LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
C.2
TREASURY BULLETIN
LIBRARY
Inc. ASURY DEPARTMENT
JANUARY - 1949
LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
January 1949
Table of Contents
Page
<table><tr><td>Treasury financing operations</td><td>A-1</td></tr><tr><td>Summary of fiscal operations</td><td>1</td></tr><tr><td>Budget receipts and expenditures</td><td>2</td></tr><tr><td>Trust accounts, etc.</td><td>8</td></tr><tr><td>Treasury cash income and outgo</td><td>11</td></tr><tr><td>General Fund of the Treasury</td><td>14</td></tr><tr><td>Debt outstanding</td><td>15</td></tr><tr><td>Statutory debt limitation</td><td>18</td></tr><tr><td>Debt operations</td><td>19</td></tr><tr><td>United States savings bonds</td><td>25</td></tr><tr><td>Treasury savings notes</td><td>28</td></tr><tr><td>Ownership of Federal securities</td><td>29</td></tr><tr><td>Treasury survey of ownership</td><td>31</td></tr><tr><td>Market quotations</td><td>35</td></tr><tr><td>Yields of Treasury and corporate bonds</td><td>38</td></tr><tr><td>Internal revenue collections</td><td>40</td></tr><tr><td>Monetary statistics</td><td>44</td></tr><tr><td>Capital movements</td><td>48</td></tr><tr><td>Cumulative table of contents</td><td>62</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
January 1949
A-1
Treasury Financing Operations
December-January Certificate, Note, and Bond Maturities
On November 16, the Secretary of the Treasury announced that holders of the Treasury 1-1/8 percent notes and the 1-1/8 percent certificates of indebtedness maturing on January 1, 1949, would be offered a one-year 1-1/4 percent certificate of indebtedness. The announcement stated further that holders of the 2 percent Treasury bonds of 1948-50, dated December 8, 1939, which had been called for redemption on December 15, 1948, would be offered a one-year 1-1/4 percent certificate of indebtedness.
Of the maturing and called issues, the certificates, Series A-1949, amounted to $2,592 million; the notes, Series A-1949, amounted to $3,535 million; and the issue of December 15, 1948-50 bonds, $571 million.
Subscription books for the 1-1/4 percent certificates of indebtedness, Series H-1949, offered in exchange for the called bonds, were opened December 6 and were closed at the close of business on December 8. The new certificates were dated December 15, 1948, and bear interest from that date at the rate of 1-1/4 percent per annum, payable with the principal at maturity on December 15, 1949.
Subscription books for the 1-1/4 percent certificates of indebtedness, Series A-1950, offered in exchange for the maturing certificates and notes, were opened December 15 and were closed at the close of business on December 17. This new issue was dated January 1, 1949, and bears interest from that date at the rate of 1-1/4 percent per annum, payable with the principal at maturity on January 1, 1950.
Note: Historical details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of
With respect to both issues of new certificates, exchanges were made par for par, and cash subscriptions were not received. Both were issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Reports to the Treasury on the ownership of Government securities indicate that on October 31, 1948, about 47 percent of the maturing certificates, about 37 percent of the maturing notes, and about 73 percent of the called bonds were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for October 31 are the latest available for holdings of commercial banks.
Subscriptions to the new certificates, Series H-1949, amounted to $519 million, leaving $52 million of the called bonds to be paid in cash. Subscriptions to the new certificates, Series A-1950, totaled $5,695 million. Exchanges for the maturing certificates amounted to $2,398 million, leaving $194 million to be paid in cash; and exchanges for the maturing notes amounted to $3,297 million, leaving $238 million to be paid in cash.
Treasury Bills Retired and Refunded
Treasury bills maturing in November totaled $3.6 billion, and the amount refunded totaled $3.4 billion. The first two issues were refunded in full. The third and fourth issues were $100 million less than the respective amounts maturing. The average rates of discount on the four November offerings, beginning with that dated November 4, were, in chronological order, 1.129 percent, 1.138 percent, 1.141 percent, and 1.147 percent.
bonds, notes, and certificates of indebtedness, and the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin".
January 1949
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th colspan="3">Budget receipts and expenditures</th><th>Transactions of Foreign Economic Cooperation Trust Fund</th><th>Surplus, or deficit (-) adjusted for F.E.C. Trust Fund</th><th>Other trust account, etc. - net receipts, or expenditures (-)</th><th>Clearing account</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th colspan="2">Levels, end of period</th></tr><tr><th></th><th>Net receipts 2/</th><th>Expenditures 3/</th><th>Surplus, or deficit (-)</th><th>4/</th><th>5/</th><th>5/</th><th>£/</th><th>£/</th><th>£/</th><th>General Fund balance</th><th>Public debt</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>47,184</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>-1,385</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>256,900</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>3,044</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>-18</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>2,145</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><tr><td>October</td><td>2,140</td><td>2,724</td><td>-584</td><td>-226</td><td>-810</td><td>82</td><td>174</td><td>-227</td><td>-781</td><td>4,802</td><td>252,460</td></tr><tr><td>November</td><td>2,583</td><td>2,859</td><td>-275</td><td>-347</td><td>-623</td><td>317</td><td>-158</td><td>46</td><td>-417</td><td>4,385</td><td>252,506</td></tr></table>
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/ Grose receipts lose 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; seignorage 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; excesses 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.
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">Income and profits taxes</th><th colspan="3">Internal revenue 1/</th><th rowspan="2">Customs</th><th rowspan="2">Other receipts 2/</th><th rowspan="2">Gross receipts</th><th rowspan="2">Less: Ap- propriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts 2/</th></tr><tr><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>8,293</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>13,693</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>24,824</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>30,835</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>6,845</td><td>46,718</td><td>1,459</td><td>45,259</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>1,789</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>699</td><td>3,006</td><td>3,701</td><td>142</td><td>694</td><td>4,536</td><td>33</td><td>550</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>2,948</td><td>380</td><td>2,568</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><tr><td>October</td><td>537</td><td>643</td><td>1,180</td><td>65</td><td>768</td><td>2,013</td><td>36</td><td>149</td><td>2,199</td><td>59</td><td>2,140</td></tr><tr><td>November</td><td>1,198</td><td>385</td><td>1,583</td><td>384</td><td>768</td><td>2,734</td><td>33</td><td>174</td><td>2,941</td><td>358</td><td>2,583</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>256</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>43,870</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>16,765</td><td>4,928</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>11,364</td><td>7,143</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>1,063</td><td>228</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>846</td><td>269</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>845</td><td>600</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>903</td><td>338</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>930</td><td>251</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>929</td><td>3,433</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>800</td><td>138</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>715</td><td>282</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><tr><td>October</td><td>931</td><td>174</td><td>212</td><td>490</td><td>46</td><td>871</td><td>2,724</td><td>226</td><td>2,950</td></tr><tr><td>November</td><td>957</td><td>206</td><td>122</td><td>618</td><td>49</td><td>905</td><td>2,859</td><td>347</td><td>3,206</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.
January 1949
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 14/</th><th>UNKFRA</th><th>Surplus property disposal agencies 15/</th><th>Reconstruction Finance Corporation 16/</th><th>Other 17/</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>75,897</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>48,870</td></tr><tr><td>1947.</td><td>-</td><td>6,911</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>16,766</td></tr><tr><td>1948.</td><td>-</td><td>6,046</td><td>4,171</td><td>270</td><td>277</td><td>268</td><td>325</td><td>-</td><td>8</td><td>11,364</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>674</td><td>330</td><td>14</td><td>23</td><td>3</td><td>19</td><td>-</td><td>1</td><td>1,063</td></tr><tr><td>February.</td><td>-</td><td>434</td><td>337</td><td>7</td><td>36</td><td>5</td><td>27</td><td>-</td><td>*</td><td>846</td></tr><tr><td>March.</td><td>-</td><td>394</td><td>368</td><td>4</td><td>30</td><td>9</td><td>40</td><td>-</td><td>*</td><td>845</td></tr><tr><td>April.</td><td>-</td><td>486</td><td>336</td><td>3</td><td>29</td><td>29</td><td>20</td><td>-</td><td>*</td><td>903</td></tr><tr><td>May.</td><td>-</td><td>539</td><td>341</td><td>2</td><td>24</td><td>7</td><td>17</td><td>-</td><td>*</td><td>930</td></tr><tr><td>June.</td><td>-</td><td>482</td><td>407</td><td>2</td><td>21</td><td>1</td><td>16</td><td>-</td><td>*</td><td>929</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>328</td><td>322</td><td>2</td><td>13</td><td>4</td><td>11</td><td>-</td><td>*</td><td>800</td></tr><tr><td>September.</td><td>139</td><td>217</td><td>332</td><td>3</td><td>10</td><td>1</td><td>11</td><td>-</td><td>1</td><td>715</td></tr><tr><td>October.</td><td>117</td><td>443</td><td>348</td><td>2</td><td>10</td><td>*</td><td>10</td><td>-</td><td>1</td><td>931</td></tr><tr><td>November.</td><td>122</td><td>419</td><td>381</td><td>1</td><td>9</td><td>15</td><td>7</td><td>-</td><td>2</td><td>957</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 18/</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 19/</th><th>Foreign Aid Act of 1947</th><th>China Aid Act of 1948</th><th>Other 20/</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>514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,928</td><td>-</td><td>4,928</td></tr><tr><td>1948</td><td>-</td><td>465</td><td>1,700</td><td>161</td><td>277</td><td>881</td><td>3,134</td><td>498</td><td>-</td><td>28</td><td>7,143</td><td>-3,000</td><td>4,143</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>52</td><td>-</td><td>3</td><td>-</td><td>-</td><td>228</td><td>-</td><td>228</td></tr><tr><td>February</td><td>-</td><td>-5</td><td>100</td><td>16</td><td>21</td><td>59</td><td>-</td><td>78</td><td>-</td><td>-</td><td>269</td><td>-</td><td>269</td></tr><tr><td>March</td><td>-</td><td>111</td><td>100</td><td>27</td><td>16</td><td>236</td><td>-</td><td>111</td><td>-</td><td>-</td><td>600</td><td>-</td><td>600</td></tr><tr><td>April</td><td>-</td><td>37</td><td>-</td><td>30</td><td>41</td><td>97</td><td>*</td><td>132</td><td>-</td><td>-</td><td>338</td><td>-</td><td>338</td></tr><tr><td>May</td><td>-</td><td>54</td><td>-</td><td>24</td><td>9</td><td>72</td><td>1</td><td>91</td><td>-</td><td>-</td><td>251</td><td>-</td><td>251</td></tr><tr><td>June</td><td>-</td><td>47</td><td>-</td><td>28</td><td>-17</td><td>129</td><td>3,133</td><td>84</td><td>-</td><td>28</td><td>3,433</td><td>-3,000</td><td>433</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>178</td><td>1</td><td>14</td><td>39</td><td>-</td><td>138</td><td>192</td><td>330</td></tr><tr><td>September</td><td>-</td><td>8</td><td>-</td><td>22</td><td>4</td><td>176</td><td>*</td><td>6</td><td>64</td><td>3</td><td>282</td><td>196</td><td>479</td></tr><tr><td>October</td><td>-</td><td>6</td><td>-</td><td>18</td><td>1</td><td>79</td><td>*</td><td>2</td><td>61</td><td>8</td><td>174</td><td>226</td><td>400</td></tr><tr><td>November</td><td>-</td><td>35</td><td>-</td><td>27</td><td>*</td><td>113</td><td>*</td><td>3</td><td>29</td><td>1</td><td>206</td><td>347</td><td>554</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.
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 21/</th><th>Social security progress 22/</th><th>Public works 23/</th><th>Housing and home finance 24/</th><th>Direct and work relief 25/</th><th>Miscellaneous 26/</th><th>Total</th></tr><tr><td>1941</td><td>1,272</td><td>586</td><td>711</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>505</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><tr><td>October</td><td>275</td><td>172</td><td>147</td><td>9</td><td>-</td><td>268</td><td>871</td></tr><tr><td>November</td><td>321</td><td>86</td><td>142</td><td>-9</td><td>-</td><td>365</td><td>903</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/ Consists of 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 Votorens Administration.
10/ Established in accordance with the Economic Cooperation Act of 1948. Negative figures indicate receipts.
11/ See footnote 12.
12/ Department of the Army expenditures include expenditures on behalf of the Department of the Air Force which are made out of appropriations to the Department of the Army, but exclude expenditures for the following: payments under the Armed Forces Leave Act, UNRRA, and surplus property disposal, shown elsewhere in Table 3; international finance and aid, shown in Table 4; river and harbor work 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 Table 3; 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 Table 3, and those for international finance and aid, shown in Table 4.
14/ Exclude expenditures for UNRRA and surplus property disposal shown elsewhere in Table 3.
15/ Beginning March 1948, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus property overseas.
16/ National defense and related activities of F. 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.
17/ 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.
18/ Excludes expenditures under Economic Cooperation Administration, shown elsewhere in Table 4.
19/ Figures for fiscal year 1943 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 exclude expenditures from this Fund. Figures exclude expenditures for international finance and aid shown elsewhere in Table 4.
20/ Consists of expenditures of International Children's Emergency Fund, and loan for construction and furnishing of United Nations headquarters.
21/ Department of Agriculture expenditures except those for UNRRA, 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.
22/ For more detail of these expenditures, see Tables 7, 5, 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.
23/ 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 river and harbor work and flood control, forest roads and trails, Bureau of Reclamation, and Tennessee Valley Authority.
24/ Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related activities prior to July 1947.
25/ Not classified separately for fiscal years after 1945. For additional information for earlier years, see "Treasury Bulletin" for August 1945, page 6.
26/ 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.
January 1949
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Not 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>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>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>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td>2,544</td><td>2,304</td><td>4,107</td><td>41,601</td></tr><tr><td>1947</td><td>3,820</td><td>4,378</td><td>5,701</td><td>2,556</td><td>2,865</td><td>5,473</td><td>2,397</td><td>2,536</td><td>4,872</td><td>2,390</td><td>2,743</td><td>4,246</td><td>43,977</td></tr><tr><td>1948</td><td>4,275</td><td>4,336</td><td>6,334</td><td>2,806</td><td>2,707</td><td>5,102</td><td>2,236</td><td>2,569</td><td>4,589</td><td>2,140</td><td>2,583</td><td></td><td></td></tr><tr><td colspan="14">Budget expenditures 1/ 3/</td></tr><tr><td>1939</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>961</td><td>1,027</td><td>697</td><td>759</td><td>637</td><td>842</td><td>n.e.</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>7,954</td><td>7,751</td><td>90,244</td></tr><tr><td>1944</td><td>7,744</td><td>8,021</td><td>10,454</td><td>7,377</td><td>6,934</td><td>8,696</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>98,071</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td>2,755</td><td>2,965</td><td>2,529</td><td>3,662</td><td>44,113</td></tr><tr><td>1947</td><td>3,113</td><td>3,914</td><td>3,598</td><td>4,002</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>2,724</td><td>2,859</td><td></td><td></td></tr><tr><td colspan="14">Budget surplus, or deficit (-) 1/</td></tr><tr><td>1939</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>-696</td><td>-655</td><td>-21</td><td>-480</td><td>-273</td><td>-321</td><td>n.e.</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>-1,892</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>-899</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>2,834</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>-584</td><td>-275</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>-226</td><td>-347</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>-810</td><td>-623</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 l. 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. 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 (-)/</th><th colspan="4">Receipts</th><th rowspan="2">Loss: appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th colspan="3">Social security taxes</th></tr><tr><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th><th></th></tr><tr><td>1941</td><td>-349.3</td><td>788.2</td><td>690.6</td><td>97.7</td><td></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></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></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></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></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></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></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></td><td>1,616.2</td><td>207.9</td></tr><tr><td>1948-January</td><td>-62.0</td><td>48.4</td><td>35.5</td><td>12.9</td><td></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></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></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></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></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></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></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></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></td><td>8.0</td><td>.2</td></tr><tr><td>October</td><td>-98.5</td><td>60.5</td><td>58.8</td><td>1.7</td><td></td><td>58.8</td><td>1.7</td></tr><tr><td>November</td><td>-73.7</td><td>370.0</td><td>357.6</td><td>12.3</td><td></td><td>357.6</td><td>12.3</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expense 3/</th><th rowspan="2">Transfers to Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="8">Grants to States</th><th rowspan="2">U.S. Employment Service 5/</th><th rowspan="2">Refund of taxes</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>Public Health Service 4/</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>-</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>146.6</td><td>1.4</td><td>.3</td><td>143.9</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><tr><td>October</td><td>100.2</td><td>1.2</td><td>-</td><td>98.2</td><td>72.6</td><td>18.8</td><td>2.0</td><td>1.0</td><td>2.0</td><td>1.4</td><td>.3</td><td>-</td><td>-</td><td>.9</td></tr><tr><td>November</td><td>86.1</td><td>1.2</td><td>-</td><td>84.2</td><td>64.2</td><td>17.1</td><td>1.8</td><td>.1</td><td>.6</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Sec. 201 (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.
January 1949
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of receipts, or expenditures (-)</th><th>Receipts</th><th colspan="4">Expenditures</th></tr><tr><th></th><th>1/</th><th>Taxes on carriers and their employees</th><th>Total</th><th>Administrative expenses 2/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>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>118.5</td><td>7.6</td><td>140.9</td><td>*</td></tr><tr><td>1943</td><td>-11.4</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td></tr><tr><td>1944</td><td>1.8</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td></tr><tr><td>1945</td><td>-26.3</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td></tr><tr><td>1946</td><td>-12.8</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td></tr><tr><td>1947</td><td>77.3</td><td>380.1</td><td>302.8</td><td>4.3</td><td>298.5</td><td>*</td></tr><tr><td>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><tr><td>October</td><td>-67.7</td><td>4.6</td><td>72.4</td><td>.4</td><td>72.0</td><td>*</td></tr><tr><td>November</td><td>13.5</td><td>14.1</td><td>.6</td><td>.4</td><td>-</td><td>.2</td></tr></table>
Sources: 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 Act1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><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 5/</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>-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><tr><td>October</td><td>-4</td><td>*</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>November</td><td>1.9</td><td>2.4</td><td>.5</td><td>.5</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by Congress.
3/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund.(See Table 7 under "Trust Accounts, Etc.")
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
5/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
* Less than $50,000.
Treasury Bulletin
8
TRUST ACCOUNTS, ETC.
Table 1. - Summary of Receipts and Expenditures of All Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net receipts, or expenditures (-)</th><th>Receipts</th><th colspan="3">Expenditures 1/</th></tr><tr><th></th><th></th><th></th><th>Investments</th><th>Other</th><th>Total</th></tr><tr><td>1941</td><td>908</td><td>2,605</td><td>1,338</td><td>419</td><td>1,757</td></tr><tr><td>1942</td><td>-1,613</td><td>3,218</td><td>1,925</td><td>2,405</td><td>4,830</td></tr><tr><td>1943</td><td>-338</td><td>3,954</td><td>3,001</td><td>1,287</td><td>4,292</td></tr><tr><td>1944</td><td>-2,222</td><td>5,085</td><td>4,129</td><td>3,178</td><td>7,307</td></tr><tr><td>1945</td><td>791</td><td>7,086</td><td>5,200</td><td>1,094</td><td>6,294</td></tr><tr><td>1946</td><td>-524</td><td>7,712</td><td>3,668</td><td>4,568</td><td>8,236</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></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></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></tr><tr><td>1948-January</td><td>259</td><td>567</td><td>89</td><td>218</td><td>307</td></tr><tr><td>February</td><td>-194</td><td>582</td><td>258</td><td>518</td><td>776</td></tr><tr><td>March</td><td>-86</td><td>277</td><td>79</td><td>284</td><td>363</td></tr><tr><td>April</td><td>86</td><td>335</td><td>-26</td><td>276</td><td>249</td></tr><tr><td>May</td><td>378</td><td>678</td><td>116</td><td>184</td><td>300</td></tr><tr><td>June</td><td>2,315</td><td>3,823</td><td>902</td><td>606</td><td>1,508</td></tr><tr><td>July</td><td>-178</td><td>817</td><td>526</td><td>469</td><td>995</td></tr><tr><td>August</td><td>10</td><td>707</td><td>121</td><td>576</td><td>697</td></tr><tr><td>September</td><td>-570</td><td>173</td><td>327</td><td>416</td><td>743</td></tr><tr><td>October</td><td>-144</td><td>287</td><td>6</td><td>425</td><td>431</td></tr><tr><td>November</td><td>-30</td><td>690</td><td>164</td><td>557</td><td>720</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based upon the review of the 1949 Budget released August 15, 1948.
1/ 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.
Table 2.- Receipts, by Principal Accounts
(In millions of dollars)
<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>Miscellaneous 2/</th></tr><tr><td>1941......</td><td>2,665</td><td>744</td><td>127</td><td>1,114</td><td>4</td><td>91</td><td>175</td><td>410</td></tr><tr><td>1942......</td><td>3,218</td><td>267</td><td>144</td><td>1,244</td><td>46</td><td>92</td><td>222</td><td>504</td></tr><tr><td>1943......</td><td>3,954</td><td>1,218</td><td>221</td><td>1,399</td><td>316</td><td>90</td><td>374</td><td>337</td></tr><tr><td>1944......</td><td>5,085</td><td>1,395</td><td>273</td><td>1,567</td><td>905</td><td>94</td><td>501</td><td>351</td></tr><tr><td>1945......</td><td>7,086</td><td>1,434</td><td>324</td><td>1,508</td><td>2,127</td><td>97</td><td>557</td><td>1,038</td></tr><tr><td>1946......</td><td>7,712</td><td>1,380</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947......</td><td>6,244</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948......</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>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>567</td><td>96</td><td>58</td><td>100</td><td>48</td><td>4</td><td>20</td><td>240</td></tr><tr><td>February...</td><td>582</td><td>278</td><td>*</td><td>155</td><td>39</td><td>4</td><td>19</td><td>88</td></tr><tr><td>March......</td><td>277</td><td>40</td><td>*</td><td>51</td><td>50</td><td>4</td><td>19</td><td>112</td></tr><tr><td>April......</td><td>335</td><td>75</td><td>59</td><td>39</td><td>41</td><td>3</td><td>20</td><td>98</td></tr><tr><td>May......</td><td>678</td><td>376</td><td>1</td><td>201</td><td>24</td><td>3</td><td>20</td><td>53</td></tr><tr><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>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>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>173</td><td>19</td><td>*</td><td>19</td><td>39</td><td>4</td><td>27</td><td>66</td></tr><tr><td>October....</td><td>287</td><td>59</td><td>72</td><td>28</td><td>42</td><td>4</td><td>26</td><td>56</td></tr><tr><td>November...</td><td>690</td><td>358</td><td>*</td><td>227</td><td>32</td><td>3</td><td>30</td><td>40</td></tr></table>
Source: (Same as Table 1).
1/ Consists of Alaska Railroad, Canal Zone, 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>3,392</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>33</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><tr><td>October</td><td>6</td><td>-26</td><td>50</td><td>-35</td><td>10</td><td>-1</td><td>9</td><td>*</td></tr><tr><td>November</td><td>164</td><td>-</td><td>-24</td><td>167</td><td>15</td><td>-1</td><td>7</td><td>*</td></tr></table>
Source: (Same as Table 1). 1/ See footnote 1, Table 2. Less than $500,000.
January 1949
9
TRUST ACCOUNTS, ETC.
Table 4.- Expenditures Other Than Investments, by Principal Accounts
(In millions of dollars; negative figures are excess of credit)
<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>180</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 1/2</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 1/2</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 1/2</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>13</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 1/2</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><tr><td>October</td><td>425</td><td>52</td><td>23</td><td>57</td><td>27</td><td>4</td><td>18</td><td>226</td><td>23</td><td>-5</td><td>*</td></tr><tr><td>November</td><td>557</td><td>53</td><td>23</td><td>61</td><td>27</td><td>4</td><td>18</td><td>347</td><td>25</td><td>1</td><td>-4</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.
Include $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 $500,000.
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="4">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 officer's account</th><th>In diaburese 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>47.4</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>552.9</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>1,366.0</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>3,798.4</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>9,529.9</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>3.3</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>392.0</td><td>80.0</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>October</td><td>59.0</td><td>58.8</td><td>.2</td><td>-</td><td>52.2</td><td>48.2</td><td>1.1</td><td>2.9</td><td>6.7</td><td>10,363.1</td><td>10,255.8</td><td>41.0</td><td>66.4</td></tr><tr><td>November</td><td>357.6</td><td>357.6</td><td>-</td><td>-</td><td>53.2</td><td>48.5</td><td>1.1</td><td>3.5</td><td>304.4</td><td>10,667.5</td><td>10,255.8</td><td>349.0</td><td>62.7</td></tr><tr><td>Inception through November 1948</td><td>13,248.1</td><td>12,202.2</td><td>1,041.5</td><td>4.3</td><td>2,580.5</td><td>2,279.3</td><td>224.5</td><td>76.7</td><td>10,667.5</td><td>10,667.5</td><td>10,255.8</td><td>349.0</td><td>62.7</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.
10
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 6.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures other than investments - benefit payments</th><th rowspan="2">Net increase, or decrease (-) in assets</th><th colspan="3">Assets, and of period</th></tr><tr><th>Total 1/</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="2">To credit of appropriation</td><td>In diebureing officer's account</td></tr><tr><td>1930-1940</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>1,384.1</td><td>1,303.0</td><td>59.4</td><td>21.7</td></tr><tr><td>February</td><td>.4</td><td>-</td><td>.4</td><td>18.8</td><td>-18.4</td><td>1,365.7</td><td>1,283.5</td><td>59.5</td><td>22.7</td></tr><tr><td>March</td><td>.4</td><td>-</td><td>.4</td><td>18.7</td><td>-18.3</td><td>1,347.4</td><td>1,264.5</td><td>59.5</td><td>23.3</td></tr><tr><td>April</td><td>.5</td><td>-</td><td>.5</td><td>19.2</td><td>-18.7</td><td>1,328.7</td><td>1,304.5</td><td>.6</td><td>23.5</td></tr><tr><td>May</td><td>.5</td><td>-</td><td>.5</td><td>19.3</td><td>-18.8</td><td>1,309.8</td><td>1,285.5</td><td>.6</td><td>23.7</td></tr><tr><td>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>*</td><td>-</td><td>*</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>.1</td><td>-</td><td>.1</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>October</td><td>.2r</td><td>-r</td><td>.2</td><td>23.0</td><td>-22.8r</td><td>1,876.7r</td><td>1,708.0</td><td>145.3r</td><td>23.4</td></tr><tr><td>November</td><td>.3</td><td>-</td><td>.3</td><td>23.2</td><td>-23.0</td><td>1,853.7</td><td>1,684.5</td><td>145.4</td><td>23.8</td></tr><tr><td>Inception through November 1948</td><td>3,465.2</td><td>3,339.1</td><td>126.1</td><td>1,611.5</td><td>1,853.7</td><td>1,853.7</td><td>1,684.5</td><td>145.4</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.
r Revised.
Table 7.- Unemployment Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">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>Contribution from States 2/</th><th>Transfers from Administration Fund 3/</th><th>Interest on investments</th><th>Total</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th><th>In disbursing officer's account 5/</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>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>1,113.9</td><td>892.0</td><td>61.3</td><td>104.1</td><td>49.0</td><td>555.1</td><td>433.2</td><td>104.1</td><td>17.8</td><td>558.8</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>1,243.6</td><td>1,096.0</td><td>76.3</td><td>3.9</td><td>67.4</td><td>377.1</td><td>368.1</td><td></td><td>9.1</td><td>866.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>1,398.5</td><td>1,217.7</td><td>92.4</td><td>6.0</td><td>82.4</td><td>176.2</td><td>174.3</td><td></td><td>1.8</td><td>1,222.4</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>1,566.9</td><td>1,349.3</td><td>109.4</td><td>11.7</td><td>96.5</td><td>60.6</td><td>60.0</td><td></td><td>.6</td><td>1,506.3</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>1,507.8</td><td>1,256.0</td><td>118.8</td><td>4.4</td><td>123.6</td><td>71.3</td><td>70.1</td><td>.4</td><td>.8</td><td>1,436.5</td><td>7,315.3</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>4.4</td><td>143.6</td><td>1145.9</td><td>1,128.3</td><td>.4</td><td>17.2</td><td>133.9</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>1,209.4</td><td>1,005.3</td><td>127.6</td><td>4.4</td><td>146.9</td><td>869.5</td><td>817.4</td><td>.5</td><td>51.7</td><td>419.9</td><td>7,869.0</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></td><td>60.8</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>-</td><td>185.0</td><td>861.0</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>437.0</td><td>8,760.0</td><td>8,735.4</td><td>24.6 6/</td><td>6/</td></tr><tr><td>1948-January</td><td>99.5</td><td>27.7</td><td>71.8</td><td>65.6</td><td>59.7</td><td>5.9</td><td>33.9</td><td>8,158.1</td><td>8,132.5</td><td>17.8</td><td>7.8</td></tr><tr><td>February</td><td>155.1</td><td>154.0</td><td>1.1</td><td>64.3</td><td>58.9</td><td>5.4</td><td>90.8</td><td>8,248.9</td><td>8,225.5</td><td>16.0</td><td>7.4</td></tr><tr><td>March</td><td>50.8</td><td>14.0</td><td>32.8</td><td>83.0</td><td>76.4</td><td>6.6</td><td>-32.2</td><td>8,216.7</td><td>8,190.4</td><td>17.9</td><td>8.4</td></tr><tr><td>April</td><td>39.1</td><td>38.7</td><td>1.1</td><td>81.2</td><td>75.3</td><td>6.0</td><td>-42.2</td><td>8,174.5</td><td>8,140.4</td><td>27.2</td><td>0.9</td></tr><tr><td>May</td><td>200.6</td><td>199.4</td><td>1.2</td><td>72.2</td><td>66.4</td><td>5.7</td><td>128.4</td><td>8,303.0</td><td>8,265.4</td><td>31.4</td><td>6.1</td></tr><tr><td>June</td><td>123.0</td><td>12.0</td><td>31.9</td><td>103.5</td><td>98.8</td><td>4.6</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>8.5</td><td>70.5</td><td>66.5</td><td>3.9</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>.5</td><td>110.9</td><td>106.7</td><td>4.2</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>4.1</td><td>65.5</td><td>61.1</td><td>4.4</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>October</td><td>27.7</td><td>27.5</td><td>.2</td><td>56.5</td><td>52.5</td><td>4.0</td><td>-28.8</td><td>8,334.8</td><td>8,314.4</td><td>18.7</td><td>1.7</td></tr><tr><td>November</td><td>227.2</td><td>227.2</td><td>60.7</td><td>54.0</td><td>6.8</td><td>166.5</td><td>8,501.3</td><td>8,481.4</td><td>17.5</td><td>2.4</td></tr><tr><td>Inception through November 1948</td><td>14,113.2</td><td>12,091.9</td><td>876.9</td><td>107.2</td><td>75.5</td><td>961.7</td><td>1,611.8</td><td>5,307.1</td><td>107.2</td><td>197.5</td><td>8,501.3</td><td>8,481.4</td><td>17.5</td><td>2.4</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 20% 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
employee 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.
7/ Includes $2.4 million transferred to the Railroad Unemployment Administration Fund.
* Less than $50,000.
a. Not available.
January 1949
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 expenditure</th><th>Cash trust account 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>1,85</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</td><td>2,914</td><td>563</td><td>507</td><td>38,744</td><td>8,936</td><td>-7,312</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>42,714</td><td>1,374</td><td>-2,798</td><td>-1,424</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>2,955</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>141</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</td><td>525</td><td>8</td><td>226</td><td>4,357</td><td>748</td><td>-762</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><tr><td>October.</td><td>2,139</td><td>181</td><td>2,319</td><td>2,595</td><td>416</td><td>-</td><td>-174</td><td>2,835</td><td>-516</td><td>-265</td><td>-781</td><td>-</td></tr><tr><td>November.</td><td>2,580</td><td>654</td><td>3,234</td><td>2,791</td><td>546</td><td>15</td><td>158</td><td>3,509</td><td>-275</td><td>-142</td><td>-417</td><td>-</td></tr></table>
1/ The U.S. subscription to the capital of the International Monetary Fund was paid in part from the Exchange Stabilization Fund.
explanation of the transaction, see "Treasury Bulletin" for September 1947, page 17.
Table 2.- Derivation of Cash Budget Receipts
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget receipts (net)</th><th colspan="5">Lees: Noncash budget receipts</th><th rowspan="2">Equal: Cash budget receipts</th></tr><tr><th>Total</th><th colspan="2">Payments to Treasury by Government corporations 1/</th><th>Capital stock and paid-in surplus</th><th>Earnings</th><th>Reimbursement for administrative expenses 2/</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>317</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><tr><td>October</td><td>2,140</td><td>1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>1</td><td>2,139</td></tr><tr><td>November</td><td>2,583</td><td>4</td><td>-</td><td>*</td><td>-</td><td>-</td><td>4</td><td>2,580</td></tr></table>
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.
2/ Federal Old-Age and Survivors Insurance Trust Fund except figures for November 1948, which include $2 million transferred to the Railroad Unemployment Administration Fund.
* Less than $500,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Budget Expenditures
<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="2">Loss: Noncash budget expenditures</th><th colspan="3">Budget expenditures involving issuance of Federal securities 3/</th><th colspan="2">Government corporation payments to Treasury 6/</th><th rowspan="2">Equales: 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>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund 5/</th><th>Excess profit tax refund bonds</th><th>Interest</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>913</td><td>58</td><td>-</td><td>157</td><td>333</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>1</td><td>319</td><td>5</td><td>12,848</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>18</td><td>-</td><td>33,527</td></tr><tr><td>1943</td><td>79,702</td><td>1,208</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>37</td><td>10</td><td>115</td><td>78,494</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>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>25</td><td>96,754</td></tr><tr><td>1946</td><td>63,714</td><td>2,347</td><td>435</td><td>22</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-86</td><td>-</td><td>-970</td><td>118</td><td>17</td><td>18</td><td>61,367</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>1949-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>-</td><td>-1</td><td>51</td><td>5</td><td>-</td><td>3</td><td>2,588</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>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>8</td><td>2,832</td></tr><tr><td>Oct.</td><td>2,724</td><td>129</td><td>36</td><td>*</td><td>1</td><td>80</td><td>26</td><td>-15</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>1</td><td>2,595</td></tr><tr><td>Nov.</td><td>2,859</td><td>68</td><td>45</td><td>-</td><td>*</td><td>6</td><td>29</td><td>-14</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>1</td><td>2,791</td></tr></table>
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.
