Full text of Treasury Bulletin : May 1948
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LIBRARY
ROOM 5030
JUN
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1 1972
TREASURY DEPARTMENT
/
^Bm/LEFUN
MRV-194B
UNITED STRTES TRERSURV DEPRRTMENT
OFFICE DP THE SECRETBRV
May 1948
Table of Contents
Page
A-1
Treasury financing operations
Summary of fiscal operations
1
Budget receipts and expenditures
2
Trust accounts, etc
6
Treasury cash Income and outgo
10
General Fund of the Treasury
J3
Debt outstanding
ik
Statutory debt limitation
17
Debt operations
16
United States savings bonds
84'
Treasury savings notes
27
Ownership of Federal securities
28
Treasury survey of ownership
JO
Market quotations
3'''
Yields of Treasury and corporate bonds
37
Internal revenue collections
39
Monetary statistics
k"}
Exchange stabilization fund
'I-7
Capital movements
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.
49
May 1948
A-l
Treasury Financing Operations
April Certificate Maturity
of
Subscription books were closed at
A one-year Issue of f/6 percent certlfleateB
Indebtedness outstanding In the amount of
194^8.
On
$1,321 million matured on April 1,
March 22, 19'^S, the subscription books were opened
for a
new
one-year
1-l/S percent certificate In
exchange, par for par,
icates.
for
the maturing
certif-
Cash subscriptions were not received. The
new certificates are dated April
1,
19'+S,
and bear
Interest from that date at the rate of 1-1/S percent per annum, payable with the principal at maturity on
April
Issued
bearer form only.
in
1,
19^3.
$1,000, 15,000, $10, 000,
Reports
to
The certificates were
In
$100,000,
denominations of
and $1,000,000.
the Treasury on the ownership of
Government securities Indicate that on February 29,
about 13 percent of the $1,321 million of
19'+S,
maturing certificates were owned by Federal Reserve Banks and reporting commercial banks.
The
ownership figures for February 29 are the latest
which are available for holdings of commercial
banks
Note:
HlBtorieal details of treasury market financing operations are shown la the tables on 'Offerings' and
"Disposition", respeetlvely, of marketable issnes of
the close
Holdings of the maturing
certificates of indebtedness by the Federal Reserve Banks, which totaled $105 million on March 3I,
were redeemed In full for cash. Exchange subscriptions for the new issue amounted to $1, 05!; million,
leaving $l6o million to be paid to holders other
than Federal Reserve Banks.
of business on March 2k.
Treasury
BUI
Retirement In March
substantial retirement
outstanding
of
Treasury bills was made in March. The four issues
maturing during the month totaled $'l-.g billion and
A
the amount refunded totaled $4^.3 billion.
Each
weekly issue exchanged for the bills dated March M-,
March 11, and March 25 was $100 million less than
the amount maturing. The new issue dated March IS
was $200 million less than that maturing.
The
first three issues of the month were $1.1 billion
each and the fourth, $1.0 billion.
The average
rate of discount for each of the offerings of
March k and March 11 was O.997 percent and for
each of the offerings of March 18 and March 25 was
0.996 percent.
bonds, notes, and certificates ef Indebtedness, and
the table "Offerings ef "Treasury Bills',
In this
issae of the "Treasury Bulletin".
May 1948
SUMMARY OF FEDERAL FISCAL OPERATIONS
(in millions of dollars)
Budget receipts and expeaditurea
Tlseal years:
1937
1938
1939
let
reeelptB
Expenditures
1/
i/
5urplaB,
or
deficit
7,806
7,031
9,027
9,305
-2,777
-1,177
-3,862
-3,918
13,766
-6,159
3'*,2«9
19*3
7,607
12,799
22,282
igitu
UU.iitg
79,702
95,572
-21,1*90
-57,1*20
-51,1*23
19^5
1*6,
U57
100,397
-53,91*1
19116
1*3,038
1*3,259
63,711*
1*2,505
1*5,210
37,728
39,669
igiti
l9l^
19'»7
(EBtlmatcd)
I9U9 (Estimated)
iglta
U77
1(1*,
Calendar years:
I9UI
Set
increase
Clearing
account
In
public
debt or
decrease
,
y
<-)
5,029
5,855
5,165
5.387
19I10
Trust
accounts,
eto. - net
receipts,
or expenditures (-)
2,6U6
36,1*25
71*2
2,633
2,991
9,507
20,169
5,1*51
5,529
1*8,1*97
ltg,96l
72,U22
136,696
201,003
6,370
U,56g
55,332
76,991
1*,100
11*0,796
1,623
202,626
698
258,682
1*33
-10,1*60
ll*,238
269,1*22
1*76
-11,136
-10,930
3,308
258,286
90
259,115
269,898
258,376
-7,386
-772
-51
2,536
250,900
68
250,968
2,1*81*
21*6,200
62
21*6,262
632
3,560
57,938
108,170
165,877
230,630
6,321*
,983
U,301
It, 230
61t,262
112,1171
-2,222
6U,307
791
57,679
l*,529
-20,676
-52I*
10,71*0
751*
-1,103
555
7,1*83
-1*69
-1*00
u.goa
-159
-l*,700
-11,762
1*80
-1*1,1*61
-1,788
-266
-1,161
12,913
50,232
57,707
61*, 753
20,610
57,863
90,21*1*
191*
1*1*,
1*21
98,071
-55,691
-53,650
19'»5
>*6,oi*£
89,61*0
-1*3,591*
19U6
1*1,601
1*1*,
113
-2,512
19'*7
'3,977
1*1,51*3
2,1*31*
u,ng
5,013
-895
3,819
3,67s
1»,860
-1,01*2
3,1*35
3,81*5
2l*3
-123
-1,386
-350
Total
Federal
securities
lt2,96g
35s
6,515
10,662
55^
Ouaranteed
securities
1*0,1*1*0
5,991*
23,1*61
6U,27l*
8,81*9
16,1*03
deU
2,553
2,216
2,838
1,891
90s
-1,613
-338
31*,
Public
-128
-338
622
-9U7
3,275
2,528
191*3
Debt outstanding
General
Aind
balance
ltl,089
lt2,018
lt5,890
71*0
1*1*3
19'*2
Levels, end of period
(-)
(-)
1,210
Vet
Increase
In General
?tLnd balance, or
decrease
21*,
37,165
751
10,51*3
12,291*
91*2
22,236
26,003
3,502
3,097
278,115
11,665
i»,853
1,511*
170,108
232,
IW
567
339
81
278,682
567
55s
551
553
276,682
276,565
362
-18,966
3,767
-22,502
-2lK)
-2,21*9
-i*05
-319
-307
-36
-295
12,773
772
327
-3,201
11,558
-577
26,003
278,115
25,1*27
278 ,887
531*
25,961
21*, 367
279,211t
272
-2,111*
-3,1*33
-2,398
?73,898
272,583
27it,itit3
-1,316
-3,161
20,935
18,536
5ltli
1*8
-l*,29g
ll»,23g
269,lt22
Ws
273,135
269,898
-1,152
-72U
-2,177
-2,209
-989
-S68
12,029
268,270
11,01*0
267,5lt6
10,171
265,369
-1,837
-1,255
-3,128
-2,101
8,070
6,665
3,502
263,532
262,277
628
1,210
It,
711
259,776
1,61*2
-2,291*
2,1*22
7,131*
-22U
6,909
261,1*18
259,12lt
U,312
It, 066
3,308
257,701
1*7,1*81*
259,11*9
256,900
259,1*87
256,98!
Months:
191*5- ^cember.
,.
igl^D-January
.
.
February
March
.
.
.
5,71*7
2,677
2,733
l*,26g
May
June
U,lt79
5,352
-1,591
-1,131
-873
July
2,'
3,61*1*
-1,105
Au^st
2,1*31*
2,932
2,755
-1*99
April
318
2,965
2,529
3,662
-1*20
120
36
3,820
I*,
378
5,701
3,113
706
April
May
June
July
.
October.
NoTember
December-
.
19^7 -January
.
Tebruaiy
March
It,
2,361*
l*,107
.
.
.
.
.
.
September
October.
SoTember.
December
.
igUg-Janualy
February
March
.
1*78
2,51*1*
.
-165
IA5
27
-1*8
-1*
-5i?
31*
-1,593
-1,1*05
-3,163
3,911*
it6U
-69
215
3,598
2,102
-72
-56
102
39
2,556
2,865
it.ooi
-1,1*1*5
67
37
-2,598
61*2
-2l*5
5,1*73
5,51*0
-987
-67
202
62
-1,1*23
3,851
3
-57
-758
2,397
2,536
-1U6
-173
-121
l,l6l
6U9
-953
-239
332
552
21I*
-71*
It,
-127
-80
-859
-1,312
155
-172
-838
222
-101
-53
-326
-1,969
-1,615
1,551
-330
1,035
.
1*,872
3,669
3,060
2,932
.
2,390
2,1*1*5
Au^et
2/
-265
1,723
September
. .
ij
3,861*
-270
206
-366
:l^
.
Source:
1,902
-637-
-1,272
17
-521*
37?
1,91*0
-3li*
5^9
1,022
69
265
-U6g
.
2.71*3
.
.
U,2U6
2,191*
3,221*
.
.
l*,275
2,879
1,396
259
.
.
l*,336
2,1*02
1,931*
-19I*
6,331*
3,51*6
2,788
-86
Actual figures froa Ifeily treasury Statement; estimates based upon
I9U9 Budget document, including effect of proposed legislation.
Gross receipts less amounts appropriated to federal Old-Age and
SurrlTors Insurance Jrust fund.
Izcludes amounts for public debt retirement which are chargeable to
the sinking fund, etc., under special proTislons of lav; Includes
net expenditures of OoTemment corporations wholly owned, etc.
i/
U/
276,012
259,11*9
279,ltU5
279,761*
wo
268,603
267, 92U
265,768
386
370
339
262, 6U6
259,lt87
333
263,91s
270
188
182
260,0116
258,31*3
178
177
258,286
90
257,880
258,521
258,376
3,069
259,1*1*8
3,1*00
260,097
259,528
260,176
259,221
261,606
259,306
3,952
259,11*5
80
79
76
107
3,935
3,097
259,071
258,212
256,900
83
89
81
259,155
258,301
256,981
256,571*
77
79
78
25!*,
U,6l*8
i*,3i8
2514,605
5,353
252,990
255,651
683
253,068
Comprises trust accounts; sales and redemptions of securities of
CoTemment corporations, etc., in the market (net); Increment on
gold; seigniorage on silver; and miscellaneous funds and accounts,
figures exclude retirement of national bank notes chargeable
against increment on gold (fiscal years 1937-1939)*
Clearing account for outstanding checks and telegraphic reports
from federal Beserre Banks; Increase, or decrease (-).
...
,
.
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Summary by Major Claeelf Icatlons
Bllllou of dollar*)
(In
iMoipta
^
lzp«iidl tor*!
Lett:
fltcal j%^x
or aontta
rM«lpti
ApproprlatloB*
to ^dsral
Old-Ac* AJ^
SorrlTort
Inraranflo
Bd
lBt*r«st
oa
th«
pablle
trust TanA.
•td
daM
at
l&t«rBAtloaal
atlsnal
tefau*
raoAlptt
lafUds
T«t*raAa
idBlBlltrmtlon
y
of
tucaa
•od
dntlca
Oth«r
total
•xpondltorot
Bu4««t
•urplaa
or
danelt
(-)
1/
19110
5,3«7
7.607
12,799
22,282
191*
550
688
896
1,130
1,292
iiSi::::::::::::
1,310
1,?38
I9UI
igte
5,937
8,295
13.695
19''3
23,'»12
V^l
to, 718
1,0>*1
Ut,llt9
1,657
6,655
28,266
75,297
89,720
lt6,U57
,501
3,617
U,722
U,958
2, 060
'*,253
3,03<t
7,259
i.itsg
1*3,038
'»3,259
^
1,111
1,260
1,806
2,609
870
17,279
l*,Ui5
727
557
563
i^
730
91
5.959
90
5.3^
91.
1,113
I'
267
2,2U6
1,715
3,050
2,505
2,108
5,515
-3,918
-6,159
-21,190
-57,120
-51.123
9,305
13,766
31,289
79,702
95.572
100,397
-53,
fl
-20,676
751
63,711*
12.505
(litlaated)
W,«37
l,6^7
U5,210
ll,7l»
l*,9l6
5,200
6,1*99
2,01*6
7,325
37,728
7,183
I9U9 (Iitlaatod)
U6.1I99
2,022
ltU,l»77
ll,2Mo
6,53l»
5,250
5,811
1,986
8,818
39,669
1,808
2,'»70
72
397
2,536
U,872
981
910
1,008
691
2^
56U
103
668
120
103
\<^
53
1,067
8II
6I1
3,669
3,060
2,932
-1,272
619
2.390
2,7»3
1,151*
lUl
936
996
150
218
U81
526
568
53
157
115
117
2,115
2,191
3,221
1,069
850
850
223
266
596
585
133
131
3,516
19>>«
19l»7-July
ihi«ait
2,866
8«pt«Hb«r
.
l»,885
'S
.
.
2,i»56
.
.
66
310
lU
October.
loTaabor
iMaa^r.
\%
.
19>t8-Jaiinu7
fobmary
>t,3lo
li,6lU
.
.
March
Sonreal
a,
U,2l*6
'».275
35
278
30
6,365
"•.336
6.331
68
157
127
972
1*01
ll*2
608
Actual flgorai froa Dally Traaaor; Stataaent: eetlinateB based upon 19I9
ftid^et doeuaa&t. Including effect of propoeed legiilatlon.
521
529
597
78
182
^otnotee at end of fable
-521-
1,910
5I9
1,022
2,879
2,102
1,396
1,931
2,788
5*
Table 2.- Gross Receipts by Principal Sources
(Ib
illloni of dollari)
Internal reTonna
flBcal /ear
or month
Total
grosa
reoelpte
1910
1911
1912
5,937
8,295
13,695
23,112
1911
Income and profits taxes
total
Internal
rerenoe
^
kploTaent t&xoi
6/
Mlacella-
Vttbheld
total
other
aaployara
a/
Total
Old-ace
iQsuranoo
Unemployment
Inturaooo
Hallrood
retireHe nt
neoue
Interoal
rerenoB
Custom
All
other
receipts
y
8,393
2,125
3,170
7,960
16,091
26,262
833
925
1,186
1,198
1.739
605
691
896
1,130
1,292
108
98
120
158
180
121
137
170
209
267
2.315
2,967
3,8l7
1,553
5,291
319
392
389
321
131
9UU
3,325
35,173
30,885
29,306
10,289
9,392
10,013
2U,88l
21,193
19,292
1,780
1.701
2,021
1,310
1,238
1,159
185
180
185
285
283
380
6,919
7.725
8,019
1*91
I'sis
12,056
31,199
11.327
20,172
2,395
1.627
211
557
8,162
39U
1,387
13,781
32,69*
11,757
20,907
2,828
2,022
221
582
8,292
378
2,337
2,126
2,662
1,267
1,382
1,668
3,135
625
1,255
797
757
113
2,639
80
352
133
72
2
6
13
September.
2,170
2,866
1,885
663
613
699
37
31
31
307
172
585
October ....
loTembar.
Osoeaber ...
2,156
3,051
1,260
2,197
2,690
3,678
1,315
1,666
2.769
611
1,315
880
702
350
1,889
70
329
ll2
66
310
11
782
695
767
12
32
35
217
331
517
1,310
1,611
6,365
3,911
1,211
6,080
3.237
3,159
5,165
62U
1,563
998
2,613
1,597
1.168
51
123
176
35
278
30
656
629
739
37
31
11
329
369
213
15, 1*11
5,303
7,362
12,993
22,111
11,685
2,125
3,170
7,960
16,091
31,655
1915
1916
1917
17,766
11,276
11,718
13,902
10,310
39,379
1918 (Istlnted)
16,837
1919 (Istlmated)
16,199
1917-July
iu^st
.
19l8-Januai7
FabmaJT
March
Soureet
.
.
.
Actual figures from Daily Treasury Statement; eatlmatee %ased npoa 19^9
ftid^et document, Including effect of proposed legislation.
9
3
1
116
1
10
9
1
126
13
138
3
6
13
133
Vbotnotes at end of Table 5>
285
512
3,510
May 1948
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions at dollars)
fiscal year
or month
Department
af the
Ars7
fotal
PajmeBtB
under
Araed
Torc«B
Z«aTe
Department
of the
Navy 2/
s/
Unit ad
States
MarltlM
Sot plus
property
dlapotal
a^enelet
UHBfiA
Cotmnlttlon
let
Bee OBI t met t OB
TiBaBce
CorporatloB
other
11/
10/
IJltO
667
678
14,070
1,657
6,655
38,266
75,29T
89.720
igiii
I9't2
19>3
191A
19^
19U6
13^1
(latlnatel)
19U9 (Istlnatad)
19>l«
19U7-Jnl7
October.
HoTemher
Beceaher
.
.
.
.
.
.
.
99
51
929
2,776
3,812
30,oU7
15,161
»,998
3,227
50,337
27,800
ll,7't2
6.375
6.307
ll,123
^5
7>25
Jl.SltO
35U
2,255
3.189
I»72
1,986
271
66U
1.501
278
5
>»17
200
U,155
829
1
lUO
368
uo
U9
Uo
26
-15
81
1)8
17
571
30U
55
38
53
13
357
936
996
6U7
503
565
U9
28
18
3«
18
ao
1,069
850
«50
679
U38
398
350
35^
Actual flgnrea from Sally freasary Statement; eBtlmatea baaed npoa 19H9
Budget docooent, Including effect of proposed legislation.
6,305
U,117
519
328
138
9
lioU
3
1
1
8
36
30
7
106
Viz
Hi
330
337
368
259
2,U32
6,180
2,68?
69l»
"•33
l.ljlt
.
ISlMS-January
?ebruaiy
Mareh
U9,ai»2
891
2,313
8,580
20,888
26,538
90,501
&8,g70
17,279
9S1
910
1,008
Ao^at
Septeaher
J,
19
20
3
5
19
27
9
llO
Vbotnotes at end of Table 5*
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
firetton
flsaal 7«ar
or month
tfoods
Agreements
Afit
I9U6
IrportImport
lank
568
938
19'»7
727
U,U15
I9U8 (XstimatsdV
I9U9 (Istlmated)
'».9l6
6,53>t
736
500
Angusi
September.
691
619
68
I?
October.
BoTember •
Dsoember
lUl
150
218
36
223
266
3
-5
19117 -Jul7
.
.
.
.
.
19U8-Jaimarr....
February
March
.
.
