>9/15/51-53</td><td>101.27</td><td>101.29</td><td>+ .13</td><td>1.41</td><td>- .14</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/15/42</td><td>101.26</td><td>5/28</td><td>101.13</td><td>3/15</td></tr><tr><td>510</td><td>2</td><td>12/15/51-55</td><td>101.25</td><td>101.27</td><td>+ .12</td><td>1.47</td><td>- .12</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>103.22</td><td>5/28</td><td>103.05</td><td>2/13</td></tr><tr><td>1,024</td><td>2-1/2</td><td>3/15/52-54</td><td>103.21</td><td>103.23</td><td>+ .10</td><td>1.30</td><td>- .10</td><td>6/26/44</td><td>104.27</td><td>2/29/46</td><td>100.08</td><td>7/24/44</td><td>101.30</td><td>5/28</td><td>101.09</td><td>3/12</td></tr><tr><td>5,825</td><td>2</td><td>6/15/52-54</td><td>101.29</td><td>101.31</td><td>+ .15</td><td>1.50</td><td>- .13</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/13/42</td><td>102.31</td><td>5/28</td><td>102.05</td><td>2/26</td></tr><tr><td>1,501</td><td>2-1/4</td><td>6/15/52-55</td><td>102.23</td><td>102.25</td><td>+ .23</td><td>1.95</td><td>- .11</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>101.31</td><td>5/28</td><td>101.09</td><td>2/26</td></tr><tr><td>8,662</td><td>2</td><td>12/15/52-54</td><td>101.30</td><td>101.30</td><td>+ .16</td><td>1.55</td><td>- .12</td><td>6/2/41</td><td>110.22</td><td>2/3/46</td><td>101.30</td><td>12/26/41</td><td>104.27</td><td>5/28</td><td>102.25</td><td>1/27</td></tr><tr><td>1,449</td><td>2-1/2</td><td>3/15/56-58</td><td>104.26</td><td>104.28</td><td>+ .10</td><td>1.83</td><td>- .14</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/23/44</td><td>103.10</td><td>5/28</td><td>101.09</td><td>2/9</td></tr><tr><td>3,823</td><td>2-1/4</td><td>9/15/56-59</td><td>103.09</td><td>103.11</td><td>+ .15</td><td>1.82</td><td>- .15</td><td>10/20/41</td><td>109.13</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>102.30</td><td>5/28</td><td>101.01</td><td>2/9</td></tr><tr><td>2,716</td><td>2-1/2</td><td>9/15/61-72 5/</td><td>102.29</td><td>102.31</td><td>+ .10</td><td>2.31</td><td>- .08</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="15">Treasury bonds - bank restricted 6/</td></tr><tr><td>5,284</td><td>2-1/4%</td><td>6/15/59-62</td><td>100.20</td><td>100.22</td><td>100.21</td><td>+ .19</td><td>2.18</td><td>- .06</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>4/26/43</td><td>100.21</td><td>5/28</td><td>100.01</td><td>4/26</td></tr><tr><td>3,470</td><td>2-1/4</td><td>12/15/59-62</td><td>100.20</td><td>100.22</td><td>100.21</td><td>+ .19</td><td>2.19</td><td>- .05</td><td>12/1/42</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>4/26/43</td><td>100.21</td><td>5/28</td><td>100.01</td><td>4/26</td></tr><tr><td>3,118</td><td>2-1/2</td><td>6/15/62-67</td><td>102.11</td><td>102.13</td><td>102.12</td><td>+ .23</td><td>2.30</td><td>- .07</td><td>5/1/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>102.12</td><td>5/28</td><td>101.09</td><td>3/2</td></tr><tr><td>2,831</td><td>2-1/2</td><td>12/15/63-68 5/</td><td>101.28</td><td>101.30</td><td>101.29</td><td>+ .25</td><td>2.35</td><td>- .06</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>101.29</td><td>5/28</td><td>101.01</td><td>3/17</td></tr><tr><td>3,761</td><td>2-1/2</td><td>6/15/63-69 5/</td><td>101.16</td><td>101.18</td><td>101.17</td><td>+ .21</td><td>2.38</td><td>- .05</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>101.17</td><td>5/28</td><td>100.25</td><td>3/16</td></tr><tr><td>3,838</td><td>2-1/2</td><td>12/15/63-69 5/</td><td>101.14</td><td>101.16</td><td>101.15</td><td>+ .20</td><td>2.39</td><td>- .05</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>101.15</td><td>5/28</td><td>100.25</td><td>3/17</td></tr><tr><td>5,197</td><td>2-1/2</td><td>3/15/65-70 5/</td><td>101.13</td><td>101.15</td><td>101.14</td><td>+ .20</td><td>2.40</td><td>- .04</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>101.14</td><td>5/28</td><td>100.25</td><td>4/7</td></tr><tr><td>3,481</td><td>2-1/2</td><td>3/15/65-71 5/</td><td>101.11</td><td>101.13</td><td>101.12</td><td>+ .22</td><td>2.40</td><td>- .05</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>101.13</td><td>5/21</td><td>100.17</td><td>3/15</td></tr><tr><td>7,967</td><td>2-1/2</td><td>6/15/67-72 5/</td><td>100.26</td><td>100.28</td><td>100.27</td><td>+ .16</td><td>2.44</td><td>- .04</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>4/5/43</td><td>100.28</td><td>5/21</td><td>100.09</td><td>4/5</td></tr><tr><td>11,689</td><td>2-1/2</td><td>12/15/67-72 5/</td><td>100.26</td><td>100.28</td><td>100.27</td><td>+ .16</td><td>2.45</td><td>- .03</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>4/5/43</td><td>100.28</td><td>5/21</td><td>100.09</td><td>4/5</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
MARKET QUOTATIONS, MAY 28, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="8">Price range 3/</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th colspan="2">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">In 1948</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="15">Treasury bonds</td></tr><tr><td>$451</td><td>2-1/2/4 - 9/15/48</td><td>100.15</td><td>100.17</td><td>100.16</td><td>-.04</td><td>.76%</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.16</td><td>5/28/48</td><td>101.05</td><td>1/7</td><td>100.16</td><td>5/28</td></tr><tr><td>571</td><td>2-12/15/48-50</td><td>100.20</td><td>100.22</td><td>100.21</td><td>-.02</td><td>.78</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>100.21</td><td>5/28/48</td><td>101.03</td><td>1/5</td><td>100.21</td><td>5/28</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-52</td><td>103.11</td><td>103.15</td><td>103.13</td><td>+.01</td><td>.89</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>103.29</td><td>1/7</td><td>103.12</td><td>5/12</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>102.12</td><td>102.16</td><td>102.14</td><td>+.03</td><td>.90</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>102.24</td><td>2/19</td><td>102.11</td><td>5/8</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>103.12</td><td>103.16</td><td>103.14</td><td>+.03</td><td>.98</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>103.18</td><td>2/20</td><td>103.10</td><td>1/16</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>105.00</td><td>105.04</td><td>105.02</td><td>+.06</td><td>1.05</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>105.03</td><td>5/24</td><td>104.19</td><td>1/14</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>106.03</td><td>106.07</td><td>106.05</td><td>+.07</td><td>1.09</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>106.06</td><td>5/24</td><td>105.22</td><td>2/11</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>104.01</td><td>104.05</td><td>104.03</td><td>+.12</td><td>1.07</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.03</td><td>5/24/40</td><td>104.04</td><td>5/21</td><td>103.11</td><td>2/3</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>104.06</td><td>104.10</td><td>104.08</td><td>+.16</td><td>1.13</td><td>10/1/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>104.08</td><td>5/28</td><td>102.24</td><td>1/30</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>105.26</td><td>105.30</td><td>105.28</td><td>+.26</td><td>1.24</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>105.28</td><td>5/28</td><td>103.22</td><td>1/30</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>109.14</td><td>109.18</td><td>109.16</td><td>+.12</td><td>1.40</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>109.16</td><td>5/28</td><td>106.28</td><td>1/27</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>110.00</td><td>110.04</td><td>110.02</td><td>+.13</td><td>1.46</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>110.02</td><td>5/28</td><td>106.14</td><td>1/26</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>110.12</td><td>110.16</td><td>110.14</td><td>+.10</td><td>1.62</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>110.14</td><td>5/28</td><td>106.14</td><td>1/26</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-65</td><td>110.26</td><td>110.30</td><td>110.28</td><td>+.18</td><td>1.78</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>110.28</td><td>5/28</td><td>106.28</td><td>1/27</td></tr><tr><td colspan="15">Panama Canal bonds</td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>120.00</td><td>121.16</td><td>120.24</td><td>.00</td><td>1.27</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>122.12</td><td>1/9</td><td>119.28</td><td>2/3</td></tr></table>
Footnotes at end of Section II.
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 3/</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 3/</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>$49</td><td>1.158 - 6/1/48</td><td>9/2/47</td><td>1.15</td><td>1.20</td><td>.04</td><td>$25</td><td>1.458 - 10/1/48</td><td>5/1/48</td><td>1.55</td><td>1.35</td><td>1.45</td><td>-.03</td></tr><tr><td>34</td><td>1.15 - 7/1/48</td><td>10/1/47</td><td>1.40</td><td>1.15</td><td>1.20</td><td>58</td><td>1.55 - 11/1/48</td><td>2/2/48</td><td>1.60</td><td>1.40</td><td>1.50</td><td>-.02</td></tr><tr><td>20</td><td>1.20 - 8/2/48</td><td>11/1/47</td><td>1.45</td><td>1.20</td><td>1.32</td><td>77</td><td>1.55 - 12/1/48</td><td>3/1/48</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.06</td></tr><tr><td>38</td><td>1.25 - 9/1/48</td><td>12/1/47</td><td>1.50</td><td>1.25</td><td>1.38</td><td>85</td><td>1.55 - 1/3/49</td><td>4/1/48</td><td>1.65</td><td>1.50</td><td>1.58</td><td>-.00</td></tr><tr><td>45</td><td>1.35 - 10/1/48</td><td>1/2/48</td><td>1.55</td><td>1.35</td><td>1.45</td><td>55</td><td>1.55 - 2/1/49</td><td>5/1/48</td><td>1.65</td><td>1.50</td><td>1.58</td><td>.00</td></tr></table>
Footnotes at end of Section II.
Table 2.- Notes and Bonds (Taxable)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price</th><th rowspan="2">Yield To first call</th><th rowspan="2">Change from last month</th><th rowspan="2">Issue date</th><th colspan="8">Price range 3/</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th colspan="4">Since first traded</th><th colspan="4">In 1948</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td>Federal home loan bank notes</td><td>1-1/4$ - 9/15/48-A</td><td>99.31</td><td>100.01</td><td>100.00</td><td>+0.01</td><td>1.24%</td><td>-0.09%</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>100.00</td><td>5/28</td><td>99.28</td><td>2/20</td></tr><tr><td>$85</td><td>1-3/4 - 1/20/49-A</td><td>100.04</td><td>100.07</td><td>100.05</td><td>+0.01</td><td>1.47</td><td>-.09</td><td>1/20/48</td><td>100.07</td><td>3/1/48</td><td>100.02</td><td>1/14/48</td><td>100.07</td><td>3/1</td><td>100.02</td><td>1/14</td></tr><tr><td>97</td><td>1-5/8 - 4/15/49-B</td><td>100.02</td><td>100.04</td><td>100.03</td><td>+0.02</td><td>1.51</td><td>-.08</td><td>4/15/48</td><td>100.03</td><td>5/28/48</td><td>100.01</td><td>5/14/48</td><td>100.03</td><td>5/28</td><td>100.01</td><td>5/14</td></tr><tr><td>84</td><td>Federal land bank bonds 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>150</td><td>1-1/2$ - 10/1/48-50</td><td>99.27</td><td>99.30</td><td>99.28</td><td>+0.01</td><td>1.55 10/</td><td>-.02</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>99.30</td><td>1/9</td><td>99.23</td><td>2/16</td></tr><tr><td>207</td><td>1-1/4 - 5/1/50-92</td><td>97.24</td><td>97.28</td><td>97.26</td><td>+0.08</td><td>1.83 10/</td><td>-.06</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>97.26</td><td>5/28</td><td>96.30</td><td>3/8</td></tr><tr><td>187</td><td>1-1/2 - 1/1/51-53</td><td>98.20</td><td>98.24</td><td>98.22</td><td>+0.04</td><td>1.80 10/</td><td>-.02</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>98.22</td><td>5/28</td><td>97.30</td><td>3/8</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-59</td><td>101.00</td><td>101.04</td><td>101.02</td><td>+1.18</td><td>2.01</td><td>-.13</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>100.08</td><td>2/16/48</td><td>101.08</td><td>1/8</td><td>100.08</td><td>2/16</td></tr></table>
1/ Not quoted on May 28, 1948.
2/ Not issued until after May 28, 1948; for amount, see Table 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 recurrence, are the latest dates.
4/ Quoted on a yield basis beginning April 7, 1948; prior thereto quoted on a price basis. Price history ends April 6, 1948.
2/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
5 Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
8 These securities are not shown until date of issue.
9 Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal farm loan system ceased on June 26, 1947.
10 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.
July 1948
37
YIELDS OF TREASURY SECURITIES MAY 28,1948
Based on Mean of Closing Bid and Ask 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 are those 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-E
38
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Period
(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="13">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>2.77</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>2.17</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</td></tr><tr><td>1936</td><td>2.69</td><td>-</td><td>3.19</td><td>1942</td><td>2.09</td><td>-</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</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">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>1941-May.</td><td>1.98</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>Sep</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>2.51</td><td>Mar</td><td>-</td><td>2.19</td><td>2.49 1/</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</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>2.22</td><td>2.50</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>2.25</td><td>2.51</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>2.24</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>2.57</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>Sep</td><td>-</td><td>2.27</td><td>2.68</td></tr><tr><td>Feb</td><td>2.11</td><td>2.46</td><td>2.68</td><td>June</td><td>1.65</td><td>2.35</td><td>2.54</td><td>Oct</td><td>-</td><td>2.27</td><td>2.75</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>2.35</td><td>2.86</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>2.85</td></tr><tr><td>May</td><td>1.96</td><td>2.46</td><td>2.65</td><td>Sep</td><td>1.68</td><td>2.37</td><td>2.56</td><td>1948-Jan.</td><td>-</td><td>2.45</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>2.31</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>Apr</td><td>-</td><td>2.44</td><td>2.77</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>2.41</td><td>May</td><td>-</td><td>2.42</td><td>2.74</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>2.06</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>2.45</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly series - averages of daily figures</td></tr><tr><td>1947-Dec.</td><td>6</td><td>-</td><td>2.37</td><td>Feb</td><td>7</td><td>-</td><td>2.45</td><td>1948-Apr.</td><td>3</td><td>-</td><td>2.44</td><td>2.79</td></tr><tr><td>13</td><td>-</td><td>2.37</td><td>2.86</td><td>14</td><td>-</td><td>2.45</td><td>2.85</td><td>10</td><td>-</td><td>2.44</td><td>2.78</td></tr><tr><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><td>17</td><td>-</td><td>2.44</td><td>2.77</td></tr><tr><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><td>24</td><td>-</td><td>2.44</td><td>2.77</td></tr><tr><td>1948-Jan.</td><td>3</td><td>-</td><td>2.45</td><td>Mar</td><td>6</td><td>-</td><td>2.45</td><td>May</td><td>1</td><td>-</td><td>2.44</td><td>2.76</td></tr><tr><td>10</td><td>-</td><td>2.45</td><td>2.92</td><td>13</td><td>-</td><td>2.45</td><td>2.81</td><td>8</td><td>-</td><td>2.44</td><td>2.75</td></tr><tr><td>17</td><td>-</td><td>2.45</td><td>2.84</td><td>20</td><td>-</td><td>2.45</td><td>2.81</td><td>15</td><td>-</td><td>2.43</td><td>2.74</td></tr><tr><td>24</td><td>-</td><td>2.45</td><td>2.84</td><td>27</td><td>-</td><td>2.44</td><td>2.80</td><td>22</td><td>-</td><td>2.40</td><td>2.73</td></tr><tr><td>31</td><td>-</td><td>2.45</td><td>2.87</td><td></td><td></td><td></td><td></td><td>29</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td colspan="13">Daily series</td></tr><tr><td>1948-May</td><td>1</td><td>-</td><td>2.76</td><td>1948-May</td><td>12</td><td>-</td><td>2.44</td><td>1948-May</td><td>21</td><td>-</td><td>2.39</td><td>2.73</td></tr><tr><td>3</td><td>-</td><td>2.44</td><td>2.76</td><td>13</td><td>-</td><td>2.42</td><td>2.74</td><td>22</td><td>-</td><td>2.39</td><td>2.73</td></tr><tr><td>4</td><td>-</td><td>2.44</td><td>2.76</td><td>14</td><td>-</td><td>2.42</td><td>2.73</td><td>24</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td>5</td><td>-</td><td>2.44</td><td>2.75</td><td>15</td><td>-</td><td>2.41</td><td>2.73</td><td>25</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td>6</td><td>-</td><td>2.44</td><td>2.75</td><td>17</td><td>-</td><td>2.41</td><td>2.73</td><td>26</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td>7</td><td>-</td><td>2.44</td><td>2.75</td><td>18</td><td>-</td><td>2.41</td><td>2.73</td><td>27</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td>8</td><td>-</td><td>2.41</td><td>2.75</td><td>19</td><td>-</td><td>2.40</td><td>2.73</td><td>28</td><td>-</td><td>2.39</td><td>2.73</td></tr><tr><td>10</td><td>-</td><td>2.44</td><td>2.75</td><td>20</td><td>-</td><td>2.39</td><td>2.73</td><td>29</td><td>-</td><td>2.39</td><td>2.72</td></tr><tr><td>11</td><td>-</td><td>2.44</td><td>2.74</td><td></td><td></td><td></td><td></td><td>May 31</td><td>-</td><td>2.39</td><td>2.72</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 the averages, see the discussion of the "Treasury Bullion and Silver 50" for the composition of the high-grade corporate bond average, see the "Treasury Bullion" for July 1947, page 59, and January 1948, 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 the arithmetic average of the closing bid and ask quotations 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 definitions 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 2.564.
