View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

THE UNDER SECRETARY OF THE TREASURY
WASH I NGTON

February 15,

Dear Marriner:
For your information I am enclosing
herewith a copy of a memorandum prepared by
George Haas which outlines two new savings
bonds and a modification of the existing
savings bond.

This will be discussed at our

preliminary meeting on Monday, which I have
asked Fiser to attend.
Very truly yours,

Honorable Marriner S. Eccles,
Chairman., Board of Governors
of the Federal Reserve System,
Washington, D. C.

Secretary Morgenthau
Mr. Haag
Subject:

Proposed lew Forms of United States Savings Bonds
*•

T3ae Problem of Bem&ad Obligations

From the point of view of the Treasury probably the
principal problem raised bj United States savings bonds is
that these securities say be redeemed at any tine at the
option of the holders. Thus, the Treasury face® the possibility of demands for redemption on a large scale. The
magnitude of this problem, of course, will fgror as the
volum* of B&Ylags bonds outstanding increaser.
Demands for redemption may arise either in consequence
*f rising interest r&tes which lead, Investors to t t f more
fte
remunerative investments, or of increased expenditures for
consumption by the holders.
The risk of demands ocoaaioned by rising interest rates
can be mitigated, but it cannot be avoided entirely. The
principal means of reducing this rlsl Is to make the yields
©n savings bonds loir during the earlier portion of tneir term
relative to their yield if held to maturity. Th« return so
withheld during the earlier period is then automatically added
to that still to be received la the later period. This a&kei
the bond & more aad ao?e attractive instrument to hold ae It
approaches maturity, and so discourages redemption.
This hae been done to a moderate degree under the present
savings bond plan. Thus, the yield to maturity of United
States savings beads is 2*90 percent, while the yield if the
bonds are held only five year® Is but 2.28 percent, and the
yield for the remaining five years if held to maturity is
3»52 percent. It would be possible, however, to increase the
encouragement given to the holders to retain their bondg for
the full ten-year period by withholding a larger portion of
the ultimate yield than Is now the ease, until the latter
portion of the ten-year term* All of the plans described In
the second section of this memorandum employ this principle
to a greater degree than does the present plan.




Secretary Morgenthau - 2
the risk of premature redemption due to rising interest
rates would attain laportanoe if the level of interest rates
In the bond market ^fcould rie<? above the yield for the remainder of their period to maturity of * eoneid.tra.ble portion
of the outsU.rv3.iag parings bonds, fhe x*oid«re of ths&e saving* bondr would tfcsa hare & pecuniary incentive for (switching from them into ®&rket obligations prised to yield & higher
return. As this condition has never existed sinee the issuance
of savings bonds <sostmenae6 in 1935* the redtsptioa exporitnoc
of the present bonds le a iioor niide to vh&t aigfet be axpeoted
under higher iatsrast
Although the existence of outst&adiag deaaad
th# TreAevry to the risk of large-scale redcaptions if
interest rates rig*, it should be noted that there would be
ooapens&tlng dieAd'vmntftgee attached to the issuance of tern
securities designA^ to attract funds from tiie s&xe sources.
Sueh seeurltlee wouia fall to a substantial dieoouat if interest r&tee i»orea»ed. The Liberty bonds whieh were issued during the World War writ aeetirities of the latter t|pe. fhese
bonds fell o©imia«rat»ly belov par shortly after the end of the
War, oamslns? great popular aisnatigfaotloa. (th« k~l/k
Stoond Liberty bonds, for exampleff fell to a low of BB on
May 20, 1920.)
for redemption for the imrpose #f iaoreasing »ontxpeaditures might ooour elthtr la periods of deand unesiiloyaient or ia periods of full employment.
In periods of unesplfsysaent, ther© would be no objection to
satisfying suoh demands freely and raising the accessary fuRd«
from other sources, including the sale of securities to banks.
In periods? of full eaployment, on the other hand, it would be
best to redeem suoh securities, at far as possible, from tax
r*Y#nuen. to the extent th^t this should not be possible, it
w@til£ be ns®«i§£a?y to r#?fmna them into higher rate
sold to r*»l
k wl6espread demand for redemption of United states savings bon^M, vhrther for oonsu&ptiom purposes or because of increased interert rat*s, vould undoubtedly impost a burden on
the Treasury, Ai already pointed out, tern securities, twih
ms Liberty bon^B, if outstanding under slallar olrouftst&noe3v
would suffer substantial tepreolation laftajpltelTalue, thereby
throwing a corresponding burdea on their holders* frhe real
Gueption, therefore, In merely whether the burden should be
borne by tfee f*e**«ry or by the individual holder a of ta« boads,
Oft balance, it would appear mare sooially dsslratile that the
Treasury should bear the burden than the individual holders.