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.
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 colspan="5">Trust account expenditures</th></tr><tr><th>Total receipts</th><th>Total noncash receipts</th><th>Interest on investments in Federal securities</th><th>Transfers shown as budget expenditures</th><th>Payroll deductions for Government employees' retirement</th><th>Armed forces leave bonds re-deemed for insurance premiums 1/</th><th>Other 2/</th><th>Equals: Cash receipts</th><th>Total expenditures 3/</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By trust accounts</th><th>By partially owned Government corporations</th><th>Other 4/</th><th>Equals: Cash expenditures</th></tr><tr><td>1941</td><td>2,665</td><td>554</td><td>167</td><td>331</td><td>56</td><td>-</td><td>-</td><td>2,111</td><td>1,757</td><td>545</td><td>1,338</td><td></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>91</td><td>88</td><td>-</td><td>-</td><td>2,542</td><td>4,830</td><td>3,763</td><td>1,925</td><td></td><td>5</td><td>1,832</td><td>1,068</td></tr><tr><td>1943</td><td>3,954</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>-</td><td>3,037</td><td>4,292</td><td>3,806</td><td>3,004</td><td></td><td>88</td><td>714</td><td>885</td></tr><tr><td>1944</td><td>5,085</td><td>1,250</td><td>325</td><td>556</td><td>269</td><td>-</td><td>-</td><td>3,936</td><td>7,307</td><td>7,197</td><td>4,129</td><td></td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,036</td><td>2,365</td><td>429</td><td>1,646</td><td>290</td><td>-</td><td>-</td><td>4,721</td><td>6,294</td><td>7,062</td><td>5,200</td><td></td><td>299</td><td>1,563</td><td>-768</td></tr><tr><td>1946</td><td>7,712</td><td>2,775</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>-</td><td>4,937</td><td>8,236</td><td>3,919</td><td>3,668</td><td></td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>7,241</td><td>2,538</td><td>646</td><td>1,351</td><td>259</td><td>53</td><td>218</td><td>3,707</td><td>7,347</td><td>4,076</td><td>3,362</td><td></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>3,895</td><td>3,060</td><td></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></td><td>129</td><td>39</td><td>5,945</td></tr><tr><td>1949-Jan.</td><td>567</td><td>249</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></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></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>353</td><td>150</td><td>79</td><td></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></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></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></td><td>-4</td><td>85</td><td>525</td></tr><tr><td>July</td><td>817</td><td>631</td><td>*</td><td>612</td><td>17</td><td>-</td><td>2</td><td>186</td><td>995</td><td>547</td><td>526</td><td></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></td><td>-7</td><td>17</td><td>566</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></td><td>6</td><td>-34</td><td>444</td></tr><tr><td>Oct.</td><td>287</td><td>107</td><td>1</td><td>80</td><td>26</td><td>-</td><td>-</td><td>181</td><td>431</td><td>17</td><td>6</td><td></td><td>11</td><td>1</td><td>414</td></tr><tr><td>Nov.</td><td>690</td><td>36</td><td>*</td><td>6</td><td>29</td><td>-</td><td>-</td><td>654</td><td>720</td><td>175</td><td>164</td><td></td><td>12</td><td>*</td><td>546</td></tr></table>
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.
4/ Principally ship sales proceeds allocable to miscellaneous receipts, Y.D.I.C. repayments of capital stock, and net redemption, or issuance (-), of securities of Government corporations in the market. Less than $500,000.
January 1949
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="8">Less: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equal: Net cash borrowing or repayment of borrowing (-)</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>Net investments in Federal securities</th><th>Issuance of Federal securities resulting from budget expenditures, etc. 1/</th><th>Interest on savings bonds and Treasury bills 3/</th><th>Net transactions in guaranteed securities not reflected in Treasurer's accounts</th></tr><tr><td></td><td colspan="3"></td><td></td><td>By trust accounts</td><td>By Government corporations</td><td>Armed forces leave bonds</td><td>Adjusted service bonds</td><td>Notes for International Bank and Fund 2/</td><td>Excess profits tax refund bonds</td><td></td><td></td><td></td></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>23,451</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>4</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</td><td>3,060</td><td>-38</td><td>-1,229</td><td>-4</td><td>-913</td><td>-10</td><td>599</td><td>-</td><td>123</td><td>-7,312</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>-144</td><td>-1</td><td>37</td><td>-</td><td>-1</td><td>-1,567</td></tr><tr><td>April</td><td>-750</td><td>-3</td><td>-753</td><td>-65</td><td>-26</td><td>-26</td><td>-34</td><td>*</td><td>-6</td><td>-1</td><td>28</td><td>-</td><td>-57</td><td>-744</td></tr><tr><td>May</td><td>-3</td><td>-1</td><td>-4</td><td>121</td><td>116</td><td>-2</td><td>-26</td><td>*</td><td>-9</td><td>*</td><td>42</td><td>-</td><td>-3</td><td>-128</td></tr><tr><td>June</td><td>56</td><td>-1</td><td>55</td><td>855</td><td>902</td><td>-14</td><td>-25</td><td>*</td><td>-58</td><td>-1</td><td>51</td><td>-</td><td>39</td><td>-762</td></tr><tr><td>July</td><td>1,082</td><td>-18</td><td>1,063</td><td>635</td><td>586</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><tr><td>October</td><td>-227</td><td>2</td><td>-225</td><td>38</td><td>6</td><td>11</td><td>-15</td><td>*</td><td>-</td><td>*</td><td>36</td><td>-</td><td>-1</td><td>-265</td></tr><tr><td>November</td><td>46</td><td>5</td><td>50</td><td>192</td><td>164</td><td>12</td><td>-14</td><td>*</td><td>-15</td><td>*</td><td>45</td><td>-</td><td>-1</td><td>-142</td></tr></table>
1/ The issuance of Federal securities resulting from budget expenditures is treated as concash 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.
Table 6.- Summary of Cash Operating Income and Outgo by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Annual total Calendar year</th><th>Annual total Fiscal year 2/</th></tr><tr><td>Cash operating income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>15,291</td></tr><tr><td>1943</td><td>902</td><td>1,482</td><td>5,297</td><td>1,654</td><td>2,076</td><td>4,665</td><td>2,176</td><td>3,379</td><td>5,569</td><td>2,220</td><td>2,712</td><td>5,859</td><td>37,991</td><td>25,215</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>4,371</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>5,960</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>2,319</td><td>3,234</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><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>7,889</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</td><td>2,765</td><td>3,005</td><td>3,275</td><td>2,835</td><td>3,509</td><td></td><td></td><td>38,744</td></tr><tr><td>Net cash operating income, or outgo (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>-2,640</td><td>-46,616</td><td>-46,095</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>462</td><td>788</td><td>-361</td><td>221</td><td>1,438</td><td>-516</td><td>-275</td><td></td><td></td><td>8,936</td></tr></table>
1/ Monthly data prior to July 1942 not yet available.
2/ Fiscal year ending June 30 of year indicated.
14
Treasury Bulletin
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>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>10,119</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>5,229</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><tr><td>October</td><td>5,205</td><td>1,260</td><td>1,719</td><td>1,976</td><td>251</td><td>403</td><td>4,802</td></tr><tr><td>November</td><td>4,813</td><td>1,267</td><td>1,679</td><td>1,621</td><td>246</td><td>428</td><td>4,385</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>Salee and re-demptions of obligations 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>&#8226;</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>&#8226;</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,315</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</td><td>&#8226;</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>482</td><td>267</td><td>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</td><td>&#8226;</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>&#8226;</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>&#8226;</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>&#8226;</td><td>-</td><td>-43</td><td>34</td><td>9</td></tr><tr><td>October</td><td>-781</td><td>-584</td><td>-227</td><td>30</td><td>-149</td><td>&#8226;</td><td>-</td><td>5</td><td>&#8226;</td><td>174</td></tr><tr><td>November</td><td>-417</td><td>-275</td><td>46</td><td>-188</td><td>-33</td><td>&#8226;</td><td>-</td><td>-1</td><td>4</td><td>-158</td></tr></table>
Source: 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/ Compresse 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.
January 1949
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><th rowspan="2">Guaranteed securities 1/ (matured)</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 colspan="4">Public debt</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>6,370</td><td>54,747</td><td>48,387</td><td>6,360</td><td>585</td><td>574</td><td>205</td><td>-</td><td>-</td><td>369</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>4,568</td><td>76,517</td><td>71,968</td><td>4,549</td><td>474</td><td>454</td><td>98</td><td>-</td><td>-</td><td>356</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>4,100</td><td>139,472</td><td>135,380</td><td>4,092</td><td>1,324</td><td>1,316</td><td>141</td><td>-</td><td>-</td><td>1,175</td><td>8</td></tr><tr><td>1944</td><td>202,626</td><td>201,003</td><td>1,623</td><td>201,059</td><td>199,543</td><td>1,516</td><td>1,567</td><td>1,460</td><td>201</td><td>-</td><td>-</td><td>1,259</td><td>107</td></tr><tr><td>1945</td><td>259,115</td><td>258,682</td><td>433</td><td>256,766</td><td>256,357</td><td>409</td><td>2,350</td><td>2,326</td><td>269</td><td>-</td><td>-</td><td>2,057</td><td>24</td></tr><tr><td>1946</td><td>269,898</td><td>269,422</td><td>476</td><td>268,578</td><td>268,111</td><td>467</td><td>1,321</td><td>1,311</td><td>376</td><td>-</td><td>-</td><td>935</td><td>10</td></tr><tr><td>1947</td><td>258,376</td><td>258,286</td><td>90</td><td>255,197</td><td>255,113</td><td>83</td><td>3,179</td><td>3,173</td><td>231</td><td>416</td><td>1,724</td><td>802</td><td>6</td></tr><tr><td>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>2,325</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><tr><td>Oct.</td><td>252,513</td><td>252,460</td><td>52</td><td>250,348</td><td>250,300</td><td>48</td><td>2,165</td><td>2,161</td><td>241</td><td>66</td><td>1,153</td><td>701</td><td>4</td></tr><tr><td>Nov.</td><td>252,563</td><td>252,506</td><td>57</td><td>250,444</td><td>250,391</td><td>53</td><td>2,119</td><td>2,115</td><td>215</td><td>66</td><td>1,138</td><td>696</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 colspan="7">Public issues</th><th colspan="4">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="2">Marketable</th><th colspan="3">Treasury bonds</th><th colspan="2">Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury investment notes</th><th>Armed forces leave bonds</th><th>Other 5/</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Bank eligible</th><th>Bank restricted 3/</th><th>4/</th><th></th><th></th><th></th><th></th><th></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>-</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>-</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>-</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>-</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>-</td><td>6,711</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>-</td><td>5,560</td><td>1,793</td><td>325</td><td>27,366</td></tr><tr><td>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>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><tr><td>Oct.</td><td>250,300</td><td>219,077</td><td>157,920</td><td>12,607</td><td>26,008</td><td>7,131</td><td>62,375</td><td>49,636</td><td>163</td><td>61,157</td><td>54,860</td><td>956</td><td>4,517</td><td>490</td><td>333</td><td>31,223</td></tr><tr><td>Nov.</td><td>250,391</td><td>218,992</td><td>157,731</td><td>12,418</td><td>26,008</td><td>7,131</td><td>62,375</td><td>49,636</td><td>163</td><td>61,261</td><td>54,944</td><td>955</td><td>4,552</td><td>477</td><td>332</td><td>31,400</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 rowspan="2">End of fiscal year or month</th><th rowspan="2">Total</th><th colspan="7">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><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 6/</th><th>Reconstruction Finance Corporation 1/</th></tr><tr><td>1941</td><td>6,300</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><tr><td>October</td><td>48</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>34</td><td>34</td><td>-</td></tr><tr><td>November</td><td>53</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>39</td><td>39</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>30,797</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><tr><td>October</td><td>31,223</td><td>6</td><td>586</td><td>73</td><td>8,028</td><td>78</td><td>3,078</td><td>1,286</td><td>4</td><td>6,993</td><td>1,867</td><td>1,708</td><td>7,516</td></tr><tr><td>November</td><td>31,400</td><td>6</td><td>586</td><td>85</td><td>8,028</td><td>79</td><td>3,085</td><td>1,284</td><td>4</td><td>7,008</td><td>1,867</td><td>1,684</td><td>7,683</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 1945, pages A-9 and A-10).
4/ Consists of postal savings and Panama Canal bonds, and prior to 1947, also conversion bonds.
5/ Consists of depositary bonds, and adjusted service bonds until they matured on June 15, 1945.
6/ Consists of demand obligations stated as of the close of the previous month.
7/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
8/ Total includes $1 million issued to the Farm Tenant Mortgage Insurance Fund beginning March 1948.
9/ Includes Canal Zone Postal Savings System.
n.s. Not available.
January 1949
17
DEBT OUTSTANDING
Table 5.- Computed Interest Charge and Computed Interest Rate on Federal Securities
<table><tr><th>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed securities</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed securities 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (Millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>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>5,516</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><tr><td>October</td><td>250,348</td><td>5,536</td><td>2.211</td><td>250,300</td><td>5,535</td><td>2.212</td><td>48</td><td>1</td><td>1.863</td></tr><tr><td>November</td><td>250,444</td><td>5,544</td><td>2.214</td><td>250,391</td><td>5,543</td><td>2.214</td><td>53</td><td>1</td><td>1.791</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>106</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><tr><td>October</td><td>2,984</td><td>508</td><td>2</td><td>860</td><td>-</td><td>203</td><td>362</td><td>176</td><td>819</td><td>54</td></tr><tr><td>November</td><td>3,220</td><td>676</td><td>2</td><td>895</td><td>-</td><td>192</td><td>352</td><td>205</td><td>844</td><td>54</td></tr></table>
Daily Treasury Statement.
The securities shown in this table were issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Total includes notes issued by the Virgin Islands Company from September 1947 through June 1948 in the amount of $250,000, in July $350,000, in August $450,000, and thereafter $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 Corporations 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-
ceed in the aggregate $275 billion outstanding at any one time. Obligations issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are included in the statutory debt limitation at current redemption values.
Table 1.- Status under Limitation, November 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>251,704</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury)</td><td>27</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>251,761</td></tr><tr><td>Balance issuable under limitation</td><td>23,239</td></tr></table>
Sources: Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding November 30, 1948
(in millions of dollars)
<table><tr><th>Classes 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>12,418</td><td>-</td><td>12,418</td></tr><tr><td>Certificates of indebtedness</td><td>26,008</td><td>-</td><td>26,008</td></tr><tr><td>Treasury notes</td><td>7,131</td><td>-</td><td>7,131</td></tr><tr><td>Treasury bonds - bank eligible</td><td>62,379</td><td>-</td><td>62,379</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>157,568</td><td>163</td><td>157,731</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value)</td><td>54,944</td><td>-</td><td>54,944</td></tr><tr><td>Treasury savings notes</td><td>4,552</td><td>-</td><td>4,552</td></tr><tr><td>Depository bonds</td><td>332</td><td>-</td><td>332</td></tr><tr><td>Armed forces leave bonds</td><td>477</td><td>-</td><td>477</td></tr><tr><td>Treasury bonds, investment series</td><td>955</td><td>-</td><td>955</td></tr><tr><td>Total nonmarketable</td><td>61,261</td><td>-</td><td>61,261</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>31,400</td><td>-</td><td>31,400</td></tr><tr><td>Total interest-bearing securities</td><td>250,228</td><td>163</td><td>250,391</td></tr><tr><td>Matured securities on which interest has ceased</td><td>210</td><td>5</td><td>215</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>55</td><td>-</td><td>55</td></tr><tr><td>Excess profits tax refund bonds</td><td>7</td><td>-</td><td>7</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>1,138</td><td>-</td><td>1,138</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>438</td><td>438</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>1,266</td><td>634</td><td>1,900</td></tr><tr><td>Total public debt</td><td>251,704</td><td>802</td><td>252,506</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>53</td><td>-</td><td>53</td></tr><tr><td>Matured</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>57</td><td>-</td><td>57</td></tr><tr><td>Total public debt and guaranteed securities</td><td>251,761</td><td>802</td><td>252,563</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.
January 1949
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding November 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 re-stricted 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 re-stricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed matur-ity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th><th>Fixed matur-ity 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 matur-ity</th><th></th><th></th><th></th><th></th><th>First call</th><th>Final matur-ity</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>Dec.</td><td>2% Bill...... Bond - 12/15/48-50</td><td>5,206 571</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/49-51 2-3/4% Bond - 6/15/51-54</td><td></td><td>1,014 1,627</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>5,778</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/49-51 2% Bond - 9/15/51-53 3% Bond - 9/15/51-55</td><td></td><td>1,292 7,986 755</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/49-51 2-1/4% Bond - 12/15/51-53 2% Bond - 12/15/51-55</td><td></td><td>2,098 1,118 510</td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>11,996</td><td>4,404</td><td></td></tr><tr><td></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>1949</td><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2% Bond - 3/15/50-52 2-1/2% Bond - 3/15/52-54</td><td></td><td>1,963 1,024</td><td></td><td></td></tr><tr><td>Jan.</td><td>1-1/8% Bills........ 1-1/8% Note - 1/1/49-A 1-1/8% Certificate - 1/1/49-A</td><td>3,806 3,535 2,592</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55</td><td></td><td>5,825 1,501</td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% Bills........ 1-1/8% Certificate - 2/1/49-B</td><td>3,406 2,189</td><td></td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/8% Certificate - 3/1/49-C</td><td>3,553</td><td></td><td></td><td></td><td>Dec.</td><td>3-1/8% Bond - 12/15/49-52 2% Bond - 12/15/52-54</td><td></td><td>491 8,662</td><td></td><td></td></tr><tr><td>Apr.</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1,055</td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td>17,012</td><td>8,579</td><td></td></tr><tr><td>June.</td><td>1-1/8% Certificate - 6/1/49-E 2% Bond - 6/15/49-51</td><td>4,301 1,014</td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>1-1/8% Certificate - 7/1/49-F</td><td>5,783</td><td></td><td></td><td></td><td>June.</td><td>2% Bond - 6/15/53-55</td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td></td><td>7,986</td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/4% Certificate - 10/1/49-G</td><td>6,535</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/49-53 2-1/4% Bond - 12/15/51-53</td><td></td><td>1,786 1,118</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/49-51 3-1/8% Bond - 12/15/49-52 2-1/2% Bond - 12/15/49-53</td><td>2,098 491 1,786</td><td></td><td></td><td>Total</td><td></td><td></td><td></td><td>725 10,890</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>36,755</td><td>6,682</td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June.</td><td>2-3/4% Bond - 6/15/51-54 2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/54-56</td><td></td><td>1,627 5,825 681</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td></td><td>8,662</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td></td><td></td><td>681</td><td>17,138</td><td></td></tr><tr><td>1950</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% Bond - 3/15/50-52</td><td>1,963</td><td></td><td></td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1-3/8% Note - 4/1/50-A</td><td>3,596</td><td></td><td></td><td>June.</td><td>2-1/8% Bond - 6/15/52-55 2% Bond - 6/15/53-55</td><td></td><td>1,501 725</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>1,186 4,939</td><td></td><td></td><td>Sept.</td><td>3% Bond - 9/15/51-55</td><td></td><td>755</td><td></td><td></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>Dec.</td><td>2% Bond - 12/15/51-55</td><td></td><td>510</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>6,231</td><td>8,088</td><td></td><td>Total</td><td></td><td></td><td></td><td>2,611</td><td>3,491</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 November 30, 19481/ - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank restricted issues become eligible 3/</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank restricted issues become eligible 3/</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td></td><td>1964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2% Bond - 3/15/56-58......</td><td>......</td><td>1,449</td><td>......</td><td>June....</td><td>2-1/2% Bond - 6/15/64-69......</td><td>......</td><td>3,761</td><td>......</td><td>4/15/53</td></tr><tr><td>June....</td><td>2-1/4% Bond - 6/15/54-56......</td><td>......</td><td>681</td><td>......</td><td>Dec....</td><td>2-1/2% Bond - 12/15/64-69......</td><td>......</td><td>3,838</td><td>......</td><td>9/15/53</td></tr><tr><td>Sept....</td><td>2-3/4% Bond - 9/15/56-59......</td><td>......</td><td>982</td><td>......</td><td>Total....</td><td>......</td><td>7,600</td><td>......</td><td>......</td><td>......</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59......</td><td>......</td><td>3,823</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total....</td><td>......</td><td>6,253</td><td>681</td><td>......</td><td>1965</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td></td><td>Mar....</td><td>2-1/2% Bond - 3/15/65-70......</td><td>......</td><td>5,197</td><td>......</td><td>2/1/54</td></tr><tr><td>Mar....</td><td>2-1/2% Bond - 3/15/56-58......</td><td>......</td><td>1,449</td><td>......</td><td>Dec....</td><td>2-3/4% Bond - 12/15/60-65......</td><td>......</td><td>1,485</td><td>......</td><td>......</td></tr><tr><td>June....</td><td>2-3/4% Bond - 6/15/58-63......</td><td>......</td><td>919</td><td>......</td><td>Total....</td><td>......</td><td>5,197</td><td>1,485</td><td>......</td><td>......</td></tr><tr><td>Total....</td><td>......</td><td>919</td><td>1,449</td><td>......</td><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1959</td><td></td><td></td><td></td><td></td><td></td><td>Mar....</td><td>2-1/2% Bond - 3/15/66-71......</td><td>......</td><td>3,481</td><td>......</td><td>12/1/54</td></tr><tr><td>June....</td><td>2-1/4% Bond - 6/15/59-62......</td><td>......</td><td>5,284</td><td>......</td><td>1967</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Bond - 9/15/56-59......</td><td>......</td><td>982</td><td>......</td><td>June....</td><td>2-1/2% Bond - 6/15/62-67......</td><td>......</td><td>2,118</td><td>......</td><td>5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Bond - 9/15/56-59......</td><td>......</td><td>3,823</td><td>......</td><td>2-1/2% Bond - 6/15/67-72......</td><td>......</td><td>7,967</td><td>......</td><td>6/15/62</td></tr><tr><td>2-1/4% Bond - 12/15/59-62......</td><td>......</td><td>3,470</td><td>......</td><td>12/15/52</td><td>Sept....</td><td>2-1/2% Bond - 9/15/67-72......</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Total....</td><td>......</td><td>8,754</td><td>4,804</td><td>......</td><td>Dec....</td><td>2-1/2% Bond - 12/15/67-72......</td><td>......</td><td>11,689</td><td>......</td><td>12/15/62</td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td>Total....</td><td>......</td><td>22,372</td><td>2,118</td><td>......</td><td>......</td></tr><tr><td>Mar....</td><td>2-7/8% Bond - 3/15/55-60......</td><td>......</td><td>2,611</td><td>......</td><td>1968</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2-3/4% Bond - 12/15/60-65......</td><td>......</td><td>1,485</td><td>......</td><td>Dec....</td><td>2-1/2% Bond - 12/15/63-68......</td><td>......</td><td>2,831</td><td>......</td><td>12/1/52</td></tr><tr><td>Total....</td><td>......</td><td>1,485</td><td>2,611</td><td>......</td><td>1969</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td>June....</td><td>2-1/2% Bond - 6/15/64-69......</td><td>......</td><td>3,761</td><td>......</td><td>4/15/53</td></tr><tr><td>June....</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td>......</td><td>......</td><td>Dec....</td><td>2-1/2% Bond - 12/15/64-69......</td><td>......</td><td>3,838</td><td>......</td><td>9/15/53</td></tr><tr><td>Total....</td><td>......</td><td>......</td><td>......</td><td>......</td><td>Total....</td><td>......</td><td>7,600</td><td>......</td><td>......</td><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>......</td><td>5,284</td><td>......</td><td>Mar....</td><td>2-1/2% Bond - 3/15/65-70......</td><td>......</td><td>5,197</td><td>......</td><td>2/1/54</td></tr><tr><td>2-1/2% Bond - 6/15/62-67......</td><td>......</td><td>2,118</td><td>......</td><td>6/15/52</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>......</td><td>3,470</td><td>......</td><td>Mar....</td><td>2-1/2% Bond - 3/15/66-71......</td><td>......</td><td>3,481</td><td>......</td><td>12/1/54</td></tr><tr><td>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>2-1/2% Bond - 6/15/67-72......</td><td>......</td><td>7,967</td><td>......</td><td>6/15/62</td></tr><tr><td>June....</td><td>2-3/4% Bond - 6/15/58-63......</td><td>......</td><td>919</td><td>......</td><td>Sept....</td><td>2-1/2% Bond - 9/15/67-72......</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Dec....</td><td>2-1/2% Bond - 12/15/63-68......</td><td>......</td><td>2,831</td><td>......</td><td>Dec....</td><td>2-1/2% Bond - 12/15/67-72......</td><td>......</td><td>11,689</td><td>......</td><td>12/15/62</td></tr><tr><td>Total....</td><td>......</td><td>2,831</td><td>919</td><td>......</td><td>Total....</td><td>......</td><td>22,372</td><td>......</td><td>......</td><td>......</td></tr></table>
Source: Daily Treasury Statement and Public Debt Service. 
1/ Exclude postal earnings bonds. 
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities. For date of issue of each security, see chapter on "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.
January 1949
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>Description of new issue Amount of bids tendered</th><th colspan="4">Amount of bid 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-June 3.</td><td>1948-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>1,608.4</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>489.5</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><tr><td>Oct. 7.</td><td>1949-Jan. 6.</td><td>91</td><td>1,676.1</td><td>1,101.3</td><td>1,049.9</td><td>51.4</td><td>465.7</td><td>1,102.0</td><td>12,627.2</td></tr><tr><td>Oct. 14.</td><td>Jan. 13.</td><td>91</td><td>1,413.9</td><td>902.1</td><td>838.8</td><td>63.3</td><td>403.8</td><td>906.1</td><td>12,623.3</td></tr><tr><td>Oct. 21.</td><td>Jan. 20.</td><td>91</td><td>1,601.7</td><td>901.2</td><td>837.9</td><td>63.4</td><td>43.4</td><td>908.8</td><td>12,615.7</td></tr><tr><td>Oct. 28.</td><td>Jan. 27.</td><td>91</td><td>1,740.6</td><td>901.2</td><td>844.3</td><td>56.9</td><td>21.4</td><td>909.7</td><td>12,607.2</td></tr><tr><td>Nov. 4.</td><td>Feb. 3.</td><td>91</td><td>1,312.8</td><td>801.4</td><td>754.0</td><td>47.4</td><td>84.6</td><td>803.7</td><td>12,605.0</td></tr><tr><td>Nov. 12.</td><td>Feb. 10.</td><td>90</td><td>1,361.3</td><td>901.4</td><td>833.6</td><td>67.9</td><td>366.2</td><td>890.2</td><td>12,616.2</td></tr><tr><td>Nov. 18.</td><td>Feb. 17.</td><td>91</td><td>1,390.4</td><td>803.0</td><td>781.0</td><td>62.0</td><td>309.1</td><td>900.8</td><td>12,518.4</td></tr><tr><td>Nov. 26.</td><td>Feb. 24.</td><td>90</td><td>1,349.2</td><td>900.2</td><td>845.8</td><td>54.5</td><td>426.9</td><td>1,000.4</td><td>12,418.3</td></tr></table>
<table><tr><th rowspan="2">Issue date</th><th colspan="2">On total bids accepted-</th><th colspan="4">On competitive bids accepted-</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 2/ (Percent)</th><th>High Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Low Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1948-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>1.066</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 4/</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><tr><td>Oct. 7</td><td>99.718</td><td>1.114</td><td>99.724</td><td>1.092</td><td>99.717</td><td>1.120</td></tr><tr><td>Oct. 14</td><td>99.717</td><td>1.119</td><td>99.722</td><td>1.100</td><td>99.717</td><td>1.120</td></tr><tr><td>Oct. 21</td><td>99.717</td><td>1.118</td><td>99.722</td><td>1.100</td><td>99.716</td><td>1.124</td></tr><tr><td>Oct. 28</td><td>99.717</td><td>1.120</td><td>99.722</td><td>1.100</td><td>99.715</td><td>1.127</td></tr><tr><td>Nov. 4</td><td>99.715</td><td>1.129</td><td>99.719 5/</td><td>1.112</td><td>99.713</td><td>1.135</td></tr><tr><td>Nov. 12</td><td>99.715</td><td>1.138</td><td>99.720</td><td>1.120</td><td>99.714</td><td>1.144</td></tr><tr><td>Nov. 18</td><td>99.712</td><td>1.140</td><td>99.720</td><td>1.108</td><td>99.710</td><td>1.147</td></tr><tr><td>Nov. 26</td><td>99.713</td><td>1.147</td><td>99.720</td><td>1.120</td><td>99.712</td><td>1.152</td></tr></table>
Source:
Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. For earlier figures see annual reports of the Secretary of the Treasury.
1/
Tenders for $200,000 or less from any one bidder are accepted in full at average price per hundred.
2/ Bank discount basis. 3/ Except $300,000 at 99.770. 4/ Except $100,000 at 99.748. 5/ Except $100,000 at 99.735.
22
Treasury Bulletin
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Late subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th colspan="2">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 - 6/15/67-72 1/27 yr (22 yr)<br>2-1/4% Bond - 6/15/59-62 1/17 yr (14 yr)<br>1-1/2% Bond - 12/15/50 1 yr, 0 m<br>7/8% Certificate - 6/1/46-E</td><td>1 yr, 1 m<br>1 yr<br>1 yr<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>100<br>100<br>100<br>100</td></tr><tr><td>5/21/45</td><td>6/1/45</td><td>.90% Note - 7/1/46-D</td><td>1 yr, 1 m</td><td>-</td><td>4,910</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>8/1/45</td><td>7/8% Certificate - 8/1/46-F</td><td>1 yr</td><td>-</td><td>2,470</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>9/1/45</td><td>7/8% Certificate - 9/1/46-G</td><td>1 yr</td><td>-</td><td>4,336</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>10/29/45</td><td>11/15/45<br>11/15/45<br>12/3/45</td><td>Victory Loan securities: 3/<br>2-1/2% Bond - 12/15/67-72 1/27 yr, 1 m (22 yr, 1 m)<br>2-1/4% Bond - 12/15/59-62 1/17 yr, 1 m (14 yr, 1 m)<br>7/8% Certificate - 12/1/46-K</td><td>1 yr<br>1 yr<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>100<br>100<br>100</td></tr><tr><td>4/24/46</td><td>10/1/45</td><td>7/8% Certificate - 10/1/46-B</td><td>1 yr 11 m</td><td>-</td><td>3,440</td><td>-</td><td>3,440</td><td>100</td></tr><tr><td>11/14/45</td><td>12/1/45</td><td>7/8% Certificate - 11/1/46-J</td><td>1 yr</td><td>-</td><td>3,778</td><td>-</td><td>3,778</td><td>100</td></tr><tr><td>12/17/45</td><td>1/1/46</td><td>7/8% Certificate - 1/1/47-A</td><td>1 yr</td><td>-</td><td>3,330</td><td>-</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/8% Certificate - 2/1/47-B</td><td>1 yr</td><td>-</td><td>4,954</td><td>-</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>3/1/46</td><td>7/8% Certificate - 3/1/47-C</td><td>1 yr</td><td>-</td><td>4,106</td><td>-</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/8% Certificate - 4/1/47-D</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/8% Certificate - 5/1/47-E</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/8% Certificate - 7/1/47-F</td><td>1 yr</td><td>-</td><td>4,673</td><td>-</td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>8/1/46</td><td>7/8% Certificate - 8/1/47-G</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,223</td><td>56</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/8% Certificate - 9/1/47-H</td><td>1 yr</td><td>-</td><td>4,145</td><td>-</td><td>2,311</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/8% Certificate - 10/1/47-J</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/8% Certificate - 11/1/47-K</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/8% Certificate - 12/1/47-L</td><td>1 yr</td><td>-</td><td>3,281</td><td>-</td><td>3,281</td><td>100</td></tr><tr><td>12/18/46</td><td>1/1/47</td><td>7/8% Certificate - 1/1/48-A</td><td>1 yr</td><td>-</td><td>3,134</td><td>-</td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>2/1/47</td><td>7/8% Certificate - 2/1/48-B</td><td>1 yr</td><td>-</td><td>4,801</td><td>-</td><td>3,947</td><td>86</td></tr><tr><td>2/17/47</td><td>3/1/47</td><td>7/8% Certificate - 3/1/48-C</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/8% Certificate - 4/1/48-D</td><td>1 yr</td><td>-</td><td>2,669</td><td>-</td><td>1,321</td><td>48</td></tr><tr><td>5/21/47</td><td>6/1/47</td><td>7/8% Certificate - 6/1/48-E</td><td>1 yr</td><td>-</td><td>2,510</td><td>-</td><td>1,777</td><td>70</td></tr><tr><td>6/23/47</td><td>7/1/47</td><td>7/8% Certificate - 7/1/48-F</td><td>1 yr</td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/8% Certificate - 7/1/48-G</td><td>11 m</td><td>-</td><td>1,127</td><td>-</td><td>1,127</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>7/8% Certificate - 7/1/48-B</td><td>10 m</td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/2/47</td><td>9/15/47</td><td>1 1/2% Note</td><td>12, m</td><td>-</td><td>4,092</td><td>-</td><td>4,092</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>1 1/2% Certificate - 10/1/48-J</td><td>1 yr</td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>1 1/2% Certificate - 10/1/48-K</td><td>11 m</td><td>-</td><td>1,467</td><td>-</td><td>1,467</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1-1/8% Note</td><td>1 yr 1 m</td><td>-</td><td>3,535</td><td>-</td><td>3,535</td><td>100</td></tr><tr><td>12/19/47</td><td>1/1/48</td><td>1-1/8% Certificate - 1/1/49-A</td><td>1 yr</td><td>-</td><td>2,592</td><td>-</td><td>2,592</td><td>100</td></tr><tr><td>1/20/48</td><td>2/1/48</td><td>1-1/8% Certificate - 2/1/49-B</td><td>1 yr</td><td>-</td><td>2,189</td><td>-</td><td>2,189</td><td>100</td></tr><tr><td>2/18/48</td><td>3/1/48</td><td>1-1/8% Certificate - 3/1/49-C</td><td>1 yr</td><td>-</td><td>3,553</td><td>-</td><td>3,553</td><td>100</td></tr><tr><td>3/22/48</td><td>4/1/48</td><td>1-1/8% Certificate - 4/1/49-D</td><td>1 yr</td><td>-</td><td>1,055</td><td>-</td><td>1,055</td><td>100</td></tr><tr><td>4/10/48</td><td>5/1/48</td><td>1-1/8% Certificate - 5/1/49-E</td><td>1 yr</td><td>-</td><td>4,301</td><td>-</td><td>4,301</td><td>100</td></tr><tr><td>5/21/48</td><td>7/1/48</td><td>1-1/8% Certificate - 7/1/49-F</td><td>1 yr</td><td>-</td><td>5,783</td><td>-</td><td>5,783</td><td>100</td></tr><tr><td>9/1/48</td><td>9/15/48</td><td>1-3/8% Trena. note - 4/1/50-A</td><td>1 yr 6 1/2 m</td><td>-</td><td>3,596</td><td>-</td><td>3,596</td><td>100</td></tr><tr><td>9/27/48</td><td>10/1/48</td><td>1-1/4% Certificate - 10/1/49-G</td><td>1 yr</td><td>-</td><td>6,535</td><td>-</td><td>6,535</td><td>100</td></tr><tr><td>12/6/48</td><td>12/15/48</td><td>1-1/4% Certificate - 12/15/49-H</td><td>1 yr</td><td>-</td><td>519</td><td>-</td><td>519</td><td>100</td></tr><tr><td>12/15/48</td><td>1/1/49</td><td>1-1/4% Certificate - 1/1/50-A</td><td>1 yr</td><td>-</td><td>5,695</td><td>-</td><td>5,695</td><td>100</td></tr></table>
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 account of War Loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
4/ Bank restricted issues. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue.
