Full text of Treasury Bulletin : June 1946
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1
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LIBRARY
ROOM 5030
JUN 2 1
1972
TREASURY DEPARTMENT
I
JUNE- 1946
99!?
tvm
UNITED STRTES TREflSURV DEPORTMENT
OFFICE OF THE
SECRETHRV
m'*^i^m- •*
.;»•>
June 1946
1
Table of Contents
Page
Cumulative table of oontents
Articles:
Statement by Secretary Vinson on the extension of the
Price Control Act, before the Senate Committee on Banking and Currency
Statement by Secretary Vinson on the proposed financial
agreement with Britain, before the House Banking and
Currency Committee
H
j^_2
j^_c
Looking ahead, one year after VE-Day (speech by the
Assistant Secretary of the Treasury)
A-12
Treasury market financing
j^_l6
Federal land bank financing
A-I7
Recent trends in corporate profits
A-18
Statistical section:
Summary of fiscal statistics
Receipts and expenditures and appropriations
1
U.
General fund of the Treasury
Ig
Public debt and guaranteed obligations of the United States
Sovernment
21
Ownership of United States Q-ovemment securities
k8
Prices and yields of Government securities (including"
securities issued by Federal agencies)
6I
Corporations and certain other agencies of the United
States Government
gg
Internal revenue statistics
73
Monetary statistics
g-j
Capital movements between the United States and foreign
countries
Note:
In those tables where figures have been rounded to a
specified unit, all calculations (including percentages) have been made from unrounded figures.
Consequently the details may not add to the totals shown.
gg
11
Cumulative Table of Contents
Treasury Bulletin
June 1946
111
Cumulative Table of Contents
-
(Continued)
Treasury Bulletin
Iv
Cumulative Table of Contents
-
(Continued)
Iivoe and pace
maber
19lt£
M«y
19U5
ipr.
Bee.
BoT.
Oet.
3qpt.
ins.
Joly
Prices and vielde of aovernjnent eeourltles (Including eecurltlee
leaued by Federal agenoles
)
OTBr-th»-<sonDter closing quotatloni and price hlstoxy for piiblle marketable eeourltles Iseoed by the U.S. OoTeraeat and by federal aeenolea:
Kay 51. IS"*?
Jnne p, 19I15
July 31 IS^S
Angoet 31 19lt5
September 29, 19U5
October 3I I9ll5
BoTsmber JO 19't5
December 31, 191^
511-56
55-57
fe-61*
.
55-57
.
55-57
60-62
,
55-57
.
55-57
Jajtoary 3I, 191*6
Fobraary 28, 19lt6
March 30, 19't6
IprU
30
,
62-61*
57-59
57-59
e2-6U
19116
Chart showing yield etructure of Treasury bonds and notes
ATorsge yields of long-term Treasury bonds and hlgh^-grade corporate
bonds:
Yields beginning ^th 19J7
Chart
65
60
60
65
5«
5«
58
66
67
65
58
57
58
59
n
Corporatlone and certain other arenclcB of the U. B. Qovernment
Assets, llahllltlee. and c^ltall
Haroh 31,
191*5
61.
6l*-6g
June 30, 191*5
72-76
19I15
September J),
67,
71-75
December 31
191*5
,
69.
73-77
March 3I,
191*6
69.
73-77
Loans outstanding, classified by type of loan:
March 3I 191*5
.Tune y>, 19U5
September 30, 19U5
December 31, 1945
March 31, 19I16
62-63
;
,
70-71
68-70
70-72
70-72
Income and e]q>ense:
neoal year 191*5
Tlrst three months, fiscal year 191*6
nret six months, fiscal year 191*6
62-67
62-67
6I1.69
Sources and application of funds:
first nine months, fiscal year 191*5
Wscal year 191*5
Tlrst three months, fiscal year 191*6
Tlret sLx months, fiscal year 191*6
69-7U
68-73
68-73
70-75
Internal revenue etatlstloB
Collections of Internal rerenoe:
Smnsry data.
79
BO
Chart
SU82
CoiaparatlTe details for ourrent periode
6U
65
66-67
77
78
79-80
79
80
81-82
62
63
6I1-65
77-78
77
78
79-80
62
78
76
63
77
79
6I1.4 77-78 80-81 6I1-65 78-79
Monetary etatletlcs
Balance sheet of the Ssohange Stabilisation Ttmd:
March 31, 191*5
June 30, 191*5
September 30 19U5
December 31 19M5
Oold aseete and llahllltlee of the Treasury
lanrsBent from reduction in weight of gold dollar, crasulatlTe tot
June 30 19U5
September 30, 191*5
December 3I 19%
March 31, 191*6
Treasury gold receipt s for reoent quarterly period*
Monetary stocks of gold and sllrer
Oai]q>onente of silrer monetary stock
SilTer production In the United Statee and ellTsr aotjaleittoB b7 alnts
and assay off ieee
Seigniorage on sllTer, by types
Money In circulation
67-68
67-68
67-68
,
69-70
,
81*
8U
71
"69
"eg
"69
,
'69
69
81
69
,
.
Capital movenente between the United States and foreign countries
Discussion of oonposition of statlstlos
SiXBiDary o'f net cspital moTsment since 1935
SuBiaiy by countries, January 19l*3-Jnly 191*5
Details:
69
70
70
71
72
82
.
89
90-106
76
87
n-93
88-101*
90-106
r*
75-91
83
87
86-102
May 19115
Jtoe 191*5
JWly 191*5
August 191*5
September 191*5
October 19H5
BoTember 19%
December igl*5
Position in foreign currenoles
81
82
88-101*
n-93
911-96
LO5-IO7
103-105
SZ-^
107-109
105-107
9M6
107-109
UO-117
97-10'*
10»^U5 110-U7 95-102 106-113
X
lOS-llI* 97-102
June 1946
A-l
Statement by Secretary Vinson on the Extension of the
Price Control Act, before the Senate Committee
on Banking and Currency, May 7, 1946
We are living In a critical period of Ameri-
We have
can history.
greatest of all wars.
fought aucceasfully the
We shall soon have com-
creases sufficient to compensate for such increases
in costs are necessary to let production go forward.
3uch price rises serve a useful function.
pleted the reconversion of our economy to peace.
There are many problems that must still be met
before we have safely passed through the danger-
aary
ous aftermath of war.
flationary.
The American
people
have
done
a
good
Job.
strength of
character they showed. Is
a reflection of the enduring value of our democratic system of free government and of our busiThe
great
ness system of free enterprise.
We In the Administration and you In Congress
have worked together
on
these
problems of
the
American people.
Your- Committee has dealt with
some of the most Important legislation of the war
and postwar period.
I
am very glad to appear be-
But price Increases beyond the amount neoeeto get the maximum possible output are in-
They decrease production Instead of
increasing it.
3uch price rises serve no useful
function.
They lead to speculation and hoarding
of materials.
They create maladjustments In the
whole structure of production and prices.
Our price control during the war made it
possible to get full production and to hold in
check the powerful wartime forces of inflation.
During the war, 12 million of our most productive
young men and women were taken out of agriculture
and industry to go Into the armed forces. About
half of our total production went to war.
fore you to discuss the number one domestic prob-
lem with which we must deal right now
lem of price control and Inflation.
-
the prob-
This can be a great era of American achieveThe years that lie sihead hold for our peo-
ment.
ple the promise of the greatest peacetime production and the highest living standards the world
has
ever
known.
filled with
But
danger.
the
coming year is
The prospect
also
for
material
of want and
abundance could be changed to one
despair if we do not win this last round in the
fight against Inflation.
We won
war and we
the battle of production during the
held prices within reasonable limits.
In fact, we would not have been successful In
achieving our war production goals if we had permitted runaway prices.
It Is In itself a great
accomplishment to have increased our total production by about 75 percent and to have put nearly
all of this Increase Into the war effort.
To
have done this with a moderate rise
almost a miracle.
The people were paid for producing war goods
Sovernment as well as civilian goods for
the people.
No wonder they could not buy as much
of everything as they would ordinarily have liked.
for
In
the
Half of
the income of the people could not be
if inflation was to be avoided.
Through
heavy taxation and through voluntary saving, con-
spent
sumer spending was kept down throughout the war.
Price controls prevented a shortage of goods from
leading to the competitive bidding up of prices.
These price controls are still necessary
during the reconversion period.
I told this Committee over two years ago, when you were considering the extension of the Price Control Act in
the Spring of ISkk, that an extension of the Act
for a longer period than one year after the war
would probably be
necessary. As I said at that
most serious days will be the
postwar days on the economic front".
time,
prices Is
ated
"...
the
The Inflationary pressures which are generby war continue during the reconversion
period.
Impossible to avoid some rise In
prices under war conditions. When production must
be increased quickly and shifted to new lines,
It
is
some increase
In
costs is inevitable.
Price in-
They continue until we can finish tooling up for peacetime production; they continue
until we can get the members of the armed forces
back Into industry;
they continue until we can
fill
up
the
long pipe lines
between
the
first
Treasury Bulletin
A-2
production and the ultimate consumer;
until we can satisfy the most
urgent demands which have been pent up during the
stages
of
continue
they
war.
Yes,
some
time
the Inflationary pressures continue for
after the war, but the temptation to
relax and let down our guard Is great.
temptation which faces us today,
the
temptation which we must avoid.
This Is
We do not want
to repeat that performance.
Our duty Is to see that these
same tragic events do not happen this time.
We
cannot afford to have half a million families
lose their farms In the aftermath of another In-
We do not have to.
flation.
We cannot afford to have 20,000 bankruptcies a year because prices are first Inflated
and then collapse.
That Is why It Is necessary
and the
to extend price control at this time. We must not
repeat the mistake we made after the last war.
We must profit by experience. We have learned
much from the experience of World War I in many
fields. We can learn much from It In the field
In World War I, little
of price control also.
reliance was put on the direct control of prices
and production. Too many people accepted as dogma
to emphasize equally strongly
extension of OPA Is only temporary.
There Is no basis for the fear that price control
of the sort exercised by OPA will become part of
the doctrine that the Oovernment could do nothing
But
that
I
want
the
our permanent economic structure. The problems
with which OPA Is now dealing are caused by the
transition from a wartime to a peacetime economy.
to control production and prices.
At the same time that
I
told your Committee,
For this reason, price control In World War I
was started too late and applied Ineffectively.
Except In special areas, such as food and fuel,
Spring of IS^U^, that a one-year extension
of price control after the war would probably not
be enough to solve our transition problems, I
under a clear-cut legislative
As a consequence, prices rose twloe as
much In World War I as In World War II, although
the war was much shorter and Inflationary pres-
also assured you that OPA would not become a permanent part of our economy.
That statement still
It never operated
sanction.
were
sures
only one-half as
great.
I
say only
half as great, because about 25 percent of the
national production went Into the war effort at
the peak of World War I, as compared with about
50 percent at the peak of World War II.
in
the
holds.
You
do
not want It, and I do not want It,
The President does
not want It.
We have been
trying all along to get rid of price controls as
soon as It Is possible to do so without
Inflation.
But we must be patient.
We cannot gamble
with the future of the American people.
The problems which
the
OPA has
meet are
to
such price con-
temporary In character. We are dealing with these
had existed during the last war were
Prices
We all know what happened.
rose for another year and a half at an even
faster rate than during the war. By 1920, living
problems In the one way that will finally solve
them - by production.
The basic Inflationary
pressures had their origin In the compelling necessity of devoting half of our production to war
Shortly after the Armistice,
trols
as
abolished.
costs were lOS percent above
igi'*-.
And then came
Prices took a nose dive, as they
The price of corn
after an Inflation.
the collapse.
always
fell
do
78 percent,
percent, hogs
80 for other
66
cotton 75 percent,
percent, wheat
products.
65
Industrial
tobacco 70
percent, and
production
purposes
for nearly
four years.
The
war
ended
only eight months ago.
In these few months since
VJ-Day we have reached a level of civilian pro-
duction
never before
equalled
In
this
country.
And this stream of production Is steadily rising
day by day.
fell 33 percent.
Some people
We saw the effects of
farms
and
In
the
this deflation on the
factories.
Net farm Incomes
dropped from $S,SOO million In 1919 to leas than
Factory employment fell
$3,000 million In 1921.
over 30 percent during this period, and factory
payrolls fell nearly 50 percent.
is going.
have
asked where the production
Retail sales
In
first quarter of \Sk-G ware
this country
In
the
annual rate of
60 percent more in dollar value
at
an
$59,500 million and 22 percent more in volume than 19'*^1. When
you exclude the durable goods which are only
beginning to come on the market, the Increase In
June 1946
A-3
dollar value of retail aales Is more than 85 percent and the Increase In physical volume more
than k-0 percent.
Of course, there Is a scarcity of many goods,
despite the record volume of retail sales. That's
because the public is earning more money than
ever before In peacetime and wants to consume
Folks who never had a
more than ever before.
proper diet are buying meat and milk .and eggs,
rolka who never could afford nice clothes and
buying - or trying to buy - suits
and nylons.
I think It's all to the
good to see this great demand. We can produce
enough to meet It.
But It will take time, parstockings are
and dresses
ticularly because the public has been short of
these goods for five years, and because we are
Just returning to peacetime production.
Some of the goods produced
are
not going to
They are going Into tools
consumers right now.
and machines and working stooka for new and increased peacetime production.
This is especially
true
durable goods.
the
of
we
not pass until
of production
and
filled
available
for
sale
pipe
the
line
producer to
the
Not until there
sumer.
It will
have finished the reconversion
from
flow
which goods
That is one reason
inflation has not passed.
of
the danger
is
consumers can we safely
to
dispense with price controls.
to
receipts
of
That will probably
take another year.
As a result
penditures
and
concerned
as
Secretary
of
the
Treasury - Is that the Government Is moving rapIdly toward a balanced budget. We are reducing
Government expenditures and paying off Government
Our fiscal policy Is an important part of
debt.
the program to fight inflation.
fiscal year;
but the budgetary outlook for IShj
very good.
In the past two months, we have
reduced the public debt by $7,000 million from
surplus funds in the Treasury; and this reduction
will continue in an orderly way as rapidly as our
Is
finances permit.
In meeting maturing obligations,
we have
been particularly concerned to pay off the securities held by the banks. The only new securities
issued
since
total
The
bonds and
The Treasury is going to continue to sell
savings bonds to the people. When we ask the
people to put their savings into these bonds, we
must also give them the assurance that their
shrinkage
crease
nearly
of
will
they
50
were
$l<-,200
percent.
million, a
This rapid de-
continue until we are on a peacetime
basis.
In
have
100 cents
We must
of
and will
buying power for
keep faith with
the bondholders who have put their trust in the
Government.
The bonds they buy and hold help
keep down inflation.
They are doing their part
In the fight.
We must
the Price Control Act,
do ours.
and
we
We
must
must
extend
extend it
without crippling amendments.
have
great faith in the practical common
our people.
They responded throughout
the war to every appeal for more production, more
taxes and more saving.
The workers in the factoI
expenditures of the Federal Govof last year amounted to $8,000
This April
million.
the
Victory Loan Drive have been
tax savings notes.
We have
continued to press the sale of savings bonds because they are one of the beet ways to fight inflation.
savings
sense
ernment In April
of
these rapidly declining exwell-maintained receipts,
the
Treasury showed a surplus of receipts in each of
the months of February and March.
There will be
some net deficit
during the remainder of this
savings will
The other side of this return of our economy
peacetime production - the side with which I
am particularly
The net
the
United States Government for
the month of March - the last major tax month amounted to $5,700 million, a decline from the
same month last year of only about 17 percent.
every dollar.
to
full peacetime production."
through
the con-
flow of goods
full
a
highroad
of
ries
and farms, and the men and women in the
fighting forces saved a very large part of their
incomes.
They are saving now.
These savings are
part of the great backlog of demand that can keep
American production going.
the
meantime, revenues
markably well.
President
has
The reason
said -
".
.
have
for
.
.we
held up rethis is - as the
are well on the
What we do on price control during the next
year will determine whether this great backlog of
Treasury Bulletin
A-1+
If we
demand will bring prosperity or Inflation.
keep
and
longer
little
a
keep price controls
savings
accumulated
the
effective
them really
of the public can result In a sustained demand
refrigerators and other
for houses, automobiles,
But If we remove
come.
to
years
many
goods for
price controls too soon, these same savings will
be used to bid up prices before goods have been
produced to match the demand. This Inflationary
the destrucprocess can have only one result:
tion of the savings of our people and,
In the end,
Let's make no mistake about It.
In the end,
everybody suffers from Inflation. That's because
all of us have a stake in an economy that works,
an economy that
Is
stable.
Inflation now means
deflation later; and deflation means depression.
Every worker, every farmer and every businessman
suffers from depression.
He suffers In unemploylower pay; he suffers In unsalable
surpluses and In unremuneratlve prices;
he suf-
ment and
fers
In
In
decreased production and in unprofitable
business.
a disastrous depression.
The danger of Inflation Is far greater today
Rising prices will hit a lot of people hard.
No Senator needs to be told how quickly even a
slow rise In prices eats into a fixed Income.
There are millions of people In this position collar workers whose
school teachers and white
wapes rise little and late; old people who after
a lifetime of work live In modest retirement on
their limited savings; dlsaDled veterans, and the
widows and orphans of our fighting men who depend
on their small pensions to keep them going. These
are the folks who feel Inflation first and most.
than It was
In
time
of war.
This Is because so
danger has completely
passed. We have nearly won the battle of peacetime production and reconversion, Just as we won
We must not
the battle of production for war.
many people think that
lose
the
fruits
of
the
that victory now by ruinous
Inflation which can only end in depression, unemployment and economic stagnation. Above all, let
us keep faith with the American people who fought
and worked to preserve a sound and strong America.
June 1946
A-5
statement by Secretary Vinson on the Proposed Financial
Agreement with Britain, before the Houee Banking and
Currency Committee, May 14, 1946
am very glad to appear before this Commit-
I
tee and to explain what,
dangers of political and economic warfare.
the pro-
In my Judgment,
posed financial agreement with the United Kingdom
means to America and to the world.
With the end of the war we In the Adminisatnd you in Congress have a new responsiThe sacrifices they have
bility to our people.
borne will have been largely meaningless unless
we do all in our power to achieve lasting peace
tration
This Oovernment
has
advocated a progress of
to
restore
world trade and to eliminate the currency and
trade discriminations that divide nations into
conflicting economic blocs.
No one country can
by itself deal with international economic problems, because they are not national In character.
internationsul
economic
cooperation
and sound pi^sperlty. This Is the one reward of
victory that our people and the people of all the
They are the responsibility of all countries. We
have proposed, therefore, that the United Nations
provide the means for continuing cooperation
United Nations ask - a world In which countries
work and live together In peace and prosperity.
rund, and through
As you are well aware, world peace and prosperity are interlinked. The world cannot have a
stable, enduring peace while devastation and hun-
deal
This country cannot prosper
ger stalk the earth.
In a world torn
fear and strife.
by
No country,
no natter how big or strong, can remain either In
political or economic Isolation.
the people
by
requires
peace
Ualntainlng
lance
constant vigiWe know,
all countries.
of
at long last, that enduring peace does not follow
victory of
the
automatically
our armed
and wait.
We
We must
the
to settle
for peace as we worked to win
work
Biust
problems
might lead
that
-
and
We
con-
means Russia and Eng-
that
land, as well as the United States
countries.
to
That is the responsibility of the
flict and war.
United Nations
work, and work constantly,
all
imjst
and
The success of this program will mean a good
to the United States.
Our economy has al-
ways been dependent
be more dependent
on
on
foreign trade.
exports
and
It will
imports in the
years ahead.
We must buy abroad many of the raw
materials for our industries and some important
goods for our consumers.
We must sell abroad a
large part of our production, as much as g or 10
percent, to keep our agriculture and industry
running.
forces.
Our people have learned that peace as well as
prosperity does not come to those who merely sit
the war.
through the International Bank, the International
an international trade organisation.
the other
do this Job.
Let's
forget the lesson of the decade
war when our agriculture and industry
suffered severely from trade and currency restrictions. Because of these measures the exports
of the United States were harder hit than those
of any other country. Our share of world exports,
before
not
the
which in 192« was 15. g percent of the world total
of $32.5 billion, fell in 193'^ to 11.5 percent of
the much smaller total of $18.5 billion.
This
decline in our exports contributed to the severe
depression in industry and the collapse in agriculture.
have international cooperation on
political problems. That is most Important, but
it is not enough. The economic causes of conflict
We
must be
must
eliminated.
tween the businessmen
The every-day relations beof
carried on in a fair and
all
countries
niust
be
friendly way, conducive
to good will and mutucdly beneficial trade.
Our exports of wheat, cotton, tobacco and
lard were particularly hard hit.
FVom 1925 to
192s we sold abroad on the average more than
11,250 million of these four crops annually. From
1931
kets
The financial agreement
you
are
purpose
for
now
of
considering,
with England, which
is above all for the
establishing a sound and
world trade
and in
this way
fair basis
lessening the
to
193'*.
our average sales were
million a year.
abroad
for
The difficulty
of
only
1*^73
finding mar-
our agricultural surplus was an
in^jortant factor in the decline of nearly 60 percent in farm prices from 1928 to 1932.
The de-
preciation
in currencies was also an important
element in this decline in farm prices. When the
6
Treasury Bulletin
A-
pound
for
sterling,
depreciated from
example,
per pound to 13.20, it put pressure on the
prices of all American farm products sold in
tU-.SS
world markets.
Our trade cannot reach the high levels necessary for American prosperity if the world again
resorts to currency and trade restrictions. Unless our exporters have access to world markets
will not be able to
those fields in which
on fair and equal terms we
maintain our production in
we
long
have
and
bacco
and
level
specialized - growing cotton, tomaking automobiles, machinery
In
short, we must have a high
wheat;
equipment.
trade between our nation and other nahave
full production, full employment,
tions to
income in America. All secnational
and a large
all sectors of our economy
tions of our country,
dependent upon foreign
indirectly
are directly or
of
dollars,
International
economic
cooperation and the
expansion of world trade are definitely in the
interest of this country and all countries. When
countries exchange their surplus products they
all gain because it makes possible increased proThis
duction of their specialized products.
holders
the
As a matter
of
world.
The countries
England and the
the con-
of Europe,
which custoinarlly have a large
favorable balance of payments with England, would
be unable
to use the sterling they receive for
their exports to pay for their imports in dollars
United States.
the
Our trade with these
countries would have to be restricted because
they would not have the means to pay us.
If sterling
England
lars,
cannot
and
the
be
converted into dol-
sterling area countries
must concentrate on their trade with each other,
not because their goods are better, but because
It will mean that Egyp-
tian and Indisui cotton will replace American cotton, Rhode sian and Near Eastern tobacco will re-
and machinery
entire
them for
American
the British Dominions, and the agricultural coun-
place American
the
goods in
tries
country which buys.
of
our
many countries
tion is continued,
serious limitations would be
placed on our exports. Countries like Canada,
of monetary impediments.
the trade
sterling buy
During the war, sterling became an inconvertible currency.
It could be used to make payments in the sterling area; but It could not be
converted into dollars. If this wartime restric-
means more production and a higher level of income in the country which sells, as well as more
goods and a better standard of living in the
This program for the general welfare can be
put into effect if the United Nations, and particularly the United States and England, adopt
Tothe same fair currency and trade practices.
gether these two countries do about one-third of
of
fact,
can get the dollars they need to buy
America only with the money England pays
the goods they sell to her.
In brief,
export trade is directly dependent upon
vertibility of sterling into dollars.
from
trade.
can
products.
and machinery.
tobacco,
will
and
British automobiles
replace American automobiles
In half
the
trading area of the
American products would be at a serious
disadvantage in competing with the products of
the
sterling area countries.
Our trade with
world,
Britain and the sterling area would become a mere
trickle.
closely linked in trade with
United States account for 75 percent of world
If these two countries were to adopt the
trade.
same fair currency and trade practices, the rest
On the
of the world would inevitably follow.
States
between
the
United
conflict
hand,
other
American exporters ask no special advantages
with foreign countries. They do ask
that no discriminations be directed against them.
Our producers are perfectly willing to sell their
products in competition with the products of
and England on currency and trade policies would
Just as inevitably divide the world into economic
other countries, provided the buyer has a fair
chance to select American goods on the basis of
blocs.
But American producers will
quality and price.
not have their fair chance to sell their products
Consider what would happen if England should
have to maintain the present currency and trade
restrictions. American goods can be bought by
in
foreign countries
only
with
dollars.
The only
way to buy American cotton and wheat, American
automobiles and machinery is to pay in dollars.
If,
and
only
if,
sterling
is
convertible into
in trading
the
sterling area
until
the
dollar pool is
terminated.
The dollar pool
Is
the
wartime arrangement
made by England to mobilize and conserve the dollar resources of all of the countries of the
sterling area.
Under this arrangement a country
June 1946
sterling area
that secures a surplus of
exports to the United 3tates transdollars to England for a sterling deLondon. The dollars are then allocated
the
of
A-7
from
dollars
fers the
posit In
by London
the various members of the sterling
to
essential purchases requiring
In practice, dollars are not
moat
the
for
area
payment in dollars.
for buying American machinery or any
other American goods which can be bought In EngSome
land or anywhere In the sterling area.
allocated
American exporters are In effect excluded from a
That Is why
large part of the world's markets.
we want the dollar pool brought to an end.
danger
Another
American
to
trade
Is
the
large amount of blocked sterling. During the war
sterling area accumulated
the countries of the
large sterling balances held
as
deposits In Lon-
don banks or Invested in British Treasury securities.
These balances were acquired as a result
of their wartime exports
to England or military
England In India and the
Ulddle East which were paid In sterling. Because
these sterling balances could not be converted
Into dollars or used to buy exports from England,
expenditures
by
made
they were called "blocked sterling balances".
What
done about the liquidation of these
Is
blocked sterling balances will make a big difference
American
If England says that
used only to buy goods In
England, then the countries holding more than $13
billion of these sterling balances will, In effect, be compelled to concentrate their purchases
to
trade.
these balances can be
American producers will have
In England.
little
ment and
the
British people favor this program.
that
such a program is in their
interest as well as ours. Although the British
want to adopt this program, they are not in a
position without help to meet the obligations it
They
recognize
entails.
They cannot commit themselves to allowproducts into England on the same
imports from other countries when they
ing American
basis
as
do not have the dollars
to pay for such imports.
They cannot commit themselves to converting sterling into other currencies when they do not have
the reserves necessary to do this.
England is a country that must live by imTwo-thirds of the food consumed by the
British people and virtually all of the basic raw
materials, except coal, used in British Industry
must be purchased abroad. As a consequence, Engports.
land is a great importing country.
She is the
best customer of the United States and of a score
of other countries.
What England does to eliminate wartime currency and trade restrictions will
affect our trade and the trade of the entire
world.
England's International economic position
has been seriously distorted by the war.
For
five years,
England was the principal target of
the Luftwaffe,
as well as the principal base of
operations of the western allies against Germany.
Her life was at stake, and ours.
The punishment
which she took - and which she handed out - wrote
stirring chapters in the history of free men.
hand. If the countries
I speak of this not as a reason for
the
financial agreement, because the agreement looks
to the present and the future, not to the past,
holding these balances can get them gradually
converted Into dollars,
our exporters will be In
a position to compete on fair and equed terms
but I apeak of it to emphasise that during the
war, England had little time to think qf her export trade.
She devoted every resource which she
throughout the sterling area.
uneconomic channels.
and to the attack
British exports fell until, by 19Wt-,
they were only 30 percent of their prewar volume.
The men released from the export industries were
put to work at war production or were inducted
way
into the armed forces.
chance to export to the countries holding blocked
On
sterling.
other
the
could mobilise to her defense
on the enemy.
of these wartime restricreduce world trade and force it Into
The continuation
will
tions
There Is only one desirable
protect
to
world trade from this result, and
that Is by establishing the currency and trade
practices that we have proposed. These practices
are based
kets
of
the
on
principle that the export mar-
the world should remain open on fair and
equal terms
the
to
exporters of all countries.
another application of
the old American
doctrine of fair play and equal opportunity.
It
Is
There
is
no
doubt
that the British Govern-
Lend-lease from the United States and mutual
aid from Canada filled part of the gap between
her wartime needs - mostly for our common cause and her current supply of foreign exchange.
Nevertheless, she had to draw heavily on her accumulated foreign exchange resources, and strain her
credit abroad in order to secure her essential
war imports.
She sold tl+.5 billion of her for-
Treasury Bulletin
A-S
currency
and trade restrictions.
elgn Investments; she reduced her gold and dollar
reserves by $6l5 million; and she Incurred foreign debts which now amount to more than |13 bil-
aspect,
lion, very largely blocked sterling balances held
by foreigners In London. As a result of her war
bloc composed of the British Empire except Canada,
International
effort, Britain's
financial posi-
tion deteriorated by about $17 billion from 1939
to 19'^5-
Britain's
Meanwhile,
shipping
other
and
earnings
services
have
also
been
Because of enemy sinkings, the
sharply reduced.
British merchant marine Is one-fourth smaller
than before the war. In spite of the large buildThe earnings from financial and
ing program.
services have fallen off along with
commercial
England's trade and shipping. With the recovery
of world trade, these servicea will again expand
and become an Important part of England's foreign
business.
Before the war the British people were able
to earn enough from their exports and their services to foreigners to purchase abroad the food
In
and raw materials essential to their economy.
Imports
was
Britain's
of
one-half
193s, about
paid
for by
the
export of British goods.
About
one-fourth was paid for by services of the
British merchant marine, Insurance companies, and
other financial and commercial institutions. An
additional one-fourth was paid for out of the net
Income of British capital Investments abroad.
The British
people
have
industriously set
International economic
aspect,
one
and
These restric-
very
a
necessary
of
Britain's wartime financing. What
England did, in effect, was to create an economic
and including a number of other countries, principally in the Middle East.
This bloc is now in
operation. If England cannot get help in meeting
her
abroad from
were
tions
Import
will be
needs
forced
over the
to
next
few
years,
she
even extend her
and
continue
wartime restriotions and discriminations.
The great danger before
us
the
Is
of the world into conflicting blocs.
division
In the eco-
meet this problem
nomic sphere, we are trying
to
through eooperatlon
World Fund and Bank.
In
the
England adopts the fair currency and trade
practices we have proposed, it may be possible to
If
avoid the formation of a bloc outside the Fund
and Bank under the leadership of a great power.
But If England finds It necessary to keep her
wartime restrictions, It will result In a British
bloc and an American bloc.
And It will also act
Such a
an encouragement to a Russian bloc.
development would be a menace to peace and prosas
perity everywhere.
No country wants this kind of
world; no country can afford this kind of world.
The British people have shown clearly their
desire to cooperate In building a world in which
The
trade
can be carried en fully and fairly.
British people are with us In
cure the widest possible flow
our
of
effort to se-
world trade by
establishing stable and orderly conditions.
They
their
They are reconverting their war indusThey are making a
tries to civilian production.
determined effort to increase their Industrial
They are exporting as much as they
efficiency.
can without depriving themselves of the essen-
know that restriotions and discriminations stifle
world trade and lead to conflicts which can
problems which the
British people must work out for themselves over
But during this transition
the next few years.
period, the feeding of the British people and the
supplying of British industry will result in a
England would be able to put into effect the fair
currency and trade standards which we have pro-
about
to
restore
position.
tials
of
life.
These
are
substantial need for foreign credit.
The British can finance this transitional
need in one of two ways. One is the road of ecoIt is the road
nomic blocs and economic warfare.
The other Is the road of
of economic isolation.
It is the road of International
Bretton Woods.
economic cooperation.
During the war England imposed comprehensive
But Britain cannot
wartime
currency
abandon her
and trade restricsecures
primarily from
help,
tions unless she
With
such help,
the United States and Canada.
have disastrous consequences.
posed and which she supports.
several
discussions
over
American and British negotiators
agreed that England would need a credit of $3,750
million from the United States. This credit, together with that from Canada, will enable England
After
months,
friendly
the
to continue her eaaential imports during the next
few years, while removing the wartime currency
and trade restrictions and discriminations. The
financial agreement thus provides two things, a
commitment to end discriminatory currency and
trade practices and a credit to enable England to
9
June 1946
A-
carry out the oonualtment.
balances.
England has agreed that any
liquidation of these blocked
balances can be used to buy goods in any
country.
Including the United States.
Instead of being forced to spend the
blocked sterling balances in England, the
holders of these balances, like India and
payment
Here
le
what
the
financial
agreement pro-
vides:
1.
England will not discriminate against
American products In any of her Import
controls.
3o long as she buys cotton or
fruits abroad, she will not discriminate
against the Import of American cotton or
If
fruits.
England to
basis fair
Egypt, will be free to buy goods wherever
they prefer.
American exporters will
have a fair
becomes necessary for
limit her agricultural or InIt
dustrial Imports,
to
all
Por
the
any goods or
United States,
this will be done on a
countries, Including
6,
to
export
In
these
In addition, England has agreed to supthe American proposal for an Inter-
port
national
trade organisation to reduce
trade barriers and eliminate trade discriminations.
With England supporting
this proposal,
the
forthcoming United
States Trade Conference holds forth every
prospect of success.
services purchased In
England will pay In
dollars or If psiyment Is made In pounds,
American exporters will be able to convert the sterling Into dollars.
That
goes for American movies as well as American machinery. And It applies to Income
from American Investments In England.
No
hesitate to do business with England for fear that its earn-
American firm
chance
markets.
the United States.
2.
in
need
ings cannot be transferred,
American
businessmen will be Just as sure of pay-
These six commitments are important commitThey represent a wholehearted adoption
of the letter and spirit of the United Nations
program for fair currency and trade practices.
To carry out these commitments England will need
ments.
ment In dollars from England as they were
help during the next few years.
That help she
will get from the credit under the financial
agreement with the United States and, it should
before the war.
be added,
from the
same financial agreement with
Canada.
3.
Within a year, unless we agree to a temporary extension, England will remove all
of the restrictions on the convertibility
of sterling for ordinary current transaotlons.
that England pays to Canada,
Australia and India for her Iniports will
be converted by England into dollars and
can be used by these countries to pay for
It can also be used by England for meeting the
transitional postwar deficit In her current beO,ance of payments, and for helping England assume
goods they purchase in the United States.
the obligations of multilateral trade.
Within a year, unless we agree to a temporary extension, England will dissolve
the
sterling area dollar pool.
Each
None of the credit can be used for paying
off the blocked sterling balances or any of Britain's wartime debts;
these obligations will have
to be met from other resources.
the
h.
In practice, this will mean that
money
country in the sterling area will be completely free to use any dollars it earns
to buy goods anywhere.
India, for example,
could use
the
dollars
it
gets
for
Its exports to the United States and
Latin America without turning over any
part of them to England.
5.
If Congress approves, the United States (Jovernment will open a line of credit of $3,750 million in favor of England.
This credit can be
drawn on by England until December 31, 1951, to
purchase goods and services in the United States.
A settlement will be made by England with
the
countries holding blocked sterling
Beginning in 1951, England will repay the
over a 50-year period, with interest at
percent.
The principal of the credit must be
credit
2
repaid without qualification.
Under conditions
of severe depression in world trade, the Interest
due in any given year may be waived under objective standards stated in the Agreement.
If such
an emergency situation develops, it is clearly
Treasury Bulletin
A- 10
In the Interest
of
serious
would have
United States to accept
force a default which
consequences to the world
the
to
not
the principal and
financial and commercial practices of Britain
of utmost significance
In determining
are
what kind
The
economy.
of
world economy
of
we
shall have.
realization of the full objectives
Bretton Woods program,
Including the
early
the
Naturally, the Interest rate Is less than
Britain would have to pay on a strictly commerThe financial
cial loan obtained from bankers.
elimination
of
exchange restrictions and
other barriers to world trade and investment,
It
agreement, however, is much more than a loan.
of
financial
aspects
the
major
on
agreement
an
Is
and commercial policy. When we take Into consid-
financial problem.
The International Monetary Fund agreement permits the continued
eration
on
commitments we
the
and
currency
her
receive from England
trade policies,
It
becomes
the agreement would amply repay the
even If no Interest were paid.
people
American
And some would say we would have made a good Investment If the whole sum were a gift.
that
clear
As a matter
of
fact,
the
Interest
Is
cial agreement would be 1.S3 percent, and over
The rate
$2.5 billion of Interest would be paid.
Is
reasonably
close
to
the
average
agreement
19'*'5,
will
Britain In this program Is necessary If It Is to
The approval of the financial
become effective.
will assure the ImplementaCongress
agreement by
tion of our whole international economic program.
Britain cannot be a precedent
The National
for a loan to any other country.
Monetary
and
Advisory Council on International
of
our
statement
Financial Problems has Issued a
The credit
"The proposed loan to Britain, requiring
special
is a
Congressional authorization,
one
which Is
Integral
an
the foreign economic program
of
view of the Council that
part of
trade,
trade
the
which
large
Is
of
the
on by
the
proportion
carried
the British
British case is
will
be
available
need help.
This help
them from the institutions
to
In operation.
The International
provide help needed for currency staThe International Bank will be the
bilization.
that
now
are
Fund will
principal agency
to
In
International
facilitate foreign loans out
reconstruction and devel-
for
emergency
the
Bank
In
is
period,
furt.
until
operation,
the
the
Export-Import Bank will meet only the most urgent
It Is the policy
needs for reconstruction aid.
of this Government to make the agencies established by the United Nations the means for continuing cooperation on currency and investment
problems, and to leave to these institutions the
task of
providing the
funds necessary to imple-
ment this program.
There are some people who
recognize that it
to offer
is in the Interest of the United States
England the proposed credit, but they fear that
the credit will add to Inflationary pressures In
concerned about the
I am much
this country.
from first-hand exI know,
Inflation problem.
how Important the inflation problem
perience,
Is In this country.
Britain will not
of inflation.
believe that the credit to
I
materially Increase
the
danger
this Govern-
No other country has the same crucial
position In world trade as England. Because
of the wide use of the pound sterling In
world's
the
Other countries will
The total amount
ment.
world
financial
the
in
6,
unique and will not be a precedent for a loan
to any other country."
to
foreign loan policy In which this is made clear.
I read from that report:
case, but
December
of
agree to their removal within 1 year from the
effective date of that agreement.
It Is the
opment.
the credit
bear emphasis:
The
Is only a part of the financial agreement.
purpose of the financial agreement Is to enable
England to participate fully In our International
The full participation of
economic program.
point
Britain's
these restrictions
of private capital
cost of money to the Treasury.
This
to
sub-
credit were used In five equal
annual amounts and all Interest payments were met
the effective rate of Interest under the finan-
of Interest
Immediate solution
an
imposition of certain of
for as much as 5 years;
the
If
stantial.
requires
and the excountries of the British Empire,
treme dependence of England upon imports, the
of
credit to England under
less than one-half of
expenditures in this
the
aggregate
percent
of
one
A considerable
country In the next five years.
used
in later years
will
be
the
credit
part of
the financial agreement
Some of
Is less acute.
undoubtedly be used for goods
supply problem
when
the
the
credit
will
Is
June 1946
A- 11
that are In abundant supply.
the credit will
be
needed
Inevitably, some of
goods that are In
for
The Commerce Department estiabout
one-fourth
of the proceeds of
mates that
foreign loans will be spent on such products.
In
those eases allocation and export controls will
prevent any undue drain on our domestic supply
scarce
supply.
the
and assure
minimum essential needs
of
But
If we
meet
our problems In the fields of
International exchange and world trade and build
a sound economic
order In the several United
Nations and In the world, we create an atmosphere
conducive
to peace.
And good economic relationships between nations can, In themselves, give us
more than a fighting chance for lasting peace.
other
countries.
want to stress the Importance of producand employment right here at home. The
United States Is the greatest single economic
force In the entire world.
The level of our naI
tion
end
the way to beat the Inflation
problem la to produce enough goods.
The financial agreement will encourage production In this
In
the
country and
abroad by
removing the restrlotlona
which hamper trade.
The financial agreement
with England Is an
our whole program of International economic cooperation.
This program of the
essential
part
of
tional Income Is the determinant
of world trade.
maintain production and employment, world
trade will flourish.
The greatest contribution
the United States can make to the peace and prosperity of the world la to keep America strong and
prosperous and the advocate of Justice In the
If we
council of the nations.
United Nations Is concerned with some of the most
Important problems of every day life.
How we
meet these problems will determine In large part
whether the United States and the world will
go through devastating cycles of war and
depression or whether at long last we realize the
hope for peace and prosperity.
again
If we do not remove the Irritations and
alleviate the Impediments to trade, we feed the
greedy god of war and largely nullify the other
efforts we make toward a stable enduring peace.
This Is a world
share
the
sane
In
which all countries must
destiny.
It will be peace and
prosperity for all, or war and depression for all.
We cannot escape from these problems by withdraw-
ing from the world.
Political or economic Isolation Is an anachronism;
it Is a dangerous policy
because It Is unreal.
There Is only one way to
assure the security and welfare of this country.
That is to face the world's problems and deal
with them In cooperation with other countries.
Treasury Bulletin
A- 12
Looking Ahead, One Year After VE-Day
Dia t^Urnvtag addreta was dallTered 'by Idwaxd H. Tolaf, Jr., Asaletaiit
SecretaiT of the Sreaaury, befera the Ifetlonal Aaaoelatlan of Matoal 8ktingB Baaka at Sev Tertc City on Hay l6, 19U6.
Let's pass the year briefly In review.
Psychologists tell' us that time which Is
crowded with events seems short while passing, but
This certainly applies to
long In retrospect.
a lot quicker than we exOur Oovernment had the courage to spend
beat Japan
We
pected.
the past year.
|2 billion
courage
to
to
save untold billions.
destroy
two
cities
In
It had the
order to save
A year ago today many of us were In uniform.
The ourrent talk was
VE-Day had barely passed.
The atom was of
of redeployment to the Pacific.
Interest only to scientists; and the Uanhattan
millions of American, British, Chinese, Russian
and Japanese lives.
Engineering Project, If It had been mentioned at
all, would have been taken as a Robert Moses proposal for postwar New York City development.
The number
May
The past year has gone by like a rocket, but
already seems almost a decade away.
19't-5
were we thinking about a year ago?
worries on the home front?
our
were
What
What
Some
of
The controls
were going
us
were
were
to
worrying about
going
to
skyrocket.
Inflation.
pieces, and prices
Some
of
us
were
Many millions of
worrying about unemployment.
persons were going to be out of work. One of
O'Malley's whimsy Fascist friends In the
Mr.
comic strip Barnaby, which I hope you all enjoy
as much as I, said that the chief postwar problem
would bo "Who would manage the bread lines?"
Since
we
VJ-Day,
of men In
have demobilised quickly.
armed forces has been
reduced from over 12 million on VJ-Day to less
than k million today.
And those who have been
discharged have been absorbed quickly into peacethe
time occupations.
We canceled our war contraete quickly following VJ-Day, and we have settled them quickly.
Settlement will be almost completed by the end of
Congress had placed In the
this fiscal year.
hands of the Executive Branch a well-thought-out
and
settlements have
Contract
Settlement
been kept
abreast of the filing of contractors'
In the meantime, adequate Interim fi-
claims.
Act,
nancing has been provided, so that no one has had
to wait for hie money.
Plant clearance has proceeded swiftly, and without complaint. War contractors have been placed in both a physloal and
to resume peacetime produc-
a financial position
other things to worry about,
Demobilizato be long.
was
going
The war
too.
were
going to be
Jobs
to
be
slow.
going
tion was
the Army.
from
released
we
were
when
hard to find
continue
to
going
was
Oovernment
The Federal
settleContract
years.
red
for
the
heavily In
We
had
many
going to drag on endlessly. This
production - provided, of course,
back
would hold
being held back anyway by the
not
was
that It
Oovernment
to clear Its property
the
failure of
ments
were
out of the war plants.
tion.
I
say this with due modesty as I concluded
wartime service as Oeneral Counsel for the
Office of Contract Termination and Settlement.
my
Industry has responded swiftly to the termination of wartime needs.
The production of civilian goods has risen more rapidly since VJ-Day
than in any period of equal length for which we
have record, and the production of civilian goods
was at an all-time high immediately preceding the
shut-downs brought on by the coal strike.
This Is a fair Inventory of our homefront
It Is good to look back
worries of a year ago.
to restore our perhelp
it
may
because
them,
at
speetlve on our troubles of today. On the whole,
we have come out pretty well; and, if we could
lick the problems of yesterday, we can lick the
in March, the most recent month for which we
less than 3 million men were unemhave figures,
problems of today.
ering
ployed and seeking work, and most of these were
unemployed because they could not find the right
Job,
not
The number
the
because
they
could find no Job at all.
of unemployed
great
is
reduction
very smedl, considin
the
size
of
the
June 1946
A-13
armed forces and the tremendous turnover In occutaking place even in civilian
pations which is
life.
controls
The
have, for the
been
have
most
relaxed; but they
part, held.
The people have
shown that they have the fortitude to put up with
controls as long as they are necessary to prevent
inflation and a subeequant deflation
a postwar
The Oovernment has promised that
and depression.
we will not have
up
put
to
with them any longer
Controls are
necessary until the war plants
are reconverted; until
and
forces
the
the
In
men
formerly in the
war plants are back at
the long pipe lines be-
until
Jobs;
producer and the ultimate consumer are
and until the most urgent of the pent-up
filled;
civilian demands are met.
All of these things
some of them are nearly comare being done;
In the meantime, I feel confident that
pleted.
keep the controls aa
the American people will
peacetime
tween
the
Two years after the end
long as they are needed.
war would have turned the trick and
prevented the 1921 depression.
If we profit from
we will continue the
our mistake last time,
of
last
the
would have saved money this year, but it would
have cost us a great deal more in the long run.
The speed with which demobilization has been
carried on has increased many classes of expenditures this year.
For this reason, I think it is
all
the
have
than that.
armed
more swiftly the flow of civilian goods and services gets going.
If we had spent less this year
on mustering-out pay and on contract settlements,
Oovernment expenditures would have been less. We
controls for another year.
During
great
the
past
down aa
year,
the
Oovernment has
expendi-
While
the
expenditures of the Federal Oovhave been declining rapidly, revenues
have held up remarkably well.
This is because
business has been good and Jobs have been plentiful.
Income tax receipts have been large because
incomes have been high, and so have taxes.
But
ernment
no higher than we need in these critical times.
is
It
important
Oovernment
to
understand Just what is
The prime requisite
down
out
its
is
purchases of
services, and do this quickly.
that the
goods and
In this way, the
men and machines formerly working for the Oovernment can be released to make things for civilians.
living.
This is necessary to raise our standard of
It is necessary to combat inflation, for
of men and machines from
It was the diversion
making civilian goods to making war goods which
was the cause of the inflationary pressures In
the first place.
Inflation can be beaten only by
reversing the process.
year
fiscal
of which were
during a period of total war.
receipts, as compared with last
year,
has,
of course, been somewhat greater in
recent months.
Net receipts in March, the last
major tax month, however, amounted to I5.7 billion, a decline of only 17 percent below the corThe decline
involved here.
for
the
first ten months of
amounted to 135.8 billion, a
decline of only about lt-1/2 percent from the corresponding ten months of the last fiscal year,
all
tures.
total expenditures
tlon Is completed.
Net receipts
strides toward reducing its
that
rapidly as
they have.
Total
Federal expenditures in April 194.5 amounted to
|8
billion.
In June 19'<-5. the month after VE-Day,
they reached a high of I9.7 billion; while last
month, they were down to $k.2 billion,
and they
will continue to decline swiftly as demoblllra-
this
made
more remarkable
come
in
responding month of last year.
As a result
of
rapidly declining expendihand and well-maintained receipts on the other, the Federal budget has come
nearly into balance. Receipts exceeded expenditures in both February and March. There will be
some deficit during the remainder of this fiscal
tures
on
but
year,
July
the
1,
19I17
one
the
outlook for a balanced budget by
Is very good.
In general, reducing the Oovernment 's demand
for goods and
expenditures.
This
Is
But sometimes
run.
the
services means reducing Oovernment
exact
In
opposite.
is
paid out
the
short run
it
means
Take niusterlng-out pay, or
contract settlements,
money
always true in the long
on
for Instance.
these
accounts,
The faster
the
more
rapid is drtQobllization and reconversion, and the
The approach
to a balanced budget has made
apply part of the Treasury cash
balance to a reduction in the debt. A portion of
the
certificate Issues due on March 1 and on
it possible
to
April
bond and note issues due or
payment on March 15, and all of the
issues due on May 1 were paid in
1,
all of the
called for
certificate
*
Treasury Bulletin
A-l^t-
Secretary Vinson announced
of the certificate
billion
only yesterday that |2
amount of each
entire
the
Issue due on June 1 and
called for
have
been
which
Issues
of the two bond
afldltlon,
In
cash.
payment on June 15 will be paid off In cash.
This will mean that as of June 15 the net reduction In the Federal debt since Its peak at the
snd of February will aggregate more than $10 bilThe budgetary picture gives us assurance
lion.
will be possible to effect a further
It
that
large reduction In the debt from the eaah bal-
markets
consumers' goods, and a dollar added
for
backlog
our
of purchasing power saved up
against the day when goods will be plentiful.
to
be a double-acting backlog.
Some
will be used to buy goods In the days to
More of It will be retained Indefinitely,
This will
of
It
come.
Its holders with the feeling
and with the reality - of eoonoailo atcurlty which
will permit them to spend a larger proportion of
but It will prov).de
-
their current incomes on goods and services. All
It
is held, will give to Its
of it, as long as
ance.
holders
It has been our desire to concentrate the
as far as possible, upon
reduction In the debt,
It has, consequently,
securities held by banks.
been gratifying to the Treasury that the Oovernment security holdings of Federal Reserve Banks
and weekly reporting member banks - the only
banks concerning which data are available - have
declined by ft-. 3 billion since the end of the
year - a decline equal to almost three quarters
of the net reduction In the total debt occurring
during this period.
enhanced
of
sense
a
their country's affairs and an
in our national well-being.
Promoting the
of
the
front
sale
participation In
enhanced Interest
savings bonds is one
of
things which can be done on the fiscal
to
counteract the inflationary pressures
which are holding over from the war.
As 1 have
the most Important thing the
already indicated,
Government can do on this front is to out down
its own purchases of goods and services - that
is. In generad, to reduce its expenditures.
Almost equetlly Important is that it should maintain
The
Interest
rates at
which
the
Treasury
have not changed maturlty-formaturlty since Secretary Vinson took office.
They are low, measured by most historical standards - sJ.though long-term rates are not so low,
borrows
money
for example, as those prevailing In Great Britain
In the last decade of the Nineteenth Century, nor
are short-term rates as low as those prevailing
In the United States during most of the thirties.
An Important aspect of the Treasury's policy
with respect to debt management at the present
time Is to encourage the people to buy and hold
We are sometimes asked, "With a
savings bonds.
steadily declining debt, why Is the Treasury continuing to push the sale of savings bonds?
that the Treasury
The answer Is, of course,
pushing the sale of savings bonds, not to
obtain money to finance the deficit, but In order
to combat Inflationary pressures which are still
and which will continue
continuing from the war,
la
for a while longer; and to secure a better distribution of the public debt.
Every
dollar
of
savings bonds sold today
a dollar of debt held by
permits us to retire
Every dollar which is used to purchase
banks.
savings bonds and which would otherwise be spent
is a dollar removed from the present inflationary
its
tax
revenues,
ment in taxes
is
for money paid to the Governthereby removed from the market
for goods and services.
The
revenues
tax
of
Government, as I
the
have already Indicated, are holding up very well.
We
want
this.
to
keep
It will
be
them
that
necessary
way.
to
In order to do
keep tax rates at
around present levels as long as the inflationary
pressures persist.
Tax rates have edready been substantially
These reductions - which,
reduced since VJ-Day.
followed Secretary Vinson's recin a broad way,
ommendations - were particularly Important in two
fields.
First, Congress swept
off
the books the
old concept of the "victory tax' - which took no
account of family responsibilities and taxed the
family man as heavily as the bachelor.
The name
been changed from "victory" to
"normal" prior to its demise, but there was noth-
of
this
tax had
ing normal about it.
It was unjust and was tol-
erable only under war
conditions.