596
159
1,U26
Credit
to
ttnlted
Kingdom
assistance
Ssllef to
war
deraatated
countries
Qorenment
and relief
In occupied
countries
Siropean
BeoOTery
Program
Interim
aid
(Act of
I9U7)
Other
foreign
aid
2,050
1,700
275
119
5
10
25
272
£0
99811/
1,290
38
3
100
32
'I
56
100
100
100
11
l«
27
59
21
16
Actual figures from Sally Treasury Statement; estimates baaed upon 19^9
Budget document, Including effect of proposed legislation.
500
u.ooo
375
165
32
12
2
-5
89
m
Oreak-
TurUsh
'»7
55
23?
footnotes at end of Table 5*
3
78
111
60
UllO
..
.
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In
fiscal 7««r
or Boath
I9I1O
Total
of clollcri]
Soeial
apical tora
•curlty
procrtm
i,su
1.915
Ig^
19M
2.505
2,108
5.5*5
59I1
2,*6
19'»7
19>t8
(Ittlaatad).
19l»9
(latlaatad).
19l»7-*ay
,067
M^st
Slk
Saptsabar
.
.
Oetobar
loTsater
Oaceabar.
.
.
.
.
.
igUg-Januarj
Ta^ruary.
Mich
Source:
1/
2/
6/
1/
8/
2J
10/
7.325
. .
9n
673
3»
1,229
801
8*5
l,o€£
969
-»3
Homing
Uraet
and hoae
and vork
rail of
W
373
702
-17
1.573
3
I.37I*
-201
-35*
-360
970
299
17
Miicellanaooa 19/
1,067
IJ?**
612
U
668
183
705
1,3^0
2.365
3.652
:^
695
1,622
1,38*
-28
1,038
1,509
1,878
-21
16
l£o
-27
612
96
-1»
zn
80
52
97
109
-12
-8
U88
515
5?
lOU
«3
110
Actu&l fl^xires froa Dally Treaaury Stat«Beiit; estlaates based upon
19^*9 Budget dociaent, Including affect of proposed legislation.
Rzoludes aaounts for public debt retlronent vhlcta are chargeable
to the sinking fund, etc., under special proTlslona of lav. Includes transfers to trust accounts and net expenditures of wholly
ovned CcToriBent corporations, under appropriate classifications.
Expenditure classifications In these tables are based on the Dally
Treasury Statsaent, and. therefore differ soaovhat frcm those In
the 19^*9 Budget docunant.
Represents appropriations equal to "Social security -- employment
taxes" collected end deposited as prorlded under Sec. 201 (a) of
the Social Security Act Amendaents of 1939* See also Table 7.
follovlng. figures vore rerlsed in the February 19^ Issue of the
"Treasury Bulletin" to reflect the pressnt classification of certain
expenditures relaburaed froo the Federal Old-A^ and SurrlTors
Insurance Trust Fund.
Includes public vorks undertaken by the Teterans Administration.
For further detail, see tablee under "Internal Reronue Collections"
Receipts of Tictory taxee withheld pursuant to the Rerenue Act of
19*^ are classified as "Other" incoae and profite taxes.
Excludes railroad unflmployment insurance contributions, irtilch are
included in "Ail other recolpte"
At present consists largely* of proceeds froa the sale of surplus
property; also locludeg deposits resulting froa renegotiation of
war coctracta (for detail see "Treasury Bulletin" for February 19^8,
page ^) , and recoreries of U. S. InrsstBsnt in capital funds (see
tables on "Cash Incoae and Outgo" in the current Issue of the
"Treasury Bulletin").
Departaant of the Armj expenditures, including expenditures for the
Departaent of the Air Force, which are being made fron Amy approprlatlons pending transfer of funds pursuant to the Act of July 26,
19'»7, but excluding expenditures for the follovlng:
payments under
the Araed Forces LeaTe Act, URRRA, and care and disposal of surplus
property, ehown elsewhere in this table; international finance and
aid, shown in Table U; rlTers and harbors and flood control, Included
under "Public Works" in Table 5; and Panasia Canal, Included under
"Miscellaneous" In Table ^.
Departaent of the Rary expenditures except those for payments under
the Araed Forces Leare Act and for URRRA, shown elsewhere In this
table, and those for international finance and aid, shown in Table U.
Beginning March 19^^, includes reimburssanent for expenditures by the
17»*
^^
SI
1.31
vorks
u/
510
5«6
£;£
753
800
1.272
1.1402
19^3
19IA
ralilte
w
IS/
5.959
5,3*9
19»1
19l«
llUou
Aid to
5«
113
-2
13H
TT
100
65
69
-9
56
11/
12/
1^/
iW
15/
16/
17/
18/
19/
*
-16
135
165
287
190
213
Departasnta of the Any and the Vary for care aad haaOllJQg of surplus
p)ropart7 orereeas.
national defense and related actlTltles of R.F.C. and its affiliates.
After July 1, 19^7, expenditures for these purposes were not segregated from the other expenditures of the Corporation and its afflll*
ates, which pre Included under "Miscellaneous" expenditures in
Table 5For detail prior to Julj 1, 19^*7, «ee "Treasury Bulletin" for
Fsbruary 19^, page 7. Curent figures consist solely of Office of
SelectlTe Serrlce Records.
Includes expenditures froa prior year appropriations i^ilch are not
shown separately in the Daily Treasury Statsaent but are included
under the Departaent of the Amy.
Departaent of Agriculture expenditures except those for UbkkA, surplus property disposal, other national defense and related actlTltles prior to July 19^7; international finance and aid; and forest
roads and trails. Included under "Public works" In this table.
For more detail of these expenditures, see Tables 7, B, and 9
following. Tax refunds shown there are excluded froa expenditures
in thie table and included in Table 1 preceding under "Refunds of
taxes and duties".
Federeil Works Agency expenditures except those for surplus property
disposal; other national defense and related actlTltles prior to
July 191*7, and aaaletance to Greece and Turkey. Includes also
riTers and harbors and flood control, forest roads and traila.
Bureau of Reclamation, and Tennessee Valley Authority.
Housing and Home Finance Agency expenditures except those for surplus property disposal, and for other national defense and related
actlTltiee prior to July 19^*7.
Rot classified separately for fiscal years after 19'*5> For additional information for earlier years, see "Treasury Bulletin" for
August 19^^^, page 6.
Includes expenditures for executlTe departaents not included elsewhere and legislatlTe and Judicial functions; GoremDent contributions to Federal employees* retirement; atanilc energy; aids to
education, labor, finance, coiaarce and industry; CItII Aeronautics;
Panama Canal; Post Office deficiency; stock-piling; and, for 19^8
and 19l»9 eetlaatee, a reflerre for contingencies.
Less than $^0,000.
May 1948
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Suminary by Months and Calendar Years
(In mllllODs. of dollars)
Feb.
Calendar year
Apr.
May
June
July
Net budget receipts 1/
I9U0.
19UI.
igUz.
19^3.
ig"*"*.
191*5.
19U6.
191*8.
315
tug-
Sept.
Oct.
Hot.
Dec.
Total
3
1
...
..
.
6
t
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act
(la
- Budgret
Receipts and Expenditures
Bllllsu of doUura)
Saovipts
Oron r»a«lptt
Ixotta •t
•4 r*««lyt%
flioal 7««r
I«tal
tsrti (-)
I9H0
15*1
ISte
-282.0
7U.2
-3W.5
i^:::::::::::
IHH:::::::::::
19*7
-361.
1,015-t
1,288.9
-3'A.3
l>72.t
-J06.7
-363.5
-573-3
1,1»9H.5
l,>tll.l
i.eA.3
-M.5
19U7-J11I7
M«ait
7'».'»
-70.1
33«.7
l«-7
-70.0
-7S.I
-je.o
S6.8
320.3
flapttatoar.
C>«t>b«r...
loTaabar .
laoaa^r.
i5.fi
19Ug-Jaaaar7...
H^raarj.
Federal Iniureno*
Ooatrlbatlou lot
(01d-«c« Inaurana*}
7i2.a
-3*?.
61.$
I
Narah
L«»:
SoolAl ••oorltj tax«t
«r aoBtk
'•4«r*l Vnaapl«7a«ni
to Tadaral Old-ic*
and AnrTlTort Xaiaraaa« ^lut foMA
reoolpti
^
(Pn—playaant ln«ur>aca)
604.7
690.6
«95-6
1,130.5
1,292.1
107.5
97.7
119.9
158.4
179-9
»0-0
162.2
SS8.1
895.6
1,130.5
1,292.1
IM.l
U9.9
1,309.9
1,238.2
i.^sg-s
184.5
179-9
184.8
1,309-9
1,238.2
1.499-5
iwil
72.H
329-3
IJ 9
2.1
9.*
2.1
72.4
3«9.3
13.9
2.1
9.*
I.t
65.6
310.5
14.1
9.8
i-S
310.J
l4.l
9.i
l.J
12.9
138.4
12.9
39.5
2n.7
12.9
138.4
l«.9
Ul.ll
35-5
lilfi.l
2n.7
"•SO
30.it
.(
15«.*
ITJ.J
U4.9
65.
.6
J0.4
Igpaadltmraa
Oraata ta Itataa
Ohlldraa'
»ar«aa
8aalal Saoarlt^ idalalltratloa
2tioal Taar
tr aoatk
Total
AdalBlatratira
aspauai
Total
1940..
1941;.
1942..
1943..
1944..
85.3
31.5
31.5
33.3
32.1
356.5
415.2
469.6
491.1
488.0
I9U5..
1946..
1947..
31.9
38.8
24.9
451.9
498.4
724.1
1947-Jal7
^i^it
.
.
.
Septaaher.
October..
VoTaaber.
Oeoeaber.
194g-JeBn«i7
Tebruary.
Maroh
.
.
Old-aca
aaalatanoa
Mi
to
dapaadant
ohlldraa
ild ta
tha
411 od
Caaaplojaant ooapanaatloa
adalalat ratios
^
Pa41ia
Health
Sarrlea
Mataraal
aad ahlld
health
aerrloei
8am aea
far
orlpplad
ohlldraa
0.
8.
«qaarOKI Id
valfare
lerrl aa
•aat
tarriee
6/
Bafttada
of
tazea
May 1948
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act
-
Budget Receipts and Expenditures
(In alllloDB of dollare)
BecetptB
Tlecal year
or month
igito
XxcesB of
receipts, or
expenditures (-) 1/
-2-3
8.7
igUi
i9i«
19^3
19UU
19^T
19U7-July
Au^et
.
.
September
October.
November
December
igUg-Janoary
?ebruai7
Mardi
.
Source:
^
^
.
.
tPatlve
eipensoB
2/
Total
Transfers to
Railroad Betlrement Account
(trust account)
l.g
123.3
128.2
IU8.5
220.2
265.3
2.6
3.8
7.6
5.U
2.5
120.7
12U.U
1U0.9
2lU.g
262.7
-26.3
-IS.g
T7.3
285.0
282.6
380.1
311.3
295.»
302. S
i.l
W.3
308.8
291.9
298.5
-506.2
12.7
116.0
6.0
13.0
116.3
512.2
-52.8
8.2
125.7
k.S
8.6
126.2
-55-9
6.1
132.2
2-5
a.
igitS
AdfflinlB-
121.0
136.9
170.0
208.8
267.1
-ll.lt
igits
Sxpendlturee
Taxes on
eerrlera
and their
employees
BefondB
of
taxes
.2
1.1
511.6
•3
.3
56.0
57
.3
•
5
58.
5S.0
M
132
.k
Dally Treasury StatementSxcees of expenditures Is covered iij appropriations tiy Coogrees.
Includes only ej^endltures from appropriations made specifically
for administrative expenses relating to the fiallroad Retirement Act.
Less than $30,000.
Table 9.- Railroad Unemployment Insurance Act-^ - Budget Receipts and Expenditures
(In
mllUons of dollars)
IxpendltureB
fiecelpts
fiscal year
or BO nth
Bxoess of
receipts,
expenditures (-)
-.1
-k.l
igito
19U1
igfa
i9'3
19SJ*
2.1
2.1
-2-7
19|»5
I9lt6
-.2
I9t7
•5
.6
August
September.
.
.
.
October.
HoTember.
I^cember.
.
igUS-January
yebruaxy..
March
.
2/
^
unemployment
Insurance
Total
eontrHmtlons
.
AdmlnistratlTe expenses (fiallroad
OnemploTment
Insurance AdmlnlstratlTe fcnd) Jt/
U.9
6.8
8.5
10.3
12.1
8.2
1U.9
13.2
12.9
14.2
12.6
13.1
13-7
3-7
10.1
5.0
-10.1
19U7-Jnljr
Source:
1/
fiallroad
i
5.0
3.'t
7.5
2-5
2.2
3.2
6.0
11.7
1:1
-3
.2
.5
25
2.9
.5
.5
.5
.5
.!»
•
.1*
.1*
-•3
.1
M
.k
2.8
3.5
.7
.7
-3
.3
-.3
-.1
3.1
.1
.3
3
3.6
•5
•5
Dally Treasury Statement.
Operated as Ballroad Unemployment Insurance Administration Aind.
Kxcess of expenditures Is covered Xty appropriations by Confess.
Eepresents 105^ of contributions under the Ballroad Unemployment
Insurance Act; the remaining SOf» its deposited In the fiallroad Unemployment Insurance Account, Unemployment Tzust fund (See
Table k under "Trust Accounts, ftc")
U/
5/
*
Transfers to
Ballroad
Unemployment Insurance Account
Unemployment
Trust hini 5/
5:2
9-2
9.7
Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Ballroad Unemployment Insurance Act.
Bcpresents excess funds of the fiallroad Unemployment Insurance Administration ISind (under Act of Oct. 10, I9U0).
Less then $^0,000.
•
....
.
,
Treasury Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Receipts and Expenditures by Major Classifications
(Id Bllllont of dollari;
lotal
trait
count
•te.,
Asoal rear
c
or aoath
let
ut
IA3
908
-1,613
-33«
-2,222
IS"*
xshi
19itf
19^3
igwt
19^
lodoral aid-*«« and
SuTTlTort Xararacce
¥ruit Aud
Bacelpti
ne^tlre flgur«B
are net exp«nditur«e)
latlonal Serrlca llfa
Insttranca fanA
xpondlturot
Dot
3
592
589
10
Tldt
73''
1
967
X,21S
1,395
958
1,212
1,389
11
l,U3it
26
19
-11
Bacelpta
UDaaployvcot
Truat Foad
Ixpanditurot
U6
316
905
322
798
800
I,'t37
l,'t57
1
630
629
39
512
511
3
U9
2U5
2"*2
-12
'•3
9^
52
-3
-2
Ul
213
53
Uk
205
55
57
37
5«
U
100
96
58
(latlmatad).
-159
26
2,097
2,071
6>t7
6lt7
-129
206
-U35
71
287
72
329
1
66
"3
-320
23
3'»3
71
65
U7
2«3
13«
-5^7
19
132
-15U
66
310
.
19Ug-Jacaai7
hbruATT
.
.
U82
-295
-139
.
Mveh
-llU
U6
2,102
2,332
1.516
-5
-11
-7
-7
6
-1
1*3
27
178
180
96
278
Ul
208
3
1
U8
39
liO
155
-5
50
57
5S
5»
Other trutt aecotictB 2/
TlEcal year
or Bonth
Vet
19l»0
35
igUi
20
U6
92
Becelpti
Xxp«ndltureB
1,508
1.280
1,289
1
19119
.
i,itol»
-2
707
. .
1.399
1,567
1,1*06
707
.
•
323
308
1,867
Octotwr
loTeabar.
Decaabar
1,*?
312
323
1,820
.
l,2*lU
32l»
l.(>23
SapteBber.
-2
3
-46
iu^at
957
1,118
1
-37
....
95?
Seigniorage
on ellTer,
Increment
on gold,
net
net
-6
3
-1
32
-23
9
9
11
1,5*
1
-2
-11/
Special deposit
accounts and nls-
cellaneonB funds,
nety
Sales and redanptlone of
securltiea
of Oovernment
corporstlone
ate.
.
sarkat
,
567
820
68
-2
116
26U
503
288
852
-1,809
-696
l,fa69
555
-iwo
620
-110
-302
1,693
2,135
1,505
1,072
1,807
-bU7
-372
-1,553
-95
-359
(Istlaatad)
-95
1.763
1,858
-1»27
105
I9U9 (latiBatad)
-29
1,359
1,388
-525
369
I4
87
3U5
lUo
83
28U
Ug
-51
-12
19i»5
igUfi
19^7
19lt«
19i47-Jul7
iu^ust
Sept es bar.
October
loTeaber.
l^oenbar
.
.
61
91
.
.
. .
I9l>g-Jannai7
7abrnar7
March
Sonrea:
.
. .
1.9
"J
20
Ik
386
U26
2,2l»5
2l»8
-lUo
123
118
38
55
96
1*22
-27
56
-8
23
203
26U
61
-69
61
-2U5
110
135
355
127
-9
21
-10
-1
Actnal fL^urea froa Daily Treasury StatanaQt; eatioatae baaad opon
I9U9 Bodgat docuneDt
includio,; effect of propoaad le^lelatioo.
Xxcaaa of net aalas of eecurltlea froa ioTaatseot acconnt; aaa
table 3, foHo»ln«.
Includaa OoTemaent retlroaest fnnda. eto.
See alao footnote 3Co^riaes Public Vorka Adaialatratlon reTolTing fund, apacial
dapoaita (net), and, during the fiacal yeara 19U0 through 19U;,
2/
JJ
U/
*
-ll<6
-173
-121
"•3
,
1/
-2,87'»
85
63
-326
9
Clearing
acconnt
in tba
net U/
129
19^3
19Mt
57
3
366
U06
U72
658
9U9
19lt2
Zxpandlturea
1.508
1.2U8
1.312
-869
l^7_Julj
Bacalpti
u
-2
i.50i»
2,127
2,351
at
125
116
lUh
217
275
(latlaatad).
IS"*?
1,386
Xxpandlturaa
123
127
lUU
221
273
36
320
893
19>>8
26
-5^
Beealpta
3
I.IWU
1,360
1.660
T91
ISUo
at
Ballroad Betlreent Account
2
-1
21U
-127
-SO
22?
-101
-53
tranaactlo&i la ooaeodity food atavps hy the fiapartaent of Agrioulture.
Coaaencios July 1, 19^5, euch trmnsactioDa ar« claealflad aa
"Other trust aocouata*.
Vat receipts la this coluan oonatltata net aalea, and oat expenditures constitute net radaaptions of saouritiaa.
Leas than 1500,000.
May 1948
TRUST ACCOUNTS, ETC.
