Full text of Treasury Bulletin : April 1948
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I $OOM 50' 7 v^w LIBRARY ROOM 5030 J UN 9,11972 TREASURY DEPARTMENT RPRIL-ig48 UNITED STATES TRERSURV DEPARTMENT OFFICE DF THE SECRETARY April 1948 Table of Contents Page A_1 Treasury financing operations Summary of fiscal operations 1 , Budget receipts and expenditures 2 Trust accounts, etc ° Treasury cash Income and outgo 10 General Fund of the Treasury *3 Debt outstanding ^ • Statutory debt limitation x7 Debt operations 1S United States savings bonds 2^ Treasury savings notes 2' Ownership of Federal securities 2g Treasury survey of ownership 3° Treasury survey - 3^ analysis of bank ownership Market quotations 3° Yields of Treasury and corporate bonds ^ Internal revenue collections Monetary statistics ^3 , *• : 51 Capital movements Corporations and certain other business-type activities and balance sheets Note- - loans In those tables where figures have been rounded to a specified unit, all calculations (Including percentConseages) have been made from unrounded figures. quently the details may not add to the totals shown. April 1948 A-l Treasury Financing Operations March Certificate and Bond Maturities and On February 18, 1948, the Secretary of Treasury announoed the plane for refunding the about the owned. #4,481 million of certificates of Indebtedness and Treasury bonds maturing and called for payment In March. These securities consisted of a one-year 7/8 percent certificate of indebtedness maturing March 1 in the amount of 12,142 million, the 2 percent bonds of 1948-50 (dated Maroh 15, 194l), outstanding in the amount of $1,115 million, and the 2-3/4 pereent bonds of 1948-51, standing in bond Issues amount the $1,223 million. of previously had oalled been outThe for re- for three Issues, there issue of one-year oertlfloatee of was offered an Indebtedness, these dated March 1, 1948, and bearing 66 Reserve In the aggregate, Banks. peroent of the three issues were so The ownership figures for January 31 are latest whloh are available holdings of for commercial banks. Subscription books were opened on February 18 were closed at the olose of business on and February 20. Federal Reserve Bank holdings of the maturing and called securities, whloh totaled $460.3 million, were redeemed in full for cash. For the three Issues, exohanges totaled $3,553 million, leaving $467 million to be to demption on Maroh 15. In exohange the Federal holders other Federal than paid In cash Reserve Banks. Certificates of indebtedness subscribed for exohange for the new certificates amounted In to $1,687 million, leaving $454 million to be paid In cash. Exohange subscriptions of the 2 peroent cent per annua, payable with the prlnolpal at ma- bonds amounted to $899 million, leaving $2l6 million to be paid in oaeh. Exohange subscriptions turity on Maroh 1, 1949. In respeot to the maturing oertlfloatee, exohanges were made par for par, and in respeot to the oalled bonds, exohanges of the 2-3/4 peroent bonds were made Treasury Bill Retirement In February Interest from that date at the rate of 1-1/8 per- at par as of Maroh 15, sued in with 1948. bearer an adjustment of interest The certificates were is- form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. lion, amounted to $967 milleaving $257 million to be paid in oaeh. A further and standing Treasury oontinuous redemption of outbills was made In February. The four Issues maturing during the month totaled $4.4 billion and the amount refunded totaled Reports to the Treaeury on the ownership of Government securities lndloate that on January 31, $4.0 billion. Eaoh new weekly issue was $100 million less than that maturing. The first maturity 1948, about 56 peroent of the $2,142 million Of the maturing oertlfloatee, about 68 peroent of the was $1,115 million of the 2 peroent bonds of 1948-50 (dated Maroh 15, 1941), and about 80 peroent of the $1,223 million of the 2-3/4 peroent bonds of 1948-51 were owned by reporting oommerolal banks !6t*! Historical details »f treasury- market finalising operations are shown In the Tables en "Offerings" and Disposition", respectively, of marketable issues of for $1.0 billion, the seeond and third for fourth for $1.2 billion. The average rates of dlsoount for the four offerings beginning with that dated February 5. were, respectively, O.99O peroent, O.994 peroent, $1.1 billion eaoh, and the O.996 peroent, and O.997 peroent. bonds, notes, and certificates of Indebtedness, and the table "Offerings of Treasury Bills*, in this issue of the "Treasury Bulletin". : . . , . . . , April 1948 SUMMARY OF FEDERAL FISCAL OPERATIONS (in millions of dollars) Budget receipts and expenditures Period let receipts 2/ Fiscal years: 1937 1938 1939 19*0 Expenditures 2/ Surplus or deficit (-) 5,029 5,855 5,165 5,387 13,766 3*, 289 79,702 95,572 -6,159 1*6,1*57 19>»U 19*5 1946 19*7 -2,777 -1,177 -3,862 -3,918 7,607 12,799 22,282 44, 149 1941 1942 1943 7,806 7,031 9,027 9,305 Trust accounts eto. - net receipts, or expenditures (-) Clearing account Vet increase in public debt, or decrease y (-) ,. Levels, end of period Debt outstanding General Kind balance 2,553 2, 216 2,838 1,891 64,307 7*2 358 6,515 10,662 2,633 2,991 9,507 20,169 57,679 10,740 -11,136 *,529 -10,460 -10,930 7*0 3,275 2,528 -57,*20 -5l,*23 791 -52* -1,103 555 -1*00 5,?9* 23,l»6l 64,271* Public debt (-) -128 -338 622 -9*7 2,61*6 3 98 1,210 W»3 908 -1,613 -338 -2,222 -21,1*90 let Increase In General Fund balance, or decrease Guaranteed securities Total Federal securities 42,968 4,665 *,853 5,*51 5,529 41,089 42,018 45,890 48,497 48,961 72,422 136,696 201,003 6,370 *,568 4,100 1,623 55,332 76,991 140,796 202,626 24,698 14,238 3,308 258,682 269,422 258,286 *33 *76 90 259,115 269,898 258,376 36,425 37,165 40, 440 1*3,038 *3,259 1*8 (Estimated), I5U9 ( la tl mated). Calendar years: 19U1 100,397 63,71* 1*2,505 -53,9*1 -20,676 75* 1*5,210 37,728 39,669 7,*83 *,808 -1*69 -7,386 -4,700 -772 -51 2,536 2.484 250,900 2*6,200 68 -159 62 250,968 2*6,262 20,610 57,863 90,2Uh 96,071 -11,762 *80 -1,788 -266 -l,l6l 12,913 50,232 57,707 6*,753 1,632 6,983 1,751 9,942 3,560 10,5*3 12,294 22,236 57,938 108,170 165,877 230,630 6,32* 4,301 4,230 1,514 64,262 112,471 170,108 232,144 47,484 -18,966 -2,2*9 3,767 -22,502 26,003 3,502 3,097 278,115 259,1*9 256,900 567 339 81 278,682 259,487 256,981 567 558 551 553 278,682 279,445 279,764 276,565 544 274 443 273,135 269,898 1*1*, 1*77 8,849 19112 16,1*03 -1*1,1*61 191*3 3*. 55* 191*1* 1*1*, 19»*5 1*6,01*6 1946 1*1,601 89,6Uo **,113 -*3,59* -2,512 191*7 *3,977 1*1, 5U3 2,1*31* 1*21 -55,691 -53,650 -123 -1,386 -350 362 -2l*0 Mori the 19l*5-nsc ember... 1946-January February March . April 4,118 3,819 3,678 5,7*7 *'s6o 3,*35 3,8*5 -895 -1,0*2 2U3 1,902 -319 -307 -36 -295 12,773 772 327 -3,201 11,558 -577 53* -1,593 26,003 25,427 25,961 2*, 367 278,115 278.887 279,21* 276,012 272 *8 -265 -2,11* -1,316 -3,l6l -3,*33 -2,398 -4,298 20,935 18,536 14,238 273,898 272,583 269, *22 %\ 4,2b8 May June 2,677 2,733 l*,l*79 5,352 -1,591 -1,131 -873 July August September. 3,6** 2,932 2,755 -1,105 -*99 1,723 -270 206 -366 318 2>34 1*,1*78 -1*8 -1,152 -72* -2,177 -2,209 -989 -868 12,029 11,040 10,171 268,270 267,5*6 265,369 *00 268,603 267,924 265,768 2,965 2,529 3,662 -1*20 120 2.36U *,107 36 -4 3* -1,837 -1,255 -3,128 -2,101 -1,405 -3,163 8,070 6,665 3,502 263,532 262,277 259,1*9 386 370 339 263,918 262,646 259, *87 3,820 *,378 5,701 3,113 3,91* 3,598 706 464 2,102 -69 215 -72 -56 102 39 628 1,642 -2,29* 1,210 2,422 -224 *,711 7,13* 6,909 259,776 261, 418 259,12* 270 188 182 260, 046 March April May June 2,556 2,865 5,*73 U, 001 -1,1*1*5 3,851 5,5*0 -987 -67 202 62 -637 67 37 3 -1,423 642 -57 -2,598 -245 -758 4,312 4,066 3,308 257,701 258,3*3 258,286 178 177 90 257,880 258,521 258,376 July August September 2,397 2,536 *,872 3,669 3,060 2,932 -1,272 -52* 1,9*0 17 1,161 649 -953 -239 332 552 3,069 3,4oo 3,952 259,44s 260,097 259,1*5 80 7 -31* -1U6 -173 -121 259,528 260,176 259,221 2,390 2,1*1*5 2, 71*3 l*,2l*6 2,19* 3,22* 5*9 1,022 21* -127 -80 -7* -859 -1,312 155 -172 -838 4,107 3,935 3,097 259,071 258,212 256,900 83 89 -1*68 81 259,155 258,301 256,981 *,275 1,336 2,879 1,396 1,93* 259 -19* 222 -101 -326 -1,969 1,551 -330 4,6*8 256,57* 4,318 25*, 605 77 79 256,651 254,683 October BoTember December . . . . . . 19U7 -January... February . October. November. December . . . . . . . . . 19>*g-January February Source: 1/ 2/ 2,51*1* 3,861* 2,1*02 -165 IA5 69 265 27 Actual figures from Dally Treasury Statement; estimates based upon 1949 Budget document. Including effect of proposed legislation. Gross receipts less amounts transferred to Federal Old-Age and SurvlTors Insurance TruBt Fond. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law; includes net expenditures of Government corporations wholly owned, etc. \' )*/ 333 261,606 259,306 I 76 Comprises trust accounts; Bales and redemptions of securities of Government corporations, etc., in the market (net); Increment on gold; seigniorage on silver; and miscellaneous funds and accounts. Figures exclude retirement of national bank notes chargeable against increment on gold (fiscal years 1937-1939), Clearing account for outstanding checks and telegraphic reports from Federal Reserve Banks; increase, or decrease (-) . .. .. .. , Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 1.- Summary by Major Classifications (In Billions of dollars) Receipts hf Ixpendi tures Appropriations to federal Old-Age and SUTTiTOrS Insurance Trust fund Lata: Fiscal yea or month Gross receipt! Set receipts International finance and aid lational defense Interest on the public debt Budget surplus or deficit (-) Re fundi Veterans Administration of taxes and duties i' Other Total expenditure! 3/ 1940 19U1 1942 5,937 8,295 13,695 23,412 45,441 550 688 gg6 1,130 1,292 5,3«7 7,607 12,799 22,282 44,149 19^ "•7,766 1946 19"*7 44,276 44,718 1,310 1,238 1,459 46,457 •3,038 •3,259 90,501 Ug,g70 17,279 1948 (letlmated) U6,g37 1,627 U5 210 (Istlaated) 1»6,U99 2,022 2,470 2,666 U,g85 72 2,456 3,054 4,260 66 310 2, 14 4, U.310 4,6l4 35 278 It, l,04l 1,657 6,655 2g,266 75.297 89,720 19"»3 1944 19>>9 1947 ^luly august September. October. . . oyember . . December. 1948-January February Source: . . -3,918 -6,159 -21,490 -57.420 -51.423 1,260 1,808 2,609 557 563 556 602 730 91 90 94 79 267 5,959 5,349 4,113 1,915 2,246 727 4,415 3,617 4,722 4,956 060 253 259 1.715 3,034 3,050 2,505 2,106 100,397 63,714 42,505 -53.941 -20,676 5,5>»5 11,742 4,916 5,200 6,499 2,046 7,325 37,728 7,483 44,477 11,240 6,534 5,250 5,611 1.986 8,84g 39,669 4,gog 2,397 2,536 U.872 981 910 l.OOg 691 619 6g 245 103 668 564 120 103 &94 53 1,067 gl4 641 3,669 3,060 2,932 -1,272 -524 1,940 8 141 150 218 157 127 972 4gl 526 56g l\ 246 1,154 936 996 53 *57 415 417 2,44s 2,194 3,224 549 1,022 4 275 336 1,069 g50 223 266 401 142 529 78 182 5«5 433 2,879 2.402 1,396 1,934 , 2 1,1U Actual figures froa Dally Treasury Statement; estimates based upon 1949 Budget document, Including effect of proposed legislation. 5* 9,305 13,766 3« 269 . 79,702 95,572 75"» footnotes at end of Table 5. Table 2.- Gro38 Receipts by Principal Sources (In millions of dollars) Internal revenue fiscal year or month Total gross receipts Total Internal revenue 4/ employment taxes Income and profits taxes Total by Other employers 5/ Total Old-age Insurance 5/ 1940 1941 1942 1943 1944 5,937 8,295 13,695 23,412 45,44i 5,303 7,362 12.993 22,144 41,685 2,125 3.470 7,960 16,094 34,655 1945 1946 19>t7 47,766 44,276 44,716 43,902 40,310 39,379 194g (Intimated) 46,837 1949 (Istlaated) 46,499 1947-July August September. October .... Sovember December. . . . 1946 -January f ebruary Source: . . £ Withheld Railroad retirement 896 1,130 1,292 106 98 120 158 180 121 137 170 209 267 2.345 2.967 3,847 4,553 5,291 1,780 1,701 2,024 1,310 1,238 1,459 185 180 185 285 283 380 6,949 7,725 8,o49 20,172 2,395 1,627 211 557 20,907 2,828 2,022 224 582 625 1,255 797 757 413 2,639 60 352 133 72 329 2 6 9 13 14 3 116 1,345 1,666 2,769 644 1.315 860 702 350 1,889 70 1 4 329 142 66 310 14 10 9 1 126 3,237 3,159 624 1,563 2,613 1,597 51 423 35 278 13 138 6 8,393 2,125 3,470 7,960 16,094 26,262 833 925 1,186 1,496 1,739 35,173 30,885 29,306 10,289 9,392 10,013 24,gg4 21,493 19,292 42,056 31,499 11,327 43,784 32,664 11.757 2,470 2,366 4,885 2,126 2,662 4,267 1,382 1,666 3,435 2,456 3,054 4,260 2,197 2,690 3,678 4,310 4,6l4 3,944 4,211 Actual figures from Dally Treasury Statement; estimates based upon I9U9 Budget document, Including effect of proposed legislation. 605 Unemployment Insurance Miscellaneous Internal revenue 691 All other receipts i/ 349 392 389 324 431 285 542 944 3,325 ,555 3.510 494 4^845 8,162 394 4.387 8,292 378 2,337 663 643 699 37 31 34 307 172 782 695 767 42 32 217 331 547 656 629 3 footnotes at end of Table Customs 5- 35 37 3"» 585 329 369 .. . . . , April 1948 BUDGET RECEIPTS AND EXPENDITURES Table 3.- Expenditures for National Defense and Related Activities (In millions of dollars) fiscal year or month Department • f the Army total Department of the Havy 2/ s/ 1940 United States Maritime Connie el on Surplus property disposal agencies Reconstruct to finance Corporation Other w w l,f57 6,655 28,266 75,297 89,720 99 51 929 2,776 3,812 50,337 27,800 7,425 30,047 15,l6l 4,998 ,986 3,227 694 271 114 664 1,501 106 442 ,375 4,123 278 417 200 340 9 11,240 ,307 >»,155 5 229 1 140 404 455 *33 571 368 319 304 40 -15 81 48 53 13 49 40 26 3 1 55 17 38 1.154 936 996 19"*7 891 2,313 8,580 20,888 26,538 981 910 1,008 1945 1946 3,678 14,070 42,265 49,242 90,501 48,870 17,279 1941 1942 1913 1944 1*8 667 Payments under Armed forcee Leave let 647 503 565 357 350 49 28 18 38 18 20 41 8 19 22 28 20 1,069 850 679 43s 330 337 14 23 36 3 19 27 (Istlmated) I9U9 (Istlmated) 1947 -July AllgU 6 t September October, lorember December . . . . 1948-January. February . . . 35"» 7 Actual figures from Dally Treasury Statement; estimates based upon 1949 Budget document, Including effeot of proposed legislation. 259 2,432 6,180 7,447 35>» 2,255 3,189 2,68? 5 472 328 138 6,305 4,117 519 1 footnotes at end of Table 5> Table 4.- Expenditures for International Finance and Aid (In millions of dollars) Fiscal year or month Total Bretton Woods Agreements Act 1946 19"»7 727 4,415 1948 (Bstlmated) 1949 (Istlmated) 1947 -July August September. October .... November . December. . . 1948-Jannary ... February . . . Ixportlaport lank Credit to United Kingdom OreekTur Irish assistance Belief to war deraatated countries 568 938 736 1,700 6,534 500 691 619 68 25 10 12 2 -9 38 "5 32 11 16 59 21 Interim aid (Act of 1947) 500 375 60 4,000 165 440 32 89 64 European BecoTery Program Other foreign aid 2,050 4,916 Government and relief In occupied countries 159 1,426 700 600 141 150 218 3« 223 266 3 -5 100 100 Actual figures from Dally Treasury Statement; estimates based upon 1949 Budget document, including effect of proposed legislation. 275 272 119 60 99812/ 1,250 5 Footnotes at end of Table 5- 3 39 56 *7 3 55 78 . . . . Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 5.- "Other" Expenditures (In fltcal raar or month Total mllllou of dollars) 111 to agriculture 1,811 1,27? 1.U02 59* 696 »,"3 1.915 2,2*6 510 586 656 753 800 969 5,959 5,3*9 Public worka 5T" 12/ 19*0 19*1 19*2 19*3 19** Social ••curl tj Housing and home finance 16/ -17 ?8 -201 -35* -)6o 380 373 702 3. r.llaf 11/ 1.573 3 673 35 z Slract and work *25 Ml.callanaon* 18/ 1,057 l.37»i 970 299 17 612 88 668 19*7 2,505 2,108 5.5*5 1,229 808 8*5 1,066 19*8 (latlaatad). 7,325 695 1,622 ,38* -28 19l»9 8,8*8 1,038 1,509 ,878 -21 1,067 81* 6U1 86 160 -27 612 80 52 96 -4 -12 277 97 109 -8 515 S? 10* 83 16 19*5 19*6 (latlaatad). 19*7-*Uj Jn«aat Saptaaber. Octobar loraabar Dacenbar. . J* . . . 