Copy 2
TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
APRIL-1950
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
April 1950
Table of Contents
Page
<table><tr><td>Treasury financing operations.</td><td>A-l</td></tr><tr><td>Summary of Federal 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>12</td></tr><tr><td>General Fund of the Treasury</td><td>15</td></tr><tr><td>Debt outstanding</td><td>16</td></tr><tr><td>Statutory debt limitation</td><td>20</td></tr><tr><td>Debt operations</td><td>21</td></tr><tr><td>United States savings bonds</td><td>26</td></tr><tr><td>Treasury savings notes</td><td>30</td></tr><tr><td>Ownership of Federal securities</td><td>31</td></tr><tr><td>Treasury survey of ownership of Federal securities</td><td>33</td></tr><tr><td>Market quotations</td><td>37</td></tr><tr><td>Yields of Treasury and corporate bonds</td><td>40</td></tr><tr><td>Internal revenue collections</td><td>42</td></tr><tr><td>Monetary statistics</td><td>46</td></tr><tr><td>Capital movements</td><td>50</td></tr><tr><td>Corporations and certain other business-type activities - loans and balance sheets</td><td>66</td></tr><tr><td>Cumulative table of contents</td><td>71</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.
April 1950
A-1
Treasury Financing Operations
April Certificate and Note Maturities
On March 17, 1950, in accordance with the announcement by the Secretary of the Treasury on February 14, it was announced that subscription books would be opened on March 20 for two issues of Treasury notes. One was an issue of 1-1/4 percent Treasury notes maturing on July 1, 1951; the other was an additional amount of the 1-1/2 percent Treasury notes maturing on March 15, 1955, which were issued on March 15, 1950.
The new issue of 15-month 1-1/4 percent notes, Series C-1951, was offered in exchange, par for par, for the one-year 1-1/4 percent certificates of indebtedness, Series D-1950, maturing April 1, 1950. The additional 5-year 1-1/2 percent Treasury notes, Series A-1955, were offered in exchange, at par and accrued interest, for the 18-1/2 month 1-3/8 percent Treasury notes, Series A-1950, maturing April 1, 1950. Cash subscriptions were not received. The maturing certificates, Series D-1950, amounted to $963 million and the maturing notes, Series A-1950, amounted to $7,596 million. Subscription books were closed at the close of business on March 23.
The 1-1/4 percent notes of the new issue are dated April 1, 1950, and bear interest from that date at the rate of 1-1/4 percent per annum, payable on a semiannual basis on January 1 and July 1, 1951. They will mature July 1, 1951, and are not subject to call for redemption before maturity. They were issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The notes of Series A-1955, dated March 15, 1950, form a part of the series issued pursuant to the offering circular dated February 17, 1950.
Note: Details of Treasury market financing operations are shown in the tables on "Offerings" and "Disposition", respectively, of marketable issues of bonds, notes,
are identical in all respects with those notes, with which they are freely interchangeable.
Reports to the Treasury on the ownership of Government securities indicate that on January 31, 1950, about 45 percent of the maturing certificates and about 63 percent of the maturing notes were owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for January 31 are the latest published for the holdings of commercial banks.
Subscriptions to the new 1-1/4 percent Treasury notes amounted to $837 million, leaving $75 million to be paid in cash. Subscriptions to the 1-1/2 percent notes were made in the additional amount of $3,504 million, leaving $92 million to be paid in cash.
Treasury Bills Refunded
Treasury bills matured in March in the amount of $4.7 billion. Each of the five offerings was equal to the amount maturing. The first two were for $1,000 million each and the last three were for $900 million each. The average rates of discount, beginning with the issue dated March 2, were 1.137 percent, 1.139 percent, 1.131 percent, 1.138 percent, and 1.145 percent.
United States Savings Bonds
Discontinuance of the sale of the $10 maturity value of United States savings bonds, Series E, was announced by the Treasury Department on March 15. The change was effective at the close of business on March 31, 1950. Series E bonds of $10 denomination were authorized on June 7, 1944, for issuances exclusively to members of the armed forces.
and certificatee of indebtedness, and in the table "Offer- inge of Treasury Bills", in this issue of the "Treasury Bulletin".
April 1950
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th colspan="3">Budget receipts and expenditurees 1/</th><th rowspan="2">Trust accounte, etc. - net receipts or expenditures (-) 3/ b/</th><th rowspan="2">Clearing account 2/</th><th rowspan="2">Net increase in public debt, or decrease (-)</th><th rowspan="2">Net increase in General Fund balance, or decrease (-)</th><th colspan="4">Levels, end of period</th></tr><tr><th>Net receipts 2/</th><th>Expenditures 3/</th><th>Surplus, or deficit (-) 3/</th><th>General Fund balance</th><th>Public debt</th><th>Guaranteed securities</th><th>Total Federal securities</th></tr><tr><td colspan="11">Fiecol years:</td></tr><tr><td>1937</td><td>4,979</td><td>7,756</td><td>-2,777</td><td>3</td><td>-</td><td>2,646</td><td>-128</td><td>2,553</td><td>36,425</td><td>4,665</td><td>41,089</td></tr><tr><td>1938</td><td>5,802</td><td>6,979</td><td>-1,177</td><td>99</td><td>-</td><td>740</td><td>-338</td><td>2,216</td><td>37,165</td><td>4,853</td><td>42,018</td></tr><tr><td>1939</td><td>5,103</td><td>8,966</td><td>-3,862</td><td>1,210</td><td>-</td><td>3,275</td><td>622</td><td>2,838</td><td>40,440</td><td>5,451</td><td>45,890</td></tr><tr><td>1940</td><td>5,265</td><td>9,183</td><td>-3,918</td><td>443</td><td>-</td><td>2,528</td><td>-947</td><td>1,891</td><td>42,968</td><td>5,529</td><td>48,497</td></tr><tr><td>1941</td><td>7,227</td><td>13,387</td><td>-6,159</td><td>908</td><td>-</td><td>5,994</td><td>742</td><td>2,633</td><td>48,961</td><td>6,370</td><td>55,332</td></tr><tr><td>1942</td><td>12,696</td><td>34,187</td><td>-21,490</td><td>-1,613</td><td>-</td><td>23,461</td><td>358</td><td>2,991</td><td>72,422</td><td>4,568</td><td>76,991</td></tr><tr><td>1943</td><td>22,202</td><td>79,622</td><td>-57,420</td><td>-338</td><td>-</td><td>64,274</td><td>6,515</td><td>9,507</td><td>136,696</td><td>4,100</td><td>140,796</td></tr><tr><td>1944</td><td>43,892</td><td>95,315</td><td>-51,423</td><td>-2,222</td><td>-</td><td>64,307</td><td>10,662</td><td>20,169</td><td>201,003</td><td>1,663</td><td>202,666</td></tr><tr><td>1945</td><td>44,762</td><td>98,703</td><td>-53,941</td><td>791</td><td>-</td><td>57,679</td><td>4,529</td><td>24,698</td><td>258,682</td><td>433</td><td>259,115</td></tr><tr><td>1946</td><td>40,027</td><td>60,703</td><td>-20,676</td><td>-524</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td></tr><tr><td>1947</td><td>40,043</td><td>39,289</td><td>754</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,286</td><td>90</td><td>258,376</td></tr><tr><td>1948</td><td>42,211</td><td>33,791</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><td>73</td><td>252,366</td></tr><tr><td>1949</td><td>38,246</td><td>40,057</td><td>-1,811</td><td>-495</td><td>366</td><td>478</td><td>-1,462</td><td>3,470</td><td>252,770</td><td>27</td><td>252,798</td></tr><tr><td>1950 (Estimated)</td><td>37,763</td><td>43,297</td><td>-5,533</td><td>-354</td><td>200</td><td>5,630</td><td>-58</td><td>3,413</td><td>258,400</td><td>39</td><td>258,439</td></tr><tr><td>1951 (Estimated)</td><td>37,306</td><td>42,439</td><td>-5,133</td><td>-218</td><td>-</td><td>5,400</td><td>48</td><td>3,461</td><td>263,800</td><td>44</td><td>263,844</td></tr><tr><td colspan="11">Calendar years:</td></tr><tr><td>1942</td><td>16,290</td><td>57,751</td><td>-41,461</td><td>-1,788</td><td>-</td><td>50,232</td><td>6,983</td><td>10,543</td><td>108,170</td><td>4,301</td><td>112,471</td></tr><tr><td>1943</td><td>34,483</td><td>90,174</td><td>-55,691</td><td>-266</td><td>-</td><td>57,707</td><td>1,751</td><td>12,294</td><td>165,877</td><td>4,230</td><td>170,108</td></tr><tr><td>1944</td><td>43,531</td><td>97,181</td><td>-53,650</td><td>-1,161</td><td>-</td><td>64,753</td><td>9,942</td><td>22,236</td><td>230,630</td><td>1,514</td><td>232,144</td></tr><tr><td>1945</td><td>43,928</td><td>87,522</td><td>-43,594</td><td>-123</td><td>-</td><td>47,434</td><td>3,767</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td></tr><tr><td>1946</td><td>38,810</td><td>41,322</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,966</td><td>-22,502</td><td>3,502</td><td>259,149</td><td>339</td><td>259,487</td></tr><tr><td>1947</td><td>41,010</td><td>38,576</td><td>2,434</td><td>-350</td><td>-240</td><td>-2,249</td><td>-405</td><td>3,097</td><td>256,900</td><td>81</td><td>256,981</td></tr><tr><td>1948</td><td>41,450</td><td>36,209</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><td>55</td><td>252,854</td></tr><tr><td>1949</td><td>38,122</td><td>41,714</td><td>-3,592</td><td>-502</td><td>234</td><td>4,331</td><td>471</td><td>4,679</td><td>257,130</td><td>30</td><td>257,160</td></tr><tr><td colspan="11">Months:</td></tr><tr><td>1948-January</td><td>4,196</td><td>2,800</td><td>1,396</td><td>259</td><td>222</td><td>-326</td><td>1,551</td><td>4,648</td><td>256,574</td><td>77</td><td>256,651</td></tr><tr><td>February</td><td>4,158</td><td>2,224</td><td>1,934</td><td>-194</td><td>-101</td><td>-1,969</td><td>-330</td><td>4,318</td><td>254,605</td><td>79</td><td>254,683</td></tr><tr><td>March</td><td>5,874</td><td>3,086</td><td>2,788</td><td>-86</td><td>-53</td><td>-1,615</td><td>1,035</td><td>5,353</td><td>252,990</td><td>78</td><td>253,068</td></tr><tr><td>April</td><td>2,239</td><td>2,541</td><td>-302</td><td>86</td><td>226</td><td>-750</td><td>-741</td><td>4,612</td><td>252,240</td><td>75</td><td>252,315</td></tr><tr><td>May</td><td>2,324</td><td>2,222</td><td>103</td><td>378</td><td>-144</td><td>-3</td><td>334</td><td>4,946</td><td>252,236</td><td>75</td><td>252,311</td></tr><tr><td>June</td><td>4,859</td><td>4,018</td><td>841</td><td>-685</td><td>-226</td><td>56</td><td>-14</td><td>4,932</td><td>252,292</td><td>73</td><td>252,366</td></tr><tr><td>July</td><td>2,096</td><td>3,741</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><td>55</td><td>253,429</td></tr><tr><td>August</td><td>2,505</td><td>2,335</td><td>169</td><td>202</td><td>-289</td><td>-324</td><td>-241</td><td>4,832</td><td>253,049</td><td>51</td><td>253,101</td></tr><tr><td>September</td><td>4,543</td><td>3,066</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><td>50</td><td>252,738</td></tr><tr><td>October</td><td>2,101</td><td>2,911</td><td>-810</td><td>82</td><td>174</td><td>-227</td><td>-781</td><td>4,802</td><td>252,460</td><td>52</td><td>252,513</td></tr><tr><td>November</td><td>2,540</td><td>3,163</td><td>-623</td><td>317</td><td>-158</td><td>46</td><td>-417</td><td>4,385</td><td>252,506</td><td>57</td><td>252,563</td></tr><tr><td>December</td><td>4,014</td><td>4,102</td><td>-88</td><td>-219</td><td>-163</td><td>294</td><td>-177</td><td>4,208</td><td>252,800</td><td>55</td><td>252,854</td></tr><tr><td>1949-January</td><td>3,579</td><td>3,205</td><td>374</td><td>-84</td><td>340</td><td>-179</td><td>451</td><td>4,659</td><td>252,620</td><td>36</td><td>252,656</td></tr><tr><td>February</td><td>3,381</td><td>2,972</td><td>409</td><td>172</td><td>-51</td><td>101</td><td>631</td><td>5,291</td><td>252,721</td><td>26</td><td>252,747</td></tr><tr><td>March</td><td>5,435</td><td>3,651</td><td>1,783</td><td>-315</td><td>87</td><td>-1,080</td><td>476</td><td>5,767</td><td>251,642</td><td>24</td><td>251,666</td></tr><tr><td>April</td><td>1,340</td><td>3,151</td><td>-1,811</td><td>-62</td><td>213</td><td>-111</td><td>-1,771</td><td>3,995</td><td>251,530</td><td>23</td><td>251,553</td></tr><tr><td>May</td><td>1,945</td><td>3,104</td><td>-1,159</td><td>291</td><td>-324</td><td>359</td><td>-833</td><td>3,163</td><td>251,889</td><td>23</td><td>251,912</td></tr><tr><td>June</td><td>4,767</td><td>4,656</td><td>111</td><td>-511</td><td>-173</td><td>881</td><td>308</td><td>3,470</td><td>252,770</td><td>27</td><td>252,798</td></tr><tr><td>July</td><td>1,946</td><td>3,434</td><td>-1,488</td><td>30</td><td>218</td><td>1,107</td><td>-133</td><td>3,337</td><td>253,877</td><td>26</td><td>253,902</td></tr><tr><td>August</td><td>2,479</td><td>3,585</td><td>-1,106</td><td>345</td><td>-133</td><td>1,975</td><td>1,081</td><td>4,418</td><td>255,852</td><td>27</td><td>255,879</td></tr><tr><td>September</td><td>4,832</td><td>3,995</td><td>837</td><td>-404</td><td>20</td><td>828</td><td>1,281</td><td>5,699</td><td>256,680</td><td>29</td><td>256,709</td></tr><tr><td>October</td><td>1,881</td><td>3,111</td><td>-1,230</td><td>10</td><td>160</td><td>98</td><td>-962</td><td>4,737</td><td>256,778</td><td>28</td><td>256,805</td></tr><tr><td>November</td><td>2,344</td><td>3,127</td><td>-783</td><td>299</td><td>-36</td><td>204</td><td>-315</td><td>4,422</td><td>256,982</td><td>29</td><td>257,011</td></tr><tr><td>December</td><td>4,191</td><td>3,722</td><td>469</td><td>-272</td><td>-88</td><td>148</td><td>257</td><td>4,679</td><td>257,130</td><td>30</td><td>257,160</td></tr><tr><td>1950-January</td><td>3,366</td><td>3,323</td><td>44</td><td>2</td><td>589</td><td>-265</td><td>370</td><td>5,049</td><td>256,865</td><td>27</td><td>256,892</td></tr><tr><td>February</td><td>2,972</td><td>2,496</td><td>476</td><td>170</td><td>-11</td><td>-497</td><td>137</td><td>5,186</td><td>256,368</td><td>27</td><td>256,395</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 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. For prior fiscal year figures adjusted to a comparable basis, beginning with 1931, see the 1949 Annual Report of the Secretary of the Treasury, pages 360 and 361.
2/ Grosse receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts (see "Budget Receipts and Expenditures", Table 1).
3/ To make the figures for the fiscal years 1948 and 1949 comparable with
those for other years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin." 1/ Consists of: trust accounts; sales and redemptions of securities of Government corporations, etc., in the market (net); increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-39). 5/ For outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-).
2
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Internal revenue 1/</th><th colspan="2">Customs</th><th rowspan="2">Other receipts 1/</th><th rowspan="2">Grose receipts 2/</th><th colspan="2">Deductions</th><th rowspan="2">Net receipts 2/</th></tr><tr><th>Withheld by employers 2/</th><th>Other 2/</th><th>Total</th><th>Employment taxes 3/</th><th>Micella-nous internal revenue</th><th>Total internal revenue</th><th>Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 6/</th><th>Refund of receipts 1/</th></tr><tr><td>1942</td><td>-</td><td>7,960</td><td>7,960</td><td>1,186</td><td>3,347</td><td>12,993</td><td>389</td><td>295</td><td>13,677</td><td>895</td><td>85</td><td>12,696</td></tr><tr><td>1943</td><td>-</td><td>16,094</td><td>16,094</td><td>1,498</td><td>4,553</td><td>22,144</td><td>324</td><td>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>1,780</td><td>6,949</td><td>43,902</td><td>355</td><td>3,494</td><td>47,750</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</td><td>9,842</td><td>19,641</td><td>29,482</td><td>2,477</td><td>8,348</td><td>40,307</td><td>384</td><td>2,082</td><td>42,774</td><td>1,690</td><td>2,838</td><td>38,246</td></tr><tr><td>1950 (Estimated)</td><td>9,839</td><td>19,307</td><td>29,146</td><td>3,038</td><td>8,328</td><td>40,512</td><td>375</td><td>1,298</td><td>42,185</td><td>2,245</td><td>2,177</td><td>37,763</td></tr><tr><td>1951 (Estimated)</td><td>10,075</td><td>18,689</td><td>28,764</td><td>4,783</td><td>8,334</td><td>41,881</td><td>375</td><td>1,166</td><td>43,422</td><td>3,715</td><td>2,151</td><td>37,306 8/</td></tr><tr><td>1949-July</td><td>554</td><td>655</td><td>1,209</td><td>65</td><td>653</td><td>1,927</td><td>25</td><td>110</td><td>2,061</td><td>58</td><td>57</td><td>1,946</td></tr><tr><td>August</td><td>1,161</td><td>407</td><td>1,568</td><td>404</td><td>749</td><td>2,720</td><td>32</td><td>165</td><td>2,917</td><td>381</td><td>57</td><td>2,479</td></tr><tr><td>September</td><td>657</td><td>3,237</td><td>3,893</td><td>144</td><td>714</td><td>4,751</td><td>33</td><td>101</td><td>4,885</td><td>7</td><td>45</td><td>4,832</td></tr><tr><td>October</td><td>564</td><td>496</td><td>1,060</td><td>65</td><td>753</td><td>1,879</td><td>35</td><td>79</td><td>1,993</td><td>62</td><td>49</td><td>1,881</td></tr><tr><td>November</td><td>1,134</td><td>355</td><td>1,489</td><td>356</td><td>722</td><td>2,566</td><td>37</td><td>124</td><td>2,727</td><td>337</td><td>46</td><td>2,344</td></tr><tr><td>December</td><td>695</td><td>2,520</td><td>3,214</td><td>139</td><td>720</td><td>4,074</td><td>35</td><td>147</td><td>4,255</td><td>5</td><td>59</td><td>4,191</td></tr><tr><td>1950-January</td><td>588</td><td>1,957</td><td>2,545</td><td>67</td><td>645</td><td>3,257</td><td>37</td><td>186</td><td>3,480</td><td>47</td><td>67</td><td>3,366</td></tr><tr><td>February</td><td>1,310</td><td>1,032</td><td>2,342</td><td>544</td><td>599</td><td>3,484</td><td>35</td><td>88</td><td>3,607</td><td>398</td><td>238</td><td>2,972</td></tr><tr><td>Fiscal year 1950 to date</td><td>6,661</td><td>10,659</td><td>17,320</td><td>1,784</td><td>5,555</td><td>24,659</td><td>268</td><td>999</td><td>25,926</td><td>1,294</td><td>619</td><td>24,012</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 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>Total 5/2/10/</th><th>National defense</th><th>International finance and aid 10/</th><th>Interest on the public debt 11/</th><th>Veterans' Administration 12/</th><th>Other</th></tr><tr><td>1942</td><td>34,187</td><td>28,266</td><td>-</td><td>1,260</td><td>556</td><td>4,105</td></tr><tr><td>1943</td><td>79,622</td><td>75,297</td><td>-</td><td>1,808</td><td>602</td><td>1,914</td></tr><tr><td>1944</td><td>95,315</td><td>89,720</td><td>-</td><td>2,609</td><td>730</td><td>2,256</td></tr><tr><td>1945</td><td>98,703</td><td>90,501</td><td>-</td><td>3,617</td><td>2,060</td><td>2,525</td></tr><tr><td>1946</td><td>60,703</td><td>48,870</td><td>727</td><td>4,722</td><td>4,253</td><td>2,133</td></tr><tr><td>1947</td><td>39,289</td><td>16,812</td><td>4,928</td><td>4,958</td><td>7,259</td><td>5,332</td></tr><tr><td>1948</td><td>33,791</td><td>11,500</td><td>4,143</td><td>5,211</td><td>6,469</td><td>6,467</td></tr><tr><td>1949</td><td>40,057</td><td>12,158</td><td>6,011</td><td>5,339</td><td>6,878</td><td>9,670</td></tr><tr><td>1950 (Estimated)</td><td>43,297</td><td>13,434</td><td>5,402</td><td>5,725</td><td>6,766</td><td>11,969</td></tr><tr><td>1951 (Estimated)</td><td>42,439</td><td>13,837</td><td>4,264</td><td>5,625</td><td>5,989</td><td>12,723</td></tr><tr><td>1949-July</td><td>3,434</td><td>1,040</td><td>478</td><td>322</td><td>494</td><td>1,100</td></tr><tr><td>August</td><td>3,585</td><td>1,173</td><td>421</td><td>125</td><td>522</td><td>1,343</td></tr><tr><td>September</td><td>3,995</td><td>1,032</td><td>455</td><td>544</td><td>859</td><td>1,106</td></tr><tr><td>October</td><td>3,111</td><td>1,006</td><td>389</td><td>255</td><td>512</td><td>949</td></tr><tr><td>November</td><td>3,127</td><td>1,063</td><td>353</td><td>306</td><td>547</td><td>859</td></tr><tr><td>December</td><td>3,722</td><td>1,100</td><td>347</td><td>1,008</td><td>489</td><td>779</td></tr><tr><td>1950-January</td><td>3,323</td><td>1,054</td><td>286</td><td>463</td><td>516</td><td>1,004</td></tr><tr><td>February</td><td>2,196</td><td>944</td><td>324</td><td>161</td><td>502</td><td>565</td></tr><tr><td>Fiscal year 1950 to date</td><td>26,793</td><td>8,413</td><td>3,052</td><td>3,183</td><td>4,440</td><td>7,704</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on the 1951 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.
April 1950
3
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Department of the Air Force 13/</th><th>Department of the Army 14/</th><th>Department of the Navy 15/</th><th>Payments under Armed Forces Leave Act</th><th>United States Maritime Commission 16/</th><th>UNRRA</th><th>Surplus property disposal 17/ 18/</th><th>Reconstruction Finance Corporation 19/</th><th>Strategic and critical materiale 20/</th><th>Other 21/</th></tr><tr><td>1942</td><td>28,266</td><td>-</td><td>18,070</td><td>8,580</td><td>-</td><td>929</td><td>-</td><td>-</td><td>2,255</td><td>-</td><td>2,432</td></tr><tr><td>1943</td><td>75,297</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>-</td><td>6,180</td></tr><tr><td>1944</td><td>89,720</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>-</td><td>7,447</td></tr><tr><td>1945</td><td>90,501</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>-</td><td>6,305</td></tr><tr><td>1946</td><td>48,870</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>-</td><td>4,117</td></tr><tr><td>1947</td><td>16,812</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>11</td><td>554</td></tr><tr><td>1948</td><td>11,500</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>98</td><td>45</td></tr><tr><td>1949</td><td>12,158</td><td>1,690</td><td>5,417</td><td>4,412</td><td>10</td><td>136</td><td>25</td><td>98</td><td>-</td><td>299</td><td>71</td></tr><tr><td>1950 (Estimated)</td><td>13,434</td><td>3,745</td><td>4,307</td><td>4,394</td><td>2</td><td>162</td><td>*</td><td>11</td><td>-</td><td>580</td><td>232</td></tr><tr><td>1951 (Estimated)</td><td>13,837</td><td>4,415</td><td>4,175</td><td>4,160</td><td>*</td><td>222</td><td>-</td><td>3</td><td>-</td><td>650</td><td>211</td></tr><tr><td>1949-July</td><td>1,040</td><td>155</td><td>463</td><td>356</td><td>*</td><td>6</td><td>*</td><td>1</td><td>-</td><td>52</td><td>6</td></tr><tr><td>August</td><td>1,173</td><td>205</td><td>515</td><td>400</td><td>*</td><td>8</td><td>*</td><td>1</td><td>-</td><td>38</td><td>5</td></tr><tr><td>September</td><td>1,032</td><td>279</td><td>332</td><td>354</td><td>*</td><td>8</td><td>-</td><td>1</td><td>-</td><td>44</td><td>15</td></tr><tr><td>October</td><td>1,006</td><td>329</td><td>230</td><td>378</td><td>*</td><td>4</td><td>*</td><td>1</td><td>-</td><td>45</td><td>20</td></tr><tr><td>November</td><td>1,063</td><td>294</td><td>329</td><td>376</td><td>*</td><td>7</td><td>-</td><td>1</td><td>-</td><td>37</td><td>20</td></tr><tr><td>December</td><td>1,100</td><td>351</td><td>318</td><td>367</td><td>*</td><td>6</td><td>*</td><td>*</td><td>-</td><td>30</td><td>29</td></tr><tr><td>1950-January</td><td>1,054</td><td>305</td><td>335</td><td>357</td><td>*</td><td>8</td><td>-</td><td>1</td><td>-</td><td>34</td><td>15</td></tr><tr><td>February</td><td>944</td><td>297</td><td>298</td><td>296</td><td>*</td><td>8</td><td>-</td><td>*</td><td>-</td><td>22</td><td>24</td></tr><tr><td>Fiscal year 1950 to date</td><td>8,413</td><td>2,214</td><td>2,819</td><td>2,883</td><td>*</td><td>55</td><td>*</td><td>6</td><td>-</td><td>301</td><td>134</td></tr></table>
Source: (Same as Table 2). Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Bretton Woods Agreement Act</th><th>Export-Import Bank 22/</th><th>Credit to United Kingdom</th><th>Greek-Turkish assistance</th><th>Relief in war devastated countries</th><th>Government and relief in occupied areas 23/</th><th>Economic Cooperation Act 10/</th><th>Foreign Aid Act of 1947</th><th>China Aid Act of 1948</th><th>Mutual defense assistance</th><th>Other 24/</th></tr><tr><td>1946</td><td>727</td><td>159</td><td>568</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</td><td>4,928</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>-</td></tr><tr><td>1948</td><td>4,143</td><td>-</td><td>465</td><td>1,700</td><td>161</td><td>272</td><td>881</td><td>134</td><td>498</td><td>-</td><td>-</td><td>33</td></tr><tr><td>1949</td><td>6,011</td><td>-</td><td>-60</td><td>-</td><td>279</td><td>10</td><td>1,329</td><td>4,043</td><td>75</td><td>296</td><td>-</td><td>39</td></tr><tr><td>1950 (Estimated)</td><td>5,402</td><td>-</td><td>71</td><td>-</td><td>195</td><td>5</td><td>998</td><td>3,895</td><td>2</td><td>*</td><td>160</td><td>77</td></tr><tr><td>1951 (Estimated)</td><td>4,264</td><td>-</td><td>48</td><td>-</td><td>-</td><td>-</td><td>279</td><td>3,250</td><td>1</td><td>2</td><td>445</td><td>239</td></tr><tr><td>1949-July</td><td>478</td><td>-</td><td>-23</td><td>-</td><td>33</td><td>*</td><td>113</td><td>354</td><td>*</td><td>1</td><td>-</td><td>*</td></tr><tr><td>August</td><td>421</td><td>-</td><td>5</td><td>-</td><td>6</td><td>*</td><td>85</td><td>319</td><td>*</td><td>1</td><td>-</td><td>5</td></tr><tr><td>September</td><td>455</td><td>-</td><td>6</td><td>-</td><td>16</td><td>*</td><td>114</td><td>314</td><td>*</td><td>1</td><td>-</td><td>4</td></tr><tr><td>October</td><td>389</td><td>-</td><td>6</td><td>-</td><td>18</td><td>*</td><td>100</td><td>260</td><td>*</td><td>-7</td><td>-</td><td>11</td></tr><tr><td>November</td><td>353</td><td>-</td><td>5</td><td>-</td><td>-2</td><td>*</td><td>68</td><td>280</td><td>*</td><td>-3</td><td>-</td><td>5</td></tr><tr><td>December</td><td>347</td><td>-</td><td>7</td><td>-</td><td>8</td><td>*</td><td>52</td><td>276</td><td>*</td><td>1</td><td>-</td><td>3</td></tr><tr><td>1950-January</td><td>286</td><td>-</td><td>-20</td><td>-</td><td>-12</td><td>*</td><td>38</td><td>267</td><td>*</td><td>*</td><td>*</td><td>13</td></tr><tr><td>February</td><td>324</td><td>-</td><td>19</td><td>-</td><td>10</td><td>*</td><td>33</td><td>259</td><td>*</td><td>*</td><td>*</td><td>3</td></tr><tr><td>Fiscal year 1950 to date</td><td>3,052</td><td>-</td><td>4</td><td>-</td><td>78</td><td>*</td><td>604</td><td>2,328</td><td>-1</td><td>-5</td><td>*</td><td>44</td></tr></table>
Source: (Same as Table 2). Footnotes at end of Table 5.
4
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5. - "Other" Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Aid to agriculture 25/</th><th>Social security program 26/</th><th>Public works 18/ 27/</th><th>Housing and home finance 28/</th><th>Direct and work relief 29/</th><th>Atomic Energy Commission</th><th>Miscellaneous 30/</th></tr><tr><td>1942</td><td>4,105</td><td>1,385</td><td>696</td><td>673</td><td>-201</td><td>970</td><td>-</td><td>622</td></tr><tr><td>1943</td><td>1,914</td><td>585</td><td>732</td><td>535</td><td>-354</td><td>299</td><td>-</td><td>118</td></tr><tr><td>1944</td><td>2,256</td><td>696</td><td>798</td><td>425</td><td>-360</td><td>17</td><td>-</td><td>679</td></tr><tr><td>1945</td><td>2,525</td><td>969</td><td>807</td><td>313</td><td>-307</td><td>*</td><td>-</td><td>742</td></tr><tr><td>1946</td><td>2,133</td><td>-203</td><td>845</td><td>359</td><td>-246</td><td>-</td><td>-</td><td>1,378</td></tr><tr><td>1947</td><td>5,332</td><td>1,226</td><td>1,066</td><td>690</td><td>129</td><td>-</td><td>159</td><td>2,062</td></tr><tr><td>1948</td><td>6,167</td><td>782</td><td>1,619</td><td>1,126</td><td>-68</td><td>-</td><td>456</td><td>2,553</td></tr><tr><td>1949</td><td>9,670</td><td>2,661</td><td>1,696</td><td>1,520</td><td>-56</td><td>-</td><td>647</td><td>3,201</td></tr><tr><td>1950 (Estimated)</td><td>11,969</td><td>2,838</td><td>1,971</td><td>1,813</td><td>-49</td><td>-</td><td>673</td><td>4,724</td></tr><tr><td>1951 (Estimated)</td><td>12,723</td><td>2,400</td><td>2,250</td><td>2,013</td><td>116</td><td>-</td><td>817</td><td>5,127</td></tr><tr><td>1949-July</td><td>1,100</td><td>64</td><td>547</td><td>140</td><td>-12</td><td>-</td><td>50</td><td>311</td></tr><tr><td>August</td><td>1,343</td><td>327</td><td>157</td><td>153</td><td>-11</td><td>-</td><td>36</td><td>681</td></tr><tr><td>September</td><td>1,106</td><td>495</td><td>62</td><td>168</td><td>-4</td><td>-</td><td>41</td><td>345</td></tr><tr><td>October</td><td>949</td><td>242</td><td>228</td><td>144</td><td>-28</td><td>-</td><td>44</td><td>318</td></tr><tr><td>November</td><td>859</td><td>212</td><td>111</td><td>168</td><td>-13</td><td>-</td><td>38</td><td>344</td></tr><tr><td>December</td><td>779</td><td>311</td><td>84</td><td>130</td><td>-26</td><td>-</td><td>46</td><td>234</td></tr><tr><td>1950-January</td><td>1,004</td><td>314</td><td>186</td><td>125</td><td>-37</td><td>-</td><td>40</td><td>376</td></tr><tr><td>February</td><td>565</td><td>124</td><td>102</td><td>86</td><td>-15</td><td>-</td><td>42</td><td>226</td></tr><tr><td>Fiscal year 1950 to date</td><td>7,704</td><td>2,089</td><td>1,476</td><td>1,115</td><td>-146</td><td>-</td><td>337</td><td>2,834</td></tr></table>
Source: (Same as Table 2). 1/ For further detail, see tables under "Internal Revenue Collections". 2/ Receipts of Victory taxes withheld pursuant to the Revenue Act of 1942 are classified as "Other" income and profit taxes. 3/ Consists of receipts for old-age insurance, unemployment insurance, railroad retirement, and health insurance in the 1951 estimate; for details see Tables 7 and 8 in this section. Excludes railroad unemployment insurance contributions, which are included in "Other receipts". 4/ Includes proceeds from sale of surplus property and from Government-owned securities; also deposits resulting from renegotiation of war contracts (see "Treasury Bulletin" for February 1948, page 5).
2/ 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).
6/ See Table 7 in this section.
7/ Excludes interest on refunds.
8/ Allows for deduction of appropriation of $250 million for Health Insurance Trust Fund, under proposed legislation.
9/ In addition to the exclusion of certain payments to the Treasury as indicated in footnote 5, total expenditures shown here exclude refunds of receipts (see Table 1 in this section). Interest on refunds is shown under "Other" expenditures. Budget expenditures also exclude amounts 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.
10/ To make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund (established under Section 11b (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin".
11/ Beginning November 1, 1949, interest on the public debt is reported as an expenditure when such interest becomes due and payable, as distinguished from the previous practice of showing it as an expenditure at the time interest was paid by the Treasurer of the United States. In order to take care of the transition in the basic of reporting, the expenditures for interest in the fiscal year 1950 represent not only the interest which becomes due and payable during that year but also the interest for prior years which had not been presented as of June 30, 1949, for payment by the Treasurer of the United States, amounting to $225 million.
12/ Includes public works undertaken by the Veterans' Administration.
13/ See footnote 14/.
14/ Includes 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 as follows: those shown separately in Table 3; international finance and aid, shown in Table 4; river and harbor work and flood control included in Table 5 under "Public works"; and Panama Canal. War expenditures of the Panama Canal, all prior to July 1, 1947, are included in Table 3 under "Other"; other expenditures of the Panama Canal are included in Table 5 under "Miscellaneous".
15/ Excludes expenditures shown separately in Table 3, and those for international finance and aid, shown in Table 4.
16/ Excludes expenditures shown separately in Table 3.
17/ Beginning March 1948, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus property overseas.
18/ Effective January 1, 1950, certain administrative functions of the General Services Administration were consolidated pursuant to Section 106 of Public Law 152, approved June 30, 1949, and appropriated funds relating to such functions were transferred to and combined in one operating account. Accordingly, expenditures by this agency for surplus property disposal and for public buildings other than construction are not reported separately after that date, and are not included in the totals for these purposes shown in Tables 3 and 5. Figures for the preceding months of the fiscal year 1950 have been revised to a comparable basis.
19/ After July 1, 1947, expenditures for national defense and related activities were not segregated from the other expenditures of the Corporation and its affiliates, which are included in Table 5 under "Miscellaneous".
20/ Prior to July 1, 1946, expenditures for this purpose were not shown separately from "Other" Treasury Department expenditures, included in Table 5 under "Miscellaneous".
21/ For content before July 1948 see "Treasury Bulletin" for September 1948, page 4, and February 1948, page 7, except that beginning with the fiscal year 1947 figures have been revised to include expenditures of the National Advisory Committee for Aeronautics. Beginning July 1948, consists of expenditures of that Committee, the Selective Service System, and the Office of the Secretary of Defense. The latter includes retired pay for the military services beginning September 1949.
22/ Excludes expenditures made through the Bank under Economic Cooperation Act of 1948.
23/ Beginning June 1949, includes Department of Agriculture expenditures for agricultural commodities and raw materials for occupied areas.
24/ Consists principally of expenditures by the Department of State for the International Children's Emergency Fund and for the loan for construction and furnishing of United Nations Headquarters.
25/ Department of Agriculture expenditures except those included in Tables 3 and 4 and those for forest roads and trails, included in Table 5 under "Public works".
26/ For more detail of these expenditures, see Tables 7, 8, and 9 in this section.
27/ Consists of expenditures for the following: public roads, except assistance to Greece and Turkey; public buildings, consisting of construction only, beginning with July 1949 (see footnote 18); and Bureau of Community Facilities (these three categories of expenditures having been under the Federal Works Agency until it was abolished by Public Law 162, approved June 30, 1949); Bureau of Reclamation; Tennessee Valley Authority; river and harbor work and flood control under the Department of the Army; and forest roads and trails under the Department of Agriculture. Prior to July 1949, included all other Federal Works Agency expenditures except those included in Tables 3.
28/ Excludes expenditures included in Table 3.
29/ Not classified separately for fiscal years after 1945. For additional information, see "Treasury Bulletin" for August 1945, page 6.
30/ 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; aids to education, labor, finance, commerce, industry, and civil aeronautics; Panama Canal, except war expenditures; Post Office deficiency; and for 1950 and 1951 estimates, reserves for contingencies.
* Less than $500,000.
April 1950
5
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(In millions of dollars)
<table><tr><th>Calender 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>1938</td><td>267</td><td>363</td><td>682</td><td>208</td><td>340</td><td>552</td><td>267</td><td>444</td><td>672</td><td>295</td><td>345</td><td>668</td><td>4,851</td></tr><tr><td>1939</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>1940</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>1941</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>3,381</td><td>5,435</td><td>1,340</td><td>1,945</td><td>4,767</td><td>1,946</td><td>2,479</td><td>4,832</td><td>1,881</td><td>2,344</td><td>4,191</td><td>38,122</td></tr><tr><td>1950</td><td>3,366</td><td>2,972</td><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>1938</td><td>653</td><td>585</td><td>785</td><td>665</td><td>694</td><td>884</td><td>666</td><td>703</td><td>751</td><td>777</td><td>967</td><td>835</td><td>9,151</td></tr><tr><td>1939</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>1,187</td><td>9,645</td></tr><tr><td>1940</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>1941</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>8,142</td><td>7,127</td><td>9,034</td><td>7,758</td><td>8,927</td><td>9,580</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>4,018</td><td>3,741</td><td>2,335</td><td>3,066</td><td>2,911</td><td>3,163</td><td>4,102</td><td>36,209</td></tr><tr><td>1949</td><td>3,205</td><td>2,972</td><td>3,651</td><td>3,151</td><td>3,104</td><td>4,656</td><td>3,434</td><td>3,585</td><td>3,995</td><td>3,111</td><td>3,127</td><td>3,722</td><td>41,714</td></tr><tr><td>1950</td><td>3,323</td><td>2,496</td><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>1938</td><td>-385</td><td>-222</td><td>-103</td><td>-457</td><td>-354</td><td>-332</td><td>-696</td><td>-259</td><td>-80</td><td>-483</td><td>-622</td><td>-166</td><td>-4,300</td></tr><tr><td>1939</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>-21</td><td>-480</td><td>-273</td><td>-321</td><td>-3,934</td></tr><tr><td>1940</td><td>-799</td><td>-665</td><td>75</td><td>-1,082</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>1941</td><td>-2,109</td><td>-1,901</td><td>23</td><td>-3,253</td><td>-3,844</td><td>-2,341</td><td>-4,518</td><td>-4,875</td><td>-3,410</td><td>-5,585</td><td>-5,417</td><td>-4,231</td><td>-41,461</td></tr><tr><td>1943</td><td>-5,946</td><td>-5,409</td><td>-2,543</td><td>-5,792</td><td>-6,002</td><td>-3,693</td><td>-5,498</td><td>-5,117</td><td>-2,227</td><td>-5,595</td><td>-5,854</td><td>-2,014</td><td>-55,691</td></tr><tr><td>1944</td><td>-4,997</td><td>-5,518</td><td>-3,880</td><td>-4,291</td><td>-3,904</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>705</td><td>464</td><td>2,102</td><td>-1,445</td><td>-987</td><td>-67</td><td>-1,272</td><td>-524</td><td>1,940</td><td>-55</td><td>549</td><td>1,022</td><td>2,434</td></tr><tr><td>1948</td><td>1,396</td><td>1,934</td><td>2,788</td><td>-302</td><td>103</td><td>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>409</td><td>1,783</td><td>-1,811</td><td>-1,159</td><td>111</td><td>-1,488</td><td>-1,106</td><td>837</td><td>-1,230</td><td>-783</td><td>469</td><td>-3,592</td></tr><tr><td>1950</td><td>44</td><td>476</td><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/ Gross 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 accounts, and net expenditures of
wholly owned Government corporations, etc., except payments to the Treasury mentioned above. In order to make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund (established under Section 114 (b) of the Economic Cooperation Act of 1948) have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin". 3/ Net receipts less 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="2">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>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>184.8</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>1949</td><td>-889.9</td><td>1,913.1</td><td>1,690.3</td><td>222.8</td><td>1,690.3</td><td>9.7</td><td>213.1</td></tr><tr><td>1949-July</td><td>-152.7</td><td>62.1</td><td>57.5</td><td>4.6</td><td>57.5</td><td>.7</td><td>3.9</td></tr><tr><td>August</td><td>-120.8</td><td>394.4</td><td>380.6</td><td>13.8</td><td>380.6</td><td>1.4</td><td>12.4</td></tr><tr><td>September</td><td>-60.8</td><td>8.3</td><td>7.2</td><td>1.0</td><td>7.2</td><td>.7</td><td>.4</td></tr><tr><td>October</td><td>-118.8</td><td>64.7</td><td>62.4</td><td>2.3</td><td>62.4</td><td>.6</td><td>1.7</td></tr><tr><td>November</td><td>-96.5</td><td>350.6</td><td>336.9</td><td>13.7</td><td>336.9</td><td>.4</td><td>13.3</td></tr><tr><td>December</td><td>-82.6</td><td>6.3</td><td>5.5</td><td>.9</td><td>5.5</td><td>.4</td><td>.5</td></tr><tr><td>1950-January</td><td>-128.4</td><td>66.5</td><td>46.8</td><td>19.7</td><td>46.8</td><td>.3</td><td>19.4</td></tr><tr><td>February</td><td>40.1</td><td>538.7</td><td>397.5</td><td>141.2</td><td>397.5</td><td>.5</td><td>140.7</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total</th><th rowspan="2">Transfers to Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="4">Social Security Administration</th><th colspan="4">Children's Bureau</th><th rowspan="2">Public Health Service 5/</th><th rowspan="2">Bureau of Employment Security 6/</th></tr><tr><th>Total</th><th>Administrative expenses 4/</th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th></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>5.9</td><td>4.0</td><td>1.6</td><td>11.4</td><td>70.3</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>6.5</td><td>3.8</td><td>1.6</td><td>10.7</td><td>75.8</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>6.2</td><td>3.8</td><td>1.4</td><td>10.9</td><td>37.7</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>5.4</td><td>3.8</td><td>1.4</td><td>10.7</td><td>34.4</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>6.3</td><td>4.2</td><td>1.3</td><td>.2</td><td>55.6</td></tr><tr><td>1947</td><td>750.0</td><td>25.5</td><td>.4</td><td>724.1</td><td>515.7</td><td>113.4</td><td>14.9</td><td>10.7</td><td>7.5</td><td>2.0</td><td>-</td><td>59.8</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>10.5</td><td>7.4</td><td>3.4</td><td>-</td><td>66.6</td></tr><tr><td>1949</td><td>1,103.0</td><td>14.6</td><td>3.3</td><td>1,085.1</td><td>710.8</td><td>190.0</td><td>20.3</td><td>11.3</td><td>8.2</td><td>3.7</td><td>-</td><td>140.7</td></tr><tr><td>1949-July</td><td>156.6</td><td>1.2</td><td>3.6</td><td>151.8</td><td>87.1</td><td>24.8</td><td>2.7</td><td>.7</td><td>.5</td><td>.8</td><td>-</td><td>35.3</td></tr><tr><td>August</td><td>133.2</td><td>.7</td><td>-</td><td>132.5</td><td>98.5</td><td>28.4</td><td>2.6</td><td>1.7</td><td>1.0</td><td>.1</td><td>-</td><td>.2</td></tr><tr><td>September</td><td>61.2</td><td>1.2</td><td>-</td><td>60.0</td><td>35.2</td><td>11.6</td><td>1.1</td><td>1.3</td><td>.9</td><td>.4</td><td>-</td><td>9.4</td></tr><tr><td>October</td><td>150.6</td><td>1.1</td><td>-</td><td>149.5</td><td>84.9</td><td>25.7</td><td>2.3</td><td>2.8</td><td>2.1</td><td>.5</td><td>-</td><td>31.2</td></tr><tr><td>November</td><td>109.8</td><td>1.1</td><td>-</td><td>108.6</td><td>69.8</td><td>20.4</td><td>2.0</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>16.2</td></tr><tr><td>December</td><td>83.1</td><td>1.1</td><td>-</td><td>82.0</td><td>57.0</td><td>17.7</td><td>1.6</td><td>.6</td><td>.5</td><td>.6</td><td>-</td><td>3.8</td></tr><tr><td>1950-January</td><td>147.8</td><td>1.2</td><td>-</td><td>146.6</td><td>80.0</td><td>22.8</td><td>2.2</td><td>1.3</td><td>.7</td><td>.4</td><td>-</td><td>39.2</td></tr><tr><td>February</td><td>100.5</td><td>1.3</td><td>-</td><td>99.3</td><td>70.8</td><td>21.1</td><td>2.0</td><td>.7</td><td>.2</td><td>*</td><td>-</td><td>4.4</td></tr></table>
Source: Daily Treasury Statement.
1/ Excess of expenditures is covered by appropriations by Congress.
2/ Represents appropriations equal to "Social security - employment taxes" collected and deposited as provided under Section 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 expense reimbursements 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. The Bureau, including the U. S. Employment Service and the Unemployment Insurance Service, was transferred from the Social Security Administration to the Department of Labor under Reorganization Plan No. 2 of 1949, effective August 19, 1949. Expenditures for the two activities are consolidated in this table, beginning with the April 1950 issue of the "Treasury Bulletin". For Employment Service functions, they include the following: direct payments by the Federal Government to the States beginning January 1, 1942; expenditures by the U. S. Employment Service under the War Manpower Commission from December 1, 1942 through July 31, 1946; and expenditures by this Service beginning July 1, 1948, when it was transferred from the Department of Labor to the Social Security Administration. Less than $50,000.
April 1950
7
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of net receipts, or expenditures (-) 1/</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th></tr><tr><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>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>1.9</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>284.3</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>1949</td><td>-15.5</td><td>563.8</td><td>.5</td><td>563.4</td><td>578.9</td><td>4.4</td><td>574.5</td></tr><tr><td>1949-July</td><td>-383.9</td><td>2.7</td><td>.1</td><td>2.6</td><td>386.5</td><td>.5</td><td>386.0</td></tr><tr><td>August</td><td>-13.5</td><td>9.7</td><td>*</td><td>9.7</td><td>23.1</td><td>.1</td><td>23.0</td></tr><tr><td>September</td><td>136.0</td><td>136.0</td><td>*</td><td>136.0</td><td>*</td><td>*</td><td>-</td></tr><tr><td>October</td><td>-76.3</td><td>.7</td><td>*</td><td>.7</td><td>77.0</td><td>*</td><td>77.0</td></tr><tr><td>November</td><td>5.0</td><td>5.1</td><td>.1</td><td>5.0</td><td>.1</td><td>.1</td><td>-</td></tr><tr><td>December</td><td>132.8</td><td>132.8</td><td>*</td><td>132.8</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1950-January</td><td>-36.5</td><td>.9</td><td>*</td><td>.9</td><td>37.4</td><td>.1</td><td>37.3</td></tr><tr><td>February</td><td>4.4</td><td>4.9</td><td>*</td><td>4.9</td><td>.5</td><td>*</td><td>.5</td></tr></table>
Source: Daily Treasury Statement. 1/ Excess of expenditures 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). Less than $50,000.
Table 9.- Railroad Unemployment Insurance Act 1/ - Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Excess of receipts, or expenditures (-) 2/</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th></tr><tr><th>Railroad unemployment insurance contributions 3/</th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 4/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 5/</th></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>1949</td><td>-5.1</td><td>9.7</td><td>14.8</td><td>5.9</td><td>9.0</td></tr><tr><td>1949-July</td><td>-4.2</td><td>*</td><td>4.2</td><td>.2</td><td>3.9</td></tr><tr><td>August</td><td>-.7</td><td>*</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>September</td><td>1.9</td><td>2.4</td><td>.5</td><td>.5</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>-.8</td><td>*</td><td>.8</td><td>.8</td><td>-</td></tr><tr><td>December</td><td>1.3</td><td>1.9</td><td>.6</td><td>.6</td><td>-</td></tr><tr><td>1950-January</td><td>*</td><td>.4</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>February</td><td>-1.0</td><td>.1</td><td>1.1</td><td>1.1</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 "Trust Accounts, etc.", Table 7).
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.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net receipts, or expendituree (-)</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>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>3,178</td><td>7,307</td></tr><tr><td>1945</td><td>791</td><td>7,086</td><td>5,200</td><td>1,094</td><td>6,294</td></tr><tr><td>1946</td><td>-524</td><td>7,722</td><td>3,668</td><td>4,568</td><td>8,236</td></tr><tr><td>1947</td><td>-1,103</td><td>6,244</td><td>3,362</td><td>3,985</td><td>7,347</td></tr><tr><td>1948</td><td>-294</td><td>6,515</td><td>3,060</td><td>3,750</td><td>6,810</td></tr><tr><td>1949</td><td>-495</td><td>5,714</td><td>2,311</td><td>3,898</td><td>6,209</td></tr><tr><td>1950 (Estimated)</td><td>-354</td><td>6,709</td><td>287</td><td>6,776</td><td>7,063</td></tr><tr><td>1951 (Estimated)</td><td>-218</td><td>8,199</td><td>2,311</td><td>6,106</td><td>8,417</td></tr><tr><td>1949-July</td><td>30</td><td>588</td><td>223</td><td>335</td><td>559</td></tr><tr><td>August</td><td>345</td><td>1,032</td><td>311</td><td>376</td><td>687</td></tr><tr><td>September</td><td>-404</td><td>550</td><td>576</td><td>378</td><td>954</td></tr><tr><td>October</td><td>10</td><td>285</td><td>-86</td><td>361</td><td>275</td></tr><tr><td>November</td><td>299</td><td>659</td><td>22</td><td>338</td><td>360</td></tr><tr><td>December</td><td>-272</td><td>116</td><td>53</td><td>336</td><td>389</td></tr><tr><td>1950-January</td><td>2</td><td>412</td><td>-453</td><td>863</td><td>410</td></tr><tr><td>February</td><td>170</td><td>685</td><td>-661</td><td>1,176</td><td>515</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1951 Budget document, including affect of proposed legislation. 1/ To make the figures for the fiscal years 1948 and 1949 comparable with those for other years shown in this table, they exclude transactions
of the Foreign Economic Cooperation Trust Fund (established under Section 11k (b) of the Economic Cooperation Act of 1948). These transactions have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin".
Table 2.- Receipts by Principal Accounts
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 1/</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 2/</th><th>Miscellaneous 1/ 3/</th></tr><tr><td>1942</td><td>3,218</td><td>967</td><td>144</td><td>1,244</td><td>46</td><td>92</td><td>222</td><td>504</td></tr><tr><td>1943</td><td>3,954</td><td>1,218</td><td>221</td><td>1,399</td><td>316</td><td>90</td><td>374</td><td>337</td></tr><tr><td>1944</td><td>5,085</td><td>1,395</td><td>273</td><td>1,567</td><td>905</td><td>94</td><td>501</td><td>351</td></tr><tr><td>1945</td><td>7,086</td><td>1,434</td><td>324</td><td>1,508</td><td>2,127</td><td>97</td><td>557</td><td>1,038</td></tr><tr><td>1946</td><td>7,712</td><td>1,336</td><td>312</td><td>1,280</td><td>2,351</td><td>103</td><td>614</td><td>1,666</td></tr><tr><td>1947</td><td>6,244</td><td>1,623</td><td>323</td><td>1,289</td><td>1,504</td><td>134</td><td>578</td><td>792</td></tr><tr><td>1948</td><td>6,515</td><td>1,807</td><td>797</td><td>1,313</td><td>740</td><td>90</td><td>594</td><td>1,174</td></tr><tr><td>1949</td><td>5,714</td><td>1,924</td><td>625</td><td>1,173</td><td>690</td><td>92</td><td>680</td><td>529</td></tr><tr><td>1950 (Estimated)</td><td>6,709</td><td>2,506</td><td>663</td><td>1,179</td><td>1,103</td><td>92</td><td>821</td><td>345</td></tr><tr><td>1951 (Estimated)</td><td>8,199 4/</td><td>4,018</td><td>658</td><td>1,359</td><td>617</td><td>91</td><td>854</td><td>352</td></tr><tr><td>1949-July</td><td>588</td><td>61</td><td>386</td><td>42</td><td>32</td><td>1</td><td>28</td><td>35</td></tr><tr><td>August</td><td>1,032</td><td>381</td><td>23</td><td>234</td><td>35</td><td>1</td><td>332</td><td>24</td></tr><tr><td>September</td><td>550</td><td>18</td><td>*</td><td>18</td><td>446</td><td>1</td><td>29</td><td>35</td></tr><tr><td>October</td><td>285</td><td>63</td><td>77</td><td>32</td><td>35</td><td>3</td><td>33</td><td>42</td></tr><tr><td>November</td><td>659</td><td>337</td><td>*</td><td>225</td><td>34</td><td>3</td><td>29</td><td>30</td></tr><tr><td>December</td><td>116</td><td>22</td><td>*</td><td>26</td><td>5</td><td>3</td><td>30</td><td>30</td></tr><tr><td>1950-January</td><td>412</td><td>144</td><td>38</td><td>110</td><td>55</td><td>1</td><td>31</td><td>30</td></tr><tr><td>February</td><td>685</td><td>398</td><td>1</td><td>170</td><td>56</td><td>1</td><td>30</td><td>26</td></tr></table>
1/ Excludes receipts of Foreign Economic Cooperation Trust Fund (all in 1948); see Table 1, footnote 1.
2/ Consists of Civil Service and Foreign Service retirement funds. The Civil Service fund includes the former Alaska Railroad and Canal Zone retirement funds, beginning September 1949, these two funds having been abolished and their assets transferred in accordance with provisions of the Act of July 21, 1949.
3/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, island possessions, increment resulting from reduction in the weight of the gold dollar, and seigniorage on silver.
4/ Total includes $250 million for Health Insurance Trust Fund under proposed legislation.
* Less than $500,000.
April 1950
9
TRUST ACCOUNTS, ETC.
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>1942</td><td>1,925</td><td>821</td><td>18</td><td>866</td><td>35</td><td>47</td><td>140</td><td>-1</td></tr><tr><td>1943</td><td>3,004</td><td>1,035</td><td>86</td><td>1,228</td><td>314</td><td>61</td><td>280</td><td>*</td></tr><tr><td>1944</td><td>4,129</td><td>1,172</td><td>140</td><td>1,503</td><td>862</td><td>60</td><td>393</td><td>-1</td></tr><tr><td>1945</td><td>5,200</td><td>1,137</td><td>182</td><td>1,437</td><td>1,974</td><td>73</td><td>399</td><td>-2</td></tr><tr><td>1946</td><td>3,668</td><td>1,002</td><td>156</td><td>102</td><td>2,053</td><td>47</td><td>309</td><td>-2</td></tr><tr><td>1947</td><td>3,362</td><td>1,194</td><td>148</td><td>443</td><td>1,234</td><td>60</td><td>282</td><td>*</td></tr><tr><td>1948</td><td>3,050</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</td><td>2,311</td><td>1,294</td><td>346</td><td>-160</td><td>353</td><td>32</td><td>447</td><td>*</td></tr><tr><td>1950 (Estimated)</td><td>287</td><td>1,729</td><td>349</td><td>-833</td><td>-1,518</td><td>-19</td><td>579</td><td>*</td></tr><tr><td>1951 (Estimated)</td><td>2,311 2/</td><td>1,715</td><td>312</td><td>-216</td><td>-311</td><td>20</td><td>577</td><td>*</td></tr><tr><td>1949-July</td><td>223</td><td>-57</td><td>361</td><td>-105</td><td>5</td><td>-</td><td>19</td><td>-</td></tr><tr><td>August</td><td>311</td><td>-</td><td>-1</td><td>47</td><td>3</td><td>-42</td><td>304</td><td>*</td></tr><tr><td>September</td><td>576</td><td>315</td><td>-24</td><td>-140</td><td>418</td><td>-2</td><td>9</td><td>*</td></tr><tr><td>October</td><td>-86</td><td>-30</td><td>52</td><td>-114</td><td>5</td><td>-2</td><td>3</td><td>*</td></tr><tr><td>November</td><td>22</td><td>-</td><td>-24</td><td>37</td><td>-</td><td>-2</td><td>11</td><td>*</td></tr><tr><td>December</td><td>53</td><td>269</td><td>-25</td><td>-167</td><td>-23</td><td>-2</td><td>*</td><td>*</td></tr><tr><td>1950-January</td><td>-453</td><td>40</td><td>11</td><td>-80</td><td>-432</td><td>-2</td><td>11</td><td>*</td></tr><tr><td>February</td><td>-661</td><td>130</td><td>-24</td><td>-21</td><td>-753</td><td>-3</td><td>10</td><td>*</td></tr></table>
Source: (Same as Table 1). 1/ See Table 2, footnote 2.
2/ Total includes $215 million by Health Insurance Trust Fund under proposed legislation. * Less than $500,000.
