Full text of Treasury Bulletin : December 1947
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^^y^P^MEN;
UH^
LfBRARY
ROnvi 5030
JUN
9 1 1972
T^IASURY DEPARTMENT
2-
FMEAmMV.
BmiLEFm
DECEMBER -1947
UNITED STRTES TREflSURV DEPRRTMENT
OFFICE QF THE SECRETBRV
December 1947
Table of Contents
Treasury financing operations
Summary of
f Isoal
statletlos
Receipts and expenditures
Page
A-1
1
h
Treasury cash Income and outgo
ik
General Fund position and debt outstanding
Ig
Ownership of Oovernment securities
36
Prices and yields of Government securities
kj
Internal revenue statistics
^9
Monetary statistics
^k^
Capital movements between the United States and foreign
countries, and net position In foreign currencies
59
Corporations and certain other business-type activities
71
Cumulative table of contents, twelve months
7'''
Note;
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.
December 1947
A-l
Treasury Financing Operations
November Certificate Maturity
of
Subeorlption books were opened on October 22
A one-year issue of J/S percent certificates
Indebtedness outstanding In the amount of
On
$1,775 nillllon matured on November 1, 19't-7the Secretary of the Treasury anOctober 22,
nounced the offering of a new 11-month 1 percent
certificate In exchange, par for par, for the maturing certificates. Cash subscriptions were not
received.
The new certificates
date of November 1,
that date at the
Interest will
19'+7i
smd
carry
and
closed at the close of business on
Holdings of the
October Zk.
Federal Reserve
Banks, which amounted to $203 million, were redeemed in full for cash.
Exchange eubscrlptiona
for the new Issue amounted to $1,U67 million,
leaving |10'^ million to be paid In cash to holders
other than Federal Reserve Banks.
the Issue
bear Interest from
Treasury Bills Refunded In October
rate of 1 percent per annum.
be paid In full with the principal
on the maturity date, October 1,
19**^.
were
The cer-
Five
Issues
Treasury bills matured In
The first two
and the last
of
October, and totaled $5.9 billion.
maturities were $1.3 billion each
tificates were Issued In bearer form only, In de-
nominations of $1,000, $5,000, $10,000, $100,000,
and $1,000,000.
three were
to
the Treasury on the ownership of
Government securities Indicate that on September
that
for
the
dated October
the
issues
issues, beginning
new
five
All
The average rates of dis-
were refunded In full.
count
Reports
$1.1 billion each.
2,
were
with
0.817 percent, 0.827
30,
about 53 percent of the $1,775 million of
certificates maturing November 1 were owned by
percent, 0,835 percent,
0.855 percent, and 0.873
percent, respectively.
The Issue of bills which
reporting commercial banks and Federal Reserve
Banks.
The ownership figures for September 30
are the latest which are available for holdings
of both Federal Reserve Banks and commercial
matured on
banks.
of 3/8 percent.
191+7,
Bote: Q.*torlaal dBtalla of IrsaaBiy aarkst fiaanaloc <9aratloni are showa la the tatlas on "Offering* and*01spoiltloa* , reapeotlvaly, of aarkatakle issaeiof lioiida,
privilege
was
October 2
of
sale
to
the last carrying
the
repurchase from
the
and
Federal Reserve Banks at the posted discount rate
notes, and Bertlfloatas of Indabtednass, and the tablet on
'Offerings and Maturities of (reasnry Bills', In this issue of ths'Treasnry lollatlz".
December 1947
SUMMARY
OF
FISCAL
STATISTICS
.
.
Treasury Bulletin
Budget Receipt and Expenditures
(la BllllOBi of dollars)
CoBple*e fiscal years,
19U6 to igUg 1/
first H months,
fiscal years 191)6 to 19US
ietul
I9U6
1947
19l»«
to
I9lt«
Beetlpts:
Internal rerenna:
Incone and profltB tajet
kploTment taxes
KIb eel lane ooB Internal rerenue 2/
9,209
U96
2,857
131
1.115
CnstoBB
Other recelptc j/-
Total receipt*
13. 80S
Lees:
Het ^proprlatlona to Tederal Old-Ago and Snrrl-
Tore Insurance Trust
^md
396
13>12
Ket liud^t receipts
Irpeadltures:
Vatlonal defense and related. actlTltlesi
Var IhpartDent
HaTj Bepartment
Amed forces Leare Act of I9H6:
Bonds
Cash
Mlscellaneoaa war and defense aetlrltles.
l>*,055
7,660
2,502
2H,217
total.
Veterans' Administration, Interest on public debt and
refunds of taxes and duties:
Teterana' Adnlnl strati on
Interest on the pnbll debt
fiefunds of taxes and duties
^^
760
1,07H
996
2,830
Total.
International financei
Bretton Voods A^eements Act:
International Bank
International Monetary Ttmd....
Xxport-Iaport Bank - capital stookCredit to United Iin«doB
foreign aid and relief
17^
I7H
Total.
Aid to agriculture U/.
Social Security prograi
Public works
Other general expenditures h/
Beeenre for contingencies
^V^-
116
U3I
132
573
OoTemaent oorporatlone (wholly owned), etc. (net}t
Heconstructlon Finance Corporation:
latlonal defanae and related aotirities
Other
Commodity Credit Corporation.
Other
Total.
Total
bud^t expenditures.
Budget surplua (+) or deficit (-).
225
-Ul
Xatisiatsd
191*7
19>I8
I9U6
I9U7
3/
Chaage
I9U7 to
eitlmated
IT
December 1947
Public Debt and Guaranteed Obligations Outstanding
(Xb llllona of dollar*)
Treasury Bulletin
RECEIPTS
AND
EXPENDITURES
.
December 1947
Budget Receipts and Expenditures
Table I.- Suiaary by Major Classifications
dm imoM »f dollara)
a«ealpt«
Kipaadltnraa
Total recelpta
Tlioal 7e«r
or BOBtk
Total
raeaipta
IntaroAl
roTanxia
Oaatoao
Laao not
appro prlatlooa
to Tedaral
Sat
Old-iga and
raeaipta
Othar
flurrlTori
raodpta
Total
axpendltnraa
Hatlonal
defanaa
Oanaral
InBuranoa
Trust fond 2/
M3«
5,668
5,925
8,269
13,668
1939
19*0
igitt
iste
5,67t
5,161
5,303
7.362
12,993
359
319
'•7,7'W
'*,239
•A, 703
J|12::::::::::
19'»7
19U7-Jaaoai7..
392
389
1*1,685
'*3,902
i«i,3io
S31
355
»35
39,379
l*9li
3,860
TtibTUMJcy.
Nareh
i^rll
»T
Jnna
,
y
y
916
6/
3,292 I'
3,1*83
3,'»93
5,1*46
39
2,62U
3,20U
2,309
2,578
3,993
l»l
271*
37
35
1,1*52
2,126
2,662
37
31
July
2,'»69
trngatt...
SoptoBber.
2,865
k,ggU
•1,267
31*
30S
171
58t
Oeto>ar..
2,'«5
2,197
1*2
216
Soorcai
J/
W,>*57
79.702
95,573
100,397
1*3,038
'»3,259
63,711*
1*2,505
3,820
«.378
5,701
-208
320
29?
l,6i*6
-53,9i»i
1S559
1,918
1,355
20,676
2l*,323
U8,5'*2
17,11*2
3.113
1,523
1,1*12
706
2,1*73
3,598
2,063
1,'*57
1,1*28
71
16
108
3,91'»
1
106
2,102
2,556
2,865
U.ooi
3,851
1*6
20
-1,1*115
1*32
-611*
5,'»73
2,206
2,706
3,059
1.728
1,327
5,5iio
1,1*93
18
970
-987
-67
71
328
2,397
2,536
2,075
1.729
1,737
51*9
l,9£
273
9
65
151
180
-1,272
-52h
13
3,669
3,060
2,932
979
9O8
i*,872
2,1*1*5
1,172
1.151
60
63
-55
W*,llt9
261*
2l*
68
339
7
2,390
^
Ikll^ Treasuxy Stateaant.
Ixelndvl aaoonti for paUle debt retirement vhlob aure chargeable
to the ilakl&g fond, ete. xinder special proTlslons of law.
Tor e^lanatlen aee tablea vhlch follow entitled 'Social Seeurltr
§/
ProgPM."
^
22,282
or
daflolt
"35
5j6
uo
589
ato.
Btulcat
aiirplaa
72,109
87,039
90,029
1,W*
398
333
239
7,031
9,027
9,297
13,765
3*,290
(hollT
owaad),
ate.
(nat)
itlaa
5,855
5,165
5,387
7,607
12.799
oorporatlona
225
187
232
331
381
1,103
1,260
1,283
1,201
S'
t/
ralatad
aetlT-
Ooramaant
Traaefera
to trnat
aeootmta,
1,029
5,985
1,206
7,313
7,109
1,657
6,0795/ 6,301
6,005
26,011
661
869
515
286 5'
5,72't
5, "WO
3«7
503
31*9
22,llrt
19W
208
188
azid
^
let receipts lea* total expendlturea.
Inclndea reeorerlea of V. 8. Inreetnente In capital fanda. 9ach
reeorerlea totaled $3U Billion in the flaoal year I9UO1 I319 Billion In the flBcal year 19UI: <18 Billion In the flaeal /ear 19^2;
and $10 Bllllen In the fiscal year 19U3.
5.635
6,11*9
8,730
1,051*
-3l8fe
-3,910
-6,158
1.893
-21,1*91
1.523
1.829
-57,1*20
-5i,i*ai»
.75^
i*6i«
1,91*0
fieeelpte froa redactions In capital steek and paid-in snrplna
arallable to be relssaed nnder existing Isir are Included as negatlre
Itema under expondtturea. Such reftaotlons totaled $31^ million.
Includes depoeita resulting froc the renegotiation of war contracts.
Inforaatien on the aaonnt of suoh deposits is not aTallahle on the
basis of Iialljr treasury Statements. On the basis of eorering varranta, auch deposits vere as follevsi
fiscal Tear 19^3, $538 >^1~
lions flical year 19**^, $2,235 million; fiscal year 19^, §2,041
BllllOBj fiscal year I9U6, $1,063 million; and fiscal year 19i*7,
$279 Billion. These figures include BO-«alled Toluntary retume.
Table 2.- Analysis of Receipts from Internal Revenue-^
(In Billions of dollars)
Incoae and profits taxes
fiscal j^9r
or aonth
1938
1939
19I1O
191*1
191*2
fttployneat taxee
Beelal a«earlt7 tares j/
total
total
Vlthhald by
espl^ers 2/
Other
Total
a/
Taderal Zneuranee
Contributloiu Act
(Old-a^ Inanrance)
5,67"*
3,61*0
2,51*0
5,161
5.303
7,362
12,933
2,189
2,125
2,189
2,125
3,1*70
3, 1*70
7,960
7,960
7*0
833
925
1,186
16,091*
1,1*98
26,262
a, 1*93
1.739
1,780
1,701
1,130
1,292
1,310
1,238
19.292
2,02l*
I,'i59
58
387
llU
266
5l'»
?^
6ol*
691
896
Ttodaral nDamployiaant
Tax tet (Uiiamplo7ment Insxiranea)
taxaa ooi oarrlers and tbair
aaplo/aaa
(Ballroad
retlrameat)
^
90
101
108
98
120
150
109
121
137
170
158
180
185
180
185
209
267
285
283
380
'*.553
lU
116
12
1
77
693
666
682
19*3
22,11*1*
16,091*
191*1*
191*6
1*1.685
1*3,902
1*0,310
191*7
39,379
655
35,173
30,885
29,306
8,393
10,289
9.392
10,013
5l*€
2,117
1,376
785
3.865
581*
1,012
U
1*00
3S
3
1,218
778
3I10
12
2,1*92
121
8
1
12
lis
757
72
329
2
66
19^
31*.
Tebmary.
I*'
Karoh
5,1*1*6
2,66U
3,222
U,650
i^lrtl
2,309
2,578
3,993
1.597
1,619
3.270
tecnat....
2,126
2,662
1.382
1.668
Sapteatiar.
I*,
267
Ootoliar .
2,197
19l*7-Jamiai7..
»V
Jtuu
J11I7
Sourcel
1/
^
2/
27!*
2l*,Sgl*
1,81*5
3.1*35
625
1,255
797
2,639
80
352
133
1,31*5
61*1*
702
78
1*13
Dally Treasury Statement.
Tor further details, ses chapter entitled 'Internal Hevenue Statistics."
fiecelpts of Victory taxes withheld pursuant to the Berenue Act of
191*2 have been classified as "Other* income and profits taxes.
'or the period prior to September 1939, the data In the columns
entitled "Tederal Insurance Contributions Act" andTederal Unem-
1*2
25
?9
U
U/
57
Miscellaneous
Internal
rerenaa
5
9
13
3
u6
2,279 5/
2,232
2,31*5
2,967
3,8U7
5.291
6.9119
7.725
8.01*9
638
595
602
663
6U3
699
782
ployment Tax" represent collections under Titles VIII and IX,
respect iTsly, of the Social Security Act.
I«Tled under the Ballroad Retirement Tax Act commencing January 1
191*7; prior thereto
under the Carriers Taxing Act of 1937Includes less than »500,000 In receipts, from "A^lcultural Adjustment taxes."
o
.
Treasury Bulletin
Budget Receipts and Expenditures
-
(Continued)
Table 3.- Analysis of General Bscpendltures-^
(Z& BlXlioBi of dollar*)
ToUrua' AdBlnlttratloa,
Othar g*Mi«l •ipcniltarat
iBtoroBt OB pablie datot. and
rafonda of taxaa and dutiai
fota
Tltoal j9mr
or aonth
(•aoral
Ituro*
193«
1939
ISUO
19'tt
5.9«5
7.313
7.109
6.079
19IB
6.005
1.567
1.56>«
1.687
1.751
1.906
19U6
l't.559
I9>t7
2U,323
2.U56
3.500
6.258
10,620
lU.Mll
IC«rch
1.523
2.U73
2.063
April
«•»
JUB*
2.206
2.706
3.059
Jaly
September.
2,075
1.729
1,737
Ootobar
1,17a
I9it3.
5.635
191*
6.li«9
I9't5
8.730
19'»7-J»"'uai7
.
.
Vibruary.
Aa^at
.
.
Tataraaa*
Adalalatratloa
Intoraat
OB tha
public
2/ J/
dobt
582
557
557
553
555
572
Bafuada
of
111 to
taxaa
Mrt-
loelal
S«eurlt7
and
dutlaa
eoltnr*
progru
1,808
i,609
3.617
1/y
89
87
91
S.ltZl
1.5'tl
».327 10/
U,099
1.098
515
2.61(9
2,l»72
1.093
912
763 5/
998 U/
2.299 1/
51t
529
697
550
767
65
7t
86
69
81
98
26
65
97
16
1»50
^5
72
69
78
93
95
107
700
S05
3.178
85lt
w
11,722
U,958
3.01*1
960
850
1.552
5U9
5t5
565
12H
626
361
1.329
59I1
lUl
593
877
1.2'»lt
581
92
1.396
571
I. "163
itio
670
120
103
52
1,170
1,02(
532
80
U9
92
80
53
>»83
70
72
583
90i«
539
U95
U«5
2U5
701
1,205
689
'»7f
157
103
668
68
181
3.938
9.882
563
1.623
512
7'«5/
—
all
80U
,000
aad
work
Othir
ralUf
1/
2/
2/
738
680
5^3
18
••33
1.038
70
833
3.801
200
1.209
200
359
300
"•3
Dlnet
ClTlIlaa
CoaaarratioB
Corpa
326
290
283
257
163
91(9
8lt7
6.U1I2
2.389
1/
1.221
262
1.707
3.027
93*
2.871
1/
ZaUraatloaal
/iBanoa
U.U16
5.7JI
926
9>tl
l.oUl
1,111
1,260
i/2/
Public
vorka
1.1176
.
.. .
.
December 1947
Budget Receipts and Expenditures
-
(Continued)
Table 4.- Analysis of Expenditures for National Defense and Related Activities
(In mllllon» of dollars)
Amed
HaT7
D»part- Dtpartment
Var
fltcal year
or Bonth
A^lcul-
Torcet
Laare Act
of 191*6
tura
OBpartaent
1/
r»doral
aral
Secu- Vor^s
rity
Agency
i£enc7
Bond* Cash
1,029
1,206
1.657
6.301
26,011
193«
1939
19'io
19U1
I9l«
I9^i
1*32
i»90
667
3.678
ll»,070
I9't5
78.109
87.039
90.029
19U6
igu?
17.11t2
50.337
27,800
7."«5
1,U12
6i«it
I9l»lt
19U7- January ..
fabruary.
Narch
.
Ml
57".
1.1428
611
1.728
1.327
1.493
735
707
8UU
I
April
Hay
Juna
lt9.2l)2
596
673
892
2.313
8,580
20.888
26,538
30,0^7
15.161
U.998
353
351
359
Sfforoal
•
^
2/
^
215
228
185
6O8
539
91
80
99
52
59
63
52
1.201
1.432
1,U62
695
2.776
3,812
3.227
69U
1.105
1.922
2,042
1.367
12lt
271
74
139
-I7U
-98
1
ill
303
20
23
23
-lU
2
I
1
2
2
2
13
-38
-27
1
It
1
5
1
3
6/
i/
l.Oltl
n
7
i'
357
132
1,847
1.198
6
645
929
153
133
122
60
16
2,llt3
U2
568
51
519
2,011
1*9
1,006
2U
j3
62
k
1,151
.
alon
Usln
I!
62
Ul
3«
October.
Coftmla-
"5
297
3
696
35
368
319
30U
•53
Var
ShipMarl tlsa ping
111
to
China
Onltad
latloni
Baltaf
and
Surplua
property
dlepoaal
Sahabll- a««oclaa
Itatloa
Otbar datloaal dafanaa and
ralated
actlTltiaa
axpendlturae 2/
1
21
6
U
1*31
r
1ILO7
Unltad
Stataa
99
2C7
979
908
,
.
7l nance
SalectlTa TraaaSerTlc«
Daparttratlv*) ment
Ult
"15
362
383
Jaly
Aagaat..
Saptemher.
Housing
and
Home
91
6/
1*0
70
S"*
2
5
'I
3
2
20
12
47
It
It
2
2
-9
-3
3
3
-1
31
30
50
fraasury Stateaentthan $500,000.
AdmlnlstratlTe expenses In carrying a<it provlslone of- Aot are
iBoluded under Var Vktj, and Treasury (Ooast Ouard) Sapartmentt.
Torserly Hatlonal Housing Agenoyi inolueivs var pa^lio housing
fOBotloai.
Zncludai var expendlturee of Ooamoroa, Justloe, Interior, La^or, and
State Separtmente; Clrll Serrloe Oooodsslon; Ixaoutlre Office of tha
President (inoludlng Office for loergenr/ KanegeDent); Panama Ceaali
and capital stock of Smaller Var Plants Oorporatlon.
Ineludes Sofense Aid Special fund through the fiscal year X943l thereafter such
Ilally
WsB
U/
^
6/
40
l4o
120
795
llU
664
1.501
991
1,022
106 "
4/
4U2
102
103
45
52
II
189
101
132
II
5/
%,
51
-15
5/
81
49
1
17
5/
1
38
5/
53
13
40
26
38
5/
41
3
U
7
108
382
6/
611
307
25
12
15
20
16
12
6/
expenditures are reflected vlthln the respootlve departaeate.
Classlflaatlon changed to reflect expenditures under "latlonal defense and Balated aotlTltles."
Prior year oxpondlturos are laoludod
under "3onaral.'
XffeotlTe Sepkenl>or 1^ 19^, oxpendltureo of the Var Shipping Administration are Included vlth the exponditnros of the 9. 8. Karltlmo
Oommlsslen to vhloh all functions vere tranaforrad for the porposo of
liquidation by Oaoeaher 31, ^S^, parraant to Sec. 202, Puhllo Ziair
hS2, approTed July 8, 1946.
IFot classified separately from other expenditures of these agenoles
after June 1947
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In Billions of dollars)
Tlaeal year
or ounth
225
187
232
331
1938
1939
19110
1941
1942
1943
JtUr
iocsat.
Septemher.
.
Ootober..
ce:
•
1/
2/
10
18
91
126
-3
302
3O8
2U7
223
27
16
41t
16
1
1
46
432
18
432
18
549
2T3
9
25
16
9
71
45
521
2
245
60
Dally Treasuiy Statanant.
Leaa than (500,000.
Additional tranaactlona are ahovm In Table 3Coaprlaea Adjusted Service Certificate fund and the Hatlonal Serrlca
Life laauranca fund, admlaletered by the Teteranfl* Admlnlatratlon-
federal
contribution
to Olatrlct
of Colivbla
73
75
107
177
197
1
1/4/
87
93
103
221
274
318
71
Aid to
agriculture
146
107
121
132
145
1
556
June
i/i/
30
101
.126
.381
817
1,646
1,918
1.355
iv
1/2/
OoTsrrment
employees'
retlreaent
funds
(TT. S. share)
381
19411
tprll
Social
Security
program
435
1945
1946
1947
19ll7Wanuar7.
TebniATy.
March
Teterane'
Administration
56
^
4/
Zncludaa railroad retlreiaeat and railroad unemployment actwitles. for
further explanation aee tables which follow on Social Security Prograa.
Represents transactions In commodity food stanpe by Department of Agriculture. This activity formerly caae under the Office of Distribution and prior thereto under the A^lcultural Marketing Administration.
Treasury Bulletin
Budget Receipts and Expenditures
-
(Continued)
Table 6.- Analysis of Expenditures of Government Corporations (Wholly Ovned), Etc. (Net)
(In
lllloM
of dolltri)
.
December 1947
Budget Receipts and Expenditures
-
(Continued)
Table 7.- Total Budget Receipts and Expenditures by Months, Beginning with 1038
(In
Calondar year
Apr.
lUlona
of dollar*)
Ma;
3m
Jnlr
Aug.
Sept.
Net budget reoeipts 1/
1938.
1939.
19UO.
1941.
308
367
i»W
5^1
758
916
687
799
1,566
3,5^7
955
2,503
3,767
3,678
,206
.573
,892
'',378
,701
£71
315
3U0
578
191*2.
788
1943.
19Wi.
19^5.
2,7'»7
3,556
3,819
3,880
19lt6.
i9>n.
,7'i7
262
213
30U
565
695
31.7
557
UOO
61*9
273
265
331
391.
1,276
1.13
563
2, ''92
7''7
1,51't
1,1.80
3,087
2,929
2,677
2,556
2,950
3,085
2,733
2,865
'',569
6,2li7
5,91l»
2,007
2,163
2,695
2,539
2,397
373
77't
'','•79
5,'t73
Wj9
372
W*7
397
587
678
676
7U
1,135
2,527
2,721
2,568
2,997
5,'''t7
2,li3lt
It,
2,536
'',872
300
279
350
672
521
5,650
361t
333
W»5
607
362
7''0
56''
1,212
2,701
5,83't
8,8''9
I6,ii03
2,030
2,001
2,530
2,5Wi
2,390
5,926
5,189
1(78
601
I',918
5,736
3i»,55''
2,2ll0
5,1' 16
Wt,lt21
2,37''
1»,118
Ii6,0li6
2,36"
It,
107
itl,601
830
832
1,172
2,542
6,500
8,097
8,885
9,657
19,053
56,020
,557
7,452
8,416
5,445
3,618
88,084
97,158
90,552
45,804
7,946
4,581
2,529
8,420
5,013
3,662
89,640
2,099
Bud^t expenditures 2/
Bzcludlng net eipendlturea of Government corporations (wholly owned), etc.
A.
^92
656
712
1,111
2,628
1938.
1939.
1940.
19''1.
19112.
ms.
19l'li.
19''5.
19it6.
19l»7.
lt7lt
612
668
1,075
2,629
3,1*21
631
730
783
1,315
3,753
7,351.
7,1.66
7,1.35
8,525
705
820
822
1,399
566
69'.
6I.7
1,1U1
3,953
6,372
7,570
6,202
6,119
7,862
7,^0
9,1.33
7,859
7,968
l»,891
3,510
It
,602
l.,251
8,292
9,275
3,677
3,005
3,9^
3,1.92
3,981
l.,l.66
B.
930
895
887
1,528
8,239
4,860
3,113
19116.
19''7.
645
761.
774
706
1,529
5,215
718
741
759
1,874
5,931
737
721
869
2,083
5,937
7,617
8,119
7,354
2,796
2,909
7,535
7,930
6,611
2,851
2.752
7,456
8,024
5,950
3,023
2,383
818
,598
,160
'',530
9,61.1
7,112
8,110
8,557
5,513
'.,51'.
'',570
3,60"!
8,327
8,625
Including net eipendlturee of Government corporations (wholly owned), etc.
8,100
8,821
3,644
3,669
191'Ji.
19''5.
725
7,281
3,435
3,914
9,266
3,845
3,598
7,901
4,268
4,001
9,112
3,864
3,851
9,752
5,352
5,540
8,344
7,291
2,932
3,060
7,902
6,687
2,755
2,932
646
648
817
1,858
6,363
7,839
,656
^
8,135
5,695
2,965
44,
U3
2,ltl»5
Bridget aorplus or deficit (-) k/
A.
Elcludlne net expenditures of Government corporations (wholly owned), etc.
1938.
1939.
1940.
1941.
1942.
-198
-385
-398
-771
-2,050
-166
-245
-224
-534
-1,871
-132
-22
167
126
-369
-517
-479
-750
-3,058
1943.
1944.
1945.
1946.
1947.
-5,584
-4,823
-4,645
-1,073
814
-5,164
-5,359
-3,693
168
432
-2,147
-1,952
-2,540
1,146
2,209
-5,952
-4,772
-5,040
-1,573
-1,424
B.
1944.
1945.
1946.
1947.
-4,683
-1,042
706
Source:
1/
2/
212
-3,391
-156
-339
-237
-252
-2,037
-451
-499
-487
-1,185
-4,413
-5,955
-3,342
-6,190
-944
-1,601
-3,758
-2,378
-3,727
-1,034
903
-5,105
-5,947
-5,862
-1,975
-1,207
-193
-348
-247
-747
-258
-1,133
-4,628
-40
-65
-46
-739
-3,404
-437
-442
-536
-1,637
-5,331
-296
-284
-455
-1,294
-5,761
-157
-311
-432
-1,329
-3,799
-2,447
-3,967
-3,823
-10,204
-39,618
-4,896
-5,551
-4,357
-363
-373
-2,087
-2,004
-1,422
1,627
2,119
-5,426
-6,023
-3,420
-479
-5,740
-5,587
-2,282
-193
-1,716
-2,999
-1,327
490
-53,530
-52,737
-44 505
-4,204
-5,706
-2,208
-165
-3,004
-895
445
-43,594
-2,512
-195
-402
Including net expenditures of Government corporations (wholly owned), etc.
-3,514
243
464
-2,373
1,902
2,102
-4,972
-1,591
-1,445
-6,028
-1,131
-987
Dally Treasury Statement.
Total receipts loss amounts transferred to Federal Old-Age and
Survivors Insurance Trust Fund.
Excludes public debt retirements.
-5,937
-6,126
-1,105
-1,272
-3,838
-873
-67
^
4/
-5,776
-4,293
-499
-52U
-1,976
-1,497
1,723
1,940
,
7
^
-6,134
-3,165
-420
-55
Monthly figures for the period January I938 through June 1944 are
not presently available.