19*8-Januar/ Source! \J 2/ V u/ S/ 6/ j/ 8/ 2/ . . 183 705 i,3*o 2,365 58 8 Actual figures fro* Dally Treasury Statement! estlmatee baaed upon 19*9 Budget document, including effect of propoeed legielation. Excludes amount • for public debt retirement which are chargeable Into the sinking fund, etc., under special provisions of law. cludes transfers to trust accounts and net expenditures of wholly owned Government corporations, under appropriate classifications. Expenditure classifications In theee tables are based on the Call/ treasury Statement, and therefore differ somewhat free, those In the I9U9 Budget document. Represents appropriations equal to "Social security employment taxes' collected and deposited at prorlded under Sec. 201 (a) of s «« *1« Table 7, the Social Security Act Amendments of 1939. figure* were revised In the February 19*8 issue of the following, "Treasury Bulletin" to reflect the present classification of certain expenditures reimbursed from the federal Old-Age and SurrlTore Insurance Trust fund. Includes public works undertaken by the Veterans Administration. for further detail, see tables under "Internal Revenue Collections". Receipts of Tletory taxes withheld pursuant to the Revenue Act of 19^2 are classified aa "Other" Income and profits taxes. Excludes railroad unemployment insurance contributions, which are Included In "All other receipts". At present consists largely of proceeds from the sale of surplus property; also includes deposits resulting from renegotiation of war contracts (for detail see "Treasury Bulletin" for february 19*8, page 5), aod recoveries of 0. S. Investment In capital funds (see tables on "Caah Income and Outgo" In the current issue of the "Treasury Bulletin"). Department of the Army expenditures, including expenditures for the Department of the Air force, which are being made from Army appropriations pending transfer of funds pursuant to the Act of July 26, payments under 19*7, but excluding expenditures for the following: the Armed forces Leave Act, UXRRA, and surplus property disposal, shown elsewhere In this table; international finance and aid, shown in Table U; rlvere and harbore and flood control, Included under "Public Works" In Table 5: and Panama Canal, Included under "Miscellaneous" In Table 5. Department of the Vary expenditures except those for payments under the Armed forces Leave Act and for UHRRA, ehown elsewhere in tnls — 10/ 11/ 12/ 13/ 1*/ lb/ 16/ 17/ 18/ * r : 3.652 u,uw» U3 -2 17* 135 165 13* 77 57 . rabruarj. -»3 100 65 -9 32 287 190 table, and those for international finance and aid, shown In Table U. national defense and related activities of H.f.C. and lte affiliates. After July 1, 19*7, expenditures for theee purposes were not segregated from the other expenditures of the Corporation and its afflliatee, which are included under "Miscellaneous" expenditures in Table 5. for detail prior to July 1, 19*7, see "Treasury Bulletin 1 for february 19*8, p*g* 7- Current figures consist solely of Office of Selective Service Records. Includes expenditures from prior year appropriations which are not shown separately in the Dally Treasury Statement but are Included under the Department of the Army. Department of Agriculture expenditures except those for UBUBA, surplus property disposal, other national defense and related activities prior to July 19*7, foreign aid and relief, and forest roads and trails. for more detail of these expenditures, eee Tables 7, 8, and $ following. Tax refunds shown there are excluded from expenditures In this table and Included In Table 1 preceding under "Refunds of taxee and duties". federal Works Agency expenditures except those for surplus property disposal, other national defense and related activities prior to July 19*7, and assistance to Greece and Turkey. Includes also forest roade and trails, rlvere and harbors and flood control, Bureau of Reclamation, and Tennessee Talley Authority. Housing and Home finance Agency expenditures except those for surplus property disposal, and for other national defence and related activities prior to July 19U7 Hot classified separately for fiscal years after 19*3Per additional Information for earlier years, see "Treasury Bulletin" for August 19*5, P*«« 6. Includes executive departments not Included elsewhere and legislative and judicial functions; Government contributions to federal employees' retirement; atonic energy; aids to education, labor, finance, commerce and Industry; Civil Aeronautics; Panama Canal; Post Office deficiency; stock-piling; and, for I9U8 and IQUq estlnatee, a reserve for oontingenclee. Less than $500,000. Bevlsed. April 1948 BUDGET RECEIPTS AND EXPENDITURES Table. 6* - Summary by Months and Calendar Years (In millions of dollars) Apr. Calendar year May June July Net budget receipts l/ 191*0. 1941. 19U2. 19"*3. 1944. 1945. 191*6. 191*7. 1948. 315 Aug. Sept. Oct. Nov. Total 2 . . . . . . 8 4 4 4 7 8 Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 7.- Social Security Act (In - Budget Receipts and Expenditures ilUlni of dollars) Haoolptl Ixceee of receipt!, or expenditure! (-) Flecal year or Math 1940 1941 1942 -222.0 -349-3 -58U.5 19"»3 1944 -368. -344.3 19"»5 -306.7 1946 -3635 19"*7 Otoii receipt! Social eecurlty taxea Total Federal Iniuranoe Contribution! act (Old-age Insurance) 712.2 788.2 1,015.6 1,288.9 1,472.0 60U.7 690.6 895-6 ,130.5 ,292.1 -573-3 1,494.5 1,418.1 1,644.3 aoguet September -88.5 -70.1 -U9.5 October. SoYeaber Deceaber Federal Unemployment Tar let (Unenployment Insurance) Let* aoounti credited to Federal Old-age and BurrlTore Ineuranoe Truet Fund 2/ let receipt • 19H8 -January.. February 184.5 179-9 184.8 1,309-9 1,238.2 1,459-5 I8U.5 179-9 184.8 72.4 329-3 13-9 2.1 9-1 2.8 72.4 329.3 13-9 2.1 338. 16.7 66.2 320.3 15.6 65.6 310.5 14.1 .6 9-8 1-5 65.6 310.5 -62.7 . . 1,309.9 1,238.2 1.459-5 -70.0 -76.1 -56.O 19U7JUI7 162.2 100.1 119-9 158.4 179-9 550 688.1 895-6 1.130.5 1,292.1 Us.U 4i6.1 35-5 277-7 138. 4 74. 61. . 107.5 977 1199 158. 179 9 2.8 .6 Ifc.l 35-5 277-7 12.9 9.8 1.5 12.9 138.4 Expenditures Grants to States Children'! Bureau 5_/ Social Security Administration Fiscal year or month Total Administrative expenses Total Old-age aael st- ance 19UO 1941 19U2 384.2 19"»3 527- 1944 52U.2 1945 1946 U91.3 543-5 19>»7 758-12/ UH9.I1 50U.U 19U7Wuly 90.6 aid to dependent chl Idrea Aid to the blind 227.6 260.1 299.1 316.9 360.6 45.4 63.2 69.4 67-3 57.0 U51.9 U98.U 724.1 333-6 361.2 515-7 52.8 59-3 113.4 Unenployment compeniatlon administration 10.0 25-3 31-5 31-5 33-3 32.1 356.5 415.2 U69.6 U91.1 Uas.o 31.9 38.8 2U.9 6.2 7.1 58.3 63.0 70.3 55.1 36.3 8.0 8.5 10.3 3U.2 55.6 59-8 10.3 14.9 aufuet Septeaber. 79-677 2 -\ 1.6 1.5 87-5 76.7 49.9 59-1 53-6 37 •>• 16.7 12.6 9.9 1.7 1.5 1.0 V6 6.0 52-3 October. 70.6 85-9 57.5 1.7 1-5 1.7 67.7 12.7 12.4 9.5 5-7 10.0 55-2 "5-7 56.6 42.1 1.6 83. 1:1 .3 75-6 1.5 73-6 51.2 770 1.5 751 U9-5 13.1 12-5 1.5 1.5 5.9 10.2 . oreaber. December. 1948-January . February. . Source: Daily Treasury Statement. Excess of expenditures Is covered by appropriations by Congress. Prior to January 1, lty*0, figures represent amounts transferred to From January 1 to July 1, 19*^0. 'Transthe Old-Age Reserve Account fers* were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fond of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 301 (f) of the Social Security Act, as amended. Beginning July 1, 19**0. includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative .4 . y U/ 5/ 6/ j/ Public Health Serrloe Maternal and child health eerrlcet 10.7 10.9 4.8 5-5 5-9 6.5 6.2 10.7 5" .2 6.3 10.7 9-4 10.8 11.4 Serrloea for crippled children U 4.0 U. Child welfare lerrloe Be fundi of tar.ei 2-5 2.6 3.5 2.8 4.2 1.5 *! 3-8 1.6 1.6 1.4 3.8 4.2 7-5 1.4 1.3 2.0 1.1 3« S. faployaent Serrlce 6/ 20-7 1-3 7-4 6.2 8.8 .1 .4 .6 .6 .2 .4 l 5 1.0 .8 .8 .4 1.2 1-9 1.0 1.4 • 5 .1 1.0 .5 .8 .6 :2 5 :I .2 .5 • .5 expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Publle Health Service and Office of Education of the Federal Security Agency. Beginning July 1, 19**5. payments previously made under the Social Security Act were discontinued, and thereafter were tnade under provisions of the Public Health Service Act of 10W1. Includes expenditures under Social Security Act by the Department of Labor through July 31, 19U6*. Classified as •Executive Office, Office for -Bmerrency Management, War Manpower Commission" through July 11, 19U6. Total Includes amounts transferred to the Federal Old-Age and Survivors Insurance Trust Fund as follows! Fiteal year 19U7 •'T75.0O0: August 19^7, $700,000. Less than S^O.OOO. p • 2 - . . . . . . . U . . April 1948 BUDOET RECEIPTS AND EXPENDITURES Table 8,- Railroad Retirement Act - Budget Receipts and Expenditures (In millions of dollars) Expenditures Becetpts Fiscal 70 ar or month Excess of receipts, or expenditures (-) 1/ Taxes on carriers and their employees Administrative penses Total T Transfers to Railroad Retirement Account (trust account) 123.3 128.2 148.5 220.2 265.3 2.6 3.8 7-6 5-t 2-5 -26.3 -12.8 77-3 285.0 282.6 380.1 311.3 295.U 302.8 2-3 2.U 308.8 291.9 298.5 -506.2 12-7 116.0 6.0 13.0 116.3 512.2 -52.8 8.2 125.7 8.6 126.2 -55-9 6.1 191*1 19U2 19>»J 19IA 19"»5 19U6 19^7 19U7-July August Sept sober . October. November December 19>*8-Jairaary . February 2-5 6.5 Source: l/ 2/ of taxes 120.7 -11. U 1.8 121.0 136.9 170.0 208.8 267.1 -2-3 8.7 21.6 19>*0 fie funds 12>*.lt 1U0.9 21U.8 262.7 >».3 .2 1.1 5H.6 •3 • H. 3 56.O 57-0 • 3 •5 58. 58.0 M Dally Treasury Statement. Excess of expenditures Is covered by appropriations by Congress. Includes only expenditures from appropriations made specifically for administrative expenses relating to the fiallroad Retirement Act. Less than $50,000. Table 9.- Railroad Unemployment Insurance Act^ - Budget Receipts and Expenditures (In millions of dollars) Expenditures Receipt b Flsoal year or month Excess of receipts, expendl tures (-) 2/ -.1 1940 19Ul -U.l 2.1 2.1 -2.7 19"*2 19>»3 19IA Railroad unemployment Insurance contributions Total y y M 5.0 10.9 6.U 8.2 1U.9 6.8 8.5 10.3 12.1 .6 19U6 19*7 -.2 5 l>t.2 -10.1 -•3 2-5 I9US -January February . Source! 1/ 2/ 3y .2 • • 5 5 • . A M .1 2.8 • .It -3 . 2.2 3-2 3-5 1.5 29 October. November December 25 12.6 13.1 13-7 13.2 12.9 . 5.0 3-t 10.1 19"»5 1947-Juiy August . September Administrative expenses (fiallroad Unemployment Insurance Administrative lund) 3-5 5 .5 • • U/ 5/ • 8.9 9-6 9.2 9-7 5 .1* 7 3 • 3 7-5 3-9 6.0 11-7 .it • -.3 -.1 Dally Treasury Statement. Operated as Railroad Unemployment Insurance Administration Fund. Excess of expenditures is covered by appropriations by Congress. Represents 10S& of contributions under the Railroad Unemployment Insurance Act; the remaining 905* is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust lund (See Table 4 under "Trust Accounts Etc.") 3 7 Transfers to Railroad Unemployment Insurance Account Unemployment Trust lund 5/ 7 3 3 Includes only expenditures from appropriations made specifically for administrative expenses relating to the fiallroad Unemployment Insurance Act BepresentB excess funds of the fiallroad Unemployment Insurance Administration lund (under Act of Oct. 10, 191*0). Less than $50,000. , . . , Treasury Bulletin TRUST ACCOUNTS, ETC. Table 1.- Receipts and Expenditures by Major Classifications (In Billions of dollars; Total trait accounts .t.., Fiscal Tsar or nooth **3 90S -1,»13 -338 -2,222 19&'.'.'.'.'.'.'.'.'.'.'.'.. OirtlTcn Trust lot Ht 19*0 19*1 19»2 federal Old-age and expenditures Receipts expenditures ?5 3 1 95« 1,212 1.389 11 »6 3? 316 905 3» 893 l.»0» 1,360 1,660 26 19 -11 2,127 2,351 1,50* 2,102 2,332 1,516 lot « 967 1.218 1,395 3 10 Oneaplevment Trust run* national torrloo Life Insurance Jund In hii ieeelpts negative figures are not expenditures) ieoelpts lallroed Set IreBent Account obrpendl- turss Hecelpts lot -2 11 123 127 1** 221 273 1 32* 312 323 323 308 322 1.U08 -2 798 800 i,*37 1 630 629 39 2U2 5* 512 511 57 57 58 - lWt 217 275 57 957 1,118 3 959 1,11* 1,2** 1.399 1.567 -1 32 -23 1,508 1,280 1,289 1,508 l.?Ug 1,312 1 -* 1,*0* i,*37 -6 expend! turee * » i!*o* 1,56* 19*7 791 -52* -5*« -37 l,»3» 1,386 1.023 19*4 (Intimated) -««9 -»6 1,820 1,867 707 707 19*9 (l.tlB»t0d) -159 26 2,097 2,071 6*7 6*7 19*7J«1» -129 206 -*35 71 2*7 -320 72 329 1 66 n 9 *9 *3 3*3 & 65 *7 3 23 -12 2*5 *3 as 19 132 -15* 66 310 S2 -3 Hi kjk 180 *3 57 37 58 9 27 -7 6 -1 *5 178 213 53 205 55 96 278 "11 3 208 1 *8 39 3 100 15? -2 157 &&'.'.'.'.'.'.'.'.'.'.'.'. muguet Sept ember October loveaber Ceceabor. . 19U«-Jennery February. . . . . . . . . . w *S2 -295 . *6 -5 -11 -7 Other trait accounts 2/ Fise&l jear or Bontb lot Heoelpts expendltnros Increment on cold, not Seigniorage on ollrer, not -2 • Special deposit account o and alseollaneons fundi, not J/ 3 1 96 -11/ Sales and redemptions of securities of Government corporations •to., In ths market net */ Clearing account , 19*0 19*1 19U2 19*3 19*6 "»6 *72 92 129 658 9*9 *26 567 820 19*5 19*6 19*7 620 -110 -302 1,693 2,135 1,505 1,072 2,2*5 1,807 19*8 (lstlaated) -95 1,763 19*9 (letlmatod) -29 It 35 October . . ovenber. Oooember . . . February 1,669 -6*7 -372 -1 553 -95 359 555 1,858 -*27 105 -*oo 1,359 1,388 -525 369 87 83 -12 3*5 1*0 284 *9 -51 *3 -1*0 123 118 38 55 2 21* -1 96 *22 -27 56 -8 23 -127 -80 26* 61 -69 61 2» 110 355 -9 -10 -101 actual figures froa Sail/ Treasury Stateaentl estlaateo based upon 19*9 Including effect of proposed legislation. Budget docuaent laeludes net transections In InTeetaent account; see Table 3, following See also footnote 3. Includes Government retlraaent funds, eta. Comprises Publle Works administration revolving fund, special deposits (net), end, during the fiscal years 19U0 through 19*5, transactions 2*8 , 1, 2/ 3/ *® -2,87* 203 -2*5 . 1 9* g January Source! 116 ?9i 503 288 852 85 63 -326 . . 68 -2 61 91 19117 -Jul, august September *9 20 1* "r 386 20 */ • -1*6 -173 -121 1b commodity food stamps by the Department of agriculture. Commencing Jul/ 1, 19*5, such transactions are olaeelfled an "Other trust accounts". let reoelpte In this oolumn constitute net sales, and net expenditures constitute net redemptions of securities. Lees than 1500,000. 9 , 5 54 6 April 1948 TRUST ACCOUNTS, ETC. Table 2.- Federal Old-Age and Survivors Insurance Trust Fund' (Cumulative from organization - In millions of dollars) Receipts Appropriations By investCongress ment B Total receipts 1938 1939 782-7 765.O 1,155.0 1,705.0 2,393-1 3,288.8 4,419.3 5,711.* 7,021.3 8,259.5 9,719.0 17.7 44.6 87.1 1U3.1 214.1 301.5 404.7 528.5 676.3 839.7 10, 524.7 861.0 921.8 921.8 ,199.6 19110 1^7 792.1 536.2 502.8 720.7 116.0 549.8 935-8 10,559.1 1947-December 1948-January February 11,386.8 11.U83.0 11,760.7 19U1 1942 19U3 1944 1945 1946 • Source: 1/ 2/ Expenditures Trans Total fers expendfrom General lturefl Fund Interest End of fiscal year or month 10,560.2 10,837-8 Balance Reimbursement Old-age for adminisbenefit trative payments expense 2/ Salaries, Bureau of Old-age and Survivors Insurance J/ Unexpended balance Total Investments In disbursing officer's account In General Fund 1* 5-t 19.3 35-1 99-5 209.8 359.1 543-7 783-5 1,104.0 .4 1,760.7 1,529.6 206.0 25.2 8,798.1* 8,742.3 7-3 1-9 3.0 6.1 10.8 20.4 24.5 21.4 35-1 49.2 4g.8 1.1 2,026.6 2,068.1 2,119.2 1,772. * 212.2 213.3 1*2.0 9,360.1 1*1*. 9,1*15.0 2lU.lt 1*7.2 9,61*1.5 9,268.5 9,268.5 9,425.1 17-9 68.2 52-9 73.8 78.3 163.4 5-"» 19.3 1*7.5 138.6 275.6 452.4 669.6 936.4 1,291*. 1.1 1.1 7772 12.3 39.1 65.9 93. »* 126.0 152.9 5,1*1*6.1* 6,613."* 7, 6U1. 