3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.474.
b/ Market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
40
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources (In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation and excess profits 3/</th><th>Miscellaneous profits taxes/</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>605,150</td><td>106,123</td><td>122,048</td><td></td></tr><tr><td>1941</td><td>7,361,575</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td><td></td></tr><tr><td>1942</td><td>12,993,118</td><td>-16,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,464</td><td>56,521</td><td>1,185,362</td><td>895,136</td><td>119,617</td><td>170,409</td><td></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><td></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>137,552</td><td>1,738,372</td><td>1,230,025</td><td>183,337</td><td>265,011</td><td></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>185,489</td><td>284,758</td><td></td></tr><tr><td>1946</td><td>40,310,331</td><td>-361,589</td><td>40,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,462,477</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td><td></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>185,676</td><td>379,555</td><td></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>1,410,437</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><td></td></tr><tr><td>August</td><td>2,662,165</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><td></td></tr><tr><td>September</td><td>4,266,637</td><td>+776,736</td><td>3,489,900</td><td>2,704,580</td><td>1,150,531</td><td>1,549,056</td><td>993</td><td>96,279</td><td>5,893</td><td>902</td><td>89,484</td><td></td></tr><tr><td>October</td><td>2,197,144</td><td>-585,767</td><td>2,783,180</td><td>1,817,030</td><td>1,434,419</td><td>412,077</td><td>494</td><td>135,878</td><td>129,114</td><td>1,193</td><td>3,540</td><td></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><td></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><td></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><td></td></tr><tr><td>February</td><td>4,210,780</td><td>-451,211</td><td>4,661,991</td><td>3,605,985</td><td>3,253,694</td><td>348,177</td><td>4,120</td><td>414,147</td><td>258,747</td><td>130,097</td><td>25,303</td><td></td></tr><tr><td>March</td><td>6,080,341</td><td>+602,474</td><td>5,477,906</td><td>4,610,481</td><td>2,312,899</td><td>2,296,441</td><td>1,141</td><td>139,083</td><td>16,929</td><td>8,504</td><td>113,543</td><td></td></tr><tr><td>April</td><td>2,602,646</td><td>-402,201</td><td>3,004,847</td><td>2,957,321</td><td>1,767,933</td><td>388,675</td><td>708</td><td>151,633</td><td>141,810</td><td>4,374</td><td>5,450</td><td></td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax 5/</th><th>State 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 5/</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>417,088</td><td>118,925</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,651</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>1,423,180</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,351,336</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>65,228</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>2,826,162</td><td>1,165,519</td><td>87,676</td><td>1,411,717</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>169,500</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>195,731</td></tr><tr><td>October</td><td>800,283</td><td>21</td><td>64,580</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>680,541</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>65,194</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>108,794</td></tr><tr><td>February</td><td>641,856</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><tr><td>March</td><td>728,313</td><td>12</td><td>125,476</td><td>164,147</td><td>109,592</td><td>6,115</td><td>175,505</td><td>147,496</td></tr><tr><td>April</td><td>695,892</td><td>65</td><td>117,783</td><td>164,942</td><td>119,796</td><td>6,504</td><td>161,591</td><td>125,211</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/ Includes 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 Correct Tax Payment Act of 1943. 3/ Includes income tax collection on Alaska Railroad. The excess profit tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4 Consists of the declared value excess profit tax, repealed for years ending after June 30, 1946, the profit limiting provisions of the Vaison 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". Repealed for years ending after June 30, 1945.
5 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.
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INTERNAL REVENUE COLLECTIONS
3 Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Office of the Technical Staff
0-105-H
42
Treasury Bulletin
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>April 1947</th><th>April 1948</th><th colspan="2">First 10 months</th></tr><tr><th></th><th>1946</th><th>1947</th><th></th><th></th><th>Fiscal year 1947</th><th>Fiscal year 1948</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/.</td><td>9,857,466</td><td>9,842,028</td><td>1,014,398</td><td>1,165,493</td><td>8,821,267</td><td>9,709,423</td></tr><tr><td>Revenue Act of 1942.</td><td>133</td><td>254</td><td>21</td><td>*</td><td>223</td><td>76</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>8,130,377</td><td>8,950,272</td><td>606,628</td><td>538,567</td><td>7,797,714</td><td>7,569,059</td></tr><tr><td>Back.</td><td>416,571</td><td>550,743</td><td>40,914</td><td>63,978</td><td>477,832</td><td>517,494</td></tr><tr><td>Total individual income taxes</td><td>18,704,536</td><td>19,343,297</td><td>1,661,992</td><td>1,767,939</td><td>16,557,036</td><td>17,896,052</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/.</td><td>3,901,917</td><td>5,441,776</td><td>172,032</td><td>279,001</td><td>3,988,751</td><td>6,866,297</td></tr><tr><td>Back.</td><td>738,032</td><td>613,320</td><td>56,320</td><td>97,140</td><td>510,745</td><td>840,917</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended).</td><td>7,822,488</td><td>3,566,178</td><td>65,686</td><td>12,534</td><td>3,442,520</td><td>272,015</td></tr><tr><td>Total corporation taxes</td><td>12,462,437</td><td>9,621,274</td><td>294,039</td><td>388,675</td><td>7,942,016</td><td>7,979,229</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value 4/.</td><td>91,130</td><td>55,185</td><td>2,368</td><td>708</td><td>49,544</td><td>14,155</td></tr><tr><td>Vinson Act.</td><td>35</td><td>298</td><td>1</td><td>*</td><td>298</td><td>5/</td></tr><tr><td>Unjust enrichment</td><td>91,165</td><td>55,483</td><td>2,368</td><td>708</td><td>49,842</td><td>14,171</td></tr><tr><td>Total miscellaneous profits taxes</td><td>91,165</td><td>55,483</td><td>2,368</td><td>708</td><td>49,842</td><td>14,171</td></tr><tr><td>Total income and profits taxes</td><td>31,258,138</td><td>29,080,054</td><td>1,958,399</td><td>2,157,321</td><td>24,548,894</td><td>25,889,452</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>1,458,034</td><td>123,856</td><td>141,810</td><td>1,164,175</td><td>1,291,255</td></
(Continued on following page)
July 1948
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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">April 1947</th><th rowspan="2">April 1948</th><th colspan="2">First 10 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>5,917</td><td>5,084</td><td>67,014</td><td>62,398</td></tr><tr><td>Gasoline</td><td>405,695</td><td>433,676</td><td>33,958</td><td>29,411</td><td>360,316</td><td>389,260</td></tr><tr><td>Tires and tubes</td><td>118,092</td><td>174,927</td><td>13,960</td><td>10,552</td><td>167,653</td><td>131,841</td></tr><tr><td>Automobile trucks and buses</td><td>37,144</td><td>62,099</td><td>5,662</td><td>9,842</td><td>84,222</td><td>70,967</td></tr><tr><td>Other automobiles and motorcycles</td><td>25,893</td><td>204,680</td><td>15,197</td><td>23,172</td><td>160,875</td><td>224,091</td></tr><tr><td>Parts and accessories for automobiles</td><td>68,871</td><td>99,932</td><td>10,053</td><td>10,200</td><td>81,283</td><td>99,410</td></tr><tr><td>Electrical energy</td><td>59,112</td><td>63,014</td><td>6,045</td><td>5,974</td><td>51,970</td><td>56,704</td></tr><tr><td>Electric, gas, and oil appliances</td><td>25,492</td><td>65,608</td><td>7,104</td><td>8,968</td><td>53,251</td><td>72,414</td></tr><tr><td>Electric light bulbs and tubes</td><td>17,781</td><td>23,163</td><td>2,044</td><td>1,791</td><td>19,132</td><td>20,638</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>13,335</td><td>63,896</td><td>5,982</td><td>5,714</td><td>51,942</td><td>57,920</td></tr><tr><td>Photograph records</td><td>3,902</td><td>8,492</td><td>822</td><td>957</td><td>6,783</td><td>6,369</td></tr><tr><td>Musical instruments</td><td>2,839</td><td>10,151</td><td>917</td><td>899</td><td>8,139</td><td>8,918</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>9,229</td><td>37,352</td><td>3,523</td><td>4,622</td><td>29,070</td><td>45,644</td></tr><tr><td>Matches</td><td>10,247</td><td>8,413</td><td>952</td><td>2,020</td><td>7,617</td><td>9,824</td></tr><tr><td>Business and store machines</td><td>15,792</td><td>25,183</td><td>2,669</td><td>3,579</td><td>20,936</td><td>26,193</td></tr><tr><td>Photographic apparatus</td><td>21,184</td><td>36,163</td><td>3,028</td><td>3,762</td><td>29,809</td><td>35,946</td></tr><tr><td>Sporting goods</td><td>7,878</td><td>17,094</td><td>1,511</td><td>1,762</td><td>13,623</td><td>14,678</td></tr><tr><td>Pistols and revolvers</td><td>5,232</td><td>9,031</td><td>1,281</td><td>1,253</td><td>7,771</td><td>9,042</td></tr><tr><td>Repealed taxes</td><td>61</td><td>384</td><td>24</td><td>83</td><td>304</td><td>724</td></tr><tr><td>Total manufacturers' excise taxes</td><td>922,671</td><td>1,425,395</td><td>124,150</td><td>129,611</td><td>1,164,202</td><td>1,345,104</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>6,649</td><td>5,216</td><td>90,361</td><td>73,725</td></tr><tr><td>Jewelry</td><td>283,342</td><td>236,615</td><td>15,577</td><td>14,650</td><td>205,530</td><td>187,781</td></tr><tr><td>Luggage</td><td>81,423</td><td>84,588</td><td>5,226</td><td>5,672</td><td>71,322</td><td>67,363</td></tr><tr><td>Toilet preparations</td><td>95,574</td><td>95,542</td><td>6,822</td><td>6,442</td><td>82,232</td><td>77,933</td></tr><tr><td>Total retailers' excise taxes</td><td>452,046</td><td>514,227</td><td>34,274</td><td>31,980</td><td>449,446</td><td>406,824</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>4,789</td><td>4,055</td><td>48,103</td><td>60,456</td></tr><tr><td>Telephone, telegraph, radio, leased wires, etc.</td><td>234,393</td><td>232,746</td><td>25,244</td><td>20,350</td><td>211,510</td><td>225,810</td></tr><tr><td>Local telephone service</td><td>145,899</td><td>164,894</td><td>11,248</td><td>11,335</td><td>136,940</td><td>157,732</td></tr><tr><td>Transportation of oil by pipeline</td><td>18,924</td><td>16,988</td><td>1,372</td><td>1,671</td><td>13,527</td><td>14,925</td></tr><tr><td>Transportation of persons, seats, berths</td><td>226,750</td><td>284,003</td><td>19,903</td><td>17,421</td><td>209,709</td><td>210,202</td></tr><tr><td>Transportation of property</td><td>220,121</td><td>275,701</td><td>24,156</td><td>27,949</td><td>229,580</td><td>260,314</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,857</td><td>8,560</td><td>782</td><td>996</td><td>7,020</td><td>7,983</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>343,191</td><td>392,873</td><td>33,131</td><td>31,255</td><td>333,500</td><td>324,828</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>72,077</td><td>63,350</td><td>4,988</td><td>4,743</td><td>54,160</td><td>45,370</td></tr><tr><td>Club dues and initiation fees</td><td>18,899</td><td>23,599</td><td>2,176</td><td>2,156</td><td>18,428</td><td>19,177</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,011</td><td>4,458</td><td>47</td><td>41</td><td>3,847</td><td>3,542</td></tr><tr><td>Coin operated devices</td><td>17,092</td><td>20,432</td><td>266</td><td>258</td><td>18,202</td><td>17,139</td></tr><tr><td>Altered and processed or renovated butter, and filled cheese</td><td>44</td><td>30</td><td></td><td>813</td><td>27</td><td>17</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,932</td><td>5,874</td><td>273</td><td>57</td><td>4,703</td><td>7,962</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>31</td><td>31</td><td></td><td>200</td><td>499</td><td>598</td></tr><tr><td>Cornut and other vegetable oils processed</td><td>6,272</td><td>17,208</td><td>1,979</td><td>2,200</td><td>12,839</td><td>21,228</td></tr><tr><td>National Firearms Act</td><td>6</td><td>8</td><td>2</td><td>1</td><td>7</td><td>8</td></tr><tr><td>All other, including repealed taxes</td><td>116,347</td><td>422</td><td>6</td><td>10</td><td>331</td><td>117</td></tr><tr><td>Total miscellaneous taxes</td><td>1,489,929</td><td>1,550,842</td><td>133,895</td><td>125,211</td><td>1,302,422</td><td>1,377,107</td></tr><tr><td>Total miscellaneous internal revenue</td><td>7,712,956</td><td>8,063,854</td><td>640,309</td><td>695,892</td><td>6,848,219</td><td>6,961,979</td></tr><tr><td>Total internal revenue collections</td><td>40,671,922</td><td>39,108,273</td><td>2,729,898</td><td>3,004,847</td><td>32,991,896</td><td>34,760,626</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-361,589</td><td>+271,136</td><td>-420,586</td><td>-402,201</td><td>-183,727</td><td>-302,638</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>40,310,333</td><td>39,379,409</td><td>2,309,306</td><td>2,602,646</td><td>32,808,169</td><td>34,457,988</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collectors of internal revenue for collections by type of tax.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this Act as shown in Daily Treasury Statements consist of withholding taxes deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4/ 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.
