LIBRARY RATING SEP 1 TREASURY
LIBRARY
JUN 21 1972
TREASURY DEPARTMENT
TREASURY
BULLETIN
MARCH - 1949
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
March 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 of Federal securities</td><td>31</td></tr><tr><td>Treasury survey - commercial bank ownership of Federal securities</td><td>35</td></tr><tr><td>Market quotations</td><td>39</td></tr><tr><td>Yields of Treasury and corporate bonds</td><td>42</td></tr><tr><td>Internal revenue collections</td><td>44</td></tr><tr><td>Monetary statistics</td><td>48</td></tr><tr><td>Capital movements</td><td>52</td></tr><tr><td>Cumulative table of contents</td><td>66</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.
March 1949
A-1
Treasury Financing Operations
March Certificates Refunded
Announcement was made by the Secretary of the Treasury on February 9 that holders of the Treasury 1-1/8 percent certificates of indebtedness maturing on March 1, 1949, would be offered a one-year 1-1/4 percent certificate of indebtedness. The maturing certificates totaled $3,553 million.
Subscription books for the issue of 1-1/4 percent certificates of indebtedness, Series C-1950, offered in exchange for the maturing certificates, were opened February 15 and were closed at the close of business on February 18. The new certificates were dated March 1, 1949, and bear interest from that date at the rate of 1-1/4 percent per annum, payable with the principal at maturity on March 1, 1950. Exchanges were made par for par and cash subscriptions were not received. The certificates were issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000.
Reports to the Treasury on the ownership of Government securities indicate that on December 31, 1948, about 61 percent of the maturing certificates were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for December 31 are the latest available for holdings of commercial banks.
Subscriptions to the new certificates amounted
Note: Details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of bonds, notes,
to $2,922 million on the basis of preliminary figures. Maturing certificates held by Federal Reserve Banks to the extent of $400 million were redeemed for cash, leaving $231 million held by other investors to be paid in cash.
Call of 2 Percent Treasury Bonds of 1949-51
On February 14, the Secretary announced that all outstanding 2 percent Treasury bonds of 1949-51, dated January 15, 1942, are called for redemption on June 15, 1949. The amount of this issue outstanding is $1,014 million. The announcement stated that holders of these bonds, in advance of the redemption date, may be offered the privilege of exchanging all or part of their called bonds for other interest-bearing obligations of the United States, in which event public notice will hereafter be given.
Treasury Bills Retired and Refunded
Treasury bills maturing in January totaled $3.8 billion, and the amount refunded totaled $3.7 billion. The issue dated January 6 amounted to $1.0 billion, which was $100 million less than the amount maturing. The other three maturities of $900 million each were refunded in full. The average rate of discount on the four January offerings was 1.155 percent for the issue of January 6, and for each of the others, 1.160 percent.
and certificates of indebtedness, and the table "Offerings of Treasury Bills", in this issue of the "Treasury Bulletin"
March 1949
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th>Period</th><th>Net receipts 2/</th><th>Expenditures 3/</th><th>Surplus, or deficit (-)</th><th>Net transactions of Foreign Economic Cooperation Trust Fund 4/</th><th>Surplus, or deficit (-), adjusted for F.E.C. Trust Fund</th><th>Other trust accounts, etc. - net receipts, or expenditures (-) 5/</th><th>Clearing account 6/</th><th>Net increase in public debt, or decrease (-)</th><th>Net increase in General Fund balance, or decrease (-)</th><th>General Fund balance</th><th>Public debt 7/</th></tr><tr><td colspan="12">Fiscal years:</td></tr><tr><td>1937</td><td>4,979</td><td>7,756</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>5,802</td><td>6,979</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>5,103</td><td>8,966</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>5,265</td><td>9,183</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>7,227</td><td>13,387</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>12,696</td><td>34,187</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>22,202</td><td>79,622</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>43,892</td><td>95,315</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>44,762</td><td>98,703</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>40,027</td><td>60,703</td><td>-20,676</td><td>-</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,160</td><td>14,238</td><td>269,422</td></tr><tr><td>1947</td><td>40,043</td><td>39,289</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>42,211</td><td>36,791</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>39,580</td><td>37,130</td><td>2,400</td><td>-3,000</td><td>-600</td><td>-10</td><td>400</td><td>-723</td><td>-933</td><td>3,999</td><td>251,569</td></tr><tr><td>1950 (Estimated)</td><td>40,985</td><td>41,858</td><td>-873</td><td>-</td><td>-873</td><td>18</td><td>-</td><td>356</td><td>-500</td><td>3,500</td><td>251,925</td></tr><tr><td colspan="12">Calendar years:</td></tr><tr><td>1941</td><td>8,467</td><td>20,229</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>16,290</td><td>57,751</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>34,483</td><td>90,174</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>43,531</td><td>97,181</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>43,928</td><td>87,522</td><td>-43,594</td><td>-</td><td>-43,594</td><td>-123</td><td>-</td><td>47,484</td><td>3,767</td><td>26,003</td><td>278,115</td></tr><tr><td>1946</td><td>38,810</td><td>41,322</td><td>-2,512</td><td>-</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,966</td><td>-22,502</td><td>3,502</td><td>259,149</td></tr><tr><td>1947</td><td>41,010</td><td>38,576</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>1948</td><td>41,450</td><td>37,565</td><td>3,885</td><td>1,356</td><td>5,241</td><td>-229</td><td>199</td><td>-4,100</td><td>1,111</td><td>4,208</td><td>252,800</td></tr><tr><td colspan="12">Months:</td></tr><tr><td>1947-January</td><td>3,725</td><td>3,019</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>4,196</td><td>3,731</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>5,342</td><td>3,239</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>1,962</td><td>3,407</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>2,297</td><td>3,284</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>4,929</td><td>4,996</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>2,281</td><td>3,553</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>2,438</td><td>2,962</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>4,612</td><td>2,673</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>2,339</td><td>2,394</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>2,692</td><td>2,143</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>4,197</td><td>3,176</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>4,196</td><td>2,800</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>4,158</td><td>2,224</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>5,874</td><td>3,086</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>2,239</td><td>2,541</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>2,324</td><td>2,222</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>4,859</td><td>7,018</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>2,096</td><td>3,558</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>2,505</td><td>2,143</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>4,543</td><td>2,869</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>2,101</td><td>2,685</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>2,540</td><td>2,815</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><tr><td>December</td><td>4,014</td><td>3,603</td><td>410</td><td>-499</td><td>-88</td><td>-219</td><td>-163</td><td>294</td><td>-177</td><td>4,208</td><td>252,800</td></tr><tr><td>1949-January</td><td>3,579</td><td>2,968</td><td>611</td><td>-237</td><td>374</td><td>-84</td><td>340</td><td>-179</td><td>451</td><td>4,659</td><td>252,620</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed legislation.
1/ Both receipts and expenditures exclude (1) refunds of receipts and (2) payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for disposition of earnings.
2/ Grees receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts (see Table 1 under "Budget Receipts and Expenditures").
3/ Excludes refunds of receipts, formerly shown as expenditures but now shown as deductions from receipts (see Table 2 under "Budget Receipts and Expenditures"). Figures for the fiscal year 1948 include $3,000 million transfer in June to Foreign Economic Co-operation Trust Fund; figures for fiscal year 1949 (actual and estimated) exclude expenditures from this fund.
4/ Established in accordance with the Economic Cooperation Act of 1948; positive figures indicate net receipts and negative figures indicate net expenditures.
5/ Consists of: all trust accounts other than Foreign Economic Co-operation Trust Fund; sales and redemptions of securities of Government corporations, etc., in the market (nat); increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-39).
6/ Clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks; 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.
2
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Income and profit 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 5/</th><th colspan="2">Deductions</th><th rowspan="2">Net receipts 5/</th></tr><tr><th>Withheld by employers 2/</th><th>Other 2/</th><th>Total</th><th>Employment taxes 3/</th><th>Miscellaneous internal revenue</th><th>Total internal revenue</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 6/</th><th>Refunds of receipts 7/</th></tr><tr><td>1941</td><td>-</td><td>3,470</td><td>3,470</td><td>925</td><td>2,957</td><td>7,362</td><td>392</td><td>242</td><td>7,996</td><td>688</td><td>80</td><td>7,227</td></tr><tr><td>1942</td><td>-</td><td>7,960</td><td>7,960</td><td>1,196</td><td>3,947</td><td>12,993</td><td>389</td><td>295</td><td>13,577</td><td>896</td><td>85</td><td>12,696</td></tr><tr><td>1943</td><td>-</td><td>15,094</td><td>15,094</td><td>1,498</td><td>4,553</td><td>22,144</td><td>324</td><td>934</td><td>23,402</td><td>1,130</td><td>70</td><td>22,202</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>257</td><td>43,892</td></tr><tr><td>1945</td><td>10,289</td><td>24,884</td><td>35,173</td><td>1,730</td><td>6,949</td><td>43,902</td><td>355</td><td>3,494</td><td>47,790</td><td>1,310</td><td>1,679</td><td>44,762</td></tr><tr><td>1946</td><td>9,392</td><td>21,493</td><td>30,885</td><td>1,701</td><td>7,725</td><td>40,310</td><td>435</td><td>3,492</td><td>44,238</td><td>1,238</td><td>2,973</td><td>40,027</td></tr><tr><td>1947</td><td>10,013</td><td>19,292</td><td>29,306</td><td>2,024</td><td>8,049</td><td>39,379</td><td>494</td><td>4,635</td><td>44,508</td><td>1,459</td><td>3,006</td><td>40,043</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>3,824</td><td>46,099</td><td>1,616</td><td>2,272</td><td>42,211</td></tr><tr><td>1949 (Estimated)</td><td>10,414</td><td>19,825</td><td>30,239</td><td>2,599</td><td>8,512</td><td>41,350</td><td>407</td><td>2,287</td><td>44,044</td><td>1,754</td><td>2,709</td><td>39,580</td></tr><tr><td>1950 (Estimated)</td><td>10,680</td><td>20,707</td><td>31,387</td><td>5,273</td><td>8,553</td><td>45,213</td><td>407</td><td>1,842</td><td>47,462</td><td>4,120</td><td>2,097</td><td>40,985 8/</td></tr><tr><td>1948-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>140</td><td>2,096</td></tr><tr><td>August</td><td>1,165</td><td>403</td><td>1,568</td><td>410</td><td>742</td><td>2,720</td><td>34</td><td>195</td><td>2,918</td><td>380</td><td>64</td><td>2,505</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>46</td><td>4,543</td></tr><tr><td>October</td><td>537</td><td>613</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>39</td><td>2,101</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>43</td><td>2,540</td></tr><tr><td>December</td><td>714</td><td>2,328</td><td>3,042</td><td>134</td><td>702</td><td>3,878</td><td>38</td><td>145</td><td>4,062</td><td>7</td><td>41</td><td>4,014</td></tr><tr><td>1949-January</td><td>609</td><td>2,152</td><td>2,762</td><td>54</td><td>638</td><td>3,453</td><td>30</td><td>192</td><td>3,675</td><td>38</td><td>58</td><td>3,579</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed changes in employment taxes and miscellaneous receipts. Receipt classifications
shown here are based on the Daily Treasury Statement and therefore differ somewhat from those in the Budget. 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 2/</th><th>Interest on the public debt</th><th>Veterans' Administration 10/</th><th>Other 11/</th><th>Total expenditure 5/ 9/ 12/</th><th>Expenditures of Foreign Economic Cooperation Trust Fund 13/</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>5,059</td><td>13,387</td><td>-</td><td>13,387</td></tr><tr><td>1942</td><td>28,266</td><td>-</td><td>1,260</td><td>556</td><td>4,105</td><td>34,187</td><td>-</td><td>34,187</td></tr><tr><td>1943</td><td>75,297</td><td>-</td><td>1,808</td><td>602</td><td>1,914</td><td>79,622</td><td>-</td><td>79,622</td></tr><tr><td>1944</td><td>89,720</td><td>-</td><td>2,609</td><td>730</td><td>2,256</td><td>95,315</td><td>-</td><td>95,315</td></tr><tr><td>1945</td><td>90,501</td><td>-</td><td>3,617</td><td>2,060</td><td>2,525</td><td>98,703</td><td>-</td><td>98,703</td></tr><tr><td>1946</td><td>48,870</td><td>727</td><td>4,722</td><td>4,253</td><td>2,133</td><td>60,703</td><td>-</td><td>60,703</td></tr><tr><td>1947</td><td>16,766</td><td>4,928</td><td>4,958</td><td>7,259</td><td>5,378</td><td>39,289</td><td>-</td><td>39,289</td></tr><tr><td>1948</td><td>11,364</td><td>7,113</td><td>5,211</td><td>6,469</td><td>6,603</td><td>36,791</td><td>-3,000</td><td>33,791</td></tr><tr><td>1949 (Estimated)</td><td>11,812</td><td>3,682</td><td>5,325</td><td>6,567</td><td>9,694</td><td>37,180</td><td>3,000</td><td>40,180</td></tr><tr><td>1950 (Estimated)</td><td>14,030</td><td>6,246</td><td>5,450</td><td>5,313</td><td>10,818</td><td>41,858</td><td>-</td><td>41,858</td></tr><tr><td>1948-July</td><td>1,155</td><td>155</td><td>286</td><td>788</td><td>1,174</td><td>3,558</td><td>183</td><td>3,741</td></tr><tr><td>August</td><td>800</td><td>138</td><td>114</td><td>539</td><td>551</td><td>2,113</td><td>192</td><td>2,335</td></tr><tr><td>September</td><td>715</td><td>282</td><td>570</td><td>487</td><td>815</td><td>2,869</td><td>196</td><td>3,066</td></tr><tr><td>October</td><td>931</td><td>174</td><td>212</td><td>490</td><td>878</td><td>2,685</td><td>226</td><td>2,911</td></tr><tr><td>November</td><td>957</td><td>206</td><td>122</td><td>618</td><td>911</td><td>2,815</td><td>347</td><td>3,163</td></tr><tr><td>December</td><td>1,017</td><td>153</td><td>1,112</td><td>555</td><td>767</td><td>3,603</td><td>499</td><td>4,102</td></tr><tr><td>1949-January</td><td>1,013</td><td>200</td><td>319</td><td>528</td><td>878</td><td>2,958</td><td>237</td><td>3,205</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily
Treasury Statement and therefore differ somewhat from those in the Budget. Footnotes at end of Table 5.
March 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 14/</th><th>Department of the Army 15/</th><th>Department of the Navy 16/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission 17/</th><th>UNRRA</th><th>Surplus property disposal agencies 18/</th><th>Reconstruction Finance Corporation 19/</th><th>Other 20/</th><th>Total</th></tr><tr><td>1941</td><td>-</td><td>3,678</td><td>2,313</td><td>-</td><td>51</td><td>-</td><td>-</td><td>354</td><td>259</td><td>6,655</td></tr><tr><td>1942</td><td>-</td><td>14,070</td><td>8,580</td><td>-</td><td>929</td><td>-</td><td>-</td><td>2,255</td><td>2,432</td><td>28,266</td></tr><tr><td>1943</td><td>-</td><td>42,265</td><td>20,888</td><td>-</td><td>2,776</td><td>-</td><td>-</td><td>3,189</td><td>6,180</td><td>75,297</td></tr><tr><td>1944</td><td>-</td><td>49,242</td><td>26,538</td><td>-</td><td>3,812</td><td>-</td><td>-</td><td>2,682</td><td>7,447</td><td>89,720</td></tr><tr><td>1945</td><td>-</td><td>50,337</td><td>30,047</td><td>-</td><td>3,227</td><td>114</td><td>-</td><td>472</td><td>6,305</td><td>90,501</td></tr><tr><td>1946</td><td>-</td><td>27,800</td><td>15,161</td><td>-</td><td>694</td><td>664</td><td>106</td><td>328</td><td>4,117</td><td>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>1,532</td><td>5,444</td><td>4,459</td><td>13</td><td>191</td><td>24</td><td>121</td><td>-</td><td>33</td><td>11,812</td></tr><tr><td>1950 (Estimated)</td><td>3,556</td><td>4,947</td><td>4,679</td><td>1</td><td>187</td><td>-</td><td>31</td><td>-</td><td>629</td><td>14,030</td></tr><tr><td>1948-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><tr><td>December</td><td>150</td><td>461</td><td>378</td><td>*</td><td>18</td><td>*</td><td>7</td><td>-</td><td>2</td><td>1,017</td></tr><tr><td>1949-January</td><td>147</td><td>504</td><td>376</td><td>*</td><td>8</td><td>*</td><td>6</td><td>-</td><td>2</td><td>1,043</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily Treasury
Statement, and therefore differ somewhat from those in the Budget. 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 Woode Agreements Act</th><th>Export-Import Bank 21/</th><th>Credit to United Kingdom</th><th>Greek-Turkish asseit-ance</th><th>Relief in war devastated countries</th><th>Government and relief in oc-cupied countries</th><th>Economic Coopera-tion Adminis-tration 22/</th><th>Foreign Aid Act of 1947</th><th>China Aid Act of 1948</th><th>Other 23/</th><th>Total</th><th>Expendituree of Foreign Economic Cooperation Trust Fund 13/</th><th>Total ex-penditures 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>272</td><td>881</td><td>3,134</td><td>498</td><td>-</td><td>33</td><td>7,143</td><td>-3,000</td><td>4,143</td></tr><tr><td>1949 (Estimated)</td><td>-</td><td>-</td><td>-</td><td>285</td><td>17</td><td>1,265</td><td>1,600</td><td>99</td><td>350</td><td>67</td><td>3,682</td><td>3,000</td><td>6,682</td></tr><tr><td>1950 (Estimated)</td><td>-</td><td>146</td><td>-</td><td>136</td><td>1</td><td>1,030</td><td>4,500</td><td>4</td><td>49</td><td>380</td><td>6,246</td><td>-</td><td>6,246</td></tr><tr><td>1948-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><tr><td>December</td><td>-</td><td>8</td><td>-</td><td>16</td><td>*</td><td>117</td><td>*</td><td>1</td><td>10</td><td>-</td><td>153</td><td>499</td><td>652</td></tr><tr><td>1949-January</td><td>-</td><td>-35</td><td>-</td><td>30</td><td>*</td><td>57</td><td>141</td><td>1</td><td>8</td><td>-</td><td>200</td><td>237</td><td>438</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily Treasury
Statement, and therefore differ somewhat from those in the Budget. Footnotes at end of Table 5.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Aid to agriculture 24/</th><th>Social security program 25/</th><th>Public works 26/</th><th>Housing and home finance 27/</th><th>Direct and work relief 28/</th><th>Miscellaneous 29/</th><th>Total</th></tr><tr><td>1941</td><td>1,272</td><td>586</td><td>741</td><td>3</td><td>1,374</td><td>1,084</td><td>5,059</td></tr><tr><td>1942</td><td>1,354</td><td>654</td><td>673</td><td>-201</td><td>970</td><td>622</td><td>4,105</td></tr><tr><td>1943</td><td>584</td><td>732</td><td>535</td><td>-354</td><td>299</td><td>118</td><td>1,914</td></tr><tr><td>1944</td><td>606</td><td>799</td><td>425</td><td>-360</td><td>17</td><td>679</td><td>2,256</td></tr><tr><td>1945</td><td>269</td><td>807</td><td>313</td><td>-307</td><td>*</td><td>742</td><td>2,525</td></tr><tr><td>1946</td><td>-203</td><td>845</td><td>359</td><td>-245</td><td>-</td><td>1,378</td><td>2,133</td></tr><tr><td>1947</td><td>1,226</td><td>1,066</td><td>690</td><td>129</td><td>-</td><td>2,267</td><td>5,378</td></tr><tr><td>1948</td><td>782</td><td>1,610</td><td>1,126</td><td>-68</td><td>-</td><td>3,145</td><td>6,603</td></tr><tr><td>1949 (Estimated)</td><td>1,940</td><td>1,738</td><td>1,683</td><td>-41</td><td>-</td><td>4,374</td><td>9,694</td></tr><tr><td>1950 (Estimated)</td><td>1,822</td><td>2,039</td><td>1,971</td><td>106</td><td>-</td><td>4,882</td><td>10,818</td></tr><tr><td>1948-July</td><td>-43</td><td>502</td><td>132</td><td>-8</td><td>-</td><td>590</td><td>1,174</td></tr><tr><td>August</td><td>117</td><td>79</td><td>137</td><td>8</td><td>-</td><td>218</td><td>551</td></tr><tr><td>September</td><td>256</td><td>69</td><td>146</td><td>-20</td><td>-</td><td>363</td><td>815</td></tr><tr><td>October</td><td>275</td><td>172</td><td>147</td><td>9</td><td>-</td><td>275</td><td>978</td></tr><tr><td>November</td><td>321</td><td>86</td><td>142</td><td>-9</td><td>-</td><td>371</td><td>911</td></tr><tr><td>December</td><td>285</td><td>102</td><td>141</td><td>-7</td><td>-</td><td>245</td><td>767</td></tr><tr><td>1949-January</td><td>269</td><td>155</td><td>104</td><td>2</td><td>-</td><td>347</td><td>878</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1950 Budget document, including effect of proposed legislation. Expenditure classifications shown here are based on the Daily Treasury Statement, and therefore differ somewhat from those in the Budget. For further detail, see tables under "Internal Revenue Collections". 
1/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 are classified as "Other" income and profits taxes. 
2/ 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". 
3/ 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). 
4/ Both budget receipts and budget expenditures exclude payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for disposition of earnings, (see "Treasury Bulletin" for February 1949, page A-2). 
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/ Excludes interest on refunds, (see "Treasury Bulletin" for February 1949, page A-2). 
7/ Allows for deduction of appropriation of $250 million for Health Insurance Trust Fund, under proposed legislation. 
8/ Figures for fiscal year 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for fiscal year 1949 (actual and estimated) exclude expenditures from this fund. 
9/ Includes public works undertaken by the Veterans' Administration. 
10/ Includes interest on refunds of receipts (see footnote 12). 
11/ In addition to the exclusion of certain payments to the Treasury as indicated in footnote 5, total expenditures shown here exclude refunds of receipts, which were formerly shown as a classification of expenditures but which are now shown as a deduction from receipts (see Table 1, preceding). Interest on refunds, formerly included with refunds, is still carried as an expenditure but is shown under "Other" expenditures. Budget expenditures also exclude accounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and include transfers to trust accounts and net expenditures of wholly owned Government corporations, etc., except payments to the Treasury mentioned above. 
12/ Established in accordance with the Economic Cooperation Act of 1948. Negative figures indicate receipts. 
13/ See footnote 15/. 
14/ 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.
16/ Department of the Navy expenditures except those for payments under the Armed Forces Leave Act, UNFRA, and surplus property disposal, shown elsewhere in Table 3, and those for international finance and aid, shown in Table 4.
17/ Excludes expenditures for UNFRA and surplus property disposal, shown elsewhere in Table 3.
18/ Beginning March 1948, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus property overseas.
19/ 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.
20/ 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.
21/ Excludes expenditures under Economic Cooperation Administration, shown elsewhere in Table 4.
22/ Excludes expenditures for international finance and aid shown elsewhere in Table 4. Figures for the fiscal year 1948 include $3,000 million transfer to Foreign Economic Cooperation Trust Fund; figures for the fiscal year 1949 (actual and estimated) exclude expenditures from this fund. The fiscal year 1949 transactions shown here represent expenditures for loans made through the Export-Import Bank under the Economic Cooperation Act of 1948.
23/ Consists of expenditures by the State Department for the International Children's Emergency Fund and for the loan for construction and furnishing of United Nations headquarters.
24/ Department of Agriculture expenditures except those for UNFRA, surplus property disposal, other national defense and related activities prior to July 1947; international finance and aid; and forest roads and trails, included under "Public works" in Table 5.
25/ For more detail of these expenditures, see Tables 7, 8, and 9. Expenditures for the U. S. Employment Service during the fiscal years 1943 through 1946 are excluded from Table 5 and included under "Other" in Table 3 as national defense expenditures.
26/ 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.
27/ Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related activities prior to July 1947.
28/ Not classified separately for fiscal years after 1945. For additional information for earlier years, see "Treasury Bulletin" for August 1945, page 6.
29/ Includes expenditures for executive departments not included elsewhere (including interest on refunds of receipts) and for legislative and judicial functions; Government contributions to Government employees' retirement; atomic energy; aide to education, labor, finance, commerce, and industry; Civil Aeronautics; Panama Canal, except war expenditures; Post Office deficiency; stock-piling; and for 1949 and 1950 estimates, reserves for contingencies.
* Less than $500,000.
March 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">Net budget receipts 1/</td></tr><tr><td>1940</td><td>309</td><td>439</td><td>791</td><td>296</td><td>393</td><td>599</td><td>325</td><td>440</td><td>703</td><td>327</td><td>356</td><td>734</td><td>5,712</td></tr><tr><td>1941</td><td>334</td><td>411</td><td>1,557</td><td>383</td><td>386</td><td>1,270</td><td>407</td><td>390</td><td>1,128</td><td>437</td><td>558</td><td>1,205</td><td>8,467</td></tr><tr><td>1942</td><td>571</td><td>751</td><td>3,538</td><td>686</td><td>556</td><td>2,469</td><td>739</td><td>581</td><td>2,511</td><td>599</td><td>594</td><td>2,695</td><td>16,290</td></tr><tr><td>1943</td><td>783</td><td>949</td><td>5,202</td><td>1,508</td><td>1,472</td><td>4,567</td><td>2,001</td><td>2,714</td><td>5,441</td><td>2,024</td><td>2,093</td><td>5,730</td><td>34,483</td></tr><tr><td>1944</td><td>2,740</td><td>2,494</td><td>6,532</td><td>3,047</td><td>2,895</td><td>6,182</td><td>2,078</td><td>2,432</td><td>5,803</td><td>1,900</td><td>2,105</td><td>5,324</td><td>43,531</td></tr><tr><td>1945</td><td>3,459</td><td>3,613</td><td>6,661</td><td>2,786</td><td>2,900</td><td>5,702</td><td>2,435</td><td>2,656</td><td>4,875</td><td>2,453</td><td>2,322</td><td>4,067</td><td>43,928</td></tr><tr><td>1946</td><td>3,770</td><td>3,584</td><td>5,501</td><td>2,159</td><td>2,243</td><td>3,963</td><td>2,182</td><td>2,246</td><td>4,386</td><td>2,440</td><td>2,288</td><td>4,050</td><td>38,810</td></tr><tr><td>1947</td><td>3,725</td><td>4,196</td><td>5,342</td><td>1,962</td><td>2,297</td><td>4,929</td><td>2,281</td><td>2,438</td><td>4,612</td><td>2,339</td><td>2,692</td><td>4,197</td><td>41,010</td></tr><tr><td>1948</td><td>4,196</td><td>4,158</td><td>5,874</td><td>2,239</td><td>2,324</td><td>4,859</td><td>2,096</td><td>2,505</td><td>4,543</td><td>2,101</td><td>2,540</td><td>4,014</td><td>41,450</td></tr><tr><td>1949</td><td>3,579</td><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="14">Budget expenditures 2/</td></tr><tr><td>1940</td><td>677</td><td>624</td><td>798</td><td>710</td><td>605</td><td>884</td><td>843</td><td>801</td><td>738</td><td>891</td><td>888</td><td>1,137</td><td>9,645</td></tr><tr><td>1941</td><td>1,133</td><td>1,076</td><td>1,482</td><td>1,404</td><td>1,352</td><td>1,591</td><td>1,631</td><td>1,668</td><td>1,989</td><td>2,328</td><td>1,890</td><td>2,684</td><td>20,229</td></tr><tr><td>1942</td><td>2,680</td><td>2,652</td><td>3,515</td><td>3,939</td><td>4,400</td><td>4,810</td><td>5,257</td><td>5,456</td><td>5,921</td><td>6,184</td><td>6,012</td><td>6,926</td><td>57,751</td></tr><tr><td>1943</td><td>6,728</td><td>6,358</td><td>7,746</td><td>7,300</td><td>7,475</td><td>8,260</td><td>7,499</td><td>7,831</td><td>7,667</td><td>7,619</td><td>7,947</td><td>7,744</td><td>90,174</td></tr><tr><td>1944</td><td>7,737</td><td>8,012</td><td>10,412</td><td>7,337</td><td>6,879</td><td>8,631</td><td>8,014</td><td>8,208</td><td>7,779</td><td>8,034</td><td>7,811</td><td>8,327</td><td>97,181</td></tr><tr><td>1945</td><td>8,112</td><td>7,127</td><td>9,034</td><td>7,758</td><td>8,927</td><td>9,510</td><td>8,561</td><td>6,949</td><td>6,372</td><td>5,619</td><td>4,530</td><td>4,962</td><td>87,522</td></tr><tr><td>1946</td><td>4,811</td><td>3,340</td><td>3,598</td><td>3,750</td><td>3,374</td><td>4,836</td><td>3,287</td><td>2,745</td><td>2,663</td><td>2,860</td><td>2,453</td><td>3,605</td><td>41,322</td></tr><tr><td>1947</td><td>3,019</td><td>3,731</td><td>3,239</td><td>3,407</td><td>3,284</td><td>4,996</td><td>3,553</td><td>2,962</td><td>2,673</td><td>2,394</td><td>2,143</td><td>3,176</td><td>38,576</td></tr><tr><td>1948</td><td>2,800</td><td>2,224</td><td>3,086</td><td>2,541</td><td>2,222</td><td>7,018</td><td>3,558</td><td>2,143</td><td>2,869</td><td>2,685</td><td>2,815</td><td>3,603</td><td>37,565</td></tr><tr><td>1949</td><td>2,968</td><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="14">Budget surplus, or deficit (-) 3/</td></tr><tr><td>1940</td><td>-368</td><td>-184</td><td>-7</td><td>-414</td><td>-213</td><td>-285</td><td>-519</td><td>-361</td><td>-34</td><td>-564</td><td>-532</td><td>-452</td><td>-3,934</td></tr><tr><td>1941</td><td>-799</td><td>-665</td><td>75</td><td>-1,022</td><td>-966</td><td>-321</td><td>-1,224</td><td>-1,278</td><td>-861</td><td>-1,891</td><td>-1,332</td><td>-1,479</td><td>-11,762</td></tr><tr><td>1942</td><td>-2,109</td><td>-1,901</td><td>23</td><td>-3,253</td><td>-3,844</td><td>-2,341</td><td>-1,518</td><td>-4,875</td><td>-3,410</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-41,461</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,854</td><td>-2,014</td><td>-55,691</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,984</td><td>-2,449</td><td>-5,937</td><td>-5,776</td><td>-1,976</td><td>-6,134</td><td>-5,706</td><td>-3,004</td><td>-53,650</td></tr><tr><td>1945</td><td>-4,683</td><td>-3,514</td><td>-2,373</td><td>-4,972</td><td>-6,028</td><td>-3,838</td><td>-6,126</td><td>-4,293</td><td>-1,497</td><td>-3,165</td><td>-2,208</td><td>-895</td><td>-43,594</td></tr><tr><td>1946</td><td>-1,042</td><td>243</td><td>1,902</td><td>-1,591</td><td>-1,131</td><td>-873</td><td>-1,105</td><td>-499</td><td>1,723</td><td>-420</td><td>-165</td><td>445</td><td>-2,512</td></tr><tr><td>1947</td><td>706</td><td>464</td><td>2,102</td><td>-1,445</td><td>-997</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>2,434</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>-2,159</td><td>-1,462</td><td>362</td><td>1,674</td><td>-584</td><td>-275</td><td>410</td><td>3,885</td></tr><tr><td>1949</td><td>611</td><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="14">Net transactions of the Foreign Economic Cooperation Trust Fund 4/</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>-499</td><td>1,356</td></tr><tr><td>1949</td><td>-237</td><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="14">Surplus, or deficit (-), adjusted for Economic Cooperation Trust Fund tranactions</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>-88</td><td>5,241</td></tr><tr><td>1949</td><td>374</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement. 1/ Grosse receipts less deductions for appropriations to Federal Old-Age and Survivors Insurance Trust Fund and for refunds of receipts. 2/ Excludes refunds of receipts, which are shown as a deduction from receipts (see footnote 1), certain payments to the Treasury, principally by wholly owned Government corporations, and amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes transfers to trust
accounte, and net expenditures of wholly owned Government corporations, etc., except payments to the Treasury mentioned above. Figures for June 1948 include $3,000 million transfer to Foreign Economic Co-operation Trust Fund; figures for subsequent months exclude expenditures from this fund. Net receipts less expenditures. Established in accordance with the Economic Cooperation Act of 1948; positive figures indicate net receipts and negative figures indicate net expenditures.
6
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Gross receipts</th><th colspan="3">Deductions</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 2/</th><th>Refunds of social security taxes 3/</th></tr><tr><td>1941</td><td>-349.3</td><td>789.2</td><td>690.6</td><td>97.7</td><td>688.1</td><td>2.5</td><td>97.6</td></tr><tr><td>1942</td><td>-384.5</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>895.6</td><td>3.3</td><td>116.6</td></tr><tr><td>1943</td><td>-368.8</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,130.5</td><td>2.7</td><td>155.7</td></tr><tr><td>1944</td><td>-344.3</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,292.1</td><td>4.0</td><td>175.9</td></tr><tr><td>1945</td><td>-306.7</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,309.9</td><td>7.2</td><td>177.4</td></tr><tr><td>1946</td><td>-363.5</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,238.2</td><td>5.8</td><td>174.1</td></tr><tr><td>1947</td><td>-573.3</td><td>1,644.3</td><td>1,459.5</td><td>164.8</td><td>1,459.5</td><td>8.2</td><td>176.7</td></tr><tr><td>1948</td><td>-639.7</td><td>1,824.1</td><td>1,616.2</td><td>207.9</td><td>1,616.2</td><td>7.2</td><td>200.7</td></tr><tr><td>1948-July</td><td>-145.0</td><td>64.6</td><td>63.1</td><td>1.6</td><td>63.1</td><td>1.0</td><td>.6</td></tr><tr><td>August</td><td>-64.8</td><td>392.5</td><td>379.6</td><td>12.9</td><td>379.6</td><td>.7</td><td>12.3</td></tr><tr><td>September</td><td>-68.8</td><td>8.2</td><td>8.0</td><td>.2</td><td>8.0</td><td>.8</td><td>-.5</td></tr><tr><td>October</td><td>-93.5</td><td>60.5</td><td>58.8</td><td>1.7</td><td>58.8</td><td>.8</td><td>.8</td></tr><tr><td>November</td><td>-73.7</td><td>370.0</td><td>357.6</td><td>12.3</td><td>357.6</td><td>.7</td><td>11.6</td></tr><tr><td>December</td><td>-100.4</td><td>8.6</td><td>7.1</td><td>1.5</td><td>7.1</td><td>.7</td><td>.8</td></tr><tr><td>1949-January</td><td>-68.5</td><td>52.5</td><td>38.0</td><td>14.5</td><td>38.0</td><td>.5</td><td>14.0</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th rowspan="2">Transfers to Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="8">Expenditures</th><th rowspan="2">Public Health Service 5/</th><th rowspan="2">U. S. Employment Service 6/</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>Children's Bureau Services for crippled children</th><th>Child welfare service</th></tr><tr><td>1941</td><td>446.8</td><td>31.6</td><td>-</td><td>425.2</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></tr><tr><td>1942</td><td>501.1</td><td>31.6</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></tr><tr><td>1943</td><td>524.5</td><td>33.4</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></tr><tr><td>1944</td><td>520.2</td><td>32.2</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></tr><tr><td>1945</td><td>484.1</td><td>32.2</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</td></tr><tr><td>1946</td><td>537.6</td><td>39.2</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></tr><tr><td>1947</td><td>750.0</td><td>25.5</td><td>.1</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></tr><tr><td>1948</td><td>840.4</td><td>20.1</td><td>.7</td><td>819.6</td><td>573.1</td><td>141.7</td><td>16.9</td><td>65.6</td><td>10.5</td><td>7.4</td><td>3.4</td><td>-</td><td>*</td></tr><tr><td>1948-July</td><td>145.6</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></tr><tr><td>August</td><td>77.0</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></tr><tr><td>September</td><td>68.3</td><td>1.2</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></tr><tr><td>October</td><td>99.4</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></tr><tr><td>November</td><td>85.4</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></tr><tr><td>December</td><td>101.2</td><td>1.1</td><td>-</td><td>100.1</td><td>51.9</td><td>13.8</td><td>1.3</td><td>30.7</td><td>1.0</td><td>.7</td><td>.6</td><td>-</td><td>-</td></tr><tr><td>1949-January</td><td>82.4</td><td>1.1</td><td>-</td><td>81.4</td><td>59.7</td><td>18.1</td><td>1.6</td><td>.1</td><td>1.1</td><td>.6</td><td>.2</td><td>-</td><td>-</td></tr></table>
1/ Daily Treasury Statement.
2/ Excess of expenditures is covered by appropriations by Congress. Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Sec. 201 (a) of the Social Security Act Amendments of 1939.
3/ Tax refunds deducted from receipts exclude interest on refunds, which is included under "Administrative expenses".
4/ Includes expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act, administrative expenses reimbursed to the General Fund of the
Treasury under Section 201 (f) of the Social Security Act, as amended administrative expenses under the Wagner-Peyser Act, and interest on refunds of social security taxes (see footnote 3). 5/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. 6/Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946. *Less than $50,000.
March 1949
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Piecals year or month</th><th>Excee of receipts, or expenditures (-) 1/</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th></th><th>Taxes on carriers and their employees</th><th>Deduction: Refunds of taxes on carriers and their employees 2/</th><th>Net receipts</th><th>Total</th><th>Administrative expenses 3/</th><th>Transfers to Railroad Retirement Account (trust account)</th></tr><tr><td>1941</td><td>8.7</td><td>136.9</td><td>.1</td><td>136.9</td><td>128.2</td><td>3.9</td><td>124.4</td></tr><tr><td>1942</td><td>21.6</td><td>170.0</td><td>*</td><td>170.0</td><td>148.4</td><td>7.6</td><td>140.9</td></tr><tr><td>1943</td><td>-11.4</td><td>208.8</td><td>*</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td></tr><tr><td>1944</td><td>1.8</td><td>267.1</td><td>*</td><td>267.0</td><td>265.2</td><td>2.5</td><td>262.7</td></tr><tr><td>1945</td><td>-26.3</td><td>285.0</td><td>.2</td><td>284.8</td><td>311.1</td><td>2.3</td><td>308.8</td></tr><tr><td>1946</td><td>-12.8</td><td>282.6</td><td>.9</td><td>281.7</td><td>294.5</td><td>2.6</td><td>291.9</td></tr><tr><td>1947</td><td>77.3</td><td>380.1</td><td>*</td><td>380.0</td><td>302.8</td><td>4.3</td><td>298.5</td></tr><tr><td>1948</td><td>-206.5</td><td>557.1</td><td>*</td><td>557.0</td><td>763.5</td><td>5.0</td><td>758.5</td></tr><tr><td>1948-July</td><td>-345.6</td><td>2.4</td><td>*</td><td>2.4</td><td>347.9</td><td>.4</td><td>347.6</td></tr><tr><td>August</td><td>16.6</td><td>17.2</td><td>*</td><td>17.2</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>September</td><td>121.3</td><td>121.6</td><td>*</td><td>121.6</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>October</td><td>-67.7</td><td>4.6</td><td>*</td><td>4.6</td><td>72.4</td><td>.4</td><td>72.0</td></tr><tr><td>November</td><td>13.5</td><td>14.1</td><td>.2</td><td>13.9</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>December</td><td>125.5</td><td>125.8</td><td>*</td><td>125.8</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>1949-January</td><td>-71.2</td><td>1.2</td><td>*</td><td>1.2</td><td>72.4</td><td>.4</td><td>72.0</td></tr></table>
Source: Daily Treasury Statement
1/ Excess of expenditure is covered by appropriations by Congress.
2/ Tax refunds deducted from receipts exclude interest on refunds.
which is included under "Administrative expenses".
3/ Consists of expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act, and interest on refunds of taxes (see footnote 2).
Lose than $50,000
Table 9. - Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Excess of raceipte, or expenditure (-) 2/</th><th>Receipts Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Expenditures Administrative expense (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-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><tr><td>December</td><td>-.4</td><td>*</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>1949-January</td><td>2.2</td><td>2.6</td><td>.3</td><td>.3</td><td>-</td></tr></table>
Source: Daily Treasury Statement
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by Congress.
3/ Represents 10% of contributions under the Railroad Unemployment
Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund. (See Table 7 under "Trust Accounts, Etc.").
4/ Consists of expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Unemployment Insurance Act.
5/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
Less than $50,000
8
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Summary of Receipts and Expenditures of All Trust Accounts, Etc.
<table><tr><th>Fiscal year or month</th><th>Net receipts or expenditure (-)</th><th>Receipts 1/</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>208</td><td>2,665</td><td>1,339</td><td>119</td><td>1,757</td></tr><tr><td>1942</td><td>-1,613</td><td>3,218</td><td>1,925</td><td>2,905</td><td>4,830</td></tr><tr><td>1943</td><td>-338</td><td>3,954</td><td>3,004</td><td>1,287</td><td>4,292</td></tr><tr><td>1944</td><td>-2,222</td><td>5,085</td><td>4,129</td><td>3,173</td><td>7,307</td></tr><tr><td>1945</td><td>791</td><td>7,096</td><td>5,200</td><td>1,004</td><td>6,204</td></tr><tr><td>1946</td><td>-524</td><td>7,712</td><td>3,668</td><td>1,568</td><td>8,236</td></tr><tr><td>1947</td><td>-1,103</td><td>6,241</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>-3,010</td><td>5,957</td><td>2,719</td><td>6,248</td><td>8,967</td></tr><tr><td>1950 (Estimated)</td><td>18</td><td>8,799</td><td>2,000</td><td>6,782</td><td>8,781</td></tr><tr><td>1946-July</td><td>-179</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><tr><td>December</td><td>-718</td><td>314</td><td>300</td><td>731</td><td>1,031</td></tr><tr><td>1946-January</td><td>-321</td><td>238</td><td>-20</td><td>579</td><td>560</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1950 Budget document, including effect of proposed legislation. 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
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>F railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employees' retirement fund 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>1</td><td>91</td><td>175</td><td>410</td></tr><tr><td>1942</td><td>3,218</td><td>967</td><td>144</td><td>1,244</td><td>46</td><td>92</td><td>222</td><td>504</td></tr><tr><td>1943</td><td>3,954</td><td>1,218</td><td>221</td><td>1,399</td><td>316</td><td>90</td><td>374</td><td>337</td></tr><tr><td>1944</td><td>5,095</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>1,396</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>6,241</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>5,957</td><td>1,985</td><td>615</td><td>1,172</td><td>1,102</td><td>92</td><td>686</td><td>304</td></tr><tr><td>1950 (Estimated)</td><td>8,799 3/</td><td>4,396</td><td>778</td><td>1,432</td><td>709</td><td>92</td><td>832</td><td>310</td></tr><tr><td>1948-July</td><td>817</td><td>63</td><td>348</td><td>14</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><tr><td>December</td><td>314</td><td>108</td><td>•</td><td>100</td><td>38</td><td>3</td><td>28</td><td>36</td></tr><tr><td>1949-January</td><td>238</td><td>38</td><td>72</td><td>29</td><td>37</td><td>4</td><td>29</td><td>30</td></tr></table>
Source: (Same as Table 1).
1/ Consists of Alecko Railroad, Canal Zone, Civil Service, and Foreign Service retirement funds.