Secretary Jiorgenthau • 3
The refunding of (k»vernm«nt securities through the treasury
would undoubtedly prove Xeg§ demoralising than widespread
aarket liquidation, gueh as ooourred after the World War.
21. Thrgc Proposed Mew Series of
*falto& $*at«e savings Bands
At the present tiae it would appear to tee p&rtioularly
desirable to encourage holding of United States savings bonds
for the full ten-year period, and at the same time to plaoe
at large a proportion as possible of future increases in the
public debt in the hands of bona fide savers. To attain the
flrnt of then® objectives*, it is recommended that t new series
of furring« bond© be issued similar to the present bonds, with
a maturity yield of 2.90 percent# but with reduced intermediate yields, the Halt oa Individual purchases of suefc bonds to
be f3,000 in &ny one calendar year.
In order to attract a large volume of savings vlthout increasing unnecessarily the interest charge on the public debt,
it li reoommendtd that there also be issued two new series of
bonds with both maturity and intermediate yields lover than
those on the bonds proposed above, the limit on individual
puroh&ses to be substantially greater than the (10,000 permitted for the present series. These two bonds would be alike,
exoept that one would be of the appreciation type, while the
other wouldfrAfrya ourrcnt interest return. It is belleprtA
that by thus offering two types of investment security a
broader market would be tapped than by the offering of an
appreciation bond alone.
Seeurities of these three typist &re deserlbet below:
(a) Bonda vlth reciuQed Intermediate yleldc. The present
plan of issuance of United States savings oonde is compared
with that proposed in this subsection in Table I ana In
C f r & . I and II. It will be seen that un€®r the proposed plaa
heia
a larger part'of the totr-1 appreciation in value in withheld
until th# final years of the* period. In consequence, under
the proposed plan the Inore&se in yi#l« with the period held
lags behind that of outstanding United States savings bonds
under the present plan, as is shown in Chatrt I, but these
yields are, nevertheless, higher than those' currently available oa ©arkut Issues of treasury bonds for every regular
seraiannu&l redemption date.
The size of the bonus offered under the pTQp&ne^L plan for
holding savings bonds until final Maturity is indicated In
S h t II. This ohart shows the yields if held to maturity




Secretary Morgenthau « k
froa any intermediate date* Under the present plan providing
a 2.90 percent aver-all field, this figure reaches a maximum
of only ^ 3 1 percent at the end of the fourteenth semiannual
period, and thereafter falls back gradually to %.0§ percent
at the end of the nineteenth semiannual period. In the proposed plan, on the other hand, this figure rises continuously
throughout the whole life of the bond to a level slightly
over 10.50 percent at the enA of the nineteenth semiannual
period.
There would sees to be speolai Justification for thus reducing the return on savings bonds if not held until final
maturity. The disparity between the rate of return on savings bonds and that on open market obligations is greater for
intermediate periods than for the full ten years, furthermoref it may be argued that intermediate redemption should be
considered as a special privilege, which should be accorded
to the holders of the bonds only at some sacrifice below the
standard rate of return to maturity. If such a reduction of
Intermediate redemption values should make savings bonds
somewhat less attractive to persons who contemplate holding
them only for temporary investment, this would seem to be a
positive advantage.
It is also proposed that purchases by any individual during a given year be limited to $3,000. Subscriptions to this
scries would be limited to natural p9r*en*t as is the case
under the present plan. This reduction from the present limit
of |lOf0OO would not materially impair the availability of the
bonds to the lower income classes. It might be pertinent to
observe in this connection that the maximum amount of Postal
Savings deposits permitted to be held by any one person at any
one time is only |a,500. Thus, it would be possible witfTTT
limit of #3,000 per year for an individual to acquire aggregate holdings of savings bonds (at maturity value) twelve
times as great as the maximum Festal savings deposits.
The low limit on annual purchases should in some degree
reenforee the tendency of reduced intermediate yields to mitigate the problem of demand obligations referred to above.
This limit would tend to make the bonds relatively more at*
tractive to those persons of moderate means whose investment
policies do not tend to change in response to variations in
the market rate of interest. These persons would be less
likely to switch out of savings bonds into other Issues in
the event of a future rise of interest rates than would those
with larger total means.
(b) Bomds with reduced yield to maturity. It is proposed
that, in addition to the beads Just discussed, an issue of savings bonds bearing a maturity yield of 2.00 percent be offered.