190.1* 1,810.2 1,857-6 Dally Treasury Statement. Includes transactions under the predecessor Old-Age Reserve Account. Under Section 201 (f) of the Social Security Act Amendments of 1939- 1,180.3 1,744.7 2,397-6 3,227-2 4, 268.3 3/ 113.0 662.3 1,177-2 1,738.1 2,380.6 3,201.6 4,236.8 5,408.9 6,546.3 .1 5 6.2 5-2 16.1 32.0 "3-5 7,5"*8.7 Under provisions of the Labor-Federal Security Appropriation Act, 1947, these salaries are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund. Table 3.- Railroad Retirement Account (Cumulative from organization - In millions of dollars) Receipts End of fiscal year or month Expenditures Balance Unexpended balance Total receipts Appropriations by Congress Interest on Investments Benefit payments Total Investments In disbursing officer's account In General Fund 147.9 268.4 390.8 506.9 650.9 871.5 ,144.1 ,468.1 ,780.1 ,102.6 1938 1939 1940 19j*l 194a I9t3 1944 1945 I9U6 19"*7 1947-December. 1948-January. February, Source: 146.5 264.8 384.9 1.4 3.6 %8.5 66.2 67.2 79.4 7».0 91-5 178.0 68.1 82.7 92.1 1,717-8 2,016.1 1:1 11.6 17.3 27.2 42.4 62.3 86.5 79-8 185-6 298.7 419.9 546.1 676.6 811.0 952-5 ,io4.4 ,277-7 104.8 194.9 333-0 515.6 675-7 824.9 500.5 657.0 805.5 1.2 2,701.1 2,701.1 2,701.1 87.4 87.7 88.1 1,385-9 l,4o4.7 1,423.5 1,402.6 1,384.1 1,365.7 1,265.0 1,303.0 1,283-5 117-4 59.4 59-5 639.4 854.2 1,116.9 l,>*25-7 2,768.5 2,788.8 2,789.2 1.6 2.3 1.8 87- .2 13-2 10.8 *-\ 1.6 4.1 1.1 318. 10.5 11.7 12.8 13.4 14.7 17.8 18.2 5 •9 20.2 21.7 22.7 Daily Treasury Statement. Table 4.- Unemployment Trust Fund (Cumulative from organization - In millions of dollars) Receipts End of fiscal year or month Total receipts State unemployment Insurance aetivitles Deposits by States 1938 1939 1940 1941 1942 I 1944 19t5 1946 19>*7 1947-December 1948-January February . Source: 1/ V Transfers Interest from Hallroad UnemInvestployment ments Insurance Administration lund 4/ Railroad Transunemployfers ment from Insurance States contribu37 tions 2/ 1,076 1,914 2,857 3,971 5,215 6,6l4 8,180 9,688 10,968 12,257 19>*3 Expenditures State unemployment insurance activities Railroad Unemployment Insurance Account 1/ 1,058 1,869 2,729 3,621 4,717 5,935 7,284 8,540 9,550 10.555 7"*6.3 1.8 105.9 105.9 IO5.9 105.9 IO6.3 106.7 107.2 12,902.1 13,001.6 13,156.7 11,117.1 11,144.7 11,298.8 8O9.9 810.0 811.0 107.2 107-2 107.2 44.2 105.6 181. 27"*.3 383-7 502.5 618.7 A:l 17 .t i 29.1 38.0 47.6 56.9 66.5 66.5 66.5 Total Withexpend- drawals itures by States Transfers to Hailroad Unemployment Insurance Account m Balance Railroad Unemploy- Unexpended balance ment Insurance Account Invest- ments rund (Special Deposit Account) Benefit payments 18.0 44.8 82.6 131.5 198-9 281.4 377-9 501.5 645.1 792.0 192.0 633-8 1,133-1 1,688.2 2,065.4 2,241.5 2,302.1 2.373- * 3,519-3 4,388.8 192.0 633.8 1,116.7 1,550.0 1,918.0 2,092.4 2,152.4 2,222.5 3,350.8 4,168.1 105.9 105-9 105.9 105.9 IO6.3 106.7 107.2 Hi 2,283 3,150 43.2 43.8 44.6 61.8 113.5 4,372 5,878 7,315 801. 6,778.0 4,843.5 4,907.8 4,530.8 4,590.4 4,649.3 107.2 107-2 107-2 i4o.o 145.9 151.3 873-3 873-3 Daily Treasury Statement, Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year l°/**0. Represents 90$ of contributions under the Railroad Unemployment Insurance Act; the remaining 10S& is UBed for administrative expenses. (See Table 9 under "Budget Receipts and Expenditures".) Represents amounts transferred from States to Railroad Unemployment 1 7,869 872.0 1,267.0 1,710.0 2,273-0 3,139-0 4,367.0 5,870.0 7,307-2 7,409.0 7,852.0 12.2 13-5 13-4 8.0 7-8 4.0 8.5 7-8 31.7 11.8 8,124.2 8,158.1 8,248.9 8,102.5 8,132-5 8,225.5 15.0 17.8 l6.0 884 1,280 1.8 In In die General bursing 14.6 7,41*9 officer* 8 account 5/ 1.4 2.7 3-3 1-5 3 s-.l 5-3 6.7 7 ? 7."* Insurance Account equivalent to amounts of taxes collected, with respect to period from January 193& to June 1939, Inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration ^ind (under Act of Oct. 10, 19U0). 'or railroad unemployment benefits and refundB. . ... . . , Treasury Bulletin 10 TREASURY CASH INCOME AND OUTGO. accompanying note. The present series of data on Treasury cash Income and outgo was first published In the September I9U7 issue of ohangee The 'Treasury Bulletin'. the the preceding from nature the Dally Treasury Statement. based on the I9U9 Budget document, the of was explained In an series Actual figures In these tables are Estimates are based on Including effect of proposed legislation. Table 1.- Summary of Cash Transactions (In allllont of dollars) Cash operations other than borrowing Cash operating outgo Cash operating Incase fiscal yesr or sooth Cash budget receipts Cash trust account receipt* Cash budget expenditures Cash trust account expenditures 9,371 15,291 25.2U5 U7.98U l?,8Ug 33,517 78.U9U 93,968 Total Irchange Stabilisation fond 1/ Vet cash Clearing account for outstanding operating *st cash borrowing, or repayment of borrow! ng Increase, or decrease (-) la Treasury cash Total Income, or outgo (-) 1,212 1,068 U85 111 iu,o6o -l»,6*o 3 U ,5*5 -19,296 -53,735 96, 75>> -768 95,986 -bu 61,367 36,237 >».3l6 3,270 1,026 -555 S5,6«3 39,978 -17,899 6,659 -19,3*9 -10,930 77U Uoo h0,519 7,732 -8,505 Irchange Stabilisation -772 checks, ete 5,«32 19,65? 6o,?50 56,757 U9 U7U General fund balance and 1/ 7»? 358 6,515 10,662 19W, 260 12,7*9 22,20* uu.ou? 3,037 3,936 19>»5 1*6,321 >*,721 19U6 u ,937 19>>7 U?,8U8 •2,930 3,707 51,0Ul U7.78U H6.637 19«8 (lstlssted) Wt,539 3,712 M*,251 36.251 3,09>» 19U9 (lstlssted) UU, 322 1,008 "•8,330 37,725 3,539 »l,2fl» 7,066 -7,117 -51 2.3U9 2,515 2.5SU 3,193 »,711 2.95U 2,753 3,U6 5 26l 205 279 30 1U6 3,390 -827 587 21 173 121 ,3,152 >»,5C7 215 678 20U 'S.'m hi 753 -201 -239 332 552 2,380 2,703 h,219 2,630 6«e -189 3. 3*8 2U8 9« 218 1U8 86 U,030 2.U29 2,225 3.196 27 -2lU 127 80 2,612 2,533 3,520 18 816 510 136 -987 -1,3»8 155 -172 -83« 3U8 U02 S.5U2 U.718 2,578 189 338 12 -222 2,l»2g 28 101 2,556 2,895 1,9*6 1.82U -U35 -2,153 1.551 -330 19>»1 7, 19"»2 19"*3 19U7-Iul» august September- October .... loTesber. December. . . . 1 9US -January F ebruary "»,195 U.316 . . 2,111 2,5"»2 78,979 9U.079 9U The U. 8. subscription to the capital of the International Monetary Fund was paid In part fro*) the exchange Stabilisation fund. Tor .1*6,095 0I15 7>39 U 5?9 -10, 201 explanation of the transaction September I9U7, page 17. : -1,«00 see Treasury Bulletin" for Table 2.- Comparison of Total Net Budget Receipts with Cash Budget Receipts (In Billions of dollars) Lean fiscal year or south Total budget receipts (net) Interest Total B. 19»1 19»2 7,607 12,799 22,282 UU,iU9 19UU 3"7 50 U6.U57 19"»3 loncaah budget receipts Payments to Treasury by Oorernment corporations f. C. all other 1 5 101 2U 5» 13 13 7"t Capital stock and paid-in surplus Earnings Reimbursement for admin! strati's* expenses - federal Old-age and SurTlrors Insurance Trust fund Equals: Cash budget receipts ?7 27 ?7 33 319 18 10 7,260 l?,Tuq 2?, 20* Uu.oHS 16.371 U?,gUg U2.030 !&::::::::::: l»3,038 \$n u 3,259 136 190 329 83 90 91 26 27 13 136 72 27 37 16 I9U8 (Istlsated) U5,?io 672 97 30 29» 239 12 lo.VW I9U9 (Istlsated) W*,"t77 155 2 33 3* 70 12 sh,3?? 2,397 2,536 1,872 U8 22 36U "3 1»7 20 216 2,515 1.507 2,390 2,7»3 U,?U6 ko 30 10 9 9 7 h ,219 15 9 •,195 U.316 19>i7July august Sept saber October. loresber tscesber 19U8-Jsnuary February . . , . . . . "*,275 . . Leas thsn $500,000. ",336 18 7.*9 11 27 80 20 U6 17 13 10 ?,3«0 2,703 s . . . April 194H 11 TREASURY CASH INCOME AND OUTGO, Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures (In ailliona of dollar*) Less: Interest payments by Treasury Total budget fiscal year or month expenditures Total 13,766 3*, 289 79,702 95,572 919 772 1,208 1,60U Transfers to flovernOn To Ootment emtrust Barings ersaant accounts ployee s' bonds corporaTo trust retireand tions ment Treasury (partially account bills owned) u 19*1 19*2 19*3 19** Boaeash budget expend! tTtres Budget expenditures Involving lasuanoe of federal securities */ Payroll deduction for Armed' forces leave bonds 2/ 81 130 213 2 167 207 25" 3 325 U29 567 6U6 58 Votes 1 ssued Adto justed Interservice national bonds Bank and fund U/ Government corporation Excess profits Inter- Barntax Inge refund est bonds 56 88 227 269 -20 -12 -7 -5 13* 37 '67 1,659 1,927 1,361 290 281 259 1,8*6 -108 -86 -8 1,366 89* -970 -39 108 118 105 72 333 38b **0 559 3,6** 2,3*7 6,269 3*2 *35 *67 19*3 (Estimated) 37,72* 1,*77 505 2* 756 1,175 222 1,165 -It -1*2 -12 127 19*9 (Estimated) 39,669 1,9*5 51*0 26 g*i 907 202 -195 -1 -500 -6 35 3,669 3,060 2,932 716 308 -532 66 • 39 18 136 25 18 31 96,75* 61 367 36,237 239 38 15 36,251 70 5 19 1 -100 51 1 13 16 20 19 -g*o -1 -2 -2 37,725 2 6 1 2,95* 2,753 3,*65 2,*29 2,225 3,196 *7 Ufi 5U9 273 10 2,**R 2,19* 3,22U 16 -30 28 2 1 8 18 60 20 23 20 19 20 -116 -71 -72 2,879 301 -26 66 11 20 19 -"7 -3* 19*7-July august. September . October. November December 19*g-January February . . 2, "102 61 62 36 133 1/ Accrued discount on savings bonds and bills loss Interest paid on savings bonds and bills redeemed. 2/ Interest payments to wholly owned Government corporations are not deducted because they are treated as negative expenditures when received by corporations: hence payment and receipt offset each other In the expenditure eerles. 3j/ Budget expenditures Involving the Issuance of federal securities s V Cash budget Invest- expendments itures in Federal securities 12,8*8 33,517 78, *9* 93,°68 6 100,397 63,71* U2,505 Repayment of capital stock and paid-in surplus 319 18 10 1 * 22 25 19*5 19*6 19*7 Equals! paysrente to Treasury 17 20 216 115 -1 -50 -50 -50 9 5 -1 9 1 h -1 9 7 -1 -1 51 15 3 9 -16 2,578 2,*28 are treated as noncash at the time of original payment and as caah expenditures at the time of redemption. The figures shown are net Issuances, or net redemptions (-). Bee footnote 1 to Table 1, preceding. Lees than $500,000. Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions (In ailliona of dollars) fiscal year or month , . . Treasury Bulletin 12 TREASURY CASH INCOME AND OUTGO Table 5.- Comparison of Changes in Federal Securities Outstanding with Cash Borrowing or Repayment of Borrowing (Io Billions of dollars) Increase, or decrease (-), In federal securities Less: Wet InTeetneate In federal outstanding lical year securities or aonth Guaranteed securities Total federal securities sui •2,*77 6,835 21.659 63,806 61,830 57,679 10,7*0 -11,136 -387 19*8 (istlmatod) -7,386 -21 -7.U08 19*9 (latlmated) -*,700 -6 -UJ06 1,161 61*9 -10 -1 '6U8 -953 -3 -956 -I* -859 -1.312 < 6 -8 -66 -853 -1,320 -326 -1,969 2 -4 -331 -1,967 Public dabt 19U1 23.*6l 6*, 27* 6*, 307 191*2 1*3 191A... 19"*5 19*6 19*7 19l*7-July August Sapt saber. October. .... loTaabar December. . . . . . 19Ug-Jaauary f ebruary . . . . . Total By OotBy trust ernsent accounts corporations -U6S Arwed forcee leare bonds Adjusted eerrlce bonds 1*,128 39 5 203 206 5,200 3,668 3,362 32U 159 178 1,793 -108 -86 -8 1.22U 3,2*3 -120 2,785 3,023 -76 562 356 -678 1*1*3 -207 Votes for International Bank and fund if -20 -12 -7 -5 1,1*22 2, 006 3,»*6l 1,338 1,925 3.00U U.883 56,1*89 1,802 foncaah debt transactions Issuance of federal securities resulting fron budget expenditures ]/ 6,738 10,783 -11,523 3,1*09 let transactions in guaranteed sari age securities Excess bonds and not reprofits Treasury flected In bills tax Treasurer* * refund accounts bonda Interest on y 8 58 81 130 213 13* 131 207 Bluer Caab Issuance of non- guaranteed securities of federal agencies 86 203 •quale: Caah borrovlng, or re-ay-^nt of borrowing (-) ii/ 19 5,1*32 • 7 19.652 60,250 56,757 -95 -190 >*9, U7I* 89* -970 -39 S5 2,ll*0 -1,172 -1,216 -12 505 127 -8,505 -195 -500 -6 5U0 375 -7.U7 1.31 53 -39 s -88 -sito -1 -2 -2 66 U6 51 -2 -2 296 -30 -121 -9U 587 291 -201 37 292 -16 11*3 1* -1 -1 -1 8 59 -116 -71 -72 -11*8 127 170 89 258 78 -8 -1*7 -12 -78 -1 62 -1 36 7,892 17"* 1 -136 -77 -3* Issuances of federal Securltlea resulting froa budget expenditures are treated aa noncash at the tine of Issuance and aa caah budget expendlturea at the tlae of redemption. The figures shown are net Issuances, or net redsaptlons (-). See footnote 1 to Table 1, preceding. 2/ J*/ • 7,!»39 -19,389 1*67 77 -5 136 -987 -7 31 -1,31*8 66 -12 61 -2,153 -U35 Accrued discount on tarings bonds and bills less Interest paid on savings bonds and bills redeemed. Includes borrowing through Postal Savings System. Lass than $500,000. Table 6.- Summary of Caah Operating Income and Outgo by Months (In millions of dollars) annual total Calendar year fob. Apr. May 1,651* 2,076 3.663 3.883 1»,665 3,1*70 3,315 July *««. 5,295 2,561* 1,036 3,379 3,289 3,688 2.996 3.193 2,602 5,56? "*,707 878 2,176 2,368 2,987 2,697 5,512 7,7U7 8,197 7,829 2,953 3,152 -U.U76 Iot. Sept. June Dec. 1,111* Calendar year fiscal Caah operating income 19*1 19*2 19*3 19** 19*5 19*6 19*7 902 2,922 3,776 3,969 3,889 It, 5U2 191*8 1,1*82 3,112 *,375 "*,255 5.127 5,297 6,67? 7,1** 5,929 5,9*6 3,335 3,198 2,912 2,819 6,360 6,132 6,07l* 5.553 U, 682 *,711 752 2,220 2,281 2,881 2.793 2,630 2,712 2,9*1 3,062 2,869 3,3*8 2,786 5,859 5,580 *.371 *,206 *,030 6,185 7,632 7,955 5,985 2, 95* 2,612 5,928 7,773 7,*37 *,7S6 2.325 2.533 6.975 7,830 8,220 5,267 3.628 3.520 5, >*33 -5,1*12 -5,67"* -l*,8lll -lt,189 -5 061 -1,971 -*.*96 -1,72* -?,6ito 37,991 U8,6oU 51,050 *5,ug5 *6,867 6,503 7.5 1* * 7,781 5,605 2,783 2,556 1 19U7. I9U8. 6,1*02 7,62"* 8,017 7,218 3,887 3,667 2,895 8,568 8.929 *,156 3,322 7,*38 7,693 7,799 U,l*6 3,65* S.OW 7,990 8,506 8,1*69 8,91*5 *,358 3,350 5,086 5,193 5,052 7,023 7.290 7,973 3,110 3,390 -3,325 -2,1U6 -2,813 -379 102 -U.17U -U.8U7 -*,922 J*,986 -*13 -827 7,397 5,970 7,700 7,71*5 6,603 3.0*11 3,959 3*. 585 89,059 95.220 87.58* *5,2*9 1*1,136 let caah operating income, or outgo (-) 19*1. 191*2. -t*,622 920 -*,905 -1*,005 -2,81*3 -5,601 I9UU. S3: 191*7. 19"*8. ^ 2/ 51,0*1 *7,78* *6,637 1U.060 19U2. 191*6. 1*7,98* "4.716 Cash operating outgo 19U1 19*319UU. 19*5. 9,371 15,2?l 25,2*5 -1,636 1,106 1,986 -It, 1.U60 -2,327 -1,889 -1,785 1,773 2.62U -5.78U -«,358 601 -1,23U -835 -it, 1,821* Data not filled In are in process of preparation. fiscal year ending June 30 of year indloated. -5,321 -»,385 -U.586 -888 -35 -it, 368 -1*,908 -l*,lUl "3 Hi -3,368 -2,131 -1.671 -1,050 1,61*1 -3,10* -161 753 18 , 5UI* 816 -896 578 510 -51,068 -1*6, 616 -36,53* 236 5,733 78,979 9*. 079 95,986 65,683 39,978 -U.689 -19,29* -53,735 -U6.095 -l*U, 9*5- -17.899 6,659 April 1948 13 GENERAL FUND OF THE TREASURY. Table 1.- Status of the General Fund (in millions of dollars) Ind of fiscal year or month Treasury Bulletin 14 DEBT OUTSTANDING Table 1.- Sumnary of Federal Securities Outstanding (In Billions of dollars) Ind of flioal year or oath . . . . April 1948 15 DEBT OUTSTANDING. Table 3.- Interest-Bearing Securities Guaranteed by the United States Government(In millions of dollars) Marketable Total End of fiscal year or month Commodity Credit Corporation Federal Farm Mortgage Corporation 1,269 1,269 930 930 Total 19l»0 5,1*98 5.1*98 1*07 19U1 19U2 6,360 6,360 14,51*9 14,51*9 696 701 191*3 1*,092 19UU 1,516 3,908 1,190 19**5 19>*6 1*09 1*67 t3 191*7 83 38 191*7- July 3 1 * 1*12 1*12 Federal Housing Administration Nonmarketable Home Owners' Loan Corporation Public Housing Administration Reconstruction Finance Corporation 8 2,603 111* 2,1*09 226 1,563 1,533 755 111* 1,219 896 111* 183 326 68 150 1*3 375 424 375 424 38 >*5 1*5 1*0 2"* 3 1* 71* 31* 3"» Uo August September 73 70 3"* 3 1* 3U 3U 36 ? 36 October. November December. 78 83 76 33 33 33 33 33 33 1*5 >*5 19l*S-January.. 72 28 28 28 28 44 1*1* 1*6 1*6 . . February 7"» Reconstruction Finance Corporation 8/ 1,71*1 21 23 Commodity Credit Corporation 2/ 1,096 17 Total 3 s Source: Daily Treasury Statement. Footnotes at end of Table k. Table 4.- Special Issues to United States Government Agencies and Trust Funds 115 176 .. . . Treasury Bulletin 16 DEBT OUTSTANDING Table 5.