Net receipts leas total «:Q>«ndlturea
10
Trust Accounts, Btc<> Receipts and Expenditures
(In mllllona of dollars)
FlBcal year
or month
Treasury Bulletin
1
.
8
.
December 1947
11
Social Security Program: Section
I
Budget Receipts and Expend 1 tut-es
-
Table 1.- Social Security Act
(In allllona et dollars)
BMalpta
Otom reoalptt
flso&l ymr
or Boath
Soolal Saonrll7 taxai
Total
193«
1939
Tadarol InBiiranoa
Contrlbutloas iot
(Old-ftge Inenranoa) 1/
60lt.l»
19liO
631.2
712.2
Ijltl
TBS. 2
I9ita
1,015.6
1,288.9
7odaraI UnanploTiBant
Tu lot
(Unamployinant Inggranoejg/
514 .!»
530.U
90.1
100.9
107.5
97-7
119.9
158. u
179.9
18».S
179.9
18U.8
60l*.7
gS::::::::::
1,1*72.0
l,>t9U.5
i^::::::::::
l,Ul8.1
690.6
895.6
1,130.5
1,292.1
1,309.9
1,238.2
1*1
1,S>H».3
1,'»59.5
19UT-Jaiiiui7..
56.7
"»2.3
Tebmaiy.
Lass amoants orallted
to Velaral Oid-iga
and SurrlTOra Znanranoe Craat ftmd }J
Hat
raoalpta
217.lt
387.0
503.0
537.7
661.3
128.2
17U.5
126.9
1W.7
868.9
1,103.0
1,259.5
1,283.0
1,200.8
185-9
212.5
211.5
217 .»
l,ltU3.9
200.lt
ItO.U
16.2
117.7
13.9
67.8
^.7
13.1
2.5
7l.>»
382.0
266.2
Haroh
37.'»
25.1*
lU.U
115.8
12.0
April
72.6
352.3
9.3
69.0
3^0. U
7.9
3.5
11.9
1.3
72.*
329.3
2.1
13-9
2.8
12.9
3.1
lO.H
3.8
65.6
.6
6H.5
1.6
Hv
Jww
Jvxr
'
ia«att....
Saptoober.
338.7
16.7
Oet*t>*r...
66.2
23.6
32*3
Blipendlt'Qres
ilrants to States
PtLblio
fiscal joar
or month
1938
1939
Total
19110
332-5
3*3.3
38U.2
19IH
19IB
lA9.l»
50U.lt
527.2
ISUS
521*. 2
1^
igW
U91.3
5*3-5
757.7
19>»7
Soolal Secorlty A^BlnlfttratloB
Adjnlnla—
19U7-JaBaar7..,
February
68.lt
Nareh
2lt.6
i^irll....
15.5
tratlTe
expo
lOnsee
20.0
21.3
25-3
31.5
31.5
33.3
32-1
31-9
38.8
2lt.9
Total
271.5
320.3
356.5
1115.2
it69-6
1(91.1
ll88.0
U51.?
"tgs.u
72"*.
Aid to
Aid to
Old-age
dapaadasaiat
tho
ant
liUnd
aaoe
chlldran
182.2
208.8
227.6
260.1
25.5
299.1
316.9
360.6
333.6
361.2
515.7
69.it
W.7
2.2
2.3
2.3
65.2
77.6
Z1.6
12.8
153.3
^22:J
2.1
1.9
2.1
September.
90.6
78.9
52.3
2.5
1.6
1.5
87.5
76.7
U9.9
37.1*
Oatebar...
70.6
1.7
67.7
"•5
80.7
*V
Jona
July
An^ast
Sooroel
i/
...
W.3
52.5
13.2
5-2
67-3
57-0
52-8
59.3
6.2
7-1
».0
8.5
10.3
10.0
10.3
ll3.it
llt.9
9.8
12.2
2.3
1.5
1.5
63.2
Onemploymant cobpansatlon
sdmlnlstratloa
.5
.1
lti.9
-7
.5
16.7
12.6
9-9
1.7
1.0
9.6
6.0
.U
12-7
1-6
5-7
Bally Treasury Statement.
Leee than $50,000.
Toraerly Title Till of the Social Security lot.
formerly Title IX of the Social Security Act. laclndea amonnta equal
to ^Dproprlatl oaa to Sallroad Uoeaploymeat laeuraaoe Adsdnlstratloa
fond eqalTalent to aaoanta of taxea eollected vlth reapeot to the
period froai January 193^ to Jone 1939, InclualTe froa entployera eubJeet to the Sallroad Uneaploynent Xnauranoe Act tSee Table 3 of S«ctlon I).
Prior to Jannaxy 1, 19^, figures represent aaounts transferred to
the Old-Age fieserre Account. Yroa January 1 to July 1, I9U0 "Transferi' were aada to the Tederal Old^Age and SurrlTors Inauranoe Tmat
Fund.
Sabsequently receipts hare been deposited in the Oeneral Thnd
of the Treasury and 'appropriated" directly to the Inderal Old-Age
BarrlTora
Insurance Trust ^Rud. Amounts shown as transfers reand
flect deductions mde for relaburseaeat to the Oeneral fund account
to oorer admlnlstratire expenses, Aloh are ahown as expenditures In
Seotien II, Table I.
Includes only expenditures froa appropriations made speelfleally for
admlalstrative expenses relating to the Social Security Act; naaely,
10.7
10.9
10.7
.2
-.7
10.3
59.1
53-6
7
ll.lt
5.5
9.0
3.8
3-3
1-5
10.8
55.6
59-8
Katemal
Serrleee
and ohlld for
health
crippled
eerrlcea children
Xxoeaa
of
Bareaai £/
labor
Child
velfare
aerrloe
U. 8.
ImplQTiBent
Refuada
of
taxea
of
expeadlturee
8/
Serrlee
1/
9. It
3it.2
26.2
7.1
s/
8.9
8.0
58-9
58-3
63.0
70-3
55-1
36.3
111.6
30.9
pQblle
health
vork
Department
Ohlldrea'a
Health
Sarrloe
3-8
2.7
u
3-0
u
l-H
1.5
1.5
5.5
5-9
6-5
6.2
!'*
6.3
10.7
1:1
7.5
l.U
1.3
2.0
.3
k.o
3.8
3-8
1.6
1-6
i.ii
iii.o 2/
1.8
115.1
215.1
209.7
322.5
357.8
20.7
1.3
2.6
3.5
2.8
U.2
.1
7.lt
279.
6.2
8.8
326.1
557.3
1.0
52.2
-36.9
10.7
3>il.3
311.7
.8
.6
1.7
1.0
.7
.(
1-9
1-2
1.5
1.6
.5
.8
.6
.1
UI.5
1-5
1.1
.6
.6
87.6
68.U
.U
-2
1.0
1)8.5
.8
.1
.7
10.8
llt2.6
69.0
6/
1/
2/
Social Security Administration, Bspartment of Commerce, and Department of Labor; and admlnletratlTe expenses relmbureed to the Oeneral
Vdnd of the Treasury under Secti'tn 201 (f) of the Social Security
Act, as aoended. Beginning July 1, 19"^, includes also adadulstrar*
tlTe expenses under the Wagner-Peyser Act. Izcludes admlnlstratire
expenses payable froa other appropriations, principally for the
following agencies: Bureoa of Internal Berenne of the Treasury
Bepartment, and Pnbllc Health Serrloe and Office of Xduoatlen of
the Tederal Security Agency
Beginning July 1, 19^3. payments prevloualy made under the Soolal
Security Act were discontinued, and thereafter vsre stade under
proTlslons of the Public Haalth Serrlce Act of 19UU.
Includes expenditures under Social Security Act by the Qspartment of
Labor through July 31, 1946.
Classified as "SxecutlTs Office, Office for bergeney Manageasnt,
Var Kanpower ComlSBloa' throng July 31, 1946.
Corered by appropriatiena by Congreas.
Second Deficiency Appropriation Act, fiscal year 193S, appropriated
$hl llllon for refunding to certain States pertloas of Tederal e»ployers* tax for I936 colleeted under the Social Security Act.
..
.
..
Treasury Bulletin
12
Social Security Program:
Section
I
-
Budget Receipts and Expenditures
Table 2.- Railroad Retirement Act
(In
alUtoni of dsllan)
B*c«lptt
or aonth
laqiandlturcB
I«x«a »m
oarrl«rt
nd their
MalnlstratlT*
Total
•^•BBOt
•mployooB^
IU9.0
110.0
123.3
128.2
lUS.S
220.2
265.3
311-3
150.1
109.3
121.0
136.9
170.0
1938
1939
191)0
191*1
19U2
19'*3
208. e
19'A.
267.1
283.0
282.6
380.1
19't5
19"t6
I9't7
19lt7-Januar7.
Tebnuuty..
2.6
2.9
2.6
'».3
11. ll
-1.8
26.3
12.8
-77.3
W».0
U2.9
-lt.8
"•.9
.2
.2
April
Kay
June
2.6
12.2
112.0
1.5.5
.2
• 3
.2
1-5
1.5
July
6.0
13.0
512.2
.6
Ali«>Dat....
•3
3
September
U6.3
•3
-3
October...
l».2
57
-76.6
•5
^
Dally Treasury Statement.
Leei than $50,000.
Lerled under the Ballroad Retirement Tax Aot oonmeoclnf January 1,
191*7; prior thereto, under the Oarrlere Taxing Aot of 1937.
1/
.7
2.3
-8.7
-21.6
lUO.9
21U.8
262.7
308.8
291.9
298.5
kk.k
76.8
•
-1.1
12l«.U
2.5
Marcll
Source:
turoa
107.1
120.7
3.8
7.6
302.8
a^endlE* fun da
of
tazat
lU6.lt
295.11
1.5
.
IXCOBB of
Tranifort to
Railroad Rotlroent Account
(trust account)
^
U5.2
b2.9
-12.0
-110.5
511.6
506.2
-12.7
-116.0
;6.o
52.8
XncludOB only ezpendlturei from approprlatlona Bade opeoifleally
for adjninlatratlTe expenaea relating to the Railroad Retirement
Aot.
Gorered hy approprlatlona from the Oeneral Kind of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
1/
(la allliens of dollars)
fiecelpti
Ixpendltures
B&llro&d
Tlte&l year
or BO nth
AdmlnlttratlTe expenses (Railroad
UneoploTaent
Insurance Administration fund) ^/
unamplojraent
Insurance
Total
contril>utlonB
2/
1938
1939
igito
lt.9
19U1
191*5
19116
6.8
8.5
10.3
12.1
13.2
12.9
191*7
11*.
191*2
191*3
191*1*
19l*7-January.
2
.5
.5
5.0
10.9
6.U
8.2
5.0
11*.
April
Hay
.
October
^
£/
.
.
.
1/
tures
Unemployment
Trust fund U/
.5
.1
7.5
3-9
6.0
11.7
8.9
9.6
9-2
U.l
-2.1
-2.1
2.7
-.6
.2
-.5
.2
5
.1*
.8
-2.6
•
5
•5
.5
5
.1*
-5
-5
-3.8
•
10.1
.5
.2
•5
2.9
.5
•5
5
.k
.k
Bally Treaaury Statement.
less than $50,000.
Operated as Ballroad Unemployment Insurance Administration Ibnd.
Represents 10^ of oontrlbutlone under the Railroad Unemployment
Insurance Aot; the remaining 90^ is deposited in the Ballroad Unemployment Insiirance Account, Unemployment Trust ^ind (See Section
II, Table 3).
Rxoludes amounts appropriated to Ballroad Unemployment Inauranoe Administration Find equlTalent to aaonnta of taxes
collected for the period January 1936 through June 1939 from employera subject to the Railroad Unemployment Inaurance Act. These
Xzcese of
expendi-
.2
•
July
Aogast
September.
•
9
.2
.5
.8
.1
3-'*
June
Source:
2.5
2.2
3-2
3.7
12.6
13.1
13-7
.
Tebruary.
March
3.1*
Transfers to
Ballroad
UnestploTaent Insurance Account,
1*/
•
9.7
5
10.1
3
2-5
•
amounts aggregated $17.7 million and vers distributed by calendar
1936, $2.7 million; 1937, $5.3 million! 1938,
fears, as follo»s!
6.8 million; and for the first six months of the calendar year
million.
These amounts are Included In Table I under
$2.9
1939i
Tederal Unemployment Tax Aot (unoDq>leyment insurance).
Includes only expenditures from appr opriations made speolfloally
for admlnlstratlTe expenses relating to the Railroad Unemployment
Insoranoe Aot.
Represents exoess funds of the Railroad Unemployment Insurance Administration Kind (under Aot of Oot. 10, 191*0).
Oovered by appropriations by Oongreas.
—
3
. ..
88
1 9
5
December 1947
U 8U
8
)9
13
Social Security Program:
Section II
-
Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fundi/
(CumulatlTe from organization - In millions of dollars)
fiecolpts
Znd of fiscal
/ear or month
Total
receipts
Appropriations 137
InvestCongress
ments
782.7
1,199.6
1,792.1
2,536.2
3,502.8
U,720.7
6,116.0
7,5t9-8
8,935.8
10,558.8
19381939igito.
igui.
igUa.
19U3.
1914U.
19U519U6.
19U7-
19U7-tagust
September.
October. .
Source:
1/
2/
765.0
1,155.0
1,705.0
2,393-1
3,288.8
10,961.2
10,98U.3
11,01*9.9
Balance
Ixpandi tares
Interest
Total
expenditures
Old-age
bene fl t
pc^iBants
Salaries,
Borean of
Old-age and
SuTTiTors
Insurance }/
Beimbursement
for admiaistratire
expenses 2/
19-3
35-1
99.5
209.8
359 1
936.l»
783-5
,29U.l»
,104.0
,529-6
190.1*
,760.7
206.0
25.2
208.0
209.0
210.1
211J.1
't,Ul9.3
301.5
5,7U.'t
7,021.3
8,259.5
9,719.0
ltol*.7
528.5
676.3
839.7
l,7*-7
2,397-6
3,227.2
U,268.3
93.1*
126.0
152.9
839.
1,81*6.5
1,608.1
10,135.2
10,200.8
8U9.O
SU9.0
1,889.9
1,936.0
1,61*8.0
1,689.6
Sally Treasury Statement.
Includes transactions effected under the predecessor Old-Age Beserre
Account.
Under Section 201 (f) of the Social Security Act Amendments of 1939.
12-3
391
65.9
5''3-7
10,121.1*
Total
777-2
1,180.3
5.'>
19.3
U7.U
138.6
275-6
U52.U
669.6
87.1
IU3.I
Ilnexpended balance
^
5,1*1*6.1*
larestments
In
Qeneral
^ind
662.3
1,177.2
1,738.1
2,380.6
3,201.6
In disbursing
officer's
account
113.0
1.9
.1
3.0
6.1
10.8
6:1
5-2
7.0
I*,
236.
5,1*08.9
20.1*
2U.S
21.1*
32.0
35.1
7,61*1.1*
6,5U6.3
7,5'W-7
1*3-5
1*9.2
8,798.0
8,71*2.3
7-3
30.1*
9,llU.7
32.9
36.3
8,700.3
9,000.3
9,000.3
358.8
27.7
9,113.8
6,6l3.U
9,091*.!*
1*8.
55.6
66.1*
>i«.7
61*.
Under proTlslous of the Labor-Tederal Security Act, 191*7. salaries for the Bureau of Old-Age and SurTi.7ora Insurance are payable directly from the federal Old-Age and Surrivors Insurance
Trust rund.
Table 2.- Railroad Retirement Accoimt
(OoiDulatlTe from organisation - In mlllione of dollars)
Beealpts
Ind of fiscal
year or month
Expenditures
Balaaea
Unexpended balance
Total
receipts
Interest on
Investments
Approja-iationa
by Congress
Benefit
Total
Investments
psQrments
In General
fond
1938
1939
igSo
191*1
i|ta
IU7.9
11*6.5
l.l*
268.1*
261*.
3.6
390.8
506.9
650.9
871.5
38l».9
es?."*
1:1
11,6
17-3
27.2
1,11*1*.
1,1*68.1
1,1*25.7
1*2 .U
I9W
1,780.1
2,102.6
1,717.8
2,016.1
62.3
86.5
2,787.7
2,787.8
2,788.0
2,701.1
2,701.1
2,701.1
86.6
t6.7
86.9
191*7
19U7-Aagust....
September.
Ootober
Source:
,277.
821*. 9
51*6,
19i»5
1^
676,
811.
952.
loU.
82.7
92.1
87.0
IOU.8
I9U.9
333-0
515.6
675.7
1*19.9
854.2
1,116.9
'.
68.1
79-8
I85.6
298.7
l,'t75.5
1,312.2
1,329.8
1,1*5«.0
1,31*8.2
l,H39.8
66.2
67.2
In disbursing
officer' s account
1.6
2.3
1.8
10.5
.2
13.2
10.8
79.1*
71*.
91.5
178.0
318-5
500.5
657.0
805.5
1.6
U.l
1.1
1,283.0
1,265.0
1,303.5
173.6
173.8
117.3
11 -T
12.8
11.
.5
W.7
.9
17.8
18.2
1.2
18.
19.3
19.0
Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - la millions of dollars)
Becelpts
fad of fiscal
year or month
Total
recelpte
State
unemployment insurance
activities
Deposits
by
States
1938
1939
1,076.2
191*0
2,857.9
3,971.9
5,215.5
1,911*.3
igUi
191*2
191*3
6,6ll*.0
Mi
,717-3
,935.0
191*5
19U6
10,968.1*
19'»7
12,257-8
,550.3
,555-5
191*7 -August
12,551.1*
12,59't.3
10,837-7
10,550.5
12,635-7
10.888.1*
September.
October. ..
Source:
y
y
Transfers
from Ballroad UnemploTinent
,281*.
,5'»o.3
Intereet
Inveetmenta
Insuraace
18.0
1*1*.8
27U.3
383-7
502.5
618.7
7K6.3
1.8
105.9
105.9
105.9
105.9
106.3
106.7
107.2
7U8.O
774-2
777-5
107.2
107.2
107.2
1*1*.2
105.6
181.
Total
Witheipend- drawals
itures
States
Adnilnl strati on Ibid k/
,058.2
,869.5
8,180.9
9,688.6
191*1*
Ballroad
Transunemployfers
ment
from
insurance
States
contribu2/
tions 2/
Balance
Sxpendl tores
State unemployment Insurance
activities
Ballroad Unemployment
Insuranoe Account 1/
82.6
131-5
198.9
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
192.0
633.8
1,133-1
1,688.2
2,065.1*
2,21*1.5
17."*
281.1*
29-1
38.0
56.9
377-9
501-5
6U5.1
792.0
?,519.3
4,388.8
66.5
66.5
66.5
792.0
795-9
796.1
4,558.0
4,622.4
4,681.8
i*7.6
Dally Treasury Statement.
Ixcludes advance of $1^ million from the Treasury and subsequent
repayment, both talcing place In the fiscal year igUO.
RepreseatB 90/( of contributions under the Ballroad Uneoployment Insurance Act; the remaining 10^ Is used for adml nlstratlve expenses.
(See Section 1. Table 3.)
Hepresents amounts transferred from States to Railroad Unemployment
2,302.1
2,373.'*
'*,331.2
4,390.8
4,441*.
Transfers
to Hallroad tTnemployment
Insurance
Account i/
1.8
105.9
105-9
105.9
105.9
106.3
106.7
107.2
107.2
107.2
107.2
Railroad
Unemploy-
Unexpended
balance
ment Insxirance
Account
i/
Total
Investments
Benefit
payments
Hi
884.2
1,280.5
1,72^.9
2,283-7
3,150.1
1*3.2
'•,372.5
43.8
5,878.8
7,315.3
7,449.1
7,869.0
14.6
1*4.6
61.8
113.5
119.6
124.4
130.1
872.0
1,267.0
1,710.0
2,273-0
3,139-0
4,367.0
5,870.0
7,307.2
In disIn
Oeneral bursing
offi?^d
(Special cer' s
Be posit account
Account 5/
13.5
13.1*
7,852.0
8.0
7.8
4.0
8.5
7-8
31-7
11.8
7,993.1*
7,964.0
23.8
7,971.9
7,953-9
7,95'».0
II.
7,1*09.0
7,939-0
6.7
1.4
2.7
3.3
1.5
3
si
5-3
5-6
6.8
8.1
Insurance Account equivalent to amounts of taxes collected, with
respect to period from January 193^ to Juno 1939. inclusive, from
employees and employers *^o come within the purview of the Railroad Unemployment Insuremce Act.
Represents excess funds of the Railroad Unemployment Insurance Administration fund (under Act of Oct. 10, I9U0).
Tot railroad unemployment ben*^lt9 and refunds.
Treasury Bulletin
Ik
TREASURY
CASH
INCOME
AND
OUTGO
.
.
December 1947
15
Treasury Cash Income and Outgo
Table 1«- Sunmary of Cash Transactions!/
(In mlllloaa of dollara)
yttcal year
or month
Cash operating Incooe
Cash
isuii
'.!.'!
19'»5
Cash troet
aoooimt
expenditures
12,850
33,520
78, 699
93,971
1,210
1,065
receipt fl
Cash trust
account
receipts
7,287
12,776
22,235
UU,Ogl
2,083
2,515
3,010
3,903
U6,3Ug
U,69U
5l,0lH
>t,909
'•7,793
96,767
61,376
3,697
3,731
W,6i3
36,2ltl»
l»U,683
had^t
19UI
19U2
Cash operating outgo
Cash
budget
expenditures
ISW
lotal
9,371
15,291
Exchange
Stabilization
ftmd 2/
Clearing
etccoxmt for
outstanding
5,1)32
71)2
19,652
?3.,735
60, 250
108
358
6,515
10,662
36,225
-781
U,3l6
3,270
3,001
:^:,095
56.757
95,986
65,692
39,985
39,226
-l)l),9U5
1)9,
56
-102
-39
2,783
3,667
3,322
33
25
-67
-37
-3
lliU
»,373
5,701
75'*
3,889
5,127
21*5
5,9'^6
3,222
198
337
139
April
Hoy
Juna
2,5^5
2, 861
5,335
21k
2,819
3,316
5,295
3,619
j,112
U,9lU
102
2U3
257
July
2.359
2,516
u,5oe
2,965
2,753
261
205
30
ll*6
21
203
2,565
3,193
U,712
3>65
279
9U
173
121
2,381
250
2,631
2,1*30
21)8
ll)8
-211)
.
Au^st
S«pt amber.
.
Oetebar ....
3our«el
1/
-555
968
Actual flgureB are based on the I^llj Traasiuy Statementi aetlnatat
for the flsoal year I9U8 are froa the RsTlev of the 19>)8 Budcet ralaaied Ai;«ust 20, 191)7, 'or details sea tables vbloh follov.
The present series of data on treasury cash Ineome and outgo was
first publlshsd In the Saptember 191*7 Issue of the Troasujy
g/
St
H7U
",529
-17,899
6,658
7,1*39
-10,1)60
-19,388
-10,930
5, '•57
-6,201*
-7'i7
1,106
lOl)
1,210
i,i)6o
2,62l»
-838
-2,81*8
2,1*22
-22l)
3,65U
3,351
5,193
-835
-35
102
-1,761
-209
-859
-758
3,392
3,152
-827
-239
332
3,959
753
587
291
-201
2.612
18
13«
155
1)1
aM Il-
lation
1)alauce
-U,689
1,026
Ixohan^
Q«neral
Aind
-19,29'*
?,7'»5
.
(-)
Treamirx cash
585
78,979
9U,079
31),
19^*7 -Janoary ....
February
Maroh
Vet cash
operating
Income
or
outgo (-)
ll),060
1)80
U2,9U6
140,952
Total
borrowing
or
repayment
of
borrovlng
oheoka,etji.
19^7
19Ug (Istlmatel)
•
Iaor«afla or
deoreaae (-) In
Het caeh
Cash operations other than borrowing
-1,800
-1,800
552
Bnllatin".
The nature of the ohaoges from ths preceding
series was explained In an accompanying note.
See footnote 2 to Table 5 under 'Treasury Cash Inooos and
Outgo".
Table 2.- Comparison of Total Budget Receipts with Cash Budget Receipts
(In Bdllions of dollars)
Leosi
Tlseal year
or month
Total
budget
reoelpts
Intereat
Total
(net)
19'»3
7,607
12,799
22,282
191*1*
1*1*,
19'»5
1*6,1*57
191*6
1*3,038
1*3,259
1*1,667
191*1
191*2
191)7
191*8
(Istlmatad).
3,820
191)7 -January
February
March
'•,378
...
5,701
April
Hay
Juno
,
July
August
September.
October
Soureol
.
•
2,556
2,865
All other
320
23
U7
68
109
153
313
715
1
2l*
5U
83
90
91
95
5
13
13
Capital stock
and paid-in
surplus
Xamlngs
ltl*,0gl
26
27
13
29
1*6,31*8
18
136
258
u
1*7
221
2,390
Actual figures are based on the Cblly Treasury Statement; estimates
for the fiscal year 191*8 are from the BoTlew of the 19>*8 Budget
released Aogust 20, 191)7
lesB than $500,000.
1U7
1)0,952
3,7'*5
5
*,373
5,701
11
2,5^15
2, 861
5,335
20
2,350
2,516
216
i),50g
•3
21
Us, 91*6
112
30
136
363
1*2,885
17
72
3
1*
2,397
2,536
U,872
Iqualsl
Cash
budget
receipts
7,287
12,776
22,235
•
138
Transfer
from
Increment
on gold
319
18
10
75
5
5,'»73
.
•
11*9
Honoaah budget racalpta
Payments to Traaeozy by OoTemmant corporations
s,3<i
.....
Treasury Bulletin
16
Treasury Cash Income and Outgo
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(In mlllione of dollars)
Voncash Imd^t ezpendltnrae
LasB:
Interest psTmenta
Total
budget
ezpendIturas
fiscal year
or month
Total
V
To OoTenunent
On
taTln^s
corporations
and
Treasury (partially
owned)
tondfi
MUs
2/
1/
I9UI
19U2
19^3
13,766
19*
79,708
95,572
19^5
100,397
191*6
63,71'*
1*2,505
19*7
19U« (Estimated) 37,000
igltT-Jaauary
.
3.113
.
Bod^t expenditures
Treasury
Payroll
deduction
Transfers to for
tJoremtrust
To trust accounts oent SBployeas'
accounts
retirement
-
1,61*6
'»35
22
500
??I
6U6
731
SSU
1,650
376
>*2
98
32
36
71
16
11*
1
a
31
1*6
2lt
32
1
1
1*32
59
1*97
18
20
23
1*67
1,918
1.355
1,11(0
April
Hoy
'use
U,002
3,851
5,560
383
739
626
July
71"
307
-533
1*6
September.
3,669
3,060
2,932
51
13
9
October
2,1*1*5
16
3*
1
60
Seuroal
•
^
2/
.
.
-1
-1
-1
1*29
3,911*
Au^st ....
303
3,631
2,338
6,261
775
1*
35
556
Tebrumry.
March
3.598
1,309
-108
-86
-8
-5
31*2
;8i
Ji
.
