Copy 2
TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
NOVEMBER - 1948
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
November 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>Exchange stabilization fund</td><td>48</td></tr><tr><td>Capital movements</td><td>50</td></tr><tr><td>Corporations and certain other business-type activities - loans and balance sheets</td><td>61</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.
November 1948
A-1
Treasury Financing Operations
October Certificate and Note Maturities
On September 20, 1948, in accordance with his statement on August 9, the Secretary of the Treasury announced the offering of a one-year 1-1/4 percent certificate of indebtedness to refund the $6,913 million of 1 percent certificates and 1 percent notes maturing October 1. The maturing notes amounted to $4,092 million, Series J-1948 certificates to $1,354 million, and Series K-1948 certificates to $1,467 million.
Subscription books were opened September 20 and were closed at the close of business on September 22. Exchanges were made par for par, and cash subscriptions were not received. The new certificates were dated October 1, 1948, and bear interest from that date at the rate of 1-1/4 percent per annum, payable with the principal at maturity on October 1, 1949. They 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 August 31, 1948, about 61 percent of the maturing notes were owned by reporting commercial banks and Federal Reserve Banks, about 48 percent of the maturing Series J certificates were owned by reporting commercial banks and Federal Reserve Banks, and
about 51 percent of the maturing Series K certificates were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for August 31 are the latest available for holdings of commercial banks.
Subscriptions for the new certificates totaled $6,535 million, leaving $378 million to be paid in cash. Exchanges for the maturing notes amounted to $3,912 million, leaving $180 million to be paid in cash; exchanges for Series J certificates amounted to $1,257 million, leaving $97 million to be paid in cash, and exchanges for Series K certificates amounted to $1,366 million, leaving $101 million to be paid in cash.
Treasury Bills Retired and Refunded
Retirements of Treasury bills, which had been made weekly since the end of June, were continued in the first two weeks in September. The five issues maturing during the month totaled $5.4 billion and the amount refunded was $5.2 billion. The first three maturities and the fifth were $1.1 billion each and the fourth was $1.0 billion. Each of the first two new issues was $100 million less than the amount of that maturing. The average rates of discount for the five September offerings, beginning with that dated September 2, were, in weekly order, 1.075 percent, 1.076 percent, 1.083 percent, 1.092 percent, and 1.109 percent.
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of
bonds, notes, and certificates of indebtedness, and the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin".
November 1948
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th colspan="3">Budget receipts and expenditures 1/</th><th>Transactions of Foreign Economic Cooperation Trust Fund 2/</th><th>Surplus, or deficit (-), adjusted for P.E.C. Trust Fund</th><th>Other trust accounts, etc. - net receipts, or expenditures (-) 5/</th><th>Clearing account 6/</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th>Levies, end of period</th><th>Public debt 7/</th></tr><tr><th></th><th>Net receipts 2/</th><th>Expenditures 3/</th><th>Surplus, or deficit (-)</th><th></th><th></th><th></th><th></th><th></th><th></th><th>General Fund balance</th><th></th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1937</td><td>5,029</td><td>7,806</td><td>-2,777</td><td>-</td><td>-2,777</td><td>3</td><td>-</td><td>2,646</td><td>-128</td><td>2,553</td><td>36,425</td></tr><tr><td>1938</td><td>5,855</td><td>7,031</td><td>-1,177</td><td>-</td><td>-1,177</td><td>98</td><td>-</td><td>740</td><td>-338</td><td>2,216</td><td>37,165</td></tr><tr><td>1939</td><td>5,165</td><td>9,027</td><td>-3,862</td><td>-</td><td>-3,862</td><td>1,210</td><td>-</td><td>3,275</td><td>622</td><td>2,838</td><td>40,440</td></tr><tr><td>1940</td><td>5,387</td><td>9,305</td><td>-3,918</td><td>-</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></tr><tr><td>1941</td><td>7,607</td><td>13,766</td><td>-6,159</td><td>-</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></tr><tr><td>1942</td><td>12,799</td><td>34,289</td><td>-21,490</td><td>-</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></tr><tr><td>1943</td><td>22,282</td><td>79,702</td><td>-57,420</td><td>-</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></tr><tr><td>1944</td><td>44,149</td><td>95,572</td><td>-51,423</td><td>-</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></tr><tr><td>1945</td><td>46,457</td><td>100,397</td><td>-53,941</td><td>-</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></tr><tr><td>1946</td><td>43,038</td><td>63,714</td><td>-20,676</td><td>-</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td></tr><tr><td>1947</td><td>43,259</td><td>42,505</td><td>754</td><td>-</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></tr><tr><td>1948</td><td>44,746</td><td>39,326</td><td>5,419</td><td>3,000</td><td>8,419</td><td>-294</td><td>-507</td><td>-5,994</td><td>1,624</td><td>4,932</td><td>252,292</td></tr><tr><td>1949 (Estimated)</td><td>40,658</td><td>39,203</td><td>1,455</td><td>-3,000</td><td>-1,545</td><td>-187</td><td>300</td><td>8</td><td>-1,424</td><td>3,508</td><td>252,300</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>8,849</td><td>20,610</td><td>-11,762</td><td>-</td><td>-11,762</td><td>480</td><td>-</td><td>12,913</td><td>1,632</td><td>3,560</td><td>57,938</td></tr><tr><td>1942</td><td>16,403</td><td>57,863</td><td>-41,461</td><td>-</td><td>-41,461</td><td>-1,788</td><td>-</td><td>50,232</td><td>6,983</td><td>10,543</td><td>108,170</td></tr><tr><td>1943</td><td>34,554</td><td>90,244</td><td>-55,691</td><td>-</td><td>-55,691</td><td>-266</td><td>-</td><td>57,707</td><td>1,751</td><td>12,294</td><td>165,877</td></tr><tr><td>1944</td><td>44,421</td><td>98,071</td><td>-53,650</td><td>-</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></tr><tr><td>1945</td><td>46,046</td><td>89,640</td><td>-43,594</td><td>-</td><td>-43,594</td><td>-123</td><td>-</td><td>47,484</td><td>3,767</td><td>26,003</td><td>278,115</td></tr><tr><td>1946</td><td>41,601</td><td>44,113</td><td>-2,512</td><td>-</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></tr><tr><td>1947</td><td>43,977</td><td>41,543</td><td>2,434</td><td>-</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,249</td><td>-405</td><td>3,097</td><td>250,900</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1946-January</td><td>3,819</td><td>4,860</td><td>-1,042</td><td>-</td><td>-1,042</td><td>-307</td><td>-</td><td>772</td><td>-577</td><td>25,427</td><td>278,887</td></tr><tr><td>February</td><td>3,678</td><td>3,435</td><td>243</td><td>-</td><td>243</td><td>-36</td><td>-</td><td>327</td><td>534</td><td>25,961</td><td>279,214</td></tr><tr><td>March</td><td>5,747</td><td>3,845</td><td>1,902</td><td>-</td><td>1,902</td><td>-295</td><td>-</td><td>-3,201</td><td>-1,593</td><td>24,367</td><td>276,012</td></tr><tr><td>April</td><td>2,677</td><td>4,268</td><td>-1,591</td><td>-</td><td>-1,591</td><td>272</td><td>-</td><td>-2,114</td><td>-3,433</td><td>20,935</td><td>273,898</td></tr><tr><td>May</td><td>2,733</td><td>3,864</td><td>-1,131</td><td>-</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></tr><tr><td>June</td><td>4,479</td><td>5,352</td><td>-873</td><td>-</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></tr><tr><td>July</td><td>2,539</td><td>3,644</td><td>-1,105</td><td>-</td><td>-1,105</td><td>-270</td><td>318</td><td>-1,152</td><td>-2,209</td><td>12,029</td><td>268,270</td></tr><tr><td>August</td><td>2,434</td><td>2,932</td><td>-499</td><td>-</td><td>-499</td><td>206</td><td>27</td><td>-724</td><td>-989</td><td>11,040</td><td>267,546</td></tr><tr><td>September</td><td>4,478</td><td>2,755</td><td>1,723</td><td>-</td><td>1,723</td><td>-366</td><td>-43</td><td>-2,177</td><td>-868</td><td>10,171</td><td>265,369</td></tr><tr><td>October</td><td>2,544</td><td>2,965</td><td>-420</td><td>-</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></tr><tr><td>November</td><td>2,364</td><td>2,529</td><td>-165</td><td>-</td><td>-165</td><td>19</td><td>-4</td><td>-1,255</td><td>-1,405</td><td>6,665</td><td>262,277</td></tr><tr><td>December</td><td>4,107</td><td>3,662</td><td>445</td><td>-</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></tr><tr><td>1947-January</td><td>3,820</td><td>3,113</td><td>706</td><td>-</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></tr><tr><td>February</td><td>4,378</td><td>3,914</td><td>464</td><td>-</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></tr><tr><td>March</td><td>5,701</td><td>3,598</td><td>2,102</td><td>-</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></tr><tr><td>April</td><td>2,556</td><td>4,001</td><td>-1,445</td><td>-</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></tr><tr><td>May</td><td>2,865</td><td>3,851</td><td>-987</td><td>-</td><td>-987</td><td>62</td><td>37</td><td>642</td><td>-245</td><td>4,066</td><td>258,343</td></tr><tr><td>June</td><td>5,473</td><td>5,540</td><td>-67</td><td>-</td><td>-67</td><td>-637</td><td>3</td><td>-57</td><td>-758</td><td>3,308</td><td>258,286</td></tr><tr><td>July</td><td>2,397</td><td>3,669</td><td>-1,272</td><td>-</td><td>-1,272</td><td>17</td><td>-146</td><td>1,161</td><td>-239</td><td>3,069</td><td>259,448</td></tr><tr><td>August</td><td>2,536</td><td>3,060</td><td>-524</td><td>-</td><td>-524</td><td>379</td><td>-173</td><td>649</td><td>332</td><td>3,400</td><td>260,097</td></tr><tr><td>September</td><td>4,872</td><td>2,932</td><td>1,940</td><td>-</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></tr><tr><td>October</td><td>2,390</td><td>2,445</td><td>-55</td><td>-</td><td>-55</td><td>69</td><td>214</td><td>-74</td><td>155</td><td>4,107</td><td>259,071</td></tr><tr><td>November</td><td>2,743</td><td>2,194</td><td>549</td><td>-</td><td>549</td><td>265</td><td>-127</td><td>-859</td><td>-172</td><td>3,935</td><td>258,212</td></tr><tr><td>December</td><td>4,246</td><td>3,224</td><td>1,022</td><td>-</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></tr><tr><td>1948-January</td><td>4,275</td><td>2,879</td><td>1,396</td><td>-</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></tr><tr><td>February</td><td>4,336</td><td>2,402</td><td>1,934</td><td>-</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></tr><tr><td>March</td><td>6,334</td><td>3,546</td><td>2,788</td><td>-</td><td>2,788</td><td>-86</td><td>-53</td><td>-1,615</td><td>1,035</td><td>5,353</td><td>252,990</td></tr><tr><td>April</td><td>2,806</td><td>3,109</td><td>-302</td><td>-</td><td>-302</td><td>86</td><td>226</td><td>-750</td><td>-741</td><td>4,612</td><td>252,240</td></tr><tr><td>May</td><td>2,707</td><td>2,604</td><td>103</td><td>-</td><td>103</td><td>378</td><td>-144</td><td>-3</td><td>334</td><td>4,946</td><td>252,236</td></tr><tr><td>June</td><td>5,102</td><td>7,261</td><td>-2,159</td><td>3,000</td><td>841</td><td>-685</td><td>-226</td><td>56</td><td>-14</td><td>4,932</td><td>252,292</td></tr><tr><td>July</td><td>2,236</td><td>3,698</td><td>-1,462</td><td>-183</td><td>-1,645</td><td>4</td><td>700</td><td>1,082</td><td>141</td><td>5,074</td><td>253,374</td></tr><tr><td>August</td><td>2,569</td><td>2,207</td><td>362</td><td>-192</td><td>169</td><td>202</td><td>-289</td><td>-324</td><td>-241</td><td>4,832</td><td>253,049</td></tr><tr><td>September</td><td>4,589</td><td>2,915</td><td>1,674</td><td>-196</td><td>1,477</td><td>-374</td><td>9</td><td>-362</td><td>751</td><td>5,583</td><td>252,687</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates from the review of the 1949 Budget released August 15, 1948.
1/ Beginning with July 1948, figures on both budget receipts and expenditures exclude inter-agency transactions involving repayment of capital stock and earnings by wholly owned corporations to the Treasury; such transactions included in prior years amounted to $209 million in 1947 and $260 million in 1948.
2/ Gross receipts less amounts appropriated to Federal Old-Age and Survivors Insurance Trust Fund.
3/ Figures for fiscal year 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 exclude expenditures from this Fund. Figures exclude amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and include other transfers to trust accounts, and net expenditures of Government corporations wholly owned, etc., except as indicated in footnote 1.
4/ Established in accordance with the Economic Cooperation Act of 1948; positive figures indicate receipts and negative figures indicate expenditures.
5/ Comprises all trust accounts other than Foreign Economic Co-operation Trust Fund; sales and redemptions of securities of Government corporations, etc.; in the market (net); increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-39).
6/ Clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-).
7/ For data on guaranteed securities and total Federal securities outstanding, see Table 1 under "Debt Outstanding" in the current issue of the "Treasury Bulletin"; for earlier data, see issue of July 1948, page 1.
2
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Internal revenue 1/</th><th rowspan="2">Customs</th><th rowspan="2">Other receipts 1/</th><th rowspan="2">Gross receipts</th><th rowspan="2">Loss: Ap- propriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts 6/</th></tr><tr><th colspan="3">Income and profits taxes</th></tr><tr><th></th><th>Withheld by employers 2/</th><th>Other 2/</th><th>Total</th><th>Employment taxes 3/</th><th>Miscella- neous internal revenue</th><th>Total internal revenue</th></tr><tr><td>1941</td><td>-</td><td>3,470</td><td>3,470</td><td>925</td><td>2,967</td><td>7,362</td><td>392</td><td>542</td><td>8,295</td><td>688</td><td>7,607</td></tr><tr><td>1942</td><td>-</td><td>7,960</td><td>7,960</td><td>1,186</td><td>3,847</td><td>12,993</td><td>389</td><td>313</td><td>13,695</td><td>896</td><td>12,799</td></tr><tr><td>1943</td><td>-</td><td>16,094</td><td>16,094</td><td>1,498</td><td>4,553</td><td>22,144</td><td>324</td><td>944</td><td>23,412</td><td>1,130</td><td>22,282</td></tr><tr><td>1944</td><td>8,393</td><td>26,262</td><td>34,655</td><td>1,739</td><td>5,291</td><td>41,685</td><td>431</td><td>3,325</td><td>45,441</td><td>1,292</td><td>44,149</td></tr><tr><td>1945</td><td>10,289</td><td>24,884</td><td>35,173</td><td>1,780</td><td>6,949</td><td>43,902</td><td>355</td><td>3,510</td><td>47,766</td><td>1,310</td><td>46,457</td></tr><tr><td>1946</td><td>9,392</td><td>21,493</td><td>30,885</td><td>1,701</td><td>7,725</td><td>40,310</td><td>435</td><td>3,530</td><td>44,276</td><td>1,238</td><td>43,038</td></tr><tr><td>1947</td><td>10,013</td><td>19,292</td><td>29,306</td><td>2,024</td><td>8,049</td><td>39,379</td><td>494</td><td>4,845</td><td>44,718</td><td>1,459</td><td>43,259</td></tr><tr><td>1948</td><td>11,436</td><td>19,735</td><td>31,171</td><td>2,381</td><td>8,301</td><td>41,853</td><td>422</td><td>4,086</td><td>46,362</td><td>1,616</td><td>44,746</td></tr><tr><td>1949 (Estimated)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>42,351</td><td>1,693</td><td>40,658</td></tr><tr><td>1948-January</td><td>624</td><td>2,613</td><td>3,237</td><td>51</td><td>656</td><td>3,944</td><td>37</td><td>329</td><td>4,310</td><td>35</td><td>4,275</td></tr><tr><td>February</td><td>1,563</td><td>1,597</td><td>3,159</td><td>423</td><td>629</td><td>4,211</td><td>34</td><td>369</td><td>4,614</td><td>278</td><td>4,336</td></tr><tr><td>March</td><td>998</td><td>4,168</td><td>5,165</td><td>176</td><td>739</td><td>6,080</td><td>41</td><td>243</td><td>6,365</td><td>30</td><td>6,334</td></tr><tr><td>April</td><td>684</td><td>1,174</td><td>1,858</td><td>83</td><td>662</td><td>2,603</td><td>35</td><td>243</td><td>2,881</td><td>74</td><td>2,806</td></tr><tr><td>May</td><td>1,358</td><td>428</td><td>1,785</td><td>401</td><td>673</td><td>2,859</td><td>31</td><td>193</td><td>3,083</td><td>376</td><td>2,707</td></tr><tr><td>June</td><td>695</td><td>3,006</td><td>3,701</td><td>142</td><td>694</td><td>4,536</td><td>33</td><td>350</td><td>5,119</td><td>17</td><td>5,102</td></tr><tr><td>July</td><td>535</td><td>719</td><td>1,254</td><td>67</td><td>677</td><td>1,998</td><td>31</td><td>271</td><td>2,300</td><td>63</td><td>2,236</td></tr><tr><td>August</td><td>1,165</td><td>403</td><td>1,568</td><td>410</td><td>742</td><td>2,720</td><td>34</td><td>195</td><td>2,918</td><td>380</td><td>2,569</td></tr><tr><td>September</td><td>694</td><td>2,939</td><td>3,632</td><td>130</td><td>676</td><td>4,438</td><td>35</td><td>124</td><td>4,597</td><td>8</td><td>4,589</td></tr></table>
Source: Actual figures from Daily Treasury Statement. Breakdown of gross receipts as estimated in the review of the 1949 Budget, released August 15, 1948, is as follows: Direct taxes on individuals
$18,369 million, direct taxes on corporations $11,233 million, excise taxes $7,716 million, employment taxes $2,487 million, customs $378 million, and miscellaneous receipts $2,168 million. Footnotes at end of Table 5.
Table 2.- Expenditures by Major Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>National defense</th><th>International finance and aid 8/</th><th>Interest on the public debt</th><th>Veterans' Administration 9/</th><th>Refunds of taxes and duties</th><th>Other</th><th>Total expenditures 6/ 8/</th><th>Expenditures of Foreign Economic Cooperation Trust Fund 10/</th><th>Total expenditures adjusted for F. E. C. Trust Fund</th></tr><tr><td>1941</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>-</td><td>13,766</td></tr><tr><td>1942</td><td>28,266</td><td>-</td><td>1,260</td><td>556</td><td>94</td><td>4,113</td><td>34,289</td><td>-</td><td>34,289</td></tr><tr><td>1943</td><td>75,297</td><td>-</td><td>1,808</td><td>602</td><td>79</td><td>1,915</td><td>79,702</td><td>-</td><td>79,702</td></tr><tr><td>1944</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>-</td><td>95,572</td></tr><tr><td>1945</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>-</td><td>100,397</td></tr><tr><td>1946</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>-</td><td>63,714</td></tr><tr><td>1947</td><td>17,279</td><td>4,415</td><td>4,958</td><td>7,259</td><td>3,050</td><td>5,545</td><td>42,505</td><td>-</td><td>42,505</td></tr><tr><td>1948</td><td>11,524</td><td>6,983</td><td>5,211</td><td>6,469</td><td>2,326</td><td>6,812</td><td>39,326</td><td>-3,000</td><td>36,326</td></tr><tr><td>1949 (Estimated)</td><td>12,349</td><td>3,480</td><td>5,300</td><td>6,609</td><td>2,789</td><td>8,676</td><td>39,203</td><td>3,000</td><td>42,203</td></tr><tr><td>1948-January</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>-</td><td>2,879</td></tr><tr><td>February</td><td>850</td><td>266</td><td>142</td><td>529</td><td>182</td><td>433</td><td>2,402</td><td>-</td><td>2,402</td></tr><tr><td>March</td><td>850</td><td>596</td><td>608</td><td>597</td><td>465</td><td>431</td><td>3,546</td><td>-</td><td>3,546</td></tr><tr><td>April</td><td>909</td><td>332</td><td>154</td><td>582</td><td>555</td><td>577</td><td>3,109</td><td>-</td><td>3,109</td></tr><tr><td>May</td><td>933</td><td>249</td><td>124</td><td>530</td><td>388</td><td>380</td><td>2,604</td><td>-</td><td>2,604</td></tr><tr><td>June</td><td>930</td><td>3,432</td><td>1,508</td><td>562</td><td>233</td><td>596</td><td>7,261</td><td>-3,000</td><td>4,261</td></tr><tr><td>July</td><td>1,155</td><td>155</td><td>286</td><td>788</td><td>152</td><td>1,162</td><td>3,698</td><td>183</td><td>3,881</td></tr><tr><td>August</td><td>810</td><td>129</td><td>114</td><td>539</td><td>72</td><td>544</td><td>2,207</td><td>192</td><td>2,400</td></tr><tr><td>September</td><td>717</td><td>280</td><td>570</td><td>487</td><td>53</td><td>808</td><td>2,915</td><td>196</td><td>3,112</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the review of the 1949 Budget released August 15, 1948.
Footnotes at end of Table 5.
November 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>Department of the Air Force 11/</th><th>Department of the Army 12/</th><th>Department of the Navy 13/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission</th><th>UNHRA</th><th>Surplus property disposal agencies 14/</th><th>Reconstruction Finance Corporation 15/</th><th>Other 16/</th><th>Total</th></tr><tr><td>1941</td><td>-</td><td>3,678</td><td>2,313</td><td>-</td><td>51</td><td>-</td><td>-</td><td>354</td><td>259</td><td>6,655</td></tr><tr><td>1942</td><td>-</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><td>28,266</td></tr><tr><td>1943</td><td>-</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><td>75,297</td></tr><tr><td>1944</td><td>-</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><td>89,720</td></tr><tr><td>1945</td><td>-</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><td>90,501</td></tr><tr><td>1946</td><td>-</td><td>27,800</td><td>15,161</td><td>-</td><td>694</td><td>664</td><td>106</td><td>328</td><td>4,117</td><td>43,870</td></tr><tr><td>1947</td><td>-</td><td>7,425</td><td>4,998</td><td>1,986</td><td>271</td><td>1,501</td><td>442</td><td>138</td><td>519</td><td>17,279</td></tr><tr><td>1948</td><td>-</td><td>6,207</td><td>4,171</td><td>270</td><td>277</td><td>268</td><td>325</td><td>-</td><td>8</td><td>11,524</td></tr><tr><td>1949 (Estimated)</td><td>1,647</td><td>5,670</td><td>4,538</td><td>10</td><td>250</td><td>24</td><td>176</td><td>-</td><td>35</td><td>12,349</td></tr><tr><td>1948-January</td><td>-</td><td>679</td><td>330</td><td>14</td><td>23</td><td>3</td><td>19</td><td>-</td><td>1</td><td>1,069</td></tr><tr><td>February</td><td>-</td><td>438</td><td>337</td><td>7</td><td>36</td><td>5</td><td>27</td><td>-</td><td>*</td><td>850</td></tr><tr><td>March</td><td>-</td><td>398</td><td>368</td><td>4</td><td>30</td><td>9</td><td>40</td><td>-</td><td>*</td><td>850</td></tr><tr><td>April</td><td>-</td><td>491</td><td>336</td><td>3</td><td>29</td><td>29</td><td>20</td><td>-</td><td>*</td><td>909</td></tr><tr><td>May</td><td>-</td><td>542</td><td>341</td><td>2</td><td>24</td><td>7</td><td>17</td><td>-</td><td>*</td><td>933</td></tr><tr><td>June</td><td>-</td><td>483</td><td>407</td><td>2</td><td>21</td><td>1</td><td>16</td><td>-</td><td>*</td><td>930</td></tr><tr><td>July</td><td>69</td><td>674</td><td>374</td><td>1</td><td>20</td><td>2</td><td>15</td><td>-</td><td>*</td><td>1,155</td></tr><tr><td>August</td><td>120</td><td>338</td><td>322</td><td>2</td><td>13</td><td>4</td><td>11</td><td>-</td><td>*</td><td>810</td></tr><tr><td>September</td><td>139</td><td>220</td><td>332</td><td>3</td><td>10</td><td>1</td><td>11</td><td>-</td><td>1</td><td>717</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the review of the 1949 Budget released August 15, 1948.
Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>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>Economic Cooperation Administration 17/</th><th>Foreign Aid Act of 1947</th><th>China Aid Act of 1948</th><th>Other 18/</th><th>Total</th><th>Expenditures of Foreign Economic Cooperation Trust Fund 10/</th><th>Total expenditures adjusted for F.E.C. Trust Fund</th></tr><tr><td>1946</td><td>159</td><td>568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>727</td><td>-</td><td>727</td></tr><tr><td>1947</td><td>1,426</td><td>938</td><td>2,050</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,415</td><td>-</td><td>4,415</td></tr><tr><td>1948</td><td>-</td><td>465</td><td>1,700</td><td>161</td><td>277</td><td>721</td><td>3,134</td><td>498</td><td>-</td><td>28</td><td>6,983</td><td>-3,000</td><td>3,983</td></tr><tr><td>1949 (Estimated)</td><td>-</td><td>500</td><td>-</td><td>385</td><td>44</td><td>1,280</td><td>800</td><td>77</td><td>359</td><td>35</td><td>3,480</td><td>3,000</td><td>6,480</td></tr><tr><td>1948-January</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><td>-</td><td>223</td><td>-</td><td>223</td></tr><tr><td>February</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><td>-</td><td>266</td><td>-</td><td>266</td></tr><tr><td>March</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><td>-</td><td>596</td><td>-</td><td>596</td></tr><tr><td>April</td><td>-</td><td>37</td><td>-</td><td>30</td><td>41</td><td>92</td><td>*</td><td>132</td><td>-</td><td>-</td><td>332</td><td>-</td><td>332</td></tr><tr><td>May</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><td>-</td><td>249</td><td>-</td><td>249</td></tr><tr><td>June</td><td>-</td><td>47</td><td>-</td><td>28</td><td>-17</td><td>128</td><td>3,133</td><td>84</td><td>-</td><td>28</td><td>3,432</td><td>-3,000</td><td>432</td></tr><tr><td>July</td><td>-</td><td>-19</td><td>-</td><td>26</td><td>4</td><td>84</td><td>-</td><td>48</td><td>12</td><td>-</td><td>155</td><td>183</td><td>338</td></tr><tr><td>August</td><td>-</td><td>-109</td><td>-</td><td>14</td><td>1</td><td>168</td><td>1</td><td>14</td><td>39</td><td>-</td><td>129</td><td>192</td><td>321</td></tr><tr><td>September</td><td>-</td><td>8</td><td>-</td><td>22</td><td>4</td><td>174</td><td>*</td><td>6</td><td>64</td><td>3</td><td>280</td><td>196</td><td>476</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the review of the 1949 Budget released August 15, 1948.
Footnotes at end of Table 5.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In million of dollars)
<table><tr><th>Fiscal year or month</th><th>Aid to agriculture 19/</th><th>Social security program 20/</th><th>Public works 21/</th><th>Housing and home finance 22/</th><th>Direct and work relief 23/</th><th>Miscellaneous 24/</th><th>Total</th></tr><tr><td>1941</td><td>1,272</td><td>586</td><td>741</td><td>3</td><td>1,374</td><td>1,374</td><td>5,349</td></tr><tr><td>1942</td><td>1,403</td><td>656</td><td>673</td><td>-201</td><td>970</td><td>612</td><td>4,113</td></tr><tr><td>1943</td><td>594</td><td>732</td><td>535</td><td>-354</td><td>299</td><td>109</td><td>1,915</td></tr><tr><td>1944</td><td>696</td><td>798</td><td>425</td><td>-360</td><td>17</td><td>670</td><td>2,246</td></tr><tr><td>1945</td><td>969</td><td>807</td><td>320</td><td>-297</td><td>*</td><td>705</td><td>2,505</td></tr><tr><td>1946</td><td>-203</td><td>845</td><td>373</td><td>-246</td><td>-</td><td>1,340</td><td>2,108</td></tr><tr><td>1947</td><td>1,229</td><td>1,066</td><td>702</td><td>183</td><td>-</td><td>2,365</td><td>5,545</td></tr><tr><td>1948</td><td>812</td><td>1,619</td><td>1,137</td><td>-68</td><td>-</td><td>3,312</td><td>6,812</td></tr><tr><td>1949 (Estimated)</td><td>1,009</td><td>1,674</td><td>1,718</td><td>-42</td><td>-</td><td>4,317</td><td>8,676</td></tr><tr><td>1948-January</td><td>73</td><td>134</td><td>100</td><td>-9</td><td>-</td><td>287</td><td>585</td></tr><tr><td>February</td><td>69</td><td>77</td><td>65</td><td>32</td><td>-</td><td>190</td><td>433</td></tr><tr><td>March</td><td>110</td><td>56</td><td>69</td><td>-16</td><td>-</td><td>213</td><td>431</td></tr><tr><td>April</td><td>42</td><td>145</td><td>82</td><td>-4</td><td>-</td><td>312</td><td>577</td></tr><tr><td>May</td><td>28</td><td>68</td><td>85</td><td>-10</td><td>-</td><td>209</td><td>380</td></tr><tr><td>June</td><td>31</td><td>124</td><td>115</td><td>-21</td><td>-</td><td>347</td><td>596</td></tr><tr><td>July</td><td>-43</td><td>502</td><td>132</td><td>-8</td><td>-</td><td>579</td><td>1,162</td></tr><tr><td>August</td><td>110</td><td>79</td><td>137</td><td>8</td><td>-</td><td>210</td><td>544</td></tr><tr><td>September</td><td>256</td><td>69</td><td>146</td><td>-20</td><td>-</td><td>356</td><td>808</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the review of the 1949 Budget released August 15, 1948.
1/ For further detail, see tables under "Internal Revenue Collections".
2/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 are classified as "Other" income and profits taxes.
3/ Comprises receipts for old-age insurance, unemployment insurance, and railroad retirement; for details see Tables 7 and 8. Excludes railroad unemployment insurance contributions, which are included in "Other receipts".
4/ Includes proceeds from the sale of surplus property and from Government-owned securities; also includes deposits resulting from renegotiation of war contracts (for detail see "Treasury Bulletin" for February 1948, page 5).
5/ 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.
6/ Beginning with July 1948, figures on both budget receipts and expenditures exclude inter-agency transactions involving repayment of capital stock and earnings by wholly owned corporations to the Treasury; such transactions included in prior years amounted to $209 million in 1947 and $260 million in 1948.
7/ 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, etc., except as indicated in footnote 6. Expenditure classifications in these tables are based on the Daily Treasury Statement, and therefore differ somewhat from those in the 1949 Budget.
8/ Figures for fiscal year 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 exclude expenditures from this Fund.
9/ Includes public works undertaken by the Veterans' Administration.
10/ Established in accordance with the Economic Cooperation Act of 1948. Negative figures indicate receipts.
11/ With respect to expenditures prior to the fiscal year 1949, see footnote 12.
12/ Department of the Army expenditures include certain expenditures for the Department of the Air Force out of funds made available prior to the fiscal year 1949, but exclude expenditures for the following: payments under the Armed Forces Leave Act, UNRRA, and surplus property disposal, shown elsewhere in this table; international finance and aid, shown in Table 4; rivers and harbors and flood control, included under "Public works" in Table 5; and Panama Canal. War expenditures of the Panama Canal, all prior to July 1, 1947, are included under "Other" in this table; other expenditures of the Panama Canal are included under "Miscellaneous" in Table 5.
13/ Department of the Navy expenditures except those for payments under the Armed Forces Leave Act, UNRRA, and surplus property disposal, shown elsewhere in this table, and those for international finance and aid, shown in Table 4.
14/ Beginning March 1948, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus property overseas.
15/ National defense and related activities of R. F. C. and its affiliates. After July 1, 1947, expenditures for these purposes were not segregated from the other expenditures of the Corporation and its affiliates, which are included under "Miscellaneous" expenditures in Table 5.
16/ For content before July 1948 see "Treasury Bulletin" for February 1948, page 7, and September 1948, page 4. Beginning July 1948 consists of expenditures of the Selective Service System and the Office of the Secretary of Defense.
17/ Figures for fiscal year 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 exclude expenditures from this Fund. Figures include expenditures for loans made through the Export-Import Bank under Economic Cooperation Act of 1948 and expenditures, by Economic Cooperation Administration other than those shown as expenditures of Foreign Economic Cooperation Trust Fund.
18/ Consists of expenditures of International Children's Emergency Fund, and loan for construction and furnishing of United Nations headquarters.
19/ Department of Agriculture expenditures except those for UNFRA, surplus property disposal, other national defense and related activities prior to July 1947; international finance and aid; and forest roads and trails, included under "Public works" in Table 5.
20/ For more detail of these expenditures, see Tables 7, 8, and 9. Tax refunds shown there are excluded from expenditures in Table 5 and included in Table 1 under "Refunds of taxes and duties". Expenditures for the U. S. Employment Service during the fiscal years 1943 through 1946 are likewise excluded from Table 5 and included under "Other" in Table 3 as national defense expenditures.
21/ Federal Works Agency expenditures except those for surplus property disposal, other national defense and related activities prior to July 1947, and assistance to Greece and Turkey. Includes also rivers and harbors and flood control, forest roads and trails, Bureau of Reclamation, and Tennessee Valley Authority.
22/ Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related activities prior to July 1947.
23/ Not classified separately for fiscal years after 1945. For additional information for earlier years, see "Treasury Bulletin" for August 1945, page 6.
24/ Includes expenditures for executive departments not included elsewhere and for legislative and judicial functions; Government contributions to Federal employees' retirement; atomic energy; aids to education, labor, finance, commerce, and industry; Civil Aeronautics; Panama Canal, except war expenditures; Post Office deficiency; stock-piling; and for 1949 estimates, a reserve for contingencies.
* Less than $500,000.
November 1948
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(lo 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/ 2/</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,919</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,835</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,565</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>504</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,803</td></tr><tr><td>1943</td><td>188</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,364</td><td>4,107</td><td>41,601</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td>2,556</td><td>2,665</td><td>5,473</td><td>2,397</td><td>2,536</td><td>4,872</td><td>2,390</td><td>2,743</td><td>4,246</td><td>43,977</td></tr><tr><td>1948</td><td>4,275</td><td>4,336</td><td>6,334</td><td>2,806</td><td>2,707</td><td>5,102</td><td>2,236</td><td>2,569</td><td>4,589</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget expenditures 1/ 3/</td></tr><tr><td>1939</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>961</td><td>1,027</td><td>697</td><td>759</td><td>637</td><td>842</td><td>n.a.</td></tr><tr><td>1940</td><td>682</td><td>628</td><td>806</td><td>718</td><td>612</td><td>934</td><td>850</td><td>808</td><td>745</td><td>897</td><td>895</td><td>1,193</td><td>9,769</td></tr><tr><td>1941</td><td>1,139</td><td>1,206</td><td>1,491</td><td>1,587</td><td>1,360</td><td>1,597</td><td>1,637</td><td>1,675</td><td>1,996</td><td>2,336</td><td>1,896</td><td>2,691</td><td>20,610</td></tr><tr><td>1942</td><td>2,687</td><td>2,659</td><td>3,524</td><td>3,949</td><td>4,407</td><td>4,833</td><td>5,265</td><td>5,462</td><td>5,936</td><td>6,191</td><td>6,018</td><td>6,932</td><td>57,863</td></tr><tr><td>1943</td><td>6,734</td><td>6,364</td><td>7,750</td><td>7,306</td><td>7,482</td><td>8,262</td><td>7,505</td><td>7,838</td><td>7,674</td><td>7,626</td><td>7,958</td><td>7,751</td><td>90,244</td></tr><tr><td>1944</td><td>7,744</td><td>8,021</td><td>10,454</td><td>7,377</td><td>6,934</td><td>8,696</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>98,071</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td>3,598</td><td>4,001</td><td>3,851</td><td>5,540</td><td>3,669</td><td>3,060</td><td>2,932</td><td>2,445</td><td>2,194</td><td>3,224</td><td>41,543</td></tr><tr><td>1948</td><td>2,879</td><td>2,402</td><td>3,546</td><td>3,109</td><td>2,604</td><td>7,261</td><td>3,698</td><td>2,207</td><td>2,915</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budget surplus, or deficit (-) 1/</td></tr><tr><td>1939</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>-696</td><td>-655</td><td>-21</td><td>-480</td><td>-273</td><td>-321</td><td>n.a.</td></tr><tr><td>1940</td><td>-368</td><td>-184</td><td>-7</td><td>-414</td><td>-213</td><td>-285</td><td>-519</td><td>-361</td><td>-34</td><td>-564</td><td>-532</td><td>-452</td><td>-3,934</td></tr><tr><td>1941</td><td>-799</td><td>-665</td><td>75</td><td>-1,022</td><td>-966</td><td>-321</td><td>-1,224</td><td>-1,278</td><td>-861</td><td>-1,891</td><td>-1,332</td><td>-1,479</td><td>-11,762</td></tr><tr><td>1942</td><td>-2,109</td><td>-1,901</td><td>23</td><td>-3,253</td><td>-3,844</td><td>-2,341</td><td>-4,518</td><td>-4,875</td><td>-3,410</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-41,461</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,854</td><td>-2,014</td><td>-55,691</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,984</td><td>-2,449</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-53,650</td></tr><tr><td>1945</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td><td>-43,594</td></tr><tr><td>1946</td><td>-1,042</td><td>243</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td><td>-2,512</td></tr><tr><td>1947</td><td>706</td><td>464</td><td>2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>2,434</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>-2,159</td><td>-1,462</td><td>362</td><td>1,674</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Transactions of the Foreign Economic Cooperation Trust Fund 2/</td></tr><tr><td>1948</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,000</td><td>-183</td><td>-192</td><td>-196</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Surplus, or deficit (-), adjusted for Economic Cooperation Trust Fund transactions</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>841</td><td>-1,645</td><td>169</td><td>1,477</td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Beginning with July 1948, figures on both budget receipts and expenditures exclude inter-agency transactions involving repayment of capital stock and earnings by wholly owned corporations to the Treasury; such transactions included in prior years amounted to $209 million in 1947 and $260 million in 1948.
2/ Gross receipts less amounts appropriated to Federal Old-Age and Survivors Insurance Trust Fund.
3/ Figures for June 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; beginning July 1948, figures exclude expenditures from this Fund. Figures exclude amounts for
public debt retirements which are chargeable to the sinking fund, etc., under special provisions of law; include other transfers to trust accounts, and net expenditures of Government corporations wholly owned, etc., except as indicated in footnote 1. Expenditures have not been compiled on this basis prior to July 1939. Net receipts less total expenditures. Established in accordance with the Economic Cooperation Act of 1948; positive figures indicate receipts and negative figures indicate expenditures. n.a. Not available.
6
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Gross receipts</th><th rowspan="2">Less: appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></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>-363.5</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,238.2</td><td>179.9</td></tr><tr><td>1947</td><td>-573.3</td><td>1,644.3</td><td>1,459.5</td><td>184.8</td><td>1,459.5</td><td>184.8</td></tr><tr><td>1948</td><td>-639.7</td><td>1,824.1</td><td>1,616.2</td><td>207.9</td><td>1,616.2</td><td>207.9</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><tr><td>June</td><td>-48.4</td><td>17.8</td><td>16.6</td><td>1.2</td><td>16.6</td><td>1.2</td></tr><tr><td>July</td><td>-145.0</td><td>64.6</td><td>63.1</td><td>1.6</td><td>63.1</td><td>1.6</td></tr><tr><td>August</td><td>-64.8</td><td>392.5</td><td>379.6</td><td>12.9</td><td>379.6</td><td>12.9</td></tr><tr><td>September</td><td>-68.8</td><td>8.2</td><td>8.0</td><td>.2</td><td>8.0</td><td>.2</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Expenditures</th><th rowspan="2">Refunds of taxes</th></tr><tr><th>Total</th><th>Administrative expenses 3/</th><th>Transfers to Federal Old-Age and Survivors Insurance Trust Fund</th><th>Total</th><th colspan="4">Social Security Administration</th><th colspan="3">Grants to States</th><th>Public Health Service 4/</th><th>U. S. Employment Service 5/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Old-age assest-</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Maternal and child health services</th><th>Children's Bureau Services for crippled children</th><th>Child welfare service</th><th></th><th></th></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>-</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>5.5</td><td>4.0</td><td>1.5</td><td>10.8</td><td>-</td><td>2.6</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>-</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>5.9</td><td>4.0</td><td>1.6</td><td>11.4</td><td>-</td><td>3.5</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>-</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>6.5</td><td>3.8</td><td>1.6</td><td>10.7</td><td>20.7</td><td>2.8</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>-</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>6.2</td><td>3.8</td><td>1.4</td><td>10.9</td><td>1.3</td><td>4.2</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>-</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>5.4</td><td>3.8</td><td>1.4</td><td>10.7</td><td>1.1</td><td>7.4</td></tr><tr><td>1946</td><td>543.5</td><td>38.8</td><td>-.7</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>6.3</td><td>4.2</td><td>1.3</td><td>.2</td><td>*</td><td>6.2</td></tr><tr><td>1947</td><td>758.1</td><td>24.9</td><td>.4</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>59.8</td><td>10.7</td><td>7.5</td><td>2.0</td><td>-</td><td>*</td><td>8.8</td></tr><tr><td>1948</td><td>847.7</td><td>19.8</td><td>.7</td><td>819.6</td><td>573.1</td><td>141.7</td><td>16.9</td><td>66.6</td><td>10.5</td><td>7.4</td><td>3.4</td><td>-</td><td>*</td><td>7.6</td></tr><tr><td>1948-January</td><td>75.5</td><td>1.4</td><td>-</td><td>73.6</td><td>51.2</td><td>13.1</td><td>1.5</td><td>5.9</td><td>1.0</td><td>.5</td><td>.2</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>February</td><td>77.0</td><td>1.4</td><td>-</td><td>75.1</td><td>49.5</td><td>12.5</td><td>1.5</td><td>10.2</td><td>.8</td><td>.6</td><td>*</td><td>-</td><td>*</td><td>.5</td></tr><tr><td>March</td><td>55.4</td><td>1.7</td><td>-</td><td>53.2</td><td>40.7</td><td>8.9</td><td>1.1</td><td>.2</td><td>1.0</td><td>.8</td><td>.5</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>April</td><td>86.2</td><td>1.5</td><td>-</td><td>83.9</td><td>51.3</td><td>13.1</td><td>1.5</td><td>16.0</td><td>1.0</td><td>.7</td><td>.3</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>May</td><td>67.5</td><td>1.6</td><td>-</td><td>65.5</td><td>48.6</td><td>12.4</td><td>1.6</td><td>1.7</td><td>.7</td><td>.4</td><td>*</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>June</td><td>49.6</td><td>1.7</td><td>-</td><td>47.6</td><td>37.2</td><td>8.1</td><td>1.0</td><td>.6</td><td>.4</td><td>.3</td><td>*</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>July</td><td>116.6</td><td>1.4</td><td>.3</td><td>114.9</td><td>58.0</td><td>16.5</td><td>1.8</td><td>64.5</td><td>1.4</td><td>1.2</td><td>.5</td><td>-</td><td>-</td><td>1.0</td></tr><tr><td>August</td><td>77.7</td><td>1.1</td><td>3.0</td><td>72.9</td><td>55.4</td><td>14.1</td><td>1.5</td><td>.1</td><td>1.1</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>September</td><td>69.0</td><td>1.1</td><td>-</td><td>67.1</td><td>49.5</td><td>13.6</td><td>1.4</td><td>.1</td><td>1.0</td><td>1.1</td><td>.6</td><td>-</td><td>-</td><td>.8</td></tr></table>
Source: Daily Treasury Statement.
1/ 2/ Excess 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.
3/ Includes 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; administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended; and administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses
payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
4/ Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter were made under provisions of the Public Health Service Act of 1944.
5/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
* Less than $50,000.
