Full text of Treasury Bulletin : April 1946
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LIBRARY
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TREASURY DEPARTMENT
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LIBRARY
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J UN 9.11972
TREASURY DEPARTMENT
IMIEOieLES„IRElSURV DEPRRTMEN^
OFFICE DP THE SECRETflRV
April 1946
Table of Ck3ntents
Page
Cumulative table of contents
11
Articles:
Statement by Secretary Vinson on the proposed financial
agreement with Britain, before the Senate Conmlttee
on Banking and Currency
Federal wartime financing and
grov.'th of
liquid aspets
A-1
A-11
Individual Income tax returns for l^U-^ v;lth adjusted gross
Income under $25,000 - marital and dependency status and
number of employers
A-21
Preliminary statlstlco from corporation Income and taxable
excess profits tax returns for 19^3
A-26
Treasury market financing
A-32
StatlBtlosd section:
Summary of fiscal statistics
1
Receipts and expenditures and appropriations
k
Oeneral fund of the Treasury
IS
Public debt and guaranteed obligations of the United States
Government
21
Ownership of United States Government securities
k&
Prices and yields of Government securities (including
securities issued by Federal agencies)
56
Corporations and certain other agencies of the United
States Government
63
Internal revenue statistics
76
Monetary statistics
SI
Capital movements between the United States and foreign
countries
S6
Note:
In those tables where figures have been rounded to a
specified unit, all calculations (including percentConseages) have been made from unrounded flguree.
quently the details may not add to the totals shown.
Treasury Bulletin
11
Cumulative Table of Contents
Issue and page numter
I9U5
19U6
Atjp .
Mar
.
Feb
.
Jan
Dec
.
Kov
.
Oc t
.
Sept .
Aug
.
July
June
Hay
Articles
Statement by Secretary Vlsaon on the proposed financial ngreeroent with
Britain, before the Senate Connlttee on Banking and Currency
Federal wartlne financing and growth of liquid aB3et3
What we eatn froi the proposed financial agreement with Britain (speech
by the Secretary of the Treasury)
Our eysteo of poTernfflont has stood the test (speech by the Secretary of
the Treasury)
Victory Loan Drive. October-December 19^5=
Sales by issues, by investor classes, and by States
Outline of plans and cooporison of features of securities offered....
7th War Loan. May-June I9U5:"
Sales by Issues, by investor classes, and by States
Outline of plans and comparison of features of securities offered....
Security purchases outside war loans by commercial banks and by Treasury
investment accounts:
Victory Loan
7th War Loan
Transition from war to peace and prosperity (speech by the Secretary of
the Treasury)
War flDELncing - sooe implications for the future (epeech by Under
Secretary of the Treeeury)
Procedure for redenption of United States excess profits te:c refund bonds
Astiete and liabilities of all active banks in the United States:
Dec. 31. 1939-June 30. 19^
Dbc. 31.
1939-Itec. 31.
A^l
A-11
1^1
JU5
A-l
JU22
A-23
A-l
A-7
19^
Federal Covemmer.t expenditures for the fiscal years 19l40, 19^. and 19^
Statistics of Income:
Individual Incosie tax returns for 19^ with adjusted groas income
under $25,000:
Income and tax liability
Marital and dependency statue and number of employers
financial statistics of certain tax-exempt organizations for 19^3Corporation income and taxable excess profits tax returns for 19'*3'
Preliminary statistics
Advance tabulation
Tax&ble Individual and fiduciary income tax returns, with net Income
of $5,000 and over, for 191*3 (advance tabulation)
Publication of Statistics of Income for 191*2. Pert I
Corporation Incone and taxable excess profits tax returns for 19^2
(complete returns)
Federal land bank bonds
Pinenclol operations of the United States OoTemment, fiscal yeer I9U5...
Invasion currency
Bank deposits, geogrephic distribution on December 31. 19**!-**^
Matxirlty of Adjusted service bonds on June 15. 19^
(hiited States savings bonds:
Maturity of Series A bonds
Maturity of Series B bonds
Continufitlon of the savings bond progren
Hedomptlon throu^ banks and additional financial institutions
Treasury market financing
•
A.6
A- 21
A-23
A^26
A-33
A-6
JU6
A-2
A-25
ill
^5
A-l
A-23
A-^7
A-28
i^2U
A-32
i^Zl
*-5
A.16
A-9
A-6
A-9
Suanary of fiscal etatistlOB
BadjC!!etary receipts and expenditures
Public debt and gurranteed obligations outstanding.
Means of financing cash requirements
Rttoelpte and expendlturea and appropriations
Budgetary receipts and expenditures:
Suamary by major cl&sel float Ions
5
5
5
5
5
Analysis of receipts from internal revenae
Analysis of general expenditures
i
i
6-?
I
i
Analysis of expenditures for war activltleB
8
7
7
7
7
Analysis of expenditures for (l) revolving fonds and (2) transfers to
trust accounts, etc
8
7
7
7
7
7
7
7
7
7
7
Total budgetary receipts and expenditures, by months, for recent years
8-9
8-9
8-9
8-9
8-9
8-9
9-10
8-9
8-9
8-9
8-9
Trust accounts, etc, receipts and expenditures
10
10
10
11-12
10
10
10
10
10
10
10
Means of financing cash requirements
11
11
11
11
11
11
11
11
11
11
13
Social security prograo:
Budgetary receipts and expenditures:
Social Security Act
12
12
12
12
lU
12
12
12
12
12
12
12
H&llroad Retlreaent Act
13
13
13
13
13
13
13
15
13
13
13
13
Railroad Uneaploynent Insurance Act
,
13
13
13
13
13
13
13
15
13
13
13
13
Statement of trust accounts:
Itederel Old-Age and 3urvlvors Insurance Trust PUnd
lU
lU
lU
lU
lU
lU
lU
lU
lU
16
lU
lU
Hoilroad Retirement Account
lit
lU
lU
lU
lU
lU
lU
lU
16
lU
lU
Unemployment Trust Pund
ll«
lU
lU
lU
lU
lU
lU
lU
lU
lU
l£
lU
Appropriations and net contract Buthorizatlons for the war activltleB
prograo
15-16 15-16 15-16 15-16 15-16 15-16 15-16 17-18 15-16 15-16 15-16 15-16
Cash income and outgo of the Treasury:
Analysis by major claastficetlons
17
17
17
17
17
17
17
17
17
17
19
17
Total cash Income and outgo by months and calendar years beginning
with January I9U0.
17
17
17
17
17
17
19
17
17
17
17
17
(Continued on following pa^)
April
1946
111
Cumulative Table of Contents
-
(Continued)
Immie and pBga number
I9U5
19»«6
Apr.
Mar.
Ttob.
Jun
Cec
.
Hot
.
Oct
.
Sept .
Aug.
July
June
May
Qeneral Fund of the Traaaury
Assets, liabilities, and balance In General Kind.
Analysis of changes in oalanoe of General Amd...
19
20
Publio debt and guaranteed obligatlonB of United States ttOTTiwnt
Issuance and retirement of the putilic
22
del)t
Composition of the interest -bearing public
deM
22
Public debt and guaranteed obligations:
Detailed statement:
Plscal years, 1936-I9U5
Monthly data
Chart
CoDputed interest charge and computed interest rate
23 -?U
2U-25
lit
26
27
Guaranteed obligations held by Treasury
Statutory limitation on the public debt - condition, aa of:
March 31 I9U5
June 50. 1945
July 31 19^
August 31. 191*5
September 30. 19U5
October 31, 1914-5
November 30 I9&5
December 31 19U5
January 3I 19^6
February 2S 19U 6
27
1}-Zk
2H-25
26
22
27
23-2U 23-2U 23-2lt 25-26
2U-25 2U-25 2U-25 26-27
26
26
26
28
27
27
27
27
29
27
27
27
27
27
29
I3-2U 23-2U 23-2'*
iU-25 2lt-25 IU-25
26
27
26
27
26
27
27
27
27
•}-Zk
>M-25
,
30
.
28
,
.
2«
,
2«
,
Maturity schedule of interest-bearing public marketable seeuritiea limed
or guaranteed by the United States
29-31 29-31 29-31 29-31 29-31 29-31 29-31 31-33 29-31 28-30 28-30 29-31
Offerings of marketable issues of Treasury bonds, notea. and certlfleatea
of indebtedness
DLspositlon of matured marketable iseues of Treasury boads. BOtef
certificates of indebtedness
.
Offerings and maturities of Treaauiy bills
United States saTlngs bonds:
Suimnary of sales and redemptions by series
History of sales and redemptions
Sales by series, cla«eifled by denominations
l^umber of pieces eold, classified by denominations
Sales by series, classified by States
Hedemptlons of series A-I, classified by Statea
Payroll earrings plans
,
Treasury notes - tax and savings series:
S\immary of Bales and redemptions, by series
Seles, classified by:
Denomination
!^e of purchaser
Qilted States savings stamps:
Summary of sales and redemptions
Sales, classified by denomination
32
32
32
32
32
32
32
3U
32
31
31
32
and
32
32
33
33
33
35
33
33
33
33
33
33
3^35 3U-35 3'4-35 3U-35 3^35 3U-35 36-37 3U-35 33-3U 33-3"* 3't-35
36
36
Ul
Ul
36-37 36-37 36-37 36-37 36-37 38-39 36-37 35-36 35-36 36-37
38
38
38
38
38
38
38
37
37
39-ito
Ul
39-Uo 39-UO 39-Uo 39-Uo U1-U2 39-uo
Ul
Ul
Ul
Ul
Ul
U2
39-Uo
Ul
Ul
Ul
U2
U2-U3 U2-U3 U2-U3 U2-U3 U2-U3 UU-U5 U2-U3 U1-U2 U1-U2 U2-U3
.*
UU
UU
UU
UU
UU
UU
UU
UU
1^
U5
U5
U5
U5
U5
UU
UU
UU
UU
U3
U3
^^
U3
Wt
UU
U5
U5
UU
UU
UU
UU
U5
U5
Ovn»r»hlp of Unltad States OoTerniii»nt Beourltl««
U7
Summarj dletrltnition, \>y holderB
SBtlQated otmersMp I7 various classes of tiank and non-bank Isrestors
Market transactions In GoTernnent securities for Treasury InreatBeBt
accounts, monthly beginning January 1937
U8
U8
Treasury Surrey of Ownership of Uilted States OoTemment secorltlei (federal
land bank bonds included conoaencing January 31* 19U5):
Ownership by banks end instirance companies:
Jobruary 28 I9U5
U9-53
U8-52
March 31 19U5
U8-52
April 30. I9U5
U9-53
May 31 19U5
June 30, 19%
51-55
19U5
U9-53
July 31.
August 31. 19U5
>t9-53
Seotamber 30, I9U5
*9-53
U9-53
October 3I, I9U5..
U9-53
HoTember 30, I9U5,
December 31, I9U5
51-55
January 31, I9U6
51-55
Ownership by various classes of Federal Saverre member and noaaeab*r
commercial banks:
June 30. I9U5
56-60
September 30. 19U5
5U-58
December 3I, 19it5
56-60
,
,
,
(ContlBDAd on following
P^^)
Treasury Bulletin
Iv
Cumulative Table of Contenta
-
(Continued)
April 1946
A-l
Statement by Secretary Vinson on the Propoeed Financial
Agreement with Britain, before the Senate Commltee
on Banking and Currency, March 5, 1046
am happy
I
appear again before this com-
to
Your work and all of the work throughout
Congress as we start our postwar building Is of
I hope that what
vital Importance to our people.
mittee.
I
have to say will be helpful to you.
does
Our people ask their government to do every-
possible
thing
sound Drosnerlty
achieve enduring peace and
This objective requires vigi-
to
.
lance and action on many fronts.
morning we are
with our
concerned particularly
International economic program.
In my
Judgment,
the best milestone we have seen on the
This
road to peace and prosperity Is our International
economic program.
This program Is well developed
and we can soon put It Into full effect.
But If
this
program
succeed It
to
Is
Is
necessary
to
have the full participation of England. That Is
why the President stated In his message "that the
order of
next
Congress
International business before the
our
should be
the United Kingdom."
The
financial relations with
purpose
cial agreement with England, which
you,
make
to
Is
of
la
the
finan-
now before
our policy on a simple propo-
conflicts between nations should not be
settled by fire and sword; International problems
sition;
The
should be solved In the common- sense way.
common-sense way Is to deal with them through
discussion and agreement, through International
cooperation.
It
Is
essential, of course, for
United Nations to cooperate on political
problems that effect world security. But that Is
the
not enough.
dation
There must be a sound economic foun-
That foundation can bo built
for peace.
only through cooperation among the nations.
Our International Economic Policy
For
stood
the
not rest In any one country.
They are international In scope and they can be dealt with
only when and If the several nations get together.
We
have proposed, therefore, that the United
Nations provide the means for continuing cooperation through the International Bank, the International Fund and an International Trade Organization.
This policy of International economic cooperation Is a frank recognition that the break-
down In world economic relations In the 1930'
was an Important factor In prolonging and Intensifying the great depression.
It Is a frank recognition that the economic warfare of the 1930's
was part of the master plan for aggression by
Germany and Japan.
Admitting that we should
learn from experience, we have urged the United
Nations to adopt a comprehensive policy of International cooperation to restore world trade.
possible to put this program
It
Into Immediate operation.
We have based
securing agreement on abstract principles.
International economic problems must be dealt with
In the concrete terms In which they arise.
The
responsibility for dealing with these problems
past five years this government has
and has advocated, a definite Intereconomic policy.
That policy Is to
The success of this policy depends upon securing prompt economic reconstruction, orderly
currency arrangements, and the reduction of trade
barriers. World trade cannot be restored until
the war-devastated countries In Europe and the
Far East are again able
to produce, and to buy
and sell. World trade cannot be restored until
the currency restrictions that have plagued the
world for more than a decade have been eliminated.
World trade cannot be restored until
the present barriers
abolished.
When
the
that
block trade have
countries
of
been
the world are
again producing, when they have put into effect
fair currency and trade practices, world trade
will expand and grow.
Then the business men of
all countries can secure access to world markets
on fair and equal terms.
for,
national
restore world trade, to free it from the restricthat Isolate countries and from the discriminations that divide nations Into conflicting
tions
economic blocs.
We
have
not
been
content with
This International economic program Is a big
and vital part of what we are doing to give the
American people peace and prosperity. You cannot
maintain American production and employment In
the midst
of
world-wide depression.
You cannot
Treasury Bulletin
A-
exceot 8lck and hungry men
You cannot raise a
world.
buHd
to
new
a peaceful
generation dedi-
cated to peace In the ruins of bombed-out cities.
for nialntalnlng peace will be liaThe chances
In a world that Is working and
better
measurably
world
In which economic warfare
In a
trading
has been eliminated.
Importance to the United States
of maintaining high levels
and national Income Is
employment
of production,
dependent on our success In expanding world
Foreign trade Is an Important factor In
trade.
Our own
our economy.
prograjn
We need markets abroad.
8 percent of our physical production of agricultural and Industrial goods was sold abroad.
Important Industries more
In many of our more
of
10 percent
the
And we want
no
dlsorlmlnatlons
A program that stimulates a full flow of
among nations is necessary for world recovery.
That Is good business for America.
But
it Is because of no
soMld motive that we urge
this program on the United Nations.
It Is also
good business for the entire world.
We want a
prosperous America.
We want a prosperous world.
trade
We
gain
more
thou^ they
than
material
benefits,
in^ortant
In a prosperous world we gain a
genuine chance for lasting peace.
are.
Before the
war,
than
In world trade.
aimed against us.
entire output was
ex-
That
In brief Is the program of Internaeconomic cooperation this Oovernment has
proposed to the United Nations.
We have mde
tional
much progress.
The World Fund and the World Bank
have been ratified by
ported.
The Inaugu35 countries.
meeting of the Fund and Bank will start in
Savannah within the week.
We have reached the
stage where much of this program can be put Into
practical operation.
ral
ton,
In 1937 and 193S, 31 percent of our raw cot30 percent of our leaf tobacco, and 12 per-
cent of our wheat and flour, were sold abroad.
Looking at Industrial products, 5'* percent of our
refined copper, 15 percent of our farm equipment
and machinery, 1^^ percent of our automobiles and
trucks, l^ percent of our Industrial machinery,
and 11 percent of our refined mineral oil were
The fact of the matter Is that for
sold abroad.
large segments of agriculture and Industry, exports mean the difference between prosperity and
depression.
Our need for foreign markets will soon be
greater than ever before. American production Is'
at the highest level ever reached In peacetime.
As a nation we must learn to use an Industrial
plant with a capacity
nearly
twice
as
great as
before the war.
for every steel Ingot produced
For every
before the war we can now produce two.
machine made before the war we can now make four.
There
new fabrics, new plastics, new procAnd In agriculture, too, we have reached
records of production for nearly all our
are
esses.
new
major crops.
The one d«uiger la delay.
The longer we wait
the longer there will be reliance on the currency
and trade restrictions, which reached new heights
during the war.
If postwar trade becomes adJusted to the protection that these devices provide, there will be strong opposition to their
removal.
That is why the success of our prograa
depends largsly on the prompt application of fair
currency and trade practices.
But England will
not be able to put these positive principles into
effect until she is sure she can secure her essential imports of food and raw materials.
The British Problem
The people of England are confronted with a
difficult and urgent problem,
vital to their
whole economy. England must increase her export
trade In order to buy the Imports she needs.
She
must expand her export trade to the level necessary
to
maintain the living standard of her
people and the functioning of her Industries. In
addition, England will
require
help
from abroad
Much the largest part of our output will, of
course, be sold at home; but we must have foreign
to secure, during the next few years, the imports
she must have.
England must assure her people
many of our products.
The world
wants AJnerlcan g^ods. We must make
sure the world can buy them.
The one way to keep
the means of living and working in the five critical years ahead.
markets
needs
for
and
the markets
of
other countries open
products Is to bring about
trade.
We want to trade.
an
We ask
no
we want to Import.
to
American
expansion of world
We want to export and
special advantages
The war has seriously disrupted England's
international economic position.
In the three
years before the war England Imported annually
$^,200 million of goods.
She paid for 55 percent
April 1946
A-3
of her Imports by her merohandlso exports. About
2l)- percent
of her linports was paid for with the
.
from British investments in all parts
Another 17 percent of her imports
net income
of the world.
of
was paid for out
insurance,
ping,
England's
the net receipts from ship-
banking
foreign
other
and
exchange
receipts
world have also fallen off along with her
With
greatly
expanded world
trade,
British income from shipping and other services
will again pay for a large part of England's Imthe
trade.
ports.
But this, too, will take time.
services.
from
all
Not all the ravages of war are seen in rubble heapfe.
Compare the cost to Britain of her
lost foreign assets and her new foreign debt,
In order to devote as much of her industrial
output as possible to war purposes Britain con-
a«5unting to more than $17,000 million, with the
16,000 million of damage done by Oerman bombs,
robots,
and rockets and the 13,000 million of
damage done by Oerman submarines.
To a country
these sources have been sharply reduced.
verted her export industries
to war production.
Lend-Lease aid from the United States, Uutual Aid
from Canada, and foreign loans in sterling made
It possible for England to secure her war-time
Imports without maintaining
prewar volume of
were deliber-
the
In fact, British exports
exports.
ately reduced until in
30 percent of the prewar
ig'*^
seas supplies,
The producing
power thus freed was diverted to Britain's armed
forces and to her munitions industries.
In view of the loss of foreign exchange from
other sources, England's exports will have to be
increased far above their prewar volume. But
even with favorable conditions of world trade and
help
from
need several years
friendly countries England will
to
expand her export trade.
During these years she must find some way to feed
her people and her factories with ioported food
and raw material a.
In financing
her
overseas war
expenditure
and her wartime imports England sold many of her
foreign Investments.
These Investments before
the war yielded net foreign exchange income of
With the sale of
nearly $1,000 million a year.
Investments,
the
destruction
some
of others in
the
East,
with
new foreign
and
Far
and
the
Europe
debt that England Incurred, the net income from
her foreign investments has fallen sharply. In
"as less than $'^•00 million. With present
prices, net income from foreign investments will
pay for only one-third the quantity of imports it
191*5 It
bou^t before
the war.
an important part of England's international
business.
IHirlng the war the losses from enemy
enormous,
and
in
spite
of
the
fact that shipbuilding
was given high priority,
England's merchant fleet was greatly reduced.
The insurance, banking,
and commercial services
that England formerly supplied
to
on
over-
her intermore serious
The restoring
position
all
parts of
of her international economic
primarily a problem for England to
She must
revitalize her export indusis
tries.
She must increase the efficiency of her
workers and her business men. That Is the only
way in which England can increase her exports far
above the prewar level.
That is the only way in
which she can continue to pay for her imports of
essential raw materials. There can be no doubt
that British industries are capable of developing
technical efficiency of a character which would
permit them to compete for their share of the
world's markets.
To survive, England must
store and expand her export ti^de.
re-
England can deal with this problem in one of
One way is to Join in the economic
program of the United Nations.
She would accept
and effectuate the fair trade and currency principles which we have proposed. Under this protwo ways.
gram, England would remove her war-time currency
and trade controls without waiting until her exports have been restored. Then as world trade
grows England would share in the growth, and her
increased exports would in time pay for her imports.
The
Shipping and other services have always been
were
in
Which Policy for Bigland?
extend
action
her dependence
national economic position is even
than the destruction from bombing.
solve.
England's exports have been rising since the
end of the war and they will continue to rise.
with
in
the deterioration
amounted to
they
volume.
like England, unique
alternative
these
currency
is
to
and
continue and even to
trade controls.
Eng-
land would form a British economic bloc.
Countries that want to sell to her would have to take
payment in British exports.
The countries to
whom Britain owes $13,000 million in blocked
sterling would be compelled to take British goods
in payment of the debts.
In brief, England would
form an exclusive British economic bloc in which
trade inside the bloc is encouraged through pref-
Treasury Bulletin
A-H
erenoee and presBuros, and trade outelde the bloo
and con18 discouraged through discriminations
outside
countries
the
one
of
be
We would
trols.
and how
reatrictions operate
hurt American
they
business.
The Sterling Area
the bloc.
The sterling area now includes the countries
The neople of England prefer to solve their
International economic problem through cooperation with the United States and the United
Britain's economic and political tradiNations.
of the British Empire except Oanada, and a number
other countries mainly in the Uiddle East.
countries do much of their business with
England and they keep moat of their monetary reof
These
and interests strongly favor such a soluThere are few people who want a British
tion.
England too,
economic bloc for Its own salce.
That Is the
trade.
needs an expansion of world
objectives
her
achieve
only way In which she can
serves In the form of sterling in England.
of raising British production and maintaining the
where.
British standard of living.
American cotton before the war it
tions
England is willing to assume the risk of
selling her exports in fair competition with the
3he Is willing to
exporters of other countries.
commit herself to our program of fair currency
order to encourage an ex-
and trade practices in
pansion In world trade. Britain cannot undertake
the commitment to put this program into effect,
however, unless she gets help in financing her
This help can come only from us and to a
lesser extent from Canada and some other counIf England cannot secure help from the
tries.
countries committed to a policy of- International
economic cooperation, she will have to continue
and to extend the war-time Impediments to world
sterling could be used by
war
For example,
if Australia wanted
to
buy
sold the ster-
ling for dollars, and used the dollars to pay for
American cotton. That is to say, sterling was
freely convertible into dollars.
That was before the war.
During the war the
Because
sterling area took on some new featuires.
England didn't have enough gold and dollars, she
no longer permitted sterling
3he
sterling
made
be
to
Inconvertible.
sold
freely.
In practice,
that the countries of the sterling
area cannot use the sterling they receive for
their exports to buy American goods, unless they
this
imports during the next few years.
the
Before
these countries to buy goods all over the world
in the United States, Canada, Latin America, any-
means
obtain permission from England.
As it is now, Australia cannot use her sterling receipts to buy American cotton; but she oan
use the sterling to btiy cotton in India or Egypt.
while
trade
among the
sterling area
trade.
In short,
necessity.
countries continues unaffected by these currency
restrictions,
the trade of all
sterling area
countries with the United States is subject to
In this way she would simply force addiThis
tional aid out of the British trading bloo.
It Is sheer
not a matter of preference.
is
the will of Britain.
During
war
the
England
measures to
took
mobillES and conserve foreign exchange for essenThese war-time currency and
tial war purposes.
They
still in effect.
trade restrictions are
were necessary in the war emergency; but they are
world trade and prosperity in time of
The continuation of these restrictions
peace.
would affect us more than any other country. The
fact of the matter Vs that American exports would
be excluded from their major markets abroad. We
harmful
can
see
to
from
the
war-time controls what
such a
policy would Involve.
You have heard a good deal about theee warsterling
the
particularly
time restrlotione,
blocked sterling,
sterling area,
area, blocked
the
dollar pool,
arrangements.
You
trade
may
controls,
want
to
and payments
how these
know
We do not want England saying to Australia
and other countries from which she inserts:
'You
cannot use the
sterling you acquire from us to
buy goods in the United States.*
that American e:qporter8
would
That would mean
discriminated
against In all trade with the sterling area.
be
Blocked Sterling
That brings us to blocked sterling.
England
had to go on buying goods in the sterling area,
and meeting the costs of her araies in India,
Egypt and other countries.
She bought the goods
and she met her war expenses in these countries
by paying in sterling. England did not have the
means to convert the sterling into dollars, she
could
use
not
all
export enough to
of
their
sterling
let
to
these
countries
buy goods.
In
April 1946
A-5
the acoumulated
effect,
blocked from use.
sterling balances were
for them.
Other Trade and Payment Restrictions
sterling acoumulated by vari-
of
The amount
ous countries during the war was very large.
Although England sold |'t,500 million worth of
her war-time overseas
were
enormous
expenditures
so
that
sterling
balances accumulated In rapid fashion. These
balances now amount to $13,000 million.
They are
her
foreign
investments,
held by foreign countries In the form of sterling
deposits In London banks and sterling securities
of
the
British Treasury.
This
a tremendous
Is
Along with these financial controls there
are direct trade controls on imports in England
and all the sterling area countries.
These controls are exercised through import licenses,
shipping priorities, and in other ways. They are
used to exclude goods that are bought with dollars.
This has meant,
throughout the war and
even now, keeping to a minimum the imports of all
goods from countries outside the sterling area
and particularly American products.
sum for a foreign debt.
Some countries,
including
What Is done about these blocked sterling
balances will mean much to American trade. We do
have
not want England
such countries may have
saying
countries holding blocked
ances will
freed
be
India
to
only
and
sterling:
buy
to
the
other
"These bal-
goods
In Eng-
land," That would mean the exclusion of many
American products from the whole sterling area.
Sterling Area Dollar Pool
England also needed and bou^t goods outside
Many commodities we shipped
to England had to be paid for in dollars.
And
that was also true of some of England's Imports
the sterling area.
from other countries.
England
all her dollar resources.
She
had
mobilize
some of her
to
sold
American investments to obtain dollars. Other
dollars were borrowed by pledging some of her Investments.
In addition, Englauid arranged to have
the dollar receipts of the sterling area countries pooled in, and allocated by, London.
their
want
dollars
over
to
receives rupees.
the
Reserve Bank of India and
These dollars are then sold to
England for sterling.
This happens in all of the
sterling area countries that have net dollar receipts.
In short, all the dollar holdings of the
sterling area are pooled in London.
Then
when a country
in
the
needs dollars, it applies to London.
dollars, no funds are allocated
to
sterling area
To conserve
buy
goods
in
the United States
if they can be secured in any
sterling area country. That point needs emphasis.
Under the sterling area dollar pool goods are not
bought in the United States
they can be found
American producers
loee markets under this system. We want American
exporters to have a fair chanoe to sell their
if
in any sterling area country.
oroduots in every country that has dollars to pay
means
people
to
want
pay
to
England,
do not
for as much imports as
buy.
Total imports in
to
be
limited.
But we
the
limitations on imports to be applied
across-the-board.
We do not want discrimination
against American exporters.
There is another kind of currency restriction that England is now using.
During the war,
and particularly since the war,
England entered
into bilateral agreements with a large number of
countries to whom Britain is an Important export
market.
Under these bilateral agreements England
pays for her imports from these countries in
sterling.
The sterling can then be used to buy
goods in England and in the sterling area.
Any sterling not used to buy imports from
the sterling area must be kept idle.
This means
that some countries whose export trade is adequate
Under this system, when an Indian exporter
sells goods in the United States he turns the
the
to
pay
for the imports they want are oonrestrict their purchases in the United
States.
We want such limitations removed so that
countries can use the proceeds of their exports
to every country to buy goods from any country.
pelled to
Effect on World Trade
The continuation and the extension of these
currency and trade controls in England would
necessitate their retention in many other countries.
Throughout the sterling area and the
countries with which England has bilateral payments agreements, supplementary measures would be
taken to restrict purchases from areas in which
payment cannot
be made in
sterling.
In other
countries, particularly Canada,
their exclusion
from the sterling area market would limit seri-
ously their exports,
and they,
in turn, would
restrict purchases from the United States.
It is
a
vicious cycle.
Treasury Bulletin
A-
We ar« going to have one ayateis or the other.
Either we will have proeperlty producing world
the curor we will have eoononlo bloos.
endanger
In
England
the
eontrole
rency and trade
whole International economic program that the
trade
United Nations
hare
developed over the past five
years.
The countries that have close trade and cur-
rency relations
with
Britain are a major factor
Together
they account for 55
percent of world loiports and nearly 50 percent of
Clearly, what such a group does
world exports.
In world trade.
on currency and trade policy must be a major fac-
tor In the world economy.
world trade would be threatened. We would have
to defend ourselves.
We would be compelled to
form an economic bloc of our own.
Two rival blocs would mean economic warfare.
Probably we would win, but It would be a pyrrhlc
victory. World trade would be destroyed and all
countries would suffer.
If England and the
United States should drift Into such a conflict.
It would be a tragedy for all.
We would find our
trade decreased and our people unemployed.
Er^land would find her standard of living deteriorated and her people la^joverlshed.
The hope for
economic cooperation might be lost forever. The
consequencee to world prosperity and even to
world peace would be disastrous.
Our own trade relations with this group thus
far have been very close.
Nearly half of our
total exports and Imports
This would be a sad augury
If we permit a renewal
for
the post-war
years 193^-38
went to the countries of the sterling area and to
world.
the payments agreements countries.
Omitting Germany and Japan,
5^ percent of our trade was with
these countries.
faith In the future.
International economic
problems can no more be solved by economic force
than political problems can be solved by wmr.
Our people know this.
The British people know
this.
They know the dangers to themselves and to
the entire world that would arise from a conflict
In economic policy.
They want this problem settled by discussion and agreement, not by economic
warfare
In
the
Our whole program for maintaining high levels of production, employment and national Income
would
be
seriously affected.
groups, constituting more
In six oomniodlty
than SO percent of all
United States exports
In 1937,
these countries
our indispensable buyers.
Of our metal
maohlnsry and vehicle exports,
they took ^1 per-
fare,
we
will
not
Justify
of economic warour heritage or our
were
of our leaf tobacco exports, they took 88
percent; of our meat, grain and other food excent;
ports,
exports,
they took 59 percent;
of our raw cotton
they took 4-9 percent;
of our petroleum
Provisions of the Financial Agreement
That Is why the representatives of the
United States and of England discussed this problem for three months.
The American representatives
wanted
England to remove promptly the
war-time restrictions and dlscrlmlnatlons.
They wanted England to put Into effect
the fair currency and trade practices for which
and related exports, they took 4-6 percent; and of
our wood and paper exports, they took '4-7 percent.
Oentleaen,
the
continuation of these war-time
various
controls would be a body bl*w
the United Natlone stand.
They wanted England to
assure American exporters an opportunity to sell
their goods In competition with the ejqporters of
other countries on fair and equal terms.
That Is
precisely what the financial agreement provides.
to
our whole econ-
omy.
Conflicting Economic Blocs
We need and want our trade with India,
Australia, New Zealand,
South Africa and Egypt.
These are some of the countries of the sterling
We cannot risk the loss of our export markets In France, Belgium, Netherlands, Sweden, and
Creohoslovakla, or In Brazil, Bolivia, and Peru.
These are some of the countries with which Engarea.
land has payments agreements.
What we have here, potentially. Is a British
bloc.
Such a powerful bloc excluding
the United States, Canada,
and the countries of
the dollar area would be a challenge to our economy that we could not Ignore.
Our position In
economic
In brief, here Is what we gain by the finan-
cial agreement:
1.
Exports of goods and ssrvlces from the
United States to England will be paid for
In dollars, or If they are paid In pounds,
the sterling can be converted Into dollars.
This
Is
particularly Inqjortant to
the American companies which
In the past
experienced considerable difficulty
In getting their earnings out of England.
They will now be able to get dollars.
have
^
April 1946
A-7
That means, for all practical purposes,
American business men can be Just as sure
of payment for their current claims In
England as thsy were before the war.
2.
Within
a
unless
year,
In
bacco, grains and meats, fruits and nuts,
or any of our Industrial products. In order to buy these same goods In other
countries.
exceptional
Within
a year,
unless in exceptional
cases the United States agrees to a later
date, England will Impose no restrictions
6.
oases the United States agrees to a later
England will make all sterling
date,
from
arising
current
trade
convertible.
on payments
and transfers for ordinary
current transactions.
In effect, all of
the countries that have payments agreements with England will be permitted to
England will thus return to the free use
of sterling In International trade that
she permitted before the war.
For example, If Uexlco and Egypt exports goods
to England they will be able to use the
money they get
That
try.
to
means
date, England will
dollar pool.
sterling area will
area
dissolve the sterling
Each country In the
again have
complete
freedom to use Its dollars as It wishes.
For example, the money India gets for Its
exports to the United States and Latin
America could be spent here without getting an allocation of dollars from Engmeans
That
dollars she gets
ery Instead
of
India
could use the
to buy American machinbeing forced to buy Eng-
If
the sterling they acquire In this way to
buy American products on the same basis
as they are able to buy British products.
and buy goods In
a year, unless In exceptional
cases the United States agrees to a later
land.
proceeds of their sales to Engthey wish to buy goods In other
countries.
They will be allowed to use
buy goods In any councould convert the
Within
the
land,
they
sterling Into dollars
the United States.
3.
use
In
addition,
England has agreed that she
will support the American proposal for an InteI^natlonal Trade Organization to reduce trade bar-
riers and eliminate trade discriminations.
Thus,
England gives wholehearted support to our policy
of expanded trade, with all countries having access to world markets on fair and equal terms.
The adoption of the proposed fair trade practices
will complete our program for International eco-
nomic cooperation.
posal assures
the
England's support of our proof the United Nations
success
trade conference to be held later this year.
The Credit to England
lish machinery.
If the Congress approves,
k.
The
blocked
sterling
.
balances will
be
settled by England and the countries conAll payments on these balances
cerned.
now or later will be free for making pur-
chases
In
any
country.
Including
the
United States.
This large debt will not
be used to exclude American products from
the sterling area,
or to put our exporters at a disadvantage In competition
with British exporters. England will not
force the countries holding $13,000 million In blocked sterling to buy
Instead of American goods.
the aid that Britcarrying out her commitments under
the financial agreement will
come largely from
the United States.
This Government will open a
ain needs
In
line of credit of 13,750 million on which England
can draw until 1951 to pay for her current Imports.
Beginning In 1951, England Is to repay
the credit with Interest
do
this
Including
tlement,
In
50
the
at
2 percent.
annual payments
of
She will
$119 million.
payments under the Lend-Leaee setpay the United States
England will
$1*^ million a year.
British
The greater part of the credit will be used
for eaqsorts from the United States.
Directly or indirectly nearly all of the money will
ultimately be spent In the United States. The
credit to England will enable her to iwilntaln her
to pay
^.
England's
liport controls will be administered In a manner which does not discriminate against American products.
If
England finds It necessary to Impose a
quantitative limitation on her Imports
this will be applied on an equal basis
toward all countries. That means England
will not keep out American cotton and to-
essential Imports.
still have to
May
emphaslre that Britain
an austere level of
consumption little different from that of the war
years. For some time to come British Imports will
have to be far below the import demand of the Engwill
I
enforce
Treasury Bulletin
A-S
little
lleh people, perhaps ae
of the pre-war amount.
60 percent
as
want to make It perfectly clear:
I
that the
Is a loan which
credit Is not a gift; that
England Is to repay; that It Is to be repaid with
It
Interest; that It is not an unconditional credit.
meet
It is a credit which
only
Britain's current
enable her to
remove
must be used
payments and to
to
her war-time currency and trade restricNone of the credit can be used to pay the
tions.
blocked sterling balanoes
present obligations.
must
tions
be
resources or
met
out
or
any
Payments
pays,
if
the Treasury were now borrowing $3,750
through the same securities we now have
outstanding, and in the same proportions, the
million
cost on the basis of present yields would be l.&^
I say,
therefore,
that the rate of
interest on the credit is quite comparable to the
cost to the Treasuiy of borrowing this money.
percent.
England's
such
England out
by
of
of
on
this Government.
The computed average rate of
interest on all outstanding Government loans is
This rate is more than the cost of
1.97 percent.
new borrowing and more than the Treasury actually
of
obligaher own
funds secured In some other
The Interest charged on the credit is only a
part of the agreement.
The terms on which this
Government can offer the credit, the terms which
way.
England
The principal of the credit due each year
must be repaid without qualification. Under conditions of severe depression in world trade, and
under objective standards stated in the agree-
The benefits that this country will secure in the
form of expanded trade and Increased national Income are far more Important than the principal
the interest due in any year can be waived.
ment,
If
such
an
lieve that
emergency
it
is
to
situation develops, I beour own benefit to collect
and not
the principal
to
force a default which
consequences to the world
economy.
As soon as these temporary conditions
pass, England would resume the payment of Interest on the credit.
have
might
serious
There are people in this country who say the
terms are too easy.
There are people in England
who say the terms are too harsh.
These people
forget that the financial agreement is not Ju«t a
It is a contract with rights and obliga-
loan.
tions
for
both
that
you
will
When you think of the
parties.
financial agreement
find
both countries and
both countries.
this
in
that
way,
the
1
terms
am confident
are
fair to
they will prove beneficial to
true that the interest rate on this
lees than England would have to pay on a
strictly oommeroiad loan from bankers.
The Interest
is,
nevertheless,
substantial
for an
agreement of this character.
The effective rate
It
loan
is
is
of interest,
assuming the credit is used in five
equal annual amounts and all payments are met,
would be 1.83 percent.
If the credit is used In
three equal annual amounts, the effective rate of
I.76 percent. This is reason-
interest would be
ably comparable
Treasury.
to
There is no
qualification what
the
coat
of
money
to
the
can undertake to pay, are determined by
those provisions of the agreement which commit
England to certain currency and trade practices.
and Interest
England will pay. Our people
effects In higher incomes for our
farmers, our workers, and our business men.
The
Treasury will see the effects directly In the
revenue it collects In taxes.
will
see
that
the
If you want to
financial agreement.
see the real meaning of the
Just consider the opposition
The opposition is directed
to It in England.
very largely to the provisions regarding the convertibility of sterling received from current
transactions and their free use to pay for exports from the United States.
The opposition
comes from a small but Influential group which
has urged that England retain the present re-
strictions,
secure the necessary volume of exthrough bilateral agreements, and for* a
British economic bloc.
The great majority of the
British people Join with us in a desire to deal
with International
economic
problems through
ports
International economic cooperation.
They ask
merely the aid to carry on until this program has
had Its effect in expanding trade.
Special Bond Issue
You
have
seen
the
proposal that the credit
only from funds Invested In
special bonds issued for this purpose.
The payment to bondholders of principal and Interest
would be made only from the sums received from
to England
given
be
England.
Of course, no bond issue of this kind
or ever could be floated.
This is not
Just a commercial loan, and it is not the kind of
loan that private investors or private bankers
ever was
easy way
is
the
of
cost
stating without
borrowing by
of
should make.
I
have a feeling that this proposal
April 1946
A-9
form of
one
1b simply
aaylng "no" to the agree-
ment.
liquidate,
are
estimated at
approximately $100
million.
appreciate fully
would not give ue
the basic objective and the broad benefits of the
financial agreement.
That objective Is the removal of discriminatory currency and trade restrictions.
These restrictions
reduce
world
force It into uneconomic channels, and
trade,
Effect on Inflation Problem
discriminate against our ejtports.
mains our most Important domestic problem.
The
long-run sound way to fight Inflation Is to produce more goods In the United States and to produce more goods throughout the world.
The lifting of trade restrictions ae a result of the
financial agreement will stimulate trade and produotlon everywhere.
In that way. It win do much
It
Important
most
iB
that a loan on bankers'
on a loan
In
to
term-j
The Interest
which you get commitments to remove
these restrictions nnjst obviously be more favorable than the market rate for foreign securities.
British Investments in the United States
Some of the opponents of this loan have said
that the British ought
put
them up
as
their assets
sell
to
collateral.
or
This Is based on a
misconception of the amount of British Investments In the United States.
In order to pay for
her purchases of niunltlons prior to Lend-Lease,
England sold |S20 million of her Amerloan investments.
In addition, she pledged a considerable
amount of her American Investments with the Reoonstruotlon Finance Corporation In 19^1 for a
loan with which to meet obligations Incurred
prior to Lend-Lease.
Opponents to the loan make the point that
the credit will add to the Inflationary pressures
In this country.
I have been concerned with the
Inflation problem in more than mild fashion for
some time now.
I know how Important It is to
this
country
to
prevent Inflation.
It re-
to relieve the world shortage
the fight against inflation.
of
goods
and help
The $3,750 million credit will not be spent
all at once, nor will the bulk of It be used to
purchase goods that are in scarce supply.
It
will be used over a five-year period. The amount
of the credit Is about one-half of one percent of
the total demand for goods In the United States
during the next five years. Part of the credit
will be used to buy goods of which we already
direct Investments In the United
Including pledged assets, amounted to
about $l,l4-75 million.
This was divided Into $575
have a surplus, like cotton.
Certainly, the
credit will Increase Infinite slmally the total
spending In this country. That will be more than
offset. In my Judgment, by Its favorable effects
on production and trade which are the real fac-
million of
tors In preventing Inflation.
At the end of
1914-5
British holdings of secu-
and
rities
States,
securities and 1900 million of direct
The Reconstruction Finance Corporation estimates the value of the collateral
Investments.
pledged against the loan at about 1895 million.
Of the $530 million of securities and direct investments which remain unpledged, many are small
holdings and of the type that cannot readily be
vested and sold by the British Oovornment.
Apart
from
British Interests
these
In
assets,
estates
there are boom
and trusts set up
under Amerloan law.
British Interest are Intermingled with the American Interests In these estates and trusts, and the assets cannot be taken
by the British Government.
They »re under the
Jurisdiction of Amerloan courts. Ttoe only way to
value
theee
italization
Interests
of
British Interests
by
arbitrary capsuch a basis,
In Amerloan estates and trusts
the
Is
Income.
the
^fot
a Precedent
The credit
England Is In no way a preceIts particular puiTjose
from the Amerloan point of view is to free a
major segment of the world's trade from the currency and trade restrictions by whloh It Is now
shackled.
The key to the removal of these restrictions Is to make It possible for England to
pay for Its Imports with funds that can be used
dent
for
other
to
loans.
to buy
goods In any country. What England does
her currency and trade controls Is of the
utmost significance In determining whether the
entire world will be one large and prosperous International trading group or whether It will be
broken up Into conflicting eoonomle blocs.
about
On
would not exceed I350 million. All other scattered and miscellaneous British holdings In the
United States,
equally difficult to vest or
The proposed credit to Britain Is to enable
her to participate In world trade, without currency and trade discriminations, while she reconverts her Industries to peacetime production and
Treasury Bulletin
A- 10
world markets. No
problem.
No other
place In
same
usual
her
re0uffl«a
the
has
other country
country has the saoe strategic position In world
That Is why this loan cannot and will not
terest in the solution of this problem.
The financial agreement
is
a
sound
invest-
trade.
ment
be regarded as a precedent.
will
the $3,750 million be
fully repaid, but
American business
will
reap
rich
dividends
through its access to world markets on a fair and
need
nations
Other
help
which
for
stability
the
They will get
Some will need help in
such help through UNRRA.
maintaining
Some will need
help.
cannot pay.
they
their
of
throu^
They will get that help
currency.
the International
And many countries will need help In restoring their econooy.
Tor all worthwhile proF\ind.
of this character will be available
Export-Import Bank and soon througji
help
jects,
through
the
International
the
Bank
for
The Bretton Woods Agreements Act established
National
Advisory
on
Cour.cil
Monetary and financial Problems.
charged with
agencies
coordinating
monetary transactions.
cil
have
months
over
the
on
many hours during the last six
carrying out their statutory reaponsiThey have met more than forty times to
spent
in
bllities.
go
International
This council is
activities of all
foreign loans and
The aembers of the Coun-
the Government
of
foreign
the
financial problems before
this Government.
The first report of the Council, as required
by law, has Just been
sent
to
the
President and
When you examine this report, I bewill agree that the Council has
been motivated by the desire to carry out in the
to Congress.
lieve
that
you
financial field
the
world peace
and
prosperity.
Not only
equal
basis.
Every section of this country,
every sector of our economy, depends In part on
world trade.
The financial agreement will open
the markets of England and many other countries
to our exporters.
This means more exports for
our farmers and manufacturers, more Jobs for our
workers, more profits for business, and a hi^ier
income for all our people.
Reconstruction and
Development.
the
in
major objectives of American
foreign policy while securing the most efficient
use of the funds of the American taxpayer.
An Investment In Peace and Prosperity
We live in a world that is growing more interdependent economically and politically. The
great hope of mankind is that we will proceed to
build the kind of world that our heads and hearts
desire.
We are doing that in cooperation with
the United Nations.
There can be no turning
back.
It la impossible to revert to the international political or economic conditions of the
1930 's without endangering the welfare of this
country and the survival of the entire world.
Our
people are determined that political and
economic differences should be settled by peaceful and cooperative owans.
Man will not have fulfilled his divine destiny while there is war and want. Two world wars
and a world depression have made this a generation of bitter memory.
It is wonderful to have
again
the
hope
of peace and plenty.
The ornlos
and close their eare and sit
among the soorners.
Ours is a higher duty
to
find a way to give effect to the will of the
people.
Let us have faith equal to our great
shut
their
eyes
—
Britain is an essential and integral part of our program of international eoo-
Let us put into effect the determination
our people for a world in which nations work
and live together in peace and prosperity.
nomlc cooperation.
A peaceful and prosperous
world requires the full participation of England,
and of the countries closely linked with England,
in the world economy.
The policy that Britain
There are times that are turning points In
the history of mankind.
This la suiA « time.
The decisions we make or do not make today will
chooses in meeting her balance of payments problem will affect the economic well-being of the
entire world.
The United States has a vital in-
shape the destiny of the world for generations to
I pray that we
shall have the vision to
act bravely and boldly.
The loan
to
task.
of
come.
April 1946
A- 11
Federal Wartime Financing and Growth of Liquid Assets
The Incurring of a large deficit by the Fed-
eral Government during
war years
the
ranled by an unprecedented volume of liquid savings from Incoae and a corresponding expansion In
the hands of the public.
the liquid assets
In
The fact that all three - the Federal deficit,
liquid savings, and
Increase
the
liquid as-
In
are
factors,
The production
to
formation.
coinpanled by the creation of an equivalent amount
of
money
and
built
sold
wages
cays
For example, an airplane Is
Income 1/.
stockholders;
workers
dividends to his
and
other
pays
he
The manufacturer
the Army.
to
his
to
producers for the
xaterlals they Drovlde; he sets aside part of his
gross receipts to cover depreciation and to meet
his taxes, and he
his profits.
has
left that represents
some
The same
Is
true,
of course, with
the entire chain of production from raw materials
'to finished products.
Is
As a result, money Income
Individuals and business enter-
received by
prises
In
an aggregate amount equal to the value
of total production In the economy.
Individuals receive money Income
from
governmental outlays
from
In addition.
arising
not
eoual
to
combined expenditures of Individ-
the
corporations, and government.
because
them,
Total spend-
Inge 2/ and total Income are really the same figthey are the head and tall of a coin.
ures;
Is
not
and spending are
vidual
or
to
say, of course,
equal
group.
that Income
any particular Indi-
for
Once the savings were made, howhad to operate on another
front to see that they remained saved.
The beet
way to accomplish this was to get as much of them
as possible Into Federal securities.
ever,
the
Treasury
The Federal Deficit and Liquid
Savings from Income
An analysis of the flow of income, spendlngs,
and liquid savings 2/ with particular reference
to Federal financing Is presented In the following discussion,
with accompanying charts.
The
figures cover the six calendar years igl+O throufh
19'<-5t using preliminary data for December 19^^.
Federal expenditures 19U-0-19U-5
totaled $?65
During the six calendar years, the Federal Government
spent I365 billion, as shown In
Chart 1.
This Is ten times as much as total Fed-
billion.
eral
expenditures k/
War
period.
in
the
comparable World
About 95 percent of the total was
either for direct war costs or for "aftermath of
war" expenditures - that is, interest on the pubI
spendlngs as between Individuals 2/> corporations,
and State and local governments, on the one hand,
on the other,
and the Federal Government,
was
considerably different from the distribution of
total income.
Wartime
taxee
far
short of
covering total Federal expenditures so
eral Government Incurred a substantial
the Fed-
As a corollary,
taxes
fell
the war-swollen surpluses
Note:
fell
short
of
See page A-18 for footnotes.
veterans, and tax refunds.
Exmunitions and government- financed
war construction alone accounted for $211 billion.
penditures
to
for
composition of
wartime
The
an
were regulated.
lic debt, aid
This
rather
such
certain
current
production such as war contract prepayments, vetand mustering out pay. As a
erans' pensions,
total, then, the country's gross Income flow is
uals,
financing the war.
possible means be
hold these funde
surpluses which the Federal
reach as far as possible In
It was Important that every
taken to persuade people to
goods and services Is ao-
snendlngs
asset
of
to
Scarce goods were rationed,
many products requiring scarce materials and labor were not permitted to be made at all, and prices and wages
production and
financing and liquid
these
tried
Federal
the product of the same factors.
presents a brief analysis of these
with special emohasls on the relation
all
This article
of wartime
was
It
Government
than attempt to spend
attempt on a large scale
would have meant Inflation.
The surpluses were
dammed up In the first Instance by governmental
rationing and price controls which directly limited the ability of holders to spend their money.
sets - are approximately equal Is not accidental;
they
of the economy.
was accom-
of
Income
deficit.
ellii.lnatlng
of
the rest
Federal expenditures other than for war or
aftermath of war totaled only $19 billion during
these years, or about one-third less than similar
expenditures during the six preceding years (193'tThese
other
expenditures Include public
agriculture, and social security
assistance (budgetary Items only) as well ae regular departmental expenditures and the net out1939).
works,
aid
lays
of
Table
I
to
nonwar
for
Government
details
on
corporations.
Federal
3ee
e:^endlturee,
Treasury Bulletin
A- 12
$517 billion
Chortl
T/>e
Federal Government spent $365 billion
In the six calendaryears 1940-1945..
855
.
.
billion of
Over 96 percent
expenditures of
capital goods JJ
the aggregate
Afttrmath of war
goods
consuraere'
and
of
$987 billion g/ represented the
purchase of goods and services as
distinguished
from
payments for
Th«M
sxpenditures ware
mostly for wor ond oftermoth of wor
of
services
and
Other
pensions, relief, etc.
At the peak
Over
40%
$365
of this
billion
oos raised from taxes
.
ity
the
of
total
spendlngs
This
one-half.
was
close to
situation
contrasted with
Leaving a deficit of
wartime activ-
of
Federal Government's share
the
may
be
experience
of
World *ar I, when Federal expenditures accounted for a maximum of
only about one-quarter of total
tteaia//r//^//rmfr/au/£aaaaffM//j.
spendlngs.
Oir«*
af
Ma SMn<*T
^
•
ti
mm^ Q
i
ii
</
Federal deficit of $209 billion matched by new liquid savings.
The $987 billion of aggregate war-
MiMnft sM SiXWio
time
recelntB, ^nd borrowing by
191*5
calendar yeara,
19'*-0-
matched,
gross
•
spendlngs
course, by
of
Income received
money
In
the
equivalent
an
by
country was
amount
of
Individuals, by
corporations, and by government.
covered by taxes.
'i-aft of Federal expenditures
expenditures,
$156 billion,
billion
Of the $365
net budgetary
covered
by
was
or over 14-D percent,
these
recelnts was
from
The bulk
with the Individual and corporation net
Incooe and excess profits taxes alone accounting
and the remainder supplied
for 1113 billion,
of
receipts.
taxes,
mainly
by
excise
taxes.
(1)
This amount plus funds used
build up the Treasury's cash balfor miscellaneous
and
(2)
ance
outlays, such as minor trust fund
financed
transactions, had to be
to
through borrowing 5/-
$365 billion accounted for approximately three-eighths of aggregate
spendlngs In the country of $987
last six years.
In addition to Federal
(Chart 2).
State and
spendlngs,
Government
local governments spent about $50
Individuals and corporabillion;
tions 6/ together accounted for the
remainder
oy
their
noted
that the Federal Governbillion
In taxes during the
$156
six years and Incurred a deficit of $209 billion.
At the same time,
State ind local governments
received $5S billion In taxes as compared with
ment received
Clwrt Z
$987 billion
Aggregate spendlngs were
during the
Aggregate spendlngs in tt^e
country were accounted for by.
same
Individuals
six year period..
and
.^Corporations
purchases
of
State
and
Local Gov'ts
federal Govt
50
:sre:-
Federal expenditures 3/8 of
aggregate sp endlngs In the country.