Its elimina-
tion was a victory for Justice and for fair play.
The second field in which the tax reductions
of
the
Revenue Act
of
19''-5
were
particularly
Important was that of business taxes. Here, Congress - following Secretary Vinson's recommendaThis
tion - repealed the excess profits tax.
.
June 1946
A-15
thoroughly Justified by the conditions
transition period. The major thesis of
excess profits tax - that the excesslveness
was
move
the
of
the
reconstruction and
trade.
We must,
for the restoration
and
will, extend
this
of
their
helping
hand
of profits can be measured by comparing them with
prewar period
of a
those
-
was appropriate only
for the period of active hostilities.
Applied In
peacetime, It would have throttled the growth of
new and expanding Industries,
and would have
worked major Inequities all along the line.
the
repeal of the excess profits tax has already paid
large dividends in speeding reconversion; and It
pay further dividends as peacetime producBy
encouraging business men
tion progresses.
both to produce more and to watch their expendiwill
tures more,
the repeal of the excess profits tax
contributed
has
to
rather than to In-
combat,
crease, Inflationary pressures.
Fortunately, the goods which these countries
need the most are not those in scarcest supply
here; but, even when they are, we must share - If
we are to have peace and prosperity here and in
the rest of the world.
Most urgent of all la the loan- to Britain.
Britain held the line for more than two years before the Nazis declared war on us.
This cost her
dearly and profited us much.
The war has been a
great drain on her resources.
In order to conserve her assets, she has had to lay down numerous barriers
to world trade.
She wants the same
world that we want.
But she cannot
restore her own economy and she cannot remove her
kind of
In
But,
my
opinion,
the
tax
reductions
effected by the Revenue Act of 19'<-5 are as far as
we should go until Inflationary pressures further
we can combine a
subside. When that time comes,
further
tax
reduction with
a
thorough
stream-
trade
This
a
barriers without a helping hand from us.
what the proposed financial agreement
is
does.
It 1b the "number one" item on our plate
for better international economic relations.
lining and modernization of our tax structure.
There Is another aspect of our policy on the
financial front upon which I should like to commay be the moat Important aspect of
determining the world In which we shall
This
ment.
all
So, in
the past year, we have licked many
problems; but many new ones have arisen, and many
of the old ones remain.
In
live tomorrow.
The war has been won; but
yet been made.
Demobilization
the
le
peace has not
three quarters
over;
The destruction
of life and property in the
war which has Just ended Is almost beyond concepThis war has differed from any other of
tion.
modern times. In that the toll among civilians
has exceeded that among men In uniform; and the
destruction of property away from the battlefields has exceeded that on the battlefields.
Our standard of living Is higher than before
the war, while that
of every country in the Old
World Is tremendously lower. It Is urgent In the
Interests of world trade and of world peace - In
the Interests of the future prosperity and peace
of the United States - that these countries be
set back on their feet.
All of the labor for
doing this
and
most
materials must come
countries themselves. The
of
the
from the devastated
people of those countries
have the will and
determination to work hard and to live on little,
But they
until their reconstruction is complete.
need a helping hand from ue.
They need a minimum
amount of loans to purchase the American-grown
and American-made
materials
necessary for their
but many of the servicemen have not yet
found their proper places In civilian life.
We
have Jobs available for all of our people, and
satisfactory Jobs for most of them; but we have
not solved our problem of Industrial relations.
We have held the price line during and after the
war far better than ever before in our history;
but inflationary pressures are still strong. We
have almost completed the physical and financial
task of reconversion; but the pipe lines of partially finished goods
from producer to producer
finished goods from producer to consumer
are far from full, and many manufacturers suffer
from scarcities of component parts.
and of
We
have
traveled
a long way
in
the past
have a long way to go before
we reach "normalcy".
And normalcy, too, has its
problems, if history is any guide.
But problems
year, but we still
add to the zest of living.
I am confident the
American people will face the problems ahead,
proud of their record, but determined to better
it,
again and again.
'
Treasury Bulletin
A-16
Treasury Market Financing
Historical details of Treasury market financing operations Involving l)ond6,
notes, and certificates of Indettedness beginning with the Jotirth War Loan,
are pttbllshed in the tailes on pages 32 and 33. Details of weekly Treasury
hill offerings are shown on pages 3** and 35.
,
Cash Payment in May
Secretary of the Treasury
On April 13, 19^6,
Vinson announced that no exchange offering would
be made to the holders of the 7/S^ certificates
of Indebtedness maturing Uay 1, 19'*-6, but that
payment would be made In cash when they matured.
Also on April 2k, the Treasury Department
issued a statement with respect to the elimination of the preferential
were
outstanding
This was a part
regular series of 7/S^ certificates mafirst of each month and was the
on the
rate,
as
fol-
lows:
was
"The Treasury
proposal
certificates
maturing
The
discount
fully informed of the
eliminate
to
the
preferential dis-
Secretary Vinson said today.
count rate,
In the amount of $1,579 million.
the
of
turing
siaall,eBt
owned
by
the
banking system and only $229
Removal of Preferential Discount Rate on
aiort-Term Government Securities
ig**-?,
the
twelve Federal Reserve
adopted a preferential discount rate of
on advances to member banks secured
percent
1/2
by Oovernment obligations due or callable In not
Banks
The rate on advances secured
Oovernment obligations continued to be
more than one year.
by longer
1
"Secretary Vinson stated that the Treasury has been and Is concerned to see that the
reconversion
gressed
so
of
the
Federal
release stating
the
Board
of
Governors
pro-
Vinson
months
System Issued a press
Reserve
three Federal Reserve Banks
discontinue the preferential dis-
the
the Treasury will have paid off nearly $7,000
million of maturing obligations without dis-
turbing the money markets.
will
continue Its orderly
as rapidly as Its
Secretary Vinson
financial position permits.
of
debt
the
said.
that
had voted to
and the Board had approved these
count rate,
Subseactions, thereby making them effective.
quently, the other Federal Reserve Banks have
taken the same action.
In Its press release on April 2^, the Board
explained the reasons for the action
Governors
of
the preferential rate, and stated
eliminating
In
Board does not favor a higher
"The
rates on United States securiInterest
level
Disconties than the Oovernment Is now paying.
tinuance of the special rate will not Involve any
Increase In the cost to the Oovernment of carryalso
has
should not be disturbed
pointed out that In
Treasury has been
paying off the debt, with particular emphasis
on the debt held by the banks.
By May 1st
two
"The Treasury
19'4-6,
which
Industry,
of
rapidly,
"Secretary
past
the
repayment
2I+,
Secretary
the security markets.
percent.
On April
to
by uncertainty in the money markets.
million by nonbank holders at that time.
In October
of April 19,
the Federal Reserve Board gave assur-
ance that the elimination of the preferential
discount rate will not be allowed to disturb
Issue outstanding.
Analysis of the Treasury reports on the ownership of Government securities Indicates that on
March 31, 13^S about S5 percent of the maturing
Issue was owned by reporting commercial banks and
In all, $1,350 million
Federal Reserve Banks,
was
"In a letter
Vinson,
that
of
ing the public debt".
The
complete
release of the Board of Gover-
nors is reprinted below.
"The boards
of
directors of the Federal
Reserve Banks of Philadelphia, New York, and
San Francisco have voted to discontinue the
special wartime preferential discount rate of
1/2
of
member
1
percent
banks
per annum
secured by
on
advances to
Government obliga-
tions due or callable In not more than one
Changes In rates, to become effective
year.
at the Reserve Banks, must be approved by the
Board of Governors.
"The Board
has
approved discontinuance
June 1946
of
A- 17
preferential
the
purpose
because
rate
It
has
facilitating the warflnanolng program for which It was adopted In
19U-2.
The Board does not
favor a higher
served
the
of
Interest
rates on United States
securities than the Oovernment Is now paying.
Discontinuance of the special rate will not
of
level
Involve
any
Increase In the cost to the Oov-
ernment of carrying the public debt.
to
borrow at
Federal Reserve Banks In
order to hold or to purchase additional Oovernment securities, or to lend to others at
low rates for the purpose
of
Oovernment
securities an'l has resulted in
unnecessary expr .ion Oi
the
money supply
through monetlzatlon of the public debt.
The
Oovernment' s program no longer calls for
expansion of bank credit to help finance huge
»
war
"The preferential rate encourages member
banks
to Induce the banks to utilise their reserves
more fully In financing huge war expenditures,
It has subsequently made for speculation In
holding or pur-
While such
chasing Oovernment securities.
encouragement was Justified early In the war
expenditures.
Instead,
It
calls for
action that will stop additions to and bring
about reductions in the country's monetary
supply In order to reduce Inflationary pressures.
Discontinuance
of the preferential
signifies an appropriate
adjustment from wartime to postwar conditions
in accordance with the Government's program
rate,
therefore,
of economic stabilization."
Federal Land Bank Financing
Call of 3% Federal Land Bank Bonds
of 1946-56
the Land Bank Commissioner
On April 4, 19'+6,
the
twelve
announced
that
would call
for payment
on
Land Banks
Federal
Hay
1
the issue of 3%
bonds of May 1,
consolidated Federal Land Bank
These bonds, dated May
191+6-56.
1936, had a
1,
final maturity date of May 1, 1956 but were callon any interest date from May 1, 19'<-6 to
able
The maturing issue was outstand-
final maturity.
ing in the amount of tl70 million.
This
the
issue
interest
was wholly tax-exempt, that Is,
exempt from both the
thereon was
normal and surtax rates of the Federal Income tax.
was the last issue of outstanding Federal
Land Bank bonds which was wholly tax-exempt.
This
New Offering of 1-1/4 % Federal
Land Baidc Sonde
On April 16, 19'+6,
the
twelve
Banks made a new public offering
Federal Land
$217 million
Land
Bank bonds.
consolidated
Federal
of 1-1/'+^
which
dated
was
May 1, 19'*-6, will
The new Issue,
on May 1,
will
be
callaole
mature May 1, 1952 and
The
bonds
IQ50 or any interest date thereafter.
of
Interwere offered at par and accrued interest.
est on the bonds will be payaDle semiannually, on
1,
and will be subject to FedAnnouncement was made later
the
offering was oversubscribed
November 1 and May
eral Income taxes.
on April 16 that
and the books closed.
The proceeds from the sale
of
the new issue
cash from other sources were raised to pay
off the bonds called on May 1, 19'*-6 and for other
and
purposes.
The
sources of funds
following
to
be
table
outlines
the
raised and the uses for
which they were Intended, as compiled by the Farm
Credit Administration.
Sources and uses
Treasury Bulletin
A- IS
Recent Trends In Corporate Profits
Figures on corporate earnings for the calendar years 1936-19'+5, before and after payment of
taxes and dividends, are discussed In this artiThe figures for I936-U1 are based on Income
cle.
tax returns as reported In the final report, Statistics of Income, Part 2: the figures for igU^g
and 19^*^3 are based on the preliminary report,
the
figures for
Statistics of Income, Part 2;
igU-l^
and 19'*-5 are estimates made by the Division
of Research and Statistics of the Treasury De-
excluding dividends received.
Earnings of All Corporations
Corporation Income and tax liability. Earnings of all corporations for the years 1936-39
through 1914-5 are shown In the following table.
The table also presents a summary of the Federal
Income and excess profits tax liability and earnings after taxes of all corporations for the same
years.
partment.
be
It should
Statistics
noted that these data are on a
They are based on
Income basis.
of
unaudited returns, and they do not reflect adFurthermore, they
justments due to carry-backs.
do not reflect adjustments due to renegotiation
In those cases where renegotiation was completed
after the final tax return was filed. Corporate
therefore, are overstated by the amounts
renegotiated after the filing of returns. A more
profits,
detailed discussion of the renegotatlon adjustments is given In Part 2 of this article.
As the table shows, the peak In corporate
earnings before and after taxes occurred in 1914.3,
although the rate of increase had already dropped
sharply
by
that time.
profits reflected
Into
the
became
-
Earnings
of
In
offset
to
and
$1.3 billion, respectively.
following
The estimates
1
corporate
In
by the acute wartime difficulties
growing manpower and material shortages.
These wartime obstacles resulted in a decline in
earnings before and after taxes from 191+3 to 19l*-l+
due
two parts:
Part
This growth
rapid Increase
Government defense and war expenditures.
By 13^^, however, corporate earnings are
estimated to have
begun to decline as Increases In war production
of $2.5 billion
The article Is divided
the
of
earnings for
191+5
show the
all
corporations - comprising net
Income corporations and corpo-
Compiled
net
rations with no net Income.
profit 1/
Part 2 - Adjustments for
renegotiation after filing fi-
Federal Income
and excess
profits tax
liability 2/
Compiled
net profit
after
taxes 1/
Amount (In millions of dollars)
nal tax returns.
Earnings before taxes are preseveral ways
complied
follows:
sented
as
In
Table 1
net profit
In
compiled net profit adJusted by the deduction of the special credit of life Insurance companies (line 3); net Income with or
(line 1);
received
deduction of dividends
and tax exempt Interest
(lines
S,
without
the
5,
profit,
9);
and
adjusted,
compiled
net
item,
be
l+,l+61+
3.32'^
191+0
7,327
ig"!-!
ll+,'+l+0
19'+2
21,236
^,778
7,272
8.980
191+3
25,866
23.335
18,050
9,968
8,710
6,810
est
191+5 est
I9I+I+
Annual percentage change
1936-39 average.
191^0
19^1
19'^2
excluding divi-
In this
dends received (line 10).
article, earnings before taxes will
always
1936-39 average.
repres'^nted
by
tl-."?
last
compiled net prof It, adjusted,
igW'est!
19I+5 est.
1/
2/
3/
y
21.8
123.6
181.2
71.0
29.7
-9.8
-22.6
-8.0
-23.1
61+.1
+97.1
+1+7.1
3/
'*3.7 2/
52.2
23.5
11.0
-12.6
-21.8
XzelvuUns dividends reeeived and adjusted for special credit for life
Insurance eon^anies.
Het, after deduction of entire poetwar credit.
Fercentace change fron 1936-39 average.
—
June 1946
effects
the termination
of
of
the
war.
The decline In Income before
and after taxes of over 20i, reflected the wholesale cutbacks In
war
production,
Involved
the
Chart
difficulties
COMPILED NET PROFIT^ OF ALL CORPORATIONS
ITS DISPOSITION
DOLLARS
Billions
period, and such factors as the re-
computatlon of amortization deductions with the ending of the emer-
20
The percentage de-
period.
-
Colendar Years 1939-1945
the early reconversion
In
I
AND
24
gency
.
A- 19
Compiled Net Profit^
_
16
crease In Income was accompanied by
a
drop
similar
In
corporate
tax
12
liability.
e
Chart
profit,
shows
1
adjusted,
compiled
net
4
excluding divi-
dends received,
corporate Income
excess profits tax liability,
1939
and
and
net
profit after taxes for the
tal
Billions
—
16
1941
1942
1943
1944
Est
1945 Est
Disposition of Compiled Net Profit-''
—
DOLLARS
calendar years 1939 through 19'+5Chart 2 shows the percentage of to-
1940
-
DOLLARS
Federal Income and Excess Profits Tax Liability^
Billions
corporate Income which was paid
distributed as dividends
as taxes,
by
and retained
corporations
the
for the years 1939 through 19'+5.
Table
at the end of this ar-
1
ticle presents
corporate income
corporations
net
income
further details on
and taxes for all
Compiled Net
and similar data for
corporations and corpo-
Profit -J' After
Taxes
Postwar credit refund
Retained earnings
rations with no net Income.
(excluding postwar refund)
Net dividends paid
IOC
qq
7 3
Dividends
earnings.
of
and
all
and
4.8
retained earn-
>4
I
2.8
45.-:;
4.2
ft4.3S
A4.4v
1942
1943
corporations for the
1940
1939
years 1936-39 through 19'*^5 are sumNet
marized in the table below.
dividends paid
~6.8"
retained
Income after taxes, net
dividends paid
ings
paid
are
1944 Est
1945
Est.
y
total dividends
paid out to stoolcholders minus dividends received by corporations as
1941
J/ Excluding dmdends rocanrfid and adjusted for sfiedol credit for life insurance companies
Net. after deduction of entire postwar credit (comprising credit taken currently for debt refiremv* and postwar credit r^und}
Of lie* «*lfi» SacraKry of fH» Tf»o«u'y.
Dwmono' ReMoreh ond Slolitl««
stockholders
Q.)
As the table shows, net dividends paid remained remarkably stable throughout the period
In other corporations.
when compared with the fluctuations
Compiled
Net
net profit,
after taxes 1/
dividends
paid
Retained
earnings
(In raillions of dollars)
1936-39 average.
igiw
19iH
Vi^Z
iglfJl'est'.
191+5 est.
3,32'+
•^.150
1^,068
It,
8,980
9,96s
8,710
6,810
'+66
",263
826 2/
710
2,806
'+,717
5.582
I+,265
"^,575
2,235
of profits after taxes.
For the
period 1936-39, net dividends paid
averaged $U,150 million and reached
their high point
bBludla« dlTtdende raeelT«d and adjxisted for q>eclal credit for life
2/
ineuraaee coq>aiilee.
Conplled net lose or deficit.
',575 million
ered.
This meant a total increase
of only
$1+25 million in 191+5 as compared with the average for 1936-39.
Compiled
on
1/
of
by 19'+5. the end of the period cov-
the
net profit after taxes,
other hand, averaged $3i32'+
million for 1936-39. increased to a
of $9, 96s million in 19I+3 and
peak
Treasury Bulletin
A-20
declined again to $6,810 million by
The result of this extreme
194-5.
relationship was that the major
portion
after
Chart 2 -PERCENTAGE ANALYSIS OF DISPOSITION
OF COMPILED NET PROFIT^ OF ALL CORPORATIONS
Calendar Years 1939-1945
Increases In profits
Into retained
went
taxes
of
'
PERCENT
PERCENT
Retained earnings
Net dividends paid
Federal income and excess profits tax
earnings.
liability
^
TTTT
100
Chart 2 presents a percentage
analysis of the disposition of cornet
porate profits among taxes,
earndividends paid, and retained
100
calendar years 1939The chart shows the decline
dividends paid In relation
60
60
40
40
20
20
ings for
1914-5.
In
net
to total
of
retained
21.6
^/..fA.r
Table
1
at the end
on
80
943
19'4-C
of
1945
Est.
companies
^Net. after deduction of entire postwar credit (comprising credit taken currently for debt retirement and postwar credit refund).
Offia
0' rfn S«CT»tOry of
ttl«
TrMtwry. DnitiO'i 0'
RtMOnA OM SUIiKK*
tlon
.
this article presents
net dividends paid
1944 Est.
-'Excluding dividends received and adjusted for special credit for life insurance
6 66
-
the
of
M-03
Sixth
fense Appropriation
further data
-18.3
earnings.
it Is estimated that net
By 19'+5,
dividends paid Increased as a proportion of total earnings but were
smaller perstill a considerably
centage than In 1939 and
•12.4
94
years
the
of peak earnings (19'4-2-194-U-) accompanied by a rise In the relative
Importance
97;
80
the
profits during
^
} > 1 1 i
and
retained
the
Act,
Supclemental National De19'+2,
as amended, with
establishment of a War Contracts Price AdBoard for renegotiation of contracts
justment
net Income corpoearnings for all corporations,
rations and corporations with no net Income.
made with Departments of the Government, and sub-
Renegotiation
contracts prior to December 31.
During the war It was necessary for the Oovernment to negotiate contracts promptly for the
required war materials and contract prices had to
be related to prewar (or current) cost experi-
for a given taxable year Is
tax return for that year
contracts thereof, and for recapture of "excessive profits" attributable to performance of such
19'+5-
If renegotiation of a corporation's business
completed before the
has been filed, the
ence.
profits shown
for which
Income
greatly expanded scales with probable, but not
accurately predictable, reductions In unit costs.
It appeared that the fairest and most practicable
based on the profits so
reduced.
If, on the other hand, renegotiation Is
completed after the tax return has been filed,
the profits shown In the return and In Statistics
Many Items, however, were of new designs,
unit costs were not accurately deterand many others had to be produced on
minable,
procedure would be to negotiate the contracts. In
on the basis of tentative
the first Instance,
prices which would be reasonably certain to cover
costs and, subsequently, as actual cost data became available, to "renegotiate" the contracts on
of "adjusted prices" which would reany reductions that might have occurred In
actual unit costs as compared with the originally
The excess of profits, comassumed unit costs.
the
basis
flect
puted
from
the profits,
determined
the
original tentative prices, over
the prices as finally
computed from
with
reference
to
the
actual cost
data, are usually called "excessive profits".
The renegotiation procedure was Introduced
In the form outlined above) by 3ec-
(essentially
will
the return and In Statistics of
In
e xclude "excessive profits"
tax liabilities will
of Income
will
Include "excessive profits"
cept to the extent
rily reduced
by
that
be
based
Include such "excessive profits"
ation
for
(ex-
these have been volunta-
renegotiation reserves) and the
tax liabilities will
pleted,
and the
be
profits which
on
.
When renegoti-
given taxable year has been comreturn Is reopened, profits are re-
the
the
duced
by the amount of the "excessive profits"
repayable to the Government and tax liabilities
The
are recomputed from the profits so reduced.
resulting reduction In tax liabilities Is not
applied (under the accounting system of the Government) against tax liabilities
as
shown In the
original return, but Is offset against the "excessive profits" repayable to the Government and
the
net
amount
repayable
(with qualifications
June 1946
A-21
outlined below)
receipts"
classified
Is
as
"miscellaneous
.
Under the Revenue Acts of 19'+2 and 19'^3 the
excess profits tax currently payable consisted of
gross excess profits tax reduced by the
the
"credit
debt retirement"
for
that portion
(i.e.,
"postwar credit"
the 10 percent
taken currently) but the taxpayer corporation was entitled
of
war a "net postwar refund"
the 10 percent "postwar
credit" not taken currently).
The net amount reto receive after
payable
the
balance
the
(I.e.,
of
"mlaeellaneous receipts" was determined by subtracting from the "excessive profits"
as
reduction In tax liabilities
the
able and at the same time
was reduced
the
to
reopened return.
of
figure as recomputed In the
negotiation,
amount retained
the
tion
for
1
(i.e.,
plus
reduction In
credit for debt retirement) together with the re-
duction
net postwar refund,
In
corporations
whose
for the group of
renegotiation
was
not
com-
pleted until after their returns were filed.
For the years primarily affected by renegotiation, namely ig^-S through 19'<-5, the estimated
adjustments are given In the footnotes to Table 1
and In the special table of adjustments presented
below after taking account of the Tax Adjustment
Act
of
as well as
19'(-5
and I943.
Under
excess
a credit equal
profits
Revenue Acts of 1942
Tax Adjustment Act of 1945,
permitted to take currently,
years
for taxable
19'''3i
the
the
were
eorporatlone
beginning after December 31.
to 10 pe.?oent of the gross
tax (I.e., a credit equal to the
which was
taken currently, plus the former "net postwar reformer
fund",
under
for debt retirement",
"credit
which
the
was
not
taken
Tax Adjustment Act
currently).
of
19'<-5.
Thus,
the net
as 'mlsoellaneoua receipts' was
determined by subtracting from the "excessive
profits* the reduction in tax liabilities cur-
amount repayable
rently
payable
(after
the
order to
tained by corporations as
Income and In line 21 of
credit) and.
In
of renegotiation,
it
net amount repayable
(i.e.,
gross
increased
entire
10
percent
adjust the amount reshown In Statistics of
Table 1 for completion
was necessary to deduct the
as "miscellaneous receipts"
"excessive profits" minus the reduction In
the reduction in the
tax liabilities plus
under
as
"miscellaneous receipts"
Tax Adjustment Act of
the
1945 by an amount equal to the reduction In the
former "net postwar refund" but the deduction
from
the
allow
for
amount
retained by corporations, to
completion of renegotiation, was unaffected by the Tax Adjustment Act of 1945.
The table
the
below shows for all corporations
amount of "excessive profits" determined
the filing of returns which was repayable
net
after
as "miscellaneous receipts" and the estimated reduction in the 'net postwar refund" or "postwar
credit refund" for the years 1942 through 1945.
"excessive profits" minus reduc-
gross tax liabilities
In
completion of re-
therefore,
it was necessary to deamount repayable as "mlscellaneout
duct the net
receipts"
Table
net amount repayable
was
currently pay-
by corporations, as shown In Statistics of Income
and In line 21
For each of the years 1944 and 1945 (as has
been shown in the two preceding paragraphs) the
net postwar refund
the
To adjust
former credit for debt retirement plus the reduction in the former net postwar refund) for the
group of corporations whose renegotiation was not
completed till after their returns were filed.
Calendar
years
A-22
^51
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June 1946
SUMMARY
OF
FISCAL
STATISTICS
Treasury Bulletin
Budgetary Receipts and Expenditures
Juste
1946
Public Debt and Guaranteed Obligations Outstanding
Source:
1/
Ilall7 Vreasoiy StatementSxcludes goaranteed ecorltles held t^ the Trdasnx7.
Treasury Bulletin
AND EXPENDITURES
AND
APPRO PRIATIONS
RECEIPTS
.
.. .
.. .
.
.
.
June 1946
Budgetary Receipts and Expenditures
Table !•- Summary by Major Classifications
(In Billions of dollare)
Baoslpte
Oroifi
Sxpendituree 1/
Leas net
expropriations
to Tederal
Bet
Old-Aee and
receipts
SurriTors
Insurance
Troat fnnd j/
receipts
nwal
year
or month
Total
receipts
Internal
revenue
Other
receipts
2/
U.U6
1936.
1937.
193«1939iguo.
19U1.
2l6
3.513
ao
Ii.597
5, 668
19U3.
5.925
8,269
I3.66g
23.335
igw.
U5,I|08
19112.
19't5-^rll
Hay ..
June.
JvOy
Ai^aet ....
5.67U
5.161
5.303
7.362
22!lW
Ul,6g5
U3,902
Soorce:
1*6,1*57
39
313
2
2.929
3.085
3.
5.9l5
5.
7.966
9.275
9.61a
188
lOU
65
58
1.1*69
7.139
8,156
7,837
236
296
335
3l«
l-M
95
3
2.75't
2.527
2,8U9
33
32
30
195
59
283
315
2
2,695
2.997
5.189
8.557
1*00
6,611
702
793
1,210
7.325
6.399
5.367
205
52
2.530
^?5?
787
».656
1*30
5.126
U,226
U,llg
5.1il*5
1,201
l*,2l*5
i*,891
3,1*17
68l»
2.702
2.550
11*8
2.560
200
3.875
5.762
2.73»t
't,gl*7
36
35
32
2.383
3.91*8
1*2
5.583
U5
2,310
7.351*
2.371*
1^
591*
822
158
138
196
15
3.819
3.678
5.7U7
U,602
791
660
2,028
379
57
2.677
1*,251
1,1*90
351*
I^ljr Treasury Statement.
Less than $500,000.
IxcladSB EDnoiuitB for public debt retirement lAleh are ohargeable to
the sinking fund, etc. under special prorlsiona of Isar.
Tbr further details, see Table 2.
7or explanation see tables which follow entitled "Social Seeority
Progr«»".
Tot further details, see Table 3Tor further detaile, see Table U.
7or further details, see Table 5Total expenditures less net receipts.
Bepresents expenditures for public debt retirements which are chargeable to the sinking fund. etc. under special provisions of law.
So^ reIncludes recoTerles of U. S. Investments in capital fonda.
^??
6U
331
1*98
3.1*51
3.6glt
tpiU
8.730
1.283
93. 71*'*
100.1*05
1*03
S08
225
187
232
1*1(1
3.8W
.
11*9
1*1*.
5/
i.sao
5.985
7.313
7.109
6,079 10/
6,005
33
2,31)0
.
,103
,260
deficit
Puille
delt
retlremente
900
929
1,029
1,206
1,657
6,301
26,011
72.109
87,039
90,029
5.91*6
6,61*1
'3^
2.581
2.609
U,122
l^US-Janaery
Pebruaiy
torch
9161/11/
3,292 11/
3.1*83 11/
8,666
8.177
7.239
8,707
8,998
12.711
32.397
78.17?
2,921
5.38U
October.
BoTanber
Seeonber.
.
355
i?
869
U.116
5.029
5.855
5.165
5.3^7
7. 607
12.799
22,282
Set
1/
etc.
6/
2.7't6
3.281
5.192
.
392
General
Transfers
to trust
accounts,
War
actlTItlSB
5/
2.967
3.398
5.916
Septen^cir
.
31*9
I
265
387
503
208
188
273 2/
515 2/
286 2/
359
319
Total
expenditures
38
23
coveries totaled $51* million In the fiscal year 19UO; $319 million
in the fiscal year I9UI; $18 million in the fiscal year 19U2: and
$10 million in the fiscal year 19U3.
Becelpte from reductions in capital stock and paid-in surplus
available to be reissued under existing law are Included as negaSuch reductions totaled $315 mlltive items under expenditures
10/
.
Uoa.
Includes deposits resulting from the renegotiation of war conInformation on the amount of such deposits is not availtracts.
able on the basis of Bally Treasury Statements. On the basis of
fiscal year
covering warrents. such deposits were as follows:
191*3. <558 mlUlon; fiscal year 191*1*. $2,235 miUlon; and fiscal
year 19%. $2,01*1 million. Dieee figures Inolnds ao-ealled voluntary returns.
11/
Table 2.- Analysis of Receipts from Internal Revenue
i/
(In nilllone of dollara)
Income and profite taxes
Fiscal year
or month
i&i^loynent taxes
Social security taxes U/
Withheld by
Tota
•ogiloyers (Currant
Total
Tax Payment
Act of 191*3)
Othar
Total
2/
2/
1936.
19371938.
1939-
191*2
3.513
U.597
5.67U
5.161
5.303
7.362
12.993
19U3
22,11*1*
19W1.
1*1,685
1*3,902
19ilO.
191*1
191*5
19l*5-*rll.
Kay...
June.
2,71*6
2,921
5.38U
1,1*27
2,61*0
2.189
2,125
2,189
2.125
3.l*p
7.960
7U0
833
925
,186
16,091*
,1*98
8.393
10.289
26,262
2l*,881l
.739
.780
l«.757
600
1,282
826
1.567
7U5
3.930
II
1.7U3
1.665
U,208
669
1,200
768
3.1*1*0
1,021
3.1*70
7.960
2.167
2,027
Carriera' Taxing
Act of 1937
(Railroad
253
19I*
511*
1*5
58
90
691
101
108
98
896
1.130
1.292
1,310
120
158
ISO
185
in
316
5
62
286
5
3
12
530
601*
150
109
121
137
170
209
267
285
1
2
i
3
12
2
8
59
2.527
October.
November.
December.
2,31*0
1.593
572
1,521*
1,076
1*1*9
58
257
5U
23«
3
10
1
2.383
3.91*8
3.366
707
2.659
66
7
1
59
3.1*51
2.755
2.790
U.838
55U
1,086
658
2,201
3.68U
5.583
1,701*
1*,180
51
310
97
33
200
13
107
18
11*
2.310
1.603
l*«5
1,118
65
61
.
.
19l*&-Jenaary
-
February
March
April
Source:
•
1/
2/
.
2,81*9
1»,81*7
1.073
Agricultural
adjustnaat
taxes
retireneoit)
July
August.
September.
.
Hiscellanaoua
IntaiBal
revenue
77
2,163
2,61{0
35.173
Federal Unonploymant Tax Act
(tTn employment
inaurance)
1.1*27
2,163
16,091*
3't.655
Tadaral Inourance
Contributions Act
(Old-age
insurance)
66
1*66
^66^
Qailj Treasury Statement.
Less than $500,000.
Por farther details, see chapter entitled "Internal HeTenue Statistics"
Excludes receipt of victory taxes withheld pursuant to the Beveime
Act of l^Us.
9ach receipts hare heen classified as 'K)ther'' income
and profits taxes.
3/
C/
1
8
Includes unjxist enrichment tax.
Tot the period prior to Sopteoher 1939* ^^ ^^a In the columns
entitled Tederal Insurance Contributions let" end "Pederal tJne»ployaent Tax Act" represent collections under Titles Till and IX.
reepectlTely, of the Social Security Act.
..
•
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 3«- Analysis of General Expenditures!/
(In millions of dollar b)
Veterans' Adjnlnletratlon,
Interest on ^rabllc debt, and
refunds of taxes and dntlee
Tlecal year
or month
Total
general
erpendItures
Total
Veterans
Administration
2/2/
1936
6,61*1
1937
193«
1939
5.985
7.313
7.109
19I10
6.079
6,005
191*1
igUs
13^}
1.381
1.503
1.567
1.561*
1.687
1.751
1.906
2.!*56
19W
I'M
19U5
8.730
578
581
582
557
557
553
555
|72
3.500
6.258
93U
85
59U
369
June
i.ufig
1.319
96
JuljAogtist ...
September
702
793
1,210
525
556
1,060
103
110
112
October
Hovember
December.
787
U30
1,201
387
281
W2
1,022
162
582
March
2.028
1,215
220
255
318
iprll
1,1*90
1,103
1*06
ISUS-i^li
Hay
31*2
.
l^US-J amiary
IJ67
Jlebruary
Interest
on the
public
debt
Other general expenditures
Be funds
of
taxes
and
duties
y
7U9
agrlcoltnre
Social
security
program
2/5/
2/6/
Aid to
Public
works
u
DepartCivilian
mental
Consernot
otherwise
vation
classified
Corps
8/
Direct
and
work
relief
2/
KiscellaneouB
10/
.
.
.,.
.
.
.
June 1946
Budgetary Receipts and Expenditures
-
(Continued)
Table 4,- Analysis of Expenditures for War Activities
(Zb Bllllone of dollars)
Kl«e«llaneoua var aetliltles
War
HaTy
Depart- Dapartasat
oent
riscal jeBT
or month
lotal
AgriculBlacelture
lanaoua
Departwar aoment
tlTltlea
Tttderal federal
Security Vorka
icaacy Aeenoj
tbited
Satlonal Sol BC tire
Treasory States
Boueln;
Service
Bep art- Maritime
igency (adnlnlsCobbIbmeat
tratlTB)
1/
Var
Ship-
plug
Olttlt
United
Othar var
HatloDB
SorpluB aetinRelief ajid property
tlee
to
BahaMll- dlspoBal expeodiChina
Utlon aeeccles turee
Aid
2/
1936
1937
193«
1939
19S0
900
929
1.029
1,206
1.657
383
X9ltl
6.301
26.011
72,109
87.039
90.029
3.678
lU.OTO
7.139
8,156
7.«37
7.325
6.399
5.367
•».270
Sept«m%er.
Octo'ber.
5,126
Wte
19U3
191*
19^
19U5-iprll
May
Jxme
Joly
Jtngoflt
.
.
.
.
KsTembar.
Dttoember.
IJllfi-January.
-
.
Pebraary
KKTOb
•
1/
2/
-12
-6
596
1
673
892
-12
-6
1
1*1*
99
99
62
310
3.362
8.955
69^
2.011
1*9,21)2
2.313
8.580
20.888
26,538
U,259
2,11*3
50,337
30, 01*7
9.6U5
lt.ll6
lt.530
2.292
2,72lt
731
901
lt.661*
2,289
885
1(2,265
2,261
2,lli9
791*
70lt
1.659
IM
1.590
1.239
559
lt,226
2.976
2.552
U,2'45
2.1176
990
778
3.'»17
1.519
1.566
331
231
'
2,702
2.550
.
iprll
Source:
U32
U90
667
529
557
2,560
i.iieo
858
HI
62
1.198
153
133
122
215
228
185
68
11
87
80
5
2
11
19
12
89
98
39
5
20
12
12
8
9
1*
10
2
7
9
1*35
1*1*51*/
331*
10
62
29
282
10
1
3
2
I
5
1*
lUly !Preavury StatMiant.
Lose than $900,000.
Includee var puhllc houelag fmctlone.
Similar iteme for periods prior to fiscal year 19^1 are olasslfled
under "Other departmental' and "Othar general e^endlturee* in
Table 3.
Includes var expenditures of Connerce. Jastloe, Interior.
Lahor. and State Departaents; CItII Searrlee Oommisslon; SxacutiTe
Office of the President (including Office for Aaergeney Kanageaent)!
Panama Canal; and ce^ltal stock of Smaller War Plants Corporation.
Includes Defense Aid Special I'ond tbrou^ the fiscal year 19U3;
thereafter such expenditures are reflected vlthln the re^eotive
18
2l*
33
52
519
1,201
63
1.1*32
1.1162
51
929
2.776
3. 812
3.227
5
101*
21*6
5
159
103
259
277
8
13
"t5
11
-1
105
297
608
539
70
1
u
5
U
t3
57
72
U
108
132
1.105
1.922
2.0M2
200
1(0
llW
111*
382
795
991
1.022
8U
168
209
220
27
27
195
161
90
159
>«
15
15
83
88
67
1<2
62
1*1*
178
150
118
\l
21
35
112
60
50
68
71
1*2
191
162
71
58
-2
-13
-ll
72
78
7U
118
^?
1|U
1|8
37
17
63
57
33
y
U/
36
dspartnents.
Claaslfioatlon changed, to reflect expenditures for the fiscal year
19U^ under "Wlar aCtlTlties*. Prior year e^>endlture« are Included
under "Oeneral *
FayBsnt of $370.236, 9Mt was made on >e. 23. I9U5, by the Tedsral
Sicrplua CoBCQodltles Corporation of the Department of igrieulture to
the Commodity Credit Corporation la reljiibursafflent for agricultural
oomnodlties procured In connection vith the lend-lease program and
reflected in previous expenditures by the C<mK>dlty Credit
Oezporatlon.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts* Etc.
(la Billions of dollars)
Tlsoal year
or month
Teterans'
Administration
Total
y
193619371938.
1,820
6O8
191*1.
331
225
187
232
191*2-
191*3 •
5p
191*1*.
19l*5-
19115-i^rU
236
296
335
Ma^. ..
Jnna.
July
August ....
Saptember.
October
.
.
in
3U
38
HoTober.
Sacaobar.
19ll6-Jazraar7.
.
68U
Tabmaiy.
March
11*8
.^rU.
200
23
2/
1.773
Social
security
program
1/2/
Ooremment
fli^loyees'
retirement
funds
(U.
S.
share)
Aid to
agriculture
i/y
Federal
contrlliTit io& to
District of
Colna^la
.
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 6.- Totals by Months, Beginning with 1936
(In mllllona of dollars)
Calendar year
Apr.
Jan.
May
June
Joly
Joe.
Sept.
31*3
1*12
1*99
Nov.
Dec.
Total
272
292
300
233
286
390
517
823
672
5.798
5.690
676
711
1.135
279
??3
36I*
5a
lt,918
^^
56U
7K0
1.212
8,8%
Net budgetary x«celpte 1/
1936.
19371938.
228
239
29'*
218
230
308
752
967
916
193919M0.
191a.
271
315
Wt
3l(0
5U1
687
79?
1.566
578
7S8
695
1.1*80
2.71*7
5.2o6
6.573
I.51I*
19l^
iltU.
758
955
2.503
3.51*7
19U
19UV
3.0S7
2.990
19H5.
3.556
6,892
3. 819
2.929
2,677
3.085
191*6
19'«.
3.767
3.67s
5. 71*7
231
31s
262
256
290
373
529
828
771*
39U
1*1*9
7U7
678
'*.372
265
?^^
W»7
1*13
397
2.U92
71*7
2. 701
16,1(03
2.099
5.926
607
2,030
2,001
601
2,007
2,163
587
2.721
2,56s
2.527
lt.569
6.2U7
2. 2110
5.736
5.UI6
1*1*,
5.91U
2.695
2.997
5.189
2.530
2.37U
1*,118
1*6,01*6
656
635
725
571*
676
632
718
565
737
76U
818
7^
21J
30&
565
291*
367
273
1.276
5.1*1*7
5.8J1*
1*21
Budgetary e^endlturee 2/
1936.
1937.
193s.
5a
1*80
539
1*92
51*6
i*7U
1939.
19M0.
656
712
1.111
612
668
1.075
2,628
6,372
7.570
2,629
6,119
7.862
7.351*
8.525
7^859
8,292
8,625
8,202
7.1*60
9.1*33
7.968
9.275
9,6U1
1»,891
3.510
U.602
'*,251
191*1.
191*2.
191*3.
19W*.
191*5.
191*6.
636
7S6
705
631
695
631
686
SlU
566
2,1*27
820
822
69U
1.399
730
783
1.315
1,11*1
895
887
1.528
1,598
3.i»a
3.753
3.953
1*.530
5.160
5.a5
7,1*35
8. 327
7.U2
8,U0
7.617
8,119
5.931
7.535
7.930
m
6,363
7.839
7.828
7.!*52
88,081*
8.021*
S,Ul6
97.15s
8.557
7.351*
6.6u
5.950
U.656
5.M»*5
90.552
231
105
195
177
-115
K05
273
331
1*37
296
199
-188
157
U.872
1.956
1*0
1*02
65
1*1*2
281*
1*8
1.185
258
1.133
536
1.637
1.294
6it7
1.253
930
9*5
706
1.529
759
721
S69
1,871*
•2 .083
71*1
9.2UI*
56U
635
830
61*8
817
1.858
832
1,172
2,51*2
6,500
7.751*
8.097
8,885
9.657
19.053
56,020
Het Undgetary deficit 2/
19361937.
1938.
293
300
198
262
316
166
-116
-200
1939.
385
398
771
2l*p
21*1
22I*
221*
132
22
.167
19110 •
19UI.
191*2.
191*?.
191*4.
2.050
5.58U
1*.823
I9U5.
U.6l*5
I9I16.
1.073
Source:
1/
531*
1*00
-a2
1*30
.898
221*
1*25
268
193
156
1*51
31*8
1*99
i*S7
U79
790
21*7
7U7
339
237
252
739
^^
2.1*1*7
432
1.329
3.967
3.823
10.204
i.sn
-126
2,ll»7
3.05s
5.952
1*.628
1*,896
2.087
5.1*26
5.7I1O
't.772
2,037
3.758
2.37s
U.ia3
5.105
1.952
3.391
5.955
5.3l«
3.1*01*
5.1SU
5.359
5.91*7
5.551
2.001*
6.023
5.587
3.799
1,716
2.999
39.618
53.530
52,737
2,51*0
-1.11*6
5.01*0
6.190
3.727
5.862
i*.357
1,1*22
3.1*20
2,282
1.327
44,505
'fi
5.761
1.573
I!blly Treaeury Statement.
Total receipts leae net amounts transferred to federal
Qld-Age and SurrlTors Insurance Trust Fund.
2/
^
SiBlndei piablla da1>t retirements.
Total e3Q>endltareB less net receipts.
June 1946
BUDGETARY RECEIPTS AND EXPENDITURES
1942
1941
1946
1945
1944
1943
DOLLARS
DOLLARS
Billions
Billions
Net Budgetary Receipts
^
T
J
/
Monff)
Moving Average
^,
/\ tu/
II \i
^ffim^mmmmm
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
I
1
1
I
'
'
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
Net Budgetary Deficit
Negative figures represent Net Budgetary Surplus
3 Month
^
^
</
N
^
Moving Average
^
^
^
I
udliliit
I
JMMJSNJMMJSNJMMJSN JMMJSNJMMJSNJMMJ
Ill
1942
1941
Office of the Secretory of
I
tt>e
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1943
Treasury, Division of Reseorcfi and Statistics
I
I
I
I
I
I
I
I
1944
I
I
I
I
ill
I
I
I
I
I
I
1945
I
I
I
I
III
I
1
I
I
I
I
S
N
1946
B-I68-
...
. .. .
.
.
Treasury Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
(In mllliona of dollars)
Tiscal year
or month
Total truBt
funds* etc.
net receipts (-**)
~or net expand!
tnree (-)]
Federal Old-^e and
SurrlTors Insurance
Trust Fund
Set
National Service Life
Insurance Fund
Sjpandl-
RecelT>ts
Trust Fund
Receipts
Net
Eecelpta
tuxes
Ball road
Eatlranent Account
TAieii^lOTisent
Szpendltures
Eeealpts
Set
fiipandl-
tures
-85
1936
1937
193s
1939
275
255
267
267
+1
+1
+3
1«32
1(01
530
580
529
1
5n
+1
-lUe
-3.506
-1.861
-U.051
+10
+9
+6
717
798
30
707
931
1,135
1.357
1.377
*9
+6g6
-1,050
+17
+290
-30s
-116
-50
-95
+260
-2«6
+302
+390
+113
-276
*ssk
+136
19IIO
19UI
19U2
13^3
igw
wus
19l*5-Aprll
May
June
July
.
Au^st
.
.
.
.
.
.
September
October.
.
Hovefflber
.
December
.
19U6-JanuBry
February.
March
.
.
190
;63
1.363
6
1,1107
+1
U
11
-U
11
26
22
39
313
107
29U
751
837
957
23
U15
3i
320
893
2,102
1)6
316
905
2.127
.6
*3
-1
+16
-12
^75
233
303
515
-10
+67
-he
189
2U6
120
199
179
169
+23
-13
+6
89
85
101
96
86
93
+25
+10
-30
+51
+7U
-101
ZBk
I.UU
1,118
l,2l«U
1.2'»3
1.399
1.567
1,508
l,l(Ol(
+2
Ike
109
123
11(6
-2
+11
127
116
•
ii(i*
11(1*
221
273
217
275
32"*
323
35
2
U
-2
+1
107
125
31
290
97
+1
36
*
•
•
+1
13
13
73
50
273
35
-1
180
180
17
-1
37
18U
U2
nk
+2
72
+1
38
-2
-1
85
137
-1
37
38
53
+1
33
+1
38
37
23
23
296
+27
+226
-26U
52
235
11
25
-7
27I
-1
+7
+90
-56
-28
13k
603
250
131
+11
+21
-13
96
196
2k
18
28
209
693
+)*62
+27
+169
-isU
*25U
+32
57
25
+1(8
223
175
+6
ko
-
1.508
'*7
11
Trust Accounts, Etc. Receipts and Expenditures
1,56"*
278
97
59
283
•^39
April
9140
29U
763
838
959
+12
•
(Continued)
(In millions of dollars)
Other trust accounts 1/
Fiscal year
or month
Baeelpts
+31*
1936.
19371938.
1939-
20
-»l
Sxpandl.
tures
2.053
858
323
3U9
366
2,020
838
327
325
331
191(0.
2U
35
I9U1.
ao
l(06
191*2.
1(6
1*72
386
526
658
959
1.693
567
820
1,072
+10
+109
128
+81*
226
117
"3
1U2
+53
-313
+209
355
82
266
19U3.
92
191*4.
129
6ao
191*5.
l9U5-Aprtl.
May
June
.
.
July
Au^et ....
September
October.
November
December
191*6- January
.
Febniaiy.
March.
.
April.
ce;
•
1/
2/
.
+gl»
17?
+81
+57
191*
-356
-51
+1
138
Increment
on gold
Set
Hat
-1*03
+176
-99
-51
-5
+1(0
Transactions In checklne accounts
of Govexument agencies, etc. (net)
Miscellaneous funds
and accounts 2/
Seigniorage
on silver
Beoelpts
Sipendltures
+90
(net)
201*
+768
2
90
^
3U
I
+1,106
+2S8
+1*9
16
U3
27
20
lU
+U
39
2l*U
-2.191*
1.302
233
292
-S6
-a07
-1.302
-15
+70
+51
15
-70
-51
-71
-1*
+151*
-11*7
-778
-757
-86
+55
86
-55
-222
+26
-51
-267
+201
+2U1
aoU
331
155
-3
5«
95
113
81
+17
+17
+21
-118
-7U
118
2k
Ik
391*
Issuance of
obligations
Other
transactions (net)
+108
+31 1*
+35
+8
+81
302
Total
-2l*
-218
-3.62^
+852
-1,809
-69U
-i*,l(03
-2,871*
-1.178
-1,553
-10
-1,069
-1.815
-1,900
-1,52?
37'*
-68
+301
-176
-1*1
+2U6
+103
+271*
+79
+395
i
-337
-251*
-10
+1*05
1*29
+1*3
-37
219
57
+30
+21
-99
-65
+30
+1*6
I"*
l68
58
65
-30
+635
-11
-u
+2
+639
66
63
+37
+122
-122
+U
-9
+13
Dally Treasury Statement
loBB than $500,000.
(See footnote 2.)
Includes Oovernaent Retirement fxinds. etc.
Oomprlses Public Worts Administration revolving fund, special
deposits (net), and, during the fiscal years 191(0 through 19l'5transactions In commodity food stamps by the Department of Agri-
^
kj
+9
-9
culture,
dommendng July 1, 191*5' ""^ transactions are classlflsd
as 'other trust accounts*.
Net receipts in this column constitute net sales, and net e^enditures constitute net redmptlons of obligations.
Details not avallabls.
.
..
,
.
June 1946
11
Means of Financing Cash Requirements
(In ailllona of dollar*)
iiBoant reqalrod to be financed
TlaoAl 7«ar
or ao&tb
Total aaount
required
to be
financed
Net
budgetary
deficit
Net Increaae
In General
hind balance
Heans of flnaoolnc
Vet
expenditures
In trust
aocoontf,
Total affloont
financed
Increase in
pabUc debt
etc.
Vet decrease
in General
lUnd balance
2/
5.390
19361937193«1939-
191*5.
81*0
128
7U0
3.275
2.528
33«
3.5^2
3.611
622
71*2
.271*
5.103
19.59«
55.897
6U.307
5«.577
'*9.5?5
53.9l*«
llW
3.506
1,861
5.991*
23.1*61
6U.271*
l»,051
SI*.
1.050
6.190
19.850
1,120
3.763
19,850
3.911
15.073
116
50
95
3.36?
956
-980
2,615
3.U51
1.517
-203
3.321
s.oito
5.01*0
6,190
19,850
6.190
3.727
1.517
'».357
1.1*22
3.'*»
3.1*20
3,911*
2,282
1.327
1.632
11.558
53U
,
.
October.
HoTemtMr
December
12,886
58.
307
W
5.01*0
5.862
,
9U7
358
6.515
10,662
*,5a9
Mar...
Juna
JnOj
io^ast
Sept«mb6r
312
2.61*6
1.381*
19U5-.^11.
.
5.078
3."?
1,384
U.lSU
5.?9t
19U2.
19U3.
191W.
2/
3.1'*?
3,6u
Ket
receipts
in trust
account B,
etc.
306
890
136
5.
21i
6i*,27U
6l*,307
798
57.679
3,1*20
3.911*
3.52"*
12,886
12.773
1.3^
1,71*1
9
686
2.1*97
302
390
113
igUfiJamuBT..
Tebnury.
I.5U9
366
1.073
-168
March....
-1,11(6
-1,11*6
-1,11*6
772
327
-3.201
1.593
uil
1.573
1.573
1.573
-2,111*
3.1*33
251*
^irll.
Sonrce:
1/
2/
IMly Treasury Statoaent.
Xxcludea omonnts for pabllo debt retirement which are chargeable to
the sinking fund, etc., under special prorlslons of lav.
Comprises trust accounts, cheeking accounts of Ooremment a^neles.
276
366
577
etc.. lncr«nent on gold, seigniorage on sllrer. and mlscellaneons
funds and accounts.
Increment on gold excludes expenditures for
national bank note retirements.
U
S
. ..
e
Treasury Bulletin
12
Social Security Program: Section I.- Budgetary Receipts
axid
Expendlturea
Table 1.- Social Security Act
(I&
mUlions of
dfillara)
Baoolptt
Oroas rocolptt
Fiscal 7«ar
or Boath
Lea0 aaDmtt credited to
Federal Old-A^e and
SnrrlTore Ineoranee
Soolal S«oarlt7 taxot
Tedaral Invora&oe
ContrlbTitloaB let
(Old-age Incaraaoo)
Tax Aot
(l7a«]^)loyi8ent
y
60U.lt
651.2
712-2
788.2
6011.7
2.8
38.8
313.4
2.2
5.2
1<.7
3-9
61.5
28^.8
3.0
12.1
1.8
59.0
283.3
2.3
1U.5
U.2
57.0
248.0
7.7
5lt.U
2.6
10.3
.S
51.6
23U.9
H.1
I16.I
1,1*72.0
An*
328.0
6.2
Jnly
ingust
September
297.9
6.5
6l».5
.