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 1/</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 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><th>Guaranteed</th><th>Not guaranteed</th></tr><tr><td>1942</td><td>2,905</td><td>137</td><td>126</td><td>377</td><td>1</td><td>45</td><td>78</td><td>461</td><td>-129</td><td>1,809</td><td>*</td><td></td></tr><tr><td>1943</td><td>1,287</td><td>177</td><td>130</td><td>176</td><td>6</td><td>30</td><td>85</td><td>260</td><td>-271</td><td>599</td><td>95</td><td></td></tr><tr><td>1944</td><td>3,178</td><td>217</td><td>134</td><td>61</td><td>31</td><td>34</td><td>103</td><td>233</td><td>-508</td><td>2,683</td><td>190</td><td></td></tr><tr><td>1945</td><td>1,094</td><td>267</td><td>141</td><td>71</td><td>128</td><td>25</td><td>151</td><td>428</td><td>-1,669</td><td>1,276</td><td>277</td><td></td></tr><tr><td>1946</td><td>4,568</td><td>358</td><td>152</td><td>1,146</td><td>280</td><td>50</td><td>267</td><td>1,574</td><td>647</td><td>160</td><td>-66</td><td></td></tr><tr><td>1947</td><td>3,985</td><td>466</td><td>173</td><td>869</td><td>282</td><td>67</td><td>323</td><td>1,073</td><td>372</td><td>387</td><td>-28</td><td></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>1,234</td><td>367</td><td>16</td><td>-123</td><td></td></tr><tr><td>1949</td><td>3,898</td><td>661</td><td>278</td><td>1,314</td><td>348</td><td>61</td><td>222</td><td>526</td><td>414</td><td>46</td><td>28</td><td></td></tr><tr><td>1950 (Estimated)</td><td>6,776</td><td>783</td><td>314</td><td>2,034</td><td>2,620</td><td>111</td><td>255</td><td>425</td><td>287</td><td>-12</td><td>-40</td><td></td></tr><tr><td>1951 (Estimated)</td><td>6,106 1/</td><td>2,300</td><td>346</td><td>1,570</td><td>928</td><td>72</td><td>277</td><td>387</td><td>278</td><td>-5</td><td>-82</td><td></td></tr><tr><td>1949-July</td><td>335</td><td>61</td><td>24</td><td>158</td><td>29</td><td>7</td><td>19</td><td>26</td><td>-36</td><td>2</td><td>46</td><td></td></tr><tr><td>August</td><td>376</td><td>62</td><td>25</td><td>175</td><td>30</td><td>5</td><td>21</td><td>33</td><td>25</td><td>-2</td><td>1</td><td></td></tr><tr><td>September</td><td>378</td><td>62</td><td>25</td><td>178</td><td>29</td><td>46</td><td>20</td><td>28</td><td>-11</td><td>-2</td><td>4</td><td></td></tr><tr><td>October</td><td>361</td><td>63</td><td>25</td><td>144</td><td>29</td><td>6</td><td>21</td><td>27</td><td>113</td><td>2</td><td>-70</td><td></td></tr><tr><td>November</td><td>338</td><td>63</td><td>25</td><td>168</td><td>29</td><td>6</td><td>22</td><td>21</td><td>6</td><td>-2</td><td>*</td><td></td></tr><tr><td>December</td><td>336</td><td>64</td><td>25</td><td>187</td><td>29</td><td>5</td><td>25</td><td>24</td><td>-24</td><td>*</td><td>*</td><td></td></tr><tr><td>1950-January</td><td>863</td><td>67</td><td>25</td><td>203</td><td>480</td><td>6</td><td>24</td><td>42</td><td>-6</td><td>3</td><td>19</td><td></td></tr><tr><td>February</td><td>1,176</td><td>67</td><td>25</td><td>175</td><td>818</td><td>6</td><td>23</td><td>40</td><td>9</td><td>*</td><td>13</td><td></td></tr></table>
Source: (Same as Table 1). 1/ Excludes expenditures of Foreign Economic Cooperation Trust Fund (all in 1949); see Table 1, footnote 1. 2/ See Table 2, footnote 2. 3/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian
tribal funds, expenditure chargeable against increment on gold, etc.
4/ Total includes $35 million by Health Insurance Trust Fund under proposed legislation.
* Less than $500,000.
10
Treasury Bulletin
TRUST ACCOUNTS, ETC.
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>Appro-priations by Congress</th><th>Interest and profit on investments</th><th>Trans-fer from General Fund</th><th>Total</th><th>Benefit payments</th><th>Reim-bursement to General Fund 2/</th><th>Salaries, etc., Bureau of Old-Age and Survivors Insurance 3/</th><th>Total</th><th>Invest-ments</th><th>Unexpended balance To credit of fund account</th><th>In disbursing officer's account</th></tr><tr><td>1937-1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>-</td><td>138.6</td><td>99.5</td><td>39.1</td><td>-</td><td>2,397.6</td><td>2,397.6</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>119.3</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</td><td>1,923.8</td><td>1,690.3</td><td>230.2</td><td>3.3</td><td>660.5</td><td>607.0</td><td>13.8</td><td>39.7</td><td>1,263.3</td><td>11,309.9</td><td>11,230.7</td><td>12.4</td><td>66.9</td></tr><tr><td>1950 (Estimated)</td><td>2,506.0</td><td>2,245.0</td><td>257.4</td><td>3.6</td><td>732.8</td><td>725.0</td><td>14.2</td><td>43.7</td><td>1,723.2</td><td>13,033.1</td><td>12,959.8</td><td>73.3</td><td>4</td></tr><tr><td>1951 (Estimated)</td><td>4,018.2</td><td>3,715.0</td><td>299.6</td><td>3.6</td><td>2,300.0</td><td>2,239.5</td><td>14.5</td><td>45.8</td><td>1,718.2</td><td>14,751.3</td><td>14,674.5</td><td>76.8</td><td>1</td></tr><tr><td>1949-July</td><td>61.2</td><td>57.5</td><td>.1</td><td>3.6</td><td>60.9</td><td>55.9</td><td>1.2</td><td>3.9</td><td>.3</td><td>11,310.3</td><td>11,173.7</td><td>60.0</td><td>76.6</td></tr><tr><td>August</td><td>380.6</td><td>380.6</td><td>-</td><td>-</td><td>62.0</td><td>57.0</td><td>.7</td><td>4.3</td><td>318.6</td><td>11,628.9</td><td>11,173.7</td><td>383.0</td><td>72.2</td></tr><tr><td>September</td><td>18.2</td><td>7.2</td><td>11.0</td><td>-</td><td>62.4</td><td>57.9</td><td>1.2</td><td>3.3</td><td>44.2</td><td>11,584.7</td><td>11,188.7</td><td>16.6</td><td>79.4</td></tr><tr><td>October</td><td>62.6</td><td>62.4</td><td>.2</td><td>-</td><td>62.6</td><td>58.1</td><td>1.1</td><td>3.4</td><td>*</td><td>11,584.7</td><td>11,458.7</td><td>49.5</td><td>76.5</td></tr><tr><td>November</td><td>336.9</td><td>335.9</td><td>-</td><td>-</td><td>63.0</td><td>58.6</td><td>1.1</td><td>3.3</td><td>273.9</td><td>11,858.6</td><td>11,458.7</td><td>325.4</td><td>74.5</td></tr><tr><td>December</td><td>21.6</td><td>5.5</td><td>16.1</td><td>-</td><td>64.3</td><td>59.9</td><td>1.1</td><td>3.3</td><td>42.7</td><td>11,815.9</td><td>11,728.0</td><td>4.6</td><td>83.3</td></tr><tr><td>1950-January</td><td>143.7</td><td>46.8</td><td>96.9</td><td>-</td><td>66.6</td><td>60.7</td><td>1.2</td><td>4.7</td><td>77.2</td><td>11,893.1</td><td>11,768.0</td><td>45.5</td><td>79.6</td></tr><tr><td>February</td><td>397.5</td><td>397.5</td><td>-</td><td>-</td><td>66.6</td><td>62.0</td><td>1.2</td><td>3.3</td><td>331.0</td><td>12,224.0</td><td>11,898.0</td><td>248.6</td><td>77.5</td></tr><tr><td>Inception to date</td><td>15,712.7</td><td>14,319.9</td><td>1,384.8</td><td>8.0</td><td>3,488.6</td><td>3,118.4</td><td>241.5</td><td>128.7</td><td>12,224.0</td><td>12,224.0</td><td>11,898.0</td><td>248.6</td><td>77.5</td></tr></table>
Source: (Same as Table 1).
1/ Include 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 expenses are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund. 4/ Distribution of unexpended balance not eviable. * Less than $50,000.
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 colspan="3">Expendituree other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="4">Assets, end of period</th></tr><tr><th>Total 1/</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Benefit payments</th><th>Administrative expenses 2/</th><th>Total</th><th>Investments</th><th>To credit of appropriation</th><th>In disbursing officer's account</th></tr><tr><td>1936-1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>419.9</td><td>-</td><td>87.0</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>144.0</td><td>140.8</td><td>3.1</td><td>126.2</td><td>126.2</td><td>-</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>130.5</td><td>-</td><td>90.1</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>272.6</td><td>262.7</td><td>9.8</td><td>134.4</td><td>134.4</td><td>-</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>141.4</td><td>-</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>152.0</td><td>-</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>173.3</td><td>-</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>222.3</td><td>-</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</td><td>677.4</td><td>626.5</td><td>50.9</td><td>278.2</td><td>278.2</td><td>-</td><td>399.2</td><td>1,799.1</td><td>1,720.0</td><td>53.3</td><td>25.8</td></tr><tr><td>1950 (Estimated)</td><td>663.0</td><td>602.3</td><td>60.7</td><td>313.8</td><td>309.0</td><td>4.8</td><td>349.2</td><td>2,148.3</td><td>2,069.0</td><td>79.3 3/</td><td>3/</td></tr><tr><td>1951 (Estimated)</td><td>658.0</td><td>594.0</td><td>64.0</td><td>345.9</td><td>340.5</td><td>5.4</td><td>312.1</td><td>2,460.4</td><td>2,381.5</td><td>78.9 3/</td><td>3/</td></tr><tr><td>1949-July</td><td>687.0</td><td>687.0</td><td>*</td><td>23.9</td><td>23.9</td><td>-</td><td>663.1</td><td>2,462.2</td><td>2,081.2</td><td>354.4</td><td>26.6</td></tr><tr><td>August</td><td>.1</td><td>-</td><td>.1</td><td>21.8</td><td>21.2</td><td>.5</td><td>-24.6</td><td>2,437.6</td><td>2,080.2</td><td>330.9</td><td>26.5</td></tr><tr><td>September</td><td>.2</td><td>-</td><td>.2</td><td>24.7</td><td>24.3</td><td>.3</td><td>-24.5</td><td>2,413.1</td><td>2,056.2</td><td>330.7</td><td>26.2</td></tr><tr><td>October</td><td>.2</td><td>-</td><td>.2</td><td>25.2</td><td>24.8</td><td>.5</td><td>-25.0</td><td>2,388.1</td><td>2,108.0</td><td>254.6</td><td>25.5</td></tr><tr><td>November</td><td>.3</td><td>-</td><td>.3</td><td>24.7</td><td>24.6</td><td>.1</td><td>-24.4</td><td>2,363.7</td><td>2,084.0</td><td>254.4</td><td>25.2</td></tr><tr><td>December</td><td>.4</td><td>-</td><td>.4</td><td>25.4</td><td>25.0</td><td>.4</td><td>-25.0</td><td>2,338.6</td><td>2,059.0</td><td>254.1</td><td>25.5</td></tr><tr><td>1950-January</td><td>.4</td><td>-</td><td>.4</td><td>25.3</td><td>24.7</td><td>.6</td><td>-24.9</td><td>2,313.8</td><td>2,070.0</td><td>217.5</td><td>26.3</td></tr><tr><td>February</td><td>.5</td><td>-</td><td>.5</td><td>25.3</td><td>25.0</td><td>.4</td><td>-24.9</td><td>2,288.9</td><td>2,045.5</td><td>216.7</td><td>26.7</td></tr><tr><td>Inception to date</td><td>4,266.4</td><td>4,089.1</td><td>178.4</td><td>1,977.5</td><td>1,974.6</td><td>2.9</td><td>2,288.9</td><td>2,288.9</td><td>2,045.5</td><td>215.7</td><td>26.7</td></tr></table>
Source: (Same as Table 1). 1/ Figures differ from those shown in Table 2 in this section 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/ Paid from the trust fund under Title IV, Act of June 24, 1949.
3/ Distribution of unexpended balance not available.
* Less then $50,000.
April 1950
1
TRUST ACCOUNTS, ETC.
Table 7.- Unemployment Trust Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th rowspan="2">Interest on investments</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>State accounts</th><th>Deposits by States</th><th>Railroad Unemployment Insurance Account 1/ Contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Administra tion 4/</th><th>Total</th><th>With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 1/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance In trust account 5/</th><th>In disbursement officer's account 5/</th></tr><tr><td>1936-1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>1,243.6</td><td>1,096.9</td><td>76.3</td><td>-</td><td>3.9</td><td>67.4</td><td>377.1</td><td>358.1</td><td>-</td><td>9.1</td><td>866.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>1,398.5</td><td>1,217.7</td><td>92.4</td><td>-</td><td>6.0</td><td>82.4</td><td>176.2</td><td>174.3</td><td>-</td><td>1.8</td><td>1,222.1</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>1,389.3</td><td>109.4</td><td>-</td><td>11.7</td><td>96.5</td><td>60.5</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>118.3</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>7.3</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>116.9</td><td>869.5</td><td>837.4</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>793.1</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</td><td>1,173.2</td><td>984.0</td><td>.1</td><td>-</td><td>9.0</td><td>180.1</td><td>1,313.9</td><td>1,227.1</td><td>-</td><td>86.7 6/</td><td>140.6</td><td>8,182.4</td><td>8,138.3</td><td>41.4</td><td>2.7</td></tr><tr><td>1950 (Estimated)</td><td>1,179.2</td><td>1,004.0</td><td>10.8</td><td>-</td><td>2.9</td><td>161.5</td><td>2,033.9</td><td>1,900.0</td><td>-</td><td>133.9 6/</td><td>-854.7</td><td>7,327.8</td><td>7,305.4</td><td>22.4 7/</td><td>7/</td></tr><tr><td>1951 (Estimated)</td><td>1,358.8</td><td>1,175.0</td><td>14.9</td><td>-</td><td>3.5</td><td>165.5</td><td>1,570.4</td><td>1,500.0</td><td>-</td><td>70.4</td><td>-211.6</td><td>7,116.2</td><td>7,089.4</td><td>26.8 7/</td><td>7/</td></tr><tr><td>1949-July</td><td>41.5</td><td>37.5</td><td>.*</td><td>-</td><td>3.9</td><td>.1</td><td>157.8</td><td>150.3</td><td>-</td><td>7.5</td><td>-116.3</td><td>8,066.1</td><td>8,033.3</td><td>28.8</td><td>4.0</td></tr><tr><td>August</td><td>233.7</td><td>233.6</td><td>*</td><td>-</td><td>-</td><td>.1</td><td>175.4</td><td>164.0</td><td>-</td><td>11.4</td><td>58.3</td><td>8,124.5</td><td>8,090.3</td><td>39.5</td><td>4.6</td></tr><tr><td>September</td><td>18.3</td><td>13.5</td><td>.2</td><td>-</td><td>-</td><td>4.5</td><td>178.2</td><td>164.3</td><td>-</td><td>14.0 6/</td><td>-160.0</td><td>7,964.5</td><td>7,940.3</td><td>19.4</td><td>4.8</td></tr><tr><td>October</td><td>31.8</td><td>31.1</td><td>.*</td><td>-</td><td>-</td><td>.7</td><td>144.3</td><td>128.4</td><td>-</td><td>15.9</td><td>-112.5</td><td>7,852.0</td><td>7,826.3</td><td>21.7</td><td>4.0</td></tr><tr><td>November</td><td>225.2</td><td>225.0</td><td>.1</td><td>-</td><td>-</td><td>.2</td><td>167.9</td><td>147.7</td><td>-</td><td>20.1</td><td>57.4</td><td>7,909.4</td><td>7,863.3</td><td>37.1</td><td>9.0</td></tr><tr><td>December</td><td>26.2</td><td>15.7</td><td>2.8</td><td>-</td><td>-</td><td>7.7</td><td>187.2</td><td>171.8</td><td>-</td><td>15.4</td><td>-161.0</td><td>7,748.4</td><td>7,696.3</td><td>46.3</td><td>5.9</td></tr><tr><td>1950-January</td><td>109.6</td><td>36.8</td><td>.*</td><td>-</td><td>-</td><td>72.8</td><td>203.4</td><td>187.7</td><td>-</td><td>15.7 6/</td><td>-93.8</td><td>7,654.7</td><td>7,616.3</td><td>31.8</td><td>6.5</td></tr><tr><td>February</td><td>169.8</td><td>169.5</td><td>.1</td><td>-</td><td>-</td><td>.1</td><td>175.3</td><td>163.2</td><td>-</td><td>12.1</td><td>-5.5</td><td>7,649.1</td><td>7,595.3</td><td>46.9</td><td>6.9</td></tr><tr><td>Inception to date</td><td>15,600.1</td><td>13,309.7</td><td>880.3</td><td>107.2</td><td>79.4</td><td>1,223.6</td><td>7,951.0</td><td>7,470.9</td><td>107.2</td><td>372.9 6/</td><td>7,649.1</td><td>7,649.1</td><td>7,595.3</td><td>46.9</td><td>6.9</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 "Budget Receipts and Expenditures", Table 9).
3/ Represents amounts transferred from States to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ For railroad unemployment benefits and refunds.
Includes transfers to the Railroad Unemployment Administration fund as follows: $9.7 million in fiscal year 1949, $2.3 million in September 1949, $.4 million in January 1950, and $2.5 million estimated in fiscal year 1950, representing adjustment for over-collections due to retroactive change in tax rate (under Act of June 21, 1948).
7/ Distribution of unexpended balance not available. * Less than $50,000.
Table 8.- National Service Life Insurance Fund
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures other than investments</th><th rowspan="2">Net increase, or decrease (-), in assets</th><th colspan="3">Assets, end of period</th></tr><tr><th>Total</th><th>Premiums and other receipts</th><th>Transfers from General Fund</th><th>Interest on investments</th><th>Total</th><th>Benefite and refunds</th><th>Special dividends</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><td>1941</td><td>3.5</td><td>3.5</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>3.5</td><td>3.5</td><td>2.8</td><td>.7</td></tr><tr><td>1942</td><td>46.4</td><td>41.9</td><td>1.0</td><td>.4</td><td>.9</td><td>.9</td><td>-</td><td>45.5</td><td>49.0</td><td>37.6</td><td>11.4</td></tr><tr><td>1943</td><td>316.1</td><td>280.7</td><td>30.5</td><td>5.0</td><td>6.0</td><td>6.0</td><td>-</td><td>310.1</td><td>359.1</td><td>351.7</td><td>7.4</td></tr><tr><td>1944</td><td>204.5</td><td>781.1</td><td>101.2</td><td>22.2</td><td>31.4</td><td>31.4</td><td>-</td><td>873.2</td><td>1,232.3</td><td>1,213.4</td><td>18.9</td></tr><tr><td>1945</td><td>2,127.4</td><td>954.1</td><td>1,116.5</td><td>56.7</td><td>128.2</td><td>128.2</td><td>-</td><td>1,999.3</td><td>3,231.6</td><td>3,187.1</td><td>44.4</td></tr><tr><td>1946</td><td>2,351.0</td><td>844.7</td><td>1,381.4</td><td>124.9</td><td>279.8</td><td>279.8</td><td>-</td><td>2,071.2</td><td>5,302.8</td><td>5,239.7</td><td>63.1</td></tr><tr><td>1947</td><td>1,504.1</td><td>516.5</td><td>816.7</td><td>170.9</td><td>279.3</td><td>279.3</td><td>-</td><td>1,224.8</td><td>6,527.6</td><td>6,473.7</td><td>53.9</td></tr><tr><td>1948</td><td>739.7</td><td>387.5</td><td>153.0</td><td>199.2</td><td>301.9</td><td>301.9</td><td>-</td><td>437.7</td><td>6,965.3</td><td>6,934.7</td><td>30.6</td></tr><tr><td>1949</td><td>690.1</td><td>392.8</td><td>87.0</td><td>210.3</td><td>348.1</td><td>348.1</td><td>-</td><td>341.9</td><td>7,307.2</td><td>7,287.7</td><td>19.5</td></tr><tr><td>1950 (Estimated)</td><td>1,102.5</td><td>405.7</td><td>484.9</td><td>212.0</td><td>2,619.7</td><td>369.7</td><td>2,250.0</td><td>-1,517.1</td><td>5,790.2</td><td>5,769.7</td><td>20.5</td></tr><tr><td>1951 (Estimated)</td><td>616.7</td><td>426.2</td><td>31.2</td><td>159.3</td><td>928.0</td><td>378.0</td><td>550.0</td><td>-311.2</td><td>5,479.0</td><td>5,458.7</td><td>20.3</td></tr><tr><td>1949-July</td><td>32.4</td><td>27.7</td><td>4.7</td><td>-</td><td>28.7</td><td>28.7</td><td>-</td><td>3.7</td><td>7,310.9</td><td>7,292.7</td><td>18.2</td></tr><tr><td>August</td><td>34.8</td><td>30.9</td><td>3.9</td><td>-</td><td>29.9</td><td>29.9</td><td>-</td><td>4.9</td><td>7,315.8</td><td>7,295.7</td><td>20.2</td></tr><tr><td>September</td><td>44.9</td><td>27.6</td><td>418.3</td><td>-</td><td>28.9</td><td>28.9</td><td>-</td><td>416.9</td><td>7,732.8</td><td>7,713.7</td><td>19.1</td></tr><tr><td>October</td><td>35.3</td><td>27.7</td><td>7.6</td><td>-</td><td>29.4</td><td>29.4</td><td>-</td><td>5.9</td><td>7,738.6</td><td>7,718.7</td><td>19.9</td></tr><tr><td>November</td><td>34.0</td><td>27.2</td><td>6.8</td><td>-</td><td>29.3</td><td>29.3</td><td>-</td><td>4.9</td><td>7,743.4</td><td>7,718.7</td><td>24.7</td></tr><tr><td>December</td><td>5.3</td><td>31.5</td><td>-26.5</td><td>.3</td><td>29.3</td><td>29.3</td><td>-</td><td>-24.0</td><td>7,719.4</td><td>7,695.7</td><td>23.7</td></tr><tr><td>1950-January</td><td>55.4</td><td>40.3</td><td>7.5</td><td>7.6</td><td>479.6</td><td>30.1</td><td>449.6</td><td>-424.3</td><td>7,295.1</td><td>7,263.2</td><td>31.9</td></tr><tr><td>February</td><td>56.3</td><td>34.2</td><td>7.6</td><td>14.5</td><td>817.7</td><td>30.0</td><td>787.7</td><td>-761.4</td><td>6,533.7</td><td>6,510.2</td><td>23.5</td></tr><tr><td>Inception to date</td><td>9,382.1</td><td>4,453.0</td><td>4,117.2</td><td>812.0</td><td>2,848.4</td><td>1,611.1</td><td>1,237.3</td><td>6,533.7</td><td>6,533.7</td><td>6,510.2</td><td>23.5</td></tr></table>
Source: (See ee Table 1).
Less than $50,000
12
Treasury Bulletin
TREASURY CASH INCOME AND OUTGO
Table 1.- Summary of Cash Transactions
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Cash operating income</th><th colspan="4">Cash operating outgo</th><th rowspan="2">Net cash operating income, or outgo (-)</th><th rowspan="2">Net cash 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 account receipts</th><th>Total</th><th>Cash budget expenditures</th><th>Cash trust account expenditures</th><th>Exchanges Stabilization Fund 1/</th><th>Clearing account for outstanding checks, etc.</th><th>Total</th></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>3,937</td><td>25,174</td><td>78,424</td><td>435</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>13,925</td><td>3,936</td><td>17,761</td><td>93,945</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>15,519</td><td>4,721</td><td>50,240</td><td>95,952</td><td>-768</td><td>-</td><td>-</td><td>95,134</td><td>-44,945</td><td>49,474</td><td>4,589</td><td>78</td></tr><tr><td>1946</td><td>38,902</td><td>4,937</td><td>43,839</td><td>57,422</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>39,984</td><td>3,707</td><td>43,591</td><td>33,130</td><td>3,270</td><td>1,026</td><td>-555</td><td>36,931</td><td>6,559</td><td>-19,389</td><td>-10,930 3/</td><td>60</td></tr><tr><td>1948</td><td>41,904</td><td>3,595</td><td>45,400</td><td>32,482</td><td>2,944</td><td>563</td><td>507</td><td>36,496</td><td>8,903</td><td>-7,230</td><td>1,624</td><td>37</td></tr><tr><td>1949</td><td>38,145</td><td>3,483</td><td>41,628</td><td>37,517</td><td>3,328</td><td>30</td><td>-366</td><td>40,576</td><td>1,051</td><td>-2,513</td><td>-1,462</td><td>16</td></tr><tr><td>1950 (Est.)</td><td>37,661</td><td>4,039</td><td>41,700</td><td>40,122</td><td>6,493</td><td>113</td><td>-200</td><td>46,528</td><td>4,828</td><td>-4,771</td><td>-58</td><td>27</td></tr><tr><td>1951 (Est.)</td><td>37,126</td><td>5,960</td><td>43,086</td><td>39,858</td><td>5,926</td><td>-</td><td>-</td><td>45,784</td><td>2,698</td><td>-2,746</td><td>48</td><td>31</td></tr><tr><td>1949-July</td><td>1,931</td><td>150</td><td>2,081</td><td>2,929</td><td>255</td><td>-</td><td>-218</td><td>2,966</td><td>-885</td><td>752</td><td>-133</td><td>*</td></tr><tr><td>Aug.</td><td>2,477</td><td>672</td><td>3,150</td><td>3,225</td><td>357</td><td>-</td><td>133</td><td>3,715</td><td>-566</td><td>1,646</td><td>1,081</td><td>1</td></tr><tr><td>Sept.</td><td>1,829</td><td>87</td><td>1,915</td><td>3,436</td><td>375</td><td>6</td><td>-20</td><td>3,847</td><td>1,068</td><td>213</td><td>1,281</td><td>2</td></tr><tr><td>Oct.</td><td>1,880</td><td>166</td><td>2,046</td><td>2,959</td><td>439</td><td>27</td><td>-160</td><td>3,266</td><td>-1,220</td><td>258</td><td>-962</td><td>1</td></tr><tr><td>Nov.</td><td>2,343</td><td>622</td><td>2,965</td><td>3,007</td><td>362</td><td>22</td><td>36</td><td>3,426</td><td>-461</td><td>116</td><td>-315</td><td>3</td></tr><tr><td>Dec.</td><td>4,175</td><td>88</td><td>4,263</td><td>3,604 p</td><td>369</td><td>-</td><td>88</td><td>4,061p</td><td>202p</td><td>55p</td><td>257</td><td>3</td></tr><tr><td>1950-Jan.</td><td>3,327</td><td>159</td><td>3,185</td><td>3,040</td><td>727</td><td>-</td><td>-589</td><td>3,177</td><td>328</td><td>62</td><td>370</td><td>2</td></tr><tr><td>Feb.</td><td>2,964</td><td>631</td><td>3,595</td><td>2,412</td><td>1,114</td><td>-</td><td>11</td><td>3,537</td><td>58</td><td>79</td><td>137</td><td>3</td></tr><tr><td>Fiscal year 1950 to date</td><td>23,926</td><td>2,575</td><td>26,500</td><td>24,663</td><td>3,998</td><td>55</td><td>-720</td><td>27,995</td><td>-1,495</td><td>3,211</td><td>1,716</td><td>16</td></tr></table>
Source: Actual figures are based on Daily Treasury Statement; estimates are based on the 1951 Budget document, including effect of proposed legislation as outlined in Budget detail. 1/ The U.S. subscription to the capital of the International Monetary Fund was paid in part from the Exchange Stabilization Fund (see "Treasury Bulletin" for September 1947, page 17). 2/ Consists 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 1951 Budget document figures for "Receipts from the public"
3/ 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).
* Less than $500,000.
p Preliminary.
Table 2.- Derivation of Cash Budget Receipts
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Net budget receipts 1/</th><th>Plus: Noncash items deducted from budget receipts - excess profit tax refund bonds 2/</th><th>Total</th><th colspan="3">Less: Noncash budget receipts</th><th>Reimbursement for administrative expense 4/</th><th>Equals: Cash budget receipts</th></tr><tr><th></th><th></th><th></th><th></th><th colspan="2">Payments to Treasury by Government enterprise</th><th>Repayment of capital stock and paid-in surplus 3/</th><th></th><th></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>1942</td><td>12,696</td><td>-</td><td>33</td><td>1</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>-</td><td>27</td><td>22,137</td></tr><tr><td>1944</td><td>43,992</td><td>134</td><td>100</td><td>54</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>-</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>-</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>-</td><td>16</td><td>37,884</td></tr><tr><td>1948</td><td>42,211</td><td>-10</td><td>396</td><td>89</td><td>23</td><td>270</td><td>14</td><td>41,804</td></tr><tr><td>1949</td><td>38,245</td><td>-4</td><td>96</td><td>1</td><td>34</td><td>38</td><td>24</td><td>38,145</td></tr><tr><td>1950 (Eet.)</td><td>37,763</td><td>-2</td><td>101</td><td>20</td><td>52</td><td>12</td><td>17</td><td>37,661</td></tr><tr><td>1951 (Eet.)</td><td>37,305</td><td>-1</td><td>179</td><td>34</td><td>63</td><td>67</td><td>15</td><td>37,126</td></tr><tr><td>1949-July</td><td>1,946</td><td>*</td><td>15</td><td>7</td><td>1</td><td>7</td><td>1</td><td>1,931</td></tr><tr><td>Aug.</td><td>2,479</td><td>*</td><td>1</td><td>*</td><td>*</td><td>-</td><td>1</td><td>2,477</td></tr><tr><td>Sept.</td><td>4,832</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>3</td><td>4,829</td></tr><tr><td>Oct.</td><td>1,881</td><td>*</td><td>2</td><td>-</td><td>*</td><td>-</td><td>1</td><td>1,880</td></tr><tr><td>Nov.</td><td>2,344</td><td>*</td><td>2</td><td>*</td><td>*</td><td>-</td><td>1</td><td>2,343</td></tr><tr><td>Dec.</td><td>4,191</td><td>*</td><td>16</td><td>*</td><td>15</td><td>-</td><td>1</td><td>4,175</td></tr><tr><td>1950-Jan.</td><td>3,366</td><td>*</td><td>39</td><td>10</td><td>11</td><td>16</td><td>2</td><td>3,327</td></tr><tr><td>Feb.</td><td>2,972</td><td>*</td><td>7</td><td>*</td><td>1</td><td>4</td><td>1</td><td>2,964</td></tr></table>
Sources: (Same as Table 1). 1/ See "Budget Receipts and Expenditures", Table 1. 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 in this section). The figures shown are net issuance, or net redemption (-).
3/ By partially owned Government corporations.
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 (acc "Trust Account", Table 7), and reimbursement by the District of Columbia.
Less than $500,000.
April 1950
13
TREASURY CASH INCOME AND OUTGO
Table 3. - Derivation of Cash Budget Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total budget expenditures 1/</th><th colspan="4">Interest payments by Treasury</th><th colspan="3">Transfers to trust accounts</th><th colspan="3">Payroll deductions for Government employees' retirement</th><th colspan="2">Budget expenditures involving issuance of Federal securities</th><th colspan="2">Payments to Treasury by Government enterprises</th><th rowspan="2">Equals: Cash budget expenditure</th></tr><tr><th>Total</th><th>On savings bonds and Treasury bills 2/</th><th>To partially owned Government corporations 3/</th><th>To trust accounts</th><th>Transfers to trust accounts</th><th>Armed force 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>1942</td><td>34,187</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>79,522</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>75,424</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>467</td><td>25</td><td>686</td><td>1,361</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>33,791</td><td>1,309</td><td>559</td><td>24</td><td>746</td><td>1,178</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</td><td>40,057</td><td>2,540</td><td>580</td><td>29</td><td>841</td><td>916</td><td>327</td><td>-164</td><td>-2</td><td>-25</td><td>33</td><td>6</td><td>37,517</td></tr><tr><td>1950 (Est.)</td><td>43,297</td><td>3,174</td><td>525</td><td>35</td><td>882</td><td>1,413</td><td>374</td><td>-90</td><td>-2</td><td>-87</td><td>72</td><td>53</td><td>40,122</td></tr><tr><td>1951 (Est.)</td><td>42,439</td><td>2,581</td><td>610</td><td>43</td><td>902</td><td>982</td><td>353</td><td>-250</td><td>-1</td><td>-200</td><td>96</td><td>46</td><td>39,858</td></tr><tr><td>1949-July</td><td>3,434</td><td>505</td><td>69</td><td>-</td><td>*</td><td>413</td><td>24</td><td>-9</td><td>*</td><td>-</td><td>7</td><td>2</td><td>2,929</td></tr><tr><td>Aug.</td><td>3,585</td><td>359</td><td>36</td><td>-</td><td>1</td><td>330</td><td>30</td><td>-9</td><td>*</td><td>-41</td><td>*</td><td>14</td><td>3,225</td></tr><tr><td>Sept.</td><td>3,995</td><td>509</td><td>43</td><td>1</td><td>16</td><td>419</td><td>29</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>11</td><td>3,486</td></tr><tr><td>Oct.</td><td>3,111</td><td>152</td><td>46</td><td>1</td><td>1</td><td>85</td><td>33</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>-6</td><td>2,959</td></tr><tr><td>Nov.</td><td>3,127</td><td>120</td><td>47</td><td>1</td><td>1</td><td>7</td><td>29</td><td>-8</td><td>*</td><td>-</td><td>*</td><td>42</td><td>3,007</td></tr><tr><td>Dec.</td><td>3,722</td><td>118p</td><td>76p</td><td>12</td><td>25</td><td>-26</td><td>29</td><td>-7</td><td>*</td><td>-</td><td>15</td><td>-5</td><td>3,604p</td></tr><tr><td>1950-Jan.</td><td>3,323</td><td>283</td><td>37</td><td>*</td><td>178</td><td>45</td><td>31</td><td>-8</td><td>*</td><td>-</td><td>20</td><td>-20</td><td>3,040</td></tr><tr><td>Feb.</td><td>2,496</td><td>83</td><td>26</td><td>-</td><td>16</td><td>8</td><td>30</td><td>-7</td><td>*</td><td>-</td><td>1</td><td>9</td><td>2,412</td></tr></table>
Source: (Same as Table 1).
1/ See "Budget Receipts and Expenditures", Table 2.
12/ See Table 5, footnote 4, in this section.
3/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations; hence payments and receipts offset each other.
4/ Budget expenditures involving the issuance of Federal securities are treated as noncash at the time of original payment and as cash expenditures at the time of redemption. The figures shown are net issuance, or net redemption (-). * Less than $500,000. p Preliminary.
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="6">Trust account expenditures 2/</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 expenditure</th><th>Payroll deductions for Government employees' retirement</th><th>Other 1/</th><th>Equals: Cash receipts</th><th>Total expenditures</th><th>Total noncash expenditures</th><th>Investments in Federal securities</th><th>By partially owned Government corporations</th><th>Other 3/</th><th>Equals: Cash expenditures</th></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>435</td></tr><tr><td>1944</td><td>5,085</td><td>1,150</td><td>325</td><td>556</td><td>269</td><td>-</td><td>3,936</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>7,096</td><td>2,365</td><td>429</td><td>1,646</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>5,244</td><td>2,538</td><td>646</td><td>1,361</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>6,515</td><td>2,920</td><td>746</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</td><td>5,714</td><td>2,232</td><td>841</td><td>916</td><td>327</td><td>148</td><td>3,483</td><td>6,209</td><td>2,881</td><td>2,311</td><td>313</td><td>258</td><td>3,328</td></tr><tr><td>1950 (Est.)</td><td>6,709</td><td>2,670</td><td>882</td><td>1,413</td><td>374</td><td>2</td><td>4,038</td><td>7,063</td><td>570</td><td>287</td><td>340</td><td>-56</td><td>6,493</td></tr><tr><td>1951 (Est.)</td><td>8,199</td><td>2,239</td><td>902</td><td>992</td><td>353</td><td>2</td><td>5,960</td><td>8,417</td><td>2,491</td><td>2,311</td><td>225</td><td>-45</td><td>5,926</td></tr><tr><td>1949-July</td><td>588</td><td>439</td><td>*</td><td>413</td><td>24</td><td>2</td><td>150</td><td>559</td><td>303</td><td>223</td><td>23</td><td>57</td><td>255</td></tr><tr><td>Aug.</td><td>1,032</td><td>360</td><td>1</td><td>330</td><td>30</td><td>-</td><td>672</td><td>687</td><td>330</td><td>311</td><td>19</td><td>*</td><td>357</td></tr><tr><td>Sept.</td><td>550</td><td>463</td><td>16</td><td>419</td><td>29</td><td>-</td><td>87</td><td>954</td><td>579</td><td>576</td><td>-2</td><td>5</td><td>375</td></tr><tr><td>Oct.</td><td>285</td><td>119</td><td>1</td><td>85</td><td>33</td><td>-</td><td>166</td><td>275</td><td>-164</td><td>-86</td><td>-9</td><td>-68</td><td>439</td></tr><tr><td>Nov.</td><td>659</td><td>37</td><td>1</td><td>7</td><td>29</td><td>-</td><td>622</td><td>360</td><td>-2</td><td>23</td><td>-23</td><td>-1</td><td>362</td></tr><tr><td>Dec.</td><td>116</td><td>28</td><td>25</td><td>-26</td><td>29</td><td>-</td><td>88</td><td>388</td><td>20</td><td>52</td><td>-21</td><td>-12</td><td>369</td></tr><tr><td>1950-Jan.</td><td>412</td><td>254</td><td>178</td><td>45</td><td>31</td><td>*</td><td>158</td><td>410</td><td>-317</td><td>-457</td><td>100</td><td>40</td><td>727</td></tr><tr><td>Feb.</td><td>695</td><td>54</td><td>16</td><td>8</td><td>30</td><td>*</td><td>631</td><td>515</td><td>-599</td><td>-661</td><td>43</td><td>19</td><td>1,114</td></tr></table>
Source: (Same as Table 1). 1/ Principally proceeds of ship sales allocable to surplus property receipts. Figures for 1947 and 1948 include $53 million and $8 million, respectively, of armed forcee 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
3/ 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.
14
Treasury Bulletin
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">Loss: 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>Net investments in Federal securities</th><th>Issuance of Federal securities resulting from budget expenditures, etc., or refunds of receipts</th><th>Interest on savings bonds and Treasury bills</th><th>Net transactions in guaranteed securities not reflected in Treasurer's accounts</th></tr><tr><th></th><th></th><th></th><th></th><th></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>4/</th><th></th><th></th></tr><tr><td>1942</td><td>23,461</td><td>-1,802</td><td>21,659</td><td>2,006</td><td>1,925</td><td>5</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>81</td><td>7</td><td>*</td><td>19,652</td></tr><tr><td>1943</td><td>61,274</td><td>-468</td><td>63,806</td><td>3,461</td><td>3,004</td><td>203</td><td>-</td><td>-7</td><td>-</td><td>-</td><td>130</td><td>131</td><td>-95</td><td>60,250</td></tr><tr><td>1944</td><td>61,307</td><td>-2,477</td><td>61,830</td><td>1,883</td><td>4,129</td><td>206</td><td>-</td><td>-5</td><td>-</td><td>13</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>6,733</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>-337</td><td>-11,523</td><td>7,892</td><td>3,362</td><td>178</td><td>1,793</td><td>-8</td><td>2,140</td><td>-39</td><td>467</td><td>-</td><td>28</td><td>-19,389</td></tr><tr><td>1948</td><td>-5,994</td><td>-16</td><td>-6,010</td><td>1,394</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</td><td>478</td><td>-16</td><td>432</td><td>2,916</td><td>2,311</td><td>319</td><td>-164</td><td>-2</td><td>-123</td><td>-4</td><td>590</td><td>-</td><td>-28</td><td>-2,513</td></tr><tr><td>1950 (Est.)</td><td>5,630</td><td>12</td><td>5,642</td><td>911</td><td>287</td><td>393</td><td>-90</td><td>-2</td><td>-200</td><td>-2</td><td>525</td><td>-</td><td>40</td><td>4,771</td></tr><tr><td>1951 (Est.)</td><td>5,400</td><td>5</td><td>5,405</td><td>2,740</td><td>2,311</td><td>271</td><td>-250</td><td>-1</td><td>-200</td><td>-1</td><td>610</td><td>-</td><td>82</td><td>2,746</td></tr><tr><td>1949-July</td><td>1,107</td><td>-2</td><td>1,105</td><td>307</td><td>223</td><td>24</td><td>-9</td><td>*</td><td>-</td><td>*</td><td>69</td><td>-</td><td>-16</td><td>752</td></tr><tr><td>Aug.</td><td>1,975</td><td>2</td><td>1,977</td><td>329</td><td>311</td><td>32</td><td>-9</td><td>*</td><td>-41</td><td>*</td><td>36</td><td>-</td><td>-1</td><td>1,646</td></tr><tr><td>Sept.</td><td>828</td><td>2</td><td>830</td><td>613</td><td>576</td><td>9</td><td>-9</td><td>*</td><td>-6</td><td>*</td><td>43</td><td>-</td><td>-4</td><td>213</td></tr><tr><td>Oct.</td><td>98</td><td>-2</td><td>96</td><td>-92</td><td>-86</td><td>-16</td><td>-9</td><td>*</td><td>-27</td><td>*</td><td>16</td><td>-</td><td>70</td><td>258</td></tr><tr><td>Nov.</td><td>204</td><td>2</td><td>206</td><td>59</td><td>23</td><td>19</td><td>-8</td><td>*</td><td>-22</td><td>*</td><td>47</td><td>-</td><td>*</td><td>146</td></tr><tr><td>Dec.</td><td>148</td><td>*</td><td>149</td><td>94p</td><td>52</td><td>-26</td><td>-7</td><td>*</td><td>-</td><td>*</td><td>76p</td><td>-</td><td>*</td><td>55p</td></tr><tr><td>1950-Jan.</td><td>-265</td><td>-3</td><td>-268</td><td>-348</td><td>-457</td><td>81</td><td>-8</td><td>*</td><td>-</td><td>*</td><td>37</td><td>-</td><td>-19</td><td>62</td></tr><tr><td>Feb.</td><td>-497</td><td>*</td><td>-497</td><td>-590</td><td>-661</td><td>53</td><td>-7</td><td>*</td><td>-</td><td>*</td><td>26</td><td>-</td><td>-13</td><td>79</td></tr></table>
Source: (Same as Table 1). 
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 not issuance, or net redemption (-).
2/ See Table 1, footnote 1, in this section.
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 issuance, or net redemption (-). 
b/ Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed. 
5/ Includes borrowing through Postal Saving System. 
* Less than $500,000. 
p Preliminary.
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>1943</td><td>896</td><td>1,476</td><td>5,293</td><td>1,618</td><td>2,069</td><td>4,663</td><td>2,170</td><td>3,372</td><td>5,562</td><td>2,213</td><td>2,705</td><td>5,852</td><td>37,919</td><td>25,178</td></tr><tr><td>1944</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>48,194</td><td>47,861</td></tr><tr><td>1945</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>49,608</td><td>50,240</td></tr><tr><td>1946</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>41,635</td><td>43,839</td></tr><tr><td>1947</td><td>3,821</td><td>4,947</td><td>5,585</td><td>2,228</td><td>2,716</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>1948</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>1949</td><td>3,683</td><td>3,893</td><td>5,555</td><td>1,430</td><td>2,595</td><td>4,798</td><td>2,081</td><td>3,150</td><td>4,915</td><td>2,046</td><td>2,965</td><td>4,263</td><td>41,374</td><td>41,628</td></tr><tr><td>1950</td><td>3,485</td><td>3,595</td><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>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>7,593</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>8,186</td><td>7,686</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>3,953</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>4,781</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>2,588</td><td>2,950</td><td>3,197</td><td>2,779</td><td>3,474</td><td>4,235</td><td>36,897</td><td>36,496</td></tr><tr><td>1949</td><td>2,855</td><td>3,259</td><td>3,850</td><td>3,130</td><td>3,709</td><td>4,550</td><td>2,966</td><td>3,715</td><td>3,847</td><td>3,266</td><td>3,426</td><td>4,061p</td><td>42,634p</td><td>40,576</td></tr><tr><td>1950</td><td>3,177</td><td>3,537</td><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>1943</td><td>-5,601</td><td>-4,920</td><td>-2,327</td><td>-5,784</td><td>-5,321</td><td>-3,325</td><td>-4,847</td><td>-4,368</td><td>-2,131</td><td>-5,412</td><td>-5,061</td><td>-1,971</td><td>-51,068</td><td>-53,735</td></tr><tr><td>1944</td><td>-4,622</td><td>-4,905</td><td>-1,889</td><td>-4,358</td><td>-4,385</td><td>-2,146</td><td>-4,922</td><td>-4,908</td><td>-1,671</td><td>-5,674</td><td>-4,496</td><td>-2,640</td><td>-46,616</td><td>-46,095</td></tr><tr><td>1945</td><td>-4,005</td><td>-2,843</td><td>-1,705</td><td>-4,601</td><td>-4,586</td><td>-2,813</td><td>-4,986</td><td>-4,141</td><td>-1,050</td><td>-3,104</td><td>-1,724</td><td>-896</td><td>-36,534</td><td>-44,945</td></tr><tr><td>1946</td><td>-1,636</td><td>368</td><td>1,773</td><td>-1,234</td><td>-888</td><td>-379</td><td>-413</td><td>43</td><td>1,641</td><td>-161</td><td>544</td><td>578</td><td>236</td><td>-17,892</td></tr><tr><td>1947</td><td>1,106</td><td>1,460</td><td>2,624</td><td>-935</td><td>-35</td><td>102</td><td>-827</td><td>42</td><td>723</td><td>18</td><td>816</td><td>510</td><td>5,703</td><td>6,659</td></tr><tr><td>1948</td><td>1,986</td><td>1,824</td><td>2,601</td><td>4</td><td>462</td><td>748</td><td>-320</td><td>212</td><td>1,469</td><td>-499</td><td>-283</td><td>-128</td><td>8,076</td><td>8,903</td></tr><tr><td>1949</td><td>829</td><td>635</td><td>1,704</td><td>-1,699</td><td>-1,114</td><td>248</td><td>-885</td><td>-566</td><td>1,068</td><td>-1,220</td><td>-461</td><td>202p</td><td>-1,259p</td><td>1,051</td></tr><tr><td>1950</td><td>308</td><td>58</td><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: (Same as Table 1). 1/ Fiscal year ending June 30 of year indicated.
p Preliminary.
April 1950
15
GENERAL FUND OF THE TREASURY
Table 1.- Status of the General Fund
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Assets</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in the General Fund</th></tr><tr><th>Total</th><th colspan="2">Bullion, coin, and currency</th><th colspan="2">Deposits in Federal Reserve Banks</th><th>Deposits in special depositaries</th><th>Other deposits and collections</th></tr><tr><th></th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th></th><th></th><th></th><th></th></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>14,338</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>1949</td><td>3,862</td><td>1,022</td><td>219</td><td>1,438</td><td>103</td><td>1,771</td><td>309</td><td>392</td><td>3,470</td></tr><tr><td>1949-July</td><td>3,699</td><td>1,037</td><td>198</td><td>529</td><td>104</td><td>1,485</td><td>346</td><td>362</td><td>3,337</td></tr><tr><td>August</td><td>4,767</td><td>1,047</td><td>199</td><td>610</td><td>86</td><td>2,513</td><td>312</td><td>349</td><td>4,418</td></tr><tr><td>September</td><td>6,080</td><td>1,054</td><td>193</td><td>1,176</td><td>119</td><td>3,226</td><td>314</td><td>381</td><td>5,699</td></tr><tr><td>October</td><td>5,080</td><td>1,065</td><td>180</td><td>595</td><td>94</td><td>2,831</td><td>315</td><td>343</td><td>4,737</td></tr><tr><td>November</td><td>4,789</td><td>1,049</td><td>205</td><td>517</td><td>80</td><td>2,632</td><td>308</td><td>367</td><td>4,422</td></tr><tr><td>December</td><td>5,033</td><td>1,053</td><td>200</td><td>841</td><td>94</td><td>2,557</td><td>288</td><td>354</td><td>4,679</td></tr><tr><td>1950-January</td><td>5,421</td><td>1,029</td><td>221</td><td>677</td><td>216</td><td>2,898</td><td>381</td><td>372</td><td>5,049</td></tr><tr><td>February</td><td>5,489</td><td>1,027</td><td>220</td><td>666</td><td>124</td><td>3,146</td><td>306</td><td>303</td><td>5,186</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 1/</th><th>Trust accounts 1/ 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 securities of Government corporations, etc., in the market 4/</th><th>Clearing account 5/</th></tr><tr><td>1942</td><td>358</td><td>-21,490</td><td>23,451</td><td>-1,613</td><td>66</td><td>*</td><td>14</td><td>116</td><td>-1,809</td><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-57,420</td><td>64,274</td><td>-338</td><td>92</td><td>*</td><td>-</td><td>264</td><td>-694</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-51,423</td><td>64,307</td><td>-2,222</td><td>148</td><td>*</td><td>-</td><td>503</td><td>-2,874</td><td>-</td></tr><tr><td>1945</td><td>1,529</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>8,419</td><td>-5,994</td><td>-294</td><td>-35</td><td>*</td><td>*</td><td>-367</td><td>107</td><td>-507</td></tr><tr><td>1949</td><td>-1,462</td><td>-1,811</td><td>478</td><td>-195</td><td>-7</td><td>*</td><td>*</td><td>-414</td><td>-74</td><td>366</td></tr><tr><td>1949-July</td><td>-133</td><td>-1,488</td><td>1,107</td><td>30</td><td>41</td><td>*</td><td>-</td><td>36</td><td>-47</td><td>218</td></tr><tr><td>August</td><td>1,081</td><td>-1,106</td><td>1,975</td><td>345</td><td>369</td><td>*</td><td>-</td><td>-25</td><td>*</td><td>-133</td></tr><tr><td>September</td><td>1,281</td><td>837</td><td>828</td><td>-104</td><td>-114</td><td>*</td><td>-</td><td>11</td><td>-2</td><td>20</td></tr><tr><td>October</td><td>-962</td><td>-1,230</td><td>98</td><td>10</td><td>55</td><td>*</td><td>-</td><td>-113</td><td>68</td><td>160</td></tr><tr><td>November</td><td>-315</td><td>-783</td><td>204</td><td>299</td><td>303</td><td>*</td><td>-</td><td>-6</td><td>1</td><td>-36</td></tr><tr><td>December</td><td>257</td><td>469</td><td>148</td><td>-272</td><td>-298</td><td>*</td><td>1</td><td>24</td><td>*</td><td>-88</td></tr><tr><td>1950-January</td><td>370</td><td>44</td><td>-265</td><td>2</td><td>18</td><td>*</td><td>-</td><td>6</td><td>-22</td><td>589</td></tr><tr><td>February</td><td>137</td><td>476</td><td>-497</td><td>170</td><td>192</td><td>*</td><td>-</td><td>-9</td><td>-13</td><td>-11</td></tr></table>
Source: Daily Treasury Statement.
1/ Figures for 1948 and 1949 are adjusted for reclassification of Foreign Economic Cooperation Trust Fund transactions; see page 1, footnote 3.
2/ Consists of Federal Old-Age and Survivors Insurance Trust Fund, Railroad Retirement Account, Unemployment Trust Fund, veterans' life insurance funds, Government employees' retirement funds, and certain other trust funds and accounts (see footnote 3).
3/ Consist of special deposits (net), Public Works Administration revolv
fund, and, prior to July 1, 1945, transactions in commodity food stamps by the Department of Agriculture. Beginning on that date such transactions in commodity food stamps are included in the column "Trust accounts". 
b/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of securities. 
2/ For outstanding checks and telegraphic reports from Federal Reserve Banks; excess of receipts, or expenditures (-). 
* Less than $500,000.
16
Treasury Bulletin
DEBT OUTSTANDING
Table 1.- Summary of Federal Securities
(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="7">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 colspan="4">Public debt</th><th>Guaranteed securities 1/ (matured)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th><th></th></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</td><td>252,798</td><td>252,770</td><td>27</td><td>250,785</td><td>250,762</td><td>24</td><td>2,012</td><td>2,009</td><td>245</td><td>41</td><td>1,063</td><td>660</td><td>3</td></tr><tr><td>1950 (Estimated)</td><td>258,439</td><td>258,400</td><td>39</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>n.a.</td></tr><tr><td>1951 (Estimated)</td><td>263,844</td><td>263,800</td><td>44</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.a.</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>1949-July</td><td>253,902</td><td>253,877</td><td>26</td><td>251,903</td><td>251,880</td><td>22</td><td>2,000</td><td>1,996</td><td>237</td><td>41</td><td>1,063</td><td>655</td><td>3</td></tr><tr><td>August</td><td>255,879</td><td>255,852</td><td>27</td><td>253,945</td><td>253,921</td><td>24</td><td>1,934</td><td>1,931</td><td>218</td><td>-</td><td>1,063</td><td>650</td><td>3</td></tr><tr><td>September</td><td>256,709</td><td>256,680</td><td>29</td><td>254,783</td><td>254,756</td><td>26</td><td>1,926</td><td>1,923</td><td>221</td><td>-</td><td>1,057</td><td>645</td><td>3</td></tr><tr><td>October</td><td>256,805</td><td>256,778</td><td>28</td><td>254,901</td><td>254,876</td><td>25</td><td>1,904</td><td>1,901</td><td>229</td><td>-</td><td>1,030</td><td>642</td><td>3</td></tr><tr><td>November</td><td>257,011</td><td>256,982</td><td>29</td><td>255,150</td><td>255,124</td><td>26</td><td>1,861</td><td>1,858</td><td>211</td><td>-</td><td>1,008</td><td>639</td><td>3</td></tr><tr><td>December</td><td>257,160</td><td>257,130</td><td>30</td><td>255,046</td><td>255,019</td><td>27</td><td>2,114</td><td>2,111</td><td>467</td><td>-</td><td>1,008</td><td>636</td><td>3</td></tr><tr><td>1950-January</td><td>256,892</td><td>256,865</td><td>27</td><td>254,893</td><td>254,869</td><td>24</td><td>1,999</td><td>1,997</td><td>356</td><td>-</td><td>1,008</td><td>632</td><td>3</td></tr><tr><td>February</td><td>256,395</td><td>256,368</td><td>27</td><td>254,430</td><td>254,406</td><td>24</td><td>1,965</td><td>1,962</td><td>325</td><td>-</td><td>1,008</td><td>629</td><td>3</td></tr></table>
Source: Actual figures from Daily Treasury Statement; estimates based on 1951 Budget document, including effect of proposed legislation.
Footnotes at end of Table 2.
Table 2.- Net Change in Federal Securities
(Increase, or decrease (-), in millions of dollars)
<table><tr><th rowspan="2">Fiecel year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="5">Matured debt and debt bearing no interest</th><th rowspan="2">Guaranteed securities 1/ (matured)</th></tr><tr><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 1/</th><th>Total</th><th colspan="4">Public debt</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>International Bank</th><th>Monetary Fund</th><th>Other 2/</th><th></th></tr><tr><td>1942</td><td>21,659</td><td>23,461</td><td>-1,802</td><td>21,770</td><td>23,581</td><td>-1,811</td><td>-111</td><td>-120</td><td>-107</td><td>-</td><td>-</td><td>-13</td><td>9</td></tr><tr><td>1943</td><td>63,805</td><td>64,274</td><td>-468</td><td>62,955</td><td>63,412</td><td>-457</td><td>850</td><td>862</td><td>42</td><td>-</td><td>-</td><td>820</td><td>-11</td></tr><tr><td>1944</td><td>61,330</td><td>64,307</td><td>-2,477</td><td>61,537</td><td>64,163</td><td>-2,576</td><td>243</td><td>144</td><td>60</td><td>-</td><td>-</td><td>84</td><td>99</td></tr><tr><td>1945</td><td>56,489</td><td>57,679</td><td>-1,190</td><td>55,707</td><td>56,813</td><td>-1,107</td><td>782</td><td>866</td><td>68</td><td>-</td><td>-</td><td>798</td><td>-83</td></tr><tr><td>1946</td><td>10,783</td><td>10,740</td><td>43</td><td>11,812</td><td>11,754</td><td>58</td><td>-1,029</td><td>-1,014</td><td>108</td><td>-</td><td>-</td><td>-1,122</td><td>-14</td></tr><tr><td>1947</td><td>-11,523</td><td>-11,136</td><td>-337</td><td>-13,381</td><td>-12,997</td><td>-383</td><td>1,858</td><td>1,862</td><td>-145</td><td>416</td><td>1,724</td><td>-133</td><td>-3</td></tr><tr><td>1948</td><td>-6,010</td><td>-5,994</td><td>-16</td><td>-5,065</td><td>-5,050</td><td>-14</td><td>-946</td><td>-944</td><td>49</td><td>-350</td><td>-563</td><td>-80</td><td>-2</td></tr><tr><td>1949</td><td>432</td><td>478</td><td>-46</td><td>653</td><td>698</td><td>-45</td><td>-221</td><td>-220</td><td>-35</td><td>-25</td><td>-98</td><td>-62</td><td>-1</td></tr><tr><td>1950 (Estimated)</td><td>5,642</td><td>5,630</td><td>12</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1951 (Estimated)</td><td>5,405</td><td>5,400</td><td>5</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.e.</td><td>n.e.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1949-July</td><td>1,105</td><td>1,107</td><td>-2</td><td>1,117</td><td>1,119</td><td>-2</td><td>-12</td><td>-12</td><td>-7</td><td>-</td><td>-</td><td>-5</td><td>*</td></tr><tr><td>August</td><td>1,977</td><td>1,975</td><td>2</td><td>2,042</td><td>2,040</td><td>2</td><td>-65</td><td>-65</td><td>-20</td><td>-41</td><td>-</td><td>-5</td><td>*</td></tr><tr><td>September</td><td>830</td><td>828</td><td>2</td><td>838</td><td>836</td><td>2</td><td>-8</td><td>-8</td><td>3</td><td>-</td><td>-6</td><td>-5</td><td>*</td></tr><tr><td>October</td><td>96</td><td>98</td><td>-2</td><td>118</td><td>120</td><td>-2</td><td>-22</td><td>-22</td><td>9</td><td>-</td><td>-27</td><td>-3</td><td>*</td></tr><tr><td>November</td><td>206</td><td>204</td><td>2</td><td>249</td><td>247</td><td>2</td><td>-43</td><td>-43</td><td>-18</td><td>-</td><td>-22</td><td>-3</td><td>*</td></tr><tr><td>December</td><td>149</td><td>148</td><td>*</td><td>-104</td><td>-104</td><td>1</td><td>253</td><td>253</td><td>256</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr><tr><td>1950-January</td><td>-268</td><td>-265</td><td>-3</td><td>-153</td><td>-151</td><td>-3</td><td>-114</td><td>-114</td><td>-110</td><td>-</td><td>-</td><td>-4</td><td>*</td></tr><tr><td>February</td><td>-497</td><td>-497</td><td>*</td><td>-463</td><td>-463</td><td>*</td><td>-34</td><td>-34</td><td>-32</td><td>-</td><td>-</td><td>-3</td><td>*</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury. 2/ Includes savings stamps, excess profit tax refund bonds, and currency items. For current-month details, see "Statutory Debt Limitation", Table 2.