Federal Government expenditures of
the
been
has already
For the
rlx years combined, then, there was
of $209 Dllllon.
a Federal deficit
billion during
This Income was
received by the major recipient groups In proportions quite different from their spendlngs.
It
There woe thus o gross income flow
$987 billion distributed as follows
The difference between
income and spendlngs represents
The Federal
deficit
on th« on* hand
and
Liquid savings •
on the olhtr
Individuals
and ^
Corporations
,-;?
State
ond
Local Gov Is
April 1946
A-13
their 150 billion of expenditures,
no they had a surplus of about $S
and
Individuals
billion.
Chart
H/ese liquid savings are reflected In the $215 billion
of wartime accumulations ofliquid assets....
corpora-
tions tof-ether had Income of $773
or an
billion left after taxes,
greater
$201 billion
amount
expenditures
their
3
Thui major liquid assets of nonbank
Investors went up during the six years by
than
available
for
This $201 bil-
goods and services.
.„m:
surplus and the $S billion
surplus of State and local govern-
'-^^^'•'^'^^^'-
lion
ments together equalled
uid savings
economy as
of
a
total
eis
About
^
consisted of nonbonK
Investments In Federal securities
liq-
-
$209 billion In the
whole - exactly the
same as the Federal deficit.
ComlBank
Accounts
Growth
In
The other
major forme of liq-
^ consisted of money savings
Currency A. Savings.
;
uid assets amounted to $213 billion.
shows the forms In which
Chart 3
15
these liquid savings were accumulated - the kinds of liquid assets
2/ the public put them in - cur-
comaerclal
rency,
bank
Chacklng
^
'1-
Sece(or> o' iM T™o«.f>. D'hium of R»«eorti
deposits,
and Federal securities held by non-
Investors 10/.
bank
major
Total
liquid assets
rose by $215 billion during the six-year period,
reflecting the $209 billion of liquid savings,
and certain other factors,
principally Increases
In bank loans to individuals and corporations 11/.
For a detailed reconciliation of the Federal def-
icit qnd liquid SRset accumulation for the calendar years
see Table 2.
19'+0-19''-5,
$215 billion Increase In the major
liquid assets for all nonbank Investors
balances out Inter-lnvestor transactions. This
means, for example, that deposits by individuals
This
forms
In
of
mutual
savings
nonbank Investors,
banks,
are
not
added as a separate
they are considered as a part of the $215 billion
ings
banks
the
In
examnles
of
extent that assets of savform of currency, commercial
the
to
accounts,
bank
net
only
and
Federal
securities.
Other
such Inter-lnvestor transactions are
Individuals' savings
In the postal
In
of
the
total
which went Into money forms bank accounts - and to
e. large as much as possible the amount goln?
Into
s^ederal securities.
The reason for this Is obvicurrency
commercial
ai.d
a dollar of wartime savings held in the form
ous;
of Federal securities
was less likely to be suddenly drawn on for spending than a dollar In cash
or commercial bank accounts.
In other words, a
dollar Invested In war bonds was generally a dedication of that dollar for the prosecution of the
war whereas a dollar In the form of Idle cash
might
be drawn on more freely to add to the Inflationary spending stream.
which are themselves
Item 10/. To avoid double counting of these funds
Increase
tlon
Insurance, deposits
savings system, investments In cor-
Federal securities accounted for 2/3 of new
liquid assets.
In
the
final analysis, nonbank
Investors chose to take two-thirds of their new
liquid assets in the form of Federal securities.
The other one-third they acquired In the forn of
money assets. The actual figures were as follows:
Monbank Investors acquired $133 billion of Federal securities,
and Increased their holdings of
cash. Including deposits, by $S2 billion.
porate securities, etc.
It
Is
obvious that a considerable amount of
cash was necessary during the war
war financing program a major objective of the Treasury was to reca;)ture as much as
possible of this $215 Dllllon through sales of
period
out
whether
or
securities to nonbank Investors. Given the amount
of the Federal deficit and other sources of ex-
unduly large
the public.
In Its
nanslon,
public
amount.
the
would
liquid
assets held
by
the
nonbank
Inevitably Increase by the same
The problem was to hold down the propor-
increase
It
Is
In
the
not
question naturally arises as to
the' one-third ratio indicated an
expansion
of cash in the hands of
To seek an answer to this question.
desirable to take up each of the major
of liquid assets separately, studying not
only the changes In volume during the war period
forms
Treasury Bulletin
A-ll*
debt
Chart
about the same nroportlon as
-
4
in 1939.
amounted
Afa/or liquid assets of nonbank investors
to
almost
$300
billion
on December
31.
1945..
Nearly one-quarter of the debt
897-
Is
DOLLARS
^Cumney
Individuals -
Insurance ooiEpanles,
$6^ billion.
savings banks,
and other corporations and associations 12/ together
250^Savings
Accounts In
account
Commercial
Banks -
200
currently held by
agencies
Federal
^Chacldng
Accounts
local
and
State
another quarter, with
for
governments
and
accountlnK for the
percent
A total
hands.
of
Federal securities
banks
banks
-
rest
total debt
of
of
In
JllU-
Is
and
trust funds
the
60
nonbank
billion of
owned by the
$90 billion by commercial
and %2h billion by Federal
Reserve Banks.
1940
M iMflMrf
•"
'M
1942
1941
NflM'c" •14
Tr»«t«r»
1943
1945
1944
At the end of 1939 these banks
owned $1S billion of Government se-
JlBt>itto
so the Increase In their
curities,
holdings during
but the ownership by various classes of Investors.
Growth and ChvnerBhip of Major
Liquid Assets
inesses, as
one-third
Liquid assets more than tripled; rising to
The $215 billion increase in major
t297 billion.
liquid assets held by nonbank investors during
the war resulted in more than a trebling of the
of these liquid
The prewar level
1939 total.
and the wartime
asset holdings was $S2 billion,
addition of $215 billion meant that
major liquid
by the end of 19'*-5.
assets were close to the $300 billion nark.
(Chart
sents data on the ownership of Federnl securities 9/ during the last
The lower area in the
figures for all nonpresents
chart
Bank owncombined.
investors
bank
upper
area
the
shown
in
is
ershlc
volume
of
total
The
chart.
of the
six years.
interest-bearing Federal securities
outstanding has risen from $'*-7 billion at the end of 1939 to $276
Nonbank
billion six years later.
now
own
$l62 billion of
Federal securities as compared with
$29 billion six years ago; they now
hold about 60 percent of the total
war period was
forms.
sion
already noted,
ohose to place about
their new liquid assets in cash
of
(Chart 3^.
the
on
assets,
part
As a corollary
of
the
of
this deci-
public to acquire cash
the banks in turn acquired Government
Acquisitions of Federal securities by
banks were further enlarged by the fact that the
Treasury
Increased
its
cash
balance by
Blllloni
a large
5
OWNERSHIP
D«c.
DOLLAR
se-
curities.
Federal securities have Increased to $276
billion, individuals hold about one-quarter.
U-)
Nonbank holdings of Federal
securities Increased $133 billion;
Chart 5 prenow at $162 billion.
Investors
Ctiort
the
This absorption by banks resulted
$96 billion.
primarily from the fact that individuals and bus-
1945
April 1946
A-15
sum durlnf: the war period.
In sumChart
there was an Increase In bank
mary,
liabilities representing the growth
deposits
and
currency
of
In the
amount
of
$106 billion, and an In-
crease
on
the
balance sheet
eral
Table
In
of
OOLLA
Billion
the
24
holdings of Fed-
securities of $96 billion. See
3 for a reconciliation of (1)
expansion
and
asset side
(c)
6
Currency has increased to $27 billion:
most of it is held by individuals
20
currency and deposits
In
Increase
In
Dank holdings
16
of Federal securities.
Federal securities amounted to
of total liquid assets
of nonbank Investors at the end of
December 1939: now they account for
35 neroent
55 percent
of
crease during
the total.
the
war
In
The Inthe pro-
nortlon of llo.uld assets which nonbank Investors have been keeping In
Federal securities has,
O'lie* ol
Ilk*
Swcnianr a'
of course,
been accompanied by a similar reduction In the relative Importance of
savings In
money forms.
The total of
Currency rose to $27 billion.
currency outstanding 2/ '" ^^^ hands of nonbank
Investors aggregated about $27 Dllllon at the end
of
19')-5
as
compared with
about
$6 billion six
years nrevlously. (Chart 6). Practically all of
absorbed oy Individuals,
the Increase has been
who held
all
but
an
estimated $2 billion of the
<'
Treasury Bulletin
A-l6
checking accounts were built un, ng
Charts
nrlncloally corno-
many Investors,
Checking accounts have doubled
since 1939; Individuals hold about
ratlona, accumulated funds In cash
forme In anticipation of Investment
half..
OWNERSHIP
These
forthcomlnp drives.
down
when
the
drawn
holdings were
the
In
Dec. 1945
war loan securities were purchased.
It may be estimated that about
IndMdualt
billion,
833
Investors
was owned
at
half, of
almost
or
total checking accounts
the
end
nonbank
of
of
Individuals.
by
19*^5
This
equally divided between
and unincorporated busi-
almost
was
farners
the
nesses, on
one
hand, and the
broad group of wage earners, nroretired persons,
fesslonals
and
Wost of the
other.
etc., on the
other half of checking accounts was
other corporations and associations 12/, with minor amounts
held by
held
tnelr bank accounts
In
or Increases
since It would leave a written record.
r)urcho3es
Important factor bearing on the
that
p-rowth of currency during the war period was
liquid aasetfl of the public were rising to unThis meant there was a much
nrecedented levels.
Finally,
of World War I was simbetween 7-1/2 and
fluctuated
currency
when
ilar,
the war
throughout
assets
liquid
of
percent
9-1/2
tendsuggests
a
evidence
empirical
This
nerlod.
period.
The experience
to grow roughly In the proporone dollar for each ten dollar growth in
insurance companies and
State and local govern-
by
banks.
ments accounted for about $5 billion in all.
Of
an
preater ability to acquire and hold currency In
Chart 7
convenient amounts than ever before.
currency represented around S or 9
shows that
r.ercent of total liquid assets throughout the war
savings
mutual
counts
the
Z^G billion Increase In checking accorporations and
the six-year period,
in
associations accounted for about $19 billion or
For tne most oart, these funds were
Ko percent.
needed for increases in working capital and for
reserves
aside
set
anticipation of reconver-
In
In any
sion expenditures or post-war expansion.
event, corporation funds were seldom Involved in
inflationary spending so the holding of an increased volume of checking accounts by these investors was not Inconsistent with the program toabsorb inflationary dollars through bond sales.
ency for currency
tion
of
liquid assets.
of the force
of
This Is an Interesting reflection
various factors accounting
the
for currency Increases as noted above.
Cftart
Ch ecking accounts now at $7K Pillion.
nonowned
by
accounts
checking
2/
g shows that
end
the
at
billion
to
832
amounted
bank Investors
more
had
total
the
later,
31x years
of 1939.
Checking
than doubled In reaching $7? billion.
In
Novembillion
$S0
exceeded
accounts actually
down
the
total
drew
Loan
Victory
the
ber 19'+5 but
general
the
Although
year.
the
before the end of
trend of checking accounts was steadily upwards
during the war the movement from month to month
was affected directly by the timing of the war
In the monthe prior to the war loans
loans.
Another large part of the Increase in checking accounts took place in the accounts of uninThese groups
corporated businesses and farmers.
were,
In many cases,
larger working
$12 billion of
faced with the same need for
capital
by Individuals during
be credited
counts.
to
corporations.
as
About
the checking accounts accumulated
these
In addition.
the
six-year nerlod should
investors as business acState and local governments
added aoout $2 billion to their checking accounts.
On the other hand. Insurance companies and mutual
savings
banks
actually reduced their deposits by
nearly a billion dollars.
This makes a total of
about $32 billion of the increase In cheeking accounts which was mainly for business purposes.
The
remaining
checking
%\^ billion
accounts
was
added
of
to
the
the
increase in
holdings of
April 1946
A- 17
group
broad
the
wage earners,
of
Charts
professionals, retired persons, etc.
this portion which was poIs
Tt
tentially dangerous from an Inflationary point of view, but not all
of
nart
would
$1^ billion
the
this class.
of
money was certainly
this
legitimate diversification
rather
Inps,
fall In
This Is because a largo
than
of
sav-
held
for
Increase
In
cash
current spending sprees.
The
$'^6
billion
large though it
checking accounts,
was,
appears
startling when
less
seen In the nerspectlve of Chart 7In December 1939,
nonbank Investors
held 39 nercent of their liquid asDuring
sets In checking accounts.
the war the percentage fell by one-
third
held
BO
In
that
26 percent was
only
this form
at
the close of
19'+5.
Savings
aoeounts
in
commercial
banks In-
creased to $30 billion.
Savings accounts In commercial banks £/ Increased from $15 billion In
to
DecejTiber 1939
830 billion in December 19'*-5.
Nearly all of the increase has taken place In the
last half of the six-year oerlod, with
showing
shown
in
an
increase
Chart
9,
19'*-5
alone
about
As
$6 billion.
practically all of these sav-
ings accounts were held
of
by
Individuals 13/.
Ki-
A-IS
ber 31, 19U5
individuals
necurllles,
In Federal
alone
held
$35 billion
86U-
Treasury Bulletin
billion
Ings Donds.
dividuals
held
In
nonbank Investors
the
iV
banks, postal savings,
ciations
-
8
-
form of
claims
on
gether
are
not used
Individuals' holdings
of liquid assets. (Chart
This was more than three times their holdings six years ago 15/.
to
bid
up
prices.
In the period after
peacetime rroductlon has been resumed on a
large
scale, the existence of this huge fund of
liquid
assets may alter consumers' spendlng-savlng
patterns materially, a factor which may have a
stimulating effect on consumption and new construction, and be an Important key to the
maintenance
This $151 billion of current holdings may be
Into
three approximately equal parts.
The larf-est segment - $61+ billion - Is In Federal
divided
1/
$63 Mlllon,
the current transition period,
when the
of goods and services Is still seriously
limited, every effort must be made to see
that
these accumulations continue to be saved
and
such as mutual
savings
and savings and loan asso-
of
for
supply
total of $181 Dllllon Is derived for
two-thirds
account
In
other
10.
securities,
Currency and
checking accounts towhile various
types of savings accounts amount to i^k billion.
checking
accounts, l?9 billion in savlnps accounts In comand |25 billion In currency.
mercial banks,
By
adding the $25 billion of liquid assets that Inin
of a prosperous economy.
which consists of aav-
Tnere are a number of concepts of inooie in c-irrent
use, each of which is useful for nartlcular
tiurposes.
Thus income payaents to individuals represents
the sum
of all income nowlng to Individuals.
This includes
such itens as wages, Balarios. dividends.
Interest, net
profits of farmers and unincorporated enterprise,
and
payments for relief, pensions, and social security benefit s.
National income is individuals' income from
production,
Includla^ their equity in profits accumulating
in the
hands of corporations and equity in sociel
Insurance
funds.
National Incone differs fron Income payments by
excluding payncnts, such as relief, which do
not come
froc production, and by Includine
(D undistributed
corporate profits as well as dividends, and
(2)
social
insurance taiee on both eiiployere and employees.
Grose national product is.
on the one hand, the sum
total of goods and services produced in the country
and
on the other hand, it represents the income
generated
by that product.
National income, which is a kind of
net national product, differs from gross national
product by deducting the amount of (l) allowances
for depreciation, depletion, etc., and (a) business
taxes.
OroBS income flow (and aggregate spandlnes),
as used in
this article, Includes gross national product
plus government expenditures for pensions, relief,
prepayments
and settlements on war contracts,
tax refunds, etc.
In one sense, a minor share of this
gross incone flow
should not be called income because it
represents
either a return of capital or an adjustment
to income
for a past or future year.
Thus the now reserves set
aside by ouslness for depreciation or depletion
are the
measure of capital used-up by current oroduction,
while
the receipt of war contract preoayments
and settlements
or tax refunds by individuals or corporations
are
really transactions affecting either prior
or future
years' income.
In addition,
there are certain minor
rederal items (such as the receipt of taxes on
carriers
and their employees and the transfer of the
taxes to
the -Railroad Retirement Account) xtbich
are bookkeeping
transactions.
They tend to Inflate both aggregate
e^ecditures and gross Income flow by a neglifTlble
amount - but it would be impractical to
adjust regu,larly published PederfJL expenditures and
receipts figures for them.
As a practical matter,
all of these
deviations from more general definitions of
income may
be Ignored In studying the flow of funds in
relation to
Federal borrowing.
Money income, used here to represent the total
velue of
output in the country, Is made ud primarily
of actual
money receipts of individuals and corporations.
In
addition, it includes small aoounts of income
which are
paid out in kind, such as wages ^aid to farm laborers
in the form of food and lodging.
There axe, on the
other hand, other forms of output not sold for
moneo'
which are not included as part of income, such as
gardening and housework undertaken by individuals
for
their own use
2/
Spendings include purchases of new construction,
durable producers' and consumers' goods, and increases
in
inventories, and therefore are not confined to o:5)enditures for innediate consumption.
Similarly, savings
refer only to llqald savings and exclude economic
savings in the form of net increases in physical
assets.
^
IncUviduals include unincorporated businesses
(both
partnerships and sole proprietorships) and personal
trust accounts.
y
Throughout this analysis figures on Federal
expenditures (and deficit)
include net operating outlays of
Government corooratlons (excluding their outlays
for
debt retirement/.
Department of Comerco estimates of
Pederpl expenditures for goods and services
are smaller
than total Federal expenditures shown here
since the
.^on.-erce fig-ures a-cclude axpem'.itures for
relief, pensions,
tax refunds, prepayments on war contracts, and
similar lte:is.
Figures on Federal eroenditures do not Include
the expenditures of Federal trust funds for social insurance
benefit p.-ii-aients.
The expenditure figures do Ir elude
of course, budgetarjr social security assistance
expenditures, 3uch as aid to the blind,
indigent aged, and
dependent children where no trust fund contributory
system is involved.
They also incl-de budgetary- expenditures for iTiterest paid on trust fund Investments
and transfers to trust accounts.
In the analysis of
gross income flow, Federal trust funds are
treated ao
part of the broad category of "individuals and
corporations" since their operations are considered
to be like
those of an insurance company or other private
flnfoiclal institution.
5/
See Table 1 for details on Federal
e353enditure3. receipts, and borrowing by calendar years, iglJO-igUs.
6/
Spendings of "uuslness include only additions
to cmltal
assets and Inventories, and exclude
M^endUures for
raw materials and sv^mlies used t?) in production,
which
are Included in the vai.uation of products
flovdng to
ultimate conauaers.
2/
Capital goods comprise construction, oroducers'
durable
eq-.dpaent
Increase In Inventory volume, net export 0'
goods and services, and net exnorts and monetary
use of
gold and silver, as estimated by the Department
of Com,
April 1946
A- 19
marce
as components of gross national prod\ict. The
last tvo Itens present a conceptual protlem In the
present analysis which ahotild be mentioned.
71ewed In
another way, the total of these two Items eqtials the
net Import of capital plus the net Increase In the nartlon's monetary stock of gold and silTer, arising both
from li^orts and from domestic production.
"Spendlngs"
In the form of Increases In monetary stock cannot he
allocated to any specific grovip of purchasers since
they are really purchased by the nation as a social enInasmuch as they are not part of federal expendtity.
itures In the accepted sense, they are treated In this
analysis as purchases bjr IndlTldaals and corporations
combined
Mutual savings baulks are classified as nonbank lnve»tors (as contrasted to commercial banks and Federal
Reserve Banks) because their operations involve only
the use of existing funds and do not Involve the crea>Accordingly, they were eligible to
tion of credit.
participate in the purchase of securities In war loans,
which were confined to nonbank Investors beginning with
the Third War Loan.
Technically, savings placed in currency and commercial
bank accounts also represent a transfer of funds from
one Investor groim to another.
Savings placed in commercial banks require the corollary purchase of Federal
securities >y oommarclal banks (or by Federal Reserve
Banks)
while savings in currency require, with minor
exceptions, the purchase of Federal securities by Federal Reserve Banks.
These items are not treated here
as transfere between investor groups, because they represent the particular kinds of liquid asset creation
which the war financing program intended to minimize.
,
8/
Aggregate spendi^s of $9S7 billion consist of gross
national product of $952 billion plus govemment payments of $35 billion ::ror pensions and relief (budgetary
expenditures only;
trust fund payments are excluded)
and miscellaneous e:!^endlturee other than for goods and
serTlces.
2/
Major forms of liquid assets con^jriee Inderal securities, currency, checking accounts, and savings accounts
in commercial banks which are defined as follows for
this article:
interest-bearing public debt
and guaranteed obligations of the United States
(a) Federal
securities:
OoTemment
holdings outside (l) Treasury,
(a)
Federal Beserre Banks, and (3) commercial banks.
(b) Currency:
(c) Checking
accounts:
demand deposits as reported
by the Comptroller of the Currency for all active
commercial banks in the continental tbited States
for (1) individuals, partnerships, and corpora>tlons,
(2) State and local governments, and (3)
mutual savings beinks (banlc and reserve balances^
Figures for checking accounts are on the baais of
bank records rather than holder records and ere,
therefore.
Inflated allghtl/ because of dt^liCartlon represemted by items in the process of collection.
11/ Vfhen nonbank investors are considered as a group, liquid savings are reflected for the most part in iacreases in major forms of liquid assets: Federal secikrities, commercial bank accounts, and currency.
At the same time,
certain other transactions of banlcs
result in liquid asset eo^iansion quite apart from the
Federal deficit and liquid savings. These comprise (l)
on the asset side, increases in bank loans and investments other than Federal securities and (2) on the liability side increases In bank liabilities and capital
other than deposits and currency.
Additions to the
nation's stock of monetary gold and silver also result
in liquid asset expansion.
12/ Other corporations and associations include dealers and
brokers, non-profit institutions, savings and loan associations, foreign balances in this country, etc.
13/ Individuals' holdings
of savings accounts placed with
other nonbank investors (mutual savings banks, postal
savings,
and savings and loan associations) are shown
in Chart 10.
Ik/ These Investments
commercial banks:
time deposits as reported by the Comptroller of the Currency for all active commercial banks in the continental United States for (l) individuals, partnerships,
and corporations,
(2) State and local
governments, and (3) postal savings redeposlted
with banks.
(d) Savings accounts
in
10/ Konbank Investors Include all investors in the economy
except (1) Federal Government and (a) banks - commercial banks and Federal Heeerve Banks.
The investors
who initially account for the liquid savings - indlvldfuals, corporations,
and State and local governments The amounts of liqare, of course, nonbank Investors.
uid savings tdilch they make In the first instance,
however,
are not the amounts which they have available
to add to their liquid assets. Fart of these savings
is transferred to other nonbank Investors through debt
repayment, for example, or through investment by individuals In private life insurance or social security
The recipients of these transfers constitute
funds.
the rest of the nonbank investor gro\:t>:
Insurance coiopanies, mutual savings baziks, savings and loan assocla:tlons, government social Insurance funds, credit unions,
These investors have
non-profit institutions, etc.
only very minor amounts of liquid savings in the first
instance;
almost all of their income available for investment arises through transfers from other investors.
are essentially similar to savings
accounts in commercial banks.
There are many other
inter-groi9 items vM.ch represent assets of Individuals
and liabilities of other nonbank investors, of course.
The most important of these are (1) equity In private
life insurance policies and in social insurance funds,
and (2) holdings of coiporate, foreign, and State and
local government securities.
In a discussion of indlvldiuds' liquid asset accumulation In relation to Federal financing, however, it is preferable that these
assets be excluded.
Individuals' holdings of corporate
and State and local securities decreased slightly during the war,
so no new savings of individuals as a
whole were invested In these forms.
Individuals' equity
in insurance Increased substantially during the period,
but insurance cannot be placed in the same class as
cash,
bank accounts, or Federed securities as far as
ease of liquidation is concerned.
15/ The Federal Reserve Bulletin for February igUo presents
data showing liquid asset holdings of individuals and
businesses for December 19U5 of $225 billion. Individ/uals alone are estimated to hold $173 1>illlon of these
liquid assets ($1^5 billion of personal holdings plus
$23 billion of holdings by unincorporated businesses).
This total differs from the $1S1 billion shown above
for individuals primarily In that the Federal Reserve
figures exclude individuals' holdings of savings and
loan association shares.
A-20
Treasury Bulletin
Table 1.- Federal Deficit and Increases in Federal Securities Outstanding
Calendar Years 1040 - 1045
(In billions of dollars)
April 1946
A-21
Individual Income Tax Returns for 1044 With Adjusted
Gross Income Under $25,000
Marital and Dependency Status and Number of Employers
This Is the second of two articles summarltlng data from a preliminary sample study
recently compiled by the Bureau of Internal Revenue relating to Individual Income tax returns
with adjusted gross Income under $25,000 filed
This article presents data on the
for 19'*''+.
marital and dependency status, and the number of
sources
The first article 1/ dealt with
statements with
summary
sample from which the data were
the
to
tax liability reported on
provided
returns,
the
respect
and
Income
of
other spouse had no gross income for
and for close relatives with 19U4 incomes
of less than $500 who received more than half of
the
their support from the taxpayer. A person could
be claimed as a dependent if he (or she) was
married and filed a Joint return with his (or
not
her) spouse.
returns filed by salary or
employers reported on
wage recipients.
and
191*^14-;
derived, and summarized
Important provisions
the
Distribution of the 1+6.2 million returns,
according to marital status of the taxpayer, is
shown below together with the number of dependents and the total number of surtax exemptions
claimed on returns in each category.
of the Individual Income Tax Act of 19144.
Uarltal status
Marital and Dependency Status
In total, an estimated 4^6.2 million Individ-
ual Income tax returns with adjusted gross Income
under $25,000 were covered by the tabulations
prepared
Bureau;
the
by
these returns reported
109. 8 million surtax exemptions
or
an average of
2.h exemptions each.
Marital status.
of
four marital
of returns by
by
number
status
of
size
of
four marital
The
table
at
the end of
for all returns and for each
this article shows,
surtax
groups, the distribution
adjusted gross Income and
exemptions reported. The
status
groups are:
Single persons
and married persons not living with husbands or
wives, husbands and wives filing separate returns, husbands and wives with one Income only
filing Joint returns, and husbands and wives with
two Incomes filing Joint returns.
The classification of returns according to marital status was
based on
the marital status of the taxpayer on
December 31, 19*44. However, persons whose spouses
died within the taxable year were classified ac-
cording to
status as of the date of the death of
the spouse.
All
Forme W-2, filed
combined
as
returns of husbands and wives, were classified as
Joint returns with two Incomes, regardless of
whether tax liability on such returns was determined by the collector on a Joint or separate
basis.
In accordance
with provisions
vidual Income Tax Act of IShk,
could be
claimed
for
of
the Indi-
surtax exemptions
the person filing;
for the
spouse of the taxpayer, if he or she did not file
separately, or
1/
if
either spouse filed separately
Pobllahed in tha "Ireasary Btaietln" for March 19U6.
Treasury Bulletin
A-22
exemptlona, accounted for by
Over 5 percent
'the taxpayer and one dependent.
claimed two dependents and less than 3 percent
claimed exemptions for 3 or more dependents.
cent
An
were
two
reported
about 1-1/2 exemptions each
separate returns of husbands
68 percent of these reported
of
average
on
reported
About
and wives.
one exemption only,
for
the
spouse filing, and
Over 20 percent of the
claimed no dependents.
accounted for by
exemptions,
two
returns reported
person filing.
the
to
one dependent In addition
About 8 percent claimed exemptions for two dependents, and about U- percent claimed exemptions
for 3 or more dependents.
Husbands and wives filing Joint returns with
one or two incomes claimed an average of somewhat
About 37
lees than 3-1/3 exemptions per return.
percent
returns reported exen^jtlons for
and claimed no dependents.
only,
the
of
both spouses
About 26 percent of the returns reported 3 exemptions, accounted for by one dependent in addition
About 20 percent claimed
two
spouses.
to
the
exemptions for two dependents, and about 17 percent claimed exemptions for 3 or more dependents.
Thus,
the
Number
of
employers
109.8
million surtax exemptions
reported covered 17.5 million single persons or
married persons not living with their spouses who
U-.y million husbands or wives who
filed returns,
filed separately, a total of l+S.O million husbands and wives who filed Jointly, and an aggregate of 39.6 million dependents.
Number of ^ployers
Of
46.2
the
million returns with adjusted
gross income under 125,000 covered in the prelimUo million returns reported receipt
inary study,
or wages.
k-0 million returns
number of employers,
the agregate,
for
and
(2) separately
(1) in
(a) returns filed Jointly by husbands and wives
each having income in non-community property
of salaries
are distributed
below
These
by
(b) returns filed Jointly by husbands
each having Income in community property states 2/,
and (c) returns reporting only
states 1/,
and wives
one Income 2/
the Uo million returns with
wages reported an average of over
2-1/2 employers each.
Of these returns, 25. Mmillion or 63 percent reported one employer only,
9.3 million or 23 percent reported two employers,
2.9 million or 7 percent reported three em-
In
summary,
BEilarles
or
ployers,
and 2.1 million
four or more employers.
or
5
percent reported
April 1946
A-?3
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Treasury Bulletin
April 1946
A-25
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Treasury Bulletin
A-2b
Preliminary Statistics from Corporation Income and
Taxable Excess-Profits Tax Returns for 1943
secretary
the
of
Treasury
Vinson
recently
corpomade nubile preliminary statistics from
tax
excesB-proflts
taxable
ration Income and
December
throu^
31,
filed
returns for ig"*?.
l<)kk.
are
released
data
The
1/
preliminary
release
contains
data
summarized In
"Statis-
on
number of
"Statistics of Income for
complete report,
Part 2".
For
report,
The
thlB article.
at
tics of Income for 19^3, Part 2," Is available
Office.
the U. 3. Government Printing
This
tlatlon settlements reached to date will be shown
Included In the
In a special tabulation to be
corporations
calendar year
19'*-3
or
returns
filing
for
19'*'3,
the
fiscal or part years
for
ending In 13^3, there was no change In the Income
or excess-profits tax provisions from those In
effect In
Corporations filing on the basis
1914-2.
net Income, 2/
receipts,
Tabulations are given by
for returns with net
major Industrial groups,
Income and returns with no net income, for all
of fiscal or part years with nart of the accounthowever, compute
ing period falling In 19**^,
for corporations filing consolTabulations are also given by
Under the
19144 law,
the excess-profits
tax rate was Inthe specific
creased from 90 to 95 percent,
exemption was Increased from #5,000 to $10,000,
and the Invested-capltal credit was decreased.
Further Information with respect to these changes
returns filed,
dividends
and
corporations
taxes,
paid.
and
idated returns.
major Industrial
groups
for all
corporations of
partially tax-exempt Items, dividends received and Interest on Oovernment obliData from taxable excess-profits tax
gations.
returns are tabulated by adjusted excess-profits
the wholly
and
both
tax under
their
the
laws, pro-rated according
accounting
period
19U3
falling
and the l$^k- tax
the
to
part
of
the
19'^.
In
may be found In the original release.
Finally, a historical sumclasses.
given for 193'*-'^3 of selected Items from
similar tabulations for earlier years.
Number of Returns, Net Income, and Tax
presented In this release are from
corporation Income tax returns (Form 1120) and
corporation excess-profits tax returns (Form 1121)
fiscal years
for
calendar year 19'^3,
the
for
December 31, iglMl.
Of these,
2S3,69S reported
net Income 2/ of $28,689 million,
136,787 reported deficit of $899 million, and the remaining
The Income tax
35,268 showed no Income data.
ending between July 19'*-3 and June 19'<^, and for
part years with the major part of the accounting
Returns filed by foreign
period falling in 19'»-3corporations engaged In business In the United
Amended returns and tentaStates are included.
liability reported totaled $k,kj(> mlUlon.
following table presents a comparison of
income
net
mary
Is
Income
Income
The
data
The statistics
are not Included.
prior to
filed,
as
returns
the
from
compiled
are
of
result
made
a
be
as
may
that
revisions
any
Revenue,
and
Internal
of
Bureau
the
audit by
prior to any changes which may result from the
tax
A total
tax returns.
of ''•55,753
returns for XS^Ji were filed through
data with similar data for 19I42.
19'+3
1/
2/
returns
renego-
191+2
(Prelim- (Cominary) plete)
tive returns
renegotiation of war contracts after the
Changes resulting from the
are filed.
tiation of war contracts are recorded as
ments reaohed, however, and the effect of
The
19'*'3
Increase or
decrease (-)
Number Peror
cent
amount
Number of returns;
With net Income 2/ 283,698 269,9't-2 13.756
'Slth no net Income 136.787 172,723
Inactive returns
35,268 37,012
5
-21
+55.753 1+79.677 23,92'+
-5
Total
settle-
-5
(In millions of dollare)
renego-
"t^'
PreBB S«rrlce Bo. T-229. February 25. 19l»6r«l8a«e gi.'nt greater coverage of 19'*3 corporate tar
returns than thoee covered tn a similar article
published In the Septemter 19U5 issue of the "Treasury
Bulletin".
Het income or deficit as used throughout this article
le the anount reported for declared-value exceseproflts tax coi:?)ntatlon adjusted by excludliv: the net
Het income for declaredoperating lose deduction.
value excess-profits tax computation includes intercorporate dividends received.
Net Income 2/, deficit and tax:
Returns with net
Income;
Net Income 2/Income tax.
.
.
28,689
052
'+,637
19
'+.'+76
'+,338
139
3
899
1,001
-102
-10
2'+.
Returns with no
net Income;
Deficit
April 1946
For
A-27
19'*-3.
num'ber of consolidated income-
'^he
Increase or
decrease (-)
(Prelim- (Com- Number
Perinary) plete)
or
amount cent
tax returns filed was 1,2S6, of which 1,005 show
net Income amounting to $3,536 million, while 277
show deficit
Income data.
Is
only
of $120 million,
and ^ have no
The number of consolidated returns
0.3 oeroent of all corporation returns,
reported in consolidated
returns Is 12.3 percent of the net Income of all
returns showing net Income,
and the Income tax
but
the
net
Number of returns
Taxable excess-profits tax returns.
A total
The
Table
1
at
the
data
end
on
the
this article gives
number of Income tax
of
major Industrial groups.
Table 2 presents a
historical summary of selected Items from Income
and excess-profits
tax
returns
for
the
years
26
5,1S1
30
Adjusted excessprofits net
Income 2/
lU, 520
10.1+95
l+,025
3S
11,268
7.852
3,1+17
Excess-profits tax,
net
1/
y
2/
Jj
1+1+
Excoas-proflts net Income Ib obtained from net Income
by making certain adjustmsnt s
consiating principally
of
the
exslusion of long-term capital galas and
losses,
dividends received, and the declared-value
exoess-Tjrofits tax,
and the inclusion of the net
operating loss deduction.
Adjusted excess-profits net incoae is excess-profits
net income less the sura of the specific exempt ion, the
excess-profits credit, and the unused ezcess-profita
credit adjustment.
The ezceas-proflts tax shown is that liyosed hy section
710 of the Internal Revenue Code,
and should not he
confused vdth the declared-value excess-profits tax.
The tax is sliovm after deduction of the credit for debt
retirement and the net postwar refund.
,
returns filed. Income, taxes, and dividends paid,
by
llv,l6l
17,08'+
following table shows the number of returns,
Income, and tax liability for 19lt-2 and 19^3.
more detailed
002
22,265
68,163 taxable corporation excess-profits tax
returns were filed for 19'+3The excess-profits
$11,26S million.
5"+,
Excess-profits net
Income 1/
of
tax liability reported was
68,163
(In millions of dollars)
Income
reported, amountlnp to $771 million, Is 17-2 percent of the Income tax for all corporations.
19'+2
191+3
Treasury Bulletin
A-2S
O f^
t\j
(Uf^
u • •
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o «
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April 1946
A-29
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t
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8
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t4
Treasury Bulletin
A- 30
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o a«>^
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og
a
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h
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a
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J-
Apr
I
J
1946
A-U
Table 2.- Corporation Income and Exces Profits Tax Returns
Historical Summary
6/
1934
-
1943
(In mllllone of dollars except as noted)
1935
19J1*
1936
1937
1938
Inoone and Declared Value Exsess-Profita Tax Returns
Returns of all aotlve corporations:
Number (in thousands).
Total oomplled receipts 3/
Net inooDie less deficit 1/
Tax liability:
Inooae tax
Declared value excess-profits tax.
Excess-profits tax ^Z
470
101,490 111,650
1.696
58S
Total tax liability.
Income after taxes
Dividends paid in cash and assets other than own
stock
Income after taxes and dividends.
Returns of active corporations with net income l/'*
Number (in thousands)
T.
Total compiled receipts j/
Net income 1/
Tax liability:
Income tax
Declared value excess-profits tax
Exoess-prof its tax ^/
8
710
25
596
735
-502
961
i*,859
5.9'H
-5.361
-1.980
63.119
16I
77,639
5.165
,
Total tax liability.
^275
588
8
596
Inooae after taxes
Dividends paid in cash and assets other than own
stock
Income after taxes and dividends.
Returns of active corporations with no net inoome 1/:
Number in thousands)
Total compiled receipts J/
Deficit 1/
Dividends paid in cash and assets other than own
stook
(
Returns of Inactive corporations:
Number (In thousands)
325
38.371
1,181
1.037
59
710
25
1939
igiw
19IH
l9i«
191*3
Treasury Bulletin
A- 32
Treasury Market Financing
Historical dotalle of Treasury naxkat financing operations involrlng iJonds,
notes, ani certificates of IndelJtedaeas. beginning with the Fourth War
Details of weakly
Loan, are published In the tables on pages 32 and 33Treasury bill offerings are ehovm on pages 3^^ a^o^ 35-
Refunding and Repayment In February
On February IS, 19^*6 Secretary of the Treasury Vinson announced the offering of an Issue of
one-year l/S'fo certificates of Indebtedness In
about $1 billion of the
Cash
March 1, 19'^6.
certificates maturing
the
same
At
accepted.
were
not
subscrlntlons
In
be
made
would
nayment
that
announced
time, he
for
called
19^+6-56
of
bonds
Treasury
cash for the
e.TchanRe
for
all
except
on
March 15, 19*^6, and the Treasury
March 15, 19'^6, as well as the
notes maturing
certificates. Altogether,
maturing
of
$1 billion
aggregated
maturities
85.9 billion of
the March
redemption
on
on
which $2.S billion was to be paid off In cash.
Details of the three isshown in the following
March
are
sues maturing in
Matu ring issues
table:
Maturing
issues
.
Maturing
issues
1946
April
A-?3
subecrlptions were
Inr certificates outstanding,
received subject to allotment to all holders on
an equal nercentafre basis, except that subscriptions In amounts up to and includlnf^ 825,000 were
allotted In full.
On February 2S, SecreVinson announced that eucscrlptlone aggregnted |'4-,10'4- million.
Subscriptions In amounts
to
closed
on
February 20, except for the receipt of
of $25,000 or less of
subscriptions from holders
the maturlnf securities for which
onen through February 23.
of B?5,000 or less were allotted In full
In an
amount of S'+9 million.
Subscriptions In amounts
over S25,000 were allotted JG-Ii on a straight
but not less than $25,000 to
nercentape basis,
any one subscriber with adjustments to the next
highest thousand, where necessary.
Total allotof
ments amounted to 53,133 million, leaving
million to be paid off In cash.
$l,Oll<-
Call of 3% and 3-\/s% Treasury Bonds
February
On
bonds
of
194-6-'t-S
19'*-6.
14-,
19'*-6-'l9
were
The 3-1/Sfj bonds
and
new certificates were dated March 1,
and will mature March 1, XS^J
Interest at
rate of l/Sii per annum la payable semi.
annually
on
September
1,
19'*-6
and
March
1,
ig'*-?
and Is subject to Federal Income taxes.
The certificates
were
Issued In bearer form
for
par
basis.
Subscription
books
were
redem^ition
on June 15,
dated June 15, 1931
dated June 15, 193U.
The
were
the 3^ bonds were
final maturity dates on these bonds were June 15,
19'*-9
and June 15, 13^5,
respectively,
with the
option to call for redemption by the Treasury,
19l)-6
on
any
interest
to final maturity.
payment
There
are now outstanding 3219 million of the 3-l/g4
bonds and $1,036 million of the 3"^ bonds.
The Treasury's announcement
that holders
only In denominations of $1,000, $5,000, $10,000,
The exchange was on a
5100,000, and $1,000,000.
Treasury
the 3^ Treasury bonds of
for
on four months' notice,
The
19't-6
the 3-1/S^
19'*-6,
ar^d
called
date from June I5,
par
remained
be
tary
the
they
of
the
bonds
may
of
be
call stated
offered,
in
advance of the redemption date,
the privilege of
exchanging all or any Dart of their called bonds
for other Interest-bearing obligations of the
United States, in which event public notice would
hereafter be given.
April 1946
SUMMARY
OF
FISCAL
STATISTICS
Treasury Bulletin
Budgetary Receipts and Expenditures
Flret 8 months,
fl«cal years ISW* to 1946
Complete flecal feris, I'jkk to
l^J
Cha&^
latlmated 1/
19IA
19U5
I9U6
Actual
to
19IA
19115
I9W
191*7
Estimated
19I45 to
191*6 to
estimated
I9M6 1/
estimated
191*7 1/
(In millions of dollars)
Heceipte:
2/
Internal rerenue;
Income and prof It s tax«fl
Boployment taxes
Hlacellaneous internal roTemia j^
Customs
Other receipts U/
Total receipts
3U,655
1.739
5.291
27.221
I.5S9
7.320
20,380
-7,952
-211
*371
-6,8Ul
+278
-290
18,860
1,226
20,ltOU
19,61*5
1,238
1,180
-759
-58
3.551*
i*.777
5.201*
*ll27
28U
220
272
*52
1*31
355
1*13
U3lt
+58
+21
2,286
1.911
1,960
*U9
3.292
3.183
3.183
3. 219
-300
+66
26, ao
28.551
28,261
-289
1*5,1*08
U7.7I10
39.707
32,939
-S.033
-6,768
35.173
1.780
6,91*9
1.81*7
7.030
Leae:
Met £5)proprlatlon8 to Federal Oli-Age and
918
913
861
_:52
1,260
1.283
1,098
1,1*26
-185
+328
25.292
27.637
27,1*00
-237
i*l»,li»9
1*6.1*57
38,609
31.513
-7,81*8
-7.096
32,181
16,822
7.517
32.31*3
22,191
12,339
-10,152
-7,9*5
1*9.21*2
50.337
27.997
-2,01*8
26,538
11,259
30,01*7
9.61*5
ii*,7oo
l*.2T7
6,103
7.998
5.000
3.002
-22,310
-15.317
-3.5la
-19.999
-9.700
-3.101
56,521
58,651
38,806
-19. 81*5
87.039
90,029
1*8,800
16,000
-1*1,229
-32,800
U22
2.333
1.5U
310
060
3.617
1.707
3,1(02
2, '102
l,2l*2
730
2.609
262
2,
53
822
1.775
933
1.750
2.707
1.338
5,000
1.576
*l,3l2
+1.133
+1,000
+936
+250
-1,131
1,718
.530
5,977
*2.va
3.601
7.
381
10,859
10.911
3.175
+55
Aid tc c^rioulture 6/
557
267
220
-1*7
909
762
61*0
698
-121
+58
Social security program 6/ 2/.
602
620
651
*31
803
815
931
857
+115
-72
Public worice
316
233
2IA
*11
1*33
323
691
915
*371
251
61*
251*
-950
-999
+1.000
SurvlTors Insurance Trust ?and
Net receipt 8
Ejcpendlt'jres:
Var activities:
War Department
%iv7 Department
1-ti scellaneous
war activities
^.
Total.
Veterans' Adjolnlstration. Interest on public
debt, and refunds of taxes nnd duties:
Veterans' Administration 6/ Jj
Interest on the public debt
Refunds of taxes and duties 8/
Total.
1,21*3
19.983
6.325
International finance:
Bretton Voode Ac;reemente Act:
Internet lonal Bank
International Monetary IVtnd
Sxport-Import Bank-capital stock
All other (based on proposed legislation)
Total....
Other 5/ 6/.
729
787
*627
190
171*
+171*
990
999
500
1,500
+6U
+950
+999
+500
171*
+17U
2.512
1.751
2,512
-759
903
u6
1.357
1.582
+265
+221*
1.390
875
1.350
-175
250
1.500
+250
+1,250
958
1,092
a^endltures from anticipated si^lemental
appropriations
Sqpendltures based on proposed legislation
(other than international fiimnce)
Total expenditures.
Met budgetaiy deficit
Source:
.
60,1*1*3
6U,088
1*6,976
-17.112
93.71*1*
100,1*05
67.391
35,125
-33.011
-32.269
35.151
36.U5I
19.575
-16.875
1*9.595
53.91*8
28.785
3.612
-25,163
-25.173
Dally Treasury Statement, except as noted.
Less than $500,000.
Based upon the I9I7 Budget as released in Januaiy; revised
estimates of recolnts aJid expenditiires for the fiscal year
I9I6 were released by the President on April 11. ^ey show
estimated receipts of $1*2,933 million, ej^endituxea (iacludl ne
net outlays of OoTomment corporations) of $61*,65l nlllion,
and deficit (including net outlays of OoTerament corporations)
of $21,722 million.
Since the e^endlture nnd deficit estimates Include net outlays of GoTemmont corporations they are
not strictly comperable to the figures shown in the table.
The revised estimates were not released in sufficient detail
to permit their inclusion la the table; no revisions were
made for the fiscal year 1917. The April 11 revision did not
include any estimates for public debt and cash balance itaas,
which appear on the following page.
For further details, see following chapter. Tables 1 and 2.
Includes chiefly alcoholic beverage taxes, tobacco taxes, laanufaotuxers' and retailere' excise taxes, rjid estate taxes.
Includes depoeits resulting from the renegotiation of war contracte.
2/
Information on the onoimt of sach deposits Is not available on the
basis of Dally Treasury Statomcnts. On the "basis of covering warrants, such deposits vers as follovs:
fiscal year 19^3t $553 million; fiscal year l^UU, $2,235 nlllloa; and fiscal year 19^5, $2.0Ua
mlllioa. These flffuxes include so-called voluntary returns.
Classification chaneed to reflect expenditures of surplus property
disposal agencies for the fiscal years igUo and 19^7* Prior year
expenditures are included under "OtJoer".
Includes transfers to truat accounts, etc.
Includes exnendltureo for piibllc worlcs undertalcan hy Teteruns' Adalnlstratloa.
"Refunds of taxes" include anounts transferred to puhllc debt ao^
counts to cover issuance of excess profits tax refund honds mi. exH
elude refunds of taxes under the eoclal security program.
For dl»cuasion of axcoss -oroflts tax refund tonds. see following char.ter.
Table J>.
Includes railroad rotlroaont and railroad unenployment activities
and excludes expenditures made by Office for Ihergancy Honaeaaent,
War I-!anpowor Connisaion (U. S. Shplo>T3ant Service) under a-thorlty
of the Social Security Act.
'
2/
April 1946
Public Debt and Guaranteed Obligations Outstanding
-
Treasury Bulletin
AND EXPENDITURES
AND
APPRO PRI AT IONS
RECEIPTS
April 1946
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In mllllona of dollart)
Receipts
Ixpendltures 1/
Oroi* recetpte
Fiscal j*mx
or Bontb
Total
receipts
Internal
roTsnue
Other
receipts
2/
1936.
1937193«1939-
U.u6
3.513
5.29^
6.2kZ
't.597
19'iO.
19I11.
19U2.
19U3.
5.925
8.269
13,668
23.385
191411.
U5,l(08
5.671*
5.161
5.303
7.362
12.993
a6
359
319
210
208
188
265
3«7
503
538
31*9
392
3«9
321*
1*1,685
1*3,902
1*31
286 2/
916 J/ Ji
3.292 11/
355
3.1*83 11/
3.p5
March
3.987
6,908
23
33
i^rtl.
May...
2.967
3.398
2.7^*6
Jttna.
5.916
2.921
5.3**
Joly
ADgaat
2.75'*
2.527
2,81*9
l*,8U7
33
32
30
195
3.281
5.192
2,581
2,609
2,3110
36
205
2,3«3
lt.l22
3.91*8
35
32
142
3,glt8
3.1*51
3.681*
33
igltS-JalmiaiT.
Sifitaabar.
Ociobar
BoTenbar..
Dacanbar.
.
PabruAxy
.
.
3.S75
6,1*31
869
1,103
1,260
1,283
1U9
220
itltU
15
188
39
313
2
'^
1*1*1
33
1*98
1*2
661
5152/
22,1>A
19't5-
Lees net
appropriations to
Fedsral
Old-A^e and
SurrlTors
Insurance
Trust Trmi. _J/
1*00
315
3?*
158
Total
szpondlturei
Kst
receipts
Oenoral
it/
5/
U,ii6
5.029
5.855
5.165
5.387
7,607
12,799
22,382
1*1), IU9
8,666
8,177
7,239
8.707
8.998
12,711
32,397
78.179
5.91*6
6,61)1
93.7>*l*
6,11*9
1*6, 1(57
IOO.I105
8.730
3.767
S,<92
7.1*60
9.U33
2.929
3.085
7.966
9.275
9.61a
591*
5.9llt
Var
»CtlTIttei
Bat
to tniat
totid^atarr
accounts.
ate.
6/
daflclt
1,820
'*.550
608
3.11*?
1,381)
1.63
1,11)2
l.ll£9
7.837
236
296
335
7.325
1*30
5.126
U,226
1,201
l),2l)5
225
187
232
1*35
556
1,6U6
1*9.595
53.»'*8
6,91*8
1*8
3.693
8,2K6
1*5
331
381
822
59
283
2
2.695
2.997
5.189
8.557
w
52
235
2.530
2.37U
t.lie
5.go
787
3.519
3.678
l*,89l
3.1*17
681*
3.510
2,702
11)8
35
Dallj Tre«siu7 Stateaant.
Lees than $^,000.
Secludes aaoonts for public debt retirement idiloh are ohar^eabla to
the elnklDg fund, etc. -cmder special proTtalona of ItaiTor forthar details, see Table 2.
Ibr •:^aaatlon see tables vhlch folloif entitled "Social Sectarltjr
Proeran".
Jot forthar detaile. see Table
Tor forthar details, see Table:l:
Tot fnrther details, see Table ^.
Total expendlttures lese net receipts.
&epree«nti e^enditnres for public debt retircDante vhlch are chargeable to the slnMne fond. etc. und«r apaelal provislonB of law.
Stich. reIncludes reeorerles of U. S. InTeetnents In ci^ltal funde'
3.51*2
3.611
5.103
19.598
55.897
702
793
1,210
196
1/
900
929
1,029
1,206
1,657
6.301
26.011
72.109
87.039
90.029
5.985
7.313
7.109
6.079 10/
6.005
5,635
Pi^illc
Trail ifart
dabt
ratlranaatl
8/
U03
lOH
65
58
129
6U
95
3
^
5.01)0
6.190
3.727
5.862
lt.357
31*
1,1*22
38
3.1)20
2,282
1.3Z7
coTcrlas totelad $5U allllon in the fiaoal yaar IS^tO; 1319 BlUion
In the fiscal year 19UI; $1£ mUllon In the fleoal 7«ar IS^Z; aad
$10 inilllon In the fiscal jrear I9U3.
Beceipts from reductions in ci^ital stock and paid-in soxplus
available to be relssoad under aadatlne lav are Included as nagatlTe Iteau under «^«ndltnres. Such reductions totaled $3^5 "U.-
10/
llon.
Includes deposits resulting fron the renegotiation of var eoz>Information on the amount of ench dsposlts Is not aTalltraots.
able on the basde of Bally Treasury Statemflnte. On the baals of
coTering varrante. soch deposlte vere as follove: fiscal year
19^3. $5^ million; fiscal year I9UU, $2,235 mlUlon: and fiscal
7—x 1945. $2.0Ul million. These ft^orss Include so-called tdIuntary returns
11/
'
Table 2.- Analysis of Receipts from Internal Revenue
1/
(In millions of dollars)
Aaploymant taxes
Income and profits taxes
Withheld by
ei^loyere (Current
Tax Payment
Act of 19U3)
Tiscal year
or month
Social aacurity taxes U/
Other
7ederal Insurance
Contributions Act
(Old-age
Ineurance)
3/
2/
19361937..
1938..
1939.-
1.1)27
1.1*27
'*.597
2,163
2,163
5.67U
5.161
5.303
7.362
12.993
2.61)0
2,61)0
2,189
2,125
2,189
2,125
3.1*70
3.1*70
7.960
7.960
191*3..
22,ll*U
16,09!)
16,091*
1,1)98
191)1)..
1)1.685
1)3.902
3^.655
35.173
8.393
10,289
26,262
zu.ssu
1.739
1,780
5.815
6,U31
2,922
5,818
1.295
883
1,627
31*1
1*.935
April.
2.71*6
600
Itay...
2.921
2,167
2,027
JSD...
5.38"*
i»,757
1.567
7U5
3.930
191*1..
191*2-
•
191)5.
19U5-TabniaT7.
Maxell.
..
60U
691
896
1,130
1.292
1.310
111*
93
222
18
1*5
1)1
3
316
12
5
62
66
306
286
^6
5
137
2,'
170
2S9
267
285
967
3.8U7
i*.553
5.291
6,91*9
552
5»
10
1
53^
2
60'
5S1
3
12
2
1
718
8
59
877
573
58
5»*
3
1
689
1)1)9
%
238
7
10
8
602
1
59
516
2,201
51
l.TOU
JIO
33
200
13
107
5
3
3.9I18
3.366
19l*6-Jajniai7...
'•^
2.7S
3,681)
2.790
55U
1,086
Daily Treaauiy Statsaient.