126.9
ltl.2
1,288.9
Seoaber..
I7lt.5
itu.a
19U3
19IA
19U5
October.
BsTember.
m
1.U9U.5
1,01;^
»V
-12.8
217.U
128.2
265.0
3»7.0
503-0
57.8
90.1
100.9
107.5
97.7
119.9
158.
179.9
690.6
895-6
1,130.5
1,292.1
1,309.9
19112
WUS-i^rU.
2/
ianraaoo)
si
I9U-3
51U.4
53O.U
252.
1937
1938
1939
19*)
19U1
Hat
recelpte
Tnut Fund
ffedoral Unootploymant
1I16.7
868.9
1,103.0
l.*59.5
1,383.0
18l*.5
185-9
a2.5
211.5
5.U
15.1
3.6
Kerch
306.5
31.9
32.8
199-5
18.U
13.3
107.8
13.6
196.2
15.1
16.6
110.3
16.9
iprU
63.8
60.8
3.0
56.9
6.9
I9'l6-Jainiai7...
Tebmax/.
SxpendltnroB
Orants to States
AdmlaletratlTO
expanaae
OnemployOld-age Md to
ild to
aaalst- dependent the
ance
children bUnd
1937.
1938.
1939.
182.7
332.5
363.3
191*0.
381*.
igUi.
19U2.
1*9.1*
2
5*.i*
191*3-
527.2
191*1*.
521*. 2
19U5.
1*91.3
i9i*5-4>m.
"*9.3
}Uj...
39.3
32.7
WI7
1(6.8
Angnst ....
Septenber.
60.6
23.3
October.
Kbrember.
Sec ember.
15.8
20.0
21.3
25-3
31-5
31.5
33.3
32.1
31-9
2.8
3-0
2.8
166.9
271-5
320-3
356.5
1*15.2
1*69.6
1*91.1
1*38.0
1*51.9
1*5-9
35.7
29.2
2.U
3-2
12l*.8
182.2
208.8
227.6
260.1
299.1
316.9
360.6
333.6
31.6
28.9
22.1
lU.3
25-5
§!u
63.2
69.1*
67.3
57-0
52.8
3-1
29-0
5-2
1*1.9
1.0
1.0
1*.8
2.2
.6
.1
2.7
.2
.1
.1*
.3
d
8.8
1.2
2.3
68.2
27.1
1*7.1*
7-1
1-5
21.2
26.2
3.'*
2-7
.5
.8
6I1.6
2.7
61.7
8.6
l.U
February.
Kerch.
1*9.5
31-3
u
Ul.O
3U.9
21:3^
a.3
3-2
iprU.
65.U
3-3
61.6
1*2.2
7.9
•
1/
2/
2/
2.1
1.3
Seily-TrsasoTy Stateae&tLeia thim (50,000.
Tonerly Title Till of the Social Security ict.
Iiormerly Title IZ of the Social Security Aei.
Incl^ea aaounte equal
to ^)propriationa to Bailroad thiei]q>loynent Insurance AdminlatratioB
Tond equlTalent to enounti of taxee collected vith respect to the
period from January 1936 to June 1939- InclusiTe. from v^loyers subject to the Bailroad thsB^loymeat Insuraiee let (See Table 3 of Section I).
Prior to January 1, 19l(0, flcures represent amounts transferred to
the Old-Ace Reeerre Account.
Trom Jeoiuaiy 1 to Joly 1, 191(0 *TraBefers* were made to the ?ederal Old-A^ and SorrlTors Insurance Trust
Fond.
Subsequently reoeipte haTi bean deposited in tto Oenerel TimA
of the Treasury and "«?proprlatsd' directly to the federal Old-Age
end SurrlTors Insurance Trust Fund. Amounts shown ee tranefers refleet deduotlone made for relebursflaent to the General Tond account
to coTer edmialstratlTe ejpenses, which are shown as wqjendltures in
SM
Child
welfare
serrlce
War
Manpower
salon
(U.
3-1
3-8
u
2.1
2-7
S.
3-0
5.1*
1.1*
1*1.0 6/
1.6
2.5
2.6
1-5
1-5
l*.0
u
3-8
1.6
3-8
3-8
1.1*
20.7
1-3
1*.2
1.1*
.1
7.1*
5.5
h
1.0
3.5
2.8
195-5
115.1
215.1
209.7
322.5
357-8
3*1-3
311.7
279-8
.6
.6
.7
l|l*.l
.2
-2
.6
1*1.3
.5
.8
19.0
-5
.1
.2
.2
.6
-5
-2
-5
•7
.1
2l*.6
28.8
I16.O
66.6
17-8
32-1*
.2
.2
1(8.0
.1
1.1
-60.8
.5
ll*.l*
.U
58-5
Section II, Teble 1.
Includes only rirenrtlturee from spprs p riatlons made 4}eclficall7'
for adminlstratlTe openses relatlne to tha Social Security loti
namely. Social Security Board, Department of Coomeree, and Qapartent of labort and adHlnletratlTe ei^enscs reimbursed to the Oenarel
vend of the Treasury under Section 201 (f) of the Soolal Secixrity
Act, as amended.
Beginning J>9ly 1, 191(0, Inoludes aleo adminlstratlTe expanses under the Wagner-Peyser Act. Sxcludea admlnlstratiTe
espeaises payable from other ^preprlat ions principally for the
followlo£ agsnclesi Bureau of Internal Berenue of the Treasury
Department, and Public Health Serrlce and Offloe of Xdueatlon of
the Federal Security Agency.
OoTered by appropriations by Ooagress.
Second Beflolonoy ^roprlation Aet, fiaeal year 1938* qipropriated
$1*1 millian for raftmdlng to certain States portions of Tedaral
trnploywcM' tax for 1936 collected uadsr the Soolal Security Act.
,
5/
6/
5/
bploymsnt
8.3
kj
of
expenditures
Coital
11.8
1.2
1-1
9-5
2.8
1.0
XxcesB
Befonda
of
taxes
Serrlce)
10.8
U.l*
10.7
10.9
10.7
3-1
«e:
Maternal Serrlce
and child
for
health crippled
serrlcea children
63.0
70.3
55.1
36.3
31*. 2
72.0
30.9
36.0
.
MejiaeeBent
58-9
6.2
7.1
8.0
8.5
10.3
10.0
Office for
Smergeney
Bepartnent of Labor
7.8
8.9
8.0
U.2
.
coBi-
,9-^
19.1*
32.1*
Public
pentation health
adalnl^ vork
tratlon
asnt
l*.6
3-1
191*6- Jenaarr.
Public
Health
Serrlce
Social Security Board
Fiscal year
or month
6
..
.
B
mne 1946
13
Social Security Program
(Continued)
-
Section I.- Budgetary Receipts and Expenditures
-
(Continued!
Table. 2,- Railroad Retirement Act
(la mllliooi of dollare)
Beoelpti
FlBoal yaar
or month
Ibcpendltuxe*
Idffllnlstratlve
Carrlerfl* Tajdng
expense
Act of 1937
1/
1957
1938
1939
.3
1-5
150.1
109.3
igw
la.o
IjUl
136.9
170.0
1U9.0
110.0
123.3
128.2
I9>t2
'.'.'.
220.2
265.3
311.3
267.1
285.0
I9't5
19115-^ril
June
8.6
60.0
July
1-5
iu^ust. . ..
Sapt«mber.
59.U
October. ..
Hovember.
December..
1-5
8.5
58.5
19^6-JanuaTy.
Tebruaty.
Harcb
1/
.1
35-7
-8.lt
-58.2
3
.2
.2
2/
frost
37.0
.1
.2
39.0
1-3
TreaBory Statasent.
Leee than $^,000.
XncludOB only ea^enditunB
178.6
-8.2
-59.1
3
•
IfedJ.7
3I1.2
-8.3
-59.8
.2
.2
.2
April
«
179.9
.1
5.1
.
SoOTce:
.2
.1
•
.7
2.3
-8.7
-21.6
U.l»
-l.g
26.3
saM.t
262.7
308.8
160.1
3
-1.1
1110.9
35.5
•
2/
107.1
120.7
12U.U
.2
.2
.2
37-2
ezpenilltnrea
of
taxoB
1.2
3
.2
•
XxceBB of
BafondjB
1>|6.1|
23
35-7
Itajr
(truat account)
1-5
2.6
2.3
2.6
3.8
7.6
s.t
2.5
11(8.5
20s.
1^'.'.'.'.'.'..
Trsnafere to
Railroad EetireiD«nt Account
37.0
32-3
38.0
37.7
adminlBtratlTe s^eneee relatlitc to the Ballroad BatlroBejit Act.
CoTered by ej^roprlatloiis from the Oaneral Ttmi of the Traa8ur7.
^proprlatlens made speoiflcall? for
Act^
Table 3,- Railroad Unemployment Insurance
(In mllllonfl of dollare)
SxpendlturoB
EecelptB
nseal year
or month
AdmlnlBtratlTS expenses (Ballroad
Unemployment InBiirance Administration
Ballroad unemployment Insurance
contrl^tlona
2/
ftrnd)
1937
1938.
1939-
.5
U.9
6.8
8.5
10.3
12.1
13.2
I9'i0.
19U1.
igiw'
19U5.
7.5
.ii
.1
3-1
July
Au£uat.. ..
Sopteaber.
31
•
6.0
11.7
8.9
5/
U.l
-2.1
-2.1
1}
.T
.1
.2
•3
-2.8
•3
9.6
9-9
.1
•3
•
-2.8
3
.u
.U
3.2
.3
• 3
-2.9
.1
.2
.2
.2
.2
.1
19l(6-Jaimary.
rebruary.
March. . ..
3
9-9
.1
October.
Deceaber.
2.5
2.2
3.2
3-7
8.2
IU.9
12.5
Zxcess of
expenditures
.5
.1
5
5.0
.1
Juna..
loreffiber.
•
5.0
19U5.^rll.
14.7. ..
^
Transfers to Ballroad Unemployment
Insurance Account,
UnemploTment trust
Tund U/
.2
-2.9
3-1
April.
ce:
•
Ij
2/
liaily Ireaaury Statement.
Leea than $53,000.
Operated aa Eailrtiad UneBploynent Insurance Admlnletratlon Pimd.
Bapreaente 10^ of oontrlbutlona under the Ballroad Thu^iloTment
Inaurance Act; the remaining 90^ la depoelted In the Ballroad UhasBloyment Inaurance Account) QnecploTment Truet ?nnd (See Section
Ezcludee afflounte ^proprlated to Ballroad Ohea^iloyII, liable 3).
ent Insurance Admlnletratlon Ftud equlTBlent to aioounte of taxee
collected for the period January 1936 through June 1939 from enployari subject to the Ballroad Dbe^loyBent Insurance Act- Theee
calendar
aaonnte aggregated $15.0 million and vere distributed
^
^
U/
^
years, aa follevs: 1937. *5.3 aUllsnt 1938. $6.8 mllllos; and
for the first six months of the oalandar year 1939> (2.° miUlon.
These amounts are included In Tehle I under federal Thaqtloyne&t
Tax Act (uneagployment Ineoranca).
Includes only expenditures from a^repriatlo&e made specifically
for adminl strati TO scqpstoaes relating to the Ballroad Unea^loyBent
Insurance Act.
Bepresects excess funds of the Ballroad UnoBploymsut Insurancs Administration fund (iindsr Act of Oct. 10, 19I4O).
CoTered by approprlatlone by Congress.
8
.
H
9
U
1
Treasury Bulletin
ll^
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund^
(CunmlatlTe from organization - In mlllionB of dollars)
ExpenditnTes
Becelpte
Ihd of fiscal
year or month
Total
receipts
19IA
267.3
782.7
1.199.6
1.792.1
2.536.2
3.502.«
U, 720.7
6,116.0
I9't5
7.5'>9.8
1937
193s
1939
19MO
••
igiti
igte
i9'*3
19l46-rebraai7
March
kpTll
Source:
*
1/
.
.
8.1193.0
8.553.8
Appropriations by
Congress
investments
265.0
765-0
1.155.0
1.705.0
2.393-1
2.3
17.7
5.t
iat.6
19.3
&.IH9.3
5.711.U
7.021.3
Uhespended balance
Beinbnreement
for
admlnistratlTe
wqtenses 2/
InTestsents
267.2
777-2
1,180.3
In Oaneral
Fund
267-1
662.3
1.177.2
.1
1-9
3.0
6.1
10.8
1,71*1-7
1,7381
2,397.6
3 287-2
It, 26s
5.116 -.1
2.380.6
3.201.6
1,236.8
5,108.9
528.5
6,613 -U
6,51)6-3
5-2
7.0
16.1
32.0
560.6
569.8
569-9
1.159-3
1,191.2
1.22U.6
983-8
1,012 -U
I.0IH.9
175-5
178.8
182.7
7.306.1
7.301-8
7,329.2
7,011.1
7,221.1
7.219.1
215-5
30.9
61.9
Daily Treasury Stateoant.
Less than $50,000Includes tt^neactioaB effected imder the predecessor Old-ige Beaerre
officer's
account
.1
12.3
39.1
65.9
93. »
126.0
152.9
1*7.
In disbursing
113.0
138.6
275-6
U52.U
669.6
936 -U
i)0U.7
7.90U.8
7.923-2
7.983-9
Old-age
benefit
payments
5.1
19.3
35-1
99-5
209.8
359-1
5I3-7
T83-5
87.1
1U3.1
21U.1
301.5
3. 288.
Total
expBniitores
.1
d
20.
2U.5
21.1
35-1
U6.2
US.;
17.9
iceottnt.
2/
under Section 201 (f } of the Soclel Seeorlty Act aaDendnents of
1939.
Table 2.- Railroad Retirement Account
(CnmulatlTe from organisation - In millions of dollars)
Standi tures
Receipts
!bd of fiscal
year or month
Total
receipts
J^roprlatlons
by Congress
Interest on
investmeoits
Benefit
payments
Investments
Theapended balance
In disbursing
Fund
officer s account
In General
'
1937
1938
1939
1910
19II
1912
1913
I9II
1915
1916-Fobraary
March
.^rU
Source:
Daily Treaeuiy Statenent.
16.6
1I6.5
26I.3
381.9
198.5
639.4
854.2
16.6
1I7.9
268.1
390.3
506.9
650.9
871.5
1,111.1
1,168.1
.116.9
.125.7
1.761.3
1,761.6
1.761.9
1.717.8
1.717.8
1.717.8
1.0
1.1
3.6
u
11.6
17.3
27.2
12.1
13-5
I3.3
ift.i
79.8
1S5.6
298.7
119.
5I6.1
676. S
3U.0
952.5
i.og..7
l,o6U.5
1,076.8
12,6
6s.
82.7
92.1
87.0
10U.3
191.9
333.0
515.6
09.6
g:
J7.1
685.1
36.6
66.2
67.2
79.1
71.
91.5
17s.
31s .5
500.5
655.0
612.0
667.0
Jane 1946
15
Appropriations and Net Contract Authorizations for the War Activities Progrram
As of April 30, 1946
Date
approved
Puille
Law Ho.
Title of act
77th Congees,
Jan.
f»b.
feb.
feb.
Kar.
Apr.
Apr.
30.
191*2
1*22
7.
191*2
1*1*1
12.
21.
191*2
1*52
19U2
U63
Ulh
527
528
572
616
626
630
5.
191*2
2g,
2S,
191*2
19112
June 5i 191*2
June 19, 191*2
June 23, 191*2
June 27, 191*2
July 2, 191*2
July 2, 191*2
July 2, 191*2
July 2, 191*2
July 2, 101*2
July 2, 191*2
6!iii
61*5
61*7
61*8
July 25,
191*2
6U9
650
678
Oct. 26,
191*2
763
IVi'arth Supplefflental
Appropriation!
t 12,525,872, U7U
23.738,865, U7U2/
500,000, 000
135.203, 3a
,
77th Congress, Second Session
2,
Total,
7Sth Congress, first Session
••
76th Congress, Second Session
Joint Resolution (farm labor and migration of workers).,*
first Deficiency Approprlrtlon Act, 19Wi
Public Law (fedsrai WorKs A^ncy - public roads)
Joint Resolution (Labor Dspartoent - aiitemity«n4 infant care)
Naval Appropriation Act, 19115^
War Dspartment Civil Appropriation Act, 191*5 5/
Indepwndent OfflcssAppropriatlon Act, 191*5
Departments of State. Justice, and Commerce Appropriation Act, 191*5.,.,.
Department of Agricultiir^ i^>propriation Act, 19l*5
Interior Departnent Appropriation Act. I9I15
•
National War Agency Appropriation Act, I9U5
Labor - federal Security Appropriation Act, I9U5
Military Impropriation Act, I9I15
Second Deficiency Appropriation Act, 191*ll
Defense Aid i^roprlation Act. 191*5
United tUtlons Relief and Rehabilitation Administration Participation
Appropri atlon A''t. 191*5
foreign Economic Administration Appropriation Act. 19U5
first Supplemental Appropriation Act, I9U5
Total,
78th Confess.
Second Session
79th Congress, First Session
War Department Civil Appropriation Act, 191*6
first Deflpienry Appropriation Act, 191*5
Independent Offices Appropriation Act, 19l*6
Department of Agriculture Appropriation Act. 19Ub.,.,.
Departments of State, Justice and Commerce J^ropriatton Act, 191*6
Naval Appropriation Act, 19I16
Joint Resolution (Labor Department - maternity and Infant cars)
Interior Department Appropriation Act, 191*6
Labor - federal Security J^jpropriatlon Act, 191*6....
Military j^)propriation Act. 191*6
Sacond Deficiency Appropriation Act. 191*5
National War A^enries Appropriation Act, 191*6
United Nations Ballef and Rehabilitation Administration Participation Act, I9U6
first Deficiency Appropriation Art, I9U6
'
Total.
79th Congress, first Session
(Continued on following pa<«)
900
985
093
000
9,500, 000
$139,736,203,988
Joint Resolution (Selective Service System)
first Deficiency J4)propriation Act, 19'*3
Supplemental Naval Appropriation Act, I9U3
Joint Resolution (farm labor program)
Joint Resolution (Commerce Department - war training program)
War Department Civil J^)p^op^iatlon Act, igUll
Defense Aid Supplemental Appropriation Act, ISh^
Independent Offices Appropriation Act, I9I1U
Naval Appropriation Act, I9M+
Departments of State, Justice, and Commerce i^jpropriatlon Act, I9U4.
Military Appropriation Act, 19M.
Department of Apiculture ^proprlation Act, 19Mt
Urgent Deficiency Appropriation Act, 19'i3
Interior Department Appropriation Act, 1^^
,
Labor - federal Security Appropriation Act, 19W1
National Var Agencies impropriation Act, 19141
Second Deficiency Appropriation Act, I9U3
Joint Resolution (Labor Department)
Public Law (naval expansion prograja)
first Supplemental National Defense Appropriation Act, 19ltU
«2,257. 137.102
30,1*12,737,
57.886,
18,932,121*,
210, MO,
655,071*, 71*02/
1.052,812, 001*
261,908, 180
8,977, 370
227,726, 861*
10,1*15, 078
1*2,820,003, 067
32,500, 000
1.81*5,231*, 990
6,299,361, 1*1*8 2/
78th Congress, first Session
Kar.
Bet contract
authorizations 2/
Second Seaelon
Satlonal Defense ^proprlatlon
Let, I9U3
Naval Appropriation Act, 191+3
Joint KoBoiution (financial aid to China)
?lrflt Deficiency Appropriation Act, igUS
fifth Supplemental national Defenie Appropriation Act, igUS
War Department Civil Appropriation Act. I9U3
Sixth Suppleoental National Defeoae Appropriation Act, 19U2
Joint Hesolutlon (War Rlek Insurance Tund)
Joint Resolution (education and training)
Seventh Suppleoental National Defense Apprcprintlon Act, I9U2
Independent Offices Appropriation Act. 19^3
•
Justlc*, State and Cotmnerce Departnents Appropriation Act, I9U3....
Interior Department Appropriation Act, 19^3
.,,.
Labor - federal Security Appropriation Act, I9U3
Second Deficiency Appropriation Act, l^U2
Military Appropriation Act, 19113
Var Housing and Public Works Appropriation Act, 19U2
first Sxqjplemental National Defense Appropriation Act, 19U3
Second Supplenental National Defense Appropriation Act, 19U3
Total,
1/
150,000,000
2,1*07,137,102
y
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Prograa
As of April 30,
Data
1046 - (Continued)
1/
June 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications^
Treasury Bulletin
18
GENERAL
FUND
OF
THE
TREASURY
June 1946
19
Assets of the General Fund of the Treasury
(la llllsat »t AiUart)
Ihd of
fiual
76etr or
Total
nonth
1936
1937
1938
1939
ism
19IH
ijua
19U3
19W
Bolllen, cola,
ttd OQTTMlOjr
DipoBlts la
Todoral H«*«rT«
B«ak«
Special dopoelti
accoxmt of aalos
of OoTonuaeat
sacarltlas
(War Loaa aoooaatt)
862
1,190
6%
6u
l,19l»
lUi
929
1,022
87U
25^
77S
805
2.812
3.'A3
98^
897
1,02>(
ea
10,11*9
911
820
70s
603
1.038
I.IAS
1,500
1,679
7.667
18.007
22.622
2.936
2.709
2.1H9
3.0S7
2.038
86;
1.863
827
Othar dopoalta
aad eoUaetloaa
58
55
52
95
105
533
19'15
ao.775
25.119
I9't5-*rll
Kay
Jtno
11.809
10.055
25.119
J&
i,i>io-
T08
1.500
22.622
22,1169
59a.
19.018
16,582
581
57"*
1.252
1.300
1.755
13.989
537
1.12l»
1U,8U9
26,520
523
537
12!!^
2I0'
1.67l»
Slt.oUH
275
1,011
2l>.030
330
7abruax7
March
25.851
26.1aU
2U.7U3
I190
U99
i.at>9
s.ifio
2U.l|I»7
I16U
a.776
^3
Jlppll
21,293
iai»
1,12U
19.502
253
Joly
inguat
3aptaa1}ar
October
BoTan^ar
Dacanibar
19'l6-JailoaJ7
Sooree:
1.22U
507
289
9.'t?2
315
286
289
7.9111
32U
i
IKII7 Troaauiy Statsiant.
Balance In the General Fund of the Treasury
(In mlllloafl of dollare)
bd
of flioal
year or month
Total
aeeeti
Total
llatllltlaa
Balance In the
Qaneral nmd
2,682
2,553
2.216
2,838
1.891
1936
1937
1938
1939
19M0
2.936
2.709
3.087
2,038
2l|8
19U1
2.812
3.1*3
179
igu?
I9IA
10,l>i9
20.775
|3
607
19^
25.U9
l|21
2.633
2,991
9.507
20,169
2U,698
U.809
9.625
2U,698
2,1*19
191(2
25^
156
203
1U7
U,366
Jtaia
10.055
25.119
1*3
U30
iia
Jnly
Angnst
Septcmher
22,1169
386
19.018
16, 582
27
16.1311
October
13.307
I19U
12.813
19'<5-*i'll
Hay
BoTeniber
DacflBlier
....
191)6-JasiiaT7
lU,glt9
iioU
lli,lili5
26,530
517
26,003
25.851
I12I1
25.127
February
Harch
26, lull
zU,7l»3
iprll
21,293
Soarcai
Sally Traaanzy Statenent.
22.082
18. 631
211,367
359
20.935
...
a
a
)
Treasury Bulletin
20
Analysis of Change In Balance of General Fund of the Treasury
[in mlUlo&a of dollars - Sat Ineroaae or nat daoresse (-)J
Iraat acconnta. ate.
Chaoge during flaeal
jear or month
Total
chasga In
Oanaral
Timd
balanoa
1936
1937
1938
1939
igSo
Oanaral
and wpeeitl
account
PaUlo
iat>t
account
Total
-85
275
88U
136
19U1
71(2
igiffi
^358
-5.103
-19.598
-55.897
-ll«
-3.506
-1.861
igw
10. £62
-%.595
-lt,051
19U5
".529
-53.9>t8
798
-3.911
-5.01(0
-1,71*1
-6,190
-3.727
19l*5-Aprtl
May
June
15.073
Inerfloent
aeootmta
on eold
1/
-128
-338
622
-9U7
13^}
Tmat
3U
19
11
29
Sflignlorage
on silver
176
108
-99
-51
1(0
3IU
20U
90
-5
37
2U
-z,m
-i*,i(03
-71
15U
-778
9
95
686
-1,050
1*62
-15
70
-323
51
3.362
956
-980
-116
-50
-95
2
-29
-86
-119
55
-222
26
-51
-201
302
390
113
129
3I8
-228
17
17
21
-118
27I*
101
12.773
-577
53t
-1.593
-1.073
168
1,1U6
-276
-229
3
-3,201
39
U62
^?
I'larch
-221*
30
21
April
-3. '33
-1.573
-2, 111*
251*
91
37
Source:
•
1/
2/
^
U/
-1.178
1,120
3.763
19,850
-3,i«o
-2,282
-1.327
..
-217
-3.625
20U
1.302
-3.321
1,632
11.558
Tebniary.
3'»
1U8
675
-l.fe
igU^January.
768
u
-5,862
-'.357
Octoter...
Hovember.
December.
2
16
lU
-2,U97
-2,615
accotuits
ChaeklB^
account a of
OoTemjDent
aganclaa,
ate.
-ii03
-3.'*5l
July
Augus t . . .
Sep te ID bar.
Miaoallanaons
funds and
3.5<;'t
772
327
Dally Treaauiy Statement.
Less than $500,000.
This iB the not budgetary deficit (-) or surplus. Ixcludes amounts
for public debt retirement uhlch are chargeable to the sinking fund,
etc., under special provisions of law.
Comprises Tederal Old-A^e and Survivors Insurance Trust Tund, National Service Life Insurance rund. Unemployment Trust Fund. Railroad Retirement Account, Oovemment Insurance and retirement funds
(See footnote U.
and other trust accounts.
Charges for retirement of national bank notes are reflected In this
statement directly against increment on ^Id. In the years during
(See footnote 5.)
ahlcb the retirements were actually aada.
Comprises Public Vorka Administration revolving fund, special de-
^
6/
35
-2l*
79
-7'^
395
-99
-65
30
9
-9
635
posits (net), and, during the flecal years 19I1O through 19'*5.
transactions in coamodlty food stamps by the Department of Agriculture.
Commencing July 1, 191*5. such transactions are classified In
the ooluffln "Trust accounts".
Expenditures for the retirement of national bank notes froa Inervment on gold for the fiscal years I936 to 1939 (as shonn below) are
not reflected herein, but are reflected under increment on gold as
follows: 1936, $397 million; 1937, $99 million; 1938, $51 million;
and 1939. $5 million. The Increaaea In the public debt shown In
the table "Meana of financing Cash Beoulrements" for the above fiscal yeara will not agree for the reaeon stated above.
Includes Inactive gold In the amount of $1,087 million.
June 1946
21
PUBLIC
OF
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
-
...
6
Treasury Bulletin
22
Analysis of Issuance
illloiu of dollari)
(In
rifloal 7«ar
or aonth
1936
1937
1938
1939
igin
33.779
36,U25
2
igUi
igte
'.'.'..
'...'..
19^
X9lt^ij)Pll
MV
71*0
.581
.. '21
3,275
2,528
"13.166
13.0*
17,847 IO.U62
37.19* 30.388
122.632 91*. 961
153.785 123.958
179.159 129.663
2,159
2,567
3.151
2
3.11*2
4.21*1
303
1
1*91
1
1
1*
s
9.043
6.9U3
8,881
9.809
10,638
5.166
5.301
5.680
5,816
1%
I4,4l0
11.853
13.703
58.358
89.478
121,480
369
681
9,M66
10.727
8.854
20.804
5.S76
8,318
2.978
1.751
2,674
3.035
2,812
i.o4i
3.142
2.896
4,
303
17.9U
in
11,81*7
6.557
12.616
1*0.651*
10,201*
26,901*
263.001
262,020
3.362
956
-980
9.'t?5
10.7l»l
8,701
7,760
2"*
2.1*70
10,837
5.961*
19
'».336
757
488
519
6,133
9,785
11,818
6,122
7,303
7.448
261. 817
265,31*2
-203
9.915
11.168
161
278,115
12.773
26,
6,308
10,969
22.300
3,1*1*1
3.52'»
6.575
7.596
8.8I5
3,777
103
47
800
278,887
12,938
11,600
3.332
4,954
3.133
133
2,820
279,211*
276,012
iprll.
273,898
..2,111*
\J
3.035
2.812
516
1,^9
1,120
3.763
19.850
57.679
Tebru&ry.
March
'ce!
•
2.978
Special
luraa*
235.069
238,832
772
327
-3.201
.
1/
1.669
141
13
7
<
17.9U
Ouh
ft, 307
2^.682
19>46-Jenil&l7.
7.'»75
7.19"*
Total
ehaaeei
Certlfleate*
of indebtedae**, apecial
eerie* 2/
201,003
258.6as
262,01*5
October. ..
Horeobar..
December.
't.776
Special
lasoe*
136. 696
July
Au^uat.
...
8.958
6.199
Pablio iaeaa*
Ixee**
jroflte
tax refund
bond*
64,27l»
Jmob
Sftptembar.
Oertlfleatee
Mja*ted
of indebtedserrlce
nee* , special
bond*
eerie* S/
Cash
1/
lU.ia
its.jfii
1^'..
total
2,ei«6
7z,ksz
?abllo debt expenditnree
(Setireaent of poblle debt)
Fablio leaoes
5,0T«
.165
Retirement of Public Debt
PahXle debt receipt*
(Itmance of poblle debt)
Putllc
Vat Chang*
d«bt ont- in pahUe
debt
taudltt^
during
end of
fiscal
flBcal
/ear ot
Tflar or
month
oath
aiid
6W
131;
109
152
96
1,UU2
18,790
34.183
*,gil
1.579
'.187
4U
10,
3?
1|2U
-8
6.376
6,136
-3
9.61*3
9,309
6,283
Daily Trea3uTy Staleoeat.
Le»« than $500,000.
Zzcludee certificates of iDdebtednAfl. special series.
2/
5,332
6,99^
9.885
5.903
7.262
7.370
4,811
1,579
4,187
14
12
9.247
2,470
I191
>3,202
4
3.777
91
10,118
7,643
13.876
3.332
U,95U
3.133
761
12,166
273
372
11.27J
12.844
8.728
6,288
9.578
2,820
207
11,423
8,485
180
'1
8,851*
1,442
18.790
34,183
11
''.336
3.441
484
107
31
OoBslsts of special series of certificates of ladebtadness IssueA
directly and solely to federal Beserre Sanks.
Composition of the Interest-Bearing Public Debt
latareflt-tearls^ pobllo debt oatstaadln^
(Is Billioai of dollar*}
?«reent of intereat-bearln^ public debt
PabUo isBuee
niblle Isstusi
ftkd of fleeal
year or month
lotea
Bond*
Total
lUrketakle
Eonmarket
a:bl*
lODHarkatmorkstabla
kle
Certlficatea
of
Sotas
aille
Special
isanes
Oartlfleates
fotal
Kon-
Naikat-
Vonnarketatle
52.6
3.8
4,775
6,120
7.885
10,871
14.287
18,812
100.0
100.0
100.0
100.0
100.0
6s.$
17,041
17,049
17,041
17.923
100.0
100.0
100.0
8.0
7.9
9-2
14.8
7-3
111.
41.6
18.6
1S.9
18.0
V,
18.812
4.0
13.3
7.2
6.6
7-7
7.9
7.3
17,025
17,038
17,018
19.558
20.033
20,519
100.0
100.0
100.0
41.6
41.6
41.3
18.1
18.1
18.2
9.0
9.0
9.0
3-9
3-9
3-5
13-3
13.2
13-5
6.6
6.5
6.6
7.5
7-7
7-9
3-4
3.0
13-5
13-3
13.8
6.6
6.5
6.2
7.3
15.0
15.0
14.7
6.1
6.1
6.2
7-5
7.5
7-7
14.1
6.2
7.8
aUe
atile
17.368
ao,ij4
22,043
25.414
26.751
l.Zfii
U.Ul
1,188
1,556
2,151
3,166
10,617
9.147
7,2^3
t,383
1941
1942
1943
1944
19>«
48.387
71.968
135.380
30,411
38,281
57.716
79,440
106.644
4,555
10,496
21,704
.298
21: 090
5,698
6.689
9,168
17.405
23,497
10! 136
92.572
92,572
106,644
44l4«7
46,090
18,588
18,588
23.497
9,109
10,031
10,136
34, 478
34,442
256.357
259. 781
108,085
23,498
23,498
23.496
34, 472
108. 367
47,024
47,231
47,257
10,119
260,746
259.630
10,11*8
34,430
35,072
259.439
262,81*9
107,244
109.566
120. 619
47.296
47.970
48.679
23.49a
23.498
ae.967
8,776
9,058
8.235
35,0a
35,0a
275,694
38,155
17,026
17,026
17,037
20,577
20, 710
20,000
100.0
100.0
100.0
41.3
41.7
43.8
18.2
18.2
17.6
9.1
8.9
8.3
1946- January
febru&xy^.
March
277,456
277,912
274,748
121.538
121.814
121,357
49.0a
19.551
19.551
18,261
8,107
8,043
7,365
41,502
41,413
40.399
17,042
17,032
17,047
20,655
20,897
21,135
100.0
100.0
100.0
43.8
49.163
49.184
4:
iJ;
17-7
17.6
17-9
7-0
7.0
6.6
2.9
3.0
2.7
i^irll
272,711
121,357
49.264
I8.261
7.144
38.408
17,054
21,224
100.0
44.5
18.1
6.7
2.6
199,5l*3
256,357
1945-^rii
233.063
Kay
June
235. 761
July
,
Au^st.
...
Septemler.
October.
BoTeaber.
December.
.
Source*
107,244
Daily TreaauZ7 Siataaent.
2,354
2,303
1,154
1,308
1,302
9,021
3.096
16,561
28,822
3't.l36
Spaetal
iBonaB
100.0
100.0
100.0
100.0
100.0
•dnaat
32,989
35,800
36,576
39.886
42.376
7.1195
Billi
BOkat-
ladfibt-
1936
1937
1938
1939
1940
3.015
of
Karketabl*
1,603
2,508
U,864
14.734
17,041
626
1,558
2.676
3,
no
18. 592
7.5
3^.5
29-7
25.0
18.2
15.1
1:1
3-2
3-3
3-1
11.8
16.0
17-7
18.0
39.7
39-3
Indettadnaai
u
1.7
9.2
4.2
u
4.0
1-3
12.2
14.4
13-3
3.3
3.5
8.8
u
,^•9
lt.3
7-3
9-5
11.3
12.6
u.o
8.0
7.8
7.3
7-9
7-9
June 1946
23
Detailed Statement of the Public Debt and Guaranteed CbliKatlone
of the United States Governinent
PART A - rxSCAL YEARS, 1936-19>^5
(In Bllllosi of ilollari)
zk
Detailed Statement of the Public Debt and Guaranteed Obligations
of tiie United States Government - (Continued)
PART A
FISCAL YEARS, 1936-19l*5-( Continued)
(In mlllloDS of dollars)
Treasury Bulletin
Jane 1946
25
Detailed Stateaent of the Public Debt and Guaranteed ObllKatlone
of the United States Govemnent - (Continued)
PART B - KONTHLX BATA-( Continued)
(In
Ullosi
of dollsTi)
Treasury Bulletin
26
INTEREST- BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOLLARS
Biiiioni
Public Debt and Guaranteed Obligations
1936
'37
38
^S
^
Office of th« Secretary of
llie
41
42
40
43
END OF FISCAL TEAR • •
44
—
-.
1936
48
.r.
>
1946
Treasury, Division of Research and Statistics
'37
38
39
42
43
40
41
END OF FISCAL YEAR
44
45
Apr
'
30
1946
B-462-B
.
..
.
June 1946
27
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(ijaomitB lo mllllone of dollaTs)
Public
Ihd of f iBcal
year or month
del)t
and guaranteed olillgatlons
In tereet-l) earing
de^t outitandlog
Confuted
annual
Intereet
charge
Computed
annual rate
of interest
(Percent)
(In millions of dollars)
1936193719381939-
3T.707
97D
1.0U7
1,068
1.1>I9
iglio.
1.203
2.5W
WUl.
1.335
1,729
2.759
3.869
ltl,U28
19U2.
76.S17
19'15.
201.059
256.766
139.'»72
'i.969
2.260
1.978
1.S25
1.935
71,968
135.380
233.063
235.761
256.357
259.781
U,512
Hay...
June.
U.969
1.927
1.929
1.935
July
Angoet. ..
Septenber
260,265
261,261
260,156
5.09»
5.078
5.051
1.9)12
i.9'»3
1.9><2
October..
SoTenber.
December.
259.980
263,386
5.052
5.133
276. 2U6
5.U2lt
1.963
19U6-January
February.
March....
278,001
3MZ
278,lt51
5.'«7
275.290
273.2'*
.
April.
'».570
32.989
35,800
36.576
39.886
'•8.387
23U,19U
236.912
256,766
igltj-iprll
Interest-bearing
debt outstanding
deM
Ouaranteed obll^atlone 2/
1/
Confuted
annual
interest
aharga
CoB^uted
annual rate
of Interest
(Percent)
199,5't3
256.357
9211
9l>7
1.037
1.095
1,218
l.GUU
2.679
&
2.562
2.582
2.589
2. Goo
2-583
2.518
2.285
1.979
1.929
1.936
1.929
1.931
1.936
5.0ltS
1.9U3
1.9»6
I.9U3
260,7116
5.071
259.630
5,oi»it
1.9't3
259.'t39
5.0'45
1.9'^5
1.9119
262, 8U9
275.69'*
5.126
5M6
1.990
1.965
277. '•56
5.m
1.968
1.970
1.978
27lt,7't8
5. "65
5. '79
5. '•38
1.970
1.972
1-979
5. '•30
1.987
272. 7U
5.'K3
1-989
277.912
Computed
annual
annual rate
interest of interest
(Percent)
charge
CoiT5)uted
Int ere st-beari Qg
debt outetandlng
(In millions of dollars)
(In millions of dollars)
2.573
2.588
2.57?
2.53^
110,1465
Piihlle
'•.718
U.665
.
Treasury Bulletin
28
statutory Limitation on the Public Debt
Section 21
amended, provides
of
Second Liberty
the
the
that
face
Bond Act,
aa
amount of obligations
leaued under authority of that Act, and the face amount
of obligations guaranteed as to principal and interest
the United States
(except such guaranteed obligations as may be held by the Secretary of the Treasury),
by
not exceed In the
standing at any one time.
shall
aggregate $300 billion out-
Table 1.- Condition as of April 30, 1946
(In mllllone of dollars)
Maxlonun amormt of eecorltlee which may be ontstendlng at any one time, under limltatlone impoeed
of the Second Liberty Bond let
,
as amended
tjy
Section 21
300.000
i
Amount of securities outstanding subject to such statutory debt limitation:
U.
S.
OoTemment securities Issued under the Second Liberty Bond let, as cDoended l/
'.
2S3,^6o
Guaranteed securities 2/
jW*
Total amount of eecuritlee outstanding subject to statutory debt limitation
2SU.10U
Balance Issuable under such authority
Source:
1/
15>g96
Pabllc I>9bt Service.
Tot comparison with the pabllc debt outstanding, see following
2/
table 2.
Ixcludes goaranteel securities held by the Treasury.
Table 2,- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation
and Comparison with the Public Debt Outstanding, April 30, 1946
(In mllllone of dollars)
V. S. QoTemment
securities outstanding
subject to
statutory debt
limitation l/
Interest-bearing securities:
Marketable Issues:
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds - bank restricted 2/
Treasury bonds - bank eligible
Postal savings and other bonds
Total marketable Issues
Non-narke table Iseuee:
Treasury saTings notes
Depositary bonds
.
Total non-marketable issues.
Special Issues to OoTersment agencies and trust funds.
Total intereet-bearlng secoritiee.
Matured securities on which Interest has ceased.
Obligations bearing no Interest:
United States sarlnge stamps
Zxcees profits tax refund bonds.
Oarrency Items, etc. ]J
Total obligations bearing no Interest.
Total.
17. p5^
3«.'*08
IS.Sfil
53.t59
67.718
Total
public debt
outstanding
V
June 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of April 30, 1946
(In mllllone of dollare)
Tear
aBd
mooth
30
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States^
As of April 30, 1946 - (Continued)
(In milllonB of dollare)
Treasury Bulletin
June 1946
31
Maturity Schedule of IntereBt-Bearlng Public Marketable Securities
Issued by the United States 1/
As of April 30, 1046 - (Continued)
(In millions of doUara)
Tear
and
month
Treasury Bulletin
32
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Anomit iBBoad
tbte
terms of
offering
wore
azmoxtnced
Date
eub scrip-
Period to maturity
Deecrlptlon of eetmrlty
tion
1)0 oke
(Period to first call
shown in parentheses)
(Ibte of iemie is shown in parsotlieses)
were
opened
iaoiut of
nbsarlptions
tendered
Cash
1/
2/
Por
caah
Rrnhanee
In
exchaage
for other
saouritleB
(In nilllone of dollars)
U^th
11/22/1*3
War Loan Beourlties
a-l/2)t Traai. bonl- 3/15/65-70 U/
3-1/1*^ Treaa. bond- 9/15/56-59 _
5/
1/18/1*1*
Oertlflcate-
7/8?
1/21*/'*
.90^
Treaa. note -
Z-ll2f> Treas. liond -
3/2/lA
3/22/1*
U/2U/UU
3/2/1*
3/22/1*
&/2U/1*
2-l/llit Treas. bond 1-1/2J! Treao. note -
7/«j{
7/8i8
Oertlflcate Certificate -
(2/1/1*)
(2/1/1*)
(2/l/l*)
26 yr.l m
15 yr.7 n
3/I/U5
(2/1/1*)
5/... (2/1/1*)
J/15/65-70
9/15/56-59 5/ 5/- • (2/1/1*1*)
1 yr.l m
26 yr
15 yr,6 m
U yr,6 m
2/i/i*5.".
W
9/15/l*«
(3/15/1*)
l*/l/lt5
(Vl/W
5/1/1*5
C5/I/I*)
5th War Loan seourltlee
Viit/UU
7/20/liU
8/2U/1A
8/2U/1A
9/20/lA
;
7/S55
OertlflcateCertificate-
8/2l*/l*
158
Treas. note -
9/25/1*
7/8^
Certificate-
7/8^
5/
i*/
•
•
3/15/U6 5/
IO/I/U5
10/23/Ul*
U/20/1*
11/17/1*
11/20/1*
11/17/1*
U/20/1*
1/22/1*5
2/19/1*5
1/22/1*5
2/19/1*5
3/22/1*5
V19/1*5
1-1/1*!5
Treas. bond-12/15/52-5l*
Treas. note- 9/15/1*7
7/8!6
Certificate- I2/1/U5
Treas. note
90i6
2-1/2^ Treae. bond
Treas. bond
2*
1-lM Treas. note
Certificate
7/8^
Certificate
Certificate
^'^^^
Certificate
7/8*
1/1/1*6
<
3/15/66-ri 5/ U/
12/15/52-51*2/
9/15/'*7 2/
•
-
'
Treas. bond.-12/15/50
7/8*
Certificate-
5/21/1*5
7/23/1*5
5/21/1*5
.90*
Treas. note -
7/23/U5
8/20/U5
8/20/l*5
7/8*
7/8*
CertificateCertificate-
l0/29/l*5|
9/2U/U5
9/2i*/l*5
11/19/1*5
11/19/1*5
12/17/1*5
l/a/W
l/a/l*6
2/18/1*6
3/20/1*6
5/20/1*6
2/18/1*6
3/20/1*6
5/20/1*6
7/^
7/^
.
1
yr
yr
2.909
5.825
1,91*8
i*.T70
B
11
1
(20 yT,9 m) Jj
8 yr)
(
,
1 yr, 61118/
1
yr
26 yT,3 in
(21 yr,3 m) 10/
10 yr
( 8 yr)
10/
2 yr.SmlOj
7/1/U6
8/1/U6
(6/1/1*5)
(8/l/l*5)
(9/l/l*5)
W
.
.
.
.
(11/15/1*5)
^. ... (11/15/1*5)
(12/3/1*5)
Oartlfloate Oertifleate Certificate -
10/1/1*6
11/1/1*6
1/1/1*7
(10/1/1*5)
(12/1/1*5)
7/8*
7/8*
7/8*
7/8*
7/a*
Certificate
Certificate
Certificate Oertifleate -
2/1/1*7
(2/1/1*6)
•
25 yT.9 "
10 yr
2 7T.9 m
(12/1/1*)
(12/1/1*)
(12/1/1*)
(12/1/1*)
(6/1/1*5)
(6/1/1*5)
(6/1/1*5)
(6/1/1*5)
9/l/l*fi
2-1/1** Treas. boBi-12/15/59-62
7/8*
12/17/U5
W
6/1/1(6
Certificate- 12/1/U6
(12 7r,6in) 6/
1 yr
1 yr
1 yr.l
(21 yr,3 a)
(
8 yr)
3.1*8
7.922
1.550
i*.395
m
1 yr
1 yr
1 yr
1 yr
J/
flotory Loan seourltles:
2-1/2* Treas. bond-12/15/67-^
9/12/1*5
(21 yr) 6/
26 yr,3 m
10 yr
2 yT,9 m
1 yr
(2/1/1*5)
2-1/1** Treas. bond- 6/I5/59-S2 5/
1-1/^
2,212
3.728
5.01(8
(12/1/1*)
(12/1/1*)
(12/1/1*)
(12/1/1*)
vi/i*6;; !!!;:;;.;; (U/1/U5)
5/1/U6
(5/1/1*5)
2-1/2* Treas. bond- 6/15/67.72
5/ll*/l*5
.
2/1/1*6
7th War Loan securities:
U/U/U5
•
-
•
yr.l m)
(12 yr.7 m)
J/
2-l/2it Treaa. bond- 3/15/66-71 U/
2^
(2/1/1*)
(6/26/1*)
(6/26/I*)
(6/26/1*)
(8/1/1*)
(9/1/1*)
(ll/l/Ul)
(lo/l/l*)
8/1/1*5
9/1/1*5
6th War Loan Beeurltlea:
1
(a
yr
J/
a-l/2H Treas. bond- 3/15/65-70
2)t
Treaa. bond- 6/15/52-5I*
1-1/I*i4 Treas. note- 3/15/U7
Certificate- 6/1/1*5
7/8it
6/12/1*
7/20/1*
8/2U/1*
2./
:
(I/I/U6)
27 yr
17 yr
5 yr,6 m
yr)
1
7.967
5.281*
2.635
1*,799
yr,l m
1 yr
lyr
27 yr.l
17 yr.l
1
yr
1 yr
11 m
1
yr
1
yr
1 yr
1 yr
6/1/1*7
1
(6/1/1*6)
(ll*
lyr
»lVl*7
lhM\\V^\\\'.V/.(lp.im
(5/1/1*6)
•
(22 yr)
yr
(22 yr.l m)
(11* yr.l o)
11,668
3.1*58
3.768
-
'.
Jtme 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Disposition
offers
ty Treasniy
Kit* of
r«fandliig
Seaoriptlon of oallod or oatTirlne
for •xDhaogo
trantaotlon, or
of retlrentsit
for oaah
trsn action
uoarlt7
Aetolte of
anhasge offere
Anouut
outTurned
Peroant
Ouh bshanga
etandls^ rotlra- security
In
Xohaaeed
offered
f«r emak ehaa^sd
msot
1/
(I^te of Itsos li (hovii In parenthsaas)
Oaaorlptlon of new
•aonrlty offered
(In oUllons of dollars)
a/I/*
l-3/g)f rPHA note
a/i/V*
7/«j6
Certificate-
3-l/U)5
TWC bond
2/1/1*
2/1/1*
-
3/l5/'*-6'*
U/15/1*'*
.
-
.
.
ITOO »>ond
are note
HOLC bond
3-l/U)t Treae bond
Treae note
1*
3/l«t
Ireas note
3Sl
1)6
3/15/'*^
-
3if
(2/1/39)
(2/1/U3)
111*
2,211
2,127
81*
96
95
835
571
76
705
19
130
12
80
5/l/l*-52
(3/15/3'*)
(5/15/3'*)
(7/3/1*1)
(5/1/31*)
I»;'l5/l*-lt6
(l*/l6/3lf)
95
835
571
779
1.519
-
3/15/'*'*
-
6/15/'*'*
(11/1/39)
(6/15/39)
uiS
5/15/W(-U9
Totals for exchange transaction of
3/15/'*'*-
UH
2,211
•779
1.519
1,223
296
p5
1*83
U16
270
iJI
%
•
i*.7a9
1*.729
3.919
810
83
5.251
1.655
2.5*^
'*.877
371*
1.615
2,511
1(0
1*,122
3.69'*
1*28
93
98
99
90
Certificate Certificate -
lt/l/1*
('*/l5/'*3)
5.251
7/»
5/1/'*'*
7/8*
7/8*
Certificate-
8/I/I*
Certificate -
9/1/'*'*
(5/l/'*3)
(8/2/1*3)
(9/l5/'*3)
1.6k
S/l/irt
3/l4*
Treas note Treas. note -
9/15/'*'*
9/15/'*''
(l/3l/'*l)
(12/22/39)
635
283
635
283
602
1»5
33
98
9/15/'*'*-
918
918
788
130
86
2?
9/lM
9/15/*
.
{ 1*
Totals for exchan^ transaction of
lo/l/ltU
12/1/1*
IS/IS/U"*
a/I/"*? \
Certificate-
lO/l/l*
12/1/1*
7/8*
7/8*
Certificate
It*
Treas. bond - 12/15/'*'*-?'*
Certificate
7/8*
1-1/8* ceo note
-
-
2/l/'*5
2/l5/lt5
Treaa. note Treas note -
.90*
3/U*
.
1-1/lt* Treas .note -
3/1/1*5
3/l5/'*5
3/l5/'*5
3.519
3.5110
3.5i*0
3.1*92
3.'*l6
12l*
99
96
(12/15/21*)
1.037
1.037
911
126
88
(2/1/'*)
5.0'*8
5.oii8
i*.6i*9
uoo
(.T/ZL/kl)
1*12
1*12
17
92
96
•
5.1*60
5.1*60
395
5.0U3
1*16
92
(2/1/1*)
2,127
1.^
18
225
60
99
i.Se
2,127
718
1,606
2,109
(3/15/'*0)
(9/25/1*2)
U,lt5l
'*.'*51
'*,ll*7
30I*
93
66
7/8*
S/i/itS
TlSf>
Certificate
7/8*
1-1/2* BOIC bond
6/1/U5
S/iM
Certificate Certificate -
35
99
98
{
.
'
l*/l/'*5
Wl/Vi)
1».877
1*.877
5/1/1*5
(5/1/1*)
1.615
1,615
1.579
(6/26/1*)
(6/1/39)
l*.770
l*.770
755
755
',187
723
583
32
88
96
5.525
'*,910
615
89
6/I/U5
-
6/l/l*5-U7
•
•
-
12/15/52-51*
3/15/66-71 2/
7/8*
Certificate -
2/l/l»6
•7/8*
Certificate
3/1/H6
Certificate
Certificate
U/1/U6
7/8*
.90*
Treas. note
7/i/'»6
5/1/1*6
1*1
98
7/8*
Certificate
8/1/1*6
i.au
93
75
7/8*
Certificate
9/i/'*6
'*.908
lt,908
907
U.336
265
307
572
88
(lO/l/l*)
3.'*92
3.1*92
3,1*1*0
52
99
7/8*
Certificate
10/1/1*6
(12/1/1*)
lt.395
i*.395
7/8*
Oerttflcate
11/l/W
7/8*
7/8*
Certifloat* Certificate -
.2/1/1*7
7/8*
2-3/U
Certificate -
7/8*
7/8*
Certificate
3/1/U6
3-3/ll* Treas. bond
U/i/i*6
1*
7/8*
7/8*
1/
g/
2/
l-l/U* Treas. note
Treas. bond
2*
2-1/2* Trees, bond
•
2,1*70
bond
n.a.