2/ Includes Adjusted Service Certificate Fund, Foreign Economic Cooperation Trust Fund, District of Columbia, Indian tribal funds, insular possessions, increment resulting from reduction in the weight of the gold dollar, and seigniorage on silver.
3/ Total includes $260 million for Health Insurance Trust Fund under proposed legislation.
* 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>Government employees' retirement funds 1/</th><th>Adjusted Service Certificate Fund</th></tr><tr><td>1941</td><td>1,338</td><td>642</td><td>-5</td><td>563</td><td>3</td><td>30</td><td>97</td><td>8</td></tr><tr><td>1942</td><td>1,925</td><td>821</td><td>18</td><td>866</td><td>35</td><td>47</td><td>140</td><td>-1</td></tr><tr><td>1943</td><td>3,004</td><td>1,035</td><td>86</td><td>1,228</td><td>314</td><td>61</td><td>280</td><td>•</td></tr><tr><td>1944</td><td>4,129</td><td>1,172</td><td>140</td><td>1,503</td><td>862</td><td>60</td><td>393</td><td>-1</td></tr><tr><td>1945</td><td>5,200</td><td>1,137</td><td>182</td><td>1,437</td><td>1,974</td><td>73</td><td>399</td><td>-2</td></tr><tr><td>1946</td><td>3,668</td><td>1,002</td><td>156</td><td>102</td><td>2,053</td><td>47</td><td>309</td><td>-2</td></tr><tr><td>1947</td><td>3,362</td><td>1,194</td><td>118</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>2,719</td><td>1,370</td><td>328</td><td>209</td><td>365</td><td>36</td><td>412</td><td>-1</td></tr><tr><td>1950 (Estimated)</td><td>2,000 2/</td><td>2,141</td><td>461</td><td>262</td><td>-1,700</td><td>21</td><td>555</td><td>-1</td></tr><tr><td>1949-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><tr><td>December</td><td>300</td><td>300</td><td>-23</td><td>15</td><td>5</td><td>-</td><td>3</td><td>•</td></tr><tr><td>1949-January</td><td>-20</td><td>-</td><td>18</td><td>-90</td><td>5</td><td>-</td><td>17</td><td>•</td></tr></table>
Source: (Same as Table 1). 1/ See footnote 1, Table 2.
2/ Total includes $260 million by Health Insurance Trust Fund under proposed legislation. Less than $500,000.
March 1949
9
TRUST ACCOUNTS, ETC.
Table 4.- Expenditures Other Than Investments, by Principal Accounts
(In millions of dollars; negative figures are excess of credits)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government 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>6,248</td><td>656</td><td>289</td><td>963</td><td>325</td><td>56</td><td>274</td><td>3,000</td><td>383</td><td>412</td><td>-109</td></tr><tr><td>1950 (Estimated)</td><td>6,782</td><td>2,245</td><td>317</td><td>1,170</td><td>2,349</td><td>72</td><td>277</td><td>-</td><td>290</td><td>134</td><td>-72</td></tr><tr><td>1948-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><tr><td>December</td><td>731</td><td>54</td><td>23</td><td>81</td><td>27</td><td>5</td><td>19</td><td>499</td><td>23</td><td>-3</td><td>3</td></tr><tr><td>1949-January</td><td>579</td><td>54</td><td>24</td><td>112</td><td>27</td><td>4</td><td>16</td><td>237</td><td>26</td><td>9</td><td>71</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. 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="3">Assets, end of period</th></tr><tr><th>Total</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Transfers from General Fund</th><th>Total</th><th>Benefit payment</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries and expenses, Bureau of Old-Age and Survivors Insurance 3/</th><th>Total</th><th>Investments</th><th>To credit of fund account</th><th>In disbursing officer's account</th></tr><tr><td>1937-1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>-</td><td>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>652.9</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>966.6</td><td>895.6</td><td>71.0</td><td>-</td><td>137.0</td><td>110.3</td><td>26.8</td><td>-</td><td>829.6</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>1,217.9</td><td>1,130.5</td><td>87.4</td><td>-</td><td>176.8</td><td>149.3</td><td>27.5</td><td>-</td><td>1,041.1</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>1,395.3</td><td>1,292.1</td><td>103.2</td><td>-</td><td>217.2</td><td>184.6</td><td>32.6</td><td>-</td><td>1,178.1</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>1,433.8</td><td>1,309.9</td><td>123.9</td><td>-</td><td>266.8</td><td>239.8</td><td>26.9</td><td>-</td><td>1,167.0</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>1,386.0</td><td>1,238.2</td><td>147.8</td><td>-</td><td>357.9</td><td>320.5</td><td>37.4</td><td>-</td><td>1,028.0</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1947</td><td>1,623.3</td><td>1,459.5</td><td>163.5</td><td>.4</td><td>466.4</td><td>425.6</td><td>15.6</td><td>25.2</td><td>1,157.0</td><td>8,798.4</td><td>8,742.3</td><td>7.3</td><td>48.8</td></tr><tr><td>1948</td><td>1,807.4</td><td>1,616.2</td><td>190.6</td><td>.7</td><td>559.1</td><td>511.7</td><td>13.0</td><td>34.4</td><td>1,248.3</td><td>10,046.7</td><td>9,936.8</td><td>35.0</td><td>74.9</td></tr><tr><td>1949 (Estimated)</td><td>1,985.3</td><td>1,754.0</td><td>228.0</td><td>3.5</td><td>655.7</td><td>602.0</td><td>13.5</td><td>40.3</td><td>1,329.5</td><td>11,376.2</td><td>11,306.6</td><td>69.6</td><td></td></tr><tr><td>1950 (Estimated)</td><td>4,385.9</td><td>4,120.0</td><td>262.3</td><td>3.6</td><td>2,244.8</td><td>2,188.0</td><td>13.9</td><td>42.9</td><td>2,141.1</td><td>13,517.3</td><td>13,447.7</td><td>69.6</td><td></td></tr><tr><td>1948-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>December</td><td>107.7</td><td>7.1</td><td>100.7</td><td>-</td><td>53.6</td><td>49.3</td><td>1.1</td><td>3.1</td><td>54.2</td><td>10,721.7</td><td>10,555.8</td><td>95.1</td><td>70.8</td></tr><tr><td>1949-January</td><td>38.0</td><td>38.0</td><td>-</td><td>-</td><td>54.2</td><td>50.1</td><td>1.0</td><td>3.1</td><td>-16.1</td><td>10,705.6</td><td>10,555.8</td><td>82.2</td><td>67.6</td></tr><tr><td>Inception through January 1949</td><td>13,393.8</td><td>12,247.3</td><td>1,142.2</td><td>4.3</td><td>2,688.2</td><td>2,378.7</td><td>226.7</td><td>82.9</td><td>10,705.6</td><td>10,705.6</td><td>10,555.8</td><td>82.2</td><td>87.6</td></tr></table>
Source: (Same as Table 1).
1/ Includes transactions under the predecessor Old-Age Reserve Account.
2/ Under Section 201 (f) of the Social Security Act Amendments of 1939.
3/ Under provisions of the Labor-Federal Security Appropriation Act,
1947, these salaries are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund. Distribution of unexpended balance 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="4">Assets, end of period</th></tr><tr><th>Total</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><th></th><th colspan="3"></th><th></th><th></th><th colspan="3">To credit of appropriation</th><th>In disbursing officer's account</th></tr><tr><td>1936-1940</td><td>390.8</td><td>391.9</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>114.0</td><td>110.8</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>1.1</td><td>12.8</td></tr><tr><td>1944</td><td>272.6</td><td>262.7</td><td>9.8</td><td>134.1</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>615.3</td><td>564.6</td><td>50.7</td><td>288.6</td><td>326.7</td><td>1,726.6</td><td>1,702.8</td><td>23.8 2/</td><td>2/</td></tr><tr><td>1950 (Estimated)</td><td>777.9</td><td>715.9</td><td>62.0</td><td>316.6 3/</td><td>461.3</td><td>2,187.9</td><td>2,163.7</td><td>24.2 2/</td><td>2/</td></tr><tr><td>1948-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>.2</td><td>-</td><td>.2</td><td>23.0</td><td>-22.8</td><td>1,876.7</td><td>1,708.0</td><td>145.3</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>December</td><td>.3</td><td>-</td><td>.3</td><td>23.4</td><td>-23.1</td><td>1,830.6</td><td>1,661.5</td><td>145.4</td><td>23.7</td></tr><tr><td>1949-January</td><td>.4</td><td>-</td><td>.4</td><td>23.5</td><td>-23.1</td><td>1,807.5</td><td>1,710.0</td><td>73.4</td><td>24.1</td></tr><tr><td>Inception through January 1949</td><td>3,465.9</td><td>3,339.1</td><td>126.8</td><td>1,658.4</td><td>1,807.5</td><td>1,807.5</td><td>1,710.0</td><td>73.4</td><td>24.1</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 when transferred to the trust account.
2/ Distribution of unexpended balance not available. 3/ Includes $4.7 million for salaries and expenses, which would be financed directly from the trust account under proposed legislation. Less than $50,000.
Table 7.- Unemployment Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures other than investments</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>State accounts</th><th>State accounts</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from States</th><th>Interest on investments</th><th>Total</th><th>State accounts</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Net increase, or decrease (-), in assets</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th>Deposits by States</th><th>Contributions 2/</th><th>Transfers from Administration Fund 4/</th><th></th><th>Withdrawals by States</th><th>Benefit payments</th><th></th><th>In trust account</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>-</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>1,724.9</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>7.5</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>1,095.0</td><td>76.3</td><td>-</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>1,338.5</td><td>1,217.7</td><td>92.4</td><td>-</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>-</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</td><td>8.9</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</td><td>9.6</td><td>143.6</td><td>1,145.9</td><td>1,128.3</td><td>.4</td><td>17.2</td><td>133.9</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1947</td><td>1,289.4</td><td>1,005.3</td><td>127.6</td><td>.4</td><td>9.2</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>-</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>1,172.5</td><td>982.0</td><td>-</td><td>-</td><td>9.0</td><td>131.5</td><td>962.7</td><td>890.0</td><td>-</td><td>72.7 6/</td><td>209.8</td><td>8,532.8</td><td>8,507.6</td><td>25.2 1/</td><td>1/</td></tr><tr><td>1950 (Estimated)</td><td>1,432.1</td><td>1,228.0</td><td>14.3</td><td>-</td><td>5.1</td><td>184.6</td><td>1,169.3</td><td>1,100.0</td><td>-</td><td>69.3 6/</td><td>262.3</td><td>8,795.1</td><td>8,769.9</td><td>25.2 1/</td><td>1/</td></tr><tr><td>1948-July</td><td>43.7</td><td>35.1</td><td>*</td><td>-</td><td>8.5</td><td>*</td><td>70.5</td><td>66.5</td><td>-</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>*</td><td>-</td><td>.5</td><td>.1</td><td>110.9</td><td>106.7</td><td>-</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>*</td><td>-</td><td>-</td><td>4.1</td><td>65.5</td><td>61.1</td><td>-</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>*</td><td>-</td><td>-</td><td>.2</td><td>56.5</td><td>52.5</td><td>-</td><td>4.0</td><td>-28.8</td><td>8,334.8</td><td>8,314.4</td><td>10.7</td><td>1.7</td></tr><tr><td>November</td><td>227.2</td><td>227.2</td><td>*</td><td>-</td><td>-</td><td>-</td><td>60.7</td><td>54.0</td><td>-</td><td>6.8 6/</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>December</td><td>100.2</td><td>14.2</td><td>*</td><td>-</td><td>-</td><td>86.0</td><td>81.1</td><td>76.1</td><td>-</td><td>5.0</td><td>19.1</td><td>8,520.4</td><td>8,496.4</td><td>21.9</td><td>2.2</td></tr><tr><td>1949-January</td><td>28.5</td><td>28.4</td><td>*</td><td>-</td><td>-</td><td>.1</td><td>111.7</td><td>102.1</td><td>-</td><td>9.6 6/</td><td>-83.2</td><td>8,437.3</td><td>8,406.4</td><td>29.2</td><td>1.7</td></tr><tr><td>Inception through January 1949</td><td>14,211.9</td><td>12,134.6</td><td>876.9</td><td>107.2</td><td>75.5</td><td>1,047.8</td><td>5,804.6</td><td>5,485.4</td><td>107.2</td><td>212.1 6/</td><td>8,437.3</td><td>8,437.3</td><td>8,406.4</td><td>29.2</td><td>1.7</td></tr></table>
Source: (Same as Table 1).
1/ Excludes interim advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Table 9 under "Budget Receipts and Expenditures").
2/ 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 employer 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/ Transfers to the Railroad Unemployment Administration fund are included as follows: actual transfer of $2.4 million in November 1948, and $2.6 million in January 1949, and estimated transfer of $11.0 million in fiscal year 1949 and $1.3 million in fiscal year 1950, representing adjustment for overcollections due to retroactive change in tax rate. 
7/ Distribution of unexpended balance not available. 
* Less than $50,000.
March 1949
11
TREASURY CASH INCOME AND OUTGO
Actual figures in these tables are based on the Daily Treasury Statement, and have been revised to agree with the changed reporting procedure for refunds of receipts and
for capital transfers. Estimates are based on the 1950 Budget document, including effect of proposed legislation as outlined in Budget detail.
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="5">Cash operating outgo</th><th rowspan="2">Net cash operating income, or outgo (-)</th><th rowspan="2">Net cash borrowing or repayment of borrowing (-)</th><th rowspan="2">Increase, or decrease (-) in General Fund balance</th><th rowspan="2">Memorandum: Net receipts from exercise of monetary authority 2/</th></tr><tr><th>Cash budget receipts</th><th>Cash trust accounts receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust expenditures</th><th>Exchange Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th></tr><tr><td>1941.........</td><td>7,200</td><td>2,111</td><td>9,311</td><td>12,787</td><td>1,212</td><td>-</td><td>-</td><td>13,999</td><td>-4,689</td><td>5,432</td><td>742</td><td>88</td></tr><tr><td>1942.........</td><td>12,663</td><td>2,542</td><td>15,205</td><td>33,433</td><td>1,068</td><td>-</td><td>-</td><td>34,501</td><td>-19,294</td><td>19,652</td><td>358</td><td>101</td></tr><tr><td>1943.........</td><td>22,137</td><td>3,037</td><td>25,174</td><td>78,424</td><td>485</td><td>-</td><td>-</td><td>78,909</td><td>-53,735</td><td>60,250</td><td>6,515</td><td>77</td></tr><tr><td>1944.........</td><td>43,925</td><td>3,936</td><td>47,861</td><td>93,845</td><td>111</td><td>-</td><td>-</td><td>93,956</td><td>-46,095</td><td>56,757</td><td>10,662</td><td>43</td></tr><tr><td>1945.........</td><td>45,519</td><td>4,721</td><td>50,240</td><td>95,952</td><td>-768</td><td>-</td><td>-</td><td>95,184</td><td>-44,945</td><td>49,474</td><td>4,529</td><td>78</td></tr><tr><td>1946.........</td><td>38,902</td><td>4,937</td><td>43,839</td><td>57,822</td><td>4,316</td><td>-</td><td>-</td><td>61,738</td><td>-17,899</td><td>7,439</td><td>-10,460</td><td>302</td></tr><tr><td>1947.........</td><td>39,884</td><td>3,707</td><td>43,591</td><td>33,190</td><td>3,270</td><td>1,026</td><td>-555</td><td>36,931</td><td>6,659</td><td>-19,389</td><td>-10,930 3/</td><td>60</td></tr><tr><td>1948.........</td><td>41,804</td><td>3,595</td><td>45,400</td><td>32,682</td><td>2,944</td><td>563</td><td>507</td><td>36,496</td><td>8,903</td><td>-7,280</td><td>1,624</td><td>37</td></tr><tr><td>1949 (Estimated)</td><td>39,483</td><td>3,475</td><td>42,958</td><td>34,239</td><td>6,194</td><td>100</td><td>-400</td><td>40,133</td><td>2,825</td><td>-3,759</td><td>-933</td><td>36</td></tr><tr><td>1950 (Estimated)</td><td>40,837</td><td>6,387</td><td>47,224</td><td>38,990</td><td>6,620</td><td>100</td><td>-</td><td>45,710</td><td>1,514</td><td>-2,014</td><td>-500</td><td>39</td></tr><tr><td>1948-July.....</td><td>2,082</td><td>186</td><td>2,268</td><td>2,882</td><td>448</td><td>-</td><td>-700</td><td>2,630</td><td>-361</td><td>502</td><td>141</td><td>3</td></tr><tr><td>August......</td><td>2,492</td><td>670</td><td>3,162</td><td>2,086</td><td>566</td><td>-</td><td>289</td><td>2,941</td><td>221</td><td>-463</td><td>-241</td><td>5</td></tr><tr><td>September...</td><td>4,542</td><td>125</td><td>4,667</td><td>2,786</td><td>444</td><td>8</td><td>-9</td><td>3,229</td><td>1,438</td><td>-687</td><td>751</td><td>4</td></tr><tr><td>October.....</td><td>2,099</td><td>181</td><td>2,280</td><td>2,556</td><td>414</td><td>-</td><td>-174</td><td>2,796</td><td>-516</td><td>-265</td><td>-781</td><td>5</td></tr><tr><td>November...</td><td>2,536</td><td>654</td><td>3,190</td><td>2,747</td><td>546</td><td>15</td><td>158</td><td>3,466</td><td>-275</td><td>-142</td><td>-117</td><td>5</td></tr><tr><td>December....</td><td>4,008</td><td>98</td><td>4,106</td><td>3,308</td><td>726</td><td>28</td><td>163</td><td>4,224</td><td>-118</td><td>-59</td><td>-177</td><td>6</td></tr><tr><td>1949-January...</td><td>3,548</td><td>136</td><td>3,683</td><td>2,782</td><td>392</td><td>-</td><td>-340</td><td>2,834</td><td>849</td><td>-398</td><td>451</td><td>3</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. For explanation of the transaction, see "Treasury Bulletin" for September 1947, page 17.
2/ Coinsets of seigniorage on silver and increment resulting from reduction in weight of the gold dollar. This item is part of the cash
budget receipts of the Treasury shown in these tables, but is excluded from the 1950 Budget document figures for "Receipts from the public". In addition to this decrease in the General Fund balance, the Exchange Stabilization Fund was drawn down by $1,800 million for subscription to the capital of the International Monetary Fund (see footnote 1).
Table 2.- Derivation of Cash Budget Receipts
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Net budget receipts 1/</th><th rowspan="2">Plus: Noncash items deducted from budget receipts - excess profit tax refund bonds 2/</th><th rowspan="2">Total</th><th colspan="3">Less: Noncash budget receipts</th><th rowspan="2">Reimbursement for administrative expenses 4/</th><th rowspan="2">Equale: Cash budget receipts</th></tr><tr><th colspan="2">Payments to Treasury by Government enterprises</th><th>Repayment of capital stock and paid-in surplus 3/</th></tr><tr><th></th><th></th><th></th><th></th><th>R. F. C.</th><th>Interest</th><th>Other</th><th></th><th></th></tr><tr><td>1941</td><td>7,227</td><td>-</td><td>28</td><td>*</td><td>*</td><td>*</td><td>-</td><td>27</td><td>7,200</td></tr><tr><td>1942</td><td>12,696</td><td>-</td><td>33</td><td>1</td><td>5</td><td>5</td><td>-</td><td>27</td><td>12,663</td></tr><tr><td>1943</td><td>22,202</td><td>-</td><td>64</td><td>24</td><td>13</td><td>13</td><td>-</td><td>27</td><td>22,137</td></tr><tr><td>1944</td><td>43,892</td><td>134</td><td>100</td><td>54</td><td>13</td><td>13</td><td>-</td><td>33</td><td>43,925</td></tr><tr><td>1945</td><td>44,762</td><td>894</td><td>136</td><td>83</td><td>26</td><td>26</td><td>-</td><td>27</td><td>45,519</td></tr><tr><td>1946</td><td>40,027</td><td>-970</td><td>155</td><td>90</td><td>27</td><td>27</td><td>-</td><td>37</td><td>38,902</td></tr><tr><td>1947</td><td>40,043</td><td>-39</td><td>120</td><td>91</td><td>13</td><td>13</td><td>-</td><td>16</td><td>39,884</td></tr><tr><td>1948</td><td>42,211</td><td>-10</td><td>396</td><td>89</td><td>23</td><td>23</td><td>270</td><td>14</td><td>41,604</td></tr><tr><td>1949 (Estimated)</td><td>39,580</td><td>-5</td><td>92</td><td>1</td><td>29</td><td>29</td><td>36</td><td>25</td><td>39,443</td></tr><tr><td>1950 (Estimated)</td><td>40,985</td><td>-3</td><td>145</td><td>14</td><td>31</td><td>31</td><td>85</td><td>16</td><td>40,837</td></tr><tr><td>1948-July</td><td>2,096</td><td>*</td><td>14</td><td>*</td><td>2</td><td>2</td><td>10</td><td>1</td><td>2,082</td></tr><tr><td>August</td><td>2,505</td><td>*</td><td>12</td><td>*</td><td>1</td><td>1</td><td>11</td><td>1</td><td>2,492</td></tr><tr><td>September</td><td>4,543</td><td>*</td><td>1</td><td>-</td><td>*</td><td>*</td><td>-</td><td>1</td><td>4,542</td></tr><tr><td>October</td><td>2,101</td><td>*</td><td>1</td><td>-</td><td>*</td><td>*</td><td>-</td><td>1</td><td>2,099</td></tr><tr><td>November</td><td>2,540</td><td>*</td><td>4</td><td>-</td><td>*</td><td>*</td><td>-</td><td>4</td><td>2,536</td></tr><tr><td>December</td><td>4,014</td><td>*</td><td>5</td><td>*</td><td>4</td><td>4</td><td>-</td><td>1</td><td>4,008</td></tr><tr><td>1949-January</td><td>3,579</td><td>*</td><td>31</td><td>1</td><td>9</td><td>9</td><td>17</td><td>4</td><td>3,548</td></tr></table>
1/ See Table 1 under "Budget Receipts and Expenditures" for explanation of revised figures for net budget receipts.
2/ Deduction from budget receipts of the tax refunds represented by these bonds is treated as a noncash deduction at the time of issuance of the bonds and as a cash deduction at the time of redemption of the bonds (see Table 5, following). The figures shown are net issuances, or net redemptions (-).
3/ By partially owned Government corporations and the Colorado River Dam Fund.
By Federal Old-age and Survivors Insurance Trust Fund through October 1943. Thereafter includes also transfers from Railroad Unemployment Insurance Account to Railroad Unemployment Administration Fund representing adjustment for overcollections due to retrospective change in tax rate (Public Law No. 744, approved June 23, 1943), and reimbursement by the District of Columbia. Less than $500,000.
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Budget Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month:</th><th rowspan="2">Total budget expenditures 1/ 2/</th><th colspan="3">Interest payments by Treasury</th><th colspan="3">Loss: Noncash budget expenditures</th><th colspan="3">Payments to Treasury by Government enterprises</th><th rowspan="2">Equals: Cash budget expenditures</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 3/</th><th>To partially owned Government corporations 4/</th><th>To trust accounts 2/</th><th>Transfers to trust accounts 2/</th><th>Payroll deduction for Government employees' retirement</th><th>Budget expenditures involving issuance of Federal securities 5/</th><th>Armed forces leave bonds</th><th>Adjusted service bonds</th><th>Notes issued to International Bank and Fund</th><th>Interest</th><th>Investments in Federal securities</th></tr><tr><td>1941</td><td>13,397</td><td>600</td><td>58</td><td>-</td><td>167</td><td>333</td><td>56</td><td>-</td><td>-20</td><td>-</td><td>1</td><td>5</td><td>12,787</td></tr><tr><td>1942</td><td>34,137</td><td>754</td><td>81</td><td>-</td><td>207</td><td>384</td><td>88</td><td>-</td><td>-12</td><td>-</td><td>6</td><td>-</td><td>33,433</td></tr><tr><td>1943</td><td>79,622</td><td>1,198</td><td>130</td><td>2</td><td>254</td><td>440</td><td>227</td><td>-</td><td>-7</td><td>-</td><td>37</td><td>115</td><td>78,424</td></tr><tr><td>1944</td><td>95,315</td><td>1,470</td><td>213</td><td>3</td><td>325</td><td>559</td><td>269</td><td>-</td><td>-5</td><td>-</td><td>67</td><td>39</td><td>93,845</td></tr><tr><td>1945</td><td>98,703</td><td>2,750</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>108</td><td>25</td><td>95,952</td></tr><tr><td>1946</td><td>60,703</td><td>3,281</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>118</td><td>18</td><td>57,422</td></tr><tr><td>1947</td><td>39,289</td><td>6,099</td><td>657</td><td>25</td><td>646</td><td>1,351</td><td>259</td><td>1,846</td><td>-8</td><td>1,366</td><td>105</td><td>31</td><td>33,190</td></tr><tr><td>1948</td><td>36,791</td><td>4,309</td><td>559</td><td>28</td><td>746</td><td>4,178</td><td>236</td><td>-1,221</td><td>-4</td><td>-350</td><td>112</td><td>30</td><td>32,482</td></tr><tr><td>1949 (Est.)</td><td>37,130</td><td>2,942</td><td>575</td><td>27</td><td>846</td><td>1,298</td><td>336</td><td>-149</td><td>-</td><td>-35</td><td>31</td><td>13</td><td>34,239</td></tr><tr><td>1950 (Est.)</td><td>41,858</td><td>2,967</td><td>450</td><td>29</td><td>926</td><td>1,124</td><td>359</td><td>-59</td><td>-</td><td>-50</td><td>44</td><td>44</td><td>38,990</td></tr><tr><td>1948-July</td><td>3,558</td><td>676</td><td>66</td><td>•</td><td>•</td><td>611</td><td>17</td><td>-21</td><td>•</td><td>-</td><td>2</td><td>1</td><td>2,882</td></tr><tr><td>Aug.</td><td>2,143</td><td>57</td><td>37</td><td>•</td><td>•</td><td>13</td><td>24</td><td>-19</td><td>•</td><td>-</td><td>1</td><td>1</td><td>2,006</td></tr><tr><td>Sept.</td><td>2,369</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>8</td><td>2,786</td></tr><tr><td>Oct.</td><td>2,685</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>1</td><td>2,556</td></tr><tr><td>Nov.</td><td>2,815</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>1</td><td>2,747</td></tr><tr><td>Dec.</td><td>3,603</td><td>296</td><td>77</td><td>10</td><td>187</td><td>1</td><td>28</td><td>-14</td><td>•</td><td>-</td><td>4</td><td>3</td><td>3,308</td></tr><tr><td>1949-Jan.</td><td>2,968</td><td>186</td><td>76</td><td>-</td><td>1</td><td>73</td><td>29</td><td>-13</td><td>•</td><td>-</td><td>9</td><td>11</td><td>2,782</td></tr></table>
1/ See Tables 1 and 2 under "Budget Receipts and Expenditures" for explanation of revised figures for budget expenditures.
2/ 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.
3/ See footnote 4 to Table 5, following.
4/ Interest payments to wholly owned Government corporations are not de
ducted because they are treated as negative expenditures when received by corporations; hence payments and receipts offset each other. 2/ 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 (-). 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 2/</th><th rowspan="2">Equals: Cash expenditures 1/</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>Other 1/</th><th>Equals: Cash receipts</th><th>Total expenditures 3/</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By partially owned Government corporations</th><th>Other 4/</th></tr><tr><td>1941</td><td>2,665</td><td>554</td><td>167</td><td>331</td><td>56</td><td>-</td><td>2,111</td><td>1,757</td><td>545</td><td>1,338</td><td>34</td><td>-827</td><td>1,212</td></tr><tr><td>1942</td><td>3,218</td><td>676</td><td>207</td><td>381</td><td>88</td><td>-</td><td>2,542</td><td>4,830</td><td>3,763</td><td>1,925</td><td>5</td><td>1,832</td><td>1,068</td></tr><tr><td>1943</td><td>3,954</td><td>916</td><td>254</td><td>435</td><td>227</td><td>-</td><td>3,037</td><td>4,292</td><td>3,806</td><td>3,004</td><td>88</td><td>714</td><td>485</td></tr><tr><td>1944</td><td>5,083</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>3,935</td><td>7,307</td><td>7,197</td><td>4,129</td><td>167</td><td>2,902</td><td>111</td></tr><tr><td>1945</td><td>7,086</td><td>2,365</td><td>429</td><td>1,615</td><td>290</td><td>-</td><td>4,721</td><td>6,294</td><td>7,062</td><td>5,200</td><td>299</td><td>1,563</td><td>-768</td></tr><tr><td>1946</td><td>7,712</td><td>2,775</td><td>567</td><td>1,927</td><td>281</td><td>-</td><td>4,937</td><td>8,236</td><td>3,919</td><td>3,668</td><td>141</td><td>110</td><td>4,316</td></tr><tr><td>1947</td><td>6,244</td><td>2,538</td><td>616</td><td>1,351</td><td>259</td><td>271</td><td>3,707</td><td>7,347</td><td>4,076</td><td>3,362</td><td>147</td><td>568</td><td>3,270</td></tr><tr><td>1948</td><td>9,515</td><td>5,920</td><td>745</td><td>1,178</td><td>236</td><td>760</td><td>3,595</td><td>6,810</td><td>3,865</td><td>3,060</td><td>-99</td><td>904</td><td>2,944</td></tr><tr><td>1949 (Est.)</td><td>5,957</td><td>2,482</td><td>843</td><td>1,298</td><td>338</td><td>-</td><td>3,475</td><td>8,967</td><td>2,773</td><td>2,719</td><td>127</td><td>-73</td><td>6,194</td></tr><tr><td>1950 (Est.)</td><td>8,799</td><td>2,411</td><td>926</td><td>1,124</td><td>361</td><td>-</td><td>6,387</td><td>8,781</td><td>2,162</td><td>2,000</td><td>160</td><td>2</td><td>6,620</td></tr><tr><td>1948-July</td><td>817</td><td>631</td><td>*</td><td>611</td><td>17</td><td>2</td><td>186</td><td>995</td><td>547</td><td>526</td><td>64</td><td>-43</td><td>448</td></tr><tr><td>Aug.</td><td>707</td><td>37</td><td>*</td><td>13</td><td>24</td><td>-</td><td>670</td><td>697</td><td>131</td><td>121</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>125</td><td>743</td><td>299</td><td>327</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>181</td><td>431</td><td>17</td><td>6</td><td>11</td><td>1</td><td>418</td></tr><tr><td>Nov.</td><td>690</td><td>36</td><td>*</td><td>6</td><td>29</td><td>-</td><td>654</td><td>720</td><td>175</td><td>164</td><td>12</td><td>*</td><td>546</td></tr><tr><td>Dec.</td><td>314</td><td>216</td><td>187</td><td>1</td><td>28</td><td>-</td><td>98</td><td>1,031</td><td>306</td><td>300</td><td>12</td><td>-6</td><td>726</td></tr><tr><td>1949-Jan.</td><td>238</td><td>103</td><td>1</td><td>73</td><td>29</td><td>-</td><td>136</td><td>560</td><td>167</td><td>-20</td><td>94</td><td>93</td><td>392</td></tr></table>
1/ Principally proceeds of ship sales allocate to surplus property receipts. Figures for 1947 and 1948 include $53 million and $3 million, respectively, of armed forces leave bonds redeemed for insurance premiums; after August 31, 1947, all these bonds were redeemable for cash.
2/ Excludes clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks.
3/ Figures for the fiscal year 1949 (actual and estimated) include expenditures from the Foreign Economic Cooperation Trust Fund.
4/ Principally proceeds of ship sales allocable to miscellaneous receipts, F.D.I.C. repayments of capital stock, and net redemption, or issuance (-), in the market of securities of Government corporations.
Less than $500,000.
March 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">Lees: Noncash debt transactions</th><th rowspan="2">Plus: Cash issuance of non-guaranteed securities of Federal agencies</th><th rowspan="2">Equals: Net cash borrowing, or repayment of borrowing (-) 5/</th></tr><tr><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th><th>Total</th><th>By trust accounts</th><th>By Government corporations</th><th>Armed forces leave bonds 1/</th><th>Adjusted service bonds 1/</th><th>Notes for International Bank and Fund 1/2/</th><th>Excess profit tax refund bonds 3/</th><th>Interest on savings bonds and Treasury bills</th><th>Net transactions in guaranteed securities not reflected in Treasurer's account</th></tr><tr><td>1941</td><td>5,994</td><td>841</td><td>6,835</td><td>1,422</td><td>1,338</td><td>39</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>58</td><td>8</td><td>19</td><td>5,432</td></tr><tr><td>1942</td><td>23,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>*</td><td>19,632</td></tr><tr><td>1943</td><td>61,274</td><td>-1,668</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>61,307</td><td>-2,477</td><td>61,830</td><td>4,883</td><td>4,129</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>7,992</td><td>3,362</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>457</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>1,394</td><td>3,060</td><td>-69</td><td>-1,229</td><td>-4</td><td>-913</td><td>-10</td><td>559</td><td>-</td><td>123</td><td>-7,280</td></tr><tr><td>1949 (Estimated)</td><td>-723</td><td>-24</td><td>-747</td><td>3,145</td><td>2,719</td><td>140</td><td>-149</td><td>-</td><td>-135</td><td>-5</td><td>575</td><td>-</td><td>133</td><td>-3,759</td></tr><tr><td>1950 (Estimated)</td><td>356</td><td>3</td><td>359</td><td>2,442</td><td>2,000</td><td>204</td><td>-59</td><td>-</td><td>-150</td><td>-3</td><td>450</td><td>-</td><td>68</td><td>-2,014</td></tr><tr><td>1948-July</td><td>1,082</td><td>-18</td><td>1,063</td><td>635</td><td>526</td><td>65</td><td>-21</td><td>*</td><td>-</td><td>*</td><td>66</td><td>-</td><td>74</td><td>502</td></tr><tr><td>August</td><td>-324</td><td>-4</td><td>-328</td><td>133</td><td>121</td><td>-6</td><td>-19</td><td>*</td><td>-</td><td>*</td><td>37</td><td>-</td><td>-2</td><td>-463</td></tr><tr><td>September</td><td>-362</td><td>-1</td><td>-363</td><td>359</td><td>327</td><td>14</td><td>-15</td><td>*</td><td>-8</td><td>*</td><td>42</td><td>-</td><td>35</td><td>-687</td></tr><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>-112</td></tr><tr><td>December</td><td>294</td><td>-2</td><td>291</td><td>350</td><td>300</td><td>14</td><td>-14</td><td>*</td><td>-28</td><td>*</td><td>77</td><td>-</td><td>-1</td><td>-59</td></tr><tr><td>1949-January</td><td>-179</td><td>-19</td><td>-198</td><td>148</td><td>-20</td><td>105</td><td>-13</td><td>*</td><td>-</td><td>*</td><td>76</td><td>-</td><td>-52</td><td>-398</td></tr></table>
1/ The issuance of these securities is treated as a noncash budget expenditure 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/ The issuance of these securities is treated as a noncash deduction from budget receipts at the time of issuance and as a cash deduction
at the time of cash redemption. The figures shown are net issuances, or net redemptions (-).
4/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
5/ 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 1/</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 2/</td><td>896</td><td>1,476</td><td>5,293</td><td>1,648</td><td>2,069</td><td>4,663</td><td>870</td><td>1,030</td><td>2,596</td><td>745</td><td>1,107</td><td>2,781</td><td>15,205</td><td></td></tr><tr><td>1943</td><td>2,915</td><td>3,104</td><td>6,675</td><td>3,319</td><td>3,642</td><td>6,332</td><td>2,327</td><td>3,238</td><td>6,015</td><td>2,212</td><td>2,877</td><td>5,538</td><td>37,919</td><td>25,174</td></tr><tr><td>1944</td><td>3,724</td><td>4,275</td><td>7,001</td><td>3,164</td><td>3,850</td><td>6,016</td><td>2,764</td><td>3,371</td><td>5,276</td><td>2,809</td><td>3,030</td><td>4,328</td><td>47,961</td><td>49,608</td></tr><tr><td>1945</td><td>3,032</td><td>4,068</td><td>5,649</td><td>2,366</td><td>2,965</td><td>4,183</td><td>2,332</td><td>2,803</td><td>4,585</td><td>2,683</td><td>2,813</td><td>4,156</td><td>50,240</td><td>43,839</td></tr><tr><td>1946</td><td>3,821</td><td>4,947</td><td>5,585</td><td>2,228</td><td>2,746</td><td>4,886</td><td>2,446</td><td>3,112</td><td>4,666</td><td>2,589</td><td>3,305</td><td>3,987</td><td>44,319</td><td>43,591</td></tr><tr><td>1947</td><td>4,482</td><td>4,548</td><td>6,019</td><td>2,402</td><td>2,969</td><td>4,877</td><td>2,268</td><td>3,162</td><td>4,667</td><td>2,280</td><td>3,190</td><td>4,106</td><td>44,971</td><td>45,400</td></tr><tr><td>1948</td><td>3,683</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash operating outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,044</td><td>5,506</td><td>5,964</td><td>6,178</td><td>5,921</td><td>6,970</td><td>34,501</td><td></td></tr><tr><td>1943</td><td>6,497</td><td>6,396</td><td>7,620</td><td>7,432</td><td>7,390</td><td>7,988</td><td>7,017</td><td>7,740</td><td>7,693</td><td>7,625</td><td>7,766</td><td>7,823</td><td>88,987</td><td>78,909</td></tr><tr><td>1944</td><td>7,537</td><td>8,009</td><td>8,564</td><td>7,677</td><td>8,027</td><td>8,478</td><td>7,249</td><td>8,146</td><td>7,636</td><td>7,886</td><td>7,373</td><td>8,178</td><td>94,810</td><td>93,956</td></tr><tr><td>1945</td><td>7,729</td><td>7,118</td><td>8,786</td><td>7,765</td><td>8,436</td><td>8,829</td><td>7,750</td><td>7,512</td><td>6,326</td><td>5,913</td><td>4,754</td><td>5,224</td><td>86,142</td><td>95,184</td></tr><tr><td>1946</td><td>4,668</td><td>3,700</td><td>3,876</td><td>3,600</td><td>3,853</td><td>4,562</td><td>2,745</td><td>2,760</td><td>2,944</td><td>2,844</td><td>2,269</td><td>3,578</td><td>41,399</td><td>61,738</td></tr><tr><td>1947</td><td>2,715</td><td>3,487</td><td>2,961</td><td>3,063</td><td>2,781</td><td>4,784</td><td>3,272</td><td>3,073</td><td>3,943</td><td>2,570</td><td>2,490</td><td>3,476</td><td>38,616</td><td>36,931</td></tr><tr><td>1948</td><td>2,497</td><td>2,726</td><td>3,418</td><td>2,397</td><td>2,507</td><td>4,129</td><td>2,630</td><td>2,941</td><td>3,229</td><td>2,796</td><td>3,466</td><td>4,224</td><td>36,957</td><td>36,496</td></tr><tr><td>1949</td><td>2,834</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net cash operating income, or outgo (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942 2/</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,704</td><td>-5,321</td><td>-3,325</td><td>-4,174</td><td>-4,476</td><td>-3,368</td><td>-5,433</td><td>-4,814</td><td>-4,189</td><td>-19,294</td><td></td></tr><tr><td>1943</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,540</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1944</td><td>-4,005</td><td>-2,843</td><td>-1,785</td><td>-4,601</td><td>-4,586</td><td>-2,813</td><td>-4,986</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-46,095</td></tr><tr><td>1945</td><td>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-888</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,899</td></tr><tr><td>1946</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-835</td><td>-35</td><td>102</td><td>-827</td><td>41</td><td>723</td><td>18</td><td>816</td><td>510</td><td>5,703</td><td>6,659</td></tr><tr><td>1947</td><td>1,986</td><td>1,824</td><td>2,601</td><td>4</td><td>652</td><td>748</td><td>-361</td><td>221</td><td>1,438</td><td>-516</td><td>-275</td><td>-118</td><td>8,014</td><td>8,903</td></tr><tr><td>1948</td><td>849</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Fiscal year ending June 30 of year indicated. 2/ Monthly data prior to July 1942 not yet available.
14
Treasury Bulletin
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="2">Total</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th rowspan="2">Deposits in special depositaries</th><th rowspan="2">Other deposits and collections</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in the General Fund</th></tr><tr><th></th><th>Total</th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th></tr><tr><td>1941</td><td>2,812</td><td>284</td><td>701</td><td>1,024</td><td>-</td><td>661</td><td>143</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>155</td><td>742</td><td>603</td><td>-</td><td>1,679</td><td>265</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>150</td><td>761</td><td>1,038</td><td>-</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>154</td><td>666</td><td>1,442</td><td>-</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>150</td><td>558</td><td>1,500</td><td>-</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>160</td><td>243</td><td>1,006</td><td>-</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>1,023</td><td>232</td><td>1,202</td><td>-</td><td>962</td><td>310</td><td>422</td><td>3,308</td></tr><tr><td>1948</td><td>5,370</td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>283</td><td>438</td><td>4,932</td></tr><tr><td>1948-July</td><td>5,506</td><td>1,070</td><td>188</td><td>1,755</td><td>117</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>1,060</td><td>195</td><td>1,919</td><td>76</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>1,068</td><td>191</td><td>1,664</td><td>119</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>1,078</td><td>182</td><td>1,608</td><td>110</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>1,076</td><td>191</td><td>1,601</td><td>77</td><td>1,621</td><td>246</td><td>428</td><td>4,385</td></tr><tr><td>December</td><td>4,630</td><td>1,077</td><td>181</td><td>1,123</td><td>90</td><td>1,909</td><td>251</td><td>422</td><td>4,208</td></tr><tr><td>1949-January</td><td>5,042</td><td>1,046</td><td>222</td><td>1,511</td><td>179</td><td>1,735</td><td>346</td><td>383</td><td>4,659</td></tr></table>
Source: Daily Treasury Statement. 1/ On account of withheld taxes and sales of Government securities.
Table 2.- Analysis of Change in Balance in the General Fund
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net increase in General Fund balance, or decrease (-)</th><th>Budget surplus, or deficit (-) 1/</th><th>Net increase in public debt, or decrease (-)</th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th>Special deposit accounts and miscellaneous funds 3/</th><th>Sales and re-demptions of 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>*</td><td>20</td><td>-2</td><td>852</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>-21,490</td><td>23,461</td><td>-1,613</td><td>66</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,820</td><td>64,274</td><td>-338</td><td>92</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,423</td><td>64,307</td><td>-2,222</td><td>148</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1947</td><td>-10,930</td><td>754</td><td>-11,136</td><td>-1,103</td><td>-372</td><td>*</td><td>-</td><td>-372</td><td>-359</td><td>555</td></tr><tr><td>1948</td><td>1,624</td><td>5,419</td><td>-5,994</td><td>2,706</td><td>2,965</td><td>*</td><td>*</td><td>-367</td><td>107</td><td>-507</td></tr><tr><td>1948-July</td><td>141</td><td>-1,462</td><td>1,082</td><td>-178</td><td>-147</td><td>*</td><td>-</td><td>-88</td><td>56</td><td>700</td></tr><tr><td>August</td><td>-241</td><td>362</td><td>-324</td><td>10</td><td>129</td><td>*</td><td>-</td><td>-113</td><td>-5</td><td>-289</td></tr><tr><td>September</td><td>751</td><td>1,674</td><td>-362</td><td>-570</td><td>-561</td><td>*</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>-144</td><td>-149</td><td>*</td><td>-</td><td>5</td><td>*</td><td>174</td></tr><tr><td>November</td><td>-417</td><td>-275</td><td>46</td><td>-30</td><td>-33</td><td>*</td><td>-</td><td>-1</td><td>4</td><td>-158</td></tr><tr><td>December</td><td>-177</td><td>410</td><td>294</td><td>-718</td><td>-718</td><td>*</td><td>-</td><td>3</td><td>-3</td><td>-163</td></tr><tr><td>1949-January</td><td>451</td><td>611</td><td>-179</td><td>-321</td><td>-242</td><td>*</td><td>-</td><td>-9</td><td>-71</td><td>340</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/ Consists of 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/ Consists of 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 each 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.