Less than $500,000. n.a. Not available.
April 1950
17
DEBT OUTSTANDING
Table 3.- Interest-Bearing Public Debt (In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th colspan="7">Public issues</th><th colspan="4">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total public issues</th><th colspan="5">Marketable</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury saving notes</th><th>Armed forces leave bonds</th><th>Treasury bonds, investment series</th><th>Other 3/</th></tr><tr><th></th><th></th><th>Total</th><th>Bills</th><th>Certificate</th><th>Notes</th><th>Treasury bonds Bank eligible</th><th>Treasury bonds Bank restricted 1/</th><th>Other bonds 2/</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1942</td><td>71,968</td><td>64,083</td><td>50,573</td><td>2,508</td><td>3,096</td><td>6,689</td><td>37,202</td><td>882</td><td>196</td><td>13,510</td><td>10,188</td><td>3,015</td><td>-</td><td>307</td><td>7,885</td></tr><tr><td>1943</td><td>135,380</td><td>124,509</td><td>95,310</td><td>11,864</td><td>16,561</td><td>9,168</td><td>48,809</td><td>8,711</td><td>196</td><td>29,200</td><td>21,256</td><td>7,495</td><td>-</td><td>448</td><td>10,871</td></tr><tr><td>1944</td><td>199,543</td><td>185,256</td><td>140,401</td><td>14,734</td><td>28,822</td><td>17,405</td><td>58,083</td><td>21,161</td><td>196</td><td>44,855</td><td>34,606</td><td>9,557</td><td>-</td><td>692</td><td>14,287</td></tr><tr><td>1945</td><td>256,357</td><td>237,545</td><td>181,319</td><td>17,041</td><td>34,136</td><td>23,497</td><td>69,693</td><td>36,756</td><td>196</td><td>56,226</td><td>45,586</td><td>10,136</td><td>-</td><td>505</td><td>18,812</td></tr><tr><td>1946</td><td>268,111</td><td>245,779</td><td>189,606</td><td>17,039</td><td>34,804</td><td>18,261</td><td>65,864</td><td>53,459</td><td>180</td><td>56,173</td><td>49,035</td><td>6,711</td><td>-</td><td>427</td><td>22,332</td></tr><tr><td>1947</td><td>255,113</td><td>227,747</td><td>168,702</td><td>15,775</td><td>25,296</td><td>8,142</td><td>69,686</td><td>49,636</td><td>166</td><td>59,045</td><td>51,357</td><td>5,560</td><td>1,793</td><td>-</td><td>325</td><td>27,366</td></tr><tr><td>1948</td><td>250,063</td><td>219,852</td><td>160,346</td><td>13,757</td><td>22,588</td><td>11,375</td><td>62,826</td><td>49,636</td><td>164</td><td>59,506</td><td>53,274</td><td>4,394</td><td>563</td><td>959</td><td>316</td><td>30,211</td></tr><tr><td>1949</td><td>250,762</td><td>217,986</td><td>155,147</td><td>11,536</td><td>29,427</td><td>3,596</td><td>60,789</td><td>49,636</td><td>162</td><td>62,839</td><td>56,260</td><td>4,860</td><td>396</td><td>954</td><td>369</td><td>32,776</td></tr><tr><td>Debt peak, Feb. 1946</td><td>277,912</td><td>257,016</td><td>199,810</td><td>17,032</td><td>41,413</td><td>19,551</td><td>68,207</td><td>53,427</td><td>180</td><td>57,206</td><td>48,692</td><td>8,043</td><td>-</td><td>-</td><td>471</td><td>20,897</td></tr><tr><td>1949-July</td><td>251,880</td><td>218,831</td><td>154,959</td><td>11,531</td><td>29,246</td><td>3,596</td><td>60,789</td><td>49,636</td><td>161</td><td>63,872</td><td>56,453</td><td>5,705</td><td>385</td><td>954</td><td>376</td><td>33,049</td></tr><tr><td>Aug.</td><td>253,921</td><td>220,563</td><td>155,552</td><td>12,124</td><td>29,246</td><td>3,596</td><td>60,789</td><td>49,636</td><td>161</td><td>65,011</td><td>56,537</td><td>6,768</td><td>376</td><td>954</td><td>376</td><td>33,358</td></tr><tr><td>Sept.</td><td>254,756</td><td>220,842</td><td>155,647</td><td>12,315</td><td>30,441</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,195</td><td>56,600</td><td>6,897</td><td>368</td><td>954</td><td>377</td><td>33,914</td></tr><tr><td>Oct.</td><td>254,876</td><td>221,066</td><td>155,362</td><td>12,317</td><td>30,155</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,705</td><td>56,670</td><td>7,345</td><td>357</td><td>954</td><td>379</td><td>33,810</td></tr><tr><td>Nov.</td><td>255,124</td><td>221,295</td><td>155,355</td><td>12,320</td><td>30,155</td><td>3,596</td><td>59,497</td><td>49,636</td><td>161</td><td>65,929</td><td>56,717</td><td>7,527</td><td>350</td><td>954</td><td>380</td><td>33,829</td></tr><tr><td>Dec.</td><td>255,019</td><td>221,123</td><td>155,123</td><td>12,319</td><td>29,636</td><td>8,249</td><td>55,122</td><td>49,636</td><td>161</td><td>66,000</td><td>56,707 4/</td><td>7,610</td><td>343</td><td>954</td><td>386</td><td>33,996</td></tr><tr><td>1950-Jan.</td><td>254,869</td><td>221,367</td><td>154,833</td><td>12,331</td><td>29,314</td><td>8,271</td><td>55,122</td><td>49,636</td><td>160</td><td>66,533</td><td>56,958</td><td>7,906</td><td>332</td><td>954</td><td>384</td><td>33,502</td></tr><tr><td>Feb.</td><td>254,406</td><td>221,535</td><td>154,764</td><td>12,336</td><td>27,321</td><td>10,189</td><td>55,122</td><td>49,636</td><td>160</td><td>66,771</td><td>57,217</td><td>7,988</td><td>325</td><td>954</td><td>287</td><td>32,871</td></tr></table>
Source: Daily Treasury Statement. Footnotes at end of Table 4.
Table 4.- Net Change in Interest-Bearing Public Debt (Increases, or decreases (-), in millions of dollars)
<table><tr><th rowspan="2">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="6">Normarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds 2/</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed force leave bonds</th><th>Treasury bonds, investment series</th><th>Other 3/</th></tr><tr><td>1942</td><td>23,581</td><td>21,816</td><td>12,860</td><td>905</td><td>3,096</td><td>990</td><td>6,987</td><td>882</td><td>*</td><td>8,956</td><td>5,874</td><td>3,015</td><td>-</td><td>67</td><td>1,765</td></tr><tr><td>1943</td><td>63,412</td><td>60,426</td><td>44,736</td><td>9,356</td><td>13,466</td><td>2,479</td><td>11,607</td><td>7,829</td><td>*</td><td>15,690</td><td>11,068</td><td>4,481</td><td>-</td><td>141</td><td>2,986</td></tr><tr><td>1944</td><td>64,163</td><td>60,747</td><td>45,092</td><td>2,870</td><td>12,261</td><td>8,237</td><td>9,274</td><td>12,450</td><td>*</td><td>15,655</td><td>13,350</td><td>2,061</td><td>-</td><td>244</td><td>3,416</td></tr><tr><td>1945</td><td>56,813</td><td>52,289</td><td>40,917</td><td>2,307</td><td>5,313</td><td>6,092</td><td>11,610</td><td>15,595</td><td>*</td><td>11,371</td><td>10,979</td><td>579</td><td>-</td><td>-187</td><td>4,525</td></tr><tr><td>1946</td><td>11,754</td><td>8,234</td><td>8,287</td><td>-2</td><td>668</td><td>-5,237</td><td>-3,829</td><td>16,703</td><td>-16</td><td>-53</td><td>3,449</td><td>-3,424</td><td>-</td><td>-78</td><td>3,520</td></tr><tr><td>1947</td><td>-12,997</td><td>-18,032</td><td>-20,904</td><td>-1,264</td><td>-9,508</td><td>-10,119</td><td>3,823</td><td>-3,823</td><td>-14</td><td>2,872</td><td>2,332</td><td>-1,151</td><td>1,793</td><td>-101</td><td>5,035</td></tr><tr><td>1948</td><td>-5,050</td><td>-7,895</td><td>-8,356</td><td>-2,018</td><td>-2,708</td><td>3,232</td><td>-6,861</td><td>*</td><td>-2</td><td>461</td><td>1,907</td><td>-1,166</td><td>-1,230</td><td>959</td><td>-9</td><td>2,815</td></tr><tr><td>1949</td><td>698</td><td>-1,866</td><td>-5,199</td><td>-2,221</td><td>6,840</td><td>-7,779</td><td>-2,036</td><td>*</td><td>-2</td><td>3,332</td><td>2,986</td><td>467</td><td>-167</td><td>-5</td><td>52</td><td>2,564</td></tr><tr><td>1949-July</td><td>1,119</td><td>845</td><td>-188</td><td>-6</td><td>-181</td><td>-</td><td>*</td><td>-</td><td>-1</td><td>1,034</td><td>193</td><td>845</td><td>-11</td><td>*</td><td>7</td><td>273</td></tr><tr><td>Aug.</td><td>2,040</td><td>1,732</td><td>593</td><td>593</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,139</td><td>85</td><td>1,063</td><td>-9</td><td>*</td><td>*</td><td>309</td></tr><tr><td>Sept.</td><td>836</td><td>279</td><td>95</td><td>192</td><td>1,195</td><td>-</td><td>-1,292</td><td>-</td><td>-</td><td>184</td><td>63</td><td>129</td><td>-8</td><td>*</td><td>1</td><td>557</td></tr><tr><td>Oct.</td><td>120</td><td>224</td><td>-285</td><td>1</td><td>-287</td><td>-</td><td>*</td><td>-</td><td>-</td><td>510</td><td>69</td><td>448</td><td>-10</td><td>-</td><td>3</td><td>-104</td></tr><tr><td>Nov.</td><td>247</td><td>228</td><td>4</td><td>3</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>224</td><td>48</td><td>183</td><td>-7</td><td>*</td><td>1</td><td>19</td></tr><tr><td>Dec.</td><td>-104</td><td>-171</td><td>-242</td><td>-1</td><td>-519</td><td>4,653</td><td>-4,375</td><td>*</td><td>-</td><td>71</td><td>-104</td><td>82</td><td>-7</td><td>*</td><td>6</td><td>67</td></tr><tr><td>1950-Jan.</td><td>-151</td><td>243</td><td>-290</td><td>12</td><td>-322</td><td>21</td><td>*</td><td>*</td><td>-1</td><td>533</td><td>251</td><td>296</td><td>-12</td><td>*</td><td>-2</td><td>-394</td></tr><tr><td>Feb.</td><td>-463</td><td>169</td><td>-69</td><td>5</td><td>-1,993</td><td>1,919</td><td>*</td><td>*</td><td>-</td><td>238</td><td>259</td><td>82</td><td>-6</td><td>*</td><td>-97</td><td>-631</td></tr></table>
Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to specified dates, with three exceptions: (1) concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. Bank restricted bonds may be redeemed at par and accrued interest upon the death of the owner, if the proceeds are used
2/ Consists of postal savings and Panama Canal bonds, and also conversion bonds prior to 1947.
3/ Consists of depositary bonds, and also adjusted service bonds until they matured on June 15, 1945.
4/ Outstanding savings bonds Series D-1939 in the amount of $148 million were transferred to matured debt as of December 31, 1949.
* Less than $500,000.
18
Treasury Bulletin
DEBT OUTSTANDING
Table 5.- Interest-Bearing Securities Guaranteed by the United States Government 1/
(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 2/</th><th>Reconstruction Finance Corporation 3/</th></tr><tr><td>1942</td><td>4,549</td><td>4,549</td><td>701</td><td>930</td><td>21</td><td>1,563</td><td>114</td><td>1,219</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>4,092</td><td>3,908</td><td>412</td><td>930</td><td>23</td><td>1,533</td><td>114</td><td>896</td><td>183</td><td>68</td><td>115</td></tr><tr><td>1944</td><td>1,516</td><td>1,190</td><td>412</td><td>-</td><td>24</td><td>755</td><td>-</td><td>-</td><td>326</td><td>150</td><td>176</td></tr><tr><td>1945</td><td>409</td><td>34</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>-</td><td>375</td><td>375</td><td>-</td></tr><tr><td>1946</td><td>467</td><td>43</td><td>-</td><td>-</td><td>43</td><td>-</td><td>-</td><td>-</td><td>424</td><td>424</td><td>-</td></tr><tr><td>1947</td><td>83</td><td>38</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td></tr><tr><td>1948</td><td>69</td><td>27</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</td><td>-</td></tr><tr><td>1949</td><td>24</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>1949-July</td><td>22</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td></tr><tr><td>August</td><td>24</td><td>13</td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>September</td><td>26</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>-</td></tr><tr><td>October</td><td>25</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>-</td></tr><tr><td>November</td><td>26</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>December</td><td>27</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>-</td></tr><tr><td>1950-January</td><td>24</td><td>14</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>-</td></tr><tr><td>February</td><td>24</td><td>15</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Consists of demand obligations stated as of the close of the previous month.
3/ Consists of Reconstruction Finance Corporation notes Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
Table 6.- Special Issues to United States Government Investment Accounts
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total 1/</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 Saving and Loan Insurance Corporation</th><th>Government employees' retirement fund</th><th>Government Life Insurance Fund</th><th>Housing insurance fund</th><th>National Service Life Insurance Fund</th><th>Postal Savings System 2/</th><th>F railroad Retirement Account</th><th>Unemployment Trust Fund</th></tr><tr><td>1942</td><td>7,885</td><td>18</td><td>95</td><td>-</td><td>3,133</td><td>5</td><td>796</td><td>537</td><td>-</td><td>39</td><td>56</td><td>92</td><td>3,114</td></tr><tr><td>1943</td><td>10,871</td><td>18</td><td>103</td><td>-</td><td>4,044</td><td>106</td><td>1,076</td><td>538</td><td>-</td><td>352</td><td>199</td><td>178</td><td>4,257</td></tr><tr><td>1944</td><td>14,287</td><td>17</td><td>98</td><td>-</td><td>4,766</td><td>27</td><td>1,469</td><td>502</td><td>-</td><td>1,213</td><td>268</td><td>319</td><td>5,610</td></tr><tr><td>1945</td><td>13,312</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>1949</td><td>32,776</td><td>6</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>-</td><td>7,288</td><td>1,952</td><td>1,720</td><td>7,340</td></tr><tr><td>1949-July</td><td>33,049</td><td>6</td><td>715</td><td>117</td><td>8,946</td><td>97</td><td>3,289</td><td>1,318</td><td>-</td><td>7,293</td><td>1,952</td><td>2,081</td><td>7,235</td></tr><tr><td>August</td><td>33,358</td><td>6</td><td>725</td><td>118</td><td>8,946</td><td>97</td><td>3,594</td><td>1,276</td><td>-</td><td>7,296</td><td>1,936</td><td>2,080</td><td>7,282</td></tr><tr><td>September</td><td>33,914</td><td>5</td><td>725</td><td>118</td><td>9,261</td><td>98</td><td>3,603</td><td>1,274</td><td>-</td><td>7,714</td><td>1,916</td><td>2,056</td><td>7,142</td></tr><tr><td>October</td><td>33,810</td><td>5</td><td>725</td><td>122</td><td>9,231</td><td>99</td><td>3,608</td><td>1,272</td><td>-</td><td>7,719</td><td>1,892</td><td>2,108</td><td>7,029</td></tr><tr><td>November</td><td>33,829</td><td>5</td><td>725</td><td>126</td><td>9,231</td><td>100</td><td>3,622</td><td>1,270</td><td>-</td><td>7,719</td><td>1,882</td><td>2,084</td><td>7,065</td></tr><tr><td>December</td><td>33,896</td><td>5</td><td>737</td><td>126</td><td>9,501</td><td>102</td><td>3,622</td><td>1,268</td><td>-</td><td>7,696</td><td>1,882</td><td>2,059</td><td>6,898</td></tr><tr><td>1950-January</td><td>33,502</td><td>6</td><td>791</td><td>128</td><td>9,541</td><td>105</td><td>3,633</td><td>1,265</td><td>-</td><td>7,263</td><td>1,882</td><td>2,070</td><td>6,818</td></tr><tr><td>February</td><td>32,871</td><td>6</td><td>796</td><td>162</td><td>9,671</td><td>105</td><td>3,643</td><td>1,262</td><td>-</td><td>6,510</td><td>1,872</td><td>2,046</td><td>6,797</td></tr></table>
Source: Daily Treasury Statement. 1/ Total includes $1 million issued to the Farm Tenant Mortgage Insurance
2/ Include Canal Zone Postal Savings System.
April 1950
19
DEBT OUTSTANDING
Table 7.- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar amounts in millions)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="2">Total interest-bearing securities</th><th rowspan="2">Computed annual interest charge</th><th rowspan="2">Total interest-bearing securities</th><th colspan="7">Computed annual interest rate</th><th rowspan="2">Guaranteed securities 1/</th></tr><tr><th>Amount outstanding</th><th>Public debt and guaranteed securities 1/</th><th>Total public debt</th><th>Total 2/</th><th>Marketable issues</th><th>Non-marketable issues 4/</th><th>Special issues</th></tr><tr><th></th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Total 2/</th><th>Bill 3/</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Special issues</th><th>Guaranteed securities 1/</th></tr><tr><td>1942</td><td>76,517</td><td>71,968</td><td>1,729</td><td>1,644</td><td>2,260</td><td>2.285</td><td>2.225</td><td>.360</td><td>.564</td><td>1.092</td><td>2.680</td><td>2.277</td><td>2.681</td><td>1.961</td></tr><tr><td>1943</td><td>139,472</td><td>135,380</td><td>2,759</td><td>2,679</td><td>1,978</td><td>1.979</td><td>1.822</td><td>.380</td><td>.875</td><td>1.165</td><td>2.494</td><td>2.330</td><td>2.408</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>199,583</td><td>3,869</td><td>3,849</td><td>1,925</td><td>1.929</td><td>1.725</td><td>.381</td><td>.875</td><td>1.281</td><td>2.379</td><td>2.417</td><td>2.405</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>256,357</td><td>4,969</td><td>4,961</td><td>1,935</td><td>1.936</td><td>1.718</td><td>.381</td><td>.875</td><td>1.204</td><td>2.314</td><td>2.473</td><td>2.436</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>268,111</td><td>5,357</td><td>5,351</td><td>1,995</td><td>1.996</td><td>1.773</td><td>.381</td><td>.875</td><td>1.289</td><td>2.307</td><td>2.567</td><td>2.448</td><td>1.410</td></tr><tr><td>1947</td><td>255,197</td><td>255,113</td><td>5,376</td><td>5,374</td><td>2.107</td><td>2.107</td><td>1.871</td><td>.382</td><td>.875</td><td>1.448</td><td>2.307</td><td>2.593</td><td>2.510</td><td>1.758</td></tr><tr><td>1948</td><td>250,132</td><td>250,063</td><td>5,457</td><td>5,455</td><td>2.182</td><td>2.182</td><td>1.942</td><td>1.014</td><td>1.042</td><td>1.204</td><td>2.309</td><td>2.623</td><td>2.588</td><td>1.924</td></tr><tr><td>1949</td><td>250,785</td><td>250,762</td><td>5,606</td><td>5,606</td><td>2.236</td><td>2.236</td><td>2.001</td><td>1.176</td><td>1.225</td><td>1.375</td><td>2.313</td><td>2.629</td><td>2.596</td><td>2.210</td></tr><tr><td>1949-July</td><td>251,903</td><td>251,880</td><td>5,632</td><td>5,631</td><td>2.236</td><td>2.236</td><td>2.002</td><td>1.119</td><td>1.250</td><td>1.375</td><td>2.313</td><td>2.613</td><td>2.603</td><td>2.280</td></tr><tr><td>August</td><td>253,945</td><td>253,921</td><td>5,662</td><td>5,662</td><td>2.230</td><td>2.230</td><td>1.995</td><td>1.078</td><td>1.250</td><td>1.375</td><td>2.313</td><td>2.594</td><td>2.614</td><td>2.232</td></tr><tr><td>September</td><td>254,783</td><td>254,756</td><td>5,667</td><td>5,666</td><td>2.224</td><td>2.224</td><td>1.985</td><td>1.041</td><td>1.245</td><td>1.375</td><td>2.316</td><td>2.592</td><td>2.616</td><td>2.200</td></tr><tr><td>October</td><td>254,901</td><td>254,876</td><td>5,664</td><td>5,663</td><td>2.222</td><td>2.222</td><td>1.983</td><td>1.060</td><td>1.219</td><td>1.375</td><td>2.316</td><td>2.585</td><td>2.619</td><td>2.270</td></tr><tr><td>November</td><td>255,150</td><td>255,124</td><td>5,670</td><td>5,669</td><td>2.222</td><td>2.222</td><td>1.984</td><td>1.073</td><td>1.219</td><td>1.375</td><td>2.316</td><td>2.582</td><td>2.619</td><td>2.224</td></tr><tr><td>December</td><td>259,046</td><td>255,019</td><td>5,630</td><td>5,629</td><td>2.208</td><td>2.208</td><td>1.959</td><td>1.090</td><td>1.219</td><td>1.375</td><td>2.316</td><td>2.581</td><td>2.617</td><td>2.208</td></tr><tr><td>1950-January</td><td>254,893</td><td>254,869</td><td>5,620</td><td>5,619</td><td>2.205</td><td>2.205</td><td>1.957</td><td>1.104</td><td>1.195</td><td>1.375</td><td>2.316</td><td>2.576</td><td>2.612</td><td>2.227</td></tr><tr><td>February</td><td>254,430</td><td>254,406</td><td>5,607</td><td>5,606</td><td>2.204</td><td>2.204</td><td>1.959</td><td>1.125</td><td>1.191</td><td>1.351</td><td>2.316</td><td>2.576</td><td>2.600</td><td>2.246</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes guaranteed securities held by the Treasury.
2/ Total includes "Other bonds"; see Table 3 preceding.
3/ Treasury bills are included in debt outstanding at face amount, but in computing the annual interest charge and the annual interest rate
the discount value is used.
In computing the annual interest charge and the annual 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%.
Table 8.- 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 Corpora-tion</th><th>Economic Cooper-ation Adminis-tration</th><th>Export-Import Bank of Washington</th><th>Federal Farm Mortgage Corpora-tion</th><th>Home Owners' Loan Corpora-tion</th><th>Public Housing Adminis-tration</th><th>Reconstruc-tion Finance Corporation</th><th>Rural Electri-fication Adminis-tration</th><th>Secretary of Agriculture 3/</th><th>Secre-tary of the Army 4/</th><th>Tennessee Valley Authority</th></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>-</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>-</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>-</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>-</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>-</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>-</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>5/</td><td>728</td><td>-</td><td>-</td><td>54</td></tr><tr><td>1949</td><td>6,851</td><td>1,669</td><td>782</td><td>918</td><td>1</td><td>125</td><td>337</td><td>1,856</td><td>1,015</td><td>-</td><td>100</td><td>52</td></tr><tr><td>1949-July</td><td>7,005</td><td>1,740</td><td>830</td><td>890</td><td>-</td><td>115</td><td>337</td><td>1,906</td><td>1,025</td><td>10</td><td>100</td><td>52</td></tr><tr><td>August</td><td>7,284</td><td>1,893</td><td>853</td><td>895</td><td>-</td><td>104</td><td>337</td><td>1,969</td><td>1,060</td><td>20</td><td>100</td><td>52</td></tr><tr><td>September</td><td>7,612</td><td>2,116</td><td>853</td><td>899</td><td>-</td><td>95</td><td>337</td><td>2,029</td><td>1,100</td><td>30</td><td>100</td><td>52</td></tr><tr><td>October</td><td>7,912</td><td>2,245</td><td>853</td><td>906</td><td>-</td><td>80</td><td>337</td><td>2,088</td><td>1,110</td><td>41</td><td>100</td><td>52</td></tr><tr><td>November</td><td>8,060</td><td>2,393</td><td>854</td><td>914</td><td>-</td><td>54</td><td>337</td><td>2,161</td><td>1,140</td><td>55</td><td>100</td><td>52</td></tr><tr><td>December</td><td>7,304</td><td>2,563</td><td>854</td><td>917</td><td>-</td><td>32</td><td>337</td><td>1,222</td><td>1,160</td><td>70</td><td>100</td><td>49</td></tr><tr><td>1950-January</td><td>7,461</td><td>2,693</td><td>867</td><td>899</td><td>-</td><td>-</td><td>337</td><td>1,311</td><td>1,171</td><td>33</td><td>100</td><td>49</td></tr><tr><td>February</td><td>7,619</td><td>2,711</td><td>890</td><td>918</td><td>-</td><td>-</td><td>337</td><td>1,380</td><td>1,191</td><td>43</td><td>100</td><td>49</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 for the period September 1947 through September 1949 includes notes amounting to less than $1 million issued by the Virgin Islands Company. The Company was dissolved and its liabilities were assumed by the Virgin Islands Corporation under the Act of June 30, 1949, which set up the Corporation.
3/ Notes issued under authority of Public Law 146, approved June 29, 1949, and Public Law 171, approved July 15, 1949, for Farmers' Home Administration programs.
4/ Notes issued under authority of Public Law 820, approved June 29, 1948, for Natural Fibers Revolving Fund.
5/ 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 Appropriations Act, 1949.
20
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, February 28, 1950
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>255,629</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>27</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>255,656</td></tr><tr><td>Balance issuable under limitation.</td><td>19,344</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding February 28, 1950
(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>12,336</td><td>-</td><td>12,336</td></tr><tr><td>Certificates of indebtedness</td><td>27,321</td><td>-</td><td>27,321</td></tr><tr><td>Treasury notes</td><td>10,189</td><td>-</td><td>10,189</td></tr><tr><td>Treasury bonds - bank eligible</td><td>55,122</td><td>-</td><td>55,122</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>160</td><td>160</td></tr><tr><td>Total marketable</td><td>154,605</td><td>160</td><td>154,764</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds (current redemption value)</td><td>57,217</td><td>-</td><td>57,217</td></tr><tr><td>Treasury savings notes</td><td>7,988</td><td>-</td><td>7,988</td></tr><tr><td>Depositary bonds</td><td>287</td><td>-</td><td>287</td></tr><tr><td>Armed forces leave bonds</td><td>325</td><td>-</td><td>325</td></tr><tr><td>Treasury bonds, investment series</td><td>954</td><td>-</td><td>954</td></tr><tr><td>Total nonmarketable</td><td>66,771</td><td>-</td><td>66,771</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>32,871</td><td>-</td><td>32,871</td></tr><tr><td>Total interest-bearing securities</td><td>254,246</td><td>160</td><td>254,406</td></tr><tr><td>Matured securities on which interest has ceased</td><td>321</td><td>4</td><td>325</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>50</td><td>-</td><td>50</td></tr><tr><td>Excess profit tax refund bonds</td><td>4</td><td>-</td><td>4</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>1,008</td><td>-</td><td>1,008</td></tr><tr><td>International Bank for Reconstruction and Development series</td><td>-</td><td>-</td><td>-</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>379</td><td>379</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>1,062</td><td>575</td><td>1,637</td></tr><tr><td>Total public debt</td><td>255,629</td><td>739</td><td>256,368</td></tr><tr><td>Guaranteed securities: 2/</td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>24</td><td>-</td><td>24</td></tr><tr><td>Matured</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Total guaranteed securities</td><td>27</td><td>-</td><td>27</td></tr><tr><td>Total public debt and guaranteed securities</td><td>255,656</td><td>739</td><td>256,395</td></tr></table>
Source: Bureau of the Public Debt. 1/ Issues which commercial banks may not acquire prior to specified dates
(with minor exceptions). See "Debt Outstanding", Table 3, footnote 1. Excludes guaranteed securities held by the Treasury.
April 1950
21
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government
and Outstanding February 28, 1950
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank re-stricted issues become bank eligible 3/</th></tr><tr><th></th><th></th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th></th><th></th><th></th><th>Fixed matur-ity issues</th><th>Callable issues classified by year of: First call</th><th>Final matur-ity</th><th></th></tr><tr><td>1950</td><td></td><td></td><td></td><td></td><td></td><td>1953</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Certificate - 3/1/50-C. 2% Bond - 3/15/50-52</td><td>4,708 2,922 1,963</td><td></td><td></td><td></td><td>June 2%</td><td>Bond - 6/15/53-55</td><td></td><td>725</td><td></td><td></td></tr><tr><td>Apr.</td><td>1-3/8% Note - 4/1/50-A. 1-1/4% Certificate - 4/1/50-D.</td><td>3,617 3,596 963</td><td></td><td></td><td></td><td>Sept. 2%</td><td>Bond - 9/15/51-53</td><td></td><td></td><td>7,986</td><td></td></tr><tr><td>May.</td><td>Bills</td><td>4,012</td><td></td><td></td><td></td><td>Dec. 2-1/4%</td><td>Bond - 12/15/51-53</td><td></td><td></td><td>1,113</td><td></td></tr><tr><td>June.</td><td>1-1/4% Certificate - 6/1/50-E.</td><td>5,019</td><td></td><td></td><td></td><td colspan="3">Total</td><td>725</td><td>9,104</td><td></td></tr><tr><td>July.</td><td>1-1/4% Certificate - 7/1/50-F.</td><td>5,601</td><td></td><td></td><td></td><td>1954</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/8% Certificate - 9/15/50-G. 2-1/2% Bond - 9/15/50-52 2% Bond - 9/15/50-52</td><td>1,197 1,186 4,939</td><td></td><td></td><td></td><td>Mar.</td><td>1-3/8% Note - 3/15/54-A</td><td>4,675</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/8% Certificate - 10/1/50-H.</td><td>6,248</td><td></td><td></td><td></td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Bond - 12/15/50-55</td><td>2,635</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</td><td></td><td></td><td>1,627 5,825</td><td></td></tr><tr><td colspan="5">Total</td><td>42,479 6,125</td><td>Dec. 2%</td><td>Bond - 12/15/52-54</td><td></td><td>681</td><td>8,662</td><td></td></tr><tr><td>1951</td><td></td><td></td><td></td><td></td><td></td><td colspan="3">Total</td><td>4,675</td><td>681</td><td>17,138</td></tr><tr><td>Jan.</td><td>1-1/8% Certificate - 1/1/50-A.</td><td>5,373</td><td></td><td></td><td></td><td>1952</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Bond - 6/15/51-54</td><td></td><td>1,627</td><td></td><td></td><td>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Bond - 9/15/51-53 3% Bond - 9/15/51-55</td><td></td><td>7,986 755</td><td></td><td></td><td>June</td><td>2-7/8% Bond - 3/15/55-60 2-1/4% Bond - 6/15/52-55 2% Bond - 6/15/53-55</td><td></td><td></td><td>2,611 1,501 725</td><td></td></tr><tr><td>Oct.</td><td>1-1/4% Note - 10/1/51-A.</td><td>1,918</td><td></td><td></td><td></td><td>Sept. 3%</td><td>Bond - 9/15/51-55</td><td></td><td></td><td>755</td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Bond - 12/15/51-53 2% Bond - 12/15/51-55</td><td></td><td>1,118 510</td><td></td><td></td><td>Dec. 2%</td><td>Bond - 12/15/51-55</td><td></td><td></td><td>510</td><td></td></tr><tr><td colspan="5">Total</td><td>7,291 11,997</td><td colspan="3">Total</td><td></td><td>2,611</td><td>3,491</td></tr><tr><td>1952</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>Mar.</td><td>2-1/2% Bond - 3/15/52-54</td><td></td><td>1,024</td><td></td><td></td><td>Mar.</td><td>2-7/8% Bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td></td></tr><tr><td>June.</td><td>2% Bond - 6/15/52-54 2-1/4% Bond - 6/15/52-55</td><td></td><td>5,825 1,501</td><td></td><td></td><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>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>Sept. 3%</td><td>Bond - 9/15/51-55</td><td></td><td></td><td>755</td><td></td></tr><tr><td>Dec.</td><td>2% Bond - 12/15/52-54</td><td></td><td>8,662</td><td></td><td></td><td>Dec. 2%</td><td>Bond - 12/15/51-55</td><td></td><td></td><td>510</td><td></td></tr><tr><td colspan="5">Total</td><td>17,012 6,125</td><td colspan="3">Total</td><td></td><td>2,611</td><td>3,491</td></tr></table>
Footnotes at end of table.
(Continued on following page)
22
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 28, 1950 1/ (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become eligible 3/</th><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date bank restricted issues become eligible 3/</th></tr><tr><th></th><th></th><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th></tr><tr><td>1956</td><td></td><td></td><td></td><td></td><td></td><td>1964</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2-1/2% Bond - 3/15/56-58</td><td>......</td><td>1,449</td><td>......</td><td>......</td><td>June..</td><td>2-1/2% Bond - 6/15/64-69</td><td>......</td><td>3,761</td><td>......</td><td>4/15/53</td></tr><tr><td>June...</td><td>2-1/4% Bond - 6/15/54-56</td><td>......</td><td>681</td><td>......</td><td>......</td><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69</td><td>......</td><td>3,838</td><td>......</td><td>9/15/53</td></tr><tr><td>Sept...</td><td>2-3/4% Bond - 9/15/56-59</td><td>......</td><td>982</td><td>......</td><td>......</td><td></td><td>Total</td><td>......</td><td>7,599</td><td>......</td><td></td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>......</td><td>3,823</td><td>......</td><td>......</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>......</td><td>......</td><td>6,253</td><td>681</td><td>......</td><td>1965</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958</td><td></td><td></td><td></td><td></td><td></td><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70</td><td>......</td><td>5,197</td><td>......</td><td>2/1/54</td></tr><tr><td>Mar...</td><td>2-1/2% Bond - 3/15/56-58</td><td>......</td><td>1,449</td><td>......</td><td>......</td><td>Dec...</td><td>2-3/4% Bond - 12/15/60-65</td><td>......</td><td>1,485</td><td>......</td><td>......</td></tr><tr><td>June...</td><td>2-3/4% Bond - 6/15/58-63</td><td>......</td><td>919</td><td>......</td><td>......</td><td>Total</td><td>......</td><td>5,197</td><td>1,485</td><td>......</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>919</td><td>1,449</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>......</td><td>3,481</td><td>......</td><td>12/1/54</td></tr><tr><td>June...</td><td>2-1/4% Bond - 6/15/59-62</td><td>......</td><td>5,284</td><td>......</td><td>6/15/52</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>......</td><td>......</td><td>June...</td><td>2-1/2% Bond - 6/15/62-67</td><td>......</td><td>2,118</td><td>......</td><td>5/5/52</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>......</td><td>3,823</td><td>......</td><td>......</td><td></td><td>2-1/2% Bond - 6/15/67-72</td><td>......</td><td>7,967</td><td>......</td><td>6/15/62</td></tr><tr><td>Dec...</td><td>2-1/4% Bond - 12/15/59-62</td><td>......</td><td>3,470</td><td>......</td><td>12/15/52</td><td>Sept...</td><td>2-1/2% Bond - 9/15/67-72</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>8,754</td><td>4,804</td><td>......</td><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72</td><td>......</td><td>11,689</td><td>......</td><td>12/15/62</td></tr><tr><td></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><td>......</td></tr><tr><td>1960</td><td></td><td></td><td></td><td></td><td></td><td>1968</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar...</td><td>2-7/8% Bond - 3/15/55-60</td><td>......</td><td>2,611</td><td>......</td><td>......</td><td>Dec...</td><td>2-1/2% Bond - 12/15/63-68</td><td>......</td><td>2,831</td><td>......</td><td>12/1/52</td></tr><tr><td>Dec...</td><td>2-3/4% Bond - 12/15/60-65</td><td>......</td><td>1,485</td><td>......</td><td>......</td><td>1969</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>......</td><td>......</td><td>1,485</td><td>2,611</td><td>......</td><td>June...</td><td>2-1/2% Bond - 6/15/64-69</td><td>......</td><td>3,761</td><td>......</td><td>4/15/53</td></tr><tr><td>1961</td><td></td><td></td><td></td><td></td><td></td><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69</td><td>......</td><td>3,838</td><td>......</td><td>9/15/53</td></tr><tr><td>June...</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td>......</td><td>......</td><td>......</td><td>Total</td><td>......</td><td>7,599</td><td>......</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>......</td><td>6/15/52</td><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70</td><td>......</td><td>5,197</td><td>......</td><td>2/1/54</td></tr><tr><td></td><td>2-1/2% Bond - 6/15/62-67</td><td>......</td><td>2,118</td><td>......</td><td>5/5/52</td><td>1971</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec...</td><td>2-1/4% Bond - 12/15/59-62</td><td>......</td><td>3,470</td><td>......</td><td>12/15/52</td><td>Mar...</td><td>2-1/2% Bond - 3/15/66-71</td><td>......</td><td>3,481</td><td>......</td><td>12/1/54</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>2,118</td><td>8,754</td><td>......</td><td>1972</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td></td><td>June...</td><td>2-1/2% Bond - 6/15/67-72</td><td>......</td><td>7,967</td><td>......</td><td>6/15/62</td></tr><tr><td>June...</td><td>2-3/4% Bond - 6/15/58-63</td><td>......</td><td>919</td><td>......</td><td>......</td><td>Sept...</td><td>2-1/2% Bond - 9/15/67-72</td><td>......</td><td>2,716</td><td>......</td><td>......</td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/63-68</td><td>......</td><td>2,831</td><td>......</td><td>12/1/52</td><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72</td><td>......</td><td>11,689</td><td>......</td><td>12/15/62</td></tr><tr><td>Total</td><td>......</td><td>......</td><td>2,831</td><td>919</td><td>......</td><td>Total</td><td>......</td><td>22,372</td><td>......</td><td>......</td><td>......</td></tr></table>
Source: Daily Treasury Statement and Bureau of the Public Debt.
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.
date of issue of each security, see "Market Quotations"; for tax status, see "Treasury Survey of Ownership". 3/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote 1.
April 1950
23
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Dollar amounts in millions)
<table><tr><th rowspan="2">Issue date</th><th colspan="7">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 bid tendered</th><th>Total amount</th><th colspan="3">Amount of bid 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><th></th></tr><tr><td>1949-Oct. 6......</td><td>1950-Jan. 5......</td><td>91</td><td>1,699.5</td><td>900.2</td><td>829.2</td><td>71.0</td><td>403.5</td><td>900.5</td><td>12,315.1</td></tr><tr><td>Oct. 13......</td><td>Jan. 12......</td><td>91</td><td>1,706.8</td><td>900.8</td><td>793.5</td><td>107.3</td><td>261.9</td><td>900.7</td><td>12,315.1</td></tr><tr><td>Oct. 20......</td><td>Jan. 19......</td><td>91</td><td>1,777.6</td><td>903.3</td><td>804.8</td><td>98.5</td><td>32.5</td><td>901.7</td><td>12,316.7</td></tr><tr><td>Oct. 27......</td><td>Jan. 26......</td><td>91</td><td>1,619.1</td><td>900.6</td><td>816.3</td><td>84.3</td><td>233.1</td><td>900.5</td><td>12,316.8</td></tr><tr><td>Nov. 3......</td><td>Feb. 2......</td><td>91</td><td>1,608.2</td><td>1,000.8</td><td>915.5</td><td>85.3</td><td>403.3</td><td>1,000.0</td><td>12,317.6</td></tr><tr><td>Nov. 10......</td><td>Feb. 9......</td><td>91</td><td>1,525.2</td><td>1,001.8</td><td>904.6</td><td>97.3</td><td>315.6</td><td>1,001.6</td><td>12,317.8</td></tr><tr><td>Nov. 17......</td><td>Feb. 16......</td><td>91</td><td>1,643.1</td><td>1,000.5</td><td>902.0</td><td>98.5</td><td>330.9</td><td>1,000.8</td><td>12,317.5</td></tr><tr><td>Nov. 25......</td><td>Feb. 23......</td><td>90</td><td>1,656.8</td><td>1,003.2</td><td>905.1</td><td>98.1</td><td>25.9</td><td>1,000.5</td><td>12,320.2</td></tr><tr><td>Dec. 1......</td><td>Mar. 2......</td><td>91</td><td>1,587.9</td><td>1,000.8</td><td>917.2</td><td>83.6</td><td>244.7</td><td>1,001.6</td><td>12,319.4</td></tr><tr><td>Dec. 9......</td><td>Mar. 9......</td><td>91</td><td>1,505.9</td><td>1,002.1</td><td>917.0</td><td>85.1</td><td>360.5</td><td>1,000.2</td><td>12,321.3</td></tr><tr><td>Dec. 15......</td><td>Mar. 15......</td><td>91</td><td>1,482.3</td><td>903.5</td><td>805.4</td><td>98.1</td><td>302.1</td><td>904.8</td><td>12,320.0</td></tr><tr><td>Dec. 22......</td><td>Mar. 23......</td><td>91</td><td>1,524.2</td><td>900.6</td><td>809.9</td><td>90.8</td><td>432.0</td><td>900.8</td><td>12,319.8</td></tr><tr><td>Dec. 29......</td><td>Mar. 30......</td><td>91</td><td>1,482.3</td><td>900.9</td><td>834.1</td><td>66.9</td><td>370.7</td><td>901.6</td><td>12,319.1</td></tr><tr><td>1950-Jan. 5......</td><td>Apr. 6......</td><td>91</td><td>1,782.4</td><td>905.0</td><td>328.3</td><td>76.7</td><td>120.2</td><td>900.2</td><td>12,324.0</td></tr><tr><td>Jan. 12......</td><td>Apr. 13......</td><td>91</td><td>1,646.7</td><td>905.8</td><td>787.5</td><td>118.2</td><td>29.8</td><td>900.8</td><td>12,328.9</td></tr><tr><td>Jan. 19......</td><td>Apr. 20......</td><td>91</td><td>1,683.8</td><td>903.0</td><td>788.2</td><td>114.8</td><td>287.5</td><td>903.3</td><td>12,328.7</td></tr><tr><td>Jan. 26......</td><td>Apr. 27......</td><td>91</td><td>1,614.1</td><td>902.8</td><td>796.5</td><td>106.2</td><td>272.0</td><td>900.6</td><td>12,331.0</td></tr><tr><td>Feb. 2......</td><td>May 4......</td><td>91</td><td>1,686.7</td><td>1,002.8</td><td>908.1</td><td>94.7</td><td>328.7</td><td>1,000.8</td><td>12,332.9</td></tr><tr><td>Feb. 9......</td><td>May 11......</td><td>91</td><td>1,637.1</td><td>1,004.4</td><td>900.9</td><td>103.6</td><td>220.0</td><td>1,001.8</td><td>12,335.5</td></tr><tr><td>Feb. 16......</td><td>May 18......</td><td>91</td><td>1,551.5</td><td>1,003.6</td><td>918.1</td><td>85.5</td><td>435.4</td><td>1,000.5</td><td>12,338.5</td></tr><tr><td>Feb. 23......</td><td>May 25......</td><td>91</td><td>1,554.9</td><td>1,000.9</td><td>901.7</td><td>99.2</td><td>279.3</td><td>1,003.2</td><td>12,336.2</td></tr><tr><td>Mar. 2......</td><td>June 1......</td><td>91</td><td>1,664.4</td><td>1,000.0</td><td>912.5</td><td>87.6</td><td>464.5</td><td>1,000.8</td><td>12,335.5</td></tr><tr><td>Mar. 9......</td><td>June 8......</td><td>91</td><td>1,525.5</td><td>1,001.1</td><td>910.2</td><td>90.9</td><td>394.3</td><td>1,002.1</td><td>12,334.5</td></tr><tr><td>Mar. 16......</td><td>June 15......</td><td>91</td><td>1,641.5</td><td>902.5</td><td>802.8</td><td>99.7</td><td>319.3</td><td>903.5</td><td>12,333.6</td></tr><tr><td>Mar. 23 p....</td><td>June 22......</td><td>91</td><td>1,478.0</td><td>900.5</td><td>806.0</td><td>94.5</td><td>389.2</td><td>900.6</td><td>12,333.4</td></tr><tr><td>Mar. 30 p....</td><td>June 29......</td><td>91</td><td>1,423.8</td><td>901.9</td><td>820.7</td><td>81.2</td><td>336.8</td><td>900.9</td><td>12,334.4</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/</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th>(Percent)</th><th>Price per hundred</th><th>Equivalent rate 2/</th><th>Price per hundred</th><th>Equivalent rate 2/</th></tr><tr><td>1949-Oct. 6</td><td>99.732</td><td>1.059</td><td>99.745</td><td>1.009</td><td>99.731</td><td>1.064</td></tr><tr><td>Oct. 13</td><td>99.735</td><td>1.049</td><td>99.750</td><td>0.989</td><td>99.733</td><td>1.056</td></tr><tr><td>Oct. 20</td><td>99.740</td><td>1.027</td><td>99.744</td><td>1.013</td><td>99.739</td><td>1.033</td></tr><tr><td>Oct. 27</td><td>99.738</td><td>1.036</td><td>99.746</td><td>1.005</td><td>99.737</td><td>1.040</td></tr><tr><td>Nov. 3</td><td>99.731</td><td>1.063</td><td>99.746</td><td>1.005</td><td>99.729</td><td>1.072</td></tr><tr><td>Nov. 10</td><td>99.728</td><td>1.074</td><td>99.755</td><td>0.969</td><td>99.726</td><td>1.084</td></tr><tr><td>Nov. 17</td><td>99.733</td><td>1.056</td><td>99.742</td><td>1.021</td><td>99.732</td><td>1.060</td></tr><tr><td>Nov. 25</td><td>99.737</td><td>1.052</td><td>99.750 3/</td><td>1.000</td><td>99.734</td><td>1.064</td></tr><tr><td>Dec. 1</td><td>99.720</td><td>1.108</td><td>99.750</td><td>0.989</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 8</td><td>99.718</td><td>1.115</td><td>99.735 4/</td><td>1.048</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 15</td><td>99.713</td><td>1.115</td><td>99.735 5/</td><td>1.048</td><td>99.717</td><td>1.120</td></tr><tr><td>Dec. 22</td><td>99.725</td><td>1.087</td><td>99.735</td><td>1.043</td><td>99.723</td><td>1.096</td></tr><tr><td>Dec. 29</td><td>99.725</td><td>1.087</td><td>99.740</td><td>1.029</td><td>99.724</td><td>1.092</td></tr><tr><td>1950-Jan. 5</td><td>99.727</td><td>1.091</td><td>99.733</td><td>1.056</td><td>99.726</td><td>1.084</td></tr><tr><td>Jan. 12</td><td>99.728</td><td>1.076</td><td>99.733</td><td>1.056</td><td>99.726</td><td>1.084</td></tr><tr><td>Jan. 19</td><td>99.722</td><td>1.101</td><td>99.735</td><td>1.048</td><td>99.720</td><td>1.108</td></tr><tr><td>Jan. 26</td><td>99.721</td><td>1.103</td><td>99.735</td><td>1.048</td><td>99.720</td><td>1.103</td></tr><tr><td>Feb. 2</td><td>99.717</td><td>1.119</td><td>99.735</td><td>1.048</td><td>99.716</td><td>1.124</td></tr><tr><td>Feb. 9</td><td>99.717</td><td>1.119</td><td>99.730</td><td>1.068</td><td>99.716</td><td>1.124</td></tr><tr><td>Feb. 16</td><td>99.714</td><td>1.131</td><td>99.730</td><td>1.068</td><td>99.713</td><td>1.135</td></tr><tr><td>Feb. 23</td><td>99.714</td><td>1.132</td><td>99.722</td><td>1.100</td><td>99.712</td><td>1.139</td></tr><tr><td>Mar. 2</td><td>99.713</td><td>1.137</td><td>99.720</td><td>1.108</td><td>99.711</td><td>1.143</td></tr><tr><td>Mar. 9</td><td>99.712</td><td>1.139</td><td>99.720</td><td>1.108</td><td>99.710</td><td>1.147</td></tr><tr><td>Mar. 16</td><td>99.714</td><td>1.131</td><td>99.717</td><td>1.120</td><td>99.713</td><td>1.135</td></tr><tr><td>Mar. 23 p.</td><td>99.712</td><td>1.138</td><td>99.717</td><td>1.120</td><td>99.710</td><td>1.147</td></tr><tr><td>Mar. 30 p.</td><td>99.711</td><td>1.145</td><td>99.716</td><td>1.124</td><td>99.709</td><td>1.151</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 $700,000 at 99.766.
4/ Except $200,000 et 99.750.
5/ Except $100,000 at 99.750.
p Preliminary.
24
Treasury Bulletin
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash 2/</th><th>Exchange</th><th>For cash 2/</th><th>In exchange for other securities</th><th></th></tr><tr><td>1/21/46</td><td>2/1/46</td><td>7/9% Certificate - 2/1/47-B</td><td>1 yr</td><td>-</td><td>4,954</td><td>-</td><td>4,954</td><td>100</td></tr><tr><td>2/13/46</td><td>3/1/46</td><td>7/9% Certificate - 3/1/47-C</td><td>1 yr</td><td>-</td><td>4,106</td><td>-</td><td>3,133</td><td>76</td></tr><tr><td>3/20/46</td><td>4/1/46</td><td>7/9% Certificate - 4/1/47-D</td><td>1 yr</td><td>-</td><td>4,742</td><td>-</td><td>2,820</td><td>59</td></tr><tr><td>5/20/46</td><td>6/1/46</td><td>7/9% Certificate - 6/1/47-E</td><td>1 yr</td><td>-</td><td>4,168</td><td>-</td><td>2,775</td><td>66</td></tr><tr><td>6/14/46</td><td>7/1/46</td><td>7/9% Certificate - 7/1/47-F</td><td>1 yr</td><td>-</td><td>4,673</td><td>-</td><td>2,916</td><td>62</td></tr><tr><td>7/17/46</td><td>8/1/46</td><td>7/9% Certificate - 8/1/47-G</td><td>1 yr</td><td>-</td><td>2,307</td><td>-</td><td>1,223</td><td>52</td></tr><tr><td>8/19/46</td><td>9/1/46</td><td>7/9% Certificate - 9/1/47-H</td><td>1 yr</td><td>-</td><td>4,145</td><td>-</td><td>2,341</td><td>56</td></tr><tr><td>9/18/46</td><td>10/1/46</td><td>7/9% Certificate - 10/1/47-J</td><td>1 yr</td><td>-</td><td>3,203</td><td>-</td><td>1,440</td><td>44</td></tr><tr><td>10/21/46</td><td>11/1/46</td><td>7/9% Certificate - 11/1/47-K</td><td>1 yr</td><td>-</td><td>3,432</td><td>-</td><td>1,775</td><td>51</td></tr><tr><td>11/18/46</td><td>12/1/46</td><td>7/9% Certificate - 12/1/47-L</td><td>1 yr</td><td>-</td><td>3,281</td><td>-</td><td>3,281</td><td>100</td></tr><tr><td>12/19/46</td><td>1/1/47</td><td>7/9% Certificate - 1/1/48-A</td><td>1 yr</td><td>-</td><td>3,334</td><td>-</td><td>3,134</td><td>100</td></tr><tr><td>1/20/47</td><td>2/1/47</td><td>7/9% Certificate - 2/1/48-B</td><td>1 yr</td><td>-</td><td>4,801</td><td>-</td><td>3,947</td><td>82</td></tr><tr><td>2/17/47</td><td>3/1/47</td><td>7/9% Certificate - 3/1/48-C</td><td>1 yr</td><td>-</td><td>2,951</td><td>-</td><td>2,142</td><td>72</td></tr><tr><td>3/19/47</td><td>4/1/47</td><td>7/9% Certificate - 4/1/48-D</td><td>1 yr</td><td>-</td><td>2,669</td><td>-</td><td>1,321</td><td>48</td></tr><tr><td>5/21/47</td><td>6/1/47</td><td>7/9% Certificate - 6/1/48-E</td><td>1 yr</td><td>-</td><td>2,510</td><td>-</td><td>1,777</td><td>70</td></tr><tr><td>6/23/47</td><td>7/1/47</td><td>7/9% Certificate - 7/1/48-F</td><td>1 yr</td><td>-</td><td>2,742</td><td>-</td><td>2,742</td><td>100</td></tr><tr><td>7/21/47</td><td>8/1/47</td><td>7/9% Certificate - 7/1/48-G</td><td>11 m</td><td>-</td><td>1,127</td><td>-</td><td>1,127</td><td>100</td></tr><tr><td>8/20/47</td><td>9/1/47</td><td>7/9% Certificate - 7/1/48-H</td><td>10 m</td><td>-</td><td>2,209</td><td>-</td><td>2,209</td><td>100</td></tr><tr><td>9/2/47</td><td>9/15/47</td><td>1% Note - 10/1/48-B</td><td>12 1/2 m</td><td>-</td><td>4,092</td><td>-</td><td>4,092</td><td>100</td></tr><tr><td>9/22/47</td><td>10/1/47</td><td>1% Certificate - 10/1/48-J</td><td>1 yr</td><td>-</td><td>1,354</td><td>-</td><td>1,354</td><td>100</td></tr><tr><td>10/22/47</td><td>11/1/47</td><td>1% Certificate - 10/1/48-K</td><td>11 m</td><td>-</td><td>1,467</td><td>-</td><td>1,467</td><td>100</td></tr><tr><td>11/19/47</td><td>12/1/47</td><td>1-1/9% Note - 1/1/49-A</td><td>1 yr 1 m</td><td>-</td><td>3,535</td><td>-</td><td>3,535</td><td>100</td></tr><tr><td>12/19/47</td><td>1/1/48</td><td>1-1/9% Certificate - 1/1/49-A</td><td>1 yr</td><td>-</td><td>2,592</td><td>-</td><td>2,592</td><td>100</td></tr><tr><td>1/20/48</td><td>2/1/48</td><td>1-1/9% Certificate - 2/1/49-B</td><td>1 yr</td><td>-</td><td>2,189</td><td>-</td><td>2,189</td><td>100</td></tr><tr><td>2/18/48</td><td>3/1/48</td><td>1-1/9% Certificate - 3/1/49-C</td><td>1 yr</td><td>-</td><td>3,553</td><td>-</td><td>3,553</td><td>100</td></tr><tr><td>3/22/48</td><td>4/1/48</td><td>1-1/9% Certificate - 4/1/49-D</td><td>1 yr</td><td>-</td><td>1,055</td><td>-</td><td>1,055</td><td>100</td></tr><tr><td>5/13/48</td><td>6/1/48</td><td>1-1/9% Certificate - 6/1/49-E</td><td>1 yr</td><td>-</td><td>4,301</td><td>-</td><td>4,301</td><td>100</td></tr><tr><td>6/21/48</td><td>7/1/48</td><td>1-1/9% Certificate - 7/1/49-F</td><td>1 yr</td><td>-</td><td>5,783</td><td>-</td><td>5,783</td><td>100</td></tr><tr><td>9/1/48</td><td>9/15/48</td><td>1-3/9% Note - 4/1/50-A</td><td>1 yr 6 1/2 m</td><td>-</td><td>3,596</td><td>-</td><td>3,596</td><td>100</td></tr><tr><td>9/20/48</td><td>10/1/48</td><td>1-1/4% Certificate - 10/1/49-G</td><td>1 yr</td><td>-</td><td>6,535</td><td>-</td><td>6,535</td><td>100</td></tr><tr><td>12/6/48</td><td>12/15/48</td><td>1-1/4% Certificate - 12/15/49-H</td><td>1 yr</td><td>-</td><td>519</td><td>-</td><td>519</td><td>100</td></tr><tr><td>12/15/48</td><td>1/1/49</td><td>1-1/4% Certificate - 1/1/50-A</td><td>1 yr</td><td>-</td><td>5,695</td><td>-</td><td>5,695</td><td>100</td></tr><tr><td>1/19/49</td><td>2/1/49</td><td>1-1/4% Certificate - 2/1/50-B</td><td>1 yr</td><td>-</td><td>1,993</td><td>-</td><td>1,993</td><td>100</td></tr><tr><td>2/15/49</td><td>3/1/49</td><td>1-1/4% Certificate - 3/1/50-C</td><td>1 yr</td><td>-</td><td>2,922</td><td>-</td><td>2,922</td><td>100</td></tr><tr><td>3/21/49</td><td>4/1/49</td><td>1-1/4% Certificate - 4/1/50-D</td><td>1 yr</td><td>-</td><td>963</td><td>-</td><td>963</td><td>100</td></tr><tr><td>5/19/49</td><td>6/1/49</td><td>1-1/4% Certificate - 6/1/50-E</td><td>1 yr</td><td>-</td><td>5,019</td><td>-</td><td>5,019</td><td>100</td></tr><tr><td>6/20/49</td><td>7/1/49</td><td>1-1/4% Certificate - 7/1/50-F</td><td>1 yr</td><td>-</td><td>5,601</td><td>-</td><td>5,601</td><td>100</td></tr><tr><td>8/31/49</td><td>9/15/49</td><td>1-1/9% Certificate - 9/15/50-G</td><td>1 yr</td><td>-</td><td>1,197</td><td>-</td><td>1,197</td><td>100</td></tr><tr><td>9/21/49</td><td>10/1/49</td><td>1-1/9% Certificate - 10/1/50-H</td><td>1 yr</td><td>-</td><td>6,248</td><td>-</td><td>6,248</td><td>100</td></tr><tr><td>12/5/49</td><td>12/15/49</td><td>1-3/9% Note - 3/15/54-A</td><td>4 yr 3 m</td><td>-</td><td>4,675</td><td>-</td><td>4,675</td><td>100</td></tr><tr><td>12/19/49</td><td>1/1/50</td><td>1-1/9% Certificate - 1/1/51-A</td><td>1 yr</td><td>-</td><td>5,373</td><td>-</td><td>5,373</td><td>100</td></tr><tr><td>1/20/50</td><td>2/1/50</td><td>1-1/4% Note - 10/1/51-A</td><td>1 yr 8 m</td><td>-</td><td>1,918</td><td>-</td><td>1,918</td><td>100</td></tr><tr><td>2/17/50</td><td>3/1/50</td><td>1-1/4% Note - 7/1/51-B</td><td>1 yr 4 m</td><td>-</td><td>2,741</td><td>-</td><td>2,741</td><td>100</td></tr><tr><td>2/17/50</td><td>3/15/50</td><td>1-1/2% Note - 3/15/55-A</td><td>5 yr</td><td>-</td><td>5,365 3/p</td><td>-</td><td>5,365 3/p</td><td>100</td></tr><tr><td>3/20/50</td><td>4/1/50</td><td>1-1/4% Note - 7/1/51-C</td><td>1 yr 3 m</td><td>-</td><td>887 p</td><td>-</td><td>887 p</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and subscriptions by
U. S. Government investment accounts. 3/ Represents total amount issued March 15, 1950, and additional amount issued April 1, 1950. See Table 4 for details of exchange operations. p Preliminary.