Certificate
Treas. note
3.1*29
Treas. note
Certificate
p
.90*
2.5U
1/1/U6
S/1/M6
Souroet
7/8*
3/15/1*6
3.691*
.OonTerslon
I
9/1/1*5
3.691*
1.21'*
1/1/W
6/15/W
8/1/K5
(9/1/1*'*)
CertificateTreaa. bond -
9/l/'*5
9/l5/'*5-'*7
(9/16/35)
10/1/1*5
2,932
1.1*63
(12/18/1(0)
1*38
(12/15/37)
1*08
93
133
67
82
75
5.1*67
3.778
1.689
69
85
89
98
98
Total* for exohange transaction of 12/1/1*$
6/l/Ufi
U/l/'.5
5/l/,t5
2,511
.
5/1/1*6
Certificate
Certificate
Certificate
Certificate
5.525
8/1/1*5
Oortl flcate - 12/1/1*5
7/8*
Treaa note - 12/15/1*5
3/1*
2-1/2* Treas. bond - 12/15/1*5
12/1/U5
7/8*
7/8*
7/8*
7/8*
9/l5/'t«
(8/1/1*)
-
Oertlfloate
7/8*
9/15/56-59
3/15/65-70
2-1/2* Treaa. bond
Treaa. note
1-1/^
Totals for exchange transaction of 6/I/U5...
7/8*
Totals for exchange transaction of 9/1/1*5'
10/I/U5
3/1/1*5
96
1*,811
-
2-1/1** Trees, bond
Treaa. not* -
3.519
Totals for exchange transaction of 3/1/1*5
W1/U5
31*
(IO/I5/U3)
(l2/l/U3)
Totals for exchange transaction of 2/I/U5
3M^
2.51*5
1*,122
Trees, not* -
81*
98
78
81
5/l/lA
7/8*
.90*
Treas. note
Oortifloate
Oertlfloate
Certificate
7/8*
Trees, bond
3*
3-1/8* Trees, bond
1/1/1*6
1/1/1*6
2/1/1*6
•
-
•
•
•
-
3/1/W
.
5.1*67
16
16
(1/1/16)
(12/1/1*)
3.1*16
3.1*16
3.330
(2/1/1*5)
5.01*3
5.043
i*.95l*
3.133
3.133
2/
7/8*
Oertlfloate -
3/1/1*7
2,820
2,820
3/
7/8*
Certifloat* -
l»/l/l»7
3/
7/8*
O*rtlflo«t* -
6/1/1*7
(3/i/'*5)
U,ll*7
1,01'*
S/iS/^fsS
p/15/26)
1*89
'*89
3/15/1*6
U/l/i*6
(11/1/1*1)
5/1/1*6
(5/1/1*5)
1.291
811
1.579
1,291
1.991
1.579
e/i/ue
(6/1/1*5)
(e/is/s"*)
'*.799
6/15/1*6-118
6/15/1*6-1*9
(6/15/31)
2,000 p
1.036
819
(i*/i/i*5)
I*.
1,036
819
uas vere either paid off in full or the holders vere glren the
prlTileg* to oxchang* into another ssenrtty in fall. Beginning
vlth that operation, soae maturities hare been split by the
Treasury into a stated portion for caah rstirsaent irith the
remainder oorered by an offering of an exnhang* security.
Bureau of the Public Debt,
Preliminary.
Hot srailable.
Original call and maturity dates are used.
Bank restricted Issoa.
Prior to the refunding operation of March 1,
2.799 p
I/I/U7
191*6,
maturing is-
.
.
..
U
8
.
.
9
3
Treasury Bulletin
3^
Offerings and Maturities of Treasury Bills
Table !•- Description of Treasury Bill Offerings and Amount of Maturities
(Jbncnmts In ollllons of dollars)
Description of new Issue
X>ftt«
lB»a
19U5-lpr.
^.
^•tay
iaotmt of bids accepted
of
'
Maturity
date
bide
tendered
1.317.1
1.303.9
1.318.2
1.310.3
2.
2,0l«8.7
1.31'*.
il:
91
91
91
1,307.1*
'1.307-"*
2330.
91
91
2.012.9
2,029.9
2.067.9
2,0U3.1
Sept.
6.
Sept. 13.
Sept. 20.
Sept. 27.
91
91
91
91
2.071.
2,112.8
1.302.3
1.309.8
2,2l»3.0
1.305.
1,317.
^21:
Jtily
3.
10.
hxg
tag
^:
Me
Jon*
21.
28.
July
Jnl7
JiOy
Jnl7
5.
12.
19.
26.
Oct
Oct.
11.
18.
25.
91
91
91
91
2,028.5
2.233.0
Oct.
Oct.
2.
Sot.
Sot.
BOT.
Sot.
Hot.
1.
8.
15.
2329.
91
91
91
92
91
1,938.6
2,008.2
2,006.0
tl9C.
6.
13.
20.
27.
91
91
91
91
1.932.U
S>c.
Sec.
Sec.
19U6-Jan.
Jan.
Jan.
Jan.
310.
172U.
91
91
91
91
2,159-1
2.157.5
2,ao.5
Jxmja
tag
li:
lag
23
30.
Sept
6
Sept. 13.
Sept. 20.
Sepi. 27.
Oct.
Oct
Oct.
Oct.
U.
11
18.
25.
Soy.
Sot.
Sot.
Hot.
Sot.
15.
2329-
Dec.
Dec.
Dec.
Dec.
1320.
27.
1.
8.
6.
k.
Jan.
Jeb.
ret.
Feb.
feb.
317lU.
21.
28.
91
91
91
90
91
Mar.
Mar.
Mar.
Mar.
7.
Ik.
91
91
91
91
a.
28.
Jan.
Jan.
Jan.
Jan.
2lt.
Apr.
Apr.
t^r.
Apr.
31.
May
2.
Ui.
7.
May
Hay
May
May
16.
23-
June
June
Jane
June
July
July
Joly
July
5.
11.
19lt6-Jan.
Tel),
Hob.
Tel).
Mar.
Kar.
Mar.
Mar.
ipr.
Apr.
Apr.
Apr.
3.
10.
17.
ik.
21.
28.
7.
ll*.
21.
28.
>t.
11.
18.
25.
Total
SBOimt
l,gUS.8
2.16U.O
2.092.1
2,109.3
Jnl7
Jnly
1>«.
of
91
91
91
91
19U5-Jtil7
7-
iootint
5.
12.
19.
26.
5.
12.
31-
J«a*
Jos*
Knnber of
df^B to
natorlty
It.
11.
18.
25
2,256.3
2,0W.7
2,OU6.9
1,956.'*
1,986.1
2,02l*.7
2,093.7
2,073.5
s.cm.o
2,08l*.7
2,076.8
i.9'to.7
2,178.5
2,15^.7
91
91
91
91
91
31.
91
91
91
92
1,928.2
1,987.8
2.037.3
2,006.1
6.
I3
20.
27.
91
2,OW.O
91
91
91
2,084.6
92
1,863.6
2.050.1
1.989-7
1.902.1
18.
25.
91
91
91
2,071*.
l,98l*.5
1.313.1
l.3l'^.>^
1.30"*.
1.310.6
1.305.5
1.312.1
1.317.0
1,318.7
l,3ll*.5
1,310.6
1,309.0
1,306.1
1,302.0
1.306.7
1.300.6
1.310.5
1.311.0
1,309.6
1,310.0
imonnt on
con^tltlve
basis
Amotint on
flxed-prlee
basis 1/
imount of
matnrin£
Issue (as
of date
shovn In
flret coltuon)
Total bills
outstanding
(as of date
shovn in
first colnan)
Jtuie
1946
35
Offerings and Maturities of Treasury Bills
-
(Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
Total bidA accepted
Data of
Isra*
19lt5-^r.
CompetltlTa
Mde
accepted
lev
Hldi
ireraea
price
per hundred
Xqalvaleut
averags
rata 1/
Prloe
per
hxmdred
Xqol Talent
rate
Price
per
Xqal Talent
rata
1/
bzuidrsd
1/
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds
United States aavlngs bonds were first offered for
Bonds of aeries A-D were sold
sale In Karch 193519'*'1.
Series E, F, and
April
and
between March 1935
bonds have been on sale since Hay 1, 19't-l.
10-year discount bonds sold
and yield 2.90^ per annum If
at 75^ of naturlty value,
Series F bonds are 12-year discount
held to maturity.
and yield 2. 53^1
bonds sold at 7^^ of maturity value,
bonds are 12Series
per annum If held to maturity.
year current Income bonds, sold at par, bearing InterSeries A-E bonds
are
est at 2-1/2^4 per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to
These
$7,500 Issue price In any one calendar year.
prior
to
subscribers
to
available
all
were
bonds
April 1, 19'^0, and to Individuals only after that date.
Purchases of series E bonds are limited to $3,75° Issue
price In any one calendar year, and may be made only by
The
Individuals (defined as natural persons only).
Issue
Is
combined
$100,000
and
series
F
ll.iilt
for
price
year
any
In
19'*-1).
one calendar year ($50,000 In calendar
Series F and G bonds are available to all
subscribers except commercial banks.
Commercial banks,
purchase these bonds during
certain periods and with certain restrictions.
For
details concerning these periods and restrictions see
"Treasury Bulletin' for December IS^k,
page 36, footnote 9, and "Treasury Bulletin" for February 19'*-6, page
For details concerning
37, footnote 9, and page A-22.
features, Investment yields,
and redemption values see
however, were permitted
"Treasury Bulletin"
for
to
October
19't-5,
Series A bonds matured
In 19'4-5,
and bonds of semature in January 19'f-6. 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 se-
ries B began
to
ries have natured, when they are transferred to matured
debt upon which Interest has ceased. In accordance with
the practice of the Dally Treasury Statement.
In the following tables
at Issue price,
sales
figures
are
quoted
and redemptions and amounts outstanding
at current redemption values.
Amounts of series d out-
standing are quoted at par.
Table 1.- Summary of Sales and Itedemptions, by Series, as of April 30, 1946
Unitad Stst««
•arista bonds
paf^es A-U- and
A-5.
:
.
.
.
June 1946
37
SaleB and Redemptions of United States Savings Bonds
(Continued)
-
Table 2.- History of Sales and Redemptions
Hadu^tloQB Ij
Aeeruvd
discount
Sal«a
prlo*
(In
Total,
Inception to April JO. I9V6.
Aaottnt outatnndlng
Percant of
oathly
plui
aooniad
dlfCOUQt
Aeeraad
Hnturod
dig count
datit
Intaraatbaarlnj
dabt
radanptloQ*
to amount
outitandlnc
llllona of dollars)
61.229
I.U50
62.679
13,830
3,120
l,U92
30U
7
li»3
5
5.99't
3.215
1.557
6.082
llie
13^!
96
65
88
311
19111
207
201
6
2.905
U.31*
10.188
ig"*}
19W
11.789
15.U9g
128
223
387
il.916
15.721
15.278
a. 256
19^5
lit.
Ug.S28
f Ileal yaara]
1935-19'W
Calandar
891
8lt8
81<1
7
2.571
(,298
2.358
U,252
13
"7
379
i6e
jU9
369
9
6
6
585
1.576
3.321
3U,6o6
''5.586
jraarai
1935-19'K)
igw
igkz
I9^i
19ltl4
igi*?
Nontht;
I9U5- April
May
Juna
July
Aueuat
Septeabar
October
Rovembar
Daceabar
3,1*9
3.036
9.157
I2U
77
3.U3
102
9.259
13.729
16.OIA
12,937
169
295
UgU
13,858
16.339
13.1*21
5.558
5.»>72
838
1,5*0
2.178
32
28
Ml
870
1,568
2,222
UoU
U26
1*19
1103
396
1.29U
56
38
Ul
1.351
738
555
128
531
528
Ua
37
36
57
661
1,220
1,310
616
533
559
607
9
52"
5U9
lo-
n.a.
n.a.
n.a.
700
51"
62U
1.18lt
3.573
3tl
960
622
626
6U
ue
1.023
666
672
629
565
March
April
668
t5
713
621
19'^Januar7
f ebruary
63"*
Sarlai A-D
Total. Inception to April 30. 19U6.
flaeal year*:
I935-I9UO.
3.9U9
629
3.120
828
19Ul
19U2
1
19U3.
19UU.
19U5.
Calandar yearst
1935-19'W.
19U1
19U2
3.UU9
U99
.
19U3.
19UU.
19U5.
Month I
19U5-Aprll.
Mv...
June..
July
ADfuat.
Septeabar.
. .
October..
BoTaaber.
Deceaber.
19U6-Janu«ry.
Tabruary.
March
April.
86
1,578
162
15.050
27.363
9
20
86
110.361
Ul
396
52ll
522
U8.183
U2.626
U3,767
U5.586
.95
• 97
.88
U6.5O8
U6.715
U6.7U1
l.lU
1.13
.92
ll
Ul
U6.786
U7.U73
Us. 183
1.32
1.12
1.16
n.a.
a. a.
B.a.
30
26
23
U«,588
U8,692
U8,733
1.29
1.16
1.30
Ug,828
1.27
::
.....
.
Treasury Bulletin
3S
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Continued)
(Continued)
fiedsmptloni 1/
JLccraed
Period
dlecoant
Salei plus
accrued
dlBcoimt
Sales
price
Accrued
die count
Amount
outstanding
(interestbearlnc
deM)
(In millions of dollare]
Series I* f, and Q
Total, inception to April 30. I9U6.
57.281
rieeal yeare:
I9UI
19^
5.993
191+3
19U4
U.7S9
15.^8
2
36
127
l9l^5
lU.sgi
28U
2.537
9.157
12
Calendar years:
19U1
19^2
12.676
eeu
5.995
11,824
15,625
15.175
7!^
2.292
U.156
195
379
2.537
9.16?
13.804
16.239
13.315
25
22
35
863
1.562
2,213
l,S9k
700
51U
1*1
1.335
729
62U
30
7"*
1^
19^
5S,101
12.937
45.424
66U
6.584
Ik
246
1.50'*
3.263
5.332
7^^
2,286
k.l3h
1
6
21
14
30.981
42.000
2.5*
2l*5
1.502
3.251
5.293
17.M8
11,447
2
12
39
&
23.7'»6
Months
1945-J^ll
83S
May
June
i.SW
2,178
July
iu^st
.
.
.
September
October.
November
December
29
33
1,181*
i.as"*
5>t8
651*
39.012
40,170
42,000
40;i2
383
380
ito6
403
511
510
515
514
,2ll»
596
511
,301
53I*
42.929
43,143
591
506
529
JJ3.235
lt4J06
19U6-January
February.
Haroh
960
622
626
35
39
j^»ni
£68
39
707
41.447
763
42, ao
11.698
11,621
3.526
8,271
11,820
11.553
1
203
3.52«
8.304
11,938
11,818
60
689
2,100
60
688
2,095
3.81*6
3.825
11
209
1,380
1,005
4,963
11
209
1.378
2,993
359
376
352
356
27.109
^P
349
27,91*8
U81
483
29,791
29.905
29,869
.
587
n.a.
n.a.
Us, 126
'•5,247
a. a.
45,308
45.424
590
Series I
Total, Inception to April 30, 1946.
riscal years:
1941
1942
191*3
1944
igits
Calendar Teare:
1941
1942
33
lis
265
1,145
l,l45
30,513
1
5
20
203
3.671
11,287
21,125
29.097
I.I3I*
191*3
io!3i*4
10
70
1944
12.380
9,822
182
353
lo[Ul4
12,562
10,175
684
1.195
1.468
23
20
33
708
1,215
1,501
1.032
37
28
31
1,069
m
485
4«7
28
28
537
893
953
557
29,841*
U74
490
470
485
30,263
30,727
1*00
492
407
550
535
487
544
30,870
30,778
30.635
424
51*6
539
30,513
191*5
Hontha
1945-Aprll
May
June
July
Au^st
.
.
September
October.
SoTember
December
1946 -January
February.
510
865
908
March
641
367
371
.^)rll....
388
.
1*5
44
685
(Contloued on follovln^ pa^)
l*,925
2
11
38
6.923
15.957
25.515
30.727
29,097
Percent of
monthly
redeEptlone
to amount
outstanding
..
•
June 1946
39
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- History of Sales and Redemptions - (Continued)
Redes^tions
Accrued
discount
Period
Sales plus
accrued
discount
Sales
Accrued
discount
price
Amount
OQtetandlne
(intereet1) earing
debt)
Percent of
oonthly
redeoptlons
to amount
outstanding
(In nillioDB of dollars)
Total.
Inception to April 30,
191*6.
Fiscal 7ear8:
I9UI
igte
3.100
283
3.157
3
2
)^
3
758
17
17
i.Sa
802
679
9
811
58
57
19
698
1.996
2,60U
2
u
13
25
651*
67
67
67
'»35
191A
19115
2,871)
57
88
Calendar yearel
208
652
191(1
i9te
19U3
19IA
19U5
.
.
Months:
19't5-.^rii:....
May
June
.
.
19I46- January.
Pebroaiy
March
.
.
.
J^rU
207
g5U
1.569
2,278
2.793
7
i2
6
8
9
6
8
2.Tr6
65
180
9
2!6oi
18
51
23
20
8
8
8
8
8
8
2.662
2.67U
S
10
10
83
86
10
13
10
10
13
z.67k
2.720
2.793
iw
30
27
32
30
\l
29
32
13
773
595
P
63
^7
. .
October
NoTember.
December.
7
35
750
786
621
178
July
August
September.
208
Ik
35
77
lou
n.a.
n.a.
n.a.
2.61(7
n.B.
n.a.
n.a.
2.823
2. gill
2.855
2.87't
Series
Total, Inception to April 30, 19U6.
12.731*
12.73"*
395
2.032
2.759
2.876
2.658
395
2.032
2.75?
2.876
2.658
1.185
2.516
1.185
2.516
2.61)0
2.61)0
2.891
2.520
2.891
2,520
130
282
532
696
696
12,038
Pieeal yeare:
igiti
19112
19't3
191A
ig"*
Calendar years:
I9IH
19112
WJ
I9IA
I9I15
Kontbs:
19lt5-AprU
Hay
June
•
1
12
I3U
220
J5
2
29
89
181
26U
2
29
89
181
261t
u.ue
130
282
532
17
22
17
21
22
9.526
9.788
10.299
22
22
20
22
22
20
10.l<92
July
August
September
215
215
"7^
1?
October
HoTenber
Decenber
265
262
107
265
262
February
March
278
225
228
278
225
228
^rU
250
250
I9I16- January
Source:
Q.a.
1
12
Daily Treasury Stateojent
Hot aTalleble.
Less than $530,000.
a
2,Wlt
5.119
7.861
10.299
1.183
6!2Z1
8. 931
10.577
10.633
10.717
10.955
11.186
33
30
37
33
30
37
U,U32
11,628
11,818
12.038
1/
Beginnliig October 19l)l) series S redemptions iuclude unclassified
redsDptlone which contain small aoounte of serlee A-D.
.
u
..
9e
Treasury Bulletin
Uo
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 3.- Sales by Series, Classified by Denominations
Salts la sUllont of doUart at Isvoa prloa
Parlol
$10
1/
Total,
Paroanta£6 dlatrlbutlon of aalas
Saaomlaatlon
Total
all
»25
2/
$50
doo
»500
tZCX)
$1,000
$5,000
$10,000
2/
Total
all
$10 1/
danomland
uatloaa
$25 2/
Oanosinatione
$50
$100
and
$500
$aoo 2/
$1,000
Inception
throu^
Apr.
30.
19U6..
7iBcal year:
I9U1
19U2
Itl.UUT
203
3.526
8,271
11,820
11,553
igit?
19Wt
igiis
Calendar years:
I9UI
191*2
12.380
9.822
Mentha:
l9U5-ipr.
May...
June.
.
Ul
93
31*2
813
1,711*
11*9
1.61*2
2,581*
3,928
1,725
2.U06
637
1,007
1,397
1,326
1,119
1.081
93
l*.2l*l
1.390
1,797
258
1.338
2.169
2.706
3.2't3
1.1*16
1.81*2
2l*7
llU
1.769
3,719
I.1I15
10,31*1*
19U5
1*1
616
2,988
It,
5,989
mj
I9IA
5,635
13
69
27
85
178
13,608
712
681*
285
1,195
3U1
1.1*68
358
115
158
179
8,566
5,099
229
856
1.253
123
318
100.0
100.0
100.0
100.0
100.0
l,i*«l
2,01*8
2,100
100.0
100.0
100.0
100.0
100.0
1*50
1,119
1.313
I.8I5
2,163
2.002
5^
160
227
99
282
376
1,1*1*6
115
8,232
33-1
13-6
7-1
36.1
35.1
6.5
9-7
13.1
13-9
3U.6
10.0
29.5
36.0
1^.1*
29.6
17-5
32.2
20.1*
66.0
ll*.9
23.0
20.7
21.9
20.8
30.1
29.1
29.7
8.1
22.6
11.9
22.1*
1*9.
59-3
36.2
31*.!*
1U.5
33-9
ll*.l»
21.0
21.9
19.9
100.
1*2.8
29.2
25.0
16.8
13.2
12.2
18.0
20.6
21.7
22.1*
100.0
100.0
100.0
100.0
100.0
ll*.l
M2.3
U5.6
16.8
18.1
19.9
18.2
17.5
33.9
22.7
18.8
17.0
10.9
11.8
18.0
22.3
22.3
21.8
29.2
31.8
37.0
1*1.1
July.,
iug. ..
Sept..
1,032
323
11*6
231*
96
205
lOU
128
571
1*7
222
82
1*20
183
76
71*
30
1*9
Oct...
Sot. .
Dec...
510
865
908
211*
87
91
1*1
70
91*
139
1U3
55
I2I*
238
107
60
126
21*0
100.0
100.0
100.0
1*3.2
210
228
19'*6-Jan...
61*1
73
51
28
100.0
27.0
11.
5t
11
11
100.
1*9
33.8
32.6
13-9
13-1
18.9
16.6
17.7
1*2.7
51
371
60
37
39
191*
367
168
120
117
93
reb
Mar...
388
117
53
56
1*2
105
31.1
13.7
l7.lt
37.8
3.0
36.7
1.2
3.0
3.0
3.6
3-3
2V6
1.8
29.6
3U.8
.
.
93
98
100.0
25.0
25.6
1*1.8
1*0.3
35-5
36.6
Seriei 7 and a
Total,
Inception
throu^
Apr.
30,
191*6..
15.831*
1*79
1.082
It.
729
3.006
6,519
8U
263
1,055
71 seal yeara:
191*1
1*61
6
13
191*2
2,1*67
71
191*3
3,517
3.678
3.337
106
lUl
229
291
255
191*3
1.393
3.168
3.385
26
98
123
191*1*
3.661*
131
191*5
3.115
8U
191*1*
191*5
131*
109
96
702
1.016
1,156
1,012
1*98
696
683
595
1,1*66
1,1*09
279
676
1.331
1,362
100.0
100.0
100.0
100.0
100.0
3I..1
35. t
39-3
37-9
Calendar yeara :»
191*1
191*2
Months
57
196
267
293
215
355
906
1,116
1.119
933
11
29
36
119
631.
687
670
537
1,187
l.ltl*5
1,31*2
100.
100.0
100.0
100.0
100.0
.1
.1
100.0
100.0
100.0
.2
.2
.1
2.1
25.2
100.0
100.0
100.0
.2
3.0
3.2
3.6
1*2.0
100.0
100.0
100.0
.1
.2
.1
1*0.
3.6
2.7
38.5
36.9
I
191*5- Apr.
3^5
710
July.
AU£. .
Sept.
263
128
9U
Oct..
Sot..
115
1*
319
10
Dec.
31*5
191*6- Jan.
319
Feb.
Nar.
255
255
AfT.
280
Source:
•
1/
5
12
May..
June.
15
8
51
11*1*
29
68
91
57
117
1*2U
21
11
89
50
91*
U
1*9
3
8
37
26
20
25
Dally Treasury Statement and reports from Tederal Reserve Banks.
Less than $500,000 or leas than .05 percent.
Sale of $10 denomination Series X bonds was authorized beginning
June 191*1* for sale to the armed forces only.
9
28
22
16
11
13
"?
121*
103
39
23
69
62
11*8
3"*
87
3-2
3-2
.1
1*8.2
l»7.1*
1*7.8
36.1*
135
119
1.6
l.U
l.U
32.0
29.1
33.0
125
100.0
l.U
33-9
159
t3
72
1*8
56
2/
.1
U6.3
2.5
52
2/
.2
1*2.9
100.0
100.0
100.0
86
63
81
.1
1*0.7
Sale of $25 denomination Series f bonds was authorized in December I9U1.
Sale of $200 denomination Series X bonds began in October I9U5.
. .
Juae 1946
k\
Sales and Redemptions of United States Savings Bonds -(Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
(ThouBands of pieces sold)
Total
all
danomlnatlona
Oenoml nation*
10
i/
50
»25
S/
(100
1200
1.000
1500
1/
Series I
inception throu^
April 30. I9U6
Total,
Tlscal /ears:
I9UI
l.033,lUU
17.130
1.905
55.967
19l4£
215. 709
19V
igMt
305.986
303.116
igit?
9.223
725.783
150,259
11U,212
767
32.832
159.369
221, 28U
353
9.107
28, 828
U3.8OO
552
10,837
22,851
209,l»gO
'*5.995
32. 083
1,186
13.598
108
1.698
2.686
3.725
3.535
3lt,UU7
10.976
125
1.1*93
1.975
2.730
2.800
Calendar /ears:
I9I4I
13.219
135.227
270.068
320.527
253.078
19te
19^}
191A
I9^i
Months:
igU^-i^rll
May
June
October
Vovember
December
*..
I9U6- January
Tebruary
March
i^rll
lUl*
1*27
132
375
502
211,551*
3.071
206
768
17.209
I2.U6O
l6.0ltO
90U
II.I40U
17.36't
18,613
785
6U5
13.U52
9.255
9.081
620
516
509
6,i«0it
6,2146
523
6,222
1.1*21
9.238
1.61*2
3.287
6.238
37.773
1,116
1.103
1.187
25.582
2,669
"•7.915
I72,9lt«
17.7't8
ll»,088
30.U13
2,981*
3.1*1*6
17.8U2
28.915
36,077
15,218
18,203
19,106
27.''75
600
1.751
2.1*85
18.999
37.060
1.027
976
1.191
21.235
July
August
September
3.582
11.381
612
2.282
3.1U0
3.856
6.077
9'*.35lt
198.333
226,213
It,
It.
769
606
2,1*20
2,881*
3.886
2.566
2.028
2,7Tlt
31.1
1.383
126
981
79
66
l,2llt
109
330
335
9U
11.207
12,l6U
2.313
2.511
2.8U5
8,985
9.1^
1.81*9
365
1.902
1*01
I.9I17
1.21*0
189
1.365
671*
71*
1.29't
723
77
212
99
103
296
109
317
320
259
12l»
130
11*0
71*3
Series t and
throu^
Total, Inception
April 30. 191*6
11*.
776
1.000
5.136
2.276
60
28
Tlscal years:
191*1
233
2,110
191*2
I3^i
3.251
3.869
3.326
191*6
191*5
72
771*
216
1.11*9
l,lt25
303
291
1.156
Calendar years:
191*1
901
191*2
2.902
3.62U
3.821
2.807
156
270
325
152
369
13
191*3
191*1*
1965
221*
277
1.077
1.517
1.39"*
899
Months*
1965-^rll.
May...
June..
50
126
158
1*92
July
August. .
September.
263
136
112
21
10
12
«l«
October.
November.
December.
116
3''3
6
21
298
22
38
109
90
10
.
191*6- Janiiary..
February.
215
155
March
161*
i^>rll.
181*
5
5
55
38
38
1*2
29
5.016
»5,ooo
5
Treasury Bulletin
h2
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(la tho\uaads of dolXare)
Total,
V^
19U5
lacaptloa
throu^
Kay
Apr.
dq
Alabama
Iriioaa
10,772
2,bl5
17.239
1U9.10U
Irlcaaaaa
265,8311
l»,090
8,61*1*
3.3'^.99't
53.636
78.051*
313,85^
781,804
'',873
15,573
9.021*
17,61*6
99.223
1,681*
2.1*55
3,21*1
riorlila
1*92,670
510,21*7
«.153
9,838
12,377
ll*, 206
17.092
18. 039
Daorgia
519,092
11*,
566
Idaho
Illinota
13'*.
2.953.873
8,630
1,519
51,997
1,093,61*6
20,
"•97.
California.
Colorado
Connecticut
Oelavara
Dilt. of Coluabia
Indiana*
Xova.
793
905.762
71*7
11,958
7.213
Aug.
Jttl7
3«pt.
17.238
5.921
l6,U7i*
7.821
l*,l*«3
2,01*5
11,1*1*1*
7.52''
5.555
5.763
1.653
2.507
lillt
100,71*9
1*7.030
33.692
11.527
2U,659
8,612
20,169
5. '•23
3. ''78
11.586
2,639
15,085
17,122
19.057
3,1*1*2
19.265
5.852
79.152
106,iio6
29.982
29,885
38.632
18,11*3
'*.37l«
i*,9lo
60.1*72
73.966
7.535
13. 812
51*. 961*
7.775
37, ''39
3,21*0
6,361*
1,658
8,388
7,85t
1,328
6,658
5,161
1,057
5.610
6,771
1,932
13,856
1.996
12.71*7
8,1*15
11,326
1.938
8,192
10.335
6,395
U,580
5,580
865
U,809
5.035
l.Iiol*
81*2
''5,962
36.151*
9.376
3.309
58,518
11.391*
79.1*03
6,128
1,089
35.617
10,91*7
3. ''53
6,289
1,215
68,801*
58,136
33.920
28.1*89
22.1*38
18,211
8.561
12,1*31*
13,281*
17,1*11
6,591
8. 1*63
''.751
15.630
28,979
It, 678
16,828
I3.8I5
6,883
5,150
20,601*
27.021*
22,681*
lio,277
23,1*87
9.85''
9.726
7,78U
7,707
9.998
10,231
9.585
5.709
6.536
2,390
11,091
''.81
',263
7.338
7.720
9,005
9,370
9.61*2
l*,i*92
i*,851
U.7l*9
7,088
1,782
3.itt6
U,l5li
2,1165
U,316
1.332
l».097
l.''75
125,
6,1*55
11,215
17,272
13,1*1*3
1*73,
loU
187,898
7.291
2,608
11,2>*0
19.1*52
3.955
6.756
9,800
5.103
553.169
9.055
25.370
37.125
11*.
917
29.552
18,138
lit.
37.71*5
8,886
18.882
6it.09>*
1*8,310
71,031*
51.053
31*,
10,201
2,768
13.771
Maryland
Mastachuaetta. ...
Miohigan
2,21*5,31*5
Minna aota
Mlsalaiippl
Miaiouri
12.173
3.95?
22.751
It, 975
35.553
19,831
289,1*80
10,41*7
1,012.206
l'',65i'
31. 1*35
39.278
7.388
29,321
195.006
"33.687
50,860
3.298
7,010
6,360
7.927
3.l9it
i'*,395
20,l|8l*
821
1,063
2,080
12,803
1,510
2,211*
3.836
3.706
Haw Haopshlre. ...
How Jaraay
Hew Mexico
120,376
553
6,5W*
16.795
21,993
6,117
18,635
3''.151
7,003
1.993
9,897
23.151*
9,95''
1.922
5.569
1,613
2,1*1*5
i*,ioi*
3. 771*
753
511
61*9
1.093
16,885
1,095
1.320
11*. 676
1.052
721
7,1*05
2,573
23!w*3
1,609
38,109
3.088
1*9,078
1*1.1*1*2
3.588
2,905
1.1*55
Hew Tork
Hortb Carolina...
Horth Dakota.....
5.0116.351
75,755
68,1*97
5)«6,88lt
8,1*16
1,970
161,305
19.357
9,810
150,7'*'*
195.533
139.383
13.011
5,773
Ohio
Oklahoma
Oregon
2,502,006
1*2,191
66,761*
''73,715
536. 5U3
6,810
7.769
12.957
15.658
Penneylvanla.. ...
abode Island
South Carolina...
3,111,1*83
79.5'*9
i*,992
102,1*56
85,1*1*1*
1*7.665
235.71*1*
5'',189
"',051
272,578
",593
6,298
».172
9,602
6,961
8,229
2,703
3.959
South Dakota.....
Tennessee
Texas
179.068
2. ''56
5.755
8.272
26.075
12, 530
5.011
15.861
1,629
8.925
5.697
5.07''
51,289
8,100
20,513
62,828
l.iiol
511,61*1
1*«,290
22,1*75
18,071*
16,662
2.758
1.008
12,310
5.571
1,389
16,757
9,050
5.186
2,015
25,060
2. "3?
91I*
2,31*2
2,1*¥*
26,01*0
561*
53"
9,973
6,998
29.333
10.951
36, 765
2.976
26,083
10,625
21*, 705
2,098
11,31*5
8,276
6,l6U
12,915
1,000
1*. 1*1*2
888
557
8,605
1,1*1*8
51*9
2.133
8.671
890
550
5.U11
lt,9l*0
1*81*
655
1,660.1*16
Utah
Tarmont
Virginia
185,1*15
68,696
718,188
Vaahington
West Virginia....
Wisconsin
3Ul,8l6
12,U50
6,273
20,865
8,512
905,21*6
15,1*69
2lt,158
W/offliog
83,1*1*8
1,05<
1,735
Uaaka.
27.671*
25,071*
225
538
362
577
2ltlt,291
3,379
7.''25
501
1*19
1,761
627
18
851,31*1
Canal Zona
Bawall
Puerto Bico
Tlrgln Islanda...
Other possessions.
,
Unallocated
MJustaeot
,
Source
p
,
1
1
15,621*
7,126
51,310
5,571
5.080
1,57"*
1,11*9
1.560
85,71*8
70,233
39.27't
29.028
25. 767
20.363
23.286
15,1*21*
6.335
6.507
2,1*29
15, 701
10,81(8
5.797
8,911
9,978
27.8U0
W*,696
13.979
26.731
28,392
22.623
7,196
21*. 525
12,578
9.513
22,267
8,200
13.282
1.153
3,800
13.327
1,098
2.525
''.''76
3''.
875
573
1,1*70
I*.
1*91
7,235
2,150
10,050
10.1*71*
3,268
8,lU3
1,716
1,728
U,l*15
6.1*63
796
383
332
1.866
22,087
1.662
1,051*
1,135
n
2,U75
31,167
2.273
12,635
I3.9!t3
103,378
21565
12.^5
2,567
132.671
15.638
t.702
76,1*89
9,01*6
2,61*1
27. 59;
2,2
1|,S20
16,789
22,562
23,431*
11,251
l».639
3.651
3.387
53,56U
U.626
6,181
28,681
l,8Ul
2.331
30,311*
51.775
15.05"*
13.201
35.959
1,798
3.OU5
38,21*2
58, 3"^
69,156
2,262
3,601
3,826
5.895
U.871*
1.331
7,361
8,957
33.377
5.566
11.158
35.01*3
3(1,
9,537
5.098
1.397
16,980
5,812
1,603
17,871
ll*.656
9,656
U.U59
8,620
766
17,660
7.096
20,263
2,228
16.790
8,063
22,678
2,158
302
61*2
505
992
2,570
1.265
27
9U
1*72
1*25
7,000
5
5
71*3
15
5, '•76
39.909
10,630
5,626
'•6,972
11,81*1*
11,1*56
5,000
700
6
887
U6.233
1,509
(1,136
5,21*9
9113
7.721
2,1*01
1,729
3.937
9.770
1,025
''.997
ll*,810
611
2,122
12,878
5.951
13.358
15,618
l*,82l*
it.
l*,71''
3.1*87
1.901
2.378
2,71*6
1,826
1*.606
1*,106
1U5
13.332
13.39'*
3,01*1*
1.709
566
6,283
606
6.717
1,101
12.'50
2,222
1,1*36
15,1*26
6,657
3.563
8.159
1.350
781*
781*
1*22
ll*l
11*1*
500
299
1,621*
710
238
257
985
266
6^
123
7.''95
653
20
5.850
3.8l*3
8,551
1*1*
7
3
5
13
I
I*
10
83. 737
-15,681
-133.013
-21,1*21
-18,235
80,377
8,1*91*
-57.028
.227
-17.191*
»ll*.
1,191*, 712 1,1*67.673
1.031,778
571,266
1*20.058
509,706
665,022
61*0,861
366.977
371.27'*
387,810
81*
3
123,619
to
Dail/ Treasury
Statement
Total
31*,
13,621*
9.550
25.860
96,399
15,1*88
8,572
16,1*89
1.533
23,127
1,526,91*2
1.019
8,693
2,661
I4I10.910
Hebraflka
Navada.
751
921*
6,617
Xantudcy
Montana
29,627
I*,
5.827
lioulsiana.
858,602
28,160
2.738
5.356
3.31''
56i*,850
1,1102,178
3.658
1.239
2.351
12,029
Kansas
Malaa
3,6W*
1,215
2,226
lt.571*
1.297
2,373
1*8, IJl*
15,836
Ul, 1*1*6, 757
68l*,l*2l*
Daily Treasury Statement and reports of Tederd Beserre Banks,
Preliminary.
June 1946
'^3
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by
States
l/
(Zn thouaandt of dollara)
Total,
19lt6
19>t5
inception
UlTOU^
Alabaa*.
Arl zona
Arkanaas
California.
Colorado
Coooactl cut
Delawara
Dist. of Columbia.
Ilorlda.
SaoTgla
Idabo
Ultnota
Indiana.
Iowa.
Mar
"9. ''35
l.'A3
2.105
2l<6
2,881
1,112
2,232
2.673
J6.673
73.0*5
1.61*7
2.282
597
613
1,019,876
126, U35
320.920
9.691
1,606
2.795
23.225
3.613
5.1*1.9
29,362
3.387
6,993
61,556
1.729
1.1*92
13't. 7?^*
68U
1.109
3,1*86
3.377
167. 9W)
2,>tl0
5.276
153.313
3«.6«7
1,169,802
1.71*1
3.712
198
15,186
26.901
31(6,
893
352.897
171.877
Kanaaa
633
11.357
1.U86
2,817
7,317
637
2,152
8.089
21,377
27
l*,5l*«
20.391
2.533
1.698
l*,2lt6
'*.35't
16,1U7
2,200
7.059
ItOU
608
7"»6
1.319
1.895
523
1,201
l.'t33
1.527
2.582
1.778
2.253
2,222
2.331
3,91*6
1,256
1,712
2.996
1.361
3. 31"*
3.a6
3.5U
U.012
997
52.736
2,729
lac
15.710
1,628
206
12.705
933
1.16U
2.1*50
9.I109
25.38*
OM
1,276
265
19.851
2.710
«.29«
2.371
557
18,810
9,168
11.780
6.363
6,728
7.606
3.652
6,a3
5.578
7.699
3.623
5.73'*
3.802
3.186
1.859
2,605
2,959
2.8U5
2.158
2.301
1,163
1.333
3.910
2.223
5.673
3.952
2.219
3.303
2.880
2,962
9,208
U.626
3.272
15.1*80
Mlnoaaota
Mliilaslppl
305,613
82.599
3.223
MllaouTl
Mon tana.
2,l|ll0
2J9
3.165
2.926
3.191
3.1*33
2.2M
2,161
1.61*5
2,320
1.756
l,61i6
1.15*
1,711*
1.133
672
1.6li2
1.139
539
1*1*2
1,516
566
3,360
1.581*
1,661
386
1,958
6,0W
1*97
l*,l*90
l.SW*
10,305
5.711
1.650
7.080
1,600
5,067
900
I*. 021
371*
a2
1*09
1,376
821*
3,166
10,1*19
7,621*
111*
992
657
262
31.370
i*,972
2.1*23
61*1
1*13.793
11.262
12. '190
10,71*2
5.1I63
656
3.90U
50.715
61IO
1.587
878
31*3
1*1*1
501
152.2711
it.ooi*
2,271*
2l*3
l*lU
270
1.596
8U
1.110
15.899
2.136
i75
1,590
5,79?
1.109
62
66.005
6U3
I,?*
750
"•,733
1,157
7,030
267
623
392
188
329
2,855
32,896
2,019
1,322
23,827
1,61*0
10,682
1.137
l,i*llt
3. '•87
3. ''39
t«3
1I62
U51
2.U26
1,21*6
6,673
607
9.981*
16,981*
3,212
2,708
15,50k
2.703
2,658
21*.
552
701
3.1a
Ul*
IW
1.155
10,100
716
2,600,068
177,865
59.022
19.907
2.566
1,006
51.957
".605
1.330
53,1*05
850,275
108,968
129.071
8.2U
21,739
2,999
16,591
7,ll<2
I.83I*
1,361
20,120
2,067
2,712
3.1*30
2,781
951
939
l,2>tU,660
120,223
83.991
12,528
919
970
29,852
1,952
2,063
31.252
2,113
1,822
16,352
2.503
1.000
South Dakota
TooBaaiaa
Taxaa
46,029
155.560
578
1,01*1*
1,1*08
7U7
1*86
l,U6i«
2.201*
1.963
3.856
3.5to
11,266
i!2*
'437.625
12,.8119
5.765
3,1*06
3UU
979
2,616
Utah
Tarsont
Virginia
32.562
35.516
211,272
223
316
2,603
1.199
802
U,9Ul
38U
925
i.ai
217.'t88
2,129
78.017
6I<9
3«3.5'tl
5,169
166
Oraeott
PaonaylTanla.
Bhoda Island
South Carolina....
Washington
Vest Virginia
VlsconslQ.. .......
V/omlng
.
25.277
Alaaka.
Canal Zona
Bavall
Puerto Rloo. ....'..
Virgin Islanda. ..,
Other Possaselone.
6,118
50,581
13,366
812
903
Unallocated.
.......
11.605
Sales to comjaerclal banlcs 1/...
895. Uso
5.2't2
702
25
125
613
120
12,1*62
1*77
4,1*51
1.738
1*.
It,
10, 36I
728
2,1*05
.3'»7
6,1109
i'.'t73
1,61*9
.739
.768
1(26
1,911
13,616
866
1.386
5.851
3U8
683
3,872
253
91
263
1^52
no
362
.329
818
«?3
11*8
3itii
1
16.
707
'^
131*
71*3
8.769
960
7,
1.3'*7
I.06I*
171
266
3.6U8
It,
117
566
029
1,927
21*.
1,95"*
321
2,181*
1.175
2.926
10.9a
3.852
12,268
1,11(6
1.607
1,225
2,671
2.1*1(2
".105
3.158
22,
7.086
8.937
3.876
5.011*
3.331
1.981
2,635
1,206
1.81*3
It.
6.612
5.371
5.97'*
1.31*2
1,100
6,805
1,083
9.615
937
580
1,011
3.591*
2,900
U,l(2l(
261*
76
202
1.296
9.665
199
1,61*3
7,1*10
1.570
7.562
285
50,872
2.816
1.106
201
7.301
56U
2.830
850
1*5.537
1*6,
3,088
1.268
383
13.890
15. 391
2,69?
1.631*
l,89l»
1.783
1.717
1.767
20,106
1.573
1,328
20,886
2,172
1.219
19,1*51*
1.331
1,105
8,028
1,01*9
82U
1.692
5.131
2,301
6.125
5*0
2,533
563
2.199
3,510
7,113
2,1(1*0
25.581
2.057
992
262
189
2.330
586
501*
807
5.031
(193
990
l*,360
1»,032
1.291
705
1,1*67
5.1*02
U.
1(1*6
3.91*6
891
'm
2,638
220
1.750
10.717
1.7U1
8,610
1.532
9.203
3.503
1,260
5.962
781
631*
1(26
3''7
2b9
916
780
3.581
791*
8.125
173
15
22
6
188
1*30
99
517
1,018
122
700
21
13
35
26
30lt
1.71*8
5^3'
90
50
500
1>I0
126
23
8
20
20
3
1*1*.
3.1'*!
12,1*20
6,9U
16.509
2.198
5.308
U,660
17.912
5.988
738
3.879
1M,960
10.835
16,232
1,883
3.1*09
9.369
6.690
3,172
1.096
17.079
6,733
7.750
1.665
I*.
1(09
760
286
6,623
3.089
I2,6li6
1,633
1(1(1
19.876
9.193
12,065
It.Sll
31.153
Ohio
OklahoB*.
1.51*1
31.
2,522
6.69<
5.169
1*98.
lav lork
Xorth Carolina....
forth Dakota
1.101
899
6,262
18,313
lit. 163
77't,836
U56,liOO
law Ba^iblra
Bew Jaraay
lev Maxlco
22,126
1.539
U.976
"•,970
230.818
1.693
2,800
802
1,62U
2.ao
UOl
2,e9i«
Maryland
Massacbuaatts
Michigan
96,U5
2,075
633
1.822
796
1|21
1,7110
186. 89U
161. Ujl
Jaa.
612
260
6,365
5.126
1.697
859
Sae.
1*61
11,516
9,3'«
6.33*
it,
lOT.
Sapt.
1.200
296
9,262
10,538
6,068
ii,i«)5
Xantucky
Louisiana
Malna
labraaka
Harada
Jul/
Ipr.
37
51
79
20
16
25
19
327,591
90,703
22.5«5
iLdJustaent to
Dally Treaeury
StataBOnt
lotal
Source:
p
•
1/
19.335
-670
15.833,957
153.211
-3.126
.2.866
9.017
-13.382
'»l,l<66
1,71*2
-3.2t>5
-l*,803
8. 711
*8,662
-11,320
376
710. 38I
262,697
128,155
91.055
llU,76it
318,599
3U5, 269
318,698
255.127
255,097
31*5.
Dally Treasury Stateaent and reports froa federal Basarre laake.
Preiialaaiy.
Lass than 1500.
Stata figurae exduite eales of Serlee 7 and
bonde to coaaeroial
banka.
CosDoreial banks vara pemlttad to purchase Sariee 7 sad
bonde under certain conditione during the calendar year 19l(1
(Traaaury Bulletin' for Decaabar I9I1I*, page 36, footnote 9):
froa J^ue 16 through June 30, I9U5 ("Traaaury Bulletin' for
Tabruaxy I9I46. page 37, footnote 9): and froa Daceaber 3 through
Oeoeabsr 6, I9U5 ('Treasury lullatlB' for Tebmary I9I6. page 1.22.)
.
.
.
.
.
.
Treasury Bulletin
hk
Sales and Redemptlone of United States Savings Bonds
-
(Ck>ntlnuedl
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current radsmptlon valuas)
19U5
Total
Oct. 19UUApr. 191*6
Alabama.
Arl zona.
Arkansas.
California..
Colorado.
Connecticut.
.
.
Dnlatfare
Ha;
June
862
l,bU3
2.532
5.303
1,691
5.017
1,581
2.555
919
35.329
3.033
6.063
Apr.
119.975
39.05s
b3,Ul6
It,
812.779
3'*.
68,7ltl
2,891*
136.389
5,880
18.932
93.111
norida
13^530
825
3.8I5
5.827
Georgia..
Idaho
Illinois.
118,911
It,
Indiana.
District of Columbia
Iowa.
.
Aug.
I9>t6
Sept.
1,603
8,568
2,195
7.96U
2,168
2.1*56
2.7li2
''.3i'5
l*.20lt
It,
36,169
2,990
6,258
1*9,1*1*1
2,783
6.183
3.327
8,563
829
78U
836
1,078
i*,300
''.331
11.050
6.289
5.518
5.698
2.651*
3''.
671
5.'tZ3
Dec.
Jan.
7.35''
7.892
2,826
".876
8.532
2.698
".300
7.927
3,008
".305
8,1*61
58.213
5.3"6
8,578
52.179
",860
8,212
55.872
5.532
9.625
1.286
6,301
10,252
1.181
5. "13
8,651*
1.372
7.377
7. "75
7.153
1,580
1)25
6,991
2,308
3.730
1*6,1*60
51,3S7
lt9,25lt
1*,230
11.851*
8.922
9.536
3.9S7
8,282
7,762
7.578
1,302
5,953
8,820
1,130
i*,B9l
1.106
5.051
8.550
1,110
6.118
8.733
8.209
7,012
1.309
35.175
36, 800
8,977
1,776
"1,292
7. "7"
1.871
38.926
8.525
2,083
38,658
11*,
761
16. 183
5. ''32
10,119
7.252
15.155
11,811
6, "27
1", 792
7.858
376
508
189
6,721
7,051
1.993
6,31"
6,209
1,673
7,028
6,719
2,1"6
6,626
7.12"
1",822
32.316
5,91*0
ll*, ltlt3
7.378
15.926
32,63"
12.120
".102
17.790
7.237
".135
1".835
12,21*1*
1,990
".587
7.975
5.7ltl
2.493
l*,22lt
50,602
",128
980
971
5.1*06
2i*.056
1,1*81
28,itei
5.189
978
30.200
1,1*1*0
29,1*16
807
907
29,U27
l,llOl*
Ij2U,082
1*0,851*
36,07'*
39.566
269,656
13.091
12,555
5,866
12.712
6,038
13.327
5.926
18,811
8,992
16,530
U.iei*
l|,2l«8
''.597
7.038
16,627
9.213
5.863
lU, 710
l*,l*92
U.781*
It,
783
u,iiit6
1*,887
U.762
1.522
''.999
11,707
l*,9ll0
7.207
6,350
6,399
6.557
1.509
1.530
1,91*8
6,967
6,637
2,001
7.557
6,781
1.660
2,251*
2,0ltl
7,685
16,305
33.979
6,673
13.796
l"*,
29, 566
3i*,ooo
.
Kansas..
July
96,224
97lt
It,
7,898
7.529
7,861*
8,032
5,377
10,785
8,257
Kentucky.
Louisiana.
Maine
IOS.660
lOU.lZS
32.887
Maryland
Massachusetts.
Michigan
108,839
5.293
5.11*5
6,678
U.199
5.059
11,938
i*,958
2't3.55l
11,501*
6,781
13.959
29,1*17
25. 7U8
28,377
11.320
30,600
13,i*l»*
565,18b
37,21*2
38.11*3
Minnesota...
Mississippi.
Missouri
161,319
53.5^5
232.010
7,808
2,355
11.299
7,218
2,218
2,028
7,357
2.239
ll.lSl
9,320
3.013
13.575
3.53't
10,370
3.815
9,262
3.292
9,279
3.521
li*,69lt
13.95I'
13.7it6
ll*,0l6
28,1*27
1.257
1,11*5
1.197
2.977
i*,lt30
1,569
It, 021
1,728
3,181*
'',325
^•^5^f
51*2
782
61*5
738
l,58U
U.061
720
1.738
It, 062
1*99
1,178
2,897
522
1,681*
70,176
12,016
766
"39
".628
888
777
1,916
6,102
838
Hew RaiDpshlT«.
Hew Jersey. . ..
Hew Mexico....
20,1*30
288, 563
959
12,859
9U7
980
12,909
927
13.973
898
905
13.057
1.''77
91*6
1.329
1,267
17.115
i,U33
1,266
17,971
1.369
1,375
19,332
1,368
1,2"7
19.016
1.769
1.113
17,162
1,6""
1,338
19,231
1,87"
Hew. York
816,601
111,899
20,368
3'*.
763
36,918
U,790
965
3'*.
785
35.889
lt0,87l*
''9.531
61*5
''.967
6,1*00
936
1.038
1,196
6,U56
1,156
'«,379
6,985
61, "25
I*,
68,227
7.213
1.230
5lt,80lt
North Carolina.
North Dakota....
7,061
1.153
8,217
1,718
52,211
7.053
927
53.901
9. "39
1,807
Ohio
Oklahona.
Oregon...
561*, 366
111,101
121*, 658
26,529
m
26.357
27.951
37, '39
3l*,l*3U
32,l"lt
U,5l*6
6,160
5,657
5,535
5.305
6,189
8,!ll*7
S.195
7.588
6,666
7,007
J1.851
6,252
7,200
3". 031
".57''
37,282
7.168
7.717
31,661*
''.i'77
9,650
8.691
7,72"
7.530
36,258
8. "86
8,329
PennsylTania. . .
Bhode Island....
South Carolina..