Leas than (500,000.
Tot fnrther datalla, eee chapter entitled 'Intanua Beremie Statiatloa*.
Xzclndes receipt of Tlctory taxee withheld pursuant to the Rereime
Such reoslpte haTe been classified as 'Other' Income
Act of 191*2.
and profits taxea.
3/
5/
77
in
2,279
2,232
2.659
2.3«3
1/
7U0
833
925
1,186
2,
150
109
121
1,021
2,3110
1/
90
101
108
98
120
15s
180
185
572
October...
loTenber
SacesAar.
•
58
511*
1.076
707
U.gUT
1.665
U,ao8
Tabruaiy.
191*
I.52I1
2,81*9
SoTirce:
Insurance)
1.593
1.71)3
.
253
Agrlaultural
adjustment
taxes
(Uneniployiiient
3,1)1)0
2.527
.
Miscellaneous
internal
reranua
669
1,200
768
Ally
Angost
Sap t saber.
. .
1,282
826
Carriers' Taxing
Act of 1937
(S&ilroad
retirement)
2,010
3.513
191*0.
Federal UneoployBent Tax Act
Includes unjuat enrlobnent tax.
Iter the period prtor to September 1939, the data In the colUKis
entitled "Taderal Xnsnrance Oontributlone Act' md 'Tadsral Oubploynent Tax Act" repreeent collections undar Tltlaa Till and IX,
respootiTaly. of the Social Security Aot.
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 3.- Analysis of General Expenditures!/
(In Billions of dollars)
Tstsrana' idalnlstratlon.
Interest on public debt, and
reftinds of taxes and duties
71 seal year
or BODth
Total
g«n«ral
oipemliturss
Total
Teterans'
idainl»t rat Ion
Interest
on the
piihllo
debt
other general eapeiulltnree
Befonds
of
taxes
and
dntles
Aid
to
agricol tnre
lot el
i/S/
y
5.9W
1936.
1937
193«1939
19I10.
6, 9*1
5.9«5
7,313
7.109
ig"*!.
19'»2-
6.079
6.005
19UU.
19U5.
8.730
1,381
1.503
1.567
1.56"*
1,687
1,751
1,906
2.U56
3.500
6.258
7U9
866
926
9U1
l.OUl
553
555
1,111
1,260
1,808
2,609
3,617
2^1
1.707
2.61*9
91
628
156
23U
11)2
IU5
181
21U
p5
1)8012/
1.009
266
3U7
176
238
150
Mmh
U63
l.lUS
322
75
9'»7
85
April.
Ka7...
J^me..
99U
822
369
85
l.><69
1,319
Septem1)er.
702
793
1,210
1,060
October..
90T«abar
Deceober.
787
U30
1,201
1,022
19U5-ra1iniu7.
Jtily
Anguet ....
19l»6-J«na»r7..
TebzuAry.
3lt£
525
387
281
U.56U
5.136
578
581
582
557
557
103
lU)
112
156
99
6U7
ife
162
172
gk
817
220
255
309
118
5^
56
^
kj
^
6/
progna
2/6/
J2
n
5.751
,228
5.1(21
,5>ti
392
87
U, 327 11/
8U7
1,098
1.093
912
U57
515
51U
529
I
I
2.1*7212/
301
82
1U9
back figures hare been rerlsed accordingly.
Includes public works undertaken by the Veterans' iLdolnistratlon.
Does not include transfers to truat accounts, etc. These are
ahown In Table ^.
"Befoads of taxes" Include aaounts transferred to public debt ec->
counts to coTsr issuance of excess profits tax refund bonds and
ecDClude refondj of taxes under the Social security progrsn.
excess profits tax refund bonds were fonierly issued to corponntlons entltlii^ them to a post-war credit equal to 10^ of the escess profits tax paid. The Tax Idjustnait Aot of 19^ reduced by
10^ the aount of excess profits tax to be paid and abolished the
post-war credit. Tor aBOUsts of excess profits tax refund bonds
issued, see the first table in chapter entitled "Public Debt and
Ouaranteed Obligations of the United States OoTenuBent*. Outstanding excess profits tax refund bonds Bar be redesaied at the option
of the bolder cmaencing January 1, 1946; whan such redec^jtions
occur, they will Appear as retirflKants of public debt.
Consiets of Adalnlstratlon of Sugar let of 1937. igrlcultural idJustnent Agency. eiq;)ortation and doaestlo oonen^tlon of agricultural coBBodlties. Tarm Credit AdBlnlstration, farm Security Adalnistration, federal Tarsi Uortgnge Corporation. Tederal land banks,
Boral Ceotriflcation Idministration, Soil Gonserration mA Xztsbslon Serrlce, DepartBaat of igrlculture dspartnental sopaadltares,
and other.
Includes railroad retir«snt and railroad unflBployaent actlrltles
and axDludas expenditures Bade by Office for bsrgancy Managsasnt,
730
1.02U
32
37
Direct
and
work
relief
ltSl>
510
USl
1(86
326
290
283
1.759
1.895
l,U76
2,21(2
1.573
1.371*
680
^22
590
692
788
18
970
299
17
33
2U
35
20
26
73
31
178
209
193
18
1)0
65
50
^
10/
11/
l£j
11/
^/
167
lUl
125
138
129
129
121
66
101
9
61
8/
20))
8*
TO
?7
8
28
J/
10/
U
26
1)00
Miscellaneone
2/
91*9
323
1*6
11)8
It
85
33812/
16
1/
DepartClTllian
nautal
not
Consarotherwlee
Tation
olacBlfled
Coipe
1.000
76312/
20
55
19U
works
80l*
89
•.099
3,178
PulJlle
8/
85>t
Source:
Sftily Treas'iry Statenent.
Back Tlgures: ^r monthly data for the period July 19U1 throtigh July l^U^i,
see "^reasur/ Bulletin' for September 19'^^> pages 6 and 7.
•
Less than $500,000.
ly General expeoditores nov include scq)eQdltures for rerolTlne fttnds;
g/
933
971
Social
ecnrlty
37
i2/,
12/
12/
5
23
7
68
188
66
67
12/
12/
11
10
12/
12/
i^
lis/
Var Manpower Commission (U. S. Isployaent Serrlce) under authority
of Social Security Act, Tor further details, see tables ^ilch follow on the Social security progras.
Includes public buildings, public hlghvaors (including forest roads
and trails), rlrer and harbor work and flood control, Tenneseee Tall«y Authority, Tederal Public Housing Anthorlty (femerly T7, 3,
Bousing Anthorlty). reclaaation projects and the Public Works Admlnletratlon. Sicludes certain expenditures for public vorlcs in connection with var activities by the Tedaral Vbrks Ageacy. beginning
July 19UI.
Xicludas expenditures for the 17. S. Karltine CeoKlasion. departBOBtal e^endltures under the Social security prognea and the Department of Agriculture dspartDental sapendituret.
Tor additional Infornation. see Traasory Bulletin" for Anguat 19''(5t
paga 6.
Includes expenditures for the follovingi Office of Uncation, and
Public Health Serrtce of the Tederal Security Agaa(7; Post Office
Departaant postal deflcleEieles; Federal Housing Administration;
Treasury DepartDont InTsstvents in Tederal saTlngs and loan associations; certain expenditures of the Panama Canal; and capital stock
of the Tederal Deposit Insurance Corporation, Hoae Owners' Loan Ooz^
poratlon, Tedsral hoae loan banks, and Dleastar Loan Corporat)-"
Gross expendlturee haTe been reduced $l6o Billion representLi*, the
repayaent of capital funds by certain United States OoTemBeat agencies. Tor further detaile eee 'Treasnty Bulletin" for Jane 19^3*
page 9. footnote 12*
Inoludas $257 Billion for restoration of coital l^airmsnt of Cobaodity Credit Corporation i^llcable to fiscal years X9U3 and 19U^.
Classified as mlscallaneoua expsmditurfls coatnencing July 1, 19^Includes $17^ Billion, lip«rt-I^>ort Bank of Washington - coital
ste^.
April 1946
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In
aUlloii of dollari)
NlBcellanaoxu
War
Il»part-
or aonth
ent
Bont
United
Total
War
latloial Salaetlra
iaool- ierlaolfederal Faderal
Tnamrr Stitea ShiptTire
Sarrlea
Houalac
Saenrlty Voika
Depart- Marltlna
laneoTU
Agancy
(admlAiaping
Svpartment
Comal*'
var actgmer
tratln)
mtnt
u
tlTltlOI
1936
1937
193«
19^
igSo
191*1
19U2
19h}
19*
W^S
19>t5-ratraai7..
Nanh
iprU
HV
Jnaa
Jmj
iagut...,
SeptenbeT.
October.
BoTVnber.
Daocobar.
.
19>*&-Jaitiar7.
.
Telinaxy.
Sourest
Iota:
•
1/
2/
900
929
1.029
1,20£
1.657
667
6,301
26,011
72,109
87.039
90.029
3.678
lU.OTO
112, a65
1)9, 2U2
50.337
6,9>iS
«,2lt6
3,866
7.139
s.ise
7.«37
^
elea
I490
596
1
1
673
892
99
99
2.313
8,580
20,888
26.538
1*1*
2,392
2.799
690
803
1*,U6
U.550
2.292
it.seu
2,289
731
901
885
7.325
6.399
5.367
lt.2TD
2,261
79"*
3.54?
2.11*9
701*
3.261*
1.659
5.126
U.226
2.976
2.721*
f^
1.590
1.239
990
S®
»35
U.2l*5
3.>a7
2.702
1.519
1.588
1.566
883
331
231
778
U5
62
310
3.362
8.955
30,01*7
!»,6gl»
2/
-12
.6
529
557
383
37«
432
Thilted
Other «&
Hatlene
Sm^lna actlTlBelief andjproparty
tlea
to
Setaablll- dlq>oaaI aipandlOhloa
tatlon
ageeclea
tnrea
ill
18
33
52
21*
51
519
1,201
2.n6
1,1*32
1,1*63
3.812
3.227
2.11*3
111
153
133
1,198
122
62
215
228
185
11*7
5
12
-2l*
91*
228
85
9
IH
8
136
299
68
8
1
lOl*
2l*6
159
103
299
277
195
161
90
199
69^
2,0U
6O8
539
TO
u
U
87
5
90
2
19
12
89
98
39
5
ao
8
12
12
9
18
8
13
"tS
1*
10
7
9
11
-1
105
57
72
s
7U
1*1*51*/
10
62
2
1
U
k
3
2
Bail/ Tr««snr7 StatcsDaat.
Tor ^ack f i«Qre» for th« parlod Joly 19UO through JprU 19^3* •—
th« "Traa>ui7 BaUetln", Ka7 I9U3, page 7>
Less than $^.000.
Includes war piibllc honalne ftmctlons.
Sinilor Itas for perloAs prior to fiscal year I9UI ars clAsslfled
under "Other departmantal" and "Other general eapandltores' In
Table 3> Includes war opsidltaxsi of Oomsroa, •histlce, Intoxlor.
LalMT. nd State Dspartnants; CItII Serrlce Oonsdasloa; Xieaatlve
Office of the Preildent (including Office for Snergenay Hanaganant);
Panaaa Canal; and coital stock of ftMillsr Var Plants Corporation.
Incandee Osfanfe Aid Special Tond tfaroTic^ the fiscal year 19U3t
2/
4/
939
132
1,105
1.922
aoo
Mo
2.0l|2
ii»
108
382
795
991
ui*
166
189
3
8
168
209
220
27
le
2/
1.022
i
56
91
8U
27
la
U5
15
l6e
15
88
67
178
>t2
35
-73
112
72
15)
118
I
68
71
1
71
1
1
83
58
2
2
62
60
7U
39
thareafiar soeh a^aadltnres are rafleotad vlthin the respectlTs
departaent a
Ciaaalficatlon diaaged to reflect e^qpndltiires for the fiscal year
19U6 xinler "Var activities". Prior year erpmrtl tnrsa are inoloded
nndar "Ooneral".
Paymnt of $370,2g6.9UU vas made on Deo. 29, I9U5. hy the Tedaral
Sorplns Oooaodlties Corporation of the Dflpartnant of igrieoltore to
the CoHiodity Credit Corporation in r8lDamrs«Biant for agricoltoral
omoBodltlss prooTxred in oonneotloa vith the Isnd^leaae pzognoa and
reflected in prerioiu espenditnras hy the CoBaodlty Credit
Coiporatlen.
Table 5*- Analysis of Expenditures for Transfers to Trust Accounts, BtCe
Cin
Tlaoal year
or Bonth
BlUlons of dollars)
Teterani
Administration
fotal
1/2/
1936
1937
1938
1939
19M0
1.820
608
225
187
232
1.773
557
191*1
331
10
Social
sectirlty
proves
1/2/
73
75
121
87
191*3
221
1,126
318
19>*5-IMniaiy.
March
^rU
Il«r
Joae
1^
105
l62
3h
3h
38
19ll6-Ja2mar7...
6r1*
ll*8
Sonroe:
•
1/
g/
V
ColnabU
18
93
91
103
107
177
197
126
*7
-18
71
-3
1*5
296
335
Septaabar.
fobmary.
271*
200
October...
BoTaabar.
Dacaaber..
l/U/
1*8
23f
296
335
Jw.r
ineoat....
Tedaral
contribution to
Dlatrlet of
1*7
107
1
lis
retirsment
fimda
(U. S. share)
1*1
30
101
191*5
fioployees
ll|6
191*2
191*1*
Aid to
agrlcttltnre
Oovemment
36
190
37
37
6>*7
ll*8
Ilail7 Traaatay Stataaant.
Laea ttaB $9X1, 000.
iddltional traaaactlona are ahown la Table 3*
C«^>rleaa Idjnitad Sarrloa Cartlfloate tavl md the latlonal Sei~
Tlca Ufa Insoraitfe taiA, adaialaterad by the Tetcrana' Idmlnletration.
Inclndaa railroad ratlrenant and railroad xma^loTBaat aotlTltlea.
y
Ibr farthar et^laiatlona aaa taklaa nbloh follav on Seolal aMlll'ity
pro^raB.
Eapreaante traaaactlona In coaiodlty food ataqpa ij Dei>artBnt of
>erlealtnra. Thla aotlTlty foraarl7 o«aie nadv the Office of Dlatributlon md prior tharato nndar the igriCTatoral Naikatlag
AdD inlet ration.
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 6.- Totals by Months, Beginning with 1936
(In allllona of dollara)
Calendar j^bx
Jas.
ifr.
Mb7
Juaa
Set budgetary receipts 1/
193619371938-
i9>a.
19'«.
19UJ.
19W.
X9U5.
I9lil.
228
Jdly
Jag.
Sept.
Oct.
IbT.
Sk.
Total
April 1946
BUDGETARY RECEIPTS AND EXPENDITURES
1942
1941
I
1943
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
Ii
1941
I
I
1942
I
I
I
III
I
I
I
I
ih
I
1943
Office of tha Secretary of the Treasury, Division of Research and Statistics
1944
I
I
I
I
I
I
1945
I
I
I
I
III
I
;
I
I
I
I
I
I
I
I
1
1
I
1946
B-l68-(
Treasury Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
nscal year
or ooQth
Total trust
fundst etc.
pet receipts (+)
or net eimendl
tures (-3
Federal Old-^e and
Survivors Insurance
Tniat ?und
Receiots
Set
Receipt
tures
Railroad
Bstlrasent Account
Uhen^loyment
Trust rund
National Serrtce Life
Insurance Pund
Sjqjandi-
Receipts
tures
E^endltures
Set
Recelpto
HxpendltTires
-S5
1936
1937
1938
1939
275
30
316
905
2,127
+200
-200
220
23
19
11
223
-7
39
313
107
22
23
tl5
59
23
23
296
-10
189
2l46
-1)8
120
199
179
169
23
67
-il
52
235
25
-7
7
"?
18U
171*
27I
96
36
93
25
10
11
89
85
101
-30
1*2
72
90
693
I9U
+11
.21
85
-56
603
250
96
19I
18
28
158
137
19W
19U5
798
.guc-yeljruarjr.
101
262
3
6
9
17
686
+290
-1.050
-308
Septealier.
-116
-50
-95
+260
-2S6
October.
302
27
390
226
. .
.
..
lIoTen*ber.
Secenber.
19l|6-Januai7.
.
Februfiry.
*^
283
11
+113
-261l
-276
*27
.169
•39
-
l,2lA
1,399
1.567
1,508
U
26
+6
July
Auguat
I.UU
a
707
931
1,185
1.357
1.377
-l»,05l
Aurll
May
June
-U
717
9IW
1.190
1.363
I.U07
W"*?
March
2
2
530
530
529
577
10
19142
29U
751
837
957
1(01
-lUS
-3.506
-1.861
19UI
2SU
763
838
959
267
I402
+1
+1
19110
1
1
267
+255
Sgit
+136
12
1
U
11
1(6
3i
320
893
2,102
-1
128
122
U7
-lU
129
-3
51
7U
28U
-101
'*75
233
303
575
-l|
-1
Trust Accounts, Etc. Receipts and Expenditures
-6
3
16
-12
11)8
11)6
-2
109
123
107
125
1,118
U
127
116
1,21*3
i.ifoU
u
ll)l)
ll)U
1.56U
1,508
-2
221
273
217
275
323
212
U3
II
-1
-1
290
97
1
•
1
73
50
-1
%l
273
35
U7
278
31
97
-
1
32I)
1
1
36
35
•
13
180
180
37
38
-2
-1
37
38
17
(Continued)
(In millions of dollars)
Other trust accounts 1/
Fiscal year
or Doatb
Eaceipte
1936.
1937.
1938.
1939-
31*
191)0.
35
19U1.
19U2.
2.053
S5S
2,020
338
323
327
2l*
3U9
366
325
331
20
i)06
1)6
1*72
336
U26
658
9U9
1.693
820
1.072
92
191*3.
+129
+620
19UU.
191*5
19''5-rebruai7.
+11)0
March....
73
^ril.
10
>!ay...
June.
+109
+g&
July
August
September.
-513
+209
October.
Kovanber.
Beo ember.
Expendi'
tures
-1*
20
53
+8U
+81
+57
567
122
IU8
-18
128
153
226
117
355
82
266
17?
191*
138
75
^^
1U2
302
39U
58
95
113
81
19l*6-Jaziaax7.
February.
Increment
on gold
?19
Set
-1*03
-99
-51
lUscellaneoUB funds
and accounts 2/
Seigniorage
on silirer
176
Set
Receipts
Bj^enditurea
Transactions in cheekily accounts
of GoTemineat agencies, etc. (net)
Total
Issuance of
obligations
(net) 2J
Other
transactions (net)
April 1946
11
Means of Financing Cash Requirements
(In mllllone of dollars)
Affloiint
required to be financed
Means of financing
Het
or Bonth
Total amount
required
to be
financed
Net
budgetary
deficit
y
Het Increase
Id Oeneral
fond balance
eipendlturee
In truet
accounts,
Total aaount
financed
Increase In
public debt
etc.
Het decrease
in General
fund balance
5.390
l*.550
3.1lt9
3.1U9
1,38 "»
U.16U
3.611
1,381*
3.5't2
5.99>»
5.103
19.598
55.897
23.U61
6U.27U
6U.307
19UV
19UU.
19U5.
Hueb
iprU.
5.390
3.1U9
1,38U
U,l6U
3.611
622
3.611
1U8
3.506
1,861
>t,05i
1.12D
3.763
19.850
3.9U
6.190
19.850
2,615
1.517
3.36?
956
-980
5,0l«
6.190
19.850
5,0l«
6,190
3.727
5.01)0
U6
50
Oetobax.
BoTtBb«r.
3.9i|!
Saeaitn.
12,886
2,282
1.327
2/
2.292
2,036
2,5'IO
'*.357
Sosroci
1/
1.300
2U2
3.693
5.862
19146-JasiiUT-
6U.307
57.679
2.5*
95
3.'t20
3.'ta3
'•^
1.632
11.558
3.91^
12,886
Sallj TrMnry Statfaent.
Sislnd*! noonts for public debt retiransDt vfaieh are chaiieeeble to
the elnHng fond, etc., mder special proTlelone of lav.
Co^rlaee troat aficoonte, cheoldii^ aecotrnta of ^OTanmest agenclee.
53U
798
l.TMl
101
262
eel
3.1^51
2.'«7
3.321
302
390
U3
is'.m
276
^:?S
312
37U
306
890
136
5.99U
6U.TO7
58.U77
3.693
1,050
9U7
6li,27l»
2.W
15.073
3.275
2.528
23.1*61
3.693
l»,529
7I1O
128
338
Ml
''9.595
53.9>t8
SImoT
1.517
July
iagoai..
5.99't
5.078
2.6U6
6U,2Ti»
2}
W
58.
19lt5-]Vbnar7.
2/
8I40
358
6.515
10.662
in trust
accounts.
etc.
if
193619371938-
Net
receipts
577
''T6
327
39
etc., IscreBient on gold, eeigalorage on sllrar, and nlaoellaneoua
funda and aeconntt.
Ineroneot on gold exBliadei aipandlturea for
national ban]c note retlronente.
Treasury Bulletin
12
Social Security Program
Section !•- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(Zn BilllloBB of dollar*)
Beeelpta
OroBS rocelpta
amounta credited to
federal Old-A^ and
Survivor B Ineorasce
rruet r^ind
ZiesB
Social Sacorlty taxes
Tlscal year
or inonth
PBderal Uaamployment
Tax Act
(IhiemplOTsent Invurance)
Inderal Zneuranea
Contrlbutlona let
(Old-age Inraranee)
let
receipt!
§L
19J7
193«
1939
2S2.2
19l».3
eou.it
SlU.U
530.1
631.2
712.2
788.2
19I10
19IH
igUz
6olt.7
690.6
895-6
1.130.5
1.292.1
1.309.9
.015.6
.288.9
ism.'..
.,1»72.0
19^
igllS-FelmMry-
336.3
222.1
Mueli
27.1*
17.6
^rtl
Vi.O
U1.2
«V
IW.J
114.3
9.7
219.7
15.3
116.6
12.0
2.8
12.3
38.8
313-2
2.2
il:?
3.0
12.1
l.S
59.0
283-3
2.6
10.3
;i.e
158. It
179.9
ya.o
Jva»
6.2
jQIy
inmost
6U.5
61.5
*?:?
Septtaber.
October
SoTambor.
Seeanber.
5U.U
. .
S.0
Ji
l4€.l
.
306.5
128.2
17^.5
126.9
llt6.7
185.9
212.5
ai.5
3-9
It.l
13.1
3-6
29-5
196.2
16.6
110.3
23lt.9
13.3
107.0
199.5
217.
2.3
7.T
19l|£-Jsaur7.
'ebrwzjr.
-12.8
265.0
387.0
503.0
537.7
661.3
86e.9
1.103.0
1.259-5
1.283.0
57.8
90.1
100.9
107.5
97-7
119.9
Ejpendltnree
Orante to Statei
flBcal year
or month
Public
Health
SerTiee
Social Security Board
Adfflinle-
tratlTO
azpensee
Ctaeaploy^
01(Ua«e
aaalet-
lid to
Ud to
dependent the
children blind
nant cod- Public
peniatlon health
admlnlfr-
work
tratlon
1937.
1938.
1939.
15.8
20.0
21.3
25-3
31.5
31.5
33.3
32.1
31.9
19'tO.
I9iti.
19*2.
19lt3.
igWi.
I9't5.
19>>^-Vebnu7.
Muoh
4prll.
.
Booroai
1/
1/
9.1
S.
SerTiee)
7.8
3.1
3.8
2.1
2.7
3.0
1.0
1.1
1.5
1.5
20.7
1.3
3.5
2.8
1.2
.1
7.1
195.5
115.1
215.1
209.7
322.5
357.8
311.3
311.7
279-8
.6
-81.8
lt.6
32-5
27.6
3-U
.3
.8
15-9
35-7
29-2
31.6
28.9
22.1
1.8
2.2
lt.6
1.0
1.0
.1
.2
3-1
•3
2.7
.1
2.U
3-2
lt3.8
29.0
U.J
7.6
8.8
19.*
d
3.1
lSi2
2.1
3-1
68.2
27-1
1-5
U.8
3.U
2.7
-5
.8
1.2
32-lt
U7.U
Zl.S
26.2
7.1
li
1.1
5
.2
8.6
5-1
1.U
9.5
2.8
1.1
1115.2
1*69.6
I191.1
uss.6
56-9
2.7
61.7
ltl.0
3.0
ll5.lt
31.9
§!u
63-2
69.
67-3
57.0
52.8
5.2
6.2
7.1
8.0
8.5
10.3
10.0
.7
Ikily Treaenxy Statfaant.
Leaa than I9}.000.
ItarMTly ntle Till of the Social Secnrity tat.
ToTBarly Title IZ of the Social Security iet. Inclndee moTmte equal
to approprlatlona to Bailroad Oia^iloyxent Inanranoe idalnletratlon
ItBd a^olTBlent to aaoonte of taxaa collected ¥lth ntpeet to the
period froa Jemaiy I936 to June 1939. InolnjlTe, ficn a^ileyer* mS>Jeot to the Sallread thuaployBant Inanrance let (See Table 3 of Section I).
Prior to Immmxj 1. 19lO. fl«nre» npreaant aaormta tranafarred to
tha 01&.Kife Beearre Account. TroB January 1 to J^ily 1, 19I0 "Tranafera* vera aade to the Tederal 01d.-Ace and SurriTora InauraJtte Trust
rand.
Sikaaiiaantly racalpta hare been dapoaited in the Oenaral rand
ef the Traanry and 'qipropriatad* directly to the federal Old-Ice
and farrlTora Inauranee Truat Ttmd. Aaounti ataovn aa tranefera reflect deductloni Bade far relnbureiaent to the Qcneral Tnnd account
to coTv adBlnletratlTe opeBeee, vfaloh are ahown aa expendlturee In
111.
58.9
58.3
63.0
70.3
55-1
36.3
31.2
1.2
2-3
8.9
8.0
9-1
10.3
11.1
5-5
u
11.
6/
1.8
2.6
10.7
10.9
10.7
6.5
6.2
5.1
1.0
3.8
3.8
3.8
-3
.2
.6
-3
•3
.2
5
21.1
.6
.1
.2
.6
11.1
21.6
28.8
.2
5
.6
.5
.2
.(
5-5
•
1.6
1.6
1.1
l.U
•
.6
.7
.6
V
5/
hployaent
22.lt
oTMbar.
19>l£->ami7.-
U.6
(n.
turea
of
tazee
28.9
2-3
3-2
2.8
October
lt.3
25-5
Child
welfare
eerrlce
War
Manpower
CoBaieBlon
1*51.9
3.0
MIy
12lt.8
Matemjkl Serrlcea
and child
for
health
crippled
aerrlcei children
bceai
of
expend!-
Refttttda
182.2
208.8
227.6
260.1
299-1
316.9
360.6
333-6
2.8
Jatui
166.9
271.5
320.3
356.5
Office for
Boergency
Manacenent
Departnent of Labor
•
.2
11.3
U6.0
19.0
66.6
17.8
32.U
18.0
-60 .(
Beotion 11, Table 1.
Inoludaa only c^widlturea fron appropriationa m^a ipeclficaUy
for adnlniotrmtiTe aipeneea relating to the Social Security lotl
namely. Social Security Board, Department of Oovaerce. end Department of Labor; and ad^jiivtratira e:q)anBee relmbureed to the Oenerml
Pund of the Treaauzy under Section 201 it) of the Social Seoorlty
Act. aa amended.
Beeinninf JYily 1. I9I0, indudee alao ateiniatratlTe ezpanaea under the Vacner^eyaer ict.
kcludaa adnlniatratlTe
azpenaea payable from other approprlatlona. principally for the
followl]^ aeancleal
Bureau of Internal Baresue of the Treaaury
Dapartmaot, and Public Health Serrloe and Of floe of Idsflmtion of
the Pederal Security ifen^.
Covered by epprepriatlona by Ooncreaa.
Second Dafleianoy ippropriation Act. flacal T**r 1938. flfiprcprimted
$Ul million for refunding to certain Statee portlone of Pederml
Bnployere' tax for 1936 collected under the Sodel Security lot.
AprU 1946
13
Social Security Program - (Ck)ntlnued)
Section I.- Budgetary Receipts and Expenditures
(Continued)
-
Table 2.- Railroad Retirement Act
(la
mllllou of dollsTB)
Baoelpta
Tltcal Tear
or BOBth
19J7
1938
1939
Ixpendltuxoa
Oarrlsra' Taxliic
*«t of 1937
Total
19'iO
19IH
19^
1^.
'.'.'.'.'.. '.'.'..
19»t5
19U9-r*hnai7.
Murah
65.5
35.7
.2
.2
.2
35-5
.2
.1
179.9
.1
59.5
•3
.3
1.5
8.5
58.5
37.2
.2
.1
.3
.1
-8.U
.2
-58.2
5.1
3.5
37.>«
.3
.2
ML7
1-5
UW.l
inffut....
.2
2/
fna
1.2
-1.1
.2
.2
•3
.2
1/
2/
.2
.2
b.o
Ibil7 Ir«a«ar7 Statenestt.
Uti than $50,000.
InolQdas onlj czpendltoroa
e:q>eiidl tares
320.2
365.3
311.3
I'M. 5
Job*
aooroet
•
(trust acooiixtt)
XxeeaB of
Saftmds
of
taxes
1-5
2.6
2.9
2.6
3.«
7.6
5.U
2.5
2.3
itay
SoTtBbor.
Sae«ib«r.
1/
1.5
1U9.0
110.0
123-3
ies.2
^rll
Oeto^r...
TraneferB to
Ballroad B«tlr«nent Account
150.1
109.3
121.0
136.9
170.0
aog.8
zS7.i
ass.o
.3
••...
idalnlBtratlTe
ezpenaes
iW.lt
107.1
120.7
12U.U
.7
2.3
-8.7
-21.6
llto.9
Zlk.S
262.7
11.
-1.8
26.3
308.
-)».U
-65.3
3't.2
-8-3
-59.8
178.6
-8.2
-59.1
37.0
35.7
37.0
32.3
-3.2
adnlMatrstlT* aipeiiaoi relating to the Ballnad Bstiraaant iet.
CoT«r*d ty appioprlatlona from tha Oeaaral Imi. of th* Irtamar.
approprlatlona nade tpedfloally for
Table 3.- Railroad Unemployment Insurance Act^'
(In mllllona of dollars)
Xxpendltnree
BecelptB
flaoal Tear
or Bonth
idmlDlBtratlTO ezpenaee (Ballroad
nnemplojrnent Inaurance AdnlnlBtratlon
Ballroad usemployment Inaurance
contrltutlona
Ptrnd)
1937
193«
1939
3/
•
19110
191*1
19U2
19U3
19IW
19U5
19>IVN»nu7.
MBHb
iprU.
Tranafera to Ballroad UnemplOTsent
Inaurance Account.
Unesployment &*uat
fund k/
5.0
.1
.2
.3
.1
7.5
2-5
2.2
3-2
3-7
3.1
J'
6.0
11.7
8.9
Joly
U.l
-2.1
-2.1
.1
-2.8
.1
.2
•3
3.1
-2.8
. .
tkr
t^km
5/
.5
5
k.3
6.8
8.5
10.3
12.1
13-2
£zceaa of
expendlturea
*
9.6
9.5
.1
.1
fleptaabcr
3-1
-2.8
Oetobar.
leraiktr.
.1
.H
.2
Seeater.
3-2
-2.9
•
•
19>t6-JasMi7.
.2
.2
.1
tcraou
U
Tr—
!kll7
my StatsMot.
Laai thu $^,000.
C^erat*d aa Bjdlroad TbaaipleTment Inmranee Adalnlatratlon Tond.
SapreMota 10^ of oontrltmtlona oadar tha R&llroad Unatq^oymast
Inaaraaoe Act; tha rialnlng 90^
dapoaltad in tha BiOIroad t^
tmplojmnX Inaaraaos Acco^at. IbaiqiloTmant Trust Tond (Sa« Saotioa
ZX, Tdble 3)IzDlTidaa aaoxmta aqiproprlatad to Railroad TT^aiqiloxBsat Xnraraaoa Adalnlatration Tond aonlTalBt to aiKmita of taxes
oollaetad for tha parlod Jaimary 193b thro^icb Jnu 1939 from a»plo7«ra sobjaet to tha Ballroad Tftia^plojaant lassraiica Act. Thaaa
SMomta acsragatad $13.0 alllloii and ware dlatrikntad
ealaadar
!
^
7*ara, aa foUovsi
1937. $5*3 lUlont 1938, $6.8 lUlon; and
for tha firat all aontha of tha oalandar rear 1939, >2.9 Blllloa.
Ihaae aaxmnta ara laolodad In Tahla I undar 7ad«ral TAi^;>le7B«it
Tax Act (nBvi^lajnMnt lasoraaoa).
Inol-odaa oalj axpaoAtivaa froa ifiproprlatloiis aaAa ^paolfleallx
for adalnlatratlTa ai^anaaa ralatlac to tha Sallraad tJ^a^ajaaat
iBsttraaoa Act.
Hapreaants azsaaa fnada vt tha Ballroad tha^XoTaaaft laasraaoa AdF>
Blidstratloa ToBd (nndar »c% of Oct. 10, 19bo}.
OoTcrad hj approprlat lona hj Coacraaa.
Treasury Bulletin
\k
Social Security Program
-
(Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fundi'
(CumulatlTe from organisation - In million* of dollars)
Kipendltures
Baealpt s
bid of fiscal
76ar or month
19lie.
267.3
782.7
1.199.6
1.792.1
2.536.2
3.502.8
19U3.
"1,720.7
19>t!i.
6,116.0
191*5
7,5't9.8
193719381939.
IViO.
19l»l.
•
Unsipsndsd balance
Rolaburssmant
Total
raealpts
Total
ipprofrlations by
Congress
InTSstments
265.0
765.0
1.155.0
1,705.0
2.393-1
3.28S.<
U,U19.1
5.711.*
7.021.3
2.3
17.7
UU.6
87.1
IU3.I
21U.1
301.5
toU.7
528.5
esqpendl-
torss
19-3
U7.U
138.6
275-6
1*52.
U
Old^ac*
bsneflt
paymants
adnlnistratlTs
axpansSB 2/
5^13-7
936.U
783-5
12.3
39.1
65.9
93-''
126.0
152-9
1.7'»''-7
2,397-6
3.227-2
U,268.3
5.W*6.Ii
267.1
662.3
1.177-2
1,738.1
2.380.6
3.201.6
u.236.8
5,U08.9
6,6l3.U
6.5'.6.3
19k$.Dscad>ar.
8.217.7
7.672.U
5"*5.2
1.097.0
928.1
168.9
7.120.7
7,05l».li
8.265.?
7,705.3
7.90U.g
560.6
560.6
1.128.3
1.159.3
956.1
983.8
172.2
175.5
7.137.6
7.306.1
T.OltU.U
19l*-'i-Jannar7
.
TabroaXT.
'ca:
•
1/
S.I465.U
Dally Traasury StataMsk.
Lass tlan $50,000.
laeludas transactions eff acted
2/
mdar
tha pradaeaaaor Old-l^a Baaarra
(CianlatlTa from organisation - In millions of dollars)
bpenditnras
Raoaipts
Total
raeaipta
it£.6
1937
193*
1939
igto
Appropriations
Congress
V
19W1
19"^
19U5-I)aovbar.
1.760.9
1,717.8
19U6-Jasnary
1.761 J.
1.717.8
1.717.8
19't2
19V
.
Tehnaij.
1.761.3
1198.5
639. ll
85U.2
1,116.9
1,'125.7
Benefit
payment
lt.O
l<6.e
IU6.5
291.8
38U.9
^2^:2
390.8
506.9
650.9
871.5
l.lWt.l
i.u6e.i
19U1
Interest on
InTestments
l.U
7,0l»l».U
In disbursing
officer's
account
.1
.1
113.0
1.9
3-0
6.1
10.8
.1
•
5
6.2
5-2
7.0
16.1
32.0
ao.U
2U.5
21.U
35-1
Zl.U
U».9
as. 5
"A.9
ue.z
Account.
OniST Section 201 (f) of the Social Sacurlty Act amaiiments of
1939-
Table 2.- Railroad Retirement Account
bid of fiacal
year or month
In Oenaral
Fund
267.2
777-2
1,180-3
5.U
19.3
35-1
99-5
209-8
359.1
6^.6
Inrastments
for
April 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program^
As of February 28, 1946
Sate
approved
Pablle
Lar to.
Title of ast
Appropriations
Bat contract
aathorl zfttlons 2J
77tb Con^raaa, Second Saaalon
30,
7.
IS^2
1^
12, igUs
a, igus
5, I9l«
28, 19U2
28.
191*2
June 5, 191*2
June 19, 19U2
June 23, 191*2
June 27, 191*2
July 2, 191*2
July 2, 191*2
July 2, 191*2
July 2. 191*2
July 2, 19^*2
July 2, 191*2
July
191*2
Oct
191*2
1*22
1*1*1
1*52
1*63
1*7U
527
52«
ill
626
630
6Ult
fourth Supplemental Hatlonal I>afenee Appropriation Ast, 19l*2....
Baral Appropriation Act, I9U3
Joint Beeolutlon (financial aid to China)
Ilrat Deficiency Appropriation Act, 19U2
Hfth Supplemental Hatlonal Sefenee Appropriation Act, 19U2
War Department 01 Til ^iproprlatlon Act 19U3
Sixth Supplemental National Defense ^proprlatlon Act. 19^2
Joint Besolutlon (War Hlsk Insurance Ibnd)
Joint Besolutlon (education and training)
Seventh Supplanental National Defense J^pproprlatlon Act, 19^,
Independent Offices Appropriation Act, 19^3
Juetlce, State and Connerce Departnents impropriation Act, 19^3'
Interior Department Appropriation Act 1943
Lahor - federal Security Appropriation Act, 19'*3
Second Deficiency Appropriation Act, 19^
Military Appropriation Act. 191*3
War Housing and Puhllc Works Appropriation Act, 19^2
First Supplemental National Defense Appropriation Act, 191^3
Second Supplesental Hatlonal Defense impropriation Act, 19^3"-*
12.525. 572,1*71*
23.738, 865, '*7'* 3/
30,1*12,
57,
,
•
61*8
61*9
650
678
763
ao, 000,000
,9. 500,000
655, 07'»,7'«) 3/
812,00>t
•
Total, 77th Oongrees, Second Session
737.900
886,985
18.932, 12'*,093
t,
,
61*7
3
11
20
t5
908,180
977,370
500,000
W
1.865! 23'*,990
6.299, 361.
2/
n39,736.203.988
June 2,
June lU,
191*3
i°u
191*3
Jtrns 26,
191*3
June
July
July
July
July
July
July
July
July
a6,
191*3
1.
191*3
1,
12.
12.
12,
12.
12,
191*3
70
90
92
105
108
129
132
133
135
191*3
191*3
19U3
191*3
191*3
Joint Beeolutlon (Selective Service System)
nret Deficiency Appropriation Act, I9U3
Supplemental Haral Appropriation Act I9U3
Joint fiseolutlon (farm labor program)
Joint Besolutlon (Commerce Department - wer training program)
War Departiwnt OlTll i^iproprlatlon Act, 19l*l*
Defense Aid Supplemental Appropriation Act, 191*3
Independent Offices Appropriation Act I9I4I*
Haval Appropriation Act, 19l*U
Departments of State, Juetlce. and Commerce Appropriation Act. I9UU,
Military Appropriation Act. I9UI*
Department of Agriculture Appropriation Act, 191*1*
Or gent Deficiency Appropriation Act, 19l*3
Interior Department Appropriation Act, 19l*l*
Labor - Federal Security Appropriation Act, 191*1*
Hatlonal War Agencies Appropriation Act 191*1*
Second Deficiency Appropriation Act, 191*3
Joint Besolutlon (Labor Itopartment)
Pabllo Law (na:ral expansion prograa)
Tlrst Supplemental National Defense Appro priation Act, 191*1*
,
,
,
12. 191*3
IM
Oct.
1, 191*3
Dec. 17. 191*3
Bee. 23, 191*3
156
20l»
ZI6
Total, 78th Congress, Tlrst Seeslon
150,000,000
227, 72b, 86U
10, 1*15.078
1*2,820, 003.067
78tb Confess, First Session
Mar.
2. I9U3
Mar. 18. I9U3
Mar. 31, 191*3
Apr. 29, 19U3
Mar.
7, 19'*3
$2,257,137,102 k/ 5/
500, 000,000
135, 203,321
$
Zl, 160, 000
$2.1*07,137.102 5/
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of February 28, 1946 - (Continued)
1
Ihte
{jproTed
i^
April 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications^
(In mllllonB of dollars)
Treasury Btdletin
18
GENERAL
FUND
OF
THE
TREASURY
April 1946
19
Assets of the General Fund of the Treasury
(In millions of dollar*}
^a& of fiscal
Total
ysar or nonth
1936
1937
193«
1939
2.936
2,709
2.1tl9
19110
3,087
2.038
19U1
I9l«
2.812
3.'*3
19V
19114
10,11*9
20.775
25.119
19U5
19"»9.»»*rttsry
Haroh
15.72a
iprll
Kar
Jtma
II.S09
10.055
July
Ai^ust
S«pt€mbar....
October
VoTeHber
Daoaabar
I^bruai7
Source:
Deposits in
Tederal Beserre
Banks
865
1.863
827
1,19U
87U
Special deposits
account of sales
of OoTemaect
sscurltles
(Var Loan accounts)
Other deposits
and collections
862
1,150
5«
lUl
6l*9
929
1,022
611
55
52
776
8O5
95
105
l,02lt
661
708
603
1,038
l,lW2
1,500
1.679
7.667
18,007
22.622
1U3
265
533
507
289
T92
779
1.381*
1.51*7
15.265
13.055
254
98U
897
911
820
1.221*
9.'*?2
7.91*1
688
708
l.llO
1.500
22,622
22,U€9
19.018
16,582
591
1.252
1.300
1.755
20,303
16,876
13.9«9
13.307
1.121*
lU.Sitg
537
523
26.520
527
1,671*
25.851
U90
l.OU
2>t,030
26.141 1»
1(99
1,209
2U, 1)1*7
25.U9
19'l^-'aiiaai7
Bullion, coin,
and currency
^
57U
315
386
289
J2U
^
12.'b9U
2U,0l*U
1.372
275
320
259
Dally Trsasury Stataaant.
Balance In the General Fund of the Treasury
(In millions of dollars)
Balance In the
General ?und
Total
aasets
Total
lirtllitlss
25U
156
203
19110.
2,936
2.70?
2.UI9
3.087
2.038
191*1.
2.812
179
191*2.
3.W3
1*52
19U3.
10,11*9
191*1*.
20,775
25,119
607
i*a
March
»T.73*
15.722
l|20
April.
May...
June..
11,809
10,055
25,119
10*3
1*21
July
22.1*69
386
Septenber.
19,018
16,582
U4'
October..
HOTember.
Oecenbor.
13.307
1*91*
ll*,8ll9
>iou
26,520
517
12,813
1U.W*5
26,003
25.851
1(21*
25.1*27
26.1*1U
'»53
25.961
Aid of fiscal
year or month
1936.
193719381939.
191*5 •
igltS-rebruary.
Au^st.
..
19l<6-J«nuary.
February.
Souroai
Dally Treasury Statement.
2l*8
1117
1*1*5
U30
7
2.682
2.553
2.216
2.838
1,891
2.633
2.991
9.507
20.169
2lt.698
17.J13
15.277
11,36b
9,625
21*, 698
22,C82
18,631
16,13U
Treasury Bulletin
20
Analysis of Change In Balance of General Fund of the Treasury
fin mllliona ot dollars - Sst Iseraasa or nat dacraaea (-)J
Traat aocomta. ate.
Champa during flaeal
yaar or nonth
Total
chasga 1a
Oanaral
Tund
balanoa
Oesaral
ozid q>acl«l
account
Pdbllo dAbt
acccmnti
1/
2/
Total
Troat
acoonnta
Iaor<Dant
on cold
Sal£nlorae«
on allTor
2J
Nlaoallanaona
OhaekiBg
account a of
f tioda {sd
OoTamaant
account
5/
1936193719381939-
-85
275
-338
622
5.U756/
2.7U6|/
7925/
3.2805/
-9l»7
2.528
136
•19.598
??:^'
a, 271*
-3.506
-1,861
-128
19110.
7l<2
19I1I.
19Ul.
igw.
10,662
^5.897
-^
..595
I9>t5-
"1.529
53.9M8
19^Utxmrf.
6U.507
57.679
1.3W
-2.2^
-2.036
-3.9U
ftM»..
-i.Va.
15.073
-j.oto
-6,190
-3.727
1,120
3.763
19,890
falj
-2,615
-5,g6s
3.3fe
956
-980
-3.'t5i
Saptaibar.
-2.*97
OetaWr..
Saoaitar.
11.558
-5^
Tabroajqr.
S«raLre«i
•
1/
2/
J/
H/
53^
-3.4ao
-2.282
-1.327
12.773
-'iU
772
327
3.5»
Ikllj Tvmnxr 9t$Xmuiat,
t«a« thta. $300,000.
Thla !• tha oat Iradcetary d«flalt. Ixclttdet anoanta for publle
doM rvtinHflDt i^loh are chareeable to the »1 wiring fund, ato.,
v&d«r apael*! proTlalona of lav.
Tblt r«pr*a<Bite th« Inexoasa in the sroaa public debt* exeept aa
noted*
(See footnote 6.)
Oo^riaea federal Old-lge ajid flonrl-rora lamraaoe Troat fond, B»tloBAl Serrloe Life laeuranoe Ttmd, Tlhe^loyitant Tmet Ttmd, Ballroad BetlraBant ieoormt, OoTeranent luaoraace and retlnaunt ftmda
ad other troat aeeormti. (See footnote 5*)
Cbarcea for rertlreaent of national bank notea are reflected In thia
atat^ait dlreetly a^&lnat Increnfrnt on gold. In tha jeara dorins
vUeb the retlreaenta vere aotoaUy aade. (See footnote 6.)
3'»
-1103
176
108
19
-99
-51
90
11
29
-M8
-5,103
^^
6.g5
acanclaa,
ate.
31!.
-5
37
2§
u
20
lU
2
aou
768
16
3>t
11
-217
-3.625
2U1
aoi»
-2.19'i
-»».H03
798
1U8
675
1,302
-1.178
101
262
338
-138
-7
-"(.051
76
-s?
-15
eel
-1.050
-u6
TO
51
-323
i5t
-778
-222
-50
-95
101
2
-119
35
8
21
302
390
113
129
318
-228
17
17
21
-276
-229
83
'»3
9
30
-9
39
5/
6/
2/
-86
55
26
-51
-U8
27U
79
395
-7»»
Cooprlaefl Pdbllc Work* Ailmlnl atratlon rerrolTlng fnnd, q>eaial depoaita (net), and, dorlne the flaeal yeara 19U0 throiii^ 19^.
tranaactiona in coanodlty food ata^a bj the B«partv«ait of igricultnre.
Connendne Joly 1, 19^> nch tranaaotioni are claaaified In
the colQun "Truat aoeoimta".
Sipendltxtrefl for the retlr^ent of national bank notea froa incr^ant on gold for the flaoal 7«ara 193^ to 1939 (** ehoMi belov) are
not reflected herein, bat are reflected imdcr Ineraaest on gold aa
follovat 1936. 1397 aiUioni 1937. 199 BillloBi I938. $^1 aillion;
aad 1939* ^5 million. The Increaaea in the pnbllc debt ahevn In
the table *Kaana of Tinaneing Qaah Heqoireaenta" for the abore flaeal 7eara vill not agree for the reason atated abore.
Inoludea Inactira gold in the aaomt of $1,087 adlllon.
April 1946
21
PUBLIC
OF
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In Billliont of dfillBTB)
Het chan^
In pabllc
debt
tandln£
during
end of
fiscal
fiscal
year or
year or
pQbUC
deM ontTlioal 7«ar
or aonth
month
1936
1937
1938
1939
33.779
36.U25
37.165
I9I1O
112,968
I9UI
igte
,
191*
19^
19lt5-T«braalT-.
^bllc Issues
Total
Certificates
Adjusted
of Indebtedserrlce
ness » special
bonds
series 2/
Cash
1/
5,078
ll*,121
2.6l*£
9.589
71*0
9.6a
3.275
2.528
13.166
i3.ogi*
23,1*61
6U,27l*
61*,J07
57,679
Public issues
Xzcees
Special
profits
SxIssues
tax refund changes
bonds
.669
8.958
6.199
U.T76
13
7
8
i.mi
13t
10,727
681
8.851*
20.801*
5.903
7.262
7.370
U,811
1.579
lU
12
l*.187
9,21*7
U
10.837
5.96I*
October.
261,317
-20p
9.915
6,308
10,969
22,300
278,887
Febmaiy.
279.211*
Soorce:
•
1/
12.938
11,600
772
327
U.6U9
369
8,T01
7,760
.
6,991*
U,811
1,579
9,1*95
10,71*1
.
5.332
18,790
3^.183
109
1*0,651*
ISltS-Juaoary
1»,111
I.S2
lU
12
3.362
956
-980
J. 68
2.896
2,11*6
U.ll*7
262,0U5
263,001
262,020
26,61*8
1*91
3.IU2
1.U73
8,'ob6
July
Augost
Septenber.
11
303
17.911
523
567
i,oi*i
12,229
6.557
12.773
11.853 5,816
13.703
58.358 33.671*
89.1*78 63,202
121,1*80 77. "^W
2.978
^2:^u
3.035
2,812
1((9
10,201*
26,901*
278,115
5,166
5.301
5.680
U,ll*7
12,616
265,31*2
I'M
8.881
9,809
10,638
89
11,81*7
I>«ceni1>er..
6,9l»3
2.159
2.567
3,151
6.879
7.782
1.120
3.763
19.850
BoTBTibor.
2/
9.OU3
'*,6lt9
235.069
238,832
2^8,682
..
erlee
Special
Issudt
chaagBt
51*
May
Jane
^ril
12,01*0
12,1*71
1/
89>t
U
1,300
21*2
Caeh
18.790
3U,183
233.707
2J3.950
March
Certlfle&tes
of IndebtednesB, tp^clal
i.iigg
U.2U1
5.876
8.318
3,ll*2
303
17.911
U9I
Total
516
2.978
1.751
2,67U
3,035
2.812
11*1
7.1*75
7,19'i
17.8U7 10.1*62
37.16U 30,388
122,632 91*, 961
153.785 123.958
179.159 129.663
5.99U
>)8,g6i
72,U22
136.696
201,003
258.682
(Ismance of pabllo deM)
Bkonth
MO.WW
Public debt expenditures
(fiatlreaent of public debt)
Pa)>Ile debt receipts
f6
1*8U.
8,851*
6.376
IbUy Treasuiy
Statement.
Leee than $500,000.
Xxclodas certificates of indabtedneea, Bpecial eariea.
2/
lO.M-ll
ll»,l»10
1*
10.71*0
9,1*66
1*.187
1*88
19
2,1*70
l*.336
6,133
9.785
519
U,81S
6,122
7.303
7,1*8
5
3.i<ia
l6l
'I
3.777
180
91
10,118
7.6U3
13.876
6.575
7.596
8,815
-8
-3
?•'?
761
273
I2,l66
11,273
8,728
6,288
757
U.95>*
9.885
11
2,U70
".336
USI*
3.1*1*1
103
U7
3.T77
800
?'^
U,95U
107
31
Conelete of epacial sarlaa of oertlfleatae of indabtadnasa iaauad
directly and solely to ?ederal Reserre Banks.
Composition of the Interest-Bearing Public Debt
Intereet-baarlng pnblio debt outstanding
(In nllllons of dollars)
Percent of interest-bearing public debt
Fnhllo
Fablle Issnas
bd
of fiscal
yaar or month
Bonds
Marketable
32,989
35.800
36.576
39.886
17.368
19371938.
1939I9ii0.
1*2.376
26,751
I9>a.
1*8.387
30,1*11
19>*2.
71.968
135.380
38,281
57.716
19W.
19^.
193.51*3
256.357
79.1*1*0
106,61*1*
19U5-rebruaiy..
March
231,851*
232,026
233,063
1936
191*3.
April.
May...
Jona..
July
Angust
Septeobar.
October
BoTamber
December
. .
19l)6-Jenaary.
February
Source:
20.131*
22.063
25,l*ll*
Iotas
Honmarketable
1,261
1,188
1,556
2,151
3.166
Marketable
Bills
total
BonMarketmarketable
able
100.0
100.0
100.0
100.0
100.0
52.6
100.0
100.0
100.0
100.0
100.0
62.8
17,041
6,120
7.885
10.871
1U,287
18,812
l.w
T.2'*3
1.308
1.302
6.383
Special
issues
626
1.558
2,676
3.770
i*.n5
2.35^
2.303
9.11*7
1.603
2.508
3.8
Marketable
7.5
701*
298
090
17.1*05
23.1*97
9.557
10,136
92.51*5
1*2.1*18
30.396
8,91*8
3U.5l*l*
16.399
16,921
17,130
17.567
100.0
100.0
39.9
39-9
18.3
1*2,885
23.039
18,588
9.927
92.572
18.
9.9
8.0
92.572
92.572
17.0U9
106,6l*l*
1*6,090
23.1*97
3U.136
17.01*1
17.923
18,592
18,812
100.0
100.0
100 .0
39.7
3l*,l|l*2
256.357
9.109
10,031
10,136
17. Ola
>i',\
18,588
18,588
3U,U78
235,73
18.6
18 .9
18.0
8.0
7.9
9.2
108,085
108,367
1*7. 02I*
19.558
20,033
20.519
100.0
100.0
100.0
la .6
18.1
18.1
18.2
9.0
9.0
9.0
18.2
18.2
17.6
9.1
8.9
8.3
17.7
17.6
7.0
7.0
X.