March 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 outstading</th><th colspan="3">Interest-bearing debt</th><th colspan="6">Matured debt and debt bearing no interest</th></tr><tr><th></th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Total</th><th>Public debt</th><th>International bank</th><th>Monetary Fund</th><th>Other 2/</th><th>Guaranteed securities 1/ (matured)</th></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>6,370</td><td>54,717</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>251,619</td><td>251,569</td><td>50</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>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td></tr><tr><td>1950 (Estimated)</td><td>251,978</td><td>251,925</td><td>53</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>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</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-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>August</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>September</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>October</td><td>252,513</td><td>252,460</td><td>52</td><td>250,347</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>November</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><tr><td>December</td><td>252,854</td><td>252,800</td><td>55</td><td>250,630</td><td>250,579</td><td>51</td><td>2,224</td><td>2,220</td><td>353</td><td>66</td><td>1,110</td><td>692</td><td>4</td></tr><tr><td>1949-January</td><td>252,656</td><td>252,620</td><td>36</td><td>250,467</td><td>250,435</td><td>32</td><td>2,190</td><td>2,186</td><td>324</td><td>66</td><td>1,110</td><td>685</td><td>4</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1950 Budget document, including effect of proposed legislation.
Footnotes at end of Table 4.
Table 2.- Interest-Bearing Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th rowspan="2">Total public issues</th><th colspan="5">Marketable</th><th colspan="5">Nonmarketable</th><th rowspan="2">Special issue</th></tr><tr><th>Total</th><th>Bille</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury bonds, investment series</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Other 5/</th></tr><tr><td>1941</td><td>48,387</td><td>42,267</td><td>37,713</td><td>1,603</td><td>5,698</td><td>30,215</td><td>196</td><td>4,555</td><td>4,314</td><td>-</td><td>-</td><td>241</td><td>6,120</td></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>37,202</td><td>882</td><td>13,510</td><td>10,188</td><td>-</td><td>3,015</td><td>-</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>48,809</td><td>8,711</td><td>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>58,083</td><td>21,161</td><td>44,855</td><td>34,606</td><td>-</td><td>9,557</td><td>-</td><td>692</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>69,693</td><td>36,756</td><td>56,226</td><td>45,586</td><td>-</td><td>10,136</td><td>-</td><td>505</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>65,964</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>-</td><td>6,711</td><td>427</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,367</td><td>-</td><td>5,560</td><td>325</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>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></tr><tr><td>Debt peak, Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>-</td><td>8,043</td><td>471</td></tr><tr><td>1948-July</td><td>251,168</td><td>220,381</td><td>159,560</td><td>13,266</td><td>22,294</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></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>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></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>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></tr><tr><td>Oct.</td><td>250,300</td><td>219,077</td><td>157,920</td><td>12,507</td><td>26,008</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></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>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></tr><tr><td>Dec.</td><td>250,579</td><td>218,865</td><td>157,482</td><td>12,224</td><td>26,525</td><td>61,803</td><td>49,636</td><td>163</td><td>61,383</td><td>55,051</td><td>955</td><td>4,572</td><td>464</td></tr><tr><td>1949-Jan.</td><td>250,435</td><td>218,675</td><td>156,960</td><td>12,133</td><td>29,630</td><td>61,803</td><td>49,636</td><td>162</td><td>61,714</td><td>55,352</td><td>955</td><td>4,618</td><td>449</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>341</td><td>31,760</td></tr></table>
Source: Daily Treasury Statement. Footnotee at end of Table 4.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 3.- Interest-Bearing Securities Guaranteed by the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="7">Marketable</th><th colspan="3">Nonmarketable</th></tr><tr><th></th><th></th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Total</th><th>Commodity Credit Corporation 6/</th><th>Reconstruction Finance Corporation 1/</th></tr><tr><td>1941</td><td>6,360</td><td>6,350</td><td>696</td><td>1,369</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>183</td><td>68</td><td>115</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>1,533</td><td>114</td><td>896</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>755</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</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>45</td><td>45</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>42</td><td>42</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>-</td><td>-</td><td>-</td></tr><tr><td>1948-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><tr><td>December</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>1949-January</td><td>32</td><td>12</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>-</td></tr></table>
Source: Daily Treasury Statement. Footnotes at end of Table 4.
Table 4.- Special Issues to United States Government Investment Accounts
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total 8/</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 employee's retirement fund</th><th>Government Life Insurance Fund</th><th>Housing insurance funds</th><th>National Service Life Insurance Fund</th><th>Postal Receiving System 9/</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>4,088</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-July</td><td>30,787</td><td>6</td><td>593</td><td>57</td><td>7,689</td><td>75</td><td>3,050</td><td>1,286</td><td>4</td><td>6,958</td><td>1,897</td><td>1,700</td><td>7,470</td></tr><tr><td>August</td><td>30,887</td><td>6</td><td>586</td><td>57</td><td>7,689</td><td>76</td><td>3,061</td><td>1,286</td><td>4</td><td>6,968</td><td>1,882</td><td>1,680</td><td>7,591</td></tr><tr><td>September</td><td>31,221</td><td>6</td><td>586</td><td>63</td><td>8,054</td><td>77</td><td>3,069</td><td>1,286</td><td>4</td><td>6,983</td><td>1,882</td><td>1,658</td><td>7,551</td></tr><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><tr><td>December</td><td>31,714</td><td>6</td><td>596</td><td>86</td><td>8,328</td><td>82</td><td>3,088</td><td>1,284</td><td>4</td><td>7,013</td><td>1,867</td><td>1,662</td><td>7,698</td></tr><tr><td>1949-January</td><td>31,760</td><td>6</td><td>616</td><td>100</td><td>8,328</td><td>83</td><td>3,105</td><td>1,284</td><td>4</td><td>7,018</td><td>1,867</td><td>1,710</td><td>7,608</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 6th, 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 1948, pages A-9 and A-10).
4/ Consists of postal earnings and Panama Canal bonds, and prior to 1947, also conversion bonds.
5/ Consists of depository 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 I-A, I-B, and I-C, which were held by United States Government corporations and credit agencies.
8/ Total includes $1 million issued to the Farm Tenant Mortgage Insurance Fund beginning March 1948.
9/ Includes Canal Zone Postal Saving System.
La. Not available.
March 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</th><th>Computed annual interest charge</th><th>Computed annual interest rate</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual interest rate</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual interest rate</th></tr><tr><td></td><td colspan="3">(Millions of dollars)</td><td colspan="3">(Millions of dollars)</td><td colspan="3">(Millions of dollars)</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</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-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><tr><td>December</td><td>250,630</td><td>5,552</td><td>2.215</td><td>250,579</td><td>5,551</td><td>2.216</td><td>51</td><td>1</td><td>1.844</td></tr><tr><td>1949-January</td><td>250,467</td><td>5,565</td><td>2.222</td><td>250,435</td><td>5,564</td><td>2.222</td><td>32</td><td>1</td><td>1.977</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 interest rate, the discount value is used.
For the purposes of computing the annual interest charge and interest rate on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. 2/ Excludes guaranteed securities held by the Treasury.
Table 6.- Treasury Holdings of Securities Issued by Corporations and Certain Other Business-Type Activities of the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total 2/</th><th>Commodity Credit Corporation</th><th>Economic Cooperation Administration</th><th>Export-Import Bank of Washington</th><th>Federal Farm Mortgage Corporation</th><th>Home Owners' Loan Corporation</th><th>Public Housing Administration</th><th>Reconstruction Finance Corporation</th><th>Rural Electrification Administration</th><th>Tennessee Valley Authority</th></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85</td><td>20</td><td>-</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>-</td><td>-</td><td>263</td><td>551</td><td>274</td><td>2,534</td><td>-</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>-</td><td>-</td><td>212</td><td>283</td><td>5,033</td><td>-</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>-</td><td>-</td><td>366</td><td>580</td><td>398</td><td>8,416</td><td>-</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>-</td><td>-</td><td>108</td><td>1,010</td><td>383</td><td>9,020</td><td>-</td><td>57</td></tr><tr><td>1946</td><td>11,673</td><td>1,301</td><td>-</td><td>-</td><td>13</td><td>737</td><td>360</td><td>9,205</td><td>-</td><td>57</td></tr><tr><td>1947</td><td>11,946</td><td>510</td><td>-</td><td>516</td><td>21</td><td>529</td><td>347</td><td>9,966</td><td>-</td><td>56</td></tr><tr><td>1948</td><td>2,789</td><td>440</td><td>-</td><td>971</td><td>-</td><td>244</td><td>362</td><td>3/</td><td>718</td><td>54</td></tr><tr><td>1948-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><tr><td>December</td><td>3,953</td><td>875</td><td>83</td><td>908</td><td>-</td><td>183</td><td>348</td><td>632</td><td>869</td><td>54</td></tr><tr><td>1949-January</td><td>4,158</td><td>1,004</td><td>150</td><td>868</td><td>-</td><td>174</td><td>348</td><td>674</td><td>885</td><td>54</td></tr></table>
Source: Daily Treasury Statement.
1/ The securities shown in this table were issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Total includes notes issued by the Virgin Islands Company, beginning September 1947, in amounts less than $1 million.
3/ Notes issued by the Reconstruction Finance Corporation and outstanding in the amount of $9,365 million, including interest, 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, January 31, 1949
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>251,830</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>36</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>251,865</td></tr><tr><td>Balance issuable under limitation.</td><td>23,135</td></tr></table>
Sources: Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding January 31, 1949
(In millions of dollars)
<table><tr><th>Class of security</th><th>Subject to statutory debt limitation</th><th>Not subject to statutory debt limitation</th><th>Total outstanding</th></tr><tr><td>Public debt:</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td></tr><tr><td>Marketable:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>12,133</td><td>-</td><td>12,133</td></tr><tr><td>Certificates of indebtedness.</td><td>29,630</td><td>-</td><td>29,630</td></tr><tr><td>Treasury notes.</td><td>3,596</td><td>-</td><td>3,596</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>61,803</td><td>-</td><td>61,803</td></tr><tr><td>Treasury bonds - bank restricted 1/.</td><td>49,636</td><td>-</td><td>49,636</td></tr><tr><td>Postal savings and Panama Canal bonds.</td><td>-</td><td>162</td><td>162</td></tr><tr><td>Total marketable.</td><td>156,798</td><td>162</td><td>156,960</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value).</td><td>55,352</td><td>-</td><td>55,352</td></tr><tr><td>Treasury savings notes.</td><td>4,618</td><td>-</td><td>4,618</td></tr><tr><td>Depository bonds.</td><td>341</td><td>-</td><td>341</td></tr><tr><td>Armed forces leave bonds.</td><td>449</td><td>-</td><td>449</td></tr><tr><td>Treasury bonds, investment series.</td><td>955</td><td>-</td><td>955</td></tr><tr><td>Total nonmarketable.</td><td>61,714</td><td>-</td><td>61,714</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>31,760</td><td>-</td><td>31,760</td></tr><tr><td>Total interest-bearing securities.</td><td>250,273</td><td>162</td><td>250,435</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>320</td><td>5</td><td>324</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>1,110</td><td>-</td><td>1,110</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>428</td><td>428</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>1,237</td><td>624</td><td>1,661</td></tr><tr><td>Total public debt.</td><td>251,830</td><td>791</td><td>252,620</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing.</td><td>32</td><td>-</td><td>32</td></tr><tr><td>Matured.</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Total guaranteed securities.</td><td>36</td><td>-</td><td>36</td></tr><tr><td>Total public debt and guaranteed securities.</td><td>251,865</td><td>791</td><td>252,656</td></tr></table>
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.
March 1949
19
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding January 31, 1949 1/
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become bank eligible 2/</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date bank re-stricted issues become bank eligible 2/</th></tr><tr><th>Fixed maturity issuee</th><th>Callable issuese classified by year of:</th><th>First call Final maturity</th><th>Fixed maturity issuee</th><th>Callable issuese classified by year of:</th><th>First call Final maturity</th></tr><tr><td>1949</td><td></td><td></td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% Certificate - 2/1/49-B</td><td>3,406 2,189</td><td>.....</td><td>.....</td><td></td><td>Mar.</td><td>2% Bond - 3/15/50-52</td><td>.....</td><td>1,963</td><td>.....</td><td>.....</td></tr><tr><td>Mar.</td><td>1-1/8% Certificate - 3/1/49-C</td><td>5,012 3,553</td><td>.....</td><td>.....</td><td></td><td>June.</td><td>2% Bond - 6/15/52-54</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</td></tr><tr><td>Apr.</td><td>1-1/8% Certificate - 4/1/49-D</td><td>3,715 1,055</td><td>.....</td><td>.....</td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52</td><td>.....</td><td>1,186</td><td>.....</td><td>.....</td></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></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>July.</td><td>1-1/8% Certificate - 7/1/49-F</td><td>5,783</td><td>.....</td><td>.....</td><td></td><td></td><td>Total</td><td>.....</td><td>17,012</td><td>8,579</td><td>.....</td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/49-51</td><td>.....</td><td>1,292</td><td>.....</td><td></td><td></td><td></td><td></td><td></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>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/4% Certificate - 12/15/49-H 2% Bond - 12/15/49-51 3-1/8% Bond - 12/15/49-52 2-1/2% Bond - 12/15/49-53</td><td>519 2,098 491 1,786</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></td><td>Total</td><td>36,068</td><td>6,682</td><td>.....</td><td></td><td>Sept.</td><td>2% Bond - 9/15/51-53</td><td>.....</td><td>.....</td><td>7,986</td><td>.....</td></tr><tr><td></td><td></td><td></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>.....</td><td>1,786 1,118</td><td>.....</td></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td>.....</td><td>725</td><td>10,890</td><td>.....</td></tr><tr><td>Jan.</td><td>1-1/4% Certificate - 1/1/50-A</td><td>5,694</td><td>.....</td><td>.....</td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Bond - 3/15/50-52</td><td>.....</td><td>1,963</td><td>.....</td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td>.....</td><td>.....</td><td>1,024</td><td>.....</td></tr><tr><td>Apr.</td><td>1-3/8% Note - 4/1/50-A</td><td>3,596</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>.....</td><td>1,627 5,825</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>.....</td><td>1,186 4,939</td><td>.....</td><td></td><td></td><td></td><td></td><td></td><td>681</td><td>.....</td></tr><tr><td>Dec.</td><td>1-1/2% Bond - 12/15/50</td><td>2,635</td><td>.....</td><td>.....</td><td></td><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td>.....</td><td>.....</td><td>8,662</td><td>.....</td></tr><tr><td></td><td>Total</td><td>11,926</td><td>8,088</td><td>.....</td><td></td><td></td><td>Total</td><td>.....</td><td>681</td><td>17,138</td><td>.....</td></tr><tr><td>1951</td><td></td><td></td><td></td><td></td><td></td><td>1955</td><td></td><td></td><td></td><td></td><td></td></tr><tr><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><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>.....</td></tr><tr><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><td>June.</td><td>2-1/4% Bond - 6/15/52-55 2% Bond - 6/15/53-55</td><td>.....</td><td>.....</td><td>1,501 725</td><td>.....</td></tr><tr><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><td>Sept.</td><td>3% Bond - 9/15/51-55</td><td>.....</td><td>.....</td><td>755</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>11,996</td><td>4,404</td><td></td><td>Dec.</td><td>2% Bond - 12/15/51-55</td><td>.....</td><td>.....</td><td>510</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>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 January 31, 1949 - (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>1,449</td><td></td><td>681</td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>3,761</td><td></td><td>4/15/53</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/54-56</td><td></td><td>982</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>3,838</td><td></td><td>9/15/53</td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>3,823</td><td></td><td></td><td></td><td>Total</td><td></td><td>7,600</td><td></td><td></td></tr><tr><td></td><td>Total</td><td>6,253</td><td>982</td><td>681</td><td></td><td>1965</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>5,197</td><td></td><td>2/1/54</td></tr><tr><td>Mar.</td><td>2-1/2% Bond - 3/15/56-58</td><td></td><td>1,449</td><td></td><td></td><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/58-63</td><td>919</td><td></td><td>1,449</td><td></td><td>Total</td><td></td><td>5,197</td><td>1,485</td><td></td></tr><tr><td>Total</td><td></td><td>919</td><td>1,449</td><td></td><td></td><td>1966</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1959</td><td></td><td></td><td></td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>3,481</td><td></td><td>12/1/54</td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>5,284</td><td></td><td>6/15/52</td><td></td><td>1967</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td></td><td>982</td><td>3,823</td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/62-67</td><td>2,118</td><td></td><td>5/5/52</td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>3,470</td><td></td><td>12/15/52</td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>7,967</td><td></td><td>6/15/62</td></tr><tr><td></td><td>Total</td><td>8,754</td><td>4,804</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>11,689</td><td></td><td>12/15/62</td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td></td><td>Total</td><td></td><td>22,372</td><td>2,118</td><td></td></tr><tr><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td></td><td>1968</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4% Bond - 12/15/60-65</td><td>1,485</td><td></td><td>1,485</td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>2,831</td><td></td><td>12/1/52</td></tr><tr><td>Total</td><td></td><td>1,485</td><td>2,611</td><td></td><td></td><td>1969</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>3,761</td><td></td><td>4/15/53</td></tr><tr><td>June.</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td></td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/64-69</td><td>3,838</td><td></td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td></td><td>50</td><td></td><td></td><td>Total</td><td></td><td>7,600</td><td></td><td></td></tr><tr><td>1962</td><td></td><td></td><td></td><td></td><td></td><td>1970</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td></td><td>5,284</td><td>6/15/52</td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/65-70</td><td>5,197</td><td></td><td>2/1/54</td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/59-62</td><td>2,118</td><td>3,470</td><td>12/15/52</td><td></td><td>1971</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,118</td><td>8,754</td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/66-71</td><td>3,481</td><td></td><td>12/1/54</td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td></td><td>1972</td><td></td><td></td><td></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>12/1/52</td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/67-72</td><td>7,967</td><td></td><td>6/15/62</td></tr><tr><td>Dec.</td><td>2-1/2% Bond - 12/15/63-68</td><td>2,831</td><td></td><td></td><td></td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>2,716</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>2,831</td><td>919</td><td></td><td></td><td>Dec.</td><td>2-1/2% Bond - 12/15/67-72</td><td>11,689</td><td></td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td></td><td>22,372</td><td></td><td></td><td>Total</td><td></td><td>22,372</td><td></td><td></td></tr></table>
Source: Daily Treasury Statement and Public Debt Service. 1/ Excludes postal savings bonds. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities. For date of issue of each security, see chapter on "Market Quotations"; for tax status, see chapter on "Treasury Survey of Ownership". 3/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date.
March 1949
21
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Issue date</th><th colspan="6">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>On competitive basis</th><th>On non-competitive basis 1/</th><th>In exchange</th><th></th></tr><tr><td>1948-Aug. 5............</td><td>1948-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. 19............</td><td>Feb. 17............</td><td>91</td><td>1,390.4</td><td>803.0</td><td>741.0</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><tr><td>Dec. 2............</td><td>Mar. 3............</td><td>91</td><td>1,418.9</td><td>900.7</td><td>849.9</td><td>50.8</td><td>375.3</td><td>1,000.8</td><td>12,318.2</td></tr><tr><td>Dec. 9............</td><td>Mar. 10............</td><td>91</td><td>1,440.5</td><td>905.2</td><td>851.6</td><td>53.5</td><td>338.6</td><td>1,001.5</td><td>12,221.9</td></tr><tr><td>Dec. 16............</td><td>Mar. 17............</td><td>91</td><td>1,701.1</td><td>1,103.4</td><td>1,047.4</td><td>56.0</td><td>401.2</td><td>1,100.8</td><td>12,224.4</td></tr><tr><td>Dec. 23............</td><td>Mar. 24............</td><td>91</td><td>1,426.9</td><td>1,001.0</td><td>948.5</td><td>52.5</td><td>327.2</td><td>1,000.8</td><td>12,224.7</td></tr><tr><td>Dec. 30............</td><td>Mar. 31............</td><td>91</td><td>1,435.7</td><td>1,101.7</td><td>1,062.1</td><td>39.5</td><td>501.4</td><td>1,102.4</td><td>12,223.9</td></tr><tr><td>1949-Jan. 6............</td><td>Apr. 7............</td><td>91</td><td>1,964.4</td><td>1,001.0</td><td>945.8</td><td>55.2</td><td>61.7</td><td>1,101.3</td><td>12,123.6</td></tr><tr><td>Jan. 13............</td><td>Apr. 14............</td><td>91</td><td>1,478.9</td><td>906.8</td><td>828.2</td><td>78.6</td><td>208.0</td><td>902.1</td><td>12,128.3</td></tr><tr><td>Jan. 20............</td><td>Apr. 21............</td><td>91</td><td>1,511.6</td><td>904.7</td><td>831.4</td><td>73.2</td><td>146.3</td><td>901.2</td><td>12,131.7</td></tr><tr><td>Jan. 27............</td><td>Apr. 28............</td><td>91</td><td>1,514.6</td><td>902.6</td><td>839.3</td><td>63.3</td><td>170.0</td><td>901.2</td><td>12,133.2</td></tr></table>
<table><tr><th>Issue date</th><th colspan="2">On total bids accepted-</th><th colspan="4">On competitive bids accepted-</th></tr><tr><th></th><th>Average price per hundred</th><th>Equivalent average rate 2/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/ (Percent)</th></tr><tr><td>1948-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>1.030</td></tr><tr><td>Aug. 26</td><td>99.726</td><td>1.072</td><td>99.747</td><td>0.990</td><td>99.723</td><td>1.084</td></tr><tr><td>Sept. 2</td><td>99.728</td><td>1.075</td><td>99.732</td><td>1.060</td><td>99.726</td><td>1.084</td></tr><tr><td>Sept. 9</td><td>99.728</td><td>1.076</td><td>99.734 1/</td><td>1.052</td><td>99.726</td><td>1.084</td></tr><tr><td>Sept. 16</td><td>99.726</td><td>1.083</td><td>99.735</td><td>1.048</td><td>99.725</td><td>1.088</td></tr><tr><td>Sept. 23</td><td>99.724</td><td>1.092</td><td>99.730</td><td>1.068</td><td>99.722</td><td>1.100</td></tr><tr><td>Sept. 30</td><td>99.720</td><td>1.109</td><td>99.726</td><td>1.084</td><td>99.717</td><td>1.120</td></tr><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><tr><td>Dec. 2</td><td>99.709</td><td>1.150</td><td>99.720</td><td>1.108</td><td>99.708</td><td>1.155</td></tr><tr><td>Dec. 9</td><td>99.709</td><td>1.152</td><td>99.720</td><td>1.108</td><td>99.708</td><td>1.155</td></tr><tr><td>Dec. 16</td><td>99.709</td><td>1.153</td><td>99.724</td><td>1.092</td><td>99.708</td><td>1.155</td></tr><tr><td>Dec. 23</td><td>99.708</td><td>1.155</td><td>99.712</td><td>1.139</td><td>99.707</td><td>1.159</td></tr><tr><td>Dec. 30</td><td>99.708</td><td>1.157</td><td>99.710</td><td>1.147</td><td>99.706</td><td>1.163</td></tr><tr><td>1949-Jan. 6</td><td>99.708</td><td>1.155</td><td>99.717</td><td>1.120</td><td>99.707</td><td>1.159</td></tr><tr><td>Jan. 13</td><td>99.707</td><td>1.160</td><td>99.720</td><td>1.108</td><td>99.706</td><td>1.163</td></tr><tr><td>Jan. 20</td><td>99.707</td><td>1.160</td><td>99.715 6/</td><td>1.127</td><td>99.706</td><td>1.163</td></tr><tr><td>Jan. 27</td><td>99.707</td><td>1.160</td><td>99.712</td><td>1.139</td><td>99.706</td><td>1.163</td></tr></table>
Source: Bureau of the Public Debt.
1/ Tenders for $200,000 or less from any one bidder are accepted in full at average price on competitive bids.
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.
6/ Except $200,000 at 99.725.
22
Treasury Bulletin
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Later subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash 2/</th><th>in exchange for other securities</th><th></th></tr><tr><td>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<br>2-1/4% Bond - 6/15/59-62<br>1-1/2% Bond - 12/15/50<br>7/8% Certificate - 6/1/46-E</td><td>27 yr<br>17 yr<br>5 yr, 6 m<br>1 yr</td><td>7,967<br>5,284<br>2,635<br>4,799</td><td>-<br>-<br>-<br>-</td><td>7,967 3/</td><td>5,284 3/</td><td>100<br>100<br>100<br>100</td></tr><tr><td>5/21/45<br>7/23/45<br>8/20/45</td><td>6/2/45<br>8/1/45<br>9/1/45</td><td>.30% Note - 7/1/46-D<br>7/8% Certificate - 8/1/46-F<br>7/8% Certificate - 9/1/46-G</td><td>1 yr, 1 m<br>1 yr<br>1 yr</td><td>-<br>-<br>-</td><td>4,910<br>2,470<br>4,336</td><td>-</td><td>4,910<br>2,470<br>4,336</td><td>100<br>100<br>100</td></tr><tr><td>10/29/45</td><td>11/15/45<br>11/15/45<br>12/3/45</td><td>Victory Loan securities: 3/<br>2-1/2% Bond - 12/15/67-72<br>2-1/4% Bond - 12/15/59-62<br>7/8% Certificate - 12/1/46-I</td><td>27 yr, 1 m (22 yr, 1 m)<br>17 yr, 1 m (14 yr, 1 m)<br>1 yr</td><td>11,689<br>3,470<br>3,768</td><td>-<br>-<br>-</td><td>11,689 3/</td><td>-</td><td>100<br>100<br>100</td></tr><tr><td>9/24/45<br>11/19/45<br>12/17/45</td><td>10/1/45<br>12/1/45<br>1/1/46</td><td>7/8% Certificate - 10/1/46-B<br>7/8% Certificate - 11/1/46-J<br>7/8% Certificate - 1/1/47-A</td><td>1 yr<br>11 m<br>1 yr</td><td>-<br>-<br>-</td><td>3,440<br>3,778<br>3,330</td><td>-</td><td>3,440<br>3,778<br>3,330</td><td>100<br>100<br>100</td></tr><tr><td>1/21/46<br>2/18/46<br>3/20/46<br>5/20/46<br>6/1/46<br>7/17/46<br>8/1/46<br>9/18/46<br>10/21/46<br>11/18/46<br>12/18/46</td><td>2/1/46<br>3/1/46<br>4/1/46<br>6/1/46<br>7/1/46<br>8/1/46<br>9/1/46<br>10/1/46<br>11/1/46<br>12/1/46<br>1/1/47</td><td>7/8% Certificate - 2/1/47-B<br>7/8% Certificate - 3/1/47-C<br>7/8% Certificate - 4/1/47-D<br>7/8% Certificate - 6/1/47-E<br>7/8% Certificate - 7/1/47-F<br>7/8% Certificate - 8/1/47-G<br>7/8% Certificate - 9/1/47-H<br>7/8% Certificate - 10/1/47-J<br>7/8% Certificate - 11/1/47-K<br>7/8% Certificate - 12/1/47-L<br>7/8% Certificate - 1/1/48-A</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>4,954<br>4,106<br>4,742<br>4,168<br>4,673<br>2,307<br>4,145<br>3,203<br>3,432<br>3,281<br>3,134</td><td>-</td><td>4,954<br>3,133<br>2,820<br>2,775<br>2,916<br>1,223<br>2,341<br>1,440<br>1,775<br>3,281<br>3,134</td><td>100<br>76<br>59<br>66<br>62<br>52<br>56<br>44<br>51<br>100<br>100</td></tr><tr><td>1/20/47<br>2/17/47<br>3/19/47<br>5/21/47<br>6/23/47<br>7/21/47<br>8/20/47<br>9/2/47<br>9/22/47<br>10/22/47<br>11/19/47<br>12/19/47</td><td>2/1/47<br>3/1/47<br>4/1/47<br>6/1/47<br>7/1/47<br>8/1/47<br>9/1/47<br>9/15/47<br>10/1/47<br>11/1/47<br>12/1/47<br>1/1/48</td><td>7/8% Certificate - 2/1/48-B<br>7/8% Certificate - 3/1/48-C<br>7/8% Certificate - 4/1/48-D<br>7/8% Certificate - 6/1/48-E<br>7/8% Certificate - 7/1/48-F<br>7/8% Certificate - 7/1/48-G<br>7/8% Certificate - 7/1/48-H<br>1% Note - 10/1/48-B<br>1% Certificate - 10/1/48-J<br>1-1/8% Note - 1/1/49-A<br>1-1/8% Certificate - 1/1/49-A</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>11 m<br>10 m<br>12 1/2 m<br>1 yr<br>11 m<br>1 yr<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>4,801<br>2,951<br>2,669<br>2,510<br>2,742<br>1,127<br>2,209<br>4,092<br>1,354<br>1,467<br>2,592<br>2,592</td><td>-</td><td>3,947<br>2,142<br>1,321<br>1,777<br>2,742<br>1,127<br>2,209<br>4,092<br>1,354<br>1,467<br>2,592<br>2,592</td><td>80<br>72<br>48<br>70<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100</td></tr><tr><td>1/20/48<br>2/18/48<br>3/22/48<br>5/19/48<br>6/21/48<br>9/1/48<br>9/20/48<br>12/6/48<br>12/15/48</td><td>2/1/48<br>3/1/48<br>4/1/48<br>6/1/48<br>7/1/48<br>9/15/48<br>10/1/48<br>12/15/48<br>1/1/49</td><td>1-1/8% Certificate - 2/1/49-B<br>1-1/8% Certificate - 3/1/49-C<br>1-1/8% Certificate - 4/1/49-D<br>1-1/8% Certificate - 6/1/49-E<br>1-1/8% Certificate - 7/1/49-F<br>1-3/8% Treno. note - 4/1/50-A<br>1-1/4% Certificate - 10/1/49-G<br>1-1/4% Certificate - 12/15/49-B<br>1-1/4% Certificate - 1/1/50-A</td><td>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr<br>1 yr 6 1/2 m<br>1 yr<br>1 yr<br>1 yr</td><td>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-</td><td>2,189<br>3,553<br>1,055<br>4,301<br>5,783<br>3,596<br>6,535<br>519<br>5,695</td><td>-</td><td>2,189<br>3,553<br>1,055<br>4,301<br>5,783<br>3,596<br>6,535<br>519<br>5,695</td><td>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100<br>100</td></tr><tr><td>1/19/49<br>2/15/49</td><td>2/1/49<br>3/1/49</td><td>1-1/4% Certificate - 2/1/50-B<br>1-1/4% Certificate - 3/1/50-C</td><td>1 yr<br>1 yr</td><td>-<br>-</td><td>1,993<br>2,922 p</td><td>-</td><td>1,993<br>2,922 p</td><td>100<br>100</td></tr></table>
Source: Bureau of the Public Debt.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government investment accounts.
3/ Figures on amount of War Loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury investment accounts.
4/ Bank restricted issues. See preceding table, "Maturity Schedule of Interest-Bearing Public Marketable Securities", for earliest date on which commercial banks may acquire this issue.
p Preliminary.
March 1949
23
DEBT OPERATIONS
Table
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>Exchanged</th><th>Turned in for cash<br>By Federal Reserve Banks 3/</th><th>By other investors</th></tr><tr><td>8/1/47</td><td>7/8% Certificate - 8/1/47-G</td><td>8/1/46</td><td>1,223</td><td>-</td><td>1,223</td><td>1,127</td><td>-</td><td>97</td><td>7/8% Certificate - 7/1/48-G</td></tr><tr><td>9/1/47</td><td>7/8% Certificato - 9/1/47-H</td><td>9/1/46</td><td>2,341</td><td>-</td><td>2,341</td><td>2,209</td><td>-</td><td>132</td><td>7/8% Certificate - 7/1/48-H</td></tr><tr><td>9/15/47</td><td>1-1/2% Treas. note - 9/15/47-A<br>1-1/4% Treas. note - 9/15/47-C</td><td>7/12/43<br>12/1/44</td><td>2,707<br>1,687</td><td>-</td><td>2,707<br>1,687</td><td>2,580<br>1,512</td><td>-</td><td>127<br>175</td><td>1% Treas. note - 10/1/48-B</td></tr><tr><td></td><td>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% Certificate - 10/1/47-J</td><td>10/1/46</td><td>1,440</td><td>-</td><td>1,440</td><td>1,354</td><td>-</td><td>86</td><td>1% Certificate - 10/1/48-J</td></tr><tr><td>10/15/47</td><td>4-1/4% Treas. bond - 10/15/47..</td><td>10/16/22</td><td>759</td><td>759</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>11/1/47</td><td>7/8% Certificate - 11/1/47-K</td><td>11/1/46</td><td>1,775</td><td>-</td><td>1,775</td><td>1,467</td><td>203</td><td>105</td><td>1% Certificate - 10/1/48-K</td></tr><tr><td>12/1/47</td><td>7/8% Certificate - 12/1/47-L<br>2% Bond - 12/15/47..</td><td>12/1/46<br>12/15/38</td><td>3,281<br>701</td><td>-</td><td>3,281<br>701</td><td>2,908<br>627</td><td>139</td><td>234<br>74</td><td>1-1/8% Treas. note - 1/1/49-A</td></tr><tr><td></td><td>Total for 12/1/47</td><td></td><td>3,982</td><td>-</td><td>3,982</td><td>3,535</td><td>139</td><td>308</td><td></td></tr><tr><td>1/1/48</td><td>7/8% Certificate - 1/1/48-A</td><td>1/1/47</td><td>3,134</td><td>-</td><td>3,134</td><td>2,592</td><td>400</td><td>142</td><td>1-1/8% Certificate - 1/1/49-A</td></tr><tr><td>2/1/48</td><td>7/8% Certificate - 2/1/48-B</td><td>2/1/47</td><td>3,947</td><td>-</td><td>3,947</td><td>2,189</td><td>1,614</td><td>144</td><td>1-1/8% Certificate - 2/1/49-B</td></tr><tr><td>3/1/48</td><td>7/8% Certificate - 3/1/48-C<br>2% Treas. bond - 3/15/48..<br>2-3/4% Treas. bond - 3/15/48..</td><td>3/1/47<br>3/15/41<br>3/16/36</td><td>2,142<br>1,115<br>1,223</td><td>-</td><td>2,142<br>1,115<br>1,223</td><td>1,687<br>899<br>967</td><td>285<br>75<br>101</td><td>169<br>141<br>156</td><td>1-1/8% Certificate - 3/1/49-C</td></tr><tr><td></td><td>Total for 3/1/48</td><td></td><td>4,481</td><td>-</td><td>4,481</td><td>3,553</td><td>460</td><td>467</td><td></td></tr><tr><td>4/1/48</td><td>7/8% Certificate - 4/1/48-D</td><td>4/1/47</td><td>1,321</td><td>-</td><td>1,321</td><td>1,055</td><td>106</td><td>160</td><td>1-1/8% Certificate - 4/1/49-D</td></tr><tr><td>6/1/48</td><td>7/8% Certificate - 6/1/48-E<br>1-3/4% Treas. bond - 6/15/48..</td><td>6/1/47<br>12/1/42</td><td>1,777<br>3,062</td><td>-</td><td>1,777<br>3,062</td><td>1,618<br>2,683</td><td>-</td><td>159<br>378</td><td>1-1/8% Certificate - 6/1/49-E</td></tr><tr><td></td><td>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% Certificate - 7/1/48-F<br>7/8% Certificate - 7/1/48-G<br>7/8% Certificate - 7/1/48-H</td><td>7/1/47<br>8/1/47<br>9/1/47</td><td>2,742<br>1,127<br>2,209</td><td>-</td><td>2,742<br>1,127<br>2,209</td><td>2,601<br>1,079<br>2,103</td><td>-</td><td>141<br>48<br>106</td><td>1-1/8% Certificate - 7/1/49-F</td></tr><tr><td></td><td>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% Treas. bond - 9/15/48..<br>1-1/2% Treas. note - 9/15/48-A</td><td>3/15/38<br>3/15/44</td><td>451<br>3,748</td><td>451</td><td>-</td><td>-</td><td>-</td><td>152</td><td>1-3/8% Treas. note - 4/1/50-A</td></tr><tr><td>10/1/48</td><td>1% Treas. note - 10/1/48-B<br>1% Certificate - 10/1/48-J<br>1% Certificate - 10/1/48-K</td><td>9/15/47<br>10/1/47<br>11/1/47</td><td>4,092<br>1,354<br>1,467</td><td>-</td><td>4,092<br>1,354<br>1,467</td><td>3,912<br>1,257<br>1,366</td><td>-</td><td>180<br>97<br>101</td><td>1-1/4% Certificate - 10/1/49-G</td></tr><tr><td></td><td>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% 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% Treas. note - 1/1/49-A<br>1-1/8% Certificate - 1/1/49-A</td><td>12/1/47<br>1/1/48</td><td>3,535<br>2,592</td><td>-</td><td>3,535<br>2,592</td><td>3,299<br>2,396</td><td>-</td><td>236<br>196</td><td>1-1/4% Certificate - 1/1/50-A</td></tr><tr><td></td><td>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><tr><td>2/1/49</td><td>1-1/8% Certificate - 2/1/49-B</td><td>2/1/48</td><td>2,189</td><td>-</td><td>2,189</td><td>1,993</td><td>88</td><td>108</td><td>1-1/4% Certificate - 2/1/50-B</td></tr><tr><td>3/1/49</td><td>1-1/8% Certificate - 3/1/49-C</td><td>3/1/48</td><td>3,553</td><td>-</td><td>3,553</td><td>2,922 p</td><td>400</td><td>231 p</td><td>1-1/4% Certificate - 3/1/50-C</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.
2/ 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. p Preliminary.
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 colspan="2">Public debt outstanding</th><th colspan="7">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Amount, end of period</th><th>Increase, or decrease (-), during period</th><th>Total</th><th>Cash 1/</th><th>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 profits tax refund bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>61,274</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>61,307</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>369,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>-</td><td>-</td><td>-</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1947</td><td>258,286</td><td>-11,136</td><td>127,761</td><td>71,412</td><td>-</td><td>1</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>252,892</td><td>-5,994</td><td>121,890</td><td>29,772</td><td>-</td><td>1</td><td>234</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-July</td><td>253,374</td><td>1,082</td><td>13,310</td><td>4,352</td><td>-</td><td>1</td><td>1</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>1</td><td>2</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>2</td><td>2</td><td>-</td><td>-</td><td>6,240</td><td>399</td><td>10,764</td><td>4,458</td><td>-</td><td>6,240</td><td>66</td></tr><tr><td>Oct.</td><td>252,460</td><td>-227</td><td>11,383</td><td>3,758</td><td>-</td><td>2</td><td>1</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>16</td><td>4,445</td><td>3,054</td><td>-</td><td>1</td><td>1</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><tr><td>Dec.</td><td>252,800</td><td>294</td><td>7,125</td><td>4,258</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>2,461</td><td>407</td><td>6,832</td><td>4,279</td><td>-</td><td>2,461</td><td>92</td></tr><tr><td>1949-Jan.</td><td>252,620</td><td>-179</td><td>10,552</td><td>4,101</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>6,283</td><td>168</td><td>10,731</td><td>4,326</td><td>-</td><td>6,283</td><td>123</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks. Less than $500,000.
March 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 redemptions data by States are published at the end of each calendar and each fiscal year after June 30, 1947. Sales by denominations are also published semiannually after December 31, 1947.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of Series G outstanding are quoted at par. Matured bonds which have been redeemed are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased.
Table 1.- Summary of Sales and Redemptions, by Series Cumulative through January 31, 1949
<table><tr><th rowspan="2">Series</th><th rowspan="2">Sales 1/</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount (In millions of dollars)</th><th rowspan="2">Redemptions 2/</th><th colspan="2">Amounts outstanding</th><th rowspan="2">Percent of redemptions to sales plus accrued discount</th></tr><tr><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A.</td><td>204</td><td>52</td><td>255</td><td>250</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Series B.</td><td>370</td><td>93</td><td>463</td><td>451</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Series C.</td><td>1,010</td><td>264</td><td>1,274</td><td>1,176</td><td>98</td><td>-</td><td>-</td></tr><tr><td>Total matured series.</td><td>1,584</td><td>408</td><td>1,992</td><td>1,878</td><td>115</td><td>-</td><td>-</td></tr><tr><td>Series D.</td><td>2,365</td><td>522</td><td>2,887</td><td>708</td><td>-</td><td>2,179</td><td>24.51</td></tr><tr><td>Series E.</td><td>52,892</td><td>2,458</td><td>55,350</td><td>22,932</td><td>-</td><td>32,419</td><td>41.43</td></tr><tr><td>Series F.</td><td>4,167</td><td>215</td><td>4,382</td><td>858</td><td>-</td><td>3,524</td><td>19.39</td></tr><tr><td>Series O.</td><td>19,409</td><td>-</td><td>19,409</td><td>2,179</td><td>-</td><td>17,230</td><td>11.22</td></tr><tr><td>Total unmatured series.</td><td>78,833</td><td>3,195</td><td>82,028</td><td>26,676</td><td>-</td><td>55,352</td><td>32.32</td></tr><tr><td>Total Series A-O.</td><td>80,417</td><td>3,603</td><td>84,021</td><td>28,554</td><td>115</td><td>55,352</td><td>-</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>21,296</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>6,579</td><td>138</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>691</td><td>7,899</td><td>5,545</td><td>5,324</td><td>221</td><td>40</td><td>51,367</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>804</td><td>7,039</td><td>5,113</td><td>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>1948</td><td>7,295</td><td>872</td><td>8,167</td><td>5,144</td><td>4,842 p</td><td>302 p</td><td>146</td><td>55,051</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-July</td><td>1,673</td><td>94</td><td>1,767</td><td>438</td><td>413</td><td>24</td><td>25</td><td>24,607</td><td>.80</td></tr><tr><td>August</td><td>473</td><td>63</td><td>536</td><td>442</td><td>416</td><td>26</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>384</td><td>22</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>371</td><td>23</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>380 p</td><td>26 p</td><td>45</td><td>54,944</td><td>.74</td></tr><tr><td>December</td><td>540</td><td>99</td><td>640</td><td>432</td><td>407 p</td><td>26 p</td><td>146</td><td>55,051</td><td>.78</td></tr><tr><td>1949-January</td><td>647</td><td>99</td><td>746</td><td>476</td><td>440 p</td><td>36 p</td><td>115</td><td>55,352</td><td>.86</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S.
Footnotes at end of Table 3.