661,563
31,281*
2,100
2,328
30,023
2.156
2, '•22
2.1*39
29.997
2,260
2,516
38,800
2,957
3.709
Us, 691
''5,553
56,9llt
30,889
2.216
3,268
1.115
39.991
2,731
3.6I5
37.828
2,836
3.773
"1,050
2,622
3.955
35,886
2,1s"
3,180
51.015
2.776
",123
1.336
6.967
1.302
7.1125
1,773
7.679
1.207
7,262
26,091*
23.573
28, "80
26, "66
1.901
8,021
29,998
2.505
665
9.170
2.651
622
10, "21
2,76"
Montana.
Nebraska.
Nevada. .
South Dakota.
Tennessee....
Teiae
Utah
22,596
22,055
U,650
999
lt.739
1,001
7.1*11
10, 771*
891
2b,
120, 6fe
5.3'*l
935
5.323
38l*,B5l*
15,685
16, 11*2
39.3'«7
1.539
9.396
1105
9.33s
38.199
2,869
3. ''66
18,679
1.633
l,18lt
705
2,
881*
961
l,2l*3
1.178
5,3"*
15,289
5.27''
16.210
7,77"*
19,1*58
2lt,622
1.329
9.397
27.585
1.507
396
1.571
2.299
2,610
755
10,185
2,lt«3
11,612
5.989
10,796
967
10,003
U,9io
10, "52
12,01*3
10. "52
".61*7
9,32''
79I*
10,315
832
5. "70
10,855
1.153
",o4o
10,050
963
266
268
299
220
3.16"
732
Hi
3.719
593
25
37
21
8,0l*0
Virginia.
11*7,
6%
6,1*76
6.603
b,>*81
6,831
gMl
2,381
613
9.551
Washington
West Virginia..
Wisconsin
Wyoming
175.97"*
79,861*
7.579
7. 3''7
8,11*5
11,650
11,052
3.W7
3,[i6U
5,11*0
7.170
602
7,699
591
3.500
7,951
625
''.999
10,750
777
10,225
l'*,557
7,570
3.589
7.379
570
U.U15
181
230
253
255
273
259
3I8
UU, 30I*
1,809
1.376
1,97't
1.892
10,516
512
52U
2li6
15
15
16
3.255
U56
21
3.873
896
12
3.506
593
3"*
1,161
237
9
-20,815
.",ltlt8
13. 896
-7,008
3.779
-1",020
-21,183
5.6"6
-7.235
-5.573
1.293
8.528.5"3
381,092
398.172
372. "78
397. 683
501.022
500,655
582,809
"96,962
51". 933
583.31*5
Terstont..
Alaska
Canal Zone.. ......
Eawail
Puerto Kico
Virgin Islands....
Other possessions.
167,763
30,106
i»7U
623
9.085
536
7.823
"."31
17.256
3.117
719
11,31*5
12,211
6,277
10, 591
1,298
325
•
701
30I*
""2
1,167
'"5
2,
Dnallocated.
Adjustaent to Daily
Treaaujy Statement
Total
Sourcat
Hotel
Dally Treasury Statement and reports from Tederal Reserve Banks.
It should be noted that State figures presented In this table are
not necessarily comparable with sales date by States inasmuch as
bonds t^ich have been purchased In one State may have been redeemed
in another.
Moreover, the figures shown in this table are baaed on
-7.95"
520.765
580.852
576, 531
current redemption values, whereas the sales figures are shown
at issue price.
Data on redemptions by States are not available
prior to October 1911".
Less than t500.
Jane 1946
^
Sales and Redemptions of Treasury Savings Notes
Treasury savings
notes
were
Issued
three
In
se-
from August 1, ig'H
through June 22,
series B from August 1, l^hl through September
19113,
12, 19'*?, and series C whloh have been on continuous
ries,
sale
series A
since
September
lit,
\9^2
All of series A
.
and
B
and some of series C notes have matured.
Series
value
each
C
notes
are
sold
month, yielding
at
1.07:)t
par,
and
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 19't-5. pages A-U- and
6
A-5.
For details concerning the features
of
and B notes,
Treasury" for
see "Annual Report of the Secretary of the
19l*2,
pages ?07 and 220.
In the following tables sales and redemptions of
Treasury savings notes are shown at par value.
Uatured
notes turned in for redemption
(either for cash or for
tax payment)
are included In the figures on redeoptlons.
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 which 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 I9U6,
pages hZ and U3.
aeries A
Table 1.- Sumnary of Sales and Redemptions, by Series, as of April 30, 1046
(In
Traaaury aaTla^t notat
Bllllou of dollar*)
. .
.
U
.
U
C
U
7
Treasury Bulletin
k6
Sales and Redemptions of Treasury Savings Notes
-
(Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In olllions of dollara)
Total
year
or uontb
Tlscfil
Denomination
all
daaomioatloDB
100
191A.
19U5.
7.5U6.7
8.953.7
7.015.8
10.
2"*.
13.1
32.8
398-5
26U.3
l9U5-iprll.
May.-June-
ItO?.?
.1*
1,096.8
1.113.5
2.2
2.2
U.U
I8.lt
307. U
.6
.2
.2
19UV
July
Au^st.
.
-
IU5.I1
-
September.
91.6
October.
November.
December.
336.1
70U.I
598.0
19'*6-Jaauary>
7ebruary.
Harch
301.8
181.0
178.7
i^ll.
299.0
Source 1
500
1,000
21*9-0
2
7-7
5.6
-.1
.U
1.3
.9
5, 000
$10,000
100,000
500,000
332.1
507.6
1,388.6
1.858-5
2.535-5
UII4.0
l.ligS.O
2.378.2
1,12U.5
1.259-5
827.0
11.8
59-2
71.3
249.
122.9
387-3
372.2
126.0
121.5
62.
10.7
".7
3-2
16.3
7.2
k.6
7.3
3U-6
17-1
52.3
11.3
52.6
1I9.U
91*.
58.0
7I4.O
lA.T
16.0
9.0
I16.O
28.0
83.0
66.0
51.5
53.0
109.0
197-0
52. 1|
50.0
33.5
U5.9
87.0
67.1
53.2
87.6
76-7
89.1
1-3
7-8
•
5
3-'*
•
5
2.9
3-9
22.2
19.7
It.B
6.5
32-9
•
3
29-7
120.9
57-8
182-7
111-8
5
.2
128.0
2U9.O
2U9.O
71*.
52.6
k.O
2-5
32.
1.917.0
1,808.0
1,598.0
26.5
16.5
.7
•
3. 086.
1,000,000
25l».2
185.0
Doily Treasury Statement and reports from Federal Eeearve Banks.
Table 4.- Sales of Series C, Classified by Type of Purchaser
Salee in DillionB of dollars
Percental distribution of sales
Total
Individuals,
partnerships
and personal
trust accounts
7.5U6.7
8.953.7
7.015.8
611.3
6.935.>t
6511.9
19115.
8,298.7
6,581.3
19115-April.
May...
June.
107.7
1,096.8
1,113.5
65.8
7lBcal year
or month
I9U3.
191*11.
July
Corporations
91.9
92.7
93-8
373-0
1,031.0
1,051.1
100.0
100-0
8.5
6.0
5.6
91.5
23.0
IU.7
9.6
28ll.l»
100.0
130.7
82.0
100.
7-5
10.1
100.0
10-5
92.5
89.9
89.5
29.7
56.0
306. U
70I1.I
100.0
100.0
100.0
8-8
8.0
6.8
91.2
92.0
93-2
100.0
100.0
100.0
6.8
93-2
5.11
9't-6
165.2
7-6
92.
279.6
100.0
6-5
93-5
.
1115.1*
91.6
3't-7
62.
October.
November.
December.
336.1
598.0
I1O.6
557.11
19l*6-Jnnuary..
301.8
161.0
178-7
20. U
February.
March
281. ll
171.1
April.
299-0
19. ll
Source:
Individuals,
partnerships
and personal
trust accounts
8.1
7.3
6.2
September.
. .
Total
100.0
100.0
100.0
I13U. 7
307.
Au^Bt.
Corporations
Daily Treasury Statement and reports from Federal Beserve Banks.
9.9
13.5
bUg.l
100.
git.o
9i1.11
ll
:....
.
.
.
U
.
June 1946
2
1*7
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
^
(In thonaaiuU of dollars)
fiscal year
or month
19^]
iug. 191*1 -Juno 19U2.
Amount
outstanding
end of
flecal year
or month
l66.3>n
213,350
196,518
177.598
191*4
13^
Percental distrl'batlon
of redamptiom
Badaaptloni
Vet change
(iurlttg
Total
+161.0I18
+l»5,6205/6/
-16,832
-18,920
Xxchan^d for
Xxohao^d for
Salas
fiscal year
or month
308, 6ZL
l'»7.57>t
590,268 6/
M08.930
5W».fl»7
1*25,762
268
Unlt«d States
Caah
•aYln^s
iMnds 2/
2/
fotal
73.130
55.738
m
100.0
100.0
100.0
79.0
82.7
82.5
21.0
17-3
17.5
100.0
100.0
100.0
77.8
70.3
66.6
22.2
29-7
33-1*
100.0
100.0
100.0
67.3
73-3
70.2
26.7
29.8
70,1*80 5/
2«7.33l
188,71*3
-666
25. "il"*
20.079
Mf7...
186,297
177.598
-2,>*li6
26,132
19,069
28,578
27.767
23,63ft
-8.699
22.910
'».857
-21.685
-6,268
16,1*06
11*9.61*5
17,686
38,091
23,955
29,6^3
16,841
8,922
7,llU
155.91'*
•July
.
.
.
.
11*4.679
-l*.966
8.1*38
13,1105
October.
HoTember
December.
l'*l,372
10.587
11,396
5.259
13.893
139.356
133.229
-3.307
-2,016
-6,12«
19^-<Tanaar7.
Tebruary.
Haroh
120,201*
-I3,02l*
116.855
112,335
-3.350
-U.519
3.689
7.273
9.8U7
10l*.l*97
-7.838
9.309
April.
1^/
2/
2/
y
18.1*68
19l*5-Aprll.
iu^ost
September.
U/
S/
b/
>t,U«3
11,229
6,751
8,999
5,l»8l*
100.0
100.0
100.0
67.2
3,873
5.367
10,051
7,097
100.0
58.6
3,582
3,397
12.61*/
12.9 5/
17.2
87.1
82.8
80.6
U.5I1U
11.3«7
Dally Treasury Statement commencing SoTomber 1, 19^2; prior
thereto, Poet Office Department.
Stamps sold prior to October 1, 19l*2 vere known as postal savings
atampe and were obligations of the Poatal Savings Systeic but subsequently became public debt obligations
Istlmated on the baela of samples made by the Post Office Department
Details not available for Msgr, June, and July 19'*!.
8. 1*38
87.^
9.3U9
9,830
7.990
13. 1*12
17,l't8
2/
100.0
100.0
100.0
100.0
100.0
2/
2/
168
352,632
231,593
2l*.7l*g
Ju2ie.
Caah
asrlo^
tenia 2/
127.9lt«
1*71*.
United States
19.1*
32.8
36.5
P-^
62.6
37.1*
Ul.U
Znoludaa minor anounts which were exchanged for postal sarlnga certificates. Shase aggregated $123 thousand for the period iugost 1.
I9U1 throng Juos 30. 19l*2 and $55 thousand for the period July 1,
191*2 throng October 31, 19U2.
See footnote 1.
Set of sales less redatsptions.
Does not include amounts transferred from Postal SaTlBgs System to
the Treaffory to corer outstanding etampa.
Table 2.- Sales, Classified by Oenomi nations
Salea In thousands of dollars
Fiscal year
or month
191*2.
191*3.
191*4
19'*5-
19U5-AprH
Total
all
denomioatious
May...
June
1*08,930
102,531*
26g,4U
68.727
16,I(06
17,686
October
Hovember
December
10,587
11.396
5.259
.
.
I9U6- January
Itebmary
Karch
.
April.
.
.
.
25<!
167.709
313.691
July
iuguat
September.
.
10(!
67.U66
126,327
26.132
19,069
.
Denomination
308,621
590,268
2l*,7lt8
8,1*38
Percantage distribution of sales
50.!
$1.00
31,583
71.693
209. la
28,6lU
52.508
32,611
135.277
20,91*2
32.583
'•6.972
6.966
7.236
3.891
12.226
12.975
9,832
1.878
1.953
1.665
2.755
2.981
2.720
2.521
2.479
1.573
8.8M
1,591
1.768
751
2,65?
2.994
1.272
2.565
2.986
5.1*22
827
865
398
1.303
1,350
692
l,20l*
41410
5,6q6
2.643
271
3.689
7.273
9.8U7
1.859
2,502
1.839
3,507
4,868
8O6
i,a8
9.309
2,128
l*,6l2
810
l,3l6
91*6
26,048
17.691
10,882
921*
987
961
825
1,1a
1*32
1*70
1*99
322
1*78
1,006
(1) Total sales:
ZUly Treasury Statement commencing November 1,
19U2: prior thereto Post Office Department: (2) Diatrlbution by
denomlnAtlons: Baaed upon Post Office Department data.
$5.00
i
1*1*3
Total
all
denominations
DsnoBlnAtlon
10<!
25^
50^
$1.00
9-3
8.9
8.0
7.8
10.2
12.2
11.5
12.1
51.6
7.6
7.5
8.7
U.l
14.0
18.6
53.7
52.7
52.3
9.7
10.0
8.9
100.0
100.0
100.0
2U.2
26.2
22.9
51.2
50.0
50.2
100.0
100.0
100.0
25.6
25.6
1*9.8
1*8.2
25.
100.0
22.9
100.0
100.0
100.0
100.0
21.3
21.4
25-1
25-6
5^-3
53.1
51.1
100.0
100.0
100.0
28.2
27-7
1*9.
20.
100.0
100.0
100.0
M.U
50.1*
1.9.
U.l*
IU.3
16.
16.9
15.1
$5-00
'*.3
U.l
3.7
3.8
5.0
5.0
6.U
51
12.3
U.8
7.6
13.2
6.1
13.0
13.8
'.3
1*9.1*
7-3
7-7
8.2
1*9.5
8.7
lU.l
12.1*
1*.8
kg
OWNERSHIP
OF
GOVERNMENT
Treasury Balleiin
SECURITIES
.
U9
June 1946
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In allllona of dollars)
Secmrltlee iBsoed by TTnlted States OoTsmaaot
Saoorltlas eoaraate^d
Diatrlbuttoa by olaaaas of holdara
T7.
ftid of fleoal
year or Bonth
Total
aaoimt
out•tandisc
Total
Public
ptibllo and
arkat-
32.9«9
35.800
36.5T6
39.886
fe.376
i9>)a.
19U319I44.
19I15.
19U5-J^r.
May..
1.959
Public
noaabla
marketabla
Issnaa
latoae
5.605
6.S03
1(8,357
8,225
2,10H
1
71.968
135.380
199.5U3
256.357
10,3ltO
2.1152
3
H,623
6.105
7
10
17
Am*.
233.063
235.761
256.357
l-nlj.
259.781
I».it66
1U.091
18,920
2ll,93l»
23. ISO
23,a)it
5.2IIO
lesoafi
2.676
3.770
U.775
16
16
6,133
7.885
10,«71
lit. 287
18,812
marketable
laaues
2.1*30
2.526
2.564
2.
2.551
28,601
30,02T
29,^5
31.730
2,U0
37.982
58.988
llU.lUl
165.725
209,630
7.IU9
lU.899
21.792
1.261
1.188
1.556
2.151
3.166
4.718
4,665
5.498
286
i».55it
56.209
6.360
4,549
4,092
1,516
409
275
287
170
4
6
52,444
54.501
56,209
1.132
1.151
409
782
783
28
375
450
479
490
13.507
4.341
4,302
4,528
5.164
5.212
't.853
5.1*50
1^71
6,085
4,262
3.738
1,186
68
150
375
28
29
30
209,108
153.375
g,043
56.99*
56.886
51a
536
553
32
155.5112
3>*
497
512
169.363
57.13
5^
1^,884
167.1>55
57.176
56.520
542
32
32
32
501
165.33«P
56.37*
533
3*
492
29
6,139
6,098
7.002
29
29
20,577
20,710
20,000
23.276
23.U72
2l»,262
212. 51*1
224,1100
27h.7'i«
27.691
27.9»9
28.173
7.006
7.023
7.008
30
30
30
20,655
20,897
21.135
23,26U
22.90U
22.601
226,501
227,059
223.?75
272.711
28.265p
7.0Up
30p
21.22H
22.732
22l.7l4p
If
iaaoea
484
515
527
26.637
27.031
*
axke table
57,121
26,7'15
p
28,835
27.989
29.579
29.9?)
Public
Poblli)
Pablle
no»marfcAtnonable
nazketabla
aMa Bark ataxia
iaeaes
iaeoaa
liinaa
Iaeoaa
15s. 286
15'*. 719
153. UI8
19.55s
20,033
20,519
262,«^
Mpril.
nMLTkat-
212,1»7
212,069
209,667
22
29
29
259. UT9
SoTlTCai
Public
tton-
21.717
22.530
23.328
6,077
6,085
6.087
Oct..
K>T.
Sao..
277.U56
277.912
Poblio
153. fcl
26,635
Tab.
Mar.
Public
27.3lto
2/
Banka
maricet-
able
isBoaa
PrlTata
lareatcrs
136,984
136.503
20,95^
21.792
259.630
19116-JaB.
V, S. OoTaarBBettt
aeanclea and
troat fuada and
Tadaral Reaerre
209,630
20,1)55
Sfpt.
275. 69'*
United Stataa 1/
189,1)28
191.001*
17.923
18.592
18,812
5.195
6.105
Total
public
iesoes
33.U5
2,61t0
Total
aaonnt
mmatTired
outstanding
2/
2,
2.^8
17
24,93U
Aug..
PubUo
Special
626
1.332
1.693
1.791
1.835
2.028
.3.251
PrivHta
Inreatora
Baaarra
Banks
truat funds
special
Issuas
1936.
19371938.
Padanl
S. OoTorxtaent
aganfilat azLd
"bjr
Distributloa by daasea of holder*
(1) tiailj TrassnT7 Stateaent for total aaemta ontatandlsg;
(2) reporta of aeendaa and tmat fonds for aaonrltiaa hald
U. 8. OoTer^ant aganolaa and tmat ftmda; and (3) Tadaral
Raearre ^etax for aacnrltlaa hald "bj Tadaral Saeerra Banlca.
^
Prallalnary.
Laaa than $500,000.
Sxclndaa ohll^tlona hald \j tha T r aa anrj and aotvrad aaoiixltlaa.
2/
^
167.515
Iha total aomt of aaesrltlaa hald ty prlTmta Ijnaatara la aaleorlatad 1>7 dadoeting fran the total eaMimt of aaasrlttaa ontatandlnc,
tha aacnrltlaa hald ^j U. 3. OoTar^ant acanaiaa and tmst flMda
and \j Tadaral Baserra Banka.
8tatad aa of oloaa af prarrloua aonth.
.
.
U
•
.
Treasury Bulletin
50
Estimated Otmership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Par TmlnaB l/ - In Mlllont of dollars)
Held
bH
of
month
total
aaouBt
oatttandloc
"by
baaki
Hald hf non-bank Inraitort
Other
QoBBflroial
Panics
y
Tedaral
Baiorre
Banks
Total
Hatnal
IndlTtduali
eoBpanlat
CO znpo ration!
aeaoolctloMi
n. 9.
State aal
local
OoTernaant
acenolai and
tmat funds
Covemnente
6/
5/
1933-SeceBb6r.
l»7.1
18.
15.9
2.5
28.7
9.8
6.3
3.1
2.7
6.5
18.6
19.5
16.1
17.3
2.5
2.2
29.3
30.9
10.lt
6.5
6.9
3.1
3.2
2.6
50.11
7.1
7.6
21.8
19.7
21.lt
2.8
2.3
32.9
So.i
11.1
13.8
7.1
8.2
3.I1
23. T
3.7
2.1t
U.lt
76.5
111.6
28.7
26.0
Ul.l
2.6
6.2
lt7.5
1*7.3
61t.3
18.2
23.8
11.3
J:i
11.6
118.6
139.5
161.0
50.1
ltll.2
59.lt
52.2
58.3
59.9
5.9
7.2
68.6
80.0
93.8
97.3
26.6
30.3
3t.7
37.1
11.2
13.1
IU.7
15.1
U.6
5.3
5.9
6.1
12.2
15.7
20.8
20.1
109. U
117.7
122.2
133.3
lt2.2
l6.lt
52.2
17.3
18.3
19.6
6.8
7.3
23.lt
H5-1
16.7
18.8
7-7
8.3
27:6
20.lt
8.7
25.8
19110-Juns
Dec saber.
igUl-Juas
Deceaber,
igltJ-June
Decsaber.
19lt3-Harcli
Jane. .....
Septeaber.
DecoBber.
lie. 7
67.2
71.5
8.9
11-5
9.2
2.1»
.5
8.5
9.5
.6
.8
10.6
12.2
.8
2.0
13.1
IU.3
15.8
16.9
2.6
3-2
18.1
19.1
.It
5.it
1.3
1.9
Jmio
September.
185.6
201.1
S09.3
76.2
83.3
Deconber.
230.lt
96.5
6U.0
68.U
70.5
77.7
igltJ-Harch.
233.1
97-1*
77.7
19.7
135-7
53.6
iprll.
23U.2
236-9
256.8
98.2
98.9
105.9
77.7
77.9
SU.l
20.5
136.0
138.0
150.S
20.5
8.7
58.5
20.1
22.7
u
29.9
5.3
260.3
261.3
260.2
107.2
107.2
107.1
85.5
8U.7
83.7
a.7
153.1
154.0
153.1
59.7
59.8
59.5
22.7
22.5
22.5
9.8
10.0
10.0
29.7
30.0
28.9
5-5
5-5
5.5
260.0
8lt.lt
23.3
23-5
152.3
22.4
22.2
276.2
lllt.3
21t.3
ia.9
59.3
62.0
63.6
10.0
9.8
10.7
28.3
27.8
29.9
5.5
263.lt
107.7
109.3
6.3
26.8
26.8
27.0
23-3
22.9
22.6
162.7
163.0
163.7
63-7
63.7
63.8
2I1.7
10.9
11.1
11.2
29-3
29-0
29-1
6.U
6.U
6.U
27-7
28.0
28.2
iglilf-Hareh
Jtme.
July
Au^st ....
September.
October.
SoTosbar.
Deo ember.
19l»6.Janiiar7..
Tebruar7.
March p..
p
1/
2/
2/
S7-1
27s.
115.3
278.5
275-3
115. U
111.6
85.9
90.1
92.0
92-5
89.0
12.1
11I.9
21.0
21.8
22.5
23-3
lt7.s
i5it.o
Preliminary.
United States sarlngs bonds. Series A-D. K, and J are Included at
current redeitption values.
Ouarantaed aacurltiaa held by the Treasury are excluded.
Consists of copuoercial banks, trust companies, and stock saTlngs
banks In the United States and la territories and instilar possessions. Sxdudas securities held in trust dapartoeats.
U/
^
6/
2l*.U
2lt.8
25.0
5.7
20.6
21.7
u.lt
22.9
u.lt
23-2
23.8
2U.9
u.u
26.6
Includes partnerships and personal trust accounts.
Includes savings and loan associations, dealers and brokers, and
InvestLsnls of foreign balances in this country.
Comprises trust, sinking, and investmsnt funds of State and local
eovemments and their aeencies. and t«rrlt«rles and insular posses.
slone.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
^
(In mllllona of dollare)
Vat markmt porchaaaa or sales (-)
Jan.
Tab.
1938.
1939iguo.
-12.0
i.£
-9-5
-20.9
23-3
-12.5
-5-7
19IH19U2.
19U3.
-liil
12-0
30.0
-90-3
5-8
-72-9
;9-9
-10$. 1
-U.5
-675
-US.l
-.7
-5.9
19W1.
-2.8
-8.1
-3-0
.1
^r.
Mv
2-5
-37.1
-1.6
->io'.l
5.0
.k
-9
-.2
.!»
Jona
.8
Jnl7
1.2
3-0
•
-16.5
-55 -S
3.3
Leas than $50,000.
Consists of porehaaee or eales made by the Treaaory. Treasnry Investment accormts comprise (l) tmet fonds which by lav are under
the control of the Secrotery of the Treasury or of the Treasnrer of
the Iblted States, and (2) accounts under the control of certein
iae.
-3-9
3-3
Sep*.
38.5
71.9
--3
-35-2
-IU5.8
-67 -«
-15-8
-4.5
-2-7
-10.0
-3U.U
20-5
-56.6
-I8.5
-17.0
-19.0
-.2
-28.1
-12.5
-8.lt
Ost.
1.0
-1.2
-l».l»
BoT.
.u
-2.8
--3
-.2
-1.0
IBC.
6.5
-3-2
-1.1
60.0
-5-0
U.8
-5-9
-12.0
S. Qo v e nuaent aeencles vhoao isveetaents ar« handled throng the
facilities of the Treasnry Department. This table also includes
poroh&ses under Section 19 of the Second Liberty Bond Act, aa
amended, and exclndas the Ixchan^e Stabilisation Ttnd.
TT.
51
June 1946
Treasury Survey of OnnerBhlp of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946
The tables In Section
Karoh
of
31,
1946
Securities
The banks
and
the survey account
for
States.
present summary data as of
I
from the Treasury Survey of Ownership
Issued or Guaranteed by the United
Insurance companies covered In
approximately 95 percent of the
Section
I
-
amount of such securities owned by all banks and Insurance companies In the United States.
Section II presents summary data on the ownership
of Federal land bank bonds and Federal intermediate
credit bank debentures.
Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
ClMslfloatlon
U
U
3
Treasury Bulletin
52
Treasury Survey of Onershlp of Securities Issued by the United States
Govemment and by Federal Agencies, March 31, 1946 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
-
(Continued)
(Continued)
-
FART A - ANAUSIS OF 0WME3t3HIP BZ TYPES OF 3ECDRITX, BX CALL CUSSES,
AND tSi TAX STATUS-(Contlnued)
Beld
Icr
Isreatora coTered in braaaursr Surrvj
SaalB 1/
CI aBBlfl cation
Total
anount
oatetaBdlB^
7,373
coaneroial
teski 2/
5I1O
3'»
Stock
natual
saving
arlB^
banks
banlcB
Percental distrl^tlon
lypaa of eecnjlty
SecnrltleB iBeniad
Dnltad States
Treasury bills
Certificates of IndeHednese
Treasury notes
Treasury bonds - bank restricted U/
Treasury bonds - bank eligible
Postal saving and other bonda
Ouaranteed by Ihlted States
Insaranee eonpanlet
tgr
Total
315
life
InsuraiLOfl
contpeiileB
All XJ. 8,
OoTariBent
€k6 fire,
caaoal^,
and marine
Insoranee
a^nelea and
ooiqtanlea
fianki
trust fands.
and Tederal
Held
l)y
all other
inrestors
Beserre
classea of secorltiaa
:
^
8.6
20.5
9-3
27-1
3U.U
1-9
25-3
15-1
1.9
55-9
^
1*2.6
1.6
2.1*
}-^
7U.5
21.9
2.2
73-9
21.5
1.6
78.6
17.8
1IU.9
23-7
5.0
17.6
8.7
18.
21
•
.1
^
.1
k.k
23-7
UO.7
23.5
•
3
.1
Total
100.0
Call classes
DoA or first becoming callable
Within 1 year
1 to 5 years
5 to 10 years
10 to 15 years
13 to 20 years
Orer 20 years
Various (Inderal Bousing Administration
debentures )
.1
6.1
6.2
100.0
100.0
100.0
:
35-3
17.0
17-5
8.1
10.8
U.l*
36.0
29-7
27.6
3-5
10.6
.2
12.9
1U.8
3.0
26.1
2lt.O
2.8
5-9
15.9
30.5
23-3
21.5
Total
Tax statua:
U.2
6.1
12.9
10.1
Ul.l
25.5
n
10.0
33.6
11.9
11.8
13.1
11.3
18.2
11. i»
7.8
Us.U
27.lt
11.3
.1
.1
100.0
100.0
100.0
100.0
.1
.3
u.l
95-9
1.0
99-0
27.3
72.7
6.3
93.5
7.0
92.7
100.0
100.0
78.0
17.U
8.1
13.1
29.7
20.6
38.6
17.6
72.1
8.5
6/
Vholly exempt from Federal income taxes
Partially exempt from Tederal income taxes Jj
Subject to Tsderal income taxes jJ
Total
.1
10.1
89-8
100.0
16.
20.
83.6
79.6
100.0
•9
99.1
100.0
Percentage distribution b^ i^oapl of iimators
^Tpes of security:
Securities issued by United States
Treasury bills
Certificates of indebtedness
Treasury notes
Treasury bonds - bank restricted U/.
Treasury bonds - bank eligible
Postal Barings and other bonds
Guaranteed by United States 5/
Total
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.6
100.0
_!HJ_
100.0
100.0
100.0
100.0
100.0
100.0
U2.2
72.2
65.2
18.0
100.0
8.9
51.0
67.1
7.7
i.h
2.8
33-2
7.6
3
31.1
-i±.
12.2
.k
1.2
15-3
3.5
2.9
67.1
«
•
1.0
1.9
.1*
31.2
5.6
2.0
2.0
.1
.3
.9
29-9
1.3
9.7
3.8
19.8
20.7
10.8
l.U
15.0
g-7
1.0
2.9
7-0
10.3
1-5
2.0
3 3
3.0
3.6
13.8
9.7
2^.5
18.0
17 U
U1.6
26.9
U1.5
Onll classes:
Due or first becoming eallalble
Within 1 year
1 to 5 years
5 to 10 years
10 to 15 years
15 to 20 years
Over 20 years
Tarlous (federal Housing Administration
debentures)
Total
Tax status: 6/
Wholly exempt from Tederal Income taxes
Partially exempt from Tedaral Income taxes jJ
Subject to Federal income taxes jJ
Total
.u
10.8
27.U
26.0
1.1
l.U
31.6
7-7
31.1
29-9
1.3
20.7
8.5
10.8
l.lt
15.0
g-7
72.1
.6
'H.3
100.0
100.0
100.0
.k
1.9
5.1
20.9
12.0
10.5
66.8
38-5
_U1J_
90
1*5.2
.lA.
5
.2
d
13.0
-3A.
12.2
(ContinujBd on following page)
'*.9
.1
.3
19.8
1.1
3.9
1.2
9.U
15-7
26!5
10.8
l.U
15.0
257
June 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PAAT B
-
leme
(Continued)
(Continued)
DI3TRIBDTI0N 07 OWNERSHIP rOR EACH ISSOE OUTSTiUfDIia
(Par Taluee - in mllllona of dollara)
(Tax atatna 6/ la ahoon In parantheaea)
-
-
Treasury Bulletin
5*^
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PART
B -
laaua
(Continued)
(Continued)
DISTRIBUTION OF OWtimSHIP FOR EACH ISSUE OUTSTANDINS-( Continued)
(Par Taluaa - la mllllona of dollare)
(Tax atatua 6/ la ahotm In parantbaaea)
-
-
)
Jane 1946
55
Treasury Survey of Omnership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Section
-
I
Securities Issued or Guaranteed by the United States Government
-
(Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(For Tslnsa - Is mlllloni of dollars)
Hald b7 inrastors eovered la Ireaauiy Sorray
Sanks 2/
Issue
mount
(fax statQB 1/ is slioim la parentbesee)
outstandlnc
^
6U£ fire,
'
5U0
7.373
3»t
comer-
stock
el al
liaaka ij
United States saTln^s bonds
Series B-D
Series I
Series T
Series
(6/)
iM5
179
(taxable)
(taxable)
(taxable)
30.635
2.855
11.818
218
mutTial
Total
baokB
Ufe
Insuroace
coBpaoles
"•77
38
259
16
96
"•8.733
873
23U
308
115
(taxable
(taxable)
'tl
1*22
Onaranteed securities jj
CoBsoodlt^ Credit Corporation dasiand obliga(taxable)
tions
501
Total Ihlted States savings bonds
freaeury sarlnge notee
ItopoBltary bonds
Total public non-marketable securities.
1/
2/
and marine
Insurance
ooqptnles
57.051
Suke
163
193
13
't7.298
17
7.25"»
29
1.376
235
'W
5/
6/
317
116
201
30
5U.5«2
This column Includee secorlties held "by those banlcs and insurance
companies idilch are not covered in the Treasury Surrey.
See headnote to this section.
thlted States sarins bonds, Series B-S, I. and J are shown at current redeoiption raluee. They were reported at maturity value hy the
"banke and Insurance oompanles covered In the Treaeary Surrey but hare
been adjusted to current redemption values for use in this statement.
Series B-D saving bonds sold prior to March 1, 19^4^1 are partially
tax-exempt; those sold on and after that date are taxable.
Ooaranteed Becurltlee held by the Treasury are not included.
C.C.C. demand obligations In the amount of $^01 million held by
all cocnmerclal banks are ahoim only in total amount outstanding.
(Far Taluee - in mllliona of dollars)
*o«n in paranihases)
fieserre
3.230
30.63U
2.589
lO.SU;
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States i/
Isne
Eeld ty
all other
l&Te store
8/
Less than $500,000.
Inderal secorltles fell into three broad groups with respect to imposition of Federal income taxes on income derlTed therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and
"Partially" tax-exempt securities are exempt from
surtax rates
the normal rates except that in the case of partially tax-exempt
Treasury and saTlnge bonds, Intereet derived from $^,000 of principal amount ovned by any one holder is also exempt from the sur"Taxable" securities are subject to both normal and
tax rates.
surtax rates.
Securities held in trust departments are excluded.
Includes trust companies.
(Tax ftatna g/ la
trast funds,
and Tederal
1
10
81
.
^
canudty.
n. 8.
OoTemment
a^ncles and
1
8
221
•
iU
Inaoraaice conpanlva
Total
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banlcs, Classified by Membership
In Federal Reserve System
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 1.- Sunmary: All Interest-Bearing Securities
(In mllliona of dollare)
u
b
June 1946
U
57
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on CKvnerBhip by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
-
(Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNEaSHIP BY TYPES OF SECURITY, BY CALL CLASSES,
AND BY TAX STATUS-( Continued)
Kflmber ooganvelal 1>aalcs
ClaiilflAatlon
Total
7.373
Total
eouaiarclal
'•.770
baokg
1/
BAmber
conmerclal
1)ankB
2.603
Central Baaeorre City banks
Total
37
1*9 Central
Bev Tork City
Reserre City
banks
baaka
12
Chicago
banks
JUS
Basarre City
banks
eonntry
banks
eomerclal
banks
Perceataga distribution by classes of securities
Trpts of securltyi
Securities Issued by United Statee
Treasury bllle
Certificates of Indebtedness
Treas'iry notes
Treasury bonds - bank rostrlcted 2/.
Treasury bonds - bank eligible
Postel savings and other bonds
Ouarantead by United States j/
1-9
25.3
25. U
25.lt
• 7
22.lt
15.1
1.9
55-9
15.0
1.6
56.3
1-7
15.2
15.6
1.2
37.9
13.8
2.0
27.6
15.3
.1
.1
.2
.7
58.5
61.2
it6.9
5U.I1
2.0
22.7
2U!6
It. 5
51:1
51.9
.1
Total
Call classes
Due or first becoalng callable
Within 1 year
1 to 5 years
3 to 10 years
•••...•
10 to 1^ years
15 to 20 years
Over 20 years
Various (7ederal Bousing Admlnlstrs
tlon debentures)
;
36.0
29.7
27.6
3-5
36.0
30.0
27.6
2fa.7
3-5
3-1
37.0
32-5
3". 5
lt7.3
33-7
29.2
2.0
27.6
16.0
7.6
39.0
29.1
26.2
3-7
n.9
35.8
as.9
30.0
3-7
27.0
27.9
3.8
.2
.1
•
•
•
3.0
2-7
.6
1-5
2.0
.U
5.2
5.1
16.U
83.6
17-3
£2.6
23.0
77.0
2it.9
19.2
eo.8
10.2
89.8
91.8
.It
Total
Tax status; U/
Vholly sxempt froo Tadsral Incoae tazos....
Partially exempt from federal Incoae taxae^
Subject to federal Income tazas
^
.1
23.it
76.6
75.1
8.1
100.0
Total.
Percanta^ distribution by groups of Investors
Types of security;
Securltlee lesued by United States
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds - bank restrlctsd 2/.
Treasury bonds - bank eligible
Postal savings and other bonde
Guaranteed by United States
^
Total
100.0
100.0
100.0
100.0
100.0
100.0
100.0
79.8
89.7
89.2
11.2
2lt.8
8.0
17.7
20.7
3.1
7.1
.6
\i
21.9
lt.O
92.lt
25.0
1.1
25-9
2.7
8.9
100.0
89.lt
2li.7
100.0
100.0
100.0
100.0
100.0
100.0
89.5
25.lt
19.1
90.lt
27.1
23.8
22.7
21.
.5
11.
lOO.O
7lt.6
90.2
67.6
37.'t
20.2
10.3
10.8
38.2
35.5
12.2
26.7
28.6
61.3
3it.o
20.lt
SJ
U7.9
35.6
7-6
7
35-0
29.7
10.6
6.2
U.U
2.8
10.2
37.8
3''. 3
33.2
36.3
7.0
23.6
26.3
29-0
32.3
30.7
65.8
51.7
10.5
9.6
10.7
2.7
8.9
It.
25.lt
9.8
32.lt
Call classes;
Due or first becoming callable
Within 1 year
1 to 5 years
5 to 10 years
10 to 15 years
15 to 2U years
Over 20 yearo
Various (Vsderel Housing Admlnlstrs
tlon debentures)
Total
Tai status U/
Vholly exempt from 7ederal Income taxes.
Partially sxempt from ]^Bderal Income taxe
Subject to Pederal Income taxes
89.3
88.6
73-3
81.9
a.i
.1
.U
6.6
U.2
2.U
92. u
8.9
8.9
89.lt
2lt.7
11.
26.7
18.1
U7.9
35.6
7.6
lt.7
35.0
29-7
10.6
;
^
Total.
100.0
100.0
100.0
100.0
28.0
88. U
22.7
18.
.3
20.U
Ul.O
33-8
32.U
35.3
2.7
7.2
itit.6
9lt.s
I8.5
31.9
ii':l
B9.ll
2lt.7
U.?
35-0
^9.7
10.6
07.6
2.7
(Continued on following page)
It
Treasury Bullethi
58
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities
-
(Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDINO
(Par valuaa - In millions of dollars)
Itnia
(Tax statae U/ Is ahovn in parentheBee)
June 1946
59
Treasury Survey of Ownership of Securities Issued by the United States
Govemment and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Conunerclal Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
-
iBsae
(lax atatiM U/ la
ihsm
la parentheeee)
lllioae of tellara)
(Continued)
(Continued)
PART B - DISTRIBUTIOII OF OV/NERSHIP FOR EACH ISSUE 0UT3TANDlNO-( Continued)
(Far TBloea - in
-
Treasury Bulletin
60
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public hfon-Marketable Interest-Bearing Securities
(Par TalTiea 1/ - In millions of dollars)
Monber commarclal banke
Total
7.373
coomerclal
banks
ISBUS
(Tax Btatns 2/ Is ahovn In paranthesee)
Total
U.770
m«mber
commercial
banks
2,603
Central Resexre City banks
Total
1*9 Central
Be serve City
banks
nomoeoiSer
3Ug
37
New York City
banks
12
Chicago
banks
>».373
BeserTa City
banks
country
basks
coonerolal
t>aslcs
TJnlted States saTlnga bonds 1/
Serlst B-D
Series 7
Series 3
kl
(taxable)
(taxable)
Total United States sarins bonds.
Treasoiy saTlngs notes
Depoaltarz bonds
(taxable)
(taxable)
Total public non-aaiicetable secTirltles.
•
ly
2/
179
ZLS
U77
119
lUl
3U3
8
111
59
26
127
315
133
873
60U
1*7
553
270
81
U22
66
37
39I*
35
1.376
l.06lt
76
Less than $900,000.
United States saTlngs bonds. Series B-D, I, and 7 are shovn at current redengjtlon valnes. They vere reported at maturity valne by the
banks covered in the Treasury Surrey but have been adjusted to current redemption Talues for use In thie stataaent.
Federal seourities fall into three broad groupe with respect to
Imposition of Federal income taxes on income derived therefrom.
"Wholly" tai-exanpt securities are exanpt from both the normal and
"Partially" tax-exempt securities are exen5)t from
surtax rates.
2/
22
27
15
8
173
186
15
28
50
26
23U
75^
313
11*
the noinal rates except that In the case of partially tafexeetpt
Treasury and savings bonds. Interest derlred from $3tOOO of principal aiaount owned "tiy any one bolder Is also ezoopt from the
surtax rates. "Taxable" secoritles are subject to both normal and
surtax rates.
Includes truet companiea but excludes securities held In trust
departments.
Series B-D sarlnge bonds sold prior to March 1, 19^1 wore partially
tax-exanpt; those sold on and after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States i/
(Par values - millions of dollars)
Issue
(Tax status 2/ is shown in parentheses)
n
61
June 1946
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
62
Treasury Bulletin
Over-the-C!ounter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
April 30, 1946
Table I.- Securfties Issued or Guaremteed by the United States Goveminentl/
PART A
iaoimt
out•UliUii«
(millions)
-
TAXABLE BONDS, MOTES, AND OERTIFIOATES
63
June 1946
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
UAlted States Government and by Federal Agencies
April 30, 1M6 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government
PART B
outatandlQe
(KUlloni)
-
TAXABl£ TREASURY BILLS
!/-( Continued)
61^
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government Eind by Federal Agencies
April 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
Amoont
outfit ending
(Mlllloni)
—
June 1946
65
OF TREASURY SECURITIES APRIL 30.
YIELDS
Based on Mean of
4b
48
50
Closjni^
•54
52
'56
Bid
•58
1946
and Asked Quotations
'60
'62
64
66
'68
'70
•72
PERCENT
2.60
PERCENT
Taxable Issues
2.60
40
2.40
220
^20
2
2.00
180
1.60
1.40
1.20
BANK EUGIBLE
X Fixtd maturity issues
•
1.00
Callable bonds
BANK RESTRICTED
A Callable bonds
.80
.60
40
20
1
r
—
\
Partially
—— —
r
I
\
\
1
I
'-
\
Tax-Exempt Bonds.
^40
2.20
2H)0
1.80
1.60
1.40
1.20
1.00
80
.60
40
'20
Explonofion
The points represent yields to coll dote when prices ore above por.
the various classes of points ore fitted by eye Issues for which on
and to maturity dote when prices are at par or below. The smooth curves
exchange offer has been made or which are due or callable in less than 3
for
months are excluded
Office of the Secretary of the Treosury, Division of Reseorch and Statistics
F-235-B
...
..
.
.
.
Treasury Bulletin
66
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annoa)
Partially
tax-exenrpt
Treacory
bonds 1/
Taxable
Treasury
bonda ly
Partially
grade
tax-exenipt
oor^rate
Treamiy
bond! 2j
bonda ly
Partially
Taxable
tax-axe]^t
Treasury
Treasury
bonda ly
bonds ly
Taxable
grade
Treaaury
corporate
bonda ly
bonds 2/
Monthly series 2/
2.12
2.22
2.12
2.57
2.71
2.73
19l)U-JaB..
Teb..
Mar..
Tab..
Mar..
1.95
1.93
1.91
2.1)9
2.1)9
2.1)8
3.25
3.1U
3.15
2.07
2.0U
2.01
2.76
2.75
2.70
^r..
I.9U
May..
Al&Oa
May..
Jnna.
1.91)
2.1)8
2.I49
1.91
2.1)9
8.58
2.57
2.63
3.12
3.10
3.12
July.
Aog.
Sept.
1.98
2.01
2.02
2.66
July,
ing.
Sept.
1.89
1.90
1.93
2. 1)9
Oct..
1.98
1-95
2.06
2.3U
2.3)1
2.1»7
2.61
2-57
2.68
Oct..
BoT.
Dec..
1.93
1.90
1.87
2.1(8
2.1)8
2.56
3.06
3.0U
3.02
2.10
2.17
2.10
2.>IS
2.76
2.*
2.1)8
2.30
2.80
Tab..
Mar..
1.81
1.75
l.TD
2.1A
2.115
I'M
i^r..
May..
June.
1.68
1.68
1.63
2.39
2.39
2.35
1.63
1.68
1.68
2.3>(
1.62
1.56
2.35
2.33
2.33
1938-jan.
?eb..
Mar..
2.69
2.68
2.67
3.17
3-15
3.16
May..
June.
2.66
2.56
2.58
July.
iiig..
Sapt.
Oct..
Not. .
Dec..
2.5U
19'tL.^an.
fiOT.
.
Sec..
19l«S-Jan.
Mar..
2.43
2.96
2.90
2.87
i^r..
May..
Jane.
2.3«
2.Z7
2.22
2.92
2.86
2.78
^r.
May..
Aine.
2.07
2.06
2.0U
JUy.
Sept.
2.23
2.27
2.67
2.76
2.79
3.29
Joly.
tag..
Sept.
2.0U
2.06
2.08
Oct..
BOT.
Sec..
60
2.U6
2.35
3.1U
2.93
2.86
Oct..
Bar..
Dae..
2.09
2.10
2.13
2.U7
19t|0-Jan..
2.30
2.81
2.79
2.77
19U3-Jan.
Tab..
Mar..
2.U
2.U
1939-Jan.
Tel)..
.
?e1>..
Kar..
2.26
Tab..
Ifar..
2.U6
2.U3
2.75
2.1t6
2.7U
July,
2.U7
2.73
2.73
jbig.
2.1t9
2.72
2.71
2.72
Oct..
BoT..
0»a..
2.12
2.1*6
2.1)6
2.1)8
2.70
2.68
2.70
19l)£-Jan..
Tab..
Mar..c
2.1(6
2.1*5
^r..
2.26
ipi..
Hay..
2.1)8
2.68
2.65
j\ine.
1.96
1.91
2.U6
2.W
2.7U
2.87
2.93
2.05
Nay..
Juna.
2.1)5
2.63
July.
iag.Sept.
2.30
2.31
2.25
2.85
2.80
2.71
July.
lag..
Sept.
1.91
1.92
1.90
2
Oct..
BoT.
Ceo..
2.21
2.09
2.01
2!65
2.59
Oct..
BoT..
See..
1.90
i.gu
1.95
2.1)8
2.1)8
Dec.
1.59
58
57
59
2. il?
2.1)8
2.1)9
Weekly series - Saturd^ flgorae
i9i(5-NoT.
19l)5-Jan.
^
Sapt.
2.1)8
2.U7
2.1)8
2.;
2IM0
2.36
2.37
2.21
2.12
2.09
2.08
June 1946
to
O
z
o
ffl
UJ
<
o
Qq:
o
o
>-
67
6g
CORPORATIONS
OF
THE
Treasury Bulletin
CERTAIN OTHER AGENCIES
UNITED STATES GOVERNMENT
AND
}ime
H6
9
.
1946
.
.
69
Corporations and Certain Other Agencies of the United States Government
Quarterly data relating to corporations In which
the United States has a proprietary Interest, direct or
Indirect, and certain other agencies are published In
Section I appears In the March, June,
three sections.
Septenber, and Decenber Issues of the "Treasury Bulleassets, liabilities, and
tin", and contains data on
These tables are compiled from the February,
capital.
August,
and November mid-month "Dally Treasury
May,
Statements"
Sections II and III appear In the January, April,
July, and October Issues of the "Treasury Bulletin".
Section II contains Information on Income and expense,
and section III, on sources and application of funds.
The data for sections II and III are obtained from reports of the corporations and other agencies, adjusted
by the Treasury Department.
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
Table 1.- Sumnary
(In alllloni of dollara)
Total
Coiporatlone
1,278.9
838.
Certain
other
egencles
Aeeetfl
Caah 1/
Deposits with GoTenment agencies.
itiw.o
239.J
239.3
967.0
5,069.0
966.8
U.120.8
91*8.2
1.6^.8
7'*3.0
1.550.2
I8U.7
88.6
558.3
«7.1*
H8.8
Totel
Capital
United States interest:
OoTemment agenolea
Other
Corpor»tiona
266.7
23.
-1,1*22.5
23.905.8
-1.155-9
1*78.6
U78.6
2U.381*.!*
-677-3
Total liabUltlaa and cqiltal
U7.950.S
20.560.7
Analyala of InTeatment of United Statee
Fald-in capital
39.1*76.5
3.566.3
Loans recelTable troai
OoTanment
agenfilea
Others, leea resarrea
Acconnta and ootaa recelTable froai
OoTemment agencies
Others leae resarrea
,
.2
Accrued aaseta;
Total Uhlted Btatea Intereat
PriTate Intareata
Total o^ltal
QoTemmeat agenclee
28.1
Others, less reserves
AdTancee to contractora and agents
Comaodltlea, m^pllea, and materials.
.
38.
255.7
173-7
82.0
1,918.2
1.826.1
92.2
1.789.1
1,686.0
103.1
8.3
2J)
28U.8
8.3
2.0
280.1
U.7
In-restnante:
Ptibllo deM obligations of United
Btatea
Sacnrltlea of OoTemaent agencies:
Ooaranteed aeonxltlaa - pnblio
lasuea
Hot guaranteed
Other aecurltlea. lesa reaarrea....
Ooaranteed secnritles held
1)7
Treaatir7.
ll,28l*.3
11,28U.3
20.783.7
Acquired security or oollateral. lata
reservea
7,869.6
12,911*.l
Total Investment of Uhited States
57.0
3^.9
22.1
Deferred charges
U1U.5
38.5
376.1
tAidlstrllmted charges
I160.I
253.2
206.9
1*5.2
266.7
178.5
Ceqpltal stock
and paid-in sorplua of
OoTemment coxporationa
Other aaeeta
Total aaaeta.
Llahllltiaa
Accounta payable to;
OoTenment aganclea.
Others
Accrued llabUitiea:
OoTemment egenclea.
Othara
Trust and depoait llabllltiea tot
OoTemment agencies
Othars
^.2
183.1
''7.950.8
20.560.7
651.5
216.2
38.1*
3.0
Deferred oredita
Other llabUltlea (includii« liability
reaerree)
Total llabllltiea
)
Book Talue of Thilted States Interest,
including Interagency itaos
•15.570.7
23.905.8
-1*.
722.2
10,128.1*
Interagency Itans:
Amounts due to:
OoTemment coiporationa
Cartain other OoTemment agen-
2.085.7
19.1
13.3
•7
3.262.1
39U.6
3.175-6
380.5
86.5
U,281».3
11.28U.3
8.3
969.0
58lt.7
535.6
1.132.9
503-6
1.132.9
i.oa.9
730.6
291.
806.9
586.0
220.9
2,096.9
l.«77-'»
U19.5
23.566.5
a.237-9
2.328.5
quired to report
Total Interagency llabllltiea..
ll*.l
Amount a due from:
Interagency proprietary interasta
OoTemment coiporationa
Certain other OoTemment aganclea
OoTemment agenclea not re<iuired to report
Total Interagency aaaeta
8.3
38U.3
Otharat
Undistributed credlta
ll*.850.7
OoTemment aganclea not re722.0
103.7
1.373.5
•619.9
2/
Ouaranteed aacuritlaa
Bot guaranteed 2/
(or deficit [-J
(United States share)
39.'t76.5
claa
OoTemment agenoleal
Ouaranteed aecurities laaued to
U. 6. Troaaury
Ouaranteed aecurltlea - public
lasuea
Vot guaranteed 2/
lamed auxplua
27.390.2
Bonds, debentures, end notea payable
toi
11.28l*.3
tions
Land, structnres, and aquipmentt lesa
reserres
Treaamy loana to OoTemment corpora-
32.0
Book Talus of Ibited Btatea intereat
after aaoluaion of interagency itons.
Contingent liabilities
Ouaranteed loana.
Other.
26.218.1-
u. 602.5
337.3
uo.o
36'*.5
362.?