259.1*39
262.8I19
21:
m
31*, 1*72
1*7,231
1*7.257
23,1*98
23.1*98
23,1*98
10,119
10,11*8
31*. 1*30
107,21*1*
9.021
35.072
17.025
17.038
17.018
107,21(1*
1*7.296
23.168
8.776
9.058
8.235
35,021
35.021
38.155
17,026
17.026
17.037
20.577
20,710
20,000
100.0
100.0
100.0
1.1.3
8,107
1*1.502
17.01*2
1*1,1*13
17.032
20,655
20.897
100.0
100.0
1*3.8
8,01*3
109.566
120,619
U7.970
23.1*98
1*8,679
22.967
..
2n.i*56
121.538
2n.9i2
121.811*
1*9.061
1*9.163
19.551
19.551
Iblly Treasury Statemmt
Spadal
li
U.3
7.3
9.5
11.3
1*1.6
1*1.3
U1.7
U3.8
1*3.
3.2
3-3
18.2
15.1
3.096
16,561
28,822
31*. 136
11.861*
IU.73I*
OertifIcatas
Bills
of
indabtednasB
29-7
25.0
3.015
7.1*95
Jonmarketable
31
11.
16.0
17.7
18.0
iBBuas
3"*.5
5.698
6.689
9.168
275.69!*
.
Certificates
of
indebtedness
11.381
10,617
.
.
Honmarketable
lames
Botes
u
8.7
9.2
U.2
u.o
U.3
12.2
lU.U
13-3
'*.3
11.1
3-9
li*.9
1*.0
u
3.3
3-5
8.8
12.6
u.o
u
8.0
7.2
7.3
7.1
7.3
7.U
7.6
lU.8
lU.6
13.3
7.3
u
7.7
7.9
7.3
13.3
13.2
13.5
6.6
6.5
6.6
7.5
7.7
7.9
3.0
13.5
13-3
13.8
6.6
6.5
6.2
7-9
7.9
7.3
2.9
3.0
15.0
15.0
6.1
6.1
7.5
7.5
April 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
PART A
-
FISCAL YEARS, 1936-19'^5
(In mllllont of dollsra)
June 30,
1935
Jane 30,
1937
June 30
1938
Jane 30,
1939
June 30.
19'W
June 30
Jane 30,
19l*a
19'*1
Jane 30,
19W»
June 30,
I9U5
15J.3SO
092
199.5'»3
256.357
1.516
W9
139.'»72
201.059
256,766
June 30,
I9U3
Falille debt and gusraateed otllgatlone 1/
Intereet-toearln^ debt:
Publ Ic debt
ftinranteed obi Igat lone
35,800
6.665
36,576
39.886
''.853
5.'t50
1*2,376
5.'»98
''8,387
.TIS
37,707
Uo,U65
"l.Usg
'5.33G
U7,g7l»
5'*.7't7
76.517
585
U7U
1.32U
1.567
2,350
202.626
259.115
32,989
Total
Matured debt and debt bearing no Intereet
Total outetandlng
71.968
6,360
790
625
589
55"*
622
38.'*97
Ul.089
1(2,018
115.890
ltg,lt96
55.332
76.991
1I10.796
11.86U
16.561
9.l6g
8.711
1U.73U
28.822
17.0U1
3U.136
I7.i«>5
23. ''97
a. 161
1)8.809
196
58.083
196
36.756
69.693
196
181.319
Pnbllc debt
Intereet-bearlnc debt:
Public lefuae:
Malketable ieeuee:
Treaiury bllli
Certificates of ludebtedneee
Treaeury notes
Treasury bonds - bank restricted 2/
Treasury bonds - bank ell^ble
Postal saTln^ and other bonds
Total marketable Issues
Hon-Darketable issaes
U* S. saTlnee bonds
Treasury notes - tax and saTlngs seriee.
Adjusted serrlce bonds ..••
Oepoeltary bonds
2.303
l,15U
I.3O8
1.302
1.603
11.381
10.617
9.1l'7
7.2U3
6.383
5.6^
17.168
200
19.936
198
a.8U6
26.555
196
30.
197
25.218
196
196
2,908
3.096
6.689
882
37.202
196
31.102
33.05U
32.31*1*
33.965
34.U36
37.T13
50.573
95.310
iMO.ltOl
316
800
1.238
1.868
2,905
U,3lU
389
319
283
261
2l»l
10.188
3.015
229
21.256
9U5
3U.606
9.557
217
2.35"
.
as
.
Total non-Barketable Issues
Total public Issues
Special Issues:
Adjusted Service Certificate Fund
federal Deposit Insurance Corporation
federal Old-A^ and SurrlTors Insurancs Trust
fund
federal SaTlnga and Loan Insurance Corporation
OoTernment Life Insurance fund
OoTemaeat Betlranent funds
Vatlonal Serrlce Life Insurance fund
Postal Sarlngs •SyatSB
Canal Zone, Postal Serines Systea
Railroad RetirSBent Account
TJneaployBent Trust fund
1.261
7.1*95
79
222
226
^.3^5
13.510
29.200
33.900
36.116
37.602
U2,267
6U.083
12l'.509
185. 256
237.5'*5
19
90
18
95
18
103
17
98
15
97
u.owt
106
'*.766
5. 308
3''.2U2
127
100
38
26
85
20
101
11
95
267
662
1.177
1,738
280
500
316
523
396
100
30
1*5
128
66
56
2.381
5
^^
3.133
5
537
796
3. Ill*
''.257
6.120
7.885
10.871
llt-.287
18.S13
199.51*3
256,357
97
88
67
1.267
79
1,710
7^
2.273
39
55
1
1,558
3.770
i*.775
32.989
35.800
36.576
39.886
1*2.376
Us. 387
71.968
135.3*0
Matured debt on which interest has ceased
169
U9
lUl
11*2
205
205
98
ikl
Debt bearing no intereet;
United States sarlo^s steaps
Xxcess profits tax refund bonds
United States notes (less gold rsserre)
Deposits for retireoent of national bank and
federal ReserTs Bank notes
Other debt bearing no intereet
191
191
191
191
191
191
191
191
l»2l»
310
252
215
5
5
5
173
6
'1
766
5
190
6
620
506
l|lt7
1*11
386
369
356
36. ''25
37.165
Mo.UllO
96s
'*8.96l
72.1*22
1*2.
lt«l
l»
501
6.7'*7
269
197
13"
191
178
1,U28
6
732
6
655
6
1.175
1.259
2.057
136.696
201.003
2?8.682
213
(Continued ea following page)
37
589
1.868
3.187
92
656
3
33.779
27
1.^69
1.213
26U
U
319
5.610
559
872
Total public debt outstanding
1*1*.
538
1.076
352
197
2
178
2.676
Total debt bearing no Interest
56.226
3.166
312
Total Interest-bearing debt
505
g55
2.151
32,363
19
10.136
l»7l«
1.556
626
Total special Issues
''5,5862/
191
2li
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART A
FISCAL YEaBB, 1936-1945-( Continued)
(In millions of dollars)
Treasury Bulletin
April 1946
25
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
(Continued)
PART B - MONTHLY DATA-( CoDtlnuad)
(In Blllloni of dollar*)
Treasury Bulletin
26
INTEREST- BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOLUkRS
Billions
1936
^
37
38
39
ll
»2
43
40
END OF FISCAL YEAR
44
45 Feb
'
28,
1946
Office of th« Secretory of the Treoeury, Division of Research end Statistics
1936
37
38
42
43
40
41
-END OF FISCAL YEAR-
39
44
45
F«b.28,
1946
B-462-B
April 1946
27
Guaranteed Obligations Held by the Treasury
(In mlllloDi of dollarl)
Commodity
iBi of fiscal
7««r or Dontb
1939
U.030
3.630
883
273
19110
loU
19UI
302
19't2
>'.079
19'»3
1936
1937
1938
191*
I9U5
19ll5-T«l>rur7
March
iprU
""7
Ama
Joly
iaga.it
Saptambar
Octo1>ar
BoTambar
Dacenbar
19't£.^aiinary
Tabraar7
Soisree:
•
Ojrodlt
Federal
7arm Mortgage
Corporation
Corporatloa
Total
federal
Public HoualD^
Anthorltj
Eeconetruction
Tlnaneo
Corporation
Home Ovners'
Loan
Corporation
Tenneeeee
Valley
Authority
'•.030
25
15
10
25
a
2U3
551
20
2.53U
5.033
7.535
10.717
12,169
366
108
ilk
283
398
383
U.735
U,563
1,588
1.596
128
121
398
338
3&
11,602
11,320
12,169
1,762
1.5M6
1.591
U6
Ul
398
398
3«3
30i»
12,1»6«
12, te?
12,1|92
i,6os
1.679
1.724
12,269
12,194
11,780
1,688
1.625
1.255
111
U,678
1,272
1.191
11,508
52
7
IMO
Moo
1.950
900
1.591
263
loe
326
1,010
32>^
281
1,010
57
8.U16
9.020
57
57
57
57
9.213
9,067
57
57
8,965
8,927
9,oa>
57
57
57
9.U3
57
57
57
383
383
383
sm
9.202
9.255
76
383
383
383
922
900
8gU
9.1<«
9.136
9.126
57
57
57
61
90
383
383
860
830
9.0>i6
57
57
ii<£
130
ti
Daily Traaauy Stateaent.
Uaa than (500,000.
a2
5»
1/
8.998
Ihaae MOtsltiaa are not iaolTidad in praeedlne atateBeste of gnaraatead obll^tiona outatasdinc*
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(Amounta In milllona of dollara)
Pujbllc debt and guaranteed obll^atlona
bd
of flacal
yaar or month
Intereit-bearlng
debt outstanding
Confuted
annual
Intareet
charge
Confuted
wnnufll rate
of Intereit
(Percent)
37.707
970
110,1*65
1.01*7
1*1,1*28
1,068
6.336
1,11*9
191(0.
1*7. 871*
1,203
5'*.7'*7
19U1.
igte.
19U3.
19'A.
Intereet-bearlng
debt outstanding
Confuted
annual
Interest
charge
Conf)Uted
annual rate
of Interest
(Percent)
(In Dilllons of dollars)
(In millions of dollars)
1936.
1937
1938.
1939.
Ouaranteed obligations 2/
Pablle debt 1/
8U5
1*2.376
9U7
1.037
1.095
2.1*38
118.387
1.218
2. 518
2.260
1.978
1.925
1.935
71.968
135.380
1,61*1*
199.5't3
3,81*9
256.357
it.961*
2.285
1.979
1.929
1.936
2.53't
2.511*
32.989
35.800
36.576
39.886
92I*
19115
201.059
256, 766
1.335
1.729
2.759
3.869
It. 969
19U5-]W>niaT7.
Maroh. ...
232,968
233.1U5
1«,1|S2
1.921*
U,l|88
1.925
231.85^
232.026
U,l*65
U,l*72
1.926
1.927
23U.191*
1*,512
'».5p
U.969
1.927
1.929
1.935
233.063
:35.7a
23!
256.357
U,lt96
236,912
256,766
'*!954
1.929
1.931
1.936
260,265
261,261
260,156
5.09*
5.078
5,051
259,980
263,386
5.052
76.517
139.1*72
Kay...
Joaa..
mj
iagut....
Saptaabar.
October.
BoTsnbar.
December.
19lt6-JanaaT7.
Tebroary.
Soorcei
1/
276,21*6
278,001
5,
278,1151
5.'t«7
'72
2,679
1.91*2
5,01*8
I.9U3
1.9U3
5.071
1.91*2
S.oltl*
1.9115
1.91*3
1.9U3
1.9U9
1.963
5.01*5
1.91*5
5,126
5.U16
1.95)
1.985
5.>t65
1.970
1.972
1.968
1.970
Daily Traasory Statonant.
Treasvuy bllla are lacludad in interaat-baaring debt figures at face
aoount, but for purpoaas of oaloulatlng the coaputed annual interest
charge and the coiq>utad rate of interest, the discount T&lua is used.
Tor the purposes of computing the annual interest charge and rate of
277.U56
277.912
5.UT9
Co^uted
interest
annual rate
of interest
(Percent)
charge
(In fflillions of dollars)
2.562
2.582
2.589
2.600
2.583
2.573
2.588
2.579
Comput ed
Interest-bearing
debt outstanding
1*.718
U.665
l*.853
5.1*50
5,1*98
Treasury Bulletin
SB
statutory Limitation on the Public Debt
Section 21 of the Beoond Libert; Bond
Aot, ae guiended, provides that the faoe
amount of obllgatlone Issued under authority of that Aot, and the face amount of
obligations guaranteed as to principal and
interest by the United States (except such
guaranteed obligations as may be held by
the
Secretary of the Treasury), shall not
exceed In the aggregate $300 billion outstanding at any one tine.
Table 1.- Condition as of February 28, 1946
(Id xllllont of dollert)
MarlnuA ammint of aecurltlffs which may be outstanding at any one time, isder Hmltatlont Inpoaed %y Section 21
of the Second Liberty Bond Act, ae aji>ended
300.000
Aaount of tecurltlee outstanding subject to such statutory debt llnitatloni
n.
(^Ternoent securltlas Issued under the Second Liberty Bond Act, as amended l/.
3.
289,0^0
Ouaranteed securities 2/
Total
flfflount
5^1
of securities outstatklln^ subject to statutory debt limitation
?'i9.591
Enlance Iss^iable under such authority
Source!
y
10,1(09
Public Debt Ser*rico.
For coiiperlson with the oublic debt outstPnding, see following
if
table 2.
Srcludes *ruaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation
and Comparison with the Pullc Debt Outstanding, February 28, 1946
(In Dillions of dollars)
D. S. Government
securities outstanding
subject to
statutory debt
limitation l/
Total
public debt
outstanding
Interest-beariox securities]
Marketable Issues:
Treasiiry bl lis
Certificates of inde.btedne83
Treas'iry notes
Treasury bonds - bank restricted £/,.
Treasury bonds - bank ellclble, , .7...
Postal savings and other bonds
17.032
U1.U13
19,551
17.032
Ui,Ui3
19.551
53.
'•27
53, '27
6(i,207
68,207
igo
199,631
199,810
,
Total marketable issues.
Non-aarlcetable issuesi
a.
S.
sevlngs bonds
<<'^""* redemption value
"•8,692
iHat'irlty value
59,508
Treasury snvlngs notes
Depositary bonds
'*71
8,OU3
'71
68,022
57,206
20,897
20,897
2S8,>iU9
277,912
Matured securities on which interest has ceased.
231
238
Obligations bearing no interest!
United States savings stamps....
Ixcess profits tax rsfund bonds.
Currency iteos, etc. 2/*
117
l'»3
117
lU,
259
l,ofi3
289, OUO
279,21''
8.01*3
Total non-marlcetable issues.
Special Issues to Govemaent rgencles and trust funds.
Total interest-bearing securities
80U
Total obligations bearing no interest.
Total.
Source:
1/
2/
Public Debt Service.
Limitations are establishe<1 by Section 21 of the Second Liberty
Bond Act, as amended.
Issues which commercial banks isay not ncoulre prior to a speci-
y
fied date (with minor exceptions).
See footnote 2, page 2?.
Consists of United States notes (less gold reserve); deooslts for
retirement of nntlor.Tl bnnk and yederal Bese-ve Bank notes: and
other obligations bearing no Interest.
April 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States i/
As of February 28, 1946
(In nillloss of dollars)
Tear
and
aonth
30
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States i/
As of February 28, 1046 - (Continued)
(In Billions of dollars)
Treasury Bulletin
April 1946
31
Maturity Schedule of Intereet-Bearlng Public Marketable Seci-rltlee
Issued by the United States^
As of February 28, 1946 - (Continued)
(In nlllloni of dsUart)
Tmt
aoA
Mtb
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Aaollnt Iflsuad
Bate
terns of
offering
were
announced
Asn'ont of
Date
BUbecrlptlon
Period to maturity
Description of eecurlt7
booke
were
opened
nb script Ion a
(Ibte of leeue la shown In parantheaeo)
Cash
ea«h
l/lg/lA
Certificate-
Trees, note .90^
2-l/?)t Trees. Ijoni -
l/2l*/l*l*
Trees, bond
l-l/2fi Treae. note
Oertlfloete
7/giJ
Certificate
7/8i6
3/2/l*l*<
2-l/l*)f
3/22/1*1*
i*/2l*/ltl*
(2/i/m»)
•
ith
(2/1/1*1*)
2/1/1*5
(g/l/UU)
3/1/1*5
6/12/lA
1 yr.l m
-
9yi5/i*«..--....
(3/15/1*1*)
(U/l/W
5/1/1*5
(5/1/*)
:
J/
7/8)t
(6/2b/l*l*)
Treas. bond- 6/15/52-51*
Treas. note- 3/15/1*7
Certificate- 6/1/1*5
(6/26/1*1*)
(6/26/1*1*)
7/20/lA
7/20/1*1*
7/8)1
Certificate -
8/1/1*5
(8/1/1**)
8/2l»/lA
a/2i*/i*i»
7/S^
Certificate-
9/I/U5
(9/1/1*1*)
g/2U/ltl»
S/2lt/l*l*
lit
Treae. note -
9/20/lA
9/25/1*1*
7/8^
Certificate -
6th War Loan eecurltles:
11/17/iA
ll/20/l|l*
11/17/1*1*
11/20/1*1*.
1/22/1*5
2/19/1*5
3/22/1*5
1/22/1*5
2/19/1*5
3/22/1*5
i*/l9/l*5
Vl9/l*5
Treas. ljoad-12/15/52-5l*
Treae. note- 9/l5/I*7
(12/1/1*1*)
(12/1/1*1*)
7/8*
Certificate- 12/l/l*5
(12/1/1*1*)
Treas. note 1/1/U6
.90*
2-1/2* Treae. bond - 3/I5/66-7I 2/ U/
Treas. bond - 12/15/52-51* 2/
256
1-1/1** Treas. note - 9/15/'*7 2/
Certificate 2/1/1*6
7/8*
Certificate3/1/1*6
7/8*
Certificate 1*/1/1*6
7/8*
Certificate7/S*
5/1/1*6
7th War Loan securities:
V"/"*?
5/ll*/lt5'
i
5/21/1*5
7/23/1*5
e/ 2D 1^3
(12/l/W*)
1*/
l-l/l*iJ
2)S
U/20/l(U
(lO/l/W)
5/21/1*5
7/23/1*5
8/20/1*5
10/29/1*5
9/2U/U5
9/2l*/l*5
11/19/1*5
U/l9/l*5
2/18/1*6
3/aa/i*6
2/18/1*6
3/20/1*6
25 yT.9 n
10 yr
2 yT.9 a
11 m
(12/1/1*1*)
(12/1/1*1*)
(12/1/14*)
(2/1/1*5)
(3/1/1*5)
(!*/l/l*5)
(5/1/1*5)
26 yr,3 s
10 yr
2 yr,9 n
1 yr
8 yr)
2,909
5.825
2,909 2/
5,825 2/
1.91I8
i*.T70
1.9I18
2/
i*,770
2/
'788
3.1*92
(21 jT,3 m)
3,1*1*8
(8
7.922
1.550
yr)
3,i*i«2/
7,922 ;j/
1.593 2/
i*.395
'*,395 2/
3,1*16
7U0
5,ofc3
yr
1 yr
1 yr
4.11*7
U.8II
1.579
(6/1/1*5)
(6/1/1*5)
(6/1/1*5)
27 yr
17 yr
5 yr,6
(6/1/1*5)
1
(22 yr)
(11* yr)
a
(6/I/U5)
(8/I/U5)
1 yr.l m
8/1/U6
(9/1/1*5)
1
1
7.967
5.28U
2.635
l*.799
yr
7/1/1*6
1»,910
2,1*70
yr
yr
U.336
3/
2-1/2* Treas. bond-12/15/67--f2 j*/
2-1/1** Treae. bond-12/15/59-62 5/.
Certificate- I2/I/U6
7/8*
2/1/1*7
(20 7r,9 m) Jj
(
1
9/1/1*6
I0/I/U6
11/1/1*6
/1/U6
1/1/U7
l/i/U7
3.71*8
1 yr.l m
26 yT.3 m
(21 yr.3 m) 10/
10 yr
( 8 yr)
10/
2 yT,9nilO/
1 yr
CertificateCertificate -
Certificate -
yr.Cm) 6/
1 yr
1 yr
1 yr.omSj
1 yr
Treae. note -
Certificate
Certificate
Certificate Certificate -
(12
U.877
1,615
.90*
Certificate-
2,127
77
95
(21 yr) 6/
1 yr
1 yr
7/8*
7/8*
7/8*
--'
7/8*
--'
7/8*
7/8*
7/8*
7/8*
2,212 2/
3.728 2/
5.01*8 2/
2/
.
9/12/1*5
(12/1/1*1*)
•
2-1/2* Treas. bond- 6/15/67-72 J*/
2-1/1** Treas. bond- 6/15/59-62 5/
1-1/2* Treas. bond-12/15/50
Certificate- 6/1/1*6
7/8*
?lotory Loan seourltles:
'
2,212
3.728
3/
2-1/2^ Treas. bond- 3/15/66-71
10/23/UU
(ll/l/Ul)
3/15/1*6 5/
10/1/1*5
(l2 yT,7 ")
5.01*8
26 yr
15 7T.6 IS
4 yr,6 m
U/l/l*5
(21 yr,l m)
yr
(2/1/1*1*)
War Loan aecurltlee
1-1/1*)S
1
3/15/65-70 U/S/... (2/1/1*1*)
9/l5/5&-59 5/5/---t2/l/l*'*)
2-1/2)1 Trees, hond- 3/15/65-70 */ 5/ ... (2/1/1*1*)
2)6
26 yr.l m
15 yr,7 m
-
nUllone of dollars)
J/
.
2-l/l*)6
2-1/1*^
7/8^
Vsu/Wt
:
2-1/258 Trees. bon4- 3/15/65-701*/
tond- 9/15/56-59 i/
Treas. toiulIreas.
,
3/2/lA
for other
securities
Exchaa^
(In
l/2lt/lA
Is
2/
Uth War Loan eeouritlee
11/22/U3
Ulot-
tendered
(Period to first call
shown In parentheses)
1/
.
.
.
.
.
.
(12/3/1*5)
27 yr.l m
17 yr.l m
1 yr
(10/1/1*5)
(12/1/1*5)
U
(II/15/U5)
(II/I5/U5)
(l/l/US)
(1/1/U6)
(2/1/U6)
«:;::;:::;:::l^^i^l
(22 yr.l a)
(lU yr.l m)
11,668
3.1*58
3.768
yr
o
3,1*1*0
1 yr
3.330
&.95U
1
yr
yr
1 yr
1
1
3.n8
i*,io6 p
l*,7l*2p
-
meat
ratio
I
April 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Ihte of
refunding
for exclinnee
transaction, o]
of retirement
for caeh
tranaactlon
Disposition
offers
^y TroaBuiy
Description of called or maturloe
eecurity 1/
Resnlte of
exehange offers
AjDount
outCaah
standing retirement
(Qate of ismie is shown in parentheeea)
Exchange
Turned
Percent
security
In
exchanged
offered
for caeh changed
(In millions of dollars)
2/1/W
1-3/SS IFHi note
Oertlfloate 7/8Ji
2/1/lA
J-1/Ui6
3!^
IJt
3/15/*^
3^
3TM0 hond
FFMC "bond
HTC note
HOLC hond
-
(2/1/39)
111*
2/1/1*1*
(2/l/!*3)
2,211
5/l5/ltlw61*
(3/15/31*)
(5/15/31*)
f/}V,'^l9
-
3-1/1*^ Treas. ^lond IjS
Treas. note -
Treas. note -
3/l*iS
2/1/1*1*
U/15/UI*.
5/l/i4l*-52
(5/l/3lt)
U/15/W*46
(VIS/J"*)
(11/1/39)
(6/15/ 39)
3/15/1*1*
6/15/1*!*
Totals for exchange transaction of
U/l/lA
7/8^
5/1/*
7/8!8
S/l/ldt
7/3^
7/8^
9/l/»
9/15/Wt-
lO/l/Wt
3/1*56
15S
Vl/W
Certificate
Certificate
Certificate
Certificate
5/1/*
.
(l*/15/l*3>
(5/1/1*3)
8/1/1*1*
(S/2/U3)
9/1/*
(9/15/1*3)
Treas. note Treas. note -
9/15/*
10/1/*
12/1/*
(1/31^1
9/I5/*
(12/22/39)
Totals for eiEhange transaction of 9/15/*.
12/1/U
7/8^
Certificate Certificate -
12/15/Wt
1**
Treas. hond - 12/l5/*.5l*
7/8;6
Certificate 1-1/8^ CCC note
7/8iS
2/l/f5
3/15/1*!*-
(IO/I5/U3)
(12/1/1*3)
(12/15/21*)
2/l/l*5
(2/1/*)
2/15/1*5
(7/21/1*1)
Itatals for exchange tranaactlon of 2/I/U5...
Treas. note .90^
Treae. note 3/1*^
1-1/1*^ Treas. note -
3/l/t5
3/I/U5
(2/1/*)
3/15/1*5
3/15/1*5
(3/15/1*0)
(9/25/1*2)
Totals for exchange transaction of 3/1/U5-
Vl/1*5
5/1/U5
7/85;
7/8^
e/i/us-
7/8^
1-1/2)5
•
Certificate Certificate -
1*/1/1*5
5/1/1*5
(U/l/*)
(5/1/*)
CertificateBDK bond -
6/1/1*5
(6/26/*)
6/I/U5-I17
(6/1/39)
Totals for exchange transaction of 6/1/1*5...
8/1/1*5
9/1/115
7/8^
<
Certificate -
7/8*
Certificate-
a-3/l»
Treas. hond -
8/1/1*5.
1/1/1*5
9/l5/U5Jt7
.(8/1/*)
(9/1/*)
(9/l6/35)
Totals for exchange transaction of 9/1/1*5
10/1/1*5
12/1/1*5
<
-
-
7/8?
Certificate -
10/1/1*5.
7/8*
Certificate -
I2/I/U5
(12/1/*)
Treas. note - 12/15/U5
2-1/2)6 Treas. bond - 12/15/1*5
(12/15/37)
3/l*!6
.(10/1/*)
(12/18/1*0)
Totals for exchange transaction of 12/1/1*5..
1/1/1*6
3)5
1/1/1*6
2/1/1*6
.90)t
7/8!S
3/1/1(6
U/1/I16
Conversion
bond
Treas. note
Certificate
.
Certificate7/8^
>-3/U^ Treas. oond IjS
Treas. note Certificate
7/8S
•
1/1/1*6
1/1/1*6
3/1/1*6
3/1/1*6
3/I5/U6-56
(1/1/16)
(12/1/*)
(2/1/1*5)
(3/1/1*5)
3/15/1*6
(3/15/26)
(11/l/Ul)
h/lfkS
1*/1A6
(U/l/l*5)
2.127
Deaerlption of new
oecuxlty offered
Treasury Bulletin
3^
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Anounts In mllllona of dollars)
.
Detcrlptlon of new Isaue
Amount of
Satt of
liflua
I9i;5-re«i.
l.
T»t.
Tet.
ret.
8.
15.
23.
Har.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
5.
12.
19.
26.,
May
3.
May
May
May
May
10.
June
June
June
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.
*u«.
17.
2U.
31.
7.
lU.
21.
28.
Maturity
date
17.
2U.
May
31.
June
June
June
June
7.
lU.
21.
2S.
91
91
2,085.8
2,075.2
2,022.1
July
July
July
July
5.
12.
19.
26.
91
91
91
91
Aug.
Aug.
Aug.
Aug.
Aug.
Sept
6.
Sept. 13.
Sept. 20.
Sept. 27.
3.
10.
26.
25.
2..
9..
16..
23..
30..
Sot.
Not.
Not.
Not.
Wot.
15.
23.
29.
Sept.
6..
Sept. 13..
Sept. 20..
Sept. 27..
Sec.
Sec.
Sec.
Sec.
5.
19U$-Jan.
Jan.
Jan.
Jan.
U.
11.
18.
I.
8.
6.
13.
20..
27..
Oct.
Oct.
Oct.
Oct.
11..
18..
25..
Bov.
BOT.
Hot.
Hot.
Hot.
1..
8..
15..
23..
29-.
Jan.
31.
fcl).
7.
lU.
Sec.
Dec.
Dec.
Dec.
6..
13..
30..
27..
Mar.
Mar.
Mar.
Mar.
19lt6-Jan.
3.
Jan.
Jan.
Jan.
Jam.
10.
tti.
Ie1>.
Iteb.
ipT.
Apr.
Apr.
Ipr.
31.
M17
»e1>.
7-
May
hk.
lU.
Zl.
28.
IlBk.
Ik1>.
atarlty
Amount of
tldi
tend ar ad
19U5-May
May
May
May
Oct.
Oct.
Oct.
Oct.
12.
19.
Hunger of
days to
N«y
3.
10.,
17..
2U.
Zl.
28.
7.
Ik.
a.
28.
Amount on
competltire
%atli
2.056.7
2,027.9
1,891.8
1,888.0
1.315.8
1,310.2
1,300.1
1,305.7
1,258.0
1.252.7
91
91
91
2,065.8
l,31lt.2
1,255.1
2,U36.1*
1,310.2
1,316.1
1.302.5
1,21*9.6
1.253.1*
1,31't.O
1,251*.
1,8U2.8
2.16U.0
?, 092.1
2,109.3
1.317.1
1.303.9
1,318.2
1,310.3
1,271.1
91
91
91
91
91
2,OU8.7
2,012.9
2,029.9
2,067.9
2,0't3.1
l.SlU.it
91
91
91
91
2,071.'*
1,302.3
1,309.8
1,305.3
1,317.8
1,251.7
1,251.5
i,30i*.9
1.253.0
1.252.7
2,112.8
2,2l»3.0
2.256.3
1,2'I9.8
1,21*2.7
1,233.9
Anount on
fized-prlca
liaali 1/
57.8
57.5
50.3
66.0
59.0
60.5
62.7
68.6
60.1
Amount of
Daturlof
Itfue (aa
of date
shovn In
first column)
l6,Ho«.l
1.311*. 3
l6,i<oi*.o
1,300.6
1.313.5
l6,i»03.5
203.7
16,509.2
20tt.9
l6,6ll*.5
207.0
217.2
202.3
16, 808.9
1,251*. 2
1,31U.3
1.261*. 8
1*9.5
1.307.1*
1.307.'*
1,252.9
1,255.1
1,262.1
1,263.0
5"*.
52.3
51.0
1,315.8
1,310.2
1,300.1
1,308.7
51.1*
1.311*.
50.6
58.3
58.9
63.9
1,310.2
1,316.1
1,302.5
17.0U1.1
l,31l*.0
17,01*1.3
51.9
58.0
68.1
60.1
1.317.1
1,303.9
1,318.2
1,310.3
17,029.1
17,035,8
17,023.1
17,027.5
17,038.9
1,313.1
1,2'*6.5
1.253.9
5
1,318.1*
1,938.6
2,008.2
2,006.0
1,317.0
1,318.7
1,267.6
1,265.3
1*9.
l.3li*.3
53.'*
1.31't.5
1.257.1*
1,307.1*
1.307.1*
l.956.'t
1,310.6
1,309.0
1,260.1
91
91
91
91
1,932.
2,02U,
1,310.6
1.305.5
1,312.1
1.237.1*
1,252.0
17,027.6
17,025.6
17.027-9
2,073.
91
91
91
91
2.159.1
2,157.5
2,0U8.0
2,08U.7
1.310.5
1,311.0
1.309.6
1,310.0
1.263.3
1,256.1
1,256.1
1,251.1
U7.I
91
91
91
90
91
2,210.5
2,076.8
1,940.7
2.178-5
1,318.2
1.316.7
1.316.7
1,302.1
1,316.0
1,267.0
1,261.6
1,273-8
i.zte.i
1,269-8
51.3
1.317-0
1,318-7
iz.g
60.0
1.3ll*-5
91
91
91
91
2,163.0
2,085.U
2,030.9
2,038.U
91
91
91
91
91
16.
91
91
91
92
1,316.1
1.312-1
1.316.9
1.315.9
1.253-6
1.250.9
1.256.9
1,262.1
1,928.2
1.9«7.8
2.037.3
2,006.1
l,3l't-8
1.268.1
1.257.5
1.253.1
1,275-1
Fabllc Sebt SerTloa for data on new isBuas; Sally Treasuxy Statement for data on maturing iasues and amounts outstandlngSee Ansaal Reports of the Secretary of the Trea«ary for back
1.309-0
1.301.3
1.316.7
1/
17,028.5
17,026.1*
17, 019.
39-3
1.306-1
1,302.0
1,306.7
1,300-6
17.023.7
17.023.5
17.033-3
17.037.1
38.5
62-5
1.310-5
17.029-5
1.3U.0
I7.03i*.5
1.309.6
1,310.0
1,318.2
i7.ol»i».o
1,316.7
1.316-7
1.302.1
I.316-O
17.039-7
17.032.0
17.031.2
17.031-8
55.6
i. 302.9
17,021*.
1,310-6
1,309.0
14£.2
1*8-8
2.905.0
2.859-5
2,005-3
2.016.3
2,025.2
17,021*. 9
17,023.
5lt.6
1,261».U
17,037.5
l,30U.9
1,310.6
1,305.5
1,312.1
61.0
1.252.1
1.2*7.6
1,262.1
1,265.0
17, 031*. 7
17.0U1.9
17,03U.l
17,035.5
17,018.3
1,21*1.0
1,30U.U
17.01*8.7
17,01*8,9
17,038.1
'*8.5
1,303.5
1,301.8
17,OUi*.3
1.302.3
1.309.8
1,305.3
1.317.8
1.257.6
53.6
59.0
17,039.8
17,037.0
17.01*5.9
17,01*3.5
1,256.1*
5'*.9
17,01*9.3
17,01*1.2
l,31l*.l*
1.306.1
1,302.0
1.306.7
1.300.6
53.0
17,032.8
17.033.7
1,313.1
57.1
50.3
52.6
2,1511.7
16,723.6
16,920.7
1,20U.9
1,303.0
1,302.6
1,255.0
91
91
91
92
91
2,093
16,398.7
U6.0
60.8
63.2
56.0
1,21*3.2
2.028.5
2,233.0
2,OW».7
2,OU6,9
1,986.1
Total 1>111>
outstanding
(as of date
shown In
first column)
1,311.0
91
91
91
91
13.
25.
2-
23
31-
accflptad
91
91
91
90
U.
U.
Total
aiDoiuit
Mda
61.
60.0
53.7
'<6.7
48.1
Ul.6
17.026-3
17.037.1
17,01*1.6
fl gores.
Tenders for »a00,000 or less froB any one bidder are accepted
In full at 99.905 P*>* hundred.
April 1946
35
Offerings and Maturities of Treasury Bills
-
(Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
Total
OkW
of
Ararafa
prlea
par hundrad
Mdi acoaptad
CofflpetltlT* blda
SqulT&lent
aTeraga
rata 1/
Prlca
15.
23.
Kar.
Mar.
Har.
Mar.
Mar.
15.
2Z.
29.
Apr.
Apr.
A^r.
Apr.
12.
19.
26.
1.
i.
5-
Vaf
May
May
May
Nay
10.
17.
Zk.
Juna
Juna
Juna
Juna
lU..
21..
July
July
July
July
3-
317.
28
•
.
5.
12..
19..
26.
.
Prlca
rata
P«>-
(Percent)
Iqulralant
rata
y
(Percent)
99 .906
0.375
0.375
0.375
0.376
99-910
99-910
99-911
99-910
0-356
0.356
0.352
0.360
99-905
99.905
99.905
99-906
0.376
0.376
0.376
0.376
99-905
99.905
99-905
99.905
99.905
0.375
0.375
0.375
0.375
0.375
99-908
99-915
99.910 2/
99. 908
99-910
O.36I4
99-905
99-905
99-905
99-905
99-905
0-376
0-376
0.376
0.376
0.376
99.905
99.905
99.905
99-905
0.376
0.375
0.375
0-375
99-908
99.908
99.910
90.9O8
0.36lt
99-905
99-905
99-905
99.905
0.376
0.176
0.376
0.376
99-905
99-905
99.905
99-905
99-905
0.375
0.375
0.375
0.375
0.375
99.910
99.908
99.908
99-910
99-910
0.-<56
99-905
99.905
99.905
99-905
99-905
0.376
0.376
0.376
0.376
0.376
99 905
99-905
99-905
99-905
0.375
0.375
0.375
0.375
99-908
99-908
99.908
99.908
0.361t
99-905
99.905
99.905
99.905
0.376
0.376
0.176
0.376
99-905
99-905
99-905
99.905
0.375
0.375
0.375
0.375
99-907
99-907
99-908
99-908,2/
0.368
0.368
99-905
99.905
99-905
99.905
0.376
0-376
0.376
0.376
99-907
99.908
99.908
99.909
99. 908
0.368
0.^6U
99.905
99.905
99.905
0.356
O.36U
99.90I*
99.905
0.376
0.376
0.376
0.376
0.376
99-905
99.905
99.905
8.
Low
IqulTalant
y
hundrad
(Percant)
Teb.
Tab.
la*.
accaptad
High
0.336
o.-<56
0.36U
0.356
O.36U
0.356
0.36'*
O.36U
O.36U
0.356
0.356
0.31*
O.36U
0.36it
O.36I1
0.?6"»
16..
99.905
99-905
99-905
23.
99-90't
30.
99.905
0.375
0.375
0.375
0.375
0.375
Sept.
6.
Sept. 13.
Sept. 20.
5ept. 27.
99.905
99-905
99-905
99.905
0.375
0.375
0.375
0.375
99.909
99-909
99-910
99. 908
0.360
0.360
0.356
0.36U
99.905
99.905
99-905
99-905
0.176
0.376
0.376
0.376
Oct.
Oct.
Oct.
Oct.
11.
18.
25.
99-905
99-905
99-905
99-905
0.375
0.375
0.375
0.375
99.909
99-907
99-907
99.907
0.360
0.368
0.368
0.368
99.905
99-905
99.905
99.905
0.376
0.376
0.376
0.376
15.
23.
29.
99-905
99-905
99.905
99-906
99-905
0.375
0.375
0.375
0.376
0.375
99-908
99.908
99.9O8
99.908
99.908
0.361*
0.361*
O.36I*
O.36I*
99.905
99.905
99-905
99-906
99.905
0.376
0.376
0.376
0.376
0.376
O.36U
O.36U
O.36U
0.36U
99-905
99.905
99.905
99-905
0.376
0.376
0.376
0.376
99.905
99.905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
0.376
0.361*
99.905
99.905
99.905
0.360
99.90I*
0.376
0.376
0.376
0.376
Aug.
Aug.
Au«.
Aug.
Aug.
KOT.
KOT.
Not.
Hot.
Sot.
Dec.
Dec.
Dec.
Dec.
19>46-Jm.
Jan.
Jan.
Jan.
Jan.
Tab.
Tel).
Tab.
T*\).
2.
9.
U.
0.36it
0.368
13.
20.
27.
99-905
99-905
99-905
99-905
0.375
0.375
0.375
0.375
99-908
99.908
99.908
99. 908
3.
10.
17.
2U.
31.
99-906
99-905
99.905
99-905
99-905
0.373
0.375
0.375
0.375
0.375
99.908
99.907
99.907
99.907
99.907
O.36I*
7.
lU.
21.
28.
99-905
99-905
99-905
99-90U
0.375
0.375
0.375
0.375
99-908
99-908
99-908
99-908
0.3S't
O.36I*
6.
Senree:
Public Debt Samoa.
Baclc PignreB:
Aji Tmn I Eeporte of the Saoratarjr of the Traaaorr.
1/ Bank diecount baala.
!^
0.368
0.368
0.368
0.368
fecept (2,000,000 at 99.925.
Bicept $75,000 at 99-925.
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds
w«re
United States eaTlnga
bond*
first offered for sale In Maroh 1933Bonde of eerlee A-D war* sold between
Series E, T.
March 1935 and April l^'O..
and a bonds hare been on sals since May 1,
19"^.
Serlee A-E bon^s are 10-7ear dlsoonnt
bonds sold St 7^% ot aaturltr Talus, and
yield 2.90^ per annua If held to aaturlty.
Series T bonds are IZ-year dlsooaat bonds
sold at fkf of aaturlt/ rains, and ylsld
If held to aatarltjr.
2.53'' po* annua
Serlee Q bonds are 12-jrear current Incoae
bonde, sold at par, bearing Interest at
2'\f2% per annum, and redeemable at par at
maturltj or at stated prices less than par
before aaturity.
Purohaaee of series A-D bonds vers
to t7>300 issue price in any one
calendar year.
Thess bonds vers arailabls
to all subacribsra prior to April 1, 19'^0,
and to indlTlduala only after that date.
Purchaaee of aeries E bonde are Halted to
$3,750 iaaue price in any one calendar
year, and may be aade only by IndiTiduale
(defined aa natural persons only).
The
limit for series T and
coabinsd is
tlOO.OOO iasus price in any ons calsndar
year ($50,000 In calendar year 19*^1 )•
Halted
Series F and 9 bonds are arailable to all
eubscribers sxaept coaaercial banke.
Ooameroial banks, however, were paraitted to
purchase
these
bonds
during
osrtain
fsrlods and with certain restrictions,
or details conosrnlng these periods and
restrictions sse "Treaeury Bulletin" for
December 191*^*, page 36,
footnote 9,
and
•Treasury Bulletin" for Tebruary 19W,
page 37. footnote 9.
Por detaile concerning features,
InTSstaant ylslds,
and redeaptlon valuee see 'Treasury Bulletin*
for May V)^, pagee A-3 and A-l».
Series A bonde aatured In V)^^, and
bonde of aeriea B began to aature In JanuMatured bonds turned in for reary I9U6.
demption are included In the figures on
redemptions.
Matured bonde outstanding
are reflected In the Interest-bearing debt
until all bonds of ths series hare aatured, when they are transfsrred to aatured debt upon which Interest haa eeaaed,
accordance with the practice of the
in
Dally Treasury Statsmsnt.
In ths following tablee eales figures
are quoted at lesus price, and redeaptione
and anounte outstanding at current redemption Talues. Aaounts of ssries
outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of February 28, 1946
United States
earing e bonds
Aptil 1946
37
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- History of Sales and Redemptions
iacmnt
loenud
8ttl«t
Salei
plna
accrued
dlacoimt
Badenptlont
1/
Matured
dalit
outBtaBdla^
Intareatbe&rioc
(l«1>t
P*rOMit of
BOQthlj
r«d«aptlona
to
sBomt
ontataiidlnc
(la alllloai of dollari)
ill nrlas
Total, Inception to Xibnuoy it, 19I16
59.935
1.35«
£1.293
n
12.575
^.tist
3.a5
Jll
1.557
£.082
1>(8
2.905
U.JlU
10,188
Tlical yaara;
WS-lSltO
Wl
3.120
1.U92
191(2
5.99"*
19U3
19UU
1915
U.789
Cslandar /ears:
1935-19to
19a.
19l«
19U3
I9¥t
igu?
207
128
223
3«7
U,9l6
81l8
15.U98
14,<91
15.721
15.278
2.371
U,29g
3.Wt9
3.036
9.157
12l|
77
102
3.573
3ill3
9.259
3I19
12.937
13.898
16,339
13.''a
585
3U1
5.558
889
925
lfi9
21.256
71*, 606
^.586
15.090
27.363
la
Montbs:
igUs-Hotenary.
Harcb
Mv
1.5W
Jnaa
2,178
32
28
lA
1.29>>
5fi
i^irll
July
Aa^oat.
.
700
Saptanlier
51"*
Ootobor
HoTomber.
l,18l«
I)Bcaml)er.
1,25U
57
9S0
622
6U
.
19U^-Jaimar7.
1.10
.77
870
lioU
1*2,626
.95
U26
t3.767
2,222
1(03
1(5.586
.97
.88
1.351
738
555
U28
531
528
1(6.508
.92
16.715
I.II
1.13
6£l
1,220
1.310
616
533
559
1,023
666
S'
565
esu
1(6,71(1
17.1*73
1(8.183
1.32
1.12
1.16
18.588
18,692
i:i1
1(6.786
1(1
il-S
I.56I
3.919
Ul,698
iw,159
1.5M
Swiai
Total, ijieeptlon toltbrsaiy 28, 1916
1(0,361
1(8,183
1.092
S6
3.WiC
Tiflcal years;
3.iao
1935-1910
191(1
83
3.215
893
I9I2
1
87
96
3U
2.905
1K8
133
3.6ol(
79
113
3.6oe
3.625
3.585
1913
ism
W3
1915
Calendar years:
1935-1910
3.119
K99
191(1
1912
12I
77
90
96
103
3.55
379
576
91
101
1913
91
91
81
191(4
100
100
105
226
19I5
105
Months:
19l(5-M)ruaiT.
3.195
3.616
3.'
603
H
3.616
3.638
3.177
March
26
3.6I7
3.629
•17
•71
i^ll....
22
22
21
3.61I
3.597
3.585
.62
.62
.58
22
l£
11
3.5T9
3.512
.62
.15
.39
6
"V
Jnsa
July
ia^iast
.
.
Septeatoer
16
9
7
16
9
7
Oetober..
SoTOtt^r.
Decamlwr.
20
23
25
19l(6-Janiury..
16
ifi
12
Tebrtuiy.
9
9
29
(Oontlnnad on following pa«e)
11
3.551
3.531
3.177
3.162
3.116
i.zi
.82
Treasury Bulletin
38
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
Salas
Sales plos
accrued
discount
Accrued
discount
-
-
(Continued)
(Continued)
Hada^tions
(
iaonnt
outttandlng
Into rest -bear Iztg
debt)
Percent of
aonthlx
redemptions
to SDOunt
outstanding
(In millions of dollars)
Series
Total, Inception to Tetniary 28,
igltfi
Tleoal yeare:
19UI
igUa
19U1
191A
19U5
55.987
7U3
66lt
5.993
11.789
2
36
15,1*98
127
2«U
it. 891
Calendar years:
19U1
igte
19U1
2.537
9.157
13.72?
l6,0lA
12.937
19m
igus
E,
7,
and
56.729
11.1)83
lt5.2'»7
66U
5.995
11,824
15.625
15.175
1
66U
6,58U
12
7U
760
2.292
U,156
17.
SW
30,981
1*2.000
lU
2,52l*
2U6
11,
23.71*6
1,501*
W7
3.263
5.332
195
379
Months:
19ll5-rsl)ruaiy
81)8
25
889
28
873
917
Jme
1,5M0
2.178
25
22
35
863
1,562
2,213
Jioly
1,29U
la
700
29
33
1.335
729
51*8
65"*
.
March
.iprU
»l«or
Aia^st . .
September.
.
Octoter
HoTasber
511*
U38
38,051
38.530
i.i5
39.012
.98
1.01
3«3
110.170
1*2.000
iioe
1*2.929
.95
515
51I*
U3.IU3
U3.17b
1.19
1.19
596
UoU
.91
62k
I.ISU
1*3.235
1.38
.
l,2lU
511
Becesiber.
1,25'»
1.301
53^
1*4^706
1.16
1.19
l.OOS
657
587
537
1*5.126
.
.
19U6-Januar7.
February..
.
lotal, inception to Tebraary 28. 19ll£
960
1(8
35
40,6<8
692
20}
3.526
8.271
-
Flecal years:
191*1
191*2
191*3
191*4
u.sao
191*5
11.553
Calendar years:
19U1
1.11*5
191*2
19U3
loijiiS
191*4
12,380
9.822
191*5
Hon the:
19l*5-»ebruary.
March
653
712
iprll
6eU
"ay
Jons
JUy
1.032
iaciut....
Septvaber.
October.
.
BoTflnber.
Sec amber..
19l<£-Jairaary.
.
Febmary..
510
865
906
61*1
367
'»5.2'*7
1.30
1.19
April 1946
39
Sales and Redemptions of United States Savings Bonds -(Continued)
Table 2.- History of Sales and Redemptions
Period
Salt!
Salea plua
accrued
dlBOount
Accrued
discount
-
(Continued)
Baden^tlont
Anount
outstaadlug
( Interett-^aarlns
debt)
Percent of
monthly
redn^tlons
to amonsit
outetaadlng
(In millions of dollars)
Series T
Total,
iKaptlon te'stnary
28, 19U6
3.0^3
3.09'*
253
2.8ia
3
17
,^7
1«9
1,21^
58
89
2!au
Mseal yearsi
igui
67
19l«
19U?
19UU
xsug
'435
758
802
679
2
9
19
760
811
Calendar years:
208
191*1
igte
19UJ
208
65U
790
2
u
igw
773
595
19U5
Naroh
^rll
July
ineust
.
.
.
October.
BoTsober.
.
Deosniber.
19'*^>isaary.
Pebnuzy
.
32
28
9
9
2.338
2.357
.37
.39
P
6
2.376
•
8
9
'*7
51
8
22
18
23
20
8
8
5U
83
10
56
86
1«
30
..
1.5fe
2.278
2.793
65
180
178
September
1^
fz
25
Months:
19U5-T8l)ruary.
Kay
Joaa
7
35
13
25
:3^u
2.6U7
2.662
2.67U
.30
10
10
13
2.671*
.37
2.720
2.793
:S
lU
8
32
15
2.823
2.8UI
12.256
12.256
628
U.63S
395
2.032
2.75?
2.876
2,658
395
2.032
2.75?
2,876
2.658
I.I85
2.^6
1.185
2.516
2,6lK)
2.61M)
2.891
2.520
2,891
2.520
•32
•31
.l4S
•52
Series
Total, Inception
toPsbmary 28.
19)46
Pisoal years:
I9UI
19lt2
I9>iky////.'.'.'.'.'.'.'.'.
.'...'.'.'.'.'.'.'.
W"?
Calendar years;
19UI
19'e
19U?
19W
W"*
KoBthst
19l»5-Iebruai7
16U
16I»
March
igo
150
iprll
May
Jtine
130
282
532
Joly
Angoat
Septoaber
215
"7?
Oetobsr
SoTCBber
Deesnber
19l(6-;a>iaai7
Pebroaxy
Sonros:
•
Sally Treasury Statsnent.
Less than $500,000.
1
12
2.U1U
5.119
lis
7.861
10.299
220
2
29
89
181
26U
IS
22
9.285
130
282
532
17
9.526
9.788
10.299
.21
.21
a5
22
22
10.1)92
.21
10.577
10.633
.19
21
22
20
10.717
10.955
11,186
107
^
262
262
278
278
225
225
1/
1.183
3.669
6.221
8.931
11.186
33
3D
11.
U^
.17
.21
.22
.2l»
.28
.28
.26
Beginning October 19U1< series I redanptlona Inaiude Tmolasslfled
redemptions which contain oaall anoonts of series A.-X).
Treasury Bulletin
40
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 3.- Sales by Series, Classified by Denominations
SalSB Is allllosa of dellars at lasns prlc*
Percantaga dlatrlbutlon of aalaa
Denomljistioii
Period
Total
all
danosinatlona
*10
»25
2/
$50
$100
$200
i/
Total
all
$500
$1,000
$5,000
$10,000
donocil-
natlona
DmomlnationB
$10 1/
4i
April 1946
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
(Shonaanda of pioeoa sold)
Total
all
dcooolnatlona
Period
throB^
TabroairS, 19U£
Dwwttiatieaa
*10
1/
«25
2/
»90
tlOO
713.315
lU7.5>*
112,71*6
767
32.832
159.36?
353
9.107
28.828
552
10,837
22,851
221.281;
209,i<ao
1*3,300
3U,l*l*7
9.223
1*5.995
32.083
$200
3/
$500
$1,000
13.3«>*
10.706
Total, locoptlon
Tltcal 7oare:
19UI
19te
1,01>*,R29
16.091
1.905
55.967
ig"*?
a5.7D9
19IA
305.986
303,116
191*5
1.032
108
I.G98
2.6g6
3.725
3.535
125
1.1*93
1.975
2.730
2, SCO
Calendar ydEkra:
191*1
I3.a9
6.077
2,1(85
3,1A6
191*2
135.227
270,068
320.527
253.078
9U.35I*
18.999
37.060
17.81*2
3.582
11.381
198.333
226.213
172,9l«
62U
1,028
191*3
igiA
•
•
191*5
612
2,282
1*7.915
28,915
36,077
37.773
2U.551*
1U.353
16.07U
2.987
3.266
1,576
1.700
lUU
1.027
976
1.191
15.218
18,203
19.108
3.071
1.6i42
ll*U
i*,206
3.287
1*27
U.768
1*.238
606
17.209
2.731*
12,>)60
9.7i*«
3.886
2.566
2,028
3UI
126
79
769
600
1.751
3.31*9
2.1*20
3.856
2,98U
2.88U
2.669
Mont ha:
19l(5-?«1>raaiy
Karch
19.808
22, 31*1*
i^rU
a. 235
"•y
Joaa
27,1*75
Jnly
in^oat
25.582
30,Ul3
Saptflabar
17.7>*8
ll*,088
1,116
1.103
1.187
90I*
1.383
981
Octobar
l6,0l»
17.361*
U.llOU
11,207
2.313
2.511
1,211*
1,81*9
2
BoTanibar. .......
Daooabar
18.613
12.l6)t
2,81)5
1.902
Sol
109
330
335
1.91*7
1.21*0
1.365
671*
12
212
99
19lte-Jaiioai7
Tobruary..
13,1*52
9.255
6ao
516
I'.m
131
132
132
375
502
296
109
91*
517
320
Serlaa J and
Total, inception through
Tabx«arr28. 191*6
Tlaeal jreara:
I9UI
ii*.>*a5
2.U0
191*3
3.251
3.869
3.326
191*5
Calendar Taare:
I9UI
191*2
191*?