Table 2.- Federal Old-Age and Survivors Insurance Trust Fund^
(OonalKlre from organlzatlos
- Is
Baoeipta
Xnd of fiscal
year or oonth
193«
1939
Total
receipts
Interest
Appropria"
tlons
InTestCongress
ments
^
191*2
7«Z.7
1,199.6
1,792.1
2,536.2
3,502.8
765.0
1,155.0
1,705.0
2,393.1
3,288.8
19U3
>t,720.7
'»,'*19.3
19I14
6,116.0
5,711.*
7,021.3
8,259-5
9,719.0
87.1
1U3.I
21U.1
301.5
iwU.7
528.5
676.3
839.7
10,560.2
10,837.8
10,868.3
921.8
921.8
931.8
19W
19U1
19'*5
7,5'»9.8
19«
«,935-«
10,559.1
19'*7
19l4S-<ranuar7
Tetoruary
March...
Source:
1/
2/
ii,i»«3.o
11,760.7
11.801.1
nllllone of dollars)
Krpendltures
TransTotal
fers
expends
froB
General 1 tores
^tnd
Balance
fielmborsement
for adffllnistratlTe
expense
Old-age
tieneflt
parents
^
Salaries,
Ktreflcn of
Old-age and
SurrlTors
Insnranee 2/
17.7
lrt.6
1*52. U
19.3
35.1
99-5
209.8
359.1
669.6
5't3.7
936.>»
1,760.7
783.5
i.idi.c
1,529.6
2,068.1
2,119.2
2,169.1
1,810.2
1,857.6
1,903.1
138.6
275.6
l,29i».li
1.1
1.1
1.1
Dally Treasury Statement.
Includes transactions under the predecessor Old-Age fieserve Account.
Under Section 201 (f) of the Social Security Act taendiaents of 1939.
777.2
1,180.3
12.3
39.1
65.9
93.*
126.0
152.9
190.4
206.0
25.2
8,798.1*
213.3
m.6
21"».il
U7.2
50.5
l,7ltlt.7
2/
fna
organliatlaa - la
^propriatlona
1938
1939
lltT.?
268.!*
19110
390.8
506.9
S50.9
J^;:::::::::
«n.5
JIS::::::;:::
1^'.'.'.'.'.'.'.'.'.'.
19117
19l*8-Januar7
.
'ebraary
Mareh
l,l>lH.l
l,li68.1
1V Congress
IU6.5
26U.8
Ml*.9
1.1*
^8.5
li
639-'»
U.6
85U.2
1,116.9
17.3
27.2
1,1*25.7
1,780.1
2,102.6
1,717.8
2,016.1
2,7(8.8
2,789.2
2,789-6
2 701.1
2,701.1
2,701.1
*.5
87.7
88.1
88.5
113.0
.1
1.9
3.0
6.1
10.8
9,268.5
68.2
9, "•29.1
529
163. ll
9,632.0
9,529-9
11.0
91.2
20.1*
2l*.S
a.
35.1
1*9.2
1*8.8
78-3-
Appropriation Act,
these salaries are payable directly from the Inderal Old-.Age
and SorriTors Insurance Trust Tund.
tinder proTisiens of the Labor-7ederal Security
191*7.
llUau
Interest on
InTeetBante
3.6
662.3
1,177.2
1,738.1
2,380.6
3,201.6
U,236.8
In dietoorelng
officer's
account
9,1115-0
9,61*1.5
6,6l3.U
of dollars)
Beceipta
I**
J^
Oeneral
fond
5,1*08.9
6,51*6.3
7,51*8.7
8,71*2.3
7,6l»l.l(
215-5
InTeetBents
6:1
5.2
7.0
16.1
32.0
»3.5
7.3
2,397.6
3,227.2
U, 268.3
5,"»U6.U
Table 3.- Railroad Retirement Account
(OnKilBtlTB
Ihw^qWDded balance
Total
fotal
79-8
..
.. .
,
Treasury Bulletin
10
TREASURY CASH INCOIIE AND OUTGO,
The present series of data on Treasury oaeh Inoome
acooapanylng note.
Actual figures In these tables are
based on the Dally Treasury Statement.
Estimates are
based on the 19U9 Budget dooument, Including effect of
proposed legislation.
and outgo was first published In the Beptember 19'*7 Issue
of
'Treasury Bulletin'.
the
ohangee
from
the preceding
The
naturr
of
the
was explained In an
series
Table 1.- Summary of Cash Transactions
(In elllloa* of dollari)
Caab oporatloas othor than ^orrovlac
Cash oporatlnc ineoBO
Vlackl jear
or Bonth
Caah
taidcet
racalpti
iglll
T.afio
i2,7i»9
Caah trust
aooowtt
raoolpta
2,U1
Oaah operating tniga
Caah
hudgat
expaadIturai
Caah traat
account
eipandItaraa
9,371
i5,a?i
25,2«5
'»7,9W
12, Six
Total
Vzohan^
Clavlnc
Stalilll-
aecouat for
outatandloc
ehacka, eto
latloo
9iai i/
laoraaaa, or
daeraaae (-)
Traasttry caah
Tot cash
Wat cath
oparatlof
IncoTBO,
Total
1,212
1,068
ii*,o6o
33.517
7g,l*9U
1*8;
78,979
93,968
111
9'»,079
or
ontgo (-)
-•.689
-19,29»
-53,735
-66,095
borrowlBi:,
or
rapaxaont
of
borrow! nc
(-)
Osnaral
^md
halanea
5,1>32
7*2
10,652
60,?50
56,757
35«
6,515
10,662
19U2
19^3
I9I4
Dt.oiie
3,037
3,936
19^5
W.3a
>»,7a
-768
1*9,1*71*
*.529
"•,937
.lO,**
3,707
1*6,637
3,270
1,026
-555
-17.899
6.659
7.1139
•2,930
61,367
36,237
••,316
19^7
95.9«6
65,683
39,978
-lili,9»i5
lt2,Sll8
51. 0"*!
U7,7gl»
96, 75*
19W
-19.389
-10,930
(Istlaatod)
Wt,539
3,712
U«,251
36,251
3,09*
77H
1*00
1*0,519
7,732
-8,505
-772
I9U9 (latlaatad)
Ult,322
l>,OOI
U«,330
37.725
3.539
1*1,29*
7,066
-7,117
-51
215
678
20*
2,56U
3.193
U,711
2,95't
261
205
279
3.390
3.152
3.959
-827
2.753
3.U65
753
587
291
-201
-239
332
552
2,630
2,1*29
2ll8
3,3'i«
218
127
80
2,612
2,533
3,^20
18
816
510
136
-987
-1,3*8
155
-172
U,030
2,225
3.I9S
Iks
86
27
-211*
6i6
-1«9
4,5*2
2.578
2,1*28
2,556
2,895
3,871
1,821*
3,511
-222
101
53
-"35
-2,153
6,U72
12
28
9H
1,9«6
li,71g
189
33«
213
2,601
-1,567
1,551
-330
1.035
19>t<
23,208
191*7 -July
2,3'i9
toguat
Saptaahar
2.515
••,507
.
Octobar
loToaber
Hkcaabar...
.
.
2,380
2,703
1»,219
2,51*2
19')8-<'aiinai7----
FobruAr7
March
i/
.
.
.
U,3i6
6,317
Uol
156
3'»,5g5
1U6
30
21
173
121
9U
96
Tha U. 8. ssbsoiilption to the capital of the Intamatlonal Honatary
Thnd vaa paid in part froB the Izohasge Stabilisation ^ud. Tor
Sxchanxa
StahUltatloa
-1,800
-831?
explanation of the tranaactloa, -see Treasnrj Bulletin' for
Saptaabar 19*7, pa«« 17.
Table 2.- Comparison of Total Net Budget Receipts with Cash Budget Receipts
(la BllUona of dollars)
lasst
naeal year
or Bonth
Total
budget
reoelpts
(net)
Payaents to Treasury by OoTemnent corporations
Interest
Total
«. T. C.
19*1
19*2
7,607
12,799
22,282
19*3---
l|l(,ll*9
19*1*
Bonoaah budget raeelpta
3*7
50
7*
101
ill other
1
2*
5*
5
13
13
Capital stook
and paid-in
surplus
lamlnga
319
18
10
Balnburaenant for
adnlnlstratlve
expenees - Federal
Old-Age and 9urTlTors Xasuronce
Trust ^nd
T,quals:
Cash
builr^t
receipts
27
27
27
33
7,260
12,7*9
22,208
**,0*8
27
37
IS
*6.321
*2.g*g
*2,030
136
190
329
83
*3,038
*3,299
91
26
27
13
18
136
72
(Istlnated)
*5,210
672
97
30
291*
239
**.539
19*9 (BatlBated)
**,*77
155
2
33
38
70
**,3?2
2.397
2,536
*,872
*8
22
36*
*3
H
1*7
20
216
2.3*9
2.515
*.507
2,390
2,7*3
*,2*6
llO
*.275
*.336
6,33*
80
20
18
1*6,1*57
i^;:::::::::::
19*7
191*8
19*7 -July
ingoat
Saptaabar
.
October.
.
.
oTeabar
.
.
beeabar...
19*8-JaBnai7....
Tabmaxy
.
.
March
*
Uss
than 4900,000.
90
U
17
9
27
*£
30
10
9
7
13
10
10
15
9
7
2.380
?,703
*,?19
*,195
It, 316
6.317
May 1948
11
TREASURY CASH INCOME AND OUTGO.
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(In mlllione of dolleo-s)
Lees:
Interest p^^ents
fiscal year
or month
I9IH
19U2
Total
budget
axpendItnres
13,766
3't,289
igits
Total
919
772
1,208
I17
Honeash Imdget expenditures
Bod^t expeodltores
Payroll
Redaction
for
Treocoiy
Transfere to OovemOn
To floTnent emtraet
saTlngs
enunent
accounts ployees'
bonds
corpora^
To
truet
retireand
tlone
meat
Treawiry (partially accotmte
bills
ovned)
1/
s/
Qoremment corporation
payments to Treasury
inTolTln^ lesnance of
Federal securities j/
Ifotes
Armed
forces
leaTe
bonds
Sxeess
profits
to
Inter- Earnjusted Intertax
est
ings
service
national refund
bonds
Bank and bonds
Fond k/
Ad-
Issued
Hepiyment of
capital
stock
and
paid-in
surplus
Xqoalsl
Oaeh
bud^t
Invest- expendments
itures
In
Federal
securities
12,8ll8
38U
UUo
559
56
88
227
269
-20
-12
-7
-5
I3U
37
67
290
281
259
1,8U6
-108
-86
-8
l,3S6
89U
-970
-39
108
118
105
72
18
136
25
18
31
96,75'>
6I16
1,659
1,927
1,361
167
207
58
81
130
213
2
3
U
22
1129
333
1
319
18
10
6
115
33,517
78,U9U
93,068
I9IA
79,702
95,572
i,6ci»
19't5
100,397
3,61A
19U6
63,71'*
'*2,505
2,31*7
3U2
U35
6,269
1*67
25
19U8 (Estimated)
37,728
l,'t77
505
2l»
756
1,175
222
•1,165
-1012
-12
127
239
38
15
36,251
(Estimated)
39.669
1,9'*5
5I10
26
gill
907
202
-195
-500
-6
35
70
5
19
37,725
5U9
273
10
-1
1*7
19
2
6
1
3,1*65
60
30
23
20
19
20
-116
-71
-72
66
11
17
ao
19
19
-U7
-3U
-38
191*7
19119
19U7-July
August
September
.
.
October.
Hovember
December
igltS-Januaiy
Februazy.
March.
.
.
.
25'*
325
567
716
308
66
•
U6
1
-532
51
1
13
16
-30
2
1
2,191*
51
3,22U
28
61
2,879
2,1«)2
301
-26
3,5>'6
35
62
36
37
3,669
3,060
2,932
2,Wi5
•
8
18
133
•
111
1/ Accrued discount on savings bonds and bills less Interest paid on
savings bonds and bills redeemed.
2/ Interest payments to wholly ovned Government corporations are not
deducted becauee they are treated as negative expenditures when
received by corporations; hence payment and receipt offset each
other In the expenditure series.
2/ Badget expenditures involving the Issuance of Federal eecurltles
16
V
17
2,95'*
20
216
-1
-1
-1
9
9
5
2,1*39
-50
-50
1
9
7
U
2,225
3,196
-1
-1
-1
51
15
3
2,578
-50
-50
9
-16
28
2, 1128
7
2,753
3,511
are treated ae noncash at the time of orlgrlnal parent and as cash
expenditures at the time of redemption. The figures shown are net
issuances, or net redemptions C-).
See footnote 1 to Table 1, preceding.
Lees than $500,000.
Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions
(In Billions of dollars)
fiscal year
or month
61,3^7
36,237
-2
-2
-100
20
39
,
. ..
Treasury Bulletin
12
TREASURY CASH INCOUE AND OUTGO,
Table 5.- Comparison of Changes In Federal Securities Outstanding
with Cash Borrowing or Repayment of Borrowing
BlUloBa of dollars)
(Id
iBoraaae.or dacrftaao (-)
in Vedaral >eeiirltiaa
outitandln^
Lait:
at
In Tadaral
aaourltlai
Ileal 7«ar
or BODth
tebl
Onaraa-
fotal
taad
Adarml
acu-
•aeurltiaa
rltlaa
5,?9U
6l»,27"»
gUl
-1,802
-U66
ft, JOT
-2,'»77
6,835
21,659
63,806
61,830
lojUo
-U,136
-387
56,U89
10,783
-11,523
191H
19^1
19*3
l9Wi
57,679
iiSi::::::;:::::;
ig"*?
Total
By OoTBy tniit eronent
ae counts corporations
l,l»22
Araed
forces
leare
bonds
5
203
7,892
5,200
3.668
3,362
32U
159
178
1.793
yuei
U,8«3
6,738
4«M
tracoactlona
Adjustsd
orrica
bonds
Votos for
International
Bank and
^md £/
39
-7
-5
206
-108
-86
-8
et
transactions in
Interest
on
^ATsateed
Baring
Sxcess bonds and
profits Treasury
bins
tax
refmid
bonds
-20
-12
1,3J«
1.925
vooft
U,128
2,006
loncaab
Issuance of 7«doral seonrltlas
rasultln^ fron >mdxet expsodltnras l/
InreatBaiita
IJU
securities
not refleeted In
TrsASttrer'a
aceooats
8
58
81
7
130
213
131
207
Plus I
Cash
Issuance
of nonffufir&nteed
securities
of federal
axond et
1st cash
borrovl nif,
or
rewkywent
of
borrow n*
(-)
ii/
19
5. ''32
•
-95
-190
19,652
60,250
56,757
-19,389
86
203
89>t
*^als:
1*9,1*711
2,lllO
-970
-39
W7
28
7, '•39
19U«
(ittiuod)
-7.3«6
-21
-7,'t08
l,22l»
3,2'»3
-120
-1,172
-l,2l6
-12
505
127
-«,505
19>t9
(Iatlaat*d]
-U,700
-6
-J*,7o6
2,785
3.023
-76
-195
-500
-6
5U0
375
-7,117
1,161
s
-30
-121
-9U
-1
-2
-2
66
>i6
-2
-2
-gUO
51
77
5«7
291
-201
-116
-71
-72
-lUg
-136
-77
-1
-1
-1
61
31
136
-987
-1,3'W
-*7
-3H
-38
-12
-78
-iWi
-1
-1
62
36
37
66
-12
-1
-2.153
-1.567
19ltT-JUjr
in^it
.
.
Ooiobar.
BoT«ab«r
.
.
DMCHlxr..
19Ug-Juaait7
TobruAPj
.
.
.
lUrcta...
.
-10
-1
1,152
-3
-956
562
356
-678
I4lt3
6I19
-953
296
53
-39
-eg
-7t
-«59
-1,312
«
6
-8
-66
-853
-1,320
-207
127
59
37
-16
-326
-1,969
-1,615
2
-1*
-331
-1,967
-1,615
170
171
89
25«
79
-I
6I18
"•31
1
i»
->t9
78
-t
18
^
Itsiuac«s of Fedoral •acurltiea reanltlag fron 1>ad£et exp«ndltiir«B
are traated aa noacaata at the tlae of laauanca and ae oaah bud^t
azpandltnraa at the tlae of redenptlon. The flgurea ahovn are net
iiauaneaa, or aet redaaptloaa (-).
Sae footnote 1 to Table 1, praoedln^.
h/
•
-5
-7
-1
-1.35
•
idcroed discount on oaring bonds and bills leas Interaat paid on
aavin^s boods and bills redeemed.
Xnolndes borroving throo^ Postal Sortncs System.
Less than $500,000.
Table 6.- Summary of Cash Operating Income and Outgo by Months'
(In Billions of dollars)
Annual total
Calendar year
Jan.
Oct.
Jane
Jnly
*>«.
Sept.
2,076
3,663
3,883
3,*70
3,315
*,665
6,360
6,132
*,707
5,295
878
2,176
2,368
2,987
2,697
2,56*
1,036
3,379
3,289
3,688
2,996
3,193
2,602
5,56?
6,07*
5,553
*,682
7,397
8,0*8
8,*69
*,358
3,350
7,990
8,506
8,9*5
5,086
5,193
5,052
7,023
7,290
7,973
3,110
3,390
5,512
7,7*7
8,197
7,829
2,953
3,152
5,970
7,700
7,7*5
6,603
3,0*1
3,959
6,185
7,632
7,955
-*,17*
-*,*76
-*,368
-4,908
-3,368
-2,131
-1,671
-1,050
1,6*1
753
Tkb.
Mar.
ipr.
Hagr
l,ll82
5,297
6,67?
7,1'w
5,929
5,9*6
6,U72
1.65*
3,335
3,198
2,912
2,819
7,62*
8,568
8,929
*,156
3,322
3,871
7,*38
7,693
7,799
Sea.
Calendar
year
Fiscal
year Z/
ope:
1961.
I9U2.
19*3.
19M*.
19*519*6.
».375
19't7.
902
2,922
3.776
3,969
3,889
191*8.
U,5l*2
'•,718
6,503
7,51*
7,781
5.605
2,783
2,556
6,1*02
3,U2
'',255
5.127
*,7U
752
2,220
2,281
2,881
2,793
2,630
1,111*
2,712
2,9*1
3,062
2,869
3,3*8
2,786
5.859
5,580
*,371
*,206
*,030
2,95*
2,612
5,928
7,773
7,*37
*,786
2,325
2,533
6,975
7,830
8,220
5,267
3,628
3,520
-5,*33
-1*,811*
-5,1*12
-5,061
-*,*96
-1,72*
-*,189
-1.971
-2,6*0
-896
578
510
37,991
1*8,60*
51,050
45,1*85
*6,867
Cash operatlnc outgo
19111
19U2.