Treasury Bulletin
70
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
-
-
(Continued)
(Continued)
Table 2.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans,
by Type of Loan for Etecent (Quarterly Periods
(In millloQB of dollars)
a
2
June 1946
71
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
-
(Continued)
-
(Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans,
by Agency and Type of Loan, March 31, 1945 and March 31, 1946
(In mllllona of dollars)
Loans to aid
agriculture
Total
loans to aid
home owners
loans to aid
Industry
Corporation or other agency
Mar. 31,
Mar. 31.
19U6
I9I45
Corporations
Executive Office of the President: Office for Bnergency Management;
Office of Inter-imerlcan Affairs:
Frenclaradlo. Inc
Sballer War Plants Corporation
Department of Agriculture:
CoFimodlty Credit Corporation
7arm Credit Adxainistration:
Banks for cooperatlTes
Federal interaedlate credit hanks
Federal land banks
Eoglonal Agrienltural Credit Corporation of
Washington, D. C
Federal Farm Mortgage Corporation
Federal Deposit Insurance Corporation
Federal Loan Agency: Reconstruction Finance Oorpon
tlon and certain affiliates:
Reconstruction Finance Corporation
Disaster Loan Corporation
Federal Kational Mortgage Association
The RFC Mortgage Conpany
Defense Siqiplise Corporation
Rubher DBTolopment Corporation
U. 3. Commercial Con^any
national Housing Agency:
Federal Home Loan Bank Adml&latration:
Federal home loan banks
Home Owners' Loan Corporation
Federal Puhllc Housing Authority and aff lllatel
Federal Public Housing Authority
Defense Homes Corporation
Tennessee Valley Associated Cooperatives. Inc
Tennessee Talley Authority
Total loans of Government corporatione
Certain other agencies
Department of Agriculture:
Farm Credit Administration
Farm Security Administration
Rural Electrification Administration
^
Mar. 31.
19U6
3^-5
31.'*
19U.7
2T7.U
183.3
278.7
1,168.
9.2
335.1
3U.5
19'*.7 1/
277.'»
lar.
31.
191*
Mar. 31,
19U5
l,070.>t
1.168.2
U.2
206.3
335.1
9.2
3l.'«
183-3
278.7
1,070.U
U.2
206.3
.3
ihl.U
17.6
1
.1U5.6
1.6
50.1
SI.
76.5
1.7
279.0
10.0
11.3
951.3
6.9
27.7
50.1
59-6
296.0
6.9
12.8
58.0
H
2.1»
61.1
1.027.3
153.2
793-6
290.1
2«5.1
•9
.9
.2
•3
2.9
1-5
U,960.2 r
U.286.8
2.019.7
l.TTU.g
1U8.3
U9U.2
368.U
i3q.U
U7U.6
U22.U
5.7
U.6
l>l8.g
1.027.3
793.6
.9
.9
2.5
U9U.2
m.6
kzz.k
Department of the Interior U/
Federal Works Agency 5/
13-3
75-9
11.9
80.0
Kational Bousing Agency:
Federal Housing Administration
17.1
20.9
United States Harltlme Commission
Other 6/
88.7
6i:?
1.213.6
1.220.3
1.017.1
l.OUl.O
6.173.8 r
5.507 -0
h°7^-«
2.815-9
Corporations and certain other agencies
Total loans
19U5
140.2
368. U
Total loans of certain other Oovemment agencies..-.
Mar. 31.
Mo.Z
Department of Conmercs:
Inland Waterways Coxporatlon
E:q>ort->Import Bank of Washington
Mar. 31.
19U5
l.lUg.i
825.5
396.7
7-2
85.8
7.2
l.l>t9.1
825-5
5
.
Treasurij Bulletin
72
Corporations and Certain Other AgencleB of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
-
-
(Continued)
(Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans,
by Agency and Type of Loan, March 31, 1945 and March 31, 1946 - (Continued)
(In millions of dollars)
Loans to aid
States, Territories, etc.
loans to aid
financial
institutions
Corporation or other agency
Mar. 31,
Mar. 31,
igitS
19146
Mar. 31,
I9U5
Mar. 31,
19"*
Foreign
loans
Other
loans
Mar. 31.
Mar. 31,
Mar. 31,
19U5
19U6
19U5
Corporations
Office for Bneiv
ExecutiTe Office of the President:
gency Management:
Office of Intei^American Affairs;
Prencinradio Inc
Smaller War Plants Corporation
,
Department of Agrloulture:
Commodity Credit Corporation
Farm Credit Administration:
Banks for cooperatives
Federal inteimediate credit hanks
Federal land hanks
Regional A^lcultiural Credit Coiiporation of
Waehin^on,
D.
Federal Farm Mortgage Coiporatlon
Department of Commerce:
Inland Waterways Corporation
Eiport-Import Bank of Washington
Federal Deposit Insurance Corporation
Federal Loan Agency; Reconstruction Finance Corporation and certain affiliates:
Reconstruction Finance Corporation
Disaster Loan Corporation
Federal National Mortgage Association
The RFC Mortgage Con^jany
Defense St^ipliee Corporation
Ruhber Development Corporation
U. S. Commercial Con^iany
national Housing Agency;
Federal Home Loan Bank Administration;
Federal home loan hanks
Home Owners' liaan Corporation
Federal Puhlic Housing Authority and affiliate;
Federal Puhlic Housing Authority
Defense Homes Corporation
•
3
lltl.2r 2/
278.6 1/
286.5
261*. 2
17.6
127. U
llU.2
63.1;
U6.l(
360.9
1.6
21.6
18.
i/
1.7
2.1
61.1
288.6
2.U
153-2
283-6 8/
1.5
Tennessee Valley Associated Cooperatives, Inc.
Tenneesee Talley Authority
Total loans of GoTemment coiporations
.u
>n6.7
79e.M
75.9
80.0
1U2.0
209.7
IA8.5
:
5't5.3
3^7-6
Certain other agencies
Department of Agriculture;
Farm Credit Administration 3/
I^rm Security Administration
Rural Electrification Administration.
Department of the Interior U/.
Federal Worke Agency 5/
7.6
Hational Housing Agency;
Federal Housing Administration.
17.1
Ihltad States Maritime Coanlsslon.
Other 6/
Total loans of certain other OoTemment agencies.
Corporations and certain other agencies
Total loans
5/
6/
2.9
27-7
75-9
^?z-i
1U2.0
U78.')
Consists of Puhlic Verbs Administration and War Puhlic Works, Communlty FacilitiesConsists of Havy Department Guaranteed Loans (World War II); War
Department Guaranteed Loans (World War II); Federal Security Agency.
Loans to Students; Federal Puhlic Housing Authority, soheietence
homestead loans; and Treasury Department, Miscellaneous Loans-
Jj
209.7
UU8.5 r
5'^-3
U15.2
Loans made hy commercial banks on hehalf of the Siport— Li^>ort
Bank under agaicy agreements aire eacluded in the emount of $71-1
million as of March 31, 19U5 and $109.9 million as of March 3I,
191*6.
6/
Commitments to purchase loans amounted to an additional
million on March 3I, 19I16.
$U1*.6
June
73
1946
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets. Liabilities, and Capital as of March 31, 1040
Table 4.- Corporations
(In
BlUlonB of dollar*)
teaeatlva Office
of tfaa Praaldent
Office for
teaxgeoioy HaaagisaBt
Office
of latepAaarloan
Affaire
1/
AUSU
13.1
838.9
239.3
966.8
u.ieo.s
Caih 1/
Doposlti vltb othor Oor't a€«nclei
Loani recelvftblo froa: Oov't agendoi
Other,, les, reaerrei.
Accooat, and note, rscalvabla froa:
OoT't a£ancl«,
Other,. le,a reserrat
Accrued aaaata: Oor't acwtolaa
Othara. laaa roaarraa
Ad7accaa to contractor, and amenta
Co^odltlea, atqipllea, and materiala
1,550.2
ISU.7
13.2
Ug.i
.•
1.826.1
loTaataanta:
Public debt obllsatlona of United Statea. ..
SecuTltlea of Oov't agenciaa:
Ouarantaed eecurltlea - public laauaa..
Rot guarant ead
Other eecurltlea, leaa raaarraa
Land, atructurea, and aqulpaent, leaa reeerrea.
Acquired aacurlty or collateral, leaa reeervea.
Deferred chargee
Undlatribated chargea
Capital atock and paid-in auriplua of Oor't
corporatlona
Other aaaeta
1,686.0
8.3
2.0
280.1
7,869.6
3'*.
9
38.5
253.2
266.7
158.9
13.9
20,560.7
Total aaaete
Llabllltle,
Account, payable to:
Oov * t
722.0
amende,
8.9
Other,
Aeerued llabllltle,: Oov't a^enclea
Other,
Oov't agenclea
Iruat and depoalt llabllltlea to:
Othera
Bonda, debeoturea. and notea payable: Jj
Oov't agenciea:
Guaranteed eocuritlee iaaued to Treaaury.
Not guaranteed JJ
Ouarantead eecurltlea
Other,:
Hot guaranteed JJ
Deferred credlta
Bndletrlbuted credlta
Other llabllltlea (Including liability reaarvaa).
11,28U.3
Total llabllltlea.
21,237.9
8.9
2,083.3
653.1
829.9
-1,722.2
12.8
5U.6
-63.0
-1,155.9
5.0
288.5
190.1
-
38.11
18.3
,175.6
380.5
58't.7
503.6
1.132.9
730.6
586.0
l,677.t
Capital
U.
S.
ovDed:
Capital atoclc
Paid-in aurplu,
Kcpendad appropriation,
lamed aurplua (or deficit
Total U.
Privately owned:
8.
[-3
).
owned
Capital atock..
Samed aurplua.
Total privately ownad.
Total capl tal
U7g.6
-677.3
Total llabllltlea and capital
20,560.7
Analyala of Inveatment of United State,
Book value of United Statea Intereet, including
interagency Itea, 2/
Interagency itesa (net), eaonnte due to (or
10, 128.
froa[-J
It
):
t corporatlona
Other Oov't agenciea excluding Treaaury loan,
to Oov't corporatlona
Oov'
Book value of United Statea intereet after exolu,lon of interagency iteme
-266.7
1,7'*0.7
11,602.5
Contingent liabilltlea
Ouaranteed loane.
362.9
.6
aullat
Var Plant i
Corporation
-
-
(Continued)
(Continued)
Treasury Bulletin
7^+
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
Table 4.- Corporations - (Continued)
-
-
(Contlnuedl
(Continued)
June 1946
lb
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
Table 4.- Corporations
-
(in Dllliona of dollars)
(Continued)
-
-
(Continued)
(Continued)
Treasury Bulletin
76
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31,
Table 4.- Corporations
(la
alUlou
-
(Continued)
of IsUari)
IMO
-
-
(Continued)
(Continued)
Jane 1946
77
Corporations and Certain Other Agencies of the United States Government
Section I.- Assets, Liabilities, and Capital as of March 31, 1040
Table 5.- Certain Other Agencies
(In millions of dollars)
-
-
(Continued)
(Continued)
Treasury Bulletin
78
INTERNAL
REVENUE
STATISTICS
.
1
.
June 1946
79
Summary of Internal Revenue Collections
^
(In thousands of dollars)
Tlacal year
or Bonth
Ineone and profits taxas
Total
roeolptt
from Intornal roTamu
(Dally
Troaaux7
Statanant)
idJoBtment
to Dally
Treaaoxy
Statament
1936
1937
193«
1939
I9to
3.512.8S2
"t.SST.lW
5.67U.31*
igta
igte
7.361.675
12.993.118
22.1'*3.969
13m'.'.'.'.'.'.'.'.'.'.
Ul.68U,9S7
+I.565.U77
WUs
1»3.902,002
2.7'*5.867
+18,521
-37.l6s
+30.U70
-1.133
-19.637
5.ia,2jl
5.303.13>»
I9lt5-Aprll
Total
internal
rerenue
oollaotlons
profit* i/
67U.U16
738.5a
2,185,111*
1,028,831*
5.322.771
2,129,609
982,017
1.056,909
1.299.932
1,122,541
1,120,582
+10,11*1
7.351.53"*
3.1*71.121*
l.'*17.655
2,016,297
-36.797
13.029.915
8.006,881*
+101,661*
22.368,72!*
1(0,119,510
1*3,800,338
16,298,888
33,027,802
35,061,526
3.262.800
6.629,932
18,261,005
1*.687,1*62
-22'*.755
2.'*07.751
2,1*06,326
1*. 025, 296
1,760,877
1,989,318
1.208,613
2,241,907
1.916,334
3.552.851
3.031.133
3.273.895
71*3. 2't5
l(,6l*l,ll(«
July
2,526,623
Au^st....
2,Sl4g,726
U.8l46,5«5
-631,609
-165.959
3,158,232
+725,01*3
I(,i2i,5te
3,01l(,68l(
ft^loTBciit taiaa
Hlicallanaona
profit!
taxaa k/
Social Samirltx
taxaa
lotal
BCOt
taxaa
OlA-aee
Inaoranea
5/
1.091,71*1
-285,266
-352.957
iprll
axc«fl»
2.179.828
2,629,030
5.38't.393
7ebTuary..
March
2/
1,1*27.1*1*6
5,643,81(8
5,162.361*
2.920.937
191(6- January...
CoiporatioB
laoon* and
3.W.33I
M«]r
October. .
NoT«mber.
December..
IndlTldnal
*.63l*,30g
June
September.
Total
IneoBO
and
profits
taxas
14,509
31.178
42,786
Railroad
ratlre-
UnaqiloyBflot insnrasoa 6/
ant
1/
4(
287
149,476
58.119
90,267
101.167
106,123
100.658
119,617
156,008
183.337
137.871
170.409
186,1(89
2«1*,758
'*.931
33.7>to
7'*0,l*29
27.010
833.5a
207.339
502.918
529.836
605.350
?.58U,715
14.629,344
15.883.235
37.172
56.621
84,241
452
143 978
925.856
l,lS5,5fe
1,498,705
1.738.372
1.779.177
687.328
895.336
1.131,546
1,290,025
1.307.931
637.651
407,123
700
9,224
9.885
20.983
106,510
2. 795.
44,020
99.916
256,514
4,428
10.330
1.129
1.663
30,082
38,464
1,587,872
1,569,985
1,162,276
646. 443
341,598
2.379.553
7.592
11,022
125.471
274,151
37,339
117.656
230,282
3.352
5.093
8.791
619
2.722
35.078
33.368
2.030.951
1,856,041
2,741,561
1,388,792
636. 181
1,1*66,568
383.325
2,142,631
5.978
6,149
12.817
102,270
243.343
39,012
96.706
197.920
3.595
9.990
818
35.'*33
1*55
92,718
299.140
64.565
61.849
183,229
7,012
28,172
98,737
7,920
2,698
17.175
98.277
93.532
3.268
1. 1*7 7
1.286,312
19.03'*.313
l*.75l
-1*98,887
2,.839,127
2.383.156
-320,902
3.9'»8.''3T
656,276
2,704,058
,701*, c
3,292,161
3,U5l,38U
3,683.858
-U73,3lt8
3. 921*, 731
3.189.'*93
-1*18,21(8
1(,
102, 106
5.582.91*3
+559.269
5.023,673
3,206,274
4,320,110
2,346,821
2,839,049
2.036.735
2.274,592
6,156
3.672
8.783
2,310.098
-105. 735
2,1*15,833
1,703,072
1,216,546
481,232
5.295
586,112
836,516
363. 553
296, 726
I*.
109,1)27
122.048
ZU.lJl
265.OU
1.969
33.739
'*9.633
Mlacallanaona Internal raranoa
Tlacal yaar
or aonth
1936.
193719381939.
Total
Blacallanaoua
internal
reTanoa
liararaga
378,81l0
505. 2U3
?'?•'¥
593.831
567.669
587.605
624,064
2. 95"*. 553
3,837.670
4.571.131
5.353.336
6.959. 63U
516,871
570.842
571,832
166,653
281,900
328,795
380.702
371.999
409
(-67)
261
Zobacoo
taxaa
stasp
taxaa
taxaa
9'*.?U3
i9'»a-
day...
June..
tax
Aleobollc
137.499
139.319
127.203
132.739
191*1.
l945-i4)rll.
Xatata and
gift taxaa
2.US.735
19110.
191*5.
took
2.00l*,513
2,272.158
2,236,821
2,359.641
19U3.
KanufaoCapital
416,874
360,715
360,071
407,058
819,869
1*32,540
41*7.496
1,01(8,165
511. ZIO
643.055
1,423,480
l,6l8,045
2,309.864
500,785
551.923
567.777
579. 78U
608,073
697.712
780.792
923.857
988,483
txirars' and
retailers'
excise
taxas
Hlaeellaaeona
taxas
68.990
79.5110
76.ip
449!
.,.851*
46,233
41,083
38.681
4ir
416,754
80,161
117.502
1*5.155
932.1'*5
50,800
65.528
5.983
6,300
75.I73
64,298
61,807
171,062
180,164
190,852
67.625
83,025
93.230
49,324
68,601
33.516
198.335
198.621
198,497
83,658
108,472
100,738
5.870
5.500
119, 584
6.781*
44,1(24
242, 799
229, 586
97,657
62,049
2
16,891
17,088
li»3.5i<o
6l7.3p
206,831
400,501
732.352
852,069
670,015
728.694
1.206.616
1.075. Wl
1,430,1)28
100,350
121,246
115,686
120. 73?
102.X2l(
93.471
228,004
131.767
92,888
7.585
7.W»3
122,295
111,785
106,878
140,039
113,438
101,680
July
Au^uat....
September.
824, 199
531.352
104,924
208,936
6,742
October..
VoTOBbar.
December.
705.907
604,675
511,588
30,015
201
233
44,391
45,178
188,126
192
169
60,793
53.690
84,471
221,156
210,021
212,322
95.736
Tebruary.
March....
642,520
596,692
638,998
89,1*96
99.'*36
7.952
8.139
8,848
135.869
141,929
113.798
93.306
119.953
J^rll.
614,484
1,158
65.599
214,055
96.468
7.371
111,281
118.553
191*6- January.
Sourcei
1/
2/
^/
U/
.
790,854
111
Daily Treasury Statement;
(l) Total receipts fron Internal revenue:
Heports of collections made
(2) Dstalled collections by type of tax:
by collectors of internal revenue.
Xxcludes collections for credit to certain trust accounts for territories and Ineular possessions, etc.
Includes collection of taxes withheld by employers pursuant to the
Bsvenue Act of I9U2 and the Current Tax Payment Act of I9U3.
The excess
Includes income tax collections on Alaskan Railroads.
profits tax included In this column Is that Imposed under the
Second Revenue Act of IS'^t &8 amended.
Consists of the declared value excess profits tax, the profit limit-
^/
'6/
7/
7/
5.1*79
62.323
lll8,925
96.517
116,192
103,697
5.1*35
adjnataent
taxae
8/
^.919
39.057
41.TD2
ifrioultxoral
120, 821
ing provisions of the Vinson Act, and the tax on unjust enrichment.
Represents collections under the Vsdaral Insurance Contributions
Act commenclDC September 1939: prior thereto, collections under
Title Till of the Social Security Act.
Represents collections under the Inderal Dnemployment Tax Act
commencinc Septembsr 1939^ prior thereto, collections under
Title IZ of the Social Security Act.
Represents collections under the Carriers Taxing Act of 1937*
Includes tax collections under the Sugar Act of 1937 and under
the dividends tax laposed by the Act of June I6. 1933*
'
Treasury Bulletin
80
COLLECTIONS OF INTERNAL REVENUE
DOLLARS
Billions
Total
50
' Fiscal year
40
•^omparison
10 months
1945 and 1946
first
fiscal years
30
1931
32
'33
34
35
36
37
38
39
40
'42
41
'43
44
45
46
DOLLARS
Corporation
Billions
Income
ond Excess Profits Toxes-"
33
'35
'37
Employment Taxes
1931
33
'39
'41
'43
,
June 1946
SI
Detailed Analysis of Internal Revenue Collections^
(iB thousandi of dollars}
fiscal years
Type of tax
19UU
lacome and profits taxes:
IndlTldual:
Withheld fey employers:
Current Tax Pa/nent Act of I9U3 2/
ReveDue Act of 19^2
Other:
Current
Back
^
Total Individual Incone taxvt
Corporation:
Income taxes:
Current 2/
Bock
183,
7^
18,261,003
762.71^
521,1*31
Total corporation taxes
Miscellaneous profits taxes:
Declared value
Tlnson Act
Iftijust enrichnent
Total mlscflllaneoua profits taxes
Total income and profits taxes
Zmplo/nent taxes:
Social Security taxes:
Old-age Insurance
Unemployment insurance 6/
Total Social Security taxes
^
Railroad retirement j/
Total employnellt taxes
Miscellaneous internal revenuet
Coital stock tax
tax
01ft tax
Alcoholic heverage taxes:
Distilled spirits (imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectifioatlon tax
Vines, cordials, etc. (loported, excise)
Wines, cordials, etc. (domestic, excise)
Brandy used for fortifying sweet wines (repealed
as of July 1. I9U0)
Dealers In distilled spirits; rectifiers; manufacturers of stills (special taxes)
Stamps for distilled spirits intended for export
Case stamps for distilled spirits bottled in bond
Container stamps
floor taxes
Fermented nalt liquors
Brewers; dealers In malt liquors (special taxas).
Total alcoholic bevsra^ taxes
Tobacco tEuea:
Cigars (large)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff
Tobacco (chewing and snoklag)
Cigarette papers and tubes
Leaf dealer penalties, etc
Cigarette and dgar floor taxes
Total tobacco taxes
Stamp taxes:
Bonds, issues of capital stock, deeds of conveyance, etc
Transfers of ce^ltal stodc and similar Interest
sales
?laying cards
Silver bullion sales or transfers
Total stamp taxes
78^,997
10,253,831
u,
Xxeess profits taxes (Second BsTenue Act of X^kO^
as amended)
state
7,038,1*38
9.3't5.l98
Treasury Bulletin
S2
Detailed Analysis of Internal Revenue Collections
1/-
(Continued)
(In thouaanda of dollars)
Tlacal years
Type of tax
Nlaoallaneoua internal revenue (continued):
Manufacturers' and retailers' excise taxes:
Lubri catl ngolls
Oasollne
Tires and tubes
floor taxes on tires and tubes
Automobile trucks and buses
Other automobiles and motorcycles
•
Parts and accessories for automobiles
....•••
llectrical energy
Xlectric, gas, and oil appliances
Ilectrlc li^t bulbe and tubes
Ilectric signs (repealed aa oX 11/1/U2)
Radio sets, phonographs, components, etc
Phonograph records
Mnaical instruments
Mechanical refrigerators, alr-condltioners, etc....
Matches
floor taxes on matches
Business and store machinea
Turs - retailers' excise
Jewelry- retailers' excise
,
Lu£ga^ - retailers' excise (effective U/l/UU)
Luggage - manufacturers' excise (suspended as of
U/l/lA)
Optical equipment (repealed aa of 11/1/U2)
Photographic ^paratus
Bubber articles (repealed as of ll/l/UZ)
Sporting goods
Toilet preparations - retailers' excise
Vashing machines (repealed aa of 11/1/U2]
firearms, shells and cartridge
Pistols and revolvers
Repealed taxes not listed above
Total manufacturers' and retailers' excise taxes...
Miscellaneous taxes:
Bituminous Coal Act of 1937
Sugar Act of 1937
Telephone, telegraph, radio, and cable, leased
wires, etc
Local telephone service
Transportation of oil by pipe line
Transportation of persona, seats, berths
Transportation of property (affective 12/l/**2)...
Dss of motor vehicles (effective 2/l/lt2)
Use of boate (effective 2/1/U2)
Leases of safe-deposit boxes
Admissions to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club dues and initiation fees
Bowling alleys, pool tables, etc
Coin operated devices
Adulterated and processed or renovated butter,
mixed flour 8/ and filled cheese
Oleomargarine, including special taxes
Varcotics, including marihuana and special taxes.
Coconut and other vegetable oils processed
Hational firearms Act
All other, including repealed taxes not listed
above
Total miscellaneous taxes
Total miscellaneous internal revenue
71rat 10 Bontha
I9U5
19Wt
year
I9U5
52.'»73
92.865
271,217
1*05.563
'•0,309
25
3.2U7
1,222
3i.551
51.239
5,027
5,368
255
75.257
•
20,81*7
2,558
1*9,1*1*0
57,001*
12.060
11,035
55
3, 1402
'*.753
1,889
633
2.015
927
1.637
2.l406
8,671
9.3't9
55
3.760
58.726
113.373
U
10,120
8.3^*3
Km
8
11.907
295
2,U98
kk, 790
1,
32
061
37
98
728, 69U
79. 'tis
isu.aao
73.851
6
73
19.288
228
lt,2l*8
86,615
3.132
5
35
1,206.616
1,1(03
35
68,789
73,291*
li»l,275
208,018
133.569
16,286
23'*, 182
221,088
128,701
336
7.311
300,589
56.877
11*. 160
90,199
15,851
153.683
215,1*88
131*,
326
352
6,59''
178,563
26,726
9.182
2,208
'*.l60
18,1*75
19,100
18
779
7.190
16
58
5.503
756
6.208
16
201
180
lt,08ll
1,075,'I01
5.353.336
Total internal revenue collections
1*0,119,510
Adjustment to Daily Treasury Statement
1.565.'»77
Total receipts from internal revenue (Dally Treasury
S tatemen tj
1*1,681*.
987
riaeal
year
19U6
April
I9U5
i^ll
19)|C
June 1946
83
MONETARY
STATISTICS
..
u
6
.
U
Treasury Bulletin
s^
Gold Assets and Liabilities of the Treasury
(In Dllllons of doll&ra)
LUhUltiea
End of calendar
year or month
Qold aseete
11.257.6
12,760.0
llt,5U.2
1936.
19371938.
1939-
Oold certlfleatea 1/
8.959.6
9,a2.3
17, 61t3.lt
21,99't.5
11,872.8
15,278.6
19, 825.
igUl.
I9te.
igitv
191A.
19U5.
22,736.1
22,726.3
21.937.8
20.56U.8
20,611.9
19,821.0
20,60.8.8
20,0611.9
18, lt97.lt
19145-^rii.
Ha^...
Jwie.
20,373.6
20,270.2
20,213.0
18,259.7
18,163.8
20,152.1t
18,032.5
17.977.9
19I1O.
jTily
Aoguet
..
20,087.8
20,072.8
.
Septeniber.
17,911t.l
18. 106.
17,9U9.'i
Oold reaerre
agalsat U. S.
notea, etc. 2/
Hhrhanee
3tal>lllzatlon
Fond 2/
Oold la
Oenaral Tond
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1.800.0
1.800.C
1.800.0
3UI.9
1,591.6
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
215.3
156.0
156.0
156.0
1,800.0
1,800.0
1.800.0
157.8
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
163-9
153.8
167.3
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
IU9.0
152.6
I9U.8
682.
ltog.9
a3.2
158.
160.7
I65.U
1911.8
150.lt
150-3
OctoberHoTember
Deceoher.
20.035.9
20.029.7
30.O61(.9
17,9a .0
17,9ll».l
I9U6- January
Fehruaxy.
March.
20,156.0
20,232.2
20,256.1
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
165-9
176.5
18. 125.7
20,251.3
18,llt7.2
156.0
1,800.0
lUs.o
.
.
.
.^rU
'ce;
p
1/
p.
I^ily !Preasary Statemeat and Circulation Statement of United Statee
Money,
Prellninary.
Compriaes (1) gold eertlficatee held by the public and In Federal
Eeserre Banka; and (2) gold certificate eredlta In (a) the Oold Cer-
Treasury Gold Receipts
(In millions of dollara at $35 per fine ounce)
17.930.8
18,03U.0
18,099.7
2/
2/
17lt.U
tificate Fond - Boexd of Oovemora. Federal Seeerre Syeten,
and (b) the Redao^tion Fund - Federal Beeerre notea.
Heaerre a^ainat Tblted States notea and Treaeury notea of 1890.
Excludes gold la actlre portion of TCrrhnnee Stabilisation Fond.
Monetary Stocks of Gold and Silver
(In mllliona of dollara)
.
6
... .
June 1946
«
5
7
37
«5
Components of Silver Monetary Stock
(In mllllonB of dollars)
Silver h«ld In Treasury
Silver outside
Treasury
Securing sllTer
certlfleatea 1/
&id of caJandar
year or month
Silver bullion
Subsidiary
coin 2/
Silver dollars
9T8.8
1.137.6
1.29S.2
1,398-1
19371938-
1939
19110.
19Wi.
19U5.
I.U76.1
1.516.2
1,520.0
1,520.1
1.703.9
IS'^^-^rll.
May...
June..
1.520.1
1.520.1
1.520.3
19'»1.
19U2.
19UV
Bullion
reooinage 3/
Bullion
at cost
63.0
''93.5
U,2l4lt.8
78.
5«7-3
u,
96.8
117.5
137-5
Su.7
"•,207.3
SU6.7
3.870.6
3.512.8
lA.U
3-5
9.2
lU.U
662.3
628.2
^i
12.5
10.2
20.2
27-0
.2
.2
2lt.2
287.8
277-3
October.
l.eitS-?
lit.
Hovenjber.
1.671.6
1.703.9
11.7
10.2
228.3
212.9
1.771.7
1,818.5
1,850.8
13-'*
rabruary.
March
123. U
April p.
1.909.0
261. U
5
185.
17.7
United
2/
2/
786.2
795-8
801.6
3.777.7
128-8
130-6
132.2
eiu.6
822.7
829-5
3.6J12.1
133.6
135-U
137-5
833-5
8U0.5
8U6.7
3.565-3
3.552-2
3,512.8
3. 508.lt
3. 508.
139-11
138.2
138.7
•3
127-1
139.
>•
8Ug.6
8U8.9
850.1
.1
105-7
lUo.i
851.6
3.70't.3
3,685.6
3,633-2
3.626-9
3.508.
3.5O8.J
Valued at $1.38* per ounce.
Valued at $1.38* per ounce or at $1-29 per ounce according to
vhsther the bullion la held for recolnags of subaldlary ailver
coins or for recolnaga of standard silver dollara.
Silver Production in the United States and Silver Acquisition by Mints and Assay Off Ices
(iB millloiu of
Silver
prodnetlon
omoee or
317.6
125-3
127-1
.1
157-7
17.0
17-7
353-8
52.5
36U.3
332-3
32U.5
15.1
IU.9
13-9
Circulation StateoenC of
>48.1
i«5.£
1.587-5
l.bl9.9
Dally Treasury Stateoent and
States Money.
Pre 11 Binary.
Leas than $50,000.
Taluad at $1.29* per ounce.
2,806.5
3.3U6.8
3.790.2
u.oeo.o
535-3
616.0
657.1
19.
Snbsldlsiy
coin 2/
366.9
372.8
39U.I
1(28.6
l.STlt.fe
191*6- January.,
Silver
dollars 1/
3-5
5-3
2.3
July
August. . .
Septenber.
December.
Total silver
at $1.29
per ounce
In General INind
j/
dollara)
Silver acquired by mints and assay offioes
In
Calendar year
or aonth
nnlted
States
Hewly mined domestic
silver 2/
Ounces
Ounces
63.U
193619371938.
1939-
Batlonallsed
silver 2/
Dollars
271-9
61.1
5U.6
19lio
n-1
19Ul.
.6
S.$
It2.U
355-1'
60.7
6S.3
1(0.1
282.8
139-8
70.5
5p.l
3U.0
3-9
I17.9
U0.8
35-7
29.3
1913
19IA.
19U5•
19>t5-Kan>b.
2.8
Ap._.
2.9
3-2
1-7
Kay...
June.
July
Inenst ....
September.
2.1
2-3
Oetober.
Sovsober.
Decenber.
2.8
2-7
2-0
•
1/
Omces
150.3
108.
333-''
156.9
120.5
50.9
S2.2
7.1
3^3-;
208.0
Dbllars
197.8
163.3
160.6
99.U
11*3.1
77-2
62.1
5-5
I40.O
•
•
-9
.9
3-9
-3
3
2.2
n.a.
February.
March
B.a.
5-5
72.6
IU.3
Dollars
2-3
19>t6-JainiaT7.
Source:
21(1.
U8.5
Total
foreign silver U/
Annual fignrea come from the Bureau of the Mint; aonthly figures
on U. S. sliver production cone from rolsasss of the American
Bureau of Metal Statlatloa and trill not agree vith the annual
figures.
Not available.
Leaa than 50.OOO ouncee or $go,000.
Por Information on ailver production in other countries from 1933
through 19U0 or igUl see "Treasury Bulletin" for August 19lt3.
page 7lt.
,
2/
M
It/
Acquired at 6U.61t* osnte per fine ounce until April 9. 1935; at
71.11* oats par fine ounce from that date until April 23- 1933: at
77.57* oants from April 23, 1935 *» Dsceaiber 31. 1937; at 6U.8**
cents per fine ounce from Dscaber 3I, 1937 to July 1, 1939; and at
71.11* cants since JWy 1, 1939,Acquired at 5O.OI cents per fine ounce. Acecutlve Proclamation of
August 9. 1931*. repealed April 28, 1938.
Acquired at varloua prlcea averaging if>proxlmatoly 5I centa per
ounce.
7
1
..
b
9
9
1
.
96
Treasury Bulletin
86
Seigniorage on Silver
(CimulatlTfl from Jannax7 1. 1935 ~ ^^ oilllone of dollara)
Sources of lelsnlorage on silver bullion revalued 1/
Snd of calendar
year or month
Seigniorage
on colne
(•llTer and
minor)
Misc. silver
(Incl. silver
bullion held
June lU, I93U)
1936
1937
19J8
1939
I9W
122. S
1*8.7
igiti
182.1
18.7
19U2
2'»5.7
Us.
1|«.7
l»8.7
1«.7
1«.7
191*3
299.6
1*8.7
191*
362. J
Its.
19^
'«9.5
U8.7
WltS-Aprtl
Hevly-mlned
sliver (Act
Dec. 21. 1933) JUI7 6. 1939)
W.7
18.5
U6.1
63.7
69.5
91.7
1935
Nevly-mlned
silver (Proc.
1*8.7
380.
MV
1*8.7
June
Jul7
llOO.O
1*8.7
Ug.7
—
1(03.2
to9.9
ks.^
September.
ltlit.7
1*8.7
October...
Hovember.
December.
U9.6
1*8.7
M2U.3
U29.5
1*8.7
1*8.7
l»
1*8.7
Au^st.
16.8
36.0
58.0
7U.9
87.3
87.6
Sliver Purchase Act
of June 19
Nationalised
silver
(Proc. of
Total
selgnlora^l
on silver
Aug. 9. 193'')
revalued
3t.5
326.2
7
3". 7
1*22.1
397.5
508.
51*1.
'157.7
530.7
562.7
3U.7
3U.7
3U.7
616.0
705.6
759.I*
758.8
950.6
1,055.8
799.7
I.OS9.O
818.
1,01*8.2
3"*.
87.6
87.6
87.6
87.6
87.6
1*8.3
580.1*
3't.7
63.6
65.3
58U.3
65.!.
581*. 3
581*. 3
3U.7
3H.7
3U.7
65.5
701.6
3''.7
87.6
87.6
87.6
65. U
58U.3
3,".
7
65.1*
58l*.3
3''.
7
65.5
581*.
3
3". 7
87.6
87.6
87.6
65.5
65.5
65.5
619.0
627.2
6U7.9
3U.7
7
855-5
863.7
3'*.7
88>*.l*
1*91.6
I463.2
87.6
87.6
87.6
65.5
65.5
65.5
66U.U
3". 7
900.9
1*01*.
680.
3t.7
917-1*
701.6
3". 7
938.1
377-6
333-2
3|*.7
3'*-7
279-2
77't.3
186.
3''.
820.6
820.7
933.1
967.3
717.3
333.2
820.7
820.7
820.8
6I16.2
1*8.7
1*8.7
87.6
87.6
87.6
65.7
65.8
65.8
7l*J*.6
U36.0
1*38. 2r
795-0
3U.7
981.3
1,011.1
1,031.8
April
mi.j
1*8.7
67.
65.8
832.1
3''. 7
1,068.9
>ce:
r
1/
1*32.
Dally Treasury StateoMnt.
Eevlsed.
These Items represent the difference between the cost value and
the monetary value of sliver bullion revalued and held to secure
27l'.9
226.2
302.7
366.7
February.
March
19't6- January...
Potential
seigniorage on
silver bullion
at cost in
Oeneral Fund 2/
2/
589.2
575-0
510.7
8
21*6.7
22U.7
ellver certificates.
The figures In this column are not cumulative; ae the amount of
bullion held changes, the potential seigniorage thereon changes.
.
..
. ..
87
June 1946
Money In Circulation
(In milllona of dollare)
Papar aon«7
Total
Aid of fiscal
year or month
aoooy In
elicolatlon
1/
Total
paper monq^
Gold
certificate 8
SUTOr
United
States
notes
7ederal
HeserTe
notes
1»,002
l.l*5U
278
281
262
266
cortifleatai
2/
1936
1937
1938
1939
SUl
IA7
5.755
5.92U
1*61
19W
19U1
191(2
;...
19UJ
21*8
5.163
22
I.7II*
6,6gU
9.310
13.7U7
IS.790
22,867
20
iJ
52
300
317
322
322
323
21. U;
26,189
26,528
26,7^6
25.009
25.331
27,108
27.685
27.826
25.885
September
October.
HoTomber
December
28,0^9
23,211
28.515
26,'9ft8
igUfi-Jaimary
.
Tebruaiy
March
A^l
.
..
.
.
.
.
p..
y
269
1.582
I.75U
1>ank
notes
217
186
165
63
59
1.61)9
Hatlooal
52
38
?f
25 •.z
.
^
8.932
11,600
l6,U9S
26.7116
.
U.169
U.llU
notee
9.612
12.383
22.50U
July
955
1.078
1.230
78
igits
iu^Bt
101
88
Bant:
6!U88
7.2'«
I9l|lt
«a^
June
2/
Tederal
Eeeerre
OU7
gUg
17.1121
igUS-i^irll
Traa«ai7
notaa
of 1890
U,I*8U
150
139
5gU
597
527
126
12c
52
52
52
1.593
1,652
1,651
321
22,381*
322
323
22,651
22,867
537
533
527
121
121
120
52
52
52
1.731
23.139
23.685
23.818
521
517
513
119
1.762
322
322
318
1.796
1.827
1,872
316
316
316
2l«,008
506
27,21*0
51
51
51
118
118
117
27.917
27.95^
27.879
26,657
26,691
26,609
51
51
51
827
307
307
23,867
23,868
1*87
306
23.71*1
1*79
"I
116
U6
27,8gU
26,605
51
1.978
303
23.685
1*73
U5
25.51*1
26.1*1*9
26.582
1.751*
86U
916
21*,
U9
119
136
21*. 388
1*81*
Coin
&id of fiscal
year or month
lot^ coin
1936.
1937.
1938193919110.
191*1 •
19ll^•
19UV
191*1*.
19U5I9lt5-iprll.
May...
Jnna.
July
35
316
38
3U1
1.252
1.263
1.271*
1,261
Source
:
p.
50U
19U
FrellBinary
r
1/
Inlsed-
122
123
125
772
78U
788
287
290
292
187.90 r
127
129
130
goo
8oe
812
296
299
301
191*. 02
132
818
825
g32
303
305
307
200.21*
201.21*
gl9
820
306
307
309
198.68
198."
198.83
8.16
198.
312'
198.07
"I
136
1.279
138
821*
830
^
162.96
191.59
;
:
190.1*1
191.59 r
197-99
198.82
203-29
Includes pB4>er ourrenoy held outside the contithe United States
nental limits of the United States.
Gold oertificates and Treasury notes of I89O in circulation are
bein£ canceled and retired upon receipt by the Treasury.
Tedsral Seserre Bank notes and lational bank notes are corered by
deposits of Isvful money and are In process of retlrsosnt.
.
2/
V
72.16
91.88
127.61*
236
263
292
136
136
137
Ixoludes (1) money held
the Treasury, (2) money held by or for
the account of the Federal Beaerve Banks and their a^nts, and
(3) coin estimated to be held outside the continental limits of
aj
788
(1) Circulation Statement of United States Money; and (2) Annual
Baport of the Seoretary of the Treasury for 19l*5. ?»«•• 67l*-677.
p
1*9-62
53-72
59. U7
610
700
81*
1.269
1,261»
Mar oh
i
1.180
1.196
1,205
October.
BoTember.
December.
19l*6-Janttary.
lisbraary.
381*
103
125
1.21*3
U9.g8
36a
1*6
Monegr in
circnlation
per capita
(In dollars)
i 1*8.60
11*6
31*2
60}
783
929
1.066
i.aos
1.2J6
.
Minor coin
•UTer
523
527
558
599
1.223
.
3u])Bidlaz7
1*86
in^nst.
September.
^rll
Standard
sllTer dollars
ss
THE
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN
UNITED STATES AND FOREIGN COUNTRIES
.
.
..
.
. .
.
June 1^46
S9
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
Table 1.- Summary of Net Capital Movement 1935
(In thouaandt ot dsUara; nagatlTe
tieana Indleata a nat
oiitflov of
-
1945
upttal from tha tkltad Stataa)
Analyala of nat dpltal moTcaunt in:
Calendar jraar
or month
1939
(Jan.
2, 1955-Jan.
1. 1936).
(Jai
(Jan.
2, 193&-D0C. 30, 1936).
(Dec. 31, 1936-Beo. 29. 1937).
(Dae. 30. 1937-Uac. 2«, 1938).
(Deo. 29. 1938-Jan.
3, 19I10).
ijin
(Jai
1935
^S
1936
1937
1928
>».
19l«)-Oao. 31, 19IK)).
Bat capital
movement
Short-taTiD
Brokerage
banldog funde
t)alancee
1,1*12,1126
96U.629
1.195,922
801,915
397.3'»2
255.591*
1*15,256
331.268
1.132.383
1,195.635
706,380
852,928
-286,622
561,573
191*1.
-1*96,923
19U2.
19UV
6oi*.3a
1,283.593
19>A.
357.15'*
1*1*,
879,390
1,0a. 3I8
8,355,129
6.1*39.565
Total (Jan.
2,
19l*2-Jannar7
1935-Dbc. 3I. 191*5).
1,161*, 75s
39I*
(Jan.
1-Jan. aB).
(Jan. 29-rel>. 25).
(Tab. 26-^r.
1).
-66,927
-71*. 305
-9lt,698
March
-88.565
19,020 1/
.^rU
(tpT.
2-4jr. 29).
Ka7
(*r.
Asne
(Jtue
3(>-June 3).
l*-Jone 30)
227,185
103,621
81,881 2/
Taferuarjr
July
232,238
100,712
81, &2 2/
6.039
6,811
687
Transactlone
In donastlc
•eoiritlea
316,660
6C0,693
Trasaaotlona
In
forel^
aacurltlaa
31*
57.196
125.155
191.076
267.0O8
26,758
32.990
-85.1*27
U5,5«9
-21*5,062
-261,955
78,156
51.7D1
1*6.599
-7.36I*
77.696
17.791*
27.767
210.735
-113.105
078
798.727
972.7W
1,175
-59
2.297
i*,2a*
-1*,782
1.939
-1.292
-1.329
-6.6i*3
1.687
-6.370
31*,
3.513
13.372
8.52?
11*1*.
2l(l*,626
u
SllO
2.1*58
1.692
2.9a
-1.37U2/
-9.5)6
-7U6
1,922
1*7,282
18,078
-2.593
1.303
kagaat.
Septanhar.
57,31*5
18,1*13
^;
55.018
1*6,121
3.57<»
9.1*27
3.1*01
Ootohar.
November.
December.
39,788
66.905
73.376
23.382
57,53s
57.339
-3.331
-90
327
6.725
12.338
72.750
107.175
132,152
151,809
119.683
61.505
2,658
-600
5.205
-2.903
March
2,131*
9.881
-86,922
-9.fc5
58.632
iprll.
May...
June..
65,206
70.330
223.795
58,289
922
-1,027
3.662
6.937
-3«9
-U.537
-2.565
-175
Jttly
1*9.592
170.3112
1*5.011 2/
1*20
U.392
-13.91*0
1,698
565
2l!ol|4
.
19l*3-Janviary.
yebmary.
Angnat ....
Sep tender.
Ootober
7lt,3ll
22lt,8l*5
58.720
59.027
1.9033/
8.11*6
11,591
2,732
3.372
-91|2
llU.900
-687
a.U99
133.267
168.979
135.679
NoTCeiber.
163,1*36
l,30l»
December.
ith,99i*
55.551
2.383
I5i*.350
155.209
11*5,622
lf*7.637
-713
1.831
68U
-20.091*
-1.289
1.616
-7U7
1.2^5
-2.123
26.572
119
650
2.313
76,on
191*l*-JaB<iar7.
Fabnuxy.
March
i^rll.
May...
Jxme..
July
IA.3UI 5/
1.1*05
75.736 5/
1.038
1.151
-1*7.329
-36.215
-116.872
Jkufuat....
17.1*80
10.531*
Septoiber.
-9.953
-57.289
October.
SoTaubar.
Dacambar.
19U5-Januaxy.
Tabroazy.
March
i^rll.
May...
June.
Jnly
iagiut. ...
Septaabar.
October.
BovflBbar.
Decomber.
29.275
70,296
-51*. 773 6a/
156,685 r
78.889 r
-18,206 r
55.27;» r
-n?
2.715
-9,006'
-!If
1.521*
-3.932
5.859
-'•^
-1*27
26,852
l*,9ii
76,2li8
-2.1U1
1.295
-2,06l
3.339
179-,U18
17'*.973
-61*, 055
11.310
521
-2i*.3ge
-5.61*9 r
W.itW
-78
3.209
-1.831
-13.079
-17.1I89
28.985 r
19.338 r
-20.801 r
-229.521 60/
-2,808
153.895 IS/
2,39*
52.,
r
212,1*79 r
306
171.687
22U.913
56,350
231.025
81,132
U6.732
125.991*
71.193
-132,120
U.837
-157.226
-9.691
1*7.
11*6.1*67
Tootootaa appaar on pa^aa 93 and
9I*.
63,l*2f*
5.793 «
-35.8^
-U,689
2,00*
5.169
-5.2l*U
3. 821
-U,5/0
-13.20Z
-15.276
-1.529
-227
4,636
5,075
-23.368
-15.9«5
19.659
-51.679
36.U55
-10.206
r
Treasury Bulletin
90
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued)
(Continued)
Table 2.- Net Capital Movement, by Countries, January 1942
-
December 1945
.
.
.
.
91
June 1946
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
(In thoasandf of dollarB; nagatlre figures ladicate a net outflow of
Total
December 1945
-
coital from the United States)
Jeaiuar7
Potmary
**H9,932
-97.503
22,178
1.733
+2,952
+1.6lit
+813
+190
+29.403
-3.003
+526
54,012
10,990
+2,288
+293
+1,966
+4,328
+807
Denmark
Finland
Germany
-1.865
-1.992
-926
-72
+83
+159
+2,222
-339
-30
-725
+365
+59
-1,277
-158
-l6o
-927
+132
+58
+29
Oreece
Italy
Loxembonrg
n»,525
+108
+513
+278
99
+188
-704
-741*
-9
-45
-89
-625
+96
-73
+52
-79
+65
-211
-lOU
12
30
5.793
+1,078
+2,187
+1.353
-330
-80
+1,056
+2.222
+1.734
+1.731
-2,020
+3,107
+2,809
+19
+458
+3.695
-1
+2,497
+609
*i; 211
995
+8,019
-2,161
112
268
Portu^gal
BuBaala.
Spain
Sweden
.
•
•
.
.
13,690
-916
29, '02
8,321
18,826
-116
+ll*.379
20,993
37.021
Switzerland
S. S. H
Toj^elarla
Other Europe
-l,U09
-7.765
+25.720
U.
Total Xurope
ZanmAm
Latin America
Argentina
BollTla
Brazil
+5.s46
-1.993
+1,031
-10
+1,229
1.739
+680
+410
-7,996
+60
-830
-387
-25
+2,846
+2,651
+6
-3.048
+1.906
-6
-1,867
+6.390
-681
+2,009
+91
+'38
-5.597
+4, 698
+10.682
-197
+39
+3.658
-49
-97
3,659
+6.852
Mg7
June
+2.899
-2.973
+3,804
93.548
+4,850
-2,510
339
+7,1100
Jnljr
ia«ist
Septea^er
+79.211
71,480 77.201 +37.902
+1.283 -2.?45j»/ -5.632
4,493
1,189
1,097
+39,464
+1.593
+277
-449
-757
-150
+322
-531
-55
+11,070
-1.718
+481
+I,4l6
+479
-603
+270
-139
-251
-182
-537
-103
-294
T2
-168
-202
-163
+367
+249
+492
+715
-93
3,115
949
+212
+56
-233
-115
4,449
+3.029
-522
+11,498
-2,371
+3.307
+1.97S
+1.045
+2.891
+3.731
+16
.774
.67635/
+69
+5,110
+267
-217
+1.010
+3.251
-19
+4.456
+6,412
,84o
.603
-2,480
+323
+131
+2,486
+11.079
+1,160
-45
-428
+310
-3,087
+52,001
+681
13
.102
+2,784
-1,943
-81
+681
-5
+4.419
+3.086
+9.U9
+1.916
-4,911
+1.463
2,211
1.693
1^,206
58^,737
-86,975
+35.259
+52.524
+58.297
+19.221
+112.612
79.947
+97.653 +35.674 2/ +94.419
335,199
+l6U,92l
+45,152
+16,669
+4,108
-15.692
+42,813
-61. 487
+76.692 +16,
6.793
36,906
+91,404
-83,080
-1.509
+3.201
-S.lltS
-1,296
+2,694
+11,291
+1,613
+239
+2,398
Jt5i
+16.355
-374
+«63
+7,678
+1.498
-25
+9.037
+2.932
-165
-1.708
-4,035
+5.275
-287
-12.191
-9,488
-1,412
+831
+2,'t45
6,293
-2.503
-1,126
-7.796
-1,1^
+1,050
-lAg
+8.253
+3.639
+1,092
-5.306
+2,013
+584
-2.468
+6,510
+734
+3.095
-6,161
+866
+2,922
+3,060
+1,102
+8.572
+6.199
+1.764
+236
+185
-5.338
+5.743
-137
+55
-1,805
+4,670
-615
+1.335
+3.148
-2
,590
2: 037
-50
-4,653
+7.43S
-458
-It.
-1,45s
-6,353
3.703
+3.535
-20.444
+14,111
-2.979
-2,183
-11.705
-3.370
-1.876
+24
-46
251
3.250
+6.056
5,246
<405
+3.196
+1.316
W.SlU
+3'*.599
-266
Oaba
Trench West Indies and
Qui ana
Mexico
llirll
+34,105
30.152
Chile
Coloabia
Costa Rica
(Continued)
-
19lt3
year
19U3
Netherlands
Horvay
(Continued)
(Continued)
Table 2.- Net Capital Movement, by Countries, January 1942
Surope
United Elncdoa
Trance
BelglUB
-
-33.171
-2.067
-28.231
152
2,706
+4,845
563
-44
-2.036
4.512
+33
+17,708
191
-'',257
-587
-380
-3U
-21,162
+10, U3
+9.519
-40. 609
•13,706
725
+1.143
+2,352
-1,218
-659
+3,347
+994
-l,04g
+5,001
-2
+491
+966
-1,132
+12,958
+2,826
+567
+1 ,332
+2!.4ci5
+2,409
-879
-1.933
+213
+643
+4,484
+1,165
231
540
5. 803
-4,324
-54
+706
+931
+213
+1.077
3.398
.141
-151
+1 874
Netherlands Vest Indies
and Surinam
Panama
Peru
+28.5^7
+1.399
Venesuela
Other Latin America.
+4,683
+192
3
+3.123
.
.
37.877
5.052
+11.253
10.389
-1,284
+8,789
-1,527
-232
+1.582
+5.314
+2,744
-6,365
Total Latin America.
.
.