191*4
191*5
Mentha:
19ll5-Tabriai7.
March
1,11*9
1,1*25
291
1,156
60
".SM
2.2
28
77U
610
532
277
1.077
1.317
156
270
325
22U
190
159
12
1*8
11*
51
I.39I*
899
13
May...
Jtma.
%92
JWly
iagoat
26J
136
Saptanbar.
U2
October
Ho valvar.
Sacaober.
U6
'abmary.
2l6
303
901
2,902
3.62U
3,821
2,807
^rll.
I9't6-Jannai7..
5.056
233
191*2
191*1*
990
126
158
21
A
10
12
5i
6
3i*3
n
298
22
38
109
90
215
155
10
5
55
38
33
23
$5,000
Treasury Bulletin
h2
SalGB and Redemptions of United States Savings Bonds
-
(Continued)
Table 5.- Sales of Series B Savings Bonds, Classified by States
(
19U5
Total,
lacsptloa
through
Feb. 28,
la thousaadi of dollars)
July
May
Apr.
Mar.
Fob.
I9U6
Sapt.
Aug.
Oct.
Dec.
Fab.
Jan.
P
I9U6
Alabaaa.
Arizona.
Arlcanaaa.
California..
Colorado, ..
Connecticut.
Dalawara
of Columbia.
Dlflt.
261, 193
3.951*
1*,121
i*,090
7.52'*
3,288,617
307.007
770.198
55,361*
61,991*
1*,511
53.636
78.051*
125.1*11*
100,71*9
1*7,030
33,692
''.873
15.573
11.527
2U.659
8,612
20,169
5. '•25
12.177
9.02U
17,6U6
7.935
8,211
lU6,638
2,5'*0
97,U9U
1.51*1*
6.669
9.251
500. U39
Oeorgla.
Idaho
Illlnola.
510,
l'»2
133.052
2,885,972
1.073.761
885.781
lentucky.
Louisiana.
Maine....
Marjrland
9.157
1.581
51.07U
20.821*
10, 173
5'*9.787
9,167
"31.963
U6U,966
7,081
8,085
2.991
185, 121
5143,666
Maaaachuaetta
Michigan
3.957
12.857
"•72.093
Florida
Indiana..
I owa
Kanaae. .
l6,l«7l»
7.821
2.OU5
3,555
1*89,805
1.377,697
9.630
20,936
2.21''. 377
17.259
2,1*80
10,772
2,615
571'
17.238
5.921
8.6UU
11.1*1*1*
1.730
8.795
10. 51*6
8,812
1.711
51.11*3
I*.
1.681*
2,1*55
3.2l*l
8.153
9.838
12.577
17.092
18.059
3,630
1.519
51.997
1U,566
ll»,206
l*,l»83
15.701
1.297
2.373
3.511*
ll.92l»
2,661
l*,9io
11.586
7.775
6.56U
13.621*
75.966
7,535
13.812
5l*,98l*
3. "'78
5.797
8.911
28,180
2.758
5.356
2,639
15.085
17.122
1,658
8.388
1,328
6.658
5.161
1.057
5.610
6.771
1.952
15.856
1.996
12.71*7
8.1*15
11.326
1.958
8,192
10,355
751
595
580
5.580
865
36.15"
6.128
1,089
55.617
9.576
3.309
58.518
10. 9^7
11,591*
1*,S09
5.035
1,1*01*
81*2
68,801*
58,156
33.920
7.85I*
19.265
5.852
19.057
3,1*1*2
5.1*53
8,289
1,215
79.152
106.I106
79,lW3
1*5,962
29.982
29.885
58.652
28,1*89
1*0,277
25,1*87
22,U58
15,815
18,211
8,561
18,11*5
8.572
12,1*31*
15.281*
20.601*
27.021*
22,681*
17,1*11
6,885
5,150
6.591
28,979
8,1*65
''.751
15.650
l'',678
16,828
9.85U
9.726
7.78U
7.707
5.709
6.536
2.590
i»,09l
lt.815
l.i'75
".265
7.558
7.720
i*,l*92
7.088
1.782
5.1*1*6
9,005
9.570
U,15U
9.61*2
U,7l*9
2.1*65
U,5i6
1.552
6.5W*
16.795
21.995
6.117
9.550
25.860
9.978
51.055
8.886
18.882
3U.721
15.979
26,751
28,592
12.878
lU.SlO
10,201
2.768
15.771
7.1*05
39.278
19.831
7.588
29.521
7.927
3.191*
20,1*81*
12,803
1.510
1.922
5.569
755
6.1*55
11,215
17,272
15.1*1*3
8.1*37
7.291
2,608
11.21*0
19,1*52
5.955
6.756
9.800
5.105
9.055
25.370
37.125
1U,917
29.552
6U,09'*
1*8,510
71,051*
22,751
35.553
10.1*1*7
18.15s
l''.553
37.7i'5
16.1*89
38,1*20
Minnesota.
MlaslBslppl.
Klaeourl, . ..
8U3.377
,896
11,11*7
28't,728
991,1*58
893
5.5''8
12.173
3.959
15.776
lU,65l*
1'».975
31.1*55
Montana.
191.51*5
,121*
Nebraalca.
U20,250
50.183
,566
2.225
6,713
850
3.293
7.010
821
6.360
11*. 395
1.063
1.965
2. 211*
3,836
3.706
23,1*1*5
38.109
3.088
1*9,078
1*1,1*1*2
1.553
25.127
16. 885
3,588
2.905
l.'*55
1.095
161. 305
150.71*1*
68,1*97
51. 310
19.357
9.810
15,621*
7,126
5,571
1*8,505
5,2l*U
5,080
1.571*
1,11*9
1.560
85.7'«
20,363
25,286
70.235
59.271*
29,028
1*6.972
15.1*21*
6.535
6.507
i*.6ll
15. 658
U.821*
25.767
".156
5.937
Hevada.
.
Nev Haapshlra.
New Jeraey.
Nev Mexico. . ..
118.273
1.500,622
9"*. 723
Sev York
North Carolina..
North Dakota....
'».956.lU7
Ohio
Oklahoma.
Oregon.
.
.
.
23,703
1,809
1.932
27.755
1,761
83.077
9,360
2.131
75.755
192, 1*78
78,972
9,009
1.925
1,970
139.385
13.011
5.773
2.'»57,1''9
1*0,705
1*2,191
66.761*
U65, 302
7,066
7.683
1*6,252
7,1*75
7.511'
6.810
7.769
12.957
55.339
51*.
536.306
530,039
.
PennaylTanla. .
Shode Island...,
South Carolina..
.
South Dakota.
Tennessee.. ..
Texas
Utah
7et«ont,
Tlrelnla
3.051.'»7l
232.31*6
267.686
Canal Zone
Hawaii
Puerto Rico
Virgin lalanda....
Other poaaeaalona.
Unallocated.
8,1*16
15.1*88
i*,05i
I*.
595
76,1*39
1*5. 1*5?
9.OU6
2.6U1
U,78l*
11.1*56
51.775
15.054
13.201
59.909
10.630
5.626
22,562
I*. 251
3.651
38.2U2
2,262
3.601
58.51*1
69.156
53.561*
28.681
5.826
5.895
i*,87l*
5.21*9
U,626
6.181
2.351
5.566
11.158
35.0U5
3l*,ll*5
ll*.656
2.525
27.599
2.271*
2. ''75
31.167
2.273
105.578 132.671
12. 565
15.838
I*. 702
12.1*67
11.8UU
1*8.290
22.1*75
18,071*
16.662
7.561
8.957
55,577
2.''J9
911*
2,51*2
9,975
6,998
2,122
55"
9.557
5.098
1.597
16.980
5.812
1,605
17.871
11.51*5
8,276
9.656
1*, 1*1*2
i*,l*59
9.770
8,620
766
17.660
7.098
20,263
2,228
16.790
8,065
22.678
2.158
12,550
6,l6U
12,915
1.000
302
61*2
lU, 225
12,1*50
29.353
10,951
36.765
2.976
2^,083
10.625
21*, 705
2,098
2.1*1*1*
81,91*1
760
5.650
13,269
I.0U7
l,2l*l
1.058
20.865
8.512
2U, 158
1.735
27,318
2U,57i
212
535
25U
539
22«i
362
577
21*1,91*3
l*.727
U,6liO
538
3.379
888
557
7.1*25
8,60'i
3U,012
U62
1*81
1*19
1.751*
7
1
7
18
-39
12,289
15.856
712.135
6ei*.i*2i*
387
1,866
22,087
1,662
1.320
IU.676
1,052
1.551
26.01*0
1
585
I.05U
12.655
9U5
5.071*
869
12.922
6.273
U.i*15
581*
1.025
T.255
2.150
10,050
796
1,1*01
5.186
2.015
25,060
15,1*69
1.716
8.11*5
5,697
9.050
295
5.268
1.629
8.925
5.571
1.389
16,757
5.723
16.789
5.011
15.861
2.758
1.008
12.510
11*.
1.095
525
5.800
15.527
1.098
1*,820
35.959
1.798
3.0U5
8,100
20.515
62,828
11*.
6U9
12,578
21*.
2.703
3.959
5.755
12,530
51.289
839.269
333.821
888.090
5.771*
511
8,200
13,282
1.155
l».711t
22,623
7.196
1*7.665
2.1*56
168
1*.10U
9.513
22.267
6.961
8.229
8.272
26,075
2.956
2,1*1*5
151
85,1*1*1*
1,777
28,01*5
1.613
2.575
51*.
25.151*
8,172
9.602
9.001
2.715
9U3
11,265
9.951*
7.005
1.995
9.897
102,1*56
1,61*0
1.63"*. 313
18. 655
27.81*0
l*U,696
U,992
6, £98
189
U,l*87
5.08U
8.572
26.910
67.61*1*
Alaaka
51.109
3.681
U.636
1,609
682
171*.
701*,
.
1,1*78
2,080
503,293
182,116
Washington. .
West Virginia.
Vlaconeln
Wyoming..
656
5.6W*
1,215
2,228
5.827
25, 883
37.33''
.
10,81*8
60,1*72
9.720
10,019
12.029
37.1*59
5,21*0
20,71*7
2.998
l*.57l»
6,617
19.259
11.1U9
11.638
11,958
7,213
5.765
1.653
2.507
2.71*6
?.''53
5,01*1*
1,101
1,729
1,81*1
1.826
U,6o6
13.352
1.709
566
6.285
7.1*95
15. '•'26
6.657
3.563
8.15?
1.350
781*
U22
500
1,82U
lUl
299
710
238
1*1*8
51*9
2.135
8.671
890
550
1*1*8
1*72
1*25
5.1*11
U.9I1O
7,000
1*8U
655
U
5,000
700
505
992
570
71*5
,285
6
15
5
27
655
20
9U
8U
65
1,
15
3
7
5
-15,681
-155.015
-21,1*21
-18.235
80,377
8.1*91* -1*9,779
-57,028
-227
1.19l*,712 1.1*67,675 1.051.778
571.286
U20.058
509.706
865,022 908.252
61*0.861
566.977
10
83.737
1
5
3
123.612
Adjustment to
Djilly Treasury
StRtefflent
Total.
Sourcei
p
4.50,883
Iw, 687, 672
653.222
Dally Treasury Statement and reports. of Federal ReserTe Banks
PrcllBlviry.
April 1946
'*3
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined to Investors Other than Commercial Banks,
Classified by States
(In thoutanda of dollart)
Total,
ittc«ptlon
X9U5
through
Titi.
^r.
as,
JUL/
Jua*
•fay
I9U6
tag.
Ju.
B«pt.
19>46
AlatMBk
Aricona
Arkauflu
Calirorala
Colorado
Conuaetleut
.i
11 5, guy
1.75't
1,1*3
35.85»>
378
2li6
TiiOMe
65U
9S6,6U7
132,016
310,161
11.738
1,103
5.033
2.673
2.105
1.51*7
633
2,881
1,112
2,232
2,282
597
8I3
9.691
1,606
23,225
3.613
2,795
5,1*1*9
29,362
3,387
6,993
1,200
296
612
260
796
302
802
1*81
1*21
HOI
1,62U
22,126
1.539
t,976
11.357
i,u8e
2,817
7.317
637
2,152
8,089
27
1.698
21.377
1,256
1.712
2,996
1*01*
6O8
7'*
I.JI9
1.895
523
1,201
1,628
206
12.705
933
135
1.161*
2'ill
8,251
Dtlavara
Dltt. of ColuaMa.
TioTiiM
og
681*
1,729
1,1*92
130.1U3
160,882
i.iiei
1,109
3,1*88
3.377
2,228
2,1*10
5,276
3,91*8
Oaorgla
iiie,i68
1.953
1,71*1
2.729
3U9
198
15,186
3.712
819
26,961
ll,012
3.123
i-i*?. 110
997
32,736
15.710
9,262
10,538
6,088
11,518
9.3'«
6,338
6.365
5,126
1.897
3.'^65
2,928
2,239
2,161
l,6it5
5.673
2.a9
1,61*6
3.303
2,880
1.133
672
3.272
IdaOio
,
Illlnola
Indiana
Zovm
laataa
*..
5!.9>t3
15,1122
333.777
336,802
566
l6U,9lK)
077
1,7'tO
7lt2
'•,235
S,8l|2
It,
1*05
U,859
Xantuck7
Loolsiaaa.
Nalna
179.858
515
2,891*
'*,970
156,711*
11*8
93,165
902
1,163
1.333
3.910
2.223
Narylaod
Massachuaatta.
Michigan
221, U22
2,799
2,982
9,208
U.8U
!t,626
. .
.
Minna so ta«
Mlaalailppl
Mlaaovrl
736,133
lit,
Uli3,95i
679
5,289
29>»,06$
1*10
15.1*80
6,262
18. 313
12.61*6
12,085
1'^.163
9.369
2,522
6,698
5.16s
2,800
2,210
1,101
899
2,075
633
1,822
20,391
2,333
18,31*7
l*,5i*g
U,2l*6
'•.351'
2,200
7,059
l.'»33
1.527
2,582
1.361
3.311*
1.778
2.253
3.216
2,222
2.331
3.511
31. 088
239
9,'«9
25.
315I*
2.371
557
18,810
3,191
2,320
1,756
9,168
11,780
6.363
6,728
7,608
3.652
8,a3
1.358
1,711*
1,01*2
1,131
539
3,802
3,186
1,859
2,605
2,959
1*I|2
2,8U5
2,158
2,301
1,516
U,566
3.360
1,581*
3,879
3,11*1
11,286
6,690
3.172
ll*,9S0
12.1*20
10,835
12,288
19,876
9.193
5.711
1,650
7,080
6,612
10,305
900
U,021
212
937
3.59"
821*
1,298
9.665
199
2,1*50
779
3.106
3.223
1,881
1.958
738
7.750
1.665
2,1*23
779
6,823
3,089
1*.972
80, 368
gl*l
656
386
398.782
lt,827
1*,262
12,1*90
10,71*2
5. '•63
3,901*
3,121
1*97
l*,i*90
Ug,768
l4ltl
61*0
1,587
878
3'*3
l*Ul
501
•..
lUU.Iios
l,lt01
i*,ooi*
2,271*
1.596
1.110
BaTada.. .....••••.
15.381
118
2,136
175
1,590
5.759
2l*3
1*1U
270
81*
1*1*
1.109
82
63,20U
U«3,23U
30,568
1,610
t,908
IU2
61*3
1.155
10,100
716
1.71*1*
12,1*62
1,157
7,030
287
623
U,392
188
329
2.855
117
2,509,169
171,36U
56.50U
3I.2I16
2,i<eo
19,907
2,566
1.006
51.957
53. '«5
U.USI
1.738
23,827
1,8U0
10,882
1.137
16.7'*3
'•.605
32,896
2,019
1,322
1*83
1*62
817,110
105,551
125.60U
11,119
1,369
8,211
21.739
2.999
16,591
7,11*2
1,831*
1,1198
1,361
20,120
2,067
2,712
3. '•30
2,781
951
939
fannaylTanla
Hhoda laland
South Carolina....
1,191,617
12,971
31.252
2.113
1,822
16,352
2,503
1,000
10, 381
South Daksta.
Tannaaaaa. ...••...
Taxaa
1,1|08
7U7
1*86
31*1*
321
2,181*
2,201*
1.963
3, toe
979
2.616
1.175
2,926
2X2
2%
262
189
2,330
Montana
Babraaka
Bav Haoipahira
Baw Jeraay
Bav Maxleo
Bav Tork
Borth Carolina....
Borth Dakota
Cbio
Oklahoma
Oragon
Otab
"•.733
IW
1|23
115,8113
i.m
80,7Ul
l.'t35
U,lU2
U18
150,5'»5
i«5,585
1,735
U,292
31.6U7
510
702
"77
1.330
9,981*
16,981*
15.50I*
2", 383
552
701
3.a2
2,703
2,658
2,69?
7,
8,769
960
566
20,108
1.573
1.328
20,886
2,172
1,219
3.852
10,921
1.331
3.105
8,028
3.510
586
807
5,031
1*93
780
990
'•,360
11,032
l,!i6U
3,1*89
3.856
3.5i«
11,268
1.199
802
951*
925
171
268
i*,9ia
1*,728
2,1105
3,61*8
1,211
1,291
705
2.957
166
825
381*
155
ita
2,503
Waablngton
•.
Vaat Virginia.....
Vlaeonala
V/ODlOg
2ll,30»t
3.352
825
5.025
136
2,717
655
•.559
197
2,129
5,3'^7
6,1*09
'*,1*73
1,61*9
61*9
1,739
9.788
1,911
13.616
1,386
5.851
1*26
866
31*8
6*3
3.872
253
Alaaka.
Canal Zona
Bavall
Puarto aioo
Tlrgln lalandn....
Othar peaaaaalona.
5.201
6,059
93
67
56U
7*
1^52
1.329
110
818
263
382
853
321
13,32*
812
903
11)9
11*0
25
125
613
120
91
55
675
11*8
31*1*
51*8
131*
71
1
3
2
20
Unallocatad
U.509
Adjuatvnt
6.873
607
707
l.'t73
3.035
'•9,533
50.872
2,816
1,108
l.OUl*
2.7MU
75.890
367.760
Zk, 789
I.2U8
578
205, 898
3U,ltlt5
3. '•87
2.1*26
J80
Tlrglnla.
Tar«ottt...«., ••••.
U5I
l.3'i7
1,061*
223
5,169
188
10
261*
3'».370
919
970
5,765
9.615
262
29,852
1.952
2,063
§
1,31*2
7.621*
12,528
'*.2
37"*
7.859
3.623
1.376
io,ui9
992
12,2U5
1.276
1,085
12,8-
1,800
5.067
1,51*1
2.573
586
15
22
30U
90
1*09
3.166
1*1*
l.UlU
1*1*,
2.7O8
029
1,927
21*,
1,95"
657
501*
1,8911
1,01*9
7.U3
1,1*67
5,1*02
l*,l*li6
3.9K
891
2,63«
1,750
10,717
1,71*1
1.532
2S0
781
6
26
18S
99
517
500
1*30
50
8,610
63"
37
79
51
122
700
126
1.018
ll*0
8
20
21
16
"5
100
19
53
25
38
to
Dally Traaaurj
SUUaant
Total
25,U't
11*, 1*03, 1*27
Sourca:
p
•
Daily Tr«aauz7 Stataoant
PraliBlnary.
Laaa than t500.
8.53'»
3. 9"?
-670
-3.126
.2,866
9.017
-13.382
1.1*68
1,71*2
-3.265
768
176,91*2
i53.ai
3''5.376
382, 790
21*0,112
128,1*55
9". 055
lllt,76i*
318,599
19!*,
and raports from Tadaral fiaaarra Banka.
,803
8.711
586
318,698
251*.
Treasury BuUetin
i4.1+
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(Id thousands of dollars at curnnt radsaptlon ralues)
Apr.
1*9,1*1*1
781*
''.331
5.518
5,698
7,762
11,807
7,898
29,1*27
5.189
978
30,200
12,712
6,038
13.327
5.926
1*92
l*.18l*
lt.2l|8
I*.
i*.783
lt,l|lt6
14,887
11.707
I*,
91*0
7.207
6.350
1,660
1.509
1.530
1,91*8
919
35. 329
2,891*
3.033
6,063
690
1,003
5.O0U
6.U7U
825
3.8I5
5.827
829
i*,300
6,289
6,000
1,121
33.239
14,980
5,1*06
971
97U
907
29,l4i6
28,ll81
10,252
6.2ia
2,998
ii*,03i
13.091
12,555
8,088
5.8i*3
5.866
''.597
U,7li6
I*,
3.677
5.287
5.183
1.587
i*,78l*
l*.762
14.999
1.522
Osorjrla..
Ididio....
103, 758
''.333
19.952
802
Illinois.
5^.528
22,1413
Indiana
2ltO,66lt
Iowa*
12U,59U
81,082
Esntucky. •
Loul 1 1 ana.
Maiaa
36,169
2,990
6.258
2,766
6,587
3.525
Xansas.
I*,
39.5"''
16,252
80,365
116, SUg
• •
7.96U
2,168
31,610
2.073
It, 687
Delavar*
District of Columbia
Tlorida.
JZ"*
92.133
91.1T5
2g,U«3
l,oIi5
Kaiylsnd.....
Massachusetts
Nichlfan
9U,092
212,259
501.038
3.676
9,260
21.397
Minnesota. .
Mississippi.
Missouri....
137.263
5.528
115,608
1,7140
11,03''
198,901
31*.
5.880
5.1123
''.3''5
2,651*
117.
Sept.
8,568
2.195
5.303
1.691
2,532
California..
Colorado...
Connactioit.
Aug.
1,603
1,61*3
70U,71lt
July
2,71*2
5.017
1,581
2,555
5.515
1,836
2.632
10lt,885
33.'t55
58,072
U,862
May
u,6oz
1,597
2,108
Alabsoa.
Arizona.
Arkansas.
55. U"*
19I16
19115
Total
Oct. 194UTab. 19>l6
3'*.
671
2,783
6,183
2,1193
l*,22'4
14,876
i*6,it6o
1*9,251*
50,602
58.215
3.327
8.563
1*,230
3.987
8,282
14,128
5,^1*6
8,1461
8.578
836
1.078
l*,891
1,106
5.051
7.578
1,302
5.953
8,820
1,130
i*,050
8.550
1,110
6,118
8.733
1,286
6,^01
10,252
8,209
1,1*01*
7,529
l.WlO
1*0,851*
36,071*
39,566
7,012
1,309
35.175
7.153
1.580
36,800
1*1,292
18,811
8.992
16,530
7.86U
7.038
16,627
9,213
5.863
710
lU, 761
8,032
5.377
7.858
6,967
6,637
2,001
7,557
6,781
6,557
2,251*
2,0141
7.685
16,305
33.979
6,673
13.796
29.566
597
7,975
2,'* 56
I*,
1*25
8,922
1,1*81
5.7'*1
111.
6,.399
5.1*56
5.293
5.11*5
6,678
U,199
5.059
11,938
l*,958
13.1*1*7
11,5014
6,781
13.959
27.373
25,71*8
28,377
11.520
30,600
13,I*1U
29,1*17
37,21*2
38.11*3
8.367
2.331
11,658
7.808
2.355
11.299
9.320
3.013
13.575
10.370
3.8I5
9,262
3,292
771*
7.357
2.239
11.181
3.531*
11,1151*
111.691*
13.951*
13.71*6
l,58l4
7,218
2,218
7,1*11
2,028
10,
7.892
2,826
6,991
2,308
3.730
201*
9.338
T.S'*
5.1*32
8,977
1.776
16,185
10,119
7.252
6,576
6,508
2,189
6,7a
6,626
111,705
7,iai*
ll*,822
3U.000
52.316
9.279
12,120
U,102
17,790
iJ:^
016
7,051
1.995
23.665
873
1.351
1.257
1,11*5
59.1'»9
10,1*06
2,l4l49
't.095
3.181*
3.132
1,178
2,897
1.197
2.977
1,681*
l*,U30
1.569
U.021
1.728
'.325
U3I
585
1*99
5l'7
522
51*2
782
61*5
738
Hew Eampshtre.
Ksv Jersey..
Hew Mexico....
17,658
250,5^5
19.150
601
938
927
13.973
905
13.057
16,1*¥*
1.267
17.115
1.1*77
lll,83l*
980
12,909
1.259
9.9OI1
999
12.859
738
I.OU9
91*7
891
9I16
1.329
1.1*33
lev Toik
Sorth Carolina
lorth Dakota..
707,95^
95.255
16.753
28.91*1
38.195
35.889
U.967
l,03«
1*0,871*
5. ''91
763
U,650
999
36,918
3.905
697
1,196
1,156
1,230
6,985
1,18U
Ohio
Oklahoma*.
Oregon. . .
U9U.lgo
95.581
108.166
21,0149
29.922
5.092
6,2U7
37.1*39
3l*,l*3U
5.657
5.535
5.305
27,951
U,5t6
6,189
6,360
8,Ul7
8,195
7.588
37,282
7,168
7,717
31,66U
6,666
7.007
51.851
6.252
7.200
3U,031
9.650
8,691
PennsylTnnla. .
Bhods Island...
South Carolina.
566,163
33.525
51,281*
29.997
2,260
2,516
38,800
2,957
3.709
38,199
2,869
3,268
39,991
2,731
3.1*66
'',115
3.6I49
57,828
2,8t6
5.775
1*1,050
2,1478
30,023
2,156
1*5.691
I10.177
30,889
2,216
South Dakota*.
Tonnessaa. . ...
Texas
18,311
105,311
1.178
1.329
9.397
27.585
1.358
6,967
1,502
7.1*25
1.773
7.679
622
26,0914
23.573
28.1*80
2.381
613
9.551
2,610
755
10,185
2,l4«3
623
9.085
2.505
665
9.170
2.651
622
10,1*21
11,612
5.989
10.796
9U7
10,063
10,1*52
12,01*3
14,910
79"
U,6U7
10,315
832
16,855
1.153
318
268
268
299
3.506
593
3.1614
3.359
732
25
651*
-7.235
-5.573
1,295
1*96,962
5ll*.933
585,5''5
Montana. *.
Nebraska. •
Sevada. . .
.
'»9.519
330,3Uii
Utah
Tarsont..
Tlrglnla.
128,136
Vashin^on
1^.179
Vest Virginia..
Visconsln
Unallocated*
785
'4.61*5
965
•936
26,529
26.391
26.357
'*.739
''.l'77
U.57I*
1,981
2,800
2,100
2,328
851
1.031
5.567
18,172
5.3'tt
5.323
15,685
l6,lit£
U,029
13.8U5
31*.
'*.790
1,001
2,1*22
935
2,1*39
ggit
9a
l,2>t3
15.289
16,210
19.1*58
1.507
1.571
2,299
i.QltO
21*.
1.539
7,uita
6,1*76
6,603
7.570
3.589
7.379
3.500
''.999
7.951
1*80
570
7.170
602
.699
12,115
8.790
3.571
8,836
688
7,579
iU6.oi<e
6,821
2.359
6,100
591
625
10,750
777
11,052
5,i4o
10,225
886
3.785
15t
2U7
181
230
253
255
273
259
67.972
i*7U
I105
6M1
3.'i87
6,831
9,2u7
8,11*5
11,650
1.375
19.332
1.368
I.2U7
19,016
1.769
68.227
itg,
sol*
61,1*25
7,061
1.155
8,217
1,718
?79
9.32''
51*,
1*,628
888
2,622
3.955
5,1*70
•
8
39.133
8.363
257
18,679
1.633
1,266
17.971
1.369
7.a3
6.><oo
1.776
38U
7.951
Alaaka.
Canal Zona
*•
Havali
Puerto Rico
Virgin Islands....
Other possessions.
3'*.
1.399
269
5.357
33.055
tf/oolng
768
I:,826
J.
901
1.758
U,o62
766
2,1*59
U,o6l
720
1.97'*
1,892
3.255
21*6
1,161
237
30I*
31*7
1*56
15
9
15
16
21
3.873
896
12
13,896
-7.008
3.779
-ll*,020
-31.183
5,61*6
l,'t53
1,826
1,809
1.376
375
12
1*79
52 1*
11
3"
-11,252
6.801
^.1*1*8
37
128
Ad^stnent
to Dally
Treasury Statenent
Total
Sourcar
Hots:
-39. «5
7,371.1feO
296,517
1*32,256
381. 092
398,172
372.1*78
Daily Treasury Ststenent and reporte froa federal Bassrre Banks.
It should be noted that State figures presented in this tabls are
not necessarily coDp&rable with sales data by States InasBuch as
bonds ^ich have been purchased in one State may hare been redeeaed
in another.
MoreoTer, the figures shown in this table are based on
397.683
501,022
500,655
582,809
current redemption Taluee, whereas the sales figures are shown
at issue price.
Data on redemptions \jy states are not aTsilable
prior to October I9UI4.
Less than (50O.
•^5
April 1946
Sales and Redemptions of Treasury Savings Notes
Treasury savings notes were issued in
three series, series A from August 1, 19'11
series B from
through June 22, 19'^3,
August 1, iglt-l through September 12, 19'^^,
and series C vhloh have been on continuous
All of
sale sinoe September iM-, igUs.
notes
series A and B and some of series
have matured.
Series C notes are sold at par, and
aoorua in value eaoh month, yielding 1.07)1
per annum if held to maturity (3 years
Thess notes may be
from date of issue).
used in payment of taxes any time after
2 months aftsr issue, or may be redeemed
for oash any time after 6 months after
Issue.
Tor details oonoeming features,
and tax-payment or reinvsstment yields,
demption values see 'Treasury Bulletin"
For
for October 1945, pages A-'^ and A-5.
details concerning the features of series
'Annual Report of the
sse
Secretary of the Treasury' for 19'^2, page*
207 and 220.
A and B notes,
In the following tables sales and redemptions of Treasury savings notes are
Matured notes turned
shown at par value.
(either for oash or for
in for redemption
tax-payment) are included in the figures
Matured notes outstanding
on redemptions.
are reflected in the interest-bearing debt
until all notes of the series have matured, when they are transferred to matured debt upon whloh interest has ceased,
in aoeordanoe with the practice of the
For sales and
Daily Treasury Statement.
redemptions of series A and B notes by
fiscal years and months see 'Treasury
Bulletin' for February 19'*6, pages ks and
Table 1.- Summary of Sales and Redemptions, by Series, as of February 28, 1946
(In mlllloiu of doUara)
Tressury sevlngB notae
Treasury Bulletin
U6
Sales and Redemptions of Treasury Savings Notes
-
(Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In nlllioai of dollara)
Total
Zteomlaatloa
aU
or umtb.
danoalnatloaa
$100
$500
7.5^.7
igm.
8.953.7
7,015.8
19*5-
Marob
233.1
2.535-5
3,086.7
2.378.2
1,12>1.5
1.259-5
827-0
1.917.0
1,808.0
1.598.0
10.0
8.9
38.U
7>».9
1:1
36.1*
7U.6
18.0
2U.0
6U.0
82.0
7.7
U.8
62.0
128.0
142.3
126.0
121.5
2ll9.0
5.6
122.9
387.3
372.2
7'».0
59.2
71.3
10.7
16.3
.5
2.3
2.2
.6
.2
.2
1.2
7W.1
1-3
l».0
598.0
.7
2.5
1-3
.5
llt5.U
Oetobar..
loT«abir.
Saeaatar.
336.1
91.6
.8
Tatnaiy.
2^:5
2I19.O
52.6
26.5
16.5
9>».0
58 U>
7U.O
iti*.3
16.0
9.0
1|£.0
29.7
12.8
57.8
17.1
}z.k
182.7
111.8
120.9
25U.2
185 .0
83.0
66.0
51.5
53.0
109.0
197.0
T-8
3.H
11.3
90.0
33.5
87-0
67.1
1».7
3.2
.9
301.8
181.0
19>4£-Jaiiiiazr.
$1,000,000
1,>I88.0
••07.7
307.U
i,388.e
1.858.5
$900,000
332.1
1,096.8
1,113.5
Al7
$100,000
507.6
laU.o
32.8
May...
ioenat....
SaptMibar.
$10,000
398.5
29t.3
2U.2
iprU.
J^a.
$5,000
21*9.0
10.
13.1
aa.U
19li5-r«1nniar]r.
Sooreai
n.ooo
U.6
^r
52.6
22.2
'».7
28.0
l)bll7 Traaaui7 Statoaeat and raporta from Tedaral Baaarra Baaka.
RariaaA.
Table 4.- Sales of Series C, Classified by Type of Purchaser
Parcanta^ dlatrllmtlon of aalaa
Salaa In mllllona of dollara
Tlaoal yaar
or Boath
fetal
IndlTidoala,
partnarahlpa
and truat
aecoonta
I9H3.
7.5lrf.7
6U.3
igw.
8.953.7
7.015.8
65^.9
U3U.7
233.1
19.1
18.2
19U5.
19ll5^akTaur.
Karoh
iprll.
Kay...
Jan*..
1107.7
1,096.8
1,113.5
Cerporstloaa
Jaly
8.1
193.3
100.0
100.0
9M
7.8
91.0
92.2
100.0
100.0
100.0
8.5
6.0
5.6
9U.>l
100.0
100.0
100.0
U.l
10.5
92.5
«?.9
89.5
100.0
100.0
100.0
8.8
8.0
6.8
91.2
92.0
93.2
100.0
100.0
6.8
5.H
93.2
9U.6
zA.9
,031.0
.051.1
28U.It
lii5.'»
vtaata
91.6
9.6
306.i»
171.1
OetaWr..
336.1
70i».l
Saoaikar.
598U)
29.7
5S.0
i.6
19><6-7aBiiaz7..
301.8
181.0
9.9
TaknasrSotreai
Bally Iraaaory StataBBt and raporta firaa Vadaral Baaarra Baaka.
Corporatlona
100.0
100.0
100.0
iacwt..
oTvAar.
IndlTldnala,
partnarahlpa,
and tmat
aecounta
6,935-U
8,298.7
6.581.3
373.0
62.l>
Sotal
130.7
82.0
£148.1
557^
asi.ii
u
7.5
91.9
92.7
93-8
91.5
9U.0
April 1946
^7
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
^
(In thouaandt of dollars]
iaouut
outatandlni;
Tlscal j»ar
or aontb
end of
flBcal jaar
or Boath
Faresnta^e dlstrlbatlon
of r«d«mptloaa
Bedeoptione
Hat
chaa^
dnrlnf
fiical /ear
or month
Xzchan^d for
SaJ.ee
Total
Exchas^d for
Ihilted Ststee
Cash
arln^
2/
United State!
2/
tends 2/
hv^f
191*1...
19U2 [in*. 19IH-J0;
19U3
19U2.
l66,5Ul
+lSl,oU«
308.621
11*7,571*
590,26s 6/
51*4.61*7
1*08,930
268.1*11
1*25.762
,2J
127.948
474,168
352.632
231.593
19U5
213.350
196.518
177,598
igllg-relinMLry.
186,710
It.OlS
20,731
16, 711*
189. 't09
2.699
28.251*
25.555
188.7'»3
-666
-2.UU6
-8.699
2l*,7l|8
25,Ull*
26,132
19.069
28.578
27.767
16. 1*06
17,6b6
38.091
23.955
13.405
10.587
11.396
5.259
13.893
13.412
U.387
9.830
7.990
16,713
10.623
11.229
6.751
March
+45.6205/6/
-16,832
-18,920
April
May...
Jnne..
186.297
177.598
July
155. gi"*
Au^ruet ....
l'»9.6lt5
SapteiD^er.
lUl*,679
-21,685
-6,268
-U.966
October
SoTember
Seeenbar.
l'n.372
139.356
133.229
-3.307
-2 ,016
-6.138
19U£-Ja>>iux7..
lao.aoU
-13,021*
Tebniary.
3.689
u6,g55
-3.350
7.273
.
Sonrcat
1/
2/
2/
287.331
8,1*38
Iblly Traainiy Statenant coumaneln^ BoTember 1. 1942; prior
thereto, Poet Office Department.
Stanpa aold prior to October 1, 1942 were known as postal BaTlnea
tamps and ware obligations of the Poetal Savlnga System but sub•aquantly beeane pnbllc debt obligations.
Zatlmated on the basis of samples made by the Poet Office Sapartment
Details not aTallable for May, Jvma, and Jnly 1941.
4/
5/
oj
Csab
lottl
Ixmda a/
100.0
100.0
100.0
100.0
100.0
18.468 4/
70,480 5/
73.130
55.738
13.421
20.140
3.293
5.414
100.0
100.0
20,07?
23.634
22.910
m
100.0
100,0
100.0
4.857
8,438
87.5
12.64/
87.1
82.8
80.6
12.9
17-2
19.4
80.
19.7
78.8
a.2
79.0
82.7
21.0
17.3
17.5
82.5
100.0
100.0
100.0
77.8
3.397
100.0
100.0
100.0
67.3
73-3
70.2
26.7
29.8
5,484
3.873
100.0
100.0
67.2
63.5
32-8
36.5
i1;^
7.U4
8,922
4.483
9.3't9
4.544
3.582
y
22.2
29.7
m
33.'»
Inclndas minor amoimtB lAlch were eczchan^ed for poetal saTln^ cei^
tlflcates. These ageregatad $123 thouaai^ for the period Au^nat 1,
1941 thiD-neh J-ana 30. 1942 and $55 thonaand for the period July 1,
1942 through October 31. 1942.
Net of aalss less redanptlone.
See footnote 1.
Qses not Include amounts transferred from Postal Sarlngs S^stesa to
the Treasury to cover outstanding stands.
Table 2.- Sales, Classified by Denomination
Salaa In thouaands of dollars
fiscal year
or month
1942.
total
all
dasamlnAtlona
Paroentaga dlstrlbatlon of aalas
Denomination
10^
25(!
50(!
$1.00
5-00
Total
all
denominations
DanomlnBtlon
Wt
25((
50(!
$1.00
$5-00
308,621
590,268
408,930
268.411
67.466
126,327
102.534
68.727
167,709
313.691
209.121
135.277
28,6l4
52,508
32.611
20,942
31,583
71.693
46,972
32.583
26!o4g
17.691
10,882
100.0
100.0
100.0
100.0
25.1
25.6
54.3
53-1
51.1
50.4
9-3
8.9
8.0
7.8
10.2
12.2
11-5
12.1
u
u
20.731
28.254
5.857
8.059
10.155
13.981
1.463
2.017
2.288
3.201
967
996
100.0
100.0
28.2
28.5
49.0
49.5
7.1
U.O
7-2
11-3
4.7
3.5
24.748
26,132
19.089
6.966
7.236
3.891
12.226
12.975
9.832
1.878
2.755
100.0
100.0
100.0
28.2
27.7
20.4
49.4
49.6
51.6
7.6
7.5
8.7
U.l
2.981
2,720
924
987
i:l§
11.4
14.3
3.7
3.8
5.0
16,406
17.686
8,438
2,521
2.479
1.573
8.80?
Aoguat
Ssptenbar.
100.0
100.0
100.0
15.4
43a
18.6
53-7
52.7
52.3
9.7
10.0
8.9
16.2
16.9
15.1
5.0
6.4
5.1
October.
KoTHBbar.
Dec sober.
10.587
11.396
5.259
2.565
2.986
1.204
5.422
5.6?6
2.643
827
865
398
1.303
470
499
322
100.0
100.0
100.0
24.2
26.2
22.9
51.2
50.0
50.2
7.8
7.6
7.6
12.3
11.8
13.2
6.1
1946-7anuary.
Tebiuazy.
3.689
7.273
946
1.859
1.839
3.507
271
559
4W
^51
100.0
100.0
25.6
25.6
49.8
48.2
7.3
7.7
13.0
13.8
U.7
1944.
1945.
1945-rabruaiy.
March
tpTil.
May...
Am*..
July
Soorcai
(1) Total aaleai
l^l
1.591
i.76e
751
IbUj Trasaury Statenaat coanandag KiTenbar
2.65?
2.994
1.272
1,006
1.
1942! prior thereto Post Office Depaxtmaat; (2) Distribution by
danomlnatlonai Based i^on Post Office Dapartaant data.
961
825
1,1a
21
21 -.1
i4.o
^&
OWNERSHIP
OF
GOVERNNTENT
Treasury Bulletin
SECURITIES
U9
April 1946
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In mlllloni of doll«rt)
Sacurltlai liioad
\>j
Unltal Stataa OoTanmant
Sistrlbatlon
^
SecuTltiss gnarantsad by Unltsd Statss 1/
olaisaa of holdara
Distribution t^ classes of bolders
V, 3,
U.
nil of fiscal
7«ar or month
Total
aaoont
outstanding
S, OoTarnmeat
aganolaa and
troat fnnda
Total
PuMie
public and marlcetapaolal
atle
taaoaa
iaraas
1936.
1937.
1938.
193919M0.
32.989
35.800
36.576
39.886
19U1.
igte.
71.968
135. 380
19U5.
1.959
3.251
8,225
2,10lt
1
10,31(0
2,1*52
3
7
I99.5't3
lU.ogi
18.920
256.357
2it,93i*
6,105
10
17
Total
aaount
nnaaturad
outstanding
Banks
PaWlo
5.605
6,803
PrlTata
InTsstora
Baaem
Fiibllo
nonSpecial marks tnarkatabla iasuaa
abls
ionas
issuaa
1,332
1.693
1.791
1.835
2,028
U,l*66
fadaral
Total
pahllo
Iasuaa
PuMio
markstabla
Isauaa
FuUio
iasuaa
2,1(30
676
770
2,526
2.56U
2,551
28.601
30,023
29.5U5
31.730
.775
2,1(58
33,U5
28,835
27,989
29,579
29.950
6,120
7,885
10.871
lU,287
18,812
2,180
37,982
58,988
33.1(28
'*.55U
6,360
45. 1*81
U,5l(9
HU.lUl
84,91(8
13,507
29,193
'*,092
275
287
170
U5
165,725
209,630
120,880
1*1*,
81*5
1,516
1*
176
153,1*21
56,209
!i09
6
2,61(0
7.11*9
ll(.899
a, 792
1,261
1,138
1.556
2,151
3,166
231.85'*
232,026
22,391
22.86U
5.2't5
Kar.
5.281
16
16
17.130
17.567
19.U39
19.669
190,021*
189.1*93
137,695
137.675
*eT..
May..
233.063
23.185
5,2l«
16
195
105
16
17
20.1*55
ao.gsi*
136,981*
23.801*
2U,93>t
17.923
18,592
18,812
189.>*S8
235.7a
a,792
191 .OOU
209,630
136.503
153 .fra
5U.501
56.209
22
19.558
20,033
20,519
21,717
22.530
23.328
32,1(07
212.069
209.667
155.286
57.121
29
29
15**. 719
209,1(18
153,375
212,5U1
155. 5U2
22>*,l«0
167.515
JtBia.
.357
July.
tag..
Sapt.
.781
25.6^
.71.6
26.lli7
259 .630
26,635
6.0T7
6,085
6,087
6.139
6.098
7.002
29
29
29
20.577
20,710
20,000
23.276
275.69
26,7V5
26,837
27.031
277.U56
2T7.912
27.691
27.933P
7.006
7,oo6p
30
20,655
20.197
23.26**
22,90)1
19<<&-Jan.
Tilt.
Sooreei
3Dp
(1) Oilly Treaaury Statanant for total amounts outstanding;
(2) reporta of t^anolee and truat fonda for aaeurltlee held by
n. 3. OoTenasant agesiolae and truat funde; and (3) Pedaral
Raaerre Systeo for securities bald by 7adaral fieeerre Becks,
p
•
Preliminary.
Leea than $500,000.
226,901
227.076p
1/
2/
52.329
51.817
9,900p
1*,718
U,665
'*,3Ul
377
363
1*,302
lt,52S
'',853
5,1*50
5,1*98
286
286
5,161*
5,212
6,085
l(,262
l.lll*
1.U9
1.132
l.l$l
I109
l(8U
3,738
1,186
28
68
150
375
780
781
328
332
782
783
28
375
515
527
26
29
30
^,01*3
56.998
56.886
51*1
32
57.135
57.176P
5^
7
539
7p
153. "as
9.363
2/
Public
Public
Public
Darkatmarks taonnoDabla
maikatabla able
markstabls
Iasuaa
Isauaa
issues
issues
626
27,31(0
Prirate
inrastors
PuMio
noD-
markstaMa
19l*5-»»l).
Oct.
Bdt.
OoTomsent
acanclss and
trust funds and
'adaral Sessrre
Banka
536
553
1*50
U79
U90
512
Itxcludes matured seeurltlee, and obligations bald
32
32p
by the Treaawy.
The total mount of seeurltlee held by prlTate InTestors is ealCTklated by deducting from the total smoUBt of aaeurltlee outstanding,
the seeurltlas held by U. 3. OoTaRssent i^anelas and truat funde
and by Pedaral Baserre Bmks.
Treasury Bulletin
50
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Far Tsluee l/ - In bllllona of dollars)
RaU
Total
amount
outitandln^
Xsd of
month
2/
Oomrrolal
Total
Held
t>7 baiifca
^anJcfl
y
Tadaral
Baserre
Sanks
IndlTlduala
Inraranea
eonipanl«a
\ij aoor-'banlc
Mutual
Inreatora
Other
corporations
and
basks
aseoelatloiu
5/
1939-Deo eater.
"•7.1
18. U
15.9
2.5
19140-Juna
"*7.?
18.6
19.5
16.1
17.3
2.5
2.2
5". 7
Dec«tt1}«r.
63.8
21.8
23.7
19.7
Dacaater.
21.
2.2
2.3
19>»2^IIIM
Dec«a1>ar.
76.5
111.6
28.7
"7.3
26.0
Ul.l
2.6
6.2
19U3-March
Jona
Saptfobar.
Deeaater.
1U.6
139-5
161.0
168.7
50.1
^.'^
67.2
71.5
Wt.2
52.2
58.3
59.9
5.9
7.2
8.9
11.5
iglA-Mareh
June
Septentar
Decanter..
18$.
aoi.i
ao9.3
230.
76.2
83.3
6U.0
97.8
97. "
78.1*
Hareh
233.0
233.1
I9UI-JUII
^3
T7-7
April.
May...
Jane..
231*.
2
236.9
256.8
98.2
98.9
105-9
77.7
77-9
8U.1
Jnly
260.3
261.3
S60.2
107.2
107.2
107.1
85.5
8U.7
83.7
260.0
276.2
107.7
109.3
11U.3
8U.U
85.9
90.1
278.0
278.5
115.3
115.3
92.
Jai^st. ..
September.
October.
NoTamber
Dacenbar
263.
19l46-Jasaai7 p
Jtebruary p.
.
92.0
Stats and
local
£OTsnuDents
6/
n.
s.
OOTernaant
agendas and
traet fnadi
51
April 1946
Treasury Survey of Chvnerehip of Securities Issued by the United States
Government and by Federal Agencies, January 31, 1946
Section
I
-
Securities Issued or Guaranteed by the United States Government
The tablOB in Section I present aumnary data as of Januarj 31, 1946 from the
Treasury Survey of Ownership of Securities
Issued or Ouaranteed by the United States.
The banJce and insuranoe companies covered
in the survey account for approximately 95
percent of the amount of such securities
Table 1.- Summary:
owned by all banks and insurance ooapanies
in the United States.
Section II presents sunmary data on
the ownership of Federal land bank bonds
and Tederal interaediate credit bank debentures.
All Interest-Bearing Securities
(In mllLlone of dollars)
Clasolflcatlon
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, January 31, 1946 - (Continued)
Section
1
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PART A
-
-
-
(Continued)
(Continued)
ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL OlASSES,
AND BY TAX 3TAT0S-( Continued)
Held by InveBtors corered In Tresumry Survey
Insurance compaoiee
Banks 1/
ClsBBlfloatlon
Total
amount
outBtandlng
7.377
31*
51*1
conmer-
•took
aiutual
dal
soring
saving
tanlca 2/
baoka
backs
Percentage distribution by classes of securities
Types of aecurlty
Securities issued by United States
Treasury bills
Certificates of Indebtedness
Treasury notes
Trens'iry bonds - bank restricted ]/.
Treasury bonds - bank eligible
Postal savings and other bonds
Cuaranteed by United States
:
^
Total
Call classee;
Due 3r first becor.lng callable
ilthln 1 year
1 to ^ years
5 to IC yerJ-s
10 to 1^ years
•*•
15 to 20 yeors
Over 20 years
Various (Federal Hmislnf Administration
debentures)
Total.
Tax status: 6/
Wholly exenpl froD Feaeral tncoce ta?:es....
Partially exempt fron Federal Iccome iBxesjJ
Subject to yiedcral Income taxes ]J
Total.
8.5
life
insurance
companlee
6hS fire,
casualty,
and marine
Insurance
cos^anlee
All U.
S.
Oovemment
a^nclea and
trust funds,
and Federal
Reserve
BaolcB
Held by
all other
Investors
1/
April 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, January 31, 1946 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
Part b
Issue
mllUoaa ot dollara)
(Continued)
(Continued)
DISTRIBUTION OF OV/NERSHIP FOR EACH ISSUE 0UT8TANDIN0
(Par Taluaa - In
(Tax Btatofl 6/ iB ihown In parentheaee)
-
-
Treasury Bulletin
5'^
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, January 31, 1046 - (Continued)
Section
1
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PART B
-
-
(Continued)
(Continued)
-
DISTRIBUTIOH OF OWNEHSHIP FOR EACH ISSUE 0UT8TANDINa-( Continued)
(Par Talu«s - In millions of dollars)
Bfild 1)7 Imrestort
ooTered In TreaauT7
Innrance
Bask* 1/
XmB
(Tb
oatstaadlsc
3^
5Ul
317
etocfc
s«riii£S
Brings
Insurance
cnmpanies
dal
Treaaury bondB-( continued)
SaptOTter 1951-53
St
3)t
Septeober 1951-55
2Jl
Decembir
1951-55
6^
7.377
eoBB0r-
baoki 2/
'banks
lU
eompazilee
lotal
atatui g/ 1* abevn In parenth«eei)
Sam/
fire,
casualty,
and marine
Ineurance
companiee
8.
TJ.
Beld ty
GoTenunent
agencies and all other
lirrestore
fonds,
trujst
2/
and federal
Saterre
Banks
636
16
2"
121
3''
3
6l»
>*8
560
"83
30
17
77
679
15
822
182
26
1
I49
1"
17
157
"33
"7
35
111
"22
11
35
315
51
827
105
136
707
120
128
30
60
7"
76
96
1.7't2
71*2
208
160
112
216
208
262
"17
(taiaW.)
7.986
5.28U
22
(partially'
(taxable)
755
393
5
757
50
510
368
383
2
11
30
1,118
1,02U
5.825
897
519
3.930
2
2
•
21
216
282
5, '•26
22
905
636
2
522
1,273
680
2
31
10
265
602
17
1,191
16
12
11
6
35
33
6
115
77
12
108
f-lASt
?-l/s*
2*
December
March
Juna
1951-53
^95^-5'»
1952-5't
(partially)
(taiable)
(taiabla)
J*
Decanber
June
June
1952-5U
1952-55
1953-55
(taxable)
(taxable)
(partially)
8,662
1,501
June
March
March
195't-56
(partially)
(partially)
(taxable)
6gl
,611
2-lA* September
J-jA^ September
2-3A* June
(t»»abl»)
195&-59 ^/
1956-59.7. ..(partially)
(partially)
1958-63
3,823
982
919
?-lA< June
?-lA* DecMber
1959-62 U/
1959-62 5/
1960-65
(taxable)
(taxable)
(partially)
5,281*
3,lt09
37'*
19
368
"36
53"
277
l,Ug5
998
9
7
169
57
(taxable)
(taxable)
(taxable)
2,118
2.831
3.761
U
1*03
507
685
l,lUO
1.383
l,6oU
1,099
1,3"7
1,567
"1
3
5/
1.613
2, Us"
1,600
1.567
2,""0
1,582
"6
3,133
301
2.193
99
888
18
191
238
1.02"
20,37"
"3"
7.852
S-lAnf,
2*
2-lA)S
2-7/3)t
?-l/2il
1955-60
1956-5«
.
725
6lit
68?
189
8U
2-3Ait
Decanber
2-l/li
2-l/2J
June
December
June
1962-67 U/
l963-6« T/
Bec<«iber
1961t-69
!-l/?1t
March
March
1965-70 5/
1966-71
V
W
(taxable)
(taxable)
(taxable)
3.838
5.197
3,U«i
2-1/2*
2-1/2*
2-1/2*
June
September
December
1967-72 U/
1967-72
1967-72 !>/
(taxable)
(taxable)
(taxable)
7,967
2,716
ll.UUl
1,606
8
7'*
7'*7
33
I.16U
3,231
319
2,385
121. 358
"6,858
396
10, "1*5
22,808
2-1/2^1
2-1/2*
2-1/2*
1961t-69
Total Treasury bonds
Postal savings and other bonds
Postal 3.-»vln^8 bonds
Panama Canal bonds
Conversion bonds
(wholly)
(wholly)
(wholly)
Total postal savings and other bonds
auaranteed securities ^/
Federal Housing Mmlnlstratlon deben-
117
lU
66
89
13
15
11
"75
226
25
938
1''5
llA
2"
158
2
25
36
37
1*4
19
2,
6"
6
12
69
lU
52
2
75
502
86«
675
April 1946
55
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, January 31, 1946 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
(Continued)
-
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Far values 1/ - in millions of dollare)
Held
1)7
investors covered in Treasury Survey
Total
OBonnt
outstanding
IsBue
(Tex statue 2/ is shown In perenthesee)
United States savings boads 1/
Serlee B-D
Sen 89 K
Series F
Series
6/
taxable
(taxable)
(taxable)
(
Total Qaited States .tnTlogs bonds-
(taxable)
( taxable
Treasury savings notes
Deposl tary bonds
Guaranteed wecurltloe j/
Commodity Credit Corporation demand obli^e(taxable
ti ons
Total public non-oarke table securltlee.
consQer-
mutual
cial
Bavin^
saving
banks k/
banks
3.U62
30,870
2.823
ll,U32
215
"77
588
87U
lis,
1/
317
Total
life
InBuranoe
oonpanlae
9ie fire,
casualty,
and ouz'JLjift
Inatiraace
liweetore
5/
Rttserre
3.263
870
2.56?
lo.Usg
3:.