- Computed Interest Charge and Computed Interest Rate on Federal Securities Public debt and guaranteed securities Ind of fiscal year or »oath Computed Int ore it -bearing debt outstanding Interest charge (Millions of dollars) 19^ "7,87" 19l»l 5U,7>«7 19*2 19^3 19W* Co nput ed annual rate of interest Publlo debt 1/ Computed Interest-bearing annual debt outstanding Interest charge (Percent) 76,517 139, "72 1,203 1,335 1,729 2,759 869 ,969 ,357 ,376 1.925 1.935 19*7 201,059 256 766 268,578 255,197 19"7-July August. .. Septeaber 256,395 257,183 256,177 5, October. Yoveaber Dec saber. (Million! of dollars) 2.51" 2.^38 2.260 1.978 Source: 1/ 71,968 135,380 199, 5"3 1.929 1.936 1.996 2.107 1,516 20 1*09 5 1.335 1.321 "67 83 7 1 1.758 2.107 "2" 5.U6U 5,1*9 2.115 2.125 2.127 256,321 257,110 256,107 5,1*22 5, "56 "62 "51 256,270 255,591 5. 2.129 2.136 2.1"" 5, 5, ?5U, 205 "72 "71 2.15U 2.170 253,958 252,100 5, 251*, 030 Dally Treasury Treasury bills amount, but for charge and the 5, 252, 17" 5, (Percent) 5, "98 25", 281 . (Million! of dollars) Computed animal rate of interest 2.583 2. 518 2.285 1-979 255,67" February. Computed annual Interest charge 3.81*9 U,96l» 1*8,387 1995 Interest-bearing debt outstanding (Percent) 256, 3"S <U-?-January Computed annual rate of interest 1,095 1.218 1,6"" 2,679 256,357 268,111 255,113 , 85:::::::::: i "2,376 Guaranteed securities 2/ 5,351 5.37 1* 109 117 6.36O U.5U9 U.092 85 81 1-978 I.83U 1.86l I.968 1.1*10 2.116 2.125 7>* 1 1.767 "63 2 128 73 70 1 5,1*1*8 1.776 1.81" "5" "60 5,1*1*9 2.129 2.137 2.1W. 78 83 76 "71 "69 2.155 2.170 72 71 5, 5. 5, Stateaeat. are Included In Interest-bearing debt figures at face purposes of calculating the eoaputed annual Interest eoaputed rate of Interest, the discount value Is used. 1 1 1 1 1 1 I.76U 1.769 1.85U 1.8"" 1.853 for the purposes of computing the annua: Interest charge and rate of Interest on United States savings bonds, Series A-E are ooneldered to yield 2.905& per annum and Series 7 Is oonsldered to yield 2-53J(. Excludes guaranteed securities held by the Treasury. Table 6.- Treasury Holdings of Securities Issued by Corporations and Certain Other Business-Type Activities of the United States Government-^ (In Billions of dollars} Ind of fiscal year or month 19U0 19U1 Commodl ty Credit Corporation Total 101* 19>*6 191*7 19117-July 900 1,591 1.301 510 11,9118 537 6U1 "87 516 516 5"o October. November. December. ll,76l 2/ 1*80 11,87*1 11,81*0 2/ if 516 512 631 693 728 n,79i 2/ "35 397 Source: 1/ . . 11,781* 2/ Dally Treasury Statement. The securities shown In this table were Issued to the Treasury to finance OoTernment corporations and certain other businesstype act. Titles of the OoTernment, with the Treasury Itself raising the necessary funds through public debt operations. Rural llectriflcatlon Administration Tennessee Valley Authority 52 57 57 7 20 2,53" 5,033 366 108 13 21 580 1,010 737 529 398 383 360 3"7 6, "16 9,020 9.205 9,966 53 53 19 16 12 51" "99 "86 3"7 3"7 3"7 9,958 9,277 9,296 5" 5"6 56 56 56 53 53 7 2 "71 "58 1*1*" 3"7 3"7 3"7 9,169 9,158 9,161 5"6 590 590 56 56 "33 "20 3"7 372 9,186 9,188 603 56 623 56 730 727 February Reconstruction Pi nance Corporation 27" 283 516 11,917 11,823 2/ iy*e- January. Public Housing administration 20 August September . Home Cvnere Loan Corporation 551 212 263 1,950 11,91*6 19"5 Pederal Para Mortgage Corporation 1*00 10,717 12,169 11,673 191*1* 1 11*0 It, 19"3 Paraers Home administration 25 302 079 7,535 19"*2 IiportImport Bank of Washington 2/ "J? 57 57 57 57 56 To arold duplication, these securities are not Included in the guaranteed debt outstanding aa shown in preceding tables. Total Includes notes issued by the Virgin Islands Company in the amount of $250,000. : April 194S 17 STATUTORY DEBT LIMITATION as Section 21 of the Seoond Liberty Bond Act, amended, provides that the face amount of obligations Issued under authority of that Act, and the faoe amount of obligations guaranteed as to principal and interest by the held by United States (except guaranteed obligations shall not exthe Secretary of th.? Treasury) ceed aggregate $275 billion outstanding at any Obligations Issued on a dlsoount basis, and subjeot to redemption prior to maturity at the option of the owner, are Included In the statutory debt limitation at current redemption values. in the one time. , Table 1.- Status under Limitation, February 29, 1948 (In Billions of dollars) Maximum amount of securities which may he outstanding at any one time, under limitations imposed hy Section 21 of the Second Liberty Bond Act, as amended $275,000 Amount of securities outstanding subject to such statutory debt limitation: D. S. OoTernment securities Issued under the Second Liberty Bond Act, as amended. $253,761 Guaranteed securities (excluding those held hy the Treasury) 73 Total amount of securities outstanding subject to statutory debt limitation 253, sUo Balance Issuable under limitation. Source: 21,160 Public Debt Service. Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding February 29, 1948 (In Billions of dollar.) Class of security Subject to statutory debt Hal tat Ion Public debt: Interest-bearing securities: Marketable: Treasury bills Certificates of indebtedness Treasury notes Treasury bonds - bank eligible Treasury bonds - bank restricted 1/... Postal savings and Panama Canal bonds. Total marketable Honmarke t ab 1 • U. S. savings bonds (current redemption value). Treasury savings notes Depositary bonds Armed forces leave bonds Treasury bonds, Investment series Total nonmarketable Special Issues to Government agencies and trust funds. Total interest-bearing securities Matured securities on which Interest has ceased Debt bearing no interest: United States savings stamps Excess profits tax refund bonds Special notes of the United States: International Monetary Fund Series International Bank for Reconstruction and Development series United States notes (less gold reserve) Deposits for retirement of national bank and federal Reserve Bank notes. Other debt bearing no Interest • Total debt bearing no interest. Total public debt. Guaranteed securities: Interest-bearing Matured lU,U3g 18,920 1 3 !? 68,226 J ' 1*9,636 164 162,595 52,793 5,327 319 686 970 60,095 29.2H6 25L936 309 61 11 1,278 166 1,516 253,761 2/ Total guaranteed securities Total public debt and guaranteed securities. Hot subject to statutory debt limitation 7U 5 79 253,S**0 16U Total outstanding .. . . Treasury Bulletin 18 DEBT OPERATIONS Table I.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 29, 1948^ (Id allllona of doll*ri) Aaount of iiturltl«i Tear and aootb Description of security 2/ callable Issues !, tr . ct , 4 claeelfled by ll<u ., Tiled year of: becoae aatubank rltj final Tlret Issues aatu- allstbla call rlty Aaount of aaturltles Oat* bank reI.ar and aontb Description of security 2/ 2/ 1951 1948 2-3A* Bllli Certl floats - 3/lAs-C Bond - 3A5A8-5O Bond - 3/15A8-51 4,811 2,142 1,115 1,223 7/8* Bills Certificate - 5,617 1,321 Mar. Apr.. 4/1/4S-D Ml la May.. Bond 2-3/4* Bond - Sept.. 2* 2* 3* Bond Bond Bond - 2* 7'8* 2* Bond Bond Bond - June. 4,010 2* 2-1/11* 2* 7/8* Certificate - 1-3A* Juno. Bond- 7/B* 7/8* 7/8* Certificate Certificate Certificate 2-1/2)1 Bond Bote - - - - - - 1,627 9/15/49-51.. 9,'15/M-*'.. 9/15/51-55.. 7,986 755 12/15/49-51. 12/15/51-53. 12/15/51-55. 1,118 510 1,292 2,098 3[o62 11,996 Total. July. 1,014 6/15/49-51.. 6/15/51-5U.. 6/1/48-1 6/15A8 - 7/lAS-F - 7AA8-H H.404 2,742 7/1/48-0 1,127 2,209 1952 Sept. 1-1/2* 9/1 5A8 9/15A8-A 1* Oct.. lote - 10/lAs-B Certificate - 10/1/48-J Certificate - lO/l/Us-I 2* Bond 1* ljl Dec. - 451 3,748 Mar.. 4,092 1,354 1,U67 12/15A8-50 42,268 total 3/15/50-52. 3/15/52-54. 1,024 Bond 2* 2-1/4* Bond 6/15/52-5 1*. 6/1S/52-55. 5,825 1,501 Sept. 2-1/2* Bond Bond 2* 9/15/50-52. 9/15/50-52. Dec. 571 Bond 2* 2-1/2* Bond June. 571 3-1/8* Bond Bond 2* 12/15'49-52. 12/15/52-54. Total. 1,963 1,186 4,9F) 4Q1 8,662 17,012 8,579 1953 19*9 Jan. June. 1-1 '8* 1-1 '8* Bote- 1/1A9-* Certificate - 1AA9-A. 2/1A9-B. 2* Bond - 6/15/53-55.. 725 3,535 2,592 Sept.. 2* Bond - 9/15/51-53.. 7,986 - 2,189 Dec... 2-1/2* Bond 2-1/4* Bond 12/15/49-51. 12/15/51-53- 1,786 1,118 Tab... 1-l/g* Certificate - June.. 2), Bond- 6/15A9-51 1,014 Sept.. 2* Bond - 9/15A9-51 1,292 Doc... 2* 3-1/8* 2-1/2* Bond - 12/15A9-51 Bond - 12/15A9-5? Bond - 12/15A9-53 2,098 491 1,786 - 725 8,316 10,890 1954 Mar... 2-1/2* Bond - 3/15/52-54. Total June. 6,682 2-3/4* Bond S* Bond 2-1/4* Bond - - 6/15/51-5*. 6/15/52-54. 6/15/54-56. Bond - 1,024 12/15'52-54. Dae... 2* - 1,627 5,825 681 6,662 681 Total 17.138 1955 1950 Kor Mar.. 2* Bond - 12/15/48-50.. 1-1/2* Bond - 12/15/50 2-1/4* Bond - 6/15/52-55. Bond - 6/15/53-55. 2* Sept. 3* Bond 2* Bond 1,963 1,186 4,939 Sept.. 2-1/2* Bond - 9/15/50-52... Bond - 9/15/50-52... 2* Dae. 2-7/8* Bond June. Boad - 3/15/50-52... - 5/15/55-60. 2.611 1,501 725 9/15/51-55.. 755 12/15/51-55. 510 571 2* Dec. 2,635 2,635 8,088 571 Total. (Continued on following page) Date bank re- Callable lteuat stricted leiuet riled claeelfled by beeoae aatu- rear of: bank rlty rlnal eligible Issues Tint matucall I' rity 2,611 3.491 . : . . . April 1948 19 DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding February 29, 1948^ - (Continued) (In Billions of dollars) Amount of maturities Year and Description of security 2/ onto Amount of maturities Date bank reCallable Issues stricted classified by 1B3UOS fixed year of become matubank rity Final eligible issues First matucall rity Year and month Description of security 2/ y Date bank reCallable Issues stricted issues Fixed classified by year of: become matubank rity Final eligible Issues First matucall 2/ rity 196U 1956 June. 2-1/1* Bond - 6/I5/5U-56. Sept. 2-3/1* Bond - 9/15/56-59. 2-1/1* Bond - 9/15/56-59- 681 9/15/53 7,600 2-1/2* Bond - 3/15/65-70.. 5,197 2-3/1* Bond - 12/15/60-65. 982 681 1965 1956 2-1/2* Bond - 3/15/56-58. June. "•/15/53 3,838 3,«3 6,253 Mar.. 3,76l 2-1/2* Bond - 12/15/6U-69. Total 1,1*9 2-1/2* Bond - 6/15/61*-69. Dec. Dec. 2-1/2* Bond - 3/15/56-58. June. Max.. Mar.. 2-3/1* Bond - 6/15/5«-63. 2/1/5** 1,1*85 1,1*1*9 Total. 5,197 2-1/2* Bond - 3/15/66-71. 3,1*81 2-1/2* Bond - 6/15/62-67.. 2-1/2* Bond - 6/15/67-72.. 7,967 919 919 1,U1*9 1966 Mar.. 12/1/5"* 1959 June. 5,2* 2-1/1* Bond - 6/15/59-62.. Sept. 2-3/1* Bond - 9/15/56-59.. 2-1/1* Bond - 9/15/56-59.. 6/15/52 1967 June. 982 3,823 2-1/U* Bond - 12/15/59-62. 12/15/52 3,>»70 S.Tfr Sept. 2-1/2* Bond - 9/15/67-72.. Dec. Dec. 2-1/2* Bond - 12/15/67-72. 2,118 5/5/52 6/15/62 2,716 12/15/62 11,689 l*,SOlt 22,372 I960 1968 Mar. 2-7/8* Bond - 3/15/55-60 Dec. 2-3/1* Bond - 12/15/60-65 1,1*85 Total. 1,1*85 2,611 Dae. 6/1/61 2-1/2* Bond - 6/15/6U-69. 3,761 V15/53 Dec. - 12/1/52 June. Panama Canal bond 2,831 2-1/2* Bond - 12/15/6U-69. 3,838 9/15/53 1969 2,611 1961 June. 2-1/2* Bond - 12/15/63-68. 50 7,600 1970 1962 2-1/1* Bond - 6/15/59-62.. 2-1/2* Bond - 6/15/62-67.. 5,281* 6/15/52 5/5/52 2-1/1* Bond - 12/15/59-62. June. 3,"*70 12/15/52 Max.. 2-1/2* Bond - 3/15/65-70. 5,197 2/1/5 2-1/2* Bond - 3/15/66-71. 3,1*81 12/1/51* 6/15/62 1 * 1971 Mar.. 8 .75 1* 1972 1963 June. June. 2-3/1* Bond - 6/15/58-63.. Dec. 2-1/2* Bond - 12/15/63-68. 2,831 Total. 2,831 Source: 1/ ?J 12/1/52 2-1/2* Bond - 6/15/67-72.. 7,967 Sept. 919 2-1/2* Bond - 9/15/67-72.. 2,716 Dec. 2-1/2* Bond - 12/15/67-72. 11,689 12/15/62 Total 22,372 919 Dally Treasury Statement, and Public Debt Service. Excludes postal savings bonds. It should be noted that callable Issues appear twice In this column, once In the year of first call and again In the year of final matuCallable Issues with respect to which a definite notice of rity. 1' call has been made, however, are listed as fixed maturities. For date of Issue of each security, see chanter on "Market Quotations"; for tar status, see chapter on "Treasury Survey of Ownership". Bank restricted issues may not be acauired by commercial >*anks (with minor exceptions) nrior to a specified date. Treasury Bulletin 20 DEBT OPERATIONS. Table 2.- Offerings of Treasury Bills (Amounts In Issue dale ULlooa of dollars) April 1948 21 DEBT OPERATIONS. Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness 22 Treasury Bulletin DEBT OPERATIONS. Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government April 1948 23 DEBT OPERATIONS. Table 5.- Issuance and Retirement of the Public Debt (In millions of dollars) Treasury Bulletin 2U UNITED STATES SAVINGS BONDS. United State* Barings bonds were first offered for Series A-D were sold from March sale in Varoh 1935« 19^5 to April 19l*l. Series on sale slnoe May 1, I9U1 and oondltlons Issues for of . T, bonds hare been and For Information on the terms these bonds, Deoember 19^7. pages A-bandA-5. t, see "Treasury Bulletin" page Jl ( and Ootober 1975, Sales and redemptions data by States are published at the end of each oalendar and each fiscal year after June 30, 19&7. Sales by denominations In the following tables sales figures are quoted at Is- sue prloe, and redemptions current redemption ralues. standing are been redeemed tions. quoted at par. are Included amounts outstanding at Aaounts until of Series Matured bonds whloh In the Matured bonds outstanding are Interest-bearing debt all out- hare figures on redemp- reflected bonds of the In the series have matured, when they are transferred to matured debt upon which Interest has ceased. are also published semi-annually after December 31, 19&7. Table 1.- Summary of Sales and Redemptions, by Series Cumulative through February 20, 1048 (In million* of dollars) Sense and April 1948 25 UNITED STATES SAVINGS BONDS. Table 3.- History of Sales and Redemptions, by Series Sales 1/ Period Redemptions 2/ Sales plus Accrued dl Bcount accrued discount total Sales prloe (In Billions of dollars) Series X, Fiscal 7ears: 1941 I9U2 1943 1944 1945 19U6 1947 664 5,993 11,789 - 15, "198 • Calendar years: 1941 1942 19*3 19UU 19>»5 1946 I9"t7 Months! 1947-July August September 14,891 9,612 7,208 2,537 9,157 13,72? l6,0l* 12,937 7,427 6,694 §? 3 i0 466 October November December 4ss 412 487 1948-jRnuary February 770 607 Total, inception to Tebruary 29, 1948 69,903 l,9Hl I, and accrued discount Amount outstanding (interestbearing debt) Percent of monthly redemptions to amount outstanding Treasury Bulletin 26 UNITED STATES SAVINGS BONDS. Table 3.- History of Sales and Redemptions, by Series Saloe ]/ Period accrued dleoount Salea plue acorued - (Continued) Xedesptlona 2/ aoorued To til dlMOUAk prloe dl .otrant Amount outstanding (lnteroat••SJ-I04 debt) Parcant of onthlr redemption* to amount outitendlaeT (In alllloni of dollar*) Sanaa J Plica! jeeri: 19*1 19*2 19*3 19** 19*5 19*6 19*7 67 *35 75« 802 679 407 360 67 *35 760 811 698 44o *07 2 9 19 8 67 3 3 17 17 57 88 1*7 197 58 89 1*9 203 *99 1.2*2 1,996 2,60* 2,895 3,099 Calendar rear*: 208 19*1 19*2 19*3 19** 19*5 19*6 19*7 iS 365 396 189 203 3 3 25 18 17 26 * 13 «5 *0 5* 35 £ g % 773 595 325 J*2 •• 208 65* 750 2 *. a. a. ft. 7 35 77 7 10* 185 207 85* 1,569 2,278 2,793 2,969 3,162 Xantha: 1947-Julj intuit September 27 21 21 Ooteber Iot ember December 22 17 2U 21 31 1* 16 17 19*S-Januar7 February 44 *o *3 17 18 3,873 65? Total, Inception to February 29, 19*8. 3,723 150 Ik B.a. 3,115 3,123 3,130 3,1*2 3,1*7 3,162 3,196 3,222 3,222 Sarlaa Flecal yeare: 19*1 19*2 19*3 19** 19*5 19*6 19*7 395 2,032 2,759 3,876 2,658 2,*65 2,561 395 2,032 2,759 2,876 2,658 2,*65 2,561 Calendar yearal 19*1 1942 19*3 19*4 19*5 19*6 19*7 185 516 6*0 891 520 637 2,267 1,185 2,5l6 2,6*0 2,891 2,520 2,637 2,267 Month a J9*7-J«ly auxu.t Sapteabar 39* 2,41* 5,119 7,86l 10,299 12,416 14,508 1 1 12 12 220 3*8 469 220 469 2 29 89 181 2 29 89 181 26* *26 512 26* 426 512 1,183 3,669 6,221 8,931 11,186 13,397 15,152 48 *2 44 14,653 1*,756 14,854 41 1 Ootobar loTeabar Beoeaber 194g-January February Total, Inception to February 29, 19*8. Source n.a. 1 Bally Treasury Statement, lot available. 