November 1948
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditure (-)/</th><th rowspan="2">Receipts Taxes on carriers and their employees</th><th colspan="4">Expenditures</th></tr><tr><th>Total</th><th>Administrative expense 2/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1941</td><td>8.7</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td></tr><tr><td>1942</td><td>21.6</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td></tr><tr><td>1943</td><td>-11.4</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td></tr><tr><td>1944</td><td>1.8</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td></tr><tr><td>1945</td><td>-26.3</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td></tr><tr><td>1946</td><td>-12.8</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td></tr><tr><td>1947</td><td>71.3</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</td><td>*</td></tr><tr><td>1948</td><td>-206.5</td><td>557.1</td><td>763.5</td><td>5.0</td><td>758.5</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><tr><td>June</td><td>49.9</td><td>123.8</td><td>73.9</td><td>.5</td><td>73.4</td><td>*</td></tr><tr><td>July</td><td>-345.6</td><td>2.4</td><td>347.9</td><td>.4</td><td>347.6</td><td>*</td></tr><tr><td>August</td><td>16.6</td><td>17.2</td><td>.5</td><td>.5</td><td>-</td><td>*</td></tr><tr><td>September</td><td>121.3</td><td>121.6</td><td>.3</td><td>.3</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 - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expendituree (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 4/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 2/</th></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>1948</td><td>-1.6</td><td>14.5</td><td>15.1</td><td>5.5</td><td>9.7</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><tr><td>June</td><td>3.0</td><td>3.5</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>July</td><td>-8.9</td><td>*</td><td>8.9</td><td>.4</td><td>8.5</td></tr><tr><td>August</td><td>-1.2</td><td>*</td><td>1.2</td><td>.7</td><td>.5</td></tr><tr><td>September</td><td>-4</td><td>*</td><td>.4</td><td>.4</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by Congress.
3/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund. (See Table 7 under "Trust Account, Etc.")
4/ Include 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.
g
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Summary of Receipts and Expenditures of All Trust Accounts, Etc.
Table 2.- Receipts, by Principal Accounts
<table><tr><th colspan="5">(In millions of dollars)</th><th colspan="7">(In millions of dollars)</th></tr><tr><th>Fiscal year or month</th><th>Net receipts, or expenditures (-)</th><th>Receipts 1/</th><th colspan="3">Expenditures 1/</th><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's retirement funds 1/</th><th>Miscellaneous 2/</th></tr><tr><th></th><th></th><th></th><th>Investments</th><th>Other</th><th>Total</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>908</td><td>2,665</td><td>1,338</td><td>419</td><td>1,757</td><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>-1,613</td><td>3,218</td><td>1,925</td><td>2,905</td><td>4,830</td><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>-338</td><td>3,954</td><td>3,004</td><td>1,287</td><td>4,292</td><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>-2,222</td><td>5,085</td><td>4,129</td><td>3,178</td><td>7,307</td><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>791</td><td>7,086</td><td>5,200</td><td>1,094</td><td>6,294</td><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>-584</td><td>7,712</td><td>3,668</td><td>4,568</td><td>8,236</td><td>1946</td><td>7,712</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>-1,103</td><td>6,244</td><td>3,362</td><td>3,985</td><td>7,347</td><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</td><td>2,706</td><td>9,515</td><td>3,060</td><td>3,750</td><td>6,810</td><td>1948</td><td>9,515</td><td>1,807</td><td>797</td><td>1,313</td><td>740</td><td>90</td><td>594</td><td>4,174</td></tr><tr><td>1949 (Estimated)</td><td>-3,187</td><td>5,875</td><td>2,949</td><td>6,113</td><td>9,062</td><td>1949 (Estimated)</td><td>5,875</td><td>1,919</td><td>620</td><td>1,298</td><td>858</td><td>91</td><td>620</td><td>470</td></tr><tr><td>1948-January</td><td>259</td><td>567</td><td>89</td><td>218</td><td>307</td><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>-194</td><td>582</td><td>258</td><td>518</td><td>776</td><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>-86</td><td>277</td><td>79</td><td>284</td><td>363</td><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>86</td><td>335</td><td>-26</td><td>276</td><td>249</td><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>378</td><td>678</td><td>116</td><td>184</td><td>300</td><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><tr><td>June</td><td>2,315</td><td>3,823</td><td>902</td><td>606</td><td>1,508</td><td>June</td><td>3,823</td><td>115</td><td>109</td><td>124</td><td>233</td><td>49</td><td>132</td><td>3,061</td></tr><tr><td>July</td><td>-178</td><td>817</td><td>526</td><td>469</td><td>995</td><td>July</td><td>817</td><td>63</td><td>348</td><td>44</td><td>59</td><td>6</td><td>247</td><td>50</td></tr><tr><td>August</td><td>10</td><td>707</td><td>121</td><td>576</td><td>697</td><td>August</td><td>707</td><td>383</td><td>*</td><td>225</td><td>40</td><td>3</td><td>24</td><td>33</td></tr><tr><td>September</td><td>-570</td><td>173</td><td>327</td><td>416</td><td>743</td><td>September</td><td>173</td><td>19</td><td>*</td><td>19</td><td>39</td><td>4</td><td>27</td><td>68</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon the review of the 1949 Budget released August 15, 1948. Receipts include transfer of $3,000 million in June 1948, from General Fund to Foreign Economic Cooperation Trust Fund, established in accordance with the Economic Cooperation Act of 1948; expenditures for fiscal year 1949 include expenditures from this Fund.
Source: (Same as Table 1).
1/ Consists of Alaska Railroad, Canal Zones, Civil Service, and Foreign Service retirement funds.
2/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, insular possessions, increment resulting from reduction in the weight of the gold dollar, and seigniorage on silver. Includes transfer of $3,000 million in June 1948 from General Fund to Foreign Economic Cooperation Trust Fund, established in accordance with the Economic Cooperation Act of 1948.
* 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>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Federal employees' retirement funds 1/</th><th>Adjusted Service Certificate Fund</th></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>102</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</td><td>3,060</td><td>1,194</td><td>569</td><td>446</td><td>461</td><td>32</td><td>363</td><td>-6</td></tr><tr><td>1949 (Estimated)</td><td>2,949</td><td>1,271</td><td>344</td><td>437</td><td>537</td><td>33</td><td>328</td><td>-1</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><tr><td>June</td><td>902</td><td>431</td><td>89</td><td>33</td><td>200</td><td>39</td><td>111</td><td>*</td></tr><tr><td>July</td><td>526</td><td>-20</td><td>326</td><td>-30</td><td>23</td><td>-</td><td>227</td><td>-</td></tr><tr><td>August</td><td>121</td><td>-</td><td>-21</td><td>121</td><td>10</td><td>-</td><td>11</td><td>*</td></tr><tr><td>September</td><td>327</td><td>365</td><td>-21</td><td>-40</td><td>15</td><td>-</td><td>8</td><td>-</td></tr></table>
Source: (Same as Table 1). 1/ See footnote 1, Table 2. * Less than $500,000.
November 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 employees' retirement funds 1/</th><th>Foreign Economic Cooperation Trust Fund 2/</th><th>Miscellaneous 3/</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>1941</td><td>419</td><td>91</td><td>121</td><td>555</td><td>*</td><td>63</td><td>74</td><td>-</td><td>337</td><td>30</td><td>-852</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>-</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>-</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>-</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>-</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>-</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>-</td><td>1,073</td><td>372</td><td>359</td></tr><tr><td>1948</td><td>3,750</td><td>559</td><td>222</td><td>859</td><td>302</td><td>70</td><td>244</td><td>-</td><td>1,234</td><td>367</td><td>-107</td></tr><tr><td>1949 (Estimated)</td><td>6,113</td><td>648</td><td>276</td><td>861</td><td>321</td><td>58</td><td>292</td><td>3,000</td><td>480</td><td>299</td><td>-122</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>-</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>-</td><td>322 4/</td><td>9</td><td>10</td></tr><tr><td>March</td><td>284</td><td>50</td><td>19</td><td>83</td><td>29</td><td>5</td><td>16</td><td>-</td><td>103 1/</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>-</td><td>71 4/</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>-</td><td>16</td><td>-24</td><td>4</td></tr><tr><td>June</td><td>606</td><td>51</td><td>19</td><td>103</td><td>26</td><td>6</td><td>20</td><td>-</td><td>159 4/</td><td>260</td><td>-38</td></tr><tr><td>July</td><td>469</td><td>52</td><td>20</td><td>70</td><td>43</td><td>8</td><td>19</td><td>183</td><td>44</td><td>88</td><td>-56</td></tr><tr><td>August</td><td>576</td><td>52</td><td>22</td><td>111</td><td>28</td><td>4</td><td>21</td><td>192</td><td>26</td><td>113</td><td>5</td></tr><tr><td>September</td><td>416</td><td>51</td><td>23</td><td>65</td><td>27</td><td>4</td><td>17</td><td>196</td><td>22</td><td>43</td><td>-34</td></tr></table>
Source: (Same as Table 1). 1/ See footnote 1, Table 2. 2/ Established in accordance with the Economic Cooperation Act of 1948. 3/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, expenditures chargeable against increment on gold, etc.
4/ Includes $150 million in February, $70 million in March, $50 million in April, and $120 million in June 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 $50,000.
Table 5.- Federal Old-Age and Survivors Insurance Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><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>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau 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>1937-1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>-</td><td>474.4</td><td>35.1</td><td>12.3</td><td>-</td><td>1,744.7</td><td>1,744.7</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>652.9</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>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>3,201.6</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>4,236.8</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>5,408.9</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>6,546.3</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>7,548.7</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>8,742.3</td><td>7.3</td><td>48.8</td></tr><tr><td>1948</td><td>1,807.4</td><td>1,616.2</td><td>190.6</td><td>.7</td><td>559.1</td><td>511.7</td><td>13.0</td><td>34.4</td><td>1,248.3</td><td>10,046.7</td><td>9,936.8</td><td>35.0</td><td>74.9</td></tr><tr><td>1949 (Estimated)</td><td>1,919.0</td><td>1,693.0</td><td>223.0</td><td>3.0</td><td>648.0</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,271.0</td><td>12,606.9</td><td>12,572.6</td><td>34.4</td><td>4/</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>9,268.5</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>1.1</td><td>2.6</td><td>226.5</td><td>9,641.5</td><td>9,425.1</td><td>52.9</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>9,589.9</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>9,506.0</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>3.1</td><td>326.0</td><td>9,982.9</td><td>9,506.0</td><td>398.3</td><td>78.6</td></tr><tr><td>June</td><td>114.6</td><td>16.6</td><td>98.0</td><td>-</td><td>50.8</td><td>46.5</td><td>1.2</td><td>3.1</td><td>63.8</td><td>10,046.7</td><td>9,936.8</td><td>35.0</td><td>74.9</td></tr><tr><td>July</td><td>63.4</td><td>63.1</td><td>*</td><td>.3</td><td>51.5</td><td>47.0</td><td>1.1</td><td>3.5</td><td>11.8</td><td>10,058.5</td><td>9,916.8</td><td>59.0</td><td>82.8</td></tr><tr><td>August</td><td>382.5</td><td>379.6</td><td>-</td><td>3.0</td><td>52.2</td><td>46.9</td><td>1.1</td><td>4.3</td><td>330.3</td><td>10,388.8</td><td>9,916.8</td><td>392.0r</td><td>80.0r</td></tr><tr><td>September</td><td>19.0</td><td>8.0</td><td>11.0</td><td>-</td><td>51.4</td><td>47.5</td><td>1.1</td><td>2.9</td><td>-32.4</td><td>10,356.4</td><td>10,281.8</td><td>5.1</td><td>69.6</td></tr><tr><td>Inception through September 1948</td><td>12,831.5</td><td>11,785.8</td><td>1,041.4</td><td>4.3</td><td>2,475.1</td><td>2,182.5</td><td>222.3</td><td>70.3</td><td>10,356.4</td><td>10,356.4</td><td>10,281.8</td><td>5.1</td><td>69.6</td></tr></table>
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,
1947, these salaries are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
4/ Distribution of unexpended balance not available.
n.a. Not available.
* Less than $50,000.
r Reviied.
10
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 6.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures other than investments - benefit payments</th><th>Net increase, or decrease (-) in assets</th><th colspan="4">Assets, end of period</th></tr><tr><th></th><th>Total 1/</th><th>Appropriations by Congress</th><th>Interest on investments</th><th></th><th></th><th>Total</th><th>Investments</th><th>To credit of appropriation</th><th>In disbursing officer's account</th></tr><tr><td>1936-1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>92.1</td><td>79.4</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>-5.0</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</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>138.1</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>308.8</td><td>15.2</td><td>141.4</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>152.0</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</td><td>797.4</td><td>758.5</td><td>38.9</td><td>222.3</td><td>575.1</td><td>1,399.9</td><td>1,374.5</td><td>1.5</td><td>23.9</td></tr><tr><td>1949 (Estimated)</td><td>620.0</td><td>565.0</td><td>55.0</td><td>276.0</td><td>344.0</td><td>1,743.9</td><td>1,718.5</td><td>25.4</td><td>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>1,304.1</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>June</td><td>109.4</td><td>73.4</td><td>36.0</td><td>19.3</td><td>90.1</td><td>1,399.9</td><td>1,374.5</td><td>1.5</td><td>23.9</td></tr><tr><td>July</td><td>564.6</td><td>564.6</td><td>*</td><td>19.7</td><td>544.9</td><td>1,944.8</td><td>1,700.5</td><td>217.1</td><td>27.2</td></tr><tr><td>August</td><td>.1</td><td>-</td><td>.1</td><td>22.5</td><td>-22.4</td><td>1,922.4</td><td>1,679.5</td><td>217.1</td><td>25.8</td></tr><tr><td>September</td><td></td><td></td><td></td><td>23.1</td><td>-23.0</td><td>1,899.5</td><td>1,658.5</td><td>217.2</td><td>23.8</td></tr><tr><td>Inception through September 1948</td><td>3,464.7</td><td>3,339.1</td><td>125.6</td><td>1,565.3</td><td>1,899.5</td><td>1,899.5</td><td>1,658.5</td><td>217.2</td><td>23.8</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 appropriations when
they are made while Table 2 shows the amounts as transferred to the trust account. 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 colspan="5">Receipts</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account</th><th>Interest on investments</th><th>Total</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account</th><th>Total</th><th>Investments</th><th>In trust account</th><th>In disbursing officer's account 5/</th></tr><tr><th></th><th>Deposited by States</th><th>Contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Administration Fund 4/</th><th></th><th>Withdrawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Benefit payments</th><th></th><th></th><th></th><th></th></tr><tr><td>1936-1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,113.1</td><td>1,116.7</td><td>1.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>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>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>76.3</td><td>3.9</td><td>67.4</td><td>377.1</td><td>368.1</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>6.0</td><td>82.4</td><td>176.2</td><td>174.3</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>11.7</td><td>96.5</td><td>60.6</td><td>60.0</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>8.9</td><td>123.6</td><td>71.3</td><td>70.1</td><td>.4</td><td>1,436.5</td><td>7,315.3</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>9.6</td><td>143.6</td><td>1145.9</td><td>1,128.3</td><td>.4</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>9.2</td><td>146.9</td><td>869.5</td><td>817.4</td><td>.5</td><td>419.9</td><td>7,869.0</td><td>7,852.0</td><td>11.8</td><td>5.3</td></tr><tr><td>1948</td><td>1,312.9</td><td>1,007.3</td><td>130.6</td><td>9.7</td><td>165.3</td><td>858.9</td><td>798.1</td><td>.5</td><td>454.0</td><td>8,323.0</td><td>8,298.4</td><td>18.1</td><td>6.5</td></tr><tr><td>1949 (Estimated)</td><td>1,298.0</td><td>1,107.0</td><td>-</td><td>6.0</td><td>185.0</td><td>861.0</td><td>n.a.</td><td>n.a.</td><td>437.0</td><td>8,760.0</td><td>8,735.4</td><td>24.6</td><td>6/</td></tr><tr><td>1948-January</td><td>99.5</td><td>27.7</td><td>*</td><td>-</td><td>71.8</td><td>65.6</td><td>59.7</td><td>-</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>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>-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>1.1</td><td>-</td><td>-3</td><td>81.2</td><td>75.3</td><td>-</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>128.4</td><td>8,303.0</td><td>8,265.4</td><td>31.4</td><td>6.1</td></tr><tr><td>June</td><td>123.6</td><td>12.0</td><td>31.9</td><td>-</td><td>79.7</td><td>103.5</td><td>98.8</td><td>-</td><td>20.1</td><td>8,323.0</td><td>8,298.4</td><td>18.1</td><td>6.5</td></tr><tr><td>July</td><td>43.7</td><td>35.1</td><td>*</td><td>8.5</td><td>*</td><td>70.5</td><td>66.5</td><td>-</td><td>-26.8</td><td>8,296.2</td><td>8,268.4</td><td>22.8</td><td>5.0</td></tr><tr><td>August</td><td>224.7</td><td>224.2</td><td>*</td><td>.5</td><td>.1</td><td>110.9</td><td>106.7</td><td>-</td><td>113.8</td><td>8,410.0</td><td>8,389.4</td><td>18.3</td><td>2.3</td></tr><tr><td>September</td><td>19.1</td><td>15.0</td><td>*</td><td>-</td><td>4.1</td><td>65.5</td><td>61.1</td><td>-</td><td>-46.4</td><td>8,363.7</td><td>8,349.4</td><td>11.2</td><td>3.0</td></tr><tr><td>Inception through September 1948</td><td>13,858.2</td><td>11,837.2</td><td>876.9</td><td>107.2</td><td>75.5</td><td>961.4</td><td>5,494.6</td><td>5,200.6</td><td>107.2</td><td>186.8</td><td>8,363.7</td><td>8,363.7</td><td>8,349.4</td><td>11.2</td><td>3.0</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 respect to period from January 1936 to June 1939, inclusive, from
employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
6/ Distribution of unexpended balance not available.
* Less than $50,000.
n.a. Not available.
November 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 review of the 1949 Budget released August 15, 1948.
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income, or outgo (-)</th><th colspan="2">Net cash borrowing, or repayment of borrowing (-)</th><th colspan="2">Increase or decrease (-), in Treasury cash</th></tr><tr><th>Cash budget receipts</th><th>Cash trust account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust expenditure</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th><th>General Fund balance</th><th>Exchange Stabilization Fund 1/</th></tr><tr><td>1941</td><td>7,260</td><td>2,111</td><td>9,371</td><td>12,848</td><td>1,212</td><td>-</td><td>-</td><td>14,060</td><td>-4,689</td><td>5,432</td><td>742</td><td>-</td></tr><tr><td>1942</td><td>12,749</td><td>2,542</td><td>15,291</td><td>33,517</td><td>1,068</td><td>-</td><td>-</td><td>34,585</td><td>-19,294</td><td>19,652</td><td>358</td><td>-</td></tr><tr><td>1943</td><td>22,208</td><td>3,037</td><td>25,245</td><td>78,494</td><td>485</td><td>-</td><td>-</td><td>78,979</td><td>-53,735</td><td>60,250</td><td>6,515</td><td>-</td></tr><tr><td>1944</td><td>44,048</td><td>3,936</td><td>47,984</td><td>93,968</td><td>111</td><td>-</td><td>-</td><td>94,079</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>-</td></tr><tr><td>1945</td><td>46,321</td><td>4,721</td><td>51,041</td><td>96,754</td><td>-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>6,659</td><td>-19,389</td><td>-10,930</td><td>-1,800</td></tr><tr><td>1948</td><td>44,085</td><td>3,595</td><td>47,680</td><td>34,760 r</td><td>2,914</td><td>563</td><td>507</td><td>38,744 r</td><td>8,936 r</td><td>-7,312 r</td><td>1,624</td><td>-</td></tr><tr><td>1949 (Estimated)</td><td>40,582</td><td>3,536</td><td>44,118</td><td>36,888</td><td>5,945</td><td>211</td><td>-300</td><td>42,744</td><td>1,374</td><td>-2,798</td><td>-1,824</td><td>-</td></tr><tr><td>1948-January</td><td>4,205</td><td>348</td><td>4,552</td><td>2,588</td><td>189</td><td>12</td><td>-222</td><td>2,566</td><td>1,986</td><td>-435</td><td>1,551</td><td>-</td></tr><tr><td>February</td><td>4,325</td><td>402</td><td>4,727</td><td>2,436</td><td>338</td><td>28</td><td>101</td><td>2,903</td><td>1,824</td><td>-2,153</td><td>-330</td><td>-</td></tr><tr><td>March</td><td>6,323</td><td>156</td><td>6,479</td><td>3,518</td><td>213</td><td>94</td><td>53</td><td>3,877</td><td>2,601</td><td>-1,567</td><td>1,035</td><td>-</td></tr><tr><td>April</td><td>2,775</td><td>194</td><td>2,969</td><td>3,021</td><td>163</td><td>6</td><td>-226</td><td>2,965</td><td>4</td><td>-744</td><td>-740</td><td>-</td></tr><tr><td>May</td><td>2,678</td><td>656</td><td>3,334</td><td>2,541</td><td>178</td><td>9</td><td>144</td><td>2,871</td><td>462</td><td>-128</td><td>334</td><td>-</td></tr><tr><td>June</td><td>5,067</td><td>38</td><td>5,105</td><td>3,598 r</td><td>525</td><td>8</td><td>226</td><td>4,357 r</td><td>788 r</td><td>-762 r</td><td>-14</td><td>-</td></tr><tr><td>July</td><td>2,218</td><td>186</td><td>2,404</td><td>3,017</td><td>448</td><td>-</td><td>-700</td><td>2,765</td><td>-361</td><td>502</td><td>141</td><td>-</td></tr><tr><td>August</td><td>2,556</td><td>670</td><td>3,227</td><td>2,151</td><td>566</td><td>-</td><td>289</td><td>3,005</td><td>221</td><td>-463</td><td>-241</td><td>-</td></tr><tr><td>September</td><td>4,588</td><td>125</td><td>4,713</td><td>2,832</td><td>444</td><td>8</td><td>-9</td><td>3,275</td><td>1,438</td><td>-687</td><td>751</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. Revised.
Table 2.- Derivation of Cash Budget Receipts
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget receipt (net)</th><th colspan="6">Payments to Treasury by Government corporations 1/</th><th rowspan="2">Reimbursement for administrative expenses - Federal Old-Age and Survivors Insurance Trust Fund</th><th rowspan="2">Equals: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Interest</th><th>Capital stock and paid-in surplus</th><th>Earnings</th></tr><tr><th></th><th></th><th></th><th>R. F. C.</th><th>All other</th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>7,607</td><td>347</td><td>*</td><td>*</td><td>319</td><td>-</td><td>27</td><td>7,260</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>42,848</td></tr><tr><td>1947</td><td>43,259</td><td>329</td><td>91</td><td>13</td><td>136</td><td>72</td><td>16</td><td>42,930</td></tr><tr><td>1948</td><td>44,746</td><td>660</td><td>89</td><td>28</td><td>310</td><td>220</td><td>13</td><td>44,085</td></tr><tr><td>1949 (Estimated)</td><td>40,658</td><td>76</td><td>9</td><td>32</td><td>23</td><td>-</td><td>12</td><td>40,582</td></tr><tr><td>1948-January</td><td>4,275</td><td>70</td><td>46</td><td>6</td><td>13</td><td>5</td><td>1</td><td>4,205</td></tr><tr><td>February</td><td>4,336</td><td>11</td><td>*</td><td>*</td><td>10</td><td>-</td><td>1</td><td>4,325</td></tr><tr><td>March</td><td>6,334</td><td>11</td><td>*</td><td>*</td><td>10</td><td>-</td><td>1</td><td>6,323</td></tr><tr><td>April</td><td>2,806</td><td>31</td><td>*</td><td>*</td><td>30</td><td>-</td><td>1</td><td>2,775</td></tr><tr><td>May</td><td>2,707</td><td>29</td><td>*</td><td>*</td><td>28</td><td>-</td><td>1</td><td>2,678</td></tr><tr><td>June</td><td>5,102</td><td>35</td><td>*</td><td>9</td><td>20</td><td>5</td><td>1</td><td>5,067</td></tr><tr><td>July</td><td>2,236</td><td>19</td><td>*</td><td>7</td><td>10</td><td>-</td><td>1</td><td>2,218</td></tr><tr><td>August</td><td>2,569</td><td>12</td><td>*</td><td>1</td><td>11</td><td>-</td><td>1</td><td>2,556</td></tr><tr><td>September</td><td>4,589</td><td>1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>1</td><td>4,588</td></tr></table>
1/ Beginning with July 1948, figures exclude repayment of capital stock and earnings by wholly owned corporations to Treasury since they are now excluded from both budget receipts and budget expenditures.
Less than $500,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND 'OUTGO
Table 3.- Derivation of Cash Budget Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget expenditures 1/</th><th colspan="4">Interest payments by Treasury</th><th colspan="3">Loss: Noncash budget expenditures</th><th colspan="4">Government corporation payments to Treasury 6/</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 2/</th><th>To Government corporations (partially owned) 3/</th><th>To trust accounts 1/</th><th>Transfers to trust accounts 1/</th><th>Payroll deduction for Government employees' retirement</th><th>Budget expenditures involving issuance of Federal securities 4/</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund 5/</th><th>Excess profits tax refund bonds</th><th>Interest</th><th>Earnings</th><th>Repayment of capital stock and paid-in surplus</th><th>Investments in Federal securities</th></tr><tr><td>1941</td><td>13,766</td><td>919</td><td>58</td><td>-</td><td>167</td><td>333</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>1</td><td>-</td><td>319</td><td>5</td><td>12,848</td></tr><tr><td>1942</td><td>34,289</td><td>772</td><td>81</td><td>-</td><td>207</td><td>384</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>6</td><td>-</td><td>18</td><td>-</td><td>33,517</td></tr><tr><td>1943</td><td>79,702</td><td>1,208</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>-</td><td>10</td><td>115</td><td>78,494</td></tr><tr><td>1944</td><td>95,572</td><td>1,604</td><td>213</td><td>3</td><td>325</td><td>559</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>67</td><td>-</td><td>-</td><td>39</td><td>93,968</td></tr><tr><td>1945</td><td>100,397</td><td>3,644</td><td>342</td><td>4</td><td>429</td><td>1,659</td><td>290</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>108</td><td>-</td><td>-</td><td>25</td><td>96,754</td></tr><tr><td>1946</td><td>63,714</td><td>2,347</td><td>435</td><td>22</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>18</td><td>61,367</td></tr><tr><td>1947</td><td>42,505</td><td>6,269</td><td>467</td><td>25</td><td>646</td><td>1,361</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>-39</td><td>105</td><td>72</td><td>136</td><td>31</td><td>36,237</td></tr><tr><td>1948</td><td>39,326</td><td>4,564</td><td>579</td><td>24</td><td>746</td><td>4,178</td><td>236</td><td>-1,221</td><td>-4</td><td>-350</td><td>-10</td><td>117</td><td>220</td><td>40</td><td>30</td><td>34,760</td></tr><tr><td>1949 (Est.)</td><td>39,203</td><td>2,315</td><td>600</td><td>25</td><td>843</td><td>1,070</td><td>275</td><td>-194</td><td>-1</td><td>-355</td><td>-5</td><td>41</td><td>-</td><td>-</td><td>16</td><td>36,888</td></tr><tr><td>1948-Jan.</td><td>2,879</td><td>291</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>5</td><td>-</td><td>3</td><td>2,586</td></tr><tr><td>Feb.</td><td>2,402</td><td>-35</td><td>36</td><td>*</td><td>*</td><td>11</td><td>19</td><td>-34</td><td>*</td><td>-50</td><td>-1</td><td>*</td><td>-</td><td>-16</td><td>2,436</td></tr><tr><td>Mar.</td><td>3,546</td><td>28</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>-</td><td>28</td><td>3,518</td></tr><tr><td>Apr.</td><td>3,109</td><td>87</td><td>28</td><td>1</td><td>2</td><td>71</td><td>19</td><td>-34</td><td>*</td><td>-</td><td>-1</td><td>*</td><td>-</td><td>1</td><td>3,021</td></tr><tr><td>May</td><td>2,604</td><td>63</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>*</td><td>18</td><td>8</td><td>2,541</td></tr><tr><td>June</td><td>7,261</td><td>3,663</td><td>51</td><td>9</td><td>564</td><td>3,077</td><td>25</td><td>-25</td><td>*</td><td>-50</td><td>-1</td><td>9</td><td>5</td><td>10</td><td>-10</td><td>3,598</td></tr><tr><td>July</td><td>3,698</td><td>682</td><td>66</td><td>*</td><td>*</td><td>611</td><td>17</td><td>-21</td><td>*</td><td>-</td><td>*</td><td>7</td><td>-</td><td>1</td><td>3,017</td></tr><tr><td>Aug.</td><td>2,207</td><td>56</td><td>37</td><td>*</td><td>*</td><td>13</td><td>24</td><td>-19</td><td>*</td><td>-</td><td>*</td><td>1</td><td>-</td><td>1</td><td>2,151</td></tr><tr><td>Sept.</td><td>2,915</td><td>83</td><td>42</td><td>1</td><td>15</td><td>6</td><td>27</td><td>-15</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>8</td><td>2,832</td></tr></table>
4/ 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 issuance, or net redemption (-). 
5/ See footnote 1 to Table 1, preceding. 
6/ See footnote 1 to Table 2, preceding. 
* Less than $500,000. 
r Revised.
1/ Includes transfer of $3,000 million in June 1948 from General Fund to Foreign Economic Cooperation Trust Fund, expenditures from which are shown in Table 4 as cash expenditures of trust accounts in fiscal 1949.
2/ See footnote 3 to Table 5, following.
3/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payment and receipts offset each other.
Table 4.- Derivation of 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 rowspan="2">Equals: Cash receipts 2/</th><th colspan="5">Trust account expenditures</th><th rowspan="2">Equals: Cash expenditures 3/</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 employees' retirement</th><th>Armed forces leave bonds re-deemed for insurance premiums 1/</th><th>Total expenditures</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By trust accounts owned Government corporations</th><th>Other 4/</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>1,757</td><td>545</td><td>1,338</td><td>34</td><td>-827</td><td>1,212</td></tr><tr><td>1942</td><td>3,218</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>-</td><td>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>4,292</td><td>3,806</td><td>3,004</td><td>88</td><td>714</td><td>485</td></tr><tr><td>1944</td><td>5,085</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,936</td><td>7,197</td><td>4,129</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,086</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-</td><td>4,721</td><td>7,062</td><td>5,200</td><td>299</td><td>1,563</td><td>-768</td></tr><tr><td>1946</td><td>7,712</td><td>2,775</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-</td><td>4,937</td><td>8,236</td><td>3,668</td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,538</td><td>646</td><td>1,361</td><td>259</td><td>53</td><td>218</td><td>3,707</td><td>7,347</td><td>3,362</td><td>147</td><td>568</td><td>3,270</td></tr><tr><td>1948</td><td>9,515</td><td>5,920</td><td>746</td><td>4,178</td><td>236</td><td>8</td><td>752</td><td>3,595</td><td>6,810</td><td>3,060</td><td>-68</td><td>904</td><td>2,914</td></tr><tr><td>1949 (Est.)</td><td>5,875</td><td>2,339</td><td>843</td><td>1,070</td><td>275</td><td>-</td><td>151</td><td>3,536</td><td>9,062</td><td>3,117</td><td>2,949</td><td>129</td><td>39</td><td>5,945</td></tr><tr><td>1948-Jan.</td><td>567</td><td>219</td><td>133</td><td>66</td><td>20</td><td>-</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>Feb.</td><td>582</td><td>180</td><td>*</td><td>11</td><td>19</td><td>-</td><td>150</td><td>402</td><td>776</td><td>438</td><td>258</td><td>9</td><td>171</td><td>338</td></tr><tr><td>Mar.</td><td>277</td><td>121</td><td>14</td><td>17</td><td>19</td><td>-</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>Apr.</td><td>335</td><td>142</td><td>2</td><td>71</td><td>19</td><td>-</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>-</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><tr><td>June.</td><td>3,823</td><td>3,785</td><td>564</td><td>3,077</td><td>25</td><td>-</td><td>120</td><td>38</td><td>1,508</td><td>982</td><td>902</td><td>-4</td><td>85</td><td>525</td></tr><tr><td>July.</td><td>817</td><td>631</td><td>*</td><td>611</td><td>17</td><td>-</td><td>2</td><td>186</td><td>995</td><td>547</td><td>526</td><td>64</td><td>-43</td><td>448</td></tr><tr><td>Aug.</td><td>707</td><td>37</td><td>*</td><td>13</td><td>24</td><td>-</td><td>-</td><td>670</td><td>697</td><td>131</td><td>121</td><td>-7</td><td>17</td><td>564</td></tr><tr><td>Sept.</td><td>173</td><td>48</td><td>15</td><td>6</td><td>27</td><td>-</td><td>-</td><td>125</td><td>743</td><td>299</td><td>327</td><td>6</td><td>-34</td><td>444</td></tr></table>
b. Principally ship sales proceeds allocable to miscellaneous receipts, F.D.I.C. repayments of capital stock, and net redemption, or issuance (-) of securities of Government corporations in the market.
* Less than $500,000.
1/ After August 31, 1947, all bonds became redeemable for cash.
2/ Principally proceeds of ship sales allocable to surplus property receipts.
3/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
November 1948
13
TREASURY CASH INCOME AND OUTGO
Table 5.- Derivation of 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="7">Lease: Noncash debt transactions</th><th rowspan="2">Plans: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equale: 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>By trust accounts</th><th>By Government corporations</th><th>Armed forces leave bonds</th><th>Issuance of Federal securities resulting from budget expenditures, etc. 1/</th><th>Adjusted service bonds</th><th>Notes for International Bank and Fund 2/</th><th>Excess profits tax refund bonds</th><th>Interest on savings bonds and Treasury bills 3/</th><th>Net transactions in guaranteed securities not reflected in Treasurer's account</th></tr><tr><td>1941</td><td>5,994</td><td>841</td><td>6,835</td><td>1,422</td><td>1,338</td><td>39</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>58</td><td>8</td><td>19</td><td>5,432</td></tr><tr><td>1942</td><td>23,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>*</td><td>19,652</td></tr><tr><td>1943</td><td>64,274</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>64,307</td><td>-2,477</td><td>61,830</td><td>4,883</td><td>4,128</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>134</td><td>213</td><td>207</td><td>-190</td><td>56,757</td></tr><tr><td>1945</td><td>57,679</td><td>-1,190</td><td>56,489</td><td>6,738</td><td>5,200</td><td>324</td><td>-</td><td>-108</td><td>-</td><td>894</td><td>342</td><td>86</td><td>-277</td><td>49,474</td></tr><tr><td>1946</td><td>10,740</td><td>43</td><td>10,783</td><td>3,409</td><td>3,668</td><td>159</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>435</td><td>203</td><td>66</td><td>7,439</td></tr><tr><td>1947</td><td>-11,136</td><td>-387</td><td>-11,523</td><td>7,892</td><td>3,362</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>467</td><td>-</td><td>28</td><td>-19,389</td></tr><tr><td>1948</td><td>-5,994</td><td>-16</td><td>-6,010</td><td>1,425 r</td><td>3,060</td><td>-38</td><td>-1,229</td><td>-4</td><td>-913</td><td>-10</td><td>599 r</td><td>-</td><td>123</td><td>-7,312 r</td></tr><tr><td>1949 (Estimated)</td><td>8</td><td>-27</td><td>-19</td><td>2,928</td><td>2,949</td><td>145</td><td>-194</td><td>-1</td><td>-566</td><td>-5</td><td>600</td><td>-</td><td>149</td><td>-2,798</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>-1,969</td><td>2</td><td>-1,967</td><td>174</td><td>258</td><td>-8</td><td>-34</td><td>*</td><td>-78</td><td>-1</td><td>36</td><td>-</td><td>-12</td><td>-2,153</td></tr><tr><td>March</td><td>-1,615</td><td>-1</td><td>-1,615</td><td>-49</td><td>79</td><td>18</td><td>-38</td><td>*</td><td>-114</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><tr><td>June</td><td>56</td><td>-1</td><td>55</td><td>855 r</td><td>902</td><td>-14</td><td>-25</td><td>*</td><td>-58</td><td>-1</td><td>51 r</td><td>-</td><td>39</td><td>-762 r</td></tr><tr><td>July</td><td>1,082</td><td>-18</td><td>1,063</td><td>635</td><td>526</td><td>65</td><td>-21</td><td>*</td><td>-</td><td>*</td><td>66</td><td>-</td><td>74</td><td>502</td></tr><tr><td>August</td><td>-324</td><td>-4</td><td>-328</td><td>133</td><td>121</td><td>-6</td><td>-19</td><td>*</td><td>-</td><td>*</td><td>37</td><td>-</td><td>-2</td><td>-463</td></tr><tr><td>September</td><td>-362</td><td>-1</td><td>-363</td><td>359</td><td>327</td><td>14</td><td>-15</td><td>*</td><td>-8</td><td>*</td><td>42</td><td>-</td><td>35</td><td>-687</td></tr></table>
1/ The issuance of Federal securities resulting from budget expenditures is treated as noncash at the time of issuance and as a cash budget expenditure at the time of cash 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.
r Revised.
Table 6.- Summary of Cash Operating Income and Outgo by Months (In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th colspan="2">Annual total</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Calendar year</th><th>Fiscal year 2/</th></tr><tr><td>Cash operating income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942 1/</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>13,291</td></tr><tr><td>1943</td><td>902</td><td>1,182</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>5,569</td><td>2,220</td><td>2,712</td><td>5,859</td><td>37,991</td><td>25,245</td></tr><tr><td>1944</td><td>2,922</td><td>3,112</td><td>6,679</td><td>3,335</td><td>3,663</td><td>6,360</td><td>2,368</td><td>3,289</td><td>6,074</td><td>2,281</td><td>2,941</td><td>5,580</td><td>48,604</td><td>47,984</td></tr><tr><td>1945</td><td>3,776</td><td>4,375</td><td>7,144</td><td>3,198</td><td>3,883</td><td>6,132</td><td>2,987</td><td>3,688</td><td>5,553</td><td>2,881</td><td>3,062</td><td>4,372</td><td>51,050</td><td>51,041</td></tr><tr><td>1946</td><td>3,969</td><td>4,255</td><td>5,929</td><td>2,912</td><td>3,470</td><td>4,707</td><td>2,697</td><td>2,996</td><td>4,682</td><td>2,793</td><td>2,869</td><td>4,206</td><td>45,485</td><td>47,784</td></tr><tr><td>1947</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>3,212</td><td>4,718</td><td>2,640</td><td>3,345</td><td>4,037</td><td>46,907</td><td>46,637</td></tr><tr><td>1948</td><td>4,552</td><td>4,727</td><td>6,479</td><td>2,969</td><td>3,334</td><td>5,105</td><td>2,404</td><td>3,227</td><td>4,713</td><td></td><td></td><td></td><td></td><td>47,680</td></tr><tr><td>Cash operating outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,052</td><td>5,512</td><td>5,970</td><td>6,185</td><td>5,928</td><td>6,975</td><td></td><td>34,585</td></tr><tr><td>1943</td><td>6,503</td><td>6,402</td><td>7,624</td><td>7,438</td><td>7,397</td><td>7,990</td><td>7,023</td><td>7,747</td><td>7,700</td><td>7,632</td><td>7,773</td><td>7,830</td><td>89,059</td><td>78,979</td></tr><tr><td>1944</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>1945</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>1946</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>1947</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>3,173</td><td>3,964</td><td>2,621</td><td>2,530</td><td>3,526</td><td>41,173</td><td>39,978</td></tr><tr><td>1948</td><td>2,566</td><td>2,903</td><td>3,877</td><td>2,965</td><td>2,871</td><td>4,357 r</td><td>2,765</td><td>3,005</td><td>3,275</td><td></td><td></td><td></td><td></td><td>38,744 r</td></tr><tr><td>Net cash operating income, or outgo (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942 1/</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>1943</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,368</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1944</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,680</td><td>-46,616</td><td>-46,005</td></tr><tr><td>1945</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>1946</td><td>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-888</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>753</td><td>18</td><td>816</td><td>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>748 r</td><td>-361</td><td>221</td><td>1,438</td><td></td><td></td><td></td><td></td><td>8,936 r</td></tr></table>
1/ Monthly date prior to July 1942 not yet available. 2/ Fiscal year ending June 30 of year indicated.
r Revised,
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>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special depositaries, account of withheld taxes and sales of Government securities</th><th>Other deposits and collections</th><th>Liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td><td>470</td><td>14,238</td></tr><tr><td>1947</td><td>3,730</td><td>1,255</td><td>1,202</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1948</td><td>5,370</td><td>1,264</td><td>2,051</td><td>1,773</td><td>283</td><td>438</td><td>4,932</td></tr><tr><td>1948-January</td><td>5,042</td><td>1,258</td><td>2,522</td><td>959</td><td>303</td><td>394</td><td>4,648</td></tr><tr><td>February</td><td>4,664</td><td>1,261</td><td>1,709</td><td>1,434</td><td>259</td><td>346</td><td>4,318</td></tr><tr><td>March</td><td>5,692</td><td>1,262</td><td>2,191</td><td>1,972</td><td>268</td><td>339</td><td>5,353</td></tr><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><tr><td>June</td><td>5,370</td><td>1,264</td><td>2,051</td><td>1,773</td><td>283</td><td>438</td><td>4,932</td></tr><tr><td>July</td><td>5,506</td><td>1,258</td><td>1,872</td><td>2,081</td><td>295</td><td>433</td><td>5,074</td></tr><tr><td>August</td><td>5,299</td><td>1,255</td><td>1,996</td><td>1,741</td><td>237</td><td>397</td><td>4,832</td></tr><tr><td>September</td><td>6,020</td><td>1,259</td><td>1,783</td><td>2,703</td><td>275</td><td>437</td><td>5,583</td></tr></table>
Source: Daily Treasury Statement.
Table 2.- Analysis of Change in Balance in the General Fund
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net increase in General Fund balance, or decrease (-)</th><th>Budget surplus, or deficit (-) 1/</th><th>Net increase in public debt, or decrease (-)</th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 3/</th><th>Sales and re-demptions of Government corporations, etc., in the market 4/</th><th>Clearing account 5/</th></tr><tr><td>1941</td><td>742</td><td>-6,159</td><td>5,994</td><td>908</td><td>37</td><td>*</td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,490</td><td>23,461</td><td>-1,613</td><td>66</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,423</td><td>64,307</td><td>-2,222</td><td>148</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-548</td><td>-372</td><td>*</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1948</td><td>1,624</td><td>5,419</td><td>-5,994</td><td>2,199</td><td>2,965</td><td>*</td><td>*</td><td>-367</td><td>107</td><td>-507</td></tr><tr><td>1948-January</td><td>1,551</td><td>1,396</td><td>-326</td><td>492</td><td>267</td><td>*</td><td>-</td><td>-69</td><td>61</td><td>222</td></tr><tr><td>February</td><td>-330</td><td>1,934</td><td>-1,969</td><td>-295</td><td>-176</td><td>*</td><td>-</td><td>-9</td><td>-10</td><td>-101</td></tr><tr><td>March</td><td>1,035</td><td>2,788</td><td>-1,615</td><td>-139</td><td>-106</td><td>*</td><td>-</td><td>21</td><td>-1</td><td>-53</td></tr><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><tr><td>June</td><td>-14</td><td>-2,159</td><td>56</td><td>2,089</td><td>2,537</td><td>*</td><td>*</td><td>-260</td><td>38</td><td>-226</td></tr><tr><td>July</td><td>141</td><td>-1,462</td><td>1,082</td><td>522</td><td>-147</td><td>*</td><td>-</td><td>-88</td><td>56</td><td>700</td></tr><tr><td>August</td><td>-241</td><td>362</td><td>-324</td><td>-279</td><td>129</td><td>*</td><td>-</td><td>-113</td><td>-5</td><td>-289</td></tr><tr><td>September</td><td>751</td><td>1,674</td><td>-362</td><td>-561</td><td>-561</td><td>*</td><td>-</td><td>-43</td><td>34</td><td>9</td></tr></table>
Daily Treasury Statement.
1/ Figures for fiscal year 1948 reflect $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 exclude expenditures from that fund. Figures exclude amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds, Foreign Economic Cooperation Trust Fund, and other trust accounts, etc. (See footnote 3.)
3/ Comprises Public Works Administration revolving fund, special deposits (net), and, prior to July 1, 1945, transactions in commodity food stamps by the Department of Agriculture. Beginning on that date such transactions are classified in the column "Trust accounts".
4/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
5/ For outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-).
* Less than $500,000.