44
Treasury Bulletin
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>Total paper Money</th><th>Cold certificates 2/</th><th>Silver certificates</th><th>Paper money Treasury notes of 1890 1/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 1/</th><th>National bank notes 1/</th></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>57</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>1,711</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>25,746</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>28,249</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</td><td>27,781</td><td>26,387</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><tr><td>April</td><td>27,726</td><td>26,317</td><td>46</td><td>2,009</td><td>1</td><td>310</td><td>23,489</td><td>361</td><td>100</td></tr><tr><td>May p</td><td>27,807</td><td>26,399</td><td>45</td><td>2,058</td><td>1</td><td>315</td><td>23,923</td><td>357</td><td>100</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollar</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1940</td><td>599</td><td>46</td><td>184</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>235</td><td>127.63</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.98</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.56</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.00</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.66</td></tr><tr><td>1947-July</td><td>1,356</td><td>149</td><td>875</td><td>332</td><td>195.50</td></tr><tr><td>August</td><td>1,362</td><td>150</td><td>878</td><td>334</td><td>197.36</td></tr><tr><td>September</td><td>1,375</td><td>151</td><td>887</td><td>337</td><td>197.41</td></tr><tr><td>October</td><td>1,385</td><td>152</td><td>895</td><td>339</td><td>197.00</td></tr><tr><td>November</td><td>1,396</td><td>152</td><td>903</td><td>341</td><td>198.18</td></tr><tr><td>December</td><td>1,404</td><td>154</td><td>908</td><td>343</td><td>198.59</td></tr><tr><td>1948-January</td><td>1,382</td><td>153</td><td>890</td><td>339</td><td>193.17</td></tr><tr><td>February</td><td>1,385</td><td>154</td><td>892</td><td>339</td><td>192.30</td></tr><tr><td>March</td><td>1,394</td><td>154</td><td>899</td><td>341</td><td>190.41 r</td></tr><tr><td>April</td><td>1,399</td><td>154</td><td>903</td><td>342</td><td>189.80</td></tr><tr><td>May p</td><td>1,408</td><td>155</td><td>910</td><td>344</td><td>190.18</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
continental limits of the United States.
3/ 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. Reviscd.
July 1948
45
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 ounces)</th><th>Silver ($1.29* per fine ounces)</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>21,256.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>1947-July</td><td>21,537.0</td><td>3,530.6</td><td>14.1</td></tr><tr><td>August</td><td>21,765.9</td><td>3,533.1</td><td>14.0</td></tr><tr><td>September</td><td>21,955.3</td><td>3,535.7</td><td>13.9</td></tr><tr><td>October</td><td>22,294.3</td><td>3,540.1</td><td>13.7</td></tr><tr><td>November</td><td>22,614.4</td><td>3,543.4</td><td>13.5</td></tr><tr><td>December</td><td>22,753.9</td><td>3,547.9</td><td>13.5</td></tr><tr><td>1948-January</td><td>22,934.6</td><td>3,552.1</td><td>13.4</td></tr><tr><td>February</td><td>23,036.1</td><td>3,555.6</td><td>13.4</td></tr><tr><td>March</td><td>23,136.5</td><td>3,559.7</td><td>13.3</td></tr><tr><td>April</td><td>23,168.7</td><td>3,563.6</td><td>13.3</td></tr><tr><td>May p</td><td>23,304.0</td><td>3,568.1</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 I. p. Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</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>22,785.3</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>182.4</td></tr><tr><td>1947</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1947-July</td><td>21,537.0</td><td>20,343.7</td><td>156.0</td><td>-</td><td>1,037.3</td></tr><tr><td>August</td><td>21,769.9</td><td>20,581.5</td><td>156.0</td><td>-</td><td>1,028.3</td></tr><tr><td>September</td><td>21,955.3</td><td>20,770.0</td><td>156.0</td><td>-</td><td>1,029.3</td></tr><tr><td>October</td><td>22,294.3</td><td>21,091.4</td><td>156.0</td><td>-</td><td>1,046.9</td></tr><tr><td>November</td><td>22,614.4</td><td>21,409.9</td><td>156.0</td><td>-</td><td>1,048.5</td></tr><tr><td>December</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>1948-January</td><td>22,934.6</td><td>21,747.6</td><td>156.0</td><td>-</td><td>1,031.0</td></tr><tr><td>February</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</td><td>23,136.5</td><td>21,923.8</td><td>156.0</td><td>-</td><td>1,056.7</td></tr><tr><td>April</td><td>23,168.7</td><td>21,955.2</td><td>156.0</td><td>-</td><td>1,057.5</td></tr><tr><td>May p</td><td>23,304.0</td><td>22,081.4</td><td>156.0</td><td>-</td><td>1,066.5</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. 2/ Reserve against United States notes and Treasury notes of 1890. 1/ Excludes gold in active portion of Exchange Stabilisation Fund. p Preliminary.
46
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 + per fine ounce</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for reckoning 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 1/</th><th></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>1,798.1</td><td>494.6</td><td>2.3</td><td>*</td><td>697.4</td><td>52.5</td><td>422.8</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>4,284.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>488.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,211.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.8</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>3,555.6</td></tr><tr><td>March</td><td>1,946.2</td><td>336.5</td><td>14.5</td><td>-2</td><td>92.6</td><td>156.9</td><td>929.7</td><td>3,559.7</td></tr><tr><td>April</td><td>1,949.1</td><td>336.1</td><td>14.8</td><td>-5</td><td>91.9</td><td>157.2</td><td>932.8</td><td>3,563.6</td></tr><tr><td>May p</td><td>1,951.7</td><td>335.7</td><td>13.4</td><td>-3</td><td>92.3</td><td>157.6</td><td>935.5</td><td>3,568.1</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 R.F.C., etc. (see Daily Treasury Statement for amount). Does not include silver leased to foreign governments (see 1946 Annual Report of the Secretary of the Treasury for amounts).
3/ Valued at $1.38+ per fine ounce.
4/ Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining 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></tr><tr><th></th><th>Ounces</th><th>Newly mined domestic silver 2/ Ounces</th><th>Dollars</th><th>Foreign silver 3/ Ounces</th><th>Dollars</th><th>Total Ounces</th><th>Dollars</th></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td><td>4.9</td><td>4.4</td></tr><tr><td>1947</td><td>36.1</td><td>30.3 3/</td><td>27.4 3/</td><td>-</td><td>-</td><td>30.3 3/</td><td>27.4 3/</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><tr><td>March</td><td>3.4</td><td>3.2</td><td>2.9</td><td>-</td><td>-</td><td>3.2</td><td>2.9</td></tr><tr><td>April</td><td>3.2</td><td>2.8</td><td>2.6</td><td>-</td><td>-</td><td>2.8</td><td>2.6</td></tr></table>
Sources: 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. Acquired at various prices averaging approximately 51 cents per fine ounce. 
Include 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.
July 1948
47
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>Mine. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Act July 6, 1939, and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revealed</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946</td><td>491.9</td><td>48.7</td><td>87.6</td><td>68.5</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>1,076.0</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>148.8</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><tr><td>April</td><td>532.0</td><td>48.7</td><td>87.6</td><td>77.9</td><td>832.1</td><td>34.7</td><td>1,081.0</td><td>142.6</td></tr><tr><td>May</td><td>533.5</td><td>48.7</td><td>87.6</td><td>78.7</td><td>832.1</td><td>34.7</td><td>1,081.8</td><td>143.1</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; an the amount of bullion held changes, the potential seigniorage thereon changes.
48
Treasury Bulletin
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>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>412,936</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>115,589</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>-285,062</td><td>78,136</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>-71,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,761</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,504</td><td>8,259</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>9,561</td><td>-324,303</td><td>263,127</td></tr><tr><td>1947</td><td>311,678 r</td><td>383,539 r</td><td>-11,318</td><td>-97,555</td><td>37,012</td></tr><tr><td>1948 (Jan. 1-Feb. 29)</td><td>-133,966</td><td>-115,502</td><td>-7,223</td><td>-26,703</td><td>15,462</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 29, 1948)</td><td>8,187,202</td><td>6,421,378</td><td>135,198</td><td>340,266</td><td>1,290,360</td></tr><tr><td>1947-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>173,204</td><td>175,911</td><td>4,924</td><td>-23,296</td><td>16,265</td></tr><tr><td>September</td><td>-498,180 r</td><td>-506,846 r</td><td>-4,241</td><td>-23,823</td><td>36,730</td></tr><tr><td>October</td><td>-325,145 r</td><td>-312,01k r</td><td>2,326</td><td>-28,786</td><td>13,323</td></tr><tr><td>November</td><td>-141,550 r</td><td>-123,237 r</td><td>-9,136</td><td>-20,045</td><td>10,868</td></tr><tr><td>December</td><td>-230,762 r</td><td>-317,502 r</td><td>-10,651</td><td>76,989</td><td>20,402</td></tr><tr><td>1948-January</td><td>-161,762 r</td><td>-163,345 r</td><td>-1,849</td><td>-7,369</td><td>10,801</td></tr><tr><td>February</td><td>27,796</td><td>47,843</td><td>-5,374</td><td>-19,334</td><td>4,661</td></tr></table>
r Revised.
July 1948
49
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>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,952</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>582,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,889</td><td>66,478</td><td>99,954</td><td>550,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>634,990</td><td>150,437</td><td>116,917</td><td>367,636</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>686,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,823</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>3,558,716</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>4,134,312</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>1,218,533</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,765</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,684</td><td>1,910,898</td><td>25,946</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>7,772,009</td></tr><tr><td>1947</td><td>960,921</td><td>165,439</td><td>304,851</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>2,297,310</td><td>49,664</td><td>6,155,998</td></tr><tr><td>1947-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>35,780</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>7,865,451</td><td>4,945,159</td><td>2,888,899</td><td>37,153</td><td>6,908,251</td></tr><tr><td>October</td><td>963,361</td><td>156,622</td><td>273,516</td><td>533,223</td><td>7,559,538</td><td>4,896,556</td><td>2,619,407</td><td>43,605</td><td>6,996,237</td></tr><tr><td>November</td><td>923,887</td><td>158,293</td><td>274,614</td><td>490,980</td><td>7,336,887</td><td>4,903,764</td><td>2,437,758</td><td>57,365</td><td>6,473,002</td></tr><tr><td>December</td><td>960,921</td><td>165,439</td><td>304,851</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>2,297,310</td><td>49,664</td><td>6,155,998</td></tr><tr><td>1948-January</td><td>1,029,007</td><td>153,648</td><td>386,121</td><td>489,238</td><td>7,021,160</td><td>4,687,939</td><td>2,280,867</td><td>52,354</td><td>5,992,153</td></tr><tr><td>February</td><td>1,046,791</td><td>149,869</td><td>405,788</td><td>491,134</td><td>7,086,787</td><td>4,827,999</td><td>2,205,873</td><td>52,915</td><td>6,039,936</td></tr></table>
r Revised.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,550</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,889</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,668</td><td>53,039</td><td>358,023</td><td>333,947</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>17,524</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,582</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,183</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>489,870</td><td>105,607</td><td>385,365</td><td>-51,102</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>660,884</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>-268,824</td><td>-164,651</td><td>13,083</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>636,207r</td><td>115,384</td><td>511,788r</td><td>9,035</td><td>383,539r</td></tr><tr><td>1948 (Jan. 1-Feb. 29)</td><td>-85,870</td><td>15,570</td><td>-100,937</td><td>-503</td><td>-29,632</td><td>18,754</td><td>-51,637</td><td>3,251</td><td>-115,502</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 29, 1948)</td><td>33,692</td><td>204,167</td><td>-306,660</td><td>136,185</td><td>6,387,686</td><td>4,201,557</td><td>2,189,751</td><td>-3,622</td><td>6,421,378</td></tr><tr><td>1947-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>-99,259</td><td>2,647</td><td>75,911</td></tr><tr><td>September</td><td>10,096</td><td>6,716</td><td>-111</td><td>3,491</td><td>-516,942r</td><td>-304,713</td><td>-211,015r</td><td>-1,214</td><td>-506,846r</td></tr><tr><td>October</td><td>-6,161</td><td>-13,426</td><td>-5,333</td><td>12,598</td><td>-305,853r</td><td>-48,873</td><td>-263,432r</td><td>6,452</td><td>-312,014r</td></tr><tr><td>November</td><td>39,474</td><td>-1,671</td><td>-1,098</td><td>42,243</td><td>-162,711r</td><td>7,178</td><td>-183,649r</td><td>13,760</td><td>-123,237r</td></tr><tr><td>December</td><td>-37,034</td><td>-7,146</td><td>-30,237</td><td>349</td><td>-280,468r</td><td>-94,519</td><td>-178,248r</td><td>-7,701</td><td>-317,502r</td></tr><tr><td>1948-January</td><td>-68,086</td><td>11,791</td><td>-81,270</td><td>1,393</td><td>-95,259r</td><td>-121,306</td><td>23,357r</td><td>2,690</td><td>-163,345r</td></tr><tr><td>February</td><td>-17,784</td><td>3,779</td><td>-19,667</td><td>-1,896</td><td>65,627</td><td>140,060</td><td>-74,994</td><td>561</td><td>47,043</td></tr></table>
r Revised.
50
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,148,923</td><td>51,196</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>473,092</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>363,558</td><td>-222,519</td><td>174,922</td><td>214,388</td><td>-39,436</td><td>320,921</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>1948 (Jan. 1-Feb. 25)</td><td>46,806</td><td>64,742</td><td>-17,936</td><td>39,196</td><td>48,043</td><td>-8,847</td><td>86,082</td><td>112,785</td><td>-26,703</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 29, 1948)</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>12,694,551</td><td>12,354,285</td><td>340,266</td></tr><tr><td>1947-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>27,101</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>61,729</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>34,328</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>33,826</td><td>-5,936</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><tr><td>1948-January</td><td>24,915</td><td>32,362</td><td>-7,447</td><td>26,990</td><td>26,912</td><td>78</td><td>51,905</td><td>59,274</td><td>-7,369</td></tr><tr><td>February</td><td>21,971</td><td>32,380</td><td>-10,409</td><td>12,206</td><td>21,131</td><td>-8,925</td><td>34,177</td><td>53,511</td><td>-19,334</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchase</th><th>Sales</th><th>Net</th><th>Purchased</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>789,180</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>115,589</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>2220,533</td><td>227,897</td><td>-7,354</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,159</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>63,610</td><td>-1,637</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>42,758</td><td>14,360</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>1948 (Jan. 1-Feb. 29)</td><td>11,215</td><td>10,969</td><td>246</td><td>41,239</td><td>26,023</td><td>15,216</td><td>52,454</td><td>36,992</td><td>15,462</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 29, 1948)</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>6,982,166</td><td>5,691,806</td><td>1,290,360</td></tr><tr><td>1947-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>2,374</td><td>991</td><td>30,058</td><td>14,784</td><td>15,274</td><td>33,623</td><td>17,358</td><td>16,265</td></tr><tr><td>September</td><td>3,142</td><td>3,820</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>23,926</td><td>13,359</td></tr><tr><td>November</td><td>4,298</td><td>3,340</td><td>858</td><td>27,660</td><td>17,650</td><td>10,010</td><td>31,958</td><td>21,050</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><tr><td>1948-January</td><td>6,126</td><td>6,763</td><td>-637</td><td>26,004</td><td>14,566</td><td>11,438</td><td>32,130</td><td>21,329</td><td>10,801</td></tr><tr><td>February</td><td>5,089</td><td>4,208</td><td>885</td><td>15,235</td><td>11,457</td><td>3,778</td><td>20,324</td><td>15,653</td><td>4,671</td></tr></table>
n.a. Not available.