April 1950
25
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government
<table><tr><th rowspan="2">Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury</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 By Federal Reserve Banks2/</th><th>By other investors</th></tr><tr><td>7/1/48</td><td>7/3% Certificate - 7/1/48-F 7/3% Certificate - 7/1/48-G 7/3% Certificate - 7/1/48-H</td><td>7/1/47 8/1/47 9/1/47</td><td>2,742 1,127 2,209 6,078</td><td>- - -</td><td>2,742 1,127 2,209 6,078</td><td>2,601 1,079 2,103 5,783</td><td>- - -</td><td>141 48 106 295</td><td>1-1/3% Certificate - 7/1/49-F</td></tr><tr><td>9/15/48</td><td>2-1/2% Bond - 9/15/48. 1-1/2% Note - 9/15/48-A</td><td>3/15/38 3/15/44</td><td>451 3,748</td><td>451</td><td>- 3,748</td><td>- 3,596</td><td>-</td><td>152</td><td>1-3/8% Treas. note - 4/1/50-A</td></tr><tr><td>10/1/48</td><td>1% Note - 10/1/48-B 1% Certificate - 10/1/48-J 1% Certificate - 10/1/48-K</td><td>9/15/47 10/1/47 11/1/47</td><td>4,092 1,354 1,457 6,913</td><td>- - -</td><td>4,092 1,354 1,457 6,913</td><td>3,912 1,257 1,356 6,535</td><td>- - -</td><td>180 97 101 378</td><td>1-1/4% Certificate - 10/1/49-G</td></tr><tr><td>12/15/48</td><td>2% 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>1-1/3% Note - 1/1/49-A 1-1/3% Certificate - 1/1/49-A</td><td>12/1/47 1/1/48</td><td>3,535 2,592 6,127</td><td>- -</td><td>3,535 2,592 6,127</td><td>3,299 2,336 5,695</td><td>-</td><td>236 196 432</td><td>1-1/4% Certificate - 1/1/50-A</td></tr><tr><td>2/1/49</td><td>1-1/3% 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>1-1/3% Certificate - 3/1/49-C</td><td>3/1/48</td><td>3,553</td><td>-</td><td>3,553</td><td>2,922</td><td>400</td><td>232</td><td>1-1/4% Certificate - 3/1/50-C</td></tr><tr><td>4/1/49</td><td>1-1/3% Certificate - 4/1/49-D</td><td>4/1/48</td><td>1,055</td><td>-</td><td>1,055</td><td>963</td><td>-</td><td>92</td><td>1-1/4% Certificate - 4/1/50-D</td></tr><tr><td>6/1/49</td><td>1-1/3% Certificate - 6/1/49-E 2% Bond - 6/15/49</td><td>6/1/48 1/15/42</td><td>4,301 1,014 5,315</td><td>- -</td><td>4,301 1,014 5,315</td><td>4,106 913 5,019</td><td>- -</td><td>195 101 296</td><td>1-1/4% Certificate - 6/1/50-E</td></tr><tr><td>7/1/49</td><td>1-1/3% Certificate - 7/1/49-F</td><td>7/1/48</td><td>5,783</td><td>-</td><td>5,783</td><td>5,601</td><td>-</td><td>182</td><td>1-1/4% Certificate - 7/1/50-F</td></tr><tr><td>9/15/49</td><td>2% Bond - 9/15/49.</td><td>5/15/42</td><td>1,292</td><td>-</td><td>1,292</td><td>1,197</td><td>-</td><td>96</td><td>1-1/3% Certificate - 9/15/50-G</td></tr><tr><td>10/1/49</td><td>1-1/4% Certificate - 10/1/49-G</td><td>10/1/48</td><td>6,535</td><td>-</td><td>6,535</td><td>6,248</td><td>-</td><td>288</td><td>1-1/3% Certificate - 10/1/50-H</td></tr><tr><td>12/15/49</td><td>1-1/4% Certificate - 12/15/49-H 2% Bond - 12/15/49 3-1/8% Bond - 12/15/49 2-1/2% Bond - 12/15/49</td><td>12/15/48 7/15/42 12/15/34 12/15/36</td><td>519 2,098 491 1,786 4,894</td><td>- - - -</td><td>519 2,098 491 1,786 4,894</td><td>434 2,028 467 1,696 4,675</td><td>- - - -</td><td>35 70 24 90 219</td><td>1-3/8% Note - 3/15/54-A</td></tr><tr><td>1/1/50</td><td>1-1/4% Certificate - 1/1/50-A</td><td>1/1/49</td><td>5,695</td><td>-</td><td>5,695</td><td>5,373</td><td>-</td><td>322</td><td>1-1/3% Certificate - 1/1/51-A</td></tr><tr><td>2/1/50</td><td>1-1/4% Certificate - 2/1/50-B</td><td>2/1/49</td><td>1,993</td><td>-</td><td>1,993</td><td>1,918</td><td>-</td><td>75</td><td>1-1/4% Note - 10/1/51-A</td></tr><tr><td>3/1/50</td><td>1-1/4% Certificate - 3/1/50-C</td><td>3/1/49</td><td>2,922</td><td>-</td><td>2,922</td><td>2,741</td><td>-</td><td>180</td><td>1-1/4% Note - 7/1/51-B</td></tr><tr><td>3/15/50 4/1/50</td><td>2% Bond - 3/15/50 1-3/8% Note - 4/1/50-A</td><td>10/19/42 9/15/48</td><td>1,963 3,596 5,559</td><td>- -</td><td>1,963 3,596 5,559</td><td>1,861 3,504 p 5,365 p</td><td>- -</td><td>102 92 p 194 p</td><td>1-1/2% Note - 3/15/55-A</td></tr><tr><td>4/1/50</td><td>1-1/4% Certificate - 4/1/50-D</td><td>4/1/49</td><td>963</td><td>-</td><td>963</td><td>887 p</td><td>-</td><td>75 p</td><td>1-1/4% Note - 7/1/51-C</td></tr></table>
Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
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.
26
Treasury Bulletin
UNITED STATES SAVINGS BONDS
United States savings bonds were first offered for sale in March 1935 and began to mature in March 1945. 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.
In addition to the information on savings bonds operations which appears each month, data by denominations and dollar sales by States are published as of June 30 and December 31, covering the intervening months. Beginning with the figures through December 31, 1949, data by de-
nominations include both sales and redemptions in thousands of pieces, instead of sales figures alone, previously given in dollar volume at issue price. Redemptions by States were discontinued with the figures through June 30, 1949.
For dollar figures, sales are shown at issue price, and redemptions and amounts outstanding at current redemption values, except that Series G is shown at par. Matured bonds which have been redeemed are included in redemptions. Matured bonds outstanding are included 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 February 28, 1950
(Dollar amounts in millions)
<table><tr><th>Series</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 2/</th><th colspan="2">Amount outstanding</th><th>Percent of redemptions of unmatured series to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Series A....................</td><td>204</td><td>52</td><td>255</td><td>252</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Series B....................</td><td>370</td><td>93</td><td>463</td><td>455</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Series C....................</td><td>1,010</td><td>264</td><td>1,274</td><td>1,237</td><td>37</td><td>-</td><td>-</td></tr><tr><td>Series D-1939..............</td><td>862</td><td>233</td><td>1,095</td><td>1,014</td><td>80</td><td>-</td><td>-</td></tr><tr><td>Total matured series........</td><td>2,445</td><td>642</td><td>3,087</td><td>2,958</td><td>129</td><td>-</td><td>-</td></tr><tr><td>Series D-1940 and D-1941....</td><td>1,503</td><td>375</td><td>1,879</td><td>701</td><td>-</td><td>1,178</td><td>37.31</td></tr><tr><td>Series E....................</td><td>57,424</td><td>3,352</td><td>60,777</td><td>26,641</td><td>-</td><td>34,135</td><td>43.83</td></tr><tr><td>Series F....................</td><td>1,440</td><td>300</td><td>1,740</td><td>1,074</td><td>-</td><td>3,667</td><td>22.65</td></tr><tr><td>Series G....................</td><td>21,078</td><td>-</td><td>21,078</td><td>2,840</td><td>-</td><td>18,237</td><td>13.48</td></tr><tr><td>Total unmatured series......</td><td>84,446</td><td>4,028</td><td>88,473</td><td>31,257</td><td>-</td><td>57,217</td><td>35.33</td></tr><tr><td>Total Series A-G............</td><td>86,891</td><td>4,669</td><td>91,560</td><td>34,215</td><td>129</td><td>57,217</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, by Periods
Dollar amounts in millions)
<table><tr><th>Period</th><th>Salee</th><th>Accrued discount</th><th>Salee plus accrued discount</th><th colspan="3">Redemptions 3/</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>Salee price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">Fiscal years:</td></tr><tr><td>1935-1941</td><td>4,612</td><td>161</td><td>4,773</td><td>459</td><td>447</td><td>12</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>1946</td><td>9,512</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>1949</td><td>7,141</td><td>927</td><td>8,068</td><td>5,067</td><td>4,721</td><td>346</td><td>73</td><td>56,260</td><td>-</td></tr><tr><td colspan="10">Calendar years:</td></tr><tr><td>1935-1942</td><td>15,643</td><td>303</td><td>15,946</td><td>896</td><td>874</td><td>22</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>5,114</td><td>4,840</td><td>303</td><td>146</td><td>55,051</td><td>-</td></tr><tr><td>1949</td><td>5,833</td><td>981</td><td>6,815</td><td>5,101</td><td>4,708</td><td>394</td><td>203</td><td>56,707</td><td>-</td></tr><tr><td colspan="10">Monthe:</td></tr><tr><td>1949-July</td><td>511</td><td>104</td><td>614</td><td>425</td><td>393</td><td>32</td><td>69</td><td>56,453</td><td>.75</td></tr><tr><td>August</td><td>449</td><td>71</td><td>520</td><td>439</td><td>404</td><td>35</td><td>65</td><td>56,537</td><td>.78</td></tr><tr><td>September</td><td>398</td><td>73</td><td>471</td><td>411</td><td>382</td><td>29</td><td>62</td><td>56,600</td><td>.73</td></tr><tr><td>October</td><td>388</td><td>74</td><td>462</td><td>396</td><td>367</td><td>28</td><td>59</td><td>56,670</td><td>.70</td></tr><tr><td>November</td><td>383</td><td>77</td><td>461</td><td>415</td><td>385</td><td>31</td><td>57</td><td>56,717</td><td>.73</td></tr><tr><td>December</td><td>495</td><td>107</td><td>602</td><td>466</td><td>425</td><td>41</td><td>203</td><td>56,707</td><td>.82</td></tr><tr><td>1950-January</td><td>707</td><td>109</td><td>816</td><td>618</td><td>545</td><td>73</td><td>150</td><td>56,958</td><td>1.08</td></tr><tr><td>February</td><td>581</td><td>74</td><td>655</td><td>418</td><td>369</td><td>48</td><td>129</td><td>57,217</td><td>.73</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U.S. Footnotes at end of Table 3.
April 1950
27
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Salee 1/</th><th>Accrued discount</th><th>Salee plus accrued discount</th><th colspan="3">Redemptions 2/ 3/</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">Series A-D</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>1935-1941</td><td>3,948</td><td>161</td><td>4,109</td><td>458</td><td>446</td><td>12</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>106</td><td>106</td><td>309</td><td>242</td><td>67</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>1947</td><td>*</td><td>107</td><td>107</td><td>482</td><td>370</td><td>113</td><td>40</td><td>2,968</td><td>-</td></tr><tr><td>1948</td><td>*</td><td>110</td><td>110</td><td>516</td><td>393</td><td>123</td><td>59</td><td>2,543</td><td>-</td></tr><tr><td>1949</td><td>*</td><td>101</td><td>101</td><td>703</td><td>530</td><td>172</td><td>73</td><td>1,927</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>1935-42</td><td>3,949</td><td>291</td><td>4,240</td><td>637</td><td>615</td><td>22</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>1946</td><td>*</td><td>107</td><td>107</td><td>390</td><td>302</td><td>87</td><td>87</td><td>3,148</td><td>-</td></tr><tr><td>1947</td><td>*</td><td>109</td><td>109</td><td>481</td><td>367</td><td>114</td><td>122</td><td>2,742</td><td>-</td></tr><tr><td>1948</td><td>*</td><td>108</td><td>108</td><td>576</td><td>436</td><td>139</td><td>146</td><td>2,250</td><td>-</td></tr><tr><td>1949</td><td>*</td><td>86</td><td>86</td><td>838</td><td>631</td><td>207</td><td>203</td><td>1,440</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>1949-July</td><td>*</td><td>13</td><td>13</td><td>68</td><td>51</td><td>17</td><td>69</td><td>1,876</td><td>3.49</td></tr><tr><td>August</td><td>-</td><td>8</td><td>8</td><td>74</td><td>56</td><td>18</td><td>65</td><td>1,813</td><td>3.95</td></tr><tr><td>September</td><td>-</td><td>5</td><td>5</td><td>51</td><td>38</td><td>13</td><td>62</td><td>1,771</td><td>2.78</td></tr><tr><td>October</td><td>*</td><td>4</td><td>4</td><td>51</td><td>38</td><td>13</td><td>59</td><td>1,727</td><td>2.93</td></tr><tr><td>November</td><td>*</td><td>3</td><td>3</td><td>56</td><td>42</td><td>14</td><td>57</td><td>1,677</td><td>3.22</td></tr><tr><td>December</td><td>-</td><td>5</td><td>5</td><td>96</td><td>72</td><td>24</td><td>203</td><td>1,440</td><td>5.95</td></tr><tr><td>1950-January</td><td>-</td><td>11</td><td>11</td><td>224</td><td>168 p</td><td>57 p</td><td>150</td><td>1,280</td><td>15.70</td></tr><tr><td>February</td><td>*</td><td>6</td><td>6</td><td>129</td><td>96 p</td><td>33 p</td><td>129</td><td>1,178</td><td>9.89</td></tr><tr><td colspan="10">Series E, F, and G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</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>-</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>-</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>-</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,391</td><td>284</td><td>15,175</td><td>4,156</td><td>4,134</td><td>21</td><td>-</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>-</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>-</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>-</td><td>50,730</td><td>-</td></tr><tr><td>1949</td><td>7,141</td><td>826</td><td>7,967</td><td>4,365</td><td>4,191</td><td>174</td><td>-</td><td>54,333</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>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</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>245</td><td>245</td><td>*</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>-</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>-</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>-</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>-</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>-</td><td>49,311</td><td>-</td></tr><tr><td>1948</td><td>7,295</td><td>764</td><td>8,059</td><td>4,568</td><td>4,404</td><td>164</td><td>-</td><td>52,801</td><td>-</td></tr><tr><td>1949</td><td>5,833</td><td>896</td><td>6,729</td><td>4,263</td><td>4,077</td><td>186</td><td>-</td><td>55,267</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>1949-July</td><td>511</td><td>91</td><td>602</td><td>357</td><td>342</td><td>16</td><td>-</td><td>54,577</td><td>.65</td></tr><tr><td>August</td><td>449</td><td>63</td><td>512</td><td>365</td><td>348</td><td>17</td><td>-</td><td>54,724</td><td>.67</td></tr><tr><td>September</td><td>398</td><td>68</td><td>466</td><td>360</td><td>344</td><td>17</td><td>-</td><td>54,830</td><td>.66</td></tr><tr><td>October</td><td>388</td><td>69</td><td>458</td><td>345</td><td>329</td><td>16</td><td>-</td><td>54,942</td><td>.63</td></tr><tr><td>November</td><td>383</td><td>74</td><td>458</td><td>360</td><td>343</td><td>17</td><td>-</td><td>55,040</td><td>.65</td></tr><tr><td>December</td><td>495</td><td>102</td><td>597</td><td>370</td><td>393</td><td>17</td><td>-</td><td>55,267</td><td>.67</td></tr><tr><td>1950-January</td><td>707</td><td>98</td><td>805</td><td>394</td><td>378 p</td><td>16 p</td><td>-</td><td>55,679</td><td>.71</td></tr><tr><td>February</td><td>581</td><td>68</td><td>649</td><td>289</td><td>273 p</td><td>15 p</td><td>-</td><td>56,039</td><td>.52</td></tr></table>
Footnotes at end of table.
(Continued on following page)
28
Treasury Bulletin
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued)
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Sales 1/</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemption 2/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Series E</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,843</td><td>69</td><td>30,358</td><td>-</td></tr><tr><td>1947</td><td>4,287</td><td>536</td><td>4,824</td><td>4,391</td><td>4,288</td><td>103</td><td>30,791</td><td>-</td></tr><tr><td>1948</td><td>4,026</td><td>633</td><td>4,659</td><td>3,825</td><td>3,689</td><td>136</td><td>31,625</td><td>-</td></tr><tr><td>1949</td><td>4,278</td><td>753</td><td>5,032</td><td>3,530</td><td>3,368</td><td>162</td><td>33,127</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>1946</td><td>4,466</td><td>493</td><td>4,959</td><td>5,423</td><td>5,330</td><td>93</td><td>30,263</td><td>-</td></tr><tr><td>1947</td><td>4,085</td><td>579</td><td>4,664</td><td>3,930</td><td>3,813</td><td>116</td><td>30,997</td><td>-</td></tr><tr><td>1948</td><td>4,224</td><td>696</td><td>4,920</td><td>3,728</td><td>3,575</td><td>154</td><td>32,188</td><td>-</td></tr><tr><td>1949</td><td>4,208</td><td>818</td><td>5,025</td><td>3,448</td><td>3,274</td><td>174</td><td>33,766</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1949-July</td><td>378</td><td>81</td><td>459</td><td>283</td><td>269</td><td>14</td><td>33,303</td><td>.85</td></tr><tr><td>August</td><td>329</td><td>59</td><td>388</td><td>299</td><td>283</td><td>16</td><td>33,393</td><td>.89</td></tr><tr><td>September</td><td>299</td><td>62</td><td>361</td><td>296</td><td>281</td><td>16</td><td>33,457</td><td>.89</td></tr><tr><td>October</td><td>289</td><td>64</td><td>353</td><td>278</td><td>264</td><td>15</td><td>33,532</td><td>.83</td></tr><tr><td>November</td><td>286</td><td>69</td><td>354</td><td>293</td><td>277</td><td>16</td><td>33,594</td><td>.87</td></tr><tr><td>December</td><td>377</td><td>92</td><td>469</td><td>297</td><td>281</td><td>16</td><td>33,766</td><td>.88</td></tr><tr><td>1950-January</td><td>402</td><td>88</td><td>490</td><td>320</td><td>305 p</td><td>15 p</td><td>33,936</td><td>.94</td></tr><tr><td>February</td><td>361</td><td>63</td><td>424</td><td>224</td><td>210 p</td><td>14 p</td><td>34,135</td><td>.66</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>83</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>147</td><td>3</td><td>2,895</td><td>-</td></tr><tr><td>1947</td><td>360</td><td>47</td><td>407</td><td>203</td><td>197</td><td>6</td><td>3,099</td><td>-</td></tr><tr><td>1948</td><td>301</td><td>61</td><td>362</td><td>206</td><td>198</td><td>9</td><td>3,255</td><td>-</td></tr><tr><td>1949</td><td>473</td><td>73</td><td>545</td><td>215</td><td>204</td><td>12</td><td>3,584</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>851</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>211</td><td>11</td><td>3,505</td><td>-</td></tr><tr><td>1949</td><td>233</td><td>78</td><td>311</td><td>202</td><td>189</td><td>12</td><td>3,615</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1949-July</td><td>17</td><td>10</td><td>27</td><td>18</td><td>17</td><td>1</td><td>3,593</td><td>.51</td></tr><tr><td>August</td><td>16</td><td>5</td><td>21</td><td>16</td><td>15</td><td>1</td><td>3,598</td><td>.46</td></tr><tr><td>September</td><td>13</td><td>6</td><td>19</td><td>16</td><td>15</td><td>1</td><td>3,600</td><td>.45</td></tr><tr><td>October</td><td>13</td><td>5</td><td>18</td><td>16</td><td>15</td><td>1</td><td>3,602</td><td>.45</td></tr><tr><td>November</td><td>14</td><td>6</td><td>19</td><td>15</td><td>14</td><td>1</td><td>3,606</td><td>.42</td></tr><tr><td>December</td><td>16</td><td>10</td><td>25</td><td>17</td><td>16</td><td>1</td><td>3,615</td><td>.48</td></tr><tr><td>1950-January</td><td>38</td><td>11</td><td>49</td><td>16</td><td>15 p</td><td>1 p</td><td>3,647</td><td>.45</td></tr><tr><td>February</td><td>31</td><td>5</td><td>36</td><td>16</td><td>15 p</td><td>1 p</td><td>3,667</td><td>.45</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1950
29
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued)
(Dollar amounts in millions)
<table><tr><th>Period</th><th>Salee 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>Salee price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">Series G</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>134</td><td>-</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>220</td><td>-</td><td>10,299</td><td>-</td></tr><tr><td>1946</td><td>2,465</td><td>-</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td>1947</td><td>2,561</td><td>-</td><td>2,561</td><td>469</td><td>469</td><td>-</td><td>14,508</td><td>-</td></tr><tr><td>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>1949</td><td>2,390</td><td>-</td><td>2,390</td><td>619</td><td>619</td><td>-</td><td>17,621</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>1949</td><td>1,392</td><td>-</td><td>1,392</td><td>613</td><td>613</td><td>-</td><td>17,887</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1949-July</td><td>115</td><td>-</td><td>115</td><td>56</td><td>56</td><td>-</td><td>17,681</td><td>.32</td></tr><tr><td>August</td><td>104</td><td>-</td><td>104</td><td>50</td><td>50</td><td>-</td><td>17,734</td><td>.28</td></tr><tr><td>September</td><td>86</td><td>-</td><td>86</td><td>48</td><td>48</td><td>-</td><td>17,772</td><td>.27</td></tr><tr><td>October</td><td>86</td><td>-</td><td>86</td><td>50</td><td>50</td><td>-</td><td>17,808</td><td>.28</td></tr><tr><td>November</td><td>84</td><td>-</td><td>84</td><td>52</td><td>52</td><td>-</td><td>17,840</td><td>.29</td></tr><tr><td>December</td><td>103</td><td>-</td><td>103</td><td>56</td><td>56</td><td>-</td><td>17,887</td><td>.31</td></tr><tr><td>1950-January</td><td>267</td><td>-</td><td>267</td><td>57</td><td>57</td><td>-</td><td>18,096</td><td>.32</td></tr><tr><td>February</td><td>189</td><td>-</td><td>189</td><td>48</td><td>48</td><td>-</td><td>18,237</td><td>.26</td></tr></table>
Source: Daily Treasury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 1947, Series E sales include unclassified sales consisting of Series E, F, and G. The 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
2/ Series E redemptions include unclassified. Series A-D redemptions beginning with October 1944, and also unclassified F and G redemptions, beginning with June 1947.
3/ Includes both matured and unmatured bonds; see Table 4.
* Less than $500,000.
p Preliminary.
Table 4.- Redemptions of Matured and Unmatured Savings Bonds, All Series Combined
(In millions of dollars)
<table><tr><th>Period 1/</th><th>Total</th><th colspan="3">Matured bonds 2/</th><th colspan="3">Unmatured bonds 3/</th></tr><tr><th></th><th></th><th>Total matured</th><th>Sales price</th><th>Accrued discount</th><th>Total unmatured</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td>1950-January</td><td>618</td><td>218</td><td>164</td><td>55</td><td>400</td><td>382</td><td>18</td></tr><tr><td>February</td><td>418</td><td>126</td><td>95</td><td>32</td><td>291</td><td>275</td><td>17</td></tr></table>
Source: Daily Treasury Statement.
1/ Breakdown of redemptions between matured and unmatured bonds not available prior to January 1950.
2/ Includes for each month redemptions of Series D-1940 which have matured
through that month. Outstanding matured bonds of this series, however, are included in the interest-bearing debt until all bonds of the series have matured. 3/ Includes redemptions not yet classified; see Table 3, footnote 2.
30
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 in the "Treasury Bulletin" for October 1948, page A-1. Similar information concerning Series C notes will be found in the "Treasury Bulletin" for October 1945, pages A-4 and A-5. 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.
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 February 28, 1950
(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 1/</td><td>405</td><td>67 1/</td><td>338</td><td>2</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,944</td><td>182 1/</td><td>4,761</td><td>*</td><td>-</td></tr><tr><td>Series C</td><td>32,438 1/</td><td>31,623</td><td>10,364</td><td>21,259</td><td>31</td><td>784</td></tr><tr><td>Series D</td><td>8,619</td><td>1,415</td><td>545</td><td>870</td><td>-</td><td>7,204</td></tr><tr><td>Total</td><td>46,407</td><td>38,386</td><td>11,158</td><td>27,228</td><td>33</td><td>7,988</td></tr></table>
Source: Office of the Treasurer of the U. S.; Daily Treasury Statement. 1/ Includes exchanges in connection with the offering in September 1942 * of Series A-1945 and Series C. Less than $500,000.
Table 2.- Sales and Redemptions of Series C and D Combined by Periods
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>1947</td><td>3,057</td><td>4,194</td><td>2,182</td><td>2,012</td><td>23</td><td>5,560</td></tr><tr><td>1948</td><td>2,144</td><td>3,301</td><td>1,971</td><td>1,330</td><td>32</td><td>4,394</td></tr><tr><td>1949</td><td>3,994</td><td>3,531</td><td>2,078</td><td>1,452</td><td>29</td><td>4,860</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>1946</td><td>2,789</td><td>5,287</td><td>2,332</td><td>2,955</td><td>63</td><td>5,725</td></tr><tr><td>1947</td><td>2,925</td><td>3,241</td><td>1,880</td><td>1,361</td><td>89</td><td>5,384</td></tr><tr><td>1948</td><td>3,032</td><td>3,869</td><td>2,445</td><td>1,424</td><td>63</td><td>4,572</td></tr><tr><td>1949</td><td>5,971</td><td>2,950</td><td>1,584</td><td>1,366</td><td>47</td><td>7,610</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1949-July</td><td>1,096</td><td>252</td><td>223</td><td>29</td><td>28</td><td>5,705</td></tr><tr><td>August</td><td>1,159</td><td>98</td><td>76</td><td>22</td><td>26</td><td>6,768</td></tr><tr><td>September</td><td>496</td><td>369</td><td>87</td><td>282</td><td>25</td><td>6,897</td></tr><tr><td>October</td><td>589</td><td>142</td><td>114</td><td>28</td><td>24</td><td>7,345</td></tr><tr><td>November</td><td>324</td><td>142</td><td>122</td><td>21</td><td>23</td><td>7,527</td></tr><tr><td>December</td><td>516</td><td>409</td><td>195</td><td>214</td><td>47</td><td>7,610</td></tr><tr><td>1950-January</td><td>411</td><td>128</td><td>80</td><td>48</td><td>34</td><td>7,906</td></tr><tr><td>February</td><td>229</td><td>150</td><td>138</td><td>13</td><td>31</td><td>7,988</td></tr></table>
Source: Offices of the Treasurer of the U.S.; Daily Treasury Statement 1/ Includes both matured and unmatured notes.
April 1950
31
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="7">Interest-bearing securities issued by the U. S. Government</th><th colspan="5">Interest-bearing securities guaranteed by the U. S. Government 1/</th><th rowspan="2">Matured debt and debt bearing no interest</th></tr><tr><th>Total outstanding</th><th colspan="3">Held by U. S. Government investment accounts 2/</th><th>Held by Federal Reserve Banks - public marketable issues</th><th colspan="3">Held by private investors 3/</th><th>Total outstanding</th><th colspan="3">Held by U. S. Government investment accounts and Federal Reserve Banks 2/ 5/</th><th>Held by private investors 4/</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 3/</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th></th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues 6/</th><th></th></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>18,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>285</td><td>3,738</td><td>68</td><td>1,324</td></tr><tr><td>1944......</td><td>202,626</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>180</td><td>1,186</td><td>150</td><td>1,567</td></tr><tr><td>1945......</td><td>259,115</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>28</td><td>375</td><td>2,350</td></tr><tr><td>1946......</td><td>269,899</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>34</td><td>424</td><td>1,321</td></tr><tr><td>1947......</td><td>258,376</td><td>255,113</td><td>32,809</td><td>5,407</td><td>36</td><td>27,366</td><td>21,872</td><td>200,432</td><td>141,423</td><td>59,010</td><td>83</td><td>2</td><td>37</td><td>45</td><td>3,179</td></tr><tr><td>1948......</td><td>252,366</td><td>250,063</td><td>35,749</td><td>5,401</td><td>137</td><td>30,211</td><td>21,366</td><td>192,948</td><td>133,578</td><td>59,370</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1949......</td><td>252,798</td><td>250,762</td><td>38,274</td><td>5,374</td><td>124</td><td>32,776</td><td>19,343</td><td>193,145</td><td>130,431</td><td>62,714</td><td>24</td><td>-</td><td>13</td><td>11</td><td>2,012</td></tr><tr><td>1949-July</td><td>253,902</td><td>251,880</td><td>38,520</td><td>5,347</td><td>124</td><td>33,049</td><td>18,529</td><td>194,831</td><td>131,083</td><td>63,748</td><td>22</td><td>-</td><td>13</td><td>9</td><td>2,000</td></tr><tr><td>Aug.</td><td>255,879</td><td>253,921</td><td>38,850</td><td>5,370</td><td>123</td><td>33,358</td><td>17,446</td><td>197,625</td><td>132,736</td><td>64,888</td><td>24</td><td>-</td><td>13</td><td>11</td><td>1,934</td></tr><tr><td>Sept.</td><td>256,709</td><td>254,756</td><td>39,414</td><td>5,378</td><td>123</td><td>33,914</td><td>17,997</td><td>197,345</td><td>132,273</td><td>65,073</td><td>26</td><td>-</td><td>14</td><td>12</td><td>1,926</td></tr><tr><td>Oct.</td><td>256,805</td><td>254,876</td><td>39,287</td><td>5,355</td><td>123</td><td>33,810</td><td>17,316</td><td>198,273</td><td>132,690</td><td>65,582</td><td>25</td><td>-</td><td>15</td><td>10</td><td>1,904</td></tr><tr><td>Nov.</td><td>257,011</td><td>255,124</td><td>39,320</td><td>5,368</td><td>123</td><td>33,829</td><td>17,682</td><td>198,122</td><td>132,315</td><td>65,806</td><td>26</td><td>-</td><td>15</td><td>11</td><td>1,861</td></tr><tr><td>Dec.</td><td>257,160</td><td>255,019</td><td>39,346</td><td>5,327</td><td>123</td><td>33,896</td><td>18,885</td><td>196,789</td><td>130,912</td><td>65,877</td><td>27</td><td>*</td><td>15</td><td>12</td><td>2,114</td></tr><tr><td>1950-Jan.</td><td>256,892</td><td>254,869</td><td>38,983</td><td>5,357</td><td>124</td><td>33,502</td><td>17,827</td><td>198,058</td><td>131,649</td><td>66,409</td><td>24</td><td>-</td><td>14</td><td>10</td><td>1,999</td></tr><tr><td>Feb.</td><td>256,395</td><td>254,406</td><td>38,365</td><td>5,370</td><td>124</td><td>32,871</td><td>17,746</td><td>198,294</td><td>131,648</td><td>66,647</td><td>24</td><td>-</td><td>15</td><td>10</td><td>1,965</td></tr></table>
Source: Daily Treasury Statement for total amounts outstanding; reports from agencies and trust funds for securities held by U. S. Government investment accounts; and reports from Federal Reserve System for securities held by Federal Reserve Banks.
1/ Excludes guaranteed securities held by the Treasury.
2/ Includes accounts under the control of certain U. S. Government agencies whose investments are handled outside the Treasury; excludes Federal land banks after June 26, 1947, when the United States' proprietary interest in these banks ended.
3/ Includes U. S. savings bonds, Series A-F at maturity value.
b/ The total amount of interest-bearing securities held by private investors is calculated by deducting from the total amount outstanding the amount held by U. S. Government investment accounts and Federal Reserve Banks.
5/ All public marketable issues except R. F. C. notes in the amount of $115 million for 1943 and $176 million for 1944.
6/ Consists of Commodity Credit Corporation demand obligations stated as of the close of the previous month.
* 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>-1.4</td><td>- .3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-.7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-.2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td>.1</td><td>-.8</td><td>-.2</td></tr><tr><td>1949</td><td>8.8</td><td>-1.8</td><td>5.1</td><td>1.5</td><td>-54.7</td><td>-88.4</td><td>-.1</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-.1</td></tr><tr><td>1950</td><td>-6.6</td><td>13.5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Consists of purchases or sales made by the Treasury of securities issued or guaranteed by the U.S. Government 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. It will be noted that these transactions
differ from those reflected in Table 1 because they exclude those Government investment accounts for which investments are not handled by the Treasury. Table 2 also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund. * Less than $50,000.
32
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 investore</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individ- uals 4/</th><th>Insurance companies</th><th>Mutual saving banks</th><th>Other corpora- tions and associa- tions 5/ 6/</th><th>State and local govern- ments 7/</th><th>U. S. Government investment accounts 8/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>29.3</td><td>10.4</td><td>6.3</td><td>3.1</td><td>2.6</td><td>.4</td><td>6.5</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.9</td><td>10.3</td><td>6.5</td><td>3.1</td><td>2.5</td><td>.4</td><td>7.1</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>31.5</td><td>10.9</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.5</td><td>7.6</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>33.5</td><td>11.5</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.6</td><td>8.5</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.6</td><td>14.1</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.7</td><td>9.5</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>48.3</td><td>18.4</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.9</td><td>10.6</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>65.2</td><td>24.5</td><td>11.3</td><td>4.5</td><td>11.6</td><td>1.0</td><td>12.2</td></tr><tr><td>1943-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>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>93.7</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-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>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-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>December</td><td>278.7</td><td>115.0</td><td>90.8</td><td>24.3</td><td>163.6</td><td>64.8</td><td>24.4</td><td>10.7</td><td>30.2</td><td>6.5</td><td>27.0</td></tr><tr><td>1946-February (Peak)</td><td>279.8</td><td>116.7</td><td>93.8</td><td>22.9</td><td>163.1</td><td>64.6</td><td>24.8</td><td>11.1</td><td>27.9</td><td>6.7</td><td>28.0</td></tr><tr><td>March</td><td>276.6</td><td>112.8</td><td>90.2</td><td>22.6</td><td>163.8</td><td>64.8</td><td>25.0</td><td>11.2</td><td>28.0</td><td>6.7</td><td>28.2</td></tr><tr><td>June</td><td>269.9</td><td>108.2</td><td>84.4</td><td>23.8</td><td>161.7</td><td>64.1</td><td>25.3</td><td>11.5</td><td>25.3</td><td>6.5</td><td>29.1</td></tr><tr><td>September</td><td>265.8</td><td>104.3</td><td>80.2</td><td>24.0</td><td>161.5</td><td>64.0</td><td>25.4</td><td>11.7</td><td>23.6</td><td>6.4</td><td>30.4</td></tr><tr><td>December</td><td>259.5</td><td>97.9</td><td>74.5</td><td>23.3</td><td>161.6</td><td>64.9</td><td>25.3</td><td>11.8</td><td>22.4</td><td>6.3</td><td>30.9</td></tr><tr><td>1947-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>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>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>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-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>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>September</td><td>252.7</td><td>85.8</td><td>62.4</td><td>23.4</td><td>166.9</td><td>67.4</td><td>22.3</td><td>11.7</td><td>20.8</td><td>7.8</td><td>36.8</td></tr><tr><td>December</td><td>252.9</td><td>85.8</td><td>62.5</td><td>23.3</td><td>167.1</td><td>67.6</td><td>21.5</td><td>11.5</td><td>21.4</td><td>7.9</td><td>37.3</td></tr><tr><td>1949-January</td><td>252.7</td><td>84.8</td><td>62.7</td><td>22.1</td><td>167.9</td><td>67.9</td><td>21.6</td><td>11.6</td><td>21.6</td><td>7.8</td><td>37.4</td></tr><tr><td>February</td><td>252.7</td><td>84.5</td><td>62.1</td><td>22.3</td><td>168.3</td><td>68.3</td><td>21.5</td><td>11.6</td><td>21.5</td><td>7.9</td><td>37.5</td></tr><tr><td>March</td><td>251.7</td><td>82.2</td><td>60.5</td><td>21.7</td><td>169.5</td><td>68.6</td><td>21.4</td><td>11.6</td><td>22.3</td><td>7.9</td><td>37.7</td></tr><tr><td>April</td><td>251.6</td><td>82.9</td><td>61.8</td><td>21.1</td><td>168.7</td><td>68.5</td><td>21.2</td><td>11.6</td><td>21.9</td><td>7.9</td><td>37.5</td></tr><tr><td>May</td><td>251.9</td><td>82.4</td><td>62.7</td><td>19.7</td><td>169.5</td><td>68.8</td><td>21.0</td><td>11.6</td><td>22.6</td><td>8.0</td><td>37.5</td></tr><tr><td>June</td><td>252.8</td><td>82.4</td><td>63.0</td><td>19.3</td><td>170.4</td><td>68.9</td><td>20.9</td><td>11.6</td><td>22.7</td><td>8.0</td><td>38.3</td></tr><tr><td>July</td><td>253.9</td><td>83.2</td><td>64.7</td><td>18.5</td><td>170.7</td><td>69.1</td><td>20.7</td><td>11.6</td><td>22.8</td><td>8.0</td><td>38.5</td></tr><tr><td>August</td><td>255.9</td><td>84.0</td><td>66.5</td><td>17.5</td><td>171.9</td><td>69.2</td><td>20.6</td><td>11.6</td><td>23.6</td><td>8.1</td><td>38.8</td></tr><tr><td>September</td><td>256.7</td><td>84.5</td><td>66.5</td><td>18.0</td><td>172.2</td><td>69.2</td><td>20.5</td><td>11.6</td><td>23.3</td><td>8.1</td><td>39.4</td></tr><tr><td>October</td><td>256.8</td><td>84.7</td><td>67.4</td><td>17.3</td><td>172.1</td><td>69.3</td><td>20.5</td><td>11.5</td><td>23.4</td><td>8.1</td><td>39.3</td></tr><tr><td>November</td><td>257.0</td><td>84.6</td><td>66.9</td><td>17.7</td><td>172.4</td><td>69.3</td><td>20.4</td><td>11.4</td><td>23.8</td><td>8.1</td><td>39.3</td></tr><tr><td>December</td><td>257.2</td><td>85.8</td><td>67.0</td><td>18.9</td><td>171.3</td><td>69.5</td><td>20.5</td><td>11.4</td><td>22.4</td><td>8.1</td><td>39.3</td></tr><tr><td>1950-January p</td><td>256.9</td><td>85.5</td><td>67.6</td><td>17.8</td><td>171.4</td><td>69.7</td><td>20.6</td><td>11.5</td><td>22.6</td><td>8.1</td><td>39.0</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F, are included at current redemption values.
2/ Securities issued or guaranteed by the U. S. Government, excluding 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 island possessions. Figures exclude securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning with December 1946, includes investments by the International Bank for Reconstruction and Development and International Monetary Fund
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 island possessions.
p Preliminary.
April 1950
33
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1950
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 classes and nonmember banks is published for June 30 and December 31.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>Banks 1/ commercial 2/</th><th>530 mutual savings</th><th>Insurance companies 325 life</th><th>619 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable............</td><td>154,847</td><td>60,504</td><td>10,849</td><td>14,590</td><td>3,953</td><td>23,184</td><td>41,767</td></tr><tr><td>Public normarketable 4/ 5/............</td><td>66,544</td><td>1,723</td><td>670</td><td>562</td><td>659</td><td>124</td><td>62,795</td></tr><tr><td>Special issues....................</td><td>33,502</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33,502</td><td>-</td></tr><tr><td>Total interest-bearing securities......</td><td>254,893</td><td>62,227</td><td>11,519</td><td>15,152</td><td>4,612</td><td>56,810</td><td>104,562</td></tr><tr><td>Matured debt and debt bearing no interest 6/....</td><td>1,999</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total securities issued or guaranteed by the U. S. Government 1/............</td><td>256,892</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Per values - in millions of dollars)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="2">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>7,246 commercial 2/</th><th>530 mutual savings</th><th>325 life</th><th>619 fire, casualty, and marine</th><th></th><th></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>12,331</td><td>4,122</td><td>42</td><td>36</td><td>54</td><td>3,811</td><td>4,267</td></tr><tr><td>Certificates of indebtedness</td><td>29,314</td><td>11,287</td><td>159</td><td>104</td><td>496</td><td>6,433</td><td>10,836</td></tr><tr><td>Treasury notes</td><td>8,271</td><td>5,669</td><td>117</td><td>38</td><td>203</td><td>560</td><td>1,684</td></tr><tr><td>Treasury bonds - bank eligible</td><td>55,122</td><td>38,495</td><td>1,480</td><td>1,437</td><td>1,394</td><td>2,969</td><td>9,347</td></tr><tr><td>Treasury bonds - bank restricted 8/</td><td>49,636</td><td>913</td><td>9,052</td><td>12,970</td><td>1,805</td><td>9,376</td><td>15,520</td></tr><tr><td>Postal savings and Panama Canal bonds</td><td>160</td><td>13</td><td>*</td><td>*</td><td>1</td><td>36</td><td>110</td></tr><tr><td>Guaranteed by U. S. Government 1/</td><td>14</td><td>5</td><td>1</td><td>5</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total</td><td>154,847</td><td>60,504</td><td>10,849</td><td>14,590</td><td>3,953</td><td>23,184</td><td>41,767</td></tr><tr><td colspan="8">Call classes:</td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>56,074</td><td>24,403</td><td>428</td><td>267</td><td>888</td><td>11,177</td><td>18,912</td></tr><tr><td>1 to 5 years</td><td>35,089</td><td>25,115</td><td>1,086</td><td>791</td><td>830</td><td>2,116</td><td>5,150</td></tr><tr><td>5 to 10 years</td><td>18,537</td><td>7,047</td><td>2,662</td><td>1,224</td><td>987</td><td>1,940</td><td>4,677</td></tr><tr><td>10 to 15 years</td><td>14,084</td><td>1,309</td><td>3,106</td><td>4,789</td><td>580</td><td>1,179</td><td>3,120</td></tr><tr><td>15 to 20 years</td><td>31,050</td><td>2,625</td><td>3,566</td><td>7,514</td><td>669</td><td>6,772</td><td>9,905</td></tr><tr><td>Over 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>14</td><td>5</td><td>1</td><td>5</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total</td><td>154,847</td><td>60,504</td><td>10,849</td><td>14,590</td><td>3,953</td><td>23,184</td><td>41,767</td></tr><tr><td colspan="8">Tax status: 2/</td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>160</td><td>13</td><td>*</td><td>*</td><td>1</td><td>36</td><td>110</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>12,088</td><td>9,392</td><td>18</td><td>8</td><td>530</td><td>489</td><td>1,652</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>142,599</td><td>51,100</td><td>10,831</td><td>14,582</td><td>3,423</td><td>22,659</td><td>40,005</td></tr><tr><td>Total</td><td>154,847</td><td>60,504</td><td>10,849</td><td>14,590</td><td>3,953</td><td>23,184</td><td>41,767</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1950
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 parenthesee)</th><th>Total amount outstand-ing</th><th colspan="2">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>7,246 commercial 2/</th><th>530 mutual savings</th><th>325 life</th><th>619 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>12,331</td><td>4,122</td><td>42</td><td>36</td><td>54</td><td>3,811</td><td>4,267</td></tr><tr><td colspan="8">Certificates of indebtedness:</td></tr><tr><td>1-1/4% February 1950-B.........(taxable)</td><td>1,993</td><td>933</td><td>7</td><td>*</td><td>34</td><td>107</td><td>912</td></tr><tr><td>1-1/4% March 1950-C.........(taxable)</td><td>2,922</td><td>1,132</td><td>15</td><td>32</td><td>54</td><td>563</td><td>1,126</td></tr><tr><td>1-1/4% April 1950-D.........(taxable)</td><td>963</td><td>356</td><td>4</td><td>3</td><td>15</td><td>83</td><td>502</td></tr><tr><td>1-1/4% June 1950-E.........(taxable)</td><td>5,019</td><td>2,144</td><td>26</td><td>18</td><td>77</td><td>902</td><td>1,951</td></tr><tr><td>1-1/4% July 1950-F.........(taxable)</td><td>5,601</td><td>1,925</td><td>27</td><td>14</td><td>72</td><td>1,818</td><td>1,746</td></tr><tr><td>1-1/8% September 1950-G.........(taxable)</td><td>1,197</td><td>718</td><td>10</td><td>23</td><td>19</td><td>247</td><td>179</td></tr><tr><td>1-1/8% October 1950-H.........(taxable)</td><td>6,248</td><td>2,186</td><td>43</td><td>12</td><td>126</td><td>1,560</td><td>2,321</td></tr><tr><td>1-1/8% January 1951-A.........(taxable)</td><td>5,373</td><td>1,894</td><td>26</td><td>3</td><td>99</td><td>1,152</td><td>2,199</td></tr><tr><td>Total certificate of indebtedness</td><td>29,314</td><td>11,287</td><td>159</td><td>1c4</td><td>496</td><td>6,433</td><td>10,836</td></tr><tr><td colspan="8">Treasury notes:</td></tr><tr><td>1-3/8% April 1950-A.........(taxable)</td><td>3,596</td><td>1,965</td><td>30</td><td>27</td><td>92</td><td>296</td><td>1,186</td></tr><tr><td>1-3/8% March 1954-A.........(taxable)</td><td>4,675</td><td>3,705</td><td>86</td><td>11</td><td>111</td><td>264</td><td>198</td></tr><tr><td>Total notes</td><td>8,271</td><td>5,669</td><td>117</td><td>38</td><td>203</td><td>560</td><td>1,684</td></tr><tr><td colspan="8">Treasury bonds:</td></tr><tr><td>Bank eligible:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% March 1950-52.........(taxable)</td><td>1,963</td><td>1,384</td><td>42</td><td>18</td><td>34</td><td>117</td><td>367</td></tr><tr><td>2-1/2% September 1950-52.........(partially)</td><td>1,186</td><td>969</td><td>4</td><td>1</td><td>54</td><td>81</td><td>77</td></tr><tr><td>2% September 1950-52.........(taxable)</td><td>4,939</td><td>3,125</td><td>130</td><td>81</td><td>113</td><td>403</td><td>1,087</td></tr><tr><td>1-1/2% December 1950.........(taxable)</td><td>2,635</td><td>1,540</td><td>21</td><td>*</td><td>44</td><td>*</td><td>1,030</td></tr><tr><td>2-3/4% June 1951-54.........(partially)</td><td>1,627</td><td>1,329</td><td>3</td><td>1</td><td>45</td><td>91</td><td>156</td></tr><tr><td>2% September 1951-53.........(taxable)</td><td>7,986</td><td>5,255</td><td>280</td><td>229</td><td>151</td><td>699</td><td>1,373</td></tr><tr><td>3% September 1951-55.........(partially)</td><td>755</td><td>451</td><td>2</td><td>*</td><td>30</td><td>63</td><td>210</td></tr><tr><td>2-1/4% December 1951-53.........(partially)</td><td>1,118</td><td>958</td><td>3</td><td>*</td><td>49</td><td>40</td><td>67</td></tr><tr><td>2% December 1951-55.........(taxable)</td><td>510</td><td>378</td><td>10</td><td>23</td><td>14</td><td>9</td><td>76</td></tr><tr><td>2-1/2% March 1952-54.........(taxable)</td><td>1,024</td><td>534</td><td>153</td><td>16</td><td>20</td><td>85</td><td>215</td></tr><tr><td>2% June 1952-54.........(taxable)</td><td>5,825</td><td>4,121</td><td>168</td><td>82</td><td>131</td><td>446</td><td>876</td></tr><tr><td>2-1/4% June 1952-55.........(taxable)</td><td>1,501</td><td>925</td><td>124</td><td>141</td><td>39</td><td>128</td><td>144</td></tr><tr><td>2% December 1952-54.........(taxable)</td><td>8,662</td><td>6,228</td><td>257</td><td>288</td><td>182</td><td>287</td><td>1,421</td></tr><tr><td>2% June 1953-55.........(partially)</td><td>725</td><td>655</td><td>*</td><td>*</td><td>27</td><td>*</td><td>43</td></tr><tr><td>2-1/4% June 1954-56.........(partially)</td><td>681</td><td>577</td><td>1</td><td>*</td><td>32</td><td>2</td><td>69</td></tr><tr><td>2-7/8% March 1955-60.........(partially)</td><td>2,611</td><td>1,676</td><td>3</td><td>1</td><td>103</td><td>156</td><td>673</td></tr><tr><td>2-1/2% March 1956-58.........(taxable)</td><td>1,449</td><td>821</td><td>65</td><td>291</td><td>23</td><td>55</td><td>106</td></tr><tr><td>2-3/4% September 1956-59.........(partially)</td><td>982</td><td>785</td><td>1</td><td>1</td><td>45</td><td>42</td><td>108</td></tr><tr><td>2-1/4% September 1956-59.........(taxable)</td><td>3,823</td><td>2,718</td><td>101</td><td>191</td><td>92</td><td>107</td><td>614</td></tr><tr><td>2-3/4% June 1958-63.........(partially)</td><td>919</td><td>782</td><td>2</td><td>1</td><td>72</td><td>1</td><td>61</td></tr><tr><td>2-3/4% December 1960-65.........(partially)</td><td>1,495</td><td>1,209</td><td>*</td><td>3</td><td>73</td><td>12</td><td>187</td></tr><tr><td>2-1/2% September 1967-72.........(taxable)</td><td>2,716</td><td>2,074</td><td>110</td><td>69</td><td>23</td><td>143</td><td>297</td></tr><tr><td>Total bank eligible</td><td>55,122</td><td>38,495</td><td>1,480</td><td>1,437</td><td>1,394</td><td>2,969</td><td>9,347</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
April 1950
35
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1950
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 9/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="2">Banks 1/</th><th colspan="2">Insurance companies</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>7,246 commercial 2/</th><th>530 mutual savings</th><th>325 life</th><th>619 fire, casualty, and marine</th></tr><tr><td colspan="8">Treasury bonds (continued):</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>88</td><td>1,811</td><td>456</td><td>417</td><td>73</td><td>1,778</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,470</td><td>176</td><td>679</td><td>284</td><td>235</td><td>845</td><td>1,249</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>21</td><td>519</td><td>876</td><td>95</td><td>205</td><td>402</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>20</td><td>588</td><td>1,147</td><td>172</td><td>333</td><td>571</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>29</td><td>1,124</td><td>1,448</td><td>102</td><td>168</td><td>890</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>28</td><td>875</td><td>1,314</td><td>138</td><td>461</td><td>1,022</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>68</td><td>521</td><td>2,112</td><td>118</td><td>1,109</td><td>1,269</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>54</td><td>376</td><td>1,452</td><td>74</td><td>685</td><td>839</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>72</td><td>1,364</td><td>2,026</td><td>188</td><td>1,796</td><td>2,520</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,689</td><td>357</td><td>1,195</td><td>1,854</td><td>265</td><td>3,039</td><td>4,979</td></tr><tr><td>Total bank restricted....................</td><td>49,636</td><td>913</td><td>9,052</td><td>12,970</td><td>1,805</td><td>9,376</td><td>15,520</td></tr><tr><td>Total Treasury bonds....................</td><td>104,758</td><td>39,409</td><td>10,531</td><td>14,407</td><td>3,200</td><td>12,344</td><td>24,867</td></tr><tr><td colspan="8">Other bonds:</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>110</td><td>11</td><td>*</td><td>*</td><td>1</td><td>36</td><td>61</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>48</td></tr><tr><td>Total other bonds....................</td><td>160</td><td>13</td><td>*</td><td>*</td><td>1</td><td>36</td><td>110</td></tr><tr><td colspan="8">Guaranteed securities: 7/</td></tr><tr><td>Federal Housing Administration debentures......(taxable 11/)</td><td>14</td><td>5</td><td>1</td><td>5</td><td>*</td><td>-</td><td>3</td></tr><tr><td>Total public marketable securities......</td><td>154,847</td><td>60,504</td><td>10,849</td><td>14,590</td><td>3,553</td><td>23,184</td><td>41,767</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities by Issue
(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="2">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>7,246 commercial 2/</th><th>530 mutual savings</th><th>325 life</th><th>619 fire, casualty, and marine</th><th></th><th></th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series D-1940 and 1941 4/.....(12/)</td><td>1,280</td><td>16</td><td>1</td><td>1</td><td>3</td><td>*</td><td>1,260</td></tr><tr><td>Series E 4/....................(taxable)</td><td>33,936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>33,935</td></tr><tr><td>Series F 4/....................(taxable)</td><td>3,647</td><td>339</td><td>18</td><td>32</td><td>61</td><td>1</td><td>3,197</td></tr><tr><td>Series G....................(taxable)</td><td>18,096</td><td>698</td><td>508</td><td>238</td><td>373</td><td>17</td><td>16,262</td></tr><tr><td>Total United States saving bonds</td><td>56,958</td><td>1,053</td><td>527</td><td>270</td><td>436</td><td>19</td><td>54,653</td></tr><tr><td>Other U. S. securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury saving notes........(taxable)</td><td>7,906</td><td>149</td><td>21</td><td>1</td><td>186</td><td>5</td><td>7,544</td></tr><tr><td>Depositary bonds.............(taxable)</td><td>384</td><td>334</td><td>*</td><td>-</td><td>-</td><td>-</td><td>50</td></tr><tr><td>Armed forces leave bonds.....(taxable)</td><td>332</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>332</td></tr><tr><td>Treasury bonds, investment series (taxable)</td><td>954</td><td>188</td><td>122</td><td>291</td><td>36</td><td>100</td><td>216</td></tr><tr><td>Total other U. S. securities</td><td>9,575</td><td>670</td><td>143</td><td>291</td><td>223</td><td>105</td><td>8,142</td></tr><tr><td>Guaranteed securities: 1/</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>10</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5/</td></tr><tr><td>Total public nonmarketable securities 5/</td><td>66,544</td><td>1,723</td><td>670</td><td>562</td><td>659</td><td>124</td><td>62,795</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 1950
Section II -
Interest-Bearing Securities Issued by Federal Agencies but Not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="2">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>7,246 commercial 2/</th><th>530 mutual savings</th><th>325 life</th><th>619 fire, casualty, and marine</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></tr><tr><td>Debentures....................(taxable)</td><td>660</td><td>335</td><td>29</td><td>*</td><td>12</td><td>-</td><td>84</td></tr><tr><td>Federal home loan banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% February 1950 (Notes)....(taxable)</td><td>88</td><td>76</td><td>*</td><td>-</td><td>*</td><td>-</td><td>12</td></tr><tr><td>1-1/4% February 1950 (Notes)....(taxable)</td><td>21</td><td>19</td><td>-</td><td>-</td><td>*</td><td>-</td><td>2</td></tr><tr><td>1.35% September 1950 (Notes)....(taxable)</td><td>75</td><td>61</td><td>2</td><td>-</td><td>2</td><td>-</td><td>11</td></tr><tr><td>Total Federal home loan bank securities...</td><td>184</td><td>156</td><td>2</td><td>-</td><td>2</td><td>-</td><td>25</td></tr><tr><td>Federal land banks: 13/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/4% May 1950-52 (Bonds) (taxable)</td><td>208</td><td>151</td><td>2</td><td>1</td><td>1</td><td>-</td><td>53</td></tr><tr><td>1-1/2% January 1951-53 (Bonds) (taxable)</td><td>186</td><td>160</td><td>*</td><td>*</td><td>1</td><td>-</td><td>24</td></tr><tr><td>2-1/4% February 1953-55 (Bonds) (taxable)</td><td>114</td><td>94</td><td>3</td><td>*</td><td>2</td><td>-</td><td>15</td></tr><tr><td>1-3/4% October 1955-57 (Bonds) (taxable)</td><td>217</td><td>181</td><td>3</td><td>*</td><td>3</td><td>-</td><td>30</td></tr><tr><td>Total Federal land bank securities........</td><td>724</td><td>586</td><td>9</td><td>1</td><td>7</td><td>-</td><td>122</td></tr></table>
1/ Excludes trust departments.
2/ Includes trust companies and, beginning with figures for July 1949, also includes stock savings banks. Formerly these banks were shown as a separate classification, but they are no longer so reported.
3/ Includes those banks and insurance companies not reporting in the Treasury Survey.
4/ United States savings bonds, Series D-1940 and 1941, 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 $10 million, all held by commercial banks, are shown only in the total amount outstanding; holdings by reporting banks are not available.
6/ Holdings by reporting agencies not available.
7/ Excludes guaranteed securities held by the Treasury.
8/ Issues which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Outstanding", Table 3, footnote 1.
2/ Federal securities fall into three broad classes with respect to the imposition of Federal income taxes on income derived from them. "Wholly" tax-exempt securities are those with the income exempt from both normal tax and surtax. "Partially" tax-exempt securities are those with the income exempt from the normal tax except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to normal tax and surtax.
10/ Includes F. B. A. debentures; see footnote 11.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
12/ United States savings bonds sold prior to March 1, 1941, are partially tax-exempt; those sold on and after that date are taxable.
13/ The proprietary interest of the United States in these banks ended on June 26, 1947.
* Less than $500,000.