5U«
273
66
Adto
forces justed InterleaTe
service
national
bonds
bonds
Bank and
Jund 5/
290
2S1
259
207
3
2
Irned
-20
-12
-7
-5
331
58
81
130
213
Hotes
issued
56
88
227
269
167
207
25k
325
917
769
1,203
1,601
1,81*6
22
21
16
20
19
OoTemaent corporation
Invol-rln^
p^nnents to Treasury
issuance of U, S. aeearltles U/
Excess
profits
intertax
refund est
bonds
Earnings
Repayment of
oapltal
stook
and
paid-in
13U
I]
89"*
108
118
17
12!*
72
221
H5
30
-970
-39
-12
-3
267
91
35
159
-150
-2
-2
115
39
25
18
31
32
18
136
38
2
1
1
-1
-1
1
-1
2
-1
1*7
11
3
1
136
^
12,850
33,520
78,699
93,971
96,767
61,376
36,21*1*
36.225
3,282
1
3,619
3,112
-3
»,9l'»
2
2.955
2,753
1*
6
20
216
3.1*65
-U6
Actual figures are based on the Sally Treasury Statement; estimates
for the fiscal year 191*8 are from the Berlo* of the 19I18 Budget released August 20, 191*7.
Less than $500,000.
Aoorued discount on savings bonds and bills less interest paid on
savings bonds and bills redeemed.
Interest payments to vholly owned Oovemment corporations are not
deducted because they are treated as negative expenditures vfaen
expenditures
seott-
5
-2
-2
JS
-8llO
n. s.
319
18
10
6
1,109
Cash
bud^t
snrplm rltlei
1
1,366
-916
Equals:
Invest-
meats
In
2,1*30
received ti/ corporatlone; henoe payBent and receipt offset each
other in the expenditure series.
for ci'etall, see Table 3 under 'Bud^t Beoelpts and Xxpendltures'.
Bod^t expenditures InTolTin^ the Issuance of U. S. securities
are treated as noncash at the time of ori^nal payment and as
cash expenditures at the time of redemption. The figures shown
are net issuances, or net redemptions (-).
See footnote 2 to Table 5 under Treasury Cash Income and Ontgo".
Table 4.- Comxmrlson of Total Trust Account Transactions with Cash Trust Account Transactions
(la
BiUloDS ef dollars)
Trust account expenditures
Trust account receipts
Lass I
fiscal year
or month
Total
receipts
2,638
3,191
3.926
5.053
191*1
19U2
I9iw
55U
676
916
1,150
Interest
on
invest'
ments
in U. S.
securities
167
207
Transfers
shown as
budget
expenditures
331
381
251*
'•35
325
556
7,059
7.675
6,228
5.809
2,365
2,766
2,532
2,078
1*29
1,61*6
567
61*6
1,918
1,355
731
1,11*0
3U2
801
290
198
98
71
16
April
May
Jane
35U
917
722
July
August.
September
785
973
570
295
191*5
191*6
191*7
19I18
Total
noncash
receipts
(Estimated)
19U7 -January
.
february
March
October
.
.
.
.
.
Armed
Payroll
forces
deductions
leave bonds
for
Other
redeemed
i/
1
21*
1*62
1*32
763
1*97
18
20
23
273
16
20
21*5
1*2
13
9
19
330
(0
1
60
20
53
ac const s
OoTem-
5,200
3.668
3.362
ll*l
73
11*7
3,01*8
-120
552
208
213
251
225
88
127
218
1.9
10
75
113
5
198
337
139
1*9
37
5
7
102
612
1,103
615
-7
20
I*
21*3
302
257
261
205
279
9
9
9
7
271*
Z/
^
-781
U,3l6
3,270
3,001
6,267
8,198
7,331
6,137
7,01*8
U,909
3,697
3,731
587
362
^
1.5^
1*,128
21*5
u
y
299
7.167
75^*
2
1,210
1,065
7,275
1*10
5
-852
1,808
692
2,872
1*,261*
lUl*
218
3^
5
88
167
1,338
1,925
3,004
1,730
7
10
Actual figures are based on the Sally Treasury Statement; estimates
for the fiscal year I9U8 are from the Bevlew of the igUS Budget released August 20, 191*7.
I«ss than $500,000.
partially
By trust owned
Equals:
Cash
expenditures
3,78l»
290
281
259
207
1*6
Other
By
520
3,73?
i*,69l*
1
1
Total
noncash
expenditures
l*,80l*
2,083
2.515
3,010
3,903
80
Honeash expenditures
Investments In
U. S. eeourlties
ment corporations^
56
88
227
269
t5
5li«
Total
expendlItures
for
empleyees'
insurance
retirement
premiuBS
ll*
•
Iquals:
Cash
receipts
Ooremment
22
21
21
1*7
Less:
Monoash receipts
%
151
855
1,360
3,882
U,o6o
3,136
781
1*1*3
12
1*31
2
559
507
388
280
296
-89
261
13
37
-21
215
677
203
768
250
591*
72
1*80
108
2lK
Excludes clearing account for outstanding checke and telegraphic
reports from Federal fieserve Banks.
Principally net redemption or Issuance (-) ef obligations of
Oovemment corporations In the market.
Information not available after August 191*7.
.
December 1947
17
Treasury Cash Income and Outgo
Table 5.- Comparison of Change In U. S. Securities Outstanding
with Cash Borrowing or Repayment of Borrowing
(In
Increase or decrease \~)
in T7. S, securities
outstanJine
Vlasal year
or month
Publlo
deht
191*1...
5.? 9k
I
6l*,27U
SUl
-1,802
-U68
19W
,
61*,307
-2,1*77
ilHi:::::::::::::
19U7
I9U8 (letlmated).
Ootoher.
Source:
.
..
-20
-12
3,001*
203
206
-7
-5
32I*
-108
-86
3,1*09
5,200
3,668
3,362
ZS
559
1,560
-2,300
1,61*2
-2,29l*
-82
-5
-1,1*23
J*
-1
-88
-l,U26
1,152
61*9
-10
-1
-953
-3
-57
September.
5
6,738
-71*
2, 006
3,1*61
7,892
1,218
>*l*8
2,367
5U6
3,oi*8
159
178
-88
88
127
218
51
11
1
271
J
256
83
17
28
125
-175
l\
-la
-81*0
-91*
-16
-iHs
J7
ihs
709
615
781
l*U3
-956
562
356
-678
296
53
-39
-88
-66
-207
37
-116
61*1
-11*5
V
39
10,783
-11,522
-5,058
-387
Honcash debt transactlona
Issuance of U, S. securities reInterest
sulting from budget erpendltares j/
on
Hotes
Bxeees
for
saTlngB
Armed
profit! bonds and
forces Adjusted Intertax
aerrlce oat i onal
Treasury
leare
refund
Bank and
bonds
bills
bonds
bonds
Fund 3/
1,338
1,925
56,1*89
l,l6l
August. ....
1,1*22
10,7110
61*2
July
aecurities
?y aoTBy trust ernment
accounts corporations
57,679
-69
April
Hay
June
Total
5,128
19lt7-Jaimar7
March
S.
i*,8S3
-11,136
-5,086
Tebmajy...
Net InTestments in
U. 8. securitlee
Total
D.
of dolloTB)
Less:
6,835
21,659
63,806
61,830
23,U6l
i9i*a
Ouaranteed
obligations
llllons
1*31
1,793
S
2,llt0
-1,309
-5
-916
-1
-1
-1
1,91*1
-30
891*
31*2
-970
-39
-12
1*35
-3
Cash
Issuance
guaranteed
of non0I) ligation*
goaronteed
not reobligations
fleeted In
of Federal
Tre««urer e agencies
acooimta
'
8
7
131
207
borrowing
or
repayment
of
borrowing
(-)
V
19
5,1*32
•
19,652
So, 250
56,757
-95
-190
86
203
1*9,1*74
7,1*39
1*67
28
500
72
1*2
-7
-31
-2
-2,8ui
-3
-2
-5
-1,761
-209
-«59
-2
-2
5S7
291
-201
-2
-2
36
-1
-1
-1
32
59
-1
-2
-2
66
U6
51
31
36
77
lOU
136
tures.
!*/
Accrued discount on savings bonds and bills less Interest paid on
savings bonds and bills redeemed.
Includes borrowing throng Postal Sarings System.
1/
Table 6.- Cash Operating Income and Outgo by Months
(In Billions of dollars)
Calendar year
Iqnals:
Cash
PIub:
TanA payiMnt and the remaining $58 million represented redemption
later In the fiscal year of notes assumed to have been acquired
throu^ the Stabllltatlon ^nd payment. Accordingly, the noncash
payments to the Fund are made up of $77U million from the Srchsnge
Stabilisation Fund payment and $950 million from the budget payIn the case of the International Bank, a total of $U7b milment.
lion was paid during fiscal 19U7 - all In the form of budget expenditures. On net balance, $M-l6 million occurred as a noncash
expenditure because of the Issuance of nonlnterest-bearing tJ. S.
Table 5 thus shove a total of $2,lU0 million (net) of such
notes.
notes issued to the two Institutions in the fiscal year 19U7.
Budget estimates show that $9l6 million of these notes will be redeemed In the fiscal year 1948, thereby increasing cash expendi-
ActTial tigarea are based on the Deilly Treasury Statement;
estimates
for the fiscal year I9US are from the BeTlew of the 1948 Budget released August 20, I9U7.
Less than $500,000.
Issuances of U. S. securities resulting from budget expenditures
are treated as noncash at the tlioe of issuance and &e cash budget
expenditures at the time of redemption. The figures shown are net
Issuances, or net redemptions (-).
lipenditures for D. S. subscriptions to the capital of the International Monetary Fund and the International Bank for Reconstruction and Development require special explanation- United States
payments to the Hind In fiscal I9U7 for example consisted of $1,800
million paid from the Exchange Stabilization ftmd (Table l) and
$950 million paid as budget expenditures (Table 3). Of this total,
$1,72** million (net) was Invested In nonlnterest-bearing tl. S.
notes thereby making this amount noncash expenditures during the
fiscal year. Of the $1,026 million cash portion of the expenditures, $968 Billion came from the initial Ixchange Stabilization
13"*
58
81
130
213
Bet transact Ions In
18
GENERAL FUND POSITION
AND DEBT OUTSTANDING
Treasury Bulletin
December 1947
19
General Fund of the Treasury
(In llltoni of dollars)
In« of fiscal
7«ar or aonth
.
Treasury Bulletin
20
Means of Financing Cash Requirements
(In
! Ill one
of dollars)
Means of financing
Aaonnt required to b« financed
Vlac&l rear
or Bontk
Total
aaount
required
to ke
financed
1938
1939
19*0
I9UX
19U2
3,910
6,900
S3,»6l
19*3
19UU
6U,307
19^
58,'»70
19U6
19^1
21,300
U.6SI1
1.1T7
igltT-Jannary.
Ibbruery.
March
JLpril....
Xajr
June
July
iu«ust
Septeaber
.
.
October.
8ourc«i
1/
2/
Budget
deficit
decreaee
in public
itbt
1,177
3,862
3.910
6,158
let iosrease
in General
Aud
balance
let
expenditure!
in truet
ae counts,
etc. S/
622
21,1191
57,Hao
SI,"**
»,9'»1
20,676
6,515
10,662
338
2,222
6H,27'»
1,IM1
855
1,272
5*
l,9ltO
55
953
332
552
7H
155
1^117 Tre«BiU7 Statemant.
Czclnd«s amotuite for public d«bt retlrenent whloh are chargaablo to
the ainklDC fund, etc., under special proTlelons of lav, and Ineludos
{^Teminent eorporatloua (wholly owned), etc., (net).
Comprises truet accounts, sales and redemptions of obligations of
ft,27"
6",307
57,679
10,7"0
6U.W7
58,*70
21,200
125
1,33'»
706
628
2,«22
2,327
"6I»
1.61t2
33
2,102
6^
2,867
9»7
758
129
l,lt01
75"
"35
1,9110
receipts
In trust
accounts
etc. S/
98
33«
1,210
9"7
521
791
10, "60
317
22"
6ll2
1,161
6"9
855
Vet decrease
in Oeneral
^ind balance
10,930
ll,6«l»
l,l»23
57
Wi
5*8
2,^2
1,1*5
9«7
67
7I1O
3,275
2,528
5,99"
23,"6l
3,910
6,900
'»,5Z9
Increase in
public debt
1,177
23,
1,210
Bnd«et
surplus 1/
i>,k8it
1,613
2,29l»
2,8*7
987
758
et
total
sBount
financed
7*8
358
11,136
1,33*
2,«22
8,327
283
et
2,598
2"5
758
269
99
239
206
1,9110
283
283
OoTemaent corporations, etc., in the market, increment on gold,
seigniorage on silver, Blscellaneoua fonda and accounts, and
currently a clearing account for outstanding cheeks and tal^
graphic reports from federal Reserve Banks.
.
December 1947
21
statutory Limitation on the Public Debt and Guaranteed Obligations
Section 21 of the Second Liberty Bond Act,
as
amended, provides that the face amount of obligations
Issued under authority of that Act, and the face amount
of obligations guaranteed as to principal and Interest
by the
held by
United States (except guaranteed obligations
the Secretary of the Treasury),
shall not ex-
ceed In the aggregate $275 billion outstanding at any
one time.
Obligations Issued on a discount basis, and
subject
redemption prior to maturity at the option
are Included In the statutory debt llraltatlon at current redemption values.
to
of the owner,
Table !•- Status Under Limitation, October 31,
1047
(In mllllonB of dollarB)
amount of seeurltlf^s which ma^ be outstanding at any one time, under llmltatlone Imposed ty Section ?1
of the Second Liberty Bond Act, as amended
KajcliDuin
275,000
Amount of securities outstanding subject to such statutory debt limitation;
U. S.
Oovernment securities Issued under the Second Liberty Bond Act, as amended
Ouarantaed securities
258,208
^
83
Total amount of securities outstanding subject to statutory debt limitation
258,292
l6,708
Balance Issuable under such authority
Soirc«i
1/
Public Debt Serrlo*.
Ixeludss piaranteed seourltlss held by the Treaiuiy.
Table 2.- Application of Statutory Debt Limitation to Public Debt and Guaranteed
Obligations Outstanding, October 31, 1947
(In millions of dollars)
Public debt and guaranteed obligations outstanding
Subject to
statutory debt
limitation
Public debt and guaranteed obligations outstanding:
Public debt:
Interest-bearing securities:
Marketable issues:
Treasury bills
7
Certificates of Indebtedness
Treasury notes
Treasury bonds - bank restrl cted
Treasury bonde - bank eligible
Postal Barings and Panama Canal bonds-
^
.
l5.73^
808
alt,
7,8>IO
.
Total marketable Issues.
Non-marketable Issues:
U. S. savings bonds (current redemption value).
Treasury savings notes
Depositary bonds
Armed forces leave bonds
Treasury bonds, XnTsstmtnt series
Total non-marketable issues
Special issues to Oovemment eigencles and trust funds.
Total Interest-bearing securlti es
Matured securities on which Interest has ceased
Obligations bearing no Interest:
Thlted States savings stamps
Xxcess profits tax refund bonds
Special notes of the United States:
International Monetary Kind Series
International Bank for Beconstructlon and Qsvelopment series
%lted States notes (less gold reserve)
Deposits for retirenent of national bank and Tedaral Baserre Bank notes.
Other obligations bearing no Interest
Total obligations bearing no Interest.
Total public debt.
Ouaranteed securities ^:
Interest-bearing securities.
Matured debt
Total guaranteed securities
Total public debt and guaranteed securities outstanding.
68,927
Hot covered by
statutory debt
llnltatlon
Total
22
Treasury Bulletin
Public Debt and Guaranteed Obligations of the United States QDveinuient Outstanding
Table 1.- Suaaary
(In lllloai of dollars)
Ind of
flioal
yaar or
Bonth
..
,
.
December 1947
23
Public Debt and Guaranteed Obligations of the United States Government Outstanding
Table 3.- Interest-Bearing Guaranteed Obligations (All Public Issues)^
(In mlllloaB of dollarB)
Marke table
Ind of fiscal
y««r or aoath
Total
Total
'»,e53
1938
1939
Coaaodl tj
Craltt
Corporation
206
206
i.^o
5,^8
5,'^o
19I10
19*1
6,360
6,360
i9ita
l»,5li9
l»,5lt9
696
701
IS"*?
1,092
1,516
109
3,908
1,190
U12
Ul2
19W
«i^
19I16
llOT
76doral
Tara
Mortgafo
Corporation
Vadaral
Houaing
Adainiatration
l.Ulo
1,379
1,269
1,269
930
Sonnarketabla
PttMlo
Houala^
idnlnlltratlan 1/
Bona
Owners'
Loan
Corporation
1
8
17
21
930
1,563
1,533
896
2,lt09
llU
u
299
820
1,096
1,7*1
1,219
2,937
2,928
2,603
llU
11»
226
llU
3
Reoonst motion
finance
Corporation
755
Total
Commodity
Cradit
Corporaties 8/
183
326
68
150
Reoonetmction Tiaanoe
Corporation
^
115
176
^.
19U7
19l»7-Jaauary.
February
Hareh
April
Maj
Jane
83
38
38
15
H5
262
181
175
U6
1)6
1)6
U«
U6
M6
217
135
130
217
135
130
171
171
83
U6
U6
126
38
38
126
125
15
7U
3U
llO
ItO
36
39
36
lt6
July
ingnet
73
September.
70
3t
3"
3U
3"
Ostokar..
78
33
33
125
'•5
U5
Sourcs:
Dally Treaaury Stat^ent.
Footnote* ^ipear at the end of Table U.
Table 4.- Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
End of flBcal
year or nonth
Total
Federal
Deposit
Inaurance
Corporation
19U1
19U2
2,676
3,770
5,775
6,120
7,885
19'»3
10,871
19IA
ll*,287
19''5
19'»7
18,812
22,332
27.366
19U7.Januar7. .
Tebruary.
Marsh
2U,777
2U,938
25,183
2ll8
25,280
26,186
27,366
277
1938
1939
19110
101
56
90
95
Federal
01d-A«e
and
Surrivore
Insuranoe
Trust Fund
662
1,177
1,738
2,381
3,133
U.Ol*
Federal
Savings
and Loan
Insurance
Corpora^
tion
GoTern-
Ooveranent Life
Inaurance
Fund
5
523
537
52U
531
537
106
27
538
502
5
ment
employee^
retirement
fonde
559
656
796
National
Service
Life
Insurance
Fund
3
Postal
Savings
Systea
Ball road
He tl resent
Account
10/
45
66
128
97
67
88
]l
92
39
56
352
1,213
3,187
5,24o
6,474
199
268
464
782
1,628
178
319
501
657
Unenpl oynent
Trust
Fund
Adjusted
Service
Certificate
Fund
872
1,267
1,710
2,273
3,114
26
18
17
14
12
12
Mutual
Mortgage
Insiirance
and War
Housing
Insurance
Funds
20
11
19
18
5,308
5,910
^9^
68U
7,10l»
62
1,2511
1,076
1,469
1,868
2,177
2,460
806
4,257
5,610
6,747
6,699
7,142
238
6,ltlio
2<»8
6,1(110
57
58
6,680
59
1,236
1,236
1,236
2.375
2,376
2,369
5.725
5,765
5,789
990
l,0l4
l,04o
815
802
787
6,869
6,96?
6.944
12
12
12
18
18
18
59
60
62
1,236
1,231
1,254
2,377
«08
6,680
6,680
7,104
2,460
5,813
6,278
6,474
1,066
1,294
1,628
817
801
8O6
6,91?
7,094
7,l»2
12
12
12
22
22
18
5lt
602
605
7,062
7,062
7,362
64
6U
65
1,254
1,254
1,253
2,460
2,706
2,707
6,520
6,560
6,585
2,226
2,406
2,4o6
1,300
1,283
1,265
7,087
7,254
7,244
12
6
6
18
September.
28,516
29,220
29,520
Ootobar...
29,iiU7
I49O
7,362
66
1,253
2,695
6,610
2,4o6
1,304
7.229
19146
April
•Uy
June
July
An^gt
Source:
*
^
^
^
4/
.
.
.
103
98
97
120
MOS
lt,766
Dally Treasury Statement.
Lose than $500,000.
Xzoludea guaranteed eeouritiee held by the Treasury and eeourltlee
guaranteed as to interest only.
Includes United States sarings etaaps, excess profits tax refund
bonds, and ourrenoy iteae. 'or currant-month details, see Table 2
under 'Statutory Limitation on the ?ublle Debt'.
Includes $112 million of prepayniente on Treasury bonde, iuTastment
series, dated Oct. 1, 1947.
fianlc restricted issues are those which commercial banks (banks acoeptln^ demand deposits) are not permitted to acquire prior to a
Cl) concurrently with the
specified date »lth three eiseptlonsi
4th, 5th, and 6th War XK>ans and the Victory Loan, commercial banks
vere permitted to subscribe for limited inTestment of their eaTin^e
dsposlte; (2) commercial banks nay temporarily acquire such Issuee
throu^ forfeiture of oollaterall (3) commercial banka may hold a
^
6/
2/
22
22
26
limited amount of such lesues for trading purposes. (Soe^reasuxy
Bulloin" July 1946, pa«es A^9 and A^IO).
Foetal Saving and Panama Canal bonds, and prior to 1947,
Cbnverslon bonds also.
Consists of adjusted serrloe bonds (until they matured on Juna 15,
1943) and depositary bonds.
lame changed from federal ^blic Housing Aathorlty ' ri£:inally
U. S. Bousing Anthorlty) pursuant to Beorganitatlon Plan Vo. 3 of
1947.
S/
2/
10/
Consists of demand obligatione stated as of the close of the preTlouB month, in accordance with the Oally Treasury Statement.
Consists of Beconstructlon Pinance Corporation notes, Serlee Z-^A,
Z-B, and X-C, which ware held >y United States Gorarnment corporatlone and credit a^enoles.
Includee Canal Zone Postal SavlD^ System.
..
)
.
Treasury Bulletin
21+
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed
Obligations of the United States Government
Pabllc debt and guaranteed obllgatlona
2nd of flBoal
year or month
Computed
Interest-baarlnc
debt ontatandln^
MWtm nT
Interest
charge
(In milllona of dollars)
1938
1939
''5,336
l»7,g7U
igito
igUi
igUa
76,517
139,'t72
^e'n
19U4
201,059
256,766
268,578
255,197
191*5
19U6
iSky
19I17 -January.
febmarr.
258,61*0
258, 291*
Karoh
255,976
Computed
anrnial rate
of Interest
(Percent)
l,06g
2.57?
i,ll»9
2.53'»
1,203
1,335
1,729
2.511*
2,759
3,869
U,969
PabUe
debt 1/
Computed
Interest-bearing
debt outstanding
Interest
eharge
(In Billions of dollars)
36,576
39,836
Qgaraateed oblleatlone 2/
Computed
ftnnnni rate
of Interest
,037
,095
2.1*38
2.260
71,968
,61*1*
135,380
2,679
5,357
5,376
1.978
1.925
1.935
1.995
2.107
5,327
5,336
5,319
218
2.589
2.600
2,583
2. 518
2.285
'•,853
5,1*50
5,1*98
1*,092
6,360
i*,5i*9
2.052
81
20
,968
3,81*9
256,357
268,111
255,113
5,37"*
2.059
2.066
2.078
258,373
253,113
255,800
5,322
5,332
5,316
2.060
2.066
2.073
262
181
175
5,318
5,3W»
5,376
2.089
25l*,U27
25l*,975
5,315
2.107
255,113
2.089
2.095
2.107
171
171
83
3
2.091*
5,i»2l»
71*
1
1
i^jrll
25^,598
255,1116
July
August
September
256,395
257,183
256,177
2.115
2.125
2.127
256,321
257,110
256,107
5,1»22
5,1*63
5,liU9
2, 116
2.125
2.128
73
70
October.
256,3118
5,1*56
2.129
256,270
5,1*51*
2.129
78
Souroet
1/
2.1*98
i*,96l*
5,351
5,U6U
5,31*1
5,37'*
I^ly treasury Statement.
Treasury bills are included in interest-bearing debt figures at face
amount bnt for purpoeee of calculating the computed *wfm«l interest
charge and the computed rate of Interest, the discount ralue is used.
For the purposes of computing the anrnial interest charge and rate of
(Percent)
112
109
117
85
199,51*3
1,516
609
•67
83
Computed
annual rate
of Interest
121
1.979
1.929
1.936
1.996
2.107
Kay
Jnne
255,197
Computed
annual
interest
charge
(In mlllioDB of dollars)
(Percent
91*7
1*2,376
1*8,337
Interest-bearing
debt outstanding
5
.978
,831*
,861
,335
,321
7
1
,1*10
I*
,61*2
3
.758
,783
3
3
1
,758
.718
.706
,758
1.767
1.776
1.81U
1.76U
iBterast on IKlitttd Statee savings bonds. Series A-S are considered
to yield 2.9^ per annum and Series f is considered to yield 2.53^.
Ooaranteed securities held
the Treasury, and securities guaranteed as to interest only, are not included in this table.
^
,
Obligations of Govemnent Corporations and Other Agencies Held by the Treasury 1/
(In milllona of dollare)
Ind of fiscal
year or month
OoBBodlty
Credit
Corporation
Total
1938
'939
883
191*0
191*1
10*
302
U,079
X^portlaport
Bank of
Vaahlngton
Tbmera'
BeM
idmlniatratioa
Federal
Tarv
Mortgage
Corporation
loan
Oorperatlon
25
57
283
398
383
5,033
366
108
13
212
580
,010
737
529
31*7
9,020
9,205
9,966
57
57
57
607
360
360
350
8,887
8,839
8,902
^1
56
350
8,769
8,807
9,966
56
56
56
11,91*6
510
10,828
10,891
10,985
820
866
830
97
179
272
590
April
K«y
Jnne
10, 91*6
10,1*73
11,91*6
865
3W
559
281*
1*29
51*6
510
516
July
August.
September.
11,91*8
537
6U1
516
516
1*87
5I10
53
53
October...
U,76l
llgO
631
53
.
Source:
•
1/
900
,591
,301
11,917
11,823 1/
y
52
57
7
20
2,531*
191*7
.
Tennessee
Valley
Authority
271*
191*7 -January...
February
Karoh
Sural
Ilectrlfi eat ion
Administ rat ion
551
19U6
191*5
tion
Finance
Corporation
263
,950
191*1*
fieoonatroo-
861*
2l*3
lUo
1*00
7.535
10,717
12,169
11,673
191*3
Pnblle
Housing
Idminiatratioa 2/
15
20
10
191*2
Borne Ownarfl'
a
516
57i»
529
Dslly Treasury Statement.
Less than $500,000.
The obligatlonfi ehovn in thlo table were Iseued to the Treasury to
finance Ooveminent corporatlono and certain other 'buBlnese-type
actlTltles, with the Treasury Iteelf raleing the neceesary fundi
through public debt operations.
To avoid duplication, these
securities are not included in the guaranteed debt outstanding
19
16
12
2/
3/
360
^^
8,1*16
u
511*
31*7
1*99
I186
31*7
9,953
9,277
9,296
511
5U6
1*71
3U7
9,169
5U6
3t7
as shown in preceding tables.
Hame changed from Federal Public Housing Aathorlty (orlglnedly
U. S. Housing Authority) pursuant to Heorgaialiatlon Plan Ho.
J
of I9U7.
Total Includes obligations of the Tlrgln Islands Company In
the amount of $250,000.
56
56
56
56
. ,
.
. ,. .
a
.