July 1948
51
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="4">Net capital movement</th><th colspan="4">Short-term banking funds</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td>1947</td><td>1948</td><td></td><td>1947</td><td>1948</td><td></td><td>1947</td><td>1948</td></tr><tr><td>United Kingdom</td><td>-38,944</td><td>16,408</td><td>-27,201</td><td>14,408</td><td>72,492</td><td>-36,174</td><td>18,894</td><td>-25,587</td><td>16,632</td><td>72,300</td></tr><tr><td>France</td><td>51,302</td><td>-40,800</td><td>-84,423</td><td>-81,347</td><td>8,789</td><td>78,134</td><td>-29,042</td><td>-77,648</td><td>-73,507</td><td>19,818</td></tr><tr><td>Belgium</td><td>1,432</td><td>-3,405</td><td>-8,425</td><td>8,364</td><td>3,347</td><td>1,743</td><td>-3,669</td><td>-8,885</td><td>1,586</td><td>3,215</td></tr><tr><td>Danmark</td><td>6,437</td><td>5,920</td><td>2,284</td><td>1,356</td><td>-3,049</td><td>6,329</td><td>6,024</td><td>-3,390</td><td>801</td><td>-3,226</td></tr><tr><td>Finland</td><td>1,647</td><td>1,097</td><td>-4,819</td><td>308</td><td>-1,076</td><td>1,620</td><td>1,178</td><td>-4,820</td><td>301</td><td>-1,087</td></tr><tr><td>Germany</td><td>11,628</td><td>3,921</td><td>10,433</td><td>5,513</td><td>-601</td><td>11,585</td><td>4,073</td><td>10,452</td><td>5,339</td><td>-560</td></tr><tr><td>Greece</td><td>6,527</td><td>-2,778</td><td>-8,327</td><td>4,461</td><td>3,062</td><td>6,571</td><td>-2,825</td><td>-8,788</td><td>4,501</td><td>2,993</td></tr><tr><td>Italy</td><td>-5,284</td><td>546</td><td>9,722</td><td>9,976</td><td>20,587</td><td>-5,108</td><td>683</td><td>9,705</td><td>10,071</td><td>20,628</td></tr><tr><td>Luxembourg</td><td>-457</td><td>3,324</td><td>-892</td><td>442</td><td>-1,742</td><td>-467</td><td>3,336</td><td>-877</td><td>301</td><td>-1,718</td></tr><tr><td>Netherlands</td><td>-28,732</td><td>-18,266</td><td>-26,608</td><td>-24,671</td><td>-459</td><td>-45,202</td><td>-13,110</td><td>-16,980</td><td>-21,221</td><td>3,378</td></tr><tr><td>Norway</td><td>-4,249</td><td>-2,981</td><td>-15,306</td><td>-3,756</td><td>-3,550</td><td>-4,029</td><td>-3,323</td><td>-15,594</td><td>-3,653</td><td>-3,552</td></tr><tr><td>Portugal</td><td>-350</td><td>2,100</td><td>-2,507</td><td>-1,198</td><td>-794</td><td>-329</td><td>2,205</td><td>-2,699</td><td>-1,225</td><td>-2</td></tr><tr><td>Romania</td><td>-787</td><td>-435</td><td>548</td><td>259</td><td>-1,203</td><td>-786</td><td>-436</td><td>388</td><td>244</td><td>-1,188</td></tr><tr><td>Spain</td><td>-1,536</td><td>1,839</td><td>1,397</td><td>2,653</td><td>-898</td><td>-1,602</td><td>1,713</td><td>1,390</td><td>2,694</td><td>-222</td></tr><tr><td>Sweden</td><td>-22,539</td><td>-12,610</td><td>-12,417</td><td>-248</td><td>-4,179</td><td>-22,547</td><td>-12,273</td><td>-12,128</td><td>-285</td><td>-4,162</td></tr><tr><td>Switzerland</td><td>9,775</td><td>9,937</td><td>18,813</td><td>-3,161</td><td>3,816</td><td>12,986</td><td>14,358</td><td>25,632</td><td>3,596</td><td>11,415</td></tr><tr><td>U. S. S. R.</td><td>5,686</td><td>5,326</td><td>4,290</td><td>976</td><td>-8,595</td><td>5,686</td><td>5,324</td><td>4,290</td><td>1,025</td><td>-8,595</td></tr><tr><td>Yugoslavia</td><td>-370</td><td>1,217</td><td>1,569</td><td>-1,516</td><td>9,859</td><td>-370</td><td>1,217</td><td>1,560</td><td>-1,497</td><td>9,852</td></tr><tr><td>Other Europe</td><td>1,182</td><td>-13,400</td><td>-5,972</td><td>-2,046</td><td>-13,768</td><td>1,239</td><td>-13,205</td><td>-6,076</td><td>-2,149</td><td>-13,612</td></tr><tr><td>Total Europe</td><td>-31,632</td><td>-43,020</td><td>-147,841</td><td>-75,227</td><td>82,038</td><td>9,279</td><td>-19,178</td><td>-130,049</td><td>-56,346</td><td>103,179</td></tr><tr><td>Canada</td><td>-99,564</td><td>3,849</td><td>3,721</td><td>39,191</td><td>-6,325</td><td>-101,972</td><td>3,364</td><td>-18,616</td><td>27,652</td><td>-4,373</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>22,218</td><td>4,657</td><td>-1,527</td><td>-40,891</td><td>15,349</td><td>14,776</td><td>-4,268</td><td>-3,014</td><td>-43,871</td><td>13,157</td></tr><tr><td>Bolivia</td><td>4,345</td><td>4,463</td><td>-1,869</td><td>-2,061r</td><td>-1,532</td><td>4,300</td><td>4,363</td><td>-1,879</td><td>-2,119r</td><td>-1,680</td></tr><tr><td>Brazil</td><td>3,091</td><td>-5,600</td><td>3,790</td><td>2,413r</td><td>7,443</td><td>-3,518</td><td>-5,915</td><td>3,387</td><td>1,751r</td><td>7,261</td></tr><tr><td>Chile</td><td>-599</td><td>4,139</td><td>-1,176</td><td>-4,595r</td><td>317</td><td>-549</td><td>3,986</td><td>-1,065</td><td>-4,610r</td><td>236</td></tr><tr><td>Colombia</td><td>10,351</td><td>3,983</td><td>2,453</td><td>438</td><td>-7,089</td><td>10,448</td><td>4,029</td><td>8,326</td><td>14</td><td>-7,081</td></tr><tr><td>Costa Rica</td><td>-748</td><td>491</td><td>360</td><td>2,081</td><td>422</td><td>-713</td><td>-552</td><td>820</td><td>2,074</td><td>361</td></tr><tr><td>Cuba</td><td>-27,718</td><td>-25,728</td><td>-31,895</td><td>-20,680</td><td>17,612</td><td>-29,203</td><td>-24,845</td><td>-31,775</td><td>-22,235</td><td>15,206</td></tr><tr><td>French West Indies and Guiana</td><td>-293</td><td>261</td><td>-334</td><td>218</td><td>-885</td><td>-296</td><td>261</td><td>-334</td><td>211</td><td>-904</td></tr><tr><td>Mexico</td><td>-12,657</td><td>-9,061</td><td>-18,209</td><td>4,614</td><td>-2,035</td><td>-17,776</td><td>-7,004</td><td>-13,150</td><td>-6,206</td><td>-1,882</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>2,047</td><td>3,760</td><td>-3,512</td><td>2,634</td><td>982</td><td>1,927</td><td>3,783</td><td>-3,455</td><td>2,607</td><td>859</td></tr><tr><td>Panama</td><td>-3,280</td><td>-2,920</td><td>-1,038</td><td>98</td><td>-1,070</td><td>-3,982</td><td>-1,802</td><td>-1,336</td><td>1,202</td><td>1,836</td></tr><tr><td>Peru</td><td>-2,470</td><td>487</td><td>2,896</td><td>-2,418</td><td>698</td><td>-2,442</td><td>684</td><td>2,265</td><td>-2,410</td><td>987</td></tr><tr><td>Venezuela</td><td>-15,183</td><td>-12,948</td><td>16,691</td><td>11,740</td><td>-15,774</td><td>-15,349</td><td>-12,830</td><td>16,655</td><td>12,264</td><td>-16,472</td></tr><tr><td>Other Latin America</td><td>3,260</td><td>-313</td><td>10,685</td><td>1,103</td><td>9,008</td><td>-4,236</td><td>-873</td><td>8,589</td><td>-221</td><td>6,370</td></tr><tr><td>Total Latin America</td><td>-23,568</td><td>-40,267</td><td>-22,725</td><td>-54,534</td><td>23,446</td><td>-47,273</td><td>-45,809</td><td>-23,066</td><td>-61,549</td><td>18,245</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>18,922</td><td>25,097</td><td>-18,777</td><td>-12,932</td><td>-26,093</td><td>18,763</td><td>24,239</td><td>-19,731</td><td>-12,718</td><td>-25,622</td></tr><tr><td>French Indo-China</td><td>450</td><td>574</td><td>82</td><td>-65</td><td>-41</td><td>450</td><td>574</td><td>213</td><td>-159</td><td>-44</td></tr><tr><td>Hong Kong</td><td>-1,930</td><td>-1,324</td><td>-2,692</td><td>1,078</td><td>-416</td><td>-1,862</td><td>-1,611</td><td>-2,665</td><td>1,076</td><td>-568</td></tr><tr><td>India</td><td>-892</td><td>2,504</td><td>4,095</td><td>7,985</td><td>-8,385</td><td>-859</td><td>2,487</td><td>4,270</td><td>7,908</td><td>-8,406</td></tr><tr><td>British Malaya</td><td>-1,515</td><td>4,258</td><td>-5,667</td><td>1,047</td><td>1,317</td><td>-1,495</td><td>4,258</td><td>-5,660</td><td>1,048</td><td>1,316</td></tr><tr><td>Japan</td><td>7,745</td><td>3,347</td><td>1,800</td><td>2,684</td><td>15,030</td><td>7,753</td><td>3,349</td><td>1,800</td><td>2,682</td><td>15,027</td></tr><tr><td>Netherlands East Indies</td><td>-10,779</td><td>6,173</td><td>3,405</td><td>-3,451</td><td>-11,503</td><td>-10,778</td><td>6,177</td><td>3,380</td><td>-3,517</td><td>-11,434</td></tr><tr><td>Philippines Islands</td><td>3,408</td><td>3,041</td><td>14,045</td><td>-23,039</td><td>15,828</td><td>3,402</td><td>3,839</td><td>14,103</td><td>-23,647</td><td>16,114</td></tr><tr><td>Turkey</td><td>-9,513</td><td>-280</td><td>-6,407</td><td>-3,371</td><td>-514</td><td>-9,514</td><td>-265</td><td>-6,415</td><td>-3,403</td><td>-550</td></tr><tr><td>Other Asia 1/</td><td>-276</td><td>497</td><td>5,005</td><td>273</td><td>504</td><td>-332</td><td>378</td><td>5,084</td><td>-128</td><td>541</td></tr><tr><td>Total Asia</td><td>5,620</td><td>43,687</td><td>-5,111</td><td>-29,851</td><td>-14,273</td><td>5,508</td><td>43,425</td><td>-5,621</td><td>-30,888</td><td>-13,696</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-3,917</td><td>-5,748</td><td>-1,207</td><td>-2,802</td><td>4,800</td><td>-5,554</td><td>-7,207</td><td>-3,004</td><td>-3,944</td><td>4,442</td></tr><tr><td>New Zealand</td><td>-2,398</td><td>-322</td><td>207</td><td>-321</td><td>1,097</td><td>-2,390</td><td>-312</td><td>208</td><td>-335</td><td>1,096</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1,977</td><td>989</td><td>-1,659</td><td>12,361</td><td>5,076</td><td>1,911</td><td>1,008</td><td>-1,761</td><td>12,586</td><td>5,130</td></tr><tr><td>French Morocco</td><td>-708</td><td>-1,019</td><td>-187</td><td>-766</td><td>-456</td><td>-699</td><td>-926</td><td>-228</td><td>-535</td><td>-377</td></tr><tr><td>Union of South Africa</td><td>6,078</td><td>3,364</td><td>4,740</td><td>8,791</td><td>-9,286</td><td>6,117</td><td>3,336</td><td>-138</td><td>8,789</td><td>-9,264</td></tr><tr><td>All other</td><td>-3,726</td><td>-3,200</td><td>3,896</td><td>-1,001</td><td>1,091</td><td>-3,634</td><td>-1,016</td><td>3,894</td><td>-1,039</td><td>995</td></tr><tr><td>Total other countries</td><td>-2,694</td><td>-5,936</td><td>5,750</td><td>16,382</td><td>2,322</td><td>-4,249</td><td>-5,147</td><td>-1,069</td><td>15,582</td><td>2,042</td></tr><tr><td>International 2/</td><td>-174,013r</td><td>-100,989r</td><td>-63,827r</td><td>-56,991r</td><td>-60,460</td><td>-174,013r</td><td>-100,989r</td><td>-138,332r</td><td>-56,991r</td><td>-60,460</td></tr><tr><td>Unidentified</td><td>706</td><td>1,126</td><td>-729</td><td>-732</td><td>1,048</td><td>706</td><td>1,097</td><td>-729</td><td>-745</td><td>1,066</td></tr><tr><td>Grand total</td><td>-325,145r</td><td>-141,550r</td><td>-230,762r</td><td>-161,762r</td><td>27,796</td><td>-312,014r</td><td>-123,237r</td><td>-317,502r</td><td>-163,345r</td><td>47,843</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Include transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank.