April 1950
37
MARKET QUOTATIONS, FEBRUARY 28, 1950
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. Daily quotations for the securities listed in Sections I and II are published monthly in the Treasury Department statement, "Prices and Yields of Public Marketable Securities Issued by the United States Government and by Federal Agencies".
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Bank discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$1,001</td><td>3/2/50</td><td>12/1/49</td><td>1.14%</td><td>1.00%</td><td>1.07%</td><td>-.03%</td></tr><tr><td>1,002</td><td>3/9/50</td><td>12/8/49</td><td>1.14</td><td>1.04</td><td>1.09</td><td>-.01</td></tr><tr><td>903</td><td>3/16/50</td><td>12/15/49</td><td>1.14</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>901</td><td>3/23/50</td><td>12/22/49</td><td>1.14</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>901</td><td>3/30/50</td><td>12/29/49</td><td>1.14</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>905</td><td>4/6/50</td><td>1/5/50</td><td>1.14</td><td>1.06</td><td>1.10</td><td>.00</td></tr><tr><td>906</td><td>4/13/50</td><td>1/12/50</td><td>1.14</td><td>1.08</td><td>1.11</td><td>+.01</td></tr><tr><td>903</td><td>4/20/50</td><td>1/19/50</td><td>1.14</td><td>1.08</td><td>1.11</td><td>+.01</td></tr><tr><td>903</td><td>4/27/50</td><td>1/26/50</td><td>1.14</td><td>1.08</td><td>1.11</td><td>+.01</td></tr><tr><td>1,003</td><td>5/4/50</td><td>2/2/50</td><td>1.14</td><td>1.09</td><td>1.12</td><td>+.01</td></tr><tr><td>1,004</td><td>5/11/50</td><td>2/9/50</td><td>1.14</td><td>1.09</td><td>1.12</td><td>-</td></tr><tr><td>1,004</td><td>5/18/50</td><td>2/16/50</td><td>1.14</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>1,001</td><td>5/25/50</td><td>2/23/50</td><td>1.14</td><td>1.10</td><td>1.12</td><td>-</td></tr><tr><td>1/</td><td>6/1/50</td><td>3/2/50</td><td>1.14</td><td>1.11</td><td>1.12</td><td>-</td></tr></table>
Footnote at end of Section II.
Table 2.- Certificates (Taxable)
<table><tr><th rowspan="2">Amount out- standing (Millions)</th><th rowspan="2">Description</th><th rowspan="2">Issue date</th><th colspan="4">Yield</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th></tr><tr><td>$2,922</td><td>1-1/4% - 3/1/50-C</td><td>3/1/49</td><td>2/1.15%</td><td>2/1.95%</td><td>2/1.05%</td><td>2/1.17%</td></tr><tr><td>963</td><td>1-1/4 - 4/1/50-D</td><td>4/1/49</td><td>1.14</td><td>1.12</td><td>1.13</td><td>+0.04</td></tr><tr><td>5,019</td><td>1-1/4 - 6/1/50-E</td><td>6/1/49</td><td>1.15</td><td>1.13</td><td>1.14</td><td>+0.04</td></tr><tr><td>5,601</td><td>1-1/4 - 7/1/50-F</td><td>7/1/49</td><td>1.09</td><td>1.03</td><td>1.06</td><td>.00</td></tr><tr><td>1,197</td><td>1-1/8 - 9/15/50-G</td><td>9/15/49</td><td></td><td></td><td></td><td></td></tr><tr><td>6,248</td><td>1-1/8 - 10/1/50-B</td><td>10/1/49</td><td>1.16</td><td>1.14</td><td>1.15</td><td>+0.02</td></tr><tr><td>5,373</td><td>1-1/8 - 1/1/51-A</td><td>1/1/50</td><td>1.17</td><td>1.15</td><td>1.16</td><td>+0.02</td></tr></table>
Footnote at end of Section II.
Table 3. - Other Taxable Issues
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="2">Since first traded</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>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="13">Treasury notes:</td></tr><tr><td>$3,596</td><td>1-3/8 - 4/1/50-A 1/100.05</td><td>100.06</td><td>100.05</td><td>100.05</td><td>-</td><td>2/32</td><td>9/15/48</td><td>2/32</td><td>1.35%</td><td>11/3/48</td><td>2/32</td><td>1.28%</td><td>1/17/49</td></tr><tr><td>1/1-1/4 - 7/1/51-B 1/100.00</td><td>100.01</td><td>100.01</td><td>100.01</td><td>-</td><td>1.23%</td><td>3/1/50</td><td>100.01</td><td>2/28/50</td><td>100.01</td><td>2/28/50</td><td>100.01</td><td>2/28/50</td><td>100.01</td></tr><tr><td>1,918</td><td>1-1/4 - 10/1/51-A 99.31</td><td>100.00</td><td>100.00</td><td>100.00</td><td>-.01</td><td>1.25</td><td>2/1/50</td><td>100.02</td><td>2/28/50</td><td>100.00</td><td>2/28/50</td><td>100.02</td><td>2/28/50</td></tr><tr><td>4,675</td><td>1-3/8 - 3/15/54-A 99.31</td><td>100.00</td><td>99.31</td><td>99.31</td><td>-.04</td><td>1.38</td><td>12/15/49</td><td>100.10</td><td>1/10/50</td><td>99.31</td><td>2/27/50</td><td>100.10</td><td>2/27/50</td></tr><tr><td>1/1-1/2 - 3/15/55-A 100.05</td><td>100.06</td><td>100.06</td><td>100.06</td><td>-</td><td>1.46</td><td>3/15/50</td><td>100.06</td><td>2/20/50</td><td>100.05</td><td>2/24/50</td><td>100.06</td><td>2/24/50</td><td>100.05</td></tr><tr><td colspan="13">Treasury bonds - bank eligible:</td></tr><tr><td>1,963</td><td>24 - 3/15/50-52 1/100.19</td><td>100.20</td><td>100.19</td><td>100.19</td><td>-.01</td><td>.86</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>100.28</td><td>1/20/49</td><td>100.06</td><td>2/7/50</td></tr><tr><td>4,939</td><td>2 - 9/15/50-52 1/100.09</td><td>100.10</td><td>100.09</td><td>100.09</td><td>-.02</td><td>1.12</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>101.04</td><td>7/18/49</td><td>100.19</td><td>2/28/50</td></tr><tr><td>2,635</td><td>1-1/2 - 12/15/50 101.05</td><td>101.06</td><td>101.05</td><td>101.05</td><td>-.03</td><td>1.23</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>100.21</td><td>7/18/49</td><td>100.09</td><td>2/28/50</td></tr><tr><td>7,986</td><td>2 - 9/15/51-53 101.10</td><td>101.12</td><td>101.11</td><td>101.11</td><td>-.03</td><td>1.24</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>101.27</td><td>7/20/49</td><td>101.05</td><td>2/28/50</td></tr><tr><td>510</td><td>2 - 12/15/51-55 101.12</td><td>102.14</td><td>102.13</td><td>102.13</td><td>-.03</td><td>1.30</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>102.01</td><td>8/17/49</td><td>101.11</td><td>2/28/50</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54 101.17</td><td>101.18</td><td>101.18</td><td>101.18</td><td>-.02</td><td>1.31</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>103.12</td><td>7/15/49</td><td>102.13</td><td>2/28/50</td></tr><tr><td>5,825</td><td>2 - 6/15/52-54 101.26</td><td>101.27</td><td>101.27</td><td>101.27</td><td>-.02</td><td>1.32</td><td>6/25/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>102.08</td><td>8/11/49</td><td>101.13</td><td>1/3/49</td></tr><tr><td>1,501</td><td>2-1/4 - 6/15/52-55 101.26</td><td>101.27</td><td>101.27</td><td>101.27</td><td>-.02</td><td>1.33</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>102.31</td><td>7/15/49</td><td>102.02</td><td>1/3/49</td></tr><tr><td>8,662</td><td>2 - 12/15/52-54 105.16</td><td>105.18</td><td>105.17</td><td>105.17</td><td>-.01</td><td>1.54</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>102.16</td><td>8/11/49</td><td>101.14</td><td>1/3/49</td></tr><tr><td>1,149</td><td>2-1/2 - 3/15/56-58 104.14</td><td>104.16</td><td>104.15</td><td>104.15</td><td>-.01</td><td>1.53</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>106.18</td><td>9/6/49</td><td>103.29</td><td>1/3/49</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/56-59 105.04</td><td>105.06</td><td>105.05</td><td>105.05</td><td>+.01</td><td>2.15</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>105.07</td><td>9/7/49</td><td>102.12</td><td>1/3/49</td></tr><tr><td>2,716</td><td>2-1/2 - 9/15/67-72 6/105.04</td><td>105.06</td><td>105.05</td><td>105.05</td><td>+.01</td><td>2.15</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>106.04</td><td>9/7/49</td><td>101.31</td><td>1/3/49</td></tr><tr><td colspan="13">Treasury bonds - bank restricted: 7/</td></tr><tr><td>5,284</td><td>2-1/4 - 6/15/59-62 102.07</td><td>102.09</td><td>102.08</td><td>102.08</td><td>-.11</td><td>1.98</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>103.12</td><td>1/6/50</td><td>100.07</td><td>1/3/49</td></tr><tr><td>3,470</td><td>2-1/4 - 12/15/59-62 102.05</td><td>102.07</td><td>102.06</td><td>102.06</td><td>-.11</td><td>2.00</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>103.10</td><td>1/6/50</td><td>100.07</td><td>1/3/49</td></tr><tr><td>2,118</td><td>2-1/2 - 6/15/62-67 104.18</td><td>104.20</td><td>104.19</td><td>104.19</td><td>-.08</td><td>2.07</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>105.21</td><td>1/6/50</td><td>101.29</td><td>1/3/49</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/63-68 103.31</td><td>104.01</td><td>104.00</td><td>104.00</td><td>-.12</td><td>2.16</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>105.03</td><td>1/9/50</td><td>101.16</td><td>1/10/49</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/64-69 103.18</td><td>103.20</td><td>103.19</td><td>103.19</td><td>-.11</td><td>2.21</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>104.23</td><td>1/9/50</td><td>101.04</td><td>1/10/49</td></tr><tr><td>3,838</td><td>2-1/2 - 12/15/64-69 103.13</td><td>103.15</td><td>103.14</td><td>103.14</td><td>-.12</td><td>2.23</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/8/44</td><td>104.19</td><td>12/21/49</td><td>101.02</td><td>1/10/49</td></tr><tr><td>5,197</td><td>2-1/2 - 3/15/65-70 103.10</td><td>103.12</td><td>103.11</td><td>103.11</td><td>-.10</td><td>2.24</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>104.15</td><td>1/9/50</td><td>101.01</td><td>1/10/49</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71 103.08</td><td>103.10</td><td>103.09</td><td>103.09</td><td>-.10</td><td>2.26</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>104.13</td><td>1/9/50</td><td>102.29</td><td>1/4/49</td></tr><tr><td>7,967</td><td>2-1/2 - 6/15/67-72 102.22</td><td>102.24</td><td>102.23</td><td>102.23</td><td>-.12</td><td>2.31</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>103.29</td><td>1/6/50</td><td>100.17</td><td>1/3/49</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72 5/102.22</td><td>102.24</td><td>102.23</td><td>102.23</td><td>-.12</td><td>2.31</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>103.29</td><td>1/6/50</td><td>100.17</td><td>1/3/49</td></tr></table>
Footnote at end of Section II.
38
Treasury Bulletin
MARKET QUOTATIONS, FEBRUARY 28, 1950
Section I - Securities Issued or Guaranteed by the United States Government
Table 4. - Tax-Exempt Bonds
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1949-1950</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from last month</th><th>To first call</th><th>Change from last month</th><th colspan="2">Since first traded</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="15">Treasury bonds:</td></tr><tr><td>$1,196</td><td>2-1/2%</td><td>9/15/50-52</td><td>100.31¼</td><td>101.01¼</td><td>101.00¼</td><td>-.02¼</td><td>.61¼</td><td>-.11¼</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>102.17</td><td>1/6/49</td><td>101.00</td><td>2/27/50</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.05</td><td>.87</td><td>+.01</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>103.29¼</td><td>2/8/49</td><td>102.13</td><td>2/28/50</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>103.09</td><td>103.11</td><td>103.10</td><td>-.06</td><td>.83</td><td>+.01</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>104.30¼</td><td>1/25/49</td><td>103.10</td><td>2/28/50</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-53</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.04</td><td>.89</td><td>+.01</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>103.10¼</td><td>7/15/49</td><td>102.13</td><td>2/28/50</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.12</td><td>103.15</td><td>103.13½</td><td>-.04</td><td>.94</td><td>+.01</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>104.06</td><td>8/16/49</td><td>103.12¼</td><td>2/16/50</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>105.03</td><td>105.06</td><td>105.04¼</td><td>-.06</td><td>1.02</td><td>+.02</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>106.07</td><td>9/9/49</td><td>105.00</td><td>1/3/49</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>108.25</td><td>108.28</td><td>108.26¼</td><td>-.01</td><td>1.07</td><td>+.02</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>103.29</td><td>9/7/49</td><td>108.12</td><td>1/10/49</td></tr><tr><td>902</td><td>2-3/4 - 9/15/56-59</td><td>110.09</td><td>110.12</td><td>110.10¼</td><td>-.01</td><td>1.11</td><td>-.01</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>111.02</td><td>9/7/49</td><td>109.00</td><td>1/3/49</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>111.26</td><td>111.29</td><td>111.27¼</td><td>+.07</td><td>1.24</td><td>-.04</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>112.09¼</td><td>1/10/50</td><td>109.05</td><td>1/3/49</td></tr><tr><td>1,185</td><td>2-3/4 - 12/15/60-65</td><td>113.26</td><td>113.30</td><td>113.28</td><td>+.00¼</td><td>1.36</td><td>-.04</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>114.10¼</td><td>1/10/50</td><td>109.24</td><td>1/3/49</td></tr><tr><td colspan="15">Panama Canal bonds:</td></tr><tr><td>50</td><td>3% - 6/1/61</td><td>118.24</td><td>119.16</td><td>119.04</td><td>-.24</td><td>1.18</td><td>+.05</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>120.08</td><td>5/27/49</td><td>118.16</td><td>6/29/45</td></tr></table>
Footnotes at end of Section II.
Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States Government
Table 1.- Federal Intermediate Credit Bank Issues: Debentures (Taxable)
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description 2/</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 2/</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>$57</td><td>1.55% - 3/1/50</td><td>6/1/49</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>$53</td><td>1.30% - 8/1/50</td><td>11/1/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td></tr><tr><td>58</td><td>1.55% - 4/3/50</td><td>7/1/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td><td>52</td><td>1.30% - 9/1/50</td><td>12/1/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td></tr><tr><td>65</td><td>1.35% - 5/1/50</td><td>8/1/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td><td>56</td><td>1.30% - 10/2/50</td><td>1/3/50</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td></tr><tr><td>32</td><td>1.35% - 6/1/50</td><td>9/1/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td><td>41</td><td>1.30% - 11/1/50</td><td>2/1/50</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td></tr><tr><td>35</td><td>1.30% - 7/3/50</td><td>10/3/49</td><td>1.30%</td><td>1.15%</td><td>1.22%</td><td>.00%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of this section.
Table 2. - Other Issues (Taxable)
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount outstanding (Mill-lione)</th><th rowspan="2">Description</th><th colspan="3">Price</th><th colspan="2">Yield</th><th rowspan="2">Issue date</th><th colspan="4">Price range 3/</th><th colspan="4">In 1949-1950</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 1949-1950</th><th colspan="2">Since first traded</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>$30</td><td>Central Bank for Cooperatives debentures: 1-5/8% - 2/1/53</td><td>100.02</td><td>100.05</td><td>100.03</td><td>- .00</td><td>1.59</td><td>+.01</td><td>2/1/50</td><td>100.06</td><td>1/12/50</td><td>100.03</td><td>2/25/50</td><td>100.06</td><td>1/12/50</td><td>100.03</td><td>2/28/50</td></tr><tr><td>75</td><td>Federal Home Loan Bank 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><td></td><td></td></tr><tr><td>97</td><td>1.35% - 9/15/50-C</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.01</td><td>1.22</td><td>+.02</td><td>9/15/49</td><td>100.04</td><td>9/22/49</td><td>100.02</td><td>2/28/50</td><td>100.04</td><td>9/22/49</td><td>100.02</td><td>2/28/50</td></tr><tr><td></td><td>1-3/8 - 2/15/51-A</td><td>100.00</td><td>100.02</td><td>100.01</td><td>-</td><td>1.33</td><td>-</td><td>2/15/50</td><td>100.02</td><td>2/14/50</td><td>100.01</td><td>2/28/50</td><td>100.02</td><td>2/14/50</td><td>100.01</td><td>2/28/50</td></tr><tr><td>208</td><td>Federal Land Bank bonds: 10/</td><td></td><td></td><td></td><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>186</td><td>1-1/4% - 5/1/50-52</td><td>99.22</td><td>99.26</td><td>99.24</td><td>-.04</td><td>1.37</td><td>+.06</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>96.30</td><td>3/8/48</td><td>99.31</td><td>9/1/49</td><td>97.26</td><td>1/10/49</td></tr><tr><td>114</td><td>1-1/2 - 1/1/51-53</td><td>99.30</td><td>100.02</td><td>100.00</td><td>-.01</td><td>1.50</td><td>+.03</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>97.30</td><td>3/8/48</td><td>100.17</td><td>7/15/49</td><td>98.05</td><td>1/10/49</td></tr><tr><td>217</td><td>2-1/4 - 2/1/53-55</td><td>101.29</td><td>102.01</td><td>101.31</td><td>-.05</td><td>1.56</td><td>+.01</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>100.08</td><td>2/16/48</td><td>102.28</td><td>9/6/49</td><td>101.00</td><td>1/4/49</td></tr><tr><td></td><td>1-3/4 - 10/1/55-57</td><td>100.03</td><td>100.06</td><td>100.04</td><td>-.01</td><td>1.72</td><td>.00</td><td>10/1/49</td><td>100.12</td><td>9/22/49</td><td>100.04</td><td>2/28/50</td><td>100.12</td><td>9/22/49</td><td>100.04</td><td>2/28/50</td></tr></table>
1/ Issued after February 28, 1950; for amount, see "Debt Operations", Tables 2 and 3.
2/ Not quoted on February 28, 1950.
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 date.
4/ Quoted on a yield basis September 14, 1943, through February 10, 1950.
When the price of security is such as to result in a negative yield the price is quoted in thirty-seconde above the level to give a zero yield.
5/ Called on November 14, 1949, for redemption on March 15, 1950. Quoted on a yield basis beginning February 21, 1950.
6/ Included in the average yield of long-term taxable Treasury bonds as
7/ Issued under "Yields of Treasury and Corporate Bonds". Issues which commercial banks may not acquire prior to specified dates (with minor exceptions); see "Debt Operations", Table 1, for eligibility dates.
8/ All partially tax-exempt except Panama Canal bonds, which are wholly tax-exempt.
9/ These securities are not shown until date of issue.
10/ Exclude 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.
11/ 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.
April 1950
39
YIELDS OF TREASURY SECURITIES, FEB. 28, 1950
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-G
40
Treasury Bulletin
YIELDS OF TREASURY AND CORPORATE BONDS
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds</th></tr><tr><td colspan="13">Annual series - calendar year averages of monthly series</td></tr><tr><td>1933</td><td>3.31</td><td>-</td><td>4.38</td><td>1939</td><td>2.41</td><td>-</td><td>2.92</td><td>1945</td><td>1.66 1/</td><td>2.37</td><td>2.54</td></tr><tr><td>1934</td><td>3.12</td><td>-</td><td>3.93</td><td>1940</td><td>2.26</td><td>-</td><td>2.77</td><td>1946</td><td>-</td><td>2.19</td><td>2.44</td></tr><tr><td>1935</td><td>2.79</td><td>-</td><td>3.46</td><td>1941</td><td>2.05</td><td>-</td><td>2.67</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>1949</td><td>-</td><td>2.31</td><td>2.65</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 series</td></tr><tr><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td><td>1946-Apr.</td><td>....</td><td>2.08</td><td>2.37</td><td>1948-July</td><td>....</td><td>2.44</td><td>2.90</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>2.95</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>2.96</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>1.99</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>Feb.</td><td>....</td><td>2.39</td><td>2.73</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>Mar.</td><td>....</td><td>2.38</td><td>2.71</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>Apr.</td><td>....</td><td>2.38</td><td>2.70</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>May</td><td>....</td><td>2.38</td><td>2.71</td></tr><tr><td>Dec.</td><td>1.97</td><td>2.48</td><td>2.59</td><td>Mar.</td><td>....</td><td>2.19</td><td>2.49</td><td>June</td><td>....</td><td>2.38</td><td>2.72</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>July</td><td>....</td><td>2.27</td><td>2.66</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>Aug.</td><td>....</td><td>2.24</td><td>2.60</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>Sept.</td><td>....</td><td>2.22</td><td>2.59</td></tr><tr><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td><td>July</td><td>....</td><td>2.25</td><td>2.51</td><td>Oct.</td><td>....</td><td>2.22</td><td>2.59</td></tr><tr><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><td>Nov.</td><td>....</td><td>2.20</td><td>2.56</td></tr><tr><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><td>Dec.</td><td>....</td><td>2.19</td><td>2.55 4/</td></tr><tr><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><td>1950-Jan.</td><td>....</td><td>2.20</td><td>2.54</td></tr><tr><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>2.75</td><td>Feb.</td><td>....</td><td>2.24</td><td>2.54</td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td><td>1948-Jan.</td><td>....</td><td>2.45</td><td>2.85</td><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><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><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Weekly series - averages of daily series for weeks ending -</td></tr><tr><td>1949-Sept. 3....</td><td>....</td><td>2.23</td><td>2.58</td><td>1949-Nov. 5....</td><td>....</td><td>2.21</td><td>2.58</td><td>1950-Jan. 7....</td><td>....</td><td>2.18</td><td>2.54</td></tr><tr><td>10....</td><td>....</td><td>2.22</td><td>2.57</td><td>12....</td><td>....</td><td>2.20</td><td>2.56</td><td>14....</td><td>....</td><td>2.18</td><td>2.54</td></tr><tr><td>17....</td><td>....</td><td>2.23</td><td>2.58</td><td>19....</td><td>....</td><td>2.18</td><td>2.56</td><td>21....</td><td>....</td><td>2.21</td><td>2.53</td></tr><tr><td>24....</td><td>....</td><td>2.22</td><td>2.60</td><td>26....</td><td>....</td><td>2.19</td><td>2.56</td><td>28....</td><td>....</td><td>2.22</td><td>2.54</td></tr><tr><td>Oct. 1....</td><td>....</td><td>2.23</td><td>2.60</td><td>Dec. 3....</td><td>....</td><td>2.20</td><td>2.56</td><td></td><td></td><td></td><td></td></tr><tr><td>8....</td><td>....</td><td>2.22</td><td>2.50</td><td>10....</td><td>....</td><td>2.19</td><td>2.56</td><td>Feb. 4....</td><td>....</td><td>2.23</td><td>2.54</td></tr><tr><td>15....</td><td>....</td><td>2.22</td><td>2.60</td><td>17....</td><td>....</td><td>2.19</td><td>2.55 5/</td><td>11....</td><td>....</td><td>2.23</td><td>2.54</td></tr><tr><td>22....</td><td>....</td><td>2.22</td><td>2.59</td><td>24....</td><td>....</td><td>2.18</td><td>2.54 6/</td><td>18....</td><td>....</td><td>2.24</td><td>2.54</td></tr><tr><td>29....</td><td>....</td><td>2.22</td><td>2.58</td><td>31....</td><td>....</td><td>2.18</td><td>2.54</td><td>25....</td><td>....</td><td>2.25</td><td>2.53</td></tr><tr><td colspan="13">Daily series - unweighted averages</td></tr><tr><td>1950-Feb. 1....</td><td>....</td><td>2.23</td><td>2.54</td><td>1950-Feb. 10....</td><td>....</td><td>2.23</td><td>2.54</td><td>1950-Feb. 20....</td><td>....</td><td>2.25</td><td>2.53</td></tr><tr><td>2....</td><td>....</td><td>2.23</td><td>2.54</td><td>11....</td><td>....</td><td>5/</td><td>2.54</td><td>21....</td><td>....</td><td>2.26</td><td>2.53</td></tr><tr><td>3....</td><td>....</td><td>2.23 2/</td><td>2.54</td><td>13....</td><td>....</td><td>5/</td><td>5/</td><td>22....</td><td>....</td><td>5/</td><td>5/</td></tr><tr><td>4....</td><td>....</td><td>2/</td><td>2.54</td><td>14....</td><td>....</td><td>2.23</td><td>2.54</td><td>23....</td><td>....</td><td>2.25</td><td>2.53</td></tr><tr><td>6....</td><td>....</td><td>2.23</td><td>2.54</td><td>15....</td><td>....</td><td>2.24</td><td>2.54</td><td>24....</td><td>....</td><td>2.25</td><td>2.54</td></tr><tr><td>7....</td><td>....</td><td>2.23</td><td>2.54</td><td>16....</td><td>....</td><td>2.24</td><td>2.54</td><td>25....</td><td>....</td><td>5/</td><td>2.54</td></tr><tr><td>8....</td><td>....</td><td>2.23</td><td>2.54</td><td>17....</td><td>....</td><td>2.24</td><td>2.54</td><td>27....</td><td>....</td><td>2.25</td><td>2.54</td></tr><tr><td>9....</td><td>....</td><td>2.23</td><td>2.54</td><td>18....</td><td>....</td><td>5/</td><td>2.53</td><td>28....</td><td>....</td><td>2.25</td><td>2.54</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 footnote to the "Treasury Survey of Ownership", in this issue of the "Treasury Bulletin". The partially tax-exempt average 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 2.56%.</p><p>3/ Average revised beginning April 1, 1947. Old average for April 1947 was 2.47%.</p><p>4/ Beginning December 21, 1949, the average includes nine bonds instead of ten, the Consolidated Gas Electric Light and Power Company of Baltimore 2-3/4 percent bonds of 1931 having been called and exchanged for a new issue.</p><p>5/ Market closed.</p>
April 1950
41
YIELDS OF TREASURY AND CORPORATE BONDS
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
√ Monthly averages of daily figures.
* Discontinued, see footnote 1 accompanying table.
Office of the Secretary of the Treasury, Office of the Technical Staff
F-220-I
42
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources 1/ (In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits</th><th>Individual income</th><th>Corporation income and profits 2/</th><th>Total employment</th><th>Social security Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,888</td><td>3,262,800</td><td>4,744,083</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,668,956</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,766,796</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>16,027,213</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,589</td><td>40,671,922</td><td>31,258,138</td><td>18,704,536</td><td>12,553,602</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1947</td><td>39,379,409</td><td>+271,136</td><td>39,108,273</td><td>29,013,756</td><td>19,343,297</td><td>9,670,459</td><td>2,024,365</td><td>1,458,934</td><td>195,876</td><td>379,555</td></tr><tr><td>1948</td><td>41,853,485</td><td>-11,051</td><td>41,864,536</td><td>31,172,191</td><td>20,397,781</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>1949</td><td>40,307,285</td><td>-155,834</td><td>40,453,119</td><td>29,605,491</td><td>18,051,822</td><td>11,553,669</td><td>2,476,113</td><td>1,687,151</td><td>226,228</td><td>562,734</td></tr><tr><td>1949-July</td><td>1,926,654</td><td>-325,951</td><td>2,252,605</td><td>1,488,994</td><td>995,381</td><td>493,514</td><td>128,185</td><td>123,978</td><td>2,885</td><td>1,322</td></tr><tr><td>August</td><td>2,720,400</td><td>-380,446</td><td>3,100,847</td><td>1,932,315</td><td>1,655,629</td><td>276,686</td><td>395,084</td><td>321,560</td><td>12,450</td><td>61,064</td></tr><tr><td>September</td><td>4,751,245</td><td>+659,013</td><td>4,092,233</td><td>3,283,957</td><td>1,017,321</td><td>2,266,635</td><td>89,899</td><td>5,122</td><td>952</td><td>83,824</td></tr><tr><td>October</td><td>1,879,138</td><td>-423,193</td><td>2,302,332</td><td>1,430,003</td><td>1,073,913</td><td>356,084</td><td>131,135</td><td>125,749</td><td>3,537</td><td>1,813</td></tr><tr><td>November</td><td>2,566,013</td><td>-223,220</td><td>2,789,233</td><td>1,725,126</td><td>1,492,615</td><td>232,511</td><td>336,241</td><td>273,646</td><td>12,506</td><td>50,088</td></tr><tr><td>December</td><td>4,073,564</td><td>+723,198</td><td>3,350,066</td><td>2,591,663</td><td>328,058</td><td>2,263,605</td><td>33,085</td><td>5,146</td><td>1,147</td><td>86,792</td></tr><tr><td>1950-January</td><td>3,257,469</td><td>-207,194</td><td>3,454,664</td><td>2,699,148</td><td>2,354,578</td><td>344,569</td><td>120,314</td><td>83,591</td><td>35,357</td><td>1,366</td></tr></table>
<table><tr><th>Piecral 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>Manufacturere' and retailers' excise</th><th>Miecel-laneous 4/</th></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,406</td><td>1,423,180</td><td>923,857</td><td>45,155</td><td>670,012</td><td>732,335</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,402</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td></tr><tr><td>1946</td><td>7,712,956</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,929</td></tr><tr><td>1947</td><td>8,064,152</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>893,345</td><td>2,255,320</td><td>1,300,280</td><td>79,466</td><td>2,119,157</td><td>1,655,712</td></tr><tr><td>1949</td><td>8,381,515</td><td>6,138</td><td>796,538</td><td>2,210,601</td><td>1,321,875</td><td>72,828</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1949-July</td><td>635,526</td><td>204</td><td>48,371</td><td>185,810</td><td>96,794</td><td>6,031</td><td>166,851</td><td>131,455</td></tr><tr><td>August</td><td>773,148</td><td>14</td><td>60,833</td><td>196,273</td><td>132,149</td><td>5,867</td><td>192,138</td><td>186,175</td></tr><tr><td>September</td><td>718,377</td><td>1</td><td>72,974</td><td>199,501</td><td>119,417</td><td>5,719</td><td>178,972</td><td>141,794</td></tr><tr><td>October</td><td>741,224</td><td>5</td><td>53,199</td><td>216,314</td><td>111,450</td><td>6,065</td><td>202,854</td><td>151,336</td></tr><tr><td>November</td><td>727,667</td><td>8</td><td>56,349</td><td>223,781</td><td>111,264</td><td>6,526</td><td>191,803</td><td>138,135</td></tr><tr><td>December</td><td>665,318</td><td>3</td><td>58,888</td><td>169,557</td><td>92,279</td><td>6,712</td><td>188,024</td><td>149,856</td></tr><tr><td>1950-January</td><td>645,202</td><td>2</td><td>51,061</td><td>154,536</td><td>109,313</td><td>7,374</td><td>192,745</td><td>130,170</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. Detail by type of tax is available only on a collection basis. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries; they do not coincide with amounts reported by collectors because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries. 1/ Excludes collections for credit to certain trust accounts for inland pos-
2/ See sections; include corporation income tax on Alaska Railroad. 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". 
2/ Repealed for years ending after June 30, 1945. 
1/ Repealed taxes not shown separately are included under "Miscellaneous", beginning with figures for the fiscal year 1948.
April 1950
43
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Office of the Secretary of the Treasury, Office of the Technical Staff
B-165-J
44
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 7 months of fiscal year</th><th colspan="2">Seventh month of fiscal year</th></tr><tr><th></th><th>1948</th><th>1949</th><th>1949</th><th>1950</th><th>1949 (January 1949)</th><th>1950 (January 1950)</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers</td><td>11,533,577</td><td>10,055,502</td><td>5,572,167</td><td>5,499,464</td><td>639,640</td><td>697,775</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>8,847,169</td><td>7,363,329</td><td>3,486,668</td><td>3,046,826</td><td>1,854,774</td><td>1,571,724</td></tr><tr><td>Back</td><td>616,734</td><td>632,991</td><td>356,079</td><td>371,211</td><td>58,170</td><td>85,079</td></tr><tr><td>Total individual income taxes</td><td>20,997,781</td><td>18,051,822</td><td>9,414,914</td><td>8,917,501</td><td>2,552,583</td><td>2,354,578</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 2/</td><td>8,864,251</td><td>10,504,602</td><td>5,336,405</td><td>5,726,264</td><td>270,122</td><td>186,163</td></tr><tr><td>Back</td><td>987,248</td><td>838,042</td><td>387,646</td><td>452,664</td><td>121,325</td><td>151,363</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>17,643</td><td>16,233</td><td>8,658</td><td>4,648</td><td>267</td><td>349</td></tr><tr><td>Revenue Act of 1940 4/</td><td>305,251</td><td>194,495</td><td>113,677</td><td>49,820</td><td>18,489</td><td>6,692</td></tr><tr><td>Army and Navy contracts 5/</td><td>16</td><td>297</td><td>32</td><td>208</td><td>-</td><td>4</td></tr><tr><td>Total corporation income and profits taxes</td><td>10,174,410</td><td>11,553,669</td><td>5,846,417</td><td>6,233,604</td><td>410,203</td><td>344,569</td></tr><tr><td>Total income and profits taxes</td><td>31,172,191</td><td>29,605,491</td><td>15,261,331</td><td>15,151,106</td><td>2,962,787</td><td>2,699,148</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance</td><td>1,612,721</td><td>1,687,151</td><td>949,790</td><td>938,793</td><td>73,813</td><td>83,591</td></tr><tr><td>Unemployment insurance</td><td>208,508</td><td>226,228</td><td>61,434</td><td>68,844</td><td>30,044</td><td>35,357</td></tr><tr><td>Total social security taxes</td><td>1,821,229</td><td>1,913,379</td><td>1,011,224</td><td>1,007,637</td><td>103,857</td><td>118,948</td></tr><tr><td>Railroad retirement</td><td>560,113</td><td>562,734</td><td>284,187</td><td>286,276</td><td>1,549</td><td>1,366</td></tr><tr><td>Total employment taxes</td><td>2,381,342</td><td>2,476,113</td><td>1,295,411</td><td>1,293,912</td><td>105,406</td><td>120,314</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax 6/</td><td>1,723</td><td>6,138</td><td>5,545</td><td>238</td><td>5</td><td>2</td></tr><tr><td>Estate tax</td><td>822,380</td><td>735,781</td><td>450,117</td><td>393,634</td><td>62,129</td><td>48,561</td></tr><tr><td>Gift tax</td><td>76,965</td><td>60,757</td><td>7,141</td><td>8,042</td><td>1,897</td><td>2,500</td></tr><tr><td>Liquor taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirit (imported, excise)</td><td>109,965</td><td>121,773</td><td>75,444</td><td>79,797</td><td>8,249</td><td>8,794</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,326,261</td><td>1,276,175</td><td>784,783</td><td>790,778</td><td>84,909</td><td>89,782</td></tr><tr><td>Distilled spirits, rectification tax</td><td>34,983</td><td>33,793</td><td>21,357</td><td>18,862</td><td>2,076</td><td>1,904</td></tr><tr><td>Wine, cordials, etc. (imported, excise)</td><td>2,533</td><td>2,448</td><td>1,582</td><td>1,540</td><td>168</td><td>157</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>58,429</td><td>63,334</td><td>37,845</td><td>42,198</td><td>5,012</td><td>6,376</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>9,500</td><td>9,973</td><td>6,572</td><td>6,345</td><td>119</td><td>118</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>7</td><td>6</td><td>2</td><td>6</td><td>1</td><td>*</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>447</td><td>375</td><td>253</td><td>461</td><td>45</td><td>78</td></tr><tr><td>Container stamps</td><td>12,036</td><td>11,907</td><td>7,201</td><td>7,098</td><td>729</td><td>781</td></tr><tr><td>Floor taxes</td><td>43</td><td>20</td><td>16</td><td>2</td><td>3</td><td>*</td></tr><tr><td>Fermented malt liquors</td><td>697,097</td><td>686,368</td><td>404,826</td><td>395,437</td><td>44,106</td><td>46,469</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>4,020</td><td>4,430</td><td>3,051</td><td>3,247</td><td>61</td><td>76</td></tr><tr><td>Total liquor taxes</td><td>2,255,320</td><td>2,210,601</td><td>1,342,931</td><td>1,345,772</td><td>145,477</td><td>154,536</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>46,686</td><td>45,530</td><td>27,706</td><td>25,550</td><td>3,379</td><td>3,236</td></tr><tr><td>Cigars (small)</td><td>66</td><td>59</td><td>35</td><td>38</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>5</td><td>7</td><td>4</td><td>3</td><td>*</td><td>*</td></tr><tr><td>Cigarettes (small)</td><td>1,208,199</td><td>1,232,728</td><td>716,520</td><td>721,401</td><td>98,020</td><td>102,522</td></tr><tr><td>Snuff</td><td>7,372</td><td>7,272</td><td>4,250</td><td>4,286</td><td>636</td><td>529</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>37,024</td><td>35,435</td><td>21,004</td><td>20,790</td><td>2,642</td><td>2,942</td></tr><tr><td>Cigarette papers and tubes</td><td>926</td><td>841</td><td>148</td><td>597</td><td>70</td><td>79</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>2</td><td>2</td><td>1</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>1,300,280</td><td>1,321,875</td><td>770,004</td><td>772,666</td><td>104,753</td><td>109,313</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>50,771</td><td>46,667</td><td>28,815</td><td>26,880</td><td>4,358</td><td>4,160</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>20,374</td><td>17,910</td><td>11,145</td><td>11,633</td><td>1,886</td><td>2,203</td></tr><tr><td>Playing cards</td><td>7,867</td><td>7,564</td><td>4,509</td><td>5,700</td><td>639</td><td>986</td></tr><tr><td>Silver bullion sales or transfers</td><td>454</td><td>687</td><td>609</td><td>81</td><td>419</td><td>25</td></tr><tr><td>Total stamp taxes</td><td>79,466</td><td>72,828</td><td>45,079</td><td>44,293</td><td>7,302</td><td>7,374</td></tr></table>
Footnotes at end of table.
(Continued on following page)
April 1950
45
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax1 - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th>Fiscal year 1948</th><th>Fiscal year 1949</th><th>First 7 months of fiscal year 1949</th><th>First 7 months of fiscal year 1950</th><th>Seventh month of fiscal year 1949 (January 1949)</th><th>Seventh month of fiscal year 1950 (January 1950)</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>80,887</td><td>81,760</td><td>47,960</td><td>43,378</td><td>7,988</td><td>4,849</td></tr><tr><td>Gasoline</td><td>478,638</td><td>503,647</td><td>300,457</td><td>314,448</td><td>20,772</td><td>42,347</td></tr><tr><td>Tires and tubes</td><td>159,284</td><td>150,899</td><td>97,871</td><td>93,488</td><td>13,856</td><td>14,063</td></tr><tr><td>Automobile trucks and buses</td><td>91,963</td><td>136,797</td><td>92,638</td><td>69,041</td><td>10,310</td><td>8,979</td></tr><tr><td>Other automobiles and motorcycles</td><td>270,958</td><td>332,812</td><td>162,977</td><td>287,424</td><td>28,991</td><td>37,376</td></tr><tr><td>Parts and accessories for automobiles</td><td>122,951</td><td>120,138</td><td>76,688</td><td>53,841</td><td>7,840</td><td>6,808</td></tr><tr><td>Electrical energy</td><td>59,701</td><td>79,347</td><td>42,875</td><td>47,241</td><td>5,367</td><td>6,531</td></tr><tr><td>Electric, gas, and oil appliances</td><td>87,858</td><td>80,935</td><td>53,386</td><td>44,230</td><td>5,084</td><td>7,321</td></tr><tr><td>Electric light bulbs and tubes</td><td>24,936</td><td>26,172</td><td>14,456</td><td>10,222</td><td>2,016</td><td>977</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>67,267</td><td>49,160</td><td>31,486</td><td>21,890</td><td>4,773</td><td>3,699</td></tr><tr><td>Photograph records</td><td>7,532</td><td>6,483</td><td>3,660</td><td>3,028</td><td>714</td><td>629</td></tr><tr><td>Musical instruments</td><td>10,573</td><td>9,293</td><td>5,175</td><td>4,977</td><td>754</td><td>803</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>58,473</td><td>77,833</td><td>44,203</td><td>29,806</td><td>4,729</td><td>2,304</td></tr><tr><td>Matches</td><td>10,610</td><td>8,738</td><td>4,536</td><td>5,584</td><td>523</td><td>778</td></tr><tr><td>Business and store machines</td><td>32,707</td><td>33,344</td><td>19,106</td><td>17,182</td><td>1,172</td><td>2,770</td></tr><tr><td>Photographic apparatus</td><td>43,935</td><td>43,140</td><td>27,711</td><td>24,856</td><td>4,048</td><td>3,239</td></tr><tr><td>Sporting goods</td><td>18,828</td><td>19,846</td><td>11,731</td><td>8,276</td><td>1,002</td><td>922</td></tr><tr><td>Firearms, shells, and cartridges</td><td>11,277</td><td>10,379</td><td>7,434</td><td>5,786</td><td>716</td><td>344</td></tr><tr><td>Pistols and revolvers</td><td>858</td><td>810</td><td>502</td><td>281</td><td>96</td><td>36</td></tr><tr><td>Total manufacturers' excise taxes</td><td>1,649,234</td><td>1,771,533</td><td>1,044,851</td><td>1,084,978</td><td>128,751</td><td>144,774</td></tr><tr><td>Retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Pure</td><td>79,539</td><td>61,946</td><td>37,418</td><td>27,314</td><td>9,437</td><td>7,543</td></tr><tr><td>Jewelry</td><td>217,899</td><td>210,688</td><td>118,613</td><td>104,835</td><td>24,063</td><td>22,348</td></tr><tr><td>Luggage</td><td>80,632</td><td>82,607</td><td>47,095</td><td>43,169</td><td>8,514</td><td>8,243</td></tr><tr><td>Toilet preparations</td><td>91,852</td><td>93,969</td><td>52,666</td><td>53,091</td><td>9,648</td><td>9,836</td></tr><tr><td>Total retailers' excise taxes</td><td>469,923</td><td>449,211</td><td>255,792</td><td>228,409</td><td>51,662</td><td>47,971</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>71,247</td><td>76,174</td><td>47,219</td><td>44,409</td><td>2,954</td><td>4,585</td></tr><tr><td>Telephones, telegraph, radio, and cable facilities</td><td>275,255</td><td>311,380</td><td>175,292</td><td>180,652</td><td>13,502</td><td>24,976</td></tr><tr><td>Local telephones service</td><td>193,321</td><td>224,531</td><td>124,688</td><td>139,592</td><td>11,279</td><td>20,925</td></tr><tr><td>Transportation of oil by pipe lines</td><td>18,773</td><td>19,325</td><td>11,067</td><td>10,690</td><td>1,104</td><td>1,287</td></tr><tr><td>Transportation of persons, etc.</td><td>246,323</td><td>251,389</td><td>156,504</td><td>142,122</td><td>16,638</td><td>15,937</td></tr><tr><td>Transportation of property</td><td>317,203</td><td>337,030</td><td>207,515</td><td>187,524</td><td>28,792</td><td>24,112</td></tr><tr><td>Leases of safe-deposit boxes</td><td>9,081</td><td>9,461</td><td>5,022</td><td>5,198</td><td>661</td><td>765</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>385,101</td><td>385,843</td><td>236,166</td><td>229,972</td><td>25,911</td><td>28,027</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>53,527</td><td>48,857</td><td>29,750</td><td>24,647</td><td>3,263</td><td>3,183</td></tr><tr><td>Club dues and initiation fees</td><td>25,499</td><td>27,790</td><td>14,251</td><td>14,661</td><td>1,459</td><td>1,618</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,086</td><td>3,805</td><td>3,031</td><td>2,897</td><td>50</td><td>49</td></tr><tr><td>Coin operated devices</td><td>19,271</td><td>21,088</td><td>17,798</td><td>16,954</td><td>316</td><td>316</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheeses</td><td>20</td><td>21</td><td>16</td><td>3</td><td>1</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>9,806</td><td>17,541</td><td>10,482</td><td>18,380</td><td>1,389</td><td>2,902</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>889</td><td>815</td><td>434</td><td>412</td><td>39</td><td>44</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>25,704</td><td>17,460</td><td>10,669</td><td>10,530</td><td>2,062</td><td>1,445</td></tr><tr><td>National Firearms Act</td><td>9</td><td>11</td><td>7</td><td>5</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>397</td><td>273</td><td>99</td><td>284</td><td>8</td><td>-1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,655,712</td><td>1,752,792</td><td>1,049,969</td><td>1,028,931</td><td>109,428</td><td>130,170</td></tr><tr><td>Total miscellaneous internal revenue</td><td>8,311,003</td><td>8,381,515</td><td>4,971,428</td><td>4,906,962</td><td>611,406</td><td>645,202</td></tr><tr><td>Total internal revenue collections</td><td>41,864,536</td><td>40,463,119</td><td>21,528,170</td><td>21,351,980</td><td>3,679,599</td><td>3,464,664</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-11,051</td><td>-155,834</td><td>-293,352</td><td>-177,494</td><td>-226,718</td><td>-207,154</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,853,485</td><td>40,307,285</td><td>21,234,818</td><td>21,174,486</td><td>3,452,881</td><td>3,257,469</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. Detail by type of tax is available only on a collection basis. Receipts on the Daily Treasury Statement basis are compiled from the latest daily reports from Government depositaries; they do not coincide with amounts reported by collectors because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries. 1/ Excludes collections for credit to certain trust accounts for ieland
2/ possessions; include corporation income tax on Alaska Railroad. Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
3/ Repealed for years ending after June 30, 1946.
4/ Repealed for years ending after December 31, 1945.
5/ Under the Vinson Act.
6/ Repealed for years ending after June 30, 1945.
* Less than $500.
46
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 certificate 2/</th><th>Silver certificate</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1947</td><td>28,297</td><td>26,942</td><td>48</td><td>2,061</td><td>1</td><td>320</td><td>23,999</td><td>406</td><td>106</td></tr><tr><td>1948</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>1949</td><td>27,493</td><td>26,034</td><td>43</td><td>2,061</td><td>1</td><td>319</td><td>23,209</td><td>309</td><td>93</td></tr><tr><td>1949-July</td><td>27,394</td><td>25,937</td><td>43</td><td>2,050</td><td>1</td><td>316</td><td>23,130</td><td>306</td><td>92</td></tr><tr><td>August</td><td>27,393</td><td>25,931</td><td>42</td><td>2,071</td><td>1</td><td>317</td><td>23,106</td><td>302</td><td>91</td></tr><tr><td>September</td><td>27,412</td><td>25,945</td><td>42</td><td>2,095</td><td>1</td><td>315</td><td>23,101</td><td>299</td><td>91</td></tr><tr><td>October</td><td>27,407</td><td>25,933</td><td>42</td><td>2,104</td><td>1</td><td>315</td><td>23,085</td><td>296</td><td>90</td></tr><tr><td>November</td><td>27,543</td><td>26,059</td><td>42</td><td>2,114</td><td>1</td><td>317</td><td>23,202</td><td>293</td><td>90</td></tr><tr><td>December</td><td>27,600</td><td>26,116</td><td>42</td><td>2,120</td><td>1</td><td>312</td><td>23,262</td><td>291</td><td>89</td></tr><tr><td>1950-January</td><td>26,941</td><td>25,484</td><td>41</td><td>2,023</td><td>1</td><td>306</td><td>22,737</td><td>286</td><td>89</td></tr><tr><td>February p.</td><td>27,068</td><td>25,609</td><td>41</td><td>2,064</td><td>1</td><td>315</td><td>22,815</td><td>284</td><td>88</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>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>789</td><td>292</td><td>191.61</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>199.99</td></tr><tr><td>1947</td><td>1,355</td><td>148</td><td>876</td><td>331</td><td>196.46</td></tr><tr><td>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.37</td></tr><tr><td>1949</td><td>1,459</td><td>164</td><td>940</td><td>355</td><td>184.25</td></tr><tr><td>1949-July</td><td>1,457</td><td>165</td><td>937</td><td>356</td><td>183.30</td></tr><tr><td>August</td><td>1,462</td><td>166</td><td>938</td><td>357</td><td>182.99</td></tr><tr><td>September</td><td>1,468</td><td>166</td><td>943</td><td>358</td><td>182.81</td></tr><tr><td>October</td><td>1,474</td><td>167</td><td>948</td><td>359</td><td>182.49</td></tr><tr><td>November</td><td>1,438</td><td>167</td><td>956</td><td>361</td><td>183.14</td></tr><tr><td>December</td><td>1,484</td><td>168</td><td>955</td><td>361</td><td>183.26 r</td></tr><tr><td>1950-January</td><td>1,457</td><td>168</td><td>934</td><td>356</td><td>178.65</td></tr><tr><td>February p</td><td>1,460</td><td>168</td><td>937</td><td>355</td><td>179.28</td></tr></table>
Source: Circulation Statement of United States Money.
1/ Exclude 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 deposit of lawful money and are in process of retirement. p r Preliminary. Revised.
April 1950
47
MONETARY STATISTICS
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts in millions)
<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 (in percent)</th></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>22,337.5</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>1949</td><td>24,466.3</td><td>3,618.3</td><td>12.9</td></tr><tr><td>1949-July</td><td>24,520.0</td><td>3,622.4</td><td>12.9</td></tr><tr><td>August</td><td>24,607.9</td><td>3,626.3</td><td>12.8</td></tr><tr><td>September</td><td>24,601.8</td><td>3,629.2</td><td>12.9</td></tr><tr><td>October</td><td>24,583.6</td><td>3,631.9</td><td>12.9</td></tr><tr><td>November</td><td>24,479.0</td><td>3,638.2</td><td>12.9</td></tr><tr><td>December</td><td>24,427.1</td><td>3,643.1</td><td>13.0</td></tr><tr><td>1950-January</td><td>24,394.9</td><td>3,645.8</td><td>13.0</td></tr><tr><td>February p.</td><td>24,344.8</td><td>3,650.4</td><td>13.0</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures. For detail of silver monetary stock, see Table 4.
p Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>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>194.9</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>1949</td><td>24,427.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,053.2</td></tr><tr><td>1949-July</td><td>24,520.0</td><td>23,327.4</td><td>156.0</td><td>-</td><td>1,036.6</td></tr><tr><td>August</td><td>24,607.9</td><td>23,404.3</td><td>156.0</td><td>-</td><td>1,047.6</td></tr><tr><td>September</td><td>24,601.8</td><td>23,392.1</td><td>156.0</td><td>-</td><td>1,053.6</td></tr><tr><td>October</td><td>24,583.6</td><td>23,362.4</td><td>156.0</td><td>-</td><td>1,065.2</td></tr><tr><td>November</td><td>24,479.0</td><td>23,273.7</td><td>156.0</td><td>-</td><td>1,049.2</td></tr><tr><td>December</td><td>24,427.1</td><td>23,217.9</td><td>156.0</td><td>-</td><td>1,053.2</td></tr><tr><td>1950-January</td><td>24,394.9</td><td>23,209.6</td><td>156.0</td><td>-</td><td>1,029.3</td></tr><tr><td>February p</td><td>24,344.8</td><td>23,161.7</td><td>156.0</td><td>-</td><td>1,027.1</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures.
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 1930.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
p Preliminary.
48
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="3">Securing silver certificates 1/</th><th colspan="2">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>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>1949</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>1949-July</td><td>1,989.2</td><td>325.3</td><td>14.9</td><td>.3</td><td>90.8</td><td>167.6</td><td>974.6</td><td>3,622.4</td></tr><tr><td>August</td><td>1,992.4</td><td>324.1</td><td>14.3</td><td>.3</td><td>91.2</td><td>168.7</td><td>975.1</td><td>3,626.3</td></tr><tr><td>September</td><td>1,995.7</td><td>323.2</td><td>13.5</td><td>.3</td><td>90.8</td><td>169.6</td><td>976.6</td><td>3,629.2</td></tr><tr><td>October</td><td>1,997.2</td><td>322.9</td><td>12.4</td><td>.7</td><td>91.4</td><td>170.0</td><td>978.0</td><td>3,631.9</td></tr><tr><td>November</td><td>2,001.1</td><td>322.4</td><td>11.6</td><td>.4</td><td>92.0</td><td>170.4</td><td>980.7</td><td>3,638.2</td></tr><tr><td>December</td><td>2,003.2</td><td>321.9</td><td>11.4</td><td>-</td><td>94.4</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>1950-January</td><td>2,006.5</td><td>321.8</td><td>13.0</td><td>.1</td><td>93.5</td><td>171.0</td><td>982.0</td><td>3,645.8</td></tr><tr><td>February p.</td><td>2,008.3</td><td>321.8</td><td>14.7</td><td>.1</td><td>93.8</td><td>171.1</td><td>982.7</td><td>3,650.4</td></tr></table>
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for certain preliminary figures.
1/ Valued at $1.29+ per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver lended to foreign governments (these transactions all took place during the fiscal years 1942 through 1946; see 1946 Annual Report of the
3/ Valued at $1.38+ per fine ounce. 1/ 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. p Preliminary. * Less than $50,000.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1946</td><td>21.4</td><td>4.9</td><td>4.4</td><td>-</td><td>-</td><td>4.9</td><td>4.4</td></tr><tr><td>1947</td><td>36.1</td><td>30.3 4/</td><td>27.4 4/</td><td>-</td><td>-</td><td>30.3 4/</td><td>27.4 4/</td></tr><tr><td>1948</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>1949</td><td>34.6</td><td>33.0</td><td>29.9</td><td>-</td><td>-</td><td>33.0</td><td>29.9</td></tr><tr><td>1949-July</td><td>2.3</td><td>3.2</td><td>2.9</td><td>-</td><td>-</td><td>3.2</td><td>2.9</td></tr><tr><td>August</td><td>2.9</td><td>3.0</td><td>2.8</td><td>-</td><td>-</td><td>3.0</td><td>2.8</td></tr><tr><td>September</td><td>2.2</td><td>2.2</td><td>2.0</td><td>-</td><td>-</td><td>2.2</td><td>2.0</td></tr><tr><td>October</td><td>2.9</td><td>2.1</td><td>1.9</td><td>-</td><td>-</td><td>2.1</td><td>1.9</td></tr><tr><td>November</td><td>3.1</td><td>1.9</td><td>1.7</td><td>-</td><td>-</td><td>1.9</td><td>1.7</td></tr><tr><td>December</td><td>3.2</td><td>4.0</td><td>3.6</td><td>-</td><td>-</td><td>4.0</td><td>3.6</td></tr><tr><td>1950-January</td><td>3.0</td><td>2.0</td><td>1.8</td><td>-</td><td>-</td><td>2.0</td><td>1.8</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
3/ Acquired at various prices averaging approximately 51 cents per fine ounce.
k/ 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.
April 1950
49
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Acts 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></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.5</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>84.5</td><td>832.2</td><td>34.7</td><td>1,087.8</td><td>129.9</td></tr><tr><td>1949</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1949-July</td><td>572.2</td><td>48.7</td><td>87.6</td><td>89.9</td><td>832.2</td><td>34.7</td><td>1,093.1</td><td>126.2</td></tr><tr><td>August</td><td>572.7</td><td>48.7</td><td>87.6</td><td>90.9</td><td>832.2</td><td>34.7</td><td>1,094.1</td><td>124.2</td></tr><tr><td>September</td><td>573.8</td><td>48.7</td><td>87.6</td><td>91.9</td><td>832.2</td><td>34.7</td><td>1,095.1</td><td>123.1</td></tr><tr><td>October</td><td>574.5</td><td>48.7</td><td>87.6</td><td>92.3</td><td>832.2</td><td>34.7</td><td>1,095.5</td><td>124.4</td></tr><tr><td>November</td><td>576.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>832.2</td><td>34.7</td><td>1,096.7</td><td>124.3</td></tr><tr><td>December</td><td>578.7</td><td>48.7</td><td>87.6</td><td>93.5</td><td>833.6</td><td>34.7</td><td>1,098.1</td><td>127.2</td></tr><tr><td>1950-January</td><td>579.8</td><td>48.7</td><td>87.6</td><td>94.4</td><td>833.6</td><td>34.7</td><td>1,099.0</td><td>122.2</td></tr><tr><td>February</td><td>581.9</td><td>48.7</td><td>87.6</td><td>95.0</td><td>833.6</td><td>34.7</td><td>1,099.6</td><td>122.6</td></tr></table>
Source: Office of the Treasurer of the United States. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
50
Treasury Bulletin
CAPITAL MOVEMENTS
Data relating to claims on foreigners and liabilities to foreigners, and capital movements between the United States and foreign countries, have been collected on Treasury Foreign Exchange Forms since 1935, pursuant to Executive Order 6560 of January 15, 1934, and Treasury regulations thereunder. Information covering the principal types of data and the principal countries is reported monthly, and is published regularly in the "Treasury Bulletin". Supplementary information is published at less frequent intervals. All reports are made initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury. The reporting forms and instructions have been revised a number of times, the most recent revisions being effective as of January 1950 1/. With the publication of the figures for January, therefore, it seems appropriate to review the content of the statistics.
Reporting Coverage
Banks, bankers, and securities brokers and dealers are the reporters of the monthly data. They report with respect to (1) their foreign transactions in securities on their own account and on behalf of other institutione and individuals, and (2) the outstanding foreign claims and liabilities in their own accounts and in accounts with them. Short-term and long-term claims and liabilities are reported separately. Information on the long-term items, which constitute a small part of the total, is published once a year. An increase in the minimum basis for determining institutions that are exempt from reporting as of any one month was stipulated in 1948. This change has had no significant effect on over-all coverage in terms of value although it reduced the number of reporting institutions.
Capital Movements
The capital movement figures published each month in the "Treasury Bulletin" relate to the flow of funds between the United States and other countries. They are derived from the information reported by the banks, bankers, and securities brokers and dealers. Included in these capital movement figures are (1) the net change in the short-term liabilities of United States banks and their customers to foreigners, (2) the net change in the short-term claims on foreigners of United States banks and their customers in foreign countries, (3) the net change in brokerage debit and credit balances, and (4) the net purchases or sales of domestic and foreign long-term securities by foreigners.