18 *8 42 44 - 1*2 1*2 162 131 137 162 131 137 44 *7 44 *7 1*,975 15,062 15,152 248 201 2*8 201 *6 *5 46 *5 15,35* 15,510 17,10* 17,10* 1,595 1,595 15,510 * Use than 8500,000. See footnotee to Table 1. April 1948 27 TREASURY SAVINGS NOTES. Treasury savings notes have been Issued In three Merles A from August 1, 19^1, through June 22, lpA?; Series B from August 1, 1 9 M-l, through September 12, series: and months, pages M-2 and see "Treasury Bulletin" for February 19^6, k~}. A-5. For similar Information regarding Series A and B notes, see "Annual Report of the Secretary In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (either for cash or for tax payment) are Included in the figures on redemptions. Matured notes outstanding are reflected In the Interest-bearing debt until all notes of the series have matured, when they of the Treasury" for 19^2, pages 207 and 220. are transferred to matured debt upon which Interest has 19 ll 2; 19^2. and Series C on continuous sale since September 1^ For details concerning terms and conditions, In- vestment yields, and tax payment or redemption values of Series C notes, see "Treasury Bulletin" for October I3h^, cages A- 1* and For sales and redemptions of Series A and B notes by fiscal years ceased. In accordance with the practice of the Dally Treasury Statement. Table 1.- Summary of Sales and Redemptions by Series, Cumulative through February 29, 1948 (In millions of dollars) SerlM Treasury Bulletin 28 OWNERSHIP OF FEDERAL SECURITIES Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues (la Billion* if dollars) hd of flsoal 7«ar •r month 3 . . April 1948 29 OWNERSHIP OF FEDERAL SECURITIES. Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors (Par values 1/ - in billions of dollars) Held by banks Total amount outstand- Xnd of month Commercial banks ing y Held by nonbank Investors Federal Be serve Banke 1939-December u 7 .6 18.4 15-9 2-5 19^0-June December 4g.5 50.9 18.6 19-5 16.1 17-3 2-5 19Ul-June December 55-3 6U-3 21.8 23-7 19-7 19U2-June December 77.0 112.5 28.7 "»7.3 26.0 41.1 1943-March June September. December 119.9 lUo.g 162.3 170.1 50.1 59.4 67.2 71.5 44,2 52.2 19HU-Maxeh June September .... December 187-0 202.6 211.1 232.1 76.2 83.3 87.1 96.5 6U.0 68.4 70.5 77-7 I9U5 -March June September .... December 235-1 259.1 262.6 278-7 97.4 106.0 107-3 115.O 77-7 84.2 84.0 90.8 I9H6- February ( peak) Mar oh June September. December 279-8 276.6 269.9 265.8 259-5 116.7 112.8 108.2 104.3 97-9 93.8 90.2 84.4 80.2 74.5 19U7-January February March 260.0 261.6 259-3 97-9 96.8 9U.1 73-9 72-7 71-5 April May June 257.9 258.5 258.4 93-5 92.8 91.9 71.6 70-7 70.0 July August September .... 259-5 260.2 259-2 91.9 91.9 92.2 70.4 69.7 69.8 October November December 259-2 258.3 257.0 92.0 91-5 91.1 69.8 69.3 68.6 256.7 90.8 68.9 . . 19Ua-January p . . . . . a.u 58. 59-9 2.2 Total 29.3 Individuals y Insurance companies Mutual savings banks Other corporations and associations 5/ §/ State and local governments j/ U. S. Government agencies and trust funds fy Treasury Bulletin 30 TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 194g The Treasury Survey of Ownership oovere securities by the United States Government and by Federal agencies. The banks and Insurance companies Included Issued In Survey aocount the such seourltles held The Survey which appeared that year. Information on types of banks and the distribution of ownership by companies Is published Insurance Additional Information showing the holdings distributed acoordlng to Federal member-bank classes and nonmember banks has each month. of commercial banks Reserve been published at less frequent Intervals. Section I Currently, began with In the for June data for and 30 March 31, "Treasury Bulletin" Revisions of data on 1941, for May Insurance In of oompanles for May 31. 19^3. an * prior months appeared In the November 19^3 Issue; reclassification of data on banks for the period November 30, I9U3, through February 29, 19^, data appeared In the May 19^ Issue; and revisions of September 30, I9W, appeared In the February for 19^5 Issue. Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (In millions of dollars) Clarification published 1 all panies In the United States. Is December 31. Figures for Deoember 3I1 19^7 appear the current Issue of the 'Treasury Bulletin". approximately 95 percent of banks and Insurance com- for by Information this ) ) April 1948 31 TREASURY SURVEY OF OWNERSHIP, JANUARY 31, Section I - 19^ Securities Issued or Guaranteed by the United States Government Table 3.- Interest-Bearing Public Marketable Securities, by Issues (Par Telnet - in millions of dollar*) H*ld b/ investors oovered in Treasury Sorraj I true (Tax statue §J is shown in parentheses) Total aaount outetand- Insurance companies Beaks 1/ 7,293 commercial banks 2/ 33 rtoet savings banks 533 mutual savings banks 309 life Insurance companies 636 fire, casualty, and marine Insurance companies ill U. 3. Qoveramant agencies and trust funds, and federal Re servo Banks Held by all other investors v Treasury bills (taxable) 1U.838 3,087 39 326 31 9,782 1,568 Certlflcatee of indebtedness: Tebruary 19U8-8. TJgf 19U8-C March 7/8* 19U8-D April 7 /&* (taxable (taxable) (taxable) 3.9U7 2,lk2 1,321 1,152 911 U59 Ul 56 8 2U 29 31 1,072 8k5 732 1,019 72k 285 9 1,627 290 110 7/8* 7/8* 7/8* June July July 19U8-I 19k8-» 19U8-0 (taxable) (taxable) (taxable) 1,777 2,7k2 1,127 U02 561 292 18 16 2 5 13 2 1,601 5 10 532 7/8* July October October 19U8-S 2,209 l,35> 1.U67 3 581 519 20 13 3 10 28 28 1.0U6 19U8-J I9U8-K (taxable) (taxable) (taxable) 7 1* 1* 32 IS 666 557 579 1-1/8* January I9U9-A (taxable) 2,592 1,368 93 71 113 9UU 20,677 6.70U 275 73 278 5,916 7,k23 3,7kg U.092 3,535 2,091 1,692 1,371 3 71 580 962 5 9U1 1,290 2,029 11,375 5,15k 233 1.5U6 U,26l (taxable) (partially) (taxable) 1,115 1,223 3,062 710 876 1,903 no I 21 66 90U (partially) .(partially) (taxable) U51 571 i,oiu 367 U2S 787 u 1 65 1U 1U 19 10 69 107 183 32 Total certificates of Indebtedness Treasury notest 1-1/2* September 19U8-A 19U8-B October 1* 19U9-A 1-1/8* January (taxable) (taxable) (taxable) Total Treasury notes Treasury bondet B.nV .Hff<blel March 2* 2-3/U* March I-3/U* June 19U8-5O 19US-51 19U8 7 2 36 1U 129 3 5>» 8 3-1/2* 2* 2* September 19kg December 19kg-50.. June 19U9-51 2* 2* 3-1/8* September 19U9-51 December 19k9-51 December 19U9-52 (taxable) (taxable) (partially) 1,292 2,098 U91 983 1,507 370 7k 63 3 s 11 2-1/2* 2* 2* December 19k9-53 March 1950-52 September 1950-52 (partially) (taxable) (taxable) 1,786 1,963 k,939 1,39k 1.U66 3,076 5 2 6U 1UU 3t7 2-1/2* 1-1/2* 2-3/k* September 1950-52 December I95O 1951-5U June (partialis) (taxable) (partially) 1,186 2,635 1,627 1,019 1,613 1,277 2 10 2* 3* 2* September 1951-53 September 1951-55 December 1951-55 (taxable) (partially) (taxable) 7,986 755 510 5,160 U18 37k 21 1 2 2-1/U* 2-1/2* 2* December March June 1951-53 1952-5U 1952-51* (partially) (taxable) (taxable) 1,118 1.02U 5,825 965 1 3,90b 18 2* 2-1/U* December June June 1952-5U 1952-55 1953-55 (taxable) (taxable) (part lally 8,662 1,501 725 5.6U5 906 672 2U June March 195U-56 1955-60 1956-58 (partially) (partially) (taxable) 681 2,611 1,UU9 58U 1,526 7U6 u 2-3/U* 2-1/U* 2-3/U* September 1956-59 September 1956-59 June 1958-63 (partially) (taxable) (partially) 982 3,823 919 2-3/U* 2-1/2* December 1960-65.... (partially) September 1967-72 (taxable) 1.U85 2,716 2* 2-1/11* 2-7/8* 2-1/2* March Total bank eligible footnotes at end of Section II. . 68,226 2kg 151 19 27 1U 20 13 36 87 12 25 39 168 U02 168 27 178 222 1,027 22U 55 12 167 2 5 29 6 1 • s 1 Ul 137 U21 310 1U1 3 11 32 U97 72 23 11 7 1 28 1U 96 87 36 263 198 916 • • 2 168 236 19 389 U30 160 561 155 1 2 • 1 1 89 31 • 951 15k l,U36 230 «3 1,51k 159 155 29 22 333 16 13 38 57 33 3 2 9 107 29k 3 6 190 115 7U9 1,703 695 15 12 13 UU6 12 3 2 237 2 U6 110 52 65 U72 7U 8U2 80 1,081 1,716 10 U 87 U 3 73 79 23 109 uuu 200 370 "5,095 22U 2,786 2,723 1.UU6 3,9"»2 12.011 (Continued on following page) 3j Treasury Bulletin 32 TREASURY SURVEY OF OWNERSHIP, JANUARY 31, 194g Section I - Securities Issued or Guaranteed by the United States Government Table 3.- Interest-Bearing Public Marketable Securities, by Issues (Par Taluee-ln Million, of dollar*) I MM (Tax status 8/ la shown In parentheses) (Continued) April 1948 33 TREASURY .SURVEY OF OWNERSHIP, JANUARY 31, 19^g Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government . Treasury Bulletin 3* TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, 1947 The tables which follow provide an analysis of the security holdings of Treasury survey of ownership of the securities Issued by the United States Government and by Federal agenolee. They show the total holdings distributed according to whether or not the banks owning them are members of the Federal Reserve System, 6ection I - membership of the banks which are members of the System. commercial banks reporting In the and aooordlng to the class of This analysis of bank ownership was first published March I9W issue of the "Treasury Bulletin", In the based on the survey data appeared at semiannual that time. Currently, the June 3° and Deoember for December 31, 1943. It has quarterly Intervals slnoe the analysis Is published for or 31 survey data. Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (In millions of dollars) Classl fl cation April 1948 35 TREASURY SURVEY - AKALYSIS OF BANK OWNERSHIP, DECEMBER 31, 19^7. Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 3.- Public Marketable Securities, by Issues (Par values - In millions of dollars) Issue (Tax status U/ Is shown In parentheses) Treasury Bulletin 36 TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, I9I7. Section I - Interest-Bearing Securities Issued or Guaranteed by the United States Government Table 3.- Public Marketable Securities, by Issues - (Continued) (Par values I true (Tax statu U/ Is shown la parentheses) - In allllons of dollare) April 1948 37 TREASURY SURVEY - ANALYSIS OF BANK OWNERSHIP, DECEMBER 31, Section II - I9I47. Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government Treasury Bulletin 38 MARKET QUOTATIONS, FEBRUARY 27, l$hg Market quotations shown here are over-the-counter In the New York market for the last closing quotations The securities listed In of the month. include all public marketable securities Isguaranteed by the United States Government ex- trading day Section I sued or cept those not regularly quoted In the market. Section I Bank discount Maturity date Issue date 1,201 3AAS 3/1 lAS 12/H/U7 12/18A7 4/]/48 1/2A8 1,305 1,003 1,003 1,001 903 4/sAS 4/15AS U/22A8 1/8A8 1/15A8 1/22AS U/29/U8 1/29 As 5/6A8 2/5A8 1,000 1,001 1,106 5/13A8 2/13A8 2/19A8 2/26A8 Bid 12AA7 1,205 1,302 1,103 i,304 j uAa 3/25^8 5/20/Ug 5/27 As 12/26 '.? ketable securities Issued by Federal agencies but not guaranteed by the United Stntes Government. Securities Issued or Guaranteed by the United States Government - Table 1.- Treasury Bills (Taxable) Aaount outetaadlng (Millions) The Is- sues excluded.-are postal savings bonds and Federal Housing Administration debentures. The latter are the only public marketable Interest-bearing guaranteed securities outstanding. Section II lists the public mar- 9« •96 97 97 • • •97 • 98 1.00 1.00 1.00 .86* .86 .90 •91 91 • Table 2.- Certificates and Notes (Taxable) April 1948 39 MARKET QUOTATIONS, FEBRUARY 27, 19^«. Section I - Securities Issued or Guaranteed by the United States Government Table 4.- Tax-Exempt Bonds 5 (Price decimal* are 32nda) Amount outstanding (Millions) Treasury Bulletin uo YIELDS OF TREASURY SECURITIES FEB. 27 1948 Based on Mean of Closing Bid and Asked Quotations 1947 Eipiono/ion The points represent yields to coll when prices ore above par. and to maturity dote when prices ore at par or below The smooth curves for the various classes of points ore fitted by eye. Issues far which on exchange offer has been made or which are due or callable m less than 3 months are excluded. Offtct of the Stcrtrory of the Treasury. Office of fhe Technicol Sfoff F-235-D April 1948 ti YIELDS ON TREASURY AND CORPORATE BONDS Table 1.- Average Yields on Long-Term Bonds by Periods Treasury Bulletin 14-2 CO Q O CD UJ or o o. or o o or April 1948 *3 INTERNAL REVENUE COLLECTIONS. Table 1.- Summary by Principal Sources^ (In thousands of dollars) Fiscal year or month Treasury Bulletin w INTERNAL REVENUE COLLECTIONS 35 36 37 38 39 40 42 41 43 44 45 46 47 48 DOLLARS Billions Corporation Income and Excess Profits Toxes^_ 6 4 2 Manufacturers and Retailers Excise Taxes . April 1948 *5 INTERNAL REVENUE COLLECTIONS Table 2.- Detail of Collections by Type of Tax (In thousands of dollars) fiscal yeare Typo of tax 19U7 I9I6 Income and profits taxes: Individual: Withheld by employers: Current Tax Payment Act of I9I3 2/ Revenue Act of 19l2 Other: Current ^/ Back 9,857,166 . 123 8,130,377 116,571 Excess profits taxes (Second Revenue Act of 19IO, as amended) Miscellaneous profits taxes: Declared value 1/ Vinson Act Unjust enrichment 7,822,188 3,566,178 91,130 35 91.1&5 Total miscellaneous profits taxes. 31,258,138 Total income and profits taxes Employment taxes: Social security taxes: Old-age Insurance Unemployment insurance. 1,237,825 178,715 1,1*16,570 Total Social security taxes. 281,258 Railroad retirement 1,700,828 Total employment taxes Miscellaneous Internal revenue: Capital stock tax 6/ 352,121 629,601 Estate tax. U7.232 . Alcoholic beverage taxes: Distilled spirits (imported, excise) Distilled spirits (domestic, excise) Distilled spirits rectification tax Wines, cordials, etc. (imported, excise) Wines, cordials, etc. (domestic, excise) Dealers In distilled spirits; rectifiers; facturers of stills (special taxes) Stamps for distilled spirits intended for Case stamps for distilled Bpirits bottled Cont ai ner st ampa Floor taxes Fermented malt liquors Brewers; dealers in malt liquors (special Total alcoholic beverage taxes Tobacco taxes: Cigars ( large ) Cigars (small) Cigarettes (large) Cigarettes (small) Snuff Tobacco (cneviag and smoking) , Cigarette papers and tubes Leaf dealer penalties, etc Cigarette and cigar floor taxes lU3,080 1,603, 197 Ul,8g0 2,59"* 58 250 , manuexport... In bond.. 8,06l 25 aUo 13,309 696 650,82"* taxes)... 3,106 2,526,162 J_/ '•I ,381 "70 t 172 1,072,799 ^''P 11,961 1,757 1,165,519 Total tobacco taxes. Stamp taxes: Bonds, issues of capital stock, deeds of conveyance, etc Transfers of capital stock and similar interest sales Playi ng cards Silver bullion sales or transfers .' Total stamp taxes. 5,W*1,776 613 320 12, 162,137 Total corporation taxes. . 19.313,297 3,901,917 738,032 Corporation: Income taxes: Current }/ Back 8,950,272 18,701,536 Total Individual income taxes. 01ft tax. 9,8U2,028 25U **7 . 393 30,369 9.766 1I9 550, 7l3 , 9 Treasury Bulletin U6 INTERNAL REVENUE COLLECTIONS Table 2.