8
37
207
290
15
90
21
1
153
10
log
U7.I8J
8.107
73
8.003
1*711
W»3
31
506
57>67^
£21
1.390
111
isq
29
'?S217
••Taxable" eecurltlee are subject to both normal and
tax rates.
surtax rates.
Securities held in trust iepartmente are excluded*
Includes trust companies.
This colium Includes securities held by those tanks and Ineuranf^
See headcompanies -/hlch are not ccvered In the Treasury Survey.
not^ to this section.
6/ Series E-D saving bonds sold prior tc Varch 1, I?!*! are partially
tax-exempt; those 3ol<^ on and after that late rre taxable.
2/ Ouaranteed securities held by the Treasury are not Included.
8/ C.C.C. demand obligations in the amount of $506 mlllloD held by
all coaserclal bnn-ks are shown only In total amount outstanding.
3/
^
^
(Far values - in millions of dollare)
Issoft
travt
and federal
rnndfl
compost**
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States i/
(Tax statue 2/ ie ehown in parentheses)
Held by
a^ncles and all other
5
Leee than $5OC»0O0.
United States savings bonds, Series B-D, E, and F are ehovm at current redemption values. Thev were reported et raturlty value by the
banks and Insurance comTjanlee covered In the Trepsury Survey but have
been ad,3usted to current redemption values for use In this statement.
2/ Federal securities fall Into three broad groupa with respect to Imposition of Federal Income tejee or. Income derived therefr'^m.
"Wholly" tax-exeinpt "securities are exempt from toth the nonral ?»nd
"Partially" tajc-exerapt securities are pjerapt froa
Burtai rates,
the normal rates except that in the case of partially tax-exempt
savings
bonds, Interest derlvert from $5tOO0 of prlnTreasury and
clpid amount owned by any one holder Is also exempt from the sur•
5Ul
3^
stock
7.377
AH O. 8.
OoTenaoftQt
Insurance canpanles
Banks 1/
Treasury Bulletin
56
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
S
a
1
April 1946
57
Over-the-Courter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
February 28, 1946
Table I,- Securities Issued or Guaranteed by the United States Government
PART A
-
Price date
(Frlce decimals are
tbirty-eeconde)
Asutmt
outBtanding
Change
Description
la
(millions)
Mean
mean
from
Jan. 31,
Yield
to
earliest
call
2/
Treasury honds
banlr eligible
$1,115
3,o62
2*
'^"'.
.
l,011t
3/I5/US-5O
6/15/U8
6/I5/U9-5I
2^
1.963
U.939
2.635
7.986
510
3/15/50-52
9/15/50-52
1-1/2* 12/15/50
9/15/51-53
•12/15/51-55
2*
1,02U
5.825
1.501
8,662
1.1*9
2.716
9/15/1*9-51
l2/l5/'*9-5l
•
•
2-1/2*
2*
2-1/1**
2*
2-1/2*
3-1/2*
In
yield
from
Jan. 31,
Tleld
to
Date
of
Issue
Bigb
High
rlty
Price
Bate
Price
Date
Price
Sate
igits
102.12
102.02
103.21
103.27
103.311
+.01*
101* .00-*
102.12
102.02
103.22
103.28
lOU.OO
102.13
102.03
103.22
103.28
.06
•.12
•.11*
•.10
.82*
.SU
.86
.89
.92
.10*
.11
..11*
.14
.11
1.28
1.27
1.28
3/15/'*l
12/1/1*2
1/15/1*2
5/15/1*2
7/15/1*2
IOU.O5
102.02
103.22
103.28
104.00
10l*.00
lOU.Ol
10l*.00
.08
.99
.08
•
10l*.0l*-i
10l*.05H
101*. il*
lOU.ll*
10l*.23
IOU.22
1.17
1.16
,04
::S
10l*.21
•J37
+.13
•.05
•.08
..06
102.15
IOU.O5
102.14
1.06
102.13
10U.13
•.05
I'.M
•.02
1.53
1.39
1.55
l.Ul
1.56
2.05
6/2/la 110.22
10/20/41 109.16
3/15/52-?*
6/15/52-5^
6/15/52-55
•12/15/52-5&
3/15/56-5S,,
9/15/67-72!*/
.
Lov
price ranee 2/
(Price decimals are
thirty-seconds)
19'*5-19'<£
nati>*
•
•
.
.
Chan^
Price range
since first traded 2/
(Prloe decimals are
thirty-seconds)
Price
I^te
-
1.292
2,098
2lt
i/
ThXABLE bonds, NOTES, AND CERTIFICATES
.98
1.31
1-33
.98
10/19/1*2 104.00
U/15/U3 IOU.O5
6/1/1*5 102.14
9/15/1*3 10l*.17
12/15/1*1 10l*.22
8/2/41 100.22 2/35/1*1 102.16
100.01 12/23/1*2 102.02
100.05
8/5/42 103.22
100.04 10/6/42 103.28
100.03
8/5/1*2 104.00
2/26/45 101.28
2/28/1*6 101.09
2/ 28/ 46 101.26
2/28/46 101.24
2/28/46 101.30
2/2871*6 100.29
2/l6>l*6 100.03
11/2/42 104.00
5/3/1*7 IOU.O5
8/21/45 102.14
11/8/43 10l*.17
2/28/46 100.01
12/5/1*2 10l*.22
101.16
2/28/46 101.08
2/28/45 100.29
2/16/1(6 100.26
2/28/1(6 100.36
3/30/41 i07.il*
7/24/1*4 104.27
100.16 2/18/1*2 106.0s
100.09 12/19/1*4 105.00
101.30 12/26/41 110.22
100.01
1/2/1*2 109.16
2/8/46 104.00
2/18/46 100.16
3/9/1*6 102.04
2/18/46 100.12
2/3/1*6 103.23
2/16/46 100.23
2/28/1*6
2/28/1*6
2/28/1*6
2/28/1*6
2/28/1*6 100.01
2/2S/U6 100.08
107.08
107.10
•.01
10l*.23
10l*.2l*
.06
lOS.Ol
101*.
29
10l*.28
110.09
109.04
110.08
109.03
•.06
-.01
•.05
1.21
1.26
1.25
..Ol*
105.31
IOU.28
110.07
109.02
107.09
IOU.24
106.00
1.2l*
1.1(0
..01
1.9s
.01
106.30
103.11
103.11
106.30
106.19
107.00
103.13
103.13
107.00
106 .a
106.31
103.12
103 .12
106.31
106.20
1.53
1.96
1.97
2.00
2.05
-.01*
1.67
2.01
2.01
2.09
2.13
2/I/4I* 107.08
6/1/1*5 103.34
11/15/1*5 103.24
5/5/1*2 107.05
12/l/lta 106.23
2/16/1*6 100.01
-.07
-.07
-.06
-.03
106 .06
106. Ol*
106.08
106.06
106.05
106.05
105.01
105.01
106.07
106.05
106.04
2.09
2.10
2.11
2.12
2.20
-.08
-.08
-.09
-.09
-.09
-.08
2.16
2.17
2.17
2.18
2.25
2.25
U/15/1*3 106.11
2/16/1*6 100.00
.00
..01
•.ou
3/31/1*1 107.1!*
2/8/45 101.04
104.27
2/18/1*6 100.08
6/26/1*1*
2/25/1*2 IO6.O8
12/1/Ul* 105.00
2/9/U6
2/18/46
2/8/46
2/16/46
1/6/1*5
1/4/45
1/2/45
1/2/45
1/2/1*5
8/a/i(5
1/4/45
1/9/1*5
1/9/1*5
1/2/45
l/2/,(*5
1/2/45
1/2/45
1/3/1*5
Treasury bonds bank restricted
^
3.823
5.284
2-1/U*
3-1/1**
2-l/l*;i
2,118
2,831
3.761
3.838
5.197
3.i«i
7.967
11,668
.
a-1/2*
2-1/2*
•
•
.
9/15/56-59
6/15/59-62
•12/15/59-62
6/15/53-671*/
•12/15/63-685'
•
2-1/2*
6/l5/61*-69ii/
3-1/2* -12/15/5'*-595/
3/15/65-70517/
^'^'.^
H/
2-1/g - 3/15/66-71
2-1/2* - 6/15/67-72S'
3-1/2*. -12/15/67-725'
•
106.03
106.03
10'4.31
10U.31
106.0!*
105.00
105.00
•.10
.27
•.27
+.30
•1.06
•1.06
•1.06
•1.13
•1.15
•1.15
•1.15
2.
2/15/1*6 100.26
2/29/1(1*
107.08
2/16/46 100.16 9/12/U5
2/15/46 100. ll* 12/11/45
2/9/1*6 100.00
8/17/1*2
2/15/46 100.00 2/17/1*1*
103.2!*
103.2!*
107.05
106.23
1/2/45
2/16/46 100.16 9/12/45
2/15/46 100. ll* 12/11/45
i/2/45
2/9/46 100.38
2/16/1*6 100.16
1/2/45
3/2/V*
2/16/46 100.00
3/2/1*1*
2/16/46 IM.OO 2/16/U4
2/28/46 100.06 12/19/u;*
105.11
106.09
106.05
106.04
2/16/46
3/16^46
3/1
2/16/46
2/28/45
2/16/1*6 100. 21
9/24/1*5 105.05
2/16/1*6 100. 21* 12/11/1*5 105.05
2/16/U6
11/1/1*1 100.18 10/25/41 99.02 12/29/1*3 100.08
2/a/l*6
,51**
,64*
6/1/1*5
.36* 6'/l5/l*5
I./4/45 100.01
1/2/43 101.00
6/5/42 101.00
2/a/46
106.09
106.05
105.04
6/1/K5 105.05
11/15/45 105.05
l/2/'45
1/2/1*5
1/2/1*5
9/2l*A5
12/11/45
2/16/1*6
Treasury notes
1.291
u.gio
3.261
1.9't8
2.p7
1.687
3.7'tS
J^ 3/l5/'*6
,
»7/1/1*66/
.90*
1-1/2* B-I2/I5/U6
l-l/l** B- 3/15/1*7
1-1/2* A- 9/15/'*7
i-i/H 0- 9/15/1*7
1-1/2* A- 9/15/1*8
1*
100.00
.67*
100.18
100.01
.65*
100.19
100.15- 100.16*
101. 01-* 101.03+
100.22 100.23
101.21 101.22
lOO.X
.66*
100.18
100.16
101.02
100.22
101.22
.02
.10*
.02
.01
.02
.02
.08
.5U
1.00
.79
.77
.80
.80
.83
.01
.06
.08
.06
.11
.79
.77
.80
.80
.83
.87*
.70*
.87*
6/26/44 100.33
101.06
12/l/4i 100.23
3/15/1*1* 101.22
3/5/45 100.07 12/28/41*
3/5/1*5 100.15 10/14/1*3
2/16/1*6 100.06 12/27/1*4
3/8/4;*
2/28/46 100.05
100.00
2/28/46
6/15/1*5
l*/4/45 100.18
3/5/1*5 100.08
100.24
3/5/1
100.08
2/16/1
100.20
101.06
100.23
101.22
1/1*/1*5
2/28/45 100.17
8/1/1*5
1/5/1*5
1/2/1*5
3/19/1*6
.87*
2/28/U6
Certificates of
indebtedness 5/
.00*
'*,1U7
7/8*
B-
3/l/t«I/
3/1/1*5
3/19/1(6
.87*
2/28/46
*50*
,
perMj
0-
U/l/l*6
U.gll
1.579
'.799
2.UTD
T/8*
7/8*
't.336
7/8*
3.1A0
3.778
3.768
7/8*
H- 10/1/1(6
J- 11/1/1*6
7/8*
E- 12/1/1*6
7/^
7/8*
7/8*
7/8*
8/ 7/8*
»B-
P0-
ABe-
5/l/'t6
6/1/1)6
8/1/1*6
9/1/1*6
1/1/1*7
2/1/1*7
3/1/1*7
1*8*
59*
?7*
71*
.20*
.2U*
.1*1**
.1*6*
.65*
.69*
:i!
.71*
.73*
.72*
.7U*
.7U*
.70*
.75*
77*
78*
:S
.30*
.16*
it/l/l*5
2/25/1*6
2/28/46
7/a/45
.22*
2/35/1*6
10/8/45
.1*6*
2/28/46
.8lf( 12/29/1*5
.58*
.55*
.70*
2/28/1(6
2/25/1*6
2/28/46
.S3*
.32* 10/8/45
.SU* 12/29)1*5
.85*
.86* 8/22/45
10/1/1*5
.72*
2/28/46
.86*
12/4/45
1/5/K6
!85^ 12/39/45
2/4/U6
.80*
.79* 2/18/46
2/25/M
.8J*
.73*
.76*
.76*
2/21/46
2/28/46
2/28/46
.ni
2/28/1*6
.79*
.33*
.82*
8/1/45
2/28/1*6
2/35/1*6
9/1/1*5
2/28/46
10/1/1*5
13/1/1*5
2/28/U6
.36*
•.Ol**
12/3/45
2/35/1*6
2/21/1*6
.81
.03*
•.02*
1/1/1*6
•.Ol**
2/1/46
..13*
•.10*
••07*
•.06*
3/1/1*6
(Continued on follovlE^ page)
2/28/46
3/38/U6
2/28/U6
.85*
7/26/1*5
8/22/1*5
10/1/U5
i3/l*,n.5
.eC>*
l/'=/46
.85*
i2/g/U5
.80!!
2/4/4b
58
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
February 28, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government i'- (Continued)
inHT B
Amount
outstanding
(Kllllona)
-
TAXABLE TREASURE BILLS
April 1946
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
February 28, 1946
-
(Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
Treasury Bulletin
60
YIELDS
OF TREASURY SECURITIES
Based on
Mean
of Closinj^ Bid
FEB. 28. 1946
and Asked Quotations
PERC
PERCENT
CMplonafion
The points npresent yields to call (foto when prices are above par,
the various classes of points are fitted by eye Issues for which on
and to maturity date when prices are at par or below. The smooth curves for
eichonge offer has been mode or which ore due or callable in less than 3
months are eMCiuded
Office of the Secretory of
ttie
Treosury. Division of Research and Stotistics
F-235-B
.
a
.
.
..
..
,
61
April 1946
Average Yields of Long-Term Treasury and CJorporate Bonds
(Percent per annuo)
Partially
Taxable
tax-exempt Treaflury
Treaauiy
bonde 1/
bond! 1/
High-
Partially
Taxable
tax-exen^t Treasury
Treasury bonde
1/
bonde 1/
ffrade
corporate
bonds 2/
Hlgbgrade
corporate
bonde 2/
Partially
taJ^-axen^t
Treasury
bonde 1/
Taxable
grade
Treasury
bonds 1/ corporate
bonds 2/
Monthly series 2/
193S-Jan
Feb
Mar
2.69
Z.6S
2.67
3.17
3-15
3.16
2.66
2.56
2.58
igltl-Jan.
2.12
2.22
2.12
2-57
2.71
2-73
19l(U-Jan..
Feb..
Mar.
3.25
3.1U
3.15
Apr..
May..
June.
2.07
2.0 >t
2.01
2.76
2-75
2.7D
2.5s
2.57
2.63
3.12
3.10
3.12
July.
*>!£•
Sept.
1.98
2.01
2.02
Hot
D«!
2.56
2.56
3.06
3.0U
3.02
Oct..
IbT..
Dec..
1.98
1.95
2.06
2.3U
2.3U
1939-Jan
Peb
Mar
2.5U
2,pl
2.43
2.96
2.90
2.87
19l«-Jan.
Peb..
Har..
2.10
2.17
2.10
2.1|3
J*>r
2.38
2.27
2.22
2.92
2.86
2.78
Apr..
May..
Jime.
2.(
1.07
2.U1*
2.1
:.o6
2.U5
2.U3
l-M
2.76
2.79
3.29
July.
Aug..
Sept.
2.OU
2.06
2.08
2.1*6
2.7l(
Aug
Sept
2.23
2.27
2.67
2.U7
Oct
2.6o
Hot
2.1*6
2.35
Oct..
Sot..
Dec..
2.09
2.10
2.13
2.1*5
2.1*7
Dae
3.1U
2.93
2.86
19I(0-Jbs
2.30
2.32
2.26
2.81
2.79
2.77
19U>Jan..
Apr
May
2.26
June....
2.M0
2.7U
2.87
2.93
July..
2.30
2.31
2.25
Apr....
May
June
July....
iug
Sept..
,,
Oct
May
June
•
.
.
July..
Peb
Mar
..
Aug
Sept
Oct
2.
Not
See
e.09
2. ox
15.
22
29
1.68
1.68
1.69
1.69
1.66
6
11.
20
26
1.63
1.62
1.60
1.60
2.36
2.36
2.35
1.91*
1.91*
2.1(8
1.91
2.1(9
2.66
2.65
2. 64
July.
Aug.
Sept.
1.89
1.90
1.93
2.1(9
2.1(8
2.61
2-57
2.68
Oct..
Not..
Dee..
1.93
1.90
1.87
2.1(3
2.76
2.30
2.80
2.1«
.
19l(5-Jan.
l.Sl
75
Feb..
Mar..
2.1(9
2.1*7
2.SI
2.5s
2.58
2.59
2.57
2.55
2.1(8
hi
2.1(8
2.59
SM
2.51S
2.38
2.56
2.51
68
68
63
2,
39
2, 39
2. 35
2.1*9
P
68
2.
2.73
2-73
July.
Aug.
Sept.
68
2,
Oct..
Sot..
Dec..
1.62
1.56
2.U9
2.72
2.71
2.72
2.11
2.11
2.12
2.1(6
2.1(6
2.1(8
2.70
2.68
2.70
2.05
1.96
1.91
2.1(8
June.
2.1*5
2.68
2.65
2.63
S5
SO
71
July.
Aug..
Sept.
1.91
1.92
1.90
2.1(8
Oct..
Hot..
Dec..
1.90
2.1(8
F5
I.9U
1.95
2.1(8
2.OU
Peb..
Mar..
ADr.
(fay..
2.57
2.57
2.55
l9l(5-BoT.
2.56
2.56
Dec.
Dot.
Apr.
May..
June.
2.65
2.1(9
2.1(8
2.110
59
2.37
2.37
2.37
2.37
2.36
2.1(9
TO
v^eeldy series - Saturday
igUS-Sept. 1
S
2.!t7
1.95
1-93
1.91
Feb..
Mar..
2.55
2.1(6
2.1(6
2.1*6
10.
1721*.
1.51*
2-35
2-33
2.33
2.32
1.53
1.51
2-33
2.32
2.^
2. 36
2.55
2.31
^c
36
37
2.35
2.33
2.33
2.21
2.12
Feb..
2.60
2.6X
2.63
2.1(9
flgoree
19l*6-Jan.
2.
2.58
2.57
2.59
2.1*5
2.1*6
1.59
1.58
1.56
3.
2.75
Apr..
May..
June.
^
2.51*
2-55
2.55
19l(6-Jan.
5-
12.
2.56
26.
Peb.
2.
2.51*
il:
2.52
2.52
a.
2.27
2.54
2.56
2.5U
2.51*
2.5U
2.1*3
2.36
62
0)
O
z
o
£D
UJ
Treasury Bulletin
63
April 1946
CORPORATIONS
OF
THE
CERTAIN OTHER AGENCIES
UNITED STATES GOVERNMENT
AND
61^
Section
I
-
Treasury Bulletin
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945
Table 1.- Summary
(Zn thoaianda of dollara)
65
April 1946
Section
I
-
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1045
Table 2.
-
Corpora t Ions i/
(In thoiUAadJ of
1/
Leia thitn $300.
CoQstfltB of corporation! tn which the United Stotet iJoTeroBefit ha*
a proprietary latereat, direct or indirect, except f*»d«ral sarliv^
and loan B«9oclatloM and those corooratlone in which the proorl^tnry latereit of the United States It erldeacad onl.r b/ preferred
• tock or casital note* acquired through the BeconstnictloD finance
dollwa)
2/
y
-
(Continued)
Treasury Bulletin
66
Section
I
-
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945
Table 2.- Corpora tlonsi/- (Continued)
(In tbooMadt of dollars)
-
(Continued)
April 1946
67
Section
I
- Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1045 - (Continued)
Table 2,
^
-
Corporations^
Represent! admlnlstratlre ex;)enaet paid fron CttMral Fund Appropriation*. The iaaurano* proeran It not iDteoded to absorb the
cost of adntaieterln/* the Act.
10/
1\ /
Dipreciatlon chargvs for the period includAd vlfchla tsxIoub operating exiieose accounte*
Vorld War I corporation in liculdatlon.
-
(Continued)
Treasury Bulletin
GS
Section
I
-
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945
-
(Continued)
Table 2,- Corporations!/ -(Continued)
(Xb
than—wd« of dollar )
lAtlonal HoualB^ Afsnoj
fiBdar&l Boaa Loan Bask Adnlnl strati on
rad#ral
fbdaral
ho««
loan
Operating Income and erpepae
Operating income
Interest on loans
Interest or dividends on InTestnente
Ouaranty and Insurance preiLlume
1.038
1,522
Serine
fm ^ lean
Inauranoa
Corporation
Boaa
Ovnara'
Loan
Corporation
Vtlani
^illc
Unltad
atataa
HoualD^
Corporation
Hoailng
inthorlty
16/
12/
20,U10
1.859
2,901
fniBTal Public Boating
imthorlty and ifflllata
Total operating expenaa
Net operating income (or loss k/).
3'»3
U,762
361
20U
iU/
15 /
16/
23,U2lt
5.3'>2
3.672
''.715
1.592
7''7
331
197
18.356
8,8l>6
5,19'*
2,525
517
52
766
1.993
7.759
3,193
3.75^
23.972
13,100
2,169
-83
1.593
2,968
1.591
2,968
1.591
2,96« 18/
l.OSU
2.9t>7
U22
8,755
237
1,016
l.SitS
'*.55l
20,U56 10/
-2.255
-1
-1.575
156
1.236
.12
2,769
I*.
125
W,
125
-1,130
676
11,970
-2.257
156
73
675
-3
672
Net adjustment of valuation raserves.
Analysis of unreserved earned surplus (or daficlt)
Unraserved earned surplus (or daficlt b/J,
June 30, l^k^.
Hat income (or loss U/} for six montha aodad
December >1, ISUJ
Surplus adjustments
Unreserved earned surplus (or deficit 6/),
December 5I, I9U3
25. 565
20,859
27
Adjustment of valuation reservet
Reserve for losses on loans..
Hoeerve for losses on acquired secorlty or
collateral
Other reserves
Bet income (or loss U/)
21.355
155
1,866
2,561
Set oon-operating Incoze (or loss Jf/}.
Ket income (or loss U/) before adjustment of
.....*..•
valuation rsserrea
25,U36
2,170
Mon-oparatipg income (or less U/)
Direct grants, subsllles, and contributions.
Loane receivable charged off
Qoln (or loss U/} on accuired security or
..•.•••••.
collateral
•
Gain (or loss U/) on sale of miecellanaoua assets
•
Kiscelianeoue assets ch.trgcd off (net)
••
•••
Miscellaneous
•
Tanneaaee
Talla;
Authority
U9
3.310
General overhead expense
Depreciation and obsolescence.
Program operations expense....
Maintenance and operation of propartlea.
Miscellaneoua
•
tlTaa,
Inc.
3.192
Premiuraa, fees, and assessoence.
Prograo) operations incoma
.•
Miscellaneuue
••••
Operating expanea
Interest on iMrrowad funds.
Ouaranty and insurance loasaa.
Cost of sales
Coapvi7
Tannaaaaa
Valley
Aaaoelated
Coopara^
369
Sales of comiQociilies or services.
Rents and ro/alties
Other interest and rental incooa.
Total operating Income.
Safana*
Hone a
Corporation
Panaaa
Ballroad
2,769
8.053
'•.676
15/
12,6U3
-106,089
2.769
l<.676
12,6U3
.2,9lfc
Jit.b76
51C
7.907
15/
ration). Rubber Development Corooratioo and U. S. Cosnerclal Company which were transferred to H.r.C- from Foreign Economic Administration uider K.O. Hi. 965O; and War Damage Corporation.
Excludes cost of financing war subsidiaries.
The total surplus is shown aj liability reserves to cover possible
insurance losses.
All assets and liabilities llQuldaUd.
-92.932
17/
18/
-33.911
-30.166
1.969
-88
208
-33.911
-3C.0lt7
U7,UJ8
1.591
-2,U30
2.009
I*. 599
•
-11.699
2.968 18/
-8.732
Tiguras are for the five isonths ended November 50, 19'*5. and
War
represent activities undar U. S. Housing Act, as amended.
Housing and other operations of the Authority are reflected in
the classification "Other' In Table 3.
The net income from power operations has been reduced by the net
outlay for non-ravanue producing programs such as flood control,
navigation, and exparimental projects.
April 1946
69
Section
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1045 - (Continued)
I
-
Table 3.- Certain Other Agencies
(In thottaandg of dollara)
becutlTe
Office of the
Pre aidant
Office fo^
Snergeucy
Hanagemant
Var Shipping
Adialuie—
tratlon
y
Operating Ineome and expenae
Operating IncomB
lotereBt oo loans
Interest or dividends on laTestments.
Ouarant/ and insurance preniluiDS
Sale* of coomoditles or Borvlces*
Hents and royalties
Other interest and rental income..
18.23^
62.780
IS. 289
1A.137
2.U68
FremluDs, feee, and assesEineats.
Prograa operations income
Miscellaneous
515.91+7
Total operating Incoa
6£a,09l
Operating expense
Interest on borrowed funds....
Ouaranty and insurance losses.
Cost of sales
Oeneral overhead expense
Depreciation and obsolescence.
Program operations expense....
Maintenance and operation of properties.
Miscellaneous
•
Total operating expense
Met operating Income (or loss ]J),
HOD-operatlng income (or loss jj)
Direct grants, subsidies, an-T^contrl buttons.
Loans receivable charged off
•••*.
Oaln (or loss jf) on acquired security or
collateral..
Oaln (or loss 2/)on sale of Blscellaneous aasete
Miscellaneous asaetB charged off (net)
Miscellaneous
Ket non-operating income (or loss ]J)
Set income (or lose jj) before adjustment of
valuation reserves
Adjustment of valuation reserves
Heserve for losses on loans
Reserve for lossee on acquired security or
collateral
••••••••
•...
Other reserves
••••
Net adjustment of valuation reserrei
Net income (or loss jj)
Analysis of earned surplus (oy. deficit)
Earned eurplua (or deficit 6/), June 30, I9U5.,..
Het locoM (or loss j/) for six months ended
Decoaber jl, 19115
Surplus adjustments
tamed nurplus (or deficit 8/), Decamber 3I, I9U5
23U
3.772
55,856
Treasury Bulletin
70
Section
II
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months E^ded December 31, 1945
-
Table 1.- Summary
(la thousands of dollars)
Total
Corporations
1/
Certain
other
agencies
1/
Sources of funds
Borrowings:
Prom U. S, Treasury
Fron Govemment agencies.
From public
.
.
.^
.'
Total borrowings
Capital and surplus subscriptions:
By U. S. Treasury
By Oovernaent agencies
By public
1.116.300
7MO,5U2
716,956
1,136,300
657,969
710,763
82.573
6.193
2.593.79«
2,505,031
88,766
30.350
177.953
Total capital and surplus subscriptions
30
177.
T7.W
lU.iioa
ll*,it02
222.696
222,696
Appropriat ions 2/
2,129.275
2g,325
Sale or collection of investments:
Public debt obligations of United States
Securities of Govemjsent agencies
Other securities
Jis
33't,288
1.359.37U
27.633
26,91*5
331*.
Total sale or collection of inTeetments
Repayments on loans
Sale of acquired security or collateral
Decrease in vox^og capital and deferred items
Ponds provided by profit on operations li/
i/
Other sources
V
• •
Total funds oroTided
Application of funds
Hepaymeut of borrowings:
To U. S. Treasury
To &oTemsient agencies.
To public
363.233
2.090,825
1,931*. 107
336 2/
aDU,i55 5/
97"*,
Repayment of paid-in Cttltal:
.'.
To U. S. Treasury
To OoTemoant agencies
To oublic
.
Purohase of investments:
Public debt obligations of United States.
Securities of Govemnent agencies
Other securities
Total pxirchaee of InvestDente.
Loans made
Acquisition and improvonent of acquired security or collateral.
Acquisition and in^rovaaent of land, structnres, and equipment.
Increase in working capital and deferred items
Punds applied to loss on operations U/ 6/
Other applications
Total funds applied
Adjustments of net income (or loss)
Net income (or loss X;')<-Depreciation and obsolescence
Assets charged off
Capital gains
and losses
Adjustments of valuation reserves.
Other adjustments
•
•
^
rands provided by profit on operations.
Funds applied to loss on operations.-..
115.111*
U8
153.983
0,266.167
1.529.67"*
1.529.671*
281,
55l*,i*69
711*,
206
3,35't.2U6
2.T3S,^k9
83,676
82,582
8p
11.830
95.506
9l*,l*12
332.173
96U,998
U6
323.773
99«
11.
Total repayment of paid-in cmital.
17.0O1*
926.673
10.2'46.it5ll
1,110,367
711*, 206
Total repayment of borrowings.
.
1,721.311
28.91*2
^
2,000
1*5
1.297.217
323.816
1,9X9.692
18. 130
785,892
,78l*,6l4l*
251
136.7I49
261*.
2,356,686 kj
3.569
150,016
151*. 831*
903,288
71,323
lO.gMg.UsU
6.266,167
.709,685 8/
9,306
6,032
"^'1*16
-777,51*3
9,30U
3.836
-6.683
1*37
-'*5'*,629
-17.525
20U.155
2.356,686
115. llU
903. 2gg
.
April 1946
Section
71
II - Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months E^ded December 31, 1945 - (Continued)
Table 2.- Corporations
U
(in thousande of doIlRTs)
Executive Office
of the Preeldent
Dftpartment of Agriculture
(continued on following page)
Office for Shei^
gency Hana^ment
Total
Office of
InterAmerloen
Affairs
2/
Sourcea of fund s
Borrov/lngs:
BVom U. S.
Treasury
Tron Govemmeat agencies
IVom public
1,136,3X
Total borrowings
2.505.031
657.969
710.763
Capital and surplus subscrlptlone:
U. S. Treasury
GoTernment agencies
^y public
%
^
30.350
177.943
lU.Uog
Total coital and sorpXuB subscriptions
222.696
Appropriations kj
28.3^5
Sale or collection of Investmente:
Public debt obligations of United States
Socurltiee of Oovernnient agencies.
33U,286
2.000
26,9^5
Other securities
Total sale or collection of InveBtments
363.233
Bepayments on loans
Sale of acquired security or collateral
Decrease in woridng capital and deferred items 5/
Funds provided by profit on operations 6/ JJ Zj
Other sources
.
Total funds provided
Application of funds
Repayment or borrowings:
'To U. S. Treasury
To Oovernment agencies
To public
Total repayment of borrowings
Bepayment of paid-in capital:
To U. S. Treasury
To Govemjnent egenclea
To pablic
Total repayment of paid-in capital
Purchase of investments:
hiblic debt obligations of United States
Securities of Sovemsent agencies
Other securities
Total jTurchase of inTestoents
loans made
Acquisition and Improvement of acquired security
or collateral
Acquisition and Improvement of land, structures,
and equiixnent
Increase in working capital and deferred items...
Ii\inde applied to loss on operations 6/ 8/
Other applications
Total fands applied
Adjustments of net income (or l^ss)
Net Income (.or loss 10/)
Denreclation and obsolescence
Assets charged off
Capital ^^ns ll/ and losses
Adjust-aents of valuation reserres
Other adjustments
Funds provided by profit on operations
funds applied to loss on operations
1.934.107
17.00U
926,67;3 5/
115.115 1/
X53.9S3
-
Smaller
War
Plants
Corporation
rarm Credit Admlnifltratlon
(contlsoed on follovlne page)
Commodity
Credit
Corooratlon
Banks for
cooperatives
Federal
Intermediate
credit
^enks
Pederol
land
'banks
2/
72
Section
Treasury Bulletin
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months Bided December 31, 1045 - (Continued!
II
-
Table 2.- Corporations!/- (Continued)
(In thoUBandB of dollars)
..
April 1946
Section
73
II - Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months E^ded December 31, 1045 - (Continued)
Table 2.- Corporations!/- (Continued)
(In thousandB of dollars)
Department
of War
United
States
Spruce
Production
Corporation
S:^ortIiqport
Bank of
VashlDgton
12/
Federal
Deposit
Insurance
Corporation
Som-cee of funds
Bor roving 8:
From U. S. rreaeoxy
From GoTemaent agenoloe.
Prom public
Total 'borrowings
-
Capital and surplus subseriptloua:
By U. 3. Treasury
By GoTemiaent agencies
pull Ic
^
TotsJ cc^ital and sinrplue subeerlptions.
impropriations h/
Sale or collection of investments;
Public dett obligations of United States.
Securitlee of Government agencies
Other securities
Total sale or collection of InTostmante.
Repayments on loans
Sele of acquired security or ooUatcral
Decrease in woxking ciq>ltal and deferred items 5/.
Ponds provided by profit on operations 6/ Jj €j.
Other sources
15,961 16/
13.US8
3,Uoo
Total funds provided.
implication of funds
Repayment of borrowings:
To U. S. Treasury
To OoveramsKit agenoiae
To public
Total reps^aent of borrowings.
RepaQnoent of paid-in oapltali
To U, S. Treasury
To Government agencies
To public
Total repayment of paid-in capital.
Purchaae of investments:
Public debt obligations of United States.
Securities of Oovemmsait agencies
Other securities
Total purchase of investments.
Loans made
Acquisition and Improvement of acquired security
or collateral
Acquisition and linprovement of land, structures.
and equipment
Increase in woxlcing capital and deferred itsoe.
funds spiled to loss on operations 6/ 8/
Other applications
.
Total funds
lulled
Adjufltaenta of net Income (or loss)
Het iaeone (or loss 10/)
Depreciation and obsolescence
Aetets charged off
Capital gains 11/ and losses
Adjustments of valaation reserves.
Other adjustments
Funds provided by profit on operations*
INmds applied to loss on operations....
-6
.
.
.
Treasury Bulletin
7^^
Section
II - Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months E^ded December 31, 1€M5 - (Continued)
Table 2.
-
Corporations-^
-
(Continued)
(la thouftandt of doll&re)
National Housing igenoy
Federal Hone Loan Bank Admlristratlon
Tederal
borne
loan
banks
SourceB of funde
Borrowings:
?Tom tJ. S. Treasury
FroB QoTemaent agencies.
Fron public
100.300
Total borrowings
100,500
Coital and surplus subscriptions:
By U. S. Treasury
By Cfovemmeat ae&icies
'^ public
".
U,90g
Total capital and surplus sub script ioni.
u.gog
J^ropriatlons kf
Sale or collection of InTestnante:
Public debt obligations of United States.
Securities of GoTernnent agencies
Other securities
Total sale or collection of in-restments.
HepaTHents on loans
Sail of acq-olred security or collateral
Decrease In worfcing capital and deferred itema 5/.
Ponds provided by profit on operations 6/ Jj 8/.
Other sources
.
Total funds nrorided.
Amplication of funda
Repnynent of borrowings:
To U. S. Treasoxy
To OoTerninent agencies
To public
Total repayment of borrowings.
Hapayoent of paid-in capital:
To V. S. Treasury
To GovenuDent agencies
To -Dubllc
Total repayment of paid-in capital.
Purchase of iriTeet lents:
Public debt obligations of United States.
Securities of Govemaent agencies
Other securities.
Total T?\irchaee of Investments.
Loans made
Acquisition and lii5)roTeiaent of acquired security
or collateral
Acquisition and in^rovament of land, structures,
and equipment
Increase In working capital and deferred items...
Funds applied to loss on operations 6/ 8/
Other applications
Toted funde applied.
.,
Adjustments of net Inooae (or loss )
Set income (or loss 10/).
Depreciation and obsolescence
Assets charged off
Capital calne 11/ and losses
Adjustments of valuation reserves.
Other adjustments
Funde provided by profit on onarationa.
TUnds epplied to loss on operations....
April 1946
Section
75
II - Sources and Application of Funds of CJorporatlons and Certain Other Agencies of the
United States Government, for the Six Months Ended December 31, 1045 - (Continued)
Table 3.- Certain Other Agencies
(In thouBSnda of dollare)
"
Treasury Bulletin
76
INTERNAL
REVENUE
STATISTICS
..
.
77
April 1946
Summary of Internal Revenue Collections
^
(In thousands of dollaro)
Tltcal 7e&x
or aontb
MJuatMcmt
Total
internal
rerenue
collect Ions
to Dally
Traavory
Statement
Total
Income
3.512.8S2
U,597.lUo
5,67U,31»
5.l6l,ejl
19*
5.303.13>»
+18,521
-37.168
+30,470
-1.133
-19.637
2/
y
1,427.446
2,179.828
2,629,030
2,185,114
2,129,609
67U.416
1.091.741
1.286,312
1.028,834
982,017
738.521
1,056,909
1.299.932
1,122,541
1,120,582
3.471,12U
8,006,884
16,298,888
33,027,802
35,061,526
I.UI7.655
3,262,800
6,629,932
18,261,005
19.03'*. 313
2,016,297
4,687,462
9.58U,715
14,629,344
15.883.235
3.'t9'l.331
4,634,308
5,643, 84«
5,162,364
5.322.771
+10,141
-36.797
-22U.755
Corporation
Income and
excess
profits
IndlTlftoal
profits
taxes
Stateamt}
1936
1937
193«
1939
A^loTment taxss
Incoae and profits taxes
Total
receipts
from Internal reTesoe
(Dally
Treasniy
Mlseellaneotis
profits
taxes
y
27.010
833.521
io^'5.390
100,658
137.871
1,565.U77
43.902,002
+101,664
3.8l>».557
-170,735
+813,540
3.985.292
5,617,781
3.157.99*
U.995.87U
2,726.523
1,821,017
425.366
3,161.712
9.224
9.885
».9S3
925.856
.185.362
.1*98.705
137. '*52
143.978
738.372
1.779.177
687.328
895.336
1,131,546
1,290,025
1.307.9J1
6,065
317.U12
191*. 263
13.1'*5
6i.5n
5.789
106.510
296.726
uu.oao
256,311*
6,U3l,32l
iprU
2. 745,867
»tay
2.920.937
5.3SU.393
-285,266
-352.957
+7U3.
3.2U5
3.031.133
3.273.895
4,641,148
2.'«7.751
2,406,326
U,025,296
1,760,877
1,989.318
1,208,613
637.651
407,123
2.795.700
2.526.625
2,848,726
4,846.585
-631.6
-631,609
-165,9
959
+725.043
3,158.232
3,014, 6gU
4,121,542
2,241,907
I.916.33U
3.552.851
,587.872
.569.985
,162.276
646.443
598
7.592
U.75I
2.379.553
U,022
2,3l«,24o
2.383.196
.388,792
.1*66.568
3.9't«,437
2,839.127
2,704,058
3,292,161
-6,041
DBCeanl3er.
-498,887
-320,902
+656,276
2.030,951
HoTflgnlier.
586,112
636,18!
383.325
2,142,631
12.817
19U6- January.
Tebraary.
3,451,384
3,683,858
-U73.3'«
-418,248
3.92U,731
4,102,106
3.189. 1*93
2,3116.821
836.516
6,156
3,206.27U
2,839,049
363.553
3.672
iftjly
kagatX ....
Sfptan^er
Oetobar...
2',7l
.561
3'*!.
129,836
37.172
56,621
5.978
6.11*9
287
58.119
90.267
101.167
106,123
207.339
502.918
84,2'«1
Maich
Jane
1/
33.7'*0
13.029.915
22,368,724
40,119,510
43,800,338
19lt5-IWira«ry.
n«ait Insorance 6/
7'*2.66o
71*0.429
7.361.675
19>»
19U5
5/
Bail road
retirement
48
265. 7U5
12. 993.
22.l't3.969
Ul, 684,987
7.351.53'*
taxes
17naQ>loy-
42i786
19»18
us
Old-aee
Insoranee
ent
14.509
igta
1^3
Social Secnrlty
taxes
Total
esploy-
1119.1*76
109.427
122,04s
U9.617
170,1*09
156,008
2U,151
1861489
265,011
284,758
106,572
3.362
16,577
52,419
U,931
10,330
1,129
1.663
30,082
5.093
8.791
619
2,722
35.078
33.358
35.1*33
99.916
4,428
125.471
274.151
37.339
U7.656
102,270
243,343
39.012
96,706
197.920
U,lt55
3.595
9.990
818
92.718
299,140
61.849
183.229
98.737
230,282
3.352
28,172
38,1*6)1
1.969
33.739
2,698
17.175
Niscallanwna intcnal rarnma
Tlteal
7Mr
or Bonth
Intomal
roTomio
193619371938.
Naaufse-
Total
1 Kollaneous
C^>ltal
•took
9U,9'*3
137.1*99
139.3'I9
s:
16,874
2.236.8a
127.203
132.739
360,715
360,071
407,058
37. lilts
19U3.
4.5n.l31
191*^.
5.353.336
6.959. 63U
166,653
281,900
328.795
380,702
371.999
909,926
560.337
2H7
409
MtT.-Jtme..
516.871
570.842
571.832
(-67)
Jal7
AagoMt....
Saptsmber.
790,854
824,199
531.352
October..
loToiber.
S5:?7^
Secaber.
191*1.
2.95'*.553
191*2
3.837.670
191*5-
1945-?el)rnaiy.
March
^rU.
194&-Jaiiaar7.
Tebmaiy.
Senreei
1/
2/
2J
4/
lleo hollo
Stanp
taxes
Tobacoo
taxes
taxaa
tax
2,004,513
2.188.735
2,272,15s
2.359.6111
•
Istate and
gift taxeg
378.81*0
,548
1*32,5110
4U7.M96
5U,Z10
643.055
500.785
551.923
567.777
819,869
1,048. 165
1.423.4S0
l,6l8,045
2,309,864
697.712
780,792
923.857
39.057
41.702
988,1)83
932.11*5
50,800
65.528
5.893
579.781*
608.073
194,594
170,878
66,047
89.153
641298
61,807
171.062
180,164
190.852
67,625
83.025
93.230
10k,92l*
1*9.32'*
19s. 335
208.936
6,742
68,601
33.516
198,621
83.658
108.472
100,738
44,391
44.U2U
511,588
30,015
aoi
233
2l«,799
229,586
188. 126
642,520
596,692
192
111
60.793
53.690
409
261
(1) Total race^ts trea inteiaal rsnraDasi
(2) Dstallsd collaetlans by type of taz)
1*5.178
68.990
69.919
46,233
41,083
38,681
505.243
593.831
567.669
587.605
624,064
198,1*97
1*5.155
by collectors of Internal rerenus.
SiBltiaes oollsotlons for credit to certain traet aoooimta for territories and Ineolar possseslons, sto.
Inclodes collection of taxes vithiield by eqpleyere pnrnant to tb«
Berenoe let of 1942 and the Current Tax Faynent iot of 19l*3.
Includes Ineons tax oollestlane on Alaelran Sallroade. The ezeess
profits tax Included In thle oolunm Is that t^>osed undar the
Second Eerame iot of 191*0, as ameaded.
Oonalits of the declared nlus eisess profits tax, the pioflt lljdt-
taxes
8/
379.5'*0
1*49,854
76,173
80. 161
1*16,751*
117.502
396,891
447,088
148,925
617.373
852,069
670,015
728.694
.206.616
752.332
wl
.430.428
96,517
100.350
U6,192
121,2116
103.697
115,686
89.755
228,004
131.767
92.888
5.900
7,992
8.139
62.323
1*00,501
..075.
5.1*35
5.'*79
89. '196
adJustB«Bt
taxss
206,831
5.983
6.300
6,7BU
tgrlevlfufl
11*3.5110
u6,530
5.87D
2a, 156
Sally Treasary Statnantt
Reports of eollsetians ^A»
XI sealIan so OS
retailers'
excise
taxss
115,946
104.199
73.6a
210,021
txirars' and
122.295
111.785
106.878
113.138
101,680
135.869
141.929
120,821
93.306
11*0,039
iac proTldons of the TlnaoB iat, and the tax on uajoat anrldifsosit,
^
6/
y
tj
BspressBta eolleetlons under the Tedaral Insnraaee Contrlbutiona
let ooBMBiei]^ Ssptflaber 1939; prior thereto, oellectians undsv
Title nil of ths Soolel Security Act.
Bepresente collections undar ths Fsderal Una^loyvent Tax ict
conanoii^ Sept sober 1939: prior thereto, oelleotione under
Title
of the Social Security int.
Hepreeente collections under the Carriers taxing iet of 1937Inoludas tax collections undar the Sugar 1st of 1937 and under
the dlTldsnda tax li^assd by ths lot of June l6, 1933-
n
'
Treasury Bulletin
78
COLLECTIONS OF INTERNAL REVENUE
DOLLARS
Billions
Total
50
-Fiscal year
40
^^omparison
first
fiscal years
8
montlis
1945 and 1946
30
1931
32
33
34
'35
'36
37
38
39
40
42
41
43
44
45
46
Corporation Income
and Excess Profits Taxes-"
1931
'33
1931
33
^iKludts mitcallontcua profif s taxit
Office of the Secretary of the Treosury. Division of Research and Statistics
B-I65-F
April 1946
79
Detailed Analysis of Internal Revenue Collections i/
(In tlimuands of dollars)
Type of tax
.
.
Treasury Bulletin
80
Detailed Analysis of Internal Revenue Collections
I/-
(Continued)
CZn thooBandfi of dollars)
Tlecal years
^T>e of tax
I9IA
Mlacellaneoua Internal revenue (eontlnaed):
MemifactxiTers' and retailers' excise taxea:
Labrlcatlng olla
Oeaollne
Tires and tubea
Tloor taxes on tlree and tu^ee
iaitomoblle tracks and bases
Other sutomoMles and laotorcycles
Parts and acceBSorles for antono'bileB
SlectrlceJ. energy
Slectrlc, gafl, and oil appliances
Ilectrlc llgbt tmlbe and tabes
Zlectric signs (repealed as of ll/l/Us)
Badlo sets, phonographs, components, etc
Phonograph records
Husl cal instruments
Kechanical r6fS>lgeratorB, air-conditlonars, etc..
Hatches
Floor taxes on matches
Business and store machines
Ttirs - retailers' excise
Jewelry - retailers' excise
Luggage - retailers' excise (effective h/l/Uh)
Lnffage - manufacturers' exciee (suspended aa of
.
First 8 months
Fiscal
year
1945
191*5
52.'t73
92,865
271.217
1(05.563
110,309
75.257
3.2^7
1,222
31.551
51.239
5.027
5.36*
255
•
5.539
31,608
5.307
18
•
20.8U7
26,396
U.516
U3.398
38.259
12,881
1.11*3
,
3. '•02
lt.753
4,218
1.S89
2,015
927
1.637
1.91*3
f^l
2,1(06
.
T/i/W
1.178
4.660
6.293
2.U0
1,691
2
979
251
192
1.687
404
UO
10,120
9.1*58
971
79.1*18
73.851
68.403
158,03s
56,078
12,077
25,927
8,677
6
u
73
19,288
228
12,567
109
483
1.351
13.S19
34.71*3
10.069
1
1
1,050
1,680
2
•
486
I3.IU5
2.l«98
4,21(8
,'*.153
1|03
UU,790
86,61s
68,252
10,814
1.061
37
3.132
2,815
1
2L.
728.691*
1
5
_5L.
1,206,616
13-
72
•
2_
935.290
115,946
(-1)
l'a.929
4
1
68,789
73.295
90.617
38.U39
6.59^*
3.653
11*1.275
126,519
84,063
10.914
160.592
146,502
119.963
202
U.659
199.781
37.881
7.884
3.410
15.402
148,631
91,878
10.034
157.892
u,ao2
10,478
7.683
979
19.903
15.458
13U
18.1*75
208,018
133,569
16,286
234,182
221,088
128,701
336
7.311
300,589
56.877
14,160
4,160
19,100
18
58
24
3.7U6
90.199
15.851
153.683
21^
Mi
134,326
352
6.591*
178.563
26,726
9,182
2,208
,
8i
786.010
1.I103
^
Total niscellaneoae Inteznal revenue
5.279
U.979
810
1,631
4
230
187
108
3.760
58,726
113.373
8.3^3
.
,
,
7.124
178
9.3%
t
181*, 220
5.567
32.1(23
i*,0J6
4,2i*l
8.671
^.777
8
11.907
295
Optical equlpnent (repealed a< of ll/l/Uz)
]i%otographlc apparatue
flitter article, (repealed as of ll/l/>l2}
Sporting good,
Toilet preparatlOQB - retallere' excise
VasMng machines (repealed aa of 11/1/^2) .... ^.
Firearms shells and cartridges
Pistols and revolTers
Bepealed taxes not listed above
Total namLfacturers' and retailers' excise taxes.
KiscellaneoUB taxes:
atuminous Ooal Act of 19 J7
Sugar Act of 1937
Telephone, tele^aph, radio, and cable, leased
vires, etc
Local telephone serrlce
Transportation of oil
pipe line
Transportation of persons, seats, berths
Transportation of property (effective i2/l/Us)...
Dse of motor vehicles (effective Z/l/Us)
Use of boats (effective S/l/Us)
leases of safe-deposit boxes
Admissions to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club dues and initiation fees
Bowling alleys pool tables etc
Coin operated devices
Adulterated and processed or renovated butter,
mixed flour f/ and filled cheese
Oleomargarine, Including special taxes
Harcotics, including marihuana and special taxes.
Coconut and other vegetable oils processed
national lirearms Act
All other, including repealed taxes not listed
abov*
Total miscellaneous taxes
1945
53.255
279.945
66,228
57.00U
l2,o6o
11,035
55
February
1946
Febriiary
rieeal
year
1946
U.OSU
779
7.190
16
201
i,075.Uoi
147.521*
:
115.701
179
5.086
222.705
180
1,430.428
,
1
856
2§ .243
6.224
766
21.528
1*7.361
1*,770
10.759
I.3W*
44
,671
14!2U
232
P2
40
5
409
57
331
551
6,208
16
8,016
1.523
17.472
15.101
159
4,022
i»,36l
10
3
51*
1
525
7W
89.755
93.306
-15976.616
1,021,9!''*
5.353.336
6.959.63"*
U. 739.752
5,207,786
909.926
Total internal revenue collectiona
1(0,119.510
1*3.800,338
27. 236. 381
27,156,61a
3.985.292
4.102,106
Adjustaent to Dally Treaauzy Statement
1. 565.1*77
101.664
-816.897
-1,127.633
-170.735
-ia8.24e
Total receipts from internal revenue (Atlly Treasury
Statement J
1*1.
684,987
43.902,002
26,1*19,484
26.029.008
3.8i'*.557
3,683,858
Sourcei
r
•
1/
2/
(1) Total receipts from internal revenuei
Daily Traasnzy Stat»mantl
(2) Detailed collections by type of tax:
Beports of col-
lections made by collectors of internal revenue.
Hevised.
Less than $500.
Sucludes collections for credit to csrt&in trust accounts for
territories and Insular possessions, etc.
Consists only of collections for which returns have been filed
with the Colleotor of Internal Revenue. Collections uMar this
act as shown in Cally Treasury Statements consist of vlthholdii^,
deposited in Oovemment depositaries la addition to payments aocoa^anylng returns filed with the Collector of Internal Bevenoe.
I
_
596,692
Currant collections consist in general of taxies paid within tvelvs
months aftar the close of the taxable year for which the return vma
filed.
Current individual income tax collections for the fiscal year
I9U5 include payments on unforglran portion of 19^2 tax, due
March 15. 19^5. of |V)S.6o3 ttuusand for the period Jasuazy 1, I9U5
through J^iril 30, 19^.
Represents ooUeotiona under the 7aderal Invnranoe Contributions Act.
Hapresants collectiona undar the federal TftteoplOTnant Tax Act.
Represents colleotlons undar the Carriers' Ta^dsg Act of 1937*
Tax iiBposed vtpon the manufacture and sale of. and the occupational
tax on, mixed flour repealed as of Bovenbar 1» 19^*
April 1946
81
MONETARY
STATISTICS
.
1
8
S
.
7
3
2
-
Treasury Bulletin
S2
Gold Assets and Liabilities of the Treasury
(In
allUoni of dollari)
Uabllltloa
Oold ueetl
J9er or nonth
u, 257.6
19361937
193«-
19U1.
19'»2-
1914.
13U5
20.373.6
20.270.2
20.213.0
Asm..
156.0
156.0
1,800.0
1,800.0
18.259.7
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
150.3
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
163.9
153.8
167.3
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
11*9.0
156.0
156.0
1,800.0
1,800.0
18,1*97.1*
18, 163.
18,106.6
20.152.1*
Octob«r.
BoTmbttr.
Decaabar.
20.035.9
20.029.7
20,06U.9
17.930.8
17.921.0
20.156.0
20,232.2
18,03l*.0
19U6-Januar7
Tebruaiy p.
.
Soxirce:
V
1/
.
-
Daily Trearaiy StatoBant.
frAltAlAanr.