November 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="5">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>Total</th><th>Public debt</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed securities 1/ (matured)</th></tr><tr><td>1941</td><td>53,332</td><td>48,961</td><td>6,370</td><td>54,747</td><td>48,387</td><td>6,360</td><td>585</td><td>574</td><td>205</td><td>-</td><td>-</td><td>369</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,367</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>1948</td><td>252,366</td><td>252,292</td><td>73</td><td>250,132</td><td>250,063</td><td>69</td><td>2,234</td><td>2,229</td><td>280</td><td>66</td><td>1,161</td><td>722</td><td>5</td></tr><tr><td>1949 (Estimated)</td><td>252,346</td><td>252,300</td><td>46</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Debt peak Feb. 1946</td><td>279,764</td><td>279,214</td><td>551</td><td>278,451</td><td>277,912</td><td>539</td><td>1,313</td><td>1,301</td><td>238</td><td>-</td><td>-</td><td>1,063</td><td>12</td></tr><tr><td>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>1,306</td><td>753</td><td>5</td></tr><tr><td>Feb.</td><td>254,683</td><td>254,605</td><td>79</td><td>252,174</td><td>252,100</td><td>74</td><td>2,510</td><td>2,505</td><td>315</td><td>166</td><td>1,278</td><td>746</td><td>5</td></tr><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>739</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>2,385</td><td>2,320</td><td>294</td><td>116</td><td>1,178</td><td>733</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>727</td><td>5</td></tr><tr><td>June</td><td>252,366</td><td>252,292</td><td>73</td><td>250,132</td><td>250,063</td><td>69</td><td>2,234</td><td>2,229</td><td>280</td><td>66</td><td>1,161</td><td>722</td><td>5</td></tr><tr><td>July</td><td>253,429</td><td>253,374</td><td>55</td><td>251,219</td><td>251,168</td><td>51</td><td>2,210</td><td>2,206</td><td>264</td><td>66</td><td>1,161</td><td>715</td><td>5</td></tr><tr><td>Aug.</td><td>253,101</td><td>253,049</td><td>51</td><td>250,921</td><td>250,875</td><td>47</td><td>2,179</td><td>2,175</td><td>239</td><td>66</td><td>1,161</td><td>709</td><td>5</td></tr><tr><td>Sept.</td><td>252,738</td><td>252,687</td><td>50</td><td>250,564</td><td>250,518</td><td>46</td><td>2,174</td><td>2,170</td><td>246</td><td>66</td><td>1,153</td><td>705</td><td>4</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon the review of the 1949 Budget released August 15, 1948.
Footnotes at end of Table 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th rowspan="2">Total public issues</th><th colspan="5">Marketable</th><th colspan="5">Remarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury bonds, investment series</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other 5/</th></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,713</td><td>1,603</td><td>-</td><td>5,698</td><td>30,215</td><td>-</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>-</td><td>3,015</td><td>307</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>9,168</td><td>48,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,256</td><td>-</td><td>7,495</td><td>448</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>-</td><td>9,557</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>226,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>-</td><td>10,136</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>-</td><td>6,711</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</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>164</td><td>59,045</td><td>51,367</td><td>-</td><td>5,560</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>164</td><td>59,506</td><td>53,274</td><td>959</td><td>4,394</td><td>563</td><td>316</td><td>30,211</td></tr><tr><td>Debt peak Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>-</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>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>53,065</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>4,741</td><td>588</td><td>315</td><td>29,323</td></tr><tr><td>June</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>164</td><td>59,506</td><td>53,274</td><td>959</td><td>4,394</td><td>563</td><td>316</td><td>30,211</td></tr><tr><td>July</td><td>251,168</td><td>220,381</td><td>159,560</td><td>13,266</td><td>22,294</td><td>11,375</td><td>62,826</td><td>49,636</td><td>163</td><td>60,822</td><td>54,607</td><td>959</td><td>4,386</td><td>540</td><td>330</td><td>30,787</td></tr><tr><td>Aug.</td><td>250,875</td><td>219,987</td><td>159,132</td><td>12,838</td><td>22,294</td><td>11,375</td><td>62,826</td><td>49,636</td><td>163</td><td>60,856</td><td>54,704</td><td>958</td><td>4,340</td><td>522</td><td>331</td><td>30,887</td></tr><tr><td>Sept.</td><td>250,518</td><td>219,297</td><td>158,319</td><td>12,628</td><td>22,294</td><td>11,223</td><td>62,375</td><td>49,636</td><td>163</td><td>60,978</td><td>54,776</td><td>958</td><td>4,404</td><td>507</td><td>333</td><td>31,221</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</th><th>Reconstruction Finance Corporation</th></tr><tr><td>1941</td><td>6,360</td><td>6,360</td><td>696</td><td>1,269</td><td>17</td><td>2,409</td><td>226</td><td>1,741</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>4,549</td><td>4,549</td><td>701</td><td>930</td><td>21</td><td>1,563</td><td>114</td><td>1,219</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>1,533</td><td>114</td><td>896</td><td>183</td><td>68</td><td>115</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>755</td><td>-</td><td>-</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1946</td><td>467</td><td>43</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</td><td>-</td></tr><tr><td>1947</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>1948</td><td>69</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><tr><td>1948-January</td><td>72</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>-</td></tr><tr><td>February</td><td>74</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>46</td><td>46</td><td>-</td></tr><tr><td>March</td><td>73</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><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><tr><td>June</td><td>69</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><tr><td>July</td><td>51</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>37</td><td>37</td><td>-</td></tr><tr><td>August</td><td>47</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>33</td><td>33</td><td>-</td></tr><tr><td>September</td><td>46</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>32</td><td>32</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Footnotes at end of Table 4.
Table 4.- Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total $/</th><th>Adjusted Service Certificate Fund</th><th>Federal Deposit Insurance Corporation</th><th>Federal home loan banks</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Federal Savings and Loan Insurance Corporation</th><th>Government employees' retirement funds</th><th>Government Life Insurance Fund</th><th>Housing Insurance funds</th><th>National Service Life Insurance Fund</th><th>Postal Savings System $/</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th></tr><tr><td>1941</td><td>6,120</td><td>19</td><td>90</td><td>-</td><td>2,381</td><td>5</td><td>656</td><td>531</td><td>-</td><td>3</td><td>88</td><td>74</td><td>2,273</td></tr><tr><td>1942</td><td>7,885</td><td>18</td><td>95</td><td>-</td><td>3,133</td><td>5</td><td>796</td><td>537</td><td>-</td><td>39</td><td>56</td><td>92</td><td>3,114</td></tr><tr><td>1943</td><td>10,871</td><td>18</td><td>103</td><td>-</td><td>4,044</td><td>106</td><td>1,076</td><td>538</td><td>-</td><td>352</td><td>199</td><td>178</td><td>4,257</td></tr><tr><td>1944</td><td>14,287</td><td>17</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,469</td><td>502</td><td>-</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td></tr><tr><td>1945</td><td>18,812</td><td>14</td><td>97</td><td>-</td><td>5,308</td><td>37</td><td>1,868</td><td>589</td><td>-</td><td>3,187</td><td>464</td><td>501</td><td>6,747</td></tr><tr><td>1946</td><td>22,332</td><td>12</td><td>120</td><td>-</td><td>5,910</td><td>49</td><td>2,177</td><td>684</td><td>-</td><td>5,240</td><td>782</td><td>657</td><td>6,699</td></tr><tr><td>1947</td><td>27,366</td><td>12</td><td>408</td><td>-</td><td>7,104</td><td>62</td><td>2,460</td><td>1,254</td><td>18</td><td>6,474</td><td>1,628</td><td>806</td><td>7,142</td></tr><tr><td>1948</td><td>30,211</td><td>6</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>4</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</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</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</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</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>7,467</td></tr><tr><td>June</td><td>30,211</td><td>6</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>4</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</td></tr><tr><td>July</td><td>30,787</td><td>6</td><td>593</td><td>57</td><td>7,689</td><td>75</td><td>3,050</td><td>1,286</td><td>4</td><td>6,958</td><td>1,897</td><td>1,700</td><td>7,470</td></tr><tr><td>August</td><td>30,887</td><td>6</td><td>586</td><td>57</td><td>7,689</td><td>76</td><td>3,061</td><td>1,286</td><td>4</td><td>6,968</td><td>1,882</td><td>1,680</td><td>7,591</td></tr><tr><td>September</td><td>31,221</td><td>6</td><td>586</td><td>63</td><td>8,054</td><td>77</td><td>3,069</td><td>1,286</td><td>4</td><td>6,983</td><td>1,882</td><td>1,658</td><td>7,551</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/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with three exceptions: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, pages A-9 and A-10).
4/ Postal savings and Panama Canal bonds, and prior to 1947, also conversion bonds.
5/ Consists of adjusted service bonds (until they matured on June 15, 1945) and depositary bonds.
6/ Consists of demand obligations stated as of the close of the previous month.
7/ Consists of Reconstruction Finance Corporation notes, Series I-A, I-B, and I-C, which were held by United States Government corporations and credit agencies.
8/ Total includes $1 million issued to the Farm Tenant Mortgage Insurance Fund beginning March 1943.
2/ Includes Canal Zone Postal Savings System.
n.a. Not available.
November 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</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest</th></tr><tr><th></th><th>(Millions of dollars)</th><th></th><th>(Percent)</th><th>(Millions of dollars)</th><th></th><th>(Percent)</th><th>(Millions of dollars)</th><th></th><th>(Percent)</th></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1947</td><td>255,197</td><td>5,376</td><td>2.107</td><td>255,113</td><td>5,374</td><td>2.107</td><td>83</td><td>1</td><td>1.758</td></tr><tr><td>1948</td><td>250,132</td><td>5,457</td><td>2.182</td><td>250,063</td><td>5,455</td><td>2.182</td><td>69</td><td>1</td><td>1.924</td></tr><tr><td>1948-January</td><td>254,030</td><td>5,472</td><td>2.154</td><td>253,958</td><td>5,471</td><td>2.155</td><td>72</td><td>1</td><td>1.844</td></tr><tr><td>February</td><td>252,174</td><td>5,471</td><td>2.170</td><td>252,100</td><td>5,469</td><td>2.170</td><td>74</td><td>1</td><td>1.853</td></tr><tr><td>March</td><td>250,707</td><td>5,435</td><td>2.168</td><td>250,634</td><td>5,434</td><td>2.168</td><td>73</td><td>1</td><td>1.871</td></tr><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><tr><td>June</td><td>250,132</td><td>5,457</td><td>2.182</td><td>250,063</td><td>5,455</td><td>2.182</td><td>69</td><td>1</td><td>1.924</td></tr><tr><td>July</td><td>251,219</td><td>5,517</td><td>2.197</td><td>251,168</td><td>5,517</td><td>2.197</td><td>51</td><td>1</td><td>1.820</td></tr><tr><td>August</td><td>250,921</td><td>5,517</td><td>2.199</td><td>250,875</td><td>5,515</td><td>2.199</td><td>47</td><td>1</td><td>1.855</td></tr><tr><td>September</td><td>250,564</td><td>5,513</td><td>2.200</td><td>250,518</td><td>5,512</td><td>2.201</td><td>46</td><td>1</td><td>1.878</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 2/</th><th>Commodity Credit Corporation</th><th>Economic Cooperation Administration</th><th>Export-Import Bank of Washington</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>1941</td><td>302</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85</td><td>20</td><td>-</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>-</td><td>-</td><td>263</td><td>551</td><td>274</td><td>2,534</td><td>-</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>-</td><td>-</td><td>212</td><td>283</td><td>5,033</td><td>-</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>-</td><td>-</td><td>366</td><td>580</td><td>398</td><td>8,416</td><td>-</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>-</td><td>-</td><td>108</td><td>1,010</td><td>383</td><td>9,020</td><td>-</td><td>57</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>13</td><td>737</td><td>360</td><td>9,205</td><td>-</td><td>57</td></tr><tr><td>1947</td><td>11,946</td><td>510</td><td>-</td><td>516</td><td>21</td><td>529</td><td>347</td><td>9,966</td><td>-</td><td>56</td></tr><tr><td>1948</td><td>2,789</td><td>440</td><td>-</td><td>971</td><td>-</td><td>244</td><td>362</td><td>-</td><td>718</td><td>54</td></tr><tr><td>1948-January</td><td>11,791</td><td>435</td><td>-</td><td>730</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>397</td><td>-</td><td>727</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>386</td><td>-</td><td>839</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>13,044</td><td>368</td><td>-</td><td>873</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>355</td><td>-</td><td>926</td><td>-</td><td>386</td><td>372</td><td>10,316</td><td>693</td><td>56</td></tr><tr><td>June</td><td>2,789 3/</td><td>440</td><td>-</td><td>971</td><td>-</td><td>244</td><td>362</td><td>3/</td><td>718</td><td>54</td></tr><tr><td>July</td><td>2,870</td><td>440</td><td>-</td><td>954</td><td>-</td><td>234</td><td>362</td><td>91</td><td>734</td><td>54</td></tr><tr><td>August</td><td>2,769</td><td>440</td><td>1</td><td>846</td><td>-</td><td>221</td><td>362</td><td>85</td><td>759</td><td>54</td></tr><tr><td>September</td><td>2,809</td><td>404</td><td>1</td><td>854</td><td>-</td><td>213</td><td>362</td><td>136</td><td>784</td><td>54</td></tr></table>
Source: Daily Treasury Statement.
1/ 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 Island Company from September 1947 through June 1948 in the amount of $250,000, in July $350,000, and in August $450,000, and in September $550,000. 3/ Notes issued by the Reconstruction Finance Corporation and outstanding in the amount of $9,314 million were canceled on June 30, 1948, pursuant to the Government Corporation Appropriation Act, 1949.
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-
ceded in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Status under Limitation, September 30, 1948
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>251,878</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>50</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>251,928</td></tr><tr><td>Balance issuable under limitation.</td><td>23,072</td></tr></table>
Source: Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding September 30, 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>12,628</td><td>-</td><td>12,628</td></tr><tr><td>Certificates of indebtedness.</td><td>22,294</td><td>-</td><td>22,294</td></tr><tr><td>Treasury notes.</td><td>11,223</td><td>-</td><td>11,223</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>62,375</td><td>-</td><td>62,375</td></tr><tr><td>Treasury bonds - bank restricted 1/2.</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Postal savings and Panama Canal bonds.</td><td>-</td><td>163</td><td>163</td></tr><tr><td>Total marketable.</td><td>158,156</td><td>163</td><td>158,319</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value).</td><td>54,776</td><td>-</td><td>54,776</td></tr><tr><td>Treasury savings notes.</td><td>4,404</td><td>-</td><td>4,404</td></tr><tr><td>Depository bonds.</td><td>333</td><td>-</td><td>333</td></tr><tr><td>Armed forces leave bonds.</td><td>507</td><td>-</td><td>507</td></tr><tr><td>Treasury bonds, investment series.</td><td>958</td><td>-</td><td>958</td></tr><tr><td>Total nonmarketable.</td><td>60,978</td><td>-</td><td>60,978</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>31,221</td><td>-</td><td>31,221</td></tr><tr><td>Total interest-bearing securities.</td><td>250,355</td><td>163</td><td>250,518</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>241</td><td>5</td><td>246</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>56</td><td>-</td><td>56</td></tr><tr><td>Excess profit tax refund bonds.</td><td>8</td><td>-</td><td>8</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>1,153</td><td>-</td><td>1,153</td></tr><tr><td>International Bank for Reconstruction and Development series.</td><td>66</td><td>-</td><td>66</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>445</td><td>445</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>1,282</td><td>642</td><td>1,924</td></tr><tr><td>Total public debt.</td><td>251,878</td><td>810</td><td>252,687</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing.</td><td>46</td><td>-</td><td>46</td></tr><tr><td>Matured.</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Total guaranteed securities.</td><td>50</td><td>-</td><td>50</td></tr><tr><td>Total public debt and guaranteed securities.</td><td>251,928</td><td>810</td><td>252,738</td></tr></table>
Source: Public Debt Service. 1/ Issues which commercial banks may not acquire prior to a specified
date (with minor exceptions). See footnote 3 to Table 2 under "Debt Outstanding". 2/ Excludes guaranteed securities held by the Treasury.
November 1948
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government and Outstanding September 30, 1948
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th><th></th><th>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>Oct.</td><td>Bills.....................</td><td>3,827</td><td>.....................</td><td>.....................</td><td>June.</td><td>2%</td><td>Bond - 6/15/49-51</td><td>.....................</td><td>1,014</td><td>.....................</td><td>.....................</td></tr><tr><td>1%</td><td>Note - 10/1/48-B</td><td>4,092</td><td>.....................</td><td>.....................</td><td></td><td>2-3/4%</td><td>Bond - 6/15/51-54</td><td>.....................</td><td>1,627</td><td>.....................</td><td>.....................</td></tr><tr><td>1%</td><td>Certificate - 10/1/48-J</td><td>1,354</td><td>.....................</td><td>.....................</td><td>Sept.</td><td>2%</td><td>Bond - 9/15/49-51</td><td>.....................</td><td>.....................</td><td>1,292</td><td>.....................</td></tr><tr><td>1%</td><td>Certificate - 10/1/48-K</td><td>1,467</td><td>.....................</td><td>.....................</td><td></td><td>2%</td><td>Bond - 9/15/51-53</td><td>.....................</td><td>7,986</td><td>.....................</td><td>.....................</td></tr><tr><td>Nov.</td><td>Bills.....................</td><td>3,595</td><td>.....................</td><td>.....................</td><td></td><td>3%</td><td>Bond - 9/15/51-55</td><td>.....................</td><td>755</td><td>.....................</td><td>.....................</td></tr><tr><td>Dec.</td><td>Bills.....................</td><td>5,206</td><td>.....................</td><td>.....................</td><td>Dec.</td><td>2%</td><td>Bond - 12/15/49-51</td><td>.....................</td><td>.....................</td><td>2,098</td><td>.....................</td></tr><tr><td>2%</td><td>Bond - 12/15/48-50</td><td>571</td><td>.....................</td><td>.....................</td><td></td><td>2-1/4%</td><td>Bond - 12/15/51-53</td><td>.....................</td><td>1,118</td><td>.....................</td><td>.....................</td></tr><tr><td></td><td></td><td>.....................</td><td>.....................</td><td>.....................</td><td></td><td>2%</td><td>Bond - 12/15/51-55</td><td>.....................</td><td>510</td><td>.....................</td><td>.....................</td></tr><tr><td>Total</td><td>.....................</td><td>20,112</td><td>.....................</td><td>.....................</td><td></td><td>Total</td><td>.....................</td><td>.....................</td><td>11,996</td><td>.....................</td><td>.....................</td></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan.</td><td>1-1/8% Note - 1/1/49-A</td><td>3,535</td><td>.....................</td><td>.....................</td><td>Mar.</td><td>2%</td><td>Bond - 3/15/50-52</td><td>.....................</td><td>.....................</td><td>1,963</td><td>.....................</td></tr><tr><td>1-1/8%</td><td>Certificate - 1/1/49-A</td><td>2,592</td><td>.....................</td><td>.....................</td><td></td><td>2-1/2%</td><td>Bond - 3/15/52-54</td><td>.....................</td><td>1,024</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>June.</td><td>2%</td><td>Bond - 6/15/52-54</td><td>.....................</td><td>5,825</td><td>.....................</td><td>.....................</td></tr><tr><td>1-1/8%</td><td>Certificate - 3/1/49-C</td><td>3,553</td><td>.....................</td><td>.....................</td><td></td><td>2-1/4%</td><td>Bond - 6/15/52-55</td><td>.....................</td><td>1,501</td><td>.....................</td><td>.....................</td></tr><tr><td>Mar.</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1,055</td><td>.....................</td><td>.....................</td><td>Sept.</td><td>2-1/2%</td><td>Bond - 9/15/50-52</td><td>.....................</td><td>.....................</td><td>1,186</td><td>.....................</td></tr><tr><td>1-1/8%</td><td>Certificate - 6/1/49-E</td><td>4,301</td><td>.....................</td><td>.....................</td><td></td><td>2%</td><td>Bond - 9/15/50-52</td><td>.....................</td><td>.....................</td><td>4,939</td><td>.....................</td></tr><tr><td>June.</td><td>1-1/8% Bond - 6/15/49-51</td><td>.....................</td><td>1,014</td><td>.....................</td><td>Dec.</td><td>3-1/8%</td><td>Bond - 12/15/49-52</td><td>.....................</td><td>.....................</td><td>491</td><td>.....................</td></tr><tr><td>2%</td><td>Certificate - 7/1/49-F</td><td>5,783</td><td>.....................</td><td>.....................</td><td></td><td>2%</td><td>Bond - 12/15/52-54</td><td>.....................</td><td>8,662</td><td>.....................</td><td>.....................</td></tr><tr><td>July.</td><td>1-1/8% Certificate - 7/1/49-F</td><td>.....................</td><td>.....................</td><td>.....................</td><td>1953</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td>.....................</td><td>1,292</td><td>.....................</td><td>June.</td><td>2%</td><td>Bond - 6/15/53-55</td><td>.....................</td><td>.....................</td><td>725</td><td>.....................</td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/49-51</td><td>.....................</td><td>2,098</td><td>.....................</td><td></td><td>Sept.</td><td>Bond - 9/15/51-53</td><td>.....................</td><td>.....................</td><td>.....................</td><td>7,986</td></tr><tr><td>3-1/8%</td><td>Bond - 12/15/49-52</td><td>.....................</td><td>491</td><td>.....................</td><td></td><td>Dec.</td><td>2-1/2%</td><td>Bond - 12/15/49-53</td><td>.....................</td><td>.....................</td><td>1,786</td></tr><tr><td>2-1/2%</td><td>Bond - 12/15/49-53</td><td>.....................</td><td>1,786</td><td>.....................</td><td></td><td></td><td>2-1/4%</td><td>Bond - 12/15/51-53</td><td>.....................</td><td>.....................</td><td>1,118</td></tr><tr><td>Total</td><td>.....................</td><td>23,008</td><td>.....................</td><td>6,682</td><td></td><td>Total</td><td>.....................</td><td>.....................</td><td>.....................</td><td>725</td><td>.....................</td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Bond - 3/15/50-52</td><td>.....................</td><td>1,963</td><td>.....................</td><td>Mar.</td><td>2-1/2%</td><td>Bond - 3/15/52-54</td><td>.....................</td><td>.....................</td><td>1,024</td><td>.....................</td></tr><tr><td>Apr.</td><td>1-3/8% Note - 4/1/50-A</td><td>3,596</td><td>.....................</td><td>.....................</td><td>June.</td><td>2-3/4%</td><td>Bond - 6/15/51-54</td><td>.....................</td><td>.....................</td><td>1,627</td><td>.....................</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td>.....................</td><td>1,186</td><td>.....................</td><td></td><td>2%</td><td>Bond - 6/15/52-54</td><td>.....................</td><td>.....................</td><td>5,825</td><td>.....................</td></tr><tr><td>2%</td><td>Bond - 9/15/50-52</td><td>.....................</td><td>4,939</td><td>.....................</td><td>Dec.</td><td>2-1/4%</td><td>Bond - 6/15/54-56</td><td>.....................</td><td>.....................</td><td>681</td><td>.....................</td></tr><tr><td>Dec.</td><td>1-1/2% Bond - 12/15/50</td><td>2,635</td><td>.....................</td><td>.....................</td><td></td><td>2%</td><td>Bond - 12/15/52-54</td><td>.....................</td><td>.....................</td><td>.....................</td><td>8,662</td></tr><tr><td>Total</td><td>.....................</td><td>6,231</td><td>.....................</td><td>8,088</td><td></td><td>Total</td><td>.....................</td><td>.....................</td><td>.....................</td><td>681</td><td>.....................</td></tr><tr><td>1955</td><td></td><td></td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>.....................</td><td>.....................</td><td>.....................</td><td>Mar.</td><td>2-7/8%</td><td>Bond - 3/15/55-60</td><td>.....................</td><td>.....................</td><td>2,611</td><td>.....................</td></tr><tr><td>Apr.</td><td>1-3/8% Note - 4/1/50-A</td><td>3,596</td><td>.....................</td><td>.....................</td><td>June.</td><td>2-1/4%</td><td>Bond - 6/15/52-55</td><td>.....................</td><td>.....................</td><td>.....................</td><td>1,501</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td>.....................</td><td>1,186</td><td>.....................</td><td></td><td>2%</td><td>Bond - 6/15/53-55</td><td>.....................</td><td>.....................</td><td>.....................</td><td>725</td></tr><tr><td>2%</td><td>Bond - 9/15/50-52</td><td>.....................</td><td>4,939</td><td>.....................</td><td>Sept.</td><td>3%</td><td>Bond - 9/15/51-55</td><td>.....................</td><td>.....................</td><td>.....................</td><td>755</td></tr><tr><td>Dec.</td><td>1-1/2% Bond - 12/15/50</td><td>2,635</td><td>.....................</td><td>.....................</td><td>Dec.</td><td>2%</td><td>Bond - 12/15/51-55</td><td>.....................</td><td>.....................</td><td>.....................</td><td>510</td></tr><tr><td>Total</td><td>.....................</td><td>6,231</td><td>.....................</td><td>8,088</td><td></td><td>Total</td><td>.....................</td><td>.....................</td><td>.....................</td><td>2,611</td><td>.....................</td></tr></table>
(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 September 30, 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>Date bank restricted issues become eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th></th><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>1956</td><td></td><td></td><td></td><td></td><td></td><td>1964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-1/4% Bond - 3/15/56-58</td><td>1,449</td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/64-69</td><td>3,761</td><td></td><td></td><td>4/15/53</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/54-56</td><td></td><td>681</td><td>681</td><td>Dec.</td><td>2-1/4% Bond - 12/15/64-69</td><td>3,838</td><td></td><td></td><td>9/15/53</td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>982</td><td></td><td></td><td></td><td>Total</td><td></td><td>7,600</td><td></td><td></td><td></td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>3,823</td><td></td><td></td><td></td><td>1965</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>6,253</td><td>681</td><td>681</td><td>Mar.</td><td>2-1/4% Bond - 3/15/65-70</td><td>5,197</td><td></td><td></td><td>2/1/54</td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-1/4% Bond - 3/15/56-58</td><td>1,449</td><td></td><td></td><td></td><td>Total</td><td></td><td>5,197</td><td>1,485</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/56-63</td><td>919</td><td></td><td></td><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>919</td><td>1,449</td><td></td><td>Mar.</td><td>2-1/4% Bond - 3/15/66-71</td><td>3,451</td><td></td><td></td><td>12/1/54</td></tr><tr><td>1959</td><td></td><td></td><td></td><td></td><td>1967</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/62-67</td><td>2,118</td><td></td><td></td><td>5/5/52</td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>982</td><td></td><td></td><td>2-1/4% Bond - 6/15/67-72</td><td></td><td>7,967</td><td></td><td></td><td>6/15/62</td></tr><tr><td>2-1/4% Bond - 9/15/56-59</td><td></td><td>3,823</td><td></td><td></td><td>Sept.</td><td>2-1/4% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/67-72</td><td>11,689</td><td></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><td></td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td>1968</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>2,611</td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/63-68</td><td>2,831</td><td></td><td></td><td>12/1/52</td></tr><tr><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td><td>1969</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>1,485</td><td>2,611</td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/64-69</td><td>3,761</td><td></td><td></td><td>4/15/53</td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2-1/4% Bond - 12/15/64-69</td><td>3,838</td><td></td><td></td><td>9/15/53</td></tr><tr><td>June.</td><td>3/ Panama Canal bond - 6/1/61</td><td>50</td><td></td><td></td><td>Total</td><td></td><td></td><td>7,600</td><td></td><td></td><td></td></tr><tr><td>1962</td><td></td><td></td><td></td><td></td><td>1970</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td>6/15/52</td><td>Mar.</td><td>2-1/4% Bond - 3/15/65-70</td><td>5,197</td><td></td><td></td><td>2/1/54</td></tr><tr><td>2-1/4% Bond - 6/15/62-67</td><td></td><td>2,118</td><td></td><td>5/5/52</td><td>1971</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td>12/15/52</td><td>Mar.</td><td>2-1/4% Bond - 3/15/66-71</td><td>3,451</td><td></td><td></td><td>12/1/54</td></tr><tr><td>Total</td><td></td><td>2,118</td><td>8,754</td><td></td><td>1972</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/4% Bond - 6/15/67-72</td><td>7,967</td><td></td><td></td><td>6/15/62</td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>919</td><td></td><td></td><td>Sept.</td><td>2-1/4% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/63-68</td><td>2,831</td><td></td><td>12/1/52</td><td>Dec.</td><td>2-1/4% Bond - 12/15/67-72</td><td>11,689</td><td></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></td><td>22,372</td><td></td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement and Public Debt Service. 1/2/ Exclude postal savings bonds. 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.
November 1948
21
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Amounts in millions of dollars)
<table><tr><th>Issue date</th><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="4">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown 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>Total amount</th><th>On competitive basis</th><th>On non-competitive basis 1/</th><th>In exchange</th><th></th><th></th></tr><tr><td>1948-Apr. 1</td><td>1948-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>1,655.4</td><td>1,005.6</td><td>965.2</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><tr><td>June 3</td><td>Sept. 2</td><td>91</td><td>1,704.3</td><td>1,100.7</td><td>1,070.1</td><td>30.6</td><td>630.2</td><td>1,101.4</td><td>13,760.2</td></tr><tr><td>June 10</td><td>Sept. 9</td><td>91</td><td>1,562.0</td><td>1,104.5</td><td>1,058.9</td><td>45.6</td><td>596.3</td><td>1,101.0</td><td>13,763.7</td></tr><tr><td>June 17</td><td>Sept. 16</td><td>91</td><td>1,653.4</td><td>1,103.6</td><td>1,059.0</td><td>44.6</td><td>559.9</td><td>1,107.4</td><td>13,759.9</td></tr><tr><td>June 24</td><td>Sept. 23</td><td>91</td><td>1,468.3</td><td>1,006.0</td><td>966.5</td><td>39.5</td><td>524.0</td><td>1,008.7</td><td>13,757.2</td></tr><tr><td>July 1</td><td>Sept. 30</td><td>91</td><td>1,778.2</td><td>1,101.9</td><td>1,072.7</td><td>29.2</td><td>650.8</td><td>1,200.3</td><td>13,658.8</td></tr><tr><td>July 8</td><td>Oct. 7</td><td>91</td><td>1,802.7</td><td>1,102.0</td><td>1,071.1</td><td>31.1</td><td>670.8</td><td>1,205.5</td><td>13,555.4</td></tr><tr><td>July 15</td><td>Oct. 14</td><td>91</td><td>1,655.6</td><td>906.1</td><td>855.6</td><td>50.5</td><td>489.7</td><td>1,006.6</td><td>13,454.9</td></tr><tr><td>July 22</td><td>Oct. 21</td><td>91</td><td>1,725.1</td><td>908.8</td><td>863.2</td><td>45.6</td><td>341.6</td><td>1,001.6</td><td>13,362.2</td></tr><tr><td>July 29</td><td>Oct. 28</td><td>91</td><td>1,689.4</td><td>909.7</td><td>865.3</td><td>44.4</td><td>347.9</td><td>1,005.6</td><td>13,266.2</td></tr><tr><td>Aug. 5</td><td>Nov. 4</td><td>91</td><td>1,708.4</td><td>803.7</td><td>760.0</td><td>43.7</td><td>314.1</td><td>905.4</td><td>13,164.4</td></tr><tr><td>Aug. 12</td><td>Nov. 12</td><td>92</td><td>1,508.4</td><td>890.2</td><td>840.2</td><td>50.0</td><td>364.3</td><td>1,005.6</td><td>13,049.0</td></tr><tr><td>Aug. 19</td><td>Nov. 18</td><td>91</td><td>1,447.8</td><td>900.8</td><td>848.6</td><td>52.2</td><td>542.7</td><td>1,004.0</td><td>12,945.8</td></tr><tr><td>Aug. 26</td><td>Nov. 26</td><td>92</td><td>1,493.5</td><td>1,000.4</td><td>958.3</td><td>42.1</td><td>640.8</td><td>1,107.8</td><td>12,838.4</td></tr><tr><td>Sept. 2</td><td>Dec. 2</td><td>91</td><td>1,614.4</td><td>1,000.8</td><td>957.4</td><td>43.3</td><td>659.3</td><td>1,100.7</td><td>12,738.4</td></tr><tr><td>Sept. 9</td><td>Dec. 9</td><td>91</td><td>1,597.6</td><td>1,001.5</td><td>958.1</td><td>43.4</td><td>689.5</td><td>1,104.5</td><td>12,635.5</td></tr><tr><td>Sept. 16</td><td>Dec. 16</td><td>91</td><td>1,685.3</td><td>1,100.8</td><td>1,052.0</td><td>48.8</td><td>384.2</td><td>1,103.6</td><td>12,632.6</td></tr><tr><td>Sept. 23</td><td>Dec. 23</td><td>91</td><td>1,398.0</td><td>1,000.8</td><td>950.4</td><td>50.4</td><td>599.2</td><td>1,006.0</td><td>12,627.4</td></tr><tr><td>Sept. 30</td><td>Dec. 30</td><td>91</td><td>1,410.7</td><td>1,102.4</td><td>1,060.3</td><td>42.1</td><td>511.5</td><td>1,101.9</td><td>12,628.0</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 colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1948- 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>99.752</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>99.752</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>99.752</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><tr><td>June 3</td><td>99.748</td><td>0.997</td><td>99.752</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>June 10</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>June 17</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>June 24</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>July 1</td><td>99.748</td><td>0.997</td><td>99.752</td><td>0.981</td><td>99.747</td><td>1.001</td></tr><tr><td>July 8</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><tr><td>July 15</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><tr><td>July 22</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><tr><td>July 29</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><tr><td>Aug. 5</td><td>99.748</td><td>0.997</td><td>99.760</td><td>0.949</td><td>99.747</td><td>1.001</td></tr><tr><td>Aug. 12</td><td>99.745</td><td>0.997</td><td>99.754 3/</td><td>0.963</td><td>99.744</td><td>1.002</td></tr><tr><td>Aug. 19</td><td>99.730</td><td>1.056</td><td>99.750</td><td>0.989</td><td>99.727</td><td>1.080</td></tr><tr><td>Aug. 26</td><td>99.726</td><td>1.072</td><td>99.747</td><td>0.990</td><td>99.723</td><td>1.084</td></tr><tr><td>Sept. 2</td><td>99.728</td><td>1.075</td><td>99.732</td><td>1.060</td><td>99.726</td><td>1.084</td></tr><tr><td>Sept. 9</td><td>99.728</td><td>1.076</td><td>99.734 1/</td><td>1.052</td><td>99.726</td><td>1.084</td></tr><tr><td>Sept. 16</td><td>99.726</td><td>1.083</td><td>99.735</td><td>1.048</td><td>99.725</td><td>1.088</td></tr><tr><td>Sept. 23</td><td>99.724</td><td>1.092</td><td>99.730</td><td>1.068</td><td>99.722</td><td>1.100</td></tr><tr><td>Sept. 30</td><td>99.720</td><td>1.109</td><td>99.726</td><td>1.084</td><td>99.717</td><td>1.120</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
2/ Bank discount basis. 3/ Except $300,000 at 99.770. 4/ Except $100,000 at 99.748.
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)</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash 2/</th><th>in exchange for other securities</th><th></th></tr><tr><td>5/14/45</td><td>6/1/45<br>6/1/45<br>6/1/45</td><td>7th War Loan securities: 3/<br>2-1/2% Bond - 6/13/67-72<br>2-1/4% Bond - 6/15/59-62<br>1-1/2% Bond - 12/15/50<br>7/8% Certificate - 6/1/46-E</td><td>27 yr (22 yr)<br>17 yr (14 yr)<br>5 yr, 6 m<br>1 yr</td><td>7,967<br>5,284<br>2,635<br>4,799</td><td>-<br>-<br>-<br>-</td><td>7,967 3/</td><td>5,284 3/</td><td>2,635 3/</td><td>4,799 3/</td><td>100<br>100<br>100<br>100</td></tr><tr><td>5/21/45<br>7/23/45<br>8/20/45</td><td>6/1/45<br>8/1/45<br>9/1/45</td><td>.90% Note - 7/1/46-D<br>7/8% Certificate - 8/1/46-F<br>7/8% Certificate - 9/1/46-O</td><td>1 yr, 1 m<br>1 yr<br>1 yr</td><td>-<br>-<br>-</td><td>4,910<br>2,470<br>4,336</td><td>-</td><td>4,910<br>2,470<br>4,336</td><td>100<br>100<br>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/<br>2-1/2% Bond - 12/15/59-62<br>2-1/4% Bond - 12/15/59-62<br>7/8% Certificate - 12/1/46-K</td><td>27 yr, 1 m (22 yr, 1 m)<br>17 yr, 1 m (14 yr, 1 m)<br>1 yr</td><td>11,689<br>3,470<br>3,768</td><td>-<br>-<br>-</td><td>11,689 3/</td><td>3,470 3/</td><td>3,768 3/</td><td>100<br>100<br>100</td></tr><tr><td>9/24/45<br>11/19/45<br>12/17/45</td><td>10/1/45<br>12/1/45<br>1/1/46</td><td>7/8% Certificate - 10/1/46-B<br>7/8% Certificate - 11/1/46-J<br>7/8% Certificate - 1/1/47-A</td><td>1 yr<br>11 m<br>1 yr</td><td>-<br>-<br>-</td><td>3,440<br>3,778<br>3,330</td><td>-</td><td>3,440<br>3,778<br>3,330</td><td>100<br>100<br>100</td></tr><tr><td>1/21/46<br>2/18/46<br>3/20/46<br>5/20/46<br>6/14/46<br>7/17/46<br>8/19/46<br>9/18/46<br>10/21/46<br>11/18/46<br>12/18/46</td><td>2/1/46<br>3/1/46<br>4/1/46<br>6/1/46<br>7/1/46<br>8/1/46<br>9/1/46<br>10/1/46<br>11/1/46<br>12/1/46<br>1/1/47</td><td>7/8% Certificate - 2/1/47-B<br>7/8% Certificate - 3/1/47-C<br>7/8% Certificate - 4/1/47-D<br>7/8% Certificate - 6/1/47-E<br>7/8% Certificate - 7/1/47-F<br>7/8% Certificate - 8/1/47-G<br>7/8% Certificate - 9/1/47-H<br>7/8% Certificate - 10/1/47-J<br>7/8% Certificate - 11/1/47-K<br>7/8% Certificate - 12/1/47-L<br>7/8% Certificate - 1/1/48-A</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>4,954<br>4,106<br>4,742<br>4,168<br>4,673<br>2,307<br>4,145<br>3,203<br>3,432<br>3,281<br>3,134</td><td>-</td><td>4,954<br>3,133<br>2,820<br>2,775<br>2,916<br>1,223<br>2,341<br>1,440<br>1,775<br>3,281<br>3,134</td><td>100<br>76<br>59<br>66<br>62<br>52<br>56<br>44<br>51<br>100<br>100</td></tr><tr><td>1/20/47<br>2/17/47<br>3/19/47<br>5/21/47<br>6/23/47<br>7/21/47<br>8/20/47<br>9/2/47<br>9/22/47<br>10/22/47<br>11/19/47<br>12/19/47</td><td>2/1/47<br>3/1/47<br>4/1/47<br>6/1/47<br>7/1/47<br>8/1/47<br>9/1/47<br>9/15/47<br>10/1/47<br>11/1/47<br>12/1/47<br>1/1/48</td><td>7/8% Certificate - 2/1/48-B<br>7/8% Certificate - 3/1/48-C<br>7/8% Certificate - 4/1/48-D<br>7/8% Certificate - 6/1/48-E<br>7/8% Certificate - 7/1/48-G<br>7/8% Certificate - 7/1/48-H<br>7/8% Certificate - 8/1/48-I<br>1% Note - 10/1/48-B<br>1% Certificate - 10/1/48-J<br>1-1/2% Certificate - 10/1/48-K<br>1-1/8% Note - 1/1/49-A<br>1-1/8% Certificate - 1/1/49-A</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>11 m<br>10 m<br>12 m<br>1 yr<br>11 m<br>1 yr<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>4,801<br>2,951<br>2,669<br>2,510<br>2,742<br>1,127<br>2,209<br>4,092<br>1,354<br>1,467<br>3,535<br>2,592</td><td>-</td><td>3,947<br>2,142<br>1,321<br>1,777<br>2,742<br>1,127<br>2,209<br>4,092<br>1,354<br>1,467<br>3,535<br>2,592</td><td>82<br>72<br>48<br>70<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100</td></tr><tr><td>1/20/48<br>2/18/48<br>3/22/48<br>5/19/48<br>6/21/48<br>9/1/48<br>9/20/48</td><td>2/1/48<br>3/1/48<br>4/1/48<br>6/1/48<br>7/1/48<br>9/15/48<br>10/1/48</td><td>1-1/8% Certificate - 2/1/49-B<br>1-1/8% Certificate - 3/1/49-C<br>1-1/8% Certificate - 4/1/49-D<br>1-1/8% Certificate - 6/1/49-E<br>1-1/8% Certificate - 7/1/49-F<br>1-3/8% Treas. note - 4/1/50-A<br>1-1/4% Certificate - 10/1/49-G</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr 61 m<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>2,189<br>3,553<br>1,055<br>4,301<br>5,783<br>3,596<br>6,535</td><td>-</td><td>2,189<br>3,553<br>1,055<br>4,301<br>5,783<br>3,596<br>6,535</td><td>100<br>100<br>100<br>100<br>100<br>100<br>100</td></tr></table>
Source: Bureau of the Public Debt.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
3/ Figures on amount of War Loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
Bank restricted issues. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities" for earliest date on which commercial banks may acquire this issue.