191*3.
I9l«>*.
19*519I16.
191*7.
19U8.
et
8,017
7,218
3,887
3,667
2,895
*,lW
3,65*
5,^8 J
89,059
95,220
87,58*
1*5,21*9
1*1,136
i*,o6o
3*,5«5
78,979
9*, 079
95,986
65.683
59.978
oaah operating IneOBa,
or outgo (-)
191*1
191*2.
19113.
I9IA.
191*5.
191*6.
191*7.
191*8.
^
^
-5.601
-4,622
-i*,005
-1,636
1,106
1,986
-1*,920
-"•,905
-2,81*3
1,^
1,821*
-2,327
-1,889
-1,785
1,773
2,62U
2.601
-5,78*
-*,35«
-i*,60l
-1,231*
-835
Data not filled In are in process of preparation.
fiscal year sodlnc Jane 30 of year iodloated.
-5,321
-*,385
-*,586
-888
-35
-3,325
-*,8l*7
-2,11*6
-*,922
-*,986
-2,813
-379
102
^13
-827
-1*,1*1
*3
*1
-5,67*
3,10*
-161
18
51*1*
816
-51,068
-1*6,616
-36,53*
236
5,733
-*.689
-19.29*
-53,735
-*6,095
-1*1*, 9*5
-1J,??9
659
May 1948
13
GENERAL FUND OF THE TREASURY.
Table 1.- Status of the General Fund
(In allllone of dollars)
Ind of fiscal
year or month
Treasury Bulletin
lU
DEBT OUTSTANDING.
Table 1.- Summary of Federal Securities Outstanding
(U BlUlou
fetal
•titauUac
sd
of
riioal
ytmr or
aoath
Iat«r»st-te«rln4
OsariBTotal
Ps:biis
tMd
dobt
• acurl-
,
>>2,96l
1*1.
iM,96l
72,'«2
136,696
201,003
55,332
76,991
IJkS.
1>>0,T9£
202,626
fetal
PotUe
debt
19Ug (Xetlaated)
I9U9 (letlaated)
teed
eflurltlet
V
"•7,87'i
5^,7*7
76,517
139,»72
201,099
'«,376
»8,387
71,968
135, 3«0
total
623
255.197
83
3,179
20
2,057
935
ao2
sk
10
S
231
klS
1,7*
2116.262
2>t6,200
68
6s
Bebt peak,
»eb. 19i6
279, TS"*
279 21 "«
551
278,1*51
277,912
539
1,313
1,301
238
19'»7Jul7
ia«
Sapt
259,528
260,176
259,221
259, "JlW
256,321
257,110
256,107
71
73
70
3'Si
3,127
2,9«7
3,03«
222
211
253
kl6
316
316
1,69k
1.673
1,579
259.155
258.301
256,981
259,071
258,212
256.900
83
89
81
256,395
257,183
256,177
256, 3J«
3,133
260,097
259,1*5
80
79
76
256,270
255,591
78
76
2,807
2,627
2,700
2,801
2,S21
2,695
285
2511,205
316
266
2l6
l,3»5
1,318
256,051
25^,683
253,068
256,57't
77
79
78
2,621
2,510
2,361
2, 616
3«H
2,505
2,356
315
318
Oct
•or
Bee
19lt8^as.
Keb.
Mar.
I
,
25U,605
252,990
255,67'*
25'»,281
25'*,
030
lA
253,958
252,100
72
252,
250,707
250,631*
73
7"*
U
8
269
376
250,900
32
107
2,326
1,311
3,173
250,968
(atared)
386
1,175
2,350
i.Ja
had
teed
eeoorltlee 1/
1,2»
HO?
268, lU
255, U3
Other
201
1,316
l,H6o
256,357
Moaetai7
z
199, SI'S
256,766
lataraattoaal
205
205
1,32H
1,567
268, 57«
I
591
Matured
1,092
1,516
"»76
90
aad debt beejiaf ao latereat
Nbllo debt
"•33
i
daM
total
258,682
269, '«2
258,286
259,115
269,898
258,376
19»7.
5.529
6,370
568
W.IOO
1,623
It.
Matured
floaraa-
tlM i/
19kO.
»r toUars)
datot
2)*6
NOl
l,»«3
216
166
U6
1,306
1,278
1,18U
May 1948
15
DEBT OUTSTANDING.
Table 3.- Interest-Bearing Securities Guaranteed by the United States Government-'
(in millions of dollars)
Marketable
Ind of fiscal
year or month
Total
Total
igiti
6,360
5,U98
6,360
19112
i»,5l*9
i*,5l49
I9't3
14,092
19IA
1,516
19''5
19I16
1*09
3t
1467
1*3
19^7
83
38
5, '•98
191*0
19117-Jiiiy
3,908
1,190
7"*
Commodity
Credit
Corporation
1*07
696
701
1*12
Federal
Farm
Mortga^
Corporation
1,269
1,269
930
930
?ederel
HotiBin^
Administration
Bonmarketable
Home
Owners'
Loan
Corporation
2,603
17
2,1*09
1,563
1,533
755
1*12
Piiille
Beconetmc-
Hoaslng
Administration
tion
Tl nance
Corporation
llU
226
1,096
111*
1,219
896
llU
Total
68
150
38
15
31*
1*0
Do
'I
36
'I
36
73
3^4
3U
70
31*
3^*
October.
HoTember
December.
78
33
33
76
33'
33
33
33
72
T*
28
28
28
28
1*6
28.
1*5
Februaz7.
March
73
Eeconatruction Finance
Corporation 8/
1,71*1
Augaet ...
September
.
Commodity
Credit
Corporation 1/
15
I]
1*1*
Daily Treasury Statement.
Source:
Footnotes at end of Tahle 1*.
Table 4.- Special Issues to United States Government Agencies and Trust Funds
1*1*
115
176
..
.
)
.
.
Treasury Bulletin
16
DEBT OUTSTANDING.
Table 5.- Coaputed Interest Ctiarge and Computed Interest Rate on Federal Securities
ftibllfl
dabt unA ittT>nt»«d •oorltl**
lad of riieal
/emr or aonth
Coapatad
d*bt ostitaodlic
lBt«r«it
ohATf*
(NllUoaa of dollara)
IJltO
>ttbllo datt
Coaputad
nmial rata
of Intarait
Xataraat-bauiac
anmial
dabt atttatAndiBf
iBtaraat
share*
(Mlllioaa of dollara)
(Paroaat
19fca
76,517
19''3
139, '•72
1,203
1,335
1,729
2.759
19lii»
3,869
U,969
5,357
5,376
1.925
1.935
1.995
2.107
199,5'»3
3,8iW
256.357
268,111
255,113
lt,96lt
IS"*?
201,059
256,766
268,578
255,197
igUT-Juir
io^oat.
Saptaabar
256,395
257,183
256,177
5,>>2lt
2.115
2.125
2.127
256,321
257,110
256,107
Octobar.
VoTeabor.
Dacaabar.
256, jUg
255, 671
25'*, 281
5.t56
2.129
2.136
256,270
255,591
254,205
19U«-Januar7
fa bronzy.
March
25U,030
252, 17H
250,707
19*1
5*,7>»7
IS"*?
ISUfi
.
.
Souroa:
1,^
Ikll7 ^eaauix
Traaxury bllla
aaoont, but for
oharfa and tha
5,1^
5,1*9
5.'»62
5,'»5l
2.51'»
2.U3«
2.260
1.978
'«,376
l«,387
2.liiU
5.'»72
5,'>71
2.I5U
3.170
5, '•35
2.168
Qttaraataad aaqarltlaa 2/
1/
Coapatad
Coapatad
final rata
of Intarait
H
71,968
135,380
2-583
2. 518
2.285
1-979
1.929
1.936
1.996
2.107
5,3^
5,W(8
2.116
2.125
2.128
5. '•60
2.129
2.137
5,Wi9
?.ll»U
5, ''71
2.155
2.170
2.168
5,1*22
5,'»63
5, '•69
Stataaant.
at» Includad In Intaraat-baarln^ debt flgoraa at fao*
pnrpoaaa of caloulatlaf tha ooapatad annual intaraat
eoaputad rata of Intaraat, tha diaoount value la uaad.
lataraat
oharga
(Mllllona of dollara)
(?ar««at}
1,095
1,218
l,6Wt
2.679
253,958
252,100
250, 63U
Coapatad
Xataraat-bawlDC
dabt avtataadlac
5, '•98
6,360
'•,5'»9
'•,092
(Parcant)
109
117
1-978
85
81
1.861
1.968
20
1-335
1.321
l.UlO
1-758
5
"•67
Coapatad
nTwiai rata
of Intarait
83
7
1
7l«
1
73
70
1
1
78
1
»l
76
1
1
72
1
7'»
1
73
1
l-83lt
1.767
1.776
I.8IU
I.76U
1.769
1.85lt
i.euu
1.853
1.871
fbr the purpoaaa of ooaputla^ the «w"»'i Interest ohnrg* and rate of
interest on United States eavl^s bonds, Series A^l are oonsldered
to yield 2.9C|(per aunui and Series J Is oensldared to yield 2.53)^.
Inludas coaranteed aecurltlee held bj the TreaauJT.
Table 6.- Treasury Holdings of Securities Issued by Corporations and Certain Other
Business-Type Activities of the United States Govemnent-^
(In Bllllona af dollars)
Ind of flacal
jrear or aonth
OoKodltj
Credit
Corporation
Total
igUO
10l»
25
igi^i
302
4,079
7,535
>I00
1,950
10,717
12,169
11,673
11,9U6
900
1,591
1,301
510
ig'^z
l^i
I9ltl»
1^
19W
19'*7
.
.
.
19ll8-Jannar7
283
5,033
57
57
57
580
398
383
360
631
693
728
7
"•71
3>t7
2
'•58
3'«7
kltU
3*7
730
727
839
"•33
3'^7
l>06
372
372
y
Qftllj Tr«asnr7 Statvasnt.
Th« ••<nirlti«« ahovn in khii tabl* w6r« ittued to tha Traasarjr
t« floancfl OoTvriBsnt oorporationt and certain other butliwai'
tjrp* actlTltlaa of the OoTvmiient, with tho Treasury Iteelf
railing the neeetaary fiuda thrcm.^ public debt oparationa.
2/
tratlon
551
212
U80
516
512
397
386
Tennessee
Valley
Authority
52
11,761 2/
11,87'< g/
11,«U0 J/
11,791 !/
flcatlon
20
3'»7
11,887
nactri-
Uainls-
2,53'»
»99
lw6
53
53
Ku-al
2?2
IW7
53
53
tion
finance
Corporation
7
3U7
n,ieh z/
1/
263
Baeonstme-
20
5U
fabmaiy .
S(mrc«i
Pablle
Houaing
Idninistratioa
19
16
12
March
-.
Mortgage
Corporation
Hoae Oimers
Loan
Corporation
516
516
sue
537
6U1
•35
.
ran
516
October...
loTeabar.
Daceabar
.
federal
366
108
13
21
Septeaber.
Jbignst
Vaahin^on
Vkraere'
Hoae
Adainiat rat ion
iiio
ll,9U«
11,917
11,823 2/
19l(7-Jiiijr
X^iortlapert
Bank of
,010
737
529
3'»7
3''7
8.ltl6
57
57
57
9,020
9,205
9,966
9,958
9,277
9,296
56
56
5U
5^6
9,169
9,158
9,161
5W
56
590
990
^c
56
9,186
9,188
9,179
603
623
6IU
56
56
56
To cToid duplication, thaaa aeoritiaa ar« Bot inoladad in tha
gaarantaad daht ontatandlnc •* ahowB in praoadl&c tftblaa.
Total iDClndei notei iaaned hy the Ttr^n lalandi Conpaoy in tha
aaonnt of l?30,000.
May 194S
17
STATUTORY DEBT LIMITATION
Section 21 of the Second Liberty Bond Act, as
provldea that the face amount of obligations
Issued under authority of that Act, and the face amount
of obllKatlons guaranteed as to principal and Interest
ceed
by the
held by
the
aggregate $275 billion outstanding at any
Obligations Issued on a discount basis, and
subject to redemption prior to maturity at the option
of the owner,
are Included In the statutory debt limitation at current redemption values.
amended,
In
one time.
United States (except guaranteed obligations
shall not exthe Secretary of th.s Treasury)
,
Table 1.- Status under Limitation, March 31, 1948
(In
Ullans
sf dollars)
Maximum amoont of ocurltiea which aaj ho outstandlnc at aay oao tlsa, oador llnltatlona Ispotad by Section 21
of the Second Llherty Bond ict, as amended
•
375,000
Aaoont of looixrltlaa outetandlnc sahjaet to aueh statutory d«bt llnltatloni
U.
S.
Oorernment eourltlei Iteued under the Second Liberty Bond Act, as amended.
252,153
Ouaranteed securities (eioludlnc those held by the Treasury)
11
Total amount of securities outstanding subject to statutory debt limitation
252,231
Balance latualila ondar limitation.
Source:
22,769
Public Dett SerTice.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding March 31, 1948
(In aillionB of dollara)
ClasB of aocnrlt/
Public debt:
Int^rest-bearlns securities:
Marketable:
Treasury bill a
Certificates of indebtedness
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank restricted ly*"
Postal savings and Panama Canal bondsTotal marketable
Konnarke table:
U. S. sarlngs bonds (current redemption Talue).
Treasury sarlngs notes
Depositary bonds
Armed forces Isare bonds
Treasury bonds, investment series
Total nonmarketable
Special issnes to OoTemment agencies and trust funds.
Total interest-bearing securities
Matured securities on vhich interest has ceased
Debt bearing no interest:
United States saTlnga stamps
Xzcess profits tax refund bonds
Special notes of the United States:
International Monetary fund Series
International Bank for Reconstruction and Derelopment series
United States notes (lass gold rsserre)
Deposits for retirement of national bank and federal Beaerre Bank notes.
Other debt bearing no interest
Total debt bearing no Interest,
Total public debt.
Guaranteed securities:
Interaat-bearlDg. .
Matured
2/
Total guaranteed securities
Total public debt and guaranteed securities.
Subject to
•tatutory debt
llBltatlOQ
13,9'*5
20,331
11,375
65,gS8
U9,b36
161,175
52,988
5,100
317
6Ug
970
60,023
29,272
250,1470
313
60
10
l,18l»
116
1,370
Kot aubjeet to
atatntory debt
llaltatLoD
Total
ontatandlDf
Treasury Bulletin
18
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Goveriwent
and Outstanding March 31, 1048^
(In BlUlona af dollar*)
Taar
•ad
entk
May 1948
19
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding March 31, 1948^ - (Continued)
(In Klllloai of dollari)
AaouBt of aatuTltlei
Yaar
and
B««crlptlon of •ecurity 2/
ODth
Oat*
bank reCallable iaiuea •trlctad
claatlfled by
itauao
rixeil
baooaa
atu- 7«ar of:
rlty
riul bank
lotuai riMt
ata- •llflbla
call
i/
ri ty
Aaoimt of natorltlet
Tear
ABd
DatcrlptloB of ••curlty 2/
onth
Sate
bank reCallable liiuei itrlcted
lasues
Tlxed elaielfled by
become
atu- year of:
bank
rlty
rinal
Mret
eligible
ISIUflt
matueall
rity
I96i»
1956
Mar..
Z-l/2)t losd - 3/15/56-5S.
Jttne.
2-l/l|)t
Sepf.
2-3/'* Bond - 9/15/56-59..
2-l/>* Bond - 9/15/56-59..
l,lHt9
Bond - 6/15/511-56..
681
2-l/2)(
Bond
3/15/56-58..
2-3/M)( Bond
6/15/58-63..
6/l5/6lt.69..
3,761
''/15/53
2-l/2)( Bond
U/15/6U-69.
3,838
9/15/53
Total
681
7,600
1965
1958
Jon*.
2-l/2)( Bond
Dae.
982
3.823
6,253
Mar..
Jun*.
Mar.
2-1/2$ Bond
3/15/65-70..
Dec.
2-3/1* Bond
12/15/60-65.
2/1/5't
5,197
1,1»85
l,l»i»9
5,197
l,l»«5
919
919
1,1*9
1966
2-1/2$ Bend - 3/15/66-71.
3,kn
12/1/5't
June.
2-1/2$ Bond - 6/15/62-67..
2-1/2$ Bond - 6/15/67-72..
7,967
5/5/52
6/15,62
Sept.
2-1/2$ Bond - 9/15/67-72..
2,716
Dae.
2-1/2$ Bend - 12/15/67-72.
11,689
Total.
22,372.
Mar..
1959
2-l/ll)[
Sept.
2-3/1* Bond - 9/15/56-59..
2-1/1* Bond - 9/15/56-59..
Dec.
5,28U
Bond - 6/15/59-62..
Jvnfl.
2-1/1* Bond
-
6/15/52
982
3,823
12/15/59-62.
12/15/52
3.'170
e.TSH
1967
l»,80'»
i960
12/15/62
2,118
1968
Mar.
2-7/8|(
Bond
'
3/15/55-60...
Dec.
2-3/1* Bond
.
12/15/60-65..
2,611
Dec.
l,'«5
Total.
Panaaa Canal bond - 6/I/61
2,831
June.
2-1/2$ Bond - 6/15/9u69..
3,761
V15/53
Sac.
2-1/2$ Bond - I2/I5/6U-69.
3,838
9/15/53
Tetal.
7,600
2-1/2$ Bond - 3/15/65-70.
5,197
2/1/5U
2-1/2$ Bond - 3/15/66-71.
3,'Wl
12/I/5U
6/15/62
12/1/52
1969
2,611
1961
June.
2-1/2$ Bond - 12/15/63-68.
l,i»g5
50
1970
1962
June.
2-1/1* Bond - 6/15/59-62..
2-1/2)1 Bond - 6/15/62-67..
5,281*
6/15/52
5/5/52
3,'»70
12/15/52
2,118
2-1/1* Bond - 12/15/59-62.
Mar..
1971
Mar..
«.1^
1972
1963
June.
2-3/1* Bond - 6/15/58-63..
Dec
2-l/2)t Bond - 12/15/63-68.
2,«31
Total.
2,831
Source:
1/
2/
919
12/1/52
919
Daily Treasury Statement and Public Debt Serrice.
Excludes postal aaTln^s bonds.
It should be noted that callable iesuee appear twice in this column,
once in the year of first call and again in the year of final matuCallable issues with reepeot to which a definite notice of
rity.
June.