The monthly series on capital movements which are published in the "Treasury Bulletin" do not cover fully the international movement of funds. Among the omitted types of data the principal ones are: (1) the long-term claims and liabilities of reporting banks and bankers; (2) the movements of short and long-term funds of corpora-
tions and individuals that are not handled through the agency of reporting banks or brokers in the United States, such as direct investments by corporations; and (3) the capital transactions of the United States Government. Deposit liabilities of the United States Treasury are included, however. Certain data on foreign claims and liabilities of industrial and commercial concerns and various other nonbanking institutions are collected on Treasury Foreign Exchange Forms and published at irregular intervals.
In addition to the data reported to the Treasury Department, the Department of Commerce collects and publishes certain information for its balance of payments studies. This includes data on the movement of direct investment capital of corporations. The capital transactions of the United States Government are published both by the Department of Commerce and in the semiannual reports of the National Advisory Council on International Monetary and Financial Problems.
Basis of Reporting
The term "foreigners" as used in the Treasury reports covers all institutions and individuals (including United States citizens) domiciled outside of the United States. Thus, foreign branches of United States institutions are regarded as foreign. The United States branches of foreign institutions are regarded as domestic and they report with respect to their liabilities to and claims on, as well as their transactions with or on behalf of, their head offices abroad. The United States head offices report regarding their branches abroad in like manner. International organizations created by treaty or convention between sovereign states are included as foreign even though such organizations may be located in the United States. In addition, claims and liabilities held by nonreporting domestic custodians, nominee, or agents acting on behalf of or for the benefit of persons or institutions domiciled outside of the United States, and transactions in securities executed by such custodians, nominees, or agents, are reportable by banks and brokers to the extent that the relationship is known.
"Foreign countries" include all countries and territories except continental United States and the following territories and possessions of the United States: Alaeka, American Samoa, the Canal Zone, Guam, Hawaii, Midway Island, Puerto Rico, Virgin Islands, and Wake Island. In general, data pertaining to foreigners are reported opposite the foreign country or geographic area in which the foreigner is domiciled. Foreigners in territories, possessions, and other nonmetropolitan areas of a foreign country are considered in the geographical area in which the foreigner is domiciled and not opposite the parent country, except
1/ Copies of these forms and instructions may be obtained from the Office of International Finance in the United States
Treasury Department, or from Federal Reserve Banks.
April 1950
51
CAPITAL MOVEMENTS
as noted below. Foreign branches or agencies of foreign banks (excluding central banks) and other private institutions are reported opposite the country in which the foreign branch or agency is located.
Foreign branches or agencies of a foreign official institution are considered domiciled in the country to which the official institution belongs if the branches are not themselves acting as official institutions for the countries or areas in which they are located. Also, a United States branch or agency of a foreign official institution in general is reported opposite the country to which the official institution belongs. Accounts with an official international organization are reported opposite the classification "International", rather than opposite the country in which such organization may be located. Private international institutions are considered as domiciled in the country of address, and accounts with such organizations are reported opposite the country of domicile for purposes of these reports.
With respect to currencies, claims and liabilities expressed in foreign currencies are converted at the rates of exchange prevailing on the reporting date. Transactions in securities executed in foreign currencies are entered in terms of the dollar equivalent converted at the rates of exchange prevailing when the transactions were executed. Amounts expressed in the currency of a third country are reported opposite the country of domicile of the foreigner, and not opposite the country in whose currency the amount is expressed.
"Short-term foreign claims and liabilities" are defined as those payable on demand or maturing not more than one year from the date the obligation was incurred. Obligations with a contractual maturity of more than 12 months after the date on which the obligations were incurred are considered as "long-term" even when their maturity dates are within one year of the reporting date.
The reporting of United States liabilities to foreigners is probably more nearly complete than that of United States claims on foreigners. While the reporting banks are in a position to report their own liabilities to foreign individuals and corporations, they often do not have knowledge of the short-term foreign claims belonging to individuals and corporations in the United States. The banks, however, are required to report assets owned by them and their domestic clients, which represent claims on foreigners, acquired or held either here or abroad, insofar as data on these claims may be obtained from the records of the reporting banks. An analogous treatment is afforded liabilities in that the reporting banks include as liabilities to foreigners any claims, acquired either here or abroad, on persons in the United States insofar as data on
these liabilities may be obtained from the records of reporting banks.
Claims and liabilities are reported on a gross basis, regardless of whether there are offsets against these items. Funds placed abroad for the account of domestic clients and funds earmarked abroad or in this country for specific uses are included in the reported data. For example, the reports include deposits and other short-term assets which are set aside as follows: against letters of credit; in anticipation of payment by foreigners of outstanding acceptances; for interest, sinking fund and bond redemption payments, whether held in trust or otherwise; and for other similar purposes. Gold, silver, or currency in transit, however, is excluded. Unutilized credits are not reported even if such credits represent firm commitments. Purchases and sales of forward exchange are not included in the claims and liabilities figures. The reporting of forward contracts for the purchase and sale of foreign exchange was discontinued after December 1949.
"Long-term securities" are defined as those having no contractual maturity and those of a maturity of more than one year from the date of issuance. Holdings of securities with an original maturity of less than one year are included in the reported short-term claims and liabilities. Long-term securities are reported only when transactions in them are executed with foreigners.
The data on securities transactions relate to the total amount of money debited or credited to foreign accounts as a result of transactions in long-term securities. The amounts debited or credited to foreign accounts are defined as the cost of purchases plus commissions and other charges, or the proceeds of sales less commissions, tax, etc. Purchases and sales of long-term securities executed in the United States for account of foreigners and purchases and sales executed abroad for the reporter's account or for the account of domestic clients are both included. The redemption of securities in the United States or abroad, as well as purchases and sales for sinking fund purposes, are included, as are those connected with the underwriting of new issues.
Purchases and sales for arbitrage accounts in which the reporter participates as a principal jointly with a foreigner are also included to the extent that they are executed in the United States. The opposite side of the arbitrage transaction -- the sale or purchase executed abroad -- is not reportable.
For publication in the "Treasury Bulletin", beginning with the April 1950 issue, the monthly figures on capital movements and related data are presented in the first three sections. Supplementary information, formerly
52
Treasury Bulletin
CAPITAL MOVEMENTS
presented in Section V, now appears as Section IV, in place of the discontinued data on outstanding contracts for forward purchases and sales of foreign exchange.
The supplementary information in Section IV is presented in three tables, appearing at different times. Table I gives data by countries on short-term claims on and liabilities to foreigners as reported quarterly by exporters, importers, and industrial and commercial concerns in the United States. This information was published for the first time in the October 1949 issue of the "Treasury Bulletin" and begins with data for September 30, 1946. Table 2 supplies information by countries on long-term claims on and liabilities to foreigners as reported by
banks and bankers in the United States. This table appeared for the first time in the December 1949 issue. Data are for the end of the calendar year beginning with 1942. Table 3 gives information on short-term claims for countries not regularly reported separately by banks and bankers. This table appears for the first time in the April 1950 issue. The data have been requested at irregular intervals, the earliest date being October 1943.
Publication of detailed figures in the monthly series relating to capital movements was discontinued between the March 1942 and the November 1945 issues. Data omitted during that period, however, were published in the November 1945 issue and supplement.
Section I - Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935-41</td><td>5,354,071</td><td>3,770,922</td><td>100,870</td><td>626,731</td><td>855,548</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</td><td>395,524</td><td>-11,318</td><td>-97,555</td><td>39,012</td></tr><tr><td>1948</td><td>225,417</td><td>531,777</td><td>-19,313</td><td>-192,215</td><td>-94,832</td></tr><tr><td>1949 p.</td><td>231,773</td><td>130,147</td><td>1,120</td><td>84,963</td><td>15,543</td></tr><tr><td>1949-July</td><td>-109,541</td><td>-142,725</td><td>3,189</td><td>20,982</td><td>9,013</td></tr><tr><td>August</td><td>76,742</td><td>-25,363</td><td>1,696</td><td>96,426</td><td>3,983</td></tr><tr><td>September</td><td>-40,271</td><td>-13,241</td><td>5,806</td><td>47,217</td><td>-80,053</td></tr><tr><td>October</td><td>167,839</td><td>117,501</td><td>-187</td><td>-2,387</td><td>52,912</td></tr><tr><td>November</td><td>5,482</td><td>-775</td><td>-5,464</td><td>-7,315</td><td>20,036</td></tr><tr><td>December p.</td><td>134,936</td><td>110,787</td><td>2,699</td><td>12,174</td><td>9,276</td></tr><tr><td>1950-January p.</td><td>171,234 1/</td><td>172,483 1/</td><td>-985</td><td>5,337</td><td>-5,601</td></tr></table>
1/ Adjusted for elimination of $6,121 thousand written off; see Table 2. p Preliminary.
April 1950
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="3">Short-term claims on foreigners</th><th colspan="4">Short-term liabilities to foreigners</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th></th><th>Total</th><th>Payable in dollars</th><th>Payables in foreign currency</th><th></th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,775</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946</td><td>708,253</td><td>98,119</td><td>319,639</td><td>290,495</td><td>6,480,262</td><td>4,693,911</td><td>1,745,722</td><td>40,629</td><td>5,772,009</td></tr><tr><td>1947</td><td>948,936</td><td>165,439</td><td>292,866</td><td>490,631</td><td>7,116,419</td><td>4,809,245</td><td>2,257,510</td><td>49,664</td><td>6,167,483</td></tr><tr><td>1948</td><td>1,018,700</td><td>100,371</td><td>361,197</td><td>557,132</td><td>7,717,960</td><td>5,209,820</td><td>2,437,751</td><td>70,389</td><td>6,699,260</td></tr><tr><td>1949 p.</td><td>807,278</td><td>112,223</td><td>222,470</td><td>472,585</td><td>7,628,234</td><td>5,080,307</td><td>2,496,829</td><td>51,098</td><td>6,820,956</td></tr><tr><td>1949-July</td><td>847,998</td><td>77,808</td><td>251,840</td><td>518,350</td><td>7,482,384</td><td>4,720,384</td><td>2,693,578</td><td>68,422</td><td>6,634,386</td></tr><tr><td>August</td><td>797,452</td><td>74,662</td><td>227,395</td><td>495,395</td><td>7,406,475</td><td>4,759,289</td><td>2,574,278</td><td>72,908</td><td>6,609,023</td></tr><tr><td>September</td><td>817,484</td><td>112,314</td><td>226,971</td><td>478,199</td><td>7,413,266</td><td>4,853,288</td><td>2,505,341</td><td>54,637</td><td>6,595,782</td></tr><tr><td>October</td><td>848,461</td><td>131,667</td><td>223,826</td><td>492,968</td><td>7,561,744</td><td>5,004,933</td><td>2,504,612</td><td>52,192</td><td>6,713,283</td></tr><tr><td>November</td><td>836,838</td><td>122,615</td><td>223,410</td><td>490,813</td><td>7,549,346</td><td>4,975,087</td><td>2,521,606</td><td>52,653</td><td>6,712,508</td></tr><tr><td>December p.</td><td>807,278</td><td>112,223</td><td>222,470</td><td>472,585</td><td>7,628,234</td><td>5,080,307</td><td>2,496,829</td><td>51,098</td><td>6,820,956</td></tr><tr><td>1950-January p.</td><td>721,076 1/</td><td>87,230</td><td>113,625 1/</td><td>520,221</td><td>7,720,636</td><td>5,120,394</td><td>2,552,727</td><td>47,515</td><td>6,999,560 1/</td></tr></table>
1/ Excludee $6,121 thousand formerly reports for Germany which has been written off; see Section III-A, Table 1.
p Preliminary.
Table 3.- Net Movements of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net movement of short-term banking funds</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposite of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935-41</td><td>736,307</td><td>307,187</td><td>6,409</td><td>422,711</td><td>3,034,615</td><td>2,806,001</td><td>266,156</td><td>-37,542</td><td>3,770,922</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,471</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-19,043</td><td>-32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946</td><td>-315,487</td><td>-50,630</td><td>-219,372</td><td>-45,485</td><td>-418,422</td><td>-268,854</td><td>-164,651</td><td>15,083</td><td>-733,909</td></tr><tr><td>1947</td><td>-240,683</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>1948</td><td>-69,764</td><td>65,068</td><td>-68,331</td><td>-66,501</td><td>601,541</td><td>400,575</td><td>180,241</td><td>20,725</td><td>531,777</td></tr><tr><td>1949 p.</td><td>217,373</td><td>-11,852</td><td>149,727</td><td>79,498</td><td>-87,226</td><td>-127,913</td><td>59,978</td><td>-19,291</td><td>130,147</td></tr><tr><td>1949-July</td><td>12,465</td><td>-291</td><td>10,901</td><td>1,855</td><td>-155,190</td><td>-153,442</td><td>-956</td><td>-792</td><td>-142,725</td></tr><tr><td>August</td><td>50,546</td><td>3,146</td><td>24,445</td><td>22,955</td><td>-75,909</td><td>38,905</td><td>-119,300</td><td>4,886</td><td>-25,363</td></tr><tr><td>September</td><td>-20,032</td><td>-37,652</td><td>424</td><td>17,196</td><td>6,791</td><td>93,999</td><td>-68,937</td><td>-18,271</td><td>-13,241</td></tr><tr><td>October</td><td>-30,977</td><td>-19,353</td><td>3,145</td><td>-14,769</td><td>148,478</td><td>151,645</td><td>-722</td><td>-2,445</td><td>117,501</td></tr><tr><td>November</td><td>11,623</td><td>9,052</td><td>416</td><td>2,155</td><td>-12,398</td><td>-29,846</td><td>16,987</td><td>461</td><td>-775</td></tr><tr><td>December p.</td><td>25,322</td><td>10,392</td><td>940</td><td>13,990</td><td>85,465</td><td>104,937</td><td>-17,917</td><td>-1,555</td><td>110,787</td></tr><tr><td>1950-January p.</td><td>80,081</td><td>24,993</td><td>102,724</td><td>-47,636</td><td>92,402</td><td>40,087</td><td>55,898</td><td>-3,583</td><td>172,483</td></tr></table>
1/ Adjusted for elimination of $6,121 thousand written off; see Table 2. p. Preliminary.
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; negative figures indicate a net outflow of capital from the United States)
<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 purchases of domestic securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</td><td>430,245 1/</td><td>841,610 1/</td><td>-411,365 1/</td><td>396,768 1/</td><td>492,420 1/</td><td>-95,652 1/</td><td>9,322,066</td><td>8,695,335</td><td>626,731</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>365,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946</td><td>367,649</td><td>432,109</td><td>-64,460</td><td>414,470</td><td>684,213</td><td>-269,743</td><td>782,119</td><td>1,116,322</td><td>-334,203</td></tr><tr><td>1947</td><td>226,089</td><td>376,674</td><td>-150,585</td><td>336,305</td><td>283,275</td><td>53,030</td><td>562,394</td><td>659,949</td><td>-97,555</td></tr><tr><td>1948</td><td>369,736</td><td>514,059</td><td>-144,323</td><td>282,415</td><td>330,307</td><td>-47,892</td><td>652,151</td><td>844,366</td><td>-192,215</td></tr><tr><td>1949 p.</td><td>353,759</td><td>375,783</td><td>-22,024</td><td>434,095</td><td>327,108</td><td>106,987</td><td>787,854</td><td>702,891</td><td>84,963</td></tr><tr><td>1949-July</td><td>20,530</td><td>20,436</td><td>94</td><td>40,080</td><td>19,192</td><td>20,888</td><td>60,610</td><td>39,628</td><td>20,982</td></tr><tr><td>August</td><td>25,471</td><td>28,943</td><td>-3,372</td><td>108,958</td><td>9,060</td><td>99,798</td><td>134,329</td><td>37,903</td><td>96,426</td></tr><tr><td>September</td><td>27,355</td><td>31,984</td><td>-4,129</td><td>67,387</td><td>16,041</td><td>51,346</td><td>95,242</td><td>48,025</td><td>47,217</td></tr><tr><td>October</td><td>38,616</td><td>45,444</td><td>-6,828</td><td>19,753</td><td>15,312</td><td>4,441</td><td>58,369</td><td>60,756</td><td>-2,387</td></tr><tr><td>November</td><td>51,447</td><td>57,176</td><td>-5,729</td><td>15,678</td><td>18,264</td><td>-1,586</td><td>68,125</td><td>75,440</td><td>-7,315</td></tr><tr><td>December p.</td><td>48,342</td><td>46,630</td><td>1,712</td><td>35,852</td><td>25,390</td><td>10,462</td><td>84,194</td><td>72,020</td><td>12,174</td></tr><tr><td>1950-January p.</td><td>54,632</td><td>52,386</td><td>2,246</td><td>20,751</td><td>17,660</td><td>3,091</td><td>75,383</td><td>70,046</td><td>5,337</td></tr></table>
1/ January 4, 1940, through December 31, 1941; the breakdown between stocks and bonds is not available for earlier years.
p Preliminary.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(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">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total purchases</th><th>Total sales</th><th>Net purchases of foreign securities</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41</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>4,008,188</td><td>3,152,640</td><td>855,548</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>459,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944</td><td>26,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946</td><td>65,247</td><td>65,610</td><td>-363</td><td>755,936</td><td>490,446</td><td>265,490</td><td>821,183</td><td>556,056</td><td>265,127</td></tr><tr><td>1947</td><td>57,118</td><td>42,558</td><td>14,560</td><td>658,741</td><td>634,289</td><td>24,452</td><td>715,859</td><td>676,847</td><td>39,012</td></tr><tr><td>1948</td><td>81,715</td><td>96,744</td><td>-15,029</td><td>211,621</td><td>291,424</td><td>-79,803</td><td>293,336</td><td>388,168</td><td>-94,832</td></tr><tr><td>1949 p.</td><td>87,886</td><td>69,934</td><td>17,952</td><td>309,061</td><td>311,470</td><td>-2,409</td><td>396,947</td><td>381,404</td><td>15,543</td></tr><tr><td>1949-July</td><td>5,314</td><td>5,540</td><td>-226</td><td>18,333</td><td>9,094</td><td>9,239</td><td>23,647</td><td>14,634</td><td>9,013</td></tr><tr><td>August</td><td>6,160</td><td>5,110</td><td>1,020</td><td>17,861</td><td>14,898</td><td>2,963</td><td>24,021</td><td>20,038</td><td>3,983</td></tr><tr><td>September</td><td>6,687</td><td>6,561</td><td>126</td><td>33,235</td><td>113,114</td><td>-80,179</td><td>39,922</td><td>119,975</td><td>-80,053</td></tr><tr><td>October</td><td>9,279</td><td>7,918</td><td>1,361</td><td>70,011</td><td>18,460</td><td>51,551</td><td>79,290</td><td>26,378</td><td>52,912</td></tr><tr><td>November</td><td>11,220</td><td>9,432</td><td>1,788</td><td>30,989</td><td>12,741</td><td>18,248</td><td>42,209</td><td>22,173</td><td>20,036</td></tr><tr><td>December p.</td><td>12,388</td><td>8,060</td><td>4,328</td><td>19,960</td><td>15,012</td><td>4,948</td><td>32,348</td><td>23,072</td><td>9,276</td></tr><tr><td>1950-January p.</td><td>12,589</td><td>11,455</td><td>1,134</td><td>17,133</td><td>23,868</td><td>-6,735</td><td>29,722</td><td>35,323</td><td>-5,601</td></tr></table>
a. Not available. p Preliminary.
April 1950
55
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table I.- Net Movement of Capital and of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Country</th><th colspan="4">Net capital movement</th><th colspan="4">Short-term banking funds</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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>46,334</td><td>61,955</td><td>57,151</td><td>36,502</td><td>47,913</td><td>44,641</td><td>64,035</td><td>55,670</td><td>33,915</td><td>41,117</td></tr><tr><td>France</td><td>16,872</td><td>15,717</td><td>14,352</td><td>-11,323</td><td>-20,153</td><td>17,645</td><td>17,105</td><td>15,028</td><td>-10,363</td><td>-19,584</td></tr><tr><td>Belgium</td><td>-4,896</td><td>-1,389</td><td>-9,232</td><td>3,916</td><td>2,030</td><td>-15,922</td><td>-3,464</td><td>-9,040</td><td>-592</td><td>907</td></tr><tr><td>Denmark</td><td>-485</td><td>-205</td><td>3,802</td><td>1,139</td><td>147</td><td>83</td><td>-35</td><td>3,686</td><td>-124</td><td>119</td></tr><tr><td>Finland</td><td>-1,755</td><td>-3,488</td><td>7,847</td><td>2,079</td><td>2,064</td><td>-1,747</td><td>-3,508</td><td>7,847</td><td>2,097</td><td>2,037</td></tr><tr><td>Germany 1/</td><td>-3,015</td><td>-2,602</td><td>4,522</td><td>9,031</td><td>-10,398 2/</td><td>-3,016</td><td>-2,531</td><td>4,514</td><td>2,046</td><td>-10,374 2/</td></tr><tr><td>Greece</td><td>-406</td><td>-1,299</td><td>174</td><td>4,975</td><td>2,198</td><td>-401</td><td>-1,304</td><td>449</td><td>1,359</td><td>2,197</td></tr><tr><td>Italy</td><td>-109,190</td><td>118</td><td>5,588</td><td>6,930</td><td>-8,952</td><td>-109,716</td><td>11</td><td>6,297</td><td>6,334</td><td>-7,673</td></tr><tr><td>Luxembourg</td><td>-230</td><td>-537</td><td>-220</td><td>474</td><td>3/</td><td>-315</td><td>-368</td><td>-225</td><td>144</td><td>3/</td></tr><tr><td>Netherlands</td><td>45,337</td><td>15,565</td><td>-24,310</td><td>5,813</td><td>4,241</td><td>46,134</td><td>18,054</td><td>-20,274</td><td>9,190</td><td>9,875</td></tr><tr><td>Norway</td><td>-1,243</td><td>3,155</td><td>3,875</td><td>3,359</td><td>14,176</td><td>-1,631</td><td>2,148</td><td>3,665</td><td>3,006</td><td>13,513</td></tr><tr><td>Portugal</td><td>1,060</td><td>2,558</td><td>1,170</td><td>1,420</td><td>48</td><td>1,049</td><td>2,538</td><td>-178</td><td>4,409</td><td>-66</td></tr><tr><td>Romania</td><td>1,413</td><td>-301</td><td>-27</td><td>-11</td><td>6,820</td><td>1,413</td><td>-300</td><td>-23</td><td>-11</td><td>6,820</td></tr><tr><td>Spain</td><td>62</td><td>1,264</td><td>-2,545</td><td>6,131</td><td>-1,404</td><td>99</td><td>1,207</td><td>-2,467</td><td>1,126</td><td>-1,413</td></tr><tr><td>Sweden</td><td>493</td><td>6,543</td><td>9,841</td><td>10,895</td><td>5,082</td><td>560</td><td>6,888</td><td>9,489</td><td>10,943</td><td>5,215</td></tr><tr><td>Switzerland</td><td>11,520</td><td>23,781</td><td>-8,632</td><td>26,836</td><td>-52,749</td><td>9,363</td><td>17,783</td><td>-9,822</td><td>10,919</td><td>-62,947</td></tr><tr><td>U. S. S. R.</td><td>770</td><td>612</td><td>-3,636</td><td>1,077</td><td>-773</td><td>770</td><td>612</td><td>-3,636</td><td>1,357</td><td>-815</td></tr><tr><td>Yugoslavia</td><td>2,561</td><td>1,641</td><td>-3,204</td><td>-1,932</td><td>-1,410</td><td>2,561</td><td>1,641</td><td>-3,204</td><td>-1,334</td><td>-1,418</td></tr><tr><td>Other Europe</td><td>-1,704</td><td>-4,189</td><td>-7,944</td><td>169</td><td>16,697</td><td>-1,551</td><td>-4,153</td><td>-7,942</td><td>111</td><td>17,241</td></tr><tr><td>Total Europe</td><td>3,512</td><td>121,313</td><td>47,532</td><td>111,330</td><td>5,481 2</td><td>-9,984</td><td>119,690</td><td>49,834</td><td>90,922</td><td>-5,349 2</td></tr><tr><td>Canada</td><td>-10,304</td><td>35,132</td><td>24,119</td><td>34,485</td><td>41,499</td><td>83,519</td><td>-13,114</td><td>12,921</td><td>35,942</td><td>51,391</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>-3,658</td><td>5,772</td><td>6,995</td><td>-32,017</td><td>10,653</td><td>-3,251</td><td>5,224</td><td>7,153</td><td>-32,663</td><td>11,215</td></tr><tr><td>Bolivia</td><td>1,588</td><td>-558</td><td>-1,795</td><td>4</td><td>-2,530</td><td>1,570</td><td>-536</td><td>-1,887</td><td>-36</td><td>-2,567</td></tr><tr><td>Brazil</td><td>15,465</td><td>17,549</td><td>55,363</td><td>4,430</td><td>8,039</td><td>15,354</td><td>17,079</td><td>55,066</td><td>2,363</td><td>7,265</td></tr><tr><td>Chile</td><td>1,197</td><td>326</td><td>-3,497</td><td>1,589</td><td>-901</td><td>612</td><td>737</td><td>-4,258</td><td>1,533</td><td>-1,330</td></tr><tr><td>Colombia</td><td>3,592</td><td>6,512</td><td>12,788</td><td>16,334</td><td>11,719</td><td>3,761</td><td>6,597</td><td>12,716</td><td>17,053</td><td>12,703</td></tr><tr><td>Costa Rica</td><td>-963</td><td>-29</td><td>-1,134</td><td>-3,073</td><td>3/</td><td>-975</td><td>-106</td><td>-1,194</td><td>-3,042</td><td>3/</td></tr><tr><td>Cuba</td><td>-7,523</td><td>-607</td><td>-9,421</td><td>-11,399</td><td>6,686</td><td>-8,099</td><td>-325</td><td>-9,658</td><td>-10,941</td><td>5,624</td></tr><tr><td>French West Indies and Guiana</td><td>1,357</td><td>-544</td><td>-507</td><td>310</td><td>3/</td><td>1,360</td><td>-541</td><td>-509</td><td>303</td><td>3/</td></tr><tr><td>Mexico</td><td>14,078</td><td>-3,973</td><td>3,223</td><td>23,802</td><td>-20,521</td><td>12,593</td><td>-767</td><td>3,621</td><td>-9,113</td><td>-17,287</td></tr><tr><td>Netherlands West Indies and</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Surinam</td><td>-949</td><td>800</td><td>-5,231</td><td>2,260</td><td>809</td><td>-1,253</td><td>859</td><td>-5,256</td><td>2,252</td><td>858</td></tr><tr><td>Panama</td><td>4,998</td><td>2,956</td><td>-1,134</td><td>-1,660</td><td>-615</td><td>4,588</td><td>2,823</td><td>1,561</td><td>51</td><td>-1,445</td></tr><tr><td>Peru</td><td>1,702</td><td>1,813</td><td>-7,578</td><td>357</td><td>-5,641</td><td>1,720</td><td>2,013</td><td>-7,604</td><td>341</td><td>-5,617</td></tr><tr><td>Venezuela</td><td>-61,134</td><td>60,369</td><td>-32,041</td><td>11,406</td><td>-25,996</td><td>-61,666</td><td>60,387</td><td>-31,900</td><td>12,056</td><td>-25,564</td></tr><tr><td>Other Latin America</td><td>-5,785</td><td>-10,794</td><td>-1,209</td><td>7,653</td><td>13,774</td><td>-6,502</td><td>-10,512</td><td>-3,081</td><td>7,932</td><td>13,624</td></tr><tr><td>Total Latin America</td><td>-36,034</td><td>79,711</td><td>11,762</td><td>25,596</td><td>-4,524</td><td>-40,188</td><td>22,972</td><td>14,770</td><td>25,941</td><td>-2,516</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>147</td><td>-3,824</td><td>-2,277</td><td>-334</td><td>-3,760</td><td>214</td><td>-6,305</td><td>-2,623</td><td>-155</td><td>-3,899</td></tr><tr><td>French Indo-China</td><td>-536</td><td>-66</td><td>240</td><td>-214</td><td>3/</td><td>-533</td><td>-42</td><td>242</td><td>-214</td><td>3/</td></tr><tr><td>Hong Kong</td><td>953</td><td>-1,050</td><td>1,498</td><td>4,227</td><td>2,768</td><td>1,393</td><td>-1,132</td><td>1,423</td><td>4,110</td><td>3,259</td></tr><tr><td>India</td><td>-6,224</td><td>-8,381</td><td>5,636</td><td>6,313</td><td>7,198</td><td>-6,228</td><td>-9,338</td><td>5,636</td><td>6,297</td><td>7,183</td></tr><tr><td>British Malaya</td><td>-863</td><td>-320</td><td>-1,081</td><td>-1,847</td><td>3/</td><td>-866</td><td>-165</td><td>-1,202</td><td>-1,715</td><td>3/</td></tr><tr><td>Japan</td><td>20,912</td><td>27,552</td><td>15,858</td><td>12,043</td><td>18,355</td><td>20,309</td><td>27,562</td><td>15,845</td><td>7,033</td><td>18,358</td></tr><tr><td>Netherlands East Indies</td><td>-1,676</td><td>-6,761</td><td>-2,452</td><td>-1,396</td><td>-4,172</td><td>-1,675</td><td>-6,758</td><td>-2,452</td><td>-1,388</td><td>-4,161</td></tr><tr><td>Philippine Islands</td><td>-12,605</td><td>-15,345</td><td>-27,964</td><td>-7,424</td><td>-9,605</td><td>-12,449</td><td>-15,228</td><td>-28,209</td><td>-7,492</td><td>-9,501</td></tr><tr><td>Turkey</td><td>-3,456</td><td>2,173</td><td>-3,450</td><td>-8</td><td>5,911</td><td>-3,466</td><td>2,163</td><td>-3,461</td><td>-5</td><td>5,922</td></tr><tr><td>Other Asia</td><td>-5,501</td><td>-40,558</td><td>-18,869</td><td>-25,394</td><td>6,599</td><td>-5,480</td><td>-40,552</td><td>-18,875</td><td>-25,246</td><td>7,058</td></tr><tr><td>Total Asia</td><td>-8,849</td><td>-47,030</td><td>-32,861</td><td>-14,024</td><td>23,294</td><td>-9,181</td><td>-49,845</td><td>-33,676</td><td>-18,915</td><td>24,219</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>11,473</td><td>12,340</td><td>-5,270</td><td>-9,075</td><td>-5,016</td><td>11,330</td><td>12,255</td><td>-5,297</td><td>-9,298</td><td>-5,259</td></tr><tr><td>New Zealand</td><td>1,999</td><td>-2,206</td><td>-273</td><td>-1,653</td><td>3/</td><td>2,001</td><td>-2,186</td><td>-269</td><td>-1,646</td><td>3/</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>8,660</td><td>1,367</td><td>-1,715</td><td>1,703</td><td>10,052</td><td>8,665</td><td>1,388</td><td>-1,917</td><td>4,608</td><td>10,170</td></tr><tr><td>French Morocco</td><td>-348</td><td>693</td><td>1,352</td><td>-876</td><td>3/</td><td>-417</td><td>621</td><td>1,255</td><td>-916</td><td>3/</td></tr><tr><td>Union of South Africa</td><td>-1,310</td><td>-1</td><td>1,426</td><td>-1,176</td><td>10,518</td><td>-1,287</td><td>5</td><td>1,442</td><td>-1,175</td><td>10,543</td></tr><tr><td>All other</td><td>-2,256</td><td>-4,666</td><td>-3,548</td><td>2,526</td><td>4,699</td><td>-2,030</td><td>-4,452</td><td>-2,546</td><td>2,243</td><td>4,571</td></tr><tr><td>Total other countries</td><td>18,218</td><td>7,517</td><td>-8,028</td><td>-5,551</td><td>20,253</td><td>18,262</td><td>7,631</td><td>-7,332</td><td>-6,094</td><td>20,025</td></tr><tr><td>International 4/</td><td>-6,817</td><td>-28,792</td><td>-36,042</td><td>-16,947</td><td>85,354</td><td>-56,671</td><td>-29,769</td><td>-37,292</td><td>-16,966</td><td>84,836</td></tr><tr><td>Unidentified</td><td>3</td><td>37</td><td>-</td><td>-3</td><td>-123</td><td>3</td><td>37</td><td>-</td><td>-3</td><td>-123</td></tr><tr><td>Grand total</td><td>-40,271</td><td>167,839</td><td>6,482</td><td>131,936</td><td>171,231 2/</td><td>-13,241</td><td>117,501</td><td>-775</td><td>110,787</td><td>172,483 2/</td></tr></table>
1/ Beginning with March 1947, includes transactions in accounts opened by occupation authorities for foreign trade purposes.
2/ Adjusted for elimination of $6,121 thousand formerly reported which has been written off.
3/ Not reported separately after 1949.
4/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
p Preliminary.
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="4">Movement in brokerage balances</th><th colspan="4">Transactions in long-term securities, domestic and foreign</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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>621</td><td>-209</td><td>-386</td><td>-62</td><td>-784</td><td>1,072</td><td>-2,030</td><td>1,867</td><td>2,749</td><td>7,580</td></tr><tr><td>France</td><td>-57</td><td>180</td><td>13</td><td>-34</td><td>-401</td><td>-716</td><td>-1,568</td><td>-689</td><td>-921</td><td>-68</td></tr><tr><td>Belgium</td><td>-105</td><td>233</td><td>-275</td><td>210</td><td>446</td><td>11,141</td><td>1,349</td><td>83</td><td>1,122</td><td>677</td></tr><tr><td>Denmark</td><td>14</td><td>-210</td><td>122</td><td>-138</td><td>38</td><td>-582</td><td>10</td><td>-6</td><td>1,401</td><td>-10</td></tr><tr><td>Finland</td><td>-</td><td>20</td><td>-19</td><td>-5</td><td>5</td><td>-8</td><td>-</td><td>19</td><td>-3</td><td>22</td></tr><tr><td>Germany</td><td>-2</td><td>-7</td><td>10</td><td>-3</td><td>-28</td><td>3</td><td>-4</td><td>-2</td><td>-12</td><td>4</td></tr><tr><td>Greece</td><td>-2</td><td>5</td><td>42</td><td>15</td><td>-16</td><td>-3</td><td>-</td><td>-17</td><td>1</td><td>17</td></tr><tr><td>Italy</td><td>13</td><td>-45</td><td>21</td><td>55</td><td>-12</td><td>517</td><td>122</td><td>-730</td><td>41</td><td>-1,267</td></tr><tr><td>Luxembourg</td><td>24</td><td>-35</td><td>36</td><td>-82</td><td>1/</td><td>61</td><td>-134</td><td>-31</td><td>72</td><td>1/</td></tr><tr><td>Netherlands</td><td>313</td><td>742</td><td>298</td><td>-1,052</td><td>1,400</td><td>-1,110</td><td>-3,231</td><td>-4,334</td><td>-1,315</td><td>-7,034</td></tr><tr><td>Norway</td><td>-75</td><td>93</td><td>-130</td><td>-51</td><td>-80</td><td>466</td><td>614</td><td>340</td><td>404</td><td>743</td></tr><tr><td>Portugal</td><td>-20</td><td>-15</td><td>-5</td><td>29</td><td>51</td><td>31</td><td>35</td><td>13</td><td>-17</td><td>-33</td></tr><tr><td>Rumanie</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>2</td><td>-40</td><td>39</td><td>19</td><td>31</td><td>-39</td><td>97</td><td>-117</td><td>1,986</td><td>-22</td></tr><tr><td>Sweden</td><td>17</td><td>-10</td><td>-46</td><td>-4</td><td>-182</td><td>-84</td><td>-329</td><td>398</td><td>-54</td><td>49</td></tr><tr><td>Switzerland</td><td>1,561</td><td>2,567</td><td>-1,668</td><td>3,076</td><td>-585</td><td>596</td><td>3,431</td><td>2,858</td><td>12,941</td><td>10,783</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>1</td><td>42</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-1</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>1</td><td>9</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Other Europe</td><td>-143</td><td>-13</td><td>181</td><td>-243</td><td>-322</td><td>-10</td><td>-23</td><td>-183</td><td>271</td><td>-222</td></tr><tr><td>Total Europe</td><td>2,161</td><td>3,255</td><td>-1,767</td><td>1,731</td><td>-388</td><td>11,335</td><td>-1,631</td><td>-535</td><td>18,667</td><td>11,218</td></tr><tr><td>Canada</td><td>80</td><td>-1,133</td><td>-1,579</td><td>1,905</td><td>1,560</td><td>-93,902</td><td>49,380</td><td>12,777</td><td>-3,262</td><td>-11,452</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>-234</td><td>427</td><td>-168</td><td>-36</td><td>20</td><td>-173</td><td>121</td><td>10</td><td>682</td><td>-582</td></tr><tr><td>Bolivia</td><td>-13</td><td>22</td><td>6</td><td>15</td><td>51</td><td>31</td><td>16</td><td>86</td><td>25</td><td>-14</td></tr><tr><td>Brazil</td><td>-72</td><td>-166</td><td>22</td><td>200</td><td>-26</td><td>183</td><td>636</td><td>275</td><td>1,267</td><td>800</td></tr><tr><td>Chile</td><td>313</td><td>-21</td><td>-100</td><td>-190</td><td>147</td><td>272</td><td>-390</td><td>861</td><td>246</td><td>282</td></tr><tr><td>Colombia</td><td>-169</td><td>-75</td><td>42</td><td>-221</td><td>277</td><td>-</td><td>90</td><td>30</td><td>102</td><td>-1,266</td></tr><tr><td>Costa Rica</td><td>2</td><td>16</td><td>-1</td><td>-3</td><td>1/</td><td>10</td><td>-9</td><td>1</td><td>-21</td><td>1/</td></tr><tr><td>Cuba</td><td>229</td><td>-418</td><td>3</td><td>-180</td><td>890</td><td>347</td><td>136</td><td>234</td><td>-278</td><td>172</td></tr><tr><td>French West Indies and Guiana</td><td>-3</td><td>-1</td><td>3</td><td>-</td><td>1/</td><td>-</td><td>-2</td><td>-1</td><td>7</td><td>1/</td></tr><tr><td>Mexico</td><td>1,492</td><td>-2,912</td><td>-371</td><td>-12</td><td>-3,742</td><td>-7</td><td>-194</td><td>-27</td><td>671</td><td>508</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>22</td><td>-62</td><td>-9</td><td>73</td><td>-10</td><td>283</td><td>93</td><td>34</td><td>-65</td><td>-39</td></tr><tr><td>Panama</td><td>-39</td><td>-330</td><td>-593</td><td>282</td><td>435</td><td>449</td><td>363</td><td>-2,102</td><td>-1,993</td><td>395</td></tr><tr><td>Paru</td><td>-66</td><td>50</td><td>-16</td><td>32</td><td>-4</td><td>48</td><td>-250</td><td>42</td><td>-19</td><td>-20</td></tr><tr><td>Venezuela</td><td>518</td><td>-63</td><td>-418</td><td>36</td><td>198</td><td>14</td><td>44</td><td>277</td><td>-686</td><td>-630</td></tr><tr><td>Other Latin America</td><td>1,921</td><td>1,106</td><td>-324</td><td>-1,173</td><td>-324</td><td>-1,204</td><td>-1,388</td><td>-804</td><td>994</td><td>474</td></tr><tr><td>Total Latin America</td><td>3,901</td><td>-2,427</td><td>-1,924</td><td>-1,177</td><td>-2,088</td><td>253</td><td>-734</td><td>-1,084</td><td>932</td><td>80</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 Manchurie</td><td>-319</td><td>20</td><td>-79</td><td>153</td><td>31</td><td>252</td><td>2,461</td><td>425</td><td>-332</td><td>108</td></tr><tr><td>French Indo-China</td><td>-3</td><td>3</td><td>-2</td><td>-</td><td>1/</td><td>-</td><td>-27</td><td>-</td><td>-</td><td>1/</td></tr><tr><td>Hong Kong</td><td>6</td><td>210</td><td>-333</td><td>39</td><td>-26</td><td>-446</td><td>-128</td><td>408</td><td>78</td><td>-465</td></tr><tr><td>India</td><td>1</td><td>44</td><td>-30</td><td>-1</td><td>11</td><td>3</td><td>163</td><td>30</td><td>27</td><td>4</td></tr><tr><td>British Malaya</td><td>-</td><td>1</td><td>-</td><td>-1</td><td>1/</td><td>3</td><td>-156</td><td>121</td><td>-101</td><td>1/</td></tr><tr><td>Japan</td><td>3</td><td>-10</td><td>12</td><td>-19</td><td>8</td><td>-</td><td>-</td><td>1</td><td>5,029</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>1</td><td>-</td><td>8</td><td>-8</td><td>-1</td><td>-4</td><td>-</td><td>-6</td><td>-3</td></tr><tr><td>Philippines Islands</td><td>-134</td><td>-124</td><td>128</td><td>3</td><td>-37</td><td>-22</td><td>7</td><td>117</td><td>65</td><td>-67</td></tr><tr><td>Turkey</td><td>-4</td><td>1</td><td>-3</td><td>3</td><td>-12</td><td>14</td><td>9</td><td>14</td><td>-6</td><td>1</td></tr><tr><td>Other Asia</td><td>3</td><td>-24</td><td>80</td><td>-25</td><td>-80</td><td>-24</td><td>18</td><td>-74</td><td>-123</td><td>-379</td></tr><tr><td>Total Asia</td><td>-447</td><td>122</td><td>-227</td><td>160</td><td>-113</td><td>-221</td><td>2,643</td><td>1,042</td><td>4,631</td><td>-812</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>2</td><td>-4</td><td>13</td><td>-12</td><td>1</td><td>141</td><td>89</td><td>14</td><td>235</td><td>242</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>1/</td><td>-2</td><td>-20</td><td>-4</td><td>-7</td><td>1/</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>12</td><td>-13</td><td>11</td><td>8</td><td>-12</td><td>-17</td><td>-8</td><td>191</td><td>-3</td><td>-106</td></tr><tr><td>French Morocco</td><td>73</td><td>11</td><td>77</td><td>-53</td><td>1/</td><td>-4</td><td>51</td><td>20</td><td>93</td><td>1/</td></tr><tr><td>Union of South Africa</td><td>2</td><td>1</td><td>-6</td><td>20</td><td>-17</td><td>-25</td><td>-7</td><td>-10</td><td>-21</td><td>-8</td></tr><tr><td>All other</td><td>22</td><td>1</td><td>-62</td><td>117</td><td>72</td><td>-218</td><td>-215</td><td>-940</td><td>166</td><td>56</td></tr><tr><td>Total other countries</td><td>111</td><td>-4</td><td>33</td><td>80</td><td>44</td><td>-155</td><td>-110</td><td>-729</td><td>463</td><td>184</td></tr><tr><td>International 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49,854</td><td>977</td><td>1,250</td><td>19</td><td>518</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>5,806</td><td>-187</td><td>-5,464</td><td>2,699</td><td>-985</td><td>-32,836</td><td>50,525</td><td>12,721</td><td>21,450</td><td>-264</td></tr></table>
1/ Not reported separately after 1949. 2/ Includes transactions of international organizations such as the
International Monetary Fund and the International Bank. Preliminary.
April 1950
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="4">Claims on foreigners</th><th colspan="4">Liabilities to foreigners</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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>56,802</td><td>66,415</td><td>54,769</td><td>38,810</td><td>32,640</td><td>438,934</td><td>512,642</td><td>556,666</td><td>574,522</td><td>609,469</td></tr><tr><td>France</td><td>68,167</td><td>68,074</td><td>52,194</td><td>51,055</td><td>51,489</td><td>166,923</td><td>183,935</td><td>183,083</td><td>171,576</td><td>152,326</td></tr><tr><td>Belgium</td><td>14,077</td><td>16,124</td><td>17,568</td><td>13,408</td><td>15,605</td><td>126,689</td><td>125,272</td><td>117,676</td><td>121,790</td><td>124,894</td></tr><tr><td>Denmark</td><td>678</td><td>743</td><td>668</td><td>367</td><td>499</td><td>31,751</td><td>31,781</td><td>35,392</td><td>34,967</td><td>35,218</td></tr><tr><td>Finland</td><td>6,606</td><td>8,597</td><td>9,198</td><td>8,224</td><td>4,884</td><td>17,064</td><td>15,547</td><td>23,995</td><td>25,108</td><td>23,805</td></tr><tr><td>Germany 1/</td><td>30,274</td><td>30,256</td><td>22,132</td><td>22,092</td><td>25,524 2/</td><td>147,774</td><td>145,165</td><td>141,555</td><td>150,561</td><td>149,740</td></tr><tr><td>Greece</td><td>816</td><td>788</td><td>736</td><td>1,670</td><td>169</td><td>24,663</td><td>23,331</td><td>23,728</td><td>29,621</td><td>30,317</td></tr><tr><td>Italy</td><td>15,338</td><td>16,021</td><td>18,832</td><td>20,351</td><td>20,728</td><td>285,854</td><td>286,578</td><td>295,686</td><td>304,039</td><td>296,743</td></tr><tr><td>Luxembourg</td><td>163</td><td>201</td><td>53</td><td>64</td><td>3/</td><td>13,810</td><td>13,480</td><td>13,107</td><td>13,602</td><td>3/</td></tr><tr><td>Netherlands</td><td>6,867</td><td>6,063</td><td>6,318</td><td>5,183</td><td>2,670</td><td>165,692</td><td>182,942</td><td>162,923</td><td>169,968</td><td>177,330</td></tr><tr><td>Norway</td><td>7,961</td><td>7,264</td><td>7,475</td><td>7,380</td><td>951</td><td>60,819</td><td>62,570</td><td>66,446</td><td>69,357</td><td>76,441</td></tr><tr><td>Portugal</td><td>417</td><td>519</td><td>690</td><td>505</td><td>711</td><td>31,295</td><td>33,935</td><td>33,928</td><td>38,151</td><td>38,291</td></tr><tr><td>Romania</td><td>7,053</td><td>6,990</td><td>6,992</td><td>6,992</td><td>7</td><td>7,064</td><td>6,701</td><td>6,680</td><td>6,669</td><td>6,504</td></tr><tr><td>Spain</td><td>3,779</td><td>3,787</td><td>6,092</td><td>7,031</td><td>6,722</td><td>9,612</td><td>10,827</td><td>10,665</td><td>15,730</td><td>14,008</td></tr><tr><td>Sweden</td><td>1,802</td><td>2,066</td><td>2,060</td><td>2,397</td><td>3,368</td><td>61,998</td><td>69,150</td><td>78,633</td><td>89,903</td><td>96,099</td></tr><tr><td>Switzerland</td><td>3,636</td><td>4,002</td><td>4,630</td><td>3,818</td><td>5,650</td><td>558,604</td><td>576,833</td><td>567,639</td><td>568,554</td><td>507,439</td></tr><tr><td>U. S. S. R.</td><td>45</td><td>1</td><td>3</td><td>3</td><td>18</td><td>11,313</td><td>11,881</td><td>8,247</td><td>10,234</td><td>9,433</td></tr><tr><td>Yugoslavia</td><td>195</td><td>-</td><td>-</td><td>9</td><td>63</td><td>9,129</td><td>13,575</td><td>10,371</td><td>8,446</td><td>7,082</td></tr><tr><td>Other Europe</td><td>10,995</td><td>11,320</td><td>16,674</td><td>15,586</td><td>6,493</td><td>111,266</td><td>107,438</td><td>104,850</td><td>104,796</td><td>126,482</td></tr><tr><td>Total Europe</td><td>235,671</td><td>249,231</td><td>227,084</td><td>204,935</td><td>178,191 2/</td><td>2,280,334</td><td>2,413,583</td><td>2,441,270</td><td>2,507,594</td><td>2,481,622</td></tr><tr><td>Canada</td><td>35,388</td><td>31,758</td><td>32,992</td><td>37,842</td><td>40,216</td><td>807,496</td><td>810,752</td><td>824,907</td><td>865,599</td><td>919,364</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>52,427</td><td>53,251</td><td>52,058</td><td>51,612</td><td>49,268</td><td>221,653</td><td>227,701</td><td>233,661</td><td>201,291</td><td>210,162</td></tr><tr><td>Bolivia</td><td>2,349</td><td>2,522</td><td>1,899</td><td>2,249</td><td>5,181</td><td>16,165</td><td>15,742</td><td>13,232</td><td>13,546</td><td>13,911</td></tr><tr><td>Brazil</td><td>162,210</td><td>165,093</td><td>161,937</td><td>137,155</td><td>99,168</td><td>145,036</td><td>164,998</td><td>216,908</td><td>195,089</td><td>164,367</td></tr><tr><td>Chile</td><td>11,409</td><td>12,019</td><td>11,693</td><td>15,600</td><td>14,115</td><td>58,134</td><td>59,481</td><td>54,897</td><td>60,337</td><td>57,522</td></tr><tr><td>Colombia</td><td>22,614</td><td>22,555</td><td>22,349</td><td>21,355</td><td>19,864</td><td>51,023</td><td>57,561</td><td>70,071</td><td>86,130</td><td>97,347</td></tr><tr><td>Costa Rica</td><td>3,702</td><td>3,735</td><td>3,661</td><td>4,017</td><td>3/</td><td>8,297</td><td>8,224</td><td>6,956</td><td>8,315</td><td>3/</td></tr><tr><td>Cuba</td><td>17,539</td><td>20,013</td><td>26,386</td><td>27,479</td><td>27,060</td><td>179,577</td><td>181,726</td><td>178,441</td><td>164,541</td><td>169,746</td></tr><tr><td>French West Indies and Guiana</td><td>2</td><td>45</td><td>333</td><td>1</td><td>3/</td><td>1,279</td><td>781</td><td>560</td><td>531</td><td>3/</td></tr><tr><td>Mexico</td><td>64,119</td><td>66,375</td><td>72,024</td><td>72,127</td><td>50,280</td><td>184,205</td><td>185,694</td><td>194,964</td><td>223,210</td><td>184,076</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,055</td><td>2,977</td><td>1,226</td><td>1,319</td><td>1,082</td><td>27,761</td><td>30,542</td><td>23,535</td><td>25,880</td><td>26,501</td></tr><tr><td>Panama</td><td>4,557</td><td>5,366</td><td>5,316</td><td>5,339</td><td>4,320</td><td>69,054</td><td>72,686</td><td>74,197</td><td>74,271</td><td>71,807</td></tr><tr><td>Peru</td><td>6,356</td><td>6,286</td><td>5,804</td><td>5,777</td><td>6,488</td><td>59,439</td><td>61,382</td><td>53,296</td><td>53,613</td><td>48,707</td></tr><tr><td>Venezuela</td><td>22,314</td><td>22,953</td><td>23,645</td><td>25,671</td><td>25,326</td><td>99,366</td><td>160,392</td><td>129,184</td><td>143,266</td><td>117,357</td></tr><tr><td>Other Latin America</td><td>31,218</td><td>32,975</td><td>35,606</td><td>37,776</td><td>43,148</td><td>138,319</td><td>189,564</td><td>189,114</td><td>199,116</td><td>222,940</td></tr><tr><td>Total Latin America</td><td>401,871</td><td>416,165</td><td>423,937</td><td>407,477</td><td>345,300</td><td>1,319,308</td><td>1,416,474</td><td>1,439,016</td><td>1,449,136</td><td>1,384,443</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>18,045</td><td>16,503</td><td>16,284</td><td>16,529</td><td>17,039</td><td>124,132</td><td>116,285</td><td>113,443</td><td>113,533</td><td>110,144</td></tr><tr><td>French Indo-China</td><td>215</td><td>407</td><td>59</td><td>339</td><td>3/</td><td>5,118</td><td>5,268</td><td>5,162</td><td>5,228</td><td>3/</td></tr><tr><td>Hong Kong</td><td>3,409</td><td>3,765</td><td>4,155</td><td>3,567</td><td>4,085</td><td>82,309</td><td>81,533</td><td>83,346</td><td>86,116</td><td>89,893</td></tr><tr><td>India</td><td>16,764</td><td>18,833</td><td>16,971</td><td>17,349</td><td>16,629</td><td>59,928</td><td>52,609</td><td>56,383</td><td>63,048</td><td>69,511</td></tr><tr><td>British Malaya</td><td>486</td><td>452</td><td>356</td><td>620</td><td>3/</td><td>11,569</td><td>11,370</td><td>10,072</td><td>8,591</td><td>238,760</td></tr><tr><td>Japan</td><td>9,590</td><td>10,066</td><td>9,532</td><td>13,248</td><td>18,061</td><td>161,494</td><td>189,532</td><td>204,843</td><td>215,592</td><td>128,760</td></tr><tr><td>Netherlands East Indies</td><td>388</td><td>398</td><td>178</td><td>228</td><td>166</td><td>27,199</td><td>20,451</td><td>17,779</td><td>16,441</td><td>12,218</td></tr><tr><td>Philippine Islands</td><td>24,610</td><td>25,532</td><td>25,941</td><td>23,763</td><td>22,775</td><td>348,390</td><td>334,084</td><td>306,284</td><td>296,614</td><td>286,125</td></tr><tr><td>Turkey</td><td>19,433</td><td>14,263</td><td>15,656</td><td>14,252</td><td>10,452</td><td>15,090</td><td>12,083</td><td>10,015</td><td>9,836</td><td>11,958</td></tr><tr><td>Other Asia</td><td>33,728</td><td>43,272</td><td>46,053</td><td>46,764</td><td>39,800</td><td>224,291</td><td>193,283</td><td>177,189</td><td>152,307</td><td>165,261</td></tr><tr><td>Total Asia</td><td>126,668</td><td>133,491</td><td>135,185</td><td>136,659</td><td>129,010</td><td>1,059,520</td><td>1,016,498</td><td>984,516</td><td>967,306</td><td>983,876</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>4,645</td><td>4,773</td><td>5,448</td><td>7,935</td><td>10,368</td><td>31,657</td><td>44,040</td><td>39,418</td><td>32,607</td><td>29,781</td></tr><tr><td>New Zealand</td><td>1,029</td><td>863</td><td>537</td><td>487</td><td>3/</td><td>12,377</td><td>10,025</td><td>9,430</td><td>7,734</td><td>3/</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>370</td><td>476</td><td>589</td><td>226</td><td>152</td><td>58,658</td><td>60,152</td><td>58,348</td><td>62,683</td><td>72,779</td></tr><tr><td>French Morocco</td><td>390</td><td>680</td><td>449</td><td>847</td><td>3/</td><td>9,816</td><td>10,727</td><td>11,751</td><td>11,233</td><td>3/</td></tr><tr><td>Union of South Africa</td><td>3,963</td><td>3,811</td><td>3,623</td><td>4,505</td><td>9,570</td><td>5,842</td><td>5,695</td><td>6,949</td><td>5,956</td><td>21,567</td></tr><tr><td>All other</td><td>7,489</td><td>7,212</td><td>6,994</td><td>6,365</td><td>8,241</td><td>66,093</td><td>61,364</td><td>58,600</td><td>60,214</td><td>84,294</td></tr><tr><td>Total other countries</td><td>17,886</td><td>17,815</td><td>17,640</td><td>20,365</td><td>28,331</td><td>184,443</td><td>192,003</td><td>184,496</td><td>180,427</td><td>208,418</td></tr><tr><td>International 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>1,742,076</td><td>1,712,307</td><td>1,675,015</td><td>1,658,049</td><td>1,742,913</td></tr><tr><td>Unidentified</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>89</td><td>127</td><td>126</td><td>123</td><td>-</td></tr><tr><td>Grand total</td><td>817,484</td><td>848,461</td><td>836,838</td><td>807,278</td><td>721,076 2/</td><td>7,413,266</td><td>7,561,744</td><td>7,549,346</td><td>7,628,234</td><td>7,720,636</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Excludes $6,121 thousand formerly reported which has been written off.
3/ Not reported separately after 1949.
4/ Includes dollar balances of international organizations such as the International Monetary Fund and the International Bank. p Preliminary.