52
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th rowspan="2">Country</th><th colspan="4">Movement in brokerage balances</th><th colspan="4">Transactions in long-term securities, domestic and foreign</th></tr><tr><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>656</td><td>375</td><td>-1,501</td><td>-703</td><td>-50</td><td>-3,426</td><td>-2,881</td><td>-113</td><td>-1,521</td><td>282</td></tr><tr><td>France</td><td>-342</td><td>-98</td><td>53</td><td>-21</td><td>-217</td><td>-26,400</td><td>-11,660</td><td>-6,828</td><td>-7,819</td><td>-10,812</td></tr><tr><td>Belgium</td><td>307</td><td>153</td><td>-136</td><td>-77</td><td>-160</td><td>-618</td><td>111</td><td>596</td><td>915</td><td>292</td></tr><tr><td>Denmark</td><td>-22</td><td>-167</td><td>-</td><td>-5</td><td>-27</td><td>130</td><td>63</td><td>5,674</td><td>560</td><td>204</td></tr><tr><td>Finland</td><td>1</td><td>-</td><td>-33</td><td>-3</td><td>-18</td><td>26</td><td>-81</td><td>1</td><td>7</td><td>11</td></tr><tr><td>Germany</td><td>43</td><td>-166</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>14</td><td>-23</td><td>-14</td></tr><tr><td>Greece</td><td>-2</td><td>5</td><td>4</td><td>-13</td><td>12</td><td>42</td><td>42</td><td>465</td><td>-27</td><td>57</td></tr><tr><td>Italy</td><td>12</td><td>-5</td><td>-154</td><td>241</td><td>-108</td><td>-188</td><td>-132</td><td>171</td><td>-336</td><td>67</td></tr><tr><td>Luxembourg</td><td>-28</td><td>17</td><td>181</td><td>38</td><td>-232</td><td>38</td><td>-29</td><td>-196</td><td>103</td><td>208</td></tr><tr><td>Netherlands</td><td>355</td><td>-315</td><td>-3,993</td><td>-359</td><td>-215</td><td>-7,885</td><td>-4,881</td><td>-5,735</td><td>-3,091</td><td>-3,822</td></tr><tr><td>Norway</td><td>-210</td><td>47</td><td>36</td><td>-514</td><td>-194</td><td>-10</td><td>295</td><td>250</td><td>411</td><td>196</td></tr><tr><td>Portugal</td><td>19</td><td>6</td><td>25</td><td>3</td><td>21</td><td>-40</td><td>-111</td><td>167</td><td>24</td><td>-813</td></tr><tr><td>Rumania</td><td>-1</td><td>1</td><td>-6</td><td>8</td><td>-16</td><td>-</td><td>-</td><td>166</td><td>7</td><td>1</td></tr><tr><td>Spain</td><td>-6</td><td>1</td><td>-37</td><td>44</td><td>21</td><td>72</td><td>125</td><td>44</td><td>3</td><td>3</td></tr><tr><td>Sweden</td><td>121</td><td>-102</td><td>47</td><td>20</td><td>-26</td><td>-113</td><td>-235</td><td>-342</td><td>17</td><td>9</td></tr><tr><td>Switzerland</td><td>-983</td><td>-2,400</td><td>-1,420</td><td>-328</td><td>-598</td><td>-2,228</td><td>-2,021</td><td>-5,399</td><td>-6,389</td><td>-7,001</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-49</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>9</td><td>-11</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-8</td><td>-5</td></tr><tr><td>Other Europe</td><td>-185</td><td>-37</td><td>15</td><td>129</td><td>-16</td><td>128</td><td>142</td><td>89</td><td>-26</td><td>-140</td></tr><tr><td>Total Europe</td><td>-265</td><td>-2,685</td><td>-6,816</td><td>-1,639</td><td>-1,824</td><td>-40,646</td><td>-21,157</td><td>-10,976</td><td>-17,242</td><td>-21,317</td></tr><tr><td>Canada</td><td>-1,179</td><td>-539</td><td>594</td><td>51</td><td>-550</td><td>3,587</td><td>1,024</td><td>21,743</td><td>11,488</td><td>-1,202</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-63</td><td>324</td><td>-196</td><td>13</td><td>-146</td><td>7,505</td><td>8,601</td><td>1,683</td><td>2,967</td><td>2,338</td></tr><tr><td>Bolivia</td><td>-1</td><td>2</td><td>-2</td><td>-</td><td>-1</td><td>43</td><td>7</td><td>12</td><td>98</td><td>149</td></tr><tr><td>Brazil</td><td>48</td><td>122</td><td>-453</td><td>-68</td><td>143</td><td>379</td><td>193</td><td>856</td><td>730</td><td>39</td></tr><tr><td>Chile</td><td>215</td><td>-30</td><td>-38</td><td>-34</td><td>-113</td><td>145</td><td>183</td><td>-73</td><td>49</td><td>194</td></tr><tr><td>Colombia</td><td>25</td><td>-51</td><td>26</td><td>355</td><td>-255</td><td>118</td><td>5</td><td>101</td><td>69</td><td>247</td></tr><tr><td>Costa Rica</td><td>-40</td><td>61</td><td>-40</td><td>-8</td><td>17</td><td>5</td><td>-</td><td>-20</td><td>15</td><td>44</td></tr><tr><td>Cuba</td><td>-142</td><td>-340</td><td>-310</td><td>-609</td><td>537</td><td>1,927</td><td>-573</td><td>190</td><td>2,164</td><td>1,869</td></tr><tr><td>Precoch West Indies and Guiana</td><td>-2</td><td>-</td><td>-</td><td>5</td><td>25</td><td>5</td><td>-</td><td>-</td><td>2</td><td>-7</td></tr><tr><td>Mexico</td><td>938</td><td>-2,290</td><td>-3,663</td><td>925</td><td>-886</td><td>4,181</td><td>233</td><td>604</td><td>667</td><td>733</td></tr><tr><td>Netherlands West Indies and Suriname</td><td>-23</td><td>-26</td><td>13</td><td>-10</td><td>-7</td><td>143</td><td>3</td><td>-70</td><td>37</td><td>139</td></tr><tr><td>Panama</td><td>1,208</td><td>-771</td><td>-1,622</td><td>-320</td><td>-935</td><td>-546</td><td>-347</td><td>920</td><td>-784</td><td>-1,971</td></tr><tr><td>Peru</td><td>74</td><td>-42</td><td>-17</td><td>-2</td><td>-399</td><td>-102</td><td>-155</td><td>308</td><td>-6</td><td>110</td></tr><tr><td>Venezuela</td><td>291</td><td>296</td><td>836</td><td>-516</td><td>443</td><td>-125</td><td>-414</td><td>-800</td><td>-8</td><td>255</td></tr><tr><td>Other Latlo America</td><td>-310</td><td>-805</td><td>995</td><td>-774</td><td>-561</td><td>7,806</td><td>1,355</td><td>1,101</td><td>2,098</td><td>3,199</td></tr><tr><td>Total Latino America</td><td>2,221</td><td>-3,559</td><td>-4,471</td><td>-1,043</td><td>-2,137</td><td>21,484</td><td>9,101</td><td>4,812</td><td>8,058</td><td>7,338</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>-446</td><td>146</td><td>285</td><td>396</td><td>-162</td><td>605</td><td>712</td><td>669</td><td>-580</td><td>-279</td></tr><tr><td>French Indo-China</td><td>-51</td><td>8</td><td>-24</td><td>26</td><td>-71</td><td>-17</td><td>79</td><td>-131</td><td>54</td><td>-</td></tr><tr><td>Hong Kong</td><td>37</td><td>20</td><td>10</td><td>-29</td><td>-8</td><td>-70</td><td>-3</td><td>-3</td><td>-24</td><td>223</td></tr><tr><td>India</td><td>-15</td><td>-</td><td>6</td><td>2</td><td>1</td><td>-5</td><td>-</td><td>-185</td><td>46</td><td>29</td></tr><tr><td>British Malaya</td><td>-2</td><td>-1</td><td>2</td><td>-</td><td>1</td><td>-6</td><td>-1</td><td>-2</td><td>-3</td><td>2</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>1</td><td>-8</td><td>-13</td><td>110</td><td>-77</td><td>-2</td><td>4</td><td>38</td><td>-44</td><td>8</td></tr><tr><td>Philippines Islands</td><td>-37</td><td>-542</td><td>-95</td><td>128</td><td>-399</td><td>43</td><td>-256</td><td>37</td><td>430</td><td>113</td></tr><tr><td>Turkey</td><td>19</td><td>3</td><td>-113</td><td>115</td><td>-38</td><td>57</td><td>-30</td><td>34</td><td>286</td><td>1</td></tr><tr><td>Other Asia</td><td>-</td><td>149</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>-494</td><td>-225</td><td>58</td><td>769</td><td>-766</td><td>606</td><td>487</td><td>452</td><td>268</td><td>149</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>2</td><td>-50</td><td>35</td><td>-12</td><td>2</td><td>1,635</td><td>1,509</td><td>1,762</td><td>1,074</td><td>356</td></tr><tr><td>New Zealand</td><td>-3</td><td>-3</td><td>41</td><td>-2</td><td>8</td><td>-5</td><td>-7</td><td>7</td><td>16</td><td>-7</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17</td><td>-37</td><td>-35</td><td>-26</td><td>-</td><td>49</td><td>18</td><td>61</td><td>10</td><td>-48</td></tr><tr><td>French Morocco</td><td>-14</td><td>22</td><td>4</td><td>3</td><td>-64</td><td>-9</td><td>-85</td><td>37</td><td>-234</td><td>-15</td></tr><tr><td>Union of South Africa</td><td>2,041</td><td>-2,150</td><td>-73</td><td>23</td><td>-1</td><td>-25</td><td>-39</td><td>4,931</td><td>-21</td><td>-21</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-15</td><td>34</td><td>2</td><td>-2,133</td><td>-28</td><td>17</td><td>4</td><td>94</td></tr><tr><td>Total other countries</td><td>2,043</td><td>-2,157</td><td>-16</td><td>11</td><td>-79</td><td>-488</td><td>1,368</td><td>6,835</td><td>849</td><td>359</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>74,525</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>-</td><td>29</td><td>-</td><td>2</td><td>-18</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Grand total</td><td>2,326</td><td>-9,136</td><td>-10,651</td><td>-1,849</td><td>-5,374</td><td>-25,457</td><td>-9,177</td><td>97,391</td><td>3,432</td><td>-14,673</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank.
July 1948
53
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="4">Claims</th><th colspan="4">Liabilities</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</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>33,059</td><td>31,832</td><td>29,186</td><td>22,510</td><td>18,942</td><td>335,809</td><td>354,476</td><td>326,243</td><td>336,199</td><td>404,931</td></tr><tr><td>France</td><td>17,569</td><td>14,921</td><td>23,360</td><td>97,799</td><td>113,691</td><td>268,634</td><td>236,944</td><td>167,735</td><td>168,667</td><td>204,377</td></tr><tr><td>Belgium</td><td>13,173</td><td>12,863</td><td>14,974</td><td>12,698</td><td>11,262</td><td>135,702</td><td>131,723</td><td>124,949</td><td>124,199</td><td>125,978</td></tr><tr><td>Denmark</td><td>958</td><td>1,096</td><td>2,205</td><td>1,531</td><td>3,247</td><td>48,880</td><td>55,042</td><td>52,761</td><td>52,888</td><td>51,378</td></tr><tr><td>Finland</td><td>13,129</td><td>11,934</td><td>8,002</td><td>8,325</td><td>7,588</td><td>39,220</td><td>39,203</td><td>30,451</td><td>31,075</td><td>29,251</td></tr><tr><td>Germany</td><td>30,478</td><td>30,524</td><td>30,520</td><td>30,596</td><td>30,506</td><td>74,936</td><td>79,055</td><td>89,503</td><td>95,118</td><td>94,459</td></tr><tr><td>Greece</td><td>12,869</td><td>12,819</td><td>10,621</td><td>10,105</td><td>10,199</td><td>48,517</td><td>45,682</td><td>34,696</td><td>38,681</td><td>41,768</td></tr><tr><td>Italy</td><td>24,940</td><td>23,600</td><td>21,054</td><td>21,213</td><td>20,921</td><td>146,610</td><td>145,923</td><td>153,112</td><td>163,342</td><td>183,678</td></tr><tr><td>Luxembourg</td><td>40</td><td>40</td><td>52</td><td>31</td><td>25</td><td>19,213</td><td>22,549</td><td>21,684</td><td>21,964</td><td>20,240</td></tr><tr><td>Netherlands</td><td>48,573</td><td>47,214</td><td>49,089</td><td>51,112</td><td>52,348</td><td>172,863</td><td>158,414</td><td>143,309</td><td>128,111</td><td>128,925</td></tr><tr><td>Norway</td><td>10,275</td><td>8,061</td><td>9,283</td><td>11,316</td><td>10,666</td><td>76,197</td><td>70,660</td><td>56,248</td><td>54,668</td><td>50,466</td></tr><tr><td>Portugal</td><td>1,309</td><td>1,087</td><td>1,076</td><td>1,179</td><td>1,236</td><td>47,798</td><td>49,781</td><td>47,071</td><td>45,949</td><td>46,004</td></tr><tr><td>Romania</td><td>12,027</td><td>12,011</td><td>12,012</td><td>12,014</td><td>12,012</td><td>8,744</td><td>8,292</td><td>8,681</td><td>8,927</td><td>7,737</td></tr><tr><td>Spain</td><td>1,254</td><td>1,358</td><td>873</td><td>1,509</td><td>3,503</td><td>10,122</td><td>11,939</td><td>12,844</td><td>16,174</td><td>17,246</td></tr><tr><td>Sweden</td><td>9,306</td><td>7,649</td><td>5,439</td><td>3,957</td><td>3,673</td><td>86,835</td><td>72,905</td><td>58,573</td><td>56,806</td><td>52,360</td></tr><tr><td>Switzerland</td><td>6,443</td><td>5,726</td><td>7,047</td><td>6,325</td><td>5,978</td><td>405,841</td><td>419,482</td><td>446,435</td><td>449,269</td><td>460,337</td></tr><tr><td>U.S.S.R.</td><td>38</td><td>52</td><td>62</td><td>132</td><td>7</td><td>64,111</td><td>69,449</td><td>73,749</td><td>74,844</td><td>66,124</td></tr><tr><td>Yugoslavia</td><td>8</td><td>8</td><td>8</td><td>3</td><td>6</td><td>9,371</td><td>10,588</td><td>12,118</td><td>10,646</td><td>20,514</td></tr><tr><td>Other Europe</td><td>30,556</td><td>36,138</td><td>35,800</td><td>35,834</td><td>40,931</td><td>130,811</td><td>122,888</td><td>116,474</td><td>114,359</td><td>105,444</td></tr><tr><td>Total Europe</td><td>265,964</td><td>258,933</td><td>260,683</td><td>328,189</td><td>345,341</td><td>2,131,234</td><td>2,105,025</td><td>1,976,666</td><td>1,987,886</td><td>2,111,217</td></tr><tr><td>Canada</td><td>29,796</td><td>26,509</td><td>27,482</td><td>25,154</td><td>25,435</td><td>427,139</td><td>427,216</td><td>409,573</td><td>434,897</td><td>430,605</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>67,359</td><td>66,434</td><td>65,183</td><td>59,992</td><td>60,317</td><td>245,671</td><td>240,478</td><td>236,213</td><td>187,111</td><td>200,633</td></tr><tr><td>Bolivia</td><td>4,231</td><td>2,921</td><td>2,042</td><td>2,441</td><td>2,321</td><td>22,377</td><td>20,604</td><td>17,846</td><td>14,326</td><td>14,326</td></tr><tr><td>Brazil</td><td>162,263</td><td>161,994</td><td>165,812</td><td>169,798</td><td>175,181</td><td>103,331</td><td>97,447</td><td>104,692</td><td>110,389</td><td>123,033</td></tr><tr><td>Chile</td><td>22,782</td><td>22,329</td><td>27,818</td><td>29,261</td><td>27,054</td><td>38,308</td><td>41,841</td><td>46,265</td><td>43,058</td><td>41,127</td></tr><tr><td>Colombia</td><td>31,970</td><td>31,172</td><td>32,643</td><td>35,714</td><td>36,927</td><td>39,319</td><td>42,350</td><td>46,147</td><td>49,232</td><td>43,364</td></tr><tr><td>Costa Rica</td><td>3,975</td><td>3,622</td><td>3,471</td><td>3,319</td><td>3,334</td><td>7,935</td><td>7,030</td><td>7,299</td><td>9,221</td><td>9,797</td></tr><tr><td>Cuba</td><td>73,844</td><td>91,499</td><td>108,614</td><td>113,440</td><td>106,432</td><td>256,557</td><td>249,367</td><td>234,707</td><td>217,298</td><td>225,406</td></tr><tr><td>French West Indies and Guiana</td><td>17</td><td>21</td><td>37</td><td>75</td><td>93</td><td>2,499</td><td>2,764</td><td>2,446</td><td>2,695</td><td>2,809</td></tr><tr><td>Mexico</td><td>39,487</td><td>38,260</td><td>52,189</td><td>51,827</td><td>52,712</td><td>148,686</td><td>140,455</td><td>139,234</td><td>138,666</td><td>131,669</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,192</td><td>1,156</td><td>1,099</td><td>803</td><td>1,077</td><td>14,632</td><td>18,399</td><td>14,887</td><td>17,198</td><td>18,322</td></tr><tr><td>Panama</td><td>4,893</td><td>4,995</td><td>4,710</td><td>4,838</td><td>4,235</td><td>72,637</td><td>70,937</td><td>70,316</td><td>71,686</td><td>72,879</td></tr><tr><td>Peru</td><td>6,671</td><td>6,109</td><td>4,287</td><td>4,133</td><td>3,923</td><td>40,917</td><td>41,039</td><td>41,782</td><td>39,218</td><td>39,995</td></tr><tr><td>Venezuela</td><td>14,605</td><td>15,093</td><td>15,314</td><td>14,153</td><td>16,860</td><td>73,420</td><td>61,078</td><td>77,984</td><td>89,057</td><td>75,292</td></tr><tr><td>Other