November 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="2">Called or maturing security 1/</th><th rowspan="2">Amount outstanding</th><th colspan="2">Disposition offers by Treasury 2/</th><th colspan="3">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash By Federal Reserve Banks 3/</th><th>By other investors</th></tr><tr><td>1/1/47</td><td>3% Conversion bond - 1/1/47-</td><td>1/1/17</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 1/1/48-A</td></tr><tr><td></td><td>7/8% Certificate - 1/1/47-A</td><td>1/1/46</td><td>3,330</td><td>-</td><td>3,330</td><td>3,134</td><td>-</td><td>196</td><td></td></tr><tr><td>2/1/47</td><td>7/8% Certificate - 2/1/47-B</td><td>2/1/46</td><td>4,954</td><td>1,007</td><td>3,947</td><td>3,947</td><td>-</td><td>-</td><td>7/8% Certificate - 2/1/48-B</td></tr><tr><td>3/1/47</td><td>7/8% Certificate - 3/1/47-C</td><td>3/1/46</td><td>3,133</td><td>991</td><td>2,142</td><td>2,142</td><td>-</td><td>-</td><td>7/8% Certificate - 3/1/48-C</td></tr><tr><td>3/15/47</td><td>1-1/4% Treas. note - 3/15/47-B</td><td>6/26/44</td><td>1,948</td><td>1,948</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/47</td><td>7/8% Certificate - 4/1/47-D</td><td>4/1/46</td><td>2,820</td><td>1,499</td><td>1,321</td><td>1,321</td><td>-</td><td>-</td><td>7/8% Certificate - 4/1/48-D</td></tr><tr><td>6/1/47</td><td>7/8% Certificate - 6/1/47-E</td><td>6/1/46</td><td>2,775</td><td>998</td><td>1,777</td><td>1,777</td><td>-</td><td>-</td><td>7/8% Certificate - 6/1/48-E</td></tr><tr><td>7/1/47</td><td>7/8% Certificate - 7/1/47-F</td><td>7/1/46</td><td>2,916</td><td>-</td><td>2,916</td><td>2,742</td><td>-</td><td>174</td><td>7/8% Certificate - 7/1/48-F</td></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47-G</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>-</td><td>97</td><td>7/8% Certificate - 7/1/48-G</td></tr><tr><td>9/1/47</td><td>7/8% Certificate - 9/1/47-H</td><td>9/1/46</td><td>2,341</td><td>-</td><td>2,341</td><td>2,209</td><td>-</td><td>132</td><td>7/8% Certificate - 7/1/48-H</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47-A</td><td>7/12/43</td><td>2,707</td><td>-</td><td>2,707</td><td>2,580</td><td>-</td><td>127</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td></td><td>1-1/4% Treas. note - 9/15/47-C</td><td>12/1/44</td><td>1,687</td><td>-</td><td>1,687</td><td>1,512</td><td>-</td><td>175</td><td></td></tr><tr><td colspan="3">Total for 9/15/47</td><td>4,395</td><td>-</td><td>4,395</td><td>4,092</td><td>-</td><td>302</td><td></td></tr><tr><td>10/1/47</td><td>7/8% Certificate - 10/1/47-J</td><td>10/1/46</td><td>1,440</td><td>-</td><td>1,440</td><td>1,354</td><td>-</td><td>86</td><td>1% Certificate - 10/1/48-J</td></tr><tr><td>10/15/47</td><td>4-1/4% Treas. bond - 10/15/47-</td><td>10/16/22</td><td>759</td><td>759</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>11/1/47</td><td>7/8% Certificate - 11/1/47-K</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,467</td><td>203</td><td>105</td><td>1% Certificate - 10/1/48-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>-</td><td>3,281</td><td>2,908</td><td>139</td><td>234</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td></td><td>2% Bond - 12/15/47-</td><td>12/15/38</td><td>701</td><td>-</td><td>701</td><td>627</td><td>-</td><td>74</td><td></td></tr><tr><td colspan="3">Total for 12/1/47</td><td>3,982</td><td>-</td><td>3,982</td><td>3,535</td><td>139</td><td>308</td><td></td></tr><tr><td>1/1/48</td><td>7/8% Certificate - 1/1/48-A</td><td>1/1/47</td><td>3,134</td><td>-</td><td>3,134</td><td>2,592</td><td>400</td><td>142</td><td>1-1/8% Certificate - 1/1/49-A</td></tr><tr><td>2/1/48</td><td>7/8% Certificate - 2/1/48-B</td><td>2/1/47</td><td>3,947</td><td>-</td><td>3,947</td><td>2,189</td><td>1,614</td><td>144</td><td>1-1/8% Certificate - 2/1/49-B</td></tr><tr><td>3/1/48</td><td>7/8% Certificate - 3/1/48-C</td><td>3/1/47</td><td>2,142</td><td>-</td><td>2,142</td><td>1,687</td><td>285</td><td>169</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td></td><td>2% Treas. bond - 3/15/48-</td><td>3/15/41</td><td>1,115</td><td>-</td><td>1,115</td><td>899</td><td>75</td><td>141</td><td></td></tr><tr><td></td><td>2-3/4% Treas. bond - 3/15/48-</td><td>3/16/36</td><td>1,223</td><td>-</td><td>1,223</td><td>967</td><td>101</td><td>156</td><td></td></tr><tr><td colspan="3">Total for 3/1/48</td><td>4,481</td><td>-</td><td>4,481</td><td>3,553</td><td>460</td><td>467</td><td></td></tr><tr><td>4/1/48</td><td>7/8% Certificate - 4/1/48-D</td><td>4/1/47</td><td>1,321</td><td>-</td><td>1,321</td><td>1,055</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>-</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></td><td>1-3/4% Treas. bond - 6/15/48-</td><td>12/1/42</td><td>3,062</td><td>-</td><td>3,062</td><td>2,683</td><td>-</td><td>378</td><td></td></tr><tr><td colspan="3">Total for 6/1/48</td><td>4,839</td><td>-</td><td>4,839</td><td>4,301</td><td>-</td><td>538</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>-</td><td>2,742</td><td>2,601</td><td>-</td><td>141</td><td>1-1/8% 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>-</td><td>1,127</td><td>1,079</td><td>-</td><td>48</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>-</td><td>2,209</td><td>2,103</td><td>-</td><td>106</td><td></td></tr><tr><td colspan="3">Total for 7/1/48</td><td>6,078</td><td>-</td><td>6,078</td><td>5,783</td><td>-</td><td>295</td><td></td></tr><tr><td>9/15/48</td><td>2-1/2% Treas. bond - 9/15/48-</td><td>3/15/38</td><td>451</td><td>451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1-3/8% Treas. note - 4/1/50-A</td></tr><tr><td></td><td>1-1/2% Treas. note - 9/15/48-A</td><td>3/15/44</td><td>3,748</td><td>-</td><td>3,748</td><td>3,596</td><td>-</td><td>152</td><td></td></tr><tr><td>10/1/48</td><td>1% Treas. note - 10/1/48-B</td><td>9/15/47</td><td>4,092</td><td>-</td><td>4,092</td><td>3,912</td><td>-</td><td>180</td><td>1-1/4% Certificate - 10/1/49-G</td></tr><tr><td></td><td>1% Certificate - 10/1/48-J</td><td>10/1/47</td><td>1,354</td><td>-</td><td>1,354</td><td>1,857</td><td>-</td><td>97</td><td></td></tr><tr><td></td><td>1% Certificate - 10/1/48-K</td><td>11/1/47</td><td>1,467</td><td>-</td><td>1,467</td><td>1,366</td><td>-</td><td>101</td><td></td></tr><tr><td colspan="3">Total for 10/1/48</td><td>6,913</td><td>-</td><td>6,913</td><td>6,535</td><td>-</td><td>378</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 stated portion for cash retirement with the remainder covered by an offering
of an exchange security. 3/ Beginning with the November 1947 operation, arrangements were made between the Treasury and the Federal Reserve System whereby all or a part of the System's holdings of certain maturing and called securities would be proceeded for cash redemption.
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 rowspan="2">Increase, or decrease (-), during period</th><th colspan="8">Public debt receipts (Issueance of public debt)</th><th colspan="4">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Armed forces leave bonds</th><th>International Bank for Reconstruction and Development series</th><th>International Monetary Fund series</th><th>Excess profit tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1941.....</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942.....</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943.....</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944.....</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>-</td><td>-</td><td>-</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945.....</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>-</td><td>-</td><td>-</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946.....</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947.....</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>*</td><td>1,847</td><td>566</td><td>1,782</td><td>-2</td><td>31,758</td><td>20,398</td><td>138,897</td><td>91,776</td><td>-</td><td>31,758</td><td>15,364</td></tr><tr><td>1948.....</td><td>252,292</td><td>-5,994</td><td>121,290</td><td>29,772</td><td>-</td><td>*</td><td>234</td><td>-</td><td>-</td><td>*</td><td>69,206</td><td>22,078</td><td>127,284</td><td>38,845</td><td>-</td><td>69,206</td><td>19,233</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>*</td><td>11</td><td>-</td><td>-</td><td>*</td><td>5,954</td><td>257</td><td>9,812</td><td>3,794</td><td>-</td><td>5,954</td><td>64</td></tr><tr><td>Feb.</td><td>254,605</td><td>-1,969</td><td>7,124</td><td>2,700</td><td>-</td><td>*</td><td>6</td><td>-</td><td>-</td><td>-</td><td>4,276</td><td>142</td><td>9,093</td><td>4,773</td><td>-</td><td>4,276</td><td>44</td></tr><tr><td>Mar.</td><td>252,990</td><td>-1,615</td><td>8,752</td><td>2,631</td><td>-</td><td>*</td><td>3</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>*</td><td>2</td><td>-</td><td>-</td><td>-</td><td>3,767</td><td>86</td><td>7,967</td><td>4,043</td><td>-</td><td>3,767</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>*</td><td>2</td><td>-</td><td>-</td><td>-</td><td>1,968</td><td>181</td><td>4,853</td><td>2,828</td><td>-</td><td>1,968</td><td>59</td></tr><tr><td>June</td><td>252,292</td><td>56</td><td>27,990</td><td>2,782</td><td>-</td><td>*</td><td>1</td><td>-</td><td>-</td><td>*</td><td>6,611</td><td>18,593</td><td>27,934</td><td>3,616</td><td>-</td><td>6,611</td><td>17,707</td></tr><tr><td>July</td><td>253,374</td><td>1,082</td><td>13,310</td><td>4,352</td><td>-</td><td>*</td><td>1</td><td>-</td><td>-</td><td>*</td><td>8,285</td><td>673</td><td>12,229</td><td>3,847</td><td>-</td><td>8,285</td><td>97</td></tr><tr><td>Aug.</td><td>253,049</td><td>-324</td><td>6,362</td><td>2,327</td><td>-</td><td>*</td><td>2</td><td>-</td><td>-</td><td>-</td><td>1,862</td><td>171</td><td>4,636</td><td>2,754</td><td>-</td><td>1,862</td><td>71</td></tr><tr><td>Sept.</td><td>252,687</td><td>-362</td><td>10,402</td><td>3,760</td><td>-</td><td>*</td><td>2</td><td>-</td><td>-</td><td>-</td><td>6,240</td><td>399</td><td>10,764</td><td>4,458</td><td>-</td><td>6,240</td><td>66</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.
November 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 semiannually 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 September 30, 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>(In millions of dollars)</th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>250</td><td>6</td><td>-</td><td>3/</td></tr><tr><td>Series B</td><td>370</td><td>93</td><td>463</td><td>449</td><td>14</td><td>-</td><td>3/</td></tr><tr><td>Series C</td><td>1,010</td><td>261</td><td>1,271</td><td>1,029</td><td>30</td><td>212</td><td>80.99</td></tr><tr><td>Series D</td><td>2,365</td><td>489</td><td>2,854</td><td>600</td><td>-</td><td>2,254</td><td>21.02</td></tr><tr><td>Series E</td><td>51,442</td><td>2,192</td><td>53,635</td><td>21,763</td><td>-</td><td>31,872</td><td>40.58</td></tr><tr><td>Series F</td><td>4,086</td><td>189</td><td>4,275</td><td>788</td><td>-</td><td>3,487</td><td>18.43</td></tr><tr><td>Series G</td><td>18,918</td><td>-</td><td>18,918</td><td>1,966</td><td>-</td><td>16,952</td><td>10.39</td></tr><tr><td>Total, Series A-G</td><td>78,396</td><td>3,276</td><td>81,671</td><td>26,845</td><td>50</td><td>54,776</td><td>32.87</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. Footnotes at end of Table 3.
Table 2.- Sales and Redemptions, All Series Combined
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>118</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>804</td><td>7,039</td><td>5,113</td><td>n.a.</td><td>n.a.</td><td>59</td><td>53,274</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>640</td><td>8,067</td><td>6,427</td><td>6,243</td><td>185</td><td>87</td><td>49,776</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>742</td><td>7,436</td><td>5,126</td><td>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>1948-January</td><td>770</td><td>84</td><td>854</td><td>454</td><td>422</td><td>32</td><td>95</td><td>52,479</td><td>.86</td></tr><tr><td>February</td><td>607</td><td>57</td><td>664</td><td>364</td><td>340</td><td>24</td><td>82</td><td>52,793</td><td>.69</td></tr><tr><td>March</td><td>588</td><td>61</td><td>649</td><td>462</td><td>435</td><td>27</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>452</td><td>427</td><td>25</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>428</td><td>n.a.</td><td>n.a.</td><td>63</td><td>53,143</td><td>.81</td></tr><tr><td>June</td><td>497</td><td>95</td><td>591</td><td>465</td><td>n.a.</td><td>n.a.</td><td>59</td><td>53,274</td><td>.87</td></tr><tr><td>July</td><td>1,673</td><td>94</td><td>1,767</td><td>438</td><td>n.a.</td><td>n.a.</td><td>55</td><td>54,607</td><td>.80</td></tr><tr><td>August</td><td>473</td><td>63</td><td>536</td><td>442</td><td>n.a.</td><td>n.a.</td><td>52</td><td>54,704</td><td>.81</td></tr><tr><td>September</td><td>412</td><td>65</td><td>477</td><td>407</td><td>n.a.</td><td>n.a.</td><td>50</td><td>54,776</td><td>.74</td></tr><tr><td>Inception through September 1948</td><td>78,396</td><td>3,276</td><td>81,671</td><td>26,845</td><td>n.a.</td><td>n.a.</td><td>50</td><td>54,776</td><td>-</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotes at end of Table 3.
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series E, F, and G
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales 1/</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr></table>
(In millions of dollars)
<table><tr><th colspan="8">Series B, F, and G</th></tr><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>4,954</td><td>109</td><td>48,398</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>694</td><td>6,929</td><td>4,597</td><td>n.a.</td><td>n.a.</td><td>50,730</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>4,522</td><td>123</td><td>49,311</td><td>-</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1948-January</td><td>770</td><td>67</td><td>837</td><td>372</td><td>360</td><td>12</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>296</td><td>10</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>394</td><td>14</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>395</td><td>.14</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>June</td><td>497</td><td>86</td><td>583</td><td>425</td><td>n.a.</td><td>n.a.</td><td>50,730</td><td>.84</td></tr><tr><td>July</td><td>1,673</td><td>78</td><td>1,750</td><td>396</td><td>n.a.</td><td>n.a.</td><td>52,084</td><td>.76</td></tr><tr><td>August</td><td>473</td><td>53</td><td>527</td><td>397</td><td>n.a.</td><td>n.a.</td><td>52,214</td><td>.76</td></tr><tr><td>September</td><td>412</td><td>57</td><td>469</td><td>373</td><td>n.a.</td><td>n.a.</td><td>52,311</td><td>.71</td></tr><tr><td>Inception through September 1948</td><td>74,447</td><td>2,381</td><td>76,828</td><td>24,517</td><td>n.a.</td><td>n.a.</td><td>52,311</td><td>-</td></tr></table>
<table><tr><th colspan="9">Series E</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>1178</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,026</td><td>633</td><td>4,659</td><td>3,825</td><td>n.a.</td><td>n.a.</td><td>31,625</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</td><td>-</td></tr><tr><td>1947</td><td>4,085</td><td>579</td><td>4,664</td><td>3,930</td><td>3,813</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>1948-January</td><td>479</td><td>60</td><td>539</td><td>310</td><td>299</td><td>11</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>233</td><td>9</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>328</td><td>13</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>332</td><td>14</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>June</td><td>341</td><td>78</td><td>420</td><td>346</td><td>n.a.</td><td>n.a.</td><td>31,625</td><td>1.10</td></tr><tr><td>July</td><td>379</td><td>70</td><td>448</td><td>318</td><td>n.a.</td><td>n.a.</td><td>31,755</td><td>1.00</td></tr><tr><td>August</td><td>334</td><td>49</td><td>383</td><td>321</td><td>n.a.</td><td>n.a.</td><td>31,818</td><td>1.01</td></tr><tr><td>September</td><td>304</td><td>52</td><td>356</td><td>302</td><td>n.a.</td><td>n.a.</td><td>31,872</td><td>.95</td></tr><tr><td>Inception through September 1948</td><td>51,442</td><td>2,192</td><td>53,635</td><td>21,763</td><td>n.a.</td><td>n.a.</td><td>31,872</td><td>-</td></tr></table>
(Continued on following page)
November 1948
27
UNITED STATES SAVINGS BONDS
Table 3.- 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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">Series P</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>*</td><td>67</td><td>*</td><td>*</td><td>*</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>6</td><td>3,099</td><td>-</td></tr><tr><td>1948</td><td>301</td><td>61</td><td>362</td><td>206</td><td>n.a.</td><td>n.a.</td><td>3,255</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>1948-January</td><td>44</td><td>7</td><td>51</td><td>17</td><td>16</td><td>1</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>17</td><td>1</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>16</td><td>1</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>16</td><td>1</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>June</td><td>19</td><td>7</td><td>27</td><td>21</td><td>n.a.</td><td>n.a.</td><td>3,255</td><td>.64</td></tr><tr><td>July</td><td>246</td><td>8</td><td>254</td><td>22</td><td>n.a.</td><td>n.a.</td><td>3,487</td><td>.62</td></tr><tr><td>August</td><td>18</td><td>4</td><td>22</td><td>21</td><td>n.a.</td><td>n.a.</td><td>3,488</td><td>.62</td></tr><tr><td>September</td><td>14</td><td>5</td><td>19</td><td>19</td><td>n.a.</td><td>n.a.</td><td>3,487</td><td>.55</td></tr><tr><td>Inception through September 1948</td><td>4,086</td><td>189</td><td>4,275</td><td>788</td><td>n.a.</td><td>n.a.</td><td>3,487</td><td>-</td></tr><tr><td colspan="9">Series C</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>1948</td><td>1,907</td><td>-</td><td>1,907</td><td>566</td><td>566</td><td>-</td><td>15,850</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>1947</td><td>2,267</td><td>-</td><td>2,267</td><td>512</td><td>512</td><td>-</td><td>15,152</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948-January</td><td>248</td><td>-</td><td>248</td><td>46</td><td>46</td><td>-</td><td>15,354</td><td>.30</td></tr><tr><td>February</td><td>201</td><td>-</td><td>201</td><td>45</td><td>45</td><td>-</td><td>15,510</td><td>.29</td></tr><tr><td>March</td><td>175</td><td>-</td><td>175</td><td>50</td><td>50</td><td>-</td><td>15,034</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>15,717</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>June</td><td>136</td><td>-</td><td>136</td><td>57</td><td>57</td><td>-</td><td>15,850</td><td>.36</td></tr><tr><td>July</td><td>1,048</td><td>-</td><td>1,048</td><td>57</td><td>57</td><td>-</td><td>16,842</td><td>.34</td></tr><tr><td>August</td><td>122</td><td>-</td><td>122</td><td>55</td><td>55</td><td>-</td><td>16,908</td><td>.33</td></tr><tr><td>September</td><td>94</td><td>-</td><td>94</td><td>51</td><td>51</td><td>-</td><td>16,952</td><td>.30</td></tr><tr><td>Inception through September 1948</td><td>18,918</td><td>-</td><td>18,918</td><td>1,966</td><td>1,966</td><td>-</td><td>16,952</td><td>-</td></tr></table>
Source: 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 consisting of Series E, F, and G. These amounts are substantially less than the sales reported as unclassified in the Daily Treasury Statement. The greater part of that item consists of sales for which information is available as to the series but not the year of issue. On the basis of that information such sales are included in this table according to series. Prior to June 1947, it was possible to distribute by series all sales re-
2/ Ported as unclassified in the Daily Treasury Statement. Series E redemptions include small amounts of unclassified Series A-D redemptions beginning with October 1944, and small amounts of unclassified F and G redemptions, beginning with June 1947.
3/ Not calculated for matured series.
n.a. Not available.
* Less than $500,000.
28
Treasury Bulletin
TREASURY SAVINGS NOTES
Treasury savings notes (originally designated tax savings notes) have been issued in four series: Series A from August 1, 1941, through June 22, 1943; Series B from August 1, 1941, through September 12, 1942; Series C from September 14, 1942, through August 31, 1948; and Series D on continuous sale beginning September 1, 1948. Details concerning terms and conditions for purchase and redemption, and investment yields of Series D notes will be found on page A-1 of the October 1948 "Treasury Bulletin". For details concerning terms and conditions, investment yields, and tax payment or redemption values of Series A and B, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220, and for sales and redemptions by fiscal years and months, see "Treasury Bulletin" for February 1946,
pages 42 and 43. Similar information concerning Series C notes will be found in the "Treasury Bulletin" for October 1945, pages A-4 and A-5.
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 September 30, 1948
(In millions of dollars)
<table><tr><th rowspan="2">Series</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>404</td><td>66 1/2</td><td>338</td><td>3</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,944</td><td>182 1/2</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>32,441</td><td>28,722</td><td>8,359</td><td>20,362</td><td>26</td><td>3,693</td></tr><tr><td>Series D</td><td>711</td><td>*</td><td>*</td><td>-</td><td>-</td><td>711</td></tr><tr><td>Total</td><td>38,503</td><td>34,069</td><td>8,608</td><td>25,461</td><td>29</td><td>4,404</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the United States. 1/ Includes exchanges. * Less than $500,000.
Table 2.- Sales and Redemptions of Series C and D
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="7">Fiscal years:</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td>1948</td><td>2,143</td><td>3,301</td><td>1,971</td><td>1,330</td><td>32</td><td>4,394</td></tr><tr><td colspan="7">Calendar years:</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,880</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td colspan="7">Months:</td></tr><tr><td>1948-January</td><td>143</td><td>141</td><td>72</td><td>68</td><td>73</td><td>5,403</td></tr><tr><td>February</td><td>111</td><td>194</td><td>154</td><td>40</td><td>66</td><td>5,327</td></tr><tr><td>March</td><td>120</td><td>364</td><td>91</td><td>273</td><td>49</td><td>5,100</td></tr><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><tr><td>June</td><td>183</td><td>538</td><td>309</td><td>229</td><td>32</td><td>4,394</td></tr><tr><td>July</td><td>140</td><td>151</td><td>83</td><td>67</td><td>30</td><td>4,386</td></tr><tr><td>August</td><td>53</td><td>100</td><td>69</td><td>30</td><td>28</td><td>4,340</td></tr><tr><td>September</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C</td><td>6</td><td>655</td><td>412</td><td>243</td><td>26</td><td>3,693</td></tr><tr><td>Series D</td><td>711</td><td>*</td><td>*</td><td>-</td><td>-</td><td>711</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the United States. * Less than $500,000.
November 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="6">Interest-bearing securities issued by the U. S. Government</th><th colspan="6">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">Hold by U. S. Government agencies and trust funds 2/</th><th>Held by Federal Reserve Banks - public market- able issues</th><th colspan="3">Hold by private investors 2/ 3/</th><th>Total outstanding</th><th colspan="3">Hold by U. S. Government agencies and trust funds and Federal Reserve Banks 2/4/</th><th>Held by private investors 2/ 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Public market- able issues</th><th>Public non-market- able issues 5/</th><th>Special issues</th><th>Total</th><th>Public market- able issues</th><th>Public non-market- able issues</th><th></th><th>Public market- able issues</th><th>Public non-market- able issues 6/</th><th></th></tr><tr><td>1941</td><td>55,332</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>6,085</td><td>*</td><td>585</td></tr><tr><td>1942</td><td>76,991</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>4,262</td><td>-</td><td>474</td></tr><tr><td>1943</td><td>140,796</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>285</td><td>3,738</td><td>68</td><td>1,324</td></tr><tr><td>1944</td><td>202,626</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>180</td><td>1,186</td><td>150</td><td>1,567</td></tr><tr><td>1945</td><td>259,115</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td><td>375</td><td>2,350</td></tr><tr><td>1946</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>34</td><td>424</td><td>1,321</td></tr><tr><td>1947</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>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>1948</td><td>252,366</td><td>250,063</td><td>35,749</td><td>5,401</td><td>137</td><td>30,211</td><td>21,366</td><td>192,948</td><td>133,578</td><td>59,370</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1948-Jan.</td><td>256,651</td><td>253,958</td><td>34,600</td><td>5,315</td><td>137</td><td>29,148</td><td>21,925</td><td>197,434</td><td>137,677</td><td>59,756</td><td>72</td><td>*</td><td>28</td><td>44</td><td>2,621</td></tr><tr><td>Feb.</td><td>254,683</td><td>252,100</td><td>34,883</td><td>5,500</td><td>137</td><td>29,246</td><td>21,024</td><td>196,193</td><td>136,235</td><td>59,958</td><td>74</td><td>*</td><td>28</td><td>46</td><td>2,510</td></tr><tr><td>Mar.</td><td>253,068</td><td>250,634</td><td>34,973</td><td>5,564</td><td>137</td><td>29,272</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>2,361</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>34,879</td><td>5,420</td><td>137</td><td>29,323</td><td>20,662</td><td>194,417</td><td>134,806</td><td>59,611</td><td>70</td><td>-</td><td>27</td><td>42</td><td>2,283</td></tr><tr><td>June.</td><td>252,366</td><td>250,063</td><td>35,749</td><td>5,401</td><td>137</td><td>30,211</td><td>21,366</td><td>192,948</td><td>133,578</td><td>59,370</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>July</td><td>253,429</td><td>251,168</td><td>36,366</td><td>5,447</td><td>133</td><td>30,787</td><td>21,325</td><td>193,476</td><td>132,787</td><td>60,689</td><td>51</td><td>-</td><td>14</td><td>37</td><td>2,210</td></tr><tr><td>Aug.</td><td>253,101</td><td>250,875</td><td>36,455</td><td>5,442</td><td>126</td><td>30,887</td><td>21,577</td><td>192,842</td><td>132,113</td><td>60,730</td><td>47</td><td>-</td><td>14</td><td>33</td><td>2,179</td></tr><tr><td>Sept.</td><td>252,738</td><td>250,518</td><td>36,796p</td><td>5,450p</td><td>125p</td><td>31,221</td><td>23,413</td><td>190,309p</td><td>129,456p</td><td>60,853p</td><td>46</td><td>-</td><td>14</td><td>32</td><td>2,174</td></tr></table>
Source:
1/ Excludes guaranteed securities held by the Treasury.
2/ Holdings by Federal land banks are included under "Private investors" instead of "U. S. Government agencies and trust funds" beginning with June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
3/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total outstanding the
4/ All public marketable issues except R. F. C. notes in the amount of $115 million for 1943 and $176 million for 1944.
5/ Includes U. S. savings bonds, Series A-F at maturity value.
6/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, as in the Daily Treasury Statement.
p Preliminary.
* Less than $500,000.
Table 2.- Net Market Purchases or Sales of Federal Securities for Treasury Investment Accounts
(In millions of dollars; negative figures are not sales)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td></td><td></td><td></td></tr></table>
1
1/ Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund. Less than $50,000.
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 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/ 6/</th><th>State and local governments 7/</th><th>U. S. Government agencies and trust funds 8/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>29.3</td><td>10.4</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.9</td><td>10.3</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>11.1</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>119.9</td><td>50.1</td><td>44.2</td><td>5.9</td><td>69.8</td><td>27.7</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>81.4</td><td>31.7</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>162.3</td><td>67.2</td><td>58.3</td><td>8.9</td><td>95.1</td><td>36.0</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>98.7</td><td>38.4</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>187.0</td><td>76.2</td><td>64.0</td><td>12.1</td><td>110.8</td><td>43.6</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>119.3</td><td>46.5</td><td>17.3</td><td>7.3</td><td>25.9</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>211.1</td><td>87.1</td><td>70.5</td><td>16.7</td><td>123.9</td><td>49.2</td><td>18.3</td><td>7.7</td><td>24.8</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>135.6</td><td>53.5</td><td>19.6</td><td>8.3</td><td>28.1</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>235.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>137.7</td><td>54.9</td><td>20.4</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>153.1</td><td>59.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>262.6</td><td>107.3</td><td>84.0</td><td>23.3</td><td>155.2</td><td>60.7</td><td>22.5</td><td>10.0</td><td>29.9</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>163.6</td><td>64.8</td><td>24.4</td><td>10.7</td><td>30.2</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February (Peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.6</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>28.0</td></tr><tr><td>March</td><td>276.6</td><td>112.8</td><td>90.2</td><td>22.6</td><td>163.8</td><td>64.8</td><td>25.0</td><td>11.2</td><td>28.0</td><td>6.7</td><td>28.2</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>161.7</td><td>64.1</td><td>25.3</td><td>11.5</td><td>25.3</td><td>6.5</td><td>29.1</td></tr><tr><td>September</td><td>265.8</td><td>104.3</td><td>80.2</td><td>24.0</td><td>161.5</td><td>64.0</td><td>25.4</td><td>11.7</td><td>23.6</td><td>6.4</td><td>30.4</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>161.6</td><td>64.9</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.3</td><td>30.9</td></tr><tr><td>1947-January</td><td>260.0</td><td>97.9</td><td>73.9</td><td>23.9</td><td>162.2</td><td>65.5</td><td>25.4</td><td>11.9</td><td>21.9</td><td>6.4</td><td>31.2</td></tr><tr><td>February</td><td>261.6</td><td>96.8</td><td>72.7</td><td>24.1</td><td>164.8</td><td>66.0</td><td>25.4</td><td>12.0</td><td>23.7</td><td>6.4</td><td>31.3</td></tr><tr><td>March</td><td>259.3</td><td>94.1</td><td>71.5</td><td>22.6</td><td>165.2</td><td>66.5</td><td>25.1</td><td>12.0</td><td>23.3</td><td>6.7</td><td>31.6</td></tr><tr><td>April</td><td>257.9</td><td>93.5</td><td>71.6</td><td>21.9</td><td>164.4</td><td>66.8</td><td>25.1</td><td>12.0</td><td>22.0</td><td>6.9</td><td>31.6</td></tr><tr><td>May</td><td>258.5</td><td>92.8</td><td>70.7</td><td>22.1</td><td>165.8</td><td>67.0</td><td>25.2</td><td>12.0</td><td>22.5</td><td>7.0</td><td>32.2</td></tr><tr><td>June</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>166.5</td><td>67.1</td><td>25.0</td><td>12.1</td><td>22.3</td><td>7.1</td><td>32.8</td></tr><tr><td>July</td><td>259.5</td><td>91.9</td><td>70.4</td><td>21.5</td><td>167.6</td><td>67.4</td><td>25.0</td><td>12.2</td><td>22.5</td><td>7.1</td><td>33.3</td></tr><tr><td>August</td><td>260.2</td><td>91.9</td><td>69.7</td><td>22.2</td><td>168.2</td><td>67.6</td><td>24.9</td><td>12.2</td><td>22.7</td><td>7.2</td><td>33.7</td></tr><tr><td>September</td><td>259.2</td><td>92.2</td><td>69.9</td><td>22.3</td><td>167.0</td><td>66.7</td><td>24.7</td><td>12.1</td><td>22.3</td><td>7.2</td><td>33.9</td></tr><tr><td>October</td><td>259.2</td><td>92.1</td><td>70.0</td><td>22.2</td><td>167.0</td><td>66.8</td><td>24.9</td><td>12.2</td><td>22.0</td><td>7.2</td><td>33.9</td></tr><tr><td>November</td><td>258.3</td><td>91.7</td><td>69.5</td><td>22.2</td><td>166.6</td><td>66.7</td><td>24.7</td><td>12.1</td><td>21.7</td><td>7.3</td><td>34.2</td></tr><tr><td>December</td><td>257.0</td><td>91.3</td><td>68.7</td><td>22.6</td><td>165.7</td><td>66.6</td><td>24.3</td><td>12.0</td><td>21.2</td><td>7.3</td><td>34.4</td></tr><tr><td>1948-January</td><td>256.7</td><td>90.9</td><td>69.0</td><td>21.9</td><td>165.7</td><td>66.6</td><td>24.1</td><td>12.0</td><td>21.2</td><td>7.2</td><td>34.6</td></tr><tr><td>February</td><td>254.7</td><td>88.5</td><td>67.5</td><td>21.0</td><td>166.2</td><td>66.7</td><td>23.9</td><td>12.0</td><td>21.4</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</td><td>252.3</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><tr><td>May</td><td>252.3</td><td>86.5</td><td>65.8</td><td>20.7</td><td>165.8</td><td>66.8</td><td>23.4</td><td>12.0</td><td>21.6</td><td>7.3</td><td>34.9</td></tr><tr><td>June</td><td>252.4</td><td>86.3</td><td>65.0</td><td>21.4</td><td>166.0</td><td>66.8</td><td>23.2</td><td>12.0</td><td>21.0</td><td>7.2</td><td>35.7</td></tr><tr><td>July</td><td>253.4</td><td>86.9</td><td>65.6</td><td>21.3</td><td>166.5</td><td>67.1</td><td>23.0</td><td>12.0</td><td>20.7</td><td>7.4</td><td>36.4</td></tr><tr><td>August</td><td>253.1</td><td>86.8</td><td>65.3</td><td>21.6</td><td>166.3</td><td>67.1</td><td>22.6</td><td>11.9</td><td>20.8</td><td>7.4</td><td>36.5</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F, are included at current redemption values.
2/ Includes all securities issued or guaranteed by the U. S. Government, but excludes guaranteed securities held by the Treasury. In the April 1948 issue of the "Treasury Bulletin" figures in this table were revised to include matured debt and debt bearing no interest, as well as interest-bearing debt. For all practical purposes the addition of these items to the former series affects only the holdings by "Individuals" and by "Other corporations and associations", since other investors hold negligible amounts.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and insular possessions. Figures exclude securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning with December 1946, figures include investments by the International Bank for Reconstruction and Development and International Monetary Fund in special 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.
November 1948
31
TREASURY SURVEY OF OWNERSHIP, AUGUST 31, 1948
The Treasury Survey of Ownership covers securities issued by the United States Government and by Federal agencies. The banks and insurance companies included in the Survey account for approximately 95 percent of such securities held by all banks and insurance companies in the United States. 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 I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par value - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Hold by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,286 commercial 2/</th><th>33 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th>U. S. Government 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>159,146</td><td>57,048</td><td>413</td><td>11,303</td><td>17,323</td><td>3,571</td><td>27,019</td><td>42,467</td></tr><tr><td>Public nonmarketable 4/ 5/.........</td><td>60,889</td><td>1,626</td><td>16</td><td>591</td><td>534</td><td>416</td><td>125</td><td>57,549</td></tr><tr><td>Special issues.........</td><td>30,887</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30,887</td><td>-</td></tr><tr><td>Total interest-bearing securities.........</td><td>250,921</td><td>58,674</td><td>429</td><td>11,894</td><td>17,857</td><td>3,987</td><td>58,032</td><td>100,016</td></tr><tr><td>Matured debt and debt bearing no interest 6/.........</td><td>2,179</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>253,101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Footnotes at end of Section II
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,286 commercial 2/</th><th>33 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td colspan="8">Type of security:</td></tr><tr><td>Issued by 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>12,838</td><td>2,836</td><td>*</td><td>35</td><td>34</td><td>24</td><td>7,076</td><td>2,833</td></tr><tr><td>Certificate of indebtedness</td><td>22,294</td><td>7,898</td><td>22</td><td>245</td><td>89</td><td>413</td><td>4,982</td><td>8,644</td></tr><tr><td>Treasury notes</td><td>11,375</td><td>4,614</td><td>12</td><td>106</td><td>24</td><td>229</td><td>1,808</td><td>4,581</td></tr><tr><td>Treasury bonds - bank eligible</td><td>62,866</td><td>40,780</td><td>211</td><td>2,575</td><td>2,363</td><td>1,513</td><td>4,611</td><td>10,773</td></tr><tr><td>Treasury bonds - bank restricted 8/</td><td>49,636</td><td>903</td><td>168</td><td>8,341</td><td>14,807</td><td>1,391</td><td>8,506</td><td>15,521</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>163</td><td>13</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>112</td></tr><tr><td>Guaranteed by U. S. Government 7/</td><td>14</td><td>5</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total</td><td>159,146</td><td>57,048</td><td>413</td><td>11,303</td><td>17,323</td><td>3,571</td><td>27,019</td><td>42,467</td></tr><tr><td colspan="8">Call classes:</td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>48,656</td><td>16,747</td><td>39</td><td>458</td><td>164</td><td>700</td><td>14,024</td><td>16,526</td></tr><tr><td>1 to 5 years</td><td>46,124</td><td>30,461</td><td>111</td><td>1,826</td><td>1,746</td><td>962</td><td>3,093</td><td>7,925</td></tr><tr><td>5 to 10 years</td><td>10,468</td><td>6,195</td><td>82</td><td>520</td><td>520</td><td>395</td><td>852</td><td>1,898</td></tr><tr><td>10 to 15 years</td><td>12,407</td><td>1,364</td><td>61</td><td>2,884</td><td>1,741</td><td>686</td><td>1,904</td><td>3,767</td></tr><tr><td>15 to 20 years</td><td>41,481</td><td>2,276</td><td>120</td><td>5,615</td><td>13,145</td><td>829</td><td>7,146</td><td>12,348</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>14</td><td>5</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total</td><td>159,146</td><td>57,048</td><td>413</td><td>11,303</td><td>17,323</td><td>3,571</td><td>27,019</td><td>42,467</td></tr><tr><td colspan="8">Tax status: 9/</td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>163</td><td>13</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>112</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>15,388</td><td>11,486</td><td>95</td><td>47</td><td>28</td><td>625</td><td>1,054</td><td>2,054</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>143,594</td><td>45,949</td><td>319</td><td>11,255</td><td>17,295</td><td>2,946</td><td>25,929</td><td>40,301</td></tr><tr><td>Total</td><td>159,146</td><td>57,048</td><td>413</td><td>11,303</td><td>17,323</td><td>3,571</td><td>27,019</td><td>42,467</td></tr></table>
Footnotes at end of Section II.
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, AUGUST 31, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstand-ing</th><th colspan="4">Held by investors covered in Treasury Survey</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,286 commercial 2/</th><th>33 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bills.............(taxable)</td><td>12,838</td><td>2,836</td><td>*</td><td>35</td><td>34</td><td>24</td><td>7,076</td><td>2,833</td></tr><tr><td colspan="8">Certificates of indebtedness:</td></tr><tr><td>1% October 1948-J.........(taxable)</td><td>1,354</td><td>554</td><td>2</td><td>15</td><td>29</td><td>35</td><td>96</td><td>623</td></tr><tr><td>1% October 1948-K.........(taxable)</td><td>1,467</td><td>554</td><td>2</td><td>9</td><td>16</td><td>40</td><td>189</td><td>657</td></tr><tr><td>1-1/8% January 1949-A.....(taxable)</td><td>2,592</td><td>1,142</td><td>5</td><td>58</td><td>29</td><td>83</td><td>120</td><td>1,156</td></tr><tr><td>1-1/8% February 1949-B.....(taxable)</td><td>2,189</td><td>811</td><td>2</td><td>35</td><td>10</td><td>40</td><td>153</td><td>1,138</td></tr><tr><td>1-1/8% March 1949-C.........(taxable)</td><td>3,553</td><td>1,511</td><td>3</td><td>58</td><td>3</td><td>61</td><td>686</td><td>1,231</td></tr><tr><td>1-1/8% April 1949-D.........(taxable)</td><td>1,055</td><td>377</td><td>2</td><td>2</td><td>*</td><td>16</td><td>88</td><td>569</td></tr><tr><td>1-1/8% June 1949-E.........(taxable)</td><td>4,301</td><td>1,729</td><td>4</td><td>45</td><td>1</td><td>55</td><td>824</td><td>1,643</td></tr><tr><td>1-1/8% July 1949-F.........(taxable)</td><td>5,783</td><td>1,221</td><td>3</td><td>22</td><td>1</td><td>84</td><td>2,827</td><td>1,626</td></tr><tr><td>Total certificates of indebtedness</td><td>22,294</td><td>7,898</td><td>22</td><td>245</td><td>89</td><td>413</td><td>4,982</td><td>8,644</td></tr><tr><td colspan="8">Treasury notes:</td></tr><tr><td>1-1/2% September 1948-A.....(taxable)</td><td>3,748</td><td>1,994</td><td>5</td><td>45</td><td>1</td><td>81</td><td>657</td><td>964</td></tr><tr><td>1% October 1948-B.........(taxable)</td><td>4,092</td><td>1,524</td><td>5</td><td>31</td><td>15</td><td>90</td><td>978</td><td>1,449</td></tr><tr><td>1-1/8% January 1949-A.....(taxable)</td><td>3,535</td><td>1,096</td><td>2</td><td>30</td><td>7</td><td>58</td><td>173</td><td>2,168</td></tr><tr><td>Total Treasury notes</td><td>11,375</td><td>4,614</td><td>12</td><td>106</td><td>24</td><td>229</td><td>1,808</td><td>4,581</td></tr><tr><td colspan="8">Treasury bonds:</td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2% September 1948....(partially)</td><td>451</td><td>365</td><td>-</td><td>3</td><td>*</td><td>6</td><td>*</td><td>78</td></tr><tr><td>2% December 1948-50....(partially)</td><td>571</td><td>421</td><td>3</td><td>1</td><td>*</td><td>13</td><td>19</td><td>115</td></tr><tr><td>2% June 1949-51.........(taxable)</td><td>1,014</td><td>603</td><td>1</td><td>67</td><td>16</td><td>15</td><td>103</td><td>210</td></tr><tr><td>2% September 1949-51....(taxable)</td><td>1,292</td><td>764</td><td>2</td><td>46</td><td>28</td><td>20</td><td>247</td><td>186</td></tr><tr><td>2% December 1949-51....(taxable)</td><td>2,098</td><td>1,335</td><td>5</td><td>68</td><td>63</td><td>31</td><td>169</td><td>425</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>491</td><td>368</td><td>1</td><td>3</td><td>11</td><td>13</td><td>39</td><td>57</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,786</td><td>1,385</td><td>3</td><td>5</td><td>2</td><td>37</td><td>168</td><td>186</td></tr><tr><td>2% March 1950-52.........(taxable)</td><td>1,963</td><td>1,321</td><td>4</td><td>64</td><td>143</td><td>35</td><td>137</td><td>259</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,014</td><td>2</td><td>7</td><td>1</td><td>52</td><td>89</td><td>20</td></tr><tr><td>2% September 1950-52....(taxable)</td><td>4,939</td><td>2,854</td><td>7</td><td>149</td><td>349</td><td>91</td><td>410</td><td>1,080</td></tr><tr><td>1-1/2% December 1950.....(taxable)</td><td>2,635</td><td>1,535</td><td>2</td><td>34</td><td>*</td><td>46</td><td>*</td><td>1,018</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,627</td><td>1,261</td><td>11</td><td>5</td><td>1</td><td>44</td><td>137</td><td>168</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>7,986</td><td>5,063</td><td>20</td><td>423</td><td>310</td><td>161</td><td>623</td><td>1,386</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>421</td><td>1</td><td>4</td><td>*</td><td>32</td><td>72</td><td>226</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>941</td><td>2</td><td>*</td><td>*</td><td>31</td><td>86</td><td>59</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>510</td><td>365</td><td>2</td><td>11</td><td>23</td><td>13</td><td>11</td><td>87</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>510</td><td>1</td><td>169</td><td>22</td><td>15</td><td>83</td><td>224</td></tr><tr><td>2% June 1952-54.........(taxable)</td><td>5,825</td><td>4,029</td><td>20</td><td>236</td><td>229</td><td>107</td><td>340</td><td>865</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>878</td><td>2</td><td>165</td><td>155</td><td>30</td><td>104</td><td>167</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>8,662</td><td>5,779</td><td>25</td><td>437</td><td>408</td><td>169</td><td>363</td><td>1,482</td></tr><tr><td>2% June 1953-55.........(partially)</td><td>725</td><td>638</td><td>2</td><td>1</td><td>1</td><td>34</td><td>16</td><td>32</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>681</td><td>580</td><td>6</td><td>1</td><td>*</td><td>29</td><td>6</td><td>59</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,558</td><td>29</td><td>3</td><td>1</td><td>123</td><td>186</td><td>711</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,449</td><td>741</td><td>11</td><td>98</td><td>295</td><td>19</td><td>111</td><td>174</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>752</td><td>15</td><td>5</td><td>1</td><td>47</td><td>63</td><td>98</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>3,823</td><td>1,871</td><td>11</td><td>408</td><td>216</td><td>114</td><td>418</td><td>784</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>693</td><td>11</td><td>5</td><td>7</td><td>62</td><td>68</td><td>72</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,090</td><td>10</td><td>5</td><td>1</td><td>100</td><td>105</td><td>175</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,645</td><td>4</td><td>154</td><td>79</td><td>23</td><td>439</td><td>372</td></tr><tr><td>Total bank eligible</td><td>62,826</td><td>40,780</td><td>211</td><td>2,575</td><td>2,363</td><td>1,513</td><td>4,611</td><td>10,773</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
November 1948
33
TREASURY SURVEY OF OWNERSHIP, AUGUST 31, 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 9/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,286 commercial 2/</th><th>33 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bonds (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>79</td><td>20</td><td>1,716</td><td>524</td><td>318</td><td>839</td><td>1,788</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>186</td><td>18</td><td>723</td><td>317</td><td>205</td><td>654</td><td>1,367</td></tr><tr><td>2-1/4% June 1962-67......(taxable)</td><td>2,118</td><td>7</td><td>14</td><td>440</td><td>899</td><td>62</td><td>306</td><td>390</td></tr><tr><td>2-1/4% December 1963-68......(taxable)</td><td>2,831</td><td>3</td><td>7</td><td>538</td><td>1,197</td><td>86</td><td>417</td><td>582</td></tr><tr><td>2-1/4% June 1964-69......(taxable)</td><td>3,761</td><td>6</td><td>19</td><td>1,006</td><td>1,489</td><td>86</td><td>237</td><td>918</td></tr><tr><td>2-1/4% December 1964-69......(taxable)</td><td>3,838</td><td>6</td><td>17</td><td>661</td><td>1,558</td><td>104</td><td>420</td><td>1,074</td></tr><tr><td>2-1/4% March 1965-70......(taxable)</td><td>5,197</td><td>53</td><td>16</td><td>352</td><td>2,339</td><td>88</td><td>1,030</td><td>1,319</td></tr><tr><td>2-1/4% March 1966-71......(taxable)</td><td>3,481</td><td>49</td><td>12</td><td>347</td><td>1,459</td><td>59</td><td>703</td><td>852</td></tr><tr><td>2-1/4% June 1967-72......(taxable)</td><td>7,967</td><td>67</td><td>18</td><td>1,234</td><td>2,723</td><td>122</td><td>1,380</td><td>2,425</td></tr><tr><td>2-1/4% December 1967-72......(taxable)</td><td>11,689</td><td>447</td><td>28</td><td>1,323</td><td>2,303</td><td>261</td><td>2,521</td><td>4,806</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>903</td><td>168</td><td>8,341</td><td>14,807</td><td>1,391</td><td>8,506</td><td>15,521</td></tr><tr><td>Total Treasury bonds</td><td>112,462</td><td>41,683</td><td>378</td><td>10,916</td><td>17,170</td><td>2,904</td><td>13,117</td><td>26,294</td></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds......(wholly)</td><td>113</td><td>11</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>2</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>48</td></tr><tr><td>Total other bonds</td><td>163</td><td>13</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>112</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>14</td><td>5</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total public marketable securities</td><td>159,146</td><td>57,048</td><td>413</td><td>11,303</td><td>17,323</td><td>3,571</td><td>27,019</td><td>42,467</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 rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,286 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>532 mutual savings</th><th>Insurance companies 331 life</th><th>626 fire, casualty, and marine</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</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 and D 4/.....(12/)</td><td>2,490</td><td>110</td><td>*</td><td>4</td><td>3</td><td>5</td><td>*</td><td>2,368</td></tr><tr><td>Series F 4/.....(taxable)</td><td>31,818</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31,817</td></tr><tr><td>Series P 4/.....(taxable)</td><td>3,488</td><td>326</td><td>2</td><td>17</td><td>29</td><td>49</td><td>1</td><td>3,062</td></tr><tr><td>Series C.....(taxable)</td><td>16,908</td><td>677</td><td>9</td><td>447</td><td>209</td><td>322</td><td>14</td><td>15,230</td></tr><tr><td>Total United States savings bonds......</td><td>54,704</td><td>1,113</td><td>12</td><td>468</td><td>241</td><td>376</td><td>16</td><td>52,477</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.....(taxable)</td><td>4,340</td><td>33</td><td>1</td><td>*</td><td>1</td><td>2</td><td>9</td><td>4,294</td></tr><tr><td>Depository bonds.....(taxable)</td><td>331</td><td>295</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>36</td></tr><tr><td>Armed forces leave bonds.....(taxable)</td><td>522</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>522</td></tr><tr><td>Treasury bonds, investment series.(taxable)</td><td>958</td><td>184</td><td>3</td><td>122</td><td>291</td><td>37</td><td>100</td><td>220</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.....(taxable)</td><td>33</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/</td></tr><tr><td>Total public nonmarketable securities 5/......</td><td>60,889</td><td>1,626</td><td>16</td><td>591</td><td>534</td><td>416</td><td>125</td><td>57,549</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, AUGUST 31, 1948
Section II
- Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstand-ing</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,286 commercial 2/</th><th>Banks 1/ 33 stock savings</th><th>532 mutual savings</th><th>Insurance companies 331 life</th><th>626 fire, casualty, and marine</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>542</td><td>361</td><td>*</td><td>35</td><td>2</td><td>13</td><td>-</td><td>131</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>66</td><td>1</td><td>2</td><td>-</td><td>*</td><td>-</td><td>16</td></tr><tr><td>1-3/4% January 1949 (Notes).....(taxable)</td><td>97</td><td>56</td><td>-</td><td>5</td><td>*</td><td>3</td><td>-</td><td>34</td></tr><tr><td>1-5/8% April 1949 (Notes).....(taxable)</td><td>84</td><td>55</td><td>*</td><td>6</td><td>*</td><td>3</td><td>-</td><td>21</td></tr><tr><td>1.65% July 1949 (Notes).....(taxable)</td><td>115</td><td>83</td><td>*</td><td>7</td><td>*</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Total Federal home loan bank securities....</td><td>382</td><td>260</td><td>1</td><td>20</td><td>1</td><td>6</td><td>-</td><td>93</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>148</td><td>124</td><td>1</td><td>1</td><td>*</td><td>4</td><td>-</td><td>19</td></tr><tr><td>1-1/4% May 1950-52 (Bonds)....(taxable)</td><td>218</td><td>152</td><td>*</td><td>2</td><td>1</td><td>*</td><td>-</td><td>62</td></tr><tr><td>1-1/2% January 1951-53 (Bonds)....(taxable)</td><td>186</td><td>157</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>91</td><td>*</td><td>4</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal land bank bonds............</td><td>666</td><td>524</td><td>1</td><td>7</td><td>2</td><td>6</td><td>-</td><td>127</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 $33 million, all held by commercial banks, are shown only in the total amount outstanding; date 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 footnote 3 to Table 2 under "Debt Outstanding".