December 1947
25
Analysis of Issuance and Retirement of Public Debt
(In mllllonB of dollart)
Putollo
Public debt recelpte
(laaoance of public debt)
Net
change
in
dett
outpuhUc
•tandlnc
deht
•cd of
during
fitcal
year or fiscal
year or
oath
71 seal 7«ar
or month
Public ieeuee
Oaeh
Total
i/
onth
7U0
3,275
2,528
1938
1939
19U0
37.165
IS"*!
19l*S
>tg,96l
5.99'*
72,422
23,461
6U,27li
I9>t5
136.696
201.003
258,682
19>»6
269, U22
10,7'*0
W**?
258,286
-11.136
19'w!
'.'.'.'.'.
6U,307
57,679
Certificates of
Indebtedneee,
ipeclal
eerie e
InternaArmed
tional Bank
Jueted forces
for Beconeerrlce leave
etructlon
bonds
bonde
and Development
aeries
International
Monetary
fund
series
profits
Ix.
tax
change
refund
bonds
l».776
9.621
13,0gl*
7.1*75
13.166
7,1911
10,1*62
17.S'*7
37.161*
30,388
303
122,632 9U.961
153,785 123.958
179.159 129.663
150,988 103,116
127,761 71,1*12
17.911
1*91
131*
1*
891*
USU
88
l,gl*7
566
1,782
1.782
259.776
261, Ulg
628
11.1*86
l,6't2
-2.291*
12.536
8.936
7.817
6,201
6.196
278
269
303
159
259.12'*
Apr..
257.701
258, 3U3
258,286
-l.'t23
6U2
-57
7.373
7,819
2U,oU6
5,627
3.102
3,222
267
91
35
159
Juns.
July.
259, Wtg
1,161
lO.glllt
2,291
1,526
260,097
e>i9
S«pt.
259,11*5
-953
7,331
12,605
Oct..
259.0T1
-7'*
9,0l»2
Ij
Ejccess
Ad^
Kur.
•
Biblic isBuea
Special notes
19U7-Jan.
Source t
Public debt expenditures
(Hetlrement of public debt)
1,8'*7
-2
1*9
2,91*6
Dall^ Treasury Statement.
Leei than $500,000.
Xxcludea certificates of iDdebtedneee, epeclal aerlee.
Special
issues
2.67U
3.035
2,812
2.159
2.567
3.151
3.li*2
U,2ltl
596
5.876
I.UU2
18,790
183
31,036
31.758
31*.
8,318
total
Caah
8,881
9.809
10.638
11.853
13.703
5,166
5.301
5,680
5.816
8,693
Certificates of
indebtXxedneea,
cbanget
apeelal
series
2.67U
3.035
2,812
17.911
16,263 ll*0,2l*8 95,985
20,398 138,897 91.776
UgU
ll»,l*10
3.131*
3.91*7
2,ll*2
257
178
295
10,853
11.231
7.659
6,930
9.038
1,321
3.533
4.705
157
93U
3.616
U.U9U
10,891*
l6,08l*
8.795
7.177
2U,103
7,23«
5,080
10,273
1,279
731
9,683
6,732
2,316
i,62U
U36
13,557
3,ll»8
5,939
116
9,116
1*91
U
7.1*11*
i.oi*i
1.1*73
2.11*6
3.11*2
2.896
596
It.lll
303
58.358 33,671*
89,1*78 63.202
121,1*80 77,1*08
10,1*11
Special
lituea
1.1*1*2
5.332
18.790
183
31.036
31.758
9.885
12.71*
15.36U
3.131*
65
3.9'*7
2,ll*2
18
50
1.321
3.533
i».705
60
28
1U.903
7,238
5,080
10,273
129
27
136
5,939
189
31*.
6.99»t
Oontlets of epeclal aerlee of certificates of Indebtedness Issued
directly and solely to federal fieserre Banks,
2/
Composition of the Interest-Bearing Public Debt
Interest-hearing public deht outstanding
(In mllllone of dollars)
Percent of Interest-hearing puhllc debt
Puhllc Issues
Bonds
Snd of fiscal
year or month
Total
Marketahle
Nonmarketahls
1938.
1939.
36,576
39.886
22,01*3
191*0.
26,751
191*1.
1*2.376
1*8.387
30.1*11
it.SSS
191*2.
71.968
38.281
19'*3.
135.380
57.716
25,l*ll*
1.556
2.151
3,166
Harketable
Honmarketahla
Puhllc Issues
Certificates
of
9.ll*7
1.151*
7.21*3
1.308
1.302
1.603
2.508
IO.U96
6.383
5.698
6.689
3.015
3.096
21,701*
9.168
7.1*95
17.1*05
23.1*97
18. 261
8,ll*2
9.557
10,136
6,711
5.560
16,561
28.822
31*. 136
21*.
28,781*
27.792
17.038
777
21*. 938
25.183
16.610
16.002
15.775
53.1*85
258.378
258.113
255.800
119.1*89
119,1189
119.1*89
51,567
52.195
52.713
10,090
10.090
5.590
5.570
29.791
3.11*2
5.1il»3
251*. 1*27
119.1*89
119.1*89
119.1*89
53.135
53.338
g.lU2
5.1*77
g.ll*2
8,ll*2
5.525
5,560
26,291*
26.291*
256,321
257,110
256,107
119,1*88
119,1*88
53,701*
8,11*2
8,11*2
5,592
119,1*88
53,857
53,109
256,270
118,729
51*,
July
Au^st
.
Septeaher
October.
Source:
.
.
.
Sally Treasury Statement.
096
16.0
17.7
18.0
17,071*
17,0l*S
1*9,1*62
119,1*89
53.1*85
U2.6
39.8
18,812
22.332
27.366
119,502
25U.975
255.113
U.3
ll*,287
35.298
1*6,090
April.
May...
June.
60.3
63.7
63.1
62.8
53.2
ll*.73l*
79,1*1*0
106. 6UI*
Tehruary,
March
6.120
7,885
31*. sol*
25.296
25.296
11.861*
10.871
SonMarketoarketshle
ahle
100.0
100.0
100.0
100.0
100.0
17.0U1
17,039
15.775
199.51*3
.
2,676
3.770
l*.775
100.0
100.0
100.0
100.0
100.0
256.357
268,111
255.113
19l*7-Janunry.
Total
edness
191*5.
191*6.
Special
Issues
IndahU
191*1*.
191*7.
Bonde
1*1.6
5.1*
3.2
3.3
3.1
3.3
3.5
7.3
9.5
11.3
12.6
6.8
8.7
9.2
6.3
3.2
u
7.1*
8.0
7.2
2.2
12.2
lU.U
13.3
13.0
9.9
6.6
6.U
6.2
7.3
8.3
10.7
3.9
3.9
3.2
2.2
2.2
2.1
11.5
11.1
10.9
6.6
6.6
6.7
9.6
9.7
9.8
20.9
20.9
21.0
3.2
3.2
3.2
2.2
2.2
2.2
10.3
10.3
9.9
6.5
6.3
6.2
9.9
10.3
10.7
3.2
3.2
3.1
2.2
2.2
2.2
9.8
9.7
9-7
6.1
6.1
6.1
11.1
ll.U
11.5
31
2.2
9.7
6.2
11.1*
18.1*
21.0
100.0
100.0
100.0
1*6.3
19.9
1*6.3
20.2
20.6
25.280
26,186
27.366
100.0
100.0
100.0
1*7.0
1*6.8
25,122
25,025
7,81*0
5,531
2lt,89lt
15,756
15,735
15,725
28,516
29,220
29,520
100.0
100.0
100.0
1*6.6
5,61*2
1*6.7
21.0
20.9
20.7
7,81*0
5,6l8
2l(,g08
15,732
29,1*1*7
100.0
U6.3
21.1
1(6.5
Special
Issues
l».3
i|i*.6
1*6.8
25.0
18.2
15.1
11.8
9.3
Certificates
of
Indehtedness
>*.2
U6.g
1*6.7
HonNarketmarketahle
ahle
1*.0
2.5
8.8
11.0
.
.
..
.
.
Treasury Bulletin
26
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United Statesi/
As of October 31,
1947
(la alllloBa of dollari)
Aaount of Baturltles
Year
and
Date
bank raCallable laauea Btrlcted
Issuea
rizad claaalflad by
becoae
Batu- year of:
bank
rlty
riaal
Isiuao Wral
atu- eltglbla
Ceacrlptlon of tocurlty 2/
oath
eaU
Aaount of aaturltlea
Tear
and
Deacriptlon of aecurlty 2/
onth
rtty
19*7
Date
bank reCallable lasuei Btrlcted
laauea
riiad claaalflad by
year of:
becoae
aatubank
rlty
risal
isauaa Mrat
atu- eligible
call
2/
rlty
1951
niia
loT.
7/«*
D>s.
7/ffll
it
I»,g07
Certificate
U/iAl-L..
Bill a
Cartlflcate - la^lAT-l-.
Baa* - 12/15A7
Mar...
2-J/H Bond
•Tuna..
Bond
-
6/I5/U9-51..
6/15/51-5U..
Bond
Bond
Bond
-
9/15/*9-51.9/15/51-53.
9/15/51-55..
Bond
2*
2-1/14 Bond
2)t
Bond
-
If
2-3/1* Bond
5,010
3,2*1
701
Sept.,
2)1
gt
total.
- 3/15/Ug-51..
1,223
1,775
H
15,57>»
-
-
12/15/U9-51.
12/15/51-53.
12/15/51-55.
1,011*
1,627
1,292
7,986
755
2,098
1,118
510
19>W
^/S^
Billa
,..
Certlfioata
l/lAS-A..
5,915
3.13*
Tab..
7/8^
Oartlflaata
aVW-B..
3.9*7
Mar..
Oartifioata l/Si
3/1A8-0
Bond - 3/l5A«-50
2*
2-3/im Bond - 3/15A8-51
Jan..
tpt..
7/g)t
.
W*«-B.
Oertlfieata -
Total.
7/gH
1-3AH
1952
Mar...
1,115
1,223
3/15/50-52..
3/15/52-5*..
1,021*
Bond
Bond
6/15/52-5*..
6/15/52-55..
5,825
1.501
Sapt.. 2-l/2)( Bond
Bond
9/15/5&-52..
9/15/50-52..
Dee... 3-l/8)( Bond
Bond
2*
12/15/U9-52.
12/15/52-5*.
Juno.
1,3a
Cortlfloate 6/l/>l«-l..
Bead - 6/l5A«
3,062
Certlfioata Oartifioata Oartifioata -
2,7*2
1,127
2,209
7/«i*
7/g)t
Sapt.
Oot..
Baa..
2-1/2* Bon* 1-1/2)1 Iota -
9/15A8
T/l/'W-'-.
l/l/kS-a..
7/l/l4g-H..
.
Zi
Ijt
Beta - lO/l/Hg-B
Oartifioata - lO/VW-J.
2*
Boa* - 12/15/118-50
1)1
total.
1,963
1,777
.
9/l5A«-A.
Bond
2-l/2)( Bond
2)(
2)(
7/8)1
5.628
2,ll»2
2-l/>)*
Jmaa.
11,996
Total.
«l579
1953
571
37,020
U9I
8,662
17,012
3,7*8
*,092
1,35*
1,186
*,939
June.
Bond
Sept..
Bond - 9/15/51-53.
-
6/15/53-55.
725
7,986
2,91*
Deo... 2-1/2* Boad - I2/15/U9-53.
2-1/14 Boad - 12/15/51-53.
1,786
1,118
19*9
725
Jww.
2)1
Boad -
6/15A9-9I
l.Olh
Sapt.
2*
Bond-
9/15A9-5I
1,292
Dm..
Bead - 12/15A9-51
2»
3-l/g)t Bond - 12/15A9-52
Z-l/9 Baa* - 12/l5/*9-53
2,098
H9I
1,786
195*
Mar... 2-l/2)t Bead - 3/15/52-5*..
l,02l»
Bond
Bond
2*
2-l/ll* Bond
- 6/15/51-51*..
1,627
5,825
Bond
- 12/15/52-51*.
June.
6.682
total.
10,890
Dae...
2-3/ll)l
2)(
-
6/15/52-51*..
-
6/I5/5U-56.
681
8. 662
681
1950
17,138
1955
Bond
Boad
Mar...
3/15/'t»-50
1,115
3/15/50-52
Mar... 2-7/8* Bond - 3/I5/55-6O.
2,611
1.963
June.
Sept.. 2-l/2)t Bond - 9/15/50-52
Bond - 9/15/50-52
2)1
2-l/l|)l
2*
1,186
*.939
Sept..
Bond - 12/l5/'lg-50
1-1/2)1 Bond - 12/15/50
2.635
Total.
2,635
Dec... 2>
Bond - 6/15/52-55.
Bond - 6/15/53-55.
1,501
725
Bond
9/15/51-55..
755
Bond
12/15/51-55.
510
571
Dec.
1,687
.
2)t
Total.
(Continued on following page)
2,611
3,*91
V
.
27
December 1947
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of October 31, 1047
-
(Continued)
(In llllona of dollari)
iBount of aatorltlot
Y«ar
and
Dascriptlon of teeurlij 2/
onlh
Sato
bank reCallable Isiuao •trictad
Issuoi
Tiled claiilflod by
baooaa
ata- jear of I
baak
ri tj
riaal
allglbla
Itanat tint
matucall
rity
Aaount of aatiirltlea
Tear
asd
Deocrlptlon of aacurlty 2/
oath
y
1956
Data
bank reCallabla laanea atrletad
laauaa
rixed elaaalflad by
becoBa
atn- yaar oft
bank
rlty
rinal
allglbla
laauaa Mrat
Matucall
i/
rity
1964
Mar..
2-1/2)1 Bond - 3/15/56-58..
Jona.
2-l/l|)t
3apt.
2-3/>* Bond - 9/15/56-59..
2-1/lt* Bond - 9/15/56-59..
3.K3
Total
6,253
l,ltll9
Bosi - 6/I5/5U-56..
681
Z-l/2)(
Bond
3/15/56-!*..
Jvaa.
2-}m
BoBd
6/15/58-63..
2-l/2)t Bond - 6/I5/6U-69..
3,761
'•/15/53
Dae.
2-l/2)t Bond - 12/15/6't-69.
3,«3«
9/15/53
Total.
7,600
982
681
1965
195«
Mar..
Juna.
Mar.
2-l/2)( Bond
3/15/65-70..
Dae.
2-3/l))(
12/15/60-65.
Bond
2/1/5*
5.197
1,U85
1,»M19
Total
5,197
2-1/2* Bond - 3/15/66-71.
3,'Wl
12/1/54
2-l/2)t Bond - 6/15/67-72..
7,967
6/15/62
Sapt.
2-1/2* Bond - 9/15/67-72..
2,716
Sac.
2-1/2* Bond - 12/15/67-72.
11,689
Total.
22,372
l,l»S5
919
"919"
1,W«9
1966
Mar..
1959
tTuna.
2-im
Sapt.
Bond - 9/15/56-59..
Z-l/>4 Bond - 9/15/56-59..
Dae..
Bond - 6/15/59-62..
5.2*
2-3/'<)«
2-l/l*)t
Bond
-
S/15/52
1967
June.
9<2
3,K3
jMo
12/15/59-62.
Total.
8,75'»
12/15/52
2-1/2H Bond - 6/15/62-67..
12/15/62
't,80'l
i960
1968
Mar..
2-7/8^ Bond
Sac Z-jm
Bond
2,611
3/15/55-60..
Bac.
1.U85
Total.
Canal bond - 6/I/61
2,831
Juna.
2-1/2* Bond - 6/15/et-69..
3,761
''/15/53
Dae..
2-1/2* Bond - 12/15/61t-69.
3,«3«
9/15/53
Total.
7,600
12/1/52
1969
2,611
1961
JVBO.
2-1/2* Bond - 12/15/63-68.
l,l»85
12/15/60-65.
50
1970
1962
Jona.
Oac.
l-l/kf,
2-l/29(
Bond - 6/15/59-62..
Bond - 6/15/62-67..
5,28t
6/15/52
5/5/52
3,'»70
12/15/52
2,118
2-1/1* Bond - 12/15/59-62.
2,U8
Mar... 2-1/2* Bond - 3/15/65-70.
5,197
2/1/5"
3,t«l
12/1/5U
Juna.. 2-1/2* Bond - 6/15/67-72..
7,967
6/15/62
3apt.. 2-1/2* Bond - 9/15/67-72..
2,716
1971
Mar... 2-1/2* Bond - 3/15/66-71.
8,75'*
1972
1963
Juna.
2-jm
Dao..
2-l/2)t Bond
Total.
cat
1/
2/
Bond
6/15/58-63
12/15/63-68
919
12/1/52
2,831
2,831
919
Bally Traaeury Statenent, and reports to the Traaaury.
Xxeludea postal oaTln^B bonda
It Bhomld be noted that callabla laauaa appear twloe In thla coluon,
once In the year of first eall and a|;aln In the year of final aatuCallabla isauea with reapeot to vhloh a definite notice of
rlty.
call haa bean made, hovarar, are listed as flisd natarltlaa. Vor
date of leaua of each aeeurlty, aae oha^er on *Prleea and Tlelda
Dec... 2-1/2* Bond - 12/15/67-72.
Total
11,689 12/15/62
22,372
of Ooramaent Seeuritlaa"; for tax atatua, aaa ehi^ter an "Ovnerahlp of OorenuDant Saeurltlea'.
Bank reatrlcted Issues any not be acquired by ooanerclal banka
(with alnor axoeptiona) prior to a specified date. See footnote
to tables on "Public Sabt and Ouerantaed Obllgatlona of tha
United Stataa Qarernfflent Outatandlng*.
28
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Treasury Bulletin
December 1947
29
Disposition of Matured Marketable Issues of Treasury Bonds, ^Jote8, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Date of
refunding
or retirement
30
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounte In mllllone of dollare)
Date of
iBBue
December 1947
31
Sales and Redemptions of United States Savings Bonds
United States eaTlngs bonde were first offered for
Bonds of series A-D were sold
In March 1933.
between March 1935 and April 1941. Series E, F, and
sale
bonds have been on sale slnoe May
1,
1941.
certain, periods
are
10-year discount
bonds sold
maturity value, and yield 2.30% per annum If
Series r bonds are 12-year discount
held to maturity.
bonds sold at 74^ of maturity value, and yield 2.53)<
at 75)t
of
per annum If held to maturity.
bonds are 12-
Series
year current Income bonds, sold at par, bearing Interest at 2-l/2)< per annum, and redeemable at par at maturity or at stated prloes less than par before maturity.
Purchases
of
series
17,500 issue price in
bonds were available
any
to
A-D bonds
one
all
were
limited to
calendar year. These
subscribers prior to
and to indlTlduale only after that date.
Purchases of series E bonds are limited to $3,750 issue
price in any one calendar year, and may be made only by
April
1,
(defined
as
series F and
for
price in
certain rsBtriotlona.
periods
For
footnote 9. ""A page A-22.
and
For details oonosrning
features, investment yields, and redemption
values see
'Treasury Bulletin" for October 1945, pages A-4 andA-5.
Series A bonds matured in 1945, and series B bonds
in
1946.
Series
C
bonds began
to
mature
in
January
Matured bonds turned in for redemption are Included in the figures on redemptions.
Matured bonds
outstanding are reflected in the interest-bearing debt
until all bonds of the series have matured, when they
are transferred to matured debt upon which interest has
oeased, in accordance with the practice of the Daily
1947.
Treasury Statement.
1940,
individuals
limit
with
restrictions see
"Treasury Bulletin' for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page
37.
Series A-E bonds
and
details concerning these
any
year 1941).
one
natural
persons
calendar year
bonds are
Series P and
subscribers except commercial banks.
however, were permitted to
only).
The
$100,000 issue
($50,000 in calendar
combined
is
available to all
Commaroial banks,
purchase these bonds during
In
the
following tables
at current redemption values.
figures are quoted
Amounts of series
out-
standing are quoted at par.
Sales and redemptions classified by States will be
published semiannually after June 30, 1947, and sales
by denominations, quarterly after September 30, 1947.
Table 1.- Summary of Sales and Redemptions, by Series
As of October 31, 1947
Uslted StatM
•aTlD£s bonds
sales
at issue price, and redemptions and eusounts outstanding
Treasury Bulletin
32
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- History of Sales and Redemptions
Anount outstanding
Bodooptions 2/
Salai 1/
Accruad
discount
Sales
plus
accrued
discount
Sales
price
(In Billions of dollars)
All series
Fiscal years:
1935-19'tO
19UI
19112
19't3
19IA
3.120
l,lt92
^5
5.99t
11.789
128
88
15,1*98
lU, 891
19'*5
19"*
9,612
7.208
191*7
Calendar years:
1935-19'tO
19Ul
19't3
3,1*9
3.036
9,157
13.729
191*
19U5
16,01A
12.937
19116
7.'«7
I9l«
Months:
19lt7-Januar7
952
February
March
616
i^ril
May
June
>t«8
l«82
712
572
July
Au^Bt
Saptembar
October
Total, inception to October 31, I9U7
i«66
Ug8
71,576
2, '•95
Accrued
discount
Matured
debt
Interestbearing
debt
Porcent of
onthl7
redemptions
to anount
outstanding
December 1947
33
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Contlnuedl
(Continued)
Redaaptlons 2/
Salsa 1/
Iccniad
dlicount
Sale I
plua
accruad
discount
(In
Total
illlons of dollars)
Series I, T, and
fiscal years:
191*1
661*
191(2
5.993
11.789
19'»3
19IA
19U5
19U6
15.1*98
lU,891
9.612
7,208
191*7
Calendar years
2
36
127
191*1
,
191*3
2,537
9.157
13. 729
l6,0l*U
191*1*
12.937
191*5
19I16
7.1*27
1*67
583
7.791
12
7t
195
379
533
Months:
19H7-^anaar7
February
Ksreh
952
712
616
,
1*8
April
572
Itay
1*88
1*6
June
1*82
67
July
August
Septanher
1*66
51
Oetoher
UH
1*6
67,627
1,703
fetal, Ineaptlon to Oeteher 31,
1*1*
1*5
191*7
11.821*
15.625
15.175
10,078
2gl*
1
191*2
66U
5.995
Sales
pries
Accrued
discount
Aaount
outstanding
(iBterostbearlng
dabt)
Psrcsnt of
monthly
reds options
to aaount
outstanding
Treasury Bulletin
i^
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Continued)
(Continued)
BadBBptlons 2/
Salts 1/
Iccnjfld
discount
Sadea
plus
accruAd
discount
Sales
prlca
Total
Accrutfd
discount
Aaount
outstanding
(interestbearing
debt)
Percent of
ontbl7
redemptions
to aaount
outstanding
(In allllons of dollars)
71 seal jears:
I9UI
19te
67
758
802
679
IS"*}
19UU
19U5
U07
360
I9it6
19U7
2
9
19
33
^1
67
•35
760
811
698
67
3
17
58
3
It99
l,2lt2
UO
89
IU9
17
57
88
IU7
I107
203
197
1.996
2,60l»
2.895
3,099
Calendar yeara;
207
208
208
652
7t5
2
65'«
7
7
85lt
19't3
k
35
35
191A
773
13
lOlt
1)0
365
77
106
189
569
278
25
750
786
621
19l»l
19te
19't5
595
325
191*6
Months:
19U7-Januar7
Tebruary
Harch
.U8
3.013
3.052
72
.68
lit
3.07't
.116
15
3.088
3,099
•51
.59
3,115
3,123
3,130
.52
25
16
18
26
lit
3,llt2
.1*5
585
3,1U2
39
22
21
iprll
May
June
33
25
2U
36
29
30
lU
16
18
July
August
September
27
21
21
33
17
zh
October
22
128
793
,969
20
lit
lA
35
3,598
185
lU
21
59
111
Tetal, Inceptlen to October 3I, 19U7
77
3,726
18
3.03lt
•
55
•
58
•
Series
fiscal years:
I9UI
191*2
191*3
191*4
191*5
191*6
395
395
2.032
2.759
2,876
2.658
2.032
2.759
2.876
2,658
1
12
1
391*
12
55
2.U1U
131*
131*
220
220
5.119
7.861
10.299
55
2.1*65
2.1165
31*8
3I18
12.1*16
2,561
2,561
U69
!i69
lU,508
191*2
1.185
2,516
1.185
2.516
2
29
191*3
2.6I10
2.61*0
19UU
2.891
2.520
2.637
2.891
2.520
2.637
1.183
3.669
6,221
8,931
11.186
13.397
361*
March
278
209
36U
278
209
April
May
June
191
158
157
191
158
157
191*7
Calendar /ears:
igltl
,
191*5
19I16
Months:
l9U7-Januaiy
Vebruai7
July
August
September
October
Total, Inceptlen to October 3I, 191*7
Daily Treasury Stateaent.
Vot aTallable.
1U2
89
181
2
29
89
181
26U
26"*
1|26
1*26
38
38
U7
lt7
13.723
13.966
11*, 130
.28
.26
.30
ll*.28U
.26
31
•32
ll*.
398
lU.SOg
Il8
US
ii*,653
'Jl
1*2
1*2
ll*,756
33
.28
IkZ
1*4
It4
ll*,85l*
.30
162
lis
Ul
111
l't,975
16,388
16,388
1,1*13
1,1*13
l'*,975
Less than 1500,000.
See footnotes to table 1.
•
December 1947
35
Sales
Treasury savings
ries,
series A
19I4.3,
series B
12,
19'*-2,
sale
and
since
Series
each
were
1,
from August
1,
series C whloh
September lU,
and some of series
value
notes
from August
C
notes
ernd
Issued
three
In
through
ig"*-!
igl+l
Redemptions of Treasury Savings Notes
through
have been
on
se-
June 22,
September
continuous
All of series A and
19lV2.
B
notes have matured.
are
sold
at
par,
and
month, yielding 1.07^ per annum
accrue
If
In
held to
These notes
maturity (3 years from date of Issue).
may be used In payment of taxes any time after 2 months
after Issue, or may be redeemed for cash any time after
For details concerning features.
months after Issue.
Investment yields, and tax payment or redemption values,
see "Treasury Bulletin" for October 13^3, pages A-'t- and
For details concerning the features of aeries A
A-5.
6
and B notes, see "Annual Report of the Secretary of the
Treasury" for 19'^2, pages 207 and 220.
In the following tables sales and redemptions of
Treasury savings notes are shown at par value.
Matured
notes turned In for redemption (either for cash or for
tax payment)
are Included In the figures on redemp-
tions.
Matured notes outstanding are reflected In the
Interest-bearing debt until all notes of the series
have matured, when they are transferred to matured debt
upon whloh Interest has ceased. In aooordanoe with the
practice of the Dally Treasury Statement.
For sales
and redemptions of series A and B notes by fiscal years
and months, see "Treasury Bulletin" for February 19U-6,
pages 1+2 and k'}.
Table 1.- Sunmary of Sales and Redemptions, by Series, as of October 31, 1947
Ua ilUoM
Tnuni7
isrlaes aotei
of aallari)
36
OWNERSHIP
OF
GOVERNMENT
Treasury Bulletin
SECURITIES
.