Latin America</td><td>33,434</td><td>31,891</td><td>31,049</td><td>29,559</td><td>26,806</td><td>171,455</td><td>169,039</td><td>176,786</td><td>175,075</td><td>178,692</td></tr><tr><td>Total Latin America</td><td>466,723</td><td>477,496</td><td>514,298</td><td>519,313</td><td>517,472</td><td>1,237,864</td><td>1,202,888</td><td>1,216,564</td><td>1,160,030</td><td>1,176,434</td></tr><tr><td>Ale:</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>78,574</td><td>41,307</td><td>40,755</td><td>37,067</td><td>37,899</td><td>263,259</td><td>250,231</td><td>229,948</td><td>213,512</td><td>188,692</td></tr><tr><td>French Indo-China</td><td>3,889</td><td>3,308</td><td>341</td><td>158</td><td>273</td><td>8,685</td><td>9,278</td><td>6,924</td><td>6,182</td><td>6,253</td></tr><tr><td>Hong Kong</td><td>2,191</td><td>1,927</td><td>2,823</td><td>2,896</td><td>3,948</td><td>43,641</td><td>41,766</td><td>39,797</td><td>41,146</td><td>41,630</td></tr><tr><td>India</td><td>28,936</td><td>28,177</td><td>29,361</td><td>27,020</td><td>25,470</td><td>54,982</td><td>56,710</td><td>62,364</td><td>67,731</td><td>57,775</td></tr><tr><td>British Malaya</td><td>957</td><td>823</td><td>918</td><td>737</td><td>709</td><td>12,394</td><td>16,518</td><td>10,923</td><td>11,820</td><td>13,108</td></tr><tr><td>Japan</td><td>284</td><td>298</td><td>942</td><td>4,012</td><td>5,747</td><td>25,517</td><td>28,980</td><td>31,324</td><td>37,016</td><td>53,858</td></tr><tr><td>Netherlands East Indies</td><td>432</td><td>434</td><td>486</td><td>376</td><td>3,099</td><td>59,687</td><td>65,866</td><td>69,298</td><td>65,671</td><td>56,960</td></tr><tr><td>Philippine Islands</td><td>27,662</td><td>28,951</td><td>27,436</td><td>29,312</td><td>30,922</td><td>410,825</td><td>475,983</td><td>488,571</td><td>466,800</td><td>484,586</td></tr><tr><td>Turkey</td><td>13,134</td><td>12,891</td><td>17,659</td><td>17,628</td><td>18,618</td><td>39,745</td><td>39,237</td><td>37,590</td><td>34,156</td><td>34,596</td></tr><tr><td>Other Asia if</td><td>9,126</td><td>9,553</td><td>6,303</td><td>7,409</td><td>7,674</td><td>78,900</td><td>79,705</td><td>81,539</td><td>82,217</td><td>83,323</td></tr><tr><td>Total Ale</td><td>164,585</td><td>127,669</td><td>127,024</td><td>126,615</td><td>134,419</td><td>1,057,665</td><td>1,064,174</td><td>1,057,908</td><td>1,026,611</td><td>1,020,759</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>12,082</td><td>10,180</td><td>9,036</td><td>8,529</td><td>6,404</td><td>43,804</td><td>34,755</td><td>30,607</td><td>26,156</td><td>28,493</td></tr><tr><td>New Zealand</td><td>2,013</td><td>2,313</td><td>1,508</td><td>1,367</td><td>1,114</td><td>6,478</td><td>6,146</td><td>5,869</td><td>5,333</td><td>6,396</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>192</td><td>223</td><td>129</td><td>131</td><td>117</td><td>25,813</td><td>26,892</td><td>24,997</td><td>31,582</td><td>42,721</td></tr><tr><td>French Morocco</td><td>616</td><td>366</td><td>464</td><td>347</td><td>527</td><td>11,417</td><td>10,211</td><td>10,081</td><td>9,429</td><td>9,232</td></tr><tr><td>Unio of South Africa</td><td>14,477</td><td>14,159</td><td>14,379</td><td>14,343</td><td>9,992</td><td>43,271</td><td>46,289</td><td>46,371</td><td>55,124</td><td>41,500</td></tr><tr><td>All other</td><td>6,187</td><td>5,088</td><td>5,522</td><td>4,371</td><td>4,524</td><td>54,918</td><td>52,803</td><td>57,121</td><td>54,907</td><td>56,049</td></tr><tr><td>Total other countries</td><td>35,507</td><td>32,329</td><td>31,068</td><td>29,094</td><td>22,608</td><td>185,701</td><td>177,376</td><td>175,046</td><td>188,994</td><td>184,240</td></tr><tr><td>International 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,501,317</td><td>2,400,328</td><td>2,261,976</td><td>2,204,985</td><td>2,144,525</td></tr><tr><td>Unidentified</td><td>786</td><td>951</td><td>426</td><td>642</td><td>426</td><td>18,678</td><td>19,940</td><td>18,686</td><td>18,157</td><td>19,007</td></tr><tr><td>Grand total</td><td>963,361</td><td>923,887</td><td>960,921</td><td>1,029,007</td><td>1,046,791</td><td>7,559,598</td><td>7,396,887</td><td>7,116,419</td><td>7,021,160</td><td>7,086,787</td></tr></table>
1/ Beginning with January 1948, includes date for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes dollar balances of international organizations such as UNRRA, International Monetary Fund, and International Bank. r Revised.
54
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="4">Debt balances (due from foreigners)</th><th colspan="4">Credit balances (due to foreigners)</th></tr><tr><th></th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th><th>October</th><th>November</th><th>December</th><th>January</th><th>February</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,320</td><td>1,236</td><td>1,070</td><td>2,041</td><td>1,116</td><td>4,606</td><td>4,897</td><td>3,230</td><td>3,498</td><td>2,583</td></tr><tr><td>France</td><td>179</td><td>201</td><td>254</td><td>303</td><td>297</td><td>5,388</td><td>5,312</td><td>5,418</td><td>5,446</td><td>5,223</td></tr><tr><td>Belgium</td><td>108</td><td>93</td><td>37</td><td>85</td><td>164</td><td>2,318</td><td>2,456</td><td>2,264</td><td>2,235</td><td>2,154</td></tr><tr><td>Denmark</td><td>3</td><td>74</td><td>69</td><td>75</td><td>76</td><td>162</td><td>66</td><td>61</td><td>62</td><td>36</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Germany</td><td>7</td><td>15</td><td>14</td><td>15</td><td>15</td><td>271</td><td>113</td><td>79</td><td>77</td><td>59</td></tr><tr><td>Greece</td><td>14</td><td>10</td><td>12</td><td>15</td><td>12</td><td>22</td><td>23</td><td>21</td><td>11</td><td>20</td></tr><tr><td>Italy</td><td>24</td><td>2</td><td>130</td><td>10</td><td>96</td><td>277</td><td>250</td><td>224</td><td>345</td><td>323</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>741</td><td>758</td><td>939</td><td>977</td><td>745</td></tr><tr><td>Netherlands</td><td>101</td><td>121</td><td>180</td><td>243</td><td>111</td><td>10,757</td><td>10,462</td><td>6,688</td><td>6,332</td><td>5,985</td></tr><tr><td>Norway</td><td>176</td><td>125</td><td>151</td><td>169</td><td>245</td><td>1,386</td><td>1,382</td><td>1,446</td><td>950</td><td>832</td></tr><tr><td>Portugal</td><td>21</td><td>17</td><td>8</td><td>8</td><td>18</td><td>88</td><td>90</td><td>106</td><td>109</td><td>140</td></tr><tr><td>Rumania</td><td>13</td><td>12</td><td>10</td><td>10</td><td>16</td><td>25</td><td>25</td><td>17</td><td>25</td><td>15</td></tr><tr><td>Spain</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>277</td><td>278</td><td>281</td><td>197</td><td>218</td></tr><tr><td>Sweden</td><td>55</td><td>33</td><td>24</td><td>27</td><td>46</td><td>502</td><td>378</td><td>416</td><td>439</td><td>432</td></tr><tr><td>Switzerland</td><td>1,552</td><td>1,260</td><td>1,187</td><td>1,370</td><td>1,625</td><td>38,330</td><td>35,638</td><td>34,145</td><td>34,000</td><td>33,657</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54</td><td>54</td><td>63</td><td>52</td><td>51</td></tr><tr><td>Yugoslavia</td><td>152</td><td>166</td><td>290</td><td>278</td><td>311</td><td>1,675</td><td>1,652</td><td>1,791</td><td>1,908</td><td>1,925</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></tr><tr><td>Total Europe</td><td>3,726</td><td>3,366</td><td>3,437</td><td>4,650</td><td>4,149</td><td>66,881</td><td>63,836</td><td>57,091</td><td>56,665</td><td>54,340</td></tr><tr><td>Canada</td><td>4,565</td><td>5,181</td><td>5,228</td><td>4,798</td><td>5,071</td><td>4,694</td><td>4,771</td><td>5,412</td><td>5,033</td><td>4,756</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>1,235</td><td>1,329</td><td>1,382</td><td>1,308</td><td>1,033</td><td>5,121</td><td>5,539</td><td>5,396</td><td>5,335</td><td>4,914</td></tr><tr><td>Bolivia</td><td>1,069</td><td>852</td><td>1,247</td><td>1,256</td><td>1,177</td><td>799</td><td>704</td><td>646</td><td>587</td><td>651</td></tr><tr><td>Brazil</td><td>438</td><td>560</td><td>513</td><td>536</td><td>736</td><td>513</td><td>555</td><td>470</td><td>459</td><td>546</td></tr><tr><td>Chile</td><td>234</td><td>235</td><td>248</td><td>205</td><td>224</td><td>287</td><td>237</td><td>276</td><td>288</td><td>320</td></tr><tr><td>Colombia</td><td>70</td><td>73</td><td>69</td><td>69</td><td>71</td><td>51</td><td>115</td><td>71</td><td>63</td><td>82</td></tr><tr><td>Costa Rica</td><td>5,546</td><td>6,055</td><td>6,346</td><td>6,864</td><td>6,387</td><td>967</td><td>1,136</td><td>1,117</td><td>1,026</td><td>1,086</td></tr><tr><td>Cuba</td><td>30</td><td>30</td><td>30</td><td>35</td><td>4</td><td>-</td><td>-</td><td>-</td><td>10</td><td>5</td></tr><tr><td>French West Indies and Guiana</td><td>2,269</td><td>2,247</td><td>2,241</td><td>2,192</td><td>2,553</td><td>12,856</td><td>10,544</td><td>6,875</td><td>7,751</td><td>7,226</td></tr><tr><td>Mexico</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>5</td><td>4</td><td>12</td><td>7</td><td>13</td><td>218</td><td>191</td><td>212</td><td>197</td><td>196</td></tr><tr><td>Panama</td><td>61</td><td>55</td><td>47</td><td>58</td><td>47</td><td>6,176</td><td>5,399</td><td>3,769</td><td>3,460</td><td>2,514</td></tr><tr><td>Peru</td><td>103</td><td>102</td><td>106</td><td>101</td><td>663</td><td>154</td><td>111</td><td>98</td><td>91</td><td>254</td></tr><tr><td>Venezuela</td><td>1,747</td><td>1,362</td><td>650</td><td>618</td><td>136</td><td>2,153</td><td>2,064</td><td>2,188</td><td>1,640</td><td>1,601</td></tr><tr><td>Other Latin America</td><td>2,532</td><td>2,943</td><td>2,988</td><td>2,756</td><td>2,665</td><td>5,030</td><td>4,636</td><td>5,676</td><td>4,670</td><td>4,018</td></tr><tr><td>Total Latin America</td><td>15,389</td><td>15,847</td><td>15,885</td><td>16,005</td><td>15,715</td><td>34,357</td><td>31,256</td><td>26,823</td><td>25,900</td><td>23,473</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,733</td><td>1,583</td><td>1,474</td><td>1,455</td><td>1,439</td><td>1,089</td><td>1,085</td><td>1,261</td><td>1,638</td><td>1,460</td></tr><tr><td>French Indo-China</td><td>94</td><td>79</td><td>54</td><td>27</td><td>96</td><td>145</td><td>138</td><td>89</td><td>88</td><td>3</td></tr><tr><td>Hong Kong</td><td>33</td><td>32</td><td>34</td><td>32</td><td>32</td><td>71</td><td>90</td><td>102</td><td>71</td><td>63</td></tr><tr><td>India</td><td>66</td><td>66</td><td>60</td><td>59</td><td>58</td><td>3</td><td>3</td><td>3</td><td>4</td><td>4</td></tr><tr><td>British Malaya</td><td>-</td><td>2</td><td>17</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Japan</td><td>21</td><td>272</td><td>218</td><td>34</td><td>391</td><td>10</td><td>111</td><td>449</td><td>393</td><td>321</td></tr><tr><td>Motherlands East Indies</td><td>-</td><td>2</td><td>2</td><td>5</td><td>2</td><td>869</td><td>999</td><td>4</td><td>30</td><td>11</td></tr><tr><td>Philippine Islands</td><td>23</td><td>22</td><td>31</td><td>19</td><td>52</td><td>110</td><td>258</td><td>154</td><td>257</td><td>252</td></tr><tr><td>Turkey</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 Asia</td><td>1,970</td><td>2,067</td><td>1,888</td><td>1,631</td><td>2,070</td><td>2,318</td><td>2,190</td><td>2,069</td><td>2,581</td><td>2,254</td></tr><tr><td>Total 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>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>4</td><td>34</td><td>34</td><td>33</td><td>33</td><td>69</td><td>49</td><td>84</td><td>71</td><td>73</td></tr><tr><td>New Zealand</td><td>6</td><td>4</td><td>2</td><td>25</td><td>38</td><td>219</td><td>180</td><td>219</td><td>207</td><td>194</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td><td>98</td><td>102</td><td>105</td><td>41</td></tr><tr><td>French Morocco</td><td>5</td><td>-</td><td>-</td><td>-</td><td>5</td><td>75</td><td>119</td><td>46</td><td>69</td><td>73</td></tr><tr><td>Union of South Africa</td><td>14</td><td>38</td><td>99</td><td>25</td><td>21</td><td>2,213</td><td>81</td><td>127</td><td>87</td><td>85</td></tr><tr><td>All other</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 other countries</td><td>29</td><td>76</td><td>135</td><td>83</td><td>97</td><td>2,700</td><td>590</td><td>633</td><td>592</td><td>527</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65</td><td>94</td><td>94</td><td>96</td><td>78</td></tr><tr><td>Grand total</td><td>25,679</td><td>26,537</td><td>26,573</td><td>27,167</td><td>27,102</td><td>111,015</td><td>102,737</td><td>92,122</td><td>90,867</td><td>85,428</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
July 1948
55
CAPITAL MOVEMENTS
Section III - Details for Month of February 1948