9/ 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.
10/ Includes F. B. A. debentures; see footnote 11.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
12/ United States savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
13/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
November 1948
35
MARKET QUOTATIONS, SEPTEMBER 30, 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 Federal agencies but not guaranteed by the United States Government.
Section
Part I - Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Bank discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,102</td><td>10/7/8</td><td>7/8/8</td><td>1.09%</td><td>.98%</td><td>1.04%</td><td>.00%</td></tr><tr><td>906</td><td>10/14/8</td><td>7/15/8</td><td>1.09</td><td>1.00</td><td>1.04</td><td>-.01</td></tr><tr><td>909</td><td>10/21/8</td><td>7/22/8</td><td>1.09</td><td>1.02</td><td>1.06</td><td>+0.01</td></tr><tr><td>910</td><td>10/28/8</td><td>7/29/8</td><td>1.09</td><td>1.02</td><td>1.06</td><td>+0.01</td></tr><tr><td>804</td><td>11/4/8</td><td>8/5/8</td><td>1.10</td><td>1.05</td><td>1.08</td><td>+0.02</td></tr><tr><td>890</td><td>11/12/8</td><td>8/12/8</td><td>1.10</td><td>1.05</td><td>1.08</td><td>+0.02</td></tr><tr><td>901</td><td>11/18/8</td><td>8/19/8</td><td>1.10</td><td>1.06</td><td>1.08</td><td>+0.02</td></tr><tr><td>1,000</td><td>11/26/8</td><td>8/26/8</td><td>1.10</td><td>1.06</td><td>1.08</td><td>+0.02</td></tr><tr><td>1,001</td><td>12/2/8</td><td>9/2/8</td><td>1.11</td><td>1.06</td><td>1.08</td><td>+0.02</td></tr><tr><td>1,002</td><td>12/9/8</td><td>9/9/8</td><td>1.11</td><td>1.06</td><td>1.08</td><td>-</td></tr><tr><td>1,101</td><td>12/16/8</td><td>9/16/8</td><td>1.11</td><td>1.06</td><td>1.08</td><td>-</td></tr><tr><td>1,001</td><td>12/23/8</td><td>9/23/8</td><td>1.11</td><td>1.07</td><td>1.09</td><td>-</td></tr><tr><td>1,102</td><td>12/30/8</td><td>9/30/8</td><td>1.12</td><td>1.08</td><td>1.10</td><td>-</td></tr></table>
Table 2.- Certificates and Notes (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td colspan="7">Certificates of indebtedness:</td></tr><tr><td>$1,354</td><td>1% - 10/1/88-J</td><td>10/1/87</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td></tr><tr><td>1,867</td><td>1 - 10/1/88-K</td><td>10/1/87</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td></tr><tr><td>2,592</td><td>1-1/8 - 1/1/89-A</td><td>1/1/88</td><td>1.09%</td><td>1.06%</td><td>1.08%</td><td>+0.02%</td></tr><tr><td>2,189</td><td>1-1/8 - 2/1/89-B</td><td>2/1/88</td><td>1.11</td><td>1.09</td><td>1.10</td><td>+0.01</td></tr><tr><td>3,553</td><td>1-1/8 - 3/1/89-C</td><td>3/1/88</td><td>1.13</td><td>1.11</td><td>1.12</td><td>+0.01</td></tr><tr><td>1,055</td><td>1-1/8 - 4/1/89-D</td><td>4/1/88</td><td>1.12</td><td>1.09</td><td>1.10</td><td>+0.02</td></tr><tr><td>4,301</td><td>1-1/8 - 6/1/89-E</td><td>6/1/88</td><td>1.20</td><td>1.18</td><td>1.19</td><td>+0.02</td></tr><tr><td>5,783</td><td>1-1/8 - 7/1/89-F</td><td>7/1/88</td><td>1.21</td><td>1.19</td><td>1.20</td><td>+0.03</td></tr><tr><td>2/1</td><td>1-1/4 - 10/1/89-G</td><td>10/1/88</td><td>1.24</td><td>1.22</td><td>1.23</td><td>-</td></tr><tr><td colspan="7">Treasury notes:</td></tr><tr><td>4,092</td><td>1% - 10/1/88-B</td><td>9/15/87</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td><td>1/1/88</td></tr><tr><td>3,535</td><td>1-1/8 - 1/1/89-A</td><td>12/1/87</td><td>1.09</td><td>1.06</td><td>1.08</td><td>+0.02</td></tr><tr><td>3,596</td><td>1-3/8 - 9/15/88-A</td><td>9/15/88</td><td>1.34</td><td>1.32</td><td>1.33</td><td>-</td></tr></table>
Footnotes at end of Section II.
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1948</th></tr><tr><th></th><th></th><th colspan="3">Price</th><th colspan="2">Yield</th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="16">Treasury bonds - bank eligible:</td></tr><tr><td>$1,014</td><td>2 6/15/49-51</td><td>100.17</td><td>100.19</td><td>100.18</td><td>-.04</td><td>1.20%</td><td>+0.09</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>101.09</td><td>1/5</td><td>100.18</td><td>9/30</td></tr><tr><td>1,292</td><td>2 9/15/49-51</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.05</td><td>1.27</td><td>+0.09</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>101.10</td><td>1/16</td><td>100.22</td><td>9/30</td></tr><tr><td>2,098</td><td>2 12/15/49-51</td><td>100.25</td><td>100.27</td><td>100.26</td><td>-.06</td><td>1.32</td><td>+1.11</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>101.14</td><td>1/9</td><td>100.26</td><td>9/30</td></tr><tr><td>1,963</td><td>2 3/15/50-52</td><td>100.28</td><td>100.30</td><td>100.29</td><td>-.06</td><td>1.37</td><td>+0.09</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>100.29</td><td>9/30</td></tr><tr><td>4,939</td><td>2 9/15/50-52</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.05</td><td>1.46</td><td>+0.05</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>101.01</td><td>9/30</td></tr><tr><td>2,635</td><td>1-1/2 12/15/50</td><td>100.07</td><td>100.09</td><td>100.08</td><td>-.04</td><td>1.38</td><td>+0.05</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>100.08</td><td>9/30</td></tr><tr><td>7,986</td><td>2 9/15/51-53</td><td>101.03</td><td>101.05</td><td>101.04</td><td>-.02</td><td>1.61</td><td>+0.01</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>101.28</td><td>6/1</td><td>101.04</td><td>9/30</td></tr><tr><td>510</td><td>2 12/15/51-55</td><td>101.02</td><td>101.04</td><td>101.03</td><td>-.04</td><td>1.65</td><td>+0.03</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>101.28</td><td>6/17</td><td>101.03</td><td>9/30</td></tr><tr><td>1,024</td><td>2-1/2 3/15/52-54</td><td>102.20</td><td>102.22</td><td>102.21</td><td>-.03</td><td>1.71</td><td>+0.01</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>103.23</td><td>6/17</td><td>102.20</td><td>9/22</td></tr><tr><td>5,025</td><td>2 6/15/52-54</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.03</td><td>1.71</td><td>+0.02</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>101.31</td><td>6/1</td><td>101.01</td><td>9/30</td></tr><tr><td>1,501</td><td>2-1/4 6/15/52-55</td><td>101.25</td><td>101.27</td><td>101.26</td><td>-.02</td><td>1.74</td><td>.00</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>102.25</td><td>6/17</td><td>101.26</td><td>9/30</td></tr><tr><td>8,662</td><td>2 12/15/52-54</td><td>100.31</td><td>101.01</td><td>101.00</td><td>-.05</td><td>1.75</td><td>+0.03</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>102.00</td><td>6/1</td><td>101.00</td><td>9/30</td></tr><tr><td>1,449</td><td>2-1/2 3/15/56-58</td><td>103.06</td><td>103.08</td><td>103.07</td><td>+.05</td><td>2.03</td><td>-.03</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>104.27</td><td>6/1</td><td>102.25</td><td>1/27</td></tr><tr><td>3,023</td><td>2-1/4 9/15/56-59</td><td>101.22</td><td>101.24</td><td>101.23</td><td>+.05</td><td>2.02</td><td>-.02</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>103.10</td><td>6/1</td><td>101.09</td><td>2/9</td></tr><tr><td>2,716</td><td>2-1/2 9/15/67-72 1/4</td><td>101.04</td><td>101.06</td><td>101.05</td><td>-.02</td><td>2.42</td><td>.00</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>103.00</td><td>6/1</td><td>101.01</td><td>9/20</td></tr><tr><td colspan="16">Treasury bonds - bank restricted: 5/</td></tr><tr><td>5,284</td><td>2-1/4 6/15/59-62</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.25</td><td>.00</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>9/30/48</td><td>100.21</td><td>6/1</td><td>100.01</td><td>9/30</td></tr><tr><td>3,470</td><td>2-1/4 12/15/59-62</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>2.25</td><td>.00</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>9/30/48</td><td>100.21</td><td>6/1</td><td>100.01</td><td>9/30</td></tr><tr><td>2,118</td><td>2-1/2 6/15/62-67</td><td>101.08</td><td>101.10</td><td>101.09</td><td>.00</td><td>2.39</td><td>.00</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>102.12</td><td>6/2</td><td>101.09</td><td>9/30</td></tr><tr><td>2,831</td><td>2-1/2 12/15/63-68 1/2</td><td>101.00</td><td>101.02</td><td>101.01</td><td>.00</td><td>2.42</td><td>.00</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>101.29</td><td>6/3</td><td>101.01</td><td>9/30</td></tr><tr><td>3,761</td><td>2-1/2 6/15/64-69 1/4</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>101.17</td><td>6/3</td><td>100.25</td><td>9/30</td></tr><tr><td>3,838</td><td>2-1/2 12/15/64-69 1/4</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>101.15</td><td>6/3</td><td>100.25</td><td>9/30</td></tr><tr><td>5,197</td><td>2-1/2 12/15/65-70 1/2</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44</td><td>.00</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>101.14</td><td>6/2</td><td>100.25</td><td>9/30</td></tr><tr><td>3,481</td><td>2-1/2 3/15/66-71 1/2</td><td>100.16</td><td>100.18</td><td>100.17</td><td>.00</td><td>2.46</td><td>.00</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>101.13</td><td>5/21</td><td>100.17</td><td>9/30</td></tr><tr><td>7,967</td><td>2-1/2 6/15/67-72 1/2</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48</td><td>.00</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>9/30/48</td><td>100.28</td><td>6/1</td><td>100.09</td><td>9/30</td></tr><tr><td>11,689</td><td>2-1/2 12/15/67-72 1/2</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48</td><td>.00</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>9/30/48</td><td>100.28</td><td>6/1</td><td>100.09</td><td>9/30</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
MARKET QUOTATIONS, SEPTEMBER 30, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield To first call</th><th>Change from last month</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 3/</th><th colspan="2">In 1948</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></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>$571</td><td>Treasury bonds:</td><td></td><td></td><td></td><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>491</td><td>2-1/8 - 12/15/48-50 1/2</td><td>100.06</td><td>100.08</td><td>100.07</td><td>-.04</td><td>.93%</td><td>+1.3%</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>100.07</td><td>9/30/48</td><td>101.03</td><td>1/5</td><td>100.07</td><td>9/30</td></tr><tr><td>1,706</td><td>2-1/2 - 12/15/49-53</td><td>102.17</td><td>102.20</td><td>102.19</td><td>-.05</td><td>.97</td><td>-.01</td><td>12/15/34</td><td>115.04</td><td>12/10/40</td><td>101.07</td><td>12/15/34</td><td>103.29</td><td>1/7</td><td>102.18</td><td>9/30</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>101.23</td><td>101.26</td><td>101.24</td><td>-.04</td><td>1.02</td><td>.00</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>96.19</td><td>9/25/39</td><td>102.24</td><td>2/19</td><td>101.24</td><td>9/30</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>102.21</td><td>102.24</td><td>102.22</td><td>-.03</td><td>1.10</td><td>-.01</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>104.00</td><td>9/30</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>103.31</td><td>104.02</td><td>104.00</td><td>-.04</td><td>1.24</td><td>+0.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>105.02</td><td>105.05</td><td>105.03</td><td>-.04</td><td>1.23</td><td>-.01</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>105.03</td><td>9/30</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.01</td><td>103.04</td><td>103.02</td><td>-.04</td><td>1.27</td><td>+0.02</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>104.04</td><td>5/21</td><td>103.02</td><td>9/30</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>102.26</td><td>102.30</td><td>102.28</td><td>-.04</td><td>1.37</td><td>+.02</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>104.09</td><td>6/1</td><td>102.24</td><td>1/30</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>103.28</td><td>104.00</td><td>103.30</td><td>-.02</td><td>1.53</td><td>.00</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>6/9</td><td>103.22</td><td>1/30</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>107.04</td><td>107.08</td><td>107.06</td><td>-.08</td><td>1.70</td><td>+0.03</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>6/1</td><td>106.28</td><td>1/27</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>107.11</td><td>107.15</td><td>107.13</td><td>-.11</td><td>1.75</td><td>+0.04</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>110.03</td><td>6/1</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>107.15</td><td>107.19</td><td>107.17</td><td>-.09</td><td>1.90</td><td>+0.03</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>110.16</td><td>6/3</td><td>106.14</td><td>1/26</td></tr><tr><td></td><td>Panama Canal bonds:</td><td></td><td></td><td></td><td></td><td></td><td></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>6/1</td><td>106.28</td><td>1/27</td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>119.00</td><td>120.16</td><td>119.24</td><td>-.16</td><td>1.31</td><td>+0.03</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>119.24</td><td>9/30</td></tr></table>
Footnotes at end of Section I
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>Amount outstanding (Millions)</th><th>Description 8/</th><th>Issue date</th><th colspan="3">Yield</th><th>Change in mean from last month</th><th>Amount outstanding (Millions)</th><th>Description 8/</th><th>Issue date</th><th colspan="3">Yield</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><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th></tr><tr><td>$45</td><td>1.35% - 10/1/48</td><td>1/2/48</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>$55</td><td>1.55% - 2/1/49</td><td>5/1/48</td><td>1.60%</td><td>1.40%</td><td>1.50%</td><td>-.08%</td></tr><tr><td>25</td><td>1.45 - 10/1/48</td><td>5/1/48</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>53</td><td>1.55 - 3/1/49</td><td>6/1/48</td><td>1.60</td><td>1.40</td><td>1.50</td><td>-.12</td></tr><tr><td>58</td><td>1.55 - 11/1/48</td><td>2/2/48</td><td>1.60%</td><td>1.35%</td><td>1.45%</td><td>-.02%</td><td>55</td><td>1.55 - 4/1/49</td><td>7/1/48</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.10</td></tr><tr><td>31</td><td>1.45 - 11/1/48</td><td>6/1/48</td><td>1.60</td><td>1.35</td><td>1.48</td><td>-.02</td><td>20</td><td>1.55 - 5/2/49</td><td>8/2/48</td><td>1.60</td><td>1.45</td><td>1.52</td><td>-.16</td></tr><tr><td>77</td><td>1.55 - 12/1/48</td><td>3/1/48</td><td>1.60</td><td>1.40</td><td>1.50</td><td>-.02</td><td>38</td><td>1.65 - 6/1/49</td><td>9/1/48</td><td>1.65</td><td>1.50</td><td>1.58</td><td>-.10</td></tr><tr><td>85</td><td>1.55 - 1/3/49</td><td>4/1/48</td><td>1.60</td><td>1.40</td><td>1.50</td><td>-.08</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of this section.
Table 2.- Notes and Bonds (Taxable)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (M1-lions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1948</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="16">Federal home loan bank notes:</td></tr><tr><td>$97</td><td>1-3/4% - 1/20/49-A</td><td>100.01</td><td>100.04</td><td>100.02</td><td>-.00%</td><td>1.46%</td><td>-.03%</td><td>1/20/48</td><td>100.07</td><td>3/1/48</td><td>100.02</td><td>9/30/48</td><td>100.07</td><td>3/1</td><td>100.02</td><td>9/30</td></tr><tr><td>84</td><td>1-5/8 - 4/15/49-B</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>1.56</td><td>-.01</td><td>4/15/48</td><td>100.03</td><td>8/5/48</td><td>100.00</td><td>8/23/48</td><td>100.03</td><td>8/5</td><td>100.00</td><td>8/23</td></tr><tr><td>115</td><td>1.65 - 7/22/49-C</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>1.61</td><td>-.01</td><td>7/22/48</td><td>100.01</td><td>9/30/48</td><td>99.31</td><td>8/17/48</td><td>100.01</td><td>9/30</td><td>99.31</td><td>8/17</td></tr><tr><td>120</td><td>1-3/4 - 9/15/49-D</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-</td><td>1.68</td><td>-</td><td>9/15/48</td><td>100.02</td><td>9/30/48</td><td>100.01</td><td>9/22/48</td><td>100.02</td><td>9/30</td><td>100.01</td><td>9/22</td></tr><tr><td colspan="16">Federal land bank bonds: 2/</td></tr><tr><td>148</td><td>1-1/2% - 10/1/48-50</td><td>99.22</td><td>99.28</td><td>99.25</td><td>-.03</td><td>1.61 10/</td><td>+.05</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>7/22</td><td>99.23</td><td>2/16</td></tr><tr><td>217</td><td>1-1/4 - 5/1/50-52</td><td>97.16</td><td>97.22</td><td>97.19</td><td>-.07</td><td>1.95 10/</td><td>+.08</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>98.05</td><td>8/3</td><td>96.30</td><td>3/8</td></tr><tr><td>186</td><td>1-1/2 - 1/1/51-53</td><td>98.06</td><td>98.12</td><td>98.09</td><td>-.03</td><td>1.92 10/</td><td>+.03</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>99.00</td><td>6/10</td><td>97.30</td><td>3/8</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>100.12</td><td>100.20</td><td>100.16</td><td>-.02</td><td>2.13</td><td>+.01</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>101.14</td><td>6/9</td><td>100.08</td><td>2/16</td></tr></table>
1/ Not quoted on September 30, 1948.
2/ Not issued until after September 30, 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/ 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
6) All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
7) Called on August 13, 1948, for redemption on December 15, 1948. These securities are not shown until date of issue.
8) Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal land banks ceased on June 26, 1947.
9) Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity an more significant when an issue is selling at or below par.
37
YIELDS OF TREASURY SECURITIES SEPT.30, 948
Based on Mean of Closing Bid and Ask Quotations
November 1948
Explanation. The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-235-E
38
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Perceot 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>2.37</td><td>2.54</td></tr><tr><td>1934</td><td>3.12</td><td>-</td><td>3.93</td><td>1940</td><td>2.26</td><td>-</td><td>2.77</td><td>1946</td><td>-</td><td>2.19</td><td>2.44</td></tr><tr><td>1935</td><td>2.79</td><td>-</td><td>3.46</td><td>1941</td><td>2.05</td><td>-</td><td>2.61</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>2.46</td><td>2.75</td><td></td><td></td><td></td><td></td></tr><tr><td>1937</td><td>2.74</td><td>-</td><td>3.27</td><td>1943</td><td>1.98</td><td>2.47</td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>1938</td><td>2.61</td><td>-</td><td>3.12</td><td>1944</td><td>1.92</td><td>2.48</td><td>2.60</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>1944-May</td><td>1.94</td><td>2.49</td><td>2.58</td><td>1946-Sept.</td><td>-</td><td>2.28</td><td>2.50</td></tr><tr><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td><td>Oct.</td><td>-</td><td>2.26</td><td>2.51</td></tr><tr><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td><td>Nov.</td><td>-</td><td>2.25</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Dec.</td><td>-</td><td>2.24</td><td>2.55</td></tr><tr><td>May</td><td>2.06</td><td>2.45</td><td>2.76</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>1947-Jan.</td><td>-</td><td>2.21</td><td>2.48</td></tr><tr><td>June</td><td>2.04</td><td>2.43</td><td>2.75</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Feb.</td><td>-</td><td>2.21</td><td>2.48</td></tr><tr><td>July</td><td>2.04</td><td>2.46</td><td>2.74</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 2/</td><td>Mar.</td><td>-</td><td>2.19</td><td>2.49</td></tr><tr><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td>Apr.</td><td>-</td><td>2.19</td><td>2.49 3/</td></tr><tr><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td><td>May</td><td>-</td><td>2.19</td><td>2.49</td></tr><tr><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td><td>June</td><td>-</td><td>2.22</td><td>2.50</td></tr><tr><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td><td>July</td><td>-</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td><td>Aug.</td><td>-</td><td>2.24</td><td>2.51</td></tr><tr><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td><td>Sept.</td><td>-</td><td>2.24</td><td>2.57</td></tr><tr><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td><td>Oct.</td><td>-</td><td>2.27</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td><td>Nov.</td><td>-</td><td>2.35</td><td>2.75</td></tr><tr><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td><td>Dec.</td><td>-</td><td>2.39</td><td>2.85</td></tr><tr><td>May</td><td>1.96</td><td>2.46</td><td>2.65</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td><td>1948-Jan.</td><td>-</td><td>2.45</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>2.33</td><td>2.54</td><td>Mar.</td><td>-</td><td>2.44</td><td>2.81</td></tr><tr><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Dec.</td><td>1.51 1/</td><td>2.33</td><td>2.54</td><td>April</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>2.43</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>June</td><td>-</td><td>2.41</td><td>2.73</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>July</td><td>-</td><td>2.44</td><td>2.80</td></tr><tr><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Apr.</td><td>-</td><td>2.08</td><td>2.37</td><td>Aug.</td><td>-</td><td>2.45</td><td>2.86</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>Sept.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>June</td><td>-</td><td>2.16</td><td>2.42</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>July</td><td>-</td><td>2.18</td><td>2.41</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Aug.</td><td>-</td><td>2.23</td><td>2.44</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly series - average of daily figures</td></tr><tr><td>1948-Apr. 3.</td><td>-</td><td>2.44</td><td>2.79</td><td>1948-June 5.</td><td>-</td><td>2.39</td><td>2.72</td><td>1948-Aug. 7.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>10.</td><td>-</td><td>2.44</td><td>2.78</td><td>12.</td><td>-</td><td>2.40</td><td>2.72</td><td>14.</td><td>-</td><td>2.45</td><td>2.88</td></tr><tr><td>17.</td><td>-</td><td>2.44</td><td>2.77</td><td>19.</td><td>-</td><td>2.41</td><td>2.72</td><td>21.</td><td>-</td><td>2.45</td><td>2.87</td></tr><tr><td>24.</td><td>-</td><td>2.44</td><td>2.77</td><td>26.</td><td>-</td><td>2.43</td><td>2.75</td><td>28.</td><td>-</td><td>2.45</td><td>2.86</td></tr><tr><td>May 1.</td><td>-</td><td>2.44</td><td>2.76</td><td>July 3.</td><td>-</td><td>2.44</td><td>2.77</td><td>Sept. 4.</td><td>-</td><td>2.45</td><td>2.84</td></tr><tr><td>8.</td><td>-</td><td>2.44</td><td>2.75</td><td>10.</td><td>-</td><td>2.44</td><td>2.78</td><td>11.</td><td>-</td><td>2.45</td><td>2.84</td></tr><tr><td>15.</td><td>-</td><td>2.43</td><td>2.74</td><td>17.</td><td>-</td><td>2.44</td><td>2.78</td><td>18.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>22.</td><td>-</td><td>2.40</td><td>2.73</td><td>24.</td><td>-</td><td>2.44</td><td>2.81</td><td>25.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>29.</td><td>-</td><td>2.39</td><td>2.72</td><td>31.</td><td>-</td><td>2.44</td><td>2.82</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Daily series</td></tr><tr><td>1948-Sept. 1.</td><td>-</td><td>2.45</td><td>2.84</td><td>1948-Sept. 13.</td><td>-</td><td>2.45</td><td>2.86</td><td>1948-Sept. 23.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>2.</td><td>-</td><td>2.45</td><td>2.84</td><td>14.</td><td>-</td><td>2.45</td><td>2.85</td><td>24.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>3.</td><td>-</td><td>2.45 1/</td><td>2.84 1/</td><td>15.</td><td>-</td><td>2.45</td><td>2.85</td><td>25.</td><td>-</td><td>2.45 1/</td><td>2.85 1/</td></tr><tr><td>4.</td><td>-</td><td>-</td><td>-</td><td>16.</td><td>-</td><td>2.45</td><td>2.85</td><td></td><td></td><td></td><td></td></tr><tr><td>6.</td><td>-</td><td>2.45 1/</td><td>2.83 1/</td><td>17.</td><td>-</td><td>2.45</td><td>2.85</td><td>27.</td><td>-</td><td>2.45</td><td>2.86</td></tr><tr><td>7.</td><td>-</td><td>2.45</td><td>2.84</td><td>18.</td><td>-</td><td>2.45</td><td>2.85</td><td>28.</td><td>-</td><td>2.45</td><td>2.86</td></tr><tr><td>8.</td><td>-</td><td>2.45</td><td>2.84</td><td>20.</td><td>-</td><td>2.45</td><td>2.86</td><td>29.</td><td>-</td><td>2.45</td><td>2.85</td></tr><tr><td>9.</td><td>-</td><td>2.45</td><td>2.85</td><td>21.</td><td>-</td><td>2.45</td><td>2.86</td><td>30.</td><td>-</td><td>2.45</td><td>2.84</td></tr><tr><td>10.</td><td>-</td><td>2.45</td><td>2.86</td><td>22.</td><td>-</td><td>2.45</td><td>2.85</td><td></td><td></td><td></td><td></td></tr><tr><td>11.</td><td>-</td><td>2.45 1/</td><td>2.84 1/</td><td>23.</td><td>-</td><td>2.45</td><td>2.85</td><td></td><td></td><td></td><td></td></tr></table>
Treasury bonds (inlined in the averages, beginning with December 1935, are those neither due nor callable for fifteen years. Prior to that time, for years shown in this table, the bonds included were neither due nor callable for twelve years. For a discussion of the composition of these averages, see the "Treasury Bulletin" for March 1944, page 58; for the composition of the high-grade corporate bond average, see the "Treasury Bulletin" for July 1947, page 59, and January 1945, page 56. Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. Corporate bond yields are computed on the basis of closing prices on the New York Stock
Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. For 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 2.478. 4/ Market closed.
November 1948
39
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly overages of daily figures. Prior to April 1938, corporate bonds are overages of Saturday figures. * Discontinued, see footnote 1 accompanying table.
Office of the Secretary of the Treasury, Office of the Technical Staff
40
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="3">Income and profite taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits</th><th>Individual income</th><th>Corporation income and profits 2/</th><th>Total employment</th><th>Social security Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,053,469</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,744,083</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,668,956</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,766,796</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,566</td><td>19,034,313</td><td>16,027,213</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,553,602</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>29,019,756</td><td>19,343,297</td><td>9,676,459</td><td>2,024,365</td><td>1,458,934</td><td>185,876</td><td>379,555</td></tr><tr><td>1948</td><td>41,853,485</td><td>-11,051</td><td>41,864,536</td><td>31,172,191</td><td>20,997,781</td><td>10,174,410</td><td>2,381,342</td><td>1,612,721</td><td>208,508</td><td>560,113</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>490,318</td><td>98,213</td><td>68,597</td><td>25,902</td><td>3,713</td></tr><tr><td>February</td><td>4,210,780</td><td>-451,211</td><td>4,661,991</td><td>3,605,986</td><td>3,253,694</td><td>352,253</td><td>414,147</td><td>258,747</td><td>130,097</td><td>25,303</td></tr><tr><td>March</td><td>6,080,341</td><td>+602,434</td><td>5,477,906</td><td>4,610,481</td><td>2,312,899</td><td>2,297,582</td><td>139,083</td><td>16,929</td><td>8,504</td><td>113,649</td></tr><tr><td>April</td><td>2,602,646</td><td>-402,201</td><td>3,004,847</td><td>2,157,321</td><td>1,767,939</td><td>389,383</td><td>151,633</td><td>141,810</td><td>4,374</td><td>5,450</td></tr><tr><td>May</td><td>2,859,079</td><td>-280,304</td><td>3,139,383</td><td>2,122,582</td><td>1,837,052</td><td>285,530</td><td>358,028</td><td>313,458</td><td>12,080</td><td>32,490</td></tr><tr><td>June</td><td>4,536,418</td><td>+571,891</td><td>3,964,587</td><td>3,160,156</td><td>1,264,676</td><td>1,895,480</td><td>114,120</td><td>8,008</td><td>890</td><td>105,222</td></tr><tr><td>July</td><td>1,997,705</td><td>-362,288</td><td>2,359,993</td><td>1,527,393</td><td>1,077,459</td><td>449,934</td><td>130,473</td><td>124,891</td><td>2,837</td><td>2,745</td></tr><tr><td>August</td><td>2,720,026</td><td>-345,889</td><td>3,065,915</td><td>1,942,484</td><td>1,644,485</td><td>297,999</td><td>394,153</td><td>321,610</td><td>11,850</td><td>60,692</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Miscellaneous internal revenue taxes</th></tr><tr><th>Total miscellaneous internal revenue</th><th>Capital stock 3/</th><th>Estate and gift</th><th>Liquor</th><th>Tobacco</th><th>Stamp</th><th>Manufacturers' and retailers' excise</th><th>Miscellaneous</th></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,722,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,064,152</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>1,551,140</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,723</td><td>899,345</td><td>2,255,320</td><td>1,300,280</td><td>79,466</td><td>2,119,248</td><td>1,655,620</td></tr><tr><td>1948-January</td><td>634,128</td><td>12</td><td>72,231</td><td>160,466</td><td>102,777</td><td>7,187</td><td>183,091</td><td>108,364</td></tr><tr><td>February</td><td>641,858</td><td>8</td><td>55,917</td><td>162,631</td><td>88,748</td><td>6,182</td><td>200,977</td><td>127,396</td></tr><tr><td>March</td><td>728,343</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>164,941</td><td>119,796</td><td>6,504</td><td>161,591</td><td>125,211</td></tr><tr><td>May</td><td>658,774</td><td>1,135</td><td>74,521</td><td>155,412</td><td>106,821</td><td>6,861</td><td>182,012</td><td>132,012</td></tr><tr><td>June</td><td>690,250</td><td>281</td><td>60,937</td><td>171,549</td><td>118,555</td><td>7,119</td><td>185,308</td><td>146,500</td></tr><tr><td>July</td><td>702,126</td><td>2,176</td><td>94,551</td><td>177,457</td><td>103,142</td><td>6,890</td><td>171,065</td><td>146,846</td></tr><tr><td>August</td><td>729,278</td><td>7</td><td>55,664</td><td>186,083</td><td>127,257</td><td>6,390</td><td>173,645</td><td>180,231</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.; includes corporation income tax on Alaska Railroad.
2/ Beginning with the fiscal year 1947, collections from the unjust enrichment tax, previously carried in this column, are included with other repealed taxes under "Miscellaneous".
3/ Repealed for years ending after June 30, 1945.
November 1948
41
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Office of the Technical Staff
B-165-1
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 year</th><th colspan="2">August</th><th colspan="2">First 2 months</th></tr><tr><th></th><th>1947</th><th>1948</th><th>1947</th><th>1948</th><th>Fiscal year 1948</th><th>Fiscal year 1949</th></tr><tr><td>Income and profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers</td><td>9,842,282</td><td>11,533,577</td><td>1,495,168</td><td>1,543,275</td><td>2,628,464</td><td>2,392,439</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 2/</td><td>8,950,272</td><td>8,847,469</td><td>24,043</td><td>48,750</td><td>280,752</td><td>232,238</td></tr><tr><td>Back</td><td>550,743</td><td>616,734</td><td>38,100</td><td>52,459</td><td>78,533</td><td>97,266</td></tr><tr><td>Total individual income taxes</td><td>19,343,297</td><td>20,997,781</td><td>1,557,312</td><td>1,644,485</td><td>2,987,749</td><td>2,721,944</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 2/</td><td>5,441,776</td><td>8,864,251</td><td>216,872</td><td>228,314</td><td>536,090</td><td>604,841</td></tr><tr><td>Back</td><td>613,320</td><td>987,248</td><td>59,002</td><td>54,782</td><td>109,375</td><td>110,574</td></tr><tr><td>Excess profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value 3/</td><td>55,185</td><td>17,643</td><td>1,309</td><td>1,914</td><td>3,592</td><td>2,880</td></tr><tr><td>Revenue Act of 1940 4/</td><td>3,566,178</td><td>305,251</td><td>43,068</td><td>12,981</td><td>91,733</td><td>29,631</td></tr><tr><td>Army and Navy contracts 5/</td><td>-</td><td>16</td><td>-</td><td>8</td><td>-</td><td>8</td></tr><tr><td>Total corporation income and profit taxes</td><td>9,676,459</td><td>10,174,410</td><td>320,252</td><td>297,999</td><td>740,790</td><td>747,934</td></tr><tr><td>Total income and profit taxes</td><td>29,019,756</td><td>31,172,191</td><td>1,877,563</td><td>1,942,484</td><td>3,728,539</td><td>3,469,877</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>1,458,934</td><td>1,612,721</td><td>269,195</td><td>321,610</td><td>407,911</td><td>446,501</td></tr><tr><td>Unemployment insurance</td><td>185,876</td><td>208,508</td><td>9,634</td><td>11,850</td><td>12,527</td><td>14,687</td></tr><tr><td>Total social security taxes</td><td>1,644,810</td><td>1,821,229</td><td>278,829</td><td>333,461</td><td>420,437</td><td>461,188</td></tr><tr><td>Railroad retirement</td><td>379,555</td><td>560,113</td><td>40,325</td><td>60,692</td><td>47,004</td><td>63,438</td></tr><tr><td>Total employment taxes</td><td>2,024,365</td><td>2,381,342</td><td>319,154</td><td>394,153</td><td>467,441</td><td>524,626</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax 6/</td><td>1,597</td><td>1,723</td><td>379</td><td>7</td><td>400</td><td>2,183</td></tr><tr><td>Estate tax</td><td>708,794</td><td>822,380</td><td>76,790</td><td>54,338</td><td>141,914</td><td>148,352</td></tr><tr><td>Gift tax</td><td>70,497</td><td>76,965</td><td>2,659</td><td>1,326</td><td>3,277</td><td>1,863</td></tr><tr><td>Liquor taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>121,562</td><td>109,965</td><td>6,322</td><td>8,058</td><td>14,401</td><td>16,548</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,563,800</td><td>1,326,261</td><td>87,227</td><td>100,004</td><td>164,160</td><td>184,923</td></tr><tr><td>Distilled spirits, rectification tax</td><td>43,485</td><td>34,983</td><td>2,184</td><td>3,055</td><td>4,037</td><td>5,142</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,906</td><td>2,533</td><td>131</td><td>190</td><td>269</td><td>294</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>54,291</td><td>58,429</td><td>3,592</td><td>4,534</td><td>7,073</td><td>8,410</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stile (special taxes)</td><td>9,443</td><td>9,500</td><td>1,318</td><td>1,585</td><td>5,512</td><td>5,551</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>9</td><td>7</td><td>1</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>746</td><td>447</td><td>36</td><td>39</td><td>61</td><td>52</td></tr><tr><td>Container stamps</td><td>13,282</td><td>12,036</td><td>805</td><td>919</td><td>1,436</td><td>1,655</td></tr><tr><td>Floor taxes</td><td>153</td><td>43</td><td>-7</td><td>7</td><td>10</td><td>9</td></tr><tr><td>Fermented malt liquors</td><td>661,418</td><td>697,097</td><td>69,547</td><td>67,032</td><td>142,059</td><td>138,387</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>3,662</td><td>4,020</td><td>563</td><td>659</td><td>2,299</td><td>2,569</td></tr><tr><td>Total liquor taxes</td><td>2,474,756</td><td>2,255,320</td><td>171,719</td><td>186,083</td><td>341,318</td><td>363,540</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>48,289</td><td>46,686</td><td>3,801</td><td>4,121</td><td>7,478</td><td>7,632</td></tr><tr><td>Cigars (small)</td><td>66</td><td>66</td><td>5</td><td>5</td><td>8</td><td>8</td></tr><tr><td>Cigarettes (large)</td><td>6</td><td>5</td><td>*</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,145,262</td><td>1,208,199</td><td>101,710</td><td>119,233</td><td>205,133</td><td>215,556</td></tr><tr><td>Snuff</td><td>7,055</td><td>7,372</td><td>372</td><td>580</td><td>1,079</td><td>1,119</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>36,548</td><td>37,024</td><td>3,621</td><td>3,237</td><td>6,696</td><td>5,917</td></tr><tr><td>Cigarette papers and tubes</td><td>539</td><td>926</td><td>73</td><td>81</td><td>122</td><td>167</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>5</td><td>2</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>1,237,768</td><td>1,300,280</td><td>109,581</td><td>127,257</td><td>220,518</td><td>230,399</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>49,106</td><td>50,771</td><td>4,106</td><td>4,106</td><td>8,633</td><td>8,646</td></tr><tr><td>Transfere of capital stock and similar interest sales</td><td>21,963</td><td>20,374</td><td>1,727</td><td>1,601</td><td>3,296</td><td>3,623</td></tr><tr><td>Playing cards</td><td>7,782</td><td>7,867</td><td>563</td><td>661</td><td>938</td><td>974</td></tr><tr><td>Silver bullion sales or transfers</td><td>1,127</td><td>454</td><td>17</td><td>22</td><td>38</td><td>37</td></tr><tr><td>Total stamp taxes</td><td>79,978</td><td>79,466</td><td>6,412</td><td>6,390</td><td>12,906</td><td>13,280</td></tr></table>
(Continued on following page)
November 1948
43
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 year</th><th colspan="2">August</th><th colspan="2">First 2 months</th></tr><tr><th></th><th>1947</th><th>1948</th><th>1947</th><th>1948</th><th>Fiscal year 1948</th><th>Fiscal year 1949</th></tr><tr><td colspan="7">Miscellaneous internal revenue (continued):</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>82,015</td><td>80,887</td><td>6,922</td><td>6,402</td><td>12,480</td><td>12,002</td></tr><tr><td>Gasoline</td><td>433,676</td><td>478,638</td><td>45,551</td><td>42,972</td><td>88,133</td><td>83,688</td></tr><tr><td>Tires and tubes</td><td>174,927</td><td>159,284</td><td>10,423</td><td>11,702</td><td>26,423</td><td>27,270</td></tr><tr><td>Automobile trucks and buses</td><td>62,099</td><td>91,963</td><td>4,739</td><td>12,289</td><td>10,100</td><td>24,512</td></tr><tr><td>Other automobiles and motorcycles</td><td>204,680</td><td>270,958</td><td>16,953</td><td>19,033</td><td>41,800</td><td>33,450</td></tr><tr><td>Parts and accessories for automobiles</td><td>99,932</td><td>122,951</td><td>8,787</td><td>12,718</td><td>19,418</td><td>22,346</td></tr><tr><td>Electrical energy</td><td>63,014</td><td>69,701</td><td>5,403</td><td>6,033</td><td>11,267</td><td>11,590</td></tr><tr><td>Electric, gas, and oil appliances</td><td>65,608</td><td>87,858</td><td>6,376</td><td>8,568</td><td>13,907</td><td>16,888</td></tr><tr><td>Electric light bulbs and tubes</td><td>23,180</td><td>24,936</td><td>1,062</td><td>1,996</td><td>4,419</td><td>2,767</td></tr><tr><td>Radio sets, phonographs, componente, etc.</td><td>63,856</td><td>67,267</td><td>5,084</td><td>3,927</td><td>11,534</td><td>7,988</td></tr><tr><td>Phonograph records</td><td>8,492</td><td>7,532</td><td>477</td><td>273</td><td>1,055</td><td>669</td></tr><tr><td>Musical instruments</td><td>10,151</td><td>10,573</td><td>527</td><td>819</td><td>1,322</td><td>1,399</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>37,352</td><td>58,473</td><td>4,697</td><td>5,500</td><td>10,826</td><td>13,746</td></tr><tr><td>Matches</td><td>8,413</td><td>10,610</td><td>975</td><td>553</td><td>1,280</td><td>930</td></tr><tr><td>Business and store machines</td><td>25,183</td><td>32,707</td><td>2,624</td><td>2,659</td><td>5,189</td><td>5,542</td></tr><tr><td>Photographic apparatus</td><td>36,163</td><td>43,935</td><td>2,978</td><td>3,816</td><td>6,575</td><td>7,837</td></tr><tr><td>Sporting goods</td><td>17,054</td><td>18,828</td><td>1,425</td><td>1,733</td><td>2,970</td><td>4,925</td></tr><tr><td>Firearms, shells, and cartridges</td><td>9,031</td><td>11,277</td><td>881</td><td>503</td><td>1,798</td><td>2,183</td></tr><tr><td>Pistols and revolvers</td><td>384</td><td>858</td><td>48</td><td>61</td><td>90</td><td>120</td></tr><tr><td>Repealed taxes</td><td>184</td><td>92</td><td>-4</td><td>-31</td><td>13</td><td>20</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,425,395</td><td>1,649,326</td><td>125,927</td><td>141,525</td><td>266,610</td><td>279,872</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>97,481</td><td>79,539</td><td>2,162</td><td>1,929</td><td>4,880</td><td>4,068</td></tr><tr><td>Jewelry</td><td>236,615</td><td>217,899</td><td>14,359</td><td>16,080</td><td>33,002</td><td>32,641</td></tr><tr><td>Luggage</td><td>84,588</td><td>80,632</td><td>5,294</td><td>6,605</td><td>12,474</td><td>13,290</td></tr><tr><td>Toilet preparations</td><td>95,542</td><td>91,852</td><td>6,393</td><td>7,507</td><td>14,206</td><td>14,839</td></tr><tr><td>Total retailers' excise taxes</td><td>514,227</td><td>469,923</td><td>28,208</td><td>32,120</td><td>64,562</td><td>64,838</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>59,152</td><td>71,247</td><td>9,583</td><td>8,032</td><td>15,842</td><td>14,620</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities</td><td>252,746</td><td>275,255</td><td>16,805</td><td>38,104</td><td>38,257</td><td>57,938</td></tr><tr><td>Local telephone service</td><td>164,944</td><td>193,521</td><td>14,741</td><td>23,604</td><td>30,087</td><td>39,758</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,988</td><td>18,773</td><td>1,151</td><td>1,497</td><td>2,501</td><td>3,168</td></tr><tr><td>Transportation of persons, etc.</td><td>244,003</td><td>246,323</td><td>20,899</td><td>24,153</td><td>46,671</td><td>45,762</td></tr><tr><td>Transportation of property</td><td>275,701</td><td>317,203</td><td>21,961</td><td>30,896</td><td>48,834</td><td>57,992</td></tr><tr><td>Lease of safe-deposit boxes</td><td>8,560</td><td>9,081</td><td>777</td><td>847</td><td>1,553</td><td>1,618</td></tr><tr><td>Admissions to theatre, concerts, etc.</td><td>392,873</td><td>385,101</td><td>29,483</td><td>34,312</td><td>64,563</td><td>67,484</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>63,350</td><td>53,527</td><td>4,029</td><td>4,509</td><td>9,182</td><td>8,920</td></tr><tr><td>Club dues and initiation fees</td><td>23,299</td><td>25,499</td><td>2,217</td><td>2,731</td><td>4,563</td><td>4,932</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,458</td><td>4,086</td><td>899</td><td>1,120</td><td>2,464</td><td>2,551</td></tr><tr><td>Coin operated devices</td><td>20,432</td><td>19,271</td><td>5,519</td><td>6,537</td><td>13,404</td><td>14,466</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheese</td><td>30</td><td>20</td><td>*</td><td>*</td><td>1</td><td>8</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,874</td><td>9,806</td><td>607</td><td>1,657</td><td>2,067</td><td>4,541</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>792</td><td>889</td><td>42</td><td>55</td><td>217</td><td>234</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>17,208</td><td>25,704</td><td>1,186</td><td>2,174</td><td>3,845</td><td>3,076</td></tr><tr><td>National Firearms Act</td><td>8</td><td>9</td><td>1</td><td>2</td><td>5</td><td>5</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>720</td><td>305</td><td>-1</td><td>*</td><td>2</td><td>2</td></tr><tr><td>Total miscellaneous taxes</td><td>1,551,140</td><td>1,655,620</td><td>129,901</td><td>180,231</td><td>284,056</td><td>327,077</td></tr><tr><td>Total miscellaneous internal revenue</td><td>8,064,152</td><td>8,311,003</td><td>651,577</td><td>729,278</td><td>1,335,562</td><td>1,431,405</td></tr><tr><td>Total internal revenue collections</td><td>39,108,273</td><td>41,864,536</td><td>2,848,295</td><td>3,065,925</td><td>5,531,542</td><td>5,425,908</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+271,136</td><td>-11,051</td><td>-185,930</td><td>-345,889</td><td>-743,415</td><td>-708,177</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>39,379,409</td><td>41,853,485</td><td>2,662,365</td><td>2,720,026</td><td>4,788,127</td><td>4,717,731</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.; includes corporation income tax on Alaska Railroad.