Con^rlMs 1,1) gold certificates held b7 the ptiblie azid in Tederal
Heserre Banks; and (2) gold certificate credits in (a) the Oold Cer^
tificate Ttmd - Board of OoTemors. 7ederal Heserre States,
Oold iB
Seatral rand
18.398.5
18,313.6
i9,8a.o
Jnlr
Aagoat....
Ssptentar.
20.087 .3
20,072.8
J/
17, 911*.
20, 564.
ao, 611.9
i|irll.
Itand
1.800.0
1,800.0
1.800.0
1.800.0
1.800.0
19.825.'*
,506.0
StaMllzatlon
S,
156.0
156.0
156.0
156.0
156.0
2l.99'J.5
20 ,418.7
TJ.
1.800.0
1.800.0
1,800.0
1.800.0
1.800.0
22.736.1
22.726.3
21.937-8
20.618.8
20,06U.9
Mneh
a«alut
notAB, ate. 2/
156.0
156.0
156.0
156.0
156.0
17.51*^.1*
19l»^re1>ruai7.
>IW...
Sold cert If
le«t«i 1/
8.959.6
9.212.3
11,872.8
15.278.6
12.760.0
ll»,5U.2
Qold reBorre
18,032.5
17,977.9
I7.9't9.>»
I7.9ll*.l
18,099.7
2/
^
3UI.9
.591.6
682.1*
MO8.9
213.2
215.3
158.1*
160.7
165.1*
19i*.8
151.6
ll*9.0
157.8
150.1*
152.6
19U.8
m
and ("b) the 2ed«iiptlon Tond - Tedaral Bsserre notes.
Esserre against Thlted States lutes and Traamuy notes of 109O.
Izcludes gold In aetlTB portion of BxBhaage StabllliatloB Tosd.
Monetary Stocks of Gold and Silver
(In
BlUlons of doIUrs)
Oold
bd
of fiscal
jvsr or nonth
($35 VOT
fine oonce)
10.608.1*
1936
1937
1938
1939
12.318.
12.9fi3.0
iS.UO.l
^
19110
19.963.1
19'H
22.621*.
19't2
22.736.7
22.387.5
ISUft!
'.'....'..'.
p«r
flnA ovnos)
2.21*9.5
2.5112.1
3.066.1*
3.605.2
3.939.6
17.5
17.2
19.1
18.3
16.5
20,213.0
06.0
19l*5-'«bmai7
fiatlo of
BllTvr to fold
and BllTer In
onetary Btocks
15.5
15.9
16.1
15.7
a,i73.i
.
19^5
SllTW
(n.2^
Kueh
^-} IS.
Iprll
20,373.6
20,270.2
15.8
15.7
3.777.7
3.p'*.3
3.685-8
15.6
15.5
15.»
20,152.1*
3.6112.1
20,087.8
20,072.8
3.633.2
3.626.9
15.3
15-3
15.3
Ootobar
VoTBmber
ao.035.9
QacflBibBr
ao,oei*.9
3.565.3
3.552.2
3.512.8
20,156.0
20,232.2
508.}
3.508.6
K«y
Jono
2o,a3.o
July
iagost
Sapt vbax
20,05.7
19l*6^anuai7
7ebraar3r p
Sonro*:
VbHj Traasnry
Monfl?.
p
Pralinlnar/.
StataBBoit and Circulation StatBaiant of Ihiltod State
3.
15.1
15.1
1U.9
1U.8
ll*.8
.
.
.
April 1946
«3
Components of Silver Monetary Stock
(In
mlUlona of dollars)
Silver held In Treasury
Snd of calendar
yeor or nonth
Silver Ijullion
19371938.
193919M0.
938-8
1.137.6
1,398.2
1.398.1
19U1.
19U2.
l,U76.l
1.516.2
1,520.0
1,520.1
1.703.9
191*3-
l9t^5
19l4^rebruflry.
March
AprU.
1.520.1
1,520.1
1,520.1
1,520.1
1.520.3
May...
Jxine.
July
Aogust ....
1.57lt.6
SeotcDiber.
1,587.5
1,619.9
OctoberNoTanberDec ember.
I.6U5.7
1.671.6
1.703.9
igUfi-January.
. .
Tebruary p.
Silver outside
TreaBUry
Securing silver
certiflcatee 1/
1.771.7
1,818.5
In General ?vind
Silver dollars
503-7
Subsidiary
coin 2/
Bullion for
recolnage J/
Bullion
at coet
Silver
dollars 1/
Subsidiary
coin 2/
Total Bllrer
at $1.29
per ounce
7
1
9
1
Treasury Bulletin
glv
Seigniorage on Sliver
(CusulatlT* froa January 1. 1939 "
Sonrcoa of
Sod of calendar
7 oar or aontb
Solgniora^o
on colnt
(allTor and
Inor)
1935.
1936.
193T.
193«.
1939.
18.5
U8.-7
It6.1
U8.7
ks.j
>W.7
i«,7
US.7
63.T
69.5
91.7
122.2
19>I0.
I9U1.
i9>te.
ig"*?.
19'w.
19lt5-PabraaZ7.
Narch. ...
ailrar
duel, ailrar
bullioa bald
Jona Ik, 193I*)
Mi 10.
^
Kllllons of dollars)
•i^lora^e
Hevly-nlnad
on illTor bullion reralnad 1/
Bavly-alnad
llrar (Proc.
ailrar (ict
Dec. 21, 1933) JUI7 6. 1939)
19311
Potantial
lationaliiad
ailrar
(Proc. of
Inc. 9.
W"*)
3U.5
326.2
3'».7
'^^
U22.1
508.
616.0
25.7
3U.7
3U.7
705.6
759.U
"WO
580. U
65.3
65.&
65.3
58U.3
58U.3
58U.3
701.6
3U.7
3U.7
3*.7
3^.7
799.7
•63.6
58U.3
58U.3
l».2
5U.7
182.1
2U5.7
299.6
362.3
U29.5
l|«.7
Us.
87.6
87.6
87.6
87.6
87.6
367.7
369.1
1«.7
US.7
87-6
87.6
65.U
65.U
380.
U8.7
U8.7
U«.7
«7-6
87.6
87.6
6^.k
5^.3
65-5
58k.3
U«.7
U8.7
Ug.7
619.0
627.2
*.7
87.6
65*5
6l»7.9
3^.7
66U.li
3^.7
May...
Job*..
to.o
Jaljr
M03.2
39'».0
iagast....
Saptastar.
l4«.7
'•8.7
U8.7
S7.6
3''.7
3U.7
3i».7
3J.7
3J.7
ia9.6
U«.7
araabar.
1124.3
'18.7
Saoaabar.
'•29.5
U«.7
87.6
87.6
87.6
65.5
65.5
65.5
701.6
3^.7
ISM-ImmiT--
kjz.k
U36.0
Ug.7
U«.7
«7.6
87.6
65.7
65.8
7UU.6
77U.3
Sovrcai
1/
Dally Traaaory Stataacnt.
Tbaaa Ittna rapraaaat tha dlffaranea batvaen tha eoat ralua and
tha Bonatary ralna of ailrar bullion raraload and bald to aeeora
2/
ailrar bullion
at coat in
Oanaral Pond 3/
27U.9
597.5
5U1.6
758.8
950.6
1,055.8
820.6
820.7
938.1
1,089.0
1,0U<.2
967.3
7I7.J
333.2
820.7
820.7
692.5
670.9
820.7
820.7
820.8
6U6.2
818.
5^-2
575.0
855.5
Ootobar..
fabmaxy.
aaignloraffa on
Total
iaignioraca
on ailrar
raraluad
226.2
302.7
366.7
S57.7
530.7
562.7
16.8
36.0
58.0
7U.9
87.3
87.6
Silrar ?upcbasa Act
of Jnaa 19,
900.9
917.»
93«.l
UoU.S
377.6
333-2
3^.7
981.3
7
l.OU.l
279.2
2U6.7
680.9
3"*.
ailrar oartlfloataa.
Tba fl^iuraa in tbla oolnm ara not ouBilatlTai aa tba aaotnt ot
bullion bald otaangaa, tha potantial aaicnlorac* ttaaraan ehangaa.
April 1946
«5
Money in Circulation
(la ■Ulloaa of dollar*)
Paper money
Aid of fiacal
year or month
1936..........................
19*1..........................
115:::::::::::::::::::::::::::::::::
Total
aoney in
circulation
1/
Total
paper money
Oold
certlfioataa
2/
6 .2U1
6 ,**7
6,*6l
7.0*7
7 .8*8
5.755
5.92*
7.2*8
8
9.612
8.932
11.600
16,>*92
21.*38
63
59
25.90.
52
i:2S
101
88
78
557
*
19*5..........................
22)50*
26,7146
19*5-Wbruary...................
March......................
25.751
25.899
2*.593
2*. 729
53
Jpril......................
May.......................
26,189
26,528
26,746
25.009
25.331
25.^1
52
July......................
Anguat...........
27.108
27.685
27.826
25.885
26.UU9
26,582
52
R9
52
October....................
28,0*9
8 :®
December............
19*6-Jannary....................
february p .............................
Silver
certlflcatea
rrx
R2
Cl
>51
2 7.9 *0
United
Stataa
aotaa
federal
Beeerre
note*
1936.
19371938.
1939.
19W.
T o tal c o in
Standard
a llv e r d o lla r*
*86
523
527
558
599
19*1.
680
783
19*12.
278
■1
2*8
*.002
*.l4
*.11*
*,*8*
5.163
1.71*
1.75*
1 .6%
i:5
1
1
1
1
1
300
317
322
322
323
6,68*
9.310
13.7*7
18.750
22,867
1.583
1.589
1
1
320
320
21.96*
22,100
3
122
122
l’§ 2
1*651
1
1
1
3a
122
323
22.38*
22,o§l
22,867
537
533
527
121
121
120
MS
1
1
1
322
322
318
23.139
23.685
23,818
521
517
513
119
119
119
1.796
1.827
1.872
1
1
1
316
316
316
2*,008
2*.1?6
2*.388
506
1*99
*94
118
118
117
1.827
1,86*
1
1
307
307
23.867
23.853
S
UI
116
19*5-T»hraaj*.
••arch....
•April.
Hey...
JCBtt..
.....
lovaabar
12
tha^ao«mtl* ^ 5 ° ? ^ 1—14 ^ tlie T reasu ry , (2 ) no nay hold by o r f o r
(3) octnLUV* J e d a ra l Baeerve Banka and t h a i r agent a , aad
la a ta d to ba h a ld o u t a Id a th a c o n tin a c ta l lim it a of
165
150
i?q
»
l126
5
597
527
120
Maa^r la
c irc u la tio n
par c ap ita
( la dollar*)
I I * .&
*9-«
U9.fe
53-72
59.*7
72.16
2Q
292
$
283
285
2.u
788
287
290
292
188.08
190.Hi
191.86
127
129
130
800
808
812
296
299
301
i9U.oe
197.99
ip
818
825
*32
303
305
307
200.8*
201.2*
203-29
306
307
i98.9e
198.99
136
819
821
1.252
Statem ent o f U nited S ta ta a Honay; aad (2) Annual
**“ 7 ot th * T raM ory f o r 19*4, pa{M 77*-777.
S
SI
2
22
20
700
788
2?
784
1.261
1,264
52
38
*•2
127-0*
163.07
191.»
122
123
125
1 .274
$
19V
211
Is
610
1.180
1.196
1.205
l^a^ary
**«-*yp.
1U6
»
US
120
1.2W
J*rell*lnary
316
3*1
3*2
1.158
1.170
D*e« * a r .. .
F
U6
Minor cola
1.205
*>«a*t.!.!
s«Pt«rt>ar.
Oetohar.
51
9ubaldiary
ailvar
8*
103
125
iS :
19*5.
35
3*
national
hank
aotaa
1
1
1
1
1
Cola
Aid o f f is c a l
y e ar o r month
fadaral
Beeerre
Bank
aotaa U
955
1.078
1.230
1,1*5*
1.582
1.75
27,2*0
Treasury
aotaa
of 1890
2/
*15
198.82
th a United S ta ta a . Includaa paper ciuiaocy h ald ootaida th a coat n antal 11a i t a o f tha United S tataa.
Gold c a r tif io a ta a and Treasury aotaa of 1890 1* c irc u la tio n ara
bain* caacaled and r a tir a d t*>on ra c alp t t y th a Treawiry.
S
<-» rir.SLS
deposit* o f lairfu l money aad a ra in proeaa* o f r a t l r w e * .
*
Treasury Bulletin
86
CAPITAL
UNITED
MOVEMENTS
STATES
AND
BETWEEN
FOREIGN
COUNTRIES
April 1946
«7
Capital Movements Between the United States and Foreign CountrieB
Section
I
-
Summary
Table 1.- Summary of Net Capital Movement 1935
(In thoueande of dollars;
-
1945
DegatWe flguree Indicate a net outflow of capital from the United Statee)
Analyeis of net capital moTement In:
Calendar year
or month
Net capital
moTement
Short-term
banking funds
Brokerage
balances
TraneactlonB
In domeetic
eecurltles
Treasury Bulletin
8s
Capital Movements Between the United States and Foreign Countries
Section
I
-
Sunmary
-
-
(i;ontinueai
(Continued)
Table 2.- Net Capital Movement, by Countries, January 1942
-
October 1945
.
April 1946
89
Capital Movements Between the United States and Foreign Countries
Section
-
I
Summary
(In th<m»«n(l» of dollari; nagatlTe flgur»B Indicate a net
oatnw
February
10,990
-97.503
+11.733
+2.952
+1,
1.6l!t
+22.178
+8I3
+190
+29.403
-3.003
+526
+54,012
+2,288
+293
+1,966
+4,328
+807
Denmark
Finland
Germany
-1,865
-1,992
-926
-72
+83
+159
+2,222
-339
-30
-725
+365
-1,277
-158
-160
-927
+132
+58
Greece
Italy
Loxembonrg
Ht.525
+112
+268
+108
+513
+278
+99
-211
-104
+188
-704
-9
-130
-744
-45
-916
+1,031
-10
+1,229
+5.793
+5.846
+1,739
+680
-7,996
-25
+2.846
+2,651
+6
-3,048
+1.906
-6
-1,867
-5.597
+4,698
+10.682
-49
-97
+'H9.932
Netherlanda
Horvay
Portugal
+13.690
+18.826
-1.993
Bumanla
Spain
Sveden
-116
+IU.379
+20,993
60
Svitserland
+37,021
-681
8,321
D
October 1945
-
(Continued)
-
of capital from the United Statee)
19U3
January
Europe
United Kln^doB
France
Belgium
(Continued)
(Continued)
-
Table 2.- Net (Capital Movement, by Countries, January 1942
Total
calendar
year
-
-830
-387
S. S. H
'ni^slaTla
Other Surope
-l,'t09
2,009
-7.765
+25,720
+91
43s
Total Stirope
*58U,737
-86.975
+335.199
March
i^irll
+59
410
6,390
May
VoTeaber Saceaber
October
July
September
+93.548
+71.480
4,850
4.493
+79.211
77,201 +37,902
1,283 -2.?452s/ -5.632
-2,510
-1,718
481
+1,416
+479
+11,070
+1.189
+1,097
+39,464
+1.593
+277
-603
+270
-139
-251
-182
-537
-103
T2
-294
-168
-202
-449
-757
29
-150
+322
-531
-55
-89
-625
+96
-73
65
492
3,115
1^
+715
-93
212
-79
+1,078
+2,187
+1.353
-330
-80
+1,056
+2,222
4,449
3,029
-2,371
+2,211
+1,693
-522
+1.731
-2.020
+3.107
+2,809
11,498
3.307
l,97«
+19
+458
+3.695
-1
+2,497
+609
-13
+3.102
-4,211
+4,419
+3.086
+995
+8,019
-2,161
+339
+7.400
+2.784
-1,943
-81
52
+1,73"*
+681
+30
-5
-163
+367
249
+16
-3,774
-2,676^
56
5,110
-217
+1.010
+267
+69
3.251
+11,079
+1.160
.
9,119
2,84o
-2.480
+1.916
-4,911
+1,463
-4.603
323
+949
-233
-115
1,045
2,«9l
3.731
-19
4.456
6,412
310
+3,659
-197
+39
+3,658
+6,852
+2,859
-2.973
+3.804
2,4g6
-428
-3.087
+35.259
+52.524
+58,297
+19.221
+112,612
+79.947
+97.653 +35.674 i/ +94.419
+34.105
+52.001
+164,921
45,152
+16.669
4.108
-15.692
42,813
-61,487
+76.692 +16.793
36.906
91.404
-83.080
-1,509
+3.201
+30.152
-3.145
+1.050
-448
-1,296
+2.694
+11.291
+1,613
+239
-2.503
-1.126
-7.796
+2,398
-451
+16.355
-374
+7.678
+1.498
-25
+9,037
+2,932
-165
-1.708
-1.125
-424
-4.035
+5.275
-287
-12,191
-9,488
-1,412
6,293
+I9,5l't
+8.253
+3.639
+1.092
-5.306
+2.013
+584
-2,468
+6,510
+734
+3,095
-6,161
+866
+2,922
+3,060
+1.102
-5,338
-I.805
+4,670
-615
3,148
+1,764
+5.743
-137
+55
-2
+3,590
+4.037
-50
J*. 653
^.199
236
185
+1,335
+35.599
-266
-33.171
-4,152
-1,458
-6,353
3.703
+3.535
-20,444
+14,U1
-2.979
-2,183
-11,705
-3.370
-1,876
-2,067
-28.231
+563
-21.162
-44
-4,257
-587
-380
-88
+4,512
+33
+17.708
-311
+10.113
+191
+9.519
-17
-2,036
-40, 609 -13.706
+24
-46
+3,250
+251
+6,056
Netherlands Vest Indies
and Surinam
Panama
Pern
+20,1403
+28,51*7
-659
+3,347
+994
-l,04s
+5,001
+491
+231
540
+5,246
405
1.165
:25l
+5.803
+1.779
488
-1.132
-879
-1,933
+213
+643
+4,484
-2
+12,958
+2,826
+567
1.332
966
+1.399
+1,143
+2.352
-1,218
-4,237
+3,196
+1,316
Venezuela
Other I^tln America
+4,683
+37.877
+192
+3
+11,253
+3.123
+10,389
-1,284
+8,789
-1,527
-232
1,582
-4.324
-54
213
931
+1.077
+3.398
-151
-14
I4p
+5.314
+2,744
-6.365
+706
5,052
Total Latin America
115.131
-6,789
+19.159
+23,o64
2.332
+61,254
26.902
23,194
-36.990 18.215
-4,266
+2,086
+23,400
+222,629
-105
-17.831
-6,607
-361
-823
+28,583
-52
+750
+9,574
-1
-7,557
+7,096
+120
-32
+21.930
+10
-10.656
13,453
+22. 762 +15,526
69,170
487
+108
+133
-49
+763
+15.130
-65
-450
+24,215
-261
+32
-217
+3.130
-87
+2,655
+60
-2,874
+35
-3,619
J*3
4,466
+4.133
+231
-7.202
-23
-115
+20
-728
-12
-1.910
1.633
+5,204
-13
Canada
Latin America
Argentina
Bolivia
Brazil
Chile
Colombia
Costa Slca
Ouba
French Vest Indlee and
Oolana
Mexico
Aala
China
French Indo-Chlna
Hong Kon^
India, Burma, and Ceylon
British Halaya
Japan (including Eorea
and Manchuria)
*.773
+73
+7
663
+8,572
2.1105
+2.409
4
681
+153
+131
-1.206
-77U
40
-97
-529
-5.034
+332
+10,399
+6,576
+1.979
5,158
-14,781
+1.469
+4,229
+25.867
-2,022
-293
-7.257
+3.429
508
6.722
-255
-3.243
-497
+225.1(09
-1,518
7,100
20,0*5
Australia
Hev Zealand
Egypt and Anglo-Igyptlan
Sudan
U.isi
2.317
+1.239
900
75'*
-195
«3l
-212
-730
178
+137
-21
-45
-684
497
-K
-274
-473
French Morocco
Union of South Africa...
All other
+4.366
-7.565
2,616
9,426
-2,357
+1.275
-877
388
18,091
+2,286
-16.776
+3.018
-3,442
+10,574
-5,571
+832
22,831
+174
-966
-834
23.061
-4,226
-1,721
+«,92«
+2,891
+1,087
+950
-3.505
-1.099
-5.«76
Total other countries.
23.807
+2,947
+581
+19,156
935
+3.338
+26.523
4,869
g,3«9
-3.633
-690
l64
-76
94
61
225
-151
18
-610
-4«
1.283.593
72,750
+107.175
+132,152
65.206
+70,330
+223.795
Netherlands Xast Indies.
Philippine Islands
Turkey
Other Aala
Total Aala
-14.477
SJl
725
6
60
-162
+2,706
2,445
4,845
+7,436
-458
874
20
-13
+30
-16
+36
-30
-127
+5.317
-314
+1.467
+815
-2.730
-91
-5.844
-239
+2.506
-270
+1.580
-229
+720
+245
-4.544
+291
+2,109
+1,048
+1.115
+1,346
+1,627
-1,645
-763
+4,605
-823
-527
+1,986
+15.096
+3,051
+3,947
+2.097
-4,761
-1,369
+6,764
2,937
4,483
940
-967
-748
103
25,208 14, 440
+4.653
6,8604b/ +2.982
23,6834*/ 40^834
75. "tU
Other countries
aildenttfted
Qrand total
.
(Continued on followla^ pa^e)
49.592 +170,342
4,601
2.719
-15,422
-927
io.o4a
2^5
-iC
-23
-1.3294a/ +2,889
-3.292
-3.732
-1,101
2,007
-264
+417
'
-2,0464/ -12,528
-17,4724/
-22.195
+179
-5^*3
+168,979
44.994
-34«/
+45. OU 3/+133.267
+371
-12,896
-1.151
.-
Treasury BaUethi
90
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
(Continued!
(Continued)
-
Table 2.- Net Capital Movement, by Countries, January 1942
(In thouMBdi of dollart; &««atlTs flgorei indicate a not outflow of
Total
calendar
7e«r
-
-
October 1945
-
(Continued)
coital from th« United Statoe)
igui*
January
rabruary
Naich
iprll
May
-2.715 -37,630
-5.670 2,6l»3
-3.652 2.I199
1.913
33.1*90
-U,965
-1"47
635
-1,51*1
169
1.896
-322
522
-2142
2U8
-210
-U5
193
97
Jul7
NoTember December
Aneuit
September
-59.089
-35.171*
-99.312
-73.381
25,223
•11,181
1.792
-33
200
1.960
-277
-1*9, 1*93
-11.197
-313
1.005
1.61*1*
-579
93
-560
-290
-66
-317
-60
177
1*92
-1*36
-265
1.735
8.1*1*1*
-31*8
-11
-7U
39
272
III
189
132
652
I9I4U
Jorope
United Iln«dJ>m
Trance
Belgiam
Denmark
rinland
Oermaoy
-167.701
-51.178
-5.972
72.758
'^1.082
-2U1
-215
+7.182
-I.2U7
1.799
5«l
7
''.731
35
-139
-376
-86
2.327
38
li«9
-18
910
190
755
l42
37
5
l.lt93
-lit6
7.722
6,691
15,677
5.731
1.303
Ugfi
8.I415
1.17''
2. 883
11,0'IO -1'».393
-8.I413
-9.7114
52
6
-13
1*33
-191
117
2.1*29
-115
2.608
1.376
1.818
2,326
2,989
-5U
-13
21
87
-1*22
1*1*1
711*
-8,883
-2.1*57
3.885
9.010
525
5,525
8,109
-2.226
3.906
1.1*53
5.236
-259
-1.321
-82
14.223
3.5MU
-114,5149
-11*
27I4
2,560
2.730
-''.332
1,1*01*
1*6
-826
1*.188
1,W*9
-33'»
-677
-172
-S69
290
399
25
25
-976
-1*6
Oreeee
Italy
Luxembourg
lU,9li
-180
-251
l»9
39
Hetherlanda
Horway
Portugal
18. 585
29.608
1.909
Buaania
Spain
Sweden
2't9
15
-51
6U
182
-269
-1*
-1
-32
39
II.U35
716
2,087
UU3
3.375
11.678
397
-5.31"*
2,706
1,182
-1.181
-170
1.832
26I4
-7.757
193 10.560
3.057
1.887
-8.177
66
68
-13
-310
1,6156a/
-522
U.365
-8.976
l.OW
129
-13.555
Switterlaad
0. S. S. E
TugoelaTla
Cthar Xurope
35.190
3.822
-U.028
5.370
3.328
3.933
1.703
-569
-3. ''31
1.207
-U.I99
-2.339
-2.5'»9
78
-31*2
-1*
1.172
-290
-2.177
-18
3.7OI4
-91
1,61*5
1,81*8
-128
-1,050
Total Xurope
-111.031
88.077
21. "183 -kT,^
7.730
57,055
-30,758
-65.51*9
-22,215
-87.1*1*0
-56,856
216.056
31.707
86, 860 57,172
-62.657
-l*l*,861*
3.952
3.I409
39,179
76.563
62,1*86
1,171 39,222
2.026
8,780
11,391 11,137
1,582 -I.2I9
7,182 -1.957
Canada.
latin America
Argent ina
BoliTla
Bratil
5»t.256
8,066
3. ''91
l,6ol»
-339
-1,230
8,117
9.a2
323
260
-6,382
9.937
-2.380
3.971*
2.01*2
306 1,880
-235
3.958
ll*,97l
-71*1
I.07I*
-17,602
3.5'<«
1,669
3.878
10.217
3.871
3,092
-56I*
3.922
2,907
525
201
-2
-1*,207
-570
-l4l»7
-105
-381
-1117
-1.033
-637
3,030 1.3119
7.93l»
-2.a7
39.006
7,151*
250
-U.091
-5.852
871
-1.315
101
375
579
-219
101*
£26
-690
1,268
9.106
13.231*
7.568
-U,ll40
3,81*2
6.790
5.069
-1.566
2.993
-7.695
-2,139
122
-2.317
-10.162
-5.519
62
Cuba
Trench West Indiee and
Oulana
Mexico
1*2,298
-82U
1,771
-I49U
22,5'tO
739
-52
-13.U00
U20
866
-2.290
-679
619
2.313
769
1.281
2.151
3.335
l,Sl6
-1.758
5.OU1
9.250
-8,1*22
-1,680
7,0145
97U
975
7,556
8.261
-11.181
969
801
-I*. 8314
2,1*71*
-2.631*
5.313
lU.gl*!*
57.700
36,081*
6.763
6,923
7.019
28.072
-9a
1.339
-16,868
-3.901
142
-3,962
-13
2.176
-10.250
-9,192
-I47
-1,071
195
101
1*6
-1.925
-131
3.938
-972
2te,767
15,0OU
_-62J 32.711
39.191
China
Trench Indo-China
Bong long
23.975
11,113
30.0140 25,016
-812
-2
-l,>t25
-12
-675
327
1,0147
56
-10
-31
India, Burma, and Ceylon
Britleh Malaya
Japan (including Korea
and Manchuria)
-l6,0lij
877
Hetherlanda lait Indiee
Philippine lelande
Turkey
Other Aala
-
.
189
507
2.169
2.106
1.016
10.902
Total Latin America-
-2.588
-1.778
-2.3l41
-1.239
3.335
-1,8UU
79 11, a9
-l,to2
-501*
-633
+620
-2.6lt2
566
-7,120
852
-^6
-1.601
6,206
586
2.1*53
3.925
2.065
-5,U20
l6,l6U
10,1«7
25,7'*9
.
-2,315
-1.089
-6.608
lo.oou
16,567
Tenefuela
Other Latin America-
561
37,135 -12,1156/
679
Chile
Colombia
Coata Rica
l,8U3
-1,11*8
1,9140
21,30U 12,330
Peru
1,565 9.893
U.666 3,235
289
-605
9.235
Netberlandi Veat Indiee
and Surinam
-1,11*5
-11,170
6.238
ui.we
1.081*
6b/
1,602 1.783
1.893 1,613
2,670
-721-
lata
Total Aaia
Other oountriea
Auatralia
lew Zealand
Xgypt and Anglo-l|7ptian
Sudan
6
21
U
"
-3.litl
-6,7149
-1*9
U3U
-237
-79
38
123
208
-3.'»17
113
-990
II43
8,81*7
18
9.375
768
-298
-355
292
147
U3
-16
-12l4
107
-la
6,56l»
2.661t
-10,267
-728
-1*80
-l.ll49
363
1*,077
615
726 3,009
-55
637
-1*98
-220
765
2.107
18,065 -11,688
1*,005
1,510
-9,607
822
1,895
-I.6U3
-2,025
2.581
-9.912
-1,552
-liOl
292
-393
-17,380
-1,805
11.750
-21,339
-1,071
8
193
10
6
-II2
-581
11. 396 -35.508
-2
68
56
-W*
-18
-57
-52
-281
3I48
2.563
5.292
-227
-585
53"*
-322
1*,230
1,712 -3,128
-5.128 1,317
2,958
2.593
-3.1t9
-7,366
13.1*18
_ri95 -1*1.801
1.655 12.989
7,831
II.3IT
l4U,836 ll,3lt6
28.669
7,9l»9
2,687
9,256
-757
-37
-11.659
-1,011
2,1*29
191*
1.6TD
1.636
-3.828
-5«0
3.071
-1.729
2.9''5
-2.315
-176
-170
1.3U2
-82
35I4
562
320
-1,006
181*
693
63
629
88
-5.970
-2,608
-891*
160
-231
-2,625
-117
Trench Morocco
Union of South AfricaAll other
15
-3,1412
-269
2,1*69
-1,560
-855
-15.532
1,1»3B
-5,902
-3,006
-1,926
-2,295
2H)
-3.no
-16. 809
-8.7a
1.317
1,390
1,171 21,0076b/
Total other countries-
*i.693
-6,7140
-9.638
5.571*
-11,295
-29.823
,169
2.691*
*g.935
3,120 11,187 6b/
-162
-I9U
_-18j_
161
761*
-610
1,371
-1.327
273
357.15't
1U5.622
-5.''38
761*
36.a5
17,1*80
-9.953
29.275
Unidentified
firand total
1*1*. 31*1
5/
1.1*05
(Continued on following page)
693
-1,568
70,296 51.773 6a/
8
April 1946
91
Capital Movements Between the United States and Foreign Countries
Section
I
Summary
-
-
-
(Continued)
(Continued)
Table 2.- Net Capital Movement, by Countries, January 1942
-
October 1945
-
(Continued)
(In thouiands of dollars; negative figures indicate a net outflov of capital froB the Dnlted States)
19't5
January
Burope
United Kingdom
France
Belgium
•••*•.
-81, '30
-19.035 12/
-2.372
Denmark
Finland.
Oermany
Oreece
Italy
Luxembourg.
Netherlanda..*.
Norway.
Portugal
•
umt
ilprll
1*5.050
-8,362
1,771*
-51.793
-22,879
-28,925
9.326
5,012
.672
-1*,
71s
-U5I
.101
-151
-128
610
-1*03
1*71
51
105
;5?
83
.96
1,861
3.571
3.106
1,829
2,281
••.....
.....••...
February
3,1*1*0
.20
22
26
.2.961
-569
591
.1*23
3.019
1.631
7.798
-12.276
-6O8
-5. 788
5.376
3.923
.111*
Rumania.
Spain
Sweden
-51
-312
199
33
.U.lt56
2.623
3.900
-13,921*
1*, 1*30
-3.623
3.078
69
Swltierland.
.It.
6.61*8
-U,329
-2,290
1*,212
Tugo 8 1 avl a. ............•••••••••••••
Other Surope
..••••.••••••.
Total Europe
651
6.71*8
-3. 'tis
255
.U3
.1,012
-20
-3.302
132.
17
Ja/
Canada
Latin America
Argentina.....
SollTla.
Bralll
-1*6
-2.315
-1.095
51*, 91*8
-50.987
-27.081
50.532
5l*.03l*
59.5IW
.3.1*66
•
Chile
Colombia.
Coata Elea.
78
2,259
20.106
*
,
Cuba.
Trench West Indies and Oulana
Mszico
••
Netherlands West Indies and Surinam..
Panama.
Peru
-2.583
.228
1.51*2
-277
-1.335
.182
-1.737
-2.965
«
lo.ssq
36U
-1.1*50
2,191
U.UO
-373
.1,578
71*3
3.200
Til
5.391
3.505
1*,1*89
-28,215
28,857
-6,899
56,1*26 Jb/
Total other countries
Grand total
1/
Adjusted for the inclusion of
reported for the first time on
-15,601*
-2,805
50
-1
16
359
161*
.901*
.262
8,681*
651*
28U
1,696
.1*09
.2
16
.167
159
-17
656
2,1*81*
2,911
-999
-376
2,790
9.135
1,851
-2,251
13.197
10,050
l»,l*23
3.375
1,167
3.351'
-1*75
178,23b
9
5,lb8
-2,362
71*8
2,101
.71*9
.219
.820
-1*97
l.OOl*
326
59
71*3
.196
.101
160
.165
.106
21*3
1. 988
IU.888 Ja/
1-970
U, 1*59
-1.027
910
2.35^
3.208
1.222
U9U
122,225
-16,298
Ja/
157,1*05 Jb/
i
1*8
.18.875
215
Dnidentlfied.
.6,776
IU5.578
30
58
<
23.593
-951
Total Latin America....
Trench Morocco..
Union of South Africa
All other
577
.6.118
337
l*,299
Total Asia.
-2, 779
13,982
1.988
Other countries
Austral la
New Zealand.
..••...
Efirpt and Anglo-Sgyptian Sudan
.1,700
573
503
-it.7it6
Netherlands Xast Indies
Philippine Islands
Turkey
Other Asia.
331
.l».2l*U
15. 783
18.I»16
i
1.355
3.713
196
Venezuela
Other Latin America.. •••..
India. Burma, and Ceylon
British llalaya
Japan (including Korea and Manchuria)
-2,980
-1.928
-27.i»l'7
15,1*12
2.153 15/
1.013
Asia
China
Trench Indo-China.. ..••••. •.•••••••••.
Bong Kong. ....... .........••...•...••i
-18.1*57
-9
.i«i*i*
July
Au^st
September
October
Treasury Bulletin
92
Capital Movenents Between the United States and Foreign Countries
Section
I
-
-
(Continued)
Summary - (Continued)
Table 2.- Continuation of footnotes
y
B&les of Canadian lon^term securities, and (b) the inclusion of
$2.^611 thousand representing redonptlons flu July 1 of Argentine
securities, as well as (e) net dlet>arsea«aiB from the t^ted Kin^
doa account to domeBtlc payees of $},^S thousand.
Adjusted for the Inclusion of accounts of (a) $2 million for Prance
and (b) $7.S million for Sweden previously reported aa foreign and
reclassified as domestic for the first time In the September report.
Adjusted to cover the following transactions:
(a) $6,0^^2 thousand
of banking funds previously reported under "rrench Morocco" now reported under "All other"; (b) $5.^71 thousand of banking funds previously reported under "Other Asia" now reported under "All other";
(c) $X^,'^o thousand of banking funds previously reported under
^
6/
"All other" now reported under "Unidentified".
Adjusted to include $^10 thousand of short-term banking funds which
were omitted due to the elimination of several branch bank reports.
Adjusted for (a) the inclusion under "Italy" of an account of $2,023
thousand which was previously classified as domestic, and (b) the
transfer of $8,S87 thousand from the "All other" classification to
•France".
jj
Adjusted to cover the following changes:
(a) $35t'*^7 thousand
transferred from the "All other" classification to "france";
(b) $6,918 thousand previously classified ais domestic was reclassified for account of Panama.
April 1946
93
Capital Movements Between the United States and Foreign Countries
Section
I
-
-
(Continued)
Sumnary - (Continued)
Table 3.- Net Movenent of Short-Tem Banking Funds, by Countries, January 1942 - October 1945
(In thossandt of dollaro; aacatlT* tlfortt ladleat* • not outflov of capital from tb« United Statoe)
(Contlmad eo follovlnc pac*)
.
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued)
(Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries,
January 1942
-
October 1945
(Continued)
-
(In thoaaandt of dollars; nsgatlTe flgur*, ladicata a net outflow of capital froa th« United Statee)
Total
calendar
year
JannazT
Tebruary
March
i^rll
Hey
1»3«,90U
-97.596
53-927
1,188
3.185
+98,010
2,702
2.295
23,100
1,038
31,745
9.705
1.193
+545
4,169
74.589
HI. 128
+989
1,291
-2,452
-4.594
+2.934
+5I8
-939
+129
+78
+405
-853
+15
-696
+262
-105
-220
-182
-535
-6
+19
+644
+30
+1.676
+I,4g6
+1,790
-2.068
+2,285
+2,815
-12
+3.094
-4.285
191*3
lorepe
United Ilngdaa
Trance
lelglna
1943
Denaark
rial and
Oeraany
-z.ziw
-875
163
Sreece
Italy
U.6li£
-678
102
Ug3
107
52
6,929
26,568
18,679
-1.923
8,11*9
-1.981
-122
56
1U,351
17.708
-816
-637
2'»,93lt
-2,722
-1,936
-7.766
1,967
-Ujl
Luxaaibeurs
ether landa
lorvay
Po rtufal
Rnaanla
Spain
Sweden
Svltaerland
13
+426
-3.456
+4i6
+2.218
-341
-7
-1,066
+70
-2.673
-100
-189
+206
-189
-29
+222
-753
-28
-129
-659
+25
-88
-714
+7
-73
-417
+6
+5.172
+5.638
-578
+34a
-8.034
+85
+2.141
-809
-134
1.333
828
+19
+400
+3.836
+2,496
1.233
250
1.750
-3
+2.879
+2.655
-3.056
1.448
-6
-1,865
+3,861
+7.198
-44
+19
+3.327
-1,735
-264
-99
+6,669
+66
+2,849
-2,973
12,939
+41,171
+762
1,392
l,l64
-522
-395
-181
-190
-456
-768
-l64
-;42
-72
15
+488
+701
-56
+3,110
+168
+42
+938
-227
+24
+104
+2,833
+3.883
1,053
-112
+65
61
-163
291
4,405
2,219
-2,384
-678
+11,416
3,203
1,947
+15
-3.750
-19
+3.586
-2.389^
+65
+5.073
+876
-217
4,413
1,016
1.379
+6.738
-6
10.458
-110
-4,541
-179
-1,230
9.295
202
132
-582
+1.147
-47
-468
+91.227
+31.668
53.780
+94.495
-71,402
+9,890
-6.095
^3.509
-'3.607
-30,925
-1.473
-1.139
-7.786
+1,880
-472
+16,207
-903
+471
+7.582
+1,262
+127
+8,812
+2,266
-1,725
-2,551
-486
-4,019
+8,688
+5.468
+5,986
-169
+56
-1,686
+4,6l4
-617
+1.252
3.034
1.795
+112
+116
-5.345
-20.301
14.572
-4,182
-4,081
+190
+9.354
-2,038
-41,995
301,696
250,698
^671
-41,047
-6.313
-3.057
3.090
-606
1,880
1.029
+2.773
229
28,81*7
-631
10.736
+6,612
Chile
Coloabia
Coata Sioa
18,23U
32.137
8,327
-5.116
3.145
3.'*35
1.832
-196
1.089
+600
-2,434
+6,180
+738
-6.190
+877
+1,960
+2,721
+1.107
Cuba
froDCh Veat lodiea and
Oulana
Mexico
-1*1,627
-5.81*3
-5,029
-5,638
+2.919
+3.864
-2.053
-31.709
560
-20.888
-41
-4,507
-590
-959
-97
+5,050
17.793
10,062
+57
-in
4.467
-2.593
99,263
-81
525
+2,043
+1,699
+646
+50,676
Setharlanda Veat Indlea
and Sttrinaa
Panaaa
+80,858
-6,737
+609
-5.960^
+84,759
48,839
Latin Aaerlca
Argentina
BollTla
Braall
+40,675
113.701
+36.839
Canada
Decasber
4,123
666
-89,369
89
Hovember
15, 3n
22,385
568,6it»
a
•69
October
+1,846
-4.911
+1,391
Tot al Sorope
S.
76. 301
Septeaber
+1,867
-2,088
-4.773
+4.535
-20
+3.627
S.
-1
+6I<0
Infuat
+6,393
-2,161
+339
+7.300
Tocoelarla
Other lurepe
U.
July
4.727
-248
-12.193
+1.590
-5.384
-3,08t
-10.839
-1.452
1.101
2.43;
605
+4,647
15
+2,886
+3,818
-52
.4.886
+7.278
-459
-12.723
-3.438
-1,747
-14
12
-14,717
+736
-5
+2.477
+226
+5.885
+20. 363
1,282
+2,018
-1.225
-1,073
+4,281
+140
+465
-1,342
-1,029
+1,243
21.678
1,078
-642
+3,653
+807
13.001
+2.197
3.157
-865
-588
3,822
Pern
617
+2.432
5«
+1,047
+206
-209
-535
+462
+4.8O3
+1.T76
+5.248
-2.000
-4,287
+390
+1,886
+1,277
Tenesuala
Other X«tln Aaerlca
3.5't2
-19
I*. 885
-272
-1,521
+8,270
-1.674
+601
+1.543
+5.399
+5*0
-1.589
+3.477
-6.281
-4,214
-11
+245
+U,4o7
+2,731
+10,280
2.720
36,580
1.637
364
-254
+1,618
Total latin iaerlca
+83.'»51
-9.038
15.595
+22,377
+149
59.859
*26.323
+24.244
-40,688
-25,104
-6,46;
-3.198
19.397
+222.716
-27
-17.723
-6.364
-361
-823
+28,203
+8,342
+8,U4
+22,034
13.589
21,654
15,200
16,496
+746
-7.563
+120
-29
-10.659
+231
+4»5
108
116
-49
+780
-452
+23,950
+12
+25
69.983
-1
-262
+5.32'»
3.129
+2.763
-2,854
4,168
63
34
+7
231
-7.107
-23
24
-90
-3,379
-42
+4,706
77
+20
-718
-7
>0
+1,645
-163
+4.881
-13
-729
36
-89
-528
-40
+10
-13
+39
-23
+35
-32
-36
-88
-50.322
-6,021
+4,158
-12,643
768
+7,143
-2M
-20.193
-410
582
579
-15,781
-33
1,467
252
-292
253
+1.327
-171
+10.377
+6.243
-14.519
+6.428
-3.241
-550
+5.264
-433
-2,729
-302
2.490
721
2,123
24,956
-3.123
-313
-7.258
3. 508
-451
+343
+1,186
-1.643
-209
+4,611
-886
+189,946
-2,852
+7.025
12.016
-2.555
+1.945
15,088
-11.350
+23,253
+6,160
+2,6U9
1.948
+1,209
859
+3.531
+2.076
-4.929
-1.388
2.823
-264
+982
-155
6,687
+761*
870
-1.079
+4,323
-692
4,634
2.734
-15.477
i892
-793
118
+135
-18
-29
-716
+497
-94
-279
-476
+241
-5.583
+646
Hit
China
Prench Zado-China
Hong long
India, Burma, and Ceylon
Britlah Kalaya
Japan (Including Korea
and Manchuria)
Vetherlanda Xaat Indlea.
Philippine lalanda
Turkey
Other Aala
Total
A«U
Other eonntriee
Auatralla
Vev Zealand
Igypt and Anglo-lgyptian
Sudan
Pranch Morocco
Union of South Africa.
Ail other
.
Total other countriea...
Unidentified
Orand total
1.625
>t,0lt9
-5.036
10
881
-71
+4.574
1.636
6,843 !tb7 3.027
20
-87
76.569
9.827
-144
-12.909
-1.161
+35
+4,21*9
2.614
172
+1.230
-7,209
21.383
-2.358
+150
-874
-872
+18,046
+9.397
+2.341
-17.251
+3.021
-3.442
+10.455
+23.079
-4.209
-1.685
+8.915
+2,902
+1,234
+611
-3.482
-1.092
-6.007
+2.019
-2.0164,
+2,885
420
-12,536
-3.289
-3.738
-1.191
+21.043
+2.208
+6J9
19,226
+69
+3.001
+26.375
+4.671
8.099
-3,689
-17.;34ii
+2»1
-22.253
162
-76
94
228
-151
224
-540
151,809
>119,683
74.311
224.84;
+163.436
55.551
+61,505
825
(Continued en folloving page)
-I.I1094JS/
-2]lcJ
+135.679
April 1946
95
Capital Movements Between the United States and Foreign Countries
Section
Summary
-
I
-
(Continued)
(Continued)
-
Table 3.- Net Movement of Short-Term Banking Funds, by Countries,
January 1942
-
October 1945
(In thoiuaadi of dallara; nH*tlT* tlgtrn Inlloat* >
ut
(Continued)
-
oatflov of oapltal froa tha United Stata>)
Tstkl
xgMii
ealaadftr
loropa
Uoltad Ili«daa
Trance
Jmaamrj
fabrwuy
Nareh
ipiil
!^
-2
1*U
209
181*
132
582
"52
2, "70
-197
1,5110
116
2,1*25
-116
1,828
2,227
2,758
-5
20
-967
-1",6"8
-2,2"1
569
2,973
Oreec
Italj
Loxeabourg
5,150
13.957
-152
-127
2,1*59
-1*28
-1*57
13U
-57
*t
35
38
780
60
920
Hetherlanda
Horvay.
Port Heal....
l6,lt26
1,031*
7,571*
-60U
5,910
3U1
1,201*
8,337
6,658
15.072
11,017
1,100
2,791
.11*. 1*1*5
-8,502
-9,701
-52
-U.iqs
Tatal lorope
latin Aaerlca
Ax^antlna
BsllTla.
Sraall
CMl
ColnaMa.
Coeta Rloa
Cuba
-11,091
2
31*
1,"92
-3
-30,397
5
17
66
3.752
-9.239
-1.796
8,1*05
261
5,272
8,055
3.912
1.39"
5,220
-257
-1.158
-97
1*,228
-"1
1,2636a/
-71*0
U,l*80
61*
182
-269
-5
-1
-22
33
"6
11.61*1*
"27
-1. 167
1,812
2,636
-92"
-13,1*96
258
3,010
1,30"
UoU
-5.313
.10
-".223
2M
3.399
-11,297
2,816
1.528
-1,01*5
",17"
10,353
-3.U36
1,207
1,756
2,082
1.672
2,3"3
-78"
601
i.e""
-8,183
66
309
".657
8,979
3.235
-130
*6i
-671
-172
-986
379
-132
-16,81"
3.312
l*,3ii
-575
-2,51*8
79
-31*2
-2't,gU5
1,213
-287
-2,297
-18
-19
-898
1
25
-1.1119
.886
"32
-32
-",201
-107, U^
91,388
20,286
-32.717
3.925
6l,89U
-U6,9U2
.66,6"0
-19.01"
-75.575
-6o.O"3
39.106
123,623
32.529
93.853
•78,701
58.677
-37.576
-2". 110
-65.262
33.179
26,163
65.610
9."70
-30.257
36,>I06
5.833
-23.080 6/
3.138
711*
8,232
5.991
-3,6"5
3.973
12,51*2
-287
-2.598
221
21.338
-1.132
-6,7UU
313
8,825
-6,289
9,71"
153
1.788
-7.191
12,510
l."85
7.037
10,090
1.968
-1,622
-322
7.890
.612
-11,756
2i(<
-969
5, I'll
35,8ltO
-276
2,812
3.853 10,133
-2,726
-2,269
581
6y
-13
Ul6
3,060
1.697
-3.958
158
8t""6
.3"o
.11
"9
89
30,397
3.775
1,"20
-13
-57
-270
-60
-66
-36
SvltiarlAnd
a. s. s. B
Tofo* laTla. ..••.••......
Other Knrope. • . . •
.216
-658
-306
-7>'
-28l*
15
-57.251
-13
-56U
1*55
2U
727
1, 189
13.J»7
-1*00
152
531
-31*9
21*7
23
225
27.671*
-187
-215
-222
12,967
-72."1«
-1.521
-5"7
173
957
361
Spain.
Sweden
-98,200
1.813 10,238
1,105 1,61*8
7,oii5
B\aULiila
loraatar
-313
Senaark
riDlcnd
Oervns7
26,975
1.763
Oetotar
-58,9"3
-1,001
-8,068
-3,505
-3't.21i
2, 11*1
2,083
Daeaakar
Saptaabar
-1.9"8
-10.332
-".872
75,6«5
+1,1130
15,617
iagoat
3,618 35.562
-525
1.93"
50 3.501
-11*1,117
Belglm
-720
Jnl7
lUy
-1.295
-2.735
8,631*
-2.285
375
-17,579
36
11.177
2,831
-1.028
3.596
1.735
-". 176
-5.'tl7
56
3.532
1",886
3.503
956
.10,01*8
1,891
1,656
-633
13.318
531
20l|
-3
-1*.212
-552
-"15
-86
-382
-13"
-751
327
1*1.597
-655
l.''53
3,288
7.870
-8.250
39.067
",212
I.8I;
-3.881
-5,680
1,667
-5.309
1.78U
15,271
.l*U3
-117
1*13
1>I5
116
375
600
226
-68"
1,268
-13,>*3'»
8,913
13.007
6.538
-6.809
1.981
-219
6,1*11
lou
1.152
".699
-1.988
3.131
-8.330
Trench Waat Xndlaa and
Onlana.
Mexico
Hetherlanda Veet Indlaa
and Snrlnaa.....
Panaaa
Tern
-861
-"•25
-1,511
2,256
828
-2.5l«
85"
.567
66;
-1,82"
311
11.799
-2,1*60
-1.005
3.1*61
221
272
577
-2,026
3.758
2,069
1,1"7
1,662
2,051*
-338
-61*6
10,1*10
521
-1. 678
1.302
3.353
1,628
1.029
1.853
1,880
1.516
2,059
Teaaraela
Other latin Aaerlca
5.977
21,519
1,070
10,782
-2.658
3. 918
U,92l*
890
936
6',"59
-5.163
7.517
1,608
8,1*63
-2,7"2
2,5"0
9.265
917
"89
-11,568
86
-8.530
-2,85'*
2.397
256
Total latin Aaarlea
197,206
12,016
-'*,195
33.83"
38.019
10,027
55,012
26,231
3.323
-1.1*16
".518
2l*,13U
-",297
-1U6,709
-2
11.031
-".13"
-3.775
-13
2.303
-10,5"" •179,791
Aela
China
Trench Indo-Chlna
Hon« Kooc
-5.073
30,050 25,260
-2,257
-18
-1*93
871*
-12
-702
170
-10
-3"
-17,"72
-"7
319
i.oW
"
-«1'5
-1,120
156
"2
59
India, Soraa. and Ceylon
Brltleh HaUya.
Japan (IncXvAlnc Carta
and NancburlaT
-16,505
885
-3.207
-6,758
770
18
llU
U3U
9.38'*
-237
-575
-79
l"3
-^.
207
8
-137
-2>tl
29>»
55
t3
8
-125
113
-11"
-"3
-17
Hatharlande laat ladlea.
Philippine lalaida
;6o
-716
730
-1.996
-iwo
-509
-282
21
—6
6
-98"
53
-1"7
61
-3,595
190
»1U,""8
-35.3"2
-2
*«8
55
539
-15
766
-1.150
-39"
-137
.300
3.570
2,593
820
311
2,563
5.3"0
-10,310
2,119
18,067
3,992
17.381
1,507
-9.59"
8O6
-610
-322
Other Aela.
1.703
-1,800
-1.501
-11,687
-U39
282
-1.863
-2,051*
2.370
-289
377
Total Aela.
-l6«.8S2
U.lZl
W.872
6,673
12.633
21.971
-2.192
-11.0"7
-3.589
27. S*!*
7,881
1,626
-'•,527
2,60U
2,093
-766
-3.«55
-578
3.677
-189
9,0li<
-30
-11, "12
-1.675
-9"3
-969
I.SJU
-73
-95*
328
5*8
303
-989
""9
-920
230
-268
-3.351
Other count rlee
Anct ralla
New Zealand
^Tpt and An^lo-Sgyptlaa
Sudan
Trench Moroooo.
Onion of South Africa...
All other
-5,931
-3.U81
833
161
2.030
1,91*3
-1*,602
-3.'>19
-2,571
-3."09
-5.939
-1.75>»
-17. 7*^
-1.569
-2.99"
-1,927
-2,335
Total other oountrlee...
u
7.695
-6.985
-9.753
5.323
11-386
861
_:J^
I160
-I9I*
.J^
163
76"
l*U,39l*
155.209
l'>7.637
76,7365/ 1,03*
1.151
-"7.329
Poldentlfled
t76J
-15.978
.61
1.729
-3.128
1.1?"
","91
-5,083
-151
-53"
-7.577
13.«"7
zSl
-211.399
2,972
2,936
l,""9
".6"5
13,009
195
-2,311
-»75
-171
169
691
67
626
89
189
-275
2, "8"
-23«
.2,618
-Ul
1,233
1,158
",399 .,
23,8"56h /
3-°98
1*1.070 6t/
I. "6ft
-8,680
-1.973
-2.372
1*56
-"736
2.111*3
2.6U7
-610
1.371
-1.327
273
116,872
10.53"
-57.289
26.852
9 18
6
-3
-696
-1"3
-76
Tnrfcij
10
"5
6?i
2,91*"
2.663
_-l;558_
[
Orand total
(Continued on follovlas page)
76,21*8 -229.5216s/
U
Treasury Bulletin
96
Capital Movements Between the United States and Foreign Clountrles
Section
I
-
Summary
-
-
(Continued)
(Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries,
January 1942 - October 1945 - (Continued)
(In thoua&nds of doiiaxB; oagativ* flares Indicate a nat outflow of capital from the United States)
191.5
Tebroaxy
januAry
April
Europe
-1*3.191*
1,605
10,11*3
-237
-'«5
1*6
215
-101
-29
93
-9b
-77.816
rrance
Belglua
-17. 795 12/
Denmark
Tinland*
Germany
.1<£1
•
•
Oreece
Italy
Luxembourg
•
•
781
35
-2
-3,101
.38U
.12,388
2.691
1.738
7.532
.631
-5,868
2,630
3,666
-P
-13.936
8,375
7.279
Bumanl a.......