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series E, F, and G
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales 1/</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr></table>
Series E, F, and G
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>*</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>42,000</td><td>-</td></tr><tr><td>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>6,337</td><td>71</td><td>45,670</td><td>-</td></tr><tr><td>1947</td><td>7,208</td><td>583</td><td>7,791</td><td>5,063</td><td>4,954</td><td>109</td><td>48,398</td><td>-</td></tr><tr><td>1948</td><td>6,235</td><td>694</td><td>6,929</td><td>4,597</td><td>4,453</td><td>144</td><td>50,730</td><td>-</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>1946</td><td>7,427</td><td>533</td><td>7,961</td><td>6,038</td><td>5,941</td><td>97</td><td>46,628</td><td>-</td></tr><tr><td>1947</td><td>6,694</td><td>633</td><td>7,327</td><td>4,645</td><td>4,522</td><td>123</td><td>49,311</td><td>-</td></tr><tr><td>1948</td><td>7,295</td><td>764</td><td>8,059</td><td>4,968</td><td>4,803 p</td><td>165 p</td><td>52,801</td><td>-</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1948-July</td><td>1,673</td><td>78</td><td>1,750</td><td>396</td><td>382</td><td>15</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>382</td><td>15</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>359</td><td>14</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>341</td><td>14</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>350 p</td><td>15 p</td><td>52,542</td><td>.69</td></tr><tr><td>December</td><td>540</td><td>91</td><td>632</td><td>373</td><td>358 p</td><td>15 p</td><td>52,801</td><td>.71</td></tr><tr><td>1949-January</td><td>647</td><td>83</td><td>730</td><td>359</td><td>346 p</td><td>13 p</td><td>53,173</td><td>.67</td></tr></table>
Serico E
<table><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>*</td><td>203</td></tr><tr><td>1942</td><td>3,326</td><td>1</td><td>3,328</td><td>60</td><td>60</td><td>*</td><td>3,671</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></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,093</td><td>5</td><td>21,125</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></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></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></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></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>*</td><td>1,134</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></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></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></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td></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></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></tr><tr><td>1948</td><td>4,224</td><td>696</td><td>4,920</td><td>3,728</td><td>3,574 p</td><td>154 p</td><td>32,188</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1948-July</td><td>379</td><td>70</td><td>448</td><td>318</td><td>305</td><td>13</td><td>31,755</td></tr><tr><td>August</td><td>334</td><td>49</td><td>383</td><td>321</td><td>307</td><td>14</td><td>31,818</td></tr><tr><td>September</td><td>304</td><td>52</td><td>356</td><td>302</td><td>289</td><td>13</td><td>31,872</td></tr><tr><td>October</td><td>305</td><td>49</td><td>354</td><td>286</td><td>274</td><td>13</td><td>31,939</td></tr><tr><td>November</td><td>308</td><td>59</td><td>367</td><td>294</td><td>280 p</td><td>14 p</td><td>32,012</td></tr><tr><td>December</td><td>399</td><td>83</td><td>482</td><td>306</td><td>292 p</td><td>14 p</td><td>32,188</td></tr><tr><td>1949-January</td><td>438</td><td>75</td><td>513</td><td>282</td><td>271 p</td><td>12 p</td><td>32,419</td></tr></table>
(Continued on following page)
March 1949
27
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series E, F, and G - (Continued)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><th>Fiscal years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>1948</td><td>498</td><td>67</td><td>566</td><td>222</td><td>212 p</td><td>11 p</td><td>3,505</td><td>-</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1948-July</td><td>246</td><td>8</td><td>254</td><td>22</td><td>21</td><td>1</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>20</td><td>1</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>18</td><td>1</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>16</td><td>1</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>17 p</td><td>1 p</td><td>3,491</td><td>.52</td></tr><tr><td>December</td><td>22</td><td>8</td><td>30</td><td>16</td><td>16 p</td><td>1 p</td><td>3,505</td><td>.47</td></tr><tr><td>1949-January</td><td>29</td><td>9</td><td>38</td><td>19</td><td>18 p</td><td>1 p</td><td>3,524</td><td>.54</td></tr></table>
Series G
<table><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>1948</td><td>1,907</td><td>-</td><td>1,907</td><td>566</td><td>566</td><td>-</td><td>15,850</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>1946</td><td>2,637</td><td>-</td><td>2,637</td><td>426</td><td>426</td><td>-</td><td>13,397</td><td>-</td></tr><tr><td>1947</td><td>2,267</td><td>-</td><td>2,267</td><td>512</td><td>512</td><td>-</td><td>15,152</td><td>-</td></tr><tr><td>1948</td><td>2,573</td><td>-</td><td>2,573</td><td>618</td><td>618</td><td>-</td><td>17,108</td><td>-</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1948-July</td><td>1,048</td><td>-</td><td>1,048</td><td>57</td><td>57</td><td>-</td><td>16,842</td><td>.34</td></tr><tr><td>August</td><td>122</td><td>-</td><td>122</td><td>55</td><td>55</td><td>-</td><td>16,908</td><td>.33</td></tr><tr><td>September</td><td>94</td><td>-</td><td>94</td><td>51</td><td>51</td><td>-</td><td>16,952</td><td>.30</td></tr><tr><td>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><tr><td>December</td><td>120</td><td>-</td><td>120</td><td>51</td><td>51</td><td>-</td><td>17,108</td><td>.30</td></tr><tr><td>1949-January</td><td>180</td><td>-</td><td>180</td><td>57</td><td>57</td><td>-</td><td>17,230</td><td>.33</td></tr></table>
Source: 1/ Daily Treasury Statement; Office of the Treasurer of the U. S. Beginning with June 1947, Series E sales include small amounts of unclassified sales consisting of Series 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 reported as unclassified in the Daily Treasury Statement. 2/ Series E redemptions include small amounts of unclassified Series A-D redemptions beginning with October 1944, and small amounts also of unclassified F and C redemptions, beginning with June 1947. Less than $500,000. p Preliminary.
28
Treasury Bulletin
TREASURY SAVINGS NOTES
Treasury savings notes (originally designated tax savings notes) have been issued in four series: Series A from August 1, 1941, through June 22, 1943; Series B from August 1, 1941, through September 12, 1942; Series C from September 14, 1942, through August 31, 1948; and Series D on continuous sale beginning September 1, 1948. Details concerning terms and conditions for purchase and redemption, and investment yields of Series D notes will be found on page A-1 of the October 1948 "Treasury Bulletin". For details concerning terms and conditions, investment yields, and tax payment or redemption values of Series A and B, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220, and for sales and redemptions by fiscal years and months, see "Treasury Bulletin" for February 1946.
pages 42 and 43. Similar information concerning Series C notes will be found in the "Treasury Bulletin" for October 1945, pages A-4 and A-5.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (either for cash or for tax payment) are included in the figures on redemptions. Matured notes outstanding are reflected in the interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through January 31, 1949
(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>29,920</td><td>9,215</td><td>20,704</td><td>53</td><td>2,468</td></tr><tr><td>Series D</td><td>2,227</td><td>78</td><td>34</td><td>44</td><td>-</td><td>2,149</td></tr><tr><td>Total</td><td>40,019</td><td>35,346</td><td>9,498</td><td>25,847</td><td>56</td><td>4,618</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>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td colspan="7">Fiscal years:</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,325</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td>1948</td><td>2,143</td><td>3,301</td><td>1,971</td><td>1,330</td><td>32</td><td>4,394</td></tr><tr><td colspan="7">Calendar years:</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,880</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td>1948: Series C</td><td>1,027</td><td>3,836</td><td>2,443</td><td>1,393</td><td>63</td><td>2,601</td></tr><tr><td>Series D</td><td>2,005</td><td>33</td><td>3</td><td>31</td><td>-</td><td>1,971</td></tr><tr><td colspan="7">Months:</td></tr><tr><td>1948-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: 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: Series C</td><td>-</td><td>297</td><td>227</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: 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>1</td><td>2</td><td>-</td><td>1,463</td></tr><tr><td>December: Series C</td><td>-</td><td>449</td><td>237</td><td>212</td><td>63</td><td>2,601</td></tr><tr><td>Series D</td><td>540</td><td>31</td><td>2</td><td>29</td><td>-</td><td>1,971</td></tr><tr><td>1949-January: Series C</td><td>-</td><td>143</td><td>110</td><td>33</td><td>53</td><td>2,468</td></tr><tr><td>Series D</td><td>223</td><td>45</td><td>32</td><td>13</td><td>-</td><td>2,149</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the United States
* Less than $500,000.
March 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="6">Interest-bearing securities issued by the U. S. Government</th><th colspan="4">Interest-bearing securities guaranteed by the U. S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U. S. Government investment accounts 2/</th><th>Held by Federal Reserve Banks - public marketable issues</th><th colspan="3">Held by private investors 2/ 3/</th><th>Total outstanding</th><th colspan="2">Held by U. S. Government investment and Federal Reserve Banks 2/ 4/</th><th>Held by private investors 2/ 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 5/</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 6/</th><th>Total</th></tr><tr><td>1941</td><td>55,332</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>6,085</td><td>-</td><td>585</td></tr><tr><td>1942</td><td>76,991</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>4,262</td><td>-</td><td>474</td></tr><tr><td>1943</td><td>140,796</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,571</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>21,972</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>192,918</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-July</td><td>253,429</td><td>251,168</td><td>36,366</td><td>5,447</td><td>133</td><td>30,787</td><td>21,325</td><td>193,476</td><td>132,787</td><td>60,689</td><td>51</td><td>-</td><td>14</td><td>37</td><td>2,210</td></tr><tr><td>Aug.</td><td>253,101</td><td>250,875</td><td>36,455</td><td>5,442</td><td>126</td><td>30,887</td><td>21,577</td><td>192,842</td><td>132,113</td><td>60,730</td><td>47</td><td>-</td><td>14</td><td>33</td><td>2,179</td></tr><tr><td>Sept.</td><td>252,738</td><td>250,518</td><td>36,828</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>*</td><td>14</td><td>34</td><td>2,165</td></tr><tr><td>Nov.</td><td>252,963</td><td>250,391</td><td>37,017</td><td>5,492</td><td>126</td><td>31,400</td><td>23,206</td><td>190,168</td><td>129,033</td><td>61,135</td><td>53</td><td>*</td><td>14</td><td>39</td><td>2,119</td></tr><tr><td>Dec.</td><td>252,854</td><td>250,579</td><td>37,317</td><td>5,477</td><td>126</td><td>31,714</td><td>23,333</td><td>189,929</td><td>128,672</td><td>61,257</td><td>51</td><td>-</td><td>14</td><td>37</td><td>2,224</td></tr><tr><td>1949-Jan.</td><td>252,656</td><td>250,435</td><td>37,405</td><td>5,519</td><td>126</td><td>31,760</td><td>22,109</td><td>190,921</td><td>129,332</td><td>61,588</td><td>32</td><td>-</td><td>12</td><td>20</td><td>2,190</td></tr></table>
Source: Daily Treasury Statement for total amounts outstanding; reports of agencies and trust funds for securities held by U. S. Government investment accounts; 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 investment accounts" 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 in-
1/ All public marketable issues except R. F. C. notes in the amount of $115 million for 1943 and $176 million for 1944. 
2/ Includes U. S. savings bonds, Series A-F at maturity value. 
3/ 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.
Table 2.- Net Market Purchases or Sales of Federal Securities for Investment Accounts Handled by the Treasury
(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>-13.5</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>-.2</td></tr><tr><td>1949</td><td>8.8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U. S. Government for (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. The figures exclude those Government investment accounts for which investments are not handled by the Treasury. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund. Less $50,000.
30
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by nonbank investors</th><th>U. S. Government investment accounts 6/</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/ 6/</th><th>State and local governments 1/</th><th></th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>29.3</td><td>10.4</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.9</td><td>10.3</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>14.1</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-March</td><td>119.9</td><td>50.1</td><td>44.2</td><td>5.9</td><td>69.8</td><td>27.7</td><td>11.2</td><td>4.6</td><td>12.1</td><td>1.0</td><td>13.1</td></tr><tr><td>June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>81.4</td><td>31.7</td><td>13.1</td><td>5.3</td><td>15.5</td><td>1.5</td><td>14.3</td></tr><tr><td>September</td><td>162.3</td><td>67.2</td><td>58.3</td><td>8.9</td><td>95.1</td><td>36.0</td><td>14.7</td><td>5.9</td><td>20.7</td><td>2.0</td><td>15.8</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>98.7</td><td>38.4</td><td>15.1</td><td>6.1</td><td>20.0</td><td>2.1</td><td>16.9</td></tr><tr><td>1944-March</td><td>187.0</td><td>76.2</td><td>64.0</td><td>12.1</td><td>110.8</td><td>43.6</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>119.3</td><td>46.5</td><td>17.3</td><td>7.3</td><td>25.9</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>211.1</td><td>87.1</td><td>70.5</td><td>16.7</td><td>123.9</td><td>49.2</td><td>18.3</td><td>7.7</td><td>24.8</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>232.1</td><td>96.5</td><td>77.7</td><td>18.8</td><td>135.6</td><td>53.5</td><td>19.6</td><td>8.3</td><td>28.1</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>235.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>137.7</td><td>54.9</td><td>20.4</td><td>8.7</td><td>26.5</td><td>4.4</td><td>22.9</td></tr><tr><td>June</td><td>259.1</td><td>106.0</td><td>84.2</td><td>21.8</td><td>153.1</td><td>59.8</td><td>22.7</td><td>9.6</td><td>30.9</td><td>5.3</td><td>24.9</td></tr><tr><td>September</td><td>262.6</td><td>107.3</td><td>84.0</td><td>23.3</td><td>155.2</td><td>60.7</td><td>22.5</td><td>10.0</td><td>29.9</td><td>5.5</td><td>26.6</td></tr><tr><td>December</td><td>270.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>163.6</td><td>64.8</td><td>24.4</td><td>10.7</td><td>30.2</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February (Peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.6</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>28.0</td></tr><tr><td>March</td><td>276.6</td><td>112.8</td><td>90.2</td><td>22.6</td><td>163.8</td><td>64.8</td><td>25.0</td><td>11.2</td><td>28.0</td><td>6.7</td><td>28.2</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>161.7</td><td>64.1</td><td>25.3</td><td>11.5</td><td>25.3</td><td>6.5</td><td>29.1</td></tr><tr><td>September</td><td>265.8</td><td>104.3</td><td>80.2</td><td>24.0</td><td>161.5</td><td>64.0</td><td>25.4</td><td>11.7</td><td>23.6</td><td>6.4</td><td>30.4</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>161.6</td><td>64.9</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.3</td><td>30.9</td></tr><tr><td>1947-January</td><td>260.0</td><td>97.9</td><td>73.9</td><td>23.9</td><td>162.2</td><td>65.5</td><td>25.4</td><td>11.9</td><td>21.9</td><td>6.4</td><td>31.2</td></tr><tr><td>February</td><td>261.6</td><td>96.8</td><td>72.7</td><td>24.1</td><td>164.8</td><td>66.0</td><td>25.4</td><td>12.0</td><td>23.7</td><td>6.4</td><td>31.3</td></tr><tr><td>March</td><td>259.3</td><td>94.1</td><td>71.5</td><td>22.6</td><td>165.2</td><td>66.5</td><td>25.1</td><td>12.0</td><td>23.3</td><td>6.7</td><td>31.6</td></tr><tr><td>April</td><td>257.9</td><td>93.5</td><td>71.6</td><td>21.9</td><td>164.4</td><td>66.8</td><td>25.1</td><td>12.0</td><td>22.0</td><td>6.9</td><td>31.6</td></tr><tr><td>May</td><td>258.5</td><td>92.8</td><td>70.7</td><td>22.1</td><td>165.8</td><td>67.0</td><td>25.2</td><td>12.0</td><td>22.5</td><td>7.0</td><td>32.2</td></tr><tr><td>June</td><td>258.4</td><td>91.9</td><td>70.0</td><td>21.9</td><td>166.5</td><td>67.1</td><td>25.0</td><td>12.1</td><td>22.3</td><td>7.1</td><td>32.8</td></tr><tr><td>July</td><td>259.5</td><td>91.9</td><td>70.4</td><td>21.5</td><td>167.6</td><td>67.4</td><td>25.0</td><td>12.2</td><td>22.5</td><td>7.1</td><td>33.3</td></tr><tr><td>August</td><td>260.2</td><td>91.9</td><td>69.7</td><td>22.2</td><td>168.2</td><td>67.6</td><td>24.9</td><td>12.2</td><td>22.7</td><td>7.2</td><td>33.7</td></tr><tr><td>September</td><td>259.2</td><td>92.2</td><td>69.9</td><td>22.3</td><td>167.0</td><td>66.7</td><td>24.7</td><td>12.1</td><td>22.3</td><td>7.2</td><td>33.9</td></tr><tr><td>October</td><td>259.2</td><td>92.1</td><td>70.0</td><td>22.2</td><td>167.0</td><td>66.8</td><td>24.9</td><td>12.2</td><td>22.0</td><td>7.2</td><td>33.9</td></tr><tr><td>November</td><td>258.3</td><td>91.7</td><td>69.5</td><td>22.2</td><td>166.6</td><td>66.7</td><td>24.7</td><td>12.1</td><td>21.7</td><td>7.3</td><td>34.2</td></tr><tr><td>December</td><td>257.0</td><td>91.3</td><td>68.7</td><td>22.6</td><td>165.7</td><td>66.6</td><td>24.3</td><td>12.0</td><td>21.2</td><td>7.3</td><td>34.4</td></tr><tr><td>1948-January</td><td>256.7</td><td>90.9</td><td>69.0</td><td>21.9</td><td>165.7</td><td>66.6</td><td>24.1</td><td>12.0</td><td>21.1</td><td>7.3</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</td><td>23.9</td><td>12.0</td><td>21.3</td><td>7.4</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</td><td>23.8</td><td>12.1</td><td>21.7</td><td>7.8</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</td><td>23.5</td><td>12.0</td><td>20.9</td><td>7.8</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</td><td>23.4</td><td>12.0</td><td>21.2</td><td>7.7</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</td><td>23.2</td><td>12.0</td><td>20.7</td><td>7.8</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</td><td>23.0</td><td>12.0</td><td>20.4</td><td>7.9</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</td><td>22.6</td><td>11.9</td><td>20.5</td><td>8.0</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</td><td>22.3</td><td>11.7</td><td>20.8</td><td>7.8</td><td>36.8</td></tr><tr><td>October</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><tr><td>November</td><td>252.6</td><td>85.8</td><td>62.5</td><td>23.2</td><td>166.8</td><td>67.4</td><td>21.7</td><td>11.5</td><td>21.2</td><td>7.9</td><td>37.0</td></tr><tr><td>December p.</td><td>252.9</td><td>86.0</td><td>62.6</td><td>23.3</td><td>166.9</td><td>67.6</td><td>21.5</td><td>11.5</td><td>21.2</td><td>7.9</td><td>37.3</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 earnings 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
6/ Holdings by Federal land banks are included under "Other corporations and associations" instead of "U.S. Government investment accounts" beginning with June 30, 1947, since the proprietary interest of the United States in these banks ended June 26, 1947.
7/ Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territories and insular possessions.
p Preliminary.
March 1949
31
TREASURY SURVEY OF OWNERSHIP, DECEMBER 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, in the May 1941 "Treasury Bulletin".
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 class 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 investors covered in Treasury Survey</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>Banks 1/ 32 stock savings</th><th>532 mutual savings</th><th>Insurance companies 331 life</th><th>625 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable</td><td>157,496</td><td>54,962</td><td>391</td><td>10,877</td><td>16,118</td><td>3,701</td><td>28,810</td><td>42,637</td></tr><tr><td>Public nonmarketable 4/ 5/</td><td>61,419</td><td>1,628</td><td>15</td><td>591</td><td>535</td><td>426</td><td>125</td><td>58,063</td></tr><tr><td>Special issues</td><td>31,714</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31,714</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>250,630</td><td>56,590</td><td>406</td><td>11,467</td><td>16,653</td><td>4,127</td><td>60,649</td><td>100,700</td></tr><tr><td>Matured debt and debt bearing no interest 6/</td><td>2,224</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>252,854</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="9">Footnotes at end of Section II.</td></tr></table>
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Far values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>32 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>625 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issued by U. S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>12,224</td><td>2,788</td><td>6</td><td>50</td><td>42</td><td>42</td><td>5,557</td><td>3,739</td></tr><tr><td>Certificates of indebtedness</td><td>26,525</td><td>9,045</td><td>27</td><td>256</td><td>86</td><td>586</td><td>6,101</td><td>10,424</td></tr><tr><td>Treasury notes</td><td>7,131</td><td>3,093</td><td>6</td><td>84</td><td>8</td><td>158</td><td>798</td><td>2,984</td></tr><tr><td>Treasury bonds - bank eligible</td><td>61,803</td><td>39,252</td><td>206</td><td>2,703</td><td>2,174</td><td>1,694</td><td>4,899</td><td>10,876</td></tr><tr><td>Treasury bonds - bank restricted 3/</td><td>49,636</td><td>766</td><td>148</td><td>7,783</td><td>13,802</td><td>1,222</td><td>11,419</td><td>14,497</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>163</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>37</td><td>113</td></tr><tr><td>Guaranteed by U. S. Government 1/</td><td>14</td><td>4</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>4</td></tr><tr><td>Total</td><td>157,496</td><td>54,962</td><td>391</td><td>10,877</td><td>16,118</td><td>3,701</td><td>28,810</td><td>42,637</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>49,078</td><td>17,403</td><td>45</td><td>539</td><td>250</td><td>835</td><td>12,653</td><td>17,353</td></tr><tr><td>1 to 5 years</td><td>44,053</td><td>27,941</td><td>104</td><td>1,769</td><td>1,459</td><td>1,042</td><td>3,485</td><td>8,253</td></tr><tr><td>5 to 10 years</td><td>10,464</td><td>6,233</td><td>81</td><td>520</td><td>519</td><td>478</td><td>747</td><td>1,385</td></tr><tr><td>10 to 15 years</td><td>15,238</td><td>1,334</td><td>60</td><td>3,207</td><td>2,770</td><td>697</td><td>3,158</td><td>4,012</td></tr><tr><td>15 to 20 years</td><td>38,650</td><td>2,048</td><td>100</td><td>4,841</td><td>11,114</td><td>649</td><td>8,767</td><td>11,130</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>14</td><td>4</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>4</td></tr><tr><td>Total</td><td>157,496</td><td>54,962</td><td>391</td><td>10,877</td><td>16,118</td><td>3,701</td><td>28,810</td><td>42,637</td></tr><tr><td>Tax status: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>163</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>37</td><td>113</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>14,366</td><td>10,740</td><td>90</td><td>41</td><td>32</td><td>735</td><td>804</td><td>1,925</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>142,967</td><td>44,210</td><td>301</td><td>10,835</td><td>16,086</td><td>2,966</td><td>27,969</td><td>40,599</td></tr><tr><td>Total</td><td>157,496</td><td>54,962</td><td>391</td><td>10,877</td><td>16,118</td><td>3,701</td><td>28,810</td><td>42,637</td></tr></table>
Footnotes at end of Section II.
32
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP
DECEMBER 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="4">Held by investors covered in Treasury Survey</th><th>U.S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>32 stock earnings</th><th>532 mutual savings</th><th>331 life</th><th>625 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>12,224</td><td>2,788</td><td>6</td><td>50</td><td>42</td><td>42</td><td>5,557</td><td>3,739</td></tr><tr><td colspan="8">Certificates of indebtedness:</td></tr><tr><td>1-1/31 January 1949-A.....(taxable)</td><td>2,592</td><td>1,211</td><td>4</td><td>61</td><td>3</td><td>96</td><td>113</td><td>1,105</td></tr><tr><td>1-1/31 February 1949-B.....(taxable)</td><td>2,189</td><td>809</td><td>3</td><td>20</td><td>7</td><td>37</td><td>101</td><td>1,213</td></tr><tr><td>1-1/31 March 1949-C.....(taxable)</td><td>3,553</td><td>1,425</td><td>3</td><td>41</td><td>14</td><td>76</td><td>752</td><td>1,242</td></tr><tr><td>1-1/31 April 1949-D.....(taxable)</td><td>1,055</td><td>369</td><td>2</td><td>5</td><td></td><td>21</td><td>87</td><td>571</td></tr><tr><td>1-1/31 June 1949-E.....(taxable)</td><td>4,301</td><td>1,617</td><td>3</td><td>32</td><td>13</td><td>65</td><td>795</td><td>1,776</td></tr><tr><td>1-1/31 July 1949-F.....(taxable)</td><td>5,783</td><td>1,166</td><td>2</td><td>14</td><td>4</td><td>91</td><td>2,720</td><td>1,785</td></tr><tr><td>1-1/4 October 1949-G.....(taxable)</td><td>6,535</td><td>2,052</td><td>7</td><td>79</td><td>45</td><td>185</td><td>1,533</td><td>2,635</td></tr><tr><td>1-1/4 December 1949-H.....(taxable)</td><td>517</td><td>398</td><td>3</td><td>5</td><td></td><td>15</td><td></td><td>95</td></tr><tr><td>Total certificates of indebtedness</td><td>26,525</td><td>9,045</td><td>27</td><td>256</td><td>86</td><td>586</td><td>6,101</td><td>10,424</td></tr><tr><td colspan="8">Treasury notes:</td></tr><tr><td>1-1/31 January 1949-A.....(taxable)</td><td>3,535</td><td>1,182</td><td>3</td><td>28</td><td>7</td><td>66</td><td>244</td><td>2,006</td></tr><tr><td>1-3/31 April 1950-A.....(taxable)</td><td>3,596</td><td>1,911</td><td>3</td><td>57</td><td>2</td><td>92</td><td>554</td><td>978</td></tr><tr><td>Total Treasury notes</td><td>7,131</td><td>3,093</td><td>6</td><td>84</td><td>8</td><td>158</td><td>798</td><td>2,984</td></tr><tr><td colspan="8">Treasury bonds:</td></tr><tr><td colspan="8">Bank eligible:</td></tr><tr><td>24 June 1949-51.....(taxable)</td><td>1,014</td><td>607</td><td>1</td><td>67</td><td>16</td><td>14</td><td>102</td><td>206</td></tr><tr><td>24 September 1949-51.....(taxable)</td><td>1,292</td><td>725</td><td>2</td><td>57</td><td>23</td><td>21</td><td>247</td><td>217</td></tr><tr><td>24 December 1949-51.....(taxable)</td><td>2,098</td><td>1,298</td><td>7</td><td>72</td><td>64</td><td>46</td><td>170</td><td>441</td></tr><tr><td>3-1/31 December 1949-52.....(partially)</td><td>401</td><td>377</td><td></td><td>3</td><td>11</td><td>14</td><td>32</td><td>55</td></tr><tr><td>2-1/24 December 1949-53.....(partially)</td><td>1,786</td><td>1,368</td><td>1</td><td>5</td><td>2</td><td>45</td><td>163</td><td>202</td></tr><tr><td>24 March 1950-52.....(taxable)</td><td>1,953</td><td>1,268</td><td>5</td><td>57</td><td>139</td><td>40</td><td>141</td><td>313</td></tr><tr><td>2-1/24 September 1950-52.....(partially)</td><td>1,186</td><td>1,017</td><td>2</td><td>11</td><td>2</td><td>52</td><td>81</td><td>21</td></tr><tr><td>24 September 1950-52.....(taxable)</td><td>4,939</td><td>2,811</td><td>7</td><td>139</td><td>346</td><td>103</td><td>425</td><td>1,108</td></tr><tr><td>1-1/24 December 1950.....(taxable)</td><td>2,635</td><td>1,497</td><td>2</td><td>35</td><td>11</td><td>39</td><td></td><td>1,051</td></tr><tr><td>2-3/24 June 1951-54.....(partially)</td><td>1,627</td><td>1,278</td><td>11</td><td>5</td><td>1</td><td>47</td><td>111</td><td>173</td></tr><tr><td>24 September 1951-53.....(taxable)</td><td>7,986</td><td>4,869</td><td>20</td><td>411</td><td>308</td><td>181</td><td>790</td><td>1,406</td></tr><tr><td>34 September 1951-55.....(partially)</td><td>755</td><td>449</td><td>1</td><td>2</td><td></td><td>35</td><td>64</td><td>203</td></tr><tr><td>2-1/4 December 1951-53.....(partially)</td><td>1,118</td><td>937</td><td>4</td><td>1</td><td></td><td>47</td><td>59</td><td>71</td></tr><tr><td>24 December 1951-55.....(taxable)</td><td>510</td><td>366</td><td>1</td><td>13</td><td>23</td><td>17</td><td>13</td><td>76</td></tr><tr><td>2-1/24 March 1952-54.....(taxable)</td><td>1,024</td><td>478</td><td>1</td><td>176</td><td>21</td><td>14</td><td>111</td><td>223</td></tr><tr><td>24 June 1952-54.....(taxable)</td><td>5,825</td><td>3,877</td><td>19</td><td>280</td><td>152</td><td>113</td><td>507</td><td>878</td></tr><tr><td>2-1/4 June 1952-55.....(taxable)</td><td>1,501</td><td>830</td><td>3</td><td>164</td><td>154</td><td>33</td><td>145</td><td>172</td></tr><tr><td>24 December 1952-54.....(taxable)</td><td>8,662</td><td>5,712</td><td>22</td><td>421</td><td>298</td><td>187</td><td>484</td><td>1,539</td></tr><tr><td>24 June 1953-55.....(partially)</td><td>725</td><td>638</td><td>2</td><td>1</td><td>1</td><td>41</td><td></td><td>41</td></tr><tr><td>2-1/4 June 1954-56.....(partially)</td><td>681</td><td>583</td><td>6</td><td>1</td><td></td><td>32</td><td>3</td><td>56</td></tr><tr><td>2-7/24 March 1955-60.....(partially)</td><td>2,611</td><td>1,529</td><td>29</td><td>4</td><td>1</td><td>178</td><td>159</td><td>712</td></tr><tr><td>2-1/24 March 1956-58.....(taxable)</td><td>1,449</td><td>733</td><td>11</td><td>104</td><td>293</td><td>19</td><td>109</td><td>179</td></tr><tr><td>2-3/24 September 1956-59.....(partially)</td><td>982</td><td>755</td><td>15</td><td>1</td><td>1</td><td>58</td><td>42</td><td>108</td></tr><tr><td>2-1/24 September 1956-59.....(taxable)</td><td>3,923</td><td>1,905</td><td>10</td><td>406</td><td>216</td><td>111</td><td>420</td><td>753</td></tr><tr><td>2-3/24 June 1959-63.....(partially)</td><td>919</td><td>727</td><td>11</td><td>4</td><td>7</td><td>80</td><td>14</td><td>77</td></tr><tr><td>2-3/24 December 1960-65.....(partially)</td><td>1,485</td><td>1,081</td><td>10</td><td>4</td><td>4</td><td>105</td><td>76</td><td>206</td></tr><tr><td>2-1/24 September 1967-72.....(taxable)</td><td>2,716</td><td>1,533</td><td>3</td><td>262</td><td>78</td><td>20</td><td>430</td><td>390</td></tr><tr><td>Total bank eligible</td><td>61,803</td><td>39,252</td><td>206</td><td>2,703</td><td>2,174</td><td>1,694</td><td>4,899</td><td>10,876</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
March 1949
33
TREASURY SURVEY OF OWNERSHIP, DECEMBER 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 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investore covered in Treasury Survey</th><th>U. S. Government investment accounts and Federal Reserve Banke</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>Banks 1/ 32 stock savings</th><th>532 mutual savings</th><th>Insurance companies 331 life 625 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bonds (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>70</td><td>18</td><td>1,591</td><td>481</td><td>275</td><td>1,235</td><td>1,615</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>160</td><td>12</td><td>663</td><td>302</td><td>164</td><td>968</td><td>1,200</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>18</td><td>13</td><td>453</td><td>834</td><td>61</td><td>369</td><td>369</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>3</td><td>7</td><td>497</td><td>1,148</td><td>93</td><td>510</td><td>574</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>5</td><td>18</td><td>980</td><td>1,464</td><td>76</td><td>313</td><td>905</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>6</td><td>16</td><td>610</td><td>1,458</td><td>100</td><td>610</td><td>1,039</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>48</td><td>16</td><td>338</td><td>2,277</td><td>84</td><td>1,177</td><td>1,256</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,831</td><td>40</td><td>12</td><td>358</td><td>1,440</td><td>57</td><td>758</td><td>816</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>64</td><td>14</td><td>1,158</td><td>2,361</td><td>104</td><td>2,013</td><td>2,254</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>351</td><td>22</td><td>1,136</td><td>2,036</td><td>207</td><td>3,466</td><td>4,469</td></tr><tr><td>Total bank restricted</td><td>49,636</td><td>766</td><td>148</td><td>7,783</td><td>13,802</td><td>1,222</td><td>11,419</td><td>14,497</td></tr><tr><td>Total Treasury bonds</td><td>111,440</td><td>40,018</td><td>353</td><td>10,485</td><td>15,976</td><td>2,915</td><td>16,317</td><td>25,374</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 eavinge bonds......(wholly)</td><td>113</td><td>12</td><td>*</td><td>*</td><td>*</td><td>*</td><td>37</td><td>64</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Total other bonds</td><td>163</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>37</td><td>113</td></tr><tr><td>Guaranteed securities: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures......(taxable 11/)</td><td>14</td><td>4</td><td>*</td><td>*</td><td>6</td><td>*</td><td>-</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>157,496</td><td>54,962</td><td>391</td><td>10,877</td><td>16,118</td><td>3,701</td><td>28,810</td><td>42,637</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities, by Issues
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 9/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">U.S. Government investment accounts and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th></th><th></th><th>Banks 1/</th><th>Insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>32 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>625 fire, casualty, and marine</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></tr><tr><td>Series D 1/.....(12/)</td><td>2,250</td><td>100</td><td>*</td><td>4</td><td>2</td><td>5</td><td>*</td><td>2,139</td></tr><tr><td>Series E 4/.....(taxable)</td><td>32,188</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>32,188</td></tr><tr><td>Series F 4/.....(taxable)</td><td>3,505</td><td>328</td><td>2</td><td>16</td><td>29</td><td>52</td><td>1</td><td>3,076</td></tr><tr><td>Series G.....(taxable)</td><td>17,108</td><td>687</td><td>9</td><td>448</td><td>211</td><td>325</td><td>14</td><td>15,414</td></tr><tr><td>Total United States savings bonds</td><td>55,051</td><td>1,114</td><td>12</td><td>468</td><td>243</td><td>381</td><td>16</td><td>52,817</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>4,572</td><td>34</td><td>-</td><td>-</td><td>1</td><td>9</td><td>9</td><td>4,520</td></tr><tr><td>Depositary bonds.....(taxable)</td><td>340</td><td>296</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>44</td></tr><tr><td>Armed forces leave bonds.....(taxable)</td><td>464</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>464</td></tr><tr><td>Treasury bonds, investment series.(taxable)</td><td>955</td><td>184</td><td>3</td><td>122</td><td>291</td><td>36</td><td>100</td><td>218</td></tr><tr><td>Total other U.S. securities</td><td>6,332</td><td>514</td><td>3</td><td>122</td><td>292</td><td>45</td><td>109</td><td>5,246</td></tr><tr><td>Guaranteed securities: 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.....(taxable)</td><td>37</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>61,419</td><td>1,628</td><td>15</td><td>591</td><td>535</td><td>426</td><td>125</td><td>58,063</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, 1948
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - to millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="2">U.S. Government investment accounts and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,268 commercial 2/</th><th>Banks 1/ 32 stock savings</th><th>532 mutual savings</th><th>331 life</th><th>625 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Federal intermediate credit banks: Debuttires.....(taxable)</td><td>690</td><td>306</td><td>*</td><td>43</td><td>1</td><td>13</td><td>-</td><td>118</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4 January 1949 (Notes).....(taxable)</td><td>97</td><td>58</td><td>-</td><td>5</td><td>-</td><td>2</td><td>-</td><td>32</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>1-6/8 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>74</td><td>1</td><td>10</td><td>-</td><td>2</td><td>-</td><td>33</td></tr><tr><td>Total Federal home loan bank securities....</td><td>416</td><td>266</td><td>1</td><td>30</td><td>1</td><td>8</td><td>-</td><td>110</td></tr><tr><td>Federal land banks: 13/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4 October 1948-50 (Bonds).....(taxable)</td><td>146</td><td>121</td><td>1</td><td>1</td><td>*</td><td>4</td><td>-</td><td>19</td></tr><tr><td>1-1/4 May 1950-52 (Bonds).....(taxable)</td><td>216</td><td>151</td><td>*</td><td>4</td><td>1</td><td>1</td><td>-</td><td>60</td></tr><tr><td>1-1/4 January 1951-53 (Bonds).....(taxable)</td><td>186</td><td>155</td><td>-</td><td>1</td><td>*</td><td>1</td><td>-</td><td>29</td></tr><tr><td>2-1/4 February 1953-55 (Bonds).....(taxable)</td><td>114</td><td>89</td><td>*</td><td>4</td><td>1</td><td>2</td><td>-</td><td>19</td></tr><tr><td>Total Federal land bank bonds.........</td><td>663</td><td>516</td><td>1</td><td>10</td><td>1</td><td>7</td><td>-</td><td>128</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 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 $37 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 surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to normal tax and surtax.
10/ Includes F. H. 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.
March 1949
35
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1948
The tables which follow provide an analysis of the security holdings of commercial banks reporting in the Treasury survey of ownership of securities issued by the United States Government and by Federal agencies. The figures show the total holdings distributed according to Federal Reserve member-bank classes and nonmember banks.
This analysis of commercial bank ownership was first published in the May 1944 issue of the "Treasury Bulletin", based on the survey data for December 31, 1943. It has appeared at semiannual or quarterly intervals since that time, and is now being published for the June 30 and December 31 survey data.