Secretary Morgenthau - §
The proposed » l M is compared with the tresentp & M In
fable II and in Qiarts III nad IV.
This plan is based on the underlying thought that the
cumulative return for the period held should be eoue.1 to
Q.2O percent for each year held, working out to an even
2,00 peroent yield if held! for the full ten-year p«ri©&.
This ideal hag had to be departed from slightly, due to round*
ing. thus, the leeue prloe ae worked out is I&2.Q0 and the
yield, if helci to maturity, is 1.99 peroent.
Under this plan, it may be seen, the yield during period
held riees such more slowly la the early part of the period
than it does ua&er the present plan (Chart III), and that in
consequents the yield during the remainder of the ten-year
period, if held to maturity, bull&e up more rapidly (Chart XV)*
The proposal to introduoe this type of saving® bond and
th# type with a current return described in (o) below, in ad*
dltlon to aodifyinc the schedule of redemption values of mr~
infs bonds issued under the present plan aocor&s with the
sound nerchandlsing principle of offering eaoh type of investor
the seourity beet suited to his own individual needs, to far
ae this ©&n be done without sacrifice of the interest of the
Treasury. It also stakes it possible la some &*gr*t to separate the flsoal aspects of the *avlngp boni sohesse from its
other aspects, and thus to obtain a large volume of savings
from individual saver® with # J i i s i of fiseal diseconomy.
tnsua
The bonds reoom^ended in this eubseetion, with both reduoed inter®€diat@ and maturity yielde, would provide an
iaveitaent outlet for those who will rery largely be barred
froa the regular series hy the 3,000 lialt. These persons
constitute, for the »ost part, a group with relatively large
individual resources whose principal investment need is a
security e&rrying no risk of market depreolation. These are
not the personsttbesethrift it wae thought, to encourage by
the Issuance of savings bonds:. It is unlikely that their
purchases ^rould be materially diminished by a reduction la
the maturity yield.
It should be possible by the issuance of the two types
of savings bonds described in this ami the preceding sub*
section to encourage the investment of saali savings in
&overam#nt securities and, at the same time, to plaoe as
large » proportion as possible of future Increases in the




Secretary Morgent xau - 6
public debt ia the hands of private investors without paying
an unnecessary bonus In the fora of excessive Interest charges
to attain tale end. In this eonneotion, it is suggested that
the H a l t on annual subscriptions to this series be oonsiderably larger than the |109000 permitted under present savings
bond regulations — possibly $50,000 a ymr.
Subforlptioas
would be accepted from all elaases of subscribers, except eesaaereial banks. The purpose of a limit is to prevent, as far
as possible, switolling from market Issues of Government securi
ties, aad to proteot the Treasury from tag effects of disparities in the attractlveaesB of savings bonds and other treasury
securities such as are likely to arise when oae security is
offered for continuous sale. Xt should, of course, be independent of that imposed upon purchases of the savings boads
yielding 2.90 percent.
(o) Bonds yl tii a our rent return. Xt is further proposed
that & special type of savings bond be issued with the same
ial
yield to maturity as that Just discussed, but with a regular
current interest payment.
The proposed new type of savings bond would have an issue
price of I9§.5O and would mature at the close of ten years at
1X00.00. Xt would pay a current return of 75 cents each semiannual period over its entire life, thus giving a uniform
current return of 1.57 percent on the issue price. Xts re*
demption value would decrease by §0 cents upon the payment cf
each of the first six semiannual Interest payments cf 7*5 cents
each, reaching a low of 92.50 at the cad of the sixth semi*
annual period, ffce redemption value would thereafter lac yea se
by 25 cents e&ch eeal&nnu&l period until it again reached the
original issue price cf 195*50 at the cad cf the eighteenth
semiannual period, at which sjaou$t it would remain until final
redemption at $100.00. ?he computed yield fcr the entire period would be 3.00 percent, compounded seml&nnuiilXy.
The $r®po**& plan la compared la Table XXX with the p
vlousXy proposed plan without current return, but with approximately the same maturity yleia, ia the three respects cf
(1) yield during period held, (2) yield during remainder cf
ten-year period if held to maturity, and (3) yield if held one
additional period, gfart; shews the yield during period held
for each plan aad also compares each cf them with the present
plan, and with the yields oa Treasury boads and notes on
February 6, 19«&. Chart 11 compares the two plans with each
other and with the present plan oa the basis of yield during
remainder of ten-year period if held to maturity.