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)</th><th colspan="5">Credit balances (due to foreigners)</th></tr><tr><th></th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January p</th><th>September</th><th>October</th><th>November</th><th>December p</th><th>January 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><td></td></tr><tr><td>United Kingdom</td><td>1,474</td><td>947</td><td>985</td><td>1,124</td><td>1,597</td><td>3,176</td><td>2,440</td><td>2,092</td><td>2,169</td><td>1,858</td></tr><tr><td>France</td><td>919</td><td>931</td><td>850</td><td>1,100</td><td>1,000</td><td>2,970</td><td>3,162</td><td>3,094</td><td>3,310</td><td>2,809</td></tr><tr><td>Belgium</td><td>187</td><td>323</td><td>287</td><td>409</td><td>143</td><td>2,068</td><td>2,437</td><td>2,126</td><td>2,458</td><td>2,638</td></tr><tr><td>Denmark</td><td>20</td><td>220</td><td>100</td><td>235</td><td>169</td><td>86</td><td>76</td><td>78</td><td>75</td><td>47</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>60</td><td>20</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>10</td><td>9</td><td>9</td><td>9</td><td>9</td><td>-</td><td>52</td><td>62</td><td>59</td><td>31</td></tr><tr><td>Greece</td><td>7</td><td>7</td><td>4</td><td>4</td><td>12</td><td>9</td><td>14</td><td>53</td><td>68</td><td>60</td></tr><tr><td>Italy</td><td>35</td><td>33</td><td>85</td><td>44</td><td>66</td><td>425</td><td>378</td><td>451</td><td>465</td><td>475</td></tr><tr><td>Luxembourg</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>420</td><td>385</td><td>421</td><td>339</td><td>1/</td></tr><tr><td>Netherlands</td><td>191</td><td>124</td><td>143</td><td>157</td><td>119</td><td>3,469</td><td>4,144</td><td>4,461</td><td>3,423</td><td>4,785</td></tr><tr><td>Norway</td><td>389</td><td>285</td><td>394</td><td>424</td><td>380</td><td>1,215</td><td>1,204</td><td>1,183</td><td>1,162</td><td>1,038</td></tr><tr><td>Portugal</td><td>33</td><td>52</td><td>31</td><td>53</td><td>41</td><td>101</td><td>105</td><td>79</td><td>130</td><td>169</td></tr><tr><td>Rumani</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Spain</td><td>11</td><td>11</td><td>11</td><td>3</td><td>2</td><td>66</td><td>26</td><td>65</td><td>76</td><td>106</td></tr><tr><td>Sweden</td><td>27</td><td>31</td><td>40</td><td>46</td><td>240</td><td>238</td><td>232</td><td>195</td><td>197</td><td>209</td></tr><tr><td>Switzerland</td><td>1,942</td><td>1,820</td><td>2,832</td><td>3,400</td><td>3,614</td><td>21,126</td><td>23,571</td><td>22,915</td><td>26,559</td><td>26,188</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>42</td><td>42</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>17</td><td>17</td><td>18</td><td>27</td></tr><tr><td>Other Europe</td><td>220</td><td>227</td><td>166</td><td>199</td><td>600</td><td>636</td><td>630</td><td>750</td><td>540</td><td>958</td></tr><tr><td>Total Europe</td><td>5,465</td><td>5,020</td><td>5,937</td><td>7,211</td><td>7,992</td><td>36,096</td><td>38,906</td><td>38,056</td><td>41,061</td><td>41,454</td></tr><tr><td>Canada</td><td>4,228</td><td>4,417</td><td>5,718</td><td>4,598</td><td>3,744</td><td>5,855</td><td>4,911</td><td>4,633</td><td>5,418</td><td>6,124</td></tr><tr><td>Latina America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>797</td><td>633</td><td>774</td><td>822</td><td>738</td><td>1,464</td><td>1,727</td><td>1,700</td><td>1,712</td><td>1,648</td></tr><tr><td>Bolivia</td><td>2</td><td>1</td><td>3</td><td>4</td><td>5</td><td>16</td><td>37</td><td>45</td><td>61</td><td>113</td></tr><tr><td>Brazil</td><td>1,409</td><td>1,571</td><td>1,674</td><td>1,597</td><td>1,601</td><td>633</td><td>629</td><td>754</td><td>877</td><td>855</td></tr><tr><td>Chile</td><td>124</td><td>133</td><td>159</td><td>299</td><td>212</td><td>523</td><td>511</td><td>437</td><td>387</td><td>447</td></tr><tr><td>Colombia</td><td>646</td><td>709</td><td>789</td><td>1,060</td><td>1,066</td><td>402</td><td>390</td><td>512</td><td>562</td><td>845</td></tr><tr><td>Costa Rica</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>45</td><td>61</td><td>60</td><td>57</td><td>1/</td></tr><tr><td>Cuba</td><td>3,506</td><td>4,031</td><td>3,598</td><td>3,905</td><td>3,344</td><td>1,628</td><td>1,735</td><td>1,305</td><td>1,432</td><td>1,761</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1/</td><td>4</td><td>4</td><td>7</td><td>6</td><td>1/</td></tr><tr><td>Mexico</td><td>2,107</td><td>3,179</td><td>3,246</td><td>3,137</td><td>1,928</td><td>8,093</td><td>6,253</td><td>5,949</td><td>5,808</td><td>877</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>29</td><td>29</td><td>48</td><td>11</td><td>15</td><td>156</td><td>94</td><td>104</td><td>140</td><td>134</td></tr><tr><td>Panama</td><td>113</td><td>103</td><td>264</td><td>180</td><td>25</td><td>3,647</td><td>3,307</td><td>2,875</td><td>3,073</td><td>3,353</td></tr><tr><td>Peru</td><td>139</td><td>108</td><td>113</td><td>112</td><td>106</td><td>86</td><td>105</td><td>94</td><td>125</td><td>115</td></tr><tr><td>Venezuela</td><td>1,474</td><td>1,463</td><td>1,333</td><td>1,167</td><td>902</td><td>4,950</td><td>4,876</td><td>4,388</td><td>4,198</td><td>4,131</td></tr><tr><td>Other Latina America</td><td>473</td><td>250</td><td>325</td><td>870</td><td>1,248</td><td>6,064</td><td>6,947</td><td>6,698</td><td>6,070</td><td>6,187</td></tr><tr><td>Total Latina America</td><td>10,819</td><td>12,211</td><td>12,327</td><td>13,164</td><td>11,190</td><td>27,711</td><td>26,676</td><td>24,868</td><td>24,528</td><td>20,466</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>628</td><td>569</td><td>580</td><td>627</td><td>504</td><td>636</td><td>597</td><td>529</td><td>729</td><td>637</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>1</td><td>4</td><td>2</td><td>2</td><td>1/</td></tr><tr><td>Hong Kong</td><td>-</td><td>82</td><td>150</td><td>116</td><td>261</td><td>159</td><td>451</td><td>186</td><td>191</td><td>310</td></tr><tr><td>India</td><td>22</td><td>3</td><td>7</td><td>13</td><td>-</td><td>10</td><td>35</td><td>9</td><td>14</td><td>12</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>1</td><td>1</td><td>1</td><td>-</td><td>1/</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>41</td><td>31</td><td>43</td><td>24</td><td>33</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>12</td><td>13</td><td>13</td><td>21</td><td>16</td></tr><tr><td>Philippines Islands</td><td>259</td><td>297</td><td>150</td><td>154</td><td>159</td><td>254</td><td>168</td><td>149</td><td>156</td><td>124</td></tr><tr><td>Turkey</td><td>5</td><td>4</td><td>5</td><td>6</td><td>14</td><td>16</td><td>16</td><td>14</td><td>18</td><td>14</td></tr><tr><td>Other Asia</td><td>96</td><td>98</td><td>112</td><td>98</td><td>152</td><td>210</td><td>188</td><td>282</td><td>243</td><td>219</td></tr><tr><td>Total Asia</td><td>1,010</td><td>1,053</td><td>1,004</td><td>1,014</td><td>1,094</td><td>1,339</td><td>1,504</td><td>1,228</td><td>1,398</td><td>1,365</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>7</td><td>4</td><td>18</td><td>4</td><td>2</td><td>70</td><td>63</td><td>90</td><td>64</td><td>63</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1/</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>38</td><td>25</td><td>36</td><td>46</td><td>32</td></tr><tr><td>French Morocco</td><td>143</td><td>169</td><td>205</td><td>266</td><td>1/</td><td>377</td><td>414</td><td>527</td><td>535</td><td>1/</td></tr><tr><td>Union of South Africa</td><td>14</td><td>11</td><td>11</td><td>11</td><td>11</td><td>30</td><td>28</td><td>22</td><td>42</td><td>25</td></tr><tr><td>All other</td><td>16</td><td>20</td><td>45</td><td>40</td><td>286</td><td>276</td><td>281</td><td>244</td><td>356</td><td>943</td></tr><tr><td>Total other countries</td><td>180</td><td>204</td><td>279</td><td>323</td><td>299</td><td>791</td><td>811</td><td>919</td><td>1,043</td><td>1,063</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>21,702</td><td>22,905</td><td>25,265</td><td>26,310</td><td>24,319</td><td>71,792</td><td>72,808</td><td>69,704</td><td>73,448</td><td>70,472</td></tr></table>
1/ Not reported separately after 1949. Preliminary.
April 1950
59
CAPITAL MOVEMENTS
Section III - Details for Month of November 1949
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="3">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>54,769</td><td>47,760</td><td>41,112</td><td>4,541</td><td>2,107</td><td>7,009</td><td>2,411</td><td>2,148</td><td>2,450</td></tr><tr><td>France</td><td>52,194</td><td>114</td><td>63</td><td>32</td><td>19</td><td>52,080</td><td>45,170</td><td>102</td><td>6,808</td></tr><tr><td>Belgium</td><td>17,568</td><td>1,180</td><td>1,129</td><td>20</td><td>31</td><td>16,388</td><td>2,247</td><td>7,636</td><td>6,505</td></tr><tr><td>Denmark</td><td>668</td><td>65</td><td>55</td><td>7</td><td>3</td><td>603</td><td>264</td><td>180</td><td>159</td></tr><tr><td>Finland</td><td>9,198</td><td>1</td><td>1</td><td>-</td><td>-</td><td>9,197</td><td>4,930</td><td>4,240</td><td>27</td></tr><tr><td>Germany</td><td>22,132</td><td>27</td><td>6</td><td>21</td><td>-</td><td>22,105</td><td>17,475</td><td>67</td><td>4,563</td></tr><tr><td>Greece</td><td>736</td><td>5</td><td>-</td><td>5</td><td>-</td><td>731</td><td>12</td><td>-</td><td>719</td></tr><tr><td>Italy</td><td>18,832</td><td>134</td><td>105</td><td>78</td><td>1</td><td>18,648</td><td>5,111</td><td>981</td><td>12,556</td></tr><tr><td>Luxembourg</td><td>53</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53</td><td>1</td><td>-</td><td>52</td></tr><tr><td>Netherlands</td><td>6,318</td><td>382</td><td>331</td><td>39</td><td>12</td><td>5,936</td><td>1,756</td><td>775</td><td>3,405</td></tr><tr><td>Norway</td><td>7,475</td><td>106</td><td>82</td><td>21</td><td>3</td><td>7,369</td><td>77</td><td>7</td><td>7,285</td></tr><tr><td>Portugal</td><td>690</td><td>80</td><td>31</td><td>49</td><td>-</td><td>610</td><td>-</td><td>-</td><td>610</td></tr><tr><td>Romania</td><td>6,992</td><td>3</td><td>-</td><td>3</td><td>-</td><td>6,989</td><td>6,985</td><td>-</td><td>4</td></tr><tr><td>Spain</td><td>6,032</td><td>74</td><td>7</td><td>12</td><td>55</td><td>6,018</td><td>4,874</td><td>-</td><td>1,144</td></tr><tr><td>Sweden</td><td>2,060</td><td>282</td><td>250</td><td>1</td><td>31</td><td>1,778</td><td>354</td><td>17</td><td>1,407</td></tr><tr><td>Switzerland</td><td>4,630</td><td>2,343</td><td>1,953</td><td>138</td><td>252</td><td>2,287</td><td>365</td><td>243</td><td>1,679</td></tr><tr><td>U. S. S. R.</td><td>3</td><td>2</td><td>2</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</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>16,674</td><td>122</td><td>96</td><td>11</td><td>15</td><td>16,552</td><td>12,147</td><td>85</td><td>4,320</td></tr><tr><td>Total Europe</td><td>227,084</td><td>52,730</td><td>45,223</td><td>4,978</td><td>2,529</td><td>174,354</td><td>104,179</td><td>16,481</td><td>53,694</td></tr><tr><td>Canada</td><td>32,992</td><td>11,331</td><td>9,073</td><td>1,659</td><td>599</td><td>21,661</td><td>441</td><td>4,940</td><td>16,280</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>52,058</td><td>116</td><td>85</td><td>27</td><td>4</td><td>51,942</td><td>27,732</td><td>-</td><td>24,210</td></tr><tr><td>Bolivia</td><td>1,899</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,899</td><td>569</td><td>-</td><td>1,330</td></tr><tr><td>Brazil</td><td>161,937</td><td>15</td><td>5</td><td>1</td><td>9</td><td>161,922</td><td>10,056</td><td>396</td><td>151,470</td></tr><tr><td>Chile</td><td>11,693</td><td>5</td><td>1</td><td>1</td><td>3</td><td>11,688</td><td>21</td><td>1,799</td><td>9,868</td></tr><tr><td>Colombia</td><td>22,349</td><td>9</td><td>-</td><td>-</td><td>9</td><td>22,340</td><td>4,444</td><td>5,581</td><td>12,315</td></tr><tr><td>Costa Rica</td><td>3,661</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,661</td><td>-</td><td>-</td><td>3,661</td></tr><tr><td>Cuba</td><td>26,386</td><td>214</td><td>208</td><td>-</td><td>6</td><td>26,172</td><td>2,113</td><td>14,986</td><td>9,073</td></tr><tr><td>French West Indies and Guiana</td><td>333</td><td>-</td><td>-</td><td>-</td><td>-</td><td>333</td><td>21</td><td>-</td><td>312</td></tr><tr><td>Mexico</td><td>72,024</td><td>37,976</td><td>594</td><td>37,149</td><td>233</td><td>34,048</td><td>5,980</td><td>5,464</td><td>22,604</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,226</td><td>3</td><td>-</td><td>-</td><td>3</td><td>1,223</td><td>26</td><td>-</td><td>1,197</td></tr><tr><td>Panama</td><td>5,316</td><td>4</td><td>-</td><td>-</td><td>4</td><td>5,312</td><td>184</td><td>-</td><td>5,128</td></tr><tr><td>Peru</td><td>5,804</td><td>39</td><td>39</td><td>-</td><td>-</td><td>5,765</td><td>-</td><td>-</td><td>5,765</td></tr><tr><td>Venezuela</td><td>23,645</td><td>100</td><td>39</td><td>51</td><td>10</td><td>23,545</td><td>1,701</td><td>1,487</td><td>20,357</td></tr><tr><td>Other Latin America</td><td>35,606</td><td>31</td><td>29</td><td>-</td><td>2</td><td>35,575</td><td>13,447</td><td>3,058</td><td>19,070</td></tr><tr><td>Total Latin America</td><td>423,937</td><td>38,512</td><td>1,000</td><td>37,229</td><td>283</td><td>385,425</td><td>66,294</td><td>32,771</td><td>286,360</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>16,284</td><td>6</td><td>6</td><td>-</td><td>-</td><td>16,278</td><td>14,874</td><td>252</td><td>1,152</td></tr><tr><td>French Indo-China</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td><td>59</td><td>3</td><td>12</td><td>44</td></tr><tr><td>Hong Kong</td><td>4,155</td><td>41</td><td>25</td><td>13</td><td>3</td><td>4,114</td><td>2,040</td><td>563</td><td>1,511</td></tr><tr><td>India</td><td>16,971</td><td>13,551</td><td>2,880</td><td>10,636</td><td>35</td><td>3,420</td><td>995</td><td>366</td><td>2,069</td></tr><tr><td>British Malaya</td><td>356</td><td>73</td><td>73</td><td>-</td><td>-</td><td>283</td><td>19</td><td>81</td><td>183</td></tr><tr><td>Japan</td><td>9,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,532</td><td>801</td><td>-</td><td>8,731</td></tr><tr><td>Netherlands East Indies</td><td>178</td><td>-</td><td>-</td><td>-</td><td>-</td><td>178</td><td>-</td><td>84</td><td>94</td></tr><tr><td>Philippine Islands</td><td>25,941</td><td>526</td><td>483</td><td>26</td><td>17</td><td>25,415</td><td>9,861</td><td>3,707</td><td>11,847</td></tr><tr><td>Turkey</td><td>15,656</td><td>5</td><td>-</td><td>5</td><td>-</td><td>15,651</td><td>14,556</td><td>-</td><td>1,095</td></tr><tr><td>Other Asia</td><td>46,053</td><td>3,430</td><td>32</td><td>3,372</td><td>26</td><td>42,623</td><td>7,426</td><td>1,090</td><td>34,107</td></tr><tr><td>Total Asia</td><td>135,185</td><td>17,632</td><td>3,499</td><td>14,052</td><td>81</td><td>117,553</td><td>50,565</td><td>6,155</td><td>60,833</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>5,448</td><td>1,986</td><td>1,981</td><td>39</td><td>6</td><td>3,462</td><td>9</td><td>1,949</td><td>1,504</td></tr><tr><td>New Zealand</td><td>537</td><td>63</td><td>63</td><td>-</td><td>-</td><td>474</td><td>-</td><td>29</td><td>445</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>589</td><td>39</td><td>26</td><td>-</td><td>13</td><td>550</td><td>98</td><td>-</td><td>452</td></tr><tr><td>French Morocco</td><td>449</td><td>-</td><td>-</td><td>-</td><td>-</td><td>449</td><td>54</td><td>-</td><td>395</td></tr><tr><td>Union of South Africa</td><td>3,623</td><td>305</td><td>68</td><td>42</td><td>195</td><td>3,318</td><td>14</td><td>-</td><td>3,304</td></tr><tr><td>All other</td><td>6,994</td><td>17</td><td>8</td><td>81</td><td>9</td><td>6,977</td><td>1,756</td><td>-</td><td>5,221</td></tr><tr><td>Total other countries</td><td>17,640</td><td>2,410</td><td>2,106</td><td>81</td><td>223</td><td>15,230</td><td>1,931</td><td>1,978</td><td>11,321</td></tr><tr><td>Unidentified</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>836,838</td><td>122,515</td><td>60,901</td><td>57,999</td><td>3,715</td><td>714,223</td><td>223,410</td><td>62,325</td><td>428,488</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
60
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Details for Month of November 1949
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>556,666</td><td>512,047</td><td>171,480</td><td>3,328</td><td>33,427</td><td>3,812</td><td>44,619</td><td>1,738</td><td>39,531</td><td>3,350</td></tr><tr><td>France</td><td>183,083</td><td>182,942</td><td>126,956</td><td>1,038</td><td>53,125</td><td>1,883</td><td>141</td><td>87</td><td>41</td><td>13</td></tr><tr><td>Belgium</td><td>117,576</td><td>117,507</td><td>103,412</td><td>3,267</td><td>10,294</td><td>534</td><td>169</td><td>48</td><td>58</td><td>63</td></tr><tr><td>Denmark</td><td>35,392</td><td>35,387</td><td>26,976</td><td>5,746</td><td>2,608</td><td>57</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>23,995</td><td>23,995</td><td>23,956</td><td>31</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>141,555</td><td>141,541</td><td>140,751</td><td>398</td><td>147</td><td>245</td><td>14</td><td>11</td><td>-</td><td>3</td></tr><tr><td>Greece</td><td>23,728</td><td>23,701</td><td>23,537</td><td>133</td><td>-</td><td>31</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>295,686</td><td>295,683</td><td>234,807</td><td>1,322</td><td>58,849</td><td>705</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>13,107</td><td>13,107</td><td>12,707</td><td>-</td><td>389</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>162,923</td><td>162,857</td><td>142,817</td><td>184</td><td>19,923</td><td>33</td><td>66</td><td>24</td><td>1</td><td>41</td></tr><tr><td>Norway</td><td>66,446</td><td>66,445</td><td>45,267</td><td>3,735</td><td>17,405</td><td>38</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>33,928</td><td>33,880</td><td>33,560</td><td>294</td><td>23</td><td>3</td><td>48</td><td>48</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>6,680</td><td>6,680</td><td>6,661</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>10,665</td><td>10,654</td><td>10,294</td><td>257</td><td>55</td><td>18</td><td>11</td><td>9</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>78,633</td><td>78,578</td><td>35,375</td><td>11,959</td><td>31,237</td><td>7</td><td>55</td><td>9</td><td>-</td><td>46</td></tr><tr><td>Switzerland</td><td>567,639</td><td>564,809</td><td>402,118</td><td>75,464</td><td>32,557</td><td>54,670</td><td>2,830</td><td>2,287</td><td>179</td><td>364</td></tr><tr><td>U.S.S.R.</td><td>8,247</td><td>8,225</td><td>8,204</td><td>4</td><td>-</td><td>17</td><td>22</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>10,371</td><td>10,371</td><td>9,393</td><td>1</td><td>-</td><td>977</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>104,850</td><td>104,830</td><td>66,146</td><td>4,635</td><td>34,001</td><td>48</td><td>20</td><td>19</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>2,441,270</td><td>2,393,239</td><td>1,924,425</td><td>111,815</td><td>293,940</td><td>63,059</td><td>48,031</td><td>4,336</td><td>39,810</td><td>3,885</td></tr><tr><td>Canada</td><td>824,907</td><td>822,683</td><td>289,547</td><td>1,775</td><td>530,316</td><td>1,045</td><td>2,224</td><td>37</td><td>-</td><td>2,187</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>233,661</td><td>233,599</td><td>229,755</td><td>1,623</td><td>540</td><td>1,681</td><td>62</td><td>40</td><td>-</td><td>22</td></tr><tr><td>Bolivia</td><td>13,232</td><td>13,232</td><td>13,145</td><td>52</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>216,908</td><td>216,903</td><td>197,408</td><td>16,019</td><td>29</td><td>3,447</td><td>5</td><td>2</td><td>-</td><td>3</td></tr><tr><td>Chile</td><td>54,897</td><td>54,896</td><td>54,482</td><td>322</td><td>-</td><td>92</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>70,071</td><td>70,070</td><td>69,545</td><td>520</td><td>-</td><td>5</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,956</td><td>6,956</td><td>6,757</td><td>115</td><td>50</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>178,441</td><td>178,441</td><td>176,700</td><td>471</td><td>1,083</td><td>187</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>560</td><td>560</td><td>560</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>194,964</td><td>194,742</td><td>178,510</td><td>822</td><td>14,225</td><td>1,185</td><td>222</td><td>11</td><td>-</td><td>211</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>23,535</td><td>23,535</td><td>12,535</td><td>-</td><td>11,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>74,197</td><td>74,194</td><td>60,809</td><td>634</td><td>11,701</td><td>1,000</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>53,295</td><td>53,296</td><td>52,743</td><td>430</td><td>102</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Veozuela</td><td>129,134</td><td>128,990</td><td>128,920</td><td>51</td><td>-</td><td>19</td><td>194</td><td>192</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>189,114</td><td>188,794</td><td>161,832</td><td>3,256</td><td>23,318</td><td>388</td><td>320</td><td>306</td><td>-</td><td>14</td></tr><tr><td>Total Latin America</td><td>1,439,016</td><td>1,438,208</td><td>1,343,701</td><td>24,365</td><td>62,048</td><td>8,094</td><td>808</td><td>556</td><td>-</td><td>252</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>113,443</td><td>113,442</td><td>108,043</td><td>926</td><td>3,540</td><td>933</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>5,162</td><td>5,162</td><td>4,162</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>83,346</td><td>83,194</td><td>81,699</td><td>1,488</td><td>-</td><td>7</td><td>152</td><td>152</td><td>-</td><td>-</td></tr><tr><td>India</td><td>56,383</td><td>56,090</td><td>54,297</td><td>1,618</td><td>82</td><td>93</td><td>293</td><td>6</td><td>129</td><td>158</td></tr><tr><td>British Malaya</td><td>10,072</td><td>10,072</td><td>9,385</td><td>472</td><td>215</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>204,843</td><td>204,771</td><td>203,232</td><td>520</td><td>881</td><td>138</td><td>72</td><td>72</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>17,779</td><td>17,779</td><td>17,236</td><td>115</td><td>125</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>306,284</td><td>306,278</td><td>289,790</td><td>549</td><td>13,000</td><td>2,939</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>10,015</td><td>10,014</td><td>9,859</td><td>144</td><td>9</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>177,189</td><td>176,596</td><td>133,850</td><td>1,089</td><td>41,496</td><td>161</td><td>593</td><td>63</td><td>-</td><td>530</td></tr><tr><td>Total Asia</td><td>984,516</td><td>983,398</td><td>911,553</td><td>6,921</td><td>60,648</td><td>4,275</td><td>1,118</td><td>301</td><td>129</td><td>688</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>39,418</td><td>39,147</td><td>36,909</td><td>1,292</td><td>815</td><td>131</td><td>271</td><td>26</td><td>16</td><td>229</td></tr><tr><td>New Zealand</td><td>9,430</td><td>9,243</td><td>9,109</td><td>109</td><td>-</td><td>25</td><td>187</td><td>-</td><td>-</td><td>187</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>58,318</td><td>58,344</td><td>58,332</td><td>12</td><td>-</td><td>-</td><td>4</td><td>3</td><td>-</td><td>1</td></tr><tr><td>French Morocco</td><td>11,751</td><td>11,750</td><td>10,793</td><td>57</td><td>900</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Union of South Africa</td><td>6,949</td><td>6,949</td><td>6,396</td><td>34</td><td>25</td><td>494</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>58,600</td><td>58,591</td><td>44,045</td><td>766</td><td>13,765</td><td>15</td><td>9</td><td>-</td><td>-</td><td>9</td></tr><tr><td>Total other countries</td><td>184,496</td><td>184,024</td><td>165,584</td><td>2,270</td><td>15,505</td><td>665</td><td>472</td><td>29</td><td>16</td><td>427</td></tr><tr><td>Intercontinental</td><td>1,675,015</td><td>1,675,015</td><td>340,151</td><td>-</td><td>1,334,864</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>126</td><td>126</td><td>126</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>7,549,316</td><td>7,146,693</td><td>4,975,087</td><td>147,116</td><td>2,297,321</td><td>77,139</td><td>52,653</td><td>5,259</td><td>39,955</td><td>7,439</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Include transactions of international organizations such as the International Monetary Fund and the International Bank.
April 1950
61
CAPITAL MOVEMENTS
Section III - Details for Month of November 1949
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>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Domestic securities Total</th><th>Stocks</th><th>Bonds</th><th>Foreign securities Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>18,358</td><td>16,006</td><td>8,538</td><td>7,488</td><td>2,332</td><td>511</td><td>1,821</td><td>16,491</td><td>12,745</td><td>5,649</td><td>7,096</td><td>3,746</td><td>834</td><td>2,912</td></tr><tr><td>France</td><td>1,987</td><td>998</td><td>757</td><td>241</td><td>989</td><td>870</td><td>119</td><td>2,676</td><td>1,792</td><td>1,356</td><td>436</td><td>884</td><td>584</td><td>300</td></tr><tr><td>Belgium</td><td>1,948</td><td>1,202</td><td>1,039</td><td>163</td><td>746</td><td>296</td><td>450</td><td>1,865</td><td>1,603</td><td>1,320</td><td>283</td><td>662</td><td>102</td><td>160</td></tr><tr><td>Denmark</td><td>102</td><td>56</td><td>9</td><td>47</td><td>46</td><td>12</td><td>34</td><td>108</td><td>90</td><td>72</td><td>18</td><td>18</td><td>3</td><td>15</td></tr><tr><td>Finland</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</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>33</td><td>33</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>50</td><td>44</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>369</td><td>353</td><td>186</td><td>167</td><td>16</td><td>-</td><td>16</td><td>1,099</td><td>1,083</td><td>428</td><td>655</td><td>16</td><td>1</td><td>15</td></tr><tr><td>Luxembourg</td><td>120</td><td>108</td><td>72</td><td>36</td><td>12</td><td>11</td><td>1</td><td>151</td><td>136</td><td>60</td><td>76</td><td>15</td><td>-</td><td>15</td></tr><tr><td>Netherlande</td><td>2,108</td><td>1,245</td><td>1,166</td><td>79</td><td>863</td><td>192</td><td>371</td><td>6,442</td><td>5,599</td><td>5,390</td><td>209</td><td>843</td><td>329</td><td>514</td></tr><tr><td>Norway</td><td>723</td><td>316</td><td>228</td><td>88</td><td>407</td><td>10</td><td>397</td><td>383</td><td>261</td><td>244</td><td>17</td><td>122</td><td>-</td><td>122</td></tr><tr><td>Portugal</td><td>108</td><td>73</td><td>62</td><td>11</td><td>35</td><td>29</td><td>6</td><td>95</td><td>47</td><td>42</td><td>5</td><td>48</td><td>18</td><td>30</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Spain</td><td>34</td><td>23</td><td>23</td><td>-</td><td>11</td><td>-</td><td>11</td><td>151</td><td>116</td><td>116</td><td>-</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Sweden</td><td>629</td><td>504</td><td>18</td><td>566</td><td>45</td><td>19</td><td>26</td><td>231</td><td>148</td><td>43</td><td>5</td><td>183</td><td>-</td><td>183</td></tr><tr><td>Switzerland</td><td>31,936</td><td>26,565</td><td>24,762</td><td>1,803</td><td>5,371</td><td>3,494</td><td>1,877</td><td>29,078</td><td>26,347</td><td>24,408</td><td>1,939</td><td>2,731</td><td>1,557</td><td>1,174</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>400</td><td>358</td><td>356</td><td>2</td><td>42</td><td>5</td><td>37</td><td>583</td><td>576</td><td>437</td><td>139</td><td>7</td><td>4</td><td>3</td></tr><tr><td>Total Europe</td><td>58,874</td><td>47,959</td><td>37,268</td><td>10,691</td><td>10,915</td><td>5,749</td><td>5,166</td><td>59,409</td><td>50,527</td><td>39,643</td><td>10,884</td><td>8,882</td><td>3,437</td><td>5,445</td></tr><tr><td>Canada</td><td>37,308</td><td>9,114</td><td>6,407</td><td>2,707</td><td>28,194</td><td>4,683</td><td>23,511</td><td>24,531</td><td>13,379</td><td>7,687</td><td>5,692</td><td>11,152</td><td>5,541</td><td>5,611</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>1,005</td><td>646</td><td>496</td><td>150</td><td>359</td><td>69</td><td>290</td><td>995</td><td>890</td><td>882</td><td>8</td><td>105</td><td>76</td><td>29</td></tr><tr><td>Bolivia</td><td>91</td><td>86</td><td>31</td><td>55</td><td>5</td><td>2</td><td>3</td><td>5</td><td>5</td><td>4</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>612</td><td>250</td><td>249</td><td>1</td><td>362</td><td>92</td><td>270</td><td>337</td><td>267</td><td>265</td><td>2</td><td>70</td><td>9</td><td>61</td></tr><tr><td>Chile</td><td>1,084</td><td>183</td><td>176</td><td>7</td><td>901</td><td>38</td><td>863</td><td>223</td><td>185</td><td>181</td><td>4</td><td>38</td><td>2</td><td>36</td></tr><tr><td>Colombia</td><td>178</td><td>164</td><td>164</td><td>-</td><td>14</td><td>3</td><td>11</td><td>148</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,282</td><td>865</td><td>840</td><td>25</td><td>417</td><td>108</td><td>309</td><td>1,048</td><td>985</td><td>556</td><td>429</td><td>63</td><td>22</td><td>41</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>528</td><td>392</td><td>362</td><td>30</td><td>136</td><td>72</td><td>64</td><td>555</td><td>552</td><td>490</td><td>62</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>112</td><td>87</td><td>87</td><td>-</td><td>25</td><td>25</td><td>-</td><td>78</td><td>76</td><td>66</td><td>10</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Panama</td><td>923</td><td>765</td><td>652</td><td>113</td><td>158</td><td>77</td><td>81</td><td>3,025</td><td>2,889</td><td>2,601</td><td>288</td><td>136</td><td>116</td><td>20</td></tr><tr><td>Peru</td><td>119</td><td>119</td><td>92</td><td>27</td><td>-</td><td>-</td><td>-</td><td>77</td><td>76</td><td>74</td><td>2</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Venezuela</td><td>863</td><td>841</td><td>533</td><td>308</td><td>22</td><td>13</td><td>9</td><td>586</td><td>575</td><td>232</td><td>343</td><td>11</td><td>11</td><td>-</td></tr><tr><td>Other Latin America</td><td>2,719</td><td>2,308</td><td>1,683</td><td>625</td><td>411</td><td>181</td><td>230</td><td>3,523</td><td>2,020</td><td>1,925</td><td>95</td><td>1,503</td><td>150</td><td>1,353</td></tr><tr><td>Total Latin America</td><td>9,517</td><td>6,707</td><td>5,366</td><td>1,341</td><td>2,810</td><td>680</td><td>2,130</td><td>10,601</td><td>8,668</td><td>7,424</td><td>1,244</td><td>1,933</td><td>387</td><td>1,546</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>863</td><td>766</td><td>764</td><td>2</td><td>97</td><td>57</td><td>40</td><td>438</td><td>340</td><td>318</td><td>22</td><td>98</td><td>31</td><td>67</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>Rong Kong</td><td>1,166</td><td>1,144</td><td>744</td><td>400</td><td>22</td><td>-</td><td>22</td><td>758</td><td>757</td><td>450</td><td>307</td><td>1</td><td>1</td><td>-</td></tr><tr><td>India</td><td>150</td><td>150</td><td>134</td><td>16</td><td>-</td><td>-</td><td>-</td><td>120</td><td>109</td><td>105</td><td>4</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Britleh Malaya</td><td>166</td><td>143</td><td>14</td><td>129</td><td>23</td><td>3</td><td>23</td><td>45</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>9</td><td>-</td><td>-</td><td>-</td><td>9</td><td>3</td><td>6</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlande East Indies</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>135</td><td>130</td><td>125</td><td>5</td><td>5</td><td>5</td><td>-</td><td>18</td><td>13</td><td>10</td><td>3</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Turkey</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>193</td><td>155</td><td>71</td><td>84</td><td>38</td><td>26</td><td>12</td><td>267</td><td>244</td><td>178</td><td>66</td><td>23</td><td>6</td><td>17</td></tr><tr><td>Total Asia</td><td>2,708</td><td>2,514</td><td>1,878</td><td>636</td><td>194</td><td>91</td><td>103</td><td>1,666</td><td>1,528</td><td>1,126</td><td>402</td><td>138</td><td>43</td><td>95</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>64</td><td>2</td><td>2</td><td>-</td><td>62</td><td>-</td><td>62</td><td>50</td><td>50</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>218</td><td>218</td><td>208</td><td>10</td><td>-</td><td>-</td><td>-</td><td>27</td><td>21</td><td>21</td><td>6</td><td>6</td><td>6</td><td>-</td></tr><tr><td>French Morocco</td><td>248</td><td>232</td><td>230</td><td>2</td><td>16</td><td>2</td><td>14</td><td>228</td><td>213</td><td>212</td><td>1</td><td>15</td><td>15</td><td>-</td></tr><tr><td>Union of South Africa</td><td>21</td><td>18</td><td>18</td><td>-</td><td>3</td><td>3</td><td>-</td><td>31</td><td>21</td><td>20</td><td>1</td><td>10</td><td>-</td><td>10</td></tr><tr><td>All other</td><td>126</td><td>111</td><td>70</td><td>41</td><td>15</td><td>12</td><td>3</td><td>1,066</td><td>1,029</td><td>989</td><td>40</td><td>37</td><td>3</td><td>34</td></tr><tr><td>Total other countries</td><td>677</td><td>581</td><td>528</td><td>53</td><td>96</td><td>17</td><td>79</td><td>1,406</td><td>1,338</td><td>1,296</td><td>42</td><td>68</td><td>24</td><td>44</td></tr><tr><td>International 1/</td><td>1,250</td><td>1,250</td><td>-</td><td>1,250</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>110,334</td><td>68,125</td><td>51,447</td><td>16,678</td><td>42,209</td><td>11,220</td><td>30,989</td><td>97,613</td><td>75,440</td><td>57,176</td><td>18,264</td><td>22,173</td><td>9,432</td><td>12,741</td></tr></table>
1/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
62
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A- Preliminary Details for Month of January 1950
Table 1.- Short-Term Claims on Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in dollars</th><th colspan="4">Short-term claims payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Foreign banks and official institutions</th><th>Others</th><th>Collections outstanding for own account and domestic customers</th><th>Other</th><th>Total</th><th>Deposits of reporting banks and domestic customers with foreigners</th><th>Collections outstanding for own account and domestic customers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>1,163</td><td>1,091</td><td>381</td><td>710</td><td>-</td><td>-</td><td>72</td><td>59</td><td>-</td><td>13</td></tr><tr><td>Belgium</td><td>15,605</td><td>14,793</td><td>949</td><td>343</td><td>3,873</td><td>9,628</td><td>812</td><td>809</td><td>2</td><td>1</td></tr><tr><td>Czechoslovakia</td><td>29</td><td>6</td><td>-</td><td>-</td><td>6</td><td>-</td><td>23</td><td>12</td><td>11</td><td>-</td></tr><tr><td>Denmark</td><td>499</td><td>156</td><td>24</td><td>14</td><td>113</td><td>305</td><td>43</td><td>37</td><td>6</td><td>-</td></tr><tr><td>Finland</td><td>4,884</td><td>4,883</td><td>1,982</td><td>-</td><td>27</td><td>2,874</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>France</td><td>51,489</td><td>51,282</td><td>45,628</td><td>5,499</td><td>102</td><td>53</td><td>207</td><td>188</td><td>19</td><td>-</td></tr><tr><td>Germany 1/</td><td>25,524</td><td>25,498</td><td>11,076 2/</td><td>6,151</td><td>205</td><td>8,066</td><td>26</td><td>26</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>169</td><td>164</td><td>28</td><td>-</td><td>136</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Italy</td><td>20,728</td><td>20,636</td><td>9,580</td><td>6,420</td><td>1,351</td><td>3,285</td><td>92</td><td>87</td><td>5</td><td>-</td></tr><tr><td>Netherlands</td><td>2,670</td><td>2,175</td><td>179</td><td>254</td><td>1,272</td><td>470</td><td>495</td><td>481</td><td>14</td><td>-</td></tr><tr><td>Norway</td><td>951</td><td>881</td><td>21</td><td>542</td><td>233</td><td>85</td><td>70</td><td>70</td><td>-</td><td>-</td></tr><tr><td>Poland</td><td>588</td><td>548</td><td>509</td><td>-</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>711</td><td>394</td><td>44</td><td>57</td><td>293</td><td>-</td><td>317</td><td>317</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>7</td><td>4</td><td>-</td><td>-</td><td>4</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>6,722</td><td>6,643</td><td>6,126</td><td>43</td><td>474</td><td>-</td><td>79</td><td>27</td><td>52</td><td>-</td></tr><tr><td>Sweden</td><td>3,368</td><td>2,961</td><td>922</td><td>619</td><td>683</td><td>737</td><td>407</td><td>374</td><td>33</td><td>-</td></tr><tr><td>Switzerland</td><td>5,650</td><td>2,992</td><td>80</td><td>1,211</td><td>1,130</td><td>571</td><td>2,658</td><td>2,485</td><td>3</td><td>170</td></tr><tr><td>U. S. R.</td><td>18</td><td>18</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>32,640</td><td>6,289</td><td>1,436</td><td>1,422</td><td>814</td><td>2,567</td><td>26,351</td><td>25,039</td><td>509</td><td>803</td></tr><tr><td>Yugoslavia</td><td>63</td><td>63</td><td>-</td><td>44</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>4,753</td><td>4,651</td><td>1,899</td><td>1,932</td><td>428</td><td>392</td><td>102</td><td>100</td><td>2</td><td>-</td></tr><tr><td>Total Europe</td><td>178,191</td><td>146,428</td><td>80,914</td><td>25,261</td><td>11,220</td><td>29,033</td><td>31,763</td><td>30,115</td><td>656</td><td>992</td></tr><tr><td>Canada</td><td>40,216</td><td>24,856</td><td>1,377</td><td>19,471</td><td>2,292</td><td>1,716</td><td>15,350</td><td>14,649</td><td>649</td><td>62</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>49,268</td><td>49,204</td><td>25,956</td><td>1,725</td><td>21,523</td><td>-</td><td>64</td><td>61</td><td>2</td><td>1</td></tr><tr><td>Bolivia</td><td>5,181</td><td>5,180</td><td>3,521</td><td>97</td><td>1,523</td><td>39</td><td>1</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Brazil</td><td>99,168</td><td>99,139</td><td>5,743</td><td>12,679</td><td>80,717</td><td>-</td><td>29</td><td>15</td><td>2</td><td>12</td></tr><tr><td>Chile</td><td>14,115</td><td>14,050</td><td>16</td><td>8,419</td><td>3,985</td><td>1,630</td><td>65</td><td>2</td><td>63</td><td>-</td></tr><tr><td>Colombia</td><td>19,864</td><td>19,856</td><td>4,604</td><td>3,428</td><td>7,368</td><td>4,456</td><td>8</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Cuba</td><td>27,060</td><td>26,730</td><td>3,163</td><td>1,229</td><td>7,682</td><td>14,656</td><td>330</td><td>327</td><td>3</td><td>-</td></tr><tr><td>Dominican Republic</td><td>1,814</td><td>1,813</td><td>-</td><td>515</td><td>1,273</td><td>25</td><td>21</td><td>-</td><td>19</td><td>2</td></tr><tr><td>Guatemala</td><td>2,446</td><td>2,444</td><td>395</td><td>300</td><td>1,167</td><td>582</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Mexico</td><td>50,280</td><td>34,316</td><td>15,327</td><td>9,137</td><td>4,921</td><td>4,931</td><td>15,964</td><td>15,673</td><td>138</td><td>153</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>1,082</td><td>1,072</td><td>-</td><td>10</td><td>1,062</td><td>-</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Paraguay</td><td>6,488</td><td>6,460</td><td>-</td><td>1,170</td><td>4,848</td><td>442</td><td>28</td><td>25</td><td>-</td><td>3</td></tr><tr><td>Republic of Panama</td><td>4,320</td><td>4,320</td><td>167</td><td>2,837</td><td>1,062</td><td>254</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>El Salvador</td><td>6,543</td><td>6,543</td><td>1</td><td>709</td><td>883</td><td>4,950</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>9,045</td><td>8,965</td><td>7,576</td><td>709</td><td>654</td><td>26</td><td>80</td><td>80</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>25,326</td><td>25,103</td><td>2,130</td><td>5,965</td><td>15,584</td><td>1,374</td><td>223</td><td>146</td><td>77</td><td>-</td></tr><tr><td>Other Latin America</td><td>23,280</td><td>23,269</td><td>11,664</td><td>573</td><td>10,040</td><td>992</td><td>11</td><td>3</td><td>8</td><td>-</td></tr><tr><td>Total Latin America</td><td>345,300</td><td>328,464</td><td>80,313</td><td>49,502</td><td>164,292</td><td>34,357</td><td>16,836</td><td>16,346</td><td>317</td><td>173</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>17,039</td><td>17,035</td><td>15,933</td><td>431</td><td>313</td><td>358</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>4,085</td><td>4,054</td><td>1,838</td><td>42</td><td>2,154</td><td>20</td><td>31</td><td>28</td><td>3</td><td>-</td></tr><tr><td>India</td><td>16,629</td><td>4,355</td><td>1,767</td><td>9</td><td>2,574</td><td>5</td><td>12,274</td><td>12,249</td><td>25</td><td>-</td></tr><tr><td>Indonesia</td><td>166</td><td>166</td><td>-</td><td>-</td><td>166</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>13,558</td><td>13,541</td><td>18</td><td>11</td><td>13,512</td><td>-</td><td>17</td><td>-</td><td>17</td><td>-</td></tr><tr><td>Israel</td><td>11,789</td><td>11,772</td><td>9,609</td><td>125</td><td>498</td><td>1,540</td><td>17</td><td>12</td><td>5</td><td>-</td></tr><tr><td>Japan</td><td>18,064</td><td>18,059</td><td>3,162</td><td>14,507</td><td>390</td><td>-</td><td>5</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Philippines</td><td>22,775</td><td>22,347</td><td>8,373</td><td>91</td><td>13,872</td><td>11</td><td>428</td><td>327</td><td>101</td><td>-</td></tr><tr><td>Thailand</td><td>2,411</td><td>2,411</td><td>1,673</td><td>-</td><td>738</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>10,452</td><td>10,447</td><td>9,672</td><td>10</td><td>765</td><td>-</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>12,042</td><td>8,750</td><td>6,355</td><td>183</td><td>2,212</td><td>-</td><td>3,292</td><td>3,086</td><td>206</td><td>-</td></tr><tr><td>Total Asia</td><td>129,010</td><td>112,937</td><td>58,400</td><td>15,409</td><td>37,194</td><td>1,934</td><td>16,073</td><td>15,711</td><td>362</td><td>-</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>10,368</td><td>3,540</td><td>424</td><td>38</td><td>1,123</td><td>1,955</td><td>6,828</td><td>6,159</td><td>18</td><td>651</td></tr><tr><td>Belgian Congo</td><td>3,636</td><td>3,606</td><td>-</td><td>1</td><td>3,605</td><td>-</td><td>30</td><td>13</td><td>-</td><td>17</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>152</td><td>102</td><td>10</td><td>20</td><td>39</td><td>33</td><td>50</td><td>35</td><td>2</td><td>13</td></tr><tr><td>Union of South Africa</td><td>9,570</td><td>9,368</td><td>7,251</td><td>-</td><td>1,341</td><td>776</td><td>202</td><td>16</td><td>29</td><td>127</td></tr><tr><td>All other</td><td>4,605</td><td>4,517</td><td>1,337</td><td>392</td><td>2,620</td><td>168</td><td>88</td><td>80</td><td>7</td><td>1</td></tr><tr><td>Total other countries</td><td>28,331</td><td>21,133</td><td>9,022</td><td>451</td><td>8,728</td><td>2,932</td><td>7,198</td><td>6,333</td><td>56</td><td>809</td></tr><tr><td>International 3/</td><td>28</td><td>28</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>721,076</td><td>633,846</td><td>230,026</td><td>110,094</td><td>223,754</td><td>69,972</td><td>87,230</td><td>83,154</td><td>2,040</td><td>2,036</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes. 2/ Excludes $6,121 thousand formerly reported which has been written off.
3/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
April 1950
63
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of January 1950
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month in thousands of dollars)
<table><tr><th rowspan="2">Country</th><th rowspan="2">Total short-term liabilities</th><th colspan="4">To foreign banks and official institutions</th><th colspan="4">To all other foreigners</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>To foreign banks and official institutions</th><th>To others</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>Austria</td><td>44,268</td><td>43,345</td><td>7,973</td><td>31,375</td><td>3,997</td><td>879</td><td>845</td><td>21</td><td>13</td><td>44</td><td>-</td><td>44</td></tr><tr><td>Belgium</td><td>124,894</td><td>67,829</td><td>52,618</td><td>10,278</td><td>4,933</td><td>56,816</td><td>55,405</td><td>1,328</td><td>83</td><td>249</td><td>201</td><td>48</td></tr><tr><td>Czechoslovakia</td><td>17,708</td><td>17,230</td><td>13,456</td><td>3,000</td><td>774</td><td>459</td><td>458</td><td></td><td>1</td><td>19</td><td>19</td><td></td></tr><tr><td>Denmark</td><td>35,218</td><td>23,600</td><td>11,950</td><td>5,000</td><td>6,650</td><td>11,609</td><td>9,318</td><td>1,784</td><td>507</td><td>9</td><td>9</td><td></td></tr><tr><td>Finland</td><td>23,805</td><td>21,891</td><td>19,891</td><td>-</td><td>2,000</td><td>1,914</td><td>1,914</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>France</td><td>152,326</td><td>93,164</td><td>73,641</td><td>18,086</td><td>1,437</td><td>58,924</td><td>56,293</td><td>2,599</td><td>32</td><td>238</td><td>221</td><td>17</td></tr><tr><td>Germany 1/</td><td>149,740</td><td>115,518</td><td>114,023</td><td>-</td><td>1,495</td><td>34,216</td><td>34,036</td><td>126</td><td>54</td><td>6</td><td>6</td><td></td></tr><tr><td>Greece</td><td>30,317</td><td>24,629</td><td>24,606</td><td></td><td>23</td><td>5,686</td><td>5,571</td><td>114</td><td>1</td><td>2</td><td>2</td><td></td></tr><tr><td>Italy</td><td>296,743</td><td>276,309</td><td>211,313</td><td>63,420</td><td>1,576</td><td>20,424</td><td>20,050</td><td>242</td><td>132</td><td>10</td><td>10</td><td></td></tr><tr><td>Netherlands</td><td>177,330</td><td>145,459</td><td>133,996</td><td>10,340</td><td>1,123</td><td>31,827</td><td>28,974</td><td>2,840</td><td>13</td><td>44</td><td>14</td><td>30</td></tr><tr><td>Norway</td><td>76,441</td><td>57,083</td><td>22,335</td><td>31,245</td><td>3,503</td><td>19,357</td><td>19,061</td><td>296</td><td>-</td><td>1</td><td>1</td><td></td></tr><tr><td>Poland</td><td>6,017</td><td>5,367</td><td>5,364</td><td>-</td><td>3</td><td>649</td><td>646</td><td>-</td><td>3</td><td>1</td><td>1</td><td></td></tr><tr><td>Portugal</td><td>38,291</td><td>32,566</td><td>32,405</td><td>-</td><td>161</td><td>5,706</td><td>5,509</td><td>23</td><td>174</td><td>19</td><td>11</td><td>8</td></tr><tr><td>Romania</td><td>6,504</td><td>4,955</td><td>4,953</td><td>-</td><td>2</td><td>1,540</td><td>1,540</td><td>-</td><td>-</td><td>9</td><td>9</td><td></td></tr><tr><td>Spain</td><td>14,008</td><td>7,833</td><td>7,579</td><td>-</td><td>254</td><td>6,156</td><td>6,098</td><td>55</td><td>3</td><td>19</td><td>18</td><td>1</td></tr><tr><td>Sweden</td><td>96,099</td><td>90,359</td><td>27,239</td><td>43,000</td><td>20,120</td><td>5,721</td><td>5,602</td><td>117</td><td>2</td><td>19</td><td>19</td><td></td></tr><tr><td>Switzerland</td><td>507,439</td><td>375,322</td><td>275,871</td><td>26,996</td><td>72,455</td><td>130,151</td><td>109,579</td><td>10,969</td><td>9,603</td><td>1,966</td><td>1,674</td><td>292</td></tr><tr><td>U. S. S. R.</td><td>9,434</td><td>8,802</td><td>8,798</td><td>-</td><td>4</td><td>611</td><td>611</td><td>-</td><td>-</td><td>21</td><td>21</td><td></td></tr><tr><td>United Kingdom</td><td>609,459</td><td>512,437</td><td>487,643</td><td>19,984</td><td>4,810</td><td>59,024</td><td>42,776</td><td>14,749</td><td>1,499</td><td>38,008</td><td>37,560</td><td>448</td></tr><tr><td>Yugoslavia</td><td>7,082</td><td>6,025</td><td>6,023</td><td>-</td><td>2</td><td>1,057</td><td>1,056</td><td>-</td><td>1</td><td>-</td><td>-</td><td></td></tr><tr><td>Other Europe</td><td>58,489</td><td>38,698</td><td>31,024</td><td>7,121</td><td>553</td><td>19,777</td><td>19,710</td><td>64</td><td>3</td><td>14</td><td>14</td><td></td></tr><tr><td>Total Europe</td><td>2,481,622</td><td>1,968,421</td><td>1,572,701</td><td>269,845</td><td>125,875</td><td>472,503</td><td>425,052</td><td>35,327</td><td>12,124</td><td>40,698</td><td>39,799</td><td>899</td></tr><tr><td>Canada</td><td>919,364</td><td>733,123</td><td>178,014</td><td>554,160</td><td>949</td><td>182,537</td><td>164,011</td><td>18,439</td><td>87</td><td>3,704</td><td>1,273</td><td>2,431</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></tr><tr><td>Argentina</td><td>210,162</td><td>163,050</td><td>160,188</td><td>55</td><td>2,807</td><td>47,053</td><td>46,884</td><td>92</td><td>77</td><td>59</td><td>34</td><td>25</td></tr><tr><td>Bolivia</td><td>13,911</td><td>5,276</td><td>5,269</td><td>-</td><td>7</td><td>8,634</td><td>8,633</td><td>-</td><td>1</td><td>1</td><td>1</td><td></td></tr><tr><td>Brazil</td><td>164,367</td><td>131,940</td><td>121,469</td><td>-</td><td>10,471</td><td>32,412</td><td>32,092</td><td>22</td><td>298</td><td>15</td><td>15</td><td></td></tr><tr><td>Chile</td><td>57,522</td><td>29,888</td><td>28,616</td><td>-</td><td>1,272</td><td>27,633</td><td>27,315</td><td>22</td><td>296</td><td>1</td><td>1</td><td></td></tr><tr><td>Colombia</td><td>97,347</td><td>76,991</td><td>76,527</td><td>-</td><td>464</td><td>20,356</td><td>20,333</td><td>-</td><td>23</td><td>-</td><td>-</td><td></td></tr><tr><td>Cuba</td><td>169,746</td><td>117,126</td><td>115,784</td><td>250</td><td>1,092</td><td>52,617</td><td>52,088</td><td>300</td><td>229</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Dominican Republic</td><td>35,816</td><td>19,294</td><td>19,132</td><td>-</td><td>162</td><td>16,522</td><td>16,522</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Guatemala</td><td>25,752</td><td>12,860</td><td>8,182</td><td>3,800</td><td>878</td><td>12,892</td><td>12,870</td><td>-</td><td>22</td><td>-</td><td>-</td><td></td></tr><tr><td>Mexico</td><td>184,076</td><td>76,887</td><td>75,902</td><td>158</td><td>827</td><td>106,959</td><td>100,887</td><td>6,003</td><td>69</td><td>230</td><td>38</td><td>192</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>26,501</td><td>20,660</td><td>11,655</td><td>9,000</td><td>5</td><td>5,841</td><td>5,541</td><td>300</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Peru</td><td>48,707</td><td>24,988</td><td>24,620</td><td>-</td><td>368</td><td>23,716</td><td>23,550</td><td>100</td><td>66</td><td>3</td><td>3</td><td></td></tr><tr><td>Republic of Panama</td><td>71,807</td><td>22,492</td><td>22,271</td><td>-</td><td>221</td><td>49,311</td><td>35,050</td><td>12,690</td><td>1,571</td><td>4</td><td>4</td><td></td></tr><tr><td>El Salvador</td><td>35,783</td><td>27,831</td><td>6,206</td><td>20,500</td><td>1,125</td><td>7,892</td><td>7,131</td><td>-</td><td>761</td><td>-</td><td>-</td><td></td></tr><tr><td>Uruguay</td><td>62,293</td><td>17,806</td><td>16,379</td><td>1,000</td><td>427</td><td>44,125</td><td>40,837</td><td>1,270</td><td>2,018</td><td>362</td><td>361</td><td>1</td></tr><tr><td>Venezuela</td><td>117,357</td><td>69,301</td><td>64,679</td><td>-</td><td>4,622</td><td>47,909</td><td>47,607</td><td>300</td><td>2</td><td>147</td><td>147</td><td></td></tr><tr><td>Other Latin America</td><td>63,356</td><td>32,783</td><td>28,370</td><td>2,541</td><td>1,872</td><td>30,569</td><td>30,019</td><td>371</td><td>179</td><td>4</td><td>4</td><td></td></tr><tr><td>Total Latin America</td><td>1,334,443</td><td>849,173</td><td>785,249</td><td>37,304</td><td>26,620</td><td>534,441</td><td>507,359</td><td>21,470</td><td>5,612</td><td>829</td><td>604</td><td>225</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>110,144</td><td>76,829</td><td>75,074</td><td>1,020</td><td>735</td><td>33,314</td><td>32,853</td><td>140</td><td>321</td><td>1</td><td>1</td><td></td></tr><tr><td>Hong Kong</td><td>89,893</td><td>45,211</td><td>44,844</td><td>-</td><td>787</td><td>44,447</td><td>44,192</td><td>1</td><td>254</td><td>235</td><td>190</td><td>45</td></tr><tr><td>India</td><td>69,511</td><td>64,214</td><td>62,545</td><td>-</td><td>1,669</td><td>4,944</td><td>4,599</td><td>82</td><td>263</td><td>353</td><td>349</td><td>4</td></tr><tr><td>Indonesia</td><td>12,218</td><td>12,004</td><td>11,860</td><td>25</td><td>119</td><td>209</td><td>205</td><td>-</td><td>4</td><td>5</td><td>5</td><td></td></tr><tr><td>Iran</td><td>16,819</td><td>11,509</td><td>11,373</td><td>-</td><td>136</td><td>5,310</td><td>5,225</td><td>-</td><td>85</td><td>-</td><td>-</td><td></td></tr><tr><td>Israel</td><td>20,993</td><td>17,926</td><td>17,889</td><td>-</td><td>37</td><td>3,053</td><td>3,050</td><td>-</td><td>13</td><td>4</td><td>4</td><td></td></tr><tr><td>Japan</td><td>238,766</td><td>235,044</td><td>231,493</td><td>3,275</td><td>276</td><td>3,655</td><td>3,456</td><td>6</td><td>193</td><td>67</td><td>67</td><td></td></tr><tr><td>Philippines</td><td>286,125</td><td>266,704</td><td>264,485</td><td>-</td><td>2,219</td><td>19,216</td><td>18,707</td><td>-</td><td>509</td><td>205</td><td>205</td><td></td></tr><tr><td>Thailand</td><td>24,295</td><td>22,767</td><td>8,308</td><td>13,996</td><td>463</td><td>1,416</td><td>1,416</td><td>-</td><td>-</td><td>112</td><td>-</td><td>112</td></tr><tr><td>Turkey</td><td>11,958</td><td>7,161</td><td>7,100</td><td>-</td><td>61</td><td>4,797</td><td>4,785</td><td>-</td><td>12</td><td>-</td><td>-</td><td></td></tr><tr><td>Other Asia</td><td>103,154</td><td>76,521</td><td>67,978</td><td>8,000</td><td>543</td><td>25,934</td><td>25,402</td><td>146</td><td>386</td><td>699</td><td>699</td><td></td></tr><tr><td>Total Asia</td><td>983,876</td><td>835,890</td><td>802,529</td><td>26,316</td><td>7,045</td><td>146,305</td><td>143,890</td><td>375</td><td>2,040</td><td>1,681</td><td>1,520</td><td>151</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>29,781</td><td>25,947</td><td>25,130</td><td>-</td><td>817</td><td>3,462</td><td>2,902</td><td>515</td><td>45</td><td>372</td><td>372</td><td></td></tr><tr><td>Belgian Congo</td><td>27,202</td><td>26,691</td><td>13,687</td><td>13,000</td><td>4</td><td>511</td><td>511</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>72,779</td><td>68,325</td><td>68,077</td><td>-</td><td>248</td><td>4,451</td><td>4,451</td><td>-</td><td>-</td><td>3</td><td>2</td><td>1</td></tr><tr><td>Union of South Africa</td><td>21,564</td><td>19,219</td><td>18,567</td><td>641</td><td>11</td><td>2,208</td><td>2,147</td><td>60</td><td>1</td><td>137</td><td>137</td><td></td></tr><tr><td>All other</td><td>57,092</td><td>49,433</td><td>46,781</td><td>1,700</td><td>952</td><td>7,568</td><td>7,289</td><td>192</td><td>147</td><td>91</td><td>91</td><td></td></tr><tr><td>Total other countries</td><td>208,418</td><td>189,615</td><td>172,242</td><td>15,341</td><td>2,032</td><td>18,200</td><td>17,240</td><td>767</td><td>193</td><td>603</td><td>602</td><td>1</td></tr><tr><td>International 2/</td><td>1,742,913</td><td>1,742,913</td><td>352,107</td><td>1,340,941</td><td>49,865</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>Grand total</td><td>7,720,636</td><td>6,319,135</td><td>3,862,842</td><td>2,243,907</td><td>212,386</td><td>1,353,986</td><td>1,257,552</td><td>76,378</td><td>20,056</td><td>47,515</td><td>43,798</td><td>3,717</td></tr></table>
1/ Beginning with March 1947, includes balances in accounts opened by occupation authorities for foreign trade purposes.
