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Form F.R. 131 BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM 3mce Correspondence Chairman Bocles p a te December n , 1939 Subject: Treasury cash requirements Henry Edmiston The following table gives a summary of Treasury cash requirements and the Treasury cash position between now and the end of this fiscal year* It appears that the Treasury cash balance on June 30* 19^0, will be over 11,200,000,000 without any new direct cash financing. ESTIMATED TREASURY CASH REQUIREMENTS December lij., 1939-June 30, I9I4.O (In millions of dollars) Cash budget receipts Cash budget expenditures Cash budget deficit Deduct: let sales of U. S # Savings bonds Net receipts of Unemployment Trust funds Other accounts 3*520 Ui720 -1,200 +520 +290 -l60 Total Treasury cash requirements Add: Cash requirements of Government agencies Net cash sales of guaranteed obligations l/ +650 -550 -100 +70 Total cash requirements Treasury cash balance, December 13, 1939 Treasury cash balance, June 30» 19^0 -30 -580 1,820 1,21+0 T/Assumes sales of $150,000,000 of RFC notes, $50,000,000 of TVA bonds, and retirement of $130,000,000 of HOLC bonds.