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 cliente 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>18,942</td><td>7,016</td><td>3,575</td><td>508</td><td>2,933</td><td>11,986</td><td>3,675</td><td>3,348</td><td>4,903</td></tr><tr><td>France</td><td>111,691</td><td>376</td><td>132</td><td>185</td><td>59</td><td>113,315</td><td>102,517</td><td>425</td><td>10,373</td></tr><tr><td>Belgium</td><td>11,262</td><td>27</td><td>24</td><td>1</td><td>2</td><td>11,235</td><td>1,763</td><td>4,077</td><td>5,395</td></tr><tr><td>Denmark</td><td>3,247</td><td>51</td><td>27</td><td>22</td><td>2</td><td>3,396</td><td>-</td><td>2,758</td><td>438</td></tr><tr><td>Finland</td><td>7,588</td><td>5</td><td>5</td><td>-</td><td>-</td><td>7,583</td><td>465</td><td>6,249</td><td>869</td></tr><tr><td>Germany</td><td>30,506</td><td>34</td><td>6</td><td>28</td><td>-</td><td>30,472</td><td>17,063</td><td>67</td><td>13,342</td></tr><tr><td>Greece</td><td>10,199</td><td>131</td><td>-</td><td>8</td><td>123</td><td>10,068</td><td>8,809</td><td>-</td><td>1,259</td></tr><tr><td>Italy</td><td>20,921</td><td>181</td><td>6</td><td>161</td><td>14</td><td>20,740</td><td>7,457</td><td>2,779</td><td>10,504</td></tr><tr><td>Luxembourg</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td><td>25</td></tr><tr><td>Netherlands</td><td>52,348</td><td>140</td><td>97</td><td>37</td><td>6</td><td>52,208</td><td>1,090</td><td>1,014</td><td>50,104</td></tr><tr><td>Norway</td><td>10,666</td><td>98</td><td>54</td><td>44</td><td>-</td><td>10,568</td><td>3,570</td><td>645</td><td>6,353</td></tr><tr><td>Portugal</td><td>1,236</td><td>144</td><td>144</td><td>-</td><td>-</td><td>1,092</td><td>11</td><td>156</td><td>925</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>3,503</td><td>599</td><td>13</td><td>15</td><td>571</td><td>2,904</td><td>407</td><td>-</td><td>2,497</td></tr><tr><td>Sweden</td><td>3,673</td><td>118</td><td>89</td><td>-</td><td>29</td><td>3,555</td><td>48</td><td>261</td><td>3,246</td></tr><tr><td>Switzerland</td><td>5,978</td><td>1,032</td><td>552</td><td>438</td><td>42</td><td>4,946</td><td>783</td><td>565</td><td>3,598</td></tr><tr><td>U. S. S. R.</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Other Europe</td><td>40,531</td><td>141</td><td>110</td><td>12</td><td>19</td><td>40,390</td><td>25,414</td><td>337</td><td>14,639</td></tr><tr><td>Total Europe</td><td>346,341</td><td>10,103</td><td>4,841</td><td>1,462</td><td>3,800</td><td>336,238</td><td>185,058</td><td>22,681</td><td>128,499</td></tr><tr><td>Canada</td><td>25,435</td><td>13,516</td><td>9,033</td><td>3,782</td><td>701</td><td>11,919</td><td>197</td><td>3,189</td><td>8,533</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>60,317</td><td>219</td><td>192</td><td>19</td><td>8</td><td>60,098</td><td>34,259</td><td>2,581</td><td>23,258</td></tr><tr><td>Bolivia</td><td>2,321</td><td>1</td><td>1</td><td>-</td><td>1</td><td>2,320</td><td>57</td><td>-</td><td>2,263</td></tr><tr><td>Brazil</td><td>175,181</td><td>80,050</td><td>46</td><td>80,000</td><td>4</td><td>95,131</td><td>6,595</td><td>954</td><td>87,582</td></tr><tr><td>Chile</td><td>27,054</td><td>3</td><td>2</td><td>-</td><td>1</td><td>27,051</td><td>2,048</td><td>2,710</td><td>22,293</td></tr><tr><td>Colombia</td><td>36,927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36,927</td><td>8,240</td><td>5,638</td><td>23,049</td></tr><tr><td>Costa Rica</td><td>3,534</td><td>2</td><td>2</td><td>-</td><td>2</td><td>3,532</td><td>261</td><td>57</td><td>3,214</td></tr><tr><td>Cuba</td><td>106,432</td><td>183</td><td>177</td><td>-</td><td>6</td><td>106,249</td><td>90,564</td><td>5,785</td><td>9,900</td></tr><tr><td>French West Indies and Guiana</td><td>93</td><td>-</td><td>-</td><td>-</td><td>-</td><td>93</td><td>18</td><td>-</td><td>75</td></tr><tr><td>Mexico</td><td>52,712</td><td>21,372</td><td>802</td><td>20,053</td><td>517</td><td>31,340</td><td>6,509</td><td>3,273</td><td>21,558</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,077</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,076</td><td>8</td><td>-</td><td>1,068</td></tr><tr><td>Panama</td><td>4,235</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,235</td><td>-</td><td>-</td><td>4,235</td></tr><tr><td>Peru</td><td>3,923</td><td>3</td><td>2</td><td>-</td><td>1</td><td>3,920</td><td>6</td><td>67</td><td>3,847</td></tr><tr><td>Venezuela</td><td>16,860</td><td>132</td><td>89</td><td>30</td><td>13</td><td>16,788</td><td>2,301</td><td>181</td><td>14,246</td></tr><tr><td>Other Latin America</td><td>26,806</td><td>127</td><td>16</td><td>-</td><td>111</td><td>26,679</td><td>2,320</td><td>1,941</td><td>22,218</td></tr><tr><td>Total Latin America</td><td>517,472</td><td>102,093</td><td>1,326</td><td>100,102</td><td>665</td><td>415,379</td><td>453,386</td><td>23,187</td><td>238,806</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>37,899</td><td>117</td><td>116</td><td>1</td><td>-</td><td>37,782</td><td>25,935</td><td>348</td><td>11,499</td></tr><tr><td>French Indo-China</td><td>273</td><td>-</td><td>-</td><td>-</td><td>-</td><td>273</td><td>10</td><td>197</td><td>66</td></tr><tr><td>Hong Kong</td><td>3,948</td><td>176</td><td>118</td><td>46</td><td>12</td><td>3,772</td><td>2,034</td><td>205</td><td>1,453</td></tr><tr><td>India</td><td>25,470</td><td>20,897</td><td>137</td><td>20,715</td><td>45</td><td>4,573</td><td>107</td><td>1,143</td><td>3,323</td></tr><tr><td>British Malaya</td><td>709</td><td>1</td><td>1</td><td>-</td><td>-</td><td>708</td><td>33</td><td>430</td><td>245</td></tr><tr><td>Japan</td><td>5,747</td><td>2</td><td>2</td><td>-</td><td>-</td><td>5,745</td><td>208</td><td>5,447</td><td>90</td></tr><tr><td>Netherlands East Indies</td><td>3,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,099</td><td>363</td><td>269</td><td>2,467</td></tr><tr><td>Philippine Islands</td><td>30,982</td><td>935</td><td>687</td><td>-</td><td>248</td><td>30,047</td><td>19,633</td><td>2,756</td><td>7,638</td></tr><tr><td>Turkey</td><td>18,618</td><td>5</td><td>5</td><td>-</td><td>-</td><td>18,613</td><td>16,023</td><td>-</td><td>2,590</td></tr><tr><td>Other Asia j.</td><td>7,674</td><td>23</td><td>17</td><td>-</td><td>6</td><td>7,651</td><td>1,209</td><td>125</td><td>6,317</td></tr><tr><td>Total Asia</td><td>134,419</td><td>22,156</td><td>1,078</td><td>20,767</td><td>311</td><td>112,263</td><td>65,575</td><td>11,000</td><td>35,688</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>6,424</td><td>1,470</td><td>186</td><td>-</td><td>1,284</td><td>4,954</td><td>364</td><td>3,312</td><td>1,278</td></tr><tr><td>New Zealand</td><td>1,114</td><td>141</td><td>57</td><td>-</td><td>84</td><td>973</td><td>-</td><td>216</td><td>757</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>117</td><td>13</td><td>2</td><td>-</td><td>11</td><td>104</td><td>-</td><td>-</td><td>104</td></tr><tr><td>French Morocco</td><td>527</td><td>1</td><td>1</td><td>-</td><td>-</td><td>526</td><td>276</td><td>-</td><td>250</td></tr><tr><td>Union of South Africa</td><td>9,592</td><td>360</td><td>17</td><td>-</td><td>343</td><td>9,632</td><td>932</td><td>6</td><td>9,632</td></tr><tr><td>All other</td><td>4,524</td><td>16</td><td>9</td><td>-</td><td>7</td><td>4,508</td><td>-</td><td>6</td><td>3,570</td></tr><tr><td>Total other countries</td><td>22,698</td><td>2,001</td><td>272</td><td>-</td><td>1,729</td><td>20,697</td><td>1,572</td><td>3,534</td><td>15,591</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>1,046,791</td><td>149,869</td><td>16,550</td><td>126,113</td><td>7,206</td><td>896,922</td><td>405,788</td><td>61,591</td><td>427,543</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
Treasury Bulletin
56
CAPITAL MOVEMENTS
Section III - Details for Month of February 1948
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="5">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>404,931</td><td>367,686</td><td>345,197</td><td>4,978</td><td>10,683</td><td>6,808</td><td>37,245</td><td>4,223</td><td>26,800</td><td>6,222</td></tr><tr><td>France</td><td>204,377</td><td>203,646</td><td>186,588</td><td>1,257</td><td>13,809</td><td>1,992</td><td>731</td><td>176</td><td>529</td><td>26</td></tr><tr><td>Belgium</td><td>125,978</td><td>125,476</td><td>118,246</td><td>737</td><td>6,223</td><td>270</td><td>502</td><td>396</td><td>20</td><td>86</td></tr><tr><td>Denmark</td><td>51,378</td><td>51,350</td><td>47,603</td><td>3,570</td><td>131</td><td>41</td><td>28</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>29,251</td><td>29,251</td><td>29,134</td><td>117</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>94,459</td><td>94,445</td><td>94,317</td><td>32</td><td>20</td><td>76</td><td>14</td><td>13</td><td>-</td><td>1</td></tr><tr><td>Oreece</td><td>41,768</td><td>41,741</td><td>41,480</td><td>260</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>183,678</td><td>183,673</td><td>173,442</td><td>710</td><td>9,356</td><td>165</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>20,240</td><td>20,240</td><td>18,089</td><td>3</td><td>1,348</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>128,925</td><td>128,879</td><td>125,244</td><td>181</td><td>3,322</td><td>132</td><td>46</td><td>46</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>50,466</td><td>50,387</td><td>44,003</td><td>492</td><td>5,892</td><td>-</td><td>79</td><td>79</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>46,004</td><td>45,883</td><td>45,621</td><td>202</td><td>-</td><td>-</td><td>181</td><td>172</td><td>-</td><td>9</td></tr><tr><td>Rumania</td><td>7,737</td><td>7,737</td><td>7,695</td><td>42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>17,246</td><td>17,170</td><td>16,812</td><td>352</td><td>-</td><td>6</td><td>76</td><td>74</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>52,360</td><td>51,720</td><td>48,296</td><td>3,180</td><td>-</td><td>242</td><td>640</td><td>564</td><td>35</td><td>41</td></tr><tr><td>Switzerland</td><td>460,337</td><td>458,788</td><td>427,285</td><td>6,926</td><td>13,019</td><td>11,558</td><td>1,549</td><td>488</td><td>15</td><td>1,046</td></tr><tr><td>U. S. S. R.</td><td>66,124</td><td>66,124</td><td>66,111</td><td>13</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Iugoslavia</td><td>20,514</td><td>20,512</td><td>20,480</td><td>25</td><td>5</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>105,444</td><td>105,187</td><td>101,474</td><td>263</td><td>3,000</td><td>450</td><td>257</td><td>15</td><td>237</td><td>5</td></tr><tr><td>Total Europe</td><td>2,111,217</td><td>2,069,835</td><td>1,957,922</td><td>23,342</td><td>66,808</td><td>21,763</td><td>41,382</td><td>6,304</td><td>27,636</td><td>7,442</td></tr><tr><td>Canada</td><td>430,605</td><td>426,194</td><td>287,795</td><td>3,495</td><td>134,801</td><td>103</td><td>4,411</td><td>940</td><td></td><td>3,471</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>200,633</td><td>200,581</td><td>197,370</td><td>2,081</td><td>84</td><td>1,046</td><td>52</td><td>38</td><td>-</td><td>14</td></tr><tr><td>Bolivia</td><td>14,325</td><td>14,326</td><td>14,326</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>123,033</td><td>122,923</td><td>111,631</td><td>10,845</td><td>10</td><td>437</td><td>110</td><td>36</td><td>-</td><td>74</td></tr><tr><td>Chile</td><td>41,127</td><td>41,122</td><td>38,814</td><td>2,308</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Colombia</td><td>43,364</td><td>43,364</td><td>43,199</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>9,797</td><td>9,797</td><td>9,012</td><td>785</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>225,496</td><td>225,496</td><td>222,190</td><td>3,247</td><td>-</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>1,809</td><td>1,809</td><td>1,809</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>131,669</td><td>130,692</td><td>129,512</td><td>1,025</td><td>50</td><td>105</td><td>977</td><td>435</td><td>-</td><td>542</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>18,322</td><td>18,322</td><td>18,317</td><td>4</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>72,879</td><td>72,876</td><td>59,455</td><td>21</td><td>13,400</td><td>3</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Peru</td><td>39,992</td><td>39,988</td><td>39,018</td><td>945</td><td>25</td><td>-</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>75,292</td><td>75,283</td><td>74,764</td><td>519</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>178,692</td><td>178,300</td><td>148,013</td><td>5,273</td><td>24,748</td><td>266</td><td>392</td><td>365</td><td>-</td><td>27</td></tr><tr><td>Total Latin America</td><td>1,176,434</td><td>1,174,879</td><td>1,107,430</td><td>27,218</td><td>38,317</td><td>1,914</td><td>1,555</td><td>890</td><td>-</td><td>665</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>188,692</td><td>188,666</td><td>148,754</td><td>2,255</td><td>36,866</td><td>791</td><td>26</td><td>4</td><td>-</td><td>22</td></tr><tr><td>French Indo-China</td><td>6,253</td><td>6,253</td><td>5,128</td><td>-</td><td>1,000</td><td>125</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>41,630</td><td>38,690</td><td>37,077</td><td>285</td><td>728</td><td>-</td><td>2,940</td><td>2,892</td><td>-</td><td>48</td></tr><tr><td>India</td><td>57,775</td><td>57,319</td><td>53,423</td><td>3,858</td><td>-</td><td>38</td><td>456</td><td>238</td><td>105</td><td>113</td></tr><tr><td>British Malaya</td><td>13,108</td><td>13,107</td><td>10,836</td><td>744</td><td>1,523</td><td>4</td><td>1</td><td>1</td><td>40</td><td>11</td></tr><tr><td>Japan</td><td>53,838</td><td>53,760</td><td>50,863</td><td>2,854</td><td>22</td><td>21</td><td>78</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>56,960</td><td>56,959</td><td>46,704</td><td>312</td><td>9,943</td><td>496</td><td>102</td><td>102</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>48,984</td><td>48,982</td><td>480,967</td><td>3,019</td><td>-</td><td>-</td><td>102</td><td>102</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>34,596</td><td>34,596</td><td>27,637</td><td>6,959</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>83,323</td><td>83,234</td><td>81,166</td><td>1,900</td><td>141</td><td>27</td><td>89</td><td>66</td><td>-</td><td>23</td></tr><tr><td>Total Asia</td><td>1,020,759</td><td>1,017,066</td><td>943,195</td><td>22,186</td><td>50,183</td><td>1,502</td><td>3,693</td><td>3,331</td><td>145</td><td>217</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>28,493</td><td>27,970</td><td>25,795</td><td>1,478</td><td>609</td><td>88</td><td>523</td><td>75</td><td>10</td><td>438</td></tr><tr><td>New Zealand</td><td>6,236</td><td>6,211</td><td>5,926</td><td>285</td><td>-</td><td>-</td><td>25</td><td>5</td><td>-</td><td>20</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>42,721</td><td>42,477</td><td>42,144</td><td>182</td><td>-</td><td>151</td><td>244</td><td>61</td><td>-</td><td>183</td></tr><tr><td>French Morocco</td><td>9,232</td><td>9,232</td><td>9,216</td><td>13</td><td>-</td><td>3</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>41,509</td><td>40,485</td><td>27,806</td><td>1,686</td><td>12,610</td><td>2</td><td>59</td><td>59</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>56,049</td><td>55,990</td><td>55,128</td><td>225</td><td>531</td><td>6</td><td>-</td><td>-</td><td>10</td><td>641</td></tr><tr><td>Total other countries</td><td>184,240</td><td>182,366</td><td>166,035</td><td>2,231</td><td>13,850</td><td>250</td><td>1,874</td><td>1,223</td><td>10</td><td>641</td></tr><tr><td>International</td><td>2,114,525</td><td>2,114,525</td><td>346,642</td><td>-</td><td>1,797,983</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>19,007</td><td>19,007</td><td>18,980</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,086,787</td><td>7,033,872</td><td>4,827,999</td><td>78,472</td><td>2,101,842</td><td>25,559</td><td>52,915</td><td>12,688</td><td>27,791</td><td>12,436</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank.