*•
Spain
..••*••..••....•....•*•
Sweden
.51
.U,298
Swl t zerXand
-2,176
-3,Uo6
a
Tugoslarla*
Other Europe
U.
S.
S.
2,
Canada.
-3. 529
2U3
-1.079
les, 310 2»/
Total Europe
88
-2k
••••••<
Netherlande
Norway
Portugal
1*69
1,978
2.276
3,681
•
127
'>e,9Ue
-9.2U3
urn ted Kingdos
...<
-503
186
5. ''30
-U,330
-21
78
-2.336
U,231
59. ''57
.27,801
100,510
59.763
Latin America
Argentluu
31c
562
2.273
19.875
-1462
-19.163
-1.936
-2,375
-27.52''
-98
-l,'*03
-35"
-3.831*
-278
-266
11*
-J, 018
-3.31*0
-6,227
-It,
Bolivia.
Bratll
Chile
Colombl a.
Coeta Rica
Cuba.
56s
French West Indies and Qulaaa......
Mexico
156
51*5
327
15,602
15,829
11*, 01'*
Hetberlands West Indies and Siirlnoo
Panama
Peru
l.OOU
18,52l»
1.651
55
Vane tuela.
Other Latin America.
Total Latin AAeriea......
••••
.«...
Alia
China
Trench Indo-Chlna
Hong Kong
India, Burma, and Ceylon
British Malaya.
Japan (including Korea and Manchuria)
Hetherlands last Indlaa
Philippine Islands
Turkey
Other Asia.
Total Asia.
Other countries
Australia.
Hew Zealand.
£&pt and Anglo..Egyptlan Sudan...
French Morocco. ....... •••••••..
Union of South Africa
All other
Total other countries
Unldentlflsd.
Orand total
<
c
.898
230
Jb/
377
-1.278
2,25"*
797
3.783
3.117
-U, 701
5,181*
3,1*56
3.597
11.387
-29, 726
11)6, U59
-16,521*
-2,61*11
50
-1
-292
16I1
-916
8,626
660
390
30
61
-1*11
-3
-168
162
655
2,1*81*
2,911
-332
2,611*
13,198
10,105
9,119
1,91a
.2,U09
'*.393
178,510
-71
5.1*12
-18,916
698
2,097
.287
-819
996
-750
32I*
-175
-69
53.059 Jb/
3.529
123
2,021
165
l'«,895
IV
2.099
-198
-6U
lt,Ul3
9IB
15/
2,1*67
3.168
21
153.^95 IS/
1.223
17l*.973
Magr
July
Au^et
Septeober
April 1946
97
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued
(Continued)
Table 4.- Net Movement In Brokerage Balances, by Countries, January 1942
-
October 1945
(In thouftandt of dollar*; nogatlTo flgarea Indicate a net oatflow of capital from the United States)
.
. ..
Ireasury nulletin
98
Capital Movements Between the United States and Foreign Ck)iintrles
Section
-
I
Summary
(Continued)
-
Table 4.- Net Movement In Brokerage Balances, by Countries, January 1942
(In thomtadi of dollari;
Total
ealandar
yaar
19U3
(Continued)
-
-
October 1945
-
(Continued)
n^atlrg fXffatt Indicata * nat outflow of capital froa th« Uoltad Stataa)
I9l»j
Jaavmrj
Tebmaxr
March
iprll
Max
Jnlr
Auffuat
Saptaa'bar
Octobar
IttTope
nnltad Ilogdoi
Tranoa
Bal^lom
Daoaark.
rinUod.
Oaraaax.
+I.W3
+20U
-i.oin
+701
+270
191
1,055
III
-230
-36
+5it6
+91
-209
-31!
-316
+1.716
*g21
«22U
IH
-S
-33
-8
+1
-17
-IS
+i
-3H
+1
+8
+1
+68
-12
+6
-18
+iti
+10
+32
+210
+1
-2
-90
-6
+10
-2U
-5
-1
-2
-86
+2
+80
1>I<
+178
-itl3
+131
.U3
3't
+560
+U9
-1
-2
+266
+20
+93
+lt
-22
+19
-15
-19
-1
+u
-71
+3"
38
+lllt
-67
-1
-7
3.1*53
-167
+20
-382
+167
797
+1.376
195
lUo
-323
57
Oraeea
Italy
+110
Ltuceabourg.
S72
Vatberlandi.
Norway
PortTi^al. ..
Biaaala..
Spain. . .
Svadan...
ifi
2,3«7
U7U
1U6
*6
+U
-7lt
3
7
5
5
3
3
9
-2
-1W6
-139
+35
-311
+21*3
-51
+72
+166
+U6
+2
-67
+6
+5
-U
-15
-2
+6
33
7
5
39
-33
+6
275
-51
+60
+15
397
+20>*
-85
216
+1*2
+7
15
+85
-rt
+1*
-7
73
-1
+1
+1*
+ltU
+1
-2
+67
-Ihi
-log
1,27U
+913
+61*3
+11
+u
5.556
-239
-2.627
+1)
4-1
+2
-3''7
-27 It
-21
-98
Total Suropa.
*il.039
309
-li,03U
+U,055
+1.728
+267
3.1*80
1,199
*2.t33
7''3
715
+228
-600
+132
+610
-571
+156
-«07
+163
-11*2
-72
+U
+281
+Uei
-215
-578
-6
77
-10>t
Chi la
-97
-7
+2
Svlttarlanil,.
s. s. «...
+2
91
-t3
a.
I*tln Aaarlca
Argantlna. .
BollTla
Braill
-U39
+82
-2
-U
Togotlarla. ..
Othar Europe.
Canada.
+Ul
-218
+158
+1
-510
+156
7
-150
-152
+11*3
+36
+3
-69
5^
+1
+17
1,136
U
+111
+69
-8
+3
+1
-9
13
+11
-33
-69
+5
+26
+61
1,071
+260
-279
15
-2
u
+1*
68
590
255
-2
-lUg
+lUt
+U
-1
+18
+595
-337
+860
+1.781
lU;
507
-21*2
+610
-560
+38
+1*6
+2
-58
31
-728
-39
-8
+1. 185
-7
-8
-208
-62
-6
-155
-11*
-8
+6
90
+22
-33
+12
-117
-38
+98
36
-156
+19
-2
+206
+22
-52
-15
+18
+23U
ColaaMa. .
-15
+12
-68
-27
29
CoBta Rica.
+1
+55
+8
+116
+5
-10
+2
3
-10
36
-U31
529
+2.587
-2,U7U
-152
-369
-312
-103
-965
355
838
-170
-195
3
-3
+2
-65
-1
-3
+60
+12
.151
J*l
237
-20
-327
+U
29
-209
+3
+166
15
-255
Site
-50
-67
13
+22
+192
+10U
351
+lt62
-161»
+23
-21
+U9U
+36
+10
+373
+15
-303
-169
-183
-36
Cuba
Trancb Waat lodlaa and
Oulana.
Mailco
Vetharl^iAa Waat Indiaa
and Surlnaa.
Panaaa
+20
1,902
73
-18
-16
-321
10
-201
-3
lOT
+Ullt
-JO
+ll2
12
-286
+91
-3'*
-119
311
-536
+185
.6OU
313
-lOU
-601
-395
+3l*J
-201
-830
653
.200
-53
>»2
-135
+U£
+1)2
-30
so;
121
-3
3
2
17
3
+2
-6
+7
5
10
5
-3
+1
-5
-1
+1*
Paru
*2UU
Tanafuala
Othar latin Aaarlca.
-52
+2U0
-6U
-130
+168
+2U8
+2U
+520
-Ipt
-60
-»3l
-711
+iiie
Total Latin Aaarica
_-Ujl_
877
>2,930
-1.555
36
-l,ll88
-15U
293
-107
-328
-250
"7
+1
+U
+6
+20
+11
+32
+1
-38
-1
Aala
China
Franeh Indo-Chlna
Hong Eoa£
.*..•.
India, Buraa, and Caylon
Britlih Malaya
Japan (lacludioc Xoraa
and MaDohuriaV
NetharUnda Xaat lodiai.
.211
+1
3
-3
-17
*k
-1
+1
+1
+M0
-I
Fhllippina lilanda
Turkey
Other Ilia
88
Total Aala....
35
+i
+1
+238
-96
-31U
-285
+120
-51.
-162
-50
+23
+51
+21
13
+113
+55
Trench Morocco
tTnlon of South Africa...
All othar
-21
+187
2Ul
Total other countrlea...
U25_
+U89
31
-31
-11
-29
-115
-30
+2
-Itl
+2
+65
-28
-3
-9
-280
-2
-U
31
+6lt
-U2
-63
+u6
-1*7
+2I15
+127
+18
+70
+8U
+112
z
-61
-15
-27
-28
+70
-120
-3«
+1
31*
3
+3
+5
+36
19
+U2
+101
+109
30
+1
+61
-1
-12
.U5
+229
+122
-91
-39
Pnldantlflad
Oraad total.
7
?L
+60
-8
-298
il
3
+2
5
5
-2
-Wl
*ll
-93
+125
+61
-96
+1
-1
-26
6
+2
=^
-5
+10
+1,027
3
-"5
Other count riea
luatralla
law Zealand
Igypt aad Anclo-Xgyptian
Sudan
+151*
2
-196
5
9
-1
+2
+91
+68
-2
13-372
*g.658
-600
+2.13''
+922
-1.027
3.662
(Continued on follovia^ page)
U20
1.698
565
-7U7
+1,30U
*2.383
.
..
•
..
a
.
April 1946
99
Capital Movements Between the United States and Foreign Countries
Section
-
I
Summary
Ib thoQsaudt of dollar,; nagatlTa flgnrae Indicate
Total
calendar
year
19IA
larop»
United El&fdDB.
Traace
Belgl^ia
Danmark.
Finland.
Garaany.
-310
-«J
1.539
-U9
-366
26
296
-15U
-328
-69
21
51
Natharlanda.
-
-79
27
9
7
-6
-3
Itl
2
-3
-1
-1
2
35
28
-*
*6
-U
6
+1
It
3
-7
3
-15
-1
1*
-107
-29
»t25
+103
29^
31
13
30
-116
17
-25
-6
1
9
1
11
t
33
lU
208
3I8
205
-7
2*5
2.U23
1
<«
2
-228
U
6
-55
-308
l»7
31
110
-82
163
39
-38
318
653
1.001
761
-1.2U5
909
-523
716
-506
-1»
-1*
3
-1
-1
-79
-26
-30
83
-12
35
-127
18
139
Total >ar«pa.
8.582
290
-65^
1,138
-576
696
-201
2.3'>7
12IL
Canada
Latin JBierlea
ArgentinaBollTla.
.
SraiU
Chile
Coloabla...
Coata Elca.
Setherlanda Wait Indlaa
and Snrlnaa
Panana
Peru
35«
i.iiao
-912
:J20
-272
288
+225
-2
-UlU
-9
1115
226
-1*29
12
lU
217
381
-228
-11
-119
-251*
51
-7
1|6
-9
99
-13
-105
129
U5
20
-29
-71
17
80
-3
-121
13
-19
-IB
-6
61t
-3
-55
-27
-2
-U
-10
-19
119
-185
1.213
-1.208
-181
37
-3^
-3«7
131
-253
-127
-131
1*62
237
279
-lU
-1.319
1*2
989
2lt£
+316
-32
132
136
-1
51
7
9
-16
-81
332
-73
-iito
151
-78
332
-8
9
370
-80
U5
29
-1*59
177
-219
13^
-63
-6
-U9
-68
-11
-280
-36
W
-299
1.105
-51
-208
302
255
-1*98
-Ul
-5
3
19
105
60
195
788
726
198
-1.337
-520
-6
-89
U6
893
271
35
32
6
6
-52_
2.265
-759
-Itllt
1.302
-15
-237
-182
116
-153
3
2
-33
-32
-10
-89
-1
-3
U
35
-5
-l|61t
-189
-58
1.389
1*57
-2.032
-11*5
-i
-659
55
6
1
-1
-It
2
3
-6
8
6
3
-20
laU
-29
Total lala
-'102
±35.
-25'*
29
10
13
-33
3
-7
-lU
5
18
-15
-1
-5
23
-221
26
_^631.
6
7
1
1
1
10
ste
-111
1
60
-58
-638
131
66
950
-Ull
-15
-1
-6
-12
U
-30
lU
17
-20
16
3
3
2
2
-7
1
-1
*9
Tti
-25
-3
-9
WT
7
-25
*3
15
79
36
-3'Mi
-5
1
<
-3
1
-1
-1
268
296
70
286
jll_
713
1.831
««8>i
-1.289
1.616
_l7UL
119
650
(Conttnnad on following page)
2 •3^3
1
-It
7
1
i23.
-2
8.529
27
-1
156
-271
-67
-32
-9
27
IS
9
22
-71
-1
1
Unidentified
Orand total
ltU7
-1
-t65
-7I18
1.309
52
-10
29
Total Latin Aaarlca.
_;J08_
-11
66
166
-U9
-167
-19
-199
-177
8I6
11
132
339
-lUl
Total othar conntrlea-.
-558
-Ult6
-1.3^
rrench Morocco
Union of South Africa.
All other
3.578
-l.ltltO
-53
790
Other count r la
Initralla.
lav Zealand
^pt and inclo'lvptlan
-1.802
13
-163
Othar
1.938
-3U1
56
Tnrkegr
-150
lUl
-175
Batharlanda laat Indlaa.
Philippine laXanda
*Ult
-2
l,ll28
1,206
-179
-1.517
India. Bnraa. and Ceylon
Brltlih Kalaya
Japan (Inclndln^ Eoraa
and Manchnrla)
-2U
22
318
-eu9
1
-1*7
1.252
2lt£
1,1*57
2
-138
299
Tanatuala
Othar Latin iaarlea.
lala
China
IVaaeh Indo-Chlna.
Bon< Konc
90
-17
U
Weat Indlaa and
Oolanm
Maxloe
.:2iL
-90
-125
18
Ul
-67
39
-1.121
Ciiba
rrawh
l.lUl
321
300
6
157
-9
3.758
1,098
91*2
-52
-10
19
Svlttarland.
S. S. E...
Tn«oalaTla.
Othar kropa.
1
157
33
1
1
311
-10
->17
0.
8
1109
-It
-162
-19
1
1
-391
It
6
66
11
23
129
-10
88
•
52
-5
«
78
.
87
3
3
-16
-5
.
3
502
M
90
Biuanla>
Spain
Swadan.
291
391
159
-9
ii
-t7
It62
107
-9
i»l»
-769
12
-282
128
166
-31
i
15D
191
3l»6
318
12
633
September
1511
32
-25
(Contlnuedl
2«3
-31
1
-
-180
39
1
Nomay
.
121
Au^at
July
May
9
I5U
Graeca
Italy
Lnxambourg
.
i^rll
Fehruary
October 1945
-
a net ont flo» of capital fron the United Btatea)
108
1
Portn^al
January
(Continued)
(Continued)
-
Table 4.- Net Movement In Brokerage Balances, by Countries, January 1942
(
-
-2,11*1
Treasury Bulletin
100
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued)
(Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942
-
October 1945
(la thouaande of dollars; aegatire figures Indicate a net outflow of capital from the United States)
-
(Continued)
April 1946
101
Capital Movements Between the United States and Foreign Countries
Section
T^le
I
-
Summary
-
-
(Continued)
(Continued)
5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers
(Id thoutand* -of dollara; negatlre flgurae Indicate nat aalet b7 foreignera)
Treasury Bulletin
102
Capital Movements Between the United States and Foreign Countries
Section
-
I
Summary
-
-
(Continued)
(Continued)
Table 5.- Net Transactions by Foreigners In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thmiBands of dollars; negative figures Indlcato net sales
Total
caleodar
year
I9U3
turope
United ElngdoB
Trance
January
Bal^iuiB
-20,U35
*k6h
*1.535
-111
-895
-772
DenjaSLrk
1.961
367
rinland
Germany
*2Sk
+2
Greece
Italy
-137
Luxeotioux^
Netherlands
Norway
Portugal
-18
680
-U
-2
Febroaz7
-713
93
80
3
2
March
-1,301
-2U8
-160
+375
+11I1
-29
-19
-106
-20
-28
+39
-111
16
15
"3
U,37lt
859
2,360
-6
-15
UlU
702
+61
+159
-3
-9
+1*20
+1
Rumania
Spain*.
2U
1
Sweden
3.356
269
-ko
-38
Switzerland
U. 5. 3. H
Tugoelavia
Other Surope
+6,';3i
2,280
1,803
+31
163
+!"»
3.68?
Ufi
130
136
Total Curope
5,05U
2,085
2.U5lt
-370
31,070
-86.'igO
-15.23U
57.U88
Canada
imerica
Argentina.
Bolivia
Brazil
5?3
U2
+3
I<itln
Chile
Colomhia
Costa Rica
5.611
-251
-618
-7U8
q<)
19
i,5?o
3?5
-83
27'»
259
10
1,38U
-22
-3>*
*2,&U0
-106
219
162
-15
-lU
-268
31*5
-16
8,887
1,162
98U
+1.759
+ltl3
Cuha
Trench Vest Indies and
Guiana
•
Mexico
+3.733
-65
13
Netherlanis Vest Indies
and Surinam
Panama
20
-IU3
-39
-8
50
12
''.967
-1*98
+83
+369
+22
263
339
+22U
63"t
2,2U2
-136
+708
Peru
-lit
77
7enezuela
Other Latin America
1.365
2.128
Total Latin America
32,111
Asia
China
Trench Indo-Chlna
Hong Kong
1,372
67
-78
-155
-571
-5
Netherlands Xast Indies.
Philippine Islands
35,1100
1,100
-?0
TuTlcey
-2UU
+180
Other Asia
990
^1
Total Asia
35.556
1.096
1,382
2ltU
-5
-50
8
5
Total other countries...
g.339
-335
+352
+8,000
-'^
+U2
+297
171
+e,9''3
+3
l'5
22
3
-7
+3
-U
-63
58
2^0
67
-"717
-11.908
-667
105. ''63
+80
2
86
1.261
Grand total
-52
-28
French Morocco
Union of S-juth Africa...
All other
Onldentlfled
-139
-73
India, Burma, ani Ceylon
British Malaya
Japan (including Korea
and Manchuria)..*
Other countries
Australia
New Zealand
^ypt and Anglo-Xgyptian
Sudan
toy
foreigners)
igU}
+210
April
May
July
August
Septenlier
October
HoTeatoer
December
..
. .
.
.
.
April 1946
103
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued)
(Continued)
Table 5.- Net Transactions by ForelRners In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(In
Total
calendar
year
thouaa^s of dollara; negatire figuree Indicate net ealaa by foreignara)
ISUU
January
February
-2.81*1*
19lHt
lurope
United Kingdom.
France
Belgius
-26.27U
-U,99U
-7.510
Denmark.
Finland.
Germany.
-351
-1.835
+2.372
-78
+«6
5
-5
136
+7
-9
+1
-1
-1*20
-28
+979
-718
+21*2
-12
+76
-5
+66
Greece
Italy
Luxembourg.
Netherlands.
Norway
Portugal.
-26U
2.3't8
+262
Rumania.
Spain.
Sweden.
-1,620
+2,025
.
.
30
.
-1*08
-17
566
33
177
+57I*
+16
*k8
5
-1.1*55
-136
-13
-831
+20
+2,118
+6
YugoalaTla.
Other Europe.
+1.035
+51
-u
+22.585
-15
+27
Total Europe.
-12.201
-3.601
+1.851
-328
-7,266
+16,709
+1,058
+2,300
+287
+li.39lt
+92
-75
Chile
Colombia.
Coeta Bica.
+1,12U
-16U
-250
-lU
-70
9
'11
Cuba
French Weat IsdiaB and
+1,822
+16
+36U
+6.I6&
-205
+115
Switzerland.
U.
S.
S.
E...
.
Canada
Latin America
Argentina.
BollTla
Brazil
.
2,933
.
Guiana
Mexico
3
23
+11*
-
Netberlande Weat Indlea
end Sur Inam
Panama
Peru
-6U9
13
+'(,110
+I.3I8
+222
+195
+121
+6U
179
+3.539
+1.307
515
Venezuela
Other Latin America.
+I1O8
+5.7't7
Total Latin America.
Asia
China
French Indo-Chlna.
Hong Kong
+170.1*38
+30
+69
30
Burma, and Ceylon
British Kalaya
Jeqian (including Korea
and Manchuria)
+1*27
-U
-157
-110
Netherlands £aat Indiea.
Philippine lalande
Turkey
Other Asia
+6,002
1*0
+221
-12
+68
-12
+171
+177.115
+161
+1)8
+220
.
India,
Total Asia
Other countries
Australia
New Zealand
Egypt and Anglo-Esrptian
Sudan
-2
77
+1.339
-21
+279
-9
85
-7
French Morocco
Union of South Africa.
All other
-39
-33U
+185
-3
+6
Total other countries.
+1.215
83
+30U.231
-1U6
+1*
Unidentified
Grnnd total
+270
March
April
May
July
Au^uat
Saptaabar
October
NoTenbar
Treasury Bulletin
lOlf-
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued!
(Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(Id thousanda of dollars; nogatlve figures Indicate net sales by forei^ers]
April 1946
105
Capital Movements Between the United States and Foreign Countries
Section II
-
-
(Continued)
Details for Montli of October, 1945
Table 1.- Short-Term Claims on Foreigners as of October 31, 1945, as Reported
by Banks and Banlcers In the United States
(In tboaaandi of dfillars)
.
. •..
Treasury Bulletin
lo6
Capital MovementB Between the United States and Foreign Countries - (Continued)
Section II
-
Details for Month of October 1945
-
(Continued)
Table 2*- Short-Term Liabilities to Foreigners as of October 31, 1045, as Reported
by Banks and Bankers In the United States
(Xa ttboiuuda of dollvt)
Short-tan liabilities pa^aUa
Short-tera llaMlltlci paymM* Id dollar*
Total
short-tani
llaMXltl««
Sopoilt*
Sills
h«U for
of
•ocoTint
for«lgn«r«
of
foroignan
Kurope
United XlngdoB.
Belglw
Denauuic.
rinland.
Oeroany.
Oreece
Italy
luxefflbourg.
Ketherleode,
Norvay
Portugal, . .
.
Sveden.
..
1,6U2
269
196
3'»
6
u
I
116
1*2
15
lU
1
1*85
6
169
75
11
1*9
26
5
121
I7U
90U
786
18
U72
8
20
8
81
80
1
3
•31*
33
1
762
582
126
U56
6
7«o
6.fl6
62
6«,6£9
61,980
22,853
6g.591i
61,969
22.853
67.9I8
61.579
22.t06
185
21
227, IU7
216.U73
10,615
182,655
63.U8
U9,o6>
ltU,69li
U3,(0U
716
9,227
29
319
10,173
160
108,000
10,001*
6675
2|(.362
213. U32
283,838
268,703
t.369
2". 373
2l»,373
2't,359
lU
Tu^oslavla...
^ther Vurope.
5,229
UU,U62
5.229
5,183
W,U38
Total Europe.
2.«'A.956
2.532.576
2.20lt,751
1.551.790
1.5'»8.192
376. SS"*
n,i'»2
17.87?
70,132
16.66a
l6U,693
13.537
200
30
"•5
'»3
2U
17
19,1*3
303.11*3
5,239
12,3«0
2.1*61
713
1.170,528
97
3,598
1.238
2.912
3.995
1.200
Chile
Colombia. .
Costa Bica.
63.557
83.078
6.631
63.552
83.078
6.631
83.01U
6,U30
l'»5.37>«
1'«.366
1U3,266
7,329
l0t.3O6
l9',l65
11*6.172
80. 677
5,333
9.775
>tl,010
1,01IO
Oote
Frtnch Veit Indies and
Oaiana.
Mexleo
33.598
Pern
^:.625
9o!*6l
"2.575
Tenaruela
Othar latin America.,
Total Latin America...
19
'^
300
200
103
U6
3"
gVi
83
82
1*2
5
5
30
10
1*52
1.999
7.920
2.35''
1
1.679
1*00
21
868
17.080
"5
8
7.329
Netherlai^s Vest Xodlet
and Surlnaa* ....>..
Paneoa.
no.i»6l
62,J*
U
3,190
179.07't
6,805
32
98
1
1
17.879
179,157
W8
183
68
Latin America
Argentina..
Bolivia...
Bratll
77.
banks and baafeare
1I19
19,261»
2U.Ult3
213,1*66
Other
976
20,06U
6,675
7.036
9.198
23,875
95,256
on
H50
281
20,070
6.679
7,051
17
LlaMUtie*
acceptances made
by foreigners for
a/c of report lac
9.1*23
3,258
U18
U,3gU
28U,ll20
.
banks
'»,975
1*1,119
Strltserland..
5. S. R...
.,
forel^
1,969
172
1.2U2
U.
Canada^ .
Other
720.596
318,16?
I89.U99
228,051
182, 673
>Q.l66
.
Borrovad
froB
730.798
359.871
195.321
Ruoonla,
Spflin.
In foreign cxirraBOlas
8.
?21
360,321
195,602
71(0,
Flrance
OoT«rBmoat
frmmMurj 1)1 lit
and oertiflcatet of IndotttadoMs
U.
28.265
lUl
10
50
50
131
W.U52
l<8.lt51
138.105
137,361
18.219
120.352
222
1,'W7
1U,810
712
7UI*
338
I106
1,097.7110
1.096.662
1.018, 5gU
22.366
53,9'»3
1.769
1,078
527
551
591.685
27.523
21.731
588.877
27.523
18.799
3U0.U33
11*3
21*8,167
13"
25
2,808
U16
2.392
18.755
5
39
2,932
2,932
33.2'»3
31,lt01
999
135
130
987
33.105
986
1
1
158
l».12l»
3,398
10
1
1
^aia
Chloiu
fr.nch Indo-Chln*..
Rods Xoof
India, Sozma, and
Crlon
Brltlah KalaTa
Japan (incluAliK Xorta
and Mftachurlal
It.
10U.UU7
89.731
10l»,Wt5
50.U61t
Other Asia
50,U6U
83.7H7
Total Aala
latherlaivli last Indlaa.
Phlllpplno ItXanda
Tnilcflor
Oth.r countrlsa
Auatralia.
Saw Zealand
tt^Tpt and JLiv^lo-lgTptlan
S\idan
a
27.
W
H65
i
5
10
2U
239
61*,8l*2
12
2
925
1,87'*
91
209
26
83.728
39.382
86,815
'^.990
60.936
1.007.716
1.001, 69**
659.5I8
2.582
336,671*
2,920
29.005
3.737
28.708
25,032
3.517
3.350
175
270
3.69lt
56
2
17.292
16,887
15.972
2U6
669
1.05
7.055
6,208
106.505
26
8
398
581
17
5,225
I?
lUl
638
56U
71*
1*,203
5,510
l,l»3l
1.51*1
613
923
'•9.310
1,869,798
11.1*56
2U.619
8,1*51*
89.010
112.813
T.662
6.307
112.175
Total other countrlM.
176.97>t
175, '•33
I9t.289
17.610
17.610
17.607
6.396.786
6.372.167
i«,iiUi,603
Orand total
656
960
Trench Horocoo
Union of South Africa...
All other
Pnldentlfled
50
7,679
6.Ult8
1''7
19
372
15
6,022
3,615
2.H07
11
38
286
»I05
17
lUi
2,010
l'',155
April 1946
107
Capital Movements Between the United States and Foreign Countries
Section
II
-
Details for Month of October 1945
-
-
(Continued)
(Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During October 1945,
as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
Treasury Bulletin
lOS
Position In Foreign Currenclee as Reported by Banks and Bankers In the United States
Section
I
-
Net Position, January 1942
-
October 1945
(1b thous«ndi of dollars; ne^atlT* figures Indlcats ghort position)
Currsnej oft
lorops
(continusd on follovla^ PSC*)
Oram
Position St snd
of aonth
totsl
Total
lorope
Cnltad
KlngdoB
-3,o66
-Z.Ull
-i.Mau
-1,651
966
-l,25lt
-l,lt«8
1,208
1,018
-2.105
-3.622
-3.261
-1.391
-1.987
-1.516
1.221
July
-3.irt2
iu^st
SoptODber
-1,210
-1.058
-1,870
-712
-582
October
HoTsaber
Deesabsr
-1.275
-ggU
-663
-303
-61
19U3-January
Tebroaxy
March
-It02
1,011
1.939
1.615
19l«-Jaa. (Jaa. 1-Jan.2«)
Tst.
Mar.
(Jaa.29-Ts»>.25)
(rs1>.26-J9r. 1)
*pr.
(ipr. Z-AfT.Zi)
May
(ipr.JO-Jnns 3)
Jians ( Jnat
July 1 )
iprll
•taj
June
^
577
log
,
1.963
2,222
1.025
U30
1.127
l.W»7
Sslslm
Osraan/
Ital7
Isthsrlands
Pertneal
Spain
-390
-365
-387
-518
-516
-515
-35
-35
-35
-105
-395
-393
-35
-35
-37
-101*
-3'»7
-515
-515
-515
1,785
1,808
-365
-369
-35«
-516
-516
-516
-37
-31
-30
-101*
-1.266
-1.266
-1.266
2.11*9
2.1*22
2.7I1O
-366
-392
-383
-516
-U79
-516
-29
-26
-30
-103
-103
-103
-1.266
-1.255
-1.259
3.373
-383
-389
-388
-516
-519
-522
-30
-30
-29
-105
-106
-106
-1.259
-1.258
11*
-8U
't.399
I*. 131
15
-81*
-1.1*19
-1
-81*
-530
-29
-29
-30
-107
-107
-106
-1.U19
12
11
10
:t
-530
-539
-539
-27
-29
-29
-109
-108
-108
-1,1*19
U5
-1,U19
-1.U19
-17
-109
-108
-107
-1.1*19
-1.1*19
128
-I.U19
I2I*
555
915
629
.727
-390
857
:2 035
3.'t90
-5l8
-104
-101*
-105
-102
-101
-1.271
-11269
-1.271
I
-1.271
-1.271
-1.26U
-1.1*19
-1.1*19
i
157
39U
505
239
2.953
2.722
-215
-218
Septsober
U.3g2
2.02lt
U.1182
-a8
October
HoTember
Seeeaber
U.9«3
5.675
U.069
+1.566
l*,l62
U.620
5.022
-218
-218
-219
-539
2.105
-562
-29
-30
-29
5.77'i
It, 310
-215
-202
-202
-51*2
-51*2
-51*1
-29
-29
-29
-107
-102
-102
137
3.107
6.881
5.759
6,927
-1.1*19
6.262
7.803
-1.389
99
92
5.108
2.112
5,716
3.621
2.533
6,11*5
-205
-198
-196
-5'*2
-30
-27
-27
-103
-102
-102
-1.1*23
Jnae
JtOy
iacBot
SeptsBber
8.5141
6,llio
5.705
8.503
8.019
-I9I*
9.260
7.569
-538
-538
l*,630
6,891*
-27
-28
-28
-56
-56
-59
-1,388
-1.388
-1.383
October
11.305
ovenber
U.II7
9.500
2.691
2.796
3.936
»».933
I1.950
-28
-28
-28
-58
-58
-58
-1.381
-1.381
-1.381
11*
-15
6,830
3.599
lt.520
6,783
Pebmarj
3.509
.778
March
7.12l»
•*,777
*!: 1*99
-1*93
-1*79
-29
-29
-29
-58
-59
-59
-1.381
-1.381
-853
21
-88
-86
^iPll
Key
Jane
*«.357
+5.325
5.79'i
7.31"*
-^75
-333
-285
-29
-27
-28
-59
-g6>*
26
-88
7.a2
li?
:^
July
Aa£ust
Septenber
5.890
9.061
2.181
2.lt«9
-581
930
-260
-2,162
-396
Jnl7
A»^at
19lt>t-Janaai7
Tebmarr
March
i^rll
»hjr
Decsaber
19U^aanar7
October
^.279
9.961
2, 1*1)2
U,lt99
3.1*20
5.1*1*8
U,908
5.861
6.207
-195
-195
-536
-538
-1*91
-195
-195
-185
-1*91
-193
-193
-195
-U93
€.985
8.531*
-170
'4
-171
.993
-161*
-U91
-1*93
-331
-351
-352
-28
-28
-33U
-29
(Costlnnad on follovlne
pa^)
-1.1*17
-1,387
-1,388
-808
-771
-801
-61
-769
29
39
-69
-72
-71
-71
-70
-72
-82
-77
-80
77
76
-82
-75
-»9
16
17
-90
-88
-86
-10
1
5
2
-86
-90
-95
z
+U
-3
5
-90
-^
-91*
-99
.
April 1946
109
Position In Foreign Currencies as Reported by Banks and Bankers in the United States
Section
I
-
(Continued)
Net Position, January 1942 - October 1945 - (Continued)
(In
thonuoda of dollart; aagatln tigoAt Indlcat* thort poaltloa)
Cnrranoy of:
Posit Ion nt and
of month
laropa - (contlanad)
Svltiarland
19>)a-Ju. (J«n. 1-Ju.2«)
T«)>. (Ju.29-ra1>.2;)
25
Othar
Xoropa
Aala
Cftuada
966
79
2.1t58
119
115
-2,1138
-2,Ullt
-2,ll8U
1,1118
291
-2,U30
-226
-23U
-229
(ipr. 2-ipr.29)
Kay (lpr.30-Juna 3)
Juna (Juna U-Jnlj 1)
15
32
^3
-212
-226
-211
July
Aa^at
-27
-25
77
-182
-211
-231
I.3UI
S«pt«mto«r
1.5'»3
Oetobar
HoTanbar
Baoanbar
li»
-2k
131*
-231
-20U
-197
19>>3-Janui7
7abraai7
March
78
-111
-lao
(.T»^.B6-tfT. 1).
ipr.
96
April
May
Jnna
32
31
July
in^nat
S«ptaBbar
-32
Total
Aala
1,165
109
H»r.
Latin
Aaarloa
foj
3o4
-2ahu
-2,150
-53
-53
-53
-2,177
-2,235
-2.227
-53
-53
-53
-2,117
-2.2l»5
-93
5,2"*3
+5U1
5,086
2.779
56U
-2,ll»3
-2,ll|0
+722
•.2.013
-250
-162
-29
-91
-229
-88
2,862
760
898
856
-2,053
-2.0U8
-77
-25
-26
-78
-95
-80
3.196
827
798
955
-2,138
-2.205
-2,238
July
*12
6)48
36
57
-102
-89
-98
3.8i»9
-2,318
Aa^at
ll,9lt2
-2.2lt9
^•.537
617
516
-89
-126
-53
2,921
2.657
2.968
597
*51
568
-2,079
-77
-99
-89
2.37U
1.321
3.858
1,698
-2,01)2
533
721
-2.089
-2.195
2,03U
1.028
-13
+i,Ua3
1»,023
908
698
Oetobar
loTaabar
Saoaabar
1*9
19U5-Jannaiy
Tabroary
March
38
30
52
11
-89
-105
371
518
371
-115
-59
Saptaabar
-2,138
-2,207
-2,326
-2,192
-2,293
-209
-I7U
-213
: .
-2,21(5
I
-68
-71
-72
269
319
712
713
April
May
Juna
13
12
ho
i,Ua6
i.ate
1.055
1.350
1,512
3.858
^abraary
March
-2,26U
-2,2la
-2,229
-2.313
-2,209
-2.279
-Ilk
-93
-100
19Ul|-Jani]aiy
i
-166
-168
-168
30*
-5»t
Oetobar
HoTaabar
Dacaabar
-2.318
287
i».l75
2,567
836
903
9116
551
-2,158
-2,131
-2.II16
-2.231
-2,lll2
-2.11t9
-71
-71
-50
96
6h
-32
-50
-50
-50
h3
-13
-2,U3
-2,1U
-19
-13
uh
-53
-53
-53
-2.110
-2,106
-2,106
-50
-50
-50
-32
-165
51
78
•t«8
-53
-53
-53
-2,10lt
-50
-50
-50
«h
65
-22l(
251
139
-65
-65
-65
-2,11(9
-50
-50
-50
2U
-105
215
117
130
138
-50
-50
-50
100
231
150
385
I
-2,U8
-2, 116
-2,111
-2,102
-2,161
S.lkB
-2,11(8
80
tio
-MO
-2.11(8
-2.1U7
-38
-2,11(0
-38
-38
-50
-2.11l0
-2.138
-2.135
-50
-50
-27
-90
-23
-19
222
2U5
-hi
-Ml
-41
-2.135
-2.135
-2.135
-28
-27
-27
62
12»»
238
292
177
-hi
-ho
-2.12l«
32
-10
5M
150
102
117
2»
-iio
-2.12h
-2.12h
-27
-27
-27
-2,Ul»
-2,127
-2.035
-la
-51
-51
-2,123
-2.123
-2.123
-27
-27
-27
iK
-27
-27
-27
91
h6
-85
-«3
175
-206
62
«a
+iu
-53
July
Angoat
Saptanbar
-2l»
23
-2,U0
l4«l
39
-15
-50
U,788
S,2l«
677
-1*5
4,3112
672
-2.2«5
-2,283
-51
.51
.51
-2.123
-2,122
-2,122
Oetobar
*zk
-57
3.800
UW
-2,1|06
-53
-2.120
anUabla.
•75
-1(0
M«V
Juna
lot
-2,2*
-28
-1U2
-I7M
'i
-72
-51
-71
-2,2l«9
-2,161
-2,222
AppU
1/
i.ata
I
5U3
i.oo>»
All
othai
-22
-27
-25
-2,397
i
othar
-2.273
lii*
I
Japan ( InolndlDC
Eoraa and
Manrhwrla)
-165
-165
-166
-2,1(09
2,022
2,032
1.335
lU
i
Banc
Kong
777
498
-121
-116
-111
9
China
-h
2
285
-37
8h
281
-39
31
Treasury Bulletin
110
Position In Foreign Currencies as Reported by Banlcs and Bankers in the United States
Section II
-
Outstanding Forward Exchange Contracts, January
-
-
(Continued)
October 1945
(In thotuandfl of dollars)
Currency of!
Contracts ae of end
of DOCtb
Suropa
(continued on following page)
Grand
total
Total
Xorope
United
Kln^doD
Selglum
Oeraany
Ital7
NetherlandB
Portugal
Spain
Purchase contracts
Total!
19'*5-Jaauary
February
March
April
Kay
June
July
l.'»37
6U9
1.308
1,005
n9
3.597
5,661
U,31U
912
763
715
5,U5U
UlO
316
lt55
377
519
519
233
2US
2U3
5U3
537
183
79
537
537
537
13
13
13
31
81
81
13
81
September
13,576
5,105
10,397
October
19.it;i
15,901
5,333
5,006
10,107
12,300
2,130
S.313
2.STi
590
570
126
105
597
297
1(03
15't
112
167
167
167
337
115
80
161
66
66
66
156
156
156
S.f'SS
Au^'lBt
Froci
3.351
3.897
3.68U
8.
foreign c^istotners:
19U5_January
February
Harch
April
Hay
June
July
August
September
i?'*
1.63'*
3.5'io
305
5.817
383
J.lUg
63
1*3
911
619
5.575
5.339
Oct'J'ber
63
VlJ
751
619
Fron doaeotlc ciAtoMers:
February
March
April
May
June
July
SU7
73s
UlU
l.Ull
605
328
171
295
23s
216
171
122
2,270
U.563
9.336
12.181
13
13
13
1.763
5.151
1.577
Aiv^us t
Sept«sber
October
225
552
l.^Bl*
1.751
igUS-JftiuAry
III
335
5,336
3.939
5.983
10,701
i*,665
9,l(«6
17.085
12,285
523
13
13
Sales contracts
Total:
5.820
3,86g
February.
5.97't
"•.OSS
March
April
Kay
June
July
5.617
5,951
2,U9i
3.157
1.719
19U5_Jan\ii»ry
'•.859
7.551
11,199
9.000
lo.UgU
16,983
5U,769
August ....
Septeober,
October.
.
To foreign cu3toaer»:
19U5-Jaiiuary
Tebruary.
5.25'*
5.55l>
1,972
5.139
1.31U
5
1.35'»
32
2
5.285
1,511
2
2
2
1*29
10
10
10
1,150
1.150
655
379
500
51
10
10
10
622
622
U12
679
679
3.557
5.673
11.531
3.019
5.165
10.835
•il
10
U12
32
51
10
1*12
2
51
10
ltl2
16,661
15.753
5
59
10
ltl2
5. 25'*
906
906
5
610
610
360
738
733
210
310
130
50
210
210
March
1.U85
5,55''
1.''76
April.
Hay...
June.
1,062
911
1,13s
988
893
673
It63
6Un
567
556
1.562
517
506
1.515
">0
1. 61*5
1,2'*9
50
1.066
1.233
908
5
132
l,6lU
1,781
1,UU5
3.797
1.503
5,26li
10,061
l.oUl
3S6
1.785
583
82
6.6n
5.960
5.117
9.969
5.505
U,6«.9
September
3,360
9.513
15,025
9.350
2
October
22,769
15,016
111,509
2
.
.
July
Au^ait ....
S«pteBtier.
October...
To doDPStlc customerii
igU^-January
February
March
April
Hay
June
July
Au^^t
991
1,95«
5.000
3.566
3.750
U,
906
503
658
11
5
5
350
50
50
3116
69
69
69
10
10
10
2
69
50
2
1
10
10
10
2
1
35
1
2
2
ltl2
U12
U12
I
10
10
II
U12
U12
UlJ
UI2
Ul2
U12
9
10
Ul2
(Continued on following pa#;e)
55
April 1946
in
Position In Foreign CXirrencles as Reported by Banks and Bankers In the United States
Section
II
-
Outstanding Forward Exchange Contracts, January
October
IMS
-
-
(Continued)
(Continued)
(In thousands of dollars)
Currsncy of;
Contracts as of end
of month
Suropa - (continued)
Svltiorland
Latin
Aaarlca
Othar
lurope
Total
Asia
Purchase contracts
Total;
19^5 -January
Tehruary
Harch
April
May
June
July
August
Septemher
17
17
17
17
17
17
17
190
Octoher
Trom foreign cuatomers:
19l*5-January
Tehruary
March*
April
May
June
July
Au^st
SepteD^er
190
October,
From domestic customers:
19U5-J«nuary
February
March.
17
17
17
April
May
June
17
17
17
July
August
September
October
17
1
Hon<
Eon£
Japan (Includin^
Korea and
Manohurla)
HI
Othar
Isla
other
Treasury Bulletin
112
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Section III
-
(Continued)
Purchases and Sales of Foreign Exchange (Spot and Forward),
-
January
-
October 1945
(In thmiiaaili of dollera)
Oarr«nc7 of:
Tr ana actions
Ormd
durlQ£ month
total
BuroiM
anted
Total
Sarop«
Bathsr-
Stlglnm
Stn^dDm
OvrnMi^
Italy
Fortu^al
Spain
Furohau*
Total purchasest
19l*5-JanuaP7
Febniary
April
May
July
Septnaber
Spot.
Forward,
.
April
May
June
338
726
13.728
275
317
326
U69
518
16.932
217
217
3«,?89
1,819
18, 066
Spot...
Forward,
51.533
1.930
2l»,022
16,235
121
25
250
121
Spot....
Forward,
"^.759
1,983
19.88lt
1U,71'3
250
50
UgO
220
165
165
Spot...
Forward.
55,879
5,J26
25.133
18,162
58 It
282
U36
351
157
157
22,298
22U
81
30it
219
3U2
U72
20
50U
259
629
558
531
259
8U9
511
330
661
1
316
28U
25
250
U69
3U9
.
.
:
275
Spot...,
Forward,
71,280
3.700
29.527
Spot
Forward.
511,160
26, suit
531
2.392
19,098
2,392
106
3,958
Spot...
Forward.
58,112
U.985
32,782
3.103
23,868
3.103
268
365
Spot...,
Forward,
72,18U
7,306
79.lt9
39.91*6
53, '*9
117
267
5,809
5,808
22lt
13.1*32
38,056
7,770
28,728
7,765
27.6114
13,100
217
3.628
217
..
1,271
2U,580
12,0l48
Forward.
l.lt7>»
217
Purchases from banket
Spot.
191+5-JanuAry
March
5
lU
21,692
Spot .
Forward,
Spot
Forward,
Tebruary
U6,g52
I.5UO
Spot.
.
7.965
217
528
1
268
92
UU
5
Spot....
Forward.
31.229
1,511
16,U0U
9,011
121
121
Spot....
Forward.
27,016
l,Ul6
12.138
7,388
lOU
225
50
U72
187
lOl*
Spot....
Forward.
31.232
•.873
llt,l»l*0
7,811
1*10
281
U09
550
1U2
11(2
Spot,...
Forward.
'6,522
19.501
218
12,1'60
71
295
210
33U
U6I
ll28
20
UU6
259
327
July
Spot....
Forward.
Au^^uat
Spot....
Forward.
Spot.
528
218
18.129
1,220
11.132
1,220
97
31.652
2.896
18,995
I.67U
lo.ugg
266
359
608
36,591'
''.783
19,576
13.529
UU
255
528
236
Forward.
3.7l'9
3.7''8
Spot.
l'g,0l'3
25,8U6
17.289
Iglt
37
809
Ug2
Forward.
9.937
6.71'7
6.71*2
5
Purchaeee froia others:
19U5 -January
Spot. .
Forward.
19.258
269
8.592
8.3OU
5
13.709
6,018
5,763
13
3''5
58
7,618
7,22U
Septaiber
October
.
.
..
.
February
March
April
May
Spot. .,
Forward.
Spot....
Forward.
,
32,816
2.536
20,30lt
1.671*
8
58
i»l9
7,7i'€
Spot...
Forward.
18.7'»3
567
61
61
Spot...
Forward.
2U,6i*7
10,693
10.551
353
2U.75g
15
15
10,026
9.838
2UU
6
6
8,715
1.172
2.089
Spot....
Forward.
1
7.555
25
17t
1
10
9
7.966
1.172
9
105
13.787
1,^29
15.570
1.U29
2
26
July
Spot ....
Forward.
21,)lllt
August
Spot
Forward.
Spot..,.
Forward.
26.i'6o
35,590
2.523
20,370
2,060
20,120
2,060
3
12
Spot.. .
Forward.
31,106
12,210
1.023
11. '39
8U
55
September
October
l,'t22
3, ''95
1,023
UU
April 1946
113
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section III
-
-
(Continued)
Purchases and Sales of Foreign Exchange (Spot and Forward),
January - October 1^45 - (Continued)
(In thotuande of dollara)
Currmey
of:
liU
lorops - (contlnuad)
TranBactions
duriiig month
Canada
Svltiorlaad
Total purchABsat
19il5-Janu«ry
Spot
653
Torvard ....
Tetmary
Spot
forward.
March
Spot
forward.....
iprll
Spot
forward,...
Kajr
Spot
ForwBid.,
June
Spot
forward. . .
Spot
forvazd. ...
Spot
forward...,
July
Au^et
. .
,
..,
SeptMhar
Spot
forvard....
Octoher
Spot
forwaid.
. .
Purchaaoa froa bankai
19U^^anuar]r
Spot
forward...
Spot
f ahruary
forvard. . .
Spot
March
forward, , .
Spot
April
forvard. ...
Mar
Spot
forvaid .
,
.
June
Spot
forwaid. ...
J11I7
Spot
forward,,..
Spot,
forvard, . .
Spot
forward...
Spot
forwaid.. .
Aogoat
Septaaiber
October
Purchaaea froa otharai
Spot
igU^^anuarjr
forward...
Spot
fahnary
forward....
March
Spot
forvard. . .
iprll
Spot
forward.,..
May
Spot
Tonraxd....
J«ne
Spot
forvard. ...
Jtiljr
Spot
forvard. . •
Spot
ioffuat
forvard....
Septanber Spot
forward. • .
Octoher
Spot.......
forward. . . •
Other
2arop«
Latin
iaerloa
Japan (inOther
Total
Aala
loraa and
Manohoria)
IsU
ill
other
Treasury Bulletin
n^^
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Section III
-
-
(Continued)
Purchases and Sales of Foreign Exchange (Spot and Forward),
January
-
October 1945
-
(Continued)
(Zn thoTUandB of dollars)
OiirraiiC7 of:
rransactlonB
during oonth
Airape
ftrand
total
Total
larope
Onltod
Kingdom
Arance
Sales
Total sales:
Spot
Jbrward.
¥t,gS3
2.099
Spot....
Forvard
3.128
1*79
1*79
Spot
Torward
k^MS
22.555
555
3.8?*
1I19
15.32s
138
Spot
7orvard.
1+5, 851*
20.067
197
Spot
Ibrverd.
53.96I*
June
Spot
Ponrard.
60.938
11.020
July
Spot
5lt.6l3
Vebraaz7
Harcli
i^rll
Hay
3.172
e.fii
291
16.651
291
19.153
ii*,g09
21.1401
23.561
1.506
28, nil
15.131*
197
16,825
a, 281*
1*95
1*95
2l*,ll*3
7.31*2
31.826
2.592
Spot
S^rward.
53.167
6,298
30.109
3.156
20,791
3.139
September
Spot
75.980
9.626
1*6.871*
1*0,1*21
ftirward.
5.1*19
5.1*18
Octol)er
Spot
Porvard-
78.309
15.307
37.995
8.105
28,811*
Forward
ioi^st
Sales to banks:
19U5-Jamiary
2,592
7.712
Spot
Forward,
19.70I*
1.051
9.517
lUl
Peljrttary
Spot
15.1*92
6.895
Forward
Spot
1.030
21*2
2l*2
Mar eh
17.1*77
7.32U
6,lll0
Forward.
iprll
Spot
Forward.
Ha7
Spot
Pbrward,
June
Spot
Forward
July
Spot
Forward.
kxffiat
Spot
September
Spot
Forward.
October
Spot
.
.
.
Forward
Forward
Sales to others:
191+5 -January
927
18.000
1,031
21.137
1.325
22,715
2,132
22,851
2.889
22.635
2.180
101
7.532
111*
9,599
113.318
4.8O6
3U.291
8,129
Spot
Fbrward,
25,179
11,881*
l,0l4S
February
Spot
Fbrward.
150
12.258
237
March
Spot
Fbrward.
Spot
Ibrward.
2U,90O
2.098
27.972
2.897
April
June
July
iu^st
September
October
.
.
.
.
.
.
Spot...,
Forward,
Spot
Ibrward
Spot
Fbrward,
Spot
Forward,
Spot
Forward,
Spot
.
.
.
^rward.
27.851*
''%
12.535
2. I'll
83
32.827
5.116
38.223
8.888
13.962
31.762
I*.
1*53
30.532
1*.U8
32.162
U.gSO
UU.Olg
7.178
1.221*
I7.U19
176
17.361
1.193
16,800
1.1*15
19.596
I.51I*
22,220
3.682
8,
155
lUi
5.998
101
S12
Selglmi
Oenaanjr
ItaljT
HetherlandB
Portugal
April 1946
115
Position in Foreign Currencies as Reported by Banks and Bankers In the United States
Section III
-
(Continued)
Purchases and Sales of Foreign Exchange (Spot and Forward),
January - October 1945 - (Continued)
-
(In thoQoandi of dollars)
Corrancy of
A«ia
Sarope - (continued)
Transact ions
during month
Canada
Svadan
Switzerland
Other
Eorope
Latin
Iserioa
3otal
Alia
Jcpan (including
Eorea and
MancbTirla)
Sales
TotfO. laleat
19US -January
lehruary
Spot.
Forward.
665
2,962
Spot.
Torvard.
297
5,306
Spot....
forvard.
"75
5.393
.
.
.
.
April
Spot....
forvaidi
303
3.509
May
Spot. . .
Torvard.
ltT9
14,652
June
Spot. . .
Forward,
833
U,88Z
July
Spot..,.
Forward,
768
5,OU7
Spot.,..
Forwnrd,
1.315
6,189
Septea'ber
Spot.,.,
Forward,
661
lt,M89
Oetrtber
Soot...
Forward,
l,7't6
5.579
Spot,. ..
Forward.
392
Sales to Panics I
igU^-Januaiy
17
3H6
Spot..,.
Forvard,
Hnreh
ipril
Spot...,
Forvard,
Spot..,.
Forward
Key
Spot...,
Forward,
Spot...,
Forward.
July
Spot...,
Forward.
Aagust
Spot,...
SeptsBiber
Spot...
Forward,
October
Spot...,
Forward.
Fi>rward.
Sales to others!
19U5-January
Tabruary
iprll
Spot...,
Forward,
273
Spot....
Forward.
Uk
Spot, ..
Forward,
Uii
Spot...,
^^U
Forward
May
Spot...
Forward,
331
Spot.. .,
Forward,
583
July
Spot....
Forward.
U07
August
Spot....
Forward,
532
Saptenber
Spot,...
Forward.
263
October
Spot..
Forward,
996
Other
i-ala
All
other
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
UNITED STATES
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
WASHINGTON 25, D.
C.
OFFICIAL BUSINESS
PERMIT NO 1002
FORM A-6/46-2050
^-^
,
Treas.
HJ
10
.A2
1946
C.2
U.S. Treasury Dept.
Treasury Bulletin
1
/
,
S
1
1-,'".
.'
liiiiiHsiHiiiiiii
;,',
TREASURY LIBRARY
0031945
@FedFRASER