- Detail of Collections by Type of Tax J - (Continued) (In thousands of dollars) fiscal yars First 7 aonths January I9U7 typo of tax January 1948 Miscellaneous Internal revenue (continued): Manufacturers' excise taxes: Lubricating oils Gasoline Tires and tubes Automobile trucks and buses Other automobiles and aotorcycles Parts and accessories for autoaoblles Ilectrlcal energy Ilectrlc, gas, and oil appliances Hoc trie light bulbs and tubes Radio sets, phonographs, eoaponents, etc Phonograph records Musi cal instruments Mechanical refrigerators, alr-coadltloners, etc. Matches Business and store naehlnes Photographic apparatus Sporting goods Firearms, shells and cartridges Pistols and revolvers Repealed taxes Total manufacturers' excise taxes Retailers' excise taxes: Furs Jewelry luggage Toilet preparations Total retailers' excise taxes Miscellaneous taxes: Sugar Act of 1937 Telephone, telegraoh. radio, leased vires, etc.. Local telephone service Transportation of oil oy pipe line Transportation of persons, seats, berths Transportation of property Leases of safe-deposit boxes Admlssi on to theaters, concerts, etc Admissions to cabarets, roof gardens, eto Club dues and initiation fees Bowling alleys, pool tables, etc Coin operated devi ces Adulterated and processed or renovated butter. and filled cheese Oleomargarine, Including special taxes Narcotics, including marihuana and special taxes Coconut and other vegetable oils processed national Firearms Act All other. Including repealed taxes Total miscellaneous taxes Total miscellaneous Internal revenue Total Internal revenue collections Adjustment to Dally Treasury Statement Total receipts from Internal revenue (Dally Treasury Statement) 19"»7 7"t,602 82,015 5, "132 "•05.695 "•33,676 118,092 37. l"* 25,893 68,871 59,112 25,492 17,781 13,385 3,902 2,839 9,229 10,247 15.792 21,18* 7,878 5.232 174,927 62,099 204,680 99,932 63,0lU 65,608 23,180 63,856 34,832 19,282 5,696 16,760 7,511 5,024 5,017 2,177 6,728 967 766 2, 068 869 1.793 294 318 601 8,"»92 10,151 37,352 8.U13 25,183 36,163 17,0511 341 9,031 38U 184 922,671 1,425,395 120,078 91,706 95,57"* 97,481 236,615 84,588 95,5*2 15,346 30,634 9,927 11,778 492,046 514,227 67 685 56.732 145,669 14,824 226,750 220.121 7,857 343,191 72,077 18,899 4,011 17,092 59,152 252,746 164,944 16,988 244,003 275,701 8,560 392,873 63,350 23,299 4,458 20,432 5,289 20,116 13,523 909 UU U.932 69» 6,272 5.874 792 17,208 1.70U 6 Il6,3"i7 8 1 422 1 ,550,8>»2 120,505 6l 223 342 . 81,423 23"*. 393 8 -6U , 17,8911 21,075 634 31,844 5,211 1.313 60 397 30 1.U89.929 1 7,712,956 8,063,8511 Ho, 671, 922 39,108,273 -361,589 + 271,136 40,310,333 39.379.H09 501 year 19"»7 19US Fiscal year 19l»S Fiscal . . April 194S *7 MONETARY STATISTIC3, Table 1.- Money in Circulation (In millions of dollars except as noted) Paper money End of fiBcal year or month Total money In circulation 1/ Total paper money Oold certificates Silver certificates 2/ Treasury notes of 1890 United States notes Federal Reserve notes Federal Reserve Bank notes !*/ 7,8l*8 7,21*8 9.612 12,383 8,932 11,600 19>*3 17,'*21 19I* 22.50U 16,1*92 21 1*38 I9"t5 19l»6 26,71*6 28,21*5 19>»7 28,297 19U7-July AugUBt .... September. 28,11*9 19U0 19U1 191*2 October. November December . . . 19l*8-Jamiary February p End of fiscal year or month 28,1*31* 28,567 , 25,51*1 26,91*5 26,91*2 26,792 27,072 27,192 National bank notes y 2U8 300 317 5,163 6.68U 9,310 13,71*7 1,588 322 322 22 20 19 58H 18,750 597 1,651 2,025 2,06l 323 317 320 22,867 23,973 23,999 561* 111* 1*06 106 2,033 2,051 1*00 2l*,151 -397 1*7 2,01*3 317 320 317 23,887 1*7 289 391 106 106 105 315 320 313 2U,283 2H.5S2 387 383 378 IOU 103 103 303 307 23,953 23,857 375 370 102 101 67 63 59 57 1,582 5* 52 50 1*8 1*8 l,7ll* 1,751* 1,61*9 28,552 28,766 26,868 27,167 27,369 "7 2,029 1*7 2,01*0 27,1*63 t7 2,039 28,111 28,018 26,728 26,633 1*6 1,91*7 1»6 1,951 21*, 2l*,l*75 165 150 139 132 126 120 U 5 8 * 3 6 6 3 9 5 ... . . . 8 8 . Treasury Bulletin hi MONETARY STATISTICS Table 2.- Monetary Stocks of Gold and Silver (Is millions of dollars) hd Mi of fiscal ($35 per fine ounce) year or oath 19*0 19,963.1 I9>tl 22,6211.2 19*2 19*3 22.736-7 22,3*7.5 21,173-1 19* Ratio of il lrer to gold and •llrer In monetary stocks Sllr.r ($1.29* per flat ounce) 3,939-6 »,1»8.7 u, 306.3 *. 298-5 3,9*7-9 16-5 15-5 159 16.1 15-7 20,213.0 20,269.9 21,266.5 3, 685. 19>*7 3.508.* 3,525-7 is.* 1*.S 1».2 19*7 -July august September. 21,537-0 21,765-9 21,955-3 3.530.6 3,533-1 3,535-7 l*.l 1*.0 13.9 22, 29*. 3,51*0.1 13-7 22,6l«.» 22,753-9 3,5*3* 13-5 3,5*7-9 13-5 22, 93*. 3,552-1 13* 23,036.1 3,55^9 13.* 19>*5 19*6 October. Bov ember December . . . . 19*6-January February p Source: Daily Treasury Statement and Circulation Statement of U. Preliminary. S Money. Tor detail of silver aonetary stock, see Table " Table 3.- Gold Assets and Liabilities of the Treasury (In millions of dollars) Liabilities Ind of calendar year or month Oold certificates 1 17,6*3.* 15,278.6 21, 99*. 1939 19*0 19*1 19*2 19*3 Oold assets 19, 825. 20, 56*. 22,736.1 22,726.3 21,937-8 19*U 19*5 19*6 19*7 19*7-July august .... September 20,bll.9 19,821.0 20,018.8 . 19*8 January February p . Source: 1/ . 17,91"* 20,529.0 22,753-9 October. lov ember. December. 18,«97 20, 06*. 18.*30 21,5*».0 21,537-0 21,765-9 21,955-3 20,3*3-7 22, 29*. 22,61*.* 22,753-9 20. 581. 20,770.0 21,091.* 2l,*09.9 21, 5**. 22, 93*. 21,7*7-6 23,036.1 21. 822. Dally Treaeury Statement and Circulation Statement of U. S. Honey. Comprises (l) gold certificates held by the public and In Federal Reserve Banks; and (2) gold certificate credits In (a) the gold certificate fund - Board of Governors, Federal Reserve System, and 2/ ^/ p Oold reserre against IT. 3. notes, etc 2/ 156.0 156.0 156.0 156.0 156.0 156.0 156.0 156.0 156.0 Ixchaage Stabilisation Fund 3/ 800. 800.0 800.0 800.0 800.0 800.0 800.0 800.0 Oold In General Fund *08.9 213.2 215-3 158.* 160.7 I65.U 19*. 1*2. * 1,053.9 156.0 156.0 156.0 1.037.3 1,028.3 1,029.3 156.0 156.0 156.0 1,0*6.9 1,0*8.5 1,053.9 156.0 156.0 1,031.0 1.057.7 (b) the redemption fund - Federal Reserve notes. Reserve against United States notes and Treaaury notes of 1890. Excludes gold In active portion of Ixchange Stabilisation Fund, Preliminary. . . . . 9 . . . a U 7 6 . April 1948 *9 MONETARY STATISTICS. Table 4.- Components of Silver Monetary Stock (In millions of dollars) Silver held In Treasury of calendar year or month Snrt Securing si lTer certifloat 1/ Sllyer bullion 2/ 19>*2 19>*3 19W* 19"*5 19U6 19>»7 19l*7-July >*99.0 1,520.1 1,703.9 1,911.2 1,937.6 lgltO 19U1 Subsidiary coin 3/ Sllyer dollars 1,292.2 1,198.1 1,»76.1 1,516.2 1,520.0 1939 U9U.6 kek.i 12.5 10.2 901.1 928.7 3,51>».2 90U.8 3,530.6 3,533-1 3,535-7 207-3 91.1 93-6 92.6 93-5 152-5 153.6 15U.6 910.8 92.3 91.6 91.1 15U.9 155-6 156.3 916.9 922.9 928-7 S^.l 91.7 91-3 156.7 156.6 929-1 929-3 3,552-1 336.8 336.7 13.3 .1 llt.l .1 2/ 3,870.6 3,512-8 "*, 337-2 1,91*0.6 l,9>t3.7 1/ 771-6 931 1U.0 12.9 13.1 Source: "»,317.6 I85. .1 338-5 337-9 337-2 February p ( l*,2l*l*.g 587-3 68U.7 llt.O 1,933-5 1,935-3 1,937-6 . 3,790.2 »,o6o.0 "»93-5 13-1 October. Hovember. December 19l*8-Jannary. . 1*22.1* 3"»J.H 339-9 338-9 . 52-5 63.O 78.8 96.8 117.5 137.5 150.1 156.3 19-3 17.9 15-2 . 39 1*-! U05.6 31*1.0 . y 1*8.1 662.3 628.2 551-8 19.1 1,925-6 1,929.0 1.930.9 . Subsidiary coin 657.-* ii*.i* 376.5 356.4 Silver dollars 1/ Total Oliver at $1,294 per fine ounce 616.0 5-3 2.3 3-5 1*68.3 iwo.it Bullion at oost 2/ Bullion for re-coinage U/ August September. . Silver outside Treasury In General fund Dally Treasury Statement and Circulation Statement of U. S. Money. Valued at $1.29+ per fine ounce. Includes silver leased to Office of Defense Plants of the H.7.C., Does not include etc. (see Dally Treasury Statement for amount). liver lend-leased to foreign governments (see 191*6 Annuel Report of the Secretary of the Treasury for amounts). * 8U6. 906. 3,5"*7.9 3,5>»7.9 3.55"».9 Valued at $1.38+ per fine ounce. Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion la held for recolnage of subsidiary silver coins or for recolnage of standard silver dollars. Preliminary. Less than $50,000. Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices 1/ (in millions of ounces or dollars) Calendar year or month Silver production In United States Silver acquired by mints and assay offices Newly mined domestic silver 2/ foreign silver ^/ Collars Ounces Collars 1*0.1 282.8 139-8 72.6 1H.3 120.5 3"»3.3 160.6 509 208.0 99.lt 27-1 6.0 11*3.1 77.2 1*0.0 3.9 62.1 5-5 • • Ounces Ounces 63.9 68.3 71.1 55-9 60.7 68.3 70.5 1*8.5 19U1 19U2 1*7. 31*. 19»*3 1*0.8 1939 19^ 19W 35-7 29-3 19*5 19U6 19^7 21.1* 36.1 5-5 9 t-9 30.3 k/ • 19^7-Juiy August September 1.9 2.6 2.2 3.8 1.9 2.9 October. November. December. 3-2 3-6 3-7 2.1 2-5 3."* 3-9 3-2 . 19^8-January. . Total Ounces Collars Annual figures from the Bureau of the Mint. Monthly figures on S. silver production from releases of the American Bureau of Metal Statistics; theBe will not agree with the annual figures. Tor Information on sliver production in other countries, see Data from 1933 annual reports of the Director of the Mint. through 191*1 are summarized in the "Treasury Bulletin" for August I9U3, page 7 k . Acquired at 64.61* cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 23, 1935; 50.1 9 .6 "»-9 .6 U.l* • 4.1* 27.1* 3.9 y 30.3 y 27-1* !*/ 3.8 1.9 2.9 3.* 1.9 2.1 2. e.5 1.9 2.2 3-1 3t 31 2-9 3.2 2-9 3-* 1.7 2.6 U 3_/ U/ * 1.7 2.6 at 77-57 cents per fine ounce from April 23, 1935, t° December 31, 1937: at 6U. 6U cents per fine ounce from December 31. 1937, to July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939jto July 2, 19U6; and at 9O.5 cents per fine ounce since July 2, 191*6. Acquired at various prices averaging approximately 51 cents per fine ounce Includes 0.2 million ounces valued at 71*11 cents per fine ounce totalling $0.2 million, and 30.1 million ounces valued at 90.5 cents per fine ounce totalling $27 .2 million. less than 50,000 ounces or $50,000. . U U . . U 5 » 7 9 treasury Ballet 50 MONETARY STATISTICS. Table 6.- Seigniorage on Sliver (Ouanlatlve fro* January 1, 1935 - '» allllons of dollars) Sources of seigniorage oa illTer bullion revalued 1/ And of calendar year or aonth Seigniorage oa oolaa (silver and laor) Nlao. allTar (laol. silver bullion held June lU, 193U) 1935 1936 1937 193« 1939 18.5 U6.1 63.7 69.5 91-7 •8.7 19U0 19*1 122.2 182.1 19"»2 2"*5-7 •8-7 t8.7 H8.7 19*3 19UU 299 6 362.3 US. $:::::::::: U29.5 U91.9 520.5 *g.7 •8.7 509-5 510.0 510.7 US. Ug.7 Ug.7 513 •» Us. 516. 19*7 1947^Iul7 August Septsaber . October. foTeabar December 520.5 19Ug -January Tebruary. . Source: 1/ 521. 527.6 "t8.7 U8.7 W.7 Ug.7 •8.7 Sewly alaad silver (Proe. nao. a, 1933) lewly alned •llier (Act July 6, 1939 and July 31, 19*6) 16.8 36.O 58.0 7U.9 87-3 U.2 Silver Purohaaa Act of J una 19, 193* 226.2 302.7 366.7 •57-7 530.7 Total seigniorage (Proo. of OD illTir **«-9, 193U) revalued Rationalised •llrer Potential seigniorage oa silver bullloa at ooat la Oeaeral "and 2/ 326.2 *22.1 508 616 705 27U-9 397-5 5U1.6 758.8 950.6 25-7 Ug.3 562.7 759* 580. 636 58U.3 58U.3 58U.3 799-7 818. 820.6 820.7 055-8 089 OUg.2 967.3 717.3 87.6 g7.6 g7.6 g7-6 g7.6 65. 87.6 87.6 g7-6 333-2 1,069.6 1,077-6 l6l. 2 7*. 701.6 832.1 832.1 9381 66.5 g7.6 g7.6 g7.6 70.9 71.9 72-5 g32.1 832.1 832.1 1.07U.0 1,075-0 1,075-6 156.1 1*1.2 15U.1 Ug.7 Ug.7 g7-6 g7-6 87.6 73-3 73-8 7*-5 832.1 832.1 832.1 1.076.U 1,076.9 1,077-6 1*9.5 1U9.U 1U6.8 Ug.7 Ug.7 87.6 87.6 75-* 76.3 832.1 832.1 1,078-5 1,079-U 1UU.9 1UU.2 US .7 Dally Treasury Statement. Theae Items repreaent the difference between the coat value and the Monetary value of silver bullion revalued and held to secure 2/ 1U6.8 silver certlflcatea. The figures In this column are not cumulative; aa the anount of bullion held changes, the potential seigniorage thereon changes. m , . April 194S 51 CAPITAL MOVEMENTS. Information relating to oapltal movements between the United States and foreign oountrles Is presented In Section I contains the prlnolpal types four sections. of data on capital movements by years from 1935, sni standing oontraote of banks sales of foreign exchange. for forward purchases and These data relating to oapltal movements are based filed each month by banks, bankers, and brokers throughout the United States. The reports are Each type of data Is then broken down Into Its chief components In the same ohronologlcal on ourrently by months. reports collected, oheoked and tabulated by the twelve Federal The totals are then forwarded to the Treasury Department for consolidation and publication. detail. Reserve Banks. Section II supplies a geographic breakdown by prlnfor recent months. The total capital olpal countries movements are given first and then tha principal categoIn addition, at this point, ries are shown separately. the total outstanding claims on and liabilities to foreign countries are eaoh presented. Details with respeot to capital movements and Figures for previous periods may be obtained from the following sources: "Treasury Bulletin", November 19*5, for a summary of capital movements, and position In foreign currencies by months, 1942-1945. of the latest month for which the data are Supplement to "Treasury Bulletin", November 1945, on "Capital Movements between the United States and Foreign Countries January 1942 through April 1$^' for details during that period. Seotlon IV oontalns data for recent months on out- "Treasury Bulletin", Maroh 19**2, and earlier Issues, for details covering years baok to January 2, 1935. hort-term olalms and liabilities are presented tlon III as In Seo- , available. Section I - Historical Summary Table 1.- Net Capital Movement between the United States and Foreign Countries (In thoonanis of dollars; negative figures indicate a net outflow of capital from the United States) Analysis of net capital movement In: Calendar Tear or month 1935 1936 1937 1938 1939 19W (Jan. 2, (Jan. 2, (Deo. 31, (Dec. 30, 29, (Jan. U, Oo- 1935^Ja». 1936-Deo. 1936-Deo. 1937-Dec. 1938-Jan. 194o-B«o. movement 1936). l,4i*o,6s6 992,829 1,226,722 833,715 1*28,11*2 I9S0). 31, 19U0) 1,198,735 695,080 1, 3, 1*12,956 -453,823 626,121 1,286,893 19"»2 19W '....'. 1*61,351* l,07 u ,375 19>*5 191*6 -793,32* (Jan. Total (Jan. 1-Hov. 30, 191*7) 2, 19U7-January February March April ««7 June Short-term banting fond* 30, 1936). 29, 1937). 28, 1938). 19UI I9U7 Hot oapltal 1935-Bot. 30, 19H7) 287, 39* 328,968 1,135,483 81*1,628 -21*3,522 583,373 1,168,058 11*8,591* 1,216,303 -733,909 Transaction* in domestic securities Brokerage balances 6,039 6,811 3>*,687 31* 32,990 20,358 -49 3,513 13,372 8,529 17,794 9,661 316,660 600,693 24U, 626 57,196 -85,427 -245, 062 -261,955 46,599 27,767 210,735 -113,105 -331* ,203 51,703 -7,3* 77,696 93,496 -46,617 265,127 697,01*1 -667 8,5l»7,930 6,850,382 153,072 289,980 -152 -2U.698 -25,362 70,270 -78,335 52,733 2,384 -18,238 -5,102 59,047 39,069 17.321* -7,"*26 -220,690 16,265 36,730 67,81*0 l,0l»7 1,882,571* 1,979,1*06 -223,190 -21*8,1*93 -3,325 6,201 -2,068 3M98 -263,263 -33,702 -278,920 7,069 -5.17 * -67,1*58 -8*t,06S "*,388 1 -171*, 544 73,2* 231,957 75,911 -1,031 U.32U -508,180 -516, SU6 -4,21*1 -23,296 -23,823 October Horember -325,61*5 r -312,511* r -135,050 -116,737 2,326 -9,136 -20,01*5 Serlsed. 125,158 191,076 267,008 26,758 115,689 78,156 538,l*Uo July August September r Transactions in foreign securities 2,810 -28,786 16,610 1,251*, U96 13,329 10,868 r 1 . Treasury Bulletin 52 CAPITAL MOVEMENTS Section I - Historical Summary Table 2.- Short-Term Claims on and Liabilities to Foreigners (Position at end of period In thousands of dollar*) Short-tone dales lad of oalaodar year or aonth 1935 1936 1937 1938 1939 19*0 C**- Total Short-term HeMlltla. Payable la dollar! Loan* to foreign bank* 778,57? 672, 616 §.:£ 508,702 383,978 total 128,951 1*0, ?11 152,*37 150,0** 66,7*5 *7,*77 161,263 96,726 •88,365 116,917 165,521 173,238 115,116 385,636 310, *77 268,719 221, 383 116,633 72,0*8 86,378 202,085 1*3,70? 137,16* 169,670 2*5,010 290,*95 30,916 3*. 387 Jut July August Septenber , Ootober loTeaber *6,795 66,*78 209,597 3,678,518 3,352,223 306,6l5 668,168 1,222,580 1,218,633 1,910,898 1,7*5,722 *. 205, 389 97,851 99,95* 82,983 103,369 60,828 31,0*9 522,563 950,703 1.238,097 1,577,1*3 2,712,626 3,55*,25* 19,677 13,893 25,5*6 *o,629 3,310,732 3.958,716 5,116.97* 5,267,081 6,*90,302 5,772,009 1,723,106 3,5«l,*o6 3.391,699 39,601 36,605 36,03* 5,773,006 7,752,*12 7,503,919 36,«36 29,39* 31,170 7,*70,a7 35,720 38.367 37,153 11*, 791 135,311 121,001 *, 7*0,992 *, 888, 977 2*0,850 27*, 650 2*8, *02 **»,0*3 *76,58l 525,119 8,272,053 8,071,502 8,0*0,25* *, 771, 282 *,992,*5* 3,232,»69 3,270,826 3,016,630 155,722 1*9,912 1*3,196 273,553 268,074 268,183 5*9,92* 5*9,312 5*5,821 8.318,385 8,382,393 7,855,*5l 5,093,556 5,250,172 *,9*5,*59 3,189,10? 