Section 1 - Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Held by 7,268 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th rowspan="2">2,535 nonmember banks</th></tr><tr><th>4,733 member banks</th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th>326 reserve city</th><th>4,359 country</th></tr><tr><td colspan="8">Public securities:</td></tr><tr><td>Marketable</td><td>54,962</td><td>48,320</td><td>12,116</td><td>9,525</td><td>2,591</td><td>18,059</td><td>18,144</td><td>6,643</td></tr><tr><td>Nonmarketable 2/ 3/</td><td>1,628</td><td>1,230</td><td>67</td><td>49</td><td>19</td><td>243</td><td>920</td><td>398</td></tr><tr><td>Total public securities 3/</td><td>56,590</td><td>49,550</td><td>12,183</td><td>9,573</td><td>2,610</td><td>18,302</td><td>19,065</td><td>7,040</td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Public Marketable Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Held by 7,268 commercial banks 1/</th><th colspan="5">Federal Reserve member banks</th><th rowspan="2">2,535 nonmember banks</th></tr><tr><th>4,733 member banks</th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th>326 reserve city</th><th>4,359 country</th></tr><tr><td colspan="8">Type of security:</td></tr><tr><td>Issued by U. S. Government:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,788</td><td>2,507</td><td>777</td><td>593</td><td>183</td><td>1,064</td><td>667</td><td>281</td></tr><tr><td>Certificates of indebtedness</td><td>9,045</td><td>7,610</td><td>1,498</td><td>1,222</td><td>276</td><td>3,201</td><td>2,911</td><td>1,436</td></tr><tr><td>Treasury notes</td><td>3,093</td><td>2,648</td><td>573</td><td>359</td><td>214</td><td>1,082</td><td>993</td><td>446</td></tr><tr><td>Treasury bonds - bank eligible</td><td>39,252</td><td>34,997</td><td>9,264</td><td>7,347</td><td>1,917</td><td>12,613</td><td>13,121</td><td>4,255</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>766</td><td>545</td><td>5</td><td>3</td><td>2</td><td>97</td><td>443</td><td>221</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>13</td><td>9</td><td>*</td><td>-</td><td>-</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Guaranteed by U. S. Government</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>1</td></tr><tr><td>Total</td><td>54,962</td><td>48,320</td><td>12,116</td><td>9,525</td><td>2,591</td><td>18,059</td><td>18,144</td><td>6,643</td></tr><tr><td colspan="8">Call classes:</td></tr><tr><td>Due or first becoming callables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>17,403</td><td>15,157</td><td>3,612</td><td>2,849</td><td>763</td><td>6,408</td><td>5,137</td><td>2,246</td></tr><tr><td>1 to 5 years</td><td>27,941</td><td>24,681</td><td>6,466</td><td>5,296</td><td>1,169</td><td>8,621</td><td>9,594</td><td>3,260</td></tr><tr><td>5 to 10 years</td><td>6,233</td><td>5,609</td><td>1,643</td><td>1,163</td><td>480</td><td>2,086</td><td>1,880</td><td>624</td></tr><tr><td>10 to 15 years</td><td>1,334</td><td>1,178</td><td>307</td><td>130</td><td>177</td><td>442</td><td>430</td><td>155</td></tr><tr><td>15 to 20 years</td><td>2,048</td><td>1,691</td><td>88</td><td>86</td><td>2</td><td>502</td><td>1,100</td><td>357</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>1</td></tr><tr><td>Total</td><td>54,962</td><td>48,320</td><td>12,116</td><td>9,525</td><td>2,591</td><td>18,059</td><td>18,144</td><td>6,643</td></tr><tr><td colspan="8">Tax status: 5/</td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>13</td><td>9</td><td>*</td><td>-</td><td>*</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>10,740</td><td>10,091</td><td>3,513</td><td>2,528</td><td>985</td><td>4,192</td><td>2,386</td><td>649</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>44,210</td><td>38,219</td><td>8,603</td><td>6,997</td><td>1,606</td><td>13,865</td><td>15,752</td><td>5,990</td></tr><tr><td>Total</td><td>54,962</td><td>48,320</td><td>12,116</td><td>9,525</td><td>2,591</td><td>18,059</td><td>18,144</td><td>6,643</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1948
Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities, by Issues
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Hold by 7,268 commercial banks 1/</th><th>4,733 member banks</th><th colspan="4">Federal Reserve member banks Central reserve city</th><th>326 reserve city</th><th>4,359 country</th><th>2,535 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th></th><th></th><th></th><th></th></tr><tr><td>Treasury bills..................(taxable)</td><td>2,788</td><td>2,507</td><td>777</td><td>593</td><td>183</td><td>1,064</td><td>667</td><td>281</td></tr><tr><td>Certificates of indebtedness:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/3% January 1949-A.........(taxable)</td><td>1,211</td><td>1,016</td><td>236</td><td>185</td><td>51</td><td>416</td><td>364</td><td>194</td></tr><tr><td>1-1/3% February 1949-B.........(taxable)</td><td>809</td><td>689</td><td>84</td><td>53</td><td>31</td><td>340</td><td>265</td><td>120</td></tr><tr><td>1-1/3% March 1949-C.........(taxable)</td><td>1,425</td><td>1,227</td><td>386</td><td>360</td><td>26</td><td>457</td><td>384</td><td>198</td></tr><tr><td>1-1/3% April 1949-D.........(taxable)</td><td>369</td><td>297</td><td>50</td><td>40</td><td>10</td><td>109</td><td>138</td><td>72</td></tr><tr><td>1-1/3% June 1949-E.........(taxable)</td><td>1,617</td><td>1,400</td><td>278</td><td>245</td><td>32</td><td>626</td><td>496</td><td>217</td></tr><tr><td>1-1/3% July 1949-F.........(taxable)</td><td>1,166</td><td>963</td><td>96</td><td>64</td><td>32</td><td>433</td><td>434</td><td>204</td></tr><tr><td>1-1/4% October 1949-G.........(taxable)</td><td>2,051</td><td>1,662</td><td>234</td><td>172</td><td>62</td><td>669</td><td>759</td><td>390</td></tr><tr><td>1-1/4% December 1949-H.........(taxable)</td><td>398</td><td>356</td><td>134</td><td>103</td><td>31</td><td>151</td><td>71</td><td>42</td></tr><tr><td>Total certificates of indebtedness</td><td>9,045</td><td>7,610</td><td>1,498</td><td>1,222</td><td>276</td><td>3,201</td><td>2,911</td><td>1,436</td></tr><tr><td>Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/3% January 1949-A.........(taxable)</td><td>1,182</td><td>1,042</td><td>327</td><td>226</td><td>101</td><td>440</td><td>275</td><td>140</td></tr><tr><td>1-3/3% April 1950-A.........(taxable)</td><td>1,911</td><td>1,605</td><td>245</td><td>133</td><td>113</td><td>641</td><td>719</td><td>306</td></tr><tr><td>Total Treasury notes</td><td>3,093</td><td>2,648</td><td>573</td><td>359</td><td>214</td><td>1,082</td><td>993</td><td>446</td></tr><tr><td>Treasury bonds:</td><td></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><td></td></tr><tr><td>2% June 1949-51.........(taxable)</td><td>607</td><td>534</td><td>137</td><td>120</td><td>18</td><td>168</td><td>229</td><td>73</td></tr><tr><td>2% September 1949-51.........(taxable)</td><td>725</td><td>649</td><td>135</td><td>102</td><td>33</td><td>268</td><td>246</td><td>77</td></tr><tr><td>2% December 1949-51.........(taxable)</td><td>1,298</td><td>1,153</td><td>208</td><td>158</td><td>51</td><td>473</td><td>472</td><td>144</td></tr><tr><td>3-1/3% December 1949-52.........(partially)</td><td>377</td><td>358</td><td>183</td><td>112</td><td>71</td><td>133</td><td>43</td><td>19</td></tr><tr><td>2-1/3% December 1949-53.........(partially)</td><td>1,368</td><td>1,295</td><td>347</td><td>317</td><td>30</td><td>699</td><td>288</td><td>73</td></tr><tr><td>2% March 1950-52.........(taxable)</td><td>1,268</td><td>1,116</td><td>322</td><td>279</td><td>43</td><td>390</td><td>405</td><td>152</td></tr><tr><td>2-1/2% September 1950-52.........(partially)</td><td>1,017</td><td>946</td><td>322</td><td>282</td><td>40</td><td>394</td><td>231</td><td>71</td></tr><tr><td>2% September 1950-52.........(taxable)</td><td>2,811</td><td>2,485</td><td>709</td><td>582</td><td>126</td><td>872</td><td>904</td><td>327</td></tr><tr><td>1-1/2% December 1950.........(taxable)</td><td>1,497</td><td>1,194</td><td>51</td><td>29</td><td>21</td><td>401</td><td>743</td><td>303</td></tr><tr><td>2-3/4% June 1951-54.........(partially)</td><td>1,278</td><td>1,227</td><td>559</td><td>478</td><td>80</td><td>474</td><td>195</td><td>51</td></tr><tr><td>2% September 1951-53.........(taxable)</td><td>4,869</td><td>4,299</td><td>1,119</td><td>906</td><td>213</td><td>1,436</td><td>1,785</td><td>570</td></tr><tr><td>3% September 1951-55.........(partially)</td><td>449</td><td>426</td><td>200</td><td>146</td><td>54</td><td>129</td><td>96</td><td>24</td></tr><tr><td>2-1/4% December 1951-53.........(partially)</td><td>937</td><td>883</td><td>254</td><td>177</td><td>77</td><td>385</td><td>245</td><td>53</td></tr><tr><td>2% December 1951-55.........(taxable)</td><td>366</td><td>305</td><td>65</td><td>58</td><td>7</td><td>76</td><td>164</td><td>62</td></tr><tr><td>2-1/2% March 1952-54.........(taxable)</td><td>478</td><td>418</td><td>109</td><td>107</td><td>2</td><td>136</td><td>173</td><td>61</td></tr><tr><td>2% June 1952-54.........(taxable)</td><td>3,877</td><td>3,445</td><td>907</td><td>831</td><td>75</td><td>1,121</td><td>1,417</td><td>432</td></tr><tr><td>2-1/4% June 1952-55.........(taxable)</td><td>830</td><td>718</td><td>198</td><td>182</td><td>17</td><td>196</td><td>324</td><td>112</td></tr><tr><td>2% December 1952-54.........(taxable)</td><td>5,712</td><td>5,022</td><td>1,244</td><td>1,044</td><td>200</td><td>1,735</td><td>2,044</td><td>690</td></tr><tr><td>2% June 1953-55.........(partially)</td><td>638</td><td>590</td><td>162</td><td>62</td><td>100</td><td>235</td><td>192</td><td>48</td></tr><tr><td>2-1/3% June 1954-56.........(partially)</td><td>583</td><td>531</td><td>148</td><td>100</td><td>48</td><td>219</td><td>164</td><td>52</td></tr><tr><td>2-7/8% March 1955-60.........(partially)</td><td>1,529</td><td>1,444</td><td>532</td><td>420</td><td>112</td><td>616</td><td>297</td><td>84</td></tr><tr><td>2-1/2% March 1956-58.........(taxable)</td><td>733</td><td>658</td><td>190</td><td>185</td><td>5</td><td>163</td><td>305</td><td>75</td></tr><tr><td>2-3/4% September 1956-59.........(partially)</td><td>755</td><td>711</td><td>260</td><td>152</td><td>108</td><td>286</td><td>165</td><td>43</td></tr><tr><td>2-1/4% September 1956-59.........(taxable)</td><td>1,905</td><td>1,592</td><td>273</td><td>154</td><td>120</td><td>541</td><td>777</td><td>313</td></tr><tr><td>2-3/4% June 1958-63.........(partially)</td><td>727</td><td>672</td><td>240</td><td>152</td><td>88</td><td>261</td><td>171</td><td>55</td></tr><tr><td>2-3/4% December 1960-65.........(partially)</td><td>1,081</td><td>1,006</td><td>306</td><td>130</td><td>177</td><td>401</td><td>299</td><td>75</td></tr><tr><td>2-1/2% September 1967-72.........(taxable)</td><td>1,533</td><td>1,317</td><td>84</td><td>83</td><td>1</td><td>445</td><td>788</td><td>216</td></tr><tr><td>Total bank eligible</td><td>39,252</td><td>34,997</td><td>9,264</td><td>7,347</td><td>1,917</td><td>12,613</td><td>13,121</td><td>4,255</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
March 1949
37
TREASURY SURVEY
COMMERCIAL BANK OWNERSHIP,
DECEMBER 31, 1948
Section I -
Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 3.- Public Marketable Securities, by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,268 commercial banks 1/</th><th>4,733 member banks</th><th colspan="4">Federal Reserve member banks</th><th>2,535 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>Central reserve city</th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th>326 reserve city</th><th>4,359 country</th></tr><tr><td>Treasury bonds (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% June 1959-62.....(taxable)</td><td>70</td><td>39</td><td>*</td><td>*</td><td>*</td><td>*</td><td>7</td><td>33</td><td>31</td></tr><tr><td>2-1/4% December 1959-62.....(taxable)</td><td>160</td><td>116</td><td>*</td><td>*</td><td>*</td><td>*</td><td>22</td><td>93</td><td>45</td></tr><tr><td>2-1/2% June 1962-67.....(taxable)</td><td>18</td><td>15</td><td>*</td><td>*</td><td>*</td><td>*</td><td>12</td><td>4</td><td>3</td></tr><tr><td>2-1/2% December 1963-68.....(taxable)</td><td>3</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td></tr><tr><td>2-1/2% June 1964-69.....(taxable)</td><td>5</td><td>2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td><td>3</td></tr><tr><td>2-1/2% December 1964-69.....(taxable)</td><td>6</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>1</td><td>4</td></tr><tr><td>2-1/2% March 1965-70.....(taxable)</td><td>48</td><td>32</td><td>*</td><td>*</td><td>*</td><td>*</td><td>2</td><td>30</td><td>16</td></tr><tr><td>2-1/2% March 1966-71.....(taxable)</td><td>40</td><td>31</td><td>*</td><td>*</td><td>*</td><td>*</td><td>2</td><td>29</td><td>10</td></tr><tr><td>2-1/2% June 1967-72.....(taxable)</td><td>64</td><td>44</td><td>1</td><td>*</td><td>*</td><td>*</td><td>15</td><td>28</td><td>20</td></tr><tr><td>2-1/2% December 1967-72.....(taxable)</td><td>351</td><td>263</td><td>3</td><td>2</td><td>1</td><td>1</td><td>37</td><td>224</td><td>88</td></tr><tr><td>Total bank restricted</td><td>766</td><td>545</td><td>5</td><td></td><td>3</td><td>2</td><td>97</td><td>443</td><td>221</td></tr><tr><td>Total Treasury bonds</td><td>40,018</td><td>35,542</td><td>9,268</td><td>7,350</td><td>1,918</td><td>12,710</td><td>13,564</td><td>4,476</td></tr><tr><td>Other bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>12</td><td>9</td><td>*</td><td>-</td><td>-</td><td>*</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total other bonds</td><td>13</td><td>9</td><td>*</td><td>-</td><td>-</td><td>*</td><td>3</td><td>6</td><td>3</td></tr><tr><td>Guaranteed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures.....(taxable 7/)</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>54,962</td><td>48,320</td><td>12,116</td><td>9,525</td><td>2,591</td><td>18,059</td><td>18,144</td><td>6,643</td></tr></table>
Footnotes at end of Section II.
Table 4.
Public Nonmarketable Securities, by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,268 commercial banks 1/</th><th>h,733 member banks</th><th colspan="4">Federal Reserve member banks Central reserve city</th><th>326 reserve city</th><th>4,359 country</th><th>2,535 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th></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><td></td></tr><tr><td>Series D 2/(8/)</td><td>100</td><td>67</td><td>*</td><td>*</td><td>*</td><td>4</td><td>62</td><td>33</td></tr><tr><td>Series F 2/(taxable)</td><td>328</td><td>212</td><td>2</td><td>*</td><td>2</td><td>19</td><td>191</td><td>116</td></tr><tr><td>Series G...(taxable)</td><td>687</td><td>503</td><td>5</td><td>2</td><td>2</td><td>43</td><td>456</td><td>184</td></tr><tr><td>Total United States savings bonds</td><td>1,114</td><td>782</td><td>7</td><td>3</td><td>4</td><td>66</td><td>709</td><td>333</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><td></td></tr><tr><td>Treasury savings notes...(taxable)</td><td>34</td><td>26</td><td>13</td><td>10</td><td>3</td><td>3</td><td>10</td><td>7</td></tr><tr><td>Depository bonds...(taxable)</td><td>296</td><td>274</td><td>37</td><td>32</td><td>5</td><td>115</td><td>122</td><td>22</td></tr><tr><td>Treasury bonds, investment series...(taxable)</td><td>184</td><td>148</td><td>10</td><td>4</td><td>6</td><td>58</td><td>79</td><td>36</td></tr><tr><td>Total other U.S. securities</td><td>514</td><td>449</td><td>61</td><td>46</td><td>15</td><td>177</td><td>212</td><td>65</td></tr><tr><td>Total public nonmarketable securities 3/</td><td>1,628</td><td>1,230</td><td>67</td><td>49</td><td>19</td><td>243</td><td>920</td><td>398</td></tr></table>
Footnotes at end of Section II.
38
Treasury Bulletin
TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 31, 1948
Section II
- Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Held by 7,268 commercial banks 1/</th><th>4,733 member banks</th><th colspan="4">Federal Reserve member banks</th><th>326 reserve city</th><th>4,359 country</th><th>2,535 nonmember banks</th></tr><tr><th></th><th></th><th></th><th>48 central reserve city</th><th>35 New York City</th><th>13 Chicago</th><th></th><th></th><th></th></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debentures..................(taxable)</td><td>306</td><td>261</td><td>47</td><td>33</td><td>15</td><td>125</td><td>90</td><td>45</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4 January 1949 (Notes).....(taxable)</td><td>58</td><td>51</td><td>8</td><td>5</td><td>3</td><td>22</td><td>21</td><td>7</td></tr><tr><td>1-5/8 April 1949 (Notes).....(taxable)</td><td>55</td><td>47</td><td>6</td><td>5</td><td>1</td><td>22</td><td>19</td><td>8</td></tr><tr><td>1-6/8 July 1949 (Notes).....(taxable)</td><td>79</td><td>67</td><td>12</td><td>10</td><td>2</td><td>37</td><td>18</td><td>12</td></tr><tr><td>1-3/4 September 1949 (Notes).....(taxable)</td><td>74</td><td>67</td><td>13</td><td>10</td><td>3</td><td>33</td><td>21</td><td>7</td></tr><tr><td>Total Federal home loan bank securities</td><td>266</td><td>233</td><td>40</td><td>30</td><td>10</td><td>114</td><td>79</td><td>33</td></tr><tr><td>Federal land banks: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1948-50 (Bonds).....(taxable)</td><td>121</td><td>105</td><td>8</td><td>6</td><td>2</td><td>46</td><td>50</td><td>17</td></tr><tr><td>1-1/4 May 1950-52 (Bonds).....(taxable)</td><td>151</td><td>129</td><td>10</td><td>5</td><td>5</td><td>54</td><td>65</td><td>22</td></tr><tr><td>1-1/24 January 1951-53 (Bonds).....(taxable)</td><td>155</td><td>140</td><td>19</td><td>17</td><td>2</td><td>65</td><td>57</td><td>15</td></tr><tr><td>2-1/4 February 1953-55 (Bonds).....(taxable)</td><td>89</td><td>76</td><td>5</td><td>3</td><td>2</td><td>31</td><td>40</td><td>13</td></tr><tr><td>Total Federal land bank bonds</td><td>516</td><td>450</td><td>43</td><td>31</td><td>12</td><td>195</td><td>212</td><td>66</td></tr></table>
1/ Includes trust companies but excludes securities held in trust departments.
2/ United States savings bonds, Series D and F, are shown at current redemption values. They were reported at maturity value by the banks included in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
3/ Excludes C.C.C. demand obligations in the amount of $37 million, all held by commercial banks; data for reporting banks are not available.
4/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions); see footnote 3 to Table 2 under "Debt Outstanding".
5/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income derived from them. "Wholly" tax-exempt securities are those with the income exempt
from both normal tax and surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to both normal tax and surtax. Includes F.H.A. debentures; see footnote 7. A small indeterminate amount of these debentures is partially tax-exempt. United States savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable. The proprietary interest of the United States in these banks ended on June 26, 1947. Less than $500,000.
March 1949
39
MARKET QUOTATIONS, JANUARY 31, 1949
Market quotations shown here are over-the-counter closing quotations in the New York market for the last trading day of the month, as reported to the Treasury by the Federal Reserve Bank of New York. The securities listed in Section I include all public marketable securities issued or guaranteed by the United States Government except those not regularly quoted in the market.
The issues excluded are postal savings bonds and Federal Housing Administration debentures. The latter are the only public marketable interest-bearing guaranteed securities outstanding. Section II lists the public marketable securities issued by Federal agencies but not guaranteed by the United States Government.
Section 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>$801</td><td>2/3/49</td><td>11/4/48</td><td>1.14%</td><td>.90%</td><td>1.02%</td><td>-.08%</td></tr><tr><td>901</td><td>2/10/49</td><td>11/12/48</td><td>1.15</td><td>.96</td><td>1.06</td><td>-.06</td></tr><tr><td>803</td><td>2/17/49</td><td>11/18/48</td><td>1.15</td><td>1.00</td><td>1.08</td><td>-.04</td></tr><tr><td>900</td><td>2/24/49</td><td>11/26/48</td><td>1.16</td><td>1.04</td><td>1.10</td><td>-.02</td></tr><tr><td>901</td><td>3/3/49</td><td>12/2/48</td><td>1.16</td><td>1.08</td><td>1.12</td><td>-.01</td></tr><tr><td>905</td><td>3/10/49</td><td>12/9/48</td><td>1.16</td><td>1.09</td><td>1.12</td><td>-.01</td></tr><tr><td>1,103</td><td>3/17/49</td><td>12/16/48</td><td>1.16</td><td>1.10</td><td>1.13</td><td>.00</td></tr><tr><td>1,001</td><td>3/24/49</td><td>12/23/48</td><td>1.16</td><td>1.10</td><td>1.13</td><td>-.01</td></tr><tr><td>1,102</td><td>3/31/49</td><td>12/30/48</td><td>1.16</td><td>1.10</td><td>1.13</td><td>-.01</td></tr><tr><td>1,001</td><td>4/7/49</td><td>1/6/49</td><td>1.16</td><td>1.10</td><td>1.13</td><td>-</td></tr><tr><td>907</td><td>4/14/49</td><td>1/13/49</td><td>1.17</td><td>1.10</td><td>1.14</td><td>-</td></tr><tr><td>905</td><td>4/21/49</td><td>1/20/49</td><td>1.17</td><td>1.11</td><td>1.14</td><td>-</td></tr><tr><td>903</td><td>4/28/49</td><td>1/27/49</td><td>1.17</td><td>1.11</td><td>1.14</td><td>-</td></tr></table>
Table 2.- Certificates and Notes (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Issue date</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td colspan="7">Certificates of indebtedness:</td></tr><tr><td>$2,189</td><td>1-1/4% - 2/1/49-B</td><td>2/1/48</td><td>1 1/4</td><td>1 1/4</td><td>1 1/4</td><td>- .02%</td></tr><tr><td>3,553</td><td>1-1/8 - 3/1/49-C</td><td>3/1/48</td><td>1.11%</td><td>1.05%</td><td>1.08%</td><td>- .02%</td></tr><tr><td>1,055</td><td>1-1/8 - 4/1/49-D</td><td>4/1/48</td><td>1.10</td><td>1.04</td><td>1.07</td><td>+ .01</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>.00</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>+ .01</td></tr><tr><td>6,535</td><td>1-1/4 - 10/1/49-G</td><td>10/1/48</td><td>1.22</td><td>1.20</td><td>1.21</td><td>.00</td></tr><tr><td>519</td><td>1-1/4 - 12/15/49-E</td><td>12/15/48</td><td>1.22</td><td>1.20</td><td>1.21</td><td>.00</td></tr><tr><td>5,694</td><td>1-1/4 - 1/1/50-A</td><td>1/1/49</td><td>1.24</td><td>1.22</td><td>1.23</td><td>.00</td></tr><tr><td>2/</td><td>1-1/4 - 2/1/50-B</td><td>2/1/49</td><td>1.24</td><td>1.22</td><td>1.23</td><td>-</td></tr><tr><td colspan="7">Treasury notes:</td></tr><tr><td>3,596</td><td>1-3/8% - 4/1/50-A</td><td>9/15/48</td><td>1.28</td><td>1.26</td><td>1.27</td><td>- .01</td></tr></table>
Footnotes at end of Section II.
Table 3.- Taxable Bonds
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th>Change in mean from last month</th><th>To first call</th><th>Yield</th><th>Issue date</th><th colspan="2">Since first traded</th><th colspan="4">In 1948-49</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th></th><th></th><th></th><th></th><th>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="16">Treasury bonds - bank eligible:</td></tr><tr><td>$1,014</td><td>24 - 6/15/49-51</td><td>100.10</td><td>100.12</td><td>100.11</td><td>-.02</td><td>1.06%</td><td>-.03%</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>101.09</td><td>1/5/43</td><td>100.11</td><td>1/31/49</td></tr><tr><td>1,292</td><td>2 - 9/15/49-51</td><td>100.16</td><td>100.18</td><td>100.17</td><td>-.01</td><td>1.13</td><td>-.06</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>1/16/48</td><td>100.17</td><td>1/31/49</td></tr><tr><td>2,098</td><td>2 - 12/15/49-51</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.01</td><td>1.20</td><td>-.04</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>1/9/48</td><td>100.22</td><td>1/31/49</td></tr><tr><td>1,963</td><td>2 - 3/15/50-52</td><td>100.25</td><td>100.27</td><td>100.26</td><td>.00</td><td>1.26</td><td>-.05</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>1/6/48</td><td>100.26</td><td>1/31/49</td></tr><tr><td>4,939</td><td>2 - 9/15/50-52</td><td>101.00</td><td>101.02</td><td>101.01</td><td>-.01</td><td>1.35</td><td>-.01</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>101.21</td><td>1/6/48</td><td>100.31</td><td>11/10/48</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50</td><td>100.09</td><td>100.11</td><td>100.10</td><td>+.01</td><td>1.33</td><td>-.02</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>5/28/48</td><td>100.04</td><td>11/1/48</td></tr><tr><td>7,986</td><td>2 - 9/15/51-53</td><td>101.11</td><td>101.13</td><td>101.12</td><td>+.03</td><td>1.46</td><td>-.05</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>6/1/48</td><td>101.03</td><td>11/26/48</td></tr><tr><td>510</td><td>2 - 12/15/51-55</td><td>101.15</td><td>101.17</td><td>101.16</td><td>+.05</td><td>1.46</td><td>-.07</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>6/17/48</td><td>100.31</td><td>11/10/48</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>102.30</td><td>103.00</td><td>102.31</td><td>+.03</td><td>1.52</td><td>-.05</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>6/17/48</td><td>102.17</td><td>11/1/48</td></tr><tr><td>5,825</td><td>2 - 6/15/52-54</td><td>101.17</td><td>101.19</td><td>101.18</td><td>+.06</td><td>1.52</td><td>-.07</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>6/1/48</td><td>101.01</td><td>11/24/48</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55</td><td>102.06</td><td>102.08</td><td>102.07</td><td>+.05</td><td>1.57</td><td>-.06</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/12</td><td>102.25</td><td>6/17/48</td><td>101.23</td><td>11/1/48</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54</td><td>101.18</td><td>101.20</td><td>101.19</td><td>+.06</td><td>1.57</td><td>-.06</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>6/1/48</td><td>101.00</td><td>11/9/48</td></tr><tr><td>1,449</td><td>2-1/2 - 3/15/56-58</td><td>104.10</td><td>104.12</td><td>104.11</td><td>+.15</td><td>1.85</td><td>-.07</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>6/1/48</td><td>102.24</td><td>11/3/48</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59</td><td>102.28</td><td>102.30</td><td>102.29</td><td>+.18</td><td>1.84</td><td>-.08</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>6/1/48</td><td>101.08</td><td>11/3/48</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 ½</td><td>102.17</td><td>102.19</td><td>102.18</td><td>+.20</td><td>2.33</td><td>-.04</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>6/1/48</td><td>101.01</td><td>11/3/48</td></tr><tr><td colspan="16">Treasury bonds - bank restricted: 5/</td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>100.14</td><td>100.16</td><td>100.15</td><td>+.09</td><td>2.20</td><td>-.03</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.01</td><td>12/24/48</td><td>100.21</td><td>6/1/48</td><td>100.01</td><td>12/24/48</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62</td><td>100.14</td><td>100.16</td><td>100.15</td><td>+.09</td><td>2.20</td><td>-.03</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.01</td><td>12/24/48</td><td>100.21</td><td>6/1/48</td><td>100.01</td><td>12/24/48</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67</td><td>102.04</td><td>102.06</td><td>102.05</td><td>+.09</td><td>2.31</td><td>-.03</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>102.12</td><td>6/2/48</td><td>101.09</td><td>11/9/48</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68</td><td>101.22</td><td>101.24</td><td>101.23</td><td>+.07</td><td>2.36</td><td>-.02</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>6/3/48</td><td>101.01</td><td>11/10/48</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/68-69 ½</td><td>101.11</td><td>101.13</td><td>101.12</td><td>+.09</td><td>2.39</td><td>-.02</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>6/3/48</td><td>100.25</td><td>11/10/48</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/68-69 ½</td><td>101.09</td><td>101.11</td><td>101.10</td><td>+.09</td><td>2.40</td><td>-.02</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>6/3/48</td><td>100.25</td><td>11/24/48</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 ½</td><td>101.08</td><td>101.10</td><td>101.09</td><td>+.09</td><td>2.40</td><td>-.03</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>6/2/48</td><td>100.25</td><td>11/30/48</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 ½</td><td>101.04</td><td>101.06</td><td>101.05</td><td>+.09</td><td>2.42</td><td>-.02</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>5/21/48</td><td>100.17</td><td>11/10/48</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 ½</td><td>100.23</td><td>100.25</td><td>100.24</td><td>+.08</td><td>2.45</td><td>-.02</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>12/13/48</td><td>100.28</td><td>6/1/48</td><td>100.09</td><td>12/13/48</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 ½</td><td>100.23</td><td>100.25</td><td>100.24</td><td>+.08</td><td>2.45</td><td>-.02</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.09</td><td>12/13/48</td><td>100.28</td><td>6/1/48</td><td>100.09</td><td>12/13/48</td></tr></table>
Footnotes at end of Section II.
40
Treasury Bulletin
MARKET QUOTATIONS, JANUARY 31, 1949
Section I - Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds 6/
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount out standing (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 3/</th><th colspan="4">Price range 3/</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">Since first traded</th><th colspan="2">In 1948-49</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="15">Treasury bonds:</td></tr><tr><td>$491</td><td>3-1/4 - 12/15/49-52</td><td>101.29</td><td>101.31</td><td>101.30</td><td>-.05</td><td>.89%</td><td>-.02%</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>1/7/48</td><td>101.30</td><td>1/31/49</td></tr><tr><td>1,786</td><td>2-1/2 - 12/15/49-53</td><td>101.12</td><td>101.14</td><td>101.13</td><td>-.02</td><td>.87</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>2/19/48</td><td>101.13</td><td>1/31/49</td></tr><tr><td>1,196</td><td>2-1/2 - 9/15/50-52</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.03</td><td>1.00</td><td>-.01</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>103.18</td><td>2/20/48</td><td>102.13</td><td>1/31/49</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>103.28</td><td>103.31</td><td>103.29</td><td>.00</td><td>1.07</td><td>-.05</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>105.03</td><td>5/24/48</td><td>103.25</td><td>11/4/48</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>104.28</td><td>104.31</td><td>104.29</td><td>-.01</td><td>1.09</td><td>-.04</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>5/24/48</td><td>104.25</td><td>11/3/48</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>103.07</td><td>103.10</td><td>103.08</td><td>+.01</td><td>1.09</td><td>-.04</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>5/21/48</td><td>102.26</td><td>11/3/48</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.21</td><td>103.25</td><td>103.23</td><td>+.05</td><td>1.13</td><td>-.05</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>6/1/48</td><td>102.16</td><td>11/3/48</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>105.11</td><td>105.15</td><td>105.13</td><td>+.15</td><td>1.21</td><td>-.10</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>6/9/48</td><td>103.16</td><td>11/3/48</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>108.17</td><td>108.21</td><td>108.19</td><td>+.09</td><td>1.40</td><td>-.07</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>109.16</td><td>6/1/48</td><td>106.28</td><td>1/27/48</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>109.10</td><td>109.14</td><td>109.12</td><td>+.14</td><td>1.45</td><td>-.07</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>6/1/48</td><td>106.14</td><td>1/26/48</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>109.23</td><td>109.27</td><td>109.25</td><td>+.23</td><td>1.62</td><td>-.09</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>110.16</td><td>6/3/48</td><td>106.14</td><td>1/26/48</td></tr><tr><td>1,495</td><td>2-3/4 - 12/15/60-65</td><td>110.08</td><td>110.12</td><td>110.10</td><td>+.20</td><td>1.78</td><td>-.06</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>6/1/48</td><td>106.28</td><td>1/27/48</td></tr><tr><td colspan="15">Panama Canal bonds:</td></tr><tr><td>90</td><td>3% - 6/1/61</td><td>119.16</td><td>121.00</td><td>120.08</td><td>+1.16</td><td>1.23</td><td>-.13</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>1/9/48</td><td>118.08</td><td>12/1/48</td></tr></table>
Footnotes at end of Section 2
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>$55</td><td>1.55% - 2/1/49</td><td>5/1/48</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>$38</td><td>1.65% - 6/1/49</td><td>9/1/48</td><td>1.55%</td><td>1.40%</td><td>1.48%</td><td>- .04%</td></tr><tr><td>53</td><td>1.55 - 3/1/49</td><td>6/1/48</td><td>1.50%</td><td>1.30%</td><td>1.40%</td><td>- .02%</td><td>62</td><td>1.55 - 7/1/49</td><td>10/1/48</td><td>1.55</td><td>1.40</td><td>1.48</td><td>- .07</td></tr><tr><td>55</td><td>1.55 - 4/1/49</td><td>7/1/48</td><td>1.50</td><td>1.35</td><td>1.42</td><td>- .03</td><td>56</td><td>1.65 - 8/1/49</td><td>11/1/48</td><td>1.55</td><td>1.40</td><td>1.48</td><td>- .07</td></tr><tr><td>20</td><td>1.55 - 5/2/49</td><td>8/2/48</td><td>1.50</td><td>1.35</td><td>1.42</td><td>- .03</td><td>32</td><td>1.60 - 9/1/49</td><td>12/1/48</td><td>1.55</td><td>1.45</td><td>1.50</td><td>- .05</td></tr><tr><td>24</td><td>1.50 - 5/2/49</td><td>12/1/48</td><td>1.50</td><td>1.35</td><td>1.42</td><td>- .03</td><td>72</td><td>1.60 - 10/3/49</td><td>1/3/49</td><td>1.55</td><td>1.45</td><td>1.50</td><td>- .05</td></tr></table>
Footnotes at end of this section.
Table 2.- Notes and Bonds (Taxable)
(Price decimals are 32nds)
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4"></th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th colspan="2">Since first traded</th><th colspan="2">In 1948-49</th><th colspan="2"></th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="8">Federal home loan bank notes:</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td></td><td></td><td></td><td></td></tr><tr><td>$94</td><td>1-5/8 - 4/15/49-B</td><td>100.01</td><td>100.03</td><td>100.02</td><td>.00</td><td>1.34%</td><td>4/15/48</td><td>100.03</td><td>12/7/48</td><td>100.00$</td><td>8/23/48</td><td>100.03</td><td>12/7/48</td><td>100.00$</td><td>8/23/48</td></tr><tr><td>115</td><td>1-65 - 7/22/49-C</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.01</td><td>1.46</td><td>7/22/48</td><td>100.03</td><td>1/31/49</td><td>99.31$</td><td>8/17/48</td><td>100.03</td><td>1/31/49</td><td>99.31$</td><td>8/17/48</td></tr><tr><td>120</td><td>1-3/4 - 9/15/49-D</td><td>100.05</td><td>100.07</td><td>100.06</td><td>.02</td><td>1.44</td><td>9/15/48</td><td>100.06</td><td>1/31/49</td><td>100.01</td><td>9/22/48</td><td>100.06</td><td>1/31/49</td><td>100.01</td><td>9/22/48</td></tr><tr><td>43</td><td>1-5/8 - 1/20/50-A</td><td>100.04</td><td>100.06</td><td>100.05</td><td>-</td><td>1.46</td><td>1/20/49</td><td>100.05</td><td>1/31/49</td><td>100.03</td><td>1/19/49</td><td>100.05</td><td>1/31/49</td><td>100.03</td><td>1/19/49</td></tr><tr><td colspan="8">Federal land bank bonds: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>146</td><td>1-1/2% - 10/1/48-50</td><td>99.28</td><td>100.00</td><td>99.30</td><td>.04</td><td>1.54 2/</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>99.19</td><td>11/4/48</td><td>100.00</td><td>1/28/49</td><td>99.19</td><td>11/4/48</td></tr><tr><td>216</td><td>1-1/4 - 5/1/50-52</td><td>98.10</td><td>98.18</td><td>98.14</td><td>.20</td><td>1.75 2/</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>98.16</td><td>1/28/49</td><td>96.30</td><td>3/8/48</td></tr><tr><td>186</td><td>1-1/2 - 1/1/51-53</td><td>98.20</td><td>98.28</td><td>98.24</td><td>.20</td><td>1.83 2/</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>97.30</td><td>3/8/48</td><td>99.00</td><td>6/10/48</td><td>97.30</td><td>3/8/48</td></tr><tr><td>114</td><td>2-1/4 - 2/1/53-55</td><td>101.08</td><td>101.16</td><td>101.12</td><td>.12</td><td>1.89</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>101.16</td><td>1/27/49</td><td>100.08</td><td>2/16/48</td></tr></table>
1/ Not quoted on January 31, 1949.
2/ Not issued until after January 31, 1949; for amount, see Table 3 under "Debt Operations".
3/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
4/ Included in the average yield of long-term taxable Treasury bonds as shown under "Yields of Treasury and Corporate Bonds".
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
7/ These securities are not shown until date of issue.
8/ Excludes issues completely held by Farm Credit Administration agencies. The proprietary interest of the United States in the Federal land banks ceased on June 26, 1947.
9/ Yield to maturity. Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
March 1949
41
YIELDS OF TREASURY SECURITIES JAN. 31, 1949
Based on Mean of Closing Bid and Ask Quotations
Explanation. The points represent yields to call when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made 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
42
Treasury Bulletin
YIELDS ON TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
<table><tr><th>Period</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Period</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Period</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th></tr><tr><td colspan="13">Annual series - calendar year averages of monthly series</td></tr><tr><td>1933</td><td>3.31</td><td>-</td><td>4.39</td><td>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/</td><td>2.37</td><td>2.54</td></tr><tr><td>1934</td><td>3.12</td><td>-</td><td>3.93</td><td>1940</td><td>2.26</td><td>-</td><td>2.77</td><td>1946</td><td>-</td><td>2.19</td><td>2.41</td></tr><tr><td>1935</td><td>2.79</td><td>-</td><td>3.45</td><td>1941</td><td>2.05</td><td>-</td><td>2.67</td><td>1947</td><td>-</td><td>2.25</td><td>2.57</td></tr><tr><td>1936</td><td>2.69</td><td>-</td><td>3.19</td><td>1942</td><td>2.09</td><td>2.46</td><td>2.75</td><td>1948</td><td>-</td><td>2.44</td><td>2.81</td></tr><tr><td>1937</td><td>2.74</td><td>-</td><td>3.27</td><td>1943</td><td>1.98</td><td>2.47</td><td>2.64</td><td></td><td></td><td></td><td></td></tr><tr><td>1938</td><td>2.61</td><td>-</td><td>3.12</td><td>1944</td><td>1.92</td><td>2.48</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Monthly series - averages of daily figures</td></tr><tr><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1945-Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td><td>1947-July</td><td>....</td><td>2.25</td><td>2.51</td></tr><tr><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td><td>Aug.</td><td>....</td><td>2.24</td><td>2.51</td></tr><tr><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td><td>Sept.</td><td>....</td><td>2.24</td><td>2.57</td></tr><tr><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td><td>Oct.</td><td>....</td><td>2.27</td><td>2.68</td></tr><tr><td>May</td><td>1.95</td><td>2.46</td><td>2.65</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td><td>Nov.</td><td>....</td><td>2.36</td><td>2.73</td></tr><tr><td>June</td><td>1.91</td><td>2.45</td><td>2.63</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td><td>Dec.</td><td>....</td><td>2.39</td><td>2.86</td></tr><tr><td>July</td><td>1.91</td><td>2.45</td><td>2.58</td><td>Oct.</td><td>1.52</td><td>2.35</td><td>2.54</td><td>1948-Jan.</td><td>....</td><td>2.45</td><td>2.85</td></tr><tr><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td><td>Feb.</td><td>....</td><td>2.45</td><td>2.84</td></tr><tr><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>Dec.</td><td>1.51 1/</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>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>1946-Jan.</td><td>....</td><td>2.21</td><td>2.43</td><td>Apr.</td><td>....</td><td>2.44</td><td>2.77</td></tr><tr><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>Feb.</td><td>....</td><td>2.12</td><td>2.36</td><td>May</td><td>....</td><td>2.42</td><td>2.74</td></tr><tr><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>Mar.</td><td>....</td><td>2.09</td><td>2.35</td><td>June</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>Apr.</td><td>....</td><td>2.08</td><td>2.37</td><td>July</td><td>....</td><td>2.44</td><td>2.80</td></tr><tr><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td><td>May</td><td>....</td><td>2.19</td><td>2.44</td><td>Aug.</td><td>....</td><td>2.45</td><td>2.86</td></tr><tr><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td><td>June</td><td>....</td><td>2.16</td><td>2.42</td><td>Sept.</td><td>....</td><td>2.45</td><td>2.85</td></tr><tr><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>July</td><td>....</td><td>2.18</td><td>2.41</td><td>Oct.</td><td>....</td><td>2.45</td><td>2.85</td></tr><tr><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td><td>Aug.</td><td>....</td><td>2.23</td><td>2.44</td><td>Nov.</td><td>....</td><td>2.44</td><td>2.86</td></tr><tr><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td><td>Sept.</td><td>....</td><td>2.28</td><td>2.50</td><td>Dec.</td><td>....</td><td>2.44</td><td>2.81</td></tr><tr><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td><td>Oct.</td><td>....</td><td>2.26</td><td>2.51</td><td>1949-Jan.</td><td>....</td><td>2.42</td><td>2.73</td></tr><tr><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td><td>Nov.</td><td>....</td><td>2.25</td><td>2.51</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td><td>Dec.</td><td>....</td><td>2.24</td><td>2.55</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td><td>1947-Jan.</td><td>....</td><td>2.21</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61 2/</td><td>Feb.</td><td>....</td><td>2.21</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td><td>Mar.</td><td>....</td><td>2.19</td><td>2.49</td><td></td><td></td><td></td><td></td></tr><tr><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td><td>Apr.</td><td>....</td><td>2.19</td><td>2.49 3/</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td><td>May</td><td>....</td><td>2.19</td><td>2.49</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td><td>June</td><td>....</td><td>2.22</td><td>2.50</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly series - averages of daily figures for weeks ending -</td></tr><tr><td>1948-Aug. 7.</td><td>....</td><td>2.45</td><td>2.85</td><td>1948-Oct. 2.</td><td>....</td><td>2.45</td><td>2.85</td><td>1948-Dec. 4.</td><td>....</td><td>2.44</td><td>2.84</td></tr><tr><td>11.</td><td>....</td><td>2.45</td><td>2.88</td><td>9.</td><td>....</td><td>2.45</td><td>2.84</td><td>11.</td><td>....</td><td>2.44</td><td>2.82</td></tr><tr><td>21.</td><td>....</td><td>2.45</td><td>2.87</td><td>16.</td><td>....</td><td>2.45</td><td>2.84</td><td>18.</td><td>....</td><td>2.44</td><td>2.81</td></tr><tr><td>28.</td><td>....</td><td>2.45</td><td>2.96</td><td>23.</td><td>....</td><td>2.45</td><td>2.84</td><td>24.</td><td>....</td><td>2.43</td><td>2.80</td></tr><tr><td></td><td></td><td></td><td></td><td>30.</td><td>....</td><td>2.45</td><td>2.88</td><td>31.</td><td>....</td><td>2.43</td><td>2.77</td></tr><tr><td>Sept 4.</td><td>....</td><td>2.45</td><td>2.84</td><td>Nov. 6.</td><td>....</td><td>2.45</td><td>2.88</td><td>1949-Jan. 1.</td><td>....</td><td>2.43</td><td>2.77</td></tr><tr><td>11.</td><td>....</td><td>2.45</td><td>2.84</td><td>13.</td><td>....</td><td>2.44</td><td>2.86</td><td>8.</td><td>....</td><td>2.42</td><td>2.75</td></tr><tr><td>18.</td><td>....</td><td>2.45</td><td>2.85</td><td>20.</td><td>....</td><td>2.43</td><td>2.84</td><td>15.</td><td>....</td><td>2.42</td><td>2.72</td></tr><tr><td>25.</td><td>....</td><td>2.45</td><td>2.85</td><td>27.</td><td>....</td><td>2.44</td><td>2.84</td><td>22.</td><td>....</td><td>2.41</td><td>2.72</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>29.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td colspan="13">Daily series</td></tr><tr><td>1949-Jan. 1.</td><td>....</td><td>4/</td><td>4/</td><td>1949-Jan. 12.</td><td>....</td><td>2.42</td><td>2.73</td><td>1949-Jan. 22.</td><td>....</td><td>4/</td><td>2.72</td></tr><tr><td>3.</td><td>....</td><td>2.43</td><td>2.76</td><td>13.</td><td>....</td><td>2.42</td><td>2.72</td><td>24.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>4.</td><td>....</td><td>2.43</td><td>2.76</td><td>14.</td><td>....</td><td>2.42</td><td>2.72</td><td>25.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>5.</td><td>....</td><td>2.42</td><td>2.75</td><td>15.</td><td>....</td><td>4/</td><td>2.72</td><td>26.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>6.</td><td>....</td><td>2.42</td><td>2.75</td><td>17.</td><td>....</td><td>2.41</td><td>2.72</td><td>27.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>7.</td><td>....</td><td>2.42</td><td>2.74</td><td>18.</td><td>....</td><td>2.41</td><td>2.72</td><td>28.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>8.</td><td>....</td><td>4/</td><td>2.74</td><td>19.</td><td>....</td><td>2.41</td><td>2.72</td><td>29.</td><td>....</td><td>4/</td><td>2.73</td></tr><tr><td>10.</td><td>....</td><td>2.42</td><td>2.73</td><td>20.</td><td>....</td><td>2.41</td><td>2.73</td><td>31.</td><td>....</td><td>2.41</td><td>2.73</td></tr><tr><td>11.</td><td>....</td><td>2.42</td><td>2.73</td><td>21.</td><td>....</td><td>2.41</td><td>2.72</td><td></td><td></td><td></td><td></td></tr></table><p>Note: 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 as reported to the Treasury by the Federal Reserve Bank of New York, beginning September 2, 1941. Prior to that time, yields were computed on the basis of closing prices on the New York Stock Exchange, except that on days when an issue did not sell the yield was computed on the mean of closing bid and ask quotations on the Exchange. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used.</p><p>1/ 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.</p><p>2/ Average revised beginning November 1, 1944. Old average for November 1944 was 2.564.</p><p>3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.474.</p><p>4/ Market closed.</p>
March 1949
1 Monthly averages of daily figures.
* Discontinued, see footnote 1 accompanying table.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
44
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Source(s) (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="3">Employment taxes</th></tr><tr><th>Total income and profit</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>895,335</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>$1,684,987</td><td>+1,565,477</td><td>$3,119,510</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>$3,902,002</td><td>+101,664</td><td>$4,800,338</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>$4,310,333</td><td>-351,599</td><td>$4,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,553,602</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1947</td><td>$3,379,409</td><td>+271,136</td><td>$3,108,273</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>$1,853,485</td><td>-11,051</td><td>$1,864,536</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>+602,434</td><td>5,477,906</td><td>4,610,481</td><td>2,312,899</td><td>2,297,582</td><td>139,083</td><td>16,929</td><td>8,504</td><td>113,649</td></tr><tr><td>April</td><td>2,602,646</td><td>-402,201</td><td>3,004,847</td><td>2,157,321</td><td>1,767,939</td><td>389,383</td><td>151,633</td><td>141,810</td><td>4,374</td><td>5,450</td></tr><tr><td>May</td><td>2,859,079</td><td>-280,304</td><td>3,139,383</td><td>2,122,582</td><td>1,837,052</td><td>285,530</td><td>358,028</td><td>313,458</td><td>12,080</td><td>32,490</td></tr><tr><td>June</td><td>4,536,418</td><td>+571,891</td><td>3,964,527</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>-345,899</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>76,513</td></tr><tr><td>October</td><td>2,013,452</td><td>-259,468</td><td>2,272,921</td><td>1,429,947</td><td>955,198</td><td>464,749</td><td>127,341</td><td>121,267</td><td>2,786</td><td>3,280</td></tr><tr><td>November</td><td>2,734,371</td><td>-310,743</td><td>3,045,115</td><td>1,928,815</td><td>1,648,952</td><td>279,863</td><td>365,630</td><td>296,966</td><td>11,739</td><td>56,924</td></tr><tr><td>December</td><td>3,878,487</td><td>+691,920</td><td>3,186,567</td><td>2,354,429</td><td>377,009</td><td>1,977,420</td><td>88,672</td><td>4,570</td><td>1,628</td><td>82,478</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>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,301</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,722,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,064,152</td><td>1,597</td><td>779,291</td><td>2,474,756</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,551,140</td></tr><tr><td>1948</td><td>8,311,003</td><td>1,723</td><td>899,345</td><td>2,255,320</td><td>1,300,280</td><td>79,466</td><td>2,119,248</td><td>1,655,620</td></tr><tr><td>1948-January</td><td>634,128</td><td>12</td><td>72,231</td><td>160,466</td><td>102,777</td><td>7,187</td><td>183,091</td><td>108,364</td></tr><tr><td>February</td><td>641,858</td><td>8</td><td>55,917</td><td>162,631</td><td>88,748</td><td>6,182</td><td>200,977</td><td>127,396</td></tr><tr><td>March</td><td>728,343</td><td>12</td><td>125,476</td><td>164,147</td><td>109,592</td><td>6,115</td><td>175,505</td><td>147,496</td></tr><tr><td>April</td><td>695,892</td><td>65</td><td>117,783</td><td>164,941</td><td>119,796</td><td>6,504</td><td>161,591</td><td>125,211</td></tr><tr><td>May</td><td>658,774</td><td>1,135</td><td>74,521</td><td>155,412</td><td>106,821</td><td>6,861</td><td>182,012</td><td>132,012</td></tr><tr><td>June</td><td>690,250</td><td>281</td><td>60,937</td><td>172,549</td><td>118,555</td><td>7,119</td><td>185,308</td><td>146,500</td></tr><tr><td>July</td><td>702,126</td><td>2,176</td><td>94,551</td><td>177,457</td><td>103,142</td><td>6,890</td><td>171,065</td><td>146,846</td></tr><tr><td>August</td><td>729,278</td><td>7</td><td>55,664</td><td>186,083</td><td>127,257</td><td>6,390</td><td>173,645</td><td>180,231</td></tr><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>715,632</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>134,352</td></tr><tr><td>November</td><td>750,570</td><td>17</td><td>57,684</td><td>238,295</td><td>110,488</td><td>6,284</td><td>184,420</td><td>153,182</td></tr><tr><td>December</td><td>743,465</td><td>2,790</td><td>64,999</td><td>174,958</td><td>92,869</td><td>6,793</td><td>224,752</td><td>176,316</td></tr></table>
Source: Daily Treasury Statement for total receipts from internal revenue; reports by collector of internal revenue for collections by type of tax. 1/ Excludes collections for credit to certain trust accounts for Terreirorles 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.