2-1/gt Bond - 6/15/67-72..
7,967
Sept.
2-1/2$ Bond - 9/15/67-72.
2,716
Sec.
2-1/2$ Bond - 12/15/67-72.
11,689 12/15/62
Total
22,372
eall has been made, however, are listed as fixed maturities.
For
date of Issue of each security, see chapter on "Market Qaotations":
for tax statue, see chapter on "Treasury Surrey of Ownership".
Bank restricted issues may not be acmilred by commerclril hanks (with
minor exceptions) prior to a specified date.
20
Treasury Bulletin
DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
(iaovmtt is llltoaa of dollari)
Itiua
dau
May 1948
21
DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Treasury Bulletin
22
DEBT OPERATIONS.
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Government
May 1948
23
DEBT OPERATIONS.
Table 5.- Issuance and Retirement of the Public Debt
Treasury Bulletin
zh
UNITED STATES SAVINOS BONDS.
0nltea Statei isTlnga bonds were flret offered for
Series A-D were sold from March
bonds have been
Series E, f, and
1975 to April ighl.
l<)h\.
Information
on the terms
For
on sale since May 1,
and conditions of these bonds, see "Treasury Bulletin"
eale In Maroh ig''?.
October 1935.
P»K« 31.
Sales and redemptions data by States
paoree A-UandA-^.
are published at the end of each calendar and each fisIssues
for
cal year
December
after
a"*
19''7,
June 30.
19'>7-
Sales by denominations
are also published semi-annually after December 71,
In the following tables sales figures are quoted at Issue price,
and
redemptions
ourrent redemption Talues.
standing are
been
quoted at par.
of
Series
Matured bonds which
out-
hare
are Included In the figures on redempMatured bonds outstanding are reflected In the
Interest-bearing debt until all bonds of the series
have matured, when they are transferred to matured debt
upon which Interest has ceased.
Table 1.- Summary of Sales and Redemptions, by Series
Cumulative through March 31, 1048
Sarlea
amounts outstanding at
Amounts
redeemed
tions.
19''-7.
(In
and
llllons of dollars)
May 1948
25
UNITED STATES SAVINGS BONDS.
Table 3.- History of Sales and Redemptions, by Series
Sales 1/
Period
Accrued
dl Ecount
Sales
plus
accrued
dleconnt
Sedeoptlons
fatal
^
iaount
outetacdlD^
(intereet-
SalM
iccmed
prlea
discount
toearlfi^
datt)
(Ib llllons of dollars)
Serlaa X, J, and
Fiscal yeare:
19UI
igUj
19^3
19ltU
,
,
I9't5
19U6
19^7
Calendar years:
igui
igus
19U3
191A
19|»5
igitfi
66U
5,993
11,789
15,U98
14,891
9,6l2
7,208
2,537
9,157
13,72?
16,0UU
12,?37
7, '•27
6,69»t
19"*?
1
S
36
127
28U
"»67
583
5,995
11,82»
15.625
15,175
10,078
7,791
7^
P
760
6,1)08
2,286
H,13U
6,337
5,063
4,951*
2,892
4,156
lU
11*
195
379
533
633
2,537
9,16?
13,80U
16,239
13,315
7,961
7,327
63
U5
51
622
505
517
1*20
U6
53't
50
U62
561
371
331
391
372
305
U08
n.a.
n.a.
22,127
n.a.
12
7"*
2lt6
1,50U
3,263
5,332
6,038
U,6U5
245
1,502
3,251
5,2?3
5,941
n.a*
Months
19lt7-July
August
Septofflber
October
NoTember
OsesDber
19l|S-JaBuai7
TebmaiT
March
Total, Inception to March 31, 19U8.
kss
U87
7'*
770
67
Ue
607
588
53
837
655
6Ul
70,1*92
I.99U
72, 1186
W3
408
362
391
360
3a
n.a.
a. a.
_
Percent of
monthly
redesiptlone
to anount
outstanding
Treasury Bulletin
26
UNITED STATES SAVINGS BONDS.
Table 3.- History of Sales and Redemptions, by Series
-
lateajrtlsaa
Sal«i 1/
Period
ioora«4
41ieoniit
plat
aeoniad
dlaoooBt
I»t*l
Ub BlUlou
prlo*
(Continued)
^
iaouak
iaoruad
diwioant
ontttuidliic
y«re«nt of
(intarait-
onthlj
r*diaptloBS
d*)>t)
to aaoTiat
oatitftndlac
of dollara)
8«rlM r
FlBOal 7««rai
1941
19H2
19*3
19I1U
19^
19*6
19*7
Calaadar jaarai
igHl
19U8
l^v.y.'^'^'//^v^'/^'^'.'.'.'.'.'.'.
19*5
19W
19*7
67
67
67
"•35
2
760
3
17
5«
3
17
57
«9
1U9
203
1*7
197
75«
(02
679
U07
9
19
360
2?
"WT
2
20«
65*
750
35
^
iS
365
396
189
203
11
69s
kiio
2(M
SI
*
773
595
325
3*2
13
?
>I0
5*
7
M
7
35
77
10*
185
1,2*2
i,99<
2,60*
2,«95
3,099
207
85*
1,569
2,278
2.793
2.969
3.162
NOBthit
19lt7-Jnly
Au^it
SoptoB^er
Ootobor
loToaber
rfteesbor
19U«-J«Du«Ty
TobrUBT7
March
total, Incoptlon to Mareti 31, 19*8.
27
21
21
\l
25
19lj2
19*3
19U*
19*5
13M
19*7
l\
17
18
30
5
35
17
3.196
3,222
3,2*0
3,753
155
3.908
669
3.2*0
395
2,032
2,759
2,876
2,658
2,*65
2,561
395
1,185
2,516
2,6U0
2,891
2,520
2,637
2,267
^i^aat
Sapteabar
1*2
October
loToaber
Oeoember
162
131
137
Pebmaxy
lotBl, Inception to Mareh 31, 19*8.
1U2
1*7
162
I
19l«7-July
M»rch
15
B.B.
liO
liU
Moathai
19lt«-J«nuar7
1*
16
7
l>
I
Calaodar yearai
19*1
17
l*
26
21
31
22
17
2U
S«rl*i S
fltoal years
19*1
IjUa
19*3
19**
19*5
19*6
19*7
U
3,115
3,123
130
2*8
201
175
17,279
17,279
17
B.B.
May 1948
27
TREASURY SAVINaS NOTES.
Treasury savings notes have been Issued In three
Series A from August 1, 19**! .through June 22,
igU'j; Series B from Auijust 1, iglVl, through September \2,
\^^2; and Series C on continuous sale since September 11^
and months,
see
"Treasury Bulletin" for February
19^*6,
series:
pages ^2 and ^3.
Tot details concerning terms and conditions. Investment yields, and tax payment or redemption values of
In the following tables sales and redemptions of
Treasury savings notes are shown at par value. Matured
notes redeemed (either for cash or for tax payment) are
Included In the figures on redemptions. Matured notes
19U2.
Series C notes,
see "Treasury Bulletin" for October 19*15,
For similar Information regarding
Series A and B notes, see "Annual Report of the Secretary
For sales
of the Treasury" for 19'»-2, pages 207 and 220.
cages h-h and
A-5.
and redemptions of Series A and B notes by fiscal years
outstanding are reflected In the Interest-bearing debt
all notes of the series have matured, when they
until
are transferred to matured debt upon which Interest has
ceased,
In
accordance with
the
practice
of the Dally
Treasury Statement.
Table 1.- Suranary of Sales and RedeniptlonB by Series, Cumulative through March 31, 1948
(In mllllonB of dollarB)
Series
Treasury Bulletin
26
OWNERSHIP OF FEDERAL SECURITIES,
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In
hd
of
n>e>l
T—r
or Month
llllou
of dollart)
May 1948
29
OWNERSHIP OF FEDERAL SECURITIES,
Table 3«- Estlmated Ownership of Federal Securities by Bank
and Nonbank Investors
(p'•r
Held
values 1/ - in billions of dollars)
taakB
iQT
Held tj nonbank InTestors
Total
Ted oral
iBd of
month
ecorltlet
outstaadln« 2/
Total
Commereial
banks
y
Federal
Be serve
Banks
1939- December
U7.6
18
-It
15-9
2-5
igUO-June
December
i«.5
50.9
18.6
19-5
16.1
17-3
2-5
2.2
igUl-June
Decenber
m
21.8
23.7
19-7
ZL.k
1942-Jmie
December
77.0
112.5
28.7
U7-3
26.0
Ul.l
119.9
lUO.S
162.3
170.1
50.1
59.4
67.2
71.5
•A,
187.
76.2
83-3
87-1
96.5
6U.0
202.6
211.1
232.1
235-1
259-1
262.6
278.7
97-"*
106.0
107-3
115.0
77-7
8U.2
19U3-March
June
September.
December
19W*-Karoh
June
September.
December
I9U5 -March
June
September
December
.
.
.
.
—
52.2
58.
59-9
68.
70-5
77-7
8'».0
90.8
279-8
276.6
269.9
265.8
259-5
116.7
112.8
108.2
93-8
90.2
10l*.3
97.9
80.2
7H.5
260.0
261.6
259.3
97.9
96.8
9U.I
73-9
72-7
71-5
June
257-9
258.5
258 .U
93-5
92.8
91-9
71-6
70-7
70.0
July
August
September.
259-5
260.2
259-2
91-9
91-9
92.2
70 .U
69.7
259-2
258-3
257-0
92.0
91.5
91.1
69.8
69-3
68.6
256.
90.8
88.3
68.9
67-3
igUfi-JtebruaryCpeak)
March
June
September.
December
.
.
19^*7 -January
February
March
April
M^
.
.
October
5oTember
December
19U8"January
February p
•
•
251'
3l*.l*
69.8
Total
29.3
XndlTld-
Insurance
conpanles
Matual
saving
banks
Otber
corporatlone and
asBoclatlons 5/ §/
State and
local
governnents j/
U. S,
OoTernaient
a^ncles and
trust funds
^
Treasury Bulletin
30
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29, l$k8
The Treasury Surrey of Ownership covers securities
by the United States OoTernment and by Federal
issued
agencies.
In
the
such
The bsuiks
Survey account
securities
held
insurance companies included
and
for
by
approximately 95 percent of
banks and insurance com-
all
panies in the United States.
Data were first published
for March 31, igUl.
Information on the distribution of ownership by
banks and insurance companies is published
each month. Additional information showing the holdings
types of
of
commercial
banks
Reserve member-bank
distributed
classes
and
according
nonoember
been published at less frequent intervals.
to
Federal
banks
has
Currently,
this information is published for June 30 and December
Section
I
Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Pkr Talusi - in llllSBi of Aollart)
OluilflamtlSB
31.
May 1948
31
TREASURY SURVEY OF OWNERSHIP, FEBRUARY 29,
Section
I
-
igU-g
Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Par Talnsi - lamllllona ef dollars)
Hall V^ laraatora aorarad In Traaaorj Sarrex
^ la
(Tax atatut
ahovn In parentbasea)
Total
amount
ont standla*
Banlci
7,296
oomaorelal
Isanxanaa oospanlas
1/
took
533
Eatoal
arin^
•aTln^
33
636 flra,
oaaoAltj,
and narlnt
303
life
Troaaur/ tills
(taxabla)
llj.UJg
Certlflcatos of Indobtedness!
March
igUg-C.
7/git
19U«-D
April
T/Si
7/85i
Juno
IShS-S
(taxable)
(taiabls)
(taxable)
1,321
^l
i.m
1*01
191*8-1
T/gjt
Jnly
Inlj
July
(taxable)
(taxable)
(taxable)
\i
li
1-1/g*
Ootober
October
January
19I1S-J
19M8-K
1943-1
(taxable)
(taxable)
(taxable)
1,467
2,592
5UI
537
IH
5
10
,293
9H
6
l-l/gi6
fcbruary
19U9-B
(taxable)
3,189
939
61
18,920
6,299
2,02>t
l/Sjt
7/Sj8
19Ug-0
191»8-H
Total certificate of Indebtediiess
Treasury noteai
l-l/Zjl
September 19lt«-A
October
igUs-B
1)1
igUg-A
January
I-I/8IS
(taxable)
(taxable)
(taxable)
Total Treasury notes
Treasury bonds:
Bant ellglblel
March
2)6
2-J/ki March
1-3A5' June
2-1/36
2)6
2)6
2)t
2)6
3-1/8)6
2-1/^
2)6
2-1/2)6
2)6
1-1/2)6
2-3A*
2)6
3)6
2-lA)6
1,127
2,209
l*,092
625
858
16
285
110
303
731
1,022
!•
29
7
31
l.HlT
538
1,010
750
288
751
28
31
78
172
315
127
582
559
993
It*
37
1I18
990
30*
66
299
l*,ll26
7,5li»
6a
37
35
3
70
97
66
61*6
931*
1,027
65
1,322
232
1,738
1*,298
21*
19
September igUg
December 191*8-50
I9U9-5I
June
(partially)
(partially)
(taxable)
1*51
9
I*
698
71
September I9U9-5I
December I9U9-51
December 19U9-52
(taxable)
(taxable
(partially)
1,292
2,098
Deoombor I9U9-53
March
1950-52
September 1950-52
(partially)
(taxable)
(partially)
September 1950-52
December 1950
Juno
1951-51*
September 1951-53
September 1951-55
December 1951-53
571
1,011*
333
17"*
U8
895
8
19
ll*
11
21
33
13
12
19*
25
39
1*08
168
28
71
182
250
261*
986
976
160
1.390
2
998
7
(taxable)
(taxable)
(partially)
'*,939
3,070
1,585
1,268
170
(taxable)
(partially)
(partially)
7,986
755
1,118
5,103
Ujl*
(taxable)
(taxable)
(taxable)
510
1,021*
371
515
3,889
1,501
8,662
725
681
2,635
1,627
2-7/8)6
2-1/2)6
March
March
(partially)
(partially)
(taxable)
2,6U
Z-j/ki
2-lA)6
2-3A)6
September I956-59
September 1956-59
June
1958-63
2-3A)6
December I960-65
September I967-72
5,825
11*3
1
89
•
1*17
3
966
2
11
175
239
898
2
151*
5,611*
21*
1*39
1
662
•
?9
1
"*3
137
311
1H3
33
27
550
72
87
361.
12
15
95
90
310
155
537
1^
•
1
19
79
12
15
1,786
1,963
1,186
1953-55
footnotea at end of Section II.
75
11*7
63
11
195U-56
I955-6O
1956-5«
Total bank eligible
19
26
5t
1
l,I*3>*
2,01*2
2
3U
1*91
81*8
5
21
952
June
1952-51*
18
1,501
369
2-lA)6
1952-51*
1952-5'*
5!
iS
113
g;
7
13H
,857
2)6
2-1/2)6
10
J
1,115
1,223
3,062
(taxable)
(taxable)
(partially)
2)6
31
2
(taxable)
(parilally)
(taxable)
1952-55
2-lA)6
6
7
89
igUg-SO
I9US-51
iglW
June
Dscember
June
2^
57
3
U,926
y
1,915
1*06
3,535
Hald hy
all othar
Inrestora
9,292
5
",375
and tmat
fonda, and
Inderal Besarra
Bank*
63
284
1,596
1,306
OoTem-
ent a^BClaa
278
2,71*2
1951-55
2-1/2)6
60
2,ll*2
December
March
June
2)6
2,82)*
V. S.
23
22
2
U
100
368
16
2S
56
67
,1*23
229
35
82
206
907
163
,526
20
2
28
102
190
29>*
ll*
111*
58
731
170
1*6
108
53
65
181
103
813
3
2
236
2
3
loJ
1
73
22S
2,828
2,672
6
1
1
1,W*9
581
1,550
7»7
33
9
3
101
(partially)
(taxable)
(partially)
982
3,823
919
7U7
1,708
692
12
17
11
(partially)
(taxable)
l,l»«5
10
2,716
,068
,701
68,226
l*l*,61t2
(Contlnned on follovlB^ pa^a)
6
7»»
83
g>>
109
23
1*52
211
360
1,'»75
>«,210
12,171*
Treasury Bulletin
32
TREASURY EJURVEY OF OtNERSHIP, FEBRUARY 29, ISki
Section
I
-
Securities Issued or Guaranteed by the United States Govemnent
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
-
(Continued)
May 1948
33
TREASURY BURVEY OP CWNERSHIP, FEBRUARY 29,
Section II
-
19»l-g
Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
(?ar Tsluti - In mllllona of dollars)
iBBUe
(Tax Btatus 2/ ^^ shown In parentheses)
Treasury Bulletin
3'^
yARKET QUOTATIONS, MARCH 31,
Market quotations shown here are over-the-counter
In the New York market for the last
oloBlnp; quotations
The eecurltlea listed In
trading day of the month.
securities ismarketable
public
Section I Include all
sued or guaranteed by the United States Government exThe Iscept those not regularly quoted In the market.
Section
I
-
AmoiI
sues excluded are postal savings bonds
and Federal
Housing Administration debentures.
The latter are the
only public marketable Interest-bearing guaranteed securities outstanding.
Section II lists the public marketable securities Issued by Federal agencies but not
guaranteed by the United States Oovernment.
Securities iBsued or Guaranteed by the United States Govemaent
Table 1.- Treasury Bills (Taxable)
0«»-
ig'*-*.
Table 2.- Certificates and Notes (Taxable)
May 1948
35
Ireasury Dulletin
36
YIELDS OF TREASURY SECURITIES
Based on Mean
•49
PERCENT"
51
•53
•55
of Closing Bid
57
•59
MAR.
31.
1948
and Asked Quotations
63
'65
•67
'69
•71
May 1948
37
YIELDS OF TREASURY AND CORPORATE BONDS.
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
Date
Treasury Bulletin
38
(A
a>
en
c
o
....
May 1948
39
INTERNAL REVENUE COLLECTIONS.
Table 1.- Summary by Principal Sources^
(In thottsanda of dollars)
riacal year
or month
Total receipts from
internal
revenue
(Daily
Treasury
Statement)
Income and profits tazea
Ad.}uatmeot
to Daily
Treaaory
Statement
Total
Internal
roTonue
collections
Total
Income
and
profits
taxes
IndiTldual 2/
Bbployment taxes
Corporation
income and
excess
profits
Miscellaneous
profits
taxes U/
Total
employment
taxes
1,120,582
2.016,297
833,521
925,856
1,185,362
y
Social security
taxes
Bailroal
retirement
Old-age
insurance
Unemployment insurance
106,123
100,658
119,617
156,008
122,0ll8
186,1*89
265,011
28U,75g
191*0.
5,303,131*
-19,637
5,322,771
2 129,609
191*1.