July 1948
57
CAPITAL MOVEMENTS
Section III - Details for Month of February 1948
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>7,401</td><td>5,270</td><td>3,315</td><td>1,955</td><td>2,131</td><td>713</td><td>1,418</td><td>7,159</td><td>5,185</td><td>3,536</td><td>1,640</td><td>1,974</td><td>269</td><td>1,705</td></tr><tr><td>France</td><td>1,303</td><td>1,074</td><td>610</td><td>464</td><td>229</td><td>67</td><td>162</td><td>12,115</td><td>11,730</td><td>9,897</td><td>1,833</td><td>305</td><td>64</td><td>241</td></tr><tr><td>Belgium</td><td>1,465</td><td>992</td><td>568</td><td>424</td><td>473</td><td>145</td><td>328</td><td>1,173</td><td>886</td><td>345</td><td>541</td><td>287</td><td>81</td><td>206</td></tr><tr><td>Denmark</td><td>412</td><td>252</td><td>55</td><td>197</td><td>160</td><td>-</td><td>160</td><td>208</td><td>204</td><td>38</td><td>166</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Finland</td><td>11</td><td>1</td><td>1</td><td>-</td><td>11</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>15</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>179</td><td>179</td><td>15</td><td>164</td><td>-</td><td>-</td><td>-</td><td>122</td><td>120</td><td>18</td><td>102</td><td>2</td><td>2</td><td>4</td></tr><tr><td>Italy</td><td>201</td><td>195</td><td>44</td><td>151</td><td>6</td><td>-</td><td>6</td><td>134</td><td>130</td><td>61</td><td>69</td><td>4</td><td>2</td><td>4</td></tr><tr><td>Luxembourg</td><td>224</td><td>219</td><td>219</td><td>-</td><td>5</td><td>2</td><td>3</td><td>16</td><td>11</td><td>8</td><td>3</td><td>5</td><td>2</td><td>3</td></tr><tr><td>Netherlands</td><td>647</td><td>271</td><td>224</td><td>47</td><td>376</td><td>33</td><td>343</td><td>4,469</td><td>3,559</td><td>2,555</td><td>1,004</td><td>910</td><td>206</td><td>704</td></tr><tr><td>Norway</td><td>385</td><td>140</td><td>119</td><td>21</td><td>245</td><td>-</td><td>245</td><td>189</td><td>37</td><td>32</td><td>5</td><td>152</td><td>6</td><td>146</td></tr><tr><td>Portugal</td><td>76</td><td>32</td><td>31</td><td>1</td><td>44</td><td>44</td><td>-</td><td>89</td><td>810</td><td>24</td><td>796</td><td>79</td><td>7</td><td>72</td></tr><tr><td>Romania</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>10</td><td>6</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Spain</td><td>34</td><td>26</td><td>16</td><td>10</td><td>8</td><td>8</td><td>8</td><td>31</td><td>26</td><td>17</td><td>9</td><td>18</td><td>4</td><td>18</td></tr><tr><td>Sweden</td><td>35</td><td>27</td><td>27</td><td>-</td><td>8</td><td>3</td><td>5</td><td>26</td><td>8</td><td>6</td><td>2</td><td>18</td><td>-</td><td>18</td></tr><tr><td>Switzerland</td><td>9,028</td><td>7,797</td><td>6,944</td><td>853</td><td>1,231</td><td>620</td><td>611</td><td>16,029</td><td>11,767</td><td>8,892</td><td>2,875</td><td>4,262</td><td>1,205</td><td>3,057</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>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>78</td><td>71</td><td>71</td><td>-</td><td>7</td><td>3</td><td>4</td><td>218</td><td>141</td><td>99</td><td>82</td><td>77</td><td>4</td><td>73</td></tr><tr><td>Total Europe</td><td>21,497</td><td>16,563</td><td>12,276</td><td>4,287</td><td>4,934</td><td>1,586</td><td>3,348</td><td>42,814</td><td>34,650</td><td>25,503</td><td>9,147</td><td>8,164</td><td>1,850</td><td>6,314</td></tr><tr><td>Canada</td><td>16,307</td><td>7,418</td><td>2,789</td><td>4,629</td><td>8,889</td><td>2,459</td><td>6,430</td><td>17,509</td><td>11,921</td><td>2,003</td><td>9,918</td><td>5,588</td><td>2,068</td><td>3,520</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>2,785</td><td>508</td><td>377</td><td>131</td><td>2,277</td><td>124</td><td>2,153</td><td>447</td><td>349</td><td>194</td><td>155</td><td>98</td><td>32</td><td>66</td></tr><tr><td>Bolivia</td><td>151</td><td>39</td><td>33</td><td>6</td><td>112</td><td>11</td><td>101</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Brazil</td><td>285</td><td>139</td><td>175</td><td>20</td><td>90</td><td>11</td><td>79</td><td>246</td><td>206</td><td>142</td><td>64</td><td>40</td><td>13</td><td>27</td></tr><tr><td>Chile</td><td>394</td><td>179</td><td>148</td><td>31</td><td>215</td><td>24</td><td>191</td><td>200</td><td>72</td><td>46</td><td>26</td><td>128</td><td>14</td><td>114</td></tr><tr><td>Colombia</td><td>387</td><td>360</td><td>341</td><td>19</td><td>27</td><td>9</td><td>18</td><td>140</td><td>135</td><td>125</td><td>10</td><td>5</td><td>3</td><td>2</td></tr><tr><td>Costa Rica</td><td>45</td><td>40</td><td>40</td><td>-</td><td>5</td><td>2</td><td>3</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Cuba</td><td>2,922</td><td>1,017</td><td>968</td><td>49</td><td>1,905</td><td>225</td><td>1,680</td><td>1,053</td><td>774</td><td>671</td><td>103</td><td>279</td><td>74</td><td>205</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>7</td><td>4</td><td>4</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Mexico</td><td>1,364</td><td>1,190</td><td>1,172</td><td>18</td><td>174</td><td>124</td><td>50</td><td>631</td><td>563</td><td>506</td><td>57</td><td>68</td><td>21</td><td>47</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>190</td><td>177</td><td>119</td><td>58</td><td>13</td><td>2</td><td>11</td><td>51</td><td>40</td><td>40</td><td>-</td><td>11</td><td>5</td><td>6</td></tr><tr><td>Panama</td><td>787</td><td>486</td><td>467</td><td>19</td><td>301</td><td>244</td><td>57</td><td>2,758</td><td>1,884</td><td>1,508</td><td>376</td><td>874</td><td>61</td><td>813</td></tr><tr><td>Peru</td><td>157</td><td>135</td><td>113</td><td>22</td><td>22</td><td>3</td><td>19</td><td>47</td><td>21</td><td>11</td><td>10</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Venezuela</td><td>403</td><td>346</td><td>346</td><td>-</td><td>57</td><td>28</td><td>29</td><td>148</td><td>133</td><td>132</td><td>1</td><td>15</td><td>15</td><td>155</td></tr><tr><td>Other Latin America</td><td>4,397</td><td>3,717</td><td>1,280</td><td>2,437</td><td>680</td><td>181</td><td>499</td><td>1,198</td><td>1,014</td><td>693</td><td>321</td><td>184</td><td>29</td><td>155</td></tr><tr><td>Total Latin America</td><td>14,267</td><td>8,389</td><td>5,579</td><td>2,810</td><td>5,878</td><td>977</td><td>4,901</td><td>6,929</td><td>5,195</td><td>4,072</td><td>1,123</td><td>1,734</td><td>268</td><td>1,466</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>986</td><td>944</td><td>551</td><td>393</td><td>42</td><td>2</td><td>40</td><td>1,265</td><td>1,252</td><td>480</td><td>778</td><td>13</td><td>9</td><td>4</td></tr><tr><td>French Indo-China</td><td>247</td><td>202</td><td>202</td><td>-</td><td>45</td><td>27</td><td>18</td><td>24</td><td>24</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India</td><td>56</td><td>53</td><td>53</td><td>-</td><td>3</td><td>3</td><td>-</td><td>27</td><td>7</td><td>7</td><td>-</td><td>20</td><td>-</td><td>20</td></tr><tr><td>British Malaya</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>38</td><td>38</td><td>25</td><td>13</td><td>-</td><td>-</td><td>-</td><td>30</td><td>29</td><td>7</td><td>22</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Philippine Islands</td><td>126</td><td>125</td><td>118</td><td>7</td><td>1</td><td>1</td><td>-</td><td>13</td><td>10</td><td>-</td><td>10</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Turkey</td><td>52</td><td>52</td><td>36</td><td>16</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 Asia</td><td>87</td><td>72</td><td>46</td><td>26</td><td>15</td><td>3</td><td>12</td><td>86</td><td>78</td><td>60</td><td>18</td><td>8</td><td>2</td><td>6</td></tr><tr><td>Total Asia</td><td>1,606</td><td>1,500</td><td>1,045</td><td>455</td><td>106</td><td>36</td><td>70</td><td>1,457</td><td>1,412</td><td>590</td><td>822</td><td>45</td><td>14</td><td>31</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>633</td><td>144</td><td>144</td><td>-</td><td>489</td><td>3</td><td>486</td><td>277</td><td>168</td><td>75</td><td>93</td><td>109</td><td>1</td><td>108</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>20</td><td>20</td><td>17</td><td>3</td><td>-</td><td>-</td><td>-</td><td>68</td><td>56</td><td>51</td><td>5</td><td>12</td><td>3</td><td>9</td></tr><tr><td>French Morocco</td><td>39</td><td>36</td><td>36</td><td>3</td><td>-</td><td>3</td><td>-</td><td>54</td><td>47</td><td>47</td><td>-</td><td>7</td><td>1</td><td>6</td></tr><tr><td>Union of South Africa</td><td>14</td><td>14</td><td>11</td><td>3</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>32</td><td>3</td><td>4</td><td>1</td><td>1</td></tr><tr><td>All other countries</td><td>118</td><td>93</td><td>74</td><td>19</td><td>25</td><td>25</td><td>-</td><td>24</td><td>20</td><td>20</td><td>4</td><td>1</td><td>6</td><td>126</td></tr><tr><td>Total other countries</td><td>804</td><td>307</td><td>280</td><td>25</td><td>517</td><td>31</td><td>486</td><td>465</td><td>333</td><td>212</td><td>121</td><td>132</td><td>6</td><td>126</td></tr><tr><td>International 2/.</td><td>-</td><td>-</td><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>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>54,501</td><td>34,177</td><td>21,971</td><td>12,206</td><td>20,324</td><td>5,089</td><td>15,235</td><td>69,174</td><td>53,511</td><td>32,380</td><td>21,131</td><td>15,663</td><td>4,206</td><td>11,457</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organisations such as UNRRA, International Monetary Fund, and International Bank.
Treasury Bulletin
58
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(Ead of month - in thousands of dollars)
<table><tr><th rowspan="2">Currency of -</th><th colspan="2">September</th><th colspan="2">October</th><th colspan="2">November</th><th colspan="2">December</th><th colspan="2">January</th><th colspan="2">February</th></tr><tr><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>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><td>77,772</td><td>83,428</td><td>90,515</td><td>93,904</td></tr><tr><td>France</td><td>-</td><td>12</td><td>15</td><td>2</td><td>10</td><td>2</td><td>32</td><td>35</td><td>10</td><td>2</td><td>1</td><td>23</td></tr><tr><td>Belgium</td><td>-</td><td>-</td><td>-</td><td>13</td><td>2</td><td>10</td><td>1</td><td>63</td><td>1</td><td>80</td><td>-</td><td>81</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>11</td><td>-</td><td>11</td><td>-</td><td>10</td><td>2</td><td>10</td></tr><tr><td>Italy</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>21</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>56</td><td>56</td><td>144</td><td>163</td><td>109</td><td>154</td></tr><tr><td>Portugal</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>1</td><td>-</td><td>2</td><td>-</td><td>6</td></tr><tr><td>Spain</td><td>-</td><td>1</td><td>33</td><td>1</td><td>191</td><td>191</td><td>-</td><td>-</td><td>-</td><td>286</td><td>103</td><td>360</td></tr><tr><td>Sweden</td><td>33</td><td>30</td><td>-</td><td>581</td><td>281</td><td>329</td><td>408</td><td>263</td><td>232</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>453</td><td>846</td><td>396</td><td>6</td><td>6</td><td>5</td><td>8</td><td>9</td><td>-</td><td>86</td><td>1</td><td>-</td></tr><tr><td>Other Europe</td><td>2</td><td>2</td><td>18</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>71,909</td><td>86,151</td><td>72,351</td><td>85,331</td><td>72,800</td><td>84,780</td><td>68,932</td><td>79,308</td><td>78,159</td><td>83,975</td><td>90,731</td><td>94,539</td></tr><tr><td>Canada</td><td>5,432</td><td>6,179</td><td>3,333</td><td>3,585</td><td>2,871</td><td>3,040</td><td>1,485</td><td>21,402</td><td>3,673</td><td>3,941</td><td>2,055</td><td>2,273</td></tr><tr><td>Latin America</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><td>341</td><td>397</td><td>341</td><td>2</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>36</td><td>-</td><td>22</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>1,532</td><td>150</td><td>1,362</td><td>150</td><td>1,242</td><td>19</td><td>541</td><td>-</td><td>480</td><td>-</td><td>459</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>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><td>714</td><td>1,070</td><td>715</td><td>1,094</td></tr><tr><td>Total Asia</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><td>1,194</td><td>1,074</td><td>1,174</td><td>1,038</td></tr><tr><td>All other</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><td>1,723</td><td>1,198</td><td>3,249</td><td>3,387</td></tr><tr><td>Grand total</td><td>82,238</td><td>95,152</td><td>80,333</td><td>91,663</td><td>78,621</td><td>89,760</td><td>73,580</td><td>102,729</td><td>85,090</td><td>90,585</td><td>97,550</td><td>101,239</td></tr></table>
Treas. U.S. Treasury Dept. HJ 10 Treasury Bulletin A2 1948 c.2