Secretary Hergenthau - 7
fills type of savings bond Is recommended for the
of meeting an important segment of Investor demand —
demand for a security which combines proteotion from market
depreciation and a regular income* This demand, it should be
noted, is most Insistent ia the very sector of the market
where savings Bonds could be placed with bent advantage —
namely, with investors whose principal is sufficiently large
to make Income a worthwhile consideration, out who are not so
wealthy (nor so possessed of other sources of Income) that they
can afford to forego income for ten years while awaiting an
appreciation of principal. The reality of this demand Is well
attested fey the Ingenuity which has been devoted by investment
counsellors to the construction of purchase plans designed to
make the present series of savings bonds yield a regular
income•
Four principles appeared paramount In devising a plan for
savings bonds of the type here contemplated. The first V o of
them appeared desirable in order to maximise the attraction of
the security to the investor, and the last two seemed necessary In order to safeguard the Interests of the dovernment.
These principles are as follows:
(1) The current return of the bonds should be as
large as possible consistent with the total
return allowed over the whole tea-year period.
(2) The current return should, if possible, begin
at once and be level over the whole ten-year
(3) The total return during the first few years
should not greatly exceed that available on
market securities or oa the concurrently offered appreciation series of savings bonds.
This In U£se7*&&ry la or&*v that the securities
should definitely not be attractive to investors
contemplating holding them for a short time
oaly.




the -yield during remainder of ten-year period
If held to maturity* should be built up as
rapidly as possible la order to safeguard the
Government agalast premature redemption of tht
beads la the event of a rise in Interest rates.

- i
well.

The proposed plan oonfonss to these criteria reasonably
It offers:
(1) 4 ourrent return of I.57 ptroent on tint lssu«
prise, this Is over three-quartern of the
total maturity yield of 2.00 ptr##nt.
(2) The current return begins Immediately and is
level over the entire period,
(3) The "yield during period held** doeu not rise
above 0,^3 peroent ustil after the eat of the
third year, this ©oap&res with a yield of
0.5? peraent at the end of ths same period 0m
the proposed appreciation series, ana with a
return of about 0.^5 ptrteat (plus an uakaown
amount of ^Fights11 valut) ©n Treasury fiotes
@f thr«t y«ar» maturity.
fh» ^yitld during rtsainder of t«n-y#&r period
if held to a&turlty* builds up from 2.00 p«iw
oent at iftsuaao© to 2.91 percent at the and of
ttw% years, fhis safeguards the Treasury
against a rise In interest rates of nearly
1 pureent during the nemt fire years.

Tarloug advantages tarn only &e obtained bf some
reduotion la redemption value during the first few yearn.
fhe alternative is a sharp reduction in ©urrent return during
the early years. The «eourity Is meant to appeal, however,
primarily to Investors who want a generous inoome return on
* 3,Qftg-tlae basis. If they have to withdraw prematurely,
Sy 'will Weoelvt a fair return oa their ®oney for the period
ll W
h
h
invested, la proportion, however, as they are worried over
the immediate redemption value, they are not bona fide longterm investors and their purchaseB of the bonds would prove
more a souree of embarrassment than of profit to the treasury*
It Is proposed that the limit on purohases hf a single
subscriber of the 2.00 percent appreciation series be applied
to this series also, the subscriber being permitted to distribute his pmrohases within that limit between the two series
as he sees fit. there is no differenoe la the eoonosie effects of the purchase of the two series,, so there would appear
to be no reason why the same classes of Investors should not
be permitted to subscribe to eaoh series and to divide their
subscriptions between the two series as they desire.
Attachments



Tauie I

;