2/ Current collections consist in general of taxes paid within
three months after the close of the taxable year for which the return was filed.
3/ Repealed for years ending after June 30, 1946.
4/ Repealed for years ending after December 31, 1945.
5/ Under the Vinson Act.
6/ Repealed for years ending after June 30, 1945.
* Less than $500.
44
Treasury Bulletin
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollar except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Cold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1948</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</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>27,716</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</td><td>27,812</td><td>26,403</td><td>45</td><td>2,060</td><td>1</td><td>315</td><td>23,525</td><td>357</td><td>100</td></tr><tr><td>June</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>July</td><td>27,866</td><td>26,444</td><td>45</td><td>2,045</td><td>1</td><td>318</td><td>23,588</td><td>349</td><td>98</td></tr><tr><td>August</td><td>28,055</td><td>26,623</td><td>45</td><td>2,053</td><td>1</td><td>321</td><td>23,760</td><td>345</td><td>98</td></tr><tr><td>September p</td><td>28,115</td><td>26,674</td><td>45</td><td>2,052</td><td>1</td><td>319</td><td>23,817</td><td>342</td><td>97</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.95</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.63</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.98</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.56</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.00</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.46</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.37</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</td></tr><tr><td>April</td><td>1,399</td><td>154</td><td>903</td><td>342</td><td>189.55</td></tr><tr><td>May</td><td>1,409</td><td>155</td><td>910</td><td>344</td><td>189.94</td></tr><tr><td>June</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.37</td></tr><tr><td>July</td><td>1,422</td><td>157</td><td>917</td><td>348</td><td>189.83 r</td></tr><tr><td>August</td><td>1,432</td><td>159</td><td>924</td><td>350</td><td>190.82</td></tr><tr><td>September p</td><td>1,441</td><td>159</td><td>930</td><td>352</td><td>190.97</td></tr></table>
Source: Circulation Statement of United States Money. 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.
2/ Gold certificatees 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 Preliminary. 
r Revised.
November 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 ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1947</td><td>21,266.5</td><td>3,525.7</td><td>14.2</td></tr><tr><td>1948</td><td>23,532.5</td><td>3,571.0</td><td>13.2</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</td><td>23,303.9</td><td>3,568.3</td><td>13.3</td></tr><tr><td>June</td><td>23,532.5</td><td>3,571.0</td><td>13.2</td></tr><tr><td>July</td><td>23,678.9</td><td>3,576.3</td><td>13.1</td></tr><tr><td>August</td><td>23,725.1</td><td>3,577.8</td><td>13.1</td></tr><tr><td>September p</td><td>23,872.0</td><td>3,582.9</td><td>13.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. For detail of silver monetary stock, see Table h. 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>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946</td><td>20,529.0</td><td>18,430.5</td><td>156.0</td><td>1,800.0</td><td>142.4</td></tr><tr><td>1947</td><td>22,753.9</td><td>21,544.0</td><td>156.0</td><td>-</td><td>1,053.9</td></tr><tr><td>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</td><td>23,303.9</td><td>22,081.3</td><td>156.0</td><td>-</td><td>1,066.6</td></tr><tr><td>June</td><td>23,532.5</td><td>22,303.0</td><td>156.0</td><td>-</td><td>1,073.4</td></tr><tr><td>July</td><td>23,678.9</td><td>22,451.7</td><td>156.0</td><td>-</td><td>1,071.1</td></tr><tr><td>August</td><td>23,725.1</td><td>22,509.3</td><td>156.0</td><td>-</td><td>1,059.8</td></tr><tr><td>September p</td><td>23,872.0</td><td>22,647.7</td><td>156.0</td><td>-</td><td>1,068.2</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.
3/ Excludes gold in active portion of Exchange Stabilization 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 recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</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>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>481.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,518.2</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>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>157.8</td><td>932.8</td><td>3,563.6</td></tr><tr><td>May</td><td>1,951.7</td><td>335.6</td><td>12.8</td><td>.3</td><td>92.8</td><td>157.6</td><td>936.1</td><td>3,568.3</td></tr><tr><td>June</td><td>1,955.1</td><td>334.5</td><td>10.0</td><td>.3</td><td>91.2</td><td>158.6</td><td>942.3</td><td>3,571.0</td></tr><tr><td>July</td><td>1,956.4</td><td>333.0</td><td>9.2</td><td>.1</td><td>92.9</td><td>160.1</td><td>946.7</td><td>3,576.3</td></tr><tr><td>August</td><td>1,960.0</td><td>331.6</td><td>11.4</td><td>.1</td><td>91.3</td><td>161.5</td><td>949.2</td><td>3,577.8</td></tr><tr><td>September p.</td><td>1,962.6</td><td>330.9</td><td>9.5</td><td>-</td><td>91.1</td><td>162.2</td><td>954.4</td><td>3,582.9</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.J.C., etc. (see Daily Treasury Statement for amount). Does not include silver land-leased to foreign governments (see 1946 Annual Report of the Secretary of the Treasury for amounts).
3/ Valued at $1.38+ per fine ounce.
Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars. Preliminary. * Less than $50,000.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td><td>4.9</td><td>4.4</td></tr><tr><td>1947</td><td>36.1</td><td>30.3 4/</td><td>27.4 4/</td><td>-</td><td>-</td><td>30.3 4/</td><td>27.4 4/</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><tr><td>May</td><td>3.3</td><td>3.3</td><td>3.0</td><td>-</td><td>-</td><td>3.3</td><td>3.0</td></tr><tr><td>June</td><td>3.1</td><td>1.7</td><td>1.5</td><td>-</td><td>-</td><td>1.7</td><td>1.5</td></tr><tr><td>July</td><td>2.7</td><td>4.1</td><td>3.7</td><td>-</td><td>-</td><td>4.1</td><td>3.7</td></tr><tr><td>August</td><td>2.3</td><td>2.7</td><td>2.5</td><td>-</td><td>-</td><td>2.7</td><td>2.5</td></tr></table>
Source: Annual figures from the Bureau of the Mint. Monthly figures on U. S. silver production from releases of the American Bureau of Metal Statistics; these will not agree with the annual figures. 1/ For information on silver production in other countries, see annual reports of the Director of the Mint. Data from 1933 through 1941 are summarized in the "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at 77.57 cents per fine ounce from April 23, 1935, to December 31,
1937; at 64.64 cents per fine ounce from December 31, 1937, to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939, to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946.
3/ Acquired at various prices averaging approximately 51 cents per fine ounce.
4/ Includes 0.2 million ounces valued at 71.11 cents per fine ounce totalling $0.2 million, and 30.1 million ounces valued at 90.5 cents per fine ounce totalling $27.2 million.
* Less than 50,000 ounces or $50,000.
November 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>Misc. silver (Incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Act July 6, 1939, and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th>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>66.5</td><td>832.1</td><td>34.7</td><td>1,069.6</td><td>161.2</td></tr><tr><td>1947</td><td>520.5</td><td>48.7</td><td>87.6</td><td>74.5</td><td>832.1</td><td>34.7</td><td>1,077.6</td><td>146.8</td></tr><tr><td>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><tr><td>June</td><td>536.3</td><td>48.7</td><td>87.6</td><td>79.7</td><td>832.2</td><td>34.7</td><td>1,082.9</td><td>140.3</td></tr><tr><td>July</td><td>538.6</td><td>48.7</td><td>87.6</td><td>80.1</td><td>832.2</td><td>34.7</td><td>1,083.3</td><td>142.8</td></tr><tr><td>August</td><td>542.9</td><td>48.7</td><td>87.6</td><td>81.2</td><td>832.2</td><td>34.7</td><td>1,084.4</td><td>137.6</td></tr><tr><td>September</td><td>546.2</td><td>48.7</td><td>87.6</td><td>81.9</td><td>832.2</td><td>34.7</td><td>1,085.1</td><td>134.6</td></tr></table>
Source: Office of the Treasurer of the United States. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Table 7.- Increment Resulting from the Reduction in the Weight of the Gold Dollar, September 30, 1948
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting leases on gold coin</td><td>2,175,121.93</td><td>1,853,329.44</td><td>321,792.49</td></tr><tr><td>Retirement of national bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,324,950.52</td><td>-</td><td>8,324,950.52</td></tr><tr><td>Total increment</td><td>2,819,050,345.67</td><td>2,674,787,605.86</td><td>144,262,739.81</td></tr></table>
48
Treasury Bulletin
EXCHANGE STABILIZATION FUND
Balance Sheet as of June 30, 1947, and June 30, 1948
<table><tr><th></th><th>June 30, 1947</th><th>June 30, 1948</th></tr><tr><td>Assets:</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, checking account...</td><td>$6,451,671.34</td><td>$6,881,551.63</td></tr><tr><td>Federal Reserve Bank of New York, special account...</td><td>19,380,452.06</td><td>11,556,338.78</td></tr><tr><td>Diebursing officers' balances and advance accounts...</td><td>34,263.59</td><td>31,967.04</td></tr><tr><td>Total cash</td><td>$25,866,386.99</td><td>$18,469,857.45</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)</td><td>151,418,753.87</td><td>208,433,875.21</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>644,048.15</td><td>377,992.11</td></tr><tr><td>Brazilian cruzeiros</td><td>80,000,000.00</td><td>-</td></tr><tr><td>Indian rupees</td><td>20,970,819.84</td><td>19,688,618.84</td></tr><tr><td>Mexican pesos</td><td>-</td><td>37,000,000.00</td></tr><tr><td>All other</td><td>3,350.62</td><td>-</td></tr><tr><td>Total due from foreign banks</td><td>101,618,218.61</td><td>57,066,610.95</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,000,000.00</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,936.12</td><td>82,936.11</td></tr><tr><td>Accounts receivable</td><td>-</td><td>2.77</td></tr><tr><td>Other accounts (deferred charges)</td><td>15.00</td><td>15.00</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets</td><td>298,988,946.59</td><td>304,055,933.49</td></tr><tr><td>Liabilities and capital:</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>2,920.02</td><td>6,716.75</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>2,738.09</td><td>1,527.13</td></tr><tr><td>Withholding taxes</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>3,692,893.43</td><td>2,866,495.11</td></tr><tr><td>Total accounts payable</td><td>3,698,551.54</td><td>2,874,738.99</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>12,720,608.39</td><td>12,865,503.96</td></tr><tr><td>Capital account</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Deduct - Subscription to International Monetary Fund</td><td>1,800,000,000.00</td><td>1,800,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>82,569,786.66</td><td>88,315,690.54</td></tr><tr><td>Total liabilities and capital</td><td>298,988,946.59</td><td>304,055,933.49</td></tr></table>
Note: Annual balance sheets for fiscal years 1934 through 1940 appear in the "Annual Report of the Secretary of the Treasury" for 1940 and those for succeeding years appear in subsequent reports.
Quarterly balance sheets have been published in the "Treasury Bulletin" beginning with that for December 31, 1938.
Schedule 1.- Location of Gold Held by and for Account of the Stabilization Fund
<table><tr><th></th><th colspan="2">June 30, 1947</th><th colspan="2">June 30, 1948</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounce</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>3,023,390.700</td><td>105,818,674.50</td><td>2,533,163.807</td><td>88,660,733.23</td></tr><tr><td>U. S. Assay Office, New York</td><td>1,302,859.421</td><td>45,600,079.37</td><td>3,422,089.776</td><td>119,773,141.98</td></tr><tr><td>Total</td><td>4,326,250.121</td><td>151,418,753.87</td><td>5,955,253.583</td><td>208,433,875.21</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
November 1948
49
EXCHANGE STABILIZATION FUND
Schedule 2.- United States Government Securities Held
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1947</th><th colspan="4">June 30, 1948</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/2% Treasury bonds, 1965-70</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.21</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td></tr><tr><td>Total United States Government securities held</td><td>20,000,000</td><td>20,000,000</td><td>-</td><td>82,936.12</td><td>20,000,000</td><td>20,000,000</td><td>-</td><td>82,936.11</td></tr></table>
Schedule 3.- Earnings
<table><tr><th>Source</th><th>January 31, 1934, through June 30, 1947</th><th>January 31, 1934, through June 30, 1948</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franc transactions</td><td>351,527.60</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>32,924,354.77</td><td>37,810,470.37</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>40,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,876,790.55</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>5,698,066.90</td><td>6,198,066.89</td></tr><tr><td>Miscellaneous profits</td><td>745,833.23</td><td>800,466.15</td></tr><tr><td>Interest earned on foreign balances</td><td>249,642.02</td><td>1,732,970.87</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>87,710,903.79</td><td>94,634,981.15</td></tr></table>
Schedule 4.- Administrative Expenses
<table><tr><th>Classification</th><th>January 31, 1934, through June 30, 1947</th><th>January 31, 1934, through June 30, 1948</th></tr><tr><td>Salaries</td><td>$3,483,130.52</td><td>$4,445,081.38</td></tr><tr><td>Travel</td><td>153,416.65</td><td>231,392.37</td></tr><tr><td>Subsistence</td><td>199,010.33</td><td>252,453.57</td></tr><tr><td>Telephone and telegraph</td><td>482,546.69</td><td>506,196.95</td></tr><tr><td>Stationery, etc.</td><td>30,244.20</td><td>36,308.56</td></tr><tr><td>All other</td><td>792,768.74</td><td>847,857.78</td></tr><tr><td>Total administrative expenses</td><td>5,141,117.13</td><td>6,319,290.61</td></tr></table>
50
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>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947</td><td>313,678</td><td>383,539</td><td>-11,318</td><td>-97,555</td><td>39,012</td></tr><tr><td>1948 (Jan. 1-June 30)</td><td>-390,377</td><td>-254,728</td><td>-216</td><td>-163,043</td><td>27,610</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1948)</td><td>7,932,791</td><td>6,282,152</td><td>142,205</td><td>203,926</td><td>1,304,508</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>73,204</td><td>75,911</td><td>4,324</td><td>-23,296</td><td>16,265</td></tr><tr><td>September</td><td>-498,180</td><td>-506,846</td><td>-4,241</td><td>-23,823</td><td>36,730</td></tr><tr><td>October</td><td>-325,145</td><td>-312,014</td><td>2,326</td><td>-28,786</td><td>13,329</td></tr><tr><td>November</td><td>-141,550</td><td>-123,237</td><td>-9,136</td><td>-20,045</td><td>10,868</td></tr><tr><td>December</td><td>-228,762</td><td>-317,502</td><td>-10,651</td><td>76,989</td><td>22,402</td></tr><tr><td>1948-January</td><td>-148,926</td><td>-150,509</td><td>-1,849</td><td>-7,369</td><td>10,801</td></tr><tr><td>February</td><td>41,850</td><td>61,897</td><td>-5,374</td><td>-19,334</td><td>4,661</td></tr><tr><td>March</td><td>-56,404</td><td>-40,599</td><td>8,133</td><td>-27,949</td><td>4,011</td></tr><tr><td>April</td><td>-209,636</td><td>-180,399</td><td>2,751</td><td>-39,935</td><td>7,947</td></tr><tr><td>May</td><td>-92,012</td><td>-33,582</td><td>722</td><td>-58,822</td><td>-330</td></tr><tr><td>June</td><td>74,751</td><td>88,464</td><td>-4,599</td><td>-9,634</td><td>780</td></tr></table>
November 1948
51
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th></th><th>Payable in dollars</th><th>Payable in foreign currencies</th><th></th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,805</td><td>66,478</td><td>99,924</td><td>950,103</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,113</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>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</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>2,257,510</td><td>49,664</td><td>6,155,498</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>35,720</td><td>7,339,186</td></tr><tr><td>August</td><td>967,296</td><td>149,912</td><td>268,072</td><td>549,312</td><td>8,382,393</td><td>5,250,172</td><td>3,093,854</td><td>38,367</td><td>7,415,097</td></tr><tr><td>September</td><td>957,200</td><td>143,196</td><td>268,183</td><td>545,821</td><td>7,865,451</td><td>4,945,459</td><td>2,882,839</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>7,559,598</td><td>4,896,586</td><td>2,619,407</td><td>43,605</td><td>6,596,237</td></tr><tr><td>November</td><td>923,887</td><td>158,293</td><td>274,614</td><td>490,980</td><td>7,396,887</td><td>4,903,764</td><td>2,435,758</td><td>57,365</td><td>6,473,000</td></tr><tr><td>December</td><td>960,921</td><td>165,439</td><td>304,851</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>2,257,510</td><td>49,664</td><td>6,155,498</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>7,033,996</td><td>4,700,775</td><td>2,280,867</td><td>52,354</td><td>6,004,989</td></tr><tr><td>February</td><td>1,046,791</td><td>149,869</td><td>405,788</td><td>491,134</td><td>7,113,677</td><td>4,854,889</td><td>2,205,873</td><td>52,915</td><td>6,066,886</td></tr><tr><td>March</td><td>1,083,800</td><td>163,938</td><td>407,988</td><td>511,874</td><td>7,110,087</td><td>4,918,327</td><td>2,135,967</td><td>55,793</td><td>6,026,287</td></tr><tr><td>April</td><td>1,113,479</td><td>169,805</td><td>427,659</td><td>516,015</td><td>6,959,367</td><td>4,725,818</td><td>2,168,343</td><td>65,206</td><td>5,845,888</td></tr><tr><td>May</td><td>1,162,781</td><td>175,947</td><td>435,816</td><td>551,018</td><td>6,975,087</td><td>4,730,003</td><td>2,175,701</td><td>69,383</td><td>5,812,306</td></tr><tr><td>June</td><td>1,111,644</td><td>90,320</td><td>408,785</td><td>612,539</td><td>7,012,414</td><td>4,743,923</td><td>2,192,556</td><td>75,935</td><td>5,900,770</td></tr></table>
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars 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>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>17,624</td><td>-11,526</td><td>-20,191</td><td>49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947</td><td>-252,668</td><td>-67,320</td><td>14,788</td><td>-200,136</td><td>636,207</td><td>115,384</td><td>511,788</td><td>9,035</td><td>383,539</td></tr><tr><td>1948 (Jan. 1-June 30)</td><td>-150,723</td><td>75,119</td><td>-103,934</td><td>-121,908</td><td>-104,005</td><td>-65,322</td><td>-64,954</td><td>26,271</td><td>-254,728</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1948)</td><td>-31,161</td><td>263,716</td><td>-309,657</td><td>14,780</td><td>6,313,313</td><td>4,117,481</td><td>2,176,434</td><td>19,398</td><td>6,282,152</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>-95,255</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>-516,942</td><td>-304,713</td><td>-211,015</td><td>-1,214</td><td>-506,846</td></tr><tr><td>October</td><td>-6,161</td><td>-13,426</td><td>-5,333</td><td>12,598</td><td>-305,853</td><td>-48,873</td><td>-263,432</td><td>6,452</td><td>-312,014</td></tr><tr><td>November</td><td>39,474</td><td>-1,671</td><td>-1,098</td><td>42,243</td><td>-162,711</td><td>7,178</td><td>-183,649</td><td>13,760</td><td>-123,237</td></tr><tr><td>December</td><td>-37,034</td><td>-7,146</td><td>-30,237</td><td>349</td><td>-280,468</td><td>-94,519</td><td>-178,248</td><td>-7,701</td><td>-317,502</td></tr><tr><td>1948-January</td><td>-68,086</td><td>11,791</td><td>-81,270</td><td>1,393</td><td>-82,423</td><td>-108,470</td><td>23,357</td><td>2,690</td><td>-150,509</td></tr><tr><td>February</td><td>-17,784</td><td>3,779</td><td>-19,667</td><td>-1,896</td><td>79,681</td><td>154,114</td><td>-74,994</td><td>561</td><td>61,897</td></tr><tr><td>March</td><td>-37,009</td><td>-14,069</td><td>-2,200</td><td>-20,740</td><td>-3,590</td><td>63,438</td><td>-69,906</td><td>2,878</td><td>-40,599</td></tr><tr><td>April</td><td>-29,679</td><td>-5,867</td><td>-19,671</td><td>-4,141</td><td>-150,720</td><td>-192,509</td><td>32,376</td><td>9,413</td><td>-180,399</td></tr><tr><td>May</td><td>-49,302</td><td>-6,142</td><td>-8,157</td><td>-35,003</td><td>15,720</td><td>4,185</td><td>7,358</td><td>4,177</td><td>-33,582</td></tr><tr><td>June</td><td>51,137</td><td>85,627</td><td>27,031</td><td>-61,521</td><td>37,327</td><td>13,920</td><td>16,855</td><td>6,552</td><td>88,464</td></tr></table>
52
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>1,112,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>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-June 30)</td><td>184,480</td><td>320,137</td><td>-135,657</td><td>136,874</td><td>164,260</td><td>-27,386</td><td>321,354</td><td>484,397</td><td>-163,043</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 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>12,929,823</td><td>12,725,897</td><td>203,926</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>27,701</td><td>-11,151</td><td>30,603</td><td>54,426</td><td>-23,823</td></tr><tr><td>October</td><td>27,644</td><td>61,752</td><td>-34,108</td><td>24,702</td><td>19,380</td><td>5,322</td><td>52,346</td><td>81,132</td><td>-28,786</td></tr><tr><td>November</td><td>22,539</td><td>34,528</td><td>-11,989</td><td>10,285</td><td>18,341</td><td>-8,056</td><td>32,824</td><td>52,869</td><td>-20,045</td></tr><tr><td>December</td><td>28,890</td><td>38,826</td><td>-9,936</td><td>121,706</td><td>34,781</td><td>86,925</td><td>150,596</td><td>73,607</td><td>76,989</td></tr><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><tr><td>March</td><td>19,875</td><td>46,332</td><td>-26,457</td><td>25,112</td><td>26,604</td><td>-1,492</td><td>44,987</td><td>72,936</td><td>-27,949</td></tr><tr><td>April</td><td>37,428</td><td>64,664</td><td>-27,236</td><td>19,059</td><td>31,758</td><td>-12,699</td><td>56,487</td><td>96,422</td><td>-39,935</td></tr><tr><td>May</td><td>40,543</td><td>84,797</td><td>-44,254</td><td>17,640</td><td>32,208</td><td>-14,568</td><td>58,183</td><td>117,005</td><td>-58,822</td></tr><tr><td>June</td><td>39,748</td><td>59,602</td><td>-19,854</td><td>35,867</td><td>25,647</td><td>10,220</td><td>75,615</td><td>85,249</td><td>-9,634</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533</td><td>227,897</td><td>-7,364</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947</td><td>57,118</td><td>42,558</td><td>14,560</td><td>658,781</td><td>634,289</td><td>24,492</td><td>715,899</td><td>676,847</td><td>39,012</td></tr><tr><td>1948 (Jan. 1-June 30)</td><td>41,569</td><td>54,132</td><td>-12,563</td><td>122,684</td><td>82,511</td><td>40,173</td><td>164,253</td><td>136,643</td><td>27,610</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 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>7,095,965</td><td>5,791,457</td><td>1,304,508</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>2,574</td><td>991</td><td>30,058</td><td>14,784</td><td>15,274</td><td>33,623</td><td>17,358</td><td>16,265</td></tr><tr><td>September</td><td>3,142</td><td>3,420</td><td>-278</td><td>61,608</td><td>24,600</td><td>37,008</td><td>64,750</td><td>28,020</td><td>36,730</td></tr><tr><td>October</td><td>3,812</td><td>4,143</td><td>-331</td><td>33,469</td><td>19,809</td><td>13,660</td><td>37,281</td><td>23,992</td><td>13,329</td></tr><tr><td>November</td><td>4,298</td><td>3,440</td><td>858</td><td>27,660</td><td>17,650</td><td>10,010</td><td>31,958</td><td>21,090</td><td>10,868</td></tr><tr><td>December</td><td>4,098</td><td>3,393</td><td>705</td><td>35,304</td><td>13,607</td><td>21,697</td><td>39,402</td><td>17,000</td><td>22,402</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>4,206</td><td>883</td><td>15,235</td><td>11,457</td><td>3,778</td><td>20,324</td><td>15,663</td><td>4,661</td></tr><tr><td>March</td><td>7,449</td><td>8,142</td><td>-693</td><td>17,816</td><td>13,112</td><td>4,704</td><td>25,265</td><td>21,254</td><td>4,011</td></tr><tr><td>April</td><td>7,446</td><td>9,507</td><td>-2,061</td><td>20,962</td><td>10,954</td><td>10,008</td><td>28,408</td><td>20,461</td><td>7,947</td></tr><tr><td>May</td><td>7,381</td><td>13,991</td><td>-6,610</td><td>18,568</td><td>12,288</td><td>6,280</td><td>25,949</td><td>26,279</td><td>-330</td></tr><tr><td>June</td><td>8,078</td><td>11,523</td><td>-3,445</td><td>24,099</td><td>20,134</td><td>3,965</td><td>32,177</td><td>31,657</td><td>520</td></tr></table>
n.a. Not available.
November 1948
53
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="5">Net capital movement 1948</th><th colspan="5">Short-term banking funds 1948</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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>72,492</td><td>38,946</td><td>-74,021</td><td>-38,865</td><td>108,035</td><td>72,300</td><td>40,748</td><td>-74,025</td><td>-37,269</td><td>108,721</td></tr><tr><td>France</td><td>8,785</td><td>-34,023</td><td>-29,912</td><td>-33,148</td><td>-5,206</td><td>19,814</td><td>-22,091</td><td>-9,620</td><td>-19,001</td><td>134</td></tr><tr><td>Belgium</td><td>3,328</td><td>10,740</td><td>-17,023</td><td>7,829</td><td>-7,760</td><td>3,196</td><td>10,225</td><td>-17,517</td><td>7,451</td><td>-8,040</td></tr><tr><td>Denmark</td><td>-3,055</td><td>-6,764</td><td>4,833</td><td>-6,566</td><td>-1,569</td><td>-3,232</td><td>-6,875</td><td>4,806</td><td>-8,505</td><td>-1,821</td></tr><tr><td>Finland</td><td>-1,103</td><td>-937</td><td>4,035</td><td>-1,369</td><td>180</td><td>-1,114</td><td>-947</td><td>4,027</td><td>-1,370</td><td>172</td></tr><tr><td>Germany 1/</td><td>6,967</td><td>10</td><td>2,612</td><td>919</td><td>-23,458</td><td>6,999</td><td>-20</td><td>2,579</td><td>994</td><td>-23,445</td></tr><tr><td>Greece</td><td>3,085</td><td>-3,057</td><td>4,278</td><td>-3,305</td><td>-10</td><td>3,016</td><td>-3,266</td><td>4,313</td><td>-3,208</td><td>8</td></tr><tr><td>Italy</td><td>20,591</td><td>6,312</td><td>18,771</td><td>10,834</td><td>-6,415</td><td>20,632</td><td>7,111</td><td>18,599</td><td>10,079</td><td>-6,484</td></tr><tr><td>Luxembourg</td><td>-1,742</td><td>-308</td><td>-1,010</td><td>-1,728</td><td>-821</td><td>-1,718</td><td>-327</td><td>-970</td><td>-1,458</td><td>-627</td></tr><tr><td>Netherlands</td><td>-478</td><td>-2,561</td><td>-36,137</td><td>-24,806</td><td>-5,221</td><td>3,559</td><td>3,143</td><td>-15,118</td><td>-13,626</td><td>2,523</td></tr><tr><td>Norway</td><td>-3,552</td><td>6,210</td><td>-3,656</td><td>2,168</td><td>2,601</td><td>-3,554</td><td>5,960</td><td>-3,508</td><td>1,879</td><td>2,578</td></tr><tr><td>Portugal</td><td>-784</td><td>-13,259</td><td>-49</td><td>5,749</td><td>-3,627</td><td>8</td><td>-13,235</td><td>-86</td><td>5,979</td><td>-3,527</td></tr><tr><td>Romania</td><td>-1,203</td><td>174</td><td>-1</td><td>-154</td><td>-274</td><td>-1,188</td><td>172</td><td>5</td><td>-171</td><td>-275</td></tr><tr><td>Spain</td><td>-898</td><td>1,941</td><td>-817</td><td>54</td><td>-1,933</td><td>-922</td><td>1,939</td><td>-620</td><td>231</td><td>-850</td></tr><tr><td>Sweden</td><td>-4,179</td><td>1,169</td><td>-2,550</td><td>-9,583</td><td>-5,001</td><td>-4,162</td><td>1,243</td><td>-2,495</td><td>-9,559</td><td>-4,921</td></tr><tr><td>Switzerland</td><td>3,816</td><td>1,188</td><td>9,400</td><td>10,346</td><td>-2,648</td><td>11,415</td><td>7,062</td><td>17,150</td><td>44,913</td><td>10,729</td></tr><tr><td>U. S. S. R.</td><td>-8,595</td><td>6,436</td><td>1,482</td><td>-346</td><td>-19,615</td><td>-8,995</td><td>6,436</td><td>1,482</td><td>-350</td><td>-19,615</td></tr><tr><td>Yugoslavia</td><td>9,859</td><td>3,534</td><td>-119</td><td>-1,949</td><td>-4,927</td><td>9,865</td><td>3,534</td><td>-117</td><td>-1,947</td><td>-4,894</td></tr><tr><td>Other Europe</td><td>-10,492</td><td>-15,588</td><td>-10,329</td><td>2,227</td><td>2,628</td><td>-10,336</td><td>-15,526</td><td>-10,296</td><td>3,359</td><td>2,721</td></tr><tr><td>Total Europe</td><td>92,842</td><td>163</td><td>-130,213</td><td>-81,693</td><td>24,959</td><td>115,983</td><td>25,286</td><td>-81,411</td><td>-21,579</td><td>53,087</td></tr><tr><td>Canada</td><td>-6,325</td><td>76,557</td><td>40,361</td><td>40,278</td><td>31,617</td><td>-4,573</td><td>74,389</td><td>29,684</td><td>36,433</td><td>18,917</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>18,704</td><td>-4,422</td><td>6,255</td><td>-14,962</td><td>-2,664</td><td>16,512</td><td>-5,480</td><td>4,710</td><td>-19,366</td><td>-3,872</td></tr><tr><td>Bolivia</td><td>-1,532</td><td>883</td><td>649</td><td>-3,097</td><td>1,388</td><td>-1,680</td><td>854</td><td>602</td><td>-3,021</td><td>1,323</td></tr><tr><td>Brazil</td><td>7,427</td><td>-9,251</td><td>-20,125</td><td>-1,222</td><td>13,346</td><td>7,245</td><td>-9,498</td><td>-20,804</td><td>-2,343</td><td>12,856</td></tr><tr><td>Chile</td><td>317</td><td>5,081</td><td>10,155</td><td>1,339</td><td>4,099</td><td>236</td><td>4,910</td><td>9,632</td><td>-436</td><td>3,235</td></tr><tr><td>Colombia</td><td>-7,089</td><td>-18,183</td><td>-11,615</td><td>15,208</td><td>8,068</td><td>-7,081</td><td>-18,505</td><td>-11,501</td><td>15,961</td><td>8,016</td></tr><tr><td>Costa Rica</td><td>422</td><td>367</td><td>641</td><td>2,115</td><td>-1,446</td><td>361</td><td>370</td><td>640</td><td>2,011</td><td>-1,511</td></tr><tr><td>Cuba</td><td>17,612</td><td>29,729</td><td>-1,348</td><td>-3,167</td><td>-7,182</td><td>15,206</td><td>31,515</td><td>-2,156</td><td>-3,193</td><td>-6,978</td></tr><tr><td>French West Indies and Guiana</td><td>-885</td><td>116</td><td>-136</td><td>-423</td><td>-413</td><td>-904</td><td>119</td><td>-158</td><td>-109</td><td>-401</td></tr><tr><td>Mexico</td><td>-2,035</td><td>-6,177</td><td>-11,516</td><td>-2,917</td><td>-6,018</td><td>-1,882</td><td>-6,433</td><td>-11,171</td><td>-2,974</td><td>-5,630</td></tr><tr><td>Netherlands West Indies and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Surinam</td><td>982</td><td>-944</td><td>-120</td><td>2,226</td><td>-1,017</td><td>850</td><td>-1,094</td><td>-207</td><td>1,937</td><td>-1,048</td></tr><tr><td>Panama</td><td>-1,079</td><td>6,384</td><td>65</td><td>-1,258</td><td>-3,378</td><td>1,827</td><td>5,402</td><td>884</td><td>945</td><td>-625</td></tr><tr><td>Peru</td><td>698</td><td>-1,848</td><td>-3,824</td><td>5,678</td><td>-1,099</td><td>987</td><td>-2,387</td><td>-3,853</td><td>5,624</td><td>-1,164</td></tr><tr><td>Venezuela</td><td>-15,774</td><td>-10,103</td><td>19,831</td><td>-27,758</td><td>51,117</td><td>-16,472</td><td>-10,458</td><td>19,496</td><td>-27,999</td><td>50,924</td></tr><tr><td>Other Latin America</td><td>9,005</td><td>11,456</td><td>3,921</td><td>-3,105</td><td>-314</td><td>6,367</td><td>10,310</td><td>1,895</td><td>-565</td><td>850</td></tr><tr><td>Total Latin America</td><td>26,773</td><td>3,088</td><td>-7,167</td><td>-31,343</td><td>54,487</td><td>21,572</td><td>-375</td><td>-11,991</td><td>-33,828</td><td>55,975</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>-26,093</td><td>-15,033</td><td>-19,519</td><td>-8,857</td><td>-19,500</td><td>-25,652</td><td>-15,125</td><td>-21,790</td><td>-9,149</td><td>-17,464</td></tr><tr><td>French Indo-China</td><td>-41</td><td>-1,350</td><td>39</td><td>153</td><td>-246</td><td>-44</td><td>-1,349</td><td>39</td><td>153</td><td>-246</td></tr><tr><td>Hong Kong</td><td>-416</td><td>-2,247</td><td>-1,201</td><td>6,532</td><td>1,753</td><td>-568</td><td>-2,622</td><td>-974</td><td>7,564</td><td>1,832</td></tr><tr><td>India</td><td>-8,388</td><td>-5,182</td><td>-11,397</td><td>15,947</td><td>13,606</td><td>-8,409</td><td>-5,164</td><td>-11,420</td><td>15,940</td><td>13,602</td></tr><tr><td>British Malaya</td><td>1,317</td><td>970</td><td>-1,605</td><td>-2,602</td><td>-590</td><td>1,316</td><td>902</td><td>-1,605</td><td>-2,605</td><td>-590</td></tr><tr><td>Japan</td><td>15,030</td><td>31,422</td><td>-7,235</td><td>5,950</td><td>-245</td><td>15,027</td><td>31,414</td><td>-7,237</td><td>5,955</td><td>-273</td></tr><tr><td>Netherland East Indies</td><td>-11,503</td><td>6,309</td><td>-8,644</td><td>-2,899</td><td>-14,351</td><td>-11,434</td><td>6,062</td><td>-8,638</td><td>-2,889</td><td>-14,338</td></tr><tr><td>Philippine Islands</td><td>15,832</td><td>-7,675</td><td>-4,816</td><td>-8,406</td><td>839</td><td>16,118</td><td>-8,362</td><td>-4,720</td><td>-8,520</td><td>794</td></tr><tr><td>Turkey</td><td>-512</td><td>-1,359</td><td>3,982</td><td>-1,138</td><td>3,681</td><td>-548</td><td>-1,452</td><td>3,931</td><td>-1,116</td><td>3,695</td></tr><tr><td>Other Asia 2/</td><td>400</td><td>1,137</td><td>3,581</td><td>-3,198</td><td>18,996</td><td>437</td><td>1,113</td><td>3,368</td><td>-3,031</td><td>19,025</td></tr><tr><td>Total Asia</td><td>-14,374</td><td>6,992</td><td>-46,815</td><td>1,482</td><td>3,943</td><td>-13,757</td><td>5,417</td><td>-49,046</td><td>2,302</td><td>6,037</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>4,800</td><td>86</td><td>-2,946</td><td>3,607</td><td>-578</td><td>4,442</td><td>-1,947</td><td>-4,716</td><td>2,205</td><td>-1,070</td></tr><tr><td>New Zealand</td><td>1,097</td><td>36</td><td>-1,283</td><td>446</td><td>-1,496</td><td>1,096</td><td>37</td><td>-1,281</td><td>499</td><td>-1,496</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>5,076</td><td>-6,291</td><td>-5,217</td><td>-2,181</td><td>-1,791</td><td>5,150</td><td>-6,331</td><td>-5,137</td><td>-2,172</td><td>-1,805</td></tr><tr><td>French Morocco</td><td>-456</td><td>-442</td><td>-570</td><td>277</td><td>487</td><td>-377</td><td>-444</td><td>-378</td><td>388</td><td>461</td></tr><tr><td>Union of South Africa</td><td>-9,286</td><td>3,194</td><td>-25,467</td><td>580</td><td>-17,801</td><td>-9,264</td><td>3,173</td><td>-25,421</td><td>5,538</td><td>-17,583</td></tr><tr><td>All other</td><td>1,115</td><td>-692</td><td>630</td><td>-2,028</td><td>366</td><td>1,019</td><td>-706</td><td>272</td><td>-1,656</td><td>373</td></tr><tr><td>Total other countries</td><td>2,346</td><td>-4,109</td><td>-34,853</td><td>701</td><td>-20,813</td><td>2,066</td><td>-6,218</td><td>-36,661</td><td>4,802</td><td>-21,060</td></tr><tr><td>International 3/</td><td>-60,460</td><td>-139,238</td><td>-30,161</td><td>-19,796</td><td>-22,339</td><td>-60,460</td><td>-139,238</td><td>-30,161</td><td>-20,076</td><td>-27,365</td></tr><tr><td>Unidentified</td><td>1,048</td><td>143</td><td>-788</td><td>-1,641</td><td>2,897</td><td>1,066</td><td>140</td><td>-813</td><td>-1,636</td><td>2,873</td></tr><tr><td>Grand total</td><td>41,850</td><td>-56,404</td><td>-209,636</td><td>-92,012</td><td>74,751</td><td>61,897</td><td>-40,599</td><td>-180,399</td><td>-33,582</td><td>88,464</td></tr></table>
1/ Beginning with March 1947, includes transactions in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and
Ceylon, previously included with India. 3/ Includes transactions of international organizations such as UNFRA, International Monetary Fund, and International Bank.