March 1949
45
INTERNAL REVENUE COLLECTIONS
Office of the Secretary of the Treasury. Office of the Technical Staff
B-1$5-1
46
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 6 months of fiscal year</th><th colspan="2">Sixth month of fiscal year</th></tr><tr><th></th><th>1947</th><th>1948</th><th>1948</th><th>1949</th><th>1948 (December 1947)</th><th>1949 (December 1948)</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers</td><td>9,842,282</td><td>11,533,577</td><td>5,370,035</td><td>4,932,527</td><td>36,128</td><td>34,475</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>1,932,973</td><td>1,631,894</td><td>351,237</td><td>280,080</td></tr><tr><td>Back</td><td>550,743</td><td>616,734</td><td>275,539</td><td>297,910</td><td>56,629</td><td>62,454</td></tr><tr><td>Total individual income taxes</td><td>19,343,297</td><td>20,997,781</td><td>7,578,547</td><td>6,862,331</td><td>443,994</td><td>377,009</td></tr><tr><td colspan="7">Corporation:</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>3,982,665</td><td>9,066,282</td><td>1,415,087</td><td>1,919,754</td></tr><tr><td>Back</td><td>613,320</td><td>987,248</td><td>272,628</td><td>266,320</td><td>47,566</td><td>39,879</td></tr><tr><td>Excess 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>7,575</td><td>8,392</td><td>992</td><td>1,306</td></tr><tr><td>Revenue Act of 1940 4/.</td><td>3,566,178</td><td>305,251</td><td>200,957</td><td>95,188</td><td>24,465</td><td>16,481</td></tr><tr><td>Army and Navy contracts 5/.</td><td>-</td><td>16</td><td>-</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Total corporation income and profit taxes</td><td>9,676,459</td><td>10,174,410</td><td>4,463,825</td><td>5,436,214</td><td>1,488,110</td><td>1,977,420</td></tr><tr><td>Total income and profits taxes</td><td>29,019,756</td><td>31,172,191</td><td>12,042,372</td><td>12,298,544</td><td>1,932,104</td><td>2,354,429</td></tr><tr><td colspan="7">Employment taxes:</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>805,172</td><td>875,977</td><td>7,669</td><td>4,570</td></tr><tr><td>Unemployment insurance</td><td>185,876</td><td>208,508</td><td>26,661</td><td>31,390</td><td>1,406</td><td>1,628</td></tr><tr><td>Total social security taxes</td><td>1,644,810</td><td>1,821,229</td><td>831,833</td><td>907,367</td><td>9,075</td><td>6,198</td></tr><tr><td>Railroad retirement</td><td>379,555</td><td>560,113</td><td>274,286</td><td>282,638</td><td>102,861</td><td>82,474</td></tr><tr><td>Total employment taxes</td><td>2,024,365</td><td>2,381,342</td><td>1,106,119</td><td>1,190,005</td><td>111,936</td><td>88,672</td></tr><tr><td colspan="7">Miscellaneous internal revenue:</td></tr><tr><td>Capital stock tax 6/.</td><td>1,597</td><td>1,723</td><td>209</td><td>5,540</td><td>42</td><td>2,780</td></tr><tr><td>Estate tax</td><td>708,794</td><td>822,380</td><td>384,013</td><td>387,987</td><td>64,298</td><td>64,178</td></tr><tr><td>Gift tax</td><td>70,497</td><td>76,965</td><td>8,467</td><td>5,243</td><td>1,096</td><td>821</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>56,137</td><td>67,194</td><td>9,190</td><td>14,122</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,563,800</td><td>1,326,261</td><td>774,578</td><td>699,875</td><td>135,172</td><td>97,689</td></tr><tr><td>Distilled spirits, rectification tax</td><td>43,485</td><td>34,983</td><td>20,646</td><td>19,280</td><td>3,826</td><td>2,548</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,906</td><td>2,533</td><td>1,577</td><td>1,414</td><td>182</td><td>398</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>54,291</td><td>58,429</td><td>29,299</td><td>32,833</td><td>5,336</td><td>5,953</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,443</td><td>9,500</td><td>6,391</td><td>6,453</td><td>147</td><td>140</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>9</td><td>7</td><td>3</td><td>2</td><td>*</td><td>1</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>746</td><td>447</td><td>281</td><td>208</td><td>58</td><td>14</td></tr><tr><td>Container stamps</td><td>13,282</td><td>12,036</td><td>6,967</td><td>6,472</td><td>1,166</td><td>838</td></tr><tr><td>Floor taxes</td><td>153</td><td>43</td><td>33</td><td>13</td><td>1</td><td>1</td></tr><tr><td>Perfumed malt liquors</td><td>661,418</td><td>697,097</td><td>377,514</td><td>360,720</td><td>51,969</td><td>53,181</td></tr><tr><td>Bravers; dealers in malt liquors (special taxes)</td><td>3,662</td><td>4,020</td><td>2,748</td><td>2,990</td><td>75</td><td>73</td></tr><tr><td>Total liquor taxes</td><td>2,474,756</td><td>2,255,320</td><td>1,276,176</td><td>1,197,454</td><td>207,120</td><td>174,958</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigars (large)</td><td>48,289</td><td>46,686</td><td>24,358</td><td>24,328</td><td>3,681</td><td>3,459</td></tr><tr><td>Cigars (small)</td><td>66</td><td>66</td><td>29</td><td>31</td><td>4</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>6</td><td>5</td><td>2</td><td>3</td><td>*</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>1,145,262</td><td>1,208,199</td><td>606,139</td><td>618,500</td><td>86,796</td><td>86,363</td></tr><tr><td>Snuff</td><td>7,055</td><td>7,372</td><td>3,535</td><td>3,613</td><td>452</td><td>618</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>36,548</td><td>37,024</td><td>19,440</td><td>18,361</td><td>2,370</td><td>2,351</td></tr><tr><td>Cigarette papers and tubes</td><td>539</td><td>926</td><td>487</td><td>414</td><td>81</td><td>72</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>1</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>1,237,768</td><td>1,300,280</td><td>653,991</td><td>665,251</td><td>93,386</td><td>92,869</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>49,106</td><td>50,771</td><td>25,609</td><td>24,458</td><td>4,397</td><td>4,267</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>21,963</td><td>20,374</td><td>9,319</td><td>9,259</td><td>1,483</td><td>1,771</td></tr><tr><td>Playing cards</td><td>7,782</td><td>7,867</td><td>4,245</td><td>3,870</td><td>728</td><td>738</td></tr><tr><td>Silver bullion sales or transfers</td><td>1,127</td><td>454</td><td>325</td><td>190</td><td>4</td><td>16</td></tr><tr><td>Total stamp taxes</td><td>79,978</td><td>79,466</td><td>39,499</td><td>37,776</td><td>6,612</td><td>6,793</td></tr></table>
(Continued on following page)
March 1949
47
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th>Fiscal year 1947</th><th>Fiscal year 1948</th><th>First 6 months of fiscal year 1948</th><th>First 6 months of fiscal year 1949</th><th>Sixth month of fiscal year 1948 (December 1947)</th><th>Sixth month of fiscal year 1949 (December 1948)</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils.</td><td>82,015</td><td>80,887</td><td>38,975</td><td>39,971</td><td>8,553</td><td>6,843</td></tr><tr><td>Gasoline.</td><td>433,676</td><td>478,638</td><td>251,960</td><td>271,685</td><td>49,041</td><td>53,870</td></tr><tr><td>Tires and tubes.</td><td>174,927</td><td>159,284</td><td>84,355</td><td>84,015</td><td>15,630</td><td>12,985</td></tr><tr><td>Automobile trucks and buses.</td><td>62,099</td><td>91,963</td><td>38,682</td><td>82,327</td><td>9,360</td><td>15,131</td></tr><tr><td>Other automobiles and motorcycles.</td><td>204,680</td><td>270,958</td><td>129,488</td><td>133,986</td><td>30,001</td><td>31,377</td></tr><tr><td>Parts and accessories for automobiles.</td><td>99,932</td><td>122,951</td><td>62,770</td><td>68,848</td><td>11,388</td><td>13,447</td></tr><tr><td>Electrical energy.</td><td>63,014</td><td>69,701</td><td>32,037</td><td>37,508</td><td>6,153</td><td>7,666</td></tr><tr><td>Electric, gas, and oil appliances.</td><td>65,608</td><td>87,858</td><td>42,299</td><td>48,302</td><td>8,112</td><td>9,301</td></tr><tr><td>Electric light bulbs and tubes.</td><td>23,180</td><td>24,936</td><td>11,320</td><td>12,440</td><td>1,741</td><td>2,798</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>63,856</td><td>67,267</td><td>34,634</td><td>26,712</td><td>8,504</td><td>5,634</td></tr><tr><td>Phonograph records.</td><td>8,492</td><td>7,532</td><td>3,661</td><td>2,946</td><td>752</td><td>613</td></tr><tr><td>Musical instruments.</td><td>10,151</td><td>10,573</td><td>4,969</td><td>4,420</td><td>1,205</td><td>936</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>37,352</td><td>58,473</td><td>27,978</td><td>39,474</td><td>4,538</td><td>6,575</td></tr><tr><td>Matches.</td><td>8,413</td><td>10,610</td><td>5,514</td><td>4,013</td><td>1,070</td><td>880</td></tr><tr><td>Business and store machines.</td><td>25,183</td><td>32,707</td><td>15,041</td><td>17,935</td><td>2,894</td><td>5,241</td></tr><tr><td>Photographic apparatus.</td><td>36,163</td><td>43,935</td><td>20,920</td><td>23,664</td><td>4,071</td><td>4,307</td></tr><tr><td>Sporting goods.</td><td>17,054</td><td>18,868</td><td>8,666</td><td>10,729</td><td>1,620</td><td>1,354</td></tr><tr><td>Firearms, shells, and cartridges.</td><td>9,031</td><td>11,277</td><td>6,343</td><td>6,719</td><td>879</td><td>1,107</td></tr><tr><td>Pistols and revolvers.</td><td>384</td><td>858</td><td>459</td><td>406</td><td>75</td><td>73</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>820,073</td><td>916,100</td><td>165,587</td><td>180,138</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>34,380</td><td>27,982</td><td>12,354</td><td>9,876</td></tr><tr><td>Jewelry.</td><td>236,615</td><td>217,899</td><td>97,214</td><td>94,551</td><td>20,767</td><td>19,246</td></tr><tr><td>Luggage.</td><td>84,588</td><td>80,632</td><td>37,148</td><td>38,580</td><td>7,644</td><td>7,413</td></tr><tr><td>Toilet preparations.</td><td>95,542</td><td>91,852</td><td>41,921</td><td>43,017</td><td>8,546</td><td>8,080</td></tr><tr><td>Total retailers' excise taxes.</td><td>514,227</td><td>469,923</td><td>210,662</td><td>204,130</td><td>49,310</td><td>44,614</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>59,192</td><td>71,247</td><td>44,762</td><td>44,265</td><td>9,401</td><td>7,575</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities.</td><td>252,746</td><td>275,255</td><td>135,984</td><td>161,790</td><td>33,079</td><td>36,273</td></tr><tr><td>Local telephone service.</td><td>164,944</td><td>193,521</td><td>96,182</td><td>113,370</td><td>21,391</td><td>24,562</td></tr><tr><td>Transportation of oil by pipe lines.</td><td>16,988</td><td>18,773</td><td>9,093</td><td>9,963</td><td>1,800</td><td>2,316</td></tr><tr><td>Transportation of persons, etc.</td><td>244,003</td><td>246,323</td><td>135,433</td><td>139,865</td><td>21,679</td><td>22,269</td></tr><tr><td>Transportation of property.</td><td>275,701</td><td>317,203</td><td>156,481</td><td>178,723</td><td>32,326</td><td>34,572</td></tr><tr><td>Lease of safe-deposit boxes.</td><td>8,560</td><td>9,081</td><td>4,134</td><td>4,361</td><td>727</td><td>683</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>392,873</td><td>385,101</td><td>208,771</td><td>210,255</td><td>38,031</td><td>38,100</td></tr><tr><td>Admissions to cabalets, roof gardens, etc.</td><td>63,350</td><td>53,527</td><td>28,367</td><td>26,436</td><td>4,900</td><td>4,661</td></tr><tr><td>Club dues and initiation fees.</td><td>23,299</td><td>25,499</td><td>11,813</td><td>12,792</td><td>2,066</td><td>2,076</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,458</td><td>4,086</td><td>3,379</td><td>2,981</td><td>65</td><td>-316</td></tr><tr><td>Coin operated devices.</td><td>20,432</td><td>19,271</td><td>16,095</td><td>17,482</td><td>395</td><td>836</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheeses.</td><td>30</td><td>20</td><td>12</td><td>15</td><td>*</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes.</td><td>5,874</td><td>9,806</td><td>4,770</td><td>9,092</td><td>670</td><td>1,122</td></tr><tr><td>Narcotics, including marijuana and special taxes.</td><td>792</td><td>889</td><td>386</td><td>395</td><td>39</td><td>41</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>17,208</td><td>25,704</td><td>12,980</td><td>8,607</td><td>2,302</td><td>1,565</td></tr><tr><td>National Firearms Act.</td><td>8</td><td>9</td><td>6</td><td>6</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above.</td><td>720</td><td>305</td><td>63</td><td>92</td><td>6</td><td>10</td></tr><tr><td>Total miscellaneous taxes.</td><td>1,551,140</td><td>1,655,620</td><td>868,670</td><td>940,540</td><td>168,877</td><td>176,316</td></tr><tr><td>Total miscellaneous internal revenues.</td><td>8,064,152</td><td>8,311,003</td><td>4,261,758</td><td>4,360,022</td><td>756,328</td><td>743,465</td></tr><tr><td>Total internal revenue collections.</td><td>39,108,273</td><td>41,864,536</td><td>17,410,249</td><td>17,848,572</td><td>2,800,368</td><td>3,186,567</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>+271,136</td><td>-11,051</td><td>+209,921</td><td>-66,635</td><td>+877,373</td><td>+691,920</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement).</td><td>39,379,409</td><td>41,853,485</td><td>17,620,170</td><td>17,781,937</td><td>3,677,741</td><td>3,878,487</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 Vincson Act.
6/ Repealed for years ending after June 30, 1945.
* Less than $500.
48
Treasury Bulletin
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 5/</th><th>National bank notes 6/</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>12,393</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,583</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1947</td><td>28,297</td><td>26,982</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1948</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>1948-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>28,113</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</td><td>28,331</td><td>26,867</td><td>44</td><td>2,076</td><td>1</td><td>320</td><td>23,991</td><td>334</td><td>96</td></tr><tr><td>December</td><td>28,224</td><td>26,760</td><td>44</td><td>2,059</td><td>1</td><td>312</td><td>23,918</td><td>330</td><td>95</td></tr><tr><td>1949-January p</td><td>27,580</td><td>26,138</td><td>44</td><td>1,978</td><td>1</td><td>308</td><td>23,386</td><td>326</td><td>95</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>133</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>875</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-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</td></tr><tr><td>October</td><td>1,451</td><td>160</td><td>937</td><td>353</td><td>191.01</td></tr><tr><td>November</td><td>1,464</td><td>161</td><td>947</td><td>356</td><td>191.79</td></tr><tr><td>December</td><td>1,464</td><td>162</td><td>946</td><td>356</td><td>190.80</td></tr><tr><td>1949-January p</td><td>1,442</td><td>162</td><td>928</td><td>352</td><td>186.21</td></tr></table>
Source: Circulation Statement of United States Money.
1/ Excludes money held by the Treasury, money held by or for the account of the Federal Reserve Banks and their agents, and coin estimated to be held outside the continental limits of the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates were withdrawn from circulation in 1933.
3/ Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
4/ Federal Reserve Bank notes and national bank notes are covered by deposits of lawful money and are in process of retirement.
p Preliminary.
March 1949
49
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-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>3,588.1</td><td>13.0</td></tr><tr><td>November</td><td>24,165.6</td><td>3,592.6</td><td>12.9</td></tr><tr><td>December</td><td>24,243.9</td><td>3,596.7</td><td>12.9</td></tr><tr><td>1949-January p.</td><td>24,271.2</td><td>3,600.4</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 b. 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>1,600.0</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</td><td>24,243.9</td><td>23,010.0</td><td>156.0</td><td>-</td><td>1,077.9</td></tr><tr><td>1948-July</td><td>23,678.9</td><td>22,451.7</td><td>156.0</td><td>-</td><td>1,071.1</td></tr><tr><td>August</td><td>23,725.1</td><td>22,509.3</td><td>156.0</td><td>-</td><td>1,059.8</td></tr><tr><td>September</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</td><td>24,165.6</td><td>22,932.8</td><td>156.0</td><td>-</td><td>1,076.8</td></tr><tr><td>December</td><td>24,243.9</td><td>23,010.0</td><td>156.0</td><td>-</td><td>1,077.9</td></tr><tr><td>1949-January p</td><td>24,271.2</td><td>23,068.9</td><td>156.0</td><td>-</td><td>1,046.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - Board of Governors, Federal Reserve System, and
(b) the redemption fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1990. 3/ Exclude gold in active portion of Exchange Stabilization Fund. p Preliminary.
50
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29+ per fine ounce</th></tr><tr><th></th><th>Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost 2/</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th><th></th></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>-</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>-</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>-</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>-</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946</td><td>1,911.2</td><td>343.4</td><td>14.0</td><td>-</td><td>93.1</td><td>150.1</td><td>901.1</td><td>3,514.2</td></tr><tr><td>1947</td><td>1,937.6</td><td>337.2</td><td>13.1</td><td>-</td><td>91.1</td><td>156.3</td><td>928.7</td><td>3,547.9</td></tr><tr><td>1948</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3</td><td>165.0</td><td>971.5</td><td>3,596.7</td></tr><tr><td>1948-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>1,955.7</td><td>330.0</td><td>8.3</td><td>-</td><td>90.4</td><td>163.1</td><td>960.2</td><td>3,588.1</td></tr><tr><td>November</td><td>1,968.9</td><td>329.4</td><td>5.0</td><td>-</td><td>89.7</td><td>163.7</td><td>967.8</td><td>3,592.6</td></tr><tr><td>December</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3</td><td>165.0</td><td>971.5</td><td>3,596.7</td></tr><tr><td>1949-January p</td><td>1,974.7</td><td>328.2</td><td>8.4</td><td>-</td><td>88.8</td><td>164.9</td><td>971.0</td><td>3,600.4</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of U. S. Money.
1/ Valued at $1.29+ per fine ounce.
2/ Includes silver leased to Office of Defense Plants of the 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 $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars. Preliminary. Less than $50,000.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><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></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>4.9</td><td>4.6</td><td>-</td><td>-</td><td>4.9</td><td>4.6</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</td><td>27.4</td><td>-</td><td>-</td><td>30.3</td><td>27.4</td></tr><tr><td>1948</td><td>36.1</td><td>36.8</td><td>33.3</td><td>-</td><td>-</td><td>36.8</td><td>33.3</td></tr><tr><td>1948-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><tr><td>November</td><td>3.4</td><td>3.3</td><td>3.0</td><td>-</td><td>-</td><td>3.3</td><td>3.0</td></tr><tr><td>December</td><td>2.3</td><td>3.3</td><td>3.0</td><td>-</td><td>-</td><td>3.3</td><td>3.0</td></tr></table>
Source: Annual figures from the Bureau of the Mint. Monthly figures on U. S. silver production from releases of the American Bureau of Metal Statistics; these will not agree with the annual figures.
1/ For information on silver production in other countries, see annual reports of the Director of the Mint. Data from 1933 through 1941 are summarized in the "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; at 77.57 cents
per fine ounce from April 23, 1935, to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937, to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939, to July 2, 1946; and at 90.5 cents per fine ounce since July 2, 1946. Acquired at various prices averaging approximately 51 cents per fine ounce. 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.
March 1949
51
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>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>59.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.3</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.1</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</td><td>559.2</td><td>48.7</td><td>87.6</td><td>84.6</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1948-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>550.1</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><tr><td>December</td><td>559.2</td><td>48.7</td><td>87.6</td><td>84.6</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1949-January</td><td>561.6</td><td>48.7</td><td>87.6</td><td>85.5</td><td>832.2</td><td>34.7</td><td>1,088.8</td><td>127.8</td></tr></table>
Source: Office of the Treasurer of the United States. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Table 7.- Net Treasury Gold Receipts, by Source
(In millions of dollars at $35 per fine ounce; negative figures indicate net sales)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Foreign 1/</th><th colspan="3">Domestic</th><th rowspan="2">Total</th><th rowspan="2">Period</th><th rowspan="2">Foreign 1/</th><th colspan="3">Domestic</th><th rowspan="2">Total</th></tr><tr><th>Newly mined 2/</th><th>Miscellaneous 3/</th><th></th><th>Newly mined 2/</th><th>Miscellaneous 3/</th></tr><tr><td>1943-Jan.-Mar.</td><td>-152.40</td><td>1.24</td><td>.65</td><td>-150.51</td><td>1946-Jan.-Mar.</td><td>213.88</td><td>-24.15</td><td>1.47</td><td>191.20</td></tr><tr><td>Apr.-June</td><td>-187.03</td><td>-3.01</td><td>1.77</td><td>-188.27</td><td>Apr.-June</td><td>lb.77</td><td>-31.56</td><td>.59</td><td>13.80</td></tr><tr><td>July-Sept.</td><td>-219.42</td><td>6.66</td><td>.35</td><td>-212.41</td><td>July-Sept.</td><td>50.95</td><td>-13.61</td><td>-2.00</td><td>35.34</td></tr><tr><td>Oct.-Dec.</td><td>-234.93</td><td>-3.23</td><td>.72</td><td>-237.44</td><td>Oct.-Dec.</td><td>241.84</td><td>-15.96</td><td>-2.27</td><td>223.71</td></tr><tr><td>1944-Jan.-Mar.</td><td>-335.65</td><td>-3.61</td><td>1.50</td><td>-337.76</td><td>1947-Jan.-Mar.</td><td>-66.74</td><td>-1.28</td><td>1.60</td><td>-66.42</td></tr><tr><td>Apr.-June</td><td>-419.55</td><td>-7.11</td><td>.31</td><td>-426.35</td><td>Apr.-June</td><td>793.00</td><td>9.48</td><td>1.45</td><td>803.93</td></tr><tr><td>July-Sept.</td><td>-343.20</td><td>-5.67</td><td>.87</td><td>-348.00</td><td>July-Sept.</td><td>686.81</td><td>.70</td><td>1.30</td><td>688.81</td></tr><tr><td>Oct.-Dec.</td><td>-194.36</td><td>-12.70</td><td>.80</td><td>-206.26</td><td>Oct.-Dec.</td><td>799.82</td><td>-2.54</td><td>1.31</td><td>798.59</td></tr><tr><td>1945-Jan.-Mar.</td><td>-183.33</td><td>-17.89</td><td>1.10</td><td>-200.12</td><td>1948-Jan.-Mar.</td><td>384.63</td><td>-4.89</td><td>2.88</td><td>382.62</td></tr><tr><td>Apr.-June</td><td>-188.08</td><td>-18.48</td><td>.95</td><td>-205.71</td><td>Apr.-June</td><td>405.02</td><td>-10.48</td><td>1.40</td><td>395.94</td></tr><tr><td>July-Sept.</td><td>-126.32</td><td>-14.70</td><td>.85</td><td>-140.17</td><td>July-Sept.</td><td>334.65</td><td>3.81</td><td>1.40</td><td>339.86</td></tr><tr><td>Oct.-Dec.</td><td>10.92</td><td>-18.90</td><td>1.01</td><td>-7.87</td><td>Oct.-Dec.</td><td>369.12</td><td>.90</td><td>1.59</td><td>371.61</td></tr></table>
3/ Receipts of domestic coin, secondary gold, etc., less sales to domestic industry.
1/ Gold received by importation less gold released for exportation, including earmarking transactions.
2/ Receipts less sales to domestic industry
52
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, when the information was first compiled, 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. These are shown for the latest month for which final data are
available and the latest month for which preliminary data are available.
Section IV contains data for recent months on outstanding contracts of banks for forward purchases and sales of foreign exchange.
The data in these four sections are based on reports filed each month by banks, bankers, and brokers throughout the United States. The reports are collected, checked, and tabulated by the twelve Federal Reserve Banks. The totals are then forwarded to the Treasury Department for consolidation and publication.
Publication of detailed figures on capital movements was discontinued between the March 1942 and the November 1945 issues of the "Treasury Bulletin", but data omitted during that period were supplied in the November 1945 issue and supplement.
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>833,715</td><td>287,394</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735</td><td>1,135,483</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946</td><td>-793,324</td><td>-733,909</td><td>9,661</td><td>-334,203</td><td>265,127</td></tr><tr><td>1947</td><td>325,663 r</td><td>395,524 r</td><td>-11,318</td><td>-97,555</td><td>39,012</td></tr><tr><td>1948 p</td><td>206,559</td><td>509,621</td><td>-19,313</td><td>-184,656</td><td>-99,093</td></tr><tr><td>1948-January</td><td>-148,926</td><td>-150,509</td><td>-1,849</td><td>-7,369</td><td>10,801</td></tr><tr><td>February</td><td>41,850</td><td>61,897</td><td>-5,374</td><td>-19,334</td><td>4,661</td></tr><tr><td>March</td><td>-56,404</td><td>-40,599</td><td>8,133</td><td>-27,949</td><td>4,011</td></tr><tr><td>April</td><td>-209,636</td><td>-180,399</td><td>2,751</td><td>-39,935</td><td>7,947</td></tr><tr><td>May</td><td>-92,012</td><td>-33,582</td><td>722</td><td>-28,822</td><td>-330</td></tr><tr><td>June</td><td>75,953</td><td>89,666</td><td>-4,999</td><td>-9,634</td><td>260</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</td><td>22,047 r</td><td>59,133 r</td><td>-5,133</td><td>-8,822</td><td>6,319</td></tr><tr><td>October</td><td>91,636</td><td>86,753</td><td>-2,943</td><td>4,693</td><td>3,133</td></tr><tr><td>November p</td><td>174,244</td><td>147,312</td><td>4,425</td><td>15,258</td><td>7,249</td></tr><tr><td>December p</td><td>294,010</td><td>290,337</td><td>-2,830</td><td>4,474</td><td>2,029</td></tr></table>
Preliminary
Revised
March 1949
53
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Payable in foreign currencies</th><th>Other</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>97,851</td><td>46,795</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,977</td><td>1,623,317</td><td>1,456,885</td><td>99,954</td><td>66,478</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>115,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>82,983</td><td>209,597</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>103,369</td><td>114,791</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>60,828</td><td>135,311</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>31,049</td><td>121,001</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>19,677</td><td>306,618</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>13,893</td><td>668,168</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>17,911</td><td>1,222,580</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>21,641</td><td>1,218,633</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>25,546</td><td>1,910,898</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>40,629</td><td>1,745,722</td><td>5,772,009</td></tr><tr><td>1947</td><td>948,936</td><td>165,439</td><td>292,865</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>49,664</td><td>2,257,510</td><td>6,167,483</td></tr><tr><td>1948</td><td>1,022,263</td><td>100,371</td><td>361,197</td><td>560,695</td><td>7,695,259</td><td>5,197,255</td><td>70,389</td><td>2,127,615</td><td>6,672,996</td></tr><tr><td>1948-January</td><td>1,017,022</td><td>153,648</td><td>374,136</td><td>489,238</td><td>7,033,296</td><td>4,700,775</td><td>52,354</td><td>2,280,867</td><td>6,016,974</td></tr><tr><td>February</td><td>1,034,806</td><td>149,869</td><td>393,803</td><td>491,134</td><td>7,113,677</td><td>4,854,889</td><td>52,915</td><td>2,205,873</td><td>6,078,871</td></tr><tr><td>March</td><td>1,071,815</td><td>163,938</td><td>396,003</td><td>511,874</td><td>7,110,087</td><td>4,918,327</td><td>55,793</td><td>2,135,967</td><td>6,038,272</td></tr><tr><td>April</td><td>1,101,494</td><td>169,805</td><td>415,674</td><td>516,015</td><td>6,959,367</td><td>4,725,818</td><td>65,206</td><td>2,168,343</td><td>5,857,873</td></tr><tr><td>May</td><td>1,150,796</td><td>175,947</td><td>423,831</td><td>551,018</td><td>6,975,087</td><td>4,730,003</td><td>69,383</td><td>2,175,701</td><td>5,824,291</td></tr><tr><td>June</td><td>1,099,770</td><td>90,431</td><td>396,800</td><td>612,539</td><td>7,013,727</td><td>4,745,236</td><td>75,935</td><td>2,192,556</td><td>5,913,957</td></tr><tr><td>July</td><td>1,066,888</td><td>87,100</td><td>388,656</td><td>591,132</td><td>7,096,060</td><td>4,810,281</td><td>81,587</td><td>2,204,192</td><td>6,029,172</td></tr><tr><td>August</td><td>1,081,526</td><td>89,517</td><td>420,313</td><td>571,696</td><td>7,175,075</td><td>4,848,458</td><td>80,556</td><td>2,246,061</td><td>6,093,549</td></tr><tr><td>September</td><td>1,066,808</td><td>83,281</td><td>412,552</td><td>570,975</td><td>7,219,510</td><td>4,884,883</td><td>73,713</td><td>2,260,908</td><td>6,152,702</td></tr><tr><td>October</td><td>1,065,896</td><td>87,069</td><td>390,482</td><td>588,345</td><td>7,305,351</td><td>4,874,758</td><td>72,499</td><td>2,358,094</td><td>6,239,455</td></tr><tr><td>November p.</td><td>1,021,144</td><td>95,980</td><td>350,823</td><td>574,341</td><td>7,403,803</td><td>4,913,853</td><td>75,555</td><td>2,414,395</td><td>6,382,659</td></tr><tr><td>December p.</td><td>1,022,263</td><td>100,371</td><td>361,197</td><td>560,695</td><td>7,695,259</td><td>5,197,255</td><td>70,389</td><td>2,427,615</td><td>6,672,996</td></tr></table>
Preliminary. Revised.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="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>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Payable in dollars Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,360</td><td>228,132</td><td>-3,552</td><td>136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>70,119</td><td>-14,788</td><td>31,868</td><td>53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,182</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>49,331</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>28,913</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>83,299</td><td>-7,717</td><td>41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>124,724</td><td>19,268</td><td>58,120</td><td>47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,515</td><td>19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,763</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,902</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>-280,683</td><td>-67,320</td><td>26,773</td><td>-200,136</td><td>636,207</td><td>115,384</td><td>511,788</td><td>9,035</td><td>395,524</td></tr><tr><td>1948p</td><td>-76,016</td><td>65,068</td><td>-63,831</td><td>-77,253</td><td>585,637</td><td>389,561</td><td>173,358</td><td>22,718</td><td>509,621</td></tr><tr><td>1948-January</td><td>-68,086</td><td>11,791</td><td>-81,270</td><td>1,393</td><td>-80,423</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>134,114</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>-3,390</td><td>63,438</td><td>-69,906</td><td>2,878</td><td>-40,599</td></tr><tr><td>April</td><td>-29,679</td><td>-5,867</td><td>-19,671</td><td>-4,141</td><td>-150,720</td><td>-192,509</td><td>32,376</td><td>9,413</td><td>-180,399</td></tr><tr><td>May</td><td>-49,302</td><td>-6,142</td><td>-8,157</td><td>-35,003</td><td>12,720</td><td>4,185</td><td>7,358</td><td>4,177</td><td>-33,582</td></tr><tr><td>June</td><td>51,026</td><td>85,516</td><td>27,031</td><td>-61,921</td><td>38,640</td><td>15,233</td><td>16,859</td><td>6,592</td><td>89,666</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</td><td>14,718</td><td>6,236</td><td>7,761</td><td>721</td><td>44,435</td><td>36,425</td><td>18,847</td><td>-6,837</td><td>59,153</td></tr><tr><td>October</td><td>912</td><td>-3,788</td><td>22,070</td><td>-17,370</td><td>85,841</td><td>-10,125</td><td>97,186</td><td>-1,220</td><td>86,753</td></tr><tr><td>November p</td><td>42,063</td><td>-8,911</td><td>44,159</td><td>6,815</td><td>105,243</td><td>40,646</td><td>59,554</td><td>5,049</td><td>147,312</td></tr><tr><td>December p</td><td>-1,119</td><td>-4,391</td><td>-10,374</td><td>13,646</td><td>291,456</td><td>283,402</td><td>13,220</td><td>-5,166</td><td>290,337</td></tr></table>
Preliminary Revi
54
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Historical Summary
Table 4. - Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total purchases</th><th>Total sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,112,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,213</td><td>138,518</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 p.</td><td>369,186</td><td>513,458</td><td>-144,272</td><td>279,196</td><td>319,580</td><td>-40,384</td><td>648,382</td><td>833,038</td><td>-184,656</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>13,875</td><td>46,332</td><td>-26,457</td><td>25,112</td><td>26,604</td><td>-1,492</td><td>41,987</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>80,289</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>11,035</td><td>25,982</td><td>-14,947</td><td>37,865</td><td>61,382</td><td>-23,517</td></tr><tr><td>September</td><td>26,276</td><td>30,820</td><td>-4,544</td><td>31,996</td><td>33,744</td><td>-3,748</td><td>58,272</td><td>66,564</td><td>-8,292</td></tr><tr><td>October</td><td>29,381</td><td>25,388</td><td>3,993</td><td>41,423</td><td>40,723</td><td>700</td><td>70,804</td><td>66,111</td><td>1,693</td></tr><tr><td>November p.</td><td>38,479</td><td>27,174</td><td>11,305</td><td>17,859</td><td>13,906</td><td>3,953</td><td>56,338</td><td>41,080</td><td>15,258</td></tr><tr><td>December p.</td><td>33,743</td><td>29,769</td><td>3,974</td><td>19,780</td><td>19,280</td><td>500</td><td>53,523</td><td>49,049</td><td>4,474</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>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>661,296</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>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,247</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>595,056</td><td>226,127</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>1949 p</td><td>81,597</td><td>96,732</td><td>-15,135</td><td>207,462</td><td>291,420</td><td>-83,958</td><td>289,059</td><td>388,152</td><td>-99,093</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>18,336</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>163,792</td><td>-150,695</td></tr><tr><td>September</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</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><tr><td>November p</td><td>7,327</td><td>5,073</td><td>1,254</td><td>15,967</td><td>9,972</td><td>5,995</td><td>23,294</td><td>16,045</td><td>7,249</td></tr><tr><td>December p</td><td>8,204</td><td>6,121</td><td>2,103</td><td>14,277</td><td>14,351</td><td>-74</td><td>22,481</td><td>20,452</td><td>2,029</td></tr></table>
n.a. Not available. p Preliminary.