United States Savings Bonds
Comparison of Present Plan with Plan for Reduced Intermediate Yields
Number of
semiannual
periods
held

Red*»r"otion value
Plan for
reduced
Present
intermediate
plan
yields

Tield during period held
Plan for
reduced
Present
intermediate
plan
yields

Yield during remainder
of 10-year period
Plan for
Present
reduced
plan
intermediate
yields

0

$75-00

$75.00

.00^

.004

2.90*

2.904

1
2

75-00
76.00
77-00
78.00
79-00

75.00
75.50
76.00

.00

.00

1.33
1.76

.67

3.05
3.07

.99

77-00

1.97
2.09

3.05
3.15
3.25
3-38
3.52

80.00
81.00
82.00
83.00
8^.00

78.00
79.00
80.00
81.00
82.00

2.16
2.21
2.2U
2.26
2.28

85.00
86.00
87.00
88.00
90.00

83.00
8U.00
85-00
86.00
87-50

2.29
2.2P
2.30
2.30
2.1+5

1.85
1.90
1.93
1.96
2.07

92.00
9^.00
96.00
98.00
100.00

89.00
91.00
93.00
95.00
100.00

2.57
2.67
2.76

2.15
2.29
2.U0
2.50
2.90

I

5
6
7
8

9
10

n
l?

13

ii
15

16
17
18

19
20

76.50

2.8U
2.90

3.10
1.06
1.31

1.U9
1.62
1.72

1.79

Treasury Department, Division of Research and Statistics.
Yields are nominal annual rates compounded semiannually.




3.13
3.17
3.21
3.27
3.^

3.U2
3.52

3-58
3.66
3-75
3-87
U.01

3.6U

U.18

3.81
U.02

U.Ui

Ml

U.70
5.09

U.26

5.U1

U.21

5.91
6.39
7.39

H.17
U.12
U.08

10.53

Table II
United States Savings Bonds
Comparison of Present Plan with Proposed 2 Percent Plan
Number of
semiannual

Redemption value

Yield during period held

Yield during remainder
of 10-year period

2 Percent

$75-00

$82.00

1
2

A

Present
plan

0

^\

75-00
76.00
77.00
78.00

82.00
82.20
82.1*0
82.60
83.00

.00
1 • 33
1 .76
1 •97
2 .09

83. 1*0
8**. 00

1 .00

3.52
3.61*
3.81
1+.02

•« 4 / *

JA

A

pCrlOOS

held

3
k
5
6
7

8

9

10

n
12

13
lU
15
16
17
18
19
20

79.00

plan

Present
plan

2 Percent
plan

plan

2.90^

1.99*

.00

3.05
3.07
3.10
3.13
3.17

2.10
2.19
2.29
2.1+0
2.50

3.21
3.27
3.3U

2.61
2.70
2.81

.21*
."*2

•36

85.1*0
86.20

2 .16
2 .21
2 .21*
2 .26
2 .28

85-00
86.00
87-00
88.00
90.00

87.20
88.20
SO. 20
90.1*0
91.80

2 .29
2 .29
2 .30
2 .30
2

M

1 .12
1 .22
1 .30
1 .1*0
1 •51

92.00
9U.00
96.00
98.00
100.00

93.20
9U.60
96.1*0
98.20
100.00

2 .57
2 .67
2 .76
2 .81+
2 .90

1 .61
1 .69
1 .81
1 .91
1 •99

.69

•78

.90

Treasury Department, Division of Research and S t a t i s t i c s .
Yields are nominal annual rates conro^rmded semiannually.




2 Percent

.00*

.00*

80.00
81.00
82.00
83.00
8U.00

8H. 60

Present
plan

3.1*2

Mi

1*.26
1*.21
1+.12
U.08
<m

2.89
2.99
3.07
3.16
3.29
3.39
3.U5
3.^

3.7U
3.70

3.67

o
III
United States Savinps Bonds
Comparison of 2 Percent Plans with and without Current Return

Number of
semiannual
Redempneriods
tion
held
Value
$S2.00

S2.00
S2.20
S2.40
S2.6O
S3. 00
6

7

6

9
10
11
12

13

it
15

16
17
is
19
20

S3.40
64.00
34. bO
35.40
66.20

67.20
SS.20
69.20
90.40
91. SO
93.20
94.60
96.40
96.20

100.00

Plan with Current Return of
cents each Semiannual Period

Plan without Current Return
Yield during:
Period
held

Remainder of
10-yr period

.00^
.00
.24

.69
• 7S
.90
1.00
1.12
22
0
1.51
61
69
SI
91
1.99

One a d d ' l
period

OOfo
2.10
2.19
2.29
2.40
2.50

,49
^9

2.61
2.70
2. SI
2.69
2.99

2.00^

96

I

93.50
93.00

,44

92.50
92.75
93.00
93.25
93.50

2.6S
2.72
"2.77
2.S3
2.9!