December 1947
37
Sunmary Distribution by Classes of Holders of Interest-Bearing Securities Issued
and Guaranteed by the United States Government
(Zb alllloBt of dollars)
Bacurltlat Itsuad b7
ITiiltad
Diitrlbatlon
Igr
Statoa aoTarnaant
Securities guaranteed b7 United States 1/
claases of faolderi
Distribution bj classes of holders
U> B.
n<
Ind of flacAl
jear or Month
truit fuBdo 2/
19U1
lt«,387
5.605
6.8O3
8.225
19»IS
71.968
10,31*0
19't3
135.380
lb. 091
I9itlt
199.5't3
19'»5
256.357
ISUf,
268, lu
255. 113
18,920
2U,93U
29,121
32.809
19U7-JaB.
rab..
Mar..
258. 378
^r..
25U,i4S7
25't.975
258.113
255.800
255.
U3
arket. nonarkotabla
able
able
IsBuea
Total
public
laauaa
2.561*
2.551
31. 730
'».775
2.1*58
2,101*
6.120
7.885
2,180
33.115
37.982
58.988
m
7
10
17
6.105
6,759
5,'W7
36
6.3'»3
6.328
6. 3112
6.268
5.919
31.585
32.1U2
32,809
Public
aarket-
2.676
3.770
33,^
256.321
257,110
256,107
33,715
lt,ll58
33,9l»3
K3«I
Oct..
256,270
33,952 p
"•,369
18.812
22,332
27,366
7.1't9
1U.899
21. 792
23.783
21.872
llU.lUl
165.725
209,630
215,206
200,1*32
Public
nonmarket ablo
Public Public
arket- nonable
sarke table
Public
leauat
ISBUSS Issues
laiu«o
27.989
29.579
29.950
1.556
2.151
3.166
't.853
33.1*28
(5,1*81
U.551*
6,360
13.507
U,5l*9
5.''50
5. '•98
81*. 91*8
29.193
U.092
1.516
170
l*lt.8l*5
56.209
1I09
6
56.11*3
1*67
9
59.010
83
2
57.120
57.729
58.119
262
181
175
1*
l«iu*s J/
1*,528
325
286
286
275
287
120. 880
153.1*21
159. 06 1*
lUi.-1*23
Public
arket- aonsbl*
arkstabl*
5.16U
5.212
6.085
lt.262
115
176
3.738
1,186
28
V*
37
68
150
1*5
777
938
25.183
2'
23.91*1
203,280
202,695
11*6.160
2I1.II7
21*.:
22.593
201,6i*6
11*3.
37
25,280
26,186
27.366
a. 857
200,985
ll|2.1*10
22.088
21,872
200, 71*1*
200.1*32
11*1.919
li*i,i»«3
58.575
58.826
59.010
171
171
83
28, 516
21,51*9
59,260
7"*
22,192
22,329
201,1*32
201,20'*
11*2,172
29,220
29,520
11*1,71*0
59,1*61*
73
39
199,835
11*1,230
58,605
70
36
29,1*7
22,168
20O,lll9 p
i>to,;7i
59,57«p
78
136 p
Iklly Treaeury Statement for total amounts outstanding;
end trust funds for securities held by
Oovemment agencies and trust funds; and (3) federal
Beserre SyBtem for securities held by federal Beserve Banke.
Preliminary.
Less than $500,000.
Urcludes obligations held by the Treasury and matiired securities.
Holdings by federal land banks are Included under "PrlTate
InTestors" Instead of "U. S. Government agencies and trust funds"
beginning with June 30, I9U7 since the proprietary interest of
the United States In these banlcB was ended June 26 19^+7, with
11*1*.
(2) reports of agencies
S.
,
able
iiBuoa
21*.
(1)
TJ,
arket-
21*.
36
36
36
P
10. 871
ll*,287
2,61(0
29.51*5
Public
Private
larestors
2/ 1/
37
37
37
5,'t07
July.
Aug..
Sapt.
Source:
2/ 1/
1.791
1.835
2,028
2,1*52
31.157
31,302
31.561
Spaclal
itsuai
lisuat kj
IsautB
It.li66
36.576
39. 886
fe.376
Public
Public
Oovemaent
acenclea and
Total
trust fxinds and
asouBt
federal Seserre
unaatured
Banks 2/
outstaadlBC
oat• tandlng
193«
1939
igio
Maj..
June.
PrlTata
inrastori
radaral
Basa nra
Baako
QorarnBeDt
a^Dclei and
Total
Total
public
and
spaclal
iBtuaa
ig"*?
S.
1/
966
526
36
36
9
10
2
36
37
33
33 P
217
135
130
126
125
1*5
llO
"5
the repayment of the last of Its Investment.
On May 3I, I9U7, the
Federal land banks held $13^ million of securities Issue* or guaranteed by the United States.
The total amount of securities held by private Investors le calculated by deducting from the total amount of securities outstanding,
the securities held by U. S. &overnment agencies and trust funds
and by Federal Reserve Banks.
Includes United States savlnga bonds, Series A-F at maturity value.
Consists of Commodity Credit Corporation demand obligations stated
as of the close of the previous month, In accordance with the
Ifelly Treasury Statement.
.
H
.
1
2
8
H
U
Treasury Bulletin
3S
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
{?BX Taluei
Hald
iQr
Total
SBOunt
Knd of
month
outfltand-
Total
Commercial
Panics
^-
In Mlllona of dollars)
Held by noB-baak Inrestore
Tallin
V
Fkdaral
Beserra
Total
BanJcs
ZndlTldu&ls k/
InsoraiLoe
ooB^anles
Mutual
'banks
Other
corpora^
tlona and
aaaoola^
tlone 5/ 6/
1939-ZleoeBher
••7.1
18.
15.9
2-5
28.7
9.8
6.3
3-1
2.6
igUO-June
Ceoeaher
U7.9
50.U
18.6
19.5
16.1
17.3
2.5
2.2
29.3
30.9
9-7
10.3
6.9
3.1
3.2
i
igUl-Jnne
ZL.S
23.7
19.7
21. >t
2.2
2.3
32.9
fieoember
5U.7
63.8
10.9
13.6
7.1
8.2
igUs-Jnne
Seceaber
76.5
28.7
1*7.3
26.0
Ul.l
2.6
6.2
l«7.8
IU.6
9».3
17.9
23.7
118.6
139.5
161.0
168.7
50.1
1)1».2
5.9
59.'*
67.8
71.5
52.2
58.3
59-9
7.2
8.9
U.5
68.6
80.0
93-8
97.3
26.5
30.3
3*.7
37.1
I85.6
201.1
209.3
230.*
76.2
6>».o
12.1
109.'*
83.3
87.1
96.5
68.H
70.5
77.7
ll».9
117.7
122.2
133.8
233.1
256.8
260.2
276.2
97.'»
77.7
19.7
106.0
107.3
115.0
8l».2
a.
116.7
112.8
108.2
ioh.3
97-9
93.8
90.2
19l*3-March
June
September
Dtteeabar
191*1+ -March
June
September
Ibcember
1911^ -March
June
September
December
19l*6-rebruar7 (peak)
March
June
September
December
278.5
275.3
268.6
258.0
16.7
18.8
8>».0
90.8
8I1.U
22.9
22.6
23.8
80.2
2I».0
7'«-5
23.3
8.5
9.5
U.6
1.0
10.6
12.2
11.2
i».6
n.i
W.7
5-3
15.1
6.1
12.1
15.5
20.7
20.0
1.0
1.5
2.0
2.1
16.3
15.8
16.9
U2.2
H5.1
H7.8
52.2
16.
17.3
18.3
6.8
7.3
7.7
8.3
23-3
2.6
3.2
135-7
150.8
152.8
161.
53-6
20.H
22.7
161.8
162.5
160.H
160.3
160.1
63.5
63.6
62.9
62.8
63.5
160.8
161.5
161.9
9i.2
58 .s
59.
63.5
9.2
19.6
2U.8
25.0
25.4
25-3
.9
5:i
25.8
29.8
28.8
29.1
U.l»
22.9
5.3
2l».9
11.1
11.3
11.5
11.7
11.8
27-7
27.9
25.2
6.7
6.7
6.5
6.3
6.2
22.0
21.9
21.7
6.2
6.2
6.3
i.l
1:1
10.0
10.7
65.2
25.1
163.3
65.8
25.1
25-2
25-0
12.0
12.0
12.1
20.6
21.0
21.2
164.5
165.3
66.1
66.3
12.2
12.2
21.5
21.8
I6I1.O
65. >»
U.l
a.5
22.6
April
May
June
25H.6
255-1
255.2
93.5
92.8
91.9
71.6
70.7
70.0
21.9
22.1
21.9
161.1
July
iagust
Saptember p.
256.1*
91.9
91-9
92.2
I?
69.8
21.5
22.2
22.3
25."»
l62.lt
Preliminary.
Dnlted States saTla^ bonds, Series A-D^ I^ and 7, are included
at current redemption ralues.
Onaranteed seoorltlee held by the Treasuiy are excluded.
Consists of commercial banks, trust compaiiies, and stock sarings
banks in the United States and in Territories and insular pOBsessions. Ixcludes securities held in trust departments.
Includes partnerships and pereenal trust accounts.
^
^
2/
2H;7
18.1
19.1
20.6
21.7
27:6
11.9
12.0
12.0
23.9
y
.5
.6
3."*
*.5
n.5
1/
6.5
11.3
73-9
72.7
.
^
.7
9>(.l
257-2
256.2
a^ttclee and
trust funds
OoTemnent
UM
97.9
96.8
2lt.l
V. S.
3.7
110.
258.6
258.3
256.0
igUj-Jaauary
Tebruary
March
State and
local
goTemments j/
26.6
27.0
6.5
28.0
28.2
29.1
30.14
30.9
31.6
32.2
32.8
6-3
6M
33-3
33.7
33.9
6.>»
6.1)
Includes sarins and loan asBoelatlons, dealers and brokers, and
InTestments of foreign balances and international accounts In
this country.
Sae footnote 2 on preceding page.
Conprlses trust, sinking, and InTeatment funds of State and local
goTeraments and their agenclee^ and Territories and Insular
poBsessioBa.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollare)
V
December 1947
39
Treasury Survey of Ownership of Securities Issued by the United States
and by Federal Agencies, September 30, 1947
The Treasury Survey of Ovmershlp covers securities
the United States Oovernraent
Issued by
agencies.
In
the
such
The banks
securities
by Federal
approximately 95 percent of
banks and Insurance com-
for
held by
all
panies In the United States.
Information on
types
of
banks
the
and
distribution
Insurance
of
oompauilee
ovmershlp
Is
by
published
each month.
Additional Information showing the holdings
of commercial banks distributed according to Federal
Reserve member-bank classes and nonmeraber banks has
been published at less frequent Intervals.
Section
I
this
Information
Is
published
for
June
30
and
December 31.
Insurance companies Included
and
Survey account
and
-
The Survey began with data for March 31, 1941,
which appeared In the "Treasury Bulletin" for May of
that year.
Revisions of data on Insurance companies
for May 3I, 19'^3,
and prior months appeared In the
November I9U3 Issue; reclassification of data on banks
for the period November 30, 19'4-3, through February 29,
IS^h, appeared
data
February
In
the May
September
19'I5
30,
19'4-'t-
igl+l)-,
Issue; and revisions of
appeared
issue.
Currently,
Interest-Bearing Securities Issued or Guaranteed by the United States
Table 1.- Summary of AH Securities
(In alllleaB of dollars)
ClMiifieatloa
for
In
the
..
,
Treasury Bulletin
40
Treasury Survey of Ownership, September 30, 1947: Section
by the United States
I
Securities Issued or Guaranteed
Table 3.- Public Marketable Securities, by Issues
(Far T&luea - In
llllons of dollar*)
Bald
Xsaoa
(Tax itataa j/ i9 ahoim la parenthasea]
Total
aaooAt
ontttaad-
7,305
ooBmarolal
2/
Mils
Certificates of indebtedness:
19'*7-J..
October
77«?
7/g!f
HoTember IJUT-I
SecsEber 19lt7-L
7/g)(
(taxable)
15,725
767
(taiabla)
(taxable)
(taxable)
l,ltllO
1,775
3,281
m
3,13U
3,9*7
19>»8-C
2,1112
1,310
1,032
875
ighS-S
19Ug-I
19U8-r
(taxable)
(taxable)
(taxabla)
1,321
1,777
2,7H2
WtO
366
725
19l»8-0
(taxable)
(taxable)
1;127
2,a09
^l
January
7/«*
7/8*
Tebmary
l^ki-X
19U8-B
Marob
7/«*
7/8*
April
June
July
7/«*
7/8*
July
July
igUg-H
ik,8^
Total certificates of Indebtedness.
Treasury notesi
1-1/2* September 19Ug
19Ug
October
1*
(taxable)
(taxable)
Total Treasury notes
J,7'«
092
7,8'tO
Treasury bonds!
Baafc
eligible:
October
December
a*
Marob
2*
19ll7-52
19>lg-50
.(partially)
.(partially)
...(taxable)
759
701
1,115
2-1/2*
igUg-Jl
June
I9U8
September igUg
.(partially)
...(taxable)
.(partially)
1,223
3,062
"51
2*
2*
2*
December igUg-SO
June
19'»9-51
September 19l<9-51
.(partially)
...(taxable)
...(taxable)
i.oii*
2*
2-1/2*
December
December
December
1'^3-i'i
...(taxable)
.(partially)
.(partially)
...(taxable)
...(taxable)
.(partially)
'',939
2-1/2)1
Marob
1950-52
September 1950-52
September 1950-52
I^cember 195O...
June
1951-5'*
September 1951-53
...(taxable)
.(partially)
...(taxable)
2,635
1,627
7,986
September 1951-55
Dsuembsr 1951-55
December 1951-53
.(partially)
.(taxable)
.(partially)
755
510
1,118
March
June
December
1952-5*'
1952-5''
1952-5'*
...(taxable)
..(taxable)
(taxable)
1,02"*
5,825
8,662
2-lA*
June
June
June
1952-55
1953-55
195U-56
...(taxable)
.(partially)
.(partially)
1,501
725
681
2-7/8*
March
1955-60
.(partially)
...(taxable)
.(partially)
ia»9
It-l/ii*
2-3/l|*
l-3/U)l
3-V8*
1-1/2*
2-3A*
2*
3*
2*
2-lA*
2-1/2*
2*
2*
2-lA*
2*
I9U7
.
.
Mareb
.
.
.
.
.
I9H9-51
I9I19-52
I956-58
2-V2* March
2-3A* September 1956-59
2-lA* September 1956-59
1958-63
2-3A* June
2-3A* December I96O-65
2-1/2*
7«9
(taxable)
(taxable)
(taxable)
7/1!*
September I967-72
Total bank eligible.
.
.
.
.
.
.
...(taxable)
.(partially)
.(partially)
...(taxable)
571
1,292
2,098
1191
1,786
1,963
1,186
511
982
823
919
'«5
,716
69,686
Inreatora ooTered In Treasury Sarvay
Inaoranos ooapamlaa
33
SHl
tock
ntual
bank*
aaTlac*
baaka
banlca
Treaaury
^
Baata j/
309
life
laauraaoa
aoapaalaa
637 fire,
casualty
and narlaa
lasaraac*
eoBpaalas
All 0. 8.
Qoy ernaeat
a^neles and
trust funds,
and Tedaral
Kaaarra
Banka
Hald tiy
•11 athar
InTestors
December 1947
hi
Treasury Survey of Ownership, September 30, 1947: Section
by the United States
I
-
Securities Issued or Guaranteed
Table 3.- Public Marketable Securities, by Issues
-
(Ciontinued)
h2
Treasury Bulletin
Treasury Survey of Owiershlp, September 30, 1947
Section II - Interest-Bearing Securities
Issued by Federal Agencies But not Guaranteed by the United States
(Par Tslnaa - la
Ibbu0
(tax statue j/ la thovn In parenthaBas)
llUom
ef
dollm)
December 1947
PRICES
"^3
AND
YIELDS
OF
GOVERNMENT
SECURITIES
Treasury Bulletin
iHt
Over-the-Counter Closing Quotations on Government Securities, October 31, 1947
Section
I
-
Securities Issued or Guaranteed by the United States^
Table 1.- Treasury Bills (Taxable)
iatrant
ont-
Table 2.- Certificates and Notes (Taxable)
December 1947
>^5
Over-the-counter Closing Quotations, October 31, 1047
Section
I
-
Securities Issued or Guaranteed by the United States i/
Table 4.- Tax-Exempt Bonds!/
Treasury Bulletin
46
YIELDS OF TREASURY SECURITIES
OCT
31,
1947
Based on Mean of Closing Bid and Asked Quotations
•49
PERCENT
IT2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
1.00
.80
.60
.40
.20
2.20
2.00
1.80
1.60
1.40
1.20
1.00
.80
.60
.40
.20
51
•53
•55
57
•59
•61
•63
65
67
'69
'71
.
.
a
.
..
^7
December 1947
Average Yields of Long-Term Treasury and Corporate Bonds
(Perctot per annua)
Partially
Taxable
tax-«x«Bpt
Treaeury
Treasury
bonde 1/
bond* 1/
Hl(bcrade
corporate
bonde 2/
Partially
tax-exempt Taxable
Treaeury
Treasury
bonde \j
bonde Ij
Highgrade
oorporate
bonde 2/
Partially
tax-exempt
Treaeury
bonde 1/
BlghTaxable
grade
Treaeury corporate
bonde 1/ bonde
2/
Monthly eerlee - aTeragee of dally flguree
1939-J«n..
Feb..
Mar..
2.5U
2.51
19lt2-Jan..
2.113
2.96
2.90
2.87
Apr..
May..
June.
2.38
2.27
2.22
2.92
2.86
2.78
Apr..
May..
June.
2.07
2.06
2.1*5
2.01*
July.
Aug..
Sept.
2.23
2.27
2.67
2.76
2.79
3.29
July.
*ug..
Sept.
2.0I*
Oct..
Bov..
2.60
2.U6
2.35
3.1U
2.93
2.s6
Oct..
Hov..
2.30
2.32
2.26
2. SI
Dec.
19>40-Jan..
Feb.
Mar..
^r..
2.79
2.77
Feb..
Mar..
Dec.
19l*3-Jan...
feb...
Mar..
2.10
2.17
2.10
2.1*8
2.76
2.80
2.80
19l*5-Jan.
1.81
1.75
1.70
2.1*1*
Feb..
Mar..
2.1*3
2.77
2.76
2.75
Apr..
May..
June.
i.6e
1.68
1.63
2.39
2.39
2.35
2.1*6
2.
71*
2.1*7
2.73
2.73
1.63
i.6e
1.68
2.31*
2.06
2.08
July.
Aug..
Sept.
2.09
2.10
2.13
2.1*5
2.72
2.71
2.72
Oct..
Nov..
1.62
1.56
1.51
2.35
2.33
2.33
2.51*
2.51*
Dec.
2.11
2.11
2.12
2.1*6
2.70
2.68
2.70
19l*6-Jan..
2.
2.1*3
Feb..
Mar..
2.12
2.09
2.36
2.35
2.1*8
2.68
2.65
2.63
Apr..
May..
June.
2.08
2.19
2.16
2.37
2.58
2.57
2.59
July.
Aug..
Sept.
2.18
2.23
2.28
2.U1
2.W*
2.50
2.60
2.61
2.63
Oct..
Hot..
2.26
2.25
Dec.
2.2I*
2.51
2.51
2.55
19l*7-Jan..
2.1*9
2.65
2.65
2.U8
2.1*6
2.UU
2.U6
2.1*7
2.1*9
2.1*6
2.1*8
2.38
2.1*0
2.36
2.37
2.58
2.56
2.51
2.1*9
2.53
2.511
2.53
2.56
2.56
2.
51*
May..
2.26
2.39
June..
2.140
2.7"
2.87
2.93
July.
Aug..
Sept.
2.30
2.31
2.25
2.85
2.80
2.71
July.
Aug...
Sept.
1.91
1.92
1.90
2.1*5
2.1*6
Oct..
Hor..
2.21
2.09
2.01
2.70
2.65
2.59
Oct...
Hot...
Dec...
1.90
2.1*8
1.91*
2.
1.95
2.1*9
2.57
2.71
2.73
igltlt-Jan...
1.95
1.93
1.91
2.1*9
2.1*8
2.61*
Feb..
Mar..
2.21
2.21
2.19
2.1*8
Mar..
2.12
2.22
2.12
i*r..,
2.07
2.01
1.91
2.1*9
2.61
2.58
2.58
Apr,.
May..
June.
2.19
2.19
2.22
2.1*9
2.01*
1.91*
I.9I*
June..
Apr...
May..,
June.i
2.1*8
May..
2.76
2.75
2.70
July.
Aug..
Sept.
1.98
2.66 i/
2.65
2.59
2.57
2.55
2.25
2.6lt
1.89
1.90
1.93
2.1*9
2.1*8
2.02
July.,
Aug. .
Sept..
July.
2.01
Aug. ..
Sept..
2.21*
2.51
2.51
2-57
Got..
Hot..
1.98
1.95
2.06
2.61
2.57
2.68
Oct.
Not.
Dec.
1.93
1.90
1.87
2.1*8
2.55
Oot,.,
2.27
2.6g
2.1*8
2. 61 U/
2.1*8
2.59
Dec.
19UlWan...
Feb.
Dec.
2.31*
2.3l»
2.U7
Apr...
May..
June.
2.05
1.96
1.91
Feb..,
Mar. .
2.1*6
2. 1*5
2.1*8
Us
2.1*9
2.1*7
Veekly aarlaa - arera^e of dally flguree
i^l-*f
3
10
17
2*
31
*u»
7
IH
21
28
...
2.211
2.1*1*
2.1*2
2.1*8
2.1*9
2.1*9
2.50
i/
kB
Q
o
CD
llJ
I-
<
o
or
Qq:
o
o
>-
Treasury Bulletin
^
December 1947
INTERNAL
REVENUE
STATISTICS
..
Treasury Bulletin
50
Summary of Internal Revenue Collections
^
(In thoueands of dollars)
WbcbI year
or mODth
Total receipts from
Internal
reTenae
(Daily
Income and profits taxes
Adjustment
to Dally
Treasury
Statement
Tot&l
Internal
revenue
collectlone
Treasury
Statement)
1938
1939
i960
19U1
191*3
igw
191*6
191*7
19U7-Jaiiuapy.
5,6U3,gUg
2,629,030
1,286,312
-1,133
-19,637
5,162,361*
2,185,111*
1,028,831*
5,322,771
2,129,609
982,017
7,361,675
12,993,118
+10,11*1
7,351,53"*
3,1*71,121*
1.1*17,655
1,299,932
1,122,5*1
1,120,582
2,016,297
-36,797
13,029,915
8,0O6,8Sl*
3,262,800
1*,
22,11*3,969
987
1*3,902,002
1*0,310,333
39,379,1*09
-22"*, 755
+1,565,1*77
+101,661*
22,368,721*
1*0,119,510
1*3,800,338
1*0,671,922
16,298,888
33,027,802
35,061,526
31,258,138
6,629,932
18,261,005
19, 031*, 313
18, 701*, 536
39,108,273
29,020,051*
I9,3"t3.297
3,1*15,216
U, 274,1*61
-773,21*8
1*,
188, 1*63
3,375,3'*8
11,1*05,51*1*
3,359,367
2,01*8,626
-361,559
+271,136
8l*,2l*l
1,1*98,705 1.131.51*6
15,883,235
137,1*52
11*3.978
12,l*62,U37
91,165
9,621,271*
55,'*83
1.738,372 1.290,025
1,779,177 1.307.931
1,700,828 1,237,825
2,021*, 365 1,1*58,931*
156,008
183.337
211 151
31*1*
2,853,323
516,127
3,052,1*21*
30U,0l*5
5,898
2,898
1.791,996
3,1*82
039
232,127
2,368
570,311
2,729,891*
2,578,1*61*
-271*,
3.992,776
+729,620
2,853,221
3,263,156
1,958,399
1,920,555
2,550,605
1.661,992
1,685,223
1,101,038
1.850,976
1,877,563
1, '•30, 1*37
2,70l*,5«0
1.15'*.531
.
Mscal year
or month
2,125,762
2,662,365
-557,1*85
i»,266,637
776,736
-185,930
2,683,21*7
2,81*8,295
3,i»«9,900
ment
1/
surance^
?,58l*,715
-1*20,588
.
Unemployment In-
833,521
925,856
1,185,362
2,309,306
July
Old-a^e
insurance
Ballroad
retire-
27,010
37,172
56,621
5,1*1*6,121*
StpXtmtwt
Social Security
taxes
11*9,1*76
April
May
June
757
Total
employment
taxes
90.267
101,167
106,123
100,658
119,617
March
1*,
Miscellaneous
profits
taxes k/
502,918
529.836
605,350
687,328
895.336
3,8lll*,10l*
An^et
y
+30,1*70
-131,083
+875,813
Febrttftry-
Corporation
Income and
excess
profits
5,161,231
1*1,681*,
^3^5
Individual 2/
5, 67"*, 318
5,303,13'*
191*2
Total
income
and
profits
taxes
Sbployment taxes
1.557,312
11*,
687,1*62
629,
291*,
1*2,786
33,71*0
71*2,660
1,1*U7,131
3,201*
2,1*36
1*18,256
318,9'*2
1,5'»9.056
2,282
1,309
993
71*0, 1*29
108,956
76,950
367.1*38
2l*C,972
13.136
123,856
287.800
6,959
11*8,287
319.151*
138,716
269,195
5,893
96,279
137,871
170,1*09
,
185,876
265,011
28"*, 758
281*, 258
379,555
30,157
101 302
12,727
56,31*6
186,1*89
178,71*5
,
131,186
331.960
97.622
109,1*27
122,01*8
1,81*9
25,158
U,076
3,25'*
10,1*1*0
33,720
89,875
788
2,893
6,679
9.631*
1.0,32s
902
89,lt8>t
51
December 1947
COLLECTIONS OF INTERNAL REVENUE
1933
34
35
36
37
'38
40
39
'41
DOLLARS
DOLLARS"
Billions
Billions
Individual
Income Taxes
22
22
20
20
I
Alcohol and Tobacco Taxes
'42
'43
44
'49
•«&
'47
'48
.
Treasury Bulletin
52
Detailed Analysis of Internal Revenue Collections-^
(In thouaanda of dollara)
Tlrat 3 Bontha
'iaoal years
Santeabor
19»7
Sopti
8*ptoBl>er
fro9 of tax
19(6
19H7
19>»S
riaeal
yaap
riaeal
7«ar
19^8
Xnooaa and profits taxasi
IndlTldnal:
Wlthhald b7 aaplojars:
Oorrsnt Tax PaTaeat Act of 19H3 £/.
SsTaaoa iat of 19lt2
Otherl
Oorrant 2/
Baok
Votal IndlTldval laaoaa taxiss.
Oorporatloa:
laooaa tajcas:
Carrant j/.
Bae*
9,857, t66
123
9,81)2,028
29,k80
169
26,312
9
2,225,767
172
2 65l*,7W*
25»
«,'»30,3T7
8,950,272
1,162,805
1,083,076
1.51*6,39.
550, 7H3
3'»,87l
'»5,133
102,506
1.363,829
123,666
i«,7oU,53S
19,3'»3,297
1.227,325
1,15'*, 531
3,87'».839
3,901,917
738,032
5,'Al.776
613,320
656,083
l,'»73,873
1*0,016
925,160
100,566
2,009,963
7.«2a,»8«
3,566,178
977,781*
35,167
1.511,360
126,900
2,537,086
2,286,255
18.333
.,58.
