Full text of Treasury Bulletin : June 1946
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. 1 c^^ 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 m a >- u « 5 CO c IB '^ CO ::J H o u s g ^ & o ca a Treasury Bulletin June 1946 V a c :5i a h a 0) u a B « •o O to B •a B cd »< (0 H i O u B ^ s. o o Cd A-23 » A-2i^ „,-__-___ '€0CV4>K<-I 0.^/10. MOO (^ P4i3 .-lO _ • CTN-^ ao*** o OP. 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(0 co<-«ps-i ^ r^ Xi "^ ID ** od '401 _ jz -r* cnt^oc'^u 'uo« -H p Ic-d-H ©o" J3P j3p S.r'ffi-or^U'aB'dnai r^-O «**o »- a a » v uor-4h«<b :vo oo'4v«««>c)D*JC (<o n *.t,**,^p.*j m %. u <l *i u- a v -HOf^t^Or^ *>>>ooua >ajoavi ^oa a, jo •> «->rfa(M)Da o-»>oJ-fto ''BvltJNO** «>-< «l — - o VD CVJ ** J* r-l 0«»PJJ- ««».-l Sh w* •* WW -c>kOo>"« ,.. tlO^— tfc] u-o r ^ V a«»ci • ~>>. »Vi*»>»0'-^ ••^•P.rH Ktaxt-^^'OKavr-t] o ajt->«4a ** a m v.*>o^-< t. jsaaCBO K^ Treasury Bulletin »>qaj »td>^ d S Bt.H B t. *> L. ••vmi V d -i^*> (M<M b ad j=»*q e^o-i «> t' .fl t< '-S » «^ a jSb** o a *» tto-n ** - (H*.q flw -- a)-'4ja ****> -mo po b^-o* -q x** a >k''> as^d-au fc. «tu]>»-^ a *i v>.Had -JOl. w^ >-* a -i* •« B « Q-« p-^ i>> Tid v rHMO. ..^^ t.q*» «-4u*> ja p« >,Bq B-O** •O* jq^Hd » BO V*M>| 3s -*•» B OB a-^ij:) « "^ c>j*> o-d -ho *» bb «o B** *; d^^Bq h-^d *'i <hO o ^3'*' £• o -— wq9)**q -^HBd OBft **gMB bbbo -OM HB a*-® bsu pp.b 000 ^^ — *» u •*Vi "Od 00 -^o — ^^ — M «*i^ »»^ ** do ad ^f** op. ^H °g* o** M -4 *j *<J^ Mw bv* -a T**0 > 9 hb Q3 «8 — d« bM o« jP-b .- t> Q** 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 liiii liiiiiiii ::i# tH»liiitiJHi<MiMiliiiitit{ 0031945