54
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>Country</th><th colspan="5">Movement in brokerage balances 1948</th><th colspan="5">Transactions in long-term securities, domestic and foreign 1948</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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>-50</td><td>391</td><td>516</td><td>-721</td><td>153</td><td>242</td><td>-2,193</td><td>-512</td><td>-875</td><td>-839</td></tr><tr><td>France</td><td>-217</td><td>-27</td><td>341</td><td>-821</td><td>-119</td><td>-10,812</td><td>-11,905</td><td>-20,633</td><td>-13,326</td><td>-5,221</td></tr><tr><td>Belgium</td><td>-160</td><td>-57</td><td>372</td><td>-95</td><td>-402</td><td>292</td><td>572</td><td>122</td><td>473</td><td>682</td></tr><tr><td>Denmark</td><td>-27</td><td>23</td><td>-7</td><td>53</td><td>2</td><td>204</td><td>88</td><td>34</td><td>1,886</td><td>250</td></tr><tr><td>Finland</td><td>-18</td><td>-1</td><td>38</td><td>-74</td><td>-1</td><td>11</td><td>10</td><td>8</td><td>3</td><td>7</td></tr><tr><td>Germany</td><td></td><td></td><td></td><td></td><td></td><td>-14</td><td>31</td><td>-5</td><td>-1</td><td>-12</td></tr><tr><td>Greece</td><td>12</td><td>1</td><td>2</td><td>5</td><td>16</td><td>57</td><td>208</td><td>-37</td><td>-102</td><td>-34</td></tr><tr><td>Italy</td><td>-108</td><td>133</td><td>128</td><td>-249</td><td>9</td><td>67</td><td>-932</td><td>44</td><td>1,004</td><td>60</td></tr><tr><td>Luxembourg</td><td>-232</td><td>31</td><td>-22</td><td>13</td><td>-250</td><td>208</td><td>-12</td><td>-18</td><td>-283</td><td>56</td></tr><tr><td>Netherlands</td><td>-215</td><td>1,389</td><td>-1,874</td><td>624</td><td>125</td><td>-3,822</td><td>-7,093</td><td>-19,145</td><td>-11,804</td><td>-7,869</td></tr><tr><td>Norway</td><td>-194</td><td>61</td><td>-250</td><td>121</td><td>45</td><td>196</td><td>189</td><td>102</td><td>168</td><td>-22</td></tr><tr><td>Portugal</td><td>21</td><td>-7</td><td>-21</td><td>53</td><td>-16</td><td>-813</td><td>-17</td><td>58</td><td>-283</td><td>-84</td></tr><tr><td>Romania</td><td>-16</td><td>2</td><td>1</td><td>-2</td><td>-4</td><td>1</td><td>-</td><td>-7</td><td>19</td><td>5</td></tr><tr><td>Spain</td><td>21</td><td>9</td><td>-22</td><td>1</td><td>-99</td><td>3</td><td>-7</td><td>-175</td><td>-178</td><td>-984</td></tr><tr><td>Sweden</td><td>-26</td><td>-25</td><td>-39</td><td>-14</td><td>-67</td><td>9</td><td>-49</td><td>-16</td><td>-10</td><td>-13</td></tr><tr><td>Switzerland</td><td>-598</td><td>3,904</td><td>2,272</td><td>139</td><td>-2,739</td><td>-7,001</td><td>-9,778</td><td>-10,022</td><td>-34,706</td><td>-10,638</td></tr><tr><td>U. S. S. R.</td><td>-1</td><td>-</td><td>2</td><td>-2</td><td>-</td><td>-5</td><td>-</td><td>-4</td><td>4</td><td>-5</td></tr><tr><td>Yugoslavia</td><td>-16</td><td>-32</td><td>-47</td><td>-1,180</td><td>-124</td><td>-140</td><td>-30</td><td>14</td><td>48</td><td>31</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>-1,824</td><td>5,795</td><td>1,390</td><td>-2,151</td><td>-3,498</td><td>-21,317</td><td>-30,918</td><td>-50,192</td><td>-57,963</td><td>-24,630</td></tr><tr><td>Canada</td><td>-550</td><td>134</td><td>-57</td><td>1,057</td><td>358</td><td>-1,202</td><td>2,034</td><td>10,734</td><td>2,788</td><td>12,342</td></tr><tr><td>Latina 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>-146</td><td>107</td><td>-400</td><td>475</td><td>-77</td><td>2,338</td><td>951</td><td>1,945</td><td>3,929</td><td>1,285</td></tr><tr><td>Bolivia</td><td>-1</td><td>6</td><td>9</td><td>-81</td><td>107</td><td>149</td><td>23</td><td>38</td><td>5</td><td>-12</td></tr><tr><td>Brazil</td><td>143</td><td>26</td><td>51</td><td>-129</td><td>-203</td><td>39</td><td>221</td><td>628</td><td>1,250</td><td>693</td></tr><tr><td>Chile</td><td>-113</td><td>61</td><td>76</td><td>-119</td><td>471</td><td>194</td><td>110</td><td>447</td><td>1,894</td><td>393</td></tr><tr><td>Colombia</td><td>-255</td><td>248</td><td>-319</td><td>-64</td><td>-</td><td>247</td><td>74</td><td>205</td><td>-689</td><td>52</td></tr><tr><td>Costa Rica</td><td>17</td><td>-3</td><td>-3</td><td>92</td><td>51</td><td>44</td><td>-</td><td>4</td><td>12</td><td>14</td></tr><tr><td>Cuba</td><td>537</td><td>306</td><td>282</td><td>1,131</td><td>319</td><td>1,869</td><td>-2,092</td><td>526</td><td>-1,105</td><td>-523</td></tr><tr><td>French West Indies and Guiana</td><td>26</td><td>1</td><td>24</td><td>-14</td><td>-11</td><td>-7</td><td>-4</td><td>-2</td><td>-</td><td>-1</td></tr><tr><td>Mexico</td><td>-886</td><td>41</td><td>-702</td><td>93</td><td>-459</td><td>733</td><td>215</td><td>357</td><td>-36</td><td>71</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>-7</td><td>-10</td><td>55</td><td>-19</td><td>12</td><td>139</td><td>160</td><td>32</td><td>308</td><td>19</td></tr><tr><td>Panama</td><td>-935</td><td>-100</td><td>703</td><td>601</td><td>-1,048</td><td>-1,971</td><td>1,082</td><td>-1,522</td><td>-2,804</td><td>-1,705</td></tr><tr><td>Peru</td><td>-399</td><td>440</td><td>-50</td><td>1</td><td>4</td><td>110</td><td>99</td><td>79</td><td>53</td><td>61</td></tr><tr><td>Venezuela</td><td>443</td><td>176</td><td>117</td><td>43</td><td>332</td><td>255</td><td>179</td><td>218</td><td>198</td><td>-139</td></tr><tr><td>Other Latia America</td><td>-561</td><td>-280</td><td>1,164</td><td>405</td><td>-1,008</td><td>3,199</td><td>1,426</td><td>862</td><td>-2,945</td><td>-156</td></tr><tr><td>Total Latia America</td><td>-2,137</td><td>1,019</td><td>1,007</td><td>2,415</td><td>-1,510</td><td>7,338</td><td>2,444</td><td>3,817</td><td>70</td><td>22</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>-162</td><td>4</td><td>-239</td><td>-128</td><td>-99</td><td>-279</td><td>88</td><td>2,510</td><td>420</td><td>-1,937</td></tr><tr><td>French Indo-China</td><td>3</td><td>-1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-71</td><td>155</td><td>-119</td><td>150</td><td>59</td><td>223</td><td>220</td><td>-108</td><td>-1,182</td><td>-138</td></tr><tr><td>India</td><td>-8</td><td>-14</td><td>18</td><td>-41</td><td>15</td><td>29</td><td>-4</td><td>5</td><td>48</td><td>-11</td></tr><tr><td>British Malaya</td><td>1</td><td>63</td><td>-</td><td>3</td><td>-3</td><td>2</td><td>5</td><td>-2</td><td>3</td><td>31</td></tr><tr><td>Japan</td><td></td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-2</td><td>-8</td><td></td></tr><tr><td>Netherlande East Indiese</td><td>-77</td><td>6</td><td>-3</td><td>1</td><td>-9</td><td>8</td><td>241</td><td>-3</td><td>-11</td><td>-4</td></tr><tr><td>Philippine Islands</td><td>-399</td><td>798</td><td>84</td><td>72</td><td>165</td><td>113</td><td>-111</td><td>-180</td><td>42</td><td>-120</td></tr><tr><td>Turkey</td><td>-16</td><td>36</td><td>44</td><td>7</td><td>-66</td><td>52</td><td>57</td><td>7</td><td>-29</td><td>52</td></tr><tr><td>Other Asia 1/</td><td>-38</td><td>34</td><td>167</td><td>-129</td><td>4</td><td>1</td><td>-10</td><td>46</td><td>-38</td><td>-33</td></tr><tr><td>Total Asia</td><td>-766</td><td>1,081</td><td>-43</td><td>-65</td><td>66</td><td>149</td><td>494</td><td>2,274</td><td>-755</td><td>-2,160</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>-14</td><td>9</td><td>30</td><td>-25</td><td>356</td><td>2,047</td><td>1,761</td><td>1,372</td><td>517</td></tr><tr><td>New Zealand</td><td>8</td><td>-1</td><td>-7</td><td>-52</td><td>-1</td><td>-7</td><td>-</td><td>5</td><td>-1</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-26</td><td>47</td><td>-20</td><td>-36</td><td>16</td><td>48</td><td>-7</td><td>-60</td><td>27</td><td>-2</td></tr><tr><td>French Morocco</td><td>-64</td><td>22</td><td>16</td><td>-11</td><td>16</td><td>-15</td><td>-20</td><td>-208</td><td>-100</td><td>10</td></tr><tr><td>Union of South Africa</td><td>-1</td><td>28</td><td>-38</td><td>29</td><td>-8</td><td>-21</td><td>-7</td><td>-8</td><td>-4,987</td><td>-270</td></tr><tr><td>All other</td><td>2</td><td>19</td><td>469</td><td>-476</td><td>-37</td><td>94</td><td>-5</td><td>-111</td><td>104</td><td>30</td></tr><tr><td>Total other countries</td><td>-79</td><td>101</td><td>429</td><td>-516</td><td>-39</td><td>359</td><td>2,008</td><td>1,379</td><td>-3,585</td><td>286</td></tr><tr><td>International 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>280</td><td>5,026</td></tr><tr><td>Unidentified</td><td>-18</td><td>3</td><td>25</td><td>-18</td><td>24</td><td>-</td><td>-</td><td>-</td><td>13</td><td>-</td></tr><tr><td>Grand total</td><td>-5,374</td><td>8,133</td><td>2,751</td><td>722</td><td>-4,599</td><td>-14,673</td><td>-23,938</td><td>-31,988</td><td>-59,152</td><td>-9,114</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 UNFRA, International Monetary Fund, and International Bank.
November 1948
55
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="5">Claims 1948</th><th colspan="5">Liabilities 1948</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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>18,942</td><td>18,455</td><td>23,515</td><td>25,256</td><td>21,597</td><td>404,942</td><td>445,203</td><td>376,238</td><td>340,710</td><td>445,772</td></tr><tr><td>France</td><td>113,691</td><td>118,459</td><td>115,961</td><td>122,668</td><td>126,977</td><td>204,444</td><td>187,121</td><td>175,003</td><td>162,709</td><td>167,152</td></tr><tr><td>Belgium</td><td>11,262</td><td>24,245</td><td>20,674</td><td>18,798</td><td>18,619</td><td>125,984</td><td>149,192</td><td>128,104</td><td>133,679</td><td>125,460</td></tr><tr><td>Denmark</td><td>3,247</td><td>6,585</td><td>9,895</td><td>8,606</td><td>3,477</td><td>51,920</td><td>47,983</td><td>56,089</td><td>46,305</td><td>39,355</td></tr><tr><td>Finland</td><td>7,588</td><td>7,009</td><td>6,106</td><td>5,616</td><td>5,709</td><td>29,274</td><td>27,748</td><td>30,872</td><td>29,012</td><td>29,277</td></tr><tr><td>Germany</td><td>30,506</td><td>30,380</td><td>30,357</td><td>30,345</td><td>30,388</td><td>103,660</td><td>103,514</td><td>106,070</td><td>107,052</td><td>83,650</td></tr><tr><td>Greece</td><td>10,199</td><td>9,600</td><td>7,156</td><td>6,751</td><td>4,707</td><td>41,875</td><td>38,014</td><td>39,883</td><td>36,270</td><td>34,234</td></tr><tr><td>Italy</td><td>20,921</td><td>17,370</td><td>15,941</td><td>17,215</td><td>20,612</td><td>183,721</td><td>187,281</td><td>204,451</td><td>215,804</td><td>212,717</td></tr><tr><td>Luxembourg</td><td>25</td><td>26</td><td>25</td><td>16</td><td>12</td><td>20,240</td><td>19,914</td><td>18,943</td><td>17,476</td><td>16,045</td></tr><tr><td>Netherlands</td><td>52,348</td><td>51,332</td><td>60,170</td><td>59,180</td><td>59,336</td><td>128,943</td><td>131,070</td><td>124,790</td><td>110,174</td><td>112,853</td></tr><tr><td>Norway</td><td>10,666</td><td>8,932</td><td>12,131</td><td>11,523</td><td>11,568</td><td>50,473</td><td>54,699</td><td>54,390</td><td>55,661</td><td>58,284</td></tr><tr><td>Portugal</td><td>1,236</td><td>1,516</td><td>1,403</td><td>1,086</td><td>1,045</td><td>46,017</td><td>33,062</td><td>32,863</td><td>38,525</td><td>34,957</td></tr><tr><td>Romania</td><td>12,012</td><td>12,017</td><td>12,004</td><td>11,997</td><td>12,013</td><td>7,737</td><td>7,914</td><td>7,906</td><td>7,728</td><td>7,469</td></tr><tr><td>Spain</td><td>3,503</td><td>3,734</td><td>4,594</td><td>5,523</td><td>3,315</td><td>17,246</td><td>19,416</td><td>19,656</td><td>20,816</td><td>17,758</td></tr><tr><td>Sweden</td><td>3,673</td><td>3,454</td><td>2,828</td><td>4,119</td><td>5,223</td><td>52,360</td><td>53,384</td><td>50,263</td><td>41,995</td><td>38,178</td></tr><tr><td>Switzerland</td><td>5,978</td><td>6,363</td><td>6,186</td><td>5,957</td><td>6,456</td><td>460,342</td><td>467,789</td><td>484,762</td><td>529,446</td><td>540,674</td></tr><tr><td>U.S.S.R.</td><td>7</td><td>6</td><td>10</td><td>7</td><td>9</td><td>66,124</td><td>72,559</td><td>74,045</td><td>73,692</td><td>54,079</td></tr><tr><td>Yugoslavia</td><td>6</td><td>1</td><td>1</td><td>1</td><td>1</td><td>20,514</td><td>24,043</td><td>23,926</td><td>21,979</td><td>17,085</td></tr><tr><td>Other Europe</td><td>40,531</td><td>45,396</td><td>52,938</td><td>54,319</td><td>55,308</td><td>109,776</td><td>99,115</td><td>90,361</td><td>101,101</td><td>104,811</td></tr><tr><td>Total Europe</td><td>346,341</td><td>364,880</td><td>381,885</td><td>388,983</td><td>386,372</td><td>2,125,196</td><td>2,169,021</td><td>2,104,615</td><td>2,090,134</td><td>2,140,610</td></tr><tr><td>Canada</td><td>25,435</td><td>28,369</td><td>27,724</td><td>24,882</td><td>25,914</td><td>430,605</td><td>507,928</td><td>536,967</td><td>570,558</td><td>590,507</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>60,317</td><td>57,207</td><td>50,516</td><td>52,638</td><td>58,692</td><td>212,972</td><td>204,382</td><td>202,401</td><td>185,157</td><td>187,339</td></tr><tr><td>Bolivia</td><td>2,321</td><td>2,274</td><td>2,228</td><td>3,066</td><td>2,510</td><td>14,326</td><td>15,133</td><td>15,689</td><td>13,506</td><td>14,273</td></tr><tr><td>Brazil</td><td>175,181</td><td>185,905</td><td>194,522</td><td>209,671</td><td>187,562</td><td>123,239</td><td>124,465</td><td>112,278</td><td>125,084</td><td>115,831</td></tr><tr><td>Chile</td><td>27,054</td><td>24,908</td><td>21,915</td><td>20,427</td><td>21,628</td><td>41,127</td><td>43,891</td><td>50,530</td><td>48,606</td><td>53,042</td></tr><tr><td>Colombia</td><td>36,927</td><td>39,292</td><td>50,468</td><td>47,857</td><td>48,000</td><td>43,364</td><td>27,224</td><td>26,899</td><td>40,249</td><td>48,408</td></tr><tr><td>Costa Rica</td><td>3,534</td><td>3,183</td><td>3,130</td><td>2,917</td><td>2,222</td><td>9,797</td><td>9,816</td><td>10,403</td><td>12,201</td><td>9,995</td></tr><tr><td>Cuba</td><td>106,432</td><td>109,091</td><td>124,146</td><td>110,115</td><td>90,535</td><td>225,496</td><td>259,670</td><td>272,569</td><td>255,345</td><td>228,787</td></tr><tr><td>French West Indies and Guiana</td><td>93</td><td>83</td><td>63</td><td>28</td><td>27</td><td>1,809</td><td>1,918</td><td>1,740</td><td>1,296</td><td>894</td></tr><tr><td>Mexico</td><td>52,722</td><td>59,902</td><td>58,256</td><td>75,843</td><td>73,431</td><td>131,669</td><td>132,426</td><td>119,609</td><td>134,222</td><td>126,180</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,077</td><td>1,261</td><td>1,260</td><td>1,373</td><td>1,275</td><td>18,322</td><td>17,412</td><td>17,204</td><td>19,254</td><td>18,108</td></tr><tr><td>Panama</td><td>4,235</td><td>4,052</td><td>4,232</td><td>4,352</td><td>4,377</td><td>72,940</td><td>78,159</td><td>79,223</td><td>80,288</td><td>79,688</td></tr><tr><td>Peru</td><td>3,923</td><td>4,126</td><td>3,811</td><td>4,029</td><td>4,094</td><td>39,995</td><td>37,811</td><td>33,643</td><td>39,485</td><td>38,386</td></tr><tr><td>Venezuela</td><td>16,860</td><td>17,565</td><td>16,998</td><td>19,289</td><td>19,924</td><td>75,292</td><td>65,539</td><td>84,468</td><td>58,760</td><td>110,319</td></tr><tr><td>Other Latin America</td><td>26,806</td><td>28,490</td><td>28,062</td><td>30,066</td><td>29,933</td><td>178,694</td><td>190,688</td><td>192,155</td><td>193,594</td><td>194,311</td></tr><tr><td>Total Latin America</td><td>517,472</td><td>537,339</td><td>559,607</td><td>581,671</td><td>544,210</td><td>1,189,042</td><td>1,208,534</td><td>1,218,811</td><td>1,207,047</td><td>1,225,561</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>37,899</td><td>38,110</td><td>36,361</td><td>51,700</td><td>55,528</td><td>188,692</td><td>173,778</td><td>150,239</td><td>156,429</td><td>142,793</td></tr><tr><td>French Indo-China</td><td>273</td><td>284</td><td>150</td><td>609</td><td>608</td><td>6,253</td><td>4,915</td><td>4,820</td><td>5,432</td><td>5,185</td></tr><tr><td>Hong Kong</td><td>3,948</td><td>3,718</td><td>3,499</td><td>4,487</td><td>4,571</td><td>41,630</td><td>38,778</td><td>37,585</td><td>46,137</td><td>48,053</td></tr><tr><td>Iodie</td><td>25,470</td><td>25,992</td><td>26,144</td><td>24,323</td><td>28,101</td><td>57,781</td><td>53,139</td><td>41,871</td><td>55,990</td><td>73,370</td></tr><tr><td>British Malaya</td><td>709</td><td>563</td><td>563</td><td>1,528</td><td>1,103</td><td>13,108</td><td>13,804</td><td>12,259</td><td>10,619</td><td>9,604</td></tr><tr><td>Japan</td><td>5,747</td><td>5,868</td><td>3,997</td><td>4,162</td><td>1,135</td><td>53,838</td><td>85,373</td><td>76,265</td><td>82,385</td><td>79,085</td></tr><tr><td>Netherlands East Indies</td><td>3,099</td><td>579</td><td>521</td><td>609</td><td>663</td><td>56,960</td><td>60,502</td><td>51,806</td><td>49,005</td><td>38,721</td></tr><tr><td>Philippine Islands</td><td>30,982</td><td>31,005</td><td>33,654</td><td>42,746</td><td>31,715</td><td>484,652</td><td>476,373</td><td>474,242</td><td>474,814</td><td>464,577</td></tr><tr><td>Turkey</td><td>18,618</td><td>15,514</td><td>7,253</td><td>6,142</td><td>2,033</td><td>34,598</td><td>30,042</td><td>25,712</td><td>23,485</td><td>23,071</td></tr><tr><td>Other Asia</td><td>7,674</td><td>9,372</td><td>9,312</td><td>8,665</td><td>8,026</td><td>83,445</td><td>86,256</td><td>89,564</td><td>85,886</td><td>104,272</td></tr><tr><td>Total Asia</td><td>134,419</td><td>131,065</td><td>121,454</td><td>144,971</td><td>133,483</td><td>1,020,957</td><td>1,023,020</td><td>964,363</td><td>990,182</td><td>984,731</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>6,424</td><td>4,656</td><td>4,295</td><td>3,357</td><td>2,159</td><td>28,493</td><td>24,778</td><td>19,701</td><td>20,968</td><td>18,700</td></tr><tr><td>New Zealand</td><td>1,114</td><td>940</td><td>694</td><td>633</td><td>712</td><td>6,236</td><td>6,099</td><td>4,572</td><td>5,010</td><td>3,593</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>117</td><td>131</td><td>166</td><td>186</td><td>146</td><td>42,731</td><td>36,414</td><td>31,312</td><td>29,160</td><td>27,315</td></tr><tr><td>French Morocco</td><td>527</td><td>350</td><td>314</td><td>216</td><td>191</td><td>9,232</td><td>8,611</td><td>8,197</td><td>8,487</td><td>8,923</td></tr><tr><td>Union of South Africa</td><td>9,992</td><td>10,113</td><td>11,783</td><td>11,822</td><td>11,970</td><td>41,509</td><td>44,803</td><td>21,012</td><td>26,629</td><td>9,254</td></tr><tr><td>All other</td><td>4,524</td><td>5,099</td><td>4,860</td><td>5,483</td><td>5,874</td><td>56,144</td><td>56,013</td><td>56,046</td><td>55,013</td><td>55,777</td></tr><tr><td>Total other countries</td><td>22,698</td><td>21,289</td><td>22,072</td><td>21,697</td><td>21,052</td><td>184,345</td><td>176,718</td><td>140,840</td><td>145,267</td><td>123,562</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,144,525</td><td>2,005,287</td><td>1,975,126</td><td>1,955,050</td><td>1,927,605</td></tr><tr><td>Unidentified</td><td>426</td><td>858</td><td>737</td><td>577</td><td>613</td><td>19,007</td><td>19,579</td><td>18,645</td><td>16,849</td><td>19,758</td></tr><tr><td>Grand total</td><td>1,046,791</td><td>1,083,800</td><td>1,113,479</td><td>1,162,781</td><td>1,111,644</td><td>7,113,677</td><td>7,110,087</td><td>6,959,367</td><td>6,975,087</td><td>7,012,414</td></tr></table>
1/ Beginning with March 1947, data include balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and
Ceylon, previously included with India. 3/ Includes dollar balances of international organizations such as UNRRA, International Monetary Fund, and International Bank.
56
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="5">Debit balances (due from foreigners) 1948</th><th colspan="5">Credit balances (due to foreigners) 1948</th></tr><tr><th></th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</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>1,116</td><td>1,231</td><td>1,090</td><td>1,348</td><td>1,096</td><td>2,523</td><td>3,029</td><td>3,404</td><td>2,941</td><td>2,842</td></tr><tr><td>France</td><td>297</td><td>361</td><td>262</td><td>330</td><td>384</td><td>5,223</td><td>5,260</td><td>5,502</td><td>4,749</td><td>4,684</td></tr><tr><td>Belgium</td><td>164</td><td>232</td><td>204</td><td>134</td><td>135</td><td>2,154</td><td>2,165</td><td>2,509</td><td>2,344</td><td>1,943</td></tr><tr><td>Denmark</td><td>76</td><td>70</td><td>79</td><td>6</td><td>2</td><td>36</td><td>53</td><td>55</td><td>35</td><td>33</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>15</td><td>14</td><td>15</td><td>16</td><td>16</td><td>59</td><td>57</td><td>96</td><td>23</td><td>22</td></tr><tr><td>Greece</td><td>12</td><td>11</td><td>13</td><td>4</td><td>2</td><td>20</td><td>20</td><td>24</td><td>20</td><td>34</td></tr><tr><td>Italy</td><td>96</td><td>31</td><td>32</td><td>12</td><td>9</td><td>323</td><td>391</td><td>520</td><td>251</td><td>257</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>745</td><td>776</td><td>754</td><td>767</td><td>517</td></tr><tr><td>Netherlands</td><td>111</td><td>123</td><td>169</td><td>174</td><td>129</td><td>5,985</td><td>7,386</td><td>5,558</td><td>6,187</td><td>6,267</td></tr><tr><td>Norway</td><td>245</td><td>218</td><td>196</td><td>266</td><td>265</td><td>832</td><td>866</td><td>594</td><td>785</td><td>829</td></tr><tr><td>Portugal</td><td>18</td><td>23</td><td>59</td><td>23</td><td>23</td><td>140</td><td>138</td><td>153</td><td>170</td><td>154</td></tr><tr><td>Rumanie</td><td>16</td><td>15</td><td>15</td><td>15</td><td>19</td><td>15</td><td>16</td><td>17</td><td>15</td><td>15</td></tr><tr><td>Spain</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>218</td><td>227</td><td>205</td><td>206</td><td>107</td></tr><tr><td>Sweden</td><td>46</td><td>37</td><td>39</td><td>39</td><td>46</td><td>432</td><td>398</td><td>361</td><td>347</td><td>287</td></tr><tr><td>Switzerland</td><td>1,625</td><td>1,481</td><td>1,502</td><td>1,201</td><td>926</td><td>33,657</td><td>37,417</td><td>39,710</td><td>39,548</td><td>36,534</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td><td>51</td><td>53</td><td>51</td><td>23</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,925</td><td>1,870</td><td>1,845</td><td>717</td><td>570</td></tr><tr><td>Other Europe</td><td>311</td><td>288</td><td>310</td><td>362</td><td>339</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>4,149</td><td>4,136</td><td>3,986</td><td>3,931</td><td>3,391</td><td>54,340</td><td>60,122</td><td>61,362</td><td>59,156</td><td>55,118</td></tr><tr><td>Canada</td><td>5,071</td><td>5,128</td><td>4,963</td><td>4,894</td><td>5,098</td><td>4,756</td><td>4,947</td><td>4,725</td><td>5,713</td><td>6,275</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>1,033</td><td>1,306</td><td>1,307</td><td>1,088</td><td>1,124</td><td>4,914</td><td>5,294</td><td>4,895</td><td>5,151</td><td>5,110</td></tr><tr><td>Bolivie</td><td>6</td><td>1</td><td>-</td><td>115</td><td>-</td><td>28</td><td>29</td><td>37</td><td>71</td><td>63</td></tr><tr><td>Brazil</td><td>1,177</td><td>1,263</td><td>1,276</td><td>1,267</td><td>1,419</td><td>651</td><td>763</td><td>827</td><td>689</td><td>638</td></tr><tr><td>Chile</td><td>736</td><td>868</td><td>801</td><td>761</td><td>617</td><td>546</td><td>739</td><td>748</td><td>589</td><td>916</td></tr><tr><td>Colombia</td><td>224</td><td>215</td><td>337</td><td>333</td><td>338</td><td>352</td><td>591</td><td>394</td><td>326</td><td>331</td></tr><tr><td>Costa Rica</td><td>71</td><td>68</td><td>69</td><td>-</td><td>-</td><td>82</td><td>76</td><td>74</td><td>97</td><td>148</td></tr><tr><td>Cuba</td><td>6,387</td><td>6,187</td><td>6,230</td><td>5,534</td><td>5,173</td><td>1,086</td><td>1,192</td><td>1,517</td><td>1,952</td><td>1,910</td></tr><tr><td>French West Indies and Guiana</td><td>4</td><td>1</td><td>3</td><td>7</td><td>5</td><td>5</td><td>3</td><td>29</td><td>19</td><td>6</td></tr><tr><td>Mexico</td><td>2,553</td><td>2,330</td><td>1,903</td><td>1,905</td><td>1,877</td><td>7,226</td><td>7,044</td><td>5,915</td><td>6,010</td><td>5,523</td></tr><tr><td>Netherlands West Indies and</td><td>13</td><td>49</td><td>5</td><td>8</td><td>8</td><td>196</td><td>222</td><td>233</td><td>217</td><td>229</td></tr><tr><td>Surinam</td><td>47</td><td>75</td><td>70</td><td>176</td><td>158</td><td>2,514</td><td>2,442</td><td>3,140</td><td>3,847</td><td>2,781</td></tr><tr><td>Panama</td><td>663</td><td>106</td><td>104</td><td>94</td><td>93</td><td>254</td><td>137</td><td>85</td><td>76</td><td>79</td></tr><tr><td>Peru</td><td>136</td><td>552</td><td>587</td><td>641</td><td>707</td><td>1,601</td><td>2,193</td><td>2,345</td><td>2,442</td><td>2,840</td></tr><tr><td>Venezuela</td><td>2,665</td><td>2,913</td><td>2,964</td><td>1,758</td><td>2,551</td><td>4,018</td><td>3,986</td><td>5,201</td><td>4,400</td><td>4,185</td></tr><tr><td>Other 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>Total Latin America</td><td>15,715</td><td>15,934</td><td>15,656</td><td>13,687</td><td>14,070</td><td>23,473</td><td>24,711</td><td>25,440</td><td>25,886</td><td>24,759</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>1,439</td><td>1,539</td><td>1,654</td><td>1,617</td><td>1,650</td><td>1,460</td><td>1,564</td><td>1,440</td><td>1,275</td><td>1,209</td></tr><tr><td>French Indo-China</td><td>96</td><td>103</td><td>95</td><td>27</td><td>43</td><td>86</td><td>248</td><td>121</td><td>203</td><td>278</td></tr><tr><td>Hong Kong</td><td>32</td><td>31</td><td>28</td><td>26</td><td>21</td><td>63</td><td>48</td><td>63</td><td>20</td><td>30</td></tr><tr><td>India</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>6</td><td>9</td><td>6</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>391</td><td>304</td><td>265</td><td>537</td><td>373</td><td>22</td><td>28</td><td>25</td><td>26</td><td>17</td></tr><tr><td>Philippine Islands</td><td>2</td><td>2</td><td>1</td><td>2</td><td>3</td><td>351</td><td>1,062</td><td>1,107</td><td>1,451</td><td>1,452</td></tr><tr><td>Turkey</td><td>52</td><td>47</td><td>40</td><td>35</td><td>42</td><td>11</td><td>47</td><td>90</td><td>98</td><td>33</td></tr><tr><td>Other Asia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>252</td><td>281</td><td>441</td><td>307</td><td>318</td></tr><tr><td>Total Asia</td><td>2,070</td><td>2,026</td><td>2,083</td><td>2,244</td><td>2,132</td><td>2,254</td><td>3,291</td><td>3,305</td><td>3,401</td><td>3,355</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>33</td><td>35</td><td>32</td><td>32</td><td>2</td><td>73</td><td>61</td><td>67</td><td>97</td><td>42</td></tr><tr><td>New Zealand</td><td>38</td><td>4</td><td>5</td><td>3</td><td>1</td><td>61</td><td>60</td><td>53</td><td>1</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>194</td><td>207</td><td>188</td><td>150</td><td>164</td></tr><tr><td>French Morocco</td><td>5</td><td>15</td><td>3</td><td>1</td><td>23</td><td>41</td><td>78</td><td>82</td><td>69</td><td>107</td></tr><tr><td>Union of South Africa</td><td>21</td><td>5</td><td>6</td><td>8</td><td>5</td><td>73</td><td>96</td><td>64</td><td>95</td><td>84</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85</td><td>88</td><td>558</td><td>115</td><td>73</td></tr><tr><td>Total other countries</td><td>97</td><td>59</td><td>52</td><td>83</td><td>65</td><td>527</td><td>590</td><td>1,012</td><td>527</td><td>470</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td><td>81</td><td>106</td><td>88</td><td>112</td></tr><tr><td>Grand total</td><td>27,102</td><td>27,283</td><td>26,740</td><td>24,839</td><td>24,756</td><td>85,428</td><td>93,742</td><td>95,950</td><td>94,771</td><td>90,089</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
November 1948
57
CAPITAL MOVEMENTS
Section III - Details for Month of June 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="3">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>21,597</td><td>9,854</td><td>7,873</td><td>448</td><td>1,533</td><td>11,743</td><td>4,438</td><td>2,912</td><td>4,393</td></tr><tr><td>France</td><td>126,977</td><td>249</td><td>51</td><td>146</td><td>52</td><td>126,728</td><td>103,926</td><td>131</td><td>22,671</td></tr><tr><td>Belgium</td><td>18,619</td><td>315</td><td>118</td><td>25</td><td>172</td><td>18,304</td><td>6,757</td><td>4,209</td><td>7,338</td></tr><tr><td>Danmark</td><td>3,477</td><td>63</td><td>31</td><td>19</td><td>13</td><td>3,414</td><td>33</td><td>3,193</td><td>188</td></tr><tr><td>Finland</td><td>5,709</td><td>2</td><td>2</td><td>-</td><td>-</td><td>5,707</td><td>68</td><td>5,232</td><td>407</td></tr><tr><td>Germany 1/</td><td>30,388</td><td>32</td><td>6</td><td>26</td><td>-</td><td>30,356</td><td>17,063</td><td>67</td><td>13,226</td></tr><tr><td>Greece</td><td>4,707</td><td>129</td><td>-</td><td>5</td><td>124</td><td>4,578</td><td>3,026</td><td>-</td><td>1,552</td></tr><tr><td>Italy</td><td>20,612</td><td>156</td><td>1</td><td>154</td><td>1</td><td>20,456</td><td>3,278</td><td>1,650</td><td>15,528</td></tr><tr><td>Luxembourg</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Netherlands</td><td>59,336</td><td>202</td><td>116</td><td>28</td><td>58</td><td>59,134</td><td>13,242</td><td>5,498</td><td>40,394</td></tr><tr><td>Norway</td><td>11,568</td><td>85</td><td>33</td><td>42</td><td>10</td><td>11,483</td><td>3,557</td><td>814</td><td>7,112</td></tr><tr><td>Portugal</td><td>1,045</td><td>97</td><td>97</td><td>-</td><td>-</td><td>948</td><td>67</td><td>130</td><td>751</td></tr><tr><td>Romania</td><td>12,013</td><td>3</td><td>-</td><td>3</td><td>-</td><td>12,010</td><td>11,998</td><td>-</td><td>12</td></tr><tr><td>Spain</td><td>3,315</td><td>511</td><td>11</td><td>14</td><td>486</td><td>2,804</td><td>275</td><td>-</td><td>2,529</td></tr><tr><td>Sweden</td><td>5,223</td><td>123</td><td>86</td><td>6</td><td>31</td><td>5,100</td><td>106</td><td>25</td><td>4,969</td></tr><tr><td>Switzerland</td><td>6,456</td><td>873</td><td>370</td><td>474</td><td>29</td><td>5,583</td><td>2,279</td><td>317</td><td>2,987</td></tr><tr><td>U. S. S. R.</td><td>9</td><td>5</td><td>5</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Yugoslavia</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>55,308</td><td>181</td><td>133</td><td>42</td><td>6</td><td>55,127</td><td>38,188</td><td>1,172</td><td>15,767</td></tr><tr><td>Total Europe</td><td>386,372</td><td>12,880</td><td>8,933</td><td>1,432</td><td>2,515</td><td>373,492</td><td>208,301</td><td>25,350</td><td>139,841</td></tr><tr><td>Canada</td><td>25,914</td><td>11,732</td><td>7,487</td><td>3,767</td><td>478</td><td>14,182</td><td>453</td><td>2,911</td><td>10,818</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>58,692</td><td>223</td><td>139</td><td>32</td><td>52</td><td>58,469</td><td>34,299</td><td>1,641</td><td>22,529</td></tr><tr><td>Bolivia</td><td>2,510</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,510</td><td>288</td><td>126</td><td>2,096</td></tr><tr><td>Brasil</td><td>187,562</td><td>188</td><td>47</td><td>-</td><td>141</td><td>187,374</td><td>6,637</td><td>376</td><td>180,361</td></tr><tr><td>Chile</td><td>21,628</td><td>2</td><td>1</td><td>-</td><td>1</td><td>21,626</td><td>942</td><td>920</td><td>19,764</td></tr><tr><td>Colombia</td><td>48,000</td><td>3</td><td>-</td><td>-</td><td>3</td><td>47,997</td><td>12,325</td><td>5,269</td><td>30,403</td></tr><tr><td>Costa Rica</td><td>2,222</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,222</td><td>76</td><td>39</td><td>2,107</td></tr><tr><td>Cuba</td><td>90,535</td><td>1,954</td><td>1,945</td><td>-</td><td>9</td><td>88,581</td><td>60,959</td><td>17,573</td><td>10,049</td></tr><tr><td>French West Indies and Guiana</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>27</td></tr><tr><td>Mexico</td><td>73,431</td><td>38,435</td><td>1,307</td><td>37,002</td><td>126</td><td>34,996</td><td>8,219</td><td>6,131</td><td>20,646</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,275</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,274</td><td>-</td><td>-</td><td>1,274</td></tr><tr><td>Panama</td><td>4,377</td><td>38</td><td>-</td><td>33</td><td>5</td><td>4,339</td><td>-</td><td>-</td><td>4,339</td></tr><tr><td>Peru</td><td>4,094</td><td>6</td><td>5</td><td>-</td><td>1</td><td>4,088</td><td>40</td><td>-</td><td>4,048</td></tr><tr><td>Venezuela</td><td>19,924</td><td>106</td><td>68</td><td>38</td><td>-</td><td>19,818</td><td>2,286</td><td>805</td><td>16,727</td></tr><tr><td>Other Latin America</td><td>29,933</td><td>21</td><td>14</td><td>-</td><td>7</td><td>29,912</td><td>5,560</td><td>1,354</td><td>22,998</td></tr><tr><td>Total Latin America</td><td>544,210</td><td>40,977</td><td>3,526</td><td>37,105</td><td>346</td><td>503,233</td><td>131,631</td><td>34,234</td><td>337,368</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>55,528</td><td>6</td><td>5</td><td>1</td><td>-</td><td>55,522</td><td>42,287</td><td>82</td><td>13,153</td></tr><tr><td>French Indo-China</td><td>608</td><td>-</td><td>-</td><td>-</td><td>-</td><td>608</td><td>260</td><td>293</td><td>55</td></tr><tr><td>Hong Kong</td><td>4,571</td><td>505</td><td>111</td><td>40</td><td>354</td><td>4,066</td><td>2,170</td><td>198</td><td>1,698</td></tr><tr><td>India</td><td>28,101</td><td>20,058</td><td>324</td><td>19,689</td><td>45</td><td>8,043</td><td>2,832</td><td>2,455</td><td>2,756</td></tr><tr><td>British Malaya</td><td>1,103</td><td>5</td><td>1</td><td>-</td><td>4</td><td>1,098</td><td>443</td><td>440</td><td>215</td></tr><tr><td>Japan</td><td>1,135</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,135</td><td>208</td><td>835</td><td>92</td></tr><tr><td>Netherlands East Indies</td><td>663</td><td>-</td><td>-</td><td>-</td><td>-</td><td>663</td><td>370</td><td>212</td><td>81</td></tr><tr><td>Philippine Islands</td><td>31,715</td><td>1,478</td><td>1,339</td><td>-</td><td>139</td><td>30,237</td><td>16,585</td><td>4,132</td><td>9,320</td></tr><tr><td>Turkey</td><td>2,033</td><td>5</td><td>-</td><td>5</td><td>6</td><td>2,028</td><td>108</td><td>-</td><td>1,920</td></tr><tr><td>Other Asia 2/</td><td>8,026</td><td>25</td><td>19</td><td>-</td><td>6</td><td>8,001</td><td>789</td><td>221</td><td>6,991</td></tr><tr><td>Total Asia</td><td>133,483</td><td>22,082</td><td>1,799</td><td>19,735</td><td>548</td><td>111,401</td><td>66,052</td><td>8,868</td><td>36,481</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>2,159</td><td>410</td><td>106</td><td>-</td><td>304</td><td>1,749</td><td>110</td><td>933</td><td>706</td></tr><tr><td>New Zealand</td><td>712</td><td>35</td><td>28</td><td>-</td><td>7</td><td>677</td><td>2</td><td>119</td><td>556</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>146</td><td>18</td><td>3</td><td>4</td><td>11</td><td>128</td><td>2</td><td>-</td><td>126</td></tr><tr><td>French Morocco</td><td>191</td><td>-</td><td>-</td><td>-</td><td>-</td><td>191</td><td>96</td><td>-</td><td>95</td></tr><tr><td>Union of South Africa</td><td>11,970</td><td>2,156</td><td>57</td><td>-</td><td>2,099</td><td>9,814</td><td>-</td><td>-</td><td>9,814</td></tr><tr><td>All other</td><td>5,874</td><td>30</td><td>6</td><td>2</td><td>22</td><td>5,844</td><td>2,138</td><td>-</td><td>3,706</td></tr><tr><td>Total other countries</td><td>21,052</td><td>2,649</td><td>200</td><td>6</td><td>2,443</td><td>18,403</td><td>2,348</td><td>1,052</td><td>15,003</td></tr><tr><td>Unidentified</td><td>613</td><td>-</td><td>-</td><td>-</td><td>-</td><td>613</td><td>-</td><td>-</td><td>613</td></tr><tr><td>Grand total</td><td>1,111,644</td><td>90,320</td><td>21,945</td><td>62,045</td><td>6,330</td><td>1,021,324</td><td>408,785</td><td>72,415</td><td>540,124</td></tr></table>
1/ Beginning with March 1947, data include balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of June 1948
Table 2.- Short-Term Liabilities to Foreigners
(Portion at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>445,772</td><td>383,926</td><td>367,218</td><td>2,426</td><td>10,750</td><td>3,532</td><td>61,846</td><td>3,879</td><td>54,556</td><td>3,411</td></tr><tr><td>France</td><td>167,152</td><td>166,982</td><td>151,590</td><td>321</td><td>11,938</td><td>3,133</td><td>170</td><td>115</td><td>45</td><td>10</td></tr><tr><td>Belgium</td><td>125,460</td><td>124,988</td><td>114,825</td><td>520</td><td>9,293</td><td>350</td><td>472</td><td>362</td><td>21</td><td>89</td></tr><tr><td>Denmark</td><td>39,355</td><td>39,295</td><td>37,301</td><td>1,538</td><td>407</td><td>49</td><td>60</td><td>60</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>29,277</td><td>29,277</td><td>29,268</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany 1/</td><td>83,650</td><td>83,638</td><td>83,363</td><td>171</td><td>20</td><td>84</td><td>12</td><td>10</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>34,234</td><td>34,207</td><td>34,040</td><td>166</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>212,717</td><td>212,704</td><td>206,122</td><td>426</td><td>5,795</td><td>361</td><td>13</td><td>12</td><td>1</td><td>-</td></tr><tr><td>Luxembourg</td><td>16,845</td><td>16,845</td><td>16,542</td><td>2</td><td>301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>112,853</td><td>112,796</td><td>109,111</td><td>305</td><td>3,373</td><td>7</td><td>57</td><td>57</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>58,284</td><td>58,227</td><td>46,842</td><td>5,416</td><td>5,957</td><td>12</td><td>57</td><td>57</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>34,957</td><td>34,706</td><td>34,036</td><td>670</td><td>-</td><td>-</td><td>251</td><td>248</td><td>-</td><td>3</td></tr><tr><td>Romania</td><td>7,469</td><td>7,469</td><td>7,431</td><td>38</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>17,758</td><td>17,684</td><td>17,075</td><td>222</td><td>385</td><td>2</td><td>74</td><td>71</td><td>-</td><td>3</td></tr><tr><td>Sweden</td><td>38,178</td><td>37,736</td><td>35,099</td><td>2,452</td><td>185</td><td>-</td><td>442</td><td>410</td><td>-</td><td>32</td></tr><tr><td>Switzerland</td><td>540,674</td><td>538,551</td><td>485,886</td><td>18,843</td><td>11,096</td><td>22,726</td><td>2,123</td><td>680</td><td>-</td><td>1,443</td></tr><tr><td>U.S.S.R.</td><td>54,079</td><td>54,079</td><td>53,806</td><td>273</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>17,085</td><td>17,084</td><td>17,067</td><td>10</td><td>6</td><td>1</td><td>1</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>104,811</td><td>104,802</td><td>82,072</td><td>1,515</td><td>19,600</td><td>1,615</td><td>9</td><td>4</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,140,610</td><td>2,074,996</td><td>1,928,694</td><td>35,323</td><td>79,106</td><td>31,873</td><td>65,614</td><td>5,990</td><td>54,623</td><td>5,001</td></tr><tr><td>Canada</td><td>590,507</td><td>586,673</td><td>277,913</td><td>2,485</td><td>306,202</td><td>73</td><td>3,834</td><td>599</td><td>-</td><td>3,235</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>187,339</td><td>187,179</td><td>183,524</td><td>2,715</td><td>-</td><td>940</td><td>160</td><td>156</td><td>-</td><td>4</td></tr><tr><td>Bolivia</td><td>14,273</td><td>14,273</td><td>14,273</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>115,831</td><td>115,621</td><td>102,802</td><td>10,426</td><td>-</td><td>2,393</td><td>210</td><td>210</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>53,042</td><td>53,042</td><td>49,482</td><td>2,918</td><td>-</td><td>642</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>48,408</td><td>48,407</td><td>47,591</td><td>486</td><td>-</td><td>330</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>9,995</td><td>9,995</td><td>9,867</td><td>127</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>228,787</td><td>228,787</td><td>224,468</td><td>4,026</td><td>250</td><td>43</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>894</td><td>894</td><td>894</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>126,180</td><td>125,719</td><td>124,631</td><td>765</td><td>61</td><td>262</td><td>461</td><td>23</td><td>-</td><td>438</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>18,108</td><td>18,108</td><td>12,107</td><td>1</td><td>6,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>79,688</td><td>79,688</td><td>63,759</td><td>242</td><td>15,684</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>38,386</td><td>38,375</td><td>37,864</td><td>486</td><td>25</td><td>-</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>110,319</td><td>110,220</td><td>99,427</td><td>2,993</td><td>-</td><td>7,800</td><td>99</td><td>99</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>194,311</td><td>193,924</td><td>165,565</td><td>4,055</td><td>24,273</td><td>31</td><td>387</td><td>371</td><td>-</td><td>16</td></tr><tr><td>Total Latin America</td><td>1,225,561</td><td>1,224,232</td><td>1,136,254</td><td>29,240</td><td>46,293</td><td>12,445</td><td>1,329</td><td>871</td><td>-</td><td>458</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>142,793</td><td>142,774</td><td>132,281</td><td>1,946</td><td>7,926</td><td>621</td><td>19</td><td>-</td><td>19</td><td>-</td></tr><tr><td>French Indo-China</td><td>5,185</td><td>5,185</td><td>4,124</td><td>-</td><td>1,000</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>48,053</td><td>45,579</td><td>44,418</td><td>350</td><td>728</td><td>83</td><td>2,474</td><td>2,474</td><td>-</td><td>-</td></tr><tr><td>India</td><td>73,370</td><td>72,770</td><td>69,362</td><td>3,408</td><td>-</td><td>-</td><td>600</td><td>239</td><td>326</td><td>35</td></tr><tr><td>British Malaya</td><td>9,604</td><td>9,575</td><td>8,088</td><td>387</td><td>1,100</td><td>-</td><td>29</td><td>29</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>79,085</td><td>78,973</td><td>69,362</td><td>3,411</td><td>6,200</td><td>-</td><td>112</td><td>49</td><td>53</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>34,721</td><td>34,671</td><td>20,559</td><td>390</td><td>13,722</td><td>-</td><td>50</td><td>-</td><td>-</td><td>50</td></tr><tr><td>Philippine Islands</td><td>464,577</td><td>464,577</td><td>459,127</td><td>4,404</td><td>-</td><td>1,046</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>23,071</td><td>23,071</td><td>16,677</td><td>6,394</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia 2/</td><td>104,272</td><td>104,044</td><td>102,319</td><td>1,438</td><td>141</td><td>146</td><td>228</td><td>227</td><td>-</td><td>1</td></tr><tr><td>Total Asia</td><td>984,731</td><td>981,219</td><td>926,317</td><td>22,128</td><td>30,817</td><td>1,957</td><td>3,512</td><td>3,018</td><td>398</td><td>96</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>18,700</td><td>18,484</td><td>15,988</td><td>1,052</td><td>1,440</td><td>4</td><td>216</td><td>30</td><td>96</td><td>90</td></tr><tr><td>New Zealand</td><td>3,593</td><td>3,507</td><td>3,430</td><td>77</td><td>-</td><td>-</td><td>86</td><td>33</td><td>-</td><td>53</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>27,315</td><td>27,118</td><td>26,843</td><td>173</td><td>-</td><td>102</td><td>197</td><td>29</td><td>-</td><td>160</td></tr><tr><td>French Morocco</td><td>8,923</td><td>8,923</td><td>8,864</td><td>56</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>9,254</td><td>8,126</td><td>8,092</td><td>24</td><td>10</td><td>-</td><td>1,128</td><td>1,113</td><td>-</td><td>15</td></tr><tr><td>All other</td><td>55,777</td><td>55,758</td><td>54,037</td><td>488</td><td>1,231</td><td>2</td><td>19</td><td>9</td><td>-</td><td>10</td></tr><tr><td>Total other countries</td><td>123,562</td><td>121,916</td><td>117,254</td><td>1,870</td><td>2,681</td><td>111</td><td>1,646</td><td>1,214</td><td>96</td><td>336</td></tr><tr><td>lateralional 3/</td><td>1,927,685</td><td>1,927,685</td><td>337,733</td><td>-</td><td>1,589,952</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>19,758</td><td>19,758</td><td>19,758</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,012,414</td><td>6,936,479</td><td>4,743,923</td><td>91,046</td><td>2,055,051</td><td>46,459</td><td>75,935</td><td>11,692</td><td>55,117</td><td>9,126</td></tr></table>
1/ Beginning with March 1947, data include balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma and
Ceylon, previously included with India. 3/ Includes transactions of international organizations such as UNFRA, International Monetary Fund, and International Bank.