36,021*
1*1
It,
11*2, 280
11*9,391
Ixoass profits taxaa (Saoond BaTonua lot of I9U0,
aa aaaaadad)
Total corporation taxaa.
Hlaoellaaaona proflta taxasi
Baolared Talua
Tlnson Aat
Unjust anrtohaaat
9,621,271*
1,669,891
l,5'»9,056
91,130
55.185
10,01*7
993
91,165
55.'MI3
10,052
993 it/
31,258,138
29,020,051*
2,907,267
2,704,580
6,1*30,268
6,.33,119
1,837,825
l,'t58,93"*
5,523
1.63*
5,«93
355,188
13.367
368,556
.13,80.
13..29
.27;233
89,1*81*
85,329
136,1*87
57,335
96,279
1*53,88.
563,720
230
-301*
528
96
y
35_
Total Blaoallaaaona profits taxaa.
Total inooBO and proflta taxaa
hplajaaat taxaa
I2,ll62,l»37
V
10
18,3.3
.,58.i/
1
Soolal Sasorlty taxasi
Old-a^ Insnranaa
Unaaployaoat iasnraasa 6/.
Total Soolal Seonrlty taxai
^
I85 87<
1,'H6,570
1,6*»,810
28H,258
379.555
1,700,828
2,02i*,365
35a,ia
1,597
latata tax.
629,601
708,79'»
(Kft tax...
1*7,232
Ballroad retlramant j/.
Total anploTBant taxss
Mlsoallanaous Intamal raTaaoa:
Capital atook tax
Aloohollc boTora^ taxaai
Diatlllad aplrlta (laported, axolaa)
Slatilled aplrlta (doaestto, axolaa)
Slstlllad aplrlta raotlfloatlon tax
Wines, oordlala, eto. (laported, exolae)
Wines, cordials, eto. (domsstlo, excise)
Saalera la dlatllled spirits) reotlflerst
faotnrers of stills (special taxes)
Staaps for distilled spirits Intended for
Case etaops for distilled spirits bottled
Container ataaps
Floor taxea
Taraented aalt llqaore
Brawera; dealera in aalt llqnora (apeoial
,
export..
In bond.
taxaa)..
Tobacco taxea:
Cigars (large)
Cigars (snail)
Cigarettes (large)
Cigarettes (saall)
Snaff
Tobacco (obevlng and saoldttx) - •
Cigarette papers and tnbea
Leaf dealer peoaltlea, eto
Cigarette and dgar floor t&xeo.
.
Total tobacco taxea
Staap taxea:
Bonds, Issusa of capital stock, daeda of convejaoce eto
Transfers of capital stook and siallar Intereat
sales
Playing cards
SllTer bnlllon sales or transfers
Total staap taxes.
6,795
50,188
.
a2
62,511
172.957
204,1*25
70,»97
633
1,076
2,119
.,353
l>»3,oeo
1,603,1197
•11,880
121,562
1,563,800
11,738
ll»2.776
1*3. 1*85
1*,808
2,59=*
1*66
58,250
2.906
5*,291
10,177
105,831
2,827
33
5,611
1*,613
35,201
678
12,722
985
16,909
2., 578
269.991
6,86.
302
11.686
8,061
3112
1*2,
Hi*.,
aanu-
Total aloohollo bevera^ taxea S/.
,
302_
9,1*1*3
262
5.632
5,85.
•
1
1
SUO
13.309
696
7.1
13,282
153
32
992
2
93
650,82>»
661,1*18
195
3.5.3
319
178.917
2,130
25
3.106
3.662
52
1.265
196
58.908
121
2,526,162
2.H7>*,756
226,205
Hl,38l»
H8,289
3,830
70
172
,072,799
7.373
Hl.gei
1.757
66
6
5
.1
1,1U5,262
9it,029
5
67,620
le.
2,1*29
15
209,679
2,1*62
192,636
701,232
533.955
026
6
II..3.
17
11,50.
IH
•
1|2
102,211*
2gl*,l>07
1
307.31*8
716
3,731
10,1|2.
I*,
,
28
M
1,652
10,112
50
1.237.768
101,831*
110,781
307,715
331.299
1*,022
13,107
12,656
539
1.796
210
1
5
1.165.519
>»7.393
1*9,
106
3,703
30,369
9.766
1U9
21,963
7,782
l,lg7
1,958
830
160
79,978
6,631
87,67<
(Oontlnaad en follovlag page)
5.598
2.395
280
5.853
21,37.
.,.39
1,581
S3_
18,759
m
December 1947
53
Detailed Analysis of Internal Revenue
Ck>l
lections^- (Continued)
(la thousands of dollorB)
fiscal years
Sepjtember
»ep)t(
tffu of tax
19U6
i9>»e
Mlicallaneooa Internal reranna (oontlmiad)t
Nannf&cttLrarB' and retallars' axolie taxes:
Lubricating oils
Oasollne
Tiree and tubea
leor taxee on tlree and tubee
MtOBOblle trucks and buses
Other antOBOblle and notor^eles
Parts snd aeoeseorles for aatoaobllaa
Electrical ener^
lleetrlo, gaa, and oil a^pllanoas
nsetrla ll^t bulbs and tubas
fiadla sets, phonographs, ooapanants, ate
Phono^aph records
Musical Instrvnents
Neohaalcal rafrleeratore, alr-condltlonera, ate
Matches
floor taxes on Batches
Business and store Baehlnes
Jure - retailers' excise
Jevelxy - retallera* excise
Uiggege - retailers' axolsa
niotographlo apparatus
Sporting goods
Toilet preparatlona - retallera' axelaa
Vlreams, shells and cartridges
Pi Btols and roTolTers
fiepealad taxea
Total Internal rerenue collectlona
Adjustnent to
Z^ly Treasury Statement
Total receipts from internal revenue (Sally Treaauiy
Statement)
6,890
"10,675
17H,927
13,77'!
25, '•92
65,608
23,180
63,(56
10,8l»7
,
,
•
•
«
3,795
io,9gu
966
k,iyk
tSi
607
8,1*7
790
6,173
19,368
9,205
*,833
5,53*
1,573
3,62*
629
563
3,729
999
2,339
5,2*3
15,165
5,651
2,835
1,089
6,551
«70
-207
7
2,*l6
*,027
13,781
5,1*3
3,616
1,376
6,73*
1,080
50
87
lllO,722
160,735
9,118
63,01'»
f,)t92
10,151
37,352
8,hi3
15,792
91,Tp6
223,3'»2
81,foj
7,878
95,97»»
5,232
61
2*1
J,985
h,5p
l,in>t,7l7
1,939,621
56,732
59,152
6,769
252, 7U6
l6h,9lA
16,988
21,2*1
23'*,
393
ii»5,6«9
li»,g2h
226,750
220,121
7,857
3>»3,191
72,077
18,899
H.Oll
17,092
2l»it,003
275,701
8,560
392,873
63,350
20,h32
lA
30
'*,932
5,87'!
69!)
116,3*7
792
17,208
8
kS2
1, ''89, 929
1,550, 8*12
127,927
7,712.956
8,063,8511
6*6,393
"10,671,928
39,108,273
3,610,995
-361,589
+271,136
+680,21*
"^,310, 333
39,379,'i09
*, 291, 209
6,272
6,592
*6,295
13,369
62,099
20h,680
99,932
21,
,
Miscellaneous taxes:
Soger let of 1937
Telephone, telegrsfih, radio, and sable, leased
vires, etc
Local telephone serrlce
Transportation of oil b7 plp« line
Transportation of persons, seats, berths
Transportation of property
Leaaea of safe-deposit boxes
idnlSBlons to theaters, concerts, ate
IdBlBslons to cabarets, roof gardene, ate..
Club dues and Initiation fees
Bowling allexs, pool tables, etc
Ooln Oi>erated dOTlces
Adulterated and processed or renovated butter,
and filled cheese
Oleofflargarlne, Including epeclal taxea
Varcotlea, Including aarlhuana and special taxes
Coconut and other Tegetable oile processed
national Plreams let
All other. Including repealed taxea
Total miscellaneous internal reTenue
82,015
'»33,676
118,072
19
37,1"A
85,893
68,871
59,112
3,908
2,839
9,229
Total anufacturars' and retallera* excise taxei
Total aiseellaneoaB taxes
7l»,602
1105,695
17,781
13,385
,
September
19*7
19^7
5*^
MONETARY
STATISTICS
Treasury Bulletin
1
2
U
5
9
,..
December 1947
1
8
55
Gold Assets and Liabilities of the Treasury
(la mlllloiu of dollara)
Idalillltlea
Ind of calendar
year or aonth
Oold aaaeta
12,760.0
1937
1938
1939
Oold certificates }/
17, 61*3.
9,212.3
11,872.8
15,278-6
21, 991*.
19,825.1*
22,736.1
20,5SU.8
22,726.3
21,937-8
20,618.8
20,611.9
19,821.0
20,061*.
Oold reaerre
agalnat U. 8.
notes, etc. 2/
Bzchan^
Stabilization
»nnd
k/
y
Oold In
Oeneral ^ind
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
1,591.6
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
158.1*
17, 911*.
18,1*30.5
156.0
156.0
156.0
156.0
156.0
156.0
156.0
156.0
1,800.0
20,1*62.6
18,675.8
19,162.0
19,269.9
116.5
1,012.0
1,036.6
i^urll
20,771*.
19, 581*.
20,933.1
21,266.5
19,736.8
20,086.9
156.0
156.0
156.0
1,033.3
•««7
20,31*3-7
September.
21,537.0
21,765.9
21,955.3
20,581-5
20,770.0
156.0
156.0
156.0
1,037-3
1,028-3
1,029.3
October p
22, 291*.
21,091.1*
156.0
l,ei*6.5
11*,
19110
igUl
,
19U2
igu?
191*4
191*5
191*6
511.
20,529.0
19l*7-Jantiary
.
'obruary
March
.
20,71*8.3
.
20,330.0
Jane
July
Aa^st
Source:
. .
.
18,1*97.1*
Dally Treasury Stateaent and Olrealatlon Statement of United States
Money.
2/
Preliminary.
Oomprleee (l) gold certificates held by the public and In Tederal
Beserre Banks; and (2) gold certificate credits in (a) the Oold
Certificate ^nd - Board oX Ooremors, federal Baserre System,
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
y
%/
682.1*
1*08 .9
213.2
215.3
160.7
165.1*
196.8
162.1*
1,01*0.3
1,023.6
and (b) the Redemption Txmd - federal fiftserre notes.
Beserre against United States notes and Treasury notes of I89O.
Zxclndes gold in active portion of lixchange Stabilization hnd.
On Tebruary 26, 19l*7, the United States subscription to the International Monetary Kind was paid from the ftcchange Stabilization Kind-
Monetary Stocks of Gold and Silver
6
U
.....
7
Treasury Bulletin
56
Conponente of Silver Monetary Stock
(Ji allllaM of dsllars)
81lT«r htld In Tr«a«ur7
lad of oal»lar
7«u- or Boath
teourlac illTvr
MrtifleaUt
Bllnr
tall Ion 2/
In Oenaral fund
1/
503.7
502.7
U99.O
U9U.5
UgU.l
1.516.2
1.520.0
1.520.1
1.703.9
1.911.2
)l6«.J
.2
UOO.U
376.5
iSiij
.U
1.913.1
1.915.5
1.917.0
3''3.3
3'»3.2
March
Ipril
Hay
Juaa
I.918.9
1.921.3
1.923-9
3»t2.9
3li2.6
Jal7.1....
SaptOBber.
1,925.6
1,929.0
1,930.9
339.9
338.9
19.3
17-9
15.8
Ostebar p.
1,933.5
33«-6
ll».6
igiii
19l«
WU?
19IA
19^5
19116
19U7-^anuaZ7.
.
fvtoruar/.
tecu*....
olUoa
Subaldlarj
eola 2/
StlTtr
dallari
93«.8
1.137.6
1.298.2
1.398-1
1.476.1
193T
193«
1939
I9«l
SllTtr
ontolda
Traaauiy
Snlllaa
at eoit 2/
for
raeolnaca k/
3.5
5-3
2-3
3-5
31.3.1.
3112.
3IH.0
1)28.6
U3."»
535.3
616.0
657.t
662.3
lA.U
hs.l
52.5
63.0
628.2
185.
.1
93.1
15.8
15.9
IS.g
3U3.O
dollara 1/
19.1
12.5
10.2
lU.o
356.1*
fllnr
93-6
93-''
93-3
•skildla>7
cola J/
Total
•llTtr
at »1.29
par ounoa
366.9
372.8
2.806.5
39't.l
U22.U
3.790.2
U,060.0
'•93.5
>l.2>tlt.g
"•.317.6
't.207.3
3.3''6.g
78.8
587.3
96.8
6g>t.7
137.5
150.1
771.6
8U6.7
901.1
3.870.6
3.512.8
150.3
150.3
150.5
900.2
900.3
900.6
3.517.2
3.519.6
3.522.5
3.525.7
3,51't.2
19.6
93.''
21.6
19.8
92.7
91.9
150.6
151.0
151.5
903.0
901.1
902.8
93-6
92-6
152.5
153.6
90U.I
93.5
15'* .«
910. B
3,530.6
3,533.1
3,535.7
92.2
15U.9
916.0
J,538.9
•7
.2
90«.i»
3.525.9
3.52'».9
land-leaaed to foreign goremaenta (aae innTlal Baport of
the Becratarjr of the Traaenr/ for aaoonta).
Valued at $1.38 per ounce.
Taluad at $1.38 per ounce or at $1.29 per ounce according to
whether the bullion li held for racolna^ of subaidlarx illvar
Sail; Traaaur7 StaCaasnt and Circulation Stataaant of Onltad
State* Honay.
Prellalnar7.
La» than $50,000.
Taluad at $1.29 par ounea.
Includaa illTar laaaad to Off lea of Dafanae Plaata of the R.y.C..
Doaa not Ineluda
etc. (aae Dail7 Tr«aaui7 Stataaant for aaoont).
• liver
eolna or for racolnage of etandard illrer dollari.
Silver Production In the United States and Sliver Acquisition by Mints and Assay Offices
(In Billions of ounces or dollars]
Calendar /ear
or aonth
SllTor
production In
thlted States
Sllrer acquired b7 alnts and aaeajr offices
$ewl/ alned doaastlc
ellTSr 2/
foreign sllTer
^
OuBcas
1937
1938
1939
19UO
I9UI
71.3
61.7
63.9
68.3
19142
55.9
71.1
19'»3
19Uli
19't5
19I16
llO.g
U7.9
5.5
35.7
29.3
.9
21.
19ll7.HTanuai7.
.
february.
March
April
Mv
June
July
lugust
Septeaber
.
Source:
*
^
3/
.
.
70.6
61.6
60.7
68.3
70.5
•
Kgy
2.5
3-7
3-3
2.7
1.8
2.0
2.7
3.9
2.7
2.7
2.7
1.9
1.9
2.6
2.2
3.8
1.9
2.9
*»""'' figures ooae froa the Buresi of the Mint; aonthlj- figures
en U. 8. silver production cone froa releases of the aaerleaa
Bor^an of Metal Statlstlos and vlll not a^ee with the wnimal
figures.
Less than ^,000 ounces or $50,000.
for Inforaatlon on sllTar prodnotloa la other oouatrles froa 1933
through 19'>1, see Ireaeury Ittllatla* for Aognat I9U3, pa«a 7>1.
laqulred at bU.dl cents per fine ounse until April 9, 1935: a*
71.11 cents par fine ounce froa that date until April 23, 1935: at
2U1.5
108.
312.2
ll2.lt
355-
llO.l
156.9
120.5
50.9
27.1
11I7.1
3l»3.3
163.3
199.1
160.6
U«.5
50.1
282.8
139.8
72.6
208.0
99.11
3U.0
lit.
5>t.6
3-9
1»
3
6.0
1113.1
77.2
62.1
5.5
Uo.o
3-9
•
•
.6
.9
•
.6
it.U U/
U.9 U/
U.li U/
2.U
1.6
2.7
1.8
2.0
2.l»
2.7
2-7
1.9
2.U
2.U
1.8
3.8
1.9
2.9
3.»
1.7
2.6
3.l»
1.7
2.6
^
U/
1.6
1.8
77.57 cent par fine ounaa froa i^irll 23, 1935 to leeeabar 31, 1937:
at 9*.6H oents par fine ounce froa Baoaaber }1, 1937 to Julj 1,
1939: at 71.11 oants par fine ounea froa July 1, 1939 to July 2,
I9116: and at 90.5 cants per fine ounce since July 2, 19)16.
Acquired at various prices averlng approzlaately 5I cents per
ounce.
Inclodes O.5 allllon ounces Talaed at 71.11 oents per fine ounea
totalling $0.3 Billion, and U.k allllon ounces valued at 9O.5 oents
par fine ounce totalling $ll.O allllon.
3
.
.
December 1947
1
57
Seigniorage on Silver
(CnmlatlT* froa Jaauary
1,
193$ - Id mllllonB of lollari)
Sources of eelgnlorage on Bllrer bullion reralued 1/
Snd of calondar
7aar or aontli
Solgnlora^e
on colni
(tllTor and
slBor)
Vewly mined
Hevly Blned
•ilTer (iet
July 6, 1939
•llTer (Proc.
bullion held
Dec. 21. 1933)
and
June lU, 193U)
July 31.19''6)
Mlio. •llTor
(Incl. illTer
18.5
ue.i
63.7
69.5
91.7
122.2
''8.7
U8,7
WW
182.1
2^5.7
299.6
362.3
19U5
19U6
'*29.5
'•91.9
19U7-January...
Pebruaxy.
March
•93.9
i^>rll
502.2
506.0
508.8
1935
1936
1937
193s
1939
igw....
...
igUi
ISfiZ
i9'*3
•lay
June
"•95.5
>t98.2
'*8.7
1*8.7
U«.7
'«.7
'*8.7
lW.7
U8.7
>W.7
U8.7
U8.7
'8.7
ltg.7
't8.7
1*8.7
1*8.7
16.8
36.0
58.0
7U.9
87.3
87.6
SilTer Purehaae Act
of June 19,
193^
Satlonelited
•llTor
(Proc, of
iu«. 9.193't)
Total
elenioraee
on ellTer
revalued
226.2
302.7
366.7
3U.5
326.2
271*.
31*.
7
1*22.1
31*.
7
508.
7
397.5
5«1.6
758.8
950.6
.055.8
1*57.7
31*.
530.7
562.7
31*.
7
616.0
705.6
31*.
7
759.1*
87.6
87.6
87.6
87.6
87.6
87.6
1*8.3
580.1*
3l*.7
58U.3
3'*.7
581*.
3^.7
581*. 3
3'*.7
701.6
832.1
3"*.
799.7
818.9
820.6
820.7
938.1
1,069.6
1,089.0
63.6
65.3
65.5
65.5
66.5
87.6
87.6
87.6
67.1
67.8
68.3
832.1
832.1
832.1
3U.7
1.070.2
1,070.9
31*.
7
1,071.1*
161.7
160.9
159.1
87.6
87.6
87.6
68.8
69.5
70.M
832.1
832.1
832.1
31*.
7
1,071.9
1,072.6
1.073.5
159.8
3U.7
156.1
l5l.2
154.1
11*9.5
7
3U.7
3i*.7
31*.
7
3i*.7
509-5
510.0
510.7
1*8.7
1*8.7
87.6
87.6
87.6
70.9
71.9
72-5
832.1
832.1
832.1
3H.7
l,07U.o
1,075.0
1,075-6
October...
513."*
1*8.7
87.6
73.3
832.1
3'*.7
l,076.U
Source:
1/
.
.
.
1*8.7
9
U.2
25.7
September.
July
Mgust
Potential
selsnlorace on
illTer bullion
at coat In
General fund 2J
Dally Treasury Statement.
nieae Iteme represent the difference between the eoet Talue and
the monetary value of Bllrer bullion revelTied and held to secure
2/
3i*.7
1.0l*8.2
967.3
717.3
333.2
161.2
157.1*
153.0
BllTer certificates.
The flgurea In this column are not cuaolatlTe; ae the amount of
bullion held changes, the potential seigniorage thereon changes.
..
.
Treasury Bulletin
58
Money In Circulation
(Is Blllloni of dollars)
?ap«r Bonay
nd
of fiscal
/•&r or Bonth
Total
oone/ 10
Total
paper
aoaaj
clrculfr-
tloB 1/
Sold
certificate B
2/
igiia
6.U61
7.0U7
7,8U«
9,612
12.383
T.Zhi
8.932
11,600
ig"*?
17.U21
16,U92
191*
22,
^U
21 >438
25. 561
19t6
28,21*3
26.9115
50
19't7
28,297
26.9'«
I18
February.
March
28,262
28,30U
28,230
26.925
26.966
26,886
19
M9
iprll
May
June
28.11U
28,261
28.297
26, 763
U8
26,910
26,9U2
Its
U8
1938
1939
19U0
igiti
5.93''
6, USB
19U7.Jaiiuar]r.
.
28,lU9
September
28,56-7
26,792
27,072
27,192
Qstoter p
a,5>t9
27,166
J«ly
Au^Bt.
.
28,lt3«
.
Treasiuy
note*
of 1B90
y
Qotes
no tee
2ll8
1.582
1,71 It
57
Beeem
262
266
l,'t5'»
63
59
United
States
Tedaral
Tedaral
Reeerre
Bank
notes
lational
bank
notes
h/
1,230
78
72
67
.
19't5
Sllrer
certificate!
1.75't
300
317
1.6U9
1,588
X.651
2,025
2,061
322
322
323
317
320
1,916
3O8
1.95^1
1,99^1
311t
2,022
2.070
2,061
U.llli
U.UgU
5.163
6,68!i
9.310
19
7117
58li
18,750
22,867
23.973
23.999
597
527
13.
217
186
165
150
139
30
26
22
20
132
126
120
li6lt
UU
ito6
106
2U.lllt
2ll,ll6
It29
It2lt
110
109
31"
23.999
U21
108
318
321
320
23.853
23.953
23.999
Ullt
UlO
108
107
ito6
106
317
itoo
320
317
2l»,151
U7
2,033
2,051
2,OU3
23,887
2U,2«9
397
391
106
106
105
"•7
2,029
315
2lt.282
3*7
lOU
1«8
1)8
Honey In
clrcTilatlott
lad of fiscal
year or aonth
To~.al
coin
Standard
sllrar
dollars
Subsidiary
sllrar
Minor
coin
3112
1I16
361
155
«''9.77
53. 8U
59.16
72.16
91-95
19110
527
558
599
li6
38ll
19U1
680
19118
783
II
''33
50I1
19U
213
19't3
929
1,066
1,205
1,300
1.355
8U
103
125
610
lllO
8lt3
236
263
292
317
II18
876
331
1.337
117
86l«
1117
86U
193«
1939
19IA
19115
19116
19117
19lt7-January.
700
788
February
March
l!3Wi
1117
869
327
327
328
April
May
June
1.351
1.351
1.355
117
873
87U
876
331
330
331
..
llig
llt8
1I19
per capita
(In dollars)
127.63
1(2.98
191.56
200.00
196.ee
197. 80
197-76
196.92
195-79
196.119
196.66
150
151
875
878
887
3311
SeptcDber,.
1.35«
1.362
1,375
337
195-50
197.36
198-17
Oatobar p.
l,38l»
152
89 >»
33«
197-92
July
AoguBt.
Sooree:
.
.
.
(1) Clroulatlon Stateaent of United States Money; and (2) Animal
Baport of the Secretary of the Treasmy for 1916, pa«as 623-627PrellmlnaiyXxoludes (1) aoney held by the Treasury, (2) money held by or for
the account of the Federal fieserre Banks and their agents, and
(3) coin estimated to te held outside the continental limits of
Includes paper currency held outside the
the United States.
'Jf
coBtlnental limits of the United States.
Gold oertlflcates vere vlthdravn from droulatlon In 1933.
Treasury notes of 1890 In circulation are beln£ canceled and retired upon receipt by the Treasury.
Federal fieserre Bank notes and national bank notes are corered
\ty deposits of laarful money and are In process of retirement.
December 1947
CAPITAL
AND
59
MOVEMENTS BETWEEN THE UNITED STATES
FOREIGN COUNTRIES AND NET POSITION
IN FOREIGN CURRENCIES
.
Treasury Bulletin
60
Capital Movements Between the United States and Foreign Countries,
and Net Position In Foreign Currencies
This
chapter
Capital
on
position
Movemonte
tetwsen the
net
and
Position In
banks
United States and Foreign Countries
Foreign Currencies Is divided Into four main groups.
Section I of Capital Movenents, the Hlstorleal Summary,
contains data regarding capital movements by the principal types of data, and by years from 1935. an* curEaoh type of data 1» then broken
rently by months.
down Into Its chief oomponents In the same chrono-
and
foreign currencies
la
brokers,
their
of
United States
outstanding foreign exchange
purchases and sales of foreign exchange,
oentractsi and
both spot and forward.
based on reports filed eaoh month
and brokers throughout the United
States.
The reports are oollected, checked, and tabulated by the twelve Federal Reserve Banks. The totals
are then forwarded to the Treasury Department for conThese data are
by banks,
logical detail.
bankers,
solidation and publication.
Section II supplies a geographic breakdown by
principal countries on a monthly basis. The total
capital movements are given first and then the prlnIn addition,
clpsJ. categories are shown separately.
the total outstanding claims on and
at
this point,
Figures
for
previous periods may be obtained from
the following sources:
liabilities to foreign countries are each presented.
Supplement to the 'Treasury Bulletin* on "Capital
Movements between the United States and Foreign
Countries, January ISkZ through April ^9'^5, for
details during that period.
Details with respect to capital movements and
short-term claims and liabilities are presented In Section III as of the latest month for which the data are
November 13^3< fc capital
'Treasury Bulletin*,
movements, and position In foreign currencies by
months, 1942-191*5.
available.
"Treasury Bulletins", March 19^2 and earlier, for
details covering years back to January 2, 1933.
The last group contains monthly data regarding the
Section
-
I
Historical Sumnary
Table 1.- Net Capital Movement
(la theuaali of Asllsra; aecatlva flcarsi
laUeat* a aat antnav of aa^ltal fraa tb« Qsltet Stataa)
iaal/ala of net o^ltal aoToaeBt iBI
Calendar /ear
or BOBth
1935
1936
1937
1938
1939
19«0
Uaa.
2,
(Jan.
2,
(Dao. 31,
(nao. 30,
(BM. 29,
U,
(Jan.
1935-Jaa. 1, 1936)1935-noe. 30, 1936).,
1936-JW«. 29, 1937).