January 1949
23
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government
<table><tr><th rowspan="2">Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury 2/</th><th colspan="3">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Date of issue</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Re-changed</th><th>Turned in for cash By Federal Reserve Banks 3/</th><th>By other investors</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>2/1/47</td><td>7/8%</td><td>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%</td><td>Certificate - 3/1/47-C</td><td>3/1/40</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%</td><td>Treas. note - 3/15/47-B</td><td>6/20/44</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%</td><td>Certificate - 4/1/47-D</td><td>4/1/40</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%</td><td>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%</td><td>Certificate - 7/1/47-F</td><td>7/1/40</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%</td><td>Certificate - 8/1/47-C</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%</td><td>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% 1-1/4%</td><td>Treas. note - 9/15/47-A Treas. note - 9/15/47-C</td><td>7/12/43 12/1/44</td><td>2,707 1,687</td><td>- 1,687</td><td>2,707 1,687</td><td>2,580 1,512</td><td>- 175</td><td>127</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td colspan="3">Total for 9/15/47</td><td></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%</td><td>Certificate - 10/1/47-J</td><td>10/1/40</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%</td><td>Treas. bond - 10/15/47..</td><td>10/10/22</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%</td><td>Certificate - 11/1/47-K</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,407</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% 2%</td><td>Certificate - 12/1/47-L Bond - 12/15/47..</td><td>12/1/46 12/15/38</td><td>3,281 701</td><td>- 701</td><td>3,281 701</td><td>2,903 627</td><td>139</td><td>234 74</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td colspan="3">Total for 12/1/47</td><td></td><td>3,982</td><td>-</td><td>3,982</td><td>3,535</td><td>139</td><td>308</td><td></td></tr><tr><td>1/1/48</td><td>7/8%</td><td>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%</td><td>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>1,014</td><td>144</td><td>1-1/8% Certificate - 2/1/49-B</td></tr><tr><td>3/1/48</td><td>7/8% 2-3/4%</td><td>Certificate - 3/1/48-C Treas. bond - 3/15/48.. Treas. bond - 3/15/48..</td><td>3/1/47 3/15/41 3/10/36</td><td>2,142 1,115 1,223</td><td>- 1,115 1,223</td><td>2,142 1,115 1,223</td><td>1,687 899 907</td><td>285 75 101</td><td>169 141 156</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td colspan="3">Total for 3/1/48</td><td></td><td>4,481</td><td>-</td><td>4,481</td><td>3,553</td><td>460</td><td>467</td><td></td></tr><tr><td>4/1/48</td><td>7/8%</td><td>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% 1-3/4%</td><td>Certificate - 6/1/48-E Treas. bond - 6/15/48..</td><td>6/1/47 12/1/42</td><td>1,777 3,002</td><td>- 3,062</td><td>1,777 3,062</td><td>1,618 2,683</td><td>- 378</td><td>159</td><td>1-1/8% Certificate - 6/1/49-E</td></tr><tr><td colspan="3">Total for 6/1/48</td><td></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% 7/8% 7/8%</td><td>Certificate - 7/1/48-F Certificate - 7/1/48-G Certificate - 7/1/48-H</td><td>7/1/47 8/1/47 9/1/47</td><td>2,742 1,127 2,209</td><td>- 1,127 2,209</td><td>2,742 1,127 2,209</td><td>2,001 1,079 2,103</td><td>- 48 106</td><td>141</td><td>1-1/8% Certificate - 7/1/49-F</td></tr><tr><td colspan="3">Total for 7/1/48</td><td></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% 1-1/2%</td><td>Treas. bond - 9/15/48.. Treas. note - 9/15/48-A</td><td>3/15/38 3/15/44</td><td>451 3,748</td><td>451 -</td><td>3,748 -</td><td>3,596 -</td><td>- 152</td><td>-</td><td>1-3/8% Treas. note - 4/1/50-A</td></tr><tr><td>10/1/48</td><td>1% 1% 1%</td><td>Treas. note - 10/1/48-B Certificate - 10/1/48-J Certificate - 10/1/48-K</td><td>9/15/47 10/1/47 11/1/47</td><td>4,092 1,354 1,467</td><td>- 1,354 1,467</td><td>4,092 1,354 1,467</td><td>3,912 1,257 1,366</td><td>- 180 97 101</td><td>-</td><td>1-1/4% Certificate - 10/1/49-G</td></tr><tr><td colspan="3">Total for 10/1/48</td><td></td><td>6,913</td><td>-</td><td>6,913</td><td>6,535</td><td>-</td><td>378</td><td></td></tr><tr><td>12/15/48</td><td>2%</td><td>Treas. bond - 12/15/48</td><td>12/8/39</td><td>571</td><td>-</td><td>571</td><td>519</td><td>-</td><td>52</td><td>1-1/4% Certificate - 12/15/49-H</td></tr><tr><td>1/1/49</td><td>1-1/8% 1-1/8%</td><td>Treas. note - 1/1/49-A Certificate - 1/1/49-A</td><td>12/1/47 1/1/48</td><td>3,535 2,592</td><td>- 2,592</td><td>3,535 2,592</td><td>3,297 2,398</td><td>- 238 194</td><td>432</td><td>1-1/4% Certificate - 1/1/50-A</td></tr><tr><td colspan="3">Total for 1/1/49</td><td></td><td>6,127</td><td>-</td><td>6,127</td><td>5,695</td><td>-</td><td>432</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 presented 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 (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>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>48,901</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>252,605</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>8,792</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>252,230</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>4,855</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>18,595</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>4,362</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>4,686</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>10,754</td><td>4,458</td><td>-</td><td>6,240</td><td>66</td></tr><tr><td>Oct.</td><td>252,460</td><td>-227</td><td>11,383</td><td>3,758</td><td>-</td><td>*</td><td>2</td><td>-</td><td>-</td><td>-</td><td>7,470</td><td>153</td><td>11,610</td><td>3,989</td><td>-</td><td>7,470</td><td>151</td></tr><tr><td>Nov.</td><td>252,506</td><td>46</td><td>4,445</td><td>3,054</td><td>-</td><td>*</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1,187</td><td>204</td><td>4,399</td><td>3,185</td><td>-</td><td>1,187</td><td>27</td></tr></table>
Source: Daily Treasury Statement. 1/ Exclude 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.
January 1949
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 1945, pages A-4 and A-5. Sales and redemption data by States are published at the end of each calendar and each fiscal year after June 30, 1947. Sales by denominations are also published 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 November 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>450</td><td>13</td><td>-</td><td>3/</td></tr><tr><td>Series C.</td><td>1,010</td><td>262</td><td>1,273</td><td>1,095</td><td>27</td><td>151</td><td>86.05</td></tr><tr><td>Series D.</td><td>2,365</td><td>499</td><td>2,864</td><td>613</td><td>-</td><td>2,251</td><td>21.40</td></tr><tr><td>Series E.</td><td>52,055</td><td>2,300</td><td>54,356</td><td>22,344</td><td>-</td><td>32,012</td><td>41.11</td></tr><tr><td>Series F.</td><td>4,116</td><td>198</td><td>4,314</td><td>823</td><td>-</td><td>3,491</td><td>19.08</td></tr><tr><td>Series G.</td><td>19,110</td><td>-</td><td>19,110</td><td>2,071</td><td>-</td><td>17,039</td><td>10.84</td></tr><tr><td>Total, Series A-C.</td><td>79,229</td><td>3,405</td><td>82,635</td><td>27,645</td><td>45</td><td>54,944</td><td>33.45</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>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,801</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>4,845</td><td>268</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>406</td><td>23</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>440</td><td>25</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.e.</td><td>n.e.</td><td>50</td><td>54,776</td><td>.74</td></tr><tr><td>October</td><td>415</td><td>60</td><td>475</td><td>393</td><td>n.e.</td><td>n.e.</td><td>47</td><td>54,860</td><td>.72</td></tr><tr><td>November</td><td>419</td><td>69</td><td>488</td><td>406</td><td>n.a.</td><td>n.a.</td><td>45</td><td>54,944</td><td>.74</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>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">(In millions of dollars)</td></tr><tr><td colspan="9">Seriee E, F, and G</td></tr><tr><td>Piscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>604</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,709</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>2,280</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>4,453</td><td>144</td><td>50,730</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>30,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>4,522</td><td>123</td><td>49,311</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948-January</td><td>770</td><td>67</td><td>837</td><td>372</td><td>360</td><td>12</td><td>49,770</td><td>.73</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>377</td><td>14</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>410</td><td>15</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>October</td><td>415</td><td>53</td><td>469</td><td>355</td><td>n.a.</td><td>n.a.</td><td>52,424</td><td>.68</td></tr><tr><td>November</td><td>419</td><td>64</td><td>483</td><td>365</td><td>n.a.</td><td>n.a.</td><td>52,542</td><td>.69</td></tr><tr><td colspan="9">Seriea E</td></tr><tr><td>Piscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>*</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,026</td><td>633</td><td>4,659</td><td>3,825</td><td>3,689</td><td>136</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>30,787</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>303</td><td>13</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>332</td><td>14</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>October</td><td>305</td><td>49</td><td>354</td><td>286</td><td>n.a.</td><td>n.a.</td><td>31,939</td><td>.90</td></tr><tr><td>November</td><td>308</td><td>59</td><td>367</td><td>294</td><td>n.a.</td><td>n.a.</td><td>32,012</td><td>.92</td></tr></table>
(Continued on following page)
January 1949
27
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series E, F, and G - (Continued)
<table><tr><th>Period</th><th>Salee 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">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>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>198</td><td>9</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>10</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>18</td><td>1</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>20</td><td>1</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>October</td><td>14</td><td>5</td><td>19</td><td>17</td><td>n.a.</td><td>n.a.</td><td>3,489</td><td>.49</td></tr><tr><td>November</td><td>15</td><td>5</td><td>20</td><td>18</td><td>n.a.</td><td>n.a.</td><td>3,491</td><td>.52</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,501</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>243</td><td>-</td><td>243</td><td>46</td><td>46</td><td>-</td><td>15,354</td><td>.30</td></tr><tr><td>February</td><td>201</td><td>-</td><td>201</td><td>45</td><td>45</td><td>-</td><td>15,510</td><td>.29</td></tr><tr><td>March</td><td>175</td><td>-</td><td>175</td><td>50</td><td>50</td><td>-</td><td>15,634</td><td>.32</td></tr><tr><td>April</td><td>128</td><td>-</td><td>128</td><td>46</td><td>46</td><td>-</td><td>15,717</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>127</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>October</td><td>96</td><td>-</td><td>96</td><td>52</td><td>52</td><td>-</td><td>16,996</td><td>.30</td></tr><tr><td>November</td><td>95</td><td>-</td><td>95</td><td>53</td><td>53</td><td>-</td><td>17,039</td><td>.31</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 1947, Series F 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 also of unclassified F and G redemptions, beginning with June 1947. 3/Not calculated for matured series. *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 1943 "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 November 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>29,327</td><td>8,857</td><td>20,460</td><td>24</td><td>3,090</td></tr><tr><td>Series D</td><td>1,465</td><td>2</td><td>1</td><td>2</td><td>-</td><td>1,463</td></tr><tr><td>Total</td><td>39,256</td><td>34,677</td><td>9,117</td><td>25,561</td><td>27</td><td>4,552</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>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,799</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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></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>304</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><tr><td>October:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C</td><td>-</td><td>297</td><td>277</td><td>69</td><td>25</td><td>3,397</td></tr><tr><td>Series D</td><td>409</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1,120</td></tr><tr><td>November:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series C</td><td>-</td><td>309</td><td>281</td><td>29</td><td>24</td><td>3,090</td></tr><tr><td>Series D</td><td>344</td><td>2</td><td>*</td><td>2</td><td>-</td><td>1,463</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the United States. Less than $500,000.
January 1949
29
OWNERSHIP OF FEDERAL SECURITIES
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total Federal securities outstanding</th><th colspan="5">Interest-bearing securities issued by the U. S. Government</th><th colspan="5">Interest-bearing securities guaranteed by the U. S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U. S. Government agencies and trust funds 2/</th><th>Held by Federal Reserve Banks - public marketable issues</th><th>Held by private investors 2/ 3/</th><th colspan="3">Total outstanding</th><th colspan="3">Held by private investors 2/ 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 5/</th><th>Special issues</th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total outstanding</th><th>Held by U. S. Government agencies and trust funds and Federal Reserve Banks 2/4/</th><th>Public marketable issues</th><th>Public non-marketable issues 6/</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>37,932</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>36,458</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>36,828</td><td>5,481</td><td>125</td><td>31,221</td><td>23,413</td><td>190,277</td><td>129,424</td><td>60,853</td><td>46</td><td>-</td><td>14</td><td>32</td><td>2,174</td></tr><tr><td>Oct.</td><td>252,513</td><td>250,300</td><td>36,849</td><td>5,501</td><td>125</td><td>31,223</td><td>23,042</td><td>190,409</td><td>129,378</td><td>61,031</td><td>48</td><td>* r</td><td>14</td><td>34</td><td>2,165</td></tr><tr><td>Nov.</td><td>252,563</td><td>250,391</td><td>37,024p</td><td>5,499p</td><td>126p</td><td>31,400</td><td>23,206</td><td>190,161p</td><td>129,026p</td><td>61,135p</td><td>53</td><td>* p</td><td>14p</td><td>39</td><td>2,119</td></tr></table>
Source: Daily Treasury Statement for total amounts outstanding; reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and Federal Reserve System for securities held by Federal Reserve Banks.
1/ Excludes guaranteed securities held by the Treasury.
2/ Holdings by Federal land banks are included under "Private investors" instead of "U. S. Government agencies and trust funds" beginning with June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
3/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total outstanding the
amount held by U. S. Government agencies and trust funds and Federal Reserve Banks.
1/ All public marketable issues except R. F. C. notes in the amount of $115 million for 1943 and $176 million for 1944.
5/ Include U. S. savings bonds, Series A-F at maturity value.
5/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month, as in the Daily Treasury Statement.
* Less than $500,000.
p Preliminary.
r Revised.
Table 2.- Net Market Purchases or Sales of Federal Securities for Treasury Investment Accounts
(In millions of dollars; negative figures are net sales)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-.3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td>.1</td><td>-.8</td><td></td></tr></table>
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 value $1/- in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstand- ing 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>Individ- ual 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corpora- tions and associa- tions 5/ 6/</th><th>State and local govern- ments 7/</th><th>U. S. Government agencies and trust funds8/</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>10.1</td><td>2.5</td><td>29.9</td><td>10.3</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>14.1</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>119.9</td><td>50.1</td><td>44.2</td><td>5.9</td><td>69.8</td><td>27.7</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>81.4</td><td>31.7</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>162.3</td><td>67.2</td><td>58.3</td><td>8.9</td><td>95.1</td><td>36.0</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>98.7</td><td>38.4</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>187.0</td><td>76.2</td><td>64.0</td><td>12.1</td><td>110.8</td><td>43.6</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>119.3</td><td>46.5</td><td>17.3</td><td>7.3</td><td>25.9</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>211.1</td><td>87.1</td><td>70.5</td><td>16.7</td><td>123.9</td><td>49.2</td><td>18.3</td><td>7.7</td><td>24.8</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>135.6</td><td>53.5</td><td>19.6</td><td>8.3</td><td>28.1</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>235.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>137.7</td><td>54.9</td><td>20.4</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>153.1</td><td>59.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>262.0</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>64.4</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>21.1 r</td><td>7.3 r</td><td>34.6</td></tr><tr><td>February</td><td>254.7</td><td>88.4</td><td>67.4</td><td>21.0</td><td>166.2</td><td>66.7 r</td><td>23.9</td><td>12.0</td><td>21.3 r</td><td>7.4 r</td><td>34.9</td></tr><tr><td>March</td><td>253.1</td><td>86.0</td><td>65.1</td><td>20.9</td><td>167.0</td><td>66.8 r</td><td>23.8</td><td>12.1</td><td>21.7 r</td><td>7.8 r</td><td>35.0</td></tr><tr><td>April</td><td>252.3</td><td>86.5</td><td>66.1</td><td>20.3</td><td>165.8</td><td>66.8 r</td><td>23.5</td><td>12.0</td><td>20.9 r</td><td>7.8 r</td><td>34.8</td></tr><tr><td>May</td><td>252.3</td><td>86.2</td><td>65.6</td><td>20.7</td><td>166.1</td><td>66.9 r</td><td>23.4</td><td>12.0</td><td>21.2 r</td><td>7.7 r</td><td>34.9</td></tr><tr><td>June</td><td>252.4</td><td>85.9</td><td>64.6</td><td>21.4</td><td>166.4</td><td>67.0 r</td><td>23.2</td><td>12.0</td><td>20.7 r</td><td>7.8 r</td><td>35.7</td></tr><tr><td>July</td><td>253.4</td><td>86.5</td><td>65.2</td><td>21.3</td><td>166.9</td><td>67.2 r</td><td>23.0</td><td>12.0</td><td>20.4 r</td><td>7.9 r</td><td>36.4</td></tr><tr><td>August</td><td>253.1</td><td>86.4</td><td>64.9</td><td>21.6</td><td>166.7</td><td>67.3 r</td><td>22.6</td><td>11.9</td><td>20.5 r</td><td>8.0 r</td><td>36.5</td></tr><tr><td>September</td><td>252.7</td><td>85.9</td><td>62.5</td><td>23.4</td><td>166.8</td><td>67.3 r</td><td>22.3</td><td>11.7</td><td>20.8 r</td><td>7.8 r</td><td>36.8</td></tr><tr><td>October p....</td><td>252.5</td><td>86.1</td><td>63.1</td><td>23.0</td><td>166.4</td><td>67.4</td><td>21.9</td><td>11.6</td><td>20.7</td><td>7.8</td><td>36.8</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F, are included at current redemption values.
2/ Includes all securities issued or guaranteed by the U. S. Government, but excludes guaranteed securities held by the Treasury.
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. Holdings by Federal land banks are included under "Private Investore" 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. Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions. Preliminary. Revised.
January 1949
31
TREASURY SURVEY OF OWNERSHIP, OCTOBER 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 values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>Held by all other investore 3/</th></tr><tr><th></th><th></th><th colspan="2">Banks 1/</th><th colspan="3">Insurance companies</th><th>U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><th></th><th></th><th>7,281 commercial 2/</th><th>32 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th></th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable</td><td>157,934</td><td>55,440</td><td>408</td><td>11,037</td><td>16,609</td><td>3,635</td><td>28,542</td><td>42,264</td></tr><tr><td>Public normarketable 4/ 5/</td><td>61,191</td><td>1,635</td><td>15</td><td>593</td><td>535</td><td>422</td><td>125</td><td>57,832</td></tr><tr><td>Special issues</td><td>31,223</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31,223</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>250,348</td><td>57,075</td><td>423</td><td>11,629</td><td>17,143</td><td>4,056</td><td>59,891</td><td>100,096</td></tr><tr><td>Matured debt and debt bearing no interest 6/</td><td>2,165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total securities issued or guaranteed by the U. S. Government 7/</td><td>252,513</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 value - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th colspan="2">Banks 1/</th><th colspan="3">Insurance companies</th><th>U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><th></th><th></th><th>7,281 commercial 2/</th><th>32 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>626 fire, casualty, and marine</th><th></th></tr><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by U.S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>12,607</td><td>3,373</td><td>5</td><td>78</td><td>222</td><td>58</td><td>5,195</td></tr><tr><td>Certificates of indebtedness</td><td>26,008</td><td>8,693</td><td>26</td><td>331</td><td>128</td><td>553</td><td>6,172</td></tr><tr><td>Treasury notes</td><td>7,131</td><td>2,958</td><td>7</td><td>96</td><td>14</td><td>155</td><td>871</td></tr><tr><td>Treasury bonds - bank eligible</td><td>62,375</td><td>39,606</td><td>212</td><td>2,763</td><td>2,257</td><td>1,630</td><td>5,111</td></tr><tr><td>Treasury bonds - bank restricted 3/</td><td>49,636</td><td>791</td><td>158</td><td>7,768</td><td>13,981</td><td>1,237</td><td>11,157</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>163</td><td>13</td><td>*</td><td>*</td><td>*</td><td>2</td><td>37</td></tr><tr><td>Guaranteed by U.S. Government 7/</td><td>14</td><td>6</td><td>*</td><td>*</td><td>6</td><td>*</td><td>111</td></tr><tr><td>Total</td><td>157,934</td><td>55,440</td><td>408</td><td>11,037</td><td>16,609</td><td>3,635</td><td>28,542</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>42,264</td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>45,141</td><td>14,898</td><td>39</td><td>572</td><td>404</td><td>730</td><td>11,998</td></tr><tr><td>1 to 5 years</td><td>48,428</td><td>30,954</td><td>116</td><td>1,890</td><td>1,617</td><td>1,103</td><td>4,007</td></tr><tr><td>5 to 10 years</td><td>10,464</td><td>6,184</td><td>82</td><td>548</td><td>519</td><td>440</td><td>827</td></tr><tr><td>10 to 15 years</td><td>12,407</td><td>1,325</td><td>57</td><td>2,726</td><td>1,653</td><td>617</td><td>2,522</td></tr><tr><td>15 to 20 years</td><td>41,481</td><td>2,073</td><td>114</td><td>5,300</td><td>12,410</td><td>745</td><td>9,189</td></tr><tr><td>Over 20 years</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>6</td><td>*</td><td>*</td><td>6</td><td>*</td><td>2</td></tr><tr><td>Total</td><td>157,934</td><td>55,440</td><td>408</td><td>11,037</td><td>16,609</td><td>3,635</td><td>28,542</td></tr><tr><td>Tax status: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>42,264</td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>163</td><td>13</td><td>*</td><td>*</td><td>*</td><td>2</td><td>37</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>14,937</td><td>11,068</td><td>96</td><td>44</td><td>27</td><td>698</td><td>998</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>142,834</td><td>44,358</td><td>312</td><td>10,993</td><td>16,582</td><td>2,935</td><td>27,508</td></tr><tr><td>Total</td><td>157,934</td><td>55,440</td><td>408</td><td>11,037</td><td>16,609</td><td>3,635</td><td>28,542</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>42,264</td></tr></table>
Footnotes at end of Section II.
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, OCTOBER 31, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ 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>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,281 commercial 2/</th><th>32 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>12,607</td><td>3,373</td><td>5</td><td>78</td><td>222</td><td>58</td><td>5,195</td><td>3,675</td></tr><tr><td>Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/8% January 1949-A.........(taxable)</td><td>2,592</td><td>1,166</td><td>4</td><td>72</td><td>36</td><td>94</td><td>49</td><td>1,171</td></tr><tr><td>1-1/8% February 1949-B.........(taxable)</td><td>2,139</td><td>832</td><td>3</td><td>35</td><td>14</td><td>41</td><td>97</td><td>1,168</td></tr><tr><td>1-1/8% March 1949-C.........(taxable)</td><td>3,553</td><td>1,426</td><td>3</td><td>55</td><td>15</td><td>81</td><td>694</td><td>1,278</td></tr><tr><td>1-1/8% April 1949-D.........(taxable)</td><td>1,055</td><td>389</td><td>2</td><td>5</td><td>*</td><td>18</td><td>88</td><td>553</td></tr><tr><td>1-1/8% June 1949-E.........(taxable)</td><td>4,301</td><td>1,562</td><td>4</td><td>46</td><td>12</td><td>67</td><td>854</td><td>1,757</td></tr><tr><td>1-1/8% July 1949-F.........(taxable)</td><td>5,783</td><td>1,203</td><td>2</td><td>19</td><td>4</td><td>91</td><td>2,798</td><td>1,667</td></tr><tr><td>1-1/4% October 1949-G.........(taxable)</td><td>6,535</td><td>2,113</td><td>8</td><td>100</td><td>46</td><td>162</td><td>1,993</td><td>2,513</td></tr><tr><td>Total certificates of indebtedness</td><td>26,008</td><td>8,693</td><td>26</td><td>331</td><td>128</td><td>553</td><td>6,172</td><td>10,106</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/8% January 1949-A.........(taxable)</td><td>3,535</td><td>1,070</td><td>2</td><td>37</td><td>10</td><td>68</td><td>236</td><td>2,123</td></tr><tr><td>1-3/8% April 1950-A.........(taxable)</td><td>3,596</td><td>1,887</td><td>5</td><td>59</td><td>5</td><td>87</td><td>646</td><td>907</td></tr><tr><td>Total Treasury notes</td><td>7,131</td><td>2,958</td><td>7</td><td>96</td><td>14</td><td>155</td><td>871</td><td>3,030</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% December 1948-50.........(partially)</td><td>571</td><td>415</td><td>3</td><td>1</td><td>*</td><td>13</td><td>19</td><td>121</td></tr><tr><td>2% June 1949-51.........(taxable)</td><td>1,014</td><td>600</td><td>3</td><td>71</td><td>16</td><td>14</td><td>102</td><td>207</td></tr><tr><td>2% September 1949-51.........(taxable)</td><td>1,292</td><td>734</td><td>2</td><td>55</td><td>28</td><td>23</td><td>247</td><td>204</td></tr><tr><td>2% December 1949-51.........(taxable)</td><td>2,098</td><td>1,314</td><td>5</td><td>73</td><td>63</td><td>41</td><td>170</td><td>431</td></tr><tr><td>3-1/8% December 1949-52.........(partially)</td><td>491</td><td>362</td><td>*</td><td>3</td><td>11</td><td>14</td><td>36</td><td>65</td></tr><tr><td>2-1/2% December 1949-53.........(partially)</td><td>1,736</td><td>1,368</td><td>3</td><td>5</td><td>2</td><td>39</td><td>168</td><td>200</td></tr><tr><td>2% March 1950-52.........(taxable)</td><td>1,963</td><td>1,290</td><td>4</td><td>60</td><td>143</td><td>38</td><td>141</td><td>288</td></tr><tr><td>2-1/2% September 1950-52.........(partially)</td><td>1,186</td><td>993</td><td>2</td><td>8</td><td>1</td><td>54</td><td>89</td><td>80</td></tr><tr><td>2% September 1950-52.........(taxable)</td><td>4,939</td><td>2,846</td><td>7</td><td>159</td><td>349</td><td>100</td><td>421</td><td>1,057</td></tr><tr><td>1-1/2% December 1950.........(taxable)</td><td>2,635</td><td>1,499</td><td>2</td><td>35</td><td>8</td><td>46</td><td>*</td><td>1,045</td></tr><tr><td>2-3/4% June 1951-54.........(partially)</td><td>1,627</td><td>1,270</td><td>11</td><td>5</td><td>2</td><td>46</td><td>136</td><td>157</td></tr><tr><td>2% September 1951-53.........(taxable)</td><td>7,936</td><td>4,847</td><td>20</td><td>422</td><td>308</td><td>174</td><td>779</td><td>1,438</td></tr><tr><td>3% September 1951-53.........(partially)</td><td>755</td><td>461</td><td>1</td><td>9</td><td>*</td><td>34</td><td>67</td><td>183</td></tr><tr><td>2-1/4% December 1951-53.........(partially)</td><td>1,118</td><td>917</td><td>4</td><td>1</td><td>-</td><td>42</td><td>86</td><td>69</td></tr><tr><td>2% December 1951-55.........(taxable)</td><td>510</td><td>367</td><td>2</td><td>13</td><td>23</td><td>16</td><td>15</td><td>75</td></tr><tr><td>2-1/2% March 1952-54.........(taxable)</td><td>1,024</td><td>474</td><td>1</td><td>180</td><td>21</td><td>15</td><td>116</td><td>217</td></tr><tr><td>2% June 1952-54.........(taxable)</td><td>5,825</td><td>3,925</td><td>20</td><td>247</td><td>162</td><td>109</td><td>493</td><td>869</td></tr><tr><td>2-1/4% June 1952-55.........(taxable)</td><td>1,501</td><td>832</td><td>3</td><td>171</td><td>154</td><td>30</td><td>144</td><td>163</td></tr><tr><td>2% December 1952-54.........(taxable)</td><td>8,662</td><td>5,671</td><td>23</td><td>440</td><td>365</td><td>178</td><td>486</td><td>1,500</td></tr><tr><td>2% June 1953-55.........(partially)</td><td>725</td><td>631</td><td>2</td><td>2</td><td>1</td><td>40</td><td>15</td><td>34</td></tr><tr><td>2-1/4% June 1954-56.........(partially)</td><td>681</td><td>589</td><td>6</td><td>1</td><td>*</td><td>30</td><td>4</td><td>51</td></tr><tr><td>2-7/8% March 1955-60.........(partially)</td><td>2,611</td><td>1,325</td><td>29</td><td>3</td><td>1</td><td>160</td><td>166</td><td>727</td></tr><tr><td>2-1/2% March 1956-58.........(taxable)</td><td>1,449</td><td>731</td><td>11</td><td>105</td><td>294</td><td>18</td><td>114</td><td>175</td></tr><tr><td>2-3/4% September 1956-59.........(partially)</td><td>982</td><td>742</td><td>15</td><td>1</td><td>1</td><td>54</td><td>62</td><td>107</td></tr><tr><td>2-1/4% September 1956-59.........(taxable)</td><td>3,823</td><td>1,875</td><td>10</td><td>436</td><td>216</td><td>109</td><td>436</td><td>741</td></tr><tr><td>2-3/4% June 1958-63.........(partially)</td><td>919</td><td>723</td><td>11</td><td>3</td><td>7</td><td>69</td><td>46</td><td>61</td></tr><tr><td>2-3/4% December 1960-65.........(partially)</td><td>1,485</td><td>1,073</td><td>10</td><td>3</td><td>1</td><td>103</td><td>105</td><td>191</td></tr><tr><td>2-1/2% September 1967-72.........(taxable)</td><td>2,716</td><td>1,533</td><td>3</td><td>254</td><td>81</td><td>21</td><td>449</td><td>375</td></tr><tr><td>Total bank eligible</td><td>62,375</td><td>39,606</td><td>212</td><td>2,763</td><td>2,257</td><td>1,630</td><td>5,111</td><td>10,792</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
January 1949
33
TREASURY SURVEY OF OWNERSHIP, OCTOBER 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 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>7,281 commercial 2/</th><th>Banks 1/ 32 stock savings</th><th>532 mutual savings</th><th>Insurance companies 331 life</th><th>626 fire, casualty, and marine</th><th></th></tr><tr><td>Treasury bonds (continued):</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></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>71</td><td>18</td><td>1,609</td><td>506</td><td>288</td><td>1,148</td><td>1,645</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>170</td><td>15</td><td>664</td><td>306</td><td>165</td><td>899</td><td>1,250</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>11</td><td>13</td><td>449</td><td>840</td><td>61</td><td>370</td><td>373</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>3</td><td>7</td><td>500</td><td>1,157</td><td>82</td><td>510</td><td>572</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>6</td><td>19</td><td>981</td><td>1,476</td><td>80</td><td>310</td><td>889</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>5</td><td>16</td><td>612</td><td>1,479</td><td>100</td><td>600</td><td>1,026</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>50</td><td>16</td><td>326</td><td>2,278</td><td>86</td><td>1,170</td><td>1,270</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>42</td><td>12</td><td>356</td><td>1,442</td><td>56</td><td>752</td><td>820</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>60</td><td>17</td><td>1,131</td><td>2,418</td><td>108</td><td>1,980</td><td>2,253</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>373</td><td>24</td><td>1,138</td><td>2,080</td><td>212</td><td>3,418</td><td>4,444</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>791</td><td>158</td><td>7,768</td><td>13,981</td><td>1,237</td><td>11,157</td><td>14,544</td></tr><tr><td>Total Treasury bonds</td><td>112,011</td><td>40,397</td><td>370</td><td>10,531</td><td>16,239</td><td>2,867</td><td>16,267</td><td>25,339</td></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal saving bonds......(wholly)</td><td>113</td><td>12</td><td>*</td><td>*</td><td>*</td><td>1</td><td>37</td><td>63</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</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>*</td><td>*</td><td>2</td><td>37</td><td>111</td></tr><tr><td>Guaranteed securities: 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 11/)</td><td>14</td><td>6</td><td>*</td><td>*</td><td>6</td><td>*</td><td>*</td><td>2</td></tr><tr><td>Total public marketable securities</td><td>157,934</td><td>55,440</td><td>408</td><td>11,037</td><td>16,609</td><td>3,635</td><td>28,542</td><td>42,264</td></tr></table>
Footnotes at end of Section II
Table 4.- Interest-Bearing Public Nonmarketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="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>7,281 commercial 2/</th><th>32 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>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 1/.....(12/)</td><td>2,436</td><td>109</td><td>*</td><td>4</td><td>3</td><td>5</td><td>*</td><td>2,315</td></tr><tr><td>Series E 1/.....(taxable)</td><td>31,970</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31,969</td></tr><tr><td>Series F 1/.....(taxable)</td><td>3,485</td><td>328</td><td>2</td><td>16</td><td>30</td><td>50</td><td>1</td><td>3,058</td></tr><tr><td>Series G.....(taxable)</td><td>16,970</td><td>684</td><td>8</td><td>450</td><td>210</td><td>322</td><td>14</td><td>15,281</td></tr><tr><td>Total United States savings bonds</td><td>54,860</td><td>1,121</td><td>11</td><td>470</td><td>243</td><td>377</td><td>16</td><td>52,623</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>4,527</td><td>33</td><td>1</td><td>*</td><td>1</td><td>9</td><td>9</td><td>4,464</td></tr><tr><td>Depository bonds.....(taxable)</td><td>333</td><td>296</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>37</td></tr><tr><td>Armed forces leave bonds.....(taxable)</td><td>490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>490</td></tr><tr><td>Treasury bonds, investment series.(taxable)</td><td>955</td><td>185</td><td>3</td><td>122</td><td>291</td><td>36</td><td>100</td><td>218</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>34</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>61,191</td><td>1,635</td><td>15</td><td>593</td><td>535</td><td>422</td><td>125</td><td>57,832</td></tr></table>
Footnotes at end of Section II
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, OCTOBER 31, 1948
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,281 commercial 2/</th><th>32 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><th></th></tr><tr><td>Federal intermediate credit banks: Dobeitures......(taxable)</td><td>534</td><td>339</td><td>*</td><td>43</td><td>*</td><td>14</td><td>-</td><td>138</td></tr><tr><td>Federal home loan banks: 1-3/4% January 1949 (Notes)....(taxable)</td><td>97</td><td>59</td><td>-</td><td>5</td><td>*</td><td>3</td><td>-</td><td>31</td></tr><tr><td>1-5/8% April 1949 (Notes)....(taxable)</td><td>84</td><td>55</td><td>*</td><td>5</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>79</td><td>*</td><td>9</td><td>1</td><td>1</td><td>-</td><td>25</td></tr><tr><td>1-3/4% September 1949 (Notes)....(taxable)</td><td>120</td><td>75</td><td>1</td><td>8</td><td>1</td><td>3</td><td>-</td><td>33</td></tr><tr><td>Total Federal home loan bank securities....</td><td>416</td><td>267</td><td>1</td><td>27</td><td>2</td><td>8</td><td>-</td><td>110</td></tr><tr><td>Federal land banks: 13/ 1-1/2% October 1948-50 (Bonds)....(taxable)</td><td>117</td><td>125</td><td>1</td><td>1</td><td>*</td><td>4</td><td>-</td><td>17</td></tr><tr><td>1-1/4% May 1950-52 (Bonds)....(taxable)</td><td>217</td><td>151</td><td>*</td><td>3</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>28</td></tr><tr><td>2-1/4% February 1953-55 (Bonds)....(taxable)</td><td>114</td><td>90</td><td>*</td><td>4</td><td>1</td><td>2</td><td>-</td><td>18</td></tr><tr><td>Total Federal land bank bonds......</td><td>664</td><td>522</td><td>1</td><td>8</td><td>2</td><td>6</td><td>-</td><td>125</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 $3½ million, all held by commercial banks, are shown only in the total amount outstanding; data for reporting banks are not available.