3.093.85* 2,872,839 156,622 158,293 273,516 533,223 *90,980 7,5*9,098r *3,605 6,585,737r 7,392,887 *. 896,586 *,903,76U 2,608, 907 27*, 61* 2,*31,758 57,365 6,*69,000 116,9*3 128,97* 159,50* 963,361 923.887 *V l,156,*96 l.»56,885 1,600,507 1,985,025 3,025,189 3,786,182 6,503,699 8,506,988 8,302,351 313,213 315,137 337,775 979.199 967,296 957,200 April 1,301,1*2 1,623,317 1,893,087 2,203,185 3,221,328 3,938,232 ahort-te llablllItlea 360,719 388,555 93,»78 78,720 72,102 801,836 880,205 933,025 •Car eh Other »]l3*!»12 ",356,501 », 9*6, 62* 105, Wa 100,267 319,639 730,693 75*, 57° 798, *32 1947-Jnnuary February "3*, 977 Bepo.lt. of foreigner! let Parable la foreign currencies 5,37»,903 5,596,775 6,883,068 6,*S0,262 5*, 603 *7,*89 98,119 , Payable In dollara Oth.r "•7,068 1935) 1936). 1937) 1938) 3, 19*0). 31, 19*0), 31, 30, 29, 28, (Dec. (Bee. (Deo. (Jan. (Dec. 19*1 19*2 19*3 191* 19*5 19*6 r Payable la foreign currencies 32*, 002 *, 693, 911 *,S7*,6lg 5,003,1*8 17.9" a, 6*1 7,191,297 7,107,229 7,339,186 7, '15, 097 6,898,251 Reused. Table 3.- Net Movement of Short-Term Banking Funds (In thousands of dollar.; negatlTe figure. Indicate a aet outflow of capital fron the United State.) Short-term liabilities Short-term clalme Calendar year or aonth Total eorreadee 1935 1936 1937 1938 1939 19*0 J »»2, 1935-J»»1, (Jan. 2, 1936-8*0. 30, (See. 31, 1936-Dec. 29, (Deo. 30, 1937-Deo. 28, (Deo. 2?, 1938-Jan. 3, (Jan. *, 19*0-D*o. 31, Loan, to foreign banke Total 1936) 1936) 1937) 1938) 19*0) 19*0) 19*1 19*2 19*3 19** 19*5 19*6 361,360 70,119 17,62* 28,9*8 117,3*0 12*, 72* 228,132 -1*,788 -11,526 2,393 83,299 19,268 -3,552 31,868 -20,191 -*s,6o* -7,717 58,120 136,780 53,039 •9,3*1 75,159 *l,758 *09 15,?33 -3,*7i -20, a6 7,11* -50,630 Deposits of foreigner* Other 16,192 97.503 -11,256 -71,765 -63,072 -315,*87 ( Payable In dollars Payable la dollar. Payable la foreign Other Payable in foreign currencies let short-term liabllltiee "•7.336 631,069 358,023 269,770 300,020 1,018,1*3 716,90* 1*3,622 37*,**o 1,0*0,16* 760,993 6,333 19,683 1*3,119 -9*,8o6 20,520 -1*,J10 37,802 *,933 -16,971 20,386 -42,5*1 -29,779 992,829 428, 1*2 287,39* 328, ?68 1.135,*83 841,621 -3,515 20,671 -l*,330 -19,0*3 5,15* -219,372 19,298 60,899 6,5*5 -32.506 -75,3*0 -*5,*85 -259,71* U85.870 1,179,31* 220,359 1,279,375 -*18,*22 -*33,959 105,607 620,88* 220,576 583,205 -268,85* 185,617 385.365 55*,*12 -3,9*7 692,265 -16*, 651 -11,372 -5,102 *,018 3,730 3.905 15.083 -2*3,522 583,373 1,168,058 1*8, 5?* 587,33* 333, *07 1,36,303 -733,909 -215,63* -60,17* *5,025 -200, *85 912,675 209,903 686,036 16,736 697,0*1 156,596 195,7*3 -175, *86 136,339 6,693,786 *, 277, 322 2,*15,636 828 6,850,382 -22,4*0 -23,883 -*3.856 *,6*l l*,758 6,61s 6,*26 -1,92* -22,638 -33,507 -36,717 -27,836 23,*87 2,003,289 -20*, 637 *7,l3l 1*7,985 -l*,359 -22, 6l6 February March 1,858,300 -189,707 -1,028 -2.996 -571 1,0*7 1,979,*06 -2*8, *93 April H*7 June -3,*0* -78,369 -52,820 -**,8*1 -12,031 -30.530 96,925 -33,800 26,2*8 -55,*88 -32,538 -48,538 -30,298 -200, 5S1 -159,230 38,357 -31,2*8 128,530 -231,866 2a, 172 402 -7,0*2 1,776 -33.702 -278,920 -8*. 068 July August September -*6,17* 11,903 10,096 3,782 5.810 6,716 -25.151 5,*81 -111 -2*,805 612 3,*91 278,131 6*, 008 -526,9*2 101,102 156,616 -30*. 713 172, *79 -95.255 -221,015 -1,21* 231,957 75,311 -516,8*6 October -6,161 oTeaber 19*7 39, *7* -13,*26 -1,671 -5,333 -1,098 12.5?8 *2,2*3 -263,932r -177,1*9 6,*52 13,760 -116,737 (Jan. Total (Jan. 1-Iot. 30, 19*7) 2, 19117-Jaonary r Revised 1935-Bor. 30, 19*7) -306,3531 -156,211 -*8,873r 7,178 -25*, 196 -312,51*1 April 1948 53 CAPITAL MOVEMENTS. Section I - Historical Summary Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners (la thousands of dollars) Doaestlo stocks Calendar year or Month 1935 1936 1937 1938 1939 I9U0 Purchases Ebaestlc bonds 1st Purchases Sales let n.a. total purohasss 19>»2 19*3 1944 1945 19W 1-Hov. 30, 19H7) (Jan. 28>t,206 473,052 -188,846 221,816 278,032 -56,216 368,558 75,488 19U,6l6 357,655 432,109 -222,519 20,895 -42,977 -34,579 -97,432 -64,450 174,952 164,218 241,299 513,558 377,717 414,470 214,388 138,514 170,555 268,244 393,390 684,213 -39,436 25,704 70,744 245,314 -15,673 -269,743 320,991 260,601 392,938 650,411 637,940 782,119 197,199 1936) 1936) 1937) 1938) 1940) 1940) 1,302,684 2,684,391 2,273,381 1,200,119 1,034,478 506,022 146,039 96,383 151,639 136,853 260,223 367,649 (Jan. 1, 2, 1935-Jaa. (Jan. 2, 1936-Dsa. 30, (Boo. 31, 1936-Deo. 29, (Deo. 30, 1937-Dso. 28, (Dae. 29, 1938-Jan. 3, (Jan. 4, 1940-fco. 31, 1941 19U7 Sales 337,848 -140,649 214,599 21*8,1(94 -33,895 a. a. a. a. a. a. n.a. a. a. a. a. a. a. 171>32 a. a. n.a. a. a. a. a. a. a, a. a. a. a. a. a. a. a. n.a. a. a. a. a. a. a. n.a. 2, 1935-Sot. 30, 1947) Total (Jan. 18,4l6 19,445 14,367 29,465 33,065 21,183 -11,049 -13,620 -6,816 *ay Juna 18,448 15,8*5 13,386 24,013 33,172 24,969 July August September 19.293 13,763 14,053 27,926 21,050 26,725 -8,633 -7,287 -12,672 October November 27,61* 22,539 61,752 34,528 -34,108 -11,989 April 986,024 2,033,698 2,028,755 1,142,923 1.119,905 751,084 316,660 600,693 244,626 57,196 -85,427 -245,062 582,946 214,002 365,171 £39,676 751,045 1,116,322 -261,955 46.599 27,767 210,735 -113,105 -334,203 411,798 586,342 -174,544 12,457,873 12,167,893 289,980 10,897 -11,078 -18,546 49,070 32,741 30,809 49,222 57,439 56,171 -152 -24,698 -25,362 11,796 18,214 27,833 7,949 6^481 38,193 33,148 47,700 35,809 51,386 52,802 2,384 -18,238 -5,102 20,555 10,753 16,550 19,348 26,762 27,701 1,207 -16,009 -11,151 39,848 24, 5l6 30,603 47,274 47,812 54,426 -7,426 -23,296 -23,823 24,702 10,285 19,380 18,341 5,322 -8,056 52,346 32,824 81,132 52,869 -28,786 -20,045 30,654 13,2?6 16,442 Sot aval labia. Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners (la thousand* of dollars) Foreign stocks Calendar year or aonta 1935 1936 1937 1938 1939 1940 (»»• 2, 1935-J«»- Purchases (Jaa. 2, 1936-Bso. 30, (Deo. 31, 1936-Ds«. 29, (Dso. 30, 1937-Bse. 28, (Dse. 29, 1938-Jan. 3, (Jaa. 4, l94o-D» e Jl, . 1936) 1937) 1938) 194o) 1940) n.a. a. a. a. a. a. a. a. a. a. a. $::::::::::::::::::::::::::::::: 1945 1946 (Jan. Total (Jan. 1-Ior. 30, 1947) 2, 1935-Hov. 30, 1947) 23,278 26,601 37,328 65,247 19,791 22,078 54,789 65,610 53,020 39,165 n.a. 5,718 10,271 5,428 4,036 4,24o 3,290 Jons 4,054 4,924 4,075 2,553 3,466 3,635 July August September 3.733 3,565 3,142 4,368 2,574 3,420 October November 3,812 4,298 4,143 3,440 I947 -January February Karon April May 1st K. a. a. a. a. a. a. a. a. a. a. a. a -a. 1941 1942 1947 Sales 1, 1936) let doneatlo •toaka and bond* 19,757 24,374 34,988 -5,565 -17,327 -11,583 1947-January f ebniary Karon a. a. a. a. a. a. a. a. total sales . . : . . Treasury Bulletin 5* CAPITAL MOVEMENTS. Section II - Summary by Countries Table 1.- Net Movement of Capital and of Short-Term Banking Funds (In tnoueand* of dollars; negative figure* Indicate a oat outflow of capital fr it Net capital csecent Country I -r 1 1 p United Elngdoa. Franc* Belglu» -11,842 70, 420 -8,620 Decs ark. -5,096 -2,262 5,729 PlMand. Geraany. Greece Italy Luieabcurg. -5.396 -17, "»T0 -364 -16,228 -9,719 -xo.033 Metr.erlaxd*. Norway Portugal -67 Bus: aria. Spate. -570 -21,010 Sweden. -5.319 l60 -691 Switzerland.. U. S. S. B... Yugoslavia. Otl *r lurop*. -10,32". Tctal Europ*. -1*8,702 . 4o, 35« Latin America: Argentina. Bolivia... Bratll 7,917 -20.9U1 Chll. Coloabla. .. Costa Rica. 8,305 -19,312 -2*9 Cuba French Vert Indies and Guiana Merlco 1*2,112 -831 -545 is, 1.52 Netherlands Ve&t indies and Surlnaa Panaaa Peru 1,362 -292 2,761 Lntlo America. 10,019 -20,259 Total latin Aaerlca. 128,1*99 Weexuela O'.i.er Asia : China and Manchuria. Trench Indo-Chlna. Hong Kong -to, 939 India, Buraa. and Oaylon. Brl tlsh NaJaya -11.659 -1,982 -1.297 . Japan Netheriajid* last Indies. Philippine Island* Turkey Otter Asia -3.290 -863 I56 19,632 -6,6*8 -3,392 -53,982 Tetal Asia Otrer countries Australia New 2eal and Egypt and Anglo-Egyptian Suda i -2.593 502 2,332 -661. Preach Morocco Union of South Africa. A] other -6,702 -2,153 Total other countrle -9,278 1 1/ International Unidentified. Grand total. U* United Statee) . . . .. . . . . 55 April 1948 CAPITAL MOVEMENTS. Section II - Summary by Countries Transactions by Foreigners Table 2.- Net Movement in Brokerage Balances and Long-Term Security from the United States or net sales by foreigners) (In thousands of dollars; negative figure* Indicate a net outflow of capital Transactions In long-term securities, domestic and foreign Movement in brokerage balances : *9 65 Denmark. Finland. Germany. 10 307 375 -98 153 768 -167 -17 -166 -6 1 *3 -18 -31 72 6 . -2 12 -28 -10 106 -i,i*s 14* 1,257 324 2 -8 -U07 20 5 938 -62 -19 130 63 26 -81 2* 36 -67 -42 -1*8 19 *7 6 -It.gUl 72 125 -235 lit *2 -132 -29 56 36 -9,793 -1,041 -20,252 "183 -6,816 801 lull -10,568 -193 *7 -315 3 -ta 62 -30 7 68 -39 -5 17 355 -210 *3 -38 110 -33 -2,8*1 -11,660 111 1*5 31 -su Netherlands Norway Portugal. -3,*26 -26,*90 -618 55 -22 -S -3 BoTember -3,579 -*,57* 603 656 -3*2 92 Greece Italy Luxembourg . -1 October 32* 2,01* -2,296 -1,929 -113 -5*6 9** Sept ember *tt47iet 6 -1 -1 -111 S3 JvXj 329 136 119 -1,832 -112 1,278 United KingdomFrance Belgium JlM lorember October September Julj June Bar ope 19*7 19U7 Country 71 -5 -7,885 -10 -U0 -113 35 3* 295 -ill . 1 2,796 Switzerland. U. S. S. E... Yugoslavia. Other Bar ope -1 1 -102 -3« 5,9*8 -2,073 1 -6 121 -13 -21 25 -*97 -9! -*53 *}U 1 -100 -4 -137 -580 . -9*3 -2, It 00 -2,*5* *,ia -1,6*9 -3,8*7 -1 -10 No Emnania. Spain. Sweden. 9 1 -2,021 2 1 1 270 -6* -37 -62 -185 -37 2 62 -265 -265 -2,685 -9,108 -6,6** 18,911 -Uo,6ii6 -21,157 -1,2*6 -16,537 5,023 -462 940 681 -1,179 -539 30,6*8 12,5*6 10,283 3,587 1,024 -611 "1,388 77 22* -10 83 -63 32* -7 122 2,202 11 1,1*5 1,*73 16 350 5,411 16 299 15,882 65 -2,002 4 -71 -255 -3 7,505 *3 379 8, 601 1*0 77 28 7* 28* *3 -193 209 65 -l6 -19 16 21 61 -10 3 1 6 32 60 1*5 118 -5* 215 25 -*0 276 8 -30 -51 1*3 -239 -67 -37 3* -39 57* -258 78 1,13* 1 -1*2 -2 -340 1 1 . Total Buxope. Canada Latin America: Argentina. Bolivia... Brazil Chi le Colombia. Costa Rica. . Cuba French West Indies and Guiana. Mexico Netherlands West IndleB and Surinam Panama Peru -18 93* -2,290 -*50 1,200 -526 8 *5 -28 1,5** 118 5* 2*6 -9* -62 -4,4l0 -60 -23 1,208 7* -26 -771 -*2 27 -89* -129 -1,292 -2 -625 -19 -3 -287 -21 1*3 -546 -102 -3*7 -155 -109 -13 -51 Australia New Zealand Egypt and Anglo-Egyptian Sudan. 23 5 233 3 -360 1,060 -368 1,*26 291 -310 296 -805 l*g 763 -779 165 -146 100 2,195 -125 7,806 -4l4 1,365 -3,559 3,363 1,980 *,623 15,735 9,101 2,221 21,4*4 -*,787 1*5 -Wt6 1*6 -192 182 1*7 -434 605 712 7 1 68 16 U2 -6 -24 *l -10 -51 -1 -51 37 -15 -2 8 -328 -9** 20 126 -1 -2* -2 18 -2 6 27 23 -30 *9 79 -70 -3 -5 -6 -1 -26 5 -17 -89 4 -1 -2 U6 *3 2 -3 2 1 -8 2U5 -1 -191 -37 -5*2 19 1*9 -10 70 -77 -W -10 112 57 4 -256 -18 -30 -11911 -225 -310 -838 56 -329 606 4*7 179 -6 2 -3 17 -50 -3 -37 -11,7*2 13,870 2,778 -5 -153 1,635 1,509 3.67J -5 49 -7 1* 22 67 -2,156 17 -72 -603 -85 -39 -28 -2,157 -12,371 12 -12 39 -1 -181 -1 82 -1,291 Other countries: D 1,927 4,181 4,4*3 629 1,737 . 53 -1 -»2 56 Total Asia -573 -1,229 -881 Netherlands East Indies. Philippine Islands Turkey Other Asia 5 5 3,036 Asia China and Manchuria. French Indo-Chlna. Hong Kong British Malaya Japan 7 193 -2,15* *67 and Ceylon. 35? 10* Total Latin America. India, Burma, u* -52 142 -*95 56 -2,135 Venezuela Other Latin America. : 2 -il -538 1*5 -*9 uo 23 -12 -28 -10 52 3 7* 57 85 -178 -16U -9 -1 -19 -1* 2,0*1 -1*3 -*2 -23 2,0*3 3 French Morocco Union of South Africa. All other 112 Total other countries. 39 3 -*5 -18 1 8 2 85 6* -7 25 s 186 3* 1*7 149 -9 -25 -2,133 1H,1** 2,813 3,755 -4*g 1,368 -7,031 12,907 -15,*57 -9,177 -7 -249,300 Inf rnatlonal }/ -26 29 -4.241 -9,136 Pnldentlflea Grand total. 1/ >t, 38* -1,031 *,32* 2,326 12,222 228,116 International Bank. such as UNKBA, International Monetary lund, and Includes transactions of international organizations . . . • . . . Treasury Bulletin 56 CAPITAL MOVEMENTS Section - II Summary by Countries Table 3.- Short-Term Claims on and Liabilities to Foreifrners (?oiltlon at end of ronth In thousands of doll rs) Liabilities Clall Ofl Jama £ur3pa Baited Ungdoo. franca. Belglua. i > B 39. 3 July W 20.090 10,12" August 36,905 311,069 21. "37 20,921 10,250 9,00" 583 11,381 592 17.8U2 3W 30,31*8 Oraaea Italy Luieobour g 12,889 2". 093 306 13,005 2U.255 Netherlands Korvay Portugal B - 532,527 205.765 185,282 369,122 195. o"3 132.018 '.327 "8,765 39,879 53,623 "2,210 "1,970 63,218 32.226 187. 060 22,3"5 32,2"6 167,1"0 22,557 35,950 163,373 20,100 "1,"77 150,01" 19,680 29,198 22,112 11.232 33.059 17.569 13.173 31.832 l".921 12,863 328,510 270,300 1"2,518 617 1.096 11,93" 30,52" 52,0"" 22.653 27,278 "5.600 6,199 "0 12,819 23.600 "0 Jooa 1*99, "81 189.81" 16". 008 30.3"5 12,360 12,829 (9 12,551 23.587 52 "•7,239 "5. 93i« "*b.838 7,981 9.365 1.155 "8,573 10,275 1,309 "7.21" 8,06l 1.087 209,199 91,15" "2 ,"90 213,826 7.023 1.332 80,02*1 "0, 11*7 226,60" 79.232 "7,735 216,350 79,316 "7,973 6.923 11,876 1,598 12,021* 12,026 1,195 9, 32* 12,027 1,25" 9,306 12,011 1,358 7,&"9 8,158 8. 68*1 133,227 8,180 12,192 122,891 9,391 12,113 115,19" 109,1*00 9,339 102 6.U113 5,726 "02,1*83 38 52 8 8 8 399,103 52.535 12,»71 120,170 395,751 58, "89 9,7"l 131,662 2,lU2,l*65 ,2,255.83" 2,359,812 2^2", 628 7,812 Swltrerland. S. Saptaabar loTeaber 7, "71 n Spain. .. Sweden. U. August July October 958 13.129 30. "78 jo, 1 "37 17,906 30,3"5 Saptaabar "9,0"2 6.322 1,51* c Finland. ^- en. 1*7 19"7 mtxj S. B... 5 8 . 10.1 1 1.251* 1,5"S 9,320 9.806 8 3 8 17. "99 2l*,9l*0 U.758 395.129 50.60" 11,83" 103,978 8 ?? 13.:2S 9,529 11,665 TugoelaTla. Other Europe. 35,373 37, "73 36,231 32,6U6 30,556 36,138 Total Europe. 267,951 278,871 27", 027 268.637 265,96" 258,933 36,383 311,0*17 3-'\l6l 29,118 29.796 26,509 586,76" 563, 7"7 592,167 528, "33 57,622 3,561 160,85" 65.833 3,269 16U.070 71,821* 65,1*8" l6l. U26 67,359 ".231 162,263 66. "3" 2,921 l6l,99" 265,02" 3,167 163.577 85.213 309,270 1",612 98,770 307,528 15.181 110,802 229,020 17,25° 106,312 Chile Colombia. Costa Elca. 17,385 20.1*92 891* 1*0,25" 35,719 3,853 8,61" 38,159 32,628 8,30" Cuba French West Indies end Oulana. Mexico 1*5,981 Canada Latin A.-aerlca Argentina. Bollrla Bratll 109,336 : . . . 3.937 Netherlands Vest Indies and Surinam Panasa Peru 251 32.869 3. "10 16,1*1*5 22,738 35,212 3,810 2l,6si* 35,927 3.631 22.782 31.970 3.975 22,329 31,172 3,622 50,681 "2,371 8,601 "1,222 32.03" 6,933 53,269 589 27,609 5", 519 59,669 73.8"" 50 30.996 uu 17 91. "99 21 30,180 39. "87 38,260 289,563 2,912 126,693 283,99" 3.150 137,730 287,671 2.280 1"9,187 271,885 2,822 157,155 1,156 ",995 6.109 10,253 69,939 39,725 10,130 69,661 38,15" 13, 6V. 71,527 "1 692 76,629 "3,236 53,589 66,21" 178,550 7", 036 181,275 180,556 1,2"2,"58 1,290, "2" 1,3"2,528 1,266,068 1*1*, 3", 197 97U 2.581 5,600 1.033 1.11*9 1,107 2,71*2 3,777 6,286 11,91*3 6,5*18 1,192 ",893 6,671 Venezuela Other Latin America- 16,720 36.261 18,21*3 1*2.317 18,1*89 36. 181 15.322 38,299 l",605 33. "3" 15,093 31,891 Total Latin America. U2U.850 UWt, 939 "51,775 1*147,671, "66,723 "77, "96 10U,S"2 77 3,531 110,726 62 3,123 108,180 329 3,071 103 7*2 78,57" 3,289 2,191 "1,307 3. 308 1.927 339.133 37.22" "1,058 309,610 286,11*2 36,21*" 67,23k 35.253 a, 725 33,662 1,579 27, "5" 27, "87 261 1,595 268 8U3 275 28,936 957 28" 28.177 823 298 "1,217 8,769 16,715 "3.306 11,81" 17,558 53.571 14,580 17,581 5", 392 13. 