2/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
64
Treasury Bulletin
CAPITAL MOVEMENTS
Section III A - Preliminary Details for Month of January 1950
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
<table><tr><th rowspan="2">Country</th><th rowspan="2">Total purchases</th><th colspan="3">Purchases by foreigners</th><th colspan="2">Foreign securities</th><th rowspan="2">Total sales</th><th colspan="3">Sales by foreigners</th><th colspan="2">Foreign securities</th></tr><tr><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</th><th>U.S. Government bonds and notes</th><th>Corporate and other Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</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>Austria</td><td>47</td><td>-</td><td>-</td><td>46</td><td>-</td><td>1</td><td>50</td><td>44</td><td>1</td><td>4</td><td>1</td><td>-</td></tr><tr><td>Belgium</td><td>3,347</td><td>222</td><td>501</td><td>1,342</td><td>824</td><td>458</td><td>2,670</td><td>258</td><td>559</td><td>1,435</td><td>314</td><td>104</td></tr><tr><td>Czechoslovakia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>1</td><td>-</td><td>4</td></tr><tr><td>Denmark</td><td>395</td><td>-</td><td>39</td><td>281</td><td>69</td><td>6</td><td>405</td><td>200</td><td>116</td><td>60</td><td>24</td><td>5</td></tr><tr><td>Finland</td><td>68</td><td>-</td><td>-</td><td>29</td><td>29</td><td>10</td><td>46</td><td>-</td><td>4</td><td>39</td><td>1</td><td>2</td></tr><tr><td>France</td><td>3,942</td><td>297</td><td>218</td><td>1,393</td><td>982</td><td>1,052</td><td>4,010</td><td>403</td><td>400</td><td>1,913</td><td>490</td><td>804</td></tr><tr><td>Germany</td><td>11</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Oreece</td><td>26</td><td>-</td><td>-</td><td>12</td><td>-</td><td>14</td><td>9</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>857</td><td>60</td><td>4</td><td>760</td><td>13</td><td>20</td><td>2,124</td><td>1,531</td><td>571</td><td>18</td><td>4</td><td>-</td></tr><tr><td>Netherlands</td><td>3,723</td><td>31</td><td>418</td><td>1,643</td><td>1,209</td><td>422</td><td>10,757</td><td>8</td><td>182</td><td>3,130</td><td>7,002</td><td>435</td></tr><tr><td>Norway</td><td>1,193</td><td>10</td><td>2</td><td>559</td><td>611</td><td>11</td><td>450</td><td>-</td><td>92</td><td>319</td><td>39</td><td>-</td></tr><tr><td>Poland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Portugal</td><td>135</td><td>-</td><td>30</td><td>87</td><td>15</td><td>3</td><td>168</td><td>-</td><td>26</td><td>129</td><td>7</td><td>6</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></tr><tr><td>Spain</td><td>8</td><td>-</td><td>-</td><td>6</td><td>-</td><td>2</td><td>30</td><td>-</td><td>-</td><td>29</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>206</td><td>-</td><td>56</td><td>72</td><td>14</td><td>64</td><td>157</td><td>1</td><td>11</td><td>126</td><td>12</td><td>7</td></tr><tr><td>Switzerland</td><td>34,186</td><td>1,285</td><td>2,297</td><td>24,289</td><td>2,900</td><td>3,415</td><td>23,403</td><td>319</td><td>1,895</td><td>17,191</td><td>1,983</td><td>2,015</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></tr><tr><td>United Kingdom</td><td>20,944</td><td>8,825</td><td>1,987</td><td>7,110</td><td>1,948</td><td>1,074</td><td>13,364</td><td>4,092</td><td>1,415</td><td>4,781</td><td>2,038</td><td>1,038</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Other Europe</td><td>800</td><td>254</td><td>10</td><td>390</td><td>86</td><td>60</td><td>1,008</td><td>2</td><td>19</td><td>964</td><td>20</td><td>3</td></tr><tr><td>Total Europe</td><td>69,888</td><td>10,984</td><td>5,562</td><td>38,030</td><td>8,700</td><td>6,612</td><td>58,670</td><td>5,327</td><td>6,251</td><td>30,708</td><td>11,956</td><td>4,428</td></tr><tr><td>Canada</td><td>20,034</td><td>782</td><td>1,958</td><td>8,044</td><td>5,031</td><td>4,219</td><td>31,486</td><td>233</td><td>4,181</td><td>9,588</td><td>11,380</td><td>6,104</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></tr><tr><td>Argentina</td><td>707</td><td>14</td><td>65</td><td>333</td><td>277</td><td>18</td><td>1,289</td><td>521</td><td>9</td><td>625</td><td>19</td><td>115</td></tr><tr><td>Bolivia</td><td>39</td><td>-</td><td>-</td><td>32</td><td>6</td><td>1</td><td>53</td><td>-</td><td>-</td><td>53</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,591</td><td>17</td><td>20</td><td>881</td><td>589</td><td>84</td><td>791</td><td>-</td><td>5</td><td>763</td><td>14</td><td>9</td></tr><tr><td>Chile</td><td>704</td><td>-</td><td>6</td><td>186</td><td>101</td><td>411</td><td>422</td><td>8</td><td>1</td><td>398</td><td>3</td><td>12</td></tr><tr><td>Colombia</td><td>539</td><td>-</td><td>-</td><td>153</td><td>375</td><td>11</td><td>1,805</td><td>-</td><td>2</td><td>1,760</td><td>-</td><td>43</td></tr><tr><td>Cuba</td><td>2,685</td><td>2</td><td>33</td><td>1,228</td><td>1,206</td><td>216</td><td>2,513</td><td>-</td><td>34</td><td>2,193</td><td>79</td><td>207</td></tr><tr><td>Dominican Republic</td><td>72</td><td>1</td><td>-</td><td>68</td><td>3</td><td>-</td><td>7</td><td>-</td><td>-</td><td>5</td><td>-</td><td>2</td></tr><tr><td>Guatemala</td><td>49</td><td>-</td><td>-</td><td>49</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,402</td><td>2</td><td>12</td><td>763</td><td>34</td><td>591</td><td>894</td><td>7</td><td>7</td><td>731</td><td>68</td><td>81</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>82</td><td>-</td><td>-</td><td>62</td><td>10</td><td>10</td><td>121</td><td>-</td><td>1</td><td>117</td><td>3</td><td>-</td></tr><tr><td>Peru</td><td>115</td><td>15</td><td>49</td><td>51</td><td>-</td><td>-</td><td>135</td><td>26</td><td>66</td><td>38</td><td>5</td><td>-</td></tr><tr><td>Republic of Panama</td><td>908</td><td>11</td><td>207</td><td>574</td><td>55</td><td>61</td><td>513</td><td>10</td><td>17</td><td>443</td><td>31</td><td>12</td></tr><tr><td>El Salvador</td><td>20</td><td>-</td><td>-</td><td>15</td><td>-</td><td>5</td><td>22</td><td>4</td><td>-</td><td>17</td><td>1</td><td>-</td></tr><tr><td>Uruguay</td><td>2,085</td><td>-</td><td>279</td><td>1,474</td><td>175</td><td>157</td><td>1,453</td><td>-</td><td>42</td><td>1,148</td><td>87</td><td>176</td></tr><tr><td>Venezuela</td><td>871</td><td>42</td><td>1</td><td>692</td><td>104</td><td>32</td><td>1,501</td><td>451</td><td>180</td><td>735</td><td>16</td><td>119</td></tr><tr><td>Other Latin America</td><td>571</td><td>1</td><td>34</td><td>338</td><td>88</td><td>114</td><td>813</td><td>5</td><td>8</td><td>583</td><td>120</td><td>97</td></tr><tr><td>Total Latin America</td><td>12,440</td><td>105</td><td>706</td><td>6,899</td><td>3,019</td><td>1,711</td><td>12,360</td><td>1,032</td><td>372</td><td>9,634</td><td>449</td><td>873</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China and Manchuria</td><td>421</td><td>40</td><td>-</td><td>381</td><td>-</td><td>-</td><td>313</td><td>-</td><td>9</td><td>304</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>699</td><td>-</td><td>44</td><td>553</td><td>69</td><td>33</td><td>1,164</td><td>-</td><td>4</td><td>1,113</td><td>32</td><td>15</td></tr><tr><td>India</td><td>20</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>16</td><td>-</td><td>2</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>3</td><td>-</td><td>1</td></tr><tr><td>Iran</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>-</td><td>7</td><td>32</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>68</td><td>3</td><td>1</td><td>36</td><td>27</td><td>1</td><td>61</td><td>26</td><td>-</td><td>34</td><td>-</td><td>1</td></tr><tr><td>Japan</td><td>64</td><td>-</td><td>-</td><td>50</td><td>14</td><td>-</td><td>75</td><td>-</td><td>-</td><td>75</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>32</td><td>-</td><td>21</td><td>11</td><td>-</td><td>-</td><td>99</td><td>-</td><td>7</td><td>85</td><td>-</td><td>7</td></tr><tr><td>Thailand</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>57</td><td>-</td><td>21</td><td>31</td><td>5</td><td>-</td><td>56</td><td>1</td><td>-</td><td>55</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>92</td><td>-</td><td>5</td><td>67</td><td>20</td><td>-</td><td>439</td><td>82</td><td>115</td><td>178</td><td>44</td><td>20</td></tr><tr><td>Total Asia</td><td>1,454</td><td>43</td><td>92</td><td>1,150</td><td>135</td><td>34</td><td>2,266</td><td>109</td><td>144</td><td>1,893</td><td>76</td><td>44</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>295</td><td>-</td><td>1</td><td>81</td><td>213</td><td>-</td><td>53</td><td>4</td><td>-</td><td>44</td><td>5</td><td>-</td></tr><tr><td>Belgian Congo</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</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>23</td><td>-</td><td>-</td><td>18</td><td>5</td><td>-</td><td>129</td><td>2</td><td>2</td><td>124</td><td>1</td><td>-</td></tr><tr><td>Union of South Africa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>445</td><td>-</td><td>-</td><td>410</td><td>22</td><td>13</td><td>397</td><td>1</td><td>2</td><td>387</td><td>1</td><td>6</td></tr><tr><td>Total other countries</td><td>771</td><td>-</td><td>1</td><td>509</td><td>248</td><td>13</td><td>587</td><td>7</td><td>4</td><td>563</td><td>7</td><td>6</td></tr><tr><td>International 1/</td><td>518</td><td>518</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>105,105</td><td>12,432</td><td>8,319</td><td>54,632</td><td>17,133</td><td>12,589</td><td>105,369</td><td>6,708</td><td>10,952</td><td>52,386</td><td>23,868</td><td>11,455</td></tr></table>
1/ Includes transactions of international organizations such as the International Monetary Fund and the International Bank.
65
April 1950
CAPITAL MOVEMENTS
Section IV - Supplementary Data by Countries
Table 3.- Short-Term Liabilities to Foreigners in Countries and Areas not
Regularly Reported Separately by Banks and Bankers
(Poition at end of month in thousande of dollars)
<table><tr><th>Country</th><th>1943-Oct.</th><th>1944-Dec.</th><th>1945-Dec.</th><th>1946-Dec.</th><th>1947-Sept.</th><th>1948-Dec.</th><th>1949-Dec.</th><th>Deposits of foreigners</th><th>Other short-term liabilities</th></tr><tr><td colspan="10">Deposits of foreigners</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></tr><tr><td>British Mediterranean possessions</td><td>93</td><td>175</td><td>276</td><td>649</td><td>887</td><td>455</td><td>390</td><td>-</td><td>-</td></tr><tr><td>Bulgaria</td><td>852</td><td>870</td><td>748</td><td>1,155</td><td>1,221</td><td>1,219</td><td>1,655</td><td>13</td><td>3,975</td></tr><tr><td>Czechoslovakia</td><td>2,310</td><td>2,280</td><td>4,682</td><td>25,793</td><td>35,200</td><td>17,395</td><td>15,086</td><td>-</td><td>-</td></tr><tr><td>Estonia</td><td>3,962</td><td>3,934</td><td>3,657</td><td>3,619</td><td>3,566</td><td>3,080</td><td>2,979</td><td>21</td><td>-</td></tr><tr><td>Hungary</td><td>1,197</td><td>1,191</td><td>1,177</td><td>3,978</td><td>8,491</td><td>1,276</td><td>1,080</td><td>-</td><td>-</td></tr><tr><td>Iceland</td><td>8,053</td><td>6,340</td><td>4,301</td><td>5,789</td><td>3,639</td><td>1,123</td><td>1,582</td><td>1,256</td><td>1</td></tr><tr><td>Poland</td><td>2,800</td><td>3,254</td><td>3,687</td><td>16,655</td><td>31,511</td><td>11,170</td><td>6,114</td><td>4</td><td>1</td></tr><tr><td>Trieste</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,875</td><td>4,358</td><td>4,302</td><td>-</td><td>-</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></tr><tr><td>British Caribbean possessions</td><td>3,935</td><td>4,427</td><td>3,480</td><td>3,657</td><td>5,152</td><td>5,017</td><td>7,400</td><td>1,808</td><td>1,372</td></tr><tr><td>Dominican Republic</td><td>13,163</td><td>15,171</td><td>15,956</td><td>20,158</td><td>38,296</td><td>35,706</td><td>35,095</td><td>150</td><td>3,210</td></tr><tr><td>Ecuador</td><td>8,212</td><td>14,952</td><td>13,288</td><td>17,190</td><td>9,354</td><td>10,046</td><td>9,161</td><td>-</td><td>281</td></tr><tr><td>Guatemala</td><td>8,592</td><td>11,630</td><td>19,489</td><td>23,962</td><td>24,336</td><td>18,835</td><td>20,589</td><td>-</td><td>-</td></tr><tr><td>Haiti</td><td>8,038</td><td>7,777</td><td>11,716</td><td>15,370</td><td>12,882</td><td>6,442</td><td>6,177</td><td>-</td><td>-</td></tr><tr><td>Nicaragua</td><td>7,416</td><td>5,345</td><td>5,180</td><td>4,433</td><td>3,852</td><td>4,348</td><td>4,814</td><td>162</td><td>11</td></tr><tr><td>Paraguay</td><td>1,771</td><td>2,711</td><td>3,092</td><td>1,592</td><td>4,277</td><td>2,908</td><td>1,836</td><td>-</td><td>17,213</td></tr><tr><td>El Salvador</td><td>5,070</td><td>7,389</td><td>9,233</td><td>6,950</td><td>7,983</td><td>7,561</td><td>10,629</td><td>-</td><td>5,643</td></tr><tr><td>Uruguay</td><td>6,371</td><td>10,378</td><td>12,710</td><td>16,612</td><td>33,294</td><td>38,627</td><td>52,392</td><td>-</td><td>-</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></tr><tr><td>Ceylon</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>1,339</td><td>2,349</td><td>277</td><td>172</td></tr><tr><td>Iran</td><td>33,504</td><td>14,227</td><td>17,553</td><td>18,025</td><td>10,632</td><td>23,266</td><td>17,042</td><td>-</td><td>37</td></tr><tr><td>Iraq</td><td>1,175</td><td>1,655</td><td>3,193</td><td>3,483</td><td>3,482</td><td>3,002</td><td>1,547</td><td>-</td><td>74</td></tr><tr><td>Israel 1/</td><td>2,801</td><td>3,879</td><td>13,920</td><td>12,270</td><td>16,096</td><td>16,002</td><td>23,901</td><td>-</td><td>-</td></tr><tr><td>Korea</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>63</td><td>24,813</td><td>21,557</td><td>-</td><td>-</td></tr><tr><td>Lebanon</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>9,870</td><td>9,866</td><td>10,023</td><td>13,589</td><td>18</td><td>8,683</td></tr><tr><td>Pakistan</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>9,483</td><td>5,009</td><td>-</td><td>-</td></tr><tr><td>Portuguese Asia</td><td>-</td><td>-</td><td>-</td><td>5</td><td>19</td><td>626</td><td>567</td><td>-</td><td>-</td></tr><tr><td>Saudi Arabia</td><td>438</td><td>2,489</td><td>5,976</td><td>11,723</td><td>11,389</td><td>17,670</td><td>17,463</td><td>-</td><td>-</td></tr><tr><td>"Other countries":</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Belgian Congo</td><td>20,670</td><td>24,379</td><td>39,697</td><td>29,256</td><td>21,763</td><td>29,033</td><td>11,966</td><td>13,024</td><td>-</td></tr><tr><td>British Africa</td><td>244</td><td>247</td><td>369</td><td>353</td><td>568</td><td>811</td><td>1,022</td><td>28</td><td>-</td></tr><tr><td>Ethiopia</td><td>89</td><td>1,020</td><td>415</td><td>668</td><td>1,936</td><td>2,389</td><td>1,841</td><td>130</td><td>291</td></tr><tr><td>French Africa</td><td>56,603</td><td>34,131</td><td>25,012</td><td>25,359</td><td>13,861</td><td>8,245</td><td>5,442</td><td>2/</td><td>2/</td></tr><tr><td>Newfoundland</td><td>785</td><td>1,126</td><td>1,136</td><td>1,743</td><td>2,486</td><td>2,282</td><td>2/</td><td>-</td><td>-</td></tr><tr><td>Portuguese Africa</td><td>209</td><td>233</td><td>118</td><td>772</td><td>1,891</td><td>7,027</td><td>4,063</td><td>16</td><td>-</td></tr><tr><td>Spanish Africa</td><td>514</td><td>342</td><td>1,841</td><td>381</td><td>266</td><td>346</td><td>543</td><td>-</td><td>63</td></tr><tr><td>Tangier</td><td>8,522</td><td>9,472</td><td>9,400</td><td>11,929</td><td>12,390</td><td>16,683</td><td>17,693</td><td>-</td><td>-</td></tr></table>
Note: The information in this Table has been reported to the Treasury Department at irregular intervals upon request. Prior to 1949, these supplemental requests were for data on deposit liabilities only. The totals will not agree with those shown for corresponding dates for "Other Europe", "Other Latin America", "Other Asia", and "Other countries" in the regular monthly series in the "Treasury Bulletin". Reports were requested only from banks and bankers in the Second
Federal Reserve District, and countries have been omitted or grouped to avoid revealing individual accounts or the foreign position of any reporting institutions. The amounts shown here account for more than 70 percent of the totals for all Districts reported each month in these categories.
1/ Data are for Palestine prior to 1948.
2/ Included with Canada.
n.a. Not available.
66
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Data relating to corporations in which the United States Government has a proprietary interest, direct or indirect, and to certain other business-type activities of the United States Government are presented in a series of four tables. Table 1 gives a summary of loans outstanding, Table 2, balance sheet data, Table 3, income and expense, and Table 4, source and application of funds. Tables 1 and 2 are compiled from the mid-month "Daily
Treasury Statement", which contains greater detail than the summaries presented here. Tables 3 and 4 are compiled from reports of the agencies, adjusted by the Treasury Department. The latest available loan and balance sheet data are presented in this issue of the "Treasury Bulletin", and Tables 3 and 4 for the same date will appear in a subsequent issue.
Table 1.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, December 31, 1948 - December 31, 1949
(In millions of dollars)
<table><tr><th>By type of loan</th><th>Dec. 31, 1948</th><th>Dec. 31, 1949</th><th>Net increase, or decrease (-)</th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>420.9</td><td>435.1</td><td>14.2</td></tr><tr><td>Cooperative associations</td><td>310.7</td><td>305.6</td><td>-5.1</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>1,384.7</td><td>1,801.9</td><td>417.2</td></tr><tr><td>Farm mortgage loans</td><td>512.9</td><td>502.7</td><td>-10.2</td></tr><tr><td>Other 1/</td><td>1,002.9</td><td>1,316.7</td><td>313.8</td></tr><tr><td>Total</td><td>3,632.1</td><td>4,362.0</td><td>729.9</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td></tr><tr><td>Mortgage loans</td><td>632.9</td><td>1,166.9</td><td>534.0</td></tr><tr><td>Other</td><td>134.8</td><td>84.4</td><td>-50.4</td></tr><tr><td>Total</td><td>767.7</td><td>1,251.3</td><td>483.6</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>140.2</td><td>114.4</td><td>-25.8</td></tr><tr><td>Other</td><td>309.7</td><td>461.5</td><td>151.8</td></tr><tr><td>Total</td><td>450.0</td><td>575.9</td><td>125.0</td></tr><tr><td>To aid States, Territories, etc.</td><td>507.0</td><td>408.3</td><td>-98.7</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>4.7</td><td>3.8</td><td>-1.0</td></tr><tr><td>Insurance companies</td><td>10.7</td><td>14.3</td><td>3.6</td></tr><tr><td>Mortgage loan companies</td><td>509.3</td><td>427.4</td><td>-81.9</td></tr><tr><td>Total</td><td>524.8</td><td>445.5</td><td>-79.3</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans held by lending agencies</td><td>122.4</td><td>100.5</td><td>-21.9</td></tr><tr><td>Other</td><td>5,979.4</td><td>5,990.0</td><td>10.6</td></tr><tr><td>Total</td><td>6,101.7</td><td>6,090.5</td><td>-11.2</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td></tr><tr><td>Miscellaneous mortgage loans</td><td>16.7</td><td>16.9</td><td>.2</td></tr><tr><td>Other</td><td>60.4</td><td>59.0</td><td>-1.5</td></tr><tr><td>Total</td><td>77.1</td><td>75.8</td><td>-1.3</td></tr><tr><td>Total loans</td><td>12,060.4</td><td>13,209.3</td><td>1,148.9</td></tr></table>
<table><tr><th>By agency</th><th>Dec. 31, 1948</th><th>Dec. 31, 1949</th><th>Net increase, or decrease (-)</th></tr><tr><td>Corporations:</td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>305.2</td><td>302.2</td><td>-3.0</td></tr><tr><td>Commodity Credit Corporation</td><td>1,293.0</td><td>1,728.5</td><td>435.6</td></tr><tr><td>Export-Import Bank of Washington</td><td>2,115.5</td><td>2,186.6</td><td>41.1</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>4.0</td><td>3.6</td><td>-0.4</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>80.0</td><td>60.5</td><td>-19.6</td></tr><tr><td>Federal home loan banks</td><td>515.0</td><td>433.4</td><td>-81.6</td></tr><tr><td>Federal intermediate credit banks</td><td>425.5</td><td>437.4</td><td>11.9</td></tr><tr><td>Home Owners' Loan Corporation</td><td>368.9</td><td>230.6</td><td>-138.3</td></tr><tr><td>Public Housing Administration</td><td>285.4</td><td>285.5</td><td>.1</td></tr><tr><td>Reconstruction Finance Corporation: 2/</td><td></td><td></td><td></td></tr><tr><td>Exclusive of assets held for U. S. Treasury</td><td>987.0</td><td>952.3</td><td>-34.7</td></tr><tr><td>Assets held for U. S. Treasury</td><td>2.1</td><td>1.7</td><td>-0.4</td></tr><tr><td>Tennessee Valley Authority</td><td>1.7</td><td>.2</td><td>-1.5</td></tr><tr><td>Other</td><td>201.0</td><td>832.8</td><td>631.8</td></tr><tr><td>Total</td><td>6,614.4</td><td>7,455.3</td><td>841.0</td></tr><tr><td>Certain other business-type activities:</td><td></td><td></td><td></td></tr><tr><td>Farmers' Home Administration</td><td>523.2</td><td>513.5</td><td>-9.7</td></tr><tr><td>Federal Works Agency</td><td>88.5</td><td>89.5</td><td>1.0</td></tr><tr><td>Federal Housing Administration</td><td>21.7</td><td>20.1</td><td>-1.6</td></tr><tr><td>Public Housing Administration</td><td>10.6</td><td>12.1</td><td>1.4</td></tr><tr><td>Rural Electrification Administration</td><td>998.8</td><td>1,301.0</td><td>302.2</td></tr><tr><td>Other 3/</td><td>3,803.2</td><td>3,817.8</td><td>14.6</td></tr><tr><td>Total 4/</td><td>5,446.0</td><td>5,754.0</td><td>308.0</td></tr><tr><td>Total loans</td><td>12,060.4</td><td>13,209.3</td><td>1,148.9</td></tr></table>
1/ Principally for rural electrification.
2/ Includes merged war affiliates; excludes Federal National Mortgage Association and War Damage Corporation (in liquidation), which are included under "Other" corporations.
3/ Includes $3,750.0 million loan to the United Kingdom.
5/ Does not include data for U. S. Maritime Commission, from which latest reports are as of March 31, 1947. Publication of loan data for this agency will be resumed when available.
April 1950
67
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1949
(In millions of dollars)
<table><tr><th></th><th>Grand total</th><th>Total corporations</th><th>Banks for cooperatives</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal home loan banks</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>98.0</td><td>88.0</td><td>21.6</td><td>6.2</td><td>.3</td><td>.2</td><td>-</td><td>16.1</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>343.0</td><td>102.5</td><td>2.0</td><td>7.5</td><td>.5</td><td>1.2</td><td>3.1</td><td>7.4</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>142.6</td><td>142.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>8,136.2</td><td>832.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>12,733.4</td><td>7,246.5</td><td>297.7</td><td>1,612.2 2/</td><td>2,179.3 3/ 4/</td><td>.2</td><td>52.3</td><td>433.4</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>244.3</td><td>190.8</td><td>*</td><td>164.9</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>275.9</td><td>160.7</td><td>2.3</td><td>22.8</td><td>22.5</td><td>2.5</td><td>1.4</td><td>2.4</td></tr><tr><td>Commodities, supplies, and materials, lease reserves</td><td>1,548.8</td><td>1,546.7</td><td>-</td><td>1,376.1</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>2,047.3</td><td>1,858.2</td><td>43.3</td><td>-</td><td>-</td><td>1,204.8</td><td>-</td><td>275.0</td></tr><tr><td>Securities of Government corporations and agencies</td><td>200.5</td><td>22.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>3,492.2</td><td>107.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>2,961.8</td><td>1,724.7</td><td>*</td><td>53.4</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>60.9</td><td>31.6</td><td>.4</td><td>-</td><td>-</td><td>2.7</td><td>*</td><td>-</td></tr><tr><td>All other assets, less reserves</td><td>171.9</td><td>146.0</td><td>.7</td><td>134.3</td><td>-</td><td>.1</td><td>.1</td><td>.1</td></tr><tr><td>Total assets</td><td>32,456.8</td><td>14,199.5</td><td>367.9</td><td>3,377.4</td><td>2,202.7</td><td>1,211.7</td><td>56.9</td><td>734.4</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>41.3</td><td>30.2</td><td>.1</td><td>3.9</td><td>6.1</td><td>*</td><td>*</td><td>.7</td></tr><tr><td>Others</td><td>266.1</td><td>255.7</td><td>.4</td><td>191.4</td><td>*</td><td>1.3</td><td>.1</td><td>3.1</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>331.8</td><td>288.9</td><td>*</td><td>118.5</td><td>*</td><td>.1</td><td>.5</td><td>*</td></tr><tr><td>Others</td><td>328.9</td><td>321.5</td><td>*</td><td>8.9</td><td>.3</td><td>.3</td><td>.7</td><td>267.3</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td>6,449.9</td><td>5,120.1</td><td>-</td><td>2,566.0 6/</td><td>917.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Treasury</td><td>832.6</td><td>832.6</td><td>46.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>28.5</td><td>13.3</td><td>-</td><td>10.5 7/</td><td>-</td><td>-</td><td>1.0</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>771.9</td><td>771.9</td><td>77.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>204.3</td></tr><tr><td>All other liabilities</td><td>1,124.9</td><td>936.7</td><td>.5</td><td>796.4 2/</td><td>100.6 4/</td><td>6.0</td><td>*</td><td>-</td></tr><tr><td>Total liabilities</td><td>10,175.7</td><td>8,570.8</td><td>124.6</td><td>3,695.5</td><td>1,024.1</td><td>7.8</td><td>2.4</td><td>475.3</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,008.0</td><td>2,008.0</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>-</td><td>*</td><td>95.8</td></tr><tr><td>Paid-in surplus</td><td>1,207.2</td><td>1,207.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>20,610.5</td><td>935.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-1,727.2</td><td>1,295.7</td><td>45.4</td><td>-418.1</td><td>178.6</td><td>1,203.9 8/</td><td>54.5</td><td>-</td></tr><tr><td>Total United States interest</td><td>22,098.4</td><td>5,446.0</td><td>223.9</td><td>-318.1</td><td>1,178.6</td><td>1,203.9</td><td>54.5</td><td>95.8</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>151.8</td><td>151.8</td><td>15.5 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>136.2</td></tr><tr><td>Earned surplus</td><td>30.9</td><td>30.9</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.0</td></tr><tr><td>Total private interest</td><td>182.7</td><td>182.7</td><td>19.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>163.2</td></tr><tr><td>Total capital</td><td>22,281.2</td><td>5,628.7</td><td>243.4</td><td>-318.1</td><td>1,178.6</td><td>1,203.9</td><td>54.5</td><td>259.1</td></tr><tr><td>Total liabilities and capital</td><td>32,456.8</td><td>14,199.5</td><td>367.9</td><td>3,377.4</td><td>2,202.7</td><td>1,211.7</td><td>56.9</td><td>734.4</td></tr><tr><td>Contingent liabilities</td><td>396.4</td><td>383.7</td><td>-</td><td>-</td><td>7.0 3/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>23,825.6</td><td>4,150.2</td><td>178.5</td><td>100.0</td><td>1,000.0</td><td>-</td><td>*</td><td>95.8</td></tr><tr><td>Treasury loans to Government corporations and agencies 10/</td><td>6,449.9</td><td>5,120.1</td><td>-</td><td>2,566.0</td><td>917.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Subtotal</td><td>30,275.5</td><td>9,270.3</td><td>178.5</td><td>2,666.0</td><td>1,917.0</td><td>-</td><td>*</td><td>95.8</td></tr><tr><td>Less total Treasury loans 11/</td><td>6,449.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>23,825.6</td><td>9,270.3</td><td>178.5</td><td>2,666.0</td><td>1,917.0</td><td>-</td><td>*</td><td>95.8</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-1,727.2</td><td>1,295.7</td><td>45.4</td><td>-418.1</td><td>178.6</td><td>1,203.9</td><td>54.5</td><td>-</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>22,098.4</td><td>10,566.0</td><td>223.9</td><td>2,247.9</td><td>2,095.6</td><td>1,203.9</td><td>54.5</td><td>95.8</td></tr><tr><td>Interagency items - net, amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-30.5</td><td>-</td><td>46.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Government agencies reporting</td><td>30.5</td><td>30.5</td><td>-</td><td>1.0</td><td>6.1</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>Government agencies not required to report</td><td>-867.7</td><td>-44.5</td><td>*</td><td>-43.6</td><td>-</td><td>.1</td><td>.5</td><td>*</td></tr><tr><td>Interagency proprietary interests</td><td>-200.5 12/</td><td>-22.0</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-1,068.2</td><td>-36.0</td><td>46.1</td><td>-42.6</td><td>6.1</td><td>.1</td><td>.5</td><td>.7</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>21,030.3</td><td>10,530.1</td><td>270.0</td><td>2,205.3</td><td>2,101.8</td><td>1,204.1</td><td>55.0</td><td>96.5</td></tr></table>
Footnotes at end of table.
(Continued on following page)
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1949 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Federal intermediate credit banks</th><th>Federal Savings and loan Insurance Corporation</th><th>Home Owners' Loan Corporation (in liquidation)</th><th>Production credit corporations</th><th>Public Housing Administration 13/</th><th>Reconstruction Finance Corporation 14/ Exclusive of assets held for the U.S. Treasury 19/</th><th>Assets held for the U.S. Treasury 19/</th><th>Tennessee Valley Authority</th><th>Other 16/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>23.1</td><td>*</td><td>.1</td><td>1.3</td><td>*</td><td>3.1</td><td>-</td><td>-</td><td>16.1</td></tr><tr><td>Cash with U.S. Treasury 1/</td><td>5.2</td><td>.6</td><td>11.0</td><td>*</td><td>2.2</td><td>7.0</td><td>-</td><td>12.8</td><td>42.1</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>128.6</td><td>-</td><td>14.1</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>46.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>786.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserve</td><td>437.4</td><td>-</td><td>230.1</td><td>-</td><td>284.0</td><td>885.3</td><td>1.7</td><td>.2</td><td>832.8</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>6.2</td><td>2.0</td><td>1.2</td><td>16.3</td></tr><tr><td>Others, less reserve</td><td>6.0</td><td>4.3</td><td>.8</td><td>.6</td><td>5.1</td><td>16.5</td><td>58.4</td><td>6.1</td><td>8.9</td></tr><tr><td>Commodities, supplies, and materials, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>142.4</td><td>15.7</td><td>12.3</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>73.9</td><td>214.0</td><td>8.2</td><td>39.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.0</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>2.0</td><td>22.3</td><td>*</td><td>79.7</td><td>3.0</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>196.5</td><td>.9</td><td>609.6</td><td>830.3</td><td>33.8</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>26.0</td><td>-</td><td>-</td><td>2.5</td></tr><tr><td>All other assets, less reserves</td><td>.3</td><td>*</td><td>.1</td><td>.3</td><td>4.1</td><td>-</td><td>2.4</td><td>.1</td><td>3.4</td></tr><tr><td>Total assets</td><td>592.0</td><td>218.9</td><td>252.3</td><td>63.5</td><td>491.9</td><td>1,833.1</td><td>948.0</td><td>866.5</td><td>982.3</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Account and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-</td><td>12.0</td><td>-</td><td>1.0</td><td>6.4</td></tr><tr><td>Others</td><td>3.5</td><td>*</td><td>.5</td><td>.3</td><td>.3</td><td>33.6</td><td>-</td><td>11.9</td><td>9.3</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>169.6</td><td>-</td><td>*</td><td>.1</td></tr><tr><td>Others</td><td>.3</td><td>*</td><td>10.0</td><td>*</td><td>*</td><td>24.1</td><td>-</td><td>.1</td><td>9.5</td></tr><tr><td>Bonae, debentures, and notes payable: 5/</td><td>-</td><td>-</td><td>29.0 17/</td><td>-</td><td>337.0</td><td>1,222.1</td><td>-</td><td>49.0</td><td>-</td></tr><tr><td>U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>786.6</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>189.9</td><td>-</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>.4</td><td>5.7</td><td>2.2</td><td>*</td><td>7.0</td><td>12.2</td><td>-</td><td>.1</td><td>5.7</td></tr><tr><td>All other liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>494.1</td><td>5.8</td><td>43.5</td><td>.3</td><td>344.3</td><td>1,473.5</td><td>-</td><td>62.2</td><td>817.5</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>60.0</td><td>100.0</td><td>200.0</td><td>46.2</td><td>1.0</td><td>100.0</td><td>-</td><td>-</td><td>126.4</td></tr><tr><td>Paid-in surplus</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>166.3</td><td>-</td><td>992.8</td><td>42.1</td><td>25.5</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68.2</td><td>-</td><td>-</td><td>736.9</td><td>130.0</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>37.4</td><td>113.1 18/</td><td>8.8</td><td>16.9</td><td>-67.8</td><td>259.6</td><td>-44.8</td><td>25.3 19/</td><td>-117.1</td></tr><tr><td>Total United States interest</td><td>97.9</td><td>213.1</td><td>208.8</td><td>63.2</td><td>147.7</td><td>359.6</td><td>948.0</td><td>804.3</td><td>164.8</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>97.9</td><td>213.1</td><td>208.8</td><td>63.2</td><td>147.7</td><td>359.6</td><td>948.0</td><td>804.3</td><td>164.8</td></tr><tr><td>Total liabilities and capital</td><td>592.0</td><td>218.9</td><td>252.3</td><td>63.5</td><td>491.9</td><td>1,833.1</td><td>948.0</td><td>866.5</td><td>982.3</td></tr><tr><td>Contingent liabilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>220.6</td><td>154.5</td><td>-</td><td>-</td><td>1.6</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>60.5</td><td>100.0</td><td>200.0</td><td>46.2</td><td>215.5</td><td>100.0</td><td>992.8</td><td>779.0</td><td>281.9</td></tr><tr><td>Treasury loans to Government corporations and agencies 10/</td><td>-</td><td>-</td><td>29.0</td><td>-</td><td>337.0</td><td>1,222.1</td><td>-</td><td>49.0</td><td>-</td></tr><tr><td>Subtotal</td><td>60.5</td><td>100.0</td><td>229.0</td><td>46.2</td><td>552.5</td><td>1,322.1</td><td>992.8</td><td>828.0</td><td>281.9</td></tr><tr><td>Less total Treasury loans 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investment of the United States</td><td>60.5</td><td>100.0</td><td>229.0</td><td>46.2</td><td>552.5</td><td>1,322.1</td><td>992.8</td><td>828.0</td><td>281.9</td></tr><tr><td>Earned surplus, or deficit (-), U.S. share</td><td>37.4</td><td>113.1</td><td>8.8</td><td>16.9</td><td>-67.8</td><td>259.6</td><td>-44.8</td><td>25.3</td><td>-117.1</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>97.9</td><td>213.1</td><td>237.8</td><td>63.2</td><td>484.7</td><td>1,581.6</td><td>948.0</td><td>853.3</td><td>164.8</td></tr><tr><td>Interagency items - net, amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-46.1</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-637.1</td><td>-128.6</td><td>*</td><td>765.6</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.0</td><td>-</td><td>.4</td><td>.4</td></tr><tr><td>Government agencies not required to report</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>4.2</td><td>-2.0</td><td>-.6</td><td>-3.2</td></tr><tr><td>Interagency proprietary interests</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-22.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-46.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-632.9</td><td>-130.6</td><td>-.2</td><td>762.7</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>51.8</td><td>213.2</td><td>237.8</td><td>63.2</td><td>484.7</td><td>948.8</td><td>817.5</td><td>853.1</td><td>927.5</td></tr></table>
Footnotes at end of table
(Continued on following page)
April 1950
69
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Table 2.- Balance Sheets as of December 31, 1949 - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Total certain other business-type activities 20/</th><th>Farmers' Home Administration</th><th>Disaster Loans, etc., Revolving Fund (Farmers' Home Administration)</th><th>Federal Housing Administration</th><th>Federal Works Agency 21/</th><th>Public Housing Administration 22/</th><th>Rural Electrification Administration</th><th>Other 23/</th></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash on hand and in banks 1/</td><td>10.0</td><td>6.7</td><td>.1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>3.2</td></tr><tr><td>Cash with U. S. Treasury 1/</td><td>240.5</td><td>77.9</td><td>-</td><td>38.6</td><td>.2</td><td>15.2</td><td>21.0</td><td>87.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>7,304.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>7,303.6 24/</td></tr><tr><td>Others, less reserves</td><td>5,486.8</td><td>251.5</td><td>7.4</td><td>19.8</td><td>89.5</td><td>11.7</td><td>1,299.8</td><td>3,807.1 25/</td></tr><tr><td>Accounts and other receivables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>53.6</td><td>*</td><td>-</td><td>*</td><td>12.5</td><td>*</td><td>*</td><td>41.0</td></tr><tr><td>Others, less reserves</td><td>115.3</td><td>40.1</td><td>.1</td><td>.9</td><td>2.1</td><td>15.7</td><td>22.3</td><td>34.1</td></tr><tr><td>Commodities, supplies, and materials, lease reserves</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>1.8</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of the United States</td><td>189.1</td><td>1.0</td><td>-</td><td>188.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>178.5</td></tr><tr><td>Others, less reserves</td><td>3,385.2</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>3,385.0 26/</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>1,237.1</td><td>3.1</td><td>-</td><td>.8</td><td>68.1</td><td>1,155.6</td><td>.4</td><td>9.1</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>29.2</td><td>.5</td><td>-</td><td>23.2</td><td>-</td><td>-</td><td>-</td><td>5.4</td></tr><tr><td>All other assets, less reserves</td><td>25.9</td><td>16.6</td><td>*</td><td>*</td><td>7.2</td><td>2.1</td><td>-</td><td>*</td></tr><tr><td>Total assets</td><td>18,257.4</td><td>397.5</td><td>7.6</td><td>271.6</td><td>179.7</td><td>1,200.6</td><td>1,343.8</td><td>14,856.5</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts and other payables:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>11.1</td><td>.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>10.8</td><td>.2</td></tr><tr><td>Others</td><td>10.5</td><td>*</td><td>*</td><td>2.3</td><td>-</td><td>6.5</td><td>*</td><td>1.6</td></tr><tr><td>Trust and deposit liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interagency</td><td>42.8</td><td>.5</td><td>-</td><td>.7</td><td>.1</td><td>-</td><td>.1</td><td>41.4</td></tr><tr><td>Others</td><td>7.4</td><td>5.0</td><td>-</td><td>1.0</td><td>.2</td><td>1.0</td><td>*</td><td>.2</td></tr><tr><td>Bonds, debentures, and notes payable: 5/</td><td>1,329.8</td><td>70.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,159.8</td><td>100.0</td></tr><tr><td>U. S. Treasury</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interagency</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed by United States</td><td>15.2</td><td>-</td><td>-</td><td>15.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other liabilities</td><td>188.1</td><td>*</td><td>*</td><td>180.5 27/</td><td>6.3</td><td>.9</td><td>-</td><td>.4</td></tr><tr><td>Total liabilities</td><td>1,604.9</td><td>75.6</td><td>*</td><td>199.8</td><td>6.5</td><td>8.4</td><td>1,170.7</td><td>143.8</td></tr><tr><td>Capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>19,675.4</td><td>380.0</td><td>8.5</td><td>85.3</td><td>2,148.2</td><td>1,778.3</td><td>189.2</td><td>15,086.0 28/</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus, or deficit (-)</td><td>-3,022.9</td><td>-58.1</td><td>-.9</td><td>-13.5</td><td>-1,975.1</td><td>-586.1</td><td>-16.1</td><td>-373.2</td></tr><tr><td>Total United States interest</td><td>16,652.5</td><td>321.9</td><td>7.6</td><td>71.8</td><td>173.1</td><td>1,192.2</td><td>173.1</td><td>14,712.8</td></tr><tr><td>Private interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total private interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>16,652.5</td><td>321.9</td><td>7.6</td><td>71.8</td><td>173.1</td><td>1,192.2</td><td>173.1</td><td>14,712.8</td></tr><tr><td>Total liabilities and capital</td><td>18,257.4</td><td>397.5</td><td>7.6</td><td>271.6</td><td>179.7</td><td>1,200.6</td><td>1,343.8</td><td>14,856.5</td></tr><tr><td>Contingent liabilities</td><td>12.7</td><td>12.5</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Analysis of investment of United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital and expended appropriations</td><td>19,675.4</td><td>380.0</td><td>8.5</td><td>85.3</td><td>2,148.2</td><td>1,778.3</td><td>189.2</td><td>15,086.0</td></tr><tr><td>Treasury loans to Government corporations and agencies 10/</td><td>1,329.8</td><td>70.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,159.8</td><td>100.0</td></tr><tr><td>Subtotal</td><td>21,005.2</td><td>450.0</td><td>8.5</td><td>85.3</td><td>2,148.2</td><td>1,778.3</td><td>1,349.0</td><td>15,186.0</td></tr><tr><td>Less total Treasury loans 11/</td><td>6,449.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,149.9</td></tr><tr><td>Investment of the United States</td><td>14,555.3</td><td>450.0</td><td>8.5</td><td>85.3</td><td>2,148.2</td><td>1,778.3</td><td>1,349.0</td><td>8,736.1</td></tr><tr><td>Earned surplus, or deficit (-), U. S. share</td><td>-3,022.9</td><td>-58.1</td><td>-.9</td><td>-13.5</td><td>-1,975.1</td><td>-586.1</td><td>-16.1</td><td>-373.2</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>11,532.4</td><td>391.9</td><td>7.6</td><td>71.8</td><td>173.1</td><td>1,192.2</td><td>1,332.9</td><td>8,362.9</td></tr><tr><td>Interagency items - net, amounts due to, or from (-):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-30.5</td><td>-</td><td>-</td><td>.1</td><td>-12.5</td><td>-</td><td>-.4</td><td>-17.7</td></tr><tr><td>Government agencies reporting</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10.8</td><td>-10.9</td></tr><tr><td>Government agencies not required to report</td><td>-83.2</td><td>.5</td><td>-</td><td>.7</td><td>.1</td><td>*</td><td>.1</td><td>-84.6</td></tr><tr><td>Interagency proprietary interests</td><td>-178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-178.5</td></tr><tr><td>Total interagency items, excluding Treasury loans to Government corporations and agencies</td><td>-1,032.2</td><td>.6</td><td>-</td><td>.7</td><td>-12.4</td><td>*</td><td>10.6</td><td>-1,031.7</td></tr><tr><td>Book value of United States interest, after exclusion of interagency items</td><td>10,500.2</td><td>392.5</td><td>7.6</td><td>72.6</td><td>160.7</td><td>1,192.2</td><td>1,343.4</td><td>7,331.2</td></tr></table>
Footnotes on following page.
70
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES
Footnotes to Table 2
1/ Excludes unexpended balances of appropriated funds.
2/ Includes $766.8 million guaranteed loans held by lending agencies.
3/ Includes $7.0 million participation by other agencies in loans of Export-Import Bank of Washington.
4/ Includes $100.5 million guaranteed loans held by lending agencies.
5/ Includes notes for short-term borrowings.
6/ Includes $3.0 million note in transit.
7/ Represents guaranteed obligations arising from drafts and invoices paid by commercial banks.
8/ The surplus is not available by law for dividend distribution and is considered by the Corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks.
9/ Includes $.1 million deposits to "Guaranty Fund".
10/ As shown above as a liability of each corporation or agency.
11/ As shown as an asset of the U.S. Treasury under "Other" business-type activities. This does not include obligations of the Economic Cooperation Administration, which agency is not required to report.
12/ Represents R.F.C. and Agricultural Marketing Act Revolving Fund proprietary interests in Government corporations.
13/ Represents activities under U.S. Housing Act, as amended. War housing and other operations of the Administration are shown under "Certain other business-type activities".
14/ Includes merged war affiliates. Does not include Federal National Mortgage Association and War Damage Corporation (in liquidation), which are included under "Other" corporations.
15/ Represents assets held for the Treasury in accordance with provisions of Public Law 860, 80th Congress, approved June 30, 1948, which provided for cancellation of R.F.C. notes in the amount of $9,313.7 million, plus interest accrued thereon subsequent to June 30, 1947, representing unrecovered costs to the Corporation as of June 30, 1947, in its national defense, war and reconversion activities, and stipulated that any amounts recovered by the Corporation with respect to these activities subsequent to June 30, 1947, should, after deduction of related expenses, be deposited in the U.S. Treasury as miscellaneous receipts.
16/ Consists of Defense Homes Corporation (in liquidation); Federal Crop Insurance Corporation; Federal National Mortgage Association; Federal Prison Industries, Inc.; Inland Waterways Corporation; Institute of Inter-American Affairs; Panama Railroad Company; Smaller War Plants Corporation (in liquidation); The Virgin Islands Corporation; and War Damage Corporation (in liquidation). The Institute of Inter-American Transportation has been liquidated.
17/ Excludes $3.0 million in transit for redemption.
18/ The surplus is considered by the Corporation as available for future insurance losses and related expenses with respect to insured institutions.
19/ Consists of net income from power operations of $145.3 million and net expense of non-income-producing programs of $120.0 million. Does not include data for U. S. Maritime Commission. Latest reports available to Treasury on the U. S. Maritime Commission functions, and on the War Shipping Administration functions relating to land-lease and UNRRA activities, are as of March 31, 1947. Latest available reports on remainder of War Shipping Administration functions are as of February 28, 1947. Data derived from such reports were last published in the Daily Treasury Statement for June 15, 1948. Publication of current data on the U. S. Maritime Commission will be resumed when such data are available.
21/ Consists of Bureau of Community Facilities and Public Works Administration (in liquidation).
22/ Consists of Farm Security Administration program, homes conversion program, public war housing program, and veterans' re-use housing program.
23/ Consists of Agricultural Marketing Act Revolving Fund; Federal Security Agency - loans to students; Department of the Interior - Indian loans and Puerto Rico Reconstruction Administration; Department of the Army - guaranteed loans (World War II) and Natural Fibers Revolving Fund; Department of the Navy - guaranteed loans(World War II) and sale of surplus supplies (World War I); Housing and Home Finance Agency - Office of Administrator, Alaska Housing Program; Treasury Department - miscellaneous loans and certain other assets; Veterans' Canteen Service, and guaranteed loans to veterans.
24/ Represents obligations of Government corporations and agencies as shown under "Bonds, debentures, and notes payable - U. S. Treasury". The latter does not include $853.8 million obligations of the Economic Cooperation Administration, which agency is not required to report.
25/ Includes $3,750.0 million loan to the United Kingdom.
26/ Includes $2,750.0 million subscription to the International Monetary Fund and $635.0 million stock in the International Bank for Reconstruction and Development.
27/ Includes $179.8 million reseerves for contingent losses, expenses, and other charges.
28/ Includes subscriptions to International Monetary Fund and Bank (see footnote 26) and loan to United Kingdom (see footnote 25).
* Less than $50,000.
April 1950
71
CUMULATIVE TABLE OF CONTENTS
May 1949 through April 1950
<table><tr><th></th><th colspan="6">1949</th><th colspan="5">1950</th></tr><tr><th></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><th>Apr.</th></tr><tr><td>Articles:</td><td></td><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>Summary of Federal fiscal operations</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>Budget receipts and expenditures:</td><td></td><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 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>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 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>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</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>Trust accounts, etc.:</td><td></td><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 receipts and expenditures of all trust accounts, etc.</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><td>8</td><td>8</td><td>8</td></tr><tr><td>Receipts by principal accounts</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><td>8</td><td>8</td><td>8</td></tr><tr><td>Investments by principal accounts</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>Expenditures other than investments by principal accounts</td><td>9</td><td>9</td><td>9</td><td>9</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Railroad Retirement Account</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Unemployment Trust Fund</td><td></td><td></td><td></td><td></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>National Service Life Insurance 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>Treasury cash income and 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></tr><tr><td>Summary of cash transactions</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget receipts</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash budget expenditures</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash trust account transactions</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Summary of cash operating income and outgo by months</td><td>13</td><td>13</td><td>13</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>General Fund of the Treasury:</td><td></td><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>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Analysis of change in balance in the General Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Debt outstanding:</td><td></td><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</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Not change in Federal securities</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Interest-bearing public debt</td><td>15</td><td>15</td><td>15</td><td>15</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>Net change in interest-bearing public debt</td><td>16</td><td>16</td><td>16</td><td>16</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>Interest-bearing guaranteed securities</td><td>16</td><td>16</td><td>16</td><td>16</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>Special issues to U. S. Government investment accounts</td><td></td><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>Computed interest charge and computed interest rate on Federal securities</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Treasury holdings of securities issued by corporations and certain other business-type activities of the U. S. Government</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Statutory debt limitation:</td><td></td><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>18</td><td>18</td><td>18</td><td>18</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Application of limitation to public debt and guaranteed securities outstanding</td><td>18</td><td>18</td><td>18</td><td>18</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Debt operations:</td><td></td><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>19</td><td>19</td><td>19</td><td>19</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 Treasury bills</td><td>21</td><td>21</td><td>21</td><td>21</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>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>22</td><td>22</td><td>22</td><td>22</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><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness and guaranteed securities</td><td>23</td><td>23</td><td>23</td><td>23</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>Issuance and retirement of the public debt</td><td>24</td><td>24</td><td>24</td><td>24</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
72
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
May 1949 through April 1950 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">Issue and page number</th></tr><tr><th colspan="6">1949</th><th colspan="5">1950</th></tr><tr><th></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><th>Apr.</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>25</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions, all series combined by periods</td><td>25</td><td>25</td><td>25</td><td>25</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions of Series A-D, E, F, and G by periods</td><td>26</td><td>26</td><td>26</td><td>26</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Redemptions of matured and unmatured, all series combined</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>29</td><td></td><td>29</td></tr><tr><td>Sales and redemptions of Series E and F and G by denominations</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of Series E and F and G</td><td></td><td></td><td></td><td></td><td>29</td><td></td><td></td><td></td><td></td><td>30</td><td></td><td></td></tr><tr><td>By States</td><td></td><td></td><td></td><td>31</td><td></td><td></td><td></td><td></td><td></td><td></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></tr><tr><td>Treasury savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cumulative sales and redemptions by series</td><td>28</td><td>28</td><td>28</td><td>32</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td><td>32</td><td>30</td><td>30</td></tr><tr><td>Sales and redemptions of Series C and D combined by periods</td><td>28</td><td>28</td><td>28</td><td>32</td><td>29</td><td>29</td><td>29</td><td>29</td><td>29</td><td>32</td><td>30</td><td>30</td></tr><tr><td>Ownership of Federal securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution by classes of investors and types of issues</td><td>29</td><td>29</td><td>29</td><td>33</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>33</td><td>31</td><td>31</td></tr><tr><td>New market purchases or sales for investment accounts handled by the Treasury</td><td>29</td><td>29</td><td>29</td><td>33</td><td>30</td><td>30</td><td>30</td><td>30</td><td>30</td><td>33</td><td>31</td><td>31</td></tr><tr><td>Estimated ownership by bank and nonbank investors</td><td>30</td><td>30</td><td>30</td><td>34</td><td>31</td><td>31</td><td>31</td><td>31</td><td>31</td><td>34</td><td>32</td><td>32</td></tr><tr><td>Treasury survey of ownership:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks, insurance companies, and others</td><td>31</td><td>31</td><td>31</td><td>35</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>35</td><td>33</td><td>33</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date Dec. 31, 1949)</td><td></td><td></td><td></td><td>36</td><td></td><td></td><td></td><td></td><td></td><td>37</td><td></td><td></td></tr><tr><td>Market quotations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Over-the-counter closing quotations on Federal securities by issues</td><td>35</td><td>35</td><td>35</td><td>39</td><td>40</td><td>36</td><td>36</td><td>36</td><td>36</td><td>39</td><td>41</td><td>37</td></tr><tr><td>Chart showing yields of Treasury securities</td><td>37</td><td>37</td><td>37</td><td>41</td><td>42</td><td>38</td><td>38</td><td>38</td><td>38</td><td>41</td><td>43</td><td>39</td></tr><tr><td>Yields of Treasury and corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term bonds by period</td><td>38</td><td>38</td><td>38</td><td>42</td><td>43</td><td>39</td><td>39</td><td>39</td><td>39</td><td>42</td><td>44</td><td>40</td></tr><tr><td>Chart showing average yields of long-term bonds</td><td>39</td><td>39</td><td>39</td><td>43</td><td>44</td><td>40</td><td>40</td><td>40</td><td>40</td><td>43</td><td>45</td><td>41</td></tr><tr><td>Internal revenue collections:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by principal sources</td><td>40</td><td>40</td><td>40</td><td>44</td><td>45</td><td>41</td><td>41</td><td>41</td><td>41</td><td>44</td><td>46</td><td>42</td></tr><tr><td>Chart showing internal revenue collections</td><td>41</td><td>41</td><td>41</td><td>45</td><td>46</td><td>42</td><td>42</td><td>42</td><td>42</td><td>45</td><td>47</td><td>43</td></tr><tr><td>Detail of collections by type of tax</td><td>42</td><td>42</td><td>42</td><td>46</td><td>47</td><td>43</td><td>43</td><td>43</td><td>43</td><td>46</td><td>48</td><td>44</td></tr><tr><td>Monetary statistics:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td>44</td><td>44</td><td>44</td><td>48</td><td>49</td><td>45</td><td>45</td><td>45</td><td>45</td><td>48</td><td>50</td><td>46</td></tr><tr><td>Monetary stocks of gold and silver</td><td>45</td><td>45</td><td>45</td><td>49</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td><td>49</td><td>51</td><td>47</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>45</td><td>45</td><td>45</td><td>49</td><td>50</td><td>46</td><td>46</td><td>46</td><td>46</td><td>49</td><td>51</td><td>47</td></tr><tr><td>Components of silver monetary stock</td><td>46</td><td>46</td><td>46</td><td>50</td><td>51</td><td>47</td><td>47</td><td>47</td><td>47</td><td>50</td><td>52</td><td>48</td></tr><tr><td>Silver production in the United States and acquisitions by mint and assay offices</td><td>46</td><td>46</td><td>46</td><td>50</td><td>51</td><td>47</td><td>47</td><td>47</td><td>47</td><td>50</td><td>52</td><td>48</td></tr><tr><td>Seigniorage on silver</td><td>47</td><td>47</td><td>47</td><td>51</td><td>52</td><td>48</td><td>48</td><td>48</td><td>48</td><td>51</td><td>53</td><td>49</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date December 31, 1949)</td><td>47</td><td></td><td></td><td>51</td><td></td><td>48</td><td></td><td></td><td></td><td>51</td><td></td><td></td></tr><tr><td>Net Treasury gold receipts (latest quarter ending December 31, 1949)</td><td></td><td>47</td><td></td><td>52</td><td></td><td>48</td><td></td><td></td><td></td><td>53</td><td></td><td></td></tr><tr><td>Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance Sheet (latest date September 30, 1949)</td><td>48</td><td></td><td></td><td>52</td><td></td><td>49</td><td></td><td></td><td></td><td>52</td><td></td><td></td></tr><tr><td>Income and expense (latest date September 30, 1949)</td><td>49</td><td></td><td></td><td>53</td><td></td><td>50</td><td></td><td></td><td></td><td>53</td><td></td><td></td></tr><tr><td>Capital movements between the United States and foreign countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Historical summary of capital movements since 1935</td><td>50</td><td>48</td><td>48</td><td>54</td><td>53</td><td>49</td><td>51</td><td>49</td><td>49</td><td>54</td><td>54</td><td>50</td></tr><tr><td>Summary by countries and months</td><td>53</td><td>51</td><td>51</td><td>57</td><td>56</td><td>52</td><td>54</td><td>52</td><td>52</td><td>57</td><td>57</td><td>55</td></tr><tr><td>Details for latest months by countries</td><td>57</td><td>55</td><td>55</td><td>61</td><td>60</td><td>56</td><td>58</td><td>56</td><td>56</td><td>61</td><td>61</td><td>59</td></tr><tr><td>Outstanding contracts for forward purchases and sales of foreign exchange</td><td>63</td><td>61</td><td>61</td><td>67</td><td>66</td><td>62</td><td>64</td><td>62</td><td>62</td><td>67</td><td>67</td><td>65</td></tr><tr><td>Supplementary data by countries</td><td></td><td></td><td></td><td></td><td></td><td>63</td><td></td><td>65</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporations and certain other business-type activities (latest dates June 30 and December 31, 1949):</td><td></td><td></td><td></td><td></td><td></td><td></td><td>65</td><td></td><td></td><td></td><td>66</td><td></td></tr><tr><td>Loans outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td>66</td><td></td><td></td><td></td><td>67</td><td></td></tr><tr><td>Balance sheets</td><td>64</td><td></td><td></td><td></td><td></td><td></td><td>65</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense</td><td>67</td><td></td><td></td><td></td><td></td><td></td><td>68</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></tr></table>
Trease.
HJ
10
.A2
1950
c.2
U.S. Treasury Dept. Treasury Bulletin
U.S. TREASURY LIBRARY
1 0031967