6/ Information for reporting agencies not available.
7/ Excludes guaranteed securities held by the Treasury.
8/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see 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 curtax. "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 curtax. "Taxable" securities are those with the income subject to normal tax and curtax.
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.
January 1949
35
MARKET QUOTATIONS, NOVEMBER 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 publicly marketable securities issued by Federal agencies but not guaranteed by the United States Government.
Section I
Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Bank discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,001</td><td>12/2/48</td><td>9/2/48</td><td>1.12%</td><td>.85%</td><td>.99%</td><td>-.06%</td></tr><tr><td>1,002</td><td>12/9/48</td><td>9/9/48</td><td>1.12</td><td>.90</td><td>1.01</td><td>-.05</td></tr><tr><td>1,101</td><td>12/16/48</td><td>9/16/48</td><td>1.12</td><td>1.00</td><td>1.06</td><td>.00</td></tr><tr><td>1,001</td><td>12/23/48</td><td>9/23/48</td><td>1.12</td><td>1.00</td><td>1.06</td><td>-.01</td></tr><tr><td>1,102</td><td>12/30/48</td><td>9/30/48</td><td>1.12</td><td>1.00</td><td>1.06</td><td>-.02</td></tr><tr><td>1,101</td><td>1/6/49</td><td>10/7/48</td><td>1.13</td><td>1.06</td><td>1.10</td><td>+.01</td></tr><tr><td>902</td><td>1/13/49</td><td>10/14/48</td><td>1.13</td><td>1.06</td><td>1.10</td><td>+.01</td></tr><tr><td>901</td><td>1/20/49</td><td>10/21/48</td><td>1.13</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>901</td><td>1/27/49</td><td>10/28/48</td><td>1.13</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>801</td><td>2/3/49</td><td>11/4/48</td><td>1.14</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>901</td><td>2/10/49</td><td>11/12/48</td><td>1.15</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>803</td><td>2/17/49</td><td>11/18/48</td><td>1.15</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>900</td><td>2/24/49</td><td>11/26/48</td><td>1.15</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>1/</td><td>3/3/49</td><td>12/2/48</td><td>1.16</td><td>1.12</td><td>1.14</td><td>-</td></tr></table>
Footnote at end of Section II.
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>$2,592</td><td>1-1/8 - 1/1/49-A</td><td>1/1/48</td><td>1.00%</td><td>1.00%</td><td>1.04%</td><td>+1.1%</td></tr><tr><td>2,189</td><td>1-1/8 - 2/1/49-B</td><td>2/1/48</td><td>1.10</td><td>1.04</td><td>1.07</td><td>+0.3</td></tr><tr><td>3,553</td><td>1-1/8 - 3/1/49-C</td><td>3/1/48</td><td>1.10</td><td>1.07</td><td>1.08</td><td>-0.1</td></tr><tr><td>1,055</td><td>1-1/8 - 4/1/49-D</td><td>4/1/48</td><td>1.09</td><td>1.03</td><td>1.06</td><td>.00</td></tr><tr><td>4,301</td><td>1-1/8 - 6/1/49-E</td><td>6/1/48</td><td>1.17</td><td>1.15</td><td>1.16</td><td>-.02</td></tr><tr><td>5,783</td><td>1-1/8 - 7/1/49-F</td><td>7/1/48</td><td>1.18</td><td>1.16</td><td>1.17</td><td>-.02</td></tr><tr><td>6,535</td><td>1-1/4 - 10/1/49-G</td><td>10/1/48</td><td>1.23</td><td>1.21</td><td>1.22</td><td>-.01</td></tr><tr><td colspan="7">Treasury notes:</td></tr><tr><td>3,535</td><td>1-1/8 - 1/1/49-A</td><td>12/1/47</td><td>1.08</td><td>1.00</td><td>1.04</td><td>+1.1</td></tr><tr><td>3,596</td><td>1-3/8 - 4/1/50-A</td><td>9/15/48</td><td>1.32</td><td>1.30</td><td>1.31</td><td>-.04</td></tr></table>
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="2">Price range 2/</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>To first call</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="15">Treasury bonds - bank eligible:</td></tr><tr><td>$1,014</td><td>2%</td><td>6/15/49-51</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.02</td><td>1.19%</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>100.14</td><td>11/30</td></tr><tr><td>1,292</td><td>2</td><td>9/15/49-51</td><td>100.19</td><td>100.21</td><td>100.20</td><td>.00</td><td>1.20%</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>100.20</td><td>11/30</td></tr><tr><td>2,098</td><td>2</td><td>12/15/49-51</td><td>100.23</td><td>100.25</td><td>100.24</td><td>+.01</td><td>1.27%</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>100.23</td><td>11/4</td></tr><tr><td>1,963</td><td>2</td><td>3/15/50-52</td><td>100.27</td><td>100.29</td><td>100.28</td><td>+.02</td><td>1.31%</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>100.26</td><td>11/4</td></tr><tr><td>4,939</td><td>2</td><td>9/15/50-52</td><td>101.00</td><td>101.02</td><td>100.01</td><td>+.02</td><td>1.41%</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>100.31</td><td>11/10</td></tr><tr><td>2,635</td><td>1-1/2</td><td>12/15/50</td><td>100.08</td><td>100.10</td><td>100.09</td><td>+.05</td><td>1.36%</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.04</td><td>11/1/48</td><td>100.19</td><td>5/28</td><td>100.04</td><td>11/1</td></tr><tr><td>7,986</td><td>2</td><td>9/15/51-53</td><td>101.03</td><td>101.05</td><td>101.04</td><td>+.01</td><td>1.59%</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>101.03</td><td>11/26</td></tr><tr><td>510</td><td>2</td><td>12/15/51-55</td><td>101.02</td><td>101.04</td><td>101.03</td><td>+.04</td><td>1.63%</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>100.31</td><td>11/10</td></tr><tr><td>1,024</td><td>2-1/2</td><td>3/15/52-54</td><td>102.24</td><td>102.26</td><td>102.25</td><td>+.08</td><td>1.63%</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>102.17</td><td>11/1</td></tr><tr><td>5,825</td><td>2</td><td>6/15/52-54</td><td>101.03</td><td>101.05</td><td>101.04</td><td>+.03</td><td>1.67%</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>11/24</td></tr><tr><td>1,501</td><td>2-1/4</td><td>6/15/52-55</td><td>101.27</td><td>101.29</td><td>101.28</td><td>+.05</td><td>1.70%</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>101.23</td><td>11/4</td></tr><tr><td>8,662</td><td>2</td><td>12/15/52-54</td><td>101.04</td><td>101.06</td><td>101.05</td><td>+.05</td><td>1.70%</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>11/9</td></tr><tr><td>1,449</td><td>2-1/2</td><td>3/15/56-58</td><td>103.12</td><td>103.14</td><td>103.13</td><td>+.21</td><td>2.00%</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>102.24</td><td>11/3</td></tr><tr><td>3,823</td><td>2-1/4</td><td>9/15/56-59</td><td>102.00</td><td>102.02</td><td>102.01</td><td>+.25</td><td>1.97%</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>101.08</td><td>11/3</td></tr><tr><td>2,716</td><td>2-1/2</td><td>9/15/67-72 3/</td><td>101.18</td><td>101.20</td><td>101.19</td><td>+.18</td><td>2.39%</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>11/3</td></tr><tr><td colspan="15">Treasury bonds - bank restricted: 1/2</td></tr><tr><td>5,284</td><td>2-1-1/4%</td><td>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>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>11/30/48</td><td>100.21</td><td>6/1</td><td>100.01</td><td>11/30</td></tr><tr><td>3,470</td><td>2-1/4</td><td>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>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>11/30/48</td><td>100.21</td><td>6/1</td><td>100.01</td><td>11/30</td></tr><tr><td>2,118</td><td>2-1/2</td><td>6/15/62-67</td><td>101.14</td><td>101.16</td><td>101.15</td><td>+.06</td><td>2.37%</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>11/9</td></tr><tr><td>2,831</td><td>2-1/2</td><td>12/15/63-68 3/</td><td>101.05</td><td>101.07</td><td>101.06</td><td>+.05</td><td>2.41%</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>11/10</td></tr><tr><td>3,761</td><td>2-1/2</td><td>6/15/64-69 3/</td><td>100.26</td><td>100.28</td><td>100.27</td><td>+.02</td><td>2.43%</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>11/10</td></tr><tr><td>3,838</td><td>2-1/2</td><td>12/15/64-69 3/</td><td>100.25</td><td>100.27</td><td>100.26</td><td>+.01</td><td>2.44%</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>11/24</td></tr><tr><td>5,197</td><td>2-1/2</td><td>3/15/65-70 3/</td><td>100.24</td><td>100.26</td><td>100.25</td><td>.00</td><td>2.44%</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>11/30</td></tr><tr><td>3,481</td><td>2-1/2</td><td>3/15/66-71 3/</td><td>100.18</td><td>100.20</td><td>100.19</td><td>+.02</td><td>2.46%</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>11/10</td></tr><tr><td>7,967</td><td>2-1/2</td><td>6/15/67-72 3/</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48%</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>11/30/48</td><td>100.28</td><td>6/1</td><td>100.09</td><td>11/30</td></tr><tr><td>11,689</td><td>2-1/2</td><td>12/15/67-72 3/</td><td>100.08</td><td>100.10</td><td>100.09</td><td>.00</td><td>2.48%</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>11/30/48</td><td>100.28</td><td>6/1</td><td>100.09</td><td>11/30</td></tr></table>
Footnotes at end of Section II.
Treasury Bulletin
1. MARKET QUOTATIONS, NOVEMBER 30, 1948
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds 5/ (Price decimals are 32nds)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 2/</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">Treasury bonds:</td></tr><tr><td>$571</td><td>2% - 12/15/48-50 6/491</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.02</td><td>.36%</td><td>-.59%</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>100.02</td><td>11/30/48</td><td>101.03</td><td>1/5</td><td>100.02</td><td>11/30</td></tr><tr><td>1,736</td><td>2-1/8 - 12/15/49-52</td><td>102.07</td><td>102.09</td><td>102.08</td><td>-.024</td><td>.94</td><td>-.09</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>103.29</td><td>1/7</td><td>102.08</td><td>11/30</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>101.17</td><td>101.19</td><td>101.18</td><td>-.014</td><td>.98</td><td>-.07</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>102.24</td><td>2/19</td><td>101.18</td><td>11/30</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>102.17</td><td>102.19</td><td>102.18</td><td>+.004</td><td>1.05</td><td>-.07</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>103.18</td><td>2/20</td><td>102.17</td><td>11/4</td></tr><tr><td></td><td></td><td>103.27</td><td>103.30</td><td>103.28</td><td>+.03</td><td>1.19</td><td>-.08</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>105.03</td><td>5/24</td><td>103.25</td><td>11/4</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>104.27</td><td>104.30</td><td>104.28</td><td>+.02</td><td>1.21</td><td>-.07</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>106.06</td><td>5/24</td><td>104.25</td><td>11/3</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>103.02</td><td>103.05</td><td>103.03</td><td>+.09</td><td>1.20</td><td>-.12</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>102.26</td><td>11/3</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.02</td><td>103.06</td><td>103.04</td><td>+.20</td><td>1.29</td><td>-.15</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>102.16</td><td>11/3</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>104.09</td><td>104.13</td><td>104.11</td><td>+.27</td><td>1.43</td><td>-.17</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>103.16</td><td>11/3</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>107.29</td><td>108.01</td><td>107.31</td><td>+1.01</td><td>1.54</td><td>-.18</td><td>3/15/35</td><td>116.02</td><td>1/22/46</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>982</td><td>2-3/4 - 9/15/56-59</td><td>108.02</td><td>108.06</td><td>108.04</td><td>+.25</td><td>1.63</td><td>-.12</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>919</td><td>2-3/4 - 6/15/58-63</td><td>108.12</td><td>108.16</td><td>108.14</td><td>+.30</td><td>1.78</td><td>-.11</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>1,485</td><td>2-3/4 - 12/15/60-65</td><td>109.00</td><td>109.04</td><td>109.02</td><td>+1.08</td><td>1.90</td><td>-.12</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 colspan="16">Panama Canal bonds:</td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>117.16</td><td>119.00</td><td>118.08</td><td>.00</td><td>1.41</td><td>-.01</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>122.12</td><td>1/9</td><td>118.08</td><td>11/30</td></tr></table>
Footnotes at end of Section II.
Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States Government
Table 1.- Debentures: Federal Intermediate Credit Banks (Taxable)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description 1/</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description 1/</th><th rowspan="2">Issue date</th><th colspan="3">Yield</th><th rowspan="2">Change in mean from last month</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Bid</th><th>Ask</th><th>Mean</th></tr><tr><td>$77</td><td>1.55% - 12/1/48</td><td>3/1/48</td><td>8/</td><td>8/</td><td>8/</td><td>3/</td><td>$20</td><td>1.55% - 5/2/49</td><td>8/2/48</td><td>1.50%</td><td>1.40%</td><td>1.45%</td><td>-.07%</td></tr><tr><td>85</td><td>1.55 - 1/3/49</td><td>4/1/48</td><td>1.50%</td><td>1.30%</td><td>1.40%</td><td>-.05%</td><td>38</td><td>1.65 - 6/1/49</td><td>9/1/48</td><td>1.60</td><td>1.50</td><td>1.55</td><td>-.03</td></tr><tr><td>55</td><td>1.55 - 2/1/49</td><td>5/1/48</td><td>1.50</td><td>1.35</td><td>1.42</td><td>-.06</td><td>62</td><td>1.65 - 7/1/49</td><td>10/1/48</td><td>1.60</td><td>1.50</td><td>1.55</td><td>-.05</td></tr><tr><td>53</td><td>1.55 - 3/1/49</td><td>6/1/48</td><td>1.50</td><td>1.35</td><td>1.42</td><td>-.06</td><td>56</td><td>1.65 - 8/1/49</td><td>11/1/48</td><td>1.60</td><td>1.50</td><td>1.55</td><td>-.05</td></tr><tr><td>55</td><td>1.55 - 4/1/49</td><td>7/1/48</td><td>1.50</td><td>1.40</td><td>1.45</td><td>-.07</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 (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 2/</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 colspan="2">Since first traded</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>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="17">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>100.03</td><td>100.02</td><td>-.01</td><td>1.26%</td><td>1/20/48</td><td>100.07</td><td>3/1/48</td><td>100.02</td><td>11/30/48</td><td>100.07</td><td>3/1</td><td>100.02</td><td>11/30</td></tr><tr><td>84</td><td>1-5/8 - 4/15/49-B</td><td>100.01</td><td>100.03</td><td>100.02</td><td>.00</td><td>1.45</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>100.01</td><td>100.03</td><td>100.02</td><td>.00</td><td>1.55</td><td>7/22/48</td><td>100.02</td><td>11/15/48</td><td>99.31</td><td>8/17/48</td><td>100.02</td><td>11/15</td><td>99.31</td><td>8/17</td></tr><tr><td>120</td><td>1-3/4 - 9/15/49-D</td><td>100.03</td><td>100.05</td><td>100.04</td><td>.00</td><td>1.58</td><td>9/15/48</td><td>100.05</td><td>11/22/48</td><td>100.01</td><td>9/22/48</td><td>100.05</td><td>11/22</td><td>100.01</td><td>9/22</td></tr><tr><td colspan="17">Federal land bank bonds: 2/</td></tr><tr><td>147</td><td>1-1/24 - 10/1/48-50</td><td>99.20</td><td>99.28</td><td>99.24</td><td>+.05</td><td>1.64</td><td>10/</td><td>3/1/45</td><td>101.10</td><td>3/6/46</td><td>99.19</td><td>11/4/48</td><td>99.30</td><td>7/22</td><td>99.19</td><td>11/4</td></tr><tr><td>216</td><td>1-1/4 - 5/1/50-52</td><td>97.20</td><td>97.28</td><td>97.24</td><td>+.06</td><td>1.93</td><td>10/</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>98.02</td><td>98.10</td><td>98.06</td><td>+.06</td><td>1.96</td><td>10/</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>11b</td><td>2-1/4 - 2/1/53-55</td><td>100.26</td><td>101.02</td><td>100.30</td><td>+.13</td><td>2.01</td><td></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/ This security was issued on December 2, 1948, in the amount of $901 million.
2/ 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.
3/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
4/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
5/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
6/ Called on August 13, 1948, for redemption on December 15, 1948.
7/ These securities are not shown until date of issue.
8/ Not quoted on November 30, 1948.
9/ 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.
10/ Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
January 1949
37
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
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th></tr></table>
Annual series - calendar year average of monthly series
<table><tr><td>1933</td><td>3.31</td><td>-</td><td>4.38</td><td>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/2</td><td>2.37</td><td>2.56</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>2.57</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></table>
Monthly series - averages of daily figures
<table><tr><td>1942-Jan........</td><td>2.10</td><td>2.48</td><td>2.76</td><td>1944-May........</td><td>1.94</td><td>2.49</td><td>2.58</td><td>1946-Sept......</td><td>......</td><td>2.28</td><td>2.50</td></tr><tr><td>Feb.............</td><td>2.17</td><td>2.48</td><td>2.80</td><td>June............</td><td>1.91</td><td>2.49</td><td>2.58</td><td>Oct............</td><td>......</td><td>2.26</td><td>2.51</td></tr><tr><td>Mar.............</td><td>2.10</td><td>2.46</td><td>2.80</td><td>July............</td><td>1.89</td><td>2.49</td><td>2.59</td><td>Nov............</td><td>......</td><td>2.25</td><td>2.51</td></tr><tr><td>Apr.............</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Aug............</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Dec............</td><td>......</td><td>2.24</td><td>2.55</td></tr><tr><td>May.............</td><td>2.06</td><td>2.45</td><td>2.76</td><td>Sept............</td><td>1.93</td><td>2.47</td><td>2.55</td><td>1947-Jan......</td><td>2.21</td><td>2.48</td><td>2.48</td></tr><tr><td>June............</td><td>2.04</td><td>2.43</td><td>2.75</td><td>Oct............</td><td>1.93</td><td>2.48</td><td>2.55</td><td>Feb............</td><td>......</td><td>2.21</td><td>2.48</td></tr><tr><td>July............</td><td>2.04</td><td>2.46</td><td>2.74</td><td>Nov............</td><td>1.90</td><td>2.48</td><td>2.61 2/</td><td>Mar............</td><td>......</td><td>2.19</td><td>2.49</td></tr><tr><td>Aug.............</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Dec............</td><td>1.87</td><td>2.48</td><td>2.59</td><td>Apr............</td><td>......</td><td>2.19</td><td>2.49 1/</td></tr><tr><td>Sept............</td><td>2.08</td><td>2.46</td><td>2.73</td><td>1945-Jan........</td><td>1.81</td><td>2.44</td><td>2.58</td><td>May............</td><td>......</td><td>2.19</td><td>2.40</td></tr><tr><td>Oct.............</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Feb............</td><td>1.75</td><td>2.38</td><td>2.56</td><td>June...........</td><td>......</td><td>2.22</td><td>2.50</td></tr><tr><td>Nov.............</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Mar............</td><td>1.70</td><td>2.40</td><td>2.51</td><td>July...........</td><td>......</td><td>2.25</td><td>2.51</td></tr><tr><td>Dec.............</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Apr............</td><td>1.68</td><td>2.39</td><td>2.49</td><td>Aug............</td><td>......</td><td>2.24</td><td>2.51</td></tr><tr><td>1943-Jan........</td><td>2.11</td><td>2.46</td><td>2.70</td><td>May............</td><td>1.68</td><td>2.39</td><td>2.53</td><td>Sept...........</td><td>......</td><td>2.24</td><td>2.57</td></tr><tr><td>Feb.............</td><td>2.11</td><td>2.46</td><td>2.68</td><td>June...........</td><td>1.63</td><td>2.35</td><td>2.54</td><td>Oct............</td><td>......</td><td>2.27</td><td>2.68</td></tr><tr><td>Mar.............</td><td>2.12</td><td>2.48</td><td>2.70</td><td>July...........</td><td>1.63</td><td>2.34</td><td>2.53</td><td>Nov............</td><td>......</td><td>2.36</td><td>2.75</td></tr><tr><td>Apr.............</td><td>2.05</td><td>2.48</td><td>2.68</td><td>Aug............</td><td>1.68</td><td>2.36</td><td>2.56</td><td>Dec............</td><td>......</td><td>2.39</td><td>2.86</td></tr><tr><td>May.............</td><td>1.96</td><td>2.46</td><td>2.65</td><td>Sept...........</td><td>1.68</td><td>2.37</td><td>2.56</td><td>1948-Jan......</td><td>2.45</td><td>2.85</td><td>2.45</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>2.80</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>Oct............</td><td>......</td><td>2.45</td><td>2.85</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>Nov............</td><td>......</td><td>2.44</td><td>2.86</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>2.41</td><td>......</td><td>......</td><td>......</td><td>......</td></tr></table>
Weekly series - average of daily figures
<table><tr><td>1948-June</td><td>5...</td><td>...</td><td>2.39</td><td>2.72</td><td>1948-Aug.</td><td>7...</td><td>...</td><td>2.45</td><td>2.85</td><td>1948-Oct.</td><td>2...</td><td>...</td><td>2.45</td><td>2.85</td></tr><tr><td></td><td>12...</td><td>...</td><td>2.40</td><td>2.72</td><td></td><td>14...</td><td>...</td><td>2.45</td><td>2.88</td><td></td><td>9...</td><td>...</td><td>2.45</td><td>2.84</td></tr><tr><td></td><td>19...</td><td>...</td><td>2.41</td><td>2.72</td><td></td><td>21...</td><td>...</td><td>2.45</td><td>2.87</td><td></td><td>16...</td><td>...</td><td>2.45</td><td>2.84</td></tr><tr><td></td><td>26...</td><td>...</td><td>2.43</td><td>2.75</td><td></td><td>28...</td><td>...</td><td>2.45</td><td>2.86</td><td></td><td>23...</td><td>...</td><td>2.45</td><td>2.84</td></tr><tr><td>July</td><td>3...</td><td>...</td><td>2.44</td><td>2.77</td><td></td><td>Sept.</td><td>4...</td><td>...</td><td>2.45</td><td>2.84</td><td>Nov.</td><td>6...</td><td>...</td><td>2.45</td><td>2.88</td></tr><tr><td></td><td>10...</td><td>...</td><td>2.44</td><td>2.78</td><td></td><td>11...</td><td>...</td><td>2.45</td><td>2.84</td><td></td><td>13...</td><td>...</td><td>2.44</td><td>2.86</td></tr><tr><td></td><td>17...</td><td>...</td><td>2.44</td><td>2.78</td><td></td><td>13...</td><td>...</td><td>2.45</td><td>2.85</td><td></td><td>20...</td><td>...</td><td>2.43</td><td>2.84</td></tr><tr><td></td><td>24...</td><td>...</td><td>2.44</td><td>2.81</td><td></td><td>25...</td><td>...</td><td>2.45</td><td>2.85</td><td></td><td>27...</td><td>...</td><td>2.44</td><td>2.84</td></tr><tr><td></td><td>31...</td><td>...</td><td>2.44</td><td>2.92</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1948-Nov.</td><td>1.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>1948-Nov. 11.....</td><td>.....</td><td>2.16</td><td>2.86</td><td>1948-Nov. 22.....</td><td>.....</td><td>2.44</td><td>2.84</td></tr><tr><td></td><td>2.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>12.....</td><td>.....</td><td>2.15</td><td>2.86</td><td>23.....</td><td>.....</td><td>2.44</td><td>2.84</td></tr><tr><td></td><td>3.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>13.....</td><td>.....</td><td>.....</td><td>.....</td><td>24.....</td><td>.....</td><td>2.44</td><td>2.84</td></tr><tr><td></td><td>4.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>14.....</td><td>.....</td><td>2.43</td><td>2.86</td><td>25.....</td><td>.....</td><td>2.46</td><td>2.85</td></tr><tr><td></td><td>5.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>15.....</td><td>.....</td><td>2.43</td><td>2.85</td><td>26.....</td><td>.....</td><td>2.45</td><td>2.85</td></tr><tr><td></td><td>6.....</td><td>.....</td><td>2.45</td><td>2.88</td><td>16.....</td><td>.....</td><td>2.43</td><td>2.85</td><td>27.....</td><td>.....</td><td>.....</td><td>2.85</td></tr><tr><td></td><td>7.....</td><td>.....</td><td>2.45</td><td>2.87</td><td>17.....</td><td>.....</td><td>2.44</td><td>2.84</td><td>28.....</td><td>.....</td><td>2.44</td><td>2.85</td></tr><tr><td></td><td>8.....</td><td>.....</td><td>2.45</td><td>2.87</td><td>18.....</td><td>.....</td><td>2.44</td><td>2.83</td><td>29.....</td><td>.....</td><td>2.44</td><td>2.85</td></tr><tr><td></td><td>9.....</td><td>.....</td><td>2.45</td><td>2.87</td><td>19.....</td><td>.....</td><td>2.44</td><td>2.83</td><td>30.....</td><td>.....</td><td>2.44</td><td>2.84</td></tr><tr><td></td><td>10.....</td><td>.....</td><td>2.44</td><td>2.86</td><td>20.....</td><td>.....</td><td>.....</td><td>2.84</td><td></td><td></td><td></td><td></td></tr></table>
Treasury bonds included in the averages, beginning with December 1935, are those neither due nor callable for fifteen years. Prior to that time, for years shown in this table, the bonds included were neither due nor callable for twelve years. For a discussion of the composition of these averages, see the "Treasury Bulletin" for March 1944, page 58; for the composition of the high-grade corporate bond average, see the "Treasury Bulletin" for July 1947, page 59, and January 1945, page 56. Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. Corporate bond yields are computed on the basis of closing prices on the New York Stock
1/ Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. For definition of taxable and partially tax-exempt bonds, see footnotes to the "Treasury Survey of Ownership" in this issue of the "Treasury Bulletin". The partially tax-exempt series was discontinued on December 15, 1945, because there were no longer any bonds in this category with fifteen or more years to maturity or first call.
2/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.564.
3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.478.
4/ Market closed.
January 1949
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
1/ Monthly averages of daily figures. Prior to April 1938, corporate bonds are averages of Saturday figures
* Discontinued, see footnote I accompanying table
F-220-F
39
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 profit 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>35,061,526</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>-361,599</td><td>40,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,553,602</td><td>1,700,888</td><td>1,237,925</td><td>179,745</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>352,293</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>+602,438</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>3,964,527</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><tr><td>September</td><td>4,437,896</td><td>+519,834</td><td>3,918,062</td><td>3,115,475</td><td>1,149,228</td><td>1,966,247</td><td>83,735</td><td>6,672</td><td>550</td><td>76,213</td></tr><tr><td>October</td><td>2,013,432</td><td>-259,468</td><td>2,272,921</td><td>1,429,947</td><td>965,198</td><td>464,749</td><td>127,341</td><td>121,267</td><td>2,786</td><td>3,289</td></tr></table>
Miscellaneous internal revenue taxes
<table><tr><th>Fiscal year or month</th><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>832,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>820,069</td><td>400,901</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>1,073,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>332,121</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>2,295,320</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>6,102</td><td>200,977</td><td>127,396</td></tr><tr><td>March</td><td>788,343</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>698,774</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>173,643</td><td>180,231</td></tr><tr><td>September</td><td>718,851</td><td>10</td><td>58,957</td><td>203,293</td><td>113,191</td><td>5,431</td><td>188,681</td><td>149,289</td></tr><tr><td>October</td><td>713,632</td><td>550</td><td>61,376</td><td>217,368</td><td>118,304</td><td>5,990</td><td>177,692</td><td>134,332</td></tr></table>
Sources: 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.