March 1949
55
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 fund 1948</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December 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>-2,603</td><td>-24,268</td><td>16,982</td><td>26,942</td><td>152,171</td><td>-2,433</td><td>-23,274</td><td>16,535</td><td>25,842</td><td>153,243</td></tr><tr><td>France</td><td>4,982</td><td>-11,702 r</td><td>6,395</td><td>8,727</td><td>20,315</td><td>6,730</td><td>-9,580r</td><td>8,260</td><td>8,781</td><td>16,453</td></tr><tr><td>Belgium</td><td>-8,079</td><td>5,838</td><td>-2,895</td><td>-4,174</td><td>17,094</td><td>-9,099</td><td>4,974</td><td>-3,159</td><td>-4,728</td><td>15,663</td></tr><tr><td>Denmark</td><td>-684</td><td>-1,085</td><td>-652</td><td>3,428</td><td>1,054</td><td>-729</td><td>-1,094</td><td>-676</td><td>3,474</td><td>1,082</td></tr><tr><td>Finland</td><td>-593</td><td>-2,473</td><td>-2,953</td><td>-1,559</td><td>1,949</td><td>-592</td><td>-2,474</td><td>-2,950</td><td>-1,560</td><td>1,949</td></tr><tr><td>Germany 1/.</td><td>4,110</td><td>25,438</td><td>19,685</td><td>31,111</td><td>25,613</td><td>4,108</td><td>25,415</td><td>19,717</td><td>31,122</td><td>25,600</td></tr><tr><td>Greece</td><td>-6,762</td><td>-2,123</td><td>-2,058</td><td>1,608</td><td>1,497</td><td>-6,748</td><td>-2,109</td><td>-2,046</td><td>1,613</td><td>1,504</td></tr><tr><td>Italy</td><td>31,367</td><td>37,008</td><td>9,349</td><td>18,852</td><td>692</td><td>31,604</td><td>37,073</td><td>9,189</td><td>18,877</td><td>431</td></tr><tr><td>Luxembourg</td><td>-611</td><td>-276</td><td>-277</td><td>1,114</td><td>131</td><td>-614</td><td>-644</td><td>6</td><td>1,202</td><td>10</td></tr><tr><td>Netherlands</td><td>-9,251</td><td>-6,280</td><td>-10,624</td><td>13,864</td><td>14,425</td><td>-4,156</td><td>-1,898</td><td>-7,463</td><td>16,495</td><td>16,834</td></tr><tr><td>Norway</td><td>2,774</td><td>-4,182</td><td>45</td><td>13,607</td><td>10,234</td><td>2,625</td><td>-4,140</td><td>-308</td><td>13,602</td><td>10,412</td></tr><tr><td>Portugal</td><td>2,146</td><td>-7,681</td><td>3,965</td><td>-1,396</td><td>-4,411</td><td>2,197</td><td>-7,596</td><td>3,968</td><td>-1,392</td><td>-4,535</td></tr><tr><td>Rumania</td><td>-654</td><td>225</td><td>-342</td><td>803</td><td>-640</td><td>-655</td><td>285</td><td>-369</td><td>803</td><td>-640</td></tr><tr><td>Spain</td><td>-2,023</td><td>-2,526</td><td>174</td><td>5,047</td><td>-1,921</td><td>-2,059</td><td>-2,418</td><td>280</td><td>4,954</td><td>-1,879</td></tr><tr><td>Sweden</td><td>-574</td><td>6,118</td><td>1,317</td><td>-6,168</td><td>6,037</td><td>-500</td><td>6,102</td><td>1,207</td><td>-6,221</td><td>6,087</td></tr><tr><td>Switzerland</td><td>-10,213</td><td>-23,207</td><td>-6,176</td><td>-9,618</td><td>11,761</td><td>508</td><td>-20,961</td><td>-2,801</td><td>-14,351</td><td>13,508</td></tr><tr><td>U. S. A.</td><td>-10,985</td><td>-3,307 r</td><td>-8,709</td><td>-4,304</td><td>-7,159</td><td>-10,979</td><td>-3,310r</td><td>-8,709</td><td>-4,304</td><td>-7,159</td></tr><tr><td>Yugoslavia</td><td>-14,159</td><td>1,748</td><td>9,034</td><td>8,987</td><td>-3,407</td><td>-14,171</td><td>1,714</td><td>9,040</td><td>8,987</td><td>-3,407</td></tr><tr><td>Other Europe</td><td>6,758</td><td>14,987</td><td>-3,007</td><td>5,446</td><td>851</td><td>6,640</td><td>14,941</td><td>-3,032</td><td>5,512</td><td>767</td></tr><tr><td>Total Europe</td><td>-15,054</td><td>2,322 r</td><td>29,253</td><td>112,317</td><td>243,286</td><td>1,677</td><td>11,006r</td><td>36,689</td><td>108,708</td><td>242,953</td></tr><tr><td>Canada</td><td>-121,949</td><td>33,016</td><td>18,636</td><td>64,903</td><td>12,717</td><td>38,940</td><td>28,724</td><td>12,122</td><td>55,191</td><td>5,121</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>895</td><td>18,939</td><td>14,884</td><td>-17,636</td><td>156</td><td>944</td><td>17,621</td><td>14,861</td><td>-17,391</td><td>-274</td></tr><tr><td>Bolivia</td><td>1,534</td><td>-25</td><td>1,520</td><td>2,257</td><td>706</td><td>1,529</td><td>-40</td><td>1,528</td><td>2,220</td><td>654</td></tr><tr><td>Brazil</td><td>3,948</td><td>3,884 r</td><td>5,442</td><td>4,514</td><td>8,359</td><td>3,979</td><td>3,717r</td><td>4,873</td><td>4,080</td><td>6,853</td></tr><tr><td>Chile</td><td>-2,728</td><td>-5,501 r</td><td>4,988</td><td>-850</td><td>6,608</td><td>-2,952</td><td>-6,093r</td><td>4,877</td><td>-3,191</td><td>6,353</td></tr><tr><td>Colombia</td><td>1,049</td><td>-5,317 r</td><td>7,823</td><td>9,241</td><td>6,432</td><td>981</td><td>-5,354r</td><td>7,770</td><td>9,201</td><td>5,806</td></tr><tr><td>Costa Rica</td><td>-106</td><td>-1,302</td><td>-24</td><td>524</td><td>712</td><td>-77</td><td>-1,307</td><td>-59</td><td>562</td><td>651</td></tr><tr><td>Cuba</td><td>21,230</td><td>2,808</td><td>-13,825</td><td>-9,479</td><td>-7,332</td><td>20,321</td><td>2,583</td><td>-13,900</td><td>-10,542</td><td>-9,026</td></tr><tr><td>French West Indies and Guiana</td><td>-148</td><td>-216</td><td>34</td><td>442</td><td>-4</td><td>-143</td><td>-213</td><td>36</td><td>398</td><td>-18</td></tr><tr><td>Mexico</td><td>16,753</td><td>319</td><td>-2,291</td><td>2,611</td><td>-2,633</td><td>13,543</td><td>1,995</td><td>-6,152</td><td>2,386</td><td>-1,732</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-396</td><td>3,933</td><td>1,877</td><td>-700</td><td>1,478</td><td>-419</td><td>3,914</td><td>1,823</td><td>-832</td><td>1,441</td></tr><tr><td>Panama</td><td>922</td><td>-3,055</td><td>629</td><td>48</td><td>8,942</td><td>-1,830</td><td>-3,554</td><td>3,827</td><td>-979</td><td>6,983</td></tr><tr><td>Peru</td><td>2,667</td><td>2,342</td><td>1,513</td><td>-1,180</td><td>1,867</td><td>2,630</td><td>2,269</td><td>1,408</td><td>-1,506</td><td>1,767</td></tr><tr><td>Venezuela</td><td>421</td><td>13,894</td><td>7,088</td><td>-7,116</td><td>28,198</td><td>598</td><td>14,026</td><td>6,709</td><td>-16,837</td><td>35,892</td></tr><tr><td>Other Latin America</td><td>-6,576</td><td>-10,249</td><td>-6,446</td><td>-1,122</td><td>6,704</td><td>-3,331</td><td>-13,062</td><td>-8,325</td><td>-3,686</td><td>4,193</td></tr><tr><td>Total Latin America</td><td>39,465</td><td>20,454 r</td><td>23,212</td><td>-18,416</td><td>60,293</td><td>35,773</td><td>16,502r</td><td>18,876</td><td>-36,117</td><td>59,553</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>-6,103</td><td>9,709</td><td>-1,056</td><td>47,550</td><td>16,572</td><td>-1,270</td><td>16,024</td><td>-655</td><td>51,909</td><td>22,697</td></tr><tr><td>French Indo-China</td><td>809</td><td>-514</td><td>1,162</td><td>-884</td><td>2,214</td><td>808</td><td>-513</td><td>1,161</td><td>-890</td><td>2,216</td></tr><tr><td>Hong Kong</td><td>-2,764</td><td>2,248</td><td>-5,884</td><td>5,113</td><td>2,597</td><td>-2,910</td><td>2,113</td><td>-5,223</td><td>5,096</td><td>2,446</td></tr><tr><td>India</td><td>-10,980</td><td>-5,136</td><td>-4,775</td><td>3,753</td><td>6,703</td><td>-10,985</td><td>-5,015</td><td>-4,439</td><td>3,821</td><td>6,655</td></tr><tr><td>British Malaya</td><td>-695</td><td>819</td><td>-1,316</td><td>-4,511</td><td>3,561</td><td>-693</td><td>823</td><td>-1,308</td><td>-4,492</td><td>3,561</td></tr><tr><td>Japan</td><td>-2,951</td><td>-8,175</td><td>4,187</td><td>2,730</td><td>-7,937</td><td>-2,961</td><td>-8,173</td><td>4,185</td><td>2,728</td><td>-7,923</td></tr><tr><td>Netherlands East Indies</td><td>4,306</td><td>15,046</td><td>2,355</td><td>-4,267</td><td>-10,183</td><td>4,295</td><td>15,042</td><td>2,378</td><td>-4,221</td><td>-9,991</td></tr><tr><td>Philippine Islands</td><td>3,499</td><td>-22,719</td><td>7,737</td><td>-9,137</td><td>-13,626</td><td>3,494</td><td>-21,887</td><td>7,498</td><td>-9,452</td><td>-13,627</td></tr><tr><td>Turkey</td><td>1,834</td><td>2,143</td><td>-6,165</td><td>-196</td><td>-34</td><td>1,808</td><td>2,152</td><td>-6,179</td><td>-215</td><td>-43</td></tr><tr><td>Other Asia 2/.</td><td>1,191</td><td>7,680</td><td>6,510</td><td>2,855</td><td>10,282</td><td>1,206</td><td>7,726</td><td>6,525</td><td>2,870</td><td>10,254</td></tr><tr><td>Total Asia</td><td>-11,854</td><td>1,071</td><td>2,765</td><td>43,006</td><td>10,149</td><td>-7,188</td><td>8,262</td><td>3,947</td><td>47,154</td><td>16,245</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>-3,156</td><td>-3,037</td><td>676</td><td>1,536</td><td>899</td><td>-3,232</td><td>-3,474</td><td>1,334</td><td>1,534</td><td>644</td></tr><tr><td>New Zealand</td><td>1,763</td><td>926</td><td>-1,153</td><td>93</td><td>19</td><td>1,764</td><td>926</td><td>-1,163</td><td>93</td><td>20</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>7,711</td><td>-4,188</td><td>402</td><td>-5,970</td><td>-2,902</td><td>7,607</td><td>-4,210</td><td>418</td><td>-5,928</td><td>-3,286</td></tr><tr><td>French Morocco</td><td>263</td><td>-150</td><td>781</td><td>369</td><td>-567</td><td>224</td><td>-71</td><td>749</td><td>319</td><td>-672</td></tr><tr><td>Union of South Africa</td><td>-1,965</td><td>-3,664</td><td>-1,054</td><td>1,202</td><td>8,846</td><td>-2,039</td><td>-3,617</td><td>-1,157</td><td>1,362</td><td>8,838</td></tr><tr><td>All other</td><td>107</td><td>9,452</td><td>9,950</td><td>-6,849</td><td>-1,652</td><td>-5</td><td>9,319</td><td>9,775</td><td>-7,107</td><td>-1,879</td></tr><tr><td>Total other countries</td><td>4,723</td><td>-661</td><td>9,592</td><td>-9,619</td><td>4,643</td><td>4,319</td><td>-1,127</td><td>8,956</td><td>-9,727</td><td>3,665</td></tr><tr><td>International 3/.</td><td>-10,146</td><td>-3,717 r</td><td>6,418</td><td>-15,966</td><td>-36,189</td><td>-10,195</td><td>-3,775r</td><td>4,402</td><td>-15,966</td><td>-36,313</td></tr><tr><td>Unidentified</td><td>1,037</td><td>-438</td><td>1,760</td><td>-1,981</td><td>-889</td><td>1,051</td><td>-439</td><td>1,761</td><td>-1,931</td><td>-887</td></tr><tr><td>Grand total</td><td>-113,778</td><td>52,047 r</td><td>91,636</td><td>178,244</td><td>294,010</td><td>64,377</td><td>59,153r</td><td>86,753</td><td>147,312</td><td>290,337</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.
Ceylon, previously included with India.
3/ Includee transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank. p. Preliminary.
r Reviead
56
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>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December 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>-770</td><td>-150</td><td>68</td><td>188</td><td>213</td><td>600</td><td>-84</td><td>379</td><td>912</td><td>-1,285</td></tr><tr><td>France</td><td>-531</td><td>-382</td><td>-206</td><td>-363</td><td>17</td><td>-1,167</td><td>-1,740</td><td>-1,699</td><td>309</td><td>3,845</td></tr><tr><td>Belgium</td><td>8</td><td>-209</td><td>161</td><td>-80</td><td>204</td><td>1,012</td><td>1,073</td><td>103</td><td>634</td><td>1,227</td></tr><tr><td>Denmark</td><td>-13</td><td>1</td><td>-1</td><td>-3</td><td>-8</td><td>58</td><td>8</td><td>25</td><td>-43</td><td>-20</td></tr><tr><td>Finland</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>1</td><td>-3</td><td>1</td><td>-</td></tr><tr><td>Germany</td><td>3</td><td>21</td><td>-29</td><td>-</td><td>1</td><td>-1</td><td>2</td><td>-3</td><td>-11</td><td>12</td></tr><tr><td>Greece</td><td>-</td><td>-5</td><td>-4</td><td>3</td><td>-7</td><td>-14</td><td>-9</td><td>-8</td><td>-8</td><td>-</td></tr><tr><td>Italy</td><td>-30</td><td>110</td><td>-22</td><td>-52</td><td>-80</td><td>-207</td><td>-175</td><td>182</td><td>27</td><td>341</td></tr><tr><td>Luxembourg</td><td>-1</td><td>369</td><td>-296</td><td>-38</td><td>-21</td><td>4</td><td>-1</td><td>13</td><td>-50</td><td>112</td></tr><tr><td>Netherlands</td><td>-61</td><td>-1,299</td><td>428</td><td>-471</td><td>-193</td><td>-5,034</td><td>-3,043</td><td>-3,589</td><td>-2,160</td><td>-2,216</td></tr><tr><td>Norway</td><td>-5</td><td>61</td><td>17</td><td>-211</td><td>-155</td><td>154</td><td>-103</td><td>336</td><td>216</td><td>-23</td></tr><tr><td>Portugal</td><td>11</td><td>3</td><td>1</td><td>-</td><td>11</td><td>-62</td><td>-88</td><td>-4</td><td>-4</td><td>113</td></tr><tr><td>Russia</td><td>-7</td><td>-65</td><td>27</td><td>-</td><td>-</td><td>8</td><td>5</td><td>-158</td><td>95</td><td>-45</td></tr><tr><td>Spain</td><td>3</td><td>-3</td><td>52</td><td>-2</td><td>3</td><td>33</td><td>-75</td><td>192</td><td>41</td><td>28</td></tr><tr><td>Sweden</td><td>-31</td><td>67</td><td>-82</td><td>12</td><td>-78</td><td>-43</td><td>-21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>-4,249</td><td>-2,022</td><td>-6,615</td><td>-2,390</td><td>2,872</td><td>-6,472</td><td>-224</td><td>3,240</td><td>7,123</td><td>-4,619</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-6</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>43</td><td>-41</td><td>-2</td><td>-201</td><td>148</td><td>75</td><td>87</td><td>27</td><td>135</td><td>-64</td></tr><tr><td>Total Europe</td><td>-3,671</td><td>-3,544</td><td>-6,501</td><td>-3,608</td><td>2,927</td><td>-11,060</td><td>-5,140</td><td>-933</td><td>7,217</td><td>-2,994</td></tr><tr><td>Canada</td><td>-967</td><td>353</td><td>-1,192</td><td>190</td><td>1,004</td><td>-139,922</td><td>3,939</td><td>7,706</td><td>9,522</td><td>6,992</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>-1,000</td><td>254</td><td>-516</td><td>-165</td><td>-25</td><td>951</td><td>1,064</td><td>539</td><td>-80</td><td>455</td></tr><tr><td>Bolivia</td><td>-1</td><td>-1</td><td>-15</td><td>2</td><td>-5</td><td>6</td><td>16</td><td>7</td><td>35</td><td>57</td></tr><tr><td>Brazil</td><td>-120</td><td>38</td><td>36</td><td>123</td><td>185</td><td>89</td><td>129</td><td>533</td><td>341</td><td>1,321</td></tr><tr><td>Chile</td><td>126</td><td>225</td><td>-124</td><td>93</td><td>239</td><td>98</td><td>367</td><td>235</td><td>2,248</td><td>6</td></tr><tr><td>Colombia</td><td>-30</td><td>37</td><td>14</td><td>122</td><td>32</td><td>98</td><td>-</td><td>39</td><td>-82</td><td>594</td></tr><tr><td>Costa Rica</td><td>-31</td><td>1</td><td>30</td><td>-52</td><td>39</td><td>2</td><td>4</td><td>5</td><td>14</td><td>22</td></tr><tr><td>Cuba</td><td>258</td><td>-16</td><td>147</td><td>-931</td><td>945</td><td>651</td><td>241</td><td>-72</td><td>1,994</td><td>849</td></tr><tr><td>French West Indies and Guiana</td><td>-1</td><td>-1</td><td>-2</td><td>1</td><td>13</td><td>-4</td><td>-2</td><td>-</td><td>13</td><td>1</td></tr><tr><td>Mexico</td><td>2,858</td><td>-1,953</td><td>3,503</td><td>-429</td><td>-996</td><td>352</td><td>277</td><td>358</td><td>654</td><td>95</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-30</td><td>8</td><td>7</td><td>20</td><td>11</td><td>53</td><td>11</td><td>47</td><td>112</td><td>26</td></tr><tr><td>Panama</td><td>6</td><td>-385</td><td>-76</td><td>160</td><td>1,720</td><td>2,786</td><td>884</td><td>-2,722</td><td>867</td><td>239</td></tr><tr><td>Peru</td><td>-35</td><td>-8</td><td>-17</td><td>-7</td><td>11</td><td>72</td><td>81</td><td>122</td><td>333</td><td>89</td></tr><tr><td>Veocuella</td><td>99</td><td>-199</td><td>60</td><td>9,553</td><td>-8,224</td><td>-276</td><td>67</td><td>319</td><td>168</td><td>530</td></tr><tr><td>Other Latin America</td><td>157</td><td>276</td><td>1,701</td><td>-600</td><td>-813</td><td>-3,402</td><td>2,537</td><td>178</td><td>3,164</td><td>3,324</td></tr><tr><td>Total Latin America</td><td>2,256</td><td>-1,724</td><td>4,748</td><td>7,890</td><td>-6,868</td><td>1,436</td><td>5,675</td><td>-412</td><td>9,811</td><td>7,608</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>495</td><td>99</td><td>103</td><td>7</td><td>-21</td><td>-5,328</td><td>-6,414</td><td>-504</td><td>-4,366</td><td>-6,104</td></tr><tr><td>French Indo-China</td><td>1</td><td>-1</td><td>1</td><td>-1</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td></tr><tr><td>Hong Kong</td><td>-60</td><td>131</td><td>-131</td><td>-4</td><td>12</td><td>206</td><td>4</td><td>-530</td><td>21</td><td>139</td></tr><tr><td>India</td><td>-11</td><td>81</td><td>-13</td><td>-67</td><td>-14</td><td>16</td><td>-202</td><td>-327</td><td>-1</td><td>62</td></tr><tr><td>British Malaya</td><td>-1</td><td>-4</td><td>2</td><td>-2</td><td>1</td><td>-1</td><td>-2</td><td>-8</td><td>-19</td><td>-1</td></tr><tr><td>Japan</td><td>16</td><td>-</td><td>-</td><td>-2</td><td>-16</td><td>-6</td><td>-2</td><td>-</td><td>4</td><td>2</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>3</td><td>-8</td><td>-3</td><td>-3</td><td>11</td><td>1</td><td>-5</td><td>-43</td><td>-189</td></tr><tr><td>Philippine Islands</td><td>-17</td><td>-563</td><td>-36</td><td>292</td><td>-19</td><td>22</td><td>-269</td><td>275</td><td>23</td><td>50</td></tr><tr><td>Turkey</td><td>1</td><td>-52</td><td>-2</td><td>-9</td><td>8</td><td>5</td><td>-9</td><td>16</td><td>28</td><td>1</td></tr><tr><td>Other Asia</td><td>18</td><td>-32</td><td>-3</td><td>-78</td><td>50</td><td>-33</td><td>-14</td><td>-12</td><td>63</td><td>-22</td></tr><tr><td>Total Asia</td><td>442</td><td>-286</td><td>-87</td><td>135</td><td>-34</td><td>-5,108</td><td>-6,905</td><td>-1,095</td><td>-4,283</td><td>-6,062</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>4</td><td>-12</td><td>30</td><td>2</td><td>6</td><td>88</td><td>458</td><td>312</td><td>-</td><td>249</td></tr><tr><td>New Zealand</td><td>-1</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-1</td><td>42</td><td>-27</td><td>-4</td><td>32</td><td>105</td><td>-20</td><td>11</td><td>-38</td><td>152</td></tr><tr><td>French Morocco</td><td>15</td><td>69</td><td>-10</td><td>2</td><td>50</td><td>24</td><td>-148</td><td>42</td><td>48</td><td>55</td></tr><tr><td>Union of South Africa</td><td>9</td><td>-16</td><td>110</td><td>-144</td><td>49</td><td>65</td><td>-1</td><td>-7</td><td>-16</td><td>-41</td></tr><tr><td>All other</td><td>1</td><td>23</td><td>-11</td><td>12</td><td>6</td><td>111</td><td>110</td><td>186</td><td>246</td><td>221</td></tr><tr><td>Total other countries</td><td>11</td><td>67</td><td>92</td><td>-132</td><td>143</td><td>393</td><td>399</td><td>544</td><td>240</td><td>835</td></tr><tr><td>International</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td><td>58</td><td>2,016</td><td>-</td><td>124</td></tr><tr><td>Unidentified</td><td>-14</td><td>1</td><td>-1</td><td>-50</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>-3,943</td><td>-5,133</td><td>-2,943</td><td>4,425</td><td>-2,830</td><td>-174,212</td><td>-1,973</td><td>7,826</td><td>22,507</td><td>6,503</td></tr></table>
Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as UNEP, International Monetary Fund, and International Bank. p Preliminary.
March 1949
57
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 1946</th><th colspan="5">Liabilities 1948</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th></tr><tr><td><b>Europe:</b></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>23,574</td><td>20,876</td><td>20,896</td><td>18,155</td><td>24,527</td><td>371,927</td><td>345,955</td><td>362,510</td><td>380,557</td><td>540,172</td></tr><tr><td>France</td><td>123,122</td><td>124,341 r</td><td>122,965</td><td>117,105</td><td>120,780</td><td>168,008</td><td>159,647r</td><td>166,531</td><td>174,134</td><td>194,262</td></tr><tr><td>Belgium</td><td>20,021</td><td>17,698</td><td>21,002</td><td>21,355</td><td>21,404</td><td>114,190</td><td>116,841</td><td>116,986</td><td>112,767</td><td>128,679</td></tr><tr><td>Denmark</td><td>626</td><td>1,025</td><td>1,115</td><td>3,130</td><td>609</td><td>41,953</td><td>41,258</td><td>40,702</td><td>46,161</td><td>44,722</td></tr><tr><td>Finland</td><td>4,590</td><td>3,779</td><td>3,438</td><td>3,337</td><td>3,363</td><td>25,369</td><td>22,084</td><td>18,793</td><td>17,132</td><td>19,107</td></tr><tr><td>Germany 1/</td><td>30,368</td><td>29,476</td><td>33,614</td><td>30,448</td><td>30,525</td><td>76,841</td><td>101,364</td><td>125,249</td><td>153,175</td><td>178,852</td></tr><tr><td>Greece</td><td>4,052</td><td>3,278</td><td>3,643</td><td>3,499</td><td>1,223</td><td>24,965</td><td>22,092</td><td>20,401</td><td>21,870</td><td>21,098</td></tr><tr><td>Italy</td><td>19,125</td><td>16,253</td><td>16,955</td><td>16,500</td><td>15,778</td><td>271,291</td><td>305,492</td><td>315,383</td><td>333,805</td><td>333,514</td></tr><tr><td>Luxembourg</td><td>310</td><td>32</td><td>147</td><td>10</td><td>23</td><td>15,710</td><td>14,788</td><td>14,909</td><td>15,974</td><td>16,027</td></tr><tr><td>Netherlands</td><td>75,265</td><td>69,514</td><td>69,775</td><td>57,215</td><td>51,370</td><td>122,682</td><td>115,033</td><td>107,831</td><td>111,766</td><td>122,755</td></tr><tr><td>Norway</td><td>17,210</td><td>24,281</td><td>27,258</td><td>14,970</td><td>8,365</td><td>66,008</td><td>68,899</td><td>71,618</td><td>72,922</td><td>76,729</td></tr><tr><td>Portugal</td><td>821</td><td>725</td><td>715</td><td>509</td><td>657</td><td>47,419</td><td>39,727</td><td>43,685</td><td>42,087</td><td>37,700</td></tr><tr><td>Romania</td><td>20 r</td><td>19 r</td><td>16</td><td>18r</td><td>23</td><td>6,964</td><td>7,248</td><td>6,876</td><td>7,681</td><td>7,046</td></tr><tr><td>Spain</td><td>3,320</td><td>5,410</td><td>5,485</td><td>2,728</td><td>2,912</td><td>16,100</td><td>15,742</td><td>16,097</td><td>18,294</td><td>13,599</td></tr><tr><td>Sweden</td><td>5,213</td><td>2,274</td><td>1,575</td><td>981</td><td>1,404</td><td>45,658</td><td>43,801</td><td>49,329</td><td>42,566</td><td>49,036</td></tr><tr><td>Switzerland</td><td>7,466</td><td>7,596</td><td>7,351</td><td>4,179</td><td>6,882</td><td>549,513</td><td>528,682</td><td>525,636</td><td>508,631</td><td>524,842</td></tr><tr><td>U.S.S.R.</td><td>3</td><td>9</td><td>41</td><td>3</td><td>2</td><td>44,735</td><td>41,431r</td><td>32,754</td><td>28,412</td><td>21,252</td></tr><tr><td>Yugoslavia</td><td>17,002</td><td>11,301</td><td>11,060</td><td>7,500</td><td>6,009</td><td>14,559</td><td>10,602</td><td>19,401</td><td>24,828</td><td>19,930</td></tr><tr><td>Other Europe</td><td>51,229</td><td>48,073</td><td>39,099</td><td>39,031</td><td>29,744</td><td>106,656</td><td>118,441</td><td>106,435</td><td>111,879</td><td>103,359</td></tr><tr><td>Total Europe</td><td>403,337r</td><td>385,920 r</td><td>386,220</td><td>340,473r</td><td>325,600</td><td>2,130,548</td><td>2,124,137r</td><td>2,161,126</td><td>2,224,601</td><td>2,152,681</td></tr><tr><td>Canada</td><td>24,699</td><td>25,588</td><td>29,267</td><td>38,807</td><td>39,848</td><td>656,361</td><td>685,974</td><td>701,775</td><td>766,006</td><td>772,168</td></tr><tr><td><b>Latin America:</b></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>61,214</td><td>61,984</td><td>63,760</td><td>66,848</td><td>72,431</td><td>189,759</td><td>208,150</td><td>224,787</td><td>210,484</td><td>215,793</td></tr><tr><td>Bolivia</td><td>3,044</td><td>2,548</td><td>2,922</td><td>2,427</td><td>2,736</td><td>13,007</td><td>12,472</td><td>14,373</td><td>16,098</td><td>17,061</td></tr><tr><td>Brazil</td><td>178,723</td><td>173,278</td><td>174,954</td><td>180,023</td><td>165,429</td><td>117,429</td><td>115,701r</td><td>122,250</td><td>131,399</td><td>123,658</td></tr><tr><td>Chile</td><td>17,471</td><td>19,127</td><td>21,007</td><td>18,664</td><td>15,215</td><td>55,933</td><td>51,496r</td><td>58,253</td><td>52,719</td><td>55,633</td></tr><tr><td>Colombia</td><td>42,460</td><td>40,203</td><td>39,755</td><td>33,742</td><td>32,569</td><td>46,108</td><td>38,887r</td><td>46,209</td><td>49,397</td><td>54,030</td></tr><tr><td>Costa Rica</td><td>1,489</td><td>1,348</td><td>1,083</td><td>1,483</td><td>1,914</td><td>8,636</td><td>7,188</td><td>6,864</td><td>7,826</td><td>8,908</td></tr><tr><td>Cuba</td><td>67,625</td><td>61,390</td><td>65,498</td><td>72,350</td><td>83,107</td><td>234,850</td><td>231,198</td><td>221,406</td><td>217,716</td><td>219,447</td></tr><tr><td>French West Indies and Guiana</td><td>11</td><td>13</td><td>35</td><td>31</td><td>30</td><td>976</td><td>765</td><td>823</td><td>1,217</td><td>1,198</td></tr><tr><td>Mexico</td><td>76,145</td><td>72,251</td><td>76,619</td><td>72,743</td><td>73,741</td><td>152,620</td><td>150,721</td><td>148,937</td><td>147,447</td><td>146,713</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,424</td><td>1,239</td><td>1,252</td><td>1,025</td><td>1,639</td><td>17,775</td><td>21,504</td><td>23,340</td><td>22,281</td><td>24,336</td></tr><tr><td>Panama</td><td>3,579</td><td>4,111</td><td>4,002</td><td>3,849</td><td>4,596</td><td>70,714</td><td>67,692</td><td>71,010</td><td>64,128</td><td>71,048</td></tr><tr><td>Peru</td><td>4,183</td><td>3,944</td><td>4,232</td><td>4,170</td><td>4,438</td><td>48,418</td><td>50,418</td><td>52,144</td><td>50,576</td><td>52,611</td></tr><tr><td>Venezuela</td><td>20,765</td><td>18,778</td><td>20,814</td><td>18,071</td><td>25,980</td><td>76,679</td><td>88,718</td><td>97,463</td><td>77,883</td><td>121,684</td></tr><tr><td>Other Latin America</td><td>33,784</td><td>33,225</td><td>35,538</td><td>36,436</td><td>32,748</td><td>192,949</td><td>179,328</td><td>173,316</td><td>173,525</td><td>174,030</td></tr><tr><td>Total Latin America</td><td>511,917</td><td>493,439</td><td>511,471</td><td>511,862</td><td>516,563</td><td>1,226,243</td><td>1,224,267r</td><td>1,261,175</td><td>1,222,696</td><td>1,286,950</td></tr><tr><td><b>Asia:</b></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>46,157</td><td>65,521</td><td>39,000</td><td>25,866</td><td>25,994</td><td>146,361</td><td>181,749</td><td>154,573</td><td>193,348</td><td>216,173</td></tr><tr><td>French Indo-China</td><td>151</td><td>120</td><td>81</td><td>290</td><td>114</td><td>5,864</td><td>5,280</td><td>6,402</td><td>5,721</td><td>7,761</td></tr><tr><td>Hong Kong</td><td>3,363</td><td>3,540</td><td>3,121</td><td>3,512</td><td>3,353</td><td>47,176</td><td>43,966</td><td>43,324</td><td>48,811</td><td>51,098</td></tr><tr><td>India</td><td>20,223</td><td>19,455</td><td>20,038</td><td>20,167</td><td>20,401</td><td>50,568</td><td>44,785</td><td>40,933</td><td>41,883</td><td>51,772</td></tr><tr><td>British Malaya</td><td>787</td><td>988</td><td>429</td><td>525</td><td>397</td><td>14,747</td><td>15,772</td><td>13,904</td><td>9,508</td><td>12,941</td></tr><tr><td>Japan</td><td>2,034</td><td>7,630</td><td>6,054</td><td>7,359</td><td>15,853</td><td>76,786</td><td>74,209</td><td>76,818</td><td>80,351</td><td>81,422</td></tr><tr><td>Netherlands East Indies</td><td>373</td><td>541</td><td>294</td><td>382</td><td>1,948</td><td>36,672</td><td>51,382</td><td>54,013</td><td>49,880</td><td>41,455</td></tr><tr><td>Philippine Islands</td><td>33,212</td><td>29,468</td><td>34,241</td><td>36,202</td><td>37,314</td><td>521,722</td><td>496,091</td><td>508,362</td><td>500,857</td><td>488,342</td></tr><tr><td>Turkey</td><td>1,989</td><td>1,847</td><td>1,584</td><td>1,747</td><td>1,405</td><td>22,388</td><td>24,398</td><td>17,956</td><td>17,904</td><td>17,519</td></tr><tr><td>Other Asia 2/</td><td>10,304</td><td>11,936</td><td>12,484</td><td>11,118</td><td>13,755</td><td>152,501</td><td>161,859</td><td>168,932</td><td>170,436</td><td>183,327</td></tr><tr><td>Total Asia</td><td>119,103</td><td>141,046</td><td>117,326</td><td>107,168</td><td>120,534</td><td>1,074,785</td><td>1,104,990</td><td>1,085,217</td><td>1,122,199</td><td>1,151,810</td></tr><tr><td><b>Other countries:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>3,603</td><td>3,821</td><td>3,857</td><td>3,476</td><td>4,653</td><td>21,978</td><td>18,722</td><td>19,092</td><td>20,387</td><td>22,208</td></tr><tr><td>New Zealand</td><td>683</td><td>1,037</td><td>646</td><td>590</td><td>503</td><td>5,547</td><td>6,877</td><td>5,273</td><td>5,350</td><td>5,283</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>2,233</td><td>186</td><td>261</td><td>220</td><td>368</td><td>42,601</td><td>36,344</td><td>36,837</td><td>30,868</td><td>27,730</td></tr><tr><td>French Morocco</td><td>173</td><td>133</td><td>246</td><td>301</td><td>184</td><td>11,107</td><td>10,996</td><td>11,858</td><td>12,232</td><td>11,443</td></tr><tr><td>Union of South Africa</td><td>9,870</td><td>9,686</td><td>11,069</td><td>11,629</td><td>7,871</td><td>12,420</td><td>8,619</td><td>8,845</td><td>10,767</td><td>15,347</td></tr><tr><td>All other</td><td>5,355</td><td>5,097</td><td>5,150</td><td>6,172</td><td>5,693</td><td>57,615</td><td>66,676</td><td>76,504</td><td>72,812</td><td>69,454</td></tr><tr><td>Total other countries</td><td>21,917</td><td>20,010</td><td>21,229</td><td>22,388</td><td>19,272</td><td>151,268</td><td>148,234</td><td>158,409</td><td>151,416</td><td>151,965</td></tr><tr><td>International 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,918,838</td><td>1,915,063r</td><td>1,919,465</td><td>1,900,569</td><td>1,864,256</td></tr><tr><td>Unidentified</td><td>553</td><td>805</td><td>383</td><td>446</td><td>446</td><td>17,032</td><td>16,845</td><td>18,184</td><td>15,316</td><td>15,429</td></tr><tr><td>Grand total</td><td>1,081,526r</td><td>1,066,808 r</td><td>1,065,996</td><td>1,021,144r</td><td>1,022,263</td><td>7,175,075</td><td>7,219,510r</td><td>7,305,351</td><td>7,403,803</td><td>7,695,259</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Beginning with January 1943, includes data for Pakistan, Burma, and Ceylon, previously included with India.
3/ Includes dollar balances of international organizations such as UNFRA, International Monetary Fund, and International Bank.
p Preliminary.
r Revised
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th colspan="5">Debit balances (due from foreigners) 1948</th><th colspan="5">Credit balances (due to foreigners) 1948</th></tr><tr><th></th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December p</th><th>August</th><th>September</th><th>October</th><th>November p</th><th>December 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>1,039</td><td>987</td><td>984</td><td>825</td><td>869</td><td>1,693</td><td>1,491</td><td>1,556</td><td>1,585</td><td>1,842</td></tr><tr><td>France</td><td>294</td><td>482</td><td>490</td><td>551</td><td>613</td><td>3,922</td><td>3,728</td><td>3,530</td><td>3,228</td><td>3,307</td></tr><tr><td>Belgium</td><td>291</td><td>250</td><td>149</td><td>227</td><td>179</td><td>2,490</td><td>2,250</td><td>2,300</td><td>2,298</td><td>2,454</td></tr><tr><td>Denmark</td><td>6</td><td>6</td><td>7</td><td>8</td><td>7</td><td>38</td><td>39</td><td>39</td><td>37</td><td>28</td></tr><tr><td>Finland</td><td>14</td><td>7</td><td>19</td><td>19</td><td>20</td><td>22</td><td>36</td><td>19</td><td>19</td><td>21</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></tr><tr><td>Greece</td><td>3</td><td>4</td><td>4</td><td>4</td><td>4</td><td>26</td><td>22</td><td>18</td><td>21</td><td>14</td></tr><tr><td>Italy</td><td>3</td><td>1</td><td>-</td><td>1</td><td>-</td><td>241</td><td>349</td><td>326</td><td>275</td><td>194</td></tr><tr><td>Luxembourg</td><td></td><td></td><td></td><td></td><td></td><td>560</td><td>929</td><td>633</td><td>595</td><td>574</td></tr><tr><td>Netherlands</td><td>96</td><td>66</td><td>89</td><td>201</td><td>139</td><td>1,675</td><td>3,346</td><td>3,797</td><td>3,438</td><td>3,183</td></tr><tr><td>Norway</td><td>255</td><td>313</td><td>320</td><td>500</td><td>325</td><td>783</td><td>902</td><td>926</td><td>895</td><td>965</td></tr><tr><td>Portugal</td><td>23</td><td>29</td><td>26</td><td>28</td><td>42</td><td>152</td><td>161</td><td>159</td><td>161</td><td>186</td></tr><tr><td>Romania</td><td>23</td><td>27</td><td>-</td><td>-</td><td>-</td><td>76</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Spain</td><td>30</td><td>30</td><td>47</td><td>37</td><td>6</td><td>58</td><td>55</td><td>107</td><td>105</td><td>114</td></tr><tr><td>Sweden</td><td>30</td><td>30</td><td>47</td><td>37</td><td>39</td><td>261</td><td>328</td><td>263</td><td>265</td><td>189</td></tr><tr><td>Switzerland</td><td>1,195</td><td>1,250</td><td>1,347</td><td>940</td><td>1,357</td><td>31,636</td><td>29,669</td><td>23,151</td><td>20,354</td><td>23,643</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>26</td><td>26</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Other Europe</td><td>375</td><td>400</td><td>430</td><td>495</td><td>409</td><td>349</td><td>533</td><td>561</td><td>425</td><td>487</td></tr><tr><td>Total Europe</td><td>3,647</td><td>3,862</td><td>3,912</td><td>3,836</td><td>4,009</td><td>47,208</td><td>43,879</td><td>37,426</td><td>33,742</td><td>36,842</td></tr><tr><td>Canada</td><td>4,745</td><td>4,997</td><td>5,219</td><td>4,625</td><td>4,197</td><td>4,633</td><td>5,238</td><td>4,268</td><td>3,864</td><td>4,440</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>970</td><td>785</td><td>1,075</td><td>744</td><td>780</td><td>2,991</td><td>3,060</td><td>2,834</td><td>2,338</td><td>2,349</td></tr><tr><td>Bolivia</td><td>1</td><td>-</td><td>1</td><td>2</td><td>2</td><td>38</td><td>36</td><td>22</td><td>25</td><td>20</td></tr><tr><td>Brazil</td><td>1,613</td><td>1,606</td><td>1,586</td><td>1,478</td><td>1,353</td><td>548</td><td>579</td><td>595</td><td>610</td><td>670</td></tr><tr><td>Chile</td><td>606</td><td>608</td><td>706</td><td>612</td><td>290</td><td>448</td><td>675</td><td>649</td><td>648</td><td>565</td></tr><tr><td>Colombia</td><td>192</td><td>168</td><td>190</td><td>226</td><td>312</td><td>67</td><td>80</td><td>116</td><td>274</td><td>392</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>37</td><td>67</td><td>15</td><td>54</td></tr><tr><td>Cuba</td><td>5,060</td><td>5,107</td><td>5,083</td><td>5,034</td><td>5,003</td><td>1,751</td><td>1,782</td><td>1,905</td><td>925</td><td>1,839</td></tr><tr><td>French West Indies and Guiana</td><td>10</td><td>10</td><td>14</td><td>9</td><td>1</td><td>8</td><td>7</td><td>9</td><td>5</td><td>10</td></tr><tr><td>Mexico</td><td>2,720</td><td>1,943</td><td>2,072</td><td>2,407</td><td>2,365</td><td>7,267</td><td>4,537</td><td>8,169</td><td>8,075</td><td>7,037</td></tr><tr><td>Netherlands West Indies and</td><td>9</td><td>12</td><td>8</td><td>8</td><td>5</td><td>211</td><td>222</td><td>225</td><td>245</td><td>253</td></tr><tr><td>Surinam</td><td>166</td><td>140</td><td>299</td><td>128</td><td>80</td><td>2,664</td><td>2,253</td><td>2,336</td><td>2,325</td><td>3,997</td></tr><tr><td>Panama</td><td>95</td><td>116</td><td>126</td><td>109</td><td>108</td><td>86</td><td>99</td><td>92</td><td>68</td><td>78</td></tr><tr><td>Peru</td><td>831</td><td>814</td><td>841</td><td>853</td><td>974</td><td>3,225</td><td>3,009</td><td>3,096</td><td>12,661</td><td>4,558</td></tr><tr><td>Venezuela</td><td>2,655</td><td>1,787</td><td>834</td><td>758</td><td>1,853</td><td>3,640</td><td>3,048</td><td>3,756</td><td>3,120</td><td>3,402</td></tr><tr><td>Other Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Latin America</td><td>14,928</td><td>13,096</td><td>12,835</td><td>12,368</td><td>13,126</td><td>22,980</td><td>19,424</td><td>23,911</td><td>31,334</td><td>25,224</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>1,692</td><td>1,651</td><td>1,685</td><td>1,390</td><td>1,331</td><td>1,065</td><td>1,123</td><td>1,260</td><td>972</td><td>892</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>-</td></tr><tr><td>Hong Kong</td><td>31</td><td>21</td><td>16</td><td>14</td><td>11</td><td>123</td><td>244</td><td>108</td><td>102</td><td>111</td></tr><tr><td>India</td><td>28</td><td>27</td><td>24</td><td>25</td><td>38</td><td>17</td><td>97</td><td>81</td><td>15</td><td>14</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>23</td><td>25</td><td>23</td><td>7</td></tr><tr><td>Netherlands East Indies</td><td>498</td><td>894</td><td>835</td><td>684</td><td>697</td><td>22</td><td>25</td><td>17</td><td>14</td><td>11</td></tr><tr><td>Philippine Islands</td><td>3</td><td>3</td><td>4</td><td>11</td><td>5</td><td>1,455</td><td>1,288</td><td>1,193</td><td>1,334</td><td>1,298</td></tr><tr><td>Turkey</td><td>37</td><td>34</td><td>31</td><td>71</td><td>25</td><td>383</td><td>348</td><td>342</td><td>304</td><td>308</td></tr><tr><td>Other 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>Total Asia</td><td>2,289</td><td>2,630</td><td>2,595</td><td>2,195</td><td>2,107</td><td>3,125</td><td>3,180</td><td>3,058</td><td>2,793</td><td>2,671</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>3</td><td>17</td><td>3</td><td>8</td><td>3</td><td>36</td><td>29</td><td>45</td><td>52</td><td>53</td></tr><tr><td>New Zealand</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>72</td><td>114</td><td>87</td><td>83</td><td>115</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>4</td><td>6</td><td>13</td><td>5</td><td>81</td><td>66</td><td>137</td><td>134</td><td>128</td><td>254</td></tr><tr><td>French Morocco</td><td>9</td><td>7</td><td>11</td><td>31</td><td>15</td><td>90</td><td>42</td><td>156</td><td>32</td><td>65</td></tr><tr><td>Union of South Africa</td><td>51</td><td>29</td><td>37</td><td>38</td><td>41</td><td>68</td><td>69</td><td>66</td><td>79</td><td>88</td></tr><tr><td>All other</td><td>68</td><td>60</td><td>65</td><td>83</td><td>141</td><td>332</td><td>391</td><td>488</td><td>374</td><td>575</td></tr><tr><td>Total other countries</td><td></td><td></td><td></td><td></td><td></td><td>116</td><td>117</td><td>116</td><td>66</td><td>64</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></tr><tr><td>Grand total</td><td>25,677</td><td>24,645</td><td>24,626</td><td>23,107</td><td>23,580</td><td>78,394</td><td>72,229</td><td>69,267</td><td>72,173</td><td>69,816</td></tr></table>
11/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
Preliminary.
March 1949
59
CAPITAL MOVEMENTS
Section III - Details for Month of October 1948
able 1.- Short-Term Claims on Foreigners
position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>20,896</td><td>10,730</td><td>8,872</td><td>1,002</td><td>856</td><td>10,166</td><td>2,953</td><td>2,527</td><td>4,676</td></tr><tr><td>France</td><td>122,965</td><td>174</td><td>26</td><td>97</td><td>51</td><td>122,791</td><td>101,207</td><td>427</td><td>21,157</td></tr><tr><td>Belgium</td><td>21,002</td><td>1,700</td><td>87</td><td>2</td><td>1,611</td><td>19,302</td><td>6,609</td><td>5,330</td><td>1,363</td></tr><tr><td>Denmark</td><td>1,115</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>26,381</td><td>1,359</td><td>41,747</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>16</td><td>3</td><td>-</td><td>3</td><td>-</td><td>13</td><td>1</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>1,575</td><td>106</td><td>72</td><td>-</td><td>34</td><td>1,469</td><td>6</td><td>191</td><td>1,272</td></tr><tr><td>Switzerland</td><td>7,351</td><td>618</td><td>357</td><td>284</td><td>7</td><td>6,703</td><td>2,865</td><td>807</td><td>3,031</td></tr><tr><td>U.S.S.R.</td><td>41</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>386,220</td><td>14,268</td><td>9,825</td><td>1,708</td><td>2,735</td><td>371,952</td><td>213,966</td><td>22,349</td><td>135,637</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>Latia America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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>5,301</td><td>9,465</td><td>23,105</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>120,581</td><td>32,899</td><td>318,325</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>241</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</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>3,857</td><td>1,763</td><td>1,523</td><td>199</td><td>41</td><td>2,094</td><td>86</td><td>1,060</td><td>948</td></tr><tr><td>New Zealand</td><td>646</td><td>42</td><td>41</td><td>-</td><td>1</td><td>604</td><td>14</td><td>106</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>2,355</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>21,229</td><td>4,240</td><td>1,586</td><td>199</td><td>2,455</td><td>16,989</td><td>876</td><td>1,175</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>4,065,896</td><td>87,069</td><td>18,367</td><td>61,683</td><td>7,019</td><td>978,827</td><td>390,482</td><td>69,450</td><td>518,895</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.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - 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>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>362,510</td><td>305,943</td><td>265,606</td><td>3,440</td><td>35,315</td><td>1,582</td><td>56,567</td><td>5,009</td><td>48,924</td><td>2,634</td></tr><tr><td>France</td><td>164,531</td><td>165,417</td><td>149,516</td><td>1,123</td><td>10,744</td><td>5,034</td><td>114</td><td>98</td><td>-</td><td>16</td></tr><tr><td>Belgium</td><td>116,994</td><td>116,673</td><td>106,300</td><td>1,014</td><td>9,310</td><td>49</td><td>313</td><td>202</td><td>9</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>15,238</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>570</td><td>6,185</td><td>16</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>71,612</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>Romania</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>49,329</td><td>48,958</td><td>40,833</td><td>7,020</td><td>1,105</td><td>-</td><td>371</td><td>341</td><td>-</td><td>30</td></tr><tr><td>Switzerland</td><td>525,636</td><td>524,275</td><td>473,353</td><td>25,749</td><td>14,995</td><td>10,178</td><td>1,361</td><td>468</td><td>-</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>19,358</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>2,161,376</td><td>2,101,850</td><td>1,923,819</td><td>50,686</td><td>109,547</td><td>17,798</td><td>59,276</td><td>6,630</td><td>48,933</td><td>3,713</td></tr><tr><td>Canada</td><td>701,775</td><td>697,622</td><td>279,574</td><td>3,577</td><td>414,345</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><td></td></tr><tr><td>Argentina</td><td>224,787</td><td>224,602</td><td>220,685</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>45,209</td><td>45,208</td><td>45,477</td><td>626</td><td>105</td><td>1</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>114,937</td><td>114,898</td><td>114,838</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>16,330</td><td>-</td><td>7,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>71,010</td><td>71,010</td><td>50,147</td><td>229</td><td>20,634</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>24</td><td>257</td><td>257</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>173,316</td><td>173,009</td><td>147,209</td><td>2,900</td><td>22,876</td><td>-</td><td>307</td><td>306</td><td>-</td><td>1</td></tr><tr><td>Total Latin America</td><td>1,261,175</td><td>1,258,729</td><td>1,181,776</td><td>20,519</td><td>51,124</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><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>49</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>32</td><td>22</td><td>-</td><td>10</td></tr><tr><td>Japan</td><td>76,818</td><td>76,796</td><td>68,363</td><td>1,817</td><td>6,606</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>508,362</td><td>508,362</td><td>490,906</td><td>16,562</td><td>-</td><td>994</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</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>1,085,217</td><td>1,081,810</td><td>996,794</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><td></td></tr><tr><td>Australia</td><td>19,092</td><td>18,376</td><td>16,130</td><td>757</td><td>1,489</td><td>-</td><td>716</td><td>-</td><td>77</td><td>639</td></tr><tr><td>New Zealand</td><td>5,273</td><td>5,206</td><td>4,980</td><td>226</td><td>-</td><td>-</td><td>67</td><td>3</td><td>-</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>-</td><td>-</td><td>2,106</td></tr><tr><td>All other</td><td>76,504</td><td>76,475</td><td>74,615</td><td>256</td><td>1,600</td><td>4</td><td>29</td><td>1</td><td>-</td><td>28</td></tr><tr><td>Total other countries</td><td>159,409</td><td>155,192</td><td>150,723</td><td>1,365</td><td>3,099</td><td>5</td><td>3,217</td><td>32</td><td>77</td><td>3,108</td></tr><tr><td>International</td><td>1,919,465</td><td>1,919,465</td><td>323,935</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>18,124</td><td>18,124</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>7,305,351</td><td>7,232,852</td><td>4,874,758</td><td>99,724</td><td>2,233,283</td><td>25,087</td><td>72,499</td><td>11,810</td><td>49,459</td><td>11,230</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 UNFRA, International Monetary Fund, and International Bank.