1937-Bae. 2S, 193«)1938-Jaa. 3,
1^)
i9ito-Boo. 31, 19I10).
at o^ltal
orfloaat
l,M0,eg6
1,226,722
833,715
412,956
1,198,735
695,080
Short -tara
taaklB^ fnaAa
Brokarai^
tealanoea
TraB8a£tlema
la laaaattc
aaourltlaa
TraaaactVoaa
la foral^
aaeurltlao
992,829
428,142
287,394
328, 968
1,135,483
841,628
34,687
34
32,990
20,358
57,196
-85,427
-245,662
-49
3,513
13,372
8,529
17,794
9,661
-261,955
4«,5?9
27,767
210,735
-113,105
-334,203
77,696
93,496
-46,617
265,127
6,039
6,8U
316,660
600,693
24i«,626
125,158
191,076
267,008
26,758
115,689
78,156
19IH
igte
-453,«2J
626,121
1,286,893
isiS
"•61,354
19'*5
1,074,375
-793, 32»
-243,522
553,373
1,168,058
148,594
1,216,303
-733,909
1,434,111
1,567,227
6,060
-78,594
-60,582
9,443,601
7,720,568
159,799
385,930
1,177,304
67,840
1,882,574
-223,190
1, 047
1,979,406
-248,493
-3,325
6,201
-2,068
-152
-24,698
-25,362
70,270
-78,335
52,733
Jona
34,79*
-263,263
-67,458
-33,702
-278,920
-84,068
7,069
-5,174
4,388
2,384
-18,238
-5,102
59,047
39.069
17,524
AJy
2,8ie
231,957
-1,031
-7,426
-220,690
19U6
19117
(Jan.
lotal (Jan.
lS^7-^»Ba&xj
Tebruary
March
iprll
*V
l-Jnly 31,
2,
19'>7)
1935-Jnl7 31, 1947)
51,703
61
December 1947
Capital Movements:
Section
I
-
Historical Sumnary
Table 2.- aiort-Term Clalns on and Liabilities to Foreigners
(PoiltloB at
ut
of period In thoniudt of dsllari)
Short-tvrB olola*
lud of oal«Bd*r
jear or aonth
1935
1936
1937
193«
1939
lotal
(*«
Fa/akl*
IB
forol(B
onrroiulea
forolfa
Fv>^l* iB dollars
Total
Xioaaa to
Othor
Btjioilta
of
Othar
forol^ara
Pir«>>la
•hort-tara
la
forelcB
enrronolot
llaMllItlot
161,263
96,726
116,917
165,521
173,23*
115, U8
188,365
131,977
385,636
310,177
268,719
221,383
l,J01,ll2
1,623.317
1,593.087
2,203,185
3.221,328
3.938.232
1,156,196
1,456,885
1,600,507
1.985,025
3,025,189
3,786,182
16,795
66,178
209,597
111, 791
135,311
121,001
9T,851
99,951
82,983
103.369
60,828
31,019
522.563
950.703
1,238,097
1,577,113
2,712,626
3.551,251
202,085
113,70?
137,161
169,670
215,010
290,195
3.678,518
1.205.389
5,371,903
5,596,775
6,883,068
6,180,262
3,352,223
9«,U9
116,633
72,018
86,378
105,121
100,267
319,639
1,693.9U
306,618
668,168
1,222,580
1,218,633
1,910,898
1.715,722
19.677
13.893
17.911
21,611
25,516
10,629
3,310,732
3.95«,7l6
5,116,971
5,267,081
6,190,302
5,772,009
730,693
75^,576
798,432
93,178
78,720
72,102
313,213
315,137
337,775
321,002
360,719
388,555
6,503,699
8,506,988
8.302,351
1,710,992
1,888,977
1,871,618
1,723,106
3,581,106
3.391,699
39,601
36,605
36.031
5,773.006
7,752.112
7.503.919
3wa»
801,836
880,205
933.025
116,913
128,97*
159,501
2lO,850
271,650
2l8,l02
111,013
176,581
525.119
8,272,053
8,071,502
g,o1o,Z5l
5,003,ll8
1,771,282
1.992,151
3.232.169
3.270,826
3,016,630
36,136
29.391
31,170
7,170.217
7.191.297
7,107,229
Jal7
979,199
155,722
273,553
519,921
8,318,385
5.093,556
3,189,109
35,720
7,339,186
31, 1935).
(«»«• 30, 1936).
(Bm. 29, 1937).
(l^. 28, 19U).
('«• 3, 19«C).
(1*0. 31, 191)0),
128,951
672!
a»
1110,911
152,1137
150,
<m
508,702
383,978
•7,'>77
19«1
367,786
1)7,068
19112
2116,673
30,916
I9l(0
Short-tera llaMlltlot
Fayaklo la dollari
19113
19IW
66,715
^^
19»»5
194
19l*T-'*>*'i7
fabraaxy
Naroh
iprll
••nr
iii3l|ta2
1.356,501
1,916,621
Table 3.- Net Movement of Short-Term Banking Funds
(la thaaaaada of dollarai aagatlTa flgnraa ladlcata a aat ontflew of
a^ltal froa tha Ohltad Stataa)
Short-teza elalna
Calaadar 7«»r
ar Boatli
1935
1936
1937
1938
1939
1960
Co.
2, 1935-'«B-
fetal
1, 1936)
(Jan.
2, 1936-«oo. 30,
(B*e. 31, 1936-fco. 29,
(Ibo. 30, 1937-fco. 28,
(Dae. 29, 1938-Jaa.
3,
(Jan.
1, 19lO-n*o. 31,
1936)
1937)
1938)
19*0)
19IO)
19II
1912
1913
19I4
19I5
19I6
1917
l-July 31, I9I7)
361.360
70,
U?
Farakla
la
foreign
anrrenolea
228,132
-11,788
17,6a1
28,9l8
117,310
12l,72l
-U,526
16.192
97.503
-11,256
-71.765
-63.072
-315,187
I09
15,933
-3.171
2,393
83,299
19,268
-20,
a6
7,111
-50.630
Short-ten llabllltlea
Payable la dollara
Loaaa to
foreign
baaka
Pagrable la dollara
letal
of
forelgnera
Othar
-3.552
31,868
-20,191
-I8,60l
-7.717
58,120
136,780
Dipoalte
Othar
587.331
333.107
113,622
371,110
I,0l0,l61
760,993
6,333
19,683
113,119
75,159
Il.75«
17.336
631,169
358,023
269,770
300,020
1,018,11:
716, 9oi
-3,515
20,671
-11,330
-19,013
5.I5I
-219,372
19,298
60,899
6,515
-32,506
-75,310
-15, 185
-259.711
185,870
1.179,311
220,359
1.279,375
-118,l22
-133,959
105,607
620,881
220,576
583.205
-268,851
185,617
385,365
55I.I12
-3,917
692,265
-191,651
-9fc,806
20,520
-1I.J10
et
PaTabIa
la
foreign
correDOlea
ahort-tem
UahUItlea
37,802
1,933
-16,971
20,386
-l2,5ll
-29,779
992,829
I28,ll2
287,391
328,968
1.135.1«3
8»1,62(
-U,372
-5,102
1,018
3.730
3.905
15,083
-213,522
583.373
1,168,058
il8,59l
1,216,303
-733,909
-270,916
-57,603
16,086
-259,129
1,838,173
399,695
1,113.387
-4,909
1,567.227
101,281
198,311
-171,125
77,395
7, 619, 281
1,167,111
3,172,987
-20,817
7,720,568
-22,110
-23,883
-13,856
1,611
11.758
6,6l8
6,126
-1,921
-22,638
-33,507
-36,717
-27.836
23,187
2,003,289
-20l,637
17.131
117,985
-11,359
-22,6l6
1,858,300
-189,707
-1,028
-2,996
-571
1,979,1*06
Id
-11,811
-12,031
-30,530
96,925
-33,800
Jane
-78.369
-52,820
26,2l|8
-55,188
-32.538
-18,538
-30,298
-200,551
-31,218
128,530
-231,866
221,172
-159,230
38,357
-251,196
102
-7,0l2
1,776
-33.702
-278,920
-81, 068
Jaly
-16,171
3,782
-25,151
-21,805
278,131
101,102
172,179
1.550
231,957
(Jaa.
Total (Jan.
2,
19U7-Jajmai7
PehroaxT
Kareh
^ni
*v
1935-faly 31, I9I7)
-3,
1,017
-2l8,l93
Treasury Bulletin
62
Capital Movements:
Section
I
-
Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In tho\uanda of dollars)
Calendar jaar
or Boath
1935
1936
1937
193«
1939
19!(0
W"-
2.
2,
WS-fsa.
Porehaaaa
1,
1936)
193&-Il»o. 30, 1936)
(Sm- 31, l936-l)»o. 29, 1937)
(fce. 30, 1937-Bao. SS, 1938)
(fco- 29, 1938-Jan.
3, 19'lO)
(Jan.
k, 19l40-ll»e. 31, 19>>0)
(Jan.
OoasitlQ
QoBestlo stooka
n.a.
n.a.
a.n.
B.n.
B.a.
28lt,206
iW.OJS
19*1
igte
B&laa
lat
Airohaeaa
^nds
Salea
at
total
pnrohaaoa
total
aalaa
B.a.
n.a.
n.a.
B.a.
B.a.
278,032
n.a.
n.a.
B.a.
B.a.
B.a.
-56,216
l9»,21«
211*,3g8
138,511*
-39,'*36
25,701*
170,555
70,71*1*
320,991
260, 601
392,938
582,91*6
2ll*,002
21*1,299
513,558
377.717
268,2l|U
21*5,311*
650,1*11
539.676
B.n.
B.S.
B.a.
B.a.
n.a.
•73,052
B.a.
B.a.
B.a.
B.a.
B.a.
a. a.
-Ig8,8ll£
368,S5«
75,»«8
-222,519
20,895
17'»,952
19l»,6l6
-^,977
171,1*32
a. a.
n.a.
a. a.
n.a.
221,
n6
1,302,681*
2,6gl»,391
2,273,381
1,200,119
1,031*, 1*78
506,022
986,021*
2,083,698
2,028,755
1,11*2,923
1,119,905
751, 08»
Vat doaaatlo
atooki and
bonds
316,660
600,693
2l*l>,626
5/, 196
-85,1*27
-21*5, o6a
-261,955
1*6.599
19j5
96,3«3
151,639
136,«53
260,223
357,655
-3^»,579
-97,'»32
-15,673
637,9^
751,01*5
igW
367,61*9
1*32,109
-eit.l|«o
l*ll»,l*70
393,390
681*, 213
27,767
210,735
-113,105
-269,71*3
782.119
1,U6,322
-33*, 203
119,200
193,793
-7't,593
152.309
156,310
-H.OOl
271.509
350,103
-78,59*
12,317.58*
11.931,65*
385,930
1*9,070
3a.7'»l
30. 809
1*9,222
-152
57,1*39
-2*, 698
56.171
-25,368
igw
1947
1-Jal7 31, ig"*?)
(Jan.
total (Jan.
2,
B.a.
1935-''ilJ 31, ^9^1)
IS.Ulfi
19l>£-Jasaar7
29,U65
33,065
Fabruarj
Nareh
19. '•'^s
1»,367
a,l«3
^rll
U,Wt8
2H,oi3
»V
15,
-ll,0l»9
30.651*
-13,620
-£,Sl6
13,2?6
JWM
13,3«6
»^
2l»,969
-5,565
-17,327
-ll,5«3
Julj
19,293
27,926
-«,633
20.555
19.757
10,897
24,371*
-U,078
5*.9M
-18,
5W
11,796
18, n't
27,833
7.91*9
38,193
6>l
33, I'M
1*7,700
35,809
51,386
52,802
2,38*
-18,238
-5.102
19,3'18
1,207
39,81*8
1*7,27'*
-7.*26
lot aTailaMe.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thonsaada of dollars)
Oalandar 7*ar
or aoath
1935
1936
1937
1938
1939
19*0
<'0B.
2.
(Jan.
2,
(n»o. 31,
(Dm. 30.
(Use. 29,
(Jaa. *,
1935-»«»- 1. 1936)
1936-a»e. 30. 1936)
1936-fco. 29, 1937)
1937-Il»o. 28, 1938)
193S-JaB. 3, 19*0)
19*0-a»o. 31, 19*0)
n.a.
n.a.
n.a.
n.a.
n.a.
B.a.
Salaa
B.a.
B.a.
B.a.
B.a.
B.a.
(Jaa.
total (Jaa.
l-Jnly 31, 19*7)
2,
at
B.a.
B.a.
B.a.
B.a.
a. a.
ilS::::::::;:::::::::::::::::;::::
19*5
19*6
19*7
Porobasas
B.a.
19*1
19*2
loreisn bonds
fcreign atooks
23,278
26,601
37.328
65.2*7
19.791
22,078
5*.789
65,610
38,203
25,588
3,*«7
*,5f3
Au'etaaaca
B.a.
B.a.
n.a.
B.a.
B.a.
B.a.
B.a.
B.a.
B.a.
31*, 262
-363
12,615
*70,6*2
at
B.a.
B.a.
B.a.
B.a.
B.a.
B.a.
B.a.
B.a.
l**6,367
318,113
755.936
-17,1*61
Sales
372,158
225,289
3*7,269
7*, 209
ii90,**6
88,973
-29,156
265, *90
5*3,839
-73,197
1935-'«l7 31. 19*7)
19*7-Jaisiar7
f%hnaij
Martth
5,718
10.271
5,*a8
*.036
*,2llO
3.290
1,682
6,031
2,138
76,052
let forelca
stocks aad
beads
total
parohasos
total
sales
661,256
896,1*9
1,016,188
*82,809
561,236
205.289
536,098
705,073
7*9,180
*56.051
127.133
125,158
191,076
267.008
26,758
115,689
78,156
185,261
220,533
*69,6*5
3*0,863
355.**!
821,183
133,558
227.897
391,9*9
2*7.367
*02,05g
556,056
51,703
-7,36*
77,696
93,*96
-*6,617
265,127
1*1*5,5*7
508,8*5
569.*27
-60,582
6, 72*, 698
5,5*7.39*
1,177,30*
22,569
133.128
25,*57
-8*. 366
50.595
96,875
59.033
81,*80
26.605
137,368
28,7*7
70,270
-78,335
52,733
68,588
2,5»
1,501
1,*58
81,**0
Jaaa
05*
*,92*
*,075
3;635
*i>0
53,159
23,89*
36,815
36,275
57.5*6
37,611
16,88*
85, *9*
79,350
57.23*
26,**7
*0,2«1
39.910
59.0*7
39,o6q
17,32*
J«l7
3.733
*,368
-635
*5.6*6
265,701
-220,055
*9.379
270,069
-220,690
iprll
»V
Hot available.
I*,
71*, 1*26
.
.
December 1947
63
Sectloit II - Sumnary by Countries
Capital Movements:
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In tbouaands of dollars; negatlTe flgurei lndlcat« a nat outflow nt capital fros the Uoltad Statas)
Net capital aovaaent
Country
Short-tarv banking fundt
19»T
VAl
V|bnaiz_^Ur^
iprll
Jin*
J«iy
IW^ruary
Jua
Narah
iyrU.
10*, 188
-liM>,606
-22,078
-18,8*3
-9,553
-12,077
J«V
BttTOpel
Uoltad ElDgdoB
FreAce
BelgluB
-68,538
15,108
28.277
108,228
-1*2, 29r
-12,1*9
-11,9*9
-11,8*2
70,*20
-8,6SO
172,388
-8*,00«
23,37*
-29,896
-19, "106
-islJS
-66,11*
1*,636
28,835
-5,096
-2,262
5,729
-6,*05
7,085
19.053
-*,798
7,592
251
-5.775
307
i;3J2
-*,689
-3,*2|
2,196
-18,528
-*,827
-3,'i*3
2,23l»
-1.003
-8.352
12.*33
J»,lll»
-12,223
-9,851
173.*08
-81,833
22,610
-5,100
-2,0*8
5,731
-6,*53
7,085
19,0*9
-U
-5,*o»
-17,630
-llH
-96
-20,082
*89
-92*
-8,3*1
12,503,
71,
lU
238
-5,770
35S
1,307
Or«6ce
Italy
LuxcBbourg.
-979
-88,5*2
-93
H23
5,828
-862
-2.103
-22,986
-9*
-5.396
-17,*70
-36*
-130
-20,05*
511
-86*
-78,*38
1*
-,*018
-31,790
*35
*9i
-»o,375
ki
Nattierlaoda.
-23,'»73
135,085
-3,87*
-1,9*5
-3*,97*
-11,818
-128
-18,228
-9,719
-10,033
-*,5U
-12,72*
-2,025
-l*.933
-11,020
-1,*83
-33,13*
-1,625
10,075
1*2,999
*.912
-2.006
-3,501
-11,352
-83
-6,917
-9,850
-10,082
8,*30
-11,831
-2, 181
-3.588
.221
-9.025
-87
-570
-21,010
-*,9*9
3,l*t
-11,530
-75
1,328
-5.3*3
-787
1,1*2
5,838
-3.587
-528
-9,091
-3.177
-*07
-5,*12
.-'^
-*23
-5,828
-8,555
-*,931
3,183
-11,5*9
-5,319
180
8,3*1
-1,925
8,881
8,122
67
782
1*78
-10,32*
12.512
-281
1,21*
2,656
6»
6I8
-12.725
*,068
-9.563
-2,782
-6,21*
-10,^
*,971
-286
1,230
3,258
-70,261
195, 3J9
-•20,717
-**,6lT
102,**9
Dflnaarlc.
rioluid.
Oemany.
-2.233
-23,070
Norvajr
-9,702
Portucid....
-1,IU»9
-38,931
-1,376
10,099
RuBuila.
Spain...
Sv«d«o.
-8a
i.3«3
-J,3»9
-830
1.137
8,028
7,298
9.335
-1.9W
3,613
87
733
-5.858
658
-13,82*
3,027
-9,559
-2,669
-6,213
-igo.oer
-93,30*
190,288
-257,8*2
-*8,702
95,339
-l7*,lS0
-33,759
-80.19*
-88,287
-1,7*9
*e,35«
-8.7*8
*«,*<l
-110,505
-1*8,057
-50,321
9,633
-20,681
l.Hls
-3,782
-1.199
-33.815
37,822
-a.9ft
-56.979
27.*83
-1,936
-53.195
18.*52
7,917
-20.9*1
35,506
-1,521
10,620
17,593
1,368
-3*,37i
-2,999
-1,237
-38,708
33,7*3
-2,97*
-58,065
28,066
-1,918
-53,*13
18,110
7,906
-22,151
38,035
-1,5*1
10,3*1
5,**2
-528
-872
18
1.169
1,*19
-8,*37
-*,277
-1,070
8.305
-19.312
-2*9
-12,280
-5,790
-1.507
-3,101
*,890
l,*07
9,117
-191
-8*6
i,*3*
-?,«30
-*,*23
-1,068
8,268
-19,310
-202
-12,566
-5,802
-1,58*
8,586
-75*
-l*,*e6
-12,288
1*1,650
-831
-203
-12,857
-100
16,297
Swlttarlaad
U.
S.
S.
a
938
Yugoslavia
Oth«r luropa
Total ftiropa.
Canada.
Latin Aaerlea;
Argentlnaa
Bolivia...
-35,0»
BratU....
-3,208
k,O0i
Chile
ColQBbla. ..
Cotta Rica.
1,1151
Cuba
?rt)r.ch
-2,127
Went Indleg and Oulana.
Mexico
Netherlandi West Indies and
Surloaa
PaDasa
Peru
-7a
OU
-5,661
159
-893
-ia,191
281
-883
1*2.U2
-5,*50
9,683
-811
-13,811
-831
-5*5
-11.782
-10«
15.3*3
-3,8*5
-1,0*3
-9,058
-2,3**
161
-4,918
-1,?59
-1.372
2«7
-238
-2,0*6
1.192
^,615
1,362
-292
2,781
-296
-1*7
-1,731
-l,7»
-3,109
-3,7*1
-1,233
-2,515
-768
-158
-2,170
1.05*
-1,807
-2,ooe
3,2*6
i.3f
-5,00*
3,238
561
2,783
-182
-*39
-1,872
-2,71
,725
,276
6,88*
-2,836
-8,8*9
18,825
9,738
-20,977
11,102
-8,955
35
-l,0ll3
IM
-a.HiS
-1,700
-1,293
-3,7«
938
3.675
-19,
267
*7
Venezuela
Otter LttlD Aaerlca.
-11,1*52
-3,321
-1,175
7,768
-1,852
-8,638
18,155
10,019
-80,259
11,519
-7,997
-U,3*2
-2,053
Total Latin America.
-35,1m
-*6.887
-19.582
-*8,109
I2a,*99
29.857
-*8,*81
-J*i010
-29,0*8
-*6,9*7
12*,669
27,8n
-32,5««
-8,150
-21,775
-*3,886
-3,290
-35JW7
2,0l|8
-2,m
A^la:
China and Manchuria.
French Indo-Chlna.
Hon£ Eong
.
India, Bursa, and Ceylon.
British Malaya
,.
Japan
Metberlanda Eaot Indlee
Phlllpploe Itlande
Turkey
Other Asia
Total Asia
Other eountrlei i
Australia
New Zealand
Kgypt and Anglo-^gyptlan •Sudan.
2,0*8
3,008
-**.939
-3.290
-863
-35,169
-985
5,587
-3l,9«8
-8,150
i,**9
-20,9*2
3,102
-9*8
-9,921
-8*2
208
-*3,9lO
3,092
-915
-8,5*0
-61«
587
-*U,567
l,lt21
2,971
-1|26
1,010
-1,700
530
-5,237
-30*
1,035
-H.078
7*1
161
-1,719
1,551
-838
-11,659
-1.982
-1,297
i,*<5
-1,708
526
-5,281
-297
1,030
-*,125
7*1
185
-1,753
1,558
-B36
-U,73*
3:^
-1,95*
-1,171
1,22*
3,6**
765
-8I10
-19,702
-11.016
-2:^
-7,886
-7,355
-8,579
-5.053
*58
-3,022
*,518
20,315
-1,238
-5,588
V^
-3.392
-M5
-65*
-15.*58
-*,*«3
-3,003
5,818
19,352
-1,201
-5,53*
-19,703
-10,*03
9,110
-*,382
-7,826
-7,*27
-«,583
-5,10*
*32
19,663
-6,650
-3,281
-9,09*
-1,258
-10,5*5
-807
-81,23s
-8.097
-37.77*
-89,390
-53,983
-*6,512
-59,918
,901
-38,952
-88.8)12
-52,381
-*5,859
106
-7,103
1,125
1,191
1,762
-770
-*35
1,915
-182
1.505
-2,593
502
2,332
6,201
82
-3,08*
16,588
-2,6*8
9,238
*91
-1,503
-19,262
1,125
1,177
-<6*
-6,702
-2,153
-25*
8,^82
7,963
89*
-52,8*6
-*,5S5
-*33
8,*67
-219
-*30
-*1,*78
-9,1*5
-5,557
-13,359
2,981
3,369
116,853
-125,098
188,829
-l,l»38
no
French Morocco
Union of South Africa.
All other
-52,892
-1|,808
-808
8,*93
-181
Total other countries.
-58,262
2,919
771
-9,119
-1.075
-10,557
^.339
-3,916
-999
2,00*
-13,6*3
-2.iMe
-9,*00
-9,278
17,370
-82,*71
1,319
-2,565
1,*63
2,2t>l
-7,657
108
-3,1*2
-1,501
2,035
-13,*29
-657
-8,708
-1,807
-279
8,38*
7,955
International
2,258,682
1,333
-*.*53
118,853
-125,098
2,256,662
1,333
"^5:5»
Unidentified.
*,321
-980
-2,97*
*,37*
7*5
-2,027
*,320
-1.00*
-2,97*
*,*13
7*5
-2,027
1,882,57*
-223,190
3*, 798
-283,263
-67,*58
2,810
l,979,*o6
-2*8, *93
-33,702
-278,920
-8*, 068
231,957
1/
Orand total.
\/
Inoludea transactions of International organizations euoh as Onlted latlons Belief and fiahabllltatlon AdBlnlstratlon, International
Monetary f\iai, and International Banlc.
Treasury Bulletin
6Ur
Capital MoTements:
Table 2.-
tiet
Section II
-
Sumnary by Countries
Movenent of Brokerage Balances, and Net Transactions by Foreigners
In Long-Tern Securities (Domestic and Foreign)
(In thousands of doll
.
.
.
.
.
65
December 1947
Capital Movements:
Section II
-
Suanary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of month In thousands of dollars)
liabilities
ig"*?
Country
Europe i
United Kingdom.
France
1^7
Ma;
Apr.
Mar.
Tai.
Julj
JlUfl
reb.
Mar.
1*2,1*25
39,596
39,31*0
36,905
1*1*3,281
21,125
8,863
18, 8
8 885
20,090
209,082
373.581
226,369
10, 12l*
21,1*37
9,001*
11*9,303
178.781*
321*
378
9,097
30,323
583
11,381
17,8ll2
31,31*5
30,31*8
30,31*8
68,302
28,909
5,531
12,980
23.832
65
12,889
13,005
21*, 255
1*3,027
21*7,380
Apr.
Belglxun
.7,373
35,770
15,639
8,019
Denmark.
Finland.
Oermony.
373
6.126
30,353
3U5
8,255
30,357
Qreece
Italy
Uixembourg
12,530
17,702
12,822
51
13,213
20,599
53
153.683
155,768
1*7,239
U,2llt
39.25H
5,913
1*9,01*2
I»,0"»3
6,322
989
l,0U5
51,038
5,180
1,010
i,a2
l,5ll»
7,023
1,332
it,lgl»
6,87U
3,833
5,951
3,7't2
6,992
3,517
6,923
6,178
5,630
11,876
1,598
7,110
7,1*1*0
7,571
8,681*
12,205
9,'»9J»
7,812
112
392,161*
58,1*79
58,537
lit, 670
397,201
60,016
15,288
111,351*
108,1*08
39,356
13,988
Netherlands
Norway
Portugal
Rumania.
Spain. ..
Sweden.
7,106
30,371
22,01*1
52
W
2l*,093
592
6,857
39,692
209,777
162,985
57.809
26,767
9.067
22,905
39.792
225,708
22,218
393
183, 3W*
221,613
106,790
1*1*, 001
105,336
51*, 192
111,211*
8,851
19,957
'12,210
159,061*
165,221
22,U6g
306
62,U99
1*81*, l»2l*
211*,
218,1*87
18.75"*
Mar
Jan«
July
31*0,989
197,91*3
328,510
270,300
150,930
11*2,518
189,811*
161|,008
56,939
52,01*1*
1*5.600
22,1*17
22,653
27,278
1*6,327
21,522
37,717
32,226
20l*,l*29
187, 060
22,31*5
22,218
1*99,1*81
36.199
32,21*6
167,11*0
22,557
209,199
?1.15»
52,151
206,328
100,595
52.270
1*2,1*90
80,021*
Mo. 11*7
11,313
18,135
157,289
8,251*
17.503
152,207
8.158
11,758
133,227
8,180
12,192
122,891
1*02,1*72
395,129
1*02,1*83
50,1*1*1*
50,6ol|
12,527
105,557
11,831*
13,061*
103,978
109,336
213,826
11,376
8,291
R...
10
13
1*
5
TugoBlaTla.
Other Burope.
7
I
8
10,195
6
8
10,226
7
13,15'»
22,933
26,296
35.373
37,1*73
Total Surope.
JI9.8OT
331,792
251,327
130
267,951
278.871
'»3,021
39.033
36,1*33
36,829
36.383
.3>*,0U7
892,652
778,159
627,502
577,577
586,761*
563,71*7
'*5,'»79
1*9,929
57,821
65,833
3,269
179,961
13,680
157,803
223,01*7
11,711*
16,1*1*5
ll*,6l2
115,283
252,038
10,272
96,71s
309,270
1*,818
57,622
3,561
265,021*
2,963
69,583
60,71*6
5,29'»
181,1*12
2,573
63,109
85.213
98,770
15,259
30,155
3,696
15,979
26,835
U5,191
55,903
51,028
51,862
8,539
53,U36
1*5,325
56,21*8
57,817
1*1,222
32,031*
9.309
8,1*53
50,681
12,371
8,601
37,910
116
U5,i65
150,819
3,990
168,01*9
3.231*
127,61*2
289,563
2,912
126,693
283. 99I*
139,051*
162,023
3.575
128,780
8,996
68,888
10,253
69,939
39.725
10,130
69.661
38 ,151*
Switzerland.