+115.131
-6,789
+19.159
+23,o64
+2,332
+61,254
26,902
+23,194
-36,990 -18,215
-4,266
+e,o«6
+23,400
+28.583
-52
+750
+9,574
-1
-7.557
+7.096
+120
-32
21,930
13.'»53
15^ 130
+487
+133
+763
-65
65
-450
+24,215
+6
+32
+69.170
+10
-10.656
+22, 762 +15.526
+108
-49
-261
-6.607
-361
-823
+3.130
-37
+2,655
+60
-2.874
+35
-3.619
-43
4.466
+4,133
+231
-7.202
-23
-115
+20
-728
-12
-1,910
1.633
+73
+5.204
-13
-77'*
+40
-97
-529
-44
-13
+30
-16
+36
-30
921
-2,022
-293
-7.257
+5.158
-14.781
+1,467
8I5
-3.243
-497
5.317
-5.844
-239
+2,506
-270
+1,580
-229
+720
+245
-4.5I14
103
-14.477
+6.722
Asia
China
Trench Indo-China
Hong Kong
+20,1403
222.629
-105
-17.831
India, Btirma, and Ceylon
British Malaya
J^an (including Korea
and Manchuria)
U.773
1.979
7
+488
-4,237
+1.779
€0
-162
+aD
-217
-127
+7.6'
+1,115
+1,346
+4,653
+1,627
+6,g604i/ +2,982
-1.645
-763
+4.605
-823
25.867
3.429
-5.034
+332
+10.39?
+6.576
-314
-2,730
-91
+225.1K39
-I.5I8
+7,100
+20, 915
-527
+1,986
+15.096
+3.051
A, 151
+2.317
-195
+1.239
+«31
900
+75'*
-212
+3.947
+2.097
-4,761
-1.369
+6.764
+940
+2.937
-967
+4,483
-748
+4,601
+2,719
-15.422
-927
+10,042
-264
-12,896
-1.151
-730
+178
137
-21
-45
-684
+497
-82
-274
-473
245
-185
-23
Trench Morocco
Union of South Africa...
All other
+4,366
-7.565
+22,«31
2.616
+174
+2.286
-16.776
+3,018
-3,442
+10.574
-5.571
+832
+23.061
-4,226
-1,721
+«,92«
+2.891
+1.087
+950
-3.505
-1.099
-5.876
-1.3294a/ 2,889
-966
-834
+1.275
-877
+18,091
9.426
-2.357
+3«8
-2.0464/ -12,528
-3.292
-3.732
-1,101
Total other countries.
23.807
+2.947
+581
+19.156
+935
+3.338
26.523
+4.869
8,3«9
-3.633
^371
-22,195
-610
-4«
^179
-943
168,979
+44,994
Netherlands Xaat Indies.
Philippine Islands
Turkey
Other Asia
Total Asia
Other countries
Australia
Hev Zealand
Egypt and Anglo-Xgyptlsn
Sudan
Haidentified
Grand total
.
-lit,
+l,'t69
+4,229
508
-690
+l64
-76
94
61
225
-151
1.283.593
72.750
107.175
+132.152
+€5,206
70.330
+223.795
(Contlsoad on following page)
+18
+291
+2.109
+1,0U«
+25.208 +I4,lt40
.
.
23. 6834*/
+417
+2.007
-17.472!* /
-34s/
+49.592 170,342 +45, ou 3/1+133,267
+4a«3'»
75. "ai
.
Treasury Bulletin
92
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
(Continued)
(Continued!
-
Table 2.- Net Capital Movement, by Countries, January 1042 - December 1045
(In thouiand* of dollari; n«gatlT« flfurei Indicate a nat outflow of
Total
calendar
year
19Wt
loropa
United Sln^oa
Trance
Belgluii
Denmark
Tlnland
Oer«any
-
(Continued)
coital from the United States)
igWt
Anguflt
Septanber
Ootohar
Horemher Decenhar
-35.17U
-33
+1.005
-99.312
-73.381
25.223 11.181
200
1.960
-277
+1.6l)U
-579
93
+177
-1)36
-265
+1.735
s.wiu
-11
III
-13
+189
January
Tebniary
-167.701
-51.178
-5.972
72.7';8
-2.715
-5.670
-3.652
•37.630
2.6U3
-1"»7
+2,1199
169
+1.896
1,082
7.182
-gill
-322
2ll8
522
-2U2
+539
-210
193
35
-115
97
-ii
+190
+755
+37
+132
+652
-191
117
+2.1*29
-115
1.576
2.989
-U3
+1.818
+21
2,326
+5
87
-422
UUl
-1*3
-2.D57
+9.010
+I.D53
+3.885
+525
+5.236
5.525
-1.321
-82
+3.51)1)
+3?
-5.31*
+2,730
-lU
+27!)
+1)6
-1).332
2.560
-626
+l.ll0l(
-1,11*5
+1).188
-1.21*7
1.799
-215
March
Hay
1.913
33.1*90
-i*,965
635
-1.5U1
-11,197
581
7
't.731
-180
-251
*39
-13?
-376
-86
2.327
38
1189
-18
910
l.'t93
-1116
U86
7.722
6.691
15.677
11, olio
5.731
1.303
8,1115
1.171*
+2.883
1'*.393
-8.1tl3
-9.71'*
61*
Ul*3
-13.555
182
5.370
193
Greece
Italy
Luxesbourg
1U,911
Netherlandi
Norvay
Portugal
18.585
29.608
1.909
Buoanla
Spain
Sveden
21(9
15
-51
U.l»35
716
2,087
Jig
July
iprll
1*8
-560
-290
-66
6
-1U.5U9
-2.226
+39
272
+8,109
-259
+1).223
-1)9. 1(93
-310
+1. 6156a/
-522
+D.365
-269
-1*
-32
+11. 678
1.832
+2.706
+397
+1,182
+1,61*5
+I,81l8
+1,1)1)9
-331*
1.565 +9.893
+290
+399
-u
+1.887
-677
-172
-869
+U.666
-I.1U8
+561
37.1*35
-8,976
l,0ll8
129
Svltierland
V. s. a. B
TugoilaTla
Gthar luropa
35.190
3.822
-U,028
3.933
1.703
-569
-3.1*31
10,560
1.207
-5,199
-2.339
-2.51*9
78
-31*2
1.172
-290
-2,177
-18
3.701*
-91
-128
-1.050
Total Surope
-111.031
88.077
2I.U83
•'*7.5'*8
7.730
+57.055
-30.758
•65.51*9
22.215
-87.1)1)0
56.856
216,056
31.707
86,860 57.'*72
^62.657
861*
+3.952
+3.1)09
'•39.179
+76.563
62. 1)86
1.171 39.222
5'*. 256
8.066
-11.170
679
-605
289
1.9'tO
I.60I1
-339
-1.230
+8.117
+323
-6.382
9,212
6.238
-2,380
+3.97U
+2.026
+586
+8.780
+566
-7.120
ll).39l) +11.1*37
+1.582 -1.21)9
+7.1)82 -1.957
ftfwf i<a
Latin America
Argentina
BollTla
Braill
3.328
-1*1*.
-7.757
25
-976
+3.235
-2.3»5
12.1)1)56/
111.1186
9.235
21,30U 12.330
3.1*91
-1.089
-6.608
+2.01)2
+2.1)53
Chile
Colombia
Costa Blca
lo.oou
16.567
-2,317
-10,162
306 1,880
-235
+3.958
+111.971
-71)1
+1,0711
1,669
3.878
10.217
+3.092
-561)
62
525
201
-2
-11,207
+3.871
-570
+79
+2.907
+11. a9
3.5t8
-5.519
-lili7
-105
-17.602
+3.922
-3«1
-l'»7
-637
189
Cuba
Trench Vest Indies and
Culana
Haxlco
112,298
-82l(
3.030
I.3U9
7.931*
-2.217
+39.006
7.I5I*
250
-U,091
-5.852
+87")
-'*.315
1.771
-l(9li
-52
1*20
+101
+375
+579
101)
e26
22.5I1O
739
-I3.lt00
9.106
13.23*
+7.568
-u.iiio
+3.8I12
-219
+6.790
5.069
-1.566
-690
+2.993
+1.268
-7.695
-5.1120
-856
-1.601
1.8I13
-50I1
-1.239
2.169
3.335
2. 106
-2.3111
-1,1)02
-131
507
-2.290
+769
+1.281
-679
+2.151
-1.925
+866
+2.313
-1.758
3.335
+619
+I.8I6
1.081*
1)22
-633
+852
+3.925
+2.065
-2.1)39
l6,l6li
10.1127
+1.602
+1.893
+1.613
6,206
25. 7119
1,016
10,902
21(2.767
IS.OOl*
China
Trench Indo-Chlna
Hong long
23.975
11,113
-2
-12
-675
21
—6
6
-i.'ie5
327
+1 .OI17
India. Burma, and Ceylon
Brltleh Malaya
Japan (Including Korea
and Manchuria/
-i6,oit3
877
-3.1'H
768
18
113
-298
-355
292
Hetbarlanda last Indies
Philippine Islands
Turkey
Other Asia
6.56I1
2, 664
-10.267
-728
615
-55
2,107
I8.065
1.895
-1,61*3
-1.552
-llOl
292
7.831
11.317
I1U.836 11.3116
28.669
7.9'*9
-"1.235
2.687
-1.729
1,636
-197
1.3U2
-82
-991
Netherlands Veet Indlee
and Surinam
Peru
Tenesusla
Other Latin America.
. .
Total Latin America.
..
620
-2.6l|2
+260
+9.937
-l).033
6b/
-2.588
-1.778
1.783
3.938
5.01(1
-8.1)22
-1.680
+97I1
+975
+7.556
-972
9.250
969
+7.0115
801
-I1.83I1
+2.1)71)
+8.261
-2,63U
-11.1)81
-1.81*1*
5.313
+2,670
-721
-_62i
32.711
39.191
11*. 81(1*
+57.700
36,08U
+6.763
+6.923
7.019
+28.072
-9a
30.0I1O 25.016
-812
-ksk
1.339
U
-16,86«
+2.176
-10.250
+10
-9,1)92
-117
-3.901
1(2
-3.962
-10
56
-3"*
-1.071
+195
101
;ii
-ll)2
-581)
-6.7119
9.375
-1*9
-990
+8.81)7
123
-3.1*17
+U3U
-237
-79
+lii3
38
+208
U7
1*3
-16
-1211
+107
-la
726 3.009
-l,l'»9
-11.688
i*,0O5
-393
-17.J80
-1.805
+363
-220
+1.510
-2.025
+l).077
637
-1180
-I198
+765
-9.607
+2.581
+822
-585
-227
11.750
-21.339
-1.071
-9.912
+9.256
-37
-J.tiB
-5«0
-U.659
-757
-1.011
35U
562
320
-2.608
-5.902
-89U
-1.753
-1.560
-3.006
-1.926
-2.295
-9.638
+5.571*
-11.295
_-185.
+l.it05
Asia
Total Asia
Other coTintrlee
Australia
Hev Zealand
Zgypt and Anglo-l^ptlan
Sudan
Trench Horoooo
Union of South Africa..
All other
-5.970
-3.810
-16.8O9
Total other countries..
*i.693
7.785
-162
U60
357.15'»
15"*. 350
Unidentified
Orand total
-3.1*12
-19"*
l'>5.622 Jtl(,3'n 5/
+6
+ll).396 -35.508
8
+193
-2
-18
-57
-52
-281
2.563
-3.128
+31)8
+531)
+5.292
-322
1(.230
1.71*2
-5.128
-152
-682
-3.11*9
-7.366
+13.1)18
_:195
-1)1,801)
+3.685
-981
+2,I)2J
+3.071
2.91)5
+I.67D
-2.315
+l).655
12.989
191(
-*7S
-170
-1,006
528
+18l(
693
«3
629
2ll0
-855
-15.532
-251
+160
-269
-3.551*
+15
1.1)30
936
-8,7a
-2,22*)
-29.823
+363
-1>.»69
2.691)
161
+76I)
-610
+1.371
-1.327
+273
-5.1'38
76U
36.215
+17,1)80
-9.953
+29.275
(Continued on following page)
+68
•56
+1.31*7
2.958
+2.593
+88
-117
+2.1)69
-2.625
+"),390
+1.317
1.171
2l),0076b/
+2.93;
+3.120 Ul,187 6b/
+693
-1,568
+70,296 -5^77364/
June 1946
93
Capital Ntovements Between the United States and Foreign Countries - (Continued)
Section
I
-
Sumnary
-
(Continued)
Table 2.- Net Capital MoTeMnt, by Countries, January 1042 - Decenber 1045 - (Continued)
(Za thousand* of dollars; nsgatlT* fls\u«s
iDdlesM a vet ouk^^ov of capital frea
Total
calaadar
jraar
Januarj
Tabruazy
.81,1*30
Us. 050
.1*.718
-8.362
1.77'*
51.793
lUrcfa
ipril
191*5
luropa
Unitad tlngdoa
Tranca
Balglua
-lJ7,lt90
-121, UgS
Oaoaark
TlBlaad
Oamao/
Oroaoa
Ital7
Lttzaabourc
SatharUada
lerwar
Portugal
ftiaanla. .-
Spain
Bwadan
8wl tiarland.
n. s. t. a
TncoalaTla.
Otbar luropa
Total Suropa
-19.0351s/
-2.372
11,913
-1*51
-128
610
.702
-1(03
1*71
551
-101
-151
51
105
U3
23.035
83
.96
1,861
It?. 395
3. 571
3.106
•.556
.20
22
1,829
2,281
26
-llU
33.508
1.369
-2.961
-569
591
.1*23
3.019
1.631
7.798
-6,016
-12.276
.608
.5.788
5.376
3.923
.1U6
-9.306
.51
-U,U56
-3.623
-312
199
2,623
3.900
.13,921*
3.078
69
58.023
II.92U
.-'^
-I*.
i*,a2
.16,112
-1.012
-to.7't't
U19.389
Canada.
Latin iaarlc*
Argantlna.
SollTla.
Sraill
Tranch Vaat Indlaa and
Oulana.
Naxtoo
latharlanda Waat Indlaa
and Surlnaa
Panaaa.
Othar Aala.
,
.l».2Mt
6,730
-1. 737
2.599
196
2'*, 317
15.1*12
llti*.650
26, 569
.52
73
-6.936
66. 755
28,663
19.938
.21*, 1*01
389
5.O6U
2,591
Total othar countriaa..
1*2,895
Bariiad.
Adjuatad for tha
raportad for tha
-27. 081
7.196r 52,1261 56,5liOr
-1.335
-182
1*7,812
r
1/
•90.987
*53.715r
-228
1.51*2
-277
Pranch Norocca
Onion of South Africa...
All othar
drand total
si*, 91*8
-132,817^
-U.075
-583
11,1*1*0
Onldantifiad.
-1.095
-2,980
315.1*99
Othar countriaa
luatralla.
lav Zaaland.
IjTpt and AM}.o-lerptia]
-1*6
-2.315
-2.290
1.355
3.713
61*1*
,
76
.1.928
5.17I*
Total Aala.
6,61*8
-U.329
-20
-3.302
.27.1*1*7
1714,671
*
255
•I8.U5J
lala
Turkajr
6,71*8
-1*3
-1*55
17.O8U
22.071
latharlanda laat Indlaa^
Pblllppina Xalanda
651
-3.1*15
596
Tanazuala.
Othar Latin iaerlca
India, Burma and Caylon.
Britlah Malaga.
Jqian (iQcludlns loraa
and Manchuria)
1*30
-2.583
-7.919
China.
33
I*.
-3, 1*66
9.552
16.952
Pranch Indo- China.
Hon£ lang
3,1*1*0
2.259
20.106
Paru
Total Latin Aaarlca.....
-672
-50
-2.699
18. 561*
Cuba.
9.326
.16,1.78
58.235
Chlla
Coloabla.
Coita !Uca
.22.879
-28,925
5.012
63,071
55.198
1.701
879,390
tha Qaltad Stataa)
19^5
8
-1.700
-2. 779
573
577
-2.965
-6.118
23.593
503
337
-21*5
15,783 13.982 10,850
^361*
-1,1*50
2.153Tb/ 2,191
71*3
i,013
1*,110
3,200
711
18,1*16
-l*.7l*6
-6.776
1,988
U.299
5.391
3.505
.951
56.1*26jb/^12.221
-373
-1.578
l*,ll89
itar
Jul7
ia^ust
Saptaabar
Octobar
SoTaabar Dacaabar
Treasury Bulletin
94
Capital Movenents Between the United States and Foreign Countries
Section
I
-
(Continued)
- Summary - (Continued)
Table 2«- Continuation of footnotes
ales of Canadian lonc-tara Mcarltlei, snd (b) the inclusion of
$2,5^ thousand repreaaatinc r«d«ptlona an July 1 of Arcentlna
secorltlee, as well as (c) net dlstmrsaaaoiks froa the Ilbltad Iln^
doD account to doaestlc payaas of $3>^S thousand.
2/
k/
Adjustad for the Inclusion of accounts of (a) $2 allllon for Traaea
and (h) $7-8 million for Sweden prerlouslj^ reported as foral^ and
reclassified as doaestlc for the first tisa In the Septem'bar report.
MJusted to cover the followlnc tranaaotlons: (a) $6,0^ thouaaad
of banking funds prarlously reported under 'Tranch Morocco' nov reported under 'ill other*; (b) $5.^71 thouaaad of bankli^ funds praTlously reported under 'Other Asia' nov rtportad under 'All other';
(c) $13.3^0 tliousand of banking funda pararloualy reported under
^
6/
2/
'All other' now reported under Ualdentlfled',
Adjusted to Include $510 thousand of short-tera banking funds which
ware oaltted due to the ellnlnatlon of aaTaral branch bank raporta.
Adjusted for (a) the Inclusion under "Italy' of an account of $2,023
thousand which was prerlouslj classified as doaestlc, and (b) tba
transfer of $8,897 thousand froB the 'All other' classification to
Trsooe'.
Adjusted to coTer the follovine changes:
(a) $35i^ thouaand
transferred froa the 'All other' classlfloatlon to 'Trance';
(b) $6,918 thousand prarlouslj classified as doaestlc was reclassified for account of Fa
June 1946
95
Capital Movements Between the United States and Foreign Countries
Section
Table 3.-
tiet
I
-
Summary
-
-
(Continued)
(Continued)
Moveaent of Short-Term Banking Funds, by Countries, January 1042
-
(la thouand, of dollart; sacatlr* tlgaitt Indicate a net outflow of capital from tha United Statee)
(Continued on follovlng pace)
December 1045
J
.
Treasury Bulletin
96
Capital Movements Between the United States and Foreign Countries - (Continued)
Section
I
-
Summary
-
(Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries,
January 1942 - December 1045 - (Continued)
(Id thouaand, of dollara; nagatlTe flsiir«s Indicate
Total
calendar
year
a net outflow of capital froa the United States)
1943
JannaT7
Tebruary
March
J«>rll
May
It38,90l*
-97.596
53.927
3.185
2,702
2.295
23.100
1,038
31.71*5
9.705
1.193
-3.1*56
1,188
545
1*26
1*16
989
1,291
-3.8'tO
-1.31
2,218
-1.066
-Z.ZUS
-875
-3"*!
250
-7
70
-2.673
-100
-189
-939
+129
+163
102
U83
206
222
-67s
-753
-129
-659
107
52
-189
-29
-28
25
Hetherlande
Vorvay
Portugal
6.929
26,568
18,679
1.030
8.1U9
-7&6
-1.981
1.233
5.172
5.638
1.750
-8.034
BoBanla
Spain
Sweden
-122
56
-3
-1
-12
-816
-637
2,879
2.655
-3.056
-6
-1.865
19
IU,351
17.708
+400
+2.496
1,1*118
3,861
3.836
+6I1O
+3.094
-I*. 285
+4,413
+3.586
Svltierland
2li,93li
-2.722
-'*.773
7.198
-1.936
-7.766
1.967
-lUt
89
'*.535
-20
+1.867
-2,088
19
-99
Other Airope
22,385
666
3.627
3.327
+646
+10.458
+1,846
-4.911
+1.391
-110
-4.541
-179
-1.230
Total lurope
568,6Mt
-89.369
36.839
301.696
250.698
*g.671
-6.313
-3.057
+1.029
-631
191*3
gniope
United Iligdoa
franco
BelgiTia
Oenaaz^
rinland
Oemasx
Oreeoe
Italy
Luxeaboarc
U.
S.
U.6M6
a
8.
TTicoslarla
Panada
Latin Anerlca
Argentina
BollTla
Braall
3.090
28.81)7
-1.923
July
An£uot
Septeaber
October
VoTember
Deceaber
110,675
+80.858
-6.737
+609
+12.939
+762
1.164
+41,171
+1.392
-522
-112
+65
-395
-181
-190
-456
-768
-l64
+525
-542
-78
+3.110
+168
+42
+938
-227
+24
+98.010
+4.169
-2.452
74.589
11.128
-4.594
+76.301
+2,934
+5I8
78
+405
-853
+15
-696
+262
-105
-220
-182
-535
-88
-714
+7
-73
-417
+6
+644
+30
-163
+291
+15
488
-6
+19
-578
+85
2,141
1.333
-809
-134
+828
+1,676
+1.486
+1.790
-2,068
+2.285
+4,405
348
+2,01*3
2.815
+1.699
+2.219
-678
+ll,4l6
+15
-3.790
66
69
-5.960^
+1,053
61
-2.3«92/
+701
-56
-2.384
+3.203
1.947
65
-217
5.073
+876
1.016
1.379
-2.593
+202
+132
-582
+9.295
+1.147
-47
-468
104
2.833
3.883
-19
4.1)67
6.738
1.590
6.669
-2.973
+4.123
+6,393
-2.161
+339
+7.300
1*8.839
y).676
15.373
+113.701
84.759
99.263
+31. 888
+31.668
53.780
-41.01*7
9.890
-6.095
*1*3.509
-1*3.607
-30.925
-7.303
+94.495
-71.1*02
-606
1,880
2.773
10.736
6,6l2
-1.473
-1.139
-7.786
+1,880
-472
+16,207
-903
+471
+7.582
+1,262
+127
+8,812
+2.266
-177
-1.725
-4.019
+4,727
-248
-12.193
-10,839
-1.452
+605
+1,101
+2,435
+4.647
229
2.849
-81
-5.384
-35
-3.084
Chile
Coloahla
Coeta Bloa
18.23'*
8.127
3.»35
1.089
-5.116
-2,1*31*
1.832
6,un
3.11*5
-6.190
+112
+116
600
738
877
+1,960
+2.721
+1.107
+8.688
+5.468
-196
1.795
-5.31*5
+5.986
-169
+56
-1.686
+4,614
-617
+1.252
+3.034
+15
+2,886
+3,818
-52
-4.886
+7.278
-459
Cuba
french Veet Indlei and
Oulana
Mexico
-Ul,627
-5.8I13
-5.029
-5.638
2,919
+3.864
-20.301
14, 572
-4,182
-4.081
-12.723
-3.1*38
-1.747
-2.053
-31.709
560
.1*1
-97
57
+190
-14
-20.888
-'•.507
-590
-959
-14.717
+12
+736
-5
+2.477
+226
+5.885
20.363
1.282
2.018
-61*2
a, 678
-1.073
465
3.653
4,281
1.078
-1.225
807
IMO
-1.342
-1.029
+390
+1,886
+1.277
S.Ste
36.580
-19
¥,885
-272
11,1|07
2.731
18,280
83J«2.
-9.038
15.595
22.377
222,716
1.51^
-6.36I*
28,203
-27
-17.723
-262
-361
-823
7^
,5.32'*
3.129
2.763
-2.854
77
-90
63
34
-3.379
-42
32.137
Betherlanda Weet Indlee
and SorlnaM
Peru
TenenMla
Other I«tln Aaerloa
Total Latin Aaerloa
China
Prenoh Indfr-Chlna
Hon£ tone
India. Burma, and Ceylon
Brltlih Malaya
Japan (Inoludln^ lorea
and Manchuria)
Hetherlaada Xaat Indlee.
Philippine lalanda
Turkey
Other Aela
+10,062
+9.351*
-2,038
-la. 995
13.001
+1.243
206
3.157
617
+2,432
-865
-588
+58
646
2.197
3.822
1.047
-209
-535
-1.521
-1.674
I.5H3
8.270
601
+5.399
+2.720
-6,281
-4,214
-11
+580
-1.589
149 59.859
+26.323
+24,244
-1*0.688
-25,104
8.342
8.U4
120
-29
+22.034
+10
-10,659
13.589
-1
-7.563
+231
+485
+21.654
+108
+116
+4.706
+4.168
+7
231
5.050 17.793
+462
+5.21)8
4.803
+1.776
-2.000
-4.287
245
3.477
1-637
364
-254
+1,618
-6.465
-3.198
19.397
+15,200
-49
+7*0
+l6,«96
-71
-452
+23.950
+12
+69.983
25
-«7
-7.107
-23
+24
+20
-718
-7
-1.934
+I.6U5
-163
+4,881
-13
-13
+39
-23
+35
-32
-36
-88
•20,193
-410
+582
-292
+721
-12,643
+768
7.143
2.490
-451
+31*3
-729
36
-89
-528
-40
-50.322
-5.036
-6.0Z1
4.158
-15.781
579
*,0lt9
-3.123
-313
-7.258
10.377
5.264
2^.956
3.508
6.21*3
6.428
-239
-3.241
-550
-1*33
+1.467
+881
-2.729
-302
I89.9I16
-2,852
7.025
12.016
-2.555
1,.945
15. 088
•11.350
2,61*9
1.91*8
1.209
982
-261*
859
-155
3.531
2.076
-4,929
-1,388
6,6«7
76U
+870
-716
+3,021
-3.442
+10.455
1.625
252
-11*.
519
20
-1,643
-^
253
-171
2,123
+1.186
4.574
+6!w3!tV 3.027
23.253
6.160
+24,641 4h/ +40,006
76.569
2.823
4.J23
••4,634
-15.1*77
-1.079
-692
2,731*
-892
+9.827
-11*
-12,909
-1,161
497
-94
-279
-476
+241
-5.5*3
2,902
1.234
-3.1*82
-l,l)09!ia/
825
-4.209
-1,685
8.915
+611
-1.092
-6,007
+2,019
23.079
-2.0161^
+2,885
""
+420
-12.536
-3.289
-3.738
-1.191
4.671
+8.099
-3.6«9
-17.53l*!t
+2*1
-22.253
+224
-51)0
+163.1*36
+55.551
+4,611
-886
I
Total Aala
Other countrlee
Auatralla
Hev Zealand
Igypt and Ao^lo-lgyptlan
Sudan
French Morocco
Union of South Africa.
All other
.
Total other countrlea...
Unidentified
Orand total
-793
118
135
-18
lt.2lt9
2.614
1,230
9.397
18, oS
2. 341
-17.251
-7.209
-2.358
21.3«3
150
+172
-«7W
-872
21.0lt3
2,208
629
19,226
69
+26.375
-22
162
^
94
€0
-151
l.l61>.758
151.809
119.683
61,50;
58.289
74.311
+224,845
(Contlaued en follovln^ pace)
-49
•»i.720
+35
-2 4e /
+1,9033/ +135.679
June 1946
97
Capital Movements Between the United States and Foreign Countries - (Continued)
Section
(Continued)
- Sununary -
I
Table 3.- Net Movement of Short-Term Banking Funds, by Countries,
January 1942 - December 1945 - (Continued)
(Id tbooaaada of dolXari; ntcatlT*
tigvm
ludleattt
* sat oatflov of ci^ltftl froa the United Statei)
Total
caloDdar
19kk
Inropo
Uoltid Ilxdoa
Tranco
Bol^ioB
-lUl.HT
Saaaark
rinlanl
(}«raai)7.
(Greece
Ital7
Loxoiibottrg.
.••.•.....
Hotherlanda.
Norwajr
Portt^al
Tebmarjr
75,685
iyrll
K«7
212
3,6(8
15, 617
Karoh
35,562
-I.9W
-58.91*3
-525
1,93"*
3,501
-10,332
-U,872
1.1*92
50
"•55
-isk
-187
531
-65(
2U7
173
-561*
23
21*
-36
89
-7"*
-306
-66
-270
-60
I19
-152
-127
-"57
-57
2,1*59
U9I*
920
18U
780
132
582
-1*3
38
3>»
-720
l.Ujn
2, lUl
-1,001
-8,068
-3,505
9?'
-?15
-222
.361
5.150
13.957
.>)28
ISlt
60
16,U36
26.975
1,763
1,031*
7,571*
6,658
-31*9
•3"*.
+35
-60U
5.910
3U1
15,072
11.017
1,201*
8.337
1,100
2,791
.11*, 1*1*5
-8,502
-9,701
15
-52
61*
182
-269
SpalB.
12.967
727
3.533
U16
11,61*1*
-11,091
1.189
6U
3.399
Svoden
.13,1*96
258
3,010
30.397
3,775
-U.iM
-3,958
3,060
l*,311
-18
3.312
1,697
-3.'*36
10.353
1,207
-2,51*8
79
-19
-898
Suaanla* ••••••••••>••••
Svlttarlaod
0.
S.
S.
B
Tofot laTla, •••..«.
Other loropa
Total laropa.
Canada .
•
I*tla Aaertca
Argantina.
BollTla.
Bratll
CUla
225
.
2
U32
569
-9,239
-1.796
8,1*0S
1,391*
3.912
-1
-22
1,1*20
-13
1*1*
209
158
116
2,1*25
-1*1
1,828
2,227
+1,26365/
17
3.752
66
+20
5.272
8.055
+2,973
261
+5.220
-257
+U,lt80
-71*0
1*6
-10
+33
-5.313
-1*,223
-92I*
+1,528
U,17l*
1,756
2,082
1.672
+2,31*3
-781*
1,81*1*
-8,183
+379
309
-132
66
+8,979
+3,235
-32
-2'>,gitS
1.213
-287
-575
-3U2
-2,297
-130
-16,811*
+63
-671
-172
-986
-lOT.Uia
91.388
20,286
•32,717
3.925
.61,891*
-1*6,91*2
-66,61*0
-19.011*
-75.575
-60.0U3
123, 6e3
32,529
93,853
78,701
-58.677
37.576
-21*,
110
-65,262
33.179
+26,163
+65.610
36,1106
5.833
-11.756
.969
3.138
71"*
8,232
5.991
-3.6i'5
-612
2U8
1,968
-1.132
313
221
3.973
581
+1,1(85
35,8''0
8.825
21,338
12,51*2
-6.7"*!*
-287
-2,598
-1,622
-322
+7,890
5, I'll
-6,289
9.71"*
153
1.7(8
-7,191
+7,037
-1.295
-2.735
+g,63lt
375
3.532
1.891
1,656
531
201*
-3
-1*,212
-2.726
-2,269
+327
1
-276
2,812
3.853 10.133
-886
-1*,201
39.106 -23.080 6/
+9.1*70
-30.257
12,510 10,090
-633
956
-17.579
3.503
2,831
+36
+1,735
-1*15
-1,028
-(6
3.596
-552
-382
-131*
+11,177
-U.I76
-751
39.067
l*,212
1,815
-3.881
-5,680
1.667
-5.309
375
600
-219
lOU
-681*
-6,809
1,981
6,1*11
+11.699
+226
-1,988
+1,268
-8,330
1.1*53
3.288
7.870
-2,250
.1*1*3
-117
UI3
1U5
116
15,271
1,152
-13.1*31*
8,913
••13.007
6,538
-2.51*2
.6>i6
3.131
(M*
-2,257
-567
665
-1,821*
311
1,11*7
-1.678
221
272
1,628
1.853
521
+1,302
+3,353
1,029
+1,880
i,";i6
+2,659
-8,530
-1.506
917
890
7.517
6.U59
1189
-5.163
1.6W
+8,1*63
-2,71*2
-11.568
+2.397
2, 51*0
936
38. 019
10,027
55,012
26,231
3.323
-1.1*16
1*,518
21*, 131*
-l*,297
-3,775
-13
179.791
-5.073
-861
828
-2,1*60
-H25
-1,005
2,256
11.799
10,Uio
3!»6l
1,662
577
-2,026
2,051*
-338
3.758
2,069
5,9n
3,918
l*,92l»
9.265
21.519
1.070
10,782
-2,658
Other lAtln Aaerlca
-2.851*
86
Utln iaerlca
197,206
12,016
-U.195
33.83"*
-11*6,709
11,031
30,050
25,260
-18
871*
21
—6
-10
U
-17,"*72
-12
-702
6
-1*93
-2
-«U5
319
l,0Uh
170
-3"*
-1,120
156
India, Boraa, and Ceylon
Srltlab Nalera.
Japan (InoliUac Eer*a
and Naaohnrlal.. ......
-16,505
88;
-3,207
-6.758
9.3«"
770
18
111*
1*3U
-237
-575
-79
-137
-2U1
29'*
55
"3
-125
lather land, laat ladtea.
Philippine lalaada
Tnikay
Other Aela.
;6o
.716
730
-1.996
-1*80
>
25
1>>,(86
-655
6y
-U
2,816
1,78't
..
5
-31*0
1,812
'•1.597
Prenuii Morooco
Union of South Afrloa.
All other
-197
1,5110
-57.251
-13
-11.297
Caba
Tranch Wait Indlaa and
Oolana,
.,
Mexico
Other conntrlea
Auetralla
Few Zealand
t^T^X and Aaglo-Xgyptlan
Sndan
%
+13. JC^ ,
.51*7
UOl*
56
Total Aela.
-1.521
0«oiBb«r
-1, 167
-2,285
-10,0U8
Aala
China
Prench Indo-Ohlna
Bone tone
-72.1*12
l0T«ato«r
-5
1*27
1,301*
-5,'U7
Total
-98,200
1,813 10,238
1.105 1,61*8
gtuue
2,1*70
-3
-967
13.318
Taaasela. , ,
Oetobar
-30,397
-313
-iu,6iie
-?,2l*l
Colnabla.
Coata Bloa.
Natherlandi Vaat Iidlea
and SnrlUH
Panaaa.
Pars.
8«ptta^r
A««iut
Jal7
2,0«3
-"•7,723
7,0^
•....
IS*
Jkoomtj
+256
2,303
-I0,5lti*
59
"•5
-3
-696
-11*7
61
-9*
53
-3.595
190
ll*,>tl*8
-35.3"*2
l"»3
207
-2
«6(
+55
1.729
-3,128
+1.1?"»
-U7
113
-111*
-h3
-17
-2(2
2,563
5,3"«
+10
6
.61
3.570
2.593
539
-15
766
-509
-39"*
-137
-300
820
-1U3
-76
-10,310
2.119
18, 067
3.992
17,381
1,507
-9,591*
806
-610
-322
-5.083
-151
1.703
-1,800
-1.501
-11,687
-»39
282
-1.863
-2,05"*
2.370
-289
377
l*,l*9i
-53"*
+2,9W
2,663
-168.8(2
u.m
M».872
6.673
12.633
-21,971
-2,192
11,01*7
-3,589
-7.577
H3,8"^7
_:25i
2^1,399
27.58"*
-1,675
7.881
1,626
-1*.527
2,6oU
9.0U8
+3.677
2.093
+*,6>*5
13,009
-30
-91*3
-969
195
2.972
2.936
1,1*119
-766
-3.«J5
-578
11,1*12
-189
-2,311
-1*75
-171
1.251*
-73
-95k
328
*^
303
-9«9
M9
IfiS
+691
67
626
89
-5,,931
833
161
230
2,030
1.9"*3
-3. l'l9
-1,927
-2,335
2,W
-1*,602
-2.571
-3,609
-5.939
-2.99'*
-S.Ujl
-17.7'w
-920
-1.75*
-1,569
1.233
-231
•2,(18
+1.158
+•,3'
+23,8'
7.695
-6.985
-9.753
5.323
•"3«6
+2.6^7
+3.098
+1*1.070 6>i/
-1,150
311
'
U9
t76»
-15.978
-268
-3.351
+91(
!,"*»
-8.680
-1,973
-2,372
-29.861
+1*56
-'736
2.1*1*3
JMi^
I
Total other conatrlee...
Bnldentlfled
Orand total
_d52
1*60
-191*
_-18J.
163
70*
-610
l*!*,39l*
155.209
•1"*7.637
76.7365/ j^l,03t
1,151
-U7.329
-116,872
(Continued on follovlns
I
pKe)
1.371
-1.327
273
+693
10,53U
-57.289
26,852
76,21*8
-1,558
I
229.52l6ft/
.
Treasury Bulletin
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section
- Sunnnary -
I
(Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Ckjuntries,
January 1942 - December 1045 - (Continued)
(In thoueandB of dollare; negative figures Indicate a net outflow of capital from the United States)
Total
calendar
year
Bur ope
United Elngdom
Trance
Selglmi
-157.515
-126,332
^.n9:
IS^5
Jasuaxy
-77,816
-17.795 la/
-2.'*73
l>si]Bprk
+11.067
-i»zi
Wnland
-i,5akj
Germany
+1U7
-101
-29
Oreece
Italy
+22,088
tJ*3,076
?'
+3,681
Lujcembcmrg
+3.715
Vethor lands
Sorwsy
Portugal
+35.865
-1,222
-6,2gU
ftmnnla
Spain
Sweden
-196
-ll.lWl
+57.309
-4,298
-3.529
Switzerland
0. s. s. a
Tugoslorla
Other Siirope
*63.237
+11,909
13
-8.062
Total Surope
-3.'*77
Canada
+570.'<O3
7e^naT7
March
July
Haf
-l6,52i»
+7.061*
-28,051
+6,015
-23.190
+1169
-^^
-293
-175
gg
+51
1.978
+1.31)6
+2.276
-2
3.391
-lu
+637
+2I46
+127
-9,2U3 -1*3,1?'*
+1.605 +10,11*3
+1*8,91*8
+a5
-237
-96
+2,781
+35
i^ll
-
7.589
+32,373
+57.169
-5,125
io^aat
+13.177
+26, 7a
+8,1*06
-579
5
+290
-171
-5
+26
%
+1,182
2.928
+3.925
+3,1*19
+1.072
5.559
3.509
September October
OSl
8,585
+1*7,152
-33,11*1
-23,011
-12,678
-17.196
+2,003
+2,1*05
+1.731
+l*.259
-1*73
-1*83
191
-167
2.661*
2.926
+2,581*
+2,301*
-2U6
+1*,1*01
^•%
+3.72^
+3.160
+170
+5.oa
-1*3
+2,U66
+7.1*29
+5. 731*
6,1*50
-1.700
-258
+253
+3.157
+12.085
+1.629
-693
-8,a6
ll*
+6.913
+3.251
+85
+2.691
-131
+551*
3.767
+2.81*1*
+2,030
1.738
7.532
5.27S
-5.9§2
,952
+6.589
-*.332
-9,U6
-631
-5,868
+3.927
-2.
1,766
+I*,lg6
5.985
-7.385
+186
-312
+2.630 -13,?36
+3.666 +5.'*30
36
J*7
-31*
-1*55
5.397
+2,927
297
+2,162
-5,099
+5.176
+30
+5.058
+I101
+<*,669
9a
9.796
-7,292
+5,891
8,375
7,279
^-375
••€,01*2
-1,1*63
9,127
+6,931
3.15;
153
+21*3
-1*3
-1,079
125.3'w la/
+i«6,53i»
-1*5,
+13
-3Sl*
+17,
-2,565
+1*82
99
-3.101
-2.176
-3. "we
Dacember
-7I.O6I*
-1*3,280
+68,881*
-12,388
-503
Vorember
+11*.
203
*^:^
+«0
-7'*5
+36
-231*
-6.955
-l*,330
+U,703
3,339
+1,1*70
3,388
37l*
-a ^ *^*
-2,336 '*,231
-11*5
*'?
-503
-57
103
%
-1,186
+112
-1.301*
-5,2a
+1,751*
-2.17*
-361
-66
-1*32
59.1*57 -27,801
-17,391
+6.0U7
1-103.967
93.675
-78.933
-30.075
+J*5,862
-51*.S17
+a,S72
+100,510 59,763
+36,5110
-6,083
+77.S13
155
67,11*2
-11.925
-38,891
+1,183
-72
+1,118
-637
+1,202
-1*.561*
-5.1*01*
-1,691
+2.595
+6.913
+91,059 +103.786
+1*1*,
+6.1*26
6.937
+399
+a8
+12,981
+3.230
+295
= =
Latin America
Argentina
Bolivia
Brazil
-3't.'t35
-l*,3h2
-2,78?
+2,273
+19.875
+5l*,92'»
Chile
Colombia
Costa Slca
Onba
Trench West Indies and
Oulana
Mexico
Netherlands West Indies
and Suxlnsn
-3.U10
+1.325
-2.11*0
2.559
1.633
+3,l*«lt
-'*,318
-7SU
-2.089
3.715
+i»,o6i
+2,306
+a,836
+875
+1.165
-3^
+3,876
-1,020
+103
-3,61*0
+1,91*5
6,552
-8IU
+1*91
+7,097
-999
+3,086
-2.018
-3. 31*0
-6.227
+22.850
+27,337
+10,205
+2,867
-1,1a
-6,272
-7.792
-19,166
+2.666
+30.95^
+156
+15,602
+51*5
+327
+361*
+1)1)1*
-16,91*9
+5. 1*12
-308
-798
-690
5,198
+2,21*2
+12,01*3
-1,229
+ll*,Oll*
+1,136
+18,508
-77
15,829
-2lA
+11.365
-53,1*21*
+l),i5l*
+377
-1,278
+3.783
+3.117
-558
-633
+1.123
-1.11*5
+i,ii09
-3,352
2,91*1
+2,38?
+3,35*
630
-2,867
-2,108
1,559
-77
+655
1.330
3.803
-2,581
+115
35
+160
-1,563
+2,809
+i,2a
+797
+2,91*1
-2,21*1
+lS,52l*
-l*.701
+5,181*
-7.01*0
3.597
+U.029
+158
-6,91)6
-i,oai*
+1,286
-7.016
+3.679
-1,883
-10,516
-1.6? g
+11.371
3,1*56
-6.532
-1.639
+8,90l*
+1,655
+U,052
+3.230
+11.387 -29.726
+28.530
58,678
+25,229
+58.511*
-20,098
+19,217
-5.820
-81),
262
-12,389
-22,220
-22
-18,31)1*
-78
+77,528
+U1
-ai*
9,78U
+22l*
-836
+113
3,203
61*1
a
+10,581
+1,1*22
-39
+»*
1)6
-1.619
+173
+272
-391
+265
-1*9
-81
63
18,883
-7.902
w
7enesaela
Other Latin America
+17,265
Total Latin America
+102,319
-898
+230 Jb/
+1,00U
+53.059 lb/
+2,251*
11*6,1*59
-16,521*
-2.61tU
-7,1*66
-l*,992
-1
+16
+U.l*73
-292
+liu
-916
-271*
+76
+252
+26.126
-55
+8,626
+30
660
390
1,985
-'*,205
-1*11
-3
+16
-53
+169
+<1
-168
+162
-17
-ll*
+66
+68!3fe
+28.602
-6,Uilt
+l*.6l2
Tukay
+€55
-332
+13,198
+2,1*«1*
Other Asia
19.933
10,105
+1.91*1
+155.'i?l
*61t5
British Malaya
J^an (Including Korea
end ManctaurlaT
Betherlands last Indies..
Philippine Islands
Total Asia
Other oonntries
Australia.
Sew Zealand
Z^pt and Anglo-Jgyptlan
Sudan
TrencL Morocco
Union of South Africa.
All other
Total other countries
Unidentified..
Orand total
.
.
-l».5l*l
-1.675
-2,902
+585
+13,31*6
-2,101*
+568
+15.526
India, ftirma, and Ceylon.
+7.U72
-3.778
-1,303
-266
+1U
-3.831*
-278
+12,
&ng
1,027
-1,21)0
+1,37'*
Pansosa
Bong
+a,i55
+13.637
-5.823
-503
Pern
Asia
China
Trenoh Indo-Ohlna
-98
+562 -19.163
-1*62
-1.936
-2.375 -27.521*
7
-2,1*18
+3.1*76
-7.67]
680
-1.093
-151
+2,?11
-2,M09
-999
+2,202
+1,1*11*
-?*!?
-?,l*9l*
3,375
+1,501*
+5'*,120
+5.155
-1.761
+1,186
J*63
-1,032
-2.879
+801*
+2,573
-862
-ll*,18l*
*.393
3,529
+1)1»2
-935
659
-11,51*5
+4*36
'*.053
+13,2l»9
307,070 178,510
-71
+5.1*12
-2,61*1
-9,11*1
-35. as
-11,1*18
61*, 01*9
-25.10?
+39U
-18,916
+2,097
+698
-750
-287
-819
-132
%
-1,271*
-1*,029
-290
73
+825
+1,179
+11,1(07
+996
+321*
+123
+782
-227
1,593
-207
5,573
-175
-198
+21*5
+128
-323
-989
-5a
+1*^
l*,l*13
+1,26U
+1*59
+2,6ll*
9,119
-1*91
-2.6-
-680
77,765
+10,757
+l*,30i*
+2-- (02
1,176
+512
+399
980
-1,1*36
+466
-1.985
+12
2,693
32
+3,859
+2,270
-831
1.028
+10,276
+1,910
-1,581
+22,969
+1,651
+l»,Ol*l
+765
+1,226
+6.336
-17,191*
+1U.190
28.068
-11.079
»*3.3't3
+918 la/
+2,1*67
+3,168
-908
-2.079
+318
-627
+13.021*
+21I*
+1,223
+I19U
+316
-116
-1*22
-178
-696
+71*2
+1*58
i-17't.973
+11.310
+W,U1»6
1*7,306
171,687
+231.025
+81,132
+125,991*
11*6,1*67
+i.oa.3i8 +153.895 lb/
as
+lt.958
lU.895 la/
1,660
+5,
-1,1*82
•A*. 105
2,0a
+1,616
+725
+396
-3.328
-1.311
-69
+165
+2,099
+2,973
354
-a2
-10,831
+U7
+IUU
-1U.237
+3, 111*
+^,300
+71)8
-1)6U
June 1946
99
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942
(In thonundi of dollara: socatlro
tigarf Inllcata a
(Continued)
-
December 1045
not outflow of capital fros tb« Usltod Statoi)
Treasury Bulletin
100
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
-
(Continued!
Table 4.- Net Movement In Brokerage Balances, by Countries,
January 1942 - December 1945 - (Continued)
(Continued)
..
. . .
.
S
.
June 1946
101
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
(Continued)
(Continued)
-
Table 4.- Net Movement in Brokerage Balances, by Countries,
January 1042 - December 1045 - (Continued)
(In
thouiud, of dollar,: a*(>tlT, flgnra, lallosto a nat ontflov of oapltal
T—*
Jannarz
J^bramxj
Marob
ivrll
19UU
laropa
United ElBcdOBTranca
Belglna
-«3
-119
121
-366
-15>t
-180
isu
26
296
283
-318
-69
a
-328
•9
51
-31
39
-31
32
-9
It
-7
12
-9
3
-15
-1
U
IS"*
Oroaca
Italy
Luzambourc*
I
J^
633
+1
Spain- .
Swadan.
Svltsarland.
8. S. H...
0.
itas
103
31
13
30
-25
H
90
-li
-5
78
3.75«
761
-1.2lt5
-4
-U
3
Tu^alaTia.
-1
-26
Total Iai«pa.
K.5C
290
-65U
-l.lttT
-U9U
211.
l.lUl
-67
299
.
39
SraiU
Chile
Coloabla.
Coita Bloa.
1,852
318
2I16
132
136
31
.
-32
Ciiba
-3
Hatherlandt Vast India,
and SnrluB
1
:?2
*9
-19
66
-162
909
-523
716
83
-12
35
-576
696
+88
1
32L
300
1,206
-138
lUl
18
Ul
-17
ll»
22
-2
l,>t28
-55
-27
-2
51
-1
13
-47
-7
-19
-18
-6
U6
-181
37
-9
-1,121
-185
1,213
51
7
9
-16
1,105
-51
-208
-81
332
-73
-1)40
Trauh Wa,t Indiaa a&4
Oulana
Mazloo
11
-1
-79
Latin Aaorlea
Argentina.
BaliTla
1
-7
1
9
Othar lar«pa.
Canada
U
17
-6
Bnoania*
¥»
-107
-29
885
-uS
Portugal
i
1
29U
2.te3
Homy
Jnly
*ia«
Dannark*
rlnlaad.
a«rBan7<
Sattaarlanda.
»V
1.539
-JIO
-8
-U59
9
370
-80
U5
255
177
-219
I3U
-63
-U98
-W
-5
19
60
Taneiuala
Othar Latin Aaarloa.
-179
-1,517
-175
-163
105
56
790
-1,3^
-lUl
-19
-199
Total Latin Aaerioa.
1,309
_-52.
2.265
-759
-UlU
1.302
-15
-237
-182
116
3
2
Aala
8Eina
rraaeb Inda-Chlaa.
Hone lonf
*302
2l|«
52
.
-3
India. Burva, and Ceylon
U
35
Tnrk^
Othar laia
fatal
3
laU.
-6
2
3
6
3
18
-29
-20
-5
-2;>>
-33
29
10
13
1
26
9
-7
Total othar ooaatrlaa-
Unidentified
Grand total
1
5
-2a
-'102
Othar countrla,
initralla
lav Zealand
lav^ and ia^lo-liyptlaB
froaeh Morocco
Union of South Africa.
Ul othar
-33
UU7
-5
-1
Britleh Xalaya
J^an (inoludlnc loraa
and Manchnrla)
latharland, laat ladlaa.
PhlllppUa I aland,
10
1
-637
ste
6
-32
-1
18
lit
17
2
3
Tul
-25
-3
-9
43
15
H6T
7
-25
79
36
1.831
68>»
-1,289
.
-1
-1
8
-10
»-529
fraii
tha Italtad Statea)
19ltl»
Total
calaodar
lUi.
1.616
iaagamt
Saptamtear
.
.
Treasury Bulletin
102
Capital Movements Between the United States and Foreign Countries - (Continued)
Section
I
-
Summary
-
(Continued)
Table 4.- Net Movement In Brokerage Balances, by Countries, January 1942 - December 1945
(la thousandie of dollars; nogatlTO figures Indicate a net outflow of
Total
ealendAr
year
19^
1.305
Jazmai7
7e^raaz7
51
3U3
335
-12
-l,l6g
+170
+970
Denjaaric
96
5
+«
Jlolaad
*26
Oenumy
t3
-128
-1
Oreeoe
Italy
Luxembourg.
lou
IBO
+1
+21
ITetherlaads
3.761
+13U
*^}
997
Borvay
Portugal
+88
13
Bixsanla
Spain
Sweden
+31*2
Switzerland
V.
S.
3.
*7.26o
B
2
TugoeleTla
Other lurope
*1,0U2
Total lorope
15.911
Oanada
•
3.351
•
Latin America
Argentina
BollTia
Braiil
*l,2l6
+26
-356
OhUe
-18$
Colombia
Costa Blca
-139
+11
Cuba
Trenob West Indies and
Ouiana
Mazieo
-1,123
3
-173
Hetherlands Vest Indies
and Surinam
Panama
Peru
-238
+2,510
-252
Teneruela
Other Latin America
-1.158
Total I«tin America
+8UI
699
Aala
Shina
French Indo-Qxina
Hoa£ Kong
-2.750
+771
India, Burma, and Csylon
British Malaya
Japan (including Korea
and Manchuria)
Hetharlanda Sast Indies.
Philippine Islands
Tuzksy
Oth«r Asia
Total Asia
Total other countries-
Ohidentlfied
Or^nd total
3
+2
173
3
+83
-1.793
Other countries
Australia
Sew Zealand
llgypt and Anglo*^gytlan
Sudan
Trench Morocco
Union of South Africa.
All other
-75
+1(2
+19
-32
.
+12
+10
-623
-
-572
456
+17.79U
thiited States)
I9U5
Borope
ftilted Kingdom
Trance
Belglun
coital from the
(Continued)
93
2
March
i^rll
May
June
July
August
September
October
NoTember December
Jtme 1946
103
Capital Movements Between the United States and Foreign Countries
Section
I
-
Summary
-
(Continued)
(Continued)
Table 5.- Net Transactions by Foreigners In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers
(In thousand*
«f dollari; nagatlTe figures Indleats
nat sales by foreigners)
Treasury Bulletin
10>^
Capital Movements Between the United States and Foreign Countries
Section
-
I
Summary
-
(Continued)
(Continued)
-
Table 5.- Net Transactions by Foreigners In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negatlTS figures Indicate net sales by foreigners)
Total
19U3
caleodai
year
January
I9U3
Europe
United Kingdom
France
Bel^lun
-20, '•35
*k6k
+1.535
Deninaric
+1,961
+26U
-18
rinland
Germany
Greece
Itsly
-137
6«0
-111
Luxemtiourg....