7,361,675
12,993.118
22,lU3,969
10,lUl
7,351,531*
3,1*71,121*
1,'*17,655
-36,797
-22U,755
13,029,915
22,368,72U
8,0O6,88U
16,298,888
3,262,800
6,629,932
U, 687, 1*62
27,010
37,172
56,621
9,58U,715
8ll,2Ul
1,1*98,705
605,150
687,328
895.336
1.131,5U6
,565,1*77
33,027,802
35,061.526
31,258,138
18,261,005
lit, 629,31411
19,0311,313
15,883,235
157,1*52
l'*3,978
18,70U,536
12,1162,1137
91,165
1,738,372
1,779,177
1,700,828
1,290,025
1,307,931
1,237,825
183,337
+101 ,661*
-361,589
1*0,119,510
1*3,800,338
1*0,671,922
178, 7U5
2814,258
••271,136
39,108,273
29,020,051*
19.31*3,297
9,621,2711
55,1*83
2,0211,365
1,1*58,931*
185,876
379,555
-557,1*85
2,683,21*7
2,81*8.295
3,1*89,900
1,850,976
1,877,563
2, 701*, 580
1,1*30,1*37
Ui8,256
6,679
318,91*2
1,51*9,056
319,151*
9,63**
l,15l*,531
138,716
269,195
5,893
2,893
1,557,312
2,282
1.309
993
1U8,287
-185,930
-776,736
-585,767
-115,007
*877,373
2,783,180
2,805,258
2,800,368
1,8U7,020
1,830,129
l,U3li,lili9
1*12,077
1,557,821*
270,799
1,932,101*
1*113,9914
l,lt«7,118
U9U
1,505
992
135,878
291*, 585
111,936
-261,582
-U51,211
205,633
3,1*73,292
1189,691
31*8,173
627
U,120
68,597
3,605,986
2,982,9711
3,253,6911
98,213
11,661,991
UlU,llt7
258,71*7
191*2.
191*3-
Ul, 681*, 987
1*3,902,002
1*0,310,333
39,379,1*09
191*1*.
19U5.
I9U6.
191*7
•
191*7- July
August
September
.
.
October.
HoTomber.
Dsceober.
191*8- January
2,125,762
2,662,365
U, 266,637
2,197,1*11*
2,690,251
3,677,71*1
.
3, 91*1*, 051
Tebmary
U, 210, 780
Fiscal year
or month
1*,
<)82
017
96,279
129, lUU
251*, 551*
7,669
137,871
170,1109
211,151
902
140,325
g9,l48U
3,193
8,633
l,uo6
31,398
102,861
25,902
130,097
3,713
25,303
3,51*0
Treasurii Bulletin
Ho
INTERNAL REVENUE COLLECTIONS
OOLLAM
I9S3
'54
35
36
37
38
40
39
41
42
44
43
45
'46
47
48
DOLLARS
mSmt
BMIIont
>i<M»iol IneonM
Corporollon Income
and Excess Profits Toxe8:!i_
Toms
22
20
10
18
I
I9J3
Ectol* and Oilt Toxt*
^
t^
'15
M
May 194S
INTERNAL REVENUE COLLECTIONS.
Table 2.- Detail of Collections by Type of Tax ^
(Ib thousand* of dollars)
Tlacal years
Type of tax
I9U6
I9U7
First 8 Bonths
February
19U7
febniary
nsoal
year
19U7
Income and profits taxes:
IndlTldoali
Vlthheld by enployers:
Current 9ax Payment let of I9U3 2/
ReTenue Act of 19U2
Other:
,
Ciirrent 2J
B«ok
,
Total IndlTldual laeome tazea
,
Corporation:
Income taxes:
Current i/
Back
Kiseellaneoas profits taxes:
DMlared valae U/
Tlnsoa Act
%Jast enrichment
7, 822, "teg
,
,
Total Blseellaneoas profits taxes
Total Income and profits taxes
hployvent taxes:
Social security taxes:
Old-a^e insurance
UQemployTMBt Insurance
Total social security taxee
Bal Iroad retirement
Total enpleyaent taxes
Klflcellaaeous Internal rereBoe:
Capital stock tax 6/
Ss tate tax
aif t tax
manue]^ort..
in bond
taxes).
Total alcoholic boTera^e taxes ]J
Tobacco taxes:
Cigars (large)
Cigars (small)
Cigarettes (large)
Clgaret tes ( small )
Snuff
Tobacco (chevlng and smoking)
Cigarette papers and tubes
Leaf dealer penalties, etc
Cigarette and cigar floor taxee
•
Stasp taxes:
Bonds, Issues of capital stock, deeds of conveyance etc
Transfers of capital stock and similar Interest
,
sal SB
Playing cards
Sllrer bullion sales or transfers
Total stamp taxes
18,70U,536
19^,
Total eorporatloB taxes
Total tobacco taxee
8,U30,3T7
Ul6,57l
3,901,917
738,032
Ixcess profits taxee (Becead Berenne let of
as amended)
Alcoholic berera^ taxes:
Distilled spirits (imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectification tax
Vines, cordials, etc. (ia^orted, excise)
Vines, cordials, etc. (domestic, excise)
Dealers in distilled spirits; rectifiers;
facturers of stills (special taxes)
Stamps for distilled spirits Intended for
Case stamps for distilled spirits bottled
Container stamps
Floor taxes
7ermented malt liquors
Brewers; dealers In malt liquors (special
9,857,^66
123
Fiscal
year
I9U8
Treasury Bulletin
1^2
INTERNAL REVENUE COLLECTIONS.
Table 2.- Detail of Collections by Type of Taxda
Flae»l
TMn
flrat 8 aoiitha
fmbmMrj
19>>6
<l>aol iB*
Ylraa and tnbaa
^toBoblla tneka and buaaa
Othar auteaobllas and aetorcjelaa
Parta and accaaiorlaa for autoaobilaa
llactrlcal aaaro
Hactrlc, (aa, and oil appllaacaa
Xlactrlc light bulba aad tnbaa
Badlo aata, phoDo^apha. ooapoaaata, ate
Phoaocraph raoorda
Maaleal loatmaanta
Nachanlcal rafrtgaratora, alr-eondltloaara, ato..
Ihtchaa
Baalnaaa and atora aacblaaa
Phato^raphle apparataa
%ort lac fooda
Tlraaraa, ahalla aad cartridcaa
Platola and raTolvera
Rapaalad tazaa
Total aanufaotarara' axclaa tazaa
(Continued)
thoaaaad* of dollors)
^r?* of *•»
Hlacallaaeoot iBtamal raTaoQa (ooatliraad)!
Naaafactorara' anlaa tAjiaa:
lubrlcatlBC olla
-
19U7
19*7
7'!, 60?
'W5,699
IK, 092
82,015
19>X
8,568
33,662
12,19k
5,919
17,752
9,063
3.902
2,»39
9,229
8,k92
10,151
37,352
10,2li7
8, •13
19,792
7,«7«
5,232
6l
25,183
36,163
17,05k
9,031
38k
2ltl
Uk
70
5.859
36,036
9,882
7.185
28,05k
k,k05
6,060
6,896
2,911
6,17k
750
1,0*3
6,66k
558
3,089
3,9*3
89*
530
8*
7
922,671
1,>«5,395
120,077
131,023
91,706
223, 3U2
SI. '•23
97,k81
236,615
8k,588
95,57*
95,5'i2
13,21U
37.0k3
10,826
I3,k68
11,*80
35,000
11,183
12,291
U92,ob6
51k,227
7k,552
69,95*
59,152
k,805
15,6ko
8,792
2,12k
20,827
23,985
2,986
23,079
16,351
1,578
21,*21
25.980
1,075
25,5*0
*,122
1,916
50
27*
37 .IW
f5,»93
fi».87I
59.112
25,1192
17,781
13.
W
21,1S>>
'•33,676
17''. 927
62,099
20U,6eo
99,932
63,01k
65,608
23,180
«,856
5:563
2,32k
k,82k
801
1,133
>i,55l
1,101
2,206
3.006
1,23"1
kso
50
Batallara' axclaa taxaa:
for a
Jawelry
!««•«•
To 11 at praparatloaa
Total ratallara' axclaa tazaa
Mlacallaaaoai taxaa:
Sogar Act of 1937
Talaphooa, talagraph, radio, laaaadwlraa, ate...
Local telephoaa aerrlca
Tranaportat ton of oil by pipe llaa
Tranaportat Ion of peraooa, aaata, bartha
Tranaportatloa of propartj
l<«aiaa of aafa-doposl t boxaa
Idal talona to tbaatera, concarta, etfl
Adalialooa to cabarata, roof gardaaa, ate
,*
Ciob duea and Initiation faaa
fiovllag allaya, pool tablaa, ate
Coin oparatad darloea
Adultaratad and proeeaaed or renoratad bvttar,
and flllad ehaaaa
Olaoaarcarlna, Inclndlng apaolal tazaa
larcotlea, Incladlng aarlfauana and apaolal tazaa.
Coeonat and othar Tacetabla olla procaaaad
lat lonal Flraaraa Act
All otbar, Including rapaalad tazaa
Total lacallanaoaa tazaa
Total laeallanaoaa Internal roTenua
Total Internal raTanae collectloaa
Adjuataant to Iklly Treaanry Statoaant
Total recelDta froa Internal revanue (ikily Traanux7
Stateaent ;
56,732
252, 7k6
l!t5,6B9
lU,«2lt
226,750
220,121
7,857
3'«3,191
72,077
18,899
k.oil
17.092
l6ii,9kk
16,988
2Ull,003
275,701
8,560
392,873
63,350
23,299
k,k58
20,U32
9't7
29,017
5,227
2,007
58
320
kk
k
1,69k
U6,3U7
5,87k
792
17,208
8
k22
1, '189,929
1,550,8U2
115,883
"•,932
69U
6,272
6
koi
2,226
1
10
7,712,956
8,063,85k
678, 7k5
uo, 671, 922
39,108,273
k,U05,5Uk
-36l,5«9
271,136
-131,083
•10,310,333
39,379,k09
h,27k,k6i
127,396
riacal
J—-T
rifcal
1^1
19U«
..
.
.
May 1948
"^3
MONETARY STATISTICS.
Table 1.- Money In Circulation
(Xn alllions of dollars except &s noted)
Paper none;
Znd of fiscal
year or month
Total
Doney In
circulation 1/
Total
paper
Bonej
Sold
certificates
silver
certificates
2/
IreaBniy
notes
of 1890
l&iited
States
notes
igUo
7,2lt8
2ll8
9,6l2
12,383
8,932
11,600
67
63
1,582
19111
l,7lli
59
1,7511
17,1121
22,50ll
16,1192
57
19I4U
21,U38
su
1,6U9
1,588
300
317
322
322
ig,"!
19116
26,7116
28,2115
26]9ii5
19117
28,297
26,9112
1,651
2,025
2,061
28,llt9
26,792
27,072
27,192
117
2,033
2,051
117
2,0ll3
19117-juiy
Au^st
.
.
.
28,ll3ll
52
September
28,567
October.
Horenber
I^ceober
28,552
28,766
28,868
27,167
27,369
117
2,029
117
2,0llO
27,1163
117
2,039
28,111
28,019
27,780
26,728
k6
1,91*7
26,6311
U6
16
1,951
1,973
igltg Jamiai7
.
February.
March p.
•V
lad of fiscal
year or aonth
26,386
Tederal
B^ serve
Banlr
notes
2/
7,8ll8
19U2
19^3
Tederal
Baeerre
notes
Hational
bank
notes
V
9,310
22
20
19
13,7117
5Bli
18,750
597
323
317
320
22,867
83,973
23,999
U6I1
111!
I106
106
317
320
317
23,887
100
397
391
106
106
105
315
320
313
2ll,283
211,582
387
383
378
lou
103
103
303
307
308
23,953
23,857
23,592
375
370
365
102
101
101
5,163
6,68li
211,151
2l*,289
2ll,ll75
165
150
139
132
126
120
H
5
2
1
,..
.
.
w
Treasury Bulletin
MONETARY STATISTICS
Table 2.- Monetary Stocks of Gold and Silver
(In
lllloaa of dollari)
B«tio of •llTar
to gold and
SllTU
Ooll
Ib<1 of fUo«l
7«ar or Bonth
(»35 p«r
flno otin£«)
($1.?9» p«r
fin* ooAca)
llTor In
•onotUT itocka
19ltO
19,963 1
3,939.6
19U1
19Ua
22,6*.
• .l'«-7
22,7}6.7
22,3*7.5
a, 173.1
3,9»'7
15.7
3,685
3,508
3.525.7
15.
19'»7
20,213.0
20.269.9
21,266.5
19117-July
a. 537.0
3,530.6
llt.l
21,765.9
21,955-3
3,5331
lU.O
13.9
Octobor.
KoToaber.
Bocoabar
22,29't.3
22,6lU.I»
3,5^.1
22,753-9
3,5'»7.9
13.5
19U8-Januai7
TebrUAij.
March p .
22, g}"*. 6
3,5521
13 -U
23,036.1
3,555.6
23.136.'*
3,56l.'»
IS"!)
19IA
19"^
1946
Sopteaber
.
.
Soureo:
P
Bally Treasury Statoaent and Circulation Statoaant of U. S. HoneyPrell Binary.
I6.5
15-5
15.9
iS.l
'»,306
ii,29«
lb.8
Ik.Z
3,535.7
13-7
13.5
3,5't3.'»
13-3
Tor detail of ellTor aonetaiy atock. aee Table U.
Table 3.- Gold Assets and Liabilities of the Treasury
(In ffillllone of dollare)
Llabllltlee
Ind of calendar
J9»r or aonth
1939
19'W
19U1
19U2
Gold aasete
I7,5i.v
15,278.6
21,99''.
19.825-'*
20,56lt.g
22.736.
22.726.
21,937.
I9't3
Gold eartifloatea 1/
20,611.9
19,821.0
igiA
19^5
20,618.
I8,'t97.i»
20,0*.
19116
20,529.
22,753.
17. gilt.
18. '•30.
19U7
19U7-Jiay
in^at
.
.
Sapteaber
21,537.0
a, 765.9
a. 955.3
a.suk.o
20,3't3-7
20,581.5
20,770.0
October.
Horeaber
22.29U.J
21,091
22.6ll».4
Deceabar.
22,753.9
21.1409.9
21,5U)*.0
19U«-January..
Febninry.
Mnrch p.
22.93't.6
21,7'«7.6
23.036.1
21,822.3
21,923.8
Sonroa:
1/
23, 136 .U
Oally Traasoiy Stateaant and Circulation Statement of V, 3. Mone^.
CoaprlaeB (l) gold certlflcatea held ty the public and In Federal
Reeerre Banka; and (2) gold certificate credits In (a) the gold
certificate fund - Board of OoTemora, Federal Beserre Syaten, and
^
J/
p
.u
Gold raeerre
agalnat V. S.
astea, eto. Z/
Izchan^
Stabllliatloa
fond
y
Oold In
Oeneral ^ind
156.0
156.0
156.0
156.0
156.0
1.800.0
1.600.0
1.800.0
1,800.0
1.800.0
k08.9
213.2
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
165.U
igt.s
lUa.u
a5.3
158. U
160.7
1,053.9
156.0
156.0
156.0
1.037-3
1,028.3
1,029-3
156.0
156.0
156.0
1,0148.5
156.0
156.0
156.0
1,031.0
1.057.8
1,056.6
l.o'i6.9
1,053.9
(b) the radaaptlon fund - Federal Baaenre notes.
Seserre against United Statea notes and Treasury notes of I89O.
Xxoludes gold in active portion of KTChonge Stabilisation Fund,
Preliminary.
6
.,
..
..
6
t
May 1948
^5
MONETARY STATISTICS.
Table 4.- Components of Silver Monetary Stock
(in mllllonB of dollars)
Silver held
Snd of calendar
year or month
In,
Treasury
Securing sllTer
certificates 1/
SllTcr
hulllon 2/
In General ?und
iTer
dollaxe
Subsidiary
coin ^/
Si
1,298.2
1,198.1
1,U76.1
1,516.2
1,520.0
U99.0
19'*7
1,520.1
1,703.9
1,911.2
1,937.6
igUT-July
.
Au^UBt
September.
Bullion for
recoina^ U/
Meu.i
U6g.3
5-3
2-3
3-5
9.2
IKXJ.U
lU.it
376.5
337.2
12.5
10.2
lU.O
13.1
1,925-6
1,929.0
1,930.9
SUl.O
339-9
338.9
19-3
17-9
15-2
October.
BoTeaber.
December.
1,933-5
1,935-3
1,937.6
338-5
337-9
337.2
lU.O
12-9
13.1
igUS-Jauaary , ^
lebruary ,
March p^
l,9Uo.6
i.9;o.7
336.8
336.7
336.5
13.3
lU.l
.1
li».6
.2
1939
19I40
19U1
191*2
ig"*}
19U11
I9't5
igW
.
.
.
.
^
^
1*91*.
356.1*
3t3-t
1'
^
Bullion
at cost ?/
Si Iver
dollars l/
19.1
1*8.1
391* -1
657.'*
52-5
63.0
78.8
96.8
1*22. U
587-3
68U.7
1*,317.6
185.
93 1
91.1
117.5
137.5
150.1
156.3
771-6
8U6.7
901.1
928.7
3,870.6
3,512.8
93-6
92-6
93-5
152.5
153-6
15U.6
901*. 8
910.8
3,530-6
3,533.1
3,535-7
92-3
91.6
91.1
I5U.9
155-6
156.3
916.9
922.9
928.7
3,5^7.9
91.7
91.7
92.6
156.7
156.6
156.9
929.1
929-3
929.7
551 -«
U05-6
.1
.7
.2
.1
V
U/
Suhsi diary
coin ^/
Total
B liver
at $1.29
per ffne
ounce
616.0
662.3
628.2
Bally Treasury Statement and Cirealation Statement of tT. S. Koney.
Valued at $1.29*' per fine ounce.
Includes Bllver leased to Office of Dsfenae Plants of the H.T.C,
Does not Include
etc. (see Dally Treasury Statenent for amoont).
sllrer lend-leased to foreign goremmenta (see 191*6 Anrnial fifiport
afflounts).
the
Treasury
for
the
Secretary
of
of
Source:
Silver
outside
Treasury
1*93 -5
906.1*
3,790-2
u,c6o.o
1* 2W*.8
U,207.3
3,51''.2
3,51*7.9
3,51*0.1
3,5^3.1*
3,552.1
3,555.6
3,561.1*
Talned at $1.38+ per fine oonce.