U.
S.
S.
.
Canada
Latin America:
Argentina.
Bolivia...
Brazil
Chi le
Colombia.
Co3ta Elca.
.
Cuba
fVench West Indies and Oulana.
Mexico
i*,039
21*1*,
381*,
13,885
107,762
2, 331*, 577
50.31?
2,276,301 2,391.175 2,163,261 2,11*2,1*65 2,255,831*
12,833
127,571
115,360
150,208
160,851*
l6l*,070
18,578
30,398
3,375
20,297
36,390
3,587
17.385
20,1*92
1*0,251*
3,937
35,719
3,853
53,829
9
33.662
60,091
83
1*5,981
53,269
251
32,869
589
27,609
11*5,908
3,931*
11*2,058
97U
2,581
5,600
1,033
11,757
10,531*
10,61*1
2,091
7,552
2,71*2
75,161*
73,177
5,901
31*, 31*1
3'*,03l
71,000
35.939
16,720
36,261
18,21*3
1*2,317
1*5, 1*59
1*6,659
1*9,399
1*6,291
53,589
66, aU
182,351*
186,070
186,625
202,850
181,1*1*9
178,550
28,75'*
11
30,668
809
1,680
6,531
819
2,208
6,989
1,082
2,201
Venezuela
Other Ifitln America.
15,638
27,902
19,563
33,89*
15,1*19
37,285
19,160
36,685
Total Latin America.
279,611
308,61*5
381,680
1*37,981
l*2l*,850
China and Manchuria.
French Indo-Chlna.
Hong Kong
36,801
1*1,21*2
1*6,989
l*,ll*5
22
029
76,131
22
3,503
10l*,Sl*2
P
5,061
77
3,531
110,726
62
3,123
India, Burma, and Ceylon.
12,908
ll*,638
li*,i93
13,203
973
2U2
1,291
2^5
32,797
2,178
183
33,662
1,579
261
1,911
22,U02
l,l»75
1*80
5O8
2,>t53
U.Sli*
23,161
2,683
5,790
20,153
3,316
3'*.753
9,0l*2
6.933
3,150
137,730
Netherlands West Indies and
Stir Inain
Panama
Peru
7,81*3
1,01*1*
1*1*1*,
939
1,102,555 1,077,579 1,121,566 1,130.920 1.21*2,1*58 1,290,1*21*
Asia:
.
British Malaya
Japan
25
I*,
2l*7
38,891*
373,230
39,056
38,919
369,056
35l*,288
339,133
309,610
35,951*
1*0,781
38,1*11
1*0.1*59
36,21*1*
39.011
1*1,1*56
37,221*
1*1,058
221
1*0,670
33,357
9,606
18,01*9
8,769
16,715
1*3.306
11,811*
17,689
7,223
18,716
36,100
8,282
18,886
1*1,217
7,081*
116,627
122,896
103.703
95,1*1*1
91*, 878
85,812
25,130
1*30,1*91*
1*1*7,131*
1*1*8,81*9
1*52.568
56,1*98
55,831
1*38,862
65.36I*
1*32,191*
3,21*8
51,011*
1*0,1*01
5,771*
6,71*8
85,080
79,1*20
75.636
57,031
71,808
68,511
68,678
389,731
1*1*,
Netherlands Kast Xndlf^s.
Philippine Islands
Turkey
Other Aela
9lt8
1,1*01
22,983
l,M96
U,042
20,271
2,030
3,916
Total Asia
85,0U6
88,883
98,051
127,271
173,331
185,01*7
6,203
1,308
6,510
1,517
182
7.H55
1,312
378
6,610
1.600
396
9,031*
11,256
1,681
180
59.367
8,311
18. 363
1*0,1*12
88
15,170
16,855
33,903
70.238
16,1*98
1*3,682
16,081
ll*,887
1*7,328
i*,539
1U6
18,790
3,778
70,797
30,070
35.831
207,037
200.618
Other countrlea i
Australia
New Zealand
Efirpt and Angio-E^ptlan Sudan.
1(38
13
102
1*09
5,2'»3
18. 303
6,1*15
18,936
5,635
29,817
33,965
33.586
Arench Morocco
Union of South Africa.
All other
ll|,66l»
'I
15,976
U,W5
Total other cotintrlee.
27,091
International
y
1/
75»*,576
262
380
I108
ltl<0
1*61*
798,1*32
801,836
880,205
933,025
979,199
17,558
l,22l»,159 1,223,095 1,193.311 1,153,689 1,11*7,368 1,113,225
9,61.5
19,58*
36,181
8,713
''7,81*3
1*2,1*08
8,593
22,577
9,393
19,365
13,909
39,522
13,688
1*9,996
69,1*01*
55,195
52.1*92
59,686
199,209
185, U71
181*,
936
191*. 066
71'*,
209 2,881,038
38,709
8,669
19,018
20,1*99
2,725,571* 2,726,907 2,722,1*51* 2,839,307 2,
Unidentified.
Ornnd total.
989
258
1*7,231*
20,1*31*
19.692
16,836
21,277
22,051*
1*9,526
20,051
8,506.988 8.302,351 6,272,053 8,071,502 8,01*0,251* 8,318,385
Includes dollar balances of international organizations such as United Nations Belief and Rehabilitation Administration, International
Monetary Tund, and International Bank.
Treasury Bulletin
66
Capital Movements:
Section
II -
Sumnary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Poiltion at end of month in thousands of dollars)
Country
December 1947
67
Capital Movements:
Section III
-
Details for Month of July 1947
Table 1.- Short-Term Claims on Foreigners
(In thoueaods of dollars)
Ooxintry
.
. ..
.
.
.
.
.
- -
Treasury Bulletin
68
Section III
Capital Movements:
-
Details for Month of July 1947
Table 2.- Short-Term Liabilities to Foreigners
(PosltlOD at end of iDoath In thousands of dollars)
Total
short
tern
11 skill
ties
Country
Europe
United Kingdom.
France
Belgium
Short-term llaliilltles payable in dollars
l>»poslt8
Total
of
foreigners
Bills held
for
account of
foreigners
:
1»99,1W1
ISJ.glll
l6li,O08
iKl,656
1*62,897
i»,83i*
189,1*51*
169,981
2,005
163,877
152,1*16
1,1*50
Denmark.
Ilnland.
Oermany.
1*5,600
1*5, 57'*
l*i*,i3i*
1,381
?6,199
36,195
1*6,311
36,161
*6,239
3>»
W,32T
Greece
Italy
Luxembourg
32,2lv6
32,219
31,885
167, lUo
22,557
l6t,0l*2
11*8,902
22,557
21,208
313
1,193
1
Netherlands
Vorvay
Portugal
213,826
g0,08l>
213,7*8
79,997
1(0,11*7
1*0,110
911
69,135
39,907
55
178
203
fiumanla.
8,180
12,192
122,891
8,180
12,095
122,105
111*,
I*,
Swltierland.
S. S. B...
TugoelaTla.
Other Sorope.
>I02,1|S3
1*00,963
3n,825
6,380
50,31?
13,06«
109,336
50,319
50,311*
5
13,061*
12,91?
109,298
1-05, 771*
1U3
115
Total Europe.
2,255,831*
2,234,79*
2,109,132
22,1*21
563,7'«7
558.981
276,1*1*2
2,952
309,270
11*, 612
98,770
309,218
306,615
lit, 600
88,565
2.161*
98,709
1*1,222
32,031*
1*1,187
32,031*
1*0,052
31,771*
6,933
6,933
6,196
1,135
260
737
283,991*
283,991*
273,1*89
10,505
3,150
137,730
3,150
137,357
3,11*1*
136,599
732
10,130
69,661
10,130
69,658
38,139
10,068
56,359
36,961
1
653
65.992
150.738
65
2,728
.
.
.
Spain.
Sweden.
.
U.
.
Canada
Latin America:
Argentina.
BollTia
Brajll
.
.
Chile
Colombia.
Costa Blca.
.
Cuba
French Vest Indies and
Oulana
Mexico
Netherlands West Indies
and Suri nan
Panama
Peru
38,151*
ll*,6l2
23
201*,
8,152
11,995
377
28
M
032
12
8,571*
Tenesuela
Other Latin America.
178,550
66,057
178,186
Total Latin America.
1,290,1*21*
1,289,361*
1,221,152
27,615
309,610
308,893
173.1*80
2,11*2
36,21*1*
36,21*1*
18.093
1*7,231*
1*2,029
1*0,997
513
1*3,306
11,811*
1*2, 11*2
1*0.169
1.91*0
11,697
17,5'«
9,1*21*
17,071*
70
Vts
66,211*
Asia:
China and Manchuria.
Trench Indo-Chlna.
Hong Song
.
India, Burma, and Ceylon
British Malaya
Japan
Hetherlande last Indies.
Philippine Islands
Turkey
Other Asia
17,558
85,812
85,811
79,653
1*52,568
1*52,500
1*1*3,007
1*0,1101
1*0,1*01
176
8.620
536
766
68,678
68,655
39.865
67,502
1,113,225
1,105.917
929,261*
15.212
1*2,1*08
1*2,203
1*0,952
9,393
9,378
9,186
750
192
19.365
19,116
18.51*5
313
French Morocco
Union of South Africa.
All other
13,688
13,688
1*9,526
1*8,827
59,686
59,338
13.615
31,069
58,U35
70
119
108
Total other countries.
19U,066
192,550
171,802
2,881,038
2,881,038
365.713
20,051
20,051
20,051
8,318,385
8,282,665
5,093,556
Total Asia
Other countries:
Australia
Hew Zealand
Egypt and Anglo-Igrptian
Sudan
International
Unidentified
Grand total.
.
1
U.
S.
Short-term liabilities payahle In foreign currencies
OoTemment
Treasury Mils
ajid certificates of indelJtedness
Total
Borrowed
from
forel^
tianlcs
Llahllltles on
acceptances made
by foreigners for
a/c of reporting
banks and hankers
December 1947
69
Capital Movements:
Section III
-
Details for Month of
July 1947
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousandi of dollars)
Country
70
Position In Foreign Currencies, by Countries
Table 1.- Net Position, and Current Transactions
Treasury Bulletin
December 1947
71
CORPORATIONS AND
BUSINESS-TYPE
Data
relating
to
corporations
In
whloh
the
CERTAIN OTHER
ACTIVITIES
month "Daily Treasury Statement".
Tables
1
and
2,
giv-
United States has a proprietary Interest, direct or indirect, and certain other business-type activities of
Secthe Q-overnment are presented in three sections.
ing an analysis of loans outstanding by type of loan as
of June 30, 19't-7, are published in this issue of the
Section II, data
on income and expense; and Section III, data on souroee
analysis of balance sheet items as a whole for the same
and application of funds.
the June JO figures,
tion
I
contains
balance sheet data;
"Treasury Bulletin".
date,
will
be
Tables
published
J,
4,
and
5.
giving
in the January issue.
in
Section
I
are
compiled from the mid-
Section
Table 1.-
Suiranary
I
-
Combined Balance Sheet as of June 30, 1&47
of Gross Loans Outstanding, Excluding Interagency Loans, by Type of Loan
(Ib
ilUoiu
of Aollori)
After
these data will be published semi-
annually instead of quarterly.
The data
an
1
5
.
Treasury Bulletin
72
Corporations and Certain Other Buelnese-Type Activities:
Section
-
I
Balance Sheets as of June 30, 1047
Table 2.- Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan
(Ib
alUlsu
of dollars)
Loaaa to aid
•grleoltor*
fotal
CorporattsB or ethar BatlTltr
'u*
30,
19lt6
Corpor*tlOB»t
Hkpartaaat of is'^oaltarsi
Co^odlt/ Credit Oorporatla*
fan Oradlt Adalnlatratloai
Banks for ooopsratlTas
fsdaral latsiaedlata sradlt kaaks
fadaral land basks 1/
fiagloBal ierloaltnral Oradlt OerporatlsB af
WasU&cton, S. C
Fadaral Tara Mort(a<a Oorporatloa
Ju*
30,
19*7
121.>»
162.;
331-9
1,059.2
169.7
393-3
J?
2.2
130.9
fitpartoaat of Ooanaraat
XalaBd WatanraTa Oorporatloa.
.2
lapartaaat af Btatal
Offlsa af lBtar~tearloaa Iffalrat
Praaolaradle Zao
,
73i».2
Ixpert-Iaport Baak of Vaahlagtaa
Tadaral Baposlt Insnraaoa Sorporatlaa.
g.g
fadaral Loaa kgnaji
SaooBatnxotlea ^aanoa Oorporatiaa and oartala
affiliates:
Baoonstmotlsa Kaadaoo Oorporatlaa
tedaral latloaal Nortcaga lasoalatlaa
fhe RIC Mortgage Ooapaa^ |*/
D 8 Ooamarolal OeapaB7
.
.
SSH.S
6.i»
1(.0
1.5
latlonal lousing Agenoyi
ladaral Bona Iioan Bank idalnlstratlani
federal hoaa lean banks
Hoae Ovnert' Loan Corporation
fadaral fatiUa Bonilag iathorltj and afflllatal
federal Pablla Boosing Mthorltjr
Safanae Boaea Oorporatlam
lannaesee Tallay Aseoslated OaaparatlTaa, tao.
Taanessaa Talla^ tethorltr
fatal laana of QoreniBant eorporatloia
Certain othar tnalnass-typa actlTltlaal
fiepartaent of Igrienltnrei
Vara Credit IdalBlstratloal
igrlsnltnral Markatlag iot Barolvlng taid.
Buergeney Crop and fsed loams
Item Security Idalnlstratlon 5/
Varaars' Hoae Adalal strati on
hral Bleetrlfieatlen A^daletratlaa
^
2-7
137.
l«li.7
^
1*53 .2
fispartaent of the Znterlorl
Puerto filco Beeonatmatlon Idnlnlatratlon and
• •
Indian Loans
Puerto Bloan Kirrleana Belief I«an Sactloa o/
•
":2
.
fadaral Works igenoy Jj
so.
Batlonal Bousing igensy:
Inderal Bauslng Administration.
22.9
Dnlted States Karltiaa Ooaalssloa..
Othar 5/
2
'X
65
Total loans of aartaln othar QoTernnant agenslaa.
Corporatloaa and certain othar aetlTltlaet
'otal loans.
1,261.0
5,92»-3
1.757-9
4.6
*•»» 30,
19>>«
'»•
30,
IJ^T
Loaaa to eld
ladaatry
laaBl to Bid
JWM
30,
19)|«
tm
30,
I9U7
•m.30,
I9M
M
30,
December 1947
73
Corporations and Certain Other Buslneae-Type Activities:
Section
-
I
Balance Sheets ae of June 30, 1947
Table 2.- Gross Loans Outstanding, Excluding Interagency Loans,
by Agency and Type of Loan - (Continued)
(Is
BilUona of dollari)
loane to aid
flnnaelal
Inatltntleaa
Loane to aid
Statee, Terrltorlea, ate.
Oorporatlsn or otter aetlTltr
Jnna 30,
Jona 30,
Jnna 30,
19>ȣ
ig^t?
191*6
Otter
loaaa
fbrelfn
loena
Jane 30,
19*7
Jane 30,
ijltfi
Jane
30,
19>»7
'•no 30,
1946
Aue
30,
19H7
Oon)OT»tl««« i
Stpartaent of Igrlenltvral
Coaaodltj Credit OorporatlOB
Ikn Oradlt Idnlnlitratlosi
fiajika for eoepsratlTea
fadaral Interaadlata oradlt kanka
IMaral land kaoka 1/
Baclonal i^p-ioultaral Credit OorperatlOB of
Vaahlagtoa, B. C
Tadaral Vara Mortgaca Oorporatloa
Ekpartaeat of Co^ereai
lalaad Vatervaya Corperatlaa.
Bapartaent of Statai
Offloa of tatar-tearlcaa Iffalrai
Praaetaradlo, laa
.1
733-8
zpart-Iaport Bank of Vaahla^oa
Tadaral Oapcalt Inavraiifle Oorpor&tloa.
Tedaral Xcaa A^noyt
Baoaaatraotlon nnanoa Corporation and oartaln
afflllateai
Icaonatrustion Unanoa OorporatlOB
ladaral latlonal Nartcace iaaoelatlon
tha UC Norgac* Senpaagr |i/
n, S. OoBoarolal Co^>aB7
Hatloaal lamalii« iceaojl
Tadaral Hoaa loan lank Adalnlatratlont
federal hone loan toanka
Hoaa Ovnera' Loan Corporation
Tedaral PaMle Seualnc tethorlt7 and afflllatal
federal Pntille Honalnc fathorltj
Daf enae Honea Corporation
U1.8
u6.3
8.8
>i.6
1»5.0
5«
1,757.7 J/
.k
136-5
853-8
lOt.l
10.^
1-5
203.3
271 -2
276.712/
390.6
393.3
1.5
289.1
l.H
l.k
IIW.7
107.7
7.5
7.9
lannaaaaa Taller Aaaoolatad CooperatlTea, lae.
Tenneaaae Taller iathorltf
Total loana af Ooramaeat oorporatlona.
257-1
299-5
988.6
2,007.6
Certain ether >ialMaa-t3n>e aetlTltleai
DapartMBt of icrloaltarai
fki* Credit IdiDlnlatratloni
icrlonltural Marketlnc iot BerolTlng hnd.
laergeney Crop and feed Loana
fara Sesarltr Idnlnletratlan 2/
famere' Hoaa idnlalatratlon
bral XLeetrlfloation idalnlatratlon
^
^
fiapartment of the Znterlorl
Purto Bloo leeonetmetlen idalaletratlon and
•
Indian Loana
ftwrto Blean Burrloana Belief Loen Seotlen 6/
•
federal Worka Igenoy Jj
•
.
80.;
75.6
latlonal Henalnc A^noxi
federal Bonaln^ Adnlnlatratlon.
United Statee Marltlae Co^aalon..
Other 8/
lotal loaaa of oartaln other SoTomBent agenslee.
Corporatlena and certain other aetlTltlee:
Total loana
^
10/
80.5
75.6
1*71.1
)t68.9
a^nciea of $7-0 million In loana
of Xzport-Inport Bank of Vaahln^on.
Loan ooamitoenta amount to $315-1 Billion agalnat which adTancee
Incliidee participation hy other
257-1
299-5
988.6
2,050.0
3-7 r
2,050.0
11.2 r
U,057-S
159.9 r
of 8276.7 Billion hara heen aade, leaving ooBmltnentfl to porohase
loana of $38. U Billion.
12.3
127-9
.
Treasury Bulletin
7^
TABLE
CUMULATIVE
CONTENTS
OF
Issue and page number
19**7
Jan.
Treasury flnanolng operations
Teb.
Mar.
Apr.
A-2
A-U
HV
July
Jttn»
^18
Sept.
^5
A-2U
*-5
5
VOT.
Oct.
i-1
1-1
Ibo.
Summary of fiscal statlstlca:
Bod^t receipts and expendltnres
PnbXio de'bt and ^[aaranteed obll^tloas oatstandlac.
Means o f f 1 nanclng o&ah raqul rement s
.
Receipts and expenditures:
Bod^t receipts and expenditures:
V
najor olasslfioatlone
SoaaazT
Beceipts from Internal rerenne
General a^>endltttres
Izpendltures for national defense and related
;.
act 1t1 ties
Xxpenditttres for transfers to trust accounts, etc
Szpendltures of Oovenment corporations (vhollj
ovned) etc
Total boA^t receipts and ezpsndltares bx aontha
and calendar years
,
Trust aoconnts, etc., receipts and expenditures
Social securit/ progras:
Bad^t receipts and expenditures
Statements of trust aocounte
General Fund position and debt outstanding
5
5
5
5
5
5
i
i
I
6
1
I
i
I
7
7
7
7
7
7
7
7
7
7
7
7
7
7
8
8
S
8
8
8
(
5
7
7
7
7
7
7
7
7
7
7
8
S
8
8
8
8-9
9
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
10
10
10
10
10
10
10
12-1
iJ
-II
-li
11-18
13
11-12
II
13
11-12
13
11-12
13
15
15
15
15
19
15
15
15
15-17
15-17
15-17
15-17
17
18
11
17
18
11
17
IS
11
17
18
11
17
l(
11
17
18
11
17
18
U
17
18
11
19
19
20
19
19
80
19
19
20
19
19
20
25
80-23
25
20-23
25
20-23
25
20-23
25
20-23
25
20-23
25
20-23
25
20-23
81
22-23
a
21
21
82-23
22-23
22-23
2U
2U
8U
2U
2U
25
25
2l»
i2-i;
Treasury cash income and outgo
5
12-1:
\i
:
Oeneral ^ind of the Treasury
Analysis of chan^ in balance ef Oeneral Vkmd
Means of financing cash requirements
Statutory llaltatlon on the public debt
Public debt and guaranteed obligations outstanding...
CoBputed Interest charge and counted Interest rate..
Obligations of GoTamment corporations and other
agencl es held by the Treasury
Issuance and retirement ef the public debt
Composition of the interest-bearing public debt
Maturity schedule of Interest -bearing public
narketable securities Issued by the United States..
Offerings of marketable iesues of Treaeury bonds,
notes, and certificates of indebtedness
Disposition of matured marketable issues of Treaauiy
bonds, notes, and certificates of indebtedness,
and guaranteed securities
Offerings and maturities of Treasury bills
Sales and redemptions of U. S. sarlngs bonds
Sales and redemptions of Treasury savings notes
Sales and redamptions of U. S. saTlngs stamps
2U
2ll
26
23
26
26
23
26
26
^1
26
26
23
26
26
23
26
26
23
26
26
21*
25
25
Zk
25
25
27-29
27-29
27-29
27-29
27-29
27-29
27-29.
27-29
26-87
26-27
26-27
26-27
30
30
30
30
30
30
30
30
28
88
28
28
31
32-33
31
32-33
31
32-33
31
32-33
31
32-33
31
32-33
31
32-33
31
32-33
29
30
29
30
29
30
29
30
3M«
3Me
3'>-l»2
3Mc
3l)-lt2
3lt-U2
3U-1J2
1*3-1*
U3-UU
t5
l*3-lil»
I13-I1U
i»3-lii*
U3-UU
U3-UU
H5
31-35
36
31-35
36
31-3't
i»3-Wt
23
"•5
(Contimad on follovlng paga)
H5
31-35
36
25
25
35
December 1947
75
Cumulative Table of Contents
-
(Continued)
Zteua and pace
maber
IS^1
Jan.
Apr.
Haj
Jnna
fulj
t7
t7
"•7
17
'»7
M8
U8
He
lis
l|g
1)8
'19-53
>t9-53
'19-53
uy>.
NaT.
"7
Ug
8«pt.
Oct.
lOT.
38
38
38
37
39
39
39
38
1)8
39
39
39
38
"•9-53
1|0-1|>I
Ito-JA
iw-l»3
39-te
Sec.
Ownership of Government flecurltlee:
Strnmarj dlitrllnttlon ty olaeeea of holdere
Iitimated ovnershlp \jj olaatee of banks and non-bank
InTeetors
let aarket purehasei or salei of OoTeniBent seeoritlee
for Treaaoiy Inrestiient aeconnta
,
Treasury varrey of ownership of QoTemment eecurltlea:
Omerahlp by banks and Insnrazioe ooapanles
Ownership by oownerolal banks classified I7
aabershlp In federal Beserre fystea (for dates
oorrespondl&c vlth aontbly surrey data)
Me
"•9-53
'»9-53
''9-53
U7
5U-5g
5'*-58
lt5-U9
Prices and yields of Government gecurltles:
Orer-the-oonnter eleslnc quotations
Chart ahovln^ yields of Treasury securities...
Average yields of lonc-terv Treasury bonds and
hl^-grade corporate 'bends
,
55-57
58
55-57
58
£0-62
55-57
58
55-57
58
60-62
63
63
55-57
58
55-57
58
59-60
59-60
eU-65
59-60
59-60
6U-65
59-61
59-60
55-56
U5-lt6
l)U-li5
U9
U7
1)6
50-51
ks-hs
li7-'W
Corporations and certain other business-type
activities:
Combined balance sheet (as of qtuorterly dates,
beslnnlnc September 30, 1946)
Loans outstanding, olassiflod by type of loan (as of
quarterly dates, beginning September 30, I9U6)....
Income and expense (oxoBulatlTe, by fiscal year
qnartors, beginning vlth the first quarter of I9U7)
Sources acd application of ftmds (oumulatlTe, by
fiscal year quarters, beginning vlth the first
quarter of I9V)
6z,
62,
63,
66-71
66-71
67-72
63-65
63-65
6h-66
71-73
62-67
62-67
58-6M
68-7U
68-7'i
65-72
Internal revenue statiBtios:
CoUeetlODB of Internal revenue:
Summary data
Chart
CoBparatlre details for current periods
67
68
7't
77
78-79
69-70
76-77
62
63
64-65
'5
,
76-77
55-56
72
79
67-68
69
79
58
76
75-76
76
77
78-79
69-70
75-76
78
81-82
83
72
78
67
68
7l»
51
52
53-51*
50
51
52-53
Monetary statiatics:
Balance sheet of the Izchange Stabilisation l^d
(as of quarterly dates, beginning June 30, 19^6)...
Qold assets and liabilities of the Treasury
Increment from reduction in velght of gold dollar
(cumulative, by fiscal year quarters, beginning
vlth the first quarter of I9U7)
Treasury gold receipts, (for quarterly periods
beginning with July-September, 191^6)
Monetary stocks of gold and silver
Components of si Iver monetary stock
Sllrer production in the United States and eilver
acquisition by mints and assagr offices
Seigniorage on silver
Money in circulation
81-82
83
83
72
72
78
79
79
80
81
83
78
79
73
8H
85
86
79
80
8U
7"*
75
81
86
73
56-57
69
58
55
58
72
72
73
79
80
69
70
79
79
80
59
58
59
55
55
56
]l
75
80
81
82
70
71
72
80
81
82
59
60
61
60
61
56
57
58
8U-86
7l»-76
87-9'*
77-8't
SU-g6
87-90
63-65
66-69
70-72
73
63-65
66-69
70-72
73
58
Capital movements between the United States and
foreign countries, and net poaltlon in foreign
currencies:
Historical summary of capital movement since 1935---Summary by countries
Details for current month
Position in foreign currencies
lot*:
88-90
91-98
99-101
97-103 102-108
83-85
86-93
9'*-96
Herftaftar the eoaalatlTe table of aontenta will appaar
awl annual
77-79
80-87
88-90
91-97
ij la the
88-90
83-85
86-93
91-98
9U-96
99-101
97-103 102-108
Jme
77-79
80-87
88-90
91-97
and Daoenber Isanea.
95-97
85-87
98-10l»
88-9!)
60-62
63-66
67-69
70
Pi
U-h^
Treas.
HJ
10
.A2
1947
c.2
1
iI'M»U^I«Th
^^^^^^^^^^^^^^^^^^H
r
0031957
@FedFRASER