March 1949
61
CAPITAL MOVEMENTS
Section III - 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="5">Purchases by foreigners</th><th colspan="5">Sales by foreigners</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>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>2,006</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>-</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>4</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>-</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>286</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>-</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>-</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>19,839</td><td>17,010</td><td>8,826</td><td>8,184</td><td>2,829</td><td>1,538</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>6</td><td>6</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</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>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>44,587</td><td>32,495</td><td>5,205</td><td>27,290</td><td>12,092</td><td>3,025</td><td>9,067</td><td>36,881</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></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>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>Brazil</td><td>692</td><td>228</td><td>228</td><td>-</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>Chile</td><td>431</td><td>146</td><td>124</td><td>22</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>Colombia</td><td>48</td><td>10</td><td>10</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>Costa Rica</td><td>5</td><td>2</td><td>2</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>Obs</td><td>1,205</td><td>866</td><td>820</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>40</td><td>34</td><td>6</td></tr><tr><td>Panama</td><td>1,185</td><td>1,119</td><td>1,074</td><td>45</td><td>66</td><td>33</td><td>33</td><td>3,907</td><td>3,867</td><td>565</td><td>3,302</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>-</td><td>27</td><td>27</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,401</td><td>1,014</td><td>855</td><td>159</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>7,810</td><td>5,793</td><td>5,378</td><td>415</td><td>2,017</td><td>454</td><td>1,563</td><td>8,222</td><td>7,235</td><td>3,453</td><td>3,782</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></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>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>India</td><td>20</td><td>20</td><td>20</td><td>-</td><td>6</td><td>-</td><td>6</td><td>28</td><td>28</td><td>26</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</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>Japan</td><td>24</td><td>17</td><td>6</td><td>11</td><td>7</td><td>-</td><td>7</td><td>29</td><td>29</td><td>23</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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>Philippine Islands</td><td>16</td><td>10</td><td>10</td><td>-</td><td>1</td><td>1</td><td>5</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>Turkey</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>Other Asia 1.</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>44</td><td>16</td><td>28</td></tr><tr><td>Total Asia</td><td>2,431</td><td>1,875</td><td>1,472</td><td>368</td><td>542</td><td>116</td><td>426</td><td>4,221</td><td>3,968</td><td>3,188</td><td>1,759</td><td>315</td><td>181</td><td>134</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>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>23</td><td>23</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>90,892</td><td>70,804</td><td>29,381</td><td>41,423</td><td>20,088</td><td>6,093</td><td>13,995</td><td>83,066</td><td>66,111</td><td>25,388</td><td>40,723</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 UNRFA, International Monetary Fund, and International Bank.
62
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 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>24,527</td><td>14,390</td><td>11,646</td><td>307</td><td>2,437</td><td>10,137</td><td>4,889</td><td>1,784</td><td>3,464</td></tr><tr><td>France</td><td>120,780</td><td>215</td><td>62</td><td>98</td><td>55</td><td>120,565</td><td>103,417</td><td>737</td><td>16,411</td></tr><tr><td>Belgium</td><td>21,404</td><td>1,691</td><td>136</td><td>3</td><td>1,552</td><td>19,713</td><td>6,761</td><td>6,265</td><td>6,687</td></tr><tr><td>Denmark</td><td>609</td><td>57</td><td>31</td><td>17</td><td>9</td><td>552</td><td>65</td><td>187</td><td>300</td></tr><tr><td>Finland</td><td>3,363</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,363</td><td>534</td><td>2,588</td><td>241</td></tr><tr><td>Germany</td><td>30,525</td><td>30</td><td>6</td><td>24</td><td>-</td><td>30,495</td><td>17,344</td><td>67</td><td>13,084</td></tr><tr><td>Greece</td><td>1,223</td><td>5</td><td>-</td><td>5</td><td>-</td><td>1,218</td><td>341</td><td>-</td><td>877</td></tr><tr><td>Italy</td><td>15,778</td><td>146</td><td>2</td><td>140</td><td>4</td><td>15,632</td><td>2,287</td><td>5,848</td><td>7,497</td></tr><tr><td>Luxembourg</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>23</td></tr><tr><td>Netherlands</td><td>51,370</td><td>261</td><td>185</td><td>41</td><td>35</td><td>51,109</td><td>12,616</td><td>385</td><td>38,108</td></tr><tr><td>Norway</td><td>8,365</td><td>71</td><td>36</td><td>34</td><td>1</td><td>8,294</td><td>451</td><td>241</td><td>7,602</td></tr><tr><td>Portugal</td><td>657</td><td>34</td><td>33</td><td>-</td><td>1</td><td>623</td><td>48</td><td>2</td><td>573</td></tr><tr><td>Romania</td><td>23</td><td>3</td><td>-</td><td>3</td><td>-</td><td>20</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Spain</td><td>2,912</td><td>68</td><td>3</td><td>12</td><td>53</td><td>2,844</td><td>505</td><td>-</td><td>2,339</td></tr><tr><td>Sweden</td><td>1,404</td><td>135</td><td>97</td><td>-</td><td>38</td><td>1,269</td><td>72</td><td>-</td><td>1,197</td></tr><tr><td>Switzerland</td><td>6,882</td><td>549</td><td>265</td><td>274</td><td>10</td><td>6,333</td><td>2,498</td><td>299</td><td>3,536</td></tr><tr><td>U.S.S.R.</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>6,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,009</td><td>6,000</td><td>-</td><td>9</td></tr><tr><td>Other Europe</td><td>29,744</td><td>161</td><td>111</td><td>42</td><td>8</td><td>29,583</td><td>25,613</td><td>379</td><td>3,591</td></tr><tr><td>Total Europe</td><td>325,600</td><td>17,818</td><td>12,615</td><td>1,000</td><td>4,203</td><td>307,782</td><td>183,442</td><td>18,782</td><td>105,558</td></tr><tr><td>Canada</td><td>39,848</td><td>17,628</td><td>13,083</td><td>2,752</td><td>1,793</td><td>22,220</td><td>188</td><td>3,578</td><td>18,454</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>72,431</td><td>200</td><td>153</td><td>43</td><td>4</td><td>72,231</td><td>45,828</td><td>187</td><td>26,216</td></tr><tr><td>Bolivia</td><td>2,736</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,736</td><td>539</td><td>-</td><td>2,197</td></tr><tr><td>Brazil</td><td>155,429</td><td>31</td><td>16</td><td>-</td><td>15</td><td>165,398</td><td>7,074</td><td>958</td><td>157,366</td></tr><tr><td>Chile</td><td>15,215</td><td>2</td><td>1</td><td>-</td><td>1</td><td>15,213</td><td>53</td><td>1,082</td><td>14,078</td></tr><tr><td>Colombia</td><td>32,569</td><td>5</td><td>-</td><td>-</td><td>5</td><td>32,564</td><td>8,236</td><td>8,226</td><td>16,102</td></tr><tr><td>Costa Rica</td><td>1,914</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,913</td><td>12</td><td>55</td><td>1,846</td></tr><tr><td>Cuba</td><td>83,107</td><td>1,700</td><td>1,694</td><td>-</td><td>6</td><td>81,407</td><td>53,928</td><td>18,007</td><td>9,472</td></tr><tr><td>French West Indies and Guiana</td><td>30</td><td>4</td><td>-</td><td>-</td><td>4</td><td>26</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Mexico</td><td>73,741</td><td>38,285</td><td>868</td><td>37,102</td><td>315</td><td>35,456</td><td>5,335</td><td>9,114</td><td>21,007</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,639</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,638</td><td>-</td><td>-</td><td>1,638</td></tr><tr><td>Panama</td><td>4,586</td><td>3</td><td>-</td><td>-</td><td>3</td><td>4,583</td><td>-</td><td>-</td><td>4,583</td></tr><tr><td>Peru</td><td>4,438</td><td>20</td><td>18</td><td>-</td><td>2</td><td>4,418</td><td>16</td><td>-</td><td>4,402</td></tr><tr><td>Venezuela</td><td>25,980</td><td>32</td><td>19</td><td>10</td><td>3</td><td>25,948</td><td>5,120</td><td>969</td><td>19,859</td></tr><tr><td>Other Latin America</td><td>32,748</td><td>162</td><td>130</td><td>-</td><td>32</td><td>32,586</td><td>5,029</td><td>3,809</td><td>23,748</td></tr><tr><td>Total Latin America</td><td>516,563</td><td>40,446</td><td>2,899</td><td>37,155</td><td>392</td><td>476,117</td><td>131,170</td><td>42,407</td><td>302,540</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>25,994</td><td>1</td><td>-</td><td>1</td><td>-</td><td>25,993</td><td>22,827</td><td>14</td><td>3,152</td></tr><tr><td>French Indo-China</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>-</td><td>114</td><td>-</td></tr><tr><td>Hong Kong</td><td>3,353</td><td>156</td><td>105</td><td>29</td><td>22</td><td>3,197</td><td>1,630</td><td>343</td><td>1,224</td></tr><tr><td>India</td><td>20,401</td><td>15,876</td><td>678</td><td>15,174</td><td>24</td><td>4,525</td><td>495</td><td>1,788</td><td>2,242</td></tr><tr><td>British Malaya</td><td>397</td><td>25</td><td>23</td><td>-</td><td>2</td><td>372</td><td>13</td><td>158</td><td>201</td></tr><tr><td>Japan</td><td>15,853</td><td>1</td><td>-</td><td>1</td><td>-</td><td>15,852</td><td>526</td><td>549</td><td>14,777</td></tr><tr><td>Netherlands East Indies</td><td>1,948</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1,947</td><td>1,177</td><td>644</td><td>126</td></tr><tr><td>Philippine Islands</td><td>37,314</td><td>1,492</td><td>1,449</td><td>-</td><td>43</td><td>35,822</td><td>15,673</td><td>4,966</td><td>15,183</td></tr><tr><td>Turkey</td><td>1,405</td><td>5</td><td>-</td><td>5</td><td>-</td><td>1,400</td><td>48</td><td>-</td><td>1,352</td></tr><tr><td>Other Asia 2/</td><td>13,755</td><td>3,935</td><td>31</td><td>3,984</td><td>20</td><td>9,820</td><td>3,028</td><td>526</td><td>6,266</td></tr><tr><td>Total Asia</td><td>120,534</td><td>21,492</td><td>2,287</td><td>19,094</td><td>111</td><td>99,042</td><td>45,417</td><td>9,102</td><td>44,523</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>4,653</td><td>1,334</td><td>1,133</td><td>181</td><td>20</td><td>3,319</td><td>449</td><td>1,774</td><td>1,096</td></tr><tr><td>New Zealand</td><td>503</td><td>72</td><td>72</td><td>-</td><td>-</td><td>431</td><td>-</td><td>103</td><td>328</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>368</td><td>33</td><td>3</td><td>-</td><td>30</td><td>335</td><td>4</td><td>-</td><td>331</td></tr><tr><td>French Morocco</td><td>184</td><td>-</td><td>-</td><td>-</td><td>-</td><td>184</td><td>75</td><td>-</td><td>109</td></tr><tr><td>Union of South Africa</td><td>7,871</td><td>1,375</td><td>34</td><td>-</td><td>1,341</td><td>6,496</td><td>-</td><td>-</td><td>6,496</td></tr><tr><td>All other</td><td>5,693</td><td>173</td><td>22</td><td>-</td><td>151</td><td>5,520</td><td>452</td><td>-</td><td>5,068</td></tr><tr><td>Total other countries</td><td>19,272</td><td>2,987</td><td>1,264</td><td>181</td><td>1,542</td><td>16,285</td><td>980</td><td>1,877</td><td>13,428</td></tr><tr><td>Unidentified</td><td>446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>446</td><td>-</td><td>-</td><td>446</td></tr><tr><td>Grand total</td><td>1,022,263</td><td>100,371</td><td>32,168</td><td>60,182</td><td>8,041</td><td>921,892</td><td>361,197</td><td>75,746</td><td>484,949</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.
March 1949
63
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 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>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>540,172</td><td>482,873</td><td>453,879</td><td>4,011</td><td>19,743</td><td>5,240</td><td>57,299</td><td>5,244</td><td>44,558</td><td>7,197</td></tr><tr><td>France</td><td>194,262</td><td>194,067</td><td>182,055</td><td>773</td><td>10,164</td><td>1,075</td><td>195</td><td>191</td><td>-</td><td>14</td></tr><tr><td>Belgium</td><td>128,679</td><td>128,281</td><td>116,363</td><td>1,183</td><td>9,867</td><td>868</td><td>398</td><td>104</td><td>170</td><td>124</td></tr><tr><td>Denmark</td><td>44,722</td><td>44,636</td><td>43,616</td><td>984</td><td>-</td><td>36</td><td>86</td><td>86</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>19,107</td><td>19,107</td><td>19,098</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>178,852</td><td>178,838</td><td>178,419</td><td>126</td><td>47</td><td>246</td><td>14</td><td>11</td><td>-</td><td>3</td></tr><tr><td>Greece</td><td>21,096</td><td>21,071</td><td>20,847</td><td>223</td><td>-</td><td>1</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>333,514</td><td>333,410</td><td>323,507</td><td>1,491</td><td>8,388</td><td>24</td><td>104</td><td>104</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>16,027</td><td>16,027</td><td>15,723</td><td>4</td><td>300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>122,755</td><td>122,660</td><td>119,705</td><td>334</td><td>2,431</td><td>190</td><td>95</td><td>94</td><td>-</td><td>1</td></tr><tr><td>Norway</td><td>76,729</td><td>76,648</td><td>52,524</td><td>6,667</td><td>17,457</td><td>-</td><td>81</td><td>81</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>37,700</td><td>37,558</td><td>35,798</td><td>1,650</td><td>-</td><td>10</td><td>242</td><td>241</td><td>-</td><td>1</td></tr><tr><td>Romania</td><td>7,046</td><td>7,046</td><td>7,033</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>13,599</td><td>13,514</td><td>12,867</td><td>197</td><td>445</td><td>5</td><td>85</td><td>83</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>49,036</td><td>48,304</td><td>40,241</td><td>7,473</td><td>520</td><td>70</td><td>732</td><td>708</td><td>-</td><td>24</td></tr><tr><td>Switzerland</td><td>524,842</td><td>523,183</td><td>433,345</td><td>32,135</td><td>27,862</td><td>29,841</td><td>1,659</td><td>517</td><td>-</td><td>1,142</td></tr><tr><td>U.S.S.R.</td><td>21,252</td><td>21,252</td><td>21,215</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>19,930</td><td>19,922</td><td>19,903</td><td>12</td><td>6</td><td>1</td><td>8</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Other Europe</td><td>103,359</td><td>103,337</td><td>74,514</td><td>6,768</td><td>22,000</td><td>55</td><td>22</td><td>14</td><td>-</td><td>8</td></tr><tr><td>Total Europe</td><td>2,452,681</td><td>2,391,534</td><td>2,170,652</td><td>64,090</td><td>119,230</td><td>37,662</td><td>61,047</td><td>7,493</td><td>44,728</td><td>8,826</td></tr><tr><td>Canada</td><td>772,168</td><td>769,269</td><td>269,316</td><td>3,145</td><td>496,111</td><td>697</td><td>2,899</td><td>196</td><td>-</td><td>2,703</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>215,793</td><td>215,616</td><td>212,283</td><td>2,435</td><td>-</td><td>928</td><td>147</td><td>113</td><td>-</td><td>34</td></tr><tr><td>Bolivia</td><td>17,061</td><td>17,061</td><td>17,061</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>123,658</td><td>123,626</td><td>111,062</td><td>10,422</td><td>10</td><td>2,132</td><td>32</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>55,633</td><td>55,632</td><td>54,457</td><td>1,129</td><td>-</td><td>46</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>54,030</td><td>54,030</td><td>53,547</td><td>483</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,908</td><td>8,908</td><td>8,628</td><td>257</td><td>-</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>219,447</td><td>219,439</td><td>215,645</td><td>3,496</td><td>250</td><td>48</td><td>8</td><td>-</td><td>-</td><td>8</td></tr><tr><td>French West Indies and Guiana</td><td>1,198</td><td>1,198</td><td>1,197</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>146,713</td><td>146,048</td><td>144,831</td><td>979</td><td>61</td><td>177</td><td>665</td><td>8</td><td>-</td><td>657</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>24,336</td><td>24,336</td><td>17,326</td><td>10</td><td>7,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>71,848</td><td>71,848</td><td>48,976</td><td>108</td><td>22,764</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>52,611</td><td>52,608</td><td>52,411</td><td>150</td><td>27</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>121,684</td><td>121,558</td><td>121,452</td><td>106</td><td>-</td><td>-</td><td>126</td><td>126</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>174,030</td><td>173,673</td><td>146,427</td><td>3,800</td><td>22,893</td><td>563</td><td>357</td><td>317</td><td>-</td><td>40</td></tr><tr><td>Total Latin America</td><td>1,286,950</td><td>1,285,611</td><td>1,205,323</td><td>23,376</td><td>52,995</td><td>3,917</td><td>1,339</td><td>600</td><td>-</td><td>739</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>216,173</td><td>216,173</td><td>209,567</td><td>2,701</td><td>3,216</td><td>589</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>7,761</td><td>7,761</td><td>6,540</td><td>95</td><td>1,000</td><td>126</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>51,098</td><td>48,807</td><td>47,842</td><td>485</td><td>-</td><td>480</td><td>2,291</td><td>2,291</td><td>-</td><td>-</td></tr><tr><td>India</td><td>51,772</td><td>50,155</td><td>48,325</td><td>1,751</td><td>-</td><td>79</td><td>1,617</td><td>1,022</td><td>399</td><td>196</td></tr><tr><td>British Malaya</td><td>12,941</td><td>12,941</td><td>12,609</td><td>196</td><td>38</td><td>-</td><td>98</td><td>98</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>81,422</td><td>81,375</td><td>76,818</td><td>1,451</td><td>3,106</td><td>-</td><td>47</td><td>32</td><td>5</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>41,455</td><td>41,454</td><td>38,277</td><td>77</td><td>3,100</td><td>922</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>483,342</td><td>483,291</td><td>471,702</td><td>15,667</td><td>-</td><td>922</td><td>51</td><td>51</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>17,519</td><td>17,519</td><td>17,434</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia 2/</td><td>183,327</td><td>183,125</td><td>146,728</td><td>1,376</td><td>35,000</td><td>21</td><td>202</td><td>201</td><td>-</td><td>1</td></tr><tr><td>Total Asia</td><td>1,151,810</td><td>1,147,503</td><td>1,075,942</td><td>23,884</td><td>45,460</td><td>2,217</td><td>4,307</td><td>3,696</td><td>404</td><td>207</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>22,208</td><td>21,829</td><td>19,456</td><td>826</td><td>1,543</td><td>4</td><td>379</td><td>2</td><td>-</td><td>377</td></tr><tr><td>New Zealand</td><td>5,283</td><td>5,272</td><td>5,163</td><td>109</td><td>-</td><td>-</td><td>11</td><td>7</td><td>-</td><td>4</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>27,730</td><td>27,440</td><td>27,431</td><td>9</td><td>-</td><td>-</td><td>290</td><td>19</td><td>-</td><td>271</td></tr><tr><td>French Morocco</td><td>11,443</td><td>11,443</td><td>11,388</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>15,047</td><td>15,738</td><td>15,625</td><td>103</td><td>10</td><td>-</td><td>109</td><td>-</td><td>-</td><td>109</td></tr><tr><td>All other</td><td>69,454</td><td>69,446</td><td>68,018</td><td>222</td><td>1,200</td><td>6</td><td>8</td><td>-</td><td>-</td><td>8</td></tr><tr><td>Total other countries</td><td>151,965</td><td>151,168</td><td>147,081</td><td>1,324</td><td>2,753</td><td>10</td><td>797</td><td>28</td><td>-</td><td>769</td></tr><tr><td>International 3/</td><td>1,864,256</td><td>1,864,256</td><td>313,616</td><td>-</td><td>1,550,640</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>15,429</td><td>15,429</td><td>15,325</td><td>-</td><td>-</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,695,259</td><td>7,624,870</td><td>5,197,255</td><td>115,819</td><td>2,267,189</td><td>44,607</td><td>70,389</td><td>12,013</td><td>45,132</td><td>13,244</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/ Include transactions of international organizations such as UNFRA, International Monetary Fund, and International Bank.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of December 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 colspan="2">Domestic securities</th><th>Foreign securities</th><th colspan="2">Domestic securities</th><th>Foreign securities</th><th></th><th colspan="2">Domestic securities</th><th>Foreign securities</th><th colspan="2">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>7,526</td><td>5,685</td><td>3,906</td><td>1,579</td><td>2,041</td><td>377</td><td>1,664</td><td>8,811</td><td>6,092</td><td>3,570</td><td>2,522</td><td>2,719</td><td>463</td><td>2,256</td></tr><tr><td>France</td><td>6,991</td><td>6,412</td><td>1,861</td><td>4,551</td><td>579</td><td>549</td><td>30</td><td>3,146</td><td>2,308</td><td>2,041</td><td>267</td><td>838</td><td>465</td><td>373</td></tr><tr><td>Belgium</td><td>2,675</td><td>1,482</td><td>965</td><td>517</td><td>1,193</td><td>389</td><td>804</td><td>1,448</td><td>866</td><td>703</td><td>163</td><td>582</td><td>135</td><td>447</td></tr><tr><td>Denmark</td><td>76</td><td>36</td><td>36</td><td>-</td><td>40</td><td>-</td><td>40</td><td>96</td><td>81</td><td>81</td><td>-</td><td>15</td><td>-</td><td>15</td></tr><tr><td>Finland</td><td>12</td><td>11</td><td>1</td><td>10</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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><td>-</td><td>-</td></tr><tr><td>Greece</td><td>813</td><td>772</td><td>232</td><td>540</td><td>41</td><td>4</td><td>37</td><td>472</td><td>463</td><td>433</td><td>30</td><td>9</td><td>2</td><td>7</td></tr><tr><td>Italy</td><td>140</td><td>123</td><td>123</td><td>-</td><td>17</td><td>15</td><td>2</td><td>28</td><td>24</td><td>22</td><td>2</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Luxembourg</td><td></td><td>-</td><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>Netherlands</td><td>1,498</td><td>1,282</td><td>1,168</td><td>114</td><td>216</td><td>107</td><td>109</td><td>3,714</td><td>3,060</td><td>2,450</td><td>610</td><td>654</td><td>139</td><td>515</td></tr><tr><td>Norway</td><td>339</td><td>90</td><td>86</td><td>4</td><td>249</td><td>2</td><td>247</td><td>362</td><td>236</td><td>92</td><td>144</td><td>126</td><td>4</td><td>122</td></tr><tr><td>Portugal</td><td>162</td><td>147</td><td>147</td><td>-</td><td>15</td><td>11</td><td>4</td><td>49</td><td>45</td><td>43</td><td>2</td><td>4</td><td>1</td><td>3</td></tr><tr><td>Bosnia</td><td>-</td><td>-</td><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>20</td><td>20</td><td>15</td><td>5</td><td>-</td><td>-</td><td>-</td><td>65</td><td>1</td><td>1</td><td>1</td><td>64</td><td>4</td><td>60</td></tr><tr><td>Sweden</td><td>80</td><td>62</td><td>11</td><td>51</td><td>18</td><td>9</td><td>9</td><td>52</td><td>43</td><td>41</td><td>2</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Switzerland</td><td>15,339</td><td>13,519</td><td>10,879</td><td>2,640</td><td>1,820</td><td>1,027</td><td>793</td><td>19,958</td><td>16,444</td><td>12,062</td><td>4,382</td><td>3,514</td><td>1,940</td><td>1,574</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>38</td><td>36</td><td>35</td><td>1</td><td>2</td><td>-</td><td>2</td><td>102</td><td>97</td><td>92</td><td>5</td><td>5</td><td>3</td><td>2</td></tr><tr><td>Total Europe</td><td>35,709</td><td>29,471</td><td>19,465</td><td>10,012</td><td>6,232</td><td>2,491</td><td>3,741</td><td>38,303</td><td>29,760</td><td>21,630</td><td>8,130</td><td>8,543</td><td>3,156</td><td>5,387</td></tr><tr><td>Canada</td><td>26,674</td><td>14,827</td><td>6,632</td><td>8,195</td><td>11,847</td><td>4,485</td><td>7,362</td><td>20,082</td><td>9,148</td><td>3,335</td><td>5,813</td><td>10,934</td><td>2,428</td><td>8,506</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>707</td><td>362</td><td>231</td><td>131</td><td>345</td><td>12</td><td>333</td><td>252</td><td>220</td><td>186</td><td>34</td><td>32</td><td>3</td><td>29</td></tr><tr><td>Bolivia</td><td>91</td><td>11</td><td>11</td><td>-</td><td>80</td><td>4</td><td>76</td><td>34</td><td>-</td><td>-</td><td>-</td><td>34</td><td>-</td><td>34</td></tr><tr><td>Brazil</td><td>1,634</td><td>213</td><td>201</td><td>12</td><td>1,421</td><td>20</td><td>1,401</td><td>313</td><td>285</td><td>182</td><td>103</td><td>28</td><td>4</td><td>24</td></tr><tr><td>Chile</td><td>165</td><td>91</td><td>91</td><td>-</td><td>74</td><td>16</td><td>58</td><td>159</td><td>149</td><td>149</td><td>-</td><td>10</td><td>10</td><td>-</td></tr><tr><td>Colombia</td><td>804</td><td>751</td><td>750</td><td>1</td><td>53</td><td>49</td><td>4</td><td>210</td><td>210</td><td>208</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>22</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,264</td><td>846</td><td>728</td><td>118</td><td>418</td><td>215</td><td>203</td><td>415</td><td>341</td><td>327</td><td>14</td><td>74</td><td>22</td><td>52</td></tr><tr><td>French West Indies and Guiana</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>537</td><td>413</td><td>347</td><td>66</td><td>124</td><td>81</td><td>43</td><td>442</td><td>313</td><td>278</td><td>35</td><td>129</td><td>72</td><td>57</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>52</td><td>17</td><td>1</td><td>16</td><td>35</td><td>-</td><td>35</td><td>26</td><td>26</td><td>12</td><td>14</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>1,269</td><td>894</td><td>518</td><td>376</td><td>375</td><td>353</td><td>22</td><td>1,030</td><td>723</td><td>723</td><td>1</td><td>307</td><td>295</td><td>12</td></tr><tr><td>Peru</td><td>115</td><td>114</td><td>114</td><td>-</td><td>1</td><td>-</td><td>1</td><td>26</td><td>21</td><td>20</td><td>1</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Venezuela</td><td>744</td><td>688</td><td>544</td><td>144</td><td>56</td><td>2</td><td>54</td><td>214</td><td>213</td><td>211</td><td>2</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Other Latin America</td><td>4,025</td><td>3,339</td><td>2,953</td><td>386</td><td>686</td><td>314</td><td>372</td><td>701</td><td>552</td><td>394</td><td>158</td><td>149</td><td>50</td><td>99</td></tr><tr><td>Total Latin America</td><td>11,430</td><td>7,761</td><td>6,511</td><td>1,250</td><td>3,669</td><td>1,067</td><td>2,602</td><td>3,822</td><td>3,053</td><td>2,690</td><td>363</td><td>769</td><td>462</td><td>307</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>386</td><td>315</td><td>312</td><td>3</td><td>71</td><td>-</td><td>71</td><td>6,490</td><td>6,482</td><td>1,768</td><td>4,714</td><td>8</td><td>-</td><td>8</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>157</td><td>32</td><td>28</td><td>4</td><td>125</td><td>30</td><td>95</td><td>18</td><td>10</td><td>10</td><td>-</td><td>8</td><td>8</td><td>-</td></tr><tr><td>India</td><td>62</td><td>26</td><td>26</td><td>-</td><td>36</td><td>-</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>4</td><td>4</td><td>4</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>Japan</td><td>2</td><td>2</td><td>2</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>Netherlands East Indies</td><td>94</td><td>64</td><td>64</td><td>-</td><td>30</td><td>18</td><td>12</td><td>283</td><td>279</td><td>33</td><td>246</td><td>4</td><td>3</td><td>1</td></tr><tr><td>Philippine Islands</td><td>76</td><td>76</td><td>51</td><td>25</td><td>-</td><td>-</td><td>-</td><td>26</td><td>25</td><td>19</td><td>6</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Turkey</td><td>6</td><td>1</td><td>1</td><td>-</td><td>5</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Other Asia l/.</td><td>177</td><td>131</td><td>84</td><td>47</td><td>46</td><td>-</td><td>46</td><td>199</td><td>124</td><td>122</td><td>2</td><td>75</td><td>-</td><td>75</td></tr><tr><td>Total Asia</td><td>964</td><td>651</td><td>572</td><td>79</td><td>313</td><td>48</td><td>265</td><td>7,026</td><td>6,925</td><td>1,957</td><td>4,968</td><td>101</td><td>12</td><td>89</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>315</td><td>70</td><td>61</td><td>9</td><td>245</td><td>-</td><td>245</td><td>66</td><td>63</td><td>63</td><td>-</td><td>3</td><td>-</td><td>3</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>350</td><td>352</td><td>221</td><td>131</td><td>116</td><td>111</td><td>5</td><td>115</td><td>55</td><td>54</td><td>1</td><td>60</td><td>33</td><td>27</td></tr><tr><td>French Morocco</td><td>170</td><td>54</td><td>54</td><td>-</td><td>116</td><td>111</td><td>5</td><td>48</td><td>29</td><td>29</td><td>1</td><td>19</td><td>9</td><td>10</td></tr><tr><td>Union of South Africa</td><td>7</td><td>2</td><td>2</td><td>-</td><td>5</td><td>-</td><td>5</td><td>38</td><td>15</td><td>11</td><td>4</td><td>23</td><td>1</td><td>22</td></tr><tr><td>All other</td><td>259</td><td>205</td><td>195</td><td>10</td><td>54</td><td>2</td><td>52</td><td>268</td><td>163</td><td>157</td><td>6</td><td>105</td><td>43</td><td>62</td></tr><tr><td>Total other countries</td><td>1,103</td><td>683</td><td>533</td><td>150</td><td>420</td><td>113</td><td>307</td><td>268</td><td>163</td><td>157</td><td>6</td><td>105</td><td>43</td><td>62</td></tr><tr><td>International 2/.</td><td>124</td><td>124</td><td>30</td><td>94</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>76,004</td><td>53,523</td><td>33,743</td><td>19,780</td><td>22,481</td><td>8,204</td><td>14,277</td><td>69,501</td><td>49,049</td><td>29,769</td><td>19,280</td><td>20,452</td><td>6,101</td><td>14,351</td></tr></table>
1/ Beginning with January 1948, includes data for Pakistan, Burma, and Ceylon, previously included with India.
2/ Includes transactions of international organizations such as UNRRA, International Monetary Fund, and International Bank.
March 1949
65
CAPITAL MOVEMENTS
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(End of month - in thousands of dollars)
<table><tr><th>Currency of -</th><th colspan="2">July</th><th colspan="2">August</th><th colspan="2">September</th><th colspan="2">October</th><th colspan="2">November p</th><th colspan="2">December p</th></tr><tr><th></th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th><th>Purchase contracts</th><th>Sales contracts</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>90,286</td><td>100,318</td><td>91,645</td><td>97,985</td><td>90,854</td><td>96,804</td><td>83,588</td><td>86,883</td><td>83,201</td><td>86,435</td><td>78,791</td><td>81,174</td></tr><tr><td>France</td><td>75</td><td>1</td><td>24</td><td>17</td><td>-</td><td>1</td><td>182</td><td>404</td><td>182</td><td>404</td><td>7</td><td>-</td></tr><tr><td>Belgium</td><td>-</td><td>9</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>3,162</td><td>-</td><td>3,174</td><td>-</td><td>3,129</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>-</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>Netherlands</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Spain</td><td>17</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</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><td>230</td><td>437</td><td>225</td><td>425</td></tr><tr><td>Switzerland</td><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>-</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>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><td>83,613</td><td>90,451</td><td>79,023</td><td>84,730</td></tr><tr><td>Canada</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><td>1,821</td><td>1,280</td><td>1,761</td><td>1,942</td></tr><tr><td>Latin America</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><td>1,228</td><td>1,110</td><td>745</td><td>659</td></tr><tr><td>Afia:</td><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>250</td><td>-</td><td>250</td><td>-</td><td>250</td><td>-</td><td>100</td><td>-</td><td>100</td><td>-</td><td>100</td><td>-</td></tr><tr><td>Hong Kong</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>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><td>1,163</td><td>1,552</td><td>1,180</td><td>1,400</td></tr><tr><td>Other Afia</td><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 Afia</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>2,044</td><td>1,263</td><td>1,556</td><td>1,280</td><td>1,404</td></tr><tr><td>All other</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><td>714</td><td>900</td><td>597</td><td>871</td></tr><tr><td>Grand total</td><td>101,946</td><td>113,403</td><td>101,761</td><td>108,682</td><td>101,275</td><td>106,874</td><td>91,419</td><td>98,611</td><td>88,639</td><td>95,297</td><td>83,406</td><td>89,606</td></tr></table>
p Preliminary.
66
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
April 1948 through March 1949
<table><tr><th></th><th colspan="7">Issue and page number 1948</th><th colspan="4">1949</th></tr><tr><th></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><th>Feb.</th><th>Mar.</th></tr><tr><td><b>Articles:</b></td><td></td><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>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><td>A-1</td></tr><tr><td>Announcement of change in reporting procedure on refunds and capital transfer.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-2</td><td></td><td></td></tr><tr><td><b>Summary of Federal fiscal operations.</b></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><td>1</td><td>1</td></tr><tr><td><b>Budget receipts and expenditures:</b></td><td></td><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 major classifications.</td><td>2</td><td>2</td><td>2</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>Receipts by principal sources.</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><td>2</td><td>2</td></tr><tr><td>Expenditures by major classifications.</td><td></td><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>Expenditures for national defense and related activities</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><td>3</td><td>3</td></tr><tr><td>Expenditures for international finance and aid.</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><td>3</td><td>3</td></tr><tr><td>"Other" expenditures.</td><td>1</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>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Summary by months and calendar years.</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><td>5</td><td>5</td></tr><tr><td>Social Security Act.</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><td>6</td><td>6</td></tr><tr><td>Railroad Retirement Act.</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><td>7</td><td>7</td></tr><tr><td>Railroad Unemployment Insurance Act.</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><td>7</td><td>7</td></tr><tr><td><b>Trust accounts, etc.:</b></td><td></td><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>Receipts and expenditures by major classifications.</td><td>8</td><td>8</td><td>8</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 receipts and expenditures of all trust accounts, etc.</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><td>8</td><td>8</td><td>8</td></tr><tr><td>Receipts, by principal accounts.</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><td>8</td><td>8</td><td>8</td></tr><tr><td>Investments, by principal accounts.</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><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>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>Federal Old-Age and Survivors Insurance Trust Fund.</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><td>9</td><td>9</td></tr><tr><td>Railroad Retirement Account.</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><td>10</td><td>10</td><td>10</td></tr><tr><td>Unemployment Trust Fund.</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><td>10</td><td>10</td><td>10</td></tr><tr><td><b>Treasury cash income and outgo:</b></td><td></td><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 cash transactions.</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><td>11</td><td>11</td><td>11</td></tr><tr><td>Derivation of cash budget receipts.</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><td>11</td><td>11</td><td>11</td></tr><tr><td>Derivation of cash budget expenditures.</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><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash trust account transactions.</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><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing.</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><td>13</td><td>13</td><td>13</td></tr><tr><td>Summary of cash operating income and outgo by months.</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><td>13</td><td>13</td><td>13</td></tr><tr><td><b>General Fund of the Treasury:</b></td><td></td><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>Status of the General Fund.</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><td>14</td><td>14</td><td>14</td></tr><tr><td>Analysis of change in balance in the General Fund.</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><td>14</td><td>14</td><td>14</td></tr><tr><td><b>Debt outstanding:</b></td><td></td><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 Federal securities outstanding.</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><td>15</td><td>15</td><td>15</td></tr><tr><td>Interest-bearing public debt.</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><td>15</td><td>15</td><td>15</td></tr><tr><td>Interest-bearing guaranteed securities.</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><td>16</td><td>16</td><td>16</td></tr><tr><td>Special issues to U. S. Government investment accounts.</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><td>16</td><td>16</td><td>16</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities.</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><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>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><td>17</td><td>17</td><td>17</td></tr><tr><td><b>Statutory debt limitation:</b></td><td></td><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>Status under limitation.</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><td>18</td><td>18</td><td>18</td></tr><tr><td>Application of limitation to public debt and guaranteed securities outstanding.</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><td>18</td><td>18</td><td>18</td></tr><tr><td><b>Debt operations:</b></td><td></td><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>Maturity schedule of interest-bearing public marketable securities issued by the U. S. Government.</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><td>19-20</td><td>19-20</td><td>19-20</td></tr><tr><td>Offerings of Treasury bills.</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><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>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><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>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><td>23</td><td>23</td><td>23</td></tr><tr><td>Issuance and retirement of the public debt.</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><td>24</td><td>24</td><td>24</td></tr></table>
(Continued on following page)
March 1949
67
CUMULATIVE TABLE OF CONTENTS
April 1948 through March 1949 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="8">Issue and page number 1948</th><th colspan="4">1949</th></tr><tr><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><th>Feb.</th><th>Mar.</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><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series....</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><td>25</td><td>25</td><td>25</td></tr><tr><td>Sales and redemptions, all series combined..............</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><td>25</td><td>25</td><td>25</td></tr><tr><td>Sales and redemptions of Series E, F, and G.............</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><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>28</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>By denominations</td><td></td><td></td><td></td><td></td><td>29-30</td><td></td><td></td><td></td><td></td><td></td><td>29-30</td><td></td><td></td></tr><tr><td>By States</td><td></td><td></td><td></td><td></td><td>31</td><td></td><td></td><td></td><td></td><td></td><td>31</td><td></td><td></td></tr><tr><td>Redemptions of Series A-E by States</td><td></td><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>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><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series....</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><td>28</td><td>32</td><td>28</td></tr><tr><td>Sales and redemptions of Series C and D.................</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><td>28</td><td>32</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><td></td></tr><tr><td>Distribution by classes of investors and types of issues</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><td>29</td><td>33</td><td>29</td></tr><tr><td>Net market purchases or sales for investment accounts</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><td>29</td><td>33</td><td>29</td></tr><tr><td>Estimated ownership by bank and nonbank investors</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><td>30</td><td>34</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><td></td></tr><tr><td>Ownership by banks, insurance companies, and others</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><td>35-38</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 Dec. 31, 1948)</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><td>35-38</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><td></td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues</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><td>39-40</td><td>39-40</td><td>39-40</td></tr><tr><td>Chart showing yields of Treasury securities</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><td>41</td><td>41</td><td>41</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><td></td></tr><tr><td>Average yields of long-term bonds by periods</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><td>42</td><td>42</td><td>42</td></tr><tr><td>Chart showing average yields of long-term bonds</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><td>43</td><td>43</td><td>43</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><td></td></tr><tr><td>Summary by principal sources</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><td>44</td><td>44</td><td>44</td></tr><tr><td>Chart showing internal revenue collections</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><td>45</td><td>45</td><td>45</td></tr><tr><td>Detail of collections by type of tax</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><td>46-47</td><td>46-47</td><td>46-47</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><td></td></tr><tr><td>Money in circulation</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><td>48</td><td>48</td><td>48</td></tr><tr><td>Monetary stocks of gold and silver</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><td>49</td><td>49</td><td>49</td></tr><tr><td>Gold assets and liabilities of the Treasury</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><td>49</td><td>49</td><td>49</td></tr><tr><td>Components of silver monetary stock</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><td>50</td><td>50</td><td>50</td></tr><tr><td>Silver production in the United States and acquisitions by mint and assay offices</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><td>50</td><td>50</td><td>50</td></tr><tr><td>Seigniorage on silver</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><td>51</td><td>51</td><td>51</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date December 31, 1948)</td><td></td><td>46</td><td></td><td>51</td><td></td><td>47</td><td></td><td>51</td><td></td><td>51</td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts (latest quarter ending December 31, 1948)</td><td></td><td></td><td>46</td><td></td><td>51</td><td></td><td>47</td><td></td><td>51</td><td></td><td></td><td></td><td>51</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><td></td></tr><tr><td>Balance Sheet (latest date September 30, 1948)</td><td></td><td>47</td><td></td><td>52</td><td></td><td>48</td><td></td><td>52</td><td></td><td>52</td><td></td><td></td><td></td></tr><tr><td>Income and expense (latest date September 30, 1948)</td><td></td><td>48</td><td></td><td>53</td><td></td><td>49</td><td></td><td>53</td><td></td><td>53</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><td></td></tr><tr><td>Historical summary of capital movement since 1935</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><td>54-56</td><td>52-54</td><td>52-54</td></tr><tr><td>Summary by countries and months</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><td>57-60</td><td>55-58</td><td>55-58</td></tr><tr><td>Details for latest months by countries</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><td>61-66</td><td>59-64</td><td></td></tr><tr><td>Outstanding contracts for forward purchase and sales of foreign exchange</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><td>67</td><td>65</td><td></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><td></td></tr><tr><td>Loans outstanding</td><td>62</td><td></td><td></td><td></td><td></td><td></td><td></td><td>61</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheets</td><td>63-66</td><td></td><td>58-60</td><td></td><td></td><td></td><td>62-65</td><td></td><td>65-67</td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense</td><td></td><td></td><td>61-64</td><td></td><td></td><td></td><td></td><td>68-71</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Source and application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
BUY and HOLD UNITED STATES SAVINGS BONDS
<table><tr><td>Treas. HJ 10 .A2 1949 c.2</td><td>U.S. Treasury Dept. Treasury Bulletin</td></tr></table>
U.S. TREASURY LIBRARY
1 0031963