Talued at $1.38+ per fine ounce or at $1.29+ per fine ounce
according to whether the bullion Is held for recoinage of
subsidiary silver coins or for recolnage of standard silver
dollars.
p
ProUoinaiy.
•
Less than $50,000.
Table 5.- Silver Production In the United States and Acquisitions by Mints and Assay Offices'
(In ailllons of ounces or dollars)
Calendar year
or month
1939
191*0
I9UI
19U2
19K3
19l*U
191*5
SllTer
prodnetlon in
United States
Silver acquired by mints and assay offices
Hevly mined domestic
silver 2/
foreign silver
^
total
Ounces
Dollars
31*3 -3
l6o.6
208.0
99.1*
11*3.1
77.2
62.1
5.5
1*0.0
3.9
•
•
«
•
.9
.6
.9
.6
Ounces
Ounces
Ounces
63.9
68.3
71.1
55.9
«0.8
60.7
68.3
70.5
U7.9
5.5
llO.l
35.7
29.3
282.8
139.8
72.6
1*8.5
50.1
1''.3
31*.
Sella
120.5
50.9
27-1
6.0
21. >*
l*.9
191*7
36.1
30.3
1.9
2.6
2.2
3.8
1.9
2.9
3."*
October...
November.
December.
3.2
3.6
2.1
2.5
1.9
2.2
3.7
3.1*
31
2.5
31*
igUs-January...
February
3.9
2.1
3.2
2.7
2.9
2.5
3.2
2.7
19l*7-July
August
September
.
.
.
.
ee:
.
i*.l*
Innnal figures from the Boresa of the Mint. Monthly figures on
S. silver production from releases of the American Bureau of
Metal Statistios; these vill not agree with the annual figures.
?or information on silver production in other countries, see
annual reports of the Director of the Mint- S&ta from 1933
throu^ I9I+I are sunoiarized in the "Treasury Bolletln" for
Au^st I9U3, page 7U.
Acquired at &i^,&i cents per fine ounce until April 9, 1935; **
71.11 cents per fine ounce from that date until ^rll 23, 1935;
27.1*
y
2/
30.3
3.8
1.9
2.9
1.7
2.6
2.1
n.
1/
U.U
t.9
191*6
V
3.9
^
k/
*
!*/
27 .U
U,/
1.7
2.6
1-9
2.2
3-1
2.9
2.5
at 77-57 cents per fine ounce from %irll 23, 1935, to December 31,
1937; at 6U.61* cents per fine ounce from Decenher 31, 1937, to
July 1, 1939; at 71.11 cents per fine ounce from July 1, I939, to
July 2, 19^; and at 90-5 cents per fine ounce since July 2, 19U6.
Acquired at various prices averaging approximately 5I cents per
fine ounce.
Includes 0.2 million ounces valued at 71-11 cents per fine ounce
totalling $0.2 million, and 30.I million ounces valued at 90-5
cents per fine ounce totalling $27-2 million.
Less than 30,000 ounces or $50,000.
6
...
1
3
9
1
2
7
Treasury Bulleiin
46
MONETARY STATISTICS,
Table 6.- Seigniorage on Silver
(OuaolatlT* fros Jumair
1.
1935 - '» lllioss of dollari)
Sooreet of ••Ifnlor^o on illTer
kd
of oalondar
y»x or BontJh
8«l0ilor*(«
OB OOlM
(illTor *Bd
laor)
Mlao. tllTor
(lool. illTvr
InailoB hold
Am.
lU, 193U)
H«vl7 alBod
sllTor (Proo.
-^ „ ,g„,
»"• 21. 1933)
I«vl7 alnod
•llTor (tet
Julj 6, 1939,
uid
itir 31, 19>>6)
1935
1936
1937
193«
1939
18.5
*6.l
63.7
69.5
91-7
*«.7
*«-7
*«.7
*«-7
*«.7
19^)
19Hl
ISte
19*3
19**
122.2
87.6
25-7
87.
2*5-7
299-6
362.3
*«.7
*«-7
*«.7
*«.7
*«-7
*«.3
63.6
65.3
65.*
19*5
19*6
19*7
*29-5
*9l-9
520.5
*«.7
*«.7
*«-7
87-6
87-6
87.6
509-5
510.0
510.7
*8.7
*«.7
*«.7
513.*
516.*
520.5
Ug.7
521.*
527.6
5«9.*
ltg.7
U2.1
19*7-July
^iguot .
Svpteabor
.
October.
loToabor
DscoBbor
19>te-Janaal7
TobroArj.
.
.
Narcb
Sonroa:
1/
li«.7
*8.7
*«.7
*«.7
l6.<
36.0
58.0
7*.9
87-3
k.2
^olUos r*T&lu*d 1/
SllTor Pttrohue lot
of Juno 19,
193*
Potontlnl
latlonallfod
•llTor
(?roa. of
226.2
302.7
366.7
*57.7
530.7
3*-5
3*-7
562.7
580.*
3*.7
3*-
3*-7
3*-7
58*.
58U.3
58*. 3
3*7
3*7
3*7
3*7
66.5
7* -5
701.6
832.1
832.1
87.6
87.6
87.6
70.9
71.9
7»-5
832.1
832.1
832.1
87.6
87-6
«7-6
73-3
73.8
7*-5
87.6
87-6
87.6
75-*
76.3
87.6
87.6
87.6
IWII7 Treasury Stateoent.
Tbeie ItesB repreeent the dlffereiue between the coat ralna and
the aonetary value of silver bullion revalued and held to eecure
77.
^
fotal
iolgnlora«a
on illTor
r«Tala*4
oifnlora^ on
•llTor bnllioB
St coot In
Ovnaral ^ind g/
326.2
*22.1
508.1
616.0
705.6
27*.
759-*
799-7
1,055.
758.8
950.6
n8.9
820.6
820-7
717-3
3*-7
3*-7
3*.7
938.1
1,069.6
1,077-6
.2
333-2
161.2
.2
1*6.8
3*.
1,07*.0
1,075-0
1,075-6
156.1
1*1.2
3* -7
831.1
832.1
832.1
3*.7
3*-7
3*-7
1,076.*
1,076.9
1,077.6
1*9.5
1*9-*
1*6.8
832.1
832.1
85f.l
3*7
1,078.5
1I14.9
5*.7
1,079*
HA.
3*7
1.0S0.2
1*5-9
3*7
15*.
ellver cert If 1 oat ea.
The figures in this column are not munulatlve; as the amount of
bullion held changes, the potential seigniorage thereon changes.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1948
Ailecatlona of
iBcrament
Ixchange StabllltatloB fttn€
Payments to Tederal leeerre Banks for Industrial leaaa.
Ctaargea against
iBoraoaat
(2,000,000,000.00
$2,000,000,000.00
139,299,556.99
27,5*6,310.97
^3,«6^,750.78
Malting losses on gold colm
2,175,121-93
1,853,218-611
6*5,387,965*5
6*5,387,965. *5
ThmssigBod
Totml iBCremaBt
321,903.29
8,288,332-87
8,288,332.87
$2,819,013,728.02
$111,753,2*6.02
23, 86?, 750. 78
Philippine ourreBOy reaerve
Katlrement of natloBml bank aotaa
Oaaxpended balance of
allocated Increment
$2, 6711, 787, *9!. 06
$lWi, 226, 232-96
May 1948
'^7
EXCHANGE STABILIZATION FUND,
Balance Sheet as of June 30, 1947, and December 31, 1947
June 30, I9U7
Baeenilier 31,
I9U7
AgBetat
CaBliI
Tr«amrer of th* United State*, oheeldD^ aecount...
Ttdaral fieterre Bank of Hev Tork, spoclal aocouBt..
moboTBing offleerfl' bala&ool and adracoa a«coQiita.
»6,H51,«71.3'»
19,380,>i52.o6
6,137,806.81
38,003,H97.98
i«),6oi.05
3^,263.59
Total oaah.
Special aecountf of Seeretarx of the Treaeuy In
Tederal Heserve Bas^ of Nev Tork:
Special account Ho. 1, gold (Schedule 1)
$29,866,386.99
1»1»,181,905.8U
151,'U8,753.87
lll»,l»07,'»81.92
Doe from foreign banks (foreign emhange):
SvlBB francB
Brazilian eruzelrea
Indian npeee
Mexican paeoa
ill other
225,578.80
ISUU.oUg.l?
80,000,000.00
80,000,000.00
20,696,712.81
20,000,000.00
2O,970,819.«l»
3.
350-62
Total doe from foreign banke.
InTeBtmentB In United Statee OoTcmment BOenrltlea
( Schedule 2)
Accrued Intereet reoelrabl* (Sohadnle 2)
Other aneonntB (deferred ohargee)
Commodlt7 BalOB contractB (deferred oharges).
Total aeeetB
101,618,218.61
120,922,291.61
20,000,000.00
20,000,000.00
82,936.12
SU,ltl7.97
15.00
15.00
2,636.00
2,636.00
»298,988,9lt6.59
»a99,598,7U8.3l»
UabllltloB and capltali
AcconntB payablei
TouoherB payable
bployeoB' pay-roll allotment account. United
StatOB saTlngs bonds
Withholding tazea
Mlseellaneoua
$2,920.02
ll,l»31.11
2,738.09
1,'»30.78
3, 692,893. H3
Total accounts payable
Beeerre for expeneea and oontlngenelea (net).
Capital account
Deduct - Subscription to International Monetary
And ..•
902,8Ul.58
12,720,608.39
12,825,70't.Ul
2,000,000,000.00
(2,000,000,000.00
1,800,000,000.00
XarnlDga lesa adjBlnlatratlTe expeneea (Sohedulea 3
and U)
Total liablUttea and coital.
Hote:
896,979-69
$3, 698, 551 •5'!
Annual balance eheets for the yeare 193^ through 19^ mv be found
In the "Annual fieport of the Secretary of the Trsaauzy for 19HO".
200,000,000.00
200,000,000.00
1,800,000,000.00
82,569,786.66
85,870,202.35
298,988, 9U6. 59
299,598, 7't«-3'*
Quarterly balance sheets coamenclog Bscember 31, 1938, may be found
la prerlous Issues of the Treasury ^Qletln".
Schedule 1.- Location of Gold Held by and for Account of the Stabilization Fund
1/
Treasury Bulletin
48
EXCHANGE STABILIZATION FUND.
Schedule 2.- United States Govemnent Securities Held
...
May 1948
U3
CAPITAL MOVEMENTS.
Information relating to
of the latest month for which the data are available.
capital movements between
the United States and foreign countries is presented In
Section I contains the principal types
four sections.
Section IV contains data for recent months on outstanding contracts of bank; for forward purchases and
sales of foreign exchange.
from 1935, and
Each type of data Is then broken
currently by months.
down Into Its chief components In the seime chronological
of
data
on
capital
movements
by
years
The data In these four sections are based on reports filed each month by banks, bankers, and brokers
throughout the United States.
The reports are col-
detail.
Section II supplies a geographic breakdown by prinThe total net capicipal oountrles for recent months.
tal movement Is given first and then the principal categories are shown separately.
In
addition,
at
lected,
the
tabulated by the
ments was
November I9U5
I
-
Issues of
the
"Treasury Bulletin",
data omitted during that period were supplied
November 19't'5 issue and supplement.
Section III presents details with respect to capital movements and short-term claims and liabllitlee as
Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(la thoueauda of dollars; negative flgores Indlcata a net oatflov of capital fron the United States)
Analysis of net capital aoTeaant In:
Calendar year
or month
twelve Federal
Publication of detailed figures on capital movediscontinued between the March 19'^2 and the
total
Section
and
this
outstanding claims on and llabllitlea
to foreign countries are each presented.
point,
checked,
Reserve Banks.
The totals are then forwarded to the
Treasury Department for consolidation and publication.
Hat capital
moTetnent
Short-term
toaaklD^ funds
Brokerage
balances
Transactions
la domestic
securities
in
but
the
..
Treasury Bulletin
50
CAPITAL MOVEMENTS
Section
I
Historical Sumnary
-
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Poaltloa
ftt
«nd of p«rlod la thouaaadt of dollars)
8hort-t«ra olalaa
19J5
1938
1937
193«
19W
(«*o
(Sac.
(Bee.
(IWo.
(Jaa.
(Iho.
Total
1937)
29,
21, 193s).
3, 19«0).
19^)
la
forelfa
onrrODCles
Loaaa to
for*lcn
kaaka
Pigrabla la dollarc
Total
Other
1*88,365
1,501,11*2
1,156, ''96
'•3*, 977
1,1*56,885
62€.oi>2
152. ''37
150, olA
U6,917
165,5a
JOS, 70S
66,7'»5
173,23*
385,636
310,H77
268,719
2a. 383
1,623.317
1,893,087
2,203,185
3, 2a, 328
3,938,232
1,600,507
1,985,025
3,025,189
3,786,182
209,597
111*, 791
135,311
202,085
1,678,518
3,352,223
l''3,70J
137. 16»
*,a«,389
3«3,97«
"17,>»77
I15.U8
367,786
19^
2W,673
116,633
72,oi«
I9h)
19UU
329,69''
•7.068
30,916
3^.387
?»,603
105, ha
169.670
»7.'Mi9
165, '39
100,267
319,639
soft, 851
21*5,010
290,''95
1*90,631
730,693
75^,576
S.»32
798.
9), ''78
313. a3
32*1.002
78,720
72,102
315,137
337,775
360.719
388,555
801,836
880,205
933,025
116, 943
128, 97H
2»«l,850
itW*.oU3
650
159,50*
2<>8,>I02
979.199
967,296
957,200
155,722
w.giz
273,553
268,072
1>»3,196
268. 183
963,361
923,887
960.921
156,622
158,293
533,223
27'».6lU
1*90,980
165, ''39
3*, 851
U90.631
7, 111, '•19
31,
257,92?
19^
19W
19^T
392,766
70«,25)
960,921
-
19kT-Jaaaa>r
TebmaJT
March
ifirll
Kar
Jvae
Jaiy
Ao^utt
Septeaber
,
Ootober
loTeaber
CeCflBber
Other
161,263
96.726
128,951
19*1
19«0
Bapoilti
of
forolcAaro
1>I0,?11
7T«,57?
672, 6lh
65^,990
Jl, 19)5)
30, 1936).
Short-tora llabllltlsa
P«rabla la dollara
Pa^akU
fcd of oalaadjtr
fear or aODtb
9«,U9
86,J78
27'',
273.516
let
Pigrabla
•hort-ter
la
forelga
curreneloo
llaMl-
'*6,795
66,1*78
ia,ooi
Itlae
97,851
99,95*
82,98)
10),)69
60,828
31,0^9
5^2,563
950,70)
1,2)8,097
1,577,1*3
2.712,626
3,55*,25*
19,677
13,893
17,911
3,310,732
25,5*6
6,1*90,302
5,37»,903
5.596,775
6,883.068
«]l3U|ki2
i».9lt<,62l*
306.618
668,168
1,222,580
1,218,633
1,910,898
6,1)80,262
7,111,1*19
'',69), 911
1,71*5,722
1*0,629
4.809.21*5
2,252.510
1*9,66)*
5,772,009
6,l50.U9g
6,503,699
8, 506, 988
8,302,351
i, 71*0, 992
1,723,106
'',888,977
3.581,1*06
l*,87li,6lg
3,391,699
39,601
36,605
36,03*
5,773,006
7.752,*12
7.503.919
5,003,ll*«
3,232,'t69
4,771,282
525.119
8, 01*0,251*
'*,992,'*5''
3,270,826
3.016,630
36,*)6
29. )9*
)1.170
7,*70,a7
1*76,581
8.272,053
8,071,502
51*9.921*
8.318.385
8,382,393
5,093,556
5,250,172
3,189,10?
7, 855, ''51
1.,
91*5, 1*59
2,872,839
)5.720
38.367
37.153
7.339,186
7,*15,097
6,898,251
7,5'»9.09«
U, 896, 586
2,608,907
1*3.605
6,585,737
7.392.887
'',903,761*
U, 809,21*5
2,'*31,758
57,365
6,1*69,000
2,252,510
1*9, 661*
6,150,U98
51*9,312
51*5,821
'',356,501
21,61*1
3.093.85''
3,9'>8,7l6
5,116,97*
5,267,0*1
7,191,297
7,107,229
Table 3.- Net Movement of Short-Term Banking Funds
(la thonaaade of dollarei aegatlTe flcnree Indloate a aet outflow of capital froa the Oalted Statee)
Short-tera Uabllltlea
Slort-tez« elalne
Caleadar yaar
or acath
Total
P^able la dollars
Pajakla
la
forelga
Loaae to
earreadee
19)5
1936
1937
1938
19J9
19S0
('•
2, 19)5-'««.
(Jea.
2.
Oec.
31,
(Use.
)0,
2?.
(Jan.
»,
(Dm.
1, 19)6)
1936-Beo. 30, 1936)
1936-Jlec. 29, 1937)
1937-Iao. 28, 1958)
igw-Jaa. 3. 19*0)
19l*0-lleo. 31, 19*0)
19*1
19*2
19*)
19*1*
19*5
19*6
19'»7
Total (Jen.
2,
19li7-JaaBa«y..
1935-Dsc. 31, 191*7)
361.360
70,119
17.621*
28.9*8
117.3*0
12l*,72l»
-l*8.60l»
-7,717
58,120
1*1,758
15.?))
-),*71
-3,515
20,671
-11*, 330
*7,336
631,*69
358,023
269,770
300,020
,018,11*;
5,1*3
716,
6,90*
1*3,622
37I*, 1*1*0
1, olio, 19*
760,993
Other
6,3))
19,68)
1*3,119
-94,806
20,520
-i*,3io
37.802
*,933
-16,971
20,386
-*2,5*1
-29,779
?92,829
428,142
287,39*
328, 968
1,135,483
841,62*
185,617
385.365
-243,522
583.373
1,168.058
148,594
182,803
2.2)6.388
-6.873
6,531,880
2),*«7
2,00), 289
-201*, 637
*7,1)1
1*7,9*5
-l*,359
-22, 616
1,858,300
-189,707
-1,028
-2,996
-571
1,047
1,979,406
-2*8,493
402
-7,0*2
1,776
-33.702
-278,920
-84,068
-i,a4
231,957
75.911
-516, 846
6,452
13,760
-7.701
-312.51*
-116.737
-318,502
lU,7gg
119.562
188.597
-205,723
136,688
6,1*12.318
-)),507
-36,717
-27,836
1*85,870
1,179,31*
220,359
1,279,375
-1*18, *22
6)1,207
I*,
55*, 1*12
li,6l*l
6,1*26
l*,758
6.618
-1,92*
-22,638
81*1
96,925
-33,800
-55,1*88
-)0,298
-32,538
-200, 5?1
26,21*8
-1*8,5)8
-)1,2*8
128,530
-231,866
2a, 172
805
612
3,*91
278,1)1
101 102
172,1*79
61>,0O8
-526,91*2
156,616
-30*, 713
-95.255
-221,01}
-306,35)
-156.211
-281,U68
-1*8,873
-263,932
-177.1*9
-1*1*.