Netherlande. .*..•
Norway
Portugal
Romania
Spain
Sweden
Switzerland
'J.
S. S. R
Tugoe levla
Other Surope
Total Europe
Colofflhla
Costa Rica
Cuba
French West Indies and
Oxilana
-1,631
-i.uio
-21*8
+ 1,158
U,013
-5,517
+135
+80
-160
-7lt2
-uus
-67
+1.395
29
3
2
+375
+111*
+ ll»
-29
-19
23
-28
+U
-90
39
"3
*lt.37l*
859
61
2,360
-6
-15
UlU
702
-3
2U
1
5.356
269
-Mo
-38
6,
5S3
+2,280
1,803
5,05U
Canada
Chile
-1.301
15
*5.6ll
fiq
1,520
U2
U6
July
93
-2
tUsL
l^tln America
Argentina...
Bolivia
Brazil
2
May
-713
16
"531
•
367
April
-loe
-20
1
..*••
-111
-895
-772
Fehmary
3
-2
-2,703
-6,U96
+2.8U1
+1,211
-q5
+8
-27
+ 11
+ 10
+ 12
+2
-10
5
U
U
27
-1
-70
+1,127
1,106
213
-l>i6
59
+M6
+3'^
-9
+35
22
135
+ 18
+129
+153
+1
591.
+71
+q
+8
+78
-32
-130
159
+1U9
+206
+3
-1
51*
33
-15
-7"*
-2l*
-567
-2U
-139
-1
2,Ui5
2
+8
U20
-501
l,6l2
-'*7
132
250
-2.252
2,307
+ 102
121
+1.702
+13
-1.535
+7
-1
10
Ui
-357
+815
-10
lUi*
2
+fii»
18
+L
-370
+5.893
+3.581
-'*,569
-6.011
-2,71*6
3,191
?7.U88
-^.182
-9.729
-1.306
17.309
.107,1*61
+23,951
+1.028
+27
+71
563
+386
-251
+19
-618
-83
-7U8
+10
-'•77
325
27 »
259
-1*
+9
-22
-3''
-268
-256
162
3M5
97
+3,529
+1,577
-3,560
-12,288
+1,638
-2
152
+1,986
21*
+1,276
+166
-'*7
+10
23l^
+89
+118
+89
+269
-20
+718
+129
-78
+26
-200
-1*7
-39
+2
+26
+9
+169
-358
+2.168
+l.5'*3
-3
+165
+3
+1,232
+951
-U8
+22
+83
-106
-15
-lit
-16
+16
1.162
98lt
1,759
936
UO
-1*
13
U13
-6
-126
+2I12
U6
+26
+1,8U6
-126
-22
+135
-86
1U6
-36
-1,162
+191
-13
-365
-296
99
79
+176
-227
+20
.655
79
77
-39
-8
83
+12
+369
+22
Venezuela
Other Latin America
1.365
2,128
263
-73
339
+22lt
213
-139
-1
+191
-122
Total Latin America
32,111
1.372
+63U
2,2U2
2,11*7
2,883
1,180
-136
708
+1,1«2
-965
-IU6
-IA9
+'•7
12
+2Ul
+136
-35
+238
+66
li«0
+U3I
-U
+221
+96
+893
lU
5
+2,809
l,Uo6
33
8
87
-26U
-202
-131*
+160
+2,209
-2l«
89
+55M
3,355
7.090
3.029
+11,631
+'1,203
1,062
+2Sl»
-1,336
+66
-93'*
-78
-155
-20
India. Burma, and Ceylon
British Malaya
Japan (including Korea
and Manchuria)
-571
-5
Netherlands Kaet Indies.
Philippine Islands
Turkey
Other Asia
35,1(00
.2Wt
'•5
-"5
180
1
22
U2
990
36
352
Total Asia
35,556
+1,096
1,382
2UU
-5
+8
-52
1,100
-?0
-50
86
-ko
-250
-1
10
+350
+28
500
+9
-55lt
-9
+17
+75
-50
32
-911
+583
-1,285
+82
-7
+1U5
51
+107
106
-67
-1
198
166
297
16
98
-1
-21
+8.097
-27
-lU
-139
+171
8,9U3
2.313
+77
-56
+ll»,Ul»3
2,018
+8,l6l^
8U
go
393
117
59
30
6
69
-13
-U
-23
36
75
29
-3
12
-17
-36
-17
7
-U
-3
-63
-20
-'•7
38
86
+'•72
83
-37
2.339
250
67
82U
+231*
39
-gt.717
-11,908
+5,995
-2.95'*
-"712
-667
-11
-IU8
+278
1U3
+l68
1U7
-23
-6
(Continued on following page)
-9,5'*8
-2
5
109,617
-2
+20
-12
JtlL
U
20U
-1
+31*0
j::M
68.513
-11
5
+9
1,261
319
1,000
-3
1,000
-7
-11
.1U,350
-7
3
3
2
29
-11
.5
+1,000
-22
-2
+6U
53
-135
-136
-7
136
27
-99
8,000
3
7
-2,8U9
+662
+12
+75
676
U3
-150
-21
3.216
+82
+36
8,887
-lU
1
89
+1,079
+310
-6
-28
+10
-16
+2.'t5U
67
+u
+ll^
-l';-23'<
50
-206
-Ul
2.085
-1*98
-U
+ 11
U3
219
105. U63
-3
-86.'i20
-11*3
Orand total
+65
+21
-3
-6
u
20
Unidentified
+9
+71
*Ug
-2,297
+90
+730
52
12.
'•.967
Total other countries...
+261
-113
-33
+ 18
WO
-335
-1,9'*1
+1,01'*
+qo
136
Netherlands West Indies
and Surlnas
Panajna. .................
French Morocco
Union of S-)uth Africa...
All other
-1.208
December
+1*63
-I2I*
1,38't
2,
-2,8lU
+3,233
+205
NoTOmher
9
+87
130
-65
Other countries
Auetrali a
New Zealand...
Igypt and Anglo-Sgyptlan
Sudan
-2
October
16
31
lU
3,733
Asia
China
French Indo-Chlna
Hong Eong
-30
-1,891*
+ 1U
September
+6
+7
163
Mexico
Peru
August
::}*L
'•2.5'^3
-1,665
''239
-12.9'*0
June 1946
105
Capital Movements Between the United States and Foreign Countries
Section
I
-
Sununary -
-
(Continued)
(Continued)
Table 5.- Net Transactions by For<9lerner8 In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thouaanda of dollari; negatlre figures Indicate net sales by foreigners)
Total
calendar
year
19UU
19ltl»
January
Febniary
-26,27U
-2,81*1*
-1,835
-1(,99U
-I1O8
2. '72
-7.510
.351
-78
86
April
May
-3.052
-13.270
-1,621
706
-1.892
-1.582
395
68
-I.57I*
76
73
-59
liurops
United Kingdom.
Prance
Belglno
66
5
7
-5
-9
-1
Greece
Italy
Luxembourg-
-Uao
-28
2l|2
-17
-12
-13U
76
-5
-19
Netherlands.
Korvay
Portugal.
-26U
*2,3't8
SumanlaSpaln.
Sweden.
-1,620
-1.1^5
2,025
-1^6
-13
Switzerland.
Denmark.
Finland.
Germany.
136
.
979
-718
+262
.
566
177
16
1
-5
*v
57U
1*«
20
15
1*
-10
+2
-18
+2
-11*9
+"11
+I18
78
+81
-15
16
-5
-1U7
-60
31*
-lU2
-509
-282
86
51
30
.
1,035
-831
2, 118
+73U
51
20
6
+150
H...
Yiigoalavla.
Other Europe.
22,585
-15
27
37
+U,6ii»
-3,601
1,851
-16.019
+1I.381
-328
-7.266
-21.625
16,709
1,058
2,300
287
+10*2
1*91
23
11,391*
92
-75
-11
-226
+183
1,12U
2.933
U.
S.
S.
6
5
-U
.
Total Surope.
Canada
Latin America
Argentine.
BollTla...
Brasll
Chile
Colombia.
Costa Slca.
.
Cuba
French Vest Indies and
Oulana
Mexico
Hetherlsnde West Indiss
and Surinam
3
-62
11*
-16
+60
+U3
-731
+2l*5
115
-139
+300
-161*
-11*
-250
9
1*3
-70
1,822
16
36U
11*
6,164
-205
+a
7
-1
-6U9
13
-88
-98
It, 110
1,318
195
93
515
222
1*8
+98
-7
-82
+188
Venesuela
Other Latin America.
ll08
121
+6U
179
220
-16
+288
+12
+126
Total Latin America-
'l't,252
*3.539
1.307
-36U
+1.586
170,1*38
30
-612
69
30
-ui
India. Burma, and Csylon
British Malaya
Japan (including Korsa
and Manchuria)
1*27
-U
-157
-110
Hstherlande East Indies.
Philippine Islands
Turkey
Other Asia
6,002
-12
Panama
Peru
Asia
China
French Indo-Chlna.
Hoi^ Eong
Total Asia.
.
.
.
Other countries
Australia
New Zealand
Egypt and Anglo-Sorptian
Sudan.
+1U
+1*55
-2
5,000
77
68
-1*6
1*0
-12
-5
-1U7
-1
+26
+1U
-13
221
171
-31
^
177,115
161
-8
*l*.89l*
-21*6
1.339
39
279
57
+202
-21
-9
85
-7
French Morocco
Union of South Africa.
All other
-39
-33"
1
185
Ui
u
Total other countries.
1,215
82_
270
:l
-6
+25
-37
+21*
-3
-6
+1
-6
+215
Unidentified
Grand total
5
+21
5
301*, 231
-1U6
-3,8U6
-33.079
+1.656
June
July
August
S«ptsaber
October
HoTeober
Treasury Bulletin
lo6
Capital Muvements Between the United States and Foreign Countries - (Continued)
Section
I
- Sumnary -
(Cantlnuedl
Table 5i- Net Transactions by Foreigners In Long-Term Securities (Domestic and Foreign) as
Reported by United States Banks, Brokers, and Dealers - (Continued)
(In Utousand* of dollar*; negstiTa flsures iudlcat* net iniai bj for*ign«r»)
Total
calandar
year
I9U5
19"»5
January
TabruaT7
-3.602
-72
-69
-3. 919
•.503
1.957
750
*36l
iprll
July
Majr
lii^ust
SaptoBbar Octobar
lonmbar
IttTOpa
OnlUd UngdDB
-Ul.ZSO
franca
BalgluB
Sannark
Finland
Oaivan/
....>.••••
•
11
-38
328
11
.112
-1
10
685
37
3
7
-105
-lit
-86
-1.366
-56
-67
112
11
1,376
-381
-11
19
50
-25
-313
78
-63
12
298
.122
1.991
169
91
20
-3
-183
-63
1,889
-2,820
-122
101
398
i
6
-3
323
-150
-5
15
10
-9
-1
77
11
28
Luxaabours
-10
-111
-17
Vatharlanda
-6,118
6
lorwagr
1.591
Bqnanl a>>>>*><>>****>>*><
Spain
8¥adaa
-1.125
-557
-195
-35
*b&l
*1S0
-1.321
-6,002
-82
76
*896
Portugal
2,037
11,211
2.022
-6.235
Oraaca
Italy
218
96
-1,830
-8,828
-739
.2
-31
-89
22
37
1
79
5
-9W
-1,019
.1,169
-771
1
8
13
82
6
-200
-?.
-1,262
-7,821
11,256
601
7l2
I13
2
16
12
61
lie
-2
.90
1,119
-21
101
-319
-60
1,071
-2,127
-51
-50
-2.233
-85
-I70
15
6
-1,852
7,127
138
21
8
3
36
-5.273
89
191
607
7
102
16
11
-6
57
-37
-3
-2
-125
2.085
-92
-2.l»53
-6
-117
190
-2,363
-236
-239
9ltk
2lO
-31
51
12
Svi tsarland.
n. s. s. a-
-12.lt7U
-2.363
-2.611
-1,152
1
-2,155
-778
3, 8140
7I3
-1,191
897
-3.187
-2,611
TufoslaTia.
Othar luropa
-37
-9.092
6
1
-1.573
70
-1,108
-6.133
87
-33
129
-1.027
-103
-16
-215
-555
-158
Total Suropa
-57.178
-6.356
-6,963
-23. 539
.10.351
-6,516
23.130
-8,511
-2,063
1.875
-7,726
-16,856
6,161
-151.365
6.62lr
-93.619r
-5.721
-21.253
-16,187
-58.222
25.931
-116
101
Cana/ia
2.252
15
.
Latin America
Argantloa.
BollTla
Brazil
3
1
18
17,011
256
3.667
29I
Chila
Colombia.
Coata Blca.
5.112
1,887
-127
-72
15
111
-91
-3
13
Cuba
Trancb Vaat Indlaa and
1.767
166
-70
-6,161
-267
•
60
Qui ana.
Naxlco
Ratharlanda Vest India*
and Surlnaa
Panaffla
221
-82
-5.105
1,892
1,678
Peru
-17
16
977
Tanaxuala.
Othar Latin Aoariea
18.110
251
Total Latin Aaarlca
Ul,U90
2.201
21.930
11
95
1
-77
-7.551r 19.920r
5.602r
-6.116r
2
3
-383
2
35
-35
5
-19
I.63I
1,685
-I56
210
12
12,073
1.529
80
-16
-16
-1
233
333
1,186
I51
370
13
319
372
208
113
-218
-117
261
261
315
23
-95
-57
230
-5
51
IOI
IO8
1.313
109
2. 153
llU
1i»7
:%
lUli
709
.11
23
-19
-7
.17
-19
31
-25
-131
-50
51
1,966
2
-117
-60
3
189
168
181
-115
711
719
879
-5
-10
261
.11
-3I8
-9
-21
289
73
-693
-1,051
-592
-16
-1,118
-69
-858
5U5
-585
2,231
165
-11
-2.667
-16
211
63
982
8.573
-52
-733
-29
-117
I38
10
11
10
5
-15
-517
-2,072
211
82
282
617
107
67
-379
20
-78
521
205
857
-17
163
72
-208
80«
-i,a2
111
-1.616
-68
117
917
-266
-122
1,858
319
173
2,118
2.763
171
365
7.597
1,100
565
21)0
-3,2l0
13,638
15.295
785 16,511
11.837
-1,100
-90
3,211
171
.U,8lk
.61
23
-3
-39
-2
-12
-69
-19
-9.232
-313
-1
-1,001
-715
-5
-627
219
11
.17
2.133
-193
laia
China.
Prancfa Indo-Chlna
....
Hon£ Eoag
India. Suraa, and Caylon.
Sritlah Kalaya.
Jq>an ( Including Korea
and Manchuria)
913
-27
-7
-1
1
-6
11
-10
2
-31
18
518
115
-73
-97
-281
.208
1,230
-12
-33
-10
-10.276
-1,766
Total Aaia.
10,222
Other eouatriea
Auatralia.
Saw Zealand.
ISTpt and Anslo-Xgyptlan
Sudan
Preach Morocco
Union of South Africa....
All other
Total other countriaa.
follows!
-15
-25
2
•93
-31
U
12
-38
-101
26
-137
-78
-91
-161
-28
29
-30
15
-19
u
13
957
U65
»5te
611 17,696
11,768
-1,322
-175
-6,191
-1.557
-12. 533
63
101
*ll6
-2
-6
281
17
121
66
-10
-25
-3
12
-180
-10
-562
.219
.29
1,007
689
676
180
561
666
-21
-6
65
-sa
-B
-55
-35
35
330
-21
-36
-25
.1^
12U
-ril
-192
-392
-199.722
-31
_rii
ii
2,985r
-99.92lr
-5
-2
-67
-51
7
-63
5
1
-11
U
1
-3
11
15
29
-30
102
1
-3
6
56
.12
-62
-7
-1
II
.200
109
227
_-181
-26,816
-11.731
-106
68
li
l.»l9r I2,623r
-1.123
y
-75.017
coTer two lari^ trftnaactioQS in foreign leciirltie*. as
the inclusion on Jul/ 1 of $lU, 78? thouaaad rspre-
(a)
.
9.153
eo,i70
and (b) the
$2,5$U thousand repre
•Ion of 82,561
representlns radenptloos on July 1
ArgentlDO B«curltl0t
mmatAA^fc** long-tera
00 nC in^
*Ai^ sals*
VB^v V VA
.*vaa|
securities,
of Canadian
to
19
=i
-y).03Tr 10,906r
Bevlied.
Adjusted
-1
58
.-ii
Qrand total
r
Ij
...
-1
3
-93
Hetherlanda Xaat Indiaa..
Philippina Island*
Turkey
Other Asia.
Unidentified
887
580
.1
-70
Incltt.f
June 1946
107
Capital Movements Between the United States and Foreign Countries
-
(Continued)
Section II - Details for Month of December 1945
Table 1,- Short-Tera Clalaa on Forelsners as of Decenber 31, 1©40, as Reported
by Banks and Bankers In the United States
(In thoasandfl of dollars)
Treasury Bulletin
log
Capital Movements Between the United States and Foreign Countries
-
(Continued)
Section II - Details for Month of December 1945 - (Continued)
Tabl6 2.- Short-Tera Liabilities to Foreigners as of Deceaber 31, 1045, as Reported
by BAnks and Bankers In the United States
(In thouaandU of dollars)
Jime 1946
109
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II
-
Details for Month of December 1045
-
(Continued)
Table 3.- Purchases and Sales of Long-Tera Securities by Foreigners During Decenber 104S,
as Reported by, Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
Treasury Bulletin
110
PoBltion In Foreign Currencies as Reported by Banks and Bankers In the United States
Section
I
- Net Position,
January 1042
-
Decenber 1945
(In thousands of dollars; nagatlTe figures Indicate short position)
Ciirrenc7 of:
Position at snd
of Bonth
lurope
(continued on following page)
Or and
total
Total
lurope
TTnlted
Eingdom
-3,066
-2,lHl
-1.651
-1.254
-i.itait
-1.W8
Apr. (ipr. 2-i^r.29)
Hay (ipr.JO-June 3)
June ( June
July 1 )
-2.105
-3.622
-3.261
-1.391
-1.987
-1.516
July
August
Septenher
-3.1*112
-1.210
-1.058
-1.870
-712
-582
Octoher
Horemher
-1.275
-«8U
-663
-303
-61
I130
-U02
1,011
1.939
1.615
+3,373
1.127
I.UU7
+3,727
+5.035
857
+3.1*90
19><2-Jan.
Teh.
Mar.
(Jaa. 1-Jan.2«).
(Jan.29-Teh.25).
(Tah.26.ipr. 1).
^
Decefflher
19''3-J"'uary
Tehruary
Karch
577
+108
i^rll
May
June
1.963
2,222
1.025
July
August
Septenher
157
39U
U, 382
Octoher
NoTOmher
Decemher
'*.983
igWt-Jannary
Fehruary
March
April
+966
1,208
1.018
1.221
555
915
629
1.785
1.808
+2.11*9
2,1*22
+2,71*0
+l*,399
+1*,131
Trance
Belgiun
Oermany
Italy
Hotherlande
Portugal
-390
-365
-387
-518
-516
-515
-35
-35
-35
105
-101
103
-104
-1,271
-1,269
-1.271
-395
-393
-3U7
-515
-515
.515
-35
-35
-37
-lOl*
-101*
-1.271
-1.271
-105
-1.261*
-365
-369
-358
-516
-516
-516
-37
-31
-30
-102
-10^
-lOU
-1.266
-1.266
.1.266
-366
-392
-383
-516
-516
-29
.26
-30
-103
-103
-103
-1.266
-1.255
-1.259
-383
-389
-388
-516
-519
-522
-30
-30
-29
-105
-106
-106
-1.259
-1.258
-390
-18U
-U18
-530
-29
-29
-30
-107
-107
-106
-1.1*19
+12
-1.U19
11
-1.1*19
10
l68
-1*79
'i
i
lU
15
-81*
-83
505
239
+2.953
+2.722
-530
-539
-539
-27
-29
-29
-109
-108
-108
+1*5
-1.U19
+U.1482
-215
-218
-218
-1.1*19
2.021*
-1.1*19
-17
+29
-69
-72
-71
1,566
2.105
U.162
-as
-539
2.1*1*2
1*.620
+5.022
-218
-219
-542
-109
-108
-107
-1.1*19
-1.1*19
-1.1*19
-71
+U.069
-29
-30
-29
39
5.675
+128
+I2U
-70
-72
5.77't
u.jio
3.107
+6.881
+5.759
+6,927
-215
-202
-202
-51*2
-51*2
-51*1
-29
-29
-29
-107
-102
-102
-1.1*19
+137
-1.389
-1,1*17
+99
+92
-82
-77
-80
-205
-19s
-196
-51*2
-30
-27
-27
-103
-102
-102
-1,1*23
+77
-1.387
-1.388
76
-538
-538
-27
-28
-28
-56
-56
-59
-1.388
-1,388
-1,383
17
+11*
6.262
7.8O3
I*. 1*99
6,11*5
June
3,621
2.533
3.M20
July
August
Septenher
8,5Ul
9,260
7.569
6,11*0
+8,503
+8.019
+6.89U
-191*
5.705
U,630
Octoher
VoTenher
Decemher
U,305
U,ll7
5.500
2.691
2,796
3.936
i*.933
+U.950
+6.207
-195
-195
-185
-1*91
-1*93
-28
-28
-28
-58
-58
.58
-1,381
-1,381
-1,381
6.830
3.599
7.12U
I*. 520
+6.783
Tehruary
March
3.509
5.777
5.778
-193
-193
-195
-1*95
-1*93
-1*79
-29
-29
-29
-5«
-59
-59
-1,381
-1.381
-853
21
J^rll
May
Jtme
6.357
6.279
9.961
+5.325
+6,985
-1*75
-S63
7.311*
8,531*
-170
-333
-285
-59
-59
+26
7.212
-29
-27
-28
-861*
5.79U
July
August
Septeaher
5.890
9.061
2,181
-171
-331
-351
-352
-28
-28
-62
-60
Octoher
BoTsmher
Deceaber
-29
-28
-28
-61
-61
-61
19'*5-January
-sk
-8U
-1.1*19
5,108
2,112
5.716
ttay
Spain
+i*,908
+5,861
6.1*99
+2.1*89
3.51*2
+5.1|1|S
6.993
-581
930
-260
-1.271
-2.162
-2.2l(8
-396
-1.082
2.513
-588
+1*29
-195
-195
-16U
-182
-90
-536
-538
-1*91
-1*91
-331*
-231
-205
(Continued on follotrlng pa£«)
+16
-10
+1
-15
5
+2
-90
-88
-86
-86
-90
-95
-88
-88
-86
:^
-61*6
-808
-771
-801
+11
'3
-U
+32
-33
-677
-82
-75
-89
-3
+5
-90
-92
-9U
-99
m
June 1946
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Section
I
-
(Continued)
- Net Position, January 1942 - December 1945 - (Continued)
(In thoueandB of dollari; negative figures indicate abort poeition)
Currency of:
Position at end
of month
lorope - (continued)
Svitserland
25
58
Latin
America
Other
Europe
Asia
966
79
1,165
2.U5«
119
-2,1*38
-2, 111*
+115
-2,l|«lt
l.'tl2
+291
-15
+11U
-2.1*30
-2,1(09
I.3UI
+287
+U75
1.51*3
+301*
313
209
279
(Jan. 1-Jan.2g)
(Jan.S9-re1l.25)
i?et.26-tpT. 1)
109
-226
-23U
-229
(Apr. 2-Apr.29)
Kay (Apr.30-June 3)
June (June M-July 1)
15
32
U3
-212
-226
-211
July
-27
-25
77
-182
-211
-231
lU
-231
1,1*26
-itU
-2l»
-20U
-197
+1,21*2
+269
+319
78
-111
371
1*5
-120
-12U
+5I8
*37l
-121
-116
-111
igUa-Jan.
Teb.
Mar.
Apr.
August
September
October
November
December
19U3-Januai7
Februazy
March
April
May
13U
+9l»
32
9
June
777
98
5U3
1 .055
i
'i
-165
-165
-166
-2,273
-2,2U9
-2.318
i
-166
-l6g
-168
-2.26U
-2,2Ul
-2.229
-68
-71
-72
-2,2U5
-2,138
-2,207
-72
-51
-2,29
-71
-2,222
t
I
3
2,022
2.032
1.335
1,00I»
+903
+91I6
-2.177
-2.235
-2.227
-53
-53
-53
-2,117
-2,113
-2,111
-50
-50
-50
+U3
-19
-13
1.350
1.512
3.858
+712
-2,21*5
-2,15s
-2,131
-53
-53
-53
-2,110
-2,106
-2,106
-50
-50
.50
-32
713
-2,lU3
-2,lto
-2.013
-53
-53
-53
-2,10U
-2,102
-2,161
-50
-50
-50
-2.053
-s.ous
-65
-65
-65
-2,lU9
-2,lU8
-2,lUg
-50
-50
-50
211
-2,138
-2,205
-2,238
-MO
-38
-2,lUg
-2,lU7
-2.1UO
-50
-50
-50
+100
+32
-10
-38
-38
-50
-2,lU0
-2,138
-2.135
-50
-50
-27
-90
-23
-19
-Ul
-Ul
-Ul
-2.135
-2.135
-2.135
-28
-27
-27
+62
+12U
+5U
+150
-93
5,2l»3
+5ltl
-115
-59
5,086
2.779
5611
-250
-162
-29
-91
-229
-88
2,862
^.175
U,U56
760
-77
-78
-95
-80
2,567
827
836
+798
+551
+722
+898
+«56
-2,lltit
-2,11*6
3.196
+955
3.819
€U«
617
516
-2,318
-1(0
July
August
September
12
36
57
-102
-89
-98
l*,9l*2
October
NOTSober
OecaBbar
U9
52
-89
-126
-53
2,921
2.657
2,968
597
-2,11*2
+l»51
-2,079
568
-2,11*9
I9U5- January
February
March
38
30
-77
-99
-89
2.371*
1.321
3,858
+1,698
+533
+721
-2,089
-2,195
-Ul
-UO
-UO
-2.12U
-2,12U
-2.I2U
-27
-27
-27
Kay
June
lit
-53
-12
-13
2,031*
1,1*23
1*,023
+1,028
+908
+698
-2,llU
-2,127
-2.035
-Ul
-51
-51
-2,123
-2.123
-2.123
-27
-27
-27
July
Aoguat
September
-2U
-U5
23
lt,788
+6T7
-2,U0
s.zte
+1(81
39
.15
-90
+U,3l«
+672
-2,285
-2.283
-51
-51
-51
-2.123
-2,122
-2,122
-27
-27
-27
2U
-57
3,800
+1*1*6
-2,1(06
*359
-51*
+3,080
+221*
2JI
£,016
-llA
-2.W*3
-2,859
-53
-53
-53
-2,120
-2,138
-2.536
-27
-27
AprU
October
HoTember
Deeenbar
1/
Not available.
56
-2,:?S
-71
-71
-50
-209
-I7K
-213
+11
Other
Asia
-2,118
-2, 116
-2,111
October
November
December
Hay
June
I
in-
-53
-53
-53
-5U
^ril
I
(
cluding
Korea and
Manchuria)
-2,150
-llU
-93
-100
yebruary
March
,326
,192
.293
I
Hong
Kong
-2,153
-32
19't't-JanuaTy
-2,397
China
+508
+5o5
+30U
July
August
September
lU
J^an
Total
it.537
-2,21*9
-2,231
-2,01(2
+6U
+51
78
*«U
+65
251
+215
+117
102
+77
166
91
-85
-«3
-206
-2e5
-*3
112
Treasury Btilletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section II
-
-
(Continued)
Outstanding Forward Exchange Contracts, January - Decenber 1045
(In thoiuandi of dollar*)
Onrraney of
I
Zwopa
Contracts ac of end
of Bonth
(eontlutied on following page)
Orand
total
Total
Xnropa
Onltad
ZlS£d0B
franca
Balfflna
Oaraaajr
Italy
Natharlanda
Purchase contracte
Total
I
19>t5^aniiar7
yebruary
March
Iprll
Maj
Jona
July
August
3.851
3.897
3.68lt
l,'*37
6l»9
1,308
1,005
3.397
5.661
U.)9U
912
763
UIO
316
715
377
OSS
S,l*5l»
6.
519
2Ug
519
283
2lt3
2l»g
237
188
79
8,39l»
5.105
2.338
5.006
Septeotjer
13.^76
10. 397
10, 107
October
BoTeobar
Daoaober
19,>»31
a. 996
12.901
13.605
12.391
12,800
13,375
12,190
13
590
126
105
124
297
297
112
337
302
115
383
161
66
66
66
63
IA3
911
68
1*3
721
18.9113
13
13
13
13
froa forelj^ cuatonerai
igliJ-Janaarx
February
Mar^
iprll
Hay
June
July
2.130
2.313
2.273
I.63U
3.5fc
2,817
2,lU9
it03
80
August
Septeaber
October
SoTOibar
619
619
2.0113
2.267
822
950
712
Oaoeoibear
1,721
l,5SU
l,Uli
SUt
738
602
2.lt06
2,575
2.339
SllO
IroD doneatlc cuatoners
19'*5-JaauAry
February
March
April
Hay
June
July
August
September
October
BoTonbar
Dacaabar
Total:
igltS-January
February
March
April
May
June
July
August
Septeaber
October
SoTGnbar
Daoeoibflr
To forel^ eustoeierst
19'»5-January
February
March
April
May
June
July
August
Septefflber
October
Horeaber
Daoa^ar
To doaaatlc eustoaersi
19U5-January
February
March
April...,
May
June
July
August
Septeaber
October
BoTonber
OeesDjbar
1,763
2,121
1,577
3.939
5,988
10,701
17,052
19.952
16,676
^6^
332
2.386
U,662
III
222
222
32s
171
295
171
122
23f
216
2.270
i',563
13
13
13
13
9,l(S6
9,386
12,282
12, 181
13
12.663
13
U.3S0
fortngal
Spain
,,
June 1946
113
Position In Foreign Currencies as Reported by Banks and Bankers In the
United States
Section II
-
Outstanding Forward Exchange Contracts, January
-
-
(Continued)
December 104S - (ContlnuedJ
(In thouaandi of dollars)
Currency of:
Contraeta a* of and
of aonth
luropa - (continued)
Svltiar-
lud
Other
luropa
Aala
Canada
Utln
Aaarica
Total
Aala
Chin
Hon#
Kong
Japan (Ine lading
Korea and
Wanohnrla)
Othar
Asia
Purchase contracts
Total:
19't5->I«nu*ry
FobruAry
Karch
April
May
June
July
August
Septemlier
17
17
17
i.itoit
17
17
17
1,136
2,8U3
219
777
1.291
17
196
190
U27
October
BoTember
Sacembar
336
1.297
1.297
1.253
380
380
330
82U
82U
1,301
1.305
1.331
380
380
380
82U
82U
1.309
1,287
1,300
380
380
380
82U
82U
1,230
380
380
380
82U
82U
1,20U
380
380
380
82U
82U
82U
1.237
1,283
1,309
380
380
380
82U
82U
1,287
1,287
1,300
380
380
380
82U
82U
82U
1.230
380
380
380
SZk
82U
6
750
129
129
129
3
156
3. n't
TroE foret^ cUBtomere:
19'»5-January
.53^
1.201*
.531
i.aou
l,20lt
l,20l»
336
February
March.
538
666
April
May
June
60
1,205
996
July
665
Au^st
5''7
September
190
17
1,204
i.aoU
US
19'*5-January
February
March.
,
,
17
17
17
777
753
738
93
93
17
17
17
1,076
1.638
1,223
6U
22
22
17
1.531
1,321
1,192
22
l»,666
Deceuibar-
129
129
235
U90
October...
November
December
from domestic cuetomeret
April
May
June
July
Au^flt
September
October
Sovamber
750
129
5.601
3.666
•
"9
3
3
1.53"*
1.531
Sales contracts
Istali
19'»5-January
53
53
30
February
March
April
30
30
30
May
June
July
Augus t
September
,
P
It.
592
3.97"*
't.729
,
October
HoTsmber
December
To foreign cuatomersi
1.209
1.516
2.357
1,890
3.211
8,926
30
30
7.565
8,077
8.569
566
183
108
13U
135
93
88
309
8U5
206
250
289
650
591
392
230
25U
m
827
302
19
19
19
19
19
19
19
19
19
163
19
56
19
19
6b
19'»5-J»nuary
February
March
9
April
May
June
July
August
September..
7"*
18
lt6o
73
"35
..
October
HoTeobar
Sectnhar
To domeetlo customerat
igl^-January
February.
March.
April
Hay
June
July
August
September.
October
Thym^vr
Dacaobar
, ,
.
387
228
53
eUa
nt
1.209
1,516
566
53
30
183
108
135
2,3'»«
93
19
19
19
30
30
30
l,8l6
3,193
8,U66
88
8U5
206
309
250
19
19
289
19
30
'».5l?
220
650
156
5
230
25U
302
19
3.97U
U,720
30
30
7,565
7.8U9
loU
7.729
109
19
19
161
19
60
19
19
82l»
62't
82lt
821*
82'!
82U
93
,..
.
..
.
Treasury Bulletin
n>»
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
-
(Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward),
January - Deceaber 1945
(In thoiuands of dollare)
OuL'i'aiicjr
Or and
total
Transactloua
Airing month
of:
Idtoiw
lotal
Borope
tUtsd
Kingdom
Aranea
Balglim
a«Tma27
Italr
Hstbsrlands
Pnrciuua
Total purchaflesi
19115 -January
yetniary
Spot.
.
21,692
217
16,932
217
5
forward
18,066
275
13,728
275
lU
.
Spot. . .
Forward*
>«,289
1.819
-
Spot....
Torward,
51.533
1.930
2l»,022
16,235
121
25
121
April
Spot....
Forvard.
Its,
19,881*
li*,7'*3
250
50
1.983
165
165
May
Spot....
Forward.
55.879
5,SS6
25.133
13, 162
581*
282
157
157
Spot...,
Forward,
71.S80
3,700
5U,l6o
3.958
29,527
22,298
22U
81
30l»
19,098
2.392
106
531
23,868
3,103
33.1*9
5.808
28,728
7.765
10.377
6,oHa
268
365
117
267
721
312
1*2,821
5W
363
July
Spot,..,
Forward.
Au^fUil.
Spot,
Forward.
Sept8n))ar
759
58, 112
U.985
221*
26,81*1*
2,392
32,782
3,103
Spot..,.
Forward.,
7S,18U
7.306
39.9'»6
5,809
October
Spot....
Forward.,
79,li»9
13.'t32
BoTom'ber
Spot ....
S!*,122
Daoflot>er
Forward.
Spot ....
Ibrvard.
lU,g23
98,936
9.527
38,056
7,770
3D,0«7
6,1*9
5U,562
5.250
27,611*
13,100
1,271
2U,580
I.U7U
217
Purchasao from bankil
igUj-January
Spot. ...
Forward,
February
Spot,. ..
Forward,
April
Spot..,,
Forward.
Spot,.,,
Forward.
5.250
8,628
217
7.965
217
31,229
1.511
9.011
25
250
121
121
27,016
12,138
225
50
1.1*16
lOl*
7.388
lOU
7,811
1*10
281
Spot.,,,
Forwaid.
31.232
Spot
Forward,
1*6,522
July
Spot
lU,
't.873
1*1*0
1>*2
11*2
71
295
,
3.''56
19,501
218
12.1*60
18,129
1,220
11,132
1,220
97
1*28
.
32.816
2,536
Spot
Forward. .
31.652
2,896
18,995
1.67U
10,1*98
266
339
19,576
13,329
llU
255
Forward .
218
1.671*
Septoabsr
Spot
Forward.,
36,591*
",783
3,71*9
3.71*8
October
Spot
1*8.01*3
25,8l»6
17.289
Forward,,.
Spot
Forward
Spot
Forward.
9.937
56,188
.
December
.
.
Purcbaeaa from others:
19U5 -January
Spot
Forward,
February
..
6.71*2
5
2UI
102
2>4«
31*7
3.036
29.233
5.009
30.871
3.036
19.238
269
8,592
8,301*
5
13.709
6,018
58
7,6l«
5,763
58
13
7.1*1'*
62.666
6.115
1*1.
ui
April
Spot,
18,71*3
7,71*6
Forward
Spot.
Forward
567
2U,S»7
353
61
61
Hay
10,693
10.351
15
15
Spot
Forward
Spot
Forward
3l*,758
10,026
9.838
2UU
6
6
21,3W«
July
August
September
Spot
Forward
Spot
Forward.....
October
Spot
Forward.....
KoTonber
Spot
December
7,221*
i*19
7.355
25
171*
1
10
9
8.715
1,172
7.966
1.172
9
103
1.1*22
.-f,l*6o
13,787
13.370
2
26
2,089
1,1*29
1.1*29
35.590
2.523
20.370
2, 060
20,120
2,060
3
12
31.106
12, 210
11.1*39
81*
55
5.'*95
1,023
1,023
83
210
298
16
12,271*
Forward
27-93'*
7.1*09
U,ll|l*
1.033
Spot
36.270
13.1*51
2,211*
1.033
11,950
Forward
37
6.7U7
3t5
20,30l*
June
181*
37.813
5.136
Spot
Porwanl
Spot
Forward
March
1
217
June
November
92
5
16.1*01*
Hay
Auguat
12.01*8
268
250
3. 1*12
2.211*
Portugal
Spain
....
,
. ..,.
.
Jtme 1946
Position
115
m
Foreign Currencies as Reported by Banks and
Bankers In the United States
Section III - Purchases and Sales of Foreign Exchange
-
(Continued)
(Spot and Ftarward),
January
-
Deceaber 1945 - (Continued)
(In thoosanda of dollari)
Curraaey of:
loropa - (continued)
Aala
Tranaactlons
during month
Swadau
Switzerland
Othar
Boropa
Canada
let In
imarloa
J^an
Total
Aala
(Including
toraa and
Maachnrla)
other
ill
other
Purchaaea
Total purchiuea:
igwS-January
Spot
forward
Tetruary
Marsh
ilprll
May
Juna
July
iuguet
.
Spot
Forward.
.
2,986
52
3.298
56
U60
5.3«'»
153
3?8
3.687
126
530
U,6l3
175
U.t06
3.67'*
667
667
3.923
U
19,079
1.751
17,U?3
1.7M8
21.338
3.999
32.636
3,976
760
760
3.696
lt,07l*
9U0
9U0
21
3,368
U9
Ul
5,066
218
18,9U5
1.551
U.ois
957
6.195
162
17,7't2
2,622
865
l*,023
3.'tl7
102
i,s?e
5.56U
I7U
23.759
1.353
31.505
U«
2.739
6.053
5,U21
260
23.91'«
2.780
7.123
32,228
U,112
Forward
3.155
1.531
l*,2l*5
Purohaaaf froB bankai
March
iprll
May
June
3,618
u,ioi
1.305
1,305
U,U35
1.25U
13
l.ltS
I.25U
5,20U
13
3
1.188
5.778
2.367
100
2.367
100
5.53"*
lUl
65
577
2,887
17
8,151
1.050
3.261
1,003
1.003
Spot,. ,.
Forward.
21*9
3,207
26
6,709
1.257
3.132
6U6
6U6
2,0U5
Spot....
Forward,
Spot...,
Forward.
1(00
5.297
75
9,191*
287
3, '81
l48
9.279
1,263
Spot. ...
Forward.
Spot...
Forward.
U73
U,588
118
776
U,7S8
106
2,970
737
737
1,785
15
1.767
768
U6
768
U6
1.771
3,21*2
759
759
1,630
3.292
i
933
U9
I.37U
10,31*8
3.880
3,385
909
80
1,031
59
909
80
1,031
1,655
261997
3.179
17
956
388
5.030
129
A'j^oflt
Spot
Forward.,
919
5.967
71
Septamhar
Spot
Forward,,
539
"539
36
9.195
1,301
8.351
1.176
11,916
October
Spot
Forward...
1.675
5.2JU
92
16,1*7?
Spot ....
Forward.
Spot
Forward.
1,222
17
l.?75
5.iia>
168
5.273
1.832
13.862
2.278
15.201
Purcbasee froo otherei
19^5-JaauAry
Spot.
2.09J
1.373
Spot....
Forward.,
Deceaher
738
865
U6
Spot.
Forward.
July
SoTeober
u,03e
59
3
3,130
5.61*6
1,322
17
1.358
???
1.016
15
1,836
".576
February
3.902
956
i.ote
£65
U9
'',597
1,056
59
738
Spot,...
Forwaid,
19''5-January
17
176
Spot....
Forward,
Spot ....
1.02U
t.sai
Septaoibar
Oaoamher
1,02U
siu
October
^rward.
5,098
'I'M
,.
SoTeo'bar
1'*.732
1.319
. .
Spot
Torvart....
Spot
Forward. ...
Spot
Forwsid. ...
Spot
Forward. . .
Spot
Forward.,..
Spot
Forward,
653
3^7
.
2.037
1,270
1,270
2,191
1.191
1,191
13
13
3
1.999
1.178
1.178
1.336
2.681
2.353
100
2.353
100
1,320
65
99"*
3,m
2.911*
...
1,608
59
2,336
76
99
35
6,581
269
1,837
21
21
2.207
February
Spot....,
Forward.,
78
91
30
5.250
51*2
21
21
1,878
March
Spot
Forward.,
60
87
78
9.885
378
73U
1
1
2,066
April
Spot
Forward.,
Ul
206
78
8,211*
782
21
7
7
1,99U
May
Spot
Forward..
57
25
57
10,990
3U
3U
June
Spot.,...
Forward,.
38
33
70
11,639
23»
638
25
25
2,U30
July
Spot
Forward,.
Spot
Forward.
Spot,,...
Forward,,
U5U
36
89
9,750
l,oU5
1
1
1,833
3«
228
91
9.391
660
855
97
97
2,330
126
37
66
11,81*3
702
35
35
2,6U0
359
3
151
330
82
15,026
939
63
63
2,868
1.156
1.5J1
1.56U
10
10
U,Wt2
lU
lU
U,2lU
Forward.,
Au^^at
September
October
Spot
Forward,
BToTanber
Spot
I^cembar
Forward,
Spot
l^rward.
.
.
.
287
Ul
1*85
717
301*
2.2U7
250
loi
2,1*72
.
100
573
83
iita
.
92
10,052
it.WS
17,027
1.198
(Contlnuad on followlo^
PVe)
. ....,.
Treasury Bulletin
116
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Section III
-
-
(Continued)
Purchases and Sales of Fbrelgn Exchange (Spot and PDrvardl,
January - December 1046 - (Continued)
(In thooBandJ of dollars)
OazT«nc7 of:
Irana act ions
daring month
Inropa
(k-aad
total
TotaJ.
loropa
United
Kln^dcn
feanoa
Belcltn
OeTBjBijr
Italy
Batbarlaada
Portugal
Sal^a
Total aalee:
Icjk^-Jejmsacj
Spot...
21.'t01
Jbrward
Tstmiazy
Spot.
.
forward
March
^>rll
Spot...
Tonrerd
U«7
3.172
Spot
Spot
19.153
U79
lU,g09
1"
321
22.555
15,328
138
25
236
"38
20,067
197
15,13"
197
236
"6
1*79
"12
1*79
23,561
1,506
16, 825
572
1"2
<o.93«
11,020
2t,31>t
82
256
Ibxvard
Juna
322
'*0.392
U5,UU9
3.824
Spot
5
291
3.128
fbrvard
16.651
291
3.099
U
1,506
'•95
21,28"
"95
JiUj-
Spot...
Ibrward.
51*.
613
7.3^8
31,826
2.592
2",1"3
2,592
106
581
176
533
Jai^at
Spot
Ibrvard.
53.167
i,29t
30.109
3.156
270
583
2
650
Saptea'ber
Spot
Ibrv&rd.
75.980
lt6.87U
118
267
5.'*19
20.791
3.139
"0,"Z1
5. "18
October
Spot...,
28,81"
7,712
"0,"32
8,958
"1.192
7.209
83
17
Spot.
Tonrard.
Spot
I^rvard.
37.995
8. 105
U9.663
9,091
51.857
7.96U
261
12
VoTOttber
78.309
15,307
83,516
17.775
85. "33
3"3
212
1"8
797
35
552
516
3ft
9i
9,517
lUl
8,155
Ibnrard
forward
Dacemlwr
.
.
.
19.31*0
356
533
12"
615
Ul
Sale a to banka:
l^^~Juaxax7
Spot
Itorward,
Teteruary
Spot
forward.
H«rch
Spot
Ibrward.
i^jrll
Spot...,
forward.
Spot
forward,
M17
.
.
.
Juna
Spot
July
forward
Spot
Itorward.
te^aat
Spot
l^rward.
Saptanbar
Spot
I^rward.
Octobar
.
. .
Spot
forward
HoTonhor
fiaoam^r
Salea to othare:
191*5 -Jamiary
fa'broarT'
Karoh
A9n\
May
Jttna
Spot
forward.
Spot
19.70U
1.051
15.UJ2
1.030
17.U77
927
18,000
1,031
a,i37
1,325
22.715
2.132
22.851
2.889
22,635
2,180
>>3.818
U.8O6
3U.291
8,129
6,895
6.11*0
101
101
9.599
282
10,895
319
l",it65
1,399
13.309
l,7l»l
27,278
3,905
15.775
ft, "23
forward
Spot
I^rward.
Spot
fbrward.
25.179
I.OMS
2U,900
2.098
11,88U
150
12,258
Spot
Ibrward.
Spot....
forward.
Spot
Ibrward.
Spot
Ibrward.
27.972
2,897
27,85U
S.lUl
32.827
5.116
38,223
8,888
31,762
''%
Spot
Ibrward.
Spot...,
forward.
30,532
Sept ember
Spot
32.162
I*. 820
Ml, 018
7.178
50.38U
9.765
50.935
11.081
.
.
.
forward
October
Spot
Ibrward.
VoTaiflber
%iot
Sbceaber
forward.
Spot.
forward.
.
.
.
.
.
'»,l«3
186
IS"
2(
231
192
2i
133
8
35
92
13
Id
2"5
8
16
3"3
13
1"
171
73
"0
"38
75
n
136
290
75
313
7,532
llU
17,885
Joly
1"9
2112
7.32"
33.132
8,010
3U.U99
8.259
Jhi^uat
62
11*1
5,2l|8
18,922
5,112
237
12,535
83
13,962
l,22l«
17.>«9
176
17.361
1,193
16,800
1.1*15
19,596
1.51U
22,220
3,682
31.778
3,81*3
32.935
2.652
8,259
282
9. "32
319
12,590
1,399
10,951
l,7"l
25.715
3,905
12,97"
",077
15,208
5,2"0
15.551
".720
S,"96
150
8,811
237
9,188
37
8, "95
83
8.566
1,22"
11,152
176
11,553
1,193
9
8l<0
1.398
l".706
1.513
15,8"0
3.635
25,22"
3.718
25.6"1
2. "89
260
5
1"
172
2"
50
25"
236
20
2"8
380
116
279
7"
221
26"
93
"00
176
288
262
367
2
307
105
253
188
12
"3
15
268
135
l"5
226
289
ft
11
(Contlmud oa follovlnc pae«)
362
359
35
"16
12"
"1
......,
.
June
1946
117
Position In Foreign Currencies as Reported by Banks and Bankers in the United States
Section III
-
-
(Continued)
Purchases and Sales of Foreign Exchange (Spot and Forward),
January - Decenber 1945 - (Continued)
(In thonsands of dollara)
Corraney ofi
Birope - (contlnuad)
A«la
Transactions
dTiriae month
CanadA
9v*d«KL
Switzerland
Otbar
Xnrope
Latin
Aaaziea
Tatal
iala
Jc^an (ineluding
Korea and
Manchuria)
All
Other
Asia
Salaa
Total ealeei
19 ^5 -January
Spot.
66;
2,962
7U
l'*,9l(0
3,923
897
297
3.306
79
12,11*3
l».7l«7
708
2.503
73
Spot...
TorwRpd,
U75
5,393
ll*2
Spot.
303
3.509
126
.
Porward
Te^ruary
Spot.
.
Forward
March
April
.
Spot..
U79
U,652
131
foivard
June
Spot.
3
361
2
3.575
forvaxd
May
13
1.739
18.293
2.775
21,702
3.791
3,972
769
29
ll»3
t,t37
976
865
168
933
90
833
U.ggg
lUU
23.853
1*,088
10. sgit
1*1
July
Spot....
Forvsxd,
768
5.0U7
207
15.078
3,591
••.233
1*87
Aiu^st
Spot...
Forvnrd.
1.315
6.189
169
2,728
Septflaber
Spot....
Forvard,
661
U,lt«9
IU7
15.987
2.991
21,6UU
U,052
88
"•7
Octnher
Spot...,
Forvard.
1.7H6
3t6
5,579
180
31,202
6.956
3,1*6
187
1.3'»7
5.723
294
2U,2>»3
1*.>I80
1.531
56
1,220
8,328
5.725
1,65U
662
23,1(72
10,17't
356
3.^*5
1,015
2,300
122
.
Torvud,
BoTflnher
fl^ot
.
.
17
815
Ul
985
110
2.1*17
1,27'»
forvard.
8
Spot
Forvard.
1.132
Spot....
Forward.
392
323
20
8,023
555
7U
letruary
Spot. . ;
Forward,
1S3
396
11
877
6,269
771
836
35
Mftrch
Spot....
Forvard,
6U
5'*l
2l»
785
1*1
iprll
Spot...,
Forvard,
Spot....
Forward,
79
Ull
17
8,752
geg
>«3
21
lUg
611
26
9,611*
235
82
316
132
268
126
Decenher
52
Salei to hankei
19lt5-Jan\iai7
K«y
g,2SU
17
283
1,009
June
Spot...
Forward,
850
796
36
July
Spot....
Forward.
361
761
76
Au^UBt
Spot....
Forvard.
783
882
50
7.355
SeptMiber
Spot
Forward.
398
759
19
lU, igi*
9,(22
21*
3'»
1,813
6,776
l.'»75
311
209
292
170
387
218
1*39
901
Octolier
Spot....
Forward.
750
3H6
1.023
UU
BoTenber
Spot
i.aoo
Si
302
163
Deeemher
Spot
Forward.
6*9
g
667
1,013
>«88
,*56
593
250
392
.li»2
5
6.917
g62
3.368
823
3.861
56
6TJ
837
•
15.799
3.703
12,6lg
2,762
flalea to otheret
19'*^-JannAr7
Spot....
Forvard.
273
2.639
Tehruaiy
Spot.. .
Forvard.
llU
2,910
68
5,871*
March
Spot....
Forward.
Spot....
Forward.
Spot.. .,
Forward.
Spot.. ..
Forward.
Spot....
Forward.
Spot..,.
Forward.
"111
U,g52
lis
6,353
2,790
3. '•37
13
2
9,5i»l
3,5''9
3
7IW
i»,eo2
783
13U
April
May
June
Juljr
1,732
3.098
109
331
u.ow
105
583
U,092
108
it07
U,2g6
131
532
5.307
119
17
1.907
12,088
2,782
IU.031
8,581
8,302
2,758
8,632
2,552
Scptflnlisr
Spot....
Forward.
263
3.730
128
7.it6o
October
Spot..
Forward.
Spot...
Forward.
996
U,556
136
15,1103
6^
'».523
200
Spot
Forvard.
W5
'•.707
1.166
270
BoTflsiber
Oecamber
,
3.151
52
3.253
11,625
5,566
11,016
7.032
976
U
3
3,772
Ul
801
3.?23
689
90
SI
2,1*17
1*1
776
110
2.125
83
I.IOU
2,799
137
'•,178
1.113
56
1,057
396
2.852
1,010
2.550
122
"•7
897
other
'".
^-v^
Treas.
HJ
U.S. Treasury Dept,
^0
Treasury Bulletin
1946
C.2
J
I
/
US, TREASURY LIBRARY
1
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