775 ^»pan 32,797 2.178 183 Betherlands last Indies.. Philippine Islands Turkey Other Asia "so 20,153 3,316 5.77" 508 U73 725 1.311 9", 878 2", 1*86 2*1,525 3. "58 6,7*18 8,360 5,576 8.957 28.951 12,891 9,553 85,812 "52,568 82,790 25,130 3,2"8 "32 27,662 13.13" 9.126 "1.670 7", 87" 70,758 U6U.316 "1,701 79,083 173,331 185, 0U7 177,679 177,501 16", 585 127.669 l,i"7,368 1.113.225 H,f"<i,"'," 1,065,073 9,03" 989 250 11,256 1,681 180 9.00U 10,1511 l,l*OU 73" 10,180 2.313 223 "7,8"3 8,593 22, 577 9.393 19.365 "6,236 9.5"9 21.097 "7, "90 152 12,022 2,013 192 "2,1*08 1.1.61 French Morocco Union of South Africa. All other 1U6 18,790 3,778 310 15.783 ",228 33" 616 lb, 962 5,900 1U.U77 6,187 366 1",159 5,088 13.909 39,522 52, "92 13.688 "9,526 59,686 13.282 15.170 ".539 55. "58 55, "55 11,83" 37,639 58.265 Total other countries. 30,070 35.831 30,938 33, "88 35.507 32,329 18", 936 19", 066 201,077 187,931 5,901 L81.W9 , 12,61*0 89,1*86 Asia: China and Manchuria. French Indo-Chlna. Hone Kong . India, Burma, and Ceylon. British Malaya Total Asia. Other countries Australia Bev Zealand Igypt and Anglo-So'ptlan Sudan . 3,233 2,138 1*1*8,81*9 51,01" 68,511 1*0,1*01 "1*0,268 269,66" 8.179 "5. "50 17.755 : Internnt onal V 2, 71". 209 2,881,038 2,777,90" 1 Unidentified. Ornnd total. imo 1*6*1 933.025 979.199 782 786 951 967,296 957.200 963,361 923,88? 716 22,05" 20,051 17. "51 8,0"O,25" 8,318,385 8,382,393 8,259 2U,UW. Oataber loraaoar April 194S 57 CAPITAL MOVEMENTS Section II - Summary by Countries Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts (Position at end of month In thousand! of dollar*) Country Treasury Bulletin 58 CAPITAL MOVEMENTS Section III - Details for Month of November 1947 Table 1.- Short-Tern*. Claims on Foreigners (Position at end of Booth In thousands of dollar*) Oountry * April 1948 59 CAPITAL MOVEMENTS Section III - Details for Month of November 1947 Table 2.- Short-Term Liabilities to Foreigners (Position at end of month In thousands of dollars) Country Europe United Kingdom Trance Belgium Total shortterm llabillties Short-term liabilities payable In dollars Deposits Total foreigners : 226, 7 3"* 131,723 131,562 55, OW) 39,203 79,039 1*5,682 s. 158, 0U2 70,660 70,618 l»9,781 "•9,733 8,292 11,939 72.905 Switzerland 22,51*9 158, U1U Rumania Spain Sweden 11*5,9117 22,51*9 Netherlands Horvay Portugal "•5,657 1^.953 Luxembourg s. 325,309 236, 9UU 39,203 79,055 Greece Italy u. 35U.1.76 55,01*2 Denmark Finland Oermany 8,292 11.8U6 72,235 1*19,1*82 a 69,1*1*9 1* 18, 228 69.UU9 10,588 Yugoslavia Other Dorope 10,588 122,888 122,861* Total Europe 2,105,025 2,062,935 1*27,216 1*23,1*16 21*0,1*78 2U0 305 20,601* 97,"*U7 97,216 Canada Latin America: Argentina Bolivia Brazil 1*1,81*1 Chile Colombia Costa Bice 1*2,350 7,030 Cuba Trench West Indies and Guiana Mexico Netherlands Vest Indies and Surinam 2"*9,367 2.76U 11*0,1*55 , 20,601* 1*1,837 "•2,350 7,030 2""9 , 367 2,76U 139,879 Venezuela Other Latin America 18,399 70,937 18,399 70,93" "•1,039 Panama Peru 1*1,031* 61,078 169,039 61,078 168,619 Total Latin America 1,201,1*16 Aela: China and Manchuria French Indo-China Hong Kong India, Burma, and Ceylon British Malaya Japan Netherlands last Indies. Philippine Islands Turkey Other Asia 250,231 9,278 1*1,766 56,710 16,51s 28,880 21*9,958 9,278 37,597 5"», 1*1*6 16,509 28,868 65,866 65,865 "<75,983 "•75,91"* 39,237 79,705 39,237 79,703 l,o6U,17U Total Asia Other countries: Australia New Zeal and Egypt and Anglo-Egyptian Sudan 1,057,375 3", 755 6,1*66 311,065 6,1*05 26,852 26,72"* Trench Morocco Union of South Africa... All other 1*6,289 1*11,1*27 52,803 52,280 Total other countries... 177,376 International y Unidentified Grand total — 1/ Includes Habllltle 10,211 of 10,211 Bills held for account of foreigners Government Treasury bills and certificates of lndebtednese U. S. Short-term liabilities payable In foreign cnrrencles Borrowed from foreign banks Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers Treasury Bulletin 6o CAPITAL MOVEMENTS Section III - Details for Month of November 1947 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners (Id thousands of dollars) Country April 1948 61 CAPITAL MOVEMENTS. Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange (In thousands of dollars} Currency of - 62 Treasury Bulletin CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Data relating to oorporatlona In whloh the United States Government baa a proprietary interest, direct or month 'Dally Treasury Statement', which contains greater detail than the summaries presented here. Tables 3 and lndlreot, and to oertaln other business-type activities U United States Government are presented In a series of four tables. Table 1 gives a summary of loans outstanding, Table 2, balanoe sheet data, Table 3, Income and expense, and Table *, aouroe and application by the Treasury Department. of the of funds. Tables 1 and 2 are complied from the are complied from reports of the agenoles, adjusted Loan and balanoe sheet data for Deoember 31, 19^7, are presented In this Issue of the "Treasury Bulletin", and Tables 3 and U for that date will appear In a subsequent issue. mid- Table 1.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, December 31, 1046 - December 31, 1047 (Is millions of dollars) By type of loan U U April 194S 63 CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Table 2.- Balance Sheets as of December 31, 1047 (In millions of dollars) Corporations Grand total Assets Cash on hand and in banks l/ Cash with U. S, Treasury 1/T Deposits with other Government corporations and agencies Loans receivable: Interagency Others, less reserves Accounts and other receivables: Interagency Others, less reserves Commodities, supplies, and materials, less reserves Investments: Public debt obligations of the United States.. Securities of Government corporations and agencies Others, less reserves Land, structures, and equipment, less reserves.. Acquired security or collateral, less reserves.. All other assets, less reserves Total corporations Banks for eoopera- Commodity Credit Corporation ImportImport Bank of Washington federal Deposit Insurance Corporation Federal Farm Mortgage Corporation : Total assets Liabilities Accounts and other payables: Interagency Others Trust and deposit liabilities to: Interagency Others Bonds, debentures, and notes payable: 5/ U. S. Treasury Other interagency $1W».5 1,336-7 $79-6 550.7 $12.5 10. U $U.8 U07-9 271.6 26l. 22/ 68.8 778.3 7U7.5 507 U 307 -0 5U.1 138.2 UU8.1 , 1,970.52/ 19-7 822.0 712.0 1.68U.6 , $.8 6.8 -3 9^-5 2.6 23-3 2U2.7 5,09m $-5 U.o 68.8 12,082.U 9,713-2 $-3 8.1 1,552-5 321.8 3,539.1 12,599-9 23.8 35U.2 1U3.3 150.8 1,045.0 11.9 132.6 UU, 217.2 10,599-2 3U8.U 1,350.3 185.8 2U3.6 152.7 .1 .1 26.3 39-6 709-7 517-2 2»*7.7 .2 62.5 51.2 .1 11,839-5 2U2.9 ll.2U9.it 512.0 728.lt 2U2.9 UU.5 82.0 688.8 1,276.2 U9.I 688.8 875-9 69.0 15,785-7 13,877-5 lllt.O 1,222. 2, 523- It 178-5 100.0 l,96U.oj/ -21,233.0 2,5233,533-7 89U.8 10,373-3 UO.O -1,936.1 83.2 28, 288. U -3.U21.U 218.5 127-9 1,083-2 116.1 27-0 116.1 27-0 13.010/ IU3.I 1U3.1 15-9 28.U31.5 -3,278-3 23U.U 127.9 1,083.2 .1 U8.U 1,020.0 l.U 3.2 .1 1,030.7 125.8 3U.7V 1,998-7 : 153- 1* 217.5 .1 -7 .2 .8 3 1.5 • Others: Guaranteed by United States Not guaranteed by United States All other liabilities Total liabilities Capital 2.1 "3. 66/ U87.1 186.° 3-1 -3 915 -U U-7 5-1 : United States interest: Capital stock Paid-in surplus Expended appropriations Earned surplus, or deficit (-) Total United States interest Private interest: Capital stock Earned surplus Total private interest Total capital Total liabilities and capital Contingent liabilities Analysis of investment of United States: Paid-in capital and expended appropriations Treasury loans to Government corporations and agencies ll/ Subtotal Less total Treasury loans 12/ Investment of the United States Earned surplus, or deficit, U. S. share Book value of United States interest, Including Interagency items Interagency items - net, amounts due to, or from Government corporations Government agencies reporting Government agencies not required to report.... Interagency proprietary interests Total Interagency items, excluding Treasury loans to Government corporations and agencies Book value of United States Interest, after exclusion of Interagency items Footnotes at end of table. 3,533-7 l»3, U6U.lt 102.6 2-9 923-58/ 1,026.1 Federal home loan banks Treasury Bulletin 64 CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Table 2.- Balance Sheets as of December 31, 1947 - (Continued) 4 8 April 1948 65 CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Table 2.- Balance Sheets as of December 31, 1947 (Continued) (In Billions of dollars) Certain other business-type activities Total businesstype activities Assets Cash on hand and In hanks 1/ Cash wi th U S Treasury l/7 Deposits with other Government corporations and agencies Loans receivable: Interagency Others less reserves Accounts and other receivables: Interagency Others, less reserves Commodities, supplies, and materials, less reserves Investments: Public debt obligations of the United States.. Securities of Government corporations and agencies Others less reserves Land, structures, and equipment, less reserves.. Acquired security or collateral, less reserves.. All other assets, less reserves Tanners' Home Administration Federal Housing Administration Federal Works Agency 11/ Sural Electrification Administration U. S. Maritime Commission 18/ War Shipping Administration 18/ Other 12/ : . . p $9*. 786.1 U9.0 537-5 $2.0 $18.5 11,839-7 4,618.9 278.1 24.8 75-1 733-3 * .1 38.1 .8 270.9 440.5 $6.1 Total assets Liabilities Accounts and other payables: Interagency Others Trust and deposit liabilities to: Interagency Others Bonds, debentures, and notes payable: ^/ U. S. Treasury Other Interagency *55-3 107-3 .2 4b. $3-4 11 .4 11,839.52^' 3,506.8 102.3 207.0 1-5 3,305-5 6,507.0 178-5 3,385-6 1,596.0 3*.i 159-3 1-5 10.1 4,294.3 7,073-5 20,625.1 11-7 3-1 16.6 73-6 331.0 276.0 7-1 51-7 39-1 27.3 1-9 70.9 1U6.5 75-5 .1 132.0 132-0 178.5 3,388.3 11,554.8 11.9 221.5 6 17.5 9.7 33,618.0 , $560. 394.9 205-7 2.7 .1 5 5 -7 1U0.0 265.0 759-'* : 33-0 90.2 462.0 299-7 M 3.6 -5 15.0 1.0 1.0 1.9 590.1 9-9 51.8 7.6 590.1 Others: Guaranteed by United States Hot guaranteed by United States All other liabilities 33.0 33.0 400.2 113.6 .1 1,908.2 15.6 38.8 2.0 595-0 United States Interest: Capital stock Paid-in surplus Expended appropriations Earned surplus, or deficit (-) 42,569.5 -10,859-7 404.7 -25.4 80.0 87-0 2,155-9 -1,892.9 175-9 -11.5 Total United States interest 31,709.8 379-3 167.O 263.0 31,709-8 379-3 I67.O Total liabilities Capital 259-2 27.2 735-3 425.0 96.6 : Private Interest: Capital stock Earned surplus Total private interest Total capital Total liabilities and capital Contingent liabilities Analysis of investment of United States: Paid-in capital and expended appropriations Treasury loans to Government corporations and agencies 11/ Subtotal Less total Treasury loans lg/ Investment of the United States Earned surplus, or deficit, U. S. share Book value of United States interest, including interagency items Interagency items - net, amounts due to or from Government corporations Government agencies reporting Government agencies not required to report.... Interagency proprietary interests Total interagency Items, excluding Treasury loans to Government corporations and agencies Book value of United States interest, after exclusion of Interagency items Footnotes on following page. 4,266.821/ 14,252.422/ -707-7 -7,603.9 , . 66 Treasury Bulletin CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Footnotes to Table 2 1/ 2/ \' k/ 5/ §/ J/ 8/ J/ 10/ 11/ 12/ 13/ lU/ 15/ Excludes unexpended balances of appropriated fundi. Include* $98.** million guaranteed loans held by lending agencies. Includes $7-0 Million participation by other agencies In loans of Export-Import Bank of Washington. Includes $?6-9 million advanced on 19^7 sugar crop under the Cuban Raw Sugar Agreements. Includes not*s for ahort-tsrm borrowings. Represents guaranteed obligations arising from drafts and lnToloas paid by oomaereial banks. Includes tl, 563-3 million representing amounts of notee canceled by the Secretary of the treasury for restoration of capital lapalraent The surplus Is not available by law for dividend distribution and It coneldered by the Corporation as a reserre for future deposit Insurance losses and related expense* with respect to Insured banks. The surplus Is considered by the Corporation as available for future insurance losses and related expenses with respect to Insured institutions. Includes $.1 million deposits to "Guaranty Fund". As shown above as a liability of each corporation or agency. As shown as an assst of the U. S. Treasury under "Other" businesstype activities. Represents B.F.C., H.O.L.C, and Inland Waterway" proprietary Interests In Government corporations. Reorganisation Plan lo. 3 of 19U7, which became law on July 21, 19**7, established the Housing and Borne Finance Agency in lieu of Katlonal Bousing Agency, with three constituent agenoles, Home Loan Bank Board, Federal Bousing Administration, and Public Housing Administration. The figures for Public Housing Administration represent activities under United States Housing Act, as amended. War housing and other operations of the Administration are reflected in "Other* business-type activities. Includes merged war affiliates; excludes Federal Bational Mortgage Association, RFC Mortgage Company, D. S. Coamercial Company, and War Damage Corporation (in liquidation), which are Included under "Other" corporatl one . 16/ 17/ 18/ i2/ £2 £1/ i^/ Includes Regional Agricultural Credit Corporation of Washington, D. C. Fsd^ral Crop Insurance Corporation, Inland Waterways Corporation, Warrior Elver Terminal Coapany, Inc., The Virgin Islands Coapany, Federal Prison Industries, Inc., Institute of Inter-American Affairs, Institute of Inter-American Transportation, Prenclnradlo, Inc., Defense Hoaes Corporation, Panama Railroad Company, Federal Batlonal Mortgage Association, The RFC Mortgage Company, U. S. Commercial Coapany, War Damage Corporation (in liquidation), Saaller War Plants Corporation (In liquidation), and Tennessee Tel ley Associated Cooperatives, Inc. (in liquidation). Includes Bureau of Community Facilities and Public Works Administration (in liquidation). The U. S. Maritime Commission now handles War Shipping Administration functions, but these are here set forth separately from the other functions of the Commission. Figures are as of Mar. 31, 19^7, for 0. S. Maritime Commission functions and for lend-lease and UHHRA activities of the War Shipping Administration functions; they are as 01 Feb. 28, 19U7 for the balance of the War Shipping Administration Figures have been adjusted by Treasury Department to refunctions. cord interagency assets and liabilities reported as of Dae. 31, 19*7Includes Agricultural Marketing Act revolving fund, Federal Security Agency, loans to students; Indian loans; Puerto Rico Reconstruction Administration; Bavy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Public Bousing Administration -homes conversion program, Farm Security Administration program, public war housing program, and veterans' reuse housing program; Treasury Department - miscellaneous loans and certain other aeeete; Veterans' Canteen Service; and War Department - guaranteed loans (World War II). Represents obligations of Government corporations and agencies as shown under "Bonds, debentures, and notes payable - O. S. Treasury". Excludes the value of vessels and other expenses transferred to the War Shipping Administration functions for which no transfer of funds was required, under the authority of 1.0. Bo. 905*1, dated Feb. 7, 19U2, and War Shipping Administrator's Order Bo. 7, dated Apr 21, 19*2. Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission functions. Lees than $50,000.
@FedFRASER