-12,031
-30.530
Aofust
Septeaber
-*6.17*
11,903
10,096
3.782
5,310
6.716
-25.151
5.*81
-111
October.
loreaber.
-6,161
)9,*7*
Sec^ber..
-37,0)1*
-13,*26
-1,671
-7,1*6
-5.333
-1,098
-30,237
-21*.
12.5?8
1*2,2*)
3*9
foreign
eorranoies
ehort-ter
liabilities
-3,9*7
692,265
-l9*,65l
506,788
-a9,372
-),'*o*
la
-11,372
-5,102
4,018
3,730
3,905
15,083
9,035
5,15*
-20.
587, )3*
333, *07
at
Payable
-*33,959
105,607
620, 88U
220,576
583,20^
-268,854
115.38*
-259,71*
-19,01*3
1*09
-78,369
-52,820
.
*9!3*l
75,159
a6
-*),856
.
136,780
7,11*
-50.630
-67,320
-22,*1*0
-2), 88)
Irtlf
of
forelgaera
Othar
19,298
60,899
6,5*5
-32,506
-75,3*0
-*5,*«5
-200,136
PebnaJT-
^rtl
-3,552
)1,868
-20,191
fetal
16,192
97,50)
-11.256
-71,765
-63,072
-)15.*«7
-252,668
March
Ma/
Jaaa
228,1)2
-1*,788
-11,526
2,)9)
8), 299
19,268
forel^
ba^e
Payable la dollare
Ikpoelte
.
7.178
-9*. 519
-159,2)0
38,357
-251*, 196
-179,21*8
l,a6,303
-733.909
378,539
'
May 1948
51
•CAPITAL MOVEMENTS.
Section
I
-
Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(la thoa«anda of dollars)
DoaeBtie itooka
Calendar year
or Bonth
(Jan.
2, 1935-Jan.
1,
(Jan.
2, 1936-l!so. 30,
(Deo. 31, 1936-1*0. 29,
(Deo. 30, 1937-I>»o. 2«,
(Bso. 29, l9iS-iBa.
3,
(Jan.
», 19)iO-I>es. 31,
1935
I93S
1937
1938
1939
19UO
Porchasaa
I936)
1936)
1937)
19J«)
igw)
Salaa
n.a.
n.a.
n.a.
a. a.
a. a.
a. a.
a. a.
n.a.
a. a.
a. a.
28U,206
•73,052
ISM
1146,039
368,55*
19'tt
96,3«3
151,639
136,853
260,223
367,6U9
226,089
191)0)
19V
19W
19!»5
19W
ISt?
Total (Jan.
2,
75,
W8
194,616
171,1132
357,655
•32,109
376,671*
Soaeatio bonds
let
Porohasea
Sales
at
a. a.
n.a.
1,302,68U
986, 02>*
n.a.
n.a.
a. a.
n.a.
a. a.
a. a.
a. a.
a. a.
2,68l»,39l
2,083,698
2,028,755
a. a.
-lS8,gl|6
-222,519
20,895
-iw,977
-3U,579
-97,*32
-eU,U60
-150,585
18,>«l6
29,1*65
-li,oi»9
febru&ry
Naroh
19,1*5
l'»,367
33,065
21,183
-13,620
-6,816
iprll
U,VM
2l»,013
*»r
Jva*
13,3*5
26)969
-5,565
-17.327
-ll,5«3
September
19,293
13,763
1»,053
27,926
21,050
26,725
-«,633
-7,287
-12,672
October
November
December
27,6¥i
22,539
28,890
61,752
31*, 528
38,826
July
Aa^st
total
sales
a. a.
a. a,
n.a.
n.a.
221,816
a. a.
a. a.
a. a.
2,273,3*1
1,200,119
1,0311, 1*78
Bet donestlo
stoeks and
bonds
316,660
600,693
2l*b,626
1,11*2,923
57,196
1,119,905
751, 08U
-85,1*27
-21*5,062
582,9U6
211*, 002
365,171
-261,955
278,032
-56,216
506,022
17'»,952
l6l»,218
2l»l,299
2llt,388
-39,l»36
513,55*
377,717
268,
-269,7"*3
320,991
260,601
392,93*
650, Uii
637, 9U0
7*2,119
1,116,322
27,767
210,735
-113,105
-33H,203
53,030
562,39lt
659,91*9
-S7.555
12,608,1(69
12,21*1,500
366,969
••9,070
1*9,222
-152
57,1»39
-2l*,698
56,171
-25,362
2,38U
-18,238
-5,102
ltlU,U70
336,305
138, 5IU
25,70U
170,555
70,7ltl»
2W
393,390
684,213
2*3,275
2U5,3lU
-15,673
1935-060. 31, I9U7)
I9l»7-Jaaaar7
fotal
porohases
30,S5i»
^2>^57
16!^
2»,37l»
3l»,9««
10,897
-11,078
'•39,676
751, 0U5
1*6.599
-u,5M
32,7Ul
30,809
U,796
7,9l*9
3«,1?3
18,^1*
27,«33
6^1
•7,700
35,*09
51,3*6
52,802
20,555
10,753
16,550
19,3'«
26,762
27,701
1,207
-16,009
-11,151
39,8lt«
1*7.271*
-7,1*26
2lt,5i6
1*7,812
30,603
51*, 1*26
-23,296
-23,823
-3't,108
2lt,702
-11,989
-9,936
10,285
121,706
19,3*0
18,3*1
5,322
-8,056
86,925
52,31*6
32,821*
150,596
81,132
52,869
73,607
3l^,7Sl
J3,iw
-28,786
-20,01*5
76,939
Vot scratlable
a. a.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In ttaouaaads of dollars)
Voraiga stocks
Oalandar Tear
or aoath
('«»•
2, 1935-'">1.
(J«B.
2, 1935-nse. 30,
(Dec. 31, 1936-n»e. 29,
(Bso. 30, 1937-fco. 28,
(Bso. 29, 193*-Jaa. 3,
(Jaa. >*, l^lO-Bsc. 31,
1935
1936
1937
1938
1939
1^
Poretaasas
1936)
1936)
1937)
193*)
19'«0)
IS^^O)
a.a.
19*1
191*2
23,278
26,601
37.32*
19l«
19U6
19U7
65.2'^7
57,118
Total (Jan.
2,
Salsa
a. a.
a. a.
a. a.
a. a.
a. a.
a. a.
Vorelga boada
at
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
19,791
22,078
f,789
69,610
1*2,558
a.a.
3,'W7
-i?;5i?
-363
1U,560
^rohases
Salea
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
a.a.
B.a.
a.a.
a.a.
1*6,367
3ll*,262
a.a.
a.a.
372,15*
225,289
318, U3
3l*7,269
755,936
1190,1*1*6
'
6,7'»1
656,
6311,289
at
B.a.
a.a.
a.a.
a.a.
a.a.
B.a.
5,71*
10,271
H.OJS
661,256
896,1119
1,016,188
••82,809
561,236
205,289
Total
sales
Net foreign
atooks and
bonds
536,098
705,073
719,180
156,051
115,517
127,133
125,158
191,076
267,008
26,75*
115,6*9
78,156
51,703
-7,361
77,696
93,196
-16,617
265,127
37,012
88,973
-29,156
185,261
220,533
"169, 6I5
310,863
355,111
265,1*90
22,1*52
713,859
133,55*
227,897
391, 919
217,367
102,058
556,056
676,817
6,929,712
5,651,811
1,2711,898
96,875
59.033
81,180
26,605
137,368
28,717
70,270
-78,335
52,733
B.a.
711,209
1935-Dbo. 31, 191^7)
19**7-Jennar7
total
pnrohaaes
68,588
8a,i83
22,569
133,12*
-«li,366
25,1*57
50,595
57.516
lS,88ll
85,191
79,350
57,231
26,117
10,281
39.910
59,017
39,069
17,321
19,379
33,623
5,1*28
3,290
W',762
76,052
iprll
I*, 051*
2,553
gl,>*l|0
>Uy
1*,92U
Joaa
•,075
31635
7U,l«6
53.159
23,89U
36,815
36,275
Jb17
•,368
••5.6i^6
265,701
An^st
3,733
3.565
2,571*
ll»,78l*
September
3,ll»2
3,U20
30,058
61,608
2l*,600
-220,055
15,271
37,008
61,750
270,069
17,358
28,020
-220,690
16,265
36,730
October
November
December
3,812
i»,lU3
33,'*69
1*,29S
3,1*1*0
27,660
3,393
33,301*
19,809
17,650
13,607
13,660
10,010
19,697
37,281
31,958
37,102
23,952
21,090
17,000
13,329
10,868
20.102
Tebroarr
March
n.a.
Hot available
'*,098
.
.
.
.
.
Treasury Bulletin
52
CAPITAL MOVEMENTS.
Section
II
-
Sumnary by Countries
Table I.- Net Movement of Capital and of Short-Term Banking Funds
(Id tbouiand* of doUari; a«catlv« fl^urca Indlcat* * ast outflow of capital fro*
tli«
Vet capital aovaaaot
Conntr/
Buropal
Ualtad XlB«doa.
172,3M
Fraaea
-«ll,005
Sel(lw
23.37S
Daaaark.
riolaad.
Garvany.
-£.05
7,0«5
19,053
fcipat
3»,37»
1»,3A9
20,oke
3,8lH
3.6»7
7,301
Oraaca
Italr
Luztabourc<
-130
-SO.OSH
511
-3,09l»
Vatr.arlaodi.
loraajr
-»,5U
-12,7*
-6,107
-1,157
-2,025
7.70I1
-»,929
3,1'w
-11,530
1,063
192
-«,967
YucoalaTla.
Othor turopa.
12,512
-281
1.21%
2,656
-3,8U6
2,219
-593
ll,9«7
Total Kuropa.
95,339
88,625
-«JW
35,63l»
Portugal..
.
luaarla.
Spals...
Swadao.
Swlttarland..
u.
s.
s.
a...
.
Latla Aaerlca:
Argent laa.
Bollila...
Braill
It,
196
-2, '•19
-2,577
68U
35,506
-1,521
10,620
12,806
Coloabla. ..
Cotta Nlca.
-12,280
-5,790
-1,507
1,691
2,69*
1,671
Cuba
frecch Want lodlai and Oulana.
Marlco
-11,762
-100
15,3*3
3,05*
-331
10,580
-296
3,.»^
Cbll
Vatharlandi Vaat Indies and
Surloaa
Panaaa
Peru
-1,731
3 Olio
Teaasuala
Oti.«r Lctla America.
11,519
-7,997
7,3«1
9,775
Total Latin Aaarlca.
29,857
5*,37>»
-35,169
-965
5.5*7
-20,731
-1,258
-2,U08
-l'»7
Aala:
Chloa and Manchuria.
FrsDCh Indo-Chlna.
Hong long
.
16, '•72
lodla, Suraa, and Cajrlon.
BrI tlth Kalaja
J^an
'T71
2,750
16
letborlaads last Indlas.
PhlllpplDc Islands
Turkey
Otbar Asia
-9,119
-1,075
-10,557
-885
-2,990
-11,662
Total Asia
-)»6,512
-i'>.i*5
6,201
82
-3,08H
8,898
UlO
1,659
-25*
b,H62
7,963
-J»,5*3
17,370
l'«,675
Otf.er countries
French Morocco
Onion of South Africa.
All other
Total other countries.
1/
International
-82,l»71
Vnldantlflad.
-2,027
Brand total.
1,01*0
U.626
j
Australia
Hev Zealand
i.
ICTpt and Anelo-lgjrptlan -Sudan.
Short-tarv banitl%e funds
l^T
Jnlr
2,810
-562
8,813
S«pt««li«i Oatobar
Uollad Stataa)
1?^7
fcreabar
Iboaabar
*^
*««nat
*>T>t««>«r
Oatotar
U-rmUi
53
May 1948
CAPITAL IIOVEMENTB.
Section II
Table
0ran4
2-
tcta
1/
-
Summary by Countries
Transactions by Foreigners
Balances and Long-Term Security
Net Movement In Brokerage
\^m^
as UHEEA,
international organizations mich
Includes traMsctlons o f
Int.ernatlonal
Bank.
Monetary Pond, and International
.
Treasury Bulletin
5"*
CAPITAL MOVEMENTS
Section
II
-
-r
Summary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Poiltloa
end of aonth in tbouaandt of dollnrs)
ftt
LlsMlltlei
ClnlBs
IW
Country
Jaljr
lurop»
iag>»t
I'^l
s«pt—>«
Oot»bT
leraakar
BiMabtr
i
Kited Iln«do«
36.905
3*, 069
lelglUB
9,004
20,921
10,250
29,198
22,112
11,232
33.059
17,569
13,173
31,832
1*,921
12,863
29,186
23,360
1*,97*
Ihnaark
Tlnland
Oersonj
592
IT.Ste
30,3*8
"37
17,906
30,3*5
17.*?9
30,3*5
958
13,129
30,*78
1,096
11,93*
30,52*
2,205
8,002
30,520
Ghreeee
13.005
12,829
^%'
12,551
23.587
52
12,360
It«ly
Xiueabourc
*0
12,819
23,600
*0
10,621
21,05*
52
Vetherlande
orvejr
?ortu«>l
'*T,239
7,023
1.332
*5.93*
7.981
1,25*
*6,838
9,365
1.155
*8,573
10,275
1,309
*7,21*
8,061
1,067
*9,089
9,2*3
1,076
KiBUla
11,876
1.598
8.68H
12,02*
1.3*8
9,320
12,026
1.195
9,32*
12,027
1.25*
9,306
12,011
1,358
7,6*9
12,012
Spain
Sweden
Swltxerl&nd
10,195
9.8O6
5,726
52
7,0*7
62
8
8
36,138
35,800
fr nnc*
*,9*0
873
5,*39
3
9.339
102
8
8
8
Other Burope
37, '•73
36.231
32.6*6
6,**3
38
8
30,556
Total Surope
278,871
27*,027
268,637
265,9*
258,933
260,623
3''.0»7
32,161
29,118
29,796
26,509
27,*S2
65,833
3,269
71,82*
3,167
163,577
65. *8*
161, *26
67,359
*,231
162,263
66,*3*
2,921
161,99*
65,183
2,0*2
165,812
22,782
31,970
3,975
22,329
31,172
3,622
27,818
32,6*3
3,*71
9l,*99
108, 61*
21
38,260
37
52,189
S. S. B
Tu^slarle
0.
Canada
Latin Aiaerlca
Argentina.
BollTla
!
l6i»,0T0
It-atll
3,*10
Chile
20,l>92
ColoaMa
35,719
3,853
22,738
35,212
3,810
21,68*
35,927
3,631
53,269
589
27,609
5*,519
50
30,996
59,669
30,180
73,8**
17
39,*87
Hetherlande West Indies and
Surlnac
Pana&a
1,033
fen
5,901
1,1*9
3,777
6,2«6
1,107
*.9*3
5,5*8
1,192
*,893
6,671
1,156
*,995
6,109
1,099
*,710
*,287
Cotta aica
Outia
french Veat Indlee and ftilana.
Mexico
2,7't2
18,2l»3
!
Venezuela
Other latin Aneriea
1»2,317
18,*89
36,181
15,322
38,299
1*,605
33, *3*
15,093
31,891
15,3**
31,0*9
Total Latin Aaerica
1|W»,939
*51.775
**7,67*
*66,723
*77,*96
51*, 298
110,726
62
3,123
108,180
329
3,071
103,7*2
3,233
2,138
78.57*
3,289
2,191
*l,307
3,308
1,927
*o,755
3*1
2,623
33,662
1,579
261
27, *5*
27,*87
8*3
275
28,936
957
28*
28,177
823
29?
29,561
9I8
9*2
*3*
28,951
12,891
9,553
*86
27,*36
17,659
6,303
Aala:
China and Manchuria
French Indo-Chlna
Bone ^n^
India, Burma, and CcQrlon
ft'ltlgh Malaya
Japan
1,595
268
*7S
725
2*. 525
6 7I8
2*,*86
3.*58
8,360
5,576
8,957
U32
27,662
13,13*
9,126
185.0*7
177,679
177,501
16*, 585
127,669
127,02*
11,256
1,681
180
9,00*
l,*6l
152
10,15*
1,*0*
73*
1?,022
2,013
192
10,180
2,313
223
9,036
1.508
129
frencb Morocco
Union of South Africa
All other
1U£
18,790
3,778
310
15,783
*,228
33*
1*,962
5,900
616
1*,*77
6,187
366
1*,159
5,088
*6*
l*,379
5,552
Total other countrlee
35,831
30,938
33,*88
35,507
32,329
Vetherlanda laat XndlAt
Phllliplne lelanda
Turkey
Other Aela
Total Aala
Other cotintrieal
Auetralla
a«< lealand
XfXpt and An«lo-£ffptla& Sudan
508
25,130
3.2*8
1/
International
Onldentlfled.
Ornnd total
I16*
716
782
786
979,199
967,296
957,200
963,361
fwij
Aa^tt
Stptaa^r
Ootobar
loTisbar
fiweabar
May 1948
55
CAPITAL MOVEMENTS
Section II
-
Summary by Countries
Table 4.- Foreign Debit and Credit Balances In Brokerage Accounts
(Position at ond of noath in thousands of dollars)
Country
.
Treasury Bulletin
56
CAPITAL MOVEMENTS
Section III
-
Details for Month of
Deceinl>er
1947
Table 1.- Short-Tera Clalas on Foreigners
(Poaltlon at ead of aoath In thouiands of dollars)
OouBtiT'
57
May 194S
CAPITAL MOVEMENTS
Section III
Table 2.-
1947
Details for Month of December
ForelgnerB
Short-Tern. LlabllltleB to
-
(Position at
«nii
of month In thouaamls of dollart)
s>,.rt-t.rB
1/
llatimle. payable
Bank.
ftmd, and international
Internat ional Monetary
organisations such a. USBB*.
international
to
llatllltlea
Includes
In foreign CTrrencles_
Treasury Bulletin
58
CAPITAL MOVEMENTS
Section III
-
Details for Month of December 1947
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thoaiands of dollura)
Country
May 1948
59
CAPITAL MOVEMENTS.
Section IV
-
Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(In thouaanda of dollsrg)
Currency of
-
@FedFRASER