November 1948
59
CAPITAL MOVEMENTS
Section III - Details for Month of June 1948
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(in thousands of dollars)
<table><tr><th>Country</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>9,587</td><td>7,413</td><td>4,544</td><td>2,869</td><td>2,174</td><td>802</td><td>1,372</td><td>10,426</td><td>6,873</td><td>4,794</td><td>2,079</td><td>3,553</td><td>965</td><td>2,588</td></tr><tr><td>France</td><td>6,097</td><td>5,438</td><td>1,117</td><td>4,321</td><td>659</td><td>258</td><td>401</td><td>11,318</td><td>9,761</td><td>7,082</td><td>2,679</td><td>1,557</td><td>1,040</td><td>517</td></tr><tr><td>Belgium</td><td>3,565</td><td>1,925</td><td>1,553</td><td>362</td><td>1,640</td><td>794</td><td>846</td><td>2,883</td><td>2,149</td><td>1,874</td><td>275</td><td>734</td><td>206</td><td>528</td></tr><tr><td>Denmark</td><td>306</td><td>223</td><td>43</td><td>180</td><td>83</td><td>-</td><td>83</td><td>56</td><td>44</td><td>35</td><td>9</td><td>12</td><td>-</td><td>12</td></tr><tr><td>Finland</td><td>13</td><td>-</td><td>-</td><td>-</td><td>13</td><td>-</td><td>13</td><td>6</td><td>5</td><td>5</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>3</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>3</td><td>15</td><td>15</td><td>12</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>174</td><td>172</td><td>78</td><td>94</td><td>2</td><td>-</td><td>2</td><td>114</td><td>106</td><td>45</td><td>61</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Luxembourg</td><td>115</td><td>99</td><td>98</td><td>1</td><td>16</td><td>-</td><td>16</td><td>59</td><td>42</td><td>42</td><td>-</td><td>17</td><td>16</td><td>1</td></tr><tr><td>Netherlands</td><td>907</td><td>440</td><td>390</td><td>50</td><td>467</td><td>100</td><td>367</td><td>8,776</td><td>8,189</td><td>6,251</td><td>1,938</td><td>587</td><td>198</td><td>389</td></tr><tr><td>Norway</td><td>592</td><td>261</td><td>187</td><td>74</td><td>331</td><td>2</td><td>329</td><td>614</td><td>330</td><td>329</td><td>1</td><td>284</td><td>57</td><td>227</td></tr><tr><td>Portugal</td><td>121</td><td>116</td><td>112</td><td>4</td><td>5</td><td>-</td><td>5</td><td>205</td><td>183</td><td>172</td><td>11</td><td>22</td><td>8</td><td>14</td></tr><tr><td>Rumania</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>281</td><td>281</td><td>280</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1,265</td><td>1,260</td><td>1,217</td><td>43</td><td>5</td><td>2</td><td>3</td></tr><tr><td>Sweden</td><td>202</td><td>153</td><td>148</td><td>5</td><td>49</td><td>-</td><td>49</td><td>215</td><td>174</td><td>169</td><td>5</td><td>41</td><td>16</td><td>25</td></tr><tr><td>Switzerland</td><td>19,045</td><td>17,116</td><td>13,626</td><td>3,490</td><td>1,929</td><td>1,109</td><td>820</td><td>29,683</td><td>23,974</td><td>20,951</td><td>3,023</td><td>5,709</td><td>3,113</td><td>2,596</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>185</td><td>169</td><td>164</td><td>5</td><td>16</td><td>14</td><td>2</td><td>154</td><td>133</td><td>107</td><td>26</td><td>21</td><td>2</td><td>19</td></tr><tr><td>Total Europe</td><td>41,199</td><td>33,812</td><td>22,356</td><td>11,456</td><td>7,387</td><td>3,079</td><td>4,308</td><td>65,029</td><td>53,278</td><td>43,120</td><td>10,158</td><td>12,551</td><td>5,626</td><td>6,925</td></tr><tr><td>Canada</td><td>44,852</td><td>24,736</td><td>7,139</td><td>17,597</td><td>20,116</td><td>4,016</td><td>16,100</td><td>32,510</td><td>15,212</td><td>4,872</td><td>10,340</td><td>17,298</td><td>4,570</td><td>12,728</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>2,188</td><td>1,159</td><td>1,112</td><td>47</td><td>1,029</td><td>43</td><td>986</td><td>903</td><td>747</td><td>618</td><td>129</td><td>156</td><td>116</td><td>40</td></tr><tr><td>Bolivia</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,441</td><td>664</td><td>597</td><td>67</td><td>777</td><td>79</td><td>698</td><td>748</td><td>680</td><td>525</td><td>155</td><td>68</td><td>27</td><td>41</td></tr><tr><td>Chile</td><td>732</td><td>138</td><td>133</td><td>5</td><td>594</td><td>280</td><td>314</td><td>339</td><td>273</td><td>273</td><td>-</td><td>66</td><td>64</td><td>2</td></tr><tr><td>Colombia</td><td>71</td><td>38</td><td>38</td><td>-</td><td>33</td><td>10</td><td>23</td><td>19</td><td>8</td><td>8</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>Costa Rica</td><td>14</td><td>10</td><td>3</td><td>7</td><td>4</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,936</td><td>1,527</td><td>1,294</td><td>233</td><td>409</td><td>103</td><td>306</td><td>2,459</td><td>1,914</td><td>1,518</td><td>396</td><td>545</td><td>416</td><td>129</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,092</td><td>910</td><td>832</td><td>78</td><td>182</td><td>69</td><td>113</td><td>1,021</td><td>958</td><td>798</td><td>160</td><td>63</td><td>42</td><td>21</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>40</td><td>40</td><td>39</td><td>1</td><td>1</td><td>-</td><td>-</td><td>21</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>2,368</td><td>2,079</td><td>1,567</td><td>512</td><td>289</td><td>186</td><td>103</td><td>4,073</td><td>3,912</td><td>2,499</td><td>1,413</td><td>161</td><td>71</td><td>90</td></tr><tr><td>Peru</td><td>81</td><td>80</td><td>80</td><td>-</td><td>1</td><td>1</td><td>-</td><td>20</td><td>14</td><td>14</td><td>-</td><td>6</td><td>3</td><td>3</td></tr><tr><td>Venezuela</td><td>547</td><td>504</td><td>453</td><td>51</td><td>43</td><td>11</td><td>32</td><td>686</td><td>521</td><td>519</td><td>2</td><td>165</td><td>156</td><td>9</td></tr><tr><td>Other Latin America</td><td>3,136</td><td>2,628</td><td>2,415</td><td>213</td><td>508</td><td>93</td><td>415</td><td>3,292</td><td>2,969</td><td>2,516</td><td>453</td><td>323</td><td>264</td><td>59</td></tr><tr><td>Total Latin America</td><td>13,649</td><td>9,780</td><td>8,566</td><td>1,214</td><td>3,869</td><td>875</td><td>2,994</td><td>13,627</td><td>12,063</td><td>9,355</td><td>2,708</td><td>1,564</td><td>1,170</td><td>394</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,741</td><td>1,623</td><td>1,112</td><td>511</td><td>118</td><td>21</td><td>97</td><td>3,678</td><td>3,577</td><td>1,195</td><td>2,382</td><td>101</td><td>32</td><td>69</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>161</td><td>125</td><td>125</td><td>-</td><td>36</td><td>36</td><td>-</td><td>299</td><td>289</td><td>234</td><td>55</td><td>10</td><td>9</td><td>1</td></tr><tr><td>India</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>19</td><td>19</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>32</td><td>31</td><td>31</td><td>-</td><td>1</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>12</td><td>12</td><td>9</td><td>3</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>14</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>29</td><td>28</td><td>26</td><td>2</td><td>1</td><td>-</td><td>1</td><td>149</td><td>148</td><td>148</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Turkey</td><td>80</td><td>65</td><td>53</td><td>12</td><td>15</td><td>-</td><td>15</td><td>28</td><td>26</td><td>26</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Other Asia</td><td>99</td><td>93</td><td>50</td><td>43</td><td>6</td><td>2</td><td>4</td><td>132</td><td>124</td><td>124</td><td>-</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Total Asia</td><td>2,163</td><td>1,986</td><td>1,415</td><td>571</td><td>177</td><td>59</td><td>118</td><td>4,323</td><td>4,200</td><td>1,761</td><td>2,439</td><td>123</td><td>47</td><td>76</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>641</td><td>57</td><td>57</td><td>-</td><td>584</td><td>16</td><td>568</td><td>124</td><td>124</td><td>123</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>3</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td></tr><tr><td>French Morocco</td><td>124</td><td>103</td><td>103</td><td>-</td><td>21</td><td>19</td><td>2</td><td>114</td><td>16</td><td>16</td><td>-</td><td>98</td><td>95</td><td>3</td></tr><tr><td>Union of South Africa</td><td>38</td><td>26</td><td>25</td><td>1</td><td>12</td><td>12</td><td>-</td><td>308</td><td>298</td><td>297</td><td>1</td><td>10</td><td>9</td><td>1</td></tr><tr><td>All other</td><td>98</td><td>88</td><td>86</td><td>2</td><td>10</td><td>2</td><td>8</td><td>68</td><td>58</td><td>58</td><td>-</td><td>10</td><td>3</td><td>7</td></tr><tr><td>Total other countries</td><td>903</td><td>275</td><td>272</td><td>3</td><td>628</td><td>49</td><td>579</td><td>617</td><td>496</td><td>494</td><td>2</td><td>121</td><td>110</td><td>11</td></tr><tr><td>International</td><td>5,026</td><td>5,026</td><td>-</td><td>5,026</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>107,792</td><td>75,615</td><td>39,748</td><td>35,867</td><td>32,177</td><td>8,078</td><td>24,099</td><td>116,906</td><td>85,249</td><td>59,602</td><td>25,647</td><td>31,657</td><td>11,523</td><td>20,134</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.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(End of month - in thousands of dollars)
<table><tr><th rowspan="2">Currency of -</th><th colspan="2">January</th><th colspan="2">February</th><th colspan="2">March</th><th colspan="2">April</th><th colspan="2">May</th><th colspan="2">June</th></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>77,772</td><td>83,428</td><td>90,515</td><td>93,904</td><td>84,093</td><td>88,371</td><td>83,481</td><td>95,241</td><td>84,482</td><td>95,815</td><td>91,657</td><td>96,983</td></tr><tr><td>France</td><td>10</td><td>2</td><td>1</td><td>23</td><td>1</td><td>16</td><td>-</td><td>14</td><td>9</td><td>19</td><td>8</td><td>2</td></tr><tr><td>Belgium</td><td>1</td><td>80</td><td>-</td><td>81</td><td>-</td><td>5</td><td>-</td><td>51</td><td>-</td><td>5</td><td>-</td><td>3</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>-</td><td>10</td><td>2</td><td>10</td><td>1</td><td>10</td><td>-</td><td>11</td><td>2</td><td>-</td><td>2</td><td>-</td></tr><tr><td>Netherlands</td><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>Portugal</td><td>144</td><td>163</td><td>109</td><td>154</td><td>209</td><td>211</td><td>35</td><td>35</td><td>-</td><td>-</td><td>32</td><td>32</td></tr><tr><td>Spain</td><td>-</td><td>2</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>28</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>-</td><td>4</td><td>-</td><td>6</td><td>12</td><td>-</td><td>-</td><td>21</td><td>-</td><td>21</td><td>-</td><td>4</td></tr><tr><td>Switzerland</td><td>232</td><td>286</td><td>103</td><td>360</td><td>148</td><td>117</td><td>245</td><td>319</td><td>689</td><td>961</td><td>566</td><td>1,044</td></tr><tr><td>Other Europe</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>78,159</td><td>83,975</td><td>90,731</td><td>94,539</td><td>84,465</td><td>88,732</td><td>83,761</td><td>95,721</td><td>85,182</td><td>96,823</td><td>92,265</td><td>98,070</td></tr><tr><td>Canada</td><td>3,673</td><td>3,941</td><td>2,055</td><td>2,273</td><td>1,777</td><td>1,870</td><td>2,044</td><td>2,261</td><td>2,937</td><td>2,248</td><td>4,796</td><td>4,373</td></tr><tr><td>Latin America</td><td>341</td><td>397</td><td>341</td><td>2</td><td>655</td><td>460</td><td>299</td><td>321</td><td>299</td><td>329</td><td>299</td><td>605</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchurie</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>480</td><td>4</td><td>459</td><td>4</td><td>258</td><td>4</td><td>139</td><td>4</td><td>79</td><td>4</td><td>189</td><td>4</td></tr><tr><td>Japan</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>714</td><td>1,070</td><td>715</td><td>1,034</td><td>623</td><td>1,183</td><td>537</td><td>741</td><td>632</td><td>1,003</td><td>1,701</td><td>2,061</td></tr><tr><td>Total Asia</td><td>1,194</td><td>1,074</td><td>1,174</td><td>1,038</td><td>851</td><td>1,187</td><td>676</td><td>745</td><td>711</td><td>1,007</td><td>1,890</td><td>2,065</td></tr><tr><td>All other</td><td>1,723</td><td>1,198</td><td>3,249</td><td>3,387</td><td>2,486</td><td>3,023</td><td>1,575</td><td>1,982</td><td>1,215</td><td>1,753</td><td>569</td><td>795</td></tr><tr><td>Grand total</td><td>85,090</td><td>90,585</td><td>97,550</td><td>101,239</td><td>90,264</td><td>95,272</td><td>88,355</td><td>101,030</td><td>90,344</td><td>102,160</td><td>99,819</td><td>105,908</td></tr></table>
November 1948
61
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Data relating to corporations in which the United States Government has a proprietary interest, direct or indirect, and to certain other business-type activities of the United States Government are presented in a series of four tables. Table 1 gives a summary of loans outstanding, Table 2, balance sheet data, Table 3 income and expense, and Table 4, source and application of funds. Tables 1 and 2 are compiled from the mid-month "Daily
Treasury Statement", which contains greater detail than the summaries presented here. Tables 3 and 4 are compiled from reports of the agencies, adjusted by the Treasury Department. The latest available loan and balance sheet data are presented in this issue of the "Treasury Bulletin", and Tables 3 and 4 for the same date will appear in a subsequent issue.
Table 1.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, June 30, 1947 - June 30, 1948
(In millions of dollars)
<table><tr><th>By type of loan</th><th>June 30, 1947</th><th>June 30, 1948</th><th>Net increase, or decrease (-)</th><th>By agency</th><th>June 30, 1947</th><th>June 30, 1948</th><th>Net increase, or decrease (-)</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td>Corporations:</td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>391.2</td><td>511.7</td><td>120.5</td><td>Banks for cooperatives</td><td>169.7</td><td>232.0</td><td>62.3</td></tr><tr><td>Cooperative associations</td><td>158.9</td><td>233.8</td><td>74.9</td><td>Commodity Credit Corporation</td><td>121.4</td><td>144.3</td><td>22.9</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>248.9</td><td>244.6</td><td>-4.2</td><td>Export-Import Bank of Washington</td><td>1,757.9</td><td>2,236.4</td><td>478.5</td></tr><tr><td>Farm mortgage loans</td><td>615.6</td><td>534.2</td><td>-81.5</td><td>Federal Deposit Insurance Corporation</td><td>4.6</td><td>4.4</td><td>-0.3</td></tr><tr><td>Other</td><td>638.9</td><td>862.0</td><td>223.1</td><td>Federal Farm Mortgage Corporation</td><td>130.9</td><td>93.6</td><td>-37.3</td></tr><tr><td>Total</td><td>2,053.5</td><td>2,386.3</td><td>332.8</td><td>Federal home loan banks</td><td>289.1</td><td>475.2</td><td>186.2</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td>Federal intermediate credit banks</td><td>393.3</td><td>512.8</td><td>119.5</td></tr><tr><td>Mortgage loans</td><td>462.6</td><td>480.2</td><td>17.6</td><td>Home Owners' Loan Corporation</td><td>557.0</td><td>423.6</td><td>-133.4</td></tr><tr><td>Other</td><td>197.6</td><td>153.0</td><td>-44.7</td><td>Public Housing Administration</td><td>278.0</td><td>281.6</td><td>3.6</td></tr><tr><td>Total</td><td>660.2</td><td>633.2</td><td>-27.0</td><td>Reconstruction Finance Corporation</td><td>885.6</td><td>956.6</td><td>71.0</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td>Tennessee Valley Authority</td><td>2.2</td><td>2.1</td><td>1.9</td></tr><tr><td>Railroads</td><td>164.2</td><td>146.8</td><td>-17.4</td><td>Other</td><td>9.2</td><td>53.0</td><td>43.8</td></tr><tr><td>Other</td><td>222.7</td><td>259.8</td><td>37.0</td><td>Total</td><td>4,597.0</td><td>5,415.7</td><td>818.7</td></tr><tr><td>Total</td><td>387.0</td><td>406.6</td><td>19.6</td><td>Certain other business-type activities:</td><td></td><td></td><td></td></tr><tr><td>To aid States, Territories, etc.</td><td>468.9</td><td>505.8</td><td>36.9</td><td>Farmers' Home Administration</td><td>601.0</td><td>542.8</td><td>-58.3</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td>Federal Works Agency</td><td>75.6</td><td>88.4</td><td>12.8</td></tr><tr><td>Banks</td><td>6.1</td><td>5.1</td><td>-1.0</td><td>Federal Housing Administration</td><td>26.5</td><td>23.1</td><td>-3.4</td></tr><tr><td>Insurance companies</td><td>8.0</td><td>10.0</td><td>2.0</td><td>Rural Electrification Administration</td><td>629.7</td><td>854.4</td><td>224.7</td></tr><tr><td>Mortgage loan companies</td><td>285.4</td><td>470.5</td><td>185.1</td><td>U. S. Maritime Commission</td><td>1/</td><td>1/</td><td>-</td></tr><tr><td>Total</td><td>299.5</td><td>485.7</td><td>186.2</td><td>Other</td><td>2,124.8</td><td>3,812.1</td><td>1,687.3</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td>Total</td><td>3,457.6</td><td>5,320.7</td><td>1,863.1</td></tr><tr><td>Loans held by lending agencies</td><td>192.8</td><td>175.1</td><td>-17.7</td><td>Total loans</td><td>8,054.6</td><td>10,736.4</td><td>2,681.8</td></tr><tr><td>Other</td><td>3,864.8</td><td>6,038.4</td><td>2,173.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>4,057.6</td><td>6,213.5</td><td>2,155.9</td><td></td><td></td><td></td><td></td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td>Total loans</td><td>8,054.6</td><td>10,736.4</td><td>2,681.8</td></tr><tr><td>Miscellaneous mortgage loans</td><td>11.9</td><td>17.0</td><td>5.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Other</td><td>116.0</td><td>88.3</td><td>-27.7</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>127.9</td><td>105.3</td><td>-22.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>8,054.6</td><td>10,736.4</td><td>2,681.8</td><td></td><td></td><td></td><td></td></tr></table>
1/ Latest reports from U. S. Maritime Commission are as of March 31, 1947. Publication of loan date for this agency will be resumed when available.
62
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of June 30, 1948
(In millions of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th>Banks for cooperatives</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal home loan banks</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>77.6</td><td>73.1</td><td>10.2</td><td>3.0</td><td>.1</td><td>.5</td><td>-</td><td>19.1</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>964.7</td><td>866.7</td><td>2.9</td><td>615.5</td><td>.1</td><td>2.0</td><td>44.1</td><td>6.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>3.2</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>2,918.6</td><td>129.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>10,372.6</td><td>5,332.1</td><td>229.5</td><td>139.4 2/</td><td>2,229.1 3/</td><td>.4</td><td>80.1</td><td>475.2</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>211.5</td><td>169.7</td><td>*</td><td>143.9</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>279.5</td><td>195.4</td><td>1.6</td><td>74.0</td><td>23.3</td><td>2.1</td><td>2.3</td><td>1.4</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>250.7</td><td>249.3</td><td>-</td><td>221.0</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>1,683.6</td><td>1,546.4</td><td>43.4</td><td>-</td><td>-</td><td>1,016.8</td><td>-</td><td>164.3</td></tr><tr><td>Securities of Government corporations and agencies</td><td>190.5</td><td>12.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>3,530.8</td><td>145.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>2,457.8</td><td>1,017.8</td><td>1.1</td><td>1.1</td><td>.1</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>29.3</td><td>16.7</td><td>*</td><td>-</td><td>-</td><td>1.5</td><td>.1</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>473.3</td><td>448.4</td><td>.2</td><td>.1</td><td>.1</td><td>*</td><td>.1</td><td>.1</td></tr><tr><td>Total assets</td><td>23,443.8</td><td>10,205.6</td><td>287.9</td><td>1,198.1</td><td>2,252.8</td><td>1,023.4</td><td>126.6</td><td>666.9</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>30.8</td><td>25.1</td><td>.1</td><td>2.9</td><td>*</td><td>.1</td><td>*</td><td>.5</td></tr><tr><td>Others</td><td>184.5</td><td>170.3</td><td>.2</td><td>68.5</td><td>*</td><td>.4</td><td>.2</td><td>2.5</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>698.2</td><td>689.5</td><td>*</td><td>28.9</td><td>*</td><td>.1</td><td>.4</td><td>.2</td></tr><tr><td>Others</td><td>177.2</td><td>167.9</td><td>.2</td><td>17.9</td><td>.1</td><td>.3</td><td>1.1</td><td>98.9</td></tr><tr><td>Bonds, debentures, and notes payable: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>2,788.9</td><td>2,070.8</td><td>-</td><td>440.0</td><td>970.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>129.7</td><td>129.7</td><td>52.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>68.0</td><td>40.9</td><td>-</td><td>36.3 5/</td><td>-</td><td>-</td><td>1.7</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>835.9</td><td>835.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>306.6</td></tr><tr><td>All other liabilities</td><td>825.5</td><td>677.8</td><td>.1</td><td>455.9</td><td>175.1</td><td>5.1</td><td>.2</td><td>-</td></tr><tr><td>Total liabilities</td><td>5,738.7</td><td>4,808.0</td><td>53.2</td><td>1,050.4</td><td>1,145.9</td><td>6.0</td><td>3.7</td><td>408.7</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,393.0</td><td>2,393.0</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>22.6</td><td>*</td><td>119.8</td></tr><tr><td>Paid-in surplus</td><td>2,137.1</td><td>2,137.1</td><td>-</td><td>1,946.3 6/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expended appropriations</td><td>16,076.3</td><td>897.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-3,055.2</td><td>-183.5</td><td>40.6</td><td>-1,898.6</td><td>107.0</td><td>994.8 7/</td><td>123.0</td><td>-</td></tr><tr><td>Total United States interest</td><td>17,551.2</td><td>5,243.8</td><td>219.1</td><td>147.7</td><td>1,107.0</td><td>1,017.4</td><td>123.0</td><td>119.8</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>125.8</td><td>125.8</td><td>12.6 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>113.2</td></tr><tr><td>Earned surplus</td><td>28.0</td><td>28.0</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.2</td></tr><tr><td>Total private interest</td><td>153.8</td><td>153.8</td><td>15.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>138.3</td></tr><tr><td>Total capital</td><td>17,705.1</td><td>5,397.6</td><td>234.6</td><td>147.7</td><td>1,107.0</td><td>1,017.4</td><td>123.0</td><td>258.1</td></tr><tr><td>Total liabilities and capital</td><td>23,443.8</td><td>10,205.6</td><td>287.9</td><td>1,198.1</td><td>2,252.8</td><td>1,023.4</td><td>126.6</td><td>666.9</td></tr><tr><td>Contingent liabilities</td><td>232.7</td><td>225.3</td><td>-</td><td>-</td><td>7.0 3/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>20,606.5</td><td>5,427.3</td><td>178.5</td><td>2,046.3</td><td>1,000.0</td><td>22.6</td><td>*</td><td>119.8</td></tr><tr><td>Treasury loans to Government corporations and agencies 9/</td><td>2,788.9</td><td>2,070.8</td><td>-</td><td>440.0</td><td>970.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>23,395.4</td><td>7,498.1</td><td>178.5</td><td>2,486.3</td><td>1,970.6</td><td>22.6</td><td>*</td><td>119.8</td></tr><tr><td>Less total Treasury loans 10/</td><td>-2,788.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>20,606.5</td><td>7,498.1</td><td>178.5</td><td>2,486.3</td><td>1,970.6</td><td>22.6</td><td>*</td><td>119.8</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-3,055.2</td><td>-183.5</td><td>40.6</td><td>-1,898.6</td><td>107.0</td><td>994.8</td><td>123.0</td><td>-</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>17,551.2</td><td>7,314.6</td><td>219.1</td><td>587.7</td><td>2,077.6</td><td>1,017.4</td><td>123.0</td><td>119.8</td></tr><tr><td>Interagency items - net, amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-36.2</td><td>-</td><td>52.6</td><td>-.1</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government agencies reporting</td><td>36.2</td><td>36.2</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>Government agencies not required to report</td><td>514.2</td><td>505.8</td><td>*</td><td>-112.0</td><td>*</td><td>.2</td><td>.4</td><td>.2</td></tr><tr><td>Interagency proprietary interests</td><td>-190.5 11/</td><td>-12.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>323.7</td><td>530.0</td><td>52.6</td><td>-112.2</td><td>*</td><td>.2</td><td>.4</td><td>.7</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>17,875.0</td><td>7,844.6</td><td>271.8</td><td>475.5</td><td>2,077.6</td><td>1,017.6</td><td>123.4</td><td>120.5</td></tr></table>
Footnotes at end of table.
(Continued on following page)
November 1948
63
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of June 30, 1948 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Federal intermediate credit banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation (in liquidation)</th><th>Production credit corporations</th><th>Public Housing Administration 12/</th><th>Reconstruction Finance Corporation 13/</th><th>Tennessee Valley Authority</th><th>Other 14/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>14.4</td><td>*</td><td>.4</td><td>.5</td><td>9.1</td><td>4.2</td><td>-</td><td>11.6</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>.9</td><td>1.3</td><td>10.0</td><td>.3</td><td>9.9</td><td>125.1</td><td>2.7</td><td>45.1</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>3.2</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>52.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76.9</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>512.8</td><td>-</td><td>421.0</td><td>-</td><td>281.6</td><td>909.2</td><td>2.1</td><td>51.7</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>.1</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>4.5</td><td>1.3</td><td>19.8</td></tr><tr><td>Others, less reserves</td><td>3.8</td><td>2.6</td><td>1.3</td><td>.3</td><td>5.7</td><td>17.9</td><td>5.0</td><td>54.0</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>12.7</td><td>15.5</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>43.6</td><td>191.5</td><td>12.4</td><td>66.5</td><td>7.9</td><td>.1</td><td>-</td><td>.1</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12.0</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>6.7</td><td>30.9</td><td>*</td><td>107.8</td><td>-</td><td>*</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>202.1</td><td>1.6</td><td>774.0</td><td>39.0</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>15.0</td><td>-</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>.3</td><td>*</td><td>*</td><td>.3</td><td>.3</td><td>436.1 15/</td><td>-</td><td>10.7</td></tr><tr><td>Total assets</td><td>628.4</td><td>195.5</td><td>452.0</td><td>98.7</td><td>516.7</td><td>1,710.4</td><td>797.8</td><td>250.6</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>.2</td><td>*</td><td>-</td><td>*</td><td>*</td><td>19.5</td><td>.6</td><td>1.2</td></tr><tr><td>Others</td><td>2.8</td><td>*</td><td>.6</td><td>.3</td><td>.4</td><td>73.7</td><td>14.0</td><td>6.6</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>659.6 15/</td><td>.1</td><td>.1</td></tr><tr><td>Others</td><td>.7</td><td>*</td><td>18.6</td><td>*</td><td>*</td><td>30.6</td><td>.3</td><td>3.1</td></tr><tr><td>Bonds, debentures, and notes payable: 4/</td><td>-</td><td>-</td><td>244.0</td><td>-</td><td>362.0</td><td>16/</td><td>54.0</td><td>.2</td></tr><tr><td>U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>77.2</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>528.8</td><td>-</td><td>3.0</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>All other liabilities</td><td>.7</td><td>4.5</td><td>.7</td><td>*</td><td>9.5</td><td>15.5</td><td>.2</td><td>10.4</td></tr><tr><td>Total liabilities</td><td>533.2</td><td>4.5</td><td>263.0</td><td>.3</td><td>371.9</td><td>798.8</td><td>69.1</td><td>99.3</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>60.0</td><td>100.0</td><td>200.0</td><td>81.6</td><td>1.0</td><td>325.0</td><td>-</td><td>204.5</td></tr><tr><td>Paid-in surplus</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>41.1</td><td>34.4</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90.3</td><td>-</td><td>683.1</td><td>123.7</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>34.7</td><td>91.0 17/</td><td>-11.0</td><td>16.8</td><td>-61.3</td><td>586.5</td><td>4.5 18/</td><td>-211.3</td></tr><tr><td>Total United States interest</td><td>95.2</td><td>191.0</td><td>189.0</td><td>98.4</td><td>144.8</td><td>911.5</td><td>728.7</td><td>151.3</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>95.2</td><td>191.0</td><td>189.0</td><td>98.4</td><td>144.8</td><td>911.5</td><td>728.7</td><td>151.3</td></tr><tr><td>Total liabilities and capital</td><td>628.4</td><td>195.5</td><td>452.0</td><td>98.7</td><td>516.7</td><td>1,710.4</td><td>797.8</td><td>250.6</td></tr><tr><td>Contingent liabilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>218.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>60.5</td><td>100.0</td><td>200.0</td><td>81.6</td><td>206.1</td><td>325.0</td><td>724.2</td><td>362.6</td></tr><tr><td>Treasury loans to Government corporations and agencies 9/</td><td>-</td><td>-</td><td>244.0</td><td>-</td><td>362.0</td><td>-</td><td>54.0</td><td>.2</td></tr><tr><td>Subtotal</td><td>60.5</td><td>100.0</td><td>444.0</td><td>81.6</td><td>568.1</td><td>325.0</td><td>778.2</td><td>362.9</td></tr><tr><td>Less total Treasury loans 10/</td><td>-</td><td>-</td><td>444.0</td><td>-</td><td>568.1</td><td>-</td><td>54.0</td><td>.2</td></tr><tr><td>Investment of the United States</td><td>60.5</td><td>100.0</td><td>444.0</td><td>81.6</td><td>568.1</td><td>325.0</td><td>778.2</td><td>362.9</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>34.7</td><td>91.0</td><td>-11.0</td><td>16.8</td><td>-61.3</td><td>586.5</td><td>4.5</td><td>-211.3</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>95.2</td><td>191.0</td><td>433.0</td><td>98.4</td><td>506.8</td><td>911.5</td><td>782.7</td><td>151.5</td></tr><tr><td>Interagency items - net, amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-52.7</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-57.9</td><td>.1</td><td>57.9</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.1</td><td>.2</td><td>.3</td></tr><tr><td>Government agencies not required to report</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>620.4</td><td>-1.0</td><td>-2.6</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12.0</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-52.5</td><td>*</td><td>*</td><td>*</td><td>*</td><td>585.6</td><td>-.6</td><td>55.6</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>42.8</td><td>191.0</td><td>433.0</td><td>98.4</td><td>506.8</td><td>1,497.2</td><td>782.1</td><td>207.1</td></tr></table>
Footnotes at end of table.
(Continued on following page)
64
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of June 30, 1948 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Total certain other business-type activities</th><th>Farmers' Home Administration</th><th>Federal Housing Administration</th><th>Federal Works Agency 19/</th><th>Rural Electrification Administration</th><th>U. S. Maritime Commission 20/</th><th>War Shipping Administration 20/</th><th>Other 21/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>4.5</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>98.0</td><td>16.0</td><td>45.8</td><td>.4</td><td>26.7</td><td>-</td><td>-</td><td>9.1</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>2,789.2</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>2,788.9 22/</td></tr><tr><td>Others, less reserves</td><td>5,040.5</td><td>266.0</td><td>22.7</td><td>88.4</td><td>853.5</td><td>-</td><td>-</td><td>3,809.9</td></tr><tr><td>Accounts and other receivables:</td><td></td><td>*</td><td>.1</td><td>35.2</td><td>*</td><td>-</td><td>-</td><td>6.5</td></tr><tr><td>Interagency</td><td>41.8</td><td></td><td>.1</td><td>35.2</td><td>*</td><td>-</td><td>-</td><td>31.5</td></tr><tr><td>Others, less reserves</td><td>84.1</td><td>39.8</td><td>.6</td><td>1.9</td><td>10.4</td><td>-</td><td>-</td><td>1.3</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>1.4</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>137.1</td><td>1.0</td><td>136.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>178.5</td></tr><tr><td>Others, less reserves</td><td>3,385.4</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,385.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>1,440.0</td><td>3.6</td><td>.8</td><td>135.6</td><td>.2</td><td>-</td><td>-</td><td>1,299.8</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>12.6</td><td>.4</td><td>10.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td></tr><tr><td>All other assets, less reserves</td><td>24.9</td><td>16.4</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>8.5</td></tr><tr><td>Total assets</td><td>13,238.2</td><td>345.0</td><td>217.0</td><td>261.6</td><td>891.1</td><td>-</td><td>-</td><td>11,523.4</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>5.7</td><td>-</td><td>*</td><td>*</td><td>5.6</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others</td><td>14.2</td><td>*</td><td>3.8</td><td>*</td><td>*</td><td>-</td><td>-</td><td>10.3</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>8.7</td><td>.4</td><td>.9</td><td>.4</td><td>.1</td><td>-</td><td>-</td><td>6.8</td></tr><tr><td>Others</td><td>9.3</td><td>3.6</td><td>1.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>4.4</td></tr><tr><td>Bonds, debentures, and notes payable: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Treasury</td><td>718.1</td><td>-</td><td>-</td><td>-</td><td>718.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>27.1</td><td>-</td><td>27.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other liabilities</td><td>147.7</td><td>*</td><td>136.8 23/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10.9</td></tr><tr><td>Total liabilities</td><td>930.7</td><td>4.0</td><td>170.0</td><td>.5</td><td>723.8</td><td>-</td><td>-</td><td>32.4</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>15,179.2</td><td>371.5</td><td>79.8</td><td>2,140.1</td><td>178.8</td><td>-</td><td>-</td><td>12,409.0</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-2,871.7</td><td>-30.5</td><td>-32.8</td><td>-1,878.9</td><td>-11.5</td><td>-</td><td>-</td><td>-917.9</td></tr><tr><td>Total United States interest</td><td>12,307.4</td><td>341.0</td><td>47.0</td><td>261.1</td><td>167.3</td><td>-</td><td>-</td><td>11,491.0</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>12,307.4</td><td>341.0</td><td>47.0</td><td>261.1</td><td>167.3</td><td>-</td><td>-</td><td>11,491.0</td></tr><tr><td>Total liabilities and capital</td><td>13,238.2</td><td>345.0</td><td>217.0</td><td>261.6</td><td>891.1</td><td>-</td><td>-</td><td>11,523.4</td></tr><tr><td>Contingent liabilities</td><td>7.4</td><td>1.6</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.7</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>15,179.2</td><td>371.5</td><td>79.8</td><td>2,140.1</td><td>178.8</td><td>-</td><td>-</td><td>12,409.0</td></tr><tr><td>Treasury loans to Government corporations and agencies 2/</td><td>718.1</td><td>-</td><td>-</td><td>-</td><td>718.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>15,897.2</td><td>371.5</td><td>79.8</td><td>2,140.1</td><td>896.9</td><td>-</td><td>-</td><td>12,409.0</td></tr><tr><td>Less total Treasury loans 10/</td><td>-2,788.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,788.9</td></tr><tr><td>Investment of the United States</td><td>13,108.3</td><td>371.5</td><td>79.8</td><td>2,140.1</td><td>896.9</td><td>-</td><td>-</td><td>9,620.0</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-2,871.7</td><td>-30.5</td><td>-32.8</td><td>-1,878.9</td><td>-11.5</td><td>-</td><td>-</td><td>-917.9</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>10,236.6</td><td>341.0</td><td>47.0</td><td>261.1</td><td>885.4</td><td>-</td><td>-</td><td>8,702.1</td></tr><tr><td>Interagency items - net, amount due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-36.2</td><td>*</td><td>.1</td><td>-35.2</td><td>-.3</td><td>-</td><td>-</td><td>-.8</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>*</td><td>-</td><td>-</td><td>5.6</td><td>-</td><td>-</td><td>-5.6</td></tr><tr><td>Government agencies not required to report</td><td>8.4</td><td>.4</td><td>.8</td><td>.4</td><td>.1</td><td>-</td><td>-</td><td>6.7</td></tr><tr><td>Interagency proprietary interests</td><td>-178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-178.5</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-206.2</td><td>.4</td><td>.9</td><td>-34.8</td><td>5.5</td><td>-</td><td>-</td><td>-178.2</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>10,030.4</td><td>341.5</td><td>47.9</td><td>226.4</td><td>890.8</td><td>-</td><td>-</td><td>8,523.8</td></tr></table>
Footnotes on following page.
November 1948
65
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes to Table 2
1/ Excludes unexpended balances of appropriated funds.
2/ Includes $17.2 million guaranteed loans held by lending agencies.
3/ Includes $7.0 million participation by other agencies in loans of Export-Import Bank of Washington.
4/ Includes notes for short-term borrowings.
5/ Represents guaranteed obligations arising from drafts and invoices paid by commercial banks. This amount does not agree with that published in the Daily Treasury Statement of Aug. 2, 1948, because of amended report.
6/ Includes $1,563.3 million representing amounts of notes canceled by the Secretary of the Treasury for restoration of capital impairment; and is not after payment by Commodity Credit Corporation to U. S. Treasury of $17.7 million on Apr. 27, 1948, as a result of Treasury appraisal.
7/ The surplus is not available by law for dividend distribution and is considered by the Corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
8/ Includes $2.2 million deposits to "Guaranty Fund".
9/ As shown above as a liability of each corporation or agency.
10/ As shown as an asset of the U. S. Treasury under "Other" business-type activities.
11/ Represents R.F.C. and Agricultural Marketing Act Revolving Fund proprietary interests in Government corporations.
12/ Reorganization Plan No. 3 of 1947, which became law on July 27, 1947, established the Housing and Home Finance Agency in lieu of the National Housing Agency, with three constituent agencies, Home Loan Bank Board, Federal Housing Administration, and Public Housing Administration. The figures for Public Housing Administration represent activities under United States Housing Act, as amended. War housing and other operations of the Administration are reflected in "Other" business-type activities.
13/ Includes merged war affiliates, the last of which to be merged was U. S. Commercial Company which was dissolved in fiscal year 1948. Does not include Federal National Mortgage Association and War Damage Corporation (in liquidation), which are included under "Other" corporations.
14/ Consists of Defense Homes Corporation (in liquidation), Federal Crop Insurance Corporation, Federal National Mortgage Association, Federal Pricem Industries, Inc., Inland Waterways Corporation, Institutes of Inter-American Affairs, Institute of Inter-American Transportation (in liquidation), Panama Railroad Company, Frencinradio, Inc. (in liquidation), Regional Agricultural Credit Corporation of Washington, D. C., Smaller War Plants Corporation, Tennessee Valley Associated Cooperatives, Inc. (in liquidation), The Virgin Islands Company, and War Damage Corporation (in liquidation). The Warrior River Terminal Company, Inc., has been dissolved and assets and
15/ Includes $436.1 million representing value of non-lending net assets of war affiliates relating to programs for national defense and reconversion for which there is accountability to the U. S. Treasury for deposit to miscellaneous receipts of proceeds of liquidation, in accordance with provisions of Public Law 860, approved June 30, 1948.
16/ R.F.C. obligations in the amount of $9,313.7 million plus interest accrued thereon subsequent to June 30, 1947, were canceled by the Secretary of the Treasury in accordance with Public Law 860, approved June 30, 1948. This amount represents unrecovered costs to R.F.C. as of June 30, 1947, in its national defense, war, and reconversion activities.
17/ The surplus is considered by the Corporation as available for future insurance losses and related expenses with respect to insured institutions.
18/ Consists of net income from power operations of $109.2 million and net expense of non-income-producing programs of $104.7 million.
19/ Includes Bureau of Community Facilities and Public Works Administration (in liquidation).
20/ Latest reports available to Treasury on the U. S. Maritime Commission functions, and on the War Shipping Administration functions relating to lend-lease and UNRRA activities, are as of March 31, 1947. Latest available reports on remainder of War Shipping Administration functions are as of February 28, 1947. Data derived from such reports were last published in the Daily Treasury Statement of June 15, 1948. Publication of current data on the U. S. Maritime Commission will be resumed when such data are available.
21/ Consists of Agricultural Marketing Act Revolving Fund; Federal Security Agency - loans to students; Indian loans; Puerto Rico Reconstruction Administration; Department of the Navy - guaranteed loans (World War II) and sale of surplus supplies (War War I); Public Housing Administration - homes conversion program, Farm Security Administration program, public war housing program, and veterans' reuse housing program; Treasury Department - miscellaneous loans and certain other assets; Veterans' Canteen Service; and Department of the Army - guaranteed loans (World War II).
22/ Represents obligations of Government corporations and agencies as shown under "Bonds, debentures, and notes payable - U. S. Treasury".
23/ Includes $136.7 million reserves for contingent losses, expenses, and other charges.
* Less than $50,000.
Treas. HJ 10 A2 1948 c.2
U.S. Treasury Dept. Treasury Bulletin