2.16
2.16

93.75

2.99
3.11
3.25
3.45
3.7?

2.13
2.13
2.12
2.12
2.11

9

3. Si
3.73
3.67

^4.00

9^.25
9^.50
9^.75
95-00
95.25
95.50
95.50
ion.00

Division of Research and Statistics.
Yields are nominal annual rates compounded senlannually.




.53
.53
.53

,49

3.5
3.7
3.70
6

3.2Q

$95.50

One a d d ' l
period

2.0S
2.1S
2.26
2.40
2.53

3.39
3.%

3.07

Remainder of
10-yr oerlod

95.00
94.50
94.00

69
37
2.32
2.29
2.27
2.69
3.10
3.05

3.16

Yield during:

Redemption
Value

^ 3

4.S2

0.21
IO.99

2.15
2.14
2.14

2.11
2.10
1.57
10.99

„

CharT I
UNITED
8TATE8
SAVINGS
BONDS
Yield During Period Held, Present Plan and Proposed Plan
for Reduced Intermediate Yields and Yields of Treasury Bonds and Notes
Y E A R S
PER
CENT

2.8

PLAN FOR REDUCED
INTERMEDIATE Y I E L D S

TREASURY BONDS
FEBRUARY 6 .
1941

TREASURY NOTES
FEBRUARY 6 ,
1941

10
Y E A R S

Otttct •( tht Stcrtur; «f th. Trattary




I - 147

c

II

UNITED STATES SAVINGS
BONDS
Yield During Remainder of 10 Year Period If Held to Maturity,
Present Plan and Proposed Plan for Reduced Intermediate Yields

PLAN FOR REDUCED
INTERMEDIATE YIELDS

4.0

3.5

3.5

3.0

3.0

0«ic« of
 td« Stcrttirj tf the Trw»urj
Divi.l.r «rf ftMufch md Statistic*


10

I - 149

t

II]

UNITED STATES SAVINGS BONDS
Yield During Period Held, Proposed 2% Plan Compared with Present Plan
and Yields of Treasury Bonds and Notes

I

PER
CENT

2.8

2.4

2.0

TREASURY BONDS
FEBRUARY 6, 1941

TREASURY NOTES
FEBRUARY 6. 1941

Y

L A R S

Office of the Secretary of the Treasury
DWfem* of R«M*ch M 4 Statistics




I - 125

r Vt
Chart IV

UNITED 8TATB8 SAVINGS BONDS
Yield During Remainder of 10 Year Period If Held to Maturity, Present Plan and Proposed 2% Plan

2.4

2.4

2.0

2.0

0We« «f th. Uenttry $f t*»e T r M i u r j
t > w r i > M 4 Stotittie*




I - 148

Cnair t V
UNITED
STATES
SAVINGS
BONDS
Yield During Period Held, Proposed 2% Plans Compared with Pr
and Yields of Outstanding Treasury Bonds and Notes

PRESENT

PLAN

2% PLAN WITHOUT CURRENT

2% PLAN WITH CURRENT

t Plan

RETURN

RETURN

TREASURY BONDS
FEBRUARY 6.
1941

TREASURY
FEBRUARY

NOTES
6,

194-1

YEARS

Offict tf th* Secretary of the Treasury




-131

Jri

t VI

UNITED
STATES
SAVINGS
BONDS
Yield During Remainder of 10-Year Period If Held to Maturity,
Present Plan and Proposed 2% Plans

2% PLAN WITH CURRENT RETURN

3.0

2% PLAN WITHOUT CURRENT RETURN

2.5

2.5

2.0

2.0
YEARS

Office of the Secretary of the Treasury
0iy».on of R«M«rch ind Stjtutio




I -132