January 1949
41
INTERNAL REVENUE COLLECTIONS
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>October 1947</th><th>October 1948</th><th colspan="2">First 4 months</th></tr><tr><th></th><th>1947</th><th>1948</th><th></th><th></th><th>Fiscal year 1948</th><th>Fiscal year 1949</th></tr><tr><td><b>Income and profit taxes:</b></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>1,188,092</td><td>808,335</td><td>3,842,878</td><td>3,334,134</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>199,510</td><td>113,995</td><td>1,563,338</td><td>1,316,078</td></tr><tr><td>Back</td><td>550,743</td><td>615,734</td><td>46,847</td><td>42,868</td><td>170,513</td><td>186,158</td></tr><tr><td>Total individual income taxes</td><td>19,343,297</td><td>20,997,781</td><td>1,434,449</td><td>965,198</td><td>5,576,729</td><td>4,836,370</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>346,158</td><td>409,015</td><td>2,356,122</td><td>2,914,299</td></tr><tr><td>Back</td><td>613,320</td><td>987,248</td><td>38,206</td><td>38,574</td><td>187,597</td><td>195,247</td></tr><tr><td>Excise profits 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>494</td><td>1,452</td><td>5,078</td><td>5,224</td></tr><tr><td>Revenue Act of 1940 4/</td><td>3,566,178</td><td>305,251</td><td>27,713</td><td>15,686</td><td>154,613</td><td>64,128</td></tr><tr><td>Army and Navy contracts 5/</td><td>-</td><td>16</td><td>-</td><td>22</td><td>-</td><td>32</td></tr><tr><td>Total corporation income and profits taxes</td><td>9,676,459</td><td>10,174,410</td><td>412,571</td><td>464,749</td><td>2,703,410</td><td>3,178,930</td></tr><tr><td>Total income and profits taxes</td><td>29,019,756</td><td>31,172,191</td><td>1,847,020</td><td>1,429,947</td><td>8,280,139</td><td>8,015,300</td></tr><tr><td><b>Employment taxes:</b></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>129,144</td><td>121,267</td><td>542,948</td><td>574,440</td></tr><tr><td>Unemployment insurance</td><td>185,876</td><td>208,508</td><td>3,193</td><td>2,786</td><td>16,622</td><td>18,022</td></tr><tr><td>Total social security taxes</td><td>1,644,810</td><td>1,821,229</td><td>132,338</td><td>124,052</td><td>559,570</td><td>592,462</td></tr><tr><td>Railroad retirement</td><td>379,555</td><td>560,113</td><td>3,540</td><td>3,289</td><td>140,027</td><td>143,240</td></tr><tr><td>Total employment taxes</td><td>2,024,365</td><td>2,381,342</td><td>135,878</td><td>127,341</td><td>699,597</td><td>735,702</td></tr><tr><td><b>Miscellaneous internal revenue:</b></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>21</td><td>550</td><td>117</td><td>2,743</td></tr><tr><td>Estate tax</td><td>708,794</td><td>822,380</td><td>62,020</td><td>60,352</td><td>266,445</td><td>267,196</td></tr><tr><td>Gift tax</td><td>70,497</td><td>76,965</td><td>2,520</td><td>1,024</td><td>6,873</td><td>3,352</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>12,430</td><td>12,236</td><td>37,008</td><td>39,124</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,563,800</td><td>1,326,261</td><td>185,427</td><td>142,689</td><td>455,418</td><td>443,976</td></tr><tr><td>Distilled spirits, rectification tax</td><td>43,485</td><td>34,983</td><td>4,833</td><td>3,974</td><td>11,697</td><td>12,384</td></tr><tr><td>Vine, cordials, etc. (imported, excise)</td><td>2,906</td><td>2,533</td><td>263</td><td>50</td><td>565</td><td>552</td></tr><tr><td>Vine, cordials, etc. (domestic, excise)</td><td>54,291</td><td>58,429</td><td>6,210</td><td>6,108</td><td>17,896</td><td>20,340</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,443</td><td>9,500</td><td>233</td><td>197</td><td>6,087</td><td>6,157</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>9</td><td>7</td><td>1</td><td>1</td><td>3</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>746</td><td>447</td><td>69</td><td>42</td><td>161</td><td>138</td></tr><tr><td>Container stamps</td><td>13,282</td><td>12,036</td><td>1,616</td><td>1,378</td><td>4,045</td><td>4,179</td></tr><tr><td>Floor taxes</td><td>153</td><td>43</td><td>6</td><td>1</td><td>20</td><td>10</td></tr><tr><td>Fermented malt liquors</td><td>661,418</td><td>697,097</td><td>67,438</td><td>50,588</td><td>277,117</td><td>254,508</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,662</td><td>4,020</td><td>126</td><td>105</td><td>2,588</td><td>2,832</td></tr><tr><td>Total liquor taxes</td><td>2,474,756</td><td>2,255,320</td><td>278,651</td><td>217,368</td><td>812,605</td><td>784,201</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>4,969</td><td>4,293</td><td>16,473</td><td>16,362</td></tr><tr><td>Cigars (small)</td><td>66</td><td>66</td><td>6</td><td>6</td><td>20</td><td>20</td></tr><tr><td>Cigarettes (large)</td><td>6</td><td>5</td><td>1</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Cigarettes (small)</td><td>1,145,262</td><td>1,208,199</td><td>116,329</td><td>109,671</td><td>423,677</td><td>429,728</td></tr><tr><td>Snuff</td><td>7,055</td><td>7,372</td><td>751</td><td>632</td><td>2,546</td><td>2,420</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>36,548</td><td>37,024</td><td>3,913</td><td>3,655</td><td>14,340</td><td>13,071</td></tr><tr><td>Cigarette papers and tubes</td><td>539</td><td>926</td><td>116</td><td>43</td><td>327</td><td>290</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>126,085</td><td>118,304</td><td>457,384</td><td>461,694</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>4,723</td><td>3,940</td><td>17,379</td><td>16,158</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>21,963</td><td>20,374</td><td>1,636</td><td>1,232</td><td>6,075</td><td>6,024</td></tr><tr><td>Playing cards</td><td>7,782</td><td>7,867</td><td>1,036</td><td>754</td><td>2,618</td><td>2,384</td></tr><tr><td>Silver bullion sales or transfers</td><td>1,127</td><td>454</td><td>64</td><td>64</td><td>146</td><td>134</td></tr><tr><td>Total stamp taxes</td><td>79,978</td><td>79,466</td><td>7,460</td><td>5,990</td><td>26,219</td><td>24,700</td></tr></table>
(Continued on following page)
January 1949
43
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax1/ - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th rowspan="2">October 1947</th><th rowspan="2">October 1948</th><th colspan="2">First 4 months</th></tr><tr><th></th><th>1947</th><th>1948</th><th>Fiscal year 1948</th><th>Fiscal year 1949</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>82,015</td><td>80,687</td><td>6,282</td><td>6,290</td><td>25,354</td><td>26,767</td></tr><tr><td>Gasoline</td><td>433,676</td><td>478,638</td><td>35,497</td><td>45,803</td><td>165,924</td><td>175,299</td></tr><tr><td>Tires and tubes</td><td>174,927</td><td>159,284</td><td>18,869</td><td>15,041</td><td>58,661</td><td>57,984</td></tr><tr><td>Automobile trucks and buses</td><td>62,099</td><td>91,963</td><td>5,600</td><td>6,453</td><td>21,873</td><td>49,977</td></tr><tr><td>Other automobiles and motorcycles</td><td>204,680</td><td>270,958</td><td>21,462</td><td>26,928</td><td>82,631</td><td>81,947</td></tr><tr><td>Parts and accessories for automobiles</td><td>99,932</td><td>122,951</td><td>12,842</td><td>12,245</td><td>41,465</td><td>45,290</td></tr><tr><td>Electrical energy</td><td>63,014</td><td>69,701</td><td>5,261</td><td>5,909</td><td>21,361</td><td>23,484</td></tr><tr><td>Electric, gas, and oil appliances</td><td>65,608</td><td>87,858</td><td>7,882</td><td>7,369</td><td>27,322</td><td>31,288</td></tr><tr><td>Electric light bulbs and tubes</td><td>23,180</td><td>24,936</td><td>2,868</td><td>2,265</td><td>8,860</td><td>7,277</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>63,856</td><td>67,267</td><td>5,513</td><td>4,016</td><td>20,671</td><td>16,248</td></tr><tr><td>Phonograph records</td><td>8,492</td><td>7,532</td><td>564</td><td>493</td><td>2,258</td><td>1,657</td></tr><tr><td>Musical instruments</td><td>10,151</td><td>10,573</td><td>720</td><td>680</td><td>2,605</td><td>2,654</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>37,352</td><td>58,473</td><td>4,656</td><td>4,881</td><td>19,211</td><td>25,716</td></tr><tr><td>Matches</td><td>8,413</td><td>10,610</td><td>851</td><td>859</td><td>3,131</td><td>2,385</td></tr><tr><td>Business and store machines</td><td>25,183</td><td>32,707</td><td>2,077</td><td>2,542</td><td>9,682</td><td>10,226</td></tr><tr><td>Photographic apparatus</td><td>36,163</td><td>43,935</td><td>3,368</td><td>3,692</td><td>13,559</td><td>15,424</td></tr><tr><td>Sporting goods</td><td>17,054</td><td>18,828</td><td>1,567</td><td>1,603</td><td>5,914</td><td>8,196</td></tr><tr><td>Firearms, shells, and cartridges</td><td>9,031</td><td>11,277</td><td>1,356</td><td>671</td><td>4,233</td><td>4,286</td></tr><tr><td>Pistols and revolvers</td><td>384</td><td>858</td><td>118</td><td>71</td><td>258</td><td>280</td></tr><tr><td>Repealed taxes</td><td>184</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,425,395</td><td>1,649,326</td><td>137,352</td><td>147,812</td><td>534,972</td><td>586,384</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>7,198</td><td>4,712</td><td>16,105</td><td>11,974</td></tr><tr><td>Jewelry</td><td>236,615</td><td>217,899</td><td>16,723</td><td>13,202</td><td>63,507</td><td>60,121</td></tr><tr><td>Luggages</td><td>84,588</td><td>80,632</td><td>6,680</td><td>5,630</td><td>24,297</td><td>24,514</td></tr><tr><td>Toilet preparations</td><td>95,542</td><td>91,852</td><td>7,048</td><td>6,336</td><td>27,988</td><td>28,065</td></tr><tr><td>Total retailers' excise taxes</td><td>514,227</td><td>469,923</td><td>37,650</td><td>29,880</td><td>131,897</td><td>124,675</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>3,771</td><td>7,811</td><td>28,731</td><td>31,338</td></tr><tr><td>Telephones, telegraph, radio, and cable facilities</td><td>252,746</td><td>275,255</td><td>23,895</td><td>18,515</td><td>88,128</td><td>96,638</td></tr><tr><td>Local telephone service</td><td>164,944</td><td>193,521</td><td>16,264</td><td>15,419</td><td>64,999</td><td>68,509</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,988</td><td>18,773</td><td>2,307</td><td>2,004</td><td>6,269</td><td>6,307</td></tr><tr><td>Transportation of persons, etc.</td><td>244,003</td><td>246,323</td><td>25,145</td><td>20,739</td><td>97,106</td><td>94,676</td></tr><tr><td>Transportation of property</td><td>275,701</td><td>317,203</td><td>27,944</td><td>27,532</td><td>103,168</td><td>115,280</td></tr><tr><td>Leases of safe-deposit boxes</td><td>8,560</td><td>9,081</td><td>704</td><td>653</td><td>2,852</td><td>2,933</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>392,873</td><td>385,101</td><td>37,865</td><td>32,238</td><td>139,577</td><td>135,776</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>63,350</td><td>53,527</td><td>5,193</td><td>4,218</td><td>19,557</td><td>17,756</td></tr><tr><td>Club dues and initiation fees</td><td>23,299</td><td>25,499</td><td>1,713</td><td>1,564</td><td>8,113</td><td>8,732</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,458</td><td>4,086</td><td>203</td><td>189</td><td>3,215</td><td>3,203</td></tr><tr><td>Coin operated devices</td><td>20,432</td><td>19,271</td><td>765</td><td>617</td><td>15,272</td><td>16,154</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheese</td><td>30</td><td>20</td><td>*</td><td>6</td><td>2</td><td>15</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,874</td><td>9,806</td><td>690</td><td>1,155</td><td>3,398</td><td>6,747</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>792</td><td>889</td><td>48</td><td>25</td><td>310</td><td>307</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>17,208</td><td>25,704</td><td>2,019</td><td>1,613</td><td>7,550</td><td>6,273</td></tr><tr><td>National Firearms Act</td><td>8</td><td>9</td><td>*</td><td>*</td><td>5</td><td>6</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>720</td><td>305</td><td>-1</td><td>53</td><td>122</td><td>92</td></tr><tr><td>Total miscellaneous taxes</td><td>1,551,140</td><td>1,655,620</td><td>148,525</td><td>134,352</td><td>588,374</td><td>610,742</td></tr><tr><td>Total miscellaneous internal revenue</td><td>8,064,152</td><td>8,311,003</td><td>800,283</td><td>715,632</td><td>2,824,886</td><td>2,865,888</td></tr><tr><td>Total internal revenue collections</td><td>39,108,273</td><td>41,864,536</td><td>2,783,180</td><td>2,272,921</td><td>11,804,622</td><td>11,616,890</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+271,136</td><td>-11,051</td><td>-585,767</td><td>-259,468</td><td>-552,445</td><td>-447,811</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>39,379,409</td><td>41,853,485</td><td>2,197,414</td><td>2,013,452</td><td>11,252,177</td><td>11,169,079</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
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>Certificate 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>1,758</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,821</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>2,029</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>26,480</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>23,957</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</td><td>28,118</td><td>26,676</td><td>45</td><td>2,052</td><td>1</td><td>319</td><td>23,820</td><td>342</td><td>97</td></tr><tr><td>October</td><td>28,176</td><td>26,725</td><td>44</td><td>2,054</td><td>1</td><td>318</td><td>23,872</td><td>338</td><td>97</td></tr><tr><td>November p</td><td>28,329</td><td>26,865</td><td>44</td><td>2,076</td><td>1</td><td>320</td><td>23,993</td><td>334</td><td>96</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>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>191.61</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>199.99</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</td></tr><tr><td>August</td><td>1,432</td><td>159</td><td>924</td><td>350</td><td>190.81</td></tr><tr><td>September</td><td>1,442</td><td>160</td><td>930</td><td>352</td><td>190.91 r</td></tr><tr><td>October</td><td>1,451</td><td>160</td><td>937</td><td>353</td><td>191.00</td></tr><tr><td>November p</td><td>1,464</td><td>161</td><td>947</td><td>356</td><td>191.76</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/ Cold certificates were withdrawn from circulation in 1933.
1/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
p r Preliminary. Revised.
January 1949
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</td><td>23,872.3</td><td>3,584.4</td><td>13.1</td></tr><tr><td>October</td><td>24,004.2</td><td>3,588.9</td><td>13.0</td></tr><tr><td>November p</td><td>24,165.3</td><td>3,593.0</td><td>12.9</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. For detail of silver monetary stock, see Table 4, p. Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, 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>21,882.3</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>1,050.8</td></tr><tr><td>September</td><td>23,872.3</td><td>22,647.7</td><td>156.0</td><td>-</td><td>1,068.6</td></tr><tr><td>October</td><td>24,004.2</td><td>22,770.3</td><td>156.0</td><td>-</td><td>1,077.9</td></tr><tr><td>November p.</td><td>24,165.3</td><td>22,932.8</td><td>156.0</td><td>-</td><td>1,076.5</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U.S. Money. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - Board of Governors, Federal Reserve System, and
(b) the redemption fund - Federal Reserve notes.
2/ Reserve against United States notes and Treasury notes of 1890.
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>&#8226;</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>&#8226;</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>&#8226;</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>&#8226;</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948-January</td><td>1,940.6</td><td>336.8</td><td>13.3</td><td>.1</td><td>91.7</td><td>156.7</td><td>929.1</td><td>3,552.1</td></tr><tr><td>February</td><td>1,943.7</td><td>336.7</td><td>14.1</td><td>.1</td><td>91.7</td><td>156.6</td><td>929.3</td><td>3,555.6</td></tr><tr><td>March</td><td>1,946.2</td><td>336.5</td><td>14.5</td><td>.2</td><td>92.6</td><td>156.9</td><td>929.7</td><td>3,559.7</td></tr><tr><td>April</td><td>1,949.1</td><td>336.1</td><td>14.8</td><td>.5</td><td>91.9</td><td>157.2</td><td>932.8</td><td>3,563.6</td></tr><tr><td>May</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</td><td>1,962.6</td><td>330.6</td><td>9.3</td><td>-</td><td>91.6</td><td>162.5</td><td>954.6</td><td>3,584.4</td></tr><tr><td>October</td><td>1,965.7</td><td>330.0</td><td>8.3</td><td>-</td><td>90.4</td><td>163.1</td><td>960.2</td><td>3,583.9</td></tr><tr><td>November p.</td><td>1,968.9</td><td>329.4</td><td>5.2</td><td>-</td><td>89.4</td><td>163.7</td><td>967.7</td><td>3,593.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. 1/ Valued at $1.29+ per fine ounce. 2/ Includes silver leased to Office of Defense Plants of the R.F.C., etc. (see Daily Treasury Statement for amount). Does not include silver 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 $.38 per fine ounce or at $.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
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><tr><td>September</td><td>3.5</td><td>3.5</td><td>3.2</td><td>-</td><td>-</td><td>3.5</td><td>3.2</td></tr><tr><td>October</td><td>3.0</td><td>2.8</td><td>2.6</td><td>-</td><td>-</td><td>2.8</td><td>2.6</td></tr></table>
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. 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. Acquired at 64.64 cents per fine ounces until April 9, 1935; at 71.11 cents per fine ounces from that date until April 23, 1935; at 77.57 cents per fine ounces 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.
January 1949
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 colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>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></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>930.6</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><tr><td>October</td><td>550.4</td><td>48.7</td><td>87.6</td><td>82.9</td><td>832.2</td><td>34.7</td><td>1,086.1</td><td>134.2</td></tr><tr><td>November</td><td>554.0</td><td>48.7</td><td>87.6</td><td>83.8</td><td>832.2</td><td>34.7</td><td>1,087.0</td><td>131.7</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 assignorage thereon changes.
48
Treasury Bulletin
CAPITAL MOVEMENTS
Information relating to capital movements between the United States and foreign countries is presented in four sections. Section I contains the principal types of data on capital movements by years beginning with 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.
Beginning with the December 1948 issue, publication of the data on capital movements was advanced two months by the use of preliminary reports. A comparison of preliminary and final data for past months indicates a difference of a maximum of one percent in the grand totals. Somewhat more significant changes in particular categories for individual countries may be necessary when the final reports are published, normally two months after the preliminary data.
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,182</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>78,196</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-October 31)</td><td>-258,039</td><td>69,660</td><td>-20,908</td><td>-198,420</td><td>-108,371</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>-239,636</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>-58,022</td><td>-330</td></tr><tr><td>June</td><td>75,953</td><td>89,666</td><td>-4,599</td><td>-9,634</td><td>520</td></tr><tr><td>July</td><td>97,575</td><td>115,215</td><td>-8,673</td><td>-14,229</td><td>5,262</td></tr><tr><td>August</td><td>-113,778</td><td>64,377</td><td>-3,943</td><td>-23,517</td><td>-150,695</td></tr><tr><td>September p.</td><td>67,443</td><td>74,472</td><td>-5,133</td><td>-8,215</td><td>6,319</td></tr><tr><td>October p.</td><td>79,895</td><td>69,122</td><td>-2,943</td><td>10,584</td><td>3,133</td></tr></table>
Preliminary
January 1949
49
CAPITAL MOVEMENTS
Section 1 - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,618</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,113</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>3,706,182</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>308,851</td><td>490,631</td><td>7,126,419</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>1,111,755r</td><td>90,431r</td><td>408,785</td><td>612,539</td><td>7,013,727r</td><td>4,745,236r</td><td>2,192,556</td><td>75,935</td><td>5,901,972r</td></tr><tr><td>July</td><td>1,078,873</td><td>87,100</td><td>400,641</td><td>591,132</td><td>7,096,060</td><td>4,810,281</td><td>2,204,192</td><td>81,587</td><td>6,017,187</td></tr><tr><td>August</td><td>1,093,511</td><td>89,517</td><td>432,298</td><td>571,696</td><td>7,175,075</td><td>4,848,458</td><td>2,246,061</td><td>80,556</td><td>6,081,564</td></tr><tr><td>September p.</td><td>1,073,577</td><td>83,281</td><td>423,958</td><td>566,338</td><td>7,227,817</td><td>4,893,743</td><td>2,260,355</td><td>73,719</td><td>6,154,240</td></tr><tr><td>October p.</td><td>1,075,192</td><td>87,069</td><td>406,967</td><td>581,156</td><td>7,298,554</td><td>4,873,207</td><td>2,354,841</td><td>70,506</td><td>6,223,362</td></tr></table>
p Preliminary.
Table 3. - Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net movement of short-term banking funds</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,669</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>428,182</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>20,385</td><td>328,958</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>188,594</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>-418,822</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-Oct. 31)p.</td><td>-113,701</td><td>78,340</td><td>-101,216</td><td>-90,825</td><td>183,361</td><td>62,938</td><td>99,581</td><td>20,842</td><td>69,660</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>-78,994</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>-40,999</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>51,026r</td><td>85,516r</td><td>27,031</td><td>-61,521</td><td>38,640r</td><td>15,233r</td><td>16,855</td><td>6,552</td><td>89,666r</td></tr><tr><td>July</td><td>32,882</td><td>3,331</td><td>8,144</td><td>21,407</td><td>82,333</td><td>65,045</td><td>11,636</td><td>5,652</td><td>115,215</td></tr><tr><td>August</td><td>-14,638</td><td>-2,417</td><td>-31,657</td><td>19,436</td><td>79,015</td><td>38,177</td><td>41,869</td><td>-1,031</td><td>64,377</td></tr><tr><td>September p.</td><td>20,504</td><td>6,206</td><td>9,240</td><td>5,058</td><td>93,968</td><td>44,261</td><td>16,544</td><td>-6,837</td><td>74,472</td></tr><tr><td>October p.</td><td>-1,615</td><td>-3,788</td><td>16,991</td><td>-14,818</td><td>70,737</td><td>-20,536</td><td>94,486</td><td>-3,213</td><td>69,122</td></tr></table>
p Preliminary.
50
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(in thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,604,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,511</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-Oct. 31)p.</td><td>296,964</td><td>456,515</td><td>-159,551</td><td>246,522</td><td>285,391</td><td>-38,869</td><td>543,486</td><td>741,906</td><td>-198,420</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><tr><td>July</td><td>29,997</td><td>44,770</td><td>-14,773</td><td>20,229</td><td>19,685</td><td>544</td><td>50,226</td><td>64,455</td><td>-14,229</td></tr><tr><td>August</td><td>26,830</td><td>35,400</td><td>-8,570</td><td>11,033</td><td>25,982</td><td>-14,947</td><td>37,863</td><td>61,382</td><td>-23,517</td></tr><tr><td>September p.</td><td>26,276</td><td>30,820</td><td>-4,544</td><td>34,320</td><td>37,991</td><td>-3,671</td><td>60,596</td><td>68,811</td><td>-8,215</td></tr><tr><td>October p.</td><td>29,381</td><td>25,388</td><td>3,993</td><td>44,064</td><td>37,473</td><td>6,591</td><td>73,445</td><td>62,861</td><td>10,584</td></tr></table>
n.a. Not available. p Preliminary.
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>Purchasee</th><th>Salee</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>661,296</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>789,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,492,809</td><td>1,365,051</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>24,789</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>658,741</td><td>634,289</td><td>24,452</td><td>715,859</td><td>676,847</td><td>39,012</td></tr><tr><td>1948 (Jan. 1-Oct. 31)p.</td><td>66,066</td><td>84,558</td><td>-18,492</td><td>177,218</td><td>267,097</td><td>-89,879</td><td>243,284</td><td>351,655</td><td>-108,371</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><tr><td>July</td><td>5,257</td><td>8,003</td><td>-2,746</td><td>18,386</td><td>10,378</td><td>8,008</td><td>23,643</td><td>18,381</td><td>5,262</td></tr><tr><td>August</td><td>5,312</td><td>7,172</td><td>-1,860</td><td>7,785</td><td>156,620</td><td>-148,835</td><td>13,097</td><td>164,792</td><td>-150,695</td></tr><tr><td>September p.</td><td>7,835</td><td>7,488</td><td>347</td><td>14,368</td><td>8,396</td><td>5,972</td><td>22,203</td><td>15,884</td><td>6,319</td></tr><tr><td>October p.</td><td>6,093</td><td>7,763</td><td>-1,670</td><td>13,995</td><td>9,192</td><td>4,803</td><td>20,088</td><td>16,955</td><td>3,133</td></tr></table>
n.a. Not available. p Preliminary.
January 1949
51
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="5">Net capital movement 1948</th><th colspan="5">Short-term banking funds 1948</th></tr><tr><th></th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</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>108,033</td><td>-68,594</td><td>-2,603</td><td>-24,820</td><td>11,928</td><td>108,719</td><td>-73,387</td><td>-2,433</td><td>-23,826</td><td>11,481</td></tr><tr><td>France</td><td>-5,206</td><td>-7,925</td><td>4,982</td><td>-9,612</td><td>8,893</td><td>134</td><td>-2,019</td><td>6,730</td><td>-7,490</td><td>10,758</td></tr><tr><td>Belgium</td><td>-7,760</td><td>-2,784</td><td>-8,079</td><td>5,588</td><td>-2,539</td><td>-8,040</td><td>-3,573</td><td>-9,099</td><td>4,974</td><td>-2,803</td></tr><tr><td>Denmark</td><td>-1,562</td><td>6,239</td><td>-684</td><td>-1,085</td><td>-652</td><td>-1,814</td><td>6,171</td><td>-729</td><td>-1,094</td><td>-676</td></tr><tr><td>Finland</td><td>180</td><td>-2,197</td><td>-593</td><td>-2,473</td><td>-2,953</td><td>172</td><td>-2,197</td><td>-592</td><td>-2,474</td><td>-2,950</td></tr><tr><td>Germany 1/</td><td>-23,454</td><td>-10,898</td><td>4,110</td><td>26,055</td><td>19,052</td><td>-23,441</td><td>-10,901</td><td>4,108</td><td>26,032</td><td>19,084</td></tr><tr><td>Greece</td><td>-10</td><td>-1,803</td><td>-6,762</td><td>-2,144</td><td>-2,058</td><td>8</td><td>-1,866</td><td>-6,748</td><td>-2,130</td><td>-2,046</td></tr><tr><td>Italy</td><td>-6,410</td><td>28,471</td><td>31,367</td><td>36,991</td><td>9,349</td><td>-6,479</td><td>28,452</td><td>31,604</td><td>37,056</td><td>9,189</td></tr><tr><td>Luxembourg</td><td>-821</td><td>-586</td><td>-611</td><td>-276</td><td>-277</td><td>-627</td><td>-819</td><td>-614</td><td>-644</td><td>6</td></tr><tr><td>Netherlands</td><td>-5,143</td><td>-17,994</td><td>-9,251</td><td>-7,024</td><td>-9,271</td><td>2,601</td><td>-2,022</td><td>-4,156</td><td>-2,682</td><td>-6,110</td></tr><tr><td>Norway</td><td>2,786</td><td>-1,143</td><td>2,774</td><td>-4,184</td><td>45</td><td>2,763</td><td>-728</td><td>2,625</td><td>-4,142</td><td>-308</td></tr><tr><td>Portugal</td><td>-3,623</td><td>10,375</td><td>2,116</td><td>-7,687</td><td>3,955</td><td>-3,523</td><td>10,485</td><td>2,197</td><td>-7,602</td><td>3,968</td></tr><tr><td>Rumania</td><td>-274</td><td>215</td><td>-654</td><td>225</td><td>-342</td><td>-275</td><td>158</td><td>-655</td><td>285</td><td>-369</td></tr><tr><td>Spain</td><td>-1,933</td><td>401</td><td>-2,023</td><td>-2,526</td><td>174</td><td>-850</td><td>396</td><td>-2,059</td><td>-2,448</td><td>280</td></tr><tr><td>Swedan</td><td>-4,979</td><td>7,959</td><td>-574</td><td>6,132</td><td>1,329</td><td>-4,899</td><td>7,968</td><td>-500</td><td>6,086</td><td>1,219</td></tr><tr><td>Switzerland</td><td>-2,648</td><td>5,092</td><td>-10,213</td><td>-21,592</td><td>-6,948</td><td>10,729</td><td>7,321</td><td>508</td><td>-19,673</td><td>-3,573</td></tr><tr><td>U. S. S. R.</td><td>-19,615</td><td>1,641</td><td>-10,985</td><td>-4,507</td><td>-7,809</td><td>-19,615</td><td>1,641</td><td>-10,979</td><td>-4,510</td><td>-7,809</td></tr><tr><td>Yugoslavia</td><td>-4,927</td><td>-5,365</td><td>-14,159</td><td>1,748</td><td>9,034</td><td>-4,894</td><td>-5,356</td><td>-14,171</td><td>1,744</td><td>9,040</td></tr><tr><td>Other Europe</td><td>2,628</td><td>-841</td><td>6,758</td><td>14,951</td><td>-3,007</td><td>2,721</td><td>-716</td><td>6,640</td><td>14,905</td><td>-3,032</td></tr><tr><td>Total Europe</td><td>25,262</td><td>-59,737</td><td>-15,054</td><td>3,760</td><td>27,913</td><td>53,390</td><td>-40,992</td><td>1,677</td><td>12,367</td><td>35,349</td></tr><tr><td>Canada</td><td>32,510</td><td>27,073</td><td>-121,949</td><td>34,307</td><td>19,377</td><td>19,810</td><td>27,236</td><td>38,940</td><td>30,015</td><td>11,622</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>-2,664</td><td>-1,098</td><td>895</td><td>17,906</td><td>14,884</td><td>-3,872</td><td>-1,046</td><td>944</td><td>16,588</td><td>14,861</td></tr><tr><td>Bolivia</td><td>1,388</td><td>-3,345</td><td>1,534</td><td>-25</td><td>1,520</td><td>1,323</td><td>-3,329</td><td>1,529</td><td>-10</td><td>1,528</td></tr><tr><td>Brazil</td><td>13,346</td><td>6,286</td><td>3,948</td><td>5,560</td><td>3,734</td><td>12,856</td><td>6,458</td><td>3,979</td><td>5,393</td><td>3,165</td></tr><tr><td>Chile</td><td>4,103</td><td>10,795</td><td>-2,728</td><td>-4,022</td><td>3,488</td><td>3,239</td><td>9,996</td><td>-2,952</td><td>-4,614</td><td>3,377</td></tr><tr><td>Colombia</td><td>8,068</td><td>2,756</td><td>1,049</td><td>-6,108</td><td>8,613</td><td>8,016</td><td>2,649</td><td>981</td><td>-6,145</td><td>8,560</td></tr><tr><td>Costa Rica</td><td>-1,446</td><td>-626</td><td>-106</td><td>-2,772</td><td>1,445</td><td>-1,511</td><td>-549</td><td>-77</td><td>-2,777</td><td>1,410</td></tr><tr><td>Cuba</td><td>-7,182</td><td>9,562</td><td>21,230</td><td>1,681</td><td>-15,299</td><td>-6,978</td><td>8,652</td><td>20,321</td><td>1,456</td><td>-15,374</td></tr><tr><td>French West Indies and Guiana</td><td>-113</td><td>243</td><td>-148</td><td>-216</td><td>34</td><td>-4,01</td><td>241</td><td>-143</td><td>-213</td><td>36</td></tr><tr><td>Mexico</td><td>-6,017</td><td>8,327</td><td>16,753</td><td>2,005</td><td>-3,977</td><td>-5,629</td><td>10,192</td><td>13,543</td><td>3,681</td><td>-7,838</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-1,017</td><td>293</td><td>-396</td><td>3,933</td><td>1,877</td><td>-1,048</td><td>-63</td><td>-419</td><td>3,914</td><td>1,823</td></tr><tr><td>Panama</td><td>-3,378</td><td>-6,254</td><td>922</td><td>-3,055</td><td>-1,871</td><td>-625</td><td>-6,346</td><td>-1,830</td><td>-3,554</td><td>-2,323</td></tr><tr><td>Peru</td><td>-1,099</td><td>7,590</td><td>2,667</td><td>2,318</td><td>1,513</td><td>-1,164</td><td>7,313</td><td>2,630</td><td>2,245</td><td>1,408</td></tr><tr><td>Venezuela</td><td>51,117</td><td>-34,857</td><td>421</td><td>13,894</td><td>7,088</td><td>50,924</td><td>-35,079</td><td>598</td><td>14,026</td><td>6,709</td></tr><tr><td>Other Latin America</td><td>-314</td><td>-2,590</td><td>-6,576</td><td>-11,573</td><td>-749</td><td>850</td><td>-1,882</td><td>-3,331</td><td>-14,386</td><td>-4,028</td></tr><tr><td>Total Latin America</td><td>58,492</td><td>-2,918</td><td>39,465</td><td>19,526</td><td>22,300</td><td>55,980</td><td>-2,803</td><td>35,773</td><td>15,574</td><td>13,314</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>-19,499</td><td>14,677</td><td>-6,103</td><td>15,623</td><td>-1,056</td><td>-17,463</td><td>14,208</td><td>-1,270</td><td>21,938</td><td>-655</td></tr><tr><td>French Indo-China</td><td>-246</td><td>317</td><td>809</td><td>-659</td><td>1,162</td><td>-246</td><td>318</td><td>808</td><td>-658</td><td>1,161</td></tr><tr><td>Hong Kong</td><td>1,753</td><td>2,868</td><td>-2,764</td><td>2,248</td><td>-5,884</td><td>1,832</td><td>2,741</td><td>-2,910</td><td>2,113</td><td>-5,223</td></tr><tr><td>India</td><td>13,606</td><td>-3,938</td><td>-10,980</td><td>-5,850</td><td>-4,775</td><td>13,602</td><td>-3,939</td><td>-10,985</td><td>-5,729</td><td>-4,435</td></tr><tr><td>British Malaya</td><td>-590</td><td>6,118</td><td>-695</td><td>262</td><td>-1,316</td><td>-590</td><td>6,152</td><td>-693</td><td>266</td><td>-1,308</td></tr><tr><td>Japan</td><td>-245</td><td>-169</td><td>-2,951</td><td>-8,175</td><td>4,187</td><td>-273</td><td>-237</td><td>-2,961</td><td>-8,173</td><td>4,185</td></tr><tr><td>Netherlands East Indiee</td><td>-14,351</td><td>-2,083</td><td>4,306</td><td>14,968</td><td>3,265</td><td>-14,338</td><td>-2,054</td><td>4,295</td><td>14,964</td><td>3,278</td></tr><tr><td>Philippine Islands</td><td>839</td><td>52,060</td><td>3,499</td><td>-22,719</td><td>7,723</td><td>794</td><td>52,154</td><td>3,494</td><td>21,887</td><td>7,484</td></tr><tr><td>Turkey</td><td>3,681</td><td>-2,440</td><td>1,834</td><td>2,113</td><td>-6,165</td><td>3,695</td><td>-2,467</td><td>1,828</td><td>2,152</td><td>-6,179</td></tr><tr><td>Other Asia 2/</td><td>18,996</td><td>44,834</td><td>1,191</td><td>7,096</td><td>6,510</td><td>19,025</td><td>44,745</td><td>1,206</td><td>7,142</td><td>6,525</td></tr><tr><td>Total Asia</td><td>3,944</td><td>112,274</td><td>-11,854</td><td>4,937</td><td>3,651</td><td>6,038</td><td>111,621</td><td>-7,188</td><td>12,128</td><td>4,833</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>-578</td><td>5,430</td><td>-3,156</td><td>-3,042</td><td>818</td><td>-1,070</td><td>5,066</td><td>-3,232</td><td>-3,479</td><td>476</td></tr><tr><td>New Zealand</td><td>-1,496</td><td>280</td><td>1,763</td><td>926</td><td>-1,123</td><td>-1,496</td><td>219</td><td>1,764</td><td>926</td><td>-1,123</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-1,791</td><td>5,789</td><td>7,711</td><td>-4,202</td><td>402</td><td>-1,805</td><td>5,592</td><td>7,607</td><td>-4,224</td><td>418</td></tr><tr><td>French Morocco</td><td>487</td><td>1,982</td><td>263</td><td>-564</td><td>781</td><td>461</td><td>1,978</td><td>224</td><td>-485</td><td>749</td></tr><tr><td>Union of South Africa</td><td>-17,801</td><td>7,317</td><td>-1,965</td><td>-3,664</td><td>-1,054</td><td>-17,523</td><td>7,305</td><td>-2,039</td><td>-3,617</td><td>-1,157</td></tr><tr><td>All other</td><td>366</td><td>2,453</td><td>107</td><td>13,202</td><td>7,995</td><td>373</td><td>2,362</td><td>-5</td><td>13,069</td><td>7,820</td></tr><tr><td>Total other countries</td><td>-20,813</td><td>23,191</td><td>4,723</td><td>2,656</td><td>7,819</td><td>-21,060</td><td>22,522</td><td>4,319</td><td>2,190</td><td>7,183</td></tr><tr><td>International 3/</td><td>-22,339</td><td>1,391</td><td>-10,146</td><td>2,695</td><td>-2,924</td><td>-27,365</td><td>1,348</td><td>-10,195</td><td>2,637</td><td>-4,940</td></tr><tr><td>Unidentified</td><td>2,897</td><td>-3,699</td><td>1,037</td><td>-438</td><td>1,760</td><td>2,873</td><td>-3,717</td><td>1,051</td><td>-439</td><td>1,761</td></tr><tr><td>Grand total</td><td>75,953</td><td>97,575</td><td>-113,778</td><td>67,443</td><td>79,896</td><td>89,666</td><td>115,215</td><td>64,377</td><td>74,472</td><td>69,122</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 UNRRA, International Monetary Fund, and International Bank. p Preliminary.
52
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States or net sales by foreigners)
<table><tr><th>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>June</th><th>July</th><th>August</th><th>September p</th><th>October p</th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</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>153</td><td>-322</td><td>-770</td><td>-150</td><td>68</td><td>-839</td><td>5,115</td><td>600</td><td>-844</td><td>379</td></tr><tr><td>France</td><td>-119</td><td>-91</td><td>-581</td><td>-382</td><td>-206</td><td>-5,221</td><td>-5,815</td><td>-1,167</td><td>-1,740</td><td>-1,659</td></tr><tr><td>Belgium</td><td>-402</td><td>383</td><td>8</td><td>-209</td><td>161</td><td>682</td><td>406</td><td>1,012</td><td>823</td><td>103</td></tr><tr><td>Denmark</td><td>2</td><td>14</td><td>-13</td><td>1</td><td>-1</td><td>250</td><td>54</td><td>58</td><td>8</td><td>25</td></tr><tr><td>Finland</td><td>1</td><td>3</td><td>-3</td><td></td><td>-29</td><td>7</td><td>-3</td><td>2</td><td>1</td><td>-3</td></tr><tr><td>Germany</td><td>-1</td><td>-1</td><td>3</td><td>21</td><td></td><td>-12</td><td>4</td><td>-1</td><td>2</td><td>-3</td></tr><tr><td>Creece</td><td>16</td><td>-9</td><td>-</td><td>-5</td><td>-4</td><td>-34</td><td>72</td><td>-14</td><td>-9</td><td>-8</td></tr><tr><td>Italy</td><td>9</td><td>20</td><td>-30</td><td>110</td><td>-22</td><td>60</td><td>-1</td><td>-207</td><td>-175</td><td>182</td></tr><tr><td>Luxembourg</td><td>-250</td><td>44</td><td>-1</td><td>369</td><td>-296</td><td>56</td><td>189</td><td>4</td><td>-1</td><td>13</td></tr><tr><td>Netherlands</td><td>125</td><td>-1,498</td><td>-61</td><td>-1,299</td><td>428</td><td>-7,869</td><td>-14,474</td><td>-5,034</td><td>-3,043</td><td>-3,589</td></tr><tr><td>Norway</td><td>45</td><td>-31</td><td>-5</td><td>61</td><td>17</td><td>-22</td><td>-384</td><td>154</td><td>-103</td><td>336</td></tr><tr><td>Portugal</td><td>-16</td><td>-13</td><td>11</td><td>3</td><td>1</td><td>-84</td><td>-97</td><td>-62</td><td>-88</td><td>-6</td></tr><tr><td>Romania</td><td>-4</td><td>64</td><td>-7</td><td>-65</td><td>27</td><td>5</td><td>-7</td><td>8</td><td>5</td><td>-</td></tr><tr><td>Spain</td><td>-99</td><td>-92</td><td>3</td><td>-3</td><td>52</td><td>-984</td><td>57</td><td>33</td><td>-75</td><td>-158</td></tr><tr><td>Sweden</td><td>-67</td><td>21</td><td>-31</td><td>67</td><td>-82</td><td>-13</td><td>-30</td><td>-43</td><td>-21</td><td>192</td></tr><tr><td>Switzerland</td><td>-2,739</td><td>-918</td><td>-4,249</td><td>-2,022</td><td>-6,615</td><td>-10,638</td><td>-1,311</td><td>-6,472</td><td>103</td><td>3,240</td></tr><tr><td>U. S. S. R.</td><td>-28</td><td>-9</td><td>12</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-6</td><td>3</td><td>-</td></tr><tr><td>Tuqoloavia</td><td>-124</td><td>-100</td><td>43</td><td>-41</td><td>-2</td><td>31</td><td>-25</td><td>75</td><td>87</td><td>27</td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>-3,498</td><td>-2,495</td><td>-5,671</td><td>-3,544</td><td>-6,503</td><td>-24,630</td><td>-16,250</td><td>-11,060</td><td>-5,063</td><td>-933</td></tr><tr><td>Canada</td><td>358</td><td>-322</td><td>-967</td><td>353</td><td>-1,192</td><td>12,342</td><td>159</td><td>-159,922</td><td>3,939</td><td>8,947</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>-77</td><td>-965</td><td>-1,000</td><td>254</td><td>-516</td><td>1,285</td><td>913</td><td>951</td><td>1,064</td><td>539</td></tr><tr><td>Bolivia</td><td>107</td><td>-25</td><td>-1</td><td>-1</td><td>-15</td><td>-42</td><td>9</td><td>6</td><td>16</td><td>-7</td></tr><tr><td>Brazil</td><td>-203</td><td>-164</td><td>-120</td><td>38</td><td>36</td><td>693</td><td>-8</td><td>89</td><td>129</td><td>533</td></tr><tr><td>Chile</td><td>471</td><td>-583</td><td>126</td><td>225</td><td>-124</td><td>393</td><td>1,382</td><td>98</td><td>367</td><td>235</td></tr><tr><td>Colombia</td><td>-</td><td>-88</td><td>-30</td><td>37</td><td>14</td><td>52</td><td>195</td><td>98</td><td>367</td><td>39</td></tr><tr><td>Costa Rica</td><td>51</td><td>-81</td><td>-31</td><td>1</td><td>30</td><td>14</td><td>4</td><td>2</td><td>4</td><td>5</td></tr><tr><td>Cuba</td><td>319</td><td>-304</td><td>258</td><td>-16</td><td>147</td><td>-523</td><td>1,214</td><td>651</td><td>241</td><td>-72</td></tr><tr><td>French West Indies and Guiana</td><td>-11</td><td>-2</td><td>-1</td><td>-1</td><td>-2</td><td>-1</td><td>4</td><td>-4</td><td>-2</td><td>-</td></tr><tr><td>Mexico</td><td>-459</td><td>-1,957</td><td>2,858</td><td>-1,953</td><td>3,503</td><td>71</td><td>102</td><td>352</td><td>277</td><td>358</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>12</td><td>11</td><td>-30</td><td>8</td><td>7</td><td>19</td><td>345</td><td>53</td><td>11</td><td>47</td></tr><tr><td>Panama</td><td>-1,048</td><td>-131</td><td>6</td><td>-385</td><td>-76</td><td>-1,705</td><td>223</td><td>2,746</td><td>884</td><td>528</td></tr><tr><td>Peru</td><td>4</td><td>40</td><td>-35</td><td>-8</td><td>-17</td><td>61</td><td>237</td><td>72</td><td>81</td><td>122</td></tr><tr><td>Venezuela</td><td>332</td><td>162</td><td>99</td><td>-199</td><td>60</td><td>-139</td><td>60</td><td>-276</td><td>67</td><td>319</td></tr><tr><td>Other Latin America</td><td>-1,008</td><td>-806</td><td>157</td><td>276</td><td>1,701</td><td>-156</td><td>98</td><td>-3,402</td><td>2,537</td><td>1,578</td></tr><tr><td>Total Latin America</td><td>-1,510</td><td>-4,893</td><td>2,256</td><td>-1,724</td><td>4,748</td><td>22</td><td>4,778</td><td>1,336</td><td>5,676</td><td>4,238</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>-99</td><td>-681</td><td>495</td><td>99</td><td>103</td><td>-1,937</td><td>1,150</td><td>-5,328</td><td>-6,414</td><td>-504</td></tr><tr><td>French Indo-China</td><td>-</td><td>-1</td><td>1</td><td>-1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>59</td><td>-83</td><td>-60</td><td>131</td><td>-131</td><td>-138</td><td>210</td><td>206</td><td>4</td><td>-530</td></tr><tr><td>India</td><td>15</td><td>-9</td><td>-11</td><td>81</td><td>-13</td><td>-11</td><td>10</td><td>16</td><td>-202</td><td>-327</td></tr><tr><td>British Malaya</td><td>-</td><td>-4</td><td>-1</td><td>-4</td><td>-2</td><td>31</td><td>67</td><td>-1</td><td>-2</td><td>-8</td></tr><tr><td>Japan</td><td>-3</td><td>1</td><td>16</td><td>-</td><td>-</td><td>-4</td><td>-34</td><td>11</td><td>1</td><td>-5</td></tr><tr><td>Netherlands East Indies</td><td>-9</td><td>5</td><td>-</td><td>3</td><td>-8</td><td>-120</td><td>11</td><td>22</td><td>-269</td><td>275</td></tr><tr><td>Philippine Islands</td><td>165</td><td>-105</td><td>-17</td><td>-563</td><td>-36</td><td>52</td><td>31</td><td>5</td><td>-9</td><td>16</td></tr><tr><td>Turkey</td><td>-66</td><td>-4</td><td>1</td><td>-</td><td>-2</td><td>-33</td><td>37</td><td>-33</td><td>-14</td><td>-12</td></tr><tr><td>Other Asia 1/</td><td>4</td><td>22</td><td>18</td><td>-32</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>66</td><td>-829</td><td>442</td><td>-286</td><td>-87</td><td>-2,160</td><td>1,482</td><td>-5,108</td><td>-6,905</td><td>-1,095</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>-25</td><td>5</td><td>-12</td><td>-21</td><td>30</td><td>517</td><td>359</td><td>88</td><td>458</td><td>312</td></tr><tr><td>New Zealand</td><td>-1</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>16</td><td>-91</td><td>-1</td><td>42</td><td>-27</td><td>-2</td><td>288</td><td>105</td><td>-20</td><td>11</td></tr><tr><td>French Morocco</td><td>16</td><td>-37</td><td>15</td><td>69</td><td>-10</td><td>10</td><td>41</td><td>24</td><td>-148</td><td>43</td></tr><tr><td>Union of South Africa</td><td>-8</td><td>-7</td><td>9</td><td>46</td><td>110</td><td>-270</td><td>19</td><td>65</td><td>-1</td><td>-7</td></tr><tr><td>All other</td><td>-37</td><td>-23</td><td>1</td><td>23</td><td>-11</td><td>30</td><td>114</td><td>111</td><td>110</td><td>186</td></tr><tr><td>Total other countries</td><td>-39</td><td>-152</td><td>11</td><td>67</td><td>92</td><td>286</td><td>821</td><td>393</td><td>399</td><td>544</td></tr><tr><td>International 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,026</td><td>43</td><td>49</td><td>58</td><td>2,016</td></tr><tr><td>Unidentified</td><td>24</td><td>18</td><td>-14</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>-4,599</td><td>-8,673</td><td>-3,943</td><td>-5,133</td><td>-2,943</td><td>-9,114</td><td>-8,967</td><td>-174,212</td><td>-1,876</td><td>13,717</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 UNHRA, International Monetary Fund, and International Bank. p Preliminary.
January 1949
53
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Claims 1948</th><th colspan="5">Liabilities 1948</th></tr><tr><th></th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</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>21,608</td><td>21,724</td><td>23,574</td><td>20,876</td><td>23,423</td><td>445,781</td><td>372,510</td><td>371,927</td><td>345,955</td><td>359,983</td></tr><tr><td>France</td><td>126,977</td><td>124,877</td><td>123,122</td><td>123,156</td><td>118,283</td><td>167,152</td><td>163,033</td><td>168,008</td><td>160,646</td><td>166,531</td></tr><tr><td>Belgium</td><td>18,619</td><td>18,479</td><td>20,021</td><td>17,698</td><td>20,804</td><td>125,460</td><td>121,747</td><td>114,190</td><td>116,841</td><td>117,164</td></tr><tr><td>Denmark</td><td>3,479</td><td>730</td><td>626</td><td>1,025</td><td>1,145</td><td>39,364</td><td>42,786</td><td>41,953</td><td>41,258</td><td>40,702</td></tr><tr><td>Finland</td><td>5,709</td><td>5,281</td><td>4,590</td><td>3,779</td><td>3,438</td><td>29,277</td><td>26,652</td><td>25,369</td><td>22,084</td><td>18,793</td></tr><tr><td>Germany 1/.</td><td>30,388</td><td>30,363</td><td>30,368</td><td>29,476</td><td>33,644</td><td>83,654</td><td>72,788</td><td>76,841</td><td>101,997</td><td>125,249</td></tr><tr><td>Greece</td><td>4,707</td><td>4,625</td><td>4,052</td><td>3,278</td><td>3,643</td><td>34,234</td><td>32,286</td><td>24,965</td><td>22,082</td><td>20,401</td></tr><tr><td>Italy</td><td>20,612</td><td>16,492</td><td>19,125</td><td>16,253</td><td>16,955</td><td>212,722</td><td>237,054</td><td>271,292</td><td>305,492</td><td>315,383</td></tr><tr><td>Ixembourg</td><td>12</td><td>25</td><td>310</td><td>32</td><td>147</td><td>16,845</td><td>16,039</td><td>15,710</td><td>14,788</td><td>14,909</td></tr><tr><td>Netherlands</td><td>59,336</td><td>58,942</td><td>75,265</td><td>70,234</td><td>69,775</td><td>112,931</td><td>110,515</td><td>122,682</td><td>114,400</td><td>107,831</td></tr><tr><td>Norway</td><td>11,569</td><td>12,743</td><td>17,210</td><td>24,241</td><td>27,268</td><td>58,470</td><td>58,916</td><td>66,008</td><td>68,899</td><td>71,618</td></tr><tr><td>Portugal</td><td>1,045</td><td>860</td><td>821</td><td>725</td><td>715</td><td>34,961</td><td>45,261</td><td>47,419</td><td>39,727</td><td>43,685</td></tr><tr><td>Romania</td><td>12,013</td><td>12,002</td><td>12,005</td><td>12,004</td><td>12,001</td><td>7,469</td><td>7,616</td><td>6,964</td><td>7,248</td><td>6,876</td></tr><tr><td>Spaio</td><td>3,315</td><td>2,452</td><td>3,320</td><td>5,410</td><td>5,485</td><td>17,758</td><td>17,291</td><td>16,100</td><td>15,742</td><td>16,097</td></tr><tr><td>Sweden</td><td>5,226</td><td>7,204</td><td>5,213</td><td>2,274</td><td>1,569</td><td>38,203</td><td>48,149</td><td>45,658</td><td>48,821</td><td>49,335</td></tr><tr><td>Switzerland</td><td>6,456</td><td>6,969</td><td>7,466</td><td>5,246</td><td>7,092</td><td>540,674</td><td>548,508</td><td>549,513</td><td>527,622</td><td>525,895</td></tr><tr><td>U. S. S. R</td><td>9</td><td>5</td><td>3</td><td>9</td><td>41</td><td>54,079</td><td>55,716</td><td>44,735</td><td>40,531</td><td>32,754</td></tr><tr><td>Iugoslavia</td><td>1</td><td>1</td><td>17,002</td><td>11,301</td><td>11,060</td><td>17,085</td><td>11,729</td><td>11,559</td><td>10,602</td><td>19,401</td></tr><tr><td>Other Europe</td><td>55,308</td><td>54,069</td><td>51,229</td><td>48,073</td><td>39,099</td><td>104,811</td><td>102,856</td><td>106,656</td><td>118,441</td><td>106,435</td></tr><tr><td>Total Europe</td><td>386,389</td><td>377,843</td><td>415,322</td><td>395,090</td><td>395,607</td><td>2,140,930</td><td>2,091,392</td><td>2,130,548</td><td>2,123,176</td><td>2,159,042</td></tr><tr><td>Canada</td><td>26,008</td><td>23,948</td><td>24,699</td><td>25,588</td><td>29,267</td><td>591,494</td><td>616,670</td><td>656,361</td><td>685,974</td><td>701,275</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></tr><tr><td>Argentina</td><td>58,692</td><td>62,173</td><td>61,214</td><td>61,984</td><td>63,760</td><td>187,339</td><td>189,774</td><td>189,759</td><td>208,150</td><td>224,787</td></tr><tr><td>Bolivia</td><td>2,510</td><td>3,635</td><td>3,044</td><td>2,548</td><td>2,922</td><td>14,273</td><td>12,069</td><td>13,007</td><td>12,471</td><td>14,373</td></tr><tr><td>Brazil</td><td>187,562</td><td>179,093</td><td>178,723</td><td>173,278</td><td>174,954</td><td>115,831</td><td>113,820</td><td>117,429</td><td>117,409</td><td>122,250</td></tr><tr><td>Chile</td><td>21,628</td><td>18,741</td><td>17,471</td><td>19,027</td><td>21,007</td><td>53,046</td><td>60,155</td><td>55,933</td><td>52,896</td><td>58,253</td></tr><tr><td>Colombia</td><td>48,000</td><td>45,594</td><td>42,460</td><td>39,593</td><td>39,755</td><td>48,408</td><td>48,651</td><td>46,498</td><td>31,487</td><td>46,209</td></tr><tr><td>Costa Rica</td><td>2,222</td><td>1,777</td><td>1,489</td><td>2,817</td><td>1,083</td><td>9,995</td><td>9,002</td><td>8,636</td><td>7,188</td><td>6,854</td></tr><tr><td>Cuba</td><td>90,535</td><td>78,732</td><td>67,625</td><td>59,916</td><td>65,498</td><td>228,787</td><td>225,636</td><td>234,850</td><td>231,198</td><td>221,406</td></tr><tr><td>French West Indies and Guiana</td><td>27</td><td>5</td><td>11</td><td>13</td><td>35</td><td>894</td><td>1,113</td><td>976</td><td>765</td><td>823</td></tr><tr><td>Mexico</td><td>73,431</td><td>72,440</td><td>76,145</td><td>70,565</td><td>76,619</td><td>126,181</td><td>135,372</td><td>152,620</td><td>150,721</td><td>148,937</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,275</td><td>1,584</td><td>1,424</td><td>1,239</td><td>1,252</td><td>18,108</td><td>18,354</td><td>17,775</td><td>21,504</td><td>23,340</td></tr><tr><td>Peru</td><td>4,377</td><td>4,177</td><td>3,579</td><td>4,111</td><td>4,002</td><td>79,688</td><td>73,142</td><td>70,714</td><td>67,692</td><td>65,260</td></tr><tr><td>Venezuela</td><td>19,924</td><td>20,703</td><td>20,765</td><td>18,778</td><td>20,814</td><td>110,319</td><td>76,019</td><td>76,679</td><td>88,718</td><td>97,463</td></tr><tr><td>Other Latin America</td><td>29,933</td><td>31,977</td><td>33,784</td><td>33,225</td><td>35,538</td><td>194,311</td><td>194,473</td><td>192,949</td><td>178,028</td><td>176,313</td></tr><tr><td>Total Latin America</td><td>544,210</td><td>524,146</td><td>511,917</td><td>491,038</td><td>511,471</td><td>1,225,566</td><td>1,202,699</td><td>1,226,243</td><td>1,224,675</td><td>1,258,422</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>55,528</td><td>56,681</td><td>46,157</td><td>65,521</td><td>39,000</td><td>142,794</td><td>158,155</td><td>146,361</td><td>181,749</td><td>154,573</td></tr><tr><td>French Indo-China</td><td>608</td><td>364</td><td>161</td><td>120</td><td>81</td><td>5,185</td><td>5,259</td><td>5,864</td><td>5,280</td><td>6,402</td></tr><tr><td>Hong Koog</td><td>4,571</td><td>3,481</td><td>3,863</td><td>3,540</td><td>3,121</td><td>48,053</td><td>49,704</td><td>47,176</td><td>48,966</td><td>43,324</td></tr><tr><td>India</td><td>28,101</td><td>22,218</td><td>20,223</td><td>19,455</td><td>20,038</td><td>73,370</td><td>63,548</td><td>50,568</td><td>44,785</td><td>40,933</td></tr><tr><td>British Malaya</td><td>1,103</td><td>976</td><td>787</td><td>988</td><td>429</td><td>9,604</td><td>15,629</td><td>14,747</td><td>15,771</td><td>13,904</td></tr><tr><td>Japan</td><td>1,135</td><td>1,458</td><td>2,034</td><td>7,630</td><td>6,054</td><td>79,085</td><td>79,171</td><td>76,786</td><td>74,209</td><td>76,818</td></tr><tr><td>Netherlands East Indies</td><td>663</td><td>917</td><td>373</td><td>541</td><td>294</td><td>34,721</td><td>32,921</td><td>36,672</td><td>50,982</td><td>54,013</td></tr><tr><td>Philippine Islands</td><td>31,715</td><td>32,350</td><td>33,212</td><td>29,468</td><td>34,241</td><td>464,577</td><td>517,366</td><td>521,722</td><td>496,091</td><td>508,348</td></tr><tr><td>Turkey</td><td>2,033</td><td>2,524</td><td>1,989</td><td>1,847</td><td>1,584</td><td>23,071</td><td>21,095</td><td>22,388</td><td>24,398</td><td>17,956</td></tr><tr><td>Other Asia 2/.</td><td>8,026</td><td>11,335</td><td>10,304</td><td>11,936</td><td>12,484</td><td>104,272</td><td>152,326</td><td>152,501</td><td>161,859</td><td>168,932</td></tr><tr><td>Total Asia</td><td>133,483</td><td>132,304</td><td>119,103</td><td>141,046</td><td>117,326</td><td>984,732</td><td>1,095,174</td><td>1,074,785</td><td>1,104,090</td><td>1,085,203</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>2,159</td><td>2,220</td><td>3,603</td><td>3,821</td><td>3,786</td><td>18,700</td><td>23,827</td><td>21,978</td><td>18,722</td><td>19,163</td></tr><tr><td>New Zealand</td><td>712</td><td>560</td><td>683</td><td>1,087</td><td>626</td><td>3,593</td><td>3,660</td><td>5,547</td><td>6,877</td><td>5,293</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>146</td><td>452</td><td>2,233</td><td>186</td><td>261</td><td>27,315</td><td>33,213</td><td>42,601</td><td>36,344</td><td>36,631</td></tr><tr><td>French Morocco</td><td>191</td><td>233</td><td>173</td><td>133</td><td>246</td><td>8,923</td><td>10,943</td><td>11,107</td><td>10,996</td><td>11,854</td></tr><tr><td>Union of South Africa</td><td>11,970</td><td>11,133</td><td>9,870</td><td>9,686</td><td>11,069</td><td>9,254</td><td>15,722</td><td>12,420</td><td>8,619</td><td>8,845</td></tr><tr><td>All other</td><td>5,874</td><td>5,360</td><td>5,355</td><td>5,097</td><td>5,150</td><td>55,777</td><td>57,625</td><td>57,615</td><td>70,024</td><td>77,897</td></tr><tr><td>Total other countries</td><td>21,052</td><td>19,958</td><td>21,917</td><td>20,010</td><td>21,138</td><td>123,562</td><td>144,990</td><td>151,268</td><td>151,582</td><td>159,893</td></tr><tr><td>International 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,927,685</td><td>1,929,033</td><td>1,918,838</td><td>1,921,475</td><td>1,916,535</td></tr><tr><td>Unidentified</td><td>613</td><td>674</td><td>553</td><td>805</td><td>383</td><td>19,758</td><td>16,102</td><td>17,032</td><td>16,845</td><td>18,184</td></tr><tr><td>Grand total</td><td>1,111,755</td><td>1,078,873</td><td>1,093,511</td><td>1,073,577</td><td>1,075,192</td><td>7,013,727</td><td>7,096,060</td><td>7,175,075</td><td>7,227,817</td><td>7,298,554</td></tr></table>
1/ Beginning with March 1947, includes 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. p Preliminary.
54
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Debit balances (due from foreigners)</th><th colspan="5">Credit balances (due to foreigners)</th></tr><tr><th></th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</th><th>June</th><th>July</th><th>August</th><th>September p</th><th>October p</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>1,096</td><td>917</td><td>1,039</td><td>987</td><td>984</td><td>2,842</td><td>2,341</td><td>1,693</td><td>1,491</td><td>1,556</td></tr><tr><td>France</td><td>384</td><td>394</td><td>294</td><td>482</td><td>490</td><td>4,684</td><td>4,603</td><td>3,922</td><td>3,728</td><td>3,530</td></tr><tr><td>Belgium</td><td>135</td><td>186</td><td>291</td><td>260</td><td>149</td><td>1,943</td><td>2,377</td><td>2,490</td><td>2,250</td><td>2,300</td></tr><tr><td>Denmark</td><td>2</td><td>6</td><td>6</td><td>6</td><td>7</td><td>33</td><td>51</td><td>38</td><td>39</td><td>39</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>16</td><td>14</td><td>14</td><td>7</td><td>19</td><td>22</td><td>19</td><td>22</td><td>36</td><td>19</td></tr><tr><td>Greece</td><td>2</td><td>3</td><td>3</td><td>4</td><td>4</td><td>34</td><td>26</td><td>26</td><td>22</td><td>18</td></tr><tr><td>Italy</td><td>9</td><td>5</td><td>3</td><td>1</td><td>-</td><td>257</td><td>273</td><td>241</td><td>349</td><td>326</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>517</td><td>561</td><td>560</td><td>929</td><td>633</td></tr><tr><td>Netherlands</td><td>129</td><td>169</td><td>96</td><td>66</td><td>89</td><td>6,267</td><td>4,809</td><td>4,675</td><td>3,346</td><td>3,797</td></tr><tr><td>Norway</td><td>265</td><td>292</td><td>255</td><td>313</td><td>320</td><td>829</td><td>825</td><td>783</td><td>902</td><td>926</td></tr><tr><td>Portugal</td><td>23</td><td>29</td><td>23</td><td>29</td><td>26</td><td>154</td><td>147</td><td>152</td><td>161</td><td>159</td></tr><tr><td>Romania</td><td>19</td><td>16</td><td>23</td><td>27</td><td>-</td><td>15</td><td>76</td><td>76</td><td>15</td><td>15</td></tr><tr><td>Spain</td><td>-</td><td>30</td><td>-</td><td>30</td><td>47</td><td>107</td><td>55</td><td>58</td><td>55</td><td>107</td></tr><tr><td>Sweden</td><td>46</td><td>30</td><td>30</td><td>-</td><td>47</td><td>287</td><td>292</td><td>261</td><td>328</td><td>263</td></tr><tr><td>Switzerland</td><td>926</td><td>1,193</td><td>1,195</td><td>1,250</td><td>1,347</td><td>36,534</td><td>35,883</td><td>31,636</td><td>29,669</td><td>23,151</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>14</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>466</td><td>549</td><td>533</td><td>561</td></tr><tr><td>Other Europe</td><td>339</td><td>335</td><td>375</td><td>400</td><td>430</td><td>570</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>3,391</td><td>3,589</td><td>3,647</td><td>3,862</td><td>3,912</td><td>55,118</td><td>52,821</td><td>47,208</td><td>43,879</td><td>37,426</td></tr><tr><td>Canada</td><td>5,098</td><td>5,349</td><td>4,745</td><td>4,997</td><td>5,219</td><td>6,275</td><td>6,204</td><td>4,633</td><td>5,238</td><td>4,268</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,124</td><td>978</td><td>970</td><td>785</td><td>1,075</td><td>5,110</td><td>3,999</td><td>2,991</td><td>3,060</td><td>2,834</td></tr><tr><td>Bolivia</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1</td><td>63</td><td>39</td><td>38</td><td>36</td><td>22</td></tr><tr><td>Brazil</td><td>1,419</td><td>1,568</td><td>1,613</td><td>1,606</td><td>1,506</td><td>638</td><td>623</td><td>548</td><td>579</td><td>595</td></tr><tr><td>Chile</td><td>617</td><td>931</td><td>606</td><td>608</td><td>706</td><td>916</td><td>647</td><td>448</td><td>675</td><td>649</td></tr><tr><td>Colombia</td><td>338</td><td>289</td><td>192</td><td>168</td><td>190</td><td>331</td><td>194</td><td>67</td><td>80</td><td>116</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>148</td><td>67</td><td>36</td><td>37</td><td>67</td></tr><tr><td>Cuba</td><td>5,173</td><td>5,221</td><td>5,060</td><td>5,107</td><td>5,083</td><td>1,910</td><td>1,654</td><td>1,751</td><td>1,782</td><td>1,905</td></tr><tr><td>French West Indies and Guiana</td><td>5</td><td>7</td><td>10</td><td>10</td><td>14</td><td>6</td><td>6</td><td>8</td><td>7</td><td>9</td></tr><tr><td>Mexico</td><td>1,877</td><td>1,450</td><td>2,720</td><td>1,943</td><td>2,072</td><td>5,523</td><td>3,139</td><td>7,267</td><td>4,537</td><td>8,169</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>8</td><td>5</td><td>9</td><td>12</td><td>8</td><td>229</td><td>237</td><td>211</td><td>222</td><td>225</td></tr><tr><td>Panama</td><td>158</td><td>132</td><td>166</td><td>180</td><td>299</td><td>2,781</td><td>2,624</td><td>2,664</td><td>2,253</td><td>2,336</td></tr><tr><td>Peru</td><td>93</td><td>93</td><td>95</td><td>116</td><td>126</td><td>79</td><td>119</td><td>86</td><td>99</td><td>92</td></tr><tr><td>Venezuela</td><td>707</td><td>692</td><td>831</td><td>814</td><td>841</td><td>2,840</td><td>2,987</td><td>3,225</td><td>3,009</td><td>3,096</td></tr><tr><td>Other Latin America</td><td>2,551</td><td>2,530</td><td>2,655</td><td>1,787</td><td>834</td><td>4,185</td><td>3,358</td><td>3,640</td><td>3,048</td><td>3,796</td></tr><tr><td>Total Latin America</td><td>14,070</td><td>13,897</td><td>14,928</td><td>13,096</td><td>12,835</td><td>24,759</td><td>19,693</td><td>22,980</td><td>19,424</td><td>23,911</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>1,650</td><td>2,215</td><td>1,692</td><td>1,651</td><td>1,685</td><td>1,209</td><td>1,093</td><td>1,065</td><td>1,123</td><td>1,260</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>2</td><td>3</td><td>2</td><td>3</td></tr><tr><td>Hong Kong</td><td>43</td><td>59</td><td>31</td><td>21</td><td>16</td><td>278</td><td>211</td><td>123</td><td>244</td><td>108</td></tr><tr><td>India</td><td>21</td><td>18</td><td>28</td><td>27</td><td>24</td><td>30</td><td>18</td><td>17</td><td>97</td><td>81</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>5</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>7</td><td>23</td><td>23</td><td>25</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>22</td><td>22</td><td>25</td><td>17</td></tr><tr><td>Philippine Islands</td><td>373</td><td>473</td><td>498</td><td>894</td><td>835</td><td>1,452</td><td>1,447</td><td>1,455</td><td>1,288</td><td>1,193</td></tr><tr><td>Turkey</td><td>3</td><td>3</td><td>3</td><td>3</td><td>4</td><td>33</td><td>29</td><td>30</td><td>30</td><td>29</td></tr><tr><td>Other Asia</td><td>42</td><td>33</td><td>37</td><td>34</td><td>31</td><td>318</td><td>361</td><td>383</td><td>348</td><td>342</td></tr><tr><td>Total Asia</td><td>2,132</td><td>2,801</td><td>2,289</td><td>2,630</td><td>2,595</td><td>3,355</td><td>3,195</td><td>3,125</td><td>3,180</td><td>3,058</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>2</td><td>3</td><td>17</td><td>3</td><td>42</td><td>47</td><td>36</td><td>29</td><td>42</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>164</td><td>73</td><td>72</td><td>114</td><td>87</td></tr><tr><td>French Morocco</td><td>23</td><td>19</td><td>4</td><td>6</td><td>13</td><td>107</td><td>66</td><td>66</td><td>137</td><td>134</td></tr><tr><td>Union of South Africa</td><td>5</td><td>7</td><td>9</td><td>7</td><td>11</td><td>84</td><td>79</td><td>90</td><td>42</td><td>156</td></tr><tr><td>All other</td><td>34</td><td>38</td><td>51</td><td>29</td><td>37</td><td>73</td><td>54</td><td>68</td><td>69</td><td>66</td></tr><tr><td>Total other countries</td><td>65</td><td>67</td><td>68</td><td>60</td><td>65</td><td>470</td><td>320</td><td>332</td><td>391</td><td>488</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>112</td><td>130</td><td>116</td><td>117</td><td>116</td></tr><tr><td>Grand total</td><td>24,756</td><td>25,703</td><td>25,677</td><td>24,645</td><td>24,626</td><td>90,089</td><td>82,363</td><td>78,394</td><td>72,229</td><td>69,267</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India. p Preliminary.
January 1949
55
CAPITAL MOVEMENTS
Section III - Details for Month of August 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="3">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>23,574</td><td>12,807</td><td>11,057</td><td>337</td><td>1,413</td><td>10,767</td><td>4,086</td><td>2,819</td><td>3,862</td></tr><tr><td>France</td><td>123,122</td><td>223</td><td>6</td><td>98</td><td>79</td><td>122,899</td><td>103,692</td><td>205</td><td>19,002</td></tr><tr><td>Belgium</td><td>20,021</td><td>118</td><td>83</td><td>2</td><td>33</td><td>19,903</td><td>8,270</td><td>4,207</td><td>7,426</td></tr><tr><td>Denmark</td><td>626</td><td>54</td><td>24</td><td>19</td><td>11</td><td>572</td><td>27</td><td>375</td><td>170</td></tr><tr><td>Finland</td><td>4,590</td><td>2</td><td>2</td><td>-</td><td>-</td><td>4,588</td><td>-</td><td>4,224</td><td>364</td></tr><tr><td>Germany</td><td>30,368</td><td>32</td><td>6</td><td>26</td><td>-</td><td>30,336</td><td>17,063</td><td>67</td><td>13,206</td></tr><tr><td>Greece</td><td>4,052</td><td>128</td><td>-</td><td>5</td><td>123</td><td>3,924</td><td>2,953</td><td>-</td><td>971</td></tr><tr><td>Italy</td><td>19,125</td><td>155</td><td>1</td><td>148</td><td>6</td><td>18,970</td><td>1,663</td><td>7,998</td><td>9,309</td></tr><tr><td>Luxembourg</td><td>310</td><td>2</td><td>-</td><td>-</td><td>2</td><td>308</td><td>189</td><td>-</td><td>119</td></tr><tr><td>Netherlands</td><td>75,265</td><td>209</td><td>143</td><td>37</td><td>29</td><td>75,056</td><td>31,322</td><td>4,263</td><td>39,471</td></tr><tr><td>Norway</td><td>17,210</td><td>87</td><td>38</td><td>42</td><td>7</td><td>17,123</td><td>7,553</td><td>818</td><td>8,792</td></tr><tr><td>Portugal</td><td>821</td><td>39</td><td>37</td><td>-</td><td>2</td><td>782</td><td>14</td><td>62</td><td>706</td></tr><tr><td>Romania</td><td>12,005</td><td>3</td><td>-</td><td>3</td><td>-</td><td>12,002</td><td>11,986</td><td>-</td><td>16</td></tr><tr><td>Spain</td><td>3,320</td><td>29</td><td>11</td><td>13</td><td>5</td><td>3,291</td><td>93</td><td>-</td><td>3,198</td></tr><tr><td>Sweden</td><td>5,213</td><td>89</td><td>58</td><td>3</td><td>28</td><td>5,124</td><td>74</td><td>498</td><td>4,552</td></tr><tr><td>Switzerland</td><td>7,466</td><td>1,055</td><td>471</td><td>576</td><td>8</td><td>6,411</td><td>2,726</td><td>521</td><td>3,164</td></tr><tr><td>U. S. S. R.</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>17,002</td><td>-</td><td>-</td><td>46</td><td>6</td><td>17,002</td><td>17,000</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>51,229</td><td>136</td><td>84</td><td>-</td><td>6</td><td>51,093</td><td>37,555</td><td>888</td><td>12,650</td></tr><tr><td>Total Europe</td><td>415,322</td><td>15,171</td><td>12,064</td><td>1,355</td><td>1,752</td><td>400,151</td><td>246,266</td><td>26,945</td><td>126,940</td></tr><tr><td>Canada</td><td>24,699</td><td>9,812</td><td>5,912</td><td>3,271</td><td>629</td><td>14,887</td><td>516</td><td>4,568</td><td>9,803</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>61,214</td><td>246</td><td>167</td><td>30</td><td>49</td><td>60,968</td><td>37,459</td><td>1,153</td><td>22,356</td></tr><tr><td>Bolivia</td><td>3,044</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,044</td><td>567</td><td>-</td><td>2,477</td></tr><tr><td>Brazil</td><td>178,723</td><td>148</td><td>15</td><td>-</td><td>133</td><td>178,575</td><td>9,414</td><td>761</td><td>168,400</td></tr><tr><td>Chile</td><td>17,471</td><td>2</td><td>-</td><td>-</td><td>2</td><td>17,469</td><td>290</td><td>1,307</td><td>15,872</td></tr><tr><td>Colombia</td><td>42,460</td><td>4</td><td>-</td><td>-</td><td>4</td><td>42,456</td><td>10,210</td><td>6,474</td><td>25,772</td></tr><tr><td>Costa Rica</td><td>1,489</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,488</td><td>41</td><td>81</td><td>1,366</td></tr><tr><td>Cuba</td><td>67,625</td><td>374</td><td>363</td><td>-</td><td>11</td><td>67,251</td><td>52,071</td><td>4,387</td><td>10,793</td></tr><tr><td>French West Indies and Guiana</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>1</td><td>-</td><td>10</td></tr><tr><td>Mexico</td><td>76,145</td><td>39,155</td><td>1,639</td><td>37,159</td><td>357</td><td>36,990</td><td>3,492</td><td>11,428</td><td>22,070</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,424</td><td>2</td><td>-</td><td>-</td><td>2</td><td>1,422</td><td>60</td><td>-</td><td>1,362</td></tr><tr><td>Panama</td><td>3,579</td><td>33</td><td>-</td><td>-</td><td>33</td><td>3,546</td><td>-</td><td>1</td><td>3,545</td></tr><tr><td>Peru</td><td>4,183</td><td>3</td><td>3</td><td>-</td><td>-</td><td>4,180</td><td>-</td><td>29</td><td>4,151</td></tr><tr><td>Venezuela</td><td>20,765</td><td>136</td><td>95</td><td>35</td><td>6</td><td>20,629</td><td>3,434</td><td>404</td><td>16,791</td></tr><tr><td>Other Latin America</td><td>33,784</td><td>18</td><td>11</td><td>-</td><td>7</td><td>33,766</td><td>8,900</td><td>1,220</td><td>23,646</td></tr><tr><td>Total Latin America</td><td>511,917</td><td>40,122</td><td>2,293</td><td>37,224</td><td>605</td><td>471,795</td><td>125,939</td><td>27,245</td><td>318,611</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>46,157</td><td>7</td><td>6</td><td>1</td><td>-</td><td>46,150</td><td>33,805</td><td>63</td><td>12,282</td></tr><tr><td>French Indo-China</td><td>161</td><td>-</td><td>-</td><td>-</td><td>-</td><td>161</td><td>10</td><td>68</td><td>85</td></tr><tr><td>Hong Kong</td><td>3,863</td><td>492</td><td>103</td><td>33</td><td>356</td><td>3,371</td><td>2,296</td><td>84</td><td>991</td></tr><tr><td>India</td><td>20,223</td><td>15,751</td><td>275</td><td>15,471</td><td>5</td><td>4,472</td><td>156</td><td>1,685</td><td>2,631</td></tr><tr><td>British Malaya</td><td>787</td><td>-</td><td>-</td><td>-</td><td>-</td><td>787</td><td>28</td><td>496</td><td>263</td></tr><tr><td>Japan</td><td>2,034</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,034</td><td>208</td><td>1,416</td><td>410</td></tr><tr><td>Netherlands East Indies</td><td>373</td><td>1</td><td>1</td><td>-</td><td>-</td><td>372</td><td>15</td><td>211</td><td>146</td></tr><tr><td>Philippine Islands</td><td>33,212</td><td>814</td><td>626</td><td>-</td><td>188</td><td>32,398</td><td>18,616</td><td>4,201</td><td>9,581</td></tr><tr><td>Turkey</td><td>1,989</td><td>5</td><td>-</td><td>5</td><td>-</td><td>1,984</td><td>194</td><td>-</td><td>1,790</td></tr><tr><td>Other Asia</td><td>10,304</td><td>4,110</td><td>24</td><td>4,083</td><td>3</td><td>6,194</td><td>925</td><td>234</td><td>5,035</td></tr><tr><td>Total Asia</td><td>119,103</td><td>21,180</td><td>1,035</td><td>19,593</td><td>552</td><td>97,983</td><td>56,253</td><td>8,456</td><td>33,214</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>3,603</td><td>1,724</td><td>1,502</td><td>59</td><td>163</td><td>1,879</td><td>238</td><td>883</td><td>758</td></tr><tr><td>New Zealand</td><td>683</td><td>40</td><td>40</td><td>-</td><td>-</td><td>643</td><td>-</td><td>229</td><td>414</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2,233</td><td>15</td><td>3</td><td>-</td><td>12</td><td>2,218</td><td>2,077</td><td>-</td><td>141</td></tr><tr><td>French Morocco</td><td>173</td><td>-</td><td>-</td><td>-</td><td>-</td><td>173</td><td>1</td><td>-</td><td>172</td></tr><tr><td>Union of South Africa</td><td>9,870</td><td>1,438</td><td>112</td><td>-</td><td>1,326</td><td>8,432</td><td>-</td><td>9</td><td>8,423</td></tr><tr><td>All other</td><td>5,355</td><td>15</td><td>7</td><td>-</td><td>8</td><td>5,340</td><td>1,008</td><td>184</td><td>4,148</td></tr><tr><td>Total other countries</td><td>21,917</td><td>3,232</td><td>1,664</td><td>59</td><td>1,509</td><td>18,685</td><td>3,324</td><td>1,305</td><td>14,056</td></tr><tr><td>Unidentified</td><td>553</td><td>-</td><td>-</td><td>-</td><td>-</td><td>553</td><td>-</td><td>-</td><td>553</td></tr><tr><td>Grand total</td><td>1,093,511</td><td>89,517</td><td>22,968</td><td>61,502</td><td>5,047</td><td>1,003,994</td><td>432,298</td><td>68,519</td><td>503,177</td></tr></table>
1/ Beginning with March 1947, includes 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.
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of August 1948
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>371,927</td><td>309,474</td><td>265,512</td><td>2,727</td><td>10,823</td><td>412</td><td>62,453</td><td>4,796</td><td>53,085</td><td>4,572</td></tr><tr><td>France</td><td>168,008</td><td>167,845</td><td>154,152</td><td>683</td><td>10,749</td><td>2,251</td><td>163</td><td>136</td><td>17</td><td>10</td></tr><tr><td>Belgium</td><td>114,190</td><td>113,836</td><td>103,315</td><td>882</td><td>9,516</td><td>93</td><td>354</td><td>240</td><td>32</td><td>82</td></tr><tr><td>Denmark</td><td>41,953</td><td>41,849</td><td>40,787</td><td>618</td><td>407</td><td>37</td><td>104</td><td>104</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>25,369</td><td>25,369</td><td>25,366</td><td>3</td><td>-</td><td>-</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>76,841</td><td>76,864</td><td>76,372</td><td>94</td><td>4</td><td>376</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>24,965</td><td>24,939</td><td>24,782</td><td>149</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>271,291</td><td>271,283</td><td>264,414</td><td>598</td><td>5,795</td><td>26</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>15,710</td><td>15,710</td><td>15,407</td><td>3</td><td>300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>122,632</td><td>122,599</td><td>119,943</td><td>439</td><td>2,291</td><td>6</td><td>93</td><td>83</td><td>-</td><td>-</td></tr><tr><td>Norway</td><td>56,008</td><td>65,951</td><td>50,188</td><td>6,295</td><td>9,455</td><td>13</td><td>57</td><td>57</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>47,413</td><td>47,283</td><td>46,940</td><td>443</td><td>-</td><td>-</td><td>136</td><td>130</td><td>-</td><td>6</td></tr><tr><td>Romania</td><td>6,241</td><td>5,741</td><td>5,335</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>16,100</td><td>16,031</td><td>15,576</td><td>131</td><td>160</td><td>41</td><td>69</td><td>66</td><td>-</td><td>3</td></tr><tr><td>Sweden</td><td>45,658</td><td>45,297</td><td>41,354</td><td>3,838</td><td>95</td><td>-</td><td>361</td><td>325</td><td>-</td><td>36</td></tr><tr><td>Switzerland</td><td>543,513</td><td>547,575</td><td>483,580</td><td>27,764</td><td>11,993</td><td>24,135</td><td>1,935</td><td>606</td><td>-</td><td>1,332</td></tr><tr><td>U.S.S.R.</td><td>44,735</td><td>44,735</td><td>44,705</td><td>30</td><td>6</td><td>1</td><td>8</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Yugoslavia</td><td>11,559</td><td>11,551</td><td>11,530</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>106,656</td><td>106,600</td><td>80,740</td><td>4,364</td><td>20,400</td><td>1,096</td><td>56</td><td>47</td><td>-</td><td>9</td></tr><tr><td>Total Europe</td><td>2,130,519</td><td>2,064,716</td><td>1,905,092</td><td>49,104</td><td>22,004</td><td>28,104</td><td>55,332</td><td>6,636</td><td>53,134</td><td>6,062</td></tr><tr><td>Canada</td><td>656,361</td><td>652,713</td><td>304,626</td><td>3,204</td><td>344,858</td><td>25</td><td>3,619</td><td>567</td><td>-</td><td>3,081</td></tr><tr><td>Latino America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>189,759</td><td>189,552</td><td>186,130</td><td>2,439</td><td>-</td><td>874</td><td>207</td><td>161</td><td>-</td><td>26</td></tr><tr><td>Bolivia</td><td>13,007</td><td>13,007</td><td>13,007</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>117,429</td><td>117,409</td><td>101,631</td><td>9,693</td><td>278</td><td>5,807</td><td>20</td><td>20</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>55,933</td><td>55,933</td><td>54,365</td><td>1,568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>46,498</td><td>46,497</td><td>45,330</td><td>1,167</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,636</td><td>8,636</td><td>8,451</td><td>95</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>234,850</td><td>234,850</td><td>224,735</td><td>7,806</td><td>250</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>976</td><td>976</td><td>976</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>152,520</td><td>151,681</td><td>150,579</td><td>941</td><td>61</td><td>77</td><td>939</td><td>1</td><td>-</td><td>938</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>17,775</td><td>17,775</td><td>13,775</td><td>-</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>70,714</td><td>70,714</td><td>53,931</td><td>137</td><td>16,594</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>49,416</td><td>49,414</td><td>47,793</td><td>596</td><td>25</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Vegetuela</td><td>76,679</td><td>76,522</td><td>76,251</td><td>271</td><td>-</td><td>-</td><td>157</td><td>157</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>152,949</td><td>152,554</td><td>163,779</td><td>2,583</td><td>26,076</td><td>16</td><td>395</td><td>363</td><td>-</td><td>32</td></tr><tr><td>Total Latin America</td><td>1,224,243</td><td>1,224,520</td><td>1,142,783</td><td>27,520</td><td>47,274</td><td>6,935</td><td>1,723</td><td>727</td><td>-</td><td>996</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>146,361</td><td>146,333</td><td>135,057</td><td>1,854</td><td>8,712</td><td>710</td><td>28</td><td>1</td><td>20</td><td>7</td></tr><tr><td>French Indo-China</td><td>5,861</td><td>5,924</td><td>4,964</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>47,176</td><td>44,649</td><td>44,046</td><td>298</td><td>-</td><td>305</td><td>2,527</td><td>2,527</td><td>-</td><td>-</td></tr><tr><td>India</td><td>50,569</td><td>49,958</td><td>47,471</td><td>2,487</td><td>-</td><td>-</td><td>610</td><td>293</td><td>301</td><td>16</td></tr><tr><td>British Malaya</td><td>14,747</td><td>14,729</td><td>13,855</td><td>151</td><td>723</td><td>-</td><td>18</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>76,786</td><td>76,720</td><td>67,990</td><td>2,224</td><td>6,605</td><td>-</td><td>66</td><td>54</td><td>2</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>36,672</td><td>36,672</td><td>31,745</td><td>326</td><td>4,600</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>521,722</td><td>521,598</td><td>503,040</td><td>17,722</td><td>-</td><td>836</td><td>124</td><td>124</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>22,398</td><td>22,388</td><td>15,996</td><td>6,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia 2/</td><td>152,501</td><td>152,264</td><td>151,178</td><td>943</td><td>6</td><td>137</td><td>237</td><td>236</td><td>-</td><td>1</td></tr><tr><td>Total Asia</td><td>1,074,795</td><td>1,071,174</td><td>1,015,142</td><td>32,397</td><td>21,647</td><td>1,988</td><td>3,611</td><td>3,254</td><td>323</td><td>34</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>21,978</td><td>17,501</td><td>15,304</td><td>692</td><td>1,490</td><td>25</td><td>4,477</td><td>9</td><td>394</td><td>4,074</td></tr><tr><td>New Zealand</td><td>5,547</td><td>5,513</td><td>5,347</td><td>166</td><td>-</td><td>-</td><td>34</td><td>1</td><td>-</td><td>33</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>42,601</td><td>42,420</td><td>42,287</td><td>76</td><td>-</td><td>57</td><td>181</td><td>13</td><td>-</td><td>168</td></tr><tr><td>French Morocco</td><td>11,107</td><td>11,107</td><td>11,061</td><td>45</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>12,420</td><td>11,378</td><td>11,313</td><td>55</td><td>10</td><td>-</td><td>1,042</td><td>1,042</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>57,615</td><td>57,607</td><td>53,741</td><td>110</td><td>750</td><td>3,006</td><td>8</td><td>3</td><td>-</td><td>5</td></tr><tr><td>Total other countries</td><td>151,258</td><td>145,506</td><td>139,053</td><td>1,144</td><td>2,240</td><td>3,089</td><td>5,742</td><td>1,068</td><td>394</td><td>4,280</td></tr><tr><td>International</td><td>1,918,838</td><td>1,918,938</td><td>324,750</td><td>-</td><td>1,594,078</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>17,032</td><td>17,032</td><td>17,010</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,175,075</td><td>7,094,519</td><td>4,848,458</td><td>113,377</td><td>2,092,121</td><td>40,563</td><td>80,556</td><td>12,252</td><td>53,851</td><td>14,453</td></tr></table>
1/ Beginning with March 1947, includes 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 UNKRA, International Monetary Fund, and International Bank.
January 1949
57
CAPITAL MOVEMENTS
Section III - Details for Month of August 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">Purchases by foreigners</th><th colspan="3">Purchases by foreigners</th><th>Total sales</th><th colspan="3">Sales by foreigners</th><th colspan="3">Sales by foreigners</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>5,516</td><td>4,133</td><td>2,369</td><td>1,764</td><td>1,383</td><td>382</td><td>1,001</td><td>4,916</td><td>3,298</td><td>2,060</td><td>1,238</td><td>1,618</td><td>334</td><td>1,284</td></tr><tr><td>France</td><td>3,813</td><td>3,093</td><td>2,067</td><td>1,026</td><td>720</td><td>641</td><td>79</td><td>4,980</td><td>4,200</td><td>2,937</td><td>1,263</td><td>780</td><td>661</td><td>316</td></tr><tr><td>Belgium</td><td>2,034</td><td>1,197</td><td>813</td><td>374</td><td>347</td><td>412</td><td>135</td><td>1,022</td><td>658</td><td>488</td><td>170</td><td>364</td><td>57</td><td>307</td></tr><tr><td>Denmark</td><td>314</td><td>237</td><td>56</td><td>191</td><td>77</td><td>-</td><td>77</td><td>256</td><td>253</td><td>44</td><td>209</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Finland</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>19</td><td>8</td><td>11</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>186</td><td>89</td><td>76</td><td>13</td><td>97</td><td>3</td><td>94</td><td>393</td><td>335</td><td>249</td><td>86</td><td>58</td><td>54</td><td>1</td></tr><tr><td>Luxembourg</td><td>168</td><td>165</td><td>158</td><td>7</td><td>3</td><td>-</td><td>3</td><td>164</td><td>163</td><td>140</td><td>23</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Netherlands</td><td>616</td><td>511</td><td>244</td><td>267</td><td>135</td><td>64</td><td>71</td><td>5,680</td><td>4,956</td><td>4,229</td><td>727</td><td>724</td><td>202</td><td>522</td></tr><tr><td>Norway</td><td>272</td><td>94</td><td>69</td><td>25</td><td>178</td><td>-</td><td>178</td><td>118</td><td>62</td><td>56</td><td>6</td><td>56</td><td>-</td><td>56</td></tr><tr><td>Portugal</td><td>261</td><td>261</td><td>261</td><td>-</td><td>-</td><td>-</td><td>-</td><td>323</td><td>309</td><td>83</td><td>226</td><td>14</td><td>-</td><td>14</td></tr><tr><td>Romania</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>90</td><td>86</td><td>51</td><td>35</td><td>4</td><td>1</td><td>3</td><td>57</td><td>51</td><td>36</td><td>15</td><td>6</td><td>5</td><td>1</td></tr><tr><td>Sweden</td><td>25</td><td>25</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>54</td><td>52</td><td>2</td><td>14</td><td>-</td><td>14</td></tr><tr><td>Switzerland</td><td>13,245</td><td>11,948</td><td>9,605</td><td>2,243</td><td>1,397</td><td>706</td><td>691</td><td>19,717</td><td>15,133</td><td>13,595</td><td>1,588</td><td>4,534</td><td>2,438</td><td>2,096</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Yugoslavia</td><td>125</td><td>109</td><td>99</td><td>10</td><td>16</td><td>16</td><td>-</td><td>50</td><td>23</td><td>17</td><td>6</td><td>27</td><td>4</td><td>23</td></tr><tr><td>Other Europe</td><td>26,713</td><td>21,856</td><td>15,910</td><td>5,946</td><td>4,857</td><td>2,225</td><td>2,632</td><td>37,773</td><td>29,566</td><td>23,996</td><td>5,570</td><td>8,207</td><td>3,564</td><td>4,643</td></tr><tr><td>Total Europe</td><td>11,847</td><td>7,263</td><td>3,028</td><td>4,235</td><td>4,584</td><td>1,946</td><td>2,638</td><td>172,769</td><td>17,427</td><td>2,606</td><td>14,821</td><td>154,342</td><td>2,915</td><td>151,427</td></tr><tr><td>Canada</td><td></td><td></td><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>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>1,196</td><td>417</td><td>323</td><td>94</td><td>779</td><td>32</td><td>747</td><td>245</td><td>210</td><td>98</td><td>112</td><td>35</td><td>25</td><td>10</td></tr><tr><td>Bolivia</td><td>8</td><td>5</td><td>5</td><td>-</td><td>3</td><td>3</td><td>-</td><td>2</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>386</td><td>240</td><td>233</td><td>7</td><td>146</td><td>17</td><td>129</td><td>297</td><td>269</td><td>154</td><td>115</td><td>28</td><td>14</td><td>14</td></tr><tr><td>Chile</td><td>170</td><td>88</td><td>78</td><td>10</td><td>82</td><td>41</td><td>41</td><td>72</td><td>59</td><td>58</td><td>1</td><td>13</td><td>13</td><td>-</td></tr><tr><td>Colombia</td><td>114</td><td>58</td><td>58</td><td>-</td><td>56</td><td>51</td><td>5</td><td>16</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,771</td><td>547</td><td>522</td><td>25</td><td>1,224</td><td>241</td><td>983</td><td>1,120</td><td>538</td><td>446</td><td>92</td><td>582</td><td>254</td><td>328</td></tr><tr><td>French West Indies and Guiana</td><td>678</td><td>652</td><td>498</td><td>154</td><td>26</td><td>4</td><td>22</td><td>326</td><td>320</td><td>258</td><td>62</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>55</td><td>55</td><td>53</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>3,532</td><td>3,017</td><td>3,003</td><td>14</td><td>515</td><td>459</td><td>56</td><td>786</td><td>685</td><td>671</td><td>14</td><td>101</td><td>58</td><td>43</td></tr><tr><td>Peru</td><td>74</td><td>65</td><td>65</td><td>-</td><td>9</td><td>2</td><td>7</td><td>2</td><td>1</td><td>1</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Venezuela</td><td>438</td><td>408</td><td>217</td><td>191</td><td>30</td><td>26</td><td>4</td><td>714</td><td>645</td><td>141</td><td>504</td><td>69</td><td>64</td><td>5</td></tr><tr><td>Other Latin America</td><td>2,293</td><td>1,957</td><td>1,658</td><td>299</td><td>336</td><td>154</td><td>182</td><td>5,695</td><td>5,418</td><td>1,373</td><td>4,045</td><td>277</td><td>167</td><td>110</td></tr><tr><td>Total Latin America</td><td>10,717</td><td>7,509</td><td>6,713</td><td>796</td><td>3,208</td><td>1,030</td><td>2,178</td><td>9,281</td><td>8,165</td><td>3,214</td><td>4,951</td><td>1,116</td><td>606</td><td>510</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>570</td><td>488</td><td>485</td><td>3</td><td>82</td><td>12</td><td>70</td><td>5,898</td><td>5,880</td><td>5,293</td><td>587</td><td>18</td><td>18</td><td>-</td></tr><tr><td>French Indo-China</td><td>265</td><td>204</td><td>204</td><td>-</td><td>61</td><td>34</td><td>27</td><td>59</td><td>15</td><td>15</td><td>-</td><td>44</td><td>44</td><td>-</td></tr><tr><td>Hong Kong</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>India</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>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>4</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherland East Indies</td><td>18</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>7</td><td>5</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>41</td><td>41</td><td>38</td><td>3</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>13</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>75</td><td>71</td><td>61</td><td>10</td><td>4</td><td>4</td><td>4</td><td>108</td><td>91</td><td>70</td><td>21</td><td>17</td><td>2</td><td>15</td></tr><tr><td>Total Asia</td><td>991</td><td>844</td><td>828</td><td>16</td><td>147</td><td>46</td><td>101</td><td>6,099</td><td>6,019</td><td>5,401</td><td>618</td><td>80</td><td>65</td><td>15</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>210</td><td>39</td><td>36</td><td>3</td><td>171</td><td>-</td><td>171</td><td>122</td><td>115</td><td>111</td><td>4</td><td>7</td><td>-</td><td>7</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><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>Egypt and Anglo-Egyptian Sudan</td><td>121</td><td>121</td><td>119</td><td>2</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>12</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>78</td><td>30</td><td>13</td><td>17</td><td>48</td><td>32</td><td>16</td><td>54</td><td>20</td><td>13</td><td>7</td><td>34</td><td>22</td><td>12</td></tr><tr><td>Union of South Africa</td><td>113</td><td>56</td><td>53</td><td>3</td><td>57</td><td>33</td><td>24</td><td>43</td><td>42</td><td>42</td><td>-</td><td>6</td><td>-</td><td>6</td></tr><tr><td>All other</td><td>123</td><td>118</td><td>111</td><td>7</td><td>5</td><td>-</td><td>5</td><td>12</td><td>12</td><td>5</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>645</td><td>364</td><td>332</td><td>32</td><td>281</td><td>65</td><td>216</td><td>252</td><td>205</td><td>183</td><td>22</td><td>47</td><td>22</td><td>25</td></tr><tr><td>International 2/</td><td>49</td><td>29</td><td>19</td><td>10</td><td>20</td><td>-</td><td>20</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>50,962</td><td>37,865</td><td>26,830</td><td>11,035</td><td>13,097</td><td>5,312</td><td>7,785</td><td>225,174</td><td>61,382</td><td>35,400</td><td>25,982</td><td>163,792</td><td>7,172</td><td>156,620</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Include transactions of international organizations such as UNRFA, International Monetary Fund, and International Bank.
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of October 1948
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="3">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>23,423</td><td>10,730</td><td>8,872</td><td>1,002</td><td>856</td><td>12,693</td><td>3,963</td><td>5,054</td><td>3,676</td></tr><tr><td>France</td><td>118,283</td><td>174</td><td>26</td><td>97</td><td>51</td><td>118,109</td><td>101,207</td><td>427</td><td>16,475</td></tr><tr><td>Belgium</td><td>20,824</td><td>1,700</td><td>87</td><td>2</td><td>1,611</td><td>19,124</td><td>6,609</td><td>5,152</td><td>7,363</td></tr><tr><td>Denmark</td><td>1,145</td><td>72</td><td>46</td><td>17</td><td>9</td><td>1,073</td><td>429</td><td>419</td><td>225</td></tr><tr><td>Finland</td><td>3,438</td><td>1</td><td>1</td><td>-</td><td>-</td><td>3,437</td><td>10</td><td>3,020</td><td>407</td></tr><tr><td>Germany</td><td>33,644</td><td>30</td><td>4</td><td>26</td><td>-</td><td>33,614</td><td>17,063</td><td>67</td><td>16,484</td></tr><tr><td>Greece</td><td>3,643</td><td>5</td><td>-</td><td>5</td><td>-</td><td>3,638</td><td>2,510</td><td>-</td><td>1,128</td></tr><tr><td>Italy</td><td>16,955</td><td>148</td><td>1</td><td>144</td><td>3</td><td>16,807</td><td>1,652</td><td>7,306</td><td>7,849</td></tr><tr><td>Luxembourg</td><td>147</td><td>-</td><td>-</td><td>-</td><td>-</td><td>147</td><td>-</td><td>-</td><td>147</td></tr><tr><td>Netherlands</td><td>69,775</td><td>288</td><td>196</td><td>39</td><td>53</td><td>69,487</td><td>28,481</td><td>1,359</td><td>39,647</td></tr><tr><td>Norway</td><td>27,268</td><td>70</td><td>31</td><td>34</td><td>5</td><td>27,198</td><td>10,147</td><td>541</td><td>16,510</td></tr><tr><td>Portugal</td><td>715</td><td>94</td><td>57</td><td>-</td><td>37</td><td>621</td><td>64</td><td>-</td><td>557</td></tr><tr><td>Romania</td><td>12,001</td><td>3</td><td>-</td><td>3</td><td>-</td><td>11,998</td><td>11,986</td><td>-</td><td>12</td></tr><tr><td>Spain</td><td>5,485</td><td>74</td><td>9</td><td>13</td><td>52</td><td>5,411</td><td>143</td><td>-</td><td>5,268</td></tr><tr><td>Sweden</td><td>1,569</td><td>106</td><td>72</td><td>-</td><td>34</td><td>1,463</td><td>6</td><td>185</td><td>1,272</td></tr><tr><td>Switzerland</td><td>7,092</td><td>648</td><td>357</td><td>284</td><td>7</td><td>6,444</td><td>2,865</td><td>548</td><td>3,031</td></tr><tr><td>U. S. S. R.</td><td>81</td><td>2</td><td>2</td><td>-</td><td>-</td><td>39</td><td>-</td><td>-</td><td>39</td></tr><tr><td>Yugoslavia</td><td>11,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,060</td><td>11,000</td><td>31</td><td>29</td></tr><tr><td>Other Europe</td><td>39,099</td><td>123</td><td>64</td><td>42</td><td>17</td><td>38,976</td><td>30,916</td><td>324</td><td>7,736</td></tr><tr><td>Total Europe</td><td>395,607</td><td>14,268</td><td>9,825</td><td>1,708</td><td>2,735</td><td>381,339</td><td>229,051</td><td>24,433</td><td>127,855</td></tr><tr><td>Canada</td><td>29,267</td><td>7,733</td><td>3,608</td><td>3,105</td><td>1,020</td><td>21,534</td><td>1,417</td><td>4,810</td><td>15,307</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>63,760</td><td>203</td><td>154</td><td>45</td><td>4</td><td>63,557</td><td>40,605</td><td>445</td><td>22,507</td></tr><tr><td>Bolivia</td><td>2,922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,922</td><td>845</td><td>2</td><td>2,075</td></tr><tr><td>Brazil</td><td>174,954</td><td>129</td><td>11</td><td>-</td><td>118</td><td>174,825</td><td>9,026</td><td>315</td><td>165,484</td></tr><tr><td>Chile</td><td>21,007</td><td>3</td><td>1</td><td>-</td><td>2</td><td>21,004</td><td>263</td><td>2,462</td><td>18,279</td></tr><tr><td>Colombia</td><td>39,755</td><td>7</td><td>-</td><td>-</td><td>7</td><td>39,748</td><td>8,215</td><td>6,727</td><td>24,806</td></tr><tr><td>Costa Rica</td><td>1,083</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,082</td><td>30</td><td>34</td><td>1,018</td></tr><tr><td>Cuba</td><td>65,498</td><td>361</td><td>355</td><td>-</td><td>6</td><td>65,137</td><td>45,296</td><td>10,781</td><td>9,060</td></tr><tr><td>French West Indies and Guiana</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>35</td></tr><tr><td>Mexico</td><td>76,619</td><td>38,748</td><td>1,259</td><td>37,081</td><td>408</td><td>37,871</td><td>6,701</td><td>9,465</td><td>21,705</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,252</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,251</td><td>49</td><td>-</td><td>1,202</td></tr><tr><td>Panama</td><td>4,002</td><td>33</td><td>-</td><td>33</td><td>-</td><td>3,969</td><td>34</td><td>1</td><td>3,934</td></tr><tr><td>Peru</td><td>4,232</td><td>90</td><td>21</td><td>68</td><td>1</td><td>4,142</td><td>1</td><td>-</td><td>4,141</td></tr><tr><td>Venezuela</td><td>20,814</td><td>64</td><td>17</td><td>42</td><td>5</td><td>20,750</td><td>3,143</td><td>502</td><td>17,105</td></tr><tr><td>Other Latin America</td><td>35,538</td><td>26</td><td>14</td><td>2</td><td>10</td><td>35,512</td><td>7,773</td><td>2,165</td><td>25,574</td></tr><tr><td>Total Latin America</td><td>511,471</td><td>39,666</td><td>1,832</td><td>37,271</td><td>563</td><td>471,805</td><td>121,981</td><td>32,899</td><td>316,925</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>39,000</td><td>8</td><td>8</td><td>-</td><td>-</td><td>38,992</td><td>34,474</td><td>281</td><td>4,277</td></tr><tr><td>French Indo-China</td><td>81</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>6</td><td>74</td><td>1</td></tr><tr><td>Hong Kong</td><td>3,121</td><td>147</td><td>106</td><td>32</td><td>9</td><td>2,974</td><td>1,558</td><td>207</td><td>1,209</td></tr><tr><td>India</td><td>20,038</td><td>15,561</td><td>181</td><td>15,354</td><td>26</td><td>4,477</td><td>727</td><td>1,451</td><td>2,299</td></tr><tr><td>British Malaya</td><td>429</td><td>56</td><td>46</td><td>-</td><td>10</td><td>373</td><td>9</td><td>214</td><td>150</td></tr><tr><td>Japan</td><td>6,054</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,054</td><td>189</td><td>1,404</td><td>4,461</td></tr><tr><td>Netherlands East Indies</td><td>294</td><td>1</td><td>1</td><td>-</td><td>-</td><td>293</td><td>-</td><td>161</td><td>132</td></tr><tr><td>Philippine Islands</td><td>34,241</td><td>1,328</td><td>1,155</td><td>-</td><td>173</td><td>32,913</td><td>14,146</td><td>4,264</td><td>14,503</td></tr><tr><td>Turkey</td><td>1,584</td><td>5</td><td>-</td><td>5</td><td>-</td><td>1,579</td><td>131</td><td>-</td><td>1,448</td></tr><tr><td>Other Asia 2/</td><td>12,484</td><td>4,056</td><td>19</td><td>4,009</td><td>28</td><td>8,428</td><td>2,402</td><td>201</td><td>5,825</td></tr><tr><td>Total Asia</td><td>117,326</td><td>21,162</td><td>1,516</td><td>19,400</td><td>246</td><td>96,164</td><td>53,642</td><td>8,217</td><td>34,305</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>3,796</td><td>1,763</td><td>1,523</td><td>199</td><td>41</td><td>2,023</td><td>86</td><td>989</td><td>948</td></tr><tr><td>New Zealand</td><td>626</td><td>42</td><td>41</td><td>-</td><td>1</td><td>584</td><td>14</td><td>86</td><td>484</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>261</td><td>15</td><td>2</td><td>-</td><td>13</td><td>246</td><td>37</td><td>-</td><td>209</td></tr><tr><td>French Morocco</td><td>246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>246</td><td>6</td><td>-</td><td>240</td></tr><tr><td>Union of South Africa</td><td>11,069</td><td>2,383</td><td>18</td><td>-</td><td>2,365</td><td>8,686</td><td>86</td><td>9</td><td>8,591</td></tr><tr><td>All other</td><td>5,150</td><td>37</td><td>2</td><td>-</td><td>35</td><td>5,113</td><td>647</td><td>-</td><td>4,466</td></tr><tr><td>Total other countries</td><td>21,138</td><td>4,240</td><td>1,586</td><td>199</td><td>2,455</td><td>16,898</td><td>876</td><td>1,084</td><td>14,938</td></tr><tr><td>Unidentified</td><td>383</td><td>-</td><td>-</td><td>-</td><td>-</td><td>383</td><td>-</td><td>-</td><td>383</td></tr><tr><td>Grand total</td><td>1,075,192</td><td>87,069</td><td>18,367</td><td>61,683</td><td>7,019</td><td>988,123</td><td>406,967</td><td>71,443</td><td>509,713</td></tr></table>
1/ Beginning with March 1947, includes 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.
January 1949
59
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of October 1948
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>359,983</td><td>305,943</td><td>265,606</td><td>3,440</td><td>35,315</td><td>1,582</td><td>54,040</td><td>5,082</td><td>46,397</td><td>2,561</td></tr><tr><td>France</td><td>166,531</td><td>166,417</td><td>149,516</td><td>1,123</td><td>10,741</td><td>5,034</td><td>114</td><td>98</td><td>-</td><td>16</td></tr><tr><td>Belgium</td><td>117,164</td><td>116,673</td><td>106,300</td><td>1,014</td><td>9,310</td><td>49</td><td>491</td><td>202</td><td>187</td><td>102</td></tr><tr><td>Denmark</td><td>40,702</td><td>40,615</td><td>39,204</td><td>961</td><td>407</td><td>43</td><td>87</td><td>87</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>18,793</td><td>18,793</td><td>18,792</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>125,249</td><td>125,238</td><td>124,597</td><td>147</td><td>22</td><td>472</td><td>11</td><td>8</td><td>-</td><td>3</td></tr><tr><td>Greece</td><td>20,401</td><td>20,374</td><td>20,148</td><td>225</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>315,383</td><td>315,365</td><td>308,464</td><td>670</td><td>6,185</td><td>46</td><td>18</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>14,909</td><td>14,909</td><td>14,628</td><td>-</td><td>281</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>107,831</td><td>107,780</td><td>104,683</td><td>327</td><td>2,431</td><td>339</td><td>51</td><td>40</td><td>-</td><td>11</td></tr><tr><td>Norway</td><td>71,618</td><td>71,546</td><td>57,204</td><td>5,585</td><td>8,757</td><td>-</td><td>72</td><td>72</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>43,685</td><td>43,499</td><td>42,792</td><td>692</td><td>-</td><td>15</td><td>186</td><td>181</td><td>-</td><td>5</td></tr><tr><td>Rumania</td><td>6,876</td><td>6,876</td><td>6,847</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>16,097</td><td>16,027</td><td>15,684</td><td>145</td><td>195</td><td>3</td><td>70</td><td>68</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>49,335</td><td>48,958</td><td>40,833</td><td>7,020</td><td>1,105</td><td>-</td><td>377</td><td>341</td><td>6</td><td>30</td></tr><tr><td>Switzerland</td><td>525,895</td><td>524,275</td><td>473,353</td><td>25,749</td><td>14,995</td><td>10,178</td><td>1,620</td><td>468</td><td>259</td><td>893</td></tr><tr><td>U. S. S. R.</td><td>32,754</td><td>32,754</td><td>32,709</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>19,401</td><td>19,388</td><td>19,380</td><td>7</td><td>-</td><td>1</td><td>13</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Other Europe</td><td>106,435</td><td>106,420</td><td>83,079</td><td>3,506</td><td>19,800</td><td>35</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Total Europe</td><td>2,159,042</td><td>2,101,850</td><td>1,923,819</td><td>50,686</td><td>109,547</td><td>17,798</td><td>57,192</td><td>6,703</td><td>46,849</td><td>3,640</td></tr><tr><td>Canada</td><td>701,275</td><td>697,122</td><td>279,574</td><td>3,577</td><td>413,845</td><td>126</td><td>4,153</td><td>1,003</td><td>-</td><td>3,150</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>224,787</td><td>224,602</td><td>220,885</td><td>2,399</td><td>-</td><td>1,318</td><td>185</td><td>159</td><td>-</td><td>26</td></tr><tr><td>Bolivia</td><td>14,373</td><td>14,373</td><td>14,373</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>122,250</td><td>122,221</td><td>109,371</td><td>9,416</td><td>278</td><td>3,156</td><td>29</td><td>28</td><td>-</td><td>1</td></tr><tr><td>Chile</td><td>58,253</td><td>58,252</td><td>56,187</td><td>1,644</td><td>-</td><td>421</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>46,209</td><td>46,208</td><td>45,477</td><td>626</td><td>-</td><td>105</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,864</td><td>6,864</td><td>6,675</td><td>38</td><td>-</td><td>151</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>221,406</td><td>221,406</td><td>219,161</td><td>1,919</td><td>250</td><td>76</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>823</td><td>823</td><td>804</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>148,937</td><td>147,898</td><td>146,838</td><td>940</td><td>61</td><td>59</td><td>1,039</td><td>5</td><td>-</td><td>1,034</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>23,340</td><td>23,340</td><td>16,340</td><td>-</td><td>7,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>65,260</td><td>65,260</td><td>50,147</td><td>229</td><td>14,804</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>52,144</td><td>51,517</td><td>51,203</td><td>289</td><td>25</td><td>-</td><td>627</td><td>627</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>97,463</td><td>97,206</td><td>97,106</td><td>100</td><td>-</td><td>-</td><td>257</td><td>257</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>176,313</td><td>176,006</td><td>147,209</td><td>7,197</td><td>21,576</td><td>24</td><td>307</td><td>306</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,258,422</td><td>1,255,976</td><td>1,181,776</td><td>24,816</td><td>44,074</td><td>5,310</td><td>2,446</td><td>1,384</td><td>-</td><td>1,062</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>154,573</td><td>154,572</td><td>143,419</td><td>1,549</td><td>9,216</td><td>388</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>6,402</td><td>6,402</td><td>5,278</td><td>-</td><td>1,000</td><td>124</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>43,324</td><td>41,061</td><td>40,304</td><td>373</td><td>-</td><td>384</td><td>2,263</td><td>2,263</td><td>-</td><td>-</td></tr><tr><td>India</td><td>40,933</td><td>39,945</td><td>38,008</td><td>1,937</td><td>-</td><td>-</td><td>988</td><td>367</td><td>449</td><td>172</td></tr><tr><td>British Malaya</td><td>13,904</td><td>13,904</td><td>13,358</td><td>127</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>76,818</td><td>76,786</td><td>68,363</td><td>1,817</td><td>6,606</td><td>-</td><td>32</td><td>22</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>54,013</td><td>54,011</td><td>46,347</td><td>264</td><td>7,400</td><td>894</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>508,348</td><td>508,348</td><td>490,892</td><td>16,562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>17,956</td><td>17,956</td><td>17,864</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia 2/.</td><td>168,932</td><td>168,811</td><td>132,947</td><td>855</td><td>35,000</td><td>9</td><td>121</td><td>106</td><td>-</td><td>15</td></tr><tr><td>Total Asia</td><td>1,085,203</td><td>1,081,796</td><td>995,780</td><td>23,576</td><td>59,641</td><td>1,799</td><td>3,407</td><td>2,761</td><td>449</td><td>197</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>19,163</td><td>18,376</td><td>16,130</td><td>757</td><td>1,489</td><td>-</td><td>787</td><td>-</td><td>148</td><td>639</td></tr><tr><td>New Zealand</td><td>5,293</td><td>5,206</td><td>4,980</td><td>226</td><td>-</td><td>-</td><td>87</td><td>3</td><td>20</td><td>64</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>36,837</td><td>36,538</td><td>36,509</td><td>29</td><td>-</td><td>-</td><td>299</td><td>28</td><td>-</td><td>271</td></tr><tr><td>French Morocco</td><td>11,858</td><td>11,858</td><td>11,822</td><td>35</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>8,845</td><td>6,739</td><td>6,667</td><td>62</td><td>10</td><td>-</td><td>2,106</td><td>2,035</td><td>-</td><td>71</td></tr><tr><td>All other</td><td>77,897</td><td>77,868</td><td>76,008</td><td>256</td><td>1,600</td><td>4</td><td>29</td><td>24</td><td>-</td><td>5</td></tr><tr><td>Total other countries</td><td>159,893</td><td>156,585</td><td>152,116</td><td>1,365</td><td>3,099</td><td>5</td><td>3,308</td><td>2,090</td><td>168</td><td>1,050</td></tr><tr><td>International 3/.</td><td>1,916,535</td><td>1,916,535</td><td>321,005</td><td>1</td><td>1,595,527</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>18,184</td><td>18,184</td><td>18,137</td><td>-</td><td>-</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,298,554</td><td>7,288,048</td><td>4,873,207</td><td>104,021</td><td>2,225,733</td><td>25,087</td><td>70,506</td><td>13,941</td><td>47,466</td><td>9,099</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1948, includes data for Pakistan, Burma, and
3/ Includes transactions of international organizations such as UNFRA, International Monetary Fund, and International Bank.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of October 1948
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="4">Purchases by foreigners</th><th colspan="4">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th><th>Total sales</th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>4,795</td><td>3,696</td><td>2,353</td><td>1,343</td><td>1,099</td><td>268</td><td>831</td><td>4,416</td><td>2,813</td><td>1,885</td><td>928</td><td>1,603</td><td>350</td><td>1,253</td></tr><tr><td>France</td><td>2,095</td><td>1,439</td><td>651</td><td>788</td><td>656</td><td>599</td><td>57</td><td>3,754</td><td>2,890</td><td>2,000</td><td>884</td><td>864</td><td>477</td><td>387</td></tr><tr><td>Belgium</td><td>1,921</td><td>1,149</td><td>853</td><td>296</td><td>772</td><td>313</td><td>459</td><td>1,818</td><td>1,266</td><td>903</td><td>363</td><td>552</td><td>135</td><td>417</td></tr><tr><td>Denmark</td><td>92</td><td>75</td><td>54</td><td>21</td><td>17</td><td>-</td><td>17</td><td>67</td><td>60</td><td>60</td><td>-</td><td>7</td><td>5</td><td>2</td></tr><tr><td>Finland</td><td>4</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>4</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>13</td><td>11</td><td>2</td><td>160</td><td>125</td><td>35</td></tr><tr><td>Italy</td><td>726</td><td>692</td><td>512</td><td>180</td><td>34</td><td>-</td><td>34</td><td>544</td><td>384</td><td>323</td><td>61</td><td>160</td><td>125</td><td>35</td></tr><tr><td>Luxembourg</td><td>119</td><td>55</td><td>53</td><td>2</td><td>64</td><td>33</td><td>31</td><td>106</td><td>94</td><td>64</td><td>30</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Netherlands</td><td>807</td><td>216</td><td>154</td><td>62</td><td>591</td><td>148</td><td>443</td><td>4,396</td><td>4,023</td><td>2,916</td><td>1,107</td><td>373</td><td>154</td><td>219</td></tr><tr><td>Norway</td><td>622</td><td>241</td><td>232</td><td>9</td><td>381</td><td>4</td><td>377</td><td>296</td><td>161</td><td>144</td><td>17</td><td>125</td><td>-</td><td>125</td></tr><tr><td>Portugal</td><td>91</td><td>72</td><td>49</td><td>23</td><td>19</td><td>19</td><td>-</td><td>95</td><td>81</td><td>45</td><td>36</td><td>14</td><td>-</td><td>14</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>69</td><td>63</td><td>63</td><td>-</td><td>6</td><td>6</td><td>-</td><td>227</td><td>225</td><td>222</td><td>3</td><td>2</td><td>2</td><td>5</td></tr><tr><td>Sweden</td><td>262</td><td>239</td><td>87</td><td>152</td><td>23</td><td>23</td><td>-</td><td>70</td><td>65</td><td>44</td><td>21</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Switzerland</td><td>23,079</td><td>21,305</td><td>12,628</td><td>8,677</td><td>1,774</td><td>1,065</td><td>709</td><td>19,339</td><td>17,010</td><td>8,826</td><td>8,184</td><td>2,829</td><td>1,938</td><td>1,291</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>49</td><td>43</td><td>39</td><td>4</td><td>6</td><td>5</td><td>1</td><td>22</td><td>20</td><td>7</td><td>13</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Total Europe</td><td>34,737</td><td>29,291</td><td>17,734</td><td>11,557</td><td>5,446</td><td>2,483</td><td>2,963</td><td>35,670</td><td>29,122</td><td>17,463</td><td>11,659</td><td>6,548</td><td>2,798</td><td>3,750</td></tr><tr><td>Canada</td><td>45,828</td><td>33,736</td><td>5,205</td><td>28,531</td><td>12,092</td><td>3,025</td><td>9,067</td><td>36,831</td><td>27,618</td><td>2,543</td><td>25,075</td><td>9,263</td><td>4,340</td><td>4,923</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><td></td></tr><tr><td>Argentina</td><td>1,104</td><td>761</td><td>728</td><td>33</td><td>343</td><td>11</td><td>332</td><td>565</td><td>340</td><td>336</td><td>4</td><td>225</td><td>46</td><td>179</td></tr><tr><td>Bolivia</td><td>11</td><td>11</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>692</td><td>228</td><td>228</td><td>-</td><td>464</td><td>12</td><td>452</td><td>159</td><td>128</td><td>123</td><td>5</td><td>31</td><td>10</td><td>21</td></tr><tr><td>Chile</td><td>431</td><td>146</td><td>124</td><td>22</td><td>285</td><td>24</td><td>261</td><td>196</td><td>140</td><td>140</td><td>-</td><td>56</td><td>21</td><td>35</td></tr><tr><td>Colombia</td><td>48</td><td>10</td><td>10</td><td>-</td><td>38</td><td>24</td><td>14</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>5</td><td>2</td><td>2</td><td>-</td><td>3</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,205</td><td>366</td><td>320</td><td>46</td><td>339</td><td>171</td><td>168</td><td>1,277</td><td>1,090</td><td>714</td><td>376</td><td>187</td><td>114</td><td>73</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,066</td><td>1,017</td><td>1,003</td><td>14</td><td>49</td><td>49</td><td>-</td><td>708</td><td>654</td><td>600</td><td>54</td><td>54</td><td>27</td><td>27</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>60</td><td>56</td><td>43</td><td>13</td><td>4</td><td>1</td><td>3</td><td>13</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>1,125</td><td>1,119</td><td>1,074</td><td>45</td><td>66</td><td>33</td><td>33</td><td>657</td><td>617</td><td>565</td><td>52</td><td>40</td><td>34</td><td>6</td></tr><tr><td>Peru</td><td>166</td><td>157</td><td>106</td><td>51</td><td>9</td><td>3</td><td>6</td><td>44</td><td>44</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>436</td><td>406</td><td>374</td><td>32</td><td>30</td><td>13</td><td>17</td><td>117</td><td>90</td><td>90</td><td>41</td><td>27</td><td>27</td><td>65</td></tr><tr><td>Other Latin America</td><td>2,801</td><td>2,414</td><td>855</td><td>1,559</td><td>387</td><td>113</td><td>274</td><td>1,223</td><td>856</td><td>815</td><td>41</td><td>367</td><td>302</td><td>65</td></tr><tr><td>Total Latin America</td><td>9,210</td><td>7,193</td><td>5,378</td><td>1,815</td><td>2,017</td><td>454</td><td>1,563</td><td>4,972</td><td>3,985</td><td>3,453</td><td>532</td><td>987</td><td>581</td><td>406</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><td></td></tr><tr><td>China and Manchuria</td><td>311</td><td>276</td><td>178</td><td>98</td><td>35</td><td>14</td><td>21</td><td>815</td><td>805</td><td>628</td><td>177</td><td>10</td><td>2</td><td>8</td></tr><tr><td>French Indo-China</td><td>65</td><td>37</td><td>37</td><td>-</td><td>28</td><td>12</td><td>16</td><td>595</td><td>579</td><td>579</td><td>-</td><td>16</td><td>6</td><td>10</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India</td><td>11</td><td>8</td><td>8</td><td>-</td><td>3</td><td>3</td><td>-</td><td>338</td><td>338</td><td>338</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>20</td><td>20</td><td>20</td><td>-</td><td>6</td><td>-</td><td>6</td><td>28</td><td>26</td><td>26</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>8</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>24</td><td>17</td><td>6</td><td>11</td><td>7</td><td>7</td><td>-</td><td>29</td><td>29</td><td>23</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>370</td><td>370</td><td>370</td><td>-</td><td>6</td><td>1</td><td>5</td><td>95</td><td>95</td><td>94</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>15</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>57</td><td>35</td><td>23</td><td>12</td><td>22</td><td>5</td><td>17</td><td>69</td><td>51</td><td>40</td><td>11</td><td>18</td><td>8</td><td>10</td></tr><tr><td>Total Asia</td><td>882</td><td>775</td><td>654</td><td>121</td><td>107</td><td>35</td><td>72</td><td>1,977</td><td>1,933</td><td>1,736</td><td>197</td><td>111</td><td>16</td><td>28</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><td></td></tr><tr><td>Australia</td><td>460</td><td>139</td><td>139</td><td>-</td><td>321</td><td>68</td><td>253</td><td>148</td><td>122</td><td>122</td><td>-</td><td>26</td><td>-</td><td>26</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><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>Egypt and Anglo-Egyptian Sudan</td><td>11</td><td>11</td><td>11</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>French Morocco</td><td>98</td><td>61</td><td>61</td><td>-</td><td>37</td><td>23</td><td>14</td><td>56</td><td>24</td><td>24</td><td>-</td><td>32</td><td>28</td><td>4</td></tr><tr><td>Union of South Africa</td><td>75</td><td>19</td><td>6</td><td>13</td><td>56</td><td>-</td><td>56</td><td>82</td><td>27</td><td>26</td><td>1</td><td>55</td><td>-</td><td>55</td></tr><tr><td>All other</td><td>216</td><td>204</td><td>193</td><td>11</td><td>12</td><td>5</td><td>7</td><td>30</td><td>30</td><td>21</td><td>9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>860</td><td>434</td><td>410</td><td>24</td><td>426</td><td>96</td><td>330</td><td>316</td><td>203</td><td>193</td><td>10</td><td>113</td><td>28</td><td>85</td></tr><tr><td>International 2/</td><td>2,016</td><td>2,016</td><td>-</td><td>2,016</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>93,533</td><td>73,445</td><td>29,381</td><td>44,064</td><td>20,088</td><td>6,093</td><td>13,995</td><td>79,816</td><td>62,861</td><td>25,388</td><td>37,473</td><td>16,955</td><td>7,763</td><td>9,192</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.
January 1949
61
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">May</th><th colspan="2">June</th><th colspan="2">July</th><th colspan="2">August</th><th colspan="2">September p</th><th colspan="2">October p</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>84,482</td><td>95,815</td><td>91,657</td><td>96,983</td><td>90,286</td><td>100,318</td><td>91,645</td><td>97,385</td><td>90,854</td><td>96,804</td><td>83,588</td><td>86,883</td></tr><tr><td>France</td><td>9</td><td>19</td><td>8</td><td>2</td><td>75</td><td>1</td><td>24</td><td>17</td><td>-</td><td>2</td><td>182</td><td>404</td></tr><tr><td>Belgium</td><td>-</td><td>5</td><td>-</td><td>3</td><td>-</td><td>9</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>3,162</td></tr><tr><td>Germany</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>-</td><td>-</td><td>32</td><td>32</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>-</td><td>21</td><td>-</td><td>4</td><td>17</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>689</td><td>961</td><td>566</td><td>1,044</td><td>798</td><td>1,249</td><td>487</td><td>822</td><td>369</td><td>577</td><td>202</td><td>436</td></tr><tr><td>Switzerland</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>85,182</td><td>96,823</td><td>92,255</td><td>98,070</td><td>91,176</td><td>101,578</td><td>92,182</td><td>98,826</td><td>91,223</td><td>97,383</td><td>83,972</td><td>90,886</td></tr><tr><td>Canada</td><td>2,937</td><td>2,248</td><td>4,796</td><td>4,373</td><td>7,704</td><td>6,710</td><td>6,145</td><td>5,181</td><td>6,110</td><td>4,753</td><td>3,949</td><td>3,533</td></tr><tr><td>Latin America</td><td>299</td><td>329</td><td>299</td><td>605</td><td>597</td><td>1,426</td><td>597</td><td>1,225</td><td>1,213</td><td>1,232</td><td>1,228</td><td>1,110</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>79</td><td>-</td><td>189</td><td>-</td><td>250</td><td>-</td><td>250</td><td>-</td><td>250</td><td>-</td><td>100</td><td>-</td></tr><tr><td>Hoog Koog</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Japan</td><td>632</td><td>1,003</td><td>1,701</td><td>2,061</td><td>1,971</td><td>3,094</td><td>1,894</td><td>2,354</td><td>1,739</td><td>2,329</td><td>1,568</td><td>2,040</td></tr><tr><td>Other Asia</td><td>711</td><td>1,007</td><td>1,890</td><td>2,065</td><td>2,221</td><td>3,098</td><td>2,144</td><td>2,358</td><td>1,989</td><td>2,333</td><td>1,668</td><td>2,048</td></tr><tr><td>Total Asia</td><td>1,215</td><td>1,753</td><td>569</td><td>795</td><td>248</td><td>591</td><td>693</td><td>1,092</td><td>743</td><td>1,173</td><td>602</td><td>1,038</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>90,344</td><td>102,160</td><td>99,819</td><td>105,908</td><td>101,946</td><td>113,403</td><td>101,761</td><td>108,682</td><td>101,278</td><td>106,874</td><td>91,419</td><td>98,611</td></tr></table>
p Preliminary.
Treasury Bulletin
62
CUMULATIVE TABLE OF CONTENTS
February 1948 through January 1949
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><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>Jan.</th></tr><tr><td>Treasury financing operations</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations</td><td>2-3</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td colspan="13">Budget receipts and expenditures:</td></tr><tr><td>Summary by major classifications</td><td>5</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Receipts by principal sources</td><td>5</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Receipts from internal revenue</td><td>5</td><td></td><td></td><td></td><td></td><td></td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Expenditures by major classifications</td><td>7</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Expenditures for national defense and related activities</td><td>7</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Expenditures for international finance and aid</td><td>6</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>"Other" expenditures</td><td>7</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>Expenditures for transfers to trust accounts, etc.</td><td>8</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Expenditures of Government corporations (wholly owned), etc.</td><td>9</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Summary by months and calendar years</td><td>11</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Social Security Act</td><td>12</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Railroad Retirement Act</td><td>12</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Railroad Unemployment Insurance Act</td><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 colspan="13">Trust accounts, etc.:</td></tr><tr><td>Receipts and expenditures by major classifications</td><td>10</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of receipts and expenditures of all trust accounts, etc.</td><td></td><td></td><td></td><td></td><td></td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Receipts, by principal accounts</td><td></td><td></td><td></td><td></td><td></td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Investments, by principal accounts</td><td></td><td></td><td></td><td></td><td></td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Expenditures other than investments, by principal accounts</td><td></td><td></td><td></td><td></td><td></td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>13</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Railroad Retirement Account</td><td>13</td><td>9</td><td>9</td><td>9</td><td>9</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Unemployment Trust Fund</td><td>13</td><td>9</td><td>9</td><td>9</td><td>9</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td colspan="13">Treasury cash income and outgo:</td></tr><tr><td>Summary of cash transactions</td><td>14</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Derivation of cash budget receipts</td><td>14</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Derivation of cash budget expenditures</td><td>15</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash trust account transactions</td><td>15</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing</td><td>16</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Summary of cash operating income and outgo by months</td><td>16</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td colspan="13">General Fund of the Treasury:</td></tr><tr><td>Status of the General Fund</td><td>18</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Analysis of change in balance in the General Fund</td><td>18</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Means of financing cash requirements</td><td>19</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Debt outstanding:</td></tr><tr><td>Summary of Federal securities outstanding</td><td>21</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Interest-bearing public debt</td><td>21</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Interest-bearing guaranteed securities</td><td>22</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Special issues to U.S. Government agencies and trust funds</td><td>22</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities</td><td>23</td><td>16</td><td>16</td><td>16</td><td>16</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Treasury holdings of securities issued by corporations and certain other business-type activities of the U.S. Government</td><td>23</td><td>16</td><td>16</td><td>16</td><td>16</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>24</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>Statutory debt limitation</td><td>20</td><td>17</td><td>17</td><td>17</td><td>17</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td colspan="13">Debt operations:</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the U.S. Government</td><td>25-26</td><td>18-19</td><td>18-19</td><td>18-19</td><td>18-19</td><td>19-20</td><td>19-20</td><td>19-20</td><td>19-20</td><td>19-20</td><td>19-20</td><td>19-20</td></tr><tr><td>Offerings of Treasury bills</td><td>29</td><td>20</td><td>20</td><td>20</td><td>20</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td><td>21</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>27</td><td>21</td><td>21</td><td>21</td><td>21</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness and guaranteed securities</td><td>28</td><td>22</td><td>22</td><td>22</td><td>22</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td><td>23</td></tr><tr><td>Issuance and retirement of the public debt</td><td>24</td><td>23</td><td>23</td><td>23</td><td>23</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td><td>24</td></tr></table>
(Continued on following page)
January 1949
63
CUMULATIVE TABLE OF CONTENTS
February 1948 through January 1949 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><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>Jan.</th></tr><tr><td colspan="14">1948</td><td>1949</td></tr><tr><td>United States savings 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></tr><tr><td>Summary of cumulative sales and redemptions by series...</td><td>30</td><td>24</td><td>24</td><td>24</td><td>24</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td></tr><tr><td>Sales and redemptions, all series combined............</td><td>30</td><td>24</td><td>24</td><td>24</td><td>24</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td><td>25</td></tr><tr><td>Sales and redemptions of Series E, F and G............</td><td>31-32</td><td>25-26</td><td>25-26</td><td>25-26</td><td>25-26</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td><td>26-27</td></tr><tr><td>Sales of Series E, F and G:</td><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>By denominations</td><td>33</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By States</td><td>34-35</td><td></td><td></td><td></td><td></td><td></td><td>29-30</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemptions of Series A-E by States</td><td>36</td><td></td><td></td><td></td><td></td><td></td><td>31</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury savings notes:</td><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>Summary of cumulative sales and redemptions by series...</td><td>37</td><td>27</td><td>27</td><td>27</td><td>27</td><td>28</td><td>32</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td></tr><tr><td>Sales and redemptions of Series C and D............</td><td>37</td><td>27</td><td>27</td><td>27</td><td>27</td><td>28</td><td>32</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td></tr><tr><td>Ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues</td><td>39</td><td>28</td><td>28</td><td>28</td><td>28</td><td>29</td><td>33</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td></tr><tr><td>Net market purchases or sales for Treasury investment</td><td>40</td><td>28</td><td>28</td><td>28</td><td>28</td><td>29</td><td>33</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td></tr><tr><td>Estimated ownership by bank and nonbank investors.....</td><td>40</td><td>29</td><td>29</td><td>29</td><td>29</td><td>30</td><td>34</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td></tr><tr><td>Treasury survey of ownership:</td><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>Ownership by banks, insurance companies, and others....</td><td>41-44</td><td>30-33</td><td>30-33</td><td>30-33</td><td>30-33</td><td>31-34</td><td>35-38</td><td>31-34</td><td>31-34</td><td>31-34</td><td>31-34</td><td>31-34</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date June 30, 1948)</td><td></td><td>34-37</td><td></td><td></td><td></td><td>35-38</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Market quotations:</td><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>Over-the-counter closing quotations on Federal securities by issues....................</td><td>46-47</td><td>34-35</td><td>38-39</td><td>34-35</td><td>34-35</td><td>35-36</td><td>39-40</td><td>39-40</td><td>35-36</td><td>35-36</td><td>35-36</td><td>35-36</td></tr><tr><td>Chart showing yields of Treasury securities............</td><td>48</td><td>36</td><td>40</td><td>36</td><td>36</td><td>37</td><td>41</td><td>41</td><td>37</td><td>37</td><td>37</td><td>37</td></tr><tr><td>Yields of Treasury and corporate 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></tr><tr><td>Average yields of long-term bonds by periods............</td><td>49</td><td>37</td><td>41</td><td>37</td><td>37</td><td>38</td><td>42</td><td>42</td><td>38</td><td>38</td><td>38</td><td>38</td></tr><tr><td>Chart showing average yields of long-term bonds.........</td><td>50</td><td>38</td><td>42</td><td>38</td><td>37</td><td>39</td><td>43</td><td>43</td><td>39</td><td>39</td><td>39</td><td>39</td></tr><tr><td>Internal revenue collections:</td><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>Summary by principal sources</td><td>52</td><td>39</td><td>43</td><td>39</td><td>39</td><td>40</td><td>44</td><td>44</td><td>40</td><td>40</td><td>40</td><td>40</td></tr><tr><td>Chart showing internal revenue collections............</td><td>53</td><td>40</td><td>44</td><td>40</td><td>40</td><td>41</td><td>45</td><td>45</td><td>41</td><td>41</td><td>41</td><td>41</td></tr><tr><td>Detail of collections by type of tax</td><td>54-55</td><td>41-42</td><td>45-46</td><td>41-42</td><td>41-42</td><td>42-43</td><td>46-47</td><td>46-47</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td></tr><tr><td>Monetary statistics:</td><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>Money in circulation</td><td>62</td><td>43</td><td>47</td><td>43</td><td>43</td><td>44</td><td>48</td><td>48</td><td>44</td><td>44</td><td>44</td><td>44</td></tr><tr><td>Monetary stocks of gold and silver</td><td>59</td><td>44</td><td>48</td><td>44</td><td>44</td><td>45</td><td>49</td><td>49</td><td>45</td><td>45</td><td>45</td><td>45</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>59</td><td>44</td><td>48</td><td>44</td><td>44</td><td>45</td><td>49</td><td>49</td><td>45</td><td>45</td><td>45</td><td>45</td></tr><tr><td>Components of silver monetary stock</td><td>60</td><td>45</td><td>49</td><td>45</td><td>45</td><td>46</td><td>50</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td></tr><tr><td>Silver production in the United States and acquisitions by mints and assay offices</td><td>61</td><td>45</td><td>49</td><td>45</td><td>45</td><td>46</td><td>50</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td></tr><tr><td>Seignorage on silver</td><td>60</td><td>46</td><td>50</td><td>46</td><td>46</td><td>47</td><td>51</td><td>51</td><td>47</td><td>47</td><td>47</td><td>47</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date September 30, 1948)</td><td>59</td><td>46</td><td>46</td><td>46</td><td>46</td><td>51</td><td>51</td><td>47</td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts (latest quarter ending September 30, 1948)</td><td></td><td>46</td><td>46</td><td>46</td><td>46</td><td>51</td><td>51</td><td>47</td><td></td><td></td><td></td><td></td></tr><tr><td>Exchange Stabilization Fund:</td><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>Balance Sheet (latest date June 30, 1948)</td><td>57-58</td><td>47-48</td><td>52-53</td><td>48-49</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital movements between the United States and foreign countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Historical summary of capital movements since 1935......</td><td>64-66</td><td>47-49</td><td>51-53</td><td>49-51</td><td>47-49</td><td>48-50</td><td>54-56</td><td>52-54</td><td>48-50</td><td>50-52</td><td>48-50</td><td>48-50</td></tr><tr><td>Summary by countries and months</td><td>67-70</td><td>50-53</td><td>54-57</td><td>52-55</td><td>50-53</td><td>51-54</td><td>57-60</td><td>55-58</td><td>51-54</td><td>53-56</td><td>51-54</td><td>51-54</td></tr><tr><td>Details for month by countries</td><td>71-73</td><td>54-56</td><td>58-60</td><td>56-58</td><td>54-56</td><td>55-57</td><td>61-63</td><td>59-61</td><td>55-57</td><td>57-59</td><td>55-63</td><td>55-60</td></tr><tr><td>Position in foreign currencies</td><td>74</td><td>57</td><td>61</td><td>59</td><td>57</td><td>58</td><td>64</td><td>62</td><td>58</td><td>60</td><td>64</td><td>61</td></tr><tr><td>Outstanding contracts for forward purchases and sales of foreign exchange</td><td>74</td><td>57</td><td>61</td><td>59</td><td>57</td><td>58</td><td>64</td><td>62</td><td>58</td><td>60</td><td>64</td><td>61</td></tr><tr><td>corporations and certain other business-type activities (latest date June 30, 1948):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstandiing</td><td>62</td><td>63-66</td><td>62</td><td>63-66</td><td>62</td><td>62-65</td><td>61</td><td>61</td><td>62-65</td><td>65-67</td><td>61</td><td></td></tr><tr><td>Balance sheets</td><td>58-61</td><td>58-60</td><td>61-64</td><td>61-64</td><td>61-64</td><td>68-71</td><td></td><td></td><td></td><td>68-71</td><td></td><td></td></tr><tr><td>Income and expense</td><td>65-72</td><td>61-64</td><td>61-64</td><td>61-64</td><td>61-64</td><td>68-71</td><td></td><td></td><td></td><td>68-71</td><td></td><td></td></tr><tr><td>Source and application of funds</td><td></td><td>61-64</td><td>61-64</td><td>61-64</td><td>61-64</td><td>68-71</td><td></td><td></td><td></td><td>68-71</td><td></td><td></td></tr></table>
<table><tr><td>Treas